TCRAP_Public/150812.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

          Wednesday, August 12, 2015, Vol. 18, No. 158


                            Headlines


A U S T R A L I A

ADELAIDE PLAINS: In Liquidation; 1st Meeting Set For Aug. 14
COASTZONE PTY: Federal Court Appoints Official Liquidator
FREMANTLE'S MUSSEL BAR: In Liquidation, to Close Permanently
NEWSAT LIMITED: PPB Advisory Appointed as Liquidators


H O N G  K O N G

DSC: Closes 14 Stores; Owes 350 Workers HK$10 Million


I N D I A

ANDHRA PRADESH: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
ANURITA ENTERPRISES: CRISIL Reaffirms B Rating on INR140MM Loan
BHARAT INDUSTRIAL: ICRA Reaffirms B+ Rating on INR3.7cr LT Loan
BHASKAR TEA: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating
CHHAVAN ENGINEERING: CRISIL Reaffirms B Rating on INR3.5MM Loan

COCHIN FROZEN: CRISIL Reaffirms B Rating on INR120MM Bill Disc.
DACC INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR30MM Loan
FLEMING LABORATORIES: Ind-Ra Suspends IND BB+' LT Issuer Rating
GIRIVARYA NON-WOVEN: CRISIL Reaffirms B+ Rating on INR42.9MM Loan
GK ARPL: CRISIL Upgrades Rating on INR165MM LT Loan to B+

HERITAGE PRINCES: ICRA Suspends 'B' Rating on INR20cr LT Loan
KALPESH SYNTHETICS: ICRA Ups Rating on INR11.80cr Cash Loan to B+
KBJ HOTEL: ICRA Suspends 'D' Rating on INR45cr Term Loan
KOTAHWALAS EXPORT: ICRA Assigns B- Rating to INR5.20cr LT Loan
KOTAK EXIM: CRISIL Lowers Rating on INR155MM Loan to B-

KOTSONS PVT: CRISIL Reaffirms 'B' Rating on INR230MM Cash Loan
M. B. PANESAR: Ind-Ra Withdraws 'IND BB-' Long Term Issuer Rating
M/S NATIONAL: Ind-Ra Withdraws 'IND BB-' Long Term Issuer Rating
M/S PERFECT: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
MALWA PROJECTS: ICRA Suspends 'B' Rating on INR15cr Loan

MANAV AGRI: CRISIL Reaffirms B+ Rating on INR175MM Cash Loan
P.M. AGRO: CARE Revises Rating on INR5.04cr LT Bank Loan to B+
PRINCES BUILDTECH: ICRA Suspends B+ Rating on INR15cr LT Loan
RAHUL ELECTRONIC: CARE Assigns B+ Rating to INR8.50cr LT Loan
SHIV GRAMOUDYOG: CARE Reaffirms B Rating on INR11.36cr LT Loan

SHREEDHAR COTTON: CRISIL Upgrades Rating on INR60MM Loan to 'B'
SHRI KRISHNA: CRISIL Reaffirms B+ Rating on INR47.8MM Loan
SHUBHAM INDUSTRIES-HYDERABAD: CRISIL Reaffirms B+ Loan Rating
SREEKANTH PIPES: CARE Assigns 'B+' Rating to INR2cr LT Loan
SRI SHAKTHI: CARE Assigns 'B' Rating to INR5cr LT Loan

THEMIS MEDICARE: CARE Reaffirms D Rating on INR63.25cr ST Loan
VIDYASAGAR HIMGHAR: CRISIL Reaffirms B Rating on INR98.6MM Loan
VSP UDYOG: Ind-Ra Withdraws 'IND BB+' Long-Term Issuer Rating


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: To Exit Corporate Rehab in October


S I N G A P O R E

TANKOIL MARINE: Bunker Supplier Declared Bankrupt


S O U T H  K O R E A

DAEWOO SHIPBUILDING: To Sell All Non-Core Assets in Restructuring
SOUTH KOREA: Policy Lenders Struggle With Mounting Bad Loans


                            - - - - -


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


ADELAIDE PLAINS: In Liquidation; 1st Meeting Set For Aug. 14
------------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of Adelaide Plains Bulk Haulage Pty
Ltd on Aug. 3,2015.

A meeting of creditors will be held at 3:00 p.m. on Aug. 14, 2015,
at Clifton Hall, Level 3, 431 King William Street, Adelaide.


COASTZONE PTY: Federal Court Appoints Official Liquidator
---------------------------------------------------------
Mark Hall of Clifton Hall was appointed Official Liquidator of
Coastzone Pty Ltd on Aug. 5, 2015, by Order of the Federal Court
of Australia.


FREMANTLE'S MUSSEL BAR: In Liquidation, to Close Permanently
------------------------------------------------------------
hospitality magazine reports that one of Perth's harbor front
restaurants, Fremantle's Mussel Bar will be closing its doors
permanently after being placed in liquidation.

Co-owner of the restaurant, Asif Mahmood said that rising rents,
increased competition and a softer economy had all contributed to
the closure of the venue, according to hospitality magazine.

"We've lost around AUD200,000 each year for the last two years,"
Mr. Mahmood told Perth Now, the report notes.

"I thought I could turn it around but unfortunately I didn't
understand the situation with the rent and wages.  I tried.  The
rent has to go down there," the report quoted Mr. Mahmood as
saying.

The report relays that Mr. Mahmood said that four years ago, the
restaurant was turning over AUD2.2 million annually -- a figure
which had been cut in half in recent years.  Rent at the site is
currently AUD24,000 per month, the report notes.

Appointed liquidator, Simon Coad says that the restaurant is
expected to owe money to 30 creditors -- the largest of which
being brewer Lion Nathan, the report discloses.

Around 10 restaurant workers are believed to have lost their jobs
as a result of the closure and are expected to be owed around
AUD20,000 in wages and entitlements, the report relays.

Speaking with Perth Now, Mr. Coad said that it was too early to
comment on how much money creditors could expect to get back as a
result of the liquidation, the report adds.


NEWSAT LIMITED: PPB Advisory Appointed as Liquidators
-----------------------------------------------------
The Australian reports that NewSat Limited will be wound up, four
months after entering administration, following a long road of
defaults, cost overruns and management problems.

PPB Advisory's Marcus Ayres and Stephen Parbery have been
appointed joint and several liquidators, after failing to find
buyers for NewSat's remaining assets, according to the Australian.
McGrathNicol receivers and managers Jason Preston and Matthew
Caddy also remain in the Newsat office, the report relates.

The Australian says Mr Ayres and Parbery will also manage the
liquidation of each of NewSat's subsidiaries, including Jabiru
Satellite, NewSat Services, NewSat Networks, NewSat Space
Resources and NSN Holdings.

It marks the end of the road for the satellite group once feted as
a homegrown Australian success story, the report states.

The Australian notes NewSat (NWT) had entered administration in
April, amid ongoing financial problems and allegations of
mismanagement.

In May, its key asset, the Jabiru-1 satellite was repossessed by
builder Lockheed Martin, which terminated a US$600 million
contract with NewSat, according to the Australian.

Founder and former chief executive Adrian Ballintine was forced to
leave the group in late May, along with former chief financial
officer Mark Spragg, the report recalls.

More recently, a fire sale saw its teleport business sold to Hong
Kong's Speedcast for AUD12 million in June, adds the Australian.

                           About NewSat

NewSat Limited was founded in 1987 as a multimedia business and
gradually evolved into a satellite communications company. NewSat
is now Australia's largest pure-play satellite communications
company, with teleports and satellites delivering internet, voice,
data and video communications coverage to 75% of the globe,
including Australia, Asia, the Middle East, Africa, Europe and the
United States.

NewSat's Jabiru-2, which was launched in September 2014, delivers
"Ku-Band" capacity across Australia, Timor Leste, Papua New Guinea
and the Solomon Islands, and provides connectivity to the
resources, commercial mobility, media, telecommunications and
government sectors. NewSat's own commercial satellite named
Jabiru-1 is currently being built and is targeted for launch in
2015 to 2016. Jabiru-1 will be Australia's first commercial
"Kaband" satellite and is expected to deliver 7.6 GHz of new
capacity in the covered regions.

