TCRAP_Public/140814.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 14, 2014, Vol. 17, No. 160


                            Headlines


A U S T R A L I A

AUSTRALIA POST: To Cut 900 Jobs as Part of Restructuring
C.P. GROTE: Clifton Hall Appointed as Liquidators
MYNETSALE PTY: Placed Into Administration
QUEENSLAND INSTITUTE: Placed Into Official Liquidation


C H I N A

JINGRUI HOLDINGS: Moody's Assigns B2 Corporate Family Rating


I N D I A

AGGARWAL RICE: CARE Reaffirms 'B' Rating on INR24.56cr Bank Loan
DAYANAND TEXTILE: ICRA Assigns 'B+' Rating to INR7.44cr Loans
DHRUV TEXTILES: ICRA Suspends 'D' Rating on INR6.84cr Loan
ELKAY CHEMICALS: CRISIL Reaffirms 'B+' Rating on INR104.5MM Loans
EMPKEE ENGINEERS: ICRA Reaffirms 'B' Rating on INR11.95cr Loans

FABLE FOOD: CRISIL Reaffirms 'B' Rating on INR90MM Loans
GAL ALUMINIUM: CRISIL Assigns 'B+' Rating to INR100MM Loans
GAURI SHANKAR: ICRA Rates INR9.0cr Bank Loan at 'B'
GOOSE GLOBAL: CRISIL Assigns 'B' Rating to INR120MM Loan
INOX WORLD: CRISIL Assigns 'B' Rating to INR250MM Term Loan

JAHANVI ISPAT: CARE Revises Rating on INR18.07cr Bank Loan to 'D'
JALPA ENTERPRISE: ICRA Suspends 'D' Rating on INR14.90cr Loan
JET AIRWAYS: Posts INR2.18BB Loss in Quarter Ended June
KESHAV ENTERPRISES: CRISIL Lowers Rating on INR30MM Loans to B-
MAHESH AGRI: ICRA Reaffirms 'B' Rating on INR24.05cr Loans

MAKESWORTH INDUSTRIES: CARE Revises Rating on INR6.62cr Loan to B
MLJP CHEMICALS: CRISIL Suspends 'B+' Rating on INR40MM Loan
MOTOR SALES: CRISIL Reaffirms 'B' Rating on INR224.1MM Loans
PANKAJ GLASS: CRISIL Lowers Rating on INR179MM Loans to 'D'
PARAM AGENCY: CRISIL Assigns 'B+' Rating to INR135MM Loans

PARASMAL PAGARIYA: CRISIL Reaffirms B+ Rating on INR100MM Loans
PHR INVENT: ICRA Revises Rating on INR10.10cr Loan to 'D'
RASIK PRODUCTS: ICRA Assigns 'B+' Rating to INR13cr Loans
ROCHI ENGINEERS: ICRA Suspends 'B+' Rating on INR5.43cr Loan
SAI BALAJI: CRISIL Reaffirms 'D' Rating on INR308MM Loans

SANMAAN AGRO: CRISIL Reaffirms 'B' Rating on INR100MM Loans
SHANKHESHWAR ENTERPRISES: CRISIL Reaffirms INR80M Loan B+ Rating
SHREE SAINARAYAN: CRISIL Reaffirms 'B' Rating on INR120MM Loans
SPARKLE INTERNATIONAL: CRISIL Rates INR50MM Cash Credit at 'B+'
SRI VENKATA: CRISIL Reaffirms 'B' Rating on INR60MM Loans

SUN AGENCY: CRISIL Assigns 'B+' Rating to INR90MM Cash Credit
SVN AGRO: CRISIL Assigns 'B' Rating to INR30MM Cash Credit
UMIYA STEEL: CRISIL Suspends 'B-' Rating on INR60MM Loans
UNIVERSAL HEAT: CRISIL Downgrades Rating on INR140MM Loan to 'B-'
UTTAM FINE: CRISIL Reaffirms 'D' Rating on INR70MM Loans


J A P A N

SIGNUM VANGUARD 2005-04: S&P Puts JPY4BB CDO on Creditwatch Pos.
TOKYO ELECTRIC: May Spin Hydroelectric, Renewable Energy Division


M A L A Y S I A

MALAYSIA AIRLINES: Ex-Prime Minister Mahathir Criticises Takeover


N E W  Z E A L A N D

BLUE CHIP: Co-Founder in Bankruptcy Release Bid
SOUTH CANTERBURY: Execs Given No Chance to Explain, Defence Says


S O U T H  K O R E A

DONGBU GROUP: Chinese Firms Eye Semiconductor Arm


V I E T N A M

* VIETNAM: Restructuring Plan of 11 Commercial Banks Approved


                            - - - - -


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


AUSTRALIA POST: To Cut 900 Jobs as Part of Restructuring
--------------------------------------------------------
Insolvencynews.com reports that Australia Post has announced to
shed 900 jobs as part of a restructure to separate its post and
parcel businesses.  According to the report, the Government-owned
company is planning to operate its retail mail and communications
services under the Australia Post brand, and its parcel post and
express mail services under the StarTrack courier banner.

Insolvencynews.com relates that Australia Post has been reviewing
its business model as it continues to incur large financial losses
due to the decreasing use of traditional mails.

According to Insolvencynews.com, the Fairfax Media reported that
the organization would lose AUD7.1 billion through to 2022-23 if
it continues its current mail service. The managing director and
the CEO have stated that the losses in letters business have
already overwhelmed the profits in parcels, without reforming it,
it will cause over AUD1 billion losses per annum in a few years,
the report relays.

Earlier in this year, Insolvencynews.com recalls, Australia Post
has successfully lodged a request with Australian Competition and
Consumer Commission (ACCC) to raise the basic postage rate from 60
to 70 cents. One of the reform proposals is expected to cut
Australia's daily mail delivery service obligation to three or two
days a week, the report notes.

Insolvencynews.com quotes Jamieson Louttit of Insolvency and
Advisory firm Jamieson Louttit & Associates as saying that, "As
the community becomes less reliant on letter services, Australia
Post will face an uncertain future in relation to its revenue from
the standard letter deliveries. The company needs to adapt to a
new business structure to offset growing losses."


C.P. GROTE: Clifton Hall Appointed as Liquidators
-------------------------------------------------
Mark Hall and Daniel Lopresti of Clifton Hall were appointed Joint
and Several Liquidators of C.P. Grote Street Pty Ltd on
Aug. 8, 2014.

A meeting of creditors will be held at 11:00 a.m. on Aug. 19,
2014, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


MYNETSALE PTY: Placed Into Administration
-----------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Mynetsale Pty
Limited was placed into administration. Richard Albarran and Brent
Kijurina of Hall Chadwick were appointed as administrators on July
1. Expressions of interest are being sought by the administrators
for the sale of the business' assets.

Mynetsale.com.au is an online seller of footwear, clothing,
homewares and beauty products from different Australian and global
designers.

According to the report, one of the administrators said the
website will continue to trade during the administration process
as it needed to cater the orders of many customers. The
administrators have the confidence that they can find a buyer for
the business as they have had considerable interest, the report
notes.


QUEENSLAND INSTITUTE: Placed Into Official Liquidation
------------------------------------------------------
Insolvencynews.com reports that the Supreme Court had ordered
Queensland Institute for Aviation Engineering (QIAE) to be placed
into official liquidation following action taken by employees for
unpaid wages.

Insolvencynews.com relates that the employees of QIAE reached out
to Independent Education Union of Australia for assistance after
they were owed in the vicinity of AUD180,000 in unpaid wages and
superannuation.

It is expected that there will not be much return from the
company's assets back to employees but the commencement of the
liquidation will allow employees to gain access to the federal
government scheme Fair Entitlements Guarantee, Insolvencynews.com
says.

According to the report, Sunshine Coast Councillor Chris Thompson
said that the company owed the council about AUD200,000 for a
hanger project at the Sunshine Coast Airport. He further added
that the council tried to give the company as much time as
possible to rectify the issue but also to protect the public's
money and ratepayers' funds, the report notes.



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


JINGRUI HOLDINGS: Moody's Assigns B2 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 corporate
family rating to Jingrui Holdings Ltd.

At the same time, Moody's has assigned a definitive B3 rating to
Jingrui's $150 million senior unsecured notes due 2019.

The outlook on the ratings is stable.

Ratings Rationale

Moody's assignment of the definitive ratings follows the company's
completion of its notes issuance, the final terms and conditions
of which are consistent with Moody's expectations.

The provisional ratings were assigned on 7 May 2014, and Moody's
ratings rationale was set out in a press release published on the
same day.

The proceeds of the notes will be used to refinance existing
indebtedness and to fund the development of property projects.

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

Established in 1993, Jingrui Holdings Ltd. is a property developer
based in Shanghai and principally focused on residential projects
in the Yangtze River Delta region. The company was listed on the
Hong Kong Stock Exchange in October 2013.

At 31 December 2013, it had a land bank of 4.52 million sqm in
gross floor area across 13 cities in China, including Shanghai,
Tianjin and Chongqing, and cities in Zhejiang Province and Jiangsu
Province.



