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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, September 8, 2015, Vol. 18, No. 177


                            Headlines


A U S T R A L I A

AUSTRALIA: ASIC Reports "Notable" Rise in Insolvencies
BROOKS OF MELBOURNE: Goes Into Voluntary Liquidation
CENTRAL QUEENSLAND RUGBY: Goes Into Liquidation
CROWN TRANSPORT: First Creditors' Meeting Set For Sept. 15
MILLER PARK: Merger With Greta Workers Saves Club

MWT INSTITUTE: First Creditors' Meeting Set For Sept. 14
NOSKE LOGISTICS: First Creditors' Meeting Set For Sept. 14
SECURITY ELECTRICAL: Placed Into Administration
TARLETON & PETERS: First Creditors' Meeting Set For Sept. 14


C H I N A

CENTRAL CHINA: 1H 2015 Results Add Pressure to Moody's Ba3 CFR
CHINA ESSENCE: Trading of Shares in SGX Halted
EVERGRANDE REAL: Modest 1H 2015 Results Meet Moody's Expectations
GLORIOUS PROPERTY: Misses Secured Loans Repayment
GLORIOUS PROPERTY: Poor 1H 2015 Results Reflected in Caa3 CFR

GUANGZHOU R&F: Fitch Affirms 'BB' Issuer Default Ratings


I N D I A

ADITYA PRECITECH: CRISIL Assigns B+ Rating to INR32.5MM Loan
ARVIND INORGANICS: CRISIL Suspends 'D' Rating on INR35MM Loan
BABA MALLESHWAR: CRISIL Suspends 'D' Rating on INR68MM Term Loan
BEEHIVE EDUCATIONAL: CRISIL Suspends C Rating on INR98MM Loan
C. NATARAJAN: CRISIL Assigns B+ Rating to INR85MM Term Loan

CHETAN ALLOYS: CRISIL Suspends B Rating on INR200MM Cash Loan
CHHATRAPATI AGRO: CRISIL Suspends D Rating on INR102.5MM Loan
CLUB 29: CRISIL Suspends B+ Rating on INR99.5MM Term Loan
COLOR N: CRISIL Suspends 'D' Rating on INR63MM Term Loan
CRYSTAL ROADWAYS: CRISIL Suspends D Rating on INR98.7MM Term Loan

EPSON VITRIFIED: CRISIL Suspends B+ Rating on INR118.5MM Loan
GAJIWALA SAREES: CRISIL Suspends B+ Rating on INR100MM Loan
GOPSONS PAPERS: CRISIL Reaffirms 'B-' Rating on INR325MM Loan
GREENEEM AGRI: CRISIL Assigns B+ Rating to INR50MM Bill Disc.
HALLMARK AQUAEQUIPMENT: CRISIL Suspends B+ Rating on INR61MM Loan

INTECH SAFETY: CRISIL Suspends B+ Rating on INR56.5MM Cash Loan
J. J. SOLVEX: CRISIL Suspends 'B' Rating on INR100MM Cash Loan
JAI SHREE: CRISIL Assigns 'B' Rating to INR44MM Term Loan
JYOTI HOSPITAL: CRISIL Suspends 'D' Rating on INR136.8MM Loan
K C MOTORS: CRISIL Suspends B+ Rating on INR150MM Loan

KAILASH OVERSEAS: CRISIL Assigns 'B' Rating to INR25MM Cash Loan
KAIRBETTA ESTATES: CRISIL Assigns B+ Rating to INR45MM Cash Loan
KANERIYA SAND: CRISIL Suspends 'D' Rating on INR41.1MM Term Loan
KISAN GINNING: CRISIL Assigns 'B' Rating to INR50MM LT Loan
MANISHRI REFRACTORIES: CRISIL Suspends D Rating on INR156MM Loan

MARUTI PLASTO: CRISIL Suspends 'D' Rating on INR40MM Term Loan
MILLENIUM ELECTRONICS: CRISIL Suspends B Rating on INR50MM Loan
NAINITAL AGRO: CRISIL Suspends B+ Rating on INR50MM Cash Loan
NKB INFRASTRUCTURE: CRISIL Suspends D Rating on INR420MM Loan
PALNADU INFRASTRUCTURE: CRISIL Reaffirms INR103.5M Loan B+ Rating

PARAS FROZEN: CRISIL Assigns 'B' Rating to INR75MM Cash Loan
PAWANSUT ENTERPRISES: CRISIL Puts 'B' Rating on INR20MM Loan
S KUMAR: CRISIL Assigns B+ Rating to INR66MM Cash Loan
SALASAR COTSPINS: CRISIL Suspends B+ Rating on INR150MM Loan
SARASWATI COMPONENT: CRISIL Suspends 'D' Rating on INR230MM Loan

SHANKAR AGRO: CRISIL Suspends 'B' Rating on INR100MM Cash Loan
SHANTI DEVELOPERS: CRISIL Assigns 'B' Rating to INR50MM Term Loan
SHREEGEE HOSES: CRISIL Suspends B Rating on INR220MM Term Loan
SHRI LAXMINARAYAN: CRISIL Suspends 'D' Rating on INR100MM Loan
SRI SATHYA: CRISIL Assigns 'B' Rating to INR75MM Cash Loan

TARINI EDUCATIONAL: CRISIL Suspends 'D' Rating on INR99.8MM Loan
TITANIA PRODUCTS: CRISIL Suspends B Rating on INR50MM Loan
TRIMURTI FLOUR: CRISIL Assigns 'C' Rating to INR45MM Cash Loan
VISHAL PAPER: CRISIL Suspends B+ Rating on INR90MM Cash Loan


I N D O N E S I A

MATAHARI PUTRA: Moody's Hikes Corporate Family Rating to Ba3


J A P A N

TOSHIBA CORP: Posts JPY37.8BB Loss After Accounting Scandal


M A L A Y S I A

1MALAYSIA: Kaur Sacked Based on Contract, Malaysia AG Says
1MALAYSIA: Swiss Freeze Millions Amid Fund Probe


S I N G A P O R E

GOLDEN AGRI-RESOURCES: Moody's Cuts CFR to Ba3; Outlook Negative
SUNMOON FOOD: Exec Chair Defends Company's Financial Performance


X X X X X X X X

* BOND PRICING: For the Week Aug. 30 to Sept. 4, 2015


                            - - - - -


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


AUSTRALIA: ASIC Reports "Notable" Rise in Insolvencies
------------------------------------------------------
Eloise Keating at SmartCompany reports that there was a "notable"
increase in the number of insolvencies among Australian companies
at the end of the last financial year, according to an analysis of
official statistics from the Australian Securities and Investments
Commission.

According to SmartCompany, the corporate regulator publishes
figures on external administrations each month, and the latest
data shows 2,734 companies entered voluntary administration in the
three months ending June, compared to 1,971 in the previous
quarter.

The June quarter results are also higher than the September 2014
quarter (2,469 insolvencies) and the December 2014 quarter
(2,003).

At the start of the year, the annualised rate of corporate
insolvencies was 0.4%. However, Westpac analyst Matthew Hassan
said this rate increased to 0.51% for the three months since June,
SmartCompany relates.

"In number terms this equates to around 880 insolvencies a quarter
verses 750," SmartCompany quotes Hassan as saying in a statement.
"The rise takes the insolvency rate from the slightly below
average readings seen in 2014 to above average readings on par
with those seen between 2011 and 2013."

SmartCompany notes that the eastern states recorded the highest
levels of corporate insolvencies between March and June, with New
South Wales leading the way with 1000 insolvencies, however all
states and territories apart from the Australian Capital territory
recorded an uptick for the three-month period.

In what appears to be some good news for sole traders and
directors, Hassan said the rate of personal bankruptcies remain at
"near historical lows", with just under 7000 bankruptcies recorded
in the second quarter of the year.  That figure equates to 0.14%
of the working age population and is below the long-run average of
0.18%.

Nevertheless, Hassan said even a slight lift in the number of
insolvencies in the economy can affect the labour market in coming
months, SmartCompany relays.

"With new hiring still very uneven, a near term increase in labour
shedding is likely to see the unemployment rate track higher over
the next few months," Hassan told SmartCompany.

Colin Porter, managing director of CreditorWatch, told
SmartCompany approximately 11,000 companies enter voluntary
administration each year but any "clamping down" by government
agencies, including the Australian Tax Office, on businesses can
have a significant influence on these figures.

And while Mr. Porter said 11,000 companies represents "a small
percentage" of all businesses operating in Australia, he said SMEs
that fail don't necessarily enter voluntary administration.

"The SMEs who close down are not within that 11,000," the report
quotes Mr. Porter as saying.  "It is a very costly exercise to go
into administration. A lot of companies that have failed just stop
trading and start up again in a new entity and their creditors may
not have the means to pursue it."

Mr. Porter said CreditorWatch has observed an increase in company
defaults of around 3-4% over recent months and he believes the
level of confidence among business owners has a material affect on
the performance of SMEs, adds SmartCompany.


BROOKS OF MELBOURNE: Goes Into Voluntary Liquidation
----------------------------------------------------
Goodfood reports that Brooks of Melbourne is the latest in a
string of high-profile restaurants to close at the address.  The
basement-level business went into voluntary liquidation on
Thursday, September 4, according to Goodfood.

Brooks staff were preparing for lunch service when they were
informed of the closure, the report relates.  John Morgan,
director of BCR Advisory, the group managing the fallout, says
that the directors of Brooks, operating as Peacock Downunder Pty
Ltd, sought advice on the restaurant's finances and "we thought it
best to close the business," the report relates.  Mr. Morgan added
that while the ATO and suppliers were owed money, the bulk of the
money is owed to Peacock Downunder Pty Ltd, which has been funding
the restaurant's losses, the report notes.

The site has struggled to find a steady audience since Greg
Malouf's MoMo became Jamie Oliver's Fifteen in early 2006,
followed by Tobie Puttock's The Kitchen Cat in 2011, the report
relays.

Patrick Walsh, whose wine wholesale business Cellarhand supplied
Fifteen, the Kitchen Cat and Brooks, was at the restaurant on
Friday recovering stock, the report discloses.  "In this instance,
we had all the paperwork in order . . . . and in that scenario,
you have some sort of chance of recovering your money," the report
quoted Mr. Walsh as saying

Previously, Mr. Walsh wasn't so lucky.

Brooks opened in October 2012 led by Gerald Diffey and Mario Di
Ienno, of Gerald's Bar in Carlton North and San Sebastian, and
made a name with chef Nic Poelaert in the kitchen.  Diffey and Di
Ienno moved on in April 2014 and Bryan Lloyd (ex The Point and Vue
de Monde) took on the manager's role in October.  Brooks changed
direction when Poelaert departed and was replaced with his sous,
David Hall.


CENTRAL QUEENSLAND RUGBY: Goes Into Liquidation
-----------------------------------------------
The Sydney Morning Herald reports that the Queensland Rugby Union
has put the Central Queensland Rugby Union into liquidation, after
reporting financial irregularities.

The CQRU board agreed to go into liquidation after a special
general meeting on Thursday, Sept. 4, which effectively hands
governing control to the QRU, according to The Sydney Morning
Herald.

The report notes that the move means that scheduled senior and
junior finals will be able to go ahead, and QRU Chief Executive
Officer Jim Carmichael said in a statement that they hoped the
union could ultimately regain control.

"The QRU has been working closely with CQRU to provide advice and
expertise as the CQRU works through this difficult situation," Mr.
Carmichael said, the report notes.

"As a result, the QRU has ensured that the playing of rugby in the
central Queensland region continues as normal," Mr. Carmichael
said, the report notes.  "The QRU and CQRU can confirm that
competitions finals and the junior season will not be affected by
the decision to enter into liquidation with the following
arrangements in place for this weekend."

A National Rugby Championship fixture between Queensland Country
and Perth Spirit will also go ahead in Rockhampton on September
19, despite the developments, the report notes.

Rugby union is not alone in working its way through financial
troubles in the region, with the rugby league's Queensland Cup
team the Central Coast Capras facing a number of challenges this
season, the report adds.


CROWN TRANSPORT: First Creditors' Meeting Set For Sept. 15
----------------------------------------------------------
Blair Pleash and Cameron Shaw of Hall Chadwick Chartered
Accountants were appointed as administrators of Crown Transport
Pty Limited on Sept. 3, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 11, 16 St Georges
Terrace, in Perth on Sept. 15, 2015, at 11:00 a.m.


MILLER PARK: Merger With Greta Workers Saves Club
-------------------------------------------------
The Maitland Mercury reports that Miller Park Sport and Recreation
Club has merged with Greta Workers Sports and Recreation Club to
keep the doors open to the Branxton clubhouse.

According to the report, boutique insolvency and advisory firm
Rapsey Griffiths brokered the deal when Miller Park found itself
burdened with a big renovation bill and a decline in patronage.

"We just found that we were paying interest on the loan for the
building works, but not really getting anywhere," the report
quotes Miller Park board member Ian Sneddon as saying.  "[The
renovation] was a decision made by people no longer with the
organisation, but something the current board was having to deal
with."

The Miller Park board engaged Rapsey Griffiths to review its
options 12 months ago, the report says.

"I really didn't want the club to shut," the report quotes Mr
Sneddon as saying.  "I had essentially put my [truck driving]
business on hold for 12 months to try to see this through."

The report relates that Rapsey Griffiths helped the board
determine that it was not possible for the club to trade its way
out of difficulty even with the firm's guidance.

Instead they sought expressions of interest on an amalgamation,
the report relates.

