TCRAP_Public/140923.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

          Tuesday, September 23, 2014, Vol. 17, No. 188


                            Headlines


A U S T R A L I A

FIRSTMAC MORTGAGE 2-2014: S&P Puts BB Rating on Class B-2 RMBS
G B & J A: Placed In Administration
HEADINGS CONTRACTORS: In Liquidation; 175 Jobs in Doubt
ITR CONCESSION: Strikes Debt Restructuring Deal With Creditors
PROJECT SUNSHINE: (P)B2 Rating Outlook is Neg. if Loan is Upsized

PROJECT SUNSHINE: S&P Cuts Rating on Prop. Debt Issuance to 'B'
STORM FINANCIAL: Bank of Queensland to Make AUD20MM Payout
WHITE DATA: In Administration; First Meeting Set For Sept. 26


I N D I A

ACCORD UDYOG: CRISIL Assigns 'B+' Rating to INR60MM Cash Credit
ALP NON WOVEN: CRISIL Assigns B Rating to INR85MM Cash Credit
ANJANI COTGIN: CRISIL Suspends B Rating on INR70MM Cash Credit
BISWAPITA COLD: CRISIL Suspends D Rating on INR35.8MM Cash Credit
BLUE DREAMZ: CRISIL Reaffirms B- Rating on INR35MM Cash Credit

CLUSTER JEWELLERY: CRISIL Reaffirms B+ Rating on INR118MM Loan
DALSON MOTORS: CRISIL Assigns B+ Rating to INR60MM Cash Credit
EAST COAST: ICRA Revises Rating on INR4,927cr Term Loan to B+
ESGI GARMENTS: CRISIL Reaffirms B+ Rating on INR10MM Cash Credit
G.P. OIL: CRISIL Suspends 'C' Rating on INR60MM Cash Credit

GITANSH ALLOYS: CRISIL Suspends B+ Rating on INR30MM Cash Credit
HARIWANSH PACKAGING: CRISIL Assigns B+ Rating to INR62.5MM Loan
JAI KRISHNA: CRISIL Suspends 'B' Rating on INR199MM Term Loan
JET AIRWAYS: ICRA Upgrades Rating on INR2,460cr Term Loan to 'C'
JET LITE: ICRA Upgrades Rating on INR200cr Fund Based Loan to C

JHV STEELS: ICRA Assigns 'B+' Rating to INR12.50cr Cash Credit
K.K. PROTIENS: CRISIL Suspends B+ Rating on INR150MM Cash Credit
KALIMATA ISPAT: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
KANHHA CABLES: CRISIL Assigns 'B' Rating to INR30MM Cash Credit
KANNAPPAN TEXTILE: CRISIL Suspends B- Rating on INR78.5MM Loan

KAYGEE SHOETECH: CRISIL Suspends B+ Rating on INR49.5MM Cash Loan
KODIBAIL IMPORT: CRISIL Assigns B Rating to INR40MM Cash Credit
KOHINOOR EDUCATION: ICRA Reaffirms D Rating on INR60cr Term Loan
KOHINOOR PLANET: ICRA Reaffirms 'D' Rating on INR280MM Term Loan
LALA MADHORAM: CRISIL Reaffirms B- Rating on INR199.3MM Term Loan

LIFESTYLE SAREES: ICRA Reaffirms B+ Rating on INR22cr Cash Credit
MOR FARMS: CRISIL Suspends B- Rating on INR184.2MM Term Loan
MOR POULTRIES: CRISIL Suspends 'D' Rating on INR70MM Term Loan
NAKSHA ENTERPRISES: CRISIL Suspends B+ Rating on INR175MM Loan
NAVEEN RICE: ICRA Reaffirms 'B' Rating on INR8cr Fund Based Loan

NIBHI INDUSTRIES: CRISIL Suspends D Rating on INR287.5MM Loan
OMR TRAVEL: CRISIL Suspends B- Rating on INR120MM Cash Credit
ORIGIN FOODS: CRISIL Suspends D Rating on INR400MM Bank Loan
PARERHAT STEEL: CRISIL Suspends D Rating on INR320MM Cash Credit
PINEAPPLE ESTATES: CRISIL Suspends B- Rating on INR90MM Cash Loan

PRAKASH CORRUGATED: CRISIL Reaffirms B- Rating on INR80MM Loan
RADHE KRISHNA: ICRA Reaffirms B+ Rating on INR4.90cr Cash Credit
RATHI BANDHUS: CRISIL Suspends B Rating on INR60MM Cash Credit
RICHA ENTERPRISES: ICRA Lowers Rating on INR14cr FB Loan to D
SAURASHTRA FUELS: ICRA Revises Rating on INR59.34cr Loan to B+

SENTINI BEVERAGES: CRISIL Ups Rating on INR200MM Cash Loan to B+
SHAH LAXMI: ICRA Assigns 'B+' Rating to INR3.50cr Fund Based Loan
SHANKU'S BIOSCIENCES: ICRA Reaffirms B Rating on INR5.03cr Loan
SHARMA CONSTRUCTION: CRISIL Suspends B+ Rating on INR30MM Loan
SHREERAM CARS: ICRA Suspends 'B' Rating on INR20cr FB Loan

SHRI LAXMI: CRISIL Reaffirms B+ Rating on INR73MM Cash Credit
SIGMA TOWNSHIP: CRISIL Suspends D Rating on INR180MM Term Loan
TIRUPATI PLASTOMATICS: CRISIL Rates INR50MM Cash Credit at 'B'
TOPWHEELS TOURS: CRISIL Suspends B Rating on INR30MM Cash Credit
TRANSNATIONAL: CRISIL Reaffirms B+ Rating on INR25MM Cash Credit


J A P A N

COSMO OIL: Moody's Downgrades Issuer Rating to Ba2; Outlook Neg.
HN TRUST: Fitch Affirms 'BBsf' Rating on JPY20MM Class A3 Sr. BI


N E W  Z E A L A N D

AORANGI SECURITIES: Statutory Management Ends With NZ$101M Payout
BLUE CHIP: Liquidators' NZ$750k Claw Back Attempt Heads to Court


S O U T H  K O R E A

KB FINANCIAL: Nine Directors Accused of Malfeasance


X X X X X X X X

* BOND PRICING: For the Week September 15 to September 19, 2014


                            - - - - -


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


FIRSTMAC MORTGAGE 2-2014: S&P Puts BB Rating on Class B-2 RMBS
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to six
classes of prime residential mortgage-backed securities (RMBS)
issued by Firstmac Fiduciary Services Pty Ltd. as trustee for
Firstmac Mortgage Funding Trust No.4 Series 2-2014.

The ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises lenders' mortgage insurance to 61.5% of the
      portfolio, which covers 100% of the face value of these
      loans, accrued interest, and reasonable costs of
      enforcement, as well as note subordination for all rated
      notes.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction are sufficient under its
      stress assumptions to ensure timely payment of interest.
      Such mechanisms include an amortizing liquidity reserve
      equal to the greater of 0.9% of the invested amount of all
      notes and A$641,666 that is to be provided through note
      overissuance, principal draws, a spread reserve that builds
      from available excess spread, and 24 months' timely payment
      cover on approximately 42.3% of loans in the portfolio.

   -- The extraordinary expense reserve of A$150,000, funded from
      day one by Firstmac Ltd., available to meet extraordinary
      expenses.  The reserve will be topped up via excess spread
      if drawn.

   -- S&P's view of the underwriting standards and centralized
      approval processes of the originator, Firstmac Ltd.,
      together with S&P's view on the servicing standards of
      Firstmac Ltd. as the servicer of the loans.

   -- The fixed-to-floating interest-rate swap provided by
      Westpac Banking Corp. to hedge the mismatch between
      receipts from fixed-rate mortgage loans and the variable-
      rate RMBS.

A copy of Standard & Poor's complete report for Firstmac Mortgage
Funding Trust No.4 Series 2-2014 can be found on RatingsDirect,
Standard & Poor's Web-based credit analysis system, at:

                 http://www.globalcreditportal.com

The issuer has informed Standard & Poor's (Australia) Pty Limited
that the issuer will be publicly disclosing all relevant
information about the structured finance instruments that are
subject to this rating report.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com/2694.pdf

REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional
regulatory disclosures that may apply to a transaction.

RATINGS ASSIGNED

Class      Rating        Amount (A$ mil.)
A-1        AAA (sf)      315.00
A-2        AAA (sf)      280.00
A-3        AAA (sf)       35.00
AB         AAA (sf)       45.50
B-1        AA- (sf)       15.75
B-2        BB (sf)         6.65
B-3        N.R.            2.10
N.R.--Not rated.


