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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, October 13, 2015, Vol. 18, No. 202


                            Headlines


A U S T R A L I A

ABC FAMILY: First Creditors' Meeting Set For Oct. 21
INTEC GROUP: Second Creditors' Meeting Set For November 3
INTERSTAR MILLENNIUM: Fitch's Bsf Rating on Class B Notes on RWN
SANTOS LIMITED: To Cut 200 Jobs at Eastern Australian Unit
VEDRIC BRICKLAYING: First Creditors' Meeting Set For Oct. 20


C H I N A

CHINA: Laws Could Make Rising Bankruptcies Painful for Investors
CHINA AUTO: Has US$10.6MM Current Deficit at June 30
CHINA BAK: Has US$15.7-Mil.Current Deficit at June 30
CHINA SHOUGUAN: Has US$5.3-Mil. Current Deficit at June 30
GENERAL STEEL: Has US$1.4BB Current Deficit at June 30


I N D I A

4S SPINTEX: ICRA Assigns 'B' Rating to INR15cr Term Loan
BNSR INDUSTRIES: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
CHHADDAMI LAL: ICRA Reaffirms B+ Rating on INR9.90cr Term Loan
CHOKSHI TEXLEN: ICRA Reaffirms B+ Rating on INR7cr Cash Loan
CLASSIC BOTTLE: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating

DDR AND COMPANY: ICRA Assigns B+ Rating to INR1.0cr Loan
HILLSTONE CERAMIC: ICRA Reaffirms B+ Rating on INR3.50cr Loan
JALAN JODHAWAT: ICRA Suspends 'D' Rating on INR5cr Term Loan
JIVANDHARA COTTON: ICRA Reaffirms B+ Rating on INR14cr Loan
KAILASH MOTORS: ICRA Reaffirms B Rating on INR18.75cr Cash Loan

KISHAN INDUSTRIES: ICRA Withdraws C+ Rating on INR11.41cr Loan
M.P. ENTERTAINMENT: Ind-Ra Assigns 'IND BB' LT Issuer Rating
NEO TEX: ICRA Withdraws B+/A4 Rating on INR7cr Bank Loan
RKM POWERGEN: ICRA Reaffirms 'D' Rating on INR1,159.63cr Loan
SANOOR CASHEWS: ICRA Reaffirms B+ Rating on INR2.0cr LT Loan

SARAF FAB: ICRA Assigns B+ Rating to INR3.0cr Unallocated Loan
SHRI SHYAM: ICRA Reaffirms B+ Rating on INR2.80cr Term Loan
SIDDHI INDUSTRIES: ICRA Assigns B+ Rating to INR6cr Cash Loan
SILICA INFOTECH: ICRA Lowers Rating on INR5cr Loan to B+
SRI NAGAMALLESWARA: ICRA Reaffirms 'B' Rating on INR21.71cr Loan

SRINIVASA RICE: ICRA Assigns B+ Rating to INR11.16cr Loan
SSPDL LIMITED: ICRA Suspends C+ Rating on INR9cr LT Loan
SUMANJALI PARBOILED: ICRA Reaffirms B+ Rating on INR8.35cr Loan
TRACK INNOVATIONS: ICRA Reaffirms 'B' Rating on INR15cr Loan
ZEBA AGRO: ICRA Lowers Rating on INR13.50cr LT Loan to 'D'

* Ind-Ra Says Cost Pressures in Paper Industry Subsiding


J A P A N

SOFTBANK CORP: Bond Risk Jumps as Prospects in U.S., China Sour


N E W  Z E A L A N D

BRUCE WOOLLEN: Placed in Receivership; 19 Jobs at Risk
SENTRY HILL: Facing Liquidation Over Unpaid NZ$200K Tax Bill


V I E T N A M

ASIA COMMERCIAL BANK: Moody's Hikes LT Deposit Rating to B2
VIETNAM TECHNOLOGICAL: Moody's Hikes LT Deposit Rating to B2


X X X X X X X X

* BOND PRICING: For the Week Oct. 5 to Oct. 9, 2015


                            - - - - -


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


ABC FAMILY: First Creditors' Meeting Set For Oct. 21
----------------------------------------------------
Steve Naidenov and David Iannuzz of Veritas Advisory were
appointed as administrators of ABC Family Day Care Scheme Pty Ltd
on Oct. 9, 2015.

A first meeting of the creditors of the Company will be held at
Level 12, 88 Pitt Street, in Sydney, on Oct. 21, 2015, at
10:30 a.m.


INTEC GROUP: Second Creditors' Meeting Set For November 3
---------------------------------------------------------
Broede Carmody at SmartCompany reports that Adelaide's largest
independent IT consultancy firm has gone into voluntary
administration.

Intec Group has been operating for 21 years and has provided
information technology services to government agencies and private
businesses.

Ferrier Hodgson was called in to manage the firm on September 28,
with Tim Mableson and Martin Lewis appointed as administrators,
the report discloses.

The first meeting of creditors was held on October 9.

SmartCompany says the firm, which had approximately 30 employees
at the time of the administration, will continue to trade while
the administrators undertake an urgent assessment of the company's
existing contracts.  However, in the interim the administrators
may undertake some restructuring of Intec Group's operations.

A second meeting of creditors is due to be held on November 3.

Intec Group's clients include the South Australian government, BHP
Billiton, ACH Group and O'Connors, according to the company's
website.

According to SmartCompany, Ferrier Hodgson is seeking urgent
offers for the purchase of Intec Group's business and assets.

In particular, the administrator is looking to reassign the IT
consultancy's multi-year software contract with the South
Australian government, SmartCompany relates.

Intec Group also operates GemLab, a series of innovation workshops
for local businesses and Ferrier Hodgson is seeking urgent offers
for this arm of the business, according to SmartCompany.

Mr. Mableson, partner at Ferrier Hodgson, told SmartCompany the IT
sector is a highly competitive one.

"Over the course of it starting the business had acquired an
excellent and highly skilled workforce, which is expensive to
maintain in a competitive market," the report quotes Mr. Mableson
as saying.  "At the date of our appointment, a significant number
of the workers were long-serving, which restricted the company's
ability to essentially reduce its overheads. It's strength turned
into its weakness in some ways."

SmartCompany adds that Mr. Mableson said there has been
"significant interest" in Intec Group and its assets.

"Consequently, we've extended the period of time for offers by one
week to the 16th of October," Mr. Mableson told SmartCompany.


INTERSTAR MILLENNIUM: Fitch's Bsf Rating on Class B Notes on RWN
----------------------------------------------------------------
Fitch Ratings placed three notes issued under Interstar Millennium
Series 2005-3E Trust on Rating Watch Negative (RWN) on 19 June
2015 due to the downgrade of The Royal Bank of Scotland plc (RBS,
BBB+/Stable/F2) on 19 May 2015. RBS is a currency swap provider
for the transaction.

Fitch's rating action commentary on 19 June 2015 stated that RBS
had not complied with its obligations to take remedial action
within 30 days of the downgrade, which was based on the
information Fitch had at the time. Fitch has subsequently become
aware that RBS did take remedial action within 30 days and
therefore complied with its obligations under the transaction's
swap documentation. RBS is collateralising in accordance with the
transaction documents, which reflect Fitch's counterparty criteria
at the time of the transaction's closing.

As Fitch always applies its current criteria in assessing
transactions, the notes remain on RWN. Discussions between RBS and
the trust manager are continuing in relation to collateralising in
accordance with Fitch's current counterparty criteria. Fitch
expects to resolve the RWN in upcoming weeks.

The ratings are as follows:

GBP46.8 million Class A2 notes (ISIN XS0232803709) 'AAAsf'; RWN
AUD37.0 million Class AB notes (ISIN AU300INTD010) 'AAAsf'; RWN
AUD44.5 million Class B notes (ISIN AU300INTD028) 'Bsf'; RWN


SANTOS LIMITED: To Cut 200 Jobs at Eastern Australian Unit
----------------------------------------------------------
Angela Macdonald-Smith at The Sydney Morning Herald reports that
Santos Limited has advised of 200 job losses at its eastern
Australian business unit as it digs deeper to cut costs, without
letting up on its pursuit of asset sales to cut debt.

SMH relates that the latest job reductions, announced to staff on
October 12, come on top of the 565 job cuts advised by the debt-
laden oil and gas producer at its half-year results in August.

The report says most of the latest round of job losses are
understood to be roles based at Santos's Adelaide headquarters
supporting operations in the Cooper Basin, Northern Territory and
Victoria.

According to the report, the oil and gas producer has a target of
AUD180 million in savings across its supply chain by the end of
2015 as it reins in spending after oil prices fell. It has also
pledged to deliver AUD100 million in cost savings across its core
Cooper Basin activities over the next three years, the report
says.

"The job reductions are a part of a broader restructure of the
eastern Australia business to make it a leaner, more agile
organisation delivering lower cost oil and gas from the Cooper
Basin," Santos, as cited by SMH, said.

Meanwhile the strategic review, announced by the company on August
21, is considering a range of potential asset sales, other
transactions and potentially a capital raising, SMH reports.

Santos is understood to have received a range of offers for
different assets, with its stake in the Papua New Guinea liquefied
natural gas project expected to have attracted most interest, adds
SMH.

Santos Limited (ASX:STO) -- https://www.santos.com/ -- is an oil
and gas producer. The Company's principal activity is the
exploration for, and development, production, transportation and
marketing of, hydrocarbons. It has an Asian portfolio, with a
focus on three core countries: Indonesia, Vietnam and Papua New
Guinea. It has interests in four liquid natural gas (LNG)
projects, comprising GLNG, PNG LNG, Darwin LNG and Bonaparte LNG.
Its business units include Asia Pacific, Eastern Australia, GLNG,
and Western Australia and Northern Territory. The Asia Pacific
unit includes operations in Indonesia, Papua New Guinea, Vietnam,
India, Malaysia and Bangladesh. It is a producer of natural gas,
gas liquids and crude oil in eastern Australia. It sells gas to
domestic retailers and industry while gas liquids and crude oil
are sold in the domestic and export markets. It produces domestic
natural gas in Western Australia and is also a producer of gas
liquids and crude oil. It also has an interest in the Bayu-
Undan/Darwin LNG project.


VEDRIC BRICKLAYING: First Creditors' Meeting Set For Oct. 20
------------------------------------------------------------
Frank Lo Pilato & Jonathon Colbran of RSM Bird Cameron Partners
were appointed as administrators of Vedric Bricklaying Pty Ltd on
Oct. 8, 2015.

A first meeting of the creditors of the Company will be held at
RSM Bird Cameron Partners, 103-105 Northbourne Avenue, in Turner,
on Oct. 20, 2015, at 10:00 a.m.



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


CHINA: Laws Could Make Rising Bankruptcies Painful for Investors
----------------------------------------------------------------
China Economic Review reports that an expected increase in
mainland corporate bankruptcies may pose challenges for foreign
creditors in Hong Kong and elsewhere thanks to differences between
court and legal proceedings for firms that file for bankruptcy,
South China Morning Post reported, citing liquidation experts.

Johnson Kong Chi-how, the managing director of accounting firm
BDO, said that if any assets of a bankrupt company are in China,
the rights of Hong Kong liquidators would not be recognized, and
the assets could not be taken over without approval from a court
in China, according to China Economic Review.

"This would be a costly and lengthy court battle," the report
quoted Mr. Kong as saying.


CHINA AUTO: Has US$10.6MM Current Deficit at June 30
-----------------------------------------------------
China Auto Logistics Inc. (NASDAQ:CALI)'s working capital deficit
was US$10.6 million at June 30, 2015.  The deficit was US$7.3
million as of December 31, 2014.

At June 30, 2015, the Company had total current assets of
US$289.2 million and total current liabilities of US$299.9
million.  At December 31, 2014, the Company had total current
assets of US$206.9 million and total current liabilities of
US$214.2 million.

