TCRAP_Public/140903.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, September 3, 2014, Vol. 17, No. 174


                            Headlines


A U S T R A L I A

AUSTRALIAN INDUSTRIAL: KordaMentha Appointed as Administrators
BEE-JAY MACHINERY: Goes Into Receivership
COLES SUPERMARKETS: To Cut Up to 600 Jobs in Melbourne
GROUPED PROPERTY: Assets Frozen Over AUD300,000 Underpayments
MB BASUTO: In Administration; First Meeting Set For Sept. 10

QUICK SERVICE: S&P Withdraws Preliminary 'B+' Preliminary ICR
REILSTEIN PTY: Macks Advisory Appointed as Liquidators


C H I N A

AGILE PROPERTY: Moody's Says High Debt Leverage Weak for Ba2 CFR
CHINA AUTOMATION: Moody's Affirms Ba3 Corporate Family Rating
COUNTRY GARDEN: Moody's Says Rights Issue No Impact on Ba2 Rating
KWG PROPERTY: 1H 2014 Results No Impact on Ba3 CFR, Moody's Says
WEST CHINA CEMENT: Moody's Rates Prop. US$-Denom. Sr. Notes 'B1'


I N D I A

ANJANEYA ENTERPRISES: ICRA Suspends B+ Rating on INR30cr Loan
AURO IMPEX: CRISIL Cuts Rating on INR50MM Term Loan to 'B-'
CHIMAKURTHI HOME: ICRA Withdraws B- Rating on INR3.50cr FB Limits
CHOICE TRADING: CARE Revises Rating on INR2.56cr LT Loan From B+
DURGAMBA CONSTRUCTIONS: ICRA Suspends B Rating on INR6cr LT Limit

EKDANTA CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR65MM Loan
GURU KIRPA: CRISIL Assigns 'B+' Rating to INR140MM Cash Credit
HIND UNITRADE: ICRA Reaffirms B+ Rating on INR7cr Fund Based Loan
ISCON CRAFT: CRISIL Assigns 'B' Rating to INR82.5MM Term Loan
JAY MAHAKALI: CRISIL Ups Rating on INR50MM Cash Credit to 'B+'

JNV VIRA: ICRA Raises Rating on INR8cr Cash Credit to 'C+'
KINGFISHER AIRLINES: Airline, Mallya Declared 'Wilful Defaulter'
LACTOSE (INDIA): CRISIL Reaffirms B Rating on INR225.5MM Loan
LOTUS INFRAREALTY: CARE Revises Rating on INR49cr LT Loan to 'D'
MARKX INFRA: CARE Assigns 'B' Rating to INR11r LT Bank Loan

NORTHERN MOTORS: CRISIL Reaffirms B+ Rating on INR105.2MM Loan
ORIENT GREEN: ICRA Lowers Rating on INR33.2cr Term Loan to 'D'
PATEL COPPER: CRISIL Assigns 'B' Rating to INR45MM Cash Credit
PULKIT VENEER: CRISIL Reaffirms B+ Rating on INR34MM Cash Credit
RAJASTHAN PULSES: CRISIL Reaffirms B+ Rating on INR110MM Cash Cr.

RHEOPLAST TECHNOLOGY: CRISIL Rates INR50MM Cash Credit at B+
RIDDHI SIDDHI: ICRA Reaffirms B Rating on INR15.64cr Non FB Loan
SAI CONCRETE: ICRA Suspends B+ Rating on INR12cr LT Bank Loan
SARASWATI ASSOCIATES: CARE Reaffirms B Rating on INR3.62cr Loan
SARITA FORGINGS: CRISIL Reaffirms B+ Rating on INR67M Cash Credit

SHIVKRUPA COTTON: CRISIL Lowers Rating on INR30MM Term Loan to D
SHREE PUSHKAR: CRISIL Ups Rating on INR400MM Term Loan to B+
SURYA BOARDS: CARE Lowers Rating on INR25cr LT Loan to 'D'
U.S. INFRA: CRISIL Assigns 'B+' Rating to INR150MM Project Loan
ZIGMA LAMINATES: CARE Assigns B Rating to INR12.25cr Bank Loan


I N D O N E S I A

KAWASAN INDUSTRI: Fitch Rates Prop. USD Notes Due 2019 'B+(EXP)'
KAWASAN INDUSTRI: S&P Rates Proposed US$ Denom. Sr. Notes 'B+'


                            - - - - -


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


AUSTRALIAN INDUSTRIAL: KordaMentha Appointed as Administrators
--------------------------------------------------------------
Jannamaria Robertson -- jrobertson@kordamentha.com -- and Anthony
Jay Edward Miskiewicz -- tmiskiewicz@kordamentha.com -- of
KordaMentha were appointed as administrators of Australian
Industrial Rental Pty Limited on Sept. 1, 2014.

A first meeting of the creditors of the Company will be held at
KordaMentha, Level 5, 2 Chifley Square, in Sydney, on Sept. 11,
2014, at 11:00 a.m.


BEE-JAY MACHINERY: Goes Into Receivership
-----------------------------------------
Justin Law at Weekly Times Now reports that Bee-Jay Machinery Pty
Ltd went into voluntary receivership on August 25, closing its
gates and informing seven staff that it would no longer trade.

Weekly Times Now relates that liquidator Bent and Cougle
reportedly cited a dry summer and an extended period of poor
trading conditions as possible reasons for the closure.

Bee-Jay Machinery dealt mainly with PFG brands such as Deutz-Fahr
McCormick, Kioti, Vicon, Kverneland and Gaspardo.

According to the report, PFG managing director Craig Maber said
the company would stand behind customers who had bought those
products.

"We've got dealers close to Shepparton who can support those
products in the meantime and we intend to find a suitable
replacement for a dealership as soon as we can," the report quotes
Mr. Maber as saying.

Bee-Jay Machinery was a farm machinery dealership operated by
Daryl Gorman.


COLES SUPERMARKETS: To Cut Up to 600 Jobs in Melbourne
------------------------------------------------------
Sue Mitchell at The Sydney Morning Herald reports that Coles
Supermarkets plans to cut between 500 and 600 jobs from its head
office in Melbourne as part of a renewed efficiency drive aimed at
freeing up funds to reinvest in reducing food and liquor prices.

SMH relates that the job cuts are expected to be announced in
Melbourne today, September 3, by new Coles managing director John
Durkan, who is also expected to announce a shake-up in senior
management ranks.

It is understood that several senior executives who joined Coles
five or six years ago after Wesfarmers' AUD20 billion takeover are
parting ways with the retailer as Mr. Durkan puts his stamp on the
business after taking the helm in July from Ian McLeod, the report
relays.

"The new managing director wants to reinvigorate the business and
get some fresh thinking in," one source said, SMH reports.

Coles spokesman Alister Jordan was not available on September 2 to
confirm the job losses, which could represent 15 to 20 per cent of
the 3,000-strong workforce at Coles' Tooronga headquarters,
according to SMH.

SMH notes that Mr. Durkan told investors last month that, faced
with continued cost pressures, Coles needed to simplify things and
reduce its cost of doing business, which remains well above that
of rival Woolworths.

"It's high on the agenda and it's a significant opportunity,"
Mr. Durkan told investors at the release of Coles' full-year
profit results, SMH relays.

"Lower prices remain just as important today to our customers as
ever. Combined with the increasing cost pressures we're facing, it
is clear that Coles will need to continue to invest in value and
drive efficiencies across our supply chain and stores for future
growth."

At the same time, Coles is planning to ramp up capital investment
in new stores, spending AUD1.1 billion over the next three years
building 70 new supermarkets and creating more than 16,000 jobs
-- 8,500 retail jobs and 8,200 construction jobs, SMH states.

SMH notes that the job cuts to be announced this week are the
largest since Wesfarmers took control of Coles in 2007 and are
mainly in back office functions including payments, accounts and
IT, rather than in customer-facing roles.

Coles is believed to be planning to outsource its IT department
-- sending some functions offshore -- emulating suppliers and
competitors such as Pacific Brands, adds SMH.

According to the report, Australian Services Union Victorian
branch secretary Ingrid Stitt said the union had not been notified
of the job cuts and was seeking information from Coles about
redeployment and training opportunities for staff.

"It's of grave concern to us that this number of jobs will be lost
-- if a lot of these jobs are going to end up offshore, that is a
really worrying trend," the report quotes Ms. Stitt as saying.

Coles Supermarkets, commonly known as Coles, is an Australian
supermarket chain owned by Wesfarmers.  Founded in 1914 in
Victoria, Coles operates 741 stores throughout Australia,
including 45 BI-LO Supermarkets.


GROUPED PROPERTY: Assets Frozen Over AUD300,000 Underpayments
-------------------------------------------------------------
Kirsten Robb at SmartCompany reports that the assets of a Sydney-
based cleaning company have been frozen by the Federal Court,
after the Fair Work Ombudsman alleged the business had underpaid
workers more than AUD300,000.

The report relates that the Fair Work Ombudsman has recently taken
action against a string of underpayment cases in the cleaning
industry, but the move to freeze company assets is a rare strike
for the watchdog.

The ombudsman sought the court order to freeze the assets of
Grouped Property Services following legal proceedings against the
company which commenced in July, the report says.

According to the report, Fair Work Ombudsman Natalie James said in
a statement the order would prevent Grouped Property Services from
being stripped of assets or placed into liquidation, which would
have frustrated any back-payment orders against the company.

"We have received more than 200 complaints against Grouped
Property Services and associated companies over a number of years
and we are concerned that the company's alleged business practices
have led to employees being denied their lawful minimum
entitlements," Mr. James, as cited by SmartCompany, said.

SmartCompany says Grouped Property Services allegedly underpaid 51
workers, most of who were engaged as cleaners, AUD308,000.

SmartCompany relates that the company also allegedly breached
adverse action and sham contracting laws, when it claimed to have
outsourced the employment of the workers to a labour hire company
that was controlled by Grouped Property Services.

According to the report, the company faces maximum penalties of up
to AUD51,000 per breach, while the company's former owner and sole
director, Rosario Pucci, and his brother Enrico Pucci, the
company's current owner and sole director, each face AUD10,200 per
breach.

