TCRAP_Public/151027.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, October 27, 2015, Vol. 18, No. 212


                            Headlines


A U S T R A L I A

FIRETECH AUSTRALIA: First Creditors' Meeting Set For November 3
OLDANO AUTOMOTIVE: First Creditors' Meeting Set For November 2
Q PRINT: First Creditors' Meeting Set For November 5
TOP END: Administrators Seeks Buyers For Company Shares


I N D I A

APOLLO ENTERPRISES: CRISIL Assigns C Rating to INR65MM Term Loan
BHASIN AND COMPANY: CRISIL Reaffirms B+ Rating on INR80MM Loan
CHARMS CHEM: ICRA Suspends C Rating on INR3cr Term Loan
FINNS FROZEN: ICRA Suspends D Rating on INR11.30cr LT Loan
GEETANJALI AGRO: ICRA Upgrades Rating on INR9.30cr Loan to B+

GORAYA INDUSTRIES: CRISIL Reaffirms B+ Rating on INR87.5MM Loan
INDU MULTI-PACK: CRISIL Assigns B+/A4 Rating on INR25MM Loan
J. M. FEED: CRISIL Cuts Rating on INR98MM Cash Loan to D
J.P. LOGISTICS: CRISIL Assigns B- Rating to INR50MM Cash Loan
JAGUAR LAND: Fitch Affirms 'BB-' LT FC Issuer Default Rating

KISH EXPORTS: ICRA Reaffirms B Rating on INR10cr Loan
KISSAN AGRO: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
KJSL COAL: CRISIL Assigns B Rating to INR200MM Cash Credit
KMB TRADING: CRISIL Cuts Rating on INR127.2MM LT Loan to D
MANIKESWARI GEMS: CRISIL Assigns B+ Rating to INR100MM Cash Loan

MANJEERA RETAIL: ICRA Lowers Rating on INR314cr LT Loan to D
MAXWELL: CRISIL Reaffirms B- Rating on INR45MM Cash Credit
PASHUPATINATH REFRIGERATION: ICRA Suspends B- Loan Rating
POWER MAX: CRISIL Reaffirms C Rating on INR130MM Cash Loan
R S PAPER: CRISIL Assigns B Rating to INR44MM Term Loan

REDHU HATCHERIES: CRISIL Lowers Rating on INR248MM Loan to D
REFLEX TECHNOLOGIES: CRISIL Cuts Rating on INR55MM Loan to D
S.S.WOOD: CRISIL Assigns B Rating to INR70MM Credit Limit
SANGINI COMMERCE: CRISIL Reaffirms B- Rating on INR500MM Loan
SHAKTI COT: CRISIL Ups Rating on INR60MM Cash Loan to B+

SHIV MAHIMA: CRISIL Assigns B Rating to INR70MM LT Loan
SIDDHI LAXMI: CRISIL Assigns B Rating to INR80MM Cash Loan
SONAI CONSTRUCTIONS: CRISIL Cuts Rating on INR120MM Loan to B
SUSHILA AGROVET: ICRA Suspends B- Rating on INR9cr LT Loan
TALREJA TEXTILES: CRISIL Reaffirms B Rating on INR30MM Loan

THE FRIENDS: ICRA Suspends B+ Rating on INR7cr Loan
VAISHNODEVI OIL: CRISIL Reaffirms B+ Rating on INR85MM Cash Loan
VINAYAKA CASHEW: CRISIL Reaffirms B- Rating on INR120MM Loan
VIZAG EXPORTS: CRISIL Reaffirms B- Rating on INR75MM LT Loan
YAMUNAJI ENTERPRISE: ICRA Assigns B+ Rating to INR4.50cr Loan


J A P A N

TOSHIBA CORP: To Sue Three Ex-Presidents Over Accounting Scandal


N E W  Z E A L A N D

BRUCE BUCHANAN: Shephard Dunphy Appointed as Liquidators


X X X X X X X X

* SC Lowy Reports Surge in Junk Debt Trading as Banks Scale Back
* BOND PRICING: For the Week Oct. 19 to Oct. 23, 2015


                            - - - - -


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


FIRETECH AUSTRALIA: First Creditors' Meeting Set For November 3
---------------------------------------------------------------
Brent Kijurina and Steven Gladman of Hall Chadwick were appointed
as administrators of Firetech Australia Pty Limited on Oct. 23,
2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 40, 2 Park Street, in Sydney, on Nov. 3,
2015, at 10:00 a.m.


OLDANO AUTOMOTIVE: First Creditors' Meeting Set For November 2
--------------------------------------------------------------
Brent Trevor-Alex Kijurina and Steven Gladman of Hall Chadwick
were appointed as administrators of Oldano Automotive Pty Ltd,
trading as Saab Care, on Oct. 23, 2015.

A first meeting of the creditors of the Company will be held at
Level 8/490 Upper Edward Street, in Spring Hill, Queensland, on
Nov. 2, 2015, at 10:00 a.m.


Q PRINT: First Creditors' Meeting Set For November 5
----------------------------------------------------
Richard Trygve Rohrt of Hamilton Murphy was appointed as
administrator of Q Print Finishing Services (Aust) Pty Ltd,
trading as Q Print Finishing Services, on Oct. 23, 2015.

A first meeting of the creditors of the Company will be held at
Hamilton Mruphy Certified Practising Accountants, 237 Swan Street,
in Richmond, Victoria, on Nov. 5, 2015, at 10:00 a.m.


TOP END: Administrators Seeks Buyers For Company Shares
-------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the sale of the shares of Top End Training
Services Pty Ltd or recapitalisation through a Deed of Company
Arrangement.

The registered training organisation operates across Australia.
Top End Training Services reportedly holds 60 registered industry-
based courses that include high risk civil, work, transportation,
construction and agriculture.

Nicholas John Martin and Craig David Crosbie of PPB Advisory were
appointed as administrators of Top End Training Services Pty Ltd,
trading as Top End Training, on Oct. 19, 2015.



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


APOLLO ENTERPRISES: CRISIL Assigns C Rating to INR65MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the bank facilities
of Apollo Enterprises (AE).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Rupee Term Loan        65         CRISIL C

   Cash Credit            25         CRISIL C

   Cash Credit/Overdraft
   facility               10         CRISIL C

The rating reflects recent instances of delay in AE's equipment
loans, its modest scale of operations and subdued financial risk
profile marked by modest net worth and weak debt protection
metrics. These rating weakness are partially offset by AE's
promoters' long standing experience in crane rental industry.

AE was incorporated in 2005 as a partnership firm by Mr. Avinash
Virkar, Mr. Ankur Agarwal and Mr. Pawan Agarwal. The firm is in
the business of providing crane rental services.


BHASIN AND COMPANY: CRISIL Reaffirms B+ Rating on INR80MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhasin and Company
(BAC) continue to reflect the small scale of operations, average
financial risk profile because of moderate debt protection metrics
and high gearing, and weak liquidity. These rating weaknesses are
partially offset by the extensive experience of proprietor in the
hosiery garments business, and established relationships with
reputed clients.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        50        CRISIL A4 (Reaffirmed)
   Overdraft Facility    80        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    50.3      CRISIL B+/Stable (Reaffirmed)
   Term Loan              9.7      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes BAC will continue to benefit over the medium term
from the proprietor's extensive industry experience and
established relationships with suppliers and customers. The
outlook may be revised to 'Positive' in case of a substantial and
sustained improvement in the revenue and profitability margins or
a considerable increase in the net worth on the back of capital
infusion by the proprietor. Conversely, the outlook may be revised
to 'Negative' if the capital structure deteriorates significantly,
most likely because of larger-than-expected working capital
requirement or any sizeable, debt-funded capital expenditure.

Update
BAC's revenue grew to INR467 million in 2014-15 (refers to
financial year, April 1 to March 31) from around INR437 million in
2013-14, driven by the large number of orders received from the
Indian Armed Forces for manufacturing medals. It had an operating
margin of 3.83 per cent in 2014-15 which is likely to remain at a
similar level over the medium term. The working capital
requirement has improved from the previous year as reflected in
gross current assets of around 160 days as on
March 31, 2015, because of moderate inventory of 65 days and low
receivables of around 38 days. CRISIL believes BAC's business risk
profile will improve over the medium term due to improving scale
of operations and operating profitability supported by a strong
order book, which will lead to higher cash accrual.

The financial risk profile remains average, given a gearing of
3.88 times, and improvement in debt protection metrics as
reflected in the net cash accrual to total debt and interest
coverage ratios at 0.04 and 1.6 times, respectively, in 2014-15.
Continuous debt repayment and expected additional fund receipt
through group company, Dev Arjuna, will lead to lower interest
outgo.

Liquidity remains weak owing to high bank limit utilisation of
around 99 per cent over the 12 months through July 2015. However,
BAC is able to generate sufficient cash accrual of INR4-5 million
for the FY 2016 and FY 2017 against debt obligation of INR2
million for the same period.

BAC was established as a proprietorship firm in 1950 by the late
Mr. Ramlal Bhasin. Currently, Mr. Balraj Kumar Bhasin manages the
operations and is assisted by his son, Mr. Mohnish Bhasin. The
firm manufactures hosiery products, and copper, nickel and silver
medals. Its sales are only to the Indian Armed Forces; the
business is entirely tender-based.


CHARMS CHEM: ICRA Suspends C Rating on INR3cr Term Loan
-------------------------------------------------------
ICRA has suspended [ICRA]C rating assigned to the INR3.00 crore
term loan and the INR3.50 crore cash credit facilities of Charms
Chem Private Limited. ICRA has also suspended [ICRA]A4 rating
assigned to the INR0.50 crore short term facilities of Charms Chem
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Charms Chem Private Limited was incorporated in 2001 promoted by
Mr. Milind Honavar and Mrs. Sangeeta Honavar as a producer and
supplier of anti-cancer ingredients to pharmaceutical companies.
The company has two manufacturing units located in Kurkumbh MIDC
and Jejuri near Pune. The Kurkumbh plant was setup in 2001, while
the Jejuri plant was bought by the company in 2009 alongwith all
the existing manufacturing machineries. The intermediates produced
by the company in the Kurkumbh plant are mainly anti-cancer
intermediates used in the production of oncology drugs. In 2007,
the company has setup an office cum R&D facility in Hadapsar area
of Pune.


