TCRAP_Public/140807.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, August 7, 2014, Vol. 17, No. 155


                            Headlines


A U S T R A L I A

FLEX FORCE: In Administration; First Meeting Set Aug. 12
MIRABELA NICKEL: Defaults Highlight Risk Factors for Mining Firms
MRL CONSULTING: Cor Cordis Appointed as Administrators
SOUTHERN CONTROLS: Placed in Administration
STORCH AND CO: Placed Into Voluntary Administration


C H I N A

ANTON OILFIELD: Moody's Says Profit Warning No Impact on Ba2 CFR
CHINA METALLURGICAL: Disposal of Wudaokou Stake Supports Baa3 CFR
FOSUN INTERNATIONAL: Moody's Says ROC Deal No Impact on Ba3 CFR
LONGFOR PROPERTIES: Moody's Says 1H 2014 Results Supports Ba1 CFR


I N D I A

ADITYA EDUCATIONAL: CRISIL Suspends 'D' Rating on INR420MM Loans
BCC ESTATES: ICRA Reaffirms 'D' Rating on INR25cr Loans
BHARAT STEEL: CRISIL Suspends 'D' Rating on INR250MM Loans
BHASIN INFOTECH: CRISIL Suspends 'D' Rating on INR1.20BB Loan
CEMENT INTERNATIONAL: CRISIL Suspends D Rating on INR168MM Loans

DANALAKSHMI PAPER: CARE Assigns 'C' Rating to INR20.16cr Loan
GAURANG ALLOYS: CRISIL Suspends 'D' Rating on INR140MM Loans
HARIDARSHAN TRACKOM: CRISIL Suspends 'D' Rating on INR80MM Loan
HI REACH: CARE Assigns 'B' Rating to INR8.50cr Bank Loan
JINDAL TIMBER: CRISIL Suspends 'B+' Rating on INR110MM Loans

K. RAVINDRAN: CRISIL Cuts Rating on INR175MM Loans to 'B'
KANHHA CABLES: ICRA Lowers Rating on INR20.05cr Loans to 'D'
KNOWLEDGE TRUST: CRISIL Suspends 'D' Rating on INR103MM Loan
KRISH AUTOMOTORS: ICRA Suspends 'B' Rating on INR0.75cr Loan
KRUPA BUILDERS: CRISIL Suspends 'D' Rating on INR300MM Loans

M. K. ROY: CRISIL Reaffirms 'B' Rating on INR57.5MM Loans
MURANO TILES: CRISIL Suspends 'D' Rating on INR85MM Loans
NALAGARH STEEL: CRISIL Suspends 'D' Rating on INR175MM Loan
NARAIN PRINTERS: CARE Assigns 'B+' Rating to INR5.72cr Bank Loan
PERFECT ENGINEERING: ICRA Rates INR1.50cr Cash Credit at 'B-'

POLYGENTA TECHNOLOGIES: CARE Cuts Rating on INR24.5cr Loan to 'C'
RAICHANGA MULTIPURPOSE: CRISIL Suspends D Rating on INR93.8M Loan
REI AGRO: CARE Reaffirms 'D' Rating on INR5165.9cr Loans
REXON STRIPS: ICRA Assigns 'C' Rating to INR22cr Loan
ROLAND EXPORTS: CRISIL Suspends 'D' Rating on INR210MM Loans

SAKARDA SYNTHETICS: CRISIL Assigns 'B' Rating to INR87.1MM Loan
SALUJA STEEL: ICRA Reaffirms 'B' Rating on INR28.16cr Loans
SEQUEL PHARMA: CRISIL Suspends 'D' Rating on INR120MM Loans
SHRI SAI: CRISIL Assigns 'B+' Rating to INR25MM Cash Credit
SITA AGRO: ICRA Assigns 'B+' Rating to INR5.58cr Loans

SOLAPUR BIO-ENERGY: ICRA Assigns 'D' Rating to INR1.2cr Loan
SRI RAMA: ICRA Reaffirms 'B+' Rating on INR3.36cr Loan
STARWOOD EXPORTS: CRISIL Suspends 'D' Rating on INR150MM Loans
SUSHEEL YARNS: CRISIL Suspends 'B+' Rating on INR102.5MM Loans
SWARUPA FOODS: ICRA Suspends 'B+' Rating on INR7cr Bank Loan

SWASTIK TRADERS: ICRA Assigns 'B+' Rating to INR6cr Loans
TIRUPATI PLASTOMATICS: ICRA Cuts Rating on INR39cr Loans to 'D'
TNR CONSTRUCTIONS: CRISIL Suspends 'B-' Rating on INR60MM Loan
WEB TECH: CRISIL Suspends 'C' Rating on INR150MM Loan


J A P A N

SKYMARK AIRLINES: To Shut Operations at Narita Airport
SKYMARK AIRLINES: H.I.S. Reduces Stake to 6.49%


S O U T H  K O R E A

* SOUTH KOREA: Savings Banks' Net Losses Drop 59.4% in FY2013


T A I W A N

LCY CHEMICAL: Kaohsiung Seeks Asset Freeze After Gas Blast


                            - - - - -


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


FLEX FORCE: In Administration; First Meeting Set Aug. 12
--------------------------------------------------------
Matthew David Woods -- mwoods1@kpmg.com.au -- and Hayden Leigh
White -- haydenwhite@kpmg.com.au -- of KPMG were appointed as
administrators of Flex Force Pty Ltd on July 31, 2014.

A first meeting of the creditors of the Company will be held at
KPMG, Level 8, 235 St Georges Terrace, in Perth, on Aug. 12, 2014,
at 10:30 a.m.


MIRABELA NICKEL: Defaults Highlight Risk Factors for Mining Firms
-----------------------------------------------------------------
Moody's Investors Service says that the recent defaults by
Mirabela Nickel Ltd (WR) and Midwest Vanadium Pty Ltd (WR)
highlight key risk factors for small Australian mining companies.

"These two companies faced five main challenges, which drove our
initial low rating assignments of B2 and B3, respectively. Moody's
downgraded the ratings of both companies multiple times before
they defaulted, and to Caa1 more than a year before their
defaults, because these challenges developed into concurrent
problems," says Saranga Ranasinghe, a Moody's Analyst.

"Moody's believe small mining companies with similar
characteristics are at heightened risk of default. These
weaknesses are: 1) challenges with project execution, 2)
unpredictable nature of ore bodies, 3) customer concentration, 4)
volatile market conditions and 5) thin liquidity buffers," says
Ranasinghe.

Ranasinghe was speaking on the release of Moody's special comment,
"Australian High-Yield Mining Industry: Recent Defaults Highlight
Risk Factors for Other Low-Rated Mining Companies."

"St. Barbara Limited has the highest risk of default among our
rated high-yield Australian miners. St. Barbara Limited (Caa1
negative) faces most of the risk factors outlined above. Our
initial low rating assignment of B2 reflected these risks, and the
simultaneous occurrence of these problems drove subsequent rating
downgrades."

"Atlas Iron Limited (B2 stable) is better positioned but exhibits
some of the key risks, as reflected by its low rating."

"Fortescue Metals Group Ltd (Ba1 stable) is the least affected by
the risk factors. Despite initial setbacks with project execution,
the company has demonstrated an ability to complete major projects
largely on time and budget."


MRL CONSULTING: Cor Cordis Appointed as Administrators
------------------------------------------------------
Mark Hutchins and Robert Kite of Cor Cordis were appointed as
administrators of MRL Consulting #3 Pty Limited on July 31, 2014.

A first meeting of the creditors of the Company will be held at
Cor Cordis, Level 6, 55 Clarence Street, in Sydney on
Aug. 13, 2014, at 12:00 p.m.


SOUTHERN CONTROLS: Placed in Administration
-------------------------------------------
James Koutsoukos, David Coyne and Peter Krejci of BRI Ferrier were
appointed as administrators of Southern Controls Pty Ltd on Aug.
4, 2014.

A first meeting of the creditors of the Company will be held at
BRI Ferrier, Level 16, 530 Collins Street, in Melbourne on
Aug. 13, 2014, at 3:00 p.m.


STORCH AND CO: Placed Into Voluntary Administration
---------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Storch and Co Pty
Limited has been put into voluntary administration.  Farnsworth
Shepard's Adam Shepard was appointed as administrator of the
company on July 31, 2014.

Currrently, the business is operating normally. The decision to
put the business into administration is reportedly prompted by
tough trading conditions, the report relates.

Dissolve.com.au says the appointment is said to propound a Deed of
Company Arrangement in order to allow the company to continue to
operate.

Dissolve.com.au says creditors will meet on Aug. 12, 2014.



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


ANTON OILFIELD: Moody's Says Profit Warning No Impact on Ba2 CFR
----------------------------------------------------------------
Moody's Investors Service says that Anton Oilfield Services
Group's profit warning for its 1H 2014 profits -- which are yet to
be announced -- is credit negative, but will have no impact on the
company's Ba2 corporate family and senior unsecured bond ratings.

The ratings outlook remains stable.

On 3 August 2014, Anton announced that its 1H 2014 profits
attributable to equity holders are expected to decline
substantially from the RMB164 million achieved in 1H 2013.

The expected weak profit will be mainly driven by: (1) slower
revenue growth in 1H 2014 due to delays in project kick-offs; (2)
pricing pressure; and (3) the higher costs required to support
business growth, including new business launches in 1H 2014.

"We expect that Anton's profit decline is temporary and will
recover over time, given the strong demand for natural gas in
China and Anton's competitive position in China's market for
natural gas-related oil field services," says Chenyi Lu, a Moody's
Vice President and Senior Analyst.

Moody's expects Anton to grow its revenue by about 15% in 2014,
despite the expected weak revenue growth in 1H 2014. The projected
solid growth in 2H 2014 will be driven by more project launches in
China and new service offerings.

Moody's also anticipates that Anton's adjusted 2H 2014 EBITDA
margin will improve from the level posted in 1H 2014, driven by
higher revenue growth. Its adjusted EBITDA margin in 1H 2014 is
estimated to have declined from 27.7% in 2013. As such, its
earnings in 2014 should remain stable compared with 2013.

Moreover, the company's cash on hand of RMB1.8 billion at end-2013
and its estimated annual operating cash flow of about RMB300
million should enable it to fund its estimated capex of RMB750
million without incurring additional debt in 2014.

