TCRAP_Public/151008.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

          Thursday, October 8, 2015, Vol. 18, No. 199


                            Headlines


A U S T R A L I A

24 HOUR: First Creditors' Meeting Set For October 16
A.I.K. CORPORATION: First Creditors' Meeting Set For October 15
GLOBAL CRUSHERS: First Creditors' Meeting Set For October 15
INTUITY PARTNERS: First Creditors' Meeting Set For Oct. 14
PILBARA FACILITIES: First Creditors' Meeting Set For Oct. 14

PUBLISHERS CONSORTIUM: Publisher Placed in Voluntary Liquidation


I N D I A

ALLURE GIFT: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
AXIS OVERSEAS: ICRA Assigns B+ Rating to INR22cr Loan
BHASKARA MARKETING: ICRA Assigns 'B' Rating to INR6.0cr Loan
BK THRESHERS: ICRA Revises Rating on INR120cr Loan to 'B'
BLACK STONE: ICRA Withdraws B-/A4 Rating on INR10cr Loan

CAPSON TILES: CARE Revises Rating on INR1.65cr LT Loan to BB-
CIEMME JEWELS: ICRA Lowers Rating on INR20cr LT Loan to 'D'
CIMECHEL ELECTRIC: Ind-Ra Assigns IND B+ LT Issuer Rating
GMR AVIATION: ICRA Reassigns B Rating to INR5cr Loan
GS DEVELOPERS: ICRA Reaffirms 'D' Rating on INR36cr Loan

HIND AUTOCRANKS: ICRA Suspends 'D' Rating on INR5.3cr Term Loan
K. MOIDEENKUTTY: ICRA Assigns 'B' Rating to INR5cr Overdraft
K.M. CARS: ICRA Reaffirms 'B' Rating on INR3.0cr Cash Loan
LA HOSPIN: ICRA Suspends 'D' Rating on INR10cr Loan
LAMIFAB INDUSTRIES: ICRA Suspends B+ Rating on INR10.35cr Loan

LOCKSMITHS INDUSTRIES: ICRA Raises Rating on INR6.25cr Loan to B-
MAA MAHAMAYA: ICRA Cuts Rating on INR408.88cr Loan to 'D'
PANNA TEXTILE: ICRA Suspends 'B' Rating on INR5cr LT Loan
PRAKASHA MOTORS: ICRA Suspends B Rating on INR5.95cr Term Loan
PRANJAL PROJECTS: CARE Assigns B+ Rating to INR10.16cr LT Loan

RADHE KRISHNA: ICRA Reaffirms B+ Rating on INR4.90cr Cash Loan
RITA INTERNATIONAL: Ind-Ra Assigns IND B Long-Term Issuer Rating
SHREE RENUKA: Unlikely to be Impacted by Units' Bankruptcy
SHRI BALAJI: ICRA Revises Rating on INR65cr Term Loan to D
SNS STARCH: CARE Revises Rating on INR60.93cr LT Loan to B+

SRI SIDDIRAMESHWAR: ICRA Suspends B+ Rating on INR51cr Bank Loan
SUPER LIFESTYLE: ICRA Suspends B+ Rating on INR11cr Bank Loan
SWASTIK PESTICIDES: ICRA Suspends B+/A4 Rating on INR14cr Loan
TRANSSTROY TIRUPATI: Ind-Ra Cuts Rating on INR4,050MM Loan to 'D'
VAMA INDUSTRIES: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB'

VAMSADHARA RICE: ICRA Suspends B+ Rating on INR10cr Bank Loan
VARDHMAN JEWELLERS: CARE Assigns B+ Rating to INR7cr LT Loan
VIBHOR VAIBHAV: ICRA Withdraws 'B' Rating on INR15cr Loan
VITTHAL CORPORATION: CARE Revises Rating on INR170cr Loan to BB-
ZACCI DIAMOND: ICRA Suspends B- Rating on INR6cr Bank Loan


J A P A N

DAIICHI CHUO: Tokyo Court Approves Civil Rehabilitation
DAIICHI CHUO: Court Issues Temporary Restraining Order


N E W  Z E A L A N D

NEW SETTLER: Multimillion Dollar Land Put Up For Sale


S O U T H  K O R E A

SUNGDONG SHIPBUILDING: To Get More Funds From Korea EXIM


V I E T N A M

PHUONG NAM: 25 Bankers Jailed for Illegaly Lending Firm


                            - - - - -


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


24 HOUR: First Creditors' Meeting Set For October 16
----------------------------------------------------
Nathan Deppeler and Paul Burness of Worrells Solvency & Forensic
Accountants were appointed as administrators of 24 Hour Store Pty
Ltd on Oct. 6, 2015.

A first meeting of the creditors of the Company will be held at
Level 15, 114 William Street, in Melbourne, on Oct. 16, 2015, at
2:30 p.m.


A.I.K. CORPORATION: First Creditors' Meeting Set For October 15
---------------------------------------------------------------
John Sheahan & Ian Russell Lock of Lavan Legal were appointed as
administrators of A.I.K. Corporation Pty Limited on Oct. 5, 2015.

A first meeting of the creditors of the Company will be held at
Lavan Legal, 1 William Street, in Perth, on Oct. 15, 2015, at
9:30 a.m.


GLOBAL CRUSHERS: First Creditors' Meeting Set For October 15
------------------------------------------------------------
Adam Shepard of Farnsworth Shepard was appointed as administrator
of Global Crushers & Spares Pty Ltd on Oct. 5, 2015.

A first meeting of the creditors of the Company will be held at
Farnsworth Shepard, Level 5, 2 Barrack Street, in Sydney, on
Oct. 15, 2015, at 10:00 a.m.


INTUITY PARTNERS: First Creditors' Meeting Set For Oct. 14
----------------------------------------------------------
Kimberley Wallman of HLB Mann Judd was appointed as administrator
of Intuity Partners Pty Ltd on Oct. 5, 2015.

A first meeting of the creditors of the Company will be held at
the Ground Floor, 15 Rheola Street, in West Perth, on Oct. 14,
2015, at 11:00 a.m.


PILBARA FACILITIES: First Creditors' Meeting Set For Oct. 14
------------------------------------------------------------
Daniel Jean Civil of Jirsch Sutherland was appointed as
administrator of Pilbara Facilities Pty Ltd on Oct. 1, 2015.

A first meeting of the creditors of the Company will be held at
the Offices of Jirsch Sutherland, Level 4, 55 Hunter Street, in
Sydney, on Oct. 14, 2015, at 10:00 a.m.


PUBLISHERS CONSORTIUM: Publisher Placed in Voluntary Liquidation
----------------------------------------------------------------
Eloise Keating at SmartCompany reports that JoJo Publishing, a
Melbourne-based book publisher that has been accused of duping its
authors has been placed in voluntary liquidation.

JoJo Publishing has published books by more than 250 authors since
it was founded in 2002, the report says.

SmartCompany relates that the business charges some authors a fee
to publish their books, which is a different model to traditional
book publishing and sometimes referred to as "vanity" publishing.
However, the liquidators of the business estimate more than 50
authors may now be owed money, the report says.

JoJo Publishing entered liquidation on September 28, with Stephen
Dixon and Ahmed Bise of Grant Thornton appointed to manage the
liquidation of Classic Author and Publishing Services, which
traded under the name Classic-Jojo.

Also under administration is the related entity Publishers
Consortium Pty Ltd, which traded under the name JoJo Publishing,
the report notes.

Mr. Dixon confirmed to SmartCompany on October 7 the companies
have ceased trading.

The JoJo Publishing website is also offline, the report adds.

According to SmartCompany, Mr. Dixon said the liquidators are
still investigating the financial position of the two companies,
including how much money is owed to creditors.

"That's the difficult thing because there is the author element to
it," SmartCompany quotes Mr. Dixon as saying.  "We estimate there
could in excess of 50 authors, we are still trying to establish
the amount."

SmartCompany relates that Mr. Dixon describes the business as a
"fairly small operation", with the companies employing two
employees, plus the company director, Barry Dorr.

In September, an investigation by the ABC Radio National program
Background Briefing aired allegations from more than 30 authors
who said they were deceived after having invested between
AUD9,000 and AUD35,000 of their own money to having books
published, SmartCompany recalls.

The group of authors is reportedly considering legal action
against JoJo Publishing, according to SmartCompany.

SmartCompany relates that responding to the claims made in the ABC
report, Mr. Dorr said in a statement his publishing business has
had "only a few authors" who have been upset over the past two
years.

"Our approach to publishing is fully transparent and discussed at
length with new authors and well documented," the report quotes
Mr. Dorr as saying.

"Due to risk factors, not all authors can fit into the model of
receiving an advance and royalties -- although many have this
arrangement with us. These authors, who would not find publishers
elsewhere, may enter into a business arrangement where they make a
capital investment and share in the profits."

"Our publishing venture has provided authors with the opportunity
to have their books published, distributed and marketed in ways
they would not have otherwise had. If they have a business
arrangement with us and make a loss, then we make a loss too."

