TCRAP_Public/140915.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 15, 2014, Vol. 17, No. 182


                            Headlines


A U S T R A L I A

MILLER DIAMONDS: Showcase Jewellers Buys Passion8 Brand
PROJECT SUNSHINE: Moody's Rates US$400MM Term Loan Facility (P)B2
PROJECT SUNSHINE: S&P Assigns 'B+' Rating to US$400MM Facility
SHOALHAVEN COMMERCIAL: Placed in Administration
TLC PRINT: Perfectly Bound Buys Firm Out of Administration

ULTIMATE CREATIVE: Goes into Administration


C H I N A

CHINA METALLURGICAL: 1H 2014 Results Supports Baa3 CFR
CITIC LTD: S&P Raises LT ICR From 'BB'; Outlook Stable
EVERGROWING BANK: Faces $650 Million Default From Shadow Banking
FUFENG GROUP: Fitch Affirms BB- IDR; Outlook Stable
LDK SOLAR: Files Schemes of Arrangement in Hong Kong

WEST CHINA CEMENT: Fitch Rates US$400MM Sr. Unsec. Notes at BB-


I N D I A
ANGRISH ALLOYS: ICRA Puts B Rating on INR5.44cr Unallocated Loan
ANSHUL STEELS: CRISIL Suspends B Rating on INR160MM Cash Credit
ANUGRAHA FASHION: CRISIL Suspends D Rating on INR318.6M Term Loan
AUTOCREATE WHEELS: ICRA Assigns B Rating to INR16.6cr LT FB Loan
BHARATH CEMENT: CRISIL Suspends B+ Rating on INR95MM Cash Credit

COIRFOAM (INDIA): ICRA Reaffirms B+ Rating on INR6cr LT FB Loan
DADA GANPATI: ICRA Revises Rating on INR16cr LT Loan From B+
DISHA INDUSTRIES: ICRA Suspends B Rating on INR44.83cr FB Limits
EXCELLENT POWER: ICRA Suspends B Rating on INR7.5cr FB Limits
GUPTAS GOLD: ICRA Assigns 'B+' Rating to INR7cr Fund Based Limits

HARIPACK POLYMERS: CRISIL Reaffirms B INR50M Cash Credit Rating
HRA PAPER: CRISIL Suspends 'D' Rating on INR160MM Term Loan
IMMENSE PACKAGING: ICRA Assigns B- Rating to INR4.25cr Term Loan
KG PIPES: CRISIL Suspends D Rating on INR100MM Cash Credit
M. P. INTERNATIONAL: ICRA Reaffirms B+ Rating on INR3cr FB Loan

MAHABIR POULTRY: CRISIL Suspends B Rating on INR32.8M Cash Credit
MALLIKARJUN AGRO: CRISIL Suspends B+ Rating on INR185.3MM Loan
MANJU SHREE: ICRA Reaffirms B+ Rating on INR4.90cr FB Loan
MARUDHAR FASHIONS: ICRA Ups Rating on INR7.69cr Term Loan to B+
MATA RANI: CRISIL Suspends D Rating on INR120MM Cash Credit

MERIDIAN EXTRUSIONS: ICRA Rates INR24cr Proposed Loan at 'B'
NAVEEN COTTON: CRISIL Suspends B- Rating on INR150MM Cash Credit
NEW PALSANA: ICRA Lowers Rating on INR49cr Term Loan to 'D'
PASHANKAR AUTO: CRISIL Suspends B+ Rating on INR160MM Cash Credit
POLYLON FABRICS: CRISIL Suspends B- Rating on INR250M Cash Credit

POWER CABLE: ICRA Suspends B Rating on INR7.5cr Fund Based Limits
RANK SILICON: ICRA Suspends B+ Rating on INR10cr Fund Based Loan
S&P STRUCTURALS: ICRA Assigns B+ Rating to INR2cr Cash Credit
SHRI BALAJI: ICRA Reaffirms B Rating on INR65cr Fund Based Limit
SK OVERSEAS: ICRA Assigns 'B' Rating to INR3.0cr Fund Based Loan

SP SUPERFINE: ICRA Upgrades Rating on INR82.12cr Term Loan to 'C'
SUKRUTA AGENCIES: CRISIL Suspends INR80M Overdraft Loan B+ Rating
TILE ITALIA: ICRA Suspends 'B' Rating on INR7cr Fund Based Loan
TRAVANCORE COCHIN: ICRA Rates INR20cr LT Fund Based Loan at 'B'
TRIVENI SMELTERS: ICRA Reaffirms B+ Rating on INR7.5cr Cash Loan

U.S. AGRAWAL: ICRA Reaffirms B Rating on INR6.5cr Cash Credit
VARDHMAN POLYTEX: ICRA Cuts Rating on INR464cr LT FB Loan to D
VENKATA NAGA: ICRA Reaffirms B+ Rating on INR9cr Cash Credit
VISHWANATH PAPER: ICRA Ups Rating on INR20cr FB Limits to B+
WARM FORGINGS: ICRA Reaffirms B- Rating on INR9.50cr Cash Credit

WITTY AUTO: ICRA Cuts Rating on INR5cr Term Loan to 'D'


N E W  Z E A L A N D

BULLET FREIGHT: Still Owes More Than NZ$18MM to Creditors


S O U T H  K O R E A

KB FINANCIAL: FSC to File Complaint With Prosecution vs. Head


S R I  L A N K A

NATIONAL SAVINGS BANK: Fitch Rates 2019 US$ Notes Issue BB-


                            - - - - -


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A U S T R A L I A
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MILLER DIAMONDS: Showcase Jewellers Buys Passion8 Brand
-------------------------------------------------------
Eloise Keating at SmartCompany reports that the flagship jewellery
brand of collapsed company Miller Diamonds has been snapped up by
retail group Showcase Jewellers.

Diamond wholesaler Miller Diamonds collapsed into administration
in July, after the company's main overseas diamond supplier called
in its debt. Prior to collapsing, Miller Diamonds was turning over
approximately AUD5 million, SmartCompany discloses.

SmartCompany, citing Jeweller Magazine, relates that retail group
Showcase Jewellers has purchased the intellectual property for the
Passion8 brand, which, under Miller Diamonds, included the
Passion8 range of diamonds and the Passion8 range of jewellery.

Miller Diamonds had been selling Passion8 diamonds since 2001 and
Passion8 jewellery since 2011.

Miller Diamonds administrator and managing partner of Jirsch
Sutherland Sule Arnautovic confirmed to SmartCompany that the
Passion8 brand has been sold to a third party, as well as "all
other assets of the company", but said he is unable to disclose
the purchasers or terms of the sales.

SmartCompany says Showcase Jewellers is a network of independent
jewellery retailers, which operates as a retail buying group. The
network was established in 1981 and according to the Showcase
website, has close to 200 members.

According to SmartCompany, George Proszkowiec, chairman of
Showcase operating company JIMACO, told Jeweller Magazine the
company decided to purchase the Passion8 brand because it was
already stocked by a large number of Showcase members.

But members of the jewellery industry have raised concerns about
why widely Passion8 products will be available, given the brand's
new home. While Showcase members stocked the brand, other non-
member retailers did too, SmartCompany relates.


PROJECT SUNSHINE: Moody's Rates US$400MM Term Loan Facility (P)B2
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2 senior
secured rating to Project Sunshine IV Pty Ltd's (Project Sunshine)
proposed US$400 million Term Loan Facility. The outlook on the
rating is stable.

Project Sunshine is the 100% owner of Sensis Pty Ltd (Sensis),
which is Australia's leading provider of telephone directory
services.

The proceeds of the issuance will be used to repay the $315
million Term Loan B issued by the company in February 2014 (which
was subsequently reduced to around $200 million from operating
cash flow), fund a distribution to the equity holders, and pay
related fees and expenses.

The assignment of definitive senior secured rating is subject to
review of final documentation and successful close of the
transaction.

Ratings Rationale

"The ratings primarily reflect the weak operating profile and
structural decline of the industry sector in which Sensis
operates, namely print and digital directories" says Saranga
Ranasinghe, Moody's Analyst.

"The ratings also incorporate the intensifying threat from digital
alternatives and other rapidly expanding information and social
networking sites. Moody's expect Sensis' customer base and revenue
to decline materially over the rating horizon, in-line with
current rates of decline or slightly faster" adds Ranasinghe.

The rating therefore incorporates a degree of uncertainty around
the pace of future decline in the industry. Should the acceptance
and usage of digital alternatives to print, take place at a faster
pace than anticipated, the value of the company could diminish
more quickly than Moody's base case.

Project Sunshine's ratings are balanced by a good financial
profile with low projected financial leverage and adequate levels
of free cash flow.

Notwithstanding the expected increase in debt following the
proposed issuance, Moody's expect the company's leverage as
measured by Debt/EBITDA to peak at around 1.2x - 1.4x in FY15
following transaction close, and Moody's anticipate that the
company should be able to maintain adequate credit metrics at its
rating level over the next 1-2 years with diminishing CAPEX
requirements and ability to pay down debt " adds Ranasinghe.

The ratings further recognize the adequate liquidity position
available to the company given the good cashflow generation
available over the term to maturity. As such the ratings
incorporate Moody's expectation for the company to have the
capacity to fund itself through internally generated cash flow and
available cash balances.

The outlook on the ratings is stable reflecting Moody's
expectation that the company will delever and maintain a good
financial profile in order to offset the risks associated with an
industry in decline.

What could change the rating - Up

Upward pressure on the rating is unlikely given the uncertainties
and risks associated with the structural decline of the industry
sector in which the company principally operates. Nevertheless,
the rating could be upgraded in due course in the event that it is
able to accelerate its revenue and earnings from digital services
on a sustained basis. Indicators that Moody's would look for
include digital earnings constituting more than 50% of total
earnings and EBIT margins improving to around 20%, also on a
sustained basis.

What could change the rating - Down

The rating could be downgraded in the event that the company's
revenue and earnings deteriorate faster than Moody's current
expectations, the company fails to de-lever as expected or fails
to generate positive free cash flow in any period.

The principal methodology used in this rating was Global
Publishing Industry published in December 2011.

Project Sunshine IV Pty Ltd is the 100% owner of Sensis Pty Ltd
(Sensis). Sensis is Australia's leading provider of telephone
directory services.


PROJECT SUNSHINE: S&P Assigns 'B+' Rating to US$400MM Facility
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned a
'B+' issue rating and recovery rating of '2' to Project Sunshine
IV Pty Ltd.'s proposed US$400 million, term loan B facility
(guaranteed by Project Sunshine III Pty Ltd. and each of its
wholly-owned subsidiaries).  The recovery rating reflects S&P's
view that lenders under the facility should receive a substantial
(70%-90%) level of recovery in the event of a default.

At the same time, S&P affirmed the long-term issuer credit rating
of 'B' on Project Sunshine III Pty Ltd.  The rating incorporates
S&P's assessment on Project Sunshine III and its subsidiaries,
which include Project Sunshine IV Pty Ltd. and Australian
directories publisher, Sensis Pty Ltd. (collectively Project
Sunshine group).  The outlook on the long-term rating remains
stable.

"The rating affirmation is based on our assessment that the group
remains exposed to the structurally declining print directories
market, and strong and growing competition in the online
directories market.  In addition, the group's ownership by a
private-equity company underpins our view that Project Sunshine
group has an "aggressive" financial profile," said Standard &
Poor's credit analyst Paul Draffin.

Given the structural challenges facing the company, S&P expects
the group to require ongoing cost restructuring over the next few
years to adapt to declining revenues.  Accordingly, the group
will, in S&P's view, be challenged to manage the execution risks
associated with this restructuring without accelerating the
structural revenue falls.  That said, the group has been making
good progress on its cost reduction program during the past few
months.  S&P's business risk assessment also assumes that the
group will apply the majority of free cash flow to debt reduction,
rather than investing in new revenue streams.

S&P's financial risk assessment of "aggressive" is based primarily
on its view of the group's financial sponsor owner, Platinum
Equity (Platinum), which owns 70% of Project Sunshine group.
Under S&P's financial policy criteria, it has assigned a score of
FS-5 (FS: financial sponsor).

Mr. Draffin added: "The stable outlook reflects our expectation
that Project Sunshine group will apply its strong free cash to
reduce debt under the 75% cash flow sweep mechanism of the term
loan and maintain adequate covenant headroom.  This is despite our
expectation of double-digit revenue declines over the next few
years."

