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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, August 25, 2015, Vol. 18, No. 167


                            Headlines


A U S T R A L I A

GRAF-X PTY: First Creditors' Meeting Set For Sept. 1
GUILFOYLE WRECKERS: First Creditors' Meeting Set For Sept. 1
ORIGIN ENERGY: S&P Affirms BB Rating on Subordinated Debt Issues
STARLODGE PTY: First Creditors' Meeting Set For Aug. 31

* AUSTRALIA: Insolvency Rate Up Across Northern New South Wales
* AUSTRALIA: ASIC Cancels Registration of Liquidators


I N D I A

A.N.E. INDUSTRIES: CRISIL Ups Rating on INR240MM Cash Loan to B
ABHIGNA RICE: CRISIL Reaffirms B Rating on INR40MM Cash Loan
ACG HOSPITALITY: CRISIL Reaffirms B- Rating on INR200MM Term Loan
BSCPL INFRASTRUCTURE: CRISIL Assigns B- Rating to INR18.84BB Loan
C. ESWARA: CRISIL Lowers Rating on INR75MM Bank Loan to 'D'

CANAAN ENGINEERING: Ind-Ra Assigns IND D Long-Term Issuer Rating
COOCH BEHAR: ICRA Assigns B- Rating to INR34.49cr Term Loan
CYBERABAD CITIZENS: ICRA Revises Rating on INR72.64cr Loan to B
DAROGA PRADHAN: CRISIL Ups Rating on INR60MM LT Loan to B+
DURABLE CERAMICS: CRISIL Reaffirms B+ Rating on INR130MM Loan

DURABLE TRANSFORMERS: CRISIL Reaffirms B+ Rating on INR140MM Loan
GAGAN WINE: CRISIL Reaffirms B+ Rating on INR120MM Cash Credit
HALCO ALUMINIUM: CRISIL Ups Rating on INR59.5MM LT Loan to B+
HASAN STEEL: CRISIL Suspends 'B' Rating on INR80MM Cash Credit
INDIABULLS REAL: S&P Affirms 'B+' CCR; Outlook Stable

INDIAN TRADING: CRISIL Assigns 'B' Rating to INR120MM Cash Loan
J.M. INTERNATIONAL: CRISIL Suspends B Rating on INR35MM Cash Loan
K.C. RICE: CRISIL Reaffirms B+ Rating on INR120MM Cash Credit
K. C. SOLVENT: CRISIL Reaffirms B+ Rating on INR450MM Cash Loan
KRISHIKA FARMS: CRISIL Reaffirms B Rating on INR60MM Term Loan

L.M. FOODS: ICRA Revises Rating on INR23cr Loan to B-
LAXMI TRANSMISSION: ICRA Assigns 'B' Rating to INR6.0cr Loan
M GANESH: ICRA Assigns B+ Rating to INR3.0cr Term Loan
MITTAL OCEAN: ICRA Assigns B+ Rating to INR2.50cr Cash Credit
MITTAL TIMBER: ICRA Assigns B+ Rating to INR2.0cr Cash Credit

MURLIDHAR COTTON: ICRA Suspends B+ Rating on INR15cr Cash Credit
MUTNEJA RICE: CRISIL Ups Rating on INR180MM Cash Loan to B+
NAVKIRAN TECHNO: ICRA Reaffirms B+ Rating on INR8.40cr Loan
PAYAL POLYPLAST: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
PEKON ELECTRONICS: CRISIL Reaffirms B+ Rating on INR70MM Loan

PGS TELE: CRISIL Suspends B+ Rating on INR90MM Cash Credit
RAJPARIS CIVIL: CRISIL Suspends B+ Rating on INR100MM Cash Loan
S.R.K. INFRA: CRISIL Suspends B- Rating on INR100MM LT Loan
SANSAR TEXTURISERS: CRISIL Assigns B+ Rating to INR350MM Loan
SGS MARINE: CRISIL Assigns B+ Rating to INR50MM Cash Credit

SHREE KRISHAN: CRISIL Reaffirms 'B' Rating on INR154.5MM Loan
SRE PARTHASARATHI: CRISIL Assigns B Rating to INR130MM Term Loan
SREE VAAGESWARI: CRISIL Reaffirms B- Rating on INR30MM Term Loan
SRI ANANTHA: CRISIL Assigns 'B' Rating to INR50MM LT Loan
SUMITA TEX: CRISIL Cuts Rating on INR1.02BB LT Loan to 'B'

SWAIN ALUMINIUM: CRISIL Cuts Rating on INR150MM Term Loan to 'D'
TECHNOMAX BUILDING: CRISIL Suspends 'D' Rating on INR120MM Loan
THAMANIAN AGRO: CRISIL Assigns B+ Rating to INR95MM Cash Loan
TILAK EXPORTS: CRISIL Assigns 'B' Rating to INR40MM Term Loan
VEGA ENTERTAINMENT: Ind-Ra Assigns 'IND BB+' LT Issuer Rating

VIMALA PAPER: CRISIL Suspends B+ Rating on INR75MM Cash Loan


J A P A N

SHARP CORP: 3,234 Employees Apply For Voluntary Retirement


N E W  Z E A L A N D

MAKO NETWORKS: In Liquidation; Owes Spark NZ$26 Million


P A P U A  N E W  G U I N E A

PAPUA NEW GUINEA: Government is Insolvent, Opposition Leader Says


X X X X X X X X

* BOND PRICING: For the Week August 17 to August 21, 2015


                            - - - - -


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


GRAF-X PTY: First Creditors' Meeting Set For Sept. 1
----------------------------------------------------
Andre Strazdins and Stuart Otway of BRI Ferrier were appointed as
administrators of Graf-X Pty Ltd on Aug. 20, 2015.

A first meeting of the creditors of the Company will be held at
BRI Ferrier, Level 4, 12 Pirie Street, in Adelaide, South
Australia, on Sept. 1, 2015, at 11:00 a.m.


GUILFOYLE WRECKERS: First Creditors' Meeting Set For Sept. 1
------------------------------------------------------------
David Coyne and James Koutsoukos of BRI Ferrier were appointed as
administrators of Guilfoyle Wreckers Pty Ltd on Aug. 21, 2015.

A first meeting of the creditors of the Company will be held at
Chartered Accountants Australia and New Zealand, Level 3, 600
Bourke Street, in Melbourne, on Sept. 1, 2015, at 11:00 a.m.


ORIGIN ENERGY: S&P Affirms BB Rating on Subordinated Debt Issues
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
corporate credit rating on Origin Energy Ltd. and the company's
senior unsecured issue ratings, as well as Origin Energy Finance's
senior unsecured debt ratings, at 'BBB-'.  At the same time, S&P
affirmed the short-term rating on Origin Energy at 'A-3' and the
ratings on Origin Energy Finance's and Origin Energy Contact
Finance No.2's subordinated debt issues at 'BB'.  The outlook on
the long-term rating remains stable.

The affirmation of the ratings primarily reflects S&P's view that
the fiscal 2015 results were in line with its expectations.  On an
adjusted basis, S&P estimates fiscal 2015 EBITDA came in at about
AUD1,850 million, against an adjusted debt level of about
AUD14,800 million (subsequently reduced by about AUD1,500 million
following completion of the Contact sale)--our debt number
includes Origin's share of APLNG debt (representing an adjustment
of close to AUD4,000 million) and continues to exclude 50% of
Origin's hybrid securities.  Taking into account the reporting of
Contact Energy (recently sold) as assets held for sale, the
results were in line with S&P's expectations and reflecting that
Origin has almost reached the peak of its investment in APLNG,
with corresponding cash inflows expected from fiscal 2016.

The short-term rating on Origin is 'A-3'.  S&P assess Origin'
liquidity as "strong", given S&P's expectations that liquidity
sources will exceed uses by more than 1.5x over the next 12 months
and sources will continue to exceed uses if EBITDA was to drop by
30%.

"The stable outlook reflects our expectation that the APLNG
project will be fully completed in the second half of fiscal 2016,
with no material increase in Origin Energy's capital contributions
beyond current commitments," said credit analyst Thomas Jacquot.
"The stable outlook further reflects our expectation of a stable
operating environment for Origin Energy's energy market segment,
enabling modest underlying growth over the medium term (excluding
the increase generated by gas sales to other LNG projects in
Queensland)."

The outlook also reflects S&P's expectation that Origin Energy's
debt-to-EBITDA ratio will reduce to the mid 3x level by fiscal
2017, based on S&P's forecast of dividends from the APLNG project
post completion.

S&P would lower the rating if it believed the company's debt to
EBITDA would not reduce to sustainably below 4x from fiscal 2017.
This could occur if:

   -- Earnings in the core energy markets segment materially
      underperform;

   -- Oil prices remain weak, resulting in dividends from APLNG
      being substantially below our expectations; or

   -- Origin Energy were to inject significant additional capital
      in APLNG, which could lead S&P to reconsider APLNG's scope
      of consolidation despite the construction guarantee falling
      away.

Although S&P considers an upgrade as unlikely in the next 12-18
months, upward rating pressure would be reliant on Origin Energy
being committed to lowering and maintaining its debt to EBITDA
ratio below 3x, together with continued solid operating
performance from the group's core energy market businesses.


STARLODGE PTY: First Creditors' Meeting Set For Aug. 31
-------------------------------------------------------
Stephen Robert Dixon and Laurence Fitzgerald of Grant Thornton
were appointed as administrators of Starlodge Pty Ltd on Aug. 20,
2015.

A first meeting of the creditors of the Company will be held at
Grant Thornton Australia Limited, The Rialto, Level 30, 525
Collins Street, in Melbourne, Victoria, on Aug. 31, 2015, at
2:00 p.m.


* AUSTRALIA: Insolvency Rate Up Across Northern New South Wales
---------------------------------------------------------------
APN Newsdesk reports that more businesses and individuals in
northern NSW are going broke, with a spike in insolvencies over
the past two quarters.

Across the state there were 2,124 insolvency declarations over the
April-June quarter, a slight dip compared to the previous three
months, the report discloses.  But the northern NSW regions of
Coffs Harbour, Tweed Valley, Richmond Valley and Clarence Valley
recorded 139 bankruptcies over the same period.

The figure was an increase on the 122 recorded in the first three
months of the year, APN Newsdesk relates.

According to APN Newsdesk, Australian Financial Security figures
revealed Coffs Harbour registered highest on the list with 38
insolvencies, followed by Tweed on 33 and 27 for coastal Richmond
Valley, extending from Brunswick Heads south to Evans Head.

The Clarence Valley recorded 21 insolvencies and the Richmond
Valley hinterland -- which includes Casino, Lismore and Kyogle --
notched up 20, adds APN Newsdesk.


* AUSTRALIA: ASIC Cancels Registration of Liquidators
-----------------------------------------------------
Australian Securities and Investment Commission has cancelled the
registration of two registered liquidators as part of an ongoing
surveillance project targeting non-compliance with fundamental
obligations.

Christopher John McCroary of Moorebank, New South Wales, and
Christopher James Fawcett of Traralgon, Victoria, requested that
ASIC cancel their registration. Mr McCroary and Mr Fawcett are no
longer permitted to practise as liquidators and have undertaken to
ASIC that they will not re-apply for registration as liquidators.

ASIC's project work highlighted concerns that Mr McCroary and Mr
Fawcett were not adequately and properly performing their duties
and functions as registered liquidators. The work also identified
Mr McCroary's lack of corporate insolvency experience since
becoming registered.

ASIC Commissioner John Price said, 'We are passionate about
lifting standards and ensuring liquidators comply with the law so
as to promote a fair, orderly and transparent insolvency market.
Our work identifying failure to comply with basic obligations can
highlight more systemic issues which will lead to ASIC enforcement
action.'

In 2013, ASIC launched a project to test all registered
liquidators' compliance with the requirement to publish certain
notices on ASIC's published notices website and lodge documents
with ASIC. The project continues.

Cancellation for both Mr McCroary and Mr Fawcett took effect on
July 29, 2015, following the finalisation of their remaining
external administrations and the satisfactory completion of
outstanding lodgements. Mr McCroary and Mr Fawcett have
appropriate run-off cover insurance to ensure creditors' positions
are protected.

ASIC's recent outcomes and activities in the insolvency space
include:

  * The previous administrators of land banking company, Midland
    HWY, Hall Chadwick's Richard Albarran and David Ross,
    resigning following ASIC legal action

  * ASIC also notes the decision by the CALDB to admonish
    Queensland-based registered liquidator, Jonathan Paul McLeod,
    following an ASIC investigation which focused on Mr McLeod's
    conduct as a liquidator and a voluntary administrator

  * Intervening in private court proceedings involving South
    Australian liquidator, Peter Ivan Macks, to remove him as
    liquidator of two companies and to appoint a new liquidator

  * accepting an enforceable undertaking (EU) from Perth
    liquidator, Ross Stephen Thomson, who agreed to not accept
    any appointments for three months other than a joint and
    several appointment with another registered liquidator, to
    improve his systems and procedures, repay AUD24,200 in
    remuneration not properly approved and appoint an independent
    expert to review his practices.