FINNS FROZEN: ICRA Suspends D Rating on INR11.30cr LT Loan
----------------------------------------------------------
ICRA has suspended [ICRA]D/[ICRA]D ratings assigned to the
INR11.30 crore long term and short term bank limits of Finns
Frozen Foods (India) Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Finns Frozen Foods (I) Limited, established in 1992, is a Joint
Venture between Foods & Inns Limited and Getz Corporation.
Currently, the company's facilities in MIDC, SInnar freeze,
package and export fruits, vegetables, fruit pulp and snacks (like
samosas and naans). The facility has two freezing units with
capacity of maintaining 2,560 tonne of inventory at -26 degrees
Celsius along with processing facilities for pulping (2,000 tonnes
per annum) and processed food products (10,800 tonnes per annum).
The facilities have received "BRC Grade A" certification from
Intertek, UK which allows the company to export frozen Ready-to-
Eat (RTE) and vegetables to UK and several other regulated
markets.


GEETANJALI AGRO: ICRA Upgrades Rating on INR9.30cr Loan to B+
-------------------------------------------------------------
ICRA has upgraded the rating assigned to the INR1.13 crore
(reduced from INR1.65 crore) term loans, INR9.30 crore (enhanced
from INR7.30 crore) long-term fund based facilities and INR2.57
crore (reduced from INR4.05 crore) proposed long-term fund based
facilities of Geetanjali Agro Industries from [ICRA]B to [ICRA]B+.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-      1.13        [ICRA]B+; Upgraded
   Term Loans                          from [ICRA]B

   Fund Based Limits-      9.30        [ICRA]B+; Upgraded
   Cash Credit                         from [ICRA]B

   Fund Based Limits-      2.57        [ICRA]B+; Upgraded
   Proposed                            from [ICRA]B

The rating upgrade takes into account the stabilisation of
operations of the rice milling facility after it commenced
operations in November 2013. The rating also favourably considers
the promoter's long standing experience in the rice milling and
processing industry, it's established distribution channel across
domestic market, proximity to paddy growing areas in Raichur
(Karnataka) facilitating easy procurement of raw materials and
stable demand outlook with rice being an important part of the
staple Indian diet. The rating, however, remains constrained by
the firm's moderate scale of operations, limited value additive
nature of business and high competitive intensity owing to the
fragmented nature of the industry resulting in minimal pricing
flexibility and vulnerability of raw material (paddy) availability
to the agro-climatic conditions. The rating also considers the
weak financial profile of the firm characterized by low
profitability and stressed capital structure. The rating also
takes note of the risk inherent in the partnership nature of the
firm such as limited ability to raise funds, funds withdrawal etc.
Going forward, the firm's ability to scale up its operations,
strengthen its margins and improve its capitalization and coverage
indicators would be the key rating sensitivities.

Established in 2011 by Mr. B. Srinivas, Mr. B. Vasanth, Mrs. B.
Prasanna and Mrs. Suchitra, Geetanjali Agro Industries is engaged
in the milling and processing of rice/paddy. The firm's major
products include boiled rice, raw rice, bran, broken rice and
husk. The firm commenced its operations from November, 2013 with a
new plant set-up over an area of five acres in Raichur district of
Karnataka with a capacity to process eight tonnes of paddy per
hour. Although, the firm's operations have commenced only
recently, the promoter group has been engaged in similar business
for more than 15 years.

Recent results
The Firm reported a net profit of Rs.0.53 crore on an operating
income of INR43.57 crore during 2014-15 against a net profit of
INR0.25 crore on an operating income of INR27.21 crore during
2013-14.


GORAYA INDUSTRIES: CRISIL Reaffirms B+ Rating on INR87.5MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Goraya
Industries - Jalalabad (GIJ) continues to reflect GIJ's weak
financial risk profile and the small scale of operations in the
highly fragmented rice processing industry. These rating
weaknesses are mitigated by the promoters' extensive industry
experience.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           87.5      CRISIL B+/Stable (Reaffirmed)
   Term Loan             20        CRISIL B+/Stable (Reaffirmed)
   Warehouse Receipts    12.5      CRISIL B+/Stable (Reaffirmed)

Update
GIJ has reported sales of INR233 million for 2014-15 (refers to
financial year, April 1 to March 31), in line with CRISIL's
expectations. The revenue grew 16.6 per cent year-on-year in 2014-
15 despite the subdued demand in the rice industry. The lower
demand has resulted in slightly lower operating margin of 6.7 per
cent for the firm in 2014-15. Over the medium term, the firm is
likely to maintain its growth with stable operating margin.

The firm has changed the inventory policy in 2014-15 and started
stocking higher raw material inventory to allow ageing of the
stock. This has led to higher working capital requirements leading
to higher working capital debt at year end. High working capital
debt in turn lead to increased gearing of beyond 8 times while
interest coverage reduced to 1.5 times.

However, the liquidity remains adequate with peak season bank
limit utilisation at 95 per cent while the accrual remains
sufficient to cater to the debt obligation.
Outlook: Stable

CRISIL believes GIJ will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the financial risk profile improves,
due to higher-than-expected net cash accrual driven by significant
improvement in scale of operations, or infusion of capital.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile and liquidity or capital structure weaken
due to pressure on profitability.

GIJ was established in 2010 as a partnership firm by Mr. Inderjit
Singh and his brothers, Mr. Balwinder Singh and Mr. Joginder
Singh, in Jalalabad (Punjab). The firm mills and undertakes
indirect export of rice, mainly basmati, under its brands, Kashmir
ki Rani and Goraya Gold. The firm is managed by three brothers.

GIJ's book profit and net sales are estimated at INR14 million and
INR239 million, respectively, in 2014-15, against INR2.8 million
and INR200 million, respectively, in 2013-14.


INDU MULTI-PACK: CRISIL Assigns B+/A4 Rating on INR25MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Indu Multi-Pack Industries (IMPI).


                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             25        CRISIL B+/Stable
   Foreign Letter
   of Credit             10        CRISIL B+/Stable
   Bank Guarantee        15        CRISIL A4
   Cash Credit           25        CRISIL B+/Stable

The ratings reflect IMPI's modest scale of operations in the
highly fragmented packaging industry and its weak financial risk
profile because of small net worth, high gearing and modest debt
protection metrics. These weaknesses are partially offset by the
promoters' extensive experience in the packaging industry and
established relationships with customer and suppliers.
Outlook: Stable

CRISIL believes IMPI will maintain its stable business risk
profile over the medium term, backed by its promoter's extensive
industry experience and established relationships with customers
and suppliers. The outlook may be revised to 'Positive' if higher-
than-expected growth is reported in revenue and profitability,
while the capital structure improves because of reduced working
capital cycle or substantial equity infusion. Conversely the
outlook may be revised to 'Negative' if the financial risk profile
weakens owing to decline in profitability or stretch in working
capital cycle or substantial debt-funded capital expenditure.

IMPI, incorporated in March 2014, manufactures synthetic
multilayer plastic films that are used for various industrial and
food packaging purposes. The manufacturing facility is located in
Daman, with installed capacity of 4,200 metric tonnes per annum.
Its operations are managed by Mr. Mukesh Sheth and Mr. Ronak
Sheth.

IMPI reported a net loss of INR4.2 million on net sales of
INR115.5 million in 2014-15 (refers to financial year, April 1 to
March 31).


J. M. FEED: CRISIL Cuts Rating on INR98MM Cash Loan to D
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of J. M. Feed Mills Pvt Ltd (JMF) to 'CRISIL D' from 'CRISIL
B+/Stable' on account of irregularities in bank limits. This is
based on our discussion with the banker.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            98       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The company has large working capital requirements, weak financial
risk profile, and exposure to risks inherent to the poultry
industry.

JMF, incorporated in 2010, manufactures concentrated poultry feed
and cattle feed. The manufacturing facility is at Jind (Haryana).
The company is promoted by Mr Baljit Singh and family.


J.P. LOGISTICS: CRISIL Assigns B- Rating to INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL B-/Stable/CRISIL A4' to
the bank facilities of J.P. Logistics (JPL).

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

The ratings reflects JPL's limited track record and small scale of
operations, and its exposure to intense competition in iron ore
trading industry resulting in modest profitability margins. The
ratings of the firm is also constrained on account of the
susceptibility of its operations to regulatory framework governing
mining activities, and its small net-worth limiting its financial
flexibility. These rating weaknesses are partially offset by the
extensive experience of its partners in the iron ore industry, and
established relationships with its suppliers.
Outlook: Stable

CRISIL believes that JPL would continue to benefit over the medium
term from its partners' extensive industry experience and
established relations with suppliers. The outlook may be revised
to 'Positive' if there is a substantial and sustained increase in
the firm's scale of operations and profitability margins, or there
is a substantial increase in its net-worth on the back of sizeable
equity infusion from its partners. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in the firm's
profitability margins, or significant deterioration in its capital
structure caused most likely by a stretch in its working capital
cycle.

JPL was set up in 2013 by Mr Jaya Prakash Karur and his family
members. The firm trades in iron ore fines. It is based in
Bellary, Karnataka.


JAGUAR LAND: Fitch Affirms 'BB-' LT FC Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Jaguar Land Rover Automotive plc's
(JLR) Long-Term Foreign-Currency Issuer Default Rating (IDRs) and
senior unsecured ratings at 'BB-'. The Outlook is Positive.

The affirmation of the ratings reflects Fitch's expectation that
JLR will continue to maintain sound profitability and a strong
financial profile, despite a period of heavy investment to
transition to become a higher volume premium manufacturer. We
expect the launch of new models and replacement of old models in
2016 to support its sales volumes and profitability, even though
the company is facing challenges on several fronts, including
weakening sales volumes in its largest market, China. As such, the
Outlook remains Positive.

KEY RATING DRIVERS

Sound Profitability: We expect JLR to maintain EBIT margins of 8%
in the financial year ending 31 March 2016 (FY16) and FY17,
despite heightened competition, increased costs associated with
elevated capex, and falling demand in China and emerging markets.
We expect profitability will be supported by the company's core
Land Rover products as well as the roll-out of new/refreshed
products in 2016, including the new Evoque convertible, all-new
Jaguar XF and Jaguar SUV, F-PACE.

