TCRAP_Public/151006.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, October 6, 2015, Vol. 18, No. 197


                            Headlines


A U S T R A L I A

AGRIFUELS LIMITED: First Creditors' Meeting Set For Oct. 12
KLEENMAID GROUP: Former Director Gets 7-Year Jail Sentence
NORFOLK ISLAND: Seeks to Remove Island's Administrator
SHERWIN FINANCIAL: BoQ Prepares For Potential Class Action
SOUTHAM GRADUATION: First Creditors' Meeting Set For Oct. 13


C H I N A

AOXING PHARMACEUTICAL: Obtains $3MM From Securities Offering
CHINA: Must Focus on Restructuring Economy, German Official Says


H O N G  K O N G

CHINA MEDICAL: Paul Weiss Must Submit Privileged Docs, Court Says


I N D I A

AIR CONTROL: ICRA Suspends B+ Rating on INR26.05cr Cash Loan
ARTIZ CERAMIC: ICRA Suspends B+ Rating on INR4.38cr Term Loan
ATOM CERAMIC: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
AYURSUNDRA HEALTH: CRISIL Reaffirms B+ Rating on INR453.9MM Loan
ELITE PROPERTIES: CRISIL Cuts Rating on INR100MM Cash Loan to B

GREEN AGRO: CRISIL Assigns 'D' Rating to INR76.5MM Packing Loan
HAVELI ENTERTAINMENTS: CRISIL Assigns B- Rating to INR97.5MM Loan
ITFT CONSULTANCY: CRISIL Reaffirms 'B+' Rating on INR80MM Loan
LILAMANI INFRA: CARE Assigns B+ Rating to INR17.50cr LT Loan
LOHIYA DEVELOPERS: ICRA Assigns 'B' Rating to INR5.0cr Loan

MAHAVIR FOODS: CARE Lowers Rating on INR15cr ST Loan to 'D'
MARITIME ENERGY: ICRA Withdraws 'D' Rating on INR4.91cr Loan
MOTIWALA AUTO: ICRA Suspends B+ Rating on INR10cr Loan
NEW WIN: ICRA Assigns B+ Rating to INR7.83cr Unallocated Loan
RAMPRASTHA ESTATES: ICRA Revises Rating on INR19cr Loan to B

RAMPRASTHA PROMOTERS: ICRA Lowers Rating on INR100cr Loan to D
RICHI TRAVELS: CRISIL Assigns B+ Rating to INR50MM Cash Loan
S R COTTON: CRISIL Assigns 'B' Rating to INR39MM LT Loan
S KUMARS: ICRA Withdraws 'B' Rating on INR560.31cr Loan
SCHOLAR INTERNATIONAL: CARE Cuts Rating on INR12.50cr Loan to D

SHALIMAR WORKS: CRISIL Reaffirms 'C' Rating on INR282.9MM Loan
SHREE BALA: CRISIL Assigns B+ Rating to INR110MM Term Loan
SHREE RAJ: CRISIL Assigns 'B' Rating to INR39.4MM Term Loan
SHREE SITA: ICRA Suspends B Rating on INR7cr Cash Credit
STERLING BIOTECH: ICRA Withdraws 'D' Rating on INR790cr Loan

SOUBHIK EXPORTS: CRISIL Reaffirms 'B' Rating on INR50MM Loan
SUJANA UNIVERSAL: Court Dismisses Appeals Against Decrees
TAJ LEATHER: CRISIL Reaffirms 'D' Rating on INR34.7MM Loan
UMANG BOARDS: CARE Revises Rating on INR21.04cr LT Loan to BB-
VEERAJ CONSTRUCTION: ICRA Suspends 'B' Rating on INR3.5cr Loan

WHISTLEMEDIA NETWORK: CARE Revises Rating on INR25cr Loan to BB-


I N D O N E S I A

INDONESIA: Concern Over External Debt Rises


J A P A N

TOSHIBA CORP: 30 More Executives Named in Accounting Scandal


X X X X X X X X

* BOND PRICING: For the Week Sept. 28 to Oct. 2, 2015


                            - - - - -


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


AGRIFUELS LIMITED: First Creditors' Meeting Set For Oct. 12
-----------------------------------------------------------
Simon Roger Coad of Ticcidew Insolvency was appointed as
administrator of Agrifuels Limited on Sept. 30, 2015.

A first meeting of the creditors of the Company will be held at
Level 2, 55 Carrington Street, in Nedlands, on Oct. 12, 2015, at
10:30 a.m.


KLEENMAID GROUP: Former Director Gets 7-Year Jail Sentence
----------------------------------------------------------
Former Kleenmaid director Gary Collyer Armstrong was sentenced to
7 years jail on October 2 for his role in the collapse of the
national whitegoods distributor.

In August 2015, Mr. Armstrong pleaded guilty to insolvent trading
and fraudulently obtaining AUD13 million from Westpac.

Appearing before Brisbane District Court, Mr. Armstrong was
sentenced to 7 years jail for one count of dishonestly obtaining
AUD13 million from Westpac (to be eligible for release on parole
after 2 years and 4 months) and 2 years and 8 months for two
counts of insolvent trading (with a recognisance release order
after 10 months on a 5 year good behaviour bond). The sentences
are to be served concurrently which means Mr. Armstrong will not
be eligible for parole until Feb. 2, 2018.

Australian Securities and Investments Commission Commissioner John
Price said, "Today's outcome should serve as a warning to
corporate Australia that ASIC will not tolerate directors and
officers of companies who conduct their business dishonestly to
the detriment of their creditors and, importantly, consumers.

"It cannot be any clearer. If you choose to act in this way, there
is a very good chance you will be caught and there is a very good
chance you will go to jail."

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

The trial of the other two former Kleenmaid directors, Andrew Eric
Young and Bradley Wendell Young, has been set for March 14, 2016.

Kleenmaid entered voluntary administration in 2009 and liquidators
reported consolidated debts of almost AUD100 million. ASIC brought
criminal charges against the former directors in 2012.

                      About Kleenmaid Group

Founded in 1985, Kleenmaid Group -- http://www.kleenmaid.com.au/
-- sells kitchen and laundry appliances.

The Troubled Company Reporter-Asia Pacific reported on April 13,
2009, that Kleenmaid Group has been placed into administration.
The company appointed Deloitte partners John Greig, Richard
Hughes and David Lombe as voluntary administrators.  A TCR-AP
report on May 26, 2009, said the creditors of Kleenmaid Group
voted to wind up the company at a meeting in Brisbane.

The TCR-AP, citing a report posted at news.com.au, said that the
administrators had recommended that Kleenmaid be put into
liquidation, saying the company may have been insolvent as early
as June 2007.  The administrators said Kleenmaid creditors are
owed AUD102 million, which included AUD3 million owed to
Kleenmaid employees.

Liquidators from Deloitte have not yet finished their report on
claims the former Kleenmaid Group may have been trading while
insolvent for up to two years, according to The Sydney Morning
Herald.


NORFOLK ISLAND: Seeks to Remove Island's Administrator
------------------------------------------------------
Radio New Zealand reports that Norfolk Islanders, angry at
Australia's removal of their self government, are planning to
petition the Commonwealth Ombudsman, asking for the island's
administrator to be removed.

Australia ended 36 years of self-government on the island in June,
the report notes.

According to the report, the Canberra-appointed administrator,
Gary Hardgrave, had taken a combative approach to listing the
island's apparent failings and the reasons for winding up the
island's government.

But a former Norfolk Island chief minister, Andre Nobbs, is the
driving force behind the petition to the Ombudsman, the report
says.

He said Mr. Hardgrave is misrepresenting the island, Radio NZ
relates.

"They are the things that have done the damage and they are the
things that need to be reviewed and enquired into. Malcolm
Turnbull as the new prime minister for Australia and I think it is
definitely in his best interest to have a close look at the
actions that led to the removal of the island's parliament and the
actions that continue to impact on the island's economy and
future," the report quotes Mr. Nobbs as saying.


SHERWIN FINANCIAL: BoQ Prepares For Potential Class Action
----------------------------------------------------------
Australian Associated Press reports that the Bank of Queensland is
at the centre of a potential class action after customers
allegedly lost hundreds of thousands of dollars.

AAP says Shine Lawyers has accused the bank of breaching its
obligations to customers by failing to prevent transactions from
their Money Market Deposit Accounts.

According to the report, the firm said customers allegedly lost
hundreds of thousands of dollars after transactions were performed
on those accounts under the instruction of Brisbane-based
financial planner Brad Sherwin, his employees or his related
entities.

"We understand that almost all clients of Brad Sherwin and his
related entities had a Money Market Deposit Account opened in
their name or the name of their self-managed superannuation fund,"
the release, as cited by AAP, said.  "Many of these clients appear
to have been unaware that this had taken place."

Mr. Sherwin was the principal of the Sherwin Financial Planners
which went into administration in 2013, the report recalls.

He has been charged with 33 fraud offences and faced a Brisbane
court earlier this year accused of illegally using almost AUD10
million in clients' bank accounts between July 2009 and Christmas
Eve 2012, says AAP.

According to the news agency, the Bank of Queensland said it is
prepared to defend itself but so far it has not received any
formal notification of a potential class action.

"The Bank will defend any proceeding that may be commenced," a
statement from the bank said, notes the report.

The report says the action may also be brought against the
accounts administrator DDH Graham Limited.

"Our investigations have revealed that, by allowing certain
transactions to take place, the Bank of Queensland and DDH Graham
Limited may have committed breaches of their obligations under the
Corporations Act as well as to their customers," Shine Lawyers
said, adds AAP.


SOUTHAM GRADUATION: First Creditors' Meeting Set For Oct. 13
------------------------------------------------------------
Karen Leanne Kelson -- Karen@bkadvisory.com.au -- and Craig Ivor
Bolwell -- Craig@bkadvisory.com.au -- of Bolwell Kelson Advisory
were appointed as administrators of Southam Graduation Services
Pty Ltd on Oct. 1, 2015.

A first meeting of the creditors of the Company will be held at
Bolwell Kelson Advisory, South Yarra Corporate Centre, Level 1,
122 Toorak Road, in South Yarra, Victoria, on Oct. 13, 2015, at
11:00 a.m.



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


AOXING PHARMACEUTICAL: Obtains $3MM From Securities Offering
-----------------------------------------------------------
Aoxing Pharmaceutical Company sold 2,352,941 shares of common
stock and 1,764,706 common stock purchase warrants pursuant to a
Securities Purchase Agreement dated as of Sept. 24, 2015. The
purchaser was an institutional investor.

