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                      A S I A   P A C I F I C

          Thursday, October 1, 2015, Vol. 18, No. 194


                            Headlines


A U S T R A L I A

AUSTRALIAN CAPITAL: ASIC Removes Shaun Gregory as Director
ENERSUS PTY: Placed Into Voluntary Administration
I.C.G. PTY: Ferrier Hodgson Appointed as Administrators
MAKO HYDROCARBONS: First Creditors' Meeting Set For Oct. 9
TRIGON INVESTMENTS: First Creditors' Meeting Set For Oct. 8

I N D I A

AMIT METALIKS: CRISIL Puts B- Rating on Notice of Withdrawal
BDH ENTERPRISES: CARE Assigns B+ Rating to INR15cr LT Loan
CREATIVE BAKERS: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
ESSI INTEGRATED: CRISIL Cuts Rating on INR100MM Loan to 'B'
GOLDSTONE CERAMIC: CRISIL Reaffirms B+ Rating on INR26.6MM Loan

HAV MOTORS: CRISIL Assigns B+ Rating to INR70MM Loan
HITECH PRINT: CRISIL Reaffirms B Rating on INR100MM Cash Loan
IMPERIAL FABRICS: CARE Assigns B+ Rating to INR7.25cr LT Loan
JAYPEE INFRATECH: CARE Lowers Rating on INR6,550cr LT Loan to D
KVR DREAM: CRISIL Reaffirms B- Rating on INR61.5MM LT Loan

L. M. COTEX: CARE Revises Rating on INR12.74cr LT Loan to B+
LION TAPES: CRISIL Assigns 'B' Rating to INR37.7MM Term Loan
MADHAV COTTON: CARE Reaffirms B+ Rating on INR6.56cr LT Loan
MADHURAMINDUSTRIES: CARE Reaffirms 'B+' INR14.22cr Loan Rating
MATA RANI: Ind-Ra Affirms IND BB- Rating on INR98.5MM Term Loans

MATIX FERTILIZERS: CARE Lowers Rating on INR3,263cr Loan to D
NSL TIDONG: CARE Lowers Rating on INR459cr LT Loan to D
PAPER TRADERS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
PURE PETROCHEM: CRISIL Reaffirms B+ Rating on INR45MM Loan
RAJPAL COTTON: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating

SADARAM GINNING: CRISIL Assigns B Rating to INR60MM Cash Loan
SANJAYUTTAM AGRO: CARE Reaffirms B+ Rating on INR16.97cr LT Loan
SARDA RICE: CRISIL Reaffirms B+ Rating on INR76MM Cash Loan
SARITA FORGINGS: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
SENBO ENGINEERING: CRISIL Reaffirms B- Rating on INR1.18BB Loan

SHREE RENUKA: Files For Bankruptcy Protection in Brazil
SRI LOGANAYAKI: CRISIL Assigns B+ Rating to INR60MM Loan
SRI SENTHIL: CARE Assigns B+ Rating to INR6cr Long Term Loan
SRI VENKATESWARA: CRISIL Assigns B Rating to INR39.5MM Cash Loan
STERLING TUBES: CRISIL Assigns B+ Rating to INR60MM Cash Loan

I N D O N E S I A

BUMI RESOURCES: Proposes Revised Debt Restructuring Plan

J A P A N

DAIICHI CHUO: Chapter 15 Case Summary
DAIICHI CHUO: Seeks U.S. Recognition of Rehabilitation Proceeding
SKYMARK AIRLINE: Launches New Management Team as Part of Plan

N E W  Z E A L A N D

KATHMANDU HOLDINGS: To Close British Stores
PYNE GOULD: Blames Auditors for Delayed Annual Report

S O U T H  K O R E A

* SOUTH KOREA: Smaller Firms' Debt Repayment Ability Worsens

T H A I L A N D

SAHAVIRIYA STEEL: Strikes Restructuring Deal on THB50BB Debt


                            - - - - -


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


AUSTRALIAN CAPITAL: ASIC Removes Shaun Gregory as Director
----------------------------------------------------------
Australian Securities and Investments Commission removes Shaun Gregory
Morgan as company director.

ASIC has removed Shaun Gregory Morgan (a.k.a. Shaun Monroe) as a
company director.

This comes as a result of Mr. Morgan, a 38-year old New Zealand
national, being automatically banned from managing a corporation by
virtue of section 206B(1)(c) of the Corporations Act 2001, as he has
been convicted in the United States of an offence that is punishable
by imprisonment for a period greater than 12 months.

In 2009, Mr. Morgan pleaded guilty in the United States District Court
in Utah to bank fraud and was sentenced to 60 months imprisonment.

Mr. Morgan was the sole director of the following Australian companies:

  * Australian Capital Investment Group Pty Ltd (ACIG)
    (ACN: 169 480 880);

  * Auscap Group Holding Pty Ltd (ACN: 603 681 072);

  * Lotus Securities Advisors Pty Ltd (ACN: 166 485 445);

  * Wolf Capital Investments Holdings Pty Ltd
    (ACN: 603 507 517);

  * ACIG Mutual Fund Pty Ltd (ACN: 601 215 123);

  * Al Fahim Investments Holding Group Pty Ltd
    (ACN: 603 434 591);

  * Sumber Utama Alma Pty Ltd (ACN: 602 275 294); and

  * GTrade Securities Pty Ltd (ACN: 601 285 929).

In February, ASIC issued a public warning not to deal with Mr. Morgan,
as he was offering unlicensed financial services through a number of
web sites.

In June, Mr. Morgan was permanently banned from providing financial
services in Australia as a result of his conviction in the United
States.

ASIC is aware that Mr. Morgan, although not currently residing in
Australia, continues to approach Australian companies offering
financial services.

Mr. Morgan approaches ASX listed companies who are seeking to raise
capital. He then requests an advance fee in exchange for facilitating
the raising of capital via the use of corporate bonds.

ASIC Commissioner John Price said 'Due to Mr. Morgan's unlicensed
status and criminal history, ASIC strongly advises companies seeking
to raise capital as well as other financial consumers to avoid dealing
with him or companies associated with him.'

ASIC is investigating cases where companies have paid an advance fee
to Mr. Morgan for capital raising and services have not been provided.


ENERSUS PTY: Placed Into Voluntary Administration
-------------------------------------------------
Eloise Keating at SmartCompany reports that Enersus Pty Ltd, a New
South Wales-based company that specialises in designing, installing
and servicing wireless products, has collapsed into voluntary
administration.

Enersus entered voluntary administration on September 28, with Peter
Krejci and Robyn Karam of BFI Ferrier appointed to manage the
administration process.

The first meeting of the company's creditors is scheduled to take
place in Sydney on October 9.

Enersus was established in 2006 and over the past nine years has
provided wireless services to a range of large entertainment and
sporting facilities, including Rod Laver and Hisense arenas in
Melbourne, Perth Arena, the Darwin Convention Centre and Top Ryde
Shopping Centre, SmartCompany discloses.

Enersus is headquartered in Sydney, however the company also has
offices in Melbourne, Brisbane, Perth and Adelaide.  It also operates
across a number of countries in Asia, including Thailand, Singapore,
Indonesia, Cambodia, Hong Kong, China and South Korea.


I.C.G. PTY: Ferrier Hodgson Appointed as Administrators
-------------------------------------------------------
Tim Mableson and Martin Lewis of Ferrier Hodgson were appointed as
administrators of I.C.G. Pty Ltd on Sept. 28, 2015.

"The Administrators now control the Company's operations and are
assessing the Company's financial position. At this stage, we are in
the process of undertaking an urgent assessment of the Company's
existing contracts and work in progress," Ferrier Hodgson as saying.

"In the interim, the Company will continue to trade although the
Administrators may undertake some restructuring of the Company's
operations while the Company's business and assets are offered for
sale."

I.C.G. Pty Ltd provides various IT consulting services to a range of
corporations and government agencies.


MAKO HYDROCARBONS: First Creditors' Meeting Set For Oct. 9
----------------------------------------------------------
Jack James -- jjames@palisadebc.com -- of Palisade Business Consulting
was appointed as administrator of Mako Hydrocarbons Ltd on Sept. 29,
2015.

A first meeting of the creditors of the Company will be held at
Palisade Business Consulting, Level 1, 330 Churchill Avenue, in
Subiaco, on Oct. 9, 11:00 a.m.


TRIGON INVESTMENTS: First Creditors' Meeting Set For Oct. 8
-----------------------------------------------------------
Hugh Sutcliffe Martin & Michael Dirk Hawker Van Dissel of Bernardi
Martin were appointed as administrators of Trigon Investments Pty
Limited on Sept. 29, 2015.

A first meeting of the creditors of the Company will be held at
Ground Floor, 195 Victoria Square, in Adelaide, on Oct. 8, 2015, at 10:00 a.m.



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


AMIT METALIKS: CRISIL Puts B- Rating on Notice of Withdrawal
------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Amit
Metaliks Ltd (AML). CRISIL had placed the ratings on 'Notice of
Withdrawal' for 60 days on June 2, 2015, on AML's request and on
receipt of a no-objection certificate from AML's bankers. The rating
action is in line with CRISIL's policy on withdrawal of its ratings on
bank loan facilities.

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Cash Credit           294         Withdrawal

   Letter of Credit       30         CRISIL B-/Stable (Notice of
                                     Withdrawal)

   Term Loan             246         Withdrawal

The rating on the company's term loan continues to remain suspended.


BDH ENTERPRISES: CARE Assigns B+ Rating to INR15cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of BDH Enterprises (India).

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       15       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of BDH Enterprises (India)
(BDH) is primarily constrained by its modest scale of
operations, weak financial risk profile characterised by low
profitability margins and leveraged capital structure. The rating is
further constrained by the firm's presence in a highly fragmented &
competitive industry and proprietorship nature of its constitution.
The rating, however, derives strength from the experienced proprietor,
moderate operating cycle and favourable location of operations.

Going forward, the ability of the firm to increase its scale of
operations along with improvement in profitability margins & capital
structure and efficient management of the working capital requirements
would be the key rating sensitivities.