"We undertook a review of the club's financial situation and they
were right to be concerned," the report quotes Rapsey Griffiths
partner Chad Rapsey as saying.  "In order to help the board with
this process we facilitated the expressions of interest for
amalgamation and assessed the offers that came in."

Greta Workers was the preferred partner and a deal was brokered,
the report notes.

The Independent Liquor and Gaming Authority approved the
application in July, adds Maitland Mercury.

The Branxton clubhouse now trades as Miller Park Sport Club and is
managed by Greta Workers Sports and Recreation Club, the report
notes.


MWT INSTITUTE: First Creditors' Meeting Set For Sept. 14
--------------------------------------------------------
Andrew Reginald Yeo and Gess Michael Rambaldi of Pitcher Partners
were appointed as administrators of MWT Institute Pty Ltd on Sept.
3, 2015.

A first meeting of the creditors of the Company will be held at
Level 19, 15 William Street, in Melbourne, on Sept. 14, 2015, at
2015, at 2:30 p.m.

MWT Institute Pty Ltd specialises in accredited training in music,
financial and community services.


NOSKE LOGISTICS: First Creditors' Meeting Set For Sept. 14
----------------------------------------------------------
David Laurence McEvoy and Craig David Crosbie of PPB Advisory were
appointed as administrators of Noske Logistics Pty Ltd, Noske
Forestry Logistics Pty Ltd and Whitleigh Pty Ltd on Sept. 2, 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. 14, 2015, at
11:00 a.m.


SECURITY ELECTRICAL: Placed Into Administration
-----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Security
Electrical Solutions Pty Ltd has been placed into administration.
Nicholas David Cooper and Rajendra Kumar Khatri were appointed
administrators of the company on Sept. 3, 2015, the report says.

Dissolve.com.au, citing Australian Securities and Investments
Commission records, relates that a winding up application was
filed by the Australian Taxation Office against the company in
June.

Adelaide-based Security Electrical Solutions Pty Ltd specialises
in the installation and maintenance of security systems like
intruder alarms and CCTV cameras on commercial properties.


TARLETON & PETERS: First Creditors' Meeting Set For Sept. 14
------------------------------------------------------------
Geoffrey Trent Hancock of Moore Stephens Sydney was appointed as
administrator of Tarleton & Peters Pty Ltd, trading as Peters
Meats, on Sept. 2, 2015.

A first meeting of the creditors of the Company will be held at
Wesley Conference Centre, Smith Room, 220 Pitt Street, in Sydney,
on Sept. 14, 2015, at 10:30 a.m.


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


CENTRAL CHINA: 1H 2015 Results Add Pressure to Moody's Ba3 CFR
---------------------------------------------------------------
Moody's Investors Service says that Central China Real Estate
Limited's (CCRE) 1H 2015 results were weak and its weakened credit
metrics -- adjusted to take into account its joint-venture (JV)
financials -- have added pressure to its Ba3 corporate family
rating and stable rating outlook.

However, Moody's expects the company will increase property
deliveries and revenue recognition in the next 12-18 months, which
will support a gradual recovery in its credit metrics, and thus
negate the need for immediate negative rating action.

"CCRE's JV-adjusted credit metrics weakened in 1H 2015 due mainly
to slow project deliveries at its JVs and sharp declines in gross
margins of its own projects," says Kaven Tsang, a Moody's Vice
President and Senior Credit Officer.

While CCRE reported 26.8% year-on-year growth in its reported
revenues, Moody's estimates that its JV-adjusted revenues only
inched up 2.7%, as the JV projects will be delivered mainly in 2H
2015 and in 2016.

Moody's also estimates that the company's JV-adjusted gross
margins dropped to 28% in 1H 2015 from 40% in 1H 2014, as it cut
prices to clear inventories at low-tier cities and there were
fewer high-margin projects for recognition in 1H 2015.

As a result, its revenue/debt ratio -- adjusted with its JV
financials -- fell slightly to 57.4% for the twelve months ended
June 2015 from 58.4% in 2014.

And its EBIT/interest -- adjusted with its JV financials --
weakened to 2.1x for the twelve months ended June 2015 from 2.5x
in 2014.

These metrics weakly position CCRE at its Ba3 rating level.

"However, we expect the company's credit metrics will moderately
improve over the next 12-18 months, supported by increased
contracted sales and revenue contributions from projects under
both its consolidated subsidiaries and JVs, such as Sky Mansion
and Tihome Jianye International City," adds Tsang, who is also
Moody's Lead Analyst for CCRE.

These two major projects are based in Zhengzhou and their higher
profit margins -- relative to projects at low-tier cities -- could
support the company's gross margin to stay at around 30%.

Unrecognized contracted sales from these two projects were above
RMB4 billion as of end-June 2015.

In total, the company had unrecognized contracted sales of around
RMB9.98 billion -- including RMB3.12 billion from its JVs -- as of
end-June 2015.

CCRE also reported a 12.9% year-on-year increase in contracted
sales to RMB8.6 billion in the first eight months of 2015.  While
it would be challenging for the company to achieve its full-year
target of RMB17.5 billion, its current progress towards this is
broadly in line with Moody's expectation.  These sales will also
support the company's liquidity and ongoing revenue recognition.

As a result, Moody's expects CCRE's revenue/debt and EBIT/interest
coverage -- both adjusted with its JV financials -- will gradually
improve to around 80% and 2.5x in the next 12-18 months.

Any material deviation from such expectations could result in a
negative rating action.

Specifically, Moody's could downgrade CCRE if the company: (1)
experiences significant sales declines; (2) suffers a material
decline in profit margins; and/or (3) accelerates its expansion
such that its liquidity position deteriorates, and/or its debt
levels rise materially.

Indicators of a downgrade include: (1) an adjusted cash to short-
term debt below 1.0x-1.5x; (2) an adjusted EBIT coverage of
interest below 2.5x-3.0x; and/or (3) an adjusted revenue/debt
below 80%.  The ratios are adjusted with JV financials.

Moreover, if the adjusted priority debt to total assets exceeds
15% for an extended period, Fitch would consider notching down
CCRE's senior unsecured rating.

CCRE's liquidity is adequate.  It had unrestricted cash holdings
of RMB5.9 billion as of end-June 2015; an amount which fully
covers its reported short-term debt of RMB3.2 billion, as well as
committed land payments of RMB134 million for the 12 months ending
June 2016.

Additionally, Moody's estimates that the company's adjusted cash
to short-term debt -- including amounts due to and due from its
JVs -- was around 1x as of end-June 2015.

The ratios above are calculated based on Moody's standard
adjustments and the definition stated in Moody's Homebuilding And
Property Development Industry, published in April 2015.  The
interest coverage formula is modified for Chinese developers to
substitute "capitalized interest" in the numerator for "interest
charged to cost of goods sold", as the latter is not separately
disclosed in audited financial statements.  Total debt does not
include adjustments for mortgage guarantees.

Moody's also adjusts CCRE's credit metrics by consolidating the
results of its JVs, given the company's substantial economic
interests in and effective control over its JVs' operations and
cash flows.  The importance of the JVs to CCRE is also evident
from CCRE's extension of guarantees to the debt incurred by its
JVs.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in April 2015.

Central China Real Estate Limited is a leading property developer
in China's Henan Province.  Founded in 1992, it listed on the Hong
Kong Stock Exchange in June 2008.


CHINA ESSENCE: Trading of Shares in SGX Halted
----------------------------------------------
Anita Gabriel at Business Times reports that trading in China
Essence Group's counter was halted as the firm said it needed more
time to provide additional information to shareholders as
requested by the Singapore Exchange.

The counter was last traded at 1.4 Singapore cents, unchanged from
September 4's close, before the trading halt at 10:42 a.m. on
September 7, Business Times discloses.

Earlier, the ailing potato processor announced that a preliminary
company search on the group's subsidiaries in China by a UK
consultant has discovered "unauthorised transactions" in at least
two subsidiaries by its former executive chairman and chief
executive, the report relates.

According to the report, the mainboard-listed firm said it was
notified by Moore Stephens on September 4 that the shareholding of
at least two of its subsidiaries had been changed to certain
individuals in April 2015.

Business Times adds that the company said its new directors who
were appointed to the board in August have no prior knowledge of
the transactions and its non-executive independent chairman Er
Kwong Wah who was also from the former board confirmed that the
transactions were neither authorised nor submitted to the previous
board for approval.

The transactions were also not reported in the firm's first
quarter results for the 2015 financial year, the report states.

China Essence added that Zhao Libin, the firm's former executive
chairman and CEO, admitted that he did the transactions and had
not disclosed the matter to the board, according to the report.

The report relates that the firm said Mr Zhao has informed its
chief financial officer (CFO) Yap Kong Wai that the shareholding
change arose from "long-standing debts" owed to the farmers by the
subsidiaries which had led the farmers to "almost run riot at the
factory".

"The local government had to step in to quench the riot by
settling the debts on behalf of the subsidiaries. In return, the
two subsidiaries had to transfer the shares to the local
government as held in trust," said China Essence, referring to Mr
Zhao's communication with the firm's CFO, the report relays.

China Essence Group Ltd., together with its subsidiaries,
manufactures and sells potato-based food products in Mainland
China and Taiwan. The company produces potato starch for food
processing and catering, pharmaceuticals, and oil and mining
industries, as well as for manufacturing paper, adhesives,
textiles, and building materials; potato starch-based products,
including vermicelli, starch strips, and five-grain noodles; and
modified potato starch for food, textile, and paper manufacturing
industries. It also provides potato by-products comprising potato
protein, an additive for a range of food applications, such as
animal feed, dairy products, seafood, processed meat, sauces,
beverages, and snacks; and potato fiber, an animal feed product.
The company markets its products through a network of
distributors, as well as sells directly to food and noodle
manufacturers and farmers. China Essence Group Ltd. was founded in
2001 and is based in Daqing, the People's Republic of China.


EVERGRANDE REAL: Modest 1H 2015 Results Meet Moody's Expectations
-----------------------------------------------------------------
Moody's Investors Service says that Evergrande Real Estate Group
Limited's (B1 negative) results for 1H 2015 were modest and within
expectation.

The ratings outlook remains negative, reflecting Moody's concerns
over Evergrande's weak liquidity profile and increased investments
in non-property businesses.

"Evergrande's liquidity profile remains weak but the recently
issued onshore bonds will help improve its liquidity profile,"
says Franco Leung, a Moody's Vice President and Senior Analyst.

Moody's says that the company's liquidity profile remained weak in
1H 2015, despite a slight improvement in its cash to short-term
debt ratio to 81% at end-June 2015 from 75% at end-2014.

But its RMB20 billion onshore bond issuances in July should
improve its liquidity profile, as the company plans to use part of
the proceeds to refinance its short-term debt.

"The company also continued its debt-funded expansion, resulting
in a material increase in gross debt to RMB185 billion at end-June
2015 from RMB156 billion at end-2014," adds Leung, "However, its
strong sales growth should help support its business expansion."

Moody's conclusions were contained in its just-released report on
Evergrande, entitled "Evergrande Real Estate Group Limited: Modest
1H 2015 Results Meet Expectations."

Despite the material increase in debt, debt leverage -- as
measured by adjusted revenue to debt -- remained largely stable at
about 52.8% for the 12 months ended June 2015, owing to strong 23%
year-over-year revenue growth in 1H 2015.

Moody's expects Evergrande's debt leverage will remain high at
50%-60% over the next 12 months, and EBIT/interest 1.7x - 1.9x.
These ratios weakly position the company at its B1 rating level,
as reflected in the negative ratings outlook.

Moody's report notes that Evergrande recorded strong contracted
sales of RMB101.2 billion over January-July 2015, up 23% from the
previous year.  This strong performance continues the trend from
2014, when contracted sales were up 31% year over year.

The company's land bank of 144 million square meters across 154
Chinese cities, as well as its increased investments in first- and
second-tier cities in recent years, should continue to support
sales growth in the next 12-18 months, says Moody's.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Evergrande Real Estate Group Limited is one of the major
residential developers in China.  It has a standardized operating
model.

Founded in 1996 in Guangzhou, the company has rapidly expanded its
business across the country over the past few years.  At
June 30, 2015, its land bank totaled 144 million square meters in
gross floor area across 154 Chinese cities.


GLORIOUS PROPERTY: Misses Secured Loans Repayment
-------------------------------------------------
Jamie Masona at The Deal reports that Glorious Property Holdings
Ltd. has fallen behind on payments on almost CNY10.5 billion
($1.64 billion) in loans and is facing more debt coming due in
October.

According to the report, the Shanghai-based residential property
developer disclosed in a financial report on Aug. 31 that it has
missed CNY1.09 billion in principal payments and CNY95.72 million
in interest payments on CNY5.07 billion in secured loans.

The company also has CNY1.69 billion in principal and CNY124.16
million in interest overdue on CNY5.40 billion in secured loans,
the financial statement said, The Deal relays.

"Management is in active negotiations with these lenders to revise
the repayment schedules for those overdue loan principals and
interests," Glorious said in the Aug. 31 financial report cited by
The Deal. It is confident that the lenders will not enforce their
rights of immediate repayment of the outstanding debt, the report
relays.

The Deal relates that in the company's financial report, it said
that its revenue decreased by 85.4% to CNY342.4 million, in the
first half of this year ending June 30, from CNY2.35 billion in
the first half of 2014.

Glorious is also facing the maturity of $300 million in 13% senior
unsecured notes on Oct. 25. In addition, it has $400 million in
13.25% senior unsecured notes due on March 4, 2018, The Deal
discloses citing data provider Bloomberg News.