The next meeting of the companies' creditors is scheduled to be
held in Melbourne on October 13, adds SmartCompany.



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


ALLURE GIFT: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Allure Gift
Wraps Pvt. Ltd's (AGWPL) 'IND B+' Long-Term Issuer Rating with a
Stable Outlook.

The bank loan ratings have been withdrawn due to a reduction in
AGWPL's specified bank limits following which it does not
mandatorily require external ratings. Consequently, the agency has
also withdrawn the company's Long-Term Issuer Rating. Ind-Ra will
no longer provide ratings or analytical coverage for AGWPL.
AGWPL's ratings are as below:

-- Long-Term Issuer Rating: 'IND B+'/Stable; rating withdrawn
-- INR55 million fund-based working capital limit: 'IND
    B+'/Stable; rating withdrawn
-- INR15 million non-fund-based limit: 'IND A4'; rating
    Withdrawn


AXIS OVERSEAS: ICRA Assigns B+ Rating to INR22cr Loan
-----------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR22.0 crore fund-
based bank facilities of Axis Overseas Limited. ICRA has also
assigned an [ICRA]A4 rating to the INR3.0 crore short term non-
fund based bank facilities of the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     22.0       [ICRA]B+ assigned
   Non-Fund Based
   Limits                 3.0       [ICRA]A4 assigned

The assigned ratings take into account weak financial risk profile
of the company characterised by low profitability, high gearing
levels and depressed coverage indicators. The ratings are also
constrained by high working capital intensity of operations due to
stretched receivables which is also reflected by almost full bank
limit utilisation and intensely competitive and fragmented nature
of jute industry with a large number of players both in the
organized and unorganized segment and easy availability of
substitute products. The ratings, however, draw comfort from the
established track record of the promoters in the trading of raw
jute and finished jute products and healthy growth in the
company's revenue in the past five years with a CAGR of ~16%. The
ratings also factor in favourable demand outlook given that usage
of jute bags has been made mandatory for packaging and
transporting of food grains.

Established in 2005, Axis Overseas Limited (AOL) is promoted by
Mr. Aditya Sarda and his family. The company is based out of
Kolkata, West Bengal and is involved in trading of raw jute and
finished jute products. AOL supplies raw jute to jute mills in
West Bengal to be used for manufacture of jute bags. For the
purpose of trading, the company has leased 14 warehouses with an
aggregate floor space of 8000 square feet in Kolkata.

Recent Results
As per the provisional results of 2014-15, AOL reported a profit
before tax of INR0.51 crore on an operating income of INR178.6
crore as compared to a profit after tax of INR0.66 crore on an
operating income of INR166.0 crore for 2013-14.


BHASKARA MARKETING: ICRA Assigns 'B' Rating to INR6.0cr Loan
------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR6.00
Crore fund based limits of Bhaskara Marketing Services.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   based Limits           6.00        [ICRA]B; Assigned

The rating assigned factors in the small scale of operations of
the firm coupled with weak financial profile characterized by low
profitability inherent to the trading nature of operations,
stretched capital structure, weak coverage indicators, and
stretched liquidity position as indicated by high working capital
intensity and high utilization of working capital limits. The
rating is also constrained by the high supplier concentration and
risks inherent to partnership nature of the firm as indicated by
negative networth in the previous years owing to frequent
withdrawal of capital by the partners. The rating also considers
intense competition in the highly fragmented aqua feed industry
and inherent risks in the industry including susceptibility to
diseases, climatic changes, and government policies.

The assigned rating, however, draws comfort from vast experience
of promoters in aqua-feed business and presence of firm in the
major aqua-culture belt in Andhra Pradesh. The rating also
positively factors in the healthy growth in operating income over
the years; however, the scale of operations remains moderate with
revenues of INR23.15 crore for FY15 (unaudited).

Going forward, the ability of the firm to effectively scale-up its
operations, improve profitability and manage working capital
requirements will remain key rating sensitivities.

Bhaskara Marketing Services (BMS), established in the year 2001,
is engaged in trading of Aqua feed (prawn feed). It is a
partnership firm promoted by Mr. D. Veerabhadra Reddy and Smt. D.
Madhuri Latha. The firm has 3 branches in East Godavari district,
Andhra Pradesh. One of the branches is located in Kakinada town
and the other two at Amalapuram and Pithapuram respectively. Mr.
Veerabhadra Reddy owns a 3 star hotel in Kakinada. He is also an
acting managing partner for Bhaskara Poultries which has a
capacity of 100,000 layer birds per annum. Mr. Reddy is also the
promoter for Veerabhadra exports which is into export business of
shrimps.

Recent results
As per provisional statements for FY15, BMS registered PAT levels
of INR0.07 Crore on an Operating Income of INR23.15 Crore as
against PAT levels of INR0.10 Crore on an Operating Income of
INR19.59 Crore in FY14.


BK THRESHERS: ICRA Revises Rating on INR120cr Loan to 'B'
---------------------------------------------------------
ICRA has revised the long-term rating assigned to INR110.00 crore
term loan, INR120 crore fund based limits and INR4.00 crore non-
fund based limits of BK Threshers Private Limited from [ICRA]B+
to [ICRA]B and reaffirmed the short-term rating of [ICRA]A4
assigned to INR1.00 crore non-fund based limits of BKTPL. ICRA has
also revised the long-term rating assigned to INR5.00 crore
unallocated limits of BKTPL from [ICRA]B+ to [ICRA]B and
reaffirmed the short term rating at [ICRA]A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan            110.00      [ICRA]B revised
   Fund based limits    120.00      [ICRA]B revised
   Long term Non-
   fund based limits      4.00      [ICRA]B revised
   Short term Non-
   fund based limits      1.00      [ICRA]A4 reaffirmed
   Unallocated limits     5.00      [ICRA]B revised /[ICRA]A4
                                    Reaffirmed

The revision in ratings factors in the reduction in profitability
of BKTPL in FY 2015(provisional) owing to weak demand from the
export markets due to which the contribution of exports to total
revenue reduced from 53% in FY 2014 to 17% in FY 2015; and the
weak financial risk profile of the company with a gearing of 7.27
times as on FY 2015 end coupled with subdued debt protection
metrics. Further, the ratings are constrained by the increase in
working capital intensity to 98% in FY 2015 due to stock up of
inventory in anticipation of price increase. Moreover, the ratings
also remain constrained by the moderate capacity utilization level
of the plant over the years which has resulted in subdued return
indicators for the company. The ratings also remain tempered by
regulatory risks such as regulation of quantity of tobacco
production by tobacco board and India's need to reduce tobacco
production over the long term as part of being signatory of WHO's
Framework Convention on Tobacco Control.

The ratings, however, continue to positively factor in the
extensive experience of the promoters the in tobacco trading &
exports business; established relationship with international
buying agents & domestic cigarette manufacturers; and operational
efficiencies resulting from presence of a captive threshing unit.
Further, ICRA also notes that the promoters have been supporting
the increasing working capital funding requirements of the company
through unsecured loans on a regular basis.

The ability of the company to effectively manage its high working
capital requirements and ensure timely servicing of its long term
debt obligations while sustaining revenue growth remain the key
rating sensitivities.

Incorporated in 2009, BK Threshers Private Limited (BKTPL) is
promoted by Mr. Bellam Kotaiah and his family members with the
main object of carrying tobacco exports, threshing & re-drying of
tobacco. The company setup a 14 TPH (tons per hour) threshing
plant at Kalikivai, near Tangutur on NH5 and the plant commenced
operations from April 2012. The company purchases various types of
tobacco (Flue Cured Virginia (FCV) and non-Virginia tobacco) from
Andhra Pradesh and Karnataka tobacco auction platforms (conducted
by Government of India), processes and sells it to
domestic/overseas clients.


BLACK STONE: ICRA Withdraws B-/A4 Rating on INR10cr Loan
--------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B- and short term
rating of [ICRA]A4 assigned to the INR10.00 Crore bank facilities
of Black Stone Enterprises Private Limited as currently there is
no amount outstanding against the rated instrument.


CAPSON TILES: CARE Revises Rating on INR1.65cr LT Loan to BB-
-------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Capson Tiles Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     1.65       CARE BB- Revised from
                                            CARE B+

   Long-term/Short-term Bank     5.00       CARE BB-/CARE A4
   Facilities                               Revised from
                                            CARE B+/CARE A4

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Capson Tiles Private Limited (CTPL) is primarily due
to significant growth in the total operating income (TOI) along
with improvement in capital structure, debt coverage indicators
and working capital cycle during FY15 (refers to the period April
1 toMarch 31).

The ratings, however, continue to remain constrained on account of
its declining profit margins, presence in highly fragmented
ceramic tiles industry, susceptibility of operating margins to raw
material and fuel price fluctuations and demand linkages with the
cyclical real estate sector.

The ratings, however, continue to draw strength from the vast
experience of the promoters in the tile manufacturing industry and
its presence in the ceramic tile hub with easy access to raw
material and power and fuel.

CTPL's ability to increase the scale of operations coupled with
improvement in profit margins, manage its contingent
liabilities while maintaining its capital structure and better
working capital management are the key rating sensitivities.

