TCRAP_Public/140918.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

          Thursday, September 18, 2014, Vol. 17, No. 185


                            Headlines


A U S T R A L I A

APN NEWS: S&P Withdraws 'B+' Rating on Proposed Sr. Unsec. Notes
GOOD PUB: In Administration; First Meeting Set Sept. 26
MUSWELLBROOK FAIR: Receivers Sell Two Shopping Centers
PUBLISHERS AUSTRALIA: Moore Stephens Appointed as Administrators
SOUTHERN BARRAMUNDI: Farm Put Up for Sale

VAN EYK: Questions Abound Over Cast Of Shareholder Characters


C H I N A

CIFI HOLDINGS: Fitch Raises IDR From 'B+'; Outlook Stable
GEELY AUTOMOBILE: S&P Assigns 'BB+' LT Corp. Credit Rating
WUZHOU INTERNATIONAL: Fitch Affirms 'B' IDR; Outlook Stable


I N D I A

AGRASHA ALLOYS: CRISIL Suspends B- Rating on INR54MM Bank Loan
AIRFLOW EQUIPMENTS: CRISIL Suspends D Rating on INR121MM Loan
ANJANEYA JEWELLERY: CRISIL Assigns B+ Rating to INR150MM Loan
B.R. INDUSTRIES: ICRA Suspends B Rating on INR8.5cr Bank Limits
BENITO CERAMIC: CRISIL Assigns B- Rating to INR50MM Term Loan

BHUWANESHWAR REFINERIES: CRISIL Suspends B+ Rating on INR35M Loan
CAIRO INT'L: ICRA Reaffirms B/A4 Rating on INR21.35cr Loan
CHAMUNDI DISTILLERIES: CRISIL Rates INR120MM Cash Credit at 'D'
CHAWLA INT'L: CRISIL Puts B+ Rating on INR45MM Bill Discounting
CREATIVE LOOMS: CRISIL Reaffirms B Rating on INR115MM Term Loan

ELTUS COMMODITIES: CARE Reaffirms B Rating on INR15cr Bank Loan
FINFOOT LIFESTYLE: CARE Assigns B+ Rating to INR12.75cr Bank Loan
G. S. PROMOTERS: CRISIL Suspends B Rating on INR200MM Loan
G V GOD: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
GUJU ADS: CRISIL Suspends B- Rating on INR137.2MM Term Loan

HANUMANT FOUNDATION: ICRA Suspends B+ Rating on INR59.5cr LT Loan
HORIZON POLYMERS: CRISIL Cuts Rating on INR120MM Cash Credit to B
JAIN UDHAY: CRISIL Cuts Rating on INR116.1MM Term Loan to 'D'
JAYSHREE CHEMICALS: ICRA Cuts Rating on INR83.8cr Term Loan to D
KAMAL CED: CRISIL Suspends B+ Rating on INR45MM Term Loan

KHANDELWAL AGENCIES: CRISIL Suspends B Rating on INR85MM Loan
KHOKAN MOTORS: CRISIL Suspends B+ Rating on INR50MM Channel Loan
KRIDHAN INFRA: CRISIL Suspends B- Rating on INR20MM Cash Credit
MADHAV COTTON: CARE Revises Rating on INR7.33cr Bank Loan to 'B+'
MULTIPLAST POLYMER: CRISIL Suspends D Rating on INR65MM Term Loan

MUTHOOT AUTO: CRISIL Cuts Rating on INR50MM Funding Loan to B+
POWER MAX: CRISIL Ups Rating on INR130MM Cash Credit to 'C'
PRECISION ENGINEERING: CRISIL Reaffirms B- Rating on INR110M Loan
PRIME URBAN: CRISIL Reaffirms B Rating on INR250M Export Bill
ROADLINES CORP: CRISIL Suspends C Rating on INR98M Overdraft Loan

SANRAA MEDIA: CRISIL Suspends D Rating on INR150MM Overdraft Loan
SHRI VISHNU: CRISIL Suspends D Rating on INR300MM Cash Credit
SLV SPINNING: CRISIL Reaffirms B Rating on INR172MM Term Loan
SMILAX LABORATORIES: CARE Ups Rating on INR68.2cr Loan From B
SRI CHANDRA: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit

SRI KAILASANADHA: CRISIL Assigns B+ Rating to INR90.4MM Term Loan
SYNERGY GREEN: CRISIL Reaffirms D Rating on INR110MM Cash Credit
T.C. SPINNERS: ICRA Assigns B+ Rating to INR24.03cr LT Loan
TRADEWEL CONSTRUCTION: ICRA Withdraws 'D' Rating on INR7cr Loan
USHA SPINNERS: CRISIL Ups Rating on INR70MM Cash Credit to B+

UTTORON ENGINEERING: ICRA Puts B+ Rating on INR3.4cr Cash Credit
VIRAJ STEEL: CRISIL Suspends D Rating on INR1.23BB Term Loan
YEGNA MANOJAVAM: CRISIL Cuts Rating on INR210MM Cash Credit to D


J A P A N

SHARP CORP: S&P Revises Outlook on 'B+' LT CCR to Stable


M A L A Y S I A

MALAYSIA AIRLINES: MH17 Families Denied Full Compensation


N E W  Z E A L A N D

BRIDGECORP LTD: Receivers Squeezed Out NZ$4MM For Investors
NEW ZEALAND POST: S&P Cuts Rating on NZ$200MM Sub. Notes to BB+


S I N G A P O R E

VIVA INDUSTRIAL: S&P Revises Outlook to Neg. and Affirms BB+ CCR


S R I  L A N K A

AMW CAPITAL: Fitch Affirms 'BB-(lka)' Rating; Outlook Stable
PEOPLE'S LEASING: Fitch Affirms 'B+' IDRs; Outlook Stable


                            - - - - -


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A U S T R A L I A
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APN NEWS: S&P Withdraws 'B+' Rating on Proposed Sr. Unsec. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services had withdrawn its 'B+' issue
rating on APN News & Media Ltd.'s (APN) proposed senior unsecured
notes, which were to be issued by its wholly-owned subsidiary
Biffin Pty Ltd. At the same time, S&P lowered the ratings on APN's
senior secured bank facilities to 'BB' from 'BB+' and the
recovery rating to '4' from '2'. The borrowers are Biffin Pty Ltd
and other subsidiaries, which are wholly-owned and are guaranteed
by APN.

The rating actions follow APN's decision that it will not proceed
with the proposed bond issuance.

The recovery rating of '4' and long-term rating of 'BB' on APN's
senior secured bank facilities now reflect the full bank loan
amount of AUD630 million. Previously, S&P had expected that all of
the proceeds from the issue would be used to repay APN's
outstanding debt and to cancel certain commitments under the
senior secured bank facility.


GOOD PUB: In Administration; First Meeting Set Sept. 26
-------------------------------------------------------
Daniel Ivan Cvitanovic of DCW Insolvency Management was appointed
as administrator of The Good Pub Australia Pty Limited, trading as
The Sly Fox Hotel, on Sept. 16, 2014.

A first meeting of the creditors of the Company will be held at
DCW Insolvency Management, Suite 1, 151 Tongarra Road, in Albion
Park, New South Wales, on Sept. 26, 2014, at 10:00 a.m.


MUSWELLBROOK FAIR: Receivers Sell Two Shopping Centers
------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that shopping centres
Scone Village and Muswellbrook Fair Shopping Centre in NSW's upper
Hunter Valley are being sold separately or together by receivers
PPB Advisory.

Dissolve.com.au says Coles anchors the Muswellbrook Centre which
is leased until 2027. The centre's other tenants include Best and
Less, the Reject Shop and Harvey Norman. Meanwhile, Scone Village
is the town's primary shopping centre which has 405 sqm of
lettable area. It is anchored by ANZ, Coles, Icebox liquoro and
Discount Drug Store, the report relates.

According to the report, the centres were under the control of PPB
Advisory eleven months ago due to a loan to value covenant issue.

On October 15, expressions of interest will close and PPB is
hoping a buyer can be sought by Christmas, the report notes.


PUBLISHERS AUSTRALIA: Moore Stephens Appointed as Administrators
----------------------------------------------------------------
Michael Charles Hird -- mhird@moorestephens.com.au -- of Moore
Stephens Sydney was appointed as administrator of Publishers
Australia on Sept. 15, 2014.

A first meeting of the creditors of the Company will be held at
the offices of Moore Stephens Sydney, Level 15, 135 King Street,
in Sydney, New South Wales, on Sept. 25, 2014, at 3:00 p.m.


SOUTHERN BARRAMUNDI: Farm Put Up for Sale
-----------------------------------------
Cliff Sanderson at Dissolve.com.au reports that receivers of
Southern Barramundi have put the barramundi farm up for sale. The
farm entered receivership in August under Ferrier Hodgson, the
report says.

The farm was founded in 1991. Farmer Steve Mawer acquired it 2003
with a partner producing 1.5 tonnes of fish every week.

The farm includes 5 aquaculture sheds that range from 270 sqm to
310 sqm, storage facilities and offices as well as water and
aquaculture licences.  Colliers International's Jesse Manuel --
jesse.manuel@colliers.com -- and Tim Altschwager --
tim.altschwager@colliers.com -- are selling the property, the
report notes.


VAN EYK: Questions Abound Over Cast Of Shareholder Characters
-------------------------------------------------------------
The Australian reports that investors, an administrator and a
number of regulators were on September 16 poring over the wreckage
of Van Eyk Research, which collapsed on September 15, taking what
had been about AUD20 million worth of shareholders' funds with it.

The Australian relates that the group, which started life as a
Sydney-based research house then made an ill-fated move into funds
management about five years ago, was brought down by one specific
AUD31 million investment in Britain, but questions are now being
asked about several other unusual circumstances surrounding the
group, including finding out exactly who some of the shareholders
are.

Van Eyk is 36 per cent owned by listed group Australasian Wealth
Investors, but AWI's attempts to get to 50 per cent were stymied
when about eight months ago two investor groups bought a total of
almost 29 per cent from interests associated with George Kerr, the
Kiwi investor whose Pyne Gould group owned Van Eyk from 2010 to
early 2013, according to The Australian.

The Australian says Mr. Kerr had owned a convertible note, which
he exercised and then sold the shares variously to Fleming SG
Capital, a Perth-based investor, which took up 4.8 per cent of the
company's capital, and TAA Melbourne, which took up 5.5 million
shares or 24 per cent of Van Eyk's capital.

It is not clear who was behind the purchases or where the money
came from. No illegality is alleged, the report notes.

On August 6, Van Eyk was forced to admit to investors that one of
the Van Eyk funds, the Blueprint International Shares Fund, was
illiquid and the group subsequently collapsed because of an
AUD800 million run on the various Van Eyk Blueprint funds, The
Australian recalls.

However, on August 18, Ben Heap, the chief executive of AWI, sent
a letter to Van Eyk chief executive Mark Thomas, which he also
circulated to the other 35 shareholders in Van Eyk, asking among
other things whether any fund managed by Van Eyk had invested
"directly or indirectly" in Van Eyk, "or provided funding to any
entity or individual for the purposes of an investment" in Van
Eyk, The Australian relates. Companies are not allowed to use
their own money to buy shares in themselves except in specific
cases such as share buybacks, notes The Australian.

The Australian relates that Mr. Thomas responded to three of the
four questions posed but not to that one, although no subsequent
questioning on that issue has come to light.

The initial Van Eyk whodunit, finding out what happened to the
AUD31 million investment by the Van Eyk Blueprint International
Shares Fund in mid-2012, has at least been significantly
unravelled by the man who until 2013 controlled Van Eyk, London
based Kiwi investor Mr. Kerr, who told The Australian on September
15 that the AUD31 million had effectively been divided into two
parcels by Artefact Group, a hedge fund owned and run by fellow
Kiwi Richard Boon.

One was used to buy a string of 110 newspapers in Britain called
Local World, while the other parcel of roughly equal size was
invested in a George Kerr deal in Australia and NZ, which involved
buying debt at a discounted price from embattled financier Bank of
Scotland International, says The Australian.

Neither investment was going to be easy to liquidate, as Van Eyk
has said it had stipulated, while Mr Kerr said it had been a
simple matter of Van Eyk investing in a hedge fund, Artefact
Partners. "There was no mandate," he told The Australian from
London.

According to the report, the effect of the AUD31 million
investment was effectively to paralyse the Van Eyk International
Shares Fund, which had had about AUD130m in it when the investment
was made, but which by the end of 2013 had, for unrelated reasons,
dropped in size to below AUD100m.

By the end of last week, Macquarie Investment Management, the
funds' responsible entity, had repaid investors almost all the
AUD800m they had put into 13 of the funds, the only exception
being the AUD31m Artefact parcel, The Australian notes.

The Australian relates that Mr. Kerr said contrary to some
suggestions, the parcel invested in the southern hemisphere was
not used to pay off a loan he'd arranged from a New Zealand
company he controlled, Perpetual, and which in March 2012 had
attracted the interest of the Financial Market Authority in New
Zealand because it was a less than arm's length transaction.

That loan was used to help his company, Torchlight, buy a AUD200m
line of debt owed by a cash-strapped Australian listed company,
RCL, to Bank of Scotland International, which had been caught out
by the GFC, the report relays.

The Australian notes that Torchlight was able to repay a AUD28m
loan to Perpetual on July 25, 2012, which was shortly after Van
Eyk had sent the AUD31m investment over to Artefact in London.

Mr. Kerr told The Australian Artefact had not invested the money
directly in repaying the Perpetual loan.

He said the repayment had been made "pretty much directly from
real estate sales inside RCL", which Mr. Kerr had forced into
administration in February 2012 because Torchlight was a priority
creditor, The Australian relates.