G B & J A: Placed In Administration
-----------------------------------
Frank Lo Pilato -- frank.lopilato@rsmi.com.au -- of RSM Bird
Cameron Partners was appointed as administrator of G B & J A Lynch
Pty Ltd, trading as John Price & Son, on Sept. 18, 2014.

A first meeting of the creditors of the Company will be held at
RSM Bird Cameron Partners, Level 1, 103-105 Northbourne Avenue, in
Turner, on Sept. 30, 2014, at 11:00 a.m.


HEADINGS CONTRACTORS: In Liquidation; 175 Jobs in Doubt
-------------------------------------------------------
ABC News reports that a building and construction company at Roxby
Downs in South Australia has been put into liquidation, putting
the future of about 175 jobs in doubt.

ABC News says Heading Contractors was expected to build camp
rooms, roads and car parks as well as a new land subdivision at
Roxby in SA's far north, however the project was shelved when BHP-
Billiton decided not to go ahead with the expansion of the Olympic
Dam mine.

According to the report, receivers McGrathNicol said the immediate
priority was to take control of the assets of Heading and urgently
assess its financial position.

Liabilities are expected to be about AUD22 million, the report
discloses.

ABC News relates that McGrathNicol Adelaide partner Sam Davies
said the insolvency of Balmoral Mining last month had created
significant hardship on Heading and recent attempts to restructure
the business and financing facilities had not been successful.

"The receivers have commenced discussions with key stakeholders
designed to lead to an orderly transition from the existing
contracts, which would secure ongoing work for the largely casual
Heading workforce," the report quotes Mr. Davies as saying.

Olympic Dam, South Australia-based Heading Contractors is a
building, construction and service company.


ITR CONCESSION: Strikes Debt Restructuring Deal With Creditors
--------------------------------------------------------------
Mitchell Neems at The Australian reports that ITR Concession
Company, operator of the Indiana Toll Road, has struck a deal with
its creditors to restructure its debt facilities.

Macquarie Atlas Roads holds a 25 per cent stake in ITRCC, but said
the deal with the group's creditors creates no funding obligation
for the ASX-listed company, the report says.


PROJECT SUNSHINE: (P)B2 Rating Outlook is Neg. if Loan is Upsized
-----------------------------------------------------------------
Moody's Investors Service has commented on Project Sunshine IV Pty
Ltd's announcement that it may upsize the term loan to $450
million from $400 million.

If Project Sunshine proceeds with the upsizing the outlook on the
provisional senior secured rating of (P)B2 assigned on the
proposed term loan will likely change to negative from stable
mainly reflecting an aggressive dividend policy and the increasing
risk that the company may be unable to delever as expected. As a
result, maintenance of an acceptable financial profile in order to
offset the risks associated with an industry in material decline,
will be more challenging.

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

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

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

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

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


PROJECT SUNSHINE: S&P Cuts Rating on Prop. Debt Issuance to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
issue rating on Project Sunshine IV Pty Ltd.'s proposed senior
secured, term loan debt issuance to 'B' from 'B+', following an
increase of US$50 million in the loan amount to US$450 million.
At the same time, S&P affirmed the 'B' issuer credit rating and
stable outlook on the Project Sunshine group.

S&P expects recovery prospects for debt-holders to the facility to
weaken moderately following the facility increase.  Accordingly,
S&P has lowered its recovery rating to '3' from '2', indicating
that it now expects creditors to receive a meaningful (50%-70%)
level of recovery in the event of a default.

The proposed issuance is guaranteed by Project Sunshine III Pty
Ltd. (B/Stable), and proceeds of the issuance will be used to
repay existing debt facilities, fund a capital return to
shareholders, and pay related fees and expenses.


STORM FINANCIAL: Bank of Queensland to Make AUD20MM Payout
----------------------------------------------------------
Liam Walsh at The Courier-Mail reports that Bank of Queensland has
bitten the bullet and decided to settle legal actions with Storm
Financial victims in a AUD20 million payout.  But BoQ still
maintained in an announcement on September 23 that it denied
wrongdoing, the report says.

The Courier-Mail notes that the move marks a backtrack after BoQ
for years argued it would defend the actions, and engaged in
lengthy litigation.

Storm Financial was a Townsville-based financial advisory firm
whose clients were wiped out around the global financial crisis as
their share portfolios got wiped out. Unfortunately, many of them
had borrowed from banks -- including BoQ -- to invest in stocks,
the report recalls.

It would settle actions launched by the Australian Securities and
Investments Commission and a class action, according to the
report.

The Courier-Mail relates that the settlement would mean a gross
payout of AUD19.7 million including a AUD17 million payout to
customers.  BoQ would take a AUD22 million profit hit, the report
notes.

According to the report, the Storm saga erupted under previous
management at BoQ, but new management in recent years had
indicated they would not settle. The latest accounts also stated
that BoQ was awaiting a judgment in the ASIC matter and would
"vigorously defend" the class action, the report adds.

                      About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operated in the Australian wealth management industry.  The
company managed over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds were invested through different investment products and
structures, including superannuation, non-superannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

In 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AUD20 million.  Storm later closed its business and fired all of
its 115 staff.  The closure, the company's administrators said,
was due to the significant reduction in Storm's income resulting
in trading losses being incurred "at a rate which the company
could no longer absorb."

The Commonwealth Bank of Australia, Storm's largest creditor,
lodged a AUD27.09 million debt claim at a first meeting of the
company's creditors on Jan. 20, 2010.  The group's remaining
creditors are owed AUD51 million, plus a provision for dividends
of AUD10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.


WHITE DATA: In Administration; First Meeting Set For Sept. 26
-------------------------------------------------------------
John Park -- john.park@fticonsulting.com -- and Kelly Trenfield --
- kelly.trenfield@fticonsulting.com -- of FTI Consulting were
appointed as administrators of White Data Ltd on Sept. 16, 2014.

A first meeting of the creditors of the Company will be held at 22
Market Street, in Brisbane, Queensland, on Sept. 26, 2014, at
10:00 a.m.



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


ACCORD UDYOG: CRISIL Assigns 'B+' Rating to INR60MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Accord Udyog Pvt Ltd.

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

The rating reflect AUPL's constrained financial risk profile,
marked by small net worth and weak debt protection metrics,
working-capital-intensive operations driven by stretched
receivables, and low operating profitability due to trading nature
of business. These rating weaknesses are partially offset by the
extensive experience of AUPL's promoters in steel product trading
business and its moderate capital structure.

Outlook: Stable

CRISIL believes that AUPL will benefit over the medium term from
its promoters' extensive experience in the steel trading industry.
The outlook may be revised to 'Positive' if the company reports
significant and sustained increase in its scale of operations and
cash accruals and improved working capital management. Conversely,
the outlook may be revised to 'Negative' if its financial risk
profile, especially liquidity, deteriorates due to further stretch
in its receivables cycle or it generates lower-than-expected cash
accruals driven by small scale of operations or constrained
profitability.

Incorporated in 2008, AUPL is promoted by Mr. Avinash Singh and
Ms. Jyoti Singh and is based in Jamshedpur (Jharkhand). The
company trades in steel products such as channel, pipes, angle,
plate, chequer plate, galvanised plain sheet and galvanized
corrugated sheet, thermo-mechanically treated bars, bars etc.


ALP NON WOVEN: CRISIL Assigns B Rating to INR85MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of ALP Non Woven Pvt Ltd.

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Proposed Long Term       1.5         CRISIL B/Stable
   Bank Loan Facility
   Bank Guarantee           4.0         CRISIL A4
   Cash Credit             85.0         CRISIL B/Stable

The ratings reflect ANWPL's start-up phase, modest scale of
operations, large working capital requirements, and a weak capital
structure. These rating weaknesses are partially offset by the
extensive experience of ANWPL's promoters and the company's
technologically advanced product.

Outlook: Stable

CRISIL believes that ANWPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company stabilises its
operations in a timely manner, leading to large cash accruals, or
if sizeable equity infusions lead to a stronger financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of low accruals because of reduced order flow or
profitability, or weakening of the company's financial risk
profile, most likely because of stretch in working capital cycle
or substantial debt-funded capital expenditure.

ANWPL, incorporated in 2012, is promoted by the Modasa (Gujarat)-
based Mr. Hareshbhai D Patel and Mr. Mahendrabhai D Patel. The
company manufactures technical textile fabric from polypropylene.
The plant is located in Modasa and has a total installed capacity
of 2400 tonnes per annum. The company started commercial
operations from April 2014.