According to Finra's Trace, the 13% notes last traded at 71.82 on
Aug. 27, while the 13.25% notes last traded at 57.75 on Aug. 26,
says The Deal.

The company said that it had an CNY1.07 billion net loss for the
six months ending June 30, according to The Deal.

Glorious reported CNY54.89 billion in assets and CNY39.4 billion
in liabilities as of June 30, at which point it also had CNY204.83
million in cash on its balance sheet, the Deal discloses.

"The deteriorating performance of the group in terms of operating
loss and cash flow, the decrease in cash and cash equivalents and
the significant amount of borrowings due for repayment within one
year [as of June 30], together with the aforementioned default in
borrowings as a result of either delay in repayment of principal
and interests or breaches of covenants giving rise to cross-
default terms indicate the existence of material uncertainties
which may cast significant doubt about the group's ability to
continue as a going concern," the financial report said.

                      About Glorious Property

Headquartered in Central, Hong Kong, Glorious Property Holdings
Limited (HKG:0845) engages in the development and sale of
properties in the People's Republic of China (PRC).  As of
December 31, 2014, it had a total land bank of 14.8 million square
meters in Shanghai Region, Yangtze River Delta, Pan Bohai Rim, and
Northeast China. The company has approximately 31 projects in 13
cities, including Beijing, Tianjin, Shanghai, Wuxi, Suzhou,
Nanjing, Nantong, Hefei, Harbin, Changchun, Shenyang, and Dalian.

As reported the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2015, Standard & Poor's Ratings Services said that it had
lowered its long-term corporate credit rating on Glorious Property
Holdings Ltd. to 'CC' from 'CCC-'.  The outlook is negative.  S&P
also lowered its long-term Greater China regional scale rating on
the China-based developer to 'cnCC' from
'cnCCC-'.

At the same time, S&P lowered its long-term issue rating on
Glorious' senior unsecured notes to 'C' from 'CC'.  S&P also
lowered its long-term Greater China scale rating on the notes to
'cnC' from 'cnCC'.

"We downgraded Glorious because the company disclosed a series of
overdue debt repayments that have not been completely remedied or
waived," said Standard & Poor's credit analyst Christopher Yip.

The company is in negotiations for renewals and extensions;
however, no immediate repayments have been demanded.  S&P believes
this shows that Glorious continues to face difficulty in obtaining
additional new and sufficient financing.  Therefore, S&P also sees
a high probability that the company could default on its US$300
million unsecured offshore notes due in October without unforeseen
positive developments.


GLORIOUS PROPERTY: Poor 1H 2015 Results Reflected in Caa3 CFR
-------------------------------------------------------------
Moody's Investors Service says that Glorious Property Holdings
Limited's further deterioration in liquidity is credit negative.
However, the poor 1H 2015 results and high risk of default are
already reflected in the company's Caa3 corporate family and Ca
senior unsecured ratings.

The ratings outlook is negative.

"Glorious' liquidity profile has further deteriorated during 1H
2015.  The company continues to face a high risk of default as its
ability to refinance the $300 million senior notes maturing on
Oct. 25, 2015 has further weakened," says Stephanie Lau, a Moody's
Assistant Vice President and Analyst.

The company's cash position has declined to RMB1.0 billion at end-
1H 2015, from RMB1.4 billion at end-2014.  Glorious was also
overdue for its repayment of RMB1.7 billion in principal and
RMB124 million in interest as at end-June 2015, which has been
viewed as a cross-default event in the company's certain other
borrowings, thus leading to certain debt with principals amounting
to RMB7.4billion being re-classified as current liabilities, as at
end-June 2015.  Total reported short term debt was at RMB21.8
billion as at end-June 2015.

As a result, the company's cash to short term debt ratio fell to
4.7% as of end-June 2015 from 8.7% at end-2014.

For the first seven months of 2015, Glorious reported contracted
sales of RMB2.5 billion, representing a year-on-year increase of
26.7%.  However, the company's contracted sales performance
remained week which also affected its liquidity profile.

"Glorious' ability to seek additional financing to fund its near-
term obligations is uncertain," adds Lau.

Moody's expect Glorious will continue to seek alternatives to
refinance its maturing bonds, however time is limited.

Glorious' operational results showed further deterioration as at
1H2015.  The company registered a negative gross profit of RMB620
million, mainly due to lower revenue recognized, lower profit
margins for properties sold and delivered during the year so far,
as well as a RMB624 million provision for impairment on its
property projects.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Glorious Property Holdings Limited is a medium-sized residential
property developer based in Shanghai.  The company has expanded to
eastern and northern China.  At end-June 2015, it had a land bank
with a gross floor area of around 14.4 million square meters in
Shanghai, Beijing, Tianjin, and in several second-tier and third-
tier cities in the Yangtze River Delta and northeast China.
Glorious listed on the Stock Exchange of Hong Kong in 2009.  Its
major shareholder, Mr. Zhang Zhi Rong, owns 68.39% and also has a
shipbuilding company listed in Hong Kong.


GUANGZHOU R&F: Fitch Affirms 'BB' Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has affirmed China-based Guangzhou R&F Properties
Co. Ltd.'s (Guangzhou R&F) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'BB'. The Outlook is revised to
Negative from Stable. Fitch has also affirmed Guangzhou R&F's
senior unsecured rating, the ratings on its outstanding notes and
ratings on notes issued by subsidiaries at 'BB'. The full list of
rating actions is at the end of this commentary.

The Outlook revision reflects Fitch's expectation that Guangzhou
R&F will need until 2017 to bring its leverage ratio, as measured
by net debt to adjusted inventory, to below 50%. This compares
with the previous expectation that this will happen in 2015.
Contracted sales in 1H15 were slower than expected and leverage
will remain above 55% in 2015 and above 50% in 2016. The company
is slowing down its land acquisitions, which is driving the
deleveraging. The ratings are supported by the home builder's
superior EBITDA margins of close to 30%, large business scale with
contracted sales at CNY54.4bn, and its well-diversified land bank
in Tier 1 and 2 cities.

KEY RATING DRIVERS

High Leverage to Continue: Guangzhou R&F's leverage peaked at
61.3% in December 2014, and fell to 57.9% in 1H15. The high
leverage was due to the aggressive land acquisitions worth CNY43bn
in 2013, while contracted sales in 2013 were only CNY42.3bn.
Guangzhou R&F's land bank increased 51% to 43.3m sqm in 2013 from
28.6m sqm in 2012.

Deleveraging to Begin in 2016: Fitch expects Guangzhou R&F
leverage to remain stable for 2015 and further decrease to below
55% in 2016. The deleveraging will be driven by slower land
acquisitions and stable contracted sales. Guangzhou R&F estimates
that its annual land premium will be around CNY8bn-10bn in 2015-
2017, which is around 20% of its yearly contracted sales, much
less than the 100% in 2013.

Superior EBITDA Margin: Guangzhou R&F's EBITDA margin is higher
than that of its 'BB' category peers of 20% to 25%. Guangzhou
R&F's EBITDA margin was 28.3% in 2014, and was at 33%-36% in 2011-
2013. The lower margin in 2014 was due to the smaller proportion
of commercial property sales in the revenue mix. Commercial
property sales accounted for 6% of its total revenue in 2014,
compared with 33% and 15% in 2013 and 2012 respectively.

Reached Critical Mass: Guangzhou R&F's contracted sales reached
CNY54.4bn in 2014, after increasing around 25% a year from
CNY34.2bn in 2012. The company's contracted sales are comparable
with that of other Chinese homebuilders rated at similar levels,
and give it economies of scale. We expect the company's contracted
sales to increase in single digits in the next one to two years,
supported by the size and quality of its land bank.

Diversified Exposure to High Tier Cities: Guangzhou R&F has a
well-diversified land bank of 40.3m sqm, of which 35% by
achievable sales value is located in first-tier cities and 38% in
second-tier cities. These include 23 cities that are either Tier 1
cities, provincial capitals, or major Tier 2 cities in different
regions like Huizhou in the south, Wuxi in the east, and Baotou in
the north. There is no over-concentration in any one city and even
Guangzhou, where Guangzhou R&F first established its business,
accounted for only 11% of sales value in the land bank at mid-
2015. The diversification helps reduce uncertainties inherent in
local policies and local economies.

Diversified Funding, Sufficient Liquidity: The company has
demonstrated well-diversified access to both onshore and offshore
capital markets, trust loans and perpetual securities as well as
access to equity markets, which provide more financial
flexibility. Around 85% of its total debt is onshore, comprising
bank loans, other borrowings and perpetual capital instruments.
The remaining 15% are offshore bonds. Guangzhou R&F recently
issued onshore domestic bonds to replace CNY5.6bn of perpetual
securities in order to lower its funding costs. In 1H15, the
weighted average cost of financing was 8.15% compared with 8.22%
in 2014 and 8.15% in 2013. At 30 June 2015, Guangzhou R&F had
CNY23.9bn in cash (of which CNY5.9bn was restricted cash) and
CNY17bn in unused uncommitted bank credit facilities.

KEY ASSUMPTIONS

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

-- Contracted sales remain flat in 2015;
-- Contracted sales by gross floor area to increase by 2% over
    2016-2018;
-- Average selling price for contracted sales to be flat for
    2016-2018;
-- EBITDA margin at 28%-30% in 2015-2018
-- Slower land bank acquisition in 2016-2018 with land premium
    around CNY7bn-10bn a year in 2015-2018
-- Net debt including perpetuals to be around CNY60bn in 2015

RATING SENSITIVITIES

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

-- EBITDA margin below 25% on a sustained basis.
-- Net debt/adjusted inventory over 50% on a sustained basis.
-- Contracted sales/gross debt below 0.7x on a sustained basis.

Positive: The current rating is on Negative Outlook. Fitch does
not anticipate developments with a material likelihood,
individually or collectively, of leading to a rating upgrade.
However, if the above factors do not materialise, then the Outlook
may revert to Stable.

FULL LIST OF RATING ACTIONS

Guangzhou R&F Properties Co., Ltd

-- Long-Term Foreign-Currency IDR rating affirmed at 'BB',
    Outlook revised to Negative
-- Long-Term Local-Currency IDR rating affirmed at 'BB', Outlook
    revised to Negative
-- Senior unsecured rating affirmed at 'BB'

Big Will Investments Limited

-- USD388 million 10.875% senior unsecured notes due 2016
    affirmed at 'BB'

Caifu Holdings Limited
-- USD600m 8.75% senior unsecured notes due 2020 affirmed
    at 'BB'

Trillion Chance Limited
-- USD1billion 8.5% senior unsecured notes due 2019 affirmed at
    'BB'


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I N D I A
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ADITYA PRECITECH: CRISIL Assigns B+ Rating to INR32.5MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Aditya Precitech Private Limited (APPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              25        CRISIL B+/Stable
   Letter of Credit         32.5      CRISIL A4
   Long Term Loan            9        CRISIL B+/Stable

The ratings reflect APPL's moderate scale- and working-capital
intensive- operations, and exposure to risk related to volatility
in raw material prices. These rating strengths are partially
offset by extensive industry experience of APPL's promoters and
its moderate financial risk profile marked by low gearing albeit
constrained by small size of net worth.
Outlook: Stable

CRISIL believes that APPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if APPL diversifies and
improves its scale of operations and operating profitability on a
sustainable basis, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case there is a significant decline in APPL's revenues and
profitability, or if the company undertakes a larger-than-expected
debt-funded capital expenditure programme, or if there is
deterioration in working capital management, leading to weak
financial risk profile.

Incorporated in the year 1994 as a partnership firm and
subsequently rechristened as APPL in 2004, the company is engaged
in manufacturing of precision engineering components. Based out of
Hyderabad, APPL is promoted by Mr. K.N.Venkateswara Rao and Mr.
R.V.K.Kishore.

APPL, on provisional basis has reported a reported a profit after
tax (PAT) of INR6 million on net sales of INR148.1 million for
2014-15 (refers to financial year, April 1 to March 31), as
against a PAT of INR4.7 million on net sales of INR120.1 million
for 2013-14.


ARVIND INORGANICS: CRISIL Suspends 'D' Rating on INR35MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Arvind Inorganics Pvt Ltd (AIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              35        CRISIL D
   Letter of Credit          5        CRISIL D
   Term Loan                23.5      CRISIL D

The suspension of ratings is on account of non-cooperation by AIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AIPL is yet to
provide adequate information to enable CRISIL to assess AIPL'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'

AIPL was incorporated in 2005-06 (refers to financial year,
April 1 to March 31), and is managed by Mr. Raj Kumar Bubna and
his two sons, Mr. Arvind Bubna and Mr. Avinash Bubna. Till 2009,
the company was mainly trading in 40 to 50 organic/inorganic
chemicals. Since January 2010, it has also been manufacturing
barium carbonate (main usage: chlor alkali, ceramics, and glass
industries) and sodium sulphide (leather and dyes). The company is
based in Kolkata (West Bengal).


BABA MALLESHWAR: CRISIL Suspends 'D' Rating on INR68MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Baba
Malleshwar Rice Mill Pvt Ltd (BMRM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              60        CRISIL D
   Letter Of Guarantee       2        CRISIL D
   Term Loan                68        CRISIL D

The suspension of ratings is on account of non-cooperation by BMRM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BMRM is yet to
provide adequate information to enable CRISIL to assess BMRM'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'

BMRM processes paddy into rice and by-products such as broken
rice, rice bran, and husk. The company is promoted by Mr. Tapas
Kanti Roy and his family members.