  * accepting an EU from Victorian liquidator, Colin Roland
    Tuckwell, who agreed to improve his systems and procedures
    and have an independent expert review his practice.

  * accepting voluntary undertakings from an Adelaide liquidator
    that involved engaging an independent quality control
    reviewer to improve his insolvency services.

  * successfully applying to court to have three Melbourne
    registered liquidators removed as liquidators of Walton
    Constructions Group following concerns about their
    independence.

  * cancelling the registration of Sydney liquidator, Pino
    Fiorentino, following ASIC's successful application to the
    Companies Auditors and Liquidators Disciplinary Board
    (CALDB), (currently subject to an appeal in the
    Administrative Appeals Tribunal).

  * cancelling the registration of Wagga Wagga liquidator,
    Stephen Alan Jay

  * accepting an EU from Perth liquidator, Simon Roger Coad,
    who agreed to improve his systems and procedures and have
    an independent quality reviewer review his practice.

  * suspending the registration of liquidator, Alan Godfrey Topp,
    for six months from 1 May 2014 following ASIC's successful
    application to the CALDB.

  * suspending Sydney liquidator, William James Hamilton's,
    registration for six months from 3 June 2014, following
    ASIC's successful application to the CALDB.

  * cancelling the registration of Melbourne liquidator, Avitus
    Thomas (Tom) Fernandez, following ASIC's successful
    application to the CALDB.

  * obtaining court orders prohibiting the re-registration of
    Melbourne liquidator, Andrew Leonard Dunner.

  * cancelling the registration of liquidator Mark Darren Levi
    following ASIC's successful application by ASIC to the
    CALDB. In November 2014, the CDPP charged Mr Levi with
    various offences, including obtaining money by deception

  * accepting an EU from Sydney liquidator, Ian Lawrence
    Struthers, who agreed to ASIC cancelling his registration
    as a liquidator for a minimum of three years.

  * cancelling the registrations of Sydney liquidator, Peter
    Roger Grealish, Melbourne liquidator, Paul Anthony Pattison,
    and Peter George Biazos (bankrupted on 24 July 2013).



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


A.N.E. INDUSTRIES: CRISIL Ups Rating on INR240MM Cash Loan to B
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
A.N.E. Industries Pvt Ltd (ANE) to 'CRISIL B/Stable' from 'CRISIL
C', while reaffirmed its rating on the company's short-term
facility at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       400        CRISIL A4 (Reaffirmed)

   Cash Credit          240        CRISIL B/Stable (Upgraded
                                   from 'CRISIL C')

The rating upgrade reflects the improvement in ANE's financial
risk profile, particularly liquidity, marked by the regularisation
of its term loan repayments and no overdrawn bank limits. The
liquidity is expected to improve further over the medium term
driven by adequate cash accruals against repayment obligations,
given the large order book to be executed and moderate
profitability expected over this period.

The ratings reflect high customer and geographic concentration in
ANE's revenue profile and its working-capital-intensive nature of
operations. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the mineral
excavation and removal of overburden business.
Outlook: Stable

CRISIL believes that ANE will continue benefit over the medium
term from its increasing scale of operations and healthy margins.
The outlook may be revised to 'Positive' in case of substantial
improvement in the company's cash accruals due to higher-than-
expected revenues and profitability, or in case of fresh equity
infusion, thereby further improving its liquidity. Conversely the
outlook may be revised to 'Negative' if ANE's liquidity
deteriorates, most likely because of lower-than-expected cash
accruals, a stretch in its working capital management, or
substantial debt-funded capital expenditure.

ANE, set up in 2003 by Mr. Soham Singh, is based in Punjab. The
company executes open-cast mining contracts entailing overburden
removal and mineral excavation.


ABHIGNA RICE: CRISIL Reaffirms B Rating on INR40MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Abhigna Rice
and Parboiled Industries (ARPI) continues to reflect the firm's
modest scale of operations in the intensely competitive rice
milling industry, and the susceptibility of profitability margins
to change in government regulations and paddy prices.

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

   Long Term Loan         23        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      7        CRISIL B/Stable (Reaffirmed)

The rating also factors in the modest financial risk profile,
marked by modest net worth, high gearing and below-average debt
protection metrics. These rating weaknesses are partially offset
by partners' extensive industry experience and steady offtake by
Food Corporation of India (FCI).

Outlook: Stable

CRISIL believes that ARPI will continue to benefit over the medium
term from partners' extensive experience. The outlook may be
revised to 'Positive' in case of a substantial increase in scale
of operations, while maintaining the profitability margins, or a
substantial increase in net worth backed by capital infusion by
partners. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in profitability margins, or significant
deterioration in capital structure, caused most likely by a large
debt-funded capital expenditure or stretch in working capital
cycle.

Set up in 2012, ARPI mills and processes paddy into rice, rice
bran, broken rice and husk. Its milling unit is in Mahbubnagar
(Telangana). The firm has four partners: Mr. Kondaiah, Mr.
Venkataiah, Mr. Narasimhulu and Mr. Bhaskar.


ACG HOSPITALITY: CRISIL Reaffirms B- Rating on INR200MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of ACG Hospitality
Pvt Ltd (ACG) continues to reflect ACG's weak financial risk
profile, and exposure to cyclicality in the hotel industry. These
rating weaknesses are partially offset by the extensive experience
of ACG's promoters in the hospitality industry and their funding
support to the company.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             200       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ACG will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial and
sustained improvement in revenue and profitability margins, or
increase in net worth backed by equity infusion by promoters.
Conversely, the outlook may be revised to 'Negative' if revenue or
profitability declines steeply, or liquidity deteriorates
considerably in the absence of timely funding support from
promoters.

ACG, incorporated in 2007, has set up a three-star hotel,
Signature Grand, at Hari Nagar in New Delhi. The 8-floor, 32-room
hotel has a restaurant and 2 banquet halls, and was built at a
cost of INR405 million. The hotel commenced operations in August
2010.


BSCPL INFRASTRUCTURE: CRISIL Assigns B- Rating to INR18.84BB Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of BSCPL Infrastructure Ltd (Bscpl).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             4700      CRISIL B-/Stable

   Proposed Long Term    5459.1    CRISIL B-/Stable
   Bank Loan Facility

   Bank Guarantee       18840.9    CRISIL B-/Stable

   Cash Credit           6000      CRISIL B-/Stable

The rating reflects Bscpl's weak financial risk profile, marked by
inadequate debt protection measures and stretched liquidity amid
large debt obligations, and its working-capital-intensive
operations primarily due to stretched receivables. These rating
weaknesses are partially offset by Bscpl's large order book
position backed by its sound track record in the engineering,
procurement, and construction (EPC) space and Bscpl management's
committed stance to support liquidity in case of exigencies.
Outlook: Stable

CRISIL believes that Bscpl will continue to benefit over the
medium term from its sound track record in the civil construction
industry, and its management's experience and committed fund
support. The outlook may be revised to 'Positive' in case of
marked improvement in financial risk profile, especially
liquidity, primarily through faster realisation of receivables.
Conversely, the outlook may be revised to 'Negative' in case of
absence of timely fund support from promoters or no improvement in
working capital cycle.

Bscpl was set up in 1981 as a partnership company and was
reconstituted as a closely held public limited company in 1998. It
primarily undertakes road and building construction; development,
operation, and maintenance of national and state highways; and
real estate development. The Company is promoted by Mr.
Krishanaiah and Mr. Seenaiah.


C. ESWARA: CRISIL Lowers Rating on INR75MM Bank Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
C. Eswara Reddy and Company (CERC) to 'CRISIL D/CRISIL D' from
'CRISIL C/CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         75       CRISIL D (Downgraded
                                   from 'CRISIL A4')

   Overdraft Facility     20       CRISIL D (Downgraded
                                   from 'CRISIL A4')

   Term Loan               8.5     CRISIL D (Downgraded
                                   from 'CRISIL C')

The rating downgrade reflects instances of delay by CERC in
servicing its debt. The delays have been caused by the weakening
of the firm's liquidity arising from a stretch in its working
capital cycle.

CERC has a modest scale of operations in the intensely competitive
civil construction industry, large working capital requirements,
and a high degree of geographic concentration in its order-book.
However, the firm benefits from the extensive industry experience
of its promoters.

CERC was set up in 1994 by Mr. C Eswara Reddy and his family
members. The firm constructs roads, and caters to government
entities in Andhra Pradesh and Telangana. It is based in
Hyderabad.


CANAAN ENGINEERING: Ind-Ra Assigns IND D Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Canaan
Engineering Private Limited (CEPL) a Long-Term Issuer Rating of
'IND D'. CEPL's bank facilities have also been assigned ratings
as:

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
  Long-term loans            146.2      Long-term 'IND D'
  Fund-based limits           50        Long-term 'IND D'
  Non-fund-based limits       80        Short-term 'IND D'

KEY RATING DRIVERS

The ratings reflect CEPL's delays in debt repayment during the 12
months ended June 2015 due to stressed liquidity.

RATING SENSITIVITIES

Timely debt servicing for three consecutive months could result in
a positive rating action.

COMPANY PROFILE

Incorporated in 2005, CEPL fabricates medium-to-heavy-sized
equipment such as heat exchangers, pressure vessels and columns
for the petrochemical and fertiliser industries.


COOCH BEHAR: ICRA Assigns B- Rating to INR34.49cr Term Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR34.49
crore term loans and INR0.51 crore unallocated limit of Cooch
Behar Mission Hospital Private Limited.
                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Term Loans            34.49        [ICRA]B- assigned
   Unallocated Limit      0.51        [ICRA]B- assigned

The assigned rating takes into account the company's unfavourable
debt servicing track record; notwithstanding, regularisation of
the same following restructuring of the project loans in the
recent past, CBMH's exposure to project execution risks, as a
significant portion of the capex is pending, and any further delay
in completion of the project would aggravate CBMH's cash flows.
The hospital has become operational with only 20 beds out of the
total proposed capacity of 136 beds, indicating an initial stage
of operation. The company also remains exposed to geographical
concentration risks with presence in a single location,
accentuated by competition from other hospitals operating in the
catchment area. Furthermore, recruitment and retention of good
doctors by CBMH would remain a challenge. However, ICRA takes note
of the favourable demand outlook of the healthcare industry in the
long term, and long experience of one of the promoters as a
doctor, which is likely to mitigate operational risks to an
extent, going forward. CBMH's ability to conclude the project
without any further significant time and cost overrun, and attain
the expected occupancy level subsequently, would remain key rating
sensitivities.

Established in 2007, CBMH is currently in the process of setting
up a 136 bedded multi-specialty hospital and nursing college in
Cooch Behar, West Bengal. One of the promoters of the company, Dr.
Nirmal Palit, possesses a long experience as a doctor. CBMH has
commenced commercial operation with the initial regulatory
approval obtained in November 2014, for running 20 beds.
Nevertheless, a significant portion of the proposed infrastructure
is yet to be built up.


CYBERABAD CITIZENS: ICRA Revises Rating on INR72.64cr Loan to B
---------------------------------------------------------------
ICRA has revised the rating assigned to INR72.64 crore term loan
and INR17.36 crore of unallocated bank facilities of Cyberabad
Citizens Health Services Private Limited to [ICRA]B from [ICRA]B+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             72.64       [ICRA]B revised
   Long Term
   Unallocated           17.36       [ICRA]B revised

The revision in rating takes into account continued operational
losses in the second year of operations owing to high operational
expenses due to addition of speciality units such as haematology
and bone marrow transplant and high employee expenses. This
coupled with high interest expense owing to debt funded hospital
construction has resulted cash losses of INR21.13 crore during
FY2015 which was primarily funded by INR43.38 crore of fund
infusion by the promoter group. The rating continues to be
constrained by moderate/modest occupancy levels of the hospital;
weak debt coverage indicators and high gearing levels; and
concentration risks owing to its single location presence.
Moreover, the rating factors in the risks associated with the
hiring and retention of skilled medical personnel and high
competition from other hospitals in Hyderabad despite being
located in Gachibowli, an upcoming commercial and residential area
of the city. However, the rating draws comfort from the
experienced promoters in the medical field; ramp up in revenues in
the past 2 years owing to increase in occupancy levels and
addition of speciality units. Despite cash losses, the company is
able to service the term loan repayment obligations owing to
timely infusion of funds by promoters.

Going forward, CCHSPL's ability to ramp up occupancy levels,
retain medical talent and receive timely equity infusions by the
promoters to support debt servicing requirements would be the key
rating sensitivities.

