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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

          Wednesday, October 28, 2015, Vol. 18, No. 213


                            Headlines


A U S T R A L I A

AVESTRA ASSET: Court Appoints Provisional liquidators
AUSMODA GROUP: PPB Advisory Appointed as Administrators
GRAHAM BROTHERS: First Creditors' Meeting Set For Nov. 3
HARRIS MOVEMENT: First Creditors' Meeting Set For Nov. 3
THOMAS CONTRACTING: In Liquidation; First Meeting Set For Nov. 4


C H I N A

CHINA SOUTH: Interim Profit Warning Credit Negative, Moody's Says
SKYSTAR BIO-PHARMACEUTICAL: Receives Nasdaq Delisting Notice


I N D I A

ACECONS MINING: CARE Assigns B+ Rating to INR6.11cr LT Loan
AGRA OIL: ICRA Reaffirms B+ Rating on INR11.10cr Cash Loan
AMRIT FEEDS: ICRA Lowers Rating on INR130.49cr Term Loan to D
BHASKAR URADE: CRISIL Assigns B+ Rating to INR35MM Cash Loan
BHUSHAN ENERGY: CARE Revises Rating on INR1,500.88cr Loan to B

CHAITANYA ENTERPRISES: ICRA Assigns 'B' Rating to INR10cr Loan
CHEEKA RICEMILL: CARE Reaffirms B+ Rating on INR8cr LT Loan
CHENNAI WATER: Ind-Ra Affirms 'IND D' Long-term Rating
DAINIK SAVERA: ICRA Assigns 'D' Rating to INR6.60cr Loan
EMCEE ENGINEERING: CARE Reaffirms B Rating on INR19.03cr LT Loan

EVEREST KANTO: CARE Reaffirms D Rating on INR254.68cr LT Loan
FLOURISH PAPER: ICRA Reaffirms B+ Rating on INR7.0cr LT Loan
GARG & COMPANY: CARE Assigns B+ Rating to INR3.70cr ST Loan
GOYAL SONS: ICRA Reaffirms B+ Rating on INR20cr Fund Based Loan
GOYAL SONS JEWELS: ICRA Reaffirms B+ Rating on INR17cr Loan

GVK POWER: CARE Upgrades Rating on INR150cr LT Loan to CARE BB
HINDUSTAN HERBALS: CRISIL Reaffirms B- Rating on INR80MM Loan
HINDUSTHAN TECHNOLOGIES: CRISIL Assigns B Rating to INR25MM Loan
HYPNOTIK CLOTHING: CRISIL Reaffirms B Rating on INR67.5MM Loan
JAMNA METAL: CRISIL Lowers Rating on INR100.1MM Loan to 'C'

JEWEL WORLD: CRISIL Assigns B+ Rating to INR75MM Cash Loan
KOTARKI CONSTRUCTIONS: ICRA Reaffirms B Rating on INR13cr Loan
KUMAR AUTOWHEELS: CRISIL Reaffirms B+ Rating on INR120MM Loan
KUTCH COTTON: ICRA Suspends B+ Rating on INR15cr Cash Loan
M.B.C INFRA: ICRA Suspends B+ Rating on INR3.25cr Loan

M.V.V. SATYANARAYANA: CRISIL Assigns B+ Rating to INR60MM Loan
MAA TARINI: CARE Lowers Rating on INR11.39cr LT Loan to D
MANIKESWARI GEMS: CRISIL Reaffirms B+ Rating on INR300MM Loan
MARUTI COTTON: ICRA Suspends B Rating on INR8cr Working Loan
MAS ENTERPRISES: CRISIL Assigns B- Rating to INR196MM Cash Loan

MEHRA POLYTEX: ICRA Suspends B+/A4 Rating on INR10.42cr Loan
NETRA MERCANTILE: ICRA Suspends 'D' Rating on INR40cr Loan
PARTH CHEM: ICRA Suspends 'D' Rating on INR11cr LT Loan
PREMIER SYNTHETICS: CARE Assigns B(RPS) Rating to INR9.50cr Loan
SAFILO HEALTHCARE: CRISIL Assigns B Rating to INR62.5MM Loan

SARDAR COTTON: ICRA Suspends 'B' Rating on INR7.50cr Loan
SHREE BADRI: ICRA Assigns 'B' Rating to INR15cr Cash Credit
SHREE RADHA: ICRA Assigns B Rating to INR2.50cr Cash Credit
SHRI SAIPRASAD: CRISIL Assigns B+ Rating to INR35MM Cash Loan
SHRIMATI SULOCHNA: ICRA Reaffirms B+ Rating on INR8.5cr Loan

STOREEX SOLUTIONS: CRISIL Assigns B Rating to INR54.4MM Loan
SURAJ TRADELINK: CRISIL Assigns B+ Rating to INR70MM Cash Loan
SURE CARGO: CRISIL Lowers Rating on INR39MM Term Loan to B-
SURE SAFETY: ICRA Suspends D Rating on INR21.47cr Loan
VIVAN STEELS: CRISIL Assigns B+ Rating to INR61MM Cash Loan

VJR POULTRY: CRISIL Assigns 'B' Rating to INR49MM LT Loan
WILDFLOWER ESTATES: Faces Liquidation Over Undelivered Properties


J A P A N

SHARP CORP: Expects JPY84-Bil First Half Operating Loss


N E W  Z E A L A N D

AGRIBUSINESS TRAINING: Goes Into Liquidation
CAR GIANT: Placed Into Liquidation


P A P U A   N E W   G U I N E A

BANK OF SOUTH PACIFIC: S&P Affirms 'B+' LT Rating; Outlook Neg.


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Creditors to Unveil Rescue Plan This Week
SK HYNIX: Ba1 CFR Can Accommodate Weaker Q3 2015 Results


                            - - - - -


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


AVESTRA ASSET: Court Appoints Provisional liquidators
-----------------------------------------------------
The Federal Court on Oct. 27, 2015, appointed provisional
liquidators to Queensland based Avestra Asset Management Ltd
following an application brought by Australian Securities and
Investment Commission.

Avestra is the holder of an Australian financial services licence
and responsible entity or trustee of a number of managed
investment schemes. Avestra's schemes are managed funds which
invest primarily in shares.  The schemes subject of the orders
are:

  -- Valensworth Fund
  -- Managed Investment Account Service
  -- Avestra Advantage Fund
  -- Excela Australian Equity Income Accelerator Fund
  -- Emergent Fund
  -- Generator Fund
  -- Maximiser Fund
  -- Avestra Credit Fund

Richard Hughes and Simon Wallace-Smith of Deloitte will be
required pursuant to the court order to conduct an investigation
into Avestra, including seven registered managed investment
schemes they currently operate, and report back to the court
within 42 days (i.e. by 8 December 2015). Matters to be
investigated include whether there have been any suspected
contraventions of the law, any losses suffered by scheme members,
and whether the schemes ought to continue in operation (under a
new responsible entity) or whether they should also be wound up.

ASIC commenced proceedings following an investigation into
concerns that Avestra had persistently contravened its duties in
relation to a number of schemes, including to:

  * act in the best interests of scheme members
  * exercise the required degree of care and diligence
  * carry out duties under its financial services licence
    efficiently, honestly and fairly.

ASIC is seeking final orders that Avestra be wound up on a just
and equitable basis.  The matter has been listed for further
hearing on 11 December 2015.

Investor/client queries should be directed to Lea Kuflik of
Deloitte on 07 3308 7150 or via email at avestra@deloitte.com.au.

On Sept. 9, 2015, ASIC commenced winding up proceedings in the
Federal Court.

On Dec. 16, 2014, Avestra was convicted and fined for breaching
takeover laws, in relation to shares acquired by Avestra on behalf
of various schemes.


AUSMODA GROUP: PPB Advisory Appointed as Administrators
-------------------------------------------------------
Simon Guy Theobald and Melissa Janet Mary Humann of PPB Advisory
were appointed as administrators of Ausmoda Group Pty Ltd on Oct.
26, 2015.

The administrators may be reached at:

          PPB Advisory
          Level 21
          140 St Georges Terrace
          Perth, WA 6000
          Tel: 08 9216 7600
          Fax: 08 9216 7699


GRAHAM BROTHERS: First Creditors' Meeting Set For Nov. 3
--------------------------------------------------------
Richard Albarran and Shahin Hussain of Hall Chadwick were
appointed as administrators of Graham Brothers Pty Ltd on Oct. 22,
2015.

A first meeting of the creditors of the Company will be held at
Level 19, 144 Edward Street, in Brisbane, Queensland, on Nov. 3,
2015, at 11:30 a.m.


HARRIS MOVEMENT: First Creditors' Meeting Set For Nov. 3
--------------------------------------------------------
Richard Albarran and Brent Kijurina of Hall Chadwick Chartered
Accountants were appointed as administrators of Harris Movement
Engineering (HME) Pty Limited on Oct. 26, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 40, 2 Park Street, in
Sydney, on Nov. 3, 2015, at 9:30 a.m.


THOMAS CONTRACTING: In Liquidation; First Meeting Set For Nov. 4
----------------------------------------------------------------
Timothy Clifton and Simon Miller of Clifton Hall were appointed as
Joint and Several Liquidators of Thomas Contracting Pty Ltd on
Oct. 21, 2015.

A meeting of creditors will be held at 10:30 a.m. on Nov. 4, 2015,
at Clifton Hall, Level 3, 431 King William Street, in Adelaide.



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


CHINA SOUTH: Interim Profit Warning Credit Negative, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says that China South City Holdings
Limited's (CSC, B1 stable) profit warning for the interim year
ended Sept. 30, 2015, (1H 2015/16) is credit negative.

On Oct. 20, 2015, CSC announced that it would record a significant
year-on-year decrease in revenue and profit for the six months
ended Sept. 30, 2015, due to the slowdown in China's economy, and
the fall in contracted sales and delivery of completed properties
during the period.

"The economic slowdown will dampen demand by small- and medium-
size enterprises for CSC's trade centers," says Stephanie Lau, a
Moody's Assistant Vice President and Analyst.

CSC recorded HKD3.8 billion in contracted sales in 1H 2015/16, a
44.5% year-on-year decline, and its sales progress is worse than
the company had expected.  Moody's expects this situation to
pressure the company's full year sales target of approximately
HKD11-HKD12 billion, as well as its revenue recognition.

Moody's will continue to monitor CSC's sales progress in 2H
2015/16.  If the material decline in contracted sales is unlikely
to be corrected over the next 12 months, its B1 corporate family
rating and B2 senior unsecured rating could be negatively
affected.

The company received proceeds of around RMB4.1 billion from the
issuance of domestic medium term notes and short-term notes in
July 2015 and September 2015 respectively.

Moody's estimates that CSC held around HKD8-HKD10 billion in cash
on hand at Sept. 30, 2015.  This amount is adequate to cover
around 1.0x of the company's total short-term debt.

"Despite a significant decline in revenue, Moody's expects CSC's
EBIT coverage of interest in 1H 2015/16 to remain at around of
2x - 2.5x, supported by stable EBIT margins and recurring income
growth," adds Lau, who is also Moody's Lead Analyst for CSC.

However, if CSC reports much weaker-than-expected EBIT coverage of
interest in 1H 2015/16, the company's ratings could come under
pressure.

The ratios above are calculated based on Moody's standard
adjustments and the definition stated in Moody's Homebuilding And
Property Development Industry.  The interest coverage formula is
modified for Chinese developers and substitutes "capitalized
interest" in the numerator for "interest charged to cost of goods
sold".  This is because the latter is not separately disclosed in
audited financial statements.  Total debt does not include
adjustments for mortgage guarantees.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

China South City Holdings Limited, listed on the Hong Kong Stock
Exchange, is a developer and operator of large-scale integrated
logistics and trade centers in China.  The company operates one
center in Shenzhen and is developing new trade centers in Nanning,
Nanchang, Xian, Harbin, Zhengzhou, Hefei and Chongqing.