BEEHIVE EDUCATIONAL: CRISIL Suspends C Rating on INR98MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Beehive
Educational Society (BES).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility        12       CRISIL C
   Term Loan                 98       CRISIL C

The suspension of ratings is on account of non-cooperation by BES
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BES is yet to
provide adequate information to enable CRISIL to assess BES'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'

BES, set up in April 2002, offers education in the fields of
engineering, management, science, commerce, and physiotherapy. It
currently runs three institutes: Beehive College of Advance
Studies, Beehive College of Management & Technology, and Beehive
College of Engineering & Technology. All three institutes are
located on a single campus in Dehradun.


C. NATARAJAN: CRISIL Assigns B+ Rating to INR85MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of C. Natarajan (Natarajan).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                85        CRISIL B+/Stable

The rating reflects Natarajan's nascent stage of operations,
vulnerability of its output to variability in wind speeds, and
risks related to customer concentration in revenue profile. These
rating weaknesses are partially offset by Natarajan's healthy
revenue visibility aided by long-term power purchase agreement,
advantageous location of the windmill, the promoters' extensive
experience, and their funding support.
Outlook: Stable

CRISIL believes that Natarajan will continue to benefit over the
medium term from the advantageous location of its windmill in the
high wind density region. The outlook may be revised to 'Positive'
if Natarajan's plant load factor (PLF) consistently improves,
along with timely receipt of collections from its customer,
resulting in better liquidity. Conversely, the outlook may be
revised to 'Negative' in case of significant decline in the PLF,
or delays in collection of receivables, resulting in weakening of
its financial risk profile, particularly liquidity.

Natarajan is a proprietary firm of Mr. C Natarajan. The firm
operates windmills in Tirunelveli, Tamil Nadu, with an installed
capacity of 3.225 megawatts.


CHETAN ALLOYS: CRISIL Suspends B Rating on INR200MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Chetan Alloys Pvt Ltd (CAPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              200       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by CAPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CAPL is yet to
provide adequate information to enable CRISIL to assess CAPL'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'

CAPL, incorporated in 2012, is promoted by the Maheshwari family
of Delhi. The company is engaged in trading of nonferrous metals
which includes metals, scraps and alloys of copper, zinc, lead,
brass and nickel with its facility in Jamnagar (Gujarat).


CHHATRAPATI AGRO: CRISIL Suspends D Rating on INR102.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Chhatrapati Agro Food Manufacturing Company Ltd (CAF).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              17.5      CRISIL D
   Proposed Long Term
   Bank Loan Facility        60       CRISIL D
   Term Loan                102.5     CRISIL D

The suspension of rating is on account of non-cooperation by CAF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CAF is yet to
provide adequate information to enable CRISIL to assess CAF'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'

CAF, based in Pune (Maharashtra) and incorporated in 2011,
manufactures jaggery. The company has been promoted by Mr. Pawar
Dhanaji Nanasaheb and Mr. Salunke Vitthal.


CLUB 29: CRISIL Suspends B+ Rating on INR99.5MM Term Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Club 29
Pvt Ltd (Club 29).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                99.5      CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by Club
29 with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Club 29 is yet
to provide adequate information to enable CRISIL to assess Club
29'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'

Club 29 was incorporated in January 2012 by Mr. Jayant Kaneria and
Mr. Sanjay Kalate. The company is building a club at Wakad in Pune
(Maharashtra) at a cost of around INR300 million, funded through
term loan of around INR100 million and the rest through customer
advances and promoters' contribution.


COLOR N: CRISIL Suspends 'D' Rating on INR63MM Term Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Color N
Style Private Limited (CNSPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              49        CRISIL D
   Term Loan                63        CRISIL D

The suspension of ratings is on account of non-cooperation by
CNSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CNSPL is yet to
provide adequate information to enable CRISIL to assess CNSPL'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'

CNSPL, incorporated in 2005 is a private limited company based out
of New Delhi. The company is engaged in dyeing and trading of grey
and printed cloth. It is promoted by Mr. Rajesh Wason, who looks
into the day-to-day operations of the company in the capacity of
Managing Director.


CRYSTAL ROADWAYS: CRISIL Suspends D Rating on INR98.7MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Crystal Roadways Pvt Ltd (CRPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          1.3        CRISIL D
   Term Loan              98.7        CRISIL D

The suspension of ratings is on account of non-cooperation by CRPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CRPL is yet to
provide adequate information to enable CRISIL to assess CRPL'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'

CRPL, incorporated in 1998, is currently setting up of a multi-
purpose cold storage unit in Howrah (West Bengal).The current cold
storage project implementation and day-to 'day operations of the
company are looked after by Mr Naresh Agarwal.


EPSON VITRIFIED: CRISIL Suspends B+ Rating on INR118.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Epson Vitrified Pvt Ltd (EVPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          12.5      CRISIL A4
   Cash Credit             50        CRISIL B+/Stable
   Rupee Term Loan        118.5      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by EVPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EVPL is yet to
provide adequate information to enable CRISIL to assess EVPL'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'

Incorporated in August 2010, EVPL manufactures vitrified ceramic
tiles. Its manufacturing unit is in Morbi (Gujarat). The company
is promoted by Mr. Haresh Patel and Mr. Ramniklal Patel.


GAJIWALA SAREES: CRISIL Suspends B+ Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of M/s.
Gajiwala Sarees (GS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               80       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       100       CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by GS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GS is yet to
provide adequate information to enable CRISIL to assess GS'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'

Surat based GS is engaged in the selling of Lehanga, Sarees, Dress
materials, Children's ware, Embroidery, Traditional Wear, Fabrics
as per needs & fabrics for scarves, pareos, stoles, khaftan and
etc for nearly three decades. The firm has a finishing unit at
Udhna Udhyognagar at Surat city in Gujarat and outsources dying,
printing and embroidery design.

The firm is promoted by two partners - Mr. Vikram Gajiwala and
Mrs. Sweety Gajiwala (Wife of Mr. Vikram Gajiwala). However, day
to day operations of the firm is managed by Mr. Vikram Gajiwala
(Partner) and Mr. Mukul Shah (Friend of Mr. Vikram Gajiwala).


GOPSONS PAPERS: CRISIL Reaffirms 'B-' Rating on INR325MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gopsons Papers Ltd
(GPL) continue to reflect GPL's weak financial risk profile,
marked by weak debt protection metrics, and its large working
capital requirements and low cash accruals. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the publishing industry.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           25        CRISIL A4
   Bank Guarantee           25        CRISIL B-/Stable
   Cash Credit             160        CRISIL B-/Stable
   Corporate Loan          325        CRISIL B-/Stable
   Export Packing Credit    50        CRISIL B-/Stable
   Term Loan               186        CRISIL B-/Stable

Outlook: Stable

CRISIL believes that GPL 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 significant
improvement in the company's scale of operations, capital
structure, and working capital cycle, along with an increase in
its cash accruals. Conversely, the outlook may be revised to
'Negative' in case of a decline in GPL's revenue, or an increase
in its receivables, or significant debt-funded capital
expenditure, resulting in deterioration in its financial risk
profile.

Update
GPL's operations have been split among the promoter family in
2014-15 (refers to financial year, April 1 to March 31). Following
the split, GPL has been undertaking the printing of fictional and
non-fictional books (90 per cent of its business) and holograms
for automobile companies (10 per cent). Security printing has been
transferred to a new entity, Gopsons Printers Pvt Ltd (GPPL).
Thus, GPL has reported revenue of around INR974.8 million for
2014-15 against INR1.2 billion for 2013-14. Keeping in view the
contribution of the book printing segment, CRISIL expects GPL's
annual revenue to be in range of INR800 million to INR850 million
over the medium term.

For 2014-15, GPL reported an operating margin of around 15 per
cent due to trading activity undertaken to honour prior
commitments of around INR250 million in security printing. The
expected operating margin from book printing is 17 to 18 per cent,
but the actual level of this margin will remain a key rating
sensitivity factor.

GPL has high interest burden as, following the split, although a
part of the assets which were funded by recent term loans have
been transferred to GPPL, the entire debt has remained on GPL's
books. Thus, GPL's interest coverage ratio was around 1.33 times
for 2014-15, and is expected to remain at this level over medium
term. Also, the company's net cash accruals of INR36 million were
insufficient to meet debt repayment obligations of INR60 million,
in 2014-15. The repayment was supported by the sanction of a
corporate loan by the bank. The company's average bank limit
utilisation was 85 per cent during the 12 months through May 2015.
CRISIL expects GPL's financial risk profile to remain weak over
the medium term, due to low cash accruals.

The company's operations remain working capital intensive as
indicated by its gross current assets of around 200 days as on
March 31, 2015. It maintains inventory of around 60 days and
debtors are realised in around 120 days.

GPL, on a provisional basis, reported a net loss and net sales of
INR161.3 million and INR974.8 million, respectively, for 2014-15;
it had reported a net loss of INR8.2 million on net sales of
INR1153.1 million for 2013-14. The loss in 2014-15 includes
transfer of goodwill of INR69.3 million to GPPL.

GPL is a printing and publishing house providing typesetting, pre-
press, printing, and post-press services to international and
national publishers. Its products include fiction and non-fiction
books, course books, and holograms. The company's plants are in
Noida (Uttar Pradesh) and Sivakasi (Tamil Nadu). GPL was started
in 1986 and is promoted by the Goel family, which has been engaged
in the printing business since 1950. The company is now managed by
Mr. Sunil Dutt Goel.


GREENEEM AGRI: CRISIL Assigns B+ Rating to INR50MM Bill Disc.
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of GreeNeem Agri (P) Ltd. (GAPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting        50         CRISIL B+/Stable
   Packing Credit          10         CRISIL A4

The ratings reflect the company's modest scale of operations in
the highly fragmented coco coir based segment, its below-average
financial risk profile, marked by its modest net worth and debt
protection metrics and its working-capital-intensive nature of
operations. These rating weaknesses are partially offset by the
benefits derived from the promoters' extensive industry
experience, and its established customer relationships.
Outlook: Stable

CRISIL believes that the GAPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
scale of operations and profitability on a sustained basis,
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company records low cash accruals or if its financial risk profile
weakens, most likely because of large debt-funded capital
expenditure or deterioration in working capital management, or
significant capital withdrawals by the promoters.

Established as a proprietorship concern in 1990 as 'K. Sivaram
Brothers' and later converted into a private limited company in
2007, GAPL is engaged in manufacturing of coir and neem based
products like coco peat, coco coir fiber , Neem Oil and Neem cake.
The company is based out of Virudhunagar, Tamil Nadu, and is
promoted by Mr. S. Sivaraman, Mr. S Prabakaran and Mr. S. Sundar.

GAPL reported, a profit after tax (PAT) of INR0.4 million on net
sales of INR306 million for 2013-14 (refers to financial year,
April 1 to March 31); against profit after tax (PAT) of INR0.5
million on net sales of INR158 million for 2012-13.


HALLMARK AQUAEQUIPMENT: CRISIL Suspends B+ Rating on INR61MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Hallmark Aquaequipment Pvt Ltd (HAEPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           5        CRISIL A4
   Cash Credit             61        CRISIL B+/Stable
   Letter of Credit        15        CRISIL A4
   Rupee Term Loan          3.5      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
HAEPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HAEPL is yet to
provide adequate information to enable CRISIL to assess HAEPL'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'

Incorporated in 1993, HAEPL is into manufacturing of HDPE pipes
and pipe fittings. The company sells its products to large
corporations for execution of various projects and also through
its retail network. All the products are sold by HAEPL under the
'Hallmark' brand. The day-to-day operations of the company are
managed by Mr. Pranab Kumar Ghosh.


INTECH SAFETY: CRISIL Suspends B+ Rating on INR56.5MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Intech Safety Pvt Ltd (ISPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           31        CRISIL A4
   Cash Credit               8        CRISIL B+/Stable
   Cash Credit & Working
   Capital demand loan      56.5      CRISIL B+/Stable
   SME Credit                0.5      CRISIL B+/Stable
   Term Loan                 3.0      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by ISPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ISPL is yet to
provide adequate information to enable CRISIL to assess ISPL'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'

Incorporated in 2003 as a private limited company, ISPL is
promoted by Mr. Gautam Gupta and his family members. It
manufactures personal protection equipment, such as respiratory
masks, protective suits, vests, industrial safety helmets, and
masks. The company also supplies self-rescuing equipment mainly
for entities engaged in the mining industry.


J. J. SOLVEX: CRISIL Suspends 'B' Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
J. J. Solvex Pvt Ltd (JSPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL B/Stable
   Warehouse Financing       58       CRISIL B/Stable

The suspension of rating is on account of non-cooperation by JSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JSPL is yet to
provide adequate information to enable CRISIL to assess JSPL'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'

JSPL was set up in 1993 by Mr. Bimal Jain and his family. It
extracts rice bran oil at its unit in Samana (Punjab).


JAI SHREE: CRISIL Assigns 'B' Rating to INR44MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Jai Shree Radhey Woven Sack (JRWS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            25          CRISIL B/Stable
   Term Loan              44          CRISIL B/Stable

The rating reflects JRWS's susceptibility to funding risks and
demand risk related to its ongoing project. The ratings also
factor in the small scale of operations. These rating weaknesses
are mitigated by the promoters' extensive experience in the
packaging industry.
Outlook: Stable

CRISIL believes that JRWS will benefit over the medium term from
its promoters' extensive industry experience. The outlook maybe
revised to 'Positive' in case of sizeable cash accruals along with
efficient working capital management. Conversely, the outlook
maybe revised to 'Negative' if JRWS generates low cash accruals or
has large working capital requirements exerting further pressure
on the liquidity.