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


AGGARWAL RICE: CARE Reaffirms 'B' Rating on INR24.56cr Bank Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Aggarwal
Rice Mills.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    24.56       CARE B Reaffirmed

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

Rating Rationale

The rating assigned to the bank facilities of Aggarwal Rice Mills
continues to be constrained by its modest scale of operations,
weak financial risk profile marked by thin profitability margins,
highly leveraged capital structure and stressed debt coverage
indicators, presence in a highly fragmented and competitive
industry with seasonal availability of paddy resulting in working
capital intensive operations and its constitution as a partnership
firm with the inherent risk of withdrawal of capital.

The rating, however, derives strength from the longstanding
experience of the partners and management in the industry and the
presence of the firm in proximity to major paddy cultivation area
resulting in easy access to raw material procurement.

The ability of the firm to scale up its operations and improve its
profitability and capital structure is the key rating sensitivity.

Aggarwal Rice Mill was started in the year 2001 as a partnership
firm and managed by Mr Ashok Kumar Aggarwal along with three other
partners. Mr Ashok Kumar Aggarwal has an experience of more than
25 years in the rice milling and processing industry and other
partners have an experience of around two decades in the rice
processing industry. The firm is engaged in milling and processing
of rice, broken rice and rice bran at its processing unit located
at Gurdaspur, Punjab, with a paddy de-husking capacity of 316,800
quintals per annum. The main raw material being paddy is procured
through dealers in and around Punjab. The firm generates its
revenue from Punjab, Haryana and Uttar Pradesh (constituted to 55%
of revenue) and also through dealers and Food Corporation of India
(constituted to 45% of revenue).

During FY14 (provisional; refers to the period April 1 to
March 31), ARM reported a PAT of INR0.61 crore on a total
operating income of INR46.03 crore as against a total operating
income and PAT of INR54 crore and INR2.95 crore respectively in
FY13.


DAYANAND TEXTILE: ICRA Assigns 'B+' Rating to INR7.44cr Loans
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR 7.391
crore fund-based bank facilities and INR 0.05 crore non-fund based
bank facilities of Dayanand Textile Industries Private Limited.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term fund-based    7.39       [ICRA]B+; Assigned
   bank facilities

   Long-term non fund-     0.05       [ICRA]B+; Assigned
   based bank facilities

The assigned rating draws comfort from DTIPL's track record of
over two decades in fabric manufacturing business and its well
established sales network which has helped the company scale up
revenues at a healthy pace in the recent years. However, the
assigned rating is constrained by the company's weak financial
profile characterized by low profitability margins and working
capital intensive nature of operations resulting from high
receivable turnover period, long production cycle and negligible
credit received from the suppliers. High working capital intensity
coupled with revenue growth and low accruals has resulted in
stretched liquidity as also reflected in full utilization of
sanctioned working capital limits. Further, the working capital of
the company is largely funded by debt borrowings which has
resulted in high gearing and weak debt coverage indicators. Though
the company has integrated its fabric manufacturing operations
with in-house doubling of yarn in order to improve profitability
of operations, the impact of the same on company's overall
profitability remains to be seen.

Going forward, the company' ability to improve profitability of
its operations and prudently manage its working capital cycle
while maintaining the pace of revenue growth will be the key
rating sensitivities.

Incorporated in 1986 by Mr. Brahma Nand Agrawal and his family,
Dayanand Textile Industries Private Limited (DTIPL) is engaged
into manufacturing and trading of polyester-based fabrics. DTIPL's
manufacturing unit is located in Bhilwara (Rajasthan) which is
equipped with 35 looms with annual production capacity of 3.8
million meter. The company sells the fabric in domestic market
through a network of distributors.

DTIPL reported an Operating Income (OI) of INR27.89 crore and
Profit after Tax (PAT) of INR0.03 crore in FY13 as compared to an
OI of INR24.31 crore and PAT of INR0.05 crore in FY12. The OI for
FY14 is estimated at INR31.39 crore.


DHRUV TEXTILES: ICRA Suspends 'D' Rating on INR6.84cr Loan
----------------------------------------------------------
ICRA has suspended the long term and short term rating of [ICRA]D
assigned to the INR6.84 Crore fund based and non-fund based bank
facilities of Dhruv Textiles. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


ELKAY CHEMICALS: CRISIL Reaffirms 'B+' Rating on INR104.5MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Elkay Chemicals Pvt Ltd
(Elkay; part of the Elkay group) continue to reflect the Elkay
group's modest scale of operations and average financial risk
profile, marked by a modest net worth and average debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of the group's promoters in the specialty
chemicals industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          0.5      CRISIL A4 (Reaffirmed)
   Letter of Credit       45.0      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Cash Credit            62.5      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility     30.5      CRISIL B+/Stable (Reaffirmed)
   Rupee Term Loan         4.5      CRISIL B+/Stable (Reaffirmed)
   Standby Line of         7.0      CRISIL B+/Stable (Reaffirmed)
   Credit

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Elkay and Silicone International
Products. This is because the two entities, together referred to
as the Elkay group, have common promoters and management, and are
in similar lines of business, with strong operational and
financial linkages. Besides, Elkay owns a 98 per cent stake in
SIP.

Outlook: Stable

CRISIL believes that the Elkay group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the group registered
higher-than-expected net cash accruals, led by improvement in its
revenue or profitability. Conversely, the outlook may be revised
to 'Negative' if the Elkay group's liquidity weakens because of a
stretch in its working capital cycle, or lower-than-expected net
cash accruals, or large capital expenditure.

Set up in 1986 by Mr. Annarao K Lokapur and Mr. R D Kulkarni,
Elkay manufactures specialty silicone products that are used in
various industries. The company has a facility in Bhosari
(Maharashtra). SIP manufactures non-specialty silicone-based
products that are used mainly in effluent treatment plants and in
manufacturing rubber and tyres.

For 2013-14 (refers to financial year, April 1 to March 31),
Elkay, on a standalone basis, reported a profit after tax (PAT) of
INR9.7 million on revenue of INR326.07 million, against a PAT of
INR1.8 million on revenue of INR320.7 million for 2012-13.


EMPKEE ENGINEERS: ICRA Reaffirms 'B' Rating on INR11.95cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B outstanding on
the INR1.91 crore term loan facility (reduced from INR3.24 crore)
and the INR8.71 crore fund based facilities of Empkee Engineers
Private Limited. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 outstanding on the INR0.05 crore non-fund based facility
of EEPL.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Term loan facility          3.24       [ICRA]B reaffirmed
   Fund based facilities       8.71       [ICRA]B reaffirmed
   Non-fund based facility     0.05       [ICRA]A4 reaffirmed

The reaffirmation of the ratings considers the Company's healthy
order book position, which provides revenue visibility in the near
term; and the experience of promoters in the steel fabrication
business for more than two decades. The company has incurred net
losses during 2012-13 and 2013-14, on account of the economic
slowdown, leading to deterioration in the net worth / capital
structure and coverage metrics. Further, the slowdown is also
expected to impact fresh order inflow and profitability at least
in the near term. Nevertheless, the long-term outlook for the
capital goods sector remains favourable. The ratings also consider
the company's high working capital intensity and the scheduled
debt repayments, which are expected to further stretch its cash
flows; and the small scale of operations, which restricts
financial flexibility.

Incorporated in 1996, EEPL is primarily engaged in the fabrication
and machining of components, which are used in construction
equipments, windmills, industrial valves, turbine casings and
other capital goods. Its fabrication facilities are located in
Chennai (Tamil Nadu). The promoter, Mr. O M Periasamy, together
with his relatives, holds the entire equity stake in the Company.

Recent Results
EEPL reported a net loss of INR1.2 crore on an operating income of
INR13.2 crore during 2013-14 (according to unaudited results),
against a net loss of INR0.9 crore on an operating income of
INR8.2 crore during 2012-13.


FABLE FOOD: CRISIL Reaffirms 'B' Rating on INR90MM Loans
--------------------------------------------------------
CRISIL's rating on the bank facilities of Fable Food Products Pvt
Ltd (FFL; part of the Fable group) continue to reflect FG's weak
financial risk profile, marked by a small net worth, high gearing,
and below-average debt protection metrics; the ratings also factor
in the group's small scale and working-capital-intensive
operations. These rating weaknesses are partially offset by the
benefits that FG derives from its promoters' extensive experience
in the dairy product industry and their funding support.


                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               70      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility         5      CRISIL B/Stable (Reaffirmed)
   Term Loan                 15      CRISIL B/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of FFL and Aabad Marketing Pvt Ltd (AML),
together referred to as FG. This is because both the entities are
in the same line of business. Moreover, AML sells products
manufactured by FFL.

Outlook: Stable

CRISIL believes that FG will continue to benefit over the medium
term from its promoters' extensive experience in the dairy
products industry and their funding support. CRISIL, however,
believes that the company's financial risk profile will remain
weak during the same period because of low cash accruals and large
working capital requirements. The outlook may be revised to
'Positive' in case FG significantly improves its scale of
operations and profitability, leading to better-than-expected cash
accruals and improvement in its capital structure and liquidity.
Conversely, the outlook may be revised to 'Negative' if FG's
financial risk profile deteriorates further due to increased
working capital borrowings.