Given these assumptions, Moody's expects Anton's adjusted
debt/EBITDA to remain about 3.5x in 2014, similar to the level in
2013. This leverage ratio is within the parameters of its Ba2
ratings.

The principal methodology used in this rating was the Global
Oilfield Services Rating Methodology published in December 2009.

Anton Oilfield Services Group is a leading Chinese oil services
company focusing mainly on the country's fast-growing natural gas
sector. Anton Oilfield was founded by its chairman Luo Lin in 1999
and was listed on the Exchange of Hong Kong in December 2007.


CHINA METALLURGICAL: Disposal of Wudaokou Stake Supports Baa3 CFR
-----------------------------------------------------------------
Moody's Investors Service says that the disposal by China
Metallurgical Group Corporation (CMGC) of its equity interest in
Wudaokou Real Estate in Nanjing is credit positive for CMGC and
supports its Baa3 corporate family rating, as well as the Ba1
guaranteed bond rating for its subsidiary, MCC Holding (Hong Kong)
Corporation Limited.

The ratings outlook remains stable.

On 4 August 2014, Metallurgical Corporation of China Ltd (MCC,
unrated), a key subsidiary of CMGC, announced that it would
dispose its 100% equity interest in Wudaokou Real Estate for a
consideration of RMB1.04 billion.

MCC will record an investment income of RMB0.9 million out of the
transaction.

"The transaction demonstrates CMGC's commitment to strengthening
its balance sheet. We expect the proceeds from the disposal will
be used for debt reduction, replenishment of working capital, and
the development of other real estate projects," says Chenyi Lu, a
Moody's Vice President and Senior Analyst.

Assuming that the entire proceeds will be used to pay down the
company's debt, CMGC's reported debt of RMB150 billion at end-2013
will decline by a further 0.7%, and its adjusted debt/EBITDA will
lower by 0.05x.

Moody's also expects CMGC's adjusted EBITDA margin to improve
further to about 10% in 2014, given its continued profit-oriented
operations and cost controls.

Given the expected improvement in earnings and lower levels of
debt owing to asset sales, Moody's expects CMGC's adjusted
debt/EBITDA to fall to about 7.0x over the next 12-18 months, from
7.4x in 2013.

This level of leverage is consistent with its Baa3 corporate
family rating and baseline credit assessment of ba3.

The principal methodology used in this rating was the Global
Construction Methodology published in November 2010. Other
methodologies used include the Government-Related Issuers
methodology published in July 2010.

China Metallurgical Group Corporation is engaged in the
engineering and construction, equipment manufacturing, property
development and resources development businesses. Headquartered in
Beijing, it is a central state-owned enterprise that is wholly
owned by the State Council of China and supervised by the State-
owned Assets Supervision and Administration Commission.


FOSUN INTERNATIONAL: Moody's Says ROC Deal No Impact on Ba3 CFR
---------------------------------------------------------------
Moody's Investors Service says that Fosun International Limited's
announced investment in ROC Oil Company Limited (ROC, unrated) has
no immediate rating impact on its Ba3 corporate family rating and
B1 senior unsecured bond rating, or on the B1 rating on the senior
unsecured bond issued by Sparkle Assets Limited and guaranteed by
Fosun.

The rating outlook remains negative.

It is unclear whether the acquisition, announced on 4 August, will
be funded by Fosun, by its managed private equity fund, or by its
newly acquired insurance company in Portugal.

"If Fosun is able to leverage its insurance subsidiary or other
third-party funds to support the acquisition, this will reduce
reliance on debt-funded growth and will help stabilize or even
improve its credit profile over time," says Lina Choi, a Moody's
Vice President and Senior Analyst.

After acquiring Portuguese insurance company in May, Fosun has
increasingly used its subsidiary to execute overseas acquisitions.
Such was evidenced by its recent investments in Bona Film Group
Limited (unrated) and TOM TAILOR Holding AG (unrated) in July
2014.

"While the use of its insurance subsidiaries to make acquisitions
is positive for Fosun's credit profile and will increase the
return on the Portuguese insurance subsidiary's investment
portfolio, it is important to balance the risk and return of the
investment portfolio and abide by European Union regulation on
insurance companies, so as not to jeopardize the credit quality of
its insurance subsidiaries," says Kai Hu, a Moody's Vice President
and Senior Credit Officer.

On the other hand, if the ROC acquisition is funded by Fosun
directly, Moody's expects Fosun's standalone credit profile will
come under pressure. In this scenario, the acquisition will likely
result in higher debt or reduced liquidity resources (including
cash or marketable securities) at the holding company level.

Additionally, Moody's also notes the execution risk associated
with the acquisition of ROC. Upstream oil & gas exploration and
production (E&P) businesses generally have higher levels of risk,
particularly for small-sized companies such as ROC.

Moody's views that ROC has a weak business risk profile due to its
small reserve and production scale, and high concentration of
production from a few blocks in China. Moody's also notes that
Fosun does not have a lot of past experience in managing E&P
companies.

Given that the deal is still at the bidding stage, uncertainties
remain around its completion. Moody's will continue to monitor the
deal and the potential impact on Fosun's credit profile.

Fosun's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Fosun's core industry and
believes Fosun's ratings are comparable to those of other issuers
with similar credit risk.

Fosun was founded in 1992. It focuses on the core businesses of:
(1) steel; (2) property; (3) pharmaceuticals and healthcare; and
(4) mining.

Apart from its core businesses, Fosun has a growing presence in
other areas such as insurance and asset management. It also has a
significant portfolio of Chinese and overseas investments in
listed companies, equity interests in operating businesses and
investment partnerships that are not publicly listed.

Fosun became the holding company for the Fosun group in 2005.
Headquartered in Shanghai, it was listed on the Hong Kong Stock
Exchange in 2007.

The group is 58% indirectly owned by its chairman, Mr. Guangchang
Guo. Mr Guo and three other founders indirectly own a combined
share of 79.6% in the holding company.


LONGFOR PROPERTIES: Moody's Says 1H 2014 Results Supports Ba1 CFR
-----------------------------------------------------------------
Moody's Investors Service says Longfor Properties Co Limited's 1H
2014 results -- despite a lower profit margin -- support its Ba1
corporate family rating.

The rating outlook remains stable.

"Longfor's healthy level of debt leverage and adequate liquidity
have balanced the impact of declining profit margins and interest
cover," says Gerwin Ho, a Moody's Vice President and Senior
Analyst.

While Longfor's revenue grew 4.7% year-on-year to RMB15.9 billion,
its gross margin contracted to 30.9% in 1H 2014 from 31.9% in 1H
2013.

The lower gross margin reflects the realization of projects sold
between 2H 2012 and the start of 2013 against an unfavorable
pricing environment.

Longfor's EBITDA/interest coverage also declined to 3.6x in 1H
2014 on a last 12-month basis from 3.8x in all of 2013. This
reflected a lower gross margin and higher operating expenses in 1H
2014, which included RMB310 million in provisions for two high-end
projects in Shanghai that had high land costs and faced weak
demand.

After excluding its 1H 2014 provision, Longfor's EBITDA/interest
coverage reached 3.7x in 1H 2014 on a last 12-month basis.

Moody's expects Longfor's profit margin will trend down in 2H 2014
due to lower selling prices for contracted sales in the last 12
months and recognition of higher land costs.

Nevertheless, Moody's expect interest coverage to improve on a
full-year basis in 2014, because of higher revenue recognition and
normalized operating expenses in 2H 2014. Moody's expect the
company to recognize revenues of about RMB45 billion in 2014,
based on its development and completion schedule, with 80-85%
already contracted.

Moody's also expect Longfor's 2014 full-year contracted sales to
grow about 10% year-on-year, supported by 59 projects available
for sale in 2H 2014, including 11 brand new projects and 19
projects with new phases.

Longfor's leverage and liquidity remain supportive of its Ba1
ratings.

At end-1H 2014, the company had cash holdings of RMB18.1 billion,
which can fully cover its short-term debt of RMB9.7 billion and
fund its schedule land premium payment in the next 6 months.

Longfor's reported debt rose to RMB47.2 billion at end-1H 2014
from RMB37.7 billion at end-2013 to finance its land acquisitions
and project development, and to strength balance-sheet liquidity.

But, its debt leverage remained healthy, with adjusted
debt/capitalization at 51.5% and revenue/reported debt at 89.5% at
end-1H 2014.

Moody's expects the company will maintain its good financial
discipline in land acquisitions and keep its debt/capitalization
below 55% in 2014.

Longfor's shopping mall portfolio reached 763,349 square meters in
GFA at end-1H 2014, up 39% year-on-year, with a healthy occupancy
rate of 95.8%.

Its gross rental income grew to RMB378 million in 1H 2014 from
RMB304 million in 1H 2013. This recurring cash flow covers 28% of
Longfor's gross interest expenses in 1H 2014, up from 23% in 1H
2013, and could provide some cushion against its more volatile
development business.

The principal methodology used in this rating was the Global
Homebuilding Industry published in March 2009.

Longfor Properties Company Limited is one of the leading
developers in China's residential and commercial property
development sector. Founded in 1994, the company began its
business in Chongqing and has since established a leading brand
name in the municipality. As of 30 June 2014, it had an
attributable land bank of 35.6 million square meters in GFA,
spanning 23 cities in five major regions in China.



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ADITYA EDUCATIONAL: CRISIL Suspends 'D' Rating on INR420MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aditya Educational Society.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Proposed Term Loan     220      CRISIL D Suspended
   Term Loan              200      CRISIL D Suspended

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

AES was established in 2000 in Srikakulam (Andhra Pradesh) to
provide medical education like Bachelor of Medicine, Bachelor of
Surgery (MBBS). However, due to difficulties faced by the previous
promoters in setting up the hospital and college, AES was taken
over by Dr. Madhukar Vilekar, Dr. Kanugula Sudheer, Dr. B S Nehru,
and Mr. Durga Balaji, in 2004. The teaching hospital and medical
college is spread across 25 acres in Srikakulam. It is called
Great Eastern Medical School & Hospital. The teaching hospital,
with 300 beds (a pre-requisite for setting up a medical college),
was started in 2008-09 (refers to financial year,
April 1 to March 31) and the first batch of 100 students was
admitted in 2010-11. The college is affiliated to Dr. NTR
University of Health Sciences, Vijaywada.


BCC ESTATES: ICRA Reaffirms 'D' Rating on INR25cr Loans
-------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR25.00
Crore bank facilities of BCC Estates Private Limited at [ICRA]D.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long Term Fund             8.00       [ICRA]D (Reaffirmed)
   Based Limits

   Long Term Unallocated     17.00       [ICRA]D (Reaffirmed)

The rating reaffirmation takes into account continued instances of
delays in debt servicing on account of inadequate cover of monthly
lease rentals with respect to monthly debt obligations. The exit
of a tenant in March 2013, and inability to lease out the vacant
premise had resulted in decline in occupancy level from 66% to
33%. This coupled with downward revision in rental for sole
remaining tenant had shrunk monthly rent collections by 60%,
thereby making cash flows from operations inadequate for debt
servicing as reflected in cash cover of 0.5 times for FY2014.
While promoters had infused funds of INR14.4 Crore during FY2013,
these have largely been deployed towards investments and loans &
advances to group companies, thereby keeping the liquidity
stretched and resulting in delays in debt servicing.

Going forward, BEPL's ability to lease out two vacant floors at
satisfactory rentals while retaining the current tenant, and
timely funding support from promoters in the interim will be
crucial for timely debt servicing.

BCC Estate Private Limited is promoted by Bhatia Group of Indore,
and owns three floors covering an area of about 40,000 square feet
in Viraj Tower, which is located on Western Express Highway,
Andheri (East), Mumbai. Initially, two floors covering an area of
~27,000 square feet were given on leave & license basis to
Religare Reality Limited (RRL) and Hyundai Merchant Marine Private
Limited (HMMPL). However, in March 2013, RRL had vacated the
premises, which continues to remain vacant; and thus, currently
only one floor is leased out to HMMPL.


BHARAT STEEL: CRISIL Suspends 'D' Rating on INR250MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Bharat
Steel Rolling Mills.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            200       CRISIL D Suspended

   Proposed Long Term
   Bank Loan Facility      10       CRISIL D Suspended

   Term Loan               40       CRISIL D Suspended

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

BSRM, incorporated in 1966, is a partnership firm engaged in
manufacturing of Steel Products viz Ingots, TMT Bar, Angles,
Channels etc. Mr. Sharad Goel, the key promoter & partner of the
firm looks after the day-to-day operations. BSRM has manufacturing
unit at Muzzafarnagar in Uttar Pradesh with manufacturing capacity
of 54000 tons per annum. The capacity utilization in 2010-11 was
around 85 per cent.


BHASIN INFOTECH: CRISIL Suspends 'D' Rating on INR1.20BB Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Bhasin
Infotech and Infrastructure Pvt Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                1,200     CRISIL D Suspended

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

BIIPL was incorporated by Mr. SS Bhasin in 2006 to construct a
shopping mall in Greater Noida (Uttar Pradesh) named, Grand
Venezia, on a 1.50-million square feet (sq ft) area. In 2009, the
scope of the project was extended to include a commercial complex
with a total area of 2-million sq ft. The total cost of the
project is INR5300 million, which is being funded in a debt-equity
mix of 0.8:1 (excluding customer advances). The promoters are also
executing a hotel project under a 100 per cent subsidiary of
BIIPL, Grand Venezia Developers Pvt Ltd, on a land adjoining the
Grand Venezia project; the promoters have tied up with Sheraton
for their hotel project. The hotel project is expected to cost
INR1800 million, proposed to be funded in a debt-equity mix of
2.6:1. The project is expected to be completed by March 2013.


CEMENT INTERNATIONAL: CRISIL Suspends D Rating on INR168MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Cement
International Ltd (CIL; part of the Barak group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              150      CRISIL D Suspended

   Proposed Long Term
   Bank Loan Facility         2.7    CRISIL D Suspended

   Term Loan                 15.3    CRISIL D Suspended

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

CRISIL has combined the business and financial risk profiles of
Barak Valley Cements Ltd (BVCL) and its direct subsidiaries,
Cement International Ltd, Badarpur Energy Pvt Ltd (BEPL),
Meghalaya Minerals & Mines Ltd (MMML), Goombira Tea Co Pvt Ltd
(GTCPL), Chargola Tea Co Pvt Ltd (CTCPL), Singlacherra Tea Co Pvt
Ltd (STCPL), and Valley Strong Cement (Assam) Ltd (VSCAL),
together referred to as the Barak group.

The Barak group primarily manufactures Portland Pozzolana Cement
(PPC) and Ordinary Portland Cement (OPC) cement. The Barak group
has recently diversified into the tea business by purchasing three
tea gardens. BVCL operates a cement plant with capacity of 198,000
tonnes per annum (tpa) of clinker and 247,500 tpa of cement. CIL
operates a cement grinding unit with capacity of 126,720 tpa. BEPL
has a biomass power plant. MMML owns a lime stone mine, which is
used to meet the requirement of BVCL and CIL. GTCPL, CTCPL, and
TCPL have three tea gardens.


DANALAKSHMI PAPER: CARE Assigns 'C' Rating to INR20.16cr Loan
-------------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank facilities
of Danalakshmi Paper Mills Private Limited.

                               Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities     20.16     CARE C Assigned

   Short-term Bank Facilities    13.16     CARE A4 Assigned

   Long/Short term Bank          17.85     CARE C/CARE A4
   Facilities                              Assigned

Rating Rationale

The ratings assigned to the bank facilities of Danalakshmi Paper
Mills Private Limited are constrained by the past instances of
delays in meeting debt obligations, weak financial risk profile
characterized by net losses in the past three years and
significant exposure to loss-making group company as of March 31,
2014, susceptibility of profitability to the volatility in raw
material prices and foreign exchange fluctuations. The ratings are
further constrained by the working capital intensive nature of
operations and the cyclical nature of the industry with relatively
low entry barriers.

The ratings factor in the vast experience of the promoters in the
paper industry, established and long operational track record of
the group with an established network for sourcing waste paper and
relatively strong relationship with reputed clients.

Going forward, the ability of the company to effectively utilize
its capacity and turnaround its operations, strengthen its
debt protection metrics by improving its capital structure and
improve its profitability amidst volatile raw material prices
would be the key rating sensitivities.

DPML is part of the Servall group, founded by Mr R Ramaswamy in
Coimbatore (Tamil Nadu). DPML is engaged in the business of
manufacturing newsprint and writing & printing paper (WPP). The
Servall group has a presence in paper machinery manufacture, paper
manufacture (newsprint and speciality papers), project consultancy
and turnkey project implementation for paper mills through various
group entities.

DPML has paper manufacturing facilities with an installed capacity
of 40,000 metric tonnes per annum (mtpa) to manufacture newsprint
and WPP using recycled/ waste paper at Vilampatti, Dindigul, Tamil
Nadu. DPML's group company, Servalakshmi Paper and Boards Private
Limited (SPBPL), filed for merger with DPML and the scheme of
amalgamation between DPML and SPBPL, was approved by the Madras
High Court in June 2013, with effect from April 1, 2012 and
subsequent to the same, SPBPL was dissolved without winding up.

The promoters also own Servalakshmi Paper Limited (SPL; rated
'CARE D'), engaged in manufacturing of paper with an installed
capacity of 90,000 mtpa, Vijaylakshmi Paper Mills (VPL) engaged in
paper manufacturing with an installed capacity of 16,000 mtpa and
Servall Engineering Works Private Limited (SEWL), engaged in
manufacture of machinery and spares for paper mills.

DPML has registered net losses of INR6.93 crore on a total
operating income of INR64.41 crore during FY14 (refers to the
period April 1 to March 31) based on provisional results. During
FY13, DPML registered net losses of INR12.78 crore on a
total operating income of INR63.53 crore.


GAURANG ALLOYS: CRISIL Suspends 'D' Rating on INR140MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Gaurang Alloys & Iron Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            50       CRISIL D Suspended
   Term Loan              90       CRISIL D Suspended

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

GAL manufactures silico manganese (SiMn), which has various
applications in the steel industry. GAI was set up in 2003 as a
closely held public limited company, Gaurang Sponge & Iron Ltd,
with Mr. Arun Agarwal, Mr. Manoj Agarwal, and Mr. Vivek Agarwal as
its directors. The company got its current name on January 4,
2005, and commercial operations started from April 2006. In June
2007, the current promoters - Mr. Aman Kumar Agarwal, Mr. Amit
Kumar Agarwal, Mr. Rajesh Agarwal, and Mr. Arup Roy ' acquired the
company. GAL's manufacturing unit is in Jharkhand.


HARIDARSHAN TRACKOM: CRISIL Suspends 'D' Rating on INR80MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Haridarshan Trackom Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            80        CRISIL D Suspended

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

Haridarshan Trackom was acquired by Mr. Kaushik Kumar Nath, its
current promoter, in 2007 from Mr. Shankar and Mr. Hari Das Menon,
its previous promoters. The company trades in tea and spices, and
caters to wholesale customers.


HI REACH: CARE Assigns 'B' Rating to INR8.50cr Bank Loan
--------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Hi Reach Construction Equipments Pvt Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.50       CARE B Assigned
   Short-term Bank Facilities    0.25       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Hi Reach
Construction Equipments Pvt Ltd are primarily constrained
by its weak financial risk profile characterized by small and
declining scale of operations, leveraged capital structure
coupled with weak debt protection metrics and working capital
intensive nature of its operations. The ratings are further
constrained by its exposure to volatility in raw material prices
and dependence on the real estate industry which is inherently
vulnerable to economic cycles.  The ratings, however, draw
strength from its experienced promoter and moderate profitability
margins.

Going forward, HRCL's ability to scale up its operations while
maintaining its profitability margins along with an improvement in
its capital structure shall be key rating sensitivities. Effective
working capital management shall also be the key rating
sensitivity.

Hi-Reach Construction Equipments Pvt Ltd was incorporated in
September 1992 by Mr Sanjay Mohan Kaul. The company started
commercial operations in October 1992. HRCL is engaged in the
manufacturing of scaffoldings items which find its application in
the construction industry. The company has two manufacturing
plants which are located at Sahibabad, Uttar Pradesh and Alwar,
Rajasthan. The total combined installed capacity of both the
plants stood at 17,000 metrics tonnes per annum (MTPA) as on
March 31, 2014. HRCL procures raw materials consisting mainly of
cast iron and pipe angles from the domestic market majorly Punjab,
Uttar Pradesh, Rajasthan and Delhi. The final products are sold in
the domestic market on a pan-India basis to various construction
companies. During FY13 (refers to the period April 1 to March 31),
the company ventured into manufacturing of home furnishing, women
apparels and accessories such as leather bag, artificial jewellery
etc under the brand name of Indian August in Noida, Uttar Pradesh.
The company sells these products from its own retail store located
at Noida, Uttar Pradesh which started commercial operation from
March 2013.

During FY13, HRCL achieved a total operating income (TOI) of
INR19.66 crore with a profit after tax (PAT) of INR0.50 crore.
The company has achieved a TOI of INR15.69 crore in FY14 (based on
the provisional results).


JINDAL TIMBER: CRISIL Suspends 'B+' Rating on INR110MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Jindal
Timber & Plywood Pvt Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              20       CRISIL B+/Stable Suspended
   Letter of Credit        100       CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility       90       CRISIL B+/Stable Suspended

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

JTP was incorporated in 2008-09 and is engaged in trading in and
sawing imported timber. The company imports all of its timber
directly from Malaysia and via Singapore. The firm shapes and
sizes timber as per client specifications at its saw-mill in
Gandhidham, Gujarat. The firm has an in-house facility for
undertaking this operation.


K. RAVINDRAN: CRISIL Cuts Rating on INR175MM Loans to 'B'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
K. Ravindran to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            75      CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Cash Credit              165      CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Long Term Loan            10      CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects weakening in KR's liquidity, with a
stretch in its working capital cycle resulting in increased
dependence on working capital limits. The stretch in the working
capital cycle is reflected in an increase in its gross current
assets (GCAs), which are estimated at 298 days as on March 31,
2014, as against 178 days as on March 31, 2012; the GCAs have
increased due to a stretched receivables period.

The downgrade also reflects lower-than-expected revenue earned
during 2013-14 (refers to financial year, April 1 to March 31),
which was on account of lower-than-expected order flows during the
year and on account of delays in realisation of payments from the
Kerala government.

The ratings continue to reflect KR's modest scale of operations
and large working capital requirements in addition to its below-
average financial risk profile, marked by high gearing. These
rating weaknesses are partially offset by the extensive experience
of KR's partners in the civil construction segment.

Outlook: Stable

CRISIL believes that KR will continue to benefit over the medium
term from the industry experience of its promoters in the civil
construction industry. The outlook may be revised to 'Positive' if
the firm scales up its operations and improves its working capital
management significantly, or if it improves its capital structure,
resulting in improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is
decline in its revenue and margins owing to delay in the execution
of various projects or if its working capital management
deteriorates further, causing its liquidity to weaken, or if the
firm undertakes a large debt-funded capital expenditure programme
leading to weakening in its financial risk profile.

Set up in 1985, KR is a partnership firm that undertakes civil
contracts for the Kerala government. Its daily operations are
managed by its managing partner, Mr. V Rajeendranath.

KR reported, on a provisional basis, profit after tax (PAT) of
INR12.1 million on revenue of INR245 million for 2013-14 as
against PAT of INR30.1 million on revenue of INR467 million for
2012-13.


KANHHA CABLES: ICRA Lowers Rating on INR20.05cr Loans to 'D'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR3.05
crore (including proposed limits of INR0.05 crore) fund based
limits of Kanhha Cables Private Limited from [ICRA]BB to [ICRA]D.
ICRA has also revised the short term rating assigned to the
INR17.00 crore non-fund based facilities of KCPL from [ICRA]A4 to
[ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     3.00       [ICRA]D downgraded
                                    from [ICRA]BB (Stable)

   Unallocated           0.05       [ICRA]D downgraded
                                    from [ICRA]BB (Stable)

   Non Fund Based       17.00       ICRA]D downgraded
   Limits                           from [ICRA]A4

The ratings revision takes into account stretched liquidity
position of the company evident in its high utilization of working
capital limits on account of build-up of receivables from state
utilities. This has also resulted in devolvement of LCs which have
remained unpaid for more than 30 days. The ratings are also
constrained by decline in KCPL's operating margin due to higher
execution of job work in the absence of orders from departments
particularly for copper cables, its small scale of current
operations, its low bargaining power against established customers
and the highly competitive nature of the industry which keep
profitability of players under pressure. Although the company has
a long track record in manufacturing of cables, is an approved
vendor of Research Design and Standards Organization (RDSO) and
enjoys support from group company operating in similar line of
business, the ratings are constrained by the stretched liquidity
position of the company marked by multiple instances of LC
develolvements.  Going forward, improvement in the liquidity
position and timely servicing of debt obligations by the company
are the key rating sensitivities.

Kanhha Cables Private Limited incorporated in 2003 is part of the
Gemini group of industries. It manufactures a variety of LT
PVC/XLPE insulated & sheathed cables, concentric service cable and
conductors which find application in signalling, telecommunication
and power from its Jaipur based facility. Major clients of the
company include Indian railways and state power utilities. The
cables are sold under the brand "Gemini". The manufacturing
facility is located in Jaipur.

Recent Results
The company has reported a net profit of INR0.08 crore
(provisional) on an operating income of INR22.12 crore
(provisional) during FY 2014; as compared to a net profit of
INR0.14 crore on an operating income of INR19.21 crore during FY
2013.


KNOWLEDGE TRUST: CRISIL Suspends 'D' Rating on INR103MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Knowledge Trust (KT).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              103        CRISIL D Suspended

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

KT was established in May 2006 by Ms. Savita Das of Bhubaneswar
(Orissa). The trust is currently managed by Dr. Prashanta Kumar
Mishra, Dr. Chita Ranjan Mishra, Dr. Priyadarshi Tripathy, Mr.
Somdutt Behura, Dr. Aditya Samal, and Mr. Satyajit Mohanty. The
trustees have extensive experience of about two decades in the
education industry. The trust started operations in academic year
2007-08 with its engineering institute, TempleCity Institute of
Technology and Engineering (TITE). KT also operates a junior
college, TempleCity Institute of Basic Sciences (TIBS). TITE
offers two courses: Bachelor of Engineering in six disciplines and
Master of Engineering in computer science. Presently, TITE has
total intake capacity of 420 students and TIBS has capacity of
about 120 students. The first batch of engineering students
graduated in June 2011. The trust also offers consultancy services
under Knowledge Consultancy Services, which accounts for a small
proportion of its revenues.


KRISH AUTOMOTORS: ICRA Suspends 'B' Rating on INR0.75cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B/[ICRA]A4 rating assigned to the
INR25.0 crore bank facilities of Krish Automotors Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                            Amount
   Facilities            (INR crore)  Ratings
   ----------            -----------  -------
   Cash Credit Facilities     0.75    [ICRA]B suspended
   Inventory funding         20.00    [ICRA]A4 suspended
   Unallocated                4.25    [ICRA]B/[ICRA]A4 suspended

Krish Automotors Private Limited promoted by Mr. R. K. Arora, Mr.
Harish Arora and Mr. Amit Arora in year 2007. The promoters owned
an authorised service centre of MSIL named as Northerned Motors
(India) Private Limited. KAPL has two showrooms in Pitampura and
Jahangirpuri, two service and two workshops for Body Parts also at
Wazirpur and Jahangirpuri.


KRUPA BUILDERS: CRISIL Suspends 'D' Rating on INR300MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Krupa
Builders Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       100      CRISIL D Suspended
   Bank Loan Facility

   Term Loan                200      CRISIL D Suspended

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

KBPL is part of the Mumbai (Maharashtra)-based Krupa group of
companies, which has been operating in the real estate development
segment for the past 35 years. The group has completed about 24
residential and commercial projects in Mumbai and Baroda
(Gujarat). KBPL is currently developing a 240-flat residential
township called Cascade Greens at Kompally in Hyderabad. The
township is expected to be completed by mid-2013; the company has
completed about 46 per cent of the total construction till date.


M. K. ROY: CRISIL Reaffirms 'B' Rating on INR57.5MM Loans
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
M. K. Roy & Bros. Project Pvt Ltd to 'CRISIL B/Stable' from
'CRISIL B-/Stable'; the rating on the company's short-term bank
facilities has been reaffirmed at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         95      CRISIL A4 (Reaffirmed)

   Cash Credit            51.5    CRISIL B/Stable (Upgraded
                                  from 'CRISIL B-/Stable')

   Term Loan               6      CRISIL B/Stable (Upgraded
                                  from 'CRISIL B-/Stable')

The upgrade in rating reflects CRISIL's belief that MKRBPPL's
liquidity will remain comfortable, supported by moderate cash
accruals, minimal debt repayment obligations, and healthy gearing.
The company's business risk profile has improved supported by
year-on-year growth of 25 per cent in 2013-14 (refers to financial
year, April 1 to March 31) and its sustained profitability. The
financial risk profile is expected to remain moderate marked by
its moderate capital structure and debt protection metrics. The
ratings continue to reflect MKRBPPL's modest scale of operations
and its working capital intensive operations. These rating
weaknesses are partially offset by the benefits that the company
derives from its promoters' extensive industry experience and
healthy relationship with its major customers.

Outlook: Stable

CRISIL believes MKRBPPL will maintain its business risk profile
over the medium term backed by its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the
company significantly scales up its operations and profitability
or improves its working capital management leading to improvement
in liquidity. Conversely, the outlook may be revised to 'Negative'
if MKRBPPL's financial risk profile deteriorates due to low cash
accruals, stretched working capital cycle or large debt-funded
capital expenditure.

MKRBPPL, formed in 1989 as a proprietorship concern, was
reconstituted as a private limited company in 2000. The company,
promoted by Mr. M K Roy and family, is engaged in supply, design,
fabrication, and erection of storage tanks, and laying of
pipelines for transportation of petrochemical products; it also
undertakes welding, testing and repair works.

For 2013-14, MKRBPPL is estimated to report a profit after tax
(PAT) of INR15.68 million on net sales of INR400 million, against
a PAT of INR10.64 million on net sales of INR323.26 million for
2012-13.


MURANO TILES: CRISIL Suspends 'D' Rating on INR85MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Murano
Tiles Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          9        CRISIL D Suspended
   Cash Credit            25        CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility      1.6      CRISIL D Suspended
   Term Loan              49.4      CRISIL D Suspended

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

MTPL was incorporated in November 2010 and has set up a facility
to manufacture wall glazed in Morbi. It commenced operations from
August 11, 2011. It is promoted by Mr. Prakash Aghara, Mr.
Ramjibhai Zalaria, Mr. Rajnishbhai Loria and Mr. Himanshu Zalaria.


