TCRAP_Public/140908.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, September 8, 2014, Vol. 17, No. 177


                            Headlines


A U S T R A L I A

APN NEWS: Fitch Publishes 'BB-' Rating on Sr. Unsecured Debt
APN NEWS: S&P Assigns 'BB' Issuer Credit Rating; Outlook Stable
APN NEWS: Moody's Assigns (P)Ba2 Corporate Family Rating
EQUITITRUST LTD: Founder Fined For Failing to Assist Liquidator
EQUMEN PTY: Enters Administration; First Meeting Set Sept. 11

MAMERS INVESTMENTS: Cor Cordis Appointed as Administrators
NATURAL FUEL: Fined For Failing to Lodge Financials
TLC PRINT: Placed Into Administration


C H I N A

ANTON OILFIELD: Fitch Revises Outlook to Neg. & Affirms 'BB' IDR
ANTON OILFIELD: Weak 1H 2014 Results No Impact on Moody's Ba2 CFR
INTIME RETAIL: Fitch Affirms 'BB' Issuer Default Ratings
YANZHOU COAL: Moody's Downgrades Corporate Family Rating to Ba2
YUZHOU PROPERTIES: Moody's Ups Sr. Unsecured Debt Rating to B1


I N D I A

ANANT RICE: ICRA Assigns 'B+' Rating to INR2.50cr Cash Credit
C.L. GULHATI: CRISIL Reaffirms B- Rating on INR250MM Cash Credit
CHOWDHRY RUBBER: CRISIL Reaffirms INR125M Cash Credit B+ Rating
COUNT N: CRISIL Reaffirms 'B+' Rating on INR86.7MM Bank Loan
HONDA MOTOR: India Slaps 14 Carmakers with $420MM Antitrust Fine

JAPAN METAL: CRISIL Cuts Rating on INR140MM LT Bank Loan to 'B+'
K. C. FERRO: ICRA Reaffirms B Rating on INR23cr Fund Based Loan
KAYTX INDUSTRIES: CRISIL Puts 'B+' Rating on INR300MM Cash Credit
KURSEONG CARRIERS: ICRA Reassigns B Rating to INR15cr Book Debts
KUSHAL BAGH: ICRA Reaffirms D Rating on INR4.70cr Fund Based Loan

LAXMI STEELS: ICRA Suspends 'B' Rating on INR7cr Fund Based Loan
MANDOVI MINERALS: CRISIL Reaffirms D Rating on INR81.9M Term Loan
MANGLAM MILK: CRISIL Assigns 'B+' Rating to INR180MM Term Loan
MANISHRI REFRACTORIES: ICRA Rates INR18.6cr Cash Credit at 'B'
MINAXI TEXTILES: ICRA Reaffirms INR15.5cr Cash Credit 'B+' Rating

NEXUS ELECTRO: CRISIL Cuts Rating on INR305MM Bank Loan to 'C'
ONE AUTO: CRISIL Reaffirms 'B+' Rating on INR104MM Fund Facility
PARAMOUNT WHEELS: ICRA Reaffirms B Rating on INR12cr Capital Loan
PONTIAC MERCHANTS: CRISIL Reaffirms D Rating on INR113M Term Loan
PREMIER SOLAR: CRISIL Reaffirms B Rating on INR63.5MM Cash Credit

RADNIK AUTO: ICRA Reaffirms 'B+' Rating on INR1.61cr Term Loans
RATANPUR COLD: CRISIL Reaffirms B Rating on INR35MM Cash Credit
RK STEEL: CRISIL Upgrades Rating on INR150MM Cash Credit to 'B'
SANJAY KRAFT: ICRA Suspends 'B+' Rating on INR8cr Bank Loan
SAP INDUSTRIES: ICRA Reaffirms INR2.5cr Cash Credit's 'B+' Rating

SARASH INT'L: ICRA Assigns D Rating to INR7.40cr Fund Based Loan
SARLA HANDICRAFTS: CRISIL Ups Rating on INR15MM Bank Loan to B
SHREE RAGHUVANSHI: ICRA Reaffirms B+ Rating on INR25r Cash Credit
SHREE SHANKAR: CRISIL Reaffirms 'D' Rating on INR270MM Term Loan
SOCIETY FOR RESEARCH: CRISIL Ups Rating on INR65M Term Loan to B-

SRI LAKSHMI: CRISIL Lowers Rating on INR44MM Term Loan to 'D'
STATE BANK: Fitch Affirms 'B' Rating on USD400MM Bonds
SWACHHA BEVERAGES: CRISIL Reaffirms B+ Rating on INR35M Term Loan
TANWAR INDUSTRIES: CRISIL Cuts Rating on INR30M Cash Credit to B+
V.V. RAMASAMY: ICRA Puts 'B' Rating on INR1cr LT Fund Based Loan

VITAL HEALTHCARE: CRISIL Reaffirms B+ Rating on INR113M Bank Loan
YASIN IMPEX: CRISIL Upgrades Rating on INR25MM Cash Credit to B+


I N D O N E S I A

PROFESIONAL TELEKOMUNIKASI: Moody's Affirms 'Ba2' CFR
TOWER BERSAMA: Moody's Affirms Ba2 CFR; Outlook Revised to Neg.


J A P A N

GK MLOX3: Fitch Affirms 'CCsf' Rating on JPY1.78BB Class D Notes


N E W  Z E A L A N D

PORTO BELLO: Enters Into Voluntary Liquidation


                            - - - - -


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


APN NEWS: Fitch Publishes 'BB-' Rating on Sr. Unsecured Debt
------------------------------------------------------------
Fitch Ratings has published APN News & Media Limited's (APN) Long-
Term Foreign-Currency Issuer Default Rating (IDR) and senior
unsecured debt class rating at 'BB-'.  The Outlook is Stable.
Fitch has also published the expected 'BB-(EXP)' rating on the
proposed senior unsecured guaranteed US dollar notes to be issued
by its wholly owned subsidiary, Biffin Pty Limited, and
unconditionally and irrevocably guaranteed by APN and its key
operating subsidiaries.

The final rating on the notes is contingent upon the receipt of
final documents conforming to information already received.  The
notes are rated in line with APN's senior unsecured rating of 'BB-
' as they will represent direct, unconditional, unsecured and
unsubordinated obligations of the company.  The proceeds from the
proposed senior unsecured notes will be used to repay outstanding
indebtedness.

KEY RATING DRIVERS

Leading Positions; Unique Assets: The ratings reflect APN's strong
brands in radio and publishing in Australia and
New Zealand and its ability to consistently deliver high quality
content, which should enable the company to maintain its market
positions.  The ratings also reflect APN's unique asset
combination and its ability to offer cross-platform advertising
over its publishing, radio, outdoor and digital assets.  The
higher earnings and cash flow visibility from its radio networks
help mitigate the structurally weaker publishing businesses.

Notes not Notched Down: Prior-ranking secured debt - facilities A
of the syndicated bank loans - will remain a significant part of
the company's funding structure in the medium term.  However,
Fitch has not notched the notes down below the IDR as our
conservative forecasts indicate that the ratio of prior-ranking
secured debt/EBITDA will remain below the guideline threshold of
2.0x-2.5x set out in Fitch's criteria "Recovery Ratings and
Notching Criteria for Non-Financial Corporate Issuers".

Resilient Radio Networks: Fitch believes that APN's radio business
should remain less vulnerable to the growing popularity of
alternative media platforms, such as the internet, and should
continue be resilient.  Advertising revenue for commercial radio
broadcasters is less subject to fluctuations in global and
national advertising budgets.  Instead, local advertising sales
dominate radio advertising revenue.  In addition, APN's rebranding
and talent recruitment should continue to help gain audience and
revenue market shares.

Structural Challenges in Publishing: The rating reflects the on-
going structural challenges confronting APN's publishing business.
Despite APN's strong positions in the New Zealand national
newspaper market and the Australian regional newspaper market,
Fitch expects APN's publishing business to remain under pressure
due to the on-going migration of advertising expenditure to
digital platforms and the associated media fragmentation.

Steady Cash Generation: APN's key businesses are cash generative
and their capex requirements are low.  Fitch expects that APN's
pre-dividend free cash flow (FCF) margins will increase to about
10% in the next three years.  The group structure has improved
with the acquisition of partners' stakes in Australia Radio
Network and The Radio Network, which has eliminated the cash flow
leakage from the group to these partners.

Potential Impact of NZ IPO: In the event that an IPO of the New
Zealand business were to go ahead, the resulting market
concentration would be likely to constrain the rating at 'BB-'
even if the proceeds were used to pay down debt.

High Leverage: At end-June 2014, APN had gross debt of AUD504m.
Fitch forecasts funds flow from operations (FFO)-adjusted net
leverage to decline from 5.1x in 2013, but nevertheless to remain
above 3.0x for at least the next two to three years.  Further
deleveraging will depend largely on the ability of the radio
business to offset declining revenues in the publishing business,
the successful implementation of a paywall strategy and the
company's decisions about use of FCF.

RATING SENSITIVITIES

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

   -- significant deterioration in the operating profile amid on-
      going competitive pressures, changing media consumption
      patterns and evolving technology platforms

   -- large debt-funded acquisition indicating a significant
      increase in APN's risk tolerance

   -- sustained negative FCF margins

   -- sustained FFO-adjusted net leverage above 4.0x

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

   -- successful transition to digital platforms for its
      publishing businesses

   -- material diversification of cash generation from the
      publishing business

   -- sustained FFO-adjusted net leverage below 3.0x


APN NEWS: S&P Assigns 'BB' Issuer Credit Rating; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' issuer credit rating on Australia-based media company APN
News & Media Ltd. (APN).  The outlook on the rating is stable.  At
the same time, S&P has rated APN's senior secured bank facilities
'BB+' with a recovery rating of '2', and proposed senior unsecured
notes 'B+' with a recovery rating of '6', issued by APN's related
entities.

The 'BB' issuer credit rating on Australian and New Zealand media
company APN reflects S&P's view of the company's "significant"
financial risk profile and "fair" business risk profile.

"Our business risk assessment reflects our view that APN's
portfolio of media assets provides it with a meaningful level of
diversification away from the structurally declining newspaper
industry," said Standard & Poor's credit analyst Minh Hoang.

Over the past 12 months, APN has undertaken a number of
transactions to rebalance its portfolio of media assets.  In Feb.
2014, APN acquired the remaining 50% interest of its Australian
and New Zealand radio assets, following the divestment of its
outdoor advertising business APN Outdoor and e-commerce business
brands Exclusive.  Supporting this transaction was a A$132 million
equity raising.

Mr. Hoang added: "We view this refocused strategy, which
emphasizes the company's core media and digital businesses, as
broadly positive for creditors.  The restructure has also provided
the company with greater management control over its radio assets
and cash flow diversification away from newspaper publishing."

On Sept. 1, 2014, APN announced that it was considering strategic
options for its New Zealand assets, including an initial public
offering (IPO) and listing on the New Zealand Stock Exchange.  S&P
considers that the potential IPO would lead to a reduction in
APN's scale, scope, and diversification; however, an improved
financial strength derived from the proceeds of such a transaction
would likely offset the impact at the current rating level.  The
ultimate rating impact is contingent upon the final transaction
structure--if it occurs--as well as the group's financial policies
and future growth strategy following the transaction.  S&P also
notes that the ratings on the bond could be further affected by
the final structure of any transaction.

The stable outlook reflects S&P's view that APN's business
diversity, particularly its significant position in radio
broadcasting, will provide sufficient buffer to offset the
continued structural decline in newspaper publishing.  This should
enable the company to maintain its FFO-to-debt of greater than
20%.  The stable outlook does not incorporate any event risk
associated with any potential transaction activity, including
those that may be prompted by changes to Australia's media
ownership laws.

Downward rating pressure could occur if APN's market position
deteriorates materially such that the company's diversification
does not provide it with sufficient buffer against structural
weaknesses in any of its key media businesses.  Downward rating
pressure could also occur if weaker operating performance or debt-
funded acquisitions caused a material worsening in the group's
financial risk profile, including FFO-to-debt of less than 20%.

Negative rating pressure could also arise if a potential IPO of
the New Zealand businesses causes a reduction in APN's business
scale and diversity without an offsetting improvement in the
group's financial risk profile.  In addition, further sizable
debt-funded acquisitions or an overall increase in the group's
financial risk appetite could also pressure the rating.

Upward rating movement is unlikely in the near term based on the
group's current business mix and financial risk profile.  S&P may
consider raising the rating if APN adopts a more conservative
financial risk appetite and manages its exposure to the continued
decline in newspaper publishing prudently and effectively.


APN NEWS: Moody's Assigns (P)Ba2 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has assigned a first-time provisional
Corporate Family Rating (CFR) of (P)Ba2 to APN News & Media
Limited (APN), a media company based in Australia.

At the same time, Moody's has also assigned a provisional (P)Ba3
senior unsecured rating to the proposed US$250 million of senior
unsecured notes issued by Biffin Pty Limited (Issuer), a wholly
owned and guaranteed subsidiary of APN.

This is the first time that Moody's has assigned ratings to APN.
The outlook on the ratings is negative.

The assignment of a definitive CFR and Senior Unsecured ratings
are subject to review of final documentation, and successful close
of the transaction. The proceeds of the transaction will be used
to refinance existing debt.

Ratings Rationale

"APN's (P)Ba2 corporate family rating reflects its diversified mix
of media assets as well as the strong market positions that the
company holds within these markets" says Saranga Ranasinghe, a
Moody's Analyst. "The rating also reflects APN's national scale in
both Australia and New Zealand, which provides it with better
ability to withstand and absorb operating conditions, which are
highly competitive", Ranasinghe adds.

"At the same time, the rating considers APN's high exposure to
newspaper print advertising revenue, which is challenged by
changing consumer media usage away from print" says Ranasinghe,
adding "However, Moody's recognize The New Zealand Herald's strong
market position, as well as APN's ability to strengthen profit
margin in the New Zealand print business".

APN operates in a fast moving industry, and its rating reflects
the company's appetite for aquisitions, albeit these have been
made in a manner that did not materially compromise its financial
profile. APN's strategy to increase its presence and market share
in radio provides rating support. The company has the #1 ranked FM
radio network across Australia by audience share.

The (P)Ba2 rating additionally considers APN's moderate financial
leverage and its ability to generate free cash flow, reflecting
its solid margins and prudent capital structure. Debt/EBITDA for
FY13 was 4.0x, and Moody's expect the ratio to improve to 3.2x in
FY15.

The negative outlook reflects the company's recent announcement
that it is considering spinning off its New Zealand assets. The
New Zealand assets generate about 44% of group EBITDA, and such
transaction, if it proceeds, would raise uncertainty regarding
APN's future capital structure, business profile, and leverage
metrics, as well as reduce revenue mix and geographic diversity.

The (P)Ba3 senior unsecured rating is one notch lower than the CFR
reflecting the legal subordination as the notes will rank junior
to APN's senior secured revolver.

The rating outlook could revert to stable if the company decides
to retain its current business profile, or if capital from any
potential transaction is used to pay down debt and/or reinvested
in core assets while maintaining overall quality of earnings, and
financial leverage (adjusted Debt/EBITDA) below 3.75x.

The ratings could be downgraded if adjusted Debt/EBITDA ratios are
sustained above 3.75x which could be due to asset sale, operating
weakness, acquisitions or shareholder-friendly initiatives.

An upgrade is unlikely over the forecast period due to the high
exposure to the challenging print industry and uncertainty around
business and financial profiles. The company would have to
demonstrate reduced exposure to print advertising as well as
revenue and margin stability in the print segment of the company.
Ratings could be upgraded if the company operates in a financially
prudent manner consistent with a higher rating, including
maintaining debt -to-EBITDA ratio below 2.5x on a consistent
basis.