The watchdog is seeking all underpayments to be rectified in full,
the report notes.

It is also alleged Grouped Property Services had previously
registered three other labour hire companies at its address, which
had previously gone into liquidation, leaving no assets to pay
employees, adds SmartCompany.

Rosario Pucci had previously received AUD4,400 in penalties for
underpaying employees from one of those companies, Wash and Go,
which was placed into liquidation preventing the ombudsman from
securing that penalty, SmartCompany relays.

TressCox partner Rachel Drew -- Rachel_Drew@tresscox.com.au --
told SmartCompany it is extremely difficult to obtain court orders
to freeze or control assets, and this case must have presented
serious concerns about the company's ability to repay its
underpayments.

"It is extremely rare in general law, and it's even rarer in
industrial matters," the report quotes Ms. Drew as saying.  "The
Fair Work Ombudsman must have presented the Federal Court with
very good evidence."


MB BASUTO: In Administration; First Meeting Set For Sept. 10
------------------------------------------------------------
Giovanni Maurizio Carrello -- john.carrello@briferrierwa.com.au
-- and Mathieu Tribut -- mathieu.tribut@briferrierwa.com.au -- of
BRI Ferrier Western Australia were appointed as administrators of
MB Basuto Pty Ltd on Sept. 1, 2014.

A first meeting of the creditors of the Company will be held at
BRI Ferrier Western Australia, on Sept. 10, 2014, at 10:30 a.m.


QUICK SERVICE: S&P Withdraws Preliminary 'B+' Preliminary ICR
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has withdrawn its
'B+' preliminary issuer credit rating on Australia-based, fast
food retailer Quick Service Restaurant Holdings (QSRH) at the
company's request.  S&P also withdrew its preliminary 'B+' and
'B-' issue ratings on QSRH's proposed senior secured debt.  The
preliminary recovery ratings of '3' and '6' on the proposed debt
have also been withdrawn.

The withdrawals follow QSRH's decision to undertake a bank
refinancing in the local Australian market in preference to its
proposed Term Loan B funding.  At the time of the rating
withdrawal, we believe that the credit quality of QSRH remains at
'B+'.

RATINGS LIST

                                 Ratings
                                 To        From
Quick Service Restaurant Holdings
Corporate credit rating
  Preliminary Foreign Currency   N.R.      B+ (prelim)/Stable
  Preliminary Local Currency     N.R.      B+ (prelim)/Stable
Senior Secured
  Preliminary Foreign Currency   N.R.      B+ (prelim)
  Preliminary Foreign Currency   N.R.      B- (prelim)
  Preliminary Recovery Rating    N.R.      3 (prelim)
  Preliminary Recovery Rating    N.R.      6 (prelim)


REILSTEIN PTY: Macks Advisory Appointed as Liquidators
------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Reilstein Pty Ltd,
which trades as Worldwide Printing Solutions- Flinders St, has
been placed into liquidation.  Macks Advisory were appointed as
liquidators of the company on Aug. 8, 2014, the report relays.

According to the report, sources said the issue was losing a Tafe
SA contract to Reflex Printing worth AUD2.2 million in August. The
company owners anticipated to renew the contract; however, it was
put up for open tender, Dissolve.com.au adds.



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


AGILE PROPERTY: Moody's Says High Debt Leverage Weak for Ba2 CFR
----------------------------------------------------------------
Moody's Investors Service says that Agile Property Holdings
Limited's increased debt and weakened interest coverage are weak
for its Ba2 corporate family and secured unsecured ratings and
stable outlook.

However, the company demonstrated healthy contracted sales growth,
a stable margin and moderate revenue growth in 1H 2014, mitigating
the risk of an immediate negative rating action.

Nevertheless, a negative rating action could result if Agile fails
to deliver its contracted sales and revenue targets for the full
year 2014, or if its credit metrics are unable to trend towards
Moody's expectations.

"Agile has increased the use of debt to fund its business growth
and refocused on mass-market products. Its debt leverage -- as
measured by adjusted debt/capitalization and including 100% of its
perpetual capital securities -- increased to 62.5% at end-June
2014 from 61.4% at end-2013, further reducing its financial
flexibility," says Gerwin Ho, a Moody's Vice President and Senior
Analyst.

Moody's previously noted that Agile's rating headroom had narrowed
following its full-year 2013 results, as a result of its rising
debt leverage and declining interest coverage.

Agile's gross debt -- including 100% of its perpetual capital
securities -- rose to RMB49 billion at end-June 2014 from RMB44
billion at end-2013. It has raised debt to fund construction
spending and land premium payments.

As a result, its adjusted EBITDA/interest coverage -- including
100% of its perpetual capital securities --- weakened to 2.7x for
the 12-month period ended June 2014 from 3.5x for the year ended
2013.

Despite healthy contracted sales growth and higher level of debt,
the company's liquidity position weakened. Cash to short-term debt
declined significantly to 94.8% at end-June 2014 from 105.5% at
end-2013, which is weak for its rating. Short-term debt includes a
USD475 million term loan due December 2014.

"Agile's operating performance remains solid, as evidenced by its
healthy contracted sales and moderate level of revenue growth,
while gross margins stay stable," adds Ho, also the Lead Analyst
for Agile.

The company reported contracted sales of RMB24 billion in the
first seven months of 2014, or 50% of its RMB48 billion annual
target. Moody's expects Agile will achieve its contracted sales
target of RMB48 billion in 2014.

The company's gross margins also remained relatively stable at
35.2% for the 12-month period ended June 2014, from 35.6% for the
year ended 2013.

Agile's secured and subsidiary debt to total assets edged up to
18.2% at end-June 2014 from 17.7% at end-2013. Moody's expects the
company to manage down this ratio towards 15% in the next six
months, in the failure of which Moody's will consider notching
down its bond rating.

Agile's Ba2 corporate family rating reflects its long operating
track record and established brand in the economically strong
Pearl River Delta, as well as its resilient sales performance, and
competitive land costs.

Downward rating pressure could arise if Agile's: (1) operating
cash flow weakens due to materially weaker-than-expected sales or
over-expansion in terms of new projects; (2) liquidity
deteriorates further because of material land acquisitions; or (3)
debt level remains elevated, such that adjusted
debt/capitalization sustains above 60%, or revenue/gross debt
falls below 0.75x-0.8x, or EBITDA/interest remains below 2.75x-
3.0x over the next 6-12 months.

Upward rating pressure is limited in the near term, given Agile's
weak Ba2 positioning.

However, upward rating pressure could arise if Agile (1)
successfully implements its business plan and incorporates good
diversification in its strategy in terms of geography and
products; and (2) maintains good liquidity, with a minimum cash
balance consistently above 10%-15% of total assets, and maintains
access to the offshore bank and debt markets.

Credit metrics indicating such improvements would include adjusted
debt/capitalization below 50% and EBITDA/interest above 3.5x-4.0x.

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

Agile Property Holdings Ltd is one of China's major property
developers, operating in the mid- to high-end segment. As at 26
August 2014, the company had an aggregate land bank with a total
planned GFA of over 42 million sqm in over 40 cities and
districts. The Southern China Region (mainly Guangdong Province)
is its largest market, accounting for around 37% of its land bank
as at 26 August 2014 and around 54% of its pre-sales in 1H 2014.


CHINA AUTOMATION: Moody's Affirms Ba3 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
and senior unsecured bond ratings of China Automation Group
Limited.

The outlook on the ratings remains negative.

Ratings Rationale

"The affirmation of the ratings primarily reflects Moody's
expectation that China Automation's currently high financial
leverage will improve moderately over the next 12-18 months, owing
to higher earnings," says Chenyi Lu, a Moody's Vice President and
Senior Analyst.

China Automation's adjusted debt/EBITDA remained flat at 4.7x for
the 12 months to 30 June 2014 when compared with the level in
2013. Its adjusted EBITDA/interest also remained unchanged at
2.5x. These levels are weak for its Ba3 ratings.

However, Moody's anticipates that China Automation's adjusted
debt/EBITDA will improve to about 4.2x over the next 12-18 months.
This assumption is based on (1) an expected improvement in
earnings, propelled by a robust growth in the control valve
business and a recovery in the railway signaling business; and (2)
a moderate decrease in debt, stemming from contained working
capital deficits.

"Also, the Ba3 ratings continue to be supported by China
Automation's leading position in its core businesses, the good
growth potentials for its key-end markets and its adequate
liquidity." adds Lu.

These strengths are primarily counterbalanced by its small scale,
high working capital requirements and a degree of event risks.

China Automation's sizeable account and bills receivables, which
accounted for 83% of revenue for the 12 months to 30 June 2014,
are a cause for concern. However, comfort is derived from the
overall good quality of the receivables, given that the majority
of the receivables are due to state-owned enterprises in China.

China Automation's liquidity profile is strong, underpinned by its
expected operating cash flows of RMB150 million over the next 12
months and cash holdings of RMB472 million at end-June 2014. The
company also had undrawn committed credit facilities of RMB859
million at end-June 2014.

These cash sources are sufficient to cover its expected capital
expenditure of RMB80 million and short-term maturing debt of
RMB342 million.

China Automation's revenue declined by 11.2% in 1H 2014 to RMB1.07
billion from RMB1.21 billion in 1H 2013, mainly due to the closing
of its two unprofitable businesses in the safety and critical
control system segment and sluggish revenue growth in the railway
signaling business.

However, its exit of the unprofitable businesses led to an
improvement in its adjusted EBITDA margin to 19.9% in 1H 2014 from
18.3% in 1H 2013.

The negative rating outlooks reflects its currently high financial
leverage and a degree of uncertainty over whether or not it can
improve its financial metrics to levels consistent with its Ba3
ratings over the next 12-18 months.

The rating outlook could change to stable if China Automation (1)
reduces its debt by containing its working capital requirements to
a moderate level; and (2) improves its profitability, such that
its adjusted debt/EBITDA stays below 4.0x and EBITDA/interest
remains above 3.0x on a sustained basis.