He conceded that what he called the co-investors' funds, which The
Australian understands to include some AUD15m of the
AUD31m Artefact parcel, "were either used to complete the
acquisition from Bank of Scotland International or inject working
capital to replace funds used to repay Perpetual".

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 17, 2014, SmartCompany said that an Australian investment
research, advice and funds management company founded
in 1989 has collapsed.  van Eyk Research called in voluntary
administrator Trent Hancock of Moore Stephens Sydney
Corporate Recovery Group on September 15.  According to the
report, van Eyk Research has four business arms -- investment
research through van Eyk Research, consulting through van Eyk
Consulting, financial advisory through van Eyk Advice and funds
management through van Eyk Blueprint Series -- and the
administrators said in a statement it entered administration
because of the "recent and sudden closure of the Blueprint Series
of managed funds".



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C H I N A
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CIFI HOLDINGS: Fitch Raises IDR From 'B+'; Outlook Stable
---------------------------------------------------------
Fitch Ratings has upgraded Chinese property developer CIFI
Holdings (Group) Co. Ltd.'s (CIFI) Long-Term Foreign-Currency
Issuer Default Rating (IDR) and senior unsecured rating to 'BB-'
from 'B+'.  The Outlook is Stable.

The upgrade reflects CIFI's strong sales performance and turnover
in 1H14, and the developer's ability to maintain its scale and
profitability under difficult market conditions.  The Stable
Outlook is a reflection that its leverage is likely to stay
healthy at end-2014 following a mild increase in mid-2014.

KEY RATING DRIVERS

Sustainability of Scale: Fitch estimates CIFI's attributable
contracted sales rose 21% y-o-y in 1H14 to more than CNY8.5bn
despite China's property market downturn.  The company also
maintained healthy sales turnover at 1.1x of last twelve months
(LTM) contracted sales/total debt or 0.8x of LTM contracted
sales/adjusted inventory.  The sales efficiency reflects the
company's greater resilience in different market conditions
compared with lower-rated peers.

Stabilising Leverage: CIFI's net debt/adjusted inventory increased
to around 42% at mid-2014 from 33% at end-2013, mainly due to a
CNY3.5bn payment of committed land premium.  However, its leverage
is likely to be below 40% at end-2014, largely because of the
relatively small committed land premium payment of CNY1.9bn and
higher cash collection from contracted sales for the rest of the
year.

Improved EBITDA Margin: CIFI's high asset turnover and product
types kept its EBITDA margin at the low end among its peers.
However, Fitch expects a gradual increase in contracted average
selling price (ASP) to CNY12,000/sqm in 1H14 from below
CNY10,000/sqm two years ago and a bigger share for office sales in
its product mix, which may improve the EBITDA margin to around 20%
in the next 12 months.

Focus on Higher-Tier Cities: CIFI has a diversified presence in
the Yangtze River Delta, Bohai Economic Rim, and Central Western
Region, reducing its exposure to uncertainties inherent in local
policies and local economies while providing room to scale up.
With around 90% of attributable land bank in first- and second-
tier cities at mid-2014, the company is less exposed to housing
oversupply in lower-tier cities.

Substantial JV: CIFI has 9.5m sqm of gross floor area (GFA) of
total land bank, but only around 80% of the GFA is attributable to
the company as many of the acquisitions were made through joint
ventures.  Fitch believes the company will continue to form joint
ventures with other developers in the next 24 months to avoid
competition that could inflate land prices and to reduce the
burden of having to pay land premiums.

RATING SENSITIVITIES

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

   -- Annual attributable contracted sales rising above CNY30bn
      with a healthy financial profile and the current product
      mix

   -- Maintaining the current strategy of high cash-flow
      turnover, such that contracted sales/total debt is
      sustained at over 1.3x

   -- EBITDA margin over 20% on a sustained basis

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

   -- Substantial decrease in scale from 2014, or contracted
      sales/ total debt falling below 1x on a sustained basis

   -- EBITDA margin declining to 15% or lower

   -- Net debt to adjusted net inventory rising towards 45% on a
      sustained basis

   -- Deviation from the current fast churn-out and high cash-
      flow turnover business model


GEELY AUTOMOBILE: S&P Assigns 'BB+' LT Corp. Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its 'BB+'
long-term corporate credit rating to Geely Automobile Holdings
Ltd. (Geely Auto). The outlook is stable. "At the same time, we
assigned our 'cnBBB+' long-term Greater China regional
scale rating to the company. We also assigned our 'BB+' long-term
issue rating and 'cnBBB+' Greater China regional scale issue
rating to the company's proposed U.S.-dollar-denominated senior
unsecured notes," said S&P.

The rating on Geely Auto reflects the 'bb+' group credit profile
of its parent Zhejiang Geely Holding Group Co. Ltd. (Geely
Holding, the group). S&P considers Geely Auto to be a "core"
subsidiary of the group. The company plays a critical role in the
group's growth strategy, and benefits from its operational
integration and name association with its parent.

"Geely Holding's group credit profile reflects its weak market
share relative to global peers and a somewhat narrow product
line," said Standard & Poor's credit analyst Sangyun Han. In
addition, another of the group's key subsidiaries Geely Sweden AB
(Volvo Cars) has weaker profitability than the industry average.
The group's moderate debt leverage and good cost controls
temper these weaknesses, in S&P's view.

"We expect Geely Holding's market position to remain weak over the
next two years. Nevertheless, operational integration and
technology sharing within the group should improve its cost
position and product competitiveness, in our view," S&P related.

S&P added, "Growing competition from larger international peers
could pressure Geely Holding's market share, despite the group's
cost efficiency and improving product competitiveness.

"We expect Geely Holding to maintain leverage at a moderate level
over the next two years. The group's improving profitability
should more than offset increased capital expenditure and product
developments. The group's cash flow and leverage are likely to be
highly volatile over the next two years, given the industry's high
cyclicality and the group's small market share.

"We assess Geely Auto's business risk profile as "fair" to reflect
our view that the company can maintain its profitability through
good cost-management capability and anticipated efficiency gains
from its brand-consolidation plan. This is despite the plan's
negative impact on the company's sales in 2014. Our assessment of
Geely Auto's financial risk profile as "modest" reflects the
company's conservative financial policy and a track record of
conservative leverage management."

"The stable outlook on Geely Auto reflects the stable group
profile of Geely Holding," said Mr. Han. "We expect Geely Holding
to steadily improve its profitability and maintain leverage at a
moderate level, but its market position should remain limited over
the next 12 months."

The stable outlook is despite S&P's expectation that the group
will increase its investments in research and development and
capacity expansion to strengthen its product competitiveness. "We
also expect Geely Auto's linkages with Geely Holding to strengthen
over the next two to three years, given rising strategic and
operational integration," said S&P.

S&P further said, "We may lower the rating on Geely Auto if Geely
Holding's credit profile deteriorates. This could happen if its
market share and cost competitiveness deteriorate substantially
because of factors such as the poor execution of its integration
and technology development or increasing competition, which erode
profitability. A substantial decrease in the group's global market
share below 2.5% on an extended period or a failure to improve its
EBITDA margin to above 6% could indicate such deterioration.

"We may also lower the rating if Geely Holding's debt-to-EBITDA
ratio stays above 2x over the next 12 months. Such a scenario
could materialize if the group's profitability is much weaker than
we expected due to a severe industry downturn or significant cost
overruns from its expansion and technology development projects,
or if the company makes aggressive debt-funded acquisitions. We
may lower the ratings on Geely Auto if the company's strategic
importance to the group deteriorates significantly and we lower
the SACP. Such a scenario is very unlikely, in our view.

"We see limited potential for an upgrade over the next 12 months.
Still, we may raise the rating on Geely Auto if Geely Holding's
credit profile improves.  This could happen if the execution of
ongoing manufacturing and technology integration within the group
improves Geely Holding's competitiveness and cost position. Such
an improvement would be shown in Volvo Cars and Geely Auto
achieving a combined market share of over 5% of China's auto
market or an EBITDA margin of more than 10%.

"We may also raise the rating if we believe that Geely Holding can
keep its ratio of debt to EBITDA below 1.5x through business
cycles. The likely scenarios that could result in such an outcome
are if profitability is stronger than we expected or Geely Holding
adopts a more conservative financial policy and lowers its capital
expenditure without hurting its competitiveness or market share."


WUZHOU INTERNATIONAL: Fitch Affirms 'B' IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed China-based Wuzhou International
Holdings Limited's (Wuzhou) Long-Term Issuer Default Rating (IDR)
at 'B'.  The Outlook is Stable.  Fitch has also affirmed Wuzhou's
senior unsecured rating at 'B', and Recovery Rating at 'RR4'.

The affirmation is due to the commercial property developer's
ability to increase its contracted sales in the past 12 months and
diversify outside Jiangsu province.  Wuzhou has improved its debt
structure by lengthening its debt maturity profile and reducing
its reliance on secured debt and trust borrowings.  Wuzhou's lower
EBITDA margin is likely to be permanent in view of more sales in
third-tier cities.  While its leverage (net debt/adjusted
inventory) may continue to increase, Fitch expects it will stay
within 40%.

KEY RATING DRIVERS

Diversifying Outside Jiangsu Province: Contracted sales from
Jiangsu province fell to 54% of total sales in 2013 from 72% in
2012, following the launch of projects in other provinces such as
Zhejiang, Henan, Yunnan and Hubei.  This was supported by a 33%
year-on-year rise in contracted sales in 1H14 to 46% of Wuzhou's
full-year target of CNY6.5bn.  Fitch expects the geographical
diversification to continue as Wuzhou's projects are spread across
more provinces than a year ago.

Improved Debt Structure: Wuzhou has improved its capital structure
after two offshore bond issuances totalling USD200m in September
2013 and January 2014.  It will improve further with an upcoming
USD100m convertible bond issue.  The bond issuances will help
Wuzhou lengthen its debt maturity profile and reduce its reliance
on secured debt.  At end-June 2014, 26% of its debt was unsecured,
compared with nil a year earlier.  Wuzhou also relied less on
trust borrowings, which constituted 17% of total debt at end-2013,
down from 28% at end-2012.

Lower Margin to be Sustained: Wuzhou's gross profit margin peaked
at 53% in 2012 and fell to 44% in 2013.  It further decreased to
41% in 1H14.  Fitch believes it is caused by more project
deliveries in third-tier cities.  Fitch expects the decline to be
permanent with margin hovering around the current level.  Wuzhou's
EBITDA margin was also affected by high sales, general and
administrative (SG&A) expenses related to expansion into new
cities.  Fitch believes Wuzhou can only trim its SG&A expenses
meaningfully after it slows down its expansion.

Leverage Rising: Wuzhou doubled its contracted sales in 2013 by
developing projects outside Wuxi.  The expansion was partly funded
by its IPO in the middle of 2013, and its leverage remained steady
at 30% at end-2013.  Leverage rose to 33% in mid-2014 due to a
lower cash collection rate and continued construction capex.
Fitch expects its leverage to further increase, but in a
controlled manner.  Leverage will only exceed the 40% level at
which Fitch would consider negative rating action if cash
collection continues to be weaker than our expectation or Wuzhou
acquires land aggressively.

Partners Raise Wuzhou's Profile: Fitch believes that Wuzhou's
agreements to cooperate with Ping An Real Estate and Global
Logistics Properties (GLP; BBB+/Stable) separately in providing
financial services to Wuzhou's SME clients and co-developing
wholesale centres and logistics facilities may enhance the
competitiveness of Wuzhou's projects.  Wuzhou can tap GLP's
expertise in logistics and storage facilities and raise capital
from Ping An for project development.  Since the cooperation
agreements are still at the preliminary stage, the earnings and
capex requirements will be minimal.

RATING SENSITIVITIES

Positive: Future developments that may collectively lead to
positive rating actions include:

   -- Annual contracted sales being sustained above CNY8bn while
      maintaining current margins and credit metrics, and

   -- Increase in geographical diversification by establishing
      its presence in a greater number of provinces, and

   -- Satisfactory operating conditions for completed projects,
      in particular for those that have been open for more than
      three years

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

   -- A significant reduction in annual contracted sales
   -- Deviation from the current fast churn-out business model
   -- Net debt/adjusted inventory being sustained above 40% (end-
      June 2014: 33%)
   -- EBITDA margin staying below 20% on a sustained basis (1H14:
      25%)
   -- Contracted sales/ total debt staying below 1.0x on a
      sustained basis (end-June 2014: 1.2x).



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AGRASHA ALLOYS: CRISIL Suspends B- Rating on INR54MM Bank Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Agrasha
Alloys Trading Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Letter of Credit      26         CRISIL A4 Suspended
   Proposed Letter
   of Credit            120         CRISIL A4 Suspended

   Proposed Long Term
   Bank Loan Facility    54         CRISIL B-/Stable Suspended

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

Agrasha Alloys Trading Private Limited (AATPL) was incorporated in
1998, by Mr. Madhukant Agarwal along with his business
acquaintances Mr. Jay Shah. The company is engaged in trading of
metal scrap including heavy melting scrap and shredded steel
scrap, which serve as raw material for steel based products. The
company has its registered office at Masjid Bunder, Mumbai.


AIRFLOW EQUIPMENTS: CRISIL Suspends D Rating on INR121MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of AirFlow
Equipments (India) Pvt Ltd.

                       Amount
   Facilities         (INR Mln)        Ratings
   ----------         ---------        -------
   Cash Credit            50           CRISIL D Suspended
   Long Term Loan        121           CRISIL D Suspended
   Proposed Cash
   Credit Limit           14           CRISIL D Suspended

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

Set up in 1983 as Bala Industries by Mr. G Dakshinamurthy, the
firm was reconstituted as a private limited company and renamed
AEPL in 1999. AEPL manufactures various products for interiors of
railway compartments, as well as heating, ventilating, and air-
conditioning components.


