TCRAP_Public/150813.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

           Thursday, August 13, 2015, Vol. 18, No. 159


                            Headlines


A U S T R A L I A

AUSTRALIAN CONSTRUCTION: First Creditors' Meeting Set For Aug. 20
BASTEMEYER GROUP: ATO Sends Group Into Administration
ESPREPS PTY: First Creditors' Meeting Slated For Aug. 21
JEA BUSINESS: First Creditors' Meeting Set For Aug. 20
STRUGA NOMINEES: First Creditors' Meeting Set For Aug. 17

TIEMAN INDUSTRIES: Administrators Seek Buyers For Business


C H I N A

CAR INC: Fitch Gives Final 'BB+' Rating to USD300MM Notes
UTSTARCOM INC: Shah Capital Reports 28.6% Stake in Parent


H O N G  K O N G

HONGKONG: More SMEs Closure Expected as Rents Continue to Rise


I N D I A

AGGARWAL RICEMILLS: CARE Revises Rating on INR29.56cr Loan to B+
BABA NAGA: CRISIL Reaffirms B Rating on INR156MM Term Loan
BHUMIKA EGG: CRISIL Assigns B+ Rating to INR47.5MM Term Loan
CACHAR ROLLER: ICRA Reaffirms B+ Rating on INR5.40cr Cash Credit
GREENLAND PAPER: CARE Assigns B+ Rating to INR6.30cr LT Bank Loan

JAGDAMBA SPONGE: ICRA Reaffirms B+ Rating on INR5.50cr Cash Loan
JAM HOTELS: ICRA Assigns 'B' Rating to INR25cr Term Loan
JIN PLAST: CRISIL Assigns 'D' Rating to INR50MM Cash Loan
JRK INDUSTRIES: ICRA Suspends B- Rating on INR8cr Bank Loan
KAKDA ROLLING: CRISIL Assigns B+ Rating to INR135MM Cash Loan

KUNJ BEHARI: Ind-Ra Withdraws 'IND BB' Loan Ratings
LEKH RAJ: CRISIL Reaffirms B- Rating on INR90MM Cash Credit
MAHALAXMI TECHNOCAST: ICRA Assigns 'B' Rating to INR25cr Loan
OHM HIGHLINE: ICRA Suspends B- Rating on INR5cr LT Cash Credit
P. J. EXPORTS: CRISIL Reaffirms B- Rating on INR100MM Loan

PRATIBHA ELECTRICAL: CRISIL Cuts Rating on INR65MM Loan to B+
PYOGINAM: CRISIL Reaffirms B+ Rating on INR52MM Loan
R.L. CONSTRUCTION: CRISIL Ups Rating on INR50MM Loan to B+
RAYFAM ENTERPRISES: CRISIL Ups Rating on INR50MM Loan to B
SANDU DEVELOPERS: CRISIL Assigns B+ Rating to INR377MM Term Loan

SARVOTTAM ROLLING: CRISIL Reaffirms B+ Rating on INR150MM Loan
SEECO ENTERPRISES: ICRA Reaffirms B+ Rating on INR5cr Term Loan
SHREE DEVELOPERS: CRISIL Reaffirms B+ Rating on INR50MM LT Loan
SHREE RENUKA: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB-'
SHREE SADBHAV: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Credit

SIDDHARTH MERCANTILE: Ind-Ra Suspends 'IND B' LT Issuer Rating
SUNLAND CERAMIC: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
TARINI INFRASTRUCTURE: CRISIL Rates INR223.5MM Term Loan at D


J A P A N

MT. GOX: Police Suspects CEO Embezzled Some Funds


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Opposition Party Sues Najib, 1MDB
MALAYSIA: Default Swaps Advance to Four-Year High Amid Outflows


N E W  Z E A L A N D

SENTRY HILL: Winery Avoids Liquidation; to Fully Pay Debt


S R I  L A N K A

PEOPLE'S LEASING: Fitch Affirms 'B+' LT Foreign-Currency IDR


                            - - - - -


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


AUSTRALIAN CONSTRUCTION: First Creditors' Meeting Set For Aug. 20
-----------------------------------------------------------------
Nicholas Martin and Rodney Slattery of PPB Advisory were appointed
as administrators of Australian Construction Systems Pty Ltd on
Aug. 10, 2015.

A first meeting of the creditors of the Company will be held at
PPB Advisory, Level 21, 181 William Street, in Melbourne, on
Aug. 20, 2015, at 10:00 a.m.


BASTEMEYER GROUP: ATO Sends Group Into Administration
-----------------------------------------------------
Action by the Australian Tax Office has put demolition business
Bastemeyer Group into administration, according to
smartcompany.com.au.

The report notes that Bastemeyers is a Queensland-based business
which has been established for over 30 years. The business
provides demolition, bulk earthworks and sea-wall construction
services with a client list which includes local government
authorities and large multinational organizations, the report
relates.

smartcompany.com.au discloses that the main Bastemeyers business
is still trading but administrators Jason Bettles and Raj Khatri
of Worrells Solvency & Forensic Accountants were appointed to
related company Bastemeyer Group.

John Bastemeyer, the owner and director of Bastemeyers is also a
director of Bastemeyers Group.

Mr. Bettles told SmartCompany the Bastemeyers group owes creditors
"a lot of money".  Around AU$2 million is owing, with the ATO owed
AU$1.4 million as the largest creditor, the report relays.

The report notes that Mr. Bettles said the administration has been
brought about following action by the ATO.

"The ATO seems to be taking action against the director and issued
a directors penalty notice," the report quoted Mr. Bettles as
saying.

The report relays that Mr. Bettles said the majority of the
remaining creditors are trade creditors.

Bastemeyer Group ceased trading on July 24, 2015 before the
administrators were appointed, the report notes.  Mr. Bettles said
more details will come to light as the administrators investigate
further.

"It's only fairly early on in our appointment," Mr. Bettles added,
notes the report.

A first meeting of creditors will be held on August 17.

SmartCompany contacted John Bastemeyer but did not get a response
prior to publication.


ESPREPS PTY: First Creditors' Meeting Slated For Aug. 21
--------------------------------------------------------
Steven Nicols of Nicols + Brien was appointed as administrator of
Espreps Pty Ltd (Administrator Appointed) on Aug. 11, 2015.

A first meeting of the creditors of the Company will be held at
Nicols + Brien, Level 2, 350 Kent Street, in Sydney, on Aug. 21,
2015, at 11:00 a.m.


JEA BUSINESS: First Creditors' Meeting Set For Aug. 20
------------------------------------------------------
Ross John McDermott of Ross McDermott Chartered Accountant was
appointed as administrator of Jea Business Services Pty Ltd,
trading as James East & Associates Pty Ltd, on Aug. 10, 2015.

A first meeting of the creditors of the Company will be held at
the office of JEA Business Services Pty Ltd, 301 Lydiard St N, in
Soldiers Hill, Victoria, on Aug. 20, 2015, at 9:00 a.m.


STRUGA NOMINEES: First Creditors' Meeting Set For Aug. 17
---------------------------------------------------------
Bob Jacobs of Auxilium Partners was appointed as administrator of
Struga Nominees Pty Ltd, trading as PPM Corporate, on Aug. 5,
2015.

A first meeting of the creditors of the Company will be held at
Auxilium Partners, Level 3, 1060 Hay Street, in West Perth, on
Aug. 17, 2015, at 2:00 p.m.


TIEMAN INDUSTRIES: Administrators Seek Buyers For Business
----------------------------------------------------------
SmartCompany reports that Tieman Industries, a family-owned
manufacturing business that has been operating for more than 60
years, has collapsed into voluntary administration.

According to the report, tough market conditions have taken a toll
on the business, which appointed Rahul Goyal, Sebastian Hams and
Bryan Webster of KordaMentha as administrators on August 10.

KordaMentha told SmartCompany the administrators will continue to
trade the business while urgent expressions of interest are sought
for the tanker business, the tail lift business and the repairs
and maintenance business from potential buyers.

According to the report, administrators said Tieman Industries
recorded "a significant loss" last year, which has been attributed
to a number of factors, including market conditions, overstaffing
and "very large overheads".

Tieman Industries had been undertaking a restructure plan but a
lack of funds meant the plan could not continue, SmartCompany
says.  According to the administrators, the high costs of the
business will likely mean consolidating the company's sites and
cutting jobs, SmartCompany relays.

SmartCompany, citing Herald Sun, says around 80 jobs in Victoria
and another 60 jobs could be lost as a result of the
administration if the tail lift and service and maintenance
businesses close.

The tanker business employs around 100 workers. The Tieman family
is hoping these jobs can be saved by restructuring that part of
the business, relates SmartCompany.

Tieman Industries joint managing director Dale Tieman, who along
with brother Colin took over the business from their father Neil
eight years ago, told the Herald Sun the decision to call in
administrators was "extremely hard," according to SmartCompany.

"But we know we've made the right decision. If we didn't do this,
everyone would lose their jobs," he said, notes the report.

Mr. Tieman said the business is committed to ensuring all
employees receive their full entitlements, adds SmartCompany.

The first meeting of creditors for Tieman Industries will be held
in Melbourne on August 20.

Tieman Industries was established by Neil Tieman from his family
home in Victoria in 1953, building its first tanks and vats for
the local dairy industry.  The business designs and manufactures
bulk road tankers, as well as importing and installing tail lifts
and operating a repairs and maintenance service. It employs 250
people nationally.



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


CAR INC: Fitch Gives Final 'BB+' Rating to USD300MM Notes
---------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB+' to the USD300
million 6% senior unsecured notes due 2021 issued by CAR Inc.
(CAR, BB+/Stable). This final rating follows the receipt of
documents conforming to information already received and is in
line with the expected rating assigned on 3 August 2015.

The notes are rated at the same level as CAR's senior unsecured
rating as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company.

