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

                      A S I A   P A C I F I C

           Tuesday, November 24, 2015, Vol. 18, No. 232


                            Headlines


A U S T R A L I A

FLASH HARRY'S: Discount Retail Chain Enters Liquidation
INTERNATIONAL NIPPON: First Creditors' Meeting Set For Dec. 1
QUANTUS CONSULTING: First Creditors' Meeting Set For Dec. 1


I N D I A

AGRAWAL WOVEN: CARE Assigns 'B' Rating to INR13.50cr LT Loan
AKSHAYA SIGNATURE: CARE Assigns 'C' Rating to INR80cr Loan
ALASHORE MARINE: CRISIL Reaffirms B+ Rating on INR50MM Term Loan
AMRIT FRESH: CARE Lowers Rating on INR16.16cr LT Loan to 'D'
ANNAPOORANI YARNS: ICRA Reaffirms B+ Rating on INR7.90cr LT Loan

AVAYA INDUSTRIES: CARE Suspends 'D' Rating on INR74.75cr Loan
BANGALORE PAPER: CRISIL Cuts Rating on INR40MM Cash Loan to B+
BEBO INTERNATIONAL: CARE Assigns 'B' Rating to INR3.0cr LT Loan
BHAWTARINI VINIMAY: ICRA Lowers Rating on INR8cr Loan to 'D'
BHUVAN WHEELS: CRISIL Lowers Rating on INR60MM Cash Loan to B-

CALYX TELECOMMUNICATION: CARE Reaffirms B+ Rating on INR15cr Loan
DELTRON ELECTRICALS: CRISIL Reaffirms B+ Rating on INR34.5MM Loan
EYE-Q VISION: ICRA Assigns B+ Rating to INR19.50cr Loan
FLEXIBLE ABRASIVES: CARE Ups Rating on INR6.98cr Loan to BB-
GRAND AUTO: CARE Reaffirms B+ Rating on INR17cr LT Loan

HYT INOVATIVE: CRISIL Lowers Rating on INR65MM Cash Loan to B+
JMC CONSTRUCTIONS: ICRA Puts [Ir]D Rating on Notice of Withdrawal
KAIRALI GRANITES: CARE Reaffirms B+ Rating on INR8.39cr Loan
KHANDELWAL STEEL: CRISIL Reaffirms B+ Rating on INR80MM Loan
LILA HOSPITALS: ICRA Reaffirms 'D' Rating on INR5.40cr Term Loan

LUCENT CLEANENERGY: ICRA Reaffirms 'D' Rating on INR11.5cr Loan
MAHAVIR RICE: CARE Assigns B+/A4 Rating to INR75cr LT/ST Loan
MANGALDEEP COTTON: ICRA Reaffirms B Rating on INR5.0cr Loan
MOKSH ORNAMENTS: ICRA Suspends B+ Rating on INR13cr Bank Loan
NAVYA FOODS: ICRA Reaffirms B+ Rating on INR5.71cr Loan

NOVARC LABS: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
PRAKASAM ENTERPRISES: CRISIL Reaffirms B+ Rating on INR85MM Loan
SANSHU GREEN: CARE Revises Rating on INR14.41cr LT Loan to B+
SAP INDUSTRIES: ICRA Reaffirms B+ Rating on INR2.5cr LT Loan
SECURE INDUSTRIES: ICRA Lowers Rating on INR10.20cr Loan to D

SHOWTIME SYNDICATORS: CRISIL Reaffirms B Rating on INR70MM Loan
SREENATH ENGG: CRISIL Ups Rating on INR35MM Cash Loan to B+
SRI JAYAMALAR: CRISIL Suspends 'D' Rating on INR46.5MM Cash Loan
SRI LAKSHMIKANTHA: CRISIL Assigns B- Rating to INR651.5MM Loan
SSG PHARMA: CRISIL Assigns B+ Rating to INR80MM Cash Loan

TATWA TECHNOLOGIES: ICRA Lowers Rating on INR6.77cr Loan to D
TOSHBRO MEDICALS: CRISIL Reaffirms B Rating on INR65MM Loan


J A P A N

SHARP CORP: May Shut Remaining Overseas TV Plants, Exec Says


N E W  Z E A L A N D

ENCELL GROUP: Offered Worthless Building Guarantee

* NEW ZEALAND: To Look Into Building Companies Wind Downs


P H I L I P P I N E S

RURAL BANK OF CALASIAO: Placed Under PDIC Receivership


S O U T H  K O R E A

* SOUTH KOREA: State-Run Banks Hinder Corporate Restructuring


X X X X X X X X

* BOND PRICING: For the Week Nov. 16 to Nov. 20, 2015


                            - - - - -


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


FLASH HARRY'S: Discount Retail Chain Enters Liquidation
-------------------------------------------------------
Eloise Keating at SmartCompany reports that a Queensland-based
discount retail chain has collapsed into liquidation, amid reports
it owes unsecured creditors AUD1.2 million.

Variety chain store Flash Harry's was established in 2003, with
its first store opening in Hervey Bay.  Until recently the chain
operated eight outlets in Queensland.

According to the report, Flash Harry's revealed three outlets in
Maryborough, Childers and Urangan were sold to independent
operators on November 10 and a statement on its website said it
would be "business as usual" at the remaining five stores.

But on the same day, liquidators Paul Nogueira and Morgan Lane of
Worrells Solvency and Forensic Accountants were appointed to A.P.
& K.J. Hewton Investments, which traded as Flash Harry's, the
report says.

SmartCompany, citing News Mail, relates that the chain's five
stores in Bargara, Bundaberg, Hervey Bay, Noosa and Gympie ceased
trading on November 11 with staff told of the closures just hours
beforehand.

Liquidator Paul Nogueira told News Mail earlier this month Flash
Harry's owed creditors approximately $1.2 million, in addition to
debts owed to employees and the company's bank, according to
SmartCompany.

He said the store closures were due to a significant downturn in
trading and high commercial rents, SmartCompany relays.

"There's been a spat of other liquidations of other variety stores
throughout the industry," the report quotes Mr. Nogueiraas saying.
"That applied a lot of pressure to suppliers in the market so they
weren't prepared to provide a lot more credit so that put some
serious cash flow problems on the business as well."


INTERNATIONAL NIPPON: First Creditors' Meeting Set For Dec. 1
-------------------------------------------------------------
John Vouris & Bradley Tonks of PKF were appointed as
administrators of International Nippon Australia and New Zealand
Club Limited on Nov. 19, 2015.

A first meeting of the creditors of the Company will be held at
PKF, Level 8, 1 O'Connell Street, in Sydney, on Dec. 1, 2015, at
11:00 a.m.


QUANTUS CONSULTING: First Creditors' Meeting Set For Dec. 1
-----------------------------------------------------------
Timothy Heesh and Amanda Lott of TPH Insolvency were appointed as
administrators of Quantus Consulting Pty Limited on Nov. 19, 2015.

A first meeting of the creditors of the Company will be held at
at the offices of TPH Insolvency, 133 Macquarie Street, in Sydney,
on Dec. 1, 2015, at 3:30 p.m.



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


AGRAWAL WOVEN: CARE Assigns 'B' Rating to INR13.50cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Agrawal
Woven Polymers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.50      CARE B Assigned

Rating Rationale

The rating is primarily constrained on account of the
predominately debt-funded greenfield project undertaken by
Agrawal Woven Polymers (AWP) for the manufacturing of woven sack
bags and susceptibility of its profitability to volatile raw
material prices. The rating is, further, constrained on account of
its presence in the highly competitive and fragmented woven sack
industry and its constitution as a partnership concern which led
to risk of withdrawal of capital.

The rating, however, derives strength from the experienced
management in the packaging industry.

The ability of the firm to complete the project within envisaged
cost parameters and ability to stabilize the operations to achieve
envisaged levels of sales and profitability will be the key rating
sensitivities.

Udaipur-based AWP was formed in September 2014 as a partnership
concern by Mr Kailash Chand Agrawal, Mr Yogesh Agrawal, Mr Tarun
Agarwal and Mr Amit Agarwal in a profit & loss sharing ratio of
10:10:40:40 respectively. AWP was formed with an objective to set
up a greenfield plant for manufacturing of woven sack bags at
Udaipur (Rajasthan).  Woven sack bags are manufactured from
Polypropylene (PP)/High Density Polyethylene (HDPE) granules and
find their applications in storing and transporting free flowing
dry products like flour, salt, cotton, cement, rice, seeds, cattle
feeds and sugar, etc. The firm envisaged to complete its project
and start commercial operations by the end of November 2015.

The firm envisaged total project cost of INR17.01 crore which is
envisaged to be funded with a debt equity mix of 1.54:1.  The unit
proposes to have an installed capacity of 4,043.52Metric Tonnes
Per Annum (MTPA).


AKSHAYA SIGNATURE: CARE Assigns 'C' Rating to INR80cr Loan
----------------------------------------------------------
CARE assigns 'CARE C' rating to the non-convertible debenture
issue of Akshaya Signature Homes Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Non-Convertible Debenture
   Issue (Proposed)               80        CARE C Assigned

Rating Rationale

The rating assigned to the proposed long-term Non-Convertible
Debenture issue of Akshaya Signature Homes Private Limited (ASHPL)
is primarily constrained by instances of delays in servicing of
existing debt obligations. The rating also considers long track
record of the promoters in real estate industry and prime location
of the project. The rating also takes note of project
implementation risk, high competition in the real estate industry
and unfavourable real estate industry scenario.

Going forward, timely completion of the project within the
estimated cost and timely sale of flats at an envisaged rate will
be key rating sensitivities.

ASHPL was floated as a special purpose vehicle by Akshaya Private
Limited (APL) which holds 76.58% stake, ICICI Prudential Asset
Management Company Limited (ICICI Pru. AMC) (9.91%) and by the
promoters (13.51%) to develop high end residential apartments in
prime area of Chennai. ASHPL is part of the Chennai-based Akshaya
group which is primarily engaged in development of residential
real estate projects in Chennai, Tamil Nadu. The group was
promoted by Mr T. Chitty Babu, by setting up a proprietorship firm
in 1995 in the name of Akshaya Structurals for carrying out civil
construction contracts. Later, the group ventured into real estate
development in 1998 through the sole proprietorship firm, Akshaya
Homes Private Limited (AHPL). During 2005, AHPL was incorporated.
The name was changed from AHPL to Akshaya Private Limited (APL) in
2008. APL has completed 37 projects with the saleable area of
20.46 lsf (lakh square feet) till August 31, 2015.


ALASHORE MARINE: CRISIL Reaffirms B+ Rating on INR50MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Alashore Marine Exports
Private Limit (AMEPL; formerly Accenture Marine Exports Pvt Ltd)
continue to reflect AMEPL's below-average financial risk profile
marked by small net worth, moderate gearing, and average debt
protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Export Packing         40        CRISIL B+/Stable (Reaffirmed)
   Credit

   Proposed Non Fund       2.5      CRISIL A4 (Reaffirmed)
   based limits

   Term Loan              50.0      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the firm's susceptibility to
fluctuations in foreign exchange rates and exposure to risks
inherent in the seafood industry. These rating weaknesses are
partially offset by the promoters' extensive industry experience.

Outlook: Stable

CRISIL believes AMEPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relations with customers. The outlook may be revised
to 'Positive' if there is a substantial and sustained improvement
in revenue and profitability margin, or if a sizeable equity
infusion from the promoters drives a considerable increase in net
worth. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in profitability margin, significant
deterioration in capital structure (caused most likely by a large
debt-funded capital expenditure) or a stretch in working capital
cycle.

Incorporated in December 2012, AMEPL processes and exports sea
food, especially prawns. It has a processing facility in Balasore,
Odisha. The company is promoted and managed by Mr. Gyan Ranjan
Dash. The unit has an installed capacity of processing around 3000
metric tonnes per annum.


AMRIT FRESH: CARE Lowers Rating on INR16.16cr LT Loan to 'D'
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Amrit Fresh Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    16.16       CARE D Revised from
                                            CARE BB

   Short-term Bank Facilities    1.00       CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Amrit Fresh Private Limited (AFPL) takes into account the ongoing
delays in debt servicing due to stressed liquidity position of the
group. The liquidity position of the company has been stressed due
to continuing losses at the PBILDT level arising from consumption
of comparatively high cost of Skimmed Milk Powder (SMP) to
overcome the shortage of raw milk and lack of company's presence
in the higher margin segment.