ANJANEYA JEWELLERY: CRISIL Assigns B+ Rating to INR150MM Loan
-------------------------------------------------------------
RISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Anjaneya Jewellery (AJ).

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

The rating reflects the company's weak financial risk profile,
marked by high gearing and low net worth and its susceptibility to
intense competition in the fragmented gold jewellery retailing
industry. These rating weaknesses are partially offset by its
promoters' extensive experience in the jewellery business.

Outlook: Stable

CRISIL believes that AJ will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained improvement in the company's scale of operations and
profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
AJ undertakes aggressive debt-funded expansions, or if its revenue
and profitability decline substantially, weakening its financial
risk profile.

Incorporated in the 2005, AJ is engaged in the retailing of gold
and diamond jewellery. The company operates a single jewellery
showroom in Labbipet in Vijayawada in Andhra Pradesh. The company
is promoted by Mr.Venkat Rao and his family.

AJ, reported a provisional profit after tax (PAT) of INR17 million
on net sales of INR141million for 2013-14 (refers to financial
year April 1 to March 31), against a PAT of INR16 million on net
sales of INR121 million for 2012-13.


B.R. INDUSTRIES: ICRA Suspends B Rating on INR8.5cr Bank Limits
---------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR8.50 crore
bank limits of B.R. Industries. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


BENITO CERAMIC: CRISIL Assigns B- Rating to INR50MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Benito Ceramic Pvt Ltd.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Term Loan              50          CRISIL B-/Stable
   Cash Credit            20          CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     30          CRISIL B-/Stable

The ratings reflect BCPL's modest scale of operations in the
highly competitive ceramics industry, below-average financial risk
profile, marked by high gearing and weak debt protection metrics
and its large working capital requirements. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoters, and the proximity of its
manufacturing facilities to raw material and labour resources.

Outlook: Stable

CRISIL believes that BCPL will benefit over the medium term from
its promoters' experience in the ceramics industry. The outlook
may be revised to 'Positive' if BCPL improves its scale of
operations while maintaining its profitability, leading to larger-
than-expected cash accruals, or if it improves its working capital
management. Conversely, the outlook maybe revised to 'Negative' if
the company's accruals are lower than expectations because of
reduced order flow or profitability, or if it's financial risk
profile deteriorates, most likely because of a stretch in its
working capital cycle or substantial debt-funded capital
expenditure.

BCPL was incorporated in 2011 and is promoted by the Morbi
(Gujarat)-based Mr. Bharatbhai Rajkotia, and Mr.Pravinbhai
Rangparia. BCPL manufactures ceramic wall tiles; and its
production facilities are located at Morbi (Gujarat).

BCPL reported a net loss ofINR20.4 million on net sales of INR43
million for 2013-14 (refers to financial year, April 1 to
March 31).


BHUWANESHWAR REFINERIES: CRISIL Suspends B+ Rating on INR35M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhuwaneshwar Refineries Pvt Ltd.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Bank Guarantee         25          CRISIL A4 Suspended
   Cash Credit            35          CRISIL B+/Stable Suspended
   Letter of Credit       50          CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility     32          CRISIL B+/Stable Suspended
   Term Loan               8          CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by BRPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BRPL is yet to
provide adequate information to enable CRISIL to assess BRPL'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 1998 and promoted by Mr. Chandrabhan Dembla, BRPL
refines crude edible oil and trades crude and refined edible oils
such as soya bean, cotton oil, rice bran and sunflower oil.


CAIRO INT'L: ICRA Reaffirms B/A4 Rating on INR21.35cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B and short-term
rating of [ICRA]A4 assigned earlier to the INR21.35 crore
(enhanced from INR19.35 crore) fund-based bank facilities of Cairo
International (long-term limits are interchangeable with short-
term limits to the extent of INR12.00 crore such that the total
rated amount shall not exceed INR21.35 crore).

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term fund-based    21.35       [ICRA]B/ [ICRA]A4;
   bank facilities                     reaffirmed

The rating reaffirmation takes into account the steady financial
profile of the firm characterized by a leveraged capital structure
owing to working capital intensive operations and low capital
base, as well as modest profitability margins which in turn
translate into stretched debt-coverage indicators. Though the firm
has been able to maintain high capacity utilization, the scale of
operations is modest in a highly fragmented apparel market which
limits the pricing ability of the firm resulting in low operating
profit margins, which are further constrained by high proportion
of trade sales (>25%) in the revenue mix. Low profitability
coupled with high working capital cycle of the firm on account of
high receivable turnover period and long production cycle, has
resulted in high dependence on bank borrowings for incremental
working capital requirements. The working capital intensity
increased further during FY14 resulting in stretched liquidity as
also reflected in full utilization of sanctioned working capital
bank facility despite enhancement in the limits. Further, the
ratings continue to be constrained on account of high client
concentration risk as the exports are largely limited to two
clients, as also witnessed in a decline in export sales during the
past two years. ICRA also takes note of CI's constitution as a
partnership firm, which limits the financial flexibility and could
impact the financial profile of the firm in case of withdrawal of
capital by the partners.

The rating, however, continues to derive comfort from significant
experience of the partners of over two decades in the garmenting
industry and their active involvement in the business operations,
and the firm's presence in domestic as well as export markets
(which accounted for 25% of the sales in FY14).

Going forward, the firm's ability to prudently manage its working
capital cycle and strengthen its capital structure by improving
its profit margins and maintaining partners' capital would be the
key rating sensitivities. Further, change in constitution of the
entity to a private limited company can also contribute to
improved financial flexibility.

Formed in December 2003 by Mr. Lalit Agarwal and his wife Mrs.
Rekha Agarwal, Cairo International is a partnership firm engaged
in manufacturing of readymade garments such as shirts, trousers
and T-shirts mostly for men. In addition, the firm is also engaged
in trading of woven fabric. The readymade garments are retailed in
the domestic markets mostly under the firm's brands - Dash and
Cairo; while the exports sales include garments manufactured for
other international brands as well. Key export markets of the firm
are Saudi Arabia and United Arab Emirates. The firm's
manufacturing unit is located in Mundka, Delhi which has a
capacity of manufacturing 6.5 lac garment pieces per annum.

The firm reported an Operating Income (OI) of INR56.00 crore and
Profit before Tax (PBT) of INR0.85 crore in FY14 (provisional
estimates) as compared to an OI of INR54.34 crore and PBT of
INR0.97 crore in FY13.


CHAMUNDI DISTILLERIES: CRISIL Rates INR120MM Cash Credit at 'D'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Chamundi Distilleries Private Limited (CDPL). The rating
reflects instances of delay by CDPL in servicing its debt; the
delays have been caused by the company's weak liquidity.

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

CDPL also has large working capital requirements and its
profitability margins and scale of operations remain vulnerable to
fluctuations in raw material prices. These rating weaknesses are
partially offset by the industry experience of promoters and
association of CDPL with the SPR Group which has a long
established presence in the business of manufacturing alcoholic
beverages in the state of Karnataka.

CDPL was incorporated as a private limited company in 1979, and is
being promoted by Mr. Thimme Gowda and Mr Suresh Gowda. The
company undertakes manufacturing of extra neutral alcohol and is
based out of Bangalore, Karnataka.

CDPL's reported a net loss at INR25.2 million on net sales of
INR42.4 million for 2013-14 (refers to financial year, April 1 to
March 31) on a provisional basis, against a net loss of INR8.0
million on net sales of INR177.8 million for 2012-13.


CHAWLA INT'L: CRISIL Puts B+ Rating on INR45MM Bill Discounting
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Chawla International.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Short Term     22.5        CRISIL A4
   Bank Loan Facility

   Packing Credit          27.5        CRISIL A4

   Bill Discounting        45          CRISIL B+/Stable

   Cash Credit              5          CRISIL B+/Stable

The ratings reflect CI's modest scale of operations in a highly
fragmented industry and its low operating profitability. These
rating weaknesses are partially offset by the experience of CI's
partners in the business of trading in coal, food grains, and
cotton.

Outlook: Stable

CRISIL believes that CI will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' in case of large accruals and better
working capital management leading to improvement in the firm's
financial risk profile, particularly its liquidity. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in the firm's financial risk profile, particularly liquidity, on
account of stretch in working capital cycle or pressure on
profitability margins or any significant debt-funded capital
expenditure.

CI exports domestic coal and foods grain to Bangladesh and Bhutan.
Its partners are Mr. Jasbir Singh Chawla, Mr. Baljinder Singh
Chawla, Mr. Hardip Singh Chawla, and Mr. Sarabjit Singh Chawla.


CREATIVE LOOMS: CRISIL Reaffirms B Rating on INR115MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Creative Looms and
Crafts Pvt Ltd (CLCPL) continues to reflect its below-average
financial risk profile, marked by high gearing, weak debt
protection metrics, and a small net worth. The rating also factors
in the company's small scale of operations. These rating
weaknesses are partially offset by the promoters' extensive
experience in the handicraft and furniture trading segments.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            15         CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     20         CRISIL B/Stable (Reaffirmed)

   Term Loan             115         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CLCPL's financial risk profile will remain
constrained by its small net worth, over the medium term. The
outlook may be revised to 'Positive' if the company generates
sizeable cash flows. Conversely, the outlook may be revised to
'Negative' if CLCPL's financial risk profile or liquidity
deteriorates because of significantly low operating cash flows or
offtake from the ongoing capital expenditure (capex),
respectively.

Update
CLCPL registered 7.5 per cent year-on-year growth in its revenue,
to around INR69 million for 2013-14 (refers to financial year,
April 1 to March 31), mainly driven by increasing demand from
retail customers. However, the operating margin remained stable at
around 4.8 per cent during the year.

The company implemented capex of around INR208 million to
construct a five-storey building in Sector 44, Gurgaon; the
project is in the final stage of completion.

CLCPL's topline is likely to grow at a healthy rate over the
medium term, given its enhanced revenue visibility, with a new
showroom commencing operations in November 2014. The showroom,
based in Gurgaon, will be around 5 times the size of its existing
operational showrooms. Additionally, the company is expected to
generate stable rental income, over the medium term by leasing
four of the five floors of the building to various multinational
corporations (MNCs). CLCPL's fixed rental income and an expected
increase in the scale of operations, will comfortably meet its
fixed overheads, thereby significantly improving the company's
operating margin.

CLCPL has moderate working capital requirements, as indicated by
its gross current assets (GCAs) of around 142 days, as on March
31, 2014. The company's GCAs have historically been at similar
levels. These GCA days emanate from CLCPL's inventory levels of
around 116 days, Consequently, CLCPL's bank limit utilisation was
high at around 98 per cent on average, over the 12 months ended
June 30, 2014.

The company's net worth remained small at around INR6.5 million as
on March 31, 2014. The company has high total indebtedness towards
funding its working capital requirements; this, coupled with its
small net worth has resulted in high total outside liabilities to
tangible net worth ratio of around 1.55 times as on March 31,
2014.

CLCPL was incorporated in   in 1983. The company, promoted by Mr.
Rishabh Singh and Mrs. Geeta Singh, trades in handicrafts and
furniture. CLCPL operates through two retail outlets in New Delhi
(one each in Dwarka and Sultanpur).

CLCPL is constructing a five-storey building in Sector 44,
Gurgaon. The company intends to set up a showroom on one floor,
and lease out the rest to various MNCs.


ELTUS COMMODITIES: CARE Reaffirms B Rating on INR15cr Bank Loan
---------------------------------------------------------------
CARE reaffirms the rating aasigned to the long-term bank
facilities of Eltus Commodities Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      15        CARE B Reaffirmed

Rating Rationale

The rating assigned to bank facilities of Eltus Commodities
Private Limited (ECPL) continues to be constrained by the
relatively small scale of operations, low capitalization, low
profitability margin and working capital intensive nature of
operation leading to a leveraged capital structure and weak debt
coverage indicators. The rating further continues to be
constrained by presence in a highly fragmented industry and
customer concentration risk.  The above constraints are partially
offset by strengths derived from experienced promoters, their
financial support and diversified product portfolio.

The ability of the entity to improve its scale of operations and
profitability margins amidst intense competition along with
efficient management of the working capital cycle are the key
rating sensitivities.

Incorporated in August 2011, Eltus Commodities Private Limited
(ECPL) is engaged in the trading of herbs and construction
material. ECPL trades in herbs (such as phudina, wax, liquid
paraphin wax & others used for the manufacturing of ayuervedic
drugs) and construction material (such as sand, aggregates, steel
and others). ECPL sources these commodities locally (Mumbai) and
revenues are also generated domestically. The company has its
warehouse located at Bhiwandi.

As per the provisional results for FY14 (refers to the period
April 1 to March 31), ECPL posted a total income of INR67.65
crore (vis-a-vis INR56.43 crore in FY13) and earned PAT of INR0.70
crore (vis-a-vis INR0.33 crore in FY13). During Q1FY15,
the company has posted a total income of INR19 crore.


FINFOOT LIFESTYLE: CARE Assigns B+ Rating to INR12.75cr Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Finfoot Lifestyle Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    12.75       CARE B+ Assigned
   Short term Bank Facilities    0.20       CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Finfoot Lifestyle
Private Limited (FLPL) are constrained on account of significant
project execution risk associated with its green-field project,
high funding risk as project debt tieup is pending along-with
significant marketing risk associated given its presence in a
highly fragmented textile industry. The ratings, however, derive
strength from experienced and professional management team and
favourable industry outlook.

The ability of the company to complete the ongoing capex without
any time and cost overrun and stabilization of operations thereof
remains the key rating sensitivity.