The Company said: "We generally finance our operations through a
combination of operating profit, short-term borrowing from banks
and shareholder loans.  During the reporting periods, we arranged
a number of bank loans to satisfy our financing needs.  We have
not experienced any difficulty in raising funds through bank
loans, and we have not experienced any liquidity problems in
settling our payables in the ordinary course of business and
repaying our bank loans when they come due.

"We believe that the level of financial resources is a significant
factor for our future development, and accordingly, we may
determine from time to time to raise capital through private debt
or equity financings to strengthen our financial position, to
expand our facilities and to provide us with additional
flexibility to take advantage of business opportunities.  No
assurances can be given that we will be successful in raising such
additional capital on terms acceptable to us.

"We incurred operating losses and had negative operating cash
flows and may continue to generate negative cash flows as we
implement our business plan for 2015.  There can be no assurance
that our continuing efforts to execute our business plan will be
successful and that we will be able to continue as a going
concern.  The accompanying interim condensed consolidated
financial statements have been prepared in conformity with US
GAAP, which contemplates our continuation as a going concern.  Our
net loss attributable to shareholders was $2,245,363 and
$1,846,254 for the three months ended June 30, 2015 and 2014,
respectively, and $4,911,804 and $3,192,422 for the six months
ended June 30, 2015 and 2014, respectively.

"As of June 30, 2015, we have an accumulated deficit of $244,432
and a working capital deficit of $10,647,042, including
$68,650,637 in current liabilities for short-term borrowings which
are due during the period between July 2015 and June 2016, and
$17,705,632 in current liabilities payable to Hezhong (Tianjin)
International Development Ltd. Co., the former owner of Zhonghe
Auto Sales Service Co., Ltd. (Zhonghe) related to our acquisition
of Zhonghe (the Zhonghe Acquisition), which is due in November in
2015, and for which we do not currently have the necessary capital
to re-pay.  Net cash used in operations during the six months
ended June 30, 2015 was $1,728,443.  These factors raise
substantial doubt about our ability to continue as a going
concern.

"We invested heavily in Car King (China) Used Car Trading Co.,
Ltd. (Car King Tianjin) through cash investment, advances, and
leasing a portion of the Airport International Auto Mall to Car
King Tianjin to operate a used car business.  We believe that
there is a strong market for used car sales in China and Car King
Tianjin will provide us with opportunities for long-term growth.
However we cannot precisely predict the extent of the growth and
whether such growth will convert into substantial profits in the
future.

"We do not currently have sufficient cash or commitments for
financing to sustain our operations for the next twelve months.
Our plan continues to be to develop new customer relationships and
substantially increase our cash flows from operations and revenue
derived from our products/services.  If our revenues do not reach
the level anticipated in our plan, we may require additional
financing in order to execute our operating plan.  If additional
financing is required, we cannot predict whether this additional
financing will be in the form of equity, debt, or another form,
and we may not be able to obtain the necessary additional capital
on a timely basis, on acceptable terms, or at all.  In the event
that financing sources are not available, or that we are
unsuccessful in increasing our revenues and profits, we may be
unable to implement our current plans for expansion, repay our
debt obligations or respond to competitive pressures, any of which
would have a material adverse effect on our business, prospects,
financial condition and results of operations.  The accompanying
consolidated financial statements do not include any adjustments
that might result from the outcome of this uncertainty.

"During the six months ended June 30, 2015, we had net cash used
in operating activities of $1,728,443 as compared to $26,123,417
during the same period of 2014.   Net cash used in operating
activities during the six months ended June 30, 2015 primarily
consisted of a net loss of $4,912,781, an increase in restricted
cash due to larger balance of restricted cash required for notes
payable of $14,434,440, an increase in receivable in lines of
credit related to financing services of $11,075,069 due to a
larger outstanding receivables balance at June 30, 2015, an
increase in advances to suppliers of $56,164,079 due to the
building up of our inventory orders in order to increase our
inventory selections for our customers and certain purchase orders
being subsequently canceled as a result of our change of
assessment in the market demands.  The net amount of cash used in
operating activities was partially offset by an increase in
payables related to financing services of $30,775,774 due to
larger outstanding balances on the draws on the lines of credit
related to Financing Services, an increase in notes payable to
suppliers of $21,221,809 due to our efforts in reserving our cash
flows by deferring payments to our suppliers, and an increase in
customer deposits of $33,608,269 due to increased advanced
payments from our customers for future sales.  Net cash used in
operating activities during the six months ended June 30, 2014
primarily consisted of a net loss of $3,200,018, an increase in
receivable in lines of credit related to financing services of
$33,700,611 due to a larger outstanding receivables balance at
June 30, 2014, an increase in advances to suppliers of $20,471,286
due to the building up of our inventory orders in order to
increase our inventory selections for our customers, and a
decrease in notes payable to suppliers of $12,244,657 due to
repayments made in the period to settle certain payables when they
became due.

"We received cash proceeds of $9,275 and $17,954 related to the
disposal of an automobile used by us during the six months ended
June 30, 2015 and 2014, respectively.  We had net purchases of
property and equipment in the amount of $0 and $6,802,
respectively, during the six months ended June 30, 2015 and 2014,
respectively.  We loaned $0 and $1,389,253 to Car King Tianjin for
its working capital needs during the six months ended
June 30, 2015 and 2014, respectively.

"During the six months ended June 30, 2015, net cash used by
financing activities was $671,921 as compared to net cash provided
by financing activities of $14,373,525 during the same period in
2014.  The net cash (used for) provided by financing activities
during the six months ended June 30, 2015 and 2014 included mainly
net repayments of $821,006 and net proceeds of $47,390,791,
respectively, on short-term loans from banks.  In addition, cash
payments related to the increase in restricted cash required by
these short-term borrowings were $0 and $32,905,773 during the six
months ended June 30, 2015 and 2014, respectively.  Furthermore,
during the six months ended June 30, 2015 and 2014, we received
non-interest bearing short-term advances from our Director and
Senior Vice President, Ms. Cheng Weihong, in the amount of
$389,120 and $405,942, respectively, and repaid $244,990 and
$513,820, respectively.

"Our total cash and cash equivalents increased to $5,444,674 as of
June 30, 2015, as compared to $1,823,512 as of June 30, 2014.

"As of June 30, 2015, the Company had working capital deficit of
$10,647,042 compared to $7,298,690 as of December 31, 2014.

"Our cash is used to finance the purchases of inventory, payments
for advances from suppliers, and restricted cash as requirements
for our Financing Services operation, lines of credit related to
Financing Services and short-term borrowings.  As of December 31,
2014, the decrease of working capital was primarily attributable
to the second payments made related to the Zhonghe Acquisition in
the amount of $16.3 million.

"We have aggregate outstanding balance of lines of credit related
to Financing Services of $94,398,556 and $63,106,959 as of June
30, 2015 and December 31, 2014, respectively, and outstanding
balances of short-term borrowings of $68,650,637 and $68,909,343
as of June 30, 2015 and December 31, 2014, respectively.  In
addition, we had a bank overdraft with a balance of $2,447,536 and
$2,423,015 as of June 30, 2015 and December 31, 2014,
respectively.

"Under the terms of an Auto Mall Acquisition Agreement between
Tianjin Seashore New District Shisheng Business Trading Group Co.
Ltd. (Shisheng) and Hezhong, we made an installment payment of
approximately $16.3 million in November 2014 and $3.2 million in
January 2015, and have to remit two more installments at
approximately $19.6 million each, including principal and interest
in November of 2015 and 2016.  We plan to finance these
installment payments through our operating cash flows and bank
loans.  We expect that we will not have sufficient cash flow to
remit these payments without obtaining outside financing.  We
believe we will be able to obtain sufficient bank loans at
reasonable terms to finance our operations and these payment
installments.  However no assurance can be given that we will be
successful in obtaining any loans on terms acceptable to us.

"We aim to continue to improve the level of our working capital
through increased net profits and cash flow and efficiently
controlling costs.  We previously adopted measures to lower
holding costs of inventories and continues to develop and maintain
good relationships with banks for favorable financing terms.

"We entered into several banking facilities with Agricultural Bank
of China, China Merchants Bank, PuDong Development Bank,
Industrial and Commercial Bank of China, China ZheShang Bank,
China Minsheng Bank, Shengjing Bank and Tianjin Binhai Rural
Commercial Bank.  As of June 30, 2015 and December 31, 2014, we
had aggregate credit lines of $184 million (RMB1.12 billion) and
$182 million (RMB1.12 billion), respectively, and had outstanding
balances under these credit lines amounted to $94 million and $63
million, respectively.  As of June 30, 2015 and December 31, 2014,
we had approximately $90 million and $119 million, respectively,
lines of credit available to use in our Financing Services.  As of
August 10, 2015, we had aggregate credit lines of $184 million
(RMB1.12 billion) with our banks.

"As of June 30, 2015 and December 31, 2014, we had an aggregate
outstanding loan balance of $68,650,637 and $68,909,343,
respectively, related to certain short-term loan agreements with
Agricultural Bank of China, China Zheshang Bank, and Tianjin
Binhai Rural Commercial Bank.

"We had an overdraft of $2,447,536 and $2,423,015 with Pudong
Development Bank as of June 30, 2015 and December 31, 2014,
respectively.

"Under the terms of the Auto Mall Acquisition Agreement, Shisheng
will pay approximately $91.4 million (RMB559,768,000) to Hezhong,
in four annual installments with an annualized rate of interest of
6%.  The initial payment of approximately $39.2 million
(RMB240,000,000) was paid within 5 business days after the signing
of the Agreement.  We made an installment payment of approximately
$16.3 million in November 2014 and $3.2 million in January 2015,
and have to remit two more installments at approximately $19.6
million each, including principal and interest in November of 2015
and 2016.  As of June 30, 2015, we had an outstanding debt balance
of $36,807,136.

"We believe that the level of financial resources is a significant
factor for our future development and accordingly, we may
determine from time to time to raise capital through private debt
or equity financings to strengthen our financial position, to
expand our facilities and to provide us with additional
flexibility to take advantage of business opportunities.  No
assurances can be given that we will be successful in raising such
additional capital on terms acceptable to us."

A copy of the Form 10-Q is available at http://is.gd/o4Ct7G

China Auto Logistics Inc. (NASDAQ:CALI) provides individual and
commercial customers with services in relation to automobile
sales, financing services, custom clearance, storage, national
transportation, quotation platform, and information relating to
automotive services and products through its websites.  The
Company, formerly Fresh Ideas Media, Inc., maintains its
headquarters in Tianjin, China.


CHINA BAK: Has US$15.7-Mil.Current Deficit at June 30
-----------------------------------------------------
China BAK Battery, Inc.'s working capital deficit was US$15.7
million at June 30, 2015.  The deficit was US$35.6 million as of
September 30, 2014.

At June 30, 2015, the Company had total current assets of
US$24.8 million and total current liabilities of US$40.5 million.
At September 30, 2014, the Company had total current assets of
US$12.7 million and total current liabilities of US$48.3 million.

The Company said: "Before the foreclosure of the pledged ownership
of BAK International Limited, we had historically financed our
liquidity requirements from a variety of sources, including short-
term bank loans, other short-term loans and bills payable under
bank credit agreements, factoring of bills receivable to banks and
issuance of capital stock.  During the three months ended June 30,
2015, we were primarily financed by short-term bank loans and
other short-term loans.

"As of June 30, 2015, we had cash and cash equivalents of $11.6
million.  Our total current assets were $24.9 million and our
total current liabilities were $40.5 million, which result in a
net working capital deficiency of $15.6 million.  These factors
raise substantial doubts about our ability to continue as a going
concern.  In October 2014, we received a subsidy of $7.4 million
(RMB46.2 million) from Dalian government equivalent to the costs
of land use rights.  The subsidy is used to construct the new
manufacturing site in Dalian.  In addition, as of June 30, 2015,
we obtained one-year short term bank loans of $12.9 million (RMB80
million) from Bank of Dandong, and had $6.5 million available for
borrowing under the banking facilities granted by Bank of Dandong
until June 22, 2016.