The aggregate purchase price for the securities was $3,000,000.
From the proceeds of the offering, Aoxing Pharmaceutical Company,
Inc. has paid a fee of $180,000 to Rodman & Renshaw, a unit of H.C
Wainwright & Co., LLC, which acted as the placement agent for the
offering. Aoxing Pharmaceutical Company, Inc. has also reimbursed
Wainwright for its out-of-pocket expenses, and has issued to
Wainwright and its affiliates warrants to purchase 141,176 shares
of common stock.

Each Warrant will permit the holder to purchase one share of
common stock from Aoxing Pharmaceutical Company for a price of
$1.74 per share. The Warrants will be exercisable from March 30,
2016, until March 30, 2021. The warrants issued to Wainwright and
its affiliates are substantially identical to the Warrants, except
that the termination date is Sept. 24, 2020. Cashless exercise of
either warrant is permitted only if there is no effective
registration statement permitting resale of the common shares
underlying the warrants.

                           About Aoxing

Aoxing Pharmaceutical Company, Inc., is a Jersey City, New Jersey
based specialty pharmaceutical company. The Company is engaged in
the development, production and distribution of pain-management
products, narcotics and other drug-relief medicine.
In its report on the consolidated financial statements for the
year ended June 30, 2014, BDO China Shu Lun Pan Certified Public
Accountants LLP expressed substantial doubt about the Company's
ability to continue as a going concern, citing that the Company
continues to incur losses from operations, has negative cash flow
from operations and a working capital deficit.

The Company reported a net loss of $8.63 million for the fiscal
year ended June 30, 2014, compared to a net loss of $17.3 million
for the year ended June 30, 2013.


CHINA: Must Focus on Restructuring Economy, German Official Says
----------------------------------------------------------------
Andrea Thomas at The Wall Street Journal reports that China's main
task is to restructure its economy rather than worrying about the
recent slump in stock prices, a German finance ministry official
said on October 1, calling on the Asian giant to focus on
strengthening domestic demand.

"The recent discussions about stock-market turbulences are rather
a side issue," the Journal quotes the official as saying during a
briefing on this week's meeting of the International Monetary Fund
and Group of 20 nations in Lima, Peru. "China's real challenge is
to restructure its economy away from a very much export-driven,
manufacturing-based model toward a growth model that's more
strongly based on domestic demand."

The Journal says the faster-than-expected slowdown of the Chinese
economy and other emerging markets has clouded the global economic
growth outlook, and the IMF has already warned it will once again
lower its growth forecast for the global economy.

The Journal relates that during the briefing, the German official
said the "great challenges" for U.S. interest-rate policy will be
discussed at the Lima meeting, as an expected exit from the
Federal Reserve's record-low interest rates is causing
"uncertainty and concern" regarding emerging-market countries'
ability to deal with the higher rates. Many emerging countries
have high dollar-denominated debt levels.

"That's why the issue will be discussed," said the official,
pointing to the IMF's warning that the U.S. should keep a possible
negative spillover effect of its interest rate move on emerging
economies in mind, the Journal relates.

The official spoke on condition of anonymity, the Journal notes.

According to the Journal, the IMF is pushing the Federal Reserve
to wait until next year before raising interest rates for the
first time in nearly a decade, a position the German official said
he isn't opposing. "There will be a discussion whether the timing
for an U.S. exit is right or not," the official, as cited by the
Journal, said.

The Journal adds that the official also said negative inflation
rates in the eurozone despite the European Central Bank's
quantitative easing policy aren't a reason for concern, because
they result from lower energy and commodity prices and don't
reflect a long-term inflation outlook.

At their meeting in Lima, G-20 finance ministers are also expected
to decide about a package of 15 measures against tax evasion by
internationally operating companies, which has been hammered out
under the direction of the Organization for Economic Cooperation
and Development, according to the Journal. The aim of the rules
would be to tax profits where they are generated.

"With the agreement [by the OECD on the 15 measures], we have set
a milestone in international tax policy," said a German finance
ministry official adding however that the key will now be to apply
the agreed rule book in all countries, the Journal relays.

The Journal relates that the aim was to create a level playing
field for companies and achieve a fairer taxation, said the
official, adding that Germany will benefit also by higher tax
revenues. "We expect this will strengthen our business location
and by strengthening our business location we will benefit
economically and in a second step benefit in tax revenues too,"
said the official.

It is uncertain, however, whether the U.S. will overcome
opposition in Congress, where critics question the Treasury
Department's right to implement international rules not reflected
in U.S. legislation, the Journal notes.

The Journal adds that the effort to tighten curbs on tax havens
for internationally operating companies was launched in 2012
following a string of revelations about large-scale tax avoidance
by big companies.



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


CHINA MEDICAL: Paul Weiss Must Submit Privileged Docs, Court Says
-----------------------------------------------------------------
Aebra Coe at Bankruptcy Law360 reported that Paul Weiss Rifkind
Wharton & Garrison LLP must give the liquidator scrutinizing an
alleged $355 million fraud at China Medical Technologies Inc.
privileged information from an internal investigation the firm
oversaw for the bankrupt medical device maker, a New York federal
judge ruled on Sept. 30, 2015.

U.S. District Judge Ronnie Abrams said that while audit committees
play a critical role in monitoring corporate management and a
corporation's auditor prebankruptcy, the justifications for
protected attorney-client communications "dissipate in
bankruptcy."

She reversed a bankruptcy court judgment.

                        About China Medical

China Medical Technologies Inc., a maker of diagnostic products,
filed a Chapter 15 bankruptcy petition in New York to locate money
fraudulently transferred by its principals.

The Debtor, which has been taken over by a trustee, is undergoing
corporate winding-up proceedings before the Grand Court of the
Cayman Islands. Kenneth M. Krys, the joint official liquidator,
wants U.S. courts to recognize the Cayman proceeding as the
"foreign main proceeding" The liquidator filed a Chapter 15
petition for China Medical (Bankr. S.D.N.Y. Case No. 12-13736) on
Aug. 31, 2012. Curtis C. Mechling, Esq., at Stroock & Stroock &
Lavan, LLP, in New York, serves as counsel.

Cosimo Borrelli and Yuen Lai Yee (Liz) on Nov. 29, 2012, were
appointed as liquidators of China Medical Technologies Inc.

The liquidators may be reached at:

          Cosimo Borrelli
          Yuen Lai Yee (Liz)
          Level 17, Tower 1
          Admiralty Centre
          18 Harcourt Road
          Hong Kong



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


AIR CONTROL: ICRA Suspends B+ Rating on INR26.05cr Cash Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR27.35
crore long term fund based limits and [ICRA]A4 rating to INR10.35
crore short term non fund based limits(including sublimits of cash
credit facility of INR8.55 crore) of Air Control and Chemical
Engineering Co Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit     26.05       [ICRA]B+ suspended
   Term Loans             1.30       [ICRA]B+ suspended
   PCL/FBP/FBD Limit
   (sublimit of cash
   credit)               (8.55)      [ICRA]A4 suspended
   Letter of Credit       1.50       [ICRA]A4 suspended
   Bank Guarantee         8.85       [ICRA]A4 suspended

Air Control & Chemical Engineering Co. Ltd. (ACCEL) was
incorporated in 1961 and was promoted by Mr. Surendra M. Mehta
with its production facilities located at Barejadi, Gujarat. ACCEL
was acquired by EID Parry, Murugappa group and Best & Crompton
Engineering Co. Ltd. in the year 1977 and 1984 respectively in
order to turnaround the continuous deteriorating financial
conditions. The financial condition had stretched further and in
the year 1999, ACCEL was declared as sick company by BIFR (Board
for Industrial and Financial Reconstruction). Later, in 1999, Mr.
B. R. Daga along with other shareholders had taken over the
company under the rehabilitation scheme for sick companies and has
successfully turnaround the company's profile.

In FY 2013, ACCEL had come out from sick company status. The
company manufactures compressors, refrigeration equipment and
industrial fans as well as carries out turnkey projects for
refrigeration and air conditioning solution.


ARTIZ CERAMIC: ICRA Suspends B+ Rating on INR4.38cr Term Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR6.63
crore long term fund based limits and [ICRA]A4 rating to INR0.80
crore short term non fund based limits of Artiz Ceramic Private
Limited . The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based-Working
   Capital                2.25      [ICRA]B+ suspended

   Fund Based-Term loan   4.38      [ICRA]B+ suspended

   Non Fund Based-Bank
   Guarantee              0.80      [ICRA]A4 suspended

Artiz Ceramic Private Limited (ACPL) was incorporated as a closely
held company in 2010 to manufacture ceramic wall tiles with its
production facility located at Morbi, Gujarat. The company is
currently engaged in manufacturing wall tiles of sizes 10' x 15"
and 10" x 10" with an installed capacity of 19800 TPA (Tons Per
Annum). The company is promoted by Mr. Satish Chhatrola along with
other directors, having a long experience in ceramic tile
manufacturing business.


ATOM CERAMIC: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR3.34 crore term
loan and INR4.00 crore cash credit facility of Atom Ceramic. ICRA
has also reaffirmed the [ICRA]A4 rating to the INR1.80 crore non-
fund based bank guarantee facility of AC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             3.34        [ICRA]B+ reaffirmed
   Cash Credit           4.00        [ICRA]B+ reaffirmed
   Bank Guarantee        1.80        [ICRA]A4 reaffirmed

The reaffirmation of ratings continues to reflect the firm's
relatively modest scale of operations, low net profitability and
return indicators, stretched liquidity position and weak debt
protection metrics. The ratings are also constrained by the
competitive business environment in which the firm operates
limiting improvement in realizations, vulnerability of its
profitability to cyclicality and current slowdown in real estate
industry and to adverse fluctuations in raw material & fuel
prices.

However, the ratings favorably factors in the promoters' extensive
experience in the ceramic industry and favorable location of the
plant with its proximity to raw material sources. The ratings also
positively factor in the capacity addition in FY15 through
installation of new kiln which could improve sales volumes of the
firm.

Atom Ceramic is a manufacturer of wall tiles established in July
2009. The plant is located in Morbi, Gujarat with a capacity of
manufacturing 7000 boxes a day and is based on the Roller Kiln
technology. It is a double firing plant. The firm started
production from May 2010. The firm is currently manufacturing
tiles of sizes 12"x18" and 8" x 18".

Recent Results
During FY2015, the firm reported net profit of INR0.10 crore on an
operating income of INR15.17 crore.