NALAGARH STEEL: CRISIL Suspends 'D' Rating on INR175MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nalagarh Steel Rolling Mill Pvt Ltd (NSRMPL; part of the Dev Bhumi
group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            175       CRISIL D Suspended

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

CRISIL has combined the business and financial risk profiles of
NSRMPL, Dev Bhumi Steel (DBS), Shree Kangra Steel Pvt Ltd (SKSPL),
and Dev Bhumi Ispat (DBI). This is because these entities,
collectively referred to as the Dev Bhumi group, are in similar
lines of business and have strong operational and financial
linkages with each other. All the entities have common promoters
and the same management team.

The Dev Bhumi group manufactures mild steel ingots, thermo-
mechanically-treated (TMT) bars, and structured steel products
such as angles, beams, channels, and flats. Its manufacturing
facility is in Nalagarh (Himachal Pradesh). The Dev Bhumi group is
a family-run business, promoted by Mr. Surendra Bansal. While
SKSPL and DBS manufacture mild-steel ingots, NSRMPL and DBI
manufacture TMT bars and structural products such as flats,
angles, and beams.


NARAIN PRINTERS: CARE Assigns 'B+' Rating to INR5.72cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Narain
Printers & Binders.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.72       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Narain Printers &
Binders is constrained by the small scale of operations, leveraged
capital structure and elongated operating cycle. The rating is
further constrained by the constitution of the entity as a
partnership firm, risk associated with fluctuation in the raw
material price and its presence in a highly fragmented industry.
The rating, however, favourably takes into account the experience
of the key partner in the paper industry and moderate
profitability margins & debt service coverage indicators.

Going forward, the ability of NPB to increase its scale of
operations with an improvement in its capital structure while
managing its working capital requirements will be the key rating
sensitivities.

Narain Printers & Binders was established in November 1993 as a
partnership firm. The firm is engaged in the business of printing
& binding of books. The manufacturing facility of the firm is
located at Noida, Uttar-Pradesh with capacity of printing &
binding 50,000 books per day. The firm's product profile ranges
from printing of books, calendars, diaries, guides etc. The main
raw material for manufacturing the products is print paper and the
same is procured from the local market. Customer base of the firm
mainly comprise publishing houses.

For FY13 (refers to the period April 1 to March 31), NPB achieved
a total operating income of INR14.52 crore with a PAT of
Rs.0.48 crore. NPB reported a total operating income of INR14.79
crore with a PAT of INR0.49 crore in FY14 (based on the
provisional results).


PERFECT ENGINEERING: ICRA Rates INR1.50cr Cash Credit at 'B-'
-------------------------------------------------------------
ICRA has reaffirmed the long-term ratings to the INR10.00 crore
(reduced from INR11.50 crore) term loans and the INR6.00 crore
non-fund based bank facilities of Perfect Engineering Associates
Private Limited at [ICRA]B-.  ICRA has also assigned an [ICRA]B-
rating to the INR1.5 crore cash credit facility of PEAPL. ICRA has
also reaffirmed the short-term rating to the INR1.50 crore short-
term non-fund based bank facilities of PEAPL at [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           1.50        [ICRA]B- assigned
   Term Loans           10.00        [ICRA]B- reaffirmed
   Bank Guarantee        6.00        [ICRA]B- reaffirmed
   Letter of credit      1.50        [ICRA]A4 reaffirmed

The rating affirmation take into account a significant increase in
order book of PEAPL from INR37.57 crore as on March 31, 2013 to
INR87.91 crore as on March 31, 2014 which provides revenue
visibility in medium term. Nevertheless, the ratings continue to
remain constrained by high working capital intensity of the
company's operations as a result of stretched receivables, which
exerts pressure on its liquidity profile and which is also evident
from an almost full bank limit utilization pattern. ICRA also
notes that the coverage indicators of the company deteriorated in
2013-14 due to increased interest expenses and reduced profits and
continued to remain depressed, which is also reflected by an
interest coverage of 1.57 time, net cash accruals as a percentage
of total debt of 7% and total debt to operating profit ratio of
4.36 time in 2013-14. PEAPL also remains exposed to high customer
concentration risks with 80% of the firm's revenues coming from
Municipal Corporation of Greater Mumbai (MCGM).

The ratings, however, favourably factor in the long experience of
management in municipal water works related business; highest
certification for water works from Municipal Corporation of
Greater Mumbai (MCGM) and established relations of the company
with various government departments.

Incorporated in 1972, Perfect Engineering Associates Pvt. Ltd. is
based out of Mumbai, Maharashtra and is involved in repair and
construction of water pipe lines and construction of water
reservoirs for various municipal corporations. The company
specializes in work involving cement mortar lining of various
diameter pipes, new pipe laying and construction of water storage
tank for urban water distribution.

Recent Results
As per the audited results of 2012-13, PEAPL reported a profit
after tax (PAT) of INR0.57 crore on an operating income of
INR18.66 crore. As per the provisional results for 2013-14, PEAPL
reported a profit after tax (PAT) of INR0.51 crore on the back of
an operating income of INR17.00 crore.


POLYGENTA TECHNOLOGIES: CARE Cuts Rating on INR24.5cr Loan to 'C'
-----------------------------------------------------------------
CARE revises the ratings assigned and assigns 'CARE C' to the NCD
bank facilities of Polygenta Technologies Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities     24.50      CARE C Revised
                                            from CARE BB

   Non Convertible Debentures    10.00      CARE C Assigned
   (NCDs)

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Polygenta Technologies Limited take into consideration the delays
in repayment obligations of External Commercial Borrowings (ECBs)
from Swedfund and Finfund, deterioration in the financial and
business risk profile of the company in terms of decline in sales,
increased operating losses, negative cash accruals and
deterioration in debt coverage matrices at the end of FY14 (refers
to the period April 1 to March 31).

Furthermore, the ratings continue to be constrained by delays in
project, thereby increasing the project execution and completion
risk, new technology and limited track record of operations.
The rating, however, derives strength from the promoters' support
by way of regular infusion of funds.

The ability of PTL to reschedule the debt repayment terms of ECBs
favourably and successfully execute and complete its ongoing
project along with turnaround in its operations are the key rating
sensitivities.

Incorporated in 1981, PTL is engaged in the manufacturing of
Polyester Filament Yarn (PFY) using recycled PET content as
a major feedstock. In 2008, the Aloe group through, Aloe
Environment Fund II (AEFII) and Green Investment Asia
Sustainability Fund I (GIASF) founded PerPETual Global
Technologies (PGTL) for the purpose of investing in Polygenta
Technologies Limited (PTL). PGTL is the holding company of PTL and
currently holds about 55.75% of the equity capital of PTL. PGTL
along with Aloe and GIASF holds 74.4% of the equity capital of
PTL. Both these funds have a primary vision in investing in
environment-friendly technologies. The investors of both these
companies are reputed environment development funds, bilateral
institutions, High Networth Individuals (HNIs) and family offices.
PTL uses a recycling technology (the ReNEW process) which is
effective in reconstituting lower cost recycled PET bottles
into a substitute feedstock for higher cost conventional
petrochemicals. Furthermore, ReNEW can be retrofitted to
existing conventional polyester plants to improve their operating
margins and make them more sustainable.

The integrated manufacturing facility (PTA/MEG to DTY) of PTL is
located in Nasik, has an installed capacity of 30 TPD at its
recycling unit and 100 TPD at its polymerization unit. The company
is currently undertaking capacity expansion of its recycling unit
from 30 TPD to 75 TPD. On commissioning of this additional
recycling capacity, the company would operate at a capacity of 75
TPD making 100% recycled content product.

PTL sells its polyester yarn products for various applications in
the fields of apparel, denim, home furnishings, floor coverings
and industrial applications. In FY14, PTL earned around 78% of its
sales from DTY, around 15% from POY, 3% from PET chips and the
balance from trading and sales of scrap.

The company reported losses at the after tax level for the past
three financial years, ie, between FY12 and FY14.


RAICHANGA MULTIPURPOSE: CRISIL Suspends D Rating on INR93.8M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Raichanga Multipurpose Cold Storage Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           36.6       CRISIL D Suspended
   Term Loan             57.2       CRISIL D Suspended

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

Incorporated in 2005, RMCS operates a cold storage unit (primarily
for storing potatoes) in Jalpaiguri district (West Bengal). The
cold storage unit has a capacity of 21,000 tonnes. The company
also provides funding to farmers against the potatoes stored,
which is in turn re-financed by the banks. RMCS charges rent of
about INR125 per quintal per season from the farmers and the same
is collected as and when the farmers get the potatoes released
from the cold storage unit.  RMCS also, at times, undertakes
trading in potatoes to ensure optimum capacity utilisation of its
cold storage unit.


REI AGRO: CARE Reaffirms 'D' Rating on INR5165.9cr Loans
--------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities and
instruments of REI Agro Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    351.40      CARE D Reaffirmed

   Long/Short term Bank       4,250.00      CARE D/CARE D
   Facilities                               Reaffirmed

   Short term Bank
   Facilities                    10.00      CARE D Reaffirmed

   Outstanding NCDs             554.50      CARE D Reaffirmed

Rating Rationale

The ratings continue to remain constrained by the ongoing delays
in debt servicing due to stressed liquidity position of REI
Agro Ltd. arising from decline in profitability and increase in
collection period.

RAL, promoted by two brothers, Mr. Sanjay Jhunjhunwala and Mr.
Sandip Jhunjhunwala of Kolkata, is engaged in processing of
Basmati rice (installed capacity of 118 tph). It is also involved
in trading in commodities and wind power generation. In FY14, the
company generated sales of INR4,522 crore, of which basmati rice
constituted the major portion (79.2%), followed by trading (20.3%)
and wind power (0.5%).

In FY14, RAL incurred net loss of INR38.35 crore (as against net
profit of INR211.02 crore in FY13) on total income of INR4,568.23
crore (INR5,100.94 crore in FY13).


REXON STRIPS: ICRA Assigns 'C' Rating to INR22cr Loan
-----------------------------------------------------
ICRA has assigned an [ICRA]C rating to the INR22 crore fund based
limits of Rexon Strips Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Working Capital        22         [ICRA]C assigned

The rating takes into account RSL's weak financial profile as
reflected by unfavourable capital structure and depressed debt
coverage indicators, and its high working capital intensity that
had adversely impacted the liquidity position, as also reflected
by high working capital utilisation levels. The rating also notes
RSL's low capacity utilisation of its DRI and Ingot manufacturing
facilities and non commencement of pellet plant that had adversely
impacted the operating profile as well as business return
indicators. The debt servicing track record of the company has
also been unsatisfactory in the past, although ICRA notes that the
company has been meeting its debt obligations in a timely manner
in recent months. The rating takes cognisance of the experience of
the management in the steel industry and coal linkages with
Mahanadi Coalfields Limited that assures supply of raw material at
competitive rate. In ICRA's opinion, the ability of the company to
effectively manage its working capital requirements while
utilising its facility in an optimal manner would be a key rating
sensitivity going forward.

