TCRAP_Public/140901.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

           Monday, September 1, 2014, Vol. 17, No. 172


                            Headlines


A U S T R A L I A

BIAS BOATING: In Administration; First Meeting Set Sept. 4
QANTAS AIRWAYS: Moody's Says FY14 Results No Impact on Ba1 CFR
R PERSONNEL: Holzman Associates Appointed as Administrator
VINCENT AVIATION: Placed in Administration


C H I N A

CHINA TELETECH: Posts $1.2 MM Net Income in Quarter Ended June 30
CITIC RESOURCES: Moody's Confirms Ba3 Corporate Family Rating
EVERGRANDE REAL: Moody's Says High Debt Leverage Weak for B1 CFR
GREAT CHINA INTERNATIONAL: Has $404,000 Net Loss for 2nd Quarter
GUANGZHOU R&F: Moody's Changes Ba2 CFR Outlook to Negative

HOPSON: Moody's Says Weak 1H 2014 Results No Impact on B3 CFR
SHIMAO PROPERTY: Moody's Says 1H 2014 Results Supports Ba2 CFR
SUNAC CHINA: Fitch Affirms 'BB-' Long-Term Issuer Default Rating


I N D I A

AGNIPA ENERGO: CRISIL Lowers Rating on INR100MM Term Loan to 'D'
AKASH COKE: CRISIL Cuts Rating on INR150MM Cash Credit to 'B+'
AKSHIT ENTERPRISES: INR65M Cash Credit CRISIL B+ Rating Suspended
ANKUR IRON: CRISIL Cuts Rating on INR75MM Cash Credit to 'B'
ANTONY MOTORS: ICRA Rates INR8.50cr LT Fund Based Loan at B+

AUROGLOBAL COMTRADE: CARE Assigns 'B+' Rating to INR18cr LT Loan
BARNALA REALTECH: CARE Cuts Rating on INR10cr Bank Loan to 'D'
BLACKSTONE GEM: ICRA Cuts Rating on INR15cr Fund Based Loan to D
COMET EXPORTS: CRISIL Reaffirms B Rating on INR47.7MM Bank Loan
GLOBAL TANNING: CRISIL Reaffirm B+ Rating on INR45M Bill Purchase

JAI AMBEY: ICRA Suspends B+ Rating on INR6.0cr Bank Facilities
KANAKA DURGA: CRISIL Lowers Rating on INR70MM Cash Credit to 'D'
KASHI KANCHAN: CRISIL Reaffirms B+ Rating on INR120MM Cash Credit
KRISHNA OLEO: CARE Assigns 'B-' Rating to INR39.48cr LT Loan
KUMAR DRINKS: CRISIL Assigns 'B+' Rating to INR70MM Cash Credit

NIRMALA INFRA: ICRA Suspends C Rating on INR15cr Bank Facilities
NRI ACADEMY: CRISIL Reaffirms 'D' Rating on INR70MM Cash Credit
NUCON PNEUMATICS: ICRA Rates INR16.6cr Fund Based Limits at B+
OZON VITRIFIED: CARE Reaffirms B+ Rating on INR18.03cr LT Loan
PARK HEALTH: CRISIL Reaffirms 'D' Rating on INR137MM Term Loan

PELICAN RUBBER: CRISIL Cuts Rating on INR230MM Cash Credit to B+
PRATIBHA MILK: ICRA Suspends 'B' Rating on INR20.08cr Term Loan
RANA SUGARS: ICRA Reaffirms 'D' Rating on INR502.5cr Cash Credit
SAN & CO: CARE Reaffirms B+ Rating on INR7.50cr LT Bank Loan
SHRI BANKE: CRISIL Reaffirms 'B' Rating on INR40MM Cash Credit

SHUBBAN PROPERTIES: CRISIL Suspends B Rating on INR115.3MM Loan
SLS MERCANTILE: CRISIL Ups Rating on INR120MM Cash Credit to B+
SMC POWER: ICRA Raises Rating on INR128cr Term Loan to 'B'
SRI BALAJI: ICRA Reaffirms B+ Rating on INR6cr LT Fund Based Loan
VAYHAN COFFEE: ICRA Ups Rating on INR47.02cr LT Loan From B-

VINAYAK INDUSTRIES: CARE Assigns 'B+' Rating to INR4.46cr LT Loan
VIRAJ INDUSTRIES: CARE Assigns 'B+' Rating to INR7.07cr LT Loan
WESTERN INDIA: ICRA Assigns 'D' Rating to INR4.5cr Term Loan


M A L A Y S I A

MALAYSIA AIRLINES: To Cut 6,000 Jobs as Part of Restructuring
MALAYSIA AIRLINES: Second Qtr Loss Widens to MYR307 Million
MALAYSIA AIRLINES: Cuts Prices on Long-Haul Routes From London


N E W  Z E A L A N D

BRIDGECORP LTD: Former CFO Denied Parole


S I N G A P O R E

SINGAPORE FLYER: Straco Buys Wheel for SGD140 Million


S O U T H  K O R E A

DAEHAN SHIPBUILDING: U.S. Court Issues Provisional Ch. 15 Order


                            - - - - -


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


BIAS BOATING: In Administration; First Meeting Set Sept. 4
----------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Bias Boating Pty
Limited has been placed into voluntary administration. SV
Partners' Ian Purchas has been appointed as administrator of the
company on August 25, 2014.

A meeting with creditors is scheduled for September 4, the report
says.

Dissolve.com.au says the company's thirteen retail outlets are
still trading while the trading situation is being monitored by
the administrator.  Bias Boating has about 80 employees.


QANTAS AIRWAYS: Moody's Says FY14 Results No Impact on Ba1 CFR
--------------------------------------------------------------
Moody's Investors Service says that Qantas Airways Limited's
(Qantas) full year results to June 30, 2014 are credit negative
but have no immediate impact on its Ba1 corporate family rating,
Ba2 senior unsecured long term rating or non-prime (NP) short term
rating. The outlook on the ratings remains negative.

"The financial metrics for the fiscal year ending 30 June 2014
were weaker than what Moody's factored into the ratings, when
Moody's downgraded the ratings earlier in the year with a negative
outlook", says Matthew Moore a Moody's Vice President -- Senior
Analyst.

The weak results therefore place further pressure on Qantas'
ability to return to within rating parameters, including
Debt/EBITDA declining below 5.0x (on a gross adjusted debt basis).
As at June 2014, the pro forma ratio is estimated to be in the mid
6x range. This includes the recent debt reduction of AUD450
million, which was implemented in August 2014.

"We will continue to closely monitor the carriers plans to execute
on its cost reduction initiatives, improve profitability in its
core domestic business and gain traction in returning its mainline
international operations to profitability", says Moore.

"We expect to see improvements in earnings and leverage level, and
any lack of progress in this area over the next six months would
likely lead to a rating downgrade", Moore adds.

Qantas has reported that domestic capacity additions in the first
half of FY14 are likely to be flat for the group. This, combined
with the company's forecast of total domestic capacity adds in
Australia of around 1%, signal a more conservative approach to
capacity additions in the domestic market. If this is sustained,
it should support improved performance in the domestic business,
albeit, with a lag.

Qantas' results (reported basis) revealed a meaningful
deterioration in group revenue (minus 3.5% compared with the
previous corresponding period or "PCP") and group yield (-2.6% on
PCP). In addition, underlying EBIT was a AUD440 million loss.
However cash on-hand increased to AUD3bn (+6%).

Also as part of the release, Qantas announced that it has decided
to create a new holding structure and corporate entity for Qantas
International, which has triggered an around AUD2.56 billion non-
cash write down of international assets.

"The current rating and outlook reflects the expectation that
management will continue to execute on its cost reduction plans
while reducing debt levels such that Debt-to-EBITDA reverts to
more comfortable levels for the rating" says Moore.

Qantas' ratings reflect its high financial leverage and
significant operational challenges as a result of the heavy
competition, both domestically and in its principal offshore
markets. At the same time, the ratings reflect the carrier's large
scale and coverage in the Australian domestic aviation market, its
dual flying brands and extensive global route network and code-
sharing arrangements, including tie-up with Emirates. The ratings
are currently supported by solid liquidity including access to
unrestricted cash balances.

The rating outlook could be revised to stable if Qantas is able to
restore the profitability of both its international and domestic
operations to levels that are able to sustain appropriate levels
of debt. Financial metrics that Moody's would look for include
Debt/EBITDA remaining below 4.75x on a consistent basis.

On the other hand, further negative rating pressure could evolve
if Qantas is unable to restore the core profitability of its
international and domestic businesses or reduce debt to
appropriate levels, commensurate with its sustainable earnings.
Financial metrics that Moody's would look for include Debt/EBITDA
remaining above 5.0 x on a sustained basis. In addition, a
material deterioration in liquidity could impact the carrier's
ratings.

Qantas is Australia's largest domestic carrier and estimates its
total domestic market share at around 62.2% at the end of June
2014.


R PERSONNEL: Holzman Associates Appointed as Administrator
----------------------------------------------------------
Manfred Holzman -- mholzman@holzmanassociates.com -- of Holzman
Associates was appointed as administrator of R Personnel Pty Ltd
on Aug. 27, 2014.

A first meeting of the creditors of the Company will be held at
Cliftons, Level 1, 440 Collins Street, in Melbourne, on
Sept. 8, 2014, at 11:00 a.m.



VINCENT AVIATION: Placed in Administration
------------------------------------------
Tracy Lee Knight -- tknight@bris.bentleys.com.au -- and William
John Fletcher -- bfletcher@bris.bentleys.com.au -- of Bentleys
Corporate Recovery Pty Ltd were appointed as administrators of
Vincent Aviation (Australia) Pty Ltd on Aug. 28, 2014.

A first meeting of the creditors of the Company will be held at
Level 9, 123 Albert Street, in Brisbane, on Sept. 9, 2014, at 2:00
p.m.

Andrew Fielding and Gerald Collins of BDO were appointed receivers
and managers to Darwin-based Vincent Aviation (Australia) Pty
Limited on May 28, 2014.

The company, which has satellite bases in Brisbane and Sydney, is
wholly owned by New Zealand-based Vincent Aviation Limited and
operates nine medium-sized turbo prop passenger aircraft including
Beechcraft 1900s and SAAB 340s, and employs approximately 80
staff.



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


CHINA TELETECH: Posts $1.2 MM Net Income in Quarter Ended June 30
-----------------------------------------------------------------
China Teletech Holding, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q reporting
net income of $1.16 million on $0 of sales for the three months
ended June 30, 2014, compared to a net loss of $664,010 on $19.07
million of sales for the same period in 2013.

As of June 30, 2014, the Company had $824,356 in total assets,
$23,450 in total liabilities and $800,906 in total stockholders'
equity.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/a2t6l3

                       About China Teletech

Tallahassee, Fla.-based China Teletech Holding, Inc., is a
national distributor of prepaid calling cards and integrated
mobile phone handsets and a provider of mobile handset value-added
services.  The Company is an independent qualified corporation
that serves as one of the principal distributors of China Telecom,
China Unicom, and China Mobile products in Guangzhou City.

On June 30, 2012, the Company strategically sold its wholly-owned
subsidiary, Guangzhou Global Telecommunication Company Limited
("GGT"), to a third party.  GGT was engaged in the trading and
distribution of cellular phones and accessories, prepaid calling
cards, and rechargeable store-value cards.

China Teletech reported a net loss of $1.96 million on $30.87
million of sales for the year ended Dec. 31, 2013, as compared
with net income of $53,542 on $26.62 million of sales in 2012.

WWC, P.C., in San Mateo, California, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013, citing that the Company has incurred
substantial losses which raise substantial doubt about its ability
to continue as a going concern.

As reported by the TCR on Aug. 7, 2014, China Teletech dismissed
WWC, P.C., effective July 31, 2014.  The Company engaged Albert
Wong & Co. LLP as the Company's new independent registered public
accountant.


CITIC RESOURCES: Moody's Confirms Ba3 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has upgraded to A3 from Baa2 the senior
unsecured bond rating of CITIC Group Corporation (CITIC Group).

Moody's has also upgraded the corporate family rating to issuer
rating and senior unsecured bond ratings of CITIC Limited
(formerly CITIC Pacific Limited) to A3 from Ba2, and the rating on
its Medium Term Notes (MTN) to (P)A3 from (P)Ba2.

At the same time, Moody's has confirmed CITIC Resources Holdings
Limited's (CITIC Resources) Ba3 corporate family rating.

The outlook on all the ratings is stable.

These rating actions conclude Moody's review for upgrade of CITIC
Group, CITIC Limited (formerly CITIC Pacific) and CITIC Resources
's ratings, which was initiated on March 27, 2014, after CITIC
Limited (formerly CITIC Pacific) announced the acquisition of 100%
of the total issued shares of CITIC Limited (the acquired entity).