In FY15, EBIT margin widened to 12.4% (FY14: 11.7%) on a
favourable product/volume mix and continued robust demand for
premium vehicles globally. However, EBIT margins fell to 10.1% in
1QFY16 (1QFY15: 15.9%) due to weaker product mix and lower sales
volumes in China. JLR's FY16-17 profitability could be eroded by
slowing volume growth in the hitherto-robust developed markets,
larger-than-expected volume declines in China and emerging
markets, and/or weak sales momentum for new/refreshed products to
be rolled out in 2016.

Flat Volume Growth in FY16: Under Fitch's base case scenario, we
expect JLR's retail volume growth to be flat from FY15 (when
retail volumes rose by 6% from FY14 to 462,209 vehicles), with
growth in the UK, Europe, and North America offsetting weakness in
China and emerging markets. In 1QFY16, double-digit volume growth
in the developed markets offset a drop in China and continued
weakness in emerging markets.

Limited Scale, Product Diversity: JLR's scale and range of
products are smaller than its premium segment peers, which raise
the risk of volatility in earnings and cash flow, and constrain
its business profile. However, JLR's current heavy investments, if
successfully executed, will increase its product breadth and
volume over the medium term.

Elevated Capex from Expansion Phase: We expect the company's
investments in capacity expansion, engine manufacturing, vehicle
architecture and new technologies to meet carbon dioxide emission
requirements will contribute to negative free cash flow in FY16-
17. We have assumed capex of GBP3.6bn in FY16 (FY15: GBP2.9bn) and
at least GBP3bn in FY17, with continued modest dividends under our
base case scenario.

Robust Financial Profile, Liquidity: We expect JLR to maintain a
strong financial profile and ample liquidity buffer in FY16-17. We
expect FFO-adjusted gross leverage and FFO-adjusted net leverage
to remain below 1.5x and 0.5x respectively (FY15: 0.7 and -0.1
respectively).

Geographic Diversification: JLR's efforts over the last five years
have helped it to achieve a more balanced geographic mix.
Currently 55% of sales by volume are to developed markets and 45%
to developing markets. JLR's growth in China has been rapid and it
is the fourth-largest automaker in the premium segment by volumes
after Audi, BMW and Mercedes. China formed 25% of JLR's retail
sales volumes in FY15. As a result, the company is exposed - in
the short-term - to weak or falling demand for premium vehicles
stemming from a slowdown of the Chinese economy. Competition has
also intensified among premium automakers, causing further margin
pressure. However, Fitch remains positive on the long-term growth
potential of the market, in which the company is well-positioned.

Fuel Efficiency Requirements: Tightening carbon dioxide emission
requirements in both developed and developing countries remain a
challenge for JLR, as its product portfolio is currently weighted
towards larger, less fuel-efficient SUVs. A successful broadening
of its product line to include more compact, fuel-efficient models
(such as the Jaguar XE) would reduce its exposure to the risk of
evolving environmental legislation.

KEY ASSUMPTIONS

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

-- Flat retail sales volume growth in FY16;
-- EBIT margin of around 8% in FY16;
-- Capex of GBP3.6bn in FY16;
-- Continued modest dividends of around GBP150m in FY16

RATING SENSITIVITIES

Positive: Future developments that may collectively or
individually lead to a rating upgrade include:

-- Sustained positive FCF, combined with EBIT margin of at least
    7%
-- A strengthening of the product portfolio (breadth and volume)
    and successful implementation of the current expansion phase,
    a key part of which is the successful launch and execution of
    the Jaguar XE compact sedan model.

Negative: Future developments that may collectively or
individually lead to a change in the Outlook to Stable include:

-- Failure to strengthen the breadth and volume of the product
    portfolio;
-- Significant deterioration in key credit metrics including
    FFO-adjusted net leverage above 2.5x and or a material
    weakening of JLR's liquidity position;
-- Problems with operational execution and/or decreasing market
    share.

FULL LIST OF RATING ACTIONS

Jaguar Land Rover Automotive plc
Long-Term Foreign Currency IDR affirmed at 'BB-', Outlook
Positive;
Senior unsecured rating affirmed at 'BB-'


KISH EXPORTS: ICRA Reaffirms B Rating on INR10cr Loan
-----------------------------------------------------
ICRA has reaffirmed its [ICRA]B rating on the INR10.00 crore fund
based limits of Kish Exports Limited. ICRA has also reaffirmed its
[ICRA]A4  rating on the INR1.00 crore non-fund based limits of the
company.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits        10.00       [ICRA]B; reaffirmed
   Non- Fund Based Limits    1.00       [ICRA]A4; reaffirmed

ICRA's ratings continue to take into account KEL's modest scale of
operations, which coupled with high competition in the industry,
has resulted in modest profitability and debt coverage indicators.
The rating is also constrained by the company's weak return
indicators and weak cash flow position, mainly due to high working
capital intensity of operations, led by high inventory holdings.
Further, the profitability of the company remain exposed to
adverse movements in raw material prices and exchange rate
fluctuations as KEL does not hedge its foreign currency
denominated receivables. Nevertheless, the ratings derive comfort
from KEL's experienced management with long track record in the
exports business. The ratings also derive comfort from the
company's comfortable capital structure, due to its healthy net
worth position.

Going forward, the company's ability to attain a sustained
improvement in scale in a profitable manner and achieve healthy
returns on its investments, while maintaining optimal working
capital intensity, will be the key rating sensitivities.

KEL was incorporated in 1993 and is engaged in manufacturing and
export of garments. The company has been promoted by Mr. M.K.
Lakhwani and Ms. Sanjana Samtani. The company is primarily an
exporter and derives around 95% of its income from exports. The
company specializes in silk garments with embroidery and beads,
with about 50% of the company's business being in silk and silk
products. Besides silk, the company is also engaged in fabrics
like Moss crepe, Georgette, Y/D plaids procured from South India,
rayon cotton blends and woollen fabric sourced from Amritsar. The
company's export markets include USA, UK and South Africa.

Recent Result
The company reported a Profit After Tax (PAT) of INR0.22 crore on
an Operating Income (OI) of INR38.84 crore in FY 2015, as against
a PAT of INR0.18 crore on an OI of INR32.18 crore in the previous
year.


KISSAN AGRO: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kissan Agro
Industries (KAI) continues to reflect modest scale of operations
and below-average financial risk profile because of small net
worth, high gearing, and weak debt protection metrics. These
weaknesses are partially offset by promoters' extensive experience
in the cotton and guar-gum industries, and diversified product
portfolio and end-user industry base.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL B+/Stable (Reaffirmed)
   Term Loan             37.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KAI will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the firm scales up operations and
improves profitability, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of weakening of financial risk profile, because of
lengthening of working capital cycle or large debt-funded capital
expenditure.

Update
KAI's sales declined to INR646 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR943 million in 2013-
14 because of reduced demand driven by slowdown in the cotton and
guar-gum industries. Operating margin was 3.5 per cent in 2014-15
and is expected in the range of 3.0-3.5 per cent over the medium
term. Working capital requirement remained moderate, marked by
gross current assets of 53 days as on March 31, 2015, including
inventory of 29 days and receivables of 10 days.

Liquidity is stretched because of high bank limit utilisation and
low net cash accrual, but sufficient to meet term debt obligation.
Cash accrual is expected at INR8-9 million against term debt
obligation of INR6.2 million during 2015-16. Bank limit
utilisation averaged 92 per cent for the five months through
August 2015. Liquidity is supported by interest-free unsecured
loans of INR322 million as on March 31, 2015 (treated as neither
debt nor equity) from promoters.

Financial risk profile remained weak because of high gearing of
2.5 times as on March 31, 2015. Gearing is expected in the range
of 2.0-2.5 times over the medium term. Debt protection measures
were weak, with interest coverage ratio of 1.5 times and net cash
accrual to total debt ratio of 0.06 times for 2014-15. CRISIL
believes KAI's liquidity will and financial risk profile will
remain weak over the medium term.

KAI was set up as a partnership firm in 2012 by Mr. Tarsem Chand,
his son Mr. Pawan Kumar, and their relative Ms. Promila. The firm
is based in Mandi Adampur (Haryana). It gins cotton, extracts
cotton oil, and manufactures guar gum splits. It commenced
commercial operations in November 2012.


KJSL COAL: CRISIL Assigns B Rating to INR200MM Cash Credit
----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facility of KJSL Coal and Power Pvt Ltd (KCP) and has assigned its
'CRISIL B/Stable/CRISIL A4' rating to the company's bank facility.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         40       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit           200       CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

   Proposed Long Term     60       CRISIL B/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

The ratings had been suspended by CRISIL on August 05, 2014, as
the company had not provided the necessary information required
for a rating view. KCP has now shared the requisite information,
enabling CRISIL to assign rating to its bank facilities.

The ratings reflect KCP's large working capital requirement,
exposure to intense competition, and below-average financial risk
profile because of small net worth, high gearing and weak debt
protection metrics. These weaknesses are partially offset by
promoters' extensive experience in the coal beneficiation
industry, and steady demand for coal.
Outlook: Stable

CRISIL believes KCP will continue to benefit over the medium term
from its promoters' extensive industry experience and its
established clientele. The outlook may be revised to 'Positive' if
KCP generates more-than-expected revenue and maintains
profitability and working capital cycle, leading to stronger cash
accrual. Conversely, the outlook may be revised to 'Negative' if
financial risk profile weakens due to stretched working capital
cycle or sizeable debt-funded capital expenditure, or if
inadequate supply of coal considerably reduces scale of
operations.

KCP, incorporated in 2010, is engaged in coal trading and coal
beneficiation. Its washery is at Hardibazar in Korba
(Chhattisgarh). The washery has licensed capacity to process 1.8
million tonnes per annum (mtpa) of raw coal (which can produce
clean coal of around 1.2 mtpa) and 1.2 mtpa of washed coal.


KMB TRADING: CRISIL Cuts Rating on INR127.2MM LT Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of KMB Trading Corporation Pvt Ltd (KMB) to 'CRISIL D' from
'CRISIL B-/Stable'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           60         CRISIL D (Downgraded
                                    from 'CRISIL B-/Stable')

   Corporate Loan        25         CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Funded Interest       41.5       CRISIL D (Downgraded from
   Term Loan                        'CRISIL B-/Stable')

   Long Term Loan       127.2       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Proposed Long Term    11.3       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

The downgrade reflects instances of delay by KMB in servicing its
term debt; the delays have been on account of the company's weak
liquidity

KMB has a below-average financial risk profile because of subdued
debt protection metrics, and has working capital-intensive and
small scale of operations. However, KMB benefits from the
extensive experience of promoters in the granite industry and
their established relationships with customers.

