TCRAP_Public/160819.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

           Friday, August 19, 2016, Vol. 19, No. 164

                            Headlines


A U S T R A L I A

ABC PRINT: Placed Into Insolvent Liquidation
BURRUP FERTILIZER: Oswals, ANZ Reach Tentative Settlement
DENHAM CONSTRUCTIONS: First Creditors' Meeting Set For Aug. 26
HOMELAND FURNITURE: First Creditors' Meeting Set For Aug. 26
SEDUCE PTY: First Creditors' Meeting Set For Aug. 25


H O N G  K O N G

HUA HAN: S&P Puts 'BB-' CCR on CreditWatch Negative


I N D I A

AGGARWAL RICE: CARE Reaffirms B+ Rating on INR33.05cr LT Loan
AMRUT COTTON: ICRA Reaffirms B+ Rating on INR15cr Cash Loan
ANANT INTERCONTINENTAL: CRISIL Reassigns B Rating to INR60MM Loan
ARIHANT DREAM: CARE Assigns 'D' Rating on INR14.90cr LT Loan
AVADH BUILDERS: CARE Reaffirms B+ Rating on INR15cr LT Loan

BIG FLY: ICRA Revises Rating on INR6.50cr Cash Loan to B-
DATTA MEGHE: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
FARISTA VANIJYA: CARE Assigns 'B' Rating to INR6.90cr LT Loan
GREENKO INVESTMENT: Fitch Assigns 'B+' Rating on US$500MM Notes
HOTEL ASHOK: CRISIL Assigns 'B' Rating to INR88MM Term Loan

KALYAN GRAND: CRISIL Assigns B- Rating to INR255MM Term Loan
MADHUSUDAN AGRAWAL: CARE Assigns B+ Rating to INR2cr LT Loan
MARS PLYWOOD: CRISIL Reaffirms B+ Rating on INR85MM Cash Loan
MBC INFRASPACE: ICRA Reaffirms B+ Rating on INR3.05cr Loan
PLATINUM POLYMERS: ICRA Reaffirms B+ Rating on INR4.0cr LT Loan

QUAZAR INFRASTRUCTURE: CARE Assigns 'B' Rating to INR5.24cr Loan
RICHLOOK CREATIONS: CRISIL Assigns B+ Rating to INR105MM Loan
SAI INDUSTRIES: CARE Reaffirms 'B' Rating on INR6.80cr LT Loan
SHREE SADBHAV: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan
SKYLINE ENGINEERING: CRISIL Reaffirms D Rating on INR350MM Loan

SPONGE ENTERPRISES: CRISIL Reassigns 'B' Rating to INR90MM Loan
SRI SRI: CRISIL Assigns B+ Rating to INR180MM Inventory Funding
SRS HEALTHCARE: ICRA Lowers Rating on INR115cr Loan to 'D'
TRACTEL TIRFOR: CRISIL Lowers Rating on INR70MM Cash Loan to B-
TULSYAN NEC: CARE Lowers Rating on INR615.82cr Term Loan to 'D'


I N D O N E S I A

JAPFA COMFEED: S&P Affirms 'B' CCR & Revises Outlook to Stable


J A P A N

VUZIX CORP: Incurs US$4.5 Million Net Loss in 2nd Quarter


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Gov't Plans Legal Moves v. Defrauders


M O N G O L I A

MONGOLIA: Now World's Worst Performing Currency


N E W  Z E A L A N D

RIVERSIDE MEATS: Meat Processors Collapse Into Liquidation


S O U T H  K O R E A

LEO MOTORS: Incurs US$869,000 Net Loss in Second Quarter


                            - - - - -


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


ABC PRINT: Placed Into Insolvent Liquidation
--------------------------------------------
Richard Stuart-Turner at PrintWeek reports that ABC Print
(Hereford) has been placed into insolvent liquidation but will
continue trading "as usual" after the assets and goodwill were
purchased from the liquidator by a company owned by one of ABC's
directors.

PrintWeek relates that a notice on The Gazette to creditors of an
insolvent company of the re-use of a prohibited name stated that
ABC went into insolvent liquidation on August 3.

This follows speculation about the firm's fate last month, after
a letter to creditors from insolvency practitioner Griffin &
King, seen by PrintWeek, stated that ABC's board of directors had
been instructed to "convene meetings of members and creditors
with a view to placing the company into liquidation".

According to PrintWeek, the notice on The Gazette stated:
"Pursuant to Rule 4.228 of the Insolvency Rules 1986, I [ABC
managing director Michael Greene] give notice that it is my
intention to act in one or more of the ways specified in section
216(3) of the Insolvency Act 1986, in connection with, or for the
purposes of, the carrying on of the whole or substantially the
whole of the business of the insolvent company under the
following names: ABC Print and Supplymeprint.com."

PrintWeek notes that Section 216 of the Insolvency Act 1986
restricts the use by a successor business of a similar name or
trading style to that of a company in insolvent liquidation.
However, Rule 4.228 states that, if the insolvent company's
business is acquired from an insolvency practitioner, a director
can avoid contravening section 216 by giving notice to creditors,
as long as the director gives notice before they become involved
in managing the successor business or before the successor uses a
prohibited name.

Mr. Greene told PrintWeek a company called Knappogue, of which he
is not a director, has bought ABC's assets and goodwill:
"Following professional advice, I have now had confirmation that
the assets and goodwill of ABC have been purchased and the
fabulous team of staff at ABC are in place and I'm able to
confirm it's business as usual."

Knappogue was formerly known as Supplymeprint.com, one of the
intended business names listed in the Gazette notice, the report
says. The company, which was incorporated on May 6, 2011, changed
its name to Knappogue on Aug. 2, 2016, PrintWeek discloses citing
Companies House.

Knappogue has filed accounts for a dormant company each year
since 2012. The firm's only listed director is Garrett McGibney,
also one of ABC Print's three directors.

It's unclear what Mr. Greene's role will be within the new
business, PrintWeek adds.


BURRUP FERTILIZER: Oswals, ANZ Reach Tentative Settlement
---------------------------------------------------------
Sarah Danckert at The Sydney Morning Herald reports that the long
running legal battle between the ANZ Bank and billionaires Pankaj
and Radhika Oswal is close to ending after the parties agreed to
an in principle settlement.

SMH says the size of the settlement is unknown but is expected to
be well short of what the Oswals were seeking.

According to the report, the Oswals were suing ANZ and receivers
at PPB over the forced sale of their Burrup fertiliser business
saying they were short-changed by as much as AUD2.5 billion. At
the same time ANZ and PPB accused the couple of siphoning AUD150
million in company funds.

SMH relates that sources have estimated an agreement would see an
amount paid to the Oswals that would cover the bank's AUD150
million claim against the couple, their costs and some spare
change to pay out Mrs Oswal's AUD100 million tax bill.

Separately, Mrs. Oswal recently launched an appeal against her
hefty tax bill last month, SMH reports. Earlier this year, her
bill was speculated to be cut from AUD180 million to AUD32
million but was in fact only ever cut to around AUD100 million,
SMH notes.

SMH says the parties have been locked in discussions at Herbert
Smith Freehills' offices in Melbourne since August 11 thrashing
out the finer points of the deal. Mrs. Oswal was due to be
cross examined on August 18 but the matter was adjourned until
August 22, the report says.

SMH notes that an earlier settlement discussion, believed to be
instigated by the Oswals, took place on August 16 but sources
said there was still a large financial difference between the
parties.

According to the report, the settlement came after bruising
testimony from Mrs. Oswal on August 17 that senior ANZ executive
Bob Santamaria had said her children would be orphans if she
didn't sign a guarantee to assume her husband's debts.

On August 17, Mrs. Oswal told the court she was strong armed by
the bank into signing the guarantee on the threat that she and
her husband would go to jail over Mr. Oswal's alleged fraud
against the bank, SMH relays.

SMH says Mrs. Oswal told the court ANZ sought the guarantee after
it emerged Mr. Oswal had forged documents to show his company,
Burrup Fertilisers, had the support of European banks ahead of
getting a further AUD1 billion in loans from ANZ.

Another spanner in the works for ANZ Bank was an alleged
potential for a conflict of interest argument being made by the
Oswals against ANZ's lead barrister Alan Archibald, QC -- a top
silk who advised ANZ on parts of its sale process of the Burrup
Fertilisers business -- that is being aired in another legal
matter involving the Oswals, SMH states.

Other sources pointed to concerns at PPB over being dragged into
a long trial that was expected not to finish until next year if a
settlement agreement could not be reached, the report notes.

A hearing has been scheduled on August 22 after the matter was
stayed on August 18 before court began.

The case continues, adds SMH.

                      About Burrup Fertilisers

Headquartered in Karratha in Western Australia, Burrup
Fertilisers Pty Ltd -- http://www.bfpl.com.au/-- is Australia's
largest ammonium producer.  The company has a production capacity
of 850-tonnes of liquid ammonia a year.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd was
placed into receivership with debts of about AUD800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company Burrup Holdings.  The bank is alleging "evidence
of financial irregularities" as well as the usual default
triggers relating to debt facilities established between 2002 and
2007, The Australian said.


DENHAM CONSTRUCTIONS: First Creditors' Meeting Set For Aug. 26
--------------------------------------------------------------
Richard Albarran and David Ingram of Hall Chadwick were appointed
as administrators of Denham Constructions Pty Limited on Aug. 16,
2016.

A first meeting of the creditors of the Company will be held at
the Grace Hotel, Balinga Room, Level 1, 77 York Street, in
Sydney, on Aug. 26, 2016, at 10:30 a.m.


HOMELAND FURNITURE: First Creditors' Meeting Set For Aug. 26
------------------------------------------------------------
Patrick Loi of Greengate Advisory NSW Pty Ltd was appointed as
administrators of Homeland Furniture Wollongong Pty Ltd on
Aug. 16, 2016.

A first meeting of the creditors of the Company will be held at
the offices of Chartered Accountants Australia & New Zealand,
Level 9 Lawson Room, 33 Erskine Street, in Sydney, on Aug. 26,
2016, at 9:30 a.m.


SEDUCE PTY: First Creditors' Meeting Set For Aug. 25
----------------------------------------------------
Michael James Billingsley and Neil Robert Cussen of Deloitte
Financial Advisory were appointed as administrators of Seduce
Pty. Ltd. on Aug. 16, 2016.

A first meeting of the creditors of the Company will be held at
the Offices of Deloitte Financial Advisory Pty Ltd, Eclipse
Tower, Level 19, 60 Station Street, in Parramatta, on Aug. 25,
2016, at 10:00 a.m.



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


HUA HAN: S&P Puts 'BB-' CCR on CreditWatch Negative
---------------------------------------------------
S&P Global Ratings said that it had placed its 'BB-' long-term
corporate credit rating on Hua Han Health Industry Holdings Ltd.
and the 'BB-' long-term issue rating on the company's senior
unsecured notes on CreditWatch with negative implications.  At
the same time, S&P placed its 'cnBB+' long-term Greater China
regional scale ratings on the company and the notes on
CreditWatch with negative implications.  Hua Han is a China-based
pharmaceutical and hospital services provider.

"We placed the ratings on CreditWatch following Hua Han's slower
response than we expected to allegations of overstatement of its
revenue, profits, and cash balance, in a research report
published on Aug. 10, 2016," said S&P Global Ratings credit
analyst Sophie Lin.

Hua Han is yet to provide a clarification on the report and has
suspended trading in its shares and debt securities since Aug.
11, 2016.  S&P believes the delay in Hua Han's response may
weaken confidence in the company's ability to manage the
potential negative implications of the allegations.

While the validity of the allegations is still unclear to S&P, it
sees uncertainties on how Hua Han's creditors, auditor, and the
regulators will respond to the event.  Any negative response or
extended investigation could weaken the company's liquidity and
weigh on its operational and financial performance.

At the time of the writing, it is unclear to S&P as to when Hua
Han will resume trading in its shares and debt.  Suspension of
trading in shares for several consecutive trading days could
trigger an event-of-default clause under the company's
convertible bond, which may lead to accelerated repayment of
debt.  S&P understands the company is seeking wavier from
bondholders.

S&P believes Hua Han has sufficient resources to meet the
potential early redemption of the Hong Kong dollar
(HK$) 620 million convertible bond.  It also has sufficient cash
to repay its US$150 million senior unsecured notes.  However, S&P
needs to assess management's willingness and ability to timely
repay its debt maturities in case of accelerated repayment needs.
Hua Han has about HK$4.0 billion of cash and cash equivalent as
of Dec. 31, 2015, partly from its HK$3.1 billion share offering
in June 2015.

S&P will reassess Hua Han's internal controls and the reliability
of its financial reporting once S&P has more information to
verify the company's compliance with relevant accounting
standards.  The timeliness and quality of management's response
to the negative research report, and the outcome of a potential
scrutiny by Hua Han's auditor and the regulators will underpin
S&P's assessment.

"We aim to resolve the CreditWatch within the next three months
when we have more information to assess the validity of the
research report and its impact on Hua Han's credit profile," said
Ms. Lin.

S&P could lower its rating on Hua Han by one or more notches if:
(1) any of the allegations prove to be true; (2) the company's
liquidity deteriorates substantially; or (3) there are
deficiencies in its governance and internal control process.

S&P could affirm the rating if Hua Han responds to the negative
research report with solid evidence to prove its appropriate
application of the accounting standards, resumes trading in its
shares and debt securities, files its annual report with
unqualified auditor's opinion on time, and maintains adequate
liquidity.

Ratings List

CreditWatch/Outlook Action
                                 To                 From
Hua Han Health Industry Holdings Ltd.
Corporate Credit Rating         BB-/Watch Neg/--   BB-/Stable/--
Greater China Regional Scale    cnBB+/Watch Neg/-- cnBB+/--/--

Hua Han Health Industry Holdings Ltd.
Senior Unsecured                BB-/Watch Neg      BB-
Senior Unsecured                cnBB+/Watch Neg    cnBB+



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


AGGARWAL RICE: CARE Reaffirms B+ Rating on INR33.05cr LT Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Aggarwal
Rice Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     33.05      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Aggarwal Rice Mills
continues to be constrained by its small scale of operations and
weak financial risk profile characterized by highly leveraged
capital structure, weak debt coverage indicators and working
capital intensive nature of operations. The rating is further
constrained by the firm's presence in a highly fragmented and
competitive industry and its constitution as a partnership firm.
These rating constraints are partially offset by the long-
standing experience of the management, moderate profitability
margins and favorable plant location of the firm.

Going forward, the ability of ARM to scale up its operations
while improving its overall solvency position and managing its
working capital requirements efficiently would be the key rating
sensitivities.

ARM was started in the year 2001 as a partnership firm and is
currently being managed by Mr. Ashok Kumar Aggarwal along with
three other partners. Mr. Ashok Kumar Aggarwal has an experience
of more than 25 years in rice milling and processing industry
while other partners have an experience of around two decades in
the industry. The firm is engaged in milling and processing of
paddy at its processing unit located at Gurdaspur, Punjab.
Currently, the firm has paddy dehusking capacity of 316,800
quintals per annum. The main raw material, paddy, is procured
through dealers in and around Punjab. The firm generates its
revenue from various wholesalers and retailers located in Punjab,
Haryana, Delhi, Jammu & Kashmir and Uttar Pradesh.

In FY16 (based on unaudited results, refers to the period April 1
to March 31), ARM has achieved a total operating income of
INR53.92 crore with PAT of INR0.80 crore, as against the total
operating income of INR63.91 crore with PAT of INR1.04 crore in
FY15.


AMRUT COTTON: ICRA Reaffirms B+ Rating on INR15cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for
INR15.001-crore cash credit facility of Amrut Cotton Industries.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limit       15.00       [ICRA]B+; Reaffirmed

The rating reaffirmation takes into account the firm's weak
financial profile as reflected by low profitability as inherent
in the cotton ginning business, resulting in modest return
indicators. Further, the leveraged capital structure of the firm
has resulted in high gearing level of 2.33 times as on March 31,
2016 and weak debt protection metrics during the period under
study. The rating also takes into account the low value additive
nature of operations and the intense competition on account of
the fragmented industry structure leading to thin profit margins.
Moreover, profitability of the firm is also vulnerable to adverse
fluctuations in raw material prices, which are subject to
seasonal availability of raw cotton and government regulations on
MSP for procurement of raw cotton.

The rating, however, favorably takes into account the location of
the firm's manufacturing facility, giving it easy access to raw
material.

The firm's ability to increase its scale, maintain adequate
profitability and improve its capital structure, given the
seasonality in the business, volatility in prices of cotton
bales, high competitive intensity and high working capital
requirement, will remain critical to the credit metrics. ACI is a
partnership concern and any substantial withdrawal from the
capital account in future could adversely impact the credit
profile of the firm.

Incorporated in 2007, Amrut Cotton Industries is involved in
ginning and pressing operations. The business is owned and
managed by Mr. Suresh Senapara and other family members. The
firm's manufacturing facility is located in Gondal, Dist Rajkot.
It has 30 ginning machines and a pressing machine with a
cumulative manufacturing capacity of processing 250 bales per
day.

Recent Results

For the year ended March 31, 2016, the company has reported an
operating income of INR72.93 crore with profit after tax of
INR0.40 crore as per provisional financial statement.


ANANT INTERCONTINENTAL: CRISIL Reassigns B Rating to INR60MM Loan
-----------------------------------------------------------------
CRISIL has reassigned its rating on the long term bank facility
of Anant Intercontinental Private Limited at 'CRISIL B/Stable'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Export Packing Credit     60      CRISIL B/Stable (Reassigned)

The rating continues to reflects AIPL's small scale of operations
in highly fragmented industry and below-average financial risk
profile marked by high total outside liabilities to tangible net
worth (TOLTNW) ratio and a small net worth. These rating
weaknesses are partially offset by the extensive experience of
AIPL's promoters in agro commodity trading business.
Outlook: Stable

CRISIL believes that AIPL will continue to benefit over the
medium term from extensive experience of its promoters in trading
business. The outlook may be revised to 'Positive' if the company
reports a significant and sustained growth in revenue while it
maintains its profitability. Conversely, the outlook may be
revised to 'Negative' in case of significant decline in scale and
profitability, or if a stretch in working capital cycle, weakens
its financial risk profile, especially liquidity.

Incorporated in 2012, AIPL is engaged in export of basmati and
non-basmati rice, primarily to Singapore and Middle East. The
company began commercial operations from August 2014 and is based
out in Raipur (Chhattisgarh). Day to day operations of the
company are looked after by its promoters Mr. Umesh Jain and Mr.
Mukesh Jain.


ARIHANT DREAM: CARE Assigns 'D' Rating on INR14.90cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Arihant
Dream Infra Projects Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.90      CARE D Assigned

Rating Rationale

The ratings assigned to the bank facilities of Arihant Dream
Infra Projects Limited are primarily constrained on account of
over utilization of over draft facility for a period of more than
30 days as well as delay in interest payment due to stressed
liquidity position of the company.

Jaipur-based (Rajasthan) ADIPL was originally incorporated in
2011 as Arihant Shivank Infrastructure Private Limited and
subsequently, changed its name to ADIPL in August 2013. ADIPL
mainly executes residential and commercial projects in Jaipur and
nearby areas. The promoters of the company have significant
experience of the executing residential and commercial real
estate projects. The company is currently executing five projects
and all are in Jaipur namely Arihant Dynasty, Arihant Legacy,
Arihant Shree Krishnam Heights, Arihant Sai Residency, Arhiant
Awana.

During FY15 (refers to the period April 1 to March 31), ADIPL
reported a total operating income of INR7.65 crore (FY14:
INR8.20 crore) with a PAT of INR0.38 crore (FY14: INR0.34 crore)
and as per FY16 provisional ADIPL reported TOI of INR9.79
crore.


AVADH BUILDERS: CARE Reaffirms B+ Rating on INR15cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Avadh Builders.

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

Rating Rationale

The rating assigned to the bank facilities of Avadh Builders
continues to remain constrained on account of low booking status,
low advance received against booked units and risk associated
with timely receipt of remaining advances.  The rating also
factors in the inherent risk associated with the cyclical and
fragmented real estate industry coupled with partnership nature
of its business operations.

The rating, however, takes comfort from the vast experience of
the partners in the real estate development business along with
low project implementation risk.

The ability of ABL to complete its ongoing project within
envisaged timeline along with timely receipt of the booking
advances and sale of balance units at envisaged prices are the
key rating sensitivities.

Surat-based (Gujarat), ABL was established as a partnership firm
in 2013. ABL is the part of the Avadh group which is also engaged
into real estate development. The group has successfully
completed number of residential projects under different entities
in Surat. ABL is currently executing a commercial shopping
complex project with shops and offices at Surat named 'Avadh
Viceroy' which comprises of total 4 floors involving development
of 312,404 Square Feet area. The project offers 392 units of
shops.

The project is in advance stage of completion and ABL has
received all clearances for this project. The entire commercial
complex with shops and offices at Surat is ready and only INR0.95
crore of construction is to be incurred which is expected to be
completed by August 2016.


BIG FLY: ICRA Revises Rating on INR6.50cr Cash Loan to B-
---------------------------------------------------------
ICRA has revised the long term rating from [ICRA]B to [ICRA]B-
for the INR6.50 crore cash credit facility, INR1.66 crore term
loan facility and INR1.49 crore unallocated limits of Big Fly
Hygiene Products Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              6.50       Revised to [ICRA]B-
                                       from [ICRA]B

   Term Loan                1.66       Revised to [ICRA]B-
                                       from [ICRA]B

   Unallocated limits       1.49       Revised to [ICRA]B-
                                       from [ICRA]B

The rating revision takes into account the relatively small scale
of operations coupled with sales de-growth in FY2016. The rating
are further constrained by limited value added operations coupled
and highly competitive & fragmented industry structure which
exerts pressure on profitability leading to a weak financial risk
profile characterized by low profitability indicators, aggressive
capital structure and inadequate coverage indicators. The rating
take into account the high operational dependence on seasonality
and crop harvest of agro products, vulnerability of the company's
profitability to movements in raw material prices and regulatory
risks associated with MSP and export policies.

The rating, however, favorably factors in the past experience of
the promoters in agri-commodity trading. The rating also
favorably considers the advantage the company enjoys by virtue of
its location in Gujarat, and in proximity to Rajasthan and Madhya
Pradesh - three leading producers of food grains in the country -
providing easy access to quality raw material.

Incorporated on February 2012, Big Fly Hygiene Products Limited
is a public limited company engaged in processing and sorting of
Wheat, Cumin seeds and Sesame Seeds. Wheat is the main product of
the company having significant share in revenues. The company has
started selling of spices-chilli powder, coriander powder and
turmeric powder from March 2016. The plant is located at Rajkot,
Gujarat with installed processing capacity of 25,000 tonnes per
annum.

Recent Results

For the year ended March 31, 2016, (provisional unaudited
financials), BFHPL reported an operating income of INR25.95 crore
and net loss (before depreciation and tax) of INR0.12 crore as
against an operating income of INR36.36 crore and net loss of
INR1.11 crore for the year ended March 31, 2015.


DATTA MEGHE: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
-------------------------------------------------------------
CRISIL ratings on the bank facilities of Datta Meghe Institute of
Medical Sciences (DMIMS) continue to reflect a below-average
financial risk profile because of a weak capital structure and
stretched liquidity, and exposure to intense competition in, and
regulatory risks associated with, the education sector. These
rating weaknesses are partially offset by an established regional
position, extensive industry experience of promoters, and
diversified revenue streams.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          160       CRISIL A4 (Reaffirmed)
   Cash Credit              70       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes DMIMS will continue to benefit over the medium
term from its established regional position in the education
sector. The outlook may be revised to 'Positive' if revenue and
surplus increase significantly, leading to high cash accrual. The
outlook may be revised to 'Negative' if accrual is low because of
lower occupancy in the trust's institutions or hospital, or in
case of large, unanticipated debt-funded capital expenditure,
leading to deterioration in the financial risk profile,
particularly liquidity.

Established in 1988, DMIMS is a public trust registered under the
Bombay Public Trust Act, 1950. The trust offers medical,
engineering, and nursing courses at its nine institutes in
Sawangi-Wardha, Maharashtra; it also runs a teaching hospital.


FARISTA VANIJYA: CARE Assigns 'B' Rating to INR6.90cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Farista Vanijya Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.90      CARE B Assigned
   Short-term Bank Facilities     0.40      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Farista Vanijya
Private Ltd (FVPL) are constrained by its short track record
and small scale of operations with thin profit margins, client
concentration risk albeit reputed clients, exposure to
volatility in raw material prices, working capital intensive
nature of operations, leveraged capital structure with weak
debt coverage indicators and its presence in a intensely
competitive and government regulated industry.

The ratings, however, derive strength from the experience of the
promoters. Going forward, the ability of FVPL to increase its
scale of operations with improvement in profit margins and
effective management of working capital will be the key rating
sensitivities.

West Bengal based FVPL, incorporated in March, 2008, was promoted
by Mr. Naresh Kumar Agarwalla along with his brother Mr. Kailash
Kumar Agarwalla and his friendMr Mukul Ghosh. The company
commenced commercial production in April, 2014 and is engaged in
the business of manufacturing Intravenous Fluid (Saline water)
with an installed capacity of 210 lakh Litres per annum at its
manufacturing facility located at Uttar Dinajpur, West Bengal.
FVPL mainly sells its products to West Bengal Government Health &
Family Welfare Department, Zen Pharma Private Ltd and R.K.
Agency.

Mr. Kailash Kumar Agarwalla has around two decades of experience
in diversified business, looks after the overall management of
the company. He is supported by other directors who are also
having around two decades long experience in pharmaceuticals and
agro based business.

During FY16, (refers to the period April 1 to March 31), FVPL
reported net loss of INR0.77 crore (net loss of INR1.93 crore in
FY15) on total operating income of INR7.42 crore (Rs.3.34 crore
in FY15). Further in Q1FY17, provisional the company reported PAT
of INR0.92 crore on a total operating income of INR4.84 crore.


GREENKO INVESTMENT: Fitch Assigns 'B+' Rating on US$500MM Notes
---------------------------------------------------------------
Fitch Ratings has assigned Greenko Investment Company's (GIL)
USD500 mil. 4.875% senior notes due 2023 a final rating of 'B+',
with a Recovery Rating of 'RR4'.  The notes are guaranteed by
Greenko Energy Holdings (GEH, B+/Stable).

GIL is a subsidiary of GEH, which is involved in hydro and wind
power generation in India.  GEH has about 1GW of operational
capacity and another 1GW under construction and development.  GIL
plans to use the proceeds from the notes to refinance existing
debt at operating entities within a restricted group of companies
defined in the indenture to the note issue.  The operating
entities will issue secured Indian rupee-denominated bonds to GIL
as part of this debt refinancing.

The assignment of the final rating follows a review of the final
documentation conforming to the draft documentation previously
received.  The final rating is the same as the expected rating
assigned on Aug. 2, 2016.

                         KEY RATING DRIVERS

Guarantee Supports Rating: The rating assigned to the notes
reflect the guarantee from GEH, which is the ultimate holding
company of the group's assets, including those in the restricted
group of companies backing the notes issued by GIL.  This is
because assets in the GIL-restricted group have a short operating
history or are near completion, and the forecast credit metrics
for the restricted group in the next 12 to 18 months will be
weaker than that appropriate for a 'B+' rating.

Structural Enhancements to Notes: Similar to the group's USD550m
notes (B+) issued by Greenko Dutch B.V. (GBV) in 2014, the notes
benefit from a number of structural enhancements created through
the notes indenture.  These enhancements provide additional
protection to note holders via restrictions and limitations on
the use of cash and investments at the restricted group level.
Furthermore, note holders benefit from access to cash generation
and assets of the restricted group through the rupee-denominated
notes, via which the proceeds of the US dollar notes would be on-
lent to the asset owners of the restricted group.  The rupee-
denominated notes would have a first charge on all assets, except
accounts receivables, of the restricted group.

Indirectly, the note holders benefit from the absence of any
prior-ranking debt in the restricted group, aside from a working-
capital debt facility of a maximum of USD30 mil., which is
secured against accounts receivable.  GEH's guarantee also
benefits note holders as the assets of the restricted group are
not effectively owned by GIL.  However, the notes will not
benefit from an interest reserve account, unlike the GBV
transaction, which has a reserve account funded to cover a semi-
annual coupon payment.

Diversified Operations, Unseasoned Portfolio: The restricted
group had an operating capacity of 297MW as at March 2016, with
another 106MW of hydro capacity expected to commence operations
within a month.  The assets of the restricted group are
diversified by type and location, which mitigates risks from
adverse wind patterns or monsoon conditions.  The wind assets are
spread across three Indian states, though wind patterns across
larger geographic areas tend to be correlated.  The company
operates a 23MW glacier-fed hydro power plant in Uttarakhand and
is constructing two others in Sikkim (96MW glacier-fed) and
Karnataka (10MW monsoon-fed).  The limited maturity of the
restricted group's assets -- they have been in operation for only
five to 15 months -- remains a credit weakness, although the
company has conducted detailed wind studies for its projects.

Price Certainty, but Volume Risks: Long-term power purchase
agreements (PPAs) for all of the restricted group's operating
wind and hydro assets, with tenors of 25-35 years for contracts
with state utilities and 10-13 years for direct sales, support
the restricted group's credit profile.  Although the long-term
PPAs provide protection from price risk, production volume will
vary with wind and hydro patterns despite asset diversification.

Weak Counterparty Profile: The weak credit profiles of the
restricted group's customers constrain the rating.  The state-
owned utilities of Rajasthan and Andhra Pradesh have weaker
financial profiles than those of Uttarakhand and Sikkim, with all
four collectively off-taking about 64% of total capacity.
Further, GIL has diversified its customers to include private
companies -- mostly across IT business parks in Karnataka.  The
spread of customers, with no single customer accounting for more
than 30% of total capacity, mitigates counterparty risks.  GIL
can terminate PPAs if payments are delayed, which may give it the
ability to switch customers.  However, this still exposes the
restricted group to temporary loss of revenue and working capital
pressures while it negotiates new agreements.

Financial Performance to Improve: Fitch expects the GIL-
restricted group's financial performance to benefit from improved
operating conditions as the effect of El Nino on wind patterns
and monsoons subsides, existing assets chalk up a full-year of
operations and assets under construction come into operation.
The agency expects the restricted group's financial leverage (as
measured by total adjusted debt/operating EBITDA) to improve to
around 5.5x by the end of the financial year 31 March 2018
(FY18), compared with an expected 7.4x in FY17, and EBITDA
interest-coverage to improve to between 2.0x to 2.2x.  Fitch
expects more assets to be added to the restricted group under GIL
over time, subject to terms and conditions in the bond indenture,
including debt to EBITDA incurrence tests.

Forex Risks Hedged: The restricted group's earnings are in Indian
rupees, but the notes are denominated in US dollars, giving rise
to foreign-exchange risk.  However, GIL plans to hedge the entire
principal and semi-annual coupon payments of its US dollar notes.

GEH's Credit Profile: GEH will place 403MW of assets under the
GIL-restricted group, in addition to 623MW placed under the GBV-
restricted group.  GEH will continue to have some operational
assets outside of the two restricted groups, but its credit-risk
profile is increased by construction risks as well as structural
subordination of cash flows of operational assets with prior-
ranking debt, such as those at the two restricted groups.
However, asset construction and execution risks in our view are
mitigated by the group's established record and the low
construction risks associated with wind- and solar-power
projects, which comprise about 90% of projects under
construction.

Furthermore, the placement of some operational assets under GEH,
dividends from restricted groups (subject to compliance with
covenants), together with demonstrated financial support from
strong shareholders, place GEH's overall credit-risk profile at
'B+'.  Fitch expects GEH's consolidated financial leverage, as
measured by debt to EBITDA, to remain around 5x in the medium-
term, based on our expected investment assumptions for the group.

GEH Shareholder Profile Beneficial: Fitch believes GEH's credit-
risk profile has improved following the acquisition of a majority
stake in GEH by GIC, Singapore's sovereign wealth fund, in
November 2015.  GIC's involvement and support has been
demonstrated through new equity infusions to GEH in 2016 of
USD80m and the addition of Abu Dhabi Investment Authority (ADIA)
as a minority shareholder in GEH via a USD150 million investment.
Fitch expects GIC will continue to drive tighter risk management
practices and financial policies at GEH, while improving
transparency and governance.  The company has also tightened its
forex risk management policies under GIC. Overall, Fitch also
views that refinancing risks associated with the company's bullet
debt maturities relating to the USD550 million bonds issued by
GBV and the USD500 million bonds issued by GIL have reduced.

                         KEY ASSUMPTIONS

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

   -- plant load factors for the wind power projects are in line
      with the P75 estimates (25% probability that the projects
      will not meet the estimates) in the medium- to long-term

   -- profitability in line with past trends

   -- addition of operating assets and dividend payments by the
      restricted group of companies as allowed by the conditions
      in the bond indenture.

                         RATING SENSITIVITIES

For rated notes issued by GIL
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- a weakening of GEH's credit profile.

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- positive rating action is unlikely in the next 18 to 24
      months given GEH's credit profile.

For GEH

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- any changes to shareholding that adversely affect the
      company's overall risk profile, including its liquidity and
      refinancing, risk management policies or growth risk
      appetite

   -- weakening in operational or financial performance of its
      assets or aggressive investments that are not sufficiently
      supported by equity, which lead to debt to EBITDA being
      sustained over 5x and EBITDA interest coverage sustained
      significantly below 2x.

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- no positive rating action is expected in the next 18 to 24
      months because of the expected capex, capital structure and
      credit metrics


HOTEL ASHOK: CRISIL Assigns 'B' Rating to INR88MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Hotel Ashok - Thanjavur (HA).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      12        CRISIL B/Stable
   Term Loan               88        CRISIL B/Stable

The rating reflects exposure to the risks related to ongoing
hotel project, expected below-average financial risk profile and
start-up phase in the intensely competitive hospitality sector.
These weaknesses are partially offset by extensive
entrepreneurial experience of promoters and favourable location
of the hotel.
Outlook: Stable

CRISIL believes HA will benefit over the medium term from the
favourable location of its hotel. The outlook may be revised to
'Positive' in case of timely completion of project and earlier-
than-expected ramp-up in operations. The outlook may be revised
to 'Negative' if there is cost or time overrun in project or if
scale-up in operations is not as expected. Also, regular debt
servicing will remain a key sensitivity factor.

Set up in 2015 as a partnership firm by Mr. V Ashok, Mr. R
Vijaykumar, and their families, HA is setting up a 22-room hotel,
Hotel Ashok, in Thanjavur, Tamil Nadu. The project is currently
under construction and operations are expected to begin from
April 2017.


KALYAN GRAND: CRISIL Assigns B- Rating to INR255MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Kalyan Grand Stay Private Limited. The
rating reflects the limited track record of operations of the
company's hotel and its expected modest scale of operations.
These weaknesses are partially offset by its operational tie-up
with Sarovar Hotels (P) Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Term Loan          255       CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility       15       CRISIL B-/Stable

Outlook: Stable

CRISIL believes KGSPL will continue to benefit from its
operational tie-up with Sarovar. The outlook may be revised to
'Positive' if there is an increase in occupancy and average room
rate, leading to a significant improvement in revenue and
profitability, and hence, to a better financial risk profile. The
outlook may be revised to 'Negative' in case of lower-than-
expected occupancy; weakening of the financial risk profile,
particularly liquidity, due to larger-than-expected debt-funded
capital expenditure; or decline in cash accrual.

KGSPL was incorporated by Mr. Saravana Prakash K and his family
members in 2011, and is based in Chennai. The company has a 3-
star business hotel, Kalyan Hometel, in Chennai, for which, it
has an operational and managerial tie-up with Sarovar.


MADHUSUDAN AGRAWAL: CARE Assigns B+ Rating to INR2cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' ratings to the bank facilities
of Madhusudan Agrawal.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       2        CARE B+ Assigned
   Short-term Bank Facilities      4        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of M/s Madhusudan
Agrawal are primarily constrained by its proprietorship nature of
constitution, small scale of operation, susceptibility of
operating margin to volatility in input material prices and
labour charges, exposure to tender driven process risk and
intense competition within the industry owing to low entry
barrier and working capital intensive nature of operation. The
ratings, however, derive strength from its experienced proprietor
with long track record of operation, satisfactory order book
position and reputed clientele resulting in minimal default risk.

Going forward, receipt of contract proceeds in a timely manner
along with timely execution of the order backlog and the ability
to manage working capital effectively and raise resources to
manage growth in the scale of operation are the key rating
sensitivities.

MDA was established in 1989 as a proprietorship entity by one Mr.
Madhusudan Agrawal of Bilaspur. MDA participates in the tender
process of various railway projects of Indian Railway (primarily
The South East Central Railway division) and few other state
government departments for their civil construction projects like
road, building, railway station and related ancillary works. As
on July 8, 2016, the total works in hand orders was INR24.25
crore. Mr. Madhusudan Agrawal looks after the day-to-day
operations of the entity.

During FY16 (provisional; refers to the period April 1 to
March 31), the entity's total operating income was INR6.28 crore
(FY15 reported: INR6.92 crore) and PAT was INR0.28 crore (in
FY15: INR0.37 crore).


MARS PLYWOOD: CRISIL Reaffirms B+ Rating on INR85MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mars Plywood
Industries Private Limited continue to reflect the extensive
experience of the company's promoter in the plywood industry,
established brand and dealer network, and above-average financial
risk profile because of a healthy networth, low gearing, and
robust debt protection metrics.

                       Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          7.5      CRISIL A4 (Reaffirmed)

   Cash Credit            85.0      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit      310.0      CRISIL A4 (Reaffirmed)

   Standby Line of
   Credit                 17.5      CRISIL A4 (Reaffirmed)

   Standby Line of
   Credit                 42.5      CRISIL B+/Stable (Reaffirmed)

These rating strengths are partially offset by exposure to risks
related to volatility in foreign exchange rates, working capital-
intensive nature of operations, and susceptibility to risks
related to intense competition and to any adverse impact of
regulatory changes.
Outlook: Stable

CRISIL believes MPIL will continue to benefit over the medium
term from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' in case of prudent working
capital management, along with maintenance of scale of operations
and net cash accrual, leading to better liquidity. The outlook
may be revised to 'Negative' if capital structure and liquidity
weaken because of a stretched working capital cycle,
significantly low cash accrual, or sizeable debt-funded capital
expenditure.

MPIL was established by Mr. Roshan Lal Agarwal in 2001. The
company has plywood manufacturing units in Kolkata and Mangaluru
with capacities of 20,000 square metre (sqm) and 12,000 sqm, per
annum, respectively. Its main product is premium-grade plywood,
sold under the Mars Ply brand.


MBC INFRASPACE: ICRA Reaffirms B+ Rating on INR3.05cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR3.05
crore cash credit facilities and the INR0.95 crore unallocated
proposed facilities of MBC Infraspace Private Limited at
[ICRA]B+. ICRA has also reaffirmed the short-term rating assigned
to the INR4.19 crore (reduced from INR6.00 crore) non-fund based
bank guarantee and the INR2.81 crore unallocated proposed
facilities at [ICRA]A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             3.05         [ICRA]B+; reaffirmed

   Proposed unallocated
   Limits- long term       0.95         [ICRA]B+; reaffirmed

   Bank Guarantee          4.19         [ICRA]A4; reaffirmed

   Proposed unallocated
   Limits-short term       2.81         [ICRA]A4; reaffirmed

The ratings reaffirmation takes into account MBC's modest scale
of operations. Further the rating is also constrained by
company's weak financial profile as reflected by low
profitability margins owing to higher depreciation and finance
costs as well as leveraged capital structure of the company. The
rating is further constrained by high competitive intensity in
the industrial construction sector due to the low complexity of
work involved and low entry barriers which enables more bidders
as fewer criteria needs to be fulfilled for contracts.

The rating is further constrained by vulnerability in
profitability margins due to changes in prices of key raw
ingredients such as steel & cement although the same are shielded
by escalation clauses in contracts, however; usage of materials
more than the specified may also affect the company's
profitability. ICRA also notes that the company is susceptible to
sectoral concentration risks as its major area of focus is
towards industrial civil construction work.

The ratings, however, favorably factors in the established track
record of promoters in the construction sector spanning over a
decade. ICRA further takes into account its increased scale of
operations in FY2016 on account of timely execution of contracts.
The ratings also factor in the presence of a reputed client base
both in the public and as well as the private sector leading to
relatively lower counter party credit risks.

MBC Infraspace Private Limited was initially constituted as a
proprietorship concern by the name of MB Corporation by Mr. Manoj
Baruah in 1999. The concern was subsequently converted into a
private limited company on April 13, 2012. The company is based
at Vapi and is primarily involved in business of industrial civil
construction and has carried out various projects such as civil
work for construction of aluminium extraction plant, steel
rolling mill, etc. The company executes projects on its own and
does not sub contract the works or enters into joint venture with
other parties.

Recent Results

For the year ended March 31, 2016, the company has reported an
operating income of INR18.12 crore and profit after tax of
INR0.49 crore as per the provisional financials.


PLATINUM POLYMERS: ICRA Reaffirms B+ Rating on INR4.0cr LT Loan
---------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ for the
INR4.00 crore cash credit limits, INR0.15 crore (reduced from
INR0.39 crore) term loan facility and INR0.24 crore unallocated
limits of Platinum Polymers Private Limited. ICRA has also re-
affirmed the short-term rating of [ICRA]A4 for the INR0.75 crore
non-fund based limits of PPPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term, fund
   based: Cash Credit       4.00      [ICRA]B+/Re-affirmed

   Long-term, fund
   based: Term Loan         0.15      [ICRA]B+/Re-affirmed

   Short-term, non-
   fund based               0.75      [ICRA]A4/Re-affirmed

   Unallocated Limits       0.24      [ICRA]B+/Re-affirmed

The re-affirmation of the ratings continues to take into account
the established track record of the company's operations in the
flexible packaging industry and the healthy growth in its
revenues in FY 2016, aided by higher capacity utilization and
healthy demand for its products.

The ratings are, however, constrained by PPPL's weak financial
profile, characterized by declining operating profit margins, low
net worth base and moderate debt coverage indicators. The ratings
also take into account the company's modest scale of operations
which limits the scale economies and financial flexibility;
vulnerability of its profitability to fluctuations in prices of
raw materials which are derivatives of crude oil; and the high
competitive intensity of the flexible packaging industry that
exerts pressure on margins.

Platinum Polymers Pvt. Ltd. was incorporated in 2007, and is
engaged in manufacturing of flexible packaging material such as
stretch cling film, laminated pouches and bags, air bubble film,
and Bi-Axially Oriented Polypropylene (BOPP) woven fabric. The
company is promoted by Mr. B.P. Poshia and Mr. Mitesh Poshia, who
have over two decades of experience in the packaging industry.
The company is also involved in the trading of machinery on a
small scale. PPPL also manufactures pouches on a job-work basis
for other packaging material manufacturers. The manufacturing
facility of the company is located at Badlapur, near Mumbai.

The company reported a Profit After Tax (PAT) of INR0.05 crore on
an operating income of INR17.11 crore in FY 2015. For FY 2016,
the company has reported a PAT of INR0.37 crore on an operating
income of INR26.57 crore (provisional).


QUAZAR INFRASTRUCTURE: CARE Assigns 'B' Rating to INR5.24cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Quazar Infrastructure Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.24       CARE B Assigned
   Short term Bank Facilities    0.76       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Quazar
Infrastructure Private Limited (QIPL) are primarily constrained
by small and fluctuating scale of operations, low profitability
margins, leveraged capital structure, weak coverage indicators
and working capital intensive nature of operations. The ratings
are further constrained by low order book position and QIPL's
presence in a highly competitive construction industry.

The ratings, however, draw comfort from experienced management.
Going forward, the ability of the company to increase its scale
of operations while improving the profitability margins and
improving its capital structure while managing its working
capital requirements shall be the key rating sensitivities.

New Delhi-based QIPL was incorporated in August 2010 and
currently being managed by Mr. Badal Sharma, Mr. Brij Mohan
Sharma and Mr. Varun Sharma. The company undertakes construction
work primarily construction of residential buildings, roads,
bridges, office buildings, etc, for government entities based out
of Uttar Pradesh and Haryana. The company is an ISO 9001:2008
certified. The company receives orders mainly through tenders.

In FY15 (refers to the period April 1 to March 31), QIPL achieved
a total operating income (TOI) of INR28.61 crore with PAT of
INR0.47 crore. In FY16 (as per the provisional results), the
company achieved total sales of INR21 crore.


RICHLOOK CREATIONS: CRISIL Assigns B+ Rating to INR105MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Richlook Creations Private Limited
(RCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B+/Stable
   Term Loan              105        CRISIL B+/Stable

The rating reflects the company's average financial risk profile
because of high gearing and low debt protection metrics, a modest
scale of operations in the intensely competitive textile
industry, and high working capital requirement. These rating
weaknesses are partially offset by the extensive experience of
the company's promoters in the textile industry.
Outlook: Stable

CRISIL believes RCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of an increase in
scale of operations and profitability along with efficient
working capital management. Conversely, the outlook may be
revised to 'Negative' in case of a considerable decline in
revenue and profitability, or deterioration in working capital
management, or large debt-funded capital expenditure, weakening
the financial risk profile, particularly liquidity.

Incorporated in 2007, RCPL undertakes embroidery of saris and
knitting of grey manufacture of saris and dress materials. The
company, based in Surat, Gujarat, is promoted by Mr. Rajratan N
Goyal and his family members. It has a capacity of embroidery to
the extent of 150.5 million metres of saris per annum and
knitting to the extent of 20 million meters per annum.

For fiscal 2016, on a provisional basis, RCPL had a net profit of
INR4.8 million on sales of INR271.2 million, against a net profit
of INR4.1 million on sales of INR189.1 million for fiscal 2015.


SAI INDUSTRIES: CARE Reaffirms 'B' Rating on INR6.80cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating to the bank facilities of Sai
Industries.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank facilities     6.80       CARE B Reaffirmed

Rating Rationale

The rating of Sai Industries continues to remain constrained on
account of its modest scale of operations in the highly
fragmented and government regulated industry and its financial
risk profile marked by fluctuating profitability margins, weak
solvency position and stressed liquidity position. The rating is,
further, constrained on account of its constitution as a
partnership concern and seasonality associated with the agro
commodities.

The rating, however, favorably takes into account the experience
of the partners with long track record of operations in the
processing and trading of agricultural commodities.

Ability of the firm to improve its scale of operations along-with
profitability margins in light of volatile raw material prices
and improvement in its liquidity position would be the key rating
sensitivities.

Pipariya (Madhya Pradesh) Sai was formed in 1999 as a
proprietorship concern by Mr. Ramdas Aswani. On December 26,
2014, the firm changed its constitution to partnership concern
with Mr. Ramdas Aswani, Mrs. Chandni Dudani and Mrs. Sandhya
Dudani joining the firm as a partners and shares profit & loss in
the ratio of 40:30:30 respectively.

SI is mainly engaged in the business of processing of gram as
well as trading of Pulses/agro commodities such as masoor, moong,
toor, dhan, paddy and gram dal, etc. The firm purchases gram and
other agricultural commodities from local farmers as well as
mandis and sells processed gram dal and agro commodities to
traders in South India. It sells its product through brokers
under the brand name of "Double Telephone", "Kargil" and
"Rocket".

As per provisional results of FY16, Sai has reported a total
operating income of INR79.72 crore (FY15: INR70.90 crore) with
a net profit of INR 0.21 crore (FY15: INR0.10 crore).


SHREE SADBHAV: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR1.23 crore term
loan facility and INR5.00 crore cash credit facility of Shree
Sadbhav Cotton Industries.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Term
   Loan                     1.23        [ICRA]B reaffirmed

   Fund Based-Cash
   Credit                   5.00        [ICRA]B reaffirmed

The reaffirmation of rating factors in Shree Sadhbhav Cotton
Industries modest scale of operations with de-growth in operating
in FY2016 owing to demand slowdown and stretch liquidity,
resulting from high inventory levels leading to high working
capital intensity of 58.43% as on March 31, 2016. The rating
continues to take in to account the limited value addition in
cotton ginning business, the highly competitive and fragmented
nature of the industry and the vulnerability of the firm's
profitability to movement in cotton prices which are subject to
seasonality and crop harvest as well as regulatory risk with
regard to MSP. ICRA also notes that SSCI is a partnership firm,
any substantial withdrawal from capital account would affect its
net worth and thereby its capital structure.

The rating, however, continues to favorably take into account the
experience of the partners in the cotton industry, and the
location advantage enjoyed by SSCI, giving it easy access to high
quality raw cotton.

The turnover and margins are expected to remain in line with the
previous fiscal, given the stable outlook on prices and
availability for raw cotton. However, SSCI's ability to scale up
its operations will be largely contingent on an improvement in
international demand, given the seasonality in the business,
volatility in prices of cotton, high competitive intensity and an
uncertain regulatory scenario. Furthermore, the firm's ability to
increase scale of operation, trim down high level inventory and
manage its working capital efficiently would be a key rating
monitor.

Established in 2012, Shree Sadbhav Cotton Industries is a
partnership firm. While the firm is owned by eighteen partners,
it is actively managed by five -- Mr. Limbabhai Kamariya, Mr.
Pravinbhai Kamariya, Mr. Nileshbhai Bavarva, Mr. Jayantilal
Kamariya and Mr. Hemendrabhai Gandhi. SSCI is engaged in ginning
and pressing of raw cotton as well as crushing of cottonseeds.
SSCI's manufacturing facility is located at Tankara in Rajkot
District of Gujarat. Company is currently equipped with 24
ginning machines, 1 pressing machine and 4 expellers having an
installed capacity to produce 180 cotton bales and 5MT of
Cottonseed oil per day (24 hours operation). The product profile
of the firm consists of cotton bales, cottonseed, cottonseed oil
and cottonseed oil cake.

Recent Results

In FY2015, SSCI reported an operating income of INR11.63 crore
and net loss of INR0.23 crore. Further, in FY2016 (unaudited
provisional financials), the firm has reported an operating
income of INR7.69 crore with operating profit of INR0.65 crore.


SKYLINE ENGINEERING: CRISIL Reaffirms D Rating on INR350MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Skyline Engineering
Contracts India Private Limited continue to reflect instances of
delay in interest payment on its working capital demand loan.
This was due to weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         350        CRISIL D (Reaffirmed)

   Cash Credit             72        CRISIL D (Reaffirmed)

   Proposed Fund-Based
   Bank Limits             88        CRISIL D (Reaffirmed)

   Working Capital
   Demand Loan             50        CRISIL D (Reaffirmed)

The company also has weak capital structure and debt protection
metrics, and a modest scale of operations in the intensely
competitive civil construction industry. However, it benefits
from the extensive industry experience of its promoter.

SECPL was originally established as a partnership firm, Skyline
Construction Company, in 1985 by the late Mr. Jugal Kishore
Guliani. This firm was reconstituted as a private limited company
under the current name in 1995, promoted by Mr. Jugal Kishore
Guliani's son, Mr. Ashok Kumar Guliani. The Guliani family has
been undertaking civil construction for over 45 years. SECPL has
its registered office in New Delhi. The company constructs
buildings across the residential, commercial, and industrial
segments.


SPONGE ENTERPRISES: CRISIL Reassigns 'B' Rating to INR90MM Loan
---------------------------------------------------------------
CRISIL has reassigned its rating on the long term bank facility
of Sponge Enterprises Private Limited at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit          90        CRISIL B/Stable (Reassigned)

Rating continues to reflect SEPL's small scale of operations in
the intensely competitive trading segment, and below-average
financial risk profile, marked by a high total outside
liabilities to tangible net worth (TOLTNW) ratio and a small net
worth. The rating also factors in the company's susceptibility to
changes in government regulations. These rating weaknesses are
partially offset by its promoters' extensive experience in the
trading business and its diversified operations.
Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the
medium term from extensive experience of its promoters in trading
business. The outlook may be revised to 'Positive' if the company
reports a significant and sustained growth in revenue while it
maintains its profitability. Conversely, the outlook may be
revised to 'Negative' in case of significant decline in scale and
profitability, or if a stretch in working capital cycle, weakens
its financial risk profile, especially liquidity.

SEPL was incorporated in 2008, promoted by the Raipur
(Chhattisgarh)-based Jain family. Mr. Mukesh Jain, Mr. Umesh
Jain, and Mr. Jeetmal Jain are the company's key promoters and
are engaged in its day-to-day operations. SEPL trades in iron ore
fines and non-basmati rice.


SRI SRI: CRISIL Assigns B+ Rating to INR180MM Inventory Funding
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Sri Sri Sri Auto Cars India Private
Limited.

                              Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
   Cash Credit                    20       CRISIL B+/Stable
   Inventory Funding Facility    180       CRISIL B+/Stable

The rating reflects SIPL's below-average financial risk profile
marked by small net worth, high gearing and weak debt protection
metrics, its modest scale of operations, and exposure to intense
competition in the automobile dealership industry. These rating
weaknesses are partially offset by the benefits derived from the
extensive experience of its promoters in automobile dealership
business, its established relationships with principals, and
efficient working capital management.
Outlook: Stable

CRISIL believes that SIPL will continue to benefit from the
extensive experience of the promoters and established
relationships with its principals. The outlook may be revised to
'Positive' if SIPL's financial risk profile improves, most likely
driven by an increase in its scale of operations, and improvement
in its profitability, capital structure and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
SIPL undertakes any larger than expected debt-funded capital
expenditure programme, thereby weakening its financial risk
profile, or if its working capital management or operating
profitability weakens, thereby weakening its liquidity.

Incorporated in 2014, SIPL is an authorized dealer for Renault
India Pvt Ltd in Hyderabad (Telangana). The company is promoted
by Mr. Membe Srinivas and others.


SRS HEALTHCARE: ICRA Lowers Rating on INR115cr Loan to 'D'
----------------------------------------------------------
ICRA has revised the long-term rating and short-term rating
outstanding for the INR115 crore proposed bank facilities of
SRS Healthcare and Research Centre Limited to [ICRA]D and [ICRA]D
from [ICRA]B and [ICRA]A4 respectively.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Proposed bank facilities    115.00     [ICRA]D/[ICRA]D
                                          downgraded

The revision in ratings takes into account delays observed in
debt-servicing by the company in servicing its debt obligations.

Incorporated in May 2013, SRS Healthcare is a part of Faridabad-
based SRS group that has presence in various sectors such as
jewellery, real estate, multiplexes and e-commerce. Approx. 85%
stake in SRS Healthcare is owned by BTL Holding Company Limited,
which is the holding company of SRS Limited.

SRS Healthcare has been set up with the objective of venturing
into hospitals business. The company has entered into an
operations and management agreement (OMA) with a charitable trust
-- Bharadwaj Welfare Trust (BWT) for a hospital it owns in the
name of Sunflag Hospital & Research Center (Sunflag Hospital) in
Sector 16A Faridabad (Haryana). SRS Healthcare is currently in
the process of undertaking a major renovation of the hospital
while also expanding its bed capacity to 285 beds from 210 beds
earlier.

As per initial estimates, the project cost was budgeted at
INR158.38 crore with debt funding of INR100 crore and scheduled
COD of April 2017.


TRACTEL TIRFOR: CRISIL Lowers Rating on INR70MM Cash Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on long-term bank facilities of
Tractel Tirfor India Private Limited to 'CRISIL B-/Stable' from
'CRISIL B/Stable' and reaffirmed its rating on the short-term
facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          57       CRISIL A4 (Reaffirmed)

   Cash Credit             70       CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Rupee Term Loan          8       CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

The downgrade reflects deterioration in the business risk profile
and liquidity. The revenue declined by 24 per cent year-on-year
to INR141.0 million, estimated in fiscal 2016, and was
substantially lower than CRISIL's expectation. Delay in
realisation of payments, owing to downturn in the construction
industry, led to stretched debtors of 291 days, estimated as on
March 31, 2016 and constrained ability to execute further orders,
due to paucity of funds. Increase in scale of operations and
timely realisations from customers will remain rating sensitive
factors over the medium term.

Liquidity remains stretched, as depicted by highly utilised bank
limit, which was also overdrawn and stretched creditors, due to
working capital-intensive operations. Bank limit utilization
averaged around 100 per cent over the 12 months through March
2016. However, the company has no term-debt obligations. CRISIL
believes that the liquidity will remain stretched over the medium
term on account of delay in realizing the payments from its
customers.

The ratings also reflect the small scale of operations in a
highly fragmented industry and the large working capital
requirement. These rating weaknesses are partially offset by
extensive experience of promoters in material handling systems
and the average financial risk profile, marked by low gearing.
Outlook: Stable

CRISIL believes TTIPL will continue to benefit from extensive
experience of promoters. The outlook may be revised to 'Positive'
if significant improvement in working capital management, or
scale and profitability, strengthens the financial risk profile,
especially liquidity. The outlook may be revised to 'Negative' if
there is pressure on revenue and profitability, or if stretched
working capital cycle, or a large, debt-funded capital
expenditure programme, weakens liquidity.