APN is one of Australia's leading diversified media groups. Pro
forma the acquisition of total ownership in the radio assets,
APN's earnings for FY13 is diversified across print (44%), radio
(42%), outdoor (11%) and digital (3%).


EQUITITRUST LTD: Founder Fined For Failing to Assist Liquidator
---------------------------------------------------------------
The founder and former director of Equititrust Limited,
Mark McIvor, has been convicted and fined AUD10,000 after failing
to assist the liquidator appointed to his three companies.

Mr. McIvor, of the Gold Coast, was found guilty in the Brisbane
Magistrates Court on Aug. 22, 2014, following six charges laid by
ASIC for failing to provide a Report as to Affairs (RATA) and
deliver books and records to the liquidators of Chevron Capital
Pty Ltd, MHSM Holdings Pty Ltd and SM Capital Pty Ltd within 14
days of the winding up order for each company.

Commissioner Greg Tanzer said, "Mr McIvor's conviction was one of
143 criminal actions taken by ASIC over the past six months
against directors of proprietary limited companies who had
breached their obligations under the Corporations Act 2001.

"If a company fails and goes into liquidation, the directors are
required to provide assistance to the appointed liquidator so that
creditors can be paid and any misconduct can be identified."

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

Mark McIvor was the director of Equititrust Limited -- the
responsible entity of two managed investment schemes which were
wound up in 2011 and 2012, owing approximately AUD200 million to
1,600 investors.


EQUMEN PTY: Enters Administration; First Meeting Set Sept. 11
-------------------------------------------------------------
Kirsten Robb at SmartCompany reports that a premium Australian
underwear brand stocked in department stores including David Jones
and Saks Fifth Avenue in the US has entered administration,
following the sudden death of its founder.

Equmen Pty Ltd, which sells high-performance men's compression
clothing, entered administration on August 29 after founder Gavin
Jones passed away in July, SmartCompany discloses.

David Levi -- dlevi@leviconsulting.com.au -- of Levi Consulting
was appointed administrator.

Mr. Levi indicated to SmartCompany Equmen had incurred startup
trading losses of around AUD3 million.

"In my experience, it is common that startups incur losses and
that has been the position in relation to the company," the report
quotes Mr. Levi as saying.

Equmen had a team of four employees and was based in a rented
premise in Sydney.

On its website, Equmen lists four Australian retailers as
stockists including David Jones, as well as high-profile
international stockists including Saks 5th Avenue in the US,
Selfridges in the UK and Brown Thomas in Ireland.

The company did not engage directly in design or manufacturing of
it products and housed its stock in third party warehouses,
Mr. Levi, as cited by SmartCompany, said.

Mr. Jones, who died at his farm in Goulburn on July 12 this year,
founded the company in 2007, the report notes.

According to the report, Mr. Levi confirmed Mr. Jones was
primarily responsible for arranging funding for the company and
said Mr. Jones' unexpected death had interrupted the business.

While he would not indicate who the creditors were, Mr. Levi said
he expects they will be paid 100 cents to the dollar, SmartCompany
relays.

The first meeting of creditors will take place in Sydney on
September 11, the report discloses.

Several other companies owned by Mr. Jones have also entered
administration after his death, including Gavin Jones
Communications, Vibe Australia and Deadly TV, the report adds.


MAMERS INVESTMENTS: Cor Cordis Appointed as Administrators
----------------------------------------------------------
Robert Kite -- rkite@corcordis.com.au -- & Mark Hutchins --
mhutchins@corcordis.com.au -- of Cor Cordis were appointed as
administrators of Mamers Investments Pty Limited on September 2,
2014.

A first meeting of the creditors of the Company will be held at
Level 6, 55 Clarence Street, in Sydney, on 12 Sept. 12, 2014, at
11:00 a.m.


NATURAL FUEL: Fined For Failing to Lodge Financials
---------------------------------------------------
Natural Fuel Ltd has been fined and convicted for failing to lodge
financial reports with the Australian Securities and Investments
Commission (ASIC).

Natural Fuel Ltd, based in Western Australia, was fined AUD16,500
after pleading guilty in Perth Magistrates Court on Aug. 15, 2014
to 11 ASIC charges for failing to:

  * lodge half-year reports with either ASIC or the ASX between
    2009 and 2012

  * lodge annual reports with either ASIC or the ASX between 2010
    and 2012, and

  * hold annual general meetings between 2009 and 2012.

Commissioner Greg Tanzer said, "Any company with a legal
obligation to lodge financial reports and hold annual general
meetings should obey the law.

"These reports and meetings are not only crucial to the integrity
of our market, but also used by investors, employees and creditors
to help them make informed decisions.

"Over the last 12 months, ASIC has prosecuted eight companies for
68 offences with outcomes ranging from good behaviour bonds to
fines of up to AUD25,000," Mr. Tanzer said.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.


TLC PRINT: Placed Into Administration
-------------------------------------
Robert Kite & Mark Hutchins of Cor Cordis were appointed as
administrators of TLC Print Finishing Pty Limited on Sept. 2,
2014.

A first meeting of the creditors of the Company will be held at
Level 6, 55 Clarence Street, in Sydney, on Sept. 12, 2014, at
10:00 a.m.



=========
C H I N A
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ANTON OILFIELD: Fitch Revises Outlook to Neg. & Affirms 'BB' IDR
----------------------------------------------------------------
Fitch Ratings has revised the rating Outlook on Anton Oilfield
Services Group (Anton) to Negative from Stable and affirmed the
company's Long-Term Issuer Default Rating (IDR) and senior
unsecured rating at 'BB'.

The Negative Outlook reflects several challenges that Anton faces,
including a competitive operating environment that is squeezing
its margins, reduced capex by customers in China and a longer
working capital cycle that is dampening net cash flow generation.
While we expect the order flow to independent oilfield services
providers to improve in the coming months, we believe the company
will have to deal with trends of higher competition, lower margins
and higher accounts receivable days that are likely to outlast the
current industry downturn.

KEY RATING DRIVERS

Challenging Operating Environment: Anton, together with other
independent oilfield services providers in China, has seen slower
growth, margin compression as well as higher accounts receivable
days in the first half of 2014.  This is a direct result of
project delays from major customers, specifically China National
Petroleum Corporation (A+/Stable) and Sinopec (A+/Stable) amid the
government's on-going investigations into practices of state-owned
enterprises, including in the oil and gas sector.

Business Prospects Expected to Improve: The state mandates for
China's large national oil companies (NoCs) to increase production
are still intact, and increasingly China is looking to
unconventional resources to achieve these targets, including tight
and shale oil and gas reserves.  Fitch expects the Chinese NoCs to
increase upstream capex, which should lead to higher business
flows to oilfield services providers such as Anton, which are
capable of providing high-end services in the unconventional
energy field.  This prospect is a key factor supporting Anton's
current rating.

Lengthier Working Capital Cycle, Lower Margins: Although business
volumes for high-end oilfield services providers in China are
likely to improve, Fitch believes some of the recent negative
developments may persist over the long term.  Changes to tender
processes to award oilfield services jobs to private-sector
players are aimed at improving transparency, but we believe it
will also result in higher competition and pricing pressure.
Fitch believes this may lead to a sustained margin contraction.

In addition to weaker margins, Anton's accounts receivable days
increased to 233 days in 1H14, from 150 days in 2013.  As a
result, net cash outflow amounted to CNY433.6m compared with a
neutral position in 1H13, and cash balances fell to CNY1bn at end-
1H14 from CNY1.8bn at end-2013.  Historically Anton's receivables
turnover was shorter than that of its domestic peers, a factor
reflected in the 'BB' ratings assigned in 2013.  While Fitch
expects some decline in collection days in 2H14, it believes
Anton's working capital cycle is likely to remain elevated as
compared with prior levels.

Near-Term Liquidity Adequate: Anton's near-term liquidity is
adequate - short-term debt amounted to CNY431m compared with
CNY1bn of cash and undrawn credit facilities at end-1H14.
Nonetheless, another CNY300m and CNY200m of bonds are due to
mature in 2015 and 2016 respectively.  Anton has a low maintenance
capex requirement and it has great flexibility to adjust its
growth capex due to the granularity of the spending.  Management
has cut its 2014 full-year capex guidance and made a commitment to
improve cost efficiencies.

Limited Rating Headroom: FFO-adjusted net leverage has
deteriorated to 3.7x in 1H14 (on an annualised basis), breaching
Fitch's threshold of 2.5x for negative rating action for the 'BB'
rating category.  The higher leverage was due to margin
compression and deterioration in Anton's cash position with the
increased working capital requirement.  EBITDA margin dropped to
23% in 1H14 from 28% a year earlier, although it remained above
the negative guideline of 20%.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to a downgrade include:

   -- FFO-adjusted net leverage of over 2.5x (2013: 1.1x) or FFO
      fixed charge cover less than 5.0x (2013: 7.4x) on a
      sustained basis

   -- EBITDA margin falling below 20% (2013: 27%) on a sustained
      Basis

   -- No meaningful improvement in new order flow and revenue
      visibility in the next six months

   -- Weakening of Anton's market position within China and/or
      material increase in reliance on markets outside China

Positive: Future developments that may, individually or
collectively, lead to the Outlook being revised to Stable include:

   -- FFO-adjusted net leverage below 2.5x or FFO fixed charge
      cover above 5.0x on a sustained basis

   -- Maintaining profitability with EBITDA margin above 20% on a
      sustained basis

   -- Improvement in order backlog and revenue visibility


ANTON OILFIELD: Weak 1H 2014 Results No Impact on Moody's Ba2 CFR
-----------------------------------------------------------------
Moody's Investors Service says that Anton Oilfield Services
Group's weaker financial results in 1H 2014 as against 1H 2013
have no impact on its Ba2 corporate family and senior unsecured
bond ratings, or stable rating outlook.

"Anton's modest year-on-year revenue growth and lower profit
margins in 1H 2014 were in-line with our lowered expectations,"
says Chenyi Lu, a Moody's Vice President and Senior Analyst.

"The weaker results were driven by delays in the commencement of
projects in China, pricing pressure, as well as the higher costs
required to support business growth, including new business
launches in 1H 2014," adds Lu.

Based on Anton's results announcement for 1H 2014, its revenue
grew only 5.2% year-on-year to RMB1.11 billion from RMB1.06
billion in 1H 2013, owing to the weakness in its down-hole
operations and tubular services businesses, and delays in
exploration and production spending by certain oil and gas
companies in China.

By contrast, revenues grew 26.4% in 2013 and 59.2% in 2012.

The company's adjusted EBITDA margin fell to 24.5% in 1H 2014 from
26.8% in 1H 2013, because of lower operating efficiency and
pricing pressure. Consequently, its adjusted EBITDA fell 3.8%
year-on-year to RMB272 million in 1H 2014 from RMB283 million in
1H 2013.

Moody's expects Anton to grow its revenue by about 15% in 2014,
driven by increased project launches in China in 2H 2014,
continued strong growth in its overseas markets, and new service
offerings.

In 1H 2014, its overseas markets contributed 27.6% of total sales
compared with only 20.4% in 1H 2013.

Moody's also expects Anton's adjusted 2H 2014 EBITDA margin to
improve from the levels seen in 1H 2014, driven by better
operating efficiency and expense controls.

Moody's notes that Anton's financial leverage rose slightly at
end-June 2014 from levels seen at end-2013, owing to its lower
earnings and slightly higher debt levels.

In particular, its adjusted debt grew to RMB2.48 billion at end-
June 2014 from RMB2.43 billion at end-2013. Consequently, Anton's
adjusted debt/EBITDA rose to around 3.6x for the 12 months ended
30 June 2014 from 3.5x at end-2013.

Moody's expects Anton's adjusted debt/EBITDA to improve to 3.0x-
3.5x over the next 12-18 months, driven by an expected improvement
in earnings. This leverage ratio is within the parameters of its
Ba2 rating.

Anton's liquidity profile remains adequate, underpinned by its
expected operating cash flows of RMB250 million over the next 12
months and cash and cash equivalents of about RMB1 billion at end-
June 2014. These cash sources are sufficient to cover its short-
term maturing debt of RMB431 million and the projected capital
expenditure of RMB600 million over the next 12 months.

The principal methodology used in this rating was Global Oilfield
Services Rating Methodology published in December 2009.

Anton Oilfield Services Group is a leading Chinese oil services
company focusing mainly on the country's fast growing natural gas
sector. The company offers integrated oil/gas field services
solutions, covering various phases of field development, including
down-hole operation services, well-completion technologies,
drilling technologies, and tubular services.

Approximately 87.6% of Anton's 2013 revenue was derived from gas
field-related services.

Anton was founded by its chairman, Mr. Luo Lin, in 1999, and was
listed on the Hong Kong Stock Exchange in December 2007.


INTIME RETAIL: Fitch Affirms 'BB' Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has affirmed China-based department store operator
Intime Retail (Group) Company Limited's (Intime) Long-Term Foreign
and Local Currency Issuer Default Rating (IDRs) and senior
unsecured rating at 'BB'.

The Outlook for the IDRs are Negative.
Fitch has simultaneously withdrawn the ratings as Intime has
chosen to stop participating in the rating process. Accordingly,
Fitch will no longer provide ratings or analytical coverage of
Intime.

Intime's negative outlook reflects the company's weaker credit
metrics following a period of high capex. Intime's deleveraging
would only materialise when capex tapers from 2015 onwards. The
current weak operating environment has also increased the
uncertainty for Intime's store performance, which may also
potentially delay the timing of the company's deleveraging.


YANZHOU COAL: Moody's Downgrades Corporate Family Rating to Ba2
---------------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Ba1 the
corporate family rating of Yanzhou Coal Mining Co and the senior
unsecured debt rating of Yancoal International Resources
Development Co Ltd.

Moody's has also downgraded to Ba2 from Ba1 the rating on the
unsecured perpetual bond issued by Yancoal International Trading
Co., Ltd. and guaranteed by Yanzhou Coal Mining Co., Ltd.

The ratings outlook is negative.

These actions conclude the review for downgrade initiated on April
1, 2014 for Yanzhou Coal Mining Co and Yancoal International
Resources Development Co Ltd, and June 30, 2014 for Yancoal
International Trading Co., Ltd.

Ratings Rationale

"The downgrades and negative outlook reflect our expectation that
Yanzhou Coal's credit metrics for the next 12 to 18 months will
remain weak for the Ba rating category. The company is unlikely to
deleverage, as it plans to carry out its RMB8 billion capex plan
for 2014 amid a weak coal price environment," says Simon Wong, a
Moody's Vice President and Senior Credit Officer/Manager.

Yanzhou Coal's adjusted debt increased further to RMB66.4 billion
as at 30 June 2014, including the newly issued perpetual debt of
RMB1.85 billion, from RMB55.4 billion at end-2013 and RMB41.2
billion at end-2012. While the company's capex is expected to
further decline in 2015, Moody's expects little improvement in its
debt to EBITDA ratio as coal prices will likely stay weak.

Although the company has substantial cash on hand -- RMB22 billion
as of June 2014 -- its net debt to EBITDA ratio of around 5x-6x
and EBIT/interest below 2x for 2014 and 2015 are weak for the Ba
range.

"Yanzhou Coal's Ba2 corporate family rating incorporates a one-
notch uplift based on the strong likelihood of parental support
from Yankuang Group (unrated) in case of financial distress," adds
Wong, also the Lead Analyst for Yanzhou Coal.

The expected strong support from its parent reflects Yanzhou
Coal's strategic importance as the Group's flagship company,
holding substantially all of the Group's mining assets. Yanzhou
Coal contributes around 70% of Yankuang Group's gross profit and
69% of its total assets. Furthermore, Yanzhou Coal is a key source
of recurring dividend and cash flow for Yankuang.