SKYSTAR BIO-PHARMACEUTICAL: Receives Nasdaq Delisting Notice
------------------------------------------------------------
Skystar Bio-Pharmaceutical Company, a China-based manufacturer and
distributor of veterinary medicine, vaccines, micro-organisms and
feed additives, on Oct. 23 disclosed that on October 20, 2015 it
received a letter from NASDAQ Stock Market indicating that that
Skystar failed to comply with Nasdaq's filing requirement set
forth in Listing Rule 5250(c)(1) because it failed to file its
Form 10-K for the fiscal year ended December 31, 2014, and Forms
10-Q for the periods ended March 31, and June 30, 2015,
respectively.

Based on its review of the materials submitted by Skystar,
Nasdaq's staff granted Skystar an exception until October 12,
2015, to file the Delinquent Reports and thereby regain compliance
with the Rule. The notification letter indicated that because the
Company has not filed the Delinquent Reports and does not meet the
terms of the Exception.

Nasdaq also notified Skystar of two additional, and separate,
bases for delisting under Listing Rule 5250(b)(1) (failure to
disclose material non-public information) and Listing Rule 5101
(public interest concerns). The information to which Nasdaq
referred was the conduct by Skystar's audit committee of an
internal investigation into certain allegations, raised by
Skystar's auditors, that the auditors had been presented by
Skystar personnel with false bank documents relating to one bank
account. The public interest concerns arise from the audit
committee's determination that a low level employee had falsified
bank documents relating to one bank account, which were then
provided to the auditors by other Skystar personnel who were
unaware of the falsehood. The employee who falsified the document
is no longer with Skystar. After the audit committee concluded its
investigation, the Company's external auditors have resumed their
audit of Skystar's financial statements for the year ended
December 31, 2014. Nasdaq's notice indicated that all of the
foregoing constituted a basis for delisting by Nasdaq.

                      NASDAQ Delisting Action

Skystar intends to request a review of the delisting determination
by NASDAQ's Listing Qualifications Panel. The hearing is generally
scheduled approximately 30-45 days after the date of the hearing
request. Unless Skystar files a request for a hearing, Skystar's
common stock will be suspended from trading on October 29, 2015. A
request for a hearing regarding a delinquent filing will stay the
suspension for a period of 15 days from the date of the request.
Pursuant to the procedures set forth in the Nasdaq Listing Rule
5800 Series, when Skystar requests a hearing, Skystar will request
a stay of the suspension, pending the hearing. A Panel will review
the request for an extended stay and notify Skystar of its
conclusion as soon as is practicable but in any event no later
than 15 calendar days following the deadline to request the
hearing.  Skystar will inform the public of the conclusion of the
Panel and subsequent hearing date.

             About Skystar Bio-Pharmaceutical Company

Skystar -- http://www.skystarbio-pharmaceutical.com-- is a
China-based developer, manufacturer and distributor of veterinary
healthcare and medical care products. Skystar has four product
lines: veterinary medicines, probiotics, vaccines and feed
additives formulated and packaged in house across several modern
manufacturing and distributions facilities. Skystar's distribution
network includes almost 3,000 distribution agents of which 360 are
franchised stores with exclusivity agreements covering 29
provinces throughout China.



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


ACECONS MINING: CARE Assigns B+ Rating to INR6.11cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Acecons Mining
& Logistics Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.11      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Acecons Mining &
Logistics Private Ltd (AMPL) is constrained by its nascent
stage of operation, high near-term debt repayment obligations,
leveraged capital structure with weak debt protection
metrics,capital intensive nature of operation and its presence in
a highly competitive & fragmented industry due to low entry
barriers. The rating, however, derives strength from the
experience of the promoters, established clientele and
satisfactory order book position.

Going forward, its ability to scale up its size with improvement
in profit margins and improvement in capital structure will be the
key rating sensitivities.

Begusarai-based (Bihar), AMPL was originally incorporated in the
name of Acetech Builders Private Ltd on September 20, 2013, by Mr
Ratan Singh & his son Mr Ankit Singh. The name of the company has
changed to the current one with effect from February 14, 2015.
AMPL is engaged in logistic services like loading, unloading &
transportation of coal & petroleum through a fleet of 25 owned
vehicles. The company has commenced its operations since April
2014 and it mainly works for Indian Oil Corporation Ltd (IOCL -
rated 'CARE AAA') and Rungta Projects Ltd. The company procures
its transportation orders based on tender issued by various
companies.

During FY15 (Provisional) AMPL reported PAT of INR0.23 crore on a
total income of INR5.46 crore.


AGRA OIL: ICRA Reaffirms B+ Rating on INR11.10cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR11.10 crore bank facilities of Agra Oil and General Industries
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           11.10        [ICRA]B+; Reaffirmed

The rating reaffirmation takes into account the 8% year on year
increase in AOGIL's operating income in 2014-15, driven by
increase in the sales of mustard oil; however, the company's scale
of operations continues to remain moderate at an absolute level.

ICRA's rating continues to be constrained by the business risks
associated with the edible oils industry, including high
competitive intensity and the fragmentation therein; the
vulnerability of AOGIL's profitability to volatility in global
edible oil prices and the agro-climatic risks associated with the
availability of the raw materials. ICRA also takes note of the
company's low profitability, weak coverage indicators and elevated
gearing levels. The rating however takes comfort from the long
experience of the promoters in the edible oil industry; the
company's competitive advantage in raw material procurement on
account of its proximity to oilseed producing belt and the
favorable demand outlook for edible oil and related products in
the domestic market.

Going forward, the company's ability to improve its operating
margins and optimally manage its working capital requirements will
remain the key rating sensitivities.

AOGIL was incorporated in 1972 as a proprietorship firm and was
later (in 1995) converted into a private limited company. The
company is engaged in the manufacturing of mustard oil and mustard
cake at its unit located in Agra, Uttar Pradesh which has a seed
crushing capacity of 32,000 metric tonnes per annum. Along with
manufacturing operations, the company is also involved in the
trading of mustard oil and cake. In edible oil, 100% of the
company's sales are in the branded segment under the names
'Krishna' and 'Swastik'.

Recent Results
In 2014-15, AOGIL reported a net profit of INR0.47 crore on an
operating income (OI) of INR73.21 crore as against a net profit of
INR0.01 crore on an OI of INR67.79 crore in 2013-14.


AMRIT FEEDS: ICRA Lowers Rating on INR130.49cr Term Loan to D
-------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR130.49 crore term loan and INR79.26 crore cash credit
facilities of Amrit Feeds Ltd. from [ICRA]BBB to [ICRA]D. ICRA has
also revised downwards the short term rating assigned to the INR33
crore fund-based bank facility and INR24.25 crore non-fund based
bank facilities of AFL from [ICRA]A2 to [ICRA]D. The short term
rating assigned to the INR33 crore untied non-fund based bank
facility has also been revised downwards from [ICRA]A2 to [ICRA]D.
                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based Limits-
   Term Loans              130.49        [ICRA]D downgraded

   Fund Based Limits-
   Cash Credit              79.26        [ICRA]D downgraded

   Fund Based Limits        33.00        [ICRA]D downgraded

   Non Fund Based
   Limits                   24.25        [ICRA]D downgraded

   Non Fund Based
   Limit-Untied             33.00        [ICRA]D downgraded

The rating action factors in the recent delays by AFL in meeting
its debt service obligations in a timely manner.

AFL was incorporated in 1994 and it started its operation in 1995.
The company is engaged in the production of poultry (mainly in
pellet form), cattle and fish feeds and has its manufacturing
facilities in West Bengal, Orissa, Bihar, Uttar Pradesh, Assam,
Chhattisgarh and Tamil Nadu. It also manufactures poultry feed in
the form of crumbs and mash. Poultry feed has constituted more
than 95% of the total revenue of AFL over the years. At present,
the company's annual animal feed making capacity is 9,31,000 MT.

Recent Results
The company has reported a net profit of INR19.89 crore
(provisional) on an operating income of INR1291.12 crore
(provisional) during 2014-15, as compared to a net profit of
INR21.14 crore on an operating income of INR1312.99 crore during
2013-14.


BHASKAR URADE: CRISIL Assigns B+ Rating to INR35MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Bhaskar Urade and Brothers (BUB; part of the
Urade group).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           35         CRISIL B+/Stable
   Proposed Cash
   Credit Limit          30         CRISIL B+/Stable

The rating reflects the Urade group`s modest scale and working
capital intensive nature of operations in the highly fragmented
rice industry, and exposure to any adverse impact of changes in
government policies. The rating also factors in its below-average
financial risk profile because of modest net worth, average
capital structure and subdued debt protection measures. These
rating weaknesses are partially offset by the extensive experience
of the promoters in the rice industry, funding support received
from them, and their established customer base.

For arriving at the rating, CRISIL has combined the financial and
business risk profiles of BUB and Shri Saiprasad Rice Mills
(SSRM). This is because the two entities, together referred to as
the Urade group, are in the same business, have common promotes
and sell under the same brands.

CRISIL has treated interest-bearing unsecured loans of INR41.9
million from promoters as on March 31, 2015, as neither debt nor
equity. This is because these loans are expected to remain in the
business over the medium term.

Outlook: Stable

CRISIL believes the Urade group will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial
increase in revenue and profitability, resulting in sizeable cash
accrual, and improvement in debt protection metrics. Conversely,
the outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, weakens, because of lower-than-
expected cash accrual resulting from a decline in revenue or
profitability, or a stretch in the working capital cycle.

The Urade group was established in 1977 by the Urade family in
Bramhapuri (Maharashtra) with the setting up of BUB; SSRM was set
up in 2004. The group mills non-basmati rice; it has a processing
capacity of 28 tonnes per hour. The group sells under its own
brands Real Gold, Only Today, and Gold Coin.


BHUSHAN ENERGY: CARE Revises Rating on INR1,500.88cr Loan to B
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Bhushan Energy Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities   1,500.88     CARE B Revised from
                                            CARE BB

   Short term Bank Facilities    675.00     CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings takes into account the deterioration
in Bhushan Energy Limited's (BEL) financial risk profile marked by
continued losses at net level attributable to subdued operational
performance of its 300 MW operational power plant. Furthermore,
the ratings continue to remain constrained by the company's
leveraged capital structure as well as weak debt coverage
indicators and the risks associated with the ramp up of operation
from 185-MW project. The ratings also take cognisance of decline
in the credit profile of its key offtaker, Bhushan Steel Limited
(BSL).

The ratings, however, continue to derive strength from experienced
promoter group and the presence of long-term fuel supply agreement
as well as power purchase agreement with BSL. The ratings also
take cognizance of the commercial operations of the 185-MW
expansion project and initiatives taken by company for refinancing
its debt with longer maturities to improve the cash flows
position.

Going forward, BEL's ability to scale up the operations profitably
while improving its operational performance and refinance its debt
with longer maturity in a timely manner thereby improving its cash
flows shall be the key rating sensitivities.

BEL, incorporated on September 14, 2005, is promoted by BSL, Mr
Brij Bhushan Singal, Mr Neeraj Singal and their
relatives/associate companies. BEL operates a 300-MW coal-based
power plant (fully commissioned in August 2010) to provide captive
power supply to BSL's integrated steel plant located at Dhenkanal,
Orissa, as per the Power Purchase Agreement (PPA) entered between
both the parties (valid from September 2008 to March 2024). BEL
has also signed a fuel supply agreement with BSL for sourcing of
coal, coal midlings and char for a period of 10 years. BEL is also
executing a coal-based thermal power project consisting of two
boilers of 425 TPH each to generate steam to produce 185 MW
(Phase-II) of power. The said project project started commercial
operations from June 30, 2015, the power from which is also
supplied to BSL.