Update
FG has registered operating income of INR284 million in 2012-13 as
against INR258 million registered in 2011-12; the group is has
registered operating income of INR135 million in the 6 months
ended September 2013 . The operating income has remained in the
range of INR250 to INR290 million over the past four years. The
operating margins of the group is estimated to have remained
stable at around 7.3 per cent in the current year as against 7.15
per cent during the previous year

FG's operations are working capital intensive reflected in high
GCA of 394 days as on March 31, 2013 driven by high inventory of
around 112 days days and receivable of  226 daysdays. Against the
high working capital requirements, FG also enjoys high credit
period from its suppliers reflected in high payable days of around
229 days thereby leading working capital requirements to be
subdued.

As on March 31, 2013, the FG's net worth was small at around
INR38.3 million due to small scale of operations and low
profitability leading to low accretion to reserves in absence of
significant infusion of equity by promoters. FG has a high gearing
of 3.1 times as on March 31, 2013 due to debt funding of working
capital.Due to low profitability and high debt levels, the company
has weak debt protection measures with interest coverage and net
cash accruals to total debt (NCATD) ratios at 1.4 times and 0.05
times, respectively, in 2012-13

FFL's bank limit utilisation is moderate at 81 per cent. The
utilisation is expected to remain at the similar levels on account
of working capital intensive nature of operations of the company

Due to low operating margins, FFL's cash accruals are low at
around INR5.8 million in 2012-13. However against such low cash
accruals, FG's debt repayment obligation is around INR2 million in
the same year. FG does not have any major capex plan in the medium
term. The Company has moderate current ratio of 1.22 times as on
March 31 2013.

FFL is the flagship company of FG, which was incorporated in 2004
and promoted by Mr. Vallabhai Vadodaria and his family members.
FFL processes ghee from cow and buffalo milk. FG also operates AML
which markets FFL's products.


GAL ALUMINIUM: CRISIL Assigns 'B+' Rating to INR100MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Gal Aluminium Extrusion Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               19.5      CRISIL B+/Stable
   Cash Credit             50        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      30.5      CRISIL B+/Stable

The rating reflects GAEPL's modest scale of operations with low
profitability in the intensely competitive aluminium extrusions
industry, and its constrained liquidity marked by tightly matched
cash accruals against maturing debt obligations and low financial
flexibility. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters and its
moderate capital structure and debt protection metrics.

Outlook: Stable

CRISIL believes that GAEPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's liquidity, driven most likely by
better-than-expected cash accruals or substantial equity infusion
along with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' if GAEPL generates lower-
than-anticipated cash accruals, or its working capital
requirements are larger-than-expected resulting in further
weakening of its liquidity.

Incorporated in 1992, GAEPL manufactures aluminium extrusions. The
company is headquartered in Ahmednagar (Maharashtra) and is owned
and managed by Mr. Paresh Paras Lodha and his family.


GAURI SHANKAR: ICRA Rates INR9.0cr Bank Loan at 'B'
---------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR9.00
crore fund-based bank facilities of Gauri Shankar Educational
Trust.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund Based Bank facilities    9.00      [ICRA]B assigned

The assigned rating takes into account the stretched liquidity
position of the trust owing to delays in receipt of fee
reimbursements for reserved categories from the State Government
as well as downward revision in the fee structure made effective
over the last two years by the trust in order to attract students
in backdrop of slowdown in the technical education space. Though
downward revision in the fee structure helped the trust report
steady improvement in enrolments, it resulted in a decline in
revenue receipts and accruals thereby putting a pressure on the
trust's debt-coverage indicators which in turn necessitated
restructuring of its debt obligations in March 2014. Further in
the backdrop of declining accruals, trust's reliance on unsecured
loans also increased steadily over the last three years which
coupled with the continued high debt levels on account of debt
restructuring, have translated into a weak financial profile for
the trust characterized by high levels of leverage as evident by
total debt of INR10.06 crore as on March 31, 2014 against revenue
receipts of INR8.12 crore and net cash accruals of INR1.34 crore
for FY2014.

Notwithstanding the improvement in occupancy levels of the trust
in AY2014-15, which might improve further as the admission process
is still underway, the extent of improvement in accruals remains
to be seen given that fee structure for the major revenue
generating courses has been revised downwards for AY2014-15. This
apart, timely receipt of the fee reimbursement from the State
Government as well as scale and funding mix of incremental
investments undertaken by the trust will remain critical
determinants of liquidity profile of GSET and hence would be key
rating sensitivities.

Established in 2006, Gauri Shankar Educational Trust is a non-
profit charitable trust which runs three colleges in single campus
based out of Ambala (Haryana). These colleges offer graduate and
post graduate courses in engineering, management, teacher training
and diploma courses and currently (AY2014-15) cater to 2,410
students.

Recent Results

Trust reported a net surplus of INR0.47 crore and net cash
accruals of INR1.34 crore on revenue receipts of INR8.12 crore
during FY2014 (provisional estimates) as against net surplus of
INR0.34 crore and net cash accruals of INR1.31 crore on revenue
receipts of INR7.93 crore in FY2013 (Audited).


GOOSE GLOBAL: CRISIL Assigns 'B' Rating to INR120MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Goose Global Agri Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Working         120      CRISIL B/Stable
   Capital Facility

The ratings reflect GGAPL's modest scale of operations in the
intensely competitive cotton trading segment and its below-average
financial risk profile. These rating weaknesses are partially
offset by the extensive experience of GGAPL's promoters in the
cotton trading segment.

Outlook: Stable

CRISIL believes GGAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's scale of operations and
profitability, or substantial equity infusion, leading to better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if GGAPL generates low cash accruals, or undertakes any
large debt-funded capital expenditure programme, or its working
capital management deteriorates, resulting in weak financial risk
profile.

Incorporated in December 2012 and based in Bapatla (Andhra
Pradesh), GGAPL is engaged in cotton trading. The company is
promoted by Mr. A Subramaniyam, Mr. Srinivas Babu and Mr. Vinayak
Koteshwar.

For 2013-14 (refers to financial year, April 1 to March 31), on a
provisional basis, GGAPL reported a profit after tax of INR0.9
million on total income of INR161.8 million.


INOX WORLD: CRISIL Assigns 'B' Rating to INR250MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
proposed bank facilities of INOX World Industries Pvt. Ltd.

                           Amount
   Facilities             (INR Mln)      Ratings
   ----------              ---------     -------
   Proposed Term Loan         250        CRISIL B/Stable
   Proposed Bank Guarantee      2        CRISIL A4
   Proposed Packing Credit     82.5      CRISIL A4

The rating reflects IWIPL's susceptibility to funding and
implementation risks for its on-going project and its
susceptibility to raw material price volatility and fluctuations
in foreign exchange rates. These rating weaknesses are partially
offset by the extensive experience of IWIPL's promoter in the
stainless steel (SS) product industry and established
relationships with its customers and suppliers.

Outlook: Stable

CRISIL believes that IWIPL will continue to benefit over the
medium term from its promoters extensive industry experience,
established customer and supplier base. The outlook may be revised
to 'Positive' if IWIPL executes its project within the budgeted
cost and time, and reports higher-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
time or cost overrun in the company's project, which will
adversely impact its financial risk profile, particularly its
debt-servicing ability.

IWIPL promoted by Mr. Pramod Kumar Gupta and Mr. Ram Babu Gupta,
is setting up a unit to manufacture stainless steel utensils (80-
85%) and floor coverings in Sonepat (Haryana). The project is
expected to start operation by April 2015.


JAHANVI ISPAT: CARE Revises Rating on INR18.07cr Bank Loan to 'D'
-----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Jahanvi Ispat Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    18.07       CARE D Revised
                                            from CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Jahanvi Ispat Private Limited is primarily on account of
instances of delay in debt servicing due to strained liquidity
position.

Establishing a clear track record of timely servicing of debt
obligations along with improvement in the liquidity position
would be the key rating sensitivity.

JIPL was incorporated in January 2009 by Mr Pramod Gupta and Ms
Deepti Gupta to undertake manufacturing of Mild Steel (MS) Ingots.
The commercial operations commenced from October 2010. JIPL
operates from its sole manufacturing facility in Raisen (Madhya
Pradesh) with a total installed capacity of 28,000 Metric Tonnes
Per Annum (MTPA) as on March 31, 2014.

JIPL also has associate firms, namely, Salasar Steel & Profile
Industries (SSPI) and Rohit Steel & Profile Industries (RSPI)
which are in the business of trading of steel products.

During FY14 (provisional; refers to the period April 1 to
March 31), JIPL reported a PAT of INR0.29 crore on a total
operating income (TOI) of INR48.89 crore as against a PAT of
INR0.42 crore on a TOI of INR46.60 crore in FY13.


JALPA ENTERPRISE: ICRA Suspends 'D' Rating on INR14.90cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR14.90 Crore fund based bank facilities of Jalpa Enterprise
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


JET AIRWAYS: Posts INR2.18BB Loss in Quarter Ended June
-------------------------------------------------------
Reuters reports that Jet Airways Ltd, India's No. 2 airline by
market share, said on August 11 it lost INR2.18 billion ($35.6
million) during the three months to end-June, less than a year
earlier after its revenues rose and financing costs fell.