KEY RATING DRIVERS

Rapid Expansion Increases Leverage: Fitch expects CAR's FFO
adjusted net leverage to increase to 2.8x by end-2015 from 0.9x at
end-2014 due to a faster-than-expected fleet expansion. This
expansion is driven by growing demand for short-term rentals and
CAR's cooperation with UCAR, a chauffeured car service provider in
which CAR owns a 10% stake. The risk posed by the higher leverage
during this period of rapid growth is mitigated by the improved
profitability that stems from better economies of scale. Fitch
estimates CAR would quadruple its EBITDA to USD1bn by end-2017;
with EBITDA margin improving to above 50% in the next 24 months
from 45.4% in 2014.

Enhanced Business Profile: Fitch sees strong market potential for
the chauffeured car service industry in China, with growth driven
by demand for premium and differentiated transportation services
from high-end customers. CAR expects to generate up to 40% of its
EBITDA from long-term rentals, which provide more predictable
income, by end-2016 through its collaboration with UCAR.
Furthermore, CAR will deploy its idle vehicles to UCAR for use in
short-term chauffeured services. The tie-up will provide CAR with
strong synergies because the company will be able to optimise use
of its short-term rental cars during weekdays, which will enhance
profitability.

Increased Regulation Supports Development: Fitch believes a
regulated chauffeured car service market is potentially negative
for taxi-hailing apps such as Didi and Uber. These apps are major
competitors to UCAR, which has been operating within China's legal
framework since it started formal operations in January 2015.
Fitch also believes CAR, as the leading car rental company in
China, would continue to play an important role in standardising
and promoting best practices for the industry. According to
Caijing business news website, China's Ministry of Transport is
planning to issue new rules to regulate the chauffeured car
service market sometime in 2015. The rules could reshape the use
of mobile-enabled chauffeured services, and regulate the use of
unlicensed private cars and drivers and promotions that offer
services at below operating cost by chauffeured car services.

Operational and Financial Flexibility: CAR has no minimum purchase
commitments with car manufacturers. In addition, it has the choice
to postpone fleet renewal by adding fewer new cars or disposing
more used cars during downturns. Operationally, it has reduced its
long-term store rental expenses by increasing the number of pick-
up points - parking facilities with simple service stands -
instead of full storefronts. All the car parks have flexible lease
termination arrangements. These factors give CAR full flexibility
to adjust operations during downturns.

Market Leader, Strong Profile: CAR is the No.1 car rental company
in China with 31% share of the short-term self-drive market as at
end-2013. Consulting company Roland Berger expects the Chinese car
rental industry to grow at more than 20% a year into 2018, with
existing players having the advantage of high entry barriers due
to capital intensity, high funding needs and restrictions on
vehicle license plates by the Chinese government. CAR has
significant first-mover advantage over its peers: it has a fleet
size that is four times that of the second-largest player; more
than 100 vehicle models to meet different rental needs; a wide
geographic spread covering 70 major cities; a lower cost structure
than its competitors; a dynamic pricing system; and a strong
distribution channel to dispose of its used cars.

KEY ASSUMPTIONS

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

-- Rental fleet size to expand at 37% compounded annual growth
    rate till 2018 to satisfy continued growth in market demand;
-- Average daily rental rate to be stable at CNY270 per day;
-- Utilisation rate to gradually increase to above 66% by 2017;
-- Short-term rental cars depreciated over 2.5 years and long-
    term rental cars over three years.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating actions include:

-- FFO adjusted net leverage exceeds 3.0x during the high growth
    stage
-- EBITDA margin sustained below 45%
-- EBIT margin sustained below 20% (FY14: 25.2%)
-- Loss of dominant market share in the car rental industry
-- Evidence of greater regulatory or legal intervention leading
    to an adverse change in the company's operation and business
    profile

Positive: Future developments that may, individually or
collectively, lead to positive rating actions include:

-- A more mature regulatory environment in the car rental
    business
-- Longer track record of sustained fleet renewal cycle
-- Maintenance of strong financial profile during the growth
    phase.


UTSTARCOM INC: Shah Capital Reports 28.6% Stake in Parent
---------------------------------------------------------
Shah Capital Management, Inc. disclosed in an amended Schedule 13D
filed with the Securities and Exchange Commission that as of
Aug. 6, 2015, it beneficially owned 10,649,369 ordinary shares of
UTStarcom Holdings Corp. which represents 28.6 percent of the
shares outstanding.

The following table sets forth the beneficial ownership of
Ordinary Shares of the Company for each of the Reporting Persons
as of Aug. 6, 2015:

                                      Shares
                                   Beneficially     Percentage
Name                                  Owned          of Total
----                               ------------     ----------
Shah Capital Opportunity Fund       8,919,369          23.9%
Himanshu H. Shah                   10,649,369          28.6%
Hong Liang Lu                       1,090,563           2.9%
Lu Charitable Remainder Trust          26,925           0.1%
Lu Family Trust                        16,408           0.0%
The Lu Family Limited Partnership      76,333           0.2%

A copy of the regulatory filing is available for free at:

                       http://is.gd/apoYdq

                       About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
company offering in IP-based, end-to-end networking solutions and
international service and support. The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world. UTStarcom enables
its customers to rapidly deploy revenue-generating access services
using their existing infrastructure, while providing a migration
path to cost-efficient, end-to-end IP networks. The Company's
headquarters are currently in Alameda, California, with its
research and design operations primarily in China.

UTStarcom Inc. was founded in 1991 and started trading on NASDAQ
in 2000. On June 24, 2011, the stockholders of UTStarcom Inc.
approved the proposed merger to reorganize UTStarcom, Inc. as a
Cayman Islands company. Pursuant to the approval of the
shareholders, UTSI Mergeco Inc., a Delaware corporation and a
wholly-owned subsidiary of UTStarcom Holdings Corp., merged with
and into the existing public company, UTStarcom, Inc., which is
incorporated under the laws of the State of Delaware. As a result
of the reorganization, UTStarcom Holdings Corp. became the parent
company of UTStarcom, Inc. and its subsidiaries.

For the 12 months ended Dec. 31, 2014, the Company reported a net
loss of $30.3 million on $129 million of net sales compared with a
net loss of $22.7 million on $164 million of net sales during the
previous year.

As of Dec. 31, 2014, the Company had $279 million in total assets,
$164 million in total liabilities, and $115 million in total
equity.



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


HONGKONG: More SMEs Closure Expected as Rents Continue to Rise
--------------------------------------------------------------
Ernest Kao at South China Morning Post reports that former Retail
Management Association chairman Bankee Kwan Pak-hoo said he
expected a "wave of closures" in the small and medium retail
market next year if rents continued to soar.

SCMP relates that Mr. Kwan, who also heads the group behind
furniture and appliance chain Pricerite, said rents had
skyrocketed 250 per cent since 2005 and business had been made
worse by the recent dip in local and tourist spending.

"Many landlords are not really facing the reality that the market
is shrinking and their asking prices are still kept at very high
levels," the report quotes Mr. Kwan as saying on TVB. "This has
weakened the operational ability of retailers."



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


AGGARWAL RICEMILLS: CARE Revises Rating on INR29.56cr Loan to B+
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Aggarwal Ricemills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     29.56      CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Aggarwal RiceMills (ARM) factors in healthy growth in the scale
of operations, improvement in PAT margin and infusion of fund by
the promoters leading to improved overall gearing as on March 31,
2015 (Provisional; refers to the period April 1 to March 31). The
rating further continues to derive strength from the longstanding
experience of the management and favorable plant location of the
firm.

However, the rating is constrained by its modest scale of
operations and weak solvency position. The rating is further
constrained by the firm's presence in a highly fragmented and
competitive industry with seasonal availability of paddy
resulting in working capital intensive operations and its
constitution as a partnership firm.

Going forward, the ability of the firm to scale up its operations
and improve its profitability and capital structure shall be
the key rating sensitivities.

Aggarwal Rice Mills (ARM) was started in the year 2001 as a
partnership firm and is currently being managed by Mr Ashok
Kumar Aggarwal along with three other partners. Mr Ashok Kumar
Aggarwal has an experience of more than 25 years in rice milling
and processing industry while other partners have an experience of
around two decades in the industry. The firm is engaged in milling
and processing of paddy at its processing unit located at
Gurdaspur, Punjab. Currently, the firm has paddy de-husking
capacity of 316,800 quintals per annum. The main raw material,
paddy, is procured through dealers in and around Punjab. The firm
generates its revenue from various wholesalers and retailers
located in Punjab, Haryana, Delhi, Jammu & Kashmir and Uttar

Pradesh.
For FY15 (Provisional), ARM reported a total operating income of
INR64.10 crore and PAT of INR1.02 crore as against a total
operating income of INR45.76 crore and PAT of INR0.54 crore for
FY13. Furthermore, in Q1FY16 (Provisional), the firm has achieved
total sales of around INR13 crore.


BABA NAGA: CRISIL Reaffirms B Rating on INR156MM Term Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities Baba Naga
Agro Pvt Ltd (BNAPL) continues to reflect its below-average
financial risk profile, marked by high gearing and weak debt
protection metrics.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       39       CRISIL B/Stable (Reaffirmed)

   Term Loan               156       CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's nascent stage of
operations. These rating weaknesses are partially offset by the
extensive experience of BNAPL's promoter in the rice processing
industry and proximity to suppliers in Punjab.

Outlook: Stable
CRISIL believes that BNAPL will benefit over the medium term from
the extensive industry experience of its promoter and his funding
support. The outlook may be revised to 'Positive' if the company
reports significantly better cash accruals along with efficient
working capital management. Conversely, the outlook may be revised
to 'Negative' if substantially low cash accruals or sizeable
working capital requirements exert further pressure on BNAPL's
liquidity.

Update
BNAPL started commercial production in April 2015 and achieved
revenue of around INR200 million during first three months of
operations. It is expected to report revenue of INR1.2 billion in
2015-16 (refers to financial year, April 1 to March 31). Operating
profitability is expected to be 5 to 6 per cent over the medium
term. Furthermore, the company is expected to sustain its moderate
working capital requirements with gross current assets (GCAs) of
70 days as on March 31, 2016, driven by moderate inventory of 50
to 60 days. The business risk profile is expected to be supported
by the promoter's experience in the business over the medium term.