Rajkot-based (Gujarat) CTPL, a closely-held private limited
company, was incorporated in 2007 by Mr Pravinbhai R. Bhalodiya.
CTPL is engaged in the manufacturing of ceramic glazed wall tiles.
CTPL operates from its sole manufacturing facility located in
ceramic cluster (Morbi) and has an installed capacity to
manufacture 60,000 MTPA of ceramic glazed wall tiles as on
March 31, 2015. CTPL markets its products under two brands
'Capson' and 'KAG'. CTPL also exports its products to Sri Lanka,
New Zealand, Africa and Gulf countries. During FY15, export
proportion remained at 50% as against that of 17.51% in FY14.

During FY15 (A), CTPL reported a TOI of INR46.14 crore and PAT of
INR0.37 crore as against TOI of INR32.46 crore and PAT
of INR0.27 crore during FY14 (A). Furthermore, during 5MFY16, CTPL
reported TOI of INR18.22 crore.


CIEMME JEWELS: ICRA Lowers Rating on INR20cr LT Loan to 'D'
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR37.9
crore  fund based and INR0.4 crore non fund based bank limits of
Ciemme Jewels Limited (CJL) to [ICRA]D from [ICRA]B+. The rating
revision reflects current delays in debt servicing by the company.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term, fund-based     20.0        Revised to [ICRA]D
   facilities (CC)                       from [ICRA]B+

   Long-term, fund-based      4.0        Revised to [ICRA]D
   facilities (EPC/PSC)                  from [ICRA]B+

   Long-term, fund-based     13.9        Revised to [ICRA]D
   facilities (WCTL)                     from [ICRA]B+


   Long-term, non fund-       0.4        Revised to [ICRA]D
   based facilities (WCTL)               from [ICRA]B+

Ciemme Jewels Limited (CJL) is a wholly owned subsidiary of C
Mahendra International Limited (CMIL). CMIL is in turn a wholly
owned subsidiary of C Mahendra Exports Limited which is the
flagship company of the C Mahendra Group. CMIL is the holding
company for all other C Mahendra group companies. CJL was
incorporated on April 03, 2003 as C.M. Jewels Private Limited to
buy, sell, export, import, deal, market and manufacture diamonds,
precious stones, semi-precious stones and jewellery. The name of
the company was changed to Ciemme Jewels Private Limited on
June 6, 2003. The company was converted into a public limited
company and name was further changed to Ciemme Jewels Limited with
effect from June 28, 2007. The company is engaged in the
manufacturing and marketing of Diamond studded jewellery. It also
engages in trading of diamonds.


CIMECHEL ELECTRIC: Ind-Ra Assigns IND B+ LT Issuer Rating
---------------------------------------------------------
India Ratings has assigned Cimechel Electric Company (CEC) a Long-
Term Issuer Rating of 'IND B+'. The Outlook is Stable. CEC's bank
facilities have also been assigned ratings as follows:

                           Amount
   Facilities             (INR Mln)       Ratings
   ----------             ---------       -------
Fund-based working          120          'IND B+'/Stable
capital limits


Non-fund-based working      200          'IND A4'
capital limits

Proposed fund-based          60          'Provisional
working capital limits                   IND B+'/Stable

Proposed non-fund-based     150          'Provisional
working capital limits                   IND A4'

KEY RATING DRIVERS

The ratings reflect CEC's small scale of operations with moderate
credit profile. Provisional FY15 indicate revenue of INR252.16m
(FY14: INR285.63m), gross interest coverage (operating
EBITDA/gross interest expenses) of 1.5x (2.0x) and net financial
leverage (total adjusted net debt/operating EBITDAR) of 5.6x
(6.3x). The ratings are also constrained on account of CEC's
partnership status.

The ratings benefit from the firm's high EBITDA margins of 15.3%
during FY15 (FY14: 12.1%). The ratings also consider the firm's
moderate liquidity profile with its 71% utilisation of the working
capital facilities for the 12 months ended August 2015. The
ratings are also supported by CEC's founder's experience of over
three decades in the electric contract business.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations along
with an improvement in the EBITDA interest coverage will be
positive for the ratings.

Negative: Further deteoriation in the EBITDA interest coverage
will be negative for the ratings.

COMPANY PROFILE

CEC was incorporated in October 1992 as a partnership entity. CEC
is a licensed contractor for Central Railways in Maharashtra. The
firm undertakes overhead electrification activities and other
electrical activities on tender basis. The total work order
implemented was worth INR1,010.73m till 1 April 2015.


GMR AVIATION: ICRA Reassigns B Rating to INR5cr Loan
----------------------------------------------------
ICRA has reassigned the rating of the INR3 crore fund based limits
and the INR5 crore non fund based limits of GMR Aviation Private
Limited to [ICRA]B from [ICRA]BBB (SO) earlier. ICRA has also
reassigned the short term rating assigned to the INR5 crore non
fund based limits of GMR Aviation to [ICRA]A4  from [ICRA]A3+(SO)
earlier. The non fund based limits are interchangeable under the
long and short term and the combined utilisation should not exceed
INR5 crore.

The ratings factor in the delays in debt servicing by GMR Aviation
with respect to certain facilities not rated by ICRA. GMR Aviation
continues to be loss-making and is dependent on support from its
parent, GMR Infrastructure Limited (GMR Infra), to meet any cash
requirements for its operations as well as to service its debt
obligations in a timely manner. Due to liquidity issues within GMR
Infra, such support has not been timely resulting in delayed debt
servicing by GMR Aviation. ICRA's earlier rating for GMR Aviation
was solely based on an unconditional and irrevocable guarantee
from GMR Infra.

GMR Aviation is a wholly owned subsidiary of GMR Infrastructure
Ltd. It was incorporated to carry on the business of providing
consultancy services in aviation security and other aviation
related activities and to provide management and operations of non
scheduled aircrafts and helicopters. GMR Aviation has the mandate
to carry out all activities for the GMR Group related to business
aviation. For the year 2014-15, GMR Aviation reported net losses
of Rs19.92 crore and net revenues of INR49.63 crore as against net
loss of INR6.06 crore and net revenues of INR61.03 crore in 2013-
14.


GS DEVELOPERS: ICRA Reaffirms 'D' Rating on INR36cr Loan
--------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]D on the INR13.0
crore fund based limits of GS Developers & Contractors Private
Limited (GSDC) . ICRA has also reaffirmed its short term rating of
[ICRA]D on the INR36.0 crore non-fund based limits of the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based            13.00       [ICRA]D; reaffirmed
   Non Fund Based        36.00       [ICRA]D; reaffirmed

The ratings continue to reflect GSDC's stretched liquidity
position which has resulted in continued delays in debt servicing
by the company. ICRA notes that the financial risk profile of the
company remains stretched on account of high working capital
intensity along with significant losses.

Going forward, GSDC's ability to bring about a sustained
improvement in its liquidity which will enable it demonstrate a
track record of timely debt servicing will be the key rating
sensitivity.

GSDC was promoted by late Mr. Iqbal Singh in 1987 and is currently
managed by his son, Mr. Gurmit Singh who is the Managing Director
of the company. The company is involved in civil construction with
its projects primarily concentrated in North India (mainly the
National Capital Region). The company has handled construction
projects of varied types, which include industrial, institutional,
commercial and residential.

Recent Results
In FY2015, GSDC reported a net loss of INR6.57 crore on an
operating income of INR46.43 crore, as against a net loss of
INR10.34 crore on an operating income of INR55.52 crore in the
previous year.


HIND AUTOCRANKS: ICRA Suspends 'D' Rating on INR5.3cr Term Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR4.00 crore long-term fund based facilities, INR5.30 crore term
loans, and INR0.7 crore proposed facilities of Hind Autocranks
Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term-Fund
   based facilities      4.00       [ICRA]D suspended

   Long term-Term
   Loans                 5.30       [ICRA]D suspended

   Long term-
   Unallocated
   Facilities            0.70       [ICRA]D suspended

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


K. MOIDEENKUTTY: ICRA Assigns 'B' Rating to INR5cr Overdraft
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR5.00
crore fund based facilities and a short term rating of [ICRA]A4 to
the INR5.00 crore non fund based facilities of K. Moideenkutty
Haji.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based-Overdraft     5.00       [ICRA]B assigned
   Non Fund Based-Bank
   Guarantee                5.00       [ICRA]A4 assigned

The ratings are constrained by the firm's small scale of
operations which restricts operational and financial flexibility
to an extent, vulnerability of profits to changes in prices of key
raw materials and the geographic and client concentration risk as
KMH's operations are confined to construction orders from the
government agencies in Kerala alone. This risk is, however,
mitigated by the firm's plans to revive its operations in
Karnataka. Further, the rating is constrained by the stretched
liquidity position of the firm as reflected by the high working
capital intensity, resulting from delays in release of payments by
clients, who are predominantly Government agencies. ICRA notes
that though the firm has witnessed an improvement in its cash
flows in Q1 & Q2 2015-16 with significant recovery of pending
receivables from the government agencies, susceptibility to any
such delay in release of payments by the government agencies in
future remains. The rating also takes into account the modest
coverage indicators of the firm as indicated by Total Debt /
OPBDITA of 5.86 times and Net Cash Accruals (NCA)/ Total Debt of
~10% as on 31st March 2015.