The transaction has been executed on terms and conditions in line
with Moody's expectation. CITIC Limited (formerly CITIC Pacific)
also issued 3,952 million shares to some new shareholders, raising
net proceeds of approximately HKD53.274 billion. CITIC Pacific
changed its name to CITIC Limited on August 27, 2014.

Ratings Rationale

"The upgrade of CITIC Group reflects the strong support that the
Chinese government (Aa3 stable) has demonstrated with regard to
the acquisition and whole scale listing of CITIC Group in the
overseas capital markets. In Moody's view, CITIC Group is a pilot
case for the Chinese government to promote the state-owned
enterprise reform outlined in last year's Third Plenum Decisions,"
says Joe Morrison, a Moody's Vice President and Senior Analyst.

Moody's expects that CITIC Group will continue to be an important
platform for the Chinese central government to manage a large
volume of state-owned assets, including a few large financial
institutions that are of systematic importance to China's
financial system.

"The upgrade also reflects Moody's expectation that CITIC Group
will enhance its standalone credit profile after the ongoing
restructuring post-acquisition. The restructuring will enable
CITIC Group to (1) broaden its access to low-cost funding
channels; (2) improve its management, corporate governance, and
information transparency; and (3) achieve synergies from onshore
and offshore businesses consolidation," continues Morrison, also
the International Lead Analyst for CITIC Group and CITIC Limited
(formerly CITIC Pacific).

CITIC Group's A3 rating is underpinned by its baseline credit
assessment (BCA) of ba1 as well as a four-notch uplift owing to
the expected high level of government support under Moody's joint
default analysis approach for government related issuers.

The BCA of ba1 is dominated by the credit profile of CITIC Bank,
represented by its BCA of ba2. CITIC Bank accounted for around 68%
of the group's net profit and 85% of its assets in 2013. CITIC
Group's BCA is further enhanced by its broad lines of businesses,
providing the group with diversification benefits, and its sound
access to the capital and bank markets. CITIC Group's holding
company also owns large stakes in listed companies, which could
serve as an alternative liquidity sources in times of financial
distress.

The expected high level of government support reflects (1) CITIC
Group's role as an important platform for the Chinese government
to manage sizable important state-owned assets; and (2) its close
linkage with and high reputational risk for the central
government.

"The upgrade of CITIC Limited's (formerly CITIC Pacific) ratings
reflects the significant increase of its scale and corresponding
enhancement of its credit profile. As a result of the acquisition,
CITIC Limited (formerly CITIC Pacific) dominates CITIC Group's
business and financial profile. It accounts for 97%, 88%, 98% of
CITIC Group's assets, revenue, and profits respectively. As such,
we consider that the two entities are closely linked and their
ratings should be equalized," says Kai Hu, a Moody's Vice
President and Senior Credit Officer, and also Moody's Local Market
Analyst for CITIC Group and CITIC Limited (formerly CITIC
Pacific).

CITIC Resources' rating remains unchanged, as CITIC Group
currently has no concrete plan for the consolidation of its
resources development-related entities upon completion of the
transaction. As such, the impact of CITIC Limited's (formerly
CITIC Pacific) acquisition on CITIC Resources remains uncertain at
this stage.

The stable outlook on CITIC Group and CITIC Limited's (formerly
CITIC Pacific) ratings reflects Moody's expectation that (1) the
companies will smoothly implement and benefit from the
restructuring ; (2) both entities will remain important to the
Chinese government as a platform to manage sizable important
state-owned assets; and (3) overall stable performance of their
underlying businesses.

Given these rating upgrades, a further upgrade of CITIC Group and
CITIC Limited's (formerly CITIC Pacific) ratings is unlikely over
the next one to two years.

Over the medium term, an upgrade of CITIC Group and CITIC
Limited's (formerly CITIC Pacific) ratings would require the
companies to improve their businesses and financial profiles, as
demonstrated by: (1) a sound track record of making new
investments and asset recycling; (2) better transparency of the
group's investment strategy and risk positions; (3) a proven
ability to manage risks inherent to the large financial services
units and commodity related businesses, against the backdrop of a
slowdown in China's economic growth; and (4) enhanced liquidity at
the holding company level.

The credit metrics that Moody's will consider for an upgrade
include: CITIC Group's adjusted consolidated debt capitalization
below 35%-40%, and/or adjusted debt/EBITDA below 2.5x-3.0x on a
sustained basis.

A rating downgrade is possible if CITIC Group and CITIC Limited
(formerly CITIC Pacific) experience: (1) material deterioration in
the quality of their businesses portfolios, particularly for the
financial services units; or (2) overaggressive expansion at
either the holding company or portfolio company level, resulting
in much higher leverage or business risks.

The credit metrics that Moody's would consider for a downgrade
include: CITIC Group's adjusted consolidated debt capitalization
above 55%-60%, and/or adjusted debt/EBITDA exceeding 5.0x-6.0x
over a prolonged period.

Evidence of weakening support from or diminution in the group's
strategic importance to the Chinese government will also pressure
its ratings.

The principal methodology used in this rating was Global
Independent Exploration and Production Industry published in
December 2011.

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

Other factors used in these ratings are described in Analytical
Considerations in Assessing Conglomerates, published in September
2007.

CITIC Limited (formerly CITIC Pacific), listed in Hong Kong, is a
conglomerate that is 78% owned by the CITIC Group Corporation. It
became the intermediary holding company of CITIC Group after the
completion of acquisition of CITIC Limited (the acquired entity).
It has a highly diversified business portfolio, including
commercial banking, brokerage, iron ore mining, steel, property,
manufacturing, infrastructure, etc.

CITIC Resources Holdings Limited is an energy and natural
resources investment holding company, with interests in aluminum
smelting, coal, import and the export of commodities, manganese,
bauxite mining and alumina refining operations, as well as the
exploration, development and production of oil. The company serves
as the principal natural resources and energy arm of its parent,
CITIC Group.

While CITIC Group has the features of an investment holding
company, Moody's analyze it mainly as a conglomerate and apply the
conglomerate rating approach as it has supported and will support
its key subsidiaries, similar to other rated conglomerates in the
region.

CITIC Group, headquartered in Beijing, is a conglomerate
investment company wholly owned by China's State Council. As of
end-2013, it had total consolidated assets of RMB4.3 trillion and
consolidated revenue of RMB375 billion.


EVERGRANDE REAL: Moody's Says High Debt Leverage Weak for B1 CFR
----------------------------------------------------------------
Moody's Investors Service says that Evergrande Real Estate Group
Limited's posting of a notable increase in its debt level means
that it is now weakly positioned relative its B1 corporate family
and B2 secured unsecured ratings.

At the same time, the company's demonstration of a strong
contracted sales performance, stable margin and moderate revenue
growth in 1H 2014 have mitigated the risk of any immediate
negative rating action.

"Evergrande has increased the use of debt to fund its business
growth. Adjusted debt/capitalization increased to around 79% at
end-June 2014 from around 74% at end-2013. The increase in debt
leverage has significantly weakened its credit quality," says
Franco Leung, a Moody's Vice President and Senior Analyst.

Evergrande's reported debt has risen by a significant 47%. It has
raised the debt to fund business growth. This funding also covers
construction spending and land premium payments. Gross debt rose
to RMB196.3 billion at end-June 2014 from RMB133.8 billion at end-
2013, partly through its issuance of perpetual securities.

Adjusted EBITDA/interest coverage -- including the adjustments for
the perpetual capital securities issued -- weakened to around 1.8x
for the 12-month period ended June 2014 from 2.2x in FY2013 due to
this significant rise in debt.

Despite the strong contracted sales growth and higher level of
debt outstanding, the company's liquidity position weakened. Cash
to short-term debt declined significantly to 84.5% from about 150%
over the same period. Short-term debt -- as a proportion of total
debt -- rose to 39% at end June 2014 from 27% at end-2013. Short
term debt includes senior notes of USD1.35 billion, maturing in
January 2015.

"Evergrande's operating performance remains strong, as evidenced
by its robust level of contracted sales and moderate level of
revenue growth, while profit margins stay stable," adds Leung, who
is also the Lead Analyst for Evergrande.

Among the rated developers Moody's tracks on a monthly basis,
Evergrande achieved the second fastest rate for contracted sales
growth following Country Garden Holdings Company Limited (Ba2
stable). In 1H2014, Evergrande achieved contracted sales of
RMB69.32 billion, representing year-on-year growth of 55.4%, and
achieved 63% of its annual target.

Based on Evergrande's pipeline of available-for-sale projects,
Moody's expects the company to deliver sales above its sales
target of RMB110 billion for 2014.

The company also kept its gross profit margins stable at around
30% for the 12 months ended June 2014.

The B1 corporate family rating reflects Evergrande's strong market
position as one of the top five property developers in China by
contracted sales and the size of its land bank. Moreover, the
rating also reflects the company's significant scale. It covers
147 cities across China.

The rating further takes into account Evergrande's ability to
manage its development operations through business cycles, with
its low land costs, economies of scale, and adequate liquidity
position.

On the other hand, the rating is constrained by the high business
and financial risks associated with Evergrande's strategy to
pursue rapid debt-funded growth.

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

Evergrande Real Estate Group Limited is one of the major
residential developers in China, with a standardized operating
model.

Founded in 1996 in Guangzhou, the company has rapidly expanded its
business across the country over the past few years. As at 30 June
2014, its land bank totaled 150 million square meters in gross
floor area in 147 Chinese cities.


GREAT CHINA INTERNATIONAL: Has $404,000 Net Loss for 2nd Quarter
----------------------------------------------------------------
Great China International Holdings, Inc., filed its quarterly
report on Form 10-Q, reporting a net loss of $404,000 on $1.88
million of total revenue for the three months ended June 30, 2014,
compared with net income of $42,700 on $2.3 million of total
revenue for the same period in 2013.

The Company's balance sheet at June 30, 2014, showed $57.6 million
in total assets, $35.0 million in total liabilities, and a
stockholders' equity of $22.7 million.

The Company has a working capital deficit of $26.5 million and
$28.1 million as of June 30, 2014 and Dec. 31, 2013,
respectively.  In addition, the Company has incurred net loss in
the period ended June 30, 2014 and Dec. 31, 2013 of $754,000 and
$1.81 million, respectively.  As the Company has limited cash flow
from operations, its ability to maintain normal operations is
dependent upon obtaining adequate cash to finance its overhead,
sales and marketing activities.  Additionally, in order for the
Company to meet its financial obligations, including salaries,
debt service and operations, it has maintained substantial short
term bank loans that have historically been renewed each year.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.

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

                       http://is.gd/jVQJQG

                About Great China International

Shenyang, P.R.C.-based Great China International Holdings, Inc.,
was incorporated in the State of Nevada on Dec. 4, 1987, under the
name of Quantus Capital, Inc.  The Company, through its various
indirect subsidiaries, has been engaged for more than 20 years in
commercial and residential real estate investment, development,
sales and/or management in the city of Shenyang, Liaoning
Province, in the People's Republic of China.


GUANGZHOU R&F: Moody's Changes Ba2 CFR Outlook to Negative
----------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook of Guangzhou R&F Properties Co., Ltd.'s (Guangzhou R&F)
Ba2 corporate family rating and R&F Properties (HK) Company
Limited's (R&F HK) Ba3 corporate family rating.

Moody's has also changed to negative from stable the outlook of
the Ba3 senior unsecured ratings assigned to the notes issued by
Caifu Holdings Limited and Trillion Chance Limited. The bonds are
unconditionally and irrevocably guaranteed by R&F HK, and
supported by Guangzhou R&F through Keepwell Deed and Deed of
Equity Interest Purchase Undertaking.

R&F HK is a wholly-owned subsidiary of Guangzhou R&F, and both
Caifu and Trillian Chance are wholly owned by R&F HK.

At the same time, Moody's has affirmed Guangzhou R&F's Ba2
corporate family rating, R&F HK's Ba3 corporate family rating and
the Ba3 ratings for the senior unsecured notes issued by Caifu and
Trillion Chance.

Ratings Rationale

"The change in outlook to negative from stable has been prompted
by Guangzhou R&F's weaker-than-expected financial results for
1H2014, as evidenced by the substantial increase in debt leverage
and the weakening in interest coverage," says Kaven Tsang, a
Moody's Vice President and Senior Analyst.

"Despite the expectation of an increase in contracted sales and
faster cash collections --against the backdrop of improving market
sentiment -- the company's financial metrics will remain weak in
the next 12 months,' adds Tsang, who is also the lead analyst for
Guangzhou R&F.

Gunagzhou R&F issued US$1 billion in senior unsecured notes and
raised RMB14.6 billion in perpetual securities in 1H2014. The
material increase in debt comes from funding significant land
purchases of more than RMB40 billion in 2013 and also prefund its
debt refinancing in 2H2014, which includes the RMB5.5 billion in
onshore corporate bond due in October 2014.