Amrit Fresh Pvt. Ltd. (AFPL), incorporated in June 2009 and
promoted by Mr. G. P. Bagla and his son Mr. Harish Bagla, is
part of the Kolkata based Amrit Group.

AFPL started operation with marketing of processed milk under the
'Amrit Fresh' brand using a third party set-up to process and pack
raw milk. In April 2012, the company ventured into a project for
setting up its own processing facility by acquiring an existing
dairy unit in Barasat District, West Bengal which resulted in
increase in total installed capacity to 1,50,000 ltr per day from
50,000 ltr per day. The unit has production facilities for
processed milk and other value added products like lassi, curd,
paneer, ice-cream, ghee etc along with SMP Plant with capacity of
10 tons per day.

Amrit group has business interests in animal feed, poultry, egg,
processed chicken, dairy products, frozen foods and processed
vegetables.

During FY15, AFPL earned a PAT of INR0.44 crore (Rs.0.25 crore in
FY14) on a total operating income of INR28.13 crore (Rs.24.82
crore in FY14).


ANNAPOORANI YARNS: ICRA Reaffirms B+ Rating on INR7.90cr LT Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating outstanding on the
INR3.39 crore term loan facilities and INR7.90 crore fund based
facilities of Annapoorani Yarns at [ICRA]B+. ICRA has also
reaffirmed the long-term / short-term rating of [ICRA]B+/[ICRA]A4
outstanding on the INR0.71 crore unallocated limits of the firm.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term loan facilities    3.39        [ICRA]B+ reaffirmed

   LT-Fund based
   Facilities              7.90        [ICRA]B+ reaffirmed

   LT/ST - Unallocated     0.71        [ICRA]B+/[ICRA]A4
   limits                              reaffirmed

The reaffirmation of the ratings considers the experience of the
promoters in the textile industry and the firm's established
relationship with its customers, which ensures repeat orders in
the domestic market. The ratings also consider the growth in
operating income by ~7.5% in 2014-15 on the back of increase in
volumes aided by higher orders received during the year; however,
operating margins had witnessed decline during the year following
the drop in yarn prices in H1, FY15 and lower revenues from sale
of wind power. Further, the firm's financial profile remains
moderate, characterised by thin profit margins owing to limited
value addition, high working capital limit utilization, stretched
capital structure and coverage indicators. The ratings continue to
remain constrained by the firm's moderate scale of operations
which restricts the benefits from economies of scale, intense
competition prevalent in the industry which restricts pricing
flexibility, the vulnerability of earnings to volatility in yarn
prices and issues related to capital continuity risks associated
with partnership firms.

Annapoorani Yarns was incorporated as a partnership firm in 2000
with two partners namely Mr. R. Jayachandran and Mrs.J. Thavamani
sharing the profit equally and in the year 2013 a third partner
namely M/s Naveen Cotton Mill Private Limited had joined the firm
with a share in the profit of 27%. The firm is primarily engaged
in the trading of textile yarn and fabric. The operations of the
firm are managed by Mr. R Jayachandran. The firm's product profile
includes 100% Cotton, Polyester and Blended Yarns, Melange Yarns
and Fabrics. The firm also has a 1 MW Wind Mill installed in the
Tuticorin District, Tamil Nadu which is connected to the
Ayyanarathu Substation.

The firm's third partner M/s Naveen Cotton Mill Private Limited
was incorporated in the year 2005 and has a spinning unit in
pungampalli with an installed capacity of 16,800 spindles.

Recent Results
According to the unaudited financials, the firm reported a net
profit of INR0.9 crore on an operating income of INR95.4 crore
during 2014-15, as against a net profit of INR0.9 crore on an
operating income of INR88.8 crore during 2013-14.


AVAYA INDUSTRIES: CARE Suspends 'D' Rating on INR74.75cr Loan
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Avaya
Industries Ltd and suspends ratings.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     45.00      CARE D and suspended
                                            Revised from 'CARE
                                            BB'

   Short-term Bank Facilities    74.75      CARE D and suspended
                                            Revised from
                                            'CARE A4+'

CARE has revised the ratings assigned to the bank facilities of
Avaya Industries Limited on account of ongoing delays in debt
servicing.

Furthermore, the ratings have been suspended as the company has
not furnished the information required by CARE for
monitoring of the rating.


BANGALORE PAPER: CRISIL Cuts Rating on INR40MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Bangalore Paper Store (BPS; part of the Vipul Overseas group) to
'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Letter of Credit       95       CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

The downgrade reflects CRISIL's belief that the Vipul Overseas
group's financial risk profile, particularly liquidity, has
deteriorated in 2014-15 (refer to financial year April 1-
March 31) due to large working capital requirement because of high
debtors of 127 days as on March 31, 2015, which resulted in
delayed payments to the creditors (payable days of 97 as on
March 31, 2015). CRISIL believes that the liquidity will remain
under pressure over the medium term because of considerable
working capital requirement.

The downgrade also factors in the modest financial risk profile
because of high total outside liabilities to tangible net worth
(TOLTNW) ratio of 4.83 times as on March 31, 2015 on account of
high working capital debt and a low interest coverage ratio of
1.26 times in 2014-15 owing to high interest and finance charges.
CRISIL believes the group's financial risk profile will remain
average over the medium term because of large working capital
requirements.

The ratings reflects the weak financial risk profile because of a
high TOLTNW ratio and modest debt protection metrics, low
operating profitability, and modest scale of operations in the
intensely competitive paper trading industry. These rating
strengths are partially offset by extensive experience of
promoters in the paper trading industry, and the group's moderate
risk management policies owing to low inventory, and moderate
debtor and supplier risks. These rating strengths are partially
offset by the

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Vipul Overseas Private Limited and its
group company, BPS. This is because these entities together
referred to as the Vipul Overseas group, share common
infrastructure and have a similar procurement process. Moreover,
these entities trade in similar products.

Outlook: Stable

CRISIL believes the Vipul Overseas group will continue to benefit
over the medium term from the promoters' extensive industry
experience. The outlook may be revised to 'Positive' if equity
infusion improves the capital structure or if significant
improvement in topline and profitability leads to higher-than-
expected cash accrual. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in profitability margins or
a significant deterioration in the capital structure on account of
larger-than-expected working capital requirement.

BPS was set up as a proprietorship concern in 1991 by the New
Delhi-based Mr. Surinder Garg. It trades in coated and uncoated
paper, newsprint, and waste paper.

VOPL was set up as a private limited company in 1992 by the New
Delhi-based Garg family. Mr. Surinder Garg is the key promoter and
managing director the other directors are Mr. Jai Dev Ram Garg
(father of Mr. Surinder Garg) and Mrs. Archana Garg (wife of Mr.
Surinder Garg). The company also trades in coated and uncoated
paper, newsprint, and waste paper.


BEBO INTERNATIONAL: CARE Assigns 'B' Rating to INR3.0cr LT Loan
---------------------------------------------------------------
CARE assigns ratings of 'CARE B and CARE A4' to bank facilities of
Bebo International.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     3.00       CARE B Assigned
   Short term Bank Facilities    3.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bebo International
(BI) are constrained by short track record of the firm, small
scale of operations, susceptibility of profitability margins to
vagaries in the climatic conditions in India, intense competition
in the rice industry and constitution of the entity as a
partnership concern. The ratings, however, derive strength from
the comfortable coverage and leverage indicators, completely
hedged foreign exchange exposure and presence in a major paddy
cultivation area facilitating easy procurement of raw material.
Ability of the firm to improve the scale of operation, maintain
its profitability margins and combat the fierce competition
from other players are the key rating sensitivities.

Bebo International (BI) was established as a partnership concern
by Mr Padala Ramareddy and Mrs Kavita Agarwal in the year 2011.
Later in 2014, one more partner, Mr Mutyala Krishnamurty joined
the firm.

Initially BI was earning revenue through brokerage commission by
acting as an agent between the exporters and importers of rice.
From late FY15 (refers to the period April 1 to March 31), the
company started engaging in the rice processing, procurement and
exports.

During FY15, BI reported a net profit of INR0.75 crore on a total
operating income of INR2.86 crore as against a net profit of
INR0.14 crore on a total operating income of INR0.52 crore in
FY14.


BHAWTARINI VINIMAY: ICRA Lowers Rating on INR8cr Loan to 'D'
------------------------------------------------------------
ICRA has revised downward the long term rating assigned to the
INR10 crore (of which INR2 crore is proposed) cash credit facility
of Bhawtarini Vinimay Private Limited from [ICRA]B to [ICRA]D .

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8         [ICRA]D downgraded
   Proposed Cash
   Credit                  2         [ICRA]D downgraded

The rating revision takes into account the recent delays made by
the company in meeting its debt servicing obligations in a timely
manner. The delays were observed primarily due to decline in
average realization of cotton yarn on the back of weak market
scenario leading to stretched liquidity position.

Incorporated in August 2012, Bhawatarini Vinimay Pvt. Ltd. is
engaged in the trading of cotton yarn. The company purchases the
goods from the agents appointed by the spinning mills and sells to
the handloom weavers and to the wholesale traders. Such traders
and weavers are based in Kolkata and surrounding areas.


BHUVAN WHEELS: CRISIL Lowers Rating on INR60MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Bhuvan Wheels Private Limited (BWPL) to 'CRISIL B-/Stable' from
'CRISIL B+/Stable'.

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

The downgrade reflects CRISIL's belief that BWPL's financial risk
profile, particularly liquidity will remain constrained over the
medium term by lower-than expected cash accrual, sizeable advances
to group entities, and withdrawal of funds by promoters. Though
the company's revenue is expected to grow by over 50 per cent in
2015-16 (refers to financial year, April 1 to March 31) from
INR509 million reported in the previous year, its operating profit
margin will remain constrained by the trading nature of its
business and limited bargaining power with principal. The company
reported net loss of INR24.7 million in 2014-15, its first full
year of operations, and its cash accrual is expected to remain low
over the medium term due to low profitability and high reliance on
external debt. Also, it had advanced INR52 million as of March 31,
2015, to affiliates, resulting in increased pressure on liquidity.
Moreover, promoters withdrew INR19 million from the company in
2014-15. This resulted in high reliance on external debt and its
bank limits are almost fully utilised over the 12 months through
September 2015 resulting in limited cushion in times of exigency.

The rating reflects BWPL's modest scale of operations in the
competitive automotive (auto) dealership business, low operating
profitability, and weak financial risk profile because of negative
net worth and weak debt protection metrics. These weaknesses are
partially offset by promoters' extensive experience in the auto
dealership business and association with Hyundai Motor India Ltd
(HMIL; rated 'CRISIL A1+'), a prominent player in the Indian
passenger car industry.

Outlook: Stable

CRISIL believes BWPL will benefit over the medium term from its
promoters' extensive industry experience and association with
HMIL. The outlook may be revised to 'Positive' if the company
records substantial sales and profitability, leading to sizeable
net cash accrual. Conversely, the outlook may be revised to
'Negative' if financial risk profile, particularly liquidity,
weakens because of slower ramp-up in sales, decline in cash
accrual, large working capital requirement, or large debt-funded
capital expenditure.

BWPL was incorporated in 2013 by Mr. Subhash Zambad and his
family. BWPL is the authorised dealer for HMIL in Aurangabad
(Maharashtra) and operates one showroom and one workshop there. In
2015-16, BWPL set up a showroom and workshop for HMIL cars in
Jalna (Maharashtra).


CALYX TELECOMMUNICATION: CARE Reaffirms B+ Rating on INR15cr Loan
-----------------------------------------------------------------
CARE revokes suspension and reaffirms the long term rating
assigned to the bank facilities of Calyx Telecommunication Private
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       15       CARE B+ Suspension
                                            revoked and rating
                                            reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Calyx
Telecommunication Private Limited (CTPL) is constrained by weak
capital structure and debt coverage indicators, presence in a
highly fragmented nature of industry characterized by competition
from unorganized and more established players, rapid change in
technology leading to obsolescence risk and working capital
intensive nature of operations.

The rating continues to derive strength from the promoters'
experience in the business of trading of cellular phones and
the company's distribution network of over 60 dealers and presence
in Tier I and Tier II cities across country. The rating
also factors in the discontinuation of contract with ZTE Telecom
India Private Limited (ZTE) and subsequent foreyed into trading of
handsets of other leading players resulting in improved margins
during FY15 (refers to the period from April 1 to
March 31). The ability of the company to increase its scale of
operations along with further improvement in its profitability
margins and solvency position is the key rating sensitivity.