As a result of certain defaults, cost overruns on the Jabiru-1
satellite project, and management issues, lenders halted funding
to NewSat. Citicorp International, as trustee for lenders, on
April 16, 2015, placed NewSat into administration in Australia.
It appointed Stephen James Parbery and Marcus William Ayres, of
PPB Advisory in Sydney, Australia, as administrators. Citi also
appointed Jason Preston and Matthew Wayne Caddy of McGrathNicol as
receivers.

On April 16, 2015, the Administrators filed Chapter 15 bankruptcy
petitions for NewSat and affiliates NSN Holdings Pty Ltd., NewSat
Services Pty Ltd., Jabiru Satellite Holdings Pty Ltd., NewSat
Space Resources Pty Ltd., NewSat Networks Pty Ltd., and Jabiru
Satellite Ltd. (Bankr. D. Del. Lead Case No. 15-10810) to stop
actions by creditors in the U.S. The U.S. cases are assigned to
Judge Kevin J. Carey. Young, Conaway, Stargatt & Taylor and Allen
& Overy LLP serve as counsel.

NewSat listed $500 million to $1 billion in assets and $100
million to $500 million in debt in its Chapter 15 petition.



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


DSC: Closes 14 Stores; Owes 350 Workers HK$10 Million
-----------------------------------------------------
Ernest Kao at South China Morning Post reports that collapsed
retailer DSC owes employees about HK$10 million in outstanding
wages, severance pay and holidays, Secretary for Labour and
Welfare Matthew Cheung Kin-chung said.

According to the report, Mr. Cheung again urged the retailer's
boss and founder, Hui Ming-shun, and his senior management to take
responsibility for the fiasco. They have been summoned to attend a
Labour Department meeting on August 7 with employee
representatives to "settle the whole problem".

"If the employers turn up, then it would be a lot better, because
that would enable us to verify wage records and also make sure
. . . they are unable to pay [the wages]," the report quotes
Mr. Cheung as saying. "He only needs to sign a statement and we
can avoid further disputes."

SCMP relates that Mr. Hui and his wife exited the city a day
before the closure of the chain's 14 stores that left 900
employees jobless. At least 350 workers have lodged claims to the
government, the report notes.

According to the report, Mr. Cheung said that if the employers did
not turn up or wind up the company, the case would have to be
referred to the Labour Tribunal. This would mean staff having to
wait about 10 weeks before they could obtain ex-gratia payments
from the Protection of Wages on Insolvency Fund.

Creditors who applied for the company to be wound up would also
make it more convenient for workers to apply for wages from the
fund earlier, Mr. Cheung said.

"We will certainly do what we can to compress the time frame," he
said, urging staff not to be "unduly worried" as there were about
17,000 retail sector vacancies available on the department's
database, SCMP relays.

DSC Holdings faces a three-way investigation involving police,
customs and labour authorities, on top of a growing number of
lawsuits from landlords and suppliers, SCMP adds.



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


ANDHRA PRADESH: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Andhra Pradesh
Fibres Limited's (APFL) 'IND BB' Long-Term Issuer Rating with a
Positive Outlook to the suspended category. The rating will now
appear as 'IND BB(suspended)' on the agency's website. A full list
of rating actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for APFL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary

APFL's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
   'IND BB'
-- INR70m fund-based limits: migrated to
   'IND BB(suspended)'/'IND A4+(suspended)' from 'IND BB'/
   'IND A4+'
-- INR5m non-fund-based limits: migrated to 'IND A4+(suspended)'
    from 'IND A4+'
-- INR100 term loan: migrated to 'IND BB(suspended)' from 'IND
    BB'


ANURITA ENTERPRISES: CRISIL Reaffirms B Rating on INR140MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Anurita Enterprises Pvt
Ltd (AEPL) continues to reflect AEPL's below-average financial
risk profile, marked by high gearing and modest debt protection
metrics, its average scale of operations in the fragmented
aluminium extrusion industry, and its susceptibility to foreign
exchange volatility. These rating weaknesses are partially offset
by the funding support received from promoters.

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

   Proposed Long Term
   Bank Loan Facility      0.5     CRISIL B/Stable (Reaffirmed)

   Term Loan              26.7     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AEPL's credit risk profile will remain
constrained over the medium term by its leveraged capital
structure and modest cash accruals. The outlook may be revised to
'Positive' if the company's revenue or profitability is higher
than expected, resulting in increased cash accruals, and in turn
an improved financial risk profile. Conversely, the outlook may be
revised to 'Negative' if AEPL's working capital cycle stretches,
or if it undertakes a large debt-funded capital expenditure,
leading to deterioration in its financial risk profile,
particularly its liquidity.

Incorporated in 2000, AEPL manufactures aluminium extrusions for
use in the construction, automobile, consumer durables, and
electronic components industries. The company is promoted by Mr.
Ajay Kumar Baid and Mrs. Aruna Baid.

For 2014-15 (refers to financial year, April 1 to March 31), AEPL
reported a net profit of INR12.7 million on net sales of INR444.5
million, against a net profit of INR0.7 million on net sales of
INR383.01 million for 2013-14.


BHARAT INDUSTRIAL: ICRA Reaffirms B+ Rating on INR3.7cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for the
INR3.70 crore (earlier 3.2 crore) fund based bank facilities and
short term rating of [ICRA]A4 for the INR6.05 crore (earlier 6.05
crore) fund based and non fund based facilities of Bharat
Industrial Corporation (BIC). ICRA has also assigned a rating of
[ICRA]B+/A4 for the INR0.25 crore non fund based facilities of
BIC.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-Term Fund
   Based Limits             3.7        [ICRA]B+ reaffirmed

   Fund based & Non
   Fund Based Limits        6.05       [ICRA]A4 reaffirmed

   Non Fund Based Limits    0.25       [ICRA]B+/[ICRA]A4 assigned

ICRA's rating reaffirmation takes into consideration high
competitive intensity and fragmented nature of the incense sticks
industry, which has resulted in moderate profitability. The
ratings are also constrained by the high working capital intensive
nature of operations, due to high levels of debtors and the need
to maintain raw material inventory. Moreover, the ratings are
constrained by inherent risks associated with the partnership
model of the firm, with its limited ability to raise equity
capital and risk of dissolution.

The ratings, however, draw comfort from the firms industry
experience for over 50 years, its presence in the domestic as well
as various exports markets including the Middle East and North
Africa; and its demonstrated ability to innovate in products
according to customer requirements. Going forward, the firm's
ability to increase revenues, while maintaining the profitability
and working capital intensity, is the key rating sensitivities.

Established in 1965, Bharat Industrial Corporation (BIC) is a
partnership firm engaged in manufacturing and marketing of incense
sticks. It manufactures agarbattis (incense sticks), Dhoop Cones
and dhoop sticks of various brands and sells the product in
domestic and export market. The products are also sold in the
Middle East, and African Countries like Egypt etc as well as South
East Asian Countries.

Recent Results
As per the provisional results for FY2015, the firm reported
profit before tax of Rs1.34 crore on turnover of Rs 47.55 crore as
against profit of Rs 2.65 crore on turnover of Rs 54.39 crore
during FY2014.


BHASKAR TEA: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bhaskar Tea &
Industries Limited (BTIL) a Long-Term Issuer Rating of 'IND B-'.
The Outlook is Stable.  Ind-Ra has also assigned BTIL's bank
facilities the following ratings:

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
Fund-based working       54        'IND B-'/Stable
capital limits
Non-fund-based working    0.7      'IND A4'
capital limits

KEY RATING DRIVERS

The ratings reflect BTIL's weak credit profile and low
profitability. In FY14, the company's operating EBITDA was INR3m,
interest coverage was 0.1x and net financial leverage was 56.1x.
The ratings are constrained by BTIL's weak liquidity profile as
reflected in its full utilisation of working capital limits during
the 12 months ended August 2015, along with instances of over
utilisation which were regularised within seven days.

The ratings are supported by the promoters' rich experience of
almost four decades in the tea processing business.