Increase in the scale of operations and moderate profitability
have led to comfortable cash accruals, estimated at INR30 million
for FY 2015-16 against the debt repayment obligation of around
INR10 million. The company's weak liquidity is also supported by
unsecured loans from the promoter of INR60 million estimated as on
March 31, 2015. Its utilisation of its fund-based limit was
moderate, averaging 72 per cent over the three months through June
2015. Sufficient accruals and funding support from the promoter
will support BNAPL's financial risk profile over the medium term.

BNAPL, promoted by Mr. Sunil Chadha, is engaged in processing of
rice at Tarn Taran (Punjab) with installed capacity of 18 MT per
hour. BNAPL started its commercial production since April 2015.


BHUMIKA EGG: CRISIL Assigns B+ Rating to INR47.5MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Bhumika Egg Educing Valley (BEEV; a part of the
Bhumika group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                47.5      CRISIL B+/Stable
   Cash Credit              13.3      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        9.2      CRISIL B+/Stable

The rating reflects modest scale of operations coupled with
vulnerability to risks inherent and intense competition in the
poultry industry and large working capital requirements. These
weaknesses are partially offset by the proprietors' extensive
industry experience and average financial risk profile.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of BEEV and Bhumika Feed and Farm (BFF).
This is because these two entities, together referred to herein as
the Bhumika group, have business synergies -- BFF will supply 100
per cent of its feed to BEEV, which in turn provides financial
support to BFF -- and common management and decision making.

Outlook: Stable
CRISIL believes that the Bhumika group will continue to benefit
over the medium term, from its proprietors' extensive industry
experience. The outlook may be revised to 'Positive' if large cash
accruals are registered, while maintaining the financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of declining profitability, resulting in low accruals, or
stretched working capital cycle, or large debt-funded capital
expenditure.

BEEV, a proprietorship firm set up in May 2012, started operations
from September 2013. The firm is managed by its proprietor, Ms.
Sarita Chaudhary, and her husband, Mr. Surinder Kumar Chaudhary.
BEEV is engaged in the layer breeding business and its poultry
farm is located in Hansi (Haryana).

BFF, set up in 2015, is engaged in the poultry feeding business
and managed by Mr. and Ms. Chaudhary's son, Mr. Chitrahans
Chaudhary. The firm supplies 100 per cent of its feed to BEEV.

BEEV, on a standalone basis, estimated net profit and net sales of
INR15.3 million and INR63.9 million, respectively, in 2014-15
(refers to financial year, April 1 to March 31) as against net
profit and net sales of INR4.25 million and INR36.4 million,
respectively, in 2013-14.


CACHAR ROLLER: ICRA Reaffirms B+ Rating on INR5.40cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR5.40 crore cash credit facility and INR0.60 crore long term
unallocated limits of Cachar Roller Flour Mills Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit              5.40        [ICRA]B+ reaffirmed

   Unallocated Long
   Term Limit               0.60        [ICRA]B+ reaffirmed

The rating reaffirmation takes into account CRFML's small scale of
operations over the years largely due to low capacity utilization
in the flour mill plant, highly fragmented nature of industry
along with the presence of a large number of small and mid-sized
players leading to intense competition pressurizing margins and
the company's exposure to agro climatic risks associated with the
availability of quality wheat. ICRA also takes note of the
vulnerability of the company's margins to fluctuations in raw
material prices as the company needs to hold substantial
inventory. The rating, however, continues to factor in the
experience of the promoter for more than two decades in the flour
milling industry and the stable demand outlook of wheat flour, as
it forms an important part of the staple Indian diet. The rating
also takes into account CRFML's wide customer base and established
relationship with them over the years which ensure repeat orders,
though; sales are restricted to the states of Assam and Tripura
which leads to high geographical concentration risks.

Incorporated in 1987, CRFML is engaged in the manufacturing of
flour milling products - maida (refined all purpose flour), atta
(whole wheat flour), suji (semolina), and bran from wheat. The
company commenced its commercial production in 1990 with an
installed wheat milling capacity of 28,800 metric tons per annum
(MTPA). CRFML sells its finished products under the brand name of
'SUN'. The registered office-cum-manufacturing facility is
situated at Silchar, Assam.

Recent Results
During 2014-15, the company reported a net profit of INR0.15 crore
(provisional) on an operating income of INR21.54 crore
(provisional), as compared to a net profit of INR0.11 crore on an
operating income of INR19.67 crore in 2013-14.


GREENLAND PAPER: CARE Assigns B+ Rating to INR6.30cr LT Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Greenland Paper Mills Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.30      CARE B+ Assigned
   Short-term Bank Facilities     1.05      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Greenland Paper
Mills Limited (GPML) are constrained by the relatively small
scale of operations, fluctuating income and profitability margin,
working capital intensive operations leading to leveraged
capital structure and weak debt coverage indicators. The ratings
are further constrained by the fragmented and competitive nature
of the industry and susceptibility of profitability margins to
volatile raw material prices.

The ratings, however, derive comfort from the three decade long
experience of the promoters and long established track record of
GPML leading to established relationship with suppliers and
customers.

Going forward, the ability of the company to effectively utilise
the available capacity towards increasing the scale of
operations coupled with prudently manage its working capital
requirements would be the key rating sensitivities.

Incorporated in 1995 by Mr A. M. Ashraf and Mr A. M. Dastageer
with commercial operations commencing from October 1997, GPML is
engaged in the manufacturing Kraft paper. GPML tied up with Kerala
State Industrial Development Corporation (KSIDC) for establishing
the unit. KSIDC holds 12.69% of shares in GPML.

The manufacturing facility is located in Adhichanalloor, Kollam,
Kerala, with an installed capacity to manufacture 55 tons
of Kraft papers per day, while the capacity utilisation stood at
72% as of May 31, 2015.

The old carton boxes which are the primarily raw materials are
purchased from agents. GPML produces four varieties ofKraft paper,
namely, non-virgin grade 14 Burst Factor (BF), 16 BF, 18 BF with
expand (GSM) range of 90-180. The plant runs three shifts per day
for 300 days in a year. GPML has 85 own labourers and 40 contract
labourers. The Kraft papers are sold to customers in the packaging
industry.

GPML also has 1.25 MWof wind power capacity in Tamil Nadu which
contributed to 2% of the total income in FY15 (Prov; refers to the
period April 1 to March 31) and 3% in FY14. The wind power is sold
to Tamil Nadu State Electricity Board @ 3.49 per unit.


JAGDAMBA SPONGE: ICRA Reaffirms B+ Rating on INR5.50cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR5.50
crore fund-based bank facilities of Jagdamba Sponge Pvt. Ltd.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-Based Limits
   (Cash Credit)           5.50         [ICRA]B+; reaffirmed

The rating reaffirmation takes into consideration the long track
record of the promoters in the steel sector and profitable
operations in the past years, on account of JSPL's ability to
revise the prices according to the volatility in raw material
prices. However, the rating is constrained by the ongoing weakness
in the steel industry, JSPL's small scale of operations at present
and its nominal profits and cash accruals from business, and the
cyclicality associated with the steel industry, which is likely to
keep JSPL's profitability and cash flows volatile in future. The
weak profitability also impacts the company's coverage indicators
adversely, which have remained at depressed levels in the past.
The rating also factors in JSPL's moderately high gearing as on
March 31, 2015, though it has improved during the year.

JSPL was incorporated in May 2003 as a part of the Jagdamba Group,
which is promoted by the Raigarh based Agarwal family. The company
is involved in the manufacturing of MS ingots. The manufacturing
plant of the company, which has a steel melting shop with an
annual production capacity of 18,000 MT, is located at O. P.
Jindal Industrial Park, Raigarh, Chattisgarh.

Recent Results
In 2014-15, as per the provisional financial statements, JSPL
reported an operating income of INR44.35 crore and a net profit of
INR0.28 crore as against an operating income of INR48.21 crore and
a net profit of INR0.19 crore in 2013-14.


JAM HOTELS: ICRA Assigns 'B' Rating to INR25cr Term Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR10.00
crore term loan facilities of Jam Hotels and Resorts Private
Limited. ICRA also has a long-term rating of [ICRA]B outstanding
on the INR15.00 crore term loan facilities of JAMH.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Term loan facilities      25.00       [ICRA]B assigned/
                                         Outstanding

The assigned rating considers the vast experience of the promoters
in hotel industry and the Company being part of the Accord Group
(which has diversified presence in education, distillery and
brewery, among other). The rating is constrained by the weak
financial profile marked by net losses, stretched capital
structure and inadequate coverage indicators necessitating the
Group's financial support in the form of non-interest bearing
unsecured loans to meet its debt repayment obligations in a timely
manner. Having completed three full years of operations, the
performance of the Company has steadily improved over the years
with stabilization of operations reflected by growth in revenues
and operating profits, although the company continues to post net
losses. The rating also factors in the Company's small scale of
operations with a single hotel property of 105 rooms and the
intense competition from other major players in Puducherry. While
the Company is expected to generate sufficient accruals to meet
its repayment obligations on its own in the near term, it is
crucial for the Group to continue extending financial support in
case of any shortfall.

Jam Hotels and Resorts Private Limited, incorporated in 2008-09
was promoted by Mr. S Jagathratchagan and is held by his family
members and other Group entities. The Company owns and operates a
single hotel property under the brand "Accord Puducherry", which
was launched in late 2011-12. The hotel has 105 rooms, two
restaurants and one bar. The Company is part of diversified Accord
Group, which has presence in education, hospitality, distillery,
brewery etc.

Recent Results (un-audited)
As per the un-audited financials for 2014-15, the Company incurred
net loss of INR1.8 crore on an operating income of INR14.0 crore
as against net loss of INR3.7 crore on an operating income of
INR11.5 crore for 2013-14.