CTPL was incorporated in the year 2013 and is a part of the Calyx
group based out of Pune, Maharashtra, which has presence in varied
businesses such as real estate (since 1998), construction and
telecommunication.

Till December 2014, CTPL was engaged in distribution of smart
phones of ZTE Telecom India Private Limited (ZTE) as per the
contract with ZTE. However, in FY15, the company discontinued the
said contract and is currently engaged in wholesale trading of
mobile handsets for other leading players like Lenovo Group
Limited (LGL), Syntech Technology Private Limited (STPL: brand -
Gionee) and Samsung Electronics Company Limited (SECL). The
company purchases in bulk from handset providers and sells the
handsets online as well as through 60 distributors having presence
across India. For online selling the company is registered with
Amazon Seller Services Private Limited, Flipkart Online Services
Private Limited and Jasper Infotech Private Limited (JIPL: brand -
Snapdeal) for online selling. The contribution from online selling
is around 60% to the total operating income while remaining is
contributed by sales to distributors.

During FY15 (provisional), the company registered an income from
operations and PAT of INR39.66 crore and 1.65 crore, respectively,
as against an income from operations and net loss of INR33.76
crore and INR3.51 crore in FY14.


DELTRON ELECTRICALS: CRISIL Reaffirms B+ Rating on INR34.5MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Deltron Electricals
(Deltron) continue to reflect the firm's below-average financial
risk profile, because of a small net worth and subdued debt
protection metrics, and the modest scale of operations in the
highly competitive transformer industry. These rating weaknesses
are partially offset by the extensive experience of promoters in
the power distribution equipment industry and the prudent risk
management policies.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         20       CRISIL A4 (Reaffirmed)
   Cash Credit            20       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     34.5     CRISIL B+/Stable (Reaffirmed)
   Term Loan               5.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Deltron will continue to benefit over the medium
term from its strong track record in the power distribution
equipment industry and its established clientele. The outlook may
be revised to 'Positive' if the financial risk profile improves,
driven most likely by a substantial increase in cash accrual, or
infusion of capital. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, including liquidity,
weakens on the back of lower-than-expected cash accrual or any
stretch in the working capital cycle or large, debt-funded capital
expenditure (capex) or any major capital withdrawal.

Update
The revenue increased substantially by around 83 per cent year-on-
year to reach INR365.4 million in 2014-15 (refers to financial
year, April 1 to March 31) on the back of strong order flow from
the contractors associated with Maharashtra State Electricity
Board (MSEB). The firm's operating margin improved to 5.5 per cent
in 2014-15 from 4.6 per cent in 2013-14 on account of an increase
in scale of operations; it had cash accrual of INR3.8 million in
2014-15, as against INR1.7 million in 2013-14. It recorded revenue
of INR170 million till August 2015, and has an order book of
INR90-100 million which will be executed over the next three
months. CRISIL expects Deltron to record a modest revenue growth
of 8-10 per cent over the medium term while largely sustaining the
operating profitability.

The gearing was largely stable at 1.2 times as on March 31, 2015
as against 1.06 times a year earlier. The net worth was small at
around INR250 million as on March 31, 2015. The debt protection
metrics were modest, with interest coverage and net cash accrual
to total debt ratios of 1.8 times and 0.14 times, respectively, in
2014-15. CRISIL expects Deltron to largely sustain the financial
risk profile over the medium term on the back of relatively higher
accretion to reserves, moderate and stable working capital
requirement, and the absence of any debt-funded capex plans.

The firm has moderate working capital requirement because of gross
current asset days of 97 as on March 31, 2015, which coupled with
an increase in cash accrual resulted in moderate utilisation of
limits at 76 per cent, on average, over the 12 months through June
2015. Deltron is expected to generate cash accrual of INR5.1
million in 2015-16 against no debt obligation.

Deltron, based in Vasai (Maharashtra), was established in 1980 as
a partnership between Mr. H D Shah and his son, Mr. Deepak Shah.
It manufactures distribution, power, and dry type transformers;
the firm, however, derives a bulk of its revenue from sale of
distribution transformers.

The firm reported a profit after tax (PAT) of INR3.4 million on
sales of INR365.4 million in 2014-15 as against a PAT of INR1.5
million on sales of INR199.5 million in 2013-14.


EYE-Q VISION: ICRA Assigns B+ Rating to INR19.50cr Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+  to the proposed
INR19.50 crore (USD 3 million), Non-Convertible Debenture (NCD)
programme of Eye-Q Vision Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Proposed NCD
   Programme            19.50      [ICRA]B+; assigned

Instruments with [ICRA]B rating are considered to have high risk
of default regarding timely servicing of financial obligations.
The modifiers {"+"(plus)/"-"(minus)} used with the rating symbols,
reflect the comparative standing within the rating category.

The assigned rating reflects Eye-Q's weak debt-servicing
capability as a result of consistent cash losses reported by the
company, which is expected to continue in the near-term. While
mature centres in company's portfolio have been reporting a
consistent improvement in operating profitability margins over the
past few years, losses in new centres during their gestation phase
and sizeable corporate overheads have resulted in operating losses
for the company. This together with short debt maturity profile
increases the pressure on cash flows thereby making the company
completely reliant on fresh funding /debt refinancing for meetings
its debt obligations. Though the company has a comfortable
liquidity profile owing to un-deployed funds raised from PE
investors in March 2015, these are primarily proposed to be used
towards organic as well as inorganic expansion. As the company
plans to mobilize longer-tenor debt funding with back-ended
repayments for refinancing its existing debt obligations, near-
term pressure on cash flows is expected to ease to some extent.
Yet, a consistent improvement in operating margins and cash
profits would still be critical to achieve an improvement in debt-
protection metrics and become self-reliant in debt-servicing.

Although the company is increasingly focusing on tier-III and
tier-IV markets wherein it faces limited competition from other
organized players, it continues to compete with these players for
skilled manpower. Its continued ability to attract and retain
talent in these markets at a reasonable cost will be an important
determinant of its operating performance going forward.
Nevertheless while assigning the rating, ICRA has derived comfort
from Eye-Q's experienced founders with established track record of
operations in the domestic eye-care sector; and its strong
investor base that has demonstrated commitment by participating in
its multiple rounds of funding over the years. While assigning the
rating, ICRA has also taken comfort from the consistently
improving profitability margins of mature hospitals in company's
portfolio which together with initiatives being taken by the
company to optimize its overall cost structure are expected to
translate into an improvement in company's return metrics going
forward.

In ICRA's view, the company's ability to achieve a break-even at
cash profit level and report a consistent improvement in operating
profitability margins in spite of launch of new centers (as
planned), would be the key rating sensitivity. Further, the
company's ability to successfully mobilize longer-tenor debt
funding with back-ended repayments for refinancing its existing
debt obligations, in order to reduce the interim pressure on cash
flows, would also be a critical determinant of company's credit
profile going forward.

Incorporated in 2006 by Dr. Ajay Sharma and Mr. Rajat Goel, Eye-Q
Vision Private Limited (Eye-Q) owns and operates a chain of 31
super-specialty eye-care centres in India and employs over 65+
ophthalmologists. Hospitals operated by Eye-Q provide services in
the specialties of cataract, cornea & refractive, retina, orbit &
oculoplasty, glaucoma, optical and medicines amongst others.

Geographically, the company has presence in 19 cities in North and
West India (Delhi NCR (National Capital Region), Haryana, Uttar
Pradesh (UP), Uttarakhand and Gujarat). While 26 centres are
located in North India, balance 5 centres are located in West
India (Gujarat).

Over the years, the company has received multiple rounds of
funding by reputed Private Equity investors such as Song Fund
(sponsored by Soros Economic Development Fund, Google & the
Omidyar Network), Helion Ventures, Nexus and International Finance
Corporation.

Recent Results

Eye-Q reported an operating income of INR65.9 crore and net loss
of INR22.2 crore in FY15 as compared to an operating income of
INR58.1 crore and net loss of INR18.6 crore in FY14.


FLEXIBLE ABRASIVES: CARE Ups Rating on INR6.98cr Loan to BB-
------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Flexible
Abrasives Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.98      CARE BB- Revised from
                                            CARE B+

   Short term Bank Facilities     1.10      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Ideas Engineers
(IE) are constrained on account of limited track record coupled
with moderate scale of operations, thin profitability margins and
its constitution as a partnership firm. The ratings are also
constrained on account of concentrated order book position,
exposure of the firm to the seasonal & cyclic sugar industry and
competition from the relatively large-sized players in the sector.

The ratings, however, continue to derive strength from the
experience of the partners and established itself as an EPC
(Engineering Procurement and Construction) contractor for
electrical projects, satisfactory order book position, reputed
client base and financial risk profile marked by moderate capital
structure and moderate liquidity position.

The ability of the firm to enhance its scale of operation while
maintaining the profitability and capital structure remains
the key rating sensitivities.

Established in 2008, IE is a partnership firm managed by three
partners, Mr Subhash R. Sarda, Mr Sunil B. Gadekar and Mr Virendra
Pratap Singh. IE is based in Aurangabad and engaged in the
business of taking EPC contracts for electrical projects for
various industries including sugar, cement, fertilizer,
metallurgical plants and others areas. The firm primarily
executes projects related to electrical job work and turnkey
projects for sugar companies. The firm gets orders through
competitive bidding from its clients and caters mainly to private
companies with few projects from government bodies.

The firm is also into supply of electrical control panels, low
voltage Power Control Centre (PCC), Motor Control Centre (MCC),
distribution boards, bus-ducts &control desks coupled with
designing, detail engineering and drawing of electrical
installation.

The firm primarily executes projects related to electrical job
work and turnkey projects for sugar companies. The firm gets
orders through competitive bidding from its clients and caters
mainly to private companies with few projects from government
bodies.

During FY15, IE earned a PAT of INR0.67 crore on a total income of
INR51.93 crore as against a PAT of INR0.64 crore on a total income
of INR49.53 crore for FY14.


GRAND AUTO: CARE Reaffirms B+ Rating on INR17cr LT Loan
-------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Grand Auto Udyog Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     17.00      CARE B+ Reaffirmed
   Short term Bank Facilities     0.70      CARE A4 Reaffirmed

Rating Rationale
The rating to the bank facilities of Grand Auto Udyog Pvt. Ltd.
(GAUPL) continues to remain constrained by its small scale of
operations with thin profit margins marked by pricing constraints
and margin pressure arising out of competition from other auto
dealers in the market, risk of non-renewal of dealership agreement
from principles, working capital intensive nature of its operation
leading to leveraged capital structure and moderate debt
protection metrics. The rating, however, derives strength from its
experienced promoters with long track record of operations,
authorised dealership of some automobile majors leading to
diversified product profile and integrated nature of business.

Going forward, the ability of the company to improve its scale of
operation along with improvement in profit levels, margins and
efficient management of working capital would be the key rating
sensitivities.

Grand Auto Udyog Pvt. Ltd. (GAUPL) was established as a
partnership firm namely Grand Automobiles in 1986 by one Mr
Nabin Kumar Mohanty of Cuttack along with other partners. Since
inception, the firm has been in car dealership business.  Later,
in the year 2011, the firm was converted into a company and
rechristened as GAUPL. Presently, the company has authorised
dealership of various companies like, India Yamaha Motor Pvt.
Ltd., Piaggio Vehicles Private Limited, Swaraj Mazda tractors and
Total Oil India Pvt. Ltd. for the Cuttack district of Odisha.
Apart from this, the company is a dealer and distributor for some
tyre companies like Bridgestone, CEAT, JK Tyres, TVS Tyres etc.
GAUPL has six showrooms at Cuttack for different products. This
apart, the company has eight sales counters for automobile
products spreading in nearby three districts of Odisha.

During FY15 (refers to the period April 01 to March 31), the
company reported a total operating income of INR65.67 crore
(FY14: INR50.35 crore) and a PAT of INR0.32 crore (in FY14:
INR0.23 crore). Furthermore, the company has achieved a total
operating income of INR32.84 crore during H1FY16 (refers to the
period April 1 to September 30).


HYT INOVATIVE: CRISIL Lowers Rating on INR65MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
HYT Inovative Projects Private Limited (HIPPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         73       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit            65       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term     29.6     CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Term Loan              23       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable'

The downgrade reflects continued pressure on HIPPL's business risk
profile. The company's revenue declined to INR34.5 million in
2014-15 (refers to financial year, April 1 to March 31) from
INR79.5 million the previous year, while operating profitability
halved to 14.31 per cent from 30.21 per cent, because of limited
orders from the defence sector.