RATING SENSITIVITIES

An improvement in the overall credit profile will be positive for
the ratings.

COMPANY PROFILE

Incorporated in 1938, BTIL is engaged in tea processing. The
company operates in three tea gardens named Tingalibam Tea Estate,
Gabroo Purbat Tea Estate and Dahingeapar Tea Estate in Assam. The
company has its registered office at Kolkata, West Bengal. The
company is managed by Mr. Mohta.


CHHAVAN ENGINEERING: CRISIL Reaffirms B Rating on INR3.5MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chhavan Engineering
Works (CEW) continue to reflect the firm's modest financial risk
profile, marked by a high total outside liabilities to total net
worth ratio (TOL TNW) and a weak interest coverage ratio, and its
modest scale of operations.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility       84        CRISIL A4 (Reassigned)

   Proposed Long Term
   Bank Loan Facility        3.5      CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of CEW's partners in the iron and steel trading
business.
Outlook: Stable

CRISIL believes that CEW will continue to benefit over the medium
term from the extensive industry experience of its partners and
the increase in its geographical presence. The outlook may be
revised to 'Positive' if the firm's net worth increases
substantially, supported by equity infusion by its partners or
large cash accruals, driven by a significant increase in its scale
of operations and margins. Conversely, the outlook may be revised
to 'Negative' in case of deterioration in CEW's liquidity, most
likely because of a stretch in its working capital cycle or large
debt-funded capital expenditure.

CEW, established in 1973, is a partnership firm that trades in pig
iron and steel scrap. The firm's registered office is at Agra
(Uttar Pradesh). Its key partners, Mr. Mukesh Garg and his brother
Mr. Satish Garg, look after its day-to-day operations.


COCHIN FROZEN: CRISIL Reaffirms B Rating on INR120MM Bill Disc.
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Cochin Frozen Food
Exports Pvt Ltd (CFFEPL) continue to reflect its below-average
financial risk profile, with high gearing and weak debt protection
metrics, its modest scale of operations in the intensely
competitive seafood export industry, and susceptibility to
volatility in raw materials prices and foreign exchange rates.
However, these weaknesses are partially offset by the benefits
derived from the promoter's extensive industry experience.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bill Discounting      120        CRISIL B/Stable (Reaffirmed)
   Packing Credit        120        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      2.3      CRISIL B/Stable (Reaffirmed)

CRISIL had, on July 20, 2015, downgraded its rating on CFFEPL's
long term bank facilities to 'CRISIL B/Stable from 'CRISIL
B+/Stable while reaffirming rating on CFFEPL's short term bank
facility at CRISIL A4.
Outlook: Stable

CRISIL believes that CFFEPL will continue to benefit, over the
medium term, from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' if CFFEPL scales up its
operations substantially and generates large cash accruals, thus
improving its liquidity. Conversely, the outlook may be revised to
'Negative' if CFFEPL undertakes a large debt-funded capital
expenditure programme, thereby weakening its capital structure, or
if its volumes or margins decline steeply, weakening its financial
risk profile.

CFFEPL was set up in 1992 by Mr. K Prabhakaran. It processes and
exports shrimp and fish.


DACC INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR30MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of DACC International
Private Limited (DACC) continue to reflect modest scale of
operations, low operating margin due to little value addition, and
weak financial risk profile, with below-average debt protection
metrics. These weaknesses are partially offset by diverse
clientele and promoters' extensive experience in the alloys
industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            30       CRISIL B+/Stable (Reaffirmed)
   Inland/Import
   Letter of Credit      150       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that DACC's financial risk profile will remain
weak over the medium term, with constrained margins and working-
capital-intensive operations. The outlook may be revised to
'Positive' if revenue, profitability, or equity infusion
increases, improving the financial risk profile. Conversely, the
outlook may be revised to 'Negative' if revenue or profitability
is low, working capital requirements increase, or a large debt-
funded expenditure is undertaken, weakening the financial risk
profile.

Incorporated in 2007 and promoted by Mr. Brij Bansal, DACC
manufactures and supplies alloys of aluminium and zinc, primarily
used for castings in the oil and gas and automotive industries.
Its facility is in Faridabad (Haryana); DACC's operations are
handled by Mr. Anuj Bansal and Ms. Shalu Bansal.


FLEMING LABORATORIES: Ind-Ra Suspends IND BB+' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Fleming
Laboratories Limited's (Fleming) 'IND BB+' Long-Term Issuer Rating
with a Stable Outlook to the suspended category. The rating will
now appear as 'IND BB+(suspended)' on the agency's website. The
agency has also migrated the 'IND BB+' and 'IND A4+' ratings on
the company's INR100m fund-based limits to 'IND BB+(suspended)'
and 'IND A4+(suspended)'.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Fleming.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


GIRIVARYA NON-WOVEN: CRISIL Reaffirms B+ Rating on INR42.9MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Girivarya Non-
Woven Fabrics Pvt Ltd (GNFPL) continues to reflect its modest
scale of operations and its working-capital-intensive operations.
These rating weaknesses are mitigated by the promoters' extensive
experience in manufacturing of non-woven fabrics and products.

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

   Proposed Long Term
   Bank Loan Facility    42.9      CRISIL B+/Stable (Reaffirmed)

   Term Loan             17.1      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GNFPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is significant
increase in GNFPL's scale of operations, while maintaining its
profitability margins and improving its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in the company's revenue or profitability or
if its capital structure deteriorates on account of lengthening of
its working capital requirements or debt-funded capital
expenditure.

Update
For 2014-15 (refers to financial year, April 1 to March 31), on
provisional basis, GNFPL reported sales of INR209.98 million
against sales of INR206.30 in 2013-14, the revenue was almost
stable in 2014-15; but lower than CRISIL's expectations. However,
the operating margin improved to around 7 per cent in 2014-15 from
4 per cent in 2013-14 on account of sufficient flexibility in the
prices of its product to factor in the volatile raw material
prices.

The operations of GNFPL are working capital intensive marked by
gross current assets of over 100 days in the two years through
2014-15, marked by high inventory requirement of 90 to 110 days on
account of its wide product diversity and its batch production,
which were almost in line with earlier estimation.

GNFPL follows moderately aggressive financial risk profile marked
by its average capital structure and average debt protection
metrics; marked by its moderately high gearing of 2.1 times as on
March 31, 2015 with net worth of over INR25.9 million, interest
coverage ratio and net cash accruals to total debt ratio of 1.8
times and 0.11 times, respectively, for 2014-15.

GNFPL is likely to generate sufficient accruals against its
minimal debt obligation over the medium term. The company has also
been supported by unsecured loans of INR19 million as on March 31,
2015 from promoters, shareholders and relatives. CRISIL believes
that in case of any financial exigencies, the promoters will
continue to provide financial support to GNFPL as and when
required.

GNFPL, incorporated in 2011, manufactures non-woven fabrics and
products. The company is promoted by Mr. Harilal Baldha, Mr.
Dhansukhlal Vekariya, Mr. Navneetbhai Gajera and Mr. Hareshbhai
Gajera. The day-to-day operations are managed by the promoters.
The company's manufacturing unit is in Rajkot (Gujarat).


GK ARPL: CRISIL Upgrades Rating on INR165MM LT Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of GK ARPL
Ventures (GKV) to 'CRISIL B+/Stable' from 'CRISIL D'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan       165        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects timely servicing of term debt by GKV,
backed by adequate liquidity. The rating also factors in GKV's
susceptibility to risks related to completion and saleability of
its ongoing real estate residential project in Hyderabad, and to
cyclicality in the Indian real estate industry. These rating
weaknesses are partially offset by the extensive experience and
established track record of GKV's promoters in the residential
real estate development business.
Outlook: Stable

CRISIL believes that GKV will continue to benefit over the medium
term from its promoters' extensive experience and established
track record in the real estate industry in Hyderabad. The outlook
may be revised to 'Positive' if early completion and sale of
projects strengthens the firm's financial risk profile.
Conversely, the outlook may be revised to 'Negative' if delays in
project completion or in receipt of advances from customers or any
large debt-funded project weakens the financial risk profile.

