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

                      A S I A   P A C I F I C

           Wednesday, August 13, 2014, Vol. 17, No. 159


                            Headlines


A U S T R A L I A

BG PAYROLL: Placed in Receivership
GREATER VISION: Ferrier Hodgson Appointed as Receivers
LIBRAC PTY: McLeod & Partners Appointed as Receivers
SZTAR PHARMACIES: Ferrier Hodgson Appointed as Receivers


C H I N A

SHIMAO PROPERTY: Fitch Affirms LT Issuer Default Rating at 'BB+'
* CHINA: Property Defaults Seen as Financing Stresses Mount


I N D I A

AIRVISION INDIA: CRISIL Rates INR90 Million Loan at 'B-'
ALF TECHNOLOGIES: CRISIL Assigns 'B+' Rating to INR38MM Loans
AMAR GINNING: CRISIL Assigns 'B+' Rating to INR67.5MM Loan
AMTEX SOFTWARE: CRISIL Assigns 'B-' Rating to INR240MM Loans
ANNAPOORANI YARNS: ICRA Assigns 'B+' Rating to IN10.31cr Loans

BAJAJ PROCESSORS: CRISIL Puts 'B+' Rating on INR211.4MM Loans
BHARAT BUSINESS: CRISIL Assigns 'B+' Rating to INR50MM Loan
CHHOTEY LAL: CRISIL Assigns 'B+' Rating to INR55MM Cash Credit
CHIRANG MOTORS: ICRA Suspends 'B' Rating on INR9.0cr Loan
DAEJUNG MOPARTS: CRISIL Suspends B+ Rating on INR130.6MM Loans

FRIENDLY AUTOMOTIVES: CRISIL Reaffirms B- Rating on INR68.9M Loan
JET AIRWAYS: To Close Budget Units By End of This Year
KOLLI RAMAIAH CRISIL Reaffirms 'D' Rating on INR65MM Loans
MANGALAM METALS: ICRA Lowers Rating on INR12cr Loan to 'B-'
MAXFLOW PUMPS: CRISIL Assigns 'B-' Rating to INR36MM Loans

MYSORE PAPER: CRISIL Reaffirms 'D' Rating on INR1.01BB Loans
N.M. ROOF: CRISIL Reaffirms 'B' Rating on INR112.5MM Loan
S. G. AGRO: CRISIL Assigns 'B' Rating to INR150MM Loans
SHREE SONIGARA: CRISIL Reaffirms 'D' Rating on INR90MM Loans
SHREELA DIAMOND: ICRA Lowers Rating on INR10cr Bank Loan to 'D'

SHRI SHIRDI: ICRA Suspends 'D' Rating on INR10cr Bank Loan
SHYAM COAL: ICRA Assigns 'B+' Rating to INR7.0cr Loan
SILICA INFOTECH: CRISIL Suspends 'B+' Rating on INR50MM Loan
SUVARNA FIBROTECH: ICRA Assigns 'B' Rating to INR11.05cr Loans
TARINI MOTORS: ICRA Assigns 'B+' Rating to INR4.09cr Loans

U GOENKA: ICRA Reaffirms 'B' Rating on INR1.0cr Long Term Loan
VARDHMAN INDUSTRIAL: ICRA Suspends 'B' Rating on INR12cr Loan
VEE TECHNOLOGIES: CRISIL Ups Rating on INR113MM Loans From 'D'


I N D O N E S I A

MERPATI NUSANTARA: Seeks to Defer Repayment of IDR2-Tril. Debts


N E W  Z E A L A N D

NATIONAL FINANCE: FMA Fights to Keep Ban on Finance Director
STRATEGIC FINANCE: Investors to Get First Settlement Payout


V I E T N A M

VIETNAM: Moody's B1 Bond Rating Reflects Macroeconomic Stability


                            - - - - -


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


BG PAYROLL: Placed in Receivership
----------------------------------
Christopher John Palmer -- cpalmer@obp.com.au -- of O'Brien Palmer
was appointed as receiver of BG Payroll Services Pty. Limited on
Aug. 7, 2014.

A first meeting of the creditors of the Company will be held at
the offices of O'Brien Palmer, Level 14, 9 Hunter Street, in
Sydney, on Aug. 18, 2014, at 11:00 a.m.


GREATER VISION: Ferrier Hodgson Appointed as Receivers
------------------------------------------------------
George Georges and Brendan Richards of Ferrier Hodgson were
appointed Receivers and Managers of Greater Vision Enterprises Pty
Ltd, trading as Hildebrands Frankston, on Aug. 6, 2014, on behalf
of the Westpac Banking Corporation.

The Receivers' appointment follows the appointment of Ross
Blakeley and Quentin Olde of FTI Consulting as Voluntary
Administrators.

"The Receivers now control the Company's assets and operations and
will continue to operate same whilst we seek a sale of business,"
the receivers said.


LIBRAC PTY: McLeod & Partners Appointed as Receivers
----------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
receivers of Librac Pty Ltd as trustee for the Connor Family
Trust, formerly trading as Sunshine Coast Coromal RV, on Aug. 12,
2014.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, on Aug. 25, 2014, at 10:00 a.m.


SZTAR PHARMACIES: Ferrier Hodgson Appointed as Receivers
--------------------------------------------------------
George Georges and Brendan Richards of Ferrier Hodgson were
appointed Receivers and Managers of Sztar Pharmacies Pty Ltd,
trading as Terry White Chemist in Malvern Central, on Aug. 6,
2014, on behalf of the Westpac Banking Corporation.

The Receivers' appointment follows the appointment of Ross
Blakeley and Quentin Olde of FTI Consulting as Voluntary
Administrators.

"The Receivers now control the Company's assets and operations and
will continue to operate same whilst we seek a sale of business,"
Ferrier Hodgson says.



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


SHIMAO PROPERTY: Fitch Affirms LT Issuer Default Rating at 'BB+'
---------------------------------------------------------------
Fitch Ratings has affirmed Shimao Property Holdings Limited's
(Shimao) Long-Term Issuer Default Rating (IDR) at 'BB+' with
Stable Outlook and its foreign-currency senior unsecured rating at
'BB+'.

The affirmation reflects Shimao's strong contracted sales of
CNY67bn in 2013 and its ability to maintain a stronger EBITDA
margin of 29%. The China-based developer continued to keep its
leadership position as one of the top ten players in the Chinese
Property sector with strong operational and executional
capabilities and a prudent financial position.

Key Rating Drivers

Contracted Sales increased: Shimao's contracted sales grew 46% to
CNY67 billion in 2013 from CNY46 billion in 2012. This exceeded
the original target of CNY55 billion by 22%. Shimao is on track to
meet its 2014 contracted sales target of CNY80 billion despite
weak market conditions in H12014. Fitch believes the improved
internal management through eight key regions and the
implementation of a SAP IT system allow better day-to-day
management of regional operations and sales.

Region-focused player: Shimao has transformed itself from a
national player to a leading player in the Yangtze River Delta
region. Shimao continued to focus on key cities such as Hangzhou,
Shanghai, Ningbo and Jiangsu province, as well as on tourism
property. These accounted for 83% of contracted sales in 2013,
compared with 64% in 2012. Fitch believes Shimao can leverage on
market leadership, brand reputation, local knowhow and operational
efficiency in these regions. In 2013, 70% of its 36 million sqm
land bank was in the above cities.

Shift of Product Mix: To improve contracted sales Shimao adjusted
its residential property development mix to focus on first-time
home buyers and upgraded the quality of housing stock. Shimao
continues to focus on small- to medium- sized units of 90sqm to
140sqm, which account for 75% to 80% of their units available for
sale in 2012 and 2013.