The ratings reflect HIPPL's small scale of operations, large
working capital requirement, susceptibility to cyclicality in
demand, and below-average debt protection measures. The weaknesses
are partially offset by promoters' extensive experience in the
precision tubes industry, presence in a niche segment, and healthy
capital structure.

For arriving at the ratings, CRISIL has considered HIPPL's
standalone business and financial risk profiles. CRISIL had
earlier combined the business and financial risk profiles of HIPPL
and HYT Engineering Company Pvt Ltd. The revised analytical
approach reflects absence of significant financial support and
cash flow fungibility among the two companies, and the
management's stance of operating them independently.

Outlook: Stable

CRISIL believes HIPPL's business risk profile will remain
constrained over the medium term because of pressure on topline.
The outlook may be revised to 'Positive' if the company
significantly scales up operations while maintaining or improving
operating margin, leading to better-than-expected cash accrual.
Conversely, the outlook may be revised to 'Negative' in case of
significant stretch in working capital cycle or sharp
deterioration in accrual, impacting liquidity.

HIPPL manufactures precision tubes, which are used in a wide range
of defence systems such as missiles and nuclear reactors.


JMC CONSTRUCTIONS: ICRA Puts [Ir]D Rating on Notice of Withdrawal
-----------------------------------------------------------------
ICRA has put the issuer rating of [Ir]D for JMC Constructions
Private Limited on 'Notice of withdrawal' for a period of 1 year.

Mr. A Srinivasulu started taking contracts in his individual
capacity since 1979. In 1999, partnership firm M/s A Srinivasulu &
Co was formed. In 2008, the partnership firm was converted into
Private Limited Company. JMCPL is based out of Chittoor and has
executed road works for Government of Andhra Pradesh, Tamil Nadu
and National Highway Authority of India. In FY15, JMCPL had an
operating income of Rs, 111.92 crore and PAT of INR3.23 crore.


KAIRALI GRANITES: CARE Reaffirms B+ Rating on INR8.39cr Loan
------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Kairali
Granites.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      8.39      CARE B+ Reaffirmed
   Short term Bank Facilities     1.15      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Kairali Granites
(KG) continue to be constrained by the small size of operations,
and thin profitability. The ratings are also constrained by the
firm's exposure to cyclicality associated with the end user
industry, working capital intensive nature of operations,
and the constitution of the entity as a proprietorship firm. The
ratings do take note of proposed debt funded capex plans, amidst
the relatively modest capital structure of the firm.

The ratings, however, derive comfort from the long experience of
the proprietor and the established operational track record of the
firm.

Going forward, the ability of the firm to grow its scale of
operations, improve its profitability and prudently manage its
working-capital requirements would be the key rating
sensitivities. Further, the progress on the proposed entry into
real estate business and the show room expansion will be
important for the future credit profile of the company.

Kairali Granites (KG) is engaged in the trading of marbles,
granites and allied products. The business was originally
established as a partnership in 1989 by Mr. V.R. Narayanan Embran
(aged 64 years) and Mr. Raghavan, sharing profits and losses
equally. Later in 1991, Mr. Narayanan took over the share of
Mr. Raghavan and converted the business into a proprietorship
concern. Mr. Narayanan Embran has been engaged in the granite
business for more than three decades. He is a graduate of science,
also qualified till intermediate in the CA course. Mr. Narayanan
Embran worked with a mining company in Hyderabad for 5 years as
head of Marketing Department prior to the establishment of KG.


KHANDELWAL STEEL: CRISIL Reaffirms B+ Rating on INR80MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Khandelwal Steel
Industries (KSI) continue to reflect KSI's modest scale of
operations in the highly competitive steel industry, and weak
financial risk profile because of high gearing and average debt
protection metrics.

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

   Letter Of Guarantee     10      CRISIL A4 (Reaffirmed)

   Term Loan               33      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the firm's promoters.

Outlook: Stable

CRISIL believes KSI will continue to benefit over the medium term
from its promoters' industry experience. The outlook may be
revised to 'Positive' if there is an improvement in profitability,
leading to a substantial increase in cash accrual and hence to a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the operating margin is lower than
expected or if there is a significant increase in working capital
requirement, resulting in deterioration of the financial risk
profile.

Update
KSI's revenue increased by about 34 per cent to INR1.21 billion in
2014-15 (refers to the financial year April 1 to March 31) from
INR905 million in the previous year owing to higher revenue from
trading. Its operating profitability margin too increased to about
2.4 per cent from 2.0 per cent over this period; the margin varies
depending upon the quantum of trading revenue. The margin is
likely to remain at 2-3 per cent over the medium term.

The firm continues to manage its working capital efficiently as
indicated by its moderate gross current assets of 51 days as on
March 31, 2015. Hence, its average bank limit utilisation was 80-
90 per cent over the 10 months ended October 31, 2015.

The financial risk profile remains below average because of high
gearing of over 5 times and a modest net worth of about INR26.8
million, as on March 31, 2015. Due to low profitability, the net
worth is expected to remain modest over the medium term, resulting
in high gearing.

Set up in 2001, KSI is promoted by Kalol (Gujarat)-based Mr.
Shayamlal Gupta. The firm manufactures mild-steel (MS) products
such as MS angles, MS round bars, MS flats, and MS squares.

For 2014-15, KSI reported a book profit of INR8 million on net
sales of INR1.21 billion, against a book profit of INR6 million on
net sales of INR905.3 million for 2013-14.


LILA HOSPITALS: ICRA Reaffirms 'D' Rating on INR5.40cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D  assigned to
the INR5.40 crore term loans of Lila Hospitals Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Term Loans            5.40         [ICRA]D reaffirmed

The reaffirmation of the rating primarily takes into account the
unsatisfactory track record in timely servicing of debt
obligations. The rating also factors in the small size of current
operations and limited track record of the hospital, and weak
financial profile of the company characterized by losses incurred
at net level, a leveraged capital structure and depressed level of
coverage indicators in 2014-15. ICRA also notes that the company's
ability to retain key consultants, and doctors remains a concern.
The rating, however, favourably considers experience of promoters
in the healthcare industry and a favourable catchment area, and
location of the hospital; limited competition due to lack of
advanced healthcare facilities in the area is likely to lead to
better occupancy levels.

Incorporated in 2011, LHPL has recently set up a 120 bedded multi-
speciality hospital at Behrampore, in the district of Murshidabad,
West Bengal, which commenced operations in January 2015. The
hospital consists of outpatient department (OPD), emergency ward,
pharmacy, in-house pathological lab, imaging units, dialysis unit,
intensive care unit (ICU), neonatal intensive care unit (NICU),
operation theatres, etc. Besides, during January 2015, the company
took over the entire business of two existing units (owned by the
same management) namely, Lila Sebayan Nursing Home (40 bedded
nursing home) and Lila Diagnostics.

Recent Results
LHPL reported a net loss of INR0.23 crore (provisional) on an OI
of INR2.10 crore (provisional) during 2014-15.


LUCENT CLEANENERGY: ICRA Reaffirms 'D' Rating on INR11.5cr Loan
---------------------------------------------------------------
ICRA has reaffirmed rating to the INR11.50 crore1 term loan
facility, 0.40 crore non-fund based facilities and INR4.00 crore
fund based facility of Lucent Cleanenergy Private Limited at
[ICRA]D .

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Term Loans              11.50     [ICRA]D reaffirmed
   Fund Based Limits        4.00     [ICRA]D reaffirmed
   Non-Fund Based Limits    0.40     [ICRA]D reaffirmed

The rating re-affirmation continues to factor in the delays in
timely servicing of debt obligations and adverse financial risk
profile as reflected by negative profitability, high gearing and
depressed coverage indicators because of lower than expected ramp
up of operations. ICRA takes note of the negative cash accruals
combined with substantial debt repayment obligations which are
likely to keep the company dependent on additional sources of
finance, and may further weaken the already aggressive capital
structure in the short to medium term.The rating is also
constrained by its exposure of its profitability to movements in
EVA3 prices (key raw material) which is a crude oil derivative and
the high working capital intensity of operations resulting in
stretched liquidity.

ICRA however positively note the limited players manufacturing EVA
encapsulant films in the domestic market.

Lucent Cleanenergy Pvt. Ltd. was incorporated on 1st July 2011.
The company has been promoted by Mr. Praful Bavishiya, Mr. Akash
Domadiya and Mr. Shailesh Bavishiya. The company setup its plant
in Changodar (Ahmedabad) in October 2012 to manufacture Solar
Encapsulant Films with annual manufacturing capacity of 2,592 MT.
However, the plant witnessed technical problems resulting in
quality issues with the final product. After the technical
problems were resolved, the plant commenced operations in
September 2013.

Recent Results
As per the provisional results, LCPL reported an operating income
of INR2.20 crore and profit before tax of INR0.15 crore in FY15 as
against an operating income of INR0.42 crore and net loss of
INR3.02 crore during FY14.


MAHAVIR RICE: CARE Assigns B+/A4 Rating to INR75cr LT/ST Loan
-------------------------------------------------------------
CARE assigns CARE B+ & CARE A4 ratings to the bank facilities of
Mahavir Rice Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term           75        CARE B+/CARE A4
   Bank Facilities                          Assigned

Rating Rationale

The rating assigned to bank facilities of Mahavir Rice Mills (MRM)
is constrained by the weak financial risk profile of the firm,
customer concentration risk, working capital intensive nature of
operations, susceptibility of profitability margins to raw
material prices and highly regulated and a fragmented industry
with low entry barriers. However, the rating derives strength from
the long track record of operations of the firm as well as its
experienced promoters.

Going forward, the ability of the firm to profitably scale up the
operations, reduce the client concentration risk and improve its
capital structure with more efficient working capital management
would be the key rating sensitivities.

Mahavir Rice Mills (MRM) was incorporated in 1987, is a
partnership firm engaged in the business of rice milling,
processing and manufacture of rice (80-85% PUSA 1121 and 15% other
varieties of basmati rice) at its manufacturing facility at Dera
Gama Road, Assandh in Karnal district (Haryana) with an installed
capacity of 40,000 MTPA as on March 31, 2015. The firm is owned
and managed by its four partners, viz. Mr. Suresh Kumar, Mr.
Ramesh Chand, Mr. Raj Kumar and Mr. Chandgi Ram having vast
experience in the rice milling and processing industry.

In FY15 (Audited) (refers to period from April 1 to March 31), MRM
had total operating income of INR155.77 crore and PAT of INR0.87
crore as against operating income of INR144.03 crore and PAT of
INR1.36 in FY14.  During Q1 FY16(unaudited, refers to the period
April 1 to June 30) the firm reported an operating income of
INR36.77 crore and PBT of INR0.22 crore.


MANGALDEEP COTTON: ICRA Reaffirms B Rating on INR5.0cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the INR5.00
crore cash credit facility and INR1.44 crore term loan facility of
Mangaldeep Cotton Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             1.44        [ICRA]B reaffirmed
   Cash Credit           5.00        [ICRA]B reaffirmed

The reaffirmation of the rating factors in MCI's relatively modest
scale of operations and its weak financial profile as reflected by
the net losses stretched capital structure and poor debt coverage
indicators. The rating is further constrained by the highly
competitive and fragmented industry structure owing to low entry
barriers; and the vulnerability of the firm's profitability to raw
material (i.e. cotton) prices, which are subject to seasonality,
crop harvest. The rating also takes into account the regulatory
risks associated with the industry, specifically regarding MSP and
export restrictions. ICRA also notes that as MCI is a partnership
firm, any significant withdrawals from the capital account by the
partners would adversely affect its net worth and thereby its
capital structure.

The rating, however, continues to positively consider the long
track record of the promoters in the cotton industry and
favourable location of the firm's manufacturing facility in
Jabalpur (Rajkot) in Gujarat, giving it easy access to quality raw
material.

Mangaldeep Cotton Industries (MCI) was established as a
partnership firm in May 2013 and is engaged in the business of
ginning and pressing of raw cotton. The firm's manufacturing
facility is located at Jabalpur in Gujarat and is equipped with
twenty four ginning machines and one pressing machine with
processing capacity of 12,000 MT of raw cotton annually.

Recent Results
The firm has reported an operating income of INR28.14 crore and
net loss of INR0.31 crore for FY15 against an operating income of
INR9.59 crore and net loss of INR0.08 crore in FY14.