Moreover, a slowdown in cash collections in the 1H2014 -- due to
tight bank credit -- and the uncollected proceeds from the block
sale of a commercial property in March 2014 have contributed to
the funding gap.

As a result, Guangzhou R&F's adjusted debt/capitalization (after
the adjustment for perpetual securities) increased to around 73%
at June 2014 from 67% in December 2013. This level is high for its
Ba2 rating.

At the same time, adjusted EBITDA/interest coverage dropped to
around 2.4x for the last 12 months ended June 2014 from 3.2x for
the full year ended December 2013. This weakening in interest
coverage has reduced the company's financial flexibility and added
downward pressure on its ratings.

Moody's expects the company to improve sales and cash collections
in 2H 2014 to lower debt leverage, such that adjusted
debt/capitalization returns to around 65%-68% at end-2014.
Interest coverage could also trend towards 2.5x-3x by end-2014.

These ratios weakly positioned Guangzhou R&F at its Ba2 rating
level and any deviation from such expectations would result in a
downgrade of the rating.

R&F HK's outlook has also been changed to negative because of the
weakened credit profile of Guangzhou R&F.

Meanwhile, Guangzhou R&F's sales performance is in line with
Moody's expectations. It reported contracted sales of RMB29.2
billion for the first seven months of 2014, up 36% year-on-year,
and in line with its revised full-year sales target of RMB60
billion.

Guangzhou R&F's Ba2 corporate family rating reflects its track
record of operating through the cycle, balanced geographical
diversity and good profitability.

On the other hand, Guangzhou R&F's Ba2 rating is constrained by
its high debt leverage --- which limits the company's funding
flexibility -- owing in turn to its thin equity base, high
dividend payout ratio, and aggressive expansion strategy.

Guangzhou R&F had a cash holding of RMB24.5 billion as of June
2014. This -- together with expected operating cash inflow of
around RMB10-15 billion -- is adequate to cover short-term
maturing debt of RMB18.0 billion and an estimated unpaid land
payment of around RMB7-9 billion in the next 12 months.

Downward rating pressure could emerge if: (1) the company
significantly falls short of its property sales target; (2) its
liquidity weakens with cash falling substantially below its level
of short-term debt; or (3) its adjusted debt/capitalization fails
to trend down to 60%-65%, revenue/gross debt fails to trend up to
65%-70%, or EBITDA/interest is unable to improve to 2.5x-3x in the
next 6-12 months.

Upward rating pressure is unlikely in the near term, given the
negative outlook. However, the rating could return to stable if
the company improves its debt leverage and financial profile, such
that adjusted debt/capitalization trends down to 60%-65%,
revenue/gross debt rises towards 65%-70%, or EBITDA/interest
improves to 2.5x-3x in the next 6-12 months.

A downgrade of Guangzhou R&F will result in a downgrade of R&F HK.

The principal methodology used in these ratings was Global
Homebuilding Industry published in March 2009.

Established in 1994 and listed on the Hong Kong Exchange in 2005,
Guangzhou R&F Properties Co Ltd is a mid-sized developer in
China's residential and commercial properties sector. As of 30
June 2014, the company had an attributable land bank of 44 million
sqm in 25 cities and areas. This breaks down to 24 cities and
areas in China, and one in Malaysia. Mr Li Sze Lim and Mr Zhang Li
are its co-founders and own 33.36% and 32.02% in equity interests,
respectively.

R&F Properties (HK) Company Limited and its subsidiaries are
principally engaged in the development and sale of properties,
property investments and hotel operations in China. The company
was established in Hong Kong on 25 August 2005 as a key entity for
corporate governance and administration. It also serves as an
offshore funding vehicle and a holding company for some of
Guangzhou R&F Properties Co Ltd's property projects in China.


HOPSON: Moody's Says Weak 1H 2014 Results No Impact on B3 CFR
-------------------------------------------------------------
Moody's Investors Service says that while Hopson Development
Company Holdings Limited's weak 1H 2014 results are credit
negative, the results have no immediate impact on the company's B3
corporate family and Caa1 senior unsecured ratings, because
Moody's had anticipated the weak performance, when Hopson's rating
outlook was revised to negative from stable in June 2014.

"The negative outlook reflects Moody's concern over future
liquidity pressures at Hopson as a result of weak sales execution
that is likely to continue in the next 12 months," says Jiming
Zou, a Moody's Analyst.

In the first six months of 2014, Hopson achieved RMB1.8 billion in
contracted sales, a year-on-year decline of 67%, due to weaker
demand for its deluxe residential properties in the first-tier
cities. Moody's expects Hopson's contracted sales for FY2014 to be
much lower than FY2013, which will in turn pressure the company's
liquidity and revenues recognition going forward.

Hopson achieved HKD5.8 billion in revenue in 1H 2014, up by 16%
from 1H 2013, or HKD16.5 billion on a 12-month rolling basis, and
up by 5% from all of FY2013. Such increases reflected the delivery
of earlier contracted sales. Moody's expect revenue in the next
12-18 months to weaken, given weak contracted sales so far in
2014.

Its gross margin slackened to 32% in 1H2014, from 38% in FY2013,
due to changes to its product mix. However, the company's gross
profit margin remains high relative to other rated developers due
to its premium product offerings.

Hopson's gross debt grew to HKD48 billion at end June 2014 from
HKD39 billion at end 2013. Such gross debt level is very high
compared to its contracted sales or revenues. This was a result of
slow sales progress and its large amount of completed properties
and properties under construction which totaled about HKD79
billion at end-June 2014, or about 8.3x contracted sales in the
last 12 months.

Although the company is striving to improve its product structure
by offering more small- and medium-sized units this year, it will
take time to reduce inventory and debt in the current challenging
environment.

EBITDA/interest ratio for the 6-month period ended June 2014
similarly weakened to 0.7x from to 1.4x in FY2013. Moody's expects
it to remain below 1.0x for 2H2014. Moreover, the company's
ability to refinance debt could be adversely affected by its low
level of interest coverage.

Hopson demonstrated continued access to financing, evidenced by
its lower average borrowing cost of 7.9% in 1H2014, from 8.9% in
2013. Its cash position increased due to its refinancing and new
borrowings in 1H2014. Cash to short-term debt coverage remained
inadequate at 80% as of 30 June 2014 compared to 70% at end-2013.

Moody's noted that the company has a USD300 million bond maturing
in January 2016. If Hopson fails to improve contracted sales and
generate cash flow from sales, its refinancing ability will weaken
further.

Moody's will continue to monitor the company's efforts to improve
its liquidity position, including project-monetization activities
and its ability to improve sales and liquidity in the next few
months. The absence of any favorable development to improve
liquidity could further pressure the ratings.

Hopson's B3 rating reflects its established brand in Guangdong
Province and Beijing, and its track record in large-scale
residential developments.

The ratings could be downgraded if (1) Hopson's liquidity
deteriorates, as evidenced by declining cash, or rising short-term
debt levels; or (2) the company continues to experience declines
in its sales and profit margins.

A rating upgrade is unlikely, given the negative outlook. However,
the rating outlook would return to stable if Hopson (1) improves
its liquidity position, such that its unrestricted cash will
adequately cover its short-term debt; (2) achieves its contracted
sales targets; and (3) improve its interest coverage with
EBITDA/interest at 1x.

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

Hopson Development Company Holdings Limited is one of the largest
property developers in China with a land bank of 32.98 million
square meters in gross floor area as of June 2014. Its principal
business interests are residential developments in four major
cities -- Guangzhou, Beijing, Shanghai, and Tianjin -- and their
surrounding areas.


SHIMAO PROPERTY: Moody's Says 1H 2014 Results Supports Ba2 CFR
--------------------------------------------------------------
Moody's Investors Service says that Shimao Property Holdings
Limited's 1H2014 results are in line with expectations and support
its Ba2 corporate family rating and Ba3 senior unsecured bond
rating. The rating outlook is stable.

"Shimao maintains a stable financial profile and credit metrics,
which support its ratings," says Franco Leung, a Moody's Vice
President and Senior Analyst.

For the 12 months ended June 2014, revenue grew 17% to RMB48.5
billion, and its gross profit margin and EBITDA margin remained
largely stable at around 35% and 28% respectively.

As a result, adjusted EBITDA/interest for the 12 months ended June
2014 rose slightly to 3.3x from 3.2x for 2013. Moody's expects
this ratio to trend towards 3.5x in the next 12-18 months, which
will position it well at its current rating levels.

Shimao's adjusted debt/capitalization also improved slightly to
51% from 52% as profits grew faster pace than gross debt, which
rose to RMB54.7 billion at end-June 2014 from RMB49.3 billion at
end-2013.

"Despite a slowing in sales momentum in 1H2014, Moody's expect
Shimao to improve its sales execution in 2H2014," adds Leung, also
the Lead Analyst for Shimao.

Contracted sales slightly decreased by 1% year-on-year in 1H2014
to RMB32.1 billion, or about 40% of its annual target of RMB80
billion.

Moody's expects Shimao to deliver good sales growth in 2H2014
compared with 1H2014 as the company plans to launch more new
projects in the rest of 2014.

Shimao achieved a good cash collection rate in 1H2014 of around
85%, according to company information. It also continued to enjoy
good access to offshore funding. It secured a 4-year syndicated
loan of US$736 million in July 2014.

As a result, the company's liquidity position remains sound
despite the slow sales growth seen in 1H2014. Cash to short-term
debt was at 167% at end-June 2014, largely unchanged from 166% at
end-2013. Moody's expects the company to maintain its strong
liquidity position as it improves sales execution in 2H2014.

Shimao's Ba2 corporate family rating continues to reflect its (1)
diversified and well-located land bank; (2) pricing flexibility in
view of its low-cost land bank, and (3) portfolio of quality
investment properties.

Upward rating pressure could emerge if Shimao (1) continues to
deliver robust sales growth; (2) maintains strong liquidity and
good access to domestic and offshore bank and capital markets; (3)
shows prudent financial management and land acquisitions.

Credit metrics indicative of upgrade pressure include EBITDA
interest coverage above 3.5x-4.0x and debt leverage below 50% on a
sustained basis.

On the other hand, downward rating pressure could emerge if (1)
the company is unable to sustain its solid sales track record; (2)
its liquidity position weakens; or (3) it embarks on aggressive
land acquisitions funded by debt.

Credit metrics indicative of downgrade pressure include EBITDA
interest coverage below 3x or debt/total capitalization increasing
to 55% or above.

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

Shimao Property Holdings Ltd is a Grand Cayman-incorporated
Chinese property developer that was listed on the Hong Kong Stock
Exchange in July 2006. Together with its 64%-owned Shanghai A-
share listed subsidiary, Shanghai Shimao Co Ltd (unrated), the
company has an attributable land bank of 36.9 million square
meters distributed across more than 40 cities at end-June 2014,
mainly in eastern and northeastern China.


SUNAC CHINA: Fitch Affirms 'BB-' Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has revised Sunac China Holdings Limited's (Sunac)
Outlook to Positive from Stable and affirmed the property
developer's Long-Term Issuer Default Rating (IDR) at 'BB-'. The
agency has also affirmed Sunac's senior unsecured rating at 'BB-'.

Sunac's performance in 1H2014 reflected sustainability of scale,
high asset turnover, limited structural subordination, which has
moderated constraints on the credit ratings. An upgrade will be
considered if the company is able to manage land banking in 2H2014
to maintain a healthy financial position - even after paying for
its 24.3 percent equity investment in fellow developer, Greentown
China Holdings Limited (Greentown).

Key Rating Drivers

Sales Growth Reflects Sustainability: Fitch estimates Sunac to
have achieved around CNY16bn of contracted sales on an
attributable basis in 1H2014. While the year-on-year growth is
limited, it reflects the sustainability of the company's business
scale in the current difficult conditions in China's homebuilding
sector. Sunac's current operating scale also demonstrates superior
management, more stable operating cash flow, and more cost
benefits compared to peers rated at BB-. Fitch uses attributable
sales, the share of sales contributions from a company's ownership
in joint-ventures (JVs), as one of the criteria to assess the
business scale of companies with substantial JVs.

High Turnover & Healthy Margin: Sunac's EBITDA margin was
estimated to be around 24% in 1H2014 after excluding the impact of
re-assessment of fair value, which is still at a healthy level
compared to peers. Furthermore, its asset turnover is still at a
higher-end, as reflected by the over 1.2x of contracted
sales/total debt and 0.7x of contracted sales/adjusted inventory
in 2013. Both sales turnover and margins demonstrate the
generation of sufficient cash inflows to support its operations
and expansion.

Limited Structural Subordination Risk: Sunac is one of the most
prolific users of JVs among Chinese developers, as reflected by
its minority interests of CNY4.5bn and equity investments of
CNY9.3bn at mid-2014. However, most of its JVs distribute cash
flows regularly, which limits cash retained in the JVs and
structural subordination. The major exception is the projects
under Shanghai Sunac Greentown Real Estate Development Ltd.
Company (SSG), but Fitch estimates SSG to have contributed only
less than 20% of attributable sales, making it insignificant.