During FY15, the company reported a PBILDT and net loss of
INR34.82 crore and INR177.30 crore, respectively, on a total
operating income of INR361.32 crore as against a PBILDT and a net
loss of INR164.81 crore and INR55.89 crore, respectively, on a
total operating income of INR353.87 crore in FY14.


CHAITANYA ENTERPRISES: ICRA Assigns 'B' Rating to INR10cr Loan
--------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR10.00
Crore fund based limits of Chaitanya Enterprises.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   based Limits          10.00        [ICRA]B; Assigned

The rating assigned factors in the small scale of operations of
the firm in a highly fragmented and competitive industry which
limits the ability of the firm to pass on the hike in input costs.
ICRA notes that firm is exposed to agro climatic risks which
affect the availability of kappas (raw cotton) and regulatory
risks with respect to minimum support price (MSP) for cotton and
export quotas. The rating is further constrained by the weak
financial profile of the firm as characterized by low
profitability, high gearing, weak coverage indicators, and
constrained liquidity position with regular over utilization of
working capital limits.

The assigned rating, however, draws comfort from vast experience
of promoters in cotton ginning business and presence of firm in
the major cotton growing belt in Andhra Pradesh. The rating also
positively factors in the healthy growth in operating income over
the past 3 years.

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

Chaitanya Enterprises (CE), established in the year 2010, is
engaged in ginning and pressing of cotton. It is a partnership
firm promoted by Mr. A. Srinivasa Rao and Smt. A Manimala. The
ginning and pressing factory is located in Guntur district of
Andhra Pradesh. The ginning facility includes 36 Gins, Auto
Pressing and Auto feeder. Each gin has a capacity of producing 70
kgs of lint per hour. Each baling press has a capacity of 15 bales
per hour.

Recent results
As per audited statements for FY15, Chaitanya Enterprises
registered PAT levels of INR0.17 Crore on an Operating Income of
INR69.26 Crore as against PAT levels of INR0.46 Crore on an
Operating Income of INR52.18 Crore in FY14.


CHEEKA RICEMILL: CARE Reaffirms B+ Rating on INR8cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Cheeka Ricemill.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities      8        CARE B+ Suspension
                                           revoked and reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Cheeka Rice Mill
(CRM) is primarily constrained by the small scale of operations,
weak financial risk profile characterized by low profitability
margins, leveraged capital structure and weak debt service
coverage indicators. The rating is further constrained by
susceptibility of margins to fluctuation in raw material prices,
fragmented nature of the industry and constitution of the entity
being a partnership concern.

The rating, however, draws comfort from its experienced partners,
long track record of operation, favorable manufacturing location
and moderate operating cycle.

Going forward, the ability of the firm to increase its scale of
operation while improving its profitability margin and capital
structure shall be the key rating sensitivities.

CRM was established in 1972 as a partnership firm. The current
management comprises its present partners, viz, Mr Sat Pal and Ms
Darshana Devi with equal profit and loss sharing. The firm is
engaged in the trading and processing of rice. The manufacturing
unit is located at Cheeka, Haryana, with an installed capacity of
processing of rice of 36,500 metric tones per annum (MTPA) as on
March 31, 2015. CRM procures paddy from local grain markets
located in Haryana and Punjab through commission agents in bulk.
The firm sells its products in Haryana and Punjab through a
network of commission agents.

For FY15 (refers to the period April 1 to March 31), CRM achieved
a total operating income (TOI) of INR29.65 crore with PBILDT and
PAT of INR0.85 crore and INR0.03 crore, respectively, as against
TOI of INR23.71 crore with PBILDT and PAT of INR0.77 crore and
INR0.01 crore, respectively, for FY14. The firm has achieved total
sales of INR5.13 crore for 5MFY16 (refers to the period April 01
to August 31).


CHENNAI WATER: Ind-Ra Affirms 'IND D' Long-term Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Chennai Water
Desalination Ltd's (CWDL) INR3.78bn senior project bank loans and
INR50m performance security (executed in the form of a bank
guarantee) at Long-term 'IND D'.

On 31 August 2015, INR1,384.62m rupee term loans and EUR5.975m
foreign currency loans were outstanding.

KEY RATING DRIVERS

The affirmation reflects CWDL's delays in the servicing of
interest on the bank loans as reported in management certificate
dated 20 October 2015 due to tight liquidity.

RATING SENSITIVITIES

Timely debt servicing for three consecutive months will be
positive for the ratings.

COMPANY PROFILE

CWDL is an SPV incorporated to design, construct, operate and
maintain a 100MLD seawater desalination plant at Minjur, about
35km north of Chennai. At end-FY10, IVRCL owned 75% equity in
CWDL. The remaining 25% equity was owned by Befesa Construccion y
Tecnologia Ambiental, S.A.U., a wholly owned subsidiary of Befesa
Medio Ambiente S.A (Befesa).


DAINIK SAVERA: ICRA Assigns 'D' Rating to INR6.60cr Loan
--------------------------------------------------------
ICRA has assigned a rating of [ICRA] D to the Rs 10.60 crore bank
facilities of Dainik Savera News and Media Network (DSN).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based-TL         6.60        [ICRA] D, assigned
   Fund based-CC         2.00        [ICRA] D, assigned
   Non Fund based-LC     2.00        [ICRA] D, assigned

The ratings reflect delays in debt servicing by the firm on
account of cash flow mismatches. DSN's high financial risk profile
is characterized by annual operating losses, weak debt coverage
indicators and stretched liquidity. Unlike other industry peers,
where high ad revenues compensate for operational expenses being
significantly greater than circulation revenues; for DSN, ad
revenues are comparatively low resulting in such operational
losses.

Nevertheless, ICRA notes the favourable industry growth drivers
for Hindi dailies supported by increasing literacy rates which
offer opportunities for improving penetration and lack of
competition from digital media in rural markets. Going forward the
ability of the company to resolve its cash flow mismatches and
demonstrate a track record of timely debt servicing will be the
key rating sensitivity.

Dainik Savera News and Media Network (DSN) is a partnership firm
that is currently publishing the Hindi daily 'Dainik Savera' with
an average circulation of ~250,000 copies per day. The paper began
publication in August 2011 under a related entity and was
transferred to DSN in December 2012. It currently has a single
edition and is sold in five states Punjab, Delhi, Haryana, H.P.
and Jammu with various regional supplements and has its printing
facility in Jalandhar. In addition to the Hindi print publication,
DSN also operates the website, www.dainiksaveratimes.com, which
focuses on providing news in Hindi with regional content along
with e-papers.


EMCEE ENGINEERING: CARE Reaffirms B Rating on INR19.03cr LT Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Emcee Engineering Works.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     19.03      CARE B Reaffirmed
   Short-term Bank Facilities     6.00      CARE A4 Reaffirmed

Rating Rationale

The ratings of Emcee Engineering Works (EEW) continue to be
constrained by its small size of operations, low capacity
utilization, fluctuating revenues and profitability, elongated
operating cycle of over 300 days and the firm's high leverage
and coverage indicators. The ratings are further constrained by
EEW's high dependence on its sole customer, BHEL and consequent
limited negotiation capabilities, the firm's presence in a highly
fragmented and competitive industry and the constitution of the
entity as a proprietorship concern.

The ratings, however, do factor in the long experience of the
promoter in the field of boiler components
manufacturing/fabrication, the long track record of the firm of
over three decades andhence its long association with the
customer.

Going forward, the ability of the firm to effectively utilize the
capacity towards increasing the scale of operations, improve
collection efficiency towards improving liquidity position and its
ability at effectively managing the raw material price risk
will be the key rating sensitivities.

EEW was established as a partnership concern in 1977 by Mr G
Balakrishnan and his brother- in-law Mr K Shanmugasundaram for
executing job work related to fabrication of small structurals and
ducting for Bharat Heavy Electrical Limited (BHEL). EEW was
converted into proprietorship concern in 1980 after the exit of Mr
K Shanmugasundaram. In 1985, EEW forayed into fabrication of heavy
box, column, beam, auto welding etc. (on job work) which are used
in boiler manufacturing.

From 2005, the firm started fabrication of pressure parts
components such as water wall panel, coils, header, piping,
loose bends etc. required for boilers. In 2008, the firm commenced
its second unit in Mandaiyur Village, Pudukottai, TamilNadu for
producing similar boiler components for BHEL.

EEW has an installed capacity to manufacture/fabricate 5,000
Metric Tonnes (MT) of boiler components as of March 31, 2015.Until
FY13, EEW was only engaged in job-work for BHEL wherein the raw
materials were supplied by BHEL. From FY14, the firm has started
procuring raw material and manufacturing the products, except for
pressure parts which continue to be done on job work basis. In
FY14, EEW also added a new customer Indian Sugar & General
Equipment Company Heavy Engineering Limited (ISGEC), Noida for
manufacturing boiler components such as handrail post, auto welded
beam & column, duct, chimney etc. in-order to reduce its
dependence on BHEL. EEW secures orders from BHEL through
competitive bidding method.

The firm earned a net profit of INR0.81 crore on total operating
income of INR14.16 crore in FY15(Provisional) as compared to a
netprofit of INR0.71 crore on total operating income of INR9.20
crore in FY14(refers to the period April 1 to March 31).


EVEREST KANTO: CARE Reaffirms D Rating on INR254.68cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Everest Kanto Cylinder Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Fund-based          254.68     CARE D Reaffirmed
   Bank Facilities
   (Yes Bank Term Loan)

   Long-term Fund-based           31.88     CARE C Revised to
   Bank Facilities                          CARE D and then
   (EXIMBank Term Loan)                     revised to CARE C

   Long-term Fund-based          103.00     CARE C Reaffirmed
   Bank Facilities

   Proposed Long-term             30.00     CARE C Withdrawn
   fund based bank
   facilities

   Short-term Non-fund-
   based Bank Facilities          50.92     CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Everest Kanto
Cylinder Ltd. (EKCL) takes into account stretched liquidity
position of the company weakening its debt servicing ability and
heightened business risk with waning demand leading to drop in
operating income and increasing losses. However, the delays in
interest were recognized in the loan availed from EXIM Bank which
has been regularized since May 2015 and there have been no
instances of delay. The ratings are further constrained by eroding
net worth base with continuous losses, stretched operating cycle
and foreign currency risk.

The rating continues to take into account the wide experience of
the promoters in the same line of business and its wide range of
product portfolio.

Going forward, revival in demand for EKCL's products resulting in
improvement in its operational performance may weigh positively on
the credit profile of the company. At the same time, EKCL's
ability to reduce its high cost debt burden continues to be the
key rating sensitivity.

Incorporated in 1978, EKCL has three facilities to manufacture
cylinders located at Tarapur in Maharashtra and Gandhidham &
Kandla in Gujarat. Apart from its domestic operations, EKCL has
developed presence in the international high pressure seamless
cylinders market through various subsidiaries (including step-
down), with manufacturing facilities in Dubai, China & USA and
marketing offices in Thailand & Germany.

EKCL's products find application in various industries such as
automobile OEMs, CNG cylinder retrofitters, gas distribution
companies, healthcare, defence etc.

During FY15 (refers to the period April 01 to March 31), EKCL
posted total operating income of INR177.16 crore (vis-a-vis
Rs.199.09 crore in FY14) and loss of INR99.13 crore (vis-a-vis
INR88.33 crore in FY14).