"We will require additional cash to complete the construction of
the new Dalian manufacturing facilities.  We may also require
additional cash due to changing business conditions or other
future developments, including any investments or acquisitions we
may decide to pursue.  We repaid the short term bank loan of $4.8
million in August 2015 and borrowed a new loan of $4.8 million
under the banking facilities letter dated on June 22, 2015.  We
also plan to borrow additional funds from local banks to meet our
cash needs if required.  However, there can be no assurance that
we will be successful in obtaining further financing.  If our
existing cash and bank borrowings are insufficient to meet our
requirements, we may seek to sell equity securities, debt
securities or borrow from lending institutions.  We can make no
assurances that financing will be available in the amounts we need
or on terms acceptable to us, if at all.  The sale of equity
securities, including convertible debt securities, would dilute
the interests of our current shareholders.  The incurrence of debt
would divert cash for working capital and capital expenditures to
service debt obligations and could result in operating and
financial covenants that restrict our operations and our ability
to pay dividends to our shareholders.  If we are unable to obtain
additional equity or debt financing as required, our business
operations and prospects may suffer.

"Net cash used in operating activities was $6.6 million in the
nine months ended June 30, 2015, as compared to net cash used in
operating activities of $19.4 million in the same period in 2014.
The net cash used in operating activities in 2015 was mainly
attributable to the increase of trade accounts receivable by $4.6
million as well as the increase of prepayments and other
receivables by $0.8 million.

"Net cash provided by investing activities was $1.9 million for
the nine months ended June 30, 2015, as compared to net cash used
in investing activities of $7.9 million in the same period of
2014.  We received a deferred government subsidy of $7.4 million
and collected $1.5 million from our former subsidiaries, offset by
the purchase of property, plants and equipment and payment of
construction in progress of $7.1 million.

"Net cash provided by financing activities was $15.3 million in
the nine months ended June 30, 2015, compared to net cash provided
by financing activities of $13.6 million during the same period in
2014.  In the nine months ended June 30, 2015, we received $8.1
million of short term bank loans and $12.8 million other short
term loans from related and unrelated parties, offset by
repayments of $5.6 million to related and unrelated parties.

"We obtained a short term bank loan of $4.8 million (RMB30
million) which is bearing fixed interest at 7.8% per annum from
Bank of Dandong for the period from August 19, 2014 to August 18,
2015.  We repaid this loan on August 18, 2015 and borrowed a new
loan of $4.8 million (RMB30 million) on August 18, 2015 under the
banking facilities letter dated on June 22, 2015.

"On June 22, 2015, Dalian BAK Power Battery Co., Ltd. entered into
a banking facilities letter with Bank of Dandong to provide a
maximum loan amount of $19.4 million (RMB120 million) to June 22,
2016.  The banking facilities were guaranteed by our former
subsidiary, Shenzhen BAK Battery Co., Ltd., Mr. Xiangqian Li, the
Chairman and Chief Executive Officer of our company and Ms.
Xiaoqiu Yu, the wife of our CEO.  The banking facilities were also
secured by Dalian BAK Power's buildings, construction in progress,
prepaid land use rights and machineries.  On June 25, 2015, we
borrowed $8.1 million (RMB50 million) from Bank of Dandong under
the banking facilities for a period from June 25, 2015 to June 22,
2016, bearing a fixed interest at 7.84% per annum.

"We incurred capital expenditures of $7.1 million and $11.8
million in the nine months ended June 30, 2015 and 2014,
respectively.  Our capital expenditures in fiscal 2015 were used
primarily for the construction and purchase of equipment and
machineries for our production plant at our Dalian facility.

"We estimate that our total capital expenditures for the remainder
of fiscal year 2015 will reach approximately $5.3million.  Such
funds will be used to purchase manufacturing equipment and for
purchasing manufacturing equipment and machineries and for the
construction of the production plant at our Dalian facility."

A copy of the Form 10-Q is available at http://is.gd/sKtWMF

China BAK Battery, Inc. develops, manufactures and sells new
energy high power lithium batteries that are mainly used in
electric vehicles (EV), light electric vehicles (LEV) and electric
tools.  The Company has manufacturing facilities in Dalian, China
where it is also headquartered.


CHINA SHOUGUAN: Has US$5.3-Mil. Current Deficit at June 30
----------------------------------------------------------
China ShouGuan Mining Corporation's working capital deficit was
US$5.3 million at June 30, 2015.  The deficit was US$4.6 million
as of December 31, 2014.

At June 30, 2015, the Company had total current assets of
US$2.7 million and total current liabilities of US$8.0 million.
At December 31, 2014, the Company had total current assets of
US$2.7 million and total current liabilities of US$7.4 million.

The Company said: "Our primary liquidity needs are to fund
operational expenses, capital expenditures and potential
acquisition of gold mining properties in the Shandong province.
To date, we have financed our working capital requirements and
capital expenditures through internally generated cash and capital
contribution from our existing shareholders.

"As of June 30, 2015, our current assets were $2,690,373, and our
current liabilities were $8,023,259.  Cash and cash equivalents
totaled $234,361 as of June 30, 2015.  Accumulated deficits at
June 30, 2015 were $9,746,933.

"Net cash used in operating activities was $596,237 for the six
months ended June 30, 2015 as compared to net cash provided by
operating activities of $282,732 for the six months ended June 30,
2014.  Net cash used in operating activities decreased by $878,969
was primarily due to the net loss of $2,004,019 for the six months
ended June 30, 2015.

"Net cash used in investing activities amounted to $1,364 for the
six months ended June 30, 2015 as compared to net cash provided by
investing activities of $568,927 for the six months ended June 30,
2014.  Net cash used in investing activities increased by $570,291
was primarily due to the absence of proceed from disposal of a
subsidiary.

"Net cash provided by financing activities amounted to $718,174
for the six months ended June 30, 2015 as compared to net cash
used in financing activities of $732,929 for the six months ended
June 30, 2014.  Net cash used in financing activities decreased by
$1,451,103 was primarily due to proceeds from loans payable and
the decrease in repayments of loans payable, related party."

A copy of the Form 10-Q is available at http://is.gd/FqpIKr

China ShouGuan Mining Corporation, through its subsidiaries and
variable interest entities, is engaged in the project management
of gold mining operations in China.  The Company operates the
Cunli Ji and the Dayuan gold mines, both located in Shandong,
China.


GENERAL STEEL: Has US$1.4BB Current Deficit at June 30
------------------------------------------------------
General Steel Holdings, Inc. (NYSE:GSI)'s working capital deficit
was US$1.4 billion at June 30, 2015.  The deficit was US$1.3
billion as of December 31, 2014.

At June 30, 2015, the Company had total current assets of US$682.5
million and total current liabilities of US$2,139.9 million.  At
December 31, 2014, the Company had total current assets of
US$970.4 million and total current liabilities of US$2,251.4
million.

The Company said: "As of June 30, 2015, our current liabilities
exceeded the current assets by approximately $1,457.5 million.
Given our expected capital expenditure in the foreseeable future,
we have comprehensively considered our available sources of funds
as follows:

* Financial support and credit guarantee from related parties;
   and

* Other available sources of financing from domestic banks and
   other financial institutions given our credit history.

"Based on those considerations, our Board of Directors is of the
opinion that we have a plan to obtain sufficient funds to meet our
working capital requirements and debt obligations as they become
due.  However, this plan is based on the demand of our products,
economic conditions, the overcapacity issue in the steel industry
and our operating results not continuing to deteriorate and on our
continued heavy reliance on our vendors and related parties being
able to provide continued liquidity.  Therefore, as noted in our
Liquidity and Going Concern section, this raises substantial doubt
about our ability to continue as a going concern.

"As of June 30, 2015, we had cash and restricted cash aggregating
$266.5 million, of which $230.2 million was restricted.

"Although the steel industry is slowing down due to over-capacity
issues in the PRC, in order for us to stay competitive, we
continue to look for opportunities to improve the efficiency on
our production lines.  In addition to the 1,200,000 metric ton
capacity rebar production renovation of an existing 800,000 metric
ton capacity rebar production line that we brought online in
November 2010, in July 2011, we also brought online a 1,000,000
metric ton capacity high speed wire production line.  These two
newly installed production lines were both relocated from Maoming
Hengda Steel Co., Ltd.'s facility and are expected to consume less
energy when running at maximum efficiencies compared to our
previous production line.  In September 2012 we began the
construction of a 900,000 metric ton capacity rebar production
line, which was completed and put into production in September
2013.  In March 2013, we began the construction of a 1,200,000
metric ton capacity rebar production line for the purpose of
reducing our reprocessing cost and to increase our profit margin.
The 1,200,000 metric ton capacity rebar production lines was
completed and put into test production in November 2013.  Any
future facility expansion will require additional financing and/or
equity capital and will be dependent upon the availability of
financing arrangements and capital at the time.

"As of June 30, 2015, we had $531.9 million in short-term notes
payable liabilities, which were secured by restricted cash of
$210.1 million and restricted notes receivable of $16.3 million.
These are lines of credit extended by banks for a maximum of six
months and are used to finance working capital.

"As of June 30, 2015, we had $154.0 million in short-term bank
loans. These were bank loans with a one year maturity and must be
paid in full upon maturity.  PRC banks have not been impacted as
heavily by the financial crisis as U.S. banks and we believe our
current creditors will renew their loans to us after our loans
mature as they did in the past.

"We are able to repay our short-term notes payables and short term
bank loans upon maturity using available capital resources.

"As part of our working capital management, Shanxi Longmen Iron
and Steel Co., Ltd. (Longmen Joint Venture) has entered into a
number of sale and purchase back contracts (Contracts) with third
party companies and two 100% owned subsidiaries of Longmen Joint
Venture, named Yuxin Trading Co., Ltd. (Yuxin) and Yuteng Trading
Co., Ltd. (Yuteng).  Pursuant to the Contracts, Longmen Joint
Venture sells rebar to the third party companies at a certain
price, and within the same month, Yuxin and Yuteng will purchase
back the rebar from the third party companies at a price between
4.6% to 12.0% higher than the original selling price from Longmen
Joint Venture.

"Total financing sales for the three months ended June 30, 2015
and 2014 amounted to $107.1 million and $229.1 million,
respectively, which are eliminated in our consolidated financial
statements.  The financial cost related to financing sales for the
three months ended June 30, 2015 and 2014 amounted to $0.6 million
and $0.8 million, respectively.  Total financing sales for the six
months ended June 30, 2015 and 2014 amounted to $225.8 million and
$459.6 million, respectively, which are eliminated in our
consolidated financial statements.  The financial cost related to
financing sales for the six months ended June 30, 2015 and 2014
amounted to $1.3 million and $1.7 million, respectively.

"Our accounts have been prepared assuming that we will continue as
a going concern basis.  The going concern basis assumes that
assets are realized and liabilities are extinguished in the
ordinary course of business at amounts disclosed in the financial
statements.  Our ability to continue as a going concern depends
upon aligning our sources of funding (debt and equity) with our
expenditure requirements and repayment of the short-term debt
facilities as and when they become due.  The steel business is
capital intensive and as a normal industry practice in PRC, our
company is highly leveraged.  Debt financing in the form of short
term bank loans, loans from related parties, financing sales, bank
acceptance notes, and capital leases have been utilized to finance
the working capital requirements and the capital expenditures of
our company.  As a result, our debt to equity ratio as of June 30,
2015 and December 31, 2014 were (1.8) and (5.6), respectively. As
of June 30, 2015, our current liabilities exceed current assets
(excluding deferred lease income) by $1.5 billion, which raises
substantial doubt about our ability to continue as a going
concern.

"Our steel business has faced very tough market conditions and
challenging profitability over the last several years, and based
on current trends, we think the near-term challenges for the steel
sector will likely linger.  In reaction to this challenging
market, we are proactively reviewing our strategy and asset
portfolio and seeking to restructure low-efficient, non-core
assets, as well as idle land resources to unlock hidden fair
value.

"We aim to transform into a leaner and fitter organization with
better profitability.  As such, we are strategically accelerating
our business transformation to pursue opportunities that offer
compelling benefits to our organization and shareholders,
including:

* First, strengthen our financials while providing the financial
   flexibility to pursue higher return, higher growth
   opportunities;

* Second, reduce the complexity of our business structure, which
   is consistent with our objectives for internal simplification
   and operating efficiency;

* Third, diversify operating risk in order to lower our high
   reliance on steel business, while at the same time leverage on
   our vast vertical resources in the steel industry; and

* Fourth, pursue opportunities for additional value creation.

"Management has implemented the following plans that are intended
to mitigate the conditions or events that raise substantial doubt
about our ability to continue as a going concern.

"Longmen Joint Venture, as our most important subsidiary,
accounted for a majority of our total sales. As such, the majority
of our working capital needs to come from Longmen Joint Venture.
Our ability to continue as a going concern depends heavily on
Longmen Joint Venture's operations. Longmen Joint Venture has
obtained different types of financial supports, which include line
of credit from banks, vendor financing, financing sales, other
financing and sales representative financing.

"With the financial support from the banks and the companies,
management is of the opinion that we have sufficient funds to meet
our future operations, working capital requirements and debt
obligations until the end of June 30, 2016.  However, this opinion
is based on the demand of our products, economic conditions, the
overcapacity issue in the steel industry and our operating results
not continuing to deteriorate and on our vendors and related
parties being able to provide continued liquidity.

"Net cash used in operating activities for the six months ended
June 30, 2015 and 2014 was $(247.5) million compared to $121.7
million net cash provided by operating activities, respectively.

"Net cash provided by investing activities was $188.3 million for
the six months ended June 30, 2015 compared to net cash used in
investing activities of $(164.5) million for the six months ended
June 30, 2014.  Fluctuation in cash inflow between the two periods
was mainly due to the decrease of restricted cash.  Restricted
cash was used as a pledge for our notes payable as required by the
bank.  In the first six months of 2015, such balance decreased
because we needed less notes payable to settle with suppliers.
The increase in cash inflow was also due to $114.1 million net
loan repayment from related parties and $2.6 million proceeds from
short term investments during the six months ended June 30, 2015.
The increase in cash provided was partially offset by the increase
in loan to unrelated parties, short-term investments, and
equipment purchase.

"Net cash provided by financing activities was $83.8 million for
the six months ended June 30, 2015 compared to $56.0 million for
the six months ended June 30, 2014."

A copy of the Form 10-Q is available at http://is.gd/TdIF0Q

General Steel Holdings, Inc. (NYSE:GSI) operates a portfolio of
Chinese steel companies.  Based in Beijing, China, the Company
produces a variety of steel products, including reinforced bars,
hot-rolled sheets and high-speed wire.



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


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

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

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

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

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


BNSR INDUSTRIES: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned BNSR Industries
Limited (BNSR) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable. The agency has also assigned BNSR's bank loans the
following ratings:

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
Term loan              9.95        Long-Term 'IND BB-'/Stable
Fund-based working    26.50        Long-Term 'IND BB-'/Stable
                                    capital limit and Short-Term
                                    'IND A4+'

Non-fund-based        15.00        Short-Term 'IND A4+'
Limits

Proposed              23.50       'Provisional IND BB-'/Stable/
fund-based                        'Provisional IND A4+'
working capital
limits

Proposed              10.00       'Provisional IND A4+'
non-fund-based
limits

KEY RATING DRIVERS

The ratings reflect BNSR's weak credit metrics and small scale of
operations. According to the provisional financials for FY15,
interest coverage (operating EBITDA/gross interest expense) was
1.55x (FY14: 1.05x), net financial leverage (Ind-Ra adjusted net
debt/operating EBITDAR) was 4.03x (5.37x) and revenue was
INR120.87m (INR72.01m).

However, the ratings are supported by BNSR's low-but-improving
EBITDA margins (FY15: 7.37%; FY14: 6.40%, FY13: 11.98%) and
moderate-to-comfortable liquidity position as reflected in its
97.69% and 62.79% average utilisation of the fund-based working
capital and the non-fund-based working capital, respectively,
during the 12 months ended August 2015. The ratings also benefit
from the improvement in the company's net working capital cycle to
negative six days in FY15 from 48 days in FY14 and more than 20
years of the promoters' experience in manufacturing cables and
conductors.

RATING SENSITIVITIES

Positive: Substantial revenue growth while maintaining or
increasing the operating margins leading to an improvement in the
credit metrics will be positive for the ratings.

Negative: A dip in the operating margins leading to deterioration
in the credit metrics will be negative for the ratings.

COMPANY PROFILE

Incorporated in 1992, BNSR (ISO 9001-2000) manufactures cables,
conductors, etc. meant for the distribution and transmission of
electricity. It has a total installed capacity of 2,000MT situated
in Faizabad and Amausi, Lucknow. The company belongs to one of the
most reputed BNSR group of eastern Uttar Pradesh having varied
interests in agrochemicals, fertilisers, power petroleum and cold
chains.


CHHADDAMI LAL: ICRA Reaffirms B+ Rating on INR9.90cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA] B+ on the
INR9.90 Crore bank facilities of Chhaddami Lal Jagdish Saran
Charitable Trust.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            9.90         [ICRA]B+ Reaffirmed

The rating reaffirmation takes into account the consistent
increase in student strength and fees in the school operated by
the trust, supported by adequate infrastructure facilities, as
well as the timely financial support the school receives from the
trustees and their group companies. The rating is, however,
constrained by moderate occupancy levels in the school at present,
given its limited track record of operations. Further, ICRA takes
into account the comparatively small scale of operations of the
trust accompanied by modest profitability and weak coverage
indicators.

Going forward, the ability of the trust to increase its operating
scale by improving the occupancy levels, improve its
profitability, pending which, receipt of continued timely support
from the trustees, will be the key rating sensitivities.

CLJS was formed in 1995 with four members: Mr. Jagdish Saran Gupta
and his three sons, Mr. Anil Kumar Gupta, Mr. Ajay Kumar Gupta,
and Mr. Raghav Chand Gupta, in Moradabad (Uttar Pradesh). In
January 2009, the trust started construction of the CL Gupta World
School (CLGWS) on a plot of land it had acquired in 2005 for
INR4.9 crore. The total cost of the school project was INR15
crore, funded by debt of INR9.5 crore and balance through equity.
The school commenced operations in April 2010.

Recent Results
In FY2015, CLJS reported revenue receipts of INR5.52 Crore and a
net surplus of INR0.12 Crore, as against revenue receipts of
INR5.30 Crore and a net surplus of INR0.10 Crore in the previous
year.


CHOKSHI TEXLEN: ICRA Reaffirms B+ Rating on INR7cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR8.17 crore (reduced from INR8.57 crore) long term fund
based facilities of Chokshi Texlen Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            1.17        [ICRA]B+; reaffirmed
   Cash Credit           7.00        [ICRA]B+; reaffirmed

The reaffirmation of ratings takes into consideration the weak
financial profile of CTPL as evident from its low profitability
owing to limited value-additive nature of the texturising
activity; the leveraged capital structure and modest debt coverage
indicators along with high working capital intensity of
operations. The ratings are further constrained by the
vulnerability of the company's profitability to the volatility in
raw material prices as well as the cyclicality and the intense
competitive pressures inherent in the industry. The ratings also
take into account the high supplier concentration and the limited
bargaining power of the company with its suppliers.

The ratings, however, draw comfort from the long track record of
the promoters in the field of manufacturing and marketing of
texturised yarn and the long association of the company with
various customers, which strengthens its market position. The
ratings also take into consideration the diversification of
clientele of the company, leading to a low customer concentration
risk.

Chokshi Texlen Private Limited (CTPL) was incorporated in 1997 to
acquire an existing texturising unit in Surat for manufacturing
crimp yarn. It is engaged in the production of Draw Texturised
Yarn (DTY), viz. Crimp Yarn and Kota Yarn from Partially Oriented
Yarn (POY). Currently, CTPL has 10 texturising machines installed
at its facility at Surat (Gujarat) for manufacturing crimp and
kota yarn. The annual production capacity of company varies owing
to different denier configurations required in the manufacturing
process of its products.

Recent Results
In FY 2014, CTPL reported a profit after tax of INR0.16 crore on
operating income of INR36.73 crore. As per provisional results of
FY 2015, CTPL reported a profit after tax of INR0.19 crore on
operating income of INR36.81 crore.


CLASSIC BOTTLE: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Classic Bottle
Caps Private Limited (CBCPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable. The agency has also assigned CBCPL's
bank loans the following ratings:

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
Fund-based working        210        Long-term 'IND BB+'/Stable
capital limit                        and Short-term 'IND A4+'

Term loan                  27.5      Long-term 'IND BB+';
                                      Outlook Stable

Proposed fund-based        52.5      Long-term 'Provisional
working capital                      BB+'/ Stable and Short-term
limit                               'Provisional IND A4+'

KEY RATING DRIVERS

The ratings reflect CBCPL's modest credit metrics with net
financial leverage (total adjusted net debt/operating EBITDAR) of
3.16x in FY15 (FY14: 2.42x) and gross interest coverage (operating
EBITDA/gross interest expense) of 2.08x (2.49x). The operating
EBITDA margin are strong yet volatile (FY15: 12.72%; FY14: 15.15%;
FY13: 11.78%).

The ratings also factor in CBCPL's tight liquidity position as
evident by its over 92% average working capital utilisation over
the 12 months ended August 2015.

Ind-Ra expects an improvement in CBCPL's credit metrics and
liquidity position by FYE16. The net financial leverage is likely
to improve to around 2.5x at FYE16 because of a fall in the total
adjusted debt. The working capital cycle is also likely to
stabilise at 180 days (FY15: 209 days) on the back of improved
debtor days.

The ratings benefit from the three-decade-long experience of
CBCPL's promoters in the packaging business, the company's long-
standing relationships with its top customers such as Hamdard
Laboratories India, Bacardi India Pvt Ltd, Dabur India Ltd,
Hindustan Coca Cola beverages Pvt Ltd ('IND AAA'/Outlook), Bisleri
International Pvt Ltd, Blossom Kochar, etc., and suppliers such as
Hindalco Industries Limited and Jindal Foils Ltd.

RATING SENSITIVITIES

Positive:  Substantial top-line growth with an improvement in the
EBITDA margins leading to a sustained improvement in the credit
metrics could be positive for the ratings.

Negative: Any further deterioration in the EBITDA margins leading
to sustained deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

CBCPL was established in 1989 as a partnership firm -- Classic
Bottle Caps -- by key promoters Mr. Sanjeev Seth and Mrs. Asha
Rani Motwani. The firm was reconstituted as a private limited
company in 2000.

CBCPL is an ISO 9001:2000 and HACCP certified company and one of
the leading manufacturers and exporters of aluminium closures, PVC
shrink capsules and flexible packaging products for wines,
sparkling wines, liquor, beverages, pharmaceuticals and FMCG
products.

The company reported an operating EBITDA of INR82.44m on the total
revenue of INR647.87m in FY15 against INR97.13m on INR641m in
FY14.


DDR AND COMPANY: ICRA Assigns B+ Rating to INR1.0cr Loan
--------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ for INR1.00
Crore (enhanced from INR0.50 Crore) fund based bank facilities of
DDR and Company. ICRA also assigns short term rating of [ICRA]A4
to INR7.00 Crore (enhanced from INR5.00 Crore) non-fund based
limits of DDR and Company. ICRA has also assigned the ratings of
[ICRA]B+/[ICRA]A4to INR2.50 Crore un-allocated limits.

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund based Limits       1.00      [ICRA]B+; assigned/
                                     outstanding
   Non-Fund based Limits   7.00      [ICRA]A4; assigned/
                                     outstanding
   Unallocated             2.50      [ICRA]B+/[ICRA]A4; Assigned

ICRA has rating of [ICRA]B+ outstanding for INR0.50 crore fund
based facilities and [ICRA]A4 outstanding for INR5.00 crore non-
fund based facilities of DDR and Company.