JRWS, is a partnership firm promoted by Mr. Kashmiri Lal, Mr.
Mohit Garg and Ms. Anubha Gupta. JRWS is setting up a unit to
manufacture woven sacks of PP fabrics which are mainly used in the
cement bags, sugar bags, rice bags and other packing material. The
manufacturing facility is located at Panipat (Haryana).


JYOTI HOSPITAL: CRISIL Suspends 'D' Rating on INR136.8MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jyoti Hospital Pvt Ltd (JHPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            5        CRISIL D
   Cash Credit              32.5      CRISIL D
   Overdraft Facility       55        CRISIL D
   Term Loan               136.8      CRISIL D

The suspension of ratings is on account of non-cooperation by JHPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JHPL is yet to
provide adequate information to enable CRISIL to assess JHPL'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'

JHPL was incorporated in 1994, and is promoted by Dr. A K Bansal
and his wife, Dr. Vandana Bansal. It operates a multi-specialty
350-bed hospital in Allahabad (Uttar Pradesh). The hospital has
more than 20 departments specialising in orthopaedics,
gynaecology, neurology, dental, paediatrics, plastic surgery,
minimally invasive surgeries as well as laparoscopic surgeries.


K C MOTORS: CRISIL Suspends B+ Rating on INR150MM Loan
------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
K C Motors (KCM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              20        CRISIL B+/Stable
   Inventory Funding
   Facility                150        CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by KCM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KCM is yet to
provide adequate information to enable CRISIL to assess KCM'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'

KCM, established in 2005 by Mr. Raju Chowdhary and his friends, is
an exclusive dealer of CSIL in J&K. The company has three
showrooms in the 3S (sales, service, and spares) format in J&K.


KAILASH OVERSEAS: CRISIL Assigns 'B' Rating to INR25MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
bank facilities of Kailash Overseas (KO).

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

   Inland/Import Letter
   of Credit               55         CRISIL A4

The rating reflects KO's modest scale of operations along with
below average financial risk profile marked by modest net worth
and high geraing. These rating weaknesses are partially offset by
KO's promoters' extensive experience in the industry.
Outlook: Stable

CRISIL believes that KO will continue to benefit over the medium
term from its promoters' extensive experience in copper wire
business. The outlook may be revised to 'Positive' in case, the
firm scales up its operations significantly with improvement in
profitability leading to higher-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
further deterioration in firm's financial risk profile and
liquidity because of lower accruals, larger-than-expected working
capital requirement or if it undertakes any large debt funded
capex.

KO was set up in 2014 as a partnership concern by Mr. Devinder
Sharma and Mr. Bakul Sharma. The firm is engaged in manufacturing
of copper wires which is used in electrical products. The firm's
manufacturing facility is located in Delhi.


KAIRBETTA ESTATES: CRISIL Assigns B+ Rating to INR45MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kairbetta Estates Syndicate (KES).

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

   Post Shipment Credit     10        CRISIL A4

   Proposed Working
   Capital Facility         45        CRISIL B+/Stable

The ratings reflect KES's modest scale operations, significant
customer concentration in revenue profile and the moderate
financial risk profile, marked by moderate net worth and weak debt
protection measures. These rating weaknesses are mitigated by the
promoter's extensive experience in the tea industry.
Outlook: Stable

CRISIL believes that that KES will continue to benefit from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the firm reports sustained increase in
its revenue and profitability, resulting in improvement in
financial risk profile. Conversely, outlook may be revised to
'Negative' in case of deterioration in the financial risk profile
especially liquidity on account of low accruals, stretches in
working capital cycle and large debt-funded capital expenditure
plans.

Established in 1956, KES plants and processes orthodox tea. The
firm is in Kotagiri (Tamil Nadu) and the day-to-day operations are
managed by Mr. Prashant Bhansali and family.


KANERIYA SAND: CRISIL Suspends 'D' Rating on INR41.1MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Kaneriya Sand and Aggregates Pvt Ltd (KSAPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              8.5       CRISIL D
   Term Loan               41.1       CRISIL D

The suspension of rating is on account of non-cooperation by KSAPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KSAPL is yet to
provide adequate information to enable CRISIL to assess KSAPL'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'

Incorporated in Surat in 2010, KSAPL started operations in January
2011; the company is involved in the manufacturing and
distribution of sand and aggregates, which are used in the
construction sector. The company operates a crushing plant at a
distance of about 60 kilometres from Surat.


KISAN GINNING: CRISIL Assigns 'B' Rating to INR50MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kisan Ginning & Pressing (KGP).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              20        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       50        CRISIL B/Stable
   Rupee Term Loan          29.5      CRISIL B/Stable

The rating reflects KGP's nascent stage of operations and weak
financial risk profile marked by modest net worth and high
gearing. These rating weakness are partially offset by the
promoter's extensive experience in diverse businesses.
Outlook: Stable

CRISIL believes that KGP will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' if KGP's financial risk profile improves
driven by higher revenue and profitability. Conversely, the
outlook may be revised to 'Negative' in case KGP's financial risk
profile deteriorates because of decline in revenue or
profitability or a large, debt funded capital expenditure
programme.

KGP was setup in March 2015 by Mr. Radheshyam Adaniya and family.
The firm is engaged in ginning of raw cotton (kapas).  It began
commercial production in March 2015 at its unit in Rajura
(Maharashtra).


MANISHRI REFRACTORIES: CRISIL Suspends D Rating on INR156MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Manishri Refractories and Ceramics Pvt. Ltd (Manishri).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           140       CRISIL D
   Cash Credit              156       CRISIL D
   Letter of Credit          34.9     CRISIL D
   Term Loan                107.1     CRISIL D

The suspension of ratings is on account of non-cooperation by
Manishri with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Manishri
is yet to provide adequate information to enable CRISIL to assess
Manishri'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'

Manishri was set up as a proprietorship firm by the late Mr. B C
Mohanty in 1972; it was reconstituted as a private limited company
in 1991. Manishri manufactures alumina silicate refractory
products. The company's day-to-day operations are looked after by
managing director Mr. Biswajit Mohanty (son of Mr. B C Mohanty)
and his brother Mr. Satyajit Mohanty.


MARUTI PLASTO: CRISIL Suspends 'D' Rating on INR40MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Maruti
Plasto Moulding (MPM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            11          CRISIL D
   Term Loan              40          CRISIL D

The suspension of ratings is on account of non-cooperation by MPM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MPM is yet to
provide adequate information to enable CRISIL to assess MPM'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'

MPM was founded as a partnership firm by Mr. Narendra Kumar
Agarwal and Mr. Kamakhya Prasad Agarwal in 2010. The firm
manufactures injection-moulded plastic items, and began commercial
production in April 2012.


MILLENIUM ELECTRONICS: CRISIL Suspends B Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Millenium Electronics (ME).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL B/Stable
   Letter of Credit         10        CRISIL A4

The suspension of ratings is on account of non-cooperation by ME
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ME is yet to
provide adequate information to enable CRISIL to assess ME'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'

ME was established in 2008 by Mr. Rahul Mundra and Mr. Vipin Goel.
The firm manufactures UPS and inverters at its facility in
Parwanoo (Himachal Pradesh).


NAINITAL AGRO: CRISIL Suspends B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of of
Nainital Agro Products (NAP; part of the PLA group).

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Cash Credit                50       CRISIL B+/Stable
   Standby Line of Credit      7.5     CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by NAP
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NAP is yet to
provide adequate information to enable CRISIL to assess NAP'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'
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of NAP with its group entity P.L.A Foods
Pvt Ltd (PLA), together referred to as the PLA group. This is on
account of common management, procurement and similar line of
operations.

NAP was established in 1990 as a partnership firm, by Mr. Pramod
Goel and Mrs. Shobha Goel and is headquartered in Haldwani
(Uttarakhand) and is engaged in the milling of paddy into
processed rice. The Goel family, headed by Mr. Aman Goel
incorporated PLA in March 2012 and the company mills paddy into
processed rice. PLA's rice mill is in Rudrapur (Uttrakhand).


NKB INFRASTRUCTURE: CRISIL Suspends D Rating on INR420MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
NKB Infrastructure Pvt. Ltd (NKB).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          180        CRISIL D
   Cash Credit             420        CRISIL D

The suspension of ratings is on account of non-cooperation by NKB
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NKB is yet to
provide adequate information to enable CRISIL to assess NKB'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'

Set up in 1970 as Mewat Grit Udyog, a partnership firm, by Mr. N K
Gupta, NKB was reconstituted as a private limited company in March
2011. NKB undertakes contracts for stone crushing, manufacturing
construction material, and constructing roads.


PALNADU INFRASTRUCTURE: CRISIL Reaffirms INR103.5M Loan B+ Rating
-----------------------------------------------------------------
CRISIL rating on the long-term bank facilities of Palnadu
Infrastructure Pvt Ltd (PIPL) continues to reflect the company's
exposure to implementation and demand risks associated with its
ongoing project.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Long Term
   Bank Loan Facility     21.5      CRISIL B+/Stable (Reaffirmed)

   Term Loan             103.5      CRISIL B+/Stable (Reaffirmed)

The rating is also constrained by the high degree of geographic
concentration in its revenue profile, and PIPL's vulnerability to
cyclicality inherent in the Indian real estate industry. These
rating weaknesses are partially offset by the promoters' extensive
industry experience, and the favourable location of the company's
project.

Outlook: Stable

CRISIL believes that PIPL will continue to benefit over the medium
term from its promoters' extensive industry experience and the
prime location of its upcoming project. The outlook may be revised
to 'Positive' if the company executes its project on time and
registers higher-than-expected lease rentals. Conversely, the
outlook may be revised to 'Negative' if there is a time or cost
overrun in the company's project, or a delay in tying up with
prospective tenants, adversely affecting its liquidity.

PIPL was set up in 2013 by Mr. K Mahesh Reddy, Mr. Rajesh Alla,
and their family members. The company is into real estate
development, and is currently developing a commercial real estate
project in Hyderabad.


PARAS FROZEN: CRISIL Assigns 'B' Rating to INR75MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Paras Frozen India Foods Ltd (PFIFL).

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

The rating reflects PFIFL's small scale and working capital
intensive operations in the highly competitive food processing
industry, leading to low returns on capital employed. These rating
weaknesses are partially offset by the promoters' extensive
industry experience and the company's average capital structure
and debt protection measures.
Outlook: Stable

CRISIL believes that PFIFL will continue to benefit over the
medium term from its promoters' extensive experience in the food
processing industry. The outlook may be revised to 'Positive' if
the company reports significant and sustained improvement in
revenue and profitability, while improving its working capital
management. Conversely, the outlook may be revised to 'Negative'
if company reports decline in profitability and accruals, stretch
in working capital cycle, or any large capital expenditure.

Incorporated in 2006, PFIFL is a Kashipur-based company engaged in
processing and packaging frozen peas, under its brand, Paras. The
company's operations are currently being managed by Mr. Ashwani
Chabbra, who is the Secretary of All India Frozen Fruits &
Vegetables Manufacturing Association.

PFIFL reported a provisional profit after tax (PAT) of INR5.0
million on net sales of INR116.0 million for 2014-15 (refers to
financial year, April 1 to March 31), up from INR4.2 million and
INR114.2 million, respectively, for 2013-14.


PAWANSUT ENTERPRISES: CRISIL Puts 'B' Rating on INR20MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Pawansut Enterprises (PE).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          50         CRISIL A4
   Cash Credit             10         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      20         CRISIL B/Stable

The ratings reflect PE's modest scale of operations in the
fragmented civil construction industry and its subdued financial
risk profile marked by small net worth. These rating weaknesses
are partially offset by its promoters' extensive experience in the
construction business and its moderate revenue visibility with a
healthy order book.

Outlook: Stable

CRISIL believes that PE will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm scales up
operations significantly, while efficiently managing working
capital requirements and generating substantial cash accruals.
Conversely, the outlook may be revised to 'Negative' if PE's
financial risk profile, especially liquidity, deteriorates, most
likely because of considerable stretch in working capital cycle,
decline in cash accruals, or large debt-funded capital
expenditure.

Set up in 1998 as a partnership firm, PE undertakes construction
of roads, bridges, and buildings. It is promoted by Mr. Bhajan Lal
Tayal, Mr. Gopal Tayal, Mr. Govind Tayal, and Mr. Krishan
Aggarwal.


S KUMAR: CRISIL Assigns B+ Rating to INR66MM Cash Loan
------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of S Kumar Engineering Industries (SKEI) and assigned
its 'CRISIL B+/Stable/CRISIL A4' ratings to the facilities. CRISIL
had, on December 27, 2014, suspended the ratings as SKEI had not
provided the necessary information required to maintain a valid
rating. SKEI has now shared the requisite information, enabling
CRISIL to assign ratings to the bank facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           14        CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Bill Discounting         60        CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

   Cash Credit              66        CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

   Long Term Loan           60        CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

   Proposed Working         66        CRISIL B+/Stable (Assigned;
   Capital Facility                   Suspension Revoked)

The ratings reflect SKEI's small scale of operations in the
intensely competitive industrial components industry, the customer
concentration in its revenue profile, and its large working
capital requirements. The ratings also factor in the firm's below-
average financial risk profile marked by modest net worth and debt
protection metrics. These rating weaknesses are partially offset
by its promoters' extensive experience in the industrial
components industry.
Outlook: Stable

CRISIL believes that SKEI will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of substantial growth in scale of
operations and net cash accruals, along with steady capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of low revenue and accruals or significant debt-funded
capital expenditure, weakening the firm's debt protection metrics.