A lowering of the long-term rating could occur if greater-than-
expected structural earnings erosion causes Project Sunshine
group's covenant headroom to fall below 15%, heightening liquidity
pressures on the group.  A downgrade could also occur if the
company's debt-to-EBITDA ratio is sustained above 2x, lengthening
the expected payback period of the debt facilities from internally
generated cash flow.

An upgrade is considered unlikely, but would be reliant on a
material strengthening of the group's business risk profile,
evidenced by earnings stabilization and growth, stable-to-growing
market shares in its digital businesses, and strengthening free
cash flow generation.


SHOALHAVEN COMMERCIAL: Placed in Administration
-----------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrators of Shoalhaven Commercial Printers Pty
Limited on Sept. 10, 2014.

A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants, Level 19, MLC Centre, 19-29 Martin
Place, in Sydney, on Sept. 22, 2014, at 11:00 a.m.


TLC PRINT: Perfectly Bound Buys Firm Out of Administration
----------------------------------------------------------
Nic White at ProPrint reports that the business and some assets of
stricken Sydney laminating company TLC Print Finishing has been
bought by nearby trade binder Perfectly Bound.

ProPrint says TLC had been on the market for almost six months and
said it was done in by the collapse of major client Focus Press in
April, leaving it more than AUD175,000 out of pocket.

With losses mounting, TLC ceased trading last month and was locked
out of its Silverwater facility by landlord Goodman Australia when
it could not pay the rent, ProPrint relates.

The company subsequently entered voluntary administration through
Cor Cordis on September 2, according to ProPrint.

ProPrint notes that the buyout by Perfectly Bound means trade
creditors may get some of their money back and employees will soon
be able to get their entitlements from a Fair Entitlement
Guarantee claim.


ULTIMATE CREATIVE: Goes into Administration
-------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Ultimate Creative
Agencies Pty Limited has entered voluntary administration with
Jirsch Sutherland's Roderick Sutherland and Daniel Civil being
appointed as administrators of the company on September 4.

A meeting with creditors is scheduled on September 16, the report
says.



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C H I N A
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CHINA METALLURGICAL: 1H 2014 Results Supports Baa3 CFR
------------------------------------------------------
Moody's Investors Service says that China Metallurgical Group
Corporation's (CMGC) improved 1H 2014 operating results continue
to support its Baa3 corporate family rating, and the Ba1 senior
unsecured bond rating for its guaranteed subsidiary, MCC Holding
(Hong Kong) Corporation Limited.

The ratings outlook remains stable.

Metallurgical Corporation of China Ltd (MCC, unrated), a key
subsidiary of CMGC, and which accounted for about 98% and about
97% of CMGC's total revenues and assets in 2013, announced that
its revenue grew 5.5% year-on-year to RMB96 billion in 1H 2014.

In addition, its adjusted EBITDA margin increased to 9.2% in 1H
2014 from 8.6% in 1H 2013.

"MCC's improved earnings were within Moody's expectations, and
were driven by the company's focus on profitable operations and
cost controls," says Chenyi Lu, a Moody's Vice President and
Senior Analyst.

Given MCC's improving profitability, Moody's expects CMGC's
adjusted EBITDA margin to improve to about 10% in 2014 from 9.7%
in 2013.

Moody's also expects CMGC's revenue to increase in the mid-single
digits in 2014, because of the robust growth in its non-
metallurgical infrastructure and real estate businesses.

MCC's adjusted debt grew slightly to RMB141 billion at end-June
2014 from RMB137 billion at end-2013. As a result, Moody's
estimates that CMGC's adjusted debt/EBITDA was at 7.3x for the 12
months ended 30 June 2014, which was similar to the 7.4x seen in
2013.

Given the expected improvement in earnings and debt reduction
stemming from asset sales, Moody's expects CMCG's adjusted
debt/EBITDA to fall to about 7.0x over the next 12-18 months. This
level of leverage is consistent with its baseline credit
assessment of ba3.

The principal methodology used in these ratings was Global
Construction Methodology published in November 2010. Other
methodologies used include the Government-Related Issuers:
Methodology Update published in July 2010.

China Metallurgical Group Corporation is engaged in the
engineering and construction, equipment manufacturing, property
development, and resources development businesses. Headquartered
in Beijing, it is a central state-owned enterprise and is wholly
owned by the State Council of China, and supervised by the State-
owned Assets Supervision and Administration Commission.


CITIC LTD: S&P Raises LT ICR From 'BB'; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB+' long-term
and 'A-2' short-term foreign-currency issuer credit ratings on
Chinese state-owned conglomerate CITIC Group Corp. and raised the
long-term issuer credit rating on CITIC Ltd. (formerly known as
CITIC Pacific Ltd.) to 'BBB+' from 'BB'.  The outlook on both
long-term ratings is stable.

S&P also affirmed its 'cnA+' long-term and 'cnA-1' short-term
Greater China regional scale ratings on CITIC Group and raised the
long-term Greater China regional scale rating on CITIC Ltd. to
'cnA+' from 'cnBB+'.  At the same time, S&P affirmed its 'BBB+'
issue rating and 'cnA+' Greater China regional scale rating on
CITIC Group's senior unsecured notes, and raised the rating on
CITIC Ltd.'s outstanding senior unsecured notes to 'BBB+' from
'BB'.  S&P also raised its long-term Greater China regional scale
rating on CITIC Ltd.'s notes to 'cnA+' from 'cnBB+'.

S&P removed all the ratings from CreditWatch.  On April 17, 2014,
the ratings on CITIC Group were placed on CreditWatch with
developing implications and those on CITIC Ltd. were placed on
CreditWatch with positive implications after the acquisition was
announced.  CITIC Pacific completed its reverse acquisition of
100% of CITIC Corp. from CITIC Group on Aug. 25, 2014.

The rating affirmation on CITIC Group reflects the conglomerate's
good business profile, its pressured but still adequate financial
profile, and S&P's opinion that there remains a "very high"
likelihood that the central government of the People's Republic of
China would provide timely and sufficient extraordinary support to
CITIC Group in the event of financial distress.

"On a stand-alone basis, the rating reflects CITIC Group's solid
market position in selected businesses, adequate liquidity, and
adequate though weakened profitability and capitalization," said
Standard & Poor's credit analyst Joseph Leung.  "The company's
high financial leverage at some of its key nonfinancial operations
and volatilities in the financial performances of its cyclical
businesses offset these strengths."

The rating affirmation also reflects S&P's view that the reverse
acquisition has an insignificant financial impact to the wider
group.  The group's cash position at the parent company level may
have a one-off boost from the cash portion of the consideration
that CITIC Ltd. raised through its share placement of Chinese
renminbi (RMB) 42.3 billion to public investors.  However, the
group may distribute the proceeds as special dividends.

"Even if the money is retained, its significance is diminished by
a hefty stock of combined debts at the holding company level of
CITIC Group, CITIC Ltd., and CITIC Corp., and possible further
borrowings in the next 12 months.  We estimate their combined
debts at the holding company level to be close to RMB160 billion
at the end of August 2014," Mr. Leung said.

"The rating upgrade on CITIC Ltd. to equal that on CITIC Group
reflects our view that their two credit profiles are
indistinguishable, given substantial overlap of their assets and
liabilities, management, and governance," said Standard & Poor's
credit analyst Mr. Jian Cheng.  CITIC Ltd. is now a 77.9%-owned
intermediate holding company under CITIC Group, representing 98%
of total assets of the wider group.  S&P treats CITIC Ltd. as a
"core" subsidiary of CITIC Group, in accordance with S&P's group
rating methodology.

S&P's ratings on CITIC Resources Holdings Ltd. (BB/Stable/--;
cnBBB-) and CITIC Securities Co. Ltd. (BBB+/Stable/A-2; cnA+/cnA-
1) were not affected by the completion of the transaction.  In
S&P's group status assessment, CITIC Resources Holdings remains a
"strategically important" subsidiary of CITIC Group.  S&P
continues to view CITIC Securities as an "insulated subsidiary" to
CITIC Group, in accordance with its group rating methodology.

The stable outlook on both ratings reflects S&P's view that CITIC
Group's adequate business profile could offset its pressured
financial profile and underpin the overall credit profile in the
next two years.  Specifically, S&P expects further improvement in
CITIC Group's risk management and added transparency going
forward.  That said, the group's rapid expansion amid China's
economic slowdown is hurting its financial metrics.  China's
manufacturing oversupply issue could also weigh on CITIC Group's
financial performance.  The outlook also reflects S&P's
expectation that the likelihood of extraordinary government
support will remain "very high."

S&P believes a rating upgrade is unlikely in the next two years.
It would necessitate broad-based improvement in the group's
financial metrics, including substantially strengthened
capitalization of its banking operations, significantly lower
leverage in its nonfinancial operations, and sustained asset
quality and earnings.

S&P may lower the ratings if: (1) the financial strength of
CITIC's banking arm weakens substantially, as denoted by a risk-
adjusted capital ratio for CITIC Bank below 5%; or (2)
significantly heightened credit losses leading to a weak risk
position assessment of the bank; or (3) the combined EBITDA
interest coverage ratio of CITIC Ltd. excluding the banking
business is below 2X.


EVERGROWING BANK: Faces $650 Million Default From Shadow Banking
----------------------------------------------------------------
Bloomberg News reports that a Chinese bank was saddled with
$650 million of defaults from an off-balance-sheet lending
arrangement that channeled money to one of its shareholders and an
affiliate, according to a state media report.

Evergrowing Bank Co. in Shandong province repaid CNY3.7 billion
($600 million) of principal and CNY300 million of interest on Aug.
29 as guarantor for the borrowing, the People's Daily said on its
website on September 12.

Bloomberg says intricate structures for some off-balance-sheet
lending by China's banks make it harder for investors to assess
risks to the financial system after an explosion in shadow
banking. In some cases, banks have channeled money to companies
through trusts or brokerages to bypass government limits on
lending and requirements relating to provisions and capital,
Bloomberg relates.

"The regulators have been cracking down on off-balance-sheet
lending and the latest credit data today show that that's having
an effect," the report quotes Julian Evans-Pritchard, China
economist for Capital Economics Ltd. in Singapore, as saying. He
cited central-bank data showing net repayments in August for trust
loans and bankers' acceptance bills, Bloomberg notes.

Bloomberg relates that the People's Daily said Evergrowing Bank
set up a "targeted asset-management plan" for shareholder Chengdu
Mind Investment Co. and its affiliate to borrow from the Bank of
Tianjin's Jinan branch and Tianjin Binhai Rural Commercial Bank
using brokerages, trusts and banks as intermediaries.
Evergrowing Bank acted as guarantor, agreeing to make repayment if
the borrowers defaulted, the report, as cited by Bloomberg, said.

United Overseas Bank Ltd., Southeast Asia's third-largest lender,
owned 14 percent of Evergrowing Bank as of Dec. 31, Bloomberg
discloses citing Evergrowing's annual report.

According to Bloomberg, the People's Daily said the repayment
obligation was the equivalent of 58 percent of Evergrowing Bank's
net income in 2013.  The People's Daily said Chengdu Mind
Investment holds 3.3 percent of the bank's shares, Bloomberg
relays.

In May, the Chinese government ordered limits on interbank
borrowing as part of checking growth in shadow banking, Bloomberg
notes.  A commercial bank should restrict such borrowing to less
than a third of its liabilities, while its lending to another
financial firm shouldn't exceed 50 percent of its Tier 1 capital,
regulators said then, notes the report.


FUFENG GROUP: Fitch Affirms BB- IDR; Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed China-based food and beverage company
Fufeng Group Limited's (Fufeng) Long-Term Issuer Default Rating
(IDR) and senior unsecured debt at 'BB-'.  The Outlook is Stable.
The affirmation reflects Fufeng's stabilising monosodium glutamate
(MSG) operation with a higher gross profit margin of 12.9% in 1H14
(9.8% in 1H13), faster deleveraging due to lower capex from 2014
and Fufeng's strong market position as the largest MSG and xanthan
gum manufacturer globally.  However the weakness of underlying
demand for MSG and further margin contraction in the Xanthan gum
segment due to new capacity coming on line will continue to
challenge Fufeng's sales and margin recovery in the next 12
months.