ANJANI COTGIN: CRISIL Suspends B Rating on INR70MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Anjani
Cotgin.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit            70          CRISIL B/Stable Suspended
   Term Loan               6          CRISIL B/Stable Suspended

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

Anjani was established as a partnership firm in 2003 by Mr.
Subhash Goyal along with family members Smt. Geeta Devi, Mr.
Dipesh Goyal, and Smt. Vanita Kumari. The firm is engaged in
ginning and pressing of raw cotton (kapas) to make cotton bales.
It also has a seed-crushing unit where cotton oil is extracted
from cotton seeds. In addition, Anjani has, in 2012-13 (refers to
financial year, April 1 to March 31), taken over the operations of
a group firm, Goyal Guar Gum & Chemical Industries (GGGCI), which
manufactures guar gum powder.


BISWAPITA COLD: CRISIL Suspends D Rating on INR35.8MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Biswapita Cold Storage Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         1.4        CRISIL D Suspended
   Cash Credit           35.8        CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility    35.2        CRISIL D Suspended
   Term Loan             27.5        CRISIL D Suspended

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

BCSPL was set up in 2008 to provide cold storage facility to
potato farmers and traders. It has a facility in Paschim Medinipur
(West Bengal). The company's day-to-day operations are being
managed by the Rahman family.


BLUE DREAMZ: CRISIL Reaffirms B- Rating on INR35MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the long-term bank loan facilities of Blue
Dreamz Advertising Pvt Ltd continue to reflect its small scale of
operations in the highly competitive advertising industry, and
large working capital requirements.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            25       CRISIL B-/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit           35       CRISIL B-/Stable (Reaffirmed)
   Proposed Term Loan     20       CRISIL B-/Stable (Reaffirmed)

The rating also factors in the company's subdued financial risk
profile, marked by its modest net worth and average debt
protection metrics. These rating weaknesses are partially offset
by the promoters' extensive industry experience, and their
established customer relationships.

Outlook: Stable

CRISIL believes that BDAPL will continue to benefit over the
medium term from its promoters' extensive experience in the out-
of-home (OOH) advertising market in Kolkata. The outlook maybe
revised to 'Positive', if the company generates sizeable cash
accruals with a significant enhancement in its scale of operations
and operating profitability; and improves its liquidity with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' if the company's scale of operations
weakens, thus adversely impacting its cash accruals; or its
liquidity deteriorates because of substantial working capital
requirements or debt-funded capital expenditure (capex).

Update
BDAPL's turnover increased to INR138.9 million in 2013-14 (refers
to financial year, April 1 to March 31), from INR134.5 million in
2012-13. The operating margin was moderate at 7.2 per cent in
2013-14.

The company had large working capital requirements, with gross
current assets (GCAs) of 188 days, given its high outstanding
receivables of 125 days, as on March 31, 2014, commensurate with
credit offered as standard industry practice. Though BDAPL
provides 90 days of credit to its clients, receivables are
stretched because of delayed payments by advertising agencies. The
company meets its working capital requirements through cash credit
limits, and stretched payments to creditors. BDAPL had fully
utilised its short-term bank borrowings of INR25 million over the
12 months ended March 31, 2014.

BDAPL's financial risk profile remains subdued, marked by its
small net worth of around INR28.5 million and moderate gearing at
1.13 times, as on March 31, 2014. The company's debt protection
metrics are average, with net cash accruals to total debt (NCATD)
and interest coverage ratios of around 0.15 times and 3.05 times,
respectively, for 2013-14.

BDAPL, incorporated in Kolkatain 2010, provides OOH advertising
solutions. The company has a presence in the bill boards, traffic
booths, and foot-overbridge advertisement segments.

BDAPL reported a profit after tax (PAT) of around INR3.9 million
on net sales of INR138.9 million for 2013-14, as against a PAT of
INR3.8 million on net sales of INR134.5 million for 2012-13.


CLUSTER JEWELLERY: CRISIL Reaffirms B+ Rating on INR118MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Cluster Jewellery Ltd
continues to reflect Cluster's below-average financial risk
profile marked by its small net worth, high total outside
liabilities to tangible net worth ratio, and average debt
protection metrics. The rating of the company is also constrained
on account of its modest scale of operations in the intensely
competitive jewellery manufacturing industry. These rating
weaknesses are partially offset by the extensive experience of
Cluster's promoters in the jewellery manufacturing industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           118        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Cluster will continue to benefit over the
medium term from its promoters' experience in the gem-studded gold
jewellery business. The outlook may be revised to 'Positive' if
the company registers substantial and sustained improvement in its
scale of operations, while maintaining its profitability margins,
or there is substantial improvement in its capital structure on
the back of sizeable equity infusion by its promoters. Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in Cluster's profitability margins, or significant
deterioration in its capital structure caused most likely by a
stretch in its working capital cycle.

Cluster was incorporated in 2005 by Mr. Mahendra Kumar Shah. The
company manufactures and sells gem-studded gold jewellery to
retailers. The company also has a retail outlet in Ahmedabad
(Gujarat).


DALSON MOTORS: CRISIL Assigns B+ Rating to INR60MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Dalson Motors.

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

   Proposed Long Term
   Bank Loan Facility     30         CRISIL B+/Stable

The rating reflects Dalson Motors' below average financial risk
profile, marked by a high total outside liabilities to tangible
net worth (TOLTNW) ratio. The rating also factors in the firm's
susceptibility to risks relating to intense competition in the
automobile (auto) dealership market and limited bargaining power
with its principal, Asia Motor Works Ltd (AMW). These rating
weaknesses are partially offset by the benefits that Dalson Motors
derives from its association with AMW and its efficient working
capital management.
Outlook: Stable

CRISIL believes that Dalson Motors will continue to benefit over
the medium term from its association with AMW and its efficient
working capital management. The outlook may be revised to
'Positive' if the firm generates better-than-expected cash
accruals and improves its capital structure, leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if Dalson Motors reports lower-than-
expected cash accruals, or undertakes any large debt-funded
capital expenditure programme, thereby adversely impacting its
financial risk profile.

Dalson Motors, set up in 2007, is an authorised dealer for AMW's
commercial vehicles. The firm operates three workshops in
Bahadurgarh, Sonipat and Gurgaon (all in Haryana). The firm is
promoted by Mr Gurvinder Singh, Mr Jasbir Singh and Mr Lakhvinder
Singh.

For 2013-14 (refers to financial year, April 1 to March 31),
Dalson Motors reported a book profit of INR1.0 million on net
sales of INR494.2 million, as against a book profit of INR3.0
million on net sales of INR575.1 million for 2012-13.


EAST COAST: ICRA Revises Rating on INR4,927cr Term Loan to B+
-------------------------------------------------------------
ICRA has revised the long term assigned to the INR4927 crore term
loan limits and INR668 crore non-fund based limits of East Coast
Energy Private Limited from [ICRA]B+ initially to [ICRA]D and then
revised the rating to [ICRA]B+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loans          4,927.00      Revised initially to [ICRA]D
                                     and then to [ICRA]B+

   Non-fund based        668.00      Revised initially to [ICRA]D
                                     and then to [ICRA]B+

ICRA's rating action follows the delay in securing the approval by
ECEPL for revision in project CoD and principal repayment
commencement date for its thermal power project from the earlier
approved dates of Sept. 30, 2013 and April 15, 2014 respectively.
The revision in these dates has been necessitated on account of
long delays in implementation of the thermal power project by
ECEPL caused by suspension of project construction by MoEF from
March, 2011 to April, 2012 and due to local disturbances from
October, 2012 to March, 2013. However, ICRA takes note that the
approval for extension of the principal repayment commencement
date from April 15, 2014 to Oct. 15, 2017 has been accorded by the
lead lender on July 9, 2014, along with a revision in the project
CoD from Sept. 30, 2013 to Sept. 15, 2016 and sanction for
revision in project cost from INR6570 crore to INR9343.15 crore.
ICRA has thus taken note of this approval from the lead lender and
revised the rating from [ICRA]D to [ICRA]B+.