Ludhiana-based BDH was established in June 1994 as a partnership firm
by Mr. Sushil Goel and his brother. However, it was reconstituted as a
proprietorship firm in 2004 and is managed by Mr. Sushil Goel. BDH is
engaged in the trading of yarn and is an authorized dealer of Oswal
Woolen Mills Limited (OWML; rated- 'CARE A1'). The firm is also
engaged in trading of knitted fabric and yarn procured from other
spinning mills based in Punjab, Maharashtra and Gujarat. The firm
mainly sells its products to wholesalers and garment manufacturers
located in Ludhiana, Punjab.

The proprietor is also having another group concern, namely, Imperial
Fabrics Private Limited (rated- 'CARE B+'), which is engaged in the
trading of knitted fabrics and interlining material since 2002.

For FY15, BDH achieved a total operating income of INR85.65 crore with
PBILDT and PAT of INR2.97 crore and INR0.31 crore, respectively, as
against the total operating income of INR74.81 crore with PBILDT and
PAT of INR2.63 crore and INR0.28 crore, respectively, for FY14.


CREATIVE BAKERS: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Creative Bakers &
Confectioners (P) Ltd (CBCPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The agency has also assigned the following
ratings to CBCPL's bank loans:

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
Fund-based             149.5        'IND BB+'/Stable
working capital
limits

Long-term loan           4.4        'IND BB+'/Stable

KEY RATING DRIVERS

The ratings reflect CBCPL's moderate scale of operations as well as
credit profile. According to the provisional FY15 financials, revenue
was INR818m (FY14: INR756m), EBITDAR interest coverage was 2.0x
(1.9x), net financial leverage (adjusted net debt/operating EBITDAR)
was 4x (4.1x) and operating margin was 5.6% (4.8%).

The ratings are constrained by CBCPL's modest liquidity position due
to the working capital intensive nature of business, which is
reflected in its 95.93% average maximum use of the working capital
facilities during the 12 months ended August 2015.

The ratings are supported by CBCPL's promoters' close to two and a
half decades of experience in the present line of business of bakery
and confectioneries. The ratings also consider the strong image of
CBCPL's brand 'Sugarr & Spice' in the city of Kolkata and its
adjoining areas.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations along
with improvements in the credit metrics would lead to a positive
rating action.

Negative: Deterioration in the profitability leading to deterioration
in the credit metrics will lead to a negative rating action.

COMPANY PROFILE

CBCPL was incorporated under the name Sugarr & Spice in 1990 by Mrs
Supriya Roy in Kolkata. The company is into the production and sale of
fast food, bakery and confectionery items. The company was converted
into a private limited company in 1999. The company's factory runs
with a production capacity of 32,000kg/day.


ESSI INTEGRATED: CRISIL Cuts Rating on INR100MM Loan to 'B'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
ESSI Integrated Technologies Pvt Ltd (ESSI), part of Elkosta group to
'CRISIL B/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         50       CRISIL A4 (Downgraded
                                   from 'CRISIL A4+')

   Cash Credit           100       CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects the significant deterioration in
business and financial risk profile of ESSI Integrated Technologies
Pvt Ltd and Elkosta Security Systems India (together referred to as
Elkosta group), marked by steep decline in turnover and profitability,
owing to weakening in the order book position and stretch in working
capital cycle seen in the year 2014-15, which is expected to continue
in 2015-16. Given the reduced profitability, the withdrawal of funds
from Elkosta Security Systems India by partners to fund purchase of
personal property has led to deterioration in liquidity profile. Fund
support from promoters in the form of equity, along with Elkosta
group's ability to bag profitable orders in security systems provider
space will be crucial for its credit risk profile over the medium
term.

The ratings continue to reflect the group's working capital intensive
and small scale of operations, and below average financial risk
profile. These weaknesses are partially offset by the group's
extensive track record in the security solutions industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Elkosta and ESSI Integrated Technologies
Pvt Ltd (ESSI), herein referred to as the Elkosta group. This is
primarily because both the entities are under the same management and
are engaged in the same line businesses. The entities also derive
considerable operational and business synergies from each other.

Outlook: Stable

CRISIL believes that the Elkosta group's business risk profile will be
supported by its promoters' extensive experience in the industry. The
outlook may be revised to 'Positive' if the group's liquidity improves
on account of prudent working capital management along with increase
in the group's scale of operations. Conversely, the outlook may be
revised to 'Negative' if its liquidity deteriorates further on account
of decline in profitability, substantial withdrawal of funds from
Elkosta or any debt-funded capital expenditure programme.

Elkosta is a proprietorship firm founded by Mr. Abhay Kumar Jha in
2002. It provides security system solutions.

ESSI was set up in 2003 by Mr. Jha and his wife Mrs. Archana Jha. It
was incorporated as a separate entity to undertake direct bidding in
the tenders. 2013-14 (refers to financial year,
April 1 to March 31) was ESSI's first year of operations.


GOLDSTONE CERAMIC: CRISIL Reaffirms B+ Rating on INR26.6MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Goldstone Ceramic Pvt Ltd
(GSCPL) continue to reflect the extensive experience of GSCPL's
promoters in the ceramics business, leading to established
relationships with customers and suppliers and less aggressive capital
structure. These rating strengths are partially offset by the
company's large working capital requirements, volatility in raw
material prices, and intense competition.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       8.5        CRISIL A4 (Reaffirmed)
   Cash Credit         20          CRISIL B+/Stable (Reaffirmed)
   Term Loan           26.6        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GSCPL will continue to benefit over the medium
term from its promoters' extensive industry experience and established
relationships with customers. The outlook may be revised to 'Positive'
in case of significant improvement in profitability along with
sustained top-line and moderate cash accruals, or considerable capital
infusion by promoters in the form of unsecured loans, leading to a
better financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case of a significant decline in GSCPL's
profitability, or further weakening of working capital management, or
any large debt-funded capital expenditure, weakening the financial
risk profile.

Update

GSCPL's net sales for 2014-15 (refers to financial year, April 1 to
March 31) was at INR113.0 million, about the same as in 2013-14; the
stagnant sales were because of demand pressure in the highly
competitive industry. The company's operating margin was at around
11.7 per cent for 2014-15 and the margins are expected to remain at
similar levels over the medium term.

GSCPL's debt protection metrics were moderate, with interest coverage
and net cash accruals to total debt ratios at 3.4 times and 0.33
times, respectively, for 2014-15. However, the company had a modest
net worth of INR24.5 million, and low gearing of 1.16 times as on
March 31, 2015. The operations remain working capital intensive, with
gross current assets of around 328 days as on March 31, 2015. The
liquidity is, however, supported by promoters through unsecured loans
and credit from the group company that supplies clay.

For 2014-15, GSCPL, on a provisional basis, reported net profit of
INR0.8 million on net sales of INR113 million; the company reported
profit after tax of INR1.3 million on net sales of INR115 million for
2013-14.

Incorporated in 2010, GSCPL manufactures ceramic wall tiles. Its
current directors are all Kalariya family members.


HAV MOTORS: CRISIL Assigns B+ Rating to INR70MM Loan
----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facilities of Hav Motors Pvt Ltd (HMPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             17.5       CRISIL B+/Stable
   Cash Credit           47.5       CRISIL B+/Stable
   Electronic Dealer
   Financing Scheme
   (e-DFS)               70         CRISIL B+/Stable

The rating reflects HMPL's nascent stage of operations along with
exposure to intense competition in the automotive dealership business.
These weaknesses are partially offset by its promoter's considerable
experience in the automobile dealership business.

Outlook: Stable

CRISIL believes HMPL will benefit over the medium term from its
promoter's considerable experience in the automobile dealership
business. The outlook may be revised to 'Positive' in case of
larger-than-expected revenue or cash accrual, or substantial capital
infusion leading to a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-expected
accrual, large working capital requirements, or significant
debt-funded capital expenditure, leading to weakening of financial
risk profile, particularly liquidity.

Incorporated in 2015, HMPL is the authorized dealer for Mahindra &
Mahindra Ltd in Patna, Bihar. The company is promoted and managed by
Mr. Harshendra Kumar.


HITECH PRINT: CRISIL Reaffirms B Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hitech Print Systems Ltd
(HPSL) continue to reflect the company's large working capital
requirements, resulting in full utilisation of its bank limits. The
ratings also factor in its exposure to intense competition in the
printing business and the susceptibility of its profitability margins
to volatility in raw material prices. These rating weaknesses are
partially offset by the promoters' extensive industry experience and
established relationships with customers.

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

   Letter of credit
   & Bank Guarantee       45       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     34.9     CRISIL B/Stable (Reaffirmed)

   Term Loan              30.1     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HPSL will continue to benefit over the medium
term from its promoters' extensive industry experience and established
relationships with customers. The outlook may be revised to 'Positive'
if there is a substantial increase profitability or sustained
improvement in working capital management. Conversely, the outlook may
be revised to 'Negative' in case of a steep decline in profitability,
or weakening of liquidity caused most likely by a stretch in the
working capital cycle.

HPSL was set up in 1986 as a wholly owned subsidiary of Anjani
Projects and Construction Ltd (APL), promoted by Mr. K V Vishnu Raju
and his family members. It provides printing solutions to a wide range
of companies across industries. It is approved by Indian Banks'
Association, and is also a member of Print Services and Distribution
Association. The company is based in Hyderabad.


IMPERIAL FABRICS: CARE Assigns B+ Rating to INR7.25cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Imperial
Fabrics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.25       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Imperial Fabrics Private
Limited (IFP) is primarily constrained by its small scale
of operations, weak financial risk profile characterised by low
profitability margins, weak solvency position and working capital
intensive nature of operations. The rating is further constrained by
the company's presence in a highly fragmented and competitive
industry. The rating, however, derives strength from the experienced
management team and favourable location of operations.

Going forward, the ability of the company to increase its scale of
operations along with improvement in profitability margins & capital
structure and efficient management of the working capital requirements
would be the key rating sensitivities.