Incorporated in 1995, Rexon Strips Limited (RSL) has a sponge iron
manufacturing capacity of 60,000 MTPA and MS Ingot manufacturing
capacity of 25,000 MTPA. The manufacturing facilities are located
in Kumakela village in Sundargarh district in Odisha. The company
has also set up a pellet plant with annual production capacity of
300,000 MT, however the same is not operational yet. The 300,000
MTPA iron ore beneficiation unit commenced operations in FY12.

Recent Results
During FY13, RSL reported a profit after tax (PAT) of INR0.09
crore on the back of an operating income of INR64.24 crore as
against a PAT and OI of INR0.20 crore and INR81.68 crore
respectively in FY12.


ROLAND EXPORTS: CRISIL Suspends 'D' Rating on INR210MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Roland
Exports (Roland).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            190        CRISIL D Suspended
   Letter of Credit        20        CRISIL D Suspended

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

Roland was established in 2004 and began operations by trading in
cotton yarn. Until March 31, 2010, the firm was managed by three
equal partners ' Mr. Harish Gupta, Mr. Rajesh Gupta, and Mr.
Sanjay Goel. Mr. Harish Gupta retired from the partnership in
April 2010, with the two remaining partners having equal shares in
profits and losses.  Until 2007-08 (refers to financial year,
April 1 to March 31), the firm traded in cotton yarn. It switched
to trading in polyester yarn subsequently. Currently, the firm
trades in polyester yarn (contributed 78 per cent to its operating
income in 2009-10) and is in the business of conversion of one-ply
polyester yarn into two ply-polyester yarn (22 per cent). The
firm's registered office is in Ludhiana, Punjab. It undertakes
conversion operations at its manufacturing unit in Kathua, Jammu
and Kashmir.


SAKARDA SYNTHETICS: CRISIL Assigns 'B' Rating to INR87.1MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sakarda Synthetics Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan              45.8     CRISIL B/Stable

   Cash Credit            40       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility      1.3     CRISIL B/Stable

The rating reflects SSPL's modest scale of operations in the
highly competitive textile industry, its large working capital
requirements, and weak financial risk profile marked by high
gearing and average debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of SSPL's promoters.

Outlook: Stable

CRISIL believes that SSPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company stabilises its expanded
operations earlier than expected, leading to substantial increase
in scale of operations and large cash accruals, thus improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of low accruals because of reduced
profitability, or weakening of financial risk profile, most likely
because of stretch in working capital cycle or delay in
stabilising its capacity expansion.

SSPL was incorporated in 1992. It is promoted by Mr. Sunil Jain,
Mr. Bherulal Jain, and Mr. Dilkush Dungerwal, who have experience
of over two decades in the textile industry. The firm manufactures
grey fabric of cotton and synthetic yarn for suiting and shirting.

For 2012-13 (refers to financial year, April 1 to March 31), SSPL
reported a profit after tax (PAT) of INR0.5 million on net sales
of INR97.3 million, against a PAT of INR9 million on net sales of
INR51.2 million for 2011-12. For 2013-14, SSPL reported, on a
provisional basis, net sales of INR136.8 million.


SALUJA STEEL: ICRA Reaffirms 'B' Rating on INR28.16cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR14.00 crore cash credit facility and INR9.69 crore (reduced
from INR14.16 crore) term loan of Saluja Steel & Power Private
Limited. ICRA has also assigned an [ICRA]B rating to the INR4.47
crore untied limit of SSPPL. ICRA has also reaffirmed the short-
term rating of [ICRA]A4 to the INR10.65 crore non-fund based bank
facilities of SSPPL.

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

   Fund Based Limit-         9.69       [ICRA]B reaffirmed
   Term Loan

   Fund Based Limit-         4.47       [ICRA]B assigned
   Untied

   Non-Fund Based Limit-     5.00       [ICRA]A4 reaffirmed
   Letter of Credit

   Non-Fund Based Limit-     4.00       [ICRA]A4 reaffirmed
   Bank Guarantee

   Non-Fund Based Limit-     1.65       [ICRA]A4 reaffirmed
   Forward Contract

The reaffirmation of the ratings takes into account SSPPL's sub-
optimal level of capacity utilization, working capital intensive
nature of the operations impacting liquidity position adversely
and the significant debt servicing obligation of the company in
the short to medium term, which may have a negative impact on the
cash flows. The ratings also reflect consistent decline in the
top-line during the last two fiscals and its current moderate
scale of current operations. ICRA notes that cyclicality inherent
in the steel industry, which is passing through a sluggish phase,
is likely to keep SSPPL's profitability and cash flows volatile.
The ratings, however, favourably factor in the experience of the
promoters in the steel industry and their demonstrated ability to
infuse equity at regular intervals, resulting in a comfortable
capital structure of the company. The ratings also take into
account the forward integration achieved with the commissioning of
the rolling mill in the current fiscal, which is likely to aid the
growth in turnover and profitability going forward, and also the
locational advantage of the manufacturing unit in proximity to raw
material sources and customer base, which reduces freight cost.

Incorporated in 2004, SSPPL is engaged in the manufacturing of
sponge iron, mild steel ingots and thermo-mechanically treated
(TMT) bars with an installed capacity of 60,000 metric tonne per
annum (MTPA), 38,000 MTPA (two furnaces of 19,000 MTPA each) and
60,000 MTPA respectively. The rolling mill for manufacturing TMT
bars was commissioned in April 2014. The manufacturing facility of
the company is located at Giridih, Jharkhand. SSPPL has been
promoted by Mr. Amarjeet Singh Saluja, having more than three
decades of experience in the steel industry.

Recent Results

The company reported a profit after tax of INR0.93 crore in 2013-
14 (provisional) on an operating income of INR54.01 crore
(provisional), as compared to a profit after tax of INR0.86 crore
on an operating income of INR68.10 crore during 2012-13.


SEQUEL PHARMA: CRISIL Suspends 'D' Rating on INR120MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sequel
Pharmaceuticals (India) Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            30        CRISIL D Suspended
   Letter of Credit       10        CRISIL D Suspended
   Long Term Loan         80        CRISIL D Suspended

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

SPI, promoted by Mr. Mohan Kadam and Dr. Santosh Joshi,
manufactures active pharmaceutical ingredients and bulk drugs. The
company's major products include telmisratan, ramipril, tamsolusin
and lamotrigine. Its clientele includes Glenmark Pharmaceuticals
Ltd (rated 'CRISIL A+/Stable/CRISIL A1'), and US Vitamins Ltd. SPI
has started manufacturing formulations in 2011-12 (refers to
financial year, April 1 to March 31). SPI's administrative office
is in Navi Mumbai and manufacturing unit is in Ambernath (both are
in Maharashtra).


SHRI SAI: CRISIL Assigns 'B+' Rating to INR25MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Shri Sai Marketing and Trading Company.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            50      CRISIL A4
   Cash Credit               25      CRISIL B+/Stable

The ratings reflect SSMTC's exposure to high customer
concentration risk, susceptibility of operating margin to raw
material price variations, and large working capital requirements.
These rating weaknesses are partially offset by the firm's above-
average financial risk profile, supported by adequate net worth,
and the proprietor's extensive experience.

Outlook: Stable

CRISIL believes that SSMTC will continue to benefit over the
medium term from the extensive industry experience of its
proprietor and its moderate capital structure. The outlook may be
revised to 'Positive' in case of sustainable improvement in the
firm's revenue or operating profitability while managing its
working capital requirements prudently.. Conversely, the outlook
may be revised to 'Negative' if its revenue and operating margin
decline, or its working capital cycle is stretched, leading to
deterioration in its financial risk profile.

Set up in 2005 by Mr. Sunil Devkinandan Zawar, SSMTC is a Jalgaon
(Maharashtra)-based proprietorship firm providing multiple
services for government authorities. Currently, the firm caters to
primary and secondary schools in five major districts of
Maharashtra'Jalgaon, Thane, Raigad, Ratnagiri, and
Sindhudurg'under the Mid-dayMal Program. The firm has a contract
with the Maharashtra Cooperative and Consumer and Marketing
Federation (undertaking of the Government of Maharashtra) for this
purpose.

The firm has also entered into a contract with Rajasthan State
Transport Corporation for carriage of parcels, courier, and allied
services through state-run buses.


SITA AGRO: ICRA Assigns 'B+' Rating to INR5.58cr Loans
------------------------------------------------------
ICRA has assigned the '[ICRA]B+' rating to the INR0.58 crore term
loan and INR5.00 crore fund based limits of Sita Agro Tech Private
Limited. ICRA has also assigned an [ICRA]A4 rating to the INR1.5
crore non-fund based limit of the company. The entire non-fund
limit is the sublimit of the fund based limits.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Cash Credit Limit         5.00       [ICRA]B+ assigned
   Term Loan                 0.58       [ICRA]B+ assigned
   Non-fund based limits-   (1.50)      [ICRA]A4 assigned
   Bank Guarantee (BG)

The ratings take into consideration SATPL's small scale of current
operations in a highly competitive industry characterised by
presence of number of small players, which adversely impacts the
profitability and the high dependence on group companies with
significant proportion of the total revenue being generated from
sales to group companies as on 31st March, 2014. Also the
operation of the company remains highly working capital intensive
with purchase of paddy, the major raw material being made mostly
on cash basis coupled with maintenance of large inventory levels,
thus adversely impacting liquidity. The capital structure of the
company remained adverse as reflected by a high gearing of around
1.94 times as on 31st March, 2014. However, ICRA notes, that the
major debt was primarily on account of high working capital
borrowings and interest bearing unsecured loans from related
parties. The rating also factors in the agro climatic risks, which
can impact the availability of the paddy in adverse weather
conditions. The rating, however, also takes into account the
experience of the promoters in the rice milling business, its
presence in the major paddy growing area viz. Chhattisgarh
resulting in easy availability of paddy and wide spread
distribution of rice on a pan India basis through a network of
dealers, retailers etc.