The ratings, however, take comfort from the longstanding
experience and track record of the promoters in the construction
industry spanning nearly four decades and the diversified
operations across roads, buildings and bridges construction work.
The ratings factors in the comfortable capital structure of the
firm as indicated by a gearing of 0.97 times with debt profile
primarily consisting of only working capital borrowings which
keeps principal repayment obligations very low. The rating also
takes into account the healthy outstanding order book for 2014-15,
which provides revenue visibility in the near to medium term.

K Moideenkutty Haji, based in Kasaragod, is a proprietorship firm
incorporated in 1977 and is involved in the business of road,
building and bridge construction for the government departments.
The proprietor has been in this business for nearly past four
decades. KMH is registered as "A" Class Contractor by the PWD,
Kerala. It mainly caters to clients such as Public Works
Department (PWD), NABARD and Irrigation Department. The areas of
operations include Kasaragod district, Kochi and Kozhikode,
Kerala. KMH has also undertaken construction contracts in
Madikeri, Karnataka.

Recent Results
During 2014-15 (as per provisional results), KMH reported a net
profit of INR0.70 crore on an operating income of INR10.15 crore
as compared to a net profit of INR0.77 crore on an operating
income of INR10.09 crore during 2013-14.


K.M. CARS: ICRA Reaffirms 'B' Rating on INR3.0cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR6.00
crore bank facilities of K.M. Cars Private Limited. ICRA has also
reaffirmed its ratings of [ICRA]B/[ICRA]A4 on the INR0.50 crore
unallocated bank facilities of KMCPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit
   Facilities
   (LT Scale)            3.00        [ICRA]B; reaffirmed

   Inventory funding
   (LT Scale)            3.00        [ICRA]B; reaffirmed

   Unallocated
   (LT/ST scale)         0.50        [ICRA]B/[ICRA]A4; reaffirmed

ICRA's rating reaffirmation takes into account KMCPL's declining
revenues due to the weak domestic demand. The rating reaffirmation
also takes note of the improvement in the company's working
capital cycle, which also translated into an improved leverage at
end FY15, with gearing at 2.58x as on March 31, 2015, against
2.76x, an year ago.

The ratings continue to factor in the extensive experience of the
promoters in the automobile industry and the benefits KMCPL
derives from being an authorized dealer of Tata Motors Limited
(TML), the 5th largest player in the domestic Passenger Vehicle
(PV) market. ICRA also takes into account the company's weak
coverage indicators on account of its modest profitability, with
interest coverage at 1.12x, NCA/TD at 8% and DSCR at 1.44x for
FY15. ICRA also takes note of the competition the company faces
from dealers of other passenger car manufacturers such as Hyundai
Motors India Limited, Mahindra and Mahindra Limited, Maruti Suzuki
India Limited, etc, in the vicinity of the company's area of
operations.

Going forward, the company's ability to improve its scale of
operations, while improving its profitability and gearing will be
the key rating sensitivities.

KMCPL was incorporated in 2007 and is an authorized dealer of TML.
The company runs one 3S (Sales, Service and Spares) facility at
Sagar, Madhya Pradesh (MP) and one service centre in Chhatarpur,
MP. In addition the company also runs rented showroom at Damoh and
Tikamgarh, and an outlet in Bina, all located in MP. The company
is a part of the KM group which has presence in mining (Khajuraho
Minerals, Khajuraho Minerals Private Limited, Jindutt Minerals
Private Limited, Bundelkhand Granite), automobiles (Khajuraho
Motors Private Limited) and construction (Khajuraho Builders and
Construction Private Limited).

Recent Results
The company, on a provisional basis, reported an operating income
of INR26.64 crore and a net loss of INR0.16 crore in FY15, as
against an operating income of INR29.04 crore and a net profit of
INR0.05 crore in the previous year.


LA HOSPIN: ICRA Suspends 'D' Rating on INR10cr Loan
---------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D and short term
rating of [ICRA]D assigned to the INR10.00 crore bank facilities
of La Hospin Hotels and Resorts Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of requisite information from the company.


LAMIFAB INDUSTRIES: ICRA Suspends B+ Rating on INR10.35cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR10.35 crore,
long term loans and working capital facilities & [ICRA]A4  rating
to the INR1.65 crore, short term non-fund based facilities of
Lamifab Industries. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Lamifab Industries, incorporated in 1994, manufactures and markets
HDPE tarpaulins and woven fabrics (laminated and non-laminated)
under its brand name, Rain Seal. The tarpaulins and fabrics
manufactured by the firm range from 70-400 GSM. Its manufacturing
facility is located at Sarigam, Gujarat.


LOCKSMITHS INDUSTRIES: ICRA Raises Rating on INR6.25cr Loan to B-
-----------------------------------------------------------------
ICRA has upgraded the long-term rating from [ICRA]D to [ICRA]B-
to the INR5.09 crore fund based bank facilities of Locksmiths
Industries Private Limited. ICRA has also upgraded the short-term
rating from [ICRA]D to [ICRA]A4 to the INR2.91 crore non-fund
based bank facilities of LIPL. ICRA has also assigned a long-term
rating of [ICRA]B- and a short-term rating of [ICRA]A4 to the
enhanced limit of INR1.50 crore.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term fund based    6.25        [ICRA]B- Upgraded
                                       from [ICRA]D

   Short term non-fund     3.25        [ICRA]A4 Upgraded
   Based                               from [ICRA]D

The upgrade in ratings takes into consideration the regularization
of debt service obligations by the company in the current
financial year. The ratings continue to favourably factor in the
company's healthy operating margins and established track record
of over two decades in manufacturing of locking systems of
luggage, especially in combination locks. The ratings are,
however, constrained by the company's weak financial profile
characterized by modest accruals, high gearing level, & weak debt
protection metrics; and its stretched liquidity position as
evident from consistently high utilisation of working capital
facilities over the past few months due to elongated cash
conversion cycle. The ratings also take into account the company's
modest scale of operation in the highly fragmented lock
manufacturing business which is likely to keep the margins under
pressure, and its exposure to unfavourable movements in foreign
exchange rates on account of substantial import purchases.

Established in 1992, Locksmiths Industries Private Limited (LIPL)
is promoted by Mr. Nimesh Kishore Sheth and his family members and
is engaged in business of manufacturing and supplying of locking
systems and hardware used in carry-bags, suitcases and trolleys.
The company is also involved in trading of accessories used in
office's furniture such as locks, drawers and slides.

Recent Results
In FY2014, LIPL reported a profit after tax (PAT) of INR0.28 crore
on an operating income of INR10.01 crore. As per the unaudited
results for FY2015, LIPL reported a profit before tax (PBT) of
INR0.34 crore on an operating income of INR10.70 crore.


MAA MAHAMAYA: ICRA Cuts Rating on INR408.88cr Loan to 'D'
---------------------------------------------------------
ICRA has downgraded the long-term rating assigned to INR408.88
crore (revised from INR374.57 crore) fund based limits from
[ICRA]C to [ICRA]D and downgraded the long term and short term
ratings assigned to INR36.87 crore (revised from INR25.55 crore)
non fund based limits of Maa Mahamaya Industries Limited from
[ICRA]C/A4 to [ICRA]D/D. ICRA has also revised the ratings
assigned to INR9.25 crore (revised from INR54.88 crore)
unallocated limits of MMIL from [ICRA]C/A4 to [ICRA]D/D.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based limits      408.88       [ICRA]D downgraded
   Non Fund based limits   36.87       [ICRA]D/D downgraded
   Unallocated limits       9.25       [ICRA]D/D downgraded

The revision in ratings primarily takes into account delays in
debt repayment obligations by the company. The ratings continue to
be constrained by adverse capital structure with gearing of 48.47
times as on 31st March 2015 owing to net worth erosion and
increased debt levels; weak interest coverage of 1.03 times, NCA/
Debt at 0.35% and Debt/OPBDIT at 9.78 times in FY2015 and tight
liquidity position of the company owing to high receivable and
inventory levels. The ratings are further constrained by
fluctuations in raw material prices like coal and iron ore and
cyclical nature of steel industry resulting in volatility in cash
flows; and highly fragmented secondary steel industry with
presence of large number of organized and unorganized players
restricting margins. The ratings however favorably factor in the
long track record of promoters in the steel industry; well
established 'Mangal' brand in coastal Andhra Pradesh; and
integrated nature of operations with company having production
facilities for sponge iron, billets, TMT bars and captive power
plant.

Going forward MMIL's ability to service its debt obligation in
timely manner besides effective management of its working capital
requirements given the expected increase in scale of operations
are the key rating sensitivities from credit perspective.