IFP was incorporated in February 2003 as a private limited company and
is currently being managed by Mr. Sushil Goel, Mrs Kiran Goel, Mr.
Rajesh Jain and Mr. Umesh Mohan. The company is engaged in the trading
of knitted fabric and yarn procured from other spinning mills based in
Punjab, Maharashtra, Delhi and Himachal Pradesh and sells the same to
various wholesalers and garment manufacturers located in Ludhiana,
Punjab. One of the directors of the company- Mr. Sushil Goel, is also
engaged in another group concern, namely, BDH Enterprises (India)
(rated- 'CARE B+'), involved in the trading of knitted fabric and yarn
since 1993.

For FY15 (refers to the period April 01 to March 31), IFP achieved a
total operating income of INR39.16 crore with PBILDT and PAT of
INR1.24 crore and INR0.07 crore, respectively, as against the total
operating income of INR39.67 crore with PBILDT and PAT of INR1.27
crore and INR0.09 crore, respectively, for FY14.


JAYPEE INFRATECH: CARE Lowers Rating on INR6,550cr LT Loan to D
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities and ncds of
Jaypee Infratech Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6,550      CARE D Revised from
                                            CARE BB

   Long-term Non-Convertible       500      CARE D Revised from
   Debenture - II                           CARE BB

   Long-term Non-Convertible       400      CARE D Revised from
   Debenture - III                          CARE BB

   Long-term Non-Convertible       400      CARE D Revised from
   Debenture - IV                           CARE BB

Rating Rationale

The revision in the ratings of the bank facilities and instruments of
Jaypee Infratech Limited (JIL) takes into account delay in servicing
of debt obligations by the company due to its weak liquidity position.

JIL is a special purpose vehicle promoted by Jaiprakash Associates Ltd
(JAL, rated 'CARE D'), holding 71.64% stake as on June 30, 2015) to
develop and operate a 165-km six-lane (extendable to eight lanes)
access-controlled toll expressway between Noida and Agra in Uttar
Pradesh (E'way project). The E'way project achieved Commercial
Operations Date (COD) and commenced toll collection in August 2012,
post receipt of substantial completion certificate. Also, JIL has been
granted rights by Yamuna Expressway Development Authority (YEA), a
state government undertaking, for the development of approximately
6,175 acres of land (443.30 mn sq ft of real estate) along expressway
in five different parcels in Uttar Pradesh for residential,
commercial, amusement, industrial and institutional development. The
land for real estate development is provided on 90-year lease.

On account slow down in real estate sales and high debt levels, the
company's financial performance in FY15 (refers to the period April 1
to March 31) and Q1FY16 was lower than envisaged, resulting in weak
liquidity position and ongoing delays in debt servicing. JIL is in the
process of refinancing its existing debt and availment of additional
debt for payment to creditors and working capital requirements.

JIL reported PAT of INR355.00 crore on total operating income of
INR3,251.83 crore during FY15 as against PAT of INR299.17 crore on
total operating income of INR3,329.42 crore in FY14. In Q1FY16
(unaudited), JIL reported PAT of INR26.09 crore on total operating
income of INR513.44 crore as against PAT of INR45.96 crore on total
operating income of INR705.64 crore in Q1FY15.


KVR DREAM: CRISIL Reaffirms B- Rating on INR61.5MM LT Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of KVR Dream
Vehicles Pvt Ltd (KVR) continues to reflect KVR's weak financial risk
profile marked by small net worth, high total outside liabilities to
tangible net worth ratio (TOLTNW), and subdued debt protection
metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           26        CRISIL B-/Stable (Reaffirmed)

   Electronic Dealer
   Financing Scheme
   (e-DFS)               47.5      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    61.5      CRISIL B-/Stable (Reaffirmed)

The rating also factors in KVR's modest scale of operations in the
fragmented automotive dealership industry. These rating weaknesses are
partially offset by the benefits that KVR derives from its established
relationship with its principal Tata Motors Ltd (TML, 'CRISIL
AA/Stable/CRISIL A1+') and its limited exposure to debtor and
inventory risks.

Outlook: Stable

CRISIL believes that KVR will continue to benefit over the medium term
from its established relationship with its principal and its
promoters' extensive industry experience. The outlook may be revised
to 'Positive' if the company's scale of operations and profitability
improve on a sustainable basis, leading to substantial cash accruals,
and thereby, improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the company posts a
further decline in its scale of operation and profitability, resulting
in a decline in its cash accruals or in case of increased pressure on
the company's financial risk profile, especially liquidity, because of
large working capital requirements or significant debt-funded capital
expenditure.

Update

KVR's operating income is estimated at INR375 million in 2014-15
(refers to financial year, April 1 to March 31), down by around 12 per
cent over the previous year on account of muted demand and intense
competition in the automotive dealership segment. The company's
operating margin remained around 3 per cent in 2014-15. KVR's
operating income is expected to grow at a moderate pace over the
medium supported by expected improvement in demand for its products.
However, KVR's cash accruals are expected to remain constrained around
INR1 million over the medium.

KVR has a weak financial risk profile, marked by small net worth of
around INR6 million and high TOLTNW of more than 10 times as on March
31, 2015. Its debt protection metrics are weak, with interest coverage
and net cash accruals to total debt ratios of 1.14 times and 0.01
times, respectively, for 2014-15. KVR's financial risk profile is
however supported by continuous unsecured loans from its promoters.
The loans were around INR130 million as on March 31, 2015, and will
support the company's financial risk profile over the medium term.

KVR's liquidity is constrained by extensive utilisation of bank lines,
at 90 per cent on average over the 12 months through March 2015,
because of large working capital requirements. The company's cash
accruals are expected to remain nominal, around INR1 million per annum
vis-a-vis nil term debt obligations over the medium term. Furthermore,
its liquidity is expected to benefit from funding support from its
promoters in the form of unsecured loans.

KVR was incorporated in 2008 by Mr. K P Nair and his son Mr. Sujith
Nair in Kannur (Kerala). The company is the exclusive authorised
dealer for TML's and Fiat passenger cars, utility vehicles, spares,
and accessories in Kannur and Kasaragod (Kerala).


L. M. COTEX: CARE Revises Rating on INR12.74cr LT Loan to B+
------------------------------------------------------------
CARE revises rating assigned to bank facilities of L. M. Cotex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.74      CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of L.M.
Cotex Private Limited (LCPL) is primarily on account of increase in
its total operating income (TOI) and cash accruals coupled with
improvement in capital structure and debt coverage indicators during
FY15 (refers to period April 1 to March 31).

The rating, however, continues to remain constrained on account of
thin profit margins, leveraged capital structure, weak debt coverage
indicators and moderate liquidity indicators. The rating also
continues to remain constrained on account of its presence in highly
competitive and fragmented industry along with limited value addition
and prices and supply for cotton being highly regulated by government.

The rating, however, continues to take comfort from the vast
experience of the promoters in the cotton ginning business. The
ability of LCPL to increase its scale of operations and improvement in
profit margins are the key rating sensitivities.
Further, improvement in capital structure, debt coverage indicators
and operating cycle will also remain crucial.

Rayagada (Odisha) based LCPL is a Private Limited Company incorporated
in 2008 by three directors namely Mr. Harish
Agarwal, Mr. Nitin Agarwal and Mr. Pawan Agarwal to undertake the
business of cotton ginning and pressing from cotton seeds. LCPL has
installed manufacturing plant at Gunupur, Odisha with a total
installed capacity of cotton bales of 350 bales per day and for cotton
seeds of 1280 quintal per day as on March 31, 2015. However, since
2008, the company operated from its leased manufacturing plant located
at Sillod (Maharashtra) with a total installed capacity of 350 cotton
bales per day and 1280 quintal cotton seed per day. However, from June
2013, the company has closed their leased plant and shifted their
operations to a new unit at Gunupur, Odisha and started manufacturing
operations from November 2013.

During FY15, LCPL reported PAT of INR0.01 crore on a TOI of INR57.98
crore. During 5MFY16 (provisional), LCPL has achieved a turnover of
INR10.84 crore.


LION TAPES: CRISIL Assigns 'B' Rating to INR37.7MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Lion Tapes Pvt Ltd (LTPL).

                           Amount
   Facilities            (INR Mln)       Ratings
   ----------            ---------       -------
   Term Loan                37.7         CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility       21.8         CRISIL B/Stable

   Cash Credit              35.5         CRISIL B/Stable

   Inland/Import Letter
   of Credit                 5.0         CRISIL A4

The ratings reflect LTPL's large working capital requirement, small
scale of operations, and average financial risk profile because of
high gearing and weak debt protection metrics. These weaknesses are
partially offset by its promoters' extensive experience in the
elastics and fasteners industry.

Outlook: Stable

CRISIL believes LTPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if revenue increases significantly and operating
margin remains stable, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if financial risk
profile deteriorates because of large debt for capital expenditure or
working capital requirement, or decline in operating profitability.

Set up in 1996, LTPL manufactures elastics and fasteners. Its
manufacturing facility is in Bhavnagar (Gujarat). The company is
promoted and managed by Mr. S D Mody and Mr. R D Mehta.

LTPL reported profit after tax of INR0.7 million on net sales of
INR88.2 million for 2014-15 (refers to financial year, April 1 to
March 31), against net loss of INR3.9 million on net sales of INR105.9
million for 2013-14.


MADHAV COTTON: CARE Reaffirms B+ Rating on INR6.56cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Madhav Cotton Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.56      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Madhav Cotton Private
Limited (MCPL) continues to remain constrained on account of thin
profit margins, leveraged capital structure and weak debt coverage
indicators. The rating further continues to remain constrained on
account of working capital intensive nature of operations owing to
seasonality associated with the procurement of raw material,
susceptibility of profitability to cotton price fluctuation, changes
in the government policy and presence in the highly competitive and
fragmented industry with limited value addition.

The reaffirmation of rating also factors in the slight decline in
operating income and cash accruals, elongation of working capital
cycle along with moderation in capital structure during FY15 (refers
to the period April 1 to March 31).