ICRA's rating is constrained by the significant cost overruns at
42% of the appraised project cost arising out of delay in
implementation of the project by about three years coupled with
foreign currency fluctuations on the imported BTG cost and
escalation in works awarded post initial project appraisal. The
rating is also constrained by the implementation risks owing to
the early stage of the execution, package mode of implementation
and relatively limited track record of the project sponsors in
development of thermal power projects of this magnitude. Further,
financing risks remain as the project is yet to tie-up the entire
debt portion for the cost overruns and a substantial portion of
the equity (63% including for cost overruns) is yet to be infused.
The rating also factors in the fuel supply risks owing to
shortfall in domestic coal production for linkage coal, limited
track record of imported coal supplier, and exposure to pricing
risks after the first 5 years for imported coal and regulatory
risks with respect to coal from Indonesia. Further, off-take risks
arise from the fact that firm back to back PPAs are yet to be
signed by PTC for the capacity contracted from ECEPL. ICRA also
takes note that the overall cost of generation for ECEPL is
expected to be relatively high owing to high project cost (INR7.08
crores per MW), shortfall in domestic coal supply and use of
imported coal for part of fuel requirement.

However, the rating is supported by the availability of the entire
land required for the main plant area, receipt of major approvals
and resolution of the dispute with MoEF and locals, allowing the
construction work to progress at the project site. ICRA also
positively factors in the approval received from lead lender for
the revised project cost. The rating draws comfort from the
arrangements for coal supply with LoA in place for domestic coal
from Mahanadi Coal Fields Limited and agreement with Global Fuels
Pte Limited for supply of imported coal.

ECEPL is developing a 1320 MW (2 X 660 MW) supercritical unit at
Kakarapalli, in Srikakulam District, Andhra Pradesh. The project
sponsors along with proposed shareholding are Asian Genco Pte
Limited (13.3% holding), Cobalt Power Private Limited (majorly
held by Navayuga group) (33.22% holding), Athena Energy Ventures
Private Limited & associates (32.42% holding), Abir Infrastucture
Limited & associates (15.35% holding) and PTC India Financial
Services Limited (5.71% holding).

ECEPL has received all required permits for the construction of
the plant, transmission line and water supply. Land required for
the main plant area has been acquired, while land required for
water pipeline and railway corridor is pending to be acquired.
Given the delays in execution, the project commissioning schedule
has been revised from April, 2013 and September, 2013 for unit-1
and unit-2 to March, 2016 and September, 2016 respectively. The
project cost has been revised from INR6570 crore to INR9343.15
crore to be funded through debt and equity of INR7006.65 crore and
INR2336.50 crore respectively.


ESGI GARMENTS: CRISIL Reaffirms B+ Rating on INR10MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of ESGI Garments Pvt Ltd
(ESGI GPL; part of the ESGI group) continue to reflect the
vulnerability of the group's operating margin to volatility in raw
material prices and foreign exchange rates and its large working
capital requirements. These rating weaknesses are partially offset
by the extensive experience of the ESGI group's promoters in the
leather industry and its moderate financial risk profile albeit
constrained by a low net worth.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             10       CRISIL B+/Stable (Reaffirmed)
   Foreign Bill Purchase   60       CRISIL A4 (Reaffirmed)
   Packing Credit          70       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       3       CRISIL B+/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ESGI GPL and associate entity, SG
Fashions. This is because all the entities, collectively referred
to as the ESGI group, have a common management, significant
operational linkages, and fungible cash flows among them. For the
previous ratings exercise, CRISIL had combined ESGI group's
business and financial risk profiles with that of another group
entity ESGI Leather Exports (ESGI LE). The change in the
analytical approach for the current rating exercise follows
communication by the group's promoters to CRISIL of the merger of
operations of ESGI LE with ESGI GPL.

Outlook: Stable

CRISIL believes that the ESGI group will maintain its stable
credit risk profile on the back of its promoters' extensive
experience in the leather industry. The outlook may be revised to
'Positive' if the company scales up its operations significantly
and if its profitability and capital structure improve on a
sustainable basis. Conversely, the outlook may be revised to
'Negative' in case of reduced offtake by key customers, resulting
in lower-than-expected revenue, or if the company's working
capital management deteriorates or if it undertakes a debt-funded
capital expenditure programme, leading to deterioration in its
financial risk profile.

Set up in 2012, Chennai-based ESGI GPL manufactures leather
apparel such as jackets, skirts, shorts, and trousers and exports
them to the USA and European region. SG Fashions, based in Delhi,
undertakes jobwork for ESGI GPL.


G.P. OIL: CRISIL Suspends 'C' Rating on INR60MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
G.P. Oil Mills.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            60         CRISIL C Suspended
   Proposed Long Term
   Bank Loan Facility     30         CRISIL C Suspended

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

GP set up in 2003, is promoted by Mr. Gajendra Jha, along with his
wife Mrs. Rukmani Jha. GP is engaged in manufacturing of edible
mustard oil (kachi ghani) under the brand name 'Ugna', and also
sells its by-product mustard cake. The firm has its seed crushing
unit located at Alwar, Rajasthan, with an installed capacity of 70
metric ton per day.


GITANSH ALLOYS: CRISIL Suspends B+ Rating on INR30MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Gitansh
Alloys Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL B+/Stable Suspended
   Letter of Credit       30        CRISIL A4 Suspended
   Term Loan              22        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 was incorporated in 2011 and manufactures mild steel ingots
at its manufacturing unit in Ludhiana (Punjab). It is promoted by
Mr. Suresh Goel. The existing capacity of the ingot unit is 45
tonnes per day.


HARIWANSH PACKAGING: CRISIL Assigns B+ Rating to INR62.5MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Hariwansh Packaging Pvt Ltd.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Term Loan             62.5         CRISIL B+/Stable
   Cash Credit           52.5         CRISIL B+/Stable
   Letter of Credit      10           CRISIL A4

The ratings reflect HPPL's average financial risk profile marked
by high gearing and average debt protection metrics, and its
modest scale of operations in the intensely competitive packaging
industry. These rating weaknesses are partially offset by the
extensive industry experience of HPPL's promoters and its
established relationship with customers.

Outlook: Stable

CRISIL believes that HPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
substantial cash accruals or if its promoters infuse significant
equity, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
significant decline in HPPL's cash accruals, or deterioration in
its working capital cycle, or any large debt-funded capital
expenditure, weakening its financial risk profile.

HPPL manufactures corrugated boxes used in industries such as
fast-moving consumer goods, explosives, and textiles. It is
promoted by Mr. Vijay Murarka who has experience of about 30 years
in the business. The company's facilities are in Nagpur
(Maharashtra).

For 2013-14 (refers to financial year, April 1 to March 31), HPPL
reported net profit of INR2.1 million on net sales of INR182.4
million, against a net loss of INR20.0 million on net sales of
INR24.8 million for 2011-12.


JAI KRISHNA: CRISIL Suspends 'B' Rating on INR199MM Term Loan
-------------------------------------------------------------
RISIL has suspended its ratings on the bank facilities of
Jai Krishna Artec JV.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         244        CRISIL A4 Suspended
   Term Loan              199        CRISIL B/Stable Suspended

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

JKA was incorporated as a joint venture (JV) in August 2005. The
JV has been jointly promoted by the Mittal group and Wadia Group
with 30:70 shareholdings each. JKA is currently developing a 200
acre township of residential, commercial and group housing plots,
in Sonipat under the project name 'Green Wood City' (Sector 26 and
27), Haryana.. The daily operations of the JV are managed by Mr.
Rajendra Mittal, along with his son Mr. Arun Mittal.


JET AIRWAYS: ICRA Upgrades Rating on INR2,460cr Term Loan to 'C'
----------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR3,210.0
crore, long-term, fund-based bank facilities of Jet Airways
(India) Limited to [ICRA]C from [ICRA]D. ICRA has also upgraded
the short-term rating assigned to the INR4,250.0 crore, short-
term, fund-based/ non-fund based bank facilities of Jet Airways to
[ICRA]A4 from [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, term     2,460.0       Upgraded to [ICRA]C
   loans                             from [ICRA]D

   Long-term, fund-      750.0       Upgraded to [ICRA]C
   based limits                      from [ICRA]D

   Short-term, fund-   1,920.0       Upgraded to [ICRA]A4
   based limits                      from [ICRA]D

   Short-term, non-    2,330.0       Upgraded to [ICRA]A4
   fund based limits                 from [ICRA]D

The ratings upgrade reflects the regularisation of debt servicing
obligations by the Company for the last three months, as confirmed
by the lead banks and the management. As indicated by the
management, the delays in receipt of equity infusion from Etihad
Airways PJSC on the back of delays in receipt of regulatory
approvals, in an already weak operating environment, had impacted
the liquidity profile of the Company, resulting in delays in debt
servicing in the past. Improvement in the ratings from current
levels would depend on a sustainable improvement in liquidity and
credit profile of the Company, which may arise from improved
operating performance or support from its strategic partner.