Incorporated in 2007, Maa Mahamaya Industries Limited (MMIL) is
promoted by Mr. Ashok Kumar Agarwal & Ms. Anita Agarwal. MMIL is
an integrated steel manufacturer based out of Vishakhapatnam with
an installed capacity of 112,000 MT of sponge iron, 125,000 MT of
billets, 125,000 MT of TMT bars per annum and 20MW captive coal
power plant. The company sells the TMT bars under the brand name
MANGAL. The company underwent Corporate Debt Restructuring (CDR)
in October 2013.

Recent Results
As per FY2015 audited results, the company registered a net loss
of INR7.66 crore on an operating income of INR284.62 crore as
against a net loss of INR39.31 crore on an operating Income of
INR169.02 crore of in FY2014.


PANNA TEXTILE: ICRA Suspends 'B' Rating on INR5cr LT Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B and the [ICRA]A4 ratings assigned
to the INR10.00 crore bank facilities of Panna Textile Industries
Private Limited . The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of requisite information
from the company.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term Fund Based      5.00        [ICRA]B Suspended
   Limit-Pre-shipment
   Credit in Foreign
   Currency (PCFC)

   Short Term Fund Based     5.00        [ICRA]A4 Suspended
   Limit-Export Bills
   Rediscounting (EBR)

   Long Term Fund Based
   Limit-Cash Credit         1.00        [ICRA]B Suspended

Incorporated in the year 1982, Panna Textile Industries Private
Limited (Panna) is engaged in the business of trading of fabrics,
processing of fabrics and manufacturing of readymade garments.
Panna is a group company of the Pannatex group. The company has
its registered office in Kolkata and two processing facilities in
Thane. The company also has offices in Mumbai and Dhaka
(Bangladesh).


PRAKASHA MOTORS: ICRA Suspends B Rating on INR5.95cr Term Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA] B assigned to
the INR1.5 crore long-term fund based facilities, INR5.95 crore
term loan facilities, and INR2.55 crore long-term non-fund based
facilities of Prakasha Motors. 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
   ----------        -----------    -------
   Long term-Fund
   based facilities       1.50      [ICRA]B suspended

   Long term-Term
   Loans                  5.95      [ICRA]B suspended

   Long term-Non Fund
   based facilities       2.55      [ICRA]B suspended

Prakasha Motors (PM) was incorporated as a partnership firm in the
year 2004 by the Amberkar family. The Firm is engaged in two
wheeler dealership business for Hero Motocorp Limited in
Davengere, Karnataka. The Firm is also involved in generating
renewable energy through its windmills in Tamilnadu (0.25 MW) and
is currently in the process of establishing solar power unit in
Hindupur in Andhra Pradesh (1 MW). The promoters have diversified
interests, with the group also engaged in manufacturing of
electric poles and hume pipes out of its 8 factories in Karnataka.


PRANJAL PROJECTS: CARE Assigns B+ Rating to INR10.16cr LT Loan
--------------------------------------------------------------CARE
assigns 'CARE B+' and 'CARE A4' ratings to bank facilities of
Pranjal Projects Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.16      CARE B+ Assigned
   Short-term Bank Facilities     0.25      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Pranjal Projects
Private Limited (PPPL) are primarily constrained by its modest
scale of operations, concentrated customer base, declining
operating income on y-o-y basis in the last 3 financial years
(FY12- FY14 -- refers to the period April 1 to March 31) coupled
with low profitability margins and elongated inventory holding
period with weak liquidity ratios. Furthermore, the ratings are
also constrained by its presence in the highly competitive
industry and demand linked to performance of the construction
industry.

The rating however, draws comfort from experience promoters, long
track record of PPPL, reputed customer base and moderate capital
structure.

Going forward, ability of the company to stabilize the scale of
operations while improving its profitability margins and managing
its working capital limits while maintaining its capital structure
shall be the key rating sensitivities.

Pranjal Projects Private Limited (PPPL) was incorporated in 2002
and is currently being managed by Mr Harish Chander Bhatia and his
sons Mr Vikas Bhatia and Mr Deepak Bhatia. The company is engaged
in fabrication of metal products at its manufacturing unit located
in Faridabad (Haryana) with an installed capacity of 3000 metric
ton per month (MTPM) as on March 31, 2015. The company mainly
caters to manufacturer of construction equipment's. PPPL procures
the key raw material i.e. hot roll steel sheets (HR) domestically
from manufacturers and local dealers. The company has two
associate concerns namely Pranjal Fabrication Private Limited
(PFPL) which is engaged in similar line of business and Race
Automotive Private Limited which is currently non-operational.

In FY14, PPPL has achieved a total operating income (TOI) of
INR89.89 crore with PBILDT and profit after tax (PAT) of INR6
crore and INR0.53 crore respectively as against OI of INR100.05
crore with PBILDT and PAT of INR6.90 crore and INR2 crore
respectively in FY13. During FY15 (based on unaudited results),
PPPL achieved a total operating income (TOI) of INR77.91 crore.


RADHE KRISHNA: ICRA Reaffirms B+ Rating on INR4.90cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed an [ICRA]B+ rating to INR4.90 crore  fund
based cash credit facility and INR1.10 crore term loan facility of
Radhe Krishna Cotton Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit      4.90       [ICRA]B+; Reaffirmed
   Term Loan              1.10       [ICRA]B+; Reaffirmed

The rating continues to be constrained by the firm's weak
financial profile characterized by de growth in revenue, low
profitability indicators and weak debt protection indicators. The
rating also considers the low profit margin on account of limited
value addition and highly competitive and fragmented industry
structure due to low entry barriers. The rating are further
constrained by vulnerability of profitability to raw material
prices, which are subject to seasonality and crop harvest and
regulatory risks with regard to minimum support price (MSP) of raw
cotton and export of cotton bales. ICRA further notes that the
firm is exposed to risk of capital withdrawal inherent in the
partnership nature of the business.

The rating however continues to favorably consider the long
experience of the partners in cotton industry, favorable location
of the plant giving it easy access to high quality raw cotton and
strong demand for cotton seed oil in Gujarat. ICRA also favorably
considers the firm's ppresence in oil expelling providing
diversification in product profile to some extent.

Radhe Krishna Cotton Industries was established in the year 1998
and wass engaged in cotton ginning, pressing and crushing
operations. The business is owned and managed by Mr. Kantilal Chav
and other family members. The firm's manufacturing facility is
located at Babra in Amreli district of Gujarat. The firm currently
has twenty six ginning machines and one fully automatic press with
the installed capacity to produce 350 cotton bales per day. The
firm also has three oil expellers having capacity to produce 2000
kgs of crude cotton seed oil per day.

Recent Results
For the year ended 31st March, 2015, the firm reported an
operating income of INR22.80 crore with profit after tax (PAT) of
INR0.26 crore.


RITA INTERNATIONAL: Ind-Ra Assigns IND B Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rita
International (Rita) a Long-Term Issuer Rating of 'IND B'. The
Outlook is Stable.  The agency has also assigned the company's
INR80m fund-based working capital facility a Long-term 'IND B'
rating with Stable Outlook.

KEY RATING DRIVERS

Rita's ratings are constrained by its tight liquidity profile with
average peak working capital utilisation of over 100% during the
six months ended August 2015. However, the use of the limits was
regularised within one-to-three days.

The ratings are also constrained by the company's weak credit
metrics with interest coverage of 1.4x and net financial leverage
of 7.0x, according to the provisional financials of FY15. The
ratings are further constrained by the proprietorship nature of
Rita's organisation.

The ratings consider the promoter's experience of over one decade
in the carpet business.

RATING SENSITIVITIES

Positive: A sustained improvement in the liquidity and credit
metrics will be positive for the ratings.
Negative: Further deterioration in the liquidity or credit metrics
will be negative for the ratings.

COMPANY PROFILE

Rita was established by Pankaj Shukla in 2010 as a proprietorship
concern in Varanasi. The entity manufactures handmade carpets and
has 40 craftsmen associated with it.
The entity had achieved total revenue of INR271m and EBITDA
margins of 4.5% during FY15.


SHREE RENUKA: Unlikely to be Impacted by Units' Bankruptcy
----------------------------------------------------------
The filing for protection under Judicial Recovery by Shree Renuka
Sugars Limited's (SRSL; 'IND BB-'/Negative) Brazilian subsidiaries
is unlikely to impact SRSL's bankers/non-convertible debenture
subscribers, says India Ratings and Research (Ind-Ra). However,
one of the company's Indian bankers will be an exception with a
total exposure of USD16.4 million.

Renuka do Brasil and Renuka Vale Do Ivai, collectively known as
Renuka Brazil, are SRSL's Brazilian subsidiaries. SRSL has not
extended any additional financial support to Renuka Brazil post
2010-2012 and neither has the existing corporate guarantee
extended for loans availed by the latter been invoked. Thus, Ind-
Ra does not expect any incremental drain on SRSL's standalone cash
flows due to the filing.

In the agency's view, the relief package arising out of the filing
if approved is likely to be effective only from FY17 and could
result in a reduction in the consolidated debt levels (Brazilian
debt levels for FY15: USD650 million/INR44.2 billion
-- 50% of consolidated debt). This is considering the time frame
involved between the formal acceptance by the judicial recovery
law and the period involved in presenting the final plan to the
court for its approval.