The rating, however, continues to derive comfort from the experience
of the promoters of MCPL in the cotton industry.

MCPL's ability to improve its scale of operations coupled with an
improvement in overall financial risk profile marked by improvement in
profit margins, capital structure and debt coverage indicators while
managing its working capital requirement efficiently remain the key
rating sensitivities.

MCPL was incorporated in June 2011 by Mr. KailashchandMittal andMrs
Savita Mittal as a private limited company. MCPL is engaged into the
business of cotton ginning and pressing. MCPL deals in 'Mech-1' type
of cotton which is being sourced through local farmers from
Maharashtra. MCPL operates from its sole manufacturing plant located
at Beed (Maharashtra) which has an installed capacity to process
cotton bales of 56,000 quintals per annum and for cotton seeds of
104,000 quintals per annum as on March 31, 2015.

During FY15 (A), MCPL reported a total operating income (TOI) of
INR30.25 crore and PAT of INR0.14 crore as against TOI of INR32.79
crore and PAT of INR0.19 crore during FY14 (A). As per Q1FY16
(Provisional) financials, MCPL has reported a TOI of INR5.50 crore.


MADHURAMINDUSTRIES: CARE Reaffirms 'B+' INR14.22cr Loan Rating
--------------------------------------------------------------
CARE reaffirms the rating assgined to the bank facilities of
Madhuramindustries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.22      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Madhuram Industries
Private Limited (MIPL) continues to be constrained on account of its
modest scale of operations and low value addition in a highly
fragmented rice milling industry, leveraged capital structure, working
capital intensive nature of operations, moderate liquidity position
and high degree of regulatory control along with linkages to the
vagaries of the monsoon.

The rating continues to derive strength from the promoters experience
in the agro commodity business and proximity to the paddy-growing
region of Gujarat. Furthermore, the ratings also take cognizance of
the increase in turnover albeit decline in profitability and capital
structure in FY15 (refers to the period April 1 to March 31).

The ability of MIPL to increase its scale of operations, improve its
profitability and capital structure along-with effective working
capital management remain the key rating sensitivities.

Ahmedabad-based (Gujarat), MIPL was promoted by Mr. Kamlesh Kumar
Thakkar. Initially, it was established as a partnership firm in 1985
and later on, in 2003, it was reconstituted as a private limited
company. MIPL is engaged in the milling and processing of non-basmati
rice. The processing facility of company is located in the Bavla
region near Ahmedabad having rice milling capacity of 5 metric tonnes
per hour (MTPH) as onMarch 31, 2015.

During FY15 (A), MIPL reported a PAT of INR0.28 crore on a total
operating income (TOI) of INR49.41 crore as against a PAT of INR0.24
crore on a TOI of INR36.30 crore in FY14.


MATA RANI: Ind-Ra Affirms IND BB- Rating on INR98.5MM Term Loans
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mata Rani Trust's
(MRT) INR98.5m term loans (reduced from INR100m) at 'IND BB-' with a
Stable Outlook. The agency has also assigned the trust's INR210m term
loans an 'IND BB-' rating with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect the trust's nascent stage of operations and its
small scale. The trust's school and institute are in their second year
of operations with a combined strength of 1,312 students. Also,
liquidity remained strained with limited available funds (cash and
unrestricted investments) to cover long-term debt (FYE15: 3.05%).

Due to the on-going capex, the trust has a high debt burden (FYE15:
8.08x). The debt servicing begins in FY16. Ind-Ra expects MRT's debt
servicing to remain weak due to high capex and low revenue
realisation. The trust may have to rely on the promoter for meeting
its debt obligations on time.

The ratings benefit from MRT's strong capacity utilisation of 86.32%
in FY16. Enrolments grew 55.25% yoy in FY16 to 798 students. Ind-Ra
expects the demand for the school and institute to pick up at a
comfortable pace given the unutilised capacity and comfortable market
positioning.

During FY15, tuition fees contributed 50.87% to the trust's income
base followed by 49.02% of donations. The trust benefits from
comfortable operating margins of 34.44% in its first year of operation
(FY15).

RATING SENSITIVITIES

Positive: Strong headcount growth resulting from growing operations
could positively affect the ratings.

Negative: A downward rating momentum could stem from a
disproportionate increase in the debt in relation to the operating
income resulting in the weakening of the coverage ratios.

COMPANY PROFILE

Established in 2009, MRT has a K-8 school and a polytechnic institute
under its aegis.


MATIX FERTILIZERS: CARE Lowers Rating on INR3,263cr Loan to D
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Matix
Fertilizers and Chemicals Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Bank Facilities-Fund         3,263       CARE D/CARE D
   based-Term Loan                          Revised from
                                            CARE BB+/CARE A4+

Rating Rationale

CARE Ratings has revised the rating assigned to the bank facilities of
Matix Fertilizer & Chemicals Ltd. (Matix) to
'CARE D' from 'CARE BB+/CARE A4+' due to ongoing delay in debt
servicing on account of non operational plant and delay in
sanctioning of cost overrun.

The company is setting up a Greenfield Ammonia and Urea Plant along
with a combined gas fired captive power plant in
West Bengal (WB). The project has presently reached pre-commissioning
stage; however, the Scheduled Commissioning
(SCOD) has been delayed by two years to July 2017, due to
non-availability of gas, which was to be supplied from CBM block of
Essar oil. Consequently, the project suffered cost overrun of
~INR1,200 crore with increase in total project cost to ~INR6,100 crore
from initial cost of INR4,894 crore.

Further, the company approached consortium lenders to fund the cost
overrun and few bankers have sanctioned the same, however, others are
yet to sanction and disburse the funds. This has resulted into cash
flow mismatches and delay in debt servicing.

Incorporated in July 2009, Matix is setting up a Greenfield Ammonia
(capacity: 0.73 mtpa) and Urea Plant (capacity: 1.27
mtpa) along with a combined gas fired captive power plant, railway
siding and other utilities in Panagarh Industrial Park at Panagarh,
West Bengal (WB). Matix is promoted by Mr. Yogendra S Kanodia and Mr.
Nishant Kanodia of the Datamatics Group.


NSL TIDONG: CARE Lowers Rating on INR459cr LT Loan to D
-------------------------------------------------------
CARE revises the rating assigned to the bank facilities of NSL Tidong
Power Genration Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      459       CARE D Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of NSL
Tidong Power Generation Private Limited takes into account the ongoing
delays in servicing of debt obligations on account of its stretched
liquidity position.

NSL Tidong Power Generation Pvt. Ltd (NTGPL) is a project SPV promoted
by Hyderabad-based NSL Group. NTGPL was incorporated on April 29, 2008
for setting up a 100 MW (2x50 MW) 'Run of the River' hydropower plant
over the Tidongriver in Kinnaur district in the state of Himachal
Pradesh. NTPGL is a subsidiary of NSL Renewable Power Pvt Ltd (NRPPL),
which is a part of Hyderabad based NSL group and is engaged in the
business of renewable power generation.

The project cost has been revised to INR1098.60 crore as on September
15, 2015 (against INR656.33 crore as on September 26, 2014) which is
being funded through term loan of INR769.02 crore and equity INR329.58
crore. The sponsors include NSL Renewable Power Pvt Ltd (NRPPL)
holding 74% stake in NTGPL and IFCI Limited [Rated 'CARE A+/A1+']
holding the remaining 26% stake. Furthermore, the project commercial
Operations Date (CoD) has been revised from February 01, 2015 to
December 31, 2016 due to delay in construction.


PAPER TRADERS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Paper Traders (PT) a
Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable. The agency
has also assigned PT's INR150m fund-based working capital limits a
Long-term 'IND BB' rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect PT's modest scale of operations as well as its
moderate credit profile. According to the provisional financials for
FY15, revenue was INR810m (FY14: INR667m), interest cover was 1.6x
(1.2x), and net leverage (adjusted net debt/operating EBITDA) was 5.2x
(7.0x). The company's operating EBITDA margins ranged between 3%-5%
over FY11-FY15. The company's liquidity has been tight with more than
98% utilisation of its fund-based limits over the 12 months ended July
2015.

The ratings are further constrained by the partnership nature of the business.

The ratings however benefit from the founder's over three-decade-long
experience in the paper trading business and well-established
relationships with suppliers such as JK Paper Ltd ('IND BBB+'/Stable),
Sirpur Paper Mills Ltd, and Orient Paper Mills.

RATING SENSITIVITIES

Positive: A positive rating action may result from a substantial
increase in the scale of operations along with an improvement in the
credit profile.

Negative: A negative rating action may result from deterioration in
the credit profile.

COMPANY PROFILE

Bhopal-based PT trades in various paper products such as printing
papers, copier papers, packaging boards, coated and uncoated boards
and other stationery items. PT is also an authorised distributor for
Orient Paper Mills, Sirpur Paper Mills and JK Paper.


PURE PETROCHEM: CRISIL Reaffirms B+ Rating on INR45MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities Pure Petrochem India Pvt Ltd
(PPIPL) continue to reflect the company's modest scale of operations,
susceptibility of its operating margin to volatility in raw material
prices, and below-average financial risk profile, marked by a weak
capital structure and subdued debt protection metrics. These
weaknesses are partially offset by the promoters' extensive experience
in the lubricants manufacturing industry and their funding support.

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

   Proposed Long Term
   Bank Loan Facility    40        CRISIL B+/Stable (Reaffirmed)

   Term Loan             35        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PPIPL will continue to benefit from the extensive
industry experience of the promoters and their funding support over
the medium term. The outlook may be revised to 'Positive' if the
company achieves significant and sustained improvement in its revenue
and margins, while improving its capital structure. Conversely, the
outlook may be revised to 'Negative' if PPIPL registers a significant
decline in its revenue or margins, stretch in its working capital
cycle, or undertakes a large debt-funded capital expenditure
programme, resulting in weakening of its financial risk profile.

PPIPL was set up in 1989 as a proprietary concern by Mr.Padmakumar. In
2003, it was converted into a private limited company with the current
name. The company manufactures of all types of lubricants and grease
for diverse industries.


RAJPAL COTTON: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rajpal Cotton
Industries (RCI) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable. The agency has also assigned RCI's INR84m fund-based working
capital limits a Long-term 'IND BB' rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect RCI's modest scale of operations and moderate
credit profile. According to the provisional financials for FY15
revenue was INR675m (FY14: INR662m), interest coverage was 1.6x (1.3x)
and net financial leverage (adjusted net debt/ operating EBITDA) stood
at 4.7x (5.5x). The operating EBITDA margins remained narrow and
ranged from 1%-2% over FY11--FY15. The company's liquidity was
moderate with average utilisation of the fund-based working capital
limits being around 80% for the 12 months ended August 2015.

The ratings also take into account the company's low-margin cotton
trading business which is vulnerable to fluctuations in the price of
raw cotton.

The ratings benefit from RCI's founders' experience of around two
decades in the cotton trading business.

RATING SENSITIVITIES

Positive: A positive rating action could result from a substantial
improvement in the scale of operations and in profitability, leading
to an overall improvement in the credit metrics.
Negative: A negative rating action could result from deterioration in
the profitability and subsequent worsening of the credit metrics.

COMPANY PROFILE

RCI is a partnership firm established in 1997 and is involved in the
cotton trading business. The firm is based in Barwani in Madhya
Pradesh and promoted by Mr. Deepak Singh Rajpal and his mother Swarn
Kaur Rajpal.


SADARAM GINNING: CRISIL Assigns B Rating to INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank
facilities of Sadaram Ginning and Pressing Industries (SGPI).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL B/Stable
   Long Term Loan        30        CRISIL B/Stable

The rating reflects SGPI's below-average financial risk profile marked
by its small net worth, high gearing, and weak debt protection
metrics. The ratings of the firm is also constrained on account of its
modest scale of operations, the susceptibility of its profitability
margins to volatility in cotton prices, and its exposure to regulatory
changes and intense competition in the cotton ginning industry. These
ratings weaknesses of the firm are partially offset by its promoter's
extensive entrepreneurial experience, and its proximity to
cotton-growing belt in Gujarat.

Outlook: Stable

CRISIL believes that SGPI will continue to benefit over the medium
term from its promoter's extensive entrepreneurial experience. The
outlook may be revised to 'Positive' if the firm registers a sustained
increase in its scale of operations, while maintaining its
profitability margins, or there is an improvement in its capital
structure on the back of sizeable equity infusion from its promoter.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in the firm's profitability margins, or significant
weakening in its liquidity caused most likely by a stretch in its
working capital cycle.

SGPI was set up in 2014 by Mr. Dashrath Bhatiya. The firm is engaged
in ginning and pressing of raw cotton. Its ginning unit is based in
Patan (Gujarat).


SANJAYUTTAM AGRO: CARE Reaffirms B+ Rating on INR16.97cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sanjayuttam Agro Foods Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     16.97      CARE B+ Suspension
                                            Revoked and
                                            Reaffirmed

Rating Rationale

The rating of the bank facilities of Sanjayuttam Agro Foods Private
Limited (SAFPL) is constrained on account of operational stabilisation
risk, volatility in raw material prices influenced by government
policies and presence in fragmented nature of the industry with low
entry barriers.

The rating, however, continues to draw support from the experience of
the promoters, stable demand outlook and marketing and distribution
support from the group entities.

The ability of the company to increase its scale of operations along
with stabilisation of its operations continues to remain
the key rating sensitivities.

Furthermore, the rating assigned to the short-term bank facility has
been withdrawn as the same has been closed and there are no dues
outstanding under the same.

Aurangabad-based SAFPL was incorporated on July 11, 2012. SAFPL was
promoted by Mr. Uttamchand Sancheti, Mr. Sanjay Sancheti and Mrs
Vaishali Sancheti. The product profile of the company includes
processing of maida, suzi, rawa and other by-products. The company
procures raw material from group entity Sanjay Sales Corporation (SSC)
as well as from open markets of Aurangabad, Jalna and other parts of
Maharashtra andMadhya Pradesh.

SAFPL has recently completed its debt-funded capex towards setting up
new plant for processing of maida, rawa and other by-products with an
installed capacity of 260 tons per day (TPD). The commercial
production of the company has started fromMarch 23, 2015. The company
has availed term loan of INR5 crore during FY15 (refers to the period
April 1 to March 31) for the expansion of the installed capacity from
150 tonnes per day to 260 tonnes per day.


SARDA RICE: CRISIL Reaffirms B+ Rating on INR76MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sarda Rice and Oil
Mills (SROM) continues to reflect SROM's modest scale of operations in
the fragmented market, and below-average financial risk profile,
marked by small net worth, high gearing and average debt protection
metrics. These rating weaknesses are partially offset by its
promoters' extensive experience in the rice industry.

                     Amount
   Facilities      (INR Mln)    Ratings
   ----------      ---------    -------
   Cash Credit         76       CRISIL B+/Stable (Reaffirmed)
   Term Loan           54       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SROM will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm's revenue and profitability increase
significantly, leading to better financial risk profile. Conversely,
the outlook may be revised to 'Negative' if SROM undertakes
aggressive, debt-funded expansions, or reports significant decline in
revenue and profitability, or the partners withdraw capital, leading
to deterioration in financial risk profile.

SROM, a partnership firm, was formed in 1917. It mills and processes
paddy into rice, rice bran, broken rice, and husk. Its rice mill is in
Birbhum (West Bengal). The day-to-day operations are managed by Mr.
Prakash Chandra Sarda and his son Mr. Karan Sarda.


SARITA FORGINGS: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sarita Forgings Pvt Ltd
(SFPL) continue to reflect its small scale, and
working-capital-intensive, operations and weak financial risk profile
because of small net worth and weak debt protection metrics. These
weaknesses are partially offset by the promoters' extensive experience
in the forging industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------           ---------   -------
   Cash Credit            75        CRISIL B+/Stable (Reaffirmed)
   Letter Of Guarantee    12.5      CRISIL A4 (Reaffirmed)
   Letter of Credit        7.5      CRISIL A4 (Reaffirmed)
   Term Loan              28.0      CRISIL B+/Stable(Reaffirmed)

Outlook: Stable

CRISIL believes that SFPL will maintain stable business risk profile
over the medium term, backed by its promoters' extensive industry
experience and established relationships with its customers and
suppliers. The outlook may be revised to 'Positive' if the company
significantly improves its scale of operations along with enhancement
in operating profitability, resulting in sizeable cash accrual. The
outlook may also be revised to 'Positive' if it improves its liquidity
by effectively managing its working capital needs. Conversely, the
outlook may be revised to 'Negative' if SFPL's scale of operations
reduces considerably, thus impacting the accrual adversely, or if
there is a deterioration in its financial risk profile, particularly
liquidity, on account of a significant stretch in the working capital
cycle, or substantially large, debt-funded capital expenditure.

SFPL was set up in 1995 by Mr. Anil Jain and Mr. Pramod Jain. It
manufactures forged items and has a manufacturing facility in Ludhiana
(Punjab).


SENBO ENGINEERING: CRISIL Reaffirms B- Rating on INR1.18BB Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Senbo Engineering Ltd (SEL)
continue to reflect the company's stretched liquidity,
working-capital-intensive operations, and weak debt protection
metrics. These weakness are partially offset by the extensive
experience of SEL's promoters in the construction industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee       1,546.8    CRISIL A4 (Reaffirmed)
   Cash Credit          1,180.0    CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      73.2    CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SEL will benefit from its promoters' extensive
industry experience and strong revenue visibility, over the medium
term. The outlook may be revised to 'Positive' if there is a
significant and sustainable increase in revenue of the company while
maintaining margin or if its liquidity improves driven by
faster-than-expected realizations from receivables and improvement in
working capital management. Conversely, the outlook may be revised to
'Negative' if SEL faces a further stretch in its working capital cycle
due to further build up in receivables, or if there is a sharp decline
in revenue or margin, weakening its financial risk profile.

Started as a partnership firm in the 1960s by Mr. Kajal Sengupta in
Kolkata, the firm was reconstituted as a private limited company in
1990 and incorporated as a public limited company in 2005. SEL
undertakes designing, engineering, and consultancy work for civil,
structural, and foundation engineering with specialisation in heavy
construction, piling, and underground tunneling for metro work. Mr.
Sengupta is the chairman and managing director of SEL.


SHREE RENUKA: Files For Bankruptcy Protection in Brazil
-------------------------------------------------------
Pratik Parija at Bloomberg News reports that Shree Renuka Sugars Ltd.,
the biggest Indian refiner, filed for bankruptcy protection in Brazil
as a slump in sugar prices and a weakening real widened losses. The
shares fell in Mumbai trading.

Shree Renuka do Brasil Participacoes Ltda. and subsidiaries will be
under court protection from creditors for 180 days if the court
accepts its request, the company said in an exchange filing, Bloomberg
relays.  The company said it expects the court will authorize it to
continue its business as usual while it seeks a long-term sustainable
solution for its capital structure, the report relates.

The company's total debt in Brazil is at BRL3.3 billion ($803
million), Tony Rivera, legal director at Renuka do Brasil SA, told
Bloomberg. Renuka do Brasil Participacoes controls Sao Paulo-based
Renuka do Brasil SA and Parana-based Renuka Vale do Ivai SA with
combined crushing capacity of 13.6 million metric tons of sugar cane a
year. The company has enough cash to continue its operations for the
entire season, it said.

Raw sugar futures traded on ICE Futures U.S. in New York fell for the
past four years in the longest slump since at least 1962 amid rising
global inventories, according to Bloomberg.  About 50 Brazilian mills
out of about 340 have closed and 10 more are expected to halt
operations in the current season, Bloomberg discloses citing Brazil
industry group Unica in a May report. Debt in Brazil's sugar industry
is BRL82.5 billion, more than the BRL69.7-billion revenue expected for
the 2015-16 season, Archer Consulting said in a June report, Bloomberg
relays.

According to Bloomberg, the company said Shree Renuka "believes that
reorganization under judicial recovery is the best way to reorganize,
protect our Brazilian subsidiaries and provide a path to our eventual
turnaround in Brazil."

Drought and frost, a cap on domestic ethanol prices, lower global
sugar prices and the weakening of Brazil's currency made its debt
"unsustainable," Shree Renuka said in an e-mailed response to
questions, Bloomberg reports.

Bloomberg notes that losses at Shree Renuka and its units widened to
INR18.1 billion in the year ended March 31 from INR14.8 billion a year
earlier, according to data on company's website.

Shree Renuka is in talks with lenders to restructure debt and secure a
moratorium on loans repayment to tide over the period of low sugar
prices, Managing Director Narendra Murkumbi told Bloomberg.

Based in India, Shree Renuka Sugars Ltd (BOM:532670) --
http://www.renukasugars.com/en/-- engages in agribusiness and
bio-energy. The Company operates in four segments: sugar, trading,
power and ethanol. The Company is a producer and manufacturer of sugar
in India. The Company operates 11 mills globally with a total crushing
capacity of 20.7 million tons per annum (MTPA), in which four are in
Centre-South Brazil and seven in India, with integrated ethanol and
power co-generation capacity. The Company manufactures fuel grade
ethanol that can be blended with petrol with a capacity of 6,240 kilo
liters per day (KLPD) with Indian distillery capacity at 930 KLPD and
Brazil distillery capacity at 5,310 KLPD. The Company produces power
from bagasse for captive consumption and sale to the state grid. Total
Cogeneration capacity is 555MW while Indian operations produce 242 MW
and Brazilian operations produce 313 MW. The Company's subsidiaries
include KBK Chem-Engineering, Renuka Vale do Ivai and Renuka do
Brasil.


SRI LOGANAYAKI: CRISIL Assigns B+ Rating to INR60MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sri Loganayaki Timbers (SLT). The rating reflects
the small scale of operations in the fragmented timber industry and
working capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of promoters in the
timber trading industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            6        CRISIL B+/Stable
   Letter of Credit      60        CRISIL B+/Stable

Outlook: Stable

CRISIL believes SLT will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be revised
to 'Positive' if a significant improvement in scale of operations and
operating profitability, or in working capital management, results in
an improved financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the profitability declines or if
higher-than-expected working capital requirement weakens the financial
risk profile.

Incorporated in 2003, SLT is a Tamil Nadu-based firm that trades in
and processes hardwood. It is promoted and managed by Mr. I S Murugan
and his family members.

For 2014-15 (refers to financial year, April 1 to March 31), on a
provisional basis, SLT had a net profit of INR0.4 million on sales of
INR65.9 million; for 2013-14, the net profit was INR0.4 million on
sales of INR76.5 million.


SRI SENTHIL: CARE Assigns B+ Rating to INR6cr Long Term Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sri Senthil Autos.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       6        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sri Senthil Autos (SSA)
is constrained by the continuous decline in revenues,
with thin and fluctuating profitability margins. The rating is also
constrained by the debt funded show room establishment project,
working capital intensive nature of operation and weak capital
structure. However, the rating derives strength from the long track
record of operations of the firm and their long association with HMCL
one of the leading OEMs in the two wheelers space.

Going forward, the firm's ability to increase the volume of vehicles
sold, improve its profit margins and manage working
capital effectively are the key rating sensitivities.

Sri Senthil Autos (SSA) was set up as a partnership firm in Jan 1990
by Mr. M K Maheshwaran along with Mr. M K Sivabal, Mr. P Kumarasamy,
Mr. L A Santhil Kumar and Mr. L K Arumugam in Erode, Tamil Naidu. The
firm is an authorized dealer of Hero MotoCorp Ltd., supported with 3-S
facilities (Sales, Service and spare parts). SSA operates through a
single leased showroom (along with workshop) at Erode, Tamil Naidu.
The entity has also a network of 8 sub-dealers to reach the small
villages of Erode district and adjoining areas. Over the years, the
partnership firm was reconstituted several times with
retirement/admission of partners and is currently managed by Mr. M K
Maheshwaran and and Mrs M Bhuvaneshwari, having equal share in the
profit and loss of
the firm.

SSA has achieved a PAT of INR0.05 crore on a total operating income of
INR19.28 crore in FY15 (refers to the period April 1
to March 31 - provisional) as compared with a PAT of INR0.09 crore on
a total operating income of INR21.28 crore in FY14 (A).


SRI VENKATESWARA: CRISIL Assigns B Rating to INR39.5MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank
facilities of Sri Venkateswara Rice Mill (SVRM).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   SME Credit             2.5         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    11.0         CRISIL B/Stable
   Cash Credit           39.5         CRISIL B/Stable
   Long Term Loan        12.0         CRISIL B/Stable

The rating reflects SVRM's weak financial risk profile, marked by high
gearing, small net worth, and weak debt protection metrics, and modest
scale and working capital intensive nature of operations in an
intensely competitive market. These ratings weaknesses are partially
offset by the extensive experience of SVRM's promoter in the rice
industry.

Outlook: Stable

CRISIL believes that SVRM will continue to benefit over the medium
term from its management's extensive industry experience. The outlook
may be revised to 'Positive' if the firm's revenues and profitability
increase substantially, leading to an improvement in its financial
risk profile, or in case of significant infusion of capital by the
proprietor, resulting in an improvement in SVRM's capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes aggressive debt-funded expansions, or if its revenues and
profitability decline substantially, or if the proprietor withdraw
capital from the firm, leading to weakening in its financial risk
profile.

Set up in 2002 as a proprietorship firm, SVRM is engaged in milling
and processing of paddy into rice, rice bran, broken rice and husk.
Its rice mill is located in Gollaprolu in East Godavari District of
Andhra Pradesh. The firm is promoted by Mr. Gollapalli Tirupathi Rao
and his family.


STERLING TUBES: CRISIL Assigns B+ Rating to INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facility of Sterling Tubes (ST).

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

The rating reflects ST's modest scale of operations coupled with
exposure to intense competition and geographic concentration risk in
the revenue profile. These rating weaknesses are partially offset by
extensive industry experience of ST's promoters and it's above-average
financial risk profile, albeit constrained by its low networth.

Outlook: Stable

CRISIL believes that ST will benefit over the medium term from its
promoter's extensive experience in MS tubes manufacturing segment. The
outlook may be revised to 'Positive' if improved topline and
profitability results in substantially higher cash accrual; or if fund
infusion by the promoters strengthens the capital structure
considerably. Conversely, the outlook may be revised to 'Negative' if
low cash accrual results in pressure on liquidity; or if large,
debt-funded capital expenditure or capital withdrawal by the partners
weakens the financial risk profile.

ST, incorporated in 2014, is engaged in manufacturing of mild steel
(M.S) tubes. It has its manufacturing facility located in Hyderabad,
Telangana. The firm is promoted by Mr. Giridhar Babu, Mr. Narasimha
Rao and Mr. Saibaba.



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


BUMI RESOURCES: Proposes Revised Debt Restructuring Plan
--------------------------------------------------------
David Yong at Bloomberg News reports that a new restructuring plan
from PT Bumi Resources failed to stop Asia's most-indebted coal
miner's bonds sinking to a record low on September 29.

The proposal seeks to convert $1.5 billion of loans and bonds into a
32.5% equity stake in the Jakarta-based company,
Bloomberg relates citing a stock exchange filing late on September 28.
It will also require sovereign wealth fund China Investment Corp. and
China Development Bank to swap $780 million of debt with shares in
Bumi and unlisted units. Some $410 million of convertible notes will
turn into stock after five years, under the plan, according to
Bloomberg.

Bloomberg says Bumi chose a torrid time to seek a reprieve from
lenders as markets punish firms from Glencore Plc to Noble Group Ltd.
amid a global commodities rout.  According to Bloomberg, the
Indonesian miner said it can only sustain less than half of its $4
billion debt load as coal prices, which tumbled 54% in the four years
through 2014, sank further to $55.45 on September 28.

"Coal demand could slow further as coal consumption is being replaced
by more clean energy," Bloomberg quotes Helen Lau, a mining analyst in
Hong Kong at Argonaut Securities (Asia) Ltd. "We expect coal supply to
shrink further as more companies cut production or shut mines. For
creditors, some deep haircuts cannot be avoided."

Bumi's 2016 dollar notes earlier traded down 0.5 cents at a record-low
18.525 cents on the dollar in Hong Kong, according to prices compiled
by Bloomberg, and were little changed at 19.017 cents as of 4:20 p.m.
Its 2017 notes fell to the same price, also an all-time low. They were
both sold to investors at par, or
100 cents on the dollar.

Bloomberg says Bumi aims to garner feedback and consent from creditors
by Oct. 22, and wants to implement the plan under Indonesian
restructuring law.  According to Bloomberg, the revised debt terms
came before a moratorium from a Singapore court expires on Oct. 24.
Last December, three Bumi units in Singapore, which have $1.375
billion of dollar-denominated debt outstanding, filed for Chapter 15
court protection in the U.S. to fend off creditors, the report
recalls.

Bumi plans to hold bondholder meetings next week in London and the
following week in Asia with parties including Chinese creditors, a
person familiar with the matter said on
September 29, asking not to be identified because the details are
private, Bloomberg relays.

The Bakrie group, which controls Bumi Resources, also defaulted on
notes issued by PT Bakrieland and PT Bakrie Telecom in 2013, according
to data compiled by Bloomberg, Bloomberg recalls. This year, Chinese
coking-coal importer Winsway Enterprises Holdings Ltd. defaulted on
$309 million of bonds, and Jakarta-based PT Berau Coal Energy is
embroiled in a $950 million debt restructure with bondholders, the
report notes.

Bloomberg discloses that Bumi units skipped a semi-annual coupon
payment on $700 million of 10.75% 2017 notes in November following a
30-day grace period, prompting Standard & Poor's and Moody's Investors
Service to declare a default. It also missed an interest payment on
$300 million of 12% 2016 securities in December, adds Bloomberg.