Cyberabad Citizens Healthcare Services Private Limited was
incorporated in April 2008 and is promoted by Dr. R.P. Raju and Mr
Joseph Anthony Nicolas. The hospital is named as Citizens Hospital
and is located in Nallagandla, near Gachibowli, in the northwest
of Hyderabad. It is a 300 bed, single unit tertiary hospital with
specialty treatment in the areas of surgical oncology, haematology
and bone marrow transplant besides offering treatment also in the
areas of cardiology, neurology, obstetrics, gynaecology and other
specialities. The fully designed medical campus is spread over an
area of 8.5 acres. In December 2012, the hospital has commenced
operations for outpatient division while part of the IP services
was offered from July 2013.


DAROGA PRADHAN: CRISIL Ups Rating on INR60MM LT Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
M/s Daroga Pradhan (DP) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'; the rating on the short-term bank facilities has been
reaffirmed at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        170       CRISIL A4 (Reaffirmed)

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

   Proposed Long Term     60       CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')


   Term Loan              30       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects improvement in DP's business risk
profile, driven by considerable increase in revenue and
profitability. The rating upgrade also factors in improvement in
the debt protection metrics, driven by large cash accruals and
profitability margins.

The ratings also factor in DP's modest scale of operations and
working-capital-intensive operations. These rating weaknesses are
partially offset by the firm's moderate financial risk profile
with comfortable cash accruals, and the promoters' extensive
experience in the civil construction industry.
Outlook: Stable

CRISIL believes that DP will continue to benefit over the medium
term from its promoters' extensive industry experience and its
moderate order book. The outlook may be revised to 'Positive' if
ramp-up in scale of operations strengthens the business risk
profile; or if improved   accruals or efficient working capital
management enhances the liquidity. Conversely, the outlook may be
revised to 'Negative' if low accruals, stretch in working capital
cycle, or any large debt-funded capital expenditure weakens the
liquidity.

DP was set up as a proprietorship concern by the late Mr. Daroga
Pradhan and was reconstituted as a partnership firm in 2000. The
firm is currently managed by Mr. Dinesh Pradhan and Mr. Mahesh
Pradhan from Dhanbad (Jharkhand).

DP undertakes civil construction work for government and public
sector undertakings in Jharkhand, Bihar, Odisha, and West Bengal.
Its projects mainly involve construction of buildings, renovation
of quarters and roads, and water supply.


DURABLE CERAMICS: CRISIL Reaffirms B+ Rating on INR130MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Durable Ceramics
Private Limited (DCPL; part of the Durable group) continue to
reflect the Durable group's modest financial risk profile marked
by high gearing, its large working capital requirements, its
limited scale of operations in the transformer components
industry, and customer concentration in its revenue profile.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        50        CRISIL A4 (Reaffirmed)
   Cash Credit          130        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
the Durable group is expected to derive from the favourable demand
prospects for the insulator business over the medium term.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DCPL and Durable Transformers Pvt Ltd
(DTPL). This is because the two companies, together referred to as
the Durable group, have common teams managing key functions such
as finance, marketing, and procurement at the head office.
Moreover, the companies will support each other in case of any
exigency, and the commercial terms of sale/purchase between them
are managed to ensure sufficient liquidity for both. Also, there
are moderate levels of inter-company transactions'around 10 per
cent of DTPL's sales are to DCPL'and they have extended corporate
guarantees for each other's credit facilities.
Outlook: Stable

CRISIL believes that the Durable group's business risk profile
will remain constrained over the medium term by its significant
revenue dependence on Punjab State Power Corporation Ltd (PSPCL),
although supported by healthy demand prospects. The outlook may be
revised to 'Positive' if the group's revenue and operating margin
increase significantly, or if its capital structure improves
considerably. Conversely, the outlook may be revised to 'Negative'
if the group contracts more-than-expected working capital debt,
leading to deterioration in its debt protection metrics, or if its
operating margin or turnover declines, resulting in low net cash
accruals.

DCPL, incorporated in July 2005, commenced commercial production
in April 2006. The company manufactures bushings (used in
transformers), pin insulators, disc insulators, post insulators,
high-tension and low-tension insulators, and plain cement concrete
poles.

DTPL, incorporated in April 2008, commenced commercial operations
in December 2008. The company manufactures transformers mainly of
10, 15, and 25 kilovolt ampere (kVA) capacities and has now
started manufacturing transformers up to 1000 kVA. Around 10 per
cent of the transformers manufactured by DTPL are sold to DCPL.
The Durable group supplies most of its products to PSPCL, either
directly or through vendors.


DURABLE TRANSFORMERS: CRISIL Reaffirms B+ Rating on INR140MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Durable Transformers
Pvt Ltd (DCPL; part of the Durable group) continue to reflect the
Durable group's modest financial risk profile marked by high
gearing, its large working capital requirements, its limited scale
of operations in the transformer components industry, and customer
concentration in its revenue profile.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          140       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      40       CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
the Durable group is expected to derive from the favourable demand
prospects for the insulator business over the medium term.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DTPL and Durable Ceramics Pvt Ltd
(DCPL). This is because the two companies, together referred to as
the Durable group, have common teams managing key functions such
as finance, marketing, and procurement at the head office.
Moreover, the companies will support each other in case of any
exigency, and the commercial terms of sale/purchase between them
are managed to ensure sufficient liquidity for both. Also, there
are moderate levels of inter-company transactions - around 10 per
cent of DTPL's sales are to DCPL - and they have extended
corporate guarantees for each other's credit facilities.
Outlook: Stable

CRISIL believes that the Durable group's business risk profile
will remain constrained over the medium term by its significant
revenue dependence on Punjab State Power Corporation Ltd (PSPCL),
although supported by healthy demand prospects. The outlook may be
revised to 'Positive' if the Durable group's revenue and operating
margin increase significantly, or if its capital structure
improves considerably. Conversely, the outlook may be revised to
'Negative' if the group contracts more-than-expected working
capital debt, leading to deterioration in its debt protection
metrics, or if its operating margin or turnover declines,
resulting in low net cash accruals.

DCPL, incorporated in July 2005, commenced commercial production
in April 2006. The company manufactures bushings (used in
transformers), pin insulators, disc insulators, post insulators,
high-tension and low-tension insulators, and plain cement concrete
poles.

DTPL, incorporated in April 2008, commenced commercial operations
in December 2008. The company manufactures transformers mainly of
10, 15, and 25 kilovolt ampere (kVA) capacities and has now
started manufacturing transformers up to 1000 kVA. Around 10 per
cent of the transformers manufactured by DTPL are sold to DCPL.
The Durable group supplies most of its products to PSPCL, either
directly or through vendors.


GAGAN WINE: CRISIL Reaffirms B+ Rating on INR120MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Gagan Wine Trade
& Financers Ltd (GWTFL) continues to reflect the susceptibility of
GWTFL's revenue to regulatory risks in the liquor business. This
rating weakness is partially offset by the extensive experience of
the company's promoters in the liquor distributorship business.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            120      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GWTFL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's business
risk profile improves significantly, marked by a substantial
increase in its operating income and profitability, while it
maintains its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if GWTFL's financial risk profile
weakens, most likely because of any unfavourable regulatory
changes.

GWTFL is a closely held public limited company based in Delhi. It
was incorporated in 1996 and is promoted by Mr. Shiv Lala Doda.
Mr. Doda has been in the liquor distribution business since 1994.


HALCO ALUMINIUM: CRISIL Ups Rating on INR59.5MM LT Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Halco Aluminium Extrusions (HAE) to 'CRISIL B+/Stable' from
'CRISIL D'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           28.5      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term    59.5      CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Term Loan              7.0      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects regularisation of HAE's debt servicing
following improvement in its liquidity since 2014-15 (refers to
financial year, April 1 to March 31).  Moreover, the firm has
adopted a policy of pre-payment of term loans; it has pre-paid
around INR45.60 million of its term loans as of July 23, 2015.
Furthermore, it does not have any debt-funded capital expenditure
(capex) plans over the medium term. The upgrade also factors in
stabilisation of operations and gradually improvement in capacity
utilisation, leading to a better business risk profile. HAE
reported an operating income of INR130 million for 2014-15 (refers
to financial year, April 1 to March 31), its first full year of
its operations, and expected to register revenue of around INR160
million in 2015-16.

The rating also reflects HAE's limited track record and is exposed
to competition from large and established players in the industry.
These rating weaknesses are partially offset by the benefits that
the company derives from its promoters' extensive entrepreneurial
experience.
Outlook: Stable

CRISIL believes that HAE will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience. The
outlook may be revised to 'Positive' if the firm records more-
than-expected growth in its revenue and profitability or improves
its working capital management, leading to better liquidity.
Conversely, the outlook may be revised to 'Negative' if HAE
contracts large debt to fund its capex, leading to a significant
increase in gearing, or if its profitability is low, resulting in
further weakening of its financial risk profile.

Established in 2012, HAE manufactures aluminium extrusions. It
stared commercial production in January 2014. HAE's product
portfolio includes aluminium profiles used in various sectors such
as construction, electrical equipment, electronics, and automobile
components. Its manufacturing facility at Sarutari in Kamrup
(Assam) has an installed capacity of 2100 tonnes per annum.


HASAN STEEL: CRISIL Suspends 'B' Rating on INR80MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Hasan
Steel and Alloys Private Limited.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            80       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
Hasan with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Hasan is yet to
provide adequate information to enable CRISIL to assess Hasan's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Hasan, incorporated in 1999, manufactures mild steel ingots.
Hasan's manufacturing unit is situated at Kairana (Uttar Pradesh).
The company is managed by Mr. Vaibhav Jain and Mr. Tarun Jain.


INDIABULLS REAL: S&P Affirms 'B+' CCR; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term corporate credit rating on India-based property
developer Indiabulls Real Estate Ltd. (IBREL).  The outlook is
stable.  S&P also affirmed its 'B+' long-term issue rating on the
company's guaranteed senior notes.

"We affirmed the ratings because we expect IBREL's financial
performance to improve over the next 12-18 months," said Standard
& Poor's credit analyst Kah Ling Chan.  "However, the company is
likely to remain exposed to execution risk from its rapid
expansion."

IBREL's property sales picked up to Indian rupee 8 billion between
April and June 2015.  The company's sales are about 25% of S&P's
forecasts for fiscal 2016 (year ending March 31, 2016) and are in
line with its expectations.

IBREL continues to face execution risk from its rapid expansion in
the sizable but highly fragmented Indian property market that has
little recurring income.  IBREL is also exposed to some project
concentration over the next 12-24 months.  Three of the company's
10 ongoing projects will account for more than 80% of total
revenue from property development.

S&P expects IBREL's cash flows to be somewhat volatile through an
industry cycle.  The timing of the company's project launches can
impact cash collections and influence the operating performance
and cash flow adequacy.

S&P believes that IBREL's interest service capabilities are a key
constraint to the rating over the next 12 months.  S&P projects
that IBREL's EBITDA interest coverage will be 2.2x-2.7x for fiscal
2016 and 2017, giving the company limited headroom to sustain
unforeseen shocks such as an unexpected decline in sales.

IBREL's management remains committed to deleveraging.  The major
shareholders have committed cash to take up an allotment of
preferential shares and warrants totaling about INR5.4 billion in
fiscals 2016 and 2017.  In addition, the company has sold a hotel
in Goa.  S&P expects IBREL's land replenishment to be moderate in
the next 12-24 months, limiting capital expenditure.

S&P expects IBREL to face some currency risk.  The loan for
IBREL's acquisition of a London building is denominated in pounds
but most of the company's cash flows are in Indian rupee.  S&P
believes that rental income from the London asset will be
insufficient to offset the losses from a currency mismatch.  This
situation will continue unless IBREL obtains planning permits for
redevelopment and successfully sells this redevelopment project.

S&P's rating on IBREL is one notch below the anchor because of its
negative view of the company's capital structure, given the
currency mismatch risk.  However, this weakness is offset by a one
notch of uplift because S&P assess the company's comparable rating
analysis as "positive."  In S&P's view, IBREL has greater
geographic and project diversity, with a larger number of
projects, than peers in Indonesia and Vietnam.  Also, the company
operates in a more mature market with a higher mortgage
penetration rate, which supports private property developers.
IBREL can also monetize its large land bank should cash flows come
under pressure.

"The stable outlook reflects our expectation that IBREL will
satisfactorily execute its projects and contract sales over the
next 12-15 months without any deterioration in its liquidity,"
said Ms. Chan.

S&P could lower the rating if IBREL's sales are materially lower
than S&P's expectations, resulting in weaker EBITDA margins, or
the company makes larger debt-funded acquisitions than S&P
expected.  A downgrade trigger could be EBITDA interest coverage
falling below 2x.  Further rating pressure could arise if IBREL's
liquidity deteriorates, indicating unfavorable market conditions
or project delivery.

Rating upside is limited, given IBREL's rapid expansion and high
leverage.  S&P may raise the rating if the company improves its
scale with timely delivery of several large projects, or maintains
EBITDA interest coverage of more than 3x.  For either of these
scenarios to occur, IBREL would need to practice financial
prudence, such that it maintains adequate liquidity through a
property cycle, or its cash inflows from the London property
project should offset currency risk.