Set up in 1999 as a partnership between Mr. K Shoukath Ali and his
brother Mr. Yusuff Basha, KMB was reconstituted as a private
limited company in 2010. The company, headquartered in Salem
(Tamil Nadu), quarries and sells rough granite blocks.


MANIKESWARI GEMS: CRISIL Assigns B+ Rating to INR100MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank loan
facility of Manikeswari Gems Pvt Ltd (MGPL).

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

The ratings reflect the company's initial stage of operations,
susceptibility to stabilisation risk, influence of socio-political
factors, and exposure to regulatory risk. These weaknesses are
partially offset by the promoters' considerable industry
experience in the gems and stones mining business.
Outlook: Stable

CRISIL believes MGPL will benefit from its promoters' considerable
experience in the mining of gems and recommencement of operations
at one of its mines in April 2015. The ratings will, however,
remain constrained owing to the initial stage of operations and
susceptibility to stabilisation risk. The outlook may be revised
to 'Positive' if the company successfully stabilises its
operations and reports higher-than-expected operating income and
accrual, or if it demonstrates improved working capital
management, or in case of infusion of substantial capital by the
promoters leading to improvement in the business and financial
risk profiles. Conversely, the outlook may be revised to
'Negative' in case of substantially lower-than-expected cash
accrual or large working capital requirements or if MGPL
undertakes large, debt-funded capital expenditure leading to
deterioration in its financial risk profile, particularly
liquidity.

MGPL, promoted by Bhubaneswar-based Agarwal family, is engaged in
the mining of iolite and cat's eye (gem stone). The company
currently has four mines in Odisha. Currently, however, only one
mine is operational. MGPL also trades in gems and stones.


MANJEERA RETAIL: ICRA Lowers Rating on INR314cr LT Loan to D
------------------------------------------------------------
ICRA has downgraded the long term rating for INR314.00 crore bank
lines of Manjeera Retail Holdings Private Limited to [ICRA]D from
[ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund        314.00       Downgraded to [ICRA]D
   based limits                       from [ICRA]B+

The revision in the rating takes into account recent delays in
debt servicing on account of weak cash flow generation. Going
forward, MRHPL's ability to service debt obligations in a timely
manner by leasing the commercial complex and liquidating unsold
inventory at remunerative rates would constitute key rating
sensitivity.

Manjeera Retail Holdings Private Limited is a special purpose
vehicle created in 2007 for the development of 2.075 million sft
mixed use real estate development at Kukatpally, Hyderabad.
Manjeera Majestic Homes (residential) - 0.35 million sft; Manjeera
Majestic Commercial (retail cum office) - 0.33 million sft;
Manjeera Trinity Mall (cum multiplex) - 0.45 million sft and
Manjeera Trinity Corporate (office) -0.95 million sft under JDA
with APHB (Andhra Pradesh Housing Board) with a revenue sharing
agreement (5%). The entire development is spread across 8.295
acres.


MAXWELL: CRISIL Reaffirms B- Rating on INR45MM Cash Credit
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Maxwell continue to
reflect the firm's weak liquidity with instances of devolvement of
letters of credit. It also has a modest scale of operations with
exposure to risks related to volatility in foreign exchange rates,
and a below-average financial risk profile because of a modest net
worth, high gearing, and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of Maxwell's partners' and the funding support received
from them.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            45       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit      130       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes Maxwell will continue to benefit over the medium
term from its partners' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' in case
of a significant improvement in the financial risk profile, most
likely through better-than-expected cash accrual or equity
infusion along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
low cash accrual, large working capital requirement, or debt-
funded capital expenditure, leading to further weakening of the
firm's liquidity.

Update
Maxwell reported net sales of around INR646 million for 2014-15
(refers to financial year, April 1 to March 31) as against INR653
million for 2013-14. Sales are expected to remain at a similar
level over the medium term backed by a diversified customer and
industry base, which includes manufacturers of polyvinyl chloride
(PVC) pipes and footwear, and companies in the automotive sector.
The operating margin increased to 4.6 per cent in 2014-15, from
3.4 per cent in 2013-14, supported by favourable realisations.

The financial risk profile is, however, below average because of a
modest net worth, high gearing, and weak debt protection metrics.
The net worth was around INR67 million as on March 31, 2015, thus
limiting the firm's financial flexibility to meet any exigency.
Gearing deteriorated to around 2.3 times as on March 31, 2015,
from 0.68 times as on March 31, 2014, on the back of increase in
short-term borrowings from associate concerns. Debt protection
metrics remained weak, with interest coverage and net cash
accruals to total debt ratios of around 1.4 times and 0.05 times,
respectively, in 2014-15, because of low accrual in keeping with
the trading nature of the business.

Liquidity is highly stretched with a frequently overdrawn cash
credit account with a limit of INR45 million, and devolvement of
letter of credit facility of INR130 million. Working capital
requirement remains large, with gross current assets at 250 days
as on March 31, 2015, primarily driven by high debtor and
inventory days. Net cash accrual was INR7.9 million in 2014-15,
and is expected to remain healthy at INR10.6 million per annum
against nil long-term repayment obligations, over the medium term.

Set up in 1991 and based in New Delhi, Maxwell is a partnership
firm owned and managed by Mr. Mahabir Pershad and Mr. Narender
Kumar. The firm trades in PVC resin, plasticisers, PVC heat
stabilisers, waxes, rubber additives, and other chemicals.


PASHUPATINATH REFRIGERATION: ICRA Suspends B- Loan Rating
---------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B- assigned to
the INR5.78 crore term loan, INR7.40 crore fund based facilities,
and the INR0.21 crore bank guarantee of Pashupatinath
Refrigeration Private Limited. ICRA has also suspended the rating
of [ICRA]B-/[ICRA]A4 assigned to the INR6.61 crore unallocated
limit of PRPL. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the Company.


POWER MAX: CRISIL Reaffirms C Rating on INR130MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Power Max
India Pvt Ltd (Power Max) continues to reflect below-average
financial risk profile because of small net worth, high gearing,
and weak debt protection metrics.

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Cash Credit           130         CRISIL C (Reaffirmed)
   Working Capital
   Demand Loan            70         CRISIL C (Reaffirmed)

The rating also factors in large working capital requirement and
modest scale of operations in the intensely competitive
engineering-procurement-construction (EPC) industry. These
weaknesses are partially offset by promoter's extensive industry
experience, and established relationships with clients.

The company undertakes erection, commissioning, testing, and
maintenance of structural works and electrical equipments and also
undertakes civil and mechanical construction.


R S PAPER: CRISIL Assigns B Rating to INR44MM Term Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of R S Paper (RSP).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Term Loan             44          CRISIL B/Stable
   Cash Credit           16          CRISIL B/Stable
   Packing Credit in
   Foreign Currency      30          CRISIL A4

The ratings reflect RSP's below-average financial risk profile
because of high gearing and weak debt protection metrics. The
ratings also factor in working-capital-intensive operations and
exposure to risks related to the highly competitive and fragmented
paper and paper products industry. These rating weaknesses are
partially offset by the extensive industry experience of the
promoters and funding support received from them.
Outlook: Stable

CRISIL believes RSP will continue to benefit over the medium term
from its established clientele. The outlook may be revised to
'Positive' in case of substantial and sustained increase in scale
of operations while operating profitability is maintained, or if
the capital structure improves. Conversely, the outlook may be
revised to 'Negative' in case of large debt-funded capital
expenditure, or increase in working capital requirements, or
significant pressure on cash accrual, leading to weakening of the
firm's financial risk profile.

RSP, established in 2009 as a partnership firm, is based in
Greater Noida (Uttar Pradesh). The firm manufactures textbooks,
diaries, notebooks, envelopes, calendars, and other stationery
items, which it sells in both domestic and global markets. Mr.
Rishi Chawla and his mother Mrs. Sharda Chawla are the partners of
the firm.

RSP reported a profit after tax (PAT) of INR2 million on net sales
of INR130.3 million for 2014-15 against a PAT of INR4.2 million on
net sales of INR124.6 million for 2013-14.


REDHU HATCHERIES: CRISIL Lowers Rating on INR248MM Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Redhu Hatcheries Pvt Ltd (RHPL; part of the Redhu group) to
'CRISIL D' from 'CRISIL BB-/Stable' on account of irregularities
in bank limits. This is based on our discussion with the banker.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           248        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Term Loan             107.6      CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The group also has large working capital requirements, weak
financial risk profile, and exposure to risks inherent to the
poultry industry. It however, benefits from the promoters'
extensive industry experience.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RHPL and Redhu Farms Pvt Ltd (RFPL).
This is because the two companies, together known as the Redhu
group, operate in the same line of business, and have a common
management team, along with financial and business linkages, and
intra-group transactions. Moreover, RHPL and RFPL have extended
corporate guarantees to each other's bank facilities.

RHPL (incorporated in 1992) and RFPL (1997) are engaged in poultry
farming. The Redhu group sells day-old chicks, eggs, and culls,
and trades in poultry feed. The group entered the broiler business
in 2008-09. The hatchery units and broiler farms are at Jind
(Haryana) and near Pilani (Rajasthan).


REFLEX TECHNOLOGIES: CRISIL Cuts Rating on INR55MM Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Reflex Technologies Pvt Ltd (RTPL) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           10        CRISIL D (Downgraded
                                   from 'CRISIL B/Stable')

   Letter of Credit      55        CRISIL D (Downgraded
                                   from 'CRISIL A4')

The rating downgrade reflects RTPL's continuously overdrawn cash
credit limit for more than 30 days, along with overdue balance in
letter of credit facility; there is also an overdue balance in its
working capital demand loan not rated by CRISIL. The defaults were
because of the company's weak liquidity.

RTPL also has working-capital-intensive operations. Furthermore,
its accrual is susceptible to the level of capital expenditure by
key end users.

RTPL was incorporated in 1996, promoted by Mr. Rajesh Krishnan.
The company designs automation systems for labelling, packaging,
and dispatch of goods. Its office is in Mahape, Navi Mumbai.

RTPL reported a profit after tax (PAT) of INR6.6 million on net
sales of INR104 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR1 million on net sales
of INR36.3 million for 2011-12.


