TCRAP_Public/140703.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, July 3, 2014, Vol. 17, No. 130


                            Headlines


A U S T R A L I A

ADAJIM PTY: Placed in Administration
CUSTOM WEALTH: Enters Into External Administration
OCTAVIAR ADMINISTRATION: Prevails On 2nd Bid For Ch. 15 Relief
TAKORADI LIMITED: In Administration; First Meeting Set July 7
TERMITE RESOURCES: 13 Workers Lose Jobs as Iron Ore Mine Shuts

THINK TANK 2014-1: S&P Assigns BB Rating on Class E Notes
WATSON PROPERTIES: Vincents Chartered Appointed as Administrators


C H I N A

CHINA FRUITS: Retained Deficits of $1.89-Mil. as of March 31
REDCO PROPERTIES: Fitch Publishes IDR at 'B'; Outlook Stable
YOSEN GROUP: Accumulated Deficit at $47.1MM as of March 31


I N D I A

ABIRAMI ELECTRONICS: CRISIL Puts 'B+' Rating on INR95MM Loans
AMAR ENTERPRISES: CRISIL Places 'B' Rating on INR35MM Loan
AVON COTTEX: ICRA Assigns 'B+' Rating to INR13.5cr Loans
BHUSHAN AUTOMOBILES: CRISIL Reaffirms 'B+' Rating on INR84M Loans
BIHAR FOUNDRY: CRISIL Assigns 'B' Rating to INR1.51BB Loans

CHHAVAN ENGINEERING: CRISIL Reaffirms B Rating on INR87.5MM Loans
DSR STEEL: ICRA Suspends 'B+' Rating on INR22cr Loans
EASTERN MEDIA: CRISIL Reaffirms 'B-' Rating on INR350MM Loans
ETA POWERGEN: CRISIL Upgrades Rating on INR320MM Loans to 'B-'
GEEKAY INFRASTRUCTURES: ICRA Suspends D Rating on INR23cr Loan

GTFC LTD: CRISIL Upgrades Rating on INR23.8MM Loans to 'B+'
GURU NANAK: ICRA Reaffirms 'B' Rating on INR10cr Bank Loan
HOMERA TANNING: ICRA Reaffirms 'B-' Rating on INR30cr Loan
INDIRA CONTAINER: CARE Lowers Rating on INR797.85cr Loans to 'D'
JAGAT PROJECTS: CRISIL Reaffirms 'B+' Rating on INR200MM Loan

JAIN KUSUM: ICRA Assigns 'B' Rating to INR20cr Loan
JASWANT & CO: ICRA Suspends 'B' Rating on INR4cr Loan
MAHANTH MOTORS: CRISIL Raises Rating on INR120MM Loans to 'B+'
MODERN LIVING: ICRA Assigns 'B+' Rating to INR9.34cr Loans
NAGARJUNA FEEDS: CRISIL Cuts Rating on INR52.5MM Loans to 'D'

NAGARJUNA HATCHERIES: CRISIL Cuts Rating on INR150MM Loans to D
NITHIN TEXTILES: CRISIL Ups Rating on INR388.5MM Loans to 'B+'
NUWAY ORGANIC: ICRA Lowers Rating on INR28.37cr Loans to 'C'
P. PRABHAKAR: CRISIL Reaffirms 'B+' Rating on INR70MM Loans
PARIVAR COTTON: ICRA Suspends 'B' Rating on INR5cr Loans

PREET JNC: CRISIL Assigns 'B' Rating to INR103.5MM Loans
RAJANI GINNING: CRISIL Reaffirms 'B' Rating on INR160MM Loan
RAMAWAT CONSTRUCTION: ICRA Reaffirms B- Rating on INR6cr Loans
RANCARE INDUSTRIES: ICRA Assigns 'B+' Rating to INR18cr Loans
RICHA PETRO: ICRA Suspends 'D' Rating on INR19cr Bank Loan

RUKSH EXIM: CRISIL Reaffirms 'B+' Rating on INR35MM Term Loan
SAI INFRA: ICRA Suspends 'B+' Rating on INR6cr Loan
SATYAVANI HOMES: CARE Assigns 'B' Rating to INR20cr Bank Loan
SEMI EXPORTS: CRISIL Reaffirms 'B+' Rating on INR40MM Loan
SHRI RAM: ICRA Suspends 'B' Rating on INR23cr Loan

SONATA CERAMICA: CARE Revises Rating on INR5.95cr Loan to 'B+'
SOVA ISPAT: CRISIL Lowers Rating on INR440MM Loans to 'D'
SUNDEEP SRIVARAS: CRISIL Assigns 'B+' Rating to INR100MM Loans
SUNTON CERAMIC: CRISIL Assigns 'B+' Rating to INR100MM Loans
VENUS P.P.: CRISIL Reaffirms 'D' Rating on INR100.4MM Loans


I N D O N E S I A

BANK TABUNGAN: Moody's Changes Outlook on 'D' BFSR to Negative


J A P A N

JCREF CMBS 2007-1: Moody's Lowers Rating on Class E Notes to 'C'


N E W  Z E A L A N D

VINE 2 WINE: No Payout For Unsecured Creditors, Liquidators Say


S O U T H  K O R E A

* 20% of Affiliates of Conglomerates on the Brink of Insolvency


                            - - - - -


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


ADAJIM PTY: Placed in Administration
------------------------------------
Clyde Peter White -- cwhite@pcipartners.com.au -- and Philip
Newman -- pnewman@pcipartners.com.au -- of PCI Partners Pty Ltd
were appointed as administrators of Adajim Pty Ltd on July 1,
2014.

A first meeting of the creditors of the Company will be held at
PCI Partners Pty Ltd, Level 8, 179 Queen Street, in Melbourne on
July 10, 2014, at 11:00 a.m.


CUSTOM WEALTH: Enters Into External Administration
--------------------------------------------------
Mike Taylor at Money Management reports that two of the entities
associated with Chris Appleyard's dealer group Custom Wealth
Solutions have entered external administration.

The report relates that documents filed with the Australian
Securities and Investments Commission earlier this month reveal
Custom Wealth Solutions and Custom Wealth Solutions Dealer
Services Pty Ltd had entered into external administration.

According to Money Management, the ASIC documentation shows that
Custom Wealth Solutions Dealer Services Pty Ltd was previously
Appleyard Financial Services Pty Ltd. Both entities are registered
as operating out of Brisbane's inner-city Fortitude Valley, the
report says.

Custom Wealth Solutions Pty Ltd is a mid-tier non-institutional
dealer group.  BCR Advisory's John Morgan --
john.morgan@bcradvisory.com.au --  and Geoffrey Davis --
geoff.davis@bcradvisory.com.au -- were appointed as receivers on
June 11, 2014, dissolve.com.au reports.


OCTAVIAR ADMINISTRATION: Prevails On 2nd Bid For Ch. 15 Relief
--------------------------------------------------------------
Law360 reported that Australia-based property finance group
Octaviar Administration Pty Ltd. won Chapter 15 recognition in a
New York bankruptcy court, six months after the Second Circuit
overturned an earlier order granting the relief.

According to Law360, over the objections of Drawbridge Special
Opportunities Fund LP, a hedge fund managed by Fortress Investment
Group LLC, U.S. Bankruptcy Judge Shelley C. Chapman found that
Octaviar meets the provision of the Bankruptcy Code requiring
debtors to prove that they have property or a place of business in
the U.S.  Bill Rochelle, the bankruptcy columnist for Bloomberg
News, pointed out that it remains to be seen whether Drawbridge
Special Opportunities Fund LP can successfully appeal and cut
short the liquidators' second venture in Chapter 15, as they did
the first.

                   About Octaviar Administration

Katherine Elizabeth Barnet and William John Fletcher, joint and
several liquidators of Queensland, Australia-based Octaviar
Administration Pty Ltd. filed a Chapter 15 petition against the
Company on Feb. 27, 2014.  The case is In re Octaviar
Administration Pty Ltd., Case No. 14-10438 (Bankr. S.D.N.Y.).  The
Company has estimated assets of $50 million to $100 million and
estimated debts of more than $1 billion.


TAKORADI LIMITED: In Administration; First Meeting Set July 7
-------------------------------------------------------------
Andrew Cummins and Antony Resnick of BRI Ferrier were appointed as
administrators of Takoradi Limited on June 25, 2014.

A first meeting of the creditors of the Company will be held at
BRI Ferrier, Level 30, Australia Square, 264 George Street, in
Sydney, on July 7, 2014, at 11:00 a.m.


TERMITE RESOURCES: 13 Workers Lose Jobs as Iron Ore Mine Shuts
--------------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that the iron ore mine
at the Cairn Hill has ceased trading leaving 13 employees jobless.
Termite Resources, the operator of the iron ore mine, has been
placed into voluntary administration. The mine is reportedly up
for sale, the report says.

According to the report, administrators Ferrier Hodgson said
6 employees will be provided jobs for the short term in order to
supervise the decommissioning of the mine. A committee of
creditors was named at a meeting, the report relates. However, the
administrators noted that it is still quite early to offer an
estimate of the possible creditors' return.

A second meeting with creditors is scheduled on July 23 of this
year, the report notes.

Martin David Lewis, David William Kidman & Tim David Mableson of
Ferrier Hodgson were appointed as administrators of Termite
Resources NL on June 18, 2014.


THINK TANK 2014-1: S&P Assigns BB Rating on Class E Notes
---------------------------------------------------------
Standard & Poor's Ratings Services assigned ratings to seven
classes of small-ticket commercial mortgage-backed securities
issued by BNY Trust Co. of Australia Ltd. as trustee of Think Tank
Series 2014-1 Trust.  Think Tank Series 2014-1 Trust is a
securitization of commercial property loans to small to medium-
size enterprises originated by Think Tank Group Pty Ltd. (Think
Tank).

The ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises note subordination for each class of rated note.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to 4.0% of the outstanding balance of the
      notes, and principal draws, are sufficient under its stress
      assumptions to ensure timely payment of interest.

   -- The availability of a yield reserve built from excess
      spread in the first two years, up to a limit of A$1.0
      million, and made available to meet senior expenses and
      interest shortfalls on the class A notes.

   -- The extraordinary expense reserve of A$250,000, funded from
      day one by Think Tank, available to meet extraordinary
      expenses.  The reserve will be topped up via excess spread
      if drawn.

   -- The condition that a minimum margin will be maintained on
      the assets.

   -- The interest-rate swap agreement with Commonwealth Bank of
      Australia to hedge any receipts from fixed-rate mortgage
      loans against the floating-rate obligations of the trust.

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report or whether relevant information
remains non-public.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com/2566.pdf

RATINGS ASSIGNED

Class        Rating         Amount (A$)
A1           AAA (sf)       28,400,000
A2           AAA (sf)       52,256,000
B            AA (sf)        11,246,400
C            A (sf)          7,497,600
D            BBB (sf)        4,430,400
E            BB (sf)         3,521,600
F            B (sf)          2,272,000
G            N.R.            3,998,700
N.R.--Not rated.


