TCRAP_Public/151012.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, October 12, 2015, Vol. 18, No. 201


                            Headlines


A U S T R A L I A

AUSTRALIA: ATO Hits Record in Winding-up Applications
BOAC PTY: First Creditors' Meeting Set For October 19
CHEM SPEC: First Creditors' Meeting Set For October 19
FITGENES GROUP: Collapsed Into Voluntary Administration
ICE TV: Forced Into Administration

NAT CARPENTRY: In Liquidation; 1st Creditors' Meeting Set Oct. 16
VIRGIN AUSTRALIA: Fitch Raises Rating on Class D Notes to 'B+'
WIRRANOOK HOLDINGS: First Creditors' Meeting Set For October 19


C H I N A

CHINA: Gas Operators to See Healthy Customer Connection Growth
SKYPEOPLE FRUIT: Receives Nasdaq Listing Non-Compliance Notice
* Sharp China Slowdown is Top Global Ratings Risk, Fitch Says


I N D I A

CHEEMA SPINTEX: ICRA Reaffirms D Rating on INR48.70cr Loan
HILLSFOOD AGRO: CARE Assigns 'B' Rating to INR10.50cr LT Loan
J. J. CONSTRUCTIONS: ICRA Suspends B Rating on INR15cr Loan
JAIPRAKASH POWER: CARE Lowers Rating on INR11,885cr Loan to 'D'
JEWEL STAR: CARE Revises Rating on INR35cr LT Loan to BB-

KIRAN BAWA: CARE Assigns 'B+' Rating to INR5cr LT Loan
LOKESH MACHINES: CARE Reaffirms B- Rating on INR93.14cr LT Loan
MBM ENGINEERING: ICRA Reaffirms 'B+' Rating on INR9.25cr Loan
MSM STEELS: CARE Reaffirms B+ Rating on INR65.50cr LT Loan
NAVJIVAN COTTON: ICRA Reaffirms 'B' Rating on INR11.75cr Loan

NIKKA MAL: CARE Reaffirms B+ Rating on INR11cr LT Loan
ORIGIN LIFECARE: CARE Assigns B+ Rating to INR7cr LT Loan
ORIGIN MINERALS: CARE Assigns B+ Rating to INR5cr LT Loan
PANCHAMI ELECTRONICS: CARE Assigns B+ Rating to INR5.60cr LT Loan
PANYAM CEMENTS: CARE Upgrades Rating on INR56.24cr Loan to 'C'

PARTHAS: CARE Revises Rating on INR14.16cr LT Loan to B+
PONDICHERRY TINDIVANAMTOLLWAY: CARE Reaffirms B LT Loan Rating
REAL GROW: CARE Reaffirms B+ Rating on INR29.80cr LT Loan
RP RESORTS: ICRA Assigns 'D' Rating to INR10cr Long Term Loan
SAFE DEVELOPMENT: ICRA Assigns D Rating to INR26.10cr LT Loan

SONATA CERAMICA: CARE Ups Rating on INR5.20cr LT Loan to BB-
SPINTEX INDIA: ICRA Assigns 'B' Rating to INR15cr Term Loan
SREE DRG: CARE Assigns 'B' Rating to INR7.23cr LT Loan
SRI MOULI: Ind-Ra Assigns B+ LT Issuer Rating; Outlook Stable
TATHASTU SPINTEX: CARE Reaffirms B+ Rating on INR41cr LT Loan

VASISHTA CONSTRUCTIONS: CARE Ups Rating on INR44.5cr Loan to C
YASHAS FRP: CARE Reaffirms B+ Rating on INR2.29cr LT Loan


J A P A N

SHARP CORP: Public-Private Fund Might Lead Rehabilitation Quest
* Japanese Auto Ratings Resilient Amidst Slow Economy, Fitch Says


P A P U A  N E W  G U I N E A

PAPUA NEW GUINEA: S&P Keeps LT B+ Rating, Revises Outlook to Neg.


S I N G A P O R E

GLOBAL A&T: Fitch Affirms 'B-' IDR & Revises Outlook to Negative


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Estimated to Hold Additional KRW1 Tril. Loss


T A I W A N

ACER INC: Fitch Expects to Withdraw Ratings Including 'BB-' IDR


                            - - - - -


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


AUSTRALIA: ATO Hits Record in Winding-up Applications
-----------------------------------------------------
Marianna Papadakis at afr.com reports that insolvency experts said
the record number of winding-up applications filed by the
Australian Taxation Office in the past six months is indicative of
an aggressive approach taken towards struggling businesses and
means legal action forcing companies to pay up or go into
liquidation will continue to rise.

afr.com relates that an ATO spokeswoman said it was not "cracking
down small business" as some claimed, but was taking a balanced,
fair and supportive approach to ensure that all small businesses
meet their tax obligations.

Figures compiled by Insolvency Notices, which tracks insolvencies
and bankruptcies, showed there were 568 wind-up applications in
September, following 582 wind-ups filed in May and well exceeding
the ATO's long term average of 92 a month, according to afr.com.

"We are focused on making it as easy as possible for businesses,
and other taxpayers, to understand and meet their tax
obligations," the report quotes the spokeswoman as saying.

The spokeswoman said there were about 1,000 ATO-initiated small
business wind-ups last year though there was a greater focus on
legal action in the second half of the 2014/15 year with around
1200 wind up actions filed in this period, adds afr.com.


BOAC PTY: First Creditors' Meeting Set For October 19
-----------------------------------------------------
Peter Reymond Quigley of Quigley & Co was appointed as
administrator of Boac Pty Ltd, trading as Runway Bar & Restaurant,
on Oct. 7, 2015.

A first meeting of the creditors of the Company will be held at 17
Carnarvon Street, in Broome, WA, on Oct. 19, 2015.


CHEM SPEC: First Creditors' Meeting Set For October 19
------------------------------------------------------
Matthew Jess & Con Kokkinos of Worrells Solvency & Forensic
Accountants were appointed as administrators of Chem Spec
(Coatings) Pty Limited on Oct. 7, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 15, 114 William
Street, in Melbourne, on Oct. 19, 2015, at 4:30 p.m.


FITGENES GROUP: Collapsed Into Voluntary Administration
-------------------------------------------------------
Eloise Keating at SmartCompany reports that a health service
provider that was turning over approximately AUD1.2 million has
collapsed into voluntary administration.

Fitgenes was incorporated in 2009 and provides personalised health
care using a patient's genetic predispositions when it comes to
fitness, health and nutrition.

The Fitgenes Group operates a clinic in Perth and as of September
2014, was working with 350 clinics and more than 470 practitioners
who use the company's proprietary cloud-based software.

Fitgenes jumped on to the Australian Securities Exchange in the
second half of 2014 through a reverse takeover of ATW Holdings.

At the time Fitgenes chief executive Robert Mair told SmartCompany
the company had plans to raise between AUD3 to AUD3.6 million by
opening half a dozen new clinics, although ASX records show this
prospectus offer was subsequently withdrawn in October 2014.

In September, Mr. Mair said the Fitgenes group was turning over
approximately AUD1.2 million annually, the report recalls.

But less than a year later, shares in Fitgenes were suspended from
trade on August 25 after the business did not pay its annual
listing fee to the ASX, says SmartCompany.

According to the report, Fitgenes notified the market on September
22 its annual fee had been paid, but trading in the company's
shares would remain suspended while the directors of the company
continued to address the terms of a proposed acquisition of
another clinic provider, Sydney-based Elevate, which Fitgenes
announced in July.

On October 7, Fitgenes told the market it had appointed Domenic
Calabretta of Mackay Goodwin as voluntary administration on
October 6.

In a letter to the ASX, Mr. Calabretta said his appointment
followed an application to wind up the company, filed by an
individual plaintiff in the Federal Court in South Australia on
August 27, the report relays.

SmartCompany notes that the wind-up application was adjourned
until November 18 to allow the voluntary administration process of
the company to proceed.

"I am currently, with the assistance of the directors, reviewing
the company's financial position and looking at potential avenues
for the recapitalisation of the company or a potential sale of the
company and its business," the report quotes Mr. Calabretta as
saying in the letter.


ICE TV: Forced Into Administration
----------------------------------
Cliff Sanderson at Dissolve.com.au reports that Ice TV Pty
Limited, an Australian EPC provider, has been forced into
administration.  Tim Heesh and Amanda Lott of TPH Sydney
Insolvency were appointed administrators of the company on Oct. 6,
2015, the report discloses.

Dissolve.com.au relates that the development reportedly comes
after ongoing delays in the delivery of its Skippa video recorder.

According to the report, the administrators said Ice TV may stop
trading if attempts to find a buyer fail.

Strained relations with the manufacturer of Skippa pushed Ice TV
into administration, the report states. The manufacturer stopped
trading in Australia and changed its payment terms with Ice TV,
adds Dissolve.com.au.


NAT CARPENTRY: In Liquidation; 1st Creditors' Meeting Set Oct. 16
-----------------------------------------------------------------
Timothy Clifton and Daniel Lopresti of Clifton Hall were appointed
as Joint and Several Liquidators of Nat Carpentry Pty Ltd on Sept.
30, 2015.

A meeting of creditors will be held at 12:00 p.m. on Oct. 16,
2015, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


VIRGIN AUSTRALIA: Fitch Raises Rating on Class D Notes to 'B+'
--------------------------------------------------------------
Fitch Ratings has affirmed the class A notes at 'A' and upgraded
class B (to 'BBB' from 'BB+'), class C (to 'BB' from 'B+') and
class D (to 'B+' from 'B') notes for Virgin Australia Holdings
Limited's (VAH, not rated publically) enhanced equipment notes
(EEN) series 2013-1.  Fitch's ratings cover approximately $595
million of outstanding senior and subordinated notes

The upgrades to all of the subordinated tranches are driven by the
general improvement of VAH's corporate credit profile in Fitch's
view, while the upgrades of the B and C subordinated tranches are
also driven by an increase in the recovery prospects due to rapid
amortization of the notes and the corresponding decline in the
transaction's loan-to-value (LTV).

Since Fitch's last review of VA 2013-1 in October 2014 there has
been substantial amortization of outstanding debt; debt was paid
down $136.8 million.  In addition, the initial pool featured two
737-700s which have subsequently been removed from the pool as the
equipment notes and the corresponding EEN debt were repaid in full
over the past two years.

Key ratings considerations include the quality of the aircraft
collateral, significant overcollateralization, the Australian and
New Zealand insolvency regimes coupled with the transaction's
underlying structure, the liquidity facilities, VAH's credit
quality, and various additional structural elements.

Fitch also noted such positive credit factors as low balloon
payments for all tranches, short remaining expected maturities for
the subordinated note classes, and rapid amortization of the notes
resulting in significant expected LTV improvements for all
tranches within the next several years.

VA 2013-1 is the first EETC-type transaction relying on the
Australian insolvency regime, which differs in key aspects when
compared to Section 1110 and the Cape Town Convention (CTC; which
incorporates most elements of Section 1110 protection in countries
that have ratified the treaty) legal frameworks seen in most
EETCs.  Even though Australia signed the CTC into law in late June
2013, its implementation was not completed prior to the issuance
of the notes.

The CTC rules do not apply retroactively and Fitch expects VA
2013-1 notes will be governed under the Australian insolvency law
until maturity.  New Zealand is a CTC signatory and the CTC covers
the six aircraft in this transaction that are leased in New
Zealand.  Fitch believes Australia's legal framework, combined
with the structure of this transaction, create a situation similar
to Section 1110/CTC as it allows creditors access to collateral in
the event of insolvency.