GKV, a joint venture between Arthveda Fund Management Pvt Ltd and
the G K group, was set up in March 2008. The G K group has been in
the real estate industry for more than 25 years. The group
develops and sells residential apartments and villas in and around
Yapral and Sainikpuri, Hyderabad. GKV is currently developing a
project of 235 apartments spread over 9.5 acres in Yapral,
Hyderabad.


HERITAGE PRINCES: ICRA Suspends 'B' Rating on INR20cr LT Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA] B rating assigned to the INR20 crore
long term loans of Heritage Princes Real Estate Developers. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


KALPESH SYNTHETICS: ICRA Ups Rating on INR11.80cr Cash Loan to B+
-----------------------------------------------------------------
ICRA has upgraded the rating outstanding on the INR11.80 crore
long term cash credit facilities of Kalpesh Synthetics Private
Limited to [ICRA]B+ from [ICRA]B. ICRA has also assigned the
[ICRA]B+ rating to the INR0.64 crore unallocated long term limits
of the company. ICRA has also reaffirmed the short term rating of
[ICRA]A4 outstanding on the INR0.19 crore short-term non fund
based facilities of the company.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long-term, fund-based     11.80        [ICRA]B+ upgraded from
   facilities Cash Credit                 [ICRA]B

   Long-term, fund-based
   Unallocated                0.64        [ICRA]B+/assigned

   Short-term non-fund
   based facilities           0.19        [ICRA]A4/reaffirmed

The rating upgrade favourably factors in the substantial reduction
in corporate guarantees extended to group companies, thereby
reducing contingent liability for KSPL and the proven experience
of promoters in the textile weaving industry through several
sister concerns.

The ratings however continue to be constrained by the weak
financial profile of the company characterised by thin profit
margins, high gearing and modest coverage indicators. The rating
is also constrained on account of the modest scale of operations,
with revenue de-growth over the last two years and the trading
nature of operations, which is characterised by high competitive
pressures, limited value addition and consequent modest
profitability.

Kalpesh Synthetics Private Limited (KSPL) was set up by Mr. Ashwin
Kumar Shah in 1987. It is primarily engaged in trading and export
of shirting and suiting fabrics. The company procures orders from
its customers and outsources the manufacturing work on job work
basis to third party manufacturing units.

Apart from trading operations, KSPL is also engaged in
manufacturing of bathrobes, gown, table covers, tablecloth,
tablemats etc. from polyester and poly-cotton yarn. The company
has 24 Suzler Looms, three sample warping machine and one drawing
machine. It also has an in-house design team for developing own
creations and special designs. The manufacturing facility is
located at Valsad, Gujarat. KSPL largely caters to the domestic
market (85-90% of total sales) while exports are primarily to USA
and Middle East countries.

Recent Results
On a provisional basis, for the financial year ending March 2015,
KSPL reported operating income of INR101.66 crore and net profit
of INR0.56 crore as compared to operating income of INR105.03
crore and net profit of INR0.45 crore in the previous year.


KBJ HOTEL: ICRA Suspends 'D' Rating on INR45cr Term Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR45.00 crore bank facilities KBJ Hotel & Restaurants Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term, Term Loan    45.00        [ICRA]D Suspended

KBJ Hotel & Restaurants Limited (KBJHRL) is a hospitality company
which is setting up a 134 room 5- star hotel at Varanasi near the
International Airport in Babatpur on NH-56 (Varanasi-Lucknow
Highway). The project cost and COD which was earlier estimated at
INR70.0 crore and April 2012 has now been revised to INR120 crore
and September 2013. The hotel would be under a management contract
with Absolute Hotel Services Company Limited and would be named
'KBJ Grand Varanasi'. KBJHRL is promoted by Mr. Mohit Kamboj and
is a closely held company. The promoter presently also has
interest in Gold, Jewellery and Property Development.


KOTAHWALAS EXPORT: ICRA Assigns B- Rating to INR5.20cr LT Loan
--------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B- to the INR5.20
crore working capital limits and INR1.83 crore term loans of
Kotahwalas Export Private Limited (KEPL). ICRA has assigned its
short term rating of [ICRA]A4 to the INR0.20 crore bank guarantees
of KEPL. ICRA has also assigned its rating of [ICRA]B-/[ICRA]A4 to
the INR0.02 crore unallocated limits of the company.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long term fund based
   limits Working Capital
   Limits                    5.20         [ICRA] B-; Assigned


   Term Loan Limits          1.83         [ICRA] B-; Assigned

   Short term non fund
   based limits Bank
   Guarantee                 0.20         [ICRA] A4; Assigned

   Long term and short       0.02         [ICRA] B-/[ICRA] A4;
   term based limits                       Assigned
   Unallocated

ICRA's ratings are constrained by KEPL's relatively modest scale
of operations, which coupled with the intensely competitive and
fragmented nature of the jewellery industry has resulted in losses
being incurred by the company in the past. The company's
profitability has also been subdued in the past due to the
performance of the hotel division, as reflected in its moderate
occupancy levels and low Average Room Rates (ARRs) due to intense
competition in the hotel industry in Jaipur, Rajasthan. The
ratings also take into account the company's exposure to
volatility in prices of roughs and polished diamonds. As majority
of KEPL's revenues are dollar denominated, any adverse exchange
rate movements can impact the margins in the absence of a firm
hedging policy; however, the risk is partially offset by the
natural hedge arising from imports. The ratings, however,
positively factor in the extensive experience of the promoters in
the gems and jewellery and hospitality industries.

Going forward, the company's ability to ramp up its scale of
operations while bringing about a sustained improvement in its
profitability, will be the key rating sensitivity.

KEPL was incorporated in 1976 and has been promoted by Mr. Pramod
Kotahwala, Mr. Manohar Das Kotahwala, Ms. Alka Kotahwala and Mr.
Abhinav Kotahwala. The company is engaged in the manufacturing,
trading and export of gems and jewellery. KEPL's manufacturing
unit is located in Jaipur. Apart from gems and jewellery, KEPL
owns Hotel Lords Plaza in Jaipur.


KOTAK EXIM: CRISIL Lowers Rating on INR155MM Loan to B-
-------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kotak Exim Pvt Ltd (KEPL) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Foreign Bill Purchase    155      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects deterioration in KEPL's business
risk profile, with sales declining by more than 40 per cent to
INR418 million in 2014-15 (refers to financial year April 1 to
March 31) from INR711 million in the previous year because of
subdued market condition with decline in prices of commodities.
KEPL's operating margin declined to around 2.3 per cent in 2014-15
from 4.9 per cent in the previous year. The company reported net
loss of around INR0.2 million for 2014-15 against profit of INR2.8
million in 2013-14. Its working capital cycle is stretched with
gross current assets of around 150 days currently against less
than 100 days previously, due to delay in payments from customers.
As on March 31, 2015, KEPL had receivables of INR97.8 million due
for more than six months. However, interest-free unsecured loans
of INR46 million from promoters supported liquidity and helped
avoid cash flow mismatches. Promoters funding support will remain
a rating sensitivity factor.

The rating reflects KEPL's modest scale of operations and
susceptibility of its cash flows to timely realisation of
receivables. These rating weaknesses are partially offset by the
promoters' extensive experience in the trading business and their
funding support.
Outlook: Stable

CRISIL believes that KEPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant and
sustainable improvement in revenue and margins with steady debt
protection indicators and realisation of substantial receivables.
Conversely, the outlook may be revised to 'Negative' if the
company registers significant decline in revenue or margins, or if
its working capital cycle lengthens, or promoters' support is less
than expected, impacting its financial risk profile.

KEPL, incorporated in 2000, is promoted by the Kotak family. It
trades in cotton and agricultural products. It also has an
indenting division and acts as an agent for companies such as
Toshiba Corporation and NGK Insulators Ltd.