MOKSH ORNAMENTS: ICRA Suspends B+ Rating on INR13cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+  outstanding
on the INR13.00 Crore fund based bank facilities of Moksh
Ornaments Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.


NAVYA FOODS: ICRA Reaffirms B+ Rating on INR5.71cr Loan
-------------------------------------------------------
ICRA has re-affirmed the long-term rating at [ICRA]B+  assigned to
INR5.71 crore fund based limits and also reaffirmed the long-
term/short-term ratings at [ICRA]B+/[ICRA]A4 assigned to INR1.09
crore unallocated limits of Navya Foods Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits      5.71      [ICRA] B+ re-affirmed
   Unallocated limits     1.09      [ICRA]B+/[ICRA]A4 re-affirmed

The assigned ratings are constrained by NFPL's small scale of
operations in the fruit processing industry; dip in operating
margins to ~11% in FY2015 owing to higher raw material costs and a
highly competitive food processing industry constraining the
profitability levels. The ratings are further constrained by the
deterioration in capital structure with gearing at 2.96 times as
on March 31, 2015 and stretched coverage indicators with
TD/OPBITDA at 4.15 times and NCA/Debt at 16% for FY2015 owing to
debt funded capacity expansion; and exposure of profitability and
revenues to to agro-climatic risks.

The ratings, however, positively factor in the growth in revenues
over the last 2 years aided by increase in processing capacity
from 4 tons per hour to 7 tons per hour; long standing experience
of promoters in the food processing business; and location
advantage of NFPL with presence in Chittoor, Andhra Pradesh, one
of the largest fruit growing clusters in India resulting in easy
availability of raw materials.

Going forward, the ability of the company to improve its
profitability levels and effectively manage its working capital
requirements are key rating drivers from credit perspective.

Incorporated in August 2009, NFPL is engaged in manufacturing of
fruit pulp. The company's manufacturing unit is located in
Chittoor district of Andhra Pradesh with installed capacity of 7
TPH (tons per hour). NFPL started commercial production from May
2010. The company is currently engaged in manufacturing of mango,
guava and papaya pulp. The company has set up a jam and ketchup
manufacturing unit with an installed capacity of 1000 kg per batch
which has commenced in FY2015. NFPL is in the process of expanding
its processing capacity from 7 TPH to 15 TPH in FY16 at a cost of
INR1.40 crore funded by term loan of INR1.05 crore.

Recent Results
As per FY2015 audited financials, the company reported a net
profit of INR0.78 crore on a turnover of INR20.68 as against a net
profit of INR0.55 crore on a turnover of INR15.41 crore in FY2014.


NOVARC LABS: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Novarc Labs Private Limited (NLPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             50      CRISIL B/Stable
   Proposed Cash
   Credit Limit            30      CRISIL B/Stable

The rating reflects the limited track record of operations,
susceptibility to intense competition in the trading of active
pharmaceutical ingredients (API), below-average financial risk
profile because of high gearing and large working capital
requirement. These rating weaknesses are partially offset by
funding support from promoters and growth prospects of NLPL in the
API trading industry.

Outlook: Stable

CRISIL believes NLPL will maintain the business risk profile on
the back of the promoters' industry experience. The outlook may be
revised to 'Positive' if higher-than-expected growth in revenue
and profitability improves bith the business and financial risk
profile of the company. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in topline or margins
due to intense competition or slowdown in the end-user industry,
leading to deterioration in its business or more-than-expected
debt-funded capital expenditure leading to deterioration in the
financial risk profile.

NLPL was incorporated in September 2014 as a private limited
company by Ms. Vishali Sravanthi M. The company, based in
Hyderabad, trades in APIs such as chlorothalidone and
hydrochlorothiazide.

NLPL reported net profit of INR0.7 million on net sales of
INR140.9 million in FY 2014-15.


PRAKASAM ENTERPRISES: CRISIL Reaffirms B+ Rating on INR85MM Loan
----------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Prakasam
Enterprises (PE) continues to reflect the firm's modest scale and
working-capital-intensive nature of operations, and exposure to
intense competition in the tobacco business.

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

The rating also factors in a below-average financial risk profile
because of a high total outside liabilities to tangible net worth
ratio and weak debt protection metrics. These rating weaknesses
are partially offset by the benefits that PE derives from its
promoters' extensive experience in the tobacco processing business
and established relationships with key customers and suppliers.

Outlook: Stable

CRISIL believes PE 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 sustainable increase in
revenue and profitability, resulting in an improvement in the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if revenue and profitability decline, or if there is
any large debt-funded capital expenditure, leading to
deterioration in the financial risk profile.

Set up as a partnership concern by Mrs. Ravuri Suseela and family
in 2005, PE processes and sells flue-cured Virginia tobacco, which
is used mainly in the manufacture of cigarettes, and pipe and
chewing tobacco. The firm is based in Tanguturu, Prakasam District
(Andhra Pradesh).

PE reported a provisional profit after tax (PAT) of INR1 million
on net sales of INR245 million for 2014-15 (refers to financial
year, April 1 to March 31); it had reported a PAT of INR1 million
on net sales of INR198 million for 2013-14.


SANSHU GREEN: CARE Revises Rating on INR14.41cr LT Loan to B+
-------------------------------------------------------------
CARE revises rating assigned to the bank facilities of Sanshu
Green Corn Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     14.41      CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Sanshu Green Corn Private Limited (SCPL) factors in
the commercialisation and stabilisation of operation of the plant.
The rating continues to derive strength from experience of
partners in wheat processing, support from associate concerns,
location advantage emanating from proximity to raw material.

The rating continues to remain constrained from susceptibility of
operating margin to fluctuation in raw material prices along with
presence of the company in a highly fragmented industry and
working capital intensive nature of operation.

The ability of the firm to scale up the operations along with
improvement in profitability margins and efficient management of
the working capital remain the key rating sensitivities.

SCPL incorporated in December 2013 by Mr Gaurav Kuldip Kashyap and
Mrs Rani Thithe. SCPL is engaged in the processing of wheat at its
processing unit located at MIDC, Chalisgaon (Maharashtra). The
installed capacity of processing unit is to process about 200
tonnes per day. The firm sells its finished product, ie, processed
wheat to its group concerns and to the mills and grain merchants
located in Maharashtra and Madhya Pradesh. The commercial
operations commenced from January 2015. In FY15 (refers to the
period April 1 to March 31), the company operated for a period of
three months (January 2015 - March 2015) with average capacity
utilisation of 40%.

In FY15 (refers to the period January 2015 to March 2015), the
firm registered an income from operation of INR 27.23 crore and
PAT of INR0.10 crore.


SAP INDUSTRIES: ICRA Reaffirms B+ Rating on INR2.5cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ outstanding
on the INR0.40 crore term loan facilities and INR2.50 crore fund
based faciltities of SAP Industries. ICRA has also reaffirmed the
short-term rating of [ICRA]A4 outstanding on the INR0.50 crore
stand by line of credit and INR4.50 crore non-fund based
facilities of the Firm. For the proposed facility of INR2.10
crore, the rating of either [ICRA]B+ or [ICRA]A4 shall apply based
on the nature of instrument.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   LT-Term loan
   facilities            0.40        [ICRA]B+/Reaffirmed

   LT-Fund based
   facilities            2.50        [ICRA]B+/Reaffirmed

   ST-Fund based
   facilities            0.50        [ICRA]A4/Reaffirmed

   ST-Non-fund based
   facilities            4.50        [ICRA]A4/Reaffirmed

   LT/ST-Unallocated
   facilties             2.10        [ICRA]B+/A4 Reaffirmed

The re-affirmation of ratings takes into account the healthy
operational and financial performance of the firm during the
recent past characterized by consistent volume growth and stable
profit margins, and the healthy growth in the order flows from its
major customer. The ratings also factors in the improvement in the
capital structure and coverage indicators on the back of repayment
of term debt and stable profits. The ratings continue to factor in
the significant experience of the promoters in the industry. The
ratings, however, remain constrained by the working capital
intensive nature of operations owing to stretched receivables
position.

The ratings also consider the entity's small scale of operations
and the competition in the industry, which limits the firm's scale
economies and pricing flexibility. While the risk of high customer
concentration persists, steady growth in order flows witnessed
during the recent past coupled with reduced price risks on the
back of escalation clauses built into the contract lend comfort.

Going forward, the ability of the Company to sustain revenue
growth and improve its margins amidst the competition and
efficiently manage its working capital cycle would remain the key
rating sensitivity.

SAP Industries was established in the year 2001 as a partnership
concern with Mr. A Shanmugavelayuthan and his friend Mr. G.V.
Parthasarathy. The firm is primarily involved in the manufacturing
of electrical transformers and also manufactures Isolators and
does fabrication work on a minor scale. The firm supplies
transformers, both distribution and power transformers, largely to
Tamil Nadu Electricity Board. The manufacturing unit is located at
SIDCO Industrial Estate, Thirumudivakkam (Chennai).

Recent Results
The Firm reported a net profit of INR0.6 crore on an operating
income of INR23.8 crore during 2014-15 as against a net profit of
INR0.5 crore on an operating income of INR21.2 crore during 2013-
14.


SECURE INDUSTRIES: ICRA Lowers Rating on INR10.20cr Loan to D
-------------------------------------------------------------
ICRA has revised the long term rating on the INR10.20 crore term
loans and the INR4.00 crore cash credit facilities of Secure
Industries Private Limited to [ICRA]D  from [ICRA]B. ICRA has also
downgraded the short-term rating outstanding on the INR3.0 crore
non-fund based bank facilities of the company to [ICRA]D from
[ICRA]A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term, Fund-     10.20       [ICRA]D/revised
   based facilities                 from [ICRA]B
   Term Loan


   Long-term, Fund-      4.00       [ICRA]D/revised
   based facilities                 from [ICRA]B
   Cash Credit


   Short-term, Non       3.00       [ICRA]D/revised
   Fund-based                       from [ICRA]A4
   facilities

The rating revision takes into account the recent delays in debt
repayment towards bank obligations.

Secure Industries Private Limited was originally established as
Plenco Polymers Private Limited on November 16, 1999, remained
dormant for a decade and started operations during FY 2009. The
Company's name was changed to Secure Industries Private Limited on
October 15, 2011. Until FY 2013, SIPL was primarily into servicing
of bottling and capping lines and supplying consumable parts to
bottling lines which are designed and developed by SIPL and are an
import substitution. SIPL is also into designing and manufactures
the special quality moulds used by various closure (cap)
manufacturers, its group company Marke Precitech Limited is into
similar business of mould manufacturing. During FY 2013, SIPL
entered the caps /closures segment which now constitutes a major
part of their business. End use of closures is for PET bottles
used in Carbonated Soft Drinks (CSD), Fruit Juices, bottled water,
liquor and pharmaceutical industries. The company's factory is
located at Hyderabad, Andhra Pradesh thus providing access to the
vast South Indian market and also large parts of Western and
Northern market.


SHOWTIME SYNDICATORS: CRISIL Reaffirms B Rating on INR70MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Showtime
Syndicators Private Limited (SSPL) continues to reflect SSPL's
average financial risk profile because of stretched liquidity due
to large debt obligation and receivables.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     30       CRISIL B/Stable (Reaffirmed)

   Term Loan              70       CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's modest scale of
operations, customer concentration in revenue profile, and
susceptibility to risks on leased content assets. These weaknesses
are partially offset by the extensive industry experience of
SSPL's promoters.

Outlook: Stable

CRISIL believes SSPL will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive' if infusion of significant long-term funds
or substantial cash accrual improves liquidity and capital
structure. Conversely, the outlook may be revised to 'Negative' if
revenue or profitability declines, working capital cycle gets
stretched, or the company makes unanticipated investments.

SSPL was incorporated in March 2012. It is a 100 per cent
subsidiary of investment company, Assent Trading Pvt Ltd, which is
promoted by Mr. Ramchandra Purohit and Mr. Kaustubh Purohit. SSPL
trades in television content.


SREENATH ENGG: CRISIL Ups Rating on INR35MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sreenath Engg. Sales and Service Private Limited (SESSPL) to
'CRISIL B+/Stable' from 'CRISIL B/Stable', and reaffirmed its
rating on the short-term facilities at 'CRISIL A4'.