AYURSUNDRA HEALTH: CRISIL Reaffirms B+ Rating on INR453.9MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ayursundra
Health Care Pvt Ltd (AHPL) continues to reflect AHPL's exposure to
risk related to implementation of its project, and its limited
track record of operations.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            4         CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     2.1       CRISIL B+/Stable (Reaffirmed)
   Term Loan            453.9       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by its promoters' experience
in the healthcare industry and their financial support for
operations.
Outlook: Stable

CRISIL believes AHPL will continue to benefit over the medium term
from its promoters' extensive industry experience and funding
support. The outlook may be revised to 'Positive' if the company
implements its project within the budgeted cost and reports
higher-than-expected cash accrual, leading to improvement in debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of time or cost overrun in the project, or
lower-than-expected equity infusion, leading to deterioration in
financial risk profile and pressure on liquidity.

AHPL, incorporated in 2007, commenced commercial operations in
October 2010. It manages a diagnostic centre that provides non-
invasive diagnostic and other healthcare services in Guwahati.
AHPL has also been operating a 12-bed cardiac unit with an
intensive care facility since April 2012. The company is setting
up a multi-specialty hospital and rejuvenation centre, which is
expected to become operational by January 2016. It is promoted by
Mr. Simanta Das and Dr. Abhijit Hazarika.


ELITE PROPERTIES: CRISIL Cuts Rating on INR100MM Cash Loan to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Elite Properties (EP) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Proposed Cash         100         CRISIL B/Stable (Downgraded
   Credit Limit                      from 'CRISIL B+/Stable')

   Proposed Long Term     90         CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan              10         CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade follows large capital withdrawal of INR55 million in
2014-15 (refers to financial year, April 1 to March 31) weakening
EP's financial risk profile. Additionally, with EP planning to
undertake two new residential real estate projects, it is exposed
to myriad real estate risks.

The rating reflects EP's continued exposure to geographic
concentration in the revenue profile, susceptibility to
cyclicality in the real estate industry, and exposure to risks
related to significant investment in associate concerns. The
ratings also factor in average net worth and debt protection
metrics. These rating weaknesses are partially offset by the
moderate capital structure and promoters' extensive experience in
the real estate sector.
Outlook: Stable

CRISIL believes EP will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' if sizeable cash flows improve the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the cash flows are significantly below expectation,
or if significant additional advances to associates impinge the
cash flows, leading to deterioration in the financial risk profile
and liquidity.

EP is a partnership firm established in 2006 by Mr. Pramod Patil
and his family members. The firm owns and operates the Elite-Orbit
Mall in Amravati (Maharashtra). The mall was opened to the public
in May 2010 and is built over about 85,000 square feet. EP is part
of the Elite group, promoted by the Patil family, which has been
engaged in real estate development in Maharashtra for more than
two decades.


GREEN AGRO: CRISIL Assigns 'D' Rating to INR76.5MM Packing Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Green Agro Pack Pvt Ltd (GAPPL) and assigned its
'CRISIL D/CRISIL D' ratings to the facilities.

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Export Bill           55          CRISIL D (Assigned;
   Negotiation                       Suspension Revoked)

   Long Term Loan        45          CRISIL D (Assigned;
                                     Suspension Revoked)

   Packing Credit        76.5        CRISIL D (Assigned;
                                     Suspension Revoked)

   Proposed Bill         13.5        CRISIL D (Assigned;
   Discounting Facility              Suspension Revoked)

   Proposed Letter       10.0        CRISIL D (Assigned;
   of Credit                         Suspension Revoked)

CRISIL had, on August 17, 2015, suspended the ratings as GAPPL had
not provided the necessary information required to maintain a
valid rating. The company has now shared the requisite
information, enabling CRISIL to assign ratings to the bank
facilities.

The ratings reflect instances of delay by GAPPL in servicing its
term debt; the delays have been caused by the company's weak
liquidity due to its inadequate cash accrual against its repayment
obligations and the cyclical nature of its operations.

GAPPL also has a weak financial risk profile because of high
gearing, small net worth, and weak debt protection metrics. The
company also has large working capital requirements and is exposed
to risks inherent in the gherkin industry. It, however, benefits
from the promoters' extensive industry experience and its
established position in the gherkin export market.

GAPPL, incorporated in 1994, processes and exports gherkins. The
company's processing unit is at Davangere (Karnataka). The company
is promoted by Mr. B.M. Deviah.


HAVELI ENTERTAINMENTS: CRISIL Assigns B- Rating to INR97.5MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Haveli Entertainments Pvt Ltd (HEPL).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Term Loan            97.5         CRISIL B-/Stable

The rating reflects HEPL's exposure to project risks and the
firm's modest scale of operations over the medium term. These
rating weaknesses are partially offset by promoter's extensive
experience industry and HEPL's low funding risk.
Outlook: Stable

CRISIL believes that HEPL will continue to benefit over the medium
term from the favourable location of its ongoing project. The
outlook may be revised to 'Positive' if the company implements its
project as scheduled and receives better than expected response
for the project in terms of occupancy level or lease rental rates,
and thereby generates substantial rental income. Conversely, the
outlook may be revised to 'Negative' if cost overruns or delays in
project execution, or low occupancy rates or rental income from
the project weaken the company's liquidity and financial
flexibility.

HEPL has been incorporated as closely held Private Limited Company
since December 1995. The main promoters of the company are Mr.
Fatehsinh Chauhan and Mr. Abhishek Chauhan. The company is setting
up an entertainment mall in Silvassa in Dadra & Nagar Haveli.


ITFT CONSULTANCY: CRISIL Reaffirms 'B+' Rating on INR80MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of ITFT Consultancy Pvt
Ltd (ITFT) continue to reflect its average scale of operations and
vulnerability to regulatory risks in the education sector. These
rating weaknesses are partially offset by ITFT's above-average
financial risk profile, marked by low gearing and comfortable
debt-protection metrics, and the promoters' extensive industry
experience.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft Facility      80       CRISIL A4 (Reaffirmed)

   Proposed Overdraft
   Facility                40       CRISIL B+/Stable (Reaffirmed)

   Proposed Term Loan      80       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ITFT will continue to benefit over the medium
term from its promoters' extensive experience and the healthy
demand prospects in the education sector. The outlook may be
revised to 'Positive' if ITFT reports substantially stronger cash
accruals, backed by ramp-up in fee collections and number of
students.  Conversely, the outlook may be revised to 'Negative' if
decline in student intake, delay in receivables from the
government, or any large debt funded capital expenditure weakens
the financial risk profile, particularly liquidity.

Update
ITFT's fee receipts increased to INR347 million in 2014-15 (refers
to financial year, April 1 to March 31) from INR270 million in
2013-14, driven by addition in number of students and skill-based
government projects. ITFT reported operating margin of 12.6
percent in 2014-15 against 11.9 percent in 2013-14. The margins
however, continues to remain susceptible to student intake, fee
and salary revisions, and regulatory expenses. The fee receipts
are expected to grow at a moderate 12 to 15 per cent while the
operating margin are expected at around 10 per cent over the
medium term.

The financial risk profile is above average, with gearing of
around 0.50 times, interest coverage of above 2 times, and modest
net worth of around INR71 million as on March 31, 2015. The
company follows a conservative financial policy. The outstanding
term debt of INR19.1 million as on March 31, 2015 may be
liquidated in 2015-16. The capex of around INR120 million to
construct an academic bloc in the Chandigarh campus in the near
term is likely to be funded by term loan and internal accruals.
CRISIL expects the financial profile to remain inline over medium
term.

The liquidity is adequate, with cash accruals expected in range of
INR35 million to INR40 million, against maturing debt of INR23
million in 2015-16. Although the average utilisation on the
overdraft facility was 47 per cent in the 12 months through May
2015, there have been instances when the facility was fully
utilised between November and January each academic year.
Timeliness in fee receipts from government agencies/departments,
usually received between August and February, remains a key rating
sensitivity factor.

Set up in 1994 as a society, ITFT was reconstituted as a private
limited company in 2006. It is promoted by Mr. Gulshan Sharma and
his son, Mr. Aman Sharma. The company offers graduation and post-
graduation courses which are approved by the Punjab Technical
University at its campus based in Chandigarh and 8 distance
learning centres in Northern India. It also provides skill-based
short-term courses for the state governments, including Aajeevika
Skill Development Programme (ASDP) with Government of Sikkim and
Rashtriya Uchchatar Shiksha Abhiyan (RUSA) with Ministry of Human
Resources in Punjab.


LILAMANI INFRA: CARE Assigns B+ Rating to INR17.50cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Lilamani
Infra.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     17.50      CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of capital
or of the unsecured loans brought in by the partners, in addition
to the changes in the financial performance and other relevant
factors.

Rating Rationale

The rating assigned to the bank facility of Lilamani Infra
(Lilamani) is constrained by moderate project progress and modest
booking status of its sole residential project "River Vally One",
high repayment obligation of its project loan; and its presence in
an inherently cyclical real-estate industry and constitution as a
partnership firm.  The rating, however, derives comfort from the
experience of the partners and long track record of the group in
the real estate market of Ahmedabad.

Lilamani's ability to complete and sell the units of its ongoing
real estate project in a timely manner at envisaged price, along
with timely realisation of sales proceed, is the key rating
sensitivity.

Ahmedabad-based Lilamani is a partnership firm constituted in
February, 2012 by Mr Paras Vora and Mr Shreyans Vora to develop a
premium residential project under the name 'River Valley One' at
Hansol, Ahmedabad Gujarat. The project consist of seven high-rise
residential towers (Basement + Ground Floor + Stair
Cabin + 11 storeys) aggregating 253 (4 BHK) flats. The project is
proposed on 18,475 sq. mtrs (1.99 lakh sq. ft.) land owned by
Lilamani Group having total estimated saleable of around 10.99
lakh sq. ft. The project was launched in November, 2013 and is
scheduled for completion in December 2015.

Till July 22, 2015, Lilamani had incurred 66% of (Rs.119.32 crore)
of envisaged total project cost reflecting moderate project
progress and had received booking of 62 residential apartments
(25% of total saleable units of the project).


LOHIYA DEVELOPERS: ICRA Assigns 'B' Rating to INR5.0cr Loan
-----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR5.0
crore fund based bank limits and INR0.5 crore non fund based
limits of Lohiya Developers.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits        5.0        [ICRA]B; assigned
   Non-Fund Based Limits    0.5        [ICRA]B; assigned

ICRA's ratings are constrained by Lohiya Developers' small scale
of operations and the sector and geographic concentration risks to
which the firm is exposed, due to its focus on road construction
projects in Meerut, Uttar Pradesh. The ratings also factor in the
firm's modest profitability (OPBDIT margin of 3.6% and net profit
margin of 2.7% in FY2015) and weak leverage and coverage
indicators (Debt-Equity ratio of 3.36x as on March 31, 2015,
Debt/OPBDIT of 7.65x in FY2015). ICRA also notes the risks
emanating from the partnership constitution of the firm, which
exposes it to risks related to withdrawal of capital, dissolution
etc. The ratings however factor in the experience of Lohiya
Developers' promoters in the civil construction sector, their
established relationships with clients, as well as the revenue
visibility offered by the firm's pending order book of INR31.57
crore, as on March 31, 2015. Further, the rating also derives
support from the firm's efficient working capital management
(NWC/OI of 13.7% in FY2015).

Going forward, the firm's ability to execute its orders in a
timely manner, improve its operating scale while optimally
managing its working capital cycle and improve its coverage
indicators, will be the key rating sensitivities.

Lohiya Developers was incorporated in 2008 by Mr. Munendra Singh
Lohiya as a proprietorship firm. In FY2015, Mr. Munendra Singh
along with Mr. Jagmal Singh converted it into a partnership
concern with shares of 60% and 40% respectively. The firm is
engaged in civil construction works, primarily in construction and
upgradation of roads. The operations of the firm are primarily
confined to Meerut, Uttar Pradesh and its clients include Public
works Department (PWD), Pradhan Mantri Gram Sadak Yojna (PMGSY),
Hapur Pilkhuwa Development Authority (HPDA) etc.

Recent Results
For FY2015, the firm on a provisional basis, reported a net profit
of INR0.5 crore on an operating income of INR17.2 crore, as
compared to a net profit of INR0.1 crore on an operating income of
INR3.7 crore for the previous year.


MAHAVIR FOODS: CARE Lowers Rating on INR15cr ST Loan to 'D'
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Mahavir Foods.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       7        CARE D Revised from
                                            CARE B-

   Short-term Bank Facilities     15        CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the rating assigned to the bank facilities of
Mahavir Foods (Mahavir) takes into account the delays in debt
servicing due to stretched liquidity position.
Mahavir is a partnership concern established in 1998. Mr Suresh
Kumar and Mr Amit Kumar are the partners with equal profit sharing
ratio in the firm. The partners have two decades of experience in
processing of rice. The firm is engaged in the business of
milling, processing and trading of rice. The processing facility
of the firm is located at Taraori, Karnal (Haryana) with installed
capacity for processing of paddy of 54,000 TPA as on March 31,
2014. The firm procures the raw material (paddy) from Haryana,
Uttar Pradesh and Punjab on cash or advance basis. The firm is
mainly focusing on the international market especially to Middle
East countries. The firm has a group associate concern, Sidhi
Vinayak Rice Mills engaged in milling and processing of rice.


MARITIME ENERGY: ICRA Withdraws 'D' Rating on INR4.91cr Loan
------------------------------------------------------------
ICRA has withdrawn the [ICRA]D rating assigned to the INR4.91
crore, long-term loans, INR0.80 crore long-term fund-based
facilities and INR0.85 crore short-term non-fund based limits of
Maritime Energy Heli Air Services Private Limited, as the notice
period of three years since suspension of rating has expired.


MOTIWALA AUTO: ICRA Suspends B+ Rating on INR10cr Loan
------------------------------------------------------
ICRA has suspended the long term rating [ICRA]B+ assigned to the
INR10.0 crore fund based facilities of Motiwala Auto Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Established in 2006 and head quartered in Aurangabad, MAPL is
involved in dealership of Hyundai, ALL-LCV and Suzuki.
Additionally, the company also provides auxiliary services like
sale of spare parts, accessories, insurance services, financing of
vehicles among others. MAPL started its commercial operations with
launch of Hyundai Showroom in Aurangabad in 2009 followed by
Suzuki and ALL-LCV dealership in 2011.


NEW WIN: ICRA Assigns B+ Rating to INR7.83cr Unallocated Loan
-------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR2.83 crore term
loans, INR4.05 crore cash credit facility and INR7.83 crore
unallocated limit of New Win Win Feeds Private Limited. ICRA has
also assigned an [ICRA]A4 rating to the INR0.29 crore non-fund
based facility of NWWFPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Term
   Loan                  2.83        [ICRA]B+ assigned

   Fund Based-Cash
   Credit                4.05        [ICRA]B+ assigned

   Fund Based-
   Unallocated           7.83        [ICRA]B+ assigned

   Non Fund Based-Bank
   Guarantee             0.29        [ICRA]A4 assigned

The assigned ratings take into account lack of track record of the
company in running operations across business cycles with only
three years of operating history, lower operating margins, owing
to highly fragmented nature of the poultry industry characterized
by low entry barriers and intense competition from unorganized
players, and further susceptibility of margins to volatility in
key raw material prices, which being an agricultural produce are
vulnerable to agro-climatic conditions as well as demand-supply
scenario. ICRA also notes that the scale of operation of the
company has increased during the last two financial years, thus
increasing the working capital requirement on an absolute basis,
which led to full utilization of the current working capital
limit, reducing the financial flexibility to a large extent. The
ratings, however, favourably take into account the experience of
the promoters in the poultry business through a group entity,
consistent growth in the top-line and margins over the last three
years, and positive demand outlook for the domestic poultry
industry on the back of favourable socio-economic factors.

Incorporated in 2012, NWWFPL is engaged in the manufacturing of
poultry feed as well as broiler farming at its facilities located
in Murshidabad, West Bengal having an installed feed manufacturing
capacity of 68,640 tpa and weekly broiler farming capacity of
2,00,000 birds.

Recent Results
The company has reported a net profit of INR0.61 crore on an
operating income of INR95.23 crore (provisional) in 2014-15 as
compared to a net profit of INR0.51 crore on an operating income
of INR92.85 crore in 2013-14.


RAMPRASTHA ESTATES: ICRA Revises Rating on INR19cr Loan to B
------------------------------------------------------------
ICRA has revised the rating assigned to the INR19.00 crore non
fund based limits of Ramprastha Estates Private Limited from
[ICRA] BB to [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Non Fund based
   limits                  19         [ICRA]B ; revised

The rating revision factors in significant deterioration in
liquidity profile of Ramprastha group's flagship company
Ramprastha Promoters & Developers Private Limited (RPDPL-rated
[ICRA]D). ICRA notes that REPL is one of the land holding
companies of the group which initially had plans to develop a
couple of projects, although the development rights for those
projects were subsequently transferred to RPDPL. The rated non-
fund based facilities have been extended to statutory authorities
and will be released upon payment of required dues (EDC/IDC
payments), payment of which in turn is being supported by RPDPL
since most of the operations are under RPDPL. The deterioration in
liquidity profile of RPDPL is likely to impact the credit profile
of REPL owing to REPL's strong linkage with the flagship entity.
Going forward, improvement in credit profile of RPDPL and
consistent funding support from RPDPL would remain among key
rating sensitivities.

Ramprastha Estates Private Limited is a part of the Ramprastha
Group, a real estate developer based out of National Capital
Region (NCR). Ramprastha group has till date completed more than
20 msqft of development in last five decades. The completed
projects by the promoters comprising residential township, Plotted
colony, commercial development and group housing are located in
Ghaziabad, Gurgaon and New Delhi.

REPL is one of the land holding companies of the group which holds
around 48 acres land in Gurgaon which forms part of the combined
land bank of more than 850 acre for Ramprastha group. REPL had
planned to develop a plotted colony and a group housing project in
the past at a portion of its land along with adjacent land parcels
from various third parties. However, subsequently it transferred
the development rights for the projects to RPDPL which is also
responsible for development of various other projects being
developed by the group in Gurgaon region.

Recent Results REPL has recorded an operating income and PAT of
INR6.76 crore and INR0.25 crore respectively for FY2014 as against
an operating income and net loss of INR95.05 crore and INR8.87
crore respectively reported for FY2013. The operating income in
FY13 was on account of sale of land.


RAMPRASTHA PROMOTERS: ICRA Lowers Rating on INR100cr Loan to D
--------------------------------------------------------------
ICRA has revised the long term rating assigned to INR100.0 crore
term loans, INR18.95 crore non-funds based limits, INR50.00 crore
proposed term loans, INR100.00 crore proposed non-fund based
limits and INR1.05 crore unallocated limits of Ramprastha
Promoters and Developers Private Limited from [ICRA] BB+ to
[ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans             100        [ICRA]D ; revised
   Proposed Term Loans     50        [ICRA]D ; revised
   Non Fund based limits   18.95     [ICRA]D ; revised
   Proposed Non-Fund
   based limits           100        [ICRA]D ; revised
   Unallocated Limits       1.05     [ICRA]D ; revised

The rating revision factors in the delays in interest servicing by
RPDPL in the current financial year. This could be attributed to
stretched liquidity condition of the company resulting from cash
flow mismatches given the poor sales velocity in recent quarters
amid subdued demand conditions for real estate industry. ICRA also
notes that the plans to monetize a portion of its land bank to
meet its funding requirements could not be materialised by the
company. The overall debt levels of the company has increased
significantly from INR654 crore as on FY14 end to INR958 crore as
on FY15 end primarily to meet External development charge (EDC)/
Internal development charge(IDC) payments which were made in last
financial year. The pressure on cash flows is likely to continue
given significant debt repayments due in FY17 and FY18. RPDPL may
have to resort to refinancing in the absence of revival in
industry or monetization of land parcels. Going forward, the
ability of the company to meet its debt obligations in a timely
manner, achieve more bookings and efficiently collect the
committed inflows will be crucial for the project execution
progress and the company's liquidity profile. These factors apart,
monetization of its land parcels could avert any cash flow
mismatches.

Ramprastha Promoters & Developers Private Limited is a part of the
Ramprastha Group, a real estate developer based out of National
Capital Region (NCR). Ramprastha group has till date completed
more than 20 msqft of development in last five decades. The
completed projects by the promoters comprising residential
township, Plotted colony, commercial development and group housing
are located in Ghaziabad, Gurgaon and New Delhi.
RPDPL was set up as a Special Purpose Vehicle (SPV) in June, 2007
to develop an integrated township "Ramprastha City" in sector 37D,
Gurgaon, spread across the land area of close to 420 acres. The
total land is jointly owned by the company itself, its wholly
owned subsidiary, and group companies that have already
transferred licenses/development rights for the same in favour of
the company. The company proposes to focus only on the Group
housing and plotted colony in the next couple of years and has
launched six group housing projects in the township projects under
the names The Edge Towers, The Atrium, The View, The Skyz, The
Rise and Primera. Further, RPDPL plans to launch a plotted colony
on a land of 105 acre in the same township. In addition to this,
RPDPL also plans to develop two projects in Sec 92-93: a group
housing project (saleable area of 3.5 msqft) and a plotted colony
(129 acre). The project implementation for Atrium and View, Edge
towers and Skyz is final stages and are expected to be completed
by the end of FY16.


