TCRAP_Public/140827.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

          Wednesday, August 27, 2014, Vol. 17, No. 169


                            Headlines


A U S T R A L I A

BOART LONGYEAR: Warns of Risks to Financial Survival
EVELUTION PTY: In Administration; First Meeting Set For Sept. 3
FLEURIE PTY: Placed in Administration
SOUTHERN ENGINEERING: Placed in Voluntary Administration


C H I N A

SUNWIN STEVIA: RBSM LLP Raises Going Concern Doubt
XINYUAN REAL: S&P Revises Outlook to Neg. & Affirms 'B+' LT CCR


I N D I A

AATHI VELAN: CRISIL Assigns 'B+' Rating to INR55MM Cash Credit
ASHA ENTRADE: CRISIL Assigns 'B+' Rating to INR75MM Term Loan
ASHIRWAD STRIPS: CRISIL Reaffirms B Rating on INR125M Cash Credit
BALAJI ELECTROSTEELS: ICRA Suspends 'D' Rating on INR20.7cr Loan
BHARGAB ENG'G: CRISIL Reaffirms 'C' Rating on INR20MM Cash Credit

CHOUKSEY ENTERTAINMENT: ICRA Reaffirms B Rating on INR5.29cr Loan
DHARANIDARA SPINNING: CRISIL Puts D Rating on INR50MM LOC
DODHIA TECHNO: CRISIL Cuts Rating on INR60MM Cash Credit to B-
E&C PROJECTS: ICRA Reaffirms B- Rating on INR2.70cr LT Loan
HARIOM PULSES: ICRA Reaffirms 'B' Rating on INR4.32cr LT Loan

JAIN-ASHAPURI DEVELOPERS: CRISIL Cuts INR200MM Loan Rating to 'D'
KALYANI RENEWABLE: CRISIL Reaffirms D Rating on INR555M Term Loan
LIVANTO CERAMIC: CRISIL Reaffirms B+ Rating on INR60MM Term Loan
RAJMAL LAKHICHAND: ICRA Suspends D Rating on INR15cr LT Loan
REFLEXIONS NARAYANI: ICRA Puts 'B+' Rating on INR18.6cr Term Loan

RUDRA INFRADEVELOPERS: ICRA Reaffirms B Rating on INR25cr LT Loan
SHREE ASHAPURA: CRISIL Assigns 'C' Rating to INR50MM Cash Credit
SRI GAJPATI: CRISIL Assigns 'B' Rating to INR60MM Bank Loan
TRIMURTI FOODTECH: CRISIL Reaffirms B- Rating on INR80M Term Loan
VASANI POLYMERS: ICRA Assigns 'B' Rating to INR7.82cr Term Loan

VBC INDUSTRIES: CRISIL Reaffirms D Rating on INR100MM Cash Credit


I N D O N E S I A

KAWASAN INDUSTRI: Fitch Affirms 'B+' LT Issuer Default Rating


                            - - - - -


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


BOART LONGYEAR: Warns of Risks to Financial Survival
-----------------------------------------------------
The Sydney Morning Herald reports that Boart Longyear has warned
of "material uncertainty" to its financial survival, without
finalising a planned recapitalisation.

The group was commenting with the release of June half earnings
which disclosed a loss of US$142.8 million (AUD153.6 million) down
from US$329.4 million a year earlier, SMH relates.

For the full year, it said it agreed with analyst estimates of
full year revenue of around US$842 million, an EBITDA profit of
US$47 million and net debt of US$531 million, according to SMH.
In the June half, the normalised EBITDA profit totalled US$18.7
million, the report discloses.

But without a restructuring, it is unlikely to comply with debt
covenants by mid-2015, notwithstanding a recent easing of some of
the conditions surrounding its funding, SMH relays.

"There is material uncertainty that may cast significant doubt on
the ability of the company to continue as a going concern," the
company, as cited by SMH, warned.

The company said survival prospects depend on it successfully
concluding its recapitalisation options and concluding any
recapitalisation by mid-2015, the report adds.


EVELUTION PTY: In Administration; First Meeting Set For Sept. 3
---------------------------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrators of Evelution Pty Ltd on Aug. 22, 2014.

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


FLEURIE PTY: Placed in Administration
-------------------------------------
Glenn J. Franklin and Jason G. Stone of PKF Lawler Melbourne were
appointed as administrators of Fleurie Pty. Ltd. on Aug. 25, 2014.

A first meeting of the creditors of the Company, or a first
meeting for each of the Companies will be held at PKF Lawler
Melbourne, Level 13, 440 Collins Street, in Melbourne, on
Sept. 4, 2014, at 10.30 a.m.


SOUTHERN ENGINEERING: Placed in Voluntary Administration
--------------------------------------------------------
Cara Waters at SmartCompany reports that Southern Engineering
Services has collapsed with Shaun Fraser --
sfraser@mcgrathnicol.com -- and Barry Kogan --
bkogan@mcgrathnicol.com -- of McGrath Nicol appointed as voluntary
administrators.

SmartCompany says the administrators have assumed control of SES
and are undertaking an "urgent review" of its operations.
This review resulted in the administrators making 21 employees
redundant, the majority located at SES' Unanderra and Kurri Kurri
locations, the report relates.

According to the report, Mr. Fraser said making the redundancies
"was not a decision taken lightly".

"The redundancies are regrettable but necessary as we work to
place the company's operations on a viable footing," SmartCompany
quotes Mr. Fraser as saying.  "Our focus now is on pursuing
available options to position Southern Engineering for sustainable
operations in future."

The administrators are unable to provide information on the reason
behind SES' collapse but the administration follows the high
profile collapse of another engineering company operating in the
mining industry, Forge Group, earlier this year, the report notes.

The first creditors meeting will be held in Sydney on August 28,
SmartCompany discloses.

SES operates several mining services businesses and employs around
130 staff in locations across New South Wales, Queensland and
Western Australia.  The business has been operating for 25 years
and is owned by chairman Paul Wenham.



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


SUNWIN STEVIA: RBSM LLP Raises Going Concern Doubt
--------------------------------------------------
Sunwin Stevia International, Inc., reported a net loss of
$3.07 million on $9.17 million of revenues for the fiscal year
ended April 30, 2014, compared with a net loss of $4.01 million on
$7.3 million of revenues in 2013.