JIN PLAST: CRISIL Assigns 'D' Rating to INR50MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Jin Plast India Limited (JPIL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           20        CRISIL D
   Cash Credit              50        CRISIL D
   Letter of Credit         10        CRISIL D

The ratings reflect instances of delay by JPIL in servicing of
term debt obligations on account of the company's weak liquidity,
driven by its large working capital requirements.

JPIL also has a below-average financial risk profile, marked by
modest net worth and its highly leveraged capital structure. These
rating weaknesses are partially offset by the extensive industry
experience of JPIL's promoter's.

Incorporated in 1995 as a closely held public limited company,
JPIL is engaged in manufacturing of plastic crates and furniture.


JRK INDUSTRIES: ICRA Suspends B- Rating on INR8cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the rating of [ICRA]B- assigned to the INR8.00
crore bank facilities of JRK Industries Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


KAKDA ROLLING: CRISIL Assigns B+ Rating to INR135MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Kakda Rolling Mills (KRM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     ------
   Cash Credit              135       CRISIL B+/Stable

The rating reflects the firm's modest scale of operations in the
intensely competitive thermo-mechanically treated (TMT) steel bar
industry, and low operating margin. The rating also factors in the
firm's moderate working capital requirements and capital
expenditure, which constrain its liquidity. These rating
weaknesses are partially offset by the promoter's extensive
experience and funding support, and KRM's moderate capital
structure.

Outlook: Stable
CRISIL believes that KRM will continue to benefit over the medium
term from its promoters' extensive industry experience and funding
support. The outlook may be revised to 'Positive' if commissioning
of enhanced capacities results in sizeable revenue and cash
accruals, while the firm also manages its working capital cycle
efficiently. Conversely, the outlook maybe revised to 'Negative'
if low cash accruals, or large working capital requirements or
capital expenditure programmes weaken the financial risk profile,
especially liquidity.

Set up as a proprietorship firm by Mr. Deep Chandra Goel in 1968,
KRM was converted into a partnership by Mr. Narendra K Goel (son
of Mr. Deep Chandra Goel) and his three sons. The firm
manufactures TMT bars, and has a capacity of 200 tonnes per day
(tpd) at Govindpura, Bhopal (MP).


KUNJ BEHARI: Ind-Ra Withdraws 'IND BB' Loan Ratings
---------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the 'IND
BB(suspended)' rating on Kunj Behari Lal Charitable Trust's
(KBLCT) INR103.9 million term loans and INR95 million bank
guarantee.

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

Ind-Ra suspended KBLCT's rating on February 10, 2015.


LEKH RAJ: CRISIL Reaffirms B- Rating on INR90MM Cash Credit
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Lekh Raj
Autoplaza Pvt Ltd (LRPL) continues to reflect LRPL's limited track
record of operations and weak financial risk profile, marked by a
leveraged capital structure due to low cash accruals. These rating
weaknesses are partially offset by the experience of the company's
promoters in the automobile dealership industry and the funding
support that it receives from them.

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

   Proposed Long Term
   Bank Loan Facility     20       CRISIL B-/Stable (Reaffirmed)

   Term Loan              40       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that LRPL will continue to benefit over the medium
term from its association with Mahindra & Mahindra Ltd (M&M) and
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the company generates substantial
cash accruals and improves its capital structure, leading to a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if LRPL's working capital management
deteriorates, or if it undertakes a large debt-funded capital
expenditure programme, thereby adversely impacting its financial
risk profile.

Update:
LRPL, on a provisional basis, reported operating revenue of around
INR402 million for 2014-15 (refers to financial year, April 1 to
March 31), a year-on-year growth of XX per cent. The growth was
mainly on account of increasing demand for M&M vehicles. CRISIL
believes that with the commencement of another showroom in the
Kaithal region (Haryana) coupled with expected new launches,
LRPL's revenue will grow at a healthy pace over the medium term.
The company's operating margin was around 3.5 per cent in 2014-15,
and is expected to remain at a similar level over the medium term.

LRPL's operations remain working capital intensive, with gross
current assets of 101 days as on March 31, 2015. The large working
capital requirements are driven by a high inventory level of 40 to
50 days. The company's liquidity is weak, marked by high bank
limit utilisation at an average of 91 per cent over the 12 months
through June 2015. Its annual cash accruals are expected at INR3.5
million to INR4.0 million against term loan obligations of INR7.0
million over the medium term. However, LRPL's liquidity is
supported by promoter funding in the form of unsecured loans, the
balance of which stood at around INR34 million as on March 31,
2015. The promoters are expected to extend further unsecured loans
of around INR10 million over the medium term to meet the company's
maturing debt obligations. CRISIL believes that LRPL's liquidity
will remain weak over the medium term on account of its working-
capital-intensive operations and low cash accruals.

LRPL's financial risk profile remains weak, marked by a small net
worth of around INR15 million, and a high total outside
liabilities to tangible net worth ratio of around 7.64 times as on
March 31, 2015. Its interest coverage ratio too was below average
at 1.05 times in 2014-15. CRISIL believes that LRPL's financial
risk profile will remain weak over the medium term.

LRPL was incorporated in 2012, promoted by Mr. Varun Miglani along
with his family members. The company is based in Jind (Haryana)
and is an authorised dealer for M&M in the Jind district; it began
commercial operations from August 15, 2013. LRPL has recently
received dealership from M&M for the Kaithal district.


MAHALAXMI TECHNOCAST: ICRA Assigns 'B' Rating to INR25cr Loan
-------------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR25.00 crore fund-
based bank facilities of Mahalaxmi Technocast Limited. ICRA has
also assigned an [ICRA]A4 rating to the INR25.00 crore non-fund
based bank facilities of MTL. The non-fund based bank limits of
INR25.00 crore is a sub-limit of INR25.00 crore fund based bank
limits.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Bank Limits    25.00      [ICRA]B; assigned

   Non-Fund Based Bank
   Limits                    25.00      [ICRA]A4; assigned

The assigned ratings take into account the long track record of
the promoter in the steel business, though the company has limited
track record in steel business and an increase in the turnover of
the company during 2014-15, subsequent to the start of trading
business. The ratings are, however, constrained by the relatively
small size of MTL's operations at present and MTL's weak financial
profile in the past years as reflected by the losses during past
years, though the same has reduced during 2014-15. The ratings are
also impacted by MTL's working capital intensive nature of
operations, increase in which could adversely impacts it's
liquidity position and MTL's exposure to the cyclicality
associated with the steel industry is likely to keep its
profitability and cash flows volatile in future.

MTL was incorporated in February 2000 by the Raipur based Mr.
Rishikesh Dixit, who has been involved in steel business since
more than a decade. The company has started trading in various
steel products and related minerals from 2014-15 onwards, prior to
which it was only involved in equity investment and finance
business.

Recent Results
In 2014-15, as per the provisional financial statements, MTL
reported an operating income of INR7.94 crore and a profit before
tax of INR2.06 crore, as against an operating income of INR0.01
crore and a net loss of INR0.23 crore in 2013-14.


OHM HIGHLINE: ICRA Suspends B- Rating on INR5cr LT Cash Credit
--------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR5.00
crore long-term fund-based cash credit facility and INR3.50 crore
term loan facility of OHM Highline Private Limited (OHPL). ICRA
has also suspended the short term rating of [ICRA]A4 assigned to
INR1.00 crore short term non fund based facilities of OHPL. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in October 2010, OHM Highline Private Limited (OHPL)
is engaged in manufacturing of high carbon steel wires. The
company's unit is located at Manjusar, Dist Vadodara in Gujarat
and has an installed capacity of 550 MT per month for wires. OHPL
is promoted by the Panchal and Shah families based out of Gujarat
who are also the promoters of Archon Engicon Private Limited
(AEPL) and Mahaveer Metal Co. respectively. While AEPL is engaged
in telecom tower manufacturing business, Mahaveer Metal Co. is
engaged in trading of ferrous and non ferrous and is a distributor
of Hindustan Zinc Limited for Zinc.


P. J. EXPORTS: CRISIL Reaffirms B- Rating on INR100MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of P. J. Exports
(PJE) continues to reflect PJE's below-average financial risk
profile marked by weak capital structure and subdued debt
protection metrics. The rating also factors in PJE's modest scale
of operations and large working capital requirements. These rating
weaknesses are partially offset by the extensive experience of
PJE's promoters in the home textile industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           45        CRISIL B-/Stable (Reaffirmed)

   Foreign Bill
   Discounting           65        CRISIL B-/Stable (Reaffirmed)

   Packing Credit       100        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that PJE 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
improvement in its scale of operations and profitability resulting
in increase in its cash accruals, or capital infusion by promoters
resulting in a better capital structure, and consequently,
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of deterioration in PJE's financial risk
profile, because of low cash accruals or further stretch in its
working capital cycle leading to pressure on its liquidity.

Update
PJE's revenue registered year-on-year growth of 22 per cent to
INR546 million in 2014-15 (refers to financial year, April 1 to
March 31), driven by increased sales in the domestic market. The
firm's operating margin increased by 86 basis points to 7.2 per
cent in 2014-15 on account of increasing scale of operations
resulting in better fixed-cost absorption.

The firm's operations are highly working capital intensive as
reflected in gross current assets (GCAs) of around 250 days as on
March 31, 2015, emanating from large inventory of 187 days and
receivables of 62 days; the GCA days were at a similar level in
the past. As a result, the firm's bank limits were fully utilised
over the 12 months through May 2015.

PJE's net worth is small, at INR42.8 million as on March 31, 2015,
limiting its financial flexibility to meet any exigency. The firm
has contracted large debt to fund working capital requirements.
Large debt and small net worth resulted in high gearing of around
6.5 times as on March 31, 2015. Furthermore, modest cash accruals
have led to subdued debt protection metrics with interest coverage
and net cash accruals to total debt ratios at 1.3 times and 0.03
times, respectively, for 2014-15. With absence of debt-funded
capital expenditure plans, PJE's financial risk profile is
expected to improve, though marginally, over the medium term.

PJE was formed in 2000 by the Todi family. The firm manufactures
home decor products, including bed sheets, bed covers, curtains,
and pillow covers, and commenced operations in 2008. The firm's
operations are managed by Mr. Jiten Todi.