RICHI TRAVELS: CRISIL Assigns B+ Rating to INR50MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Richi Travels (RTV).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Bank Guarantee       13.8         CRISIL A4
   Cash Credit          50.0         CRISIL B+/Stable

The ratings reflect RTV's average financial risk profile marked by
modest debt protection metrics, and its small scale of operations
in the intensely competitive travel and tourism industry. These
rating weaknesses are partially offset by the extensive industry
experience of the firm's promoters.
Outlook: Stable

CRISIL believes that RTV will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm generates
substantial cash accruals while prudently managing its working
capital requirements. Conversely, the outlook may be revised to
'Negative' if RTV's liquidity weakens significantly, most likely
on account of a stretch in its working capital cycle, or if their
businesses risk profile deteriorates with a steep decline in its
sales or profitability.

RTV, set up in 2002, provides air ticketing services. It is an
approved Travel Agents Association of India and Travel Agents
Federation of India agent. The firm, promoted by Mr. Satpal Singh
Multani, is based in Jalandhar (Punjab).


S R COTTON: CRISIL Assigns 'B' Rating to INR39MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of S R Cotton Pvt Ltd (SRCPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           11         CRISIL B/Stable
   Long Term Loan        39         CRISIL B/Stable

The rating reflects the modest financial risk profile because of
early stage of operations in an intensely competitive industry and
the susceptibility to any unfavourable change in government
policies. These rating weaknesses are partially offset by the
extensive experience of promoters in the cotton industry.
Outlook: Stable

CRISIL believes SRCPL will maintain the business risk profile on
the back of the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if a significant increase in
the scale of operations and improvement in profitability result in
better-than-expected net cash accrual. Conversely, outlook may be
revised to 'Negative' in case of pressure on the liquidity because
of lower-than-expected cash accrual, or large, debt-funded capital
expenditure or working capital requirement.

Incorporated in 2014, SRCPL is promoted by Mr. Rajesh C Jambigi
and Dr. Sunil C Jambigi, and is engaged in cotton ginning and
pressing business, with an installed capacity of 40,000 bales per
annum at Ranebennur, Karnataka.


S KUMARS: ICRA Withdraws 'B' Rating on INR560.31cr Loan
-------------------------------------------------------
ICRA has withdrawn the [ICRA]B rating assigned to the INR449.82
crore term loans and INR560.31 crore long term fund based
facilities and [ICRA]A4 rating assigned to the INR65.06 crore
short term non fund based facilities of S Kumars Nationwide
Limited, as the notice period of three years since suspension of
rating has expired.


SCHOLAR INTERNATIONAL: CARE Cuts Rating on INR12.50cr Loan to D
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Scholar International Education Foundation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    12.50       CARE D Revised from
                                            CARE B+

   Short-term Bank Facilities    1.25       CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in rating assigned to the bank facilities of Scholar
International Educational Foundation (SIE) takes into account the
delays in debt servicing due to stretched liquidity owing to
delays in fees realization.

SIE was established in 2004 as a society under Societies
Registration Act, 1862, for establishing and operating educational
institutes. The society offers Engineering, Polytechnic, Bachelor
of Education (B.Ed.), Master of Education (M.Ed.), BBA (Bachelor
of Business Administration), B.Com, B.C.A and B.Sc. (agriculture)
courses through various institutes in a single campus spread
across 15 acres of land located on the Haridwar-Rishikesh highway,
Uttarakhand. Since 2008, the society has also been running Doon
International Public School (DIPS), a co-educational English-
medium school from nursery to standard VII at the same location.
The higher education institutes are affiliated to Uttarakhand
Technical University, Dehradun; HNB Garhwal University, Srinagar &
approved by All India Council for technical Education (AICTE).

Ongoing delay in debt servicing

There are regular delays in meeting the debt obligations due to
liquidity stress owing to delay in fee realization from the
students.

Financial Performance
The total operating income of the trust stood stagnant at INR8.09
crore for FY15 (refers to the period 01 April to March 31) as
against INR8.18 crore for FY14. The SBID margin has stood stable
at around 44% for past two financial years FY14-FY15. However, the
surplus margin has declined significantly from 16% for FY15 to
0.03% for FY14 on account of increase depreciation cost owing to
additions in gross block coupled with increased interest expense.

Capital structure remained highly leveraged owing to debt-funded
capex done in recent past. Furthermore, overall gearing
deteriorated from 5.18x as on March 31, 2014, to 5.34x as on March
31, 2015, on account of infusion of fund by trustees in form of
unsecured loans. In addition, coverage indicators of SIE were also
weak. Interest coverage declined and stood at 1.55x for FY15 as
against 1.71x for FY14 on account of increase in financial charges
due to increase in total debt. Furthermore, total debt/GCA has
also declined and stood at 13.57x for FY15 against 9.86x for FY14
on account of higher total debt coupled with lower gross cash
accruals.


SHALIMAR WORKS: CRISIL Reaffirms 'C' Rating on INR282.9MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Shalimar Works
(1980) Ltd (Shalimar Works) continue to reflect delays by Shalimar
Works in servicing the term debt availed from West Bengal
Industrial Development Corporation and unsecured loan provided by
the Government of West Bengal (GoWB); both loans have not been
rated by CRISIL. The delays were due to the company's weak
liquidity.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee        259.6       CRISIL A4 (Reaffirmed)
   Cash Credit             7.5       CRISIL C (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    282.9       CRISIL C (Reaffirmed)

The ratings also reflect Shalimar Works' weak financial risk
profile, marked by an adverse capital structure and weak debt
protection metrics, and its low operating efficiency. Moreover, it
has a concentrated customer profile. These rating weaknesses are
partially offset by Shalimar Works' healthy pipeline of orders,
providing revenue visibility over the medium term.

Shalimar Works was established by the Turner Morrison Group of
Companies in the late 1890s. In 1980, the erstwhile company was
liquidated and its assets were acquired by GoWB through
incorporation of Shalimar Works. Currently, the company is wholly
owned by GoWB. Shalimar Works mainly builds and repairs ships; it
is also in the general engineering and heavy structural
fabrication businesses.


SHREE BALA: CRISIL Assigns B+ Rating to INR110MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Shree Bala Ji Warehouse (SBW).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Term Loan             110         CRISIL B+/Stable

The rating reflects SBW's start-up phase of operations and its
dependency on timely cash flows from The Haryana State Cooperative
Supply and Marketing Federation Ltd (HAFED) (rated 'CRISIL A-
/Stable') and exposure to high customer concentration risk. These
rating weaknesses are partially offset by the benefits that SBW is
likely to derive from its long-term off-take agreement with HAFED
leading to revenue visibility and moderate debt service coverage
ratio.
Outlook: Stable

CRISIL believes that SBW will continue to benefit over the medium
term from its offtake agreement with HAFED and healthy operating
profitability over the medium term. The outlook may be revised to
'Positive' in case of substantial cash accruals leading to
improvement in the firm's financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of unexpected
termination of lease contract adversely affecting SBW's cash
flows, or in case of debt-funded capital expenditure.

SBWIncorporated in 2012, Shree Bala Ji Warehouse (SBW) is a
partnership firm and is promoted by Mr.Sandeep Kodan, Ramesh Kumar
and Mr. Suresh Kumar. The firm has constructed a warehouse of
52,500 MT to facilitate storage of agro based products storage in
Barwara (Haryana). It has signed an agreement of 10 years with The
Haryana State Cooperative Supply and Marketing Federation Ltd
(HAFED)for the same. The warehouse is constructed with an
estimated cost of INR18.10 Cr and has started its commercial
operations in May 2014.


SHREE RAJ: CRISIL Assigns 'B' Rating to INR39.4MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Shree Raj Fashion Fabrics (SRFF).

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              39.4      CRISIL B/Stable
   Cash Credit            10.0      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     15.6      CRISIL B/Stable

The ratings reflect the firm's modest scale, and working-capital-
intensive, operations in the highly competitive textile industry
and its weak financial risk profile because of a weak capital
structure and debt protection metrics. These weaknesses are
partially offset by the extensive experience of its partners in
the fabric manufacturing industry and their funding support.
Outlook: Stable

CRISIL believes that SRFF will benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' if the firm reports significant improvement in its
scale of operations while maintaining its profitability leading to
increase in accrual. Conversely, the outlook may be revised to
'Negative' in case of further stretch in the working capital cycle
or large debt-funded capital expenditure leading to deterioration
in SRFF's financial risk profile.

Formed in 2012, SRFF manufactures fabrics and undertakes job work
for weaving and knitting of fabrics for ready-made garments
manufacturers. The firm is managed by Mr. Hitesh Kothari, Mr.
Dipesh Kothari, and Mrs. Leeladevi Kothari and has its registered
office at Bhiwandi, Mumbai.


SHREE SITA: ICRA Suspends B Rating on INR7cr Cash Credit
--------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR7 crore cash
credit facility and INR3 crore term loan of Shree Sita Rice Mill.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
entity.


STERLING BIOTECH: ICRA Withdraws 'D' Rating on INR790cr Loan
------------------------------------------------------------
ICRA has withdrawn the [ICRA]D rating assigned to the INR616.0
crore term loans, INR790.0 crore long term fund based facilities
and INR210.0 crore short term non fund based facilities of
Sterling Biotech Limited, as the notice period of three years
since suspension of rating has expired.


SOUBHIK EXPORTS: CRISIL Reaffirms 'B' Rating on INR50MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Soubhik Exports Ltd
(SEL) continue to reflect SEL's weak financial risk profile marked
by high gearing and weak debt protection metrics, geographical and
customer concentration in its revenue profile, and exposure to
risks related to the commodity nature of products traded in. These
rating weaknesses are partially offset by the promoters' extensive
experience in the trading business.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility       50       CRISIL B/Stable (Reaffirmed)
   Post Shipment Credit    400       CRISIL A4 (Reaffirmed)
   Pre Shipment Credit     350       CRISIL A4 (Reaffirmed)

To arrive at the rating, CRISIL has treated interest-free
unsecured loans of INR320 million extended to SEL by group
entities as neither debt nor equity. This is because of an
undertaking provided by the management that these funds will not
be withdrawn from the business in the next three years.
Outlook: Stable

CRISIL believes that SEL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in cash accrual. Conversely, the outlook may be revised
to 'Negative' if the financial risk profile, particularly
liquidity, deteriorates, most likely on account of lower-than-
expected cash accrual, increase in working capital requirements,
or any significant support extended to group companies.

SEL is a government-recognised three-star export house that
exports predominantly to Bangladesh. The company deals mostly in
commodities such as rice, wheat, and cotton. It also trades in
non-agricultural commodities such as machinery. The company has
also set up a rice bran oil refining unit which is scheduled to
commence operations in October, 2015.