SKEI, established in 2008, is a partnership firm of Mr. P Senthil
Kumar and his brother Mr. P Saravana Kumar. The firm fabricates
steel structural products and manufactures boiler components such
as valves, controllers, pressure gauges, coils, springs, and
ducts. Its manufacturing facility is in Trichy (Tamil Nadu).

SKEI, on a provisional basis, reported profit after tax (PAT) of
INR7.8 million on operating income of INR291.5 million for 2014-15
(refers to financial year, April 1 to March 31), against PAT of
INR2.4 million on operating income of INR199.9 million for 2013-
14.


SALASAR COTSPINS: CRISIL Suspends B+ Rating on INR150MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Salasar Cotspins Pvt Ltd (SCPL).

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

The suspension of rating is on account of non-cooperation by SCPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SCPL is yet to
provide adequate information to enable CRISIL to assess SCPL'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'.

SCPL was incorporated in Nanded (Maharashtra). The company is
promoted by Mr. Naresh Goenka, Mr. Alibhai Panjawani, Mr. Shriram
Medewar, and Mr. Santosh Kolawar. SCPL is engaged in ginning and
pressing of raw cotton (kapas) to manufacture cotton bales.


SARASWATI COMPONENT: CRISIL Suspends 'D' Rating on INR230MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Saraswati Component Motors Pvt Ltd (SCMPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             230        CRISIL D

   Proposed Long Term       40        CRISIL D
   Bank Loan Facility

   Term Loan                30        CRISIL D

The suspension of ratings is on account of non-cooperation by
SCMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SCMPL is yet to
provide adequate information to enable CRISIL to assess SCMPL'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'.

SCMPL was established in 2010 by Mr. Arun Kumar Tiwari. The
company is an authorised dealer of TML's medium and light
commercial vehicles in Chhapra (Bihar) and utility and passenger
vehicles in five districts of Bihar. SCMPL commenced operations in
2011-12 (refers to financial year, April 1 to March 31).


SHANKAR AGRO: CRISIL Suspends 'B' Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shankar Agro (SA).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Cash Credit
   Limit                   100       CRISIL B/Stable
   Warehouse Financing     100       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by SA
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SA is yet to
provide adequate information to enable CRISIL to assess SA'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'.

SA is a proprietorship firm started by Mr. Manish Kumar in the
year 2011 and is engaged in the trading of rice. The firm is based
out of Narela, Delhi and procures primarily from the Narela Mandi.


SHANTI DEVELOPERS: CRISIL Assigns 'B' Rating to INR50MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shanti Developers - Ahmedabad (SD).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term       20        CRISIL B/Stable
   Bank Loan Facility

   Term Loan                50        CRISIL B/Stable

The rating reflects susceptibility of the firm's revenue and
earnings to the cyclicality in the real estate industry and the
geographic concentration in its revenue profile. These weaknesses
are partially offset by the extensive experience of the partners
in the real estate business and prudent funding of SD's project
with limited dependence on bank debt.
Outlook: Stable

CRISIL believes that SD will sustain its business risk profile
over the medium term backed its partners' extensive experience in
the real estate business. The outlook may be revised to 'Positive'
if customer response to the firm's projects is significantly
better than expected leading to high cash flow. Conversely, the
outlook may be revised to 'Negative' if SD's liquidity is
restricted by low cash inflows, either because of subdued response
to its projects and, consequently, low flow of advances and
simultaneous execution of multiple projects.

SD, established in 2014, is setting up a residential township,
Shantideep, in Ahmedabad (Gujarat). The firm is a part of the
Shanti group that has more than 25 years of experience in
residential and commercial development. The group generally forms
a new special purpose vehicle or partnership firm for each of its
projects. The main partners of SD are Mr. Bhagubhai Patel, Mr.
Deepakbhai Patel, and Mr. Hashmukhbhai Patel.


SHREEGEE HOSES: CRISIL Suspends B Rating on INR220MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
ShreeGee Hoses Pvt. Ltd (SHPL).

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

   Proposed Letter of
   Credit                   10        CRISIL A4

   Proposed Term Loan      220        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by SHPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SHPL is yet to
provide adequate information to enable CRISIL to assess SHPL'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'.

SHPL was incorporated in September 2011 by Mr. Girish Chand Tyagi,
Mr. Sanjay Chand Tyagi, Mr. Praveen Tyagi and Ms. Ruchi Tyagi in
Meerut (Uttar Pradesh). It is setting up a 100 per cent EOU for
manufacturing high pressure hoses used for carrying fluids, air
and gases in commercial automobiles and earth moving equipment.
The company proposes to commence commercial operations in April
2015.


SHRI LAXMINARAYAN: CRISIL Suspends 'D' Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shri
Laxminarayan Industrial Co-operative Service Society Ltd.

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

The suspension of rating is on account of non-cooperation by
SLICSSL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SLICSSL is yet
to provide adequate information to enable CRISIL to assess
SLICSSL'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'.

SLICSSL, formed in 2004, has been promoted by the Patel family in
Surat (Gujarat). The society was formed for setting up a textile
park in Surat. The society has 2655 plots and has land area of
more than 500,000 square feet.


SRI SATHYA: CRISIL Assigns 'B' Rating to INR75MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sri Sathya Exim (SSM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              75        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        5        CRISIL B/Stable

The rating reflects SSM's modest scale of operations in the
intensely competitive and highly fragmented iron and steel scrap
processing and trading industry, and below-average financial risk
profile, marked by modest net worth. These rating weaknesses are
partially offset by the extensive industry experience of SSM's
promoter in the steel trading industry.
Outlook: Stable

CRISIL believes that SSM 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's revenue and
profitability increase substantially, thus strengthening its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SSM's financial risk profile weakens because of low
cash accruals or a large debt-funded capital expenditure.
Setup in 2007 by Mr. Sathyaseelan, SSM processes and trades in
iron and steel scrap. The firm's unit is based in Gumidipoondi
(Tamil Nadu).


TARINI EDUCATIONAL: CRISIL Suspends 'D' Rating on INR99.8MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Tarini Educational Trust (TET).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan          99.8       CRISIL D

The suspension of ratings is on account of non-cooperation by TET
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TET is yet to
provide adequate information to enable CRISIL to assess TET'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'

Set up as a charitable trust in 2007, TET runs three colleges -
Gandhi Institute of Industrial Technology (GIIT), Gandhi Academy
of Technology and Engineering, and Gandhi Polytechnic - in
Berhampur (Odisha). The colleges are affiliated to the Biju
Patnaik University of Technology, Odisha and approved by the All
India Council for Technical Education, New Delhi. The colleges
offer engineering courses; GIIT also offers a three-year
postgraduate degree course in computer applications.


TITANIA PRODUCTS: CRISIL Suspends B Rating on INR50MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Titania Products Pvt Ltd (TPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Inventory Funding
   Facility                 50        CRISIL B/Stable

   Standby Line of
   Credit                   10        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by TPPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TPPL is yet to
provide adequate information to enable CRISIL to assess TPPL'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'

Incorporated in September 2012, TPPL is the sole authorised dealer
of Ashok Leyland for its entire range of light commercial vehicles
and spare parts in Ranchi and Dhanbad (both in Jharkhand). TPPL
commenced its commercial operations in April 2014. The company is
promoted by members of the Ranchi-based Singhania family, and its
day-to-day operations are managed by its promoter-directors, Mr.
Jai Prakash Singhania and Mr. Prahlad Rai Singhania.


TRIMURTI FLOUR: CRISIL Assigns 'C' Rating to INR45MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
loan facilities of Trimurti Flour Mill Pvt Ltd (TFMPL).

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit-Book Debt      15        CRISIL C
   Cash Credit-Stock          45        CRISIL C
   Term Loan                  30        CRISIL C

The rating reflects the company's stretched liquidity owing to
large working capital requirements and a below-average financial
risk profile. These weaknesses are partially offset by the
considerable experience of the promoters in the flour business.

Incorporated in 2010, TFMPL started commercial operations in
February 2014. The company is engaged in processing of wheat at
its facility in Patna. The day-to-day operations of the company
are managed by Mr. Abhishek Sinha.


VISHAL PAPER: CRISIL Suspends B+ Rating on INR90MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vishal Paper Industries Pvt Ltd (VPI; part of the Vishal group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             90         CRISIL B+/Stable
   Letter of Credit        20         CRISIL A4
   Proposed Long Term
   Bank Loan Facility      53         CRISIL B+/Stable
   Term Loan               27         CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by VPI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VPI is yet to
provide adequate information to enable CRISIL to assess VPI'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'.

VCL and VPI manufacture WPP. They were established in 1999 and
2004, respectively, by Mr. Vidya Sagar and Mr. Krishan Mohan. VPI
was initially set up as a partnership firm but was later
reconstituted as a private limited company in 2011. The companies
are based in Patiala (Punjab). VCL and VPI have manufacturing
capacities of around 30,000 tonnes per annum (tpa) and 36,000 tpa,
respectively.



=================
I N D O N E S I A
=================


MATAHARI PUTRA: Moody's Hikes Corporate Family Rating to Ba3
------------------------------------------------------------
Moody's Investors Service has upgraded PT Matahari Putra Prima
Tbk's (MPPA) corporate family rating to Ba3 from B2.

The outlook on the rating is stable.

Moody's upgrade of MPPA's concludes its review for upgrade which
commenced on 17 June.

RATINGS RATIONALE

The upgrade reflects a reduction in MPPA's adjusted debt due to
changes in Moody's approach for capitalizing operating leases. The
updated approach for standard adjustments for operating leases is
explained in the cross-sector rating methodology "Financial
Statement Adjustments in the Analysis of Non-Financial
Corporations", published on 15 June 2015.

"MPPA's Ba3 rating also considers the company's leading market
position in the fast-moving consumer goods segment, its proven
expansion capabilities, its continued strong operating performance
and the company's commitment to a moderate dividend policy," says
Jacintha Poh, a Moody's Assistant Vice President and Analyst.

MPPA has the largest footprint of stores versus its competitors,
with operations in over 67 Indonesian cities. The company's asset-
light business model where it leases all its stores has supported
the rapid opening of new stores whist its strong distribution
system has led to successful expansion outside Java.

MPPA opened 21 new stores in 1H 2015, bringing its total number of
stores under operation to 288, from 267 stores in 2014. The
company remains on track to achieve its plan of adding 42 new
stores -- 15 Hypermart, 6 Foodmart and 21 Boston Health & Beauty -
- in 2015.

"Despite intense competition in the modern retail segment and
rising utilities and labor costs, we expect MPPA to keep operating
margins above 5% over the next 12-18 months, by continuing to
offset margin pressure through operational efficiencies," adds
Poh.

The company's plan to keep its dividend payments at or below 35%
of net income, which we expect to be funded by internally
generated cash flow rather than through debt, as was the case
historically will support a strong financial profile such that
leverage as measured by adjusted debt/EBITDA will be less than 2x
and retained cash flow/net adjusted debt to be about 35%-40% in
2015 and 2016.

We expect MPPA's liquidity position to be adequate. As of 30 June
2015, the company had a cash position of IDR280 billion and with
its expected cash flow from operations of approximately IDR500
billion in the next 12 months, it is sufficient to cover debt
payment of IDR515 billion, capital expenditure of IDR85 billion
and dividend payment of IDR194 billion.

For the 12 months ended 30 June 2015, the company had an operating
margin of 5.8%, adjusted debt/EBITDA of 1.8x and retained cash
flow/net adjusted debt of 31%. The debt largely reflected Moody's
operating lease adjustments rather than the company's bank loan
facilities or bond issuances.

The stable rating outlook reflects Moody's expectation that MPPA
will maintain its dominant market position and continue to
maintain healthy financial metrics, while pursuing growth.

Upward ratings pressure is unlikely over the near to medium term,
but could emerge if MPPA: (1) successfully implements its business
plans and grow its revenue to above IDR25 trillion; and (2)
maintains a strong financial profile such that retained cash
flow/net adjusted debt trends above 30%.

On the other hand, MPPA's ratings could face downward pressure if:
(1) its parent -- PT Multipolar Tbk (unrated) extracts cash from
the company; and/or (2) it adopts more aggressive shareholder
return policies, thereby weakening its liquidity position or
causing it to incur additional debt. Moody's considers an adjusted
debt/EBITDA of more than 3.0x, and retained cash flow/net adjusted
debt trends below 15% on a sustained basis, as indications that a
ratings downgrade may be necessary.

PT Matahari Putra Prima Tbk, listed on the Indonesia Stock
Exchange, is a leading retailer in Indonesia with multiple retail
formats. As of 30 June 2015, the company operates 111
hypermarkets, 71 foodmarts and 106 Boston stores in over 67
Indonesian cities.



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


TOSHIBA CORP: Posts JPY37.8BB Loss After Accounting Scandal
-----------------------------------------------------------
The Japan Times reports that crisis-hit Toshiba Corp. said on
September 7 it would book a JPY37.8 billion ($318 million) loss
for the latest fiscal year because of a billion dollar profit-
padding scandal.

The report says the vast 140-year-old conglomerate announced its
annual loss for the year to March 2015, reversing a previously
expected JPY120 billion annual profit.

The Japan Times relates that adjustments wiped out net income from
businesses that span nuclear reactors, computer memory chips and
laptop computers. The company has revamped its board, apologized
to investors and appointed a special committee to try to win back
trust and prevent further irregularities, the report says.

"The announced fiscal year loss is within the range of what
investors have been expecting, so investors are buying back the
shares," the report quotes Mitsushige Akino, an executive officer
at Ichiyoshi Asset Management Co. in Tokyo, as saying. "But in the
long run, it is unclear how Toshiba will change."