The ratings could be downgraded if (1) the company's market
position weakens materially; (2) its profitability is pressured
further; (3) its liquidity position deteriorates significantly;
and/or (4) its debt leverage increases materially due to
aggressive acquisitions or increased working capital deficits.

Financial metrics that Moody's would consider for a downgrade
include debt/EBITDA above 4.0x-4.5x EBITDA/interest below 2.5x-
3.0x on a sustained basis.

The principal methodology used in this rating was Global
Manufacturing Companies published in July 2014.

China Automation Group Limited specializes in providing safety and
critical control systems for the railways signaling and
petrochemicals industries in China.

The company began its operations in 1999 and was listed on the
Main Board of the Stock Exchange of Hong Kong Limited in July
2007. Its three founders collectively owned 44.89% of the firm at
end-2013.


COUNTRY GARDEN: Moody's Says Rights Issue No Impact on Ba2 Rating
-----------------------------------------------------------------
Moody's Investors Service says that Country Garden Holdings
Company Limited's (Ba2, stable) proposed rights issue is credit
positive but has no immediate rating impact.

This is the first major rights issue/share placement from a
domestic property developer in Moody's-rated portfolio since
January 2013.

Country Garden has proposed a rights issue that is expected to
raise around HKD3.18 billion, with the net proceeds estimated to
be around HKD3.15 billion. The company intends to apply all of the
net proceeds to refinance its existing indebtedness and as general
working capital.

The rights issue is expected to be finalized on 15 October 2014.

"Country Garden's proposed rights issue is credit positive as it
will lower its leverage, which is in line with the company's
deleveraging plans," says Franco Leung, a Moody's Vice President
and Senior Analyst.

The company will use most of the net proceeds to repay its USD375
million senior notes due 10 September 2014. Moody's estimates that
its proforma adjusted debt/capitalization will decrease to 55.0%
from 56.9% at end-June 2014, but remain high for its rating.

"Although the expected improvements to its credit metrics are only
marginal, this rights issue shows that the company actively
explores different funding channels other than debt financing, and
this will strengthen its access to its various funding channels,"
adds Leung, who is also Lead Analyst for Country Garden.

Country Garden's liquidity profile strengthened in 1H 2014. Its
maturity profile was extended after the issuance of 5-year USD550
million and USD250 million bonds in May and June 2014,
respectively, and after it repaid part of its maturing debt.

Its short-term debt to total debt was at 18.4% at end-June 2014,
an improvement from 22.1% at end-2013.

Its cash position of RMB24.4 billion -- including restricted cash
-- at end-June 2014 as well as its operating cash flow adequately
cover its maturing debt of RMB10.6 billion and committed land
payments over the next 12 months.

Such a strong liquidity profile partially mitigates its slightly
weakened EBITDA/interest coverage of 3.1x for the twelve-month
period ended 30 June 2014 from 3.3x in 2013, and supports Country
Garden's Ba2 ratings.

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

Country Garden Holdings Company Limited, founded in 1997 and
listed on the Hong Kong Stock Exchange, is a leading Chinese
integrated property developer. As of June 2014, its land bank
totaled a sizeable 75.68 million square meters in attributable
gross floor area.

At 30 June 2014, Country Garden owned and operated 41 hotels with
a total of 11,670 rooms. The hotels are located mainly in
Guangdong Province and support its development of townships.


KWG PROPERTY: 1H 2014 Results No Impact on Ba3 CFR, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that KWG Property Holding Limited's
1H 2014 results are largely in line with Moody's expectations and
have no immediate impact on its Ba3 corporate family rating and B1
senior unsecured debt rating.

The ratings outlook remains negative.

"KWG's weak credit metrics continue to underpin its negative
outlook," says Franco Leung, a Moody's Vice President and Senior
Analyst.

KWG's adjusted EBITDA/interest coverage -- excluding the pro-rated
shares of its jointly controlled entities -- remained weak at
around 1.4x for the 12-month period ended June 2014, unchanged
from 2013.

The company reported a revenue increase of 17% year-over-year to
RMB5.4 billion in 1H 2014. At the same time, its gross profit
margin declined mildly to 35.7% in 1H 2014 from 36.2% in 2013.

Moody's expects KWG's full-year 2014 EBITDA interest coverage to
improve to 1.5x-2.0x as the company continues to increase its
revenue recognition while maintaining its profit margins at a
stable level.

In addition, KWG is on track to stabilize its average funding
costs. It successfully issued $600 million 5-year 8.975% USD
senior notes in January 2014 and $400 million 5-year 8.25% USD
senior notes in July 2014.

The proceeds from these issuances will be used to redeem notes
with higher coupon rates issued in the previous years.

The company achieved attributable pre-sales totaling RMB11.5
billion in the first seven months of 2014; representing a 25.4%
year-on-year improvement.

Moody's believes the company is on track to achieve its full-year
target of RMB21 billion.

"Although KWG's higher debt leverage increases its financial risk,
this risk is mitigated by its strong liquidity profile," adds
Leung, who is also the Lead Analyst for KWG.

KWG's gross debt rose to RMB22.96 billion at end-June 2014 from
RMB20.91 billion at end-2013. Its adjusted debt/capitalization
rose to 59.5% at end-June 2013 from 57.5% at end-2013, and its
revenue to gross debt was relatively stable at 0.45x for the 12-
month period ended June 2014. Moody's expects KWG's revenue to
gross debt ratio to be at around 0.5x over the next 12 months.

Although its cash to short-term debt declined to 2.77x at end-June
2014 from 3.54x at end-2013, its liquidity position remains
stronger than many of its Ba3 rated peers.

KWG continues to develop its investment property portfolio, and
its gross rental and hotel revenue amounted to about 20% of the
company's gross interest expenses in 1H 2014.

Moody's estimates that this ratio will trend towards 25%-30% in
the next 12 months. The growing recurring income will provide the
company with some stability to service its interest expenses.

Nevertheless, the negative ratings outlook reflects Moody's
concern that KWG's financial flexibility will remain constrained
by its high debt leverage and weak interest coverage.

Its cash holdings of RMB10.1 billion at end-June 2014 and its
operating cash flow is adequate to cover its maturing debt of
RMB3.7 billion and committed land payments over the next 12
months.

KWG's Ba3 rating continues to reflect its strong brand name,
supported by good quality and diversified products, including
office, retail and residential properties that command premium
pricing.

The rating also considers the company's good operating track
record in Guangzhou, Chengdu, Suzhou and Shanghai, as well as its
disciplined financial management and strong liquidity position.

Moody's will consider downgrading KWG's ratings if it: (1) does
not achieve strong sales growth; (2) materially increases its
investments in projects, such that its liquidity or leverage
positions come under pressure; (3) shows evidence of a material
weakening of its profitability; and/or (4) its interest coverage
deteriorates, such that its adjusted EBITDA/interest falls below
2.0x-2.5x, or its debt leverage further rises.

Given KWG's negative ratings outlook, its ratings are unlikely to
be upgraded.

Nevertheless, its ratings outlook could return to stable if KWG:
(1) continues its prudent approach to financial management,
including the maintenance of a good liquidity buffer, and its
cautious approach to business expansion; or (2) improves its
interest coverage and manages down its current debt leverage, such
that its financial flexibility improves.

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

KWG Property Holding Limited is a Chinese property developer
founded in 1995. It had a total attributable land bank of around
10.7 million sqm in gross floor area in Guangzhou, Chengdu,
Suzhou, Beijing, Shanghai, Tianjin and Hainan, Hangzhou and
Nanning at end-June 2014. KWG mainly develops mid- to high-end
residential properties, office buildings, shopping malls and
hotels.


WEST CHINA CEMENT: Moody's Rates Prop. US$-Denom. Sr. Notes 'B1'
----------------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured bond
rating to West China Cement Limited's (WCC) proposed USD-
denominated senior notes.

The rating outlook is stable.

The proceeds from the notes issuance will be used to refinance
part of the company's outstanding US$400 million, 7.5% senior
unsecured notes.

Ratings Rationale

"WCC's debt leverage will not significantly increase with the
proposed bond issuance because the company has indicated that it
plans to use the proceeds to refinance part of its existing USD400
million notes," says Franco Leung, a Moody's Vice President and
Senior Analyst.

The proposed notes will also improve the company's debt maturity
profile because the new notes -- with a maturity of 5 years --
will refinance those notes due January 2016.

WCC's B1 corporate family rating (CFR) primarily reflects WCC's
leading position in its core cement market in southeastern Shaanxi
Province, and the good level of demand for cement from
infrastructure-related projects in the province.

On the other hand, WCC's B1 ratings are constrained by its small
scale and weakened level of profitability, given strong price
competition amid persistent overcapacity. In addition, it faces
execution risks from integrating acquired capacity and building
facilities in new regions, where it does not have the same
competitive edge as in Shaanxi.

Moody's notes that WCC reported improved profitability and
financial leverage in 1H 2014, and which support its current B1
ratings.

Its reported EBITDA grew 31.8% year-on-year thanks to an improved
average selling price and a reduction in prices for raw materials,
namely coal and electricity.

Its higher earnings and lower debt levels in 1H 2014 resulted in
an adjusted debt/EBITDA of about 3.2x for the 12 months to 30 June
2014, down from 3.4x in 2013. This level of leverage well
positions the company in the B1 rating category.

WCC's Xinjiang Yili and Guiyang Huaxi cement plants have had their
kilns ignited in July 2014 and are currently under trial
production. These plants are scheduled to commence operation in
2H14. The company currently has no other new construction
projects.

Its committed capital expenditure fell to about RMB322 million at
end-June 2014 from RMB586 million at end-2013. Thus, Moody's
expects WCC will not increase new debt and will maintain debt
leverage at current levels over the next 12-18 months.

The stable rating outlook reflects Moody's expectation that the
company will maintain its current profit margins, slow capital
expenditure, and maintain an adequate liquidity position.

WCC' ratings could be upgraded in the longer term if the company:
(1) shows a disciplined approach to expansion and ramps up those
new plants outside Shaanxi Province without incurring operating
losses; (2) maintains prudent financial management, such that
debt/EBITDA stays below 2.5x on a sustained basis; (3) maintains a
good liquidity position, such that its cash balance fully covers
its short-term debt; and (4) maintains a leading market position
that supports a gross margin in excess of 15%-20%.