Over the past several quarters, the Indian airline industry has
been faced with considerable cost pressures with rising fuel
costs, aggravated by the significant depreciation of the Indian
Rupee against the US Dollar, increased landing and navigation
charges at key metros, and continued competitive pressures on
industry-wide pricing power. These have resulted in significant
operating losses for Jet Airways. The operating losses for the
Company further widened in 2013-14 on account of instances of
surplus aircraft on ground and extraordinary non-cash write-downs
towards doubtful advances, aircraft redelivery costs and
maintenance provisions. Thus, the credit profile of the Company
continues to remain stretched, characterised by negative networth,
high leverage and stretched coverage indicators. This is however
partly mitigated by the equity infusion of INR2,058 crore in
November 2013 by Etihad Airways towards purchase of a 24% stake in
the Company and an additional US$ 150 million towards 50.1% stake
sale in Jet Privilege Private Limited in March 2014.

Nonetheless, ICRA notes the strategic initiatives being planned by
Etihad Airways and Jet Airways towards reshaping Jet Airways'
business so as to enable the latter to return to sustainable
profitability and improve cash flows. This strategic alliance
between the two airlines is expected to be mutually beneficial
across all areas, including network growth, code sharing,
operational synergies and cost improvement through sourcing of
aircraft and equipment, co-ordination of flights, leasing of spare
aircraft, procurement of fuel and other services etc. resulting in
cost savings for both the airlines.The synergies have commenced
and will steadily increase over time and are evident from the
performance improvement witnessed in the Q1, 2014-15 international
operating performance of the Company on the back of an increase in
passenger load factors and revenue per kilometre. Further, in
addition to the ~US$ 600 million already infused into the Company,
and another US$ 150 million of ECBs raised on Etihad Airways'
guarantee, Etihad Airways is committed to extending continued
support to Jet Airways to ensure enhanced liquidity. Continued
support from Etihad Airways towards turning Jet Airways profitable
and improving its liquidity profile is a key rating sensitivity.

Incorporated in 1992 as a private limited company, Jet Airways
commenced operations as an Air Taxi Operator in May 1993 with a
fleet of four leased Boeing 737 aircraft. The Company was granted
scheduled airline status in January 1995. Jet Airways was founded
by Mr. Naresh Goyal and is presently 51% owned by him, with a 24%
stake held by Etihad Airways post infusion of INR2,058 crore in
November 2013.

Jet Airways (along with Jet Lite (India) Limited - its wholly-
owned subsidiary) currently provides scheduled services to around
56 destinations in India and 20 international destinations. The
Company's fleet stands at 113 aircraft as on March 2014.

Recent Results
For the twelve months ended March 31, 2014, Jet Airways
(standalone) reported a net loss after tax of INR3,667.9 crore on
an operating income of INR17,214.6 crore as against a net loss
after tax of INR485.5 crore on an operating income of INR16,789.9
crorefor the twelve months ended March 31, 2013.

For the three months ended June 30, 2014, Jet Airways (standalone)
reported a net loss before tax of INR217.7 crore on an operating
income of INR4,685.6 crore as against a net loss before tax of
INR355.4 crore on an operating income of INR4,005.2 crore for the
three months ended June 30, 2013.


JET LITE: ICRA Upgrades Rating on INR200cr Fund Based Loan to C
----------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR200.0
crore, long-term, fund-based bank facilities of Jet Lite (India)
Limited to [ICRA]C from [ICRA]D. ICRA has also upgraded the short-
term rating assigned to the INR400.0 crore, short-term, fund-
based/ non-fund based bank facilities of Jet Lite to [ICRA]A4 from
[ICRA]D.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long-term, fund-       200.0       Upgraded to [ICRA]C
   based limits                       from [ICRA]D

   Short-term, non-       210.0       Upgraded to [ICRA]A4
   fund based limits                  from [ICRA]D

   Short-term, proposed   190.0       Upgraded to [ICRA]A4
   limits                             from [ICRA]D

The ratings upgrade reflects the regularisation of debt servicing
obligations by the Company for the last three months, as confirmed
by the lead banks and the management. As indicated by the
management, the delays in receipt of equity infusion into Jet
Airways (India) Limited (Jet Airways) from Etihad Airways PJSC on
the back of delays in receipt of regulatory approvals, in an
already weak operating environment, had impacted the liquidity
profile of the Company, resulting in delays in debt servicing in
the past. Improvement in the ratings from current levels would
depend on a sustainable improvement in liquidity and credit
profile of the Company, which may arise from improved operating
performance or support from its strategic partner.

Over the past several quarters, the Indian airline industry has
been faced with considerable cost pressures with rising fuel
costs, aggravated by the significant depreciation of the Indian
Rupee against the US Dollar, increased landing and navigation
charges at key metros, and continued competitive pressures on
industry-wide pricing power. These have resulted in significant
operating losses for both Jet Airways and Jet Lite. The operating
losses for Jet Airways further widened in 2013-14 on account of
instances of surplus aircraft on ground and extraordinary non-cash
write-downs towards doubtful advances, aircraft redelivery costs
and maintenance provisions. Thus, the credit profiles of the
Companies continue to remain stretched characterised by negative
networth, high leverage, and stretched coverage indicators. This
is however partly mitigated by the equity infusion of INR2,058
crore in November 2013 by Etihad Airways towards purchase of 24%
stake in Jet Airways and an additional US$ 150 million towards
50.1% stake sale in Jet Privilege Private Limited in March 2014.

Nonetheless, ICRA notes the strategic initiatives being planned by
Etihad Airwaysand Jet Airways towards reshaping Jet Airways'
business so as to enable the latter to return to sustainable
profitability and improve cash flows. This strategic alliance
between the two airlines is expected to be mutually beneficial
across all areas, including network growth, code sharing,
operational synergies and cost improvement through sourcing of
aircraft and equipment, co-ordination of flights, leasing of spare
aircraft, procurement of fuel and other services etc. resulting in
cost savings for both the airlines. The synergies have commenced
and will steadily increase over time and are evident from the
performance improvement witnessed in the Q1, 2014-15 international
operating performance of Jet Airways on the back of an increase in
passenger load factors and revenue per kilometre. Further, in
addition to the ~US$ 600 million already infused into Jet Airways,
and another US$ 150 million of ECBs raised on Etihad Airways
guarantee, Etihad Airways is committed to extending continued
support to Jet Airways to ensure enhanced liquidity. Continued
support from Etihad Airways towards turning Jet Lite profitable
and improving its liquidity profile is a key rating sensitivity.

Jet Lite (India) Limited, a wholly owned subsidiary of Jet Airways
(India) Limited (Jet Airways), was acquired by Jet Airways in
April 2007. Jet Lite is positioned as a low-fare carrier in the
domestic segment. Jet Airways (along with Jet Lite) currently
provides scheduled services to around 56 destinations in India and
20 international destinations. The company's fleet stands at 12
aircraft as on March 2014.

Recent Results
For the twelve months ended March 31, 2014, Jet Lite reported a
net loss after tax of INR429.3 crore on an operating income of
INR1,666.2 crore as against a net loss after tax of INR295.3 crore
on an operating income of INR1,971.6 crore for the twelve months
ended March 31, 2013.

For the three months ended June 30, 2014, Jet Lite reported a net
loss after tax of INR40.4 crore on an operating income of INR357.4
crore as against a profit after tax (PAT) of INR6.9 crore on an
operating income of INR466.1 crore for the three months ended June
30, 2013.


JHV STEELS: ICRA Assigns 'B+' Rating to INR12.50cr Cash Credit
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR12.50 crore
cash credit facilities of JHV Steels Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based-cash       12.50       [ICRA]B+ assigned
   Credit

The rating takes into account JHV's weak financial profile,
characterized by nominal profits and cash accruals, a low return
on capital employed, high gearing and weak coverage indicators.
Operating profitability of the company remains vulnerable to
volatility in raw material prices, amidst intense competition in
the fragmented and commoditized market for Thermo Mechanically
Treated (TMT) bars. The rating however, favourably factors in the
healthy growth in operating income in the past on the back of
improved capacity utilization levels and the declining working
capital intensity of operations of the company. Going forward,
JHV's ability to optimally utilize its manufacturing facility,
while at the same time improve its profitability and manage its
working capital intensity would be key rating sensitivities.

Incorporated in 2009, JHV is promoted and managed by the Mr. Hira
Lal Jaiswal and Mr. Abhishek Jaiswal. The company is engaged in
the manufacture of thermo mechanically treated (TMT) bars with an
annual production capacity of 1,00,000 tons per annum (TPA). The
manufacturing facility is located at Mirzapur in Uttar Pradesh and
commenced commercial operation in 2011-12.