Yanzhou Coal's standalone profile also reflects the company's (1)
high-quality coal mines, with diversified mining assets in China
and Australia, and good related infrastructure; (2) the
competitive level of costs at its mines in Shandong; (3) long
operating track record and compliance with occupational health and
safety requirements; (4) favorable position in China where demand
for coal remains resilient; and (5) good access to low-cost
domestic funding.

The rating considers the ongoing operating losses and financial
risks from ongoing expansion in Australia and ongoing need to seek
bank waivers in respect of certain financial covenants breach by
its Australian operations.

Resolving the weakness in the credit metrics of its Australian
operations has been hampered by the slow pace of ramp-ups in
production, due to soft demand and weak coal prices. Furthermore,
the company is exposed to regulatory risks in China and Australia.

Yanzhou Coal's liquidity position is strong. Its cash balance of
RMB22 billion including term deposits as of end June 2014 and
undrawn bank facilities more than covered its short-term debt of
RMB14 billion and capital expenditure for the next 12 months of
around RMB6 billion-RMB7 billion.

Moody's notes that Yanzhou Coal's secured debt to total assets
ratio was below 15% as at 1H 2014. Furthermore, it has substantial
mining asset and operating cash flow at the holding company level,
mitigating structural subordination risks.

Upward rating pressure is limited given the negative rating
outlook. However, its outlook could revert to stable if: (1) the
company can turn around its Australian operations; (2) coal prices
improve materially; or (3) the company improves its financial
profile, such that net adjusted debt/EBITDA returns to below 5x
and EBIT/ interest is maintained above 2x.

On the other hand, downward rating pressure could emerge if
Yanzhou Coal (1) fails to reduce its debt leverage; (2) fails to
turn around its Australian operation; (3) experiences a material
disruption in its operations due to non-compliance with mining
regulations; or (4) experiences persistent negative free cash
flows and its liquidity weakens.

Indicators for downward rating pressure include its cash balance
falling below 5% of total assets; adjusted net debt/EBITDA
continuously exceeding 5.5x; or EBIT/ interest below 2x.

If the Shandong provincial government's indirect ownership through
the Yankuang Group drops to below 50%, this could also be negative
for Yanzhou Coal's ratings.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Yanzhou Coal Co Ltd was listed in Shanghai, Hong Kong and New York
in 1998. It is 56.52%-owned by the Yankuang Group, a state-owned
enterprise that is wholly owned by the Shandong Provincial State-
Owned Assets Supervision and Administration Commission.

Yanzhou Coal is one of the top coal mining groups in China. As of
December 31, 2013, Yanzhou owned and operated 20 coal mines across
China and Australia with abundant coal resources, including
Shandong and Shanxi Provinces and the Inner Mongolia Autonomous
Region in China, as well as Queensland, New South Wales and
Western Australia in Australia.


YUZHOU PROPERTIES: Moody's Ups Sr. Unsecured Debt Rating to B1
--------------------------------------------------------------
Moody's Investors Service has upgraded Yuzhou Properties Company
Limited's senior unsecured debt rating to B1 from B2.

Moody's has also affirmed the company's B1 corporate family
rating.

The ratings outlook is stable.

Ratings Rationale

"The senior unsecured rating upgrade reflects Yuzhou's track
record of raising offshore funding and our expectation that it can
keep priority debt, mainly comprising domestic bank borrowings,
around 15%-16% of total consolidated assets in the next 12--18
months," says Lina Choi, a Moody's Vice President and Senior
Analyst.

Yuzhou had increased its utilization of offshore funding in the
last two years, including its HSBC club loan of USD101.8 million
in April 2013; its private placement to China Life Insurance Co.
Ltd. (A1 stable) of HK$1.5 billion in July 2013; and its issuance
of senior unsecured notes of USD300 million in September 2013 and
January 2014.

Subsidiary debt to total consolidated assets was 16.7% as of 30
June 2014, and Moody's expects this ratio to drop to around 15%-
16% in the next 12 to 18 months.

Yuzhou's B1 corporate family rating reflects its fast-growing
operating scale. It also takes into account the concentration of
cash flow from projects in Xiamen and its moderate debt leverage.

Partly mitigating these challenges are Yuzhou's leading market
position and good quality land bank in Xiamen, which together
provide a buffer against sales volatility.

Its low-cost land bank, good profit margin, and the gradual
diversification of its land bank outside Xiamen also help mitigate
against sales volatility.

In the first seven months of 2014, Yuzhou achieved contracted
sales of RMB5.8 billion, a year-on-year drop of 16%. The total was
also 44% of the contracted sales target of RMB13.2 billion for
2014.

Moody's believes the company will improve sales momentum in 2H2014
and record contracted sales of RMB7-8 billion in 2H2014, meeting
its full-year target.

This assumption is supported by: (1) the consideration that the
majority of its new projects will be launched in 4Q2014; (2) the
relaxation of home purchase restrictions in Fujian Province and
Hefei city, where most of its sales projects are located; and (3)
its healthy level of available-for-sale area in 2H2014, totaling
1.5 million square meters (sqm).

"Yuzhou's credit metrics for 1H2014 positions its B1 rating
strongly, and offers it a buffer against the challenging
environment and provides resource for expansion outside Xiamen,"
adds Choi, also the lead analyst.

Yuzhou's gross profit margin remained high at 36.1% in 1H2014,
when compared to its industry peers, as it manages margin erosion
by continuing to procure land at low cost. For example, in 1H2014,
its unit cost of land bank -- as a percentage of contracted ASP --
was at a relatively low 17.6%.

Its above-industry-average profit margin -- combined with notable
growth in revenue to RMB3.9 billion in 1H2014 -- saw interest
coverage, as measured by adjusted EBITDA/ interest, increase to
3.1x in 1H2014. As a result, financial flexibility improved.

Moody's expect interest coverage will remain around 2.7-3.2x over
next the 12-18 months which positions it well for the current
rating.

Yuzhou has borrowed additional debt this year to enhance its
liquidity buffer. While total borrowings had increased to RMB13.0
billion in June 2014, it is also enjoying a strong cash balance of
RMB7.7 billion. This balance adequately covers its short-term
maturing debt of RMB2.2 billion and committed unpaid land premium
of RMB0.9 billion for the next 12 months.

As a result, cash to short term debt was 3.2x at 30 June 2014,
which is very strong when compared to its Ba and B rated peers.
Moody's expect the company to maintain a healthy cash buffer which
is important in the current challenging operating environment.

Moody's also expect revenue to debt and adjusted
debt/capitalization to stand at 70%-75% and 60%-65% for the next
12-18 months, positioning it well when compared with its B1 rated
peers.

The stable outlook reflects our expectation that Yuzhou will
continue to generate sales with a stable profit margin, and that
it will maintain adequate liquidity and enjoy access to onshore
banks for its construction work.

Moody's would consider upgrading Yuzhou's ratings if it can: (1)
consistently achieve its planned sales growth with stable profit
margins; (2) generate sales from a well-balanced portfolio without
concentration risk; (3) achieve a stable financial profile without
aggressive acquisitions; and (4) maintain its strong liquidity
with broadened banking relationships.

The credit metrics which could point to an upgrade are revenue to
gross debt above 75%-80% and EBITDA/interest coverage above 3.0x-
3.5x on a sustained basis.

The ratings could be pressured downwards if Yuzhou's financial
position deteriorates, owing to: (1) a weaker-than-expected sales
performance; (2) aggressive schedules for its development projects
or aggressive land acquisitions; or (3) a weakened level of
liquidity.

The credit metrics that Moody's would consider for a rating
downgrade include EBITDA/interest coverage below 2.5x, or revenue
to gross debt below 65-70% on a sustained basis.

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

Yuzhou Properties Company Limited is a Fujian-based developer that
focuses on residential housing in Xiamen. It had a small land bank
(with a legal title) of around 8.58 million square meters (sqm) in
gross floor area (GFA) at end-June 2014. Of this land bank, 24% is
in Xiamen, 28% in Hefei, 15% in Quanzhou, and the rest are in
Bengbu, Shanghai, Tianjin, Fuzhou, Longyan and Zhangzhou.



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


ANANT RICE: ICRA Assigns 'B+' Rating to INR2.50cr Cash Credit
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR0.60
crore term loans, INR2.50 crore cash credit and INR0.40 crore
letter of credit facilities of Anant Rice Industries. ICRA has
also assigned a short term rating of [ICRA]A4 to the INR2.50 crore
(Rs. 1.50 crore is interchangeable to the cash credit limit) non-
fund based bank limit of ARI.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-       0.60         [ICRA]B+ assigned
   Term Loans

   Fund Based Limit-       2.50         [ICRA]B+ assigned
   Cash Credit

   Non Fund Based          0.40         [ICRA]B+ assigned
   Limit-Letter of
   Credit

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

The assigned ratings takes in to account, the vulnerability of
profitability to movement in paddy prices as the level of harvest
and quality of paddy are highly dependent on agro climatic
conditions, and the low entry barrier and intense competition in a
highly fragmented rice milling industry, which restricts pricing
flexibility. The ratings also factor in ARI's small scale of
current operations; notwithstanding the healthy revenue growth
witnessed over the last two fiscals, primarily supported by
revenues generated from trading activity. The financial risk
profile of the company is characterized by declining operating
margin and depressed level of coverage indicators.

The rating, however, draws comfort from the experience of the
partners in the rice milling business and ARI's presence in a
major paddy growing area, resulting in easy availability of paddy,
which also keep inward freight costs under control. Nevertheless,
the risks associated with ARI's status as a partnership firm
including the risks of withdrawal of capital will remain a credit
concern.

Founded in 1987 as a partnership firm, ARI is engaged in milling
of paddy to produce non-basmati raw and parboiled rice with an
installed capacity of 19,200 tonnes per annum (TPA). Besides, the
firm has two sortex machines to produce silky sortex rice with an
installed capacity of 4 tonnes per hour (TPH). The milling unit of
the firm is located in Arang, Chhattisgarh.

Recent Results
For the year ended 31st March 2014, the firm has reported an
operating income of INR17.02 crore with a profit after tax (PAT)
of INR0.19 crore; as compared to an operating income of INR10.36
crore with a PAT of INR0.15 crore during 2012-13.


C.L. GULHATI: CRISIL Reaffirms B- Rating on INR250MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of C.L. Gulhati &
Sons Ltd (CLG) continues to reflect CLG's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
and its exposure to supplier concentration risks. These rating
weaknesses are partially offset by the company's long track record
as a dealer for Tata Motors Ltd in Jammu and Kashmir (J&K).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           250        CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CLG will continue to benefit over the medium
term from its established market position in J&K. The outlook may
be revised to 'Positive' if the company reports significant and
sustained improvement in its revenue and operating margin,
resulting in an increase in its net cash accruals, or in case of
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' if CLG reports a significant
decline in its profitability or if it undertakes a substantial
debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.

Update
CLG's net sales declined by around 21 per cent year-on-year and to
around INR2.3 billion in 2013-14 (refers to financial year, April
1 to March 31). The decline was because of the weak economic
environment and intense competition in the automobile dealership
market in the J&K region. The company's operating margin, at
around 3.8 per cent in 2013-14, was higher than CRISIL's
expectation due to higher margins availed by TML on account of
increased competition; CLG's margin is likely to remain at around
4 per cent over the medium term on account of its low bargaining
power with its principals.

CLG has moderate working capital requirements, indicated by gross
current assets (GCAs) of 105 days as on March 31, 2014; the GCAs
were higher than in the past mainly due to rise in debtors on
account low realisations from J&K Police. The GCAs consisted of
inventory of 70 days and debtors of 25 days. CLG is required to
maintain large inventory due to the stocking requirements for
various models in the commercial and passenger segments, augmented
by the requirement for accessories and spare parts for all the
variants. The company funds its working capital requirements
mainly through working capital bank limits, which remain almost
fully utilised.

CLG's financial risk profile remains weak, marked by high gearing
and weak debt protection metrics. As on March 31, 2014, its total
outside liabilities to tangible net worth ratio was very high at
17.3 times, and is expected to remain high in the range of 15 to
17 times over the medium term.

CLG was originally set up as private limited company in 1956 by
Mr. C L Gulhati and his associates; subsequently, it was
reconstituted as a public limited company. Since its inception,
CLG has been a dealer for the entire range of TML's commercial
vehicles. It added the dealership of TML's passenger vehicles to
its portfolio in 2000. The company has recently set up a new
dealership for Fiat vehicles in Jammu.


CHOWDHRY RUBBER: CRISIL Reaffirms INR125M Cash Credit B+ Rating
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chowdhry Rubber and
Chemical Pvt Ltd continue to reflect its below-average financial
risk profile marked by stretched liquidity and leveraged capital
structure.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        20         CRISIL A4 (Reaffirmed)
   Cash Credit          125         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      75         CRISIL A4 (Reaffirmed)

The rating also reflects its moderate scale of operations in the
intensely competitive chemical trading industry along with large
working capital requirements and vulnerability of its operating
margin to volatility in raw material prices. These rating
weaknesses are partially offset by the benefits that CRPL derives
from its promoters' extensive industry experience, and financial
support from them. The rating also reflects its varied customer
base of diverse industries.

Outlook: Stable

CRISIL believes the business risk profile of CRPL will be
supported by its experienced promoters and its diversified
customer base. The outlook may be revised to 'Positive' if the
company's financial risk profile, particularly its liquidity,
improves, most likely because of sizeable accruals, considerably
low working capital requirements, or infusion of substantial
capital by its promoters.  Conversely, the outlook may be revised
to 'Negative' if CRPL's working capital management weakens
further, or if it undertakes a debt-funded capital expenditure
programme, leading to further deterioration in its overall
financial risk profile, especially its liquidity.

Update
CRPL's operating performance in 2013-14 (refers to financial year,
April 1 to March 31) remained stagnant, with operating income of
around INR890 million, which includes consignment business revenue
of around INR60 million and operating margin of around 5.2 per
cent. The revenue remained stagnant in 2013-14, on account of
slowdown in key end-user industries. CRPL's operations remain
working capital intensive, as reflected in high gross current
assets of around 210 days as on March 31, 2014, driven by
stretched receivables and high inventory. The receivables as on
March 31, 2014, also include receivables of consignment business
to the tune of around INR130 million. CRISIL believes CRPL's
business risk profile will continue to remain constrained by the
moderate scale of operations with high working capital intensity
over the medium term.

CRPL's financial risk profile continues to be average as the
dependence on debt has not abated despite the equity infusion
owing to the working-capital-intensive operations which continue
to result in large funding needs despite the stagnant topline.
This is captured in the high total outside liabilities to tangible
net worth ratio of around 2.75 times as on March 31, 2014. The
debt protection metrics too are average because of the low
profitability and large debt/LC (expand the acronym) dependence as
reflected in interest coverage ratio of around 1.7 times for 2013-
14. The liquidity of CRPL remains stretched marked by fully
utilised bank line with frequent instances of overdrawals at
month-end and use of ad-hoc twice in the 12 months ended June 30,
2014. CRISIL believes that CRPL's financial risk profile will
remain constrained on account of high TOLTNW and stretched
liquidity over the medium term.

CRPL was set up by Mr. Deepak Chaddha and family in 2008 as a
private limited company, by reconstituting Chowdhry Rubber and
Chemical, set up in 1972, by Late Shri V.M Chaddha. The company is
engaged in trading of rubber chemicals, rubber and allied products
and also acts as a consignment stockist for Aditya Birla Nuvo for
Carbon Black. In 2013-14, the company has signed an exclusive
distribution agreement with Indian Synthetic Rubber Ltd. (ISRL)
for distribution of its products in North, North-east and East
India.