KEY RATING DRIVERS

The A-tranche rating is primarily driven by a top-down analysis
which evaluates the level of overcollateralization and likely
recovery in a stress scenario.  The ratings are supported by a
strong collateral package consisting of Tier 1 aircraft with
vintages ranging from 2003 to 2011.  Market values for the
remaining collateral aircraft (777-300ER and 737-800) have
performed in line with Fitch's expectations since the launch of
the transaction.  The class A notes benefit from rapid principle
amortization of the notes which outpaces the depreciation of the
collateral value resulting in a relatively rapid decline in the
transaction's LTV.

Fitch's 'A' level stress scenario produces the maximum remaining
LTV of 85%, down from 95.1% as of October 2014.  The decline is in
line with Fitch's initial expectations.  The stressed LTV of 85%
implies a good amount of cushion for senior tranche noteholders.
The A tranche has a remaining weighted average life of 3.1 years.
Unlike many other EETC transactions which feature smooth and
constant LTV declines, LTV values of VAH 2013-1 are expected to
increase on several occasions as older vintage aircraft are paid
off and removed from the collateral pool.

The largest increase in LTV is expected to occur in October 2018
when seven 2004 vintage 737-800s and the 777-300ER will be fully
paid off.  The eight aircraft will represent approximately 50% of
the pool's value and their exclusion from the collateral will
increase Fitch's forecast base LTV to 51.5% as of October 23,
2018, up from 36.9% as of July 23, 2018.  Fitch anticipates the
'A' level stressed LTV values will not exceed 80%.  The ratings
are also supported by an 18-month liquidity facility provided by
Natixis.

The ratings for the subordinated tranches are driven by Fitch's
view of VAH's corporate credit profile, a high affirmation factor,
availability of the liquidity facility for the Class B notes,
collateral coverage and the rights of each subordinated class
noteholder to purchase all of the senior notes in certain cases.
The ratings are also supported by seniority of interest payments
for all subordinated notes over the principal distributions to the
senior notes.

The affirmation factor for this pool is considered high as both
aircraft types in the transaction are core to VAH's fleet plan.
The relatively large percentage of the company's primary aircraft
type contained in this transaction makes it unlikely that the
company would reject the pool in the case of administrative
proceedings, in Fitch's view.  The 737-800 is VAH's main aircraft
type, fitting well with the airline's primarily short-haul
business profile.  The transaction's percentage of the fleet is
projected to decline to below 4% beginning 2021, weakening the
affirmation factor of the remaining pool.  However, this is
mitigated by the low LTV values expected by that time.  Fitch
believes that the likelihood of these aircraft being affirmed in a
restructuring scenario effectively reduces the probability of
default of subordinated tranches compared to VAH's credit profile.

Each note is fully cross-collateralized, and all indentures are
fully cross-defaulted from the date of the issuance of each
applicable note.  Fitch believes these provisions in VA 2013-1,
which are standard enhancements of the modern EETC template,
increase the likelihood that VAH would affirm these notes and the
underlying aircraft and continue to make payments on the notes in
the case of administrative proceedings.  Taken together, these
provisions treat all the aircraft as one pool of assets as the
collateral supporting this transaction.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for VAH 2013-1
include:

   -- A high affirmation factor for the collateral aircraft in
      this pool;
   -- Current aircraft base values consistent with those provided
      by an independent appraiser;
   -- Depreciation rates and value stresses incorporated into
      Fitch's base and stress case scenario are in line with
      those used for similar Tier 1 assets as described in
      Fitch's EETC criteria.

RATING SENSITIVITIES

Fitch does not expect positive rating actions for the senior
tranche.  Potential ratings concerns for the senior tranche are
primarily unexpected declines in aircraft values.  Values for the
777-300ER could potentially be affected by the introduction of the
A350-1000 and 777-9X; similarly, the 737-800 could be affected by
the A320 NEO and 737 MAX.  Fitch does not expect these risks to
have a material impact in the near- to intermediate-term.

Fitch may consider negative rating actions for the subordinated
tranches of the transaction if VAH's credit profile weakens in
Fitch's view, if Fitch revises its affirmation factor from high to
medium or low, or if recovery prospects for one or all tranches
deteriorate due to weakening of the collateral value.  Fitch may
consider positive ratings actions for the subordinated tranches of
the transaction if VAH's credit profile improves in Fitch's view,
if recovery prospects improve due to faster amortization of the
notes compared to aircraft depreciation, or if aircraft values
increase unexpectedly.

LIQUIDITY

Both the A- and B-tranches feature an 18-month liquidity facility
provided by Natixis, which Fitch rates 'A'/'F1' with a Stable
Outlook.  The 'A' rating provides ample room above Fitch's
liquidity provider threshold.  If the liquidity service provider
is downgraded below the level required by Fitch to support the
EEN, VAH must find an alternative provider that is suitably rated
to replace the downgraded provider or fund with incremental cash
collateral to the full committed amount.  Otherwise, the affected
VAH 2013-1 will likely be downgraded.

The liquidity facility is expected to cover up to six consecutive
quarterly interest payments during an 18-month period in the event
VAH defaults on its obligations, representing an additional source
of default risk protection.  The liquidity facility does not
support principal payments.  The liquidity service provider has
the first priority claim, ahead of all EEN holders including the
senior A-tranche.  Accordingly, Fitch's Stress Case assumes a
fully drawn liquidity facility on top of the waterfall, which adds
an additional 3.4% of LTV through the facility as the most senior
claim.

FULL LIST OF RATING ACTIONS

VAH 2013-1

   -- Class A notes with an expected maturity of October 2023
      affirmed at 'A';
   -- Class B notes with an expected maturity of October 2020
      upgraded to 'BBB' from 'BB+';
   -- Class C notes with an expected maturity of October 2018
      upgraded to 'BB' from 'B+';
   -- Class D notes with an expected maturity of October 2016
      upgraded to 'B+' at 'B'.


WIRRANOOK HOLDINGS: First Creditors' Meeting Set For October 19
---------------------------------------------------------------
Daniel Lopresti and Simon Richard Miller of Clifton Hall were
appointed as administrators of Wirranook Holdings Pty Ltd, trading
Triple A Crash Repairs, Tom Howard Crash Repair Service & Rhino
Crash Repairs North, on Oct. 7, 2015.

A first meeting of the creditors of the Company will be held at
Clifton Hall, Level 3, 431 King William Street, Adelaide, in South
Australia, on Oct. 19, 2015, at 11:00 a.m.



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C H I N A
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CHINA: Gas Operators to See Healthy Customer Connection Growth
--------------------------------------------------------------
Fitch Ratings says that China's city gas operators will continue
to see healthy customer connection growth despite the slowdown in
China's overall gas demand amid a slowing economy.

Fitch expects one-off connection fees to continue to account for
at least 30% of operators' total EBITDA over the next five years,
even though EBITDA from more-stable gas sales now exceeds EBITDA
contribution from one-off connection fees for most leading city
gas operators, such as ENN Energy Holdings Limited (ENN,
BBB/Stable) and China Resources Gas Group Limited's (CRG,
BBB+/Stable).

China's still-low city gas penetration (around 40%) and the
regulatory push for cleaner energy -- should support connection
growth even though the economic advantages of gas have been
reduced with the fall in oil and coal prices.  Fitch sees good
prospects for CRG and ENN, notwithstanding the higher penetration
in their existing footprints than the nation's average.

Fitch observes city gas operators actively promoting residential
connections, but adopting somewhat different strategies.  For
example, ENN has somewhat increased its focus in connecting older
apartment buildings near its existing pipelines.  The company
estimates these connections cost about CNY200 more than
connections at newly built apartments.  The higher costs
contributed to a slight decline in the connection business' EBITDA
margin, but it still remained healthy at around 63% in 1H15, down
from 65% for the same period last year.

CRG has been chasing connection opportunities where available
within its coverage areas.  CRG reported its average residential
connection fee in 1H15 fell 14% to CNY2,580 from CNY3,004 a year
earlier.  The company's management said the decline was due to
more connections made in regions with lower fees.  In some areas,
connection fees can be as low as CNY1,200 per residential
connection.  CRG expects the wide geographic coverage and wide
range of connection fees to result in volatility in the average
residential connection fee over different reporting periods.
CRG's average residential connection fee ranged between CNY2,500
and CNY3,500 with gross margin of 55% to 65% in the past due to
differences in the mix of cities.  However, segmental margin was
not negatively affected; it was 48% in 1H15 compared with 45% for
the same period last year, as economies of scale from the larger
number of connections and the lower cost of connections in certain
areas were able to offset the pressure on margins from lower
connection fees in other areas.


SKYPEOPLE FRUIT: Receives Nasdaq Listing Non-Compliance Notice
--------------------------------------------------------------
SkyPeople Fruit Juice, Inc., a producer of fruit juice
concentrates, fruit juice beverages and other fruit-related
products, on Oct. 8 disclosed that on October 6, 2015, it received
a written notice from the Listing Qualifications department of The
Nasdaq Stock Market indicating that the Company is not in
compliance with the minimum bid price requirement of $1.00 set
forth in Nasdaq Listing Rule 5450(a)(1) for continued listing on
the Nasdaq Global Market.

The Nasdaq Listing Rules require listed securities to maintain a
minimum bid price of $1.00 per share and, based upon the closing
bid price for the 30 consecutive days ended October 5, 2015, the
Company did not meet this requirement. SkyPeople has been provided
a 180 day period in which to regain compliance. During this
period, the closing bid price of the Company's ordinary shares
must be at least $1.00 for a minimum of ten consecutive business
days to regain compliance. In addition, in the event the Company
does not regain compliance within the 180 day period, it may be
eligible for a second compliance period to regain compliance if so
granted by Nasdaq staff.

The notification letter has no effect on the listing of the
Company's ordinary shares at this time and the shares will
continue to trade on the Nasdaq Global Market under the ticker
"SPU".

                About SkyPeople Fruit Juice, Inc.

SkyPeople Fruit Juice, Inc., a Florida company, through its
wholly-owned subsidiary Pacific Industry Holding Group Co., Ltd.,
a Vanuatu company, and SkyPeople Juice International Holding (HK)
Ltd., a company organized under the laws of Hong Kong Special
Administrative Region of the People's Republic of China and a
wholly owned subsidiary of Pacific, holds 99.78% ownership
interest in SkyPeople Juice Group Co., Ltd. SkyPeople (China),
together with its operating subsidiaries in China, is engaged in
the production and sales of fruit juice concentrates, fruit
beverages, and other fruit related products in the PRC and
overseas markets.

Its fruit juice concentrates are sold to domestic customers and
exported directly or via distributors. Fruit juice concentrates
are used as a basic ingredient component in the food industry. Its
brands, "Hedetang" and "SkyPeople," which are registered
trademarks in the PRC, are positioned as high quality, healthy and
nutritious end-use juice beverages.


* Sharp China Slowdown is Top Global Ratings Risk, Fitch Says
-------------------------------------------------------------
Fitch Ratings' Risk Radar identifies a sharp slowdown in China's
economy as the alternative scenario with the greatest risk to the
agency's credit ratings portfolio.  Regional and global spillover
would affect a broad range of issuers.  Fitch's ratings case is
for a gradual slowdown, but equity market volatility and yuan
devaluation highlight the economic adjustment and deleveraging
challenges China is facing.