INDIAN TRADING: CRISIL Assigns 'B' Rating to INR120MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Indian Trading Bureau Pvt Ltd.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Short Term
   Bank Loan Facility       4        CRISIL A4

   Import Letter of
   Credit Limit            60        CRISIL A4

   Bank Guarantee           1.5      CRISIL A4

   Cash Credit            120        CRISIL B/Stable

The ratings reflect the company's weak financial risk profile,
marked by a highly leveraged capital structure and a weak interest
coverage ratio, and its large working capital requirements. These
weaknesses are partially offset by the extensive experience of
ITBPL's promoters in the trading of poultry feed additives and
products such as medicines, vaccine, and disinfectants used in
poultry industry, and their established relationships with
customer and suppliers.
Outlook: Stable

CRISIL believes that ITBPL will maintain its business risk profile
backed by its promoters' extensive industry experience and the
company's established customer base. The outlook may be revised to
'Positive' in case of material improvement in profitability or
working capital management or capital structure leading to
improvement in its financial risk profile, especially liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
low cash accruals, stretch in the working capital management, or
if ITBPL undertakes any large debt-funded capital expenditure,
leading to deterioration in the financial risk profile,
particularly liquidity.

Incorporated in 1948, ITBPL was acquired by Kolkata-based Chattha
family in 1989. It trades in poultry feed additives, such as amino
acids, premix, and enzymes, and products like medicines, vaccine,
and disinfectants. The day-to-day operations of the company are
managed by its director, Mr. Tejvinder Singh Chattha.


J.M. INTERNATIONAL: CRISIL Suspends B Rating on INR35MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
J.M. International (JMI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Buyer Credit Limit      120       CRISIL A4
   Cash Credit              35       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by JMI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JMI is yet to
provide adequate information to enable CRISIL to assess JMI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

JMI was set up in 1985 as a partnership firm by Mr. Puneet Gupta
and his family members. In 1998, it was converted into a
proprietorship firm by Mr. Gupta. The firm trades in spices,
mainly cloves and also dry fruits.


K.C. RICE: CRISIL Reaffirms B+ Rating on INR120MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of K.C. Rice Mills
(KCR) continues to reflect KCR's small scale of operations, below-
average financial risk profile marked by high gearing, and large
working capital requirements.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           120       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of KCR's promoters in the rice industry and their
funding support to the firm.
Outlook: Stable

CRISIL believes that KCR 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 scale of operations and operating margin, or in
working capital cycle, leading to better debt protection metrics
and capital structure. Conversely, the outlook may be revised to
'Negative' in case of slowdown in revenue or substantial increase
in working capital requirements, leading to deterioration in
financial risk profile.

KCR, based in Jalalabad (Punjab), is managed by Mr. Raman Kumar
and his brother Mr. Anil Kumar. KCR processes and sells basmati
rice. The firm primarily processes the PUSA 1121 variety of
basmati rice for own sales and undertakes job-work for other
firms.

KCR reported net profit of INR1.9 million on net sales of INR365.2
million for 2014-15 (refers to financial year, April 1 to March
31), against net profit of INR1.7 million on net sales of INR209.6
million for 2013-14.


K. C. SOLVENT: CRISIL Reaffirms B+ Rating on INR450MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of K. C. Solvent
Extractions Private Limited (KCSE) continues to reflect KCSE's
weak financial risk profile, marked by a small net worth, high
gearing, and below-average debt protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           450       CRISIL B+/Stable (Reaffirmed)
   Term Loan              30       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's working capital-intensive
operations in the fragmented rice industry. These rating
weaknesses are partially offset by the promoters' extensive
experience in the rice industry and the company's diversified
product mix.
Outlook: Stable

CRISIL believes that KCSE will maintain its business risk profile,
supported by its diversified product-mix. The company's financial
risk profile continues to be constrained by high gearing and weak
debt protection metrics. The outlook may be revised to 'Positive'
if KCSE's capital structure improves significantly, driven by the
promoter's capital infusion; or substantial improvement in
profitability or working capital management. Conversely, the
outlook may be revised to 'Negative' if KCSE's financial risk
profile weakens, because of a decline in sales, or a large debt-
funded capital expenditure.

KCSE was incorporated in Jalalabad (Punjab) and is currently being
managed by Mr. Prem Kumar. The company primarily mills rice and
extracts rice bran oil; it has an extraction and refining plant in
Jalalabad.


KRISHIKA FARMS: CRISIL Reaffirms B Rating on INR60MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Krishika Farms Pvt
Ltd (KFPL; part of the Mayuri Group) continues to reflect the
Mayuri group's stretched liquidity marked by tightly matched cash
accruals and term debt obligations.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL B/Stable (Reaffirmed)
   Term Loan             60        CRISIL B/Stable (Reaffirmed)

The rating also factors in susceptibility of profitability margins
to volatility in raw material prices, exposure to intense
competition and to inherent risks in the poultry industry, and
below-average financial risk profile marked by modest net worth,
high gearing, and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
group's promoter in the poultry industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KFPL, Mayuri Broiler Breeding Farms Pvt
Ltd (MBFPL) and Lakshmi Venkat Farms Limited (LVFL); these
companies are together referred to as the Mayuri group. This is
because the three companies, collectively referred to as the
Mayuri group, have operational synergies being in the same line of
business, and have a common promoter and fungible cash flows.
Outlook: Stable

CRISIL believes that the Mayuri group will continue to benefit
over the medium term from its promoter's extensive industry
experience. The outlook may be revised to 'Positive' in case of a
substantial and sustained improvement in revenue and profitability
margins, or in capital structure or net worth backed by sizeable
equity infusion by promoter. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in profitability
margins, or significant deterioration in capital structure, caused
most likely by large debt-funded capital expenditure or stretch in
working capital cycle.

LVFL, incorporated in 1995 by Mr. V. Harshvardhan Reddy, produces
hatching eggs and day-old chicks. MBFPL, incorporated in 2006 by
Mr. V Harshvardhan Reddy, produces hatching eggs and broiler
birds. KFPL, incorporated in 2010, produces table eggs. The group
is based in Hyderabad, Telangana.


L.M. FOODS: ICRA Revises Rating on INR23cr Loan to B-
-----------------------------------------------------
ICRA has revised its rating on the INR23.0 crore fund based
facilities and INR2 crore unallocated bank limits of L.M. Foods to
[ICRA]B- from [ICRA]B+.
                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Facilities      23.0      [ICRA]B-;(Revised)
   Unallocated                 2.0      [ICRA]B-;(Revised)

The revision in rating is driven by the stretched liquidity
position of the firm as reflected in consistent overutilization of
fund based limits. Though the firm has witnessed a significant
growth in operating scale over the last two years, it continues to
be highly dependent on external debt, resulting in overutilization
of limits. The rating is constrained by the firm's weak financial
profile reflected in its high gearing (13.61 times as on March 31,
2015, 9.41 times when adjusted for interest free unsecured
promoter loans) and weak debt protection indicators (NCA/Debt of
1.89%, Debt/OPBDIT of 11.76 times and Interest coverage ratio of
1.09 times for FY15). The rating also factors in the pressures on
the firm's margins consequent to weak realizations and falling
input prices which have resulted in inventory losses. This apart
the rating continues to be constrained by the low value additive
nature of the rice milling business and the risks inherent in
partnership firms such as risk of dissolution, withdrawal of
capital etc. The rating however derives comfort from the extensive
experience of the promoters in rice milling, the favorable
location of the mill which ensures easy availability of paddy, as
well as the improvement in the firm's operating scale over the
past two years. ICRA also notes that the firm has sought
enhancement in bank limits.

Going forward the firm's ability to improve its liquidity position
apart from improving its capital structure and debt coverage
indicators will be the key rating sensitivities.

Based in Karnal, L.M. Foods was formed in 1997 as a partnership
firm by Mr Madan Lal and Mr Kewal Krishnan. At present, Mrs
Krishna Devi and Mr Kewal Krishnan are equal partners in the firm.
L.M. Foods is involved in milling and processing of basmati rice.
The firm is also engaged in further processing of byproducts like
bran and husk. From FY13, the firm has focused only on domestic
sales and does not have any export sales.

Recent Results
For 2014-15, the firm reported a net profit of INR0.33 crore on an
operating income of INR82.20 crore, as compared to a net profit of
INR0.10 crore on an operating income of INR80.82 crore for the
previous year.


LAXMI TRANSMISSION: ICRA Assigns 'B' Rating to INR6.0cr Loan
------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR6.00
crore fund based facilities of Laxmi Transmission. ICRA has also
assigned the short term rating of [ICRA]A4 to the INR6.00 crore
non fund based facilities of LT.
                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   OD                      6.00         [ICRA]B assigned

   Non Fund Based Limit    6.00         [ICRA]A4 assigned

The assigned ratings are constrained by LT's modest scale of
operations in the construction industry; its weak financial
profile characterized by moderate profitability and depressed
coverage indicators in the last two years and exposure towards
geographical and sectoral concentration risk with operations
limited to construction of substation and connecting lines largely
in Telangana and Andhra Pradesh. The ratings, however, derive
comfort from the experience of the promoters in the construction
of substation and connecting lines and its registration with
Government distribution and transmission companies of Andhra
Pradesh and Chhattisgarh. ICRA notes that LT's order book of INR70
crore as on July 20, 2015 provides revenue visibility in the near
term, however, majority of the orders are from Transmission
Corporation of Telangana Limited (TSTRANSCO) and Telangana State
Northern Power Distribution Company Limited (TSNPDCL) which
exposes it to customer concentration risk.

Going forward, the ability of the firm to timely execute order by
managing its working capital requirement would remain key rating
sensitivities from credit perspective.

Laxmi Transmission was set up in 1993 as a partnership firm by Mr
Venu Gopal Reddy. The firm is involved in execution of contracts
on turnkey basis for installation of substation and connecting
lines. LT is registered as class A contractor with major
government departments like Transmission Corporation of Andhra
Pradesh (APTRANSCO), Transmission Corporation of Telangana Limited
(TSTRANSCO), Telangana State Northern Power Distribution Company
Limited (TSNPDCL), Andhra Pradesh Northern Power Distribution
Company Limited (APNPDCL), Chhattisgarh State Power Transmission
Company Limited (CSPTCL) and others.

Recent Results
The company reported a net profit of INR1.81 crore (provisional)
on an operating income of INR52.66 crore (provisional) during
2014-15, as compared to a net profit of INR0.63 crore on an
operating income of INR34.60 crore during 2013-14.


M GANESH: ICRA Assigns B+ Rating to INR3.0cr Term Loan
------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR3.00
crore term loan of M Ganesh. ICRA has also assigned a long term of
[ICRA]B+ and a short term rating of [ICRA]A4 to the INR2.00 crore
non-fund based facilities of the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loan             3.00         [ICRA]B+ assigned

   Non-fund based        2.00         [ICRA]B+ and [ICRA]A4
   Facilities                          Assigned

The ratings assigned factors in the small scale of operations and
weak order book as on date that limits operational and financial
flexibility to an extent. The rating is further constrained by the
high competitive intensity with the presence of large number of
players in and around the region where the firm operates, that
limits the bargaining power of the firm to an extent and the
moderate financial profile marked by high working capital
intensity owing to delayed payments from the government agencies,
adversely impacting the liquidity of the firm.

The ratings are, however, supported by the long standing presence
of the promoter in the road construction business and timely
completion of the orders in the past that support growth
prospects. The rating also takes into consideration the healthy
relationship that the promoter has built over the years with the
government agencies that enhances the revenue visibility going
forward.

M. Ganesh was incorporated as a proprietorship firm in 2004 and is
involved in the business of construction and repair of roads. The
firm is a Class I contractor which undertakes works for government
departments such Public Works Department (PWD), National Highways,
National Bank for Agriculture and Rural Development (NABARD) and
Karnataka Rural Development among others in and around Kolar,
Bangalore and Chikballapur regions.

Recent results
During 2013-14, the firm reported a net profit of INR0.8 crore on
an operating income of INR13.1 crore as against a net profit of
INR0.9 crore on an operating income of INR13.4 crore during 2012-
13. As per the provisional financials, the firm reported a net
profit of INR1.1 crore on an operating income of INR14.2 crore
during 2014-15.


MITTAL OCEAN: ICRA Assigns B+ Rating to INR2.50cr Cash Credit
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA] B+ to the INR2.50
crore fund based bank facilities and short term rating of [ICRA]A4
rating to INR8.50 crores non fund based facilities of Mittal Ocean
Trade Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.50       [ICRA]B+; assigned
   Non Fund-Based
   Limits LC              8.50       [ICRA]A4; assigned

While arriving at the ratings, ICRA has considered the
consolidated operational and financial risk profile of MOTPL and
its associate company-Mittal Timber Store (MTS), collectively
referred to as the Mittal Group.