RBSM LLP expressed substantial doubt about the Company's ability
to continue as a going concern, citing that the Company has
incurred significant losses.

The Company's balance sheet at April 30, 2014, showed $28.84
million in total assets, $5.34 million in total liabilities and
stockholders' equity of $23.5 million.

A copy of the Form 10-K filed with the U.S. Securities and
Exchange Commission is available at http://is.gd/ddlmzj

Shandong, China-based Sunwin Stevia International, Inc., a Nevada
corporation, sells stevioside, a natural sweetener, as well as
herbs used in traditional Chinese medicines and veterinary
products.  Substantially all of the Company's operations are
located in the People's Republic of China.


XINYUAN REAL: S&P Revises Outlook to Neg. & Affirms 'B+' LT CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
rating outlook on China-based property developer Xinyuan Real
Estate Co. Ltd. to negative from stable.

At the same time, S&P affirmed its 'B+' long-term corporate credit
rating on Xinyuan and its 'B+' long-term issue rating on the
company's outstanding senior unsecured notes.  As a result of the
outlook revision, S&P lowered its long-term Greater China regional
scale rating on Xinyuan and its notes to 'cnBB-' from 'cnBB'.

"We revised the outlook to reflect our view that Xinyuan's
leverage is likely to rise materially in 2014 because of a decline
in margins and the company's aggressive debt-funded capital
expenditure to expand scale," said Standard & Poor's credit
analyst Dennis Lee.  The company's cash flow protection measures,
such as debt-to-EBITDA ratio and EBITDA interest coverage, are
therefore likely to weaken in 2014 before recovering marginally in
2015.

S&P expects Xinyuan's debt-to-EBITDA ratio to weaken to more than
5x in 2014.  However, the company's financial performance could
improve in 2015 because sales are likely to ramp up owing to the
enlarged scale; S&P also expects a slight recovery in margins.  In
addition, S&P anticipates that Xinyuan will manage its balance
sheet and land bank with discipline, given the company's history
of prudent financial management.

The company's profit margin has deteriorated beyond S&P's
expectation so far this year.  S&P attributes the decline to
increased production costs, higher expenses related to newly
launched projects in new markets, and payment of project bonus to
senior management.

S&P forecasts that Xinyuan's margins will improve starting from
the second half of 2014 because expenses for the geographical
expansion and new launches are likely to gradually decrease.  S&P
also anticipates that the company will increase selling prices as
it launches subsequent phases of its existing projects.  In
addition, Xinyuan plans to launch some projects in upper-tier
cities in late 2014 and 2015.  S&P believes these projects have
higher margins than the existing ones.

S&P anticipates that Xinyuan's debt will remain high over the next
two years to finance the company's fast expansion.  In the first
six months of 2014, the company spent about Chinese renminbi (RMB)
4 billion to acquire land, including in new cities such as Xi'an,
Shanghai, Changsha, Sanya, and Xingyang.  The geographic expansion
could stretch Xinyuan's resources and increase its execution risk.
Moreover, construction expenditure on the company's new projects
is likely to remain high in 2014 and 2015.  In S&P's base-case
scenario, it estimates the total capital expenditure for land
acquisitions and construction to increase to RMB10 billion in 2014
and remain at a similar level in 2015.  Growth in sales over the
period will temper the impact of the increase in debt.

S&P could lower the rating if: (1) Xinyuan's profitability doesn't
improve from the level in the first half of 2014; or (2) the
company's debt-funded expansion is more aggressive than S&P
expects, such that the debt-to-EBITDA ratio remains above 5x with
no sign of improvement.

S&P could revise the outlook to stable if: (1) Xinyuan's financial
management is disciplined while the company expands its scale, in
particular for investments in land bank; and (2) the company's
sales and margins recover in line with S&P's expectation and
improve its cash flow protection measures in 2015.



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


AATHI VELAN: CRISIL Assigns 'B+' Rating to INR55MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Aathi Velan Mills.

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

   Proposed Long Term
   Bank Loan Facility        25      CRISIL B+/Stable

The rating reflects AVM's modest scale of operations in the
intensely competitive and highly fragmented textile industry, and
its below-average financial risk profile, marked by modest net
worth and weak debt protection metrics. These rating weaknesses
are partially offset by its promoter's extensive experience in the
textile industry.

Outlook: Stable

CRISIL believes AVM will continue to benefit over the medium term
from its promoter's extensive experience in the textile industry.
The outlook may be revised to 'Positive' if the firm reports a
sustainable increase in its revenue and profitability, thereby
strengthening its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if AVM generates lower-than-expected
cash accruals or undertakes any large debt-funded capital
expenditure programme, resulting in deterioration in financial
risk profile.

Established in 2006 as a proprietorship firm, AVM manufactures
cotton yarn. The firm is based in Coimbatore (Tamil Nadu) and is
promoted by Mr. P Gopalaswamy.


ASHA ENTRADE: CRISIL Assigns 'B+' Rating to INR75MM Term Loan
-------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating on the long-term
bank facilities of Asha Entrade Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 75      CRISIL B+/Stable

The rating reflects AEPL's susceptibility to funding risks
accentuated by the high reliance on customer advances coupled with
term debt repayments during the construction phase of the project.
The rating also reflects company's geographical concentration and
susceptibility to cyclicality in the real estate industry. These
rating weaknesses are partially offset by moderate demand risk
reflected by healthy booking and the promoters' industry
experience and expected funding support from them.

Outlook: Stable

CRISIL believes that AEPL will benefit from the extensive
experience of its promoters in the real estate industry and their
funding support over the medium term. The outlook may be revised
to 'Positive' in case of timely project completion along with
higher-than-expected customer advances resulting in an improvement
in the company's liquidity. Conversely, the outlook may be revised
to 'Negative' in case of time or cost overrun in relation to the
project or in the event of lower-than-expected ramp up in customer
advances leading to lower-than-expected cash inflows or large debt
funding of its current project pressurizing the company's
liquidity.

AEPL was set up in 2012 by Mr Mr. Suresh Jain, Mr. Rajesh Kumar
Surana, and Mr. Ashok Jain. The company is engaged in real estate
development and is currently engaged in development of a
commercial-cum-residential real estate project of about 78,000 sq
ft in Ulwe.