PRATIBHA ELECTRICAL: CRISIL Cuts Rating on INR65MM Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Pratibha Electrical Contractor LLP (PECL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          130       CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Cash Credit              65       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Inland/Import Letter      30       CRISIL A4 (Downgraded from
   of Credit                          'CRISIL A4+')

   Proposed Long Term        5       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL BB-/Stable')

   Letter of Credit         20       CRISIL A4 (Downgraded from
                                      'CRISIL A4+')

The rating downgrade reflects deterioration in PECL's business
risk profile, marked by significant deterioration in its working
capital cycle with overall gross current assets (GCA) of over 300
days as on March 31, 2015, as compared with GCAs of 144 days as on
March 31, 2014. The firm started taking government orders from
2014-15 (refers to financial year, April 1 to March 31) and,
consequently, the working capital requirements increased. The firm
also witnessed a decline in revenue by around 30 per cent in 2014-
15 due to slow movement of projects in hand. Though the current
order book is strong, with orders worth more than INR700 million,
and the revenue profile is expected to improve over the medium
term, the working capital requirements are expected to remain
high. The financial risk profile also deteriorated in 2014-15 with
gearing increasing to around 2 times as on March 31, 2015, from
less than 1 time as on March 31, 2014.

The ratings reflect PECL's weak financial risk profile, marked by
an average capital structure and moderate debt protection metrics,
and highly working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the electrical equipment industry and a strong order
book.

Outlook: Stable
CRISIL believes that PECL will benefit over the medium term from
the extensive experience of the promoters. The outlook may be
revised to 'Positive' if the firm improves its scale of operations
and profitability, with correction in its working capital cycle
leading to improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' if PECL's financial risk profile
deteriorates on account of significant withdrawal by the promoters
or if there is further stretch in its working capital cycle.

Formed in 1987 as proprietorship firm and converted into a limited
liability partnership firm in 2014, PECL is engaged in supply,
erection, installation and testing of sub-station equipment along
with laying of transmission and distribution lines for private as
well as government organisations. The firm is promoted by Mr.
Hrishikesh Joshi and is based out of Pune (Maharashtra).


PYOGINAM: CRISIL Reaffirms B+ Rating on INR52MM Loan
----------------------------------------------------
CRISIL's ratings on the bank facilities of Pyoginam continue to
reflect its weak financial risk profile, with high gearing and
small net worth, and geographical concentration in its revenue
profile.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          1.2      CRISIL A4 (Reaffirmed)

   Foreign Bill
   Purchase              127        CRISIL A4 (Reaffirmed)

   Overdraft Facility     52        CRISIL B+/Stable (Reaffirmed)

   Packing Credit         65        CRISIL A4 (Reaffirmed)

The ratings also factor in the firm's exposure to risks related to
volatility in raw material prices and to foreign exchange rate,
and its constrained financial flexibility because of large working
capital requirements and withdrawal of capital by partners. These
weaknesses are partially offset by its promoters' extensive
experience in the readymade garments business.

Outlook: Stable
CRISIL believes that Pyoginam will continue to benefit, over the
medium term, backed by its promoters' extensive experience in the
readymade garments business and its established customer
relationships. However, the firm's financial risk profile is
expected to remain weak, with weak debt protection metrics,
because of high debt levels. The outlook may be revised to
'Positive' if Pyoginam's partners infuse more capital, improving
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if Pyoginam's financial risk profile weakens owing
to large working capital requirements, weak debt protection
metrics or significant withdrawal of capital by partners.

Pyoginam was set up as a proprietorship firm in 1992 by Mr.
Yoginder Mukim. In 2004, it was reconstituted as a partnership
firm with the introduction of his wife, Ms. Poonam Mukim, as
partner. The firm manufactures readymade garments of cotton,
polyester, linen, viscose and other blended fabrics for women
(blouses, dresses, trousers, tops, tunics, and skirts) at its
facilities in Gurgaon (Haryana).


R.L. CONSTRUCTION: CRISIL Ups Rating on INR50MM Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
R.L. Construction (RLC) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and has reaffirmed its rating on RLC's short-term bank
facility at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           70        CRISIL A4 (Reaffirmed)

   Cash Credit              50        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Standby Line of Credit    5        CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects improvement in RLC's business risk
profile with significant increase in scale of operations and
stable profitability in 2014-15 (refers to financial year, April 1
to March 31). Revenue increased to INR600 million in 2014-15 from
INR186 million in 2013-14. RLC has unexecuted orders of INR830
million as on June 30, 2015, providing stable revenue visibility
over the medium term. The firm's liquidity will be supported by
expected cash accruals of more than INR25 million per annum
against nil debt obligations over the medium term. Furthermore,
RLC did not undertake any capital expenditure (capex) programme
over the past two years, providing sufficient funds to meet
incremental working capital requirements. The firm is not likely
to undertake any capex programme over the medium term. However,
large working capital requirements resulted in high utilisation of
fund-based facilities leading to low financial flexibility.

The ratings reflect RLC's large working capital requirements and
geographical concentration in its revenue profile. These rating
weaknesses are partially offset by the promoters' extensive
experience in the civil construction industry, and the firm's
moderate financial risk profile, marked by low gearing, moderate
net worth, and adequate debt protection metrics.

Outlook: Stable
CRISIL believes that RLC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's liquidity
improves, backed by efficient working capital management or
support from promoters in the form of equity or unsecured loans.
Conversely, the outlook may be revised to 'Negative' in case of
delays in collection of receivables or build-up of inventory,
leading to deterioration in liquidity.

RLC, based in Silchar (Assam), was set up as a partnership firm by
Mr. Gouranga Paul, Mr. Mukul Paul, and Mr. Nirmal Banik, in 1999.
The firm undertakes earthwork, construction of side drains, site
development, strengthening of bridges, and construction of minor
bridges for the North-Eastern Railway.


RAYFAM ENTERPRISES: CRISIL Ups Rating on INR50MM Loan to B
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Rayfam Enterprises Pvt Ltd (REPL) to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility       10        CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Proposed Working         40        CRISIL B/Stable (Upgraded
   Capital Facility                   from 'CRISIL B-/Stable')

   Working Capital          50        CRISIL B/Stable (Upgraded
   Facility                           from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that REPL's liquidity
will improve over the medium term with timely offloading of its
short-term investments to meet its debt obligations. While the
company's major projects are long term and currently non-
operational, it was able to generate revenue of INR28.5 million in
2014-15 (refers to financial year, April 1 to March 31) through
sale of inventory and realisation of short-term investments. This
revenue along with fund infusion from promoters resulted in a
record of timely servicing of debt obligations.

The expected dividend from REPL's long-term investments,
promoters' timely fund infusion, and revenue through sale of
inventory to support the company's liquidity, shall remain key
rating sensitivity factors over the medium term.

The rating also reflects REPL's below-average financial risk
profile with modest debt protection metrics, and its weak
liquidity owing to lack of any regular revenue stream. These
rating weaknesses are partially offset by the extensive experience
of REPL's promoters in the technology, media & telecommunications
industry, and the company's investments in diversified industries.

Outlook: Stable
CRISIL believes that REPL's liquidity will remain constrained over
the medium term, due to low revenue visibility resulting from its
long-term investments. The outlook may be revised to 'Positive' if
REPL reports large accruals from sale of investments or in case of
fund infusion by its promoters to maintain timeliness in meeting
its debt obligations. Conversely, the outlook may be revised to
'Negative' if REPL's liquidity weakens further owing to low
accruals or a significant increase in loans and advances to third
parties.

REPL is a holding company, established in 1996, for managing
investments of its group companies in various sectors. The
company's corporate office is in Delhi.


SANDU DEVELOPERS: CRISIL Assigns B+ Rating to INR377MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sandu Developers (SD).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      53         CRISIL B+/Stable

   Term Loan              377         CRISIL B+/Stable

The rating reflects SD's susceptibility to risks and cyclicality
inherent in the construction industry and high project risks
associated with the firm's recently launched two new projects.
These rating weaknesses are partially offset by the extensive
experience and established track record in real estate sector and
funding support from SD's partner's and moderate project-related
risks supported by moderate construction levels, along with
moderately healthy booking levels and customer advances.

Outlook: Stable
CRISIL believes that SD will continue to benefit over the medium
term from its partners' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' in case
of timely and significant progress in project execution coupled
with better customer bookings, leading to improvement in cash
inflows. Conversely, the outlook may be revised to 'Negative' if
the company's liquidity is pressurised, most likely due to a time
or cost overrun in projects, or if customer advances are delayed
or low, resulting in less cash inflows, or if SD undertakes large
debt-funded projects.

SD is a partnership firm set up in 2009 by Mr. Dhananjay Sandu,
Mr. Yashodhan Sandu, and Ms. Nandini Sandu. The firm undertakes
redevelopment projects in Mumbai. Currently, it is undertaking
five projects.


SARVOTTAM ROLLING: CRISIL Reaffirms B+ Rating on INR150MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sarvottam Rolling Mills
Pvt Ltd (SRMPL) continue to reflect SRMPL's exposure to intense
competition in the thermo-mechanically treated (TMT) bars
industry. The ratings also factor in vulnerability of the
company's operating margin to volatility in raw material prices.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         30        CRISIL A4 (Reaffirmed)

   Cash Credit           150        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     14.1      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by SRMPL's
established presence in the TMT market backed by its promoters'
extensive industry experience, and its moderate financial risk
profile marked by low gearing and comfortable debt protection
metrics.

Outlook: Stable
CRISIL believes that SRMPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
the backward integration in its operations. The outlook may be
revised to 'Positive' if SRMPL reports substantial revenue and
profitability margins, while maintaining its moderate financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if SRMPL's revenue or profitability margins decline, or if its
working capital cycle lengthens, or if it undertakes a large debt-
funded capital expenditure programme, thereby weakening its
financial risk profile.