Key Rating Drivers

MSG Stabilising but Challenge Remains: With the overcapacity in
the MSG industry shrinking, gross profit margins in this segment
bottomed out in 1H13 and recovered to the low teens in 1H14.
Profitability was also helped by lower input costs in 1H14.
However, demand is still not strong enough to support a robust
recovery in MSG pricing. Prices in August 2014 reached
CNY6,800/tonne from CNY6,115/tonne in 2Q14 because the top MSG
producers, including Fufeng, coordinated to raise prices three
times since May 2014.

Xanthan Gum's Margin to Normalise: The xanthan gum segment's
strong performance till 1H14 was mainly due to higher sales
stemming from capacity expansion and wider margins as demand
surpassed supply. As new supply comes into the market, Fitch
expects gross profit margin to normalise to below 40% in 2015
(1H14: 55.6%).

Lower Capex Drives Faster Deleveraging: Fufeng has significantly
reduced its capex from 2014 and has indicated it does not plan
further investments and acquisitions in the MSG and xanthan gum
segments under current conditions. With the MSG segment
stabilising and capex cut, Fitch expects Fufeng to start
generating positive free cash flow (FCF) from 2014 and its FFO
adjusted net leverage to fall below 2.0x by 2016 from 2.53x in
2013.

Strong Market Position: Fufeng's integrated facilities and close
proximity to raw materials (corn kernels and coal) give it cost
advantages. It reaps economies of scale from its large capacity;
it is the largest MSG and xanthan gum producer in the world in
terms of capacity. Its low cost structure would make it resilient
when selling prices drop due to market consolidation.

No Immediate Liquidity Concern: Fufeng's has unrestricted cash of
CNY824m (USD134m) and unutilised bank facilities of CNY1bn at end-
June 2014, which is more than enough to cover its capex of CNY100m
and repayment of some short-term borrowings in 2H14. Fitch expects
Fufeng to be able to roll over the majority of its CNY1.54bn
onshore short-term borrowings.

Rating Sensitivities

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

- EBITDA margin sustained below 10% (1H14: 16%)
- FFO-adjusted net leverage above 3.0x on a sustained basis
- Weakening liquidity profile
- Loss of market leadership in the MSG business

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

- FFO-adjusted net leverage below 2.0x on a sustained basis
- EBITDA margin sustained above 15%
- Sustained free cash flow generation
- Evidence of pricing power in the MSG business


LDK SOLAR: Files Schemes of Arrangement in Hong Kong
----------------------------------------------------
LDK Solar Co., Ltd., in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, announced that, subsequent to the
filing on Aug. 29, 2014, by the Company and its subsidiary, LDK
Silicon & Chemical Technology Co., Ltd., of the petition to
commence their restructuring proceedings in the Grand Court of the
Cayman Islands, the Company, LDK Silicon and LDK Silicon Holding
Co., Limited have each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.  The Company is awaiting confirmation of the date of the
first hearing before the Hong Kong Court.  At that hearing, the
Company, LDK Silicon, LDK Silicon Holding and the JPLs will seek
orders to convene meetings of the scheme creditors of the Company,
LDK Silicon and LDK Silicon Holding on or around Oct. 17, 2014,
Hong Kong time, to consider and approve their respective Hong Kong
schemes of arrangement.  Similarly, the Company, LDK Silicon and
the JPLs will seek orders to convene meetings of the scheme
creditors of the Company and LDK Silicon on or around Oct. 16,
2014, Cayman Islands time, to consider and approve their
respective Cayman Islands schemes of arrangement.

On Sept. 5, 2014, the Company and LDK Silicon filed evidence in
support of their application to the Cayman Court for orders
convening meetings of their scheme creditors, including the
proposed Explanatory Statement relating to the Cayman and Hong
Kong schemes of arrangement.  The Company also submitted a
periodic report on Form 6-K to the U.S. Securities and Exchange
Commission on Sept. 8, 2014, containing such Explanatory
Statement.

In addition, as a result of the resignation by Mr. Xiaofeng Peng,
former Chairman of the Company, on Aug. 29, 2014, Mr. Xingxue
Tong, current president and chief executive officer of the
Company, has since assumed the Interim Chairman position during
the transition period before a permanent Chairman is identified
and appointed.  To enhance the corporate governance of the Company
during this interim period, the Board of Directors of the Company,
with the consent of the JPLs, has established an interim executive
committee, effective Sept. 4, 2014, to supervise and support the
work of the Interim Chairman during the provisional liquidation of
the Company and to be responsible and to report to the Board,
subject to the authority of the JPLs as sanctioned by the Cayman
Court.  The Board also approved, with the consent of the JPLs,
that the Executive Committee be composed of three existing members
of the Board: (1) Mr. Zhibin Liu (director of Heng Rui Xin Energy
(HK) Co., Limited, a major shareholder of the Company and an
affiliate of the Xinyu City government), (2) Mr. Xingxue Tong
(current president and chief executive officer of the Company),
and (3) Mr. Shi Chen (member of the Board nominated by Fulai
Investments Limited, a major shareholder of the Company).  The
Executive Committee is headed by Mr. Zhibin Liu and is subject to
dissolution by the Board when a permanent Chairman of the Board
has been identified and appointed.

A copy of the proposed Explanatory Statement is available for free
at http://is.gd/7KPRhG

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar Co disclosed a net loss of $1.05 billion on $862.88
million of net sales for the year ended Dec. 31, 2012, as compared
with a net loss of $608.95 million on $2.15 billion of net sales
for the year ended Dec. 31, 2011.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.


WEST CHINA CEMENT: Fitch Rates US$400MM Sr. Unsec. Notes at BB-
---------------------------------------------------------------
Fitch Ratings has assigned West China Cement Limited's (WCC; BB-
/Negative) USD400 million 6.5% senior unsecured notes due 2019 a
final rating of 'BB-'. The notes are issued by WCC and guaranteed
by WCC's existing subsidiaries other than those organised under
the laws of China.

This final rating follows the receipt of documents conforming to
information already received and is in line with the expected
rating assigned on 28 August 2014.

Key Rating Drivers

Refinancing Drives Outlook Revision: WCC has USD400m (CNY2.47bn)
of senior notes due January 2016 and CNY800m of onshore medium-
term notes (MTN) due March 2016 that remain outstanding. The
company intends to use the proceeds of the proposed notes to
partly refinance the US dollar notes, which may be redeemed at
101.875% of the principal amount on or after January 25, 2015, or
at 103.75% before that. In addition, WCC has another CNY800m of
MTN that it can issue before March 2015 from its CNY1.6bn MTN
programme that may be used for refinancing purposes.

The Negative Outlook on WCC is driven by the refinancing risk the
company faces for its outstanding debt. This will be resolved once
WCC successfully refinances a majority of the debt due in 2016,
and the Outlook may be revised back to Stable, if the company
maintains its leverage ratio below 3.0x on a sustained basis.

1H14 Performance in Line: WCC's 1H14 average sales price (ASP)
recovered slightly to CNY239/ton from CNY233/ton in 1H13, and
drove gross profit up to CNY51/ton in 1H14 from CNY43/ton in 1H13.
This has offset the slight drop of cement sales volume (7.98m
tonnes in 1H14 from 8.16m tonnes in 1H13), and supports the
company's steady cash flow generation. We expect WCC's financial
leverage (measured by funds from operations (FFO) adjusted net
leverage) to decrease in 2014 from 3.0x at end-2013.

WCC's total borrowings at 30 June 2014 was CNY4.058bn (end-2013:
CNY4.03bn), while gross margin was 19.3% for 1H14 (1H13: 17.6%).
The steady profitability was underpinned by the steady ASP and a
6% drop in the price of thermal coal, which accounted for a major
part of production cost.

Steady Cash Flow Generation: WCC's steady cash flow generation is
supported by stable demand for cement in Shaanxi, its core market,
and the company's addition of annual capacity of 3.3m tonnes in
Xinjiang and Guizhou, which will start operating in 2H14. Solid
cement demand in Shaanxi province is supported by existing and new
infrastructure construction projects for railways, water
conservation and highways. This has offset the lower demand from
housing construction activities during 1H14.

Liquidity Not a Concern: At 30 June 2014, WCC had short-term
borrowings of CNY744m and unrestricted cash of CNY615m. Fitch does
not see liquidity as a concern for WCC, not only because of its
cash and available bank facilities at hand, but also because its
fixed assets may be used as collateral for further borrowing.

Rating Sensitivities

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

- Free cash flow (after acquisitions) turns negative
- FFO adjusted net leverage rising above 3.0x on a sustained basis
- Losing its dominant market position in southern Shaanxi province
- Failure to secure refinancing for the 2016 debt repayment before
maturity

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

- Successfully refinancing the majority of debt due in 2016
- FFO adjusted net leverage remains below 3.0x on a sustained
basis



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


ANGRISH ALLOYS: ICRA Puts B Rating on INR5.44cr Unallocated Loan
----------------------------------------------------------------
ICRA has assigned long term rating of [ICRA]B to the INR10.00
crores fund based limits and shot term rating of [ICRA]A4 to the
INR1.00 crore non fund based limits (sub-limit within overall CC
limit of INR4.00 crore) of Angrish Alloys and Steel Private
Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund-Based Limits     4.00       [ICRA]B assigned
   Cash Credit

   Term Loan             0.56       [ICRA]B assigned

   Unallocated           5.44       [ICRA]B assigned

   Non Fund-Based        1.00       [ICRA]A4 assigned
   Limits FLC

The assigned rating takes into account the small scale operations
of the business and the highly competitive nature of the business
which has resulted in weak profitability in the past. The rating
is also constrained by below average coverage indicators, high
gearing levels and stretched liquidity position as evidenced by
almost full utilisation of bank limits in the past. However the
rating derives comfort from the long working experience of the
promoters combined with healthy growth in the operating income in
the past.

Angrish Alloys and Steel Private Limited was incorporated in the
year 1995 and is engaged in the manufacturing of castings of cast
iron and the outer body of sewing machine and its parts. The
company is promoted by Mr. Gulshan Angrish and Mr. Sandeep
Angrish. The manufacturing facility of the company is located in
village Ramgarh, Ludhiana in the state of Punjab with an installed
capacity of 5500MT per annum.

Recent Results
In 2012-13 AASPL reported a net profit of INR0.10 crores on an
operating income of INR19.92 crores against a net profit of
INR0.10 crores on an operating income of INR17.47 crores in 2011-
2012.


ANSHUL STEELS: CRISIL Suspends B Rating on INR160MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Anshul
Steels Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         10         CRISIL A4 Suspended
   Cash Credit           160         CRISIL B/Stable Suspended
   Letter of Credit      100         CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility     46         CRISIL B/Stable Suspended
   Term Loan              53         CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by ASL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ASL is yet to
provide adequate information to enable CRISIL to assess ASL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in 2005, ASL is a closely held public limited
company, engaged in manufacturing of sponge-iron and mild steel
(MS) ingots. The Goa-based Mangal family acquired the entire stake
in the company from the initial promoters in 2011-12.

The Mangal family has been associated with the steel business for
more than a decade, through Mangal Iron Pvt Ltd, based in Goa. Mr.
Kushal Mangal and Mr. Anand Mangal, the two brothers, along with
Mr. Rajiv Jain, a close business associate, look after the overall
operations of the company.


ANUGRAHA FASHION: CRISIL Suspends D Rating on INR318.6M Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Anugraha Fashion Mill Pvt Ltd.

                             Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Cash Credit                 33        CRISIL D Suspended
   Foreign Bill Purchase      100        CRISIL D Suspended
   Long Term Loan             318.6      CRISIL D Suspended
   Packing Credit             175        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
AFMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AFMPL is yet to
provide adequate information to enable CRISIL to assess AFMPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Set up as a partnership firm (Fab-N-Fabrics) in 1988, AFMPL was
reconstituted as a private limited company in October 2008. AFMPL,
based in Tirupur (Tamil Nadu), manufactures and exports knitted
garments. The company has vertically-integrated operations, with
all processes, including spinning, knitting, processing, and
garmenting being undertaken in-house.


AUTOCREATE WHEELS: ICRA Assigns B Rating to INR16.6cr LT FB Loan
----------------------------------------------------------------
An [ICRA]B rating has been assigned to the INR16.60 crore long
term fund based facilities of Autocreate Wheels Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term fund        16.60       [ICRA]B assigned
   based facilities

The assigned ratings favourably take into account the experience
of the promoters in the automobile industry and the healthy
relations formed with the automobile manufacturers. The authorised
dealership of Maruti Suzuki India Limited further strengthens the
ratings. However, the company's operations are currently in the
nascent stage with modest revenue turnover. Further, the financial
profile is characterised by high debt and negative networth,
resulting in a stress capital structure and stretched coverage
indicators. The operating margins of the company remain
constrained, as inherent in the auto dealer industry. The company
is also susceptible to economic slowdown in the passenger vehicle
market and overall performance of MSIL. The company ability to
scale up revenues will remain a key rating sensitivity in the
future.

The promoters, Mr. Gurinder Singh Arora and his wife Mrs.
Tarvinder Kaur Arora, founded the flagship company Autocreates
(India) Pvt Ltd in 1991. The company was primarily engaged in the
business of car financing and accessories. Further the company
expanded its operations to end to end services for export
logistics to Tata Motors, and currently has two authorised
workshops for handling export and domestic vehicles in Panvel.
In February 2011, the promoters founded Autocreate Wheels Pvt Ltd
(AWPL), wholly owned by the promoters, as an authorised dealer of
Maruti Suzuki India Limited (MSIL). The company deals in sale of
new cars, repair and servicing of cars, sale of spare parts and
accessories, and buying-refurbishing and sale of old cars. The
company has its showroom, located in Andheri East, Mumbai.

Recent Results
For the twelve months ending March 31, 2014, AWPL reported a net
loss of INR2.5 crore (provisional) on revenues of INR49.4 crore
(provisional) as against a net loss of INR1.8 crore on revenues of
INR56.5 crore for the twelve months ending March 31, 2013.


BHARATH CEMENT: CRISIL Suspends B+ Rating on INR95MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Bharath
Cement Products (RMC Division) (BCP-RMC; part of the Bharat
group).


                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit/           95         CRISIL B+/Stable (Suspended)
   Overdraft facility

   Proposed Long Term
   Bank Loan Facility      5         CRISIL B+/Stable (Suspended)

The suspension of ratings is on account of non-cooperation by BCP-
RMC with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BCP-RMC is yet
to provide adequate information to enable CRISIL to assess BCP-
RMC's ability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information. CRISIL considers information availability
risk as a key credit factor in its rating process and non-sharing
of information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

CRISIL has combined the business and financial risk profiles of
BCP-RMC, Bharat Blue Metal (BBM), Bharat Cement Products (BCP),
and BT Nagaraj Strong Crusher Works (BTN), together referred to as
the Bharat group. This is because all these entities have a common
management and strong business and financial linkages.

BCP-RMC was set up in August 2008 by Mr. B T Nagaraj. The firm
manufactures ready-mix concrete (RMC). BCP-RMC is a part of the
Bharat group, which comprises other proprietorship firms set up by
Mr. B T Nagaraj. These entities are primarily engaged in stone
crushing and manufacturing of hollow bricks.


COIRFOAM (INDIA): ICRA Reaffirms B+ Rating on INR6cr LT FB Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR6.00 crore long term fund based limits of Coirfoam (India) Pvt.
Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund        6.00         [ICRA]B+ (reaffirmed)
   Based Limits

The rating action takes into account the intensely competitive and
low value additive nature of the mattress mfg. industry which has
resulted in modest margins for the company in the past.
Furthermore, low profitability coupled with high working capital
requirements has resulted in high dependence of debt and moderate
debt coverage indicators for the company. Nevertheless, the rating
draws comfort from CIPL's experienced management, its long track
record in the mattresses industry in India, its extensive
distribution network and well-established brand image. Going
forward, the company's ability to maintain its profitability in an
intensely competitive industry and manage its working capital
cycle effectively would form the key rating drivers.

CIPL was constituted as a partnership firm in 1977 and was
converted into a private limited company in June 1978. The firm,
originally promoted by Agarwal family, was taken over by Mr.
Inderjeet Khurana and Mr. Sukhdeep Khurana in 1997. CIPL is
primarily involved in manufacturing of rubberised coir mattresses
and has an installed capacity of 2500 MTPA. In addition, the
company is also involved in trading of home products such as
pillows, cushions, spring mattresses, blanket, bed sheet towel
etc.

Recent Results
CIPL has reported a net profit (PAT) of INR0.28 crore on an
operating income of INR52.42 crore in FY 2012-13 as compared to
net profit (PAT) of INR0.71 crore on an operating income of
INR50.32 crore in FY 2011-12.


DADA GANPATI: ICRA Revises Rating on INR16cr LT Loan From B+
------------------------------------------------------------
ICRA has upgraded the rating assigned to the INR3.0 Crore term
loans and INR16.0 Crore long-term fund-based working capital
limits of Dada Ganpati Guar Products Private Limited from [ICRA]B+
to [ICRA]BB-. ICRA has also reaffirmed the rating assigned to the
INR1.0 Crore short-term non-fund based limits of DGGPPL at
[ICRA]A4. The outlook on the long-term rating is Stable.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund-Based limits-    16.0       Revised to [ICRA]BB- (Stable)
   Long Term scale                  from [ICRA]B+

   Term Loan-Long         3.0       Revised to [ICRA]BB- (Stable)
   Term scale                       from [ICRA]B+

   Non-Fund based         1.0       Reaffirmed at [ICRA]A4
   Limits-Short
   term scale

The rating upgrade reflects the healthy turnover by the company in
FY14 post commencement of production from March 2013. The rating
continue to be constrained by the high commodity price volatility
in guar gum which could result in pressure on margins in the event
of significant correction in prices; the low value addition; high
fragmentation and high competitive intensity in the guar split
manufacturing business resulting in thin profitability and high
agro-climatic risks related to guar seed production. The rating,
however, continues to favourably factors in the established track
record of the firm in the guar gum business; favourable demand
prospects for guar gum in the export market mainly for drilling
applications in the oil and gas industry and the locational
advantage of the company's manufacturing facility in terms of
proximity to the main guar seed growing region. The significant
fall in profits or high capital withdrawal adversely impacting
capital structure and debt protection metrics would be the key
rating sensitivities.

Dada Ganpati Guar Products Private Ltd was formed in 2012 as
private limited company. The company installed a plant in March
2013 for manufacturing of guar gum and by-products with guar gum
powder manufacturing capacity of 7500 Tonnes per annum. It is a
promoter family-driven entity, with its manufacturing plant
located in Sirsa, Haryana.


DISHA INDUSTRIES: ICRA Suspends B Rating on INR44.83cr FB Limits
----------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR44.83 crore
fund based limits of Disha Industries Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


EXCELLENT POWER: ICRA Suspends B Rating on INR7.5cr FB Limits
-------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR7.50 crore
fund based limits of Excellent Power Cable Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


GUPTAS GOLD: ICRA Assigns 'B+' Rating to INR7cr Fund Based Limits
-----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to INR7.00 crore
fund based limits of Guptas Gold House.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits     7.00         [ICRA]B+ assigned

The assigned rating is constrained by the small scale of
operations in the jewellery retailing business; weak financial
profile as reflected by low profitability, high gearing and modest
coverage indicators and working capital intensive nature of the
jewellery retailing business owing to high inventory requirement.
The rating is also constrained by susceptibility of profitability
to adverse movement in gold prices with no defined hedging policy
in place and highly fragmented nature of the industry with
increasing competition from organized retail players. The rating,
however takes into account the long experience of the promoter in
the jewellery retailing business; healthy growth in the operating
income in the last two years and favorable demand prospect for the
jewellery retail industry in India in medium term.

Going forward, the firm's ability to scale up revenues while
managing its working capital requirements are the key rating
sensitivities from credit perspective.

Established as a partnership firm in 1995, Guptas Gold house is
engaged in retail sale of gold, silver and diamond ornaments. Till
FY2013, the firm's store was located in Gandhi Road with a total
area of 300 sq ft and in FY2014, the firm moved to a new store
with a total area of 2500 sq ft in Ongole town. Mr. Raj Kumar is
the managing partner who looks after the day to day operations of
the firm.

Recent Results
The firm reported an operating income and profit of INR35.57 crore
and 0.40 crore respectively in FY2014 (unaudited and provisional)
as against an operating income and net profit of INR9.42 crore and
INR0.06 crore respectively in FY2013.


HARIPACK POLYMERS: CRISIL Reaffirms B INR50M Cash Credit Rating
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Haripack Polymers Pvt
Ltd (HPPL) continue to reflect HPPL's modest scale of operations
in the intensely competitive polymer products trading business,
customer concentration in its revenue profile, and its working-
capital-intensive operations.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            50         CRISIL B/Stable (Reaffirmed)
   Letter of Credit       20         CRISIL A4 (Reaffirmed)

The ratings also factor in the company's weak financial risk
profile, marked by a modest net worth, a high total outside
liabilities to tangible net worth ratio, and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of HPPL's promoters through group
entities.

Outlook: Stable

CRISIL believes that HPPL will continue to benefit over the medium
term from its promoters' extensive experience in the polymer
products industry. The outlook may be revised to 'Positive' if the
company registers a significant and sustained growth in its
revenue and margins, while it improves its capital structure.
Conversely, the outlook may be revised to 'Negative' if HPPL's
revenue and margins decline significantly, or if its working
capital cycle lengthens further, leading to further weakening of
its financial risk profile.

HPPL was set up in 2012 by Mr. Dilip Murarka and his family
members; it trades in polymer products such as polyvinyl chloride
(PVC). The company imports these products from manufacturers in
Saudi Arabia and Taiwan, and sells them to PVC pipes and plastics
manufacturers in India. Its registered office is at Nagpur
(Maharashtra). The Murarka family has been associated with the
polymer products industry for around a decade.


HRA PAPER: CRISIL Suspends 'D' Rating on INR160MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
HRA Paper Mills Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           75         CRISIL D Suspended
   Term Loan            160         CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by HRA
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HRA is yet to
provide adequate information to enable CRISIL to assess HRA's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

HRA was incorporated in 2008 and is engaged in the manufacturing
of WPP, newsprint paper and Kraft paper, with a capacity of 70
tonnes per day. The company's commercial production has started
from May 2012. HRA was initially promoted by Mr. Ashish Mittal
(42.5 per cent of equity) and Mr. Hiramani Aggarwal (57.5 per
cent); however, the entire shareholding is currently with Mr.
Ashish Mittal and his family. The day-to-day operations are
handled by Mr. Ashish Mittal.


IMMENSE PACKAGING: ICRA Assigns B- Rating to INR4.25cr Term Loan
----------------------------------------------------------------
ICRA has assigned [ICRA] B- rating to the INR4.25 crore term loan
and INR8 crore fund based limits of Immense Packaging Private
Limited. ICRA has also assigned [ICRA] B- rating to the INR4 crore
provisional long term limits of IPPL. ICRA has assigned ICRA A4 to
the INR3.75 crore short term non-fund based facilities of IPPL.

The ratings are constrained by the company's small scale of
operations, its low net profit margins, its modest debt protection
metrics and stretched liquidity owing to delays in collection of
receivables. The ratings also takes into account intensely
competitive business environment and the risk associated with
volatility in revenues in the tender driven business. ICRA however
notes that the stringent prequalification norms set by state co-
operative dairies limits the competition from new players to an
extent and that the inclusion of price variation clauses in the
tender contracts for PE film largely mitigates the raw material
price risks. The ratings also favorably factor in the stable
demand for PE film from the dairy industry, successful track
record of the promoters in the PE film packaging business and the
company's pre-qualification status with major state milk
cooperative societies.

Immense Packaging Private Limited (IPPL) was acquired in April
2007 by Mumbai based Mrs Lata Kela & her family members for
setting up polyethylene film manufacturing facilities. The
promoters have been in the flexi packaging business for the last
two decades through their group entities and have developed
relationships with several co-operative dairies based in Western,
Northern and Southern India. The company set up its production
unit at Tiruvallur, Tamil Nadu for manufacturing of multilayer
polyethylene (PE) film used in liquid milk packaging. The annual
production capacity is around 2400 TPA and it primarily caters to
the demand of Tamil Nadu (TN) based state co-operative milk
dairies. Prior to setting up the production unit at Tiruvallur, PE
films were supplied from the promoters' other unit at Daman, which
was closed post implementation of unit in TN. The benefits offered
to local units in terms of 10% price preference, non-applicability
of central sales tax and savings in freight cost were the key
drivers for setting up the unit in TN.

Recent Results
During the period 2013-14, the company reported profit after tax
of INR0.7 crore on a turnover of INR19.8 crore.


KG PIPES: CRISIL Suspends D Rating on INR100MM Cash Credit
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
KG Pipes Pvt Ltd.

                            Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Bank Guarantee             10         CRISIL D Suspended
   Cash Credit               100         CRISIL D Suspended
   Letter of Credit           20         CRISIL D Suspended
   Standby Line of Credit     15         CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by KGPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KGPL is yet to
provide adequate information to enable CRISIL to assess KGPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

KGPL, established in 2005, trades in galvanised pipes, seamless
pipes, and hot-rolled coils and sheets. The company's overall
operations are managed by Mr. Pradip Kumar Singhal and Mr. Krishna
Gupta.


M. P. INTERNATIONAL: ICRA Reaffirms B+ Rating on INR3cr FB Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR3.00 crore
(enhanced from INR1.50 crore) long-term fund based bank facility
of M. P. International Private Limited. ICRA has also reaffirmed
the [ICRA]A4 rating to the INR5.00 crore (enhanced from INR4.00
crore) short-term fund based bank facility of the company. Ratings
of [ICRA]B+ and/or [ICRA]A4 have been reaffirmed for the INR2.00
crore (reduced from INR4.00 crore) unallocated bank facilities of
the company.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term fund         3.00       [ICRA]B+ Reaffirmed
   based limits

   Short-term fund        5.00       [ICRA]A4 Reaffirmed
   based limits

   Unallocated limits     2.00       [ICRA]B+ and/or [ICRA]A4
                                     Reaffirmed

The reaffirmed ratings continue to remain constrained by M. P.
International Private Limited's weak financial profile
characterized by highly leveraged capital structure and
consequently weak coverage indicators and nominal accruals. The
ratings are also affected by the small scale operations of the
company which prevents scale economies and high capital intensity
of its operations, on account of stretched receivables, which
adversely impacts liquidity profile. The ratings also factor in
the susceptibility of the company's margins to volatility in
foreign exchange rates in the absence of a formal hedging
mechanism and also the intensely competitive nature of the
bearings industry limiting pricing flexibility.

The ratings, however, favourably factor in MPIPL's promoters'
established experience in the ball bearings industry and the
sustained growth in its turnover supported by stable demand and
attributed to the wide usage of the ball bearings.

Established in 1986, MPIPL is a closely held company engaged in
the trading of ball bearings. The company imports as well as
locally procures the bearings and supplies them in the domestic
market.

MPIPL has its registered office in Masjid, Mumbai.

Recent Results
For the year ended 31st March 2014, MPIPL recorded a net profit of
INR0.18 crore on an operating income of INR24.26 crore as per its
audited financials.


MAHABIR POULTRY: CRISIL Suspends B Rating on INR32.8M Cash Credit
-----------------------------------------------------------------
RISIL has suspended its ratings on the bank facilities of Mahabir
Poultry & Breeding Farm (MPBF).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           32.8       CRISIL B/Stable Suspended
   Proposed Long Term    27.2       CRISIL B/Stable Suspended
   Bank Loan Facility
   Term Loan             25.2       CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by MPBF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MPBF is yet to
provide adequate information to enable CRISIL to assess MPBF's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Established in 1995 by Mr. Balbir Singh, MPBF is a proprietorship
firm engaged in the poultry farming business ' in the hatchery and
commercial layer chicks segment. The firm is based in Karnal
(Haryana) and has parent bird capacity of 70,000 in the hatchery
division and layer chick capacity of 75,000. Under the hatchery
division, the firm sells day-old-chicks (DOC) to broiler farms,
and under the layer chicks division, it sells eggs through
dealers.


MALLIKARJUN AGRO: CRISIL Suspends B+ Rating on INR185.3MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mallikarjun Agro Plants & Industries Private Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           110         CRISIL B+/Stable Suspended
   Long Term Loan        185.3       CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by
Mallikarjun with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL,
Mallikarjun is yet to provide adequate information to enable
CRISIL to assess Mallikarjun's ability to service its debt. The
suspension reflects CRISIL's inability to maintain a valid rating
in the absence of adequate information. CRISIL considers
information availability risk as a key credit factor in its rating
process and non-sharing of information as a first signal of
possible credit distress, as outlined in its criteria 'Information
Availability Risk in Credit Ratings'.

Mallikarjun was established in July 2008 by Mr. Gurupada Sinha and
his son Mr. Gautam Sinha. The company has integrated manufacturing
facilities for a rice mill, solvent extraction plant and a power
generation plant. The facilities are located in Paschim Midnapore,
West Bengal.


MANJU SHREE: ICRA Reaffirms B+ Rating on INR4.90cr FB Loan
----------------------------------------------------------
ICRA has reaffirmed long term rating assigned to the INR8.12 crore
fund based limits of Manju Shree Syntex Private Limited at
[ICRA]B+. Further ICRA has also reaffirmed the short term rating
assigned to the INR0.75 crore non fund based limits of MSPL at
[ICRA]A4.

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Fund based limits        4.90      [ICRA]B+ (reaffirmed)
   Term loans               3.22      [ICRA]B+ stable(reaffirmed)
   Non fund based limits    0.75      [ICRA]A4 (reaffirmed)

The ratings reaffirmation favourably factors in MSPL's improved
capital structure (Gearing reduced from 2.17x as on 31st March,
2013 to 1.71x as on 31st March, 2014) on account of equity
infusion in FY14 and ongoing term loan repayments. The ratings
continue to draw comfort from the extensive experience of the
promoters in the textile industry, the favourable location of the
weaving facilities lending easy accessibility to raw materials and
processing houses.

The ratings are however constrained by the slowdown in MSPL's
revenue growth pursuant to sale of looms in Q1 FY14 as well as the
decline in its profitability and return indicators given the
increased dependence on outsourcing. The ratings also take into
account the increased working capital intensity (NWC/OI rise from
36% in FY13 to 40% in FY14) owing to reduced credit period being
availed from suppliers which has led to increased reliance on
working capital borrowings. This apart, the ratings continue to
factor in intense competition within the fragmented synthetic
fabrics industry which limits the pricing power of the
participants.

ICRA notes that the company has deferred its capex plans to FY16
nevertheless the impact of such capex on MSPL's financial profile
will be a rating sensitive factor. Going forward, MSPL's ability
to improve its operating scale, revive profitability and
efficiently manage its working capital cycle will be the key
rating sensitivities.

Recent results
As per the audited figures provided by the company, in FY 2014 the
company earned an operating income of INR22.2 crore and an OPBDIT
of INR2.0 crore translating to an operating margin of 8.9%. The
company's net profit in FY14 stood at INR0.2 crore leading to a
net margin of 0.7%. As of March 31st 2014, the company had a net
worth of INR5.3 crore.

Incorporated in 2005 as a private limited company, Manju Shree
Syntex Pvt. Ltd. is engaged in manufacturing of grey and finished
fabric for suiting at its unit in Bhilwara for direct sales under
its brand name "Spectrum" and "Da Vinchi" as well as on job-work
basis for its clients. The company started its operations in 2007
by installing 20 Dornier looms. Thereafter, in 2009, the company
installed 8 Sulzer double width looms while another 21 Sulzer
looms (16 double width and 5 single width) were added in February
2012. In April 2013, the company sold off its 20 Dornier looms and
at present it is operating with 29 Sulzer looms (5-single width
and 24-double width).


MARUDHAR FASHIONS: ICRA Ups Rating on INR7.69cr Term Loan to B+
---------------------------------------------------------------
ICRA has upgraded the long term rating from [ICRA]B to [ICRA]B+
and has reaffirmed the short term rating of [ICRA]A4 to the term
loans, post shipment credit limits and untied limits aggregating
to INR21.08 crore of Marudhar Fashions.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Term        7.69        [ICRA]B+ upgraded
   Loan Limits

   Fund Based Post        10.00       [ICRA]A4 reaffirmed
   Shipment Credit
   Limits

   Untied Limits           3.39       [ICRA]B+ upgraded/
                                      [ICRA]A4 reaffirmed

The long-term rating upgrade takes into account the improvement in
the profitability indictors along with growth in its operating
income in FY14 supported by higher volumes of lower end variety
carpets sold. The firm has also diversified its revenue streams
through foray into sale of woolen yarn and towels and setup of
windmills. The ratings continue to favourably factor in the long
standing experience of the partners in the carpet business and
benefits derived from its sales and marketing arrangement through
the presence of its subsidiary Kaleen, in various parts of the
USA.

The ratings, however, continue to be constrained by the firm's
excessive dependence on sole customer and subsidiary, Kaleen Rugs
Inc. (Kaleen), delays in collection from Kaleen has led to a
stretched liquidity position for the firm. Further, the firm's
operations are vulnerable to the demand prospects in the USA,
while the profitability remains vulnerable to forex fluctuations
and woolen yarn price fluctuations; however, backward integration
through in-house spinning and dyeing activities are likely to
provide cost benefits. ICRA notes that while the capital structure
is comfortable at present, being a partnership concern, any
significant capital withdrawals by the partners from the capital
account could have a negative bearing on its gearing levels, going
forward.

Marudhar Fashions (MF) is a partnership firm established in 1989
and is involved in the manufacturing and export of hand-tufted
variety and loom made woolen carpets, woolen yarn, towels and
domestic sale of carpets. MF is also engaged in electricity
generation operations and has 5 Wind Turbine Generators (WTG) in
Dhulia, Sangli (Maharashtra) and Jodhpur, Bhiyan, Akal
(Rajasthan). The firm has its registered office at Mumbai and a
manufacturing facility at Mirzapur, Uttar Pradesh. The current
partners of the firm are Mr. Radhesyam Rathi (20%), R.S. Rathi
(HUF) (15%), Shivkishan Rathi Family Trust (35%) and Manmohan
Rathi (HUF) (30%).

Recent results
MF has reported a net profit of INR0.58 crore on an operating
income of INR17.91 crore for the year ending March 31, 2013 and a
net profit of INR2.73 crore on an operating income of INR37.64
crore for the year ending March 31, 2014 (provisional).


MATA RANI: CRISIL Suspends D Rating on INR120MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mata Rani Impex Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            120        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
MRIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MRIPL is yet to
provide adequate information to enable CRISIL to assess MRIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

MRIPL was set up in 2007 by Mr. Rakesh Kohli. It trades in
electro-galvanised iron wire, solar products, and mobile
accessories imported from China.


MERIDIAN EXTRUSIONS: ICRA Rates INR24cr Proposed Loan at 'B'
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR24.00
crore proposed limits of Meridian Extrusions Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Proposed Limits       24.00        [ICRA]B assigned

The assigned rating is constrained by the project execution risks
that are inherent in a green field project given that project is
still at a nascent stage of implementation augmenting the
possibilities of cost and time overrun while financial closure for
the project is yet to be achieved. The ratings are further factors
in the vulnerability of the company's profitability post-
commissioning, to the fluctuations in the raw material prices
given low bargaining power with supplier. The ratings also take
into account the highly competitive woven sack industry with
presence of large established organized as well as unorganized
players resulting in limited pricing flexibility. The ratings also
consider the possible stress on the financial profile given the
debt funded nature of the project.

The ratings, however, favourably take into account the experience
of the promoters in the woven sack industry and positive growth
prospects of HDPE and PP woven sacks owing to increased
diversification from jute bags packaging across industry segments
like food grain, sugar, vegetables, etc.

Incorporated in April 2013, Meridian Extrusions Private Limited is
in the process of setting up of manufacturing facility for HDPF
and PP woven sack fabric and woven sack bags with annual
production capacity of 6,500 MTPA. The promoters have been
involved in the woven sack industry since many years through
trading of woven sack bags and have forayed in manufacturing
segment considering the favorable demand prospects for the same in
India.