ASHIRWAD STRIPS: CRISIL Reaffirms B Rating on INR125M Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on bank facilities of Ashirwad Strips Pvt. Ltd.
continues to reflect  ASPL's weak financial risk profile and
exposure to risks relating to small scale of operations in a
highly fragmented industry. These weaknesses are partially offset
by the benefits that ASPL derives from the extensive experience of
its promoters and from its unit's favourable location.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              125      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility         5      CRISIL B/Stable (Reaffirmed)
   Term Loan                 20      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ASPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if ASPL's financial risk
profile improves, backed by strong revenues and profitability, or
improved capital structure. Conversely, the outlook may be revised
to 'Negative' if the company's financial risk profile deteriorates
on account of decline in profitability or revenues, low cash
accruals, or sizeable debt-funded capital expenditure.

Update
ASPL is estimated to report top-line of Rs 560 million in 2013-14
(refers to financial year, April 1 to March 31), registering a
growth of 24 per cent on a year-on-year basis. The company has
successfully commissioned its TMT unit with capacity of 60 TPA
(tonnes per annum) during the year. With commission of new unit,
the company has also diversified its customer base by expanding to
regions such as Uttar Pradesh & parts of National Capital Region
(NCR). CRISIL believes that the company would continue to post
steady growth in its top-line backed by increasing orders from its
old & new customers. ASPL's profitability continues to be in the
range of 3 to 4 per cent.

ASPL's ratings are constrained by its weak financial risk profile.
In 2013-14 the company's working capital cycle increased as
reflected by gross current assets (GCAs) of 132 days as against 95
days in the previous year. The same was largely due to stretch in
receivables collection period as the company ventured into new
region. Over the medium term, CRISIL believes that ASPL will
continue to operate with large receivables cycle. The company's
financial profile is weak as demonstrated by its capital structure
of slightly over 3 times, weak interest cover at 1.4 times and net
cash accruals to total debt (NCATD) at 0.05 times. Even though the
promoters have infused equity to the extent of Rs 42 million, the
financial profile remains constrained on account of increase in
working capital requirements which have led to a significant
increase in debt contracted by the company.  Over the medium term,
CRISIL believes that ASPL would continue to operate at an average
financial risk profile.

ASPL incorporated in 2006 by Mr. Ashok Jain, manufactures rounds,
squares and flats at its facility at Gobindgarh, Punjab.


BALAJI ELECTROSTEELS: ICRA Suspends 'D' Rating on INR20.7cr Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR20.70 crore
fund based, working capital facility, and [ICRA]D rating to the
INR12.08 crore, short term, non-fund based facilities of Balaji
Electrosteels Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


BHARGAB ENG'G: CRISIL Reaffirms 'C' Rating on INR20MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhargab Engineering
Works continue to reflect BEW's weak liquidity, as reflected in
its high bank limit utilisation with instances of overdrawn
limits.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              20       CRISIL C (Reaffirmed)
   Packing Credit           30       CRISIL A4 (Reaffirmed)

The rating continues to reflect BEW's large working capital
requirements and below-average financial risk profile. These
rating weaknesses are partially offset by the extensive experience
of the firm's promoter in the tea-blending-and-cleaning-machine
manufacturing business.

Update
BEW's business risk profile weakened in 2012-13 (refers to
financial year, April 1 to March 31), with its turnover declining
to INR190.7 million from INR222.5 million in the previous year.
The decline was due to a minor shift in focus from its core
manufacturing business to undertake a heavy engineering contract
from Hindustan Construction Company Ltd, which also resulted in
delayed collections. However, in 2013-14, the firm's business risk
profile has improved as it again started concentrating on its core
business of manufacturing tea-blending-and-cleaning machinery.
This resulted in its turnover increasing by 22 per cent year-on-
year to INR232.3 million in 2013-14. BEW's operating margin has
remained in the range of 6.8 to 7.2 per cent in the two years
ended March 31, 2014.

BEW's working capital requirements have remained large on account
of stretched debtors and high inventory requirements. Its gross
current assets were high at 230 days and 221 days at the end of
2012-13 and 2013-14, respectively, on account of high inventory
and debtors of 146 days and 48 days, respectively, at the end of
2012-13, and 116 days and 78 days, respectively, at the end of
2013-14.

BEW's financial risk profile remains below average, with high
gearing of 1.85 times against a modest net worth of INR38.6
million, as on March 31, 2014. Its debt protection metrics were
average, with interest coverage and net cash accruals to total
debt ratios at 2.3 times and 0.11 times in 2013-14.

Due to the working-capital-intensive nature of its operations, the
firm's bank line of INR50 million remains fully utilised with
instances of overdrawn cash credit limits. CRISIL believes that
BEW's liquidity will remain weak over the medium term due to its
highly working-capital-intensive operations and low cash accruals.

BEW, on a provisional basis, reported a profit after tax (PAT) of
INR3.59 million on net sales of INR232.3 million for 2013-14, as
against a PAT of INR2.80 million on net sales of INR190.7 million
for 2012-13.

BEW was established in 1954 by the late Mr. Pranatosh Kumar Sen in
Kolkata (West Bengal). The firm is currently being managed as a
partnership concern by his sons, Mr. Sanjib Kumar Sen and Mr.
Aritra Ranjan Sen. It has been manufacturing tea-blending-and-
cleaning machinery since 1970; it mostly supplies in international
markets but also supplies in the domestic market. It has its
assembling shop at Benaras Road, Howrah (West Bengal).


CHOUKSEY ENTERTAINMENT: ICRA Reaffirms B Rating on INR5.29cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B and the short-
term rating of [ICRA]A4 for the INR6.0 Crore bank facilities of
Chouksey Entertainment Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loan             5.29        [ICRA]B reaffirmed
   Unallocated           0.71        [ICRA]B/[ICRA]A4 reaffirmed

The ratings reaffirmation takes into account the experience of
promoters in the cable television distribution business, having
operated as local cable operators (LCOs) in Jabalpur for the last
two decades. Currently, CEL is operating as a multi systems
operator (MSO) in Jabalpur which was amongst the cities to be
digitized in phase-2 of the digitization mandate from Ministry of
Information and Broadcasting (MIB). The digital cable services
business has a high growth potential which would augur well for
the long-term revenue growth of the company. CEL tied up with
Hathway for digitizing the 1 lac analog cable connections which it
had in Jabalpur and would work towards the seeding of set-top
boxes (STB) in the areas covered under phase-3 and phase-4 cities
as well (for which CEL has obtained registration to ply as an MSO)
in the next six months. However, the ratings are constrained due
to the high degree of competition faced by CEL from other MSOs
engaged in providing cable television services and from players
providing services on alternate technology platforms like Direct-
to-Home (DTH). Due to poor subscription revenue collections and
non-recognition* of STB activation fee as revenue, CEL recorded
modest revenues and profits in FY14. The return indicators are
estimated to remain under pressure over the short to medium term
in view of the capital intensive nature of business and time lag
in pay-offs. The ability of the company to achieve moderate
seeding of STBs for the remaining areas in the final two phases of
MIBs digitization initiative, monetize the already seeded market
in order to generate healthy cash flows would be the key rating
sensitivities going forward.