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


DAIICHI CHUO: Chapter 15 Case Summary
-------------------------------------
Chapter 15 Petitioner: Masakazu Yakushiji

Chapter 15 Debtor: Daiichi Chuo Kisen Kaisha
                   14-4 Shintomi 2-chome
                   Chuo-ku, Tokyo, 104-8544
                   Japan

Chapter 15 Case No.: 15-12650

Type of Business: Shipping company

Chapter 15 Petition Date: September 29, 2015

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. Michael E. Wiles

Chapter 15          Melanie McLaughlin Kotler, Esq.
Petitioner's        David A. Rosenzweig, Esq.
Counsel:            NORTON ROSE FULBRIGHT US LLP
                    666 Fifth Avenue
                    New York, NY 10103
                    Tel: 212-318-3000
                    Email: melanie.kotler@nortonrosefulbright.com
                         david.rosenzweig@nortonrosefulbright.com

                       - and -

                    Kristian W. Gluck, Esq.
                    Gregory M. Wilkes, Esq.
                    Timothy S. Springer, Esq.
                    NORTON ROSE FULBRIGHT US LLP
                    2200 Ross Avenue, Suite 3600
                    Dallas, Texas 75201-7932
                    Tel: (214) 855-8000
                    Fax: (214) 855-8200
                    Email:
                    kristian.gluck@nortonrosefulbright.com
                    greg.wilkes@nortonrosefulbright.com
                    tim.springer@nortonrosefulbright.com

Estimated Assets: $100 million to $500 million

Estimated Liabilities: $100 million to $500 million


DAIICHI CHUO: Seeks U.S. Recognition of Rehabilitation Proceeding
-----------------------------------------------------------------
Japanese shipper Daiichi Chuo Kisen Kaisha is seeking U.S. recognition
of its civil rehabilitation proceeding under Japanese law, currently
pending as Case No. Heisei 27 (2015) (Sai) 53 before the 20th Civil
Division of the Tokyo District Court, Japan.

Masakazu Yakushiji, in his capacity as president and foreign
representative of Daiichi Chuo Kisen Kaisha, filed a petition under
Chapter 15 of the Bankruptcy Code in the U.S. Bankruptcy Court for the
Southern District of New York (Bankr. S.D.N.Y. Case No. 15-12650) on
Sept. 29, 2015, "which would permit the Company the breathing room
necessary to develop and confirm a rehabilitation plan that maximizes
payments to its rehabilitation creditors."

The Japanese shipper filed for bankruptcy protection in Tokyo
amid a massive drop in cargo movements around the world impacted by
the global financial crisis that began in September 2008 with the
collapse of Lehman Brothers.  Daiichi Chuo intends to reorganize its
financial affairs and maximize recoveries for all stakeholders.

The Company hasn't been able to post an operating profit from fiscal year 2011.

"[I]t became difficult for the Petitioner, who mainly focuses its
business on transporting dry bulk using trampers ... to generate
profit as its revenue continued to decline due to the market's
prolonged stagnation, and the Petitioner has been stuck in the same
inextricable situation," according to papers filed with the Court.

David A. Rosenzweig, Esq., at Norton Rose Fulbright US LLP, counsel
for Mr. Yakushiji, said, "The downturn in the shipping industry
greatly impacted Daiichi Chuo given that it relies heavily on voyage
charter vessels for a large percentage of its business."

Before the collapse of Lehman Brothers, the Company was working on
expanding its fleet by entering into many long-term time charter
agreements between ship owners that obligated it to pay a substantial
amount in charter fees.  As a result of high charter fees and very low
freight charges, Daiichi Chuo ended up in a "backwardation" in which
the charter fees exceeded its freight revenue.

Mr. Rosenzweig added that factors such as the increase in debt burden
due to newly-built vessels, a lack of funding, the rise of the
Japanese yen and the rise of fuel prices contributed to the Company's
worsening cash-flow problems.

As early as 2009, the Debtor began terminating charter parties in an
attempt to reduce vessel expenses.

According to the Company's balance sheet as of June 30, 2015, it has
JPY 54,502,783,921 in assets and JPY 46,795,310,126 in liabilities.

The consolidated operating results for the first quarter of fiscal
year 2015 were JPY 5,447,000,000 in operating loss and
JPY 5,663,000,000 yen in ordinary loss, and the Company presumed that
fiscal year 2015 will once again run a large deficit.

The Company said that due to factors such as China's deteriorating
economic conditions, it is unlikely that the dry bulk tramper market
will take a favorable turn.  Therefore, the Company maintained there
is a high risk of its financial condition deteriorating and for it to
fall into a state of asset deficiency.

The Petitioner has hired Norton Rose Fulbright US LLP as counsel.

As of Aug. 1, 2015, Daiichi Chuo had 224 employees; all but 26 are
located in Japan, and only three are located in the Company's New York
office.

The Company disclosed that it has 461 general creditors holding an
aggregate claim of JPY 6,434,884,040.

Star Bulk Carrier Co., S.A., its wholly owned subsidiary, also
commenced a civil rehabilitation proceedings in Japan.

                     Tokyo Court Issues TRO

The Tokyo Court issued on Sept. 29, 2015, a temporary restraining
order and an order appointing Katsuyuki Miyakawa, a Japanese attorney,
as Daiichi Chuo's supervisor.  Under the Tokyo Court Orders, Daiichi
Chuo cannot execute any agreement with any third party, or initiate or
pursue any legal proceeding, without the consent of the Supervisor.

Under the current status of the Japan Proceeding, the Supervisor does
not have the powers to manage the assets of Daiichi Chuo.  As a
consequence, the current management of the Company remains in place
and is allowed to continue to operate its businesses as a
debtor-in-possession, subject to the limitations of the supervision
order.

Contemporaneously with the filing of the petition, the Company seeks
entry of a temporary restraining order in the U.S. staying execution
against the assets of Daiichi Chuo and applying Section 362 of the
Bankruptcy Code in the Chapter 15 Case on a provisional basis.  The
Petitioner believes that an order staying the execution against the
assets of Daiichi Chuo and extending the protections afforded by
Section 362 is crucial to prevent irreparable injury to the value of
Daiichi Chuo's assets and to preserve the integrity of the Company as
a going concern.

A copy of the Petition for Recognition is available for free at:

        http://bankrupt.com/misc/2_DAIICHI_recognition.pdf


SKYMARK AIRLINE: Launches New Management Team as Part of Plan
-------------------------------------------------------------
Jiji Press reports that Skymark Airlines launched a new management
team on September 28 to implement a rehabilitation plan, picking top
officials at an extraordinary shareholders meeting.

Jiji Press recalls that Skymark concluded a code-sharing pact with All
Nippon Airways, a unit of ANA Holdings Inc., as part of the
rehabilitation plan, which was approved by its creditors at a meeting
in August.

Under the plan centering on assistance from ANA Holdings Inc., Skymark
implemented a 100% capital reduction, scrapping all outstanding
shares, the report says.

Jiji Press relates that the airline then issued new shares under a
third-party allotment scheme to raise a total of ¥18 billion in fresh
capital. It is now owned 50.1% by Japanese private equity fund
Integral Corp., 16.5% by ANA Holdings and 33.4% by a fund jointly set
up by the government-affiliated Development Bank of Japan and Sumitomo
Mitsui Banking Corp, the report discloses.

Nobuo Sayama, head of Integral, was appointed as chairman of Skymark,
with Masahiko Ichie, former DBJ managing executive officer, named
president, the report discloses.

"Our top priority is to offer lower fares, but at the same time we'll
differentiate ourselves from low-cost carriers," the report quotes
Ichie as saying at a news conference.

Jiji Press relates that the new president also said Skymark will
maintain current flight services for now. "We won't immediately add or
cut flight routes," he said.

In a bid to improve the seat occupancy rate, Skymark will operate
code-sharing flights with ANA mainly on loss-making routes. It will
also collaborate with ANA on safety measures such as aircraft
maintenance, the report says.

According to the report, Mr. Sayama told the news conference that the
code-sharing flights are expected to start in late
October 2016. To operate code-sharing flights, the two airlines need
to link their booking management systems.

Skymark will repay debts to creditors from Nov. 30 and hopes to
complete the repayments by the end of this year at the earliest, the
report notes.

The airline has secured a JPY10 billion credit line under a five-year
contract with Mizuho Bank, a unit of Mizuho Financial Group Inc., the
report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2015, Bloomberg News said Skymark Airlines Inc., Japan's
third-largest carrier, filed for bankruptcy protection after
running short of cash, highlighting the failure of growth plans
that climaxed in the ill-fated purchase of six Airbus Group NV
A380 superjumbos.

Skymark said it filed at the Tokyo District Court with
JPY71 billion ($603 million) in liabilities.  President Shinichi
Nishikubo is standing down and Chief Financial Officer
Masakazu Arimori is taking on the role, Bloomberg related.

Skymark was delisted from the Tokyo Stock Exchange in March.

The TCR-AP, citing Bloomberg News, reported on Aug. 6, 201, that
Skymark Airlines's creditors approved a rehabilitation plan
backed by ANA Holdings Inc. and rejected one that relied on Delta
Air Lines Inc., finalizing a path back from bankruptcy for Japan's
third-largest airline.



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


KATHMANDU HOLDINGS: To Close British Stores
-------------------------------------------
Richard Meadows at Stuff.co.nz reports that Kathmandu Holdings is
closing its store network and cutting its losses in Britain, as it
focuses on turning the business around from another "disappointing"
result.

Stuff.co.nz relates that the struggling NZX-listed outdoors and
clothing retailer reported an annual profit of NZ$20.4 million for the
year ending July 31, down 52%.

Chief executive Xavier Simonet described the result as disappointing
and well below expectations, Stuff.co.nz reports.

A company-wide restructuring has already resulted in 10% of head
office roles being cut, the report states.