SUJANA UNIVERSAL: Court Dismisses Appeals Against Decrees
---------------------------------------------------------
The Hindu BusinessLine reports that the Hyderabad High Court has
dismissed three separate appeals filed by Sujana Universal
Industries Ltd against the execution of decrees passed earlier
against the company.

The report relates that two appeals were against the trial court's
orders upholding the validity and executability of the decrees
passed by the UK High Court in the claim filed by Mauritius
Commercial Bank.

The third appeal challenged the trial court's order directing
Sujana to file an affidavit disclosing the complete details of all
its assets, movable as well as immovable, including its bank
accounts, the report says.

According to the report, the Mauritius Commercial Bank has also
filed an application before the trial court seeking the arrest and
detention of the company's director in civil prison for a period
of three months for failing to comply with the trial court order
regarding disclosure of assets. Orders on that application have
been reserved, BusinessLine notes.

The report relates that the bank has also filed an application
before the trial court seeking initiation of criminal proceedings
against the Managing Director of Sujana for committing perjury.

It alleged Sujana's Managing Director G Srinivasa Raju has
deliberately concealed details of the company's assets. Arguments
in that matter are on and the matter is now listed before the
trial court for hearing on October 15, the report states.

The Sujana Group company had stood guarantor for a group company
that raised INR106 crore and the case relates to this loan,
Sanjeev Luthra, Partner at Mumbai-based law firm Luthra and
Luthra, told BusinessLine.

Sujana Universal is a company in which Union Minister YS Chowdary
was earlier a Director, the report notes.

Last month, Sujana Universal received a major setback with the
Supreme Court dismissing an SLP filed by the company, BusinessLine
recalls.  According to the report, Mauritius Commercial Bank,
armed with a decree amounting to INR106 crore passed by a court in
UK, had simultaneously filed a winding-up petition in the Andhra
Pradesh High Court as well as an Execution Petition before the
City Civil Court (Hyderabad).

BusinessLine says the company petition was filed against Sujana
for its failure to pay the admitted dues of its owned subsidiary
Hestia Holdings Ltd.  Sujana had guaranteed the loan given by the
bank to Hestia.

In another development, a top non-banking financial institution
based in Mumbai, has attached certain assets of Sujana Towers,
another group company for payment default, adds BusinessLine.


TAJ LEATHER: CRISIL Reaffirms 'D' Rating on INR34.7MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Taj Leather Works (TLW)
continue to reflect instances of delay in servicing debt; the
delays have been caused by weak liquidity.

                         Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Cash Credit             3.3         CRISIL D (Reaffirmed)

   Packing Credit         18           CRISIL D (Reaffirmed)

   Post Shipment
   Credit                 22           CRISIL D (Reaffirmed)

   Proposed Long Term     34.7         CRISIL D (Reaffirmed)
   Bank Loan Facility

   Working Capital
   Term Loan               5.0         CRISIL D (Reaffirmed)

TLW also has a modest scale of operations and large working
capital requirements. The firm, however, benefits from the
extensive experience of promoters in the leather goods industry.

TLW is a partnership concern formed in 1974 in Kolkata. It has
four partners: Mr. Shafique Abedin, Mr. Javed Abedin, Mr. Md.
Masroor Alam, and Mr. Md. Nezamuddin. The firm manufactures and
exports industrial leather gloves; it also sells finished leather
in the domestic market.


UMANG BOARDS: CARE Revises Rating on INR21.04cr LT Loan to BB-
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Umang
Boards Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     21.04      CARE BB- Revised
                                            from CARE B

   Short-term Bank Facilities    10.20      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating of Umang Boards Private
Limited (UBPL) takes into account continuous growth in its
scale of operations in last three financial years ended FY15
(refers to the period April 1 to March 31), improvement in its
profitability margins and solvency position.

The ratings, however, continue to remain constrained by UBPL's
high working capital intensive nature of operations and
vulnerability of margins to volatility associated with rawmaterial
prices and foreign exchange rates.

The ratings, further, continue to derive strength from vast
experience of the promoters in the insulation board industry
and established track record of operations of the company. UBPL's
ability to increase its scale of operations with efficient
management of working capital remains the key rating
sensitivities.

Jaipur-based (Rajasthan) UBPL was promoted by the Dhanuka family
in the year 1999 with an objective to manufacture pre-compressed
insulating boards. The promoters have presence in the business
since 1978 as initially, they have started with trading of pre-
compressed insulating boards. The promoters have also promoted
other associate concerns, viz, Anup Insulation Private Limited
(engaged in the manufacturing of magnet wire, enamelled round
copper wire etc), Umang Boards BKK Co Limited, Thailand (engaged
in the manufacturing of compressed boards) and Umang Board
Thailand Co Limited. (engaged in the trading business). UBPL has
started commercial production of pre-compressed insulating board
in 2002 and further diversified its product portfolio and has
started manufacturing of large size of pre-compressed insulating
boards, calendared boards, pre-compressed laminated insulated
boards, components, crape paper tube and diamond dotted paper. The
products of UBPL find its final application in the transformer
industry and the plant of the company is certified as ISO
9001:2008, 14001:2003 and 18001:2007. UBPL's manufacturing unit is
situated at Jaipur and has total installed capacity of 6,100
metric tonnes per annum (MTPA) of pre-compressed insulated boards,
1,800 MTPA of calendared boards, 1,000 MTPA of pre-compressed
laminated insulated boards, 3,000 MTPA of components, 390 MTPA of
crape paper tube and 1,000 MTPA of diamond dotted paper as onMarch
31, 2015.

As per the audited results for FY15, UBPL has reported a total
operating income of INR29.13 crore with a PAT of INR0.75
crore as against TOI of INR22.30 crore during FY14 with a PAT of
INR0.19 crore during FY14.


VEERAJ CONSTRUCTION: ICRA Suspends 'B' Rating on INR3.5cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR3.50
crore long-term fund based working capital facilities and the
[ICRA]A4 rating assigned to the INR4.50 crore short-term, non-fund
based working capital facilities of Veeraj Construction.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, Fund-
   based limits          3.50        [ICRA]B Suspended

   Short-term, Non-
   Fund-based limits     4.50        [ICRA]A4 Suspended

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


WHISTLEMEDIA NETWORK: CARE Revises Rating on INR25cr Loan to BB-
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Whistlemedia Network Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     25.00      CARE BB- Revised
                                            From CARE B

Rating Rationale
The revision in the rating assigned to the bank facilities of
Whistle Media Network Private Limited (WMPL) is on account
of acquisition of broadcasting license and achievement of
financial closure. The rating also continues to derive strength
from the experienced promoters in the media industry.
The rating however, continues to be constrained by project
execution and funding risk. Furthermore, the rating is also
constrained by dependence on advertisement revenue which is highly
volatile along with presence in the highly competitive media
industry.

Ability of WMPL to timely commence broadcasting of its music
channel without any cost overrun and also subsequently generate
sufficient accruals from operations are the key rating
sensitivities.

Incorporated in October 2011 by Mr K S Kalyanasundara, Whistle
Media Network Private Limited (WMPL) is setting up a free to air
TV music channel viz. 'Whistle TV.' The channel will be available
on Pan India basis through Multi System Operators (MSO's).
Moreover, the company has availed the broadcasting license from G.
N. Infomedia Private Limited, for broadcasting the channel. The
company has already launched a web based music channel and is
likely to broadcast the channel on television from December 2015.
The overall cost for setting-up the above channel is estimated to
be INR37.50 crore, to be funded in debt to equity ratio of 2x.
Till June 30, 2015 WMPL has incurred INR7.16 crore entirely funded
through promoters funds (Rs.5 crore in the form of equity share
capital and balance through unsecured loans).

The overall cost for setting-up the above channel is estimated to
be INR37.50 crore, to be funded in debt to equity ratio of 2x.
Till June 30, 2015 WMPL has incurred INR7.16 crore entirely funded
through promoters funds (Rs.5 crore in the form of equity share
capital and balance through unsecured loans).



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


INDONESIA: Concern Over External Debt Rises
-------------------------------------------
The Financial Times reports that concern over external debt in
corporate Indonesia is mounting as companies seek to roll over
more than $42 billion of foreign currency loans within the next 12
months, following a period of steep rupiah depreciation.

External debt is a red flag to investors, the FT says. It added
fuel to the Asian financial crisis of 1997-98, as ravaged
currencies magnified foreign currency borrowings across swathes of
the region, the FT notes.

The report relates that some Asian currencies, including the
Indonesian rupiah, are flirting with the levels hit at that time.
And while external debt is more modest, it has been rising in
recent years. In Indonesia the private sector's bill has doubled
since 2010 to $169.2 billion this July, the FT discloses citing
the central bank.

A quarter of these are short-term borrowings maturing in under a
year and 96% are in foreign currency. The rupiah has dropped over
18% since the beginning of the year against the US dollar, the FT
notes.

"The case for worrying about Indonesia is very clear," the FT
quotes Taimur Baig, chief economist for Asia at Deutsche Bank
Research, as saying. "Indonesia's debt profile in the corporate
sector tends to be not particularly long-term . . . every year
that means about 20% of the debt gets churned."

According to the FT, the recent rapid depreciation of the local
currency is already inflating debt servicing costs for many
Indonesian businesses, at a time when lenders are increasingly
concerned about the ongoing slowdown in the country.

Cheap US dollar borrowing has recently been luring more Indonesian
issuers, especially as the home market is thin and underdeveloped,
the FT notes.

"One of those well known challenges for Indonesia is the extent of
development of their capital markets," the report quotes
Brian Grieser at Moody's as saying. "The markets may not be able
to absorb the larger refinancings."

The FT says local analysts highlight Indonesian developers, whose
revenues are largely in local currency, as among the most
vulnerable.

According to the report, recent research from Moody's shows over
two-thirds of aggregate debt held by local developers is
denominated in US dollars and the sharp depreciation of the rupiah
in recent months has left much hedged debt unprotected.



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


TOSHIBA CORP: 30 More Executives Named in Accounting Scandal
------------------------------------------------------------
Pavel Alpeyev and Takashi Amano at Bloomberg News report that
Toshiba Corp. said it has identified 30 more executives involved
in an accounting scandal that has already led to resignations of
three former presidents and reduced reported profit by about
$1.3 billion.

The managers will be punished, but will stay on at the company,
President Masashi Muromachi told reporters at a briefing in Tokyo
on October 1, Bloomberg relates.  Mr. Muromachi also vowed a "far-
reaching restructuring" of underperforming businesses, including
job cuts in appliances, personal computers, televisions and
semiconductors, according to Bloomberg.