NAVEEN COTTON: CRISIL Suspends B- Rating on INR150MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Naveen
Cotton Mills Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           150         CRISIL B-/Stable Suspended
   Letter of Credit       15         CRISIL A4 Suspended
   Proposed Cash Credit    8.9       CRISIL B-/Stable Suspended
   Limit
   Term Loan             145.8       CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by
Naveen Cotton with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Naveen
Cotton is yet to provide adequate information to enable CRISIL to
assess Naveen Cotton's ability to service its debt. The suspension
reflects CRISIL's inability to maintain a valid rating in the
absence of adequate information. CRISIL considers information
availability risk as a key credit factor in its rating process and
non-sharing of information as a first signal of possible credit
distress, as outlined in its criteria 'Information Availability
Risk in Credit Ratings'

Naveen Cotton was set up by Mr. R Anandh in 2005 in Tirupur (Tamil
Nadu). The company manufactures low-count cotton yarn of 20s, 25s,
and 30s counts.


NEW PALSANA: ICRA Lowers Rating on INR49cr Term Loan to 'D'
-----------------------------------------------------------
ICRA has revised the long term rating assigned to INR49.00 crore
term loan facility of New Palsana Industrial Co-Op Society Ltd
from [ICRA]B+ to [ICRA]D. ICRA has also revised the short term
rating assigned to NPICSL's INR20.00 crore short term non-fund
based facilities from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             49.00        Downgraded to [ICRA]D
   Bank Guarantee        20.00        Downgraded to [ICRA]D

The revision in ratings reflects the instances of delays in debt
servicing by the company in the last six months, owing to delays
in project execution by NPICSL which has constrained the liquidity
position of the society to service its debt obligations. Going
ahead, timely payments of member's overhead contribution will
remain critical, given the uncertainty associated with joining of
new members and flexibility of withdrawal for existing
memberships. Further, the ratings are constricted on account of
its revenues being vulnerable to cyclicality associated with the
textile industry and its exposure to changing environmental
regulations which could impact liquidity of the society.

However, the ratings draw comfort with necessary bank funding &
government subsidies in place for the proposed project and
financial support to the society in terms of corporate guarantee
provided by its current members. The ratings also positively
consider the relatively lower operating costs for a CETP as
compared to individual treatment plants, which could attract
additional members to join the society bringing down the members'
overhead costs per unit.

New Palsana Industrial Co-Op Society Limited is an organization
promoted by the members of New Palsana Industrial Assocaition for
the purpose of development of common effluent treatment plant for
management of waste water generated by the member units during
manufacturing process. Currently, there are 15 members of the
society, who are primarily small and medium scale dyeing and
printing units located in the vicinity of the plant situated at
Baleshwar (Palsana, Gujarat). The proposed plant has a capacity to
process 45 million liters of waste water in a day.


PASHANKAR AUTO: CRISIL Suspends B+ Rating on INR160MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pashankar Auto Wheels Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           160         CRISIL B+/Stable Suspended
   Term Loan             120         CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by
PAWPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PAWPL is yet to
provide adequate information to enable CRISIL to assess PAWPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

Incorporated in 2004, PAWPL is an authorised dealer for Chevrolet
in Pune. PAWPL operates through four showrooms (two owned and two
leased). It has, in the recent past, also undertaken a real estate
project involving construction of four floors on top of its
showroom in Baner (Pune), of which three floors have been sold
while the fourth floor has been leased out. In February 2012, the
company leased the fourth floor (20,000 square feet) of its
building to Alfa Laval for five years at a monthly rental of
INR0.68 million. PAWPL also operates three service centres in Pune
and Chinchwad (Maharashtra).


POLYLON FABRICS: CRISIL Suspends B- Rating on INR250M Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Polylon Fabrics Pvt Ltd (PFPL; part of the Polylon Group).

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

   Proposed Long Term     15        CRISIL B-/Stable Suspended
   Bank Loan Facility

   Term Loan             150        CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by PFPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PFPL is yet to
provide adequate information to enable CRISIL to assess PFPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

PFPL is a private limited company and was incorporated in
September 2011, promoted by Mr. Amit Kumar. The company is
involved in printing of fabrics and manufacturing of zips.

The other two entities in the group are Polylon Industries engaged
in the manufacturing and marketing of narrow fabrics and Polylon
Textiles which is engaged in manufacturing of Polar fabrics.


POWER CABLE: ICRA Suspends B Rating on INR7.5cr Fund Based Limits
-----------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR7.50 crore
fund based limits of M/s Power Cable Industries. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


RANK SILICON: ICRA Suspends B+ Rating on INR10cr Fund Based Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR10.00
crore fund based limits of Rank Silicon & Industries Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


S&P STRUCTURALS: ICRA Assigns B+ Rating to INR2cr Cash Credit
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR2.00
long term fund based bank facilities of S&P Structurals Private
Limited. ICRA has also assigned a rating of [ICRA]B+ and [ICRA]A4
to the INR2.95 crore bank guarantee and INR3.05 crore proposed
limits.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Scale-
   Cash Credit            2.00       [ICRA]B+ assigned

   Long Term/Short
   Term Scale-Bank
   Guarantee              2.95       [ICRA]B+/[ICRA]A4 assigned

   Long Term/Short        3.05       [ICRA]B+/[ICRA]A4 assigned
   Term Scale-
   Unallocated

The ratings assigned takes into account the experience of the
company and the promoters in the implementation of transmission
line and sub-station projects and the established track record of
undertaking projects for Karnataka Power Transmission Corporation
Limited. The company has pre-qualification status to bid up to
220kV transmission lines and 110kV sub-stations. ICRA also notes
the comfortable order book for FY15, which provides visibility on
revenues.

The ratings are, however, constrained by the high working capital
requirements in the business as the billing and payments are
milestone based with relatively long project lead times. The
delays in project execution due to external factors such as land
acquisition issues lead to cost and time over runs and further
stretching of working capital cycle. This has impacted the
liquidity position of the company as reflected in the consistently
high utilization of fund based limits. ICRA also notes that the
company's margins are vulnerable to input cost fluctuations;
however, this is mitigated by the price variation clauses for
certain materials as per the contracts.

Going forward the company's ability to manage the working capital
requirements and maintain fresh order inflows will be the key
rating sensitivity.

S&P Structurals Private Limited was incorporated in 2007 with the
merger of S&P Constructions and Mahesh Engineering Constructions
which were partnership firms in the business of construction and
commissioning of high power transmission lines and sub-stations
since 1989 and 1995 respectively. The company executes works for
Karnataka Power Transmission Corporation Limited and other private
companies as turnkey and sub-contractors and has commissioned
projects of various voltages ranging from 66kV to 220 kV
transmission lines (single, double and multi circuit lines) and
110kV and 220kV sub-stations.


SHRI BALAJI: ICRA Reaffirms B Rating on INR65cr Fund Based Limit
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the
INR80.00 Crore fund based bank lines (including proposed limit of
INR15 crore) of Shri Balaji Sugars and Chemicals Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit      65.00        [ICRA]B reaffirmed
   Proposed Fund         15.00        [ICRA]B reaffirmed
   Based Limit

The reaffirmation of the rating factors in the time over run in
project implementation on account of delay in receiving cane area
allotment, which was received in September 2013 leading to a delay
of around 7 months in implementing the project though currently
the project is at an advanced stage of completion. The rating also
takes into consideration the regulated nature of the sugar sector
as evident from cane pricing and export policy and exposure of
players to agro climatic risk. ICRA takes note of the high working
capital intensity inherent to sugar business and leveraged planned
funding of the project with debt repayment starting from September
2015 thus BSCPL's ability to generate cash profits is limited to
the upcoming sugar year. Also, company's ability to timely tie up
working capital funding would also be critical. However the rating
draws comfort from location attractiveness of the project as its
command area already has well developed cane area, and from
experience and standing of the promoters and key management
personnel in the command area of the plant and in commissioning
and operating sugar plants. Also, forward integrated nature of
BSCPL's operations with cogeneration would provide some support to
profitability during sugar downturn. The rating also considers the
low project funding risk with debt and equity tie ups in place and
the equity tied up has already been infused.

Shri Balaji Sugars and Chemicals Private Limited, incorporated in
2011 and is setting up a 3500 TCD sugar plant in Bijapur district
in North Karnataka. The manufacturing facility is being set up in
two phases; first phase comprising 3500 tcd sugar mill and 18 MW
cogeneration plant and the second phase comprising a 45 klpd
distillery. While the first phase is expected to be commissioned
in November 2014, the second phase is likely to get commissioned
in November 2015.


SK OVERSEAS: ICRA Assigns 'B' Rating to INR3.0cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned the rating of [ICRA]B on the long term scale to
the INR3.00 crore fund based limits and INR2.50 crore term loan of
SK Overseas.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      3.00       [ICRA]B assigned
   Term Loan              2.50       [ICRA]B assigned

The assigned rating takes into consideration the firm's limited
track record of operations with commercial operation of its
facility commencing in January 2014, its working capital intensive
nature of operations, and its stretched capital structure owing to
debt-funded capex to set up its 3 tons per hour rice milling unit.
The rating also factors in the intensely competitive nature of
industry which exerts pressure on operating margins and
vulnerability of profitability to any adverse change in Government
policies towards agro based commodities like rice. The rating,
however, derives comfort from the favourable long term demand
prospects of the rice industry with India being the second largest
producer and consumer of rice in the world, SKO's presence in a
rice cultivation area which results in easy access to paddy and
the long track record of promoters in the rice trading business.

S.K. Overseas (SKO) is a partnership firm engaged in milling and
processing of Basmati Rice with an installed capacity of 3 MT per
hour (milling and sorting). SKO's milling unit is based out of
Karnal, Haryana, in close proximity to the local grain market. The
firm was incorporated by Mr. Krishna Chand in 2013 and commenced
operations in January, 2014.

In FY 2013-14, SK Overseas reported an operating income (OI) of
INR8.19 crore and profit after tax (PAT) of INR0.01 crore.


SP SUPERFINE: ICRA Upgrades Rating on INR82.12cr Term Loan to 'C'
-----------------------------------------------------------------
ICRA has upgraded the long-term rating outstanding on the INR82.12
crore (revised from INR93.58 crore) term loan facilities, INR8.00
crore fund based facilities and INR11.46 crore (revised from nil)
proposed facilities of SP Superfine Cotton Mills Private Limited
to [ICRA]C from [ICRA]D. ICRA has also upgraded the short-term
rating outstanding on the INR1.88 crore non-fund based facilities
of the Company to [ICRA]A4 from [ICRA]D.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term: Term loans    82.12       [ICRA]C/upgraded from
                                        [ICRA]D

   Long Term: Fund based     8.00       [ICRA]C/upgraded from
   Facilities                           [ICRA]D

   Long Term: Proposed      11.46       [ICRA]C/upgraded from
   facilities                           [ICRA]D

   Short Term: Non-fund      1.88       [ICRA]A4/upgraded from
   based facilities                     [ICRA]D

The rating action takes into consideration the regularization in
debt servicing by the Company aided by equity infusions by the
promoters, easing of debt servicing obligations following the
restructuring in January 2013 and marginal improvement in the
Company's cash flows. The ratings are, however, constrained by the
high repayment obligation of INR7.9 crore in the current fiscal
and INR6.0 crore each in the subsequent two fiscals in the context
of a modest financial risk profile characterized by net losses
over the past three fiscals resulting in accumulated losses and
weak debt metrics. The ratings are further constrained by the
Company's small scale of operations and limited pricing
flexibility. While the management does not plan any significant
capital expenditure in the medium term, its ability to
successfully arrange for external funding (as is being proposed)
to meet its financial needs while improving its accruals from
operations will be key sensitivities to the rating.

SP Superfine Cotton Mills Private Limited, incorporated in 1995,
is located in Attur, Tamil Nadu and is closely held by its
directors and family members. The Company is engaged in the
production of cotton yarn, in 40s to 80s count range, and started
its commercial production with an installed capacity of 14,112
spindles. Over the years, the company has increased its installed
capacities in a phased manner and presently has an installed
capacity of 28,224 spindles.

Recent Results
According to the unaudited financials, the Company reported a net
loss of INR3.0 crore on an operating income of INR49.2 crore
during 2013-14 as against a net loss of INR3.9 crore on an
operating income of INR34.5 crore during 2012-13.


SUKRUTA AGENCIES: CRISIL Suspends INR80M Overdraft Loan B+ Rating
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sukruta
Agencies.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          5        CRISIL A4 Suspended
   Long Term Loan         20        CRISIL B+/Stable Suspended
   Overdraft Facility     80        CRISIL B+/Stable Suspended
   Proposed Long Term     15        CRISIL B+/Stable Suspended
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by SA
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SA is yet to
provide adequate information to enable CRISIL to assess SA's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Established in 1966, SA is engaged in trading of pumps, valves,
water treatment and solar water heaters among others. The firm is
managed by Mr. Gopinath and his family.


TILE ITALIA: ICRA Suspends 'B' Rating on INR7cr Fund Based Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR7.00 Crore fund based limits and short-term rating of [ICRA]A4
assigned to the INR6.00 crore non-fund based facilities of Tile
Italia Mosaics Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

The company was established in 1981 and was initially engaged into
manufacturing of tiles under the name Basant Tiles. From 1996
onwards, the company diversified into imported marbles and since
then is catering to the needs of the real estate industry. The
company imports marble from many countries and sells the same to
wide customer base mainly located in Bangalore and to limited
extent in Chennai. The company is an exclusive distributor of
Technistone for India, a high performance quartz surface company
imported from Europe.


TRAVANCORE COCHIN: ICRA Rates INR20cr LT Fund Based Loan at 'B'
---------------------------------------------------------------
ICRA has assigned the [ICRA]B rating to INR9.0 crore enhanced long
term fund based facilities of The Travancore Cochin Chemicals
Limited and [ICRA]A4 rating to INR2.0 crore enhanced short term
non fund based facilities of TCC. ICRA also has [ICRA]B rating
outstanding on INR11.0 crore long term fund based facilities and
[ICRA]A4 rating outstanding on INR1.0 crore short term fund based
facilities and the INR7.0 crore short term non fund based
facilities of TCC.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term, fund      20.0       [ICRA]B assigned/ outstanding
   based limits

   Short-term, fund      1.0       [ICRA]A4 outstanding
   based limits

   Short-term, non-      9.0       [ICRA]A4 assigned/ outstanding
   fund based limits

The assignment of the ratings reflects the company's continuing
adverse financial position with stressed cash flows leading to
continued defaults in state loan repayments, weak profitability,
low net worth and significant contingent liabilities. While, ICRA
takes note of the revenue growth and margin improvement witnessed
during 4m FY15, on the back of improvement in realization and
increase in off-take from key customers; the ratings remain
constrained by the high cost structure in chlor-alkali operations
of the company due to lack of access to cost effective power, the
inherent cyclicality in the chlor-alkali industry, vulnerability
of profitability to import duty levels and exchange fluctuations.
However, the ratings favorably factor the company's established
track record in the chlor-alkali business in Kerala as it is the
sole caustic soda manufacturer with reputed customer profile and
the implicit financial support from GoKL, being a state level PSU.

ICRA also takes note of the changes being considered in the
restructuring scheme earlier proposed by Government, to settle the
Company's outstanding dues against Gov't agencies and additional
funds to be provided to TCC for expansion, in the form of grants.
The developments on this front will be monitored and clarity on
the proposals and implementation of the scheme will be crucial
from a credit perspective and is a key rating sensitivity.

The Travancore Cochin Chemicals Ltd is a state-level public sector
undertaking owned by Government of Kerala (GoKL) and its entities
situated at Udyogamandal, Cochin. The company was originally
started as Travancore & Mettur Chemical Co (TMCC) in 1949 as a
partnership between FACT Limited and Mettur Chemical & Industrial
Corporation Limited. In 1960, the Government of Kerala (GoKL)
acquired TMCC and it was renamed The Travancore Cochin Chemicals
Limited. TCC manufactures basic industrial chemicals viz., Caustic
Soda and Chlorine products. The current licensed capacity of TCC
is 175 tpd (tons per day) of caustic soda. For FY 2014, the
company reported a turnover and PAT of INR163.7 crore and INR-3.6
crore.


TRIVENI SMELTERS: ICRA Reaffirms B+ Rating on INR7.5cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR2.84 crore term loan and INR7.50 crore cash credit
facilities of Triveni Smelters Private Limited. ICRA has also
reaffirmed the [ICRA]A4 rating to the INR3.50 crore non-fund based
facility of TSPL.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limit-       7.50        [ICRA]B+ reaffirmed
   Cash Credit

   Fund Based Limit-       2.84        [ICRA]B+ reaffirmed
   Term Loan

   Non Fund Based Limit-   3.50        [ICRA]A4 reaffirmed
   Letter of Credit


The reaffirmation of the ratings factor in TSPL's weak financial
profile characterized by low net profit margin and depressed level
of coverage indicators. The ratings continue to be impacted by the
ongoing weakness and cyclicality inherent in the steel industry,
which are likely to keep the company's margins and cash flows
volatile, and the highly competitive business environment coupled
with lack of vertical integration in its operations that keeps
margins under check. While assigning the ratings, ICRA also takes
note of the concentrated customer profile of the company with
nearly 50% of the company's revenue is derived from its top three
customers in 2013-14.

The ratings, however, derive comfort from the experience of the
promoters in the steel industry and favourable location of the
manufacturing unit with close proximity to key raw materials as
well as customer's base. ICRA notes that the top-line of the
company has consistently increased during the past two years,
owing to healthy capacity utilization and repeat orders from top
few customers.

Incorporated in 2009, TSPL is promoted by the Sharaf family who
has been associated with similar business line for more than a
decade through other group entities. TSPL is primarily engaged in
manufacturing MS ingots with an installed capacity 36,900 TPA
(tonnes per annum). The manufacturing facility of the company is
located in Fatwah, Bihar.

Recent Results
For the year ended 31st March 2014, the company has reported an
operating income of INR111.56 crore with profit after tax (PAT) of
INR0.92 crore as compared to an operating income of INR102.90
crore with a PAT of INR48 crore during 2012-13.


U.S. AGRAWAL: ICRA Reaffirms B Rating on INR6.5cr Cash Credit
-------------------------------------------------------------
ICRA has re-affirmed the [ICRA]B ratings for the INR6.50 crore,
long term bank facilities of U.S. Agrawal & Co.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            6.50        [ICRA]B Re-affirmed

The rating reaffirmation takes into account the established track
record of U.S. Agrawal & Co. (USAC) of about three decades as a
dealer of Hero Moto Corp Limited (HMCL), the largest player in the
two wheeler segment in India. The rating also factors in
favourably the experience of the promoters in the dealership
business and the support provided by them in the form of unsecured
loans.

The ratings are, however, constrained by the firm's moderate scale
of operations, thin operating margin and weak financial risk
profile as a result of large working capital borrowings, inherent
in the dealership business. The ratings are also constrained owing
to weak demand conditions in the domestic markets (attributed to
high prevailing interest rates and fuel prices). ICRA also takes
note of the high competitive pressure in the two-wheeler business
and the firm's low bargaining power with pricing and margins
largely determined by HMCL. The same is expected to strain cash
accruals in the near term amidst weak demand conditions in the
domestic market. The firm's ability to increase scale of
operations and improve its financial risk profile will remain key
rating sensitivities going forward.

USAC was established in 1986 and has been operating as a Hero
Motocorp Limited dealership since its inception. The firm started
its operations from its outlet located at Sigra in Varanasi. Going
on, the firm has gradually increased its market presence and
currently operates out of 10 other outlets located in interior
regions of Chitaipur, Sindura, Aayer, Ramnagar, Chandauli,
Kamalpur, Soipur, Dharsana, Chaubeypur and Bhojopur. All the
facilities of the firm are 3S facilities. In addition, the firm
has also appointed 10 sub-dealers, which account for 32% of the
sales of the firm. The proprietor of the firm Mr U.S. Agrawal has
over three decades of experience in the automobile sales and
service industry and is assisted by his son, Mr. Kushagra Agrawal
in the day to day operations of the dealership.

Recent Results
The firm reported an operating income of INR56.4 crore in FY14 as
against an operating income of INR51.9 crore reported by it in
FY13.


VARDHMAN POLYTEX: ICRA Cuts Rating on INR464cr LT FB Loan to D
--------------------------------------------------------------
ICRA has revised the long term rating from [ICRA]C+ to [ICRA]D for
INR464.00 crore (enhanced from INR236 crore) long term fund based
limits of Vardhman Polytex Limited. The Rating Committee of ICRA
has also revised the short-term rating from [ICRA]A4 to [ICRA]D
for INR50.00 crore non-fund based limits of VPL.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long term fund        464.00       [ICRA]D, Downgraded
   based facilities

   Short term non-        50.00       [ICRA]D, Downgraded
   fund based
   facilities

The ratings revision takes into account irregularity in debt
repayments as scheduled in the Corporate Debt Restructuring (CDR)
scheme due to delay in cash inflow from sale of land as directed
in the scheme. Instead of selling the land, the company has chosen
to monetise the land by launching an integrated real estate
project on the land, which is likely to result in infusion of long
term funds that are higher than what would have been realised by
sale of just land. However this has resulted in timing mismatch
between the scheduled debt repayment and cash inflow from the
project and hence delays in debt servicing. The working capital
term loan-1 (WCTL-1) sanctioned as part of CDR was scheduled to be
fully repaid by June 30, 2014 from the land sale proceeds, a part
of which was outstanding as on August 2014. The ratings are also
constrained on account of VPL's relatively large investments in
subsidiaries which are in losses and hence depressing return
indicators. While the promoters have supported the group companies
in the past through equity infusion, however the group will
continue to rely on funding support from promoters. Further, ICRA
also notes that it will be challenging for the company to maintain
the profitability levels in FY2015 compared to FY2014 given the
pressure on yarn realisation due to slowdown in export markets,
leading to pricing pressures in domestic markets too. The rating
continues to remain constrained on account of cotton yarn being a
commoditised product and high competitive intensity of spinning
industry owing to its fragmented nature, which will continue to
remain as key deterrent for sustaining high levels of
profitability in long term. The ratings are however supported by
promoters experience in line of business, established sales
network and track record of high capacity utilisation of VPL's
spinning facilities.

Going forward, ICRA expects VPL's profitability and cash accruals
from operations in FY2015 to be lower than FY2014 levels due to
pressure on yarn demand and realisation in the domestic as well as
export markets. With scheduled ballooning of loan repayments
coupled with large repayment of WCTL-1 in FY15, ability of the
company to accelerate the proceeds from land monetisation/arrange
new funding tie-ups and timely funding support from promoters will
remain critical for regularising debt repayments and compliance
with the terms of CDR package and hence will remain key rating
sensitivities.

VPL, part of the Ludhiana (Punjab) based "Oswal" group is engaged
primarily in manufacturing cotton yarn, with installed capacity of
195,024 spindles and a dye house with installed capacity of 15
tons of yarn per day. In the last few years, VPL has made three
major investments: Oswal Retail Private Limited (ORPL), Oswal F M
Hammerle Textiles Limited (OFMH) (rated [ICRA]D) and a foreign
acquisition. VPL suffered huge losses in ORPL & overseas
acquisition and subsequently, their operations had to be
discontinued. OFMH implemented a Greenfield project for
manufacturing yarn dyed shirting fabric but suffered significant
cost and time overruns. The project commissioned manufacturing in
July 2008 when the economic scenario was not conductive to
business growth and term loans had to be rescheduled twice before
concluding the corporate debt restructuring exercise during 2010-
11. In the past VPL has written off large part of investments,
still there is significant diminution in the value of remaining
investments.


VENKATA NAGA: ICRA Reaffirms B+ Rating on INR9cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR11.72 crore fund based limits of Venkata Naga Lakshmi Paper
Mills Private Limited. ICRA has also reaffirmed the ratings of
[ICRA]B+/[ICRA]A4 assigned to INR13.28 crore unallocated limits of
VNLPMPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           9.00        [ICRA]B+ reaffirmed
   Term loan             2.72        [ICRA]B+ reaffirmed
   Unallocated          13.28        [ICRA]B+/[ICRA]A4 reaffirmed

The reaffirmation of ratings factors in the modest financial
profile of the company characterized by small scale of operations,
high gearing and moderate coverage indicators. This apart, the
ratings are also constrained by thin profitability margins of the
company which remain exposed to volatility of waste paper prices.
The ratings, however, favorably factor in long presence of the
promoters in paper and packaging industry, well- established
client network and healthy revenue growth(although on a low base)
of the company.