Recent Results
In 2013-14, JHV reported a profit after tax (PAT) of INR0.01 crore
on an operating income of INR95.82 crore as compared to a PAT of
INR0.00 crore on an operating income of INR56.38 crore in 2012-13.


K.K. PROTIENS: CRISIL Suspends B+ Rating on INR150MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of K.K.
Protiens Private Limited.

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

The suspension of ratings is on account of non-cooperation by
KKPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KKPPL is yet to
provide adequate information to enable CRISIL to assess KKPPL'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 2006, KKPPL is engaged in processing of soya bean
oil and de-oiled cake from soya bean seeds. The company's unit in
Adilabad (Andhra Pradesh) has an installed soya seed crushing
capacity of 250 tonnes per day (tpd). KPPL's promoter-directors,
Mr. Rohit Goyal and Mr. Raghunath Mittal, also manage KK Oil
Refinery, which has a soya oil refining capacity of 50 tpd.


KALIMATA ISPAT: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kalimata Ispat
Industries Pvt Ltd continue to reflect Kalimata Ispat's weak
financial risk profile marked by small net worth, high gearing,
and weak debt protection metrics, modest scale of operations, and
limited bargaining power. These weaknesses are partially offset by
the experience of Kalimata Ispat's promoters in the industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         20        CRISIL A4 (Reaffirmed)
   Cash Credit            60        CRISIL B+/Stable (Reaffirmed)
   Rupee Term Loan        19.8      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Kalimata Ispat's financial risk profile will
remain constrained because of its high gearing and weak debt
protection metrics. The outlook may be revised to 'Positive' if
Kalimata Ispat's debt protection measures and net worth improve
driven by more-than-expected increase in revenues and
profitability and equity infusion. Conversely, the outlook may be
revised to 'Negative' in case of any significant decline in
profitability or if Kalimata Ispat undertakes any large, debt-
funded capital expenditure programme, leading to deterioration in
its financial risk profile.

Incorporated in 1987 by Mr. Mahendra Kumar Jhawar, Kalimata Ispat
manufactures railway track fittings, including SGCI inserts,
elastic rail clip anchors, elastic spikes, fish bolts and nuts,
grinding media balls, lock spikes and rail anchors. The company
also trades in these railway track fittings. The railway track
fasteners and wagon components are primarily used by the Indian
Railways and also exported to Sri Lankan Railways and Bangladesh
Railways. The company's plant is located in Kolkata (West Bengal).

Kalimata Ispat reported a profit after tax (PAT) of INR1.6 million
on net sales of INR419 million for 2012-13, against a PAT of
INR3.6 million on net sales of INR343 million for 2011-12.


KANHHA CABLES: CRISIL Assigns 'B' Rating to INR30MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/ CRISIL A4' ratings to
the bank facilities of Kanhha Cables Private Limited (KCPL). The
rating of KCPL reflects its small scale of operations in the
fragmented industry and working capital intensiveness of the
business operations. These weaknesses are partially offset by
extensive experience of promoters and average financial risk
profile.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Inland/Import          70          CRISIL A4
   Letter of Credit
   Bank Guarantee         20          CRISIL A4
   Cash Credit            30          CRISIL B/Stable


Outlook: Stable

CRISIL believes that KCPL will continue to benefit from its
promoters' extensive experience in the industry, over the medium
term. The outlook may be revised to 'Positive' if the company
scales up its operations significantly with improved profitability
leading to higher than expected cash accruals and improved
financial risk profile. Conversely, the outlook may be revised to
'Negative' if KCPL undertakes a large debt-funded capital
expenditure programme, or if operating margin deteriorates, or if
there is any deterioration in its working capital management,
leading to deterioration in its financial risk profile.

KCPL incorporated in 2003 is part of the Gemini group of
industries. The operations are managed by Mr. Kapil Gemini. It
manufactures a variety of LT PVC/XLPE insulated & sheathed cables,
concentric service cable and conductors which find application in
signalling, telecommunication and power from its Jaipur based
facility. The cables are sold under the brand 'Gemini'. The
manufacturing facility is located in Jaipur.


KANNAPPAN TEXTILE: CRISIL Suspends B- Rating on INR78.5MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kannappan Textile Mill Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         5        CRISIL A4 Suspended
   Cash Credit           35        CRISIL B-/Stable Suspended
   Letter of Credit      10        CRISIL A4 Suspended
   Long Term Loan        78.5      CRISIL B-/Stable Suspended

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

KTML commenced commercial operations in April 2008. It
manufactures polyester cotton blended yarn; its manufacturing unit
is in Madurai (Tamil Nadu).


KAYGEE SHOETECH: CRISIL Suspends B+ Rating on INR49.5MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kaygee Shoetech Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           49.5        CRISIL B+/Stable Suspended

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

KSPL was formed in 2006 by Mr. Kishore Gupta in Kolkata (West
Bengal). The company manufactures footwear and footwear components
for men, women, and children. In the footwear components segment,
KSPL manufactures cross-linked foam soles, insole sheets, toe puff
and counter (solvent-activated and heat-activated), and shoe
uppers. The company's factory is at Tangra in Kolkata (West
Bengal).


KODIBAIL IMPORT: CRISIL Assigns B Rating to INR40MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Kodibail Import Export Pvt Ltd.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit                40        CRISIL B/Stable
   Foreign Letter of Credit   20        CRISIL A4

The ratings reflect KIEPL's modest scale of operations in the
intensely competitive and highly fragmented agricultural and
garden-care equipment trading industry, and its below-average
financial risk profile, marked by a high total outside liabilities
to tangible net worth ratio and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
industry experience of the company's promoters.

Outlook: Stable

CRISIL believes that KIEPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports a
sustainable increase in its revenue and profitability, thereby
strengthening its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if KIEPL generates lower-than-
expected cash accruals or undertakes a large debt-funded capital
expenditure programme, further weakening its financial risk
profile.

Set up in 2010, KIEPL trades in agricultural and garden-care
equipment. The company, promoted by Mr. K Satyanarayana and his
wife Mrs. K S Vijayalakshmi, is based in Puttur (Karnataka).

For 2013-14 (refers to financial year, April 1 to March 31), KIEPL
reported a profit after tax of INR0.8 million on net sales of
INR32.6 million.


KOHINOOR EDUCATION: ICRA Reaffirms D Rating on INR60cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D outstanding on
the INR60.00 crore2 term loans of Kohinoor Education Trust. ICRA
has also reaffirmed the short term rating of [ICRA]D outstanding
on the INR1 crore non fund based facilities of KET.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            60.00       [ICRA]D/Reaffirmed
   Bank Guarantee         1.00       [ICRA]D/Reaffirmed

The reaffirmation of ratings takes into account the stretched
liquidity profile at a group level brought around by slow sales of
commercial projects, particularly the large scale project in
Mumbai where in a significant quantum of group's funds have been
deployed, as well as start up nature of operations of the group's
recent ventures in healthcare, education and hospitality segment
leading to delays in debt servicing. The ratings are further
constrained by the weak financial profile of the trust with small
scale of operations, losses at net level and adverse capital
structure owing to the slower than expected ramp up of operations.
ICRA notes that less than anticipated occupancy rates in all
institutes coupled with high fixed overheads have resulted in weak
profitability and cash flows levels for KET, leading to high
reliance on funding support from group for debt servicing. ICRA,
however, has taken note of the strong brand name of the Kohinoor
Group in the education sector in Maharashtra and the fact that all
the institutes are fully operational with no major capex in the
near term.

Going forward, the ability of the Trust to increase the occupancy
rates, scale up its operations and achieve healthy profitability
levels as well as secure timely support from the group and ensure
timely debt servicing remains critical from a credit perspective.
KET was established in September 2007 as a Public Trust by the
Mumbai based Kohinoor Group. The Kohinoor Group (Group), founded
in 1961 by Mr. Manohar Joshi has presence in education, real
estate healthcare and hospitality through various group companies.
Mr. Unmesh Joshi, who is the current chairman and managing
director of the Group, is also the managing trustee of KET. Under
KET, the Group established KBSCMR at its Khandala campus with a
batch strength of 480 students (for both years), a management
college with a batch strength of 480 students (for both years) and
ICSE School at Kurla in Mumbai.

Recent Results:
In FY 2014, the trust recognized a net loss of INR(11.78) crore on
an operating income of INR12.79 crore as against a net loss of
INR(9.26) crore on an operating income of INR12.05 crore in FY
2013.