WATSON PROPERTIES: Vincents Chartered Appointed as Administrators
-----------------------------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrators of Watson Properties Australia 2 Pty
Ltd on June 30, 2014.

A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants, Level 19, MLC Centre, 19-29 Martin
Place, in Sydney, on July 10, 2014, at 3:00 p.m.



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


CHINA FRUITS: Retained Deficits of $1.89-Mil. as of March 31
-----------------------------------------------------------
China Fruits Corporation filed its quarterly report on Form 10-Q,
disclosing a net income of $114,711 on $8.02 million of sales for
the three months ended March 31, 2014, compared with a net loss of
$261,746 on $739,222 of sales for the same period in 2013.

The Company's balance sheet at March 31, 2014, showed $13.03
million in total assets, $10.45 million in total liabilities, and
stockholders' equity of $2.58 million.

As of March 31, 2014, the Company had retained deficits of $1.89
million and working capital deficit of current liabilities
exceeding current assets by $1.06 million due to the substantial
losses in operation in prior years and default of its notes
payable.

A copy of the Form 10-Q is available at:

                       http://is.gd/pOu62H

China Fruits Corp. is engaged in the manufacturing, trading and
distribution of fresh tangerines and other fresh fruits through
Jianxi Taina Nanfeng Orange Co., Ltd. (Tai Na) in China.  Tai Na
operates in Nan Feng County, Jiang Xi, a well-known agricultural
area for tangerines in China.


REDCO PROPERTIES: Fitch Publishes IDR at 'B'; Outlook Stable
------------------------------------------------------------
Fitch Ratings has published China-based residential property
developer Redco Properties Group Limited's (Redco) Long-Term
Issuer Default Rating (IDR) at 'B'.  The Outlook is Stable.

Redco's 'B' rating is supported by its low land-bank cost,
satisfactory profit margin and prudent control on SG&A expenses.
However, the rating is constrained by its small business scale,
overall land-bank quality and aggressive bidding for land in
Shenzhen.

KEY RATING DRIVERS

Limited Business Scale: Redco has a limited business scale among
the Chinese property developers that Fitch has rated.  With 11
projects in the pipeline in seven cities, Redco had a land-bank
size of 4.0m square metres (sqm) as at end-2013.  Redco achieved
contracted sales of CNY3.1bn in 2013.  Fitch thinks Redco does not
have a significant presence in any of the cities except for
Nanchang, where Redco ranked seventh in terms of contracted sales
in 2013.

Projects Mostly In Secondary Locations: Redco's projects are
mostly in secondary locations (except in Nanchang and Jinan),
which is reflected in its low average selling price of
CNY6,473/sqm in 2013.  Fitch expects the company to add land
mainly in Yantai, Xianyang and the seafront of Tianjin, where
Redco has 4.3m sqm GFA of land pending acquisition under framework
agreements with local governments.  The potential downside risk is
insufficient demand for these sizable projects in secondary
locations where there is abundant supply from competitors.

Aggressive Bidding In Shenzhen: Fitch has concerns that Redco is
being aggressive in purchasing land in public auctions when it
enters new cities with intense competition.  For example, in
Fitch's opinion, the land parcel that Redco bought in Shenzhen in
4Q13 was not cheap.  The land is in Pingshan district and was sold
at CNY980m, 211% above the base price.  Redco placed a high
priority on building its brand name in Shenzhen, a first-tier city
that it was entering.  However, the property market in China has
shown signs of faltering in 2014, and the profit margin of Redco's
Shenzhen project could be squeezed.

Low Land Cost: Redco enjoyed a low land cost of CNY962/sqm at end-
2013 through early involvement with local governments and
acquiring land at cheaper costs.  Redco has also signed framework
agreements or letters of intent with local governments in Tianjin,
Yantai and Xianyang to make sure that it can continue to expand
its land bank at lower costs.

Margins Comparable to Peers': In 2012-2013, Redco achieved gross
profit margin of around 30%, a level that is comparable to
similarly rated peers'.  This is because Redco acquired land in
earlier years at low costs and it enjoyed rising property prices
over the last few years.  Besides, Redco controls its SG&A expense
well, which amounted to 5.1% and 6.0% of its contracted sales and
gross revenue respectively in the past three years.  However,
Redco's profit is heavily concentrated on two to three projects.
Hence, its profit margin could be volatile.

Sufficient Liquidity to Repay Debt: At end-December 2013, Redco
had cash and cash equivalents of CNY828m (excluding restricted
cash of CNY132m).  Together with the IPO net proceeds of CNY752m
received in January 2014, Fitch believes that this is sufficient
to cover the company's short-term debt of CNY474m and settle the
amounts due to related parties of CNY748m in 2014.

RATING SENSITIVITIES

Positive: Future developments that may collectively lead to
positive rating actions include:

   -- Annual contracted sales sustained above CNY8bn (2013:
      CNY3.1bn) without compromising leverage, and
   -- EBITDA margin sustained above 20% (2013: 28%), and
   -- Contracted sales/total debt sustained above 1.3x (2013:
      2.1x).

Negative: Factors that may, individually and collectively, lead to
negative rating action include:

   -- Net debt/ adjusted inventory sustained above 50% (end-2013:
      32.6%), or
   -- EBITDA margin sustained below 15%, or
   -- Contracted sales/total debt sustained below 1.0x.


YOSEN GROUP: Accumulated Deficit at $47.1MM as of March 31
----------------------------------------------------------
Yosen Group, Inc., filed its quarterly report on Form 10-Q,
disclosing a net income of $24,158 on $4.52 million of net sales
for the three months ended March 31, 2014, compared with a net
loss of $639,477 on $3.63 million of net sales for the same period
in 2013.

The Company's balance sheet at March 31, 2014, showed $4.66
million in total assets, $6.31 million in total liabilities, and a
stockholders' deficit of $1.65 million.

The Company realized net loss of $3.63 million and $15.87 million
for 2013 and 2012, respectively.  The Company had accumulated
deficit of $47.1 million as of March 31, 2014.  In addition, the
Company's cash position substantially deteriorated since 2010.
There can be no assurance the Company will become profitable or
that it will survive as a public company.  These issues raise
substantial doubt regarding the Company's ability to continue as a
going concern, according to the regulatory filing.

A copy of the Form 10-Q is available at:

                       http://is.gd/IC1IHH

Yosen Group, Inc., headquartered in HangZhou City, Zhejiang
Province, China, was incorporated on Aug. 20, 1998, under the laws
of the State of Nevada.  As of Dec. 31, 2012, the Company operated
41 "stores in stores", under the brand names Hangzhou Wang Da and
Zhejiang YongXin.  Wang Da focuses on distributing domestic brands
mobile phones and some brand name computers.  Zhejiang focuses on
distributing Samsung and Apple brand products.



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I N D I A
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ABIRAMI ELECTRONICS: CRISIL Puts 'B+' Rating on INR95MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Abirami Electronics (P) Ltd (Abirami; part
of the Abirami group).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Proposed Long Term
   Bank Loan Facility    53          CRISIL B+/Stable

   Packing Credit         5          CRISIL A4

   Cash Credit           30          CRISIL B+/Stable

   Long Term Loan        12          CRISIL B+/Stable

The ratings reflect the Abirami group's modest scale of operations
and below-average financial risk profile marked by weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the group's promoters in the sheet
metal enclosures segment.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Abirami, Gayathri Enterprises (GE), and
United Technologies (UT). This is because the three entities,
together referred to as the Abirami group, are in the same line of
business and under the same management.

Outlook: Stable

CRISIL believes that the Abirami group will continue to benefit
over the medium term from its promoters' industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the group's scale of operations and profitability,
or substantial equity infusion, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the group's revenue and margins decline, or working capital
management weakens, resulting in stretch in its liquidity, or if
it undertakes a large debt-funded capital expenditure programme,
weakening its financial risk profile.

Incorporated in 1980 and based in Coimbatore (Tamil Nadu), Abirami
manufactures sheet metal enclosures. Its day-to-day operations are
managed by managing director Mr. S Othiappan.

GE is based in Hosur (Tamil Nadu) and UT is based in Solan
(Himachal Pradesh); both entities manufacture sheet metal
enclosures.

The Abirami group, on a provisional basis, registered a loss of
INR5.8 million on total revenue of INR129.1 million for 2013-14
(refers to financial year, April 1 to March 31), against a profit
after tax of INR6.17 million on total revenue of INR126.2 million
for 2012-13.


AMAR ENTERPRISES: CRISIL Places 'B' Rating on INR35MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/ CRISIL A4' ratings to
the bank facilities of Amar Enterprises (Amar).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         30         CRISIL A4
   Overdraft Facility     35         CRISIL B/Stable

The ratings reflect Amar's small order book limiting its revenue
visibility, and its modest scale of operations in the highly
fragmented construction industry. The ratings also reflect the
firm's below-average financial risk profile marked by weak
liquidity and modest net worth. These rating weaknesses are
partially offset by its proprietor's extensive experience in the
civil construction industry.

Outlook: Stable

CRISIL believes that Amar will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if Amar reports significantly
better-than-expected cash accruals or substantial capital infusion
along with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' if the firm reports lower-
than-expected cash accruals or larger-than-expected working
capital requirements, exerting further pressure on its weak
liquidity.

Amar is a proprietorship firm established in 1984 by Mr. Mana Ram
Bishnoi and based in Jodhpur (Rajasthan). It undertakes civil
construction projects for state government authorities in
Rajasthan, such as Public Works Department (PWD), Jodhpur
Development Organisation (JDA), and Rajasthan Housing Board (RHB).


AVON COTTEX: ICRA Assigns 'B+' Rating to INR13.5cr Loans
--------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR13.50
crore fund-based bank facilities of Avon Cottex Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based bank       11.00       [ICRA]B+ assigned
   Facilities-Term
   loans

   Fund based bank        2.50       [ICRA]B+ assigned
   Facilities-Cash
   Credit

The assigned rating favourably takes into account ACPL's
experienced promoters with a track record of more than three
decades in the textile industry as well as the location of its
fabric processing facility (yet to commence operations) in
Ludhiana, which ensures easy access to various ready-made garment
manufacturers. ICRA also takes note of the expected regularity in
order-inflow for ACPL as the company proposes to utilize around
50% of the capacity for meeting the fabric dyeing and processing
requirements of group companies. Notwithstanding the above
positives, the rating is constrained on account of project nature
of the entity as it is yet to commence operations (commercial
production is slated to commence from June 2014). Ability to
timely secure all the approvals and commence operations will be a
rating positive. The rating also factors in the fragmented and
competitive nature of the processing industry which coupled with
the limited value additive nature of operations result in
profitability pressures. Given the debt funded nature of the
project, ability to achieve high capacity utilization with
satisfactory profitability margins will be the critical
determinant of the debt servicing capability. Also, since the
company will undertake job-work for group companies, ability to
operate at shorter working capital cycle will be a key driver of
the incremental funding requirement as well as liquidity.
In ICRA's view, the ability of the company to scale-up its
operations while achieving satisfactory profitability metrics and
effectively managing its working capital cycle will remain
critical for its debt coverage indicators and liquidity and hence
would be key rating sensitivities. This apart, timely enhancement
in working capital limits and/or equity infusion by the promoters
will also remain critical to support liquidity during the ramp-up
phase and would be key rating monitorables.