KOTSONS PVT: CRISIL Reaffirms 'B' Rating on INR230MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kotsons Pvt Ltd (KPL)
continue to reflect the company's large working capital
requirements and modest financial risk profile, marked by weak
debt protection metrics. These rating weaknesses are partially
offset by the promoters' extensive industry experience along with
a healthy order book backed by a diversified customer base.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             230      CRISIL B/Stable (Reaffirmed)

   Export Packing Credit   195      CRISIL A4 (Reaffirmed)

   Letter of credit &
   Bank Guarantee          610       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      150       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KPL will continue to benefit over the medium
term from the experience of the promoters leading to stable
operations. The outlook may be revised to 'Positive' if the
company's working capital cycle improves, coupled with a stable
scale of operations and operating margin, leading to improvement
in its financial risk profile, particularly liquidity. Conversely,
the outlook may be revised to 'Negative' if KPL's operating
profitability declines materially or slowdown in the company's
revenue growth or further stretch in the company's working capital
cycle leading to deterioration in its financial risk profile.

KPL was set up in 1978 by Mr. Pawan Kumar Jain and his family. It
manufactures, repairs, and services power and distribution
transformers. The company manufactures oil-filled single/three-
phase electric transformers and dry type transformers. It has
three manufacturing units: in Alwar (Rajasthan; set up in 1978),
Agra (Uttar Pradesh; 1990), and Bajpur (Uttarakhand; 2007).


M. B. PANESAR: Ind-Ra Withdraws 'IND BB-' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M. B. Panesar &
Sons Private Limited's (MBPSPL) 'IND BB-(suspended)' Long Term
Issuer Rating. The agency has also withdrawn the Long-Term 'IND
BB-(suspended)' rating on the company's INR22.5m fund-based
limits.

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

Ind-Ra suspended MBPSPL's ratings on September 8, 2014.


M/S NATIONAL: Ind-Ra Withdraws 'IND BB-' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M/s National
Constructions' 'IND BB-(suspended)' Long Term Issuer Rating. The
agency has also withdrawn the Long-Term 'IND BB-(suspended) rating
on the company's INR150 million cash credit limits.

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

Ind-Ra suspended National Constructions' ratings on September 8,
2014.


M/S PERFECT: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M/s Perfect
Constructions' 'IND BB-(suspended)' Long-Term Issuer Rating.

The rating has been withdrawn due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
Perfect Constructions.

Ind-Ra suspended Perfect Constructions' ratings on September 8,
2014.


MALWA PROJECTS: ICRA Suspends 'B' Rating on INR15cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR15.0 crore
fund based bank facilities of Malwa Projects Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MANAV AGRI: CRISIL Reaffirms B+ Rating on INR175MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Manav Agri
Foods Pvt Ltd (MAFPL) continues to reflect MAFPL's small scale of
operations in the highly fragmented and intensely competitive
basmati rice industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           175       CRISIL B+/Stable (Reaffirmed)
   Term Loan              55       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's susceptibility to monsoon
and government policies, and its weak financial risk profile.
These rating weaknesses are partially offset by the extensive
industry experience of MAFPL's promoters and the healthy growth
prospects for the basmati rice industry.

CRISIL had, on August 7, 2015, reaffirmed its rating on MAFPL's
long-term bank facilities at 'CRISIL B+/Stable'.
Outlook: Stable

CRISIL believes that MAFPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company ramps up
operations and while sustaining its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates because of decline
in profits or delay in execution of capital expenditure (capex)
leading to cost overrun.

Update
MAFPL, on a provisional basis, reported profit after tax (PAT) of
INR4.5 million on net sales of INR556.7 million for 2014-15
(refers to financial year, April 1 to March 31) against PAT of
INR4.3 million on net sales of INR633.7 million for 2013-14. The
net sales declined mainly on account of lower basmati rice prices.
Based on the current price trend, CRISIL believes that MAFPL will
report revenue growth of around 5 per cent per annum over near
term. The company is undertaking a capex programme to enhance its
capacity to 10 tonnes per hour (tph) from 4 tph. The project is
expected to be completed by April 2016, thereby, leading to
healthy revenue growth in 2016-17. MAFPL's operating profitability
was low, in the range of 2 to 3 per cent over the four years
through March 2015, and is expected in the same range over the
medium term.

The company's liquidity is stretched, marked by high bank limit
utilisation and tightly matched cash accruals with term debt
obligations. The bank limit utilisation averaged 87 per cent over
the 12 months through March 2015. MAFPL is likely to generate cash
accruals in the range of INR5.0 million to INR9.0 million per
annum against annual debt obligations of INR1.5 million to INR8.9
million over the medium term. Unsecured loans from promoters stood
at INR23.1 million as on March 31, 2015. MAFPL's working capital
is efficiently managed, with gross current assets of around 40
days as on March 31, 2016, comprising debtors of around 10 days
and inventory of 30 days.

CRISIL expects MAFPL's gearing to deteriorate to more than 1 time
over the medium term from 0.5 times as on March 31, 2015, due to
its debt-funded capex plans.

MAFPL was promoted by Mr. Ashok Gheek in 2007 to process rice. The
company started commercial production in April 2012. MAFPL has a
paddy processing plant at Holambi (Delhi).


P.M. AGRO: CARE Revises Rating on INR5.04cr LT Bank Loan to B+
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
P.M. Agro Products Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.04       CARE B+ Revises from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of P.M.
Agro Products Private Limited (PAPL) was primarily on account of
improvement in its capital structure and debt coverage indicators
along with the improvement in profitability during FY15 (refers to
the period April 1 to March 31).

The rating, however, continues to remain constrained on account of
its modest scale of operations with moderate capacity utilization,
low profitability, leveraged capital structure and weak debt
coverage indicators. The rating further continues to remain
constrained on account of working capital nature of business and
its presence in highly competitive and fragmented agro processing
industry.

The rating continues to draw strength from the long track record
of operations and wide experience of the promoters with financial
support extended in the form of unsecured loans.

The ability of PAPL to increase its scale of operation along with
the improvement in profitability and capital structure with
the efficient management of working capital requirements are the
key rating sensitivities.

PAPL was setup in 2010 and had taken over the proprietorship
business of M/s P.M Dal Udyog (PDU). PAPL is engaged in processing
and trading of Arhar Dal (Toor dal) and trading of dal chuni (used
as cattle feed) and sells its product under the brand name Baba
Gold, Rasoi Gold, Son Pari and Ganga Yamuna.

The company's plant is located at Katni, Madhya Pradesh, with an
installed capacity of 7,500 metric tonnes per annum (MTPA) as on
March 31, 2015, and carries cleaning, splitting and grading
operations. PAPL procures raw material from local market and sells
it inMadhya Pradesh, Uttar Pradesh, Bihar & Jharkhand through a
network of local agents.

During FY15, PAPL reported a total operating income (TOI) of
INR33.86 crore (FY14: INR36.66 crore) and PAT of INR0.23 crore
(FY14: PAT INR0.20 crore).


PRINCES BUILDTECH: ICRA Suspends B+ Rating on INR15cr LT Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR15
crore long term loans of Princes Buildtech & Infrastructure
Developers (P) Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


RAHUL ELECTRONIC: CARE Assigns B+ Rating to INR8.50cr LT Loan
-------------------------------------------------------------
CARE assigns "CARE B+" rating to the bank facilities of Rahul
Electronic Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8.50       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Rahul Electronic
Private Limited (REPL) are constrained by the modest scale of
operations, low profitability margins, leveraged capital
structure, weak debt protection metrics and working capital
intensive nature of operations with risk of inventory
obsolescence. The rating is further constrained by presence in the
highly competitive and fragmented industry.

The aforementioned constraints are partially offset by the
strength derived from long track record of operations in the
retailing of electronic products, experienced promoters and their
demonstrated financial support and diverse geographic presence and
product portfolio.

Ability of REPL to achieve envisaged growth in scale of operations
with improvement in profitability margins amidst intense
competition along with efficient management of working capital are
the key rating sensitivities.

Rahul Electronic Private Limited (REPL) was incorporated in the
year 1997 by the Mulchandani family and is engaged into trading of
consumer electronics (including home appliances such as TV, mobile
phones, refrigerators, home entertainment system, air-
conditioners, washing machines, and microwaves). As on July 28,
2015, the company operates ten retail stores across Mumbai and
Palghar under the name Rahul Electronics.