ICRA's ratings are constrained by the relatively modest scale of
the group's operations which limits economies of scale and the
competitive pressures to which the group is exposed, owing to low
entry barriers. The rating also takes into account the dependence
of the availability of timber on trade regulations prevailing in
the markets from where the supplies are sourced. The rating is
also tempered by the susceptibility of the group's margins to
fluctuations in foreign currency exchange rates due to the group's
significant dependence on imports. The rating is also constrained
by the financial risk profile of the group characterized by modest
accruals, low net worth, high Total outside Liabilities/Net Worth
of 4.40times and weak coverage indicators with NCA/TD1 of 5.9% and
DSCR2 of 1.44 for FY15. The ratings are also constrained by
exposure of timber industry to any slowdown in the construction
industry. The rating, however, positively considers the
significant experience of the promoter group in the timber trading
business and the group's established relationships with its
suppliers, enabling timely availability of timber for the group.

Going forward, the ability of the group to improve its scale of
operations while maintaining adequate profitability margins and
prudent management of the working capital cycle will be the key
rating sensitivities.

MOTPL has been promoted by Mr Rajiv Mittal and Mr. Vijay Mittal
and was incorporated in 1999. MTS and MOTPL are engaged in timber
trading and procure timber mainly from Sinagapore, Hong Kong and
New Zealand and also from the domestic market. The group's factory
located at Gandhidham (Gujarat) is engaged in cleaning and sawing
of logs to make clean squared timber blocks. The sawn timber
produced at its Gandhidham factory is sold from the group's
offices in Karnal, Haryana and in Gandhidham.

Recent Results
MOTPL reported a net profit of INR0.06 crore on an operating
income of INR39.53 crore in FY14 as against net profit of INR0.06
crore on an operating income of INR28.02 crores in FY13. The
company, on a provisional basis, reported an operating income of
INR38.33 crore in FY2015.


MITTAL TIMBER: ICRA Assigns B+ Rating to INR2.0cr Cash Credit
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA] B+ to the INR2.00
crore fund based bank facilities and short term rating of [ICRA]A4
rating to INR9 crores non fund based facilities of Mittal Timber
Store.  While arriving at the ratings, ICRA has considered the
consolidated operational and financial risk profile of MTS and its
associate company-Mittal Ocean Trade Pvt Ltd, collectively
referred to as the Mittal Group.
                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            2.00        [ICRA]B+; assigned
   Non Fund-Based
   Limits LC              9.00        [ICRA]A4; assigned

ICRA's ratings are constrained by the relatively modest scale of
the group's operations which limits economies of scale and the
competitive pressures to which the group is exposed, owing to low
entry barriers. The rating also takes into account the dependence
of the availability of timber on trade regulations prevailing in
the markets from where the supplies are sourced. The rating is
also tempered by the susceptibility of the group's margins to
fluctuations in foreign currency exchange rates due to the group's
significant dependence on imports. The rating is also constrained
by the financial risk profile of the group characterized by modest
accruals, low net worth, high Total outside Liabilities/Net Worth
of 4.40times and weak coverage indicators with NCA/TD1 of 5.9% and
DSCR2 of 1.44 for FY15. The ratings are also constrained by
exposure of timber industry to any slowdown in the construction
industry. ICRA also takes cognizance of MTS' partnership
constitution, which exposes it to risks of withdrawals,
dissolution etc. The rating, however, positively considers the
significant experience of the promoter group in the timber trading
business and the group's established relationships with its
suppliers, enabling timely availability of timber for the group.

Going forward, the ability of the group to improve its scale of
operations while maintaining adequate profitability margins and
prudent management of the working capital cycle will be the key
rating sensitivities.

MTS is a proprietorship entity owned by Mr Krishna Kumar Mittal,
and was established in 1975. MTS and MOTPL are engaged in timber
trading and procure timber mainly from Sinagapore, Hong Kong and
New Zealand and also from the domestic market. The group's factory
located at Gandhidham (Gujarat) is engaged in cleaning and sawing
of logs to make clean squared timber blocks. The sawn timber
produced at its Gandhidham factory is sold from the group's
offices in Karnal, Haryana and in Gandhidham.

Recent Results
MTS reported a net profit of INR0.10 crore on an operating income
of INR29.54 crore in FY14 as against a net profit of INR0.09 crore
on an operating income of INR29.60 crore in FY13. The firm, on a
provisional basis, reported an operating income of INR32.32 crore
in FY15.


MURLIDHAR COTTON: ICRA Suspends B+ Rating on INR15cr Cash Credit
----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR15.00
crore long term working capital limits of Murlidhar Cotton
Industries. The suspension follows ICRAs inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit Limit     15.00        [ICRA]B+; Suspended

Established in 2008, Murlidhar Cotton Industries is engaged in
ginning and pressing operations. The firm is promoted and managed
by Mr. Punabhai Talaviya and other family members. The firm's
manufacturing facility is located at Dhasa, Amreli in Gujarat and
has twenty four ginning machines and one pressing machine with
capacity to produce 225 pressed cotton bales per day.


MUTNEJA RICE: CRISIL Ups Rating on INR180MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Mutneja Rice Mills (MRM) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           180       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term     20       CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')
The upgrade reflects ramp-up in MRM's operations. The firm
reported compound annual growth rate of 50 per cent in revenue
over past two years through 2014-15. The scale grew to INR728.5
million in 2014-15 (refers to financial year, April 1 to
March 31) from INR322 million in 2012-13. The revenue is expected
to grow by around 15 per cent over the medium term with sustained
margin. Consequently, accruals and liquidity are expected to
improve. Moreover, regular funding support from promoters by way
of unsecured loans of INR21 million as on March 31, 2015, and
capital infusion of INR18 million over the past two years support
the firm's liquidity.

The rating reflects MRM's below-average financial risk profile,
marked by high gearing, and large working capital requirements.
These rating weaknesses are partially offset by the extensive
experience of MRM's promoters in the rice industry and their
funding support to the firm.
Outlook: Stable

CRISIL believes that MRM will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' in case of significant improvement in operating margin
or working capital cycle, leading to better debt protection
metrics and capital structure. Conversely, the outlook may be
revised to 'Negative' in case of slowdown in revenue or steep
increase in working capital requirements, leading to deterioration
in financial risk profile.

MRM processes basmati rice. Its facility is in Jalalabad (Punjab)
and has both milling and sorting capacity of 5 tonnes per hour.

MRM reported net profit of INR2.3 million on net sales of INR728.5
million for 2014-15, against net profit of INR3.9 million on net
sales of INR620.0 million for 2013-14.


NAVKIRAN TECHNO: ICRA Reaffirms B+ Rating on INR8.40cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR10.00
crore (including unallocated limit of INR1.60 crore) fund based
limits at [ICRA]B+ for Navkiran Techno Feeds.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit       8.40       [ICRA]B+ reaffirmed
   Unallocated Limit      1.60       [ICRA]B+ reaffirmed

The reaffirmation of the rating factors in NTF's small scale of
current operation in the highly fragmented aqua feed industry with
intense competition from other established payers; and partnership
nature of the firm with risk of capital withdrawal by partners as
observed in FY 2015. The rating continues to remain constrained
owing to inherent risks in the aquaculture industry like
susceptibility to diseases, climate change risks and exposure to
volatility in the key raw materials. Due to delay in replacing the
grinding machine for manufacturing shrimp feeds, the production in
FY 2015 remained low which has impacted the sales during the year
and the firm continued to do processing work for its group company
UNO Feeds for few months in FY 2015. Say something about it
getting corrected current year. The rating, however, derives
comfort from the experience of the promoters in the aqua feed
industry with operational support from group concern and proximity
of the manufacturing location to the major aqua culture belt of
Andhra Pradesh. ICRA also notes the favourable growth in shrimp
culturing in India over the past 2-3 years is leading to higher
demand for shrimp feed.

Going forward ability of the firm to increase its scale of
operations while managing its working capital requirements would
be the key rating sensitivities.

Navkiran Techno Feeds (NTF) was established as a partnership firm
in April 2012 by Mr. Narasimha Rao. The firm is engaged in the
manufacturing of shrimp and fish feeds with an installed capacity
of 1200 MTs per month, located at Bhimavaram in Andhra Pradesh.
The firm commenced operations in January 2014. NTF belongs to the
UNO Feeds group which is predominantly into manufacturing of
extruded floating fish feeds in India since the year 2008 with an
installed capacity of 9000 MTs per month.

Recent Results
In FY 2015, NTF reported net profit of INR0.63 crore on operating
income of INR13.99 crore as against net profit of INR0.45 crore on
operating income of INR6.37 crore in FY 2014.


PAYAL POLYPLAST: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Payal Polyplast
Private Limited (PPPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The agency has also assigned PPPL's bank loans
the following ratings:

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
Fund-based working         200      Long-Term 'IND BB-'/Stable
capital limit                       and Short-Term 'IND A4+'

Non-fund-based working     450      Short-Term 'IND A4+'
capital limit

KEY RATING DRIVERS

The ratings reflect PPPL's moderate credit metrics with interest
coverage (operating EBITDA/gross interest expense) of 1.63x and
financial leverage (total adjusted net debt/operating EBITDAR) of
4.30x, according to the provisional financials for FY15.

However, the ratings are supported by PPPL's large scale of
operations as evident from the top-line of INR2,986.18 million in
FY15 and improving EBITDA margins of 3.28% (FY14: 1.07%). The
ratings are also supported by over three-decade-long experience of
the company's promoters in the plasticizers business.

RATING SENSITIVITIES

Negative: A decline in the operating profitability leading to
deterioration in the credit metrics could lead to a negative
rating action.

Positive: A sustained improvement in the overall credit metrics
will be positive for the ratings.

COMPANY PROFILE

PPPL is a group company of Payal Group formed in 2009. PPPL is
engaged in the manufacturing of plasticisers and PVC compounds and
trading of polymers and solvents. It was originally established as
a partnership firm (named Payal Polymers) and was reconstituted as
a private limited company in January 2009. It has its
manufacturing facility in Daman with a capacity of 76,000mtpa.


PEKON ELECTRONICS: CRISIL Reaffirms B+ Rating on INR70MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pekon Electronics
Limited (PEL) continue to reflect improving business risk profile
marked by diversified business profile and increasing scale of
operations.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        10        CRISIL A4 (Reaffirmed)

   Cash Credit           40        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit     100        CRISIL A4 (Reaffirmed)

   Proposed Fund
   Based Bank Limits     70        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in PEL's average financial risk profile,
marked by a moderate total outside liabilities to tangible net
worth ratio, weak operating interest coverage and, susceptibility
to intense market competition. These rating weaknesses are
mitigated by the promoters' extensive experience in the trading
industry.
Outlook: Stable

CRISIL believes that PEL will continue to benefit from its
promoter's industry experience over the medium term. The outlook
may be revised to 'Positive' if PEL's financial risk profile
improves, most likely with a sustained improvement in its
operating profitability, an equity infusion, or an increase in its
accretion to reserves. Conversely, the outlook may be revised to
'Negative' if PEL undertakes a large, debt-funded capital
expenditure programme, thus weakening its debt protection metrics,
or if competitive pressure results in a decline in profitability.

PEL was incorporated in 1985 as a public limited company (closely
held). The company, promoted by Mr. Purshottam Bhagchandka, Mr.
Dhiraj Bhagchandka, and Mr. Suresh Kumar Jalani, trades plastic
granules and import licenses, cotton fabrics.


PGS TELE: CRISIL Suspends B+ Rating on INR90MM Cash Credit
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
PGS Tele World (PGS).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        20        CRISIL A4
   Cash Credit           90        CRISIL B+/Stable
   Proposed Cash
   Credit Limit          70        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by PGS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PGS is yet to
provide adequate information to enable CRISIL to assess PGS's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

PGS is a partnership firm established in 2006 and is distributor
of several mobile companies including LG, Onida, Optima, RAGE
mobile etc. as well as computer parts and electrical white goods
in Delhi. Mr. Vikas Gupta is the key partner who looks after the
day-to-day operations of the firm.


RAJPARIS CIVIL: CRISIL Suspends B+ Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Rajparis
Civil Constructions Ltd (RCC).

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

The suspension of ratings is on account of non-cooperation by RCC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RCC is yet to
provide adequate information to enable CRISIL to assess RCC's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

RCC, incorporated in 1981, develops residential projects and
undertakes civil construction contracts in and around Chennai.


S.R.K. INFRA: CRISIL Suspends B- Rating on INR100MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S.R.K. Infra Projects Pvt. Ltd.

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

   Proposed Long Term
   Bank Loan Facility     50       CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
SRKIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SRKIPL is yet to
provide adequate information to enable CRISIL to assess SRKIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Set up in 1983 as a proprietorship entity and converted in to a
private limited company during 2004, SRKIPL is involved in the
construction and operation of a single commercial real estate
property at Vishakhapatnam. The company is promoted by Mr.
Satyanarayana Raju.


SANSAR TEXTURISERS: CRISIL Assigns B+ Rating to INR350MM Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Sansar Texturisers Pvt Ltd and has assigned its
'CRISIL B+/Stable' rating to the facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           350       CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The rating had previously been 'Suspended' by CRISIL (refer to the
Rating Rationale dated December 9, 2014), since Sansar had not
provided the necessary information required for a rating review.
Sansar has now shared the requisite information, enabling CRISIL
to assign a rating to the bank facilities.

CRISIL's rating on the bank facilities of Sansar reflects its
below-average financial risk profile, with weak debt protection
measures and financial flexibility due to sizeable working capital
requirements. The rating also reflects the company's
susceptibility to unfavourable government policies, and modest
scale of operations in the intensely competitive synthetic yarn
and fabrics industry. These rating weaknesses are partially offset
by the extensive experience of its promoters in the yarn trading
business.
Outlook: Stable

CRISIL believes that Sansar will continue to benefit over the
medium term from the established track record of its promoters in
the textile industry and its established customer base. The
outlook may be revised to 'Positive' if increase in sales and
profitability and efficient management of working capital cycle
result in stronger cash accruals and liquidity. Conversely, the
outlook may be revised to 'Negative' if low sales realisations or
profitability, or stretch in working capital cycle weakens its
financial risk profile.

Sansar, set up in 1989-90, trades in nylon and viscose yarn
imported mainly from China and Korea. The company is promoted and
managed by Mr. Vishnu Goenka and his family. The company is based
in Surat (Gujarat).

Sansar reported a net loss of INR9.3 million on net sales of
INR478.5 million for 2013-14 (refers to financial year, April 1 to
March 31) against a profit after tax (PAT) of INR  8.3 million on
net sales of INR942.2 million for 2012-13.


SGS MARINE: CRISIL Assigns B+ Rating to INR50MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of SGS Marine Habitability Pvt Ltd (SGS).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term       25       CRISIL B+/Stable
   Bank Loan Facility

   Letter of Credit         10       CRISIL A4

   Cash Credit              50       CRISIL B+/Stable

   Inland Guarantees        15       CRISIL A4

The ratings reflect SGS's modest scale and working-capital-
intensive nature of operations, and susceptibility to intense
competition and cyclicality in the shipping industry. These
strengths are partially offset by its promoters' extensive
experience in the marine industry, and its established customer
relationships.
Outlook: Stable

CRISIL believes that SGS will continue to benefit over the medium
term from its promoters' extensive experience in the marine
industry. The outlook may be revised to 'Positive' if SGS
significantly increases its scale of operations, while it sustains
its profitability and cash accruals, resulting in better capital
structure. Conversely, the outlook may be revised to 'Negative' if
the profitability declines or its capital structure deteriorates
because of large debt-funded capital expenditure or increase in
working capital requirements.

Incorporated in 2012 as a private limited company and based in
Visakhapatnam (Andhra Pradesh), SGS assembles marine accommodation
like gallery, scullery, living space, cabinets, and furniture on
turnkey basis. The company is promoted by Mr. Ghanshyam Sharma,
Mr. Shyam Sundar Sharma and Mr. Jagdish Prasad Tamadiyat.

SGS, on a provisional basis, reported a profit after tax (PAT) of
INR 2.5 million on net sales of INR33 million for 2014-15 (refers
to financial year, April 1 to March 31) against a PAT of INR3.5
million on net sales of INR76 million for 2013-14.


SHREE KRISHAN: CRISIL Reaffirms 'B' Rating on INR154.5MM Loan
-------------------------------------------------------------
CRISIL's ratings on the long term bank facilities of Shree Krishan
Co (Manufacturers) Private Limited (SKCMPL) continue to reflect
SKCMPL's exposure to intense competition from large established
players in the Indian potato chips and extruded snacks
manufacturing industry, and its below-average financial risk
profile, marked by a modest net worth, high gearing and subdued
debt-protection metrics.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         7.5       CRISIL A4 (Reaffirmed)

   Cash Credit           46.0       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    12.0       CRISIL B/Stable (Reaffirmed)

   Term Loan            154.5       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
SKCMPL is expected to derive from its brand name and distribution
network development initiatives.
Outlook: Stable

CRISIL believes that SKCMPL will benefit over the medium term from
its brand name and distribution network development initiatives.
The outlook may be revised to 'Positive' if the increase in the
company's scale of operations is more than expected, and if its
liquidity improves, driven by prudent working capital management,
infusion of equity by promoters, and generation of better-than-
anticipated accruals. Conversely, the outlook may be revised to
'Negative' if SKCMPL's financial risk profile, particularly its
liquidity, deteriorates, most likely because of large, debt-funded
capex, lower-than-expected accruals, or significant increase in
working capital requirements.

SKCMPL, promoted by the Kolkata (West Bengal)-based Agarwal
family, has set up a unit for production of potatoes chips and
starch in Howrah. The plant has commenced commercial operations
from January 2013.  The company is marketing its product under the
brand name NJOY.


SRE PARTHASARATHI: CRISIL Assigns B Rating to INR130MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sre Parthasarathi Hotels Private Limited (SPHPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Term Loan        130       CRISIL B/Stable

The rating reflects SPHPL's early stage of operations and weak
financial risk profile. These rating weaknesses are partially
offset by the industry experience of SPHPL's promoters and the
favourable location of the hotel project, which enhances revenue
visibility for the medium term.
Outlook: Stable

CRISIL believes that SPHPL will continue to benefit over the
medium term from its promoters' experience. The outlook may be
revised to 'Positive' if healthy occupancy and average room rate
(ARR) levels lead to a stronger financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SPHPL's
financial risk profile deteriorates further due to delays in
operationalisation of the hotel, or lower offtake for the project.

Based in Chennai and set up in 2012, SPHPL is engaged in the
hospitality industry. It is setting up a hotel Mowbrayen, on
Bangalore Trunk Road, Chennai, which is to commence operations in
2015.


SREE VAAGESWARI: CRISIL Reaffirms B- Rating on INR30MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sree Vaageswari
Educational Society (SVES) continue to reflect high geographical
concentration in revenue profile and exposure to risks arising
from the competitive and regulated nature of the education
industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft Facility      30       CRISIL A4 (Reaffirmed)
   Term Loan               30       CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by extensive industry
experience of the promoters and the favourable demand prospects
for education sector in India.
Outlook: Stable

CRISIL believes that SVES will continue to benefit over the medium
term from its experienced management team and the healthy demand
prospects for the education sector. The outlook may be revised to
'Positive' in case of substantial increase in the society's scale
of operations and profitability margins from the current levels,
or a substantial improvement in liquidity on the back of sizeable
equity infusion by promoters. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in financial risk
profile, particularly liquidity, largely driven by lower-than-
expected profitability, or delays in receipts from government, or
larger-than-expected debt funded capital expenditure.

Founded in 1988 by the Reddy family, SVES operates six institutes
which provide education in engineering, degree, pharma science and
management studies. The colleges are affiliated to Jawaharlal
Nehru Technological University, Hyderabad. The society is based
in Karimnagar (Telangana).


SRI ANANTHA: CRISIL Assigns 'B' Rating to INR50MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sri Anantha Padmanabha Swamy Pharma Private
Limited (SASPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term       4        CRISIL B/Stable
   Bank Loan Facility
   Cash Credit              6        CRISIL B/Stable
   Long Term Loan          50        CRISIL B/Stable

The rating reflects SASPL's exposure to risks related to on-going
project and exposure to risks related to stabilisation during
initial stages of operations. These rating weaknesses are
partially offset by the benefits that the company derives from its
promoters' extensive industry experience.
Outlook: Stable

CRISIL believes that SASPL will continue to benefit from the
extensive experience of its promoters in the bulk drug industry.
The outlook may be revised to 'Positive' in case of early
stabilisation of its operations, leading to higher-than- expected
cash accruals resulting in better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
any time or cost overrun which would adversely impact the
financial risk profile of the company and thus its debt-servicing
ability.
Set up in 2013, SASPL is setting up a bulk drug intermediary unit
in Mehboobnagar, Telangana. SASPL is promoted by Mr. Peddi
Jagadishwar and his family.


SUMITA TEX: CRISIL Cuts Rating on INR1.02BB LT Loan to 'B'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sumita Tex Spin Pvt. Ltd to 'CRISIL B/Negative' from 'CRISIL
BB-/Negative', and reaffirmed its rating on the company's short-
term bank facilities at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        25        CRISIL A4 (Reaffirmed)

   Cash Credit          170        CRISIL B/Negative (Downgraded
                                   from 'CRISIL BB-/Negative')

   Funded Interest       67.7      CRISIL B/Negative (Downgraded
   Term Loan                       from 'CRISIL BB-/Negative')

   Letter of Credit      25        CRISIL A4 (Reaffirmed)

   Long Term Loan       253.9      CRISIL B/Negative (Downgraded
                                   from 'CRISIL BB-/Negative')

   Proposed Long       1022.8      CRISIL B/Negative (Downgraded
   Term                            from 'CRISIL BB-/Negative')

   Working Capital      435.6      CRISIL B/Negative (Downgraded
   Term Loan                       from 'CRISIL BB-/Negative')

The rating downgrade reflects the steep deterioration in Sumita's
liquidity with its depressed cash accruals expected to be
inadequate to meet its debt repayment obligations over the medium
term. There has also been a stretch in the company's working
capital cycle resulting in full utilisation of its bank limits.
CRISIL believes that Sumita will need capital infusion from its
promoters, or will have to register a sustained increase in its
profitability, to alleviate the pressure on its liquidity.

Sumita registered a cash loss of around INR30 million in 2014-15
(refers to financial year, April 1 to March 31) on account of a 15
per cent decline in revenue and depressed profit margins. While
the company is expected to register cash profits in 2015-16 on the
back of cost reduction initiatives, the same would be inadequate
to meet its annual term debt repayment obligations of INR42
million. The stretched working capital cycle also resulted in full
utilisation of its bank limits over the six months through June
2015.

The ratings reflect Sumita's below-average financial risk profile,
marked by high gearing and weak debt protection metrics. The
ratings also constrained on account of its exposure to intense
competition in the texturised yarn industry resulting in its low
profit margins, and the susceptibility of its profitability
margins to volatility in raw material prices. These rating
weaknesses of the company are partially offset by its promoters'
extensive experience in the texturised yarn business.
Outlook: Negative

CRISIL believes that Sumita's liquidity will remain weak over the
medium term with its depressed cash accruals expected to be
inadequate to meet its debt repayment obligations. The ratings may
be downgraded in case the company continues to register cash
losses, or there is weakening in its liquidity caused most likely
by a stretch in its working capital cycle. Conversely, the outlook
may be revised to 'Stable' in case of a substantial and sustained
increase in the company's revenues and profitability margins, or a
substantial improvement in its liquidity on the back of a sizeable
equity infusion by its promoters.

Sumita was set up in 1982 by Mr. Anurag Poddar, Mr. Omprakash
Poddar, and their family members. The company manufactures
texturised yarn from partially-oriented yarn, and its
manufacturing unit is in Silvassa (Dadra and Nagar Haveli). The
promoters have been in the textile business for more than 30
years.


SWAIN ALUMINIUM: CRISIL Cuts Rating on INR150MM Term Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Swain Aluminium Private Limited (SAPL) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            50       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Composite Working     100       CRISIL D (Downgraded from
   Capital Limit                   'CRISIL A4')

   Term Loan             150       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The rating downgrade reflects the delay by SAPL in repayment of
term loan instalments. The delay was on account of the company's
weak liquidity.

SAPL has a modest scale of operations, a below-average financial
risk profile, and large working capital requirements leading to
constrained liquidity. However, the company benefits from the
extensive experience of its promoters in the aluminium industry.

SAPL was incorporated in 2009 and commenced commercial operations
from 2011-12 (refers to financial year, April 1 to March 31). The
company manufactures aluminium extrusions and allied products. Its
manufacturing facility is at Sarua Industrial Area (Odisha).


TECHNOMAX BUILDING: CRISIL Suspends 'D' Rating on INR120MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Technomax Building Solution India Pvt Ltd (TBS).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           120       CRISIL D
   Long Term Loan         25       CRISIL D
   Proposed Long Term
   Bank Loan Facility      7.8     CRISIL D

The suspension of ratings is on account of non-cooperation by TBS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TBS is yet to
provide adequate information to enable CRISIL to assess TBS's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

TBS, incorporated in June 2008, manufactures RMC, which is used
predominantly in the construction industry. The company is
promoted by Mr. Rangaswami Raju, who also manages its day-to-day
operations.