Promoted by the Pathak family, Finfoot Lifestyle Private Limited
is setting up a power loom weaving unit at village Yadrav,
district Kolhapur. The total cost of project amounts to INR15.70
crore funded through term loan of INR10.50 crore and promoters'
contribution of INR5.20 crore. The proposed plant would have 24
new modern shuttle-less air jet looms with a combined installed
capacity of manufacturing 10,000 meter of fabric per day.

The commercial production is expected to start from May 2015. The
project is eligible for subsidy benefit under Textile Upgradation
Fund scheme, Maharashtra Industrial Policy 2013 and Maharashtra
Textile Policy. CLR Facility Services Private Limited (CFPL) is
the group company of FLPL which offers facility management
services across eight states including Maharashtra, Karnataka,
Goa, Gujarat, Andhra Pradesh, Delhi, Madhya Pradesh and Tamil
Nadu.


G. S. PROMOTERS: CRISIL Suspends B Rating on INR200MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
G. S. Promoters & Developers.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term      200        CRISIL B/Stable Suspended
   Bank Loan Facility

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

GSPD was established in 2006 as a partnership firm by Mr Birbhan
Goel, Mr Jagdish Goel, Mr Manoj Mittal, Mr Om Prakash, Mr Suresh
Singla, and Mr Vijay Dhawan, for carrying out real estate
development in and around Mohali. The firm has finished executing
one residential project, Panchkula Heights, and is presently
engaged in the execution of a commercial project, Tricity Trade
Tower. GSPD is a part of the APS group which has been involved in
commercial/residential real estate development in Mohali for over
a decade.


G V GOD: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
----------------------------------------------------------
CRISIL's ratings on the bank facilities of G V (God Vishnu) Rice
Unit (GVRNU) continue to reflect its high gearing, large working
capital requirements, and moderate scale of operations in the
intensively competitive rice processing segment.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B+/Stable (Reaffirmed)
   Packing Credit        370        CRISIL A4 (Reaffirmed)
   Proposed Short Term
   Bank Loan Facility     80        CRISIL A4 (Reaffirmed)

The ratings also factor in the firm's exposure to risks related to
changes in regulatory policies, and to volatility in raw material
prices, because of high dependence on the monsoons. These rating
weaknesses are partially offset by GVRNU's increasing scale of
operations, the extensive industry experience of the promoters,
and healthy growth prospects for the basmati rice industry.

Outlook: Stable

CRISIL believes that GVRNU will maintain its established presence
in the rice industry over the medium term, on the back of its
promoters' extensive experience. The outlook may be revised to
'Positive' if the firm records a substantial and sustained
improvement in its profitability margins, and maintains healthy
revenue growth; or a sizeable increase in its net worth supported
by the promoters' equity infusion. Conversely, the outlook may be
revised to 'Negative' if GVRNU's profitability margin or capital
structure weakens with substantial working capital requirements or
debt-funded capital expenditure (capex).

Update
GVRNU's revenue increased at around 90 per cent growth in 2013-14
(refers to financial year, April 1 to March 31), to around INR2480
million, with an increase in the proportion of rice trading to the
total revenue, and an improvement in capacity utilization. The
topline could increase at a compound annual growth rate (CAGR) of
5 to 10 per cent over the medium term, supported by healthy growth
prospects for the basmati rice industry. However, the
profitability will remain at around 4 per cent, because of the low
value-additive and competitive nature of the rice industry.

The firm's operations are working capital intensive, with gross
current assets (GCAs) expected to be around 185 days as on March
31, 2015, as in the recent past, because of an increase in the
inventory holding period. However, an increase in the proportion
of trading in rice resulted in bank limit utilization of around
19.4 per cent on average, for the 12 months ended June 30, 2014.

GVRNU's net worth was moderate at around INR110-120 million, as on
March 31, 2014, vis-a-vis debt of INR288 million; the majority of
the firm's revenue in 2013-14 comprised trading in rice, resulting
in moderate gearing of around 2.69 times as on March 31, 2014. The
firm's debt could increase with its intention to reduce trading in
rice and increase its focus on milling over the medium term. Along
with moderate net worth, these factors will result in high
gearing, over the medium term.

GVRNU is a partnership firm set up by the Bansal family in Karnal
(Haryana) in 1987. The Bansal family has been active in the rice
industry for three generations; the father of the late Mr. Som
Prakash Bansal set up a processing unit in the 1940s. Currently,
Mr. Som Prakash Bansal's wife, Mrs. Nirmala Devi and their sons,
Mr. Sureinder Bansal, Mr. Promod Bansal, and Mr. Vinit Bansal,
control GVRNU with a share of 25 per cent each.

GVRNU mills, processes, and sells rice in the export and domestic
markets. The firm focuses on exporting basmati rice to the Middle
East and Iran; both regions have high demand for rice. Exports
exceed 90 per cent of the firm's revenue, as on date. GVRNU also
trades in rice; the firm procures unsorted rice from small mills,
sorts and subsequently exports the same. The firm has one rice
milling, grading, and sorting unit in Karnal (Haryana) with
capacities of 7 tonnes per hour (tph) for milling and 9 tph for
sorting.


GUJU ADS: CRISIL Suspends B- Rating on INR137.2MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Guju Ads Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            25         CRISIL B-/Stable Suspended
   Proposed Term Loan    137.2       CRISIL B-/Stable Suspended
   Term Loan              37.8       CRISIL B-/Stable Suspended

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

GAPL, promoted by Mr. Bhavesh Bhinde, his mother Mrs. Jayaben
Bhinde and his wife Mrs. Jigna Bhinde, was initially established
in 1994 as a proprietorship firm by Mr. Bhinde, whose business was
taken over by GAPL in 1998. It is the flagship company of the Guju
group. GAPL is engaged in out-of-home (OOH) advertising solutions.
It has hoarding rights for central railway stations in Mumbai like
Mulund, Ghatkopar, Vidhyavihar, and Kurla as well as for other
public and private places.


HANUMANT FOUNDATION: ICRA Suspends B+ Rating on INR59.5cr LT Loan
-----------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR59.50 crore,
long term loans and working capital facilities of Hanumant
Foundation. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


HORIZON POLYMERS: CRISIL Cuts Rating on INR120MM Cash Credit to B
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Horizon Polymers to 'CRISIL B/Stable' from 'CRISIL B+/Stable',
and has reaffirmed its rating on the company's short-term
facilities at 'CRISIL A4'.

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

   Letter of Credit        30        CRISIL A4 (Reaffirmed)

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

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

The rating downgrade reflects the increase in HP's working capital
requirements over the past two years, as reflected in the increase
in its gross current assets to around 310 days as on March 31,
2014, from 264 days as on March 31, 2012. Over this period, the
firm has generated cash accruals of INR4.8 million, against
incremental working capital requirements of INR68.3 million, which
led to high utilisation of its bank lines. HP's liquidity was
strained further because of capital withdrawal of around INR8.84
million by its partners over this period, in spite of its
insufficient cash accruals to fund working capital requirements
and term debt repayment obligations INR18.7 million.

The ratings reflect HP's weak financial risk profile marked by
high gearing, and its large working capital requirements. The
ratings also factor in high end-user industry concentration in the
firm's revenue profile, and the susceptibility of its margins to
volatility in raw material prices. These rating weaknesses are
partially offset by HP's established regional market position,
supported by its diversified product profile and its promoters'
extensive experience in the pipe-manufacturing industry.

Outlook: Stable

CRISIL believes that HP will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established market position in northern India. The outlook may be
revised to 'Positive' if the firm generates more-than-expected
cash accruals or its partners infuse fresh equity, leading to
improvement in its capital structure and liquidity, and if it
shortens its working capital cycle. Conversely, the outlook may be
revised to 'Negative' if HP's profitability is lower than
expected, its partners withdraw more capital, it undertakes a
large debt-funded capital expenditure programme, or its working
capital cycle is stretched, further weakening its financial risk
profile.

Set up in 2003 as a partnership firm in Jalandhar (Punjab) by Mr.
Subhash Aggarwal and his son, Mr. Deepak Aggarwal, HP manufactures
polyvinyl chloride pipes, polypropylene random pipes, and high-
density polyethylene pipes along with pipe fittings.


JAIN UDHAY: CRISIL Cuts Rating on INR116.1MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Jain Udhay Apparels Pvt Ltd (JUA) to 'CRISIL D/CRISIL D' from
'CRISIL C/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            40         CRISIL D (Downgraded from
                                     'CRISIL C')

   Letter of Credit       20         CRISIL D (Downgraded from
                                     'CRISIL A4')

    Term Loan            116.1       CRISIL D (Downgraded from
                                     'CRISIL C')

The rating downgrade reflects instances of delay by JUA in
servicing its term loans owing to weak liquidity, which, in turn,
is due to the company's low cash accruals, large repayment
obligation, and delay in funding support from promoters.

The company also has working-capital-intensive operations, low
cash accruals, weak financial risk profile marked by a high
gearing and weak debt protection metrics, and small scale of
operations. However, the company benefits from the extensive
experience of its promoters in the textile industry.

Incorporated in 1984, JUA is managed by Mr. Amit Kumar Jain and
Mr. Arvind Kumar Jain. The company, based in Ludhiana (Punjab),
manufactures ready-made garments. It sells the garments under the
Coffler and JUS brands.


JAYSHREE CHEMICALS: ICRA Cuts Rating on INR83.8cr Term Loan to D
----------------------------------------------------------------
ICRA has revised downwards the rating of the INR83.80 crore term
loan and INR9.50 crore fund based working capital limits of
Jayshree Chemicals Limited from [ICRA]BB- to [ICRA]D. ICRA has
also revised the short term rating assigned to the INR12.54 crore
non-fund based bank limits of JCL from [ICRA]A4 to [ICRA]D.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan                83.80      Downgraded to [ICRA]D
   Fund Based limits         9.50      Downgraded to [ICRA]D
   Non-Fund Based limits    12.54      Downgraded to [ICRA]D

The revision in the ratings takes into account the consistent
overutilization of the working capital facilities indicating
liquidity pressure arising out of losses suffered by the company
during the financial year (FY) 2014 and the first quarter of the
current financial year (FY2015). While revising the ratings ICRA
has also noted the proposed sale of the chlor-alkali division of
the company in Orissa to Aditya Birla Chemicals India Ltd.

Jayshree Chemicals Limited (JCL) is engaged in the manufacturing
of caustic soda, liquid chlorine and hydrochloric Acid at Ganjam
district, Orissa. It expanded its caustic soda production capacity
from 22,500 MTPA to 53,200 MTPA by replacing to membrane cell
technology from mercury cell technology in April 2011. In addition
to that, the company also operates one Wind Mill near Coimbatore
in Tamilnadu.

Recent Results
During the period April to June 2014, JCL recorded a loss before
tax of INR2.38 crore on net income from operations of INR33.73
crore as against a loss before tax of INR1.78 crore on net income
from operations of INR33.73 crore in the corresponding period of
the previous year.

During FY14, JCL recorded a loss after tax of INR18.06 crore on
operating income of INR121.92 crore as against a profit after tax
of INR0.87 crore on operating income of INR133.51 crore in the
previous year.


KAMAL CED: CRISIL Suspends B+ Rating on INR45MM Term Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kamal
CED Solutions LLP.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            20        CRISIL B+/Stable Suspended
   Term Loan              45        CRISIL B+/Stable Suspended

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

KCSLLP was incorporated in 2010 by Mr. R.S. Punia to provide the
Cathodic Electro Deposited (CED) coating on automotive parts. The
company is engaged in CED coating, top coating and Magni coating
for various automotive components. It has two plants located at
Manesar (Gurgaon) and Mr. Rajeev Joshi, partner and executive
director of the firm, looks after the day to day operations.


KHANDELWAL AGENCIES: CRISIL Suspends B Rating on INR85MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Khandelwal Agencies Private Limited (KAPL).

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit            85          CRISIL B/Stable Suspended

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

KAPL, incorporated in the year 1983 by the Indore based Khandelwal
family, is engaged in trading of various steel pipes, fittings,
floor/wall tiles, CP fittings and sanitary ware. Mr. Santosh
Khandelwal along with his brother Mr. Suresh Khandelwal manage the
overall operations of the company.


KHOKAN MOTORS: CRISIL Suspends B+ Rating on INR50MM Channel Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Khokan
Motors Works Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            20         CRISIL B+/Stable Suspended
   Channel Financing      50         CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by
KMWPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KMWPL is yet to
provide adequate information to enable CRISIL to assess KMWPL'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 proprietorship company in 1964, KMWPL was
reconstituted as a private limited company in 2006. The company
located in Siliguri, West Bengal is an authorized dealer for sales
and service of complete range of vehicles of M&M.


KRIDHAN INFRA: CRISIL Suspends B- Rating on INR20MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kridhan
Infra Solutions Pvt Ltd (KISPL).

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

The suspension of ratings is on account of non-cooperation by
KISPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KISPL is yet to
provide adequate information to enable CRISIL to assess KISPL'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 2011, KISPL trades in couplers and TMT bars.  The
company is based in Mumbai (Maharashtra) and is promoted by Mr
Anil Agrawal and his mother Mrs. Krishnadevi Agrawal.


MADHAV COTTON: CARE Revises Rating on INR7.33cr Bank Loan to 'B+'
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Madhav
Cotton Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.33       CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Madhav Cotton Private Limited (MCPL) is primarily on account
of stabilization of operations coupled with an improvement in the
financial risk profile marked by an improvement in the
capital structure and debt coverage indicators during FY14 (refers
to the period April 1 to March 31). The rating, however, continues
to remain constrained on account of thin profit margins, its
presence in the lowest segment of the textile value chain with
limited value addition in the cotton ginning business and
seasonality associated with the procurement of raw material,
resulting into working-capital intensive nature of operations and
susceptibility to the change in government policies.