Rating Rationale
The credit strengths and concerns of DDR remain the same as
highlighted in ICRA's rationale issued in July'15 available at the
following link.

http://www.icra.in/Files/Reports/Rationale/DDR%20And%20Company%20_
R_22072015.pdf

DDR and Company was established as a partnership firm in 1997 in
Tirupathi in Andhra Pradesh. The firm is primarily involved in
laying, strengthening, improving and maintaining roads in various
districts in Andhra Pradesh. It is managed by Mr. Shahul Hameed
who has vast experience in finance and Business Management. He and
his family were involved in Auto Finance businesses before the
inception of this venture.

Recent Results
For FY2015, DDR reported an operating income of INR37.05 Crore and
a net profit of INR2.02 Crore as compared to an operating income
of INR34.45 Crore and a net profit of INR1.54 Crore for FY2014.


HILLSTONE CERAMIC: ICRA Reaffirms B+ Rating on INR3.50cr Loan
-------------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed to the INR3.50 crore
fund based cash credit facility and the INR3.01 crore term loan
facility of Hillstone Ceramic Private Limited. The rating of
[ICRA]A4 has also been reaffirmed to the INR1.10 crore short term
non fund based facilities of HCPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limits    3.50        [ICRA]B+ reaffirmed
   Term Loan             3.01        [ICRA]B+ reaffirmed
   Bank Guarantee        1.10        [ICRA]A4 reaffirmed

The ratings continues to be constrained by modest scale of
operations, weak financial profile characterized by low
profitability, adverse capital structure and debt coverage
indicators as well as highly competitive business environment on
account of presence of large number of organized as well as
unorganized players in the region. The ratings also take into
account its limited product portfolio and relatively low brand
visibility as compared to other established and organized players.
The ratings are also constrained by vulnerability of profitability
and cash flows to cyclicality inherent in the real estate
industry, which is the main consuming sector and to the
availability and increasing prices of gas, as gas is its major
source of fuel.

The ratings, however, favorably factor in the long experience of
the promoters in the ceramic industry and the location advantage
enjoyed by HCPL with its plant located in ceramic hub of Morbi.

Hill Stone Ceramic Private Limited (HCPL) was incorporated in 2010
and is engaged in manufacturing of ceramic wall tiles. The company
has an installed capacity of 24225 MTPA with its plant situated at
Morbi, Gujarat. HCPL is promoted by Mr.Mahendra Mundadiya,
Mr.Dinesh Agrawal, Mr. Mahedev Detroja and Mr. Kalpesh Zalariya..
HCPL commenced commercial operations in May 2011 and currently
manufactures ceramic wall tiles of size 10"x13" with the current
set of machineries and production facilities.

Recent Results
For the year ended 31st March, 2015, HCPL reported an operating
income of INR17.10 crore and profit after tax of INR0.02 crore.


JALAN JODHAWAT: ICRA Suspends 'D' Rating on INR5cr Term Loan
------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR5.00 crore
term loan facility of Jalan Jodhawat Properties. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

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


JIVANDHARA COTTON: ICRA Reaffirms B+ Rating on INR14cr Loan
-----------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed for the INR14.00 crore
fund based cash credit facility of Jivandhara Cotton Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           14.00        [ICRA]B+ reaffirmed

The rating continues to be constrained by the firm's weak
financial profile as reflected by de growth in OI during FY15,
adverse capital structure along with weak debt coverage
indicators. The rating also takes into account the low value
additive nature of operations and intense competition on account
of fragmented industry structure leading to thin profit margins.

The rating is further constrained by vulnerability of
profitability to adverse fluctuations in raw material prices which
are subject to seasonal availability of raw cotton and government
regulations on MSP and export quota. Further, JCI being a
partnership firm, any significant withdrawals from the capital
account would affect its net worth adversely.

The rating, however, positively considers the long experience of
the partners in the cotton ginning and pressing industry and the
advantage firm enjoys by virtue of its location in cotton
producing region giving it easy access to raw cotton.

Established in 2006, Jivandhara Cotton Industries is engaged in
cotton ginning and pressing operations. The business is owned and
managed by Mr. Husain Ibrahim Kadivar, Mr. Ahmed Ibrahim Kadivar,
Mr. Ibrahim Vali Kadivar and Mr. Usman Ibrahim Kadivar. The firm's
manufacturing facility is located at Wankaner in Rajkot. The firm
has 28 ginning machines and one pressing machine having a
cumulative processing capacity of 67 TPD of raw cotton.

Recent Results
For the year ended 31st March, 2015, JCI reported an operating
income of INR80.31 crore and profit after tax of INR0.37 crore.


KAILASH MOTORS: ICRA Reaffirms B Rating on INR18.75cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B and short-term
rating of [ICRA]A4 on the INR32.6 crore bank facilities of Kailash
Motors.


                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           18.75       [ICRA]B; reaffirmed
   Overdraft             13.85       [ICRA]B/[ICRA]A4; reaffirmed

ICRA's ratings continue to take into account the cyclicality
inherent to the Commercial Vehicles (CV) industry as the business
prospects of Kailash Motors are closely linked to the demand for
CVs. The CV industry has been undergoing a downturn for the past
couple of years, which has affected the performance of the
industry participants, including Kailash Motors, resulting in
subdued profitability and weak coverage indicators. However,
demand for CVs has started improving FY16 and the same is expected
to impact the firm's revenues and profitability in the near-term.
In addition, the firm faces competition from other Tata Motors
Limited (TML) dealers and other OEM* dealerships in the vicinity.
However, the ratings continue to positively factor in the strength
the firm derives from its dealership of TML, which is the market
leader in the CV industry in India. ICRA also favorably factors in
the firm's wide network comprising of one 3S (Sales, Service and
Spares) facility and five sales outlets in the state of Uttar
Pradesh (UP). Further, the extensive experience of the promoters
in the automobile dealership business continues to provide comfort
to the rating.

Going forward, the firm's ability to increase its scale of
business and increase the proportion of service and spares in the
overall operating income and attain a sustained improvement in its
coverage indicators, will be the key rating sensitivities.

Kailash Motors started as a partnership firm in 1958 as a
dealership of Tata Engineering & Locomotive Company Ltd (now known
as Tata Motors Ltd). At present, it deals in the entire range of
heavy commercial vehicles of TML, in addition to some of its MUVs
and spare parts. Kailash Motors currently has dealerships in six
districts of Uttar Pradesh with coverage in eight districts,
namely Kanpur, Kanpur Dehat, Fatehpur, Banda, Farrukhabad,
Lalitpur, Mahoba, and Kannauj. The business is managed by two
partners, Dr. Ishwar Chandra and Mr. Vineet Chandra.

Recent Results
Kailash Motors reported a Profit after Tax (PAT) of INR1.05 crore
on an Operating Income (OI) of INR111.57 crore in 2014-15, as
against a PAT of INR1.00 crore on an OI of INR84.06 crore in 2013-
14.


KISHAN INDUSTRIES: ICRA Withdraws C+ Rating on INR11.41cr Loan
--------------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]C+ assigned to
the INR11.41 crore long term fund based bank facilities of Kishan
Industries. As per ICRA's policy on withdrawals, ICRA can withdraw
the rating in case the rating remains suspended for more than
three years.

Established in 2008, Kishan Industries (KI) is a partnership firm
owned and managed by Mr. Vasudev Bavarava and other members of
Bavarava family. It is engaged in ginning of raw cotton to produce
cotton bales and cotton seeds and deals in S-6 type of cotton. The
firm presently has 24 fully automated ginning machines with an
intake capacity of around 20,000 MTPA. The associate concern of
the firm, Ram Dutt Oil Mill, is involved in crushing of cotton
seed to produce cotton seed oil.


M.P. ENTERTAINMENT: Ind-Ra Assigns 'IND BB' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M.P.
Entertainment and Developers Private Limited (MPEDPL) a Long-Term
Issuer Rating of 'IND BB'. The Outlook is Stable. The agency has
also assigned the company's INR593.7m term loans a Long-term 'IND
BB' rating with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect MPEDPL's moderate scale of operations as well
as credit profile. Provisional FY15 financials indicate revenue of
INR123.27m (FY14: INR111.25m), gross interest coverage (operating
EBITDA/gross interest expenses) of 1.5x (1.4x) and net financial
leverage (total adjusted net debt/operating EBITDAR) of 6.7x
(7.6x).

The company's Malhar Mega Mall in Indore is occupied almost 100%.
The ratings are supported by the fact that the entire rent
collected is deposited in an escrow bank account and the residual
cash is available to the company only after the debt service
obligations have been met. The debt service coverage ratio (DSCR)
is likely to remain moderate at around 1.16x over the medium term.
The ratings also factor in MPEDPL's increased EBITDA margins of
73.8% in FY15 from 62.7% in FY14 due to the fixed nature of most
of expenses and improvement in occupancy.

The ratings are further supported by the company's over two
decades of experience in the real-estate and development business.

RATING SENSITIVITIES

Positive: A substantial improvement in the credit profile will be
positive for the ratings.

Negative:  A fall in the occupancy level and/or a decline in the
average rental rates per sq. ft. resulting in the deterioration of
DSCR below 1.0x will be negative for the ratings.

COMPANY PROFILE

MPEDPL was incorporated in 2006 by Mr. Gurjeet Singh Chhabra and
Mrs. Prabjot Kaur Chhabra. Its registered office is located in
Indore, Madhya Pradesh. The group has three malls, two hotels, two
banquet halls and one commercial building under construction.
The company's Malhar Mega Mall has a total constructed area of
3,50,000 sq. ft. and a gross leasable area 2,50,000 sq. ft. The
construction project was completed during 2010. The total project
cost of the mall was INR450m out of which INR50.0m was brought in
as share capital, INR200m as an unsecured loan and remaining
INR200m as a term loan. The company started its operations from
FY11.


NEO TEX: ICRA Withdraws B+/A4 Rating on INR7cr Bank Loan
--------------------------------------------------------
ICRA has withdrawn the ratings of [ICRA]B+/A4 assigned to the
INR7.00 crore bank facilities of Neo Tex Yarns Private Limited,
which was under notice of withdrawal. The ratings are withdrawn as
the period of notice of withdrawal is completed.


RKM POWERGEN: ICRA Reaffirms 'D' Rating on INR1,159.63cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]D for the
INR1159.63 crore fund based and INR255 crore non-fund based bank
facilities of RKM Powergen Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            1159.63      [ICRA]D (reaffirmed)
   Non-fund based
   facilities            255.00      [ICRA]D (reaffirmed)

The rating reaffirmation factors in the continued delays in
meeting the interest payment obligations by RKM Powergen Private
Limited owing to delay in commencement of commercial operations of
the 1440 MW (4 x 360 MW) domestic coal based thermal power project
(TPP) being developed by the company in the state of Chhattisgarh.
ICRA notes that the delay in execution of the TPP was initially
due to land compensation related issues and later due to delay in
securing funding for cost overruns, securing working capital
limits and also due to delay in receiving Consent to Operate from
State Government. ICRA notes that the Consent to Operate for unit-
1 has now been obtained, while the same is pending for unit-2. The
cost overruns are primarily caused by adverse rupee dollar
exchange rate fluctuations, increase in IDC (interest during
construction) component due to time delays and increase in cost of
civil works. The escalation in project cost is now estimated to be
56% of the appraised project costs. ICRA also takes note of the
risks arising from the de-allocation of the captive coal block as
per the Supreme Court order in September, 2014 which has
heightened fuel availability risk from domestic sources for 35% of
the project capacity; fuel supply risks persist for the remaining
capacity owing to delay in achieving commercial operations from
the timelines agreed in the fuel supply agreements (FSA) with
South Eastern Coalfields Limited (SECL) and also as long term
power purchase agreements (PPAs) are not in place for the entire
capacity as the same is mandatory for off-taking coal from SECL.
ICRA also takes note of the delays in development of railway
siding due to pending land acquisition which would increase the
delivered cost of coal as the fuel shall have to be transported by
road from the nearest unloading point at a distance of about 22
KM.

ICRA however takes note of the significant construction progress
achieved by the project with two out of the four units ready for
commissioning and the presence of fuel supply agreement for supply
of domestic coal under long term linkage for about 65% of the
capacity; however, the shortfall in domestic coal production is
expected to restrict the supply of coal from domestic sources to
65%-75% of the contracted quantity with the remaining fuel being
sourced from e-auction coal or imports. ICRA also takes note
presence of a cost-plus PPA with Chhattisgarh State Electricity
Board (now Chhattisgarh State Power Trading Corporation Limited)
for 35% of the project capacity, wherein supply for 5% of the
capacity would be at variable charges, while the tariff for the
remaining 30% of the capacity would be determined by the state
electricity regulatory commission as per the approved tariff
regulations. Further, the project has received a letter of intent
from Uttar Pradesh Power Corporation Limited for signing long term
PPA for 350 MW.

RKM Powergen Private Limited is an special purpose vehicle
promoted by the Chennai based R.K. Powergen Group (74% holding)
and the Malaysia based Mudajaya Group (26% holding) for the
development of a 1440 MW domestic coal based thermal power project
in Janjgir Champa district of Chhattisgarh in 2 phases (Phase 1 of
360 MW (1 x 360) and Phase 2 of 1080 MW (3 x 360)). The project
cost was initially revised from INR6654 crore to INR8981 crore and
is now revised further to INR10377 crore due to forex
fluctuations, increase in IDC, pre-operative expenses and cost of
civil works among others.

The CoD for Phase-1 (360 MW) of the project was initially revised
from December, 2012 to October 30, 2013 and subsequently to
December, 2014. However, the company has now proposed to achieve
CoD by September, 2015. Similarly for phase-2, the CoD is now
proposed in April, 2016 as against June, 2015 earlier (which was
revised from August, 2013).


SANOOR CASHEWS: ICRA Reaffirms B+ Rating on INR2.0cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR2.0
crore fund based facilities of Sanoor Cashews at [ICRA]B+. ICRA
has also reaffirmed the short term rating assigned to the INR5.0
crore fund based facilities of the firm at [ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits-
   long term              2.0         [ICRA]B+ reaffirmed

   Fund based limits-
   short term             5.0         [ICRA]A4 reaffirmed

The ratings take into account the firm's small scale of operations
limiting its operational and financial flexibility to an extent
and low value additive nature of business resulting in minimal
pricing flexibility. The rating also takes into account the high
competitive intensity with the presence of large number of cashew
processing units in and around Mangalore region and the moderate
financial profile of the firm marked by low profit margins and
high working capital intensity owing to seasonal availability of
the raw material resulting in high inventory holding.

The ratings are, however, supported by the promoter's long
standing presence in the cashew processing industry and the firm's
established distribution channel across domestic and export
markets. The ratings factor in the popular brand image that the
firm has built in Jammu & Kashmir and other northern states of
India and the growing demand for cashew kernels in the domestic
and international markets that support revenue visibility going
forward.

Sanoor Cashews is engaged in the processing of raw cashew nuts to
kernels and manufacturing of other allied products like cashew nut
shell liquid (CNSL), cashew shell cakes etc. The firm has been
associated with the cashew industry for more than three decades,
since 1981 and sells processed cashew kernels in domestic and
international markets and CNSL and shell cakes in domestic
markets. SC is a family run business, being closely managed by Mr
Ganesh N Kamath and his wife.

Recent Results
During 2013-14, the firm reported a net profit of INR0.1 crore on
an operating income of INR19.2 crore as against a net profit of
INR0.1 crore on an operating income of INR16.4 crore during 2012-
13. As per the unaudited financials, the firm reported a net
profit of INR0.3 crore on an operating income of INR20.4 crore
during 2014-15.


SARAF FAB: ICRA Assigns B+ Rating to INR3.0cr Unallocated Loan
--------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR5.0
crore fund based bank facilities of Saraf Fab Trade Private
Limited. ICRA has also assigned its short-term rating of [ICRA]A4
to the INR5.0 crore non-fund based limits of the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based-Cash
   Credit                 2.0       [ICRA]B+; assigned

   Non fund based-
   Letter of Credit       5.0       [ICRA]A4; assigned

   Fund based-
   Unallocated            3.0       [ICRA]B+; assigned

ICRA's ratings are constrained by SFTPL's moderate and declining
scale of operations, which coupled with the intensely competitive,
low value additive and fragmented nature of the trading business
has resulted in thin profit margins, low cash accruals and weak
coverage indicators*. The ratings are further constrained by the
vulnerability of SFTPL's profitability to fluctuations in raw
material prices and variations in foreign exchange rates. ICRA
also takes note of the high utilization of the company's fund
based limits. The ratings, however, derive comfort from the
extensive experience of the promoters in polymer trading and the
company's long standing association with its customers and
suppliers. The ratings also favourably factor in the company's low
working capital intensity of operations.

Going forward, the company's ability to increase its scale of
operations in a profitable manner while maintaining optimum
working capital intensity will be the key rating sensitivities.

SFTPL incorporated in 2005, is based in Jaipur, Rajasthan and is
engaged in trading in Poly Propylene (PP) Woven fabric, PP Woven
fabric bags, Plastic Granules, Poly Vinyl Chloride (PVC) resin,
PVC compound, Biaxially Oriented Poly Propylene (BOPP) films, PVC
flex, flex sheets etc. The company's day-to-day operations are
looked after by Mr Dinesh Agarwal, Director.

Recent Results
SFTPL, on a provisional basis, reported a Profit after Tax (PAT)
of INR0.43 crore on an Operating Income (OI) of INR58.75 crore in
2014-15, as against a PAT of INR0.34 crore on an OI of INR67.94
crore in the previous year.


SHRI SHYAM: ICRA Reaffirms B+ Rating on INR2.80cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ and its short
term rating of [ICRA]A4 on the INR5.25 Cr. bank limits of Shri
Shyam Polycoat Pvt. Ltd.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.00       [ICRA]B+ reaffirmed
   Term Loans             2.80       [ICRA]B+ reaffirmed
   Unallocated            0.45       [ICRA]B+/[ICRA]A4 reaffirmed

The ratings reaffirmation factors in the healthy scaling up of
operations in 2014-15 owing primarily to increase in volumes and
stable realisation levels. However, the ratings remain constrained
by SSPPL's weak financial risk profile as characterised by
moderate profitability margins, leveraged capital structure and
modest debt protection metrics. The ratings also factor in the
fragmented nature of PVC leather industry which results in high
competitive intensity and the company's limited bargaining power
with its suppliers and customers. The ratings also take into
account the vulnerability of company's profitability to variation
in the prices of PVC resin and other raw materials.

The ratings, however, positively factor in the reasonable
experience of the promoters in the PVC leather business; good
demand prospects for the product driven by its varied
applications; and favourable location of the company's plant in
proximity to various footwear manufacturers, who are the main
consumers of its products.

Incorporated in 2009, SSPPL commenced commercial production of PVC
leather (rexine) from April 1, 2012. The company's sole
manufacturing unit is located at Bahadurgarh, Haryana in close
proximity to the footwear park which is the main end user of its
products. The lead promoter of the company is Mr. Anil Singhal who
has been associated with the rexine business since 1998 through
his trading entity.

Recent Results
As per 2014-15 financials, SSPPL reported a net profit of INR0.27
crore on an operating income of INR18.27 crore as against a net
loss of INR0.14 crore on an operating income of INR15.86 crore in
the previous year.


SIDDHI INDUSTRIES: ICRA Assigns B+ Rating to INR6cr Cash Loan
-------------------------------------------------------------
ICRA has assigned long term rating of [ICRA]B+ rating to INR6.26
crore long term fund based facilities of Siddhi Industries. ICRA
has also assigned the short term rating of [ICRA]A4 to INR2.50
crore short term fund based facilities of SI.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                6.00         [ICRA]B+; Assigned

   Fund Based-Term
   Loan                  0.26         [ICRA]B+; Assigned

   Fund Based-Demand
   Loan                  2.50         [ICRA]A4; Assigned

The assigned ratings are constrained by firm's moderate scale of
operations with weak financial profile as reflected from low
profitability, weak coverage indicators and modest debt coverage
metrics. The assigned rating is further constrained by firm's
susceptibility to price fluctuations on account of cotton season
and its harvesting. ICRA also notes the firm's presence in cotton
industry where products are of low value additive along fragmented
nature of industry increases competitiveness. Also being a
partnership firm, any substantial withdrawal from capital account
would adversely impact the net worth and thereby the capital
structure.

The assigned ratings, however, favourably consider the long
standing experience of promoter in cotton industry as well as
presence in crushing provides additional revenue and
diversification, financial profile characterized by improving
gearing profile owing to repayments of term loans and location
advantage resulting in easy access to raw material sources.

Siddhi Industries (SI) was established as a proprietorship concern
in 2007 by Mr. Rajesh Thakkar having a long experience in cotton
industry. The operations of the firm were commenced in 2008. Later
in FY 11, the concern was converted into partnership firm by
adding family members as partners. It is engaged in ginning &
pressing of raw cotton to produce cotton seeds & cotton bales and
extraction of cotton seed oil. The firm is located at Harij, Dist.
Patan, Gujarat.

Mr. Rajesh Thakkar, one of the partners of the firm; is associated
with other group concern namely Seva Warehouse which is engaged in
construction of warehouses.

Recent Results
During FY 15 as per unaudited provisional results, the company
reported operating income of INR49.20 crore and net profit of
INR0.13 crore.


SILICA INFOTECH: ICRA Lowers Rating on INR5cr Loan to B+
--------------------------------------------------------
ICRA has revised its long term rating on the INR5.00 crore fund
based limits of Silica InfoTech Private Limited to [ICRA]B+ from
[ICRA]BB-. ICRA has also reaffirmed its short term rating of
[ICRA]A4 on the INR6.75 crore non-fund based limits and INR0.25
crore unallocated limits of SIPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------     -------
   Cash Credit          5.00        [ICRA]B+; revised
   (LT Scale)                       from [ICRA]BB-

   Non-fund based
   facilities
   (ST scale)           6.75        [ICRA]A4; reaffirmed

   Unallocated
   (ST scale)           0.25        [ICRA]A4; reaffirmed

The rating revision is driven by the sharp decline in SIPL's
profitability in FY15, due to a reduced proportion of high margin
service revenues. The company's declining margins have resulted in
weakening of its coverage indicators, with interest coverage of
1.76x, NCA/TD at 9% and DSCR of 1.62x for FY15 as compared to
2.93x, 28% and 2.42x respectively for the previous year. ICRA's
ratings revision also factors in the company's increased reliance
on external borrowings for funding of working capital
requirements, evident from the near full utilization of the
company's working capital limits and increased gearing levels at
end FY15, compared to the year ago period. The ratings however
derive comfort from SIPL's association with several reputed
government organizations such as Air India, Ministry of Defence,
Indian Railways, Centre for Railway Information Systems (CRIS)
etc.

Going forward, the company's ability to increase its scale of
operations and register a sustained improvement in its
profitability, while optimally managing its working capital cycle
will be the key rating sensitivities.

SIPL was established in 2001 and is engaged in trading of
Information Technology hardware (laptops, peripherals, etc) along
with providing annual maintenance services. The company's clients
include the Indian Railways, Indian Airlines, and Ministry of
Defence etc. The company is promoted by Mr. Amrendra Kumar who has
more than 15 years of experience in the industry.

Recent Results
The company, on a provisional basis, reported an operating income
of INR46.72 crore and a net profit of INR0.61 crore in FY15, as
against an operating income of INR42.98 crore and a net profit of
INR1.50 crore in the previous year.


SRI NAGAMALLESWARA: ICRA Reaffirms 'B' Rating on INR21.71cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B assigned to
the INR21.71 crore long term fund based limits (revised from
INR22.42 crore). ICRA has also reaffirmed long/short term ratings
of [ICRA]B/[ICRA]A4 to the INR5.29 crore (revised from INR4.58
crore) unallocated limits of Sri Nagamalleswara Spintex (India)
Pvt. Ltd.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Limits          21.71       [ICRA]B; reaffirmed

   Long/Short Term
   Unallocated Limits     5.29       [ICRA]B/[ICRA]A4; reaffirmed

The rating reaffirmation takes into account the small scale of
operations of SNSPL in a highly fragmented industry with intense
competition limiting the ability of the company to pass on the
hike in input costs. In 2014-15, operating income of the company
witnessed de-growth of ~20% on the back of lower realizations with
decline in yarn prices. The ratings also takes into account
moderate customer concentration with ~44% of its revenues coming
from its top 5 customers in FY15 and also higher interest costs in
the absence of TUFS subsidy. The rating also factor in the
financial profile of SNSPL characterized by high gearing of 2.27
times as on 31st March 2015 owing to debt funded capex incurred in
the past, stretched liquidity position as indicated by high
utilization of working capital limits owing to working capital
intensive nature of operations also resulting in weak coverage
indicators as reflected in Total Debt/OPBDITA at 4.03 times,
OPBDIT/Interest charges at 1.71 times as on 31st March 2015. The
ratings also consider exposure of the company's earnings to
fluctuations in volatile cotton and yarn prices and regulatory
risks with regards to minimum support price for raw cotton and
curbs on exports for cotton lint and yarn. The rating however,
positively takes into account the experience of the promoters in
cotton ginning and spinning industry and proximity to cotton
growing areas of Guntur in the state of Andhra Pradesh which
provides the company advantage in terms of better raw material
availability and savings in logistics cost. Going forward, the
ability of the company to enhance its scale of operations, improve
profitability and capital structure will remain the key rating
sensitivities.

Sri Nagamalleswara Spintex (India) Private Limited (SNSPL),
incorporated as a private limited company on 17th May 2010 by Mr.
S. B. Suryanarayana and Mr. K. S Rao, has set up a plant to
manufacture cotton yarn with 12,960 spindles capacity at Rajupalem
mandal of Guntur in Andhra Pradesh. The promoters Mr. S. B.
Suryanarayana and Mr. Ch. Hanumantha Rao have also set up a TMC
(Technology Mission on Cotton) unit in 2012 under the partnership
firm "Gayatri Narayana Swamy Ginning Mill" in Guntur district of
Andhra Pradesh to undertake cotton ginning.

Recent Results
As per audited financials for FY2014, SNSPL reported an operating
income of INR66.66 crore with profit after tax of INR0.87 crore
and INR53.40 crore of operating income with profit after tax of
INR0.78 crore in FY2015 (unaudited and provisional)


SRINIVASA RICE: ICRA Assigns B+ Rating to INR11.16cr Loan
---------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ for INR11.16
Crore (enhanced from 8.19 Crore) fund based bank facilities of
Srinivasa Rice Industry. ICRA has also assigned the long term
rating of [ICRA]B+ to INR0.03 Crore un-allocated limits of the
firm.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based Limits     11.16       [ICRA]B+; Assigned/
                                     Outstanding

   Un-allocated Limits    0.03       [ICRA]B+; Assigned

The rating reaffirmation factors in the weak financial profile of
the firm characterized by the low profitability and weak coverage
indicators, and the highly fragmented and competitive nature of
the industry which limits the pricing flexibility of the firm.
ICRA notes that the performance of the industry is dependent on
the procurement policy of Food Corporation of India, the
government's MSP policy and also the agro-climatic risks which
affect the availability of paddy. ICRA has taken into account the
reduction in FCI levy percentage from 75% to 25% which has
resulted in higher availability of the rice in the open market
pushing down realizations.

The rating, however, positively factors in the presence of the
milling facility in major rice growing region of Andhra Pradesh
(East Godavari District), and the longstanding experience of
promoters in this industry.

Going forward, the ability of the firm to increase its sales and
improve the profitability in the highly competitive industry would
remain key rating sensitivities.

Srinivas Rice Industry (SRI) is engaged in milling of paddy and
produces raw and boiled rice. SRI started its operations in the
year 2005. It is promoted by Mr. R. Rambabu and partners. The firm
has a milling unit in Mandapeta (East Godavari district) of Andhra
Pradesh with a milling capacity of 86,400 MTPA.


SSPDL LIMITED: ICRA Suspends C+ Rating on INR9cr LT Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]C+ rating assigned to the INR9 crore
long term fund based facilities & the [ICRA]A4 rating assigned to
the INR9.0 crore short term non fund based facilities of SSPDL
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SUMANJALI PARBOILED: ICRA Reaffirms B+ Rating on INR8.35cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
INR8.35 crore (increased from INR4.00 crore) fund based limits and
also re-affirmed the short-term rating of [ICRA]A4 to INR1.50
crore (increased from INR0.25 crore) fund based and non-fund based
limits of Sumanjali Parboiled Private Limited. ICRA has also
reaffirmed the long term and short term ratings of [ICRA]B+/A4 to
INR0.15 crore (decreased from INR5.75 crore) unallocated limits of
SPPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     8.35       [ICRA]B+ reaffirmed

   Fund Based and
   Non Fund Based
   Limits                1.50       [ICRA]A4 reaffirmed

   Unallocated limits    0.15       [ICRA]B+/[ICRA]A4 reaffirmed

The ratings re-affirmation remains constrained by the company's
small scale of operations in the highly fragmented rice milling
industry. ICRA notes SPPL's weak financial profile, characterized
by thin operating margins of 2.65% in FY2015, high gearing of 4.81
times, and weak coverage indicators with NCA/Debt of 8% and
Debt/OPBDITA of 7.17 times as on March 31, 2015. The ratings are
further constrained by the susceptibility of operating
profitability and revenues to agro-climatic risks that can impact
the availability of the paddy in adverse weather conditions, and
high regulatory risks in with respect to minimum support price
(MSP) for paddy.

The assigned ratings, however, positively factor in the
significant growth of 65% in SPPL's revenues, owing to higher
capacity utilization in FY2015. ICRA notes the longstanding
experience of the promoters in the rice milling industry, as well
as the location advantage from SPPL's mill being present in a
major paddy cultivating region, resulting in easy availability of
the raw material.

Going forward, the company's ability to improve its operating
margins, while managing its working capital requirements
effectively, will be the key credit rating sensitivities.

Incorporated as a private limited company in 1998, Sumanjali
Parboiled Private Limited is engaged in milling paddy for the
production of raw and boiled rice. SPPL's plant is located in the
Nalgonda district of Telangana. The total installed capacity of
the plant was increased to 6 tons per hour in FY2014 from 3 tons
per hour in FY2013.

Recent Results
As per the audited results for FY2015, the company reported net
loss of INR0.10 crore on turnover of INR50.52 crore as against
profit after tax of INR0.10 crore on turnover of INR30.58 crore
during FY2014.


TRACK INNOVATIONS: ICRA Reaffirms 'B' Rating on INR15cr Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR15
crore fund based limits, INR2.32 crore term loan and INR4.68 crore
unallocated limits of Track Innovations (India) Private Limited
(TIPL). ICRA has also reaffirmed its short-term rating of [ICRA]A4
on the INR2.00 crore short term facilities of the company. The
outlook on the long term rating is 'Stable'.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Working Capital
   Limits (LT scale)     15.00       [ICRA]B; reaffirmed

   Term Loan (LT
   scale)                 2.32       [ICRA]B; reaffirmed

   Unallocated (LT
   scale)                 4.68       [ICRA]B; reaffirmed

   Bank guarantee
   (ST scale)             2.00       [ICRA]A4:reaffirmed


ICRA's ratings continue to take into account the working capital
intensive nature of TIPL's operations due to piled up inventory
and the company's heavy dependence on the Northern Railways, which
accounts for ~95% of the company's total revenues. The ratings
also continue to factor in the limited ability of the company to
pass on the increase in input prices to its customers which has
resulted in pressure on profitability. ICRA also takes note of the
~18% year-on-year decline in FY15 revenues. The ratings however
derive comfort from the extensive experience of the management in
the concrete sleeper manufacturing industry and TIPL's reputed
client base which includes Northern Railways, Larsen & Toubro
Limited, etc.

Going forward, the ability of the company to increase its scale of
operations and attain an optimal working capital cycle will be the
key rating sensitivities.

TIPL manufactures pre-stressed concrete monoblock line sleepers
and other special types of sleepers, and its clients include the
Indian Railways and other government and private sector
organizations. The company's manufacturing facility is located in
Railway Colony, Chandigarh.

Recent Results
TIPL reported an operating income of INR31.75 crore and a net
profit of INR0.30 crore in FY15, as against an operating income of
INR38.66 crore and a net profit of INR0.42 crore in the previous
year.


ZEBA AGRO: ICRA Lowers Rating on INR13.50cr LT Loan to 'D'
----------------------------------------------------------
ICRA has downgraded its long term rating to [ICRA]D from [ICRA]B+
on the INR13.50 Crore bank facilities for Zeba Agro Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term: Fund
   Based                 13.50        [ICRA]D; downgraded

The rating downgrade is driven by delays by ZAPL in its debt
servicing obligations on account of its stretched liquidity
position, due to substantial capital expenditure (capex) incurred
by the company, without adequate funding tie-up.
Going forward, a track record of timely debt servicing, driven by
a sustained improvement in ZAPL's liquidity position will be the
key rating sensitivity.

ZAPL was incorporated in February 2011 and manufactures Tallow and
Meat and Bone meal (MBM) from animal waste such as in bones, fat
and offals. The manufacturing unit is located in Ghaziabad, Uttar
Pradesh and commenced operations in June 2013. Tallow is an
industrial product that finds usage in lubricant and soap
manufacturing whereas MBM is used in poultry feed. The company is
also setting up a new abattoir cum meat processing plant with a
total planned capex of INR122 Crore.

The company is promoted by Ms Zeba Urfi and Mrs Zaibun-Nisa.
Although the promoters were previously engaged in providing
software and hardware solutions through various group companies,
the promoter's family has been engaged in trading of meat products
in the unorganized sector for the past several years.


* Ind-Ra Says Cost Pressures in Paper Industry Subsiding
--------------------------------------------------------
India Ratings and Research (Ind-Ra) says that the pricing
environment in the paper sector is unlikely to show a significant
improvement in FY16. However, the profitability of sector
companies should show an improvement in 2HFY16, with a relief on
the cost front and improved cost structure. The pricing
environment in the sector did not improve in 1HFY16 due to a still
unfavorable domestic demand-supply balance and a high level of
imports.

The paper sector continues to face a muted pricing environment as
the domestic overcapacity added in the past has not been fully
absorbed yet. However, the pricing environment should improve by
FYE16 with a gradual improvement in demand as well as a focus by
sector companies on exporting surplus volumes.

Input pressures, primary due to an increase in domestic wood
prices, faced by paper companies over FY12-FY14 have now subsided.
Wood prices, which have almost doubled during the period, started
to stabilise in FY15. The continuous efforts of paper mills on
farm forestry as well as higher prices have led to the increased
availability of wood in nearby areas, thereby reducing average
procurement costs.

Sector companies have in the past been squeezed both on the
pricing and cost fronts and have been focussed on improving
operational efficiency. Although pricing is unlikely to improve
significantly in the near term, an improved cost structure along
with a relief on the cost front would help improve the
profitability of sector companies, even with muted demand growth.



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


SOFTBANK CORP: Bond Risk Jumps as Prospects in U.S., China Sour
---------------------------------------------------------------
Pavel Alpeyev and Takashi Amano at Bloomberg News report that
SoftBank's bond risk has climbed to a three-year high as founder
and chairman Masayoshi Son faces a perfect storm of troubles with
its Chinese and U.S. investments and a push by the Japanese
government to cut phone rates that threatens earnings at home.

The cost to insure the mobile carrier's notes against nonpayment
jumped 84 basis points in September to 260, the highest since
November 2012, the report discloses citing CMA prices.  SoftBank
is the riskiest company on the Markit iTraxx Japan credit-default
swap index, which climbed 19 basis points in the period, the
report notes.