Incorporated in 2012, Avon Cottex Private Limited is setting up a
fabric-knitting, dyeing and processing unit in Ludhiana (Punjab)
with an installed capacity to dye as well as process 7.5 MT of
fabric. The company is managed by Mr. Satnam Singh and his four
other family members. Besides ACPL, the promoters (along with
their family members) also manage five other companies involved in
the textile industry (across segments like fabric knitting, dyeing
and garmenting) in Ludhiana. The commercial operations of the
company are scheduled to commence from June 2014 onwards.


BHUSHAN AUTOMOBILES: CRISIL Reaffirms 'B+' Rating on INR84M Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of to the bank facilities
of Bhushan Automobiles Pvt Ltd continue reflect BAPL's limited
bargaining power with its principal, exposure to intense
competition in the automotive dealership industry, and below-
average financial risk profile. These rating weaknesses are
partially offset by the company's established relationship with
its principal Escorts Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            74       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     10       CRISIL B+/Stable  (Reaffirmed)

On April 29, 2014, CRISIL had assigned its 'CRISIL
B+/Stable/CRISIL A4' ratings to the long-term bank facilities of
BAPL.

Outlook: Stable

CRISIL believes that BAPL will continue to benefit from its
established relationship with its principal over the medium term.
The outlook may be revised to 'Positive' in case of improvement in
BAPL's financial risk profile, supported by equity infusion by the
promoters or improvement in operating margin leading to large cash
accruals. Conversely, the outlook may be revised to 'Negative' if
BAPL reports a significant slowdown in revenue or undertakes a
large debt-funded capital expenditure programme, resulting in
deterioration in its financial risk profile.

BAPL was set up in 2005. The company is a distributor of Escorts'
farm vehicles in Bihar. It is promoted by Mr. Bhushan Kumar and
his family members.


BIHAR FOUNDRY: CRISIL Assigns 'B' Rating to INR1.51BB Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
bank facilities of Bihar Foundry & Castings Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan           1,004.3       CRISIL B/Stable
   Cash Credit           505.7       CRISIL B/Stable
   Letter of Credit       40         CRISIL A4

The rating reflects BFCL's below-average financial risk profile
marked by stretched liquidity, leveraged capital structure, and
subdued debt protection metrics. The rating also factors in the
company's marginal share in the fragmented ferro alloys and ingots
industry and working capital intensive operations. These rating
weaknesses are partially offset by its promoters' extensive
industry experience and financial support.

Outlook: Stable

CRISIL believes that BFCL will continue to benefit over the medium
term from its promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' in case of
significant improvement in the company's financial risk profile,
particularly liquidity, on account of substantial cash accruals
led by improvement in scale and operating profitability or equity
infusion by the promoters. Conversely, the outlook may be revised
to 'Negative' in case of aggressive debt-funded expansions,
sustained pressure on revenue and/or profitability, or stretch in
working capital cycle, weakening the company's financial risk
profile.

Established in 1971, by Mr. Hari Krishna Budhia and his family
members, BFCL manufactures silico-manganese, sponge iron, and
ingots. Its manufacturing facility is in Ranchi (Jharkhand).


CHHAVAN ENGINEERING: CRISIL Reaffirms B Rating on INR87.5MM Loans
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Chhavan
Engineering Works (CEW) continues to reflect CEW's weak financial
risk profile, marked by a small net worth, high gearing, and weak
interest coverage ratio, and its working-capital-intensive nature
of operations. These rating weaknesses are partially offset by the
extensive experience of the firm's promoters in the iron and steel
trading business.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Overdraft Facility      57.5      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      30        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CEW will continue to benefit over the medium
term from the extensive industry experience of its promoters and
the increase in its geographical presence. The outlook may be
revised to 'Positive' if the firm's net worth increases
substantially, supported by equity infusion by its promoters or
larger-than-expected cash accruals, driven by a significant
increase in its scale of operations and margins. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
CEW's liquidity, most likely because of a stretch in its working
capital cycle or large debt-funded capital expenditure.

Update
CEW, on a provisional basis, reported net sales of around INR720
million for 2013-14, as against INR577.8 million reported for the
previous year, representing a year-on-year growth of 25 per cent.
With the increase in the firm's geographical presence, CRISIL
believes that it will maintain healthy sales growth over medium
term. CEW's operating margin was around 1.6 per cent in 2013-14 as
against 2.1 per cent in the previous year, and is expected to
remain at a similar level over the medium term.

CEW has high working capital requirements, as reflected in its
estimated gross current assets (GCAs) of around 45 days as on
March 31, 2014, as against 58 days a year earlier; the GCAs are
expected to remain at a similar level over the medium term. The
company has a small net worth, estimated around INR15.3 million as
on March 31, 2014, as against INR14.1 million a year earlier. Its
working-capital-intensive operations combined with low accruals
have led to high reliance on external debt. CEW's gearing is
estimated at around 3.92 times as on March 31, 2014, as against
4.7 times a year earlier. High bank limit utilisation combined
with low profitability has resulted in weak debt protection
metrics, with interest coverage ratio of 1.4 times in 2013-14, the
same as in 2012-13. The ratio is expected to remain weak over the
medium term.

CEW has weak liquidity, marked by high bank limit utilisation, a
small net worth, and working capital intensive operation. Its
average bank limit utilisation remained at around 100 per cent
during the 12 months through December 2013. CRISIL believes that
with low accruals and working-capital-intensive operations, the
firm's reliance on external debt will remain high over the medium
term.

CEW reported, on a provisional basis, a profit after tax (PAT) of
around INR1.5 million on net sales of INR720 million for 2013-14;
it had reported a PAT of INR1.8 million on net sales of INR577.8
million for 2012-13.

CEW, established in 1973, is a partnership firm which trades in
pig iron and steel scrap. The firm's registered office is at Agra
(Uttar Pradesh). Its key partners, Mr. Mukesh Garg and his brother
Mr. Satish Garg, look after its day-to-day operations.


DSR STEEL: ICRA Suspends 'B+' Rating on INR22cr Loans
-----------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ and short term
rating of [ICRA]A4 assigned to INR22.00 crore fund based and non-
fund based limits DSR Steel Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

DSR Steel Private Ltd is engaged in the rolling of mild ingots
into TMT bars. DSR was founded by Mr Ramesh Chand Rana in 1998
.The company's rolling mill is located in Bhiwadi (Rajasthan) and
has an installed annual capacity of 45000 MT for TMT bar and 45000
MT for Mild Steel(MS) Ingots. The ingots capacity provides
backward integration benefits to the company.


EASTERN MEDIA: CRISIL Reaffirms 'B-' Rating on INR350MM Loans
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Eastern Media Ltd
continue to reflect geographical concentration in EML's revenue
profile, stretched liquidity profile and susceptibility of its
operating margin to economic cycles and to profitability of its
television news channel 'Kanak T.V.' These rating weaknesses are
partially offset by EML's strong market position in the
publication business in Odisha, and its improving operating
efficiencies.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           155        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       20        CRISIL A4 (Reaffirmed)
   Long Term Loan        160        CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     30        CRISIL B-/Stable (Reaffirmed)
   Standby Line of
   Credit                  5        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that EML will continue to benefit over the medium
term from its strong market position in the newspaper business.
Its liquidity is, however, likely to remain constrained because of
losses incurred in its television channel 'Kanak T.V.'. The
outlook may be revised to 'Positive' if EML's liquidity improves
considerably, most likely owing to marked improvement in its cash
cycle, or sizeable infusion of long-term funds. Conversely, the
outlook may be revised to 'Negative' if EML undertakes a large,
debt-funded capex programme, resulting in further deterioration in
its capital structure, or if there is a steep decline in its
profitability or revenues.

Set up in 1984, EML publishes the largest-selling Oriya newspaper
(current market share of 50 per cent), Sambad. The company owns
five printing centres through which it publishes eight editions
for the key cities of Odisha'Bhubaneshwar, Anugul, Cuttack,
Brahmapur, Rourkela, Sambalpur, Balasore, and Jajpur. In 2007-08
(refers to financial year, April 1 to March 31), EML ventured into
the entertainment business by launching an FM radio channel, Radio
Choklate 104 FM, which was followed in 2008-09 by the launch of a
24x7 Oriya news channel, Kanak TV. The company also engages
renowned artistes to give live performances in rural areas of
Odisha under the name, Eastern Opera. The entertainment business
is under a separate division, Eastern Media Entertainment
Division.

EML reported a profit after tax (PAT) of INR26 million on
operating income of INR1130 million for 2012-13, as against a PAT
of INR25 million on operating income of INR1008 million for 2011-
12.


ETA POWERGEN: CRISIL Upgrades Rating on INR320MM Loans to 'B-'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
ETA Powergen Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan       188.8       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Long Term
   Bank Loan Facility   113.4       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Working Capital
   Term Loan             17.8       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The upgrade reflects improvement in ETA Powergen's liquidity in
the past twelve months driven by stabilization of operations, and
timely servicing of debt. The upgrade also factors in CRISIL
belief that ETA Powergen's cash accruals will be sufficient for
servicing its maturing debt over the medium term. Its business
risk profile is expected to remain stable over the medium term,
backed by its diversified raw material mix and the high demand for
power in Tamil Nadu.

The rating reflects ETA Powergen's small scale of operations, and
exposure to risks related to limited revenue visibility in the
absence of long-term power purchase agreements (PPAs). The
financial risk profile remains below average, with high gearing.
These rating weaknesses are partially offset by the benefits that
the company derives from its management's experience in the power
sector, and the high demand for power in Tamil Nadu.
Outlook: Stable

CRISIL believes that ETA Powergen will maintain a stable credit
risk profile on the back of steady demand for power in Tamil Nadu.
The outlook may be revised to 'Positive' if the company's revenue
and profitability increase significantly and sustainably, along
with improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative', if increase in cost of power
generation or disruption in operations (owing to regulatory
changes, technical issues or scarcity of biomass fuel) or any
large debt-funded capital expenditure results in deterioration in
the company's financial risk profile.

ETA Powergen, a subsidiary of ETA Star Holdings Ltd, was
incorporated in 1999 and is part of the Dubai-based ETA group. ETA
Powergen currently owns and operates a 10-megawatt biomass power
plant in Virudhunagar (Tamil Nadu). The plant, which commenced
operations in May 2009, uses juliflora, matchbox and plywood
waste, and agricultural waste as biomass fuels. The company has
short-term agreements with industrial customers for sale of power.

ETA Powergen reported a net loss of INR0.5 million on an operating
income of INR478.1 million for 2012-13, against a net loss of
INR46.2 million on an operating income of INR227.8 million for
2011-12. For the nine-months ended December 31, 2013, the company
reported a net loss of INR15.7 million on an operating income of
INR299.9 million.