SATPL is a part of the Shree Sita Group in Chhattisgarh. The
company has one paddy milling unit at Durg District, Chhattisgarh
having paddy milling capacity of 4 TPD. The company can produce
both raw rice and parboiled variety of rice.

Recent Results
As per provisional numbers, the company registered a profit before
tax (PBT) of INR0.17crore on an operating income of around
INR40.52 crore in FY 2014. In FY 2013, SATPL reported a profit
after tax (PAT) of INR0.10 crore on an operating income (OI) of
INR37.71crore


SOLAPUR BIO-ENERGY: ICRA Assigns 'D' Rating to INR1.2cr Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]D for the term
loans and fund-based limits aggregating to INR29.63 crore
(enhanced from INR22.50 crore) of Solapur Bio-Energy Systems
Private Limited. ICRA has also assigned the short-term rating of
[ICRA]D to the non-fund-based limits aggregating to INR1.20 crore
of SBES.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term : Term       27.63      [ICRA]D re-affirmed
   Loans

   Long-term Fund-
   based Limits            2.00      [ICRA]D re-affirmed

   Short-term Non-fund-    1.20      [ICRA]D assigned
   based limits

The reaffirmation of rating continues to reflect the irregularity
in debt servicing by the company on account of the significant
delays in project commissioning as also in the sale of power that
has led to cash flow mismatches. Further, the sizeable cost over-
run will impact the project metrics, though the company is going
to seek an increase in the tariff rates. The rating also takes
into account the overall modest size of operations with plant
capacity at 4 MW and the lack of past experience of its parent
company viz. Organic Recycling Systems Pvt. Ltd., in setting up of
power plants based on Municipal Solid Waste (MSW) as fuel. ICRA
notes that, in view of the unconventional fuel-based power plant
being setup by the company, its ability to achieve the envisaged
operating parameters, subsequent to plant commissioning would be
critical for overall profitability and debt coverage, going
forward.

ICRA, however, positively notes the low execution risks with the 4
MW capacity already operational; the low fuel supply risks for the
company with requisite MSW supply guaranteed by SMC (Solapur
Municipal Corporation); the low demand risk with long-term Power
Purchase Agreement (PPA) in-place with MSEDCL for ~ 75% of the
generation capacity, and the additional revenues likely to be
generated from sale of compost/bio-fertilizers (by-product) as
well as the technology tie-up with Waste Works of Ireland. The
ability of the company to tie-up the PPA for the remaining
capacity and likely tariff revision, if any, would remain
critical.

Solapur Bio-Energy Systems Pvt. Ltd. owned by Organic Recycling
Systems Pvt. Ltd., is a Special Purpose Vehicle (SPV) setup to
convert Municipal Solid Waste (MSW) into energy and compost. The
company is setting up a 4 MW plant at Solapur that would utilise
400 TPD of MSW and the plant would be operated on BOOT (Build,
Own, Operate, and Transfer) basis. The plant was commissioned and
the company commenced export of power in July 2013; however, sale
of power to MSEDCL has commenced only in January 2014. As of May
2014, the total project cost stood at INR76.16 crore.


SRI RAMA: ICRA Reaffirms 'B+' Rating on INR3.36cr Loan
------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR3.36 crore fund based limits and short term rating of [ICRA]A4
assigned to INR6.45 crore fund based limits of Sri Rama Raw &
Boiled Rice Mill. ICRA has also reaffirmed the ratings of
[ICRA]B+/[ICRA]A4 assigned to INR0.19 crore unallocated limits of
SRRBRM.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits     3.36        [ICRA]B+ reaffirmed
   Fund based Limits     6.45        [ICRA]A4 reaffirmed
   Unallocated           0.19        [ICRA]B+/[ICRA]A4 reaffirmed

The reaffirmation of ratings factors in the intensely competitive
nature of rice industry in Andhra Pradesh with presence of several
small-scale players which increases pressure on the operating
margins ; and government policy restrictions in the segment which
limit sales in the open market. Further, the ratings continue to
be constrained by the modest financial profile of the firm
characterized by small scale of operations, moderate profitability
metrics, and high inventory levels which could strain the
liquidity position of the firm. This apart, the ratings are also
constrained by the susceptibility of profitability & revenues to
agro-climatic risks which impact the availability of paddy in
adverse weather conditions. The ratings, however, takes comfort
from the long track record of the promoters in the rice mill
business and favorable demand prospects for rice with India being
the second largest producer and consumer of rice internationally.

Going forward, the ability of the firm to strengthen its financial
profile and efficiently manage its working capital requirements
remains the key rating sensitivity.

Founded in the year 1997 as a partnership firm, Sri Rama Raw &
Boiled Rice Mill (SRRBRM) is engaged in milling of paddy and
produces raw rice and boiled rice. The rice mill is located at
Medarametla village of Prakasham district, Andhra Pradesh. The
installed production capacity of the rice mill is 4 tons per hour.

Recent Results

For FY2014 (Unaudited & Provisional), the firm reported profit
after tax of INR0.25 crore on operating income of INR18.02 crore
as against profit after tax of INR0.27 crore on operating income
of INR17.71 crore in FY2013(audited)


STARWOOD EXPORTS: CRISIL Suspends 'D' Rating on INR150MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Starwood Exports Private Limited (SEPL; part of the First Winner
group).

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             110      CRISIL D Suspended
   Letter of Credit         40      CRISIL D Suspended

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

CRISIL has combined the business and financial risk profiles of
First Winner Industries Ltd, its three wholly owned
subsidiaries'Ramshyam Textile Industries Ltd, First Winner
Lifestyle Ltd, and of Pal Trading Company Private Limited; and its
five associates'Rikosh Fashions Pvt Ltd, Solitaire Texfeb &
Traders Pvt Ltd, First Winner Textiles (India) Pvt Ltd (formerly,
Kassi Trading Company Pvt Ltd), Bhagwat Textiles Pvt Ltd, and
SEPL. This is because all these companies, together referred to as
the First Winner group, have significant operational, management,
and financial synergies with each other.

Set up by Mr. Rinku Patodia and his wife, Mrs. Anita Patodia, the
First Winner group trades in textile fabrics and also undertakes
weaving of fabrics on a job-work basis.


SUSHEEL YARNS: CRISIL Suspends 'B+' Rating on INR102.5MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Susheel
Yarns Pvt Ltd.

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

   Proposed Long Term
   Bank Loan Facility        19.6    CRISIL B+/Stable Suspended

   Term Loan                  2.9    CRISIL B+/Stable Suspended

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

Incorporated in 1997-98, SYPL was promoted by Mr. S C Baldwa. The
company primarily manufactures and trades in blended fabrics and
yarn. However, the proportion of manufacturing and trading
activities varies every year. The company's unit in Bhilwara
(Rajasthan) has an annual capacity to manufacture around 6 million
meters of cloth.


SWARUPA FOODS: ICRA Suspends 'B+' Rating on INR7cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ rating
assigned to the INR7.00 crore bank facilities of Swarupa Foods
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in 1999, Swarupa Foods Private Limited is engaged in
the milling of paddy and produces raw and boiled rice. The company
has a rice mill and it processes paddy into raw and parboiled
rice. It has installed paddy milling capacity of 4 tonnes per hour
(tph) for paddy processing.


SWASTIK TRADERS: ICRA Assigns 'B+' Rating to INR6cr Loans
---------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to INR6.00 crore long term fund
based and non fund based bank facilities of Swastik Traders.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term: Fund        3.0         [ICRA]B+ Assigned
   Based Limits

   Long Term: Non-        3.0         [ICRA]B+ Assigned
   Fund Based Limits

The assigned rating takes into account the firm's healthy revenue
growth over the last two years and the satisfactory order book
position with pending order book of INR77.4 crore as on March 14
(4.4 times FY 14 revenues) which provides revenue visibility over
the medium term, though the scale of operations is expected to
remain modest. The rating also takes into account the long track
record of the firm in the road construction business which along
with firm's registration as class A contractor has resulted in
regular repeat orders.

The rating is however constrained by the firm's stretched
liquidity position which is on account of increasing scale of
operations, modest accruals and inadequate long term funding. The
working capital intensive nature of operations along with
requirement to maintain security deposits with the government
departments and also margin funding for the performance guarantees
issued, has kept the funding requirements high with increasing
scale of operations. However, in absence of adequate long term
funding and modest accruals, the liquidity of the firm has
remained stretched as also reflected in consistent high
utilization of the working capital limits and increasing
dependence on creditors for meeting its working capital. The
assigned rating is also constrained by the high customer and
geographical concentration with most of the orders being executed
in the road construction segment for MPRRDA (Madhya Pradesh Rural
Road Development Authority). However, this reduces the counter-
party credit risk as most of the receivables are outstanding from
government departments. The assigned rating also takes into
account the proprietorship nature of the firm which limits its
financial flexibility besides resulting in risk related to capital
withdrawal by the proprietor; and also the fragmented nature of
the industry which along with tender based system for orders,
limits the pricing flexibility as also evident in declining
profitability over the years.

Going forward, the ability to maintain the revenue growth by
securing new orders and improvement in the liquidity through
infusion of long term funds and managing the working capital cycle
besides regular enhancement in the working capital limits with
revenue growth would be the key rating sensitivities.

Swastik Traders was established as a proprietorship firm in 1986.
The firm is engaged in construction and maintenance of roads in
Madhya Pradesh with class A status which qualifies it to bid for
large value contracts across the state. The firm majorly executes
orders from Madhya Pradesh Rural Road Development Authority
(MPRRDA) which are awarded under the Pradhan Mantri Gram Sadak
Yojna (PMGSY).


TIRUPATI PLASTOMATICS: ICRA Cuts Rating on INR39cr Loans to 'D'
---------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR5.00
crore fund based limits of Tirupati Plastomatics Private Limited
from [ICRA]BB to [ICRA]D. ICRA has also revised the short term
rating assigned to the INR34.00 crore non-fund based facilities of
TPPL from [ICRA]A4 to [ICRA]D.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Limits         5.00       [ICRA]D downgraded
                                        from [ICRA]BB (Stable)

   Non Fund Based Limits    34.00       ICRA]D downgraded
                                        from [ICRA]A4

The ratings revision takes into account takes into account
stretched liquidity position of the company evident in its high
utilization of working capital limits on account of build-up of
inventory levels. The ratings are also constrained by decline in
TPPL's operating income in FY 2014 over FY 2013 on account of weak
demand for copper cables, though income from sale of DWC (Double
Wall Corrugated) pipes supported the operating income to an
extent. The rating also factors TPPL's low bargaining power
against its established customers and the highly competitive
nature of the industry, coupled with a tender driven business
which puts pressure on the profitability of the players in this
industry. Although, the company has a long and established track
record of operations in manufacturing of cables, is as an approved
vendor of Research Design and Standards Organization (RDSO) and
has an established client base which primarily includes railway
departments and state utilities, the ratings are constrained by
the stretched liquidity position of the company marked by multiple
instances of LC develolvements. Going forward, improvement in the
liquidity position and timely servicing of debt obligations by the
company are the key rating sensitivities.