Land Banking & Shares Acquisition: Fitch estimates Sunac paid
CNY6.6bn for attributable land acquisitions in 1H2014 compared to
our estimate of CNY16bn in attributable sales for the same period.
In addition, the company plans to pay over CNY4bn to acquire
shares of Greentown in 2H2014, which will generate limited cash
for Sunac in the short-term. Given the major cash outflow for its
stake in Greentown, key considerations for a rating upgrade will
depend partly on how the company manages its land banking to
maintain healthy leverage. Leverage, as measured by net
debt/adjusted inventory, stood at 26% at mid-2014.

Rating Sensitivities

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

-- EBITDA margin excluding impact of revaluation of acquisitions
    sustained above 22%

-- Contracted sales/total debt sustained above 1.2x

-- Conservative land acquisitions leading to net debt/adjusted
    inventory sustained below 40%

-- Limited growth in SSG relative Sunac's own growth

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

-- Failure to meet the above guidelines over the next 12-18
    months, which would lead to the Outlook being revised to
    Stable.



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


AGNIPA ENERGO: CRISIL Lowers Rating on INR100MM Term Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Agnipa Energo Pvt Ltd to 'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             100         CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects the delay by AEPL in meeting its
maturing debt obligations; the delays were caused by the company's
weak liquidity. The completion of the company's ongoing project in
Assam is expected to be delayed by more than two years beyond the
scheduled date. The delay has resulted in an increase in the
project cost to INR249 million from INR220 million estimated
previously.

AEPL is exposed to risks related to the implementation of its
hydroelectric (hydel) project, the construction of which is in its
initial stages, and to uncertainty regarding the availability of
sufficient water flow. However, the company will benefit from its
power purchase agreement with Assam Power Distribution Company
Ltd, which may provide stable revenue over the medium term; it
also benefits from its promoters' industry experience.

AEPL was promoted by Mr. Anil Jaina and Mr. Ashok Jain for setting
up the Pahumara Small Hydel Project (PSHP) near Laugaon village in
the Baksa district of Assam. PSHP is a 2-megawatt (MW) hydel
project, with two units of 1 MW each.


AKASH COKE: CRISIL Cuts Rating on INR150MM Cash Credit to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Akash Coke Industries Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           15      CRISIL A4 (Downgraded
                                    from 'CRISIL A4+')

   Cash Credit             150      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term        5      CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

   Standby Line of Credit   23      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in the liquidity
profile of the company on the back of unrelated investment made by
it in real estate properties. The company as on March 31, 2014 has
modest net worth of around INR 140 million, in addition to which
it has unsecured loans from promoters to the tune of around INR 75
million. The financial risk profile of ACIPL however is
significantly constrained on account of its real estate
investments; which stood at around INR 140 million as on March 31
2014. The modest net worth base of the company and investments
made by it in 2013-14 constrain the financial flexibility. As
result of the investments the bank limit utilisation of ACIPL
remained high at around 90-95 per cent levels in 2013-14. The
capital structure is also estimated to have declined with the
gearing of around 1.6 times as on March 31, 2014 opposed to that
of 1.4 times in the preceding year.

The rating also reflects the modest scale and working capital
intensive operations of ACIPL, its average financial risk profile
and susceptibility to volatility in coke prices and in the steel
industry. These rating weaknesses are partially offset by the
extensive industry experience of ACIPL's promoters.

For arriving at the rating, CRISIL has treated unsecured loans
brought in by promoters as neither debt nor equity as they carry
lower interest rate than bank and are likely to be retained in the
business over the medium term.

Outlook: Stable

CRISIL believes that ACIPL will benefit over the medium term from
its promoters' extensive industry experience and its established
relationship with suppliers and customers. The outlook may be
revised to 'Positive' if ACIPL's revenues and profitability
increase significantly with improved capacity utilisation, thus
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if ACIPL's revenues and profitability are
significantly constrained, there are considerable delays in
realization of receivables, or it undertakes a larger-than-
expected, debt-funded capex programme, thereby weakening its
financial risk profile. The outlook may be revised to 'Negative'
also if the company makes further investment in unrelated
activities.

Incorporated as a private limited company in 1988, ACIPL, located
in Dhanbad (Jharkhand), was set up in 1973 as a partnership firm.
ACIPL manufactures hard coke and has a capacity of 126,000 tonnes
per annum. Bharat Coking Coal Ltd and dealers of Tata Steel Ltd
are ACIPL's key suppliers of coal.


AKSHIT ENTERPRISES: INR65M Cash Credit CRISIL B+ Rating Suspended
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Akshit
Enterprises Pvt Ltd.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            65        CRISIL B+/Stable Suspended
   Term Loan              15        CRISIL B+/Stable Suspended

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

AEPL was promoted by Mr. Raj Kumar Goel and his uncle, Mr. Hanuman
Mittal, in 2010. Its manufacturing facility in Bahalgarh (Haryana)
produces stainless steel (SS) and mild steel (MS) ingots (4800
tonnes per annum [tpa]), ferro alloys (2400 tpa), ferro silico
magnesium (1200 tpa), and ferro aluminium (3000 tpa).


ANKUR IRON: CRISIL Cuts Rating on INR75MM Cash Credit to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Ankur Iron (India) Pvt Ltd to 'CRISIL B/ Stable' from 'CRISIL
B+/Stable', while reaffirming its rating on the company's short-
term bank facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            75        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Letter of Credit       50        CRISIL A4 (Reaffirmed)

   Proposed Long Term     33.4      CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B+/Stable')

   Term Loan               6.6      CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The rating downgrade reflects the deterioration in AIPL's working
capital management, marked by an increase in its gross current
assets to an estimated 156 days as on March 31, 2014 from 86 days
as on March 31, 2013. The increase was primarily due higher
receivables, estimated at 139 days as on March 31, 2014, against
57 days a year earlier. This has resulted in high bank limit
utilisation, which, combined with modest cash accruals, has
impacted the company's liquidity.

The ratings reflect the susceptibility of AIPL's margins to
cyclicality in the steel sector, and its weak financial risk
profile, marked by a modest net worth, high external indebtedness,
and weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of AIPL's promoters
in the steel trading industry.
Outlook: Stable

CRISIL believes that AIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
significantly higher-than-expected revenue, while improving its
margins and capital structure. Conversely, the outlook may be
revised to 'Negative' if AIPL's financial risk profile weakens
further, most likely because of higher-than-expected external debt
for meeting its working capital requirements, or substantially low
cash accruals.

AIPL was incorporated in 2011 to take over the business of the
proprietorship concern, Ankur Steel Corporation, which was set up
in 1982. The company trades in steel and steel products such as
cold-rolled sheets, galvanised sheets, and hot-rolled sheets. Its
clientele includes local resellers who in turn sell to end users.
The company's promoters, Mr. Kiran Mehta and his son Mr. Harsh K
Mehta, oversee its day-to-day operations. AIPL's registered office
is in Mumbai.

AIPL reported an estimated profit after tax (PAT) of INR10 million
on net sales of INR1.59 billion for 2013-14 (refers to financial
year, April 1 to March 31), against a PAT of INR1.8 million on net
sales of INR1.58 billion for 2012-13.


ANTONY MOTORS: ICRA Rates INR8.50cr LT Fund Based Loan at B+
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ for the INR8.50
crore long-term, fund based limits of Antony Motors Private
Limited. ICRA has also assigned a short-term rating of [ICRA]A4
for the INR10.00 crore short-term, non-fund based limits of the
company.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term, fund-         8.50         [ICRA]B+ assigned
   based facilities

   Short-term, non-fund-    10.00        [ICRA]A4 assigned
   based facilities

The ratings takes into account the experience of the promoters in
the commercial vehicle body parts manufacturing business for
nearly two decades, established brand entailing repeat orders from
customers, and well diversified product portfolio. The ratings are
however, constrained by the significant exposure to corporate
guarantees extended to group companies and susceptibility of
margins to increase in the production cost. The ratings also
factor in the modest profitability and high working capital
intensity of the company. Pressure on volumes and margins is
expected to remain in medium term on account of uncertainty in
economic scenario and high input costs.

Antony Motors Private Limited was incorporated in the year 1992
for manufacture of special purpose vehicle.


AUROGLOBAL COMTRADE: CARE Assigns 'B+' Rating to INR18cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Auroglobal Comtrade Pvt Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      18        CARE B+ Assigned
   Short term Bank Facilities      4        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Auroglobal Comtrade
Pvt Ltd is primarily constrained by its modest scale of operation
in the highly competitive and fragmented iron ore trading
business, weak debt service coverage indicators, susceptibility of
margins to volatility in trading material prices & foreign
exchange rate, risks related to unfavorable regulatory changes on
export of iron-ore fines, high working capital intensity of the
operation and substantial dependence on the cyclical iron & steel
industry.

The aforesaid constraints are partially offset by its moderate
track record and reasonable experience of the promoters in the
iron-ore trading business. Going forward, ACPL's ability to
further grow its scale of operations with simultaneous improvement
in profitability margins and efficient management of working
capital would be the key rating consideration.

Auroglobal Comtrade Pvt Ltd was set up as a proprietorship entity
in the year 2007 by Mr Raj Kumar Dhupar of Orissa and was
initially operating as a commissioning agent for the local mine
owners. Subsequently in the year 2009, it started its own export
business by exporting iron ore fines. In December 2010, the entity
was converted into a private limited company and was rechristened
to its present name. It procures iron ores fines domestically from
private mines owners and exports it to companies in Hong Kong,
China and Singapore.

In August 2011, the company also commenced trading in imported low
metallurgical coal and non-coking coal, which was discontinued
from June 2012.

In FY13 (refers to the period April 1 to March 31), the company
achieved a total operating income of INR56.3 crore and PAT of
INR0.5 crore as against a total operating income of INR108 crore
and PAT of INR0.6 crore in FY12. Furthermore in FY14
(provisional), ACPL reported a total operating income of INR72.27
crore.


BARNALA REALTECH: CARE Cuts Rating on INR10cr Bank Loan to 'D'
--------------------------------------------------------------
CARE revises the rating assigned to bank facilities of Barnala
Realtech.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      10        CARE D Revised
                                            from CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Barnala Realtech takes into account delays in debt servicing by
the firm due to its weak liquidity.

Barnala Realtech was established in April 2011 as a partnership
firm with Mr Jiwan Lal Jindal and Mr Vijay Kumar as partners
sharing profit and loss in the ratio of 2:1 respectively. The firm
is engaged in real estate development mainly residential projects.
At present, BRT is executing a residential project at Zirakpur,
Punjab namely "Riverdale Aquagreens", comprising a residential
block with 141 flats. The project had witnessed cost overrun with
project cost increasing from INR40.92 crore to INR43.25 crore. The
firm had incurred a total expenditure of INR26.47crore
(approximately 61%) funded through the promoter's contribution of
INR6.66 crore, bank loan of INR6.35 crore and customer advances of
INR13.46 crore till March 31, 2014. Further, there is time overrun
in the project with scheduled completion date revised from March
2014 to September 2015. Currently, the firm has completed 61% of
the construction and has sold 34% of the total flats.


BLACKSTONE GEM: ICRA Cuts Rating on INR15cr Fund Based Loan to D
----------------------------------------------------------------
ICRA has revised the rating assigned to the fund based limit of
INR15.00 Crore to [ICRA]D from [ICRA]B+ of Blackstone Gem &
Jewellery.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       15.00       Revised to [ICRA]D
   (Export Bills                       from [ICRA]B+
   Discounting)

The rating revision takes into account the delays /defaults in
servicing of debt obligations by the firm due to delayed
collection of receivables with the debtors outstanding for more
than 180 days which led to deterioration in the liquidity profile
of the firm.

Incorporated in 2009, Blackstone Gem & Jewellery is a closely held
partnership firm promoted by Mr. Purshottam Walia and Mr. Sanjiv
Walia to manufacture and export machine-made diamond studded gold
jewellery and plain gold jewellery. It is a 100% export oriented
unit involved in B2B sales with a client base in Singapore. The
jewellery manufacturing takess place in a plant set up by the firm
in the Surat Special Economic Zone, Gujarat. The firm also has an
associate concern, Unique Gem & Jewellery (UGJ), operational since
2009 engaged in manufacturing of hand crafted diamond studded
jewellery. Even UGJ is an export oriented unit with clients
located in Singapore, Hong Kong and UAE.


COMET EXPORTS: CRISIL Reaffirms B Rating on INR47.7MM Bank Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Comet Exports continue
to reflect the firm's below-average financial risk profile, marked
by high gearing, modest debt protection metrics, and small net
worth. The ratings also factor in the working-capital-extensive
operations and its small scale of operations. These rating
weaknesses are partially offset by Comet's established market
position in the home decorative industry and healthy relationships
with customers.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Foreign Discounting       36      CRISIL A4 (Reaffirmed)
   Bill Purchase

   Packing Credit            90      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        47.7    CRISIL B/Stable (Reaffirmed)

   Term Loan                  6.3    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Comet will maintain its business risk
profile, supported by its experienced management and established
market position, over the medium term. The outlook may be revised
to 'Positive' if the firm's financial risk profile improves
significantly, most likely because of substantial growth in its
revenue or infusion of capital by its promoters or by significant
improvement in its working-capital-intensive operations.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in its working capital management or lower-than-
expected operating margin leading to weakening of its debt
protection metrics.

Comet, a partnership firm set up in 1996, manufactures home
furnishing articles such as doormats and decorative articles such
as flower vases, lanterns, and wall lamps. The firm manufactures
mats made of materials such as coir, rubber, polyvinyl chloride,
jute, and steel. About 60 per cent of its revenue is derived from
sales of doormats while the remaining is derived from decorative
articles. Comet has two manufacturing units, one in Alleppey
(Kerala) and the other in Moradabad (Uttar Pradesh).


GLOBAL TANNING: CRISIL Reaffirm B+ Rating on INR45M Bill Purchase
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Global Tanning
Industries continue to reflect GTI's small scale of operations and
average financial risk profile. These rating weaknesses are
partially offset by the promoters' extensive experience in the
leather goods industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               25     CRISIL B+/Stable (Reaffirmed)
   Foreign Bill Purchase     45     CRISIL B+/Stable (Reaffirmed)
   Letter of Credit           3     CRISIL A4 (Reaffirmed)
   Overdraft Facility         1.9   CRISIL B+/Stable (Reaffirmed)
   Term Loan                 15.1   CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GTI will maintain its business risk profile
on the back of the promoters' extensive industry experience in the
leather goods industry. The outlook may be revised to 'Positive'
if the firm improves its scale of operations and profitability,
while maintaining its capital structure. Conversely, the outlook
may be revised to 'Negative' if GTI's financial risk profile
weakens because of lower-than-expected profitability, sizeable
working capital requirements, or a large debt-funded capital
expenditure (capex) programme.

Update
GTI's revenues for 2013-14 (refers to financial year, April 1 to
March 31) is estimated to increase by around 5 per cent to INR312
million from INR297 million in the previous year. The increase was
driven by an increase in export orders in 2013-14, on the back of
demand for leather products. GTI's operating profitability
improved to 3.8 per cent in 2013-14 from 2.6 per cent a year ago,
driven by moderation in raw material prices. The firm's operating
profitability is likely to remain modest over the medium term.
GTI's financial risk profile continues to be average, marked by a
modest net worth of around INR21 million as on March 31, 2014,
while its gearing remained high at 2.4 times as on March 31, 2014
(treating interest-free unsecured loans of INR36 million as on
March 31, 2014 from the promoters as neither debt nor equity). The
firm's debt protection metrics remained robust, with interest
coverage and net cash accruals to debt ratios at 1.9 times and
0.10 times, respectively, for 2013-14. The firm's liquidity
remains stretched, marked by low cash accruals, and incremental
working capital requirements resulting in full utilization of its
bank lines with instances of overdrawn limits. However, GTI's
liquidity is supported through unsecured loans from promoters and
modest debt repayment obligations of about INR2 million estimated
for 2014-15.

GTI was set up in 2003 in Kolkata (West Bengal). The firm tans raw
hides and manufactures leather gloves. GTI is promoted by Mr.
Dilshad Elahi.


JAI AMBEY: ICRA Suspends B+ Rating on INR6.0cr Bank Facilities
--------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR6.0 Crore
bank facilities of Jai Ambey Castings Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


KANAKA DURGA: CRISIL Lowers Rating on INR70MM Cash Credit to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kanaka Durga Cotton Mills to 'CRISIL D' from 'CRISIL B-
/Stable'.

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

   Term Loan              50         CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by KDCM in
servicing its debt; the delays have been caused by the firm's weak
liquidity.

KDCM's profitability margins are susceptible to volatility in
cotton prices, and the company is exposed to intense competition
and regulatory changes in the cotton ginning industry. However,
the firm benefits from the extensive experience of its promoters
in the cotton ginning business.

Set up in 2009 as a partnership firm, KDCM is engaged in ginning
and pressing of raw cotton. The firm's ginning unit is based in
Guntur district in Andhra Pradesh. The firm currently has five
partners - Mr. Gannamaneni Murali Krishna, Mrs. G Rangamma, Mr. G
Sudheer Babu, Mr. Praineni Ashok, and Mr. P Madhav.


KASHI KANCHAN: CRISIL Reaffirms B+ Rating on INR120MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kashi Kanchan Pvt Ltd
continue to reflect KKPL's improving though modest scale of
operations, fragmented nature of industry, large working capital
requirements, and its below-average financial risk profile, marked
by small net worth, high gearing, and average debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the civil
construction industry its average financial risk profile, marked
by moderate gearing and adequate debt protection metrics though
constrained by small net worth.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         50        CRISIL A4 (Reaffirmed)
   Cash Credit           120        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     20        CRISIL B+/Stable (Reaffirmed)

CRISIL had upgraded its ratings on the long-term bank facilities
of KKPL to 'CRISIL B+/Stable' from 'CRISIL B/Stable' on and had
reaffirmed its ratings on the short-term bank facilities at
'CRISIL A4' on June 16, 2014.

The upgrade reflects improvement in KKPL's liquidity with its
entire term debt repaid in 2013-14 (refers to financial year,
April 1 to March 31), higher cash accruals, better working capital
management, and fund infusion by the promoters along with
enhancement in its bank lines. The company generated about INR15
million of cash accruals from the business in 2013-14, which is an
improvement of about INR5 million over the previous year.
Furthermore, by streamlining the working capital cycle reflected
in gross current assets of 175 days as on March 31, 2014, as
against 357 days as on March 31, 2013, the company has utilised
its funds more efficiently, allowing the company to register
healthy growth in revenue without stress on liquidity. With steady
growth in revenue expected over the medium term, support in the
form of equity infusion and enhancement in bank lines to fund
incremental working capital requirements will continue to remain
key rating sensitivity factor over the medium term.

Outlook: Stable

CRISIL believes that KKPL will continue to benefit from the
extensive experience of the promoters in the civil construction
industry and its moderate order book. The outlook may be revised
to 'Positive' if the company generates higher-than-expected
accruals and improves its working capital management, thus
strengthening its liquidity. Conversely, the outlook may be
revised to 'Negative' if its liquidity weakens, most likely due to
stretch in its receivables cycle or in case of inventory pile-up
or large-than-expected debt-funded capital expenditure.

KKPL was set up as a partnership concern in 1974 by Mr. Surendra
Kumar Padhi and Mr. Abhimanyu Padhi; the firm was reconstituted as
a private limited company in 2005. KKPL undertakes civil
construction activities involving road, drainage, and building
construction, primarily in Odisha.

For 2013-14, KKPL provisionally reported profit after tax (PAT) of
INR10.4 million on revenue of INR292 million as against PAT INR6.1
million on revenue of INR152 million for 2012-13.


KRISHNA OLEO: CARE Assigns 'B-' Rating to INR39.48cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B-' rating to bank facilities of Krishna Oleo
Chemical India Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     39.48      CARE B- Assigned

Rating Rationale

The rating assigned to the bank facilities of Krishna Oleo
Chemical India Limited are primarily constrained due to high
project stabilization risk coupled with its nascent stage of
operations, presence in a competitive market and high bargaining
power of the suppliers and buyers.

The aforementioned constraints far outweigh the benefits derived
from the locational advantage in terms of easy availability of raw
material.

Stabilization of operations, achievement of envisaged capacity
utilization levels and increase in the scale of operations
with better profit margins and capital structure are the key
rating sensitivities.

Kutch-based (Gujarat), Krishna Oleo Chemical India Limited (KOCIL)
was established as a Public Limited Company in June 2011 in the
name of 'Krishna Oleo Chem India Limited'. Subsequently, in June
2012 it resumed its current name. The key promoters include Mr
Shanti Swaroop Goyal and Mr Kumar Krishna Goyal. KOCIL has setup a
greenfield project in the field of manufacturing of Distilled
Fatty Acid (DFA) and Soap Noodles with an installed capacity of
100 MTPD. The commercial production has started from July 2013. Mr
Shanti Swaroop Goyal and Mr Kumar Krishna Goyal (son of Mr Shanti
Swaroop Goyal) jointly looks after the overall operations. Mr
Shanti Swaroop Goyal is group chairman and has vast experience of
more than 48 years in the agro processing business through an
associate concern.

As per the provisional result for FY14 (refers to the period
April 1 to March 31), KOCIL reported a total operating income
(TOI) of INR9.92 and achieved capacity utilization of near 10%.


KUMAR DRINKS: CRISIL Assigns 'B+' Rating to INR70MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Kumar Drinks.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               70       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        10       CRISIL B+/Stable

The ratings reflect KD's below average financial risk profile,
marked by below average interest coverage ratio, and modest scale
of operations with customer concentration in revenue profile.
These rating weaknesses are partially offset by KD's extensive
experience of promoters and diversified revenue profile.

Outlook: Stable

CRISIL believes that KD will be able to maintain its business risk
profile over the medium term on the back of its promoters' long
standing experience in the industry. Its financial risk profile is
however expected to remain weak on account of low profitability.
The outlook may be revised to 'Positive' in case of an improvement
in the company's financial risk profile, particularly its
liquidity, driven by higher-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case the
company's liquidity deteriorates because of large working capital
requirements or lower-than-expected cash accruals.

Kumar Drinks (KD) is a partnership firm started in 2006 by Mr.
Mukesh Kumar Garg along with his wife. The firm is into dealership
of ITC Limited for FMCG products (Muzaffarnagar), BSNL for SIM
cards and recharge vouchers (Muzaffarnagar, Hardidwar and
Dehradoon), and Hindustan Coca Cola Limited for soft drinks
(Muzaffarnagar).


NIRMALA INFRA: ICRA Suspends C Rating on INR15cr Bank Facilities
-----------------------------------------------------------------
ICRA has suspended long term rating of [ICRA]C rating assigned to
the INR15.00 crore bank facilities of Nirmala Infra Projects India
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


NRI ACADEMY: CRISIL Reaffirms 'D' Rating on INR70MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the bank facilities of NRI Academy continues to
reflect instances of delay by NRI in servicing its debt; the
delays have been caused by the firm's weak liquidity.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit               70        CRISIL D (Reaffirmed)
   Long Term Loan            40        CRISIL D (Reaffirmed)

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

NRI was set up as a partnership firm in 2008 by Mr. Alapati
Rajendra Prasad and his wife, Mrs. Alapati Madhavi. NRI offers
intermediate education, and has colleges in Andhra Pradesh in
Guntur, Vijayawada, Visakhapatnam, Vizianagaram, Eluru, and
Hyderabad.


NUCON PNEUMATICS: ICRA Rates INR16.6cr Fund Based Limits at B+
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to INR16.60 crore
fund based limits and short term rating of [ICRA]A4 to INR8.30
crore non fund based limits of Nucon Pneumatics Private Limited.
ICRA has also assigned ratings of [ICRA]B+/[ICRA]A4 to INR1.10
crore unallocated limits of NPPL.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based limits        16.60       [ICRA]B+ assigned
   Non fund based limits     8.30       [ICRA]A4 assigned
   Unallocated limits        1.10       [ICRA]B+/[ICRA]A4
                                        assigned

The assigned ratings are constrained by modest scale of operations
in the pneumatic business; decline in revenues in FY2014 due to
decrease in order inflows from government bodies and highly
fragmented and competitive nature of the pneumatic industry
wherein orders are awarded based on a bidding system putting
pressure on the profitability levels of the company. The ratings
are also constrained by highly stretched liquidity profile of the
company owing to high inventory stocking coupled with higher
realization period and highly leveraged capital structure with
gearing of 2.86 times and modest interest coverage ratio of 1.14
times for FY2014. The ratings however draw comfort from long track
record of promoters and established relation with reputed
customers and suppliers in the industry.

Going forward, company ability to increase its scale of operation
while managing its working capital requirement and maintaining
adequate capital structure is the key rating sensitivity from
credit perspective.

Nucon Pneumatics Private Limited was incorporated in the year 1972
under the name Nucon Industries Private Limited as a manufacturer
of pneumatic solutions and compressed air treatment solutions.
Subsequently in the year 2010 the company diversified into
manufacturing of aerospace applications (Missile Guidance systems)
and later in the year 2012 both the divisions were demerged into
two different entities. The company is managed by Mr. Hemant Jalan
and his family. The company is currently engaged in providing
pneumatic solutions and the plant is located in Patancheru
Hyderabad.

Recent Results
For FY2014, the company has achieved sales of INR21.07 crore and
PAT of INR0.17 crore when compared to sales of INR22.75 crore and
PAT of INR-0.60 crore in FY2013.


OZON VITRIFIED: CARE Reaffirms B+ Rating on INR18.03cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Ozon
Vitrified Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    18.03       CARE B+ Re-affirmed
   Short-term Bank Facilities    2.80       CARE A4 Re-affirmed

Rating Rationale

The ratings assigned to the bank facilities of Ozon Vitrified
Private Limited continue to remain constrained on account of its
modest scale of operations and its weak financial risk profile
marked by thin profitability, leveraged capital structure and
moderate liquidity position. The ratings further continue to be
constrained on account of susceptibility of its profitability to
volatile raw material and natural gas prices coupled with its
presence in the highly competitive market for tiles with fortunes
linked to demand from the cyclical real estate sector.

The ratings continue to take into account the experience of the
promoters in the ceramic tile industry, location in the
ceramic tiles hub with easy access to raw material, fuel and
labour, stabilization of operations and growth in the total
operating income coupled with improvement in cash accruals during
FY13 (refers to the period April 1 to March 31).

The ability of OVPL to increase its scale of operations along with
the improvement in its profitability and capital structure
while managing raw material and fuel price volatility are the key
rating sensitivities.

Morbi-based (Gujarat), OVPL was incorporated in July 2010 as a
private limited company by Mr Bhaveshbhai Patel along
with five other directors. OVPL is engaged in the business of
manufacturing vitrified tiles with an installed capacity of
43,000 Metric Tonnes per Annum (MTPA) as on March 31, 2014. The
commercial production of OVPL was commenced from August 2011.


PARK HEALTH: CRISIL Reaffirms 'D' Rating on INR137MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Park Health Systems
Private Limited continues to reflect instances of delay by PHSPL
in servicing its debt; the delays have been caused by the
company's weak liquidity.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Long Term Loan           137        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        43        CRISIL D (Reaffirmed)

The company has modest scale of operations, and geographical
concentration in its revenue profile. However, the company
benefits from its promoters' extensive experience in the
healthcare industry.

PHSPL was incorporated in 2007 by Mr. Chinchod Damodar Reddy and
his wife, Mrs. Sura Supreetha Reddy. The company provides primary,
secondary, and tertiary medical care through its multi-specialty
hospital -- Deccan Hospital -- in Hyderabad.


PELICAN RUBBER: CRISIL Cuts Rating on INR230MM Cash Credit to B+
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Pelican Rubber Ltd to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB/Stable/CRISIL A4+'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Cash Credit            230        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Letter of Credit       170        CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Letter of Credit        70        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Standby Line of         25        CRISIL BB/Stable (Downgraded
   Credit                            from 'CRISIL BB/Stable')

   Proposed Long Term      20.3      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB/Stable')

The rating downgrade reflects the deterioration in Pelican's
liquidity, with its continued large working capital requirements
resulting in almost full utilisation of its bank limits. There
have also been instances of overdrawls in the company's bank
limits; the overdrawls were regularised within a week. CRISIL
believes that the company will need fresh capital from its
promoters, or will have to register sustained improvement in its
working capital cycle, to alleviate the pressure on its liquidity.

The ratings reflect Pelican's below-average financial risk profile
marked by its modest net-worth, high gearing, and below-average
debt protection metrics. The ratings of the company are also
constrained on account of its large working capital requirements,
and the susceptibility of its profitability margins to volatility
in prices of butyl rubber. These rating weaknesses are partially
offset by the company's established market position in the butyl
rubber tubes segment, aided by its experienced promoters.

Outlook: Stable

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

Pelican was incorporated in 1996 by Mr. Shiv Shanker Agarwal and
his brother Mr. Shyam Sunder Agarwal. The company manufactures
butyl rubber tubes used in tyres, and sells them under the Avis
brand.


PRATIBHA MILK: ICRA Suspends 'B' Rating on INR20.08cr Term Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B rating for the INR3.00 crore cash
credit and INR20.08 crore term loan facilities of Pratibha Milk
Industries. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

PMI is involved in procurement and processing of milk and
manufacture of milk products and is part of Chavan group of
companies. The Jat (Sangli) based firm has current installed
capacity of 25000 LPD. Chavan group of companies is a Kolhapur
based group with diversified interests in milk processing, mineral
water, real estate and financial consulting. The group was majorly
engaged in trading and Government contract business till 2009.


RANA SUGARS: ICRA Reaffirms 'D' Rating on INR502.5cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the rating of '[ICRA]D' assigned to INR688.5
crore (enhanced from INR636.5 crores) fund based bank facilities
and INR31.5 crores non-fund based bank facilities of Rana Sugars
Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-Based Limits-      502.5        [ICRA]D Reaffirmed
   Cash Credit

   Fund-Based Limits-      186          [ICRA]D Reaffirmed
   Term Loans

   Non-fund based           31.5        [ICRA]D Reaffirmed
   Limits

The rating reaffirmation takes into account continued delays in
debt servicing by the company owing to stretched liquidity
position of RSL, arising out of limited accruals and high interest
& repayment burden. However, ICRA notes that the quantum and
duration of delays have been significantly lower than in the past
year. The rating is also constrained by further weakening of the
financial profile of RSL, as reflected by losses at net level in
FY2014, increase in gearing (increase in debt funded working
capital requirements coupled with already high levels of long term
debt) and deterioration in debt coverage indicators. The rating
also takes into account regulatory risks regarding offtake and
pricing of by-products such as molasses, alcohol and power and
agro-climatic risks and inherent cyclicality in the sugar
business. Moreover, cane prices in Punjab and Uttar Pradesh
continue to be delinked from sugar prices in the domestic market,
which result in volatility in operating margins of sugar
operations.

ICRA has taken note long track record of the company and its
forward integration into cogeneration and distillery business. The
outlook for the sugar industry has also improved following fiscal
benefits and expected supply correction. Further, increase in the
import duty and sugar exports coupled with expected supply
correction has resulted in the upward movement of the sugar prices
from June 2014 which is likely to have a positive impact on cash
flows and profitability of sugar mills. However, the assigned
ratings continue to be constrained by the delays in debt servicing
by the company.

RSL is engaged in the business of manufacturing sugar and
undertaking the allied businesses of cogeneration and distillery.
Incorporated in July '91, RSL was promoted by Rana Gurjeet Singh
and Rana Ranjit Singh as a joint venture with Punjab Agro
Industrial Corporation Ltd.  At present, the company is being
managed under the Chairmanship of Rana Ranjit Singh. PAIC divested
its stake in Rana Sugars during FY 05 by selling its stake to the
promoters, as per the provisions of the Financial Collaboration
Agreement.

RSL's facilities consist of a combined crushing capacity of 15,000
tonnes crushed per day (TCD) including a 5,000 TCD mill located at
Buttar (Punjab) and two capacitates of 5,000 TCD each located at
Moradabad and Rampur (Uttar Pradesh). The company also generates
power using bagasse (a by-product of sugar) and currently has a
total generation capacity of 87.5 MW. RSL is also forward
integrated to manufacture alcohol and has an alcohol manufacturing
capacity of 60 KLPD located in Punjab. In April 2013, the company
launched a pilot project in Punjab for manufacturing sugar from
beetroot.

Recent Results:
As per the provisional results, RSL reported a net losses of
INR23.94 crore on an operating income of INR646.17 crore for the
year ended March 31, 2014 as against a net profit of INR5.41 crore
on an operating income of INR703.68 crore for the year ended March
31, 2013.


SAN & CO: CARE Reaffirms B+ Rating on INR7.50cr LT Bank Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
San & Co.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.50       CARE B+ Reaffirmed

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

Rating Rationale

The rating continues to remain constrained by its small scale of
operation and weak financial risk profile marked by low
profitability margins, leveraged capital structure and depressed
debt service coverage indicators. The rating is also
constrained by San & Co.'s (SANCO) exposure to the price
volatility of the traded goods, its presence in a highly
competitive and fragmented industry and its dependence on the
fortunes of the cyclical iron & steel industry.

The rating, however, draws comfort from the experience of the
proprietor in the iron ore trading business and its established
relationship with the clients. The ability of the firm to further
grow its scale of operations along with an improvement in
profitability margins and manage its working capital requirements
efficiently shall remain the key rating sensitivities.

SAN & Co. (SANCO), is a proprietary firm set up in the year 2003
by Mr Sanjay Patnaik based out of Rourkela, Odisha and is engaged
in the trading of iron ore and dolomite fines. It procures iron
ores and dolomite fines domestically from the traders as well as
through direct auctions and sells mainly to iron and steel players
operating in Odisha and neighbouring states.

During FY14 (refers to the period April 1 to March 31), SANCO had
reported a total operating income of INR40.71 crore (as against
INR27.80 crore in FY13) and a PAT (after deferred tax) of INR0.28
crore (as against INR0.43 crore in FY13).


SHRI BANKE: CRISIL Reaffirms 'B' Rating on INR40MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Shri Banke Bihari
Polyfab Private Limited continue to reflect SBPL's small scale of
operations, and average financial risk profile, marked by a small
net worth, low gearing and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive experience
of the company's promoter in the packaging industry, and its
established customer base.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------         ---------     -------
   Bank Guarantee         3.5       CRISIL A4 (Reaffirmed)

   Cash Credit           40.0       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term    34.5       CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan             20.5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Shri Banke Bihari Polyfab Private Limited
(SBPL) will continue to benefit over the medium term from the
extensive industry experience of its promoter. The outlook may be
revised to 'Positive' in case of a significant increase in the
company's revenue and accruals while it maintains its gearing,
thereby improving the overall liquidity profile of the company.
Conversely, the outlook may be revised to 'Negative' if SBPL's
revenue is significantly lower than expected, or it undertakes a
substantial debt funded capital expenditure programme, leading to
deterioration in gearing and debt protection metrics.

Shree Banke Bihari Polyfab Private Limited was incorporated in
2008, promoted by Mr. Ashish Kumar Agarwalla. The company
manufactures non-laminated Polypropylene (PP) and High Density
Polyethylene (HDPE) woven sacks and cement bags at its facility in
Burdwan (West Bengal).

SBPL, on a provisional basis, reported a profit after tax (PAT) of
INR1.8 million on net sales of INR252.2 million for 2013-14; it
had reported a PAT of INR1.0 million on net sales of INR150.2
million for 2012-13.


SHUBBAN PROPERTIES: CRISIL Suspends B Rating on INR115.3MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shubban
Properties - Vision City.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Term Loan       4.7       CRISIL B/Stable Suspended
   Term Loan              115.3       CRISIL B/Stable Suspended

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

SPVC was incorporated in 2006 and is a part of the Siddhivinayak
group. SPVC is constructing a residential complex with 668 flats
and 51 row houses covering a 50-acre land located in Jambhul
(Maharashtra) off Pune-Mumbai Highway. The project consists of
three sub-projects ' Vision City, Vision Woods, and Vision Shree.
The total project has a saleable area of 0.7 million square feet.
Till November, 2011, the project has received booking of 64 per
cent and was completed to the extent of 56 per cent of the
construct cost.


SLS MERCANTILE: CRISIL Ups Rating on INR120MM Cash Credit to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
SLS Mercantile Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and has reaffirmed its rating on the company's short-
term bank facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            120        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit        30        CRISIL A4 (Reaffirmed)

   Proposed Long Term      40        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects sustainable improvement in SLS's
business risk profile and working capital management, and its
moderate liquidity. During 2013-14 (refers to financial year,
April 1 to March 31), SLS recorded revenue of INR1.37 billion,
which was above expectation. The company's revenue growth was
aided by healthy product offtake by its regular customers, and
addition of new customers. The new customers are expected to give
regular orders going forward.

The company's working capital management has also improved, marked
by improvement in receivables to just over two months, driven by
the management's measures to improve credit collection. The
company's liquidity is moderate, marked by healthy need-based
financial support from its promoters and expected moderate cash
accruals, against which the company has no term debt obligations.

The ratings continue to reflect the company's below-average
financial risk profile marked by high total outside liabilities to
tangible net worth (TOLTNW) ratio, and susceptibility to
volatility in steel prices. These rating weaknesses are partially
offset by the extensive experience of SLS's promoters.

Outlook: Stable

CRISIL believes that SLS will continue to benefit over the medium
term from its promoters' extensive experience in the metal trading
business. The outlook may be revised to 'Positive' if the
company's capital structure improves and if its profitability
increases significantly, leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if SLS's margin declines, most likely because of volatility in
metal prices, or sales decline, or if SLS undertakes any large
debt-funded capital expenditure programme.

Set up in 2007, SLS trades in iron and steel (long and flat)
products. Its day-to-day operations are managed by its director,
Mr. Praveen Sonthalia.

SLS reported, on a provisional basis, a profit after tax (PAT) of
INR2.5 million on net sales of INR1.37 billion for 2013-14,
against a PAT of INR1.7 million on net sales of INR1.1 billion for
2012-13.