COUNT N: CRISIL Reaffirms 'B+' Rating on INR86.7MM Bank Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Count N Denier
Yarns Pvt Ltd continues to reflect CDYPL's modest scale of
operations in the intensely competitive textile trading space, and
below-average financial risk profile because of large working
capital requirements. These rating weaknesses are partially offset
by the extensive experience of CDYPL's promoter in the textiles
industry.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            7.1       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    86.7       CRISIL B+/Stable (Reaffirmed)

   Term Loan              6.2       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Count N Denier Yarns Pvt Ltd (CNDYPL) will
continue to benefit from the extensive experience of its promoter
in the textile industry over the medium term. The outlook may be
revised to 'Positive' if the company increases its scale of
operations significantly while maintaining its profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's profitability comes under pressure, most likely because
of intense competition in the industry, or if its working capital
requirements increase significantly, leading to pressure on its
financial risk profile, particularly liquidity.

CDYPL was set up in 2008 by Mr. Anil Agrawal. It trades in cotton
yarn and grey fabrics. The company also undertakes jobwork for
doubling of yarn. CNDYPL procures cotton yarn and grey fabric from
manufacturers and traders based in Bhiwandi and Kalbadevi in
Mumbai.


HONDA MOTOR: India Slaps 14 Carmakers with $420MM Antitrust Fine
----------------------------------------------------------------
Siddharth Philip, writing for Bloomberg News, reported that
India's antitrust regulator fined 14 carmakers, including the
local units of Honda Motor Co. and General Motors Co., a combined
25.4 billion rupees (US$420 million) for stifling competition in
the market for spare parts as the industry faces similar scrutiny
in China.  According to the report, citing a Competition
Commission of India order, the fines were equivalent to 2 percent
of the carmakers' three-year average revenue in India.


JAPAN METAL: CRISIL Cuts Rating on INR140MM LT Bank Loan to 'B+'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Japan Metal Building System Pvt Ltd to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

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

   Letter Of Guarantee    80         CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Letter of Credit       60         CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term    140         CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')


The rating downgrade reflects the deterioration in JMBS's business
risk profile, marked by a significant decline in its revenue and
profitability. In 2013-14 (refers to financial year, April 1 to
March 31), JMBS recorded revenue of around INR160 million, 44 per
cent lower than in 2012-13. The decline was because of weak order
flows during the year, driven by a slowdown in capital expenditure
(capex) programmes undertaken by its major customers in the
automobile segment. With the revenue declining but fixed costs
remaining high, the company incurred an operating loss in 2013-14.
JMBS is expected to record a moderate growth of 18 to 20 per cent
in its revenue over the medium term, driven by the expected
marginal improvement in order flows. Its operating profitability
is also expected to improve over this period.

The ratings reflect JMBS's large working capital requirements and
small scale of operations in the intensely competitive roofing
solutions industry. These rating weaknesses are partially offset
by the extensive industry experience of the company's promoters,
and its above-average financial risk profile, marked by healthy
capital structure.

Outlook: Stable

CRISIL believes that JMBS will continue to benefit over the medium
term from the extensive experience of its promoters in the roofing
solutions business. The outlook may be revised to 'Positive' if
the company reports a significant improvement in its operating
revenue and profitability, resulting in a substantial increase in
its cash accruals, while it maintains its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
considerable decline in JMBS's revenue or profitability, or if it
undertakes a large debt-funded capex programme, resulting in
significant deterioration in its financial risk profile.

Incorporated in 1996 and based in Bengaluru, JMBS is an Indo-
Japanese joint venture that manufactures metal roofing, cladding,
decking sheets, and pre-fabricated metal building systems.

JMBS reported, on a provisional basis, a net loss of INR1.4
million on net sales of INR160 million for 2013-14; it had
reported a profit after tax of INR1.36 million on net sales of
INR276 million for 2012-13.


K. C. FERRO: ICRA Reaffirms B Rating on INR23cr Fund Based Loan
---------------------------------------------------------------
ICRA has reaffirmed a long term rating of [ICRA]B to INR12.50
crore term loans (previously INR15.00 crore) and INR12.00 crore
cash credit (previously INR8.00 crore) facilities of K. C. Ferro &
Rerolling Mills Private Limited. ICRA has also assigned a long
term rating of [ICRA]B and a short term rating and [ICRA]A4 to
INR0.70 crore unallocated limits of KCFRM.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund        23.00        [ICRA]B; Reaffirmed
   based facility

   Unallocated limits     0.70        [ICRA]B/[ICRA]A4;
                                       Assigned

The rating retention takes into account the limited operational
track record of K. C. Ferro & Rerolling Mills Private Limited
(KCFRM) as manifested in its adverse financial risk profile as
reflected in the negative profitability, highly leveraged capital
structure and weak coverage indicators leading to a tight
liquidity position. The ratings are further constrained by the
susceptibility to volatility in raw material prices, increasing
competitive pressures, as well as a weak real estate sector.
The assigned ratings however favourably factor in the strong
experience of the promoters in the steel industry and the
operational synergy achieved through its group companies in terms
of raw material sourcing and business development since they cater
to similar industry. ICRA also takes note of the locational
advantages for the company by virtue of its proximity to several
real estate projects and stabilization of operations backed by
branded products with ISI marks.

K. C. Ferro & Rerolling Mills Private Limited was established in
2008 to manufacture TMT bars. The plant and machinery were fully
installed in FY13 and the company commenced manufacturing in
January 2013. The promoters of the company have a fair amount of
experience in the steel industry. Mr. Pawan Agarwal who is the
chairman and managing director of the company has experience of
almost two decades in the steel industry while other directors,
namely Mr. Neeraj Agarwal and Mr. Mohender Garg have experience of
~five years in the steel industry.

Recent updates
As per FY14 Audited report shared by company, the company has
achieved an operating profit of ~INR2.45 crore against a turnover
of ~INR146.90 crore. The company has achieved a turnover of
~INR59.00 crore till July 2014.


KAYTX INDUSTRIES: CRISIL Puts 'B+' Rating on INR300MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kaytx Industries Pvt Ltd.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit            300         CRISIL B+/Stable
   Letter of Credit       150         CRISIL A4

The ratings reflect KIPL's below average financial risk profile,
marked by high gearing and weak debt protection metrics, large
working capital requirements, its exposure to intense competition
in the highly competitive steel long-products industry, and its
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoters, its strong clientele with
stakes in reputed projects, and its integrated manufacturing
facility, with a presence in rolling, fabrication, and
galvanisation of steel structures.

Outlook: Stable

CRISIL believes that KIPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if there is significant and
sustained improvement in the company's revenues and profitability,
while it improves its capital structure and working capital cycle.
Conversely, the outlook may be revised to 'Negative' if KIPL's
financial risk profile deteriorates, most likely because of a
sharp decline in its profitability or revenues, or deterioration
in its working capital cycle.

KIPL, based in Mandi Gobindgarh (Punjab), is engaged in trading,
manufacturing, fabrication, and galvanisation of steel structures.
Its product profile includes angles, channels, joints, and H-
beams, which find application in railway electrification,
hydroelectric power projects, power transmission, construction,
bridges, and other works. The current management includes Mr.
Parshotam Aggarwal, Mr. Salil Aggarwal, and Mr. Namit Aggarwal.
KIPL has an integrated plant with the capability of rolling,
fabrication, and galvanisation.

KIPL reported a profit after tax (PAT) of INR4.2 million on net
sales of INR1901.7 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.9 million on net
sales of INR1515.1 million for 2011-12.


KURSEONG CARRIERS: ICRA Reassigns B Rating to INR15cr Book Debts
----------------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]B assigned to
the INR15.00 crore fund based bank facilities (enhanced from
INR0.95 crore, earlier; INR0.05 crore of the earlier unallocated
limits have been reassigned as fund based limits) of Kurseong
Carriers Private Limited. ICRA has also re-affirmed the short term
rating of [ICRA]A4 assigned to the INR7.00 crore (reduced from
INR7.05 crore, earlier) non-fund based bank facility of KCPL.

                              Amount
   Facilities              (INR crore)            Ratings
   ----------              -----------            -------
   Fund Based Limit-Cash   Enhanced/reassigned    [ICRA]B
   Credit/SOD Book Debts   from INR1.00cr to      re-affirmed/
                           INR15.00cr             reassigned

   Non Fund Based Limit-        7.00              [ICRA]A4
   Letter of Guarantee                            reaffirmed

The reaffirmation of ratings take into account KCPL's weak
financial profile characterized by decline in net profit and cash
accruals at an absolute level despite healthy growth in the
company's top-line witnessed during 2013-14 over the last fiscal.
ICRA notes that the gearing level of the company has witnessed a
steep deterioration in 2013-14 over the previous year, which along
with low profit margins has kept the coverage indicators at
depressed level. The ratings also factor in the highly fragmented
logistics business, leading to stiff competition from peers and
tender based contract awarding system by WBECSCL, which keeps
margins under check and is also likely to keep top-line volatile
going forward. The operations of KCPL are primarily restricted to
the state of West Bengal, leading to geographical concentration
risks. The ratings, however, derives comfort from the experience
of the promoters in the transportation business and the company's
low working capital intensive nature of current operations.

Incorporated in 1998, KCPL is primarily engaged in the
transportation and logistics business that includes services like,
road transportation of goods, warehousing, clearing and forwarding
(C&F). The company primarily operates in the state of West Bengal
and operates through its three offices located in Kolkata,
Siliguri and Kurseong. The company has also been engaged in
trading of food grains. KCPL is a licensed agent for supplying
ration to twenty three tea gardens in the districts of Darjeeling
and Jalpaiguri of West Bengal. In 2013-14, the company also
supplied sugar and gram to West Bengal Essential Commodities
Supply Corporation Limited.


KUSHAL BAGH: ICRA Reaffirms D Rating on INR4.70cr Fund Based Loan
-----------------------------------------------------------------
ICRA has reaffirmed the rating for the INR7.00 crore fund based
and non fund based limits of Kushal Bagh Marble Pvt Ltd at
[ICRA]D.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund based limits        4.70        [ICRA]D (Reaffirmed)
   Term loans               1.49        [ICRA]D (Reaffirmed)
   Non fund based limits    0.68        [ICRA]D (Reaffirmed)
   Unallocated              0.13        [ICRA]D (Reaffirmed)

The rating reaffirmation continues to take into account the delays
in repayments by KMPL for its debt obligations. The ratings are
constrained by decline in operating profitability of the company
given the impact of rupee depreciation on imported raw material as
well as the fact that the margin is dependent on the quality of
raw material being received and processed by the company; and
modest net profitability margins owing to high interest costs.
This apart, the rating also factors in the high competitive
intensity of business on account of the competition faced by other
players in the marble processing industry as well as substitute
products like vitrified tiles. Neverthless ICRA has noted that
despite the competition, the company has been able to ramp up its
sales volumes of the company owing to high demand of the imported
marbles. Further, there has been a significant reduction in
working capital intensity from 73% in FY13 to 42% in FY14 owing to
drop in inventory days. Going forward the company's ability to
timely service its debt obligations, improve its profitability
while managing its working capital cycle will be key rating
sensitivities.

Recent Results
As per the audited figures shared by the company, in FY14 the
company earned an operating income of INR31.4 crore and OPBDIT of
INR1.6 crore translating into an operating margin of 5.0%. The
company's net profit in FY14 stood at INR0.1 crore leading to a
net margin of 0.3%. As on 31st March, 2014 the company has a net
worth of INR11.0 crore and debt equity ratio of 0.67 times.

Established in the year 1985 in Rajasthan, Kushalbagh Marbles
Private Limited (KMPL) is engaged in the procurement and
processing of natural stone. The company started its stone
processing operations in 1994 and supplies natural stones like
marble stone, sandstone, limestone, and granite stone including
slates, cobble stone, pebble stone and mosaics along with variety
of kitchen countertops, construction stones and other building
stones. The company belongs to the Banswara based Agrawal group
which has interest in stone mining, processing and IT services.


LAXMI STEELS: ICRA Suspends 'B' Rating on INR7cr Fund Based Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR7 Crores fund
based facilities of Laxmi Steels. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


MANDOVI MINERALS: CRISIL Reaffirms D Rating on INR81.9M Term Loan
-----------------------------------------------------------------
CRISIL's ratings on back facilities of Mandovi Minerals Pvt Ltd
continue to reflect instances of delay by Mandovi Minerals in
servicing its term debt; the delays have been caused by the
company's weak liquidity.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            20         CRISIL D (Reaffirmed)
   Long Term Loan         81.9       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     68.1       CRISIL D (Reaffirmed)

Mandovi Minerals has working-capital-intensive operations
resulting in weak liquidity, below-average financial risk profile,
marked by small net worth, aggressive gearing, and inadequate debt
protection metrics, susceptibility to intense competition in the
fragmented industrial sands market, and to adverse regulatory
changes. These weaknesses are, however, partially offset by the
extensive experience of the promoters in the industry and the fund
support extended by the promoters and the associate company.

Mandovi Minerals was promoted in 2004 by Mr. Shivaji Mendon and
Mrs. Rama Mendon. It manufactures washed and dry silica sand.

For 2012-13 (refers to financial year, April 1 to March 31),
Mandovi Mineral reported net loss of INR13.6 million on revenue of
INR93.6 million as against net loss of INR9.2 million on revenue
of INR55.8  million for 2011-12.


MANGLAM MILK: CRISIL Assigns 'B+' Rating to INR180MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the bank
facilities of Manglam Milk India Private Limited. The ratings
reflect company's nascent stage of operation in a highly
fragmented industry. These rating weaknesses are partially offset
by company's promoter's extensive industry experience and average
financial risk profile.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit            90          CRISIL B+/Stable
   Term Loan             180          CRISIL B+/Stable

Outlook: Stable

CRISIL believes that MMIPL will maintain its business risk profile
backed by its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case the company generates
higher than expected sales along with healthy profitability.
Conversely, the outlook may be revised to 'Negative' in case if
more than estimated working capital requirement and/or lower than
expected sales lead to deterioration in financial risk profile.

MMIPL is a Delhi based company started in 2012 and is into
processing and manufacturing of milk products. The company has set
up its processing unit in Allahabad and has started the commercial
operations from March 2014 onwards.


MANISHRI REFRACTORIES: ICRA Rates INR18.6cr Cash Credit at 'B'
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR18.60
crore cash credit facility and INR11.40 crore term loans of
Manishri Refractories & Ceramics Private Limited. ICRA has also
assigned a short term rating of [ICRA]A4 to the INR3.00 crore
short term fund based facility and INR19.00 crore short term non
fund based facility of MRCPL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit Facility     18.6       [ICRA]B assigned

   Term Loan                11.4       [ICRA]B assigned

   Short term fund
   based facilities          3.0       [ICRA]A4 assigned

   Short term non-fund
   based facilities         19.0       [ICRA]A4 assigned

The ratings factor in the small scale of current operations of the
company in the highly competitive industry characterized by the
presence of a number of organized and unorganized players, and the
financial profile as reflected by low net margins, weak business
returns and the moderate gearing, notwithstanding the marginal
improvement in the same in recent years. The ratings also take
into account the ongoing weakness in the steel industry, which
accounts for majority of the company's sales, thereby exposing it
to the cyclicality of the industry. The ratings are also
constrained by the risk arising from the exposure of the company
to volatility in input costs, which could keep profit margins
under check going forward. However, the ratings are favourably
impacted by the established track record of the company in the
refractory business with promoter experience of more than four
decades. The ratings also take into account the repeat orders from
its reputed customers which indicates the adequate quality of the
company's technical competence.

Incorporated in 1972 as a sole proprietorship firm, Manishri
Refractories & Ceramics Pvt. Ltd. is engaged in the manufacturing
of refractories like basic bricks, alumina refractories, fireclay
refractories and monolithics. The manufacturing facility is
located at Cuttack with an annual capacity of 24,000MT. In FY11, a
new facility with an annual capacity of 12,000MT was added near
Cuttack; commercial production on which began from April 2012.