Established in 2012 as a public limited company, Chouksey
Entertainment Limited (CEL) is engaged in the distribution of
digital cable systems as a multi system operator (MSO). It was
formed after the aggregation of multiple local cable operators
(LCOs) based out of Jabalpur. CEL has received permanent
registration to operate as MSOs in eight states, namely,
Maharashtra, Chhattisgarh, Bihar, Madhya Pradesh, Rajasthan, Uttar
Pradesh, Gujarat and Odisha. The building at Jabalpur, which
houses the cable infrastructure is owned by the directors of CEL
and it has been taken on lease from them.


DHARANIDARA SPINNING: CRISIL Puts D Rating on INR50MM LOC
---------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Dharanidara Spinning Mills Pvt Ltd, and has assigned
its 'CRISIL D/CRISIL D' rating to the facilities. CRISIL had, on
November 7, 2013, suspended the rating as DSPL had not provided
necessary information required to maintain a valid rating. DSPL
has now shared the requisite information, enabling CRISIL to
assign a rating to the bank facilities.

                              Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
   Cash Credit                   40        CRISIL D (Assigned;
                                           Suspension revoked)

   Foreign Bill Negotiation      12.5      CRISIL D (Assigned;
                                           Suspension revoked)

   Inland Bills Payable          20        CRISIL D (Assigned;
                                           Suspension revoked)

   Letter Of Guarantee           16.9      CRISIL D (Assigned;
                                           Suspension revoked)

   Letter of Credit              50        CRISIL D (Assigned;
                                           Suspension revoked)

   Packing Credit                 7.5      CRISIL D (Assigned;
                                           Suspension revoked)

   Proposed Long Term             3.1      CRISIL D (Assigned;
   Bank Loan Facility                      Suspension revoked)

   Term Loan                     45        CRISIL D (Assigned;
                                           Suspension revoked)

The ratings reflect instances of delay by DSPL in servicing its
term debt obligations. The delays have been caused by DSPL's weak
liquidity.

DSPL also has a weak financial risk profile marked by small net
worth and weak capital structure, and modest scale of operations
in an intensely competitive and fragmented textile industry. DSPL,
however, benefits from its promoters extensive industry
experience.

DSPL, incorporated in 1994, derives its revenue through sale of
cotton yarn (~90%) and export of RMG garments (~10%).

DSPL reported a profit after tax (PAT) of INR26 million on total
revenue of INR473 million for 2012-13 (refers to financial year
April 1 to March 31), as against a loss of INR26 million on total
revenue of INR353 million for 2011-12.


DODHIA TECHNO: CRISIL Cuts Rating on INR60MM Cash Credit to B-
--------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank facilities
of Dodhia Techno Engineering Private Limited to 'CRISIL B-/Stable'
from 'CRISIL B/Stable' while reaffirming on the short term bank
facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee             1      CRISIL A4 (Reaffirmed)

   Cash Credit               60      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit           4      CRISIL A4 (Reaffirmed)

   Proposed Long Term        10      CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that DTEPL's
business risk profile will remain under pressure on account of
longer-than expected gestation period of the projects leading to
high levels of inventory. The company's revenue is expected to
decline around INR6 million in 2013-14 (refers to financial year
April 01 to March 31) from INR79.2 million in 2012-13. The company
did not register any material sales in 2013-14 as there was delay
in the completion of the projects. The company's estimated
inventory of INR220 million as on March 31, 2014 is high because
of long gestation period of the projects. While the revenues are
expected to improve over the near term as some projects are at
completion stage, the sustainability of improvement in revenues
over the medium term will remain a key rating sensitivity factor.
CRISIL believes that DTEPL's business risk profile will remain
constrained over the medium term marked by high levels of
inventory.

Outlook: Stable

CRISIL believes that Dodhia Techno Engineering Pvt Ltd will
continue to benefit over the medium term from its promoters'
extensive experience in manufacturing industry. The outlook may be
revised to 'Positive' in case there is significant and sustained
improvement in the company's revenue growth while maintaining its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' in case of a further stretch in its
working capital cycle impacting the company's liquidity.

DTEPL, established in 1996 by Mumbai based Dodhia family, is a 100
per cent Export-oriented unit engaged in execution of turnkey
projects for various industries including plastics, food and
beverages, chemicals, packaging, and sugar amongst others. The
company undertakes the projects in Africa. Mr. Bipin Dodhia
oversees the day to day operations of the company.

DTEPL reported a net profit of INR 4.1 million on net sales of
INR79.1 million in 2012-13 against net profit of INR6.9 million on
net sales of INR62.4 million in 2011-12.


E&C PROJECTS: ICRA Reaffirms B- Rating on INR2.70cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the rating at [ICRA]B- for INR5.50 crore long-
term fund based and non-fund based facilities of E&C Projects
Private Limited. ICRA has also reaffirmed rating at [ICRA]A4 for
INR1.50 crore short-term non-fund based facilities of ECP.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long Term: Fund           2.70         [ICRA]B- Reaffirmed
   Based Limits

   Long Term: Non-           2.00         [ICRA]B- Reaffirmed
   Fund Based Limits

   Long Term: Unallocated    0.80         [ICRA]B- Reaffirmed

   Short Term: Non-Fund      1.50         [ICRA]A4 Reaffirmed
   Based Limits

The rating reaffirmation takes into account the company's high
dependence on few orders given its modest scale of operations,
resulting in vulnerability of the revenues to execution delays.
While the operating income (OI) of the company declined to INR6.7
crore (provisional) during FY-14 from INR12.71 crore in the
previous financial year; however it should be noted that a large
proportion of OI in FY-13 pertains to a single order of the
previous financial year, which got approved and billed in FY-13.
Although the current order book position of INR18.6 crore which is
to be executed by March-2015 lends revenue visibility; however
given that the company has witnessed delays in execution and
approvals in the past, its ability to convert the entire current
order book in to sales revenues by FY-15 itself would be tested.
Since a part of the total order value is retained by the customer
as retention money, the debtors of the company remains high which
along with inventory requirement for order execution result in
working capital requirements. The fixed priced nature of orders
exposes the operating profitability to fluctuation in raw material
prices such as steel, however given the relatively shorter order
execution cycle; this risk is mitigated to some extent. The
ratings continues to favourably take into account the reputed
customer profile of the company with some relationship developed
over a period of time as also reflected in repeat orders and the
active involvement of the promoter who has over a decade of
experience in the designing, fabrication and commissioning of
engineering equipments.