Stable EBITDA margins: Shimao had EBITDA margins of 29% for 2012
and 2013. This is lower compared with its historical margins of
above 30%, as Shimao shifted its product mix to first-time buyers
and upgraders. However, the current EBITDA margin of 29% is still
higher than its BB-rated peers which have 20% to 25% EBITDA
margins. Fitch expects Shimao to maintain its EBITDA margin around
the current level for the next two years, but it may decline as
competition intensifies in the sector.

Delivery of prudent financial strategy: During the challenging
operating environment in 2011, Shimao demonstrated operational
flexibility and prudent financial management. Land acquisitions
were slowed down to conserve cash and the company continues to
have strong support from over 10 onshore and offshore banks. In
2013 and 2014, Shimao was actively managing its offshore debt
maturity profile by refinancing its debt earlier. This has
resulted in lower interest costs to around 7.4% in 2013 from over
8% in 2012. Management's focus on maintaining both ample liquidity
and ready access to various funding channels further supports its
ratings.

Stable Operating Performance: Fitch expects Shimao to maintain a
stable operating performance and prudent financial policies in the
short to medium term. A large and well-located land bank of 36
million sqm across China and its proven track record in selective
expansion in third-tier cities and tourism property also support
Shimao's rating.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

-- continued weakening of the operating environment, leading
    to EBITDA margin erosion below 20% (29.0% at end-2013)
-- aggressive debt-funded expansion leading to net debt-to-
    inventory sustained above 40% (39.4% at end-2013)

-- Contracted sales/gross debt below 1.25x (1.3x at end-2013)
    on a sustained basis

-- Increased leverage with debt-funded expansion leading to
    net debt-to-inventory exceeding 40% on a sustainable basis

-- Tightening liquidity due to a sustained fall in free cash
    flows, or weakened access to financing channels

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

-- Longer track record of operating as a nationwide leader
    with leadership in multiple cities with a sound financial
    profile


* CHINA: Property Defaults Seen as Financing Stresses Mount
----------------------------------------------------------
Bloomberg News reports that China's slumping property market is
fueling speculation the industry is set for a shakeout as small
developers face difficulty raising funds to pay off debt.

Yield premiums on Chinese real-estate bonds denominated in dollars
have jumped 35 basis points this month to 582 basis points over
Treasuries, the sharpest increase among emerging Asian countries,
Bloomberg discloses citing Bank of America Merrill Lynch indexes.
That compares with a 19 basis-point advance for Indonesian
builders. Moody's Investors Service and Standard & Poor's said
some smaller Chinese developers may default in the second half
amid falling sales and shrinking access to credit, Bloomberg
relates.

China's real-estate industry poses the biggest near-term risk to
growth in the world's second-largest economy after new home prices
dropped in the most cities in two years in June, according to
JPMorgan Chase & Co, Bloomberg relays. While government steps to
ease property curbs helped builder bonds rally in July, they're
giving up those gains ahead of housing-price data due next week,
the report notes.

"The operating environment is still tough for Chinese developers,"
Bloomberg quotes Franco Leung, a senior analyst in Hong Kong at
Moody's, as saying. "Banks in China have become more selective in
lending to developers. Those weaker developers still face
liquidity pressure."

Closely held Zhejiang Xingrun Real Estate Co., located south of
Shanghai, collapsed in March under CNY3.5 billion ($569 million)
of debt, Bloomberg reports. Baoan Hongji Real Estate Group Co., a
Shenzhen-based builder, said on July 14 its profit may have
dropped as much as 96 percent in the first half from a year
earlier, the report discloses.



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


AIRVISION INDIA: CRISIL Rates INR90 Million Loan at 'B-'
--------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Airvision India Private Limited, and has assigned
its 'CRISIL B-/Stable/CRISIL A4' ratings to the company's bank
facilities. CRISIL had, on April 22, 2014, suspended the rating as
AIPL had not provided the necessary information required for a
rating review. The company has now shared the requisite
information, enabling CRISIL to assign a rating to its bank
facilities.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        14.5     CRISIL A4 (Assigned;
                                  Suspension Revoked)

   Cash Credit           90       CRISIL B-/Stable (Assigned;
                                  Suspension Revoked)

   Letter of Credit     100       CRISIL A4 (Assigned;
                                  Suspension Revoked)

CRISIL's ratings on the bank facilities of AIPL continue to
reflect its weak financial risk profile, working capital intensive
nature of operations and modest scale of operations. These rating
weaknesses are offset by the benefits that AIPL receives from the
competitive advantage due to its integrated operations for
manufacturing consumer durables.

Outlook: Stable

CRISIL expects AIPL to benefit from the integrated operations of
manufacturing consumer durables. The outlook may be revised to
'Positive' if there is a substantial and sustained improvement in
the company's revenues and profitability margins from the current
levels, if there is an improvement in its working capital
management or there is substantial increase in net-worth on the
back of equity infusion from promoters. Conversely, the outlook
may be revised to 'Negative' if there is a decline in the
company's revenues or profitability margins from the current
levels or there is further deterioration in its capital structure
on account of larger-than-expected working capital requirements or
large debt-funded capex.

AIPL manufactures TV chassis, assembles TV sets, coolers and
washing machines for major consumer durable industry players like
Videocon, T-Series, Croma, Electrolux and Panasonic.


ALF TECHNOLOGIES: CRISIL Assigns 'B+' Rating to INR38MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of ALF Technologies (India) Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan               5       CRISIL B+/Stable
   Cash Credit            33       CRISIL B+/Stable
   Letter of Credit       20       CRISIL A4

The ratings reflect ALF's modest scale of operations in an
intensely competitive industry, and susceptibility to volatility
in raw material prices. These rating weaknesses are partially
offset by the extensive industry experience of ALF's promoters,
and the company's comfortable capital structure.

Outlook: Stable

CRISIL believes that ALF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case the company
successfully scales up its operations, while it sustains its
profitability and comfortable capital structure. Conversely, the
outlook may be revised to 'Negative' in case ALF registers
deterioration in its liquidity, most likely because of lower-than-
expected cash accruals, or larger-than-expected working capital
requirement and debt-funded capital expenditure.

ALF, incorporated in 2010, is engaged in business of automotive
batteries and inverters. It is owned and managed by Mr. Mahavir
Jain and his brother, Mr. Gaurav Jain. The company sells the
batteries and inverters under the brand name, AKIYO.

ALF reported, on a provisional basis, a net profit of INR2.3
million on net sales of INR226.5 million for 2013-14 (refers to
financial year, April 1 to March 31), against a net profit of
INR2.0 million on revenue of INR171 million for 2012-13.


AMAR GINNING: CRISIL Assigns 'B+' Rating to INR67.5MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Amar Ginning.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            67.5     CRISIL B+/Stable

The rating reflects AG's modest scale of operations in the highly
competitive cotton industry, 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 AG's promoters and
proximity of its manufacturing facilities to raw material and
labour sources.

Outlook: Stable

CRISIL believes AG will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company significantly improves its
scale of operations, operating margin and cash accruals, leading
to better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of low accruals because of reduced
profitability, or the firm undertakes any substantial debt-funded
expansion programme or its working capital management weakens,
significantly constraining its financial risk profile.

AG was established as a partnership firm in 1999. The operations
are managed by the Patel family, who have over 10 years of
experience in the cotton industry. The firm in processes raw
cotton to produce cotton bales and crushing of cotton seed to
produce cotton seed oil and cotton seed oil cake.

For 2013-14 (refers to financial year, April 1 to March 31), AG
reported a profit after tax (PAT) of INR2.1 million on net sales
of INR553.0 million, against a PAT of INR1.8 million on net sales
of INR510.6 million for 2012-13. For 2013-14, SSPL reported, on a
provisional basis, net sales of INR136.8 million.