KOHINOOR PLANET: ICRA Reaffirms 'D' Rating on INR280MM Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D outstanding on
the INR280.00 crore2 term loans of Kohinoor Planet Constructions
Private Limited. ICRA has also reaffirmed the short term rating of
[ICRA]D outstanding on the INR1 crore non fund based facilities of
KPCPL.
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans           280.00       [ICRA]D/Reaffirmed
   Bank Guarantee         1.00       [ICRA]D/Reaffirmed

The reaffirmation of ratings takes into account the weak liquidity
profile at a group level brought around by slow sales of
commercial projects, particularly the large scale project in
Mumbai where in a significant quantum of group's funds have been
deployed, as well as start up nature of operations of the group's
recent ventures in healthcare, education and hospitality segment
leading to delays in debt servicing. ICRA notes that considering
the large impending debt repayment obligations, the cash flows at
a group level are expected to remain under pressure in the near
term. KPCPL has extended significant funding support towards
various group companies and projects. As on March 31, 2014 the
company had INR464 crore of investments and INR588 crore of loans
and advances on its books, a large part of which was towards group
companies. This coupled with the large scale debt funded capital
expenditure being incurred for setting up a luxury hotel in Mumbai
further constrains the company's financial flexibility.
The ratings remain constrained by the market risk faced by KPCPL's
slow moving inventory of commercial space (~15% unsold saleable
area as on December-13 as opposed to ~17% unsold saleable area as
on March-13 for commercial phase-1 and ~34% unsold saleable area
as on December-13 as opposed to ~41% unsold saleable area as on
March-13 for commercial phase-2), lower than expected level of
power generation from the company's wind farm in Rajasthan and
limited experience of the group in luxury hotel segment. While the
group has experience in the hospitality industry, the luxury
segment remains a new segment with its portfolio primarily
comprises of budget (3 Star and 4 Star) category properties. ICRA,
however, has favourably taken note of the established track record
of the Kohinoor Group in the real estate market of Mumbai and the
limited execution risk as substantial construction has been
completed for both the commercial projects.

Going forward, the group's ability to tie up the sales of the
commercial projects in a timely manner, improve its liquidity
position and ensure timely debt servicing remains critical from a
credit perspective.

KPCPL, promoted by the Mumbai based Kohinoor group, was
incorporated in 1996. KPCPL's board comprises of Mr. Unmesh
Manohar Joshi, Ms. Anagha Manohar Joshi and Ms. Madhavi Unmesh
Joshi. The company undertook its first real estate development in
2003 when it developed a residential project in Aundh, Pune. KPCPL
completed the development of a residential project (0.35 million
sq ft (msf)) in FY10 and is currently undertaking the development
of ~1.1 msf of commercial space in the Kurla region of Mumbai. The
commercial space is being developed in two phases with phase-1
accounting for around 0.5 msf and phase-2 accounting for around
0.6 msf. In March 2010, KPCPL set up a 24MW wind farm at Jaisalmer
in Rajasthan at a total cost of ~Rs. 130 crore. The company has
entered into a PPA with JVVNL for sale of the entire power
generated from the wind farm for a period of 20 years from the
date of commissioning.

Recent Results:
In FY 2014 as per the provisional results, the company recognized
a net loss of INR(6.32) crore on an operating income of INR14.73
crore as against a net loss of INR(4.18) crore on an operating
income of INR16.03 crore in FY 2013.


LALA MADHORAM: CRISIL Reaffirms B- Rating on INR199.3MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Lala Madhoram
Bhagwan Dass Charitable Society continues to reflect LMBDCS's
small scale of operations, geographical concentration in its
revenue profile, and its susceptibility to changes in regulations
related to educational institutions. These rating weaknesses are
partially offset by the society's established position in the
education sector in Faridabad (Haryana), and the benefits expected
from the healthy demand prospects for the sector.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft Facility     20        CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    120.7      CRISIL B-/Stable (Reaffirmed)
   Rupee Term Loan       199.3      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LMBDCS will continue to benefit over the
medium term from its strong brand value in Faridabad and the
surrounding areas, and its members' extensive experience in the
education sector. The outlook may be revised to 'Positive' if the
society reports significantly higher-than-expected revenue while
sustaining its operating margin. Conversely, the outlook may be
revised to 'Negative' if LMBDCS reports lower-than-expected
revenue or profitability, leading to low cash accruals, or if its
capital structure deteriorates, most likely because of larger-
than-expected debt-funded capital expenditure (capex).

Update
LMBDCS  registered a 25 per cent year-on-year growth in its
revenue to around INR240 million in 2013-14 (refers to financial
year, April 1 to March 31); the growth was mainly driven by the
increase in number of students in its school. The society's
operating surplus margin was around 43 per cent, and is expected
to remain at a similar level over the medium term.

LMBDCS's corpus remained moderate at about INR 226 million as on
March 31, 2014, on account of its moderate profitability. The
society's gearing was about 1.4 times as on this date, and is
expected to remain at a similar level over the medium term due to
consistent debt-funded capex for setting up new infrastructural
facilities for the school. It is expected to have capex of about
INR200 million, which would be funded by term loans of about
INR150 million and the remaining through its own funds. The
society's debt protection metrics remained comfortable, with net
cash accruals to total debt and interest coverage ratios at 0.18
times and 2.2 times, respectively, in 2013-14.

LMBDCS, established in 1982 under the Rajasthan Society
Registration Act, 1958, runs a school in Faridabad. The school is
affiliated to the Central Board of Secondary Education and offers
education from pre-nursery to higher secondary levels. LMBDCS
belongs to the Manav Rachna group of institutes founded by Dr. O P
Bhalla. The group runs five other educational societies and a
deemed university in Faridabad and Gurgaon (Haryana).


LIFESTYLE SAREES: ICRA Reaffirms B+ Rating on INR22cr Cash Credit
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR22.00
crore (enhanced from INR17.50 crore) fund based bank limit of
Lifestyle Sarees Private Limited at [ICRA]B+.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term Fund Based      22.00       [ICRA]B+ Reaffirmed
   Limit Cash Credit

The rating reaffirmation continues to reflect the weak financial
profile arising from increase in working capital intensity due to
high inventory and debtor levels resulting in stretched liquidity
position of the company as can be seen from high utilization of
its bank limits. The rating also factors in the weak profitability
indicators, highly leveraged capital structure (gearing of 6.55
times as on March 31, 2014) and weak debt protection indicators.
The rating is also constrained on account of high competitive
intensity in the textile business, arising from the presence of a
large number of organized and unorganized players and the
company's modest scale of operations with high dependence on job
work for processing.
However, the rating favorably factors in the company's well-
established and diversified clientele, the experience of LSPL's
promoters in the textile industry and its presence in the textile
hub of Surat which provides advantages in terms of proximity to
its suppliers and processing units.

Lifestyle Sarees Private Limited (LSPL) established in 1991 is
engaged in the processing and trading of sarees, and other women's
party wears. The products are sold under the brand names
'Lifestyle' and 'Antra'. The company has its registered office and
warehouse in Surat.

Recent results
During the financial year 2012-13, LSPL registered a profit after
tax of INR0.21 crore on an operating income of INR59.73 crore and
a PAT of INR0.30 crore on an operating income of INR83.72 crore
for the financial year 2013-14.


MOR FARMS: CRISIL Suspends B- Rating on INR184.2MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mor Farms Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            40         CRISIL B-/Stable Suspended
   Proposed Long Term
   Bank Loan Facility      5         CRISIL B-/Stable Suspended
   Term Loan             184.2       CRISIL B-/Stable Suspended

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

MFPL was incorporated in 2009 in Jind, Haryana. The company is in
the poultry business and produces eggs from layer chicken. The
poultry farm has capacity to accommodate about 210,000 chickens.
The company sells primarily to wholesalers and traders in Haryana.
The company is managed by Mr. Anil Kumar Mor and his brothers, Mr.
Shamsher Singh Mor and Mr. Raj Kumar Mor.


MOR POULTRIES: CRISIL Suspends 'D' Rating on INR70MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mor
Poultries.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit            67          CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility      3          CRISIL D Suspended
   Term Loan              70          CRISIL D Suspended

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

Mor Poultries was established as a partnership firm in Jind,
Haryana in 2006. The company is in the poultry farming business.
Its poultry farm has capacity to accommodate about 75,000
chickens. The partners in the firm, Mr. Anil Kumar Mor, Mr.
Shamsher Singh Mor and Mr. Raj Kumar Mor, have been in the poultry
business for over a decade. The business of the firm includes
purchasing egg-laying birds, selling eggs and chicks, and finally
selling the bird which becomes incapable of producing eggs
(culls).