FLOURISH PAPER: ICRA Reaffirms B+ Rating on INR7.0cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ and short
term rating of [ICRA]A4 on the Rs 16.3 Crore bank facilities of
Flourish Paper and Chemicals Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term: Fund-
   Based limits           7.0         [ICRA]B+; reaffirmed

   Term Loan              1.3         [ICRA]B+; reaffirmed

   Short term: Non-
   Fund based limits      8.0         [ICRA]A4; reaffirmed

ICRA rating continues to take into account the company's modest
financial risk profile characterised by weak capital structure,
moderate debt coverage indicators and high working capital
intensity. ICRA's rating continues to be constrained by the
exposure to commodity price cycles associated with the paper
industry; competitive industry; and vulnerability of profitability
to volatility in forex rates.

The rating, however, favourably factors in the long experience of
promoters in paper chemical business; and favourable prospects for
paper industry in the medium to long term.

FPCL was incorporated in 1995 and is engaged in manufacturing and
trading of chemicals used in paper industry. The company also
trades kraft papers as well as writing and printing paper. The
company has its manufacturing facility located in Derabassi,
Punjab with sizing chemicals manufacturing capacity of 18000 MTPA.

Recent Results
FPCL reported an Operating Income (OI) of Rs 36.49 crore and a net
profit of INR0.56 crore in FY15, as against an OI of Rs 39.07
crore and a net profit of INR0.39 crore in the previous year.


GARG & COMPANY: CARE Assigns B+ Rating to INR3.70cr ST Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Garg & Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      3.70      CARE B+ Assigned
   Short-term Bank Facilities     6.30      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Garg & Company
(G&C) are primarily constrained by its small scale of operations,
geographical and order book concentration risk coupled with weak
financial risk profile characterised by low profitability margins,
leveraged capital structure and weak debt service coverage
indicators. The ratings are further constrained by proprietorship
nature of its constitution, presence in highly fragmented and
competitive industry with dependence on construction and
infrastructure sector.

The rating constraints are partially offset by experienced
proprietor, growing scale of operations and comfortable
operating cycle.

Going forward, the ability of the firm to increase its scale of
operations with improvement in its profitability margins and
capital structure and successfully execution of orders in hand
within envisioned time and cost shall be the key rating
sensitivities.

G&C is a proprietorship firm established in 2011 by Mr Shashank
Garg. The firm is a grade A contractor which undertakes civil
construction contracts primarily for government of Haryana. The
firm receives the orders mainly through tenders and the tenure of
the contracts is upto 24 months. In the past, the firm has
executed a number of contracts for government entities such as
Haryana Urban Development Authority, Public Works Department, etc.
The firm procures raw materials, ie, grits, stones, etc, from
private dealers. Additionally, the equipment's and machines are
owned by the firm.

In FY15 (refers to the period April 1 to March 31), G&C has
achieved a total operating income (TOI) of INR18.68 crore with
PBILDT and profit after tax (PAT) of INR1.06 crore and INR0.26
crore, respectively, as against TOI of INR7.05 crore with
PBILDT and PAT of INR0.50 crore and INR0.16 crore, respectively,
in FY14.


GOYAL SONS: ICRA Reaffirms B+ Rating on INR20cr Fund Based Loan
---------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR20.0 crore long term fund based limits of Goyal Sons Zaveri
Private Limited.

                         Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Fund Based Limits      20.00        [ICRA]B+ reaffirmed

The reaffirmation of the rating take into account the low
operating margins of the company on account of industry dynamics
and the price structure being decided by the principal. The rating
is also constrained by the GSZPL's high working capital intensity
as reflected in NWC/OI of 34% for FY2015 on account of high
inventory requirements in the jewellery retailing. The working
capital requirements are primarily funded by debt resulting in
leveraged capital structure and modest coverage indicators
(OPBDITA/Interest of 1.45 times for FY2015. The rating is also
constrained by competition from other jewelers which is mitigated
to a certain extent by the brand reputation enjoyed by Tanishq.
The rating however, draws comfort from the established presence of
the showroom in Hisar, Haryana. The ratings also derive comfort
from the extensive experience of the promoters in the family
business and their strong relationships with their customers and
Tanishq.

Goyal Sons Zaveri Private Limited was established in 1997 in
Hisar, Haryana. It is an authorized dealer of Titan Industries
Limited under its brand name Tanishq for Gold and Diamond
Jewellery. The Promoters of the company have prior experience in
electronics industry in Hisar. They have opened the showroom under
franchsiee from Tansihq in 2007. The company is selling only
Tanishq jewellery which has been supplied by the company itself.
Apart from the showroom in Hisar, company has opened another
showroom of Tanishq in Rohtak under the company Goyal Sons Jewels
Private Limited.

Recent Results
Goyal Sons Zaveri Private Limited reported a net profit of INR0.33
crore on an operating income of INR47.06 crore in FY 2014-15, as
compared to a net profit of INR0.53 crore on an operating income
of INR51.07 crore in the previous year.


GOYAL SONS JEWELS: ICRA Reaffirms B+ Rating on INR17cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR17.0 crore long term fund based limits of Goyal Sons Jewels
Private Limited.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits       17.00        [ICRA]B+; Reaffirmed

The reaffirmation of the rating take into account the low
operating margins of the company on account of industry dynamics
and the price structure being decided by the principal. The rating
is also constrained by the GSJPL's high working capital intensity
as reflected in NWC/OI of 35% for FY2015 on account of high
inventory requirements in the jewellery retailing. , The working
capital requirements are primarily funded by debt resulting in
leveraged capital structure and modest coverage indicators
(OPBDITA/Interest of 1.51 times for FY2015. The rating is also
constrained by competition from other jewelers which is mitigated
to a certain extent by the brand reputation enjoyed by Tanishq.
The rating however, draws comfort from the established presence of
the showroom in Rohtak, Haryana. The ratings also derive comfort
from the extensive experience of the promoters in the family
business and their strong relationships with their customers and
Tanishq.

Goyal Sons Jewels Private Limited was established in 2011 in
Rohtak Haryana. It is an authorized dealer of Titan Industries
Limited under its brand name Tanishq for Gold and Diamond
Jewellery. The Promoters of the company have prior experience in
electronics industry in Hisar. They have opened the showroom under
franchisee from Tanishq in November 2011. The company is selling
only Tanishq jewellery which has been supplied by the company
itself. Apart from the showroom in Rohtak , company is operating
another showroom in Hisar under the company Goyal Sons Zaveri
Private Limited.

Recent Results
Goyal Sons Jewels Private Limited reported a net profit of INR0.21
crore on an operating income of INR39.49 crore in FY 2014-15, as
compared to a net profit of INR0.39 crore on an operating income
of INR41.99 crore in the previous year.


GVK POWER: CARE Upgrades Rating on INR150cr LT Loan to CARE BB
--------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of GVK Power
and Infrastructure Limited.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long-term Bank Facilities     150      CARE BB Revised from
                                          CARE BBB+ to CARE D
                                          and upgraded to CARE BB

   Long-term/Short-term Bank      95.38   CARE BB/CAREA4 Revised
   Facilities                             from CARE BBB+/CARE A3+
                                          to CARE D/CARE D and
                                          upgraded to CARE BB/
                                          CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of GVK
Power and Infrastructure Ltd (GVKPIL) to 'CARE D'/'CARE D'
reflects delays in servicing debt obligations. However, following
regularization of debt servicing by the company subsequently, the
ratings stand revised to 'CARE BB'/'CARE A4'. The ratings,
continue to be constrained by inherent risk associated with
development of green-field infrastructure projects, exposure to
the subsidiaries and other group companies in the form of
corporate guarantees, further deterioration in financial
performance during FY15 (refers to the period from April 01 to
March 31), delay in execution of projects in the hydro and thermal
energy segment, continued subdued performance of gas based power
plants and high interest outgo. The ratings however, continue to
take into consideration experience of the promoters and management
team, track record of successful execution of projects, well-
diversified portfolio of assets under operation and development,
healthy traffic registered by operational assets in airport and
transportation vertical and long-term growth prospects for the
infrastructure sector. The ability of the company to raise funds
in a timely manner as envisaged, meet equity commitments of group
companies as per the schedule without any further deterioration in
the financial risk profile and commencement of operations of
projects delayed, are the key rating sensitivities.

GVKPIL is the flagship company of the Hyderabad-based GVK group.
GVKPIL acts as an investment vehicle of the GVK group for all its
investments in the infrastructure sector and is the ultimate
holding company of diversified infrastructure assets of the group.
It conducts and operates its business through seven subsidiaries,
16 step-down subsidiaries and two associate companies (as on March
31, 2015).


HINDUSTAN HERBALS: CRISIL Reaffirms B- Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Hindustan
Herbals Ltd (HHL) continues to reflect HHL's small scale of
operations and below average financial risk profile marked by
small net-worth, high gearing and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
industry experience of HHL's promoters.

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

   Proposed Long Term
   Bank Loan Facility     50       CRISIL B-/Stable (Reaffirmed)

   Term Loan              50       CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Term Loan              20       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes HHL's business and financial risk profiles will
remain constrained over the medium term because of nascent stage
of operations. The outlook may be revised to 'Positive' if scale
of operations and profitability increase, resulting in sufficient
cash accrual to meet debt obligation. Conversely, the outlook may
be revised to 'Negative' if financial risk profile deteriorates
because of sizeable working capital requirement or debt-funded
capital expenditure.

HHL was incorporated in 2010 and is promoted by Mr. Radhe Shyam
Goel, Mr. Ved Parkash Goel, and Mr. Om Parkash Goel and their
sons. The company manufactures and processes herbal extracts and
phytochemicals, and caters to manufacturers of dietary
supplements.

HHL reported net loss of INR 40.6 million on net sales of INR69.3
million for 2014-15, against net loss INR36.7 million on net sales
of INR 96.4 million for 2013-14.


HINDUSTHAN TECHNOLOGIES: CRISIL Assigns B Rating to INR25MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank loan facilities of Hindusthan Technologies Ltd (HTPL). The
ratings reflect the company's weak financial risk profile and
working-capital-intensive operations. These weaknesses are
partially offset by the promoter's extensive experience in the
fire-protection segment.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Proposed Short Term
   Bank Loan Facility        40         CRISIL A4

   Bank Guarantee            70         CRISIL A4

   Cash Credit               25         CRISIL B/Stable

Outlook: Stable

CRISIL believes HTPL will continue to benefit over the medium term
from its promoter's extensive experience in the fire-protection
segment. The outlook may be revised to 'Positive' in case of a
significant increase in the scale of operations and cash accrual
or improvement in working capital management, leading to a better
financial risk profile, especially liquidity. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
revenue, or lengthening of the working capital cycle, or large
debt-funded capital expenditure, affecting HTPL's financial risk
profile, particularly liquidity.


HTPL was set up in 2001 as proprietorship firm, Hindusthan
Enterprises; this firm was reconstituted as a private limited
company with the current name in 2013. It provides fire-protection
services to government and private companies. HTPL, based in
Cuttack (Odisha), is promoted by Mr. Mohan Ranjan Panda, who looks
after its operations.


HYPNOTIK CLOTHING: CRISIL Reaffirms B Rating on INR67.5MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Hypnotik
Clothing Private Limited (HCPL) continues to reflect the company's
working-capital-intensive operations and modest scale of
operations.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Packing Credit       67.5       CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's below-average financial
risk profile because of modest net worth, high gearing, and weak
debt protection metrics. These weaknesses are mitigated by the
extensive experience of the promoters in the ready-made garment
industry and their funding support.

Outlook: Stable

CRISIL believes HCPL will benefit over the medium term from the
extensive experience of its promoters in the ready-made garment
industry. The outlook may be revised to 'Positive' if it reports a
significant and sustainable increase in cash accrual, while
cutting down its working capital cycle resulting in improvement in
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of further stress on liquidity resulting in higher working
capital intensity, lower-than-expected cash accrual or large,
debt-funded capital expenditure.

HCPL was set up in December 2010 by Mr. Vijay Golani and Ms.
Resham Chellaram. It exports ready-made garments primarily to the
US. It gets the garments manufactured on a job-work basis from
manufacturers in Karnataka, Maharashtra, and Gujarat.


JAMNA METAL: CRISIL Lowers Rating on INR100.1MM Loan to 'C'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Jamna Metal Co. (JMC) to 'CRISIL C' from 'CRISIL B-/Stable' and
reaffirmed its rating on the short-term facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        16.7       CRISIL A4 (Reaffirmed)

   Cash Credit           40.0       CRISIL C (Downgraded from
                                    'CRISIL B-/Stable')

   Proposed Long Term   100.1       CRISIL C (Downgraded from
   Bank Loan Facility               'CRISIL B-/Stable')

   Term Loan             18.2       CRISIL C (Downgraded from
                                    'CRISIL B-/Stable')

   Working Capital       55         CRISIL C (Downgraded from
   Term Loan                        'CRISIL B-/Stable')

The downgrade reflects CRISIL's belief that JMC's cash accruals
are likely to be tightly matched to meet its maturing debt
obligation over the medium term. The cash accruals are expected to
remain low because of sub-dued sales and profitability levels on
account of slow-down in demand from end-user industry.

The ratings also reflect JMC weak financial risk profile because
of a small net worth, high gearing and weak debt protection
metrics. Furthermore, the company has a small scale and working-
capital-intensive operations and limited pricing flexibility,
while its profitability margins are susceptible to intense
competitive pressures. These rating weaknesses are partially
offset by the extensive experience of the firm's proprietor in the
steel fabrication and galvanising business, and established
relationships with customers.

JMC commenced operations in 1997 as Shree Jamna Metal Works, a
proprietorship concern of Mr Kishan Chand Bansal. The firm
manufactures galvanised steel trays used in the power sector as a
base for laying power transmission cables.


JEWEL WORLD: CRISIL Assigns B+ Rating to INR75MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facility of Jewel World (JW).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Cash Credit           75          CRISIL B+/Stable

The rating reflects JW's average financial risk profile because of
high working capital requirements over the medium term; the rating
also factors in the company's modest scale of operations and
geographical concentration in its revenue profile. These
weaknesses are partially offset by the extensive industry
experience of JW's partners.

Outlook: Stable

CRISIL believes JW will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case of significant
improvement in the scale of operations and profitability or
working capital management, resulting in a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of a slowdown in revenue, decline in profitability,
deterioration in the capital structure or debt protection metrics,
or a further stretch in JW's working capital cycle.

Set up in 2013 as a partnership firm, JW is promoted by Ahmedabad
(Gujarat)-based Soni and Patel families. The company retails gold
jewellery. It has a single showroom at Ahmedabad at present.


KOTARKI CONSTRUCTIONS: ICRA Reaffirms B Rating on INR13cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR13
crore cash credit limits of Kotarki Constructions Private Limited
(KCPL) at [ICRA]B. ICRA has also reaffirmed the short term rating
assigned to the INR12 crore bank guarantee limits at [ICRA]A4.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term-Cash
   Credit                   13.0        [ICRA]B (reaffirmed)

   Short Term-Bank
   Guarantee                12.0        [ICRA]A4 (reaffirmed)

The ratings reaffirmation factor in the established track record
of the company with more than twenty five years of experience in
the construction business, the substantial improvement in the
KCPL's operating income over the last two years and the limited
counterparty risk in its operations, as it primarily caters to
state government agencies, with which it has established
relationship.

The ratings are, however, constrained by KCPL's modest scale of
operations in the highly competitive construction industry and the
high working capital intensity has led to stretched liquidity
position, as evidenced by high utilisation of fund based working
capital limits, thereby limiting company's financial flexibility.
The company's cash flows have been impacted by the delays in
receipt of payments from the various clients, who are
predominantly government entities. The ratings are also
constrained by the risks associated with high geographical
concentration with all the ongoing projects in the state of
Karnataka.

Kotarki Constructions Pvt. Ltd., set up in 1989 as a
proprietorship firm, was reconstituted as a private limited
company in 2004 and is promoted by Mr. Kotarki Shanker. KCPL
undertakes contracts for the construction of roads and bridges,
civil construction, and construction of irrigation canals in
Karnataka. The company has executed contracts for various reputed
clients like National Highways Authority of India, KRDCL, Public
Works Department (PWD), KIADB, etc.

Recent Results
For the financial year 2014-15 (as per provisional figures), the
company reported a net profit of INR4.38 crore on an operating
income of INR80.90 crore as against a net profit of INR3.11 crore
on an operating income of INR62.86 crore in 2013-14.


KUMAR AUTOWHEELS: CRISIL Reaffirms B+ Rating on INR120MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kumar
Autowheels Pvt Ltd (KAPL) continues to reflect KAPL's below-
average financial risk profilep, marked by high total outside
liabilities to tangible net worth ratio and small net worth, and
weak liquidity owing to large working capital requirements.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           10        CRISIL B+/Stable (Reaffirmed)

   Electronic Dealer    120        CRISIL B+/Stable (Reaffirmed)
   Financing Scheme
   (e-DFS)

   Term Loan             65        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by its promoters'
extensive experience in managing the businesses, established
relationships with prospective customers, and their funding
support.

Outlook: Stable

CRISIL believes that KAPL will benefit over the medium term from
its promoters' extensive experience along with their funding
support. The outlook may be revised to 'Positive' in case of
significant improvement in KAPL's scale of operations and
profitability, as well as its working capital cycle, leading to
healthy financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of any substantial increase in
working capital requirements, or lower operating profitability, or
large, debt-funded capital expenditure, leading to pressure on its
liquidity.

Incorporated in 2009, KAPL has set up dealership for Mahindra &
Mahindra Ltd's (M&M's) cars in Rudrapur (Uttarakhand) in September
2013. The company received the M&M dealership in August 2012 for
Rudrapur, Kashipur, Sitarganj, Jaspur, and Khatima, in the Uddham
Singh Nagar district of Uttarakhand. It started commercial
operations in September 2013.


KUTCH COTTON: ICRA Suspends B+ Rating on INR15cr Cash Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR15.43
crore long term working capital limit and term loan limit of Kutch
Cotton Industries. The suspension follows ICRAs inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit               15.00         [ICRA]B+; Suspended

   Fund Based-Term
   Loans                 0.43         [ICRA]B+; Suspended

Kutch Cotton Industries (KCI) is a partnership firm incorporated
in 2005 to undertake Ginning and Pressing activities. The firm's
semi-automated plant is located in Jetpur, dist Rajkot, which is
very close to the rich cotton belts of Kutch/saurashtra districts.
It deals in Sankar-6 variety of Raw Cotton. In the process, it
obtains a by-product in the form of residual cotton seeds which
are further processed to obtain raw cotton seed oil. This process
further result in a by-product called cotton oil cake which is the
solid residual matter left out after the process.


M.B.C INFRA: ICRA Suspends B+ Rating on INR3.25cr Loan
------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR3.25
crore long term fund based limits of M.B.C Infra Space Private
Limited. ICRA has also suspended [ICRA]A4 rating assigned to the
Rs 5.00 crore short term non fund based limits of M.B.C Infra
space Private Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-
   Working Capital       3.25        [ICRA]B+ suspended


   Non fund Based-
   Bank Guarantee        5.00        [ICRA]A4 suspended

MBC Infra Space Private Limited was incorporated on 13th April,
2012 .The promoters of the firm have also been involved in the
same business through another proprietorship concern namely MB
Corporation established in 1999 and based at Vapi. The company is
primarily engaged in Industrial and Civil construction.


M.V.V. SATYANARAYANA: CRISIL Assigns B+ Rating to INR60MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of M.V.V. Satyanarayana (MVV).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         80       CRISIL A4
   Overdraft Facility     60       CRISIL B+/Stable

The ratings reflect MVV's modest scale of operations, segmental
concentration in revenue, working-capital-intensive operations and
exposure to risks related to fragmentation and intense competition
in the civil construction industry. These rating weaknesses are
mitigated by the promoters' extensive industry experience and the
moderate financial risk profile because of low gearing.

Outlook: Stable

CRISIL believes MVV will continue to benefit over the medium term
backed by promoter's extensive experience in civil construction
industry. The outlook may be revised to 'Positive' if the scale of
operations and cash accrual grow substantially while maintaining
profitability and working capital cycle. Conversely, the outlook
may be revised to 'Negative' if the financial risk profile weakens
due to decline in profitability or revenue resulting in lower-
than-expected cash accrual, or a larger-than-expected, debt-funded
capital expenditure programme.

Established as a proprietorship firm in 1983 as 'Meher
Engineering', and later reconstituted into a partnership firm in
2010, MVV is a civil constructor primarily for railways. It is
also engaged in other allied civil construction activities. Based
in Hyderabad, MVV is promoted by Mr. MVV Satyanarayana and family.

MVV reported a provisional profit after tax (PAT) of INR18 million
on net sales of INR440 million for 2014-15 (refers to financial
year, April 1 to March 31), as against a PAT of INR13 million on
net sales of INR312 million for 2013-14.


MAA TARINI: CARE Lowers Rating on INR11.39cr LT Loan to D
---------------------------------------------------------
CARE revises ratings assigned to bank facilities of Maa Tarini
Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.39      CARE D Revised
                                            from CARE BB-

   Short term Bank Facilities     0.50      CARE D Revised
                                            from CARE A4

Rating Rationale

The aforesaid revision in rating takes into account the ongoing
delays in debt servicing due to stressed liquidity position of
Maa Tarini Industries Ltd. (MTIL).

Maa Tarini Industries Ltd., incorporated in August 2000, commenced
operations in 2001 at Rourkela, Odisha and was subsequently
converted into public limited company in October 2004. It has a
sponge iron unit and ingot manufacturing facility, along with an
iron ore crushing unit. This apart, the company also provides
mining services as subcontractor to a mining service provider. In
June 2012, Shri Piyush Sengar took over the management of MTIL and
the day-to-day operational activities of the company are looked
after by him.


MANIKESWARI GEMS: CRISIL Reaffirms B+ Rating on INR300MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Manikeswari Gems Pvt Ltd
(MGPL) continue to reflect MGPL's initial stage of operations,
susceptibility to stabilisation risk, influence of socio-political
factors, and exposure to regulatory risk. These weaknesses are
partially offset by the promoters' considerable industry
experience in the gems and stones mining business.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           300       CRISIL B+/Stable (Reaffirmed)

On October 19, 2015, CRISIL had assigned its 'CRISIL B+/Stable'
rating to the long-term bank facilities of MGPL.

Outlook: Stable

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

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


MARUTI COTTON: ICRA Suspends B Rating on INR8cr Working Loan
------------------------------------------------------------
ICRA has suspended the [ICRA] B rating assigned to the INR8.60
crore long term fund based limits of Maruti Cotton Ginning and
Pressing. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-
   Working Capital       8.00        [ICRA]B suspended

   Fund Based-
   Term Loans            0.60        [ICRA]B suspended

Maruti Cotton Ginning & Pressing was established in 2006 as a
proprietorship concern owned and managed by Mr. Narayan Patel. The
firm is engaged in the business of ginning and pressing of raw
cotton as well as crushing of cottonseeds with processing capacity
of around 90 TPD of raw cotton. The firm is equipped with 18
ginning machines and 1 Pressing machine having capacity to produce
180 bales per day. The firm is also equipped with 3 expellers for
cottonseed crushing to produce cottonseed oil as well as
cottonseed oil cakes. The saleable products of the firm include
cotton bales, cotton seeds, cottonseed oil and cottonseed cakes
which are mainly sold to brokers and merchant exporters with
credit period of 15 days.