AMTEX SOFTWARE: CRISIL Assigns 'B-' Rating to INR240MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Amtex Software Solutions Pvt Ltd.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Term Loan            160       CRISIL B-/Stable
   Proposed Term Loan    60       CRISIL B-/Stable
   Cash Credit           20       CRISIL B-/Stable
   Bank Guarantee        10       CRISIL A4

The ratings reflect Amtex's susceptibility to risks related to the
implementation and stabilisation of its ongoing project, its
modest scale of operations, and below-average financial risk
profile, marked by high gearing. These rating weaknesses are
partially offset by the extensive experience of Amtex's promoter
in the information technology (IT) services sector.

Outlook: Stable

CRISIL believes that Amtex will continue to benefit from its
promoters' extensive experience in the IT services sector. The
outlook may be revised to 'Positive' in case of timely completion
of the project within the budgeted cost and with significant
improvement in the scale of operations leading to higher-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' in case of pressure on its liquidity most likely caused
by significant time and/or cost overrun in project implementation
or lower-than-expected cash accruals caused by demand-side
pressure.

Set up in 2000 in Chennai (Tamil Nadu) as Amtex Infotech Pvt Ltd,
the company was given the current name in 2012. Amtex is engaged
in providing a range of IT services, including software
development, software testing, data mining and business
intelligence, and business process outsourcing services to its US-
based parent company, Amtex Systems Inc, New York (ASI). The
company is currently in the process of setting up a corporate
office in Siruseri IT Park, Chennai.

Amtex reported net profit of INR12 million on revenue of INR196
million for 2012-13 (refers to financial year, April 1 to
March 31) against net profit of INR15.7 million on revenue of
INR186 million for 2011-12.


ANNAPOORANI YARNS: ICRA Assigns 'B+' Rating to IN10.31cr Loans
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR3.81
crore term loan facilities and INR6.50 crore fund based facilities
of Annapoorani Yarns. ICRA has also assigned a short-term rating
of [ICRA]A4 to the INR0.75 crore non-fund based facilities of AY.
ICRA has also assigned a long-term/short-term rating of
[ICRA]B+/[ICRA]A4 to the INR0.94 crore proposed facilities of AY.

                                Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Term loan facilities           3.81      [ICRA]B+ assigned
   LT Fund based facilities       6.50      [ICRA]B+ assigned
   ST Non-fund based facilities   0.75      [ICRA]A4 assigned
   LT/ST Proposed facilities      0.94      [ICRA]B+/[ICRA]A4
                                             Assigned

The assigned ratings consider the experience of the promoters in
the textile industry spanning over three decades and the
favourable demand for cotton yarn, which is expected to support
business volumes going forward. The ratings are, however,
constrained by the moderate financial profile of the firm
characterized by low cash accruals and stretched capitalization
and coverage indicators. Inherent to the trading nature of
business and limited value addition, the firm's operating profit
margins are thin at ~3-4%; the margins are also supported by the
steady income from windmills. With an operating income of INR88.8
crore, AY's scale of operations is currently small, thus
restricting the benefits of scale economics like pricing
flexibility; however the favourable long term outlook for the
cotton yarn industry lends healthy revenue visibility for the
firm. However, the earnings will remain vulnerable to volatility
in yarn price movements; however, the strategic procurement
mechanism mitigates the risks to an extent. With the trading
business yielding lower margins, the Firm's ability to service the
debt obligations remains susceptible to the firm's ability to
improve its scale of operations and the steady income from its
wind mill.

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

AY's third partner M/s Naveen Cotton Mill Private Limited was
incorporated in the year 2005 and has a spinning unit in
pungampalli with an installed capacity of 16,800 spindles. The
company is involved into the production of hosiery yarn in the
count range of 20's to 30's.

Recent Results
The firm reported a net profit of INR0.9 crore on an operating
income of INR88.8 crore during 2013-14 on a provisional basis, as
against a net profit of INR0.8 crore on an operating income of
INR88.0 crore during 2012-13.


BAJAJ PROCESSORS: CRISIL Puts 'B+' Rating on INR211.4MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Bajaj Processors Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan             111.4       CRISIL B+/Stable
   Bank Guarantee          5         CRISIL A4
   Cash Credit           100         CRISIL B+/Stable

The ratings reflect BPL's exposure to intense competition in the
fragmented dyeing and processing segment, its working-capital-
intensive operations and exposure to risks related to project
implementation. These rating weaknesses are partially offset by
the extensive experience of BPL's promoter in the textiles
industry.

Outlook: Stable

CRISIL believes that BPL will continue to benefit over the medium
term from its promoter's extensive experience in the textiles
industry. The outlook may be revised to 'Positive' if the company
successfully implements and stabilizes its backward integration,
leading to improvement in its profitability margins, while
prudently managing its working capital cycle and maintaining its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if BPL reports a time or cost overrun in its proposed
backward integration project or if the improvement in margins is
below expectations, thereby resulting in deterioration in its
liquidity.

BPL is based out of Ahmedabad, Gujarat and was incorporated in
1979. The company is into dyeing and processing of grey cloth and
produces fabrics for suiting's and shirting's, bed linen, hosiery
and dress materials. The company sells the fabric directly into
the market and also does job work for other players in and around
Ahmadabad. The company is promoted by the Bajaj Family.


BHARAT BUSINESS: CRISIL Assigns 'B+' Rating to INR50MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Bharat Business Corporation.

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

The ratings reflect BBC's average financial risk profile marked by
modest debt protection metrics and networth, and modest scale of
operations in mobile distribution business. These weaknesses are
partially offset by the experience of the BBC's promoters in the
mobile distribution business.

Outlook: Stable

CRISIL believes that the BBC will benefit from its established
relationship with key suppliers and its promoters' extensive
experience in the mobile distribution business. The outlook may be
revised to 'Positive' if BBC significantly scales up its
operations while improving its operating profitability leading to
higher cash accruals, or if it strengthens its financial risk
profile, most likely through fresh equity infusion. Conversely,
the outlook may be revised to 'Negative' if the BBC's revenues and
profitability come under pressure, or its working capital cycle
lengthens, or it undertakes any large debt-funded capital
expenditure programme over the medium term.

BBC, set up in 2012, is a proprietorship owned by Nandini Garg,
family member of Mr. Umesh Garg. The firm is the city distributor
of Lava and Micromax mobiles along with other related accessories.
The firm is based in Agra.

BBC reported a book profit of INR2.08 million on net sales of
INR313.38 million for 2013-14 (refers to financial year, April 1
to March 31) on provisional basis, against a book profit of
INR0.66 million on net sales of INR206.99 million for 2012-13.


CHHOTEY LAL: CRISIL Assigns 'B+' Rating to INR55MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Chhotey Lal and Sons Jewellers.

                       Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             55      CRISIL B+/Stable

The rating reflects its small scale of operations in the highly
fragmented jewellery industry, along with a below-average
financial risk profile, marked by its high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the promoter's extensive experience in the jewellery industry.

Outlook: Stable

CRISIL believes that CLSJ will maintain its business risk profile
over the medium term, backed by the promoter's extensive industry
experience. The outlook may be revised to 'Positive' if the firm
records sizeable cash accruals and geographically diversifies its
revenue profile, or significantly improves its capital structure.
Conversely, the outlook may be revised to 'Negative' if CLSJ's
operating margin or operating income or financial risk profile
deteriorates, because of its sizeable working capital requirements
or any debt-funded capital expenditure.

CLSJ was established as a proprietorship in Delhi in 1973. The
firm retails gold and diamond jewellery from its showroom in Karol
Bagh (Delhi). The promoter, Mr. Raj Khandelwal, manages CLSJ's
daily operations.

CLSJ reported a net profit of INR2.87 million on net sales of
INR281.9 million for 2012-13  (refers to financial year, April 1
to March 31), as against a net profit of INR2.42 million on net
sales of INR180.3 million for 2011-12.