During FY15 (provisional) (refers to period April 1 to March 31),
REPL achieved a turnover of INR57.93 crore (as against INR38.69
crore in FY14) and net profit of INR0.21 crore (as against INR0.05
crore during FY14). Furthermore, the company has achieved a
turnover of INR13.86 crore during the period April 1, 2015 to June
30, 2015.


SHIV GRAMOUDYOG: CARE Reaffirms B Rating on INR11.36cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shiv Gramoudyog Sansthan.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    11.36       CARE B Suspension
                                            revoked and rating
                                            reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shiv Gramoudyog
Sansthan (SGS) continues to be constrained by the its declining
scale of operations, low profitability margins, highly leveraged
capital structure, weak debt service coverage indicators, working
capital-intensive nature of operations and weak liquidity
position. The rating is further constrained by high level of
competition from organized and unorganized players in the soaps
and detergent industry, and susceptibility of itsmargins to
volatility in the prices of raw material.

The above constraints are partially offset by the strengths
derived from the experienced trustees of SGS and established
dealers network and brand name.

The ability of SGS to stabilize its scale of operations improving
its profitability margins and capital structure with effective
working capital management shall be the key rating sensitivities.

SGS is registered as a society under the Societies Registration
Act. It was founded by Mr Ram Chand and his family members in
1987. SGS is engaged in the manufacturing of detergent powder,
detergent cake and laundry soap. SGS has two manufacturing units
located in Chaubepur Kalan, Kanpur, with an installed capacity to
manufacture 9,260 metric ton per annum of detergent powder, 1475
metric ton per annum of detergent cake and 1,343 metric ton per
annum of laundry soap. SGS sells its products through a network of
stockiest and dealers all over India under its own brand name
"Moar" and "More" and mainly cater the market of Uttar Pradesh,
Rajasthan, Himachal Pradesh, Punjab and Odisha. The raw materials
used in the manufacturing by SGS are dolomite powder, soda ash,
non-edible oil, etc, which are procured domestically.

For FY15 (refers to the unaudited period April 01 to March 31),
SGS achieved a total operating income (TOI) of INR36.09 crore with
SBILDT and surplus of INR2.12 crore and INR0.10 crore,
respectively, as against TOI of INR39.51 crore with SBILDT and
surplus of INR2.04 crore and INR0.04 crore, respectively, for
FY14.


SHREEDHAR COTTON: CRISIL Upgrades Rating on INR60MM Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shreedhar Cotton Industries (SCI) to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Proposed Long Term    38.8      CRISIL B/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

   Term Loan              1.2      CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that SCI's business
risk profile will improve over the medium term. The company's
profitability improved to 4.65 per cent in 2014-15 with the
decline in domestic cotton prices. Furthermore, its expected cash
accruals of INR2.6 million to INR3.5 million, with no term debt
obligations and the absence of any debt-funded capital
expenditure, will support its liquidity over the medium term.
However, despite the slowdown in the industry, the firm's turnover
has been sustained at about INR257.8 million in 2014-15 (refers to
financial year, April 1 to March 31) as against INR258.6 million
in 2013-14.

The rating reflects the susceptibility of SCI's business to
changes in government policy, and its below-average financial risk
profile, marked by a small net worth, weak debt protection
metrics, and expected deterioration in gearing. These rating
weaknesses are partially offset by the extensive experience of
SCI's partners in the cotton industry.
Outlook: Stable

CRISIL believes that SCI will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
ginning industry. The outlook may be revised to 'Positive' in case
the firm achieves higher-than-expected sales, along with
improvement in its profitability, resulting in better-than-
expected financial risk profile. Conversely, the outlook may be
revised to 'Negative' if SCI's liquidity weakens further, most
likely because of losses in its operations or sharp increase in
its working capital requirements over the medium term.

SCI is promoted by the Morbi (Gujarat)-based Patel family. The
firm gins cotton, and sells cotton bales and cotton seeds. It
commenced ginning operations in 2007.

SCI reported a profit after tax (PAT) of INR1.99 million on net
sales of INR257.8 million for 2014-15, against a PAT of INR1.2
million on net sales of INR258.6 million for 2013-14.


SHRI KRISHNA: CRISIL Reaffirms B+ Rating on INR47.8MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shri Krishna
Exports - UDUPI (SKE) continues to reflect SKE's modest scale of
operations and susceptibility of its operating profitability to
volatility in raw material prices.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft Facility     47.8      CRISIL B+/Stable (Reaffirmed)
   Term Loan              18.1      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of SKE's proprietor in the cashew-processing business,
its efficient working capital management, and above-average
financial risk profile, marked by adequate debt protection metrics
and moderate capital structure though constrained by a modest net
worth.
Outlook: Stable

CRISIL believes that SKE will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenue
increases considerably while maintaining its profitability
margins, resulting in overall improvement in its business risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm's financial risk profile weakens due to decline in its
cash accruals, deterioration in its working capital management, or
significant withdrawal by the proprietor, resulting in
deterioration in liquidity.

Set up as a proprietorship firm in 2007 by Mr. Santhosh Kumar, SKE
sells cashew kernels and raw cashew nuts in the domestic market.
The firm operates a processing facility near Udupi (Karnataka).


SHUBHAM INDUSTRIES-HYDERABAD: CRISIL Reaffirms B+ Loan Rating
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shubham
Industries-Hyderabad (SI)  continue to reflect SI's modest scale
of operations in the highly fragmented cotton industry, below-
average financial risk profile, marked by a small net worth, low
gearing, and moderate debt protection metrics, and vulnerability
of the firm's operating performance to changes in government
policy.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           68        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of SI's partners in the cotton industry and their
established relationships with traders.
Outlook: Stable

CRISIL expects SI to continue to benefit over the medium term from
its partners' extensive industry experience and established
relationship with traders. The outlook may be revised to
'Positive' in case of substantially high scale of operations,
while improving its profitability margins, resulting in better
cash accruals. Conversely, the outlook may be revised to
'Negative' if SI's financial risk profile deteriorates due to
lengthening of its working capital cycle or decline in revenue or
profitability.

SI was established as a partnership firm in 2013 by Mr.Rajesh Soni
and Mr. Krishnakumar Partani. The firm gins and presses raw cotton
(kapas) to make cotton bales, and sells cotton seed. SI's
manufacturing facility in Tandur (Andhra Pradesh) has capacity of
45,000 bales per annum. SI commenced its commercial operations
from December 2013.


SREEKANTH PIPES: CARE Assigns 'B+' Rating to INR2cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' rating to bank facilities of
Sreekanth Pipes Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      2         CARE B+ Assigned
   Short term Bank Facilities     8         CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sreekanth Pipes
Private Limited (SPPL) are constrained by the small scale of
operations, low profit margins due to competition and volatility
in raw material prices, supplier concentration coupled with low
bargaining power, low debt coverage indicators in FY15
(Provisional; refers to the period April 1 to March 31) and
working capital intensive nature of business. The ratings are,
however, underpinned by satisfactory experience of the promoters,
increasing scale of operations, established market channel and
improved capital structure during FY15 (Provisional). The ability
of the company to improve the scale of operations, maintain
comfortable capital structure and efficient management of working
capital cycle are the key rating sensitivities.

Incorporated in 2002, SPPL is part of the Nandi group of companies
based out of Nandyal in Andhra Pradesh. The group has a presence
in diversified businesses such as cement, dairy, Polyvinyl
Chloride (PVC) pipes, construction, TMT bars, etc, since 1978.
SPPL is engaged in the business of manufacturing of rigid
Polyvinyl Chloride (PVC) pipes and fittings at its facility
located at Medak District, Telangana. The manufacturing facility
has an installed capacity of 12,500 metric tones per annum (MTPA).
The products are widely used in irrigation, telecommunication,
potable water supplies, electrical industry, construction
industry, sewerage and drainage etc.

During FY15 (Provisional), SPPL achieved a total income of
INR33.34 crore (FY14: INR25.34 crore) and PAT of INR0.37 crore
(FY14: INR0.23 crore).