On the other hand, WCC could experience downgrade pressure if it:
(1) shows a weakening in its leading market position in Shaanxi;
(2) is exposed to a deterioration in the pricing environment that
erodes its profitability, such that its gross margin falls below
15%; or (3) aggressive capital spending occurs, such that its
EBITDA/interest expenses ratio falls below 3.0x and debt/EBITDA
exceeds 4.0x.

West China Cement Limited is one of the leading cement producers
in China's Shaanxi Province. As of June 2014, the company's annual
cement production capacity amounted to 25.5 million tons. Revenues
totaled RMB4.2 billion for the 12 months to 30 June 2014.



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


ANJANEYA ENTERPRISES: ICRA Suspends B+ Rating on INR30cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to INR30.00 crore bank
facilities of Anjaneya Enterprises. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


AURO IMPEX: CRISIL Cuts Rating on INR50MM Term Loan to 'B-'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Auro Impex and Chemicals Pvt. Ltd. to 'CRISIL B-/Stable' from
'CRISIL B/Stable', while reaffirming its rating on the company's
short-term bank facility at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           4        CRISIL A4 (Reaffirmed)

   Cash Credit             30        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit        15        CRISIL A4 (Reaffirmed)

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


The rating downgrade is on account of AICPL's tightly matched
liquidity profile as indicated by estimated cash accruals of
INR1.3 million in 2013-14 falling short of its debt repayment
obligation of INR10.3 million during the same period thereby
depending on promoter's support for servicing its debt. Further,
the cash accruals are likely to fall short at least in the near
term in view of dampened performance of the end user industries.
Furthermore, the downgrade also reflects prolonged delay in
scaling up of operation characterised by almost stagnant revenue
level in 2012-13 and 2013-14. The restrained performance can be
attributed to demand slowdown in the company's primary end user
industries of power, steel and cement resulting in drying up of
order book. AICPL's financial risk profile has also weakened,
marked by estimated decrease in net worth to INR29 million as on
March 31, 2014, from INR34 million as on March 31, 2013 in view of
incurrence of net loss. Consequently its gearing increased to 2.81
times as on March 31, 2014, from 2.26 times a year ago.

The ratings reflect AICPL's limited track record of operations,
small scale of operation and susceptibility of its operating
margin to fluctuations in raw material prices. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of AICPL's promoters.

Outlook: Stable

CRISIL believes that AICPL will continue to benefit from its
promoter's extensive entrepreneurial experience. The outlook may
be revised to 'Positive' if AICPL reports more-than-expected
revenues and cash accruals from its manufacturing facilities and
efficiently manages its working capital, leading to an improved
liquidity. Conversely, the outlook may be revised to 'Negative' if
the company continues to report lower than expected revenue and
cash accruals going forward, further deterioration in financial
risk profile led by continued erosion of net-worth led by
incurrence of net loss or deterioration in its gearing because of
unexpected large debt-funded capital expenditure or lengthening of
its working capital cycle.

AICPL, incorporated on January 20 1994, manufactures collecting
plates primarily used in pollution control equipment such as
electrostatic precipitators. The company is promoted by Mr.
Madhusudan Goenka and Mr. Praveen Goenka.

AICPL is estimated to have incurred a net loss of INR4.9 million
on net sales of INR82 million for 2013-14 (refers to financial
year, April 1 to March 31), as against a net loss of INR0.5
million on net sales of INR82 million for 2012-13.


CHIMAKURTHI HOME: ICRA Withdraws B- Rating on INR3.50cr FB Limits
-----------------------------------------------------------------
ICRA has withdrawn the [ICRA]B- rating assigned to the INR3.50
crore fund based limits and the INR2.50 crore unallocated limits
of Chimakurthi Home Needs. The rating has been withdrawn on CHN's
request as the entity has fully repaid its ICRA rated bank
facilities.


CHOICE TRADING: CARE Revises Rating on INR2.56cr LT Loan From B+
----------------------------------------------------------------
CARE revises the long term rating assigned to the bank facilities
of Choice Trading Corporation Private Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     2.56       CARE BB Revised
                                            from CARE B+

   Short term Bank Facilities   63.65       CARE A4 Reaffirmed

Rating Rationale

The revision in the long term rating assigned to the bank
facilities of Choice Trading Corporation Private Limited factors
in the continuous increase in its scale of operations for the past
three years ended March 2014 and considerable improvement in
financial performance during FY14 (refers to the period April 1 to
March 31). The ratings are constrained by CTC's working capital
intensive nature of operations, leveraged capital structure,
volatility in international shrimp prices & currency exchange
rates, competitive nature of the seafood industry and its
vulnerability to diseases. The ratings, however, do factor in the
vast experience of the promoters in the seafood industry,
operating synergies derived from CTC's subsidiaries and the
company being part of the Choice Group.

Going forward, the ability of CTC to increase its revenue by
expanding its export markets, improve profit margins and
manage its working capital effectively continue to be the key
rating sensitivities. In addition, the ability of CTC to manage
any changes in the government policies that may affect the
company's business prospects would also be a key rating
sensitivity.

CTC, established by Mr. Jose Thomas in 1990, is a part of the
'Choice Group' which has its presence in seafood exports,
shipping, real estate, constructions and education. CTC is
primarily engaged in the processing, packaging and export of
shrimp (sea food) from its processing plant situated in Cochin,
Kerala with an installed processing capacity of 10,296 metric
tonne (MT) per year as on March 31, 2014. It also exports value-
added food products such as shrimp based ready to-cook meal kits.
The processing facilities of CTC are accredited with
certifications from Hazard Analysis Critical Control Point (HACCP)
regulated by Unites States Food and Drug Administration (USFDA)
and British Retail Consortium (BRC) for seafood exports along with
ISO 22000 certification for food safety management system.

Besides, sale of processed sea food, CTC also receives commission
from being a shipping agent to the global container cargo service
of Hyundai Merchant Marine. However, the seafood division
contributes majority of the revenue share (more than 80%).

As per the audited results for FY14, CTC registered a PAT of
INR10.3 crore on a total operating income of INR285 crore.


DURGAMBA CONSTRUCTIONS: ICRA Suspends B Rating on INR6cr LT Limit
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR6.0 crore
long term limits and the [ICRA]A4 rating assigned to the INR1.5
crore short term limits of M/s Durgamba Constructions. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.


EKDANTA CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR65MM Loan
-----------------------------------------------------------------
CRISIL rating on the bank facilities of Ekdanta Constructions Pvt
Ltd continue to reflect ECPL's exposure to risks related to
completion, funding and saleability of its on-going projects, weak
financial risk profile marked by a small net worth, a high gearing
and weak debt protection metrics, and vulnerability to inherent
risks and cyclicality in the Indian real estate industry. These
rating weaknesses are partially offset by the extensive experience
of ECPL's promoters in the real estate industry and the funding
support that the company receives from them.

                      Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Term Loan           65       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that the ECPL will benefit from its promoters'
extensive experience in the real estate industry and the funding
support that it receives from them. The outlook may be revised to
'Positive' in case the company benefits from timely receipt of
customer advances, leading to higher-than-expected cash inflows.
Conversely, the outlook may be revised to 'Negative' in case ECPL
registers deterioration in its liquidity either because of delays
in receipt of customer advances, or on account of large, debt-
funded prospective projects.

ECPL was set up by Mrs. Anita Rajesh Mutha and Mr. Gurudas Madhav
Limaye in 2005. The company undertakes real estate development for
Maharashra Housing and Area Development Authority in Mumbai
(Maharashtra). The promoters have been in the real estate
development business since 1999.


GURU KIRPA: CRISIL Assigns 'B+' Rating to INR140MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Guru Kirpa Rice Mill
continues to reflect GKRM's small scale of operations in the
intensely competitive rice milling industry, susceptibility to
erratic rainfall, and weak financial risk profile marked by a
small net worth, a high gearing, and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of GKRM's partners in the rice milling industry.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               140      CRISIL B+/Stable

   Cash Credit                92.5    CRISIL B+/Stable

   Inventory Funding
   Facility                   40      CRISIL B+/Stable

Outlook: Stable

CRISIL believes that GKRM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's cash accruals
improve because of significant improvement in its scale of
operations or capital structure. Conversely, the outlook may be
revised to 'Negative' in case GKRM registers pressure on its
profitability, or if it undertakes a larger-than-expected increase
in its working capital requirements.

GKRM, established in 2002, was set up as a partnership firm by Mr.
Bhupinder Singh, Mr. Jatinder Singh, and Mr. Partap Singh. The
firm is into milling and processing of basmati rice (Pusa 1121
quality). It has one processing unit at Jalalabad (Punjab), with
milling and processing capacity of 30 tonnes per day. GKRM
primarily sells rice and its by-products in the domestic market.
The majority of its customers are merchant exporters, who export
the rice to the Middle East.

GKRM reported, on a provisional basis, a profit after tax (PAT) of
INR1.6 million on net sales of INR467.4 million for 2013-14,
against a PAT of INR0.85 million on net sales of INR261.0 million
for 2012-13.


HIND UNITRADE: ICRA Reaffirms B+ Rating on INR7cr Fund Based Loan
-----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR7 crore
fund based limits of Hind Unitrade Private Limited.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits          7         [ICRA]B+ reaffirmed

The reaffirmation of rating takes into account experience of
promoters in the coal trading business that has helped the company
in acquiring new clients, which, in turn, resulted in turnover and
profits being maintained during FY14 despite the loss of some
existing clients. The rating takes note of HUPL's small scale of
operations characterized by nominal profits and low net-worth, its
thin profit margins as a result of limited value addition in its
trading operations, and weak financial profile as reflected by low
return on capital employed, deterioration in the capital structure
and debt coverage indicators. However, ICRA notes that the
substantial portion of overall debt comprises interest free
unsecured loan from group entities. The rating also takes into
consideration high level of inventory required to be maintained by
the company exposes it to the risk of inventory loss. The
favourable demand outlook for coal in the medium to long term is
expected to support the revenue growth of the company. In ICRA's
opinion, the ability of the company to grow its business
profitably and managing its working capital requirements
effectively would be key rating sensitivities going forward.