GEEKAY INFRASTRUCTURES: ICRA Suspends D Rating on INR23cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR23.0
crore long term fund based facilities of Geekay Infrastructures.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


GTFC LTD: CRISIL Upgrades Rating on INR23.8MM Loans to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
GTFC Ltd to 'CRISIL B+/Stable' from 'CRISIL B/Stable' and
reaffirmed its rating on the company's short-term bank facilities
at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         3.3        CRISIL A4 (Reaffirmed)

   Cash Credit           14          CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit      27          CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     8.8        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan              1.0        CRISIL B+/Stable (Upgraded
                                     from  'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that GTFC will
maintain its improved liquidity over the medium term with
generation of more-than-sufficient cash accruals to meet debt
obligations; the company is likely to post annual cash accruals of
INR6.8 million over the medium term against term loan obligations
of INR0.45 million per annum.

The ratings reflect GTFC's large working capital requirements and
small scale of operations. These rating weaknesses are partially
offset by GTFC's diversified business risk profile, its promoters'
extensive experience in the footwear components industry, and its
moderate financial risk profile marked by healthy gearing and
moderate debt protection metrics.

Outlook: Stable

CRISIL believes that GTFC will continue to benefit over the medium
term from its promoters' extensive experience in the footwear
components industry. The outlook may be revised to 'Positive' if
the company registers significant improvement in its scale of
operations and profitability, leading to larger-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
GTFC's financial risk profile, particularly liquidity, weakens
because of large debt-funded capital expenditure or lengthening of
working capital cycle.

GTFC, incorporated in 1997, manufactures and trades in footwear
components, such as thermoplastic toe puffs, counters, insoles,
and steel shanks. The company also manufactures footwear
components on jobwork basis.


GURU NANAK: ICRA Reaffirms 'B' Rating on INR10cr Bank Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the
INR10.00 crore long term fund based limits of M/s Guru Nanak Rice
Mills.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund        10.00        [ICRA]B (reaffirmed)
   Based Limits

The assigned rating continues to be constrained by low value add
nature of operations and intensely competitive nature of the rice
milling industry which has led to low profitability margins. In
addition the company has high gearing arising out of large working
capital requirements which have primarily been funded by working
capital borrowings. Low profitability margins coupled with high
gearing has led to weak coverage indictors as reflected by low
interest coverage of 1.22 times during March 2013. Nevertheless
the ratings favourably take into account the long standing
experience of promoters with strong relationships with several
customers and suppliers coupled with proximity of the mill to
major rice growing area which results in easy availability of
paddy.

Guru Nanak Rice Mills is a partnership firm, was set up in 1983 by
Mr. Joginder Singh and family. The firm is engaged in milling of
basmati paddy and produces raw and boiled rice. It has a plant at
Fazilka (Punjab) which has a milling capacity of 4 tonnes per hour
and 2 sortex machines with a capacity of 10 ton/hr and has a fully
automated plant.

Recent Results

GNRM has reported a net profit (PAT) of INR0.06 crore on an
operating income of INR24.73 crore in FY 2012-13 as compared to
net profit (PAT) of INR0.03 crore on an operating income of
INR14.37 crore in FY 2011-12.


HOMERA TANNING: ICRA Reaffirms 'B-' Rating on INR30cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- and short-
term rating of [ICRA]A4 to the enhanced INR46.86 crore bank
facilities (enhanced from INR30.60 crore) of Homera Tanning
Industries Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-Term Fund          30.00      [ICRA]B- Reaffirmed
   Based Facilities

   Short-Term Non-         10.24      [ICRA]A4 Reaffirmed
   Fund Based
   Facilities

   Long-Term/Short-Term     6.62      [ICRA]B-/[ICRA]A4
   (Interchangeable)                  Reaffirmed

The rating reaffirmation continues to take into account the
company's stretched liquidity position on account of long cash
conversion cycle, which coupled with modest level of accruals,
continues to result in high reliance on credit from suppliers
(thus high outside liabilities) as the borrowing ability remains
constrained due to lack of adequate current ratio and drawing
power. Given that a large proportion of receivables of company are
for duration longer than the eligible drawing of working capital
limits, the borrowing capacity remains inadequate; thereby limited
utilisation of working capital limits and low borrowing levels in
relation to sanctioned limits. Hence debt coverage indicators are
better than what they would have been if the entire working
capital would have been funded through borrowings than creditors.
Nonetheless, the steady financial profile and accruals along with
improvement in cash conversion cycle are gradually reducing the
reliance on creditors to fund the working capital requirements and
also resulting in gradual improvement in current ratio. With
limited term repayment liabilities, the future cash accruals are
expected to improve this further. The rating however continues to
favourably take into account the satisfactory track record of the
company in the leather manufacturing business and its established
relationship with clients as evident in repeat orders.

Going forward, the ability of the company to improve
profitability, effectively manage working capital cycle and
maintain adequate liquidity position while increasing its scale of
operations would remain the key rating sensitivities.

Homera Tanning Industries Private Limited was incorporated in 1987
by Mr. Mr. Rizwan Ullah and his family members. The company is
engaged in the manufacturing and exporting of finished leather and
shoe uppers. The company's tannery is located in Kanpur which
manufactures cow finished leather for shoes & bags and buffalo
finished leather for upholstery.


INDIRA CONTAINER: CARE Lowers Rating on INR797.85cr Loans to 'D'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Indira Container Terminal Private Limited.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term/Short-term       797.85     CARE D Revised
   Bank Facilities                       from CARE B/CARE A4

Rating Rationale

The rating assigned to the bank facilities of Indira Container
Terminal Private Limited is constrained by continuing delays in
servicing of debt obligations since March 2014, significant delay
in completion of the project as against initial envisaged date and
consequent cost-overrun.

ICTPL is a special purpose vehicle promoted by three companies
namely Gammon India Limited (GIL, rated 'CARE C/CARE A4') (26%
shareholding), Gammon Infrastructure Project Limited (GIPL, rated
'CARE BBB+/CARE A3+') (24% shareholding) and Noatum Ports Sociedad
Limitada Unipersonal SLU (NPSL), Spain (50% shareholding). GIPL
has acquired beneficial, controlling interest and voting rights in
respect of the equity shares from GIL. Due to this, GIPL has
become 50% joint venture partner in ICTPL.

ICTPL shall develop, design, finance, construct, equip, operate,
maintain offshore container berth to handle vessels of 6,000
Twenty Equivalent Units and above and quay length of not less than
700 m in the first stage and further 350 m length as the traffic
builds up and replace project facilities and services for offshore
container terminal during the license period of 30 years from the
date of award of license (December 3, 2007) by Mumbai Port Trust.
The project was originally planned to be completed on December 3,
2010.

The revised cost of the Mumbai Offshore Container Terminal Project
is estimated at INR1,220.13 crore to be financed by an estimated
debt to equity of 2:1, with debt amounting to INR812.53 crore and
equity of INR407.60 crore. The total expenditure incurred on the
project till March 31, 2014 is INR620.15 crore.


JAGAT PROJECTS: CRISIL Reaffirms 'B+' Rating on INR200MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Jagat Projects Ltd
continues to reflect JPL's stretched working capital depicted by
fully utilized bank lines and constrained profitability due to
presence in highly competitive and fragmented rice industry. These
rating weaknesses are partially offset by the experience of JPL's
promoters in the rice industry and the company's moderate
financial risk profile marked by moderate capital structure and
debt protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft Facility    200        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if JPL registers continued
revenue growth with improved operating margin and liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
large incremental working requirements or if changes in government
regulations regarding rice import/export negatively impact the
company's business risk profile.

JPL, incorporated in 2008 and based in New Delhi, is promoted by
Mr. Satish Pawa and Mr. Santlal Agarwal and their family members.
JPL trades in basmati/non-basmati rice and paddy in the domestic
market.


JAIN KUSUM: ICRA Assigns 'B' Rating to INR20cr Loan
---------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the INR20.0
crore unallocated bank facilities of Jain Kusum
Enterprises Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Unallocated           20.0        [ICRA]B (Assigned)

The rating draws comfort from experience of JKPL's management in
the granite cutting and polishing business and favorable location
of its unit(yet to commence operations) in Ilkal region, North
Karnataka which is in close proximity to granite quarries and
hence ensures easy availability of raw material. The rating also
draws comfort from the fact that all required approvals have been
secured for the project.

The rating is however constrained by exposure to execution risk on
account of project nature of the entity as it is yet to commence
operations (commercial production is slated to commence from April
2015). The rating is also constrained by exposure to funding risk
since the bank facilities for the project are yet to be
sanctioned. Given the debt funded nature of the project, ability
to achieve high capacity utilization with satisfactory
profitability margins will be the critical determinant for the
debt servicing capability. The rating is also constrained by
inherent industry related risks like intense competition,
cyclicality of real estate and construction industry, exposure of
earnings to volatility in foreign exchange rates.

Going forward, timely commencement of operations and ability of
the company to scale up its operations while achieving
satisfactory profitability metrics and effectively manage its
working capital cycle will remain the key rating sensitive
factors.

Based in Ilkal, Bagalkot district in Karnataka, Jain Kusum
Enterprises Pvt. Ltd (JKE) was incorporated in January 2012. The
company has been formed with the objective of setting up granite
cutting and polishing unit in Ilkal with capacity of 8000 sqft per
day translating into capacity of 24,00,000 sqft per annum. The
unit will be a 100% Export Oriented Unit and the company plans to
export the finished products to countries like USA, Singapore,
U.K., Italy, etc. Currently land for the project has been acquired
and all required approvals have been secured. The plant is
expected to commence operation from April 2015.


JASWANT & CO: ICRA Suspends 'B' Rating on INR4cr Loan
-----------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR4.00 crore
long term fund based facilities and [ICRA]A4 rating assigned to
the INR1.00 crore short term non fund based facilities of Jaswant
& Co. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the firm.


MAHANTH MOTORS: CRISIL Raises Rating on INR120MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Mahanth Motors (MM) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

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

   Proposed Long Term     30        CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan              10        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that MM will maintain
its improved liquidity over the medium term with generation of
more than sufficient cash accruals for meeting its repayment
obligations; the company is expected to post annual cash accruals
of INR10 million as against term loan repayment obligations of
INR2.4 million.

The rating reflects MM's below-average financial risk profile,
marked by a small net worth and a high total outside liabilities
to tangible net worth (TOLTNW) ratio. The rating also factors in
the firm's limited bargaining power with its principal and its
exposure to intense competition, which affects its margins. These
rating weaknesses are partially offset by the extensive experience
of MM's promoters in the automobile dealership business.

Outlook: Stable

CRISIL believes that MM will continue to benefit over the medium
term from its promoters' extensive industry experience, its
established relationship with its supplier, and its dedicated
network. The outlook may be revised to 'Positive' if the firm
significantly expands its scale of operations and improves its
operating profitability, resulting in higher-than-expected cash
accruals. Effective management of its working capital requirements
along with timely infusion of funds by its promoters, leading to
an improvement in its liquidity, may also result in a 'Positive'
outlook. Conversely, the outlook may be revised to 'Negative' if
the firm's scale of operations declines significantly, thus
affecting its cash accruals adversely, or if its liquidity weakens
on account of larger-than-expected working capital requirements or
debt-funded capital expenditure.

Established in 1999 as a partnership firm, MM is an authorised
dealer and service centre of M&M in Simoga and Davangere (both in
Karnataka). Until October 2012, it was the authorised dealer of
Piaggio Vehicles Pvt Ltd in Davangere and Chitradurga (Karnataka).
The firm currently deals in commercial and personal segment
vehicles of M&M.


MODERN LIVING: ICRA Assigns 'B+' Rating to INR9.34cr Loans
----------------------------------------------------------
ICRA has assigned the '[ICRA]B+' rating to the INR7.84 crore term
loans and 1.50 crore long-term fund based limits of Modern Living
Solutions Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans            7.84       [ICRA]B+ assigned
   Long-Term Fund
   Based Limits          1.50       [ICRA]B+ assigned

The assigned ratings favourably factor in the established track
record of the promoters in the furniture industry through the
parent company of the group -- Spacewood Furnishers Private
Limited (rated [ICRA]BBB- (stable)/[ICRA]A3) which provides strong
technical and operational support. The parent company also
provides financial flexibility to the company's operations and
accordingly ICRA has drawn comfort from its financial strength.
The company marks the group's foray into the Modular Kitchen
retail segment in direct competition to the existing established
players. The retail outlets across major cities have aided the
group in its brand awareness initiatives and are likely to drive
the group's growth over the long term. Retail sales are likely to
provide better margins though the benefit would be limited to a
certain extent by the increased marketing expenses.

The ratings are constrained by the weak standalone financial
profile of the company given the nascent stage of its operations.
The company is currently undertaking active expansion of its
retail reach which coupled with the ensuing financing cost is
likely to exert pressure on the cash flows in the near to medium
term. High investment in inventory is likely to exert pressure on
the liquidity profile of the company though lower receivables
period is likely to provide some comfort. The benefits of retail
presence are yet to be seen amidst strong competition from the
existing established brands.

Modern Living Solutions Private Limited is the retail arm of the
Spacewood group, which provides furniture solutions to OEMs and
under its in house brands. MLSPL procures furniture and furniture
components from Spacewood Furnishers Private Limited and markets
them through its showrooms. MLSPL operates 11 showrooms located in
Gurgaon, Chennai, Hyderabad, Bangalore, Kolkatta, Pune and Delhi.
Additional showrooms in Bangalore, Nagpur, Ranchi and Hyderabad
are likely to commence operations during the FY2015, thereby
increasing the total number of outlets under MLSPL to 20 by March,
2015.


NAGARJUNA FEEDS: CRISIL Cuts Rating on INR52.5MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Nagarjuna Feeds (Cattle & Poultry Feeds) (NF; part of the
Nagarjuna group) to 'CRISIL D' from 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            30         CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Long Term Loan         22.5       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects instances of delays by NF in
servicing its debt; the delays have been caused by the Nagarjuna
group's weak liquidity resulting from its large working capital
requirements.

The Nagarjuna group has a weak financial risk profile marked by
its small net-worth, high gearing and below-average debt
protection metrics. The group is also exposed to intense
competition and risks inherent in the poultry industry and its
profitability margins are susceptible to volatility in raw
material prices. However, the group benefits from its promoters'
extensive experience in the poultry industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of NF and Nagarjuna Hatcheries (NH). This
is because both these entities, together referred to as the
Nagarjuna group, are under the same management team, are in a
similar line of business, and have significant operational
linkages and fungible cash flows.

NH, set up in 2007, is engaged in poultry farming. The firm's
poultry farms are located in Ranga Reddy district in Andhra
Pradesh. NH was promoted by Mr. K S Reddy and the Late Mr. M V
Sudhakar.

Set up in 2009, NF manufactureses poultry feed. The firm primarily
caters to the feed requirements of NH. NF is promoted by Mrs. K
Anuradha (wife of Mr. K S Reddy) and Mrs. M Nirupama. The day-to-
day operations of this firm are managed by Mr. K S Reddy.


NAGARJUNA HATCHERIES: CRISIL Cuts Rating on INR150MM Loans to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Nagarjuna Hatcheries (NH; part of the Nagarjuna group) to 'CRISIL
D' from 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            20        CRISIL D (Downgraded
                                    from 'CRISIL B-/Stable')

   Long Term Loan        130        CRISIL D (Downgraded
                                    from 'CRISIL B-/Stable')

The rating downgrade reflects instances of delays by NH in
servicing its debt; the delays have been caused by the Nagarjuna
group's weak liquidity resulting from its large working capital
requirements.

The Nagarjuna group has a weak financial risk profile marked by
its small net-worth, high gearing and below-average debt
protection metrics. The group is also exposed to intense
competition and risks inherent in the poultry industry and its
profitability margins are susceptible to volatility in raw
material prices. However, the group benefits from its promoters'
extensive experience in the poultry industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of NH and Nagarjuna Feeds (Cattle &
Poultry Feeds) (NF). This is because both these entities, together
referred to as the Nagarjuna group, are under the same management
team, are in a similar line of business, and have significant
operational linkages and fungible cash flows.

NH, set up in 2007, is engaged in poultry farming. The firm's
poultry farms are located in Ranga Reddy district in Andhra
Pradesh. NH was promoted by Mr. K S Reddy and the Late Mr. M V
Sudhakar.

Set up in 2009, NF manufactures poultry feed. The firm primarily
caters to the feed requirements of NH. NF is promoted by Mrs. K
Anuradha (wife of Mr. K S Reddy) and Mrs. M Nirupama. The day-to-
day operations of this firm are managed by Mr. K S Reddy.


NITHIN TEXTILES: CRISIL Ups Rating on INR388.5MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Nithin Textiles Private Limited to 'CRISIL B+/Stable from 'CRISIL
B/Stable. The rating on the firm's short-term facility has been
reaffirmed at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         35        CRISIL A4 (Reaffirmed)

   Cash Credit           130        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Long Term Loan        255.4      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')
   Proposed Long Term
   Bank Loan Facility      3.1      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that Nithin will
maintain its improved liquidity over the medium term with
generation of more than sufficient cash accruals for meeting its
repayment obligations; the company is expected to post annual cash
accruals of INR78 million to INR95 million over the medium term
against term loan repayment obligations of INR45 million.

The ratings also reflect Nithin's weak financial risk profile,
marked by high gearing and below-average debt protection metrics,
and its susceptibility to volatility in raw material prices and to
power shortage. These rating weaknesses are partially offset by
the benefits that the company derives from its promoters'
experience in the textile business.

Outlook: Stable

CRISIL believes that Nithin will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the company
reports sustained increase in its cash accruals, thus leading to
steady improvement in its liquidity and capital structure.
Conversely, the outlook may be revised to 'Negative' if Nithin
undertakes a larger-than-expected debt-funded capital expenditure
programme, or its revenues and cash accruals decline, leading to
deterioration in its financial risk profile.

Set up in 2006 by Mr. K Jaikumar and his wife, Mrs. J. Vanitha,
Nithin commenced commercial operations in 2008. The company is
engaged in spinning of cotton yarn at its unit in Dindigul (Tamil
Nadu).


NUWAY ORGANIC: ICRA Lowers Rating on INR28.37cr Loans to 'C'
------------------------------------------------------------
ICRA has revised the rating assigned to the INR28.37 Cr. long term
fund based facilities of Nuway Organic Naturals India Limited to
[ICRA]C from [ICRA]B-.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           8.00       [ICRA]C from [ICRA]B-

   Term Loan            15.00       [ICRA]C from [ICRA]B-

   Unallocated           5.37       [ICRA]C from [ICRA]B-

The revision in rating takes into account the stretched liquidity
position as evident by near full utilization of working capital
limits which is in excess of the drawing power and deterioration
in the financial risk profile during FY14 as reflected by net
losses, erosion of net worth resulting in high gearing levels,
decline in coverage metrics and negative cash flows. Additionally
due to the company's limited track record of operations in the
liquor industry and high competitive intensity in the industry
owing to the presence of other distilleries in the region, the
company has not been able to scale up the sales of PML in the open
quota due to which it sells ENA which has contributed to the weak
profitability and cash flows. The aforementioned factors would
continue to weigh on the business of the company and accordingly
ICRA expects that the company's profitability and cash flows will
remain weak in the medium term. Given the weak cash flows and
stretched liquidity position, the company would most likely have
to rely on external funding to fulfil its debt repayment
obligations.. The rating also factors in the vulnerability of
profitability of the liquor industry to the regulatory scenario,
given that prices are fixed by the excise policy of the state
governments with the implication that any significant increase in
grain prices may impact the profitability of the liquor
manufacturers. Further, profitability is also vulnerable to
fluctuations in RM (nakku) prices and fall in molasses prices, in
which case price competition from molasses-based liquor will
increase.

The rating, however, continues to favourably factor in the healthy
demand prospects for alcohol consumption in Punjab and favourable
location of the manufacturing plant which aids in procurement of
raw material from the surrounding agrarian belt.

Nuway Organic Naturals India Limited (NONIL) is primarily engaged
in the production and sale of alcoholic products. The company was
incorporated as Mahindra Papers Limited in July 1995. The
management of the company was taken over by the Ayur Group in 2003
and was renamed as Nuway Organic Naturals India Ltd. in July 2003.
Ayur Group is in the business of herbal cosmetic products since
1984 and sells its products under the brand name "Ayur", which has
reasonable brand strength in the domestic cosmetics industry.
NONIL's distillery is located in Rajpura (Punjab) with a capacity
of 45 kilolitres per day (KLPD) of potable alcohol and uses grain
(primarily nakku or broken rice) to manufacture liquor. The
distillery began operations in June 2011. It manufactures Extra-
Neutral Alcohol (ENA), which is used for internal consumption,
i.e. for production of country liquor (Punjab-made Liquor or PML),
and for external sales. The company has also recently begun
manufacturing Indian-made Foreign Liquor (IMFL) under the brand
name of "Chairman". Besides the liquor business, the company has
also been engaged in trading of cosmetics, mineral water and cold-
drinks manufactured by group companies and has a manufacturing
unit for soaps, hand wash, and other personal care products in
Baddi (Himachal Pradesh).


P. PRABHAKAR: CRISIL Reaffirms 'B+' Rating on INR70MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of P. Prabhakar Reddy
continue to reflect PPR's working-capital-intensive and small
scale of operations, geographical and customer concentration in
its revenue profile, and its exposure to risks related to the
fragmented civil construction industry. These rating weaknesses
are partially offset by the firm's moderate financial risk
profile, marked by low gearing, a moderate net worth, and adequate
debt protection metrics. The ratings also factor in the extensive
industry experience of PPR's proprietor, and his funding support.

                     Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         55        CRISIL A4 (Reaffirmed)
   Cash Credit            40        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     10.9      CRISIL B+/Stable (Reaffirmed)
   Term Loan              19.1      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PPR will continue to benefit over the medium
term from the extensive experience of its proprietor in the
construction industry. The outlook may be revised to 'Positive' in
case of sustained improvement in the firm's cash accruals and
working capital cycle, leading to better liquidity. Conversely,
the outlook may be revised to 'Negative' in case of pressure on
PPR's scale of operations and profitability, or if its liquidity
weakens, most likely due to unprecedented delays in collection of
receivables.