Investors appeared to cheer the finalized figures as bringing a
sense of closure to the saga, with Toshiba's Tokyo-listed shares
jumping 3.17 percent to JPY357.6 in morning trade even as the
broader market turned lower, according to the Japan Times.

The Japan Times notes that Toshiba left its previously announced
JPY170 billion operating profit and JPY6.65 trillion sales figures
unchanged, but said it could not supply forecasts for the year to
March 2016.

According to the report, the revised results come after months of
delay as an outside panel probed the firm's finances amid
revelations that top executives had pressured underlings to
systematically inflate profits by about $1.2 billion since the
2008 global financial crisis.

As one of Japan's most damaging accounting scandals in recent
years, the case prompted the president and seven other top
executives to resign after the company-hired panel found top
management complicit in the years-long scheme, the report says.

                        About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2014, Moody's Japan K.K. assigned a rating of Ba1 to the
JPY180 billion in subordinated loans issued by Toshiba
Corporation.  At the same time, Moody's has affirmed all of
Toshiba's ratings.

Senior Unsecured Baa2
Senior Unsecured Shelf (P)Baa2
Subordinate Ba1
Commercial Paper P-2

The ratings outlook is stable.



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


1MALAYSIA: Kaur Sacked Based on Contract, Malaysia AG Says
----------------------------------------------------------
Business Times reports that Attorney-General Mohamed Apandi Ali
said the work contract of Singaporean legal officer Jessica
Gurmeet Kaur, who was involved in the probe of state investor
1Malaysia Development Berhad (1MDB), has been terminated in
accordance with her terms of service.

"Jessica Kaur was a contract officer and her contract of service
was terminated as per the terms of the contract. That is all I can
say at the moment. No further comment," Business Times quotes Mr.
Apandi as saying.

News of Ms Kaur's sacking from the Attorney-General's Chambers has
created a buzz after sources familiar with her revealed that she
had been sacked suddenly, the report says.

Asked whether she is in Singapore now, the sources said it was
better to keep Ms Kaur in Malaysia because "if she is in
Singapore, all hell will break loose," according to Business
Times.

The report relates that a lawyer has noted that the Singaporean
would not be subjected to preventive Malaysian laws such as the
Official Secrets Act once she is out of the country.

According to Business Times, Ms Kaur and her lawyers are expected
to apply for a judicial review with a tell-all affidavit on why
the authorities are bent on terminating her work contract at the
Chambers and revoke her permanent residency (PR).

The judicial review will challenge her sacking, summary
cancellation of her PR and alleged forced deportation from
Malaysia, the report states.

Business Times notes that Ms Kaur has been living in Malaysia for
over 20 years before the sudden turn of events, which started with
investigations by the authorities on her and former Malaysian
Anti-Corruption Commission (MACC) adviser Rashpal Singh over a
purported leak in relation to a charge sheet.

The report says Ms Kaur was then the head of administration and
finance at the Chambers and was also attached to the Special Task
Force investigating various financial cases.

The Task Force was established to probe into 1MDB and the
MYR2.6 billion (S$879 million) channelled into Prime Minister
Najib Razak's personal bank accounts, the report notes. The group
was disbanded after the recent Cabinet reshuffle.

Ms Kaur and Mr Singh were released by police on bail after their
statements had been recorded, the report notes.

Her bail is said to have been revoked last months, adds Business
Times.

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

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

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


1MALAYSIA: Swiss Freeze Millions Amid Fund Probe
------------------------------------------------
Channel News Asia reports that Swiss authorities said on Sept. 2
they had frozen funds in Swiss banks amid a probe into people
linked to Malaysia's troubled state investment fund, 1Malaysia
Development Berhad (1MDB), on suspicion of corruption and money
laundering.

"The Office of the Attorney General of Switzerland (OAG) has
frozen assets amounting to several tens of millions of US dollars
on Swiss bank accounts," an OAG spokeswoman said by email in
response to an enquiry, CNA relays. "At this early stage of the
procedure, the OAG is analysing and consolidating evidence. The
OAG is already in contact with the Malaysian authorities.
International cooperation with foreign countries, in particular
with Malaysia, will probably be necessary to establish the facts,"
she added.

In a statement released later on Sept. 2, 1MDB denied that any of
its bank accounts were frozen in Switzerland.

"As far as 1MDB is aware, none of the company's bank accounts have
been frozen," the statement, as cited by CNA, read.  "1MDB is in
the process of developing a better understanding of the on-going
investigations in Switzerland so the company can cooperate to its
fullest extent," it added.

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

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

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



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


GOLDEN AGRI-RESOURCES: Moody's Cuts CFR to Ba3; Outlook Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Golden Agri-Resources Ltd (GAR) to Ba3 from Ba2.

The outlook on the rating remains negative.

RATINGS RATIONALE

"The downgrade reflects an ongoing erosion in palm oil prices such
that they have now hit six-year lows and our view that GAR will be
unable to reduce leverage significantly in the next six to nine
months from over 6x currently, and its liquidity will continue to
remain under pressure," says Alan Greene, a Moody's Vice President
and Senior Credit Officer.

Despite adverse market conditions, GAR has continued to make
further progress towards refinancing the probable put on its
convertible bonds on Oct. 4, 2015.

In respect of refinancing activity, GAR has continued to make
market purchases of the convertible bonds reducing the outstanding
to $284 million (originally a $400 million issue).  In addition,
its Indonesian subsidiary PT Ivo Mas Tunggal (unrated) has
arranged and drawn on a $300 million working capital and term loan
facility.

Nevertheless, liquidity remains tight with the current ratio 1.04x
at end Q2 compared to 1.06x at end Q1 2015.  Even if the
convertible bond were to be fully refinanced with long-term debt,
the pro forma current ratio would be 1.22x, which is still weak
for a commodities trading business.

Moody's believes that the global surplus of vegetable oils is due
to oversupply and exacerbated by low crude oil prices and that the
creation of biodiesel demand represents the easiest way to absorb
the current over-production of vegetable oil.  GAR is building two
biodiesel plants, each of 300,000 tonne per annum capacity, which
are likely to enter commercial production, one in 2016 and the
other in 2017.  These represent the bulk of GAR's capex
requirement in the next 12 months, as it has halted new planting
pending environmental reviews.

"The desire to bring the biodiesel assets on-stream as soon as
possible, means that there is limited flexibility in GAR's
discretionary cash flow, and so expenditure on business
investments and capex may well exceed our expectations for 2015,"
comments Greene.

At current CPO prices, GAR's upstream activities are still
profitable and can achieve cash profits of up to $200 per tonne;
but, if its non-plantation businesses continue to underperform --
then leverage will keep rising.

GAR's downstream investments have yet to yield meaningful returns
largely because other players have adopted similar strategies,
resulting in overcapacity in refining.

However, the recent introduction of new differentiated levies on
CPO and refined product exports out of Indonesia could help
refining margins in the short-term, while in the longer-term, the
successful roll out of Indonesia's biodiesel policy could provide
substantial benefit to both GAR's plantation and downstream
operations.

"Nevertheless, based on our expectations, and in the absence of a
major recovery in the price of CPO -- which is the key determinant
of its EBIDTA -- or asset disposals, GAR will likely show a fourth
consecutive year of negative free cash flow and rising net debt in
FY2015," says Greene.

The negative outlook is based on Moody's expectation that GAR will
find it challenging to reverse the rise in leverage, unless CPO
prices recover significantly and/or it achieves better margins on
its downstream operations.  It also reflects the company's tight
liquidity conditions.

The outlook is negative and so a rating upgrade is unlikely in the
near term.  The outlook could return to stable if leverage and
other metrics show signs of recovery and GAR's debt maturity
profile improves.  To achieve a stable outlook, we would expect
EBITA/interest better than 3.5x to 4.0x, CFO/Net debt of over 20%
and debt/EBITDA below 4.0x.

The rating may show further downward pressure if (1) CPO prices
fall consistently below our expectations; (2) unexpected costs
related to the expansion of plantations and processing facilities
arise; (3) significant cash outflows into other long-term assets,
aggressive shareholder returns, or support for affiliates occur,
and 4) access to trade finance is impaired.

Metrics that could prompt a downgrade include 1) EBITA margins
fall below 5% to 6%; 2) EBITA/interest falls below 2.5-3.0x; or 3)
CFO/Net Debt falls below 15% -18%; and 4) adjusted debt/EBITDA
remains above 4.5x, all on a sustained basis.

The principal methodology used in this rating was Global Protein
and Agriculture Industry published in May 2013.

Golden Agri, registered in Mauritius, is the largest listed oil
palm plantation company in Indonesia.  Listed on the Singapore
Stock Exchange in 1999, it mainly operates in Indonesia and China
and is 50.35% owned by the Widjaja family.


SUNMOON FOOD: Exec Chair Defends Company's Financial Performance
----------------------------------------------------------------
Cai Haoxiang at Business Times reports that the 2013 debt
restructuring of Sunmoon Food Co Ltd has cleaned up the company's
balance sheet and saved it SGD2 million a year in interest, said
executive chairman Gary Loh.

Business Times says Mr Loh was making the comments in a
clarification announcement on Aug 31 evening to an Aug 25 Straits
Times report, which he said "appears to skew the financial
performance of the group".

According to the report, six SunMoon shareholders are currently
seeking to oust Mr Loh as executive chairman at an extraordinary
general meeting on Oct 5.

Business Times notes that Mr Loh led a rescue of the company in
2013 through his private equity firm First Alverstone Capital.

"The board notes that without the fresh funds injection to
complete the debt restructuring, the company would likely have
remained technically insolvent, if not already insolvent, with
interest expense continuing to accrue at approximately S$1.95
million per year, payable to the lenders," the report quotes Mr
Mr. Loh as saying.

"The Ebitda (earnings before interest, taxes, depreciation and
amortisation) of the group was already positive since FY 2009
based on the operational changes made in 2007 and 2008, though the
interest expense due to the lenders from FY 2009 through to the
completion of the debt restructuring affected the net profit of
the group during that period."

SunMoon reported a profit of SGD66,000 for its second quarter
ended June 30, 2015, compared to a SGD465,000 loss the same period
a year ago, Business Times discloses. Revenue rose 20% to SGD10.5
million.

Singapore-based SunMoon Food Company Limited (SGX:AAJ) is an
investment holding company. The Company is a fruit and dehydrated
produce company engaged in fruit trading, distribution and retail
and franchise, and dehydrated produce processing and distribution.
The Company operates through two segments: agricultural products
division and fruits division. The Company's agricultural products
division distributes garlic and manufactures dehydrated garlic and
onion products. The production facilities are located in China
while the products are distributed around the globe. The Company's
fruits division procures and distributes fresh fruits and
processed fruits around the globe. Its customers include
importers, wholesalers, supermarket chains, as well as individual
consumers. The Company serves food companies in the United States,
Canada, Australia, Europe, South America, Asia, and the rest of
the world. Its subsidiaries include Fook Huat Tong Kee Pte Ltd,
United Fruit Company Limited, UGC 2003, Inc., and others.



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


* BOND PRICING: For the Week Aug. 30 to Sept. 4, 2015
-----------------------------------------------------

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


  AUSTRALIA
  ---------

  AUSTRALIA
  ---------

ANTARES ENERGY LTD    10.00   10/30/23     AUD       1.86
AUSDRILL FINANCE PT    6.88   11/01/19     USD      69.50
AUSDRILL FINANCE PT    6.88   11/01/19     USD      71.18
BOART LONGYEAR MANA    7.00   04/01/21     USD      68.00
BOART LONGYEAR MANA    7.00   04/01/21     USD      68.00
CML GROUP LTD          9.00   01/29/20     AUD       0.99
CRATER GOLD MINING    10.00   08/18/17     AUD      26.00
EMECO PTY LTD          9.88   03/15/19     USD      71.50
EMECO PTY LTD          9.88   03/15/19     USD      72.50
FMG RESOURCES AUGUS    6.88   04/01/22     USD      60.77
FMG RESOURCES AUGUS    6.88   04/01/22     USD      61.05
IMF BENTHAM LTD        6.35   06/30/19     AUD      71.00
KBL MINING LTD        12.00   02/16/17     AUD       0.32
KEYBRIDGE CAPITAL L    7.00   07/31/20     AUD       0.68
LAKES OIL NL          10.00   03/31/17     AUD       7.83
MIDWEST VANADIUM PT   11.50   02/15/18     USD       5.03
MIDWEST VANADIUM PT   11.50   02/15/18     USD       4.93
RESOLUTE MINING LTD   10.00   12/04/17     AUD       1.01
STOKES LTD            10.00   06/30/17     AUD       0.40
TREASURY CORP OF VI    0.50   11/12/30     AUD      64.78