SRMPL, incorporated in 2005, manufactures ingots and thermo-
mechanically treated (TMT) bars. The company is owned and managed
by Mr. Sanjay Jain, Mr. Rajeev Jain, and Mr. Anil Jain. It was
acquired by its current promoters in 2007. SRMPL's manufacturing
facilities are in Muzaffarnagar (Uttar Pradesh).


SEECO ENTERPRISES: ICRA Reaffirms B+ Rating on INR5cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B+ on the INR5 term loans
and INR1 crore cash credit facility of Seeco Enterprises Private
Limited (SEPL). ICRA has also reaffirmed its rating of [ICRA]B+
and [ICRA]A4 on the INR1.00 crore unallocated limits of the
company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-
   Term Loan                 5         [ICRA]B+; reaffirmed

   Fund Based Limits-
   Cash Credit               1         [ICRA]B+; reaffirmed

   Unallocated Limits        1         [ICRA]B+/[ICRA]A4;
                                        Reaffirmed
The ratings reaffirmation factors in the small scale of operations
of the company, which despite registering a strong year-on-year
growth in FY15, continues to remain modest. The ratings also take
into account the company's low cash accruals and moderate debt
protection metrics. The ratings continue to be constrained by the
highly competitive nature of the industry which coupled with the
low value additive nature of the business leads to moderate
margins for SEPL. The ratings also take into account the product
concentration risk for the company, with its presence only in
sheet metal components manufacturing and the exposure of the
company's profitability to raw material price variation risks due
to volatility in steel prices. The ratings, however, continue to
favourably factor in the positive demand outlook for the consumer
durables industry which is the key end user for SEPL's products in
the domestic market, and the extensive experience of the promoters
in the sheet metal industry.

Going forward, the ability of the firm to increase its size and
scale, while improving its coverage metrics and cash accruals will
constitute the key rating sensitivities.

Incorporated in 2006, SEPL manufactures sheet metal components.
The company is promoted by Mr. Jaya Ram Banan, Mr. Ishwar Banan
and Ms. Rohini Banan, who have extensive experience in the
industry. SEPL's manufacturing facility is located in Noida, Uttar
Pradsh, over a total area of 85,000 square feet and is ISO 9001
and ISO 2008 certified. The company procures raw materials from
domestic suppliers, which are subsequently fabricated into sheet
metal components. These components find usage in desktop monitors,
washing machines and car air conditioners.

Recent results
SEPL, on a provisional basis, reported an operating income of
INR16.81 crore for FY15. The company reported a net profit of
INR0.41 crore on an operating income of INR11.68 crore in FY14 as
compared to a net profit of INR0.17 crore on an operating income
of INR6.16 crore in FY13.


SHREE DEVELOPERS: CRISIL Reaffirms B+ Rating on INR50MM LT Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Shree Developers
continues to reflect the firm's exposure to significant risks
associated with its ongoing real estate redevelopment project at
Mumbai.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility      50       CRISIL B+/Stable (Reaffirmed)

   Term Loan               50       CRISIL B+/Stable (Reaffirmed)

This rating weakness is partially offset by the promoters'
extensive experience in the real estate business, and its prudent
funding mix for its on-going project.

Outlook: Stable
CRISIL believes that Shree Developers will maintain a stable
business risk profile on the back of extensive experience of the
promoters in the real estate sector. The outlook may be revised to
'Positive' if the customer response to the project is
significantly better than expected leading to higher cash flow
generation and improvement in financial risk profile. The outlook
shall be revised to 'Negative' if cash flow from operations are
significantly below expectations, either due to subdued response
to the project or lower than envisaged flow of advances,
significantly affecting its debt servicing ability.

Shree Developers was setup in 2002-03 as partnership firm by Mr.
Digambar Sukhee and Mr. Jitendra Shah. The firm is engaged in real
estate development in Mumbai. The firm currently has two
residential redevelopment projects which are under construction in
Mulund area of Mumbai.


SHREE RENUKA: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB-'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shree Renuka
Sugars Limited's (SRSL) Long-Term Issuer Rating to 'IND BB-' from
'IND BBB-'. The Outlook is Negative. The agency has also
downgraded SRSL's INR2,500m non-convertible debenture programme to
Long-term 'IND BB-' rating with a Negative Outlook from 'IND BBB-
'.
KEY RATING DRIVERS

The downgrade reflects the likelihood of higher-than-expected
liquidity concerns post Ind-Ra's further interactions with SRSL's
management amid falling global as well as domestic sugar
realisations. This, coupled with high production costs, reiterates
the agency's view of the company's stressed profitability in FY16.
Liquidity stress is further indicated by SRSL's almost-full
utilisation of fund-based limits and minimal cash balances.

The Negative Outlook reflects the agency's expectation of SRSL's
projected standalone operating cash flow in FY16 being
insufficient to service the scheduled standalone repayments
(maturities of long-term loans) of INR4.1bn. Ind-Ra believes the
cash flow mismatches will pressurise borrowing costs.

The Negative Outlook also states the agency's negative stance on
the sugar industry. The agency expects the credit and liquidity
profile for most sugar players in FY16 to deteriorate
significantly from FY15 levels. Ind-Ra expects the sugar surplus
to extend to SS16 and continue to reflect in depressed sugar
realisations, which currently are at a seven-year low at 11.75
cents/pound. The average sugar realisations have corrected 14.3%
yoy to 14.6 cents/pound based on the average 12 months
realisations ended June 2015 (international 12 months average
price at end-June 2014: 17 cents/pound). Average domestic sugar
realisations declined 10.1% yoy to INR28.5/kg (end-June 2015:
INR31.7/kg).

The ratings are, however, underpinned by the significant scale and
integrated nature of SRSL's operations (presence across
distillery, co-generation) which enable it to mitigate the effects
of the sugar down-cycle. The ratings also reflect around two
decades of the founders' experience as well as the company's
proximity to the sugar producing belt of Maharashtra and Karnataka
with high recovery levels (11%-12%).

For the purpose of its analysis, the agency has taken a
consolidated view of SRSL, which includes the standalone entity
(Indian operations) as well as its domestic and overseas
subsidiaries (Brazilian operations).

RATING SENSITIVITIES

Positive: A Stable Outlook could result from the company's ability
to successfully refinance its short-term debt with longer-term
debt resulting in improvements in liquidity and/or the sale of
non-core investments, which will result in a sustained improvement
in the adjusted net leverage.

Negative: Uncertainty with regards to the refinancing of the
company's repayment obligations comprehensively or sugar
realisations remaining at or below the current levels, resulting
in EBIDTA erosion and consequently deterioration in the net
adjusted leverage will result in a rating downgrade.

COMPANY PROFILE

SRSL operates seven sugar mills in India with a total crushing
capacity of 8.4million metric tons per annum (mmtpa) or 42,000
tons crushed per day. It also has two port-based sugar refineries
with a total capacity of 2.3mmtpa. SRSL also has a significant
presence in South Brazil, through the acquisitions of Renuka Vale
do Ivai (100% owned) and Renuka do Brazil (59.4% owned).


SHREE SADBHAV: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Credit
----------------------------------------------------------------
A rating of [ICRA]B has been reaffirmed to the INR5.00 crore cash
credit facility and INR1.23 crore term loan facility of Shree
Sadbhav Cotton Industries.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               1.23        [ICRA]B reaffirmed
   Cash Credit             5.00        [ICRA]B reaffirmed

The rating continues to be constrained by SSCI's stretched capital
structure characterized by high gearing owing to working capital
intensive nature of operations with resultant high interest burden
and its adverse impact on cash flows. The rating also factors in
the high competition which restricts pricing flexibility along
with modest scale of operations and the vulnerability of
profitability to adverse movement in agricultural produce prices
which are subject to seasonality and crop harvest. Further, with
SSCI being a partnership firm, any significant withdrawals from
the capital account would affect its net worth adversely.

The rating, however, positively considers the experience of the
partners in the cotton industry and easy availability of raw
material by virtue of its favorable location.

Shree Sadbhav Cotton Industries was incorporated in April 2012 and
is engaged in ginning & pressing of raw cotton to produce cotton
seeds & cotton bales and in crushing of cotton seeds to produce
cotton seed oil & oil cake. The firm is promoted jointly by Mr.
Limbabhai Kamariya, Mr. Jayantibhai Kamariya along with other
family members. The firm's plant is located in Rajkot (Gujarat)
with an installed capacity of processing 5,000 MT of raw cotton
and seed crushing capacity of 3,150 MT of cotton seed per annum.


SIDDHARTH MERCANTILE: Ind-Ra Suspends 'IND B' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Siddharth
Mercantile Private Limited's (SMPL) 'IND B' Long-Term Issuer
Rating with a Stable Outlook to the suspended category. The rating
will now appear as 'IND B(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 SMPL.

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.
SMPL's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND B(suspended)' from
    'IND B'
-- INR70 million fund-based limits: migrated to 'IND
    B(suspended)'/'IND
    A4(suspended)' from 'IND B'/'IND A4'
-- INR30 million non-fund-based limits: migrated to 'IND
    A4(suspended)' from 'IND A4'


SUNLAND CERAMIC: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed long-term rating at [ICRA]B+ to the INR3.93
crore (enhanced from INR1.76 crore) term loan and INR4.00 crore
(enhanced from INR1.40 crore) cash credit facility of Sunland
Ceramic Private Limited. ICRA has also assigned short term rating
of [ICRA]A4 to INR1.50 crore bank guarantee facility of SCPL.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund Based-Term Loan       3.93       [ICRA]B+ reaffirmed
   Fund Based-Cash Credit     4.00       [ICRA]B+ reaffirmed
   Non Fund Based- Bank
   Guarantee                  1.50       [ICRA]A4 assigned

The rating reaffirmation continues to reflect the company's modest
scale of operations, the competitive business environment in which
the company operates, vulnerability of its profitability to
cyclicality inherent in real estate industry and to adverse
fluctuations in raw material and fuel prices. Further, debt funded
nature of capex and impending debt repayments are likely to exert
pressure on cash flows of the company in near future.