S.S.WOOD: CRISIL Assigns B Rating to INR70MM Credit Limit
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of S.S.Wood Craft (SSWC).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Cash Credit            16         CRISIL B/Stable
   Bill Discounting
   under Letter of
   Credit                 14         CRISIL A4

   Buyer Credit Limit     70         CRISIL B/Stable

The ratings reflect SSWC's weak liquidity because of tightly
matched repayments and working-capital-intensive operations. The
ratings also reflect SSWC's modest scale of operations and average
financial risk profile. These weaknesses are partially offset by
the promoters' extensive experience in the timber industry.

Outlook: Stable

CRISIL believes SSWC's business risk profile will continue to
benefit from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm achieves higher-
than-expected growth in revenue and profitability or if there is
improvement in working capital management leading to better
business and financial risk profiles. Conversely, the outlook may
be revised to 'Negative' if there is a significant decline in
SSWC's top line or margin due to high competition, leading to
deterioration in its business risk profile or if there is more-
than-expected increase in its working capital requirements or if
it undertakes any significant debt-funded capital expenditure
leading to deterioration in its financial risk profile.

Established in 2010 as a proprietorship firm, SSWC is engaged in
trading and manufacturing of timber logs, mainly softwood. The
firm is promoted by Miss Shikha Gupta. Its manufacturing plant is
situated in Nangloi, New Delhi. The firm caters to the demand in
the domestic market, mainly in northern India.


SANGINI COMMERCE: CRISIL Reaffirms B- Rating on INR500MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sangini
Commerce Pvt Ltd (SCPL) continues to reflect SCPL's exposure to
risks related to timely completion and funding of its ongoing
hotel project; SCPL faces high funding risk as additional funding
for the revised project cost has not yet been tied up.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             500       CRISIL B-/Stable (Reaffirmed)
   Working Capital
   Demand Loan            50       CRISIL B-/Stable (Reaffirmed)

This rating weakness is partially offset by the extensive
experience of SCPL's promoters in the hotel industry and the
company's tie-up with the Hyatt group for managing the upcoming
hotel.
Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
association with the Hyatt group. The outlook may be revised to
'Positive' in case of more than expected average room rent (ARR)
and occupancy level for the hotel, resulting in substantial
accruals and a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of any further time
or cost overrun in the project, which will adversely impact the
company's financial risk profile, and thus, its debt-servicing
ability.

Update
SCPL's project is in a pre-operative stage. The company had spent
nearly INR250 million (about 20-25 per cent of the total budgeted
cost) until June 2015 on building structure funded through a term
loan of INR70 million and remaining INR180 million through equity
from promoters. The company is in process of incremental term loan
of around INR350 million which will be sanctioned by the bank by
the end of November 2015. As per the original timeline, the
project was expected to be completed by in the latter half of
2017, but due to operational and financial restructuring the work
was delayed and the project is now expected to be completed by
March 2017, without any significant cost overrun.

The interest on term loans during the construction phase is being
capitalised as part of the project cost and the repayment of the
term loan will start in September 2016. CRISIL believes that SCPL
will continue to face implementation and offtake risks and the
company's debt-servicing ability will be weak during its initial
stage of operations.

SCPL was incorporated in March 2007 by Mr. Pun Pun Agrawal and Mr.
Pawan Agrawal to undertake trading operations. In September 2009,
SCPL was acquired by Ms. Rani Maurya and Mr. Madhukar Maurya to
enter the hotel business. The company is constructing a 150-room
premium (five-star category) hotel at Sarnath in Varanasi (Uttar
Pradesh), and recently entered into an agreement with the Hyatt
group for management of the hotel.


SHAKTI COT: CRISIL Ups Rating on INR60MM Cash Loan to B+
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Shakti Cot Fibers (SCF) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

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

   Term Loan             22.5       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that SCF's liquidity
will improve over the medium term because of higher profitability
and more-than-expected funding support from promoters. Due to
moderation in raw material prices, the operating margin, though
low, has improved to around 2.5 per cent in 2014-15 (refers to
financial year, April 1 to March 31) from 1.4 per cent in the
previous year. The margin is expected to remain at a similar level
over the medium term. The firm's cash accrual is expected at
around INR9 million, against debt repayment obligation of INR4.5
million, during 2015-16. Liquidity is further supported via higher
than expected infusion of funds by promoters. Equity of INR1.8
million and unsecured loans of INR13 million during 2014-15.
Backed by higher-than-expected funding support from promoters,
reliance on external short-term debt remained low, with average
bank limit utilisation of 36 per cent during the 12 months through
August 2015. CRISIL believes the promoters will continue to
provide timely funding support over medium term.

The rating reflects SCF's modest scale of operations in the highly
competitive cotton industry, working-capital-intensive operations,
and average financial risk profile. These rating weaknesses are
partially offset by the promoters' extensive experience in the
textile industry, and the proximity of the firm's processing unit
to the cotton-growing belt.
Outlook: Stable

CRISIL believes SCF will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a significant increase in
scale of operation and profitability leading to higher-than-
expected cash accrual, and if the capital structure improves
because of a reduction in working capital cycle or substantial
equity infusion. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens due to a decline in profitability, a stretch in the
working capital cycle, or substantial debt-funded capital
expenditure.

Established in 2013, SCF is a partnership firm located at Kadi
(Gujarat). It is owned and managed by the Patel family. The firm
is in the business of cotton ginning and pressing.

On a provisional basis, SCF reported a book profit of INR1.08
million on net sales of INR597.1 million for 2014-15; it had
reported a book profit of INR0.5 million on net sales of INR364.4
million for 2013-14.

SHIV MAHIMA: CRISIL Assigns B Rating to INR70MM LT Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' long-term rating to the
bank facilities of Shiv Mahima Milk Products Pvt Ltd (SMPL).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Long Term Loan         70         CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility     56         CRISIL B/Stable

The rating reflects SMPL's early stage of operations with exposure
to implementation and offtake risks associated with ongoing wheat
flour mill. The rating also factors in susceptibility to
volatility in raw material prices. These rating weaknesses are
mitigated by the promoters' extensive experience in the wheat
processing industry.
Outlook: Stable

CRISIL believes SMPL will maintain a stable credit profile over
the medium term backed by the promoters' extensive industry
experience. The outlook may be revised to 'Positive' in case of
successful completion of the project coupled with strong revenue
and profitability generation. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile and debt
servicing metrics weakens due to delays in completion of project
or lower-than-expected revenue or profitability.

SMPL was incorporated in 2013 by the Mittal family in Jaipur. SMPL
is setting-up a wheat-processing unit with a grinding capacity of
63000 tonnes per annum at Shahapur (Rajasthan), to manufacture
Maida, Wheat, and Bran. Key promoter, Mr. Bharat Mittal manages
the operations along with his wife Ms. Mukta Mittal.


SIDDHI LAXMI: CRISIL Assigns B Rating to INR80MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Siddhi Laxmi Motors (SLM). The rating reflects
SLM's weak financial risk profile and the firm's exposure to
intense competition in the automobile (auto) dealership business.
These rating weakness are partially offset by the promoters'
extensive experience in the auto dealership business.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            80        CRISIL B/Stable

Outlook: Stable

CRISIL believes that SLM will benefit from the promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the firm improves its scale of operations or capital
structure, leading to improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if low cash
accruals and operating income, a stretch in the working capital
cycle, or any significant debt-funded capital expenditure plan
weakens its liquidity.

Set up in 2015 as a partnership firm, SLM is an exclusive dealer
for Mahindra and Mahindra Ltd's (rated 'CRISIL AAA/Stable/CRISIL
A1+') light commercial vehicles and passenger cars in Angul
(Odisha). Currently, the firm has one showroom and one workshop.
SLM is promoted by Mr. Bikram Agarwalla and Mr. Sujit Kumar
Agarwalla.


SONAI CONSTRUCTIONS: CRISIL Cuts Rating on INR120MM Loan to B
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Sonai Constructions Pvt Ltd (SCPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable' and reaffirmed its rating on the company's
short-term facility at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Bank Guarantee        15          CRISIL A4 (Reaffirmed)

   Cash Credit          120          CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects pressure on SCPL's business risk profile on
account of slower progress in projects, resulting in decline in
turnover and stretch in working capital cycle. Though revenue
declined by 27 per cent to INR100.9 million in 2014-15 (refers to
financial year, April 1 to March 31), working capital requirement
increased, with gross current assets rising to 759 days as on
March 31, 2015, from 474 days a year earlier. This was mainly on
account of significant inventory of 715 days as on March 31, 2015,
against 499 days as on March 31, 2014. Also, the company had
substantial receivables of 131 days as on March 31, 2015
(receivables of INR25 million outstanding for more than six
months), resulting in pressure on liquidity. CRISIL expects SCPL's
liquidity to remain under pressure over the medium term because of
working capital intensive operations. Progress of projects and
working capital management will remain key rating sensitivity
factors.

The ratings reflect SCPL's small scale of operations and large
working capital requirement in the fragmented civil construction
industry. The ratings also factor in below-average financial risk
profile because of small net worth, high gearing, and weak debt
protection metrics. These weaknesses are partially offset by
promoter's extensive industry experience, and moderate order book
providing moderate revenue visibility over the medium term.
Outlook: Stable

CRISIL believes SCPL will continue to benefit over the medium term
from promoter's extensive industry experience and moderate order
book. However, its credit risk profile will remain sensitive to
timely release of funds by concerned government departments. The
outlook may be revised to 'Positive' in case of sustainable
increase in scale of operations and improvement in working capital
management, leading to a better capital structure. Conversely, the
outlook may be revised to 'Negative' if financial risk profile,
especially liquidity, deteriorates significantly, due to lower-
than-expected revenue and cash accrual, or stretch in working
capital cycle because of delayed release of funds by government
departments.

SCPL, promoted by Mr. Ramesh Ahirrao in 2000, undertakes civil
construction and specialises in execution of major irrigation
projects comprising masonry and earthen concrete dams and related
hydraulic structures. The Ahirrao family has been engaged in civil
construction for more than three decades.