The rating continues to draw strength from the wide experience of
the promoters' in the cotton industry and locational advantage in
terms of proximity to the cotton-growing regions in Maharashtra.
The ability of MCPL to increase its scale of operations and move
up in the cotton value chain thereby improving its profitability,
capital structure and managing working capital requirements
efficiently remains the key rating sensitivities.

MCPL was incorporated in June 2011 by Mr Kailashchand Mittal and
Mrs Savita Mittal as a private limited company. MCPL is engaged
into the business of cotton ginning and pressing. MCPL deals in
'Mech-1' type of cotton which is being sourced through the local
farmers from Maharashtra. MCPL operates from its sole
manufacturing plant located at Beed (Maharashtra) which has an
installed capacity to process cotton bales of 56,000 quintals per
annum and for cotton seeds of 1,04,000 quintals per annum as on
March 31, 2014. FY14 was the first full year of operation of MCPL
as started commercial production from January 2013.

During FY14, MCPL reported a TOI of INR32.79 crore and PAT of
INR0.19 crore as against TOI of INR7.96 crore and net loss
of INR0.11 crore during FY13.  Furthermore, during Q1FY15, MCPL
reported TOI of INR8.33 crore.


MULTIPLAST POLYMER: CRISIL Suspends D Rating on INR65MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Multiplast Polymer Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      ------
   Cash Credit            30         CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility      5         CRISIL D Suspended
   Term Loan              65         CRISIL D Suspended

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

MPPL was incorporated in 2008, to take over the business of
Multiplast, a partnership firm, promoted by Mr. Vishanji Gada,
alongwith his sons Mr. Manoj Gada and Mr. Devendra Gada in 1996.
Multiplast's operations were taken over by MPPL on January 1,
2011. The present directors of MPPL are Mr. Vishanji Gada, Mr.
Manoj Gada, and Mrs. Manisha Gada (wife of Mr. Manoj Gada).


MUTHOOT AUTO: CRISIL Cuts Rating on INR50MM Funding Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Muthoot Automobile Solutions Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            5         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Inventory Funding     50         CRISIL B+/Stable (Downgraded
   Facility                         from 'CRISIL BB-/Stable')

   Term Loan             30         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL belief that MASPL's business
risk profile will remain constrained over the medium term due to
delay in stabilisation of its showroom. The company had reported
cash losses in 2013-14 (refers to financial year, April 1 to March
31) and its cash accruals are expected to remain lower than
CRISIL's earlier expectation over the medium term. CRISIL,
however, believes that MASPL will derive fund support from
promoters and group companies to support business operations and
debt servicing until its operations stabilise.

The rating reflects MASPL's early stage of operation and its
exposure to intense competition in the automobile dealership
business. The rating weakness is partially offset by the extensive
industry experience of MASPL's promoters and the financial support
that the company is likely to receive from the Muthoot Pappachan
group.

Outlook: Stable

CRISIL believes that MASPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company records
higher-than-expected revenue and cash accruals, leading to
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the company undertakes a large debt-
funded capital expenditure programme or faces delays in
stabilizing its operations resulting in further deterioration in
its financial risk profile.

Incorporated in 2010, MASPL is engaged in dealership of passenger
cars manufactured by Ford India Pvt Ltd (Ford). The company's
business operations are managed by Mrs. Remy Thomas Muthoot. MASPL
is a part of the Muthoot Pappachan group which has interests in
diverse fields such as non-banking financial business, power
generation, automobile dealership, and real estate and
infrastructure development.


POWER MAX: CRISIL Ups Rating on INR130MM Cash Credit to 'C'
-----------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Power Max
(India) Pvt Ltd to 'CRISIL C' from 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            130        CRISIL C (Upgraded from
                                     'CRISIL D')

   Working Capital
   Demand Loan             70        CRISIL C (Upgraded from
                                     'CRISIL D')

The rating upgrade reflects the regularisation of Power Max's
rated debt over the last three months ended August 2014. However,
there are delays by the company in servicing its equipment loans
(not rated by CRISIL) on account of its weak liquidity.

The rating continues to reflect Power Max's below-average
financial risk profile marked by its modest networth, high
gearing, and below-average debt protection metrics. The ratings of
the company are also constrained on account of its large working
capital requirements, and its modest scale of operations in the
intensely competitive engineering-procurement-construction (EPC)
industry. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the EPC
industry, and the company's established relations with clients.
Power Max was established in 1977 by Mr. Dilip Kumar Bose. The
company undertakes erection, commissioning, testing, and
maintenance of structural works and electrical equipments. The
company primarily caters to the power and metal industries.


PRECISION ENGINEERING: CRISIL Reaffirms B- Rating on INR110M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Precision Engineering
Corporation (PEC) continue to reflect PEC's modest scale of
operations in the intensely competitive capital goods and
engineering sector, and the susceptibility of its margins to
volatility in input prices and to off-take by key customers. The
ratings are also constrained by the firm's working-capital-
intensive operations and below-average financial risk profile,
marked by a modest net worth and high gearing. These rating
weaknesses are partially offset by the extensive industry
experience of PEC's partners.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         70        CRISIL A4 (Reaffirmed)
   Cash Credit           110        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       20        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that PEC will continue to benefit over the medium
term from its partners' extensive experience in the capital goods
and engineering sector. The outlook may be revised to 'Positive'
if the firm records significant and sustained improvement in its
revenue and capital structure while maintaining its margins.
Conversely, the outlook may be revised to 'Negative' if there is a
decline in PEC's revenue or margins, or a stretch in its working
capital cycle, leading to pressure on its liquidity and weakening
its financial risk profile.

Update
PEC's operating income registered an 8.5 per cent year-on-year
decline to around INR249.2 million in 2013-14 (refers to financial
year, April 1 to March 31); the decline was due to inspection and
clearance delays from Vishakhapatnam Steel Plant, Chhattisgarh
State Electricity Board, and KCP (Chennai). However, the firm's
operating margin has increased significantly to 23 per cent from
14.8 per cent due to the significant increase in job-work income.
PEC is expected to register revenue of INR300 million to INR350
million while its operating margin is expected to remain in line
with historical trends of 14 to 15 per cent, over the medium term.

PEC's operations are highly working capital intensive as reflected
in its gross current assets (GCAs) of 455 days as on March 31,
2014; the GCAs were higher than in the past because of debtors of
around 309 days due to retention money held by Rashtriya Ispat
Nigam Ltd, and inventory of around 226 days. The firm's bank
limits have been utilised at an average of around 101 per cent
during the 12 months through March 2014.

PEC's net worth was small at around INR82.7 million, as on March
31, 2014. The firm has large debt contracted for funding its
substantial working capital requirements; this, coupled with its
small net worth, has resulted in high gearing of around 1.96 times
as on March 31, 2014.

PEC was originally set up as a proprietorship concern by Mr. H D
Gupta in 1982, as an ancillary to Bhilai Steel Plant; it gradually
added other customers. In 2010, it was reconstituted as a
partnership firm after his son Mr. Vaibhav Gupta joined the
business. PEC manufactures heat exchanger coils used in boilers in
power plants. The firm has its manufacturing facility and office
in Bhilai (Chhattisgarh).


PRIME URBAN: CRISIL Reaffirms B Rating on INR250M Export Bill
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Prime Urban Development
India Ltd (PUDIL) continue to reflect PUDIL's modest scale of
operations in the textile trading business and susceptibility of
PUDIL's near term credit profile to the success of its ongoing
real estate projects being undertaken in its associate entities.
These rating weaknesses are partially offset by extensive
experience of promoters in the textile industry and financial
flexibility from its surplus land bank.

                           Amount
   Facilities             (INR Mln)  Ratings
   ----------             ---------  -------
   Export Bill Negotiation   250     CRISIL B/Stable (Reaffirmed)
   Packing Credit             50     CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that PUDIL will continue to benefit over the
medium term from the promoters long standing presence in the
industry. The outlook may be revised to 'Positive' in case PUDIL
reports significantly higher-than-expected growth in cash flow
from operations, thereby translating into an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company faces a stretch in its working capital
cycle, or if the cash flow from operations in respect of its real
estate segment is significantly below expectations.

PUDIL was incorporated in 1936 by the Patodia family, headed by
Late Mr. Madanlal Patodia. The operations of the company are
currently managed by the third generation of the Patodia family -
Mr. Manoj Patodia and Mr. Anuj Patodia. The company is engaged in
trading of cotton yarn.  The company is also engaged in real
estate development through three partnership firms, in which the
company is a partner. These firms are - Prime New line AOP, Prime
Developers and Prime Mall Developers.  PUDIL is listed on the
Bombay Stock Exchange.

PUDIL reported net loss of INR 6.9 million on net sales of
INR598.4 million for 2013-14 (refers to financial year, April 1 to
March 31); the company reported a net loss of INR17.5 million on
net sales of INR228.6 million for 2012-13.


ROADLINES CORP: CRISIL Suspends C Rating on INR98M Overdraft Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Roadlines Corporation Pvt Ltd.

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Overdraft Facility       98          CRISIL C Suspended

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

RCPL, incorporated in 1994, provides road freight transportation
services; it caters mainly to the power and capital goods
industry. The company's day-to-day operations are managed by Mr.
Yatendra Kumar Arya and Yogendra Kumar Arya.


SANRAA MEDIA: CRISIL Suspends D Rating on INR150MM Overdraft Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sanraa
Media Ltd.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Long Term Loan         68.5         CRISIL D Suspended
   Overdraft Facility    150           CRISIL D Suspended
   Proposed Term Loan      1.5         CRISIL D Suspended

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

SML, established in 1995, develops animated content. The day-to-
day operations of the trust are managed by its chairman, Mr.
Sundaresan.


SHRI VISHNU: CRISIL Suspends D Rating on INR300MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shri
Vishnu Overseas Pvt Ltd (SVOL; part of the Shri Vishnu group).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             300         CRISIL D Suspended
   Foreign Bill Purchase   250         CRISIL D Suspended
   Term Loan               153         CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by SVOL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SVOL is yet to
provide adequate information to enable CRISIL to assess SVOL'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
SVOL and Shri Vishnu Eatables (India) Limited (SVEL), here in
referred to as Shri Vishnu group. This is primarily because both
the entities are controlled by the same management and are engaged
in the same businesses- processing of rice. The entities also
derive considerable operational and business synergies from each
other.

SVOL was incorporated in 1995 by Mr. Banarasi Lal Mittal and his
sons. Company is in the milling of rice as well as wheat. The
processing unit of the company is located in Kaithal, Haryana.


SLV SPINNING: CRISIL Reaffirms B Rating on INR172MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities SLV Spinning Mills Ltd
continue to reflect its below-average financial risk profile,
marked by stretched liquidity, small net worth, high gearing, and
weak debt protection metrics.

                      Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee        4.5         CRISIL A4 (Reaffirmed)
   Cash Credit         150           CRISIL B/Stable (Reaffirmed)
   Long Term Loan      172           CRISIL B/Stable (Reaffirmed)
   Term Loan             0.5         CRISIL B/Stable (Reaffirmed)
   Working Capital
   Term Loan            50.0         CRISIL B/Stable (Reaffirmed)
   Working Capital
   Term Loan            50.0         CRISIL B/Stable (Reaffirmed)

The ratings also factor in the susceptibility of the company's
business risk profile to geographical concentration in revenue,
volatility in cotton prices, and to any adverse impact of
regulatory changes. These rating weaknesses are partially offset
by the promoters' extensive experience in the cotton yarn
industry.

Outlook: Stable

CRISIL believes that SLV's liquidity will remain stretched over
the medium term due to its significant debt obligations and
stretched working capital cycle. The outlook may be revised to
'Positive' if the company improves its liquidity, with sizeable
cash accruals or equity from the promoters. Conversely, the
outlook may be revised to 'Negative' if SLV's debt-servicing
ability is impacted by a stretched working capital cycle or
delayed fund support from the promoters.

Update
For 2013-14 (refers to financial year, April 1 to March 31), SLV's
revenue at around INR535 million, on a provisional basis, grew by
23 per cent year-on-year, from 2012-13, on the back of new
customers in its areas of operations ' Maharashtra and Karnataka.
Additionally, the company sustained its healthy operating margin
at around 17 per cent, supported by efficient inventory
management. CRISIL believes that SLV can maintain the momentum in
its topline over the medium term, with steady demand from its
existing customers and increasing offtake from its new customers.

SLV's financial risk profile is marked by aggressive gearing,
estimated at 1.57 times as on March 31, 2014; the company's debt
protection metrics are moderate, with interest coverage and net
cash accruals to total debt (NCATD) ratios of 2.3 times and 0.15
times, respectively, for 2013-14. SLV's liquidity is stretched
because of its working-capital-intensive operations, with almost
full utilisation of its bank lines, over the 12 months through
August 2014. Moreover, the company's expected cash accruals of
INR50 million for 2014-15, will tightly match its debt obligations
over the period. CRISIL believes that timely financial support
from the promoters in the event of a cash flow mismatch, will
remain a key rating sensitivity factor.

Incorporated in 2003, SLV, based in Bellary (Karnataka), was
founded by Mr. T Shivarama Prasad. The company manufactures cotton
yarn of 40s and 60s count. SLV has a manufacturing unit in Nagari
(Andhra Pradesh), and has an installed capacity of 33,000
spindles.

For 2012-13, SLV reported a profit after tax (PAT) of INR9.3
million on net sales of INR434 million; the company reported a PAT
of INR7.9 million on net sales of INR385.6 million for 2011-12.