In its interactive report, published today, Fitch discusses the
impact a China hard landing would have on ratings and breaks down
the impact on asset classes for the regions where the shock would
hit hardest.  In Asia, besides China itself, major emerging-market
commodity exporters and small export-oriented economies would be
most affected.  The impact in Latin America would vary depending
on trade links with China and sensitivity to commodities.

Lack of growth is also a challenge in Europe.  The report analyses
how eurozone deflation and zero growth would affect Fitch's
ratings across multiple asset classes.  Other pressing alternative
scenarios, including persistently low oil prices and higher US
interest rates, are also detailed.

Fitch's interactive Risk Radar frames the potential impact
macroeconomic risks could have on Fitch's ratings portfolio and
their relative urgency.  Interconnected markets mean similar
issues may have an impact on multiple asset classes.  The Risk
Radar provides independent and objective views on potential risks
not currently incorporated into Fitch's base case analysis, and
their potential ratings impact by asset class.



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I N D I A
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CHEEMA SPINTEX: ICRA Reaffirms D Rating on INR48.70cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]D on the INR
48.70 crore fund based limits of Cheema Spintex Limited. ICRA has
also reaffirmed its short term rating of [ICRA]D on the INR 15.0
crore (enhanced from INR9.0 crore) non-fund based limits of CSL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Limits         48.70        [ICRA]D; reaffirmed

   Short Term Non
   Fund Based Limits    15.00        [ICRA]D; reaffirmed

The ratings reaffirmation takes into account delay in debt
servicing by CSL due to its tight liquidity position owing to
large losses. CSL had entered into a One Time Settlement (OTS) in
March 2013 with one of its lenders for the outstanding dues,
wherein a significant part of the outstanding debt was waived off.
As per the OTS, the company was scheduled to repay INR 27.20 crore
by June 2014, however, of this, an amount of INR 7.8 crore was
outstanding as on March 31, 2015. The company further received
sanction of a revised repayment schedule with the repayment period
being extended till May 31, 2015. However the company has not been
able to monetize surplus real estate assets which would have
facilitated debt servicing.

Going forward, a track record of timely debt servicing will be the
key rating sensitivity. The other rating monitorables will be the
quantum and timing of equity infusion and attainment of optimum
capacity utilization.

Incorporated in 1994, CSL was set up as a 100% export oriented
unit by Mr. Harbhajan Singh Cheema and Mr. Hardyal Singh Cheema,
in association with Punjab State Industrial Development
Corporation (PSIDC). The company manufactures combed and carded
cotton yarn in counts ranging from 20s to 30s; and has an
installed capacity of 30,240 spindles. CSL exports its products
mainly to Hong Kong, Taiwan, Bangladesh, China, South Korea,
Singapore, Thailand, Malaysia, and Canada.

In 2009-10, due to erosion of 100% of its net worth, the company
had filed an application with the Board for Industrial and
Financial Reconstruction (BIFR) for declaration of the company as
sick under the Sick Industrial Companies Act (SICA).

Recent results
CSL reported, on a provisional basis, an operating income (OI) of
INR113.37 crore and a net loss of INR20.01 crore for FY 2014-15,
as against an OI of INR 110.81 crore and a net loss of INR 10.86
crore for the previous year.


HILLSFOOD AGRO: CARE Assigns 'B' Rating to INR10.50cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Hillsfood Agro Beverages Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.50      CARE B Assigned
   Short-term Bank Facilities     0.30      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Hillsfood Agro
Beverages Private Limited (HAB) are primarily constrained by
susceptibility of margins to fluctuation in raw material prices,
working capital intensive nature of operations and fragmented
nature of the industry with high competition from both small and
large players. The ratings are further constrained by the recent
commencement of operations and risks associated with the
stabilization of operations.

The ratings, however, derive strength from the experienced
management team and positive outlook for the juice industry.

Going forward, ability of the company to achieve the envisaged
sales at projected profitability margins and manage the working
capital requirements efficiently will remain the key rating
sensitivities.

Hillsfood Agro Beverages Private Limited (HAB) was incorporated in
August, 2013 and is currently being managed by Mr Pradeep Kumar
Gupta, Mr Pradeep Gupta and Mr Anuj Kumar Jindal. HAB has set up a
fruit juice processing unit at Baddi, Himachal Pradesh with an
installed capacity of about 13,500 Kilo litres of juice per annum.
The company started commercial operations in April-2015. The
company sells its products viz mango juice, apple juice, mixed
juice etc under the brand name 'Juicewala' to various wholesalers
and retailers located in different states of India through its
network of super stockiest (15). HAB procures the raw materials
viz. mango pulp, litchi pulp and apple directly from the suppliers
based in Karnataka, Uttar Pradesh, Himachal Pradesh etc. while the
packaging material (Aseptic packaging) is imported from China. The
company is also engaged in trading of packaging material to other
juice processing units in the near vicinity.

The company has achieved Total Operating Income (TOI) of INR4.58
crore till July-15.


J. J. CONSTRUCTIONS: ICRA Suspends B Rating on INR15cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR 15.00 crore
term loan facility of J. J. Constructions. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

J. J. Constructions belongs to the Jalan group promoted by the
Jalan brothers: Mr. Dwarka Jalan, Mr. Vijay Jalan and Mr. Sanjay
Jalan in 1984. With around 20 years into the construction
business, the group has developed over 100 commercial &
residential projects admeasuring around five million sq.ft.
Primarily in Pune.


JAIPRAKASH POWER: CARE Lowers Rating on INR11,885cr Loan to 'D'
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Jaiprakash Power Ventures.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   11,885.00    CARE D Revised
                                            from CARE BB

   Long-term Bank Facilities      817.41    CARE B Revised
                                            from CARE BB



   Long-term Bank Facilities    2,409.95    CARE B Revised
                                            from CARE BB

   Long-term Bank Facilities    6,226.74    CARE BB Placed on
                                            Credit Watch

Rating Rationale
CARE has revised the ratings assigned to the bank facilities of
Jaiprakash Power Ventures Ltd (JPVL) in respect of those availed
for Nigrie thermal power project (NTPP) to 'CARE D' on account of
the ongoing delays in debt servicing of these loans. The cash
flows of the project have weakened as a result of subdued
operating performance and the proposal for refinancing and
additional financial assistance is under consideration with the
lenders. Also, CARE has revised the rating assigned to corporate
term loans and cement unit loans of JPVL to 'CARE D' due to weak
liquidity and impending large repayment obligations in the near
term for which funds are yet to be tied up. Also, CARE has revised
the rating assigned to the bank facilities of JPVL in respect of
Bina power project to 'CARE B' and placed under credit watch on
account of binding MOU entered with JSW Energy Ltd for sale of the
project. The rating of bank facilities of Vishnuprayag power
project has been revised to 'CARE B' on account of deterioration
in the overall financial risk profile of the company. Cash flows
of the company have weakened due to continued high debt levels,
relatively longer time taken and lower than expected realization
from the sale of two power assets to the JSW group, and subdued
operating performance of the thermal power assets. The rating
continues to factor in experienced promoter group having long
track record in the power segment. Going forward, performance of
the various operational projects, timely monetization of assets as
envisaged, raising of requisite funds to meet investment and other
obligations, secure adequate fuel supply for the Nigrie.

Brief Rationale
TPP and timely implementation of the project under JPVL's
subsidiary Prayagraj Power Generation Ltd (PPGCL) shall be
the key rating sensitivities.

JPVL, a 60.69% subsidiary of Jaiprakash Associates Ltd (JAL, rated
'CARE D') is engaged in power generation business and currently
has one operational hydro power project of 400 MW (Vishnuprayag in
Uttarakhand), and two thermal power projects of having 1,820 MW
capacity (500 MW Bina and 1,320 MW Nigrie, Madhya Pradesh). JPVL
has a presence in the power transmission business through its 74%
subsidiary Jaypee Powergrid Ltd (JPL, rated 'CARE A-'), which has
set up a 214-km transmission line. The company, through its
subsidiary Prayagraj Power Generation Ltd (PPGCL), has 1,980-MW
under implementation thermal power project in Bara, Uttar Pradesh.
JPVL has recently transferred its Baspa and Karcham hydro power
projects to Himachal Baspa Power Company Ltd (HBPCL) and divested
it to JSWEL (rated 'CARE AA-/A1+' under credit watch). JPVL has
also commissioned 2 MTPA cement grinding unit at Nigrie in June
2015.

For FY15 (refers to the period April 1 to March 31), JPVL, on a
standalone basis, reported PAT of INR137.21 crore on total
operating income of INR4097.26 crore as against PAT of INR19.73
crore on the total operating income of INR2,746.83 crore
in FY14. In Q1FY16 (unaudited), JPVL reported PAT of INR64.94
crore on the total operating income of INR1,209.37 crore as
against PAT of INR69.15 crore on total operating income of
INR787.02 crore in Q1FY15.


JEWEL STAR: CARE Revises Rating on INR35cr LT Loan to BB-
---------------------------------------------------------
CARE revises ratings assigned to bank facilities of Jewel Star.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       35       CARE BB- Revised
                                            from CARE B+

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 change in case of withdrawal of capital or
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.

Rating Rationale

The revision in the ratings of Jewel Star (JS) is on account of
growth in scale of operations and improvement in debt protection
metrics.

The rating continues to factor in the strengths derived from
experience of partners in the gems & jewellery industry and
established relationship with customers.

However, the rating continues to be constrained by the modest
scale of operations, small capitalization, relatively low
profitability margins, working capital intensive nature of
operations, moderately leveraged capital structure and moderate
debt coverage indicators. The rating further continues to be
constrained by presence in the highly fragmented industry,
geographical concentration risk and constitution of the entity
being a partnership firm.

Ability of the firm to improve its scale of operations and
profitability margins amidst intense competition along with
efficient management of working capital cycle are the key rating
sensitivities.

Established as partnership firm in 1992, Jewel Star (JS) is
engaged in trading & processing of polished diamonds. JS is
predominantly an export oriented unit with exports forming 86.70%
of the total income in FY15 (refers to the period April 1 to March
31 - vis-a-vis 89.87% of FY14). The exports are primarily to Hong
Kong, Belgium, Israel, USA, Switzerland, South Africa, Italy &
Canada. The rough diamonds are primarily imported from Belgium,
UAE and Hongkong with imports forming 86.23% of the total
purchases in FY15 (vis-a-vis 86.87% of FY14). The processing units
of JS are located at Bhavnagar & Surat (Gujarat).

During FY15 (A), JS posted total income of INR128.21 crore (vis-a-
vis INR96.11 crore in FY14) and earned PAT of INR2.14 crore (vis-
a-vis INR1.69 crore in FY14). Moreover, during 5MFY15 (refers to
the period April 01, 2015 to August 31, 2015), the firm has posted
total income of INR47.52 crore.


KIRAN BAWA: CARE Assigns 'B+' Rating to INR5cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Kiran Bawa
Hotels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       5        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Kiran Bawa Hotels
Private Limited (KBHPL) is constrained by the relatively small
scale of operations, fluctuating profitability margins, moderate
capital structure & debt coverage indicators and project execution
risk. The rating is further constrained by the highly competitive,
fragmented and cyclical nature of the industry.

These factors offset benefits derived from experienced management,
operational synergies with group companies and healthy occupancy
levels.

The ability of KBHPL to maintain and improve the occupancy levels
coupled with timely completion of the refurbishment expenditure
are the key rating sensitivities.

Incorporated in 1983, by Mr Pratapsingh P. Bawa and Mr
Gurindersingh P. Bawa, Kiran Bawa Hotels Private Limited
(KBHPL) is in to hospitably business and operates a hotel located
at Dadar (Mumbai) under the name of "Hotel Bawa Regency" with room
inventory of 31 rooms.