MAS ENTERPRISES: CRISIL Assigns B- Rating to INR196MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Mas Enterprises Ltd (MEL) and has assigned its
'CRISIL B-/Stable/CRISIL A4' ratings to the facilities. CRISIL
had, on June 12, 2014, suspended the rating as MEL had not
provided the necessary information required to maintain a valid
rating. The company has now shared the requisite information,
enabling CRISIL to assign a rating to the bank facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting       23       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit           196       CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

The ratings reflect MEL's working-capital-intensive operations and
below-average financial risk profile because of weak debt
protection metrics. These weaknesses are partially offset by the
promoters' extensive experience in the spice business and strong
position in the cardamom auction market.

Outlook: Stable

CRISIL believes MEL will continue to benefit over the medium term
from its promoters' extensive experience in the spice business.
The outlook may be revised to 'Positive' in case of a significant
increase in net cash accrual through improvement in the scale of
operations and profitability, resulting in a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of a considerable decline MEL's cash accrual or deterioration
in working capital management, leading to weakening of the
financial risk profile.

Set up in 1978 by Mr. TT Jose as a partnership firm, MEL got its
current name in 1994. The company exports spices, predominantly
cardamom, and also trades in fast-moving consumer goods, such as
curry powder and jams, under the Palat and Mas brands. MEL is also
a Bharat Sanchar Nigam Ltd (BSNL) distributor and franchise holder
in Idduki district (Kerala). MEL sells and markets BSNL's cash
cards, subscriber identity module, and talk-time recharge cards.

MEL reported on provisional basis, profit after tax (PAT) of
INR33.1 million on net sales of INR3.88 billion for 2014-15
(refers to financial year, April 1 to March 31) against PAT of
INR31.8  million on net sales of INR3.87 billion for 2013-14.


MEHRA POLYTEX: ICRA Suspends B+/A4 Rating on INR10.42cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and the [ICRA]A4 ratings assigned
to the fund based cash credit facility, fund based term loan
facility, non-fund based letter of guarantee facility and untied
limit aggregating to INR10.42 crore of Mehra Polytex Private
Limited1 (MPPL). The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in 1993, Mehra Polytex Private Limited (MPPL),
managed by Mr. Yashpal Mehra and Mr. Pankaj Mehra, is engaged in
the manufacturing of texturised polyester yarn in various deniers.
MMPL commenced operations in the year 2000.The company has its
head office in Mumbai, Maharashtra and a production facility in
Silvassa.


NETRA MERCANTILE: ICRA Suspends 'D' Rating on INR40cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to INR40.00 crore
short term non-fund based limits of Netra Mercantile Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Netra Mercantile Pvt. Ltd. (NMPL) was incorporated in 2001 by Mr.
Vijendra Vijayraj Ranka and Mr. Shivratan Luharka. The management
has changed over the years and at present the company has two
directors namely Mr. Vijendra Vijayraj Ranka and Mr. Narendra
Ratnakant Phatkare while the former looks after the overall
operations of the company. The company is engaged in trading of
variety of products like Hot Rolled (HR) and Cold Rolled (CR)
coils & sheets, Mild Steel (MS) sheets and plates, galvanized
plain as well as galvanized corrugated sheets. For stocking of
inventory, the company has rented warehouse at Taloja with a
30,000 MT storage capacity.


PARTH CHEM: ICRA Suspends 'D' Rating on INR11cr LT Loan
-------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to INR7.50 crore
long term fund based cash credit limits and to INR11.00 crore long
term non-fund based limits of Parth Chem Impex Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Parth Chem Impex Pvt. Ltd. (PCIPL) was established in 2005 by Mr.
Mehul Bhuta and Mr. Ambrish Doshi. The directors were running
their own respective business of trading in chemicals prior to
2005. The company is engaged in the trading of chemicals which
find application in paints, plastic, textiles, soap,
pharmaceuticals, laminates, pesticides, ceramics etc. The company
has its registered office in Kandivli, Mumbai.


PREMIER SYNTHETICS: CARE Assigns B(RPS) Rating to INR9.50cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B (RPS)' rating to the instrument of
Premier Synthetics Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Redeemable preference         9.50      CARE B (RPS) Assigned
   shares

Rating Rationale
The rating assigned to the instruments of Premier Synthetics
Limited (PSL) is constrained by the small scale of operations
with fluctuating profitability margins, eroded net worth, moderate
debt coverage indicators and working capital-intensive nature of
operations leading to delay in repayment of other debt
obligations. The ratings are further constrained by the
susceptibility of profitability margins to volatile raw material
prices and presence in a highly fragmented and competitive
textile industry.

The ratings, however, derive strength from the promoters'
extensive experience in the textile industry and strong
operational & financial linkages with the group company.
The ability of PSL to scale up its operations and improve its
profitability margins along with efficient management of its
working capital cycle are the key rating sensitivities.

Incorporated in 1970, PSL (erstwhile Premier Synthetics and
Processors Limited) is engaged in cotton manufacturing of
yarn on a job work basis, primarily for its group concern - Blue
Blends (India) Limited [BBIL]. The company also trades in
fabric, occasionally (constituted 10% of the total sales in FY15
[refers to the period April 1 toMarch 31]).

In 1985, PSL was acquired by the Arya family, lead by Mr Anand
Arya (Chairman and Whole time director), who has 35 years of
experience in the textile industry. The company is listed on the
Bombay Stock Exchange (BSE) and has an administrative office in
Mumbai and a spinning unit located in Ahmedabad, with an installed
capacity of 55 lakh metric tonnes/annum (utilized at 60% in FY15).

During FY15 (A), PSL recorded a total operating income of INR16.20
crore (vis-a-vis INR22.43 crore in FY14) with net profit of
INR0.15 crore (vis-a-vis net profit of INR2.64 crore in FY14).
Furthermore, during 5MFY16, the company has recorded sales of
~Rs.5.82 crore and has an order book of INR4 crore which shall be
executed by December 2015.


SAFILO HEALTHCARE: CRISIL Assigns B Rating to INR62.5MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Safilo Healthcare (SH). The rating reflects the
firm's initial phase and modest scale of operations. These
weaknesses are partially offset by the promoters' extensive
experience in the healthcare industry.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            35        CRISIL B/Stable
   Term Loan              62.5      CRISIL B/Stable

Outlook: Stable
CRISIL believes SH will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm stabilises its operations
earlier than expected leading to healthy accrual, or if it
improves its working capital cycle. Conversely, the outlook may be
revised to 'Negative' if SH's operating margin is lower than
expected or it undertakes a more-than-anticipated, debt-funded
expansion plan or if the firm's working capital management
deteriorates, thereby weakening its financial risk profile
significantly.

Set up in 2014, SH is promoted by Mr. Sanjay Patel and family. The
firm manufactures baby diapers and is expected to commence its
operations from October.


SARDAR COTTON: ICRA Suspends 'B' Rating on INR7.50cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA] B rating assigned to the INR8.65
crore long term fund based limits of Sardar Cotton. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Working
   Capital                7.50        [ICRA]B suspended

   Fund Based-Term
   Loans                  1.15        [ICRA]B suspended

Established in 2012, Sardar Cotton is engaged in ginning and
pressing of raw cotton. The business is owned and managed by Mr.
Pravin Patel along with two other partners. The firm's
manufacturing facility is located near Rajkot, Gujarat. The firm
has 24 ginning machines and 1 pressing machine having a cumulative
processing capacity to manufacture 100 bales per day.


SHREE BADRI: ICRA Assigns 'B' Rating to INR15cr Cash Credit
-----------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR15.00 crore cash
credit facility of Shree Badri Kedar Udyog Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   (Cash Credit)         15.00        [ICRA]B assigned

The assigned rating takes into account nominal profits and cash
accruals from the business, leading to depressed level of coverage
indicators, low level of net worth of the company as on March 31,
2015, and a highly working capital intensive nature of operations,
adversely impacting liquidity. The rating is also constrained by
the highly fragmented industry structure with the presence of a
large number of players and limited value addition, which keeps
margins under pressure.

The rating, however, derives comfort from the experience of the
promoters in the trading of commodities in the domestic market and
moderate scale of company's current operations. Going forward, the
company's ability to scale up its operations, while improving its
profitability and managing the liquidity efficiently would be the
key rating sensitivities.

Incorporated in 2011, SBKUPL is currently engaged in the trading
of fabrics in the domestic market. Initially, the company was
involved in the civil construction business. However, the
promoters decided to discontinue the construction business and
forayed into trading business in 2013-14. SBKUPL has a group
company, namely Shree Radha Krishna Vinimay Private Limited (rated
at [ICRA]B and [ICRA]A4), which is currently engaged in the
trading of building materials namely, TMT bar and cement in the
domestic market, and trading (merchanting trade) of non-agro
commodities in the international market.

Recent Results
The company reported a net profit of INR0.09 crore on an operating
income of INR48.68 crore during 2014-15, as compared to a net
profit of INR0.09 crore on an operating income of INR47.39 crore
in 2013-14.


SHREE RADHA: ICRA Assigns B Rating to INR2.50cr Cash Credit
-----------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR2.50 crore cash
credit facility of Shree Radha Krishna Vinimay Private Limited.
ICRA has also assigned an [ICRA]A4 rating to an untied limit of
INR20.00 crore of SRKVPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits
   (Cash Credit)         2.50       [ICRA]B assigned

   Fund Based/Non
   Fund Based Limits
   (Untied Limit)       20.00       [ICRA]A4 assigned

The assigned ratings take into account nominal profits and cash
accruals from the business, leading to depressed level of coverage
indicators, low level of net worth of the company as on March 31,
2015, and stretched liquidity position as reflected by high
utilization of working capital limits, which also restricts its
financial flexibility. The ratings are also constrained by the
highly fragmented industry structure with the presence of a large
number of players and limited value addition, which keeps margins
under pressure.

The ratings, however, derive comfort from the experience of the
promoters in the trading of commodities in the domestic as well as
international market and the consistent growth in turnover over
the past few years. Going forward, the company's ability to scale
up its operations, while improving its profitability and managing
the liquidity efficiently would be the key rating sensitivities.

Incorporated in 2012, SRKVPL is engaged in the trading of building
materials namely, TMT bar and cement in the domestic market.
Besides, the company is also engaged in the trading (merchanting
trade) of non-agro commodities in the international market. SRKVPL
has a group company, namely Shree Badri Kedar Udyog Private
Limited (rated at [ICRA]B), which is currently engaged in the
trading of fabrics in the domestic market.

Recent Results
The company reported a net profit of INR0.10 crore on an operating
income of INR36.28 crore during 2014-15, as compared to a net
profit of INR0.06 crore on an operating income of INR12.69 crore
in 2013-14.


SHRI SAIPRASAD: CRISIL Assigns B+ Rating to INR35MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shri Saiprasad Rice Mill (SSRM; part of the
Urade group).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           35         CRISIL B+/Stable
   Warehouse Receipts    20         CRISIL B+/Stable

The rating reflects the Urade group's modest scale and working
capital intensive nature of operations in the highly fragmented
rice industry, and exposure to any adverse impact of changes in
government policies. The rating also factors in its below-average
financial risk profile because of modest net worth, average
capital structure and subdued debt protection measures. These
rating weaknesses are partially offset by the extensive experience
of the promoters in the rice industry, funding support received
from them, and their established customer base.