SMILAX LABORATORIES: CARE Ups Rating on INR68.2cr Loan From B
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Smilax Laboratories Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     68.20      CARE BB+ Revised from
                                            CARE B

   Long-term/Short-term Bank      5         CARE BB+/CARE A4+
    Facilities                              Revised from
                                            CARE B/CARE A4

   Short-term Bank Facilities    18.80      CARE A4+ Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings takes into account significant
improvement in the liquidity position & financial risk profile of
the company and consistent revenue growth with moderate
profitability during FY14 (refers to the period April 1 to
March 31) and 5MFY14 (refers to period April 1 to August 31). The
ratings also factors in satisfactory experience of the promoter
group with financial support being extended by the group,
comfortable order book position and robust industry growth
prospects. The ratings, however, continue to remain constrained by
the working capital intensive nature of operation with high work
in process inventory, relatively high debt repayment obligation in
the medium term, client concentration risk and intense competition
from regional players. The ability of the company to further
expand the scale of operation while maintaining the operating
profit margin and manage the working capital requirement
efficiently are the key rating sensitivities.

Smilax Laboratories Ltd (SLL), incorporated in the year December
2004, belongs to Hyderabad-based Ramky group of companies. SLL is
a pharmaceutical company engaged in the manufacturing of advanced
Intermediates, Active Pharmaceutical Ingredients (APIs) and
Pellets at its manufacturing facilities located at Jeedimetla,
Telangana and Vishakhapatnam, Andhra Pradesh. The company also
undertakes contract manufacturing and contract research
activities, besides sale of own API/Intermediates. The facilities
and products of SLL are approved by WHO-GMP, Slovenian Regulatory
agency JAZMP and European approval CEP for Omeprozole.

During FY14, SLL posted a PBILDT of INR36.13 crore (FY13 -
INR33.86 crore) and PAT (after deferred tax) of INR1.26 crore
(FY13 - INR1.25 crore) on a total income of INR167.48 crore (FY13
- INR149.50 crore).

As per unaudited financials for 5MFY15, SLL has registered net
sales and PBT of INR63.2 crore and INR1.14 crore respectively.


SRI CHANDRA: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on Sri Chandra Moulishvar Spinning Mills Private
Limited (SCMSM) continue to reflect SCMSM's below-average
financial risk profile, marked by high gearing and a small net
worth.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------     -------
   Bank Guarantee        0.9        CRISIL A4 (Reaffirmed)
   Cash Credit         100.0        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan       77.5        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's small scale of operations
and its susceptibility to fluctuations in input costs. These
rating weaknesses are partially offset by the extensive experience
of SCMSM's promoter in the cotton textile yarn industry.

Outlook: Stable

CRISIL believes that SCMSM will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves, driven by larger-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
SCMSM undertakes a large debt-funded capital expenditure
programme, or if its operating margin deteriorates, thereby
weakening its financial risk profile.

SCMSM was set up in September 2004 by Mr. M Ravichandran. The
company manufactures hosiery yarn in Tirupur (Tamil Nadu).


SRI KAILASANADHA: CRISIL Assigns B+ Rating to INR90.4MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Sri Kailasanadha Textiles Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           60         CRISIL B+/Stable
   Long Term Loan        90.4       CRISIL B+/Stable

The rating reflects SKTPL's modest scale of operations in the
intensely competitive cotton-ginning industry and its weak
financial risk profile, marked by high gearing and weak debt
protection metrics. The rating weaknesses are partially offset by
the benefits derived from its promoters' extensive industry
experience and established customer relationships.

Outlook: Stable

CRISIL believes that SKTPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if there is
significant increase in the company's scale of operations while
improving its profitability margin and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
significant decline in its revenue or profitability or if its
capital structure deteriorates on account of high working capital
requirements or a large debt-funded capital expenditure.

Established in 2013, SKTPL is engaged in ginning and pressing of
raw cotton and sells cotton lint and cotton seeds. SKTPL is
promoted by Mr. Tulabandula Paripurna Krishna Rao and Mr.
Tolupuluri Muralidhar Rao.


SYNERGY GREEN: CRISIL Reaffirms D Rating on INR110MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Synergy Green
Industries Private Limited continue to constrain on account of
delays by Synergy in servicing interest payments towards its term
loan. The delays were driven by its weak liquidity, because of
slow offtake in revenues, partly due to the currently challenging
business environment in the casting and forging industry.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         10         CRISIL D (Reaffirmed)

   Cash Credit           110         CRISIL D (Reaffirmed)

   Letter of Credit       40         CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      13.3      CRISIL D (Reaffirmed)

Synergy remains exposed to offtake risks inherent to the domestic
casting and forging market, due to its nascent stage of operations
and highly leveraged capital structure. The weakness is offset by
the extensive experience of Synergy's promoters in the castings
and forgings industry.

Synergy is a subsidiary of S.B. Reshellers Pvt Ltd (SBR), which
was incorporated in 1978. CRISIL has not consolidated the
financials of Synergy with SBR for the rating analysis because of
there is no intercompany sales or transaction between the entities
and each one operate independently with transaction being arms
length.

Update
In FY 2014 the company new plant located in Kagal (Maharashtra)
has become operational. Further the company during FY 2014 derive
a revenue of around 80 per cent from sale of windmill casting and
20 per cent through machine tool, pumps and valves.  The company
intend to focus on wind turbine generators as their core products.
It is to be noted that the government has restored key tax
incentives recently in July 2014 to producer of power from wind
energy.

CRISIL believes that the development would enable the company to
gain traction in utilization of installed capacity as demand for
turbines increases.

Synergy operating margins are under strain due to increase
competition from Chinese manufacturer of turbine, which the team
expects will remain. However, operating profitability is expected
to increase gradually as the company scales up operations and
achieves better economies of scale.

The company's operation has remained working capital intensive
attributed to high inventory holding and high debtor levels of the
company resulted in the high GCA of the company.

Synergy was established in August 2010 in Kolhapur, Maharahtra.
The company manufactures iron castings for wind turbines, machine
tool, pumps and valves. Synergy began commercial production in
June 2012. The company is managed by Mr. Sachin Shirgaokar, Mr.
Sohan Shirgaokar and Mr. V. Srinivas Reddy.


T.C. SPINNERS: ICRA Assigns B+ Rating to INR24.03cr LT Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR24.03
crore fund-based facilities and short-term rating of [ICRA]A4 to
the INR3.00 crore non-fund based facilities of T.C. Spinners
Private Limited. ICRA also has ratings of [ICRA]B+/[ICRA]A4
outstanding for the INR65.00 crore bank facilities of T.C.
Spinners Private Limited.


                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-Term Fund
   Based Facilities        24.03      [ICRA]B+ Assigned

   Short-Term Non-
   Fund Based Facilities    3.00      [ICRA]A4 Assigned


The assigned rating continues to take into account the modest
financial profile of the company owing to high leverage and
resultant debt coverage indicators based on profitability and cash
accrual levels. While the operating profitability of the company
remained stable at ~9.5% during 9M'FY-14, which on increased scale
of operations would result in higher cash accruals; however the
debt servicing capability of the company remained weak owing to
increase in schedule repayments for long term debt as the company
undertook debt funded capital expenditure (capex) during the last
year. Given modest profitability (NPM at ~3.5%) and cash accruals
along with scheduled repayments, the company would require timely
funding support from the promoters for debt servicing in case the
scale of operations and profitability doesn't improves in FY-15.
The rating is also constrained on account of working capital
intensive nature of operations due to the requirement to stock
cotton during the cotton season for use during the later period,
which depending upon the levels of stocking undertaken, results in
exposure to fluctuation in the yarn prices, and could adversely
impact the profit margins. As a result of high working capital
intensity along with revenue growth and modest accruals, the
liquidity of the company remained stretched. The rating also takes
note of the susceptibility of the Indian spinning industry to the
policy change in China with respect to cotton stocking and
yarn/cotton import. Nevertheless, the assigned rating continues to
factor in the considerable experience of the promoters in the
textiles industry and proximity of the cotton spinning plant to a
major agricultural belt of the country which ensures easy and
timely availability of raw-material.

Going forward, the ability of the company to increase the scale of
operations with better profitability and reduce working capital
cycle to improve liquidity in light of increasing scale of
operations are critical for debt servicing, else the company will
need to secure timely funding support from the promoters and hence
will be the key rating sensitivities.

T.C. Spinners Private Limited (TCSPL) was incorporated in FY-08
with the acquisition of cotton spinning facility of Euro Cotspin
Limited from Punjab National Bank under SARFAESI Act. TCSPL is
engaged in the production of cotton yarn, polyester yarn and spun
sewing thread at its facility in Lalru (Punjab) located on main
Chandigarh-Ambala Highway (NH-22). The cotton spinning facility is
having an installed capacity of 30,432 spindles and it can
manufacture 10,328 MT of yarn at an average count of 30s annually.
TCSPL is promoted by Dr. Ajay Satia and his family members with
other companies in the group include - Satia Industries Limited,
rated at [ICRA]BB / [ICRA]A4 and Bhandari Export Industries
Limited. The company reported Operating Income (OI) of INR131.5
crore and Profit After Tax (PAT) of INR5.2 crore as compared to OI
of INR105.7 crore and net loss of INR1.6 crore for FY-2013.

Recent Results
As per the provisional results, the company reported an Operating
Income (OI) of INR173.6 crore for FY-2014 as compared to INR131.49
crore for FY-2013.


TRADEWEL CONSTRUCTION: ICRA Withdraws 'D' Rating on INR7cr Loan
---------------------------------------------------------------
ICRA has withdrawn the [ICRA]D rating assigned to the INR7 crore
fund based limits of Tradewel Construction Corporation Private
Limited. The rating has been withdrawn at the request of the
company as the rated limits have been fully closed. There is no
amount outstanding against the rated instrument.


USHA SPINNERS: CRISIL Ups Rating on INR70MM Cash Credit to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Usha Spinners to 'CRISIL B+/ Stable' from 'CRISIL B/Stable'.

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

The rating upgrade is driven by the improvement in Usha's
financial risk profile, as reflected in  its total outside
liabilities to tangible net worth (TOLTNW) ratio of 2.33 times as
on March 31, 2014 as against 4.38 times as on March 31, 2013. This
was primarily on account of infusion of INR21 million by
promoters. The revenue has also improved to around INR451 million
for 2013-14 (refers to financial year, April 1 to March 31), on
account of healthy demand from customers. Consequently, its net
cash accruals improved to INR3.4 million in 2013-14.

The rating continues to reflect Usha's below-average financial
risk profile, marked by high gearing and weak debt protection
metrics, and modest scale of operations in a fragmented industry.
These rating weaknesses are partially offset by its promoters'
extensive experience in the textile industry.

Outlook: Stable

CRISIL believes Usha will maintain its business risk profile over
the medium term on the back of its proprietor's extensive
experience in the textile industry. The outlook may be revised to
'Positive' if the firm reports healthy growth in the scale of
operations and profitability leading to better debt protection
metrics, or its capital structure improves due to infusion of
substantial equity by promoters. Conversely, the outlook may be
revised to 'Negative' if Usha's operating margin declines further
or its financial risk profile deteriorates owing to a stretch in
working capital cycle.

Set up in 1998, Usha is a Ludhiana-based proprietorship concern
that trades in cotton, polyester yarn and cloth. The operations of
the firm is being looked after by Mr. Gautam Thapar.


UTTORON ENGINEERING: ICRA Puts B+ Rating on INR3.4cr Cash Credit
----------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR0.54 crore term
loan and INR3.40 crore cash credit facilities of Uttoron
Engineering Private Limited. An untied limit of INR11.05 crore has
also been rated by ICRA at [ICRA]B+ and [ICRA]A4 on long term and
short term scale respectively.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit-
   Term Loan             0.54       [ICRA]B+ assigned

   Fund Based Limit-
   Cash Credit           3.40       [ICRA]B+ assigned

   Fund Based/Non
   Fund Based Limit-
   Untied limit         11.05       [ICRA]B+/[ICRA]A4 assigned

The assigned ratings take into account UEPL's small scale of
current operations, leading to nominal profits and cash accruals
at an absolute level and weak financial profile characterized by
high gearing and depressed level of coverage indicators. The
ratings are also constrained by the highly fragmented nature of
the industry characterized by intense competition from both
organized and unorganized players and high product concentration
risks as safety shoes constituted more than 90% of the company's
turnover in 2013-14. ICRA notes that the liquidity profile of the
company has remained stretched in view of optimum utilization of
its working capital limits. The ratings, however, derive comfort
from the strategic location of UEPL's shoes manufacturing unit at
Kanpur, which provides easy access to key raw material (i.e.
leather) and availability of skilled/semi-skilled labour, and a
favourable demand outlook of personal protective equipment (PPE)
industry, which along with company's plan to foray into export of
safety gloves are likely to boost revenue growth in the future.

Incorporated in 2009, UEPL is engaged in manufacturing of personal
protective equipments like safety shoes, safety helmets, safety
belts/harness, etc. The company commenced its commercial
operations in August 2011. UEPL currently operates through its two
manufacturing units situated at Howrah, West Bengal (Unit-I) and
Kanpur, Uttar Pradesh (Unit-II). In Unit-I, the company
manufactures safety helmets and safety belts/harness; whereas in
Unit-II, the company manufactures only safety shoes. The products
of the company are sold under the brand name of "UEHMPL".

Recent Results
The company has reported a net profit of INR0.31 crore
(provisional) on an operating income of INR17.28 crore
(provisional) during 2013-14; as compared to a net profit of
INR0.34 crore on an operating income of INR16.32 crore during
2012-13.