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

   Cash Credit            35      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Letter of Credit        5      CRISIL A4 (Reaffirmed)

   Proposed Long Term      5      CRISIL B+/Stable (Upgraded
    Bank Loan Facility            from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that SESSPL's business
risk profile will improve over the medium term driven by increase
in scale of operations and new dealership of Baxter International
Inc for East India obtained in 2015-16 (refers to financial year
April 1 to March 31). SESSPL's revenue for the first-half of the
year was around INR80 million, which was its yearly sales figure
in 2014-15. Operating income, though expected to remain modest, is
likely to increase in 2015-16 because of orders in hand and
expected turnover from its dealership business. The upgrade also
factors in increase in accrual due to gradual scale up of
operations and stable operating margin against no term debt
obligation.

The ratings reflect SESSPL's below-average financial risk profile
because of modest net worth and high gearing, and working-capital-
intensive operations. These weaknesses are partially offset by
promoters' extensive experience in the medical equipment industry.

Outlook: Stable

CRISIL believes SESSPL will continue to benefit over the medium
term from promoters' extensive industry experience. The outlook
may be revised to 'Positive' if there is substantial and sustained
increase in operating income and accrual, along with better
working capital management, or if significant equity infusion
improves financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of low operating income and accrual,
stretch in working capital cycle or delay in realisations, or
large capital expenditure, leading to deterioration in financial
risk profile, particularly liquidity.

SESSPL, incorporated in 2010, installs, maintains, and provides
after-sales support for high-value medical equipment. Its
registered office is in Kolkata and has branches in Dhanbad and
Ranchi (both in Jharkhand). Operations are managed by Mr. Kumar
Mitra and his son, Mr. Kaustav Mitra.


SRI JAYAMALAR: CRISIL Suspends 'D' Rating on INR46.5MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Jayamalar Spinning Mills Private Limited (SJSMPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            46.5     CRISIL D
   Proposed Long Term
   Bank Loan Facility     14.2     CRISIL D
   Term Loan               8.3     CRISIL D

The suspension of rating is on account of non-cooperation by
SJSMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SJSMPL is yet to
provide adequate information to enable CRISIL to assess SJSMPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

SJSMPL, based in Tirupur (Tamil Nadu) was incorporated in 2004 by
Mr. K Krishnaswamy and his wife Ms. K Rathinam and is engaged in
manufacturing of cotton yarn.


SRI LAKSHMIKANTHA: CRISIL Assigns B- Rating to INR651.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Sri Lakshmikantha Spinners Limited (SLSL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           478.5     CRISIL B-/Stable
   Long Term Loan        651.5     CRISIL B-/Stable

The rating reflects SLSL's below-average financial risk profile
because of weak debt protection metrics, working-capital-intensive
operations, and susceptibility of operating margin to volatility
in raw material prices. These weaknesses are partially supported
by the promoters' extensive experience in the cotton spinning
industry.

Outlook: Stable

CRISIL believes SLSL will continue to benefit over the medium term
from the extensive industry experience of the promoters. The
outlook may be revised to 'Positive' if the company registers a
substantial increase in its revenue and profitability, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if SLSL's profitability or revenue
declines or if its working capital cycle is stretched, resulting
in low cash accrual, or if it undertakes a large, debt-funded
capital expenditure programme, leading to deterioration in its
financial risk profile.

Established in 2004 and based in Hyderabad (Telangana), SLSL
manufactures cotton yarn. Promoted by Mr. Chinnarappagari Swamy
Reddy and his family, the day-to-day operations are managed by Mr.
Reddy's son, Mr. Chinnarappagari Rameswara Reddy.


SSG PHARMA: CRISIL Assigns B+ Rating to INR80MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of SSG Pharma Private Limited (SPPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term
   Bank Loan Facility     13.6      CRISIL B+/Stable
   Overdraft Facility     45        CRISIL A4
   Long Term Loan         70        CRISIL B+/Stable
   Auto loans             11.4      CRISIL B+/Stable
   Cash Credit            80        CRISIL B+/Stable

The ratings reflect SPPL's modest financial risk profile owing to
high gearing, weak debt protection metrics and low operating
margin impacted by intense competition in the packaged foods
industry. These rating weaknesses are partially offset by SPPL's
established brand Satmola, the extensive experience of promoters
in the industry, wide geographic reach, and diverse customer base.

Outlook: Stable

CRISIL believes SPPL will maintain its business risk profile over
the medium term on the back of its established brand, wide
geographic reach, and diversified customer base. The outlook may
be revised to 'Positive' if the financial risk profile improves on
the back of increased profits or substantial equity infusion.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile deteriorates because of decline in
profitability margins or a large debt-funded capital expenditure.

SPPL was started in 1994 by Mr. Shiv Shankar Mittal under the name
Shiv Shankar Ghodewala, which was reconstituted as a partnership
firm with Mr. Anil Mittal and Mr. Sunil Mittal joining as
partners. In 1997 it was again reconstituted as a private limited
company by the present name. SPPL manufactures ayurvedic digestive
pills, sweets and namkeens, and ready to eat snacks. The company's
products are marketed under the brand of Satmola.


TATWA TECHNOLOGIES: ICRA Lowers Rating on INR6.77cr Loan to D
-------------------------------------------------------------
ICRA has revised the long term rating for the INR5.5 crore* cash
credit limits, INR6.77 crore term loans and INR1.5 crore bank
guarantee facilities of Tatwa Technologies Limited from [ICRA]C
to [ICRA]D.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limit        5.50       [ICRA]D; downgraded
   Cash Credit                        from [ICRA]C

   Fund Based Limit        6.77       [ICRA]D; downgraded
   Term Loans                         from [ICRA]C

   Non-Fund Based Limit    1.50       [ICRA]D; downgraded
   Bank Guarantee                     from [ICRA]C

The revision in the ratings takes into account the recent delays
observed in timely servicing of debt obligations by the company.

Established in 2002, Tatwa Technologies Limited is an information
technology company engaged in providing voice based BPO services
like inbound/outbound call center services, software design and
development services and packaged technology solutions. The
company operates across West Bengal, Odisha, Maharashtra, Gujarat,
Andhra Pradesh, Jharkhand, Bihar and Uttar Pradesh (East) regions
with a total of more than 1000 seating capacity at its various
branches.


TOSHBRO MEDICALS: CRISIL Reaffirms B Rating on INR65MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Toshbro Medicals
Private Limited (TMPL) continue to reflect TMPL's modest scale of
operations in intensely competitive industry, below average
financial risk profile marked by low net worth, high external
indebtedness andmodest debt protection indicators, and large
working capital requirements. These rating weaknesses are
partially offset by TMPL's promoters' extensive experience and
established presence in the trading of medical equipment's.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         50       CRISIL A4 (Reaffirmed)
   Cash Credit            65       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TMPL will continue to benefit over the medium
term from its promoters' extensive experience in the industry. The
outlook may be revised to 'Positive' if TMPL reports significant
and sustainable growth in its revenues and profitability margins,
while improving its debt protection indicators and working capital
cycle. Conversely, the outlook may be revised to 'Negative' in
case of significantly lower-than expected revenues and operating
margin, or if its working capital cycle lengthens significantly,
impacting its financial risk profile.

TMPL was incorporated in 2001, by Mr. Arun Toshniwal and his son
Mr. Anurag Toshniwal. TMPL is engaged in the trading of medical
equipment's primarily related to Ophthalmology, Neurosurgery,
Dentistry and ENT. The company is based out of Mumbai
(Maharashtra).

For 2014-15 (refers to financial year, April 1 to March 31), TMPL
reported a net profit of INR1.5 million on operating income of
INR371.1 million, as against a net profit of INR4.2 million on
operating income of INR405.4 million for 2013-14.



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


SHARP CORP: May Shut Remaining Overseas TV Plants, Exec Says
------------------------------------------------------------
Japan Today reports that money-losing consumer electronics maker
Sharp Corp could shut its remaining overseas TV factories but
still expects its TV operations to turn profitable next year, a
company executive said on Nov. 19.

Closing TV plants in China and Malaysia "could come up on the
agenda as the company is considering various restructuring
measures," Kenichi Kodani, head of Sharp's digital information
appliance division, told reporters during a media tour of its TV
plant in Yaita, Tochigi Prefecture, Japan Today relays.

According to Japan Today, Sharp sold its TV factory in Poland last
year and agreed earlier this year to sell its plant in Mexico to
China's Hisense Group. Sales or closure of its China and Malaysia
plants would mean its major TV manufacturing sites are only in
Japan, the report notes.

A pioneer in liquid crystal displays (LCD), Osaka-based Sharp
launched its first LCD TV, a three-inch model, in 1987. It was
once a highly profitable manufacturer of premium TVs but has
struggled to innovate enough to fend off pricing pressure from
Asian rivals, Japan Today states.

The report relates that Mr. Kodani, however, said the digital
information appliance division -- whose mainstay business is TVs -
- is likely to swing to a profit in the fiscal year starting April
due to strong demand in Japan for so-called 4K ultra-high
definition TV sets.

Late last month, the company forecast the division would log an
operating loss of JPY13 billion in the current fiscal year, Japan
Today recalls.

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
Nov. 6, 2015, Standard & Poor's Ratings Services said that it has
lowered its long-term corporate credit and debt ratings on Japan-
based electronics company Sharp Corp. to 'CCC+' from 'B-' and its
short-term corporate credit and commercial paper program ratings
on the company to 'C' from 'B'.  S&P has also lowered its long-
term corporate credit rating on overseas subsidiary Sharp
International Finance (U.K.) PLC to 'CCC+' and the rating on its
commercial paper program to 'C'.  The outlook on the long-term
corporate credit ratings on both companies is negative.



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


ENCELL GROUP: Offered Worthless Building Guarantee
--------------------------------------------------
Myles Hume at Stuff.co.nz reports that a Canterbury man's dream of
a luxury barn-style home has been shattered after the company
supposed to build it went into liquidation, leaving him NZ$225,000
out of pocket.

Stuff.co.nz says Barry Jones thought Encell Group Ltd could build
his dream home in Rolleston, south of Christchurch, but the
project management company was now in liquidation.

Stuff.co.nz relates that days after Encell Group went bust,
Mr. Jones found out the company, directed and owned by UK national
Paul Encell, had never registered with the Master Builder scheme
that would have provided some financial protection when the
project fell through

According to the report, Mr. Jones said he had almost paid for the
entire build, but all he got was a concrete pad and frames. He
believed he was about NZ$225,000 out of pocket, the report
relates.

Encell Group was put into liquidation by the High Court on October
29 on an application by building supply company Carters, the
report discloses.

Stuff.co.nz relates that eight days before the company was
liquidated, Encell set up two other companies: Hungerford Homes
Ltd and Creative Homes Ltd. For a company that had taken on only
two projects, Encell Group had "a disturbing level" of affected
creditors lining up, appointed said, the report relays.

Mr. Cain said the company's debt was into the hundreds of
thousands, but more details would be available in his December 2
report, adds Stuff.co.nz.


* NEW ZEALAND: To Look Into Building Companies Wind Downs
---------------------------------------------------------
Paul McBeth at BusinessDesk reports that Commerce Minister Paul
Goldsmith wants to know whether there are problems in the building
sector where companies are wound up to dodge unpaid debts and
whether better ways exist to claw back funds lost in ponzi
schemes, tasking a group of insolvency experts to test the current
law.

BusinessDesk relates that the working group will look at whether
there are problems with the voluntary liquidation of companies,
including the use of phoenix firms where assets are transferred to
a near-identical entity to dodge liabilities, and whether that's
confined to the building sector or is a broader problem, according
to the review's terms of reference.  BusinessDesk says the group
will also look at whether voidable transactions can be reformed,
including whether law can be changed to aid the recover of lost
funds in ponzi schemes. A report is expected in the middle of next
year, BusinessDesk notes.

"A working group of insolvency experts will be set up to provide
independent advice to the government on important aspects of
corporate insolvency law," BusinessDesk quotes Mr Goldsmith as
saying in a statement. "It is inevitable businesses get into
trouble and fail. When that happens, we must have an efficient
insolvency law process that can recycle the capital back into the
market."

BusinessDesk notes that the country's insolvency law was updated
in 2006 by the previous government, introducing rules to allow
voluntary administrations as an alternative to liquidations and
imposing tougher sanctions on the use of phoenix firms to bring
New Zealand's legislation more in line with Australia's.

The working group will be chaired by former Deloitte partner
Graeme Mitchell and includes Chapman Tripp partner Michael Arthur,
lawyer Crispin Vinnell of law firm Anthony Harper, KPMG director
Vivian Fatupaito, PwC director John Fisk, Debtworks executive
director David Young, and a nominee from the Official Assignee,
BusinessDesk discloses.