SMC POWER: ICRA Raises Rating on INR128cr Term Loan to 'B'
----------------------------------------------------------
ICRA has upgraded the long-term rating of SMC Power Generation
Limited from [ICRA]C to [ICRA]B for INR203.64 crore bank lines.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Working Capital      65.25         [ICRA]B upgraded
   Limits

   Term Loans          128.00         [ICRA]B upgraded

   Unallocated           5.39         [ICRA]B upgraded

   BG Limits             5.00         [ICRA]B upgraded

The rating upgrade takes into account the steady revenue growth
exhibited by the company during FY14 and the current financial
year on the back of increase in manufacturing volumes across
product segments; and improvement in profitability margins
(especially during the current financial year) supported by
economies of scale and increased volume and revenue contribution
from relatively higher-margin thermo mechanically treated (TMT)
bars, post the recent modification/enhancement in the rolling mill
capacity. The capacity utilization of the rolling mill has
increased which has led to higher captive consumption of billets
and more economical plant operations. The rating also draws
comfort from the company's established operational track record
and long experience of the promoters and in the steel industry;
and SPGL's semi-integrated nature of operations, which supports
the profitability margins of the business. Additionally there has
been steady promoter support in the past and the company's gearing
levels continue to remain moderate.

However the rating is constrained by the competitive and
fragmented nature of the industry, which coupled with
susceptibility to price volatility, has led to sub-optimal
capacity utilization levels and pressures on the company's
profitability margins, resulting in average debt protection
indicators. The working capital intensity of the business also
remains high primarily driven by high inventory days, resulting in
full utilisation/reliance on adhoc limits of the bank working
capital limits. ICRA has also taken note of the sizeable debt
repayment commitments of the company over the next few years.
Going forward, the company's ability to maintain its revenue
growth and improvement in profitability margins through higher
revenue contribution from TMT bars will remain key rating
sensitivities.

SMC Power Generation Ltd., a public limited company, was promoted
in November 2000 by the Aggarwal family, namely Mr. S.C. Aggarwal,
Mr. M.C. Aggarwal, and Mr. C.P. Aggarwal. The company is a part of
the SMC group which has diversified interests including dairy
product companies by the name SMC Foods and Creamy Foods and a
tobacco company by the name of Aggarwal Zarda Factory Private
Limited. The company has an integrated steel plant in Jharsuguda,
Orissa having a manufacturing capacity of: sponge iron (200,000
tonnes per year), billets (250,000 tonnes per annum), TMT bars
(180,000 tonnes per annum) and captive power plant of 33 MW per
annum.

Recent Results
For FY2014, the company has achieved net revenue of INR307.8 crore
and a Profit After Tax (PAT) of INR1.8 crore (as per provisional
financials) as against net revenue of INR297.9 crore and a Profit
After Tax (PAT) of INR1.0 crore in FY2013.


SRI BALAJI: ICRA Reaffirms B+ Rating on INR6cr LT Fund Based Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ outstanding
on the INR6.00 Crore long term fund based facility of Sri Balaji
Traders. ICRA has also reaffirmed the short term rating of
[ICRA]A4 outstanding on INR3.00 Crore non fund based facility of
SBT.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term fund           6.00       [ICRA]B+ reaffirmed
   based facilities

   Short term non-          3.00       [ICRA]A4 reaffirmed
   fund based facilities

The ratings draw comfort from the promoter's long-standing
experience in the paper trading business spanning over three
decades and their established customer relationships. The ratings
continue to reflect SBT's stretched liquidity position owing to
long cash conversion cycle, which coupled with low cash accruals,
led to consistently high utilisation of working capital facilities
over the past few months. The ratings are also constrained by
entity's small scale of operations in a highly-fragmented industry
with low entry barriers and modest operating margin on account of
limited-value addition in the trading business. Going forward,
ability of the entity to efficiently manage its working capital
cycle and improve its liquidity position, while increasing its
scale of operations would remain as key rating monitorables.

Sri Balaji Traders promoted by Mr. U. S. Sanjeevi in 1981 is a
sole proprietorship concern and is primarily engaged in trading
and distribution of all types of papers including printing and
writing paper (PWP), news print paper (NP), coated paper and waste
paper. The entity's warehouse facilities are located in
Rajapalayam, Coimbatore and Sivakasi.

Recent Results
As per the provisional results for period Apr'13-Feb'14, SBT
reported Operating Income (OI) of INR14.8 crore. According to
audited results for the financial year 2012-13, SBT's operating
income (OI) and profit after tax (PAT) stood at INR20.0 crore and
INR0.2 crore respectively, compared to OI and PAT of INR15.7 crore
and INR0.1 crore for the previous year 2011-12.


VAYHAN COFFEE: ICRA Ups Rating on INR47.02cr LT Loan From B-
------------------------------------------------------------
ICRA has upgraded the long-term rating on the INR47.02 crore fund
based limits, INR0.25 crore non-fund based facilities and INR13.48
crore unallocated limits of Vayhan Coffee Limited from [ICRA]B- to
[ICRA]BB-. The outlook on the long term rating is 'stable'. ICRA
has also reaffirmed the short-term rating on the INR5.00 crore
non-fund based facilities of VCL at [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund        47.02       [ICRA]BB-/Stable Upgraded
   Based Limits                      from [ICRA]B-

   Long Term Non-         0.25       [ICRA]BB-/Stable Upgraded
   Fund Based Limits                 from [ICRA]B-

   Unallocated Limits    13.48       [ICRA]BB-/Stable Upgraded
                                     from [ICRA]B-

   Short Term Non Fund    5.00       [ICRA]A4 Reaffirmed
   Based Limits

The ratings upgrade takes into account the improvement in profit
margins and reduction in leverage aided by term loan repayments
and healthy cash accruals. Repayment of major portion of term
loans by December'14 and lower interest outgo arising out of the
reduced debt component is expected to result in comfortable
coverage indicators going forward. The geographically diversified
revenue base of VCL helps sustain sales and mitigate risks
associated with geographic concentration w.r.t. demand uncertainty
and regulation. The ratings also positively factor in the good
product acceptance resulting in significant repeat orders from
international customers with a healthy order book of INR~100 Crore
as on 31st July 2014.

The ratings are however constrained by the commoditised nature of
the instant coffee business which is characterised by intense
competition and the exposure of company's margins to adverse price
movements in the volatile coffee commodity markets. Margins in the
business are also susceptible to volatility in foreign exchange
rates and export incentives extended by Government of India (GoI).
The sales volumes of VCL are expected to be stagnant over the next
2 years given the near full capacity utilization levels and
absence of any expansion plans.

In FY14, the company reported a net profit of INR7.3 crore on an
operating income of INR149.6 crore against a net profit of INR3.4
crore on an operating income of INR151.8 crore in FY13.

Vayhan Coffee Limited (VCL) was incorporated on December 22, 2005.
The promoters of the company are D.R.S. Paramananda Raju, D. Rama
Raju and K.V.K. Raju. VCL manufactures and exports spray dried and
agglomerated instant coffee to various countries in Asia, Europe
and Africa. VCL is the 15th largest exporter of coffee
contributing 1.78% of the coffee exports from India in FY12. The
company has setup an export oriented Instant Coffee plant at West
Godavari District, Andhra Pradesh (AP) with an installed capacity
of 3600 tons per annum (TPA) which was increased to 4500 TPA in
FY2012.


VINAYAK INDUSTRIES: CARE Assigns 'B+' Rating to INR4.46cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+ and CARE A4' ratings to the bank facilities
of Vinayak Industries.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4.46       CARE B+ Assigned
   Short-term Bank Facilities    1.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Vinayak Industries
are primarily constrained by its nascent stage of operations, its
presence in a highly competitive and fragmented agro-processing
industry, exposure to commodity price fluctuation risk and the
constitution of the entity. The ratings are further underpinned by
its below average financial risk profile characterized by small
scale of operation with moderate profitability, working capital
intensive nature of the operation leading to moderate capital
structure and moderate debt service coverage indicators. The above
constraints outweigh the comfort derived from the experience of
the proprietor in the trading of pulses and locational advantage
of its plant.

The ability of the entity to increase the scale of operations and
profitability margin and effective working capital management
would be the key rating sensitivities.


VIRAJ INDUSTRIES: CARE Assigns 'B+' Rating to INR7.07cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Viraj
Industries.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.07       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Viraj Industries is
primarily constrained on account of its short track record of
operations in the competitive and highly fragmented plastic
packaging industry coupled with its thin profitability, highly
leveraged capital structure, weak debt coverage indicators and
liquidity position. The rating is further constrained on account
of susceptibility of margins to the volatility in raw material
prices, high bargaining power of suppliers and constitution as a
partnership firm.

The rating, however, favorably takes into account the experience
of the promoters in the plastic packaging industry. The ability of
VID to increase the scale of operations with improvement in
profitability margins and capital structure along with efficient
management of working capital is the key rating sensitivity.

Ahmedabad-based (Gujarat) VID was established in September 2012 as
a partnership firm by four partners, namely, Mr Dinesh Mehta, Mr
Rajesh Deogoenka, Mr Pradeep Beswal and Mr Sushil Upadhyay. VID is
engaged in the business of manufacturing of packaging material
such as woven fabric rolls and bags made from high-density
polyethylene (HDPE), polypropylene (PP) with an installed capacity
of 3,000 Metric Tonnes per Annum (MTPA) as on March 31, 2014, at
its sole manufacturing.


WESTERN INDIA: ICRA Assigns 'D' Rating to INR4.5cr Term Loan
------------------------------------------------------------
ICRA has assigned a rating of [ICRA]D to the INR6.50 crore bank
limits of Western India Media Private Limited.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term Fund Based     4.50         [ICRA]D Assigned
   Limit Term Loan

   Long Term Fund Based     2.00         [ICRA]D Assigned
   Limit Cash Credit

   Short Term Non Fund      1.50         [ICRA]D Assigned
   Based Limit ILC/FLC

The assigned rating takes into account the delays in servicing of
debt in the past three months reflecting the stressed liquidity
position of the company. The rating also factors in the weak
financial profile, as reflected by net losses in the last two
years, a leveraged capital structure and stressed coverage
indicators. Further, the rating takes into consideration the
company's small scale of operations and its exposure to
significant revenue and geographical concentration risks at
present, with revenue generation currently being solely dependent
on a single publication 'Gujarat Guardian'. ICRA also notes that
the advertising revenues contributed to only 26% of the revenue
mix in the past year and an increase in such revenue would be
crucial for achieving an acceptable level of profit going forward.



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


MALAYSIA AIRLINES: To Cut 6,000 Jobs as Part of Restructuring
-------------------------------------------------------------
Eileen Ng and Kelvin Chan at The Associated Press report that
Malaysia Airlines will cut 6,000 workers as part of a
$1.9 billion overhaul announced on August 29 to revive its damaged
brand after being hit by double passenger jet disasters.

The news agency says the staff reduction represents about 30
percent of its current workforce of 20,000. A search for a new CEO
is underway but there is no move to change the airline's name,
which some branding experts had said was necessary for a
successful makeover, AP relates.

According to the report, Khazanah Nasional, the state investment
company that owns 69 percent of the airline, said the overhaul
includes the establishment of a new company that will take over
the existing Malaysia Airlines business and its reduced staff.

The revamp and new investment in the carrier will cost about
$1.9 billion, says AP.  The news agency relates that the
substantial staff cuts suggest the airline will reduce flights to
Europe and China.

The twin disasters and ongoing financial woes "created a perfect
storm for the restructuring to take place," the report quotes
Khazanah Managing Director Azman Mokhtar as saying. "We need to
have a fresh start."

The report says the airline will be removed from the Malaysian
stock exchange and taken completely under the wing of the
government.  Khazanah, which previously announced that it plans to
take 100 percent ownership, aims to restore Malaysia Airlines to
profitability by the end of 2017 and then relist its shares on the
stock exchange by the end of 2019, AP notes.

AP states that a substantial revamp has long been on the cards for
Malaysia Airlines, which was struggling with chronic financial
problems even before it was hit by the double disasters this year.

Investigators continue to scour the southern Indian Ocean for
Malaysia Airlines Flight 370, which veered far off course while en
route from Kuala Lumpur to Beijing on March 8 with 239 people on
board, according to the report.  In July, 298 people were killed
when Flight 17 was blasted out of the sky as it flew over an area
of eastern Ukraine controlled by pro-Russian separatists.

The tragedies have scarred the airline's brand, once associated
with high-quality service. Travelers on recent long-haul flights
have posted photos on social media of nearly empty cabins and
departure lounges. The airline says passengers fell 11 percent in
July from the year before.

According to AP, Azman said Khazanah's investment "will not be a
bailout" and that the investment company will get its money back
if the airline follows strict conditions laid out under the 12-
point restructuring plan.

AP relates that Khazanah said it would consider selling all or
some of its stake to "strategic buyers from the private sector"
once the carrier returns to the stock market.