For arriving at the rating, CRISIL has combined the financial and
business risk profiles of SSRM and Bhaskar Urade and Brothers
(BUB). This is because the two entities, together referred to as
the Urade group, are in the same business, have common promotes
and sell under the same brands.

CRISIL has treated interest-bearing unsecured loans of INR41.9
million from promoters as on March 31, 2015, as neither debt nor
equity. This is because these loans are expected to remain in the
business over the medium term.

Outlook: Stable

CRISIL believes the Urade group will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial
increase in revenue and profitability, resulting in sizeable cash
accrual, and improvement in debt protection metrics. Conversely,
the outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, weakens, because of lower-than-
expected cash accrual resulting from a decline in revenue or
profitability, or a stretch in the working capital cycle.

The Urade group was established in 1977 by the Urade family in
Bramhapuri (Maharashtra) with the setting up of BUB; SSRM was set
up in 2004. The group mills non-basmati rice; it has a processing
capacity of 28 tonnes per hour. The group sells under its own
brands Real Gold, Only Today, and Gold Coin.


SHRIMATI SULOCHNA: ICRA Reaffirms B+ Rating on INR8.5cr Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the long term fund
based limits of INR8.50 crore for term loan facility of Shrimati
Sulochna Devi Education Foundation.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              8.50        [ICRA]B+; Reaffirmed

The rating remains constrained by the limited operational track
record of the company, as the school commenced operations in
AY2015-16. Notwithstanding the healthy first year occupancy
levels, given the typical time period required for ramp up in
student strength, the revenue generation ability of the company
will remained constrained till students across all standards are
admitted. Further additional investments will also be required to
be undertaken for the development of academic infrastructure over
next few years to meet the requirement of increased student base.
The extent of future funding requirements will also depend on the
pace of ramp up in the occupancy levels and scale of capital
expenditure incurred, which would be the key rating monitorables.
Further, the rating is also constrained by the lack of experience
of the directors in education industry; however tie up with DPS
society provides managerial and administrative support.

The rating, also positively take into account the successful
commencement of the first academic session of school operating
under the company, which saw a healthy occupancy of 91% (548
enrolments for 600 seats offered) in its first year of operation.
The rating also continues to draw comfort from the big school
campus spread across 9 acre (one of the largest campus in
Jamnagar) area which provides the students all modern amenities
for co-curricular and extracurricular activities and giving edge
over schools located in the region; further the school has also
tied up with Kooh Sports for sports activities for Kids as well as
the association of the school with reputed Delhi Public School
(DPS) brand lends the school an established brand name and
provides operational and management expertise.

Incorporated in September 2012; M/s. Shrimati Sulochana Devi
Education Foundation (hereafter referred to as the Company) is a
Company incorporated under section 25 of the Companies Act 1956
which runs and operates Delhi Public School (DPS) in Jamnagar,
Gujarat. The school is located on a land parcel of 9 acres owned
by promoters located in Vasai village of Jamnagar; Gujarat. The
school commenced operations in AY 2015-16 and presently caters to
students from Pre-primary to Standard VIII. As of now, largely 2
sections per standard are operational. The management proposes to
increase the number of sections as well as commence admissions for
Standard IX from AY2016-17. The Company is promoted by Mr. Javed
Pasta, Mr. Gaurav Dokania, Mr. Altaf Kasmani and Mr. Suleman
Pasta.


STOREEX SOLUTIONS: CRISIL Assigns B Rating to INR54.4MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of StoreEx Solutions Private Limited (SSPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           50         CRISIL B/Stable
   Term Loan             54.4       CRISIL B/Stable

The rating reflects the firm's modest scale of operations in a
highly fragmented industry and its average financial risk profile,
marked by weak debt protection metrics. These rating weaknesses
are partially offset by the extensive industry experience of
SSPL's promoters.

Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the medium
term from its promoters extensive industry experience. The outlook
may be revised to 'Positive' if the firm's scale of operations and
profitability increase significantly, leading to improvement in
accruals and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' if SSPL's financial risk profile weakens
because of pressure on its profitability or if its working capital
requirements increase significantly, adversely affecting its
capital structure.

Incorporated in 2012, StoreEx Solutions Private Limited (SSPL) is
a Mehsana based company promoted by Mr. Valkesh Patel and family.
Its business activity comprises of providing Controlled
Environment Multi Commodity Cold Storage facility as well as
buying and selling of Agricultural products like fruits and
vegetables.


SURAJ TRADELINK: CRISIL Assigns B+ Rating to INR70MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Suraj Tradelink Pvt Ltd (STPL). The rating reflects
its promoters' extensive experience in the textile industry and
strong relationships with customers. These rating strengths are
partially offset by its working-capital-intensive and modest scale
of operations in an intensively competitive industry.

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Cash Credit            70         CRISIL B+/Stable

Outlook: Stable

CRISIL believes STPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant and sustained
improvement in scale of operations and profitability along with
efficient working capital management, leading to higher cash
accrual. Conversely, the outlook may be revised to 'Negative' if
STPL's financial risk profile deteriorates owing to a decline in
revenue and profitability, or a significant increase in working-
capital requirements, or a large debt-funded capital expenditure.

Incorporated in 2001 by Mr. Anjani Agarwal and Mr. Madhur Todi,
STPL is part of the Anjani group. The company manufactures and
exports home textiles such as bed sheets, curtains, towels, table
linen, cotton fabrics, pillow cover, and cushion covers. The
manufacturing cum warehouse facility is located in Piplaj
(Gujarat). The day-to-day operations of the company are managed by
the directors, Mr. Premchand Gupta and Mr. Khetaram Purohit.


SURE CARGO: CRISIL Lowers Rating on INR39MM Term Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sure Cargo Control Pvt Ltd (SCCPL) to 'CRISIL B-/Stable' from
'CRISIL B/Stable', while reaffirming its rating on the short-term
facility at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee          1       CRISIL A4 (Reaffirmed)

   Overdraft Facility     10       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Term Loan              39       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that SCCPL's
financial risk profile, particularly liquidity, will be weaker
than previously expected, over the near term, because of
insufficient cash accrual against large debt repayment obligation.
The company's gearing increased over the past two years due to
large capital expenditure on machinery and vehicles. The gearing
is estimated at around 21 times as on March 31, 2015, against
around 3 times as on March 31, 2013. Liquidity is stretched on
account of large repayment against modest accrual. SCCPL's
expected annual cash accrual of INR3-4 million will be
insufficient for repayment of INR13.2 million in 2015-16 and
INR8.8 million in 2016-17. The gap is expected to be funded by
raising fresh equity or loans.

The ratings reflect SCCPL's weak financial risk profile because of
high gearing and weak liquidity, and small scale of operations in
a highly fragmented industry. These rating weaknesses are
partially offset by the extensive experience of SCCPL's promoters
in the cargo securing business, and the company's diversified
product portfolio.

Outlook: Stable

CRISIL believes SCCPL's liquidity will be supported by raising
fresh equity or loans over the medium term. The outlook may be
revised to 'Positive' if liquidity improves on the back of higher
cash accrual. Conversely, the outlook may be revised to 'Negative'
if the financial risk profile deteriorates due to lower-than-
expected accrual, or delay in funding support through fresh equity
or loans.

SCCPL was incorporated in 2008, promoted by Mr. Ram Ratan Singhi;
it is based in Gurgaon (Haryana). It sells products such as
strapping belts and bags and also provides cargo packaging and
transportation services.


SURE SAFETY: ICRA Suspends D Rating on INR21.47cr Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D outstanding on
the INR21.47 Crore fund based bank facilities of Sure Safety
Solutions Private Limited. ICRA has also suspended the short term
rating of [ICRA]D outstanding on the INR8.15 Crore non fund based
bank facilities of the company. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


VIVAN STEELS: CRISIL Assigns B+ Rating to INR61MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vivan Steels Pvt Ltd (VSPL).

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Long Term Loan        15       CRISIL B+/Stable
   Bank Guarantee         5       CRISIL A4
   Cash Credit           61       CRISIL B+/Stable

The ratings reflect the promoters' extensive industry experience
and steady relationships with customers and suppliers. These
rating strengths are partially offset by VSPL's modest scale of
operations in the intensely competitive steel industry and
susceptibility to volatile raw material prices.

Outlook: Stable

CRISIL believes VSPL will continue to benefit over the medium term
from the promoters' extensive experience in the steel industry.
The outlook may be revised to 'Positive' if significant ramp-up in
scale of operations and improved profitability lead to better-
than-expected cash accrual; or if a sizeable equity infusion
strengthens the capital structure. Conversely, the outlook may be
revised to 'Negative' if any large debt-funded capital
expenditure, decline in revenue or profitability, or stretch in
working capital cycle leads to lower accrual and a weaker
financial risk profile.

Incorporated in 2005 by Mr. Sahil Patel, VSPL initially traded in
round bars on a small scale. It began production of stainless
steel round bars at its own facility from October 2014. The
facility at Bavla (Ahmedabad, Gujarat) has capacity of 600,000
tonnes per annum of round bars, which it sells under the brand,
Vivan.


VJR POULTRY: CRISIL Assigns 'B' Rating to INR49MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of VJR Poultry Farms (VJRPF). The rating reflects
the firm's susceptibility to risks inherent in the poultry
industry, modest scale of operations, and a weak financial risk
profile because of modest net worth. These weaknesses are
partially offset by the partners' extensive industry experience.

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Proposed Long Term
   Bank Loan Facility       49          CRISIL B/Stable

   Cash Credit              15          CRISIL B/Stable

   Long Term Loan           36          CRISIL B/Stable

Outlook: Stable

CRISIL believes VJRPF will benefit from the extensive industry
experience of its partners and its established track record in the
poultry industry. The outlook may be revised to 'Positive' if the
firm's net worth increases significantly driven by equity infusion
by the partners or if the scale of operations increases
significantly while maintaining profitability, resulting in
healthy reserve accretions. Conversely, the outlook may be revised
to 'Negative' if VJRPF's revenue or operating profitability
decline significantly or if the firm undertakes a large, debt-
funded capital expenditure thereby leading to deterioration in its
financial risk profile.

Established in 2011 as a partnership firm, VJRPF produces broiler
chicken and commercial eggs. The firm, which has its manufacturing
unit in Hyderabad, is promoted by Mr. Janardhan Reddy and his wife
Mrs. Snehalatha.

For 2014-15 (refers to financial year, April 1 to March 31),
VJRPF, on a provisional basis, had profit after tax (PAT) of
INR0.32 million on total revenue of INR89.10 million against PAT
of INR0.28 million on total revenue of INR68.11 million for 2013-
14.


WILDFLOWER ESTATES: Faces Liquidation Over Undelivered Properties
-----------------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that a liquidation
notice has been sent by the High Court to Wildflower Estates and
Resorts Pvt Limited on October 16.  The petition was filed by
Fusion Properties Development Pvt Ltd.

According to the report, the petitioner claimed that it invested
in Wilflower INR50 crore to purchase properties; however, the
promised properties were never delivered.  Wildflower failed to
pay back its debt and allegedly have not revealed their accounts
to the Companies Registry, the report relays.



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


SHARP CORP: Expects JPY84-Bil First Half Operating Loss
-------------------------------------------------------
Japan Today reports that Sharp Corp. on October 26 warned it was
on track to lose nearly JPY84 billion in the half-year through
September owing to a slump in demand for its smartphone screens.

According to the report, the liquid-crystal display giant, which
is key supplier to Apple and other mobile makers, is to announce
its earnings later this week with the eye-popping loss set to
reverse a small profit a year ago.