The airline, 24% owned by Abu Dhabi's Etihad Airways, has now
reported six straight quarters of losses, as it grapples with high
costs, low fares and fierce competition in its home market, the
news agency relates.

Last year Jet reported a INR3.55-billion loss for its first
quarter, the report notes.

Reuters states that despite fast-growing demand for air travel,
all but one of India's largest four airlines are losing cash.

Jet Airways, which has not reported an annual profit since 2007,
is betting on cost cuts and the launch of more international
routes to return it to profitability by 2017, adds Reuters.

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.


KESHAV ENTERPRISES: CRISIL Lowers Rating on INR30MM Loans to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Keshav Enterprises to 'CRISIL B-/Stable' from 'CRISIL B/Stable'
while reaffirming its short term rating at 'CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of Credit         110      CRISIL A4 (Reaffirmed)
   Letter of Credit          30      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade reflects deterioration in KE's financial risk
profile, particularly its liquidity. The firm's liquidity has come
under pressure because of significant stretch in its working
capital cycle, with gross current assets increasing to around 380
days as on March 31, 2014, from 209 days a year ago. Slowdown in
demand and delayed payments from customers resulted in significant
stretch in inventory and receivables to over 140 days and 130
days, respectively, as on March 31, 2014, from 66 days and 51
days, respectively, a year earlier. The significant stretch in
working capital cycle led to devolvement of a few letters of
credit (LCs) in the past few months, which were repaid within 30
days from due date, supported by infusion of fresh funds by the
promoter; the promoter infused capital of INR19.6 million and
extended unsecured loans of INR66 million during 2013-14 (refers
to financial year, April 1 to March 31). KE is likely to register
low cash accruals of less than INR2.5 million for 2013-14; its
bank limits were utilised at an average of over 90 per cent over
the 12 months through March 2014, leaving limited headroom to
absorb spikes in working capital requirements. CRISIL believes
that liquidation of inventory and timely receipt of payments from
customers will remain key factors for KE to manage its liquidity
over the medium term.

Because of stretched working capital cycle, KE's capital structure
remained weak despite infusion of fresh capital by promoter, as
reflected in high total outside liabilities to tangible net worth
ratio of over 4.3 times as on March 31, 2014. The firm's debt
protection metrics were also weak, with interest coverage ratio at
1.13 times and net cash accruals to total debt ratio at 0.01 time
during 2013-14, because of low cash accruals and large debt.

The rating continues to reflect KE's weak financial risk profile
marked by small net worth, leveraged capital structure, and weak
debt protection metrics. The rating also factors in the firm's
susceptibility to cyclicality in the ship-breaking industry, and
to volatility in steel scrap prices and foreign exchange rates.
These rating weaknesses are partially offset by the extensive
experience of the firm's proprietor and his family in the ship-
breaking industry.

Outlook: Stable

CRISIL believes that KE will continue to benefit over the medium
term from the extensive industry experience of its proprietor and
his family; however, its credit risk profile will remain sensitive
to improvement in its working capital cycle. The outlook may be
revised to 'Positive' in case of significant improvement in the
firm's financial risk profile, particularly liquidity, most likely
because of sizeable cash accruals, improved working capital
management, and timely funding support from promoter. Conversely,
the outlook may be revised to 'Negative' if KE witnesses continued
pressure on revenue or profitability and working capital
management, leading to further deterioration of its liquidity.

KE was set up in 2006 as a proprietorship firm by Mr. Vikrant
Prajapati. The firm is engaged in ship-breaking and trading of
scrap metal. It started operations with trading of scrap metal
procured from other ship-breakers; in 2012-13, it procured its
first ship for breaking.

KE reported a net profit of INR2.8 million on net sales of INR207
million for 2013-14, against a net profit of INR3.2 million on net
sales of INR233 million for 2012-13.


MAHESH AGRI: ICRA Reaffirms 'B' Rating on INR24.05cr Loans
----------------------------------------------------------
ICRA has reaffirmed long-term rating of [ICRA]B to INR 24.05 crore
fund based and non fund based facilities of Mahesh Agri Exim
Private Limited.

                        Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits       22.00      [ICRA]B; reaffirmed
   Non-fund Based Limits    2.05      [ICRA]B; reaffirmed

The retention of the rating reflects Mahesh Agri Exim Private
Limited's weak financial risk profile as indicated by fluctuating
revenues along with low profitability. These are further
vulnerable to fluctuation of Indian currency in the foreign
exchange market as well as fluctuating commodity prices. The
rating also continues to factor in the stretched capital
structure, tight liquidity position as evident from the high
working capital intensity and almost full utilization of
sanctioned bank limits with few instances of overutilization. ICRA
also takes note of the intense competitive pressures in the
business with low entry barriers which limits the profit margins
of the company and regulatory hurdles in export of agricultural
commodities that may result in volatility in prices and quantity
available for export though the company continues to benefit from
various export incentives at present. The rating nevertheless
continues to consider the company's established client base in the
export markets along with the long track record of the promoters
in the agro-trading business.

Promoted by Mr. Hirji Thakker and closely held by the
promoters/promoters' family, Mahesh Agri Exim Pvt Ltd commenced
operations in 1997. MAEPL is engaged in the business of trading
pulses, beans, cereals, oilseeds, spices, grains, animal feed and
bird feed.

Recent updates:

Mahesh Agri Exim Private Limited has reported a net profit of
INR0.37 crore on an operating income of INR106.93 crore for the
year ending March 31, 2014.


MAKESWORTH INDUSTRIES: CARE Revises Rating on INR6.62cr Loan to B
-----------------------------------------------------------------
CARE revises and reaffirms rating assigned to the bank facilities
of Makesworth Industries Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.62       CARE B Revised
                                            from CARE B-

   Short term Bank Facilities    0.45       CARE A4 Reaffirmed

Rating Rationale

The revision in the rating of Makesworth Industries Limited takes
into cognizance improvement in the financial risk profile in FY14
(Provisional; refers to the period April 1, 2013 to March 31,
2014) vis-…-vis FY13 marked by growth in revenue, improvement in
the capital structure, debt service coverage indicators and
liquidity position. However, the rating continues to be
constrained by its small scale of operations, susceptibility of
profitability to movement in input prices, high working capital
intensity, its concentrated customer base and intense competition.

The ratings, however, continues to draw comfort from the long
track record of operations and wide experience of the
promoters in the industry.

Going forward, MIL's ability to grow its scale of operations with
simultaneous improvement in profitability margins and
effective working capital management would be the key rating
consideration.

Makesworth Industries Limited, incorporated in January 1995 as
'Makesworth Hydraulics Ltd' by Mr Rajesh Tulsian and Mr Mohan Lal
Tulsian based out of Kolkata. Subsequently in 1997, it was
rechristened to its present name. MIL is engaged in the
manufacturing of petroleum specialty products like Atactic
Polypropylene Polymer (APP) compound, industrial lubricants, etc.
Until March 2014, the company was also manufacturing cable filling
& flooding compound when it was discontinued owing to obsoleting
demand. Apart from manufacturing, the company is also engaged in
the trading of paraffin wax, residue wax, stack wax, bitumen, etc.

The company's manufacturing facility is located at Falta, West
Bengal with an installed capacity of 8,000 MTPA. MIL is accredited
with ISO 9002:2000 certification.

In FY14 (Provisional), the company has reported a total operating
income of INR1,636.4 lakh (Rs.1,073.8 lakh in FY13) and
PAT INR5.4 lakh (Rs.0.5 lakh in FY13).


MLJP CHEMICALS: CRISIL Suspends 'B+' Rating on INR40MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of MLJP
Chemicals Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              40       CRISIL B+/Stable Suspended
   Letter of Credit         65       CRISIL A4 Suspended

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

MLJP was formed in 1982 as a partnership firm, Manoharlal
Jaiprakash & Co; it was reconstituted as a private limited
company, Manoharlal Jaiprakash Chemicals Pvt Ltd, in 2005, and
then to a public limited company in 2012, when it also got its
current name. MLJP was started by the Mr. Anil Gupta and the Mr.
Suresh Akokha. Currently Mr. Saurabh Gupta (son of Mr. Anil Gupta)
and Mr. Deepesh Gupta (son of Mr. Suresh Akokha) are handling the
company's operations. MLJP trades in chemicals, mainly adhesive
chemicals, for use in paper, textiles, glue, paint, and cello
tapes industries.


MOTOR SALES: CRISIL Reaffirms 'B' Rating on INR224.1MM Loans
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Motor Sales
Ltd continues to reflect MSL's weak financial risk profile, marked
by a high total outside liabilities to tangible net worth (TOLTNW)
ratio, weak debt protection metrics, and a small net worth.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               95      CRISIL B/Stable (Reaffirmed)
   Channel Financing         91      CRISIL B/Stable (Reaffirmed)
   Term Loan                 38.1    CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's small scale of operations
and high geographical concentration in its revenue profile. These
rating weaknesses are partially offset by the extensive experience
of MSL's promoter in the automobile dealership business and its
stable rental revenues from its commercial properties.

Outlook: Stable

CRISIL believes that MSL will maintain its established market
position in the automobile dealership industry over the medium
term backed by its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained increase in the company's revenue and profitability
margins, or an improvement in its working capital management, or a
substantial increase in its net worth on the back of equity
infusion by its promoters. Conversely, the outlook may be revised
to 'Negative' if MSL's revenues or profitability margins decline,
or if its capital structure deteriorates on account of larger-
than-expected working capital requirements.

Update
MSL's operating income registered a 5 per cent year-on-year growth
to around INR626 million in 2013-14 (refers to financial year,
April 1 to March 31); the revenue growth was mainly driven by
increased vehicle sales of Tata Motors Ltd (TML) in the Lucknow
and Rae Bareli regions of Uttar Pradesh. The company's operating
margin decreased by 100 basis points to 5 per cent in 2013-14, as
it had to offer higher discounts to customers in order to
withstand the intense competition in the automobile dealership
segment and retain its market share. The margin is expected to
remain at a similar level over the medium term.

MSL's operations are working capital intensive as reflected in its
gross current assets (GCAs) of around 120 to 130 days as on March
31, 2014; the GCAs have been at similar levels in the past. The
high GCAs were driven by the company's inventory of around 90 to
100 days and receivables cycle of 30 to 40 days as on
March 31, 2014. As a result, its average bank limit utilisation
has been high, at around 95 per cent during the 12 months through
April 2014.

The company has high total indebtedness towards funding its
working capital requirements; this, coupled with its small net
worth, is estimated to have resulted in a high TOLTNW ratio of
5.89 times as on March 31, 2014.

Incorporated in 1972 and promoted by Mr. Ajay Gupta, MSL is an
automobile dealer for TML. It has three showrooms, two at Lucknow
and one in Rae Bareli. The company is also operating a cinema hall
and a commercial complex in Lucknow.


PANKAJ GLASS: CRISIL Lowers Rating on INR179MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Pankaj Glass Works Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               70      CRISIL D (Downgraded
                                     from 'CRISIL BB/Stable')

   Letter of Credit          30      CRISIL D (Downgraded
                                     from 'CRISIL A4+')
   Proposed Long Term
   Bank Loan Facility        42.5    CRISIL D (Downgraded
                                     from 'CRISIL BB/Stable')

   Term Loan                 36.5    CRISIL D (Downgraded
                                     from 'CRISIL A4+')

The rating downgrade reflects recent instances of delay by PGL in
servicing its term debt obligations on account of weak liquidity
driven by a stretch in debtors. The debtors of the company
increased to 75 days as on March 31, 2014 from 59 days as on March
31, 2013 which include debtors for more than 6 months of INR6.1
million. The debtors have remained stretched in quarter 1 of 2014-
15. The weak liquidity is also reflected in its nearly full bank
limit utilisation. This led to insufficient funds to meet the debt
obligations on due date.

Furthermore, the ratings factor in PGL's small scale of operations
and vulnerability of its operating margin to raw material price
fluctuations and moderate working capital intensive operations.
These weaknesses are partially offset by the promoters' extensive
experience in the glass industry and the company's moderate
financial risk profile.

Incorporated in 2005, PGL is a closely held public limited
company, promoted by Mr. Bal Krishnan Gupta, Mr. Subash Chandra,
and Mr. Anuj Bansal. The company manufactures glass bottles and
glass tumblers at its manufacturing facility located at Firozabad
(Uttar Pradesh).

PGL reported a profit after tax (PAT), on a provisional basis, of
INR3.7 million on net sales of INR300 million for 2013-14 (refers
to financial year, April 1 to march 31), as against a PAT of
INR1.7 million on net sales of INR243 million for 2012-13.


PARAM AGENCY: CRISIL Assigns 'B+' Rating to INR135MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Param Agency.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              130      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility         5      CRISIL B+/Stable

The rating reflects PA's below-average financial risk profile,
marked by small net worth and high gearing. The rating also
factors in PA's large working capital requirements coupled with
low profitability because of trading nature of business. These
rating weaknesses are partially offset by the promoters' extensive
experience in the handsets trading business coupled with its
established relationship with its principal, Reliance
Communications Ltd.

For arriving at the rating, CRISIL has treated the unsecured loans
of INR10 million, extended to PA by its promoters as neither debt
nor equity, as these loans are expected to be retained in the
business over the medium term.

Outlook: Stable

CRISIL believes that PA will benefit from extensive experience of
promoters in the handsets trading business. The outlook may be
revised to 'Positive' if there is significant and sustained
increase in the firm's scale of operation and profitability
leading to sizable cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of further deterioration in the
firm's financial risk profile especially liquidity on account of
larger than expected working capital requirements or if there is
any significant decline in the firm's scale of operations and
profitability.

PA is a proprietorship concern established by Mr. Hitesh L Pandya
in the year 2011-12 (refers to financial year, April 1 to
March 31). The firm is the sole distributor of Code Division
Multiple Access (CDMA) handsets and recharge vouchers of RCL for
Mumbai (Maharashtra).


PARASMAL PAGARIYA: CRISIL Reaffirms B+ Rating on INR100MM Loans
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Parasmal Pagariya & Sons
continue to reflect PPS's below-average financial risk profile
marked by small net worth and high total outside liabilities to
tangible net worth ratio, and modest business risk profile marked
by vulnerability of operating margin to volatility in agricultural
commodity prices.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              60      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       40      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of PPS's proprietor in the business of trading in food
grains, edible oils, and spices.

Outlook: Stable

CRISIL believes that PPS will benefit over the medium term from
its proprietor's extensive industry experience. The outlook may be
revised to 'Positive' in case of significant increase in revenue
with sustained operating margin, resulting in improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of decline in PPS's turnover or operating
margin, or elongation of its working capital cycle, leading to
deterioration of its financial risk profile.

PPS was set up by Mr. Ulhas Pagariya in 1994 as a proprietary firm
in Maharashtra. The firm undertakes wholesale trading of food
grains, spices, and edible oils. PPS is a part of the Pagariya
group, which has been in engaged in wholesale trading of food
grains, spices, and edible oils for 40 years.


PHR INVENT: ICRA Revises Rating on INR10.10cr Loan to 'D'
---------------------------------------------------------
ICRA has revised the long term rating assigned to INR10.10 crore
fund based facilities of PHR Invent Educational Society from
[ICRA]B to [ICRA]D.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     10.10      Revised to [ICRA]D
                                    from [ICRA]B

The rating revision reflects the delays in servicing the debt
obligations on account of diversion of internal accruals towards
the ongoing capital expenditure for addition of new classrooms and
a new hostel block, and cash flow mismatches caused by the
lumpiness in its fee receipts. The rating is further constrained
by the society's small scale of operations with only one school in
Vijayawada in Andhra Pradesh contributing to all of its revenues,
highly regulated nature of the industry and its highly leveraged
capital structure on account of the large debt funded capex
undertaken in the past. However, ICRA notes the longstanding
experience of the society members in the education sector, the
healthy increase in total enrolments since its inception, the
infrastructure created by the society, and its association with
the Delhi Public School Society (DPSS) which provides its school
with a strong brand name.

PHR Invent Educational Society was formed in November 2004 in
Vijayawada (Andhra Pradesh) to establish and operates Delhi Public
School (DPS) in Vijayawada. DPS Vijayawada commenced operations in
Academic Year (AY) 2008. The school currently imparts education
from LKG to class XII as per the CBSE curriculum and has a total
of 1382 students enrolled in various classes during AY 2015.

Recent Results
PHRIES recorded INR10.47 crore of revenue receipts and a net
surplus of INR1.49 crore in FY14 on provisional basis as against
revenue receipts of INR8.96 crore and a net surplus of INR0.33
crore in FY13.


RASIK PRODUCTS: ICRA Assigns 'B+' Rating to INR13cr Loans
---------------------------------------------------------
ICRA has assigned long term rating of [ICRA]B+ to INR 13.00 crore
bank lines of Rasik Products Private Limited.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund-based Limits         9.00        [ICRA]B+ assigned
   Term Loans                1.38        [ICRA]B+ assigned
   Non-fund-based Limits     2.00        [ICRA]B+ assigned
   Unallocated               0.62        [ICRA]B+ assigned

ICRA's rating factors in RPPL's weak credit risk profile
characterized by modest scale of operations, low profitability and
high gearing. The profitability is weak due to high competition
intensity in foil and packaging business on account of limited
capital requirements resulting in presence of large number of
small to medium sized players. The rating is also constrained by
vulnerability of the company's profitability to adverse movement
in exchange rates and raw material prices. The rating, however,
derives comfort from RPPL's experienced management, its
established track record in manufacturing foils, gift wrapping and
packaging materials, and its reputed customer base.

Going forward, improvement in company's accruals from operations
and reduction in its debt will be the key rating sensitivities.

Rasik Products Pvt. Ltd is engaged in speciality coating films. It
does the designing, manufacturing and marketing of multi-layer
transferable coatings, films, foils, and laminates. Company also
offers security base materials and variety of packaging materials,
graphic grade films and foils which are used in packaging for
premium branded goods. The company was incorporated in December
1998 and it has its plant in Mathura (Uttar Pradesh). The company
has capacity to manufacture 1025 MT of packaging, wrapping,
gifting & security foils.

Recent Results
As per provisional financials for FY2014, the company reported
revenues of INR31.6 crore (previous year INR19.0 crore) and net
profit of INR0.7 crore (previous year INR0.11 crore).


ROCHI ENGINEERS: ICRA Suspends 'B+' Rating on INR5.43cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR 5.43 crore,
long term fund based facilities & [ICRA]A4 rating to the INR 0.20
crore, short term, fund based facilities of Rochi Engineers
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance due to lack of cooperation.

Incorporated in 1994, REPL is engaged in Manufacturing of exhaust
silencers and exhaust pipes for off the road vehicles. Company's
manufacturing facility is located at Mulshi, Pune, Maharashtra
having annual capacity of 60,000 tubes and 12,000 silencers.


SAI BALAJI: CRISIL Reaffirms 'D' Rating on INR308MM Loans
---------------------------------------------------------
CRISIL's rating on the bank facility of Sai Balaji Sponge Iron
India Pvt Ltd continues to reflect delays by SBSIIPL in servicing
its debt; the delays have been caused by the company's weak
liquidity on account of low accruals and large working capital
requirements.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            60       CRISIL D (Reaffirmed)
   Letter of Credit       50       CRISIL D (Reaffirmed)
   Long Term Loan        198       CRISIL D (Reaffirmed)

SBSIIPL's financial risk profile is weak, marked by a small net
worth, high gearing, and below-average debt protection metrics.
However, it continues to benefit from the funding support that it
derives from its promoters.

Incorporated in 2008 and promoted by Mr. T Sreemannarayana,
SBSIIPL operates a sponge iron manufacturing unit in Ananthapur
district (Andhra Pradesh).


SANMAAN AGRO: CRISIL Reaffirms 'B' Rating on INR100MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of Sanmaan
Agro Industries continues to reflect SAI's weak financial risk
profile, working-capital-intensive and small scale of operations
in the highly fragmented rice industry, and its susceptibility to
fluctuations in raw material prices. These rating weaknesses are
partially offset by the extensive industry experience of the
firm's promoters.

                      Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             70       CRISIL B/Stable (Reaffirmed)
   Long Term Loan          14       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       1       CRISIL B/Stable (Reaffirmed)
   Warehouse Receipts      15       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SAI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
financial risk profile, most likely driven by higher-than-expected
net cash accruals or an improvement in its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if SAI's
financial risk profile, particularly its liquidity, deteriorates
further due to a decline in its revenue and profitability.

SAI was established in 2000 as a partnership firm by Mr. Zora
Singh in Jalalabad (Punjab). The firm is mainly engaged in milling
and marketing of basmati and non-basmati rice.

SAI, on a provisional basis, reported a profit after tax (PAT) of
INR1.4 million on net sales of INR374 million for 2013-14 (refers
to financial year, April 1 to March 31); it had reported a PAT of
INR1.2 million on net sales of INR173 million for 2012-13.


SHANKHESHWAR ENTERPRISES: CRISIL Reaffirms INR80M Loan B+ Rating
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shankheshwar Enterprises.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 7       CRISIL B+/Stable
   Standby Line of Credit    5       CRISIL B+/Stable
   Cash Credit              50       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       18       CRISIL B+/Stable

The rating reflects the firm's average financial risk profile
marked by high gearing. The rating also factors in the firm's
modest scale of operations in the highly fragmented fabric
manufacturing industry. These rating weaknesses are partially
offset by the extensive industry experience of SE's partners.

Outlook: Stable

CRISIL believes that SE will benefit over the medium term from its
partners' extensive industry experience. The outlook may be
revised to 'Positive' in case of significant ramp-up in the firm's
scale of operations along with improvement in its profitability,
leading to better-than-expected cash accruals and financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case the firm's cash accruals are lower-than-expected or if its
working capital requirements are larger-than-expected or if the
firm undertakes any unanticipated debt-funded capital expenditure.

Established in 2001 and based in Ludhiana (Punjab), SE
manufactures knitted fabric. The firm has a manufacturing unit in
Ludhiana and is owned and managed by Mr. Sudhir Jain and his
family members.


SHREE SAINARAYAN: CRISIL Reaffirms 'B' Rating on INR120MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Shree Sainarayan Plastics Pvt Ltd.

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

   Proposed Long Term
   Bank Loan Facility        10      CRISIL B/Stable

   Bank Guarantee            10      CRISIL A4

   Cash Credit               50      CRISIL B/Stable

The ratings reflect SSPPL's weak financial risk profile, marked by
small net worth and high gearing, modest scale of operations in a
fragmented polyvinyl chloride (PVC) pipe industry, and working-
capital-intensive operations. These rating weaknesses are
partially offset by the benefits that SSPPL derives from its
promoters' extensive experience in the PVC pipe manufacturing
industry.

For arriving at the ratings, CRISIL has treated the interest-
bearing non-cumulative redeemable preference share capital of
INR60 million infused in SSPPL in 2013-14 (refers to financial
year, April 1 to March 31) as neither debt nor equity. This is
because the capital had been infused by the promoters at an
interest rate of 2 per cent per annum and redeemable after twenty
five years.

Outlook: Stable

CRISIL believes that SSPPL's will continue to benefit from its
promoters' extensive industry experience and their established
customer relationships. The outlook may be revised to 'Positive'
if the company improves its scale of operations and profitability
leading to higher-than-expected cash accruals, thus improving its
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of further deterioration in its financial risk profile,
particularly liquidity, on account of lower-than-expected cash
accruals or larger-than-expected working capital requirements or
large debt-funded capital expenditure programme undertaken.

Set up in 1986, SSPPL manufactures household items, quality tanks,
cans, containers, pots, and bucket and water tanks. It has a
manufacturing facility in Aurangabad (Maharashtra) and another one
at Ranjangaon (Pune, Maharashtra), which is in the construction
phase and is expected to start operations by August 2014. The day-
to-day operations are managed by its directors Mr. Somnath Sakre
and Mr. Santosh Gangwal.


SPARKLE INTERNATIONAL: CRISIL Rates INR50MM Cash Credit at 'B+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sparkle International.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL B+/Stable
   Letter of Credit          10      CRISIL A4

The ratings reflect SI's modest scale of operations in the highly
fragmented home furnishings industry and its below-average
financial risk profile marked by modest net worth, sub-par capital
structure, and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
SI's proprietor in the home furnishings industry.

Outlook: Stable

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

SI is a proprietorship firm established in 2000 and based in
Ludhiana (Punjab). SI trades in and manufactures home furnishings
items such as knitted fabrics, bed sheets, quilts, blankets, and
shawls. SI is owned and managed by Mr. Rajesh Jain.


SRI VENKATA: CRISIL Reaffirms 'B' Rating on INR60MM Loans
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Venkata
Padmavathi Paddy Processors Pvt Ltd continues to reflect SVPPPL's
start-up nature of operations with a limited track record, and the
susceptibility of its operating profitability to volatility in raw
material prices and to changes in government regulations. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the rice milling and other agro
industries.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            30      CRISIL B/Stable (Reaffirmed)
   Long Term Loan         30      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SVPPPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the
company's scale of operations increases while it sustains its
operating profitability, leading to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SVPPPL's profitability is lower than expectations,
or its working capital management deteriorates, or if it
undertakes a significant debt-funded capital expenditure
programme, leading to weakening of its liquidity.

Incorporated in 2011, SVPPPL undertakes milling and processing of
paddy into rice. The company is promoted by Mr. Gopal Reddy along
with his friends and family members.

SVPPPL, provisionally, reported a profit after tax (PAT) of INR1.2
million on an operating income of INR96.6 million for 2013-14
(refers to financial year, April 1 to March 31), its first full
year of commercial operations.


SUN AGENCY: CRISIL Assigns 'B+' Rating to INR90MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the long-
term bank facilities of Sun Agency.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               90      CRISIL B+/Stable

The rating reflects SA's below-average financial risk profile,
marked by small net worth and high gearing. The rating also
factors in SA's large working capital requirements coupled with
low profitability because of trading nature of business. These
rating weaknesses are partially offset by the promoters' extensive
experience in the handsets trading business coupled with its
established relationship with its principal, Reliance
Communications Ltd.

For arriving at the rating, CRISIL has treated the unsecured loans
of INR22 million, extended to SA by its promoters as neither debt
nor equity, as these loans are expected to be retained in the
business over the medium term.

Outlook: Stable

CRISIL believes that SA will benefit from extensive experience of
promoters in the handsets trading business. The outlook may be
revised to 'Positive' if there is significant and sustained
increase in the firm's scale of operation and profitability
leading to sizable cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of further deterioration in the
firm's financial risk profile especially liquidity on account of
larger than expected working capital requirements or if there is
any significant decline in the firm's scale of operations and
profitability.

SA is a proprietorship concern established by Mr. Hitesh L Pandya
in the year 2011-12 (refers to financial year, April 1 to
March 31). The firm is the sole distributor of Code Division
Multiple Access (CDMA) handsets and recharge vouchers of RCL for
Navi Mumbai (Maharashtra).