But after four previous restructurings in a dozen years, the
latest plan was met with some skepticism by analysts, AP relays.

"It's like a fairy tale that you tell your baby to put him to
sleep. It has a happy ending," AP quotes Maybank analyst Mohshin
Aziz as saying.

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.


MALAYSIA AIRLINES: Second Qtr Loss Widens to MYR307 Million
-----------------------------------------------------------
Gaurav Raghuvanshi and Jason Ng at The Wall Street Journal report
that the parent of Malaysia Airlines reported a wider net loss in
the second quarter as revenue was hurt by the disappearance of
Flight 370 in March.

Malaysian Airline System Bhd. said its net loss in the three
months that ended June 30 widened to MYR307 million ($97.4
million), compared with MYR176 million in the year-earlier period,
the Journal discloses.

The loss was somewhat cushioned by foreign-exchange gains of
MYR52 million, the Journal relays citing a company statement on
August 28 to Bursa Malaysia, the stock exchange.

Operating revenue fell 7% to MYR3.34 billion as customers
refrained from flying the airline after Flight 370 disappeared on
March 8 while on a routine flight to Beijing from Kuala Lumpur
with 239 people on board, the Journal discloses.

According to the Journal, the company said no trace has yet been
found of Flight 370 despite the largest search-and-rescue effort
in history, led by Australia. Search operations continue in the
southern Indian Ocean where the aircraft is thought to have last
flown.

The Journal relates that Australia's Deputy Prime Minister Warren
Truss said on August 28 that the missing aircraft turned south
earlier than previously thought based on an attempted satellite
phone call to the plane after it vanished, a possible new clue to
the plane's final location.

The Journal recalls that Malaysia Airlines suffered a fresh blow
on July 17 when its Flight 17 crashed in eastern Ukraine, killing
298 passengers and crew.  Flight 17 was brought down by a surface-
to-air missile.

According to the report, Ahmad Jauhari Yahya, group chief
executive of Malaysia Airlines, said his team had anticipated the
impact of Flight 370 on the company's performance in the second
quarter. "Given that, our team put in much hard work and effort to
regain market confidence and rebuild sales. Tragically, just as we
were beginning to see signs of recovery in all regions, we were
dealt the blow of Flight 17," the report quotes Mr. Ahmad Jauhari
as saying.

Malaysia Airlines' seat load factor, a measure of the proportion
of planes filled, fell 9.5 percentage points to 68.9 in May after
Flight 370 was lost but was improving in June, the Journal
discloses.

In the second quarter, capacity rose 9% on year but traffic stayed
the same, pushing the airline's load factor 6.7 percentage points
lower to 73.7% compared with 80.4% in the prior year's quarter,
the airline, as cited by the Journal, said. Malaysia Airlines
carried 4.2 million passengers during the recent quarter, the
airline added, the report relays.

According to the Journal, the company said the twin tragedies have
left a severe dent in the airline's reputation, and their full
impact will be felt in the second half of the year.

Spending on fuel rose 10% on year to 1.53 billion ringgit due to a
rise in fuel prices and a weaker local currency against the U.S.
dollar. Fuel accounts for more than 40% of the airline's costs,
the Journal discloses.

"We operate in a harsh business environment of stiff competition
from regional and global carriers and high operational costs.
Coupled with the impact of the two tragedies, which have damaged
our brand, the need to restructure the company was accelerated,"
the Journal quotes Mr. Ahmad Jauhari as saying.

"Our company has had to undergo a thorough re-examination and re-
evaluation in order to reposition ourselves as a stronger and more
sustainable Malaysia Airlines for the future," he added.

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.


MALAYSIA AIRLINES: Cuts Prices on Long-Haul Routes From London
--------------------------------------------------------------
Chris Kitching at MailOnline reports that Malaysia Airlines has
slashed its prices for long-haul routes and is giving away flights
as it struggles to hold onto customers and crew following two air
tragedies that killed hundreds of people.

MailOnline relates that the beleaguered airline is offering a sale
from London Heathrow Airport to Kuala Lumpur and nine other
destinations in Malaysia, with return economy class flights
selling for as little as GBP570 on select dates.

It is also offering cut-price deals to customers in Australia and
New Zealand, and is reportedly giving away 12 return flights to
Kuala Lumpur, the Malaysian capital, as part of a competition
called 'My Ultimate Bucket List', the report says.

In July, MailOnline recalls, 298 passengers and crew were killed
when Flight MH17 was shot down over eastern Ukraine -- in an area
controlled by pro-Russia separatists -- while it was en route to
Kuala Lumpur from Amsterdam.

And 239 passengers and crew are missing and presumed dead after
Flight MH370, travelling from Kuala Lumpur to Beijing, veered far
off course and disappeared over the Indian Ocean in March. No
wreckage has been found, according to MailOnline.

According to the report, the Australian and Malaysian governments
have agreed to share the GBP28 million price tag for the new phase
of the search for Flight MH370, which is thought to have crashed
1,100 miles off Australia's west coast.

MailOnline relates that Malaysia Airlines regional senior vice
president Lee Poh Kait told news.com.au that the sale aimed to
help rebuild trust.

MailOnline quotes Mr. Lee as saying that: "We would like to thank
our passengers for their support during what has been a difficult
period.

"We are committed to regaining the confidence of our customers and
sending them on memorable holiday experiences as a trusted five-
star carrier.

"With unbelievable savings these deals are a very competitive
offering as we build a stronger Malaysia Airlines."

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
====================


BRIDGECORP LTD: Former CFO Denied Parole
----------------------------------------
Stuff.co.nz reports that Robert Roest has been declined parole
just weeks after his Bridgecorp co-director Rod Petricevic's
parole was also rejected.

Despite being described as a model prisoner, the parole board
declined the failed finance company's former chief financial
officer's parole application citing a continued lack of empathy
for his victims, the parole board in a report released on
August 29, Stuff.co.nz relates.

"He still appears to lack any significant degree of empathy for
the victims of his offending other than acknowledging their
losses," the parole board, as cited by Stuff.co.nz, said.  "When
asked about what victims might feel about him being released on
parole at this early stage of his sentence he focused on his legal
rights under the Parole Act and did not comment on the likely
response of the victims."

He was convicted of 18 charges relating to make false statements
in Bridgecorp prospectuses and sentenced to six and a half years
imprisonment, the report recalls.

According to Stuff.co.nz, the parole board noted in its report
that Mr. Roest had been incident free during his imprisonment had
been working in the prison canteen. He was studying an NCEA
qualification in warehouse and distribution, and doing an
international distance learning programme that "teaches moral
choices and equips prisoners with the life skills they need," the
report adds.

However, it also said Mr. Roest was "rigid" in his thinking about
his offending and lacked empathy for his victims, says
Stuff.co.nz.

It said it was not satisfied he would not pose an undue risk to
safety of the community and declined his parole, the report
relates.

He is due to reappear in front of the board in January 2015, adds
Stuff.co.nz.

Based in New Zealand, Bridgecorp Ltd. was a property development
and finance company.  The company was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 14,500 investors, which liquidators estimate to
approximate NZ$500 million.  Bridgecorp's nine Australian
companies were also placed into voluntary administration, owing
about 100 investors about AUD24 million (NZ$27 million).



=================
S I N G A P O R E
=================


SINGAPORE FLYER: Straco Buys Wheel for SGD140 Million
-----------------------------------------------------
Melissa Tan at The Straits Times reports that Straco Corp is
buying Singapore Flyer for SGD140 million, more than a year after
the attraction hit financial trouble.

The price is a steep discount to the SGD240 million outlaid by the
original owners to build the Flyer, which opened for business in
2008, the report says.

The Strait Times notes that Straco, which was tipped as the
wheel's new owner earlier last week, is behind several well-known
tourist attractions in China, including the Shanghai Ocean
Aquarium and Underwater World Xiamen.

"The Singapore Flyer is a defining Singapore attraction and
represents an exciting opportunity to expand our presence in the
region and contribute to the Singapore tourism industry," said
Straco founder and executive chairman Wu Hsioh Kwang in a
statement on August 30, the report relays.

The report notes that the deal announced on August 30 could leave
nightclub Zouk high and dry as it had been considering relocating
to a space at the Flyer.

Its fate now rests with Straco, which will outline its plans for
the attraction later in the year, says The Strait Times.
The report says the Flyer, which is at the fringe of the Central
Business District, hit the spotlight in May last year when the
company behind the six-year-old attraction was placed in
receivership.

This means that after the company could not repay loans to its
creditors, the creditors appointed a receiver to settle the loans
by taking control of some or all of the company's assets, the
report relays.

The Strait Times notes that the receivers put the Flyer up for
sale, with advertisements placed in publications in the United
States and other countries.

Ferrier Hodgson's Tim Reid -- tim.reid@fh.com.sg -- one of the
Flyer's receivers, told The Straits Times on August 30 that
interest from potential buyers had been "overwhelming . . .
significantly more parties attempted to register after the cut-off
date (in June last year), even up till last week".

The report relates that Mr. Reid said the receivers shortlisted
five out of the "very large" number of potential buyers and Straco
emerged as the clear choice in March this year.

Straco is buying the Flyer via its subsidiary Straco Leisure. The
purchase includes both the giant observation wheel and the lease
of the property at 30, Raffles Avenue, the report adds.

The Singapore Flyer is the world's largest Giant Observation Wheel
and also one of Asia's biggest tourist attractions.  The 165-m-
high wheel was launched in 2008.



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


DAEHAN SHIPBUILDING: U.S. Court Issues Provisional Ch. 15 Order
---------------------------------------------------------------
Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern
District of New York issued on Aug. 21, 2014, an order granting
Daehan Shipbuilding Co., Ltd., provisional relief pursuant to
Section 105(A) and 1519 of the U.S. Bankruptcy Code, after finding
that petitioner Byung Mo Lee, the custodian and foreign
representative of the company in its Korean Bankruptcy Proceeding,
has demonstrated a likelihood of success that the Company is
subject to a pending foreign main proceeding in Korea and that the
petitioner is the foreign representative of the company.

Judge Glenn ruled that beginning Aug. 21 and continuing through
the date the U.S. Court enters a final ruling on the Chapter 15
Petition, judgment creditors are, among other things, enjoined
from commencing or continuing any litigation or any other action
against or involving the Petitioner, the Company or its property,
whether owned, chartered or leased or the proceeds thereof within
the territorial jurisdiction of the United States.

Moreover, Judge Glenn ruled that that beginning Aug. 21 and
continuing through the date the U.S. Court enters a final ruling
on the Chapter 15 Petition, the civil action currently pending in
the Supreme Court of the State of New York, County of New York
styled Rimpacific Navigation Inc. and Wonder Enterprises Ltd. v.
Daehan Shipbuilding Co., Ltd. (Index # 650686/2014), will be
stayed, and no further action will be taken by the Judgment
Creditors.

As previously reported by The Troubled Company Reporter, on March
3, 2014, Rimpacific Navigation Inc. and Wonder Enterprises Ltd.
filed a petition for recognition of foreign judgments against the
Company in the Supreme Court of the State of New York, County of
New York (Index No. 650686/2014).  The petition seeks the entry of
an order recognizing and enforcing an English judgment rendered in
favor of Rimpacific and Wonder and against the Company, and the
entry of a judgment against the Company of not less than
US$54,538,682.

On April 16, 2014, the Company filed an answer to the Petition and
asserted various defenses, including: (i) failure to state a
claim; (ii) insufficient service of process; (iii) the foreign
judgments do not have res judicata effect; and (iv) the English
Court lacked jurisdiction, service of process in that proceeding
was invalid, notice was insufficient and the underlying guarantees
are invalid and repugnant to public policy.

On July 24, 2014, Rimpacific and Wonder filed a motion for summary
judgment in support of their petition for recognition of foreign
judgments.

By agreement between Rimpacific, Wonder and the Company, the
latter's response to the motion for summary judgment was due on
Aug. 20, 2014.

                     About Daehan Shipbuilding

Based in Haenam-gun, Jeollanam-do, Korea, Daehan Shipbuilding Co.,
Ltd., is engaged in the shipbuilding and repair business.

On June 27, 2014, Daehan Shipbuilding applied for rehabilitation
before the 4th Bankruptcy Division of the Seoul Central District
Court.  Byung Mo Lee, as existing chief executive officer of the
Company, assumed the role of the custodian and "foreign
representative" of the company.

Mr. Lee filed a Chapter 15 bankruptcy petition in Manhattan, in
the United States (Bankr. S.D.N.Y. Case No. 14-12391) on Aug. 18,
2014, to seek recognition of the Korean rehabilitation
proceedings.

Judge Sean H. Lane is assigned to the U.S. case.  The Debtor has
tapped Michael B. Schaedle, Esq., at Blank Rome LLP, as counsel.



                             *********

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

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

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


                            *********


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

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

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

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

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



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