Recent Results
In 2013-14, as per provisional results, MRCPL registered a profit
after tax of INR1.73 crore on the back of OI of INR82.28 crore. In
2012-13, the company registered a profit after tax of INR1.71
crore on the back of OI of INR82.39 crore.


MINAXI TEXTILES: ICRA Reaffirms INR15.5cr Cash Credit 'B+' Rating
-----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR15.50 crore
(enhanced from INR11.50 crore) cash credit facility and INR10.47
crore (enhanced from INR2.81 crore) term loan facility of Minaxi
Textiles Limited. ICRA has also reaffirmed the [ICRA]A4 rating to
the INR0.90 crore (enhanced from INR0.55 crore) non-fund based
limits of MTL.

                     Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            10.47        [ICRA]B+ reaffirmed
   Cash Credit          15.50        [ICRA]B+ reaffirmed
   Letter of Credit      0.30        [ICRA]A4 reaffirmed
   Bank Guarantee        0.60        [ICRA]A4 reaffirmed

The assigned ratings are constrained by MTL's weak financial
profile characterised by low profit margins, and stretched capital
structure on account of recent debt funded capex. The ratings also
consider the vulnerability of its profitability to adverse
fluctuations in raw material prices and its presence in a highly
fragmented and competitive industry leading to pressure on
margins. The ratings are further constrained by working capital
intensive nature of MTL's operations leading to high limit
utilizations.

The assigned ratings, however, positively consider the established
track record of the company along with extensive experience of the
promoters in the textile sector and favourable location of the
company in the textile manufacturing & processing hub giving it
easy access to a large customer base. The rating also takes into
account the strong growth in operating income growth of the
company (~41% CAGR) in the past 4 years, backed by increased
production capacity and rising capacity utilization levels.

Minaxi Textiles Limited was established in 1995. It is engaged in
weaving of cotton yarn to produce grey cloth. The business is
primarily managed by Mr. Bharat Patel, Mr. Dinesh Patel, Mr. Kirit
Patel and Mr. Nirmal Patel. The manufacturing facility of the
company is located at Chhatral (Gujarat) with an installed
capacity to manufacture 60.00 lakh meters of grey cloth per annum.

Recent Results
During FY 2014, the company reported a profit after tax of INR1.20
crore on an operating income of INR52.68 crore.


NEXUS ELECTRO: CRISIL Cuts Rating on INR305MM Bank Loan to 'C'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nexus Electro Steel Ltd to 'CRISIL C' from 'CRISIL B-/Stable'
while reaffirming the short-term rating at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         15         CRISIL A4 (Reaffirmed)

   Cash Credit           250         CRISIL C (Downgraded from
                                     'CRISIL B-/Stable')

   Letter of Credit      180         CRISIL C (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term    305         CRISIL C (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

   Working Capital       250         CRISIL C (Downgraded from
   Term Loan                         'CRISIL B-/Stable')

The rating downgrade reflects weakening in NESL's liquidity, with
cash accruals that are inadequate to service its maturing term
debt. The company reported cash losses in 2013-14 due to decline
in operating profitability. Though the margins are expected to
marginally improve over the medium term, the cash accruals are
expected to be inadequate for meeting the repayments.
Consequently, the company will depend on timely funding support of
the promoters to service its debt.

NESL's financial risk profile is weak, marked by high gearing,
below-average debt protection metrics, and working-capital-
intensive operations. These rating weaknesses are partially offset
by the promoter's experience in the electrical laminations
industry.

Incorporated in 1998, NESL manufactures cut, winding, core and
coil assembly laminations that are used in distribution and power
transformers, and generators.


ONE AUTO: CRISIL Reaffirms 'B+' Rating on INR104MM Fund Facility
----------------------------------------------------------------
CRISIL's rating on the bank facility of One Auto Pvt Ltd continues
to reflect OAPL's modest scale of operations in the intensely
competitive automobile dealership business and its large working
capital requirements. These rating weaknesses are partially offset
by the benefits that OAPL derives from its association with Maruti
Suzuki India Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL A1+').

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Drop Line Overdraft     20       CRISIL B+/Stable (Reaffirmed)
   Facility

   Proposed Long Term
   Bank Loan Facility      56       CRISIL B+/Stable (Reaffirmed)

   Inventory Funding
   Facility               104       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that OAPL will continue to benefit over the medium
term from its association with MSIL. The outlook may be revised to
'Positive' if OAPL registers significant increase in revenue and
profitability or improves its working capital management, thereby
improving its liquidity. Conversely, the outlook may be revised to
'Negative' if OAPL's financial risk profile weakens, most likely
because of low cash accruals, or if the company undertakes any
large debt-funded capital expenditure programme.

Incorporated in 2011 and promoted by Mr. Soham Misra and Mr.
Sourav Misra, OAPL is as an authorised dealer for sales and
service of MSIL's cars.


PARAMOUNT WHEELS: ICRA Reaffirms B Rating on INR12cr Capital Loan
-----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating for the INR12.00 crore
fund-based working capital facilities of Paramount Wheels Private
Limited.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Long-term, fund-based        12.00       [ICRA]B reaffirmed
   working capital facilities
   (Sanctioned plus proposed)

The rating reaffirmation continues to take into account PWPL's
position as an authorised dealer of Maruti Suzuki India Limited
(MSIL), which is the market leader in the Indian passenger car
segment and potential demand upside arising from relatively large
catchment area for its outlet at present. The ratings, however,
remain constrained by PWPL's weak financial profile indicated by
high gearing and stretched coverage indicators, thin margins
prevalent in the dealership business with business being
susceptible to slowdown in the passenger car market. The ratings
are further constrained by competition from established and new
MSIL dealers in Mumbai as well as from other OEM dealers.

PWPL provisionally reported a profit before tax (PBT) of INR0.25
crore on an operating income of INR80.03 crore in FY14, as against
a PBT of INR0.69 crore on an operating income of INR73.43 crore in
FY13.


PONTIAC MERCHANTS: CRISIL Reaffirms D Rating on INR113M Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Pontiac
Merchants Pvt Ltd continues to reflect instances of overdrawn
limits in PMPL's cash credit account for more than 30 consecutive
days. The account has been overdrawn because of the company's weak
liquidity, driven by large operating losses on account of the
significant decline in timber prices.

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

   Proposed Long Term
   Bank Loan Facility     67          CRISIL D (Reaffirmed)

   Working Capital       113          CRISIL D (Reaffirmed)
   Term Loan

PMPL has a below-average financial risk profile, marked by weak
liquidity, a small net worth, and low interest coverage ratio.
Moreover, the company has working-capital-intensive operations.
However, it benefits from its promoters' extensive experience in
the timber trading and sawing business.

Incorporated in 1997, PMPL trades in timber, primarily hard wood.
The company's operations are managed by Mr. Purshottam Patel and
his son Mr. Ankit Patel.


PREMIER SOLAR: CRISIL Reaffirms B Rating on INR63.5MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Premier Solar Systems
Pvt Ltd continue to reflect PSSPL's large working capital
requirements and its exposure to price volatility and intense
competition in the solar photo-voltaic (PV) industry. These rating
weaknesses are partially offset by extensive experience of the
company's promoters in the solar energy segment, and the strong
growth prospects for solar PV module industry.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         90         CRISIL A4 (Reaffirmed)
   Cash Credit            63.5       CRISIL B/Stable (Reaffirmed)
   Letter of Credit      120.0       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      1.5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PSSPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relations with customers. The outlook may be
revised to 'Positive' if the company achieves a substantial and
sustained increase in its revenues, while maintaining its
profitability margins, or there is a sustained improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in PSSPL's profitability
margins, or significant deterioration in its capital structure
caused most likely because of a large debt-funded capital
expenditure or a stretch in its working capital cycle.

Set up in 1995 in Hyderabad (Andhra Pradesh), PSSPL manufactures
solar PV panels. The company also undertakes engineering,
procurement and construction contracts for setting up solar energy
systems. The company also operates a 2 megawatt solar power plant
in Jharkhand.


RADNIK AUTO: ICRA Reaffirms 'B+' Rating on INR1.61cr Term Loans
---------------------------------------------------------------
ICRA has reaffirmed a long-term rating of [ICRA]B+ for INR1.61
crore, long-term, fund based bank facilities of Radnik Auto
Exports and assigned a long-term rating of [ICRA]B+ for INR0.05
crore unallocated bank facilities. ICRA has also reaffirmed a
short term rating of [ICRA]A4 for the INR8.00 crore (enhanced from
INR5.86 crore) short term fund based bank facilities of the firm.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            1.61        [ICRA]B+ re-affirmed
   Fund Based Limits     8.00        [ICRA]A4 re-affirmed
   Unallocated           0.05        [ICRA]B+ assigned

The ratings re-affirmation continues to factor in the long
experience of RAE's partners in the garment export business. The
ratings also factor in favourably the diversification in business
profile of the firm through addition of products such as bags,
rain-coats, jackets, etc to its already existing Autosock
business. The same has also helped the firm reduce its customer
concentration risk with RAE's clientele now consisting of
Decathlon, Reebok, Adidas, Indian Army, CRPF, etc. The ratings
continue to be constrained by the firm's limited scale of
operation and exposure to currency and raw material price
fluctuations. The rating is further constrained by the weak
financial profile of the firm marked by constrained cash flows and
weak debt coverage indicators. The firm's profitability has
declined with decline in contribution of Autosock tyre covers
business to the overall revenues. The firm's ability to increase
its scale of operations, while improving profitability, would
remain the key rating sensitivity going forward.

RAE is a partnership firm and was formed in 2007 by members of the
Kapur family. The firm is engaged in manufacture and sales of
Autosock (snow tyre covers) and bags (back-packs/shoulder bags).
Autosock is 100% export oriented product while the bags
manufactured by RAE are for both export as well as local sale
directly to brands such as Decathlon, Reebok, and Adidas.
Till 2013-14 RAE operated from two manufacturing units in NSEZ,
Noida with one dedicated to Autosock production and the other
dedicated for production of bags. As of FY15, the firm has added
another production facility in Greater Noida for manufacturing of
bags.

Recent Results
As per provisional financial statements, RAE recorded an operating
income of INR26.7 crore in 2013-14.


RATANPUR COLD: CRISIL Reaffirms B Rating on INR35MM Cash Credit
---------------------------------------------------------------
CRISIL ratings on the bank facilities of Ratanpur Cold Storage Pvt
Ltd continue to reflect Ratanpur's small scale of operations and
weak financial risk profile. The ratings also factor in the
company's susceptibility to regulatory changes and to intense
competition in the cold storage industry in West Bengal. These
rating weaknesses are partially offset by the extensive industry
experience and established regional presence of Ratanpur's
promoters.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         1.8        CRISIL A4 (Reaffirmed)
   Cash Credit           35          CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      8         CRISIL B/Stable (Reaffirmed)

   Working Capital        12         CRISIL B/Stable (Reaffirmed)
   Term Loan

Outlook: Stable

CRISIL believes that Ratanpur will continue to benefit over the
medium term from its promoters' extensive experience in the cold
storage business. The outlook may be revised to 'Positive' in case
of efficient management of financing to farmers, and significant
increase in scale of operations and profitability. Conversely, the
outlook may be revised to 'Negative' in case of pressure on the
company's liquidity on account of delays in repayment by farmers,
low cash accruals, or debt-funded capital expenditure.

Update
Ratanpur reported operating revenue of INR21 million for 2013-14
(refers to financial year, April 1 to March 31), up from INR19.8
million in 2012-13 on account of higher rental income received
from farmers and better capacity utilization. The operating margin
improved to 15.5 per cent in 2013-14 from 9.5 per cent in 2012-13.
As part of a government initiative, Ratanpur takes loan from banks
and extends loans to farmers; as on March 31 2014, it had loan
outstanding of INR35.2 million.

Ratanpur's below-average financial risk profile is marked by small
net worth, high gearing, and modest debt protection metrics. The
net worth was INR12.7 million as on March 31, 2014. The company
provides financial assistance to farmers by borrowing from banks,
which led to high gearing of 3.61 times as on March 31, 2014. The
company's interest coverage and net cash accruals to total debt
ratios were 2.34 times and 6.0 per cent, respectively, for 2013-
14.
Incorporated in 1987, Ratanpur provides cold storage facilities to
potato farmers and traders. Its cold storage facility is in Singur
(West Bengal). The company is promoted by Mr. Valji Patel.


RK STEEL: CRISIL Upgrades Rating on INR150MM Cash Credit to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
RK Steel Industries to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit            150         CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The rating upgrade reflects the improvement in RKSI's financial
risk profile, marked by an improvement in its net worth and
decline in total outside liabilities to tangible net worth
(TOLTNW) ratio on the back of capital infusion of INR8.8 million
by the proprietor and profit accretion of INR1.3 million in 2013-
14 (refers to financial year, April 1 to March 31). The firm's net
worth is estimated to improve to INR21 million  in March 2014 from
INR11 million in March 2013; its TOLTNW ratio has moderated to 3.3
times as in March 2014 as against 6.64 times in March 2013. The
upgrade also factors in healthy growth in RKSI's business with
revenue of INR541 million in 2013-14 against INR313 million in
2012-13 and further expected increase in 2014-15. The incremental
working capital requirements are expected to be met with enhanced
working capital bank lines and capital infusion by partners.
However, CRISIL believes that RKSI's TOLTNW ratio will remain high
at 3 to 4 times over the medium term on account of high reliance
on bank debt to meet working capital requirements. RKSI's cash
accruals are low but the same will be sufficient to repay small
vehicle loans.

The rating reflects RKSI's weak financial risk profile, marked by
small net worth, high TOLTNW ratio, and weak debt protection
metrics, and marginal scale of operations in the intensely
competitive steel industry. These rating weaknesses are partially
offset by the benefits that RKSI derives from its proprietor's
extensive business experience.

Outlook: Stable

CRISIL believes that RKSI will continue to benefit over the medium
term from its proprietor's extensive experience in the trading
business. The outlook may be revised to 'Positive' in case of a
significant improvement in the firm's scale of operations and
liquidity, driven by better-than-expected cash accruals and
efficient working capital management, resulting in improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if RKSI's liquidity weakens significantly, its
working capital cycle lengthens, or if its revenue and
profitability come under pressure.

RKSI, set up in 1990, is promoted by Mr. Satpaul. It is currently
managed by Mr. Rakesh Kumar. RKSI trades in iron and steel bars,
flats, plates, and sheets. The firm is based in Ludhiana (Punjab).

RKSI reported a profit before tax (PBT) of INR13.9 million on net
sales of INR541.7 million for 2013-14, as against a PBT of INR16.1
million on net sales of INR313.7 million for 2012-13.