CHIRANG MOTORS: ICRA Suspends 'B' Rating on INR9.0cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR9.00 crore
long term fund based bank limits of Chirang Motors Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


DAEJUNG MOPARTS: CRISIL Suspends B+ Rating on INR130.6MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Daejung
Moparts Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             50      CRISIL B+/Stable Suspended
   Export Packing Credit   17      CRISIL A4 Suspended
   Letter Of Guarantee     21.3    CRISIL A4 Suspended
   Letter of Credit        20      CRISIL A4 Suspended
   Proposed Cash Credit    40      CRISIL B+/Stable Suspended
   Limit
   Proposed Term Loan      40.6    CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by DMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DMPL is yet to
provide adequate information to enable CRISIL to assess DMPL'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 2003, DMPL manufactures plastic components for air
conditioners and radiators for the automobile industry. DMPL
caters primarily to Visteon Automotive Systems (India) Private
Limited which in-turn supply to Hyundai Motor India Ltd (rated
'CRISIL A1+'). The other key customers of DMPL include Behr India
Limited (rated 'CRISIL BBB+/Negative/CRISIL A2') and Doowon
Automotive Systems India Pvt Ltd. DMPL has its manufacturing
facility in Melrosapuram, Chennai (Tamil Nadu). The company is
managed by Mr. Kiseo Lee, CEO and is a 100 per cent subsidiary of
DHPICL, Korea. DHPICL was set up by Mr. Bae in 1992 and is engaged
in the manufacture of rubber gaskets for the automobile industry.


FRIENDLY AUTOMOTIVES: CRISIL Reaffirms B- Rating on INR68.9M Loan
-----------------------------------------------------------------
CRISIL ratings on the bank facilities of Friendly Automotives
(India) Pvt Ltd continue to reflect FAIPL's weak financial risk
profile, marked by a negative net worth, high total outside
liabilities to tangible net worth (TOLTNW) ratio, and weak debt
protection metrics. This rating weakness is partially offset by
the extensive experience of the company's promoters in the
automobile dealership business.

                      Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          60      CRISIL A4 (Reaffirmed)
   Cash Credit             40      CRISIL B-/Stable (Reaffirmed)
   Long Term Loan          28.9    CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that FAIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers
significant improvement in its profitability, leading to higher-
than expected cash accruals, and if its gearing improves with
healthy accretion to reserves or through significant capital
infusion, resulting in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if FAIPL
undertakes aggressive debt-funded expansions, or contracts more-
than-expected debt to meet its incremental working capital
requirements, leading to deterioration in its financial risk
profile.

Update
FAIPL, on a provisional basis, has reported an operating income of
INR590 million for 2013-14 (refers to financial year, April 1 to
March 31), as against INR313 million reported for 2012-13; the
healthy revenue growth was due to better off take from the end-
user segment. Its revenue is expected to grow at a moderate rate
over the medium term due to healthy demand. Its operating margin
also improved to an estimated 4.20 per cent in 2013-14 from 2.22
per cent in 2012-13, and is expected to be stable over the medium
term with better absorption of fixed costs.

FAIPL's financial risk profile is weak, marked by a high TOLTNW
ratio and a negative net worth of around INR100 Million as on
March 31, 2014. It also had a low interest coverage ratio,
estimated at 0.78 times for 2013-14. CRISIL believes that the
company's financial risk profile will remain weak over the medium
term due to low accretion to reserves and high dependence on bank
debt for funding its incremental working capital requirements.

FAIPL's liquidity is weak, marked by high bank limit utilisation
and inadequate cash accruals to meet its debt obligations. The
company is likely to generate cash accruals of INR6.3 million to
INR13 million per annum over the medium term, which would be
inadequate to meet its annual repayment obligations of INR20
million. However, FAIPL is expected to meet its debt obligations
in a timely manner through need-based fund support from its
promoters. CRISIL believes that the company's liquidity will
remain weak over the medium term due to its weak cash accruals,
though it would it would continue to receive strong financial
support from its promoters.

FAIPL, incorporated in 2011, is the sole authorised dealer in
Bengaluru (Karnataka) for Porsche automobiles manufactured by
Volkswagen India Pvt Ltd. The company is promoted and managed by
Mr. Yashodhar G Nayak and his son, Mr. Raghu Chaitanya Nayak.


JET AIRWAYS: To Close Budget Units By End of This Year
------------------------------------------------------
Anurag Kotoky and Adi Narayan at Bloomberg News report that Jet
Airways India Ltd., the Indian carrier 24 percent owned by Etihad
Airways PJSC, will end its budget-airline units in an effort to
turn its local operations profitable, Chairman Naresh Goyal said.

The airline will close its Jetlite and JetKonnect businesses by
the end of this year and fly all its planes under a single, full-
service brand, Mr. Goyal told reporters on August 11 in Mumbai,
Bloomberg News relates. The move will help it achieve its target
of making a profit by 2017, he said.

"We are in this to make money," Etihad President James Hogan said
at the same event, according to Bloomberg News.  Jet's strategic
location in South Asia puts it in a position to compete with
Middle Eastern airlines on outbound traffic from India, one of the
fastest growing aviation markets in the world, Bloomberg News
notes.

India is one of the world's most expensive markets for airlines,
and carriers have lost a combined INR594 billion ($9.7 billion)
over the past seven years, Bloomberg discloses citing Sydney-based
civil aviation think tank CAPA estimates. Jet's decision to offer
only full-service flights will pit it against state-owned Air
India Ltd. and a new venture from Tata Sons Ltd. and Singapore
Airlines Ltd. (SIA) that plans to start flying by October, says
the report.

Jet is preparing to redesign its first- and business-class cabins
to compete with Emirates Airline and Singapore Airlines, people
familiar with the plans said July 25, Bloomberg News recalls. In
addition to changes to the cabin seats, Jet plans to lease Airbus
A380s from Etihad, once the Abu Dhabi-based airline starts
receiving the super-jumbo jets, one person said.

Jet's loss in the quarter ended June 30 narrowed to
INR2.18 billion rupees from INR3.55 billion in the year-ago
period, the company said on August 11. The result was less than
the loss of INR3.24 billion rupees estimated by analysts,
Bloomberg News relays.

The company hasn't reported a full-year profit since the year
ended March 2008, according to data compiled by Bloomberg News.

Jet Airways (India) Ltd -- http://www.jetairways.com/-- provides
air transportation.  The geographic segments of the company are
domestic and international.  The company has a frequent flyer
program named Jet Privilege wherein the passengers who uses the
services of the airline become services of the airline become
members of Jet Privilege and accumulates miles to their credit.
The company's subsidiaries include Jet Lite (India) Limited,
Jetair Private Limited, Jet Airways LLC, Trans Continental e
Services Private Limited, Jet Enterprises Private Limited, Jet
Airways of India Inc., India Jetairways Pty Limited and Jet
Airways Europe Services N.V.  On April 20, 2007, the company
acquired Sahara Airlines Limited.


KOLLI RAMAIAH CRISIL Reaffirms 'D' Rating on INR65MM Loans
----------------------------------------------------------
CRISIL's rating on the long-term debt facilities of Kolli Ramaiah
Educational Society (KRES) continues to reflect instances of delay
by KRES in servicing its debt; the delays have been caused by
KRES's weak liquidity.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Long Term Loan          60      CRISIL D (Reaffirmed)
   Overdraft Facility       5      CRISIL D (Reaffirmed)

KRES has modest scale of operations, and a high degree of
geographical concentration in its revenue profile. The society is
also exposed to risks arising from the intense competition and the
regulated nature of the education industry. However, KRES benefits
from the healthy demand prospects for the education sector.

KRES runs one institution -- Sree Vahini Institute of Science &
Technology -- which offers courses in engineering and management.
The institute started in 2008, and is based in Tiruvuru in Krishna
district in Andhra Pradesh.