NAKSHA ENTERPRISES: CRISIL Suspends B+ Rating on INR175MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Naksha
Enterprises Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee          5         CRISIL A4 Suspended
   Cash Credit            14         CRISIL B+/Stable Suspended
   Channel Financing      175        CRISIL B+/Stable Suspended
   Proposed Long Term      76        CRISIL B+/Stable Suspended
   Bank Loan Facility
   Term Loan               65        CRISIL B+/Stable Suspended

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

NEPL was promoted in 2005 by Mr. Neel Kamal Malhotra, his sons,
Mr. Kunal Malhotra and Mr. Shikar Malhotra, and his wife, Mrs.
Alka Malhotra. The company is an authorised dealer of Honda Car
India Limited since its incorporation. NEPL is one of two dealers
of Honda in Noida (Uttar Pradesh). It has a showroom-cum-workshop
in Noida with a built-up area of 90,000 square feet and servicing
capacity of 100 cars per day.


NAVEEN RICE: ICRA Reaffirms 'B' Rating on INR8cr Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating on the long term scale for
INR8.34 crore and a short term rating of [ICRA]A4 for INR0.66
crore non fund based facilities of Naveen Rice Mills.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based Limits         8.00       [ICRA]B reaffirmed
   Unallocated               0.34       [ICRA]B reaffirmed
   Non fund based Limits     0.66       [ICRA]A4 reaffirmed

The rating reaffirmation factors in NRM's weak financial profile
as reflected by stagnant revenues and small scale of operations,
low profitability and its working capital intensive nature of
business as reflected by high working capital borrowings which has
resulted in high gearing level and consequently weak debt
protection indicators. The rating also takes into account the
highly competitive nature of the business, exposure to agro
climatic risks impacting the availability and pricing of raw
material (paddy) and the risks inherent in partnership firm such
as limited ability to raise funds; funds withdrawal and
dissolution. The rating however draws comfort from the experienced
management with established presence in rice milling business,
favorable demand-supply scenario and growth achieved by the firm
in past few years.

Naveen rice mill was incorporated in 1986 and is engaged in
milling of basmati and non basmati rice. The manufacturing unit of
the firm is based in Karnal (Haryana) with a milling capacity of 4
ton/hr.

Recent Results
As per the audited results of FY 2014, the company reported a net
profit after tax (PAT) of INR0.05 crore on an operating income of
INR17.57 crore as against a PAT of INR0.03 crore on an operating
income of INR17.54 crores in FY 2013.


NIBHI INDUSTRIES: CRISIL Suspends D Rating on INR287.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nibhi Industries Private Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         20         CRISIL D Suspended
   Cash Credit            82.5       CRISIL D Suspended
   Letter of Credit       40         CRISIL D Suspended
   Long Term Loan        287.5       CRISIL D Suspended

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

NIPL was incorporated in March 2009 by Mr. S A Bhimaraja to
manufacture AC roofing sheets under the brand, Elephant. NIPL has
set up two manufacturing facilities one each in Madhya Pradesh and
Bihar. The company's units in Madhya Pradesh and Bihar began
commercial operations in November 2010 and August 2011
respectively. SRPL was incorporated in Sri Lanka in 2010 to
manufacture AC roofing sheets. It commenced operations in
January 2012.


OMR TRAVEL: CRISIL Suspends B- Rating on INR120MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of OMR
Travel Access Pvt. Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           120       CRISIL B-/Stable Suspended
   Proposed Cash
   Credit Limit           30       CRISIL B-/Stable Suspended

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

Established in September 2006 as a Private Limited Company, OMR is
involved in providing staff transportation services to corporate
customers. The company is promoted by Mr. N.R Balaji and his
brother Mr. N.R Rangabashyam.


ORIGIN FOODS: CRISIL Suspends D Rating on INR400MM Bank Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Origin
Foods Ltd.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit            100         CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility     400         CRISIL D Suspended

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

OFL, established in 2008, is promoted by Gemini Group of Chennai.
The company is engaged in concentrate, pulp and puree
manufacturing, mainly of mango, guava, tomato and papaya. The
processing plant of the company, an export-oriented unit, is in
Chittoor, Andhra Pradesh. The facilities of the company are ISO
22000:14000 certified and approved by the United States Food and
Drug Administration (US-FDA).


PARERHAT STEEL: CRISIL Suspends D Rating on INR320MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Parerhat Steel Ltd.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Bank Guarantee          5          CRISIL D Suspended
   Cash Credit           320          CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility     18.9        CRISIL D Suspended
   Term Loan               6.1        CRISIL D Suspended

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

PSL, promoted by Mr. Ashok Kumar Bajpai, was set up in 1989. It
manufactures stainless steel (SS) billets and SS flats. The
company has a SS billets manufacturing capacity and a rolling mill
at Chitrakoot (Uttar Pradesh). PSL also has mild steel ingots and
TOR steel manufacturing capacities, which are not being utilised
extensively.


PINEAPPLE ESTATES: CRISIL Suspends B- Rating on INR90MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pineapple Estates Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit             90        CRISIL B-/Stable Suspended

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

PEPL was set up in January 2006 by Mr. Sudhir Arora and his son,
Mr. Amish Arora. PEPL was non-operational till July; it commenced
commercial operations on July 12, 2012. It manufactures cast iron
ingots moulds and allied products. The company's manufacturing
unit, located at Ghaziabad (Uttar Pradesh).


PRAKASH CORRUGATED: CRISIL Reaffirms B- Rating on INR80MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Prakash Corrugated Pune
Pvt Ltd continue to reflect PCPL's weak financial risk profile,
marked by a modest net worth, high gearing, and weak debt
protection metrics, and its nascent and small scale of operations.
These rating weaknesses are partially offset by the extensive
experience of PCPL's promoters in the corrugated packaging
industry.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          3       CRISIL A4 (Reaffirmed)
   Cash Credit            30       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term     35       CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan              80       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports a
sharp increase in its scale of operations and profitability, while
efficiently managing its working capital. Conversely, the outlook
may be revised to 'Negative' if PCPL generates lower-than-expected
cash accruals, or it has substantial working capital requirements,
or it undertakes a debt-funded capital expenditure (capex)
programme, resulting in weakening of its financial risk profile,
particularly its liquidity.

Update
PCPL's net sales of INR100 million in 2013-14 (refers to financial
year, April 1 to March 31), were about the same as in the previous
year. It also maintained its operating margin at about 10.5 per
cent. Its net sales are estimated at INR150 million for 2014-15,
supported by addition of new customers, mainly from the consumer
durables and pharmaceuticals industries.

PCPL's gross current assets are expected to remain above 240 days
over the medium term because of stretched receivables of over 70
days and the high inventory of two to three months that it has to
maintain.  Its working capital requirement is partly supported by
credit of around 200 days from its suppliers. The company relies
on bank funding for the balance working capital requirement. It
has no major capex plans over the medium term as currently its
capacity utilisation is low at 20 per cent, which is expected to
increase considering the healthy order flow expected from addition
of new customers and diversification in end-user industries.

PCPL's financial risk profile remains weak, marked by a modest net
worth of INR9 million, and high gearing of around 10 times, as on
March 31, 2014. Its net worth has eroded owing to net losses over
the years, resulting in higher gearing. The company has weak
liquidity as reflected in its fully utilised bank limits and low
cash accruals of INR1.8 million against term debt obligations of
INR16 million in 2013-14. However, the promoters have infused
funds of INR10 million in 2013-14 to bridge the cash flow
mismatch. Continuous fund support from promoters in the form of
unsecured loans/equity will be crucial for PCPL to maintain its
liquidity and hence its credit risk profile, over the medium term.

Incorporated in 2011, PCPL manufactures corrugated packaging
material. The company is a part of the Prakash group, which has
been in the packaging industry for more than 40 years and operates
in diverse segments, such as thermocol packaging, corrugated
boxes, and paper tubes. PCPL commenced commercial operations at
its 4000-tonne-per-month manufacturing unit in April 2012.


RADHE KRISHNA: ICRA Reaffirms B+ Rating on INR4.90cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed an [ICRA]B+ rating to INR4.90 crore fund based
cash credit facility and INR1.10 crore term loan facility of Radhe
Krishna Cotton Industries.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit Limit     4.90       [ICRA]B+; Reaffirmed
   Term Loan             1.10       [ICRA]B+; Reaffirmed

The rating continues to be constrained by the firm's weak
financial profile characterized by relatively modest scale of
operations, low profitability indicators, moderate gearing and
weak debt protection indicators. The rating also considers the low
profit margin on account of limited value addition and highly
competitive and fragmented industry structure due to low entry
barriers. The rating are further constrained by vulnerability of
profitability to raw material prices, which are subject to
seasