TCRAP_Public/150907.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, September 7, 2015, Vol. 18, No. 176


                            Headlines


A U S T R A L I A

D-LEE'S KIDS: First Creditors' Meeting Set For Sept. 11
DNF INDUSTRIES: First Creditors' Meeting Set For Sept. 14
GREEN HOUSE: First Creditors' Meeting Set For Sept. 11
PATINACK FARM: Deloitte Appointed as Voluntary Administrators
PERKINS AUTO: Court Appoints Clifton Hall as Liquidator

T & J MCKINNELL: First Creditors' Meeting Set For Sept. 11
WDS LIMITED: Goes Into Receivership; 730 Jobs at Risk


C H I N A

DTS8 COFFEE: Settles $248,000 Debt with Former CEO
SHANDONG HUAHAI: In Receivership; First Meeting Set Oct. 29


I N D I A

ADITYA TIMPACK: CARE Assigns B+ Rating to INR9.42cr LT Loan
ALISHAN GINNING: CRISIL Reaffirms B+ Rating on INR80MM Loan
APHELION FINANCE: Ind-Ra Ups Long-Term Issuer Rating to 'IND BB-'
AYSHA APPARELS: CRISIL Cuts Rating on INR75MM Cash Loan to D
B. T. KADLAG: CRISIL Suspends B+ Rating on INR40MM Cash Loan

BAPASITARAM CERAMIC: CRISIL Assigns B+ Rating to INR30MM Loan
DIGJAM LIMITED: CARE Reaffirms B Rating on INR27.50cr LT Loan
GURDASPUR SOLVEX: CRISIL Suspends B+ Rating on INR148MM Loan
HERITAGE HOSPITALS: CRISIL Suspends B- Rating on INR1.28BB Loan
KISSAN SOLVEX: CRISIL Reaffirms B Rating on INR120MM Cash Loan

MULPURI POULTRIES: Ind-Ra Suspends BB- Long-Term Issuer Rating
NR AGARWAL: Ind-Ra Affirms B- Issuer Rating; Outlook Stable
OZONE INFRA: Ind-Ra Assigns BB- Issuer Rating; Outlook Stable
P.K. SULPHIKER: CRISIL Reaffirms B Rating on INR70MM Cash Loan
PANKAJ ISPAT: CRISIL Suspends 'D' Rating on INR100MM Cash Loan

PRIYADARSHINI CONSTRUCTIONS: CRISIL Rates INR90MM Loan at 'B+'
RAJESWARI AUTOMOTIVES: CRISIL Ups Rating on INR40MM Loan to B+
RATTAN RICE: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
SACHIKA TRADING: CARE Reaffirms B+ Rating on INR9cr LT Loan
SAKTHI VINAYAGA: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan

SALEM AUTOMECH: CRISIL Cuts Rating on INR55MM Loan to 'B'
SANNA ENTERPRISES: CRISIL Assigns B Rating to INR47.5MM LT Loan
SARJU IMPEX: Ind-Ra Affirms B+ Long-Term Issuer Rating
SRI VENKATESWARA: Ind-Ra Suspends BB- Long-Term Issuer Rating
STEELWORKS AND POWER: CRISIL Reaffirms B+ Rating on INR30MM Loan

SUMERU DEVELOPERS: CRISIL Reaffirms B Rating on INR50MM Cash Loan
SUZUKI SUITINGS: CRISIL Assigns B+ Rating to INR140MM Cash Loan
THUNGA HOSPITAL: CRISIL Ups Rating on INR200MM Term Loan to B+
TOUCH TONE: Ind-Ra Assigns B+ LT Issuer Rating; Outlook Stable
VIZAG HOSPITAL: CRISIL Suspends B+ Rating on INR170MM Term Loan

ZIGMA LAMINATES: CARE Reaffirms B Rating on INR10.50cr LT Loan


N E W  Z E A L A N D

BRIDGECORP: Boss Rod Petricevic to Be Released From Jail Today
NAKEDBUS NZ: Go-Bus Files Liquidation Bid Against NakedBus


                            - - - - -


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A U S T R A L I A
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D-LEE'S KIDS: First Creditors' Meeting Set For Sept. 11
-------------------------------------------------------
Peter Amos of Amos Insolvency was appointed as administrator of D-
Lee's Kids Pty Ltd, trading as Hill Top Pre-School Day Care
Centre, on Sept. 1, 2015.

A first meeting of the creditors of the Company will be held at
Amos Insolvency, 25/185 Airds Road, in Leumeah, on Sept. 11, 2015,
at 11:00 a.m.


DNF INDUSTRIES: First Creditors' Meeting Set For Sept. 14
---------------------------------------------------------
Darryl Edward Kirk and Derrick Vickers of PricewaterhouseCoopers
were appointed as administrators of DNF Industries Pty Ltd on
Sept. 2, 2015.

A first meeting of the creditors of the Company will be held at
IBIS Airport Hotel, Boundary Road East, South Mackay, in
Queensland, on Sept. 14, 2015, at 10:00 a.m.


GREEN HOUSE: First Creditors' Meeting Set For Sept. 11
------------------------------------------------------
Michael Slaven of Kazar Slaven was appointed as administrator of
Green House Emporium Pty Ltd on Sept. 2, 2015.

A first meeting of the creditors of the Company will be held at
Level 3, Engineering House, 11 National Circuit, in Barton, on
Sept. 11, 2015, at 11:00 a.m.


PATINACK FARM: Deloitte Appointed as Voluntary Administrators
-------------------------------------------------------------
Ben Wilmot at The Australian reports that former coal magnate
Nathan Tinkler has called in voluntary administrators Deloitte as
he seeks to bargain his way out of debts estimated to top
AUD60 million.

The Australian says the former billionaire has made the move as he
deals with creditors including retail tycoon Gerry Harvey, New
York financier Jefferies Group and the Australian Taxation Office.

According to the report, Deloitte partners Neil Cussen and David
Mansfield were quietly made administrators of Patinack Farm
Group's horse agistment and property business last on August 23.
Their appointment was a win for Mr. Tinkler as Jefferies had
pushed for the appointment of Bentleys and then Ferrier Hodgson in
a marathon action in the NSW Supreme Court, the report states.

"It's very early days as far as our appointment and our
investigations into the financial position of the group and the
potential for restructure is concerned," The Australian quotes
Deloitte's Mr Cussen as saying.

Administrators said they would investigate the financial
restructure of the group, the report relays.

The Australian says that the tycoon's once sprawling empire has
been pared back as he has staved off creditors, but sources said
he had secured private backers and this would allow him to
stabilise his remaining property and mining interests, which may
hold substantial value.

The report says Mr. Tinkler has been slowly exiting his horse
business but is now seeking a more permanent solution for his debt
woes. Sales have included the offloading of Patinack's Gold Coast
racing and breeding operation to Hong Kong billionaire Tony Fung
in March this year, the report notes.

Also, about 500 Patinack Farm horses were sold on the Gold Coast
last September, fetching almost AUD34 million, the report recalls.
Last year, another Patinack property, Banoon in Monegeetta, was
sold for about AUD2.5 million, while Patinack properties at Sandy
Hollow and Broke in NSW are in the hands of Deloitte, according to
The Australian.

Remaining creditors include Mr Harvey, who is thought to be owed
less than AUD10 million, Jefferies, with about AUD41 million
secured against a range of Tinkler assets, and the ATO, owed about
AUD20 million, the report discloses.

The Australian says Mr Tinkler is understood to have the support
of Mr Harvey, who lent money to the young mining entrepreneur as
he hit hard times, and was instrumental in keeping him afloat and
assisting with horse sales through his Magic Millions business.
According to the report, Mr Tinkler is believed to see the
Deloitte appointment as the first step towards resolving the
claims against him and he hopes to re-establish himself in
coalmining and property.

It is believed that Mr Tinkler plans to forgo any claims he holds
against the Patinack entities via a web of inter-company loans and
instead seek to construct a deal in favour of his creditors, says
The Australian.

The report notes that work towards a debt resolution is aimed at
Mr Tinkler not only striking a deal with Patinack creditors but to
allow fresh financiers to back his remaining developable assets.
These include residential subdivisions, industrial land projects
and a quarry redevelopment. Some of these assets -- which could
realise more than AUD200 million -- may be kept while others are
likely to be sold, the report adds.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on May 10, 2013, that Nathan Tinkler's Mulsanne Resources
Pty was ordered liquidated by a New South Wales state judicial
officer on Nov. 20, 2012, after the company failed to pay AUD28.4
million for shares in coal developer Blackwood Corp. His Patinack
Farm Administration Pty was put in liquidation a day later by a
federal judge in Adelaide over a debt to Workcover Corp. of South
Australia.   Mr. Tinkler also lost ownership of his personal jet
and helicopter after a financing company pushed TGHA Aviation Pty
into receivership on Nov. 23, 2012.  He has avoided other of his
companies being pushed into bankruptcy
with settlements at the last minute, including an agreement with
Mirvac Group (MGR) over a failed property deal.


PERKINS AUTO: Court Appoints Clifton Hall as Liquidator
-------------------------------------------------------
Timothy Clifton of Clifton Hall was appointed Official Liquidator
of Perkins Auto Repairs Pty Ltd on Sept. 2, 2015, by Order of the
Federal Court of Australia.


T & J MCKINNELL: First Creditors' Meeting Set For Sept. 11
----------------------------------------------------------
Brent Trevor, Alex Kijurina and Richard Albarran of Hall Chadwick
were appointed as administrators of T & J McKinnell Pty Limited,
trading as IGA X-Press Evandale, on Sept. 1, 20 2015.

A first meeting of the creditors of the Company will be held at
The Mantra Charles Hotel, 287 Charles Street, Launceston TAS 7250,
on Sept. 11, 2015, at 10:00 a.m.


WDS LIMITED: Goes Into Receivership; 730 Jobs at Risk
-----------------------------------------------------
Barry FitzGerald at The Australian reports that WDS Limited has
gone into receivership.

The Australian relates that the appointment by WDS's major secured
creditor, GE Commercial, of Quentin Olde and John Park from FTI
Consulting as receivers and managers raises job fears for a
workforce of 730.

According to the report, the appointment followed WDS requesting a
trading halt on August 25 on the basis that it had a contractual
issue with one of its customers, the management company for the
Vale-led Eagle Downs coal project in Queensland's Bowen Basin.

The report says the management company has since cashed in an
insurance bond for AUD14.2 million (a form of guarantee for
uncompleted work), creating a new liability for WDS and
threatening its solvency. "This was a completely unexpected
development and inconsistent with discussions that had been under
way with (Eagle Downs) about the future of the project," WDS said.

GE Commercial had decided against offering "future drawdowns"
after the development, The Australian says.

"Coupled with the lack of viable and timely alternative funding,
the board is unable to reasonably form the view that the company
can remain solvent," The Australian quotes WDS as saying. Its
Brisbane base gave WDS exposure to the coal-seam gas industry, and
the development of a CSG-based LNG export business in Gladstone.

It had previously said that its June-year results would be
released on the following day, but this did not happen, the report
notes.

According to The Australian, the company also previously announced
that its expected loss for the year had increased from AUD11
million -- AUD13 million to AUD14 million -- AUD15 million. Ahead
of the August 25 trading halt, shares in WDS sank from AUD1.02 a
year ago to 10.5c for a capitalisation of AUD15.5 million.

The Australian adds that the AUD130 million market cap plunge came
with the general downturn for all contractors in response to the
collapse in commodity prices and slowing capital expenditure plans
of resources companies.

"The past 12 months have been challenging for all companies
involved in the resources sector and WDS has been no exception,"
the company said in June, the report relays. "The board and
management have taken some hard decisions and moved quickly to
create a structure that will foster both resilience and growth in
this capital-constrained environment," it said.

WDS Ltd (ASX:WDS) -- https://www.wdslimited.com.au/ -- is an
Australia-based supplier of standard and machine parts to the
aerospace, automotive, manufacturing, engineering, food
processing, printing and packaging machinery industries. Product
categories include Machine &Hardware, Jig & Fixture, Hydraulic
Equipment, Production & Broaching and Stainless Steel. Machine &
Hardware products include Anti Vibration Mounts, Universal Joints,
Castors & Wheels, Location & Positioning, Hand Levers, hand Wheels
& Grips, Handles, Hinges, Nuts, Screws, Washers, Tube Inserts,
Ball Transfer Units etc.



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C H I N A
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DTS8 COFFEE: Settles $248,000 Debt with Former CEO
--------------------------------------------------
DTS8 Coffee Company, Ltd. entered into a debt settlement agreement
dated Aug. 28, 2015, with Sean Tan, a former director and chief
executive officer, to convert the debts owed by the Company
totalling $248,000, at the fair market price of $0.07 per share,
being the closing stock price at Aug. 28, 2015, for a total of
3,542,857 shares of the Company's common stock. No commissions or
underwriting discounts were paid in connection with the conversion
of the stock.

The shares were issued in reliance on an exemption from
registration provided by Section 4(2) and Rule 506(b) of
Regulation D under the Securities Act of 1933, as amended. The
Company's reliance on Rule 506(b) is based on the fact that there
was no solicitation, and the shares were sold in a private
transaction to a former officer and director of the Company.

                        About DTS8 Coffee

DTS8 Coffee Company, Ltd. (previously Berkeley Coffee & Tea, Inc.)
was incorporated in the State of Nevada on March 27, 2009.
Effective Jan. 22, 2013, the Company changed its name from
Berkeley Coffee & Tea, Inc., to DTS8 Coffee Company, Ltd. On
April 30, 2012, the Company acquired 100 percent of the issued and
outstanding capital stock of DTS8 Holdings Co., Ltd., a
corporation organized and existing since June 2008 under the laws
of Hong Kong and which owns DTS8 Coffee (Shanghai) Co., Ltd.

DTS8 Holdings, through its subsidiary DTS8 Coffee, is a gourmet
coffee roasting company established in June 2008. DTS8 Coffee's
office and roasting factory is located in Shanghai, China. DTS8
Coffee is in the business of roasting, marketing and selling
gourmet roasted coffee to its customers in Shanghai, and other
parts of China. It sells gourmet roasted coffee under the "DTS8
Coffee" label through distribution channels that reach consumers
at restaurants, multi-location coffee shops, and offices.

DTS8 Coffee reported a net loss of $3.8 million on $369,000 of
sales for the year ended April 30, 2015, compared to a net loss of
$2.3 million on $310,000 of sales for the year ended April 30,
2014.

As of April 30, 2015, the Company had $286,000 in total assets,
$1.10 million in total liabilities, all current, and a $781,000
total shareholders' deficit.

MaloneBailey, LLP, Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended April 30, 2015, citing that the Company has suffered
recurring losses from operations, which raises substantial doubt
about its ability to continue as a going concern.


SHANDONG HUAHAI: In Receivership; First Meeting Set Oct. 29
-----------------------------------------------------------
Dexter Yan at IHS Maritime reports that Shandong Huahai
Shipbuilding, a small Chinese shipyard based in Rizhao, Shandong,
went into court receivership on application of a compatriot
creditor.

According to the report, the Rizhao Intermediate People's Court
ruled on August 30 that it would accept the application filed by
Shandong Jintuo Energy for the bankruptcy and liquidation of
Huahai Shipbuilding.

The creditors of the shipyard should file credit claims to the
receiver by October 20. The first round of creditor meeting will
be held on October 29.

According to China's company registry, the yard was set up in July
2007 with designed capacity for the building of vessels under
70,000 dwt, the report discloses.

According to IHS Sea-web.com, the yard's orderbook comprises two
36,000 dwt bulk carriers, which are scheduled for delivery in
December 2015. It has delivered a total of nine vessels: two tugs,
three product tankers, and four bulk carriers.



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I N D I A
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ADITYA TIMPACK: CARE Assigns B+ Rating to INR9.42cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Aditya Timpack
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.42      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Aditya Timpack
Private Limited (ATPL) is primarily constrained on account of
risk associated with stabilization of the recently commissioned
operations. The rating is also constrained by ATPL's presence in
the highly fragmented and competitive flexible packaging industry
and susceptibility of profit margins to volatility in prices of
key raw materials and foreign exchange rates.

The rating, however, derives comfort from the experience of the
promoters and various incentives from the government.

ATPL's ability to quickly stabilize its business operations and
achieve envisaged level of sales and profitability in light of
fluctuating raw material prices are the key rating sensitivities.

Navsari-based (Gujarat) ATPL was incorporated in February, 2014 as
a private limited company by Mr Parsottam Patel and Mr Vasant
Patel. The company has set up a greenfield project for
manufacturing of plastic jumbo bags with an installed
capacity of 2,100 metric tonnes per annum (MTPA). The total
project cost was of INR11.93 crore, which was funded through term
loan of INR6.42 crore, unsecured loan of INR1.76 crore and balance
INR3.75 crore through equity share capital. ATPL has commenced
commercial production from August, 2015.


ALISHAN GINNING: CRISIL Reaffirms B+ Rating on INR80MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Alishan
Ginning Mills Pvt Ltd (AGMPL) continues to reflect AGMPL's modest
scale of operations in the fragmented cotton industry, and the
susceptibility of its operating margin to fluctuations in cotton
prices and to regulatory changes. The rating also factors in the
company's average financial risk profile, marked by a modest net
worth and low debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of AGMPL's
promoters.

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

   Proposed Long Term
   Bank Loan Facility     15        CRISIL B+/Stable (Reaffirmed)

   Standby Letter of
   Credit                 10        CRISIL B+/Stable (Reaffirmed)

   Term Loan              15        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AGMPL will continue to benefit over the
medium term from the industry experience of its promoters. The
outlook may be revised to 'Positive' if the company reports
significant revenue growth while improving its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' in case of a decline in AGMPL's revenue or
profitability, or a stretch in its working capital cycle,
resulting in deterioration in its financial risk profile.

Update
AGMPL reported revenue of INR370 million for 2014-15 (refers to
financial year, April 1 to March 31), against INR542 million for
2013-14. The lower revenue was on account of crop failure in
Odisha in the last cotton season and stagnant demand from China
(India's largest export market). The operating profit has,
however, improved to 4.6 per cent for the year as lower prices of
raw cotton (kapas) reduced raw material costs. However, the prices
of finished cotton have also reduced but proportionately lower,
thus leading to better margins for the company.

AGMPL's liquidity remains healthy, with low bank limit utilisation
at an average of around 55 per cent during the 12 months through
June 2015. Its cash accruals of INR7 million were sufficient
against repayment obligation of INR6.2 million, in 2014-15. The
cash accruals are expected to improve over the medium term, thus
increasing the cushion against repayment obligations. The
promoters have also supported the liquidity through equity
infusion of INR7.5 million in 2014-15.

The company's financial risk profile remains average, with net
worth of around INR47 million as on March 31, 2015. Though the net
worth has improved slightly backed by equity infusion, it is
expected to remain modest over the medium term. The gearing
declined 1.93 times as on March 31, 2015, from 2.90 times a year
earlier on account of a better net worth and scheduled term loan
repayment. The debt protection metrics remained average with
interest coverage and net cash accruals to total debt of 1.85
times and 0.08 times, respectively, for 2014-15.

AGMPL was incorporated in 2011, promoted by Mr. Kisanlal Agarwal
and his friend Mr. Sunderlal Agarwal. Its day-today operations are
managed by Mr. Ashish Agarwal (son of Mr. Kishanlal Agarwal) and
Mr. Rahul Agarwal (son of Mr. Sunderlal Agarwal). The company
processes kapas to manufacture cotton bales and extract cotton
seeds. It has a ginning and pressing unit in Kantabij (Odisha),
and a registered office in Bhubaneswar.


APHELION FINANCE: Ind-Ra Ups Long-Term Issuer Rating to 'IND BB-'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Aphelion Finance
Private Limited's (AFPL) Long-Term Issuer Rating to 'IND BB-' from
'IND B+'.  The Outlook is Stable.  Ind-Ra has also upgraded AFPL's
INR100 mil. cash credit facility to 'IND BB-' with a Stable
Outlook from 'IND B+' and assigned its INR50 mil. term loan an
'IND BB-' rating with Stable Outlook.

The ratings reflect AFPL's diversification into secured lending
segments, the improvement of its credit appraisal processes,
stronger internal capital generation and Ind-Ra's expectation of
stronger profitability in FY16 due to reduced credit costs as well
as operational expenses.  The ratings are still constrained by
AFPL's small size, its concentrated-though-matched funding
profile, scalability constraints and its risky customer segment.

KEY RATING DRIVERS

In FY15, 47% of AFPL's loan book was towards the unsecured
personal loan segment (FY13: 40%).  Promoter-based lending forms
about 50% of the loan book and the newly introduced gold loan
segment constitutes 3%.  The move into the secured lending space
will help further improve the company's already reducing credit
costs.  Credit-cost-to-loans reduced to 6.4% in FY15 in the
personal loan segment from 14% in FY13 due to stronger loan
appraisal processes.  The company plans to grow its secured loan
book to 40% of its total loan portfolio and not increase the
amount of promoter-based loans in its portfolio although these
have no credit costs.

The secured loan portion of AFPL's loan portfolio will attract
lower yields.  However, Ind-Ra expects operational costs to
reduce, given the Negotiable Instruments Amendment Act (2015)
which has provided clarity on jurisdictions for cheque dishonor.
This will reduce the number of courts that AFPL would have to go
to in order to recover bad loans, which will reduce its
operational expenses and enhance profitability.

While diversification of AFPL's funding profile is underway, with
the company increasing the number of bankers from one to two in
the last two years, concentrated funding access for AFPL remains a
concern.  Any scenarios of liquidity stress or unavailability of
funding could constrain loan growth and lead to refinancing
pressures.  AFPL has indicated that delays in the sanction of bank
funding was the primary cause for loan book consolidation in FY15
(total loans reduced by 8% yoy).

AFPL's capitalization levels remain comfortable, with a Tier I
ratio of 34.5% and equity to assets of 39.5%.  Although aggressive
loan growth may put pressure on the capital position, the promoter
has indicated that he will not let capital adequacy ratios fall
below 20%.  The capital position is supported by AFPL's stronger
internal accruals than peers'.  AFPL's internal accruals to prior
period equity were 8% in FY15 as against 4% in FY13.

Scalability could be a significant risk to AFPL, given its
extensive credit appraisal processes and adequate internal systems
for its size.  High growth in the loan book for the company must
be supported with adequate capital and the strengthening of
internal systems to maintain loss absorption buffers and credit
quality.

RATING SENSITIVITIES

Negative: Continued funding concentration, any significant
deterioration in the asset quality and any aggressive loan growth
without adequate capital injections from the promoter or asset
quality control could lead to a rating downgrade or the Outlook
being revised to Negative.

Positive: The diversification of funding sources, continued
improvements in the internal accruals and profitability and strong
control over the asset quality coupled with loan growth could lead
to a Positive Outlook.

COMPANY PROFILE

AFPL is a Reserve Bank of India registered non-banking finance
company that started operations in 1999, but has shifted focus to
personal unsecured loans from 2004.  It operates through a head
office in Mulund and has dealer networks throughout Mumbai.  The
total employee strength of the company is 80.  Ticket sizes in the
unsecured personal loan business range from INR100,000 to
INR300,000, with tenors of one-to-three years.  Customer profile
is high and medium risk; most borrowers have bank accounts and
established income sources, but find alternate financing from
other organized lenders to be limited.  The company has recently
diversified its product offerings to include gold loans and loans
against insurance policies.


AYSHA APPARELS: CRISIL Cuts Rating on INR75MM Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Aysha
Apparels (Aysha) to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              75        CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Letter of Credit         50        CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Proposed Long Term        1.1      CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL BB-/Stable')

The rating downgrade reflects Aysha's overdrawn working capital
facilities (for more than 30 consecutive days) on account of weak
liquidity.

The ratings also reflect Aysha's modest scale of operations and
below average financial risk profile, marked by low net worth.
These weaknesses are partially offset by the extensive industry
experience of the promoters in the readymade garments segment.

Set up in May 2009 by Mr. A. Abdul Rahiman, the Kochi (Kerala)-
based Aysha manufactures and sells ladies' night wear under the
brand, Bombay Beauty, in Kerala and Tamil Nadu. The operations are
managed by the promoter, Mr. Rahiman.


B. T. KADLAG: CRISIL Suspends B+ Rating on INR40MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
B. T. Kadlag Construction Private Limited (BTKCPL).

                              Amount
   Facilities                (INR Mln)    Ratings
   ----------                ---------    -------
   Cash Credit                   10       CRISIL B+/Stable
   Proposed Bank Guarantee       25       CRISIL B+/Stable
   Proposed Cash Credit Limit    40       CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by
BTKCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BTKCPL is yet to
provide adequate information to enable CRISIL to assess BTKCPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

BTKCPL was incorporated in 2003 and is promoted by Mr. B T Kadlag.
The company is a civil contractor engaged in road construction in
Nashik (Maharashtra).


BAPASITARAM CERAMIC: CRISIL Assigns B+ Rating to INR30MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Bapasitaram Ceramic (BC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              25        CRISIL B+/Stable
   Term Loan                30        CRISIL B+/Stable

The rating reflects BC's promoter's extensive industry experience
and proximity of its manufacturing facilities to raw material and
labor sources. These rating strengths are partially offset by its
modest scale of operations in highly fragmented and competitive
ceramic industry and its working capital intensive operations.
Outlook: Stable

CRISIL believes that BC will benefit over the medium term from its
promoters' extensive experience in the ceramic industry. The
outlook may be revised to 'Positive' if BC stabilises its
operations earlier than expected leading to larger-than-expected
cash accruals. Conversely, the outlook maybe revised to 'Negative'
if the company records lower than expected revenues or accruals
due to reduced profitability, or if it's financial risk profile
deteriorates, most likely because of a stretch in its working
capital cycle or substantial debt-funded capital expenditure.

BC is a Morbi, Gujarat based partnership firm, established in the
year 2014. BC is engaged in the manufacturing of ceramic body clay
with total production capacity of 120,000 MT per annum.


DIGJAM LIMITED: CARE Reaffirms B Rating on INR27.50cr LT Loan
-------------------------------------------------------------
CARE REAFFIRMS the ratings assigned to bank facilities of
Digjam Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     27.50      CARE B Reaffirmed
   Short term Bank Facilities    54.50      CARE A4 Reaffirmed

Rating Rationale
The ratings of Digjam Limited (Digjam) continue to be constrained
by modest scale of operation, operating losses, working
capital-intensive nature of operations, high leverage and weak
debt coverage indicators. The ratings are further constrained by
its presence in the highly competitive worsted fabric segment and
susceptibility of its margins to foreign currency exchange rate
fluctuation.

The ratings, however, derive strength from the resourceful and
experienced promoters, long track record of operations of
Digjam along with an established brand.

The ability of Digjam to scale up its operations along-with
improvement in profitability and capital structure with efficient
management of working capital and foreign exchange rate
fluctuation are the key rating sensitivities.

Originally incorporated in 1948 as Digvijay Wollen Mills Ltd,
Digjam is promoted by the S K Birla Group. Mr Sidharth Birla,
son of Mr S K Birla, is the Chairman of the company. Digjam is
primarily engaged in manufacturing worsted fabrics at its
sole manufacturing facility in Jamnagar, Gujarat. It had an
installed capacity to manufacture 5 million meters of worsted
fabric supported by 14,800 spindles and 98 looms as onMarch 31,
2015.

Digjam sells its fabric under the 'Digjam' brand through its
established marketing network consisting of approximately
1250 retailers, 55 wholesalers and 26 exclusive retail outlets
spread across India.

During FY15 (refers to the period April 1 to March 31), Digjam
reported net loss of INR14.64 crore on a total operating income
(TOI) of INR135.79 crore as against a PAT of INR0.29 crore on a
TOI of INR152.78 crore in FY14. During Q1FY16 (provisional),
Digjam has reported loss of INR2.77 crore on TOI of INR34.23
crore.


GURDASPUR SOLVEX: CRISIL Suspends B+ Rating on INR148MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Gurdaspur Solvex Private Limited (GSPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      148        CRISIL B+/Stable
   Term Loan                 2        CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by GSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GSPL is yet to
provide adequate information to enable CRISIL to assess GSPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

GSPL was incorporated in 1991 by Mr. Bal Krishnan Mittal and his
family members and is engaged in extraction of rice bran oil. The
company based in Gurdaspur (Punjab).


HERITAGE HOSPITALS: CRISIL Suspends B- Rating on INR1.28BB Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Heritage
Hospitals Ltd (HHL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              25        CRISIL B-/Stable
   Term Loan              1288.2      CRISIL B-/Stable

The suspension of rating is on account of non-cooperation by HHL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HHL is yet to
provide adequate information to enable CRISIL to assess HHL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

HHL was incorporated in 1991 as a public limited company. It is
promoted by Dr. Siddharth Rai (MD) and his younger brother, Mr.
Anshuman Rai, along with a team of professionals; namely Professor
P N Somani (cardiologist and ex-director of Institute of Medical
Sciences [IMS] at Banaras Hindu University) and Professor (Dr.) S
K Roy (ex-head of IMS).


KISSAN SOLVEX: CRISIL Reaffirms B Rating on INR120MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Kissan Solvex
Pvt Ltd (KSPL; part of the Kissan group) continues to reflect the
Kissan group's weak financial risk profile, marked by high gearing
and weak debt protection metrics, small scale of operations, and
large working capital requirements.

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

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KSPL and Kissan Industries (KI). This
is because the two entities, together referred to as the Kissan
group, have common promoters and management, and considerable
operational and business linkages with each other.

Outlook: Stable

CRISIL believes that the Kissan group will continue to benefit
over the medium term from its established relationships with
customers. The outlook may be revised to 'Positive' if the group's
financial risk profile improves, most likely driven by higher
operating margin and cash accruals, significant capital infusion
by the promoters, or better working capital management.
Conversely, the outlook may be revised to 'Negative' if its
working capital requirements increase substantially, or its
profitability is low, or it has large debt-funded capital
expenditure, leading to further weakening of its financial risk
profile.

The Kissan group, promoted by Mr. Indrajeet Singh of Jalalabad
(Punjab), manufactures rice, rice bran oil, and de-oiled cakes.

KI was set up in 1996 as a partnership firm by Mr. Indrajeet Singh
and his mother Mrs. Manjeet Kaur. It had been earlier operating
under the name Kissan Rice Mill from 1975. The firm processes rice
from paddy. Its facility in Jalalabad has an installed milling
capacity of 2 tonnes per hour. The firm processes 1121 variety of
basmati rice, which accounts for the major proportion of its
revenue. It also manufactures the parmal variety of non-basmati
rice.

KSPL was incorporated in 1992 with an intention to forward
integrate the operations of KI with focus on manufacturing rice
bran oil and de-oiled cakes. The company's unit, also in
Jalalabad, has a capacity of 250 tonnes per day. The revenue mix
varies from year to year; over 90 per cent of the company's
revenue came from sales of rice bran oil and the remaining from
de-oiled cake. The company also trades in other edible oil to a
limited extent.


MULPURI POULTRIES: Ind-Ra Suspends BB- Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/s Mulpuri
Poultries' (MP) 'IND BB-' Long-Term Issuer Rating with a Stable
Outlook to the suspended category.  The rating will now appear as
'IND BB-(suspended)' on the agency's website.  The agency has also
migrated the 'IND BB-' and 'IND A4+' ratings on the company's
INR182 mil. fund-based limits to 'IND BB-(suspended)' and 'IND
A4+(suspended)'.

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

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


NR AGARWAL: Ind-Ra Affirms B- Issuer Rating; Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed NR Agarwal
Industries Ltd's (NRA) Long-Term Issuer Rating at 'IND B-'.  The
Outlook is Stable.  Rating actions on NRA's bank facilities are:

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
  Fund-based limits      1,007.6        Affirmed at 'IND B-'/
                      (increased from   Stable/IND A4'
                      INR681.8 mil.)

  Non-fund-based-          742.3        Affirmed at 'IND A4'
  limits             (increased from
                      INR500 mil.)

  Funded interest          253.2        Affirmed at 'IND B-'/
   term loans         (increased from   Stable
                      INR229.7 mil.)

  Term loans            2,046.7         Affirmed at 'IND B-'/
                      (reduced from     Stable
                      INR2,196.5 mil.)

  Term loans              150           Assigned 'IND B-'/Stable

KEY RATING DRIVERS

The affirmation reflects NRA's continued stretched liquidity
position and weak credit metrics despite the commencement of
operations at its fifth manufacturing unit in Gujarat.  Even
though the new unit generated additional operating profits, NRA's
cash flow from operations for FY15 was marginal at INR57.6 mil.
due to the significant interest outflow.  Also, NRA's use of the
sanctioned fund-based working capital limits was above 90% on
average for the 12 months ended July 2015 indicating limited
financial flexibility. NRA's gross leverage (adjusted gross
debt/operating EBITDA) remains high (1QFY16: 6.01x; FY15: 12.29x)
and gross interest coverage (EBITDA/gross interest expenses)
remains low (1.21x; 0.85x) owing to its significantly high
borrowing levels.  The weak credit profile was despite an increase
in the revenue (1QFY16: 43.2%; FY15: 34.1%) as well as operating
margins (7.1%, 4.2%).  This was driven by the sale of writing and
printing paper manufactured at the new unit.

NRA is likely to achieve higher revenue and consequently higher
operating profits for FY16.  However, the agency expects NRA's
liquidity to remain stretched in the near term as large term loan
repayments of INR267.7 mil. and INR374.3 mil. are due over the
remaining nine months of FY16 and FY17, respectively.  In
addition, the earlier restructured loans have a step-up interest
rate schedule, as a result of which the strain on the cash flow
will continue.  If the operating profitability remains around
1QFY16 levels, part refinancing of the existing borrowings is
likely to be required.  Successful refinancing will improve
liquidity; however, the deleveraging process will only be gradual.

The ratings continue to derive support from NRA's established
presence of over two decades and its sponsors experience in the
paper manufacturing business.  The agency derives comfort from the
fact that NRA has achieved notable volumes for the products
manufactured at its new unit in the first year of production.

RATING SENSITIVITIES

Positive: A further improvement in the operating margins or
successful refinancing of existing borrowings leading to an
improvement in the debt servicing ability could lead to a rating
upgrade.

Negative: Deterioration in the liquidity position of the firm
could lead to a rating downgrade.

COMPANY PROFILE

Incorporated in 1993, NRA manufactures various varieties of paper
including duplex board, writing and printing paper and newsprint
paper.  The company has five operational manufacturing facilities
all of which are located in Gujarat.  Commercial production at the
fifth manufacturing facility, which was delayed due to the non-
receipt of environmental clearance, commenced in July 2014.

Duplex board sales accounted for 64.4% of revenue in FY15 (FY14:
80.4%) followed by writing and printing paper which accounted for
19.9% (0%) and newsprint which accounted for the remaining 15.7%
(19.6%).


OZONE INFRA: Ind-Ra Assigns BB- Issuer Rating; Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ozone Infra
Projects a Long-Term Issuer Rating of 'IND BB-'.  The Outlook is
Stable.  The agency has also assigned the company's INR75 mil.
fund-based working capital facilities a Long-term
'IND BB-' rating with Stable Outlook and Short-term 'IND A4+'
rating.

KEY RATING DRIVERS

The ratings reflect Ozone's small scale of operations.  Unaudited
FY15 financials indicate revenue of INR380 mil. (FY14: INR277
mil.).  The ratings also factor in the partnership nature of the
business.

The ratings are supported by the company's comfortable liquidity
with its average working capital utilization being 51% over the
six months ended June 2015.

The ratings are also supported by the company's strong order book
position (INR4.7 bil. at end-July 2015; 12.4x of FY15 revenue) and
moderate financial leverage of 2.4x at FYE15.

RATING SENSITIVITIES

Positive: Substantial growth in the top-line and order book
leading to a sustained improvement in the overall credit profile
could lead positive rating action.

Negative: A substantial decline in the profitability resulting in
sustained deterioration in the overall credit metrics will lead to
a negative rating action

COMPANY PROFILE

Ozone was set up in 2008 as a partnership firm engaged in
engineering, procurement and construction for government projects
such as roads, bridges, canals and civil construction projects.


P.K. SULPHIKER: CRISIL Reaffirms B Rating on INR70MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on bank facilities of P.K. Sulphiker (PKS)
continue to reflect PKS's modest scale of operations in the
intensely competitive civil construction industry, geographic
concentration in its revenue profile, large working capital
requirements, and susceptibility to volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive industry experience of PKS's proprietor and his funding
support, and the firm's moderate financial risk profile, marked by
low gearing.

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

CRISIL had downgraded its rating on the long-term bank facility of
PKS to 'CRISIL B/Stable' from 'CRISIL B+/Stable' on June 1, 2015.
Outlook: Stable

CRISIL believes that PKS will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
ramps up its scale of operations while efficiently managing its
working capital. Conversely, the outlook may be revised to
'Negative' if PKS generates lower-than'expected cash accruals, its
working capital requirements increase, or it undertakes a large
debt-funded capital expenditure.

PKS   was set up as a proprietorship firm in 1993 by Mr. P K
Sulphiker. The firm undertakes civil construction activities,
including construction and improvement of roads and bridges, in
Kerala.


PANKAJ ISPAT: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Pankaj
Ispat Ltd (PIL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             100        CRISIL D
   Term Loan                52.5      CRISIL D

The suspension of rating is on account of non-cooperation by PIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PIL is yet to
provide adequate information to enable CRISIL to assess PIL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

PIL was originally set up in 2006 as private limited company,
Pankaj Ispat Private Ltd (PIPL) by the Chhattisgarh-based Agarwal
family; PIPL was reconstituted as a public limited company with
the current name in October 2011. PIL manufactures steel ingots
and thermo-mechanically-treated bars. The company commenced
commercial operations in 2007-08 (refers to financial year,
April 1 to March 31). PIL is currently being managed by Mr. Lalit
Kumar Agrawal and his son, Mr. Pankaj Agrawal.


PRIYADARSHINI CONSTRUCTIONS: CRISIL Rates INR90MM Loan at 'B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Priyadarshini Constructions (PC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                 90       CRISIL B+/Stable

The rating reflects the high funding risk on its ongoing real
estate projects and the firm's exposure to risks and cyclicality
inherent in the real estate industry. These rating weaknesses are
partially offset by the promoters' extensive experience in the
real estate sector and moderate demand and implementation risks on
its ongoing projects.
Outlook: Stable

CRISIL believes that PC will continue to benefit, over the medium
term, from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a considerable
increase in customer advances, leading to substantial cash
inflows, along with retention of profits in the firm. Conversely,
the outlook may be revised to 'Negative' if PC faces considerable
pressure on its liquidity because of lower or delayed receipt of
customer advances, or significant booking cancellation.

PC, based at Bhopal (Madhya Pradesh), is a proprietorship firm of
Mr. Pradeep Sharma. The firm is engaged in real estate
development. It is currently undertaking construction of two
residential projects in Bhopal.


RAJESWARI AUTOMOTIVES: CRISIL Ups Rating on INR40MM Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Rajeswari Automotives Pvt Ltd (RAPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Channel Financing       40         CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Long Term Loan          26.4       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects expected improvement in RAPL's
business risk profile driven by substantial improvement in
operating margin, which is expected to remain healthy aided by
higher proportion of car exchange sales. RAPL's financial risk
profile is marked by sound debt protection metrics, albeit
constrained by modest net worth. The financial risk profile is
expected to remain above average over the medium term.

The rating reflects RAPL's exposure to intense competition and to
principal concentration risk in the automobile dealership
business, and its modest scale of operations. These rating
weaknesses are partially offset by the extensive industry
experience of RAPL's promoters.
Outlook: Stable

CRISIL believes that RAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company records steep
increase in topline while maintaining operating margin, leading to
substantial cash accruals and a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
low revenue or profitability, or large debt-funded capital
expenditure, weakening financial risk profile.

RAPL, incorporated in 2012, is an authorised dealer and service
provider for NISSAN Motors India Pvt Ltd. Its day-to-day
operations are managed by Mr. Sreenaath Baskaran.

For 2013-14 (refers to financial year, April 1 to March 31), RAPL
reported profit after tax (PAT) of INR0.15 million on total
revenue of INR202.33 million.


RATTAN RICE: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Rattan Rice and General Mills (RRGM).

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

The rating reflects RRGM's below-average financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio and weak debt protection metrics. The rating also factors in
the slump in basmati rice exports following ban on import by Iran,
and the consequential decline in prices. These rating weaknesses
are partially offset by the extensive experience of RRGM's
promoters in the rice industry and the gradual ramp-up in scale of
operations.

Outlook: Stable

CRISIL believes that RRGM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenue and
profitability increase substantially, leading to an improvement in
cash accruals and hence, in financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the firm's capital
structure and liquidity weaken, most likely due to low cash
accruals, or if its working capital requirements increase or it
undertakes substantial debt-funded capital expenditure programme.

RRGM, set up in 1994, mills many varieties of basmati rice. It is
a partnership concern established by Mr. Pankaj Bansal, Mr. Pankaj
Garg, Mr. Pradeep Anand, and Mr. Pradeep Kumar. Its manufacturing
facility is located in Nissing (Haryana).

RRGM reported a profit after tax (PAT) of INR0.5 million on net
sales of INR205.3 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR0.4 million on net sales
of INR138.9 million for 2012-13. The firm reported gross sales of
INR188.1 million for 2014-15.


SACHIKA TRADING: CARE Reaffirms B+ Rating on INR9cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sachika Trading Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.00      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Sachika Trading
Private Limited (STPL) continues to be constrained by its
nascent stage & modest scale of operations, low profitability
margins, moderately leveraged capital structure, weak debt
coverage indicators and working capital intensive nature of
operations. The rating further continues to be constrained by
customer concentration risk, presence in a highly competitive and
fragmented industry and volatility of material prices.
The aforementioned constraints are partially offset by the
strength derived from experience of the promoters in the
textile industry and their demonstrated financial support along
with their established relationship with its customer.

Ability of STPL to increase its scale of operations with
improvement in profitability margins amidst intense competition
coupled with efficiently managing working capital cycle are the
key rating sensitivities.

Sachika Trading Private Limited (STPL) was incorporated in
February 2011 and began commercial operations in the month
of January 2013. It is engaged in the business of trading of
fabrics from its office and warehouse in Mumbai. STPL majorly
supplies to Bombay Rayon Fashions Limited (formed 90% of total
income in FY15 - refers to the period April 1 to March 31) and
gets the fabric manufactured by other manufacturers based on the
specifications provided by Bombay Rayon Fashions Limited.

As per the FY15 provisional (FY refers to period of April 1 to
March 31) results, STPL reported total operating income of
INR126.42 crore (vis-a-vis INR224.39 crore in FY14) & PAT of
INR0.48 crore (vis-a-vis INR0.58 crore in FY14).


SAKTHI VINAYAGA: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sakthi Vinayaga
Gin and Pressing Mills (SVG) continues to reflect SVG's average
financial risk profile, marked by small net worth and moderate
gearing, and small scale of operations in a fragmented industry.

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

These rating weaknesses are mitigated by the promoters' extensive
experience in cotton ginning and pressing industry, and the firm's
established relations with its key customers and suppliers.
Outlook: Stable

CRISIL believes that SVG will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenue and
profitability increase, leading to an improvement in financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if SVG undertakes any aggressive, debt-funded expansions, or if
revenue and profitability decline, resulting in deterioration in
financial risk profile.

SVG, set up in 2009, is a partnership concern based at Krishnagiri
(Tamil Nadu). It is involved in ginning and pressing of raw
cotton, and sales of cotton lint and cotton seeds. The firm is
promoted by Mr. M Sekar and Mr. Jambulingam.


SALEM AUTOMECH: CRISIL Cuts Rating on INR55MM Loan to 'B'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Salem Automech India Pvt Ltd (SAIPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'. The short-term rating has been reaffirmed at
'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           3.4       CRISIL A4 (Reaffirmed)

   Cash Credit             23         CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Long Term Loan          55         CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Overdraft Facility       42        CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Proposed Letter of
   Credit                   15        CRISIL A4 (Reaffirmed)

   Proposed Long Term       21.6      CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that company's
liquidity will remain under pressure over the medium term due to
inadequate cash accruals for meeting repayment obligations. The
company is expected to generate cash accruals of around INR2
million in 2015-16 as compared to repayment obligation of INR3.2
million. However the company is expected to receive funding
support from promoters for meeting its debt obligations.

The ratings reflect SAIPL's modest scale of operations,
susceptibility to economic downturns, and below-average financial
risk profile, marked by a weak capital structure. These rating
weaknesses are partially offset by the extensive experience of the
company's promoter in the steel fabrication and scrap trading
segments.
Outlook: Stable

CRISIL believes that SAIPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
financial risk profile, supported by an increase in its scale of
operations and better profitability. Conversely, the outlook may
be revised to 'Negative' if SAIPL registers low revenue and
profitability, resulting in further deterioration in its financial
risk profile, or undertakes a large debt-funded capital
expenditure programme.

SAIPL, incorporated in 2003, fabricates structural steel
components. It also trades in ferrous and nonferrous scrap. The
company is promoted by Mr. M V Sellamuthu and Mr. Rajesh Kumar.


SANNA ENTERPRISES: CRISIL Assigns B Rating to INR47.5MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/ CRISIL A4' ratings to
the bank facilities of Sanna Enterprises (SE).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       47.5      CRISIL B/Stable

   Bank Guarantee           42.5      CRISIL A4
   Overdraft Facility       20        CRISIL B/Stable

The ratings reflect SE's weak financial risk profile marked by
small net worth and weak debt protection metrics, and its exposure
to risks related to tender-based business and volatility in raw
material price. These rating weaknesses are partially offset by
the firm's moderate scale of operation.

Outlook: Stable

CRISIL believes that SE will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case there is significant improvement in
SE's profitability and capital structure. Conversely, the outlook
may be revised to 'Negative' in case of decline in SE's revenue or
operating margin or stretch in working-capital cycle, resulting in
weak financial risk profile.

SE, a proprietorship firm, was set up by Ms. Sanchana Gupta. It
trades in food grains and other rationing items, and supplies food
items such as dal, tetra-pak milk, tea, coffee, atta, maida, suji,
cereals, and jam through tenders to government departments like
Director General, Assam Rifles, Indian Army and Indian Navy. It
also supplies pulses to the Himachal Pradesh government under the
public distribution system. SE is a distributor of Nestle's
products like tetra pak milk, dahi, flavoured yoghurt, lassi and
other chilled dairy products. It also supplies agriculture
commodities such as maize and variety of rice to local customers
in Dimapur (Nagaland).


SARJU IMPEX: Ind-Ra Affirms B+ Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sarju Impex Ltd's
Long-Term Issuer Rating at 'IND B+'.  The Outlook is Stable.
Rating actions on Sarju's bank facilities are:

  Facility           Amount            Rating
  --------           ------            ------
  Term loan           6.77             Affirmed at
                 (reduced from         'IND B+'/Stable
                  INR109.0 mil.)

Cash credit          90                Affirmed at
                                       'IND B+'/Stable limits

  Non-fund-based     60                Affirmed at 'IND A4'
  working capital
  limits

KEY RATING DRIVERS

The ratings continue to reflect Sarju's small scale of operations
and moderate credit profile.  According to the provisional
financials of FY15, EBITDA margins reduced to 17.5% (26.8%) due to
higher raw material costs.  This, along with low revenue of
INR277 mil. in FY15 (FY14: INR203 mil.), led to low operating
EBITDA of INR48.52 mil. (INR54.30 mil.), leading to the net
leverage remaining almost flat at 6.1x despite a decline in the
year-end debt.  However, the interest coverage improved slightly
to 2.1x in FY15 (FY14: 1.6x) due to a fall in interest expense.

The ratings also reflect the company's high working capital
intensive business resulting in an extended net cash conversion
cycle of 251 days (277 days) and the resultant stretched liquidity
position.  The company also reported negative cash flow from
operation of INR53 mil. in FY15 (FY14: INR115 mil.).

The ratings continue to benefit from the sponsors' 20-year-long
operating track record and the company's diversified presence
across businesses such as diamond processing, jewellery
manufacturing and agri commodities.

RATING SENSITIVITIES

Negative: A negative rating action could result from a decline in
the revenue and profitability resulting in deterioration in the
credit metrics.

Positive: A positive rating action could result from a significant
increase in the revenue while maintaining the profitability
leading to improved credit metrics.

COMPANY PROFILE

Sarju was established in 2008 and manufactures CNG and industrial
gas cylinders at its 0.17 million per annum high pressure gas
cylinders facility situated at Dahej SEZ Ltd.

Sarju is 65% held by the sponsors (or founders) of Dharmanandan
group, a diamond processing and jewellery manufacturing company.


SRI VENKATESWARA: Ind-Ra Suspends BB- Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri Venkateswara
Poultry Farm's (SVPF) 'IND BB-' Long-Term Issuer Rating with a
Stable Outlook to the suspended category.  The rating will now
appear as 'IND BB-(suspended)' on the agency's website.  The
agency has also migrated the 'IND BB-' and 'IND A4+' ratings on
the company's INR187 mil. fund based working capital limits to
'IND BB-(suspended)' and 'IND A4+(suspended)'.

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

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


STEELWORKS AND POWER: CRISIL Reaffirms B+ Rating on INR30MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Steelworks and Power
Engineers Pvt Ltd (SWPEPL) continue to reflect SWPEPL's modest
scale of operations in a competitive industry and its below-
average capital structure, with working-capital-intensive
operations. These weaknesses are partially offset by the benefits
that SWPEPL derives from its promoters' extensive experience in
the fabrication and erection of steel structures, and its adequate
debt protection metrics, with moderate profitability.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             30       CRISIL B+/Stable (Reaffirmed)
   Letter Of Guarantee    153       CRISIL A4 (Reaffirmed)
   Term Loan                7       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SWPEPL will benefit from its promoters'
extensive experience and funding support. The outlook may be
revised to 'Positive' if SWPEPL scales up its operations
significantly and records substantial cash accruals while
improving the working capital cycle. Conversely, the outlook may
be revised to 'Negative' if SWPEPL generates low cash accruals or
undertakes a large debt-funded capital expenditure programme or if
its working capital cycle stretches, weakening its financial risk
profile, especially liquidity.

SWPEPL, incorporated in 1983 by Mr. Vinod Kumar, fabricates and
erects steel structures. The company has two manufacturing
facilities in Siliguri (West Bengal) and Hanumangarh (Rajasthan).
It undertakes steel fabrication activities for hydel projects,
tunnel works, and steel bridges for government departments and
public sector undertakings.


SUMERU DEVELOPERS: CRISIL Reaffirms B Rating on INR50MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sumeru
Developers (SD) continues to reflect SD's susceptibility to risks
related to implementation, demand, and funding of its newly
started project.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              50       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       30       CRISIL B/Stable (Reaffirmed)

The rating also factors in the firm's average financial risk
profile driven by high reliance on external debt to fund the
project, and its vulnerability to inherent risks and cyclical
demand in the Indian real estate sector. These rating weaknesses
are partially offset by the extensive experience of SD's promoters
in the real estate sector in Pune (Maharashtra) and their funding
support to the firm.

Outlook: Stable

CRISIL believes that SD will continue to benefit over the medium
term from its promoters' extensive industry experience and funding
support. The outlook may be revised to 'Positive' if its project
progresses according to schedule and achieves substantial customer
bookings and advances leading to considerable cash inflow.
Conversely, the outlook may be revised to 'Negative' if SD's
liquidity is constrained, most likely due to time or cost overrun
in its project, or low advances from customers resulting in
substantially low cash inflows, or additional large debt-funded
projects.

Update
SD is undertaking a residential project in Pune at a cost of
INR280 million. Commencement of construction and project launch
are expected around Diwali 2015. The project is expected to be
funded through term loan of INR100 million and through promoters'
funds and customer advances. The promoters have already infused
INR30 million for purchase of land and will bring in INR50 million
to fund construction. The firm benefits from cash inflows from its
completed real estate project. Any delay in construction of its
ongoing project will defer booking advances, leading to pressure
on liquidity. Timely sanction of bank lines and their repayment
terms will remain critical rating sensitivity factors.

SD, based at Pune and established in 2006, is a proprietorship
firm of Pune-based Raikar family. The firm develops real estate.
It has completed one project, Sushrut, and is undertaking
construction of a residential project in Pune.


SUZUKI SUITINGS: CRISIL Assigns B+ Rating to INR140MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Suzuki Suitings Pvt Ltd (SSPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                75        CRISIL B+/Stable
   Cash Credit             140        CRISIL B+/Stable
   Inland/Import Letter
   of Credit                30        CRISIL A4

The ratings reflect the company's modest scale of operations, and
working capital-intensive, operations, and susceptibility of
operating margin to volatility in raw material prices. These
rating weaknesses are partially offset by the extensive experience
of SSPL's promoters in the fabric-processing industry, and its
established relationships with customers.
Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' if the company scales up its operations
considerably, while maintaining its profitability, leading to
better-than-expected cash accruals and liquidity. Conversely, the
outlook may be revised to 'Negative' if there is a significant
decline in SSPL's cash accruals or deterioration in the working
capital management or the company undertakes any large debt-funded
capital expenditure, constraining its financial risk profile,
particularly liquidity.

Incorporated in 1987, SSPL manufactures fabric for shirting and
suiting. The company is promoted by Mr. Arunkumar Parsrampuria and
his family members. The company's facilities are located at
Ahmedabad (Gujarat).

For 2014-15 (refers to financial year, April 1 to March 31), SSPL
reported a gross profit of INR18.3 million on net sales of
INR380.1 million, against a profit of INR17.4 million on net sales
of INR336.9 million for 2013-14.


THUNGA HOSPITAL: CRISIL Ups Rating on INR200MM Term Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Thunga Hospital Pvt Ltd (THPL) to 'CRISIL B+/Stable' from 'CRISIL
B-/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               20       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Term Loan                200       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The upgrade reflects improvement in THPL's credit risk profile
marked by increasing cash accruals and equity infusion by
promoters. Driven by healthy occupancy at its hospital, THPL's net
cash accruals are expected to increase to INR50 million in 2015-16
(refers to financial year, April 1 to March 31) from INR43 million
in 2014-15. Aided by equity infusion of INR15 million in 2014-15,
net worth doubled to INR48 million as on March 31, 2015, from
INR24 million a year earlier. Consequently, reliance on external
debt reduced, leading to improvement in gearing. Gearing is
expected to reduce over the medium term with repayment of loan.
With decline in cost of borrowings, THPL's debt protection metrics
are also expected to improve. The upgrade reflects CRISIL's belief
that THPL will maintain its business risk profile over the medium
term, and that its promoters will continue to provide need-based
financial support.

The rating reflects THPL's modest scale of operations coupled with
geographical concentration, and weak financial risk profile marked
by aggressive gearing and low net worth. These rating weaknesses
are partially offset by the extensive experience of THPL's
promoters in the healthcare industry, and the company's
established regional market position
Outlook: Stable

CRISIL believes that THPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
strategic location. The outlook may be revised to 'Positive' if
the company reports substantial accruals, while improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if financial risk profile weakens, most likely because
of large working-capital requirements or substantial debt-funded
capital expenditure.
Incorporated in 2008, THPL operates a 110-bed multi-specialty
hospital at Mira Road on the outskirts of Mumbai. The company also
owns a hospital in Boisar with capacity of 50 to 70 beds.

THPL, on a provisional basis, reported net profit of INR9.7
million on revenue of INR339 million for 2014-15, against net
profit of INR8.7 million on revenue of INR289.7 million for 2013-
14.


TOUCH TONE: Ind-Ra Assigns B+ LT Issuer Rating; Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Touch Tone
Teleservices (TTS) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.  Rating actions on TTS's bank loans are:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
  Fund-based working        50        Assigned 'IND B+'/Stable
   capital facility

  Non-fund based            60        Assigned 'IND A4'
   working capital
   facility

KEY RATING DRIVERS

The ratings reflect TTS' small scale of operations, weak order-
book position and moderate credit metrics.  According to the
provisional financials for FY15, revenue was INR280 mil., net
leverage was 1.7x and interest coverage was 3.5x.  The outstanding
order book at end-June 2015 was INR323.5 mil.  The ratings also
factor in the tight liquidity position of the company with the
fund-based facilities being utilized at an average of 98% over the
12 months ended July 2015.

The ratings derive support from the founder's experience of over a
decade in the telecom business.  The ratings also benefit from
TTS' strong customer profile with Power Grid Corporation of India
Limited and Bharat Sanchar Nigam Limited contributing more than
75% to its FY15 revenue (INR280 mil.).

RATING SENSITIVITIES

Positive: Substantial growth in the top-line and profitability
improvement leading to a sustained improvement in the credit
metrics will be positive rating action.

Negative: A substantial decline in the top-line and profitability
resulting in sustained deterioration in the credit profile will
lead to a negative rating action.

COMPANY PROFILE

Set up in 2002, TTS is engaged in the laying and maintenance of
telecommunication lines.  TTS also undertakes civil construction
work in relation to the telecom lines that it lays down.


VIZAG HOSPITAL: CRISIL Suspends B+ Rating on INR170MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vizag
Hospital and Cancer Research Centre Pvt Ltd (VHCR).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              15        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       55        CRISIL B+/Stable
   Term Loan               170        CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by VHCR
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VHCR is yet to
provide adequate information to enable CRISIL to assess VHCR'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

VHCR, set up in 1984, runs cancer specialty hospital under the
name Mahatma Gandhi Cancer Hospital and Research Institute in
Visakhapatnam (Andhra Pradesh). The hospital's day-to-day
operations are managed by Dr. Voonna Muralikrishna.


ZIGMA LAMINATES: CARE Reaffirms B Rating on INR10.50cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Zigma Laminates & Systems Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.50      CARE B Reaffirmed
   Short-term Bank Facilities     3.50      CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Zigma Laminates &
Systems Private Limited (ZLPL) continues to be constrained by
relatively modest scale of operations, moderate profitability
margins, working capital intensive nature of operations leading to
leveraged capital structure & moderate debt coverage indicator.
The ratings further continue to be constrained by the presence in
a highly competitive and fragmented industry. The ratings continue
to derive strength from the experience of the promoters,
operational synergies with associates companies.

The ability of ZLPL to increase the overall scale of operations
coupled with efficient management of working capital cycle
and improvement in the capital structure are the key rating
sensitivities.

ZLPL is engaged in the manufacturing of particle board, foil
lamination board and kitchen trollies which are used in the
manufacturing of the modular furniture. The company primarily
supplies its manufactured products to its associate entities
Zenith Metaplast Private Limited (ZMPL - rated 'CARE BB/A4') and
Zigma Modular Private Limited (ZMoPL) engaged in the manufacturing
of modular furniture. The company had started its commercial
operation from April 2011 and has its sole manufacturing unit is
located in Nasik (Maharashtra).

During FY15 (provisional, refers to the period April 1 to
March 31), ZLPL reported total operating income of INR23.41 crore
(vis-a-vis INR28.53 crore in FY14) and PAT of INR0.11 crore
(vis-a-vis INR0.12 crore in FY14).

As on July 31, 2015, ZLPL has reported total income of around
INR15 crore and also has a monthly order book position of
INR4 crore.



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


BRIDGECORP: Boss Rod Petricevic to Be Released From Jail Today
--------------------------------------------------------------
BusinessDesk reports that Bridgecorp boss Rod Petricevic is due to
get out of jail today, September 7, as planned after a
High Court judge dismissed a bid by the Sensible Sentencing Trust
to keep him inside.

The report relates that Justice Rebecca Ellis said on September4
that the Sensible Sentencing Trust has no standing to seek
judicial review of the Parole Board's decision to release
Mr. Petricevic.

Earlier, the Sensible Sentencing Trust said the Parole Board
shouldn't have relied on a single psychologist report paid for by
Mr. Petricevic, and opposes his release half-way into his six-
year, 10-month sentence, BusinessDesk relays.

According to the report, the trust sought a judicial review of the
board's decision to grant Petricevic parole, which would see him
released today, at a hearing in the High Court in Wellington
before Justice Ellis.

BusinessDesk relates that Francis Cooke QC appearing for the
Parole Board said the Sensible Sentencing Trust had no standing to
bring the review as it wasn't a direct victim of the offender's
actions.

"The trust is a group in the community that has a particular view
about crime and punishment," the report quotes Mr. Cooke as
saying. "They do not have standing . . . it would be somewhat
different if it was an issue of systemic illegality but it's not,
it's an individual case."

The trust was cynical of the Parole Board's decision, but its
interest was no different to the wider public's, something the
board already considered, he said, the report relays.

According to BusinessDesk, Former Act Party MP David Garrett,
counsel for the trust, told the court that Garth McVicar, founder
of the trust, has advised him three members of Sensible Sentencing
Trust were victims of Bridgecorp but did not want to be named.

Mr. Petricevic was turned down twice by the board for failing to
show any remorse and then released after a third hearing, the
report notes.

BusinessDesk relates that Mr. Garrett told the court the only
circumstance that changed in the last hearing was Mr. Petricevic
paying for a private psychologist to write a report saying he now
felt remorse for his actions.

BusinessDesk recalls that Mr. Petricevic was convicted in 2010 of
deliberately making false statements to trustees and distributing
offer documents containing false statements while knowing
Bridgecorp was heavily in debt. The failed finance company owed
NZ$459 million to 14,500 investors when it went into receivership
in 2007 and investors have since been repaid about 10 cents in the
dollar.

According to the report, the 66-year-old told the board he would
retire and had no intention of offering advice or being involved
in any business after his release.

This is the first time the Sensible Sentencing Trust has taken
action over a white-collar crime, the report notes. The
organisation runs on donations from ordinary people, some of whom
have lost their life savings in the finance company collapses.

The High Court action is being prosecuted by lawyers acting pro
bono, including Mr. Garrett, adds BusinessDesk.

                       About Bridgecorp

Based in New Zealand, Bridgecorp Ltd. was a property development
and finance company.  The company was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 14,500 investors, which liquidators estimate to
approximate NZ$500 million.  Bridgecorp's nine Australian
companies were also placed into voluntary administration, owing
about 100 investors about AUD24 million (NZ$27 million).


NAKEDBUS NZ: Go-Bus Files Liquidation Bid Against NakedBus
----------------------------------------------------------
Brendan Manning at The New Zealand Herald reports that Ngai Tahu
Tainui-owned Go-Bus Transport has filed liquidation proceedings
against the former owner of long-distance bus service NakedBus.

The Herald relates that the proceeding were filed at the High
Court at Auckland on August 12 and is due to be heard at the same
court later this month.

NakedBus was aquired by ManaBus.com in May, and the company's
founder Hamish Nuttall stepped down from the business in July, the
report notes.

ManaBus.com CEO Sherryl Otway was unaware of the liquidation
proceedings when contacted by the Herald, but later in a statement
said the debt was not theirs "so information will have to come
from the previous owner or liquidator".

According to the report, Go-Bus CEO Calum Haslop said they
operated services in the South Island under contract for NakedBus.

"We operate Christchurch-Queenstown, Christchurch-Dunedin and
Invercargill services for them and we were assured at the time of
the purchase of that business by Mana that the old company would
meet all its obligations and pay all its outstanding accounts, and
it hasn't done so," the report quotes Mr. Haslop as saying.
"We don't have any issue with the current ownership - we're
continuing to operate those services on behalf of the new company,
but the old company simply hasn't paid us."

The alleged outstanding debt was approximately NZ$100,000, Mr.
Haslop said.

"We feel we've exhausted all the [other] options at this stage.

"I mean, this has been going on since May and we're just concerned
about the fact that we're not getting any meaningful response or
any meaningful dialogue with the old entity or the old owner."

ManaBus.com launched last October offering long-distance, low-cost
bus services on tourist routes through the North Island, the
report discloses.


                             *********

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
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                 *** End of Transmission ***