Incorporated in March'10, HUPL has been promoted by Mr. Vinod
Agarwal and Mr. Sanjay Mittal. The company is primarily engaged in
the trading of non coking coal.

Recent Results
During FY14, as per provisional financials, HUPL reported a profit
after tax (PAT) of INR0.22 crore on the back of an operating
income of INR60.95 crore as against a PAT and OI of INR0.20 crore
and INR59.92 crore respectively during FY13.


ISCON CRAFT: CRISIL Assigns 'B' Rating to INR82.5MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Iscon Craft Paper Mill Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan              82.5       CRISIL B/Stable
   Proposed Long Term      2.5       CRISIL B/Stable
   Bank Loan Facility
   Letter of Credit          5       CRISIL A4
   Bank Guarantee            5       CRISIL A4
   Cash Credit              55       CRISIL B/Stable

The rating reflects the extensive experience of ICPM's promoters
in the paper industry and their established relationship with
customers and suppliers. These rating strengths are partially
offset by the company's small scale of operations in the highly
fragment paper industry, the susceptibility of its operating
profitability to volatility in raw material prices, and its
below-average financial risk profile marked by high gearing.

Outlook: Stable

CRISIL believes that ICPM will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company scales up operations while
maintaining stable operating profitability, and improves its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company's revenue and operating profitability
are substantially low or if its working capital cycle lengthens,
weakening its financial risk profile.

Established in 2011, ICPM manufactures kraft paper and has
capacity of around 24,000 tonnes per annum. The company is managed
by Mr. Ishwarbhai Patel, Mr. Jayantibhai Patel, and Mr. Bharatbhai
Pokar. Its plant is in Vadodara (Gujarat).


JAY MAHAKALI: CRISIL Ups Rating on INR50MM Cash Credit to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Jay Mahakali Ginning to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

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

The rating upgrade reflects CRISIL's belief that JMG's business
and financial risk profiles will continue to improve over the
medium term, backed by a healthy growth in its revenue and
improved liquidity. In 2013-14 (refers to financial year, April 1
to March 31) JMG registered a robust year-on-year revenue growth
of 131 per cent. The company's revenue is expected to sustain
moderate growth over the medium period backed by comfortable
demand from its customers. Also, its working capital cycle has
improved with a reduction in its gross current assets in 2013-14,
resulting in better liquidity and thus supporting its financial
flexibility.

The rating reflects JMG's average financial risk profile, marked
by a small net worth and average debt protection metrics, and its
susceptibility to regulatory changes. These rating weaknesses are
partially offset by the extensive experience of the firm's
partners in the cotton ginning industry.

Outlook: Stable

CRISIL believes that JMG will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm's scale of operations
improves significantly along with a sustained improvement in its
profitability, or if its capital structure improves, most likely
through equity infusion or higher-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if JMG's
financial risk profile deteriorates further, most likely due to
increased working capital borrowings or large debt-funded capital
expenditure, or if any change in government policy has an adverse
impact on its operations.

Established in 2007 as a partnership firm, JMG is promoted by
Talaja (Gujarat)-based Mr. Atulbhai Lathiya. The firm is mainly
engaged in ginning and pressing of cotton into bales.

JMG reported a net profit of INR   1.96 million on net sales of
INR   503.0 million for 2013-14, against a net loss of INR   2.21
million on net sales of INR218 million for 2012-13.


JNV VIRA: ICRA Raises Rating on INR8cr Cash Credit to 'C+'
----------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR8.00
crore cash credit facility of JNV Vira Engineering Private Limited
to [ICRA]C+ from [ICRA]D. ICRA has withdrawn the long-term rating
of [ICRA]D outstanding on the INR0.27 crore term loan facilities
of JVEPL since the said facilities have been repaid. ICRA has also
upgraded the short-term rating to the INR10.00 crore non-fund
based limit of JVEPL to [ICRA]A4 from [ICRA]D.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit              8.00       Revised to [ICRA]C+
                                       from [ICRA]D

   Term loan                0.00       [ICRA]D rating withdrawn
                                       (reduced from 0.27)

   Bank Guarantee          10.00       Revised to [ICRA]A4
                                       from [ICRA]D

The revision in ratings takes into account JVEPL's improved
liquidity position on account of infusion of funds in the form of
unsecured loans by the promoters which has led to regularisation
of debt servicing since June 2014. The ratings also factor in the
extensive experience of the promoters in fabrication of process
equipments/accessories, the reputed customer base and the
company's established relations with the customers which assist in
procuring repeat orders.

The ratings however continue to remain constrained by JVEPL's high
working capital intensity of operations resulting in high
utilization of working capital bank limits. The ratings are
further constrained by JVEPL's modest scale of operations and
linkage of its revenue growth to timeliness of project execution
by its large clients. The ratings also factor in the competitive
pressures from organized as well as unorganized players and the
vulnerability of profitability to any unfavourable fluctuations in
prices of key raw materials given the fixed price nature of job
work contracts.

Incorporated in 2007, JNV Vira Engineering Private Limited is an
engineering company engaged in the fabrication business, primarily
manufacturing process equipments/accessories for industries like
petrochemicals, power and other related industries. The major
products manufactured by the company include storage tanks, pipe
racks, building structures and other fabricated process equipment.
The company carries out its activities at a 49,000 square foot
workshop unit at Vadodara, Gujarat. JVEPL is promoted by Mr. Vinod
Shah and Mr. Jaykumar Patel.

Recent Results
During FY 2014, JVEPL reported operating income of INR24.87 crore
and profit after tax of INR0.83 crore as against an operating
income of INR23.30 crore and profit after tax of INR1.01 crore
during FY 2013.


KINGFISHER AIRLINES: Airline, Mallya Declared 'Wilful Defaulter'
----------------------------------------------------------------
The Times of India reports that United Bank of India on
September 1 declared Kingfisher Airlines and its promoter Vijay
Mallya a 'wilful defaulter' in a move that will choke fresh fund
flow to public companies promoted by the flamboyant businessmen or
those on which he is a director.

TOI says several others lenders to whom Kingfisher owes over
INR4,000 crore, including State Bank of India, Punjab National
Bank and IDBI Bank, are expected to follow suit.  The Reserve Bank
of India and the Securities & Exchange Board of India are also
working on ways to prevent wilful defaulters from tapping stock
and bond markets, although it is not clear if the new rules will
apply to companies which have already been given the tag, the
report relates.

Apart from Mallya and his debt-laden airline, directors Ravi
Nedungadi, Anil Kumar Ganguly and Subash Gupte have also been
declared wilful defaulters, UBI executive director Deepak Narang
told TOI, while confirming that the decision was taken by the
Grievance Redressal Committee.

He said that the Kolkata-headquartered bank, which has dues of
around INR350 crore, will pursue recovery proceedings which are
being led by SBI, the lead lender to Kingfisher, the report
relates.  According to information furnished to the finance
ministry, the lenders have so far managed to recover a little over
INR500 crore from the airline, which is now grounded, adds TOI.

Apart from the banks, the airline owes money to Hindustan
Petroleum, which supplied fuel, and has allegedly not transferred
taxes it had deducted from employee salaries, the report notes. It
also owes money to the service tax wing of the revenue department.
Despite several assurances, including by Mallya, employees have
not received their salaries, the report adds.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on Jan. 27, 2014, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past six years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile.

For 2012-13 (refers to financial year, April 1 to March 31),
KFAL reported a net loss of INR83.5 billion (INR23.3 billion for
2011-12) on net sales of INR5 billion (INR54.85 billion). For the
six months ended September 30, 2013, it reported a net loss of
INR18.72 billion (INR14.04 billion for the corresponding period
of 2012-13) on net revenues of INR0.0 (INR5.01 billion).


LACTOSE (INDIA): CRISIL Reaffirms B Rating on INR225.5MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lactose (India) Ltd
continue to reflect LIL's exposure to offtake risks associated
with its large debt-funded project, which is expected to lead to
deterioration in its financial risk profile, and its working-
capital-intensive operations. These rating weaknesses are
partially offset by the company's established market position,
supported by a diversified clientele, exclusive manufacturing
contract from a leading pharmaceutical company, and promoters'
extensive industry experience.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1         CRISIL A4 (Reaffirmed)
   Bill Discounting        7.5       CRISIL A4 (Reaffirmed)
   Cash Credit            13.5       CRISIL B/Stable (Reaffirmed)
   Letter of Credit       18.5       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    225.5       CRISIL B/Stable (Reaffirmed)
   Term Loan              15.5       CRISIL B/Stable (Reaffirmed)
   Working Capital
   Term Loan               8.5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LIL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
diversified customer profile. Its financial risk profile is,
however, expected to remain constrained over the medium term by
its large debt-funded capital expenditure. The outlook may be
revised to 'Positive' if LIL's debt protection metrics improve
with a substantial improvement in its profitability, primarily led
by timely commercialisation of its lactulose project. Conversely,
the outlook may be revised to 'Negative' if the company's
financial risk profile weakens, most likely due to a stretch in
its working capital cycle, or a time or cost overrun in its
ongoing project.

LIL was incorporated in 1991 and is based in Mumbai (Maharashtra).
The company undertakes job-work for pharmaceutical lactose and
trades in lactulose. The company is undertaking capex to set-up a
lactulose manufacturing facility. LIL 's promoters are Mr. S M
Maheshwari and his son, Mr Atul Maheshwari; the company has a
manufacturing unit in Vadodara (Gujarat).

LIL reported (on a provisional basis) a profit after tax (PAT) of
INR0.3 million on net sales of INR221.6 million for 2013-14
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR9.7 million on net sales of INR459.1 million for 2012-
13.


LOTUS INFRAREALTY: CARE Revises Rating on INR49cr LT Loan to 'D'
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Lotus Infrarealty Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      49        CARE D Revised
                                            From CARE B+

Rating Rationale

The revision in rating assigned to the bank facilities of Lotus
Infrarealty Limited (LIL) primarily factors in the irregularity in
servicing of its debt obligations due to weak liquidity position.