MANGALAM METALS: ICRA Lowers Rating on INR12cr Loan to 'B-'
-----------------------------------------------------------
ICRA has revised downward the long term rating assigned to the
INR12.0 crore fund based bank limits of Mangalam Metals & Ores
Limited from [ICRA]B+ to [ICRA]B-.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Cash       12.0       Revised downwards to
   Credit                           [ICRA]B- from [ICRA]B+

The revision in the rating takes into account the significant
reduction in operating income of MMOL over the last two years due
to various government restrictions on iron ore mining operations
in Odisha, however, the operating profit margin has improved
largely in FY14 from income generated through service contracts.
The rating also factors in the low absolute profits attributable
to a decline in the scale of operations as well as low value
addition in iron ore trading operations, which in turn has led to
depressed debt coverage indicators. The company's increasingly
high working capital intensity, stemming from an extended
receivables cycle, with a significant amount of debtors
outstanding for over six months, further aggravates its already
strained liquidity position. Since MMOL's operations are limited
mostly to Odisha and neighboring states, the company remains
exposed to geographical concentration risks as well, and is also
exposed to the risks arising from the cyclicality and regulatory
risks inherent in the iron ore industry, which have adversely
impacted operations since FY13. Moreover, MMOL is also exposed to
the cyclical nature of the steel industry (the end user industry
of MMOL's products), which is going through a sluggish demand
scenario at present. The rating is, however, supported by the
longstanding experience of MMOL's promoters of over a decade in
the iron and steel industry, and the close proximity of MMOL's
operations to iron ore mines and its customer base, which provides
cost advantages in terms of lower transportation costs.

Mangalam Metals & Ores Limited was established in 2003 by Mr. R.K.
Agarwal, Mr. G.K. Gupta and Mr. S.S. Agarwal. The company was
initially involved in the crushing of iron ore, but the crushing
unit has been shutdown since December, 2010 due to a lack of
government permissions for operation of such units across the
state of Odisha. Thus, the company, which had diversified into
iron ore trading in 2007-08, is now focusing only on this segment.
Since FY 2013-14, MMOL has also started entering into service
contracts with its clients by providing transportation and
monitoring services for procurement of iron ore.

Recent Results
The company reported an operating income (OI) of INR14.86 crore
and a profit after tax (PAT) of INR0.12 crore during 2013-14
(Provisional) as compared to an OI of INR74.72 crore and a PAT of
INR0.97 crore during 2012-13.


MAXFLOW PUMPS: CRISIL Assigns 'B-' Rating to INR36MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/ CRISIL A4' rating to
the bank facilities of Maxflow Pumps India Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term        6       CRISIL B-/Stable
   Bank Loan Facility

   Letter of Credit          5       CRISIL A4

   Cash Credit              30       CRISIL B-/Stable

   Bank Guarantee           20       CRISIL A4

   Bills Discount/Cheque     5       CRISIL A4
   Purchase

The rating reflects small scale of Maxflow's operations and
working capital intensity leading to a below-average financial
risk profile. These rating strengths are partially offset by
extensive industry experience of Maxflow's promoters in the
industry.

Outlook: Stable

CRISIL expects Maxflow's credit profile to be weak over the medium
term on account of its large working capital requirements.   The
outlook may be revised to 'Positive' in case of better than
expected financial risk profile due to improvement in working
capital management or in case of significantly higher revenues &
profitability. Conversely, the outlook may be revised to
'Negative' in case of significant lower revenues and profitability
or in case the company under takes substantial debt-funded
expansions that further deteriorate the capital structure.

Incorporated in 1972 Maxflow is engaged in manufacturing &
installation of pumps. The company is based out of Gurgaon
(Haryana) and the day to day operations are managed by Mr. Naresh
Arora.


MYSORE PAPER: CRISIL Reaffirms 'D' Rating on INR1.01BB Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Mysore Paper Mills
Ltd continue to reflect instances of delays by MPML in servicing
its debt; the delays are on account of the company's stretched
liquidity driven by large operating losses.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL D (Reaffirmed)
   Cash Credit            450       CRISIL D (Reaffirmed)
   Letter of Credit       550       CRISIL D (Reaffirmed)

MPML also has a weak financial risk profile, marked by a negative
net worth and inadequate debt protection metrics. Furthermore, it
has poor operating efficiency and is exposed to risks arising from
the highly competitive and commoditised nature of the paper
industry. However, the company benefits from the financial support
it receives from the Government of Karnataka (GoK).

MPML was founded in May 1936 by the then maharaja of Mysore. In
November 1977, GoK acquired a controlling interest in the company.
As on June 30, 2014, GoK owned 64.7 per cent of MPML's equity
shares; the remainder was held by financial institutions and the
general public.

MPML is an ISO-14001-certified company, producing news print,
writing and printing paper, and sugar at its plant at Bhadravati
in the Shimoga district of Karnataka.


N.M. ROOF: CRISIL Reaffirms 'B' Rating on INR112.5MM Loan
---------------------------------------------------------
CRISIL ratings on the bank loan facilities of N.M. Roof Designers
Ltd continue to reflect NMRDL's modest scale of operations in the
highly fragmented construction industry, its working-capital-
intensive operations, and weak financial risk profile marked by
small net worth, high gearing, and weak debt protection metrics.
These rating weaknesses are partially offset by its promoter's
extensive experience in the construction business and its healthy
order book.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          5       CRISIL A4 (Reaffirmed)
   Cash Credit           112.5     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NMRDL will benefit from its promoter's
extensive industry experience and its healthy order book over the
medium term. The outlook may be revised to 'Positive' if its
operating efficiency improves, marked by reduced working capital
requirements, and if its net worth improves backed by equity
infusion by promoter and/or higher than expected accruals
generated in business. Conversely, the outlook may be revised to
'Negative' if its financial risk profile deteriorates, most likely
because of stretch in working capital requirements or large debt-
funded capital expenditure.

Update
NMRDL, on a provisional basis, reported net sales of INR308.7
million for 2013-14 (refers to financial year, April 1 to
March 31) as compared to INR247.4 million a year ago; witnessing
year-on-year growth of around 25 per cent. With order book of
around INR801.7 million, CRISIL believes that NMRDL will witness
moderate sales growth of 25 per cent over the medium term. The
company's operating margin remains healthy, at 18.5 per cent in
2013-14 against 17.9 per cent a year ago, and is expected to
remain healthy over the medium term. NMRDL's operating efficiency
remains constrained by large working capital requirements, with
gross current assets of 336 days as on March 31, 2014, compared to
409 days a year ago. NMRDL receives limited credit support from
suppliers, as reflected in outstanding creditors of 15 days as on
March 31, 2014, compared to 19 days a year ago. Working-capital-
intensive operations, low accruals, and limited credit support
from suppliers have led to high reliance on external debt. NMRDL's
gearing was high, at 3.12 times as on March 31, 2014, compared to
3.23 times a year ago, and is expected to remain high over the
medium term. Its bank limit utilisation averaged 91 per cent for
the 12 months through May 2014. With continued large working
capital requirements, reliance on bank limits is expected to
remain high. NMRDL availed of fresh loan of INR30 million from
SIDBI in 2013-14. The term loan has moratorium of four years, post
which, it has to be repaid in next four years. CRISIL believes
that NMRDL's liquidity will be supported by the SIDBI loan with no
major debt obligation for the next four years.

NMRDL profit after tax (PAT) is estimated at INR9.34 million on
net sales of INR308.7 million for 2013-14, against PAT of INR8.5
million on net sales of INR247.4 million for 2012-13.

NMRDL was established in 1986 by Mr. Deepak Sognai as a private
limited company and reconstituted as a public limited company in
the late 1990s. The company is engaged in construction of malls,
commercial and residential buildings, and industrial and
institutional buildings. It also undertakes project consultancy
and designing of buildings. Its registered office is in Jaipur
(Rajasthan).


S. G. AGRO: CRISIL Assigns 'B' Rating to INR150MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of S. G. Agro Foods.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            100      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      50      CRISIL B/Stable

The rating reflects modest scale of SGAF's operations in the
highly fragmented industry and average financial risk profile.
These rating strengths are partially offset by extensive industry
experience of SGAF's partners in the rice milling industry and
locational advantage enjoyed by the unit.