SUSHILA AGROVET: ICRA Suspends B- Rating on INR9cr LT Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR9.00 crore
long term limits of Sushila Agrovet Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Sushila Agrovet Private limited (SAPL) was incorporated in 2007 as
a private limited company and caters to the hatching egg
requirements in Maharashtra. The company is engaged in the
breeding of broiler birds of Vencobb 400Y breed and it operates
through its facility located at Alibaug in Maharashtra and another
facility located at Satara. The company procures day old parent
chicks from Venkateshwara Hatcheries, grows them and sells the
fertile hatching eggs laid by the birds. The company is managed by
four directors who have equal shareholding in the company and have
considerable experience in the industry.


TALREJA TEXTILES: CRISIL Reaffirms B Rating on INR30MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Talreja Textiles
Industries Pvt Ltd (TTIPL) continue to reflect below-average
financial risk profile, with modest net worth, high gearing and
subdued debt protection metrics, and its modest scale and exposure
to intense competition in the textile industry. These weaknesses
are partially offset by the extensive industry experience of
TTIPL's promoters.

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Cash Credit           30          CRISIL B/Stable (Reaffirmed)
   Export Packing
   Credit                15          CRISIL A4 (Reaffirmed)
   Import Letter of
    Credit Limit         12.5        CRISIL A4 (Reaffirmed)
   Long Term Loan         1.8        CRISIL B/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit          15          CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     5.7        CRISIL B/Stable (Reaffirmed)

CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Talreja Textiles Industries Pvt Ltd (TTIPL) on
July, 2015.
Outlook: Stable

CRISIL believes that TTIPL will maintain its credit risk profile,
supported by its promoters' extensive industry experience and fund
support. The outlook may be revised to 'Positive' if TTIPL reports
substantial and sustained improvement in its financial risk
profile, backed by healthy growth in accruals, efficient working
capital management and/or any significant equity infusion.
Conversely, the outlook may be revised to 'Negative' if TTIPL
reports further weakening of its financial risk profile, most
likely because of large debt-funded capital expenditure, large
working capital requirements or low cash accruals.

TTIPL, incorporated in 1980, manufactures fusible interlinings.
Its operations are managed by Mr. Ashok L. Talreja and Mr. Mukesh
L Talreja.


THE FRIENDS: ICRA Suspends B+ Rating on INR7cr Loan
---------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+  and [ICRA]A4
ratings assigned to the INR7.00 crore facilities of The Friends
Tea Company Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the Company.


VAISHNODEVI OIL: CRISIL Reaffirms B+ Rating on INR85MM Cash Loan
----------------------------------------------------------------
CRISIL rating on the long-term bank facilities of Vaishnodevi Oil
Seeds Processing Industries (VOSPI) continues to reflect VOSPI's
below-average financial risk profile marked by high gearing and
weak debt protection metrics. The rating also reflects the firm's
modest scale of operations, and its vulnerability to volatility in
raw material prices and to changes in government policies. These
rating weaknesses are partially offset by the extensive experience
of VOSPI's promoters in the edible oil industry and the firm's
proximity to raw material sources.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            85       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     15       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VOSPI will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm increases its
revenue and improves its profitability significantly, while
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in VOSPI's
financial risk profile, particularly its liquidity, most likely
because of a stretch in its working capital cycle, low accruals,
or large debt-funded capital expenditure (capex).

VOSPI, set up in 2006, is promoted by Mr. Praful Kumar Thakkar and
his brother Mr. Deepak Kumar Thakkar. The firm manufactures
unrefined mustard oil, and also sells its by-product, mustard de-
oiled cakes. Its seed crushing unit is in Banaskantha (Gujarat)
and has installed capacity of 250 tonnes per day.

VOSPI, on a provisional basis, reported a profit after tax (PAT)
of INR3.6 million on operating income of INR493 million for 2013-
14; it had reported a PAT of INR3.4 million on operating income of
INR486 million for 2013-14.


VINAYAKA CASHEW: CRISIL Reaffirms B- Rating on INR120MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vinayaka Cashew Company
(VCC) continues to reflect VCC's below-average financial risk
profile because of high total outside liabilities to tangible net
worth ratio, susceptibility of operating margin to volatility in
cashew prices, and exposure to intense competition in the cashew-
processing industry.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Packing Credit        120        CRISIL B-/Stable (Reaffirmed)
   Proposed Short Term
   Bank Loan Facility     40        CRISIL A4 (Reaffirmed)

These weaknesses are partially offset by promoters' extensive
industry experience, and established market position in processing
and exporting cashew kernels.
Outlook: Stable

CRISIL believes VCC will continue to benefit over the medium term
from promoters' industry experience. The outlook may be revised to
'Positive' if liquidity improves significantly, with lower
reliance on bank borrowing to fund working capital requirement.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in working capital management, or significant
decline in cash accrual because of lower revenue or operating
profitability, leading to weakening of liquidity.

VCC, founded as a partnership firm by Mr. Mohan Chandra Nair and
Ms. K Kunjalakshmi in 2005, processes and exports cashew kernels.


VIZAG EXPORTS: CRISIL Reaffirms B- Rating on INR75MM LT Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Vizag Exports (VE)
continues to reflect VE's below-average financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio. Moreover, its operating margin is susceptible to volatility
in cashew prices and to intense competition in the cashew-
processing industry. These rating weaknesses are partially offset
by the extensive industry experience of VE's promoters and the
firm's established market position in processing and exporting
cashew kernels.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Export Packing
   Credit                120        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     75        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VE will continue to benefit over the medium term
from promoters' industry experience. The outlook may be revised to
'Positive' if liquidity improves significantly, with lower
reliance on bank borrowing to fund working capital requirement.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in working capital management, or significant
decline in cash accrual because of lower revenue or operating
profitability, leading to weakening of liquidity.

VE, founded as a partnership firm by Mr. Rajagopala and Ms. Abhaya
Mohan in 2011, processes and exports cashew kernels.


YAMUNAJI ENTERPRISE: ICRA Assigns B+ Rating to INR4.50cr Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR4.50
crore cash credit facility of Yamunaji Enterprise. ICRA has also
assigned the short-term rating of [ICRA]A4 to the INR1.00 crore
short term non fund based facility of YE.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.50       [ICRA]B+ assigned
   Bank Guarantee         1.00       [ICRA]A4 assigned

The assigned ratings are constrained by the firm's relatively
modest scale of operations and the high counter party credit risk
as well as low net-worth base of the firm in comparison to
exposure to high level of clean credit. The ratings also take into
account the continued vulnerability to high interest regime
leading to diminishing interest arbitrage, weak debt coverage
indicators and high working capital requirements in relation to
profits.

However, the ratings favourably take into account the established
track record of YE in the polymers distribution business,
established customer base in the plastic industry and steady
domestic demand prospects for high-density poly ethylene (HDPE)
and low-linear density polyethylene (LLDPE).

YE is one of the three del credere agents (DCAs) of Reliance
Industries Limited for Kutch and Saurashtra region for
distribution of high-density poly ethylene (HDPE), low-linear
density polyethylene (LLDPE), polypropylene (PP) and poly vinyl
chloride (PVC).YE has been associated with RIL as a distributor
since 2007, post merger of Indian Petrochemical Corporation
Limited (IPCL) with RIL. YE also has dealership of Polyethylene
Terephthalate (PET) Chips manufactured by Reliance Industries
Limited for Gujarat region, wherein the firm maintains stock of
PET Chips for sales to customers.

Recent Results
For the year ended 31st March 2015, the firm reported an operating
income of INR89.66 crore and profit after tax of INR0.61 crore as
against an operating income of INR80.94 crore and profit after tax
of INR0.47 crore during FY 2014.



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


TOSHIBA CORP: To Sue Three Ex-Presidents Over Accounting Scandal
----------------------------------------------------------------
Jiji Press reports that Toshiba Corp. plans to file a damages
lawsuit against former top executives for their involvement in the
company's accounting scandal, according to informed sources.

Hisao Tanaka, Norio Sasaki and Atsutoshi Nishida, former
presidents, are likely to be named in the suit, as well as others,
the report says.

A panel of outside experts earlier this year recognized the three
former presidents' involvement in the profit-padding scandal, Jiji
Press notes.

The report says current President Masashi Muromachi is unlikely to
be named in the suit as the panel denied his involvement.

According to the report, another investigative panel of outside
lawyers is expected to issue a report early next month that is
likely to find the three former presidents heavily responsible for
the scandal.

Toshiba plans to make a final decision on whether to bring the
suit after examining the report, the sources said, the report
relays.

Jiji Press says the panel's investigations cover 98 people who
were board directors or executive officers at Toshiba between
April 2008 and December 2014.

The investigations began after an individual shareholder of
Toshiba early last month demanded that the company file a suit
against 28 former and current executives for JPY1 billion in
damages. The shareholder at the time gave the company 60 days to
act, adds Jiji Press.

                        About Toshiba Corp.

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

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

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

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

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

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

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



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


BRUCE BUCHANAN: Shephard Dunphy Appointed as Liquidators
--------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Bruce Buchanan, a
family firm, entered liquidation owing over NZ$1.5 million.
Iain Shephard of Shephard Dunphy cited that the business and
assets of the company were bought by Fulton Hogan before the
liquidation, the report says.

Dissolve.com.au relates that proceeds of the sale are expected to
go towards machinery and bank finance debt and employee
entitlements. After the sale, it was reportedly evident that
following the residual assets' realisation, there may not be
enough left to distribute to unsecured creditors, the report says.

Dissolve.com.au discloses that Bruce Buchanan owes the Inland
Revenue around NZ$55,252 and trade creditors around NZ$1,425,429.



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


* SC Lowy Reports Surge in Junk Debt Trading as Banks Scale Back
----------------------------------------------------------------
David Yong at Bloomberg News reports that SC Lowy Financial (HK)
Ltd. boosted junk bond and loan trades in Asia and Europe after a
commodities slump triggered more defaults and as global banks
scale back operations.

The independent fixed-income firm founded by former employees
recorded total trading volumes of Deutsche Bank AG about $7.5
billion in the 12 months through September, an increase of 50
percent, Bloomberg discloses citing an e-mailed statement.

Activity in the Asia Pacific region accounted for almost half of
the total while the rest was about evenly split between U.S.
trades and the Europe, Middle East and Africa business, the report
says. Hong Kong-based SC Lowy doesn't disclose its financial
earnings, Bloomberg notes.