Ind-Ra's Negative Outlook on SRSL reflects the agency's
expectation of the latter being exposed to refinancing risks in
the interim. SRSL has scheduled standalone repayments (maturities
of long-term loans) of INR4.1 billion and INR2.2 billion for FY16
and FY17, respectively. Given the prevailing sugar down-cycle, the
agency expects SRSL's profitability to be impacted in spite of
higher profitability in the by-products segment.  For FY15, co-gen
and ethanol profitability accounted for 25% of the total segment
profitability. Consequently, Ind-Ra expects the operating cash
flows to remain stressed over FY16-FY17.

The company is in discussion with its bankers to refinance some of
its upcoming repayments.

Ind-Ra expects the sugar surplus to extend to the sugar season
2016 (SS16) and continue to reflect in depressed sugar
realizations, which are at a seven-year low at 10.67cents/pound.
The average sugar realizations have corrected 20.5% yoy to
13.6cents/pound based on the average 12 months trailing
realizations ended August 2015 (international 12 months average
price at end-August 2014: 17cents/pound).  Average domestic sugar
realizations declined 22% yoy to INR22,900/mt (end-August 2015:
INR29,600/kg).

At FYE15, SRSL reported net leverage of 20.9x (FY14: 10.1x) and
interest coverage (EBIDTA/interest) of 0.5x (0.96x).
The agency rates SRSL's INR2,500 million non-convertible debenture
program at 'IND BB-' with a Negative Outlook.  The entire
repayments are due in FY18 and the coupon servicing is monthly.


SHRI BALAJI: ICRA Revises Rating on INR65cr Term Loan to D
----------------------------------------------------------
ICRA has revised the long-term rating assigned to INR65.00 crore
term loan and INR15 crore unallocated limits of Shri Balaji Sugars
& Chemicals Private Limited from [ICRA]B to [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             65.00       [ICRA]D revised
   Unallocated limits    15.00       [ICRA]D revised


The revision in rating takes into consideration delays in interest
repayment by SBSCPL owing to low cane crushing in SY 2015 on
account of delay in commencement of operations of the sugar unit
from November 2014 to March 2015. Further, given that the
repayment of the term loan commences in December 2015, the
company's ability to repay is contingent on the performance in the
upcoming sugar year. In addition, the rating remains constrained
by the agro climatic risks faced by the sugar industry which
determines availability of cane; and the regulated nature of the
industry in terms of pricing and exports. The rating, however,
continues to draw comfort from the extensive experience of the
promoters in the sugar industry and location attractiveness of the
project as the command area constitutes of a well-developed cane
area. Further, the partially forward integrated nature of BSCPL's
operations with presence of cogeneration unit is likely to provide
some support to the profitability of the company during sugar
downturn, provided that a power purchase agreement is entered into
in a timely basis.

The ability of the company to raise adequate working capital funds
to effectively manage its high working capital requirements and
ensure timely servicing of its long term debt obligations while
sustaining revenue growth remain the key rating sensitivities.

Shri Balaji Sugars and Chemicals Private Limited (BSCPL)
incorporated in 2011 and has set up a 3500 TCD sugar plant in
Bijapur district in North Karnataka. The manufacturing facility is
being set up in two phases; first phase comprising 3500 TCD sugar
mill and 18 MW cogeneration plant and the second phase comprising
a 45 KLPD distillery. While the first phase was commissioned in
March 2015, the construction of the second phase is likely to
commence in during H2 FY 2016.


SNS STARCH: CARE Revises Rating on INR60.93cr LT Loan to B+
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
SNS Starch Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     60.93      CARE B+ Revised from
                                            CARE B-
   Short term Bank Facilities     9.50      CARE A4 Reaffirmed

Rating Rationale

The revision in the long term rating assigned to the bank
facilities of SNS Starch Limited (SNS) takes into account
significant increase in total operating income and profits with
stabilization of the operations of the plant and increased
customer base during FY15 (refers to the period April 1 to
March 31).

The ratings also take into account the experience
of the promoters in other businesses, moderately diversified
revenue stream, strategic location of the plant, backward
integration through presence of captive power plant and multiple
applications of maize starch product. The ratings, however,
continue to remain constrained by the moderately leveraged capital
structure, high working capital intensive nature of business,
volatility in prices and availability of raw materials and stiff
competition from other small scale and unorganized players in the
industry.

The ability of the company to increase the scale of operations and
improving profitability in the wake of volatile input prices and
high interest cost, as well as efficient management of working
capital are the key rating sensitivities.

Incorporated in December 2008, SNS Starch Limited (SNS) is
promoted by Mr Sanjay Jalan (Managing Director). The company has
set up a grain-based starch plant with capacity of 300 tons/day
and a 4 MW biomass-based Captive Power Plant (CPP) at Konderu
Village, Mahaboobnagar District, Telangana. The starch plant
achieved Commencement of Operation Date (COD) in June 2012, while
the CPP achieved its COD in July 2012.

The promoter has also promoted SNJ Synthetics Limited (SSL, rated
CARE BB-/CARE A4) incorporated in April 1998 and engaged in the
manufacturing of Poly Ethylene Terephthalate (PET) performs, Poly
Propylene (PP) and High Density Poly Ethylene (HDPE).

During FY15, SNS Starch Limited earned a PAT of INR13.79 crore
(loss of INR8.29 crore in FY14) on a total income of
INR124.21 crore (IN69.95 crore in FY14).


SRI SIDDIRAMESHWAR: ICRA Suspends B+ Rating on INR51cr Bank Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR51.00 crore bank facilities of Sri Siddirameshwar Agro
Industries Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
requisite information from the company.


SUPER LIFESTYLE: ICRA Suspends B+ Rating on INR11cr Bank Loan
-------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ assigned to
the INR11 crore bank facilities of Super Lifestyle Diamond Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SWASTIK PESTICIDES: ICRA Suspends B+/A4 Rating on INR14cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 rating assigned to
the INR14.0 crore bank limits of Swastik Pesticides Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


TRANSSTROY TIRUPATI: Ind-Ra Cuts Rating on INR4,050MM Loan to 'D'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Transstroy
Tirupati Tiruthani Chennai Tollways Private Limited's (TTTCTPL)
INR4,050 million senior project bank loans to Long-term 'IND D'
from 'IND BB+'. The Outlook was Stable.

KEY RATING DRIVERS

The rating reflects TTTCTPL's delays in debt servicing.

RATING SENSITIVITIES

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

PROJECT PROFILE

TTTCTPL is a special purpose company incorporated to undertake the
improvement of a 124.7km, two-lane stretch of the National Highway
205 (NH-205) under a 30-year concession from the NHAI. The stretch
connects Chennai in Tamil Nadu with Tirupati in Andhra Pradesh via
Tiruvallur and Tiruthani. TTTCTPL is owned by Transstroy India
Limited (74%) and OJSC Corporation Transstroy (26%). The project
cost is estimated at INR5,784.9m, which is being funded by a term
loan of INR4,050m, sponsor equity of INR1,221m and an NHAI grant
of INR513.9m. The scheduled project completion date was 4 October
2013.


VAMA INDUSTRIES: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Vama Industries
Limited's (Vama) Long-Term Issuer Rating to 'IND BB' from 'IND BB-
(suspended)'. The Outlook is Stable. Rating actions on Vama's bank
loans are as follows:

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
Fund-based working        40        Upgraded to Long-term
capital limits                      'IND BB'/Stable from
                                     'IND BB-(suspended)' and
                                     affirmed at Short-term
                                     'IND A4+'

Non-fund-based working    25        Affirmed at Short-term
capital limits                      'IND A4+'

Proposed fund-based       35        Assigned Long-term
working capital limits              'Provisional IND BB'
                                     /Stable and Short-term
                                     'Provisional IND A4+'

Proposed non-fund-based    50        Assigned Short-term
working capital limits               'Provisional IND A4+'

KEY RATING DRIVERS

The upgrade reflects the substantial improvement in Vama's credit
profile on strong revenue growth in FY15. Interest coverage
(EBITDA/interest expenses) improved to 2.7x in FY15 (FY14: 1.9.x)
and net leverage (net debt/EBITDA) to 1.5x (2.3x). The top line
grew around 109% yoy to INR485.3m in FY15 due to the addition of
new clients and repeat orders.

The ratings are supported by Vama's long standing customer
relationships and its founders' experience of around two decades
in the engineering design and hardware trading business.
The ratings also factor in the deterioration in the company's
EBITDA margins to 3.7% in FY15 (FY14: 4.1%) due to its strategy to
increase revenue by adding new customers by bidding at a low rate.
Ind-Ra believes the margins will improve FY16 onwards due to
Vama's increased focus on the more profitable segment of data
centre engineering, IT infrastructure and system integration.
The ratings are constrained by Vama's tight liquidity position due
to inherent working capital intensity as indicated by its almost
full use of the cash credit account for the 12 months ended August
2015. Intense industry competition and low entry barriers due to
the trading nature of business also moderate the ratings. The
easing of liquidity pressures and further revenue growth over
FY16-FY17 are contingent upon the company's ability to tie-up
working capital funds on time.