CHINA
-----

CHANGCHUN CITY DEVE    6.08   03/09/16     CNY      40.46
CHANGZHOU INVESTMEN    5.80   07/01/16     CNY      40.81
CHANGZHOU WUJIN CIT    5.42   06/09/16     CNY      51.09
CHANGZHOU WUJIN CIT    6.22   06/08/18     CNY      77.30
CHINA GOVERNMENT BO    1.64   12/15/33     CNY      73.42
CHINA GOVERNMENT WH    3.10   07/09/22     CNY       4.00
DATONG ECONOMIC CON    6.50   06/01/17     CNY      70.50
ERDOS DONGSHENG CIT    8.40   02/28/18     CNY      69.20
GRANDBLUE ENVIRONME    6.40   07/07/16     CNY      70.82
HANGZHOU XIAOSHAN S    6.90   11/22/16     CNY      71.31
HEILONGJIANG HECHEN    7.78   11/17/16     CNY      71.10
HUAIAN CITY URBAN A    7.15   12/21/16     CNY      70.62
JIANGSU HUAJING ASS    5.68   09/28/17     CNY      75.00
KUNSHAN ENTREPRENEU    4.70   03/30/16     CNY      40.35
NANJING NANGANG IRO    6.13   02/27/16     CNY      50.20
NANTONG STATE-OWNED    6.72   11/13/16     CNY      69.00
OCEAN RIG UDW INC      7.25   04/01/19     USD      57.75
OCEAN RIG UDW INC      7.25   04/01/19     USD      57.75
PANJIN CONSTRUCTION    7.70   12/16/16     CNY      72.10
QINGZHOU HONGYUAN P    6.50   05/22/19     CNY      40.52
SHENGZHOU HOTEL CO     9.20   02/26/16     CNY     100.00
TAIZHOU CITY CONSTR    6.90   01/25/17     CNY      70.59
TONGLIAO CITY INVES    5.98   09/01/17     CNY      65.01
WUHU ECONOMIC TECHN    6.70   06/08/18     CNY      79.00
WUXI COMMUNICATIONS    5.58   07/08/16     CNY      50.80
XIANGTAN JIUHUA ECO    6.93   12/16/16     CNY      71.00
YANGZHOU ECONOMIC D    6.10   07/07/16     CNY      51.00
YANGZHOU URBAN CONS    5.94   07/23/16     CNY      40.92
YIJINHUOLUOQI HONGT    8.35   03/19/19     CNY      74.48
YUNNAN INVESTMENT G    5.25   08/24/17     CNY      71.52
ZHUCHENG ECONOMIC D    7.50   08/25/18     CNY      40.82


INDONESIA
---------


INDONESIA TREASURY     6.38   04/15/42     IDR      70.12


INDIA
-----

3I INFOTECH LTD        5.00   04/26/17     USD      11.00
BERAU COAL ENERGY T    7.25   03/13/17     USD      58.75
BERAU COAL ENERGY T    7.25   03/13/17     USD      45.02
BLUE DART EXPRESS L    9.30   11/20/17     INR      10.13
BLUE DART EXPRESS L    9.50   11/20/19     INR      10.20
BLUE DART EXPRESS L    9.40   11/20/18     INR      10.17
COROMANDEL INTERNAT    9.00   07/23/16     INR      15.24
EXPORT-IMPORT BANK     8.87   10/10/22     INR     103.06
GAJAH TUNGGAL TBK P    7.75   02/06/18     USD      71.01
GAJAH TUNGGAL TBK P    7.75   02/06/18     USD      75.63
GTL INFRASTRUCTURE     3.53   11/09/17     USD      24.63
INCLINE REALTY PVT    10.85   04/21/17     INR       6.85
INCLINE REALTY PVT    10.85   08/21/17     INR      10.18
INDIA GOVERNMENT BO    0.33   01/25/35     INR      23.45
JAIPRAKASH ASSOCIAT    5.75   09/08/17     USD      70.43
JCT LTD                2.50   04/08/11     USD      21.63
PRAKASH INDUSTRIES     5.25   04/30/15     USD      46.25
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      2.03   03/22/12     JPY      10.25
ELPIDA MEMORY INC      2.10   11/29/12     JPY      10.25
ELPIDA MEMORY INC      2.29   12/07/12     JPY      10.25


KOREA
-----

2014 KODIT CREATIVE    5.00   12/25/17     KRW      29.44
2014 KODIT CREATIVE    5.00   12/25/17     KRW      29.44
DONGBU STEEL CO LTD    5.00   03/09/18     KRW      62.37
DOOSAN CAPITAL SECU   20.00   04/22/19     KRW      37.44
HYUNDAI HEAVY INDUS    4.90   12/15/44     KRW      52.66
HYUNDAI HEAVY INDUS    4.80   12/15/44     KRW      53.60
HYUNDAI MERCHANT MA    7.05   12/27/42     KRW      35.59
KIBO ABS SPECIALTY     5.00   03/29/18     KRW      28.43
KIBO ABS SPECIALTY     5.00   01/31/17     KRW      31.23
KIBO ABS SPECIALTY    10.00   09/04/16     KRW      37.64
KIBO ABS SPECIALTY    10.00   02/19/17     KRW      35.25
KIBO ABS SPECIALTY    10.00   08/22/17     KRW      25.52
KIBO GREEN HI-TECH    10.00   12/21/15     KRW      49.48
LSMTRON DONGBANGSEO    4.53   11/22/17     KRW      29.09
POSCO ENERGY CORP      4.66   08/29/43     KRW      66.69
POSCO ENERGY CORP      4.72   08/29/43     KRW      66.13
POSCO ENERGY CORP      4.72   08/29/43     KRW      66.09
POSCO PLANTEC CO LT    3.89   09/13/16     KRW      70.21
PULMUONE CO LTD        2.50   08/06/45     KRW      56.77
SINBO SECURITIZATIO    5.00   07/24/17     KRW      29.81
SINBO SECURITIZATIO    5.00   07/24/18     KRW      27.71
SINBO SECURITIZATIO    5.00   07/24/18     KRW      27.71
SINBO SECURITIZATIO    5.00   10/01/17     KRW      29.93
SINBO SECURITIZATIO    5.00   10/01/17     KRW      29.93
SINBO SECURITIZATIO    5.00   10/01/17     KRW      29.93
SINBO SECURITIZATIO    5.00   12/13/16     KRW      32.56
SINBO SECURITIZATIO    5.00   12/25/16     KRW      31.67
SINBO SECURITIZATIO    5.00   02/11/18     KRW      28.79
SINBO SECURITIZATIO    5.00   02/11/18     KRW      28.79
SINBO SECURITIZATIO    5.00   01/15/18     KRW      29.25
SINBO SECURITIZATIO    5.00   01/15/18     KRW      29.25
SINBO SECURITIZATIO    5.00   01/29/17     KRW      32.05
SINBO SECURITIZATIO    5.00   02/21/17     KRW      31.80
SINBO SECURITIZATIO    5.00   02/21/17     KRW      31.80
SINBO SECURITIZATIO    5.00   08/31/16     KRW      33.67
SINBO SECURITIZATIO    5.00   08/31/16     KRW      33.68
SINBO SECURITIZATIO    5.00   10/05/16     KRW      33.32
SINBO SECURITIZATIO    5.00   10/05/16     KRW      31.73
SINBO SECURITIZATIO    5.00   03/13/17     KRW      31.57
SINBO SECURITIZATIO    5.00   03/13/17     KRW      31.57
SINBO SECURITIZATIO    5.00   08/16/16     KRW      32.83
SINBO SECURITIZATIO    5.00   08/16/17     KRW      30.48
SINBO SECURITIZATIO    5.00   08/16/17     KRW      30.48
SINBO SECURITIZATIO    5.00   06/27/18     KRW      27.91
SINBO SECURITIZATIO    5.00   06/27/18     KRW      27.91
SINBO SECURITIZATIO    5.00   09/26/18     KRW      27.05
SINBO SECURITIZATIO    5.00   09/26/18     KRW      27.05
SINBO SECURITIZATIO    5.00   09/26/18     KRW      27.05
SINBO SECURITIZATIO    5.00   03/12/18     KRW      28.57
SINBO SECURITIZATIO    5.00   03/12/18     KRW      28.57
SINBO SECURITIZATIO    5.00   09/28/15     KRW      62.75
SINBO SECURITIZATIO    5.00   01/19/16     KRW      39.86
SINBO SECURITIZATIO    5.00   02/02/16     KRW      38.77
SINBO SECURITIZATIO    8.00   02/02/16     KRW      42.48
SINBO SECURITIZATIO    5.00   06/29/16     KRW      34.37
SINBO SECURITIZATIO    5.00   07/26/16     KRW      34.06
SINBO SECURITIZATIO    5.00   07/26/16     KRW      34.06
SINBO SECURITIZATIO    5.00   08/29/18     KRW      27.25
SINBO SECURITIZATIO    5.00   08/29/18     KRW      27.25
SINBO SECURITIZATIO    5.00   07/08/17     KRW      30.88
SINBO SECURITIZATIO    5.00   07/08/17     KRW      30.88
SINBO SECURITIZATIO    5.00   09/13/15     KRW      74.42
SINBO SECURITIZATIO    5.00   09/13/15     KRW      74.42
SINBO SECURITIZATIO   10.00   12/27/15     KRW      48.54
SINBO SECURITIZATIO    5.00   12/07/15     KRW      45.57
SINBO SECURITIZATIO    5.00   06/07/17     KRW      22.69
SINBO SECURITIZATIO    5.00   06/07/17     KRW      22.69
SINBO SECURITIZATIO    5.00   05/27/16     KRW      34.73
SINBO SECURITIZATIO    5.00   05/27/16     KRW      34.73
SINBO SECURITIZATIO    5.00   03/14/16     KRW      35.17
SK TELECOM CO LTD      4.21   06/07/73     KRW      63.76
TONGYANG CEMENT & E    7.30   06/26/15     KRW      70.00
TONGYANG CEMENT & E    7.50   09/10/14     KRW      70.00
TONGYANG CEMENT & E    7.50   07/20/14     KRW      70.00
TONGYANG CEMENT & E    7.50   04/20/14     KRW      70.00
TONGYANG CEMENT & E    7.30   04/12/15     KRW      70.00
U-BEST SECURITIZATI    5.50   11/16/17     KRW      30.16
WISE MOBILE SECURIT   20.00   05/19/18     KRW      74.91
WISE MOBILE SECURIT   20.00   07/17/18     KRW      72.29


SRI LANKA
---------

SRI LANKA GOVERNMEN    5.35   03/01/26     LKR      69.93


MALAYSIA
--------

BANDAR MALAYSIA SDN    0.35   02/20/24     MYR      69.53
BANDAR MALAYSIA SDN    0.35   12/29/23     MYR      70.05
BIMB HOLDINGS BHD      1.50   12/12/23     MYR      70.05
BRIGHT FOCUS BHD       2.50   01/24/30     MYR      68.84
BRIGHT FOCUS BHD       2.50   01/22/31     MYR      66.02
LAND & GENERAL BHD     1.00   09/24/18     MYR       0.25
SENAI-DESARU EXPRES    0.50   12/31/38     MYR      64.91
SENAI-DESARU EXPRES    0.50   12/29/45     MYR      73.53
SENAI-DESARU EXPRES    0.50   12/31/41     MYR      69.25
SENAI-DESARU EXPRES    0.50   12/31/40     MYR      67.97
SENAI-DESARU EXPRES    0.50   12/31/46     MYR      74.65
SENAI-DESARU EXPRES    0.50   12/31/42     MYR      70.50
SENAI-DESARU EXPRES    0.50   12/30/44     MYR      72.57
SENAI-DESARU EXPRES    0.50   12/31/43     MYR      71.66
SENAI-DESARU EXPRES    0.50   12/30/39     MYR      66.69
SENAI-DESARU EXPRES    1.35   12/31/27     MYR      58.94
SENAI-DESARU EXPRES    1.15   12/30/22     MYR      71.74
SENAI-DESARU EXPRES    1.35   06/29/29     MYR      55.54
SENAI-DESARU EXPRES    1.35   12/29/28     MYR      56.67
SENAI-DESARU EXPRES    1.10   12/31/21     MYR      74.88
SENAI-DESARU EXPRES    1.15   06/30/25     MYR      63.67
SENAI-DESARU EXPRES    1.35   12/31/29     MYR      54.34
SENAI-DESARU EXPRES    1.35   06/28/30     MYR      53.13
SENAI-DESARU EXPRES    1.35   06/30/28     MYR      57.81
SENAI-DESARU EXPRES    1.15   06/30/23     MYR      70.06
SENAI-DESARU EXPRES    1.15   12/29/23     MYR      68.43
SENAI-DESARU EXPRES    1.10   06/30/22     MYR      73.17
SENAI-DESARU EXPRES    1.15   06/28/24     MYR      66.82
SENAI-DESARU EXPRES    1.15   12/31/24     MYR      65.21
SENAI-DESARU EXPRES    1.35   12/31/25     MYR      63.78
SENAI-DESARU EXPRES    1.35   06/30/26     MYR      62.51
SENAI-DESARU EXPRES    1.35   12/31/26     MYR      61.29
SENAI-DESARU EXPRES    1.35   06/30/27     MYR      60.09
SENAI-DESARU EXPRES    1.35   12/31/30     MYR      51.81
SENAI-DESARU EXPRES    1.35   06/30/31     MYR      50.47
UNIMECH GROUP BHD      5.00   09/18/18     MYR       1.00


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      64.10
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      22.36
BUMI INVESTMENT PTE   10.75   10/06/17     USD      25.94
BUMI INVESTMENT PTE   10.75   10/06/17     USD      22.36
ENERCOAL RESOURCES     6.00   04/07/18     USD      14.63
GOLIATH OFFSHORE HO   12.00   06/11/17     USD      29.96
INDO INFRASTRUCTURE    2.00   07/30/10     USD       1.88
ORO NEGRO DRILLING     7.50   01/24/19     USD      70.00
OSA GOLIATH PTE LTD   12.00   10/09/18     USD      62.00
OTTAWA HOLDINGS PTE    5.88   05/16/18     USD      79.00
OTTAWA HOLDINGS PTE    5.88   05/16/18     USD      62.97


THAILAND
--------

G STEEL PCL            3.00   10/04/15     USD       4.00
MDX PCL                4.75   09/17/03     USD      36.75


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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