PPR was set up as a proprietorship concern in 1981 by Mr. P
Prabhakar Reddy in the Bellary district of Karnataka. The firm
undertakes civil construction works, mainly construction of roads.
PPR, registered as a class I contractor, generally undertakes
contracts for government organisations by bidding through tenders.
The proprietor's family has been engaged in the civil construction
industry for the past 25 years.

For 2012-13 (refers to financial year, April 1 to March 31), PPR
reported a profit after tax (PAT) of INR7.18 million on net sales
of INR172.2 million, as against a PAT of INR8.8 million on net
sales of INR235.9 million for 2011-12.


PARIVAR COTTON: ICRA Suspends 'B' Rating on INR5cr Loans
--------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to the INR5.00
crore long term fund based limits of Parivar Cotton Industries.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund Based:    4.00       [ICRA]B suspended
   Working capital Limit

   Long Term Fund Based:    1.00       [ICRA]B suspended
   Term Loan

Established in 2012, Parivar Cotton Industries is engaged in
ginning, pressing as well as crushing operations. The business is
owned and managed by Mr. Girdhar Boda and other family members.
The firm's manufacturing facility is located in Tankara, Dist
Rajkot. The firm has 24 ginning machines and 1 pressing machine
having a cumulative processing capacity of 150 TPD of raw cotton.
The firm is also equipped with 4 expellers for cottonseed crushing
to produce cottonseed oil as well as cottonseed oil cakes with
processing capacity of 550 kgs of cottonseed per day. The firm
commenced commercial operations from March 2012.


PREET JNC: CRISIL Assigns 'B' Rating to INR103.5MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Preet JNC.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             54.5        CRISIL B/Stable
   Cash Credit           15          CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    34          CRISIL B/Stable      -

The rating reflects the firm's leveraged capital structure, large
working capital requirements and modest scale of operations in the
intensely competitive fabric processing segment. These rating
weaknesses are partially offset by extensive industry experience
of firm's promoters and its established relations with customers.

Outlook: Stable

CRISIL believes that Preet JNC will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relations with customers. The outlook may be
revised to 'Positive' if the firm improves its financial risk
profile with sizeable cash accruals or equity from the promoters.
Conversely, the outlook may be revised to 'Negative' if Preet
JNC's financial risk profile and liquidity weaken with a
significant decline in its cash accruals or working capital
management, or substantial debt-funded capital expenditure.

Preet JNC was established in Surat (Gujarat) in 2010-11. The firm
carries out job works and sales for digital printing on fabric.
Mr. Rajesh Juneja oversees the overall operations of the firm.

For 2012-13 (refers to financial year April 1 to March 31), Preet
JNC reported a net profit of INR0.3 million on net sales of
INR26.4 million, as against a net profit of INR0.1 million on net
sales of INR26.7 million for 2011-12. For 2013-14, the firm, on a
provisional basis, reported a turnover of INR80.0 million.


RAJANI GINNING: CRISIL Reaffirms 'B' Rating on INR160MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Rajani Ginning &
Pressing Factory continues to reflect the firm's below-average
financial risk profile marked by its small net worth, high gearing
and weak debt protection metrics. The ratings of the firm are also
constrained on account of its working-capital-intensive nature of
operations, the susceptibility of its profitability margins to
volatility in cotton prices, and its exposure to regulatory
changes and intense competition in the cotton ginning industry.
These rating weaknesses are partially offset by RGPF's promoters'
extensive experience in the cotton ginning industry.

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

Outlook: Stable

CRISIL believes that RGPF will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
ginning industry.  The outlook may be revised to 'Positive' if
there is a sustained improvement in the firm's working capital
cycle, or if there is substantial improvement in its capital
structure on the back of sizeable capital infusion by its
partners. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the firm's profitability margins, or
significant deterioration in its capital structure caused most
likely because of a large debt-funded capital expenditure or a
stretch in its working capital cycle.

Set up in 2006 as a partnership firm, RGPF is engaged in ginning
and pressing of raw cotton. . The firm's ginning unit is based in
Adilabad (Telangana). The firm has currently three partners - Mr.
Jamaluddin Rajani, Mr. Kamaluddin Rajani, and Mr. Aziz Rajani.


RAMAWAT CONSTRUCTION: ICRA Reaffirms B- Rating on INR6cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR6.00 Crore
fund based and non fund based bank facilities of Ramawat
Construction Private Limited at '[ICRA]B-'.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund           2.00       [ICRA]B- (Re-affirmed)
   Based Facilities

   Long Term Non-Fund       2.00       [ICRA]B- (Re-affirmed)
   Based Facilities

   Long Term Unallocated    2.00       [ICRA]B- (Re-affirmed)

The rating reaffirmation takes into account continued weakness in
financial risk profile of Ramawat Construction Private Limited
because of its inability to realize trade receivables in timely
manner, which has been driving weak liquidity profile as is
evident in fully utilised working capital limits with instances of
overdrawl. Also, aforementioned weak liquidity and paucity of
funds has limited Company's participation in new tenders, whereby
steep revenue de-growth has been witnessed in last two years.
Notwithstanding the Company's track record in construction
industry and the spike in scale of operations during FY2012, it
was accompanied by sizeable investments in fixed assets for
supporting the execution and increase in current assets.
Thereafter, as the collection of receivables continues to remain
slow, the level of outside liabilities has not declined. This
coupled with subsequent erosion of profits on account of revenue
de-growth, has resulted in weakening of debt protection measures
and liquidity position of the company.

Going forward, RCPL's ability to realize trade receivables in
timely manner, reduce outside liabilities, and improve scale of
operations while achieving satisfactory profitability would remain
key rating sensitivities.

Incorporated in 1989, Ramawat Construction Private Limited (RCPL)
is a Jodhpur, Rajasthan based civil contractor. The company
primarily undertakes civil construction work for wind farms and
solar thermal plants in Gujarat and Rajasthan, whereby it is
engaged in erecting RCC foundations and other ancillary civil
works for various private sector clients. The company also
undertakes manual/mechanized excavation in various forms of soils
and rocks, and erection of bridges, fencing etc. Key clients
served by RCPL outside renewable energy sector are PWD Rajasthan,
RIICO Rajasthan, Jodhpur Development Authority etc.

In FY2013, RCPL reported an Operating Income (OI) of INR24.61
Crore, Operating Profit before Depreciation, Interest, Tax and
Amortisation (OPBITDA) of INR5.00 Crore and Profit after Tax (PAT)
of INR2.03 Crore against OI of INR100.62 Crore, OPBITDA of INR8.45
Crore and PAT of INR4.61 Crore reported in FY2012. As per
provisional financials, RCPL has achieved OI of ~Rs 8 crore during
FY14.


RANCARE INDUSTRIES: ICRA Assigns 'B+' Rating to INR18cr Loans
-------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to INR12.50
crore term loan limits, INR2.70 crore cash credit limits and
INR2.80 crore unallocated limits of Rancare Industries Ltd.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            12.50        [ICRA]B+ assigned
   Cash credit           2.70        [ICRA]B+ assigned
   Unallocated Limits    2.80        [ICRA]B+ assigned

The assigned rating is constrained by project implementation risk
given that ~50% cost is yet to be incurred towards the completion
of AAC (Autoclaved Aerated Concrete) blocks manufacturing unit;
moderate funding risk with ~36% of promoter funds yet to be
brought in and marketing risk for the AAC blocks in the initial
years of operation which could create pressure on the debt service
indicators partly mitigated by sufficient repayment moratorium for
the term loan with repayments starting from December 2015 whereas
commercial operations expected to start from March 2015. The
rating also factors in high competitive intensity due to low entry
barriers in the segment coupled with heavy competition from red
clay bricks. The rating, however, positively factors in the
experience and qualification of the management team in the real
estate industry, end user for AAC blocks; increased acceptance of
AAC blocks in its catchment area, Andhra Pradesh market; and
location advantage on account of proximity to both raw material
supply centres and end product demand centres -- Hyderabad
(194km), Vijayawada (122km) and Warangal (122km).

The ability of the company to begin commercial operations without
delays, stabilize the same within a reasonable timeline and
achieve sales growth by acquiring and fostering client
relationships will remain the key rating sensitivities from credit
perspective.

Rancare Industries Limited was incorporated in May 2012 and is
setting up a manufacturing unit for AAC bricks with an installed
capacity of 90,000 Cu.mt/Annum in Konijerla Mandal, Khammam
District, Telangana state. The primary raw material for AAC blocks
are cement, lime, aluminum, fly ash and gypsum. The total cost of
the project is INR21 crore and is funded by 12.50 crore term loan
and INR8.50 crore promoter funds. The unit is expected to begin
commercial operations in March 2015.


RICHA PETRO: ICRA Suspends 'D' Rating on INR19cr Bank Loan
----------------------------------------------------------
ICRA has suspended the '[ICRA]D' rating assigned to the INR19
crore bank facilities of Richa Petro Products Ltd. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


RUKSH EXIM: CRISIL Reaffirms 'B+' Rating on INR35MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ruksh Exim Pvt Ltd
continue to reflect the company's weak financial risk profile
marked by high gearing, its large working capital requirements,
and small scale of operations in the intensely competitive
finished leather industry. These rating weaknesses are partially
offset by the extensive experience of REPL's promoters in the
finished leather industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Foreign Discounting
   Bill Purchase         100.1      CRISIL A4 (Reaffirmed)

   Letter of Credit        8        CRISIL A4 (Reaffirmed)

   Packing Credit         50        CRISIL A4 (Reaffirmed)

   Term Loan              35        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that REPL will continue to benefit over the medium
term from its promoters' extensive industry experience. CRISIL,
however, also believes that the company's financial risk profile
will remain constrained by large working capital requirements
during the period. The outlook may be revised to 'Positive' if
REPL improves its capital structure and working capital management
or scales up its operations while maintaining profitability.
Conversely, the outlook may be revised to 'Negative' if REPL's
liquidity or capital structure weakens or its revenue or
profitability declines, or if the company undertakes a large debt-
funded capital expenditure programme.

Update
For 2013-14 (refers to financial year, April 1 to March 31), REPL
is likely to report a profit after tax (PAT) of INR7.2 million on
net sales of INR664.7 million, against a PAT of INR7.3 million on
net sales of INR610 million for 2012-13. REPL had low year-on-year
growth of around 10 per cent in revenue in 2013-14 on account of
low capacity utilisation, estimated at 60 per cent. However, the
company posted high compound annual growth rate of around 91 per
cent in revenue over the five years through 2013-14. Its operating
margin is estimated to remain low, at 4.75 per cent for 2013-14,
primarily because of limited value addition and intense
competition in the highly fragmented leather industry; the margin
is expected to remain at a similar level over the medium term.
CRISIL expects REPL's revenue to post low growth of around 10 per
cent over the medium term on account of no significant
geographical and product diversification plans.