SANJAY KRAFT: ICRA Suspends 'B+' Rating on INR8cr Bank Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to INR8.00 crore bank
facilities of Sanjay Kraft Paper Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


SAP INDUSTRIES: ICRA Reaffirms INR2.5cr Cash Credit's 'B+' Rating
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR0.34 crore term loan facilities, INR2.50 crore fund based
facilities of SAP Industries. ICRA has also reaffirmed the short-
term rating of [ICRA]A4 to the INR0.50 crore stand by line of
credit, and INR4.50 crore non-fund based bank facilities of the
firm. For the proposed facility of INR2.16 crore, the rating of
either [ICRA]B+ or [ICRA]A4 shall apply based on the nature of
instrument. ICRA had suspended the ratings assigned to the bank
limits of SAPI due to lack of cooperation. Subsequently, the
client has shared the requisite information; hence the suspension
has been revoked.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term: Term        0.34       [ICRA]B+ reaffirmed;
   loan facilities                   suspension revoked

   Long Term: Fund        2.50       [ICRA]B+ reaffirmed;
   based facilities-                 suspension revoked
   Cash Credit

   Short Term: Fund       0.50       [ICRA]A4 reaffirmed;
   based facilities-                 suspension revoked
   Stand by Line of
   Credit

   Short Term: Fund        Nil       [ICRA]A4 reaffirmed;
   based facilities-                 suspension revoked
   SME Credit

   Short Term: Non-       4.50       [ICRA]A4 reaffirmed;
   Fund based facilities-            suspension revoked
   Bank Guarantee

   Short Term: Non-       Nil        [ICRA]A4 reaffirmed;
   Fund based facilities             suspension revoked
   Letter of Credit

   Long Term/Short        2.16      [ICRA]B+/[ICRA]A4 reaffirmed;
   Term: Unallocated                suspension revoked

The re-affirmation of ratings consider the steady operational and
financial performance of the company during the recent past
characterized by its consistent volume and revenue growth and
stable margins, supported by the steady growth in order book from
its major customer, significant experience of the promoter in the
electrical industry and the long term favourable demand outlook
for the electrical equipments from the domestic power sector. The
ratings however remain constrained by the stretched financial
profile, owing to the working capital intensive nature of
operations as a result of its stretched receivables position,
leading to moderately high capital structure and strained
liquidity position with increasing reliance on external debt. The
rating also considers the entity's limited scale of operations and
intense competition in the industry, which is expected to limit
revenue growth and margins going forward. While the risk of high
customer concentration persists, steady growth in order book
witnessed during the recent past coupled with reduced price risks
on the back of escalation clauses built into the contract provides
some comfort. Going forward, the ability of the Company to sustain
revenue growth and margins amidst the competition and improve its
working capital cycle/liquidity position would remain key rating
sensitivities.

SAP Industries was established in the year 2001 as a partnership
concern with Mr. A Shanmugavelayuthan and his friend Mr. G.V.
Parthasarathy. The firm is primarily involved in the manufacturing
of electrical transformers and also manufactures Isolators and
does fabrication work on a minor scale. The firm supplies
transformers, both distribution and power transformers, largely to
Tamil Nadu Electricity Board. The manufacturing unit is located at
SIDCO Industrial Estate, Thirumudivakkam (Chennai).


SARASH INT'L: ICRA Assigns D Rating to INR7.40cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR1.60
crore term loan facility and the INR2.00 crore fund based
facility, and a short term rating of [ICRA]D to the INR7.40 crore
fund based facilities of Sarash International.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term loan facility    1.60       [ICRA]D assigned

   Long-term fund based
   facility                   2.00       [ICRA]D assigned

   Short-term fund based
   facilities                 7.40       [ICRA]D assigned

The assigned ratings consider delays observed in debt servicing,
owing to tight liquidity position. The company's financial profile
is characterised by stretched working capital intensity and
aggressive capital structure/coverage metrics; and high volatility
in revenues and profits, with net losses being witnessed in 2011-
12 and 2012-13. The ratings also consider the high competition in
the business, which limits its pricing flexibility; the inherent
risks in the sea food industry, like susceptibility to disease
outbreak and adverse climatic conditions; and the susceptibility
of its accruals to fluctuations in foreign exchange rates, in the
absence of a hedging policy, and changes in Government policies.
While the promoter has experience of over two decades in the
seafood exports business, favourable demand exists for seafood
products in overseas markets.

Sarash International is primarily engaged in trading of onion and
jellyfish. The entity sources jellyfish and onions from Tamil
Nadu, Kerala, Karnataka, Maharashtra and Andhra Pradesh, and it
serves customers in China, Vietnam, Indonesia and Myanmar. Till
2011-12, the entity was also engaged in coal trading business. The
entity was promoted in 1995 by Mr. R Ravindran, who is the sole
proprietor.

Recent Results
Sarash International reported a net profit of INR0.9 crore on an
operating income of INR20.2 crore during 2013-14 (according to
unaudited results), against a net loss of INR1.6 crore on an
operating income of INR4.2 crore during 2012-13.


SARLA HANDICRAFTS: CRISIL Ups Rating on INR15MM Bank Loan to B
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sarla Handicrafts Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL B-
/Stable', and has reaffirmed its rating on the company's short-
term bank facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bill Discounting       30         CRISIL A4 (Reaffirmed)

   Packing Credit         55         CRISIL A4 (Reaffirmed)

   Proposed Long Term     15         CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan              10         CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects sustained improvement in SHPL's
working capital cycle, with healthy utilisation of the company's
enhanced capacity supported by its established relationship with
its customers, who are diversified across geographies, and its
long-standing industry presence. The rating upgrade also reflects
CRISIL's belief that SHPL will register steady improvement in its
cash accruals on the back of expected healthy revenue growth and
sustenance of profitability , along with expected low capital
expenditure, resulting in improvement in its liquidity and
consequently in its financial risk profile.

The ratings continue to reflect SHPL's small scale of operations
in a fragmented industry resulting in low profitability,
constrained financial flexibility due to small net worth, and
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by the company's steady revenue
growth backed by its healthy relationship with its customers, who
are diversified across geographies, and its promoters' extensive
experience in the floor coverings industry.

Outlook: Stable

CRISIL believes that SHPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationship with its customers. The outlook may be
revised to 'Positive' if the company achieves higher-than-expected
cash accruals or if it receives external support in the form of
equity infusion from its promoters, leading to improvement in its
financial profile. Conversely, the outlook may be revised to
'Negative' if SHPL's liquidity deteriorates due to aggressive
debt-funded capital expenditure or stretch in working capital
cycle.

SHPL was set up in 1989 as a private limited company; it is
promoted by Mr. Kamal Agarwal and his brother, Mr. Anil Agarwal.
The company manufactures and exports floor coverings, mainly
cotton rugs, bath mats and carpets, at its facilities in Panipat
(Haryana).


SHREE RAGHUVANSHI: ICRA Reaffirms B+ Rating on INR25r Cash Credit
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ to the
INR1.50 crore term loan and INR25.00 crore cash credit facility of
Shree Raghuvanshi Fibers Pvt Ltd. ICRA has also reaffirmed the
short term rating at [ICRA]A4 to INR0.35 crore fund based
facilities of SRFPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           25.00       [ICRA]B+; Reaffirmed
   Term Loan              1.50       [ICRA]B+; Reaffirmed
   DAUE                   0.35       [ICRA]A4; Reaffirmed

The ratings continue to be constrained by SRFPL's weak financial
profile as reflected by low profitability indicators, stretched
capital structure and weak debt coverage indicators. The ratings
also consider the low profit margin on account of limited value
addition and highly competitive and fragmented industry structure
due to low entry barriers. The ratings are further constrained by
vulnerability of profitability to raw material prices, which are
subject to seasonality and crop harvest and regulatory risks with
regard to minimum support price (MSP) of raw cotton and export of
cotton bales.

The ratings, however, positively consider the long experience of
the promoters in the cotton ginning and pressing business and
favorable location of the company which gives it easy access to
raw cotton. Further, its presence in crushing also provides
additional revenues as well as diversification.

Incorporated in 2007, Shree Raghuvanshi Fibers Pvt Ltd. is engaged
in ginning of raw cotton to produce cotton seeds and cotton bales.
The business is promoted and managed by Mr. Bhavesh Shelani, Mr.
Gopal Shelani and Mr. Harshad Shelani. The factory is located at
Gondal, Rajkot (Gujarat). The company is equipped with 40 ginning
machines and has an annual installed capacity of processing 215
MTPD of raw cotton. Moreover from April 2011, SRFPL has also
diversified into seed crushing to manufacture cotton seed oil and
oil cakes with an intake capacity of 95 MTPD of cotton seeds.

Recent Results
During FY14 (unaudited provisional financials), the company
reported an operating income of INR254.57 crore and profit after
tax (PAT) of INR0.80 crore as against operating income of
INR173.62 crore and profit after tax (PAT) of INR0.20 crore in
FY13.


SHREE SHANKAR: CRISIL Reaffirms 'D' Rating on INR270MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Shree Shankar Saw Mill
Pvt Ltd continues to reflect instances of SSSPL's cash credit
account being overdrawn for more than 30 consecutive days. The
account has been overdrawn because of the company's weak liquidity
stemming from large operating losses driven by significant decline
in timber prices.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit            60          CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     30          CRISIL D (Reaffirmed)

   Working Capital
   Term Loan             270          CRISIL D (Reaffirmed)

SSSPL has a below-average financial risk profile marked by weak
liquidity, modest net worth, and low interest coverage ratio, and
has large working capital requirements. The company, however,
benefits from its promoters' extensive experience in the timber
trading and sawing business.

SSSMPL was set up as a partnership firm, Shankar Saw Mill, in 1954
and was reconstituted as a private limited company in 2002. SSSMPL
is engaged in timber trading and sawing with a capacity of 1500
cubic feet per day. Its operations are managed by Mr. Purshottam
Patel and Mr. Ankit Patel.


SOCIETY FOR RESEARCH: CRISIL Ups Rating on INR65M Term Loan to B-
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Society for Research & Technical Studies (SRTS) to 'CRISIL B-
/Stable' from 'CRISIL D'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      8         CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan              65         CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects timely servicing of debt obligations
by SRTS, supported by improvement in its liquidity, backed by
receipt of fees from government during 2014-15 (refers to
financial year, April 1 to March 31). SRTS has also prepaid its
debt obligations till December 2014. The rating also factors in
CRISIL's belief that SRTS' cash accruals will remain adequate to
service its maturing debt obligations over the medium term.

The rating reflects SRTS' modest scale of operations, and
susceptibility to intense competition in the education sector and
to adverse regulatory changes. These rating weaknesses are
partially offset by SRTS' moderate financial risk profile, marked
by moderate gearing and debt protection metrics and the healthy
demand prospects for the education sector.

Outlook: Stable

CRISIL believes that SRTS will continue to benefit over the medium
term from the healthy demand prospects for the education sector.
The outlook may be revised to 'Positive' if SRTS scales-up its
operations, backed by increased occupancy level, resulting in
improvement in cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the trust's
financial risk profile, most-likely because of lower-than-expected
cash accruals, or significant delays in receipts from government,
or any larger-than-expected debt-funded capital expenditure
programme, leading to pressure on its liquidity.

SRTS was set up in 2008 by the Arora and Gupta families of
Saharanpur (Uttar Pradesh). SRTS provides education through its
institution namely 'Millennium Institute of Technology' in
Saharanpur.


SRI LAKSHMI: CRISIL Lowers Rating on INR44MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sri Lakshmi Srinivasa Agri Processing Pvt Ltd 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       11         CRISIL D (Downgraded
   Bank Loan Facility                  from 'CRISIL B-/Stable')

   Term Loan                44         CRISIL D (Downgraded
                                       from 'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by SLSAPL in
servicing its term loan obligations; the delays have been caused
by the company's weak liquidity arising out of past losses and the
company's working-capital-intensive operations.

The ratings also reflect SLSAPL's modest financial risk profile,
marked by high gearing, and modest debt protection metrics, and
susceptibility to adverse regulatory changes. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of SLSAPL's management and locational advantage.

SLSAPL engaged in cotton ginning is currently managed by the
second set of promoters. The unit initially started operations in
December 2011, however, was making losses. The current management
took over the unit in June 2012 and restarted the operations in
October 2012. The unit is managed by Mr.A.Jagannadha Rao. The unit
is located in Jaggayapet and has a capacity of 180 bales per day.


STATE BANK: Fitch Affirms 'B' Rating on USD400MM Bonds
------------------------------------------------------
Fitch Ratings has affirmed the ratings on nine Indian banks.  The
Long-Term Issuer Default Ratings (IDR) on State Bank of India
(SBI), Bank of Baroda, Bank of Baroda New Zealand (BOB NZ), Punjab
National Bank, Canara Bank, IDBI Bank, ICICI Bank and Axis Bank
have been affirmed at 'BBB-' while Indian Bank has been affirmed
at 'BB+'.  The Outlook on the IDRs is Stable.

The Indian banking sector faces a challenging economic
environment; although the new government's clear electoral mandate
gives it the ability to pursue far-reaching economic reforms.
Uncertainties and risks remain regarding implementation of key
policies necessary to achieve the government's growth and fiscal
deficit targets.  Fitch has increased its real GDP growth forecast
for the financial year ending March 2016 (FY16) to 6.5% from 6.0%
and projects real GDP growth to pick up to 5.5% in FY15 from 4.7%
in FY14.

Asset quality at state-owned banks remains under pressure, while
certain large banks' non-performing loans (NPLs) and restructured
loans have grown at a slower pace in the recent two quarters.
Early signs of deleveraging in the corporate sector are
encouraging.  However, a recent court ruling that the government's
allocations of coal assets in 1993-2009 were illegal has cast a
shadow on asset quality.  However, the impact of the ruling may be
less onerous than expected if productive assets are allowed to
continue operating without disruption.  Fitch expects the pressure
on asset quality at the rated banks to persist for another couple
of quarters.  The banks, particularly the state-owned ones, will
increasingly focus on raising capital to meet more stringent
capital requirements under the Basel III regulatory framework,
which will be progressively implemented in India.

KEY RATING DRIVERS - IDRs, Support Rating (SR) and Support Rating
Floor (SRF)

The Long-Term IDRs of SBI, Bank of Baroda, Punjab National Bank,
Canara Bank, IDBI Bank, and ICICI Bank are at their SRFs of
'BBB-'.  The ratings are driven by their SRs of '2', which
reflects Fitch's expectation that they are highly likely to
receive extraordinary support from the Indian government, if
needed, due to their high systemic importance and the government's
majority ownership in all except ICICI Bank.  Indian Bank - which
is also state-owned - has an IDR and an SRF that are a notch lower
than the large state-owned banks', driven by its lower SR.  Indian
Bank's SR of '3' reflects the moderate probability that it would
receive extraordinary support from the Indian government, if
needed, because of its moderate systemic importance stemming from
its smaller size and more regional character.

Axis Bank's IDR is driven by its VR at 'bbb-' while its SRF and SR
are lower at 'BB+' and '3', respectively, mainly due to its
private ownership.

The Viability Ratings (VRs) of SBI, ICICI Bank, Axis Bank and
Indian Bank are at the same level as their IDRs and therefore, act
as drivers for their long-term ratings.  BOB NZ is a fully owned
subsidiary of Bank of Baroda and its IDR is driven by expectations
of high support from its parent, Bank of Baroda, due to the
various explicit and implicit linkages with the parent.

KEY RATING DRIVERS - VRs

The VRs of certain banks will continue to be under pressure, but
the affirmations on their VRs factor in efforts to raise capital
and the expectation that asset quality would not deteriorate
materially from current levels and reach their worst during the
current financial year.

SBI, ICICI Bank and Axis Bank are the only ones among Fitch's
rated Indian banks to have investment-grade VRs of 'bbb-',
reflecting their superior stand-alone credit profiles.  The
drivers for the private banks' (ICICI Bank and Axis Bank) VRs are
their strong capital metrics, better-than-average asset quality,
good profitability, robust funding profile and better management
quality.  ICICI Bank has had a consistently strong capitalization
track record while Axis Bank has managed its asset quality better
and made notable improvements to its capitalization and retail
funding.

SBI, whose financial metrics are not as strong as ICICI Bank's and
Axis Bank's, benefits from its large scale and status as a quasi-
sovereign entity, which results in a solid funding profile and
strong access to capital markets.  A fresh equity injection of
INR100bn (USD1.7bn) in FY14 in the bank has helped to replenish
its capital buffers and raised its Fitch core capital (FCC) ratio
to 10.5% in FY14 from 9.9% in FY13.  The bank plans to raise
another INR200bn (17% of FY14 equity) over the next two years,
which should hold capital buffers steady.  The stressed assets
ratio improved to 8.3% in 1QFY15 from 8.4% in FY14.