Going forward, the ability of the company to strengthen its
financial profile and efficiently manage its working capital
requirements remains the key rating sensitivity.

Venkata Naga Lakshmi Paper Mills Private Limited was incorporated
by Mr. V. Mangapathi Raju in 2003 and is into manufacturing of
Kraft Paper. The company supplies Kraft paper which is used in
manufacturing of cartons used for packaging of FMCG products,
Eggs, Aqua food etc. The company currently has a manufacturing
unit of installed capacity of 60 MTPD in Unguturu, West Godavari
District.

Recent Results
For FY2014 (Unaudited & Provisional), the company reported profit
after tax of INR0.47 crore on operating income of INR30.28 crore
as against profit after tax of INR0.38 crore on operating income
of INR27.00 crore in FY2013(audited).


VISHWANATH PAPER: ICRA Ups Rating on INR20cr FB Limits to B+
------------------------------------------------------------
ICRA has revised the ratings for the INR25.0 crore fund based
limits (enhanced from 16.0 crore) of Vishwanath Paper & Boards
Limited from [ICRA]B- to [ICRA]B+. ICRA has also reaffirmed the
ratings for INR20.0 crore (enhanced from 16.0 crore) non fund
based Limits of VPBL at [ICRA]A4.

                           Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Fund Based Limits        20.00      [ICRA]B+ (upgraded)
   Fund Based-Term Loan      5.00      [ICRA]B+ (assigned)
   Non Fund based limits    20.00      [ICRA]A4 (reaffirmed)

The rating action takes into account the continued timely
servicing of debt obligations by the company, and improvement in
capacity utilization levels which have led to healthy accruals as
a result of which gearing of the company has come down from 2.47
times in FY 2012 to 1.75 times in FY2014. However the rating
continues to be constrained by the company's presence in a single
product segment, i.e. kraft paper (largely used for making cartons
and packaging boxes), which is amongst the lower end of the
various paper product segments; its modest size of operations and
highly fragmented industry structure. Moreover the contribution
levels and profitability margins of the company remain exposed to
any volatility in waste paper prices. The rating however
favourably takes into account strong operational profile of the
company marked by a steady growth in operating income and
expansion in production capacity of the manufacturing unit.

Vishwanath Paper and Boards Ltd established in 2008 is a
manufacturer of kraft paper from recyclable waste paper. The
company was promoted by Mr Pankaj Gupta. The shares of the company
are closely held by promoters and family. VPBL has expanded its
production capacity from 50000MTPA to 60000 MT p.a. in July, 2012.
The unit is located at Kashipur, Uttarakhand.

Recent Results
VPBL has reported a net profit (PAT) of INR3.26 crore on an
operating income of INR140.27 crore in FY 2013-14 as compared to
net profit (PAT) of INR2.73 crore on an operating income of
INR129.93 crore in FY 2011-12.


WARM FORGINGS: ICRA Reaffirms B- Rating on INR9.50cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- to the
INR9.70 Crore long term fund based bank facilities of Warm
Forgings private Limited. ICRA has also reaffirmed the short term
rating of [ICRA]A4 to the INR4.50 Crores non-fund based facilities
of WFPL. ICRA has also reaffirmed the [ICRA]B-/[ICRA]A4 rating for
INR3.10 crore unallocated limits of Warm Forgings Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             0.20       [ICRA]B- reaffirmed
   Cash Credit           9.50       [ICRA]B- reaffirmed
   Bank Guarantee        0.50       [ICRA]A4 reaffirmed
   ILC/FLC(DA/DP)        4.00       [ICRA]A4 reaffirmed
   Unallocated           3.10       [ICRA]B-/[ICRA]A4 reaffirmed

The ratings reaffirmation takes into account the long experience
of the promoters in the forgings business and the funding support
provided by them in the form of capital and unsecured loans. The
ratings however continue to be constrained by the low bargaining
power of the company and its vulnerability to raw material price
volatility given limited ability to pass on the price increases.
The ratings are also constrained by the company's tight liquidity
position as reflected by fully utilized bank limits and its
moderate financial risk which is likely to weaken due to proposed
debt funded capex plans. WFPL's ability to improve its financial
risk profile and generate sufficient cash flows to meet its
present and future debt servicing obligations would be the key
rating sensitivities going forward.

Warm Forgings Private Limited (formerly, CNC Automotive Private
Limited was incorporated in 1999, and promoted by Mr. Amit Rajput.
In 2005, CNC Engineers, a proprietorship firm of Mr. Rajput was
merged with WFPL. The company manufactures products related to
gears for two-wheelers such as wheel hubs, gear blanks (forged and
turned), sliding clutches, rotors and pulleys at its facilities
located in Bhiwadi (Rajasthan). The products manufactured are of
various sizes and shapes as per the requirement of customers.

In order to focus on the four-wheeler market, Mr. Amit Rajput
established Warm Gears Private Limited (WGPL), which was
incorporated in 2005. However the company commenced its commercial
production only in July 2010. WGPL manufactures bevel gears and
other gear products for the four- wheeler market. Earlier till the
receipt of TS Certificate WGPL was marketing its products through
WFPL, however the WGPL had recently received the TS certificate
and going forward will be selling its products independently. Its
facilities are also located in Bhiwadi (Rajasthan).

Recent Results
As per the provisional figures for the FY14, WFPL reported a
profit after tax (PAT) of INR2.5 crores on net sales of INR113.1
crores as against a PAT of INR1.7 crores on net sales of INR134.9
crores for the complete year FY13.


WITTY AUTO: ICRA Cuts Rating on INR5cr Term Loan to 'D'
-------------------------------------------------------
ICRA has downgraded the rating for INR8.00 crore bank facilities
of Witty Auto Engineering Private Limited to [ICRA]D from
[ICRA]B-

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits        3.00       [ICRA]D downgraded
   Term Loans               5.00       [ICRA]D downgraded

The revision in rating reflects delays in debt servicing by the
company owing to tight liquidity conditions due to slow ramp up in
capacity utilization and hence revenues. The revenues in FY2014
were much lower than that envisaged at project stage, leading to
significantly lower cash generation. This coupled with blockage of
funds in working capital has led to full utilization of sanctioned
working capital limits with frequent instances of over-
utilization. The ratings are also constrained by the company's
weak financial profile characterized by a leveraged capital
structure and stretched debt coverage indicators, The rating also
remains constrained owing to the company's limited track record of
operations and intense competition resulting in limited bargaining
power and pricing flexibility. Going forward, timely debt
servicing and the ability of the company to increase its revenues
and add new customers would be the key rating sensitivities.

Witty Auto Engineering Private Limited was incorporated in the
year 2008 by Mr. Suresh Tyagi, Mr. Vinod Kumar Tyagi and Sunil
Kumar Tyagi and its unit is located in Alwar. However, the company
started commercial operations in December 2011. WAEPL is engaged
in the manufacturing of auto components for ancillaries of
established automobile OEMs. WAEPL also carries out job work for
these ancillaries.

Recent Results
For FY2013, the company achieved an operating income of INR2.04
crore and reported a net loss of INR0.89 crore. For FY2014, the
company has achieved an operating income of INR3.29 crore as per
the provisional results.


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


BULLET FREIGHT: Still Owes More Than NZ$18MM to Creditors
---------------------------------------------------------
Richard Meadows at Stuff.co.nz reports that the 185 former staff
of Bullet Freight Systems have been paid out by receivers, but the
failed freight firm still owes more than NZ$18 million to its
creditors.

The nationwide logistics company was placed in receivership on
July 4, at the request of company director Paul Elliott.

According to Stuff.co.nz, the first receivers report, by PPB
Advisory, reveals it first engaged with 61 interested parties in
New Zealand and Australia to try to sell the business as a going
concern.  However, it did not receive any viable offers.  That
left 185 staff out of a job, with roughly NZ$900,000 of holiday
and redundancy pay owing.

Stuff.co.nz relates that First Union organiser Rudd Hughes, who
attended the July meetings when employees were given the news,
said he understood that money had been paid out earlier this
month.

With a shortage of drivers in the Auckland region, Mr. Hughes said
many staff had been able to find new jobs, albeit not always in
fulltime positions, Stuff.co.nz relays.

"A lot of it's been part-time work and casualised work," the
report quotes Mr. Hughes as saying. "You know what today's work
force is like."

While the receivers confirmed employees had been paid out, many
other creditors are unlikely to be paid, Stuff.co.nz notes.

The company's bank, ANZ, is owed NZ$15.4 million, while some 412
unsecured creditors are owed NZ$2.6 million, according to
Stuff.co.nz.

"Given the likely shortfall to the bank, it is unlikely there will
be sufficient funds to make a distribution to unsecured
creditors," the receivers, as cited by Stuff.co.nz, wrote.

The IRD has yet to stake its claim, which will take precedence
over others, Stuff.co.nz relays.

According to Stuff.co.nz, receivers said they had recovered
NZ$3.6 million from the company's debtors, with more likely to
come, and had raised NZ$86,000 through plant and equipment sales.

A sale-and-purchase agreement has been signed for the company's
fleet of roughly 200 vehicles, although the details are
confidential, Stuff.co.nz notes.

David Webb, John Larner, and Nicholas Martin of PPB NZ Ltd were
appointed as receivers of the company on July 5.

Bullet Freight is a logistics company. The company has seven
branches throughout New Zealand.

Bullet Freight Systems had depots in Auckland, Hamilton,
Wellington, Nelson, Blenheim, Christchurch and Dunedin.  Other
companies in the group include Strait Freight and Strait Linehaul,
which are also in receivership.



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


KB FINANCIAL: FSC to File Complaint With Prosecution vs. Head
-------------------------------------------------------------
Yonhap News reports that South Korea's financial watchdog plans to
lodge a complaint with the prosecution against the head of KB
Financial Group Inc. this week, citing his management failures,
officials said on September 13.

According to Yonhap, the Financial Services Commission (FSC) on
September 12 suspended Lim Young-rok, the chairman of KB Financial
Group, for management lapse, saying that his failure to properly
handle internal affairs over the group's selection of a new
computer system constitutes an act of negligence.

Yonhap relates that the penalty, the second-highest among five
tiers that the FSC can hand down to officials of financial
institutions, requires three months of suspension, followed by
immediate resignation.  Mr. Lim refused to step down and pledged
to take legal action against the FSC decision, says Yonhap.

Yonhap adds that the FSC and its executive body, the Financial
Supervisory Service, held an emergency meeting earlier on
September 12 to discuss the issue. It later decided to lodge a
criminal complaint against Mr. Lim and others allegedly involved
in illegal or improper activities in the process of changing a new
computer system in its banking unit Kookmin Bank, the news agency
adds.



================
S R I  L A N K A
================


NATIONAL SAVINGS BANK: Fitch Rates 2019 US$ Notes Issue BB-
-----------------------------------------------------------
Fitch Ratings has assigned Sri Lanka-based National Savings Bank's
(NSB; BB-/Stable) issue of US dollar-denominated notes due 2019 a
final rating of 'BB-'.

This follows the receipt of final documents conforming to
information previously received.

The final rating is at the same level as the expected rating
assigned on 2 September 2014.

The notes have a maturity of five years and an annual coupon of
5.15% that will be paid on a semi-annual basis. NSB intends to use
the proceeds for lending to state-owned entities and government-
related projects.

Key Rating Drivers

The notes are rated at the same level as NSB's Long-Term Foreign-
Currency Issuer Default Rating (IDR) of 'BB-' as they constitute
unsecured and unsubordinated obligations of the bank.

Rating Sensitivities

Any change to Sri Lanka's rating ('BB-) or to the perception of
state support to NSB could result in a change in NSB's IDRs and
hence the rating of the notes.

NSB's ratings are:
Long-Term Foreign Currency IDR: 'BB-'; Outlook Stable
Long-Term Local Currency IDR: 'BB-'; Outlook Stable
Short-Term Foreign Currency IDR: 'B'
Support Rating: '3'
Support Rating Floor: 'BB-'
US dollar senior unsecured notes: 'BB-'
National Long-Term Rating: 'AAA(lka)'; Outlook Stable



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Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
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publication.  Prices reported are not intended to reflect actual
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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
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S U B S C R I P T I O N   I N F O R M A T I O N

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

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

This material is copyrighted and any commercial use, resale or
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