THAMANIAN AGRO: CRISIL Assigns B+ Rating to INR95MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Thamanian Agro Foods (TAF).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           95        CRISIL B+/Stable

The rating reflects TAF's weak financial risk profile, marked by
high gearing and weak debt protection metrics, modest scale of
operations, and exposure to intense competition in the rice
milling industry. These rating weaknesses are partially offset by
the extensive experience of TAF's promoter in the rice milling
business.
Outlook: Stable

CRISIL believes that TAF will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
scale of operations and capital structure, leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if TAF undertakes aggressive debt-
funded expansions, or if its revenues and profitability decline
substantially, or if the promoter withdraws capital from the firm,
leading to weakening in its financial risk profile.

Set up in 1983 as a proprietorship firm, and reconstituted as
partnership firm in 2014, Thamanian Agro Foods (TAF) is engaged in
milling and processing of paddy into rice, rice bran, broken rice
and husk. The firm is promoted by Mr. S. Ganesa Pandian and his
son Mr. G. Karthik.

TAF reported a profit after tax (PAT) of INR1.0 million on net
sales of INR288.6 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR0.9 million on net sales
of INR187.0 million for 2012-13.


TILAK EXPORTS: CRISIL Assigns 'B' Rating to INR40MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Tilak Exports (TE).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Export Post-Shipment
   Credit                   120       CRISIL A4

   Term Loan                 40       CRISIL B/Stable

The ratings reflect TE's small scale of operations, high customer
concentration in its revenue profile, weak financial risk profile
marked by high gearing, and working-capital-intensive nature of
operations. These rating weaknesses are partially offset by the
promoters' extensive experience in the ready-made garments
manufacturing business.
Outlook: Stable

CRISIL believes that TE's scale of operations will remain small,
and its financial risk profile constrained due to its small net
worth and high gearing. The outlook may be revised to 'Positive'
in case of fresh equity infusion by the promoters, leading to an
increase in the firm's net worth. Conversely, the outlook may be
revised to 'Negative' if TE's capital structure deteriorates
further, driven by lengthening of its working capital cycle, or if
its revenue and profitability come under pressure.

TE was established in 1988 as a partnership firm by Ms. Manju
Farsaiya. The firm manufactures and exports women's garments. Its
manufacturing facility in Noida (Uttar Pradesh) is equipped with
500 sewing machines with a capacity to manufacture around 100,000
garments per month.


VEGA ENTERTAINMENT: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vega
Entertainment Private Limited's (Vega) additional bank facilities
the following ratings:

INR118 million term loan limits: 'IND BB+'/Stable
INR10 million additional fund-based working capital limits: 'IND
BB+'/Stable

Vega's outstanding ratings (including the above) are:
Long-Term Issuer Rating: 'IND BB+'/ Stable
INR118 million term loan limits: 'IND BB+'/Stable
INR110 million fund-based working capital limits:
'IND BB+'/Stable


VIMALA PAPER: CRISIL Suspends B+ Rating on INR75MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vimala
Paper Company Pvt Ltd (VPCPL).

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

   Proposed Cash
   Credit Limit          20        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
VPCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VPCPL is yet to
provide adequate information to enable CRISIL to assess VPCPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Set up as a partnership in 1977 and reconstituted as a private
limited company in 2010, VPCPL trades in writing and printing
(W&P) paper and paperboard. The company is promoted by Mr. K
Alagu, who manages its day-to-day operations along with his two
sons.



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


SHARP CORP: 3,234 Employees Apply For Voluntary Retirement
----------------------------------------------------------
Jiji Press reports that Sharp Corp. said that 3,234 employees have
applied for its voluntary retirement program.

Jiji Press relates that the figure fell below the 3,500 voluntary
retirements that the struggling major consumer electronics maker
had targeted.

According to the report, the company will log costs of about
JPY24.3 billion ($200 million) for the program, including
retirement allowances, as a special loss for July through
September.

Sharp, based in Osaka, announced in May plans to shed about 5,000
employees, or 10 percent of its global workforce, the report
recalls. As part of the plan, the company invited staffers in
Japan to apply for voluntary retirement between July 27 and
Aug. 4. The applicants will quit Sharp on Sept. 30, the report
notes.

The personnel reduction will help the company cut its fixed costs
by some JPY15 billion for the current business year through
March 2016, Jiji Press says.

                        About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in Troubled Company Reporter-Asia Pacific on
July 3, 2015, Standard & Poor's Ratings Services said that it has
raised its long-term corporate credit rating on Sharp Corp. to 'B-
' and its short-term corporate credit rating on the company to
'B', both from 'SD' (selective default). The outlook on the long-
term corporate credit rating is negative. On June 30, 2015, S&P
lowered the long- and short-term corporate credit ratings to 'SD'
because Sharp carried out a de facto debt-for-equity swap.  S&P
revised the ratings following completion of the transaction, which
resolved the situation that it defines as 'SD'.

S&P raised its long-term debt rating on Sharp to 'B-' from 'CCC+'
and S&P's commercial paper (CP) program rating to 'B' from 'C',
one notch for each, and removed the ratings from CreditWatch.  S&P
raised the long-term corporate credit rating on overseas
subsidiary Sharp International Finance (U.K.) PLC three notches to
'B-' and S&P's short-term corporate credit rating and its CP
program rating one notch to 'B' and also removed the ratings from
CreditWatch.



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


MAKO NETWORKS: In Liquidation; Owes Spark NZ$26 Million
-------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that Spark is
owed about NZ$26 million by the troubled Mako Networks, according
to one person familiar with the situation.

Mako Networks, a network security firm based on Auckland's North
Shore, was put into voluntary liquidation on August 20 by its
shareholders, the Herald relates citing the Companies Office.

The following day, a secured creditor appointed receivers to the
firm, the report says.

According to the Herald, Spark has confirmed it appointed the
receivers and said it had previously provided asset finance to
Mako.

Spark did not say how much it was owed but a source told the
Herald the amount was close to NZ$26 million.

"We have made provisions against this receivable in our last two
financial years and are comfortable with the carrying value," the
Herald quotes a Spark spokesman as saying.

The report relates that the telco said that it leased technology
hardware to Mako and in 2014 restructured debt it was owed and
gave the security firm a repayment holiday for two years.

"Unfortunately, 18 months on, Mako's financial position has
deteriorated to the point that Mako directors have decided Mako
cannot continue normal business operations. It is disappointing to
see an innovative New Zealand technology company struggle in this
way," the spokesman, as cited by the Herald, said.

Mako also provided technology for Spark's SecureMe service.

SecureMe is a business cyber-security product which Spark brought
in house last year, the report says.

"This included the acquisition of rights to relevant intellectual
property from Mako and the transfer of a small number of highly
trained staff to Spark Digital, to facilitate in-house delivery of
the SecureMe service. This means the SecureMe service is
effectively ring-fenced from the rest of Mako's operations and the
receivership will not have any impact on the delivery of SecureMe
services to Spark customers," the spokesman said, the report
relays.

According to the Personal Property Securities Register, Spark was
registered as a Mako Networks creditor in 2010, the Herald
discloses.

Receiver Neal Jackson could not be immediately reached for
comment, the report notes.

The Herald, citing National Business Review's website, says Mako's
Auckland office -- which employed 39 staff -- has been shut.

Headquartered in Auckland, New Zealand, Mako Networks --
http://www.makonetworks.com/-- is a network management company.
It has offices in San Francisco, London and Auckland.



=============================
P A P U A  N E W  G U I N E A
=============================


PAPUA NEW GUINEA: Government is Insolvent, Opposition Leader Says
-----------------------------------------------------------------
Radio New Zealand reports that the leader of the Papua New Guinea
Opposition, Don Polye, said the government is insolvent and is
already cutting funding to key sectors.

This comes amid wide criticism of the Peter O'Neill Government's
handling of the economy and predictions of a 20 fall in revenue
and a widening deficit, Radio NZ relates.

According to the report, Mr O'Neill said they can counter this and
critics of the state of the economy are just those with vested
interests.

But Mr Polye said the government has already cut funding to public
works, education, health and other sectors, the report relays.

He said drastic action is needed and he would immediately stop
major infrastructure spending in Port Moresby, according to the
report.

"[They are] spending up to PGK300 to PGK400 million in one piece
of infrastructure. Roads that are being built, getting all monies
that would have gone to the Highlands Highway road maintenance or
to other roads throughout Papua New Guinea, into just doing new
roads and other roads in Port Moresby that have no economic
value," the report quotes Mr. Polye as saying.



===============
X X X X X X X X
===============


* BOND PRICING: For the Week August 17 to August 21, 2015
---------------------------------------------------------

Issuer               Coupon     Maturity   Currency  Price
------               ------     --------   --------  -----


  AUSTRALIA
  ---------

ANTARES ENERGY LTD    10.00     10/30/23    AUD      1.72
BOART LONGYEAR MANA    7.00     04/01/21    USD     68.38
BOART LONGYEAR MANA    7.00     04/01/21    USD     68.38
CML GROUP LTD          9.00     01/29/20    AUD      0.99
CRATER GOLD MINING    10.00     08/18/17    AUD     26.00
FMG RESOURCES AUGUS    6.88     04/01/22    USD     60.88
FMG RESOURCES AUGUS    6.88     04/01/22    USD     61.02
IMF BENTHAM LTD        6.35     06/30/19    AUD     70.75
KBL MINING LTD        12.00     02/16/17    AUD      0.32
LAKES OIL NL          10.00     03/31/17    AUD      7.80
MIDWEST VANADIUM PT   11.50     02/15/18    USD      5.03
MIDWEST VANADIUM PT   11.50     02/15/18    USD      3.93
RESOLUTE MINING LTD   10.00     12/04/17    AUD      1.01
STOKES LTD            10.00     06/30/17    AUD      0.50
TREASURY CORP OF VI    0.50     11/12/30    AUD     66.43


CHINA
-----

CHANGCHUN CITY DEVE    6.08     03/09/16    CNY     40.50
CHANGZHOU INVESTMEN    5.80     07/01/16    CNY     40.88
CHANGZHOU WUJIN CIT    5.42     06/09/16    CNY     50.50
CHINA GOVERNMENT BO    1.64     12/15/33    CNY     73.05
CHINA GOVERNMENT WH    3.10     07/09/22    CNY      4.01
DATONG ECONOMIC CON    6.50     06/01/17    CNY     71.80
ERDOS DONGSHENG CIT    8.40     02/28/18    CNY     64.61
GRANDBLUE ENVIRONME    6.40     07/07/16    CNY     70.80
HANGZHOU XIAOSHAN S    6.90     11/22/16    CNY     73.30
HANGZHOU XIAOSHAN S    6.90     11/22/16    CNY     71.44
HEILONGJIANG HECHEN    7.78     11/17/16    CNY     71.67
HUAIAN CITY URBAN A    7.15     12/21/16    CNY     70.64
KUNSHAN ENTREPRENEU    4.70     03/30/16    CNY     40.26
LIAOYUAN STATE-OWNE    7.80     01/26/17    CNY     71.06
LUOHE CITY CONSTRUC    6.81     03/30/17    CNY     61.44
NANJING NANGANG IRO    6.13     02/27/16    CNY     50.20
NANTONG STATE-OWNED    6.72     11/13/16    CNY     70.60
PANJIN CONSTRUCTION    7.70     12/16/16    CNY     72.20
PANJIN CONSTRUCTION    7.70     12/16/16    CNY     71.58
QINGZHOU HONGYUAN P    6.50     05/22/19    CNY     40.57
SHENGZHOU HOTEL CO     9.20     02/26/16    CNY    100.00
TAIZHOU CITY CONSTR    6.90     01/25/17    CNY     70.62
WUXI COMMUNICATIONS    5.58     07/08/16    CNY     50.82
XIANGTAN JIUHUA ECO    6.93     12/16/16    CNY     71.00
YANGZHOU ECONOMIC D    6.10     07/07/16    CNY     50.70
YANGZHOU URBAN CONS    5.94     07/23/16    CNY     41.03
YIJINHUOLUOQI HONGT    8.35     03/19/19    CNY     73.33
YINCHUAN URBAN CONS    6.28     03/09/17    CNY     51.13
YUNNAN INVESTMENT G    5.25     08/24/17    CNY     71.50


INDONESIA
---------

BERAU COAL ENERGY T    7.25     03/13/17    USD     58.75
BERAU COAL ENERGY T    7.25     03/13/17    USD     53.24
GAJAH TUNGGAL TBK P    7.75     02/06/18    USD     71.01
GAJAH TUNGGAL TBK P    7.75     02/06/18    USD     75.63
INDONESIA TREASURY     6.38     04/15/42    IDR     71.80