Going forward, ability of the company to execute the existing
order book and secure approval post execution of same within a
reasonable time frame is critical to achieve revenue growth, which
along with maintenance of adequate profitability margins and
liquidity position, will be the key rating sensitivities.

ECP was incorporated in FY-2002 and is engaged in engineering,
construction and commissioning of engineering equipments such as
pressure vessels, boilers and tanks. The company is promoted by
Mr. Vivek Sharma who was earlier engaged in the similar line of
business through another partnership firm Engineers & Consultants
since 1997. In FY-2002, the partnership firm was closed and the
operations were shifted to ECP.


HARIOM PULSES: ICRA Reaffirms 'B' Rating on INR4.32cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR4.32
crores fund based limits and short term rating of [ICRA]A4 to the
INR3.00 crores fund based limits of Hariom Pulses.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits-     4.32        [ICRA]B reaffirmed
   Long Term

   Fund Based Limits-     3.00         [ICRA]A4 reaffirmed
   Short Term

The assigned rating continues to take into account the weak
profitability of the firm due to stiff competition in the industry
and the exposure of the company to the agro climatic risks which
can affect the availability and prices of the raw material. The
rating further takes note of the modest coverage indicators
arising out of low profitability and small scale of operations of
the business.

The ratings however, favorably take into account the long standing
experience of promoters with strong relationships with several
customers and suppliers along with proximity of the mill to major
agro growing area which results in easy availability of raw
materials.

Recent Results
HOP reported a net profit of INR0.25 crores on an operating income
of INR50.49 crores for the year ended March 31st, 2013 and a net
profit of INR0.28 crores on an operating income of INR52.48 crores
for the year ended March 31st, 2014.

Hariom Pulses was established in the year 2002 as a partnership
concern with Mr Omprakash Multani and Mr Harish Kumar Multani as
partners having equal profit sharing ratio. The firm is engaged in
the business of trading and processing of grains. HOP's factory is
located in Katni, Madhya Pradesh and has a capacity of 14000 MT
per annum.


JAIN-ASHAPURI DEVELOPERS: CRISIL Cuts INR200MM Loan Rating to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Jain-Ashapuri Developers Unit-II (JAD) to 'CRISIL D' from
'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       200      CRISIL D (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan                100      CRISIL D (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects instances of delay by JAD in
servicing its debt. The delays were caused by the firm's weakened
liquidity, driven by lower-than-expected customer advances
following a slowdown in the pace of bookings. The expected
improvement in customer advances will drive the rating action over
the medium term.

JAD is also exposed to risks related to completion and saleability
of its ongoing project and to the inherent risks and cyclicality
in the real estate industry. However, the firm benefits from the
extensive experience of its promoters in the real estate industry
and its established market position in Pune (Maharashtra).

JAD is a part of the Jain Ashapuri group, which undertakes
residential real estate development in Pune. JAD, set up in 2009,
is constructing eight residential buildings in Pune under the name
Eisha Pearl.

The Jain Ashapuri group was set up in the early 1990s by Mr.
Jayesh Kumar Jain, Mr. Bharat Jain, Mr. Ramesh Oswal, and Mr.
Ashok Kurani. Over the past two decades, the group has developed a
total of about 1.5 million square feet of real estate properties
in Pune.


KALYANI RENEWABLE: CRISIL Reaffirms D Rating on INR555M Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kalyani
Renewable Energy India Limited continues to reflect instances of
delay by KRE in servicing its debt.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Proposed Long Term        145       CRISIL D (Reaffirmed)
   Bank Loan Facility
   Term Loan                 555       CRISIL D (Reaffirmed)

The delays have been caused by the company's weak liquidity as its
power-generation unit has not commenced commercial operations as
was scheduled. The company's account has been classified as a non-
performing asset by its bankers.

KRE is exposed to risks related to the implementation and
stabilization of its power-generation unit. However, the company
benefits from the assured offtake of its power output under its
power purchase agreement (PPA) with Maharashtra State Electricity
Distribution Company Ltd.

KRE was incorporated in 2006 by Mr. V Narayana Rao. The company is
setting up a 15-megawatt biomass power generation plant at Balapur
Mini Industrial Area in Akola, Maharashtra.


LIVANTO CERAMIC: CRISIL Reaffirms B+ Rating on INR60MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Livanto Ceramic
Private Limited (LCPL) reflect its weak financial risk profile,
marked by high gearing and weak debt protection metrics, and
exposure to high competition in ceramic tiles industry. These
rating weaknesses are partially offset by the extensive industry
experience of LCPL's promoters and its strategic location.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          7.5      CRISIL A4 (Reaffirmed)
   Cash Credit            30        CRISIL B+/Stable (Reaffirmed)
   Term Loan              60        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LCPL will benefit from its promoters'
extensive experience in the ceramic tiles industry. However, its
financial risk profile is expected to be constrained due to high
gearing and weak debt protection measures. The outlook may be
revised to 'Positive' if it successfully ramps up the operations
and reports better-than-expected top line and profitability along
with an improvement in the financial risk profile. Conversely, the
outlook may be revised to 'Negative' if it undertakes debt-funded
capital expansion plans, its working capital requirements increase
significantly or reports lower-than-expected revenues or
profitability.