According to BusinessDesk, the group will also investigate whether
the Insolvency Practitioners Act, which introduced a negative
licensing regime for insolvency practitioners, is fit for purpose,
and whether it should be replaced by a full licensing regime.  The
report says the current regime means those practitioners who fall
short of the expected standards attract the regulator's attention.

BusinessDesk notes that the insolvency practitioners law was
introduced by former Commerce Minister Simon Power to try to force
out what he called "incompetent and unskilled" liquidators and
receivers after the numerous collapses of mezzanine finance
providers in the late 2000s wiped out a number of companies.

The report relates that the regulatory impact statement for the
practitioners law preferred the negative licensing regime as the
most cost-effective response for a small industry, though said it
might not be as effective as the more expensive mandatory
licensing option.

The working group has also been told to identify any other
potential improvements to the law and what the priorities for
reform should be, BusinessDesk adds.



=====================
P H I L I P P I N E S
=====================


RURAL BANK OF CALASIAO: Placed Under PDIC Receivership
------------------------------------------------------
The Monetary Board (MB) placed Rural Bank of Calasiao, Inc. under
the receivership of the Philippine Deposit Insurance Corporation
(PDIC) by virtue of MB Resolution No. 1877 dated November 13,
2015. As Receiver, PDIC took over the bank on November 16, 2015.

Rural Bank of Calasiao is a single unit rural bank located in
RBCAL Bldg., Poblacion East, Calasiao, Pangasinan. Based on the
Bank Information Sheet filed by the bank with the PDIC as of
June 30, 2015, Rural Bank of Calasiao is owned by Maximo Joaquin
Abesamis (30.89%), Frederick Enerva Abesamis (11.23%), Magnolito
Joves Acosta (8.58%), Remedios Cruz Zulueta (8.28%), Godofredo
Joaquin Abesamis (6.10%), Guadalupe Abesamis Arambulo (5.20%),
Editha Enerva Abesamis (4.52%), Angelita Jovellanos Torres
(4.30%), Florencio Latonio Gabrillo (3.51%), and Arturo Prado
Doria (2.10%). The Bank's President and Chairman is Frederick E.
Abesamis.

Latest available records show that as of June 30, 2015, Rural Bank
of Calasiao had 3,019 accounts with total deposit liabilities of
PHP102.0 million. Total insured deposits amounted to PHP85.5
million or 83.9% of total deposits.

PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to the
maximum deposit insurance coverage of PHP500,000.00.

Depositors with valid deposit accounts with balances of
PHP100,000.00 and below shall be eligible for early payment and
need not file deposit insurance claims, except accounts maintained
by business entities, or when they have outstanding obligations
with Rural Bank of Calasiao or acted as co-makers of these
obligations. Depositors have to ensure that they have complete and
updated addresses with the bank. PDIC targets to start mailing
payments to these depositors at their addresses recorded in the
bank by the last week of November 2015.

Depositors may update their addresses until November 24, 2015
using the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

For depositors that are required to file deposit insurance claims,
the PDIC targets to start claims settlement operations for these
accounts by the second week of December 2015.

The PDIC also announced that it will conduct a Depositors-
Borrowers Forum on November 26, 2015. It enjoins all depositors to
attend the Forum to verify with PDIC representatives if they are
eligible for early payment. Those not eligible will be informed of
the requirements and procedures for filing deposit insurance
claims. The time and venue of the Forum will be posted in the
bank's premises and announced in the PDIC website,
www.pdic.gov.ph. Likewise, the schedule of the claims settlement
operations, as well as the requirements and procedures for filing
claims will be announced through notices to be posted in the bank
premises, other public places and the PDIC website.



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


* SOUTH KOREA: State-Run Banks Hinder Corporate Restructuring
-------------------------------------------------------------
Yoon Ja-young at The Korea Times reports that state-run banks are
failing to lead the corporate restructuring of insolvent
companies, the Korea Development Institute (KDI) said in a report
on Nov. 11.

According to the Korea Times, the country's leading think tank
analyzed corporate restructuring by the Korea Development Bank
(KDB), Export-Import Bank of Korea, and Industrial Bank of Korea
(IBK) on insolvent companies where these banks are the main
creditors.

Compared with the companies where commercial banks are the main
creditors, it took on average 2.5 years more for these companies
to enter a workout program, the report relays.

"The state-run banks expanded financial support for companies that
started showing signs of insolvency, delaying the start of work-
out programs as a consequence," the Korea Times quotes
Nam Chang-woo, an associate fellow at the institute, as saying.
"Instead of requesting preemptive corporate restructuring, the
banks had a tendency to delay this based on optimism," he said.

The Korea Times says the state-run banks were ineffective even
after they had started the work-out programs for bad companies
because they were more reluctant to sell assets or lay off
workers.

"With companies where commercial banks are the main creditors, 70
percent sold off assets within three years of the start of their
work-out programs. But with companies indebted to state-run banks,
only 33 percent did so," Mr. Nam, as cited by the Korea Times,
noted.

The report said that such inefficiency may have to do with the
fact that state-run banks should take into account non-economic
factors in corporate restructuring, according to the Korea Times.

The Korea Times notes that KDI advised that the state-run banks
should sell the bad assets of the indebted companies to an
independent "corporate restructuring company" free from the
conflicting interests of creditors.

"In the case of conglomerates or listed companies which have
multiple creditors, the state-run banks lack the means to lead
agreements about restructuring. Moreover, there could also be
moral hazards," the Korea Times quotes Mr. Nam as saying.

He said that state-run banks should focus on the restructuring of
small and medium sized companies where they can play a bigger
role, adds the Korea Times.

The Korea Times notes that with the country's main industries such
as shipbuilding, steel and construction suffering from the global
slowdown, problems have been arising. State-run banks, however,
have been injecting funds into these big companies, extending the
life of zombie companies instead of leading corporate
restructuring, the report states.

According to the report, KDB's plan to inject an additional KRW4.2
trillion into Daewoo Shipbuilding and Marine Engineering is also
causing concern, as the company has already sustained over a KRW3
trillion loss in the first half of this year.

The Korea Times says the government plans to set a task force in
each state-run bank to prevent the deterioration of their
financial condition. "When the financial health of state-run banks
deteriorates, it will burden the whole nation. We will prepare
measures to prevent this," Strategy and Finance Minister Choi
Kyung-hwan said at a meeting on Nov. 11, the report adds.



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


* BOND PRICING: For the Week Nov. 16 to Nov. 20, 2015
-----------------------------------------------------

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


  AUSTRALIA
  ---------

AUSDRILL FINANCE P     6.88      11/01/19        USD     71.00
AUSDRILL FINANCE P     6.88      11/01/19        USD     73.00
BOART LONGYEAR MAN     7.00      04/01/21        USD     40.00
BOART LONGYEAR MAN     7.00      04/01/21        USD     41.50
CML GROUP LTD          9.00      01/29/20        AUD      0.90
CRATER GOLD MINING    10.00      08/18/17        AUD     30.50
EMECO PTY LTD          9.88      03/15/19        USD     58.00
EMECO PTY LTD          9.88      03/15/19        USD     59.00
FMG RESOURCES AUGU     6.88      04/01/22        USD     73.74
FMG RESOURCES AUGU     6.88      04/01/22        USD     73.74
IMF BENTHAM LTD        6.38      06/30/19        AUD     71.50
KBL MINING LTD        12.00      02/16/17        AUD      0.32
KEYBRIDGE CAPITAL      7.00      07/31/20        AUD      0.68
LAKES OIL NL          10.00      03/31/17        AUD      6.50
MIDWEST VANADIUM P    11.50      02/15/18        USD      3.20
MIDWEST VANADIUM P    11.50      02/15/18        USD      3.20
STOKES LTD            10.00      06/30/17        AUD      0.40
TREASURY CORP OF V     0.50      11/12/30        AUD     62.80


CHINA
-----

CHANGCHUN CITY DEV     6.08      03/09/16        CNY     40.20
CHANGZHOU INVESTME     5.80      07/01/16        CNY     40.30
CHANGZHOU WUJIN CI     5.42      06/09/16        CNY     50.11
CHINA GOVERNMENT B     1.64      12/15/33        CNY     74.10
DANDONG CITY DEVEL     6.21      09/06/17        CNY     71.00
DATONG ECONOMIC CO     6.50      06/01/17        CNY     70.00
DRILL RIGS HOLDING     6.50      10/01/17        USD     69.00
DRILL RIGS HOLDING     6.50      10/01/17        USD     69.80
ERDOS DONGSHENG CI     8.40      02/28/18        CNY     67.50
GRANDBLUE ENVIRONM     6.40      07/07/16        CNY     71.35
GUOAO INVESTMENT D     6.89      10/29/18        CNY     67.27
HANGZHOU XIAOSHAN      6.90      11/22/16        CNY     40.50
HEBEI RONG TOU HOL     6.76      07/08/21        CNY     74.60
HEILONGJIANG HECHE     7.78      11/17/16        CNY     41.25
HEILONGJIANG HECHE     7.78      11/17/16        CNY     40.50
HUAIAN CITY URBAN      7.15      12/21/16        CNY     70.48
JIANGSU HUAJING AS     5.68      09/28/17        CNY     50.55
JINGJIANG BINJIANG     6.80      10/23/18        CNY     70.03
KUNSHAN ENTREPRENE     4.70      03/30/16        CNY     40.08
LIAOYUAN STATE-OWN     7.80      01/26/17        CNY     81.50
LINHAI CITY INFRAS     7.98      11/06/16        CNY     51.67
NANJING NANGANG IR     6.13      02/27/16        CNY     52.50
NANJING YURUN FOOD     6.45      03/17/16        CNY     56.00
NANTONG STATE-OWNE     6.72      11/13/16        CNY     40.00
OCEAN RIG UDW INC      7.25      04/01/19        USD     46.44
OCEAN RIG UDW INC      7.25      04/01/19        USD     47.00
PANJIN CONSTRUCTIO     7.70      12/16/16        CNY     71.40
QINGZHOU HONGYUAN      6.50      05/22/19        CNY     40.10
SHAOYANG CITY CONS     7.40      09/11/18        CNY     88.60
SHENGZHOU HOTEL CO     9.20      02/26/16        CNY    100.00
TAIZHOU CITY CONST     6.90      01/25/17        CNY     70.47
TONGLIAO CITY INVE     5.98      09/01/17        CNY     69.00
WUXI COMMUNICATION     5.58      07/08/16        CNY     50.40
XINJIANG SHIHEZI D     7.50      08/29/18        CNY     65.04
YANGZHOU ECONOMIC      6.10      07/07/16        CNY     50.30
YANGZHOU URBAN CON     5.94      07/23/16        CNY     40.43
YIJINHUOLUOQI HONG     8.35      03/19/19        CNY     70.25
YUNNAN INVESTMENT      5.25      08/24/17        CNY     71.22
ZOUCHENG CITY ASSE     7.02      01/12/18        CNY     61.91


INDONESIA
---------

BERAU COAL ENERGY      7.25      03/13/17        USD     34.00
BERAU COAL ENERGY      7.25      03/13/17        USD     32.02
GAJAH TUNGGAL TBK      7.75      02/06/18        USD     57.25
GAJAH TUNGGAL TBK      7.75      02/06/18        USD     59.00
INDONESIA TREASURY     6.38      04/15/42        IDR     71.78
PERUSAHAAN PENERBI     6.10      02/15/37        IDR     71.19


INDIA
-----

3I INFOTECH LTD        5.00      04/26/17        USD     12.75
BLUE DART EXPRESS      9.30      11/20/17        INR     10.13
BLUE DART EXPRESS      9.50      11/20/19        INR     10.24
BLUE DART EXPRESS      9.40      11/20/18        INR     10.18
COROMANDEL INTERNA     9.00      07/23/16        INR     15.51
GTL INFRASTRUCTURE     4.03      11/09/17        USD     26.75
INCLINE REALTY PVT    10.85      08/21/17        INR      8.12
JAIPRAKASH ASSOCIA     5.75      09/08/17        USD     70.75
JCT LTD                2.50      04/08/11        USD     24.63
MADHYA PRADESH         8.25      09/09/25        INR      7.92
MADHYA PRADESH         8.27      08/12/25        INR      7.92
PRAKASH INDUSTRIES     5.25      04/30/15        USD     20.00
PYRAMID SAIMIRA TH     1.75      07/04/12        USD      1.00
REI AGRO LTD           5.50      11/13/14        USD      4.16
REI AGRO LTD           5.50      11/13/14        USD      4.16
STATE OF ANDHRA PR     8.24      09/09/25        INR      7.90
SVOGL OIL GAS & EN     5.00      08/17/15        USD     22.63