Outlook: Stable

CRISIL expects SGAF to maintain a stable business risk profile
over the medium term on the back of promoter's extensive
experience in the rice milling industry. The outlook may be
revised to 'Positive' in case of better than expected financial
risk profile due to equity infusion or better working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of less than expected demand or in case the firm under
takes substantial debt-funded expansions that further deteriorate
the capital structure or any equity with drawl by the partners.

Incorporated in 2005 by Mr Tejinder Singh and his family members
in Amritsar (Punjab), S. G. Agro Foods (SGAF) is engaged in
shelling & milling of rice.


SHREE SONIGARA: CRISIL Reaffirms 'D' Rating on INR90MM Loans
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree Sonigara
Jewellers continue to reflect instances of delays by SSJ in
servicing its debt; the delays are on account of the firms
stretched liquidity driven by modest accruals and large working
capital requirements.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             50      CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      29.3    CRISIL D (Reaffirmed)

   Term Loan               10.7    CRISIL D (Reaffirmed)

The firm has modest scale of operations in the highly fragmented
retail jewellery business and below-average financial risk profile
marked by modest net worth, and subdued debt protection metrics.
However, the firm benefits from the extensive experience of its
proprietor in the jewellery business.

SSJ is a proprietorship concern of Mr. Rahul Sonigara started in
1998. SSJ is engaged in jewellery manufacturing and retailing
through its showroom in Pune.


SHREELA DIAMOND: ICRA Lowers Rating on INR10cr Bank Loan to 'D'
---------------------------------------------------------------
ICRA has revised the rating assigned to the INR10.0 crore fund
based facilities of Shreela Diamond & Jewels Private Limited to
[ICRA]D from [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits-     10         Downgraded to [ICRA]D
   FDBP/FUDBP                        from [ICRA]A4

The rating takes into consideration that the delays in receipt of
payment from certain customers have resulted in stretched
liquidity position for the company and overdrawal of the fund
based facility. The rating is also constrained by the high
geographical and client concentration risk, high competitiveness
and weak net margins in diamond trading business, high working
capital intensity, exposure to foreign exchange fluctuation risk
partially mitigated by the use of forward contracts and the
moderate scale of operations. The rating, however, continues to
positively factor in the long track record of more than 30 years
of the promoters in the business and established client
relationship.

Glide Investments and Finance Pvt. Ltd. was incorporated in 1976
with the objective to invest in real estate. No business
activities were taken up by the company except for purchasing an
apartment at Mont Blanc in Kemp's Corner. The company was taken
over by Mrs. Gulab Jain and Mr. Hukmichand Jain in 1988. In 2002,
Ms. Sonia Jain joined the company as a director and the company
started exporting diamonds for export market. The name of the
company was changed to Shreela Diamonds & Jewels Pvt. Ltd. in
2005.

The promoters of the company have experience of over 24 years in
the business of diamond export and diamond jewellery. SDJPL is a
closely held entity and is managed typically like a family run
business with the promoters having direct control and supervision
over all operational aspects, with limited induction of outside
professionals. Mr. Hukmichand Jain has more than three decades of
experience in the gem and jewellery business and has established
reputation and customer contacts.

The company has reported a profit after tax of INR0.11 crore on an
operating income of INR40.21 crore on a provisional basis in FY14.


SHRI SHIRDI: ICRA Suspends 'D' Rating on INR10cr Bank Loan
----------------------------------------------------------
ICRA has suspended the ratings of [ICRA]D assigned to the INR10.00
crore fund based limits of Shri Shirdi Saibaba Sansthan Trust. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SHYAM COAL: ICRA Assigns 'B+' Rating to INR7.0cr Loan
-----------------------------------------------------
The long-term rating of [ICRA]B+ has been assigned to the INR7.00
crore cash credit facility of Shyam Coal Corporation.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.00        [ICRA]B+ assigned

The assigned rating is constrained by SCC's start up nature of
operations; aloingwith high competition and low value added nature
of the trading business, which is likely to result in thin
profitability margins. The rating is further constrained by
vulnerability of firm's profitability to adverse fluctuations in
coal prices which may not be passed on to the customers adequately
and regulatory risk related to ceramic industry as the entire
revenue is generated from tiles industry. ICRA also notes that SCC
is a partnership firm and any significant withdrawals from the
capital account could adversely impact its net worth and thereby
the capital structure.

The rating, however, favourably considers the experience of the
partners in the trading and distribution of coal along with
presence in ceramic industry; favourable demand outlook driven by
increasing demand for coal in the domestic market and low reliance
on external borrowing to fund the greenfield project.

Shyam Coal Corporation is partnership firm engaged in grading and
trading of Indonesian coal with its plant situated at Wankaner-
Morbi, Gujarat. The firm was established in July 2013 and was
reconstituted in April 2014. The firm is currently managed by Mr.
Vinod Bhadeja, Mr. Ramesh Baria, and Mr. Pravin Baria along with
four other partners having a long experience in coal and ceramic
business.


SILICA INFOTECH: CRISIL Suspends 'B+' Rating on INR50MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Silica
Infotech Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         20       CRISIL A4 Suspended
   Cash Credit            50       CRISIL B+/Stable Suspended
   Letter of Credit        5       CRISIL A4 Suspended

The suspension of ratings is on account of non-cooperation by SIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SIPL is yet to
provide adequate information to enable CRISIL to assess SIPL'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'.

SIPL was set up in 1998 by Mr. Amrendra Kumar and his family
members. The company provides networking and communication
solutions to various government organisations and private
companies. SIPL also provides hardware such as laptops and servers
and undertakes annual maintenance contracts.


SUVARNA FIBROTECH: ICRA Assigns 'B' Rating to INR11.05cr Loans
--------------------------------------------------------------
ICRA has assigned [ICRA]B rating to the INR11.05 crore long term
fund based facilities and [ICRA]A4 to the INR0.95 crore short term
non fund based facility of Suvarna Fibrotech Private Limited.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long term, fund based     9.75        [ICRA]B Assigned
   limits - Cash Credit

   Long term, fund based     1.30        [ICRA]B Assigned
   limits - Term Loans

   Short term, non fund      0.50        [ICRA]A4 Assigned
   based limits - Bank
   Guarantee

   Short term, non fund      0.45        [ICRA]A4 Assigned
   based limits - LC

The assigned rating favourably factors in the long standing
experience of the promoters in the FRP and allied composite
industry and moderate financial risk profile characterized by
comfortable operating margins and satisfactory coverage
indicators. The ratings, however, are constrained by client
concentration risk where top three customers constitute around 80%
of total sales. However, established business in diversified
industries like chemical, defence, automobile, energy, etc.
mitigates the risk to an extent. Owing to slowdown in domestic
automotive industry, suboptimal capacity utilization has
pressurized company's cash flows and hence liquidity condition in
the past consequently resulting in irregularities in debt
repayment. With improved capacity utilization in FY14, the
coverage indicators have improved considerably and liquidity
condition has also eased. Over the last one year, company has
garnered incremental orders from defence and wind power segment,
which provides adequate revenue visibility over near term. Given
company's strong order book, SFPL is likely to register strong
growth in current fiscal. In absence of any major capex in the
near term, SFPL's ability to manage its working capital cycle
prudently will be the key rating sensitivity going forward.