REPL's financial risk profile remains weak, marked by high
estimated gearing of around 4 times as on March 31, 2014, and
moderate debt protection indicators with interest coverage ratio
estimated at 2.5 times for 2013-14 on account of low
profitability. The high gearing is on account of insufficient cash
accruals to meet sizeable incremental working capital requirement
leading to dependence on short-term bank borrowings. CRISIL
believes that REPL's financial risk profile will remain weak,
marked by high gearing and moderate debt protection metrics, but
partially supported by absence of large debt-funded capex plans
over the medium term.

REPL's liquidity remains stretched, marked by low cash accruals
and high utilisation of bank lines, at an average of 96 per cent
over the 12 months through March 2014. The company is likely to
generate cash accruals of INR17 million to INR19 million against
debt obligations of around INR11 million over the medium term.

REPL, based in Kanpur (Uttar Pradesh), was set up in 2008 by Mr.
Iftikar Mohammad, his brother, Mr. Mohammad Shahid, and their
father, Mr. A Haque. REPL manufactures and exports finished
leather.


SAI INFRA: ICRA Suspends 'B+' Rating on INR6cr Loan
---------------------------------------------------
ICRA has suspended the long rating of [ICRA]B+ rating assigned to
the INR06.00 crore line of credit of Sai Infra. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Sai Infra (SI) was established as a partnership firm in 2011 and
is engaged in construction of residential building - 'Sai Heaven'
in Katargam (Surat). The firm is based in Surat, Gujarat and is
promoted by five partners who have experience of more than a
decade in construction industry through execution of various
projects under different entities for each project. The partners
have previously executed three residential projects 'Sai
Residency', 'Sunrise Residency' and 'Shradhdha Residency' in
Surat.


SATYAVANI HOMES: CARE Assigns 'B' Rating to INR20cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B' ratings assigned to bank facilities of
Satyavani Homes J.V.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      20        CARE B Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo a change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of SatyaVani Homes J.V
are primarily constrained by execution risks for the residential
project under implementation as well as significant marketing
risks associated given the increasing competition within the real
estate industry in Hyderabad and subdued demand outlook in the
short to medium term for the real estate market and its
constitution as a partnership firm. The rating however, derives
strength from the promoter's experience of over two decades in the
real estate industry, strong management team, favorable project
location, and project debt tie-up.

The ability of the firm to execute the project within the
envisaged cost and the ability to sell the flats in a highly
competitive scenario at the envisaged prices in a timely manner
are the key rating sensitivities.

SVHJV was established in the year 2006 as a partnership firm and
is promoted by Mr P Surya Prakash and Ms. P Usha Sree and
SatyaVani Homes Private Limited. SVHJV is part of the Satyavani
group and is executing its first residential project; Ushodaya
Green Homes (UGH), located at Annojiguda Village, Pocharam Gram
Panchayat, Ghatkesar Mandal, Ranga Reddy District, Andhra Pradesh.
The project is undertaken as a joint development agreement between
Satyavani Homes J.V. (Developer) and Mr. Ashish Wadhawan
(Landlord) with a sharing ratio of 78% and 22% respectively.


SEMI EXPORTS: CRISIL Reaffirms 'B+' Rating on INR40MM Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Semi Exports (SE).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit             40        CRISIL B+/Stable
   Letter of Credit        50        CRISIL A4

The ratings reflect SE's modest scale of operations in an
intensely competitive industry and below-average financial risk
profile, marked by high total outside liabilities to tangible net
worth ratio. These rating weaknesses are partially offset by the
extensive experience of SE's proprietor in the cashew industry.

CRISIL had assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Semi Exports (SE) vide its rationale dated
June 19, 2014.

Outlook: Stable

CRISIL believes that SE will continue to benefit over the medium
term from its established track record and stable demand prospects
in the cashew industry. The outlook may be revised to 'Positive'
if the firm registers larger-than-expected cash accruals resulting
in improvement in the financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the firm records lower-
than-expected revenue and profitability or undertakes greater-
than-expected debt-funded capital expenditure programme or in case
of significant withdrawal by the proprietor.

SE, a proprietorship firm of Mrs. Laija Navabudeen, is engaged in
the processing and trading of raw cashew nuts. The firm is based
in Kollam (Kerala).

SE reported net profit  of INR1 million on net sales of INR156
million for 2012-13 (refers to financial year, April 1 to
March 31) as against net profit of INR1 million on sales of INR117
million for 2011-12.


SHRI RAM: ICRA Suspends 'B' Rating on INR23cr Loan
--------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR23 Crores
fund based facilities of Shri Ram Impex(India) Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SONATA CERAMICA: CARE Revises Rating on INR5.95cr Loan to 'B+'
-----------------------------------------------------------------
CARE reaffirmed ratings to bank facilities of Sonata Ceramica
Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.95       CARE B+ Revised from
                                            CARE B

   Short-term Bank Facilities    1.75       CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Sonata Ceramica Private Limited (SCPL) was primarily on account of
an improvement in profitability coupled with moderate capital
structure, debt coverage indicators and liquidity indicators.
The ratings, however, continued to remain constrained due to its
modest scale of operations in the highly competitive and
fragmented industry, elongated operating cycle, and susceptibility
of its margins to volatility in the prices of raw material and its
linkage to cyclical real estate industry which is the key end-user
industry for tiles manufacturers.

The ratings, however, continue to derive strengths from the vast
experience of the promoters in the tile manufacturing industry and
its presence in the ceramic tile hub with easy access to raw
material and power and fuel.

SCPL's ability to increase its scale of operations along with
improvement in profitability and efficient working capital
management are the key rating sensitivities.

Incorporated in August 2002, SCPL is engaged in manufacturing of
ceramic tiles of 1x1 foot, 2x2 foot, 12x18 inch, and 508x508 mm
sizes. The company is also engaged in the trading of vitrified
tiles, floor tiles, wall tiles etc.  SOPL's facility is located at
Himmatnagar and has an installed capacity of 13.50 Lakh Square
feet per Annum (SSPA) for manufacturing of ceramic wall tiles as
on March 31, 2014.

As per the provisional results for FY14 (refers to the period
April 1 to March 31), SCPL achieved the Profit after Tax (PAT)
Rs.0.37 crore on a Total Operating Income (TOI) of INR26.60 crore
as against the PAT of INR0.26 crore on a TOI of 31.78 crore in
FY13. SCPL achieved the turnover of INR7.20 crore during the first
two months of FY15.

As per the provisional results for FY14 (refers to the period
April 1 to March 31), HMPL achieved the Profit after Tax (PAT)
INR2.44 crore on a Total Operating Income (TOI) of INR57.05 crore
as against the PAT of INR0.61 crore on a TOI of INR50.34 crore in
FY13.


SOVA ISPAT: CRISIL Lowers Rating on INR440MM Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Sova Ispat Alloys (Mega Projects) Ltd to 'CRISIL D' from 'CRISIL
C'. The rating downgrade reflects instances of delays by SIAMPL in
servicing its debt, on account of its weak liquidity.

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

   Funded Interest        62.4       CRISIL D (Downgraded from
   Term Loan                         'CRISIL C')

   Proposed Long Term     76.3       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL C')

   Term Loan              75.8       CRISIL D (Downgraded from
                                     'CRISIL C')

   Working Capital       165.5       CRISIL D (Downgraded from
   Term Loan                         'CRISIL C')

SIAMPL also has a weak financial risk profile marked by small net
worth and weak debt protection metrics, and large working capital
requirements; also, its operating margin is susceptible to
volatility in raw material prices. However, SIAMPL benefits from
its promoter's extensive experience in the ferroalloys industry.

SIAMPL was incorporated in 2004 and started commercial operations
in 2008. It manufactures ferro-manganese and silico-manganese. Its
operations are managed by Mr. Samir Mukherjee.


SUNDEEP SRIVARAS: CRISIL Assigns 'B+' Rating to INR100MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Sundeep Srivaras Coffee (SSC).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Proposed Long Term
   Bank Loan Facility    12.5        CRISIL B+/Stable

   Cash Credit           80          CRISIL B+/Stable

   Long Term Loan         7.5        CRISIL B+/Stable

The rating reflects SSC's weak financial risk profile, marked by a
high total outside liabilities to tangible net worth (TOLTNW)
ratio and small net worth; the rating also factors in the firm's
exposure to intense competition in the coffee beans trading
business. These rating weaknesses are partially offset by its
partners' extensive experience in the agricultural products
trading business.

Outlook: Stable

CRISIL believes that SSC will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm improves its scale of
operations and profitability on a sustained basis, leading to
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case SSC's financial risk profile
deteriorates on account of aggressive debt-funded expansions, or
weak liquidity because of delay in receivables or subdued cash
accruals.

SSC, set up in 2000 and based out of Mysore (Karnataka), trades in
coffee beans. The firm is promoted by Mr. M.V.Madhu and Mr.Sundeep
Shenoy.

For the year 2012-13 (refers to financial year, April 1 to March
31), SSC reported a profit after tax (PAT) of INR0.6 million on
net sales of INR277 million as against a PAT of INR2.1 million on
net sales of INR805 million for 2011-12.


SUNTON CERAMIC: CRISIL Assigns 'B+' Rating to INR100MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sunton Ceramic Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             60.4        CRISIL B+/Stable
   Cash Credit           30          CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     9.6        CRISIL B+/Stable

The rating reflects SCPL's start-up phase and modest scale of
operations in the highly competitive ceramics industry, and its
large working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of SCPL's
promoters and the proximity of its manufacturing facilities to raw
material and labour sources.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company stabilises its
operations in a timely manner, leading to large cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
low accruals because of reduced order flow or profitability, or
weakening of financial risk profile, most likely because of
stretch in working capital cycle or substantial debt-funded
capital expenditure.

SCPL, incorporated in 2013, is promoted by the Morbi (Gujarat)-
based Mr. Harjivanbhai Mahot, Mr. Kantilal Goriya, Mr. Ketanbhai
Aghara, Mr. Bharatbhai Raiyani, and Mr. Jagdishbhai Goriya. The
company manufactures wall tiles at its facilities in Morbi. It
commenced commercial operations in January 2014.


VENUS P.P.: CRISIL Reaffirms 'D' Rating on INR100.4MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Venus P.P.
Varadaraju Spinning Mills Pvt Ltd continue to reflect instances of
delays by Venus in servicing its term loan obligations on account
of weak liquidity. The company has a small scale of operations and
average financial risk profile, marked by constrained capital
structure. However, the company benefits from the extensive
industry experience of its promoters and its longstanding
relationship with customers and suppliers.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          3.2        CRISIL D (Reaffirmed)
   Cash Credit            30          CRISIL D (Reaffirmed)
   Long Term Loan         17.5        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     49.7        CRISIL D (Reaffirmed)

Update
Venus continues to delay its repayment of the term debt
installments. The delays in the repayment have been caused by the
company's weak liquidity owing to high working capital
requirements, marked by Gross Current Assets (GCA) of more than
200 days. This has led to the bank limits of the company being
utilised highly with month-end average utilisation of more than 95
per cent. The company has also embarked on a capital expenditure
(capex) plan for increasing its production capacity. The capex, is
expected to be funded by 75 per cent of term debt and the rest
through fund infusion from the promoters. Despite the planned
capacity expansion, the scale of operations of the company is
expected to remain small over the medium term. CRISIL believes
that Venus's liquidity will remain weak over the medium term due
to the high working capital requirements.