KBHPL is part of Bawa group formed in 1983 by Mr Gurindersingh P
Bawa, the group also operates other hotels in Mumbai.

During FY15 (refers to the period April 1 to March 31), KBHPL has
posted total operating income of INR3.41 crore (vis-a-vis INR3.17
crore in FY14) with PAT of INR0.25 crore (vis-a-vis INR0.49 crore
in FY14). Moreover, the company has posted revenue of INR1.40
crore for the period April, 2015 to July, 2015.


LOKESH MACHINES: CARE Reaffirms B- Rating on INR93.14cr LT Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Lokesh Machines Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     93.14      CARE B- Re-affirmed
   Short term Bank Facilities    27.00      CARE A4 Re-affirmed


Rating Rationale
The ratings of Lokesh Machines Limited (LML) continues to be
constrained by the stretched operating cycle with working
capital intensive nature of business, small scale of operations,
revenue concentration from few clients and weak debt coverage
parameters albeit improved in FY15 (refers to the period April 01
to March 31). The ratings also factor in the reschedulement of the
Non-convertible Debentures. The ratings remain underpinned by the
experienced promoters, reputed clientele and established
relationship with key clients, satisfactory capital structure,
equity infusion during FY15 & Q1FY16 and moderate industry
outlook. The ability of the company to increase the scale of
operations without any decline in operating margins and improve
the liquidity position with efficient management of operating
cycle are the key rating sensitivities.

LML incorporated in December 1983 is promoted by Mr MLokeswara Rao
and started commercial production from 1986. The company has six
manufacturing locations with five in Hyderabad and one in Pune
with an installed capacity of 600 Machines per annum. The
company's operations are segregated into two divisions namely
Machines and Components division. The company initially started
the operations by doing job works for Hindustan Machine Tools
Limited (HMT) and later on moved to manufacturing of machines.
Under machinery division, LML manufactures Special Purpose
Machines (SPM) and General Purpose Machines (GPM). Under component
division, the company manufactures automobile components viz.,
cylinder heads, and cylinder blocks and also executes job work for
automobile manufacturers like Mahindra & Mahindra Limited (M& M)
and Ashok Leyland Limited (ALL).

During FY15, LML reported PAT of INR0.75 crore (INR0.46 crore in
FY14) on a total operating income (TOI) of INR118.69 crore
(INR112.31 crore in FY14). As per the unaudited results for
Q1FY16, LML reported net loss of INR0.85 crore on TOI of
INR20.80 crore.


MBM ENGINEERING: ICRA Reaffirms 'B+' Rating on INR9.25cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating for the INR9.25 crore
term loan facilities and the INR7.50 crore fund based facility of
MBM Engineering Infotech Limited at [ICRA]B+.  ICRA has also
reaffirmed the short-term rating for the INR3.25 crore non-fund
based facilities of MEIL at [ICRA]A4.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Term Loan facilities      9.25       [ICRA]B+; Reaffirmed
   Fund based facility       7.50       [ICRA]B+; Reaffirmed
   Non-fund based
   Facilities                3.25       [ICRA]A4; Reaffirmed

The reaffirmation of the ratings considers the extensive
experience of the promoters in the business of bearing component
manufacture spanning over three decades; the improvement in MEIL's
capital structure due to reduction in debt levels and its well-
diversified client base. The ratings also take into account the
stable revenues from wind generation business which aids the
overall profitability of the company as well. However, the ratings
are constrained by MEIL's modest scale of operations, high working
capital intensity with stretched receivable position; high
competition in the bearing component manufacturing restricting its
bargaining power with customers. Additionally, ICRA also notes
that the factory premise bought in a distressed sale in 2010
remains non-operational since purchase, thereby impacting the
return indicators of MEIL.

MEIL was started as a proprietorship entity in 1974 and later
converted to a public limited company in 2000. The company is
primarily engaged in the manufacturing of bearing components such
as bearing sleeves, locknuts, washers, plummer blocks, locking
assemblies, drawing items etc. of various dimensions according to
the customer requirements. The company has a manufacturing
facility located at Red hills, Chennai. Apart from manufacturing
bearing components, the company owns two windmills in Karnataka
and one in Tamil Nadu, with a cumulative capacity of 2.4 MW. MEIL
was promoted by Mr.VMS Midha, who has academic qualifications and
professional experience in the field of bearings spanning over
four decades. The company is an ISO 9001:2008 certified entity.

Recent results
According to unaudited results, MEIL reported a net profit of
INR0.6 crore on an operating income of INR19.8 crore during 2014-
15 against a net profit of INR0.2 crore on an operating income of
INR17.3 crore during 2013-14.


MSM STEELS: CARE Reaffirms B+ Rating on INR65.50cr LT Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
MSM Steels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     65.50      CARE B+ Reaffirmed
   Short-term Bank Facilities     6.80      CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of MSM Steels Private
Limited (MSM) continue to be constrained by the relatively short
track record of operations of the company, working capital
intensive nature of operations, leveraged capital structure,
albeit improvement led by equity infusion and intense competition
from the organized and unorganized sector.

The ratings, however, derive support from the experienced and
resourceful promoters, diversified customer base and established
supplier base, healthy revenue growth and moderate profitability
indicators in FY15 (refers to the period April 1 to March 31).

The ability of the company to maintain profitability margins and
manage working capital cycle effectively and with continued
financial support from the promoters remains the key rating
sensitivity.

MSM is a part of the Latur (Maharashtra) based 'Malang Group'. MSM
was incorporated in 2009 as a partnership firm and the
constitution was subsequently changed to a private limited company
in 2010. The company started steel rolling at the end of FY12 with
FY13 being the first full year of operations. The thermo-
mechanical treated bar (TMT) bars are sold under the brand name as
Gajraj 500 TMX bars. The company has a total installed capacity of
105,000 metric tonnes per annum (MTPA) of MS billets and 90,000
MTPA of TMT Bars as on March 31, 2015. The products find
applications in building construction, infrastructure companies
largely to the real estate sector.

During FY15 (provisional), the company reported a total operating
income of INR309.26 crore and a PBILDT and PAT of INR26.22 crore
and INR4.50 crore, respectively, as against a total operating
income of INR232.06 crore and a PBILDT and PAT of INR4.50 crore
and INR7.9 crore, respectively, in FY14.


NAVJIVAN COTTON: ICRA Reaffirms 'B' Rating on INR11.75cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the
INR11.75 crore cash credit facility and the INR2.63 crore term
loans of Navjivan Cotton Industries.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit Facility     11.75       [ICRA]B reaffirmed
   Term Loans                2.63       [ICRA]B reaffirmed

The reaffirmation of rating takes into account NCI's moderate size
of operations and weak financial profile characterized by low
profitability levels, owing to the limited value addition in the
business and the highly competitive and fragmented industry
structure; its low return indicators, leveraged capital structure
and weak debt coverage indicators. The rating also continues to
remain constrained by the vulnerability of the firm's
profitability to raw material prices which are subject to
seasonality, and crop harvest; and the regulatory risks with
regard to MSP fixed by GoI and restrictions on cotton exports.
Further, ICRA notes that NCI is a partnership firm and any
withdrawals from the capital account could impact the net worth
and thereby the gearing levels; this remains a key rating
sensitivity.

The rating, however, continues to favourably factor in the
experience of the firm's promoters in the cotton ginning industry,
the advantage the firm enjoys by virtue of its location in the
cotton producing belt of Saurashtra (Gujarat), and the stable
demand outlook for cotton and cottonseeds in the medium term.

Established in August 2013 as a partnership concern, Navjivan
Cotton Industries commissioned operations on 10th February, 2014
and is engaged in cotton ginning, pressing and trading activities
with a product profile comprising of cotton bales and cotton seed.
The firm is promoted by Mr. Usman Kadiwar along with his family
members who have an experience of around a decade in the cotton
ginning industry vide their association with another firm engaged
in the same line of business.

Recent Results
For the year ended March 31, 2015, the firm reported an operating
income of INR 159.13 crore and profit after tax of INR0.20 crore
against operating income of INR 16.27 crore and profit after
taxation of INR 0.01 crore for the year ended March 31, 2014 (~1.5
months of operations).


NIKKA MAL: CARE Reaffirms B+ Rating on INR11cr LT Loan
------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Nikka Mal Pyare Lal Jain.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      11        CARE B+ Reaffirmed
   Short-term Bank Facilities      3        CARE A4 Reaffirmed

Rating Rationale

The ratings of Nikka Mal Pyare Lal Jain (NMP) continue to be
constrained by its small scale of operations, low profitability
margins, weak solvency position and elongated operating cycle. The
ratings are further constrained by the constitution of the entity
as a partnership firm and its presence in a highly fragmented
industry.

The ratings, however, continue to derive strength from the
experienced partners and positive long-term outlook for the
gems and jewellery industry.

Going forward, the ability of NMP to increase its scale of
operations while improving its profitability margins and solvency
position will be the key rating sensitivities.

Nikka Mal Pyare Lal Jain (NMP), a partnership concern, was
established in April 2010. However, the firm commenced its
operations from June 2011. NMP is engaged in the manufacturing and
trading of gold and diamond jewellery with its retail
outlet/showroom located at Ludhiana, Punjab. The firm procures
pure gold bars from Bank of Nova Scotia while diamond gems and
studs are purchased from wholesalers based in Mumbai, Delhi and
Surat. The customer profile of the firm mainly comprises of other
jewellers and individual customers located in Punjab and nearby
regions.

NMP reported a PAT of INR0.11 crore on a total income of INR42.95
crore in FY15 (refers to the period April 1 to March 31) as
against the PAT of INR0.09 crore on a total income of INR40.82
crore in FY14. Furthermore, during FY16 (Provisional), the firm
had achieved a total sales of around INR17 crore till August,
2016.


ORIGIN LIFECARE: CARE Assigns B+ Rating to INR7cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Origin
Lifecare Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facility         7        CARE B+ Assigned

Rating Rationale

The long-term rating assigned to the bank facilities of Origin
Lifecare Private Limited (OFPL) is constrained by its thin
profitability due to low value addition, high leverage, modest
liquidity position and fragmented nature of the industry. The
rating also constrained due to regulated risk associated with the
pharmaceutical industry. However, the above weaknesses are partly
offset by experience of the promoters and consistent growth in the
scale of operations.

Improvement in profitability and leverage position and the
company's ability to effectively manage its working capital are
the key rating sensitivities. Furthermore, continued compliance of
regulatory requirement would also remain the key monitorable.

Ahmedabad-based (Gujarat), OLPL was incorporated as a private
limited company on June 24, 2010 through acquisition of
operational pharmaceutical unit. The main products include
Injectables, eye drops and dry powder injection. As on
March 31, 2015 plant has the installed capacity of 43,200 metric
tonne per annum (MTPA)for dry powder, 43, 200 MTPA for Ampoules
and 2,16,00 MTPA for Vials. It has Schedule M-GMP certified
facilities located at Vatva, Ahmedabad.

Based on provisional results for FY15 (refers to the period
April 1 to March 31), OLPL reported a total operating income of
INR143.77 crore (P.Y: INR 50.24 crore) and profit after tax (PAT)
of INR0.05 crore (P.Y: INR0.04 crore).