VIRAJ STEEL: CRISIL Suspends D Rating on INR1.23BB Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Viraj
Steel and Energy Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         15         CRISIL D Suspended
   Cash Credit           250         CRISIL D Suspended
   Letter of Credit       60         CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility      4         CRISIL D Suspended
   Term Loan           1,230         CRISIL D Suspended
   Working Capital
   Demand Loan           150         CRISIL D Suspended

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

VSEL, incorporated in 2004, commenced commercial production in
2006. The company is owned and operated by Mr. Kamal Lalwani, Mr.
Jitender Lalwani, Mr. Shashikant Chaursisa, and Mr. R D Rai. VSEL
manufactures sponge iron and mild steel billets. The company also
has a waste-heat-recovery-based power plant of 16-megawatt (MW)
and another 14-MW power plant based on atmospheric fluidised bed
combustion.


YEGNA MANOJAVAM: CRISIL Cuts Rating on INR210MM Cash Credit to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Yegna Manojavam Drugs & Chemicals Ltd to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/Stable A4'. The rating downgrade reflects
instances of delay by YMDC in servicing its term debt; the delays
have been caused by the company's weak liquidity.

                      Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         40         CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Cash Credit           210         CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Funded Interest       114.2       CRISIL D (Downgraded from
   Term Loan                         'CRISIL B-/Stable')

   Letter of Credit       40         CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Long Term Loan        195.6       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Working Capital       242.6       CRISIL D (Downgraded from
    Term Loan                        'CRISIL B-/Stable')

The rating also reflects YMDC's weak financial risk profile marked
by a weak capital structure and debt protection metrics and its
high working capital requirements. However the company benefits
from the extensive industry experience of its promoters.

Incorporated in 2003 and based out of Hyderabad, YMDC is involved
in the manufacturing of bulk drugs and intermediaries. The company
is promoted by Mr. R.L.Y.P Shastry and Mr.Y.V. Ramana.

During 2012-13 (refers to financial year April 1 to March 31),
YMDCL reported a net loss of INR272.8 million on net sales of
INR478.9 million as against a profit after tax (PAT) of INR27.3
million on net sales of INR1.02 billion during 2011-12.



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


SHARP CORP: S&P Revises Outlook on 'B+' LT CCR to Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised to
stable from negative the outlook on its 'B+' long-term corporate
credit rating on Sharp Corp. and its overseas subsidiary,
Sharp International Finance (U.K.) PLC. At the same time, S&P
affirmed its long-term corporate credit rating on Sharp at 'B+',
its long-term senior unsecured debt rating at 'B', and its short-
term corporate credit rating and rating on the company's
commercial paper program at 'B'. S&P also affirmed all
the ratings on Sharp International Finance (U.K.) PLC.

"The outlook revision reflects our view that the company's
operating performance will continue to recover moderately thanks
to significant cost reductions and a shift of its product mix
toward small-to-midsize liquid crystal displays (LCD). The
revision also incorporates our expectation that improving
operating performance is likely to support the company's stable
banking relationships and reduce liquidity risk for the company
over the next 12 months, despite our view that the company will
continue to depend heavily on short-term borrowings," S&P said.

The rating affirmations reflect S&P's view that intense
competition, particularly in the LCD industry, and rapid demand
and technology changes in other products will continue to
constrain Sharp's competitiveness and profitability. The
affirmation also reflects S&P's view that the company's heavy
dependence on short-term borrowings and our assessment of its
liquidity as "less than adequate" will continue in the next 12
months, and constrain Sharp's creditworthiness.

S&P continues to assess Sharp's business risk profile as "fair."
Sharp's operating performance has been recovering gradually,
supported by significant reductions in fixed costs in the past two
years. In S&P's view, the company's operating performance will
continue to recover moderately, thanks to efforts to shift its
product mix towards more stable small-to-midsize panels and lower
its exposure to more competitive large-size panels in its LCD
business. "We view the company's good technology strength as
having supported the transition of its product mix and that this
will help the company maintain its leading market share in small-
to-midsize LCDs. In addition, a more diversified customer base,
including rapidly growing Chinese smartphone makers, will also
help the company reduce its business volatility going forward, in
our view. However, we believe that inherent volatility in the
company's LCD business will remain high, given intense competition
and strong pricing pressure, volatile demand from end smartphone
and TV markets, and likely oversupply resulting from aggressive
capacity expansion for large LCDs in China over the next two to
three years. Sharp's concentration in the volatile LCD industry
constrains our assessment of the company's business risk profile,"
said S&P.

S&P continues to assess Sharp's financial risk profile as
"aggressive,"  reflecting the company's close relationships with
its creditor banks. S&P believes that stronger EBITDA interest
coverage could enhance Sharp's financial risk profile.  "On the
other hand, we acknowledge that the company's core ratios, such as
debt to EBITDA at around 5x, are weak for the "aggressive"
category. This is because we still partially incorporate Sharp's
historical large ratio swings under the company's LCD business
strategy; for example, debt to EBITDA in fiscal 2012 (ended March
31, 2013) stood at 16.3x. Nonetheless, the ratio has improved and
we expect it to remain slightly below 4x in fiscals 2014 to 2015
in our base case, due to the gradual recovery in EBITDA, as well
as reductions in debt," said S&P.

S&P's base-case scenario for the next 24 months assumes that: 1)
Shipments of small-to-midsize LCD panels will increase in line
with increasing orders, despite fierce competition. Although
prices of small-to-midsize LCD panels will continue to fall, the
increase in shipments will make up for the price drop. As a
result, operating profits of Sharp's LCD business will increase
gradually in line with revenue growth; 2) Although earnings of LCD
TVs made by a joint venture will stabilize, the proportion to
consolidated operating profits is small; 3) Sharp's solar cell
business will see its profits decline substantially due to
setbacks in demand and intensifying competition; 4) Its
home appliances and copy machine businesses continue to generate
solid earnings.  "Based on these assumptions, we expect the
company's EBITDA margin to hover around 8%."

Given the base-case assumptions, S&P expects that: 1) Sharp will
continue to generate free operating cash flow of around 30
billion or more annually, backed by a gradual recovery in
operating performance, continual asset sales and selective capital
investments; 2) Its debt to EBITDA ratio will be around 4x,
compared to 3.94x as of March 31, 2014. In addition, Sharp has
limited the use of capital and cash that it raised through a
public offering aimed at spurring growth through capital
investments. Therefore, S&P does not include funds from the
increased capital in our calculation of surplus cash, which is an
adjustment item under debt.

S&P assesses Sharp's liquidity as "less than adequate." "We expect
sources of liquidity to be below 1.2x uses for the next 12 months.
This is because our calculation of sources of liquidity does not
include Sharp's uncommitted credit facilities. However, we believe
the likelihood Sharp will be able to roll over its debt under the
uncommitted credit facilities is high assuming that banks are
willing to provide Sharp with financial support. We incorporate
into the principal liquidity sources about JPY350 billion in cash
and deposits, about JPY130 billion a year in funds from
operations, and proceeds from continual asset sales that are
definite or extremely close to definite. We also incorporate into
the principal liquidity uses about JPY700 billion in annual debt
repayments and JPY50 billion a year in capital expenditures," said
S&P.

S&P said, "Our issue rating on Sharp's debt is one notch below the
issuer credit rating, reflecting a ratio of priority liabilities
to total assets in excess of 15% (the one-notch threshold). The
ratio stands at 23% based on our assessment, so we do not expect
this degree of notching to change for some time to come.

"The outlook is stable. In our view, despite the intense
competition, Sharp's operating performance is likely to recover
gradually in the next 12 months, underpinned by Sharp's efforts to
maintain or even enhance its LCD business' competitiveness. We
expect the company's core financial measures to stay at the
current levels partly because Sharp continues to implement cash
management. In addition, we expect that liquidity risk has fallen,
as stabilizing operating performance and improving leverage will
help to sustain support from its lender banks on its liquidity.

"We may downgrade Sharp if its operating performance shows signs
of significant deterioration, potentially due to a loss of
technological advantage or competitiveness in the LCD panel
business, and, as a result, key lender banks' supportive stance
changes and pressures Sharp's liquidity.

"We believe that Sharp's dependence on short-term borrowings is
likely to remain high and that its liquidity status including
rollovers under uncommitted credit facilities is unlikely to
change over the next 12 months. Based on this, we see the
likelihood of an upgrade as remote in the near future."

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


MALAYSIA AIRLINES: MH17 Families Denied Full Compensation
---------------------------------------------------------
Nick Miller at The Sydney Morning Herald reports that bereaved
families still grieving from the loss of their loved ones on
flight MH17 are being denied the compensation they are owed by
Malaysia Airlines, their lawyers said.

However the airline strongly rejects their claim, saying the
families will receive the full amount they are owed, as soon as
normal legal processes have been gone through, SMH relates.

"[Malaysia Airlines] is acutely conscious of its moral and legal
obligations to those affected by the terrible tragedy which befell
our flight MH17 and has never sought to avoid paying full
compensation in accordance with the law," the airline told Fairfax
Media, relays SMH.

According to SMH, LHD Lawyers of Sydney told Fairfax Media that at
least two families -- and probably more -- have been offered
barely a quarter of the money they are legally entitled to under
international treaties known as the Montreal Convention.

And their efforts to find out why they have not been offered the
full amount met with what the lawyers said was "nonsense," the
report relates.

"[Malaysia Airlines] is being completely disingenuous, they are
not giving families all the information they need," said one
lawyer with LHD Lawyers, Sydney, according to SMH.

SMH says LHD are representing 24-year-old Cassandra Gibson from
Perth who lost her mother, Liliane Derden, on MH17.

SMH relates that Ms. Gibson, the mother of a nine-month-old
daughter, said the early days after the loss of Liliane were "a
blur".

She remembers the airline first contacted her sister, Chelsea, who
met a representative from Malaysia Airlines who travelled to her
Canberra house, SMH relays.

"[But] now MA only contact us by letter to provide information,
not to inquire how we are coping," the report quotes Ms. Gibson as
saying.

According to SMH, the family were initially given a cheque for
$5000, described as a no-strings-attached "compassionate payment"
to deal with immediate costs.

They were also handed a letter offering them $US50,000 (AU$55,300)
as an "advanced compensation payment" -- as long as they signed a
release form, SMH reports.

However, leading aviation lawyers said this is nowhere near the
full amount the families are owed, SMH relates.

Jerry Skinner, a co-associate with LHD, is an expert in the law
around aviation disasters -- he has worked on cases such as PanAm
flight 103, known as the Lockerbie bombing, SMH discloses.

"But this [MH17] is on the top of the list," Mr. Skinner, as cited
by SMH, said.

SMH relates that Mr. Skinner said countries including Malaysia and
Australia have signed and passed into law international treaties
to simplify who bears responsibility for compensating the victims
of air tragedies.

Under that law Malaysia Airlines is liable, regardless of whether
or not they are responsible for the death or injury, to pay
compensation to the families of the deceased, the report notes.

"If a passenger is killed while on your airline, you are strictly
liable, which means you have to pay . . . about US$183,000," the
report quotes Mr. Skinner as saying.

Malaysia Airlines has not yet paid the money to the families of
those lost on MH370 nor MH17, he said, SMH relays.

                         *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
September 1 2014, The Associated Press said Malaysia Airlines will
cut 6,000 workers as part of a $1.9 billion overhaul announced on
August 29 to revive its damaged brand after being hit by double
passenger jet disasters.

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

These tragedies have scarred the airline's brand, once associated
with high-quality service, AP added.

Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.

Last year, Malaysia Airlines reported a net loss of MYR1.17
billion ($359 million), its third consecutive year of
net losses, according to The Wall Street Journal. In the three
months that ended June 30, its net loss widened to MYR307 million
from MYR176 million in the year-earlier period, the Journal
disclosed.



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


BRIDGECORP LTD: Receivers Squeezed Out NZ$4MM For Investors
-----------------------------------------------------------
APNZ reports that the receivers of failed lender Bridgecorp Ltd
have eked out another NZ$4 million in their seven-year
administration after cutting a deal over a loan on which it held
an insurance policy.

According to APNZ, receiver Colin McCloy of PwC has been in talks
with insurers and other parties over the level and acceptance of
claims for policies on 19 loans, and last month negotiated a
settlement with one of those parties on certain loans, he said in
his latest report on the administration, without identifying the
party.

Earlier this year the Bridgecorp receiver lost a bid to pursue a
NZ$20 million claim against Lloyd's of London in the New Zealand
courts, meaning it would have to sue the underwriter in England,
where it's located, APNZ recalls. Lloyd's was dragged into the
failed finance company's orbit as a result of underwriting Herbert
Insurance Group, which Bridgecorp procured to cover loans it made
on property developments, the report notes.

When Herbert Insurance was placed in liquidation in March 2011,
which prompted a Serious Fraud Office investigation into the
insurer, Bridgecorp's receivers then sought the NZ$20 million
directly from Lloyd's, APNZ relates.

According to APNZ, Mr. McCloy is still pursuing potential action
against third parties "in respect of their conduct prior to
receivership" but can't accurately predict a time frame for
resolution.

APNZ says the latest settlement comes after the receiver reached
an NZ$18.9 million deal with the former directors, their insurers
and the Financial Markets Authority, over a civil claim against
the directors that they had breached their duties under the
Companies Act.

As at July 1, the receivers had realised 32 loans representing
more than 85 per cent of Bridgecorp's New Zealand loan book for a
gross NZ$164 million. Of that, just NZ$22.13 million was available
for the receivers after higher ranking interests. A further
NZ$8.87 million had been recovered that wasn't subject to prior
ranking securities, generating NZ$31 million from Bridgecorp's New
Zealand loans, APNZ discloses.

When Bridgecorp collapsed in 2007 it owed some 14,400 investors
about NZ$459 million. Since the collapse, the receivers have
achieved total receipts of NZ$109 million as at July 1 of the
NZ$595.3 million book value ascribed to Bridgecorp in June 2007,
including intercompany loans, according to APNZ.