The rating, however, positively factors in the promoters'
extensive experience in the ceramic industry and favorable
location of the plant with proximity to raw material sources.

Sunland Ceramic Pvt Ltd (SCPL) is a wall tiles manufacturer with
its plant situated at Morbi, Gujarat. The company was established
in December 2010, while the company commenced its operations in
January 2012. SCPL is promoted and managed by Mr. Kishor Kundariya
who is the current Managing Director of the company. The plant has
an installed capacity of 43,950 MTPA to manufacture wall tiles.
SCPL currently manufactures wall tiles of size 8" X 12" with the
current set of machineries at its production facilities.

Recent Results
During FY2014, the company reported a net profit of INR0.19 crore
on an operating income of INR11.71 crore. Based on provisional
financials, the company has reported profit before tax of INR0.21
crore in FY15 on an operating income of INR12.79 crore.


TARINI INFRASTRUCTURE: CRISIL Rates INR223.5MM Term Loan at D
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Tarini Infrastructure Ltd (TIL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Funded Interest
   Term Loan                76.5      CRISIL D
   Term Loan               223.5      CRISIL D

The rating reflects instances of delay by TIL in servicing its
debt; the delays have been caused by the company's weak liquidity.

However, the company benefits from its promoters' extensive
experience in the hydro power industry and high operating
profitability.

TIL was incorporated in 2005 for generating hydro power. The
company operates two small hydro power projects, Daman I and Daman
II, with capacity of 3.00 megawatts (MW) and 2.65 MW,
respectively, in Gujarat. The company is promoted by Mr. Vellore
Subramanion Suresh and Mr. Vakamulla Chandrashekhar.

TIL, on a provisional basis, reported a profit after tax (PAT) of
INR3.8 million and net sales of INR103.7 million for 2014-15
(refers to financial year, April 1 to March 31) as against PAT of
INR2.5 million on net sales of INR102.4 million for 2013-14.



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


MT. GOX: Police Suspects CEO Embezzled Some Funds
-------------------------------------------------
Jiji Press reports that Tokyo police are trying to shed light on
alleged massive outflows of customer money from the failed bitcoin
exchange Mt. Gox, suspecting the arrested CEO may have embezzled
some of the funds.

The Metropolitan Police Department arrested the CEO, Mark
Karpeles, on Aug. 1 on suspicion of manipulating electronic
records to inflate the cash balance of his account with Mt. Gox's
bitcoin trading system by $1 million, Jiji Press recalls.

Jiji Press notes that to establish an embezzlement case against
him, the police are trying to fully uncover the suspected outflows
of customer money from Mt. Gox, which was once one of the biggest
bitcoin exchanges in the world.

The report says investigative sources allege there are signs the
balances of Mr. Karpeles' bitcoins and cash in his account at Mt.
Gox increased unnaturally starting in 2011, when Mt. Gox was
launched.

The value of the virtual currency rose to $1,000 per bitcoin in
the fall of 2013, from around $1 in 2011, the report notes.

Mr. Karpeles, a French national, is believed to have used most of
the money he allegedly acquired through the manipulation to buy
bitcoins. The police suspect he tried to use the new bitcoins to
take advantage of the rise in the value of the digital currency,
according to Jiji Press.

Jiji Press says Mr. Karpeles has denied manipulating the currency,
claiming he only tested depositing and other procedures after
system changes.

According to Jiji Press, police claim that he inflated the balance
by billions of yen in total. Mt. Gox customers were not aware of
the manipulation, as they could only check the balances at their
own accounts.

In May 2013, U.S. authorities seized dollar funds in U.S. bank
accounts related to Mt. Gox, on suspicion that the accounts were
used for money-laundering, the report recalls.

Jiji Press relates that Mt. Gox customers rushed to withdraw their
bitcoins and cash from their accounts, causing the exchange to
suffer massive losses. Mt. Gox fell into negative net worth around
August that year and went bankrupt about a half year later.

Meanwhile, Mt. Gox sent a total of JPY1.1 billion to three
affiliates, including Tibanne and Bitcoin Cafe, claiming the funds
were short-term loans to the three firms. Mt. Gox also lent
Karpeles JPY136 million, Jiji Press reports.

The problem is that Mt. Gox did not manage its own and its
customers' money separately.

Japan's financial instruments law requires companies handling
financial products to manage customer assets separately from their
own assets. But the law did not bind Mt. Gox because bitcoin is
not regarded as a financial product.

Mr. Karpeles has denied the charges against him. Sources close to
him said he claims the money was sent to the three affiliates to
pay for services outsourced by Mt. Gox, the report adds.

                          About Mt. Gox

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.



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


1MALAYSIA DEVELOPMENT: Opposition Party Sues Najib, 1MDB
--------------------------------------------------------
Reuters reports that a Malaysian opposition party on August 12
filed a civil suit against Prime Minister Najib Razak and indebted
state fund 1Malaysia Development Berhad (1MDB), the party said.

According to Reuters, a spokesman of jailed opposition leader
Anwar Ibrahim's People Justice Party (PKR) said the suit against
Najib and 1MDB was filed for electoral offences.

1MDB, whose advisory board is chaired by Mr Najib, and which has
debts of more than US$11 billion, is under investigation for graft
and financial mismanagement.

Last month, it was reported that investigators looking in to the
alleged mismanagement at 1MDB had traced a payment of nearly
US$700 million to a bank account under Najib's name, Reuters
relates.

Reuters recalls that Malaysia's anti-graft agency said last week
the funds in Mr Najib's personal bank account were donations from
the Middle East, and not from 1MDB.

News portal Malaysiakini reported the opposition party said the
funds allegedly used for the 2013 elections were more than 26
times the permissible amount, Reuters adds.

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

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

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


MALAYSIA: Default Swaps Advance to Four-Year High Amid Outflows
---------------------------------------------------------------
Elffie Chew at Bloomberg News reports that the cost to insure
Malaysian bonds from default rose to the highest level in almost
four years as outflows and the yuan devaluation weighed on the
ringgit.

Five-year sovereign credit-default swaps increased five basis
points in New York on August 12 to 168, the highest since October
2011, Bloomberg discloses citing CMA prices. The swaps have
increased 44 basis points in the last three weeks, Bloomberg
relates.

According to Bloomberg, China's surprise devaluation of the yuan
weakened the ringgit beyond 4 a dollar for the first time since
1998 on August 12 as investors pulled funds amid a slump in oil
and a scandal involving Prime Minister Najib Razak. The Malaysian
currency dropped 13 percent this year, the most in Asia.

"The yuan devaluation and the spillover effect on commodities,
namely oil, as well as the competitive challenge for the ringgit
could be a factor," Bloomberg quotes Sim Moh Siong, a currency
strategist at Bank of Singapore Ltd, as saying. "There's a risk
the yuan could depreciate more and this will further weigh on the
ringgit."

Foreign holdings of Malaysian government and corporate debt
declined 2.4 percent in July to MYR206.8 billion ($51 billion),
the least since August 2012, Bloomberg reports citing official
data released last week. Overseas investors have pulled
MYR11.7 billion from the nation's stocks this year through July,
the most since 2008, Bloomberg relays.

Brent crude prices that have more than halved from their 2014 peak
are hurting Malaysia's revenue as a net oil exporter, Bloomberg
discloses.  A government report on July 30 may show the Southeast
Asian nation's second-quarter economic growth slowed to 4.5
percent, from 5.6 percent in the previous three months, according
to the median estimate in a Bloomberg survey. That would be the
slowest pace since the first quarter of 2013.



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


SENTRY HILL: Winery Avoids Liquidation; to Fully Pay Debt
---------------------------------------------------------
Stuff.co.nz reports that Sentry Hill Winery Limited has been given
an opportunity to avoid being put out of business after being
taken to court over a NZ$30,000 debt.

Stuff.co.nz relates that an application to place Sentry Hill
Winery Limited into liquidation was made on March 23 this year by
an Auckland based glass packaging company after it failed to pay
an outstanding bill.

During a hearing in the High Court at New Plymouth on August 11,
Associate Judge Hannah Sargisson was told by lawyer Lisa
Wansborough, who represented Endeavour Glass Packaging Limited,
that the Sentry Hill owners had been in touch with the company to
arrange a payment plan for the debt, Stuff.co.nz relays.

According to Stuff.co.nz, court documents show the debt totals
N$34,480.52, the majority of which related to the value of glass
bottles supplied to Sentry Hill Winery by the Auckland company
between July 23, 2012 and December 18, 2013.

Stuff.co.nz relates that Ms. Wansborough said a partial payment
had already been made to Endeavour Glass and a further agreement
reached which would see the remaining amount paid off over the
next two months.

Judge Sargisson further adjourned the matter until October 6 for
its next call in the High Court. If the money was paid in full,
the application against the winery could be withdrawn, the report
adds.

Sentry Hill Winery Limited is a New Plymouth fruit winery. Owned
by Steve and Wendy Parkes, Sentry Hill Winery is an award-winning
operation in Lepperton and took out gongs at this year's Fruit
Wine and Cider Makers of NZ awards, including gold and the best
red fruit wine trophy for their Garrison Red Dry variety.

It has also hosted the popular Winery Tour concerts in recent
years and was announced as the Taranaki venue for the upcoming
UB40 show when the band visits New Plymouth as part of its Red Red
Wine Vineyard Tour on January 10, the report discloses.



================
S R I  L A N K A
================


PEOPLE'S LEASING: Fitch Affirms 'B+' LT Foreign-Currency IDR
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of People's Leasing &
Finance PLC (PLC), Central Finance Company PLC (CF), Melsta Regal
Finance Ltd (MRF), Siyapatha Finance PLC (Siyapatha), Senkadagala
Finance PLC (Senka), AMW Capital Leasing And Finance PLC (AMCL)
and Singer Finance PLC (SFL).