ORIGIN MINERALS: CARE Assigns B+ Rating to INR5cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Origin Minerals Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facility         5        CARE B+ Assigned
   Long-term/Short-term Bank
   Facility                       35        CARE B+/CARE A4
                                            Assigned

Rating Rationale
The ratings assigned to the bank facilities of Origin Minerals
Private Limited (OMPL) are constrained by yet to establish
track record of operations, working capital intensive nature of
operations and exposure to foreign exchange rates and commodity
price fluctuation risk inherent in coal trading business.
Nevertheless, the above rating weaknesses are partly offset by
experienced promoters and infusion of equity capital as per terms
of sanction and favorable demand scenario for steam coal.

Ability of OMPL to scale up of its operations while efficiently
managing working capital requirements is the key rating
sensitivity. Ability to manage volatility associated with
commodity prices and foreign exchange rates also remains crucial.

Ahmedabad-based (Gujarat), OMPL was incorporated as a private
limited company on April 11, 2013 to engage in trading of coal. It
is promoted by Mr ArvindKumar Shrimal & Mr Dipen Kishorchandra
Banker. Subsequently, Mr Amit Sharma, Chartered Accountant was
inducted in the Board.

Based on provisional financials for the 11 months ended Feb. 8,
2015, OMPL reported a total operating income of INR2.69 crore and
profit after tax (PAT) of INR0.03 crore.


PANCHAMI ELECTRONICS: CARE Assigns B+ Rating to INR5.60cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Panchami Electronics Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.60      CARE B+ Assigned
   Short-term Bank Facilities     0.40      CARE A4 Assigned

Rating Rationale

The ratings assigned to bank facilities of Panchami Electronics
Pvt. Ltd. (PEPL) are constrained by limited geographic presence,
low profitability owing to highly competitive nature of the
business, weak capital structure with low capital base, working
capital intensive nature of operations, dependence on economic
scenario and seasonal nature of business.

The ratings, however, derive strength from PEPL's experienced
promoters and established track record, established vendor
relationship, consistent growth in total operating income and
limited inventory obsolescence risk owing to support from
manufacturers.

The ability of the company to scale up of operations and improve
its capital structure by prudent working capital management forms
the key rating sensitivities.

Incorporated in February 2007, Panchami Electronics Private
Limited is engaged in retail of electronic home appliances. Having
started its operations with just one Sony Exclusive showroom at
Chilimbi, Mangaluru; the company presently runs four Sony brand
stores and an exclusive retail outlet of Panasonic in the state of
Karnataka. PEPL is also into wholesale business and is the
distributors for Panasonic, Onida, Bosch, and Intex brands. PEPL
has a sister concern viz. Panchami Distributors Private Limited
(PDPL) which operates as a distributor for several electronics
brands such as Sony, Whirlpool, and Haier.


PANYAM CEMENTS: CARE Upgrades Rating on INR56.24cr Loan to 'C'
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Panyam Cements And Mineral Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    56.24       CARE C Revised from
                                            CARE D

   Short-term Bank Facilities    9.32       CARE A4 Revised from
                                            CARE D (Single D)

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Panyam Cements and Mineral Industries Limited (PCMIL) takes into
account the regularization of debt servicing due to improvement in
financial performance and liquidity position of the company from
Q4FY15 (refers to the period January 01 to March 31) onwards led
by recommencement of operations from October 2014 and increase in
demand for cement due to improved business sentiments across
industry in Telangana and Andhra Pradesh post bifurcation of
Andhra Pradesh state. The ratings also factor in the long
experience and satisfactory track record of promoter in
diversified business, location advantage of the plant and growth
in total operating income and operating profit in FY15 (refers to
the period April 1 toMarch 31) vis-a-vis op. loss in FY14.
The ratings, however, continue to be constrained by PCMIL's
leveraged capital structure, working capital-intensive nature
of the business and significant exposure to the group companies.
The ability of the company to increase the scale of operations and
improve profit margins, capital structure, liquidity position and
effectively manage its working capital requirements are the key
rating sensitivities.

Panyam Cements & Mineral Industries Limited (PCMIL), incorporated
in June 23, 1955, is part of the Nandi Group of Industries based
out of Nandyal in Andhra Pradesh. Nandi group is promoted by Mr
SPY Reddy. Since 1978, the group has built a diversified presence
in segments such as cement, dairy, PVC pipes, construction, TMT
bars etc. CARE has rated some of the companies of the group;
Anantha PVC Pipes Private Ltd. (rated CARE B/CARE A4), SPY Agro
Industries Limited (rated CARE B-/CARE A4), Nandi Pipes Private
Ltd. (rated CARE B+/CARE A4), Shreekanth Pipes Private Ltd. (rated
CARE B+/CARE A4) etc.

PCMIL is currently engaged in manufacturing of Ordinary Portland
Cement (OPC) 53 grade & 43 grade and Pozzolona Portland cement
(PPC) with installed capacity of 1 million tons per annum. PCMIL
was acquired by Nandi Group from its earlier promoters, Mr M V
Subba Rao and associates, during September 2004 following company
turning sick with accumulated losses. Over the years, Nandi Group
has successfully revived the company and has undertaken large
modernization and expansion projects to increase PCMIL's scale of
operations and reduce operational costs.


PARTHAS: CARE Revises Rating on INR14.16cr LT Loan to B+
--------------------------------------------------------
CARE revises rating assigned to the bank facilities of Parthas.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.16      CARE B+ Revised
                                            From CARE BB-

Rating Rationale

The revision in the rating factors in the deterioration in the
financial risk profile of Parthas, Trivandrum marked
by decline in income, sharp decline in profitability and
significant decline in cash accruals in FY15 (refers to the period
April 1 to March 31). The revision in the rating also factors in
the time and cost over runs on the debt-funded capital
expenditure to expand show room space.

The rating continues to be constrained by weak capital structure
with negative networth due to high withdrawals by partners in the
past, working capital intensive nature of operations and
concentration risk with the revenue stream limited to one showroom
at Thiruvananthapuram, in Kerala. The rating is also constrained
by the intense competition in the region and the exposure to group
entities in the form of loans and advances.

The rating, however, continues to derive comfort from the
experience of the partners, long operational track record of
the firm and the favourable image of the 'Parthas' brand.
Going forward, the ability of Parthas to grow its revenue, improve
profitability and accruals amidst increasing competition
and rising costs will be critical. Besides, the entity's ability
to manage its working capital borrowings prudently and
complete its capex without elevating its debt levels further would
be the key rating sensitivities.

Parthas (Parthas-T) is a partnership firm engaged in retailing of
branded garments/ textiles through its retail showroom having an
area of about 50,000 sq. ft. and located at the heart of
Trivandrum city in Kerala. The firm is part of the Parthas
Group, engaged in retailing of textiles primarily in the Kerala
market. The Parthas Group was promoted in 1960 by (Late)
Mr Lakshmana Reddiar and (Late) Mr Sreenivasa Reddiar (brothers-
in-law) at Kottayam. Currently, there are two different groups
engaged in retailing of textiles under the Parthas brand name and
managed by the two families in four different locations,
Trivandrum, Kottayam, Ernakulum and Nagercoil(which is under
development).

At present, sons of (L) Mr Sreenivasa Reddiar, Mr Nagarjulu, Mr
Arjunan, Mr Viswanathan and Mr Rajakrishnan, along with Mr
Lakshman (S/o.Mr Nagarjulu) are the partners in Parthas-T,
managing the day-to-day operations as well as attending to
strategic matters. The Kottayam and Nagercoil showroom is managed
by the sons of (L) Mr Sreenivasa Reddiar through a separate
partnership firm.

Parthas - T was also operating a movie theatre in Trivandrum in
the same building complex. It has been non-operational since March
2010. The revenue share of the theatre was negligible and the firm
is expanding its show room into the area earlier occupied by the
theatre.

Parthas - T is being managed by second-generation entrepreneurs.
All the partners possess considerable experience in the retailing
of textiles.

Mr Lakshmana Reddiar's sons, are engaged in the same line of
business through 'Parthas Textiles' (Ernakulam, Kerala)
which has export operations also.

Parthas - T has achieved a PAT of INR0.21 crore on a total
operating income of INR60.20 crore in FY15 provisional as compared
with a PAT of INR1.74 crore on a total operating income of
INR69.46 crore in FY14 Audited.


PONDICHERRY TINDIVANAMTOLLWAY: CARE Reaffirms B LT Loan Rating
--------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of
Pondicherry Tindivanamtollway Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    210.94      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Pondicherry
Tindivanam Tollway Limited (PTTL) continues to be constrained
by the stretched liquidity position of the company, traffic risk
associated with a toll-based project owing to the uncertainty in
traffic and in turn revenue, Operations and Maintenance (O&M) risk
and absence of fixed-price major maintenance contract. The rating
is, however, underpinned by the experienced promoters, various
forms of supports committed by the sponsors, fixed short term
revenue contract for FY15 (refers to the period April 1 to
March 31) for toll collection and commercial importance of the
stretch albeit presence of alternate routes.

The ability of the company to achieve the envisaged toll revenue,
overall effective cash flow management and /or occurrence of force
majeure events are viewed as the key rating sensitivities.

Pondicherry Tindivanam Tollway limited (PTTL) is a Special Purpose
Vehicle (SPV) incorporated on March 27, 2007, to undertake the
strengthening and four-laning of 37.92 km stretch on the
Pondicherry-Tindivanam section of NH-66, in the state of Tamil
Nadu. It is promoted by the consortium of Nagarjuna Construction
Company Limited (NCC) along with its fully owned subsidiary NCC
Infrastructure Holdings Ltd, IL&FS Engineering Constructions Ltd
(ILFS- formerly Maytas Infra Private Limited) and Terra-Projects
Limited. The Concession Agreement (CA) was executed between PTTL
and National Highways Authority of India (NHAI) on July 19, 2007
for a concession period of 30 years from the date of financial
closure, including the construction period of 30 months. The
Scheduled Project Completion Date (SPCD) of the project was July
14, 2010. However, on account of delay by NHAI in handing over the
land, the construction could not be completed within the scheduled
time. PTTL received an Extension of Time (EOT) for COD till April
27, 2011, from NHAI. The project, however, received Provisional
COD and commenced tolling from December 12, 2011. The actual cost
incurred in the project was INR361.96 crore as against the
estimated cost of INR314.62 crore.

In September 2013, PTTL applied for bilateral restructuring and
the same had been approved by the lenders wherein it was
stipulated that the repayment of existing loans will commence from
June 2020 and Funded Interest Term Loan (FITL) will be repaid in
bullet repayment in 2028.

For FY15, PTTL registered a total income of INR13.50 crore with a
net loss of INR18.64 crore vis-…-vis total income of INR12.31
crore and net loss of INR20.45 crore in FY14. Further for Q1FY16
PTTL has registered tolling income of INR3.64 crore with a net
loss of INR4.72 crore.


REAL GROW: CARE Reaffirms B+ Rating on INR29.80cr LT Loan
---------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
Real Grow Exims India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     29.80      CARE B+ Reaffirmed
   Short-term Bank Facilities     2.00      CARE A4Reaffirmed

Rating Rationale
The ratings assigned to bank facilities of Real Grow Exims Private
Limited continues to remain constrained by the short track record
of operations, trading nature of business resulting in thin
profitability margins, low cash accruals, leveraged capital
structure, working capital intensive nature of operations and
intense competition in the industry. The ratings, however, are
underpinned by satisfactory experience of the promoters and
moderate industry growth prospects. The ability of the company to
improve its business volume, strengthen the client base and
efficiently manage the working capital requirements are the key
rating sensitivities.