APNZ notes that the Momi Resort development in Fiji created a big
hole for the receivers, with no realisations achieved from the
NZ$106.6 million advances.

Some NZ$54.8 million has been distributed to secured debenture
holders, totalling 12 cents in the dollar, and any future payments
will depend on insurance and legal matters, APNZ relays citing Mr.
McCloy's report.

Bridgecorp's former managing director Rod Petricevic and chief
financial officer Rob Roest received lengthy jail terms for
misleading investors and making false statements, with an extra
time added over charges brought by the Serious Fraud Office. Among
the other directors, Peter Steigrad and Bruce Davidson received
home detention and Gary Urwin was sentenced to two years' jail.

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


NEW ZEALAND POST: S&P Cuts Rating on NZ$200MM Sub. Notes to BB+
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'A+/A-1' issuer credit and related debt issue ratings on New
Zealand Post Ltd. (NZ Post). The outlook on the long term rating
remains negative. At the same time, Standard & Poor's lowered its
issue rating on NZ Post's NZ$200 million subordinated hybrid notes
to 'BB+' from 'A-'.

The affirmation of the issuer credit ratings on NZ Post reflects
S&P's assessment of the group's stand-alone credit profile (SACP)
at 'bbb', together with our expectation that NZ Post will benefit
from a "very high" level of extraordinary support from the New
Zealand government in times of financial stress.

"The downgrade on the hybrid notes reflects our expectation that
extraordinary government support will not be extended for this
subordinated issue. In this regard, we now rate the hybrid issue
rating two notches below NZ Post's stand-alone credit profile,"
Standard & Poor's credit analyst Paul Draffin said. "Previously,
our rating on this instrument was two notches below the
issuer credit rating based on the expectation of extraordinary
government
support."

NZ Post is planning to remarket the hybrid ahead of the first
reset date in November 2014. If the instrument is successfully
remarketed and all other terms and conditions of the instrument
remain unchanged (other than to reset the interest rate and extend
key dates for a further five years), we will maintain the 'BB+'
rating and "intermediate" equity credit content on the
instrument.

Underpinning NZ Post's business risk profile are: its position as
the New Zealand sovereign's designated postal operator, its strong
market shares in parcel and courier delivery, and meaningful
operating diversity. Tempering these strengths are the group's
exposure to structurally declining letter volumes, a high fixed
cost base, and execution risks associated with the proposed
restructuring under the group's revised Deed of Understanding
(DoU). These factors support our "satisfactory" business risk
profile assessment on the company.

Mr. Draffin said: "The core postal operations continue to face
significant ongoing structural declines in traditional mail
volumes, against a large and predominantly fixed cost base.
Accordingly, we consider the successful execution of the proposed
cost restructuring initiatives under the revised DoU as essential
to supporting the profitability of the postal operations."

Key elements of the restructuring include a reduction in delivery
days and an extensive rationalization of the retail postal
network. These initiatives should, if well executed, reduce costs
and introduce greater variability of the group's costs to better
accommodate declining revenue trends. Nonetheless, these
initiatives incorporate material execution risk and will be
implemented over the next two years, with the full benefit not
expected until at least fiscal 2016. Accordingly, S&P expects
near-term profitability of the postal operations to remain weak.

Mr. Draffin added: "The negative outlook reflects 1) the weak
profitability of the postal operations that is highly reliant on
effective cost restructuring to offset structurally declining
revenue trends, and 2) rising economic imbalances in New Zealand
that could affect the credit standing of NZ Post's subsidiary,
Kiwibank Ltd."

S&P could lower the ratings on NZ Post if:

The letter-delivery business experiences material losses;

There is a material deterioration in the competitive position or
operating performance of any of the group's key businesses;

Heightened economic imbalances in New Zealand erode the credit-
standing of Kiwibank; or

The ratio of funds from operations-to-debt (excluding the banking
operations) is sustained at less than 25%, due to persisting weak
operating performance, debt-funded acquisitions, or debt-funded
distributions.

Downward pressure on the ratings could also arise if S&P
considered there to be a reduced likelihood that the New Zealand
government would provide timely and sufficient extraordinary
support to NZ Post.

S&P could revise its outlook back to stable if:

  It formed a view that uncertainties around New Zealand's
  economic risks affecting Kiwibank have abated;

  NZ Post maintains and improves the profitability of its letter
  delivery business, underpinned by effective execution of its
  cost reduction strategies under the revised Deed of
  Understanding; and

  NZ Post maintains its FFO-to-debt (excluding the banking
  operations) of more than 25%.


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


VIVA INDUSTRIAL: S&P Revises Outlook to Neg. and Affirms BB+ CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the rating outlook on
Singapore-based Viva Industrial REIT to negative from stable.  "At
the same time, we affirmed our 'BB+' long-term corporate credit
rating on Viva and our 'BBB-' long-term issue rating on the
medium-term notes (MTN) program that the REIT guarantees. In
line with the outlook revision, we lowered our long-term ASEAN
regional scale rating on Viva to 'axBBB' from 'axBBB+'," S&P said.

"We also assigned our 'BBB-' long-term issue rating and 'axBBB+'
ASEAN regional scale rating to the trust's proposed drawdown of
Singapore dollar (S$) 100 million senior unsecured notes from the
MTN program," S&P added.

"The outlook revision reflects our view of Viva's increased risk
appetite and potentially higher leverage following the trust's
proposed acquisition of two Singapore-based properties for S$111.5
million," said Standard & Poor's credit analyst Yuehao Wu. Viva
will use the proceeds from the MTN drawdown to fund the
acquisition, which it is likely to complete within the year.

"We estimate Viva's leverage, as measured by a ratio of debt to
assets, at 45%-46% after the acquisition. This leverage is
substantially higher than the 40% that was our previous maximum
base-case expectation for the rating. It also reduces the cushion
in our base-case forecast of a ratio of funds from operations
(FFO) to debt of about 10%-11%. Any future additional debt-funded
acquisitions could therefore lead to a breach of our downgrade
trigger of a ratio of FFO to debt of 9%," S&P said.

"We affirmed the rating because we expect the proposed acquisition
to only moderately improve the trust's business risk profile.
However, the acquisition will marginally lower Viva's asset
concentration risk, given that the two assets will represent only
about 13% of the REIT's portfolio value after the acquisition,"
Ms. Wu said.

The rating on the MTN program and the notes is higher than the
corporate credit rating to reflect S&P's view of the program's
substantial recovery prospects because of over-collateralization
of the trust's secured debt.

The negative outlook reflects S&P's view that Viva's tolerance for
leverage will remain higher than its previous expectation over the
next 12 months. It also reflects uncertainty about Viva's
adherence to its financial policy and a diminished cushion for
leverage under the REIT's financial risk profile, which S&P
assesses as "intermediate."

"We could lower the rating if Viva's leverage stays close to 45%
or the REIT's FFO-to-debt ratio falls below 9% for a sustained
period. This could materialize if Viva does not issue equity to
deleverage to below 40%, makes further debt-funded acquisitions,
or faces significant challenges in leasing unoccupied space that
would heighten the risk of expiring rental support," S&P said.

"We could revise the outlook to stable if: (1) Viva reduces its
leverage to below 40% over the next 12 months, consistent with its
financial policy of keeping leverage at 40%-45%; and (2) the trust
keeps its FFO-to-debt ratio above 9% while enhancing its
portfolio. Portfolio enhancement can come from an enlarged and
more diversified asset base as well as better occupancy rates and
profitability on a stand-alone basis i.e., without rental support.



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


AMW CAPITAL: Fitch Affirms 'BB-(lka)' Rating; Outlook Stable
------------------------------------------------------------
Fitch Ratings Lanka has affirmed Sri Lanka-based AMW Capital
Leasing and Finance PLC's (AMCL) National Long-Term Rating at 'BB-
(lka)'.  The Outlook is Stable.

KEY RATING DRIVERS

The rating reflects AMCL's relatively weak deposit franchise among
finance companies, modest capitalization and better asset quality
metrics.  AMCL's rating is a reflection of its stand-alone
financial strength, and as such already factors in ordinary
support from parent Associated Motorways Limited (AMW).

Fitch believes that AMCL may be under pressure to increase its
asset base by 27% to LKR8bn from an asset base of LKR6.3bn as at
end-June 2014 before the end of this year.  This is in line with
the government's master plan to consolidate the financial system,
according to which the consolidation in the non-bank financial
institution segment is based on the asset and capital bases of the
players.  A rush to expand amid a weak economy could raise AMCL's
credit risk profile.  The company's assets rose 14% in 1H14 from
LKR5.5bn as at end-2013 (2013: 15% and 2012: 31%).

AMCL continues to have access to local wholesale funding, and it
has unutilised credit lines that are sufficient to cover gaps
arising from the mismatches in the maturities of its assets and
liabilities.  AMCL's external borrowings and borrowings channelled
through its parent accounted for 64% and 10% respectively of total
assets at end-1H14.(end-2013: 37% and 33%).  The high proportion
of borrowings could lead to liquidity pressure in the event AMCL
is unable to source such funding directly or through the parent.
Fitch's view is that liquidity can erode rapidly in times of
stress.

AMCL's deposit base of LKR657m accounted only for 14% of its total
funding at end-1H14 (end-2013: 6.5%; end-2012: 0.1%) and has a
relatively high deposit concentration.  Fitch does not expect the
share of deposit funding to increase given AMCL's management
intends to continue to rely on wholesale funding.

AMCL's reported regulatory gross NPL ratio stood at 2.1% at end-
2013, better than the industry average of 6.7%.  However, Fitch
expects the NPL ratio to increase due to the challenging operating
environment and as the loan book seasons.  The company has been
shifting towards providing financing for more non-AMW brand
vehicles as it seeks to expand its loan book while increasing its
market share of AMW products.  AMW brand vehicles remain a
significant part of its loan portfolio as at Dec. 2013.

Fitch expects AMCL's capitalization to continue to decline due to
its expanding operations but to remain at a satisfactory level for
its current rating.

RATING SENSITIVITIES

Fitch may take positive rating action if AMCL develops its
franchise, both in funding and lending, while maintaining its
financial profile relative to higher-rated peers.

Deterioration in the company's liquidity profile, asset quality,
or capitalization to levels below its peers would place downward
pressure on AMCL's rating.


PEOPLE'S LEASING: Fitch Affirms 'B+' IDRs; Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka-based People's Leasing &
Finance Company PLC's (PLC) Long-Term Foreign and Local Currency
Issuer Default Ratings (IDR) at 'B+'.  The agency has also
affirmed PLC's National Long-Term Rating at 'AA-(lka)'.  The
Outlook on the ratings is Stable.

KEY RATING DRIVERS - IDRs, NATIONAL RATING AND DEBT

PLC's IDRs and National Long-Term Rating reflects Fitch's view
that PLC's parent, the state-owned and systemically important
People's Bank (AA+(lka)/Stable), has a high propensity but limited
ability to provide extraordinary support to PLC if required.  This
is because PLC is strategically important to People's Bank;
People's Bank owns 75% of PLC and has board representation; the
two entities share a common brand; and PLC is associated with
People's Bank's franchise.

In 2013, PLC accounted for about 11% of the People's Bank group
assets, and contributed about 37% of its post-tax profits.  Apart
from its own branches, PLC also operates 109 window offices within
branches of People's Bank.

It is likely that state support will flow to PLC through People's
Bank due to their strong linkages.  PLC's association with the
People's Bank brand and therefore with the state, and the
consequent reputational risk to the state should PLC fail, also
supports Fitch's view.

People's Bank's limited ability to provide support to PLC stems
from its own 'AA+(lka)' rating, which is driven by the government
of Sri Lanka's (BB-/Stable) high propensity but moderate ability
to provide support to the bank under extraordinary situations.

The two-notch differential between the National Long-Term Ratings
of PLC and People's Bank reflects Fitch's view that timely support
from the state may be constrained by regulatory restrictions
between the entities (such as maximum exposure limits) or
administrative delays usually seen in layered support structures.

PLC's Sri Lanka rupee-denominated senior unsecured debentures are
rated at the same level as PLC's National Long-Term Rating of 'AA-
(lka)' as they constitute unsecured and unsubordinated obligations
of the company.

In a trend seen across the sector, PLC's asset quality has
declined, although its asset quality indicators remain stronger
than its domestic peers'.  After PLC's conversion to a finance
company in Nov. 2012 and its merger with former subsidiary
People's Finance PLC in April 2013, deposits increased to almost
half of funding.  Fitch believes that as PLC's deposit base
expands, its reliance on wholesale funds and therefore its
refinancing risk should reduce.

PLC is the largest non-bank financial institution (NBFI) in Sri
Lanka in terms of assets, with a 16% share of sector assets at
end-2013.  Fitch believes that some rationalization of NBFIs
within the People's Bank group, is possible in line with the
government's master plan to consolidate the financial system.

RATING SENSITIVITIES - IDRs, NATIONAL RATING AND DEBT

PLC's ratings may be downgraded if People's Bank is no longer a
majority shareholder in PLC, or if People's Bank's ability to
provide support weakens, or if PLC's strategic importance to its
parent diminishes over time.

Fitch does not expect PLC's ratings to be upgraded, unless
People's Bank's ratings are upgraded.

A full list of rating actions follows:

Long-Term Foreign-Currency IDR: affirmed at 'B+'; Outlook Stable
Long-Term Local-Currency IDR: affirmed at 'B+'; Outlook Stable
National Long-Term Rating: affirmed at 'AA-(lka)'; Outlook Stable
Sri Lanka rupee-denominated senior unsecured debentures: affirmed
at 'AA-(lka)'


                             *********


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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***