Bloomberg says Toshiba has lost about $6 billion of market value
since the company withdrew its earnings forecast in May and
announced an accounting probe that was later expanded. So far,
former presidents Hisao Tanaka, Norio Sasaki and Atsutoshi Nishida
have quit and the company has revamped the board, increasing the
number of outside directors, relates Bloomberg.

"There must be many people involved and the repercussions need to
be much more severe," Bloomberg quotes Mitsushige Akino, an
executive officer at Ichiyoshi Asset Management Co. in Tokyo, as
saying. "If there isn't a fundamental change at the company, who's
to say this will not happen again 10, 20 years later?"

According to Bloomberg, Mr. Muromachi on September 30 won
shareholder approval to lead the company at an extraordinary
meeting that included calls for his resignation. Share-owners
angered by the damage done to the 140-year-old brand interrupted
the proceedings several times, shouting over the president, the
report says.

"You were chairman when this happened, what in the world were you
doing?" one of the shareholders asked during a question-and-answer
session at the meeting, Bloomberg relays. Another investor drew
applause when he said Mr. Muromachi was unfit to lead the company
regardless of whether he knew about the improprieties or not, adds
Bloomberg.

Bloomberg say Mr. Muromachi had overseen the company's chip
business and served as chairman during the more than six-year
period when managers at operations from personal computers to
power plants overstated earnings.  The 40-year company veteran
said he will step down within three years, the report notes.

After acknowledging that it overstated earnings, Toshiba reduced
net income by a total of JPY155.2 billion ($1.3 billion) for the
years ending March 2009 to March 2014, plus the first three
quarters of the next year, Bloomberg discloses.

According to Bloomberg, the company received a vote of confidence
from its banks last week amid uncertainty about the eventual costs
for an accounting scandal that is still been investigated by
regulators. Sumitomo Mitsui Banking Corp., Mizuho Bank Ltd. and
Sumitomo Mitsui Trust Bank Ltd. added a two-year
JPY400 billion credit commitment, Bloomberg reports.

Toshiba has set aside JPY8.4 billion to cover possible fines
related to the accounting irregularities, according to Bloomberg.

"This crisis presents Toshiba with a rare opportunity," Ichiyoshi
Asset's Akino said, Bloomberg relays. "There is a chance to push
through the kind of drastic restructuring that until now simply
wasn't possible."

                       About Toshiba Corp.

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report on July 21 that Toshiba Corp. overstated its operating
profit by JPY151.8 billion ($1.22 billion) over several years in
accounting irregularities involving top management.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

The TCR-AP, citing Bloomberg News, reported on July 22, 2015, that
Toshiba Corp. President Hisao Tanaka and two other executives quit
to take responsibility for a $1.2 billion accounting scandal that
caused the maker of nuclear reactors and household appliances to
restate earnings for more than six years.

Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities, according
to Bloomberg.

On Sept. 11, 2015, the TCR-AP reported that Moody's Japan K.K.
affirmed Toshiba Corporation's Baa2 issuer and senior unsecured
debt ratings as well as its Ba1 subordinated debt rating and P-2
commercial paper rating.  The ratings outlook is stable.

The ratings affirmation follows Toshiba's announcement of its
results for the fiscal year ended March 31, 2015 (FYE3/2015) and
the restatement on September 7 of its results for FYE3/2009
through 3Q FYE3/2015.

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



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


* BOND PRICING: For the Week Sept. 28 to Oct. 2, 2015
-----------------------------------------------------

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


  AUSTRALIA
  ---------

AUSDRILL FINANCE PTY    6.88     11/1/2019    USD      69.52
AUSDRILL FINANCE PTY    6.88     11/1/2019    USD      69.52
BARMINCO FINANCE PTY    9.00      6/1/2018    USD      72.18
BOART LONGYEAR MANAG    7.00      4/1/2021    USD      65.88
BOART LONGYEAR MANAG    7.00      4/1/2021    USD      65.88
CML GROUP LTD           9.00     1/29/2020    AUD       0.95
CRATER GOLD MINING L   10.00     8/18/2017    AUD      30.00
EMECO PTY LTD           9.88     3/15/2019    USD      52.72
EMECO PTY LTD           9.88     3/15/2019    USD      57.50
FMG RESOURCES AUGUST    6.88      4/1/2022    USD      60.27
FMG RESOURCES AUGUST    6.88      4/1/2022    USD      60.18
IMF BENTHAM LTD         6.37     6/30/2019    AUD      70.00
KBL MINING LTD         12.00     2/16/2017    AUD       0.31
KEYBRIDGE CAPITAL LT    7.00     7/31/2020    AUD       0.67
LAKES OIL NL           10.00     3/31/2017    AUD       7.50
MIDWEST VANADIUM PTY   11.50     2/15/2018    USD       4.27
MIDWEST VANADIUM PTY   11.50     2/15/2018    USD       4.27


CHINA
-----

CHANGCHUN CITY DEVEL    6.08      3/9/2016    CNY      40.49
CHANGZHOU INVESTMENT    5.80      7/1/2016    CNY      40.80
CHANGZHOU WUJIN CITY    5.42      6/9/2016    CNY      50.50
CHINA GOVERNMENT BON    1.64    12/15/2033    CNY      73.75
DANDONG CITY DEVELOP    6.21      9/6/2017    CNY      71.99
DATONG ECONOMIC CONS    6.50      6/1/2017    CNY      71.51
DRILL RIGS HOLDINGS     6.50     10/1/2017    USD      72.56
DRILL RIGS HOLDINGS     6.50     10/1/2017    USD      73.00
ERDOS DONGSHENG CITY    8.40     2/28/2018    CNY      68.74
GRANDBLUE ENVIRONMEN    6.40      7/7/2016    CNY      71.97
HEILONGJIANG HECHENG    7.78    11/17/2016    CNY      72.80
JIANGSU HUAJING ASSE    5.68     9/28/2017    CNY      50.74
KUNSHAN ENTREPRENEUR    4.70     3/30/2016    CNY      40.30
NANJING NANGANG IRON    6.13     2/27/2016    CNY      50.40
OCEAN RIG UDW INC       7.25      4/1/2019    USD      51.00
OCEAN RIG UDW INC       7.25      4/1/2019    USD      51.00
PANJIN CONSTRUCTION     7.70    12/16/2016    CNY      71.01
QINGZHOU HONGYUAN PU    6.50     5/22/2019    CNY      40.48
SHANGHAI REAL ESTATE    6.12     5/17/2017    CNY      72.05
SHENGZHOU HOTEL CO L    9.20     2/26/2016    CNY     100.00
WUXI COMMUNICATIONS     5.58      7/8/2016    CNY      50.74
XIANGTAN JIUHUA ECON    6.93    12/16/2016    CNY      71.80
YANGZHOU ECONOMIC DE    6.10      7/7/2016    CNY      50.90
YANGZHOU URBAN CONST    5.94     7/23/2016    CNY      40.83
YIJINHUOLUOQI HONGTA    8.35     3/19/2019    CNY      74.18
YUNNAN INVESTMENT GR    5.25     8/24/2017    CNY      71.60


INDONESIA
---------

BERAU COAL ENERGY TB    7.25     3/13/2017    USD      35.75
BERAU COAL ENERGY TB    7.25     3/13/2017    USD      34.69
GAJAH TUNGGAL TBK PT    7.75      2/6/2018    USD      44.98
GAJAH TUNGGAL TBK PT    7.75      2/6/2018    USD      75.63
INDONESIA TREASURY B    6.63     5/15/2033    IDR      76.34
INDONESIA TREASURY B    6.38     4/15/2042    IDR      68.30


INDIA
-----

3I INFOTECH LTD         5.00     4/26/2017    USD      10.63
BLUE DART EXPRESS LT    9.30    11/20/2017    INR      10.16
BLUE DART EXPRESS LT    9.40    11/20/2018    INR      10.21
BLUE DART EXPRESS LT    9.50    11/20/2019    INR      10.26
COROMANDEL INTERNATI    9.00     7/23/2016    INR      15.35
GTL INFRASTRUCTURE L    3.53     11/9/2017    USD      24.88
INCLINE REALTY PVT L   10.85     8/21/2017    INR       9.46
INCLINE REALTY PVT L   10.85     4/21/2017    INR       6.12
INDIA GOVERNMENT BON    0.33     1/25/2035    INR      25.87
JAIPRAKASH ASSOCIATE    5.75      9/8/2017    USD      71.33
JCT LTD                 2.50      4/8/2011    USD      22.63
PRAKASH INDUSTRIES L    5.25     4/30/2015    USD      50.50
PYRAMID SAIMIRA THEA    1.75      7/4/2012    USD       1.00
REI AGRO LTD            5.50    11/13/2014    USD       7.00
REI AGRO LTD            5.50    11/13/2014    USD       7.00
SHIV-VANI OIL & GAS     5.00     8/17/2015    USD      20.25


JAPAN
-----

AVANSTRATE INC          3.02     11/5/2015    JPY      37.00
AVANSTRATE INC          5.00     11/5/2017    JPY      29.25
ELPIDA MEMORY INC       0.50    10/26/2015    JPY      10.25
ELPIDA MEMORY INC       0.70      8/1/2016    JPY      10.25
ELPIDA MEMORY INC       2.03     3/22/2012    JPY      10.25
ELPIDA MEMORY INC       2.10    11/29/2012    JPY      10.25
ELPIDA MEMORY INC       2.29     12/7/2012    JPY      10.25