Incorporated in May 2012, Real Grow Exims Private Limited (Real
Grow) is promoted by Mr Goluguri Venkata Reddy, Mr Karri Venkata
Srinivasa Reddy and Mr G N V S Satyanarayana Reddy. The company
commenced its operations from June 2014 and is engaged in trading
of aqua feed for fish and prawns feeds in West Godavari district,
Andhra Pradesh.

The promoters have long established presence in the fish feed
industry through several other group companies viz. Reddy and
Reddy Imports and Exports, Nutrient Marine Foods limited (rated
CARE BB/CARE A4) and Nexus Feeds Ltd. (rated CARE BBB-/CARE A3)
which are engaged in fish and prawns feed/shrimp processing
business.

During FY15 ((Provisional), refers to the period April 1 to
March 31), Real Grow achieved PBILDT of INR2.92 crore and PAT
of INR0.60 crore on a total operating income of INR93.64 crore.
As per the unaudited financials for 5MFY16, Real Grow has achieved
PBILDT of INR2.70 crore on a total operating income of INR54.85
crore.


RP RESORTS: ICRA Assigns 'D' Rating to INR10cr Long Term Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]D to the INR10.00
crore term loan facility and the INR10.00 long-term proposed
facilities of RP Resorts Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term-Term
   loan facilities       10.00        [ICRA]D, assigned

   Long-term-Proposed
   Facilities            10.00        [ICRA]D, assigned

The assigned rating reflects current delays in debt servicing
caused by liquidity shortfalls arising out of seasonality in
business and insufficient moratorium on term loan repayment amidst
ongoing renovation. The Company scale of operations is small with
its operations geographically concentrated on its single property
near Kozhikode. While the Company's occupancy level is largely
dependent on airline crew impacting its overall Average Room
Revenue (ARR), its operating margin has been impacted over the
last two fiscals owing to renovation undertaken at its property.
The Company also has large investments in its group companies.
However, ICRA also considers the Company's position as part of the
RP group of Companies, management tie-up with ITC group of hotels
for the "Welcom" brand, benefitting it from the marketing and
advertising network of ITC. The Company also has low gearing aided
by its strong net worth position. Going forward, a track record of
timely debt servicing, driven by improvement in the Company's
liquidity position will be a key rating sensitivity.

RP Resorts Private Limited operates a single 117 room five-star
resort-Welcom Hotel Raviz Kadavu located near Kozhikode. The
Company has a marketing tie up under the Welcom brand of ITC group
of hotels. The resort was acquired by the current promoters in
2010. The resort has three restaurants, a bar, an amphitheatre,
three conference/banquet halls, an Ayurveda centre with four
rooms, a tennis court, health club and a swimming pool.
The Company is part of the RP Group of companies founded by Dr.
Ravindran Pillai. The group has several companies operating under
various divisions like construction & infrastructure, real estate
development, hotels & hospitality, travel & tourism, healthcare &
wellness, education, information technology, trading and retail
and malls operating in India as well as in the Middle East.

Recent Results
In 2014-15, RPRPL reported a net loss of INR1.3 crore (un-audited
& provisional) on an operating income of INR17.5 crore (un-audited
and provisional) as against a net loss of INR 0.1 crore on an
operating income of INR 16.0 crore in 2013-14.


SAFE DEVELOPMENT: ICRA Assigns D Rating to INR26.10cr LT Loan
-------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR23.90
crore (revised from INR49.76 crore) term loan facilities of
Safe Development Alms Trust from [ICRA]B+ to [ICRA]D. ICRA has
also assigned a long term rating of [ICRA]D to the INR26.10 crore
proposed facilities of SDAT.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Facilities      23.90        Downgraded to [ICRA]D

   Long Term Proposed
   facility              26.10         Assigned [ICRA]D

The downgrade of the rating takes into account the persistent
delays witnessed in the servicing of debt obligations by the
trust. The rating also reflects the stretched financial profile of
the trust, characterized by, high gearing, stretched coverage
indicators and poor cash flow position resulting from the ongoing
capital expenditures. ICRA, however, takes note of the healthy
increase in revenues over the past few years, albeit on a small
base; the improved profitability; and the extensive experience of
the promoters in the educational sector spanning over two decades.

Safe Development Alms Trust, established in the year 1993 by Mr.
P.V. Hassan with the objective of providing general healthcare
services to the public and promote medical and paramedical
education, has its headquarters at Palakkad, Kerala. The Trust
currently manages Karuna Hospital (a super-specialty hospital with
175 bed facility), Karuna Medical College Hospital (600 bed
facility), Karuna Medical College (100 seats) and Karuna College
of Nursing (50 seats). The Karuna Medical College has 100%
occupancy since inception owing to healthy demand for medical
education in the country.

The Trust reported a net profit of INR9.9 crore on an operating
income of INR38.1 crore during 2013-14 as against a net profit of
INR7.0 crore on an operating income of INR31.5 crore during 2012-
13.


SONATA CERAMICA: CARE Ups Rating on INR5.20cr LT Loan to BB-
------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Sonata Ceramica Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.20      CARE BB- Revised from
                                            CARE B+

    Short-term Bank Facilities    1.75      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Sonata Ceramica Private Limited (SCPL) was primarily
on account of increase in total operating income (TOI) and cash
accruals in FY15 (refers to the period April 1 toMarch 31),
moderate liquidity indicators coupled with successful completion
of debt funded capex.

The ratings continue to remain constrained due to its modest scale
of operations in a highly competitive and fragmented industry,
moderate profit margins which are susceptible to volatility in
prices of raw material and fuel and elongated operating cycle.

The ratings, however, continue to derive strengths from the vast
experience of the promoters in tile manufacturing industry and its
presence in the ceramic tile hub with easy access to raw material
and power and fuel coupled with comfortable capital structure and
debt coverage indicators.

SCPL's ability to increase its scale of operations along with
improvement in profitability and efficient working capital
management are the key rating sensitivities.

Incorporated in August, 2002, SCPL is engaged in manufacturing of
ceramic tiles of 2x2 inch, 12x18 inch, 300x300 mm, 302x302 mm,
508x508 mm and 605x605 mm sizes. The company is also engaged in
trading of vitrified tiles, floor tiles, wall tiles etc.

SOPL's facility is located at Himmatnagar and has an installed
capacity of 13.50 Lakh Square feet per Annum (SSPA) for
manufacturing of ceramic wall tiles as on March 31, 2015.

As per the audited results of FY15, SCPL reported profit after tax
(PAT) of INR0.44 crore on a total operating income (TOI) of
INR31.28 crore as against PAT of INR0.41 crore on a TOI of
INR26.57 crore during FY14. As per the provisional results for
5MFY16, SCPL reported turnover of INR13.15 crore.


SPINTEX INDIA: ICRA Assigns 'B' Rating to INR15cr Term Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR15.00
crore (enhanced from INR12.00 crore) term loan limits of 4S
Spintex India Private Limited. ICRA has also assigned ratings of
[ICRA]B/[ICRA]A4 to the INR6.00 crore long-term/short-term,
unallocated limits of the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             15.00       [ICRA]B assigned/outstanding
   Unallocated Limits     6.00       [ICRA]B/[ICRA]A4 assigned

The assigned rating is constrained by significant funding risk
with only INR2.78 crore of promoter equity brought in and high
project implementation risk arising out of nascent stage of the
plant construction with only INR3.88 crore of cost incurred as on
August 25, 2015. The company has availed term loan of INR1.10
crore as on August 25, 2015 out of the INR15.00 crore sanctioned
term loan from bank. The rating is also constrained by the highly
fragmented nature of the cotton yarn spinning industry, small
scale of operations and commoditized nature of the product leading
to low pricing power. However, the rating positively factors in
the experience of the promoters with more than two decades of
experience in cotton ginning industry and location advantage of
4SSIPL on account of proximity to ginned cotton supply centers in
Andhra Pradesh.

Going forward, timely completion of the project without cost
overruns and ability of the company to generate sufficient
accruals at the envisaged capacity utilization will remain key
rating sensitivities from credit perspective.

4S Spintex India Private Limited (4SSIPL) was incorporated in
August 2012 and is setting up a manufacturing unit of yarned
cotton with an installed capacity 8160 spindles in Jaggaiahpet
Mandal, Krishna District, Andhra Pradesh. The estimated cost of
the project is around INR24.20 crore, to be funded by debt of
INR15.00 crore from bank and INR9.20 crore of promoter's
contribution. The company is promoted by Mr. D.V.V. Satyanarayana,
Mr. Devarapalli Chalapathi Rao who has more than two decades of
experience in cotton ginning.


SREE DRG: CARE Assigns 'B' Rating to INR7.23cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B' AND 'CARE A4' rating to the bank facilities
of Sree Drg Vinyls Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.23       CARE B Assigned
   Short-term Bank Facilities    1.25       CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Sree DRG Vinyls
Industries (SDVI) are constrained by the small scale of
operations, declining profitability margins and weak capital
structure. The ratings are also constrained by tight liquidity
position arising from its elongated operating cycle and factors in
the limited negotiation capabilities with large clients in the
auto segment.

The rating derives comfort from the long experience of the partner
of nearly three decades in the textile industry. Going forward,
ability of the firm to scale up operations, improve profit margins
and its ability to prudently manage its working capital
requirements will be the key rating sensitivities.

SDVI is a partnership firm established in the year 2009 by Mr R G
Chandrasekkar along with his wife Mrs Jayanthi and daughter Ms
Sowmya who is a minor partner. The firm is primarily engaged in
the manufacturing of Poly Vinyl Chloride/Poly Urethane (PVC/PU)
leather cloth which is used as domestic upholstery, automobile
upholstery, ladies bags, manufacturing footwear, wall paneling,
belts, purses, wallets etc.

SDVI is engaged in both domestic and export sales. The domestic
sales contribute 80% of the total sales and balance 20% is
contributed by exports. The export sales are to Srilanka, Dubai,
Ethiopia, Kuwait, and Tanzania.

SDVI's knitting division(backward integration) has two circular
knitted machines to manufacture knitted fabrics, being used as
backing fabrics whereas woven fabricfor the manufacture of PVC
Leather Cloth is outsourced.

SDVI is part of the DRG Group with interests intrading of PVC
leather and furnishing fabrics as well as hospitality business
through group concerns.

The firm achieved PATof INR0.21 crore on total operating income of
INR24.22 crore in FY15 (refers to the period April 1 to March 31 -
Provisional) as compared to a PAT of INR0.11 crore on total
operating income of INR23 crore in FY14.


SRI MOULI: Ind-Ra Assigns B+ LT Issuer Rating; Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sri Mouli
Textiles Private Limited (SMPTL) a Long-Term Issuer Rating of
'IND B+'.  The Outlook is Stable.  Rating actions on SMTPL's bank
loans:

                       Amount
   Facilities       (INR Million)    Ratings
   ----------       -------------    -------
  Long-term loans       101.2        Assigned 'IND B+'/ Stable

  Fund-based             80.0        Assigned 'IND B+'/
   Facilities                        Stable/'IND A4'

  Non-fund-based          8.2        Assigned 'IND A4'
   facilities

KEY RATING DRIVERS

The ratings reflect SMTPL's small scale of operations and weak
credit metrics.  Unaudited FY15 financials indicate revenue of
INR99 mil., net leverage (total Ind-Ra adjusted net debt/operating
EBITDAR) of 12.9x and EBITDA interest cover of 1.3x.  EBITDA
margins were strong at 16.3% at FYE15.  FY15 was SMTPL's first
year of operations as production commenced in Oct. 2014.  The
ratings also factor in the risks associated with the agricultural
commodity based manufacturing business.