TTIPL was incorporated in 1964 by promoter, Mr. K C Chakrabarthy
and his family. The company manufactures material handling
equipment, which includes pulling and lifting machines, overhead
cranes, chain pulley blocks, ratchet liver hoists, electric wire
rope hoists, and rack and pinion hoists. The equipment is mainly
used by infrastructure companies and for other industrial
purposes.


TULSYAN NEC: CARE Lowers Rating on INR615.82cr Term Loan to 'D'
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Tulsyan Nec Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities-    615.82     CARE D Revised
   Term Loan                                from CARE B

   Long-term Bank Facilities-    215.00     CARE D Revised
   Fund-based                               from CARE B

   Short-term Bank Facilities-   142.16     CARE D Revised
   Non-fund-based                           from CARE A4

Rating Rationale

The revision in the rating of Tulsyan NEC Limited (TNEC) is on
account of the on-going delays in debt servicing resulting
from prolonged delay in commercial operation of its captive power
plant (CPP II of 35 MW) and continued unfavorable steel industry
scenario impacting its cash flow and liquidity.

Incorporated in the year 1947 under the name National Engineering
Company Limited, the company was taken over by the Tulsyan group
of companies in 1986. In the year 1996, Tulsyan Synthetics
Limited, a group company was merged with the NECL and the name of
the company was changed to Tulsyan NEC Limited with effect from
August 1996. TNEC is one of the major manufacturers of thermo
mechanically treated (TMT) bars and billets in South India. It is
also a large manufacturer of High Density Poly Ethelene (HDPE)/
Poly Propylene (PP) sacks and Flexible Intermediate Bulk
Containers (FIBC) in the region. The operation of the company is
divided into three divisions viz. Steel division, Synthetics
division and Power division.

TNEC has an installed capacity of 3,00,000 MTPA of rolling mills
of which TMT Bars capacity constitute 180,000 MTPA, Plain wire
rod capacity constitute 40,000 MTPA and TMT wire rod constitute
80,000 MTPA. Apart from the above, the company also has a
capacity to manufacture 25,797 MTPA of HDPE/PP sacks at its four
plants located in Bangalore (Two units), Malur district and Goa.
The company also has captive power plant I (CPP I) of 35 MWand
another CPP II of 35MW.

TNEC approached the bankers for Corporate Debt Restructuring
(CDR) in May 2014 which was formulated and approved by the
bankers on March 26, 2015. CDR was necessitated by the tight
liquidity position faced by the company on account of delay in
implementation of two captive power plants (CPP) of INR35 MW
each, accentuated by slump in the steel industry caused by lower
demand and falling prices for TMT Bars.

Ongoing delays in debt servicing

The CDR was implemented in April 2015, and the interest payments
were scheduled for payments starting September 2015 and principal
repayments from June 2016 (except certain portion of FITL from
December 2015). Prolonged delay in achieving COD of CPP II of 35
MW (the company achieved COD in July 23, 2016 as against the
revised COD of January 2016) and continued unfavourable industry
scenario led to the company's liquidity position remaining
stretched resulting in delays in interest servicing, principal
repayments and LC devolvement.



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


JAPFA COMFEED: S&P Affirms 'B' CCR & Revises Outlook to Stable
--------------------------------------------------------------
S&P Global Ratings said that it had revised its outlook on PT
Japfa Comfeed Indonesia Tbk. to stable from negative.  At the
same time, S&P affirmed its 'B' long-term corporate credit rating
on the company.  S&P also affirmed its 'B' long-term issue rating
on the senior unsecured notes that PT Japfa guarantees.  In line
with the outlook revision, S&P raised its long-term ASEAN
regional scale rating on the Indonesia-based poultry feed and
commercial farming company to 'axBB-' from 'axB+'.

"We revised the outlook because PT Japfa has articulated a
credible strategy to address the refinancing risk associated with
its 2017 debt maturities," said S&P Global Ratings credit analyst
Eric Nietsch.

PT Japfa's liquidity has improved and its refinancing risk has
reduced following a sale of equity to KKR & Co. (KKR).  The
transaction closed Aug. 4, 2016.  KKR now owns about 12% of PT
Japfa, and PT Japfa has already received the proceeds of about
Indonesian rupiah (IDR) 700 billion.  S&P believes PT Japfa is
committed to using most of the equity proceeds, over which it has
discretion, to repay its debt.  Also, PT Japfa is in advanced
stages of setting up bank facilities totaling IDR1 trillion.  S&P
expects the company to use both these funding sources to repay
investment debt maturing within the next 12 months, mostly
IDR1.5 trillion in domestic bonds maturing in the first quarter
of 2017.

PT Japfa is yet to articulate its refinancing plans for its U.S.
dollar notes maturing in 2018.  Nevertheless, S&P expects the
company to work with KKR to address the overall capital
structure, even though it is a minority holder.

PT Japfa's articulation of a credible refinancing strategy for
its 2017 maturing debts also coincides with a sharp turnaround in
its operating performance.  The company reported EBITDA of about
IDR1.7 trillion for the six months ended June 30, 2016.  This
represents more than 70% of S&P's earlier forecast for 2016 and
is higher than EBITDA of about IDR600 billion the company
reported in the same period in 2015.  Operating margins
benefitted from a stronger rupiah (which reduced the cost of
imported raw materials), still-low raw material prices, and
normalizing margins in the day-old chick and commercial farming
segments.  Reported EBITDA for full-year 2016 will likely exceed
IDR2 trillion, a multi-year high.

PT Japfa's capital structure has also improved following more
supportive operating conditions, the equity issuance, and reduced
capital spending.  Reported net debt was IDR5.95 trillion as of
June 30, 2016, before receipts from the equity issuance.  This
compares with more than IDR6.5 trillion in 2014.  S&P's revised
projections now contemplate positive discretionary cash flows of
about IDR25 billion in 2016, rising to almost IDR200 billion in
2017 if capital expenditure remains around IDR750 billion
annually.  Amid cash accumulation and reducing net debt, PT
Japfa's ratio of funds from operations (FFO) to debt could exceed
20% in 2017 if operating conditions remain favorable and spending
moderate.

S&P affirmed the ratings to reflect PT Japfa's improved, but
still lumpy, debt maturity profile and foreign-currency mismatch
between debt and cash flows.  The company also maintains a solid
market position and competitive advantage as the second-largest
integrated poultry operator in Indonesia, an oligopolistic
market.

"The stable outlook reflects PT Japfa's reduced refinancing risk
related to its maturing debts," said Mr. Nietsch.  "It also
reflects the prospect that the company's FFO interest coverage
will stay above 3.0x over the next 12 months amid more favorable
operating conditions."

S&P could downgrade PT Japfa if the company fails to articulate a
credible refinancing strategy for the remaining lumpy debt
maturities, especially its U.S. dollar notes, within the next 12
months.

S&P could also lower the rating if it assess the credit quality
of Japfa Ltd., PT Japfa's majority shareholder to have weakened.
Given PT Japfa's large contribution to the parent's consolidated
revenues and EBITDA, S&P could lower the group credit profile if
PT Japfa's FFO interest coverage falls below 3x on a sustained
basis.  This could materialize if the Indonesia operations
weaken, PT Japfa's EBITDA margin falls below 7.0%, and the
company pursues expansionary capital spending.

S&P could raise the rating if PT Japfa has articulated and
started to implement a credible strategy to lengthen its debt
maturity profile.  An upgrade would hinge on operating conditions
improving sustainably and the company managing its capital
spending such that the ratio of FFO to debt stays above 20% on a
sustained basis.



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


VUZIX CORP: Incurs US$4.5 Million Net Loss in 2nd Quarter
---------------------------------------------------------
Vuzix Corporation filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net
loss attributable to common stockholders of US$4.50 million on
US$560,877 of total sales for the three months ended June 30,
2016, compared to a net loss attributable to common stockholders
of US$2.77 million on US$427,812 of total sales for the three
months ended June 30, 2015.

For the six months ended June 30, 2016, the Company reported a
net loss attributable to common stockholders of US$8.67 million
on US$925,000 of total sales compared to a net loss attributable
to common stockholders of US$8.22 million on US$1.23 million of
total sales for the same period last year.

As of June 30, 2016, Vuzix had US$12.9 million in total assets,
US$4.02 million in total liabilities and US$8.85 million in total
stockholders' equity.

As of June 30, 2016, the Company had cash and cash equivalents of
US$4.59 million, a decrease of US$7.29 million from US$11.9
million as of Dec. 31, 2015.

The Company's quarterly report on Form 10-Q is available from the
SEC Web site at https://is.gd/x5c60A

                      About Vuzix Corporation

Vuzix -- http://www.vuzix.com/-- is a supplier of Video Eyewear
products in the consumer, commercial and entertainment markets.
The Company's products, personal display devices that offer users
a portable high quality viewing experience, provide solutions for
mobility, wearable displays and virtual and augmented reality.
Vuzix holds 33 patents and 15 additional patents pending and
numerous IP licenses in the Video Eyewear field. Founded in 1997,
Vuzix is a public company with offices in Rochester, NY, Oxford,
UK and Tokyo, Japan.

Vuzix Corporation reported a net loss attributable to common
stockholders of US$14.94 million on US$2.74 million of total
sales for the year ended Dec. 31, 2015, compared to a net loss
attributable to common stockholders of US$7.86 million on US$3.03
million of total sales for the year ended Dec. 31, 2014.