Stuff.co.nz says four British stores, which comprise a small part of
the company's network of 160 stores, will also be closed in the
current financial year.

Analysts had called for the closures as early as 2011, with poor
performance dragging on the overall business, the report recalls.

According to Stuff.co.nz, Mr. Simonet said the company would "cut our
losses in the UK" and refocus on Australia and New Zealand, but that
did not mean it would stop growing internationally.

The physical stores were unprofitable, but online selling would
continue, he said, the report relays.

Only a year ago, Kathmandu announced it was investing $5 million into
growing the brand and online sales in Britain and Europe, recalls
Stuff.co.nz.

"This was at the time when the business was delivering a high level of
profitability . . . and could take a few risks to accelerate growth in
the UK and internationally," the report quotes Mr. Simonet as saying.

Stuff.co.nz notes that the disappointing financial result was
attributed to excess stock that required aggressive clearance sales at
low margins.

According to Stuff.co.nz, pricing and promotional activity during the
first three quarters of the year had also caused "customer confusion".

The report relates that inventory levels grew another 9% by the end of
the year, partly due to stocking up for new stores which did not end
up being opened.

However, the company said it had 40% less "aged stock", and did not
expect a repeat of its disastrous year, the report adds.

New Zealand-based Kathmandu Holdings Limited (ASX:KMD) --
http://www.kathmanduholdings.com/-- engages in design, marketing and
retailing of clothing and equipment for outdoor, travel and adventure
activities. The Company operates in three geographical areas: New
Zealand, Australia and the United Kingdom. The Company's apparel
product line includes waterproof jackets, down jackets, thermals,
fleece jackets, rain jackets, Softshell jackets, vests shirts and
pants, merino apparel and thermals, and footwear and socks. Its
equipment product line includes packs, bags, sleeping bags, tents,
travel accessories and camping accessories. The Company's subsidiaries
include Milford Group Holdings Limited, Kathmandu Limited, Kathmandu
Pty Limited and Kathmandu (U.K.) Limited.


PYNE GOULD: Blames Auditors for Delayed Annual Report
-----------------------------------------------------
Suze Metherell at BusinessDesk reports that Pyne Gould Corp has blamed
a delay in releasing its annual report for the second year in a row on
a change in auditors.

BusinessDesk recalls that the Guernsey-based firm, which restated its
2014 accounts to remove an anticipated gain on the sale of Perpetual
Trust, was fined and censured by the NZ Markets Disciplinary Tribunal
in January over the delayed release of its 2014 annual report over the
firm's inability to obtain sufficient information about PGC's
investment in Torchlight Group and Torchlight Fund.

On September 30, PGC said its 2015 annual report was held up because
of delays in the handover of audit information regarding Torchlight
from the previous auditors, PwC, to new auditors, Grant Thornton,
BusinessDesk relates.

According to BusinessDesk, the company said a full audited report is
expected before the end of next month.  Last month PGC released
unaudited results that showed a 99% decline in annual profit to
GBP38,000 as interest income fell, expenses jumped and the asset
management firm didn't get a repeat of the previous year's one-time
gain. Net operating income fell 62% to GBP3.4 million, including a 4%
decline in management fees to GBP2.2 million.

Last year, PGC's shares were temporarily suspended after it reported
its accounts more than a month late, BusinessDesk notes. Its 2014
profit included a NZ$22 million gain on the sale of Perpetual Trust,
which it says was due once new owner Bath Street Capital listed the
business on the NZX, which is yet to happen, BusinessDesk discloses.

According to the report, PGC and Bath Street Capital are now embroiled
in a dispute, with the buyer rejecting demands for the NZ$22 million
payment in May and denying the claim to shares of the subsidiary
company. No further action has been taken since the demand was
rejected, while the 2015 accounts showed a one-time gain of 11.3
million pounds on the sale of discontinued operations in 2014, the
report states.

In February, the Financial Markets Authority said it was investigating
PGC's 2014 annual report over the inclusion of the NZ$22 million gain,
BusinessDesk reports.

Pyne Gould is controlled by managing director George Kerr, an NBR 2015
Rich Lister with wealth estimated at NZ$80 million, BusinessDesk
discloses. He was left in control of a listed company in 2012 when he
failed to take the company private in a full takeover attempt.

At the time of his offer he warned the company wouldn't contemplate
paying dividends as it sold assets and retail investors could face a
bumpy road as he took PGC in directions that wouldn't necessarily
generate quick profits, according to BusinessDesk. Today, PGC is
focused on investments in Australia and the UK through its Torchlight
Group, which "manages and co-invests in proprietary funds focused on
non-traditional investment opportunities," BusinessDesk discloses
citing PGC's website.

PGC shares last traded at 24 cents, valuing the company at $48
million, and have declined some 38% over the past 12 months, the
report adds.

Pyne Gould Corporation Limited, together with its subsidiaries,
provides financial, trustee, and asset management services
primarily in New Zealand.



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


* SOUTH KOREA: Smaller Firms' Debt Repayment Ability Worsens
------------------------------------------------------------
Yonhap News Agency reports that smaller manufacturers' ability to pay
interest on their debts worsened despite record low interest rates,
partly as their profitability deteriorated, central bank data showed.

According to the report, data from the Bank of Korea showed that the
interest coverage ratio of smaller firms came to 406.77% at the end of
June, down 57.45 %age points from three months earlier.

Yonhap relates that the interest coverage ratio, often called times
interest earned, is calculated by dividing a company's earnings by the
amount of interest it has to pay on its debts.

Such a figure partly shows the company is financially stable, the report says.

Unlike smaller firms, the ratio of large manufacturing firms jumped to
571.73% from 537.74% over the cited period.

"This is because the profitability of smaller firms dropped
significantly while their interest rates only inched down," Yonhap
quotes a BOK official as saying.

In the second quarter, the average interest rate on bank loans by
small and medium-sized manufacturing companies slipped 0.1 percentage
point from three months earlier to 4.43 percent, while their operating
income to sales ratio, a key measurement of profitability, dropped to
6.06 percent from 7.01 percent over the cited period, according to the
data obtained by Yonhap.

The operating income to sales ratio for large firms, on the other
hand, improved from 5.04% to 5.44%, while the average bank lending
rate fell to 3.88% from 4.2%, the report relays.

Yonhap adds that the central bank figures are based on a survey of
3,065 companies pooled from the total 16,281 local firms, each with
total assets of more than KRW12 billion ($10.19 million).



===============
T H A I L A N D
===============


SAHAVIRIYA STEEL: Strikes Restructuring Deal on THB50BB Debt
------------------------------------------------------------
The Nation reports that Sahaviriya Steel Industries has reached an
agreement with its creditors to enter debt-restructuring for the
massive THB50 billion it owes them and has pulled the plug on its
upstream plant in Britain as part of its strategy to keep its core
business in Thailand afloat.

"The huge loss of the UK base is crimping the cash flows of SSI in
Thailand, so we had to keep the hot-rolled coil steel business in
Thailand going by opening negotiations with lenders," the report
quotes Win Viriyaprapaikit, president of SSI, as saying.

After taking over the former Tata Steel complex in Britain in 2010,
SSI decided to pause production there on September 18 to stop the
bleeding. The decision is part of its financial restructuring, the
report says.

According to the Nation, SSI swallowed net losses in the past four
years of THB981 million in 2011, THB15.9 billion in 2012, THB7 billion
in 2013 and THB4.9 billion in 2014.

In the first half of this year, net losses amounted to THB6.26
billion, the report discloses.

SSI owes THB50 billion to three Thai banks -- THB22 billion to Siam
Commercial Bank, THB22 billion to Krungthai Bank and
THB4.4 billion to Tisco Bank, the Nation discloses.

All three lenders will take additional provisions to boost reserves to
100% of outstanding loans to SSI, the report notes.

According to the report, Mr. Win said that although the UK plant had
halted operations, SSI in Thailand could get steel from other upstream
steelmakers to produce hot-rolled steel coils.

It's a buyers' market, so procuring steel from other suppliers will
not affect its performance.

The economic slowdown worldwide, but especially in China, sent steel
prices nose-diving to their lowest level in 12 years. The downturn in
the steel cycle usually lasts only six months, but the price has
remained low for nine months, he said.

The steel industry continues to provide bright opportunities for SSI.
In Thailand, SSI commands about 30 per cent of the market. Some 60 per
cent of its steel output in Thailand goes to the construction industry
and the rest to the auto industry.

"We have to keep the business in Thailand because we don't want to
create a negative impact on our stakeholders, our buyers and traders.

"The Thai government has invested in infrastructure to drive the
economy, which benefits steel demand. But what we're seeing is an
oversupply of steel from China, which has influenced us too," Mr. Win,
as cited by The Nation, said.

The Nation says that under the debt-restructuring, SSI is welcoming
strategic partners.

Japanese steelmakers JFE Steel Corporation and Marubeni-Itochu Steel
Inc each hold 3.53% of SSI. One of these might be the first choice for
a strategic partner, the report notes.

Based in Bangkok, Thailand, Sahaviriya Steel Industries PLC (SSI) --
http://www.ssi-steel.com/-- engages in manufacturing and distributing
of hot rolled coils. The Company has four segments: manufacture of hot
rolled coils, maintenance services, deep-sea port services, and coke
manufacturing and steel making plants. SSI supplies steel sheets to
various sectors, such as automobile, energy, transportation and
construction sectors. SSI owns SSI Teesside, a 3.6 million tons per
annum iron-steel making plant located in Redcar in the northeast of
UK, through its subsidiary, Sahaviriya Steel Industries UK Limited.
SSI has investments in joint-venture downstream plants: Thai Cold
Rolled Steel Sheet PLC (TCRSS), a cold roll mill, and Thai Coated
Steel Sheet Co., Ltd., (TCS), an electro-galvanizing line. The
Company's other subsidiaries include Prachuap Port Company Limited and
West Coast Engineering Company Limited.




                             *********

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
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Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel Elaine
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Chapman, Editors.

Copyright 2015.  All rights reserved.  ISSN: 1520-9482.

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