RATING SENSITIVITIES

Positive: A sustained improvement in the revenue and liquidity
while maintaining or improving the profitability and credit
metrics will be positive for the ratings.

Negative: A sustained decline in the revenue, rise in margin
pressures or deterioration in the credit metrics and liquidity
will be negative for the ratings.

COMPANY PROFILE

Vama was formed in 2003 by the merger of Vama Infotech, which was
into engineering design such as CAD, CAM, with Sanjeevani Ltd, a
company trading in computer peripherals. It is a BSE listed
company. Vama supplies computers, servers, peripherals, etc. to
public sector undertakings, central and state government
organisations and some private companies. The company is also into
data centre engineering and provides engineering designing
solutions to clients in the US.


VAMSADHARA RICE: ICRA Suspends B+ Rating on INR10cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR10.00
crore bank facilities of Vamsadhara Rice Industries. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.


VARDHMAN JEWELLERS: CARE Assigns B+ Rating to INR7cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' ratings to bank facilities of Vardhman
Jewellers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term bank facilities       7        CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Vardhman Jewellers
(VJ) are constrained by VJ's modest size of operations with
revenue dependency from bullion trading, volatile gold price
impacting the thin profit margins, working capital intensive
nature of operations and highly fragmented & competitive industry.

The rating also factors in the trading nature of business and the
constitution of the entity as a proprietorship.

The rating, however, derives strength from experience of the
promoter in the jewellery industry, locational advantage of
the firm along with diversified revenue profile supported by
integrated operations.

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

VJ, incorporated in February 2011, is managed by its proprietor Mr
Kamal Siyal. The firm is engaged in bullion trading, retail &
wholesale trading of gold jewelry and manufacturing of gold
jewelry. VJ has its own retail outlet located in Coimbatore, Tamil
Nadu. The firm procures old gold ornaments as well as gold
bullions from the market and manufactures jewelry in its workshop.
VJ's customer profile includes major retail outlets in the
Coimbatore district. Mr Kamal Siyal is a second-generation
entrepreneur supported by his father Mr. SP Mahavir who owns a
jewelry retail outlet in Kotagiri, Ooty, in the style of M/s H.P
Jewellers since 1978. VJ's revenue profile is majorly supported by
bullion trading contributing to 70% of the turnover, retail &
wholesale jewelry contributing the rest.

During FY14 (refers to the period April 1 to March 31), the firm
reported a net profit of INR0.10 crore on a total income of
INR241.88 crore. During FY15, the provisional financials of firm
reported a net profit of INR0.11 crore on a total income of
INR118.87 crore.


VIBHOR VAIBHAV: ICRA Withdraws 'B' Rating on INR15cr Loan
--------------------------------------------------------
ICRA has withdrawn its long term rating of [ICRA]B on the INR15.0
Crore working capital facilities and short term ratings of [ICRA]
A4 on the INR7.0 crore non-fund based facilities of Vibhor Vaibhav
Infra Pvt Ltd, which was under notice of withdrawal. The rating
has been withdrawn as the period of notice of withdrawal is
completed.


VITTHAL CORPORATION: CARE Revises Rating on INR170cr Loan to BB-
----------------------------------------------------------------
CARE revokes the suspension and revises the rating assigned to the
bank facilities of Vitthal Corporation Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      170       CARE BB- Suspension
                                            revoked and revised
                                            from CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Vitthal Corporation Limited (VCL) takes into consideration the
robust growth in its total operating income during FY15
(Provisional; refers to the period April 1 to March 31) led by
liquidation of the inventory of finished goods (mainly sugar)
leading to improvement in the operating cycle of the company,
equity infusion by the promoters aiding improvement in the overall
gearing and total debt to Gross Cash Accruals (GCA) as on
March 31, 2015.

The rating, however, continues to remain constrained on account of
its leveraged capital structure albeit improvement during FY15,
weak liquidity position of the company marked by below unity
current ratio as on March 31, 2015, working capital intensive
nature of the operations and susceptibility of the margins to
adverse fluctuations of the cotton prices (textile division)
coupled with its presence in highly cyclical and seasonal sugar
industry.

The rating continues to derive strength from the rich experience
of the promoters in the sugar industry of over two decades,
qualified second tier management, fully integrated nature of the
sugar mill with strategic location in the cane availability area.
Furthermore, the rating also factors in the stabilization of the
spinning unit and its sizeable contribution in the total operating
income of VCL during FY15.

The ability of the company to improve its profitability along-with
continued efficient management of its operating cycle are key
rating sensitivities. Furthermore, execution of any large debt-
funded capex impacting the capital structure of the company will
also be a key rating monitorable.

VCL was incorporated as Vitthal Sugars Manufacturing Limited
(VSML) by Mr Babandada Vitthalrao Shinde during the year 1998 to
undertake manufacturing of the sugar. The company changed its
name to its present name in July 2010. VCL's sugar facility was
commissioned in 2008 with an installed capacity of 2,500 TCD
(tones of cane crushed per day) which will increase to 3,500 TCD
of licensed capacity from the sugar season 2015-16. VCL has a
fully integrated sugar manufacturing unit consisting of distillery
unit of 30 KLPD (kilo liters per day; to be increased to 50 KLPD
licensed capacity from sugar season 2015-16) and 12 MW (mega-watt)
bagasse-based power generation plant. The company has also
established a spinning unit during 2012 having an installed
capacity of 40,320 spindles. The facilities of the company are
located at Madha Taluka of Solapur District, Maharashtra.

Based on FY15 provisional results, VCL has reported total
operating income (TOI) of INR459.86 crore (P.Y. 202.20 crore) and
profit after tax (PAT) of INR5.99 crore (P.Y. loss of INR0.39
lakh).


ZACCI DIAMOND: ICRA Suspends B- Rating on INR6cr Bank Loan
----------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B- assigned to
the INR6 crore bank facilities of Zacci Diamond India Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


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


DAIICHI CHUO: Tokyo Court Approves Civil Rehabilitation
-------------------------------------------------------
Xiaolin Zeng at IHS Maritime 360 reports that Daiichi Chuo Kisen
Kaisha was given the green light by the Tokyo District Court to
start civil rehabilitation on October 5.

The company applied for civil rehabilitation on September 29 after
four consecutive annual losses, the report notes.

Unlike restructuring that is led by the courts, civil
rehabilitation depends on the willingness of the subject company's
business partners and creditors to work with it to resolve its
debts, according to IHS Maritime 360.

The report says the court has given creditors until December 7 to
file claims, while Daiichi Chuo has until December 25 to assess
and declare its assets.

From then, creditors have until Jan. 5, 2016, to accept or dispute
Daiichi Chuo's declaration of its assets, the report relays.

IHS Maritime 360 relates that the submitted claims will be
investigated from Jan. 12 to Jan. 19, 2016, and Daiichi Chuo has
until Feb. 3, 2016, to submit a rehabilitation plan.

The report notes that Daiichi Chuo claimed in a Chapter 15 filing
in the US that it owed about USD1 billion to 596 creditors,
including Hyundai Merchant Marine, Navios, Vale, Rio Tinto
Shipping, and Pan Ocean.

While the Tokyo court has suspended repayments of Daiichi Chuo's
debts, the company has obtained approval to continue paying for
running expenses to ensure business continuity, the report relays.

                           About Daiichi Chuo

Daiichi Chuo Kisen Kaisha is a Japanese-based international
shipping company incorporated under Japanese law in 1960.  In
addition to its principal domestic Japanese offices in Tokyo,
Kansai, Wakayama and Kashima, where the majority of DCKK's
employees are located, DCKK has ancillary offices in New York
(opened in 1969), Manila, Hong Kong, London, Shanghai, Brisbane
and Vietnam.  DCKK's core business is marine transportation,
providing overseas shipping, coastal shipping and other
related services, focusing primarily on transporting dry bulk
(bulk cargo such as unpackaged grain, iron ore and other
commodities) using a tramp steamer, commonly referred to as a
tramper.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 30, 2015, Bloomberg News said Daiichi Chuo KK filed for
bankruptcy protection in Tokyo with JPY120 billion ($1 billion) in
liabilities, as over-expansion amid plunging freight rates pushed
the Japanese shipping line to four straight years of losses.  Its
wholly owned Star Bulk Carrier Co. unit also filed for bankruptcy
with JPY57 billion in liabilities, Daiichi Chuo said in a
statement on September 29, Bloomberg related.

Daiichi Chuo Kisen Kaisha filed a Chapter 15 bankruptcy petition
(Bankr. S.D.N.Y. Case No. 15-12650) on Sept. 29, 2015.  The
petition was signed by Masakazu Yakushiji, the president and
foreign representative.  The Debtor estimated both assets and
liabilities of $100 million to $500 million.  The Petitioner has
engaged Norton Rose Fulbright US LLP as counsel.  Judge Michael E.
Wiles is assigned to the case.