Lotus Infrarealty Limited was incorporated in December 2010 by the
Chourasia family to undertake real estate projects. The promoters
have over a decade long experience in the construction of
residential and commercial buildings.  Over the years, the
promoters had developed 8 residential projects in various cities
in Madhya Pradesh (MP) under various entities. The promoters also
manage other group company engaged in real estate business viz
Peptech Builders and Developers Private Limited which is engaged
in the execution of residential projects in and around Chhatarpur.

While LIL has already completed the project 'Kirti Appartment'
which involved construction of 16 units in March, 2013,
the project 'Shri Sai's Lotus City (SSLC)' is under execution
which involves construction of 166 residential units upon an
area of 387,000 square feet of plotted land with an estimated cost
of INR79.95 crore.

During FY13 (refers to the period April 1 to March 31), the
company has initiated a new project 'Covent Court Mall
(Covent)' in Satna, MP which involves construction of 185
commercial units upon an area of 48,635 Square feet of plotted
land with an estimated cost of INR 55.99 crore. LIL has received
all land and other clearances for both the projects.


MARKX INFRA: CARE Assigns 'B' Rating to INR11r LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Markx Infra
Homes Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       11       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Markx Infra Homes
Private Limited is primarily constrained by the limited experience
of the promoters in the real estate sector, project execution and
marketability risk associated with its on-going residential real
estate project, exposure to local demand-supply dynamics and
inherent risks associated with the real estate industry.

The rating, however, draws comfort from the acquisition of land
and requisite project approvals being obtained. Going forward, the
ability of the company to execute the project as per the schedule,
timely sale of the project space at envisaged prices, along with
the timely realization of customer advances shall be the key
rating sensitivities.

Markx Infra Homes Private Limited was incorporated in April 2012.
MIH is undertaking a residential project by the name 'Whispering
Willows' in Dehradun, Uttar Pradesh. The residential project
comprises of 94 residential flats in a mix of three-BHK (Bedroom,
Hall & Kitchen) and four-BHK flats.

The total sales value of the project is INR66.84 crore. The total
estimated cost of the project is INR44.80 crore out of which
the company had incurred a total expenditure of INR19.11 crore
till July 30, 2014.


NORTHERN MOTORS: CRISIL Reaffirms B+ Rating on INR105.2MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Northern Motors Pvt Ltd
(NMPL) continues to reflect its below-average financial risk
profile, marked by small net worth, high total outside liabilities
to tangible net worth, and weak debt protection metrics;  its
modest scale of operations; and exposure to intense competition in
the automobile (auto) dealership market.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit          105.2      CRISIL B+/Stable (Reaffirmed)

   Inventory Funding     17.1      CRISIL B+/Stable (Reaffirmed)
   Facility

   Term Loan             27.7      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by NMPL's established
position in the automobile dealership market in Ludhiana and
Jalandhar (both and in Punjab), healthy relationship with its
principals, Hyundai Motor India Ltd (HMIL; rated 'CRISIL A1+') and
Hindustan Motors-Mitsubishi (HMM), coupled with funding support
extended by them.

NMPL's promoters had extended unsecured loans of INR40.9 million
(as on March 31, 2014) to the company. The loans bear nominal
interest and are subordinated to bank debt. Hence, for arriving at
its rating, CRISIL has treated these unsecured loans as neither
debt nor equity.

Outlook: Stable

CRISIL believes NMPL will continue to benefit from its established
position in the automobile dealership market in Ludhiana and
Jalandhar (all in Punjab) and its stable relationship with its
principals, HMIL and HMM over the medium term. The outlook may be
revised to 'Positive' in case of significant and sustained
improvement in NMPL's liquidity, either because of higher-than-
expected cash accruals or infusion of fresh capital by the
promoters. Conversely, the outlook may be revised to 'Negative' if
NMPL's financial risk profile, particularly liquidity,
deteriorates further, most likely caused by low cash accruals
affected by a slowdown or increased competition in the automobile
industry; high working capital requirements; or large, debt-funded
capex.

Update
NMPL's operating income is estimated to decline by about 22 per
cent year-on-year to around INR664 million in 2013-14 (refers to
financial year, April 1 to March 31), mainly driven by the
slowdown in the automobile industry; however, the operating
profitability margin has been at similar levels at about 3.25 per
cent in 2013-14. It is expected to register an annual growth of 10
to 12 per cent in its revenue in 2014-15 owing to launch of
Hyundai Elite i20 (diesel variant) and Mitsubishi Pajero
(Automatic version), coupled with healthy demand of other models
such as Xcent, i10 Grand, Eon (all these models belong to HMIL).
However, on account of intense competition in the automobile
industry, its operating margin is expected to remain in the range
of 3.0 to 3.5 per cent in 2014-15.

NMPL's operations are expected to be working capital intensive, as
reflected in its high gross current asset (GCA), estimated at 111
days as on March 31, 2014. This was driven by the company's high
inventory cycle of 80 to 85 days, an increase from 71 days as on
March 31, 2011. As a result, its average bank limit utilisation
has been high at around 94 per cent during the 12 months through
March 2014. NMPL's net worth is estimated to have remained small
at around INR30.6 million as on March 31, 2014. The company has
substantial debt contracted for funding its working capital
requirements; these, coupled with its small net worth is estimated
to result in a high total outside liabilities to tangible net
worth ratio of around 2.3 times as on March 31, 2014.

NMPL, promoted by Mr. Rajiv Chopra, is an authorised dealer of
HMM's and HMIL's passenger cars in Punjab. The company operates
two showrooms for HMM's passenger cars, one each in Jalandhar and
Ludhiana. The company has been operating HMM cars' dealership for
almost six decades.


ORIENT GREEN: ICRA Lowers Rating on INR33.2cr Term Loan to 'D'
--------------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]B to [ICRA]D
assigned to the term loan and fund based facilities aggregating to
INR39.2 crore of Orient Green Power Company (Rajasthan) Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             33.2         [ICRA]D
   Fund Based Limits      6.0         [ICRA]D

The rating takes into account initial delays in debt servicing on
account of significant delay in commissioning of the plant.
Despite support of parent company (Orient Green Power Company Ltd)
timely debt servicing was impacted as repayment begun before
commissioning of the plant. In addition, the company will remain
exposed to volatility in prices of bio-mass and risks related to
availability of bio-mass. However, ICRA notes that demand risk as
well as price risk for electricity generated is low as company is
selling power to state distribution entity under 20 years power
purchase agreement and tariff is remunerative vis-…-vis prevailing
biomass prices. ICRA also notes that as on date (Aug, 2014) the
debt servicing is timely.

Orient Green Power Company (Rajasthan) Private Limited was
incorporated on November 12, 2008 and is engaged in the business
of generating electrical power by conventional and non-
conventional methods including biomass, municipal waste, solar,
hydel, geo-hydel, wind and tidal waves. The company has
commissioned 8.0 MW biomass based power plant in Kishanganj
(Baran, rajasthan).Total project cost is ~ INR54 crore being
funded by INR33.2 crore bank loan and balance equity/unsecured
loan. Plant was commissioned in Oct 2013 and power is being
exported to state distribution entity under 20 years power
purchase agreement.


PATEL COPPER: CRISIL Assigns 'B' Rating to INR45MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Patel Copper Pvt Ltd.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                28.8       CRISIL B/Stable

   Cash Credit              45         CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility       26.2       CRISIL B/Stable

The rating reflects PCPL's below-average financial risk profile,
marked by a small net worth, its exposure to intense competition
in the copper products industry, and the susceptibility of its
operating profitability to fluctuations in raw material prices.
These rating weaknesses are partially offset by the extensive
industry experience of the company's promoters and its moderate
working capital requirements.

Outlook: Stable

CRISIL believes that PCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
increase in the company's scale of operations and profitability,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in PCPL's financial risk profile, most likely driven by a
substantial increase in its  working capital requirements, or
lower accretion to reserves, or major debt-funded capital
expenditure.

Established in 2012, PCPL manufactures copper sheets and copper
coils at its copper rolling mill in Rajkot (Gujarat). The company
has an installed capacity of 1000 tonnes per annum (tpa), with a
capacity of 300 tpa for copper sheets and 700 tpa for copper
coils. It is managed by Mr. Pravinbhai Saparia.


PULKIT VENEER: CRISIL Reaffirms B+ Rating on INR34MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pulkit Veneer Mills Pvt
Ltd continue to reflect PVMPL's modest scale of operations,
exposure to intense market competition in the plywood and
laminates industry, and below-average financial risk profile,
marked by a small net worth and high gearing. These rating
weaknesses are partially offset by the extensive industry
experience of PVMPL's promoter.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         2         CRISIL A4 (Reaffirmed)
   Cash Credit           34         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     270         CRISIL A4 (Reaffirmed)
   Proposed Non Fund
   based limits           2         CRISIL A4 (Reaffirmed)

For arriving at the ratings, CRISIL has treated unsecured loans of
INR32.1 million extended to PVMPL by its promoter as of March 31,
2014, as neither debt nor equity because the loans are
subordinated to the bank borrowings.

Outlook: Stable

CRISIL believes that PVMPL will continue to benefit over the
medium term from its promoter's industry experience. The outlook
may be revised to 'Positive' in case of significant improvement in
the company's operating margin, leading to higher cash accruals
and net worth. Conversely, the outlook may be revised to
'Negative' if PVMPL registers lower-than-expected cash accruals or
its working capital requirements increase substantially, resulting
in weakening of its liquidity.

PVMPL was established in 1986 by Mr. G R Patodia in Kolkata (West
Bengal). The company manufactures and trades in plywood and
veneer. Its product portfolio includes board plywood, door
plywood, window plywood, and commercial plywood. Its manufacturing
unit is at Amdanga, 24 Paraganas (North), West Bengal. The
promoter has over 25 years of experience in the plywood and
laminates industry.

PVMPL reported a profit after tax (PAT) of INR1.4 million on net
sales of INR482 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR0.6 million on net sales
of INR347.3 million for 2012-13.