The ratings are supported by SMTPL's comfortable liquidity with
around 61% utilization of the fund-based working capital facility
during the 12 months ended July 2015.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations while
maintaining the profitability leading to a sustained improvement
in the credit profile will lead to a positive rating action.

Negative: A substantial decline in the revenue or profitability
resulting in sustained deterioration in the credit profile will
lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2011, Andhra Pradesh based SMTPL operates an open-
ended spinning unit.  It manufactures cotton yarn in the range of
8s and 24s counts.  It has an installed capacity of 1,344 rotors.


TATHASTU SPINTEX: CARE Reaffirms B+ Rating on INR41cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Tathastu Spintex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     41.00      CARE B+ Reaffirmed
   Long-term/Short-term Bank
   Facilities                     1.75      CARE B+/CARE A4
                                            Reaffirmed

Rating Rationale

The ratings of Tathastu Spintex Private Limited (TSPL) continue to
be constrained on account of project execution risk associated
with green field project (for setting up the cotton yarn
manufacturing facility) along with the debt laden funding pattern
of project. The ratings are further constrained by the
susceptibility of TSPL's profit margin to volatile cotton and
cotton yarn prices and presence in the highly competitive cotton
yarn segment.

The ratings, however, continue to derive strength from promoter's
experience, technical services of professionals availed by the
promoters to partially mitigate the execution risk, availability
of various government benefits apart from TSPL's favourable
location.

TSPL's ability to complete the envisaged project within time and
cost parameters as well as its ability to achieve the envisaged
level of scale of operations and profitability would be the key
rating sensitivities.

Incorporated on April 2015, Tathastu Spintex Private Limited
(TSPL) is a Morbi based entity promoted by Mr Ashwin Bhatasna and
Mr Mukesh Savsani. TSPL is setting up a green-field project in
Tankara (situated on outskirts of Morbi) of installing 16,320
spindles having an installed capacity of producing 3,300 Metric
Tonnes Per Annum (MTPA) of cotton yarn.

The total cost of the project is envisaged at INR63.77 crore to be
funded through a debt and equity in proportion of 2.19:1
respectively. Financial closure for the project is yet to be
achieved and commercial production is expected to commence
from July 2016. Furthermore, the company is under process of
getting all the necessary approvals post which it will start
implementing the project.

As on September 14, 2015, TSPL has incurred the total cost of
INR1.63 crore towards capex and the same has been met
from promoter's equity.


VASISHTA CONSTRUCTIONS: CARE Ups Rating on INR44.5cr Loan to C
--------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Vasishta
Constructions Private Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long term Bank Facilities     44.50     CARE C Revised from
                                           CARE D

   Long term/Short term Bank
   Facilities                   130.00     CARE C/CARE A4 Revised
                                           from CARE D

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Vasishta Constructions Pvt Ltd (VCPL) takes into account improved
liquidity profile on account of recovery of bills receivables
resulting in regularisation of debt servicing. The ratings are
underpinned by experience of promoters, healthy growth in order
book size coupled with faster movement of few high value projects,
increased scale of operation coupled with improved net profit in
FY15 (refers to the period April 1 to March 31), improved leverage
position with repayment of term debt and moderate industry
outlook. The ratings are, however, constrained by concentrated
order book position, satisfactory utilization of bank borrowings
and limited experience in executing the projects of relatively
large size. The ability of the company to manage the growth and
ensure timely execution of projects and recovery of contracts
proceeds in timely manner and improve liquidity profile with
effective management of working capital are the key rating
sensitivities.

Incorporated in October 1991, VCPL is engaged in construction
activities spanning irrigation & flood control, roads &
bridges, building & structures, etc. VCPL is promoted by Mr M Naga
Raju, Mr M Sivarama Raju, Mr M S Subba Raju and Mr D Ravi Kumar.
The promoters have around 25-30 years of experience in executing
civil contracts for government entities and private players in the
aforesaid segments.

During FY15, VCPL achieved PBILDT of INR32.68 crore (against
PBILDT of INR28.77 crore in FY14) with PAT of INR15.04 crore
(against PAT of INR8.22 crore in FY14) on a total operating income
of INR266.41 crore (against total operating income of INR213.53
crore in FY14).

As per the unaudited results of Q1FY16 (refers to the period April
1 to June 30), VCPL has achieved PAT of INR3.74 crore
on a total operating income of INR73.15 crore.


YASHAS FRP: CARE Reaffirms B+ Rating on INR2.29cr LT Loan
---------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Yashas Frp Manufacturing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      2.29      CARE B+ Reaffirmed
   Long-term/Short term Bank      4.50      CARE B+/CARE A4
   Facilities                               Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Yashas FRP
Manufacturing Private Limited (YFM) remained constrained on
account of its modest scale of operations, low net-worth base,
leveraged capital structure and weak liquidity position.
Furthermore, the ratings remain constrained by its presence in a
highly competitive and fragmented industry. The ratings factor in
the increase in operating income along with improvement in
solvency position and operating cycle albeit decline in
profitability during FY15 (refers to period April 1 to March 31).

The ratings continue to draw strength from experience of the
promoters and established customer base.

YFM's ability to increase its scale of operation, improve its
profitability and capital structure while efficiently managing its
working capital requirements remain the key rating sensitivities.

YFM is a closely held private limited company incorporated on
May 5, 2008 and started its operations from November2008. YFM is
promoted by Mr Sanjay Gupta and Ms Shalini Gupta. YFM has its
manufacturing facilities located at Indore spread over 18,000 sq
ft having a capacity of 75 tonnes per month or 900 tonnes per
annum. YFM is engaged into the business of manufacturing Fiber-
glass Reinforced Plastic (FRP) products such as fans & general
moulding products, cable management systems, custom structural
profiles, hand-railings & ladders, mass transportation interiors &
exteriors.

During FY15 (provisional; refers to the period April 1 to
March 31), YFM earned a PBT of INR0.18 crore on a total operating
income (TOI) of INR9.37 crore as against a PAT of INR0.27 crore on
a TOI of INR5.97 crore during FY14.



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


SHARP CORP: Public-Private Fund Might Lead Rehabilitation Quest
---------------------------------------------------------------
The Japan Times reports that a public-private fund might invest in
struggling Sharp Corp. to lead the electronics maker's turnaround,
sources close to the matter said.

According to the report, the investment might amount to around
JPY200 billion ($1.7 billion), the sources said on October 10.
Sharp's liquid crystal display panel business is expected to post
a higher than expected operating loss of JPY50 billion in the
first half because of the economic slowdown in China, they said.

If Innovation Network Corp. of Japan chooses to invest, its
support would be broader than earlier thought. Sharp, which
secured a JPY225 billion ($1.9 billion) bailout from major banks
in May, initially planned to accept investment only in its key
display panel division, the sources said, the report relays.

According to the report, sources said Taiwan's Hon Hai Precision
Industry Co., better known as Foxconn, was said to have been
interested in acquiring Sharp. But the Ministry of Economy, Trade
and Industry, which has jurisdiction over INCJ, has expressed
concern that Sharp's unique technologies, including its Igzo
display panels for smartphones and other devices, could be
siphoned off abroad.

With a stake in Sharp, INCJ would be comprehensively involved in
its reconstruction, the report notes.

                        About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in Troubled Company Reporter-Asia Pacific on
July 3, 2015, Standard & Poor's Ratings Services said that it has
raised its long-term corporate credit rating on Sharp Corp. to 'B-
' and its short-term corporate credit rating on the company to
'B', both from 'SD' (selective default). The outlook on the long-
term corporate credit rating is negative. On June 30, 2015, S&P
lowered the long- and short-term corporate credit ratings to 'SD'
because Sharp carried out a de facto debt-for-equity swap.  S&P
revised the ratings following completion of the transaction, which
resolved the situation that it defines as 'SD'.

S&P raised its long-term debt rating on Sharp to 'B-' from 'CCC+'
and S&P's commercial paper (CP) program rating to 'B' from 'C',
one notch for each, and removed the ratings from CreditWatch.  S&P
raised the long-term corporate credit rating on overseas
subsidiary Sharp International Finance (U.K.) PLC three notches to
'B-' and S&P's short-term corporate credit rating and its CP
program rating one notch to 'B' and also removed the ratings from
CreditWatch.


* Japanese Auto Ratings Resilient Amidst Slow Economy, Fitch Says
-----------------------------------------------------------------
Fitch Ratings says Japanese automakers -- Toyota Motor Corporation
(A/Stable), Honda Motor Co., Ltd (A/Stable) and Nissan Motor Co.,
Ltd (BBB/Positive) -- are likely to have sufficient ratings
headroom to weather larger-than-expected sales volume declines and
margin erosion, should global growth slow in 2016.

Investments in R&D, new/refreshed products and cost base
reductions over the last few years, together with a weak yen,
should support their competitiveness.  Robust earnings in the
financial year to end-March 2014 (FY14) and FY15 have strengthened
their capital structures, providing additional ratings headroom.

Fitch expects the three automakers' profitability to remain stable
in FY16, supported by a favourable US market, which will offset
weakness in Japan, and volatility in Asia and key emerging
markets.  Cost reductions, a continued weak yen to the US dollar,
and solid product pipelines will drive this profitability.  Fitch
expects all three to maintain solid credit ratios and ample
liquidity.



=============================
P A P U A  N E W  G U I N E A
=============================


PAPUA NEW GUINEA: S&P Keeps LT B+ Rating, Revises Outlook to Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised the rating outlook on
Papua New Guinea (PNG) to negative from stable.  At the same time,
S&P affirmed the foreign and local currency long-term ratings on
PNG at 'B+', and the respective short-term ratings at 'B'.  The
Transfer and Convertibility (T&C) assessment remains 'BB'.

RATIONALE

The outlook revision reflects S&P's view that downside risks are
emerging even as PNG's new liquefied natural gas (LNG) project
reaches full production.  The falls in export commodity prices
since December 2014 are having a larger negative impact on
government revenues than S&P had expected.  And while S&P expects
the government will cut its expenditure plans to partly offset
this, it may prove too challenging for the government to stabilize
its debt in line with S&P's projections.  Furthermore, over the
coming few years, S&P doubts that the economy can continue to
sustain the very strong growth witnessed in recent years unless
further large foreign-financed resource projects commence in the
near term, raising the possibility that PNG's sizable fiscal and
external imbalances will be very slow to unwind.

The sovereign ratings on PNG reflect structural constraints
inherent in a lower middle-income economy dependent on extractive
industries and served by weak institutions.  In addition, the
economy faces external and fiscal imbalances linked to bringing on
line a US$19 billion (118% of 2014 GDP) LNG project.  With the LNG
project now operational, we expect it to contribute to both export
receipts and government revenues, enabling the unwinding of PNG's
related imbalances in the next few years.

Papua New Guinea faces pressing development needs.  It had a per
capita GDP of US$2,150 in 2014 and is ranked 157 out of 187
countries on the United Nation Development Programme's Human
Development Index.  Moreover, the prevalence of urban crime in the
country deters investment in our view, while governmental
institutions are a weakness.  In addition, economic data
inconsistency is another credit weakness.  There are gaps and lags
in economic and external data, as well as a lack of transparency
in public-sector fiscal affairs.