Update
For 2013-14 (refers to financial year, April 1 to March 31),
LCPL's turnover is estimated to be around INR254 million and de-
grew by around 5 per cent year on year (y-o-y). The turnover
declined due to breakdown of operations due to month long strike
by the Morbi based ceramic players in 2013-14. However, in the 1st
quarter of current year of 2014-15, the company is estimated to
generate turnover of around INR70 million and CRISIL expects that
the company would be able to post the revenues in the range of
INR280 to 300 million for the entire year. Over the medium term
the company is estimated to grow at modest pace at rate of 10 to
15 per cent.

LCPL's operating profitability is estimated to be moderate at
around 12 per cent in the year 2013-14.The operating margins
expanded y-o-y by around 2 per cent due to improved cost
management and average realization. In the current year 2014-15
the profitability is expected to be around 11 to 12 per cent at
operating level and CRISIL expects the profitability at the
operating level to be sustained at current levels over the near to
medium term. In the year 2013-14, the company's operating cycle
increased in lines with expectation with its gross current assets
(GCA) days at 148 days vs. 118 days a year earlier. The working
capital cycle increased due to higher than expected inventory
holdings & marginal increase in book debts. Over the medium term
CRISL expects LCPL's GCA to remain high in the range of 145-150
days and the overall working capital requirements is expected to
rise with its scale of operations.

As of March 2014, the gearing is estimated to remain high at
around 2.1 times, on account of decrease in overall debt by around
INR10 million vs. modest accruals. With the no major debt funded
capex over the medium term coupled with moderate working capital
requirements, the gearing is expected to be in the range of 1.5 to
1.8 levels over the medium term. Over the medium term he financial
risk profile is expected to be below average due to low networth,
moderate to high gearing and above average debt protection metrics
and stretched liquidity.

LCPL's profit after tax (PAT) and sales are estimated at INR1.9
million and INR253.7 million, respectively, for 2013-14; it
reported PAT of INR1.3 million on sales of INR267.2 million for
2012-13.

Incorporated in February 2011, LCPL has a non-vitrified ceramic
floor tile manufacturing unit in Morbi (Gujarat). LCPL is promoted
by Mr. Praful Patel, Mr. Prafulkumar Detroja, Mr. Rameshkumar
Patel, Mr. Nileshkumar Desai, Mr. Jayesh Rangpariya, and Mr.
Anilkumar Surani The unit commenced its commercial production
since October 2011.


RAJMAL LAKHICHAND: ICRA Suspends D Rating on INR15cr LT Loan
------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR15.00 Crore
long term fund based limits and INR15.00 Crore short term non fund
based limits of Rajmal Lakhichand & Sons. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


REFLEXIONS NARAYANI: ICRA Puts 'B+' Rating on INR18.6cr Term Loan
-----------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ assigned to the
INR1.00 crore (INR34.00 crore enhanced from INR33.00 crore) fund
based bank facilities of Reflexions Narayani Impex Private
Limited. ICRA has long term rating of [ICRA]B+ outstanding on
INR33.00 crore fund based bank facilities and short term rating of
[ICRA] A4 outstanding on INR4.00 crore short term fund based bank
limits of RNIPL.

                         Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loans               18.6       [ICRA]B+ outstanding
   Overdraft Facility       15.4       [ICRA]B+
                                       assigned/outstanding
   Packaging Credit          2.0       [ICRA] A4 outstanding
   Foreign Bill Purchase     2.0       [ICRA] A4 outstanding

The rating reaffirmation takes into account RNIPL's continued
reliance on a single client for majority of its sales. ICRA notes
that reduced business with this client in FY14 resulted in decline
in capacity utilization during the year. The company also remains
exposed to exchange rate fluctuations due to high reliance on
exports, albeit partially mitigated to an extent by the import of
key raw materials. The ratings however, draw comfort from the
experience of the company of more than two decades in the leather
industry, presence of reputed clientele in the leather goods
segment and the high net profitability recorded by it in the last
few years, supported by healthy lease rentals from reputed tenants
for the commercial space developed by it. While gearing remains at
a low level, debt coverage indicators continue to remain
depressed. Going forward the ability of the company to scale up
its leather operations and improve its profitability, while
continuing to collect adequate rentals from its commercial
property in a timely manner shall remain key rating sensitivities.

RNIPL, promoted by Mr. Satyabrata Mukherjee was incorporated in
1994 and is engaged in the manufacture and exports of leather
products like wallets/ purses, bags, passport holders, luggage
ware etc for both men and women. The manufacturing facility of the
company is located in Kasba Industrial Estate in Kolkata with an
installed capacity of around 8 lakh pieces per annum. The company
is a 100% export oriented unit. Apart from the leather business,
the company also forayed into the real estate business, by
developing a commercial property in the name of 'Rene Tower' in
Kolkata.

Recent Results
RNIPL registered a profit before tax of INR12.44 crore
(provisional) on the back of an operating income of INR27.34 crore
during FY14 as against a profit after tax of INR6.05 crore on an
operating income of INR27.41 crore in FY13.


RUDRA INFRADEVELOPERS: ICRA Reaffirms B Rating on INR25cr LT Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR25.00
crore fund-based bank facilities of Rudra Infradevelopers Private
Limited at [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund        25.0         [ICRA]B Reaffirmed
   Based Facilities

The rating reaffirmation continues to takes into account the
project's weak financial position given slow pace of incremental
booking during FY14 and increased cost, which may increase further
owing to execution delays and decline in average sales realization
resulting in weak profitability for the project. While around 64%
of saleable area of the project was booked by February-2013;
however there has been limited increase in bookings since then
which remained at 68% as on March-2014. Further, the project was
initially scheduled to be completed by March-2015; however in
light of current status (only ~57% of estimated project cost
incurred by Mar-14), ICRA expects delays in project execution,
which may lead to cost overruns. ICRA has also taken note of
significant decline in project sales value, as the average sales
realization have declined (-INR1,800 psf on Mar-14 from INR2,300
psf on Feb-13), thereby reducing the project profitability. Given
expected cost overruns, the project profitability would be further
suppressed, if unsold area is assumed to be booked at prevailing
market rates. While reaffirming the rating, ICRA has taken comfort
from sanctioning and disbursement of INR17 crore term loan from
bank which although would reduce the funding risk for the
completion of the project to an extent; however given that the
repayments are scheduled to commence from May-2015, the pace of
fresh sales will need to be improved to avoid cash-flow mismatches
and reduce dependence on funding support from promoters. The
rating is also constrained on account of fungibility of the
project cash flows to other projects in the company/group; as was
witnessed during FY-14 when promoters' contribution in the project
reduced to INR6.1 crore from INR15.1 crore on Feb-13. Further,
high proportion of unsold area (~32% on March-2014) after three
years of launch exposes the company to market risks on account of
inherent cyclicality of the sector. Notwithstanding the above
concerns, the rating continues to factor in the track record of
promoters in the construction of real estate projects across
various cities in Uttar Pradesh.