RAJASTHAN PULSES: CRISIL Reaffirms B+ Rating on INR110MM Cash Cr.
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Rajasthan Pulses (RP)
continues to reflect RP's average financial risk profile marked by
weak debt protection indicators and vulnerability reflected in the
low operating margin due to fluctuations in prices of traded
goods. These weaknesses are partially offset by RP's efficient
working capital management, and funding support from the partners.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit               110       CRISIL B+/Stable
   Warehouse Receipts         40       CRISIL B+/Stable

CRISIL had assigned its 'CRISIL B+/Stable' rating to the bank
facilities of M/S Rajasthan Pulses (RP) on July 21, 2014.

Outlook: Stable

CRISIL believes that RP's business risk profile will remain stable
over the medium term on account of extensive experience of
promoters in agro commodity industry. The outlook may be revised
to 'Positive' if RP's scale of operations and profitability
improve significantly, thereby resulting in an improvement in its
capital structure and consequently, its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the firm's
capital structure deteriorates owing to large withdrawals of
capital by partners, due to any large debt-funded capital
expenditure plan, or if RP's operating income and profitability
decline.

RP is a partnership firm based in Kanpur (Uttar Pradesh) that
processes and trades in various pulses such as masoor dal, matar
dal, chana dal, arhar dal and urad dal. The firm was incorporated
in 2001 by Mr. Manoj Agarwal and three other partners. The firm
procures raw pulses and processes them into split pulses or dal
and sells them directly.


RHEOPLAST TECHNOLOGY: CRISIL Rates INR50MM Cash Credit at B+
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Rheoplast Technology Pvt. Ltd.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit               50        CRISIL B+/Stable
   Foreign Letter of         40        CRISIL B+/Stable
   Credit

The rating reflects RTPL's modest scale of operations, its below-
average financial risk marked by high gearing and subdued debt
protection metrics and large working capital requirements. These
rating weaknesses are partially offset by extensive experience of
promoters in the construction chemicals industry.

Outlook: Stable

CRISIL believes RTPL will continue to benefit over the medium term
backed by its promoter's extensive experience in the construction
chemicals industry. The outlook may be revised to 'Positive' in
case the company's financial risk profile improves significantly
either on account of higher than expected revenues and
profitability, or significant equity infusion. Conversely, the
outlook may be revised to 'Negative' if the company's
profitability or revenues declines or if its working capital cycle
lengthens, leading to deterioration in the company's financial
risk profile.

RTPL was incorporated in June 2009, by Mr. Parminder Kohli and his
brother Mr. Preetpal Singh Kohli. The company was setup to
takeover business of Rheoplast Technology - partnership firm setup
in 2006. The company is engaged in manufacturing of construction
chemicals. The company's registered office is in Mumbai
(Maharashtra) and manufacturing units at Karnal, Kolkata and Navi
Mumbai.

RTPL reported a provisional profit after tax (PAT) of INR 1.5
million on net sales of INR 166.2 million for 2013-14 (refers to
financial year April 1 to March 31); the company reported PAT of
INR 0.5 million on net sales of INR 173.7 million for 2012-13.


RIDDHI SIDDHI: ICRA Reaffirms B Rating on INR15.64cr Non FB Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned
earlier to the INR8.001 crore fund-based and INR15.64 crore non
fund-based bank facilities of Riddhi Siddhi Associates.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term fund-based      8.00       [ICRA]B; Reaffirmed
   bank facilities

   Long-term non fund-
   based bank facilities    15.64       [ICRA]B; Reaffirmed

The rating reaffirmation takes into account the experience of the
firm's management of around a decade in the royalty collection (on
behalf of government) contract business. While the firm was able
to achieve requisite collection volumes during FY14 to meet the
guaranteed royalty payments and cover its operational expenses,
however the surplus collections were low, which resulted in thin
operating profit margin of 0.15%. Low profitability in turn
results in cash flow mismatches owing to seasonal volatility or
decline in collections, given that the royalty installments are
paid by the firm to government as per the fixed schedule. Further,
the business is characterized by high capital requirements, which
are on account of either upfront payments of security deposits as
well as working capital to bridge the cash flow mismatch between
actual royalty collection and royalty paid to government. High
capital requirements, coupled with low profitability result in
weak return indicators as reflected in RoCE of 3.9% and RoNW of
1.8% in FY14. Moreover the revenue visibility for the firm
continues to remain limited, given the short duration of the
contracts in hand and the unpredictability in securing new
contracts. Given the fragmented nature of the royalty contracting
business, low entry barriers and, resultant high competition in
the sector and susceptibility to government regulations, shall
also continue to pose pressure on ability to secure new contracts
and with superior profitability margins. Further, ICRA has also
taken into consideration RSA's constitution as a partnership firm,
which exposes it to capital withdrawal risks.

Going forward, the ability of the firm to secure new contracts to
maintain revenue visibility, and achieve healthy volumes thereby
improving profitability metrics will remain the key rating
sensitivities.

Formed by Mr. Mahendra Kumar Tak, his family members and business
associates in 2009, Riddhi Siddhi Associates (RSA) is an Udaipur
(Rajasthan) based partnership firm. The firm was started as a
contractor for royalty collection for sand mining and granite
mining in Rajasthan. Recently, the firm has also entered into
contracts for toll fee collections from road projects in
Rajasthan. The promoters have been engaged in undertaking similar
contracts for royalty collection, toll collection, etc for
government departments since 2003.

Recent Results
RSA reported an operating income (OI) of INR168.04 crore
(provisional estimates) and profit before tax (PBT) of INR0.70
crore in FY14 as compared to OI of INR2.01 crore and PBT of
INR0.03 crore in FY13.


SAI CONCRETE: ICRA Suspends B+ Rating on INR12cr LT Bank Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR12.00
Crore long term bank facilities of Sai Concrete Pavers Pvt Ltd.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SARASWATI ASSOCIATES: CARE Reaffirms B Rating on INR3.62cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Saraswati Associates Company.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     3.62       CARE B Reaffirmed

   Long-term/Short - term        3.00       CARE B/CARE A4
   Bank Facilities                          Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Saraswati
Associates Company continue to remain constrained on account of
its modest scale of operations in a highly competitive and
fragmented road construction industry, modest order book position
and weak financial risk profile as characterized by leveraged
capital structure, moderate profit margins and moderate debt
coverage indicators. The ratings are also continues to remain
constrained on account of the limited revenue diversity and
geographical concentration risk, along with vulnerability of
profits to fluctuation in raw material prices.

The ratings, however, continue to derive benefit from the vast
experience of proprietor in the road construction activity
and its association with reputed clientele .The ratings also
factors in the decline in total operating income (TOI) in FY14
(refers to the period April 1 to March 31) with an improvement in
the PBILDT margin and capital structure.

The ability of SAC to increase its scale of operations through
diversification of order book amidst high competition prevailing
in the road construction industry, along with an improvement in
profitability and capital structure are the key rating
sensitivities.

SAC, located at Radhanpur (Gujarat), started its operations as a
Proprietorship firm in the year 1982. SAC is promoted by
Mr Dasharathbhai Patel and is engaged in the construction of roads
and registered as 'AA' class contractor (highest on the
point scale of AA to C) and 'special category-1 for roads works'
(i.e highest in the scale of Category 1 to Category 3) from
the Government of Gujarat. SAC undertakes the government contracts
and its operations are in mainly in North Gujarat.


SARITA FORGINGS: CRISIL Reaffirms B+ Rating on INR67M Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sarita Forgings Pvt Ltd
continue to reflect its small scale and working-capital-intensive
operations, and weak financial risk profile marked by low net
worth and weak debt protection metrics. These rating weaknesses
are partially offset by the promoters' extensive experience in the
forging industry.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bill Discounting        5       CRISIL B+/Stable (Reaffirmed)
   Cash Credit            67       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        8       CRISIL A4 (Assigned)
   Term Loan               7.2     CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     35.8     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SFPL will maintain stable business risk profile
over the medium term, backed by its promoter's extensive industry
experience and established relationships with its customers and
suppliers. The outlook may be revised to 'Positive' if the company
significantly improves its scale of operations along with an
enhancement in operating profitability, resulting in sizeable cash
accruals and also if it improves its liquidity by effectively
managing its working capital needs. Conversely, the outlook may be
revised to 'Negative' if the company's scale of operations reduces
considerably, thus impacting the cash accruals adversely, or a
deterioration in its financial and liquidity risk profiles on
account of significant stretch in the working capital cycle, or
substantially large debt-funded capital expenditure (capex).

Update
SFPL's scale of operations has substantially improved in 2013-14
(refers to financial year, April 1 to March 31) and it is expected
to gross revenue of INR257 million during the year, higher by 29
per cent as compared to INR199 million in 2012-13, driven by the
increased order inflow for the company for the year with addition
of new customers. The growth momentum is expected to continue in
2014-15 with further scale-up in operations. SFPL has an order
book of INR150 million as on July 20, 2014, to be executed over
the next seven months. However, the company's operating margin has
remained subdued in 2013-14 at 7.53 per cent as compared to 8.96
per cent in 2012-13, on account of the higher tooling expenses
incurred by the company on new products.

SFPL's financial risk profile has remained moderate with low
gearing of 0.94 times as on March 31, 2014. The gearing levels
have improved because of conversion of unsecured loans of INR9.3
million into equity, leading to a higher capital base. However,
the same is expected to deteriorate in 2014-15 on account of the
debt-funded capex of INR30 million for setting up the machining
unit. The debt protection indicators of the company have remained
in line with the past levels.

SFPL's liquidity has remained moderate with high utilisation of
bank lines and cash accruals sufficient to service debts over the
medium term. Funding support from promoters in the form of
unsecured loans has continued in the business.

SFPL is estimated to report a profit after tax (PAT) of INR2.2
million on net sales of INR227 million for 2013-14 (refers to
financial year, April 1 to March 31), against a PAT of INR2.4
million on net sales of INR198 million for 2013-14.

SFPL was incorporated in 1995 by Mr. Anil Jain and Mr. Pramod
Jain. It is engaged in the business of manufacturing forged items
and has its manufacturing facility in Ludhiana (Punjab).