SVN AGRO: CRISIL Assigns 'B' Rating to INR30MM Cash Credit
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of SVN Agro Refineries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              30       CRISIL B/Stable
   Letter of Credit        220       CRISIL A4

The ratings reflect SVN's below-average financial risk profile
marked by subdued debt protection metrics and susceptibility of
operating margin to volatility in raw material prices and foreign
exchange (forex) rate. These rating weaknesses are partially
offset by its promoters' extensive experience in the edible oil
segment and its moderate scale of operations.

Outlook: Stable

CRISIL believes SVN will continue to benefit over the medium term
from its promoters' extensive experience in the industry. The
outlook may be revised to 'Positive' if the firm reports large
cash accruals driven by increase in the operating profitability
resulting in better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if SVN's revenue or operating
margin is lower-than-expected, or its working capital cycle
deteriorates, or the company undertakes any large debt-funded
capital expenditure programme or its promoters withdraw large
capital, thus weakening its capital structure.

Set up in 2000 and based in Vengaivasal (Tamil Nadu), SVN is
engaged in the refining of sunflower oil and trading of RBD
palmolein oil. The firm is promoted by Mr. S V Natesan and his
family; the day-to-day operations of the company are being managed
by Mr. S V N Ravi Varma.

SVN reported a net profit of INR0.2 million on sales of INR574.4
million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR1.7 million on sales of
INR557.5 million for 2011-12.


UMIYA STEEL: CRISIL Suspends 'B-' Rating on INR60MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Umiya Steel Industries.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            24       CRISIL B-/Stable Suspended
   Proposed Long Term
   Bank Loan Facility      4       CRISIL B-/Stable Suspended
   Term Loan              32       CRISIL B-/Stable Suspended

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

USI is a partnership firm set up in 2009-10, by Mr. Ashok Patel,
along with his family members. The firm manufactures mild steel
square bars, flat bars, round bars, and angles of various sizes.
USI has its manufacturing facility located at Vijaypur, Gujarat,
with an installed capacity of 11,000 metric tons per annum (MTPA).
Mr. Ashok Patel and his cousin Mr. Hasmukh Patel oversee the day
to day operations of the firm.


UNIVERSAL HEAT: CRISIL Downgrades Rating on INR140MM Loan to 'B-'
-----------------------------------------------------------------
CRISIL has downgraded its long-term rating on the bank facilities
of Universal Heat Exchangers Ltd to 'CRISIL B-/Stable' from
'CRISIL B/Stable' while reaffirming the short-term rating at
'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              140      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')
   Letter of credit &
   Bank Guarantee           195      CRISIL A4 (Reaffirmed)

The rating downgrade reflects CRISIL's belief that UHE's liquidity
will weaken over the medium term due to expected cash losses over
the medium term owing to muted revenue growth and low operating
profitability; the company is estimated to report cash losses of
INR31 million in 2013-14 (refers to financial year, April 1 to
March 31).

The ratings continue to reflect UHE's weak financial risk profile,
marked by a weak capital structure and debt protection metrics,
its large working capital requirements, and susceptibility to
volatility in raw material prices and to economic cycles. These
rating weaknesses are partially offset by UHE's established
regional position in the heat exchangers and pressure vessels
segments, aided by its promoter's extensive industry experience
and established customer relationships.

Outlook: Stable

CRISIL believes UHE will continue to benefit over the medium term
from its promoter's extensive industry experience and established
customer relationships. The outlook may be revised to 'Positive'
if UHE reports a sustainable and significant improvement in its
profitability leading to cash profits, or its promoter infuses
significant capital leading to better capital structure.
Conversely, the outlook may be revised to 'Negative' if there is a
slowdown in order inflow, its margins decline, or it undertakes
any large, debt-funded capital expenditure, adversely impacting
its financial risk profile.

Established in 1972, UHE designs and manufactures heat exchangers,
pressure vessels, and columns. Its promoter-director, Mr. Sunil
Haridas, has more than three decades of experience in this line of
business. It is based in Coimbatore, Tamil Nadu.


UTTAM FINE: CRISIL Reaffirms 'D' Rating on INR70MM Loans
--------------------------------------------------------
The rating continues to reflects instances of delay by Uttam Fine
Tex Pvt Ltd in servicing its debt; the delays have been caused by
the company's weak liquidity. CRISIL had assigned its 'CRISIL D'
rating to the long-term bank facilities of UFTPL on July 24, 2014.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               55      CRISIL D (Reaffirmed)
   Term Loan                 15      CRISIL D (Reaffirmed)

UFTPL also has a small-scale of operations and a weak financial
risk profile, marked by high gearing and weak debt protection
metrics. Furthermore, it is susceptible to risks related to
intense competition in the fragmented textile industry. However,
the company benefits from the extensive industry experience of its
promoters.

UFTPL was incorporated in 1998, promoted by Mr. Rajeev Nangalia.
The company, based in Surat (Gujarat), manufactures and trades in
grey and processed fabrics that are mainly used for making sarees
and dress materials.



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


SIGNUM VANGUARD 2005-04: S&P Puts JPY4BB CDO on Creditwatch Pos.
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on three
Japanese synthetic collateralized debt obligation (CDO)
transactions on CreditWatch with positive implications.

The CreditWatch positive placements reflect the tranche's
synthetic rated overcollateralization (SROC) levels, which
exceeded 100% with a sufficient SROC cushion at higher ratings
than the current ratings as of July 31, 2014.

S&P intends to review these tranches by the end of this month.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

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

            http://standardandpoorsdisclosure-17g7.com

RATING PLACED ON CREDITWATCH POSITIVE

Signum Vanguard Ltd.
Class A secured fixed rate credit-linked loan series 2005-04
To                      From          Amount
BB (sf)/Watch Pos       BB (sf)       JPY4.0 bil.

Class A secured floating rate credit-linked loan series 2005-06
To                      From          Amount
BB+p (sf)/Watch Pos     BB+p (sf)     JPY3.0 bil.

Hummingbird Securitisation Ltd. Series 2 loan
To                      From          Amount
BB (sf)/Watch Pos       BB (sf)       JPY3.0 bil.


TOKYO ELECTRIC: May Spin Hydroelectric, Renewable Energy Division
-----------------------------------------------------------------
Jiji Press reports that Tokyo Electric Power Co. is considering
spinning off its hydroelectric and renewable energy division when
it switches to a holding company in April 2016, informed sources
said on August 12.

A rehabilitation plan compiled last January calls on Tepco to
split the three businesses of fuel and thermal power, electricity
transmission and distribution, and retail under a holding company,
Jiji Press relates.

According to the report, sources said the company now wants to
spin off hydroelectric and renewable energy operations as well to
manage the business more efficiently as a priority area.

Tepco has been decimated by the nuclear debacle at the Fukushima
No. 1 power plant.

Jiji Press notes that to encourage new entry into the nation's
electricity market, the government plans to oblige suppliers to
separate power production from distribution and transmission in
2018-2020.

Tepco will move into a holding company to prepare for the new
obligations, and other electricity firms may follow suit, Jiji
Press adds.

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2012, Bloomberg News said Japan's government took control
of Tepco and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.

Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.

Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station.  Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.



===============
M A L A Y S I A
===============


MALAYSIA AIRLINES: Ex-Prime Minister Mahathir Criticises Takeover
-----------------------------------------------------------------
Agence France-Presse reports that influential Malaysian former
prime minister Mahathir Mohamad on August 12 criticised the
takeover of crisis-hit Malaysia Airlines by the country's
sovereign wealth fund as a recipe for more losses by the carrier.

AFP notes that sovereign fund Khazanah Nasional, which has
controlled the airline for years via a 70 per cent ownership
stake, said on August 8 it plans to buy all remaining shares, de-
list the stock, and take the carrier private before undertaking a
"complete overhaul".

The fund acted after the double tragedies of flights MH370 and
MH17 pushed Malaysia Airlines -- which had already been losing
money for years -- to the financial brink, according to the
report.

"Khazanah has been in full control of Malaysia Airlines all this
time. And all this time Malaysia Airlines has been bleeding
profusely," Tun Dr Mahathir, prime minister from 1981-2003, wrote
on his blog, AFP relays. "So why should anyone believe that with
100 per cent control Khazanah will not keep on losing."

Flight MH370 disappeared mysteriously in March with 239 people
aboard, en route from Kuala Lumpur to Beijing. No trace has been
found and the airline was widely criticized for its handling of
the crisis, AFP reports.

On July 17, MH17 was shot down over war-torn eastern Ukraine, with
another 298 people killed, notes AFP.

AFP says Mahathir suggested Khazanah may have difficulty re-
negotiating contracts with politically connected supplier
businesses that are unfavorable to MAS.

He added that the exercise will likely result in a new regime at
MAS "receiving huge salaries, allowances and bonuses, and not much
else," reports AFP.

According to AFP, some aviation experts have raised similar
concerns that politics, cronyism and Khazanah's own track record
with MAS could prevent the aggressive action needed to resuscitate
the carrier.

AFP adds that analysts said Khazanah needs to bring in a dynamic
and entirely new management team, trim its 19,500 employees in the
face of union resistance, and scrap major routes if MAS is to
survive.

Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.

Last year, Malaysia Airlines reported a net loss of MYR1.17
billion ($359 million), its third consecutive year of
net losses, according to The Wall Street Journal. In the first
three months this year, its net loss widened to MYR443 million
from MYR279 million a year earlier, the Journal disclosed.