Going forward, the ability of the company to execute the project
within reasonable time frame & costs; improve booking levels,
collection efficiency and sales realization would be critical to
limit the reliance on promoters' contribution for debt servicing
and thus remain the key rating sensitivities.

Rudra Infradevelopers Private Limited (RIPL) is a part of Rudra
Group which is engaged in to real-estate construction and equity &
commodity broking business for the past 15 years. The group is
promoted by Mr. Anoop Kumar Aggarwal and his brother Mr. Arun
Kumar Agarwal. Currently, RIPL is developing a residential housing
project Rudra Greens, involving construction of 342 residential
flats at Singhpur, Kanpur with saleable area of 0.49 million
square feet on 3.71 acres of land parcel. Apart from this, the
company is also developing another residential project Rudra
Prathishta at Sharda Nagar, Kanpur on land parcel of 1 acre;
construction for this project has not commenced yet.


SHREE ASHAPURA: CRISIL Assigns 'C' Rating to INR50MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long term bank
facility of Shree Ashapura Stevedores & Cargo Carriers Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL C

The rating reflects instances of delay by SASCC in servicing its
equipment and vehicle loans; the delays have been caused by the
company's weak liquidity arising out of stretch in receivables

SASCC also has a leveraged capital structure, modest scale of
operations in a highly competitive shipping industry, and large
working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of SASCC's
promoters and their established relationships with customers.

Incorporated in 2010, SASCC is engaged in providing various kinds
of shipping solutions such as cargo handling, custom clearances,
stevedoring activities, and inland/external transportation of
cargo. The operations are carried out at the Kandla (Gujarat) and
Visakhapatnam (Andhra Pradesh) ports. The company has its
registered office located at Gandhidham (Gujarat).

For 2012-13 (refers to financial year, April 1 to March 31), SASCC
reported profit after tax (PAT) of INR3.0 million on net sales of
INR597.5 million as against PAT of INR4.0  million on net sales of
INR586.3 million for 2011-12. For 2013-14, the company, on a
provisional basis, reported revenue of INR600.0 million.


SRI GAJPATI: CRISIL Assigns 'B' Rating to INR60MM Bank Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank loan
facilities of Sri Gajpati Foods Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term        60      CRISIL B/Stable
   Bank Loan Facility

The rating reflects SGFPL's exposure to project risk along with
intense competition in the wheat flour business. These weaknesses
are partially offset by the extensive experience of the promoters
in the flour business.

Outlook: Stable

CRISIL believes that SGFPL will benefit from the extensive
experience of its promoters in the flour business. The outlook may
be revised to 'Positive' in case of timely implementation of the
company's production facilities and higher-than-expected revenue
and profitability. Conversely, the outlook may be revised to
'Negative' if there is significant time and cost overrun in
project completion, lower-than-expected capacity utilisation, or
significant stretch in its working capital cycle, resulting in
deterioration in SGFPL's overall financial risk profile,
especially liquidity.

SGFPL, incorporated in 2009, is in the process of setting up of
flour mill in Dhanbad (Jharkhand). The company is promoted by the
Jaluka and Agarwal families, both based in Dhanbad. The day to day
operations of the company is being managed by Mr. Ashok Jaluka and
Rajesh Jaluka.


TRIMURTI FOODTECH: CRISIL Reaffirms B- Rating on INR80M Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Trimurti
Foodtech Pvt Ltd continues to reflect the company's below-average
financial risk profile, marked by modest net worth and high
gearing, its exposure to volatility in raw material prices, and
its working-capital-intensive operations, leading to limited
financial flexibility. These rating weaknesses are partially
offset by the extensive industry experience of TFPL's promoter in
the foodgrain industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              60      CRISIL B-/Stable (Reaffirmed)

   Funded Interest
   Term Loan                20      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        0.2    CRISIL B-/Stable (Reaffirmed)

   Term Loan                38.2    CRISIL B-/Stable (Reaffirmed)

   Working Capital Term     80      CRISIL B-/Stable (Reaffirmed)
   Loan

Outlook: Stable

CRISIL believes that TFPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company reports
substantial growth in its revenue and profitability, along with
efficient working capital management, resulting in higher-than-
expected net cash accruals, thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of significant decline in the company's revenue and margins,
or lengthening of its working capital cycle, or if the company
undertakes any debt-funded capital expenditure plan leading to
pressure on its financial risk profile, particularly its
liquidity.

Incorporated in 2007, TFPL manufactures frozen food products,
including Jellies, vegetables, fruit pulp, and snacks. The
company, promoted by Mr. Atul Banginwar, also owns the Pet Pooja
chain of restaurants, which it lets out on a franchise basis for
selling snacks, while the rest of the products are sold both in
the domestic and export markets.  The company is located at
Aurangabad (Maharashtra).


VASANI POLYMERS: ICRA Assigns 'B' Rating to INR7.82cr Term Loan
---------------------------------------------------------------
The long-term rating of [ICRA]B has been assigned to the INR5.00
crore cash credit facility and INR7.82 crore term loan facility of
Vasani Polymers Private Limited. The short-term rating of [ICRA]A4
has also been assigned to the INR0.25 crore short-term non-fund
based facility of VPPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             5.00        [ICRA]B assigned
   Term Loan               7.82        [ICRA]B assigned
   Non-fund Based,         0.25        [ICRA]A4 assigned
   Short-term facility

The assigned ratings are constrained by VPPL's relatively small
scale of operations and stretched financial profile of the company
on account of the debt funded nature and working capital intensive
nature of operations. The ratings are further constrained by the
vulnerability of company's profitability to variations in price of
main raw material Polyvinyl chloride (PVC) resin which is a crude
oil derivative, and highly competitive and fragmented nature of
the PVC pipe industry.