According to the report, billionaire Son saw the worth of his two
biggest holdings plunge. A cooling Chinese economy has cut growth
prospects for Alibaba Group Holding and a turnaround at money-
losing Sprint in the U.S. hasn't yet materialized, the report
notes.  Bloomberg notes that Prime Minister Shinzo Abe's comments
about the nation's mobile-phone rates being too high added to a
plunge in SoftBank shares that wiped about $16 billion in market
value last month.

"With market sentiment very weak, there are a lot of reasons for
selling SoftBank and none for buying," the report quotes Mana
Nakazora, the chief credit analyst in Tokyo at BNP Paribas SA, as
saying. "The slump in China bringing Alibaba down is one thing to
worry about. The selloff of Sprint shares is another contributor."

SoftBank's probability of debt non-payment within one year has
risen to 0.24 percent from about 0.15 percent in mid-August,
according to the Bloomberg default-risk model, which considers
factors such as share prices and debt levels. The gauge suggests
the carrier's credit rating has dropped by one step.

That contrasts with the evaluation of Moody's Investors Service
and Standard & Poor's, both of which have given the highest junk
score for the company's debt, Bloomberg notes.

Matthew Nicholson, a spokesman for SoftBank, declined to comment
on the default-swap moves, adds Bloomberg.

                          About Softbank

SoftBank Corp. headquartered in Tokyo, is a holding company that
owns leading global providers of various services, including
mobile and fixed-line telecommunications, broadband, software
distribution, networking and publishing.

As reported in the Troubled Company Reporter-Asia Pacific on
July 28, 2015, Moody's Japan K.K. has assigned a definitive Ba1
rating to the senior unsecured euro and US dollar notes issued by
SoftBank Group Corp.  The rating outlook is stable.

The assignment of definitive rating follows SoftBank's successful
completion of its foreign currency notes issuance, the final terms
and conditions of which are consistent with Moody's expectations.

The notes will be guaranteed by SoftBank Corp. (former SoftBank
Mobile Corp.), the primary operating vehicle that engages in
mobile and fixed-line telecommunication businesses generating over
half of the group's reported consolidated EBITDA for the fiscal
year ended March 31, 2015 (FYE3/2015).



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


BRUCE WOOLLEN: Placed in Receivership; 19 Jobs at Risk
------------------------------------------------------
Hamish MacLean at Otago Daily Times reports that nineteen jobs are
under threat after the embattled Bruce Woollen Mill at Milton was
placed in receivership.

According to the report, Insolvency Management Ltd principal Iain
Nellies, of Dunedin, said he could not comment on the debt the
company owed to one of its funders, but said workers had been
issued with redundancy notices and had been given casual contracts
for at least two weeks.

Mr Nellies was appointed by a secured creditor and visited staff
on October 5, the report notes.

He said it was too early to tell what lay in store for the
business, Otago Daily relates.

"I don't want it to sound all doom and gloom . . . but I don't
know," the report quotes Mr. Nellies as saying.  "Certainly, if we
can be positive that we can get a buyer then that business and
part of the industry can continue and if that's the case,
hopefully all the employees are on board."

He said it was "business as normal" as information was gathered in
the receivership process, the report adds.


SENTRY HILL: Facing Liquidation Over Unpaid NZ$200K Tax Bill
------------------------------------------------------------
Deena Coster at Stuff.co.nz reports that a NZ$220,000 unpaid tax
bill is the latest financial hurdle a New Plymouth winery will
need to conquer if it wants to stay in business.

An application to put Sentry Hill Winery Limited into liquidation
was initially made by Endeavour Glass Packaging Limited in March,
the report recalls.

Stuff.co.nz relates that in the High Court at New Plymouth on
October 6, Endeavour Glass Packaging Limited's lawyer Troy Wano
withdrew the application as the NZ$34,480.52 owed by Sentry Hill
had been paid.

The report says the debt related to glass bottles supplied to the
Lepperton company between July 12, 2012 and Dec. 18, 2013.

However it was revealed during the hearing that the fruit winery,
owned by Steve Parkes, now faces a bigger problem, says
Stuff.co.nz.

According to the report, lawyer Nina Laird, acting on behalf of
New Zealand Customs, applied to become the substitute creditor in
the case. She said a sum of NZ$223,814 in unpaid excise tax was
being sought from Sentry Hill.

Stuff.co.nz relates that Associate Judge Robert Osborne
discontinued the application made by Endeavour Glass but imposed
costs against Sentry Hill.

Judge Osborne granted the order for New Zealand Customs to become
the substitute plaintiff and adjourned the case until
November 10, the report adds.

Sentry Hill Winery Limited is a New Plymouth fruit winery.



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


ASIA COMMERCIAL BANK: Moody's Hikes LT Deposit Rating to B2
-----------------------------------------------------------
Moody's Investors Service has upgraded the long-term deposit and
issuer ratings of Asia Commercial Bank (ACB) to B2 from B3.

Moody's has also upgraded ACB's baseline credit assessment (BCA)
and adjusted BCA to b3 from caa1.

At the same time, Moody's has changed the outlook on the long-term
deposit and issuer ratings to stable from positive.

Moody's has also upgraded ACB's long-term counterparty risk
assessment (CR Assessment) to B1(cr) from B2(cr). The short-term
CR assessment was affirmed at NP(cr)

RATINGS RATIONALE

The upgrade in the BCA and adjusted BCA to b3 from caa1 has been
driven by improvements in ACB's standalone credit profile.

Specifically, the bank's asset quality metrics have stabilized as
management has pursued a more conservative strategy on loan
growth.

While problem loans still account for a large proportion of total
assets, the bank has made gradual progress in resolving or writing
off its problem exposures.

ACB's problem loans ratio -- which Moody's defines as loans in
categories 2 to 5 under Vietnamese accounting standards --
declined slightly to 4.66% at end-June 2015 from 4.75% at end-2014
and down from a high of 7.77% at end-2012.

Some of this improvement in the bank's problem loans ratios is due
to the transfer of assets to the Vietnam Asset Management Company
(VAMC).

Accordingly, ACB's net exposure to VAMC bonds increased to 0.9% of
assets at end-June 2015 from 0.6% at end-2014. While these
transactions are not true sales, ACB will be required to recover
or fully write off these exposures over five years.

Moderate loan growth has further reduced the risk that newer loans
could deteriorate and materially weaken asset quality. Loan growth
was 9% in 2014 and 3% in 2013, significantly below the system
averages of [15%] in 2014 and [15%] in 2013.

Profitability has also stabilized, with core revenue growth --
including net interest and fee income -- of 6% in 2014, following
a 32% reduction in 2013.

At the same time, return on assets has been stable, but low at
0.5% for 2014 and 2013, as the bank continues to channel a large
part of its pre-provision income into its loan loss reserves.

Loan loss provisions accounted for approximately 41% of pre-
provision income in 1H 2015.

Moody's continues to incorporate a moderate probability of
government support into ACB's B2 deposit and issuer ratings,
resulting in a one-notch uplift from the bank's b3 BCA.

Moody's support assumptions are driven by the strong history of
government support to the banking sector, in the form of liquidity
assistance and regulatory forbearance.

For Vietnamese banks like ACB, the CR Assessment -- prior to
government support -- is positioned one notch above their adjusted
BCAs. Moody's then assigns government support assumptions, in line
with the same support assumptions on deposits and senior unsecured
debt.

Moody's upgraded ACB's long-term CR assessment to B1(cr) from
B2(cr) as a result of its one-notch BCA upgrade. The short-term CR
assessment was affirmed at NP(cr)

WHAT COULD CHANGE THE RATINGS UP/DOWN

Further improvements in asset quality metrics and recurring
profitability could lead to a ratings upgrade, provided that the
bank maintains its sound capital buffer and does not substantially
increase its risk appetite.

The ratings could be downgraded if the bank's asset quality
deteriorates to such an extent that potential credit losses almost
fully deplete its loss-absorbing buffers. A significant
deterioration in its liquidity metrics could also be negative for
the ratings.


VIETNAM TECHNOLOGICAL: Moody's Hikes LT Deposit Rating to B2
------------------------------------------------------------
Moody's Investors Service has upgraded the long-term deposit and
issuer ratings of Vietnam Technological and Commercial Joint Stock
Bank (Techcombank) to B2 from B3. At the same time, the bank's
baseline credit assessment (BCA) was also upgraded to b3 from
caa1.

The outlook on the ratings is stable.

The full list of affected ratings can be found at the end of this
press-release.

RATINGS RATIONALE

RATIONALE BEHIND THE UPGRADE OF THE RATINGS AND BCA

The upgrade of Techcombank's deposit and issuer ratings to B2 from
B3 reflects the improvements in the standalone credit profile of
the bank, as reflected by the upgrade of the BCA to b3.

Techcombank's asset quality metrics have improved in 2014 and the
first half of 2015, although from a relatively weak base. The
improvements in asset quality were driven by write-offs,
recoveries, and some credit growth.

In particular, assets which we consider as problematic, such as
loans in categories from 2 to 5 under Vietnamese accounting rules,
as well as bonds issued by the Vietnam Asset Management Company
(VAMC) and some receivables, decreased to 12.8% of gross loans (as
if VAMC bonds and other receivables were classified as loans) as
of June 2015, from 14.4% in Dec 2014 and 20.1% in Dec 2013. We
note that Techcombank's public disclosure around asset quality
metrics is better than its domestic rated peers.

The bank's balance sheet contraction -- namely in available for
sale securities -- lead to an improved equity-to-assets ratio of
9.1% as of June 2015, from 8.5% in December 2014. During the same
period, the bank's tangible common equity-to-risk weighted assets
(as adjusted by Moody's for 100% risk weighting on government
securities) improved to 10.1% from 9.2%.

Techcombank's profitability remains moderate, with a return on
average assets of 0.9% in the first half of 2015 (annualized).
Profitability is pressured by high loan-loss reserves that are
negatively affecting the bottom-line results. However, we view as
positive that the bank channeled around 60%-70% of its pre-
provision income into reserves in 2014 and the first half of 2015:
these provisions were made against loans, VAMC and receivables.

"We also view as positive that the bank is not materially reliant
on market sources for funding: its ratio of market funds to
banking assets amounted to 14% as of June 2015. As of the same
date, liquid assets such as cash, interbank, government bonds and
trading securities amounted to 36% of assets. These liquid assets
were of relatively good quality, because government securities
made up around one-third of the balance."

Moody's continues to incorporate a moderate probability of
government support into Techcombank's B2 ratings, resulting in a
one-notch uplift from the bank's b3 BCA. Moody's support
assumptions are driven by the strong history of government support
to the banking sector, in the form of liquidity assistance and
regulatory forbearance, as well as Techcombank's moderate systemic
importance derived from its 3.5% market share in system deposits
in 2014.

For Techcombank, the CR Assessment -- prior to government support
-- is positioned one notch above the adjusted BCA. Moody's then
assigns government support assumptions, in line with the same
support assumptions for deposits and senior unsecured debt.

Moody's upgraded Techcombank's long-term CR assessment to B1(cr)
from B2(cr) as a result of its one-notch BCA upgrade. The bank's
short-term CR assessment was affirmed at NP(cr).

WHAT COULD CHANGE THE RATINGS UP/DOWN

Material improvements in asset quality, profitability and capital
adequacy could lead to a ratings upgrade. The ratings could be
downgraded or the outlook revised to negative if asset quality
deteriorates to such an extent that potential credit losses almost
fully deplete its loss-absorbing buffers. A significant
deterioration in its liquidity metrics could also be negative for
the ratings.

Headquartered in Hanoi, the capital city of Vietnam, Vietnam
Technological and Commercial Joint Stock Bank had total assets of
VND173 billion (around USD7.7 billion) at end-June 2015.



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


* BOND PRICING: For the Week Oct. 5 to Oct. 9, 2015
---------------------------------------------------

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


  AUSTRALIA
  ---------

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


CHINA
-----

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


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

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


KOREA
-----

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


SRI LANKA
---------

SRI LANKA GOVERNMENT    5.35      3/1/2026    LKR      67.86


MALAYSIA
--------

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


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

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


SINGAPORE
---------

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


THAILAND
--------

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


VIETNAM
-------

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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