SRI SHAKTHI: CARE Assigns 'B' Rating to INR5cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Sri Shakthi
Refineries Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities-
   Term Loan                       3        CARE B Assigned

   Long-term Bank Facilities-
   Fund-based                      5        CARE B Assigned

Rating Rationale
The rating reflects Sri Shakthi Refineries Private Ltd's (SSRPL)
limited operational track record and weak financial risk profile
marked by loss in the first year of operations partially offset by
promoter's experience in the refining industry, strategic location
advantage with respect to close proximity of raw materials and
favourable demand outlook for edible oils in India.

Going forward, the ability to improve financial risk profile with
increase in sale of operations and profitability would remain the
key rating sensitivities.

Sri Shakthi Refinery Private Ltd (SSRPL) is a private ltd company
formed in 2012. The company is engaged in refining rice bran oil
and is managed by four directors of the company, Mr. Vishwanath
Gupta N K, Mr. Amarnath N K, Mr. Venkatesh N K and Mr. Rajath V,
all of them having more than two decades of experience in oil
refining. The company started its operations in February 2015. The
company has its manufacturing unit situated at Tumkur, Karnataka
with an installed capacity of 50 tonnes per day.

SSRPL has registered a total operating income of INR9.2 crore and
loss of INR1.19 crore in FY15 (Provisional - refers to the
period April 1 to March 31).


THEMIS MEDICARE: CARE Reaffirms D Rating on INR63.25cr ST Loan
--------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Themis
Medicare Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities     13.10      CARE D Reaffirmed
   Long Term Rupee Term Loans    25.41      CARE D Reaffirmed
   Short Term Bank Facilities    63.25      CARE D Reaffirmed

Rating Rationale

The ratings of Themis Medicare Ltd. (TML) continue to factor in
the delay in debt servicing owing to tight liquidity position.

TML was originally promoted by Mr Shantibhai D. Patel under the
name of Themis Chemicals, a joint venture pharmaceutical company
with Gedeon Richter Ltd., Hungary, in 1969. Later, in 1995, it was
converted in to a public limited company and listed on the Bombay
Stock Exchange. Furthermore, in 2001, the name of the company was
changed to TML.

Presently, the company is engaged in manufacturing and marketing
of Active Pharmaceutical Ingredients (API) and formulations in
various therapeutic segments like anti-malarials, pain management,
anti-infectives, anesthesia, health and nutrition. The company is
also engaged in co-marketing its research-based formulations with
other pharmaceutical companies in India and abroad. TML has been
focusing more on formulations to reduce its dependency on API. The
company is headquartered in Mumbai with three state-of-the-art
manufacturing facilities in Vapi (Gujarat), Hyderabad (Andhra
Pradesh) and Haridwar (Uttaranchal).

During FY15, TML reported PAT of INR2.04 crore on total income of
INR167.88 crore as compared to PAT of INR1.53 crore on total
income of INR172.58 crore in FY14.


VIDYASAGAR HIMGHAR: CRISIL Reaffirms B Rating on INR98.6MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vidyasagar Himghar
Private Limited (VHPL) continue to reflect its exposure to risks
related to highly regulated and intensely competitive cold storage
industry in West Bengal. The ratings also factor in VHPL's weak
financial risk profile, marked by low net worth and high gearing.

                         Amount
   Facilities         (INR Mln)     Ratings
   ----------          ---------    -------
   Bank Guarantee        4          CRISIL A4 (Reaffirmed)
   Cash Credit           98.6       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    32.4       CRISIL B/Stable (Reaffirmed)
   Term Loan             55         CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partly offset by the extensive
experience of the company's promoters in the cold storage
business.

Update
The operating income of VHPL witnessed a year-on-year increase of
5 per cent to INR63.5 million in 2014-15 (refers to financial
year, April 1 to March 31), from INR60.5 million in 2013-14 which
indicates the effective utilisation of increased storage capacity.
VHPL's operating profitability remained high at 49 per cent in
2014-15. VHPL had cash accruals of INR15.4 million in 2014-15
against maturing debt of INR7.5 million during the year. The
accruals are expected to remain sufficient to meet the term debt
obligation of INR7.5 million to INR8.0 million over the medium
term. The financial risk profile of VHPL remains weak, marked by
low net worth of INR45.2 million and gearing and interest coverage
of 2.54 and 2.04 times respectively as on
March 31, 2014. VHPL's bank limits are fully utilised.
Outlook: Stable

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

Incorporated in 1997, VHPL provides cold storage facilities to
potato farmers and traders. The company is owned by the West
Bengal-based Ghosh family. It currently has two cold storages, one
each at Paschim Medinipur and Hooghly (both in West Bengal).


VSP UDYOG: Ind-Ra Withdraws 'IND BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn VSP Udyog Pvt.
Ltd.'s (VSP) 'IND BB+(suspended)' Long-Term Issuer Rating. A full
list of rating actions is at the end of this commentary.

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

Ind-Ra suspended VSP's ratings on 16 September 2014.

VSP's ratings:

-- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating
    withdrawn
-- INR319.7 million long-term loans: 'IND BB+(suspended)';
    rating withdrawn
-- INR1,250 million fund-based limits: 'IND BB+(suspended)';
    rating withdrawn
-- INR180 million non-fund-based limits: 'IND A4+(suspended)';
    rating withdrawn



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


BAYAN TELECOMMUNICATIONS: To Exit Corporate Rehab in October
------------------------------------------------------------
Daphne J. Magturo at BusinesWorld Online reports that Globe
Telecom, Inc. expects to complete the corporate rehabilitation of
Bayan Telecommunications, Inc. (Bayantel) by October -- way ahead
of the original 2023 target -- after the Ayala affiliate bought
out the Lopez group in a PHP1.83-billion deal.

"To protect its current revenue stream, we want to bring them out
of rehab court and begin life as a normal telco . . . All of the
conditions have been met, so hopefully in the next two months,
tanggal na (they're out of rehab)," Bayantel's newly-appointed
Chairman Gil B. Genio, who also serves as Globe's chief operating
officer, told reporters last week at the Globe Tower in Bonifacio
Global City, BusinessWorld relays.

According to BusinesWorld, Globe disclosed on July 21 that it
reached a purchase agreement with Bayan Telecommunications
Holdings, Corp. and Lopez Holdings, Corp. for their entire equity
holdings in Bayantel. The debt-to-equity conversion scheme,
involving up to 70.76 million shares, boosted Globe's control to
98.57% from 56.87%.

Globe's General Legal Counsel Froilan M. Castelo said in the same
venue that the Ayala-led telecom has a "standing offer" to buy out
the rest of the minority, BusinesWorld relates.

Mr. Genio said Globe's aggregate investment in the acquisition of
Bayantel, including debt-to-equity conversions, has amounted to
$172 million, and it is still "evaluating" how much fresh capital
it would further infuse into the ailing company, the report
relays.

Globe already acquired a 38% interest in Bayantel in October 2013
after the Pasig City Regional Trial Court Branch 158 approved the
amended rehabilitation plan jointly filed by the companies, where
Globe converted Bayantel's debt into common shares, BusinesWorld
discloses citing the listed telecommunication firm's 2014 annual
report.

"Bayan has a robust client base on consumer or home DSL (digital
subscriber line) as well as on enterprise data and those are very
important franchises for us," the report quotes Globe Chief
Financial Officer and Treasurer Alberto M. de Larrazabal as
saying.  "We are putting into use the Bayan footprint for home DSL
. . . and on the enterprise data side, Globe continues to invest
capital in our enterprise data footprint and Bayan adds to that
footprint."

Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said
Globe can easily turn Bayantel around in two months, BusinessWorld
adds.

"Bayantel's transmitters would be added infrastructure for Globe,
it can reduce Globe's capex (capital expenditure) and eliminate
inefficiencies. Globe's fixed-line earnings will also be
incorporated to Bayantel's," Mr. Pangan told BusinessWorld in a
phone interview on August 10.

                         About Bayantel

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.  BayanTel has operations in
Japan and the U.K.