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


BLUE CHIP: Co-Founder in Bankruptcy Release Bid
-----------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that former Blue
Chip boss Mark Bryers is trying to get out of his bankruptcy of
almost five years and so is due to have his financial affairs
examined in the High Court this November.

Mr. Bryers was declared bankrupt in October 2009, owing creditors
-- by his own estimate -- NZ$173 million, the Herald discloses.

Westpac was due NZ$11 million while failed finance company
Bridgecorp was owed NZ$47.5 million, the report notes.

The Herald says Mr. Bryers has lived across the Tasman since
before his bankruptcy.

People are normally automatically discharged from bankruptcy after
three years but in Mr. Bryers' case the Official Assignee objected
to his release, according to the Herald.

The Herald says the Blue Chip co-founder has now applied to be
discharged, which means he will go through a public examination in
the High Court at Auckland.

The Herald understands this is due to take place over three days
this November.

It has not yet been decided whether Mr. Bryers will appear for
this examination in person or via video link, the report notes.

Mr. Bryers was the co-founder of the collapsed Blue Chip property
investment company, which targeted people concerned about
retirement, the Herald discloses. Thousands of people invested
with it and were left out-of-pocket after Blue Chip's collapse.
He admitted 34 charges in 2010, including for book- and record-
keeping failures under the Companies Act and the Financial
Reporting Act. He was sentenced to 75 hours' community work and a
fine of NZ$37,500, which was reportedly left unpaid until 2012.

                         About Blue Chip NZ

Blue Chip New Zealand Ltd. was a financial services company with
offices throughout New Zealand.  It was a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division
is engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.

Northern Crest Investments, the last surviving business of Mark
Bryers' failed Blue Chip group, also went into liquidation in
June 2011.


SOUTH CANTERBURY: Execs Given No Chance to Explain, Defence Says
----------------------------------------------------------------
Kurt Bayer at the New Zealand Herald reports that a decision to
charge three South Canterbury Finance executives over allegations
of masterminding the "biggest fraud in New Zealand's history"
without first giving them a chance to explain their actions "is
nothing short of mind-boggling", a court was told August 12.

Former South Canterbury Finance (SCF) chief executive Lachie
McLeod, 50, and two of the company's former directors, lawyer
Edward Sullivan, 72, and accountant Robert White, 70, deny a
NZ$1.6 billion fraud, the report says.

According to the Herald, the Crown said their actions "contributed
directly" to SCF's collapse on Aug. 31, 2010.

Because of the company's participation in the Crown retail deposit
guarantee scheme, 35,000 investors were bailed out by the taxpayer
to the tune of NZ$1.6 billion, the Herald notes.

The Herald relates that the trial in the High Court at Timaru is
finally coming to a conclusion after 61 days of evidence spanning
five months.

According to the Herald, Pip Hall QC, representing Mr. Sullivan,
opened the joint defence submissions on August 12 with the Latin
phrase: "Fraus est odiosa et non praesumenda -- fraud is odious
and is not to be presumed."

The defence said that is precisely what the Serious Fraud Office
and the Crown has done in this case, the Herald relays.

"They have presumed fraud when it does not exist," Mr. Hall said
in opening, according to the report.

The report relates that Marc Corlett, counsel for Mr. Sullivan,
said that on December 7, 2011, the charge was "triumphantly
announced" by the Serious Fraud Office as the "biggest fraud in
New Zealand's history".

He went on to say that the investigation was the "most resource-
intensive and time-consuming in recent history," the report
relates.

"What we know now is very different," the report quotes
Mr. Corlett as saying.

Allegations of the men being involved in the biggest fraud in
New Zealand were "baseless and devoid of any merit", the defence
argued, the report adds.

The Herald relates that Mr. Corlett said the accused were never
questioned over SCF's entry into the Crown retail deposit
guarantee scheme, without ever been given the chance to explain
what had in fact happened back in 2008 and the role that they had
played.

"That people can be charged with the biggest fraud in our history
without being given the chance to explain is nothing short of
mind-boggling," Mr. Corlett, as cited by the Herald, said.

Another major failing by the SFO and the Crown was that they did
not obtain any Treasury or Reserve Bank documents, nor did they
interview anyone there before laying charges, the report says.

And the failure to interview "the decision-maker" John Whitehead,
Secretary to the Treasury, was unfathomable", the defence told the
court on Aug. 12, according to the Herald.

"Mr Whitehead was not called because wouldn't have provided the
evidence the Crown needed," the report quotes Mr. Corlett as
saying. "Only he knows what factors he took into account in
allowing South Canterbury Finance to enter into the scheme.

"Only he knows if the alleged mis-statements would have made a
difference."

The long-time SCF chairman, Timaru financier Allan Hubbard, died
after a September 2011 car crash, aged 83 -- just months after the
SFO laid 50 fraud charges against him, the Herald adds.

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



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


DONGBU GROUP: Chinese Firms Eye Semiconductor Arm
-------------------------------------------------
Yonhap News Agency reports that Chinese firms are considering
joining the bid to take over Dongbu HiTek Co., a semiconductor arm
of South Korea's cash-strapped Dongbu Group, industry sources said
August 13, with interested bidders from other countries as well.

"Along with three financial investors, there are also two more
strategic investors that expressed informal intention to join (the
acquisition deal)," Yonhap quotes a market source with knowledge
on the matter as saying.

Yonhap relates that industry sources, without much elaboration,
said the two firms are likely Chinese companies that have been
eyeing South Korean tech firms to acquire their technological
competencies and know-how amid a heightened battle among Asian
electronic giants.

The Chinese government has been fostering its chip industry,
recently raising an investment fund worth CNY120 billion (US$19.4
billion), the report relays.

According to Yonhap, Dongbu, South Korea's 18th-largest
conglomerate, and its main creditor, Korea Development Bank,
agreed to pick the preferred bidder next month to offload the
group's semiconductor affiliate.

Yonhap notes that the troubled conglomerate will sell its 37%
stake in the chip arm for an estimated price of around
KRW200 billion (US$194.65 million). Dongbu HiTek is the world's
ninth-largest foundry, which makes chip designs for other
companies that don't have a semiconductor fabrication plant, the
report notes.

South Korean tech giants, including Samsung Electronics Co. and SK
hynix Inc., have not expressed intent to join the bid, says
Yonhap.

Dongbu Group, a South Korean conglomerate whose business portfolio
ranges from insurance and construction to steelmaking, has been
under pressure from its creditors to improve its worsening
financial status, according to Yonhap.

Founded in 1997, Dongbu HiTek has been focusing on the
semiconductor business, with its portfolio covering CMOS image
sensors, power management integrated circuits and digital audio
amplifier chips, Yonhap discloses.

Dongbu is a South Korean conglomerate corporation which operates
through seven business segments with 42 subsidiaries and 35,000
employees. The Group produces industry, chemical, shipping,
insurance and financial products.



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


* VIETNAM: Restructuring Plan of 11 Commercial Banks Approved
-------------------------------------------------------------
Biz Hub reports that the State Bank of Viet Nam (SBV) Governor has
approved a plan for restructuring of 11 of the 14 joint stock
commercial banks in HCM City.

Fourteen commercial banks in HCM City had earlier submitted a
restructuring plan for the term 2013 to 2015 to the SBV Governor
for approval, Biz Hub relates citing Dien Dan Dau Tu (Investment
Forum) online.

According to the report, the Governor rejected the restructuring
plans of Sai Gon Thuong Tin commercial bank, HCM City Development
Bank and Southern Bank.

Regarding the progress of the restructuring plan, the HCM City-
based State Bank branch reported that in 2012, three banks -- De
Nhat Commercial Joint Stock Bank, Viet Nam Tin Nghia Bank and Sai
Gon Commercial Bank -- had merged to form the Sai Gon Joint Stock
Commercial Bank, according to Biz Hub.

Biz Hub notes that only the Nam Viet Joint Stock Commercial Bank
is processing contents related to the restructuring scheme, which
was approved by the SBV Governor under the supervision of the HCM
City State Bank branch.

According to the report, former central bank governor Cao Sy Kiem,
who is now chairman of the Viet Nam Association of Small and
Medium Sized Enterprises, said it was fortunate that no commercial
bank located in HCM City was facing disruptions despite their
weaknesses and difficult finances.

Biz Hub, citing HCM City-based State Bank branch, discloses tht
the total charter capital of the 14 commercial banks in the city
reached VND86.77 trillion (US$4.1 billion) by February this year
which was not too different as compared to late 2013.

Of this figure, Sai Gon Thuong Tin Commercial Bank had the highest
charter capital of VND12.425 trillion ($592 million). Currently,
the total assets of the 14 banks reached
VND1.192 trillion (US$56.3 billion) down by 0.6 per cent against
2013, Biz Hub relays.

Biz Hub adds that Le Manh Ha, Deputy Chairman of the HCM City
People's Committee, said that the merger of Southern Bank and Sai
Gon Thuong Tin Commercial Bank had been approved in principle by
Governor Nguyen Van Binh.


                             *********

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

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

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


                            *********


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

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

Copyright 2014.  All rights reserved.  ISSN: 1520-9482.

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



                 *** End of Transmission ***