Established in 1985 in the industrial belt of MIDC, Bhosari, Pune,
the company is engaged in manufacturing of wide range of Fibre
Reinforced Plastic(FRP), Sheet Moulding Compound(SMC), Resin
Transfer Moulding(RTM) and Vacuum assisted Resin Transfer
Moulding(VRTM) for Automobile, Chemical Industries, Defense
Services, Wind Energy Industries, Infrastructure (Civil
Construction), Marine, Furniture, water treatment plants,
aerospace, hydrospace, etc. It has three plants: two in Pune
(Bhosari and Chakan) mainly to look after the railway, automobile
and electrical sector and the third in Vellore (Tamil Nadu).
Recent Results
As per provisional results, SFPL reported a profit after tax (PAT)
of INR1.28 crore in FY14 on an operating income of INR40.8 crore.
The company has reported operating profit before depreciation,
interest, amortization and tax (OPBDITA) of INR5.1 crore in the
same period.


TARINI MOTORS: ICRA Assigns 'B+' Rating to INR4.09cr Loans
----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR2.09
crore term loan and the INR2.00 crore cash credit facility of
Tarini Motors Private Limited. ICRA has also assigned a short term
rating of [ICRA]A4 to the INR2.50 crore bank guarantee facilities
of TMPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Term       2.09        [ICRA]B+ assigned
   Loan

   Fund Based-Cash
   Credit                2.00        [ICRA]B+ assigned

   Non Fund Based-       2.50        [ICRA]A4 assigned
   Bank Guarantee

The assigned ratings reflect TMPL's small scale of operations,
weak financial profile characterized by low cash accruals, high
gearing and depressed coverage indicators and the high working
capital intensity of operation due to higher inventory holding
requirements, which leads to pressure on the liquidity position of
the company, as reflected by high utilization of working capital
limits. The ratings are also constrained by the high geographical
concentration risk, as the operations are limited to the State of
Orissa. The ratings favourably takes into account the established
position of MTBL in the commercial vehicle segment and the
diversified portfolio of the vehicles, ranging from SCV to 49T
tractor- trailers, which provides cushion against business
downturns in any single segment. Going forward, the company's
ability to improve its working capital cycle and consequently its
cash flow position, through inventory management while increasing
the scale of operations will remain key rating sensitivities.

Incorporated in 2010 as a sole proprietorship concern by Mr. B.K.
Rout, Tarini Motors is engaged in auto dealership of commercial
vehicle of Mahindra Truck and Buses Limited. The company operates
through one showroom in Keonjhar, Orissa and deals in HCV's, MCV's
and LCV's. In addition, the company is engaged in servicing of
vehicles and deals in spare parts. Tarini Motors changed its
constitution to a private company in FY14.

Recent Results
As per the provisional results, TMPL reported a net profit of
INR0.07 crore on an OI of INR6.42 crore during FY14. In FY13, the
company had reported a net profit of INR0.04 crore on an OI of
INR5.66 crore.


U GOENKA: ICRA Reaffirms 'B' Rating on INR1.0cr Long Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR1.00
crore cash credit facility and has also reaffirmed the short term
rating of [ICRA]A4 to the INR27 crore (enhanced from INR22.00
crore) short term non-fund based facility of U Goenka Sons Private
Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund Based     1.00       [ICRA]B reaffirmed
   Cash Credit Facility

   Short Term Non Fund     27.00       [ICRA]A4 reaffirmed
   Based Letter of Credit

The reaffirmation of the ratings take into account the decline in
operating income of the company during FY14, modest financial
profile of the company reflected by low profitability and weak
capital structure, limited value addition which limits any
substantial improvement in profitability and highly competitive
and fragmented nature of industry resulting in low barriers to
entry. The ratings also factor in the vulnerability of operations
to any adverse agro climatic conditions and government regulations
on imports and export which may impact the raw material
availability and exposure of profitability to any adverse foreign
currency exchange rates.

The ratings, however, continue to positively take into account the
more than three decades long experience of the promoters in agro
trading business and low risk of customer and geographical
concentration given the wide customer base spread across India.

Established in February 1991, U Goenka Sons Private Limited is
engaged in the business of importing and trading of beans, pulses
and other agro commodities. The company is based out of Mumbai and
caters to the domestic markets.

During 9M FY2014 (Provisional unaudited financials), the company
reported an operating income of INR48.20 crore (against INR78.79
crore for FY2013) and profit after tax of INR0.33 crore (against
INR0.19 crore for FY2013).


VARDHMAN INDUSTRIAL: ICRA Suspends 'B' Rating on INR12cr Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to the
INR12.00 crore fund based facilities of Vardhman Industrial Steel
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in March 2011, Vardhman Industrial Steel Private
Limited is promoted by Mr. Sushil Jain and his wife Ms. Anju Jain.
The promoters are having satisfactory experience in steel trading
business through two firms Vardhaman Steel Sales and Vardhaman
Loha & Traders, the operations of which got transferred to VISPL
in FY-2013. VISPL has its head office and warehouse facility
located at Bahadurgarh (Haryana) and is primarily engaged in
trading of iron and steel products mainly angles, pipes, plates,
bars, rounds etc.


VEE TECHNOLOGIES: CRISIL Ups Rating on INR113MM Loans From 'D'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Vee Technologies Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL D'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility       64.2     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan                48.8      CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by VTPL on
account of improvement in its liquidity. The firm's liquidity has
improved mainly on the back of its increasing accruals and
reduction in its receivables cycle. Cash accruals of around INR35
million in 2013-14 (refers to financial year, April 1 to March 31)
were sufficient to repay its debt obligation of INR5 million in
the same period. Additionally, enhancement in the working capital
bank lines to INR70 million from the previous year's level of
INR35 million and improvement in the receivables period to around
140 days currently from around 230 days as on March 31, 2014 led
to improvement VTPL's liquidity. The upgrade also factors in
CRISIL's belief that VTPL will continue to meet its debt
obligations on time, supported by its healthy net cash accruals.

The rating reflects the risks related to high customer
concentration and dependence on performance of the end-user
industries and its working-capital-intensive operations. These
rating weaknesses are partially offset by the promoters' extensive
experience in business process outsourcing (BPO) services and its
average financial risk profile, marked by comfortable capital
structure and adequate debt protection metrics.

Outlook: Stable

CRISIL believes that VTPL's overall business risk profile will
remain constrained due to its working-capital-intensive
operations. The outlook may be revised to 'Positive' its working
capital cycle improves on sustained basis leading to improvement
in its liquidity. Conversely, the outlook may be revised to
'Negative' in case of a decline in the company's cash accruals, or
if a stretch in its working capital cycle leads to deterioration
in its liquidity or if its undertakes a larger-than-expected debt-
funded capital expenditure programme, thereby adversely impacting
its financial risk profile.

VTPL, incorporated in 2002, is a part of the Sona Valliappa Group
that is based in Bangalore (Karnataka). VTPL has set up a BPO and
provides data services to its customers located in the US,
Australia, India, and Europe. The company has further diversified
its operations to data services for Unique Identification
Authority of India (UIDAI) project of the Government of India.

VTPL reported net profit of INR17.8 million on operating income of
260.2 million in 2012-13 (refers to financial year, April 1 to
March 31) against net profit of INR6.5 million on operating income
of INR152.4 million in 2011-12.



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


MERPATI NUSANTARA: Seeks to Defer Repayment of IDR2-Tril. Debts
---------------------------------------------------------------
ANTARA News reports that Merpati Nusantara Airlines will soon
submit a proposal to the commercial court for deferred repayment
of its debts totaling IDR2 trillion to around 100 private and
individual creditors.

"The proposal will be submitted this week. This is part of the
steps to rescue Merpati," State Enterprises Minister, Dahlan
Iskan, said after receiving Merpati president director, Asep
Ekanugraha, and his predecessor Rudy, on August 11, the report
relates.

By deferring the repayment of its debts, Merpati could hopefully
describe the settlement of its debts in details, he said, ANTARA
News reports.

Merpati could also come up with a rescue plan to submit to the
government that included restructuring of its debts, quasi
reorganization and joint operation cooperation, Mr. Iskan added.

"The settlement through the deferred repayment of debts will be
done along with proposed settlement of debts to state-owned
companies under a debt-to-equity swap," the report quoted Mr.
Iskan as saying.