INDIA
-----

3I INFOTECH LTD        5.00     04/26/17    USD     12.50
BLUE DART EXPRESS L    9.30     11/20/17    INR     10.11
BLUE DART EXPRESS L    9.40     11/20/18    INR     10.16
BLUE DART EXPRESS L    9.50     11/20/19    INR     10.22
COROMANDEL INTERNAT    9.00     07/23/16    INR     15.17
GTL INFRASTRUCTURE     3.53     11/09/17    USD     25.38
INCLINE REALTY PVT    10.85     04/21/17    INR      7.23
INCLINE REALTY PVT    10.85     08/21/17    INR     10.53
INDIA GOVERNMENT BO    0.33     01/25/35    INR     23.50
JAIPRAKASH ASSOCIAT    5.75     09/08/17    USD     71.25
JCT LTD                2.50     04/08/11    USD     23.13
ORIENTAL HOTELS LTD    2.00     11/21/19    INR     73.83
PYRAMID SAIMIRA THE    1.75     07/04/12    USD      1.00
REI AGRO LTD           5.50     11/13/14    USD     20.63
REI AGRO LTD           5.50     11/13/14    USD     20.63


JAPAN
-----

AVANSTRATE INC         3.02     11/05/15    JPY     41.13
AVANSTRATE INC         5.00     11/05/17    JPY     30.50
ELPIDA MEMORY INC      0.70     08/01/16    JPY     10.25
ELPIDA MEMORY INC      0.50     10/26/15    JPY     10.25
ELPIDA MEMORY INC      2.29     12/07/12    JPY     10.25
ELPIDA MEMORY INC      2.10     11/29/12    JPY     10.25
ELPIDA MEMORY INC      2.03     03/22/12    JPY     10.25


KOREA
-----

2014 KODIT CREATIVE    5.00     12/25/17    KRW     29.30
2014 KODIT CREATIVE    5.00     12/25/17    KRW     29.30
DONGBU STEEL CO LTD    5.00     03/09/18    KRW     62.10
DOOSAN CAPITAL SECU   20.00     04/22/19    KRW     37.14
EXPORT-IMPORT BANK     0.50     11/21/17    BRL     76.75
HYUNDAI HEAVY INDUS    4.90     12/15/44    KRW     54.04
HYUNDAI HEAVY INDUS    4.80     12/15/44    KRW     55.07
HYUNDAI MERCHANT MA    7.05     12/27/42    KRW     35.95
KIBO ABS SPECIALTY    10.00     08/22/17    KRW     25.18
KIBO ABS SPECIALTY    10.00     09/04/16    KRW     37.63
KIBO ABS SPECIALTY     5.00     01/31/17    KRW     31.13
KIBO ABS SPECIALTY     5.00     03/29/18    KRW     28.28
KIBO ABS SPECIALTY    10.00     02/19/17    KRW     35.09
KIBO GREEN HI-TECH    10.00     12/21/15    KRW     47.50
LSMTRON DONGBANGSEO    4.53     11/22/17    KRW     28.97
POSCO ENERGY CORP      4.66     08/29/43    KRW     67.43
POSCO ENERGY CORP      4.72     08/29/43    KRW     66.86
POSCO ENERGY CORP      4.72     08/29/43    KRW     66.69
POSCO PLANTEC CO LT    3.89     09/13/16    KRW     75.07
PULMUONE CO LTD        2.50     08/06/45    KRW     57.31
SINBO SECURITIZATIO    5.00     08/29/18    KRW     27.13
SINBO SECURITIZATIO    5.00     08/29/18    KRW     27.13
SINBO SECURITIZATIO    5.00     09/13/15    KRW     67.03
SINBO SECURITIZATIO    5.00     09/13/15    KRW     67.03
SINBO SECURITIZATIO   10.00     12/27/15    KRW     46.67
SINBO SECURITIZATIO    5.00     02/02/16    KRW     37.58
SINBO SECURITIZATIO    8.00     02/02/16    KRW     41.18
SINBO SECURITIZATIO    5.00     01/19/16    KRW     38.54
SINBO SECURITIZATIO    5.00     12/07/15    KRW     43.54
SINBO SECURITIZATIO    5.00     10/01/17    KRW     29.81
SINBO SECURITIZATIO    5.00     10/01/17    KRW     29.81
SINBO SECURITIZATIO    5.00     10/01/17    KRW     29.81
SINBO SECURITIZATIO    5.00     03/13/17    KRW     31.45
SINBO SECURITIZATIO    5.00     03/13/17    KRW     31.45
SINBO SECURITIZATIO    5.00     03/14/16    KRW     34.29
SINBO SECURITIZATIO    5.00     07/08/17    KRW     30.74
SINBO SECURITIZATIO    5.00     07/08/17    KRW     30.74
SINBO SECURITIZATIO    5.00     08/16/16    KRW     32.74
SINBO SECURITIZATIO    5.00     08/16/17    KRW     30.33
SINBO SECURITIZATIO    5.00     08/16/17    KRW     30.33
SINBO SECURITIZATIO    5.00     06/07/17    KRW     23.58
SINBO SECURITIZATIO    5.00     06/07/17    KRW     23.58
SINBO SECURITIZATIO    5.00     01/15/18    KRW     29.11
SINBO SECURITIZATIO    5.00     01/15/18    KRW     29.11
SINBO SECURITIZATIO    5.00     09/28/15    KRW     57.41
SINBO SECURITIZATIO    5.00     10/05/16    KRW     33.28
SINBO SECURITIZATIO    5.00     10/05/16    KRW     31.69
SINBO SECURITIZATIO    5.00     08/31/16    KRW     33.70
SINBO SECURITIZATIO    5.00     08/31/16    KRW     33.70
SINBO SECURITIZATIO    5.00     08/24/15    KRW    109.06
SINBO SECURITIZATIO    5.00     12/13/16    KRW     32.46
SINBO SECURITIZATIO    5.00     12/25/16    KRW     31.59
SINBO SECURITIZATIO    5.00     06/29/16    KRW     34.28
SINBO SECURITIZATIO    5.00     05/27/16    KRW     34.64
SINBO SECURITIZATIO    5.00     05/27/16    KRW     34.64
SINBO SECURITIZATIO    5.00     07/26/16    KRW     33.95
SINBO SECURITIZATIO    5.00     07/26/16    KRW     33.95
SINBO SECURITIZATIO    5.00     06/27/18    KRW     27.76
SINBO SECURITIZATIO    5.00     06/27/18    KRW     27.76
SINBO SECURITIZATIO    5.00     09/26/18    KRW     26.93
SINBO SECURITIZATIO    5.00     09/26/18    KRW     26.93
SINBO SECURITIZATIO    5.00     09/26/18    KRW     26.93
SINBO SECURITIZATIO    5.00     02/11/18    KRW     28.64
SINBO SECURITIZATIO    5.00     02/11/18    KRW     28.64
SINBO SECURITIZATIO    5.00     03/12/18    KRW     28.42
SINBO SECURITIZATIO    5.00     03/12/18    KRW     28.42
SINBO SECURITIZATIO    5.00     07/24/18    KRW     27.57
SINBO SECURITIZATIO    5.00     07/24/18    KRW     27.57
SINBO SECURITIZATIO    5.00     07/24/17    KRW     29.68
SINBO SECURITIZATIO    5.00     02/21/17    KRW     31.68
SINBO SECURITIZATIO    5.00     02/21/17    KRW     31.68
SINBO SECURITIZATIO    5.00     01/29/17    KRW     31.94
SK TELECOM CO LTD      4.21     06/07/73    KRW     63.98
TONGYANG CEMENT & E    7.50     04/20/14    KRW     70.00
TONGYANG CEMENT & E    7.50     07/20/14    KRW     70.00
TONGYANG CEMENT & E    7.50     09/10/14    KRW     70.00
TONGYANG CEMENT & E    7.30     06/26/15    KRW     70.00
TONGYANG CEMENT & E    7.30     04/12/15    KRW     70.00
U-BEST SECURITIZATI    5.50     11/16/17    KRW     30.02
WISE MOBILE SECURIT   20.00     07/17/18    KRW     71.61
WISE MOBILE SECURIT   20.00     05/19/18    KRW     74.21


SRI LANKA
---------

SRI LANKA GOVERNMEN    5.35     03/01/26    LKR     72.33


MALAYSIA
--------

BANDAR MALAYSIA SDN    0.35     12/29/23    MYR     70.50
BANDAR MALAYSIA SDN    0.35     02/20/24    MYR     70.02
BIMB HOLDINGS BHD      1.50     12/12/23    MYR     71.49
BRIGHT FOCUS BHD       2.50     01/24/30    MYR     68.84
BRIGHT FOCUS BHD       2.50     01/22/31    MYR     66.02
DANGA CAPITAL BHD      4.49     04/22/16    MYR    100.26
LAND & GENERAL BHD     1.00     09/24/18    MYR      0.22
SENAI-DESARU EXPRES    0.50     12/31/38    MYR     65.97
SENAI-DESARU EXPRES    0.50     12/31/40    MYR     69.29
SENAI-DESARU EXPRES    0.50     12/31/41    MYR     70.52
SENAI-DESARU EXPRES    0.50     12/31/42    MYR     71.75
SENAI-DESARU EXPRES    0.50     12/30/39    MYR     67.77
SENAI-DESARU EXPRES    0.50     12/30/44    MYR     73.77
SENAI-DESARU EXPRES    0.50     12/31/43    MYR     72.85
SENAI-DESARU EXPRES    0.50     12/29/45    MYR     74.85
SENAI-DESARU EXPRES    1.35     12/31/27    MYR     59.34
SENAI-DESARU EXPRES    1.35     06/30/28    MYR     58.13
SENAI-DESARU EXPRES    1.35     12/29/28    MYR     56.92
SENAI-DESARU EXPRES    1.10     06/30/22    MYR     73.33
SENAI-DESARU EXPRES    1.15     06/30/23    MYR     70.39
SENAI-DESARU EXPRES    1.15     12/30/22    MYR     71.99
SENAI-DESARU EXPRES    1.15     06/30/25    MYR     64.27
SENAI-DESARU EXPRES    1.35     12/31/30    MYR     52.38
SENAI-DESARU EXPRES    1.35     06/30/31    MYR     51.32
SENAI-DESARU EXPRES    1.35     06/28/30    MYR     53.49
SENAI-DESARU EXPRES    1.35     06/29/29    MYR     55.74
SENAI-DESARU EXPRES    1.35     12/31/29    MYR     54.60
SENAI-DESARU EXPRES    1.15     12/29/23    MYR     68.85
SENAI-DESARU EXPRES    1.15     06/28/24    MYR     67.32
SENAI-DESARU EXPRES    1.15     12/31/24    MYR     65.76
SENAI-DESARU EXPRES    1.35     12/31/25    MYR     64.40
SENAI-DESARU EXPRES    1.35     12/31/26    MYR     61.81
SENAI-DESARU EXPRES    1.10     12/31/21    MYR     74.99
SENAI-DESARU EXPRES    1.35     06/30/27    MYR     60.56
SENAI-DESARU EXPRES    1.35     06/30/26    MYR     63.08
UNIMECH GROUP BHD      5.00     09/18/18    MYR      1.13


PHILIPPINES
-----------

BAYAN TELECOMMUNICA   13.50     07/15/06    USD     22.75
BAYAN TELECOMMUNICA   13.50     07/15/06    USD     22.75


SINGAPORE
---------

AXIS OFFSHORE PTE L    7.54     05/18/18    USD     67.30
BAKRIE TELECOM PTE    11.50     05/07/15    USD      4.00
BAKRIE TELECOM PTE    11.50     05/07/15    USD      4.00
BERAU CAPITAL RESOU   12.50     07/08/15    USD     61.50
BERAU CAPITAL RESOU   12.50     07/08/15    USD     74.78
BLD INVESTMENTS PTE    8.63     03/23/15    USD      9.50
BUMI CAPITAL PTE LT   12.00     11/10/16    USD     28.25
BUMI CAPITAL PTE LT   12.00     11/10/16    USD     24.26
BUMI INVESTMENT PTE   10.75     10/06/17    USD     25.94
BUMI INVESTMENT PTE   10.75     10/06/17    USD     27.13
ENERCOAL RESOURCES     6.00     04/07/18    USD     15.38
GOLIATH OFFSHORE HO   12.00     06/11/17    USD     45.05
INDO INFRASTRUCTURE    2.00     07/30/10    USD      1.88
ORO NEGRO DRILLING     7.50     01/24/19    USD     68.00
OSA GOLIATH PTE LTD   12.00     10/09/18    USD     62.13
OTTAWA HOLDINGS PTE    5.88     05/16/18    USD     79.00
OTTAWA HOLDINGS PTE    5.88     05/16/18    USD     67.87
SWIBER HOLDINGS LTD    7.13     04/18/17    SGD     77.50


THAILAND
--------

G STEEL PCL            3.00     10/04/15    USD      4.05
MDX PCL                4.75     09/17/03    USD     37.25


VIETNAM
-------

BANK FOR INVESTMENT   10.33     05/19/16    VND      1.00
BANK FOR INVESTMENT   10.20     05/19/21    VND      1.00
DEBT AND ASSET TRAD    1.00     10/10/25    USD     57.80



                             *********

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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