SHIVKRUPA COTTON: CRISIL Lowers Rating on INR30MM Term Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shivkrupa Cotton Industries to 'CRISIL D' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            30         CRISIL D (Downgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term     20         CRISIL D (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan              30         CRISIL D (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects instances of delay by SCI in
servicing its term loan, and its continuously overdrawn bank
limits; the overdrawn limits and delays in debt servicing have
been caused by the firm's weak liquidity.

SCI also has a small scale of operations in the highly fragmented
cotton industry, susceptibility to changes in government
regulations, and weak financial risk profile. However, the firm
benefits from the experience of its promoters in the cotton
industry.

Established in May 2011, SCI is promoted by the Patan (Gujarat)-
based Mr. Kirtibhai Sambhubhai Thakkar and Mr. Somaji Sardarjji
Thakur. It manufactures and de-lints cotton black seed and cotton
lint from unprocessed cotton seeds.


SHREE PUSHKAR: CRISIL Ups Rating on INR400MM Term Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shree Pushkar Developers to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 400     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade follows the reduced funding risk associated
with SPD's residential real estate project, which has achieved
financial closure, and steady advances received from customers.
The term loan for the project has been sanctioned and the
promoters have infused their share of contribution. There has been
healthy demand for the project leading to steady customer
advances, which in turn has ensured construction as per the
schedule. About 20 per cent of the project has been completed till
June 30, 2014, and the firm has received advances commensurate to
that. The progress of the project, which will largely depend on
the pent up demand in the real estate, will remain the key rating
sensitivity factor.

The rating reflects SPD's susceptibility to implementation and
demand risks associated with its ongoing residential project, and
to cyclicality in the real estate industry. These rating
weaknesses are partially offset by the firm's low funding risk for
its project, supported by the sanctioned term loan and its
promoters' infusion of the requisite funds.

Outlook: Stable

CRISIL believes SPD will remain sensitive to any delays in
completion of, and inflow of customer advances for, its ongoing
project. The outlook may be revised to 'Positive' if there are
more-than-expected bookings of units and receipt of customer
advances for the project, and the construction is completed
without any cost overrun. Conversely, the outlook may be revised
to 'Negative' in case of deterioration in SPD's liquidity, most
likely caused by delay in receipt of customer advances, or a time
or cost overrun in its current project, or it undertakes any
additional large projects simultaneously.

SPD was established in 2010 as an equal partnership between the
members of the Agarwal group, the Kothari group, and the Tyagi
group. It is implementing a residential real estate project, The
Leaf, at Yevlewadi in Pune (Maharashtra). The project, with 260
saleable units, is expected to be completed by 2016-17 (refers to
financial year, April 1 to March 31). The firm's partners have
been in the real estate business for over 25 years and have
developed around 3 million square feet, in partnership with
various other developers in Pune.


SURYA BOARDS: CARE Lowers Rating on INR25cr LT Loan to 'D'
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Surya Boards Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      25        CARE D Revised
                                            from CARE BB-

   Short term Bank Facilities      4.50     CARE D Revised
                                            from CARE A4

Rating Rationale

The revision in the ratings of Bank facilities of Surya Boards Ltd
takes into account the on-going delays in debt servicing
obligations.

Delhi-based, Surya Boards Limited, promoted by Mr Jitendra
Kejriwal, was initially incorporated as a Private Limited Company
in 1994 and later on in 1999 it was reconstituted as a Public
Limited Company. SBL is engaged in the manufacturing of the
plywood, recon plywood and block boards. The company is also
involved in the trading of cotton and sofa fabric which
contributed around 65% in the total operating income during FY13
(refers to the period April 1 to March 31). The manufacturing
facility of the company is located in the Jhajjar, Haryana with an
installed capacity of 54 lakh square meter per annum for
manufacturing of plywood and block boards. SBL belongs to Jitendra
Kejriwal group which includes Sonear Industries Limited (SIL, CARE
BB+/ CARE A4, engaged in the manufacturing of laminates and
decorative veneers, Surya Vikas Plywood Limited (SVPL, CARE
B+/CARE A4, manufactures low cost plywood and boards), Donear
Plywood Limited (DPL) and Donear Laminates Private Limited (DLPL)
which are also engaged in the plywood business. All the group
companies sell its products under the brand name of 'Sonear'.


U.S. INFRA: CRISIL Assigns 'B+' Rating to INR150MM Project Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/ Stable' rating to the long-
term bank facilities of U.S. Infra Housing Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Project Loan              150     CRISIL B+/Stable

The rating reflects US Infra's exposure to project risks given the
initial stage of implementation of its ongoing projects, exposure
to competition, and susceptibility to risks and cyclicality
inherent in the Indian real estate industry. These rating
weaknesses are partially offset by the extensive experience of US
Infra's promoter in the real estate sector and his funding support
to the company.

Outlook: Stable

CRISIL believes that US Infra will benefit over the medium term
from its promoter's extensive industry experience and funding
support. The outlook may be revised to 'Positive' if the company's
cash inflows improve significantly, with timely project completion
and increase in customer bookings. Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile,
especially its liquidity, is constrained by project time or cost
overruns, or low cash inflows arising from low bookings or
significant delays in receipt of advances, or simultaneous
execution of large projects.

US Infra was incorporated in 2010-11 (refers to financial year,
April 1 to March 31) by Mr. Umesh Udhaani and is a part of the
Mumbai-based USR group. US Infra is engaged in real estate
development; it has two ongoing real estate projects, both in
Maharashtra: Yashdeep Residency in Kapoli and Riverdale in Roha.


ZIGMA LAMINATES: CARE Assigns B Rating to INR12.25cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B' & 'CARE A4' ratings to the bank facilities
of Zigma Laminates & Systems Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.25      CARE B Assigned
   Short-term Bank Facilities     3.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Zigma Laminates &
Systems Private Limited are primarily constrained by the
relatively modest scale of operations, moderate profitability,
working capital intensive nature of operations, moderate
profitability, leveraged capital structure, weak debt coverage
indicators and presence in a highly competitive and fragmented
industry.

The rating however derives strength from the promoter's
experience, operational synergies with the related
entities/associates companies.

The ability of ZLPL to increase its scale of operations along with
an improvement in the capital structure and efficient management
of the working capital cycle are the key the rating sensitivities.

Zigma Laminates & Systems Private Limited) is engaged in the
manufacturing of particle boards, foil lamination boards and
kitchen trollies which are used in the manufacturing of the
modular furniture. The company primarily supplies its manufactured
products to its related entities Zenith Metaplast Private Limited
(ZMPL-rated CARE BB/A4) and Zigma Modular Private Limited (ZMoPL)
engaged in the manufacturing of modular furniture. The company had
started its commercial operation from April 2011 and has its sole
manufacturing unit is located in Nasik (Maharashtra).

During FY14 (provisional, refers to the period April 1 to March
31), ZLPL reported a total operating income of INR26.71 crore
(vis-a-vis INR29.05 crore in FY13) and PAT of INR0.44 crore
(vis-a-vis INR0.39 crore in FY13). Furthermore, the company has
achieved the total operating income of around INR10 crore till
June 30, 2014.



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


KAWASAN INDUSTRI: Fitch Rates Prop. USD Notes Due 2019 'B+(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based industrial estate
developer PT Kawasan Industri Jababeka Tbk's (Jababeka; B+/Stable)
proposed US dollar notes due in 2019 an expected 'B+(EXP)' rating
with a Recovery Rating of 'RR4'. The notes will be issued by
wholly owned subsidiary Jababeka International B.V., and
guaranteed by Jababeka and certain subsidiaries.

Jababeka plans to use the net proceeds from the new notes mainly
to redeem USD175 million of notes due in 2017, and for general
corporate purposes. In Fitch's view, Jababeka's financial profile
will remain unchanged and consistent with its ratings because the
new notes will be used mainly for refinancing that will lower its
cost of debt.

The notes are rated at the same level as Jababeka's senior
unsecured debt rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company. The final
rating is contingent upon the receipt of documents conforming to
information already received.

Key Rating Drivers

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

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

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

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

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

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

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

- Decline in recurring EBITDA/ interest expense to below 1x on a
sustained basis (2014 forecast: 1.1x)
- Decline in presales/ gross debt to below 0.4x on a sustained
basis (2014 forecast: 0.3x). This trigger provides Fitch with a
way to monitor Jababeka's development sales, which are an
important support for its 'B+' rating. While Fitch expects this
ratio to be below the trigger at end-2014, presales are likely to
improve from 2015 as the investment climate recovers and the
Kendal estate starts to contribute presales.

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


KAWASAN INDUSTRI: S&P Rates Proposed US$ Denom. Sr. Notes 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
issue rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by Jababeka International B.V. PT Kawasan Industri
Jababeka Tbk (KIJA: B+/Stable/--; axBB/--) and its subsidiaries
will guarantee the notes. The company intends to use the issuance
proceeds to pay down existing debt and for general corporate
purposes.

S&P expects KIJA to maintain its leading market position as a key
industrial park property developer in Jakarta.  Nevertheless,
KIJA's project concentrate into its Kota Jababeka project remains
high.  This development still accounts for more than 50% of the
company's revenues over the next two years until its sales at its
Kendal Industrial Park, to be launched in 2015, stabilizes.  This
project concentration is somewhat tempered by recurring income
from KIJA's power plant and infrastructure services.  S&P
therefore maintains its "weak" business risk profile.  KIJA's
proposed debt issuance pushes its debt-to-EBITDA ratio beyond 3.5x
by end-2014.  However, the deterioration is likely to be only
temporary, as the company will continue to pay down the balance
debt in 2015.  S&P sees a high chance that the company's leverage
will drop below 3.5x in 2015 and beyond on the back of improving
cash flows from higher property sales and recurring income.  This
continues to support an "aggressive" financial risk profile.

The stable outlook reflects S&P's expectation that property sales
will continue to generate healthy cash flow with good margins and
S&P expects smooth operations at its power plant.  S&P believes
KIJA will continue to control its leverage and growth appetite for
new land acquisitions so that its financial risk profile will
remain unchanged.

RATINGS LIST

Jababeka International B.V.
Senior Unsecured
  US$0 mil USD-denominated Sr Unsecd nts
   Foreign Currency                        B+



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***