The ratings, however, favourably take into account the long track
record of the promoters in the PVC pipes business; the company's
reasonably established brand presence in southern & eastern
Gujarat, and the favourable demand outlook for PVC pipes driven by
the expected growth in the end user industries.

Vasani Polymers Private Limited is engaged in manufacturing of PVC
pipes of sizes ranging from 20 mm to 400 mm. The company's
manufacturing facility is located at Talod near Sabarkantha in
Gujarat and has an installed capacity of 7920 metric tonnes per
annum (MTPA). The company commenced commercial production from
April 2013 and is promoted by Mr. Mahesh Patel, Mr. Pravin Patel
and other family members, who have more than 15 years of
experience in the PVC pipes business.


VBC INDUSTRIES: CRISIL Reaffirms D Rating on INR100MM Cash Credit
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of VBC Industries Ltd (VBC)
continues to reflect instances of delays by VIL in servicing its
debt; the delays have been caused by the company's weak liquidity.
The company's account has been classified as a non-performing
asset by its banker.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           27       CRISIL D (Reaffirmed)
   Cash Credit             100       CRISIL D (Reaffirmed)
   Letter of Credit         35       CRISIL D (Reaffirmed)

The company's ferro-alloy manufacturing plant has not been
operational over the last fifteen months ended June 30, 2014, on
account of non-supply of power by Central Power Distribution
Company of AP Ltd (CPDCL) for non-payment of load shortfall
charges.

VBC has a ferro-alloy manufacturing plant in Kurnool district of
Andhra Pradesh. The company is listed on the Bombay Stock
Exchange.



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


KAWASAN INDUSTRI: Fitch Affirms 'B+' LT Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed PT Kawasan Industri Jababeka Tbk's
Long-Term Issuer Default Rating at 'B+' with a Stable Outlook.
Simultaneously the agency has also affirmed Jababeka's senior
unsecured rating and rating on its USD175m notes due 2017 at 'B+'
with Recovery Rating of 'RR4'.

The company's core businesses are in developing industrial estates
and the supporting infrastructure, and township management.
Jababeka's flagship industrial estate in Cikarang (35km from
Jakarta) is equipped with a 130MW power plant and a dry port.

Key Rating Drivers

Solid Interest Coverage: Jababeka's rating reflects strong
interest coverage from the recurring income that comes from its
130MW power plant. The plant is critical to Jababeka's overall
profile because its long-term power purchase agreement (PPA) with
state electricity company PT Perusahaan Listrik Negara (PLN; BBB-
/Stable) provides good earnings visibility and the US dollar-
denominated cashflows are a natural hedge for its US dollar
borrowings. As of end-2013, the recurring coverage ratio
(recurring EBITDA/ interest expense) stood at about 1.3x, even
though the plant utilisation rate was only 89% in 2013 due to
several periods when the plant was not in operation. Fitch expects
the recurring coverage ratio to improve towards end-2015 in line
with better efficiency at the power plant, the implementation of
an electricity buyback scheme with PLN, and a proportionate
increase in recurring income in Jababeka's other infrastructure
services.

Limited Capex, Improved Liquidity: Jababeka has decided to
postpone investment in a second power plant and will instead
prioritise improving the efficiency and ensuring smooth operations
at its first plant before starting work on the second. With the
postponement, Jababeka is left with minimal capex, mainly for
additional dry port equipment. Capex of about USD10m each in 2015
and 2016 is scalable, depending on the dry port's productivity.
The deferment of the investment in the second power plant, the
discretionary nature of the company's land acquisitions and its
well-distributed debt maturity will allow Jababeka to accumulate
cash and strengthen its liquidity profile.

Offsetting the Cyclicality of Industrial Sales: The development of
industrial estates is more cyclical than that of residential
estates, with foreign direct investments (FDI) into Indonesia in
2011-12 hitting a record high before shrinking from mid-2013 due
to weaker sentiment. As the growth in demand for industrial space
in Indonesia slows and Jababeka's flagship Cikarang industrial
estate matures, Fitch expects the sales of residential and
commercial space to start to contribute meaningfully to Jababeka's
total marketing sales and compensate for lower industrial sales.
Fitch has observed growing demand for shophouses and middle-class
housing in Jababeka's Cikarang estate since last year, and expects
demand to remain strong, aided by a new exit for a toll road close
by and various commercial projects underway.

Long-Term Diversification Benefits: Jababeka and Singapore's
Sembcorp will develop a new industrial complex in Kendal, Central
Java, which is modelled after Cikarang. The relocation of labour-
intensive production out of Cikarang will allow tenants to take
advantage of the much lower minimum wage in Central Java. Upon
successful execution, Kendal will provide Jababeka with
diversification benefits and a new base for future growth. Fitch
believes execution risk for this project is manageable because
Jababeka typically will use proceeds from presales to develop new
estate in stages. The initial investment to acquire 300 hectares
of land in Kendal was paid in 2013, and Jababeka plans to add
another 350 hectares of land there in 2014. The company has no
commitments for significant land acquisitions after 2014.

Large, Low Cost Land Bank: Jababeka's credit profile is supported
by a sizeable, mature land bank in Cikarang of about 700 hectares,
equivalent to another 23 years of development. Cikarang is
currently Jababeka's most mature development with established
infrastructure and a captive industrial market. The expansion in
Kendal will add 650 hectares of land by end-2014, or about 26
years of development. With low acquisition costs, Fitch expects
Jababeka will be able to maintain its gross margin of about 50%
from development sales over the medium term.

Project Concentration and Cyclicality: Jababeka's rating is
primarily constrained by concentration risk and high exposure to
the industrial estate development business. Cikarang will continue
to contribute over 80% in marketing sales in the next 24 months,
with industrial space in the estate accounting for more than 60%
of marketing sales.

Rating Sensitivities

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

- Decline in recurring EBITDA/ interest expense to below 1x on a
sustained basis (2014 forecast: 1.1x)

- Decline in presales/ gross debt to below 0.4x on a sustained
basis (2014 forecast: 0.3x). This trigger provides Fitch with a
way to monitor Jababeka's development sales, which are an
important support for its 'B+' rating. While Fitch expects this
ratio to be below the trigger at end-2014, presales are likely to
improve from 2015 as the investment climate recovers and the
Kendal estate starts to contribute presales.

No positive rating action is expected in the next 24 months due to
project concentration and high dependence on sales of industrial
space.



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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.


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

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

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

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

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



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