DAIICHI CHUO: Court Issues Temporary Restraining Order
------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
entered an order temporarily prohibiting parties-in-interest from
taking actions against Daiichi Chuo Kisen Kaisha in order to
permit the expeditious and economical administration of the Japan
Proceeding and to protect the respective rights of the Debtor and
its creditors in that proceeding.

The Court held that the automatic of Section 362 of the Bankruptcy
Code will be applicable within the territorial boundaries of the
United States to Daiichi Chuo and all of its assets.

All parties-in-interest were ordered to show cause before the
Hon. Michael E. Wiles, United States Bankruptcy Judge for the
Southern District of New York, at a hearing at 11:00 a.m.
(EDT) on Oct. 7, 2015, at the United States Bankruptcy Court, One
Bowling Green, New York, New York 10004, Courtroom 617, as to why
an order should not be entered:

    (i) enjoining all persons and entities subject to this
        Court's jurisdiction from taking or continuing any act to
        seize, attach, possess, execute upon, exercise control
        over and/or enforce liens against any assets of DCKK,
        including without limitation any vessel or other property
        owned, chartered, leased, managed or operated by DCKK
        while such vessel or other property is located in the
        territorial jurisdiction of the United States; and

   (ii) directing that the automatic stay set forth in Section
        362 of the Bankruptcy Code will be applicable, within the
        territorial boundaries of the United States, to DCKK
        and all of its assets.

Objection deadline was Oct. 6, 2015.

                         About Daiichi Chuo

Daiichi Chuo Kisen Kaisha is a Japanese-based international
shipping company incorporated under Japanese law in 1960.  In
addition to its principal domestic Japanese offices in Tokyo,
Kansai, Wakayama and Kashima, where the majority of DCKK's
employees are located, DCKK has ancillary offices in New York
(opened in 1969), Manila, Hong Kong, London, Shanghai, Brisbane
and Vietnam.  DCKK's core business is marine transportation,
providing overseas shipping, coastal shipping and other
related services, focusing primarily on transporting dry bulk
(bulk cargo such as unpackaged grain, iron ore and other
commodities) using a tramp steamer, commonly referred to as a
tramper.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 30, 2015, Bloomberg News said Daiichi Chuo KK filed for
bankruptcy protection in Tokyo with JPY120 billion ($1 billion) in
liabilities, as over-expansion amid plunging freight rates pushed
the Japanese shipping line to four straight years of losses.  Its
wholly owned Star Bulk Carrier Co. unit also filed for bankruptcy
with JPY57 billion in liabilities, Daiichi Chuo said in a
statement on September 29, Bloomberg related.

Daiichi Chuo Kisen Kaisha filed a Chapter 15 bankruptcy petition
(Bankr. S.D.N.Y. Case No. 15-12650) on Sept. 29, 2015.  The
petition was signed by Masakazu Yakushiji, the president and
foreign representative.  The Debtor estimated both assets and
liabilities of $100 million to $500 million.  The Petitioner has
engaged Norton Rose Fulbright US LLP as counsel.  Judge Michael E.
Wiles is assigned to the case.



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


NEW SETTLER: Multimillion Dollar Land Put Up For Sale
-----------------------------------------------------
Narelle Henson at Stuff.co.nz reports that New Settler Homes has
seen millions of dollars of its land put up for sale -- but it
won't get the money.

According to the report, New Settler Homes, directed by Lijun
Zhang, is understood to have borrowed a significant sum of money
from Aucklander Xiaozhen Liu.

When the money was not repaid on time, Liu took New Settler Homes
to court, where an order to sell 11 of the company's sections for
him was made -- known as a Sheriff's sale, the report says.

Stuff.co.nz relates that Liu refused to comment through his
lawyer, Steven Lu of Anthony J Nolan Lawyers. However, Lu
confirmed there was no personal relationship between the lender
and New Settler Homes, saying it was a very sad situation and Liu
was not angry.

The report notes that the 11 sections were auctioned at a packed
Lugton's Real Estate office, and went for a combined total of
close to NZ$3.4 million.

According to Stuff.co.nz, the sections up for grabs ranged from
400 metre square parcels in Pukete, to a 5,000sqm lot in Tamahere,
and included two Matamata land parcels. All up just over 1.3
hectares of land in Hamilton and Matamata was sold.

The hottest section, an 860 sqm plot in Lake Domain Dr, fetched
NZ$688,000, with land in Matamata taking the lowest price, at
NZ$120,000 for almost 1700 sqm, the report adds.

Stuff.co.nz, citing Companies Office records, discloses that
New Settler Homes started in 2010.  According to Stuff.co.nz,
New Zealand Gazette records show that there have been three
applications for the company to be placed into liquidation. In
2012, PwC liquidators David Blanchett and Colin McCloy applied to
have New Settler Homes placed into liquidation. This was followed
by an application from Carters in January this year, and one from
Inland Revenue in March, the report recalls.

Gazette records also show four public notifications that the
company would be removed from the register, with one notice each
year since 2012, Stuff.co.nz adds.

New Settler Homes Ltd is a Hamilton based building company.



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


SUNGDONG SHIPBUILDING: To Get More Funds From Korea EXIM
--------------------------------------------------------
Xiaolin Zeng at IHS Maritime 360 reports that despite criticisms
over underestimating troubled shipbuilder Sungdong Shipbuilding &
Marine Engineering, the Export-Import Bank of Korea has pledged to
provide up to KRW420 billion (USD357.7 million) in funding to the
latter until 2019.

This year alone, the bank will provide KRW260 billion in funding,
the report says. In August, KEXIM and Samsung Heavy Industries
jointly agreed to help manage Sungdong to get it back on track.

According to the report, KEXIM came under fire after lawmaker Park
Won-suk criticised it for underestimating Sungdong's performance
for 2014.  Mr. Park was speaking at a meeting of the National
Assembly's strategy and finance committee, the report states.

IHS Maritime 360 says the bank forecasted Sungdong to incur a
KRW264.5 billion loss for 2014. Instead, Sungdong had a KRW570
billion loss that year.

As at end-2014, Sungdong's debt exceeded its assets by
US$1 billion, the report notes.

IHS Maritime 360 notes that KEXIM's continued support of Sungdong
despite its virtual insolvency drew criticism from two other
creditor banks, the Korea Trade Insurance Corporation and NH Bank,
in May.

The bank is keeping its faith in Sungdong in the hope that a
revival of product tanker orders will rejuvenate it, the report
adds.

Based in South Korea, Sungdong Shipbuilding & Marine Engineering
Co., Ltd. operates as a shipbuilder. The company offers vessels,
ships, and shipbuilding materials and blocks. Its products include
oil tankers, bulk carriers, container ships, liquefied petroleum
gas and liquefied natural gas carriers, and tuna purse seiners, as
well as offshore floating storage and offloading units, shuttle
tankers, jack-up rigs, and drill ships.



=============
V I E T N A M
=============


PHUONG NAM: 25 Bankers Jailed for Illegaly Lending Firm
-------------------------------------------------------
Thanh Nien News reports that a Soc Trang Province court last month
handed down jail terms of two to seven years to 25 bank executives
for illegally lending to a seafood company that went bankrupt
after owing more than VND1.6 trillion (US$75 million).

They were convicted for "violating loan regulations at credit
organizations" while working at the Soc Trang, Bac Lieu, and Hau
Giang province branches of LienVietPostBank, Vietnam Development
Bank (VDB), Sacombank, Vietcombank, and An Binh Bank, according to
Thanh Nien News.

They had orchestrated a loan scam to give Phuong Nam Seafood
Joint-stock Company nearly VND800 billion (US$36.7 million), the
report recalls.

According to the report, the Soc Trang People's Court also
sentenced the company's deputy director Trinh Hong Phuong to 12
years and chief accountant Lam Minh Man to 14 years for fraud.

They were also ordered to pay the bank a total of VND392 million,
the report relates.

Thanh Nien News adds that the court ordered confiscation and sale
of the company's properties and stocks to compensate the five
banks VND40 billion.

According to the indictment, between 2008 and 2010, Lam Ngoc
Khuan, the chairman and director of Phuong Nam, instructed his
subordinates to forge documents to attest to the company's
solvency to secure loans worth trillions of dong from the five
banks, the report relates.

The report says the company had been making a loss every year
until 2012 when Khuan moved to the US with his family, leaving
behind VND1.6 trillion, or more than five times the company's
capital, in debts.

The company, once listed among Vietnam's top 10 seafood exporters,
had become insolvent due to bad investments, Thanh Nien News
notes.

Thanh Nien News relates that Khuan and his accomplices pocketed
around VND472 billion ($22.1 million) from the scam, investigators
said, adding Khuan alone stole VND52 billion.

The rest of the debt accrued because of bad investments, the
report notes.

The report says the Ministry of Public Security has issued an
international warrant for Khuan.

In 2013, the Central Anti-Corruption Steering Committee had listed
the scam among the 10 most serious corruption cases, Thanh Nien
News reports.



                             *********

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.



                 *** End of Transmission ***