According to Bloomberg, smaller brokerage firms are boosting their
presence after Barclays Plc and HSBC Holdings Plc led banks in
cutting more than 180,000 jobs since Lehman Brothers Holdings Inc.
collapsed in September 2008. Goldman Sachs Group Inc. reported a
34% drop in third-quarter bond trading revenue earlier this month
while JPMorgan Chase & Co. suffered a 23% slump due to subdued
credit activity, Bloomberg notes.

"To run a high-yield bond trading business requires a lot of
resources, it requires more people, research and skills," the
report quotes SC Lowy co-founder as saying.  "Many of our
competitors that Michel Lowy have been downsizing just don't have
the same commitment to the product to be successful. We've been
able to grab more market share this year, not because the size of
the market has grown."  Asian junk bonds declined 3.7% last
quarter, the worst performance since mid-2013, Bloomberg discloses
citing a Bank of America Merrill Lynch Index that tracks some $80
billion of securities

According to Bloomberg, EPFR Global data showed China's economic
slowdown and speculation the Federal Reserve may raise its key
interest rate have prompted investors to pull $76.3 billion from
emerging-market equity and bond funds this year through September.
Bond defaults globally climbed to 87 this year, surpassing 60 in
all of 2014, Standard & Poor's said in an
Oct. 14 report cited by Bloomberg.

The Bloomberg Commodity Index is headed for a fifth year of
decline after losing 14% since Dec. 31. "There's a lot less
liquidity in Asian high yield than there used to be and we've seen
a lot of investors trying to sell large positions,"
Mr. Lowy, as cited by Bloomberg, said. Rivals that have reduced
exposure or closed business units have taken "some of the
liquidity away from the market when there is volatility," he said.

Bloomberg relates that Mr. Lowy said he has a bearish view on
commodities, whose bonds form a sizable portion of the Asian junk
market. "This isn't a market that's going to snap back anytime
soon," he said. "It's not purely a cyclical move lower, it's a
secular move that's going to take years to change and it's
possible that current prices are the new reality." When the Fed
does start to raise borrowing costs, investors will probably shift
even more money from emerging market and higher risk assets into
Treasuries, Mr. Lowy said. That means there'll be less incentive
to be invested in global high yield debt, making it harder for
corporates to refinance their obligations, he said, Bloomberg
adds.


* BOND PRICING: For the Week Oct. 19 to Oct. 23, 2015
-----------------------------------------------------

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


  AUSTRALIA
  ---------

AUSDRILL FINANCE PTY       6.88    11/1/2019   USD      70.72
AUSDRILL FINANCE PTY       6.88    11/1/2019   USD      69.52
BOART LONGYEAR MANAG       7.00     4/1/2021   USD      40.00
BOART LONGYEAR MANAG       7.00     4/1/2021   USD      39.25
CML GROUP LTD              9.00    1/29/2020   AUD       0.90
CRATER GOLD MINING L      10.00    8/18/2017   AUD      24.49
EMECO PTY LTD              9.88    3/15/2019   USD      56.50
EMECO PTY LTD              9.88    3/15/2019   USD      55.31
FMG RESOURCES AUGUST       6.88     4/1/2022   USD      69.68
FMG RESOURCES AUGUST       6.88     4/1/2022   USD      74.00
IMF BENTHAM LTD            6.38    6/30/2019   AUD      70.63
KBL MINING LTD            12.00    2/16/2017   AUD       0.32
KEYBRIDGE CAPITAL LT       7.00    7/31/2020   AUD       0.67
LAKES OIL NL              10.00    3/31/2017   AUD       8.10
MIDWEST VANADIUM PTY      11.50    2/15/2018   USD       4.23
MIDWEST VANADIUM PTY      11.50    2/15/2018   USD       4.23
STOKES LTD                10.00    6/30/2017   AUD       0.40
TREASURY CORP OF VIC       0.50   11/12/2030   AUD      65.30


CHINA
-----

CHANGCHUN CITY DEVEL       6.08     3/9/2016   CNY      40.44
CHANGZHOU INVESTMENT       5.80     7/1/2016   CNY      40.63
CHANGZHOU WUJIN CITY       5.42     6/9/2016   CNY      52.90
CHINA GOVERNMENT BON       1.64   12/15/2033   CNY      74.02
DANDONG CITY DEVELOP       6.21     9/6/2017   CNY      71.70
DATONG ECONOMIC CONS       6.50     6/1/2017   CNY      70.70
DRILL RIGS HOLDINGS        6.50    10/1/2017   USD      70.50
DRILL RIGS HOLDINGS        6.50    10/1/2017   USD      71.25
ERDOS DONGSHENG CITY       8.40    2/28/2018   CNY      68.30
ERDOS DONGSHENG CITY       8.40    2/28/2018   CNY      67.48
GRANDBLUE ENVIRONMEN       6.40     7/7/2016   CNY      71.20
HANGZHOU XIAOSHAN ST       6.90   11/22/2016   CNY      71.79
HEILONGJIANG HECHENG       7.78   11/17/2016   CNY      71.00
HUAIAN CITY URBAN AS       7.15   12/21/2016   CNY      70.54
JIANGSU HUAJING ASSE       5.68    9/28/2017   CNY      50.06
JINAN CITY CONSTRUCT       6.98    3/26/2018   CNY      76.92
KUNSHAN ENTREPRENEUR       4.70    3/30/2016   CNY      40.26
LIAOYUAN STATE-OWNED       7.80    1/26/2017   CNY      72.33
NANJING NANGANG IRON       6.13    2/27/2016   CNY      51.38
OCEAN RIG UDW INC          7.25     4/1/2019   USD      46.75
OCEAN RIG UDW INC          7.25     4/1/2019   USD      47.00
PANJIN CONSTRUCTION        7.70   12/16/2016   CNY      71.17
QINGZHOU HONGYUAN PU       6.50    5/22/2019   CNY      40.30
SHENGZHOU HOTEL CO L       9.20    2/26/2016   CNY     100.00
TAIZHOU CITY CONSTRU       6.90    1/25/2017   CNY      70.52
TONGLIAO CITY INVEST       5.98     9/1/2017   CNY      69.10
WUXI COMMUNICATIONS        5.58     7/8/2016   CNY      50.52
YANGZHOU ECONOMIC DE       6.10     7/7/2016   CNY      50.80
YANGZHOU URBAN CONST       5.94    7/23/2016   CNY      40.70
YIJINHUOLUOQI HONGTA       8.35    3/19/2019   CNY      72.95
YUNNAN INVESTMENT GR       5.25    8/24/2017   CNY      72.05
ZHENJIANG CULTURE AN       5.86     5/6/2017   CNY      73.33


INDONESIA
---------


GAJAH TUNGGAL TBK PT       7.75     2/6/2018   USD      44.98
BERAU COAL ENERGY TB       7.25    3/13/2017   USD      28.00
INDONESIA TREASURY B       6.38    4/15/2042   IDR      72.67
GAJAH TUNGGAL TBK PT       7.75     2/6/2018   USD      52.48
BERAU COAL ENERGY TB       7.25    3/13/2017   USD      29.13
PERUSAHAAN PENERBIT        6.10    2/15/2037   IDR      78.50
PERUSAHAAN PENERBIT        6.00    1/15/2027   IDR      79.80


INDIA
-----

3I INFOTECH LTD            5.00    4/26/2017   USD      12.75
BLUE DART EXPRESS LT       9.30   11/20/2017   INR      10.16
BLUE DART EXPRESS LT       9.40   11/20/2018   INR      10.23
BLUE DART EXPRESS LT       9.50   11/20/2019   INR      10.29
COROMANDEL INTERNATI       9.00    7/23/2016   INR      15.39
GTL INFRASTRUCTURE L       3.53    11/9/2017   USD      25.00
INCLINE REALTY PVT L      10.85    4/21/2017   INR       5.72
INCLINE REALTY PVT L      10.85    8/21/2017   INR       9.08
INDIA GOVERNMENT BON       0.32    1/25/2035   INR      25.81
JAIPRAKASH ASSOCIATE       5.75     9/8/2017   USD      70.73
JCT LTD                    2.50     4/8/2011   USD      23.25
PRAKASH INDUSTRIES L       5.25    4/30/2015   USD      50.50
PYRAMID SAIMIRA THEA       1.75     7/4/2012   USD       1.00
REI AGRO LTD               5.50   11/13/2014   USD       7.00
REI AGRO LTD               5.50   11/13/2014   USD       7.00
SHIV-VANI OIL & GAS        5.00    8/17/2015   USD      22.88


JAPAN
-----

AVANSTRATE INC             3.02   10/31/2017   JPY      37.00
AVANSTRATE INC             5.00   10/31/2017   JPY      31.00
ELPIDA MEMORY INC          0.70     8/1/2016   JPY      10.25
ELPIDA MEMORY INC          0.50   10/26/2015   JPY      10.25
ELPIDA MEMORY INC          2.29    12/7/2012   JPY      10.25
ELPIDA MEMORY INC          2.03    3/22/2012   JPY      10.25
ELPIDA MEMORY INC          2.10   11/29/2012   JPY      10.25