===============
M A L A Y S I A
===============


1MALAYSIA DEVELOPMENT: Gov't Plans Legal Moves v. Defrauders
------------------------------------------------------------
Pooi Koon Chong at Bloomberg News reports that Malaysia will take
legal action against those who allegedly defrauded its state
investment company 1Malaysia Development Bhd. as the government
seeks to defend its reputation and credibility.

Bloomberg relates that the government is taking the U.S.
Department of Justice's civil complaint that mentions some
Malaysians "very seriously" amid references to funds embezzled
from 1MDB, Minister in the Prime Minister's Department Paul Low
said in the text of a speech prepared for delivery August 18.

"Should it be established that funds were taken out from 1MDB,
the government will take legal action against the individuals
named, or anyone else who is complicit in the scheme to allegedly
defraud 1MDB," Bloomberg quotes Mr. Low as saying. "The money -
if stolen from us - must be recovered in full, and those guilty
punished in accordance with our laws and those of the countries
where the money was laundered."

1MDB is at the center of several international investigations
into alleged corruption and money laundering by public officials.
Prosecutors in at least four countries -- Singapore, Switzerland,
Luxembourg and the U.S. -- are looking into money flows from the
investment vehicle, which was established for national
development, according to Bloomberg.

Bloomberg notes that more than $3.5 billion was misappropriated
from 1MDB, and about $1 billion was laundered through the U.S.
banking system, the U.S. Justice Department said last month,
laying out its case in a dozen filings. The alleged scheme of
international money laundering and misappropriation stretched
from 2009 to 2015, and money went to buy luxury real estate in
the U.S., pay gambling expenses in Las Vegas and acquire $200
million in artwork, it said, Bloomberg relays.

According to Bloomberg, the U.S. complaint mentioned Prime
Minister Najib Razak's stepson, Riza Aziz, and a Malaysian
financier, Low Taek Jho, who is known as Jho Low. Riza partly
owns Red Granite Pictures, a Hollywood production company that
backed "The Wolf of Wall Street" movie.  Bloomberg says the
Justice Department is trying to seize royalties from the film,
which it said was financed with money that originated from 1MDB.

The U.S. did not name any individuals as defendants, Bloomberg
notes. Jho Low has said he provided consulting to 1MDB that
didn't break any laws and previous efforts to reach him were
unsuccessful. Red Granite has said it's confident that Riza and
the company didn't do anything wrong, says Bloomberg.

Bloomberg adds that U.S. prosecutors also referred to a top
Malaysian official who controlled accounts that received hundreds
of millions of dollars. The official isn't accused of wrongdoing.
The anonymous description lines up with that of Najib, who until
a few months ago served as the chairman of 1MDB's advisory board,
Bloomberg says.

According to the report, Najib has previously acknowledged
receiving almost $700 million in his personal bank accounts
before the 2013 general election. He said the money was a
personal donation from the Saudi Arabian royal family and most of
the money was later returned. He was cleared by the attorney-
general of any graft over the case, Bloomberg states.

Najib has said the Justice Department's action should be allowed
to run its course and those accused should be permitted to defend
themselves, Bloomberg relates.

"The government's credibility and reputation are in question, and
therefore appropriate action must be taken against the
perpetrators of the crime," Bloomberg quotes Mr. Low as saying.
"Our enforcement agencies and the Attorney General must cooperate
fully with all international agencies to deal with the matter in
an appropriate manner in order to allay negative perception and
restore the trust and confidence of the people for the
government."

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported last month that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.



===============
M O N G O L I A
===============


MONGOLIA: Now World's Worst Performing Currency
-----------------------------------------------
BBC News reports that Mongolia's currency is on its longest
losing streak on record as the government grapples to contain an
economic crisis.

Back in 2011, a mining boom helped made Mongolia the world's
fastest-growing economy with growth in gross domestic product of
around 17.5%.  But the tugrik lost about 7.8% of its value this
month, making it the world's worst-performing currency, BBC
relates citing Bloomberg data.

It's been a rapid descent from grace for the central Asian
nation, which neighbors China and Russia, says BBC.

According to BBC, the landlocked country has substantial untapped
reserves of valuable minerals like gold, copper and coal.
However, commodity prices collapsed and so did did demand from
China, which buys 90% of Mongolia's exports, the report notes.

BBC says the government has since admitted that the country is
"in a deep state of economic crisis".

According to BBC, Finance Minister Choijilsuren Battogtokh said
in a nationally televised address last week that they weren't
able to afford to pay civil servants or the military.

Making matters worse has been the government's inconsistent
approach to investment laws and mining agreements, causing many
foreign firms to rush for the exit, BBC states.

Foreign direct investment in Mongolia plummeted by 85% since 2011
to the first quarter of last year, BBC relates citing the US
State Department.

BBC recalls that the populist Mongolian People's Party won power
in elections earlier this year after the public lost confidence
in the long-ruling Democratic Party over its mishandling of the
economy.  However it looks like a hard road ahead for Prime
Minister Erdenebat Jargaltulgameans.

Due to its cash shortage, Mongolia has borrowed massively and now
owes dinosaur-sized interest payments of a debt load of nearly
US$23 billion, BBC discloses.

This has fuelled speculation that Mongolia could face a sovereign
default or need a bailout, adds BBC.



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


RIVERSIDE MEATS: Meat Processors Collapse Into Liquidation
----------------------------------------------------------
Nick Truebridge at Stuff.co.nz reports that dozens of workers
have lost their jobs after the NZ$16 million collapse of two
Christchurch meat companies.

According to Stuff.co.nz, creditors of the two companies are a
combined NZ$16 million out of pocket -- only two years after one
of the businesses won an award for New Zealand's best bacon.

Riverside Meats Limited, trading as Independent Meat Processors,
has debts totalling an estimated NZ$8 million, the report
discloses. The company was incorporated three years ago and won
the award for New Zealand's best bacon in 2014.

Sister company Canterbury Fresh Lamb Limited has also gone belly
up, owing more than NZ$7.7 million, Stuff.co.nz says.

Stuff.co.nz says shareholders of the companies sunk millions of
dollars into their businesses, which were liquidated after sale
plans failed.

Stuff.co.nz relates that liquidator Brenton Hunt said most of
Riverside's shortfall was owed to shareholders, who contributed
advances to try and keep the meat processing company afloat.

Riverside's core business was processing meat before wholesaling
it to customers, Mr. Hunt said, Stuff.co.nz relays.

Stuff.co.nz says the NZ$8 million shortfall did not represent a
"full and final" figure.

The amount owed to shareholders was "approaching NZ$5 million",
while the actual shortfall to other creditors was closer to NZ$3
million, Stuff.co.nz adds.

Stuff.co.nz relates that Mr. Hunt's investigations involved some
complexities because one of Riverside's directors and
shareholders, Colin Horton, had declared himself bankrupt.

In his report, Mr. Hunt estimated secured creditors were owed
nearly NZ$5.5m, with unsecured creditors owed just over NZ$2.3m.
Unsecured creditors were unlikely to recoup losses, Stuff.co.nz
relays.

Employee claims sat at NZ$60,225, while Inland Revenue's unpaid
tax bill was nearly NZ$510,000.

Financial statements indicated Riverside had not traded
profitably since being incorporated in July 2013, Stuff.co.nz
notes.

Stuff.co.nz says the director of Canterbury Fresh Lamb and
Riverside spent some time attempting to sell the group of
companies.

"This sale didn't eventuate and an alternative sale of the
business was completed one week prior to liquidation," Mr. Hunt
reported, adding the sale was not enough to repay the highest
priority secured creditor.

PwC's Malcolm Hollis and Wendy Somerville --
wendy.a.somerville@nz.pwc.com -- are overseeing the liquidation
of Canterbury Fresh Lamb, which operated an abattoir and
processing facility, Stuff.co.nz reports.

The company's total shortfall was estimated to be more than
NZ$7.7 million, Stuff.co.nz discloses.

Mr. Hollis said an estimated debt of NZ$7.3 million to unsecured
creditors included NZ$6.4 million pumped into the company by
shareholders and related parties, Stuff.co.nz adds.



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


LEO MOTORS: Incurs US$869,000 Net Loss in Second Quarter
--------------------------------------------------------
Leo Motors, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net
loss of US$869,000 on US$806,000 of revenues for the three months
ended June 30, 2016, compared to a net loss of US$1.05 million on
US$1.40 million of revenues for the three months ended June 30,
2015.

For the six months ended June 30, 2016, the Company reported a
net loss of US$1.32 million on US$1.55 million of revenues
compared to a net loss of US$1.65 million on US$1.45 million of
revenues for the same period a year ago.

As of June 30, 2016, Leo Motors had US$7.42 million in total
assets, US$6.1 million in total liabilities and US$1.30 million
in total equity.

"Our liquidity and capital resources are limited. Accordingly,
our ability to initiate our plan of operations and continue as a
going concern is currently dependent on our ability to either
generate significant new revenues or raise external capital," the
Company stated in the report.

Significant losses from operations have been incurred since
inception and there is an accumulated deficit of $26,245,262 as
of June 30, 2016. Continuation as a going concern is dependent
upon attaining capital to achieve profitable operations while
maintaining current fixed expense levels.

The Company's quarterly report on Form 10-Q is available from the
SEC website at https://is.gd/2JoyeQ

                         About Leo Motors

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.

In 2011, the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of
$4.5 million. During the 2012 year the Company had a net non
operating income largely from the result of the forgiveness of
debt for $1.3 million.

Leo Motors reported a net loss of US$4.49 million on US$4.29
million of revenues for the year ended Dec. 31, 2015, compared to
a net loss of US$4.48 million on US$693,000 of revenues for the
year ended Dec. 31, 2014.



                             *********

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 2016.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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