KEY RATING DRIVERS
ISSUER DEFAULT RATINGS, NATIONAL RATINGS AND SENIOR DEBT

Finance Companies with Institutional Support Driven Long-Term
Ratings

PLC's Issuer Default Rating (IDR) and National Long-Term Rating
reflect Fitch's view that PLC's parent, the state-owned and
systemically important People's Bank (PB; AA+(lka)/Stable), has a
high propensity but limited ability to provide extraordinary
support to PLC if required. PB's high propensity to provide
support to PLC stems from its 75% shareholding in PLC and a common
brand. In addition, PLC accounted for 12.6% of PB's loan book and
24.4% of PB's consolidated post-tax profits in end-2014. and PLC
has 108 window offices within branches of PB.

PB's limited ability to provide support to PLC is evident from its
own 'AA+(lka)' rating, which is driven by the government of Sri
Lanka's (BB-/Stable) high propensity but moderate ability to
provide support to the bank under extraordinary situations.

The two-notch differential between the National Long-Term Ratings
of PLC and PB reflects Fitch's view that timely support from the
state may be constrained by regulatory restrictions between the
entities (such as maximum exposure limits) or administrative
delays usually seen in layered support structures.

PLC is the largest non-bank financial institution (NBFI) in Sri
Lanka in terms of assets, with a 12.6% share of sector assets at
March 2015.

AMCL's rating reflects Fitch's view that support would be
forthcoming from Associated Motorways Private Limited (AMW), which
owns 90% of AMCL, given the finance company's strategic importance
to the parent. This is based on AMCL's role in the group, given
strong synergies and operational integration. While its share of
financing of AMW's vehicle sales has remained moderate, AMCL
accounted for a substantial share of group profit and assets at
end-2014. About 46% of its advances comprised vehicle finance
facilities provided to its parents' clients at end-2014. Fitch
believes that additional incentives for AMW to provide support to
AMCL stem from the common AMW brand, which could have high
reputational impact on AMW should AMCL default. In addition AMCL's
funding relies on the parent, which provided 48% of AMCL's
borrowings at end-March 2015.

SFL is rated two notches below its parent, retailing company
Singer (Sri Lanka) PLC (Singer; A-(lka)/Stable). This reflects
Singer's majority ownership in SFL, the common Singer brand and
Singer's influence on SFL's strategic direction through
representation on the finance company's board. The two-notch
differential also reflects SFL's limited role in the group; SFL
finances a low proportion of Singer's sales (2010-2014: an average
of 8% of Singer's sales). Fitch expects SFL's contribution to
Singer's sales to remain low in the medium term.

Although not planned, the disposal of SFL would not materially
alter the group's operations or earnings as the parent's sales
growth is supported by the presence of a well-managed in-house
hire-purchase portfolio. SFL contributed an average of 16% to
group EBIT for 2011 to 2014.

SFL's rating also reflects its standalone credit profile, which
Fitch has assessed to be at the same rating level. SFL's National
Long-Term Rating reflects higher capitalisation levels compared
with its peers amid modest loan growth and improved asset-quality
metrics.

Siyapatha's ratings reflect Fitch's view that support would be
forthcoming from its parent, Sampath Bank PLC (SB;
A+(lka)/Stable), which owns 100% of Siyapatha and involvement in
the strategic direction of Siyapatha through board representation.

Siyapatha is rated two notches below its parent because of
Siyapatha's limited role in the group's core business. SB's
leasing book accounted for just 4% of group advances at end-2014,
of which Siyapatha provided 29%. Since its conversion to a
licensed finance company, Siyapatha ceased to share a common brand
with its parent while branches situated within SB's premises have
also decreased. Siyapatha's contribution to group profit remains
low, averaging 5% of group profit for 2012 to 2014. Fitch does not
view a potential disposal of Siyapatha, which is not being
planned, as being material to the group.

MRF's rating reflects Fitch's expectation of support from its
ultimate parent, Distilleries Company of Sri Lanka (DIST; AAA(lka
)/Stable). DIST has full effective ownership of MRF through
Melstacorp Limited, the investment holding company for DIST's non-
beverage assets. DIST's ability to support the entity is based on
its market leadership in alcoholic beverage production in Sri
Lanka, a highly profitable sector characterised by relatively
stable demand through economic cycles and high entry barriers.

MRF is rated four notches lower than DIST due to MRF's
insignificant role in the group. MRF has limited synergies with
the group's core business, a low level of operational integration,
and a lack of a common brand with the group. MRF accounted for
just 1.3% of group revenue, 1.2% of consolidated net profit and
5.3% of group assets in the financial year ended March 2015.
Although not planned, the disposal of MRF would not materially
alter the group's operations or earnings.

Finance Companies with Long-Term Ratings Driven by Intrinsic
Strength

CF's rating continues to be supported by its strong
capitalisation, which stems from robust profitability and high
profit retention, and a better funding profile than its peers due
to a higher proportion deposits that are sourced from its
established franchise. However, these strengths are
counterbalanced by weakening asset quality and lower provisioning
levels compared to peers. CF's Outlook has been maintained at
Stable on Fitch's expectation of a sustained improvement in asset
quality.

Senka's ratings reflect its satisfactory credit profile through
economic cycles, strong franchise and access to long-term
institutional funding. SFC's asset quality remains weak due to its
inability to dispose of repossessed vehicles in a timely manner.

The senior unsecured debentures of PLC, Siyapatha, Senka and SFL,
and the senior secured debentures of SFL and CF are rated in line
with their National Long-Term Ratings according to Fitch criteria.
Fitch has not provided any rating uplift for the collateralisation
as the secured notes' recovery prospects are considered to be
average and comparable with those of unsecured notes in a
developing legal system.

SUBORDINATED DEBT

Subordinated debentures of Siyapatha, CF and Senka are rated one
notch below their National Long-Term Ratings to reflect the
subordination to senior unsecured creditors.

RATING SENSITIVITIES
IDRS, NATIONAL RATINGS AND SENIOR DEBT

Finance Companies with Institutional Support Driven Long-Term
Ratings

PLC's ratings may be downgraded if PB is no longer a majority
shareholder in PLC, or if PB's ability to provide support weakens,
or if PLC's strategic importance to its parent diminishes over
time.

AMCL's rating is sensitive to changes in its parent's ability and
propensity to provide support. The rating may be downgraded if
AMCL's size relative to AMW increases and if its operations become
more independent of that of its parent, or if the parent's credit
profile weakens.

SFL's rating may be upgraded if there is a significant increase in
SFL's strategic importance to Singer. One indication for this
could be closer strategic alignment between the two entities
resulting in consistently and sustainably higher financing for
Singer's customers.

A rating upgrade could also result if SFL is able to continue to
maintain its capitalisation and asset quality metrics at levels
comparable to higher rated peers while achieving a stronger
franchise relative to its higher rated peers. Sustained
deterioration in SFL's capitalisation and asset quality relative
to its similarly rated peers would result in a downgrade of SFL's
standalone rating.

Siyapatha's rating could change if SB's rating changes or if
Siyapatha's strategic importance to the bank changes. Narrower
notching could result from higher importance to the group through
greater synergies, shared brand, and closer operational
integration while retaining majority-ownership by SB.

MRF's rating may be downgraded if there is a decline in DIST's
ability or propensity to provide support. This may stem from a
downgrade of DIST's National Long-Term Rating, or weakening
linkages between DIST and MRF. An upgrade of MRF's rating would
only result from an increase in DIST's willingness to provide
support as DIST's ratings are already at the top of the national
rating scale. Narrower notching could result from MRF's stronger
operational integration or higher importance to the group.

Finance Companies with Long-Term Ratings Driven by Intrinsic
Strength

CF's rating could be downgraded if it asset quality deteriorates
further alongside weakening capitalisation. Fitch does not see an
upgrade as likely in the medium term given the current pressure on
CF's asset quality and low provisioning cover.

An upgrade of Senka's rating is contingent upon maintenance of
stronger capitalisation and a more robust deposit franchise that
would allow the company to expand in a controlled manner. Senka's
rating could be downgraded if asset quality continues to weaken,
leading to a material decline in capitalisation or excessive asset
encumbrance.

The ratings on the senior debt of PLC, Siyapatha, Senka, and SFL
will move in tandem with their National Long-Term Ratings.

SUBORDINATED DEBT
The assigned subordinated debt ratings will move in tandem with
the institution's National Long-Term Ratings.


The following ratings have been affirmed:

People's Leasing & Finance PLC:
Long Term Foreign-Currency Issuer Default Rating at 'B+'; Outlook
Stable
Long Term Local-Currency Issuer Default Rating at 'B+'; Outlook
Stable
National Long-Term Rating at 'AA-(lka)'; Outlook Stable
National Long-Term Rating for senior unsecured debt at 'AA-(lka)'
National Long-Term Rating for senior unsecured debt at 'AA-
(lka)(EXP)'

Central Finance Company PLC:
National Long-Term Rating at 'A+(lka)'; Outlook Stable
National Long-Term Rating for senior secured debt at 'A+(lka)'
National Long-Term Rating for senior unsecured debt at 'A+(lka)'
National Long-Term Rating for subordinated debt at 'A(lka)'

Senkadagala Finance PLC
National Long-Term Rating at 'BBB+(lka)'; Outlook Stable
National Long-Term Rating for senior unsecured debt at 'BBB+(lka)'
National Long-Term Rating for subordinated debt at 'BBB(lka)'

Singer Finance (Lanka) PLC
National Long-Term Rating at 'BBB(lka)'; Outlook Stable
National Long-Term Rating for senior secured debt at 'BBB(lka)'
National Long-Term Rating for senior unsecured debt at 'BBB(lka)'

AMW Capital Leasing And Finance PLC
National Long-Term Rating at 'BBB+(lka)'; Outlook Stable

Siyaptha Finance PLC
National Long-Term Rating at 'A-(lka)'; Outlook Stable
National Long-Term Rating for senior unsecured debt at 'A-(lka)'
National Long-Term Rating for subordinated debt at 'BBB+(lka)'

Melsta Regal Finance Ltd:
National Long-Term Rating at 'A+(lka)'; Outlook Stable



                             *********

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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