Set up in 2005 by Mr. V. Gopu, Venus manufactures double count
cotton yarn. The company is based out of Salem (Tamil Nadu).



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


BANK TABUNGAN: Moody's Changes Outlook on 'D' BFSR to Negative
--------------------------------------------------------------
Moody's Investors Service has affirmed the Baa3/Prime-3 long-
term/short-term local and foreign currencies deposit ratings of
Bank Tabungan Negara (BTN) with a stable outlook.

At the same time, Moody's has changed the outlook on the bank's D
standalone financial strength rating (BFSR) to negative from
stable.

The D BFSR maps to a ba2 baseline credit assessment.

Ratings Rationale

The affirmation of the deposit ratings is based on the bank's
standalone credit profile of D/ba2 and Moody's continued view that
the likelihood of systemic support for BTN, in the event of a
crisis, is very high. This is based on the bank's 60.14% ownership
by the government of Indonesia (Baa3 Stable) and its policy role
of providing housing loans to low and middle income earners.

The change in the outlook of the BFSR is underpinned by the
continued deterioration on the bank's asset quality in the past
few quarters, particularly in its commercial and construction
loans, two of the bank's growth areas in recent years. At the same
time, the bank's loss absorption buffers have continued to
decline.

However, given Moody's expectation of systemic support, despite
the negative outlook on the BFSR, the bank's long-term ratings
would remain stable at Baa3, even if subsequently Moody's were to
downgrade the bank's BFSR and revise the corresponding BCA.

But, Moody's take comfort that a large proportion of BTN's lending
is collateralized and that 31% of the bank's subsidised mortgage
book is insured by the government.

In addition, the bank's management has acknowledged the challenges
in its commercial and construction loan segments and has taken
steps to slow growth and focus on the recoverability of the bank's
problem loans.

Nevertheless, a prolong deterioration in asset quality would
gradually reduce its loss-absorbing buffers and therefore,
continue to weaken its credit profile.

Further, in February 2014, the government appointed four new
members to BTN's management team, replacing four senior managers
(including the CFO and the Deputy President Director) who did not
pass Bank Indonesia's fit and proper test in late 2013. Such a
development raises question around corporate governance at the
bank.

BTN remains the largest mortgage provider in Indonesia, with a 26%
market share at end-March 2014 and a virtual monopoly over the
government's mortgage subsidy programs. At end-March 2014, housing
loans accounted for 87% of the bank's loan book; of this total,
34% were subsidized mortgage.

What Could Drive The Ratings Down

BTN's D BFSR and ba2 BCA could be downgraded if:

- There is further substantial deterioration in the bank's asset
quality, such that the NPL ratio of its commercial and
construction loans reaches 10% individually, without a material
increase in loss absorption buffers.

- The bank's loss absorbing buffers, measured by the ratio of
problem loans as percentage of shareholders' equity plus loan loss
reserve, continue to decline reaching close to 45% (38% at end-
March 2014).

However, the outlook on the BFSR could be revised to stable from
negative if BTN demonstrates a sustained improvement in asset
quality, with an NPL ratio below 4.0% for an extended period and
at the same time, the bank's loss absorbing buffers reach close to
the level reported after the capital raise in 2012 of about 31%.

Given the latest rating action, BTN's ratings are unlikely to be
upgraded in the next 12-18 months.

At the same time, given that the long-term deposit ratings of the
bank are linked to the government's capacity to provide support,
as implied by its own rating, any rating actions on the sovereign
ratings would likely influence the bank's deposit ratings.

The principal methodology used in this rating was Global Banks
published in May 2013.

BTN, headquartered in Jakarta, had assets of IDR137.0 trillion
(equivalent to USD12.1 billion) at end-March 2014. It is the
ninth-largest bank in Indonesia by assets.



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


JCREF CMBS 2007-1: Moody's Lowers Rating on Class E Notes to 'C'
----------------------------------------------------------------
Moody's Japan K.K has downgraded the Class E rating of JCREF CMBS
2007-1 GK.

The affected rating is as follows:

Class E, downgraded to C (sf); previously on February 23, 2012,
confirmed at Caa3 (sf)

Deal Name: JCREF CMBS 2007-1 GK

Class: Class E Notes

Issue Amount (initial): JPY2.7 billion

Dividend: Floating

Issue Date: November 22, 2007

Legal Final Maturity Date: December 8, 2015

Underlying Property (initial): Five non-recourse loans, four TMK
bonds, and cash

Originator / Arranger: Barclays Capital Japan Limited (as of issue
date)

Ratings Rationale

The downgrade was prompted by the final amount of recovery
proceeds from special servicing of the remaining loan. After
considering the amount of the recovery proceeds, Moody's expects
the Class E Notes will incur a loss.

JCREF CMBS 2007-1 GK is a multi-asset/ multi-borrower CMBS deal.

The principal methodology used in this rating was Updated: Moody's
Approach to Rating CMBS Transactions in Japan (June 2010)
published in June 2010.

Factors that would lead to an upgrade or downgrade of the rating:

The key rating driver for a CMBS deal is loan-to-value (LTV)
because the credit quality of the rated tranches is supported by
the sales proceeds of the underlying property. A decrease or
increase in LTV for each rated tranche may lead to upward or
downward rating pressure. However, for this deal, since the sales
proceeds have been finalized, the ratings will no longer be
affected.

Moody's did not conduct any additional cash flow analysis or
stress scenarios because the rating is dependent on fixed recovery
proceeds from the special servicing of the underlying asset.



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


VINE 2 WINE: No Payout For Unsecured Creditors, Liquidators Say
---------------------------------------------------------------
Chloe Winter at The Marlborough Express reports that Blenheim
vineyard contracting company Vine 2 Wine fell behind in their
payments to the Inland Revenue Department, which forced them into
liquidation in May.

Vine 2 Wine was registered to Blenheim woman Rajinder Kaur.
The company was put into liquidation on May 27.

The Marlborough Express says liquidators Craig Melhuish and
Michael Keyse, of HFK in Christchurch, released their first report
on July 1.

The report showed no breakdown of the money the company owed or
who it owed money to. However, it did state it was estimated there
would be "no funds available to [pay] unsecured creditors," The
Marlborough Express relays.

According to the Marlborough Express, the liquidators' report said
preferential and secured creditors, such as IRD, employees and
hire-purchase contracts would be paid first.

"[But] at this stage there are insufficient funds to pay these
preferential and secured creditors," the report, as cited by the
Marlborough Express, said.

The Marlborough Express adds that Mr. Melhuish said due to time
constraints, the verification work was yet to be completed and
they were unable to contact Ms. Kaur to get details of the
company's assets.

The company stopped trading in August last year.

The liquidation process was expected to be completed by December,
the report notes.

Ms. Kaur's husband, Prubhjit Singh, was arrested last year and
deported after spending five years in New Zealand as an overstayer
following the expiry of his work visa in July 2008, the report
notes.

Mr. Singh, a former vineyard contractor, owed almost NZ$1 million
to New Zealand creditors, including Accident Compensation
Corporation, Inland Revenue and the New Zealand Transport Agency,
when he left the country, The Marlborough Express ads.



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


* 20% of Affiliates of Conglomerates on the Brink of Insolvency
----------------------------------------------------------------
BusinessKorea reports that about 19.7 percent of the subsidiaries
of Korean conglomerates are with impaired capital, or have a debt
ratio of over 400 percent.

According to management evaluation firm CEO Score, out of the
1,418 subsidiaries of the 47 business groups with an asset size of
at least KRW5 trillion (US$4.94 billion), a total of 279 companies
were categorized into a group of marginal firms and subject to
cross shareholding restrictions. Out of those, 110 had impaired
capital and 169 of them had a debt ratio exceeding
400 percent. The Financial Services Commission applies the highest
penalty score to those with a debt ratio of 400 percent or higher
when selecting main debtor group companies, the report discloses.

It is the Dongbu Group that has the largest number of such firms
with liquidity problems, BusinessKorea says. Specifically, 24 out
of its 51 non-banking affiliates have impaired capital or a debt
ratio of at least 400 percent. Second in line is the GS Group,
where 19 out of the 78 subsidiaries have liquidity risks, the
report relates. Still, only GS Engineering & Construction has a
relatively high debt ratio of 263 percent, and the others are
affiliated with Cosmo, which is affiliated with GS.

BusinessKorea notes that the GS Group was followed by CJ (15
subsidiaries, 22 percent), Lotte (14, 22 percent), Hyosung (14, 34
percent), KOLON (12, 34 percent), Taeyoung (12, 32 percent), SK
(11, 14 percent), and Hanwha (11, 26 percent). Meanwhile, the
Young Poong Group, Amore Pacific, Kyobo Life Insurance, and
Homeplus have no firms with liquidity risks, the report relates.

By group, Hyundai recorded the highest debt ratio at 540.5
percent, and was followed by Hanjin (452.4 percent). Both are
common in that their major subsidiaries are transport logistics
companies such as Hyundai Merchant Marine and Korean Air.

BusinessKorea reports that many of the Dongbu Group's subsidiaries
are in the face of workout programs or court receivership,
signaling additional large-scale restructuring. According to
BusinessKorea, approximately 40 major corporations are scheduled
to be subject to restructuring next month. The creditor banks have
recently wrapped up their regular credit risk evaluation on
conglomerates, with a credit offering of
KRW50 billion (US$49.4 million) or more. They are going to
finalize the list of the C-rated and D-rated firms for workout and
court receivership early next month, respectively, the report
notes.

The report says a total of 1,802 firms were subject to regular
credit risk assessment last year, and 584 to detailed evaluation.
Unfortunately, the number increased a little bit this year. That
of restructuring targets has rarely decreased, in spite of the
restructuring processes that continued for the past five years.
Last year, 27 were found in the C category and 13 in the D
category, most of which were construction firms, shipbuilders and
steelmakers, the report notes.

"We are planning to minimize the number of companies to be subject
to court receivership and give an opportunity to the largest
possible number of them, in view of the reserve conditions in the
banking sector," one of the creditors, as cited by BusinessKorea,
said.

In the meantime, BusinessKorea relates, even those engaged in
preemptive restructuring in compliance with the Corporate
Restructuring Promotion Act are concerned over an increasing
possibility of insolvency. A couple of business groups that are
currently moving ahead with financial structure improvement are
expected to fall into the category of companies at risk, according
to BusinessKorea.

"It is true that banks have become very strict in lending approval
since the outbreak of the Dongbu scandal," a commercial bank
manager explained, continuing, "Besides, the current economic
situations are far from optimistic, and the financial conditions
of many corporations could deteriorate rapidly in the second
half." It is in this context that the financial authorities have
worked on measures to protect corporate bonds and commercial paper
investors since the scandal, the report notes.



                             *********

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 2014.  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 202-241-8200.



                 *** End of Transmission ***