In a report on Aug. 15, 2007, the Philippine Star said BayanTel
was setting aside PHP760 million to PHP800 million in 2007 to pay
down debt, using internally-generated cash.  BayanTel was placed
into receivership in 2004.

Weighed down by its huge debt, the company sought corporate
rehabilitation with the Pasig City Regional Trial Court in
July 2003 to restructure its short-and long-term bank loans and
bonds payable.  The Pasig Regional Trial Court Branch 158 approved
the company's financial rehabilitation on June 28, 2004, based on
sustainable debt level of PHP17.13 billion, payable over 19 years.

According to RTC Judge Rodolfo R. Bonifacio, the
remainder of BayanTel's debt may be converted to another
appropriate instrument that will not be a financial burden to
parent Benpres Holdings Corp.  It also mandated BayanTel to
treat all creditors equally.  Some of BayanTel's creditors have
appealed the lower court decision.

As reported in the Troubled Company Reporter-Asia Pacific on
July 7, 2015, Manila Standard Today said the National
Telecommunications approved the takeover of Bayan
Telecommunications Inc. by Globe Telecom Inc. amid opposition from
rival companies.

Globe acquired 98.26% of BayanTel's loans and 100% of Radio
Communications of the Philippines Inc.'s liabilities. RCPI, a unit
of BayanTel, is owned by the Lopez Group, Manila Standard noted.
The acquisition cost of $130 million was lower than the
$400-million face value of BayanTel, according to Manila Standard.



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


TANKOIL MARINE: Bunker Supplier Declared Bankrupt
-------------------------------------------------
Ship & Bunker, citing reports in the Danish media, says Tankoil
Marine Services, a key debtor of the now-defunct OW Bunker
subsidiary Dynamic Oil Trading (DOT), has been declared bankrupt.

According to the report, OW Bunker trustee John Sommer Schmidt --
jss@gorrissenfederspiel.com -- from law firm Gorrissen Federspiel,
has hailed the development as a "milestone" that will pave the way
to understanding exactly what happened during the alleged fraud at
DOT, and the part it played in the collapse of OW Bunker.

Ship & Bunker relates that when OW Bunker was declared bankrupt,
it reported a "risk management" related loss of $150 million, but
also that a $125 million fraud had been uncovered at DOT.

Soon after, it was revealed that the alleged fraud involved a
large amount of credit being given to an unknown number of players
in the form of credit sleeving, the report relates.

Tankoil was subsequently revealed as the principal recipient of
DOT's credit along with a second company, Petrotec Pte Ltd
(Petrotec), with Tankoil and Petrotec sharing a common director
named as Dennis Tan, Ship & Bunker reports.

In December Ship & Bunker reported that trustees of DOT has been
working hard to have the supplier declared bankrupt as the
relationship between Tankoil and DOT could not be examined until
that happened.

In the meantime, the whereabouts of the money and "unfathomable
amounts" of bunkers was a mystery, they said, Ship & Bunker
relates.

"It [bankruptcy] is a milestone that we have achieved and we are
very pleased," the report quotes Mr. Schmidt as saying. "Our
information flow is constantly stopped when we have been looking
through Dynamic Oil Trading. We could not see what was over on the
other side of Tankoil."

"But now we can through the bankruptcy. So it is very important in
terms of getting the full picture of what has happened in
Singapore."

The development should allow the trustees to understand why DOT
was not repaid by Tankoil, and where the money went, Mr. Schmidt,
as cited by Ship & Bunker, added.

Moving forward, the Danish trustees were said to be forming a
partnership with the newly appointed trustees in Singapore to get
physical access to Tankoil's offices, Ship & Bunker relays.

However Mr. Schmidt warned the process will take time to produce
answers, but more would be known throughout August and September
when they, together with the local trustees, "put the two pieces
together and get the full picture," Ship & Bunker reports.

He also gave little hope that any money would be recovered that
could be returned to investors, saying: "I can only say that
Tankoil is bankrupt because they could not pay," Ship & Bunker
relays.

Ship & Bunker adds that the Maritime and Port Authority of
Singapore (MPA) revoked Tankoil's bunker supplier licence in
February, saying only that "routine checks" had revealed
"discrepancies and wrongful declarations in the records kept on
board their bunker tankers," and "incidences of transfers of
bunkers between bunker tankers that were done without MPA's
approval."

Tankoil Marine Services is a Singapore-based bunker supplier.



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


DAEWOO SHIPBUILDING: To Sell All Non-Core Assets in Restructuring
-----------------------------------------------------------------
Reuters reports that Daewoo Shipbuilding & Marine Engineering Co
Ltd said on August 10 it would sell non-core assets, and shut down
or exit non-essential units as part of restructuring after a
multi-billion dollar loss in the April-June quarter.

Daewoo Shipbuilding late last month reported a provisional second-
quarter operating loss of KRW3.03 trillion ($2.61 billion), citing
construction delays on offshore projects such as oil and gas rigs,
Reuters discloses.

According to the report, analysts said the high-end offshore plant
business has been loss-making for the world's three biggest
shipyards, all in South Korea, as offshore floating production
facilities for oil and gas are often complex, one-of-a-kind
designs that can lead to unforeseen construction delays.

Reuters relates that Daewoo Shipbuilding said it would sell the
company headquarters in Seoul, and wind down or sell units that
are unrelated to its core shipbuilding or offshore plant
businesses such as wind power subsidiary DeWind Co and local golf
course operator FLC Ltd.

Its non-core businesses accounted for about 10% of the company's
revenue in 2014, the report notes.

"These moves will bring in some cash and also eliminate the
possibility of additional losses from the businesses that Daewoo
is getting out of," the report quotes Kim Hyun, an analyst at
brokerage Shinhan Investment, as saying.

There was however no plan to cut staff at present, a company
spokesman said, Reuters relays.

Daewoo's three largest creditor banks, state-run Korea Export-
Import Bank, Korea Development Bank and the banking arm of South
Korea's largest agricultural cooperative Nonghyup Bank, are
currently conducting due diligence on the company to determine the
cause of the second-quarter losses and the level of capital
infusion that may be required, Reuters adds.

                       About Daewoo Shipbuilding

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


SOUTH KOREA: Policy Lenders Struggle With Mounting Bad Loans
------------------------------------------------------------
Yonhap News Agency reports that South Korea's two policy lenders
have shouldered massive bad loans, estimated at KRW5.5 trillion
($4.75 billion), over the past five years, due to a series of
collapses of big name companies during the economic slump, a
report said August 11.

The Korea Development Bank and the Export-Import Bank of Korea
have extended loans to 333 companies that have been under court
receivership over the last five years, Yonhap says citing a report
submitted by the banks to the parliament.

In general, a bank can collect some 30% of the loans extended to a
company that goes into court receivership, Yonhap relates.

According to Yonhap, the KDB has lent KRW4.14 trillion to 225
ailing firms including Pantech Co. and Dongbu Corp., while the
Exim Bank extended KRW1.33 trillion to 108 companies including
Keangnam Enterprises over the cited period.

Furthermore, the KDB is expected to bear additional loss down the
road, the Korea Herald adds. The policy lender is the biggest
creditor of Daewoo Shipbuilding & Marine Engineering Co. at KRW4.2
trillion in loans, Yonhap discloses.

The world's No. 2 shipbuilder needs fresh financial aid as it
posted a record loss of KRW3 trillion in the second quarter,
according to Yonhap.

Yonhap says the Seoul government injected KRW510 billion into the
Exim Bank last year alone and earmarked an additional KRW115
billion for this year to help the lender make up for the losses.

"The KDB and Exim Bank have undertaken restructuring projects of
troubled companies as part of the government's policy, but there's
no regulation that assesses the process and coordinates the
parties concerned," Yonhap quotes Kim Sang-jo, a professor at
Hansung University, as saying.

Under the current system, a company can quit a creditors-led
workout program without fully clearing off its debts or the
company's shareholders and labor union can strongly obstruct the
debt restructuring, Yonhap states.

"A proper system can help creditors make a swift decision on
corporate restructuring and prevent them from pumping money into a
limping company without proper assessment," Kim, as cited by
Yonhap, said.


                             *********

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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