                      About Merpati Nusantra

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 6, 2014, Antara News said that state-owned airline Merpati
Nusantara Airlines has temporarily shut down its operation in the
face of its consolidation period, according to a cabinet minister.

The state-owned airline which is now burdened with debts amounting
to IDR6.7 trillion has been carrying out restructuring since 2005.
It has spent IDR3.6 trillion for its salvaging efforts, according
to Antara News.



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


NATIONAL FINANCE: FMA Fights to Keep Ban on Finance Director
------------------------------------------------------------
Hamish Fletcher at NZ Herald reports that convicted National
Finance boss Trevor Allan Ludlow will face opposition from the
Financial Markets Authority if he seeks permission to manage a
company before an automatic five-year ban finishes.

Mr. Ludlow, was convicted in 2011 of six charges of theft by a
person in a special relationship and one of false accounting in a
case brought by the Serious Fraud Office, NZ Herald relates.

He was sentenced by an Auckland District Court judge to five years
and seven months in jail, according to the report.

After pleading guilty to eight further charges brought by the FMA,
Mr. Ludlow had an extra nine months added to his sentence by a
High Court judge, says NZ Herald.

The report notes that Mr. Ludlow is out of jail on parole and his
convictions mean he is automatically banned from being a director
of a company until December 2016.

An application to exempt him from that ban was discussed before
Justice Mary Peters on August 11 in the High Court at Auckland,
where Mr. Ludlow represented himself, the NZ Herald says.

According to the report, FMA lawyer Paul O'Neil said the authority
had been in discussions with Mr. Ludlow over his role at a firm
called UFB Civil 5.2 Ltd, which the Companies Office said is now
in receivership and liquidation.

However, Mr. O'Neil said the situation was an unusual one as Mr.
Ludlow's application said he wasn't engaged in management and
didn't seek to be. If that was the case then no application was
required, he said.

NZ Herald relates that Mr. O'Neil said the FMA would oppose any
attempt to waive the management ban.

Justice Peters adjourned the matter until September 1 for
Mr. Ludlow to liaise with the FMA and Registrar of Companies about
the sort of role he would have at the company.

If Mr. Ludlow did want an exemption from this management ban, he
would have to reshape his application as it had not been put
forward in the right form, the judge said, the report relays.

                       About National Finance

National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$21 million.  Trevor Allan Ludlow was the sole shareholder and
a director of the company.  John Gray was employed by the company
as an accountant.

After considering a complaint received from the Receiver,
PricewaterhouseCoopers, the Serious Fraud Office determined that
an investigation into the affairs the National Finance 2000
Limited may disclose serious or complex fraud.  An investigation
under Part One of the Serious Fraud Office Act was commenced on
June 30, 2006.  This was elevated to a Part Two investigation on
May 8, 2007.

Charges were laid against Trevor Allan Ludlow and John Gray in
October 2009.


STRATEGIC FINANCE: Investors to Get First Settlement Payout
-----------------------------------------------------------
Hamish Fletcher at NZ Herald reports that some Strategic Finance
investors -- who were owed NZ$360 million when the company
collapsed -- are to get their first payment from a NZ$22 million
settlement in the next fortnight.

According to the report, Strategic Finance directors and its
auditors, BDO Spicers, are to pay NZ$22 million after reaching a
settlement with the Financial Markets Authority and the failed
firm's receivers.

NZ Herald relates that under the settlement announced in June,
another 5 cents in the dollar will be paid to the finance
company's secured investors, who were owed more than $360 million
when the company went into receivership.

The settlement means the total amount returned to secured
investors by the end of the year will amount to 15 cents in the
dollar, the report notes.

In an update on August 12, NZ Herald says, the receivers from PwC
said the settlement agreement went conditional last week and a
first payment of NZ$10 million had been received.

"This will enable a distribution to secured investors to be made
within the next two weeks . . . there are two further instalments
of NZ$6 million due at the end of August and November 2014 which
will enable further distributions to be made," the receivers, as
cited by NZ Herald, said.

According to the report, the FMA in June defended its decision to
not disclose who out of Strategic's directors and auditors were
paying what in the settlement.

NZ Herald says the six former Strategic directors in the
settlement -- Kerry Finnigan, Graham Edward Jackson, Marcel Aubrey
Lindale, Timothy John Rich, Denis Grenville Thom and David John
Wolfenden -- have undertaken not to act as directors or promoter
of a public issuer of securities for five years or as chief
executives or chief financial officers for three years.

Last year, NZ Herald recalls, the FMA said it believed the
directors were likely to have breached disclosure obligations
under the Securities Act by making false statements.

Between August 1999 and August 2008 Strategic Finance Limited
carried on the business of providing finance and other financial
services, primarily to the property sector.

Strategic's principal business involved lending money to property
developers and investors in commercial, industrial and residential
property in New Zealand, Australia and the Pacific Islands. Loans
were made through term loans, bridging loans and development and
construction loans, in a mixture of first, second and third-
ranking facilities.

On Aug. 7, 2008, Strategic placed a trading halt on all its
securities. Trading of Strategic's securities did not resume after
the trading halt.

In December 2008 Strategic went into Moratorium. In March 2010
Strategic went into receivership. Strategic's failure affected
approximately 11,000 investors with a loss of NZ$383 million. The
receivers have distributed to secured debenture investors
10 cents in the dollar during the receivership to date.

From April 2010 FMA (and before May 1, 2011), the Securities
Commission has investigated the conduct of the directors of
Strategic and its subsidiary Strategic Nominees Limited with
respect to Strategic's compliance with disclosure obligations
under the Securities Act.



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


VIETNAM: Moody's B1 Bond Rating Reflects Macroeconomic Stability
----------------------------------------------------------------
Moody's Investors Service says that Vietnam's B1 sovereign bond
rating reflects the country's emerging track record of
macroeconomic stability, the strengthening of its balance of
payments and external payments position, and the easing of
contingent risks in its banking sector.

Moody's notes that Vietnam is into its third consecutive year of
broad macroeconomic stability, characterized by price stability.
While real GDP growth has fallen since 2012, Moody's says much of
the slower growth has been driven by weak domestic demand. In
contrast, the export-oriented, foreign-owned sector of the economy
has remained robust, helping sustain overall economic activity.

Moody's conclusions were contained in its just-released credit
analysis, titled "Vietnam, Government of" and which examines the
sovereign in four categories: economic strength, which is assessed
as "moderate (+)"; institutional strength "very low (+)"; fiscal
strength "moderate (+)"; and susceptibility to event risk "high (-
)".

The report constitutes an annual update to investors and is not a
rating action.

Moody's report says that the strengthening of Vietnam's balance of
payments and external payments position has been underpinned by a
diversification in the structure of its exports. Combined with
weak imports, this situation has resulted in the current account
shifting from a deficit to a healthy surplus.

The current account surplus in turn contributed to the
accumulation of foreign exchange reserves to an all-time high of
$35.9 billion in April 2014, as well as to the stability of the
exchange rate.

On the country's banking system, Moody's report says the operating
environment for banks has stabilized, particularly in relation to
liquidity.

The report points out that while Moody's maintains a negative
outlook on Vietnam's banking system, the system is now more
resilient than it was between 2010 and 2012. Such a situation
therefore poses less of a contingent risk to the government.

According to Moody's, the banks' greater resilience is driven by
their healthier liquidity profiles and gradual workout of non-
performing loans. Moreover, the country's economic growth will
support the banks' moderate credit growth levels, as well as the
repayment capacity of borrowers.

However, Moody's report points out that Vietnam's sovereign credit
profile is marked by important challenges. Capital levels in the
banking system remain inadequate, especially in the context of the
continued weakness in asset quality. At the same time, risks from
the state-owned enterprise sector persist, posing important
constraints to the improving health of the banking system and
domestic demand.



                             *********

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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