KOREA
-----

2014 KODIT CREATIVE     5.00    12/25/2017    KRW      29.77
2014 KODIT CREATIVE     5.00    12/25/2017    KRW      29.77
DONGBU STEEL CO LTD     5.00      3/9/2018    KRW      62.68
DOOSAN CAPITAL SECUR   20.00     4/22/2019    KRW      38.02
HYUNDAI HEAVY INDUST    4.90    12/15/2044    KRW      50.96
HYUNDAI HEAVY INDUST    4.80    12/15/2044    KRW      51.88
HYUNDAI MERCHANT MAR    7.05    12/27/2042    KRW      34.74
KIBO ABS SPECIALTY C    5.00    12/25/2017    KRW      28.56
KIBO ABS SPECIALTY C   10.00     8/22/2017    KRW      26.32
KIBO ABS SPECIALTY C    5.00     3/29/2018    KRW      28.74
KIBO ABS SPECIALTY C   10.00      9/4/2016    KRW      38.09
KIBO ABS SPECIALTY C   10.00     2/19/2017    KRW      35.72
KIBO ABS SPECIALTY C    5.00     1/31/2017    KRW      31.56
KIBO GREEN HI-TECH S   10.00    12/21/2015    KRW      55.01
LSMTRON DONGBANGSEON    4.53    11/22/2017    KRW      29.41
POSCO ENERGY CORP       4.66     8/29/2043    KRW      64.46
POSCO ENERGY CORP       4.72     8/29/2043    KRW      63.88
POSCO ENERGY CORP       4.72     8/29/2043    KRW      63.75
SINBO SECURITIZATION    5.00    12/23/2017    KRW      28.58
SINBO SECURITIZATION    5.00    12/23/2018    KRW      26.46
SINBO SECURITIZATION    5.00    12/23/2018    KRW      26.46
SINBO SECURITIZATION    5.00     9/26/2018    KRW      27.34
SINBO SECURITIZATION   10.00    12/27/2015    KRW      53.69
SINBO SECURITIZATION    5.00     12/7/2015    KRW      51.35
SINBO SECURITIZATION    5.00     1/19/2016    KRW      43.40
SINBO SECURITIZATION    5.00     6/29/2016    KRW      34.76
SINBO SECURITIZATION    5.00     7/26/2016    KRW      34.44
SINBO SECURITIZATION    5.00     7/26/2016    KRW      34.44
SINBO SECURITIZATION    5.00     8/29/2018    KRW      27.54
SINBO SECURITIZATION    5.00     8/29/2018    KRW      27.54
SINBO SECURITIZATION    5.00     8/31/2016    KRW      34.04
SINBO SECURITIZATION    5.00     8/31/2016    KRW      34.04
SINBO SECURITIZATION    5.00     7/24/2018    KRW      28.01
SINBO SECURITIZATION    5.00     7/24/2018    KRW      28.01
SINBO SECURITIZATION    5.00     6/27/2018    KRW      28.21
SINBO SECURITIZATION    5.00     6/27/2018    KRW      28.21
SINBO SECURITIZATION    5.00      7/8/2017    KRW      31.20
SINBO SECURITIZATION    5.00      7/8/2017    KRW      31.20
SINBO SECURITIZATION    5.00      6/7/2017    KRW      23.10
SINBO SECURITIZATION    5.00      6/7/2017    KRW      23.10
SINBO SECURITIZATION    5.00     3/13/2017    KRW      31.94
SINBO SECURITIZATION    5.00     3/13/2017    KRW      31.94
SINBO SECURITIZATION    5.00     2/21/2017    KRW      32.17
SINBO SECURITIZATION    5.00     8/16/2016    KRW      33.15
SINBO SECURITIZATION    5.00     8/16/2017    KRW      30.79
SINBO SECURITIZATION    5.00     8/16/2017    KRW      30.79
SINBO SECURITIZATION    5.00     9/26/2018    KRW      27.34
SINBO SECURITIZATION    5.00     9/26/2018    KRW      27.34
SINBO SECURITIZATION    5.00     2/21/2017    KRW      32.17
SINBO SECURITIZATION    5.00     1/29/2017    KRW      32.43
SINBO SECURITIZATION    5.00     3/12/2018    KRW      28.88
SINBO SECURITIZATION    5.00     3/12/2018    KRW      28.88
SINBO SECURITIZATION    5.00    12/25/2016    KRW      32.02
SINBO SECURITIZATION    5.00     7/24/2017    KRW      30.10
SINBO SECURITIZATION    5.00     2/11/2018    KRW      29.10
SINBO SECURITIZATION    5.00     2/11/2018    KRW      29.10
SINBO SECURITIZATION    5.00     1/15/2018    KRW      29.58
SINBO SECURITIZATION    5.00     1/15/2018    KRW      29.58
SINBO SECURITIZATION    5.00     10/1/2017    KRW      30.25
SINBO SECURITIZATION    5.00     10/1/2017    KRW      30.25
SINBO SECURITIZATION    5.00     10/1/2017    KRW      30.25
SINBO SECURITIZATION    5.00    12/13/2016    KRW      32.97
SINBO SECURITIZATION    5.00     10/5/2016    KRW      33.69
SINBO SECURITIZATION    5.00     10/5/2016    KRW      32.08
SINBO SECURITIZATION    5.00      2/2/2016    KRW      41.89
SINBO SECURITIZATION    8.00      2/2/2016    KRW      45.91
SINBO SECURITIZATION    5.00     5/27/2016    KRW      35.13
SINBO SECURITIZATION    5.00     5/27/2016    KRW      35.13
SINBO SECURITIZATION    5.00     3/14/2016    KRW      37.39
SK TELECOM CO LTD       4.21      6/7/2073    KRW      61.65
TONGYANG CEMENT & EN    7.50     9/10/2014    KRW      70.00
TONGYANG CEMENT & EN    7.50     7/20/2014    KRW      70.00
TONGYANG CEMENT & EN    7.30     4/12/2015    KRW      70.00
TONGYANG CEMENT & EN    7.50     4/20/2014    KRW      70.00
TONGYANG CEMENT & EN    7.30     6/26/2015    KRW      70.00
U-BEST SECURITIZATIO    5.50    11/16/2017    KRW      30.51
WISE MOBILE SECURITI   20.00     7/17/2018    KRW      73.40


SRI LANKA
---------

SRI LANKA GOVERNMENT    5.35      3/1/2026    LKR      67.86


MALAYSIA
--------

1MDB GLOBAL INVESTME    4.40      3/9/2023    USD      72.23
1MDB GLOBAL INVESTME    4.40      3/9/2023    USD      71.83
BANDAR MALAYSIA SDN     0.35    12/29/2023    MYR      70.36
BANDAR MALAYSIA SDN     0.35     2/20/2024    MYR      69.87
BIMB HOLDINGS BHD       1.50    12/12/2023    MYR      68.86
BRIGHT FOCUS BHD        2.50     1/22/2031    MYR      66.02
BRIGHT FOCUS BHD        2.50     1/24/2030    MYR      68.84
LAND & GENERAL BHD      1.00     9/24/2018    MYR       0.27
ORO NEGRO IMPETUS PT   11.00     12/4/2015    USD      60.71
SENAI-DESARU EXPRESS    0.50    12/31/2047    MYR      74.86
SENAI-DESARU EXPRESS    0.50    12/31/2038    MYR      64.84
SENAI-DESARU EXPRESS    0.50    12/30/2044    MYR      72.22
SENAI-DESARU EXPRESS    0.50    12/31/2040    MYR      67.74
SENAI-DESARU EXPRESS    0.50    12/30/2039    MYR      66.56
SENAI-DESARU EXPRESS    0.50    12/31/2046    MYR      74.01
SENAI-DESARU EXPRESS    0.50    12/31/2043    MYR      71.34
SENAI-DESARU EXPRESS    0.50    12/31/2041    MYR      68.92
SENAI-DESARU EXPRESS    0.50    12/31/2042    MYR      70.20
SENAI-DESARU EXPRESS    0.50    12/29/2045    MYR      72.92
SENAI-DESARU EXPRESS    1.15    12/31/2024    MYR      65.30
SENAI-DESARU EXPRESS    1.35    12/31/2025    MYR      63.83
SENAI-DESARU EXPRESS    1.35     6/30/2028    MYR      57.74
SENAI-DESARU EXPRESS    1.35    12/29/2028    MYR      56.57
SENAI-DESARU EXPRESS    1.10    12/31/2021    MYR      74.92
SENAI-DESARU EXPRESS    1.10     6/30/2022    MYR      73.22
SENAI-DESARU EXPRESS    1.15     6/28/2024    MYR      66.91
SENAI-DESARU EXPRESS    1.15     6/30/2025    MYR      63.75
SENAI-DESARU EXPRESS    1.35    12/31/2026    MYR      61.32
SENAI-DESARU EXPRESS    1.35     6/29/2029    MYR      55.45
SENAI-DESARU EXPRESS    1.35    12/31/2029    MYR      54.34
SENAI-DESARU EXPRESS    1.15    12/30/2022    MYR      71.81
SENAI-DESARU EXPRESS    1.35     6/28/2030    MYR      53.28
SENAI-DESARU EXPRESS    1.15    12/29/2023    MYR      68.51
SENAI-DESARU EXPRESS    1.35     6/30/2027    MYR      60.08
SENAI-DESARU EXPRESS    1.35     6/30/2026    MYR      62.56
SENAI-DESARU EXPRESS    1.35     6/30/2031    MYR      51.17
SENAI-DESARU EXPRESS    1.15     6/30/2023    MYR      70.14
SENAI-DESARU EXPRESS    1.35    12/31/2027    MYR      58.91
SENAI-DESARU EXPRESS    1.35    12/31/2030    MYR      52.22
UNIMECH GROUP BHD       5.00     9/18/2018    MYR       1.09


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

BAYAN TELECOMMUNICAT   13.50     7/15/2006    USD      22.75
BAYAN TELECOMMUNICAT   13.50     7/15/2006    USD      22.75


SINGAPORE
---------

AXIS OFFSHORE PTE LT    7.59     5/18/2018    USD      57.37
BAKRIE TELECOM PTE L   11.50      5/7/2015    USD       4.00
BAKRIE TELECOM PTE L   11.50      5/7/2015    USD       4.00
BERAU CAPITAL RESOUR   12.50      7/8/2015    USD      35.29
BERAU CAPITAL RESOUR   12.50      7/8/2015    USD      36.01
BLD INVESTMENTS PTE     8.63     3/23/2015    USD       9.50
BUMI CAPITAL PTE LTD   12.00    11/10/2016    USD      17.14
BUMI CAPITAL PTE LTD   12.00    11/10/2016    USD      16.88
BUMI INVESTMENT PTE    10.75     10/6/2017    USD      17.00
BUMI INVESTMENT PTE    10.75     10/6/2017    USD      16.52
ENERCOAL RESOURCES P    6.00      4/7/2018    USD      10.00
GOLIATH OFFSHORE HOL   12.00     6/11/2017    USD      20.04
INDO INFRASTRUCTURE     2.00     7/30/2010    USD       1.88
ORO NEGRO DRILLING P    7.50     1/24/2019    USD      64.00
OSA GOLIATH PTE LTD    12.00     10/9/2018    USD      62.00
OTTAWA HOLDINGS PTE     5.88     5/16/2018    USD      40.28
OTTAWA HOLDINGS PTE     5.88     5/16/2018    USD      40.43
SWIBER HOLDINGS LTD     7.13     4/18/2017    SGD      74.63


THAILAND
--------

G STEEL PCL             3.00     10/4/2015    USD       4.00
MDX PCL                 4.75     9/17/2003    USD      37.25


VIETNAM
-------

DEBT AND ASSET TRADI    1.00    10/10/2025    USD      51.00
DEBT AND ASSET TRADI    1.00    10/10/2025    USD      51.13



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



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