JAPAN
-----

AVANSTRATE INC         5.55      10/31/17        JPY     37.00
AVANSTRATE INC         5.55      10/31/17        JPY     31.00
ELPIDA MEMORY INC      0.70      08/01/16        JPY      8.25
ELPIDA MEMORY INC      0.50      10/26/15        JPY      8.38
ELPIDA MEMORY INC      2.03      03/22/12        JPY      8.25
ELPIDA MEMORY INC      2.29      12/07/12        JPY      8.25
ELPIDA MEMORY INC      2.10      11/29/12        JPY      8.25
SHARP CORP/JAPAN       1.60      09/13/19        JPY     73.13
TAKATA CORP            0.58      03/26/21        JPY     64.88


KOREA
-----

2014 KODIT CREATIV     5.00      12/25/17        KRW     30.16
2014 KODIT CREATIV     5.00      12/25/17        KRW     30.16
DOOSAN CAPITAL SEC    20.00      04/22/19        KRW     38.75
HYUNDAI HEAVY INDU     4.90      12/15/44        KRW     54.00
HYUNDAI HEAVY INDU     4.80      12/15/44        KRW     54.93
HYUNDAI MERCHANT M     7.05      12/27/42        KRW     36.11
KIBO ABS SPECIALTY    10.00      08/22/17        KRW     25.42
KIBO ABS SPECIALTY    10.00      02/19/17        KRW     36.38
KIBO ABS SPECIALTY     5.00      12/25/17        KRW     28.92
KIBO ABS SPECIALTY    10.00      09/04/16        KRW     38.78
KIBO ABS SPECIALTY     5.00      01/31/17        KRW     32.00
KIBO ABS SPECIALTY     5.00      03/29/18        KRW     29.10
KIBO GREEN HI-TECH    10.00      12/21/15        KRW     71.74
LSMTRON DONGBANGSE     4.53      11/22/17        KRW     29.76
POSCO ENERGY CORP      4.66      08/29/43        KRW     66.58
POSCO ENERGY CORP      4.72      08/29/43        KRW     66.03
POSCO ENERGY CORP      4.72      08/29/43        KRW     65.93
PULMUONE CO LTD        2.50      08/06/45        KRW     55.29
SINBO SECURITIZATI     5.00      01/30/19        KRW     26.40
SINBO SECURITIZATI     5.00      10/30/19        KRW     19.58
SINBO SECURITIZATI     5.00      01/30/19        KRW     26.40
SINBO SECURITIZATI     5.00      08/31/16        KRW     34.57
SINBO SECURITIZATI     5.00      02/21/17        KRW     32.67
SINBO SECURITIZATI     5.00      01/15/18        KRW     29.96
SINBO SECURITIZATI     5.00      01/15/18        KRW     29.96
SINBO SECURITIZATI     5.00      12/07/15        KRW     70.81
SINBO SECURITIZATI     5.00      03/13/17        KRW     32.43
SINBO SECURITIZATI     5.00      05/27/16        KRW     35.68
SINBO SECURITIZATI     5.00      05/27/16        KRW     35.68
SINBO SECURITIZATI    10.00      12/27/15        KRW     68.81
SINBO SECURITIZATI     5.00      01/19/16        KRW     52.88
SINBO SECURITIZATI     5.00      02/02/16        KRW     49.91
SINBO SECURITIZATI     8.00      02/02/16        KRW     54.70
SINBO SECURITIZATI     5.00      10/01/17        KRW     30.65
SINBO SECURITIZATI     5.00      10/01/17        KRW     30.65
SINBO SECURITIZATI     5.00      10/01/17        KRW     30.65
SINBO SECURITIZATI     5.00      06/29/16        KRW     35.31
SINBO SECURITIZATI     5.00      07/08/17        KRW     31.62
SINBO SECURITIZATI     5.00      07/08/17        KRW     31.62
SINBO SECURITIZATI     5.00      07/24/17        KRW     30.48
SINBO SECURITIZATI     5.00      07/24/18        KRW     28.34
SINBO SECURITIZATI     5.00      07/24/18        KRW     28.34
SINBO SECURITIZATI     5.00      12/13/16        KRW     33.52
SINBO SECURITIZATI     5.00      12/25/16        KRW     32.49
SINBO SECURITIZATI     5.00      01/29/17        KRW     32.94
SINBO SECURITIZATI     5.00      02/21/17        KRW     32.67
SINBO SECURITIZATI     5.00      12/23/18        KRW     26.72
SINBO SECURITIZATI     5.00      12/23/18        KRW     26.72
SINBO SECURITIZATI     5.00      12/23/17        KRW     28.94
SINBO SECURITIZATI     5.00      07/26/16        KRW     34.98
SINBO SECURITIZATI     5.00      08/31/16        KRW     34.57
SINBO SECURITIZATI     5.00      10/05/16        KRW     34.20
SINBO SECURITIZATI     5.00      10/05/16        KRW     32.57
SINBO SECURITIZATI     5.00      07/26/16        KRW     34.98
SINBO SECURITIZATI     5.00      08/29/18        KRW     27.85
SINBO SECURITIZATI     5.00      08/29/18        KRW     27.85
SINBO SECURITIZATI     5.00      08/16/16        KRW     33.60
SINBO SECURITIZATI     5.00      08/16/17        KRW     31.21
SINBO SECURITIZATI     5.00      08/16/17        KRW     31.21
SINBO SECURITIZATI     5.00      02/11/18        KRW     29.48
SINBO SECURITIZATI     5.00      02/11/18        KRW     29.48
SINBO SECURITIZATI     5.00      03/12/18        KRW     29.24
SINBO SECURITIZATI     5.00      03/13/17        KRW     32.43
SINBO SECURITIZATI     5.00      06/07/17        KRW     23.89
SINBO SECURITIZATI     5.00      03/12/18        KRW     29.24
SINBO SECURITIZATI     5.00      06/07/17        KRW     23.89
SINBO SECURITIZATI     5.00      06/27/18        KRW     28.55
SINBO SECURITIZATI     5.00      06/27/18        KRW     28.55
SINBO SECURITIZATI     5.00      03/14/16        KRW     42.60
SINBO SECURITIZATI     5.00      09/26/18        KRW     27.63
SINBO SECURITIZATI     5.00      09/26/18        KRW     27.63
SINBO SECURITIZATI     5.00      09/26/18        KRW     27.63
SK TELECOM CO LTD      4.21      06/07/73        KRW     64.82
TONGYANG CEMENT &      7.50      04/20/14        KRW     70.00
TONGYANG CEMENT &      7.50      09/10/14        KRW     70.00
TONGYANG CEMENT &      7.30      04/12/15        KRW     70.00
TONGYANG CEMENT &      7.50      07/20/14        KRW     70.00
TONGYANG CEMENT &      7.30      06/26/15        KRW     70.00
U-BEST SECURITIZAT     5.50      11/16/17        KRW     30.90


SRI LANKA
---------

SRI LANKA GOVERNME     5.35      03/01/26        LKR     73.91


MALAYSIA
--------

BANDAR MALAYSIA SD     0.35      12/29/23        MYR     70.93
BANDAR MALAYSIA SD     0.35      02/20/24        MYR     70.44
BIMB HOLDINGS BHD      1.50      12/12/23        MYR     71.76
BRIGHT FOCUS BHD       2.50      01/22/31        MYR     65.25
BRIGHT FOCUS BHD       2.50      01/24/30        MYR     68.27
LAND & GENERAL BHD     1.00      09/24/18        MYR      0.29
ORO NEGRO IMPETUS     11.00      12/04/15        USD     54.75
SENAI-DESARU EXPRE     0.50      12/31/40        MYR     67.80
SENAI-DESARU EXPRE     0.50      12/31/38        MYR     64.41
SENAI-DESARU EXPRE     0.50      12/31/47        MYR     74.62
SENAI-DESARU EXPRE     0.50      12/29/45        MYR     72.73
SENAI-DESARU EXPRE     0.50      12/30/44        MYR     71.96
SENAI-DESARU EXPRE     0.50      12/31/43        MYR     71.08
SENAI-DESARU EXPRE     0.50      12/31/46        MYR     73.52
SENAI-DESARU EXPRE     0.50      12/30/39        MYR     66.30
SENAI-DESARU EXPRE     0.50      12/31/42        MYR     70.26
SENAI-DESARU EXPRE     0.50      12/31/41        MYR     68.65
SENAI-DESARU EXPRE     1.10      06/30/22        MYR     73.10
SENAI-DESARU EXPRE     1.15      12/29/23        MYR     68.55
SENAI-DESARU EXPRE     1.35      12/31/29        MYR     54.74
SENAI-DESARU EXPRE     1.35      06/30/28        MYR     58.18
SENAI-DESARU EXPRE     1.10      12/31/21        MYR     74.78
SENAI-DESARU EXPRE     1.15      06/30/23        MYR     70.11
SENAI-DESARU EXPRE     1.15      12/31/24        MYR     65.51
SENAI-DESARU EXPRE     1.15      06/30/25        MYR     64.05
SENAI-DESARU EXPRE     1.35      06/30/31        MYR     51.40
SENAI-DESARU EXPRE     1.35      06/30/27        MYR     60.52
SENAI-DESARU EXPRE     1.35      06/28/30        MYR     53.65
SENAI-DESARU EXPRE     1.35      12/31/26        MYR     61.73
SENAI-DESARU EXPRE     1.35      12/31/27        MYR     59.36
SENAI-DESARU EXPRE     1.15      12/30/22        MYR     71.72
SENAI-DESARU EXPRE     1.35      12/31/30        MYR     52.54
SENAI-DESARU EXPRE     1.35      12/29/28        MYR     57.01
SENAI-DESARU EXPRE     1.15      06/28/24        MYR     67.03
SENAI-DESARU EXPRE     1.35      06/30/26        MYR     62.92
SENAI-DESARU EXPRE     1.35      06/29/29        MYR     55.86
SENAI-DESARU EXPRE     1.35      12/31/25        MYR     64.14
UNIMECH GROUP BHD      5.00      09/18/18        MYR      1.22


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

BAYAN TELECOMMUNIC    13.50      07/15/06        USD     22.75
BAYAN TELECOMMUNIC    13.50      07/15/06        USD     22.75


SINGAPORE
---------

AXIS OFFSHORE PTE      7.59      05/18/18        USD     53.60
BAKRIE TELECOM PTE    11.50      05/07/15        USD      3.29
BAKRIE TELECOM PTE    11.50      05/07/15        USD      3.68
BERAU CAPITAL RESO    12.50      07/08/15        USD     32.91
BERAU CAPITAL RESO    12.50      07/08/15        USD     74.78
BLD INVESTMENTS PT     8.63      03/23/15        USD      8.88
BUMI CAPITAL PTE L    12.00      11/10/16        USD     19.50
BUMI CAPITAL PTE L    12.00      11/10/16        USD     20.02
BUMI INVESTMENT PT    10.75      10/06/17        USD     21.82
BUMI INVESTMENT PT    10.75      10/06/17        USD     18.35
ENERCOAL RESOURCES     6.00      04/07/18        USD     10.00
GOLIATH OFFSHORE H    12.00      06/11/17        USD     20.09
INDO INFRASTRUCTUR     2.00      07/30/10        USD      1.88
ORO NEGRO DRILLING     7.50      01/24/19        USD     69.00
OSA GOLIATH PTE LT    12.00      10/09/18        USD     62.00
OTTAWA HOLDINGS PT     5.88      05/16/18        USD     56.50
OTTAWA HOLDINGS PT     5.88      05/16/18        USD     50.66
SWIBER HOLDINGS LT     7.13      04/18/17        SGD     73.50
TRIKOMSEL PTE LTD      5.25      05/10/16        SGD     20.00
TRIKOMSEL PTE LTD      7.88      06/05/17        SGD     22.88
THAILAND
--------

G STEEL PCL            3.00      10/04/15        USD      3.74
MDX PCL                4.75      09/17/03        USD     37.50


VIETNAM
-------

DEBT AND ASSET TRA     1.00      10/10/25        USD     49.65
DEBT AND ASSET TRA     1.00      10/10/25        USD     49.63
VINGROUP JSC           9.80      06/02/17        VND      1.00



                             *********

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

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

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


                            *********


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

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

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

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

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



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