KOREA
-----

2014 KODIT CREATIVE        5.00   12/25/2017   KRW      29.84
2014 KODIT CREATIVE        5.00   12/25/2017   KRW      29.84
DONGBU STEEL CO LTD        5.00     3/9/2018   KRW      52.96
DOOSAN CAPITAL SECUR      20.00    4/22/2019   KRW      38.23
HYUNDAI HEAVY INDUST       4.80   12/15/2044   KRW      52.38
HYUNDAI HEAVY INDUST       4.90   12/15/2044   KRW      51.45
HYUNDAI MERCHANT MAR       7.05   12/27/2042   KRW      34.95
KIBO ABS SPECIALTY C      10.00     9/4/2016   KRW      38.22
KIBO ABS SPECIALTY C       5.00   12/25/2017   KRW      28.63
KIBO ABS SPECIALTY C      10.00    2/19/2017   KRW      35.83
KIBO ABS SPECIALTY C       5.00    1/31/2017   KRW      31.61
KIBO ABS SPECIALTY C       5.00    3/29/2018   KRW      28.82
KIBO ABS SPECIALTY C      10.00    8/22/2017   KRW      26.70
KIBO GREEN HI-TECH S      10.00   12/21/2015   KRW      58.27
LSMTRON DONGBANGSEON       4.53   11/22/2017   KRW      29.48
POSCO ENERGY CORP          4.66    8/29/2043   KRW      64.75
POSCO ENERGY CORP          4.72    8/29/2043   KRW      64.18
POSCO ENERGY CORP          4.72    8/29/2043   KRW      64.04
PULMUONE CO LTD            2.50     8/6/2045   KRW      67.57
SINBO SECURITIZATION       5.00    8/31/2016   KRW      34.13
SINBO SECURITIZATION       5.00    8/31/2016   KRW      34.13
SINBO SECURITIZATION       5.00    7/24/2017   KRW      30.18
SINBO SECURITIZATION       5.00    9/26/2018   KRW      27.41
SINBO SECURITIZATION       5.00    6/27/2018   KRW      28.29
SINBO SECURITIZATION       5.00    6/27/2018   KRW      28.29
SINBO SECURITIZATION       5.00     7/8/2017   KRW      31.29
SINBO SECURITIZATION       5.00     7/8/2017   KRW      31.29
SINBO SECURITIZATION       5.00    1/29/2017   KRW      32.50
SINBO SECURITIZATION       5.00    6/29/2016   KRW      34.84
SINBO SECURITIZATION       5.00    2/11/2018   KRW      29.18
SINBO SECURITIZATION       5.00    2/11/2018   KRW      29.18
SINBO SECURITIZATION       5.00    7/26/2016   KRW      34.52
SINBO SECURITIZATION       5.00    7/26/2016   KRW      34.52
SINBO SECURITIZATION       5.00    1/15/2018   KRW      29.65
SINBO SECURITIZATION       5.00    1/15/2018   KRW      29.65
SINBO SECURITIZATION       5.00    8/29/2018   KRW      27.62
SINBO SECURITIZATION       5.00    8/29/2018   KRW      27.62
SINBO SECURITIZATION       5.00    7/24/2018   KRW      28.09
SINBO SECURITIZATION       5.00    7/24/2018   KRW      28.09
SINBO SECURITIZATION       5.00    9/26/2018   KRW      27.41
SINBO SECURITIZATION       5.00    9/26/2018   KRW      27.41
SINBO SECURITIZATION       5.00   12/25/2016   KRW      32.06
SINBO SECURITIZATION       5.00    3/13/2017   KRW      32.02
SINBO SECURITIZATION       5.00    3/13/2017   KRW      32.02
SINBO SECURITIZATION       5.00     6/7/2017   KRW      23.25
SINBO SECURITIZATION       5.00     6/7/2017   KRW      23.25
SINBO SECURITIZATION       5.00    2/21/2017   KRW      32.25
SINBO SECURITIZATION       5.00    2/21/2017   KRW      32.25
SINBO SECURITIZATION       5.00    3/12/2018   KRW      28.96
SINBO SECURITIZATION       5.00    3/12/2018   KRW      28.96
SINBO SECURITIZATION       5.00    10/1/2017   KRW      30.34
SINBO SECURITIZATION       5.00    10/1/2017   KRW      30.34
SINBO SECURITIZATION       5.00    10/1/2017   KRW      30.34
SINBO SECURITIZATION       5.00    10/5/2016   KRW      33.78
SINBO SECURITIZATION       5.00    10/5/2016   KRW      32.17
SINBO SECURITIZATION       5.00   12/23/2018   KRW      26.51
SINBO SECURITIZATION       5.00   12/23/2018   KRW      26.51
SINBO SECURITIZATION       5.00   12/23/2017   KRW      28.65
SINBO SECURITIZATION       5.00   12/13/2016   KRW      33.01
SINBO SECURITIZATION       5.00    12/7/2015   KRW      54.84
SINBO SECURITIZATION       5.00     2/2/2016   KRW      43.63
SINBO SECURITIZATION       8.00     2/2/2016   KRW      47.81
SINBO SECURITIZATION       5.00    8/16/2016   KRW      33.22
SINBO SECURITIZATION       5.00    8/16/2017   KRW      30.89
SINBO SECURITIZATION       5.00    8/16/2017   KRW      30.89
SINBO SECURITIZATION       5.00    3/14/2016   KRW      38.57
SINBO SECURITIZATION       5.00    5/27/2016   KRW      35.19
SINBO SECURITIZATION       5.00    5/27/2016   KRW      35.19
SINBO SECURITIZATION       5.00    1/19/2016   KRW      45.40
SINBO SECURITIZATION      10.00   12/27/2015   KRW      56.70
SK TELECOM CO LTD          4.21     6/7/2073   KRW      62.24
TONGYANG CEMENT & EN       7.50    4/20/2014   KRW      70.00
TONGYANG CEMENT & EN       7.30    4/12/2015   KRW      70.00
TONGYANG CEMENT & EN       7.30    6/26/2015   KRW      70.00
TONGYANG CEMENT & EN       7.50    7/20/2014   KRW      70.00
TONGYANG CEMENT & EN       7.50    9/10/2014   KRW      70.00
U-BEST SECURITIZATIO       5.50   11/16/2017   KRW      30.58
WISE MOBILE SECURITI      20.00    7/17/2018   KRW      73.92


SRI LANKA
---------

SRI LANKA GOVERNMENT       5.35     3/1/2026   LKR      69.44

MALAYSIA
--------

BANDAR MALAYSIA SDN        0.35   12/29/2023   MYR      70.67
BANDAR MALAYSIA SDN        0.35    2/20/2024   MYR      70.18
BIMB HOLDINGS BHD          1.50   12/12/2023   MYR      69.52
BRIGHT FOCUS BHD           2.50    1/22/2031   MYR      66.02
BRIGHT FOCUS BHD           2.50    1/24/2030   MYR      68.84
LAND & GENERAL BHD         1.00    9/24/2018   MYR       0.30
SENAI-DESARU EXPRESS       0.50   12/30/2039   MYR      66.46
SENAI-DESARU EXPRESS       0.50   12/31/2047   MYR      74.79
SENAI-DESARU EXPRESS       0.50   12/31/2038   MYR      64.75
SENAI-DESARU EXPRESS       0.50   12/31/2040   MYR      67.70
SENAI-DESARU EXPRESS       0.50   12/31/2042   MYR      70.06
SENAI-DESARU EXPRESS       0.50   12/30/2044   MYR      72.07
SENAI-DESARU EXPRESS       0.50   12/31/2046   MYR      73.96
SENAI-DESARU EXPRESS       0.50   12/31/2043   MYR      71.19
SENAI-DESARU EXPRESS       0.50   12/31/2041   MYR      68.86
SENAI-DESARU EXPRESS       0.50   12/29/2045   MYR      72.93
SENAI-DESARU EXPRESS       1.15    6/30/2023   MYR      70.30
SENAI-DESARU EXPRESS       1.35   12/31/2025   MYR      64.15
SENAI-DESARU EXPRESS       1.35    6/30/2031   MYR      51.37
SENAI-DESARU EXPRESS       1.35    6/28/2030   MYR      53.59
SENAI-DESARU EXPRESS       1.35    6/30/2027   MYR      60.44
SENAI-DESARU EXPRESS       1.35   12/31/2027   MYR      59.30
SENAI-DESARU EXPRESS       1.35   12/31/2029   MYR      54.69
SENAI-DESARU EXPRESS       1.35   12/31/2030   MYR      52.47
SENAI-DESARU EXPRESS       1.35   12/31/2026   MYR      61.63
SENAI-DESARU EXPRESS       1.35    6/30/2026   MYR      62.86
SENAI-DESARU EXPRESS       1.35    6/29/2029   MYR      55.83
SENAI-DESARU EXPRESS       1.15    6/28/2024   MYR      67.15
SENAI-DESARU EXPRESS       1.35   12/29/2028   MYR      56.98
SENAI-DESARU EXPRESS       1.10    6/30/2022   MYR      73.38
SENAI-DESARU EXPRESS       1.15   12/29/2023   MYR      68.70
SENAI-DESARU EXPRESS       1.15   12/30/2022   MYR      71.95
SENAI-DESARU EXPRESS       1.15   12/31/2024   MYR      65.59
SENAI-DESARU EXPRESS       1.35    6/30/2028   MYR      58.14
SENAI-DESARU EXPRESS       1.15    6/30/2025   MYR      64.07
UNIMECH GROUP BHD          5.00    9/18/2018   MYR       1.15


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

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


SINGAPORE
---------

AXIS OFFSHORE PTE LT       7.59    5/18/2018   USD      57.24
BAKRIE TELECOM PTE L      11.50     5/7/2015   USD       3.89
BAKRIE TELECOM PTE L      11.50     5/7/2015   USD       3.89
BERAU CAPITAL RESOUR      12.50     7/8/2015   USD      28.09
BERAU CAPITAL RESOUR      12.50     7/8/2015   USD      28.50
BLD INVESTMENTS PTE        8.63    3/23/2015   USD       8.88
BUMI CAPITAL PTE LTD      12.00   11/10/2016   USD      17.72
BUMI CAPITAL PTE LTD      12.00   11/10/2016   USD      18.25
BUMI INVESTMENT PTE       10.75    10/6/2017   USD      17.03
BUMI INVESTMENT PTE       10.75    10/6/2017   USD      18.37
ENERCOAL RESOURCES P       6.00     4/7/2018   USD      10.00
GOLIATH OFFSHORE HOL      12.00    6/11/2017   USD      20.00
GOLIATH OFFSHORE HOL      15.00    6/11/2017   USD      70.04
INDO INFRASTRUCTURE        2.00    7/30/2010   USD       1.88
ORO NEGRO DRILLING P       7.50    1/24/2019   USD      60.00
OSA GOLIATH PTE LTD       12.00    10/9/2018   USD      62.00
OTTAWA HOLDINGS PTE        5.88    5/16/2018   USD      53.13
OTTAWA HOLDINGS PTE        5.88    5/16/2018   USD      49.27
SWIBER CAPITAL PTE L       6.50     8/2/2018   SGD      71.38
SWIBER HOLDINGS LTD        7.13    4/18/2017   SGD      74.75


THAILAND
--------

G STEEL PCL                3.00    10/4/2015   USD       3.84
MDX PCL                    4.75    9/17/2003   USD      37.25


VIETNAM
-------

BANK FOR INVESTMENT       10.33    5/19/2016   VND       1.00
DEBT AND ASSET TRADI       1.00   10/10/2025   USD      51.25
DEBT AND ASSET TRADI       1.00   10/10/2025   USD      50.75



                             *********

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 ***