The VRs of Bank of Baroda, Canara Bank and Punjab National Bank
are rated one notch lower at 'bb+', although Bank of Baroda's
performance has been better than the other two in terms of
capitalisation and exposure to stressed business sectors.  Capital
buffers for all three banks remain stretched, particularly at
Canara Bank and Punjab National Bank, which was a key factor in
the VR downgrades for all three in 2013 and 2012.  Canara Bank's
exposure to stressed sectors is among the highest in its peer
group although its stressed asset ratio (9.5% in 1QFY15 up from
9.2% in FY14) is lower than state banks' average of 12% (FY14).
The ratio continued to rise even though total loans rose by 22% in
FY14.  The VR affirmation reflects expectations that Canara Bank
will raise additional equity.

Although Punjab National Bank is more profitable than its peers,
its capital buffers are thinner compared with its stressed assets
stock of around 15% of total assets, the highest among the rated
banks.  The bulk of the stressed assets are restructured loans.
Although the growth in restructured loans has slowed recently, its
NPL ratio rose to 5.5% in 1QFY15 from 5.3% in FY14.  Indian Bank's
VR, which was also downgraded in 2013, reflects concerns about its
rising stressed asset ratio (1QFY15: 11.9%), which are partly
offset by its better capitalization (FCC ratio of 12.6% in FY14)
and slower loan growth.

IDBI Bank's VR is the lowest among the rated banks, and it is the
most vulnerable to a downgrade given rapid deterioration in the
stressed asset ratio to 14.1% in 1QFY15 from 9% in FY13 and 11% in
FY14, and a very thin capital buffer (FCC ratio of 8% in FY14).
The bank has sharply slowed loan growth to focus on asset quality
issues and is simultaneously seeking to raise capital.  Fitch will
view efforts to strengthen its capital buffers positively because
the agency expects asset quality pressures to persist into FY15.

KEY RATING DRIVERS - Senior Debt, Upper Tier 2 Debt and Hybrid
Tier 1 Debt

The senior debt ratings of SBI, Bank of Baroda, IDBI Bank, ICICI
Bank, Axis Bank and Canara Bank are at the same level as the IDRs
as the debts represent unsecured and unsubordinated obligations of
the banks.

Legacy Upper Tier 2 bonds are rated four notches below the VR for
ICICI Bank, and three notches below the VR for Bank of Baroda and
Canara Bank.  The notching is in accordance with Fitch's
assessment of each instrument's non-performance and loss-severity
risk profiles.  These subordinated debts are legacy instruments
that are not Basel III-compliant.

SBI's legacy perpetual Tier 1 bonds are rated five notches below
its VR in accordance with Fitch's assessment of the instrument's
non-performance and relative loss-severity risk profile.  This
legacy hybrid debt is not Basel III-compliant.

RATING SENSITIVITIES - IDR and Senior Debt

The VRs on Bank of Baroda, Punjab National Bank, Canara Bank, IDBI
Bank and Indian Bank are lower than their SRFs and their IDRs may
be downgraded if factors underpinning the SRFs weaken.  For SBI
and ICICI Bank, where the VRs and SRFs are at the same level,
their IDRs would only be downgraded if both the SRFs and the VR
were to be downgraded.  A downgrade of India's sovereign rating
(BBB-/Stable) will trigger a downgrade of all the banks' IDRs,
which are currently at the same level as the sovereign.  Likewise,
a change in the sovereign's outlook will also lead to a revision
of the outlooks on banks' IDRs.  Axis Bank's IDR is solely driven
by its VR and a downgrade to its VR, while unlikely in the near-
term, will lead to a downgrade to its IDR.

Any changes in the banks' IDRs would result in equivalent changes
in their senior debt ratings.

RATING SENSITIVITIES - VR, Upper Tier 2 Debt and Hybrid Tier 1
Debt

The 'bbb-' VRs of the private banks, ICICI Bank and Axis Bank, are
sensitive to any major change in the operating environment and
unexpected asset quality deterioration.  However, the VRs will be
stable as long as the banks maintain adequate capital buffers.
Axis Bank's VR would move down if the sovereign is downgraded.
The VR of ICICI Bank may move up in tandem with an upgrade and
would move down in line with a downgrade of the sovereign rating.

SBI's VR is sensitive to unexpected deterioration in
capitalization and/or asset quality.  Fitch views the recent
capital injection in the bank positively as profitability will
take time to recover.  Periodic and adequate capital injections
will be important in supporting the VR.  The VR of SBI will be
also sensitive to downward movement in the sovereign rating or
outlook.

The VRs of Bank of Baroda, Canara Bank, Punjab National Bank and
Indian Bank are sensitive to rising pressures on capitalization
and asset quality, though Bank of Baroda's VR enjoys some support
at the current level due to better capital metrics than peers and
signs of improvement in asset quality.  The VRs of Canara Bank and
Indian Bank factor in capital increases, the absence of which
could undermine capital buffers if asset quality continues to
weaken sharply.

Punjab National Bank's VR has very limited tolerance and any
material deterioration from current levels of its asset quality,
if not matched by adequate capital reinforcement, will likely lead
to its VR being reassessed.

Capital management is most critical for IDBI Bank's VR in light of
continuing pressure on asset quality and earnings.  Downward
pressure on the VR could emerge if the pronounced deterioration in
stressed assets continues without adequate additions to capital
and/or the bank's funding mix tilts towards more volatile bulk
deposits and certificates of deposit (CDs).

The Upper Tier 2 and hybrid Tier 1 debt are all notched down from
the VRs and will be sensitive to any change in the VRs.

RATING SENSITIVITIES - SRs and SRFs

The SRs and SRFs are determined by the agency's assessment of the
government's propensity and ability to support a bank determined
by its relative size and systemic importance.  A change in the
government's ability to provide extraordinary support due to a
change in the sovereign ratings would affect the SRs and SRFs.
The SRs and SRFs will also be impacted by any change in the
government's willingness to extend timely support.

The rating actions are as follows:

SBI:

   -- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
   -- Short-Term IDR affirmed at F3'
   -- Viability Rating affirmed at 'bbb-'
   -- Support Rating affirmed at '2'
   -- Support Rating Floor affirmed at 'BBB-'
   -- USD5bn MTN programme affirmed at 'BBB-'
   -- USD3.25bn senior unsecured notes affirmed at 'BBB-'
   -- USD400m perpetual tier 1 bonds affirmed at 'B'

Punjab National Bank:

   -- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
   -- Short-Term IDR affirmed at 'F3'
   -- Viability Rating affirmed at 'bb+'
   -- Support Rating affirmed at '2'
   -- Support Rating Floor affirmed at 'BBB-'

Bank of Baroda:

   -- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
   -- Short-Term IDR affirmed at 'F3'
   -- Viability Rating affirmed at 'bb+'
   -- Support Rating affirmed at '2'
   -- Support Rating Floor affirmed at 'BBB-'
   -- USD 3bn MTN Programme 'BBB-'
   -- USD500m senior notes under MTN programme affirmed at 'BBB-'
   -- USD350m senior notes under MTN programme affirmed at 'BBB-'
   -- USD 1bn senior unsecured notes under the MTN programme
      affirmed at 'BBB-'
   -- USD300m upper tier 2 notes under MTN programme affirmed at
      'B+'

BOBNZ:

   -- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
   -- Support Rating affirmed at '2'

Canara Bank:

   -- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
   -- Short-Term IDR affirmed at 'F3'
   -- Viability Rating affirmed at 'bb+'
   -- Support Rating affirmed at '2'
   -- Support Rating Floor affirmed at 'BBB-'
   -- USD2bn MTN programme affirmed at 'BBB-'
   -- USD350m of senior notes under MTN programme affirmed at
      'BBB-'
   -- USD500m of senior notes under MTN programme affirmed at
      'BBB-'
   -- USD250m upper tier 2 notes under MTN programme affirmed at
      'B+'

IDBI Bank:

   -- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
   -- Short-Term IDR affirmed at 'F3'
   -- Viability Rating affirmed at 'bb'
   -- Support Rating affirmed at '2'
   -- Support Rating Floor affirmed at 'BBB-'
   -- USD5bn medium-term note programme affirmed at 'BBB-'
   -- SGD250m senior unsecured notes affirmed at 'BBB-'
   -- CNY650m senior unsecured notes affirmed at 'BBB-'
   -- CHF110m senior unsecured notes affirmed at 'BBB-'
   -- USD1.35bn senior unsecured notes affirmed at 'BBB-'
   -- USD300m senior unsecured notes affirmed at 'BBB-'

Indian Bank

   -- Long-Term IDR affirmed at 'BB+'; Outlook Stable
   -- Short-Term IDR affirmed at 'B'
   -- Viability Rating affirmed at 'bb+'
   -- Support Rating affirmed at '3'
   -- Support Rating Floor affirmed at 'BB+'

ICICI Bank:

   -- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
   -- Short-Term IDR affirmed at 'F3'
   -- Viability Rating affirmed at 'bbb-'
   -- Support Rating affirmed at '2'
   -- Support Rating Floor affirmed at 'BBB-'
   -- USD3.25bn senior notes affirmed at 'BBB-'
   -- USD1.5bn upper tier 2 bonds affirmed at 'B+'

Axis Bank:

   -- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
   -- Short-Term IDR affirmed at 'F3'
   -- Viability Rating affirmed at 'bbb-'
   -- Support Rating affirmed at '3'
   -- Support Rating Floor affirmed at 'BB+'
   -- EUR3bn MTN programme affirmed at 'BBB-'
   -- USD1.6bn senior unsecured notes affirmed at 'BBB-'


SWACHHA BEVERAGES: CRISIL Reaffirms B+ Rating on INR35M Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swachha Beverages Pvt
Ltd continue to reflect its working-capital-intensive operations
and exposure to risks related to the offtake of the company's
packaged water, in the competitive bottled-water segment. These
rating weaknesses are partially offset by the strong professional
background along with the expected technical, branding, and
promotional support from Eureka Forbes Ltd.

                    Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Bank Guarantee       2        CRISIL A4 (Reaffirmed)
   Cash Credit         20        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   7        CRISIL B+/Stable (Reaffirmed)
   Term Loan           35        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SBPL's financial risk profile will be
constrained over the medium term, because of its nascent stage of
operations, and exposure to intense competition from established
players in the market. The outlook may be revised to 'Positive' if
SBPL significantly scales up its operations, and efficiently
manages its working capital requirements. Conversely, the outlook
may be revised to 'Negative' if the company's liquidity weakens
because of modest cash accruals vis-a-vis large debt obligations,
or a stretched working capital cycle.

SBPL was incorporated in Kolkata in January 2011. The company
processes and sells packaged drinking water, marketed in
collaboration with EFL under the Aqua Sure brand.


TANWAR INDUSTRIES: CRISIL Cuts Rating on INR30M Cash Credit to B+
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Tanwar Industries to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         30         CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

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

The downgrade in ratings reflects CRISIL's belief that TI's
financial risk profile will remain weak over the medium term, on
account of the firm's large debt-funded capital expenditure
(capex) plan. TI plans to implement a capex programme of around
INR70.0 million, which is to be funded through term loans of
INR49.0 million. As a result of the same, its gearing is expected
to increase to over 2.5 times over the near term, as compared to
1.24 times as on March 31, 2014. Further, the firm's revenue
declined in 2013-14 (refers to financial year, April 1 to March
31), which also impacts its financial risk profile. While the firm
has a strong customer profile, CRISIL believes that the ramp up in
revenue after the capex will remain a key rating sensitivity
factor.

The ratings continue to reflect TI's modest scale of operations in
a competitive industry leading to low profitability. This rating
weakness is partially offset by the extensive industry experience
of TI's partners and the firm's decade-long association with
Mahindra and Mahindra Ltd (rated 'CRISIL AA+/Stable/CRISIL A1+').

Outlook: Stable

CRISIL believes that TI will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if the firm improves its
financial risk profile, with increase in scale of operations and
profitability, resulting in sizeable cash accruals. Conversely,
the outlook may be revised to 'Negative' if TI's liquidity
deteriorates, with substantial working capital requirements or
significantly low cash accruals or delays in project completion.

TI, a partnership firm, was set up in 1998. It is managed by Mr.
Mohammed Tahir and Mr. Arvind K Lunia. It manufactures diesel
generator sets. The firm operates in Rajasthan.

For 2013-14, TI's profit after tax (PAT) is estimated at INR3.8
million on net sales of INR182.3 million, against a PAT of INR2.7
million on net sales of INR220.9 million for 2012-13.


V.V. RAMASAMY: ICRA Puts 'B' Rating on INR1cr LT Fund Based Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B for the INR1.00
crore long-term fund based facilities of V.V. Ramasamy Chettiar &
Co.  ICRA has also assigned a short term rating of [ICRA]A4 for
the INR9.00 crore short-term fund based and INR7.00 sub limits of
the Firm.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long Term- Fund based      1.00        [ICRA]B; Assigned
   Short Term- Fund based     9.00        [ICRA]A4; Assigned
   Short Term (sub-limit)    (7.00)       [ICRA]A4; Assigned

The assigned rating takes comfort from the rich experience of the
promoters in the industry and the Firm's established sourcing and
distribution network which enables the Firm to source regular
orders from regional as well as few overseas customers. The Firm's
product portfolio is also fairly diversified with limited
inventory on its books, de-risking the business from heavy
dependence on any single commodity. These strengths are, however,
offset by the Firm's weak financial profile marked by small scale
of operations, modest coverage metrics and stretched capital
structure. The Firm's business profile is also modest
characterised by limited pricing flexibility and intense
competition in a heavily fragmented industry. Absence of any
contractual obligations to source/supply commodities with the
counterparties, while mitigating price risks, also exposes
revenues to risk of order quantity variance or even cancellations.
ICRA also takes into account the regulatory risks inherent in the
industry, on account of close control exercised by governmental
authorities over the supply and pricing of agro-commodities.

V.V. Ramasamy Chettiar & Co is a partnership Firm managed by Mr.
R. Subramanian and his son, Mr. S. Srinivasan. The Firm is located
in Dindigul, an agricultural marketing centre in Tamil Nadu (TN).
The Firm has been in operation for nearly four decades and is
fairly renowned in the region for dealing with a variety of
agricultural commodities such as groundnut seeds, sesame seeds,
rice-paddy, and other food grains such as yellow maize (macca),
chillies, Neem and other spices. The promoters have also been
running an exclusive dealership for Suzuki Motorcycles India
Private Limited, through a separate private limited entity, for
the past four years.


VITAL HEALTHCARE: CRISIL Reaffirms B+ Rating on INR113M Bank Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vital Healthcare Pvt
Ltd (Santacruz) continue to reflect its modest scale of, and
working-capital-intensive, operations and exposure to risks
inherent in the highly competitive pharmaceutical formulations
industry. These rating weaknesses are partially offset by the
extensive experience of VHPL's promoters in the pharmaceutical
industry and established customer relationships.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        150        CRISIL A4 (Reaffirmed)
   Bill Negotiation       20        CRISIL A4 (Reaffirmed)
   Buyers Finance         20        CRISIL A4 (Reaffirmed)
   Cash Credit           100        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      100        CRISIL A4 (Reaffirmed)
   Long Term Loan         37        CRISIL B+/Stable (Reaffirmed)
   Term Loan              30        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    113        CRISIL B+/Stable (Reaffirmed)
   Working Capital
   Demand Loan            30        CRISIL B+/Stable

Outlook: Stable

CRISIL believes that VHPL will maintain its stable business risk
profile over the medium term, backed by the extensive experience
of its promoters in the pharmaceutical industry and their
established customer relationships. The outlook may be revised to
'Positive' if the company is able to exhibit significant and
sustainable increase in its revenue and margins while maintaining
its capital structure and improving its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if it
undertakes significant debt-funded capital expenditure or if the
cash accruals decrease significantly resulting in deterioration in
VHPL's financial risk profile.

Update
VHPL's operating revenue increased to around INR332.5 million in
2013-14 (refers to financial year, April 1 to March 31) as against
INR291 million in 2012-13 on account of higher orders received in
2013-14, which were supported by automation of existing faculties
leading to improvement in capacity utilisation. Operating margin
of the company improved to
12.3 per cent in 2013-14 from 11.46 per cent in 2012-13.

VHPL's operations remain working capital intensive as reflected in
its gross current assets of 370 days as on March 31, 2014, largely
on account of receivables of 178 days as on March 31, 2014, which
are high on account of stretch in payments from government
organisations. Furthermore, based on the dispatch schedule of the
customers, the company maintained inventory of 99 to 114 days over
the three years ended March 31, 2014. Liquidity of the company is
supported by stretching its creditors; creditor days of the
company have remained in the range of 224 to 242 days over the
three years ended March 31, 2014.

VHPL's financial risk profile is moderate, marked by gearing of
1.43 times as on March 31, 2014, which has shown an improvement
over 1.89 times as on March 31, 2013. The company has healthy debt
protection metrics as reflected in the interest coverage and net
cash accruals to total debt ratios of 2.8 times and 20 per cent,
respectively, in 2013-14. The company, in 2013-14, generated
accruals of around INR20.5 million against which it did not have
major debt repayment obligations. Liquidity of VHPL though is
constrained on account of its working-capital-intensive operations
leading to high utilisation of bank lines of 96 per cent in the 8
months ended June 30, 2014.

Incorporated in 1992, VHPL manufactures and markets pharmaceutical
formulations and healthcare products. The company, which commenced
operations in 1997, has its manufacturing facilities at Nashik
(Maharashtra).


YASIN IMPEX: CRISIL Upgrades Rating on INR25MM Cash Credit to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Yasin Impex India Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable' and has reaffirmed its rating on the company's short-term
facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            25         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Letter of Credit      200         CRISIL A4 (Reaffirmed)

The rating upgrade reflects improvement in YIIPL's business risk
profile, marked by a substantial increase in its scale of
operations while maintaining its moderate profitability margins.
The company's operating income increased to INR1.60 billion in
2013-14 (refers to financial year, April 1 to March 31) from
INR495 million in 2012-13 led by increased order inflow from
existing clients and steady acquisition of new customers, driven
by the strong demand for non-coking coal in the domestic market.
CRISIL believes that YIIPL's operating income will increase to
INR1.8 billion to INR2 billion over the medium term, supported by
healthy orders from customers. The company's operating margin,
which declined to 1.5 per cent in 2013-14 (from 1.7 per cent in
2012-13) primarily on account of foreign exchange (forex) losses,
is expected in the range of 1.4 to 1.8 per cent over the medium
term. Significant ramp-up in operations led to the better-than-
expected liquidity, marked by increased cash accruals (to INR12.1
million in 2013-14 from INR2.3 million in 2012-13), high cash and
bank balances (Rs.52.2 million as on March 31, 2014), and absence
of term debt or debt-funded capital expenditure (capex) plan.

The ratings continue to reflect YIIPL's large working capital
requirements, exposure to intense competition in the coal trading
segment, and the susceptibility of its operating margin to
volatility in forex rates. The ratings also factor in YIIPL's
below-average financial risk profile marked by high total outside
liabilities to tangible net worth ratio. These rating weaknesses
are partially offset by the benefits that YIIPL derives from
healthy demand for non-coking coal in the domestic market and its
promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that YIIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up operations while improving its working capital
management and profitability, resulting in improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if regulatory changes disrupt supplies from Indonesia,
or in case of unexpected slowdown in demand for imported coal, or
decline in operating margin, adversely impacting YIIPL's
liquidity.

YIIPL, set up in 2008, trades in non-coking coal. Its day-to-day
operations are managed by its general manager, Mr. Mohammed
Rafeek.

YIIPL provisionally reported a profit after tax (PAT) of INR11
million on net sales of INR1.6 billion for 2013-14, against a PAT
of INR1.6 million on net sales of INR495 million for 2010-11.



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


PROFESIONAL TELEKOMUNIKASI: Moody's Affirms 'Ba2' CFR
-----------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating for PT Profesional Telekomunikasi Indonesia.  The outlook
on the rating is stable.

Ratings Rationale

"Protelindo's improved business scale and credit profile positions
it strongly in the Ba2 rating category. The company's gross
leverage (based on last twelve months EBITDA) improved to 3.2x for
LTM June 2014 from 4.4x as of December 2012. However, leverage
will likely remain within the rating range of 3.5x-4.5x during the
next 12-36 months as the company takes on additional debt to
acquire telecommunications towers coming up for sale," says Nidhi
Dhruv, a Moody's Assistant Vice President and Analyst.

Nonetheless, leverage has reduced on a relative basis, on account
of earnings growth as Protelindo has expanded its portfolio of
telecom towers and crucially, improved its tenancy ratio through
collocations. Given the nature of the tower business and
propensity of tower companies to lever up, Moody's expect
Protelindo to maintain its debt near current levels and to pay out
excess free cash flows as shareholder returns, rather than to
reduce debt. The company had gross debt of IDR9.53 trillion as of
June 2014.

"Protelindo's Ba2 rating now has flexibility to accommodate
additional debt of IDR10-11 trillion ($0.9-1.0 billion) to acquire
up to 6,500 towers in 2014/2015, and still keep adjusted debt-to-
EBITDA below 4.5x and interest coverage (as measured by funds from
operations (FFO) + interest)/interest) above 2.5x over the next
two to three years. These ratios are Moody's triggers for a
ratings downgrade," adds Dhruv, who is also Moody's Lead Analyst
for Protelindo.

However, substantially debt funded acquisitions of more than 7,500
towers over the next two years, or an acquisition price beyond
Moody's paramenters could weaken its credit metrics beyond Moody's
tolerance for the rating. Moody's could therefore be likely to
consider a negative rating action, although realistically Moody's
don't expect the company to take on this much additional debt.

Protelindo's share of revenue generated from the largest mobile
operators in Indonesia -- Telekomunikasi Indonesia (Baa1 stable),
Telekomunikasi Selular (Baa1 stable), Indosat Tbk (Ba1 stable) and
XL Axiata Tbk (Ba1 stable) -- together the 'Big 4' has increased
to about 45% as of June 2014, from 35% in December 2012.

"Going forward, the share from the largest telecom operartors
should rise as these operators continue to invest in their
networks and the ramp-up rate suggests that majority of the new
builds and collocation agreements are now being signed with the
Big 4", adds Dhruv.

Moody's also considers that Protelindo's high customer
concentration and exposure to PT Hutchison 3 Indonesia ("H3I",
unrated) may limit upward rating direction, but does not present a
material near-term negative risk, especially given the long-term
nature of the contracts.

The rating continues to benefit from Protelindo's strong market
position as one of the two leading independent tower companies in
Indonesia founded on a business model which has a high degree of
revenue transparency and predictability. At the same time, the
rating reflects the relatively limited history of tenancy renewals
in Indonesia, and the limited scale of the business.

Concerns also exist regarding emerging market risk and
particularly any changes to the regulatory and political
environment in Indonesia as well as potential for the dynamics of
the tower industry to change as large telecommunications operators
strategically review options for their sizeable tower portfolios.

The outlook on the ratings is stable on the expectation that
Protelindo's financials will remain strong as it continues to
expand and deleverage and that the regulatory environment remains
relatively benign.

In the absence of further material acquisitions, Protelindo will
continue to grow organically through new builds and collocations
as well as make small 'business as usual' acquisitions, which will
keep leverage within a 2.5-3.5x range over the next 12-24 months.
Leverage of below 3.0-3.5x on a consistent basis would lead to
upward rating pressure. However, in Moody's opinion, this is
unlikely in the near-term as Moody's expect Protelindo to maintain
a strong acquisition appetite.

Over the medium term, the rating may experience upward pressure
should Protelindo improve its fundamental credit profile; in
particular, Moody's would like to see adjusted debt/EBITDA fall
and remain below 3.0-3.5x on a consistent basis and for interest
cover, as measured by (FFO + interest)/interest, to rise above
4.0x.

Downward pressure is unlikely but could arise should competition
intensify, such that Protelindo cannot meet its business plan.
Such pressures would be evidenced by adjusted debt/EBITDA rising
above 4.5x and (FFO + interest)/interest falling below 2.5x.

In addition, Moody's expectation is for Protelindo's tenancy mix
to improve with greater revenue contribution coming from the Big 4
operators. Changes contrary to this expectation would be viewed
negatively.

The principal methodology used in this rating was the Global
Communications Infrastructure Rating Methodology published in June
2011.

Founded in 2003, Protelindo is one of two leading independent
tower companies in Indonesia with 10,799 telecommunication sites
serving 19,991 tenants as of 30 June 2014. It essentially leases
space on its communications towers to cellular telecommunications
operators on long-term contracts.

Protelindo is wholly owned by Sarana Menara Nusantara ("SMN"),
which is listed on the Indonesian Stock Exchange. Currently, 32.7%
of SMN is owned by the Hartono family, and Protelindo's
management, sponsors and advisors hold a significant stake in the
company.


TOWER BERSAMA: Moody's Affirms Ba2 CFR; Outlook Revised to Neg.
---------------------------------------------------------------
Moody's Investors Service has changed the rating outlook for Tower
Bersama Infrastructure Tbk (TBI) and TBG Global Pte. Ltd. to
negative from stable.

Concurrently, Moody's affirmed TBI's Ba2 corporate family rating
(CFR) and the Ba3 ratings on the US$300 million senior unsecured
notes of TBG Global Pte. Ltd., a wholly-owned subsidiary of TBI.
The notes are unconditionally and irrevocably guaranteed by TBI.

Ratings Rationale

"The negative outlook reflects our expectation that in the absence
of significant recapitalization, or a substantial uptick in
EBITDA, TBI's adjusted gross leverage will remain above 4.0x-4.5x
(based on a last twelve months historic EBITDA), through at least
first half of 2016, which is higher than Moody's expect for the
Ba2 rating level," says Nidhi Dhruv, a Moody's Assistant Vice
President and Analyst.

TBI's leverage surged to 6.3x following its largely debt-funded
acquisition of 2,500 towers in 2012 from Indosat Tbk (P.T.) (Ba1
stable), and deleveraging has been slower than Moody's expected
mainly due to lower collocation tenancy growth.

Acquisitions have been central to TBI's growth strategy and
Moody's expect the company to remain acquisitive over the next 2-3
years as the leading Indonesian telcos sell their tower assets.

"Additional acquisitions would make TBI the largest independent
tower operator in Indonesia by a significant margin -- but a
substantially debt-funded acquisition would further strain the
company's credit profile and, as a result, lead to a ratings
downgrade," adds Dhruv, also Moody's Lead Analyst for TBI.

The senior unsecured notes are rated one-notch lower than the CFR,
reflecting legal and structural subordination of bond holders at
the holding company level. Tower Bersama Group has approximately
70% secured debt in its debt structure, and the ratio of secured
debt to total assets is also high at around 50%.

"Although these priority debt ratios have been running higher than
Moody's tolerance levels, it is our expectation that TBI's
management will bring the ratio of secured debt/total assets
within the range of 30-35% within the next 12 months, failing
which there could be potential for widening the gap between the
CFR and senior unsecured bond rating," adds Dhruv.

TBI's CFR of Ba2 remains supported by its position as one of the
two leading independent telecommunications tower companies in
Indonesia founded on a business model which has a high degree of
revenue transparency and predictability. In addition, TBI
maintains a high quality cash flow stream given it's tenant base
substantially comprises Indonesia's largest telecommunications
operators, with Telekomunikasi Indonesia (P.T.) (Baa1 stable),
Telekomunikasi Selular (P.T.) (Baa1 stable), XL Axiata Tbk (P.T.)
(Ba1 stable) and Indosat collectively accounting for 82% of total
revenue for 1H 2014.

Given the negative outlook, a rating upgrade is unlikely in the
near term. However, the outlook could return to stable if TBI
improves its fundamental credit profile; in particular Moody's
would like to see adjusted debt/EBITDA fall below 4.5x, interest
cover as measured by (FFO + interest)/interest increase to a
minimum of 2.0-3.0x and RCF/debt to rise above 10-15% on a
consistent basis.

Further downward pressure on the CFR could arise should
competition intensify such that TBI cannot meet its business plan
objectives. Such pressures would be evidenced in adjusted
debt/EBITDA staying above 4.5x, (FFO + interest)/interest falling
below 2.0x, and RCF/debt remaining below 10% on a consistent
basis. Moody's will monitor these credit metrics closely and would
consider downgrading the rating if a deleveraging trend is not
evident within the next 6-9 months.

In addition, Moody's would be concerned should the proportion of
revenues contributed by its key customer group -- comprising
Telkom Indonesia, Telkomsel, Indosat and XL Axiata -- fall below
50-55%.

It is Moody's expectation that the company will bring down the
ratio of secured debt/total assets in the range of 30-35% within
the next 12 months, and for the ratio to continue declining
thereafter. Any developments contrary to this expectation could
lead to a downgrade of the senior unsecured bond rating by one-
notch.

TBI is the holding company of the TBG, one of the two leading
independent tower operators in Indonesia, with 11,266
telecommunication sites serving 18,028 tenants as of June 2014. It
leases space on its telecommunications towers to cellular
telecommunications operators on long-term contracts.



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


GK MLOX3: Fitch Affirms 'CCsf' Rating on JPY1.78BB Class D Notes
----------------------------------------------------------------
Fitch Ratings has affirmed GK MLOX3's class C and D notes due
June 2015. The transaction is a Japanese multi-borrower type CMBS
securitisation. The rating actions are as follows:

JPY1.13 billion* class C notes affirmed at 'BBsf''; Outlook Stable

JPY1.78 billion* class D notes affirmed at 'CCsf''; Recovery
Estimate 45%

*as of 3 September 2014

Key Rating Drivers

The affirmation of the class C notes reflects further principal
repayment of the underlying loan and Fitch's view that full
redemption of the notes is likely.

Since the previous rating action in September 2013, two of six
properties backing the remaining defaulted loan have been sold at
higher values than Fitch had expected. This contributed to further
repayment of the class C notes. Fitch believes the remaining
properties will be sold by the legal final maturity and expects
the associated sale proceeds to be sufficient to repay the class C
notes in full.

Fitch has revised downwards its property valuation for one out of
the four remaining collateral properties, reflecting the
collateral property's recent weaker-than-expected cash flow
performance. However, this has been offset by the repayment so
far.

The affirmation of the class D notes reflects Fitch's view that
principal loss remains probable for this class.

Rating Sensitivities

A significant further delay in workout activities, which could
push back the full redemption of the class C notes closer to their
legal final maturity, may result in negative rating action on the
notes.

The rating of the class D notes is sensitive to the sales values
of the remaining properties as well as any delay in the
disposition of remaining properties, with negative rating action
likely as legal final maturity approaches.

Fitch assigned ratings to this transaction in September 2007. The
transaction was initially a securitisation of five loans backed by
25 property trust beneficiary interests. It is currently backed by
one defaulted loan, which is in turn backed by four properties.



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


PORTO BELLO: Enters Into Voluntary Liquidation
----------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Porto Bello Bar
and Grill has entered voluntary liquidation.  The restaurant's 7
employees have been laid off, the report says.

Garry Whimp -- gwhimp@blr.co.nz -- of Rodgers Reidy was appointed
as liquidator of the company, according to dissolve.com.au.  Mr.
Whimp noted that the business owed NZ$80,000 to the Inland Revenue
Department and NZ$30,000 to trade creditors, the report relates.

It has been said that before liquidation there had been possible
buyers in queque, the report says. For the first liquidator's
report, values of the chattles and building were being obtained by
the liquidator, dissolve.com.au adds.


                             *********


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

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

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


                            *********


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

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

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

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

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



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