Tirupati Plastomatics Pvt. Ltd., the flagship company of Gemini
Group of industries was founded by Mr. R. S. Gemini (managing
director) in 1989. It manufactures double wall corrugated pipes
used in laying of fiber optic and electric cable networks and a
variety of LT PVC/XLPE insulated and sheathed cables, concentric
service cable and conductors which find application in signaling,
telecommunication and power. Major clients of the company include
Indian Railways, utility service providers and private turnkey
project executors in electricity distribution, transmission &
generation. TPPL is approved under Part-I list of RDSO (Research
Design & Standards Organization). The cables are sold under the
brand "Gemini". The manufacturing facility is located in Jaipur.

Recent Results
The company has reported a net profit of INR0.79 crore
(provisional) on an operating income of INR89.26 crore
(provisional) during FY 2014; as compared to a net profit of
INR0.55 crore on an operating income of INR103.38 crore during
FY2013.


TNR CONSTRUCTIONS: CRISIL Suspends 'B-' Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of TNR
Constructions.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              60        CRISIL B-/Stable Suspended

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

TNR, a partnership firm, was set up in 1999 by Mr. T Narasimha Rao
and his wife, Mrs. T Karuna Sree. The firm is currently developing
three residential projects in Hyderabad (Andhra Pradesh) and is
expected to complete the same by 2013-14 (refers to financial
year, April 1 to March 31). The partners have more than a decade
of experience in the real estate development business.


WEB TECH: CRISIL Suspends 'C' Rating on INR150MM Loan
-----------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Web
Tech Engineering Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL C Suspended

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

Incorporated in 1998 by Mr. Sabajeet Singh, WEPL manufactures
security printing and food packaging machines and undertakes
fabrication and machining work for manufacturing auto component
and components for earthmoving equipments. The company has five
units situated in Haryana, of which four are in Faridabad and one
in Prithla, Palwal.



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


SKYMARK AIRLINES: To Shut Operations at Narita Airport
------------------------------------------------------
The Japan Times reports that Skymark Airlines Inc., Japan's third-
largest air carrier, is considering shutting down its operations
at Narita International Airport in a bid to turn its business
around, industry sources said August 6.

The report relates that the airline operates six daily domestic
round-trip flights linking Narita with Sapporo, Yonago, Tottori
Prefecture, and Naha, Okinawa Prefecture. It also had planned to
expand into international services out of Narita.

According to the report, sources said Skymark is now planning to
suspend these routes as early as late October and shut down its
office at the airport, concentrating its business resources at
Tokyo's Haneda airport as the company rebuilds.

In an earnings report for the April to June quarter released last
week, the report says, Skymark offered to streamline unprofitable
services, doubting its ability to continue current business
operations due to rising fuel costs and intensifying competition.

The seat occupancy rate in June was as low as 67.9 percent for
Narita-Sapporo flights, 28.1 percent for Narita-Yonago flights and
64.5 percent for Narita-Naha flights, the report notes.
The Japan Times says Skymark is expected to plunge into financial
difficulties if it is forced to pay some JPY70 billion in penalty
charges over a recent breakdown of its talks with Airbus S.A.S. on
aircraft order revisions, the report adds.


SKYMARK AIRLINES: H.I.S. Reduces Stake to 6.49%
------------------------------------------------
The Japan Times reports that Japanese travel agency H.I.S. Co.
reduced its stake in Skymark Airlines Inc. from 7.68 percent to
6.49 percent by the end of last month, according to a report filed
on August 5 with a finance bureau of the Finance Ministry.

The report says H.I.S. sold shares in the Japanese airline, which
is in disputes with Airbus S.A.S. over its planned purchase of
A380 jets, from June 11 to July 29 in markets, reducing the number
of Skymark shares it holds to 5,926,100.

"We hold shares (in Skymark) for pure investment, but since we
could make capital gains, we sold them in consideration of share
prices," the report quotes an official of H.I.S. as saying.

On July 29, Skymark said it is having rocky negotiations with
Airbus over its planned introduction of Airbus A380 jets. Two days
later, the airline said in its earnings report for the April to
June quarter reflecting auditors' opinion that there are serious
questions over the possibility of Skymark continuing its
businesses, The Japan Times reports.



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


* SOUTH KOREA: Savings Banks' Net Losses Drop 59.4% in FY2013
-------------------------------------------------------------
Kim Boram at Yonhap News reports that South Korean savings banks'
net losses narrowed in fiscal 2013 as they have successfully
executed stringent restructuring to clean out their balance sheets
following a series of bankruptcies a few years ago, the financial
watchdog said on August 6.

Yonhap relates that the combined net loss of 87 savings banks
stood at KRW448.3 billion (US$433 million) in the period from July
last year to June this year, falling 59.4 percent, or
KRW656.8 billion, from KRW1.1 trillion in the previous time frame,
according to the Financial Supervisory Service (FSS).  The banks
close their books in June, the report notes.

According to Yonhap, the FSS said the decline came as their bad
loan reserves decreased sharply over the cited period as part of
the local secondary lenders' debt workout processes to improve
their financial health.

For the April-June period, the lenders net swung to the black for
the first time since 2008 at KRW23.8 billion, the news agency
relays.

The report says the savings banks set aside KRW1.1 trillion for
bad loans in the one-year period, down KRW387.9 billion from a
year ago.

The loan delinquency rate of the lenders fell 17.9 percent as of
end-June, compared with 21.3 percent tallied at the end of June
2013, with soured corporate debts sliding 4.8 percentage points to
22.2 percent and bad loans to households edging down 0.3
percentage point to 11 percent, Yonhap discloses.

The capital adequacy ratio, a key gauge of financial soundness,
stood at 14.42 percent at the end of June, up 4.47 percentage
points from a year earlier, the report notes.

Their combined assets totaled KRW36.8 trillion as of end-June,
down KRW6 trillion from a year earlier, according to Yonhap.

Yonhap adds the FSS said that the improved figures show the local
savings banks have successfully exited the after effects of the
2008 financial crisis and the following collapses in 2010 and
2011.

"Savings banks have made consistent efforts through tough
restructuring since 2011, and their top executives changed their
mindset to devote themselves to management," Yonhap quotes FSS
Deputy Gov. Kim Jin-soo as saying.

About 30 troubled savings banks have been shut down by the
watchdog since 2011, with the industry's combined assets dropping
to KRW36.8 trillion as of June from KRW86.8 trillion in 2010, the
report discloses citing the FSS.



===========
T A I W A N
===========


LCY CHEMICAL: Kaohsiung Seeks Asset Freeze After Gas Blast
----------------------------------------------------------
The Wall Street Journal reports that the southern Taiwanese city
of Kaohsiung has asked a court to freeze LCY Chemical Corp.'s
assets, while investigating the petrochemical producer's role in
the island's deadliest gas explosion.

At least 30 people were killed and 309 injured in the gas
explosions that shook the city shortly before midnight on
July 31, the Journal relates. A series of blasts rocked the
bustling Cianjhen District of Kaohsiung, Taiwan's second largest
city by population and a major petrochemical hub, the report says.

The Journal relates that according to the city's preliminary
investigations, LCY owns the faulty pipe that caused the
explosions, which destroyed homes, ripped off manhole covers and
tore open several roads.

At a news conference on August 6, Kaohsiung Mayor Chen Chu said
the city is seeking to prevent LCY from transferring its assets,
should the company be found guilty and liable for compensating the
victims, according to the Journal.

Prosecutors are still investigating the cause of the blast and a
final conclusion is awaited, the report notes.

According to the Journal, the city government said the company was
the only chemical operator transferring propene -- the only type
of gas detected at the explosion sites -- underground in Kaohsiung
that night.

"We have ruled out the possibility the explosion was caused by
another type or a mixture of gas. We also have no evidence that
shows the pipe was previously damaged during construction work,"
the Journal quotes the city government's spokesman, Ting Yun-Kung,
as saying.

The Journal states that this isn't the first time that the 49-
year-old company has been named in a major environmental disaster.
In 1986, LCY's plant in Hsinchu City in central Taiwan was forced
to shut down after residents complained the factory was emitting
hazardous chemicals into the local water supply.

According to the Journal, the company said it hasn't received the
court's official notice on the city's request to freeze its
assets, which totaled TWD57.7 billion (US$1.92 billion) by the end
of the first quarter. The company said in a separate statement
late Wednesday [August 6] that it will set
aside TWD500 million (US$16.6 million) to meet potential claims
from victims, but didn't elaborate, the report relays.

The Journal says despite the weeklong, round-the-clock cleanup
efforts, many streets are still littered with debris and thousands
of homes remain without water and electricity. The underground
pipeline network in the area has been suspended since the
explosions.  The Journal notes that nearly 200 people are still
taking refuge at government shelters, data shows.
According to the news agency, fingers are also being pointed at
the city and the central governments for possible regulatory
oversight for failing to make sure the companies are performing
routine maintenance of pipes.

The Journal, citing Kaohsiung's initial estimate, says it will
cost at least TWD1.9 billion to fix the roads and at least another
TWD10 billion in victim compensation.

Taiwan-based LCY Chemical Corporation (TPE:1704) is principally
engaged in the manufacture and distribution of polypropylene (PP),
solvents and other chemical products. The Company provides
methanol products, including methanol, formaldehyde,
paraformaldehyde and dimethyl ether, among others; solvents,
including ethyl acetate, isopropyl alcohol and methyl isobutyl
ketone, as well as electronic chemical products, PP related
products, thermoplastic rubber and liquefied petroleum gas (LPG).
Its products are applied in the manufacture of resins,
agricultural pesticides, catalysts, medicines, paintings, inks,
artificial leather products, shoes, industrial products,
electronic components, toys and electrical appliances, among
others.

                             *********

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.



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