PNG's economy has been undergoing a transformation in recent
years, with the construction and now operation of a new LNG plant.
The integrated LNG plant has a production capacity of 6.9 million
tons per annum and is operated by ExxonMobil PNG Ltd., a
subsidiary of ExxonMobil Corp.  The project is 33% owned by
ExxonMobil, 29% by Oil Search, and 17% by the PNG government.  The
government also has an indirect interest through its 10.1% equity
stake in Oil Search.  Although economic growth has slowed to 5.5%
- 5.8% in 2013 and 2014 as construction on the facility wound
down, S&P notes that it has averaged about 8% in recent years.

S&P now expects economic growth to be about 10% in 2015, down
sharply from its earlier estimate of close to 20%.  This revision
partly reflects the earlier boost to growth in 2014, due to the
early commencement of LNG production.  But it also reflects the
likely negative impacts of lower income growth, particularly on
government spending.  Beyond 2015, S&P expects economic growth to
slow sharply, although in the medium term growth may be boosted
should further large foreign-financed projects, such as the touted
additional LNG projects, go ahead.

While the LNG project continues to drive strong economic growth
for now, the sheer size of the PNG LNG project, relative to the
country's economy, has generated economic imbalances.  Between
2010 and 2013, PNG ran current account deficits averaging more
than 30% of GDP.  S&P estimates a double-digit current account
deficit in 2014, with the current account balance shifting to
surplus from 2015 as LNG exports accelerate.  A combination of
external debt and foreign direct investment has financed these
deficits.  PNG's net external liabilities have risen to more than
490% of current account receipts in 2014 from 50% of current
account receipts in 2008.  S&P expects this ratio to have peaked
and should decline steadily from 2014, in line with the project's
expected export performance.  The weakness in global energy prices
will likely slow the unwinding of these external imbalances,
although S&P still expects this process to occur gradually.  On
the other hand, potential future LNG projects will lead to further
external imbalances arising during their construction phases.

Aside from higher external imbalances, fiscal imbalances have also
risen sharply in recent years, also driven by the LNG project.
The government has been lifting spending significantly compared to
previous years, to address development priorities and to support
economic growth until LNG production reached full capacity.

The government had originally planned for fiscal deficits to begin
narrowing in 2015 and to gradually reach a balanced position.  But
the impact of low export prices is weighing on government
revenues.  The government's mid-year budget update projects that,
without corrective measures, the deficit will widen to 9.4% of GDP
in 2015, from 6.9% in 2014 and an initial government forecast of
4.4% for 2015.  S&P don't expect the deficit to be anywhere near
this large, but it has revised its 2015 deficit projection to 5.9%
of GDP, from 5.4% previously.  S&P's projection reflects the high
likelihood of the government restraining spending through the
latter part of 2015, and also that the government would likely
struggle to spend its full 2015 allocations after spending only
33% of its budget in the first half of the year.  S&P considers,
though, that there is a further risk of wider deficits, for 2015
as well as for future years, and hence to the outlook for
government debt.

On S&P's measure, net general government debt is about 30% of GDP.
Should the government fail to restrain spending adequately, or
should growth in the nominal economy come under even further
downward pressure, net general government debt could rise
materially above this level.  S&P now treats the US$1.2 billion
loan used to fund the government's stake in Oil Search as a
contingent liability rather than include it in S&P's measure of
government debt, with the loan supported by the profitable
operations of the LNG project.

S&P considers that the public debt stock is subject to exchange
rate risk.  In 2013, 56% of government debt was denominated in
foreign currency.  With PNG's domestic banks already holding a
large share of their assets in government debt, S&P believes this
constrains their ability to fund further government borrowing
domestically.  Indeed, such financing pressures have been evident
since 2014 and appear to have intensified this year.

The central bank's foreign exchange, trading band policy remains
in place.  The IMF assesses PNG's exchange rate to be a crawl-like
arrangement.  The PNG kina has depreciated substantially against
the U.S. dollar in the past couple of years, notwithstanding a
sharp spike in early 2014 when the trading band policy was put in
place, but the currency remains high against the Australian
dollar.  S&P expects the declines against the U.S. are modestly
offsetting the weakness in export commodity prices that are
denominated in U.S. dollars, but the currency's strength against
those of other key trading partners will act as a constraint on
growth.

Managing the economy and public expectations with such a large
project underway would be a challenge for any government.
Nevertheless, prospects for continuing political stability in the
near term will provide PNG with a supportive environment to manage
these expectations. Prime Minister Peter O'Neill's People's
National Congress Party and his coalition partners currently
control a strong majority in Parliament.

OUTLOOK

The negative outlook reflects S&P's view of a one-in-three chance
that it may lower the rating within the next 12 months.  This is
due to the possibility that the government is unable to constrain
its debt levels, and that large fiscal and external imbalances are
slow to unwind in an environment of weaker export revenues and
modest medium-term economic growth.

The outlook could revert to stable if S&P become more confident
that anticipated budget measures will successfully allow the
government to gradually reduce fiscal imbalances and maintain a
low debt level, and that it remains likely that PNG's external
position will improve significantly over the next few years.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the economic assessment had deteriorated
and that the monetary assessment had improved.  All other key
rating factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Affirmed; CreditWatch/Outlook Action
                               To             From
Papua New Guinea (Independent State of)
Sovereign Credit Rating       B+/Neg./B      B+/Stable/B

Ratings Affirmed

Papua New Guinea (Independent State of)
Transfer & Convertibility Assessment
  Local Currency               BB



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


GLOBAL A&T: Fitch Affirms 'B-' IDR & Revises Outlook to Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Singapore-based Global A&T Electronics
Ltd.'s (GATE) Long-Term Foreign-Currency and Local-Currency Issuer
Default Ratings of 'B-'.  The Outlook has been revised to Negative
from Stable.

The Outlook has been revised to Negative because Fitch forecasts
that GATE's liquidity will deteriorate during 2015-16 due to lower
cash generation and continuing high interest costs.  Its 2016
liquidity ratio (ratio of cash + EBITDA to interest + tax +
maintenance capex) could fall below 2.0x - the threshold below
which Fitch would take a negative rating action.

Fitch expects the cash balance of USD214 mil. at end-June 2015 to
deplete by USD50 mil.-60 mil. each year as EBITDA could decline to
USD150 mil. (2014: USD183 mil.), which would be insufficient to
fund its estimates for annual interest payments (USD112.5 mil.),
taxes (USD10 mil.) and capex (USD100 mil.).  GATE's 2015
capex/revenue will be around 15% before trending down to 12% in
2016 as it invests to ensure its equipment is able to meet
customers' requirements.

KEY RATING DRIVERS

Limited Access to Capital: We believe that GATE cannot draw down
on its USD125m revolving credit facility, due to a breach in a
debt service incurrence covenant in its secured bond documents.
GATE's management is considering options to move cash from its
sister company UTAC Manufacturing Services Holdings Pte, monetize
its Singapore facility and sell non-core assets to boost
liquidity.  However, Fitch's rating case will not include these
sources of cash until any transactions are substantially
completed.  GATE's only debt is secured notes of USD1.13 bil. due
in 2019.

Slowing OSAT Industry: We believe that GATE's 2015 revenue and
EBITDA could fall by 10% and 20% respectively, amid a cyclical
industry downturn.  The integrated circuit (IC) outsourced
semiconductor assembly and test (OSAT) industry's 2015-16 revenue
will decline due to slowing smartphone and tablet demand growth
and declining PC sales.  OSAT companies are more exposed to
changes in end-device demand as integrated device manufacturers
and foundries that use OSAT services also have in-house facilities
and they tend to disproportionately cut outsourcing during
slowdowns.

Bond Dispute to Continue: Fitch believes that the company's on-
going dispute with a group of holders of the first tranche of its
first-lien bond is likely to remain unresolved in the medium term.
The New York Supreme Court decision to reject the bondholders'
petition in July 2015 provided temporary relief to the company.
However, the bondholders' appeal of the court's decision will
continue to expose the company to legal risk.  A dispute
resolution by payment of damages or through any court judgment
that requires significant funds would significantly increase the
likelihood of default and lead to a downgrade, which may not be
limited to one notch.

KEY ASSUMPTIONS

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

   -- Revenue to decline by 10% and 5% in 2015 and 2016
      respectively.
   -- EBITDA to decline by 20% in 2015 and remain flat in 2016.
   -- Capex/revenue to be around 15% in 2015 and 12% in 2016.
   -- Cash taxes of USD10m a year.
   -- No asset sales.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to the IDRs being downgraded include:

  -- Any resolution of the dispute with bondholders that leads to
     significant requirement for funds and further liquidity
     stretch.

  -- A fall in the liquidity metric (ratio of cash + EBITDA to
     interest + tax + maintenance capex (assumed to be
     USD30 mil.)) to below 1.5x (2015 forecast: 2.2x).

Positive: Future developments that may, individually or
collectively, lead to Outlook being revised to Stable include:

  -- Liquidity metric (as defined above) greater than 2.0x on a
     sustained basis.



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


DAEWOO SHIPBUILDING: Estimated to Hold Additional KRW1 Tril. Loss
-----------------------------------------------------------------
Yonhap News Agency reports that Daewoo Shipbuilding & Marine
Engineering Co. is estimated to hold an additional KRW1 trillion
(US$861 million) in losses from overseas units that have not yet
been reflected in its balance sheet, industry sources said on
October 11.

In the second quarter, the shipyard posted a record KRW2.39
trillion in net deficit, a sharp turnaround from a KRW76 billion
profit during the same period a year earlier, as it added the
increased costs from a delay in the construction of low-priced
ships and offshore facilities to the quarterly financial
statement, Yonhap discloses.

Operating loss came to KRW3.03 trillion, while sales plummeted
63 percent to KRW1.66 trillion, the report notes.

According to Yonhap News, the Company's creditors led by the
state-run Korea Development Bank have carried out a thorough
inspection of Daewoo Shipbuilding's financial condition since
July.

"If we count losses from Daewoo Shipbuilding's overseas units, its
additional losses will likely surpass 1 trillion won," the source
who asked for anonymity due to the sensitivity of the issue told
Yonhap.

Daewoo Shipbuilding's units in Romania, China and North America
are accountable, he added, the report relays.

Yonhap says that when the inspection is finished, the creditor
banks will announce a restructuring plan later this month to
revive the ailing company.

Shares of Daewoo Shipbuilding plunged the daily limit of
30 percent on July 15 due to concerns about heavy losses and
received a credit downgrade the following day, the report adds.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.



===========
T A I W A N
===========


ACER INC: Fitch Expects to Withdraw Ratings Including 'BB-' IDR
---------------------------------------------------------------
Fitch Ratings expects to withdraw its ratings of Acer Inc. after a
30-day period as they are no longer considered by Fitch to be
relevant to the agency's coverage.  Fitch will continue to
maintain coverage of Acer prior to withdrawal.

Fitch currently rates Acer:

  Long-Term Foreign- and Local-Currency Issuer Default Ratings
   (IDRs): 'BB-'; Outlook Stable
  National Long-Term Rating: 'BBB(twn)'; Outlook Stable

Fitch reserves the right in its sole discretion to withdraw or
maintain any rating at any time for any reason it deems
sufficient.  Fitch believes that investors benefit from increased
rating coverage by Fitch and is providing approximately 30 days'
notice to the market on the withdrawal.  Ratings are subject to
analytical review and change up to the time Fitch withdraws the
ratings.

Fitch's last rating action on the IDRs was on May 4, 2015, when
the ratings were affirmed with a Stable Outlook.  On Nov. 13,
2014, the IDRs and the National Long-Term Rating were affirmed and
all of the Outlooks revised to Stable from Negative.



                             *********

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 ***