Sharp's latest earnings will likely reignite concerns about the
future of the Aquos-brand maker which has repeatedly appeared on
the brink of bankruptcy in recent years as it trudged ahead with a
painful restructuring, Japan Today relates.

The report says the company blamed a sharp downturn in smartphone-
screen demand in China for its latest expected loss of JPY84
billion in April-September, as it also cut its full fiscal year
revenue and profit forecasts.

Earlier this year, Sharp said it was cutting 10 percent of its
49,000 positions worldwide as part of a turnaround plan intended
to keep it afloat after posting a bigger-than-expected
$1.86 billion annual loss, the report recalls.

Japan Today notes that the once-mighty firm, like rivals Sony and
Panasonic, has been working to move past years of gaping deficits,
partly caused by steep losses in its television unit, which has
been hammered by competition from lower-cost rivals particularly
in South Korea and Taiwan.

The report says the company earlier announced the sale of the
building that houses its Osaka headquarters and issued shares to
its banks, in an apparent lifeline that underscored Sharp's
desperate situation.

The "situation surrounding Sharp remains severe", said Hideki
Yasuda, an analyst at Ace Research Institute in Tokyo, the report
relays.

"It still possesses high levels of technology but its financial
strength is extremely weak," the report quotes Mr. Yasuda as
saying.

                       About Sharp Corp.

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

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

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



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


AGRIBUSINESS TRAINING: Goes Into Liquidation
--------------------------------------------
Blake Foden at Stuff.co.nz reports that Agribusiness Training
Limited went into liquidation on October 21, New Zealand Companies
Office records said.

Stuff.co.nz relates that a Southland-based education provider has
been told to repay the Tertiary Education Commission NZ$6.24
million in tuition subsidies after an independent investigation
found it under delivered several of its programmes.  However,
Agribusiness Training disputes the findings, saying work conducted
by students outside the classroom should have been considered.

According to the report, the TEC said Agribusiness Training was
one of six tertiary education organisations selected for a focused
review by the TEC in November 2014.

Deloitte later conducted an independent review on the TEC's
behalf, and found five Agribusiness Training Ltd programmes
delivered fewer teaching hours than its New Zealand Qualifications
Authority programme approvals specified, the report says.

Two of the programmes -- the Certificate in Land Based Skills and
the Certificate in Horticultural Industry Practice -- were
significantly under-delivered, the review found, the report says.

No problems were found with the other five organisations reviewed
by the TEC, Stuff.co.nz states.

According to Stuff.co.nz, TEC chief executive Tim Fowler said
Agribusiness Training knew the rules and could expect to have to
refund tuition subsidies for breaching them.

"The TEC has found in some cases Agribusiness has not provided the
teaching it was funded to deliver," the report quotes
Mr. Fowler as saying.  "This effectively means that between 2009
and 2014 Agribusiness received NZ$6.24 million (GST-exclusive)
more than it was entitled to for the education services it
provides."

Agribusiness Training Ltd director William Garry Fraser did not
return calls on October 23, the report relays. Jacqueline Fraser,
whose husband Christopher William Fraser is also a company
director, said the directors would not be making any comment, the
report notes.

The Deloitte report said Agribusiness Training disputes the
review's findings, adds Stuff.co.nz.

Stuff.co.nz says Agribusiness Training conducted self-assessments
on each of the six programmes investigated by Deloitte, and in
each case found they had delivered more than the appropriate
number of teaching hours.

The report relates that Mr. Fowler said despite the Deloitte
findings, the NZQA was confident Agribusiness Training had
conducted student assessments correctly, and that student
qualifications were valid.

Because Agribusiness Training Ltd had gone into liquidation, there
were concerns the TEC would not be able to recover the funding it
was owed, Mr. Fowler, as cited by Stuff.co.nz, said.

Agribusiness Training Limited offers education and training in
agriculture, horticulture, equine, safety and apiculture.


CAR GIANT: Placed Into Liquidation
----------------------------------
Cliff Sanderson at Dissolve.com.au reports that Car Giant Ltd has
been put into liquidation after an application by Inland Revenue.
Jeremy Morley and John Fisk of PwC were appointed liquidators of
the company on Sept. 8, 2015.

Dissolve.com.au relates that a report from the liquidators showed
that there have been issues between business partners which made
problems with management and control of the company which stopped
trading. After the fallout, the secured creditor of the company
seized cars from the site leaving the business without stock to
sell, the report says. When the liquidation takes place, the
assets of the company include computers, a vehicle and office
equipment.

Wellington-based Car Giant Ltd operated used vehicle sales yard.
Car Giant Ltd was 100% owned by US-based Alex Knowles.



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


BANK OF SOUTH PACIFIC: S&P Affirms 'B+' LT Rating; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
long-term issuer credit rating outlook on Bank of South Pacific
Ltd. (BSP) to negative from stable.  At the same time, S&P
affirmed its 'B+' long-term and 'B' short-term ratings on the
bank.

"We note that the rating action does not reflect important credit
factors specific to BSP, which remain broadly unchanged, in our
view.  Instead, the rating action reflects our view that PNG's
economic resilience is under pressure from lower global energy
prices, which in turn increases the risk within PNG's banking
system.  In particular, we believe the weakness in global energy
prices will increase the pressure on PNG's economic growth in the
short-to-medium term, as we expect lower export revenues to
translate into lower government spending.  We believe this could
lead to a slowdown in business earnings, both directly and
indirectly (via household income growth), which may trigger a
subsequent rise in either idiosyncratic or system-wide credit
losses for the banking sector; we note that lending to business
accounts for close to 70% of lending for BSP.  Furthermore, with
BSP deriving a high proportion of funding from government and
business sources, we believe increasing pressures on both
government and business in PNG could slow the flow of funding into
the banking sector, which may place a further constraint on
lending opportunities for BSP," S&P said.

At the same time, S&P notes BSP invests a significant proportion
of surplus funds in Deposits, Treasury and Central Bank Bills of
PNG, accounting for close to 30% of total assets (although S&P
also notes this is somewhat necessitated by a lack of lending
opportunities in Papua New Guinea).

As a result, S&P considers it unlikely BSP would be immune to
increasing credit pressures on both the sovereign and the broader
operating environment.

In the event that lower global energy prices lead to a lower
rating for PNG's sovereign rating, S&P would expect to lower its
issuer credit rating on BSP to 'B', from 'B+'.

S&P notes that if BSP's issuer credit rating was lowered, it would
expect to keep the issue rating on its subordinated debt unchanged
at 'B-'.  This is because a lower rating of 'CCC+' implies at
least a one-in-three likelihood of default within 12 months, which
S&P do not foresee given the rating action of BSP's issuer credit
rating reflects increasing risks within PNG's banking system,
rather than factors specific to BSP.

S&P could revise the outlook on BSP back to stable if S&P become
more confident that anticipated budget measures will successfully
allow the government to gradually reduce fiscal imbalances and
maintain a low debt level, and that it remains likely that PNG's
external position will improve significantly over the next few
years.  As a result of an improved outlook for both the sovereign
and broader operating environment, S&P would expect the indirect
credit pressures on BSP to subside.

BICRA SNAPSHOT

                              To                       From
BICRA*                        9                        9

Economic Risk*                9                        9
Economic Risk Trend           Negative                 Stable
Economic Resilience**         5                        5
Economic Imbalances**         4                        4
Credit Risk In The Economy**  5                        5

Industry Risk*                8                        8
Industry Risk Trend           Stable                   Stable
Institutional Framework**     5                        5
Competitive Dynamics**        4                        4
System-wide Funding**         5                        5

*On a scale of 1 (lowest risk) to 10 (highest risk).
**On a scale of 1 (lowest risk) to 6 (highest risk).



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


DAEWOO SHIPBUILDING: Creditors to Unveil Rescue Plan This Week
--------------------------------------------------------------
Yonhap News reports that the government and the main creditor of
Daewoo Shipbuilding & Marine Engineering Co. said on Oct. 27 that
they will soon announce a set of measures to help save the
shipyard, whose annual operating loss may exceed KRW5 trillion
(US$4.41 trillion).

The measures, expected to include up to KRW4.3 trillion in
additional funds for the troubled shipbuilder, will be announced
early on Oct. 29, the state-run Korea Development Bank (KDB) said
in a released statement, Yonhap relays.

Yonhap relates that just one day earlier, unionized workers of
Daewoo Shipbuilding submitted written consent agreeing to a wage
freeze for the entire duration of what the main creditor has
called the normalization process.

According to the report, the world's largest shipbuilder, in terms
of order backlog, posted an operating loss of KRW3.03 trillion in
the second quarter. Yonhap relates that informed sources have said
a recent audit by KDB and other creditors may have unearthed an
additional KRW1 trillion in losses, with the company expected to
lose another KRW1 trillion in the second half of the year.

Yonhap notes that KDB and the government were originally expected
to reveal their rescue plan much sooner, but they had pigeonholed
the plan while demanding a written agreement from the company and
its unionized workers to accept painstaking measures that
restructuring will entail.

Under its written consent submitted to KDB late on Oct. 26, the
labor union of Daewoo Shipbuilding also agreed to stage no
walkouts during the normalization process, Yonhap says.

Earlier reports said the rescue plan also included a $5 billion
refund guarantee on advance payments to Daewoo Shipbuilding, which
will allow the company to continue taking orders, adds Yonhap.

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


SK HYNIX: Ba1 CFR Can Accommodate Weaker Q3 2015 Results
--------------------------------------------------------
Moody's Investors Service says that SK Hynix Inc.'s weakening
operating results -- as evidenced by the continued decline in the
average selling prices for its memory products -- is credit
negative, but can be accommodated within its current Ba1 Corporate
Family Rating with stable outlook.

"Despite the continued decline in average selling prices, revenue
grew by 6% quarter-on-quarter, supported by the growth in bit
shipments and the favorable impact of foreign-exchange moves,"
says Gloria Tsuen, a Moody's Vice President and Senior Analyst.

"We expect the price declines and operating margin pressure to
continue into Q4 2015 and 2016, given the weak outlook for demand
for PCs and consumer electronics," adds Tsuen.

SK Hynix's reported operating margin declined to 28% in Q3 2015
from 30% in Q2 2015, but is still strong for its rating category.

While SK Hynix's reported debt increased by KRW0.5 trillion to
KRW4.3 trillion in Q3 2015, its leverage remained low with
adjusted debt/EBITDA below 1x, providing an adequate buffer
against the weak outlook for the memory industry.

The company's reported cash balance -- including short-term
investments -- of KRW4.1 trillion also provides sufficient
liquidity buffer.

SK Hynix's 2015 capital expenditure guidance was above KRW6
trillion, although that amount will decline modestly in 2016
because of the completion of the M14 fab this year.  It also
completed KRW772 billion in share buybacks on Oct. 1.

Moody's expects SK Hynix to maintain a prudent approach on capital
management and shareholder return initiatives to conserve its
strong liquidity profile.

Specifically, Moody's expects the company to maintain cash balance
above the KRW3.5 trillion to 4.0 trillion range, providing buffer
in the event of an industry downturn.

While SK Hynix's financial metrics are strong for its standalone
credit strength, it also considers the inherent cyclicality of the
memory chip industry and the high level of capex required to
maintain a competitive edge and cost advantages.

The Ba1 rating continues to factor in one notch uplift of parental
support from SK Hynix and SK Telecom Co., Ltd. (A3 stable).

The principal methodology used in this rating was Global
Semiconductor Industry Methodology published in December 2012.

SK Hynix Inc., a Korea-based company, is engaged in the design,
manufacture, and sale of memory chips, such as DRAM and NAND flash
memory.  It is 20.07%-owned by SK Telecom Co Ltd.



                             *********

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.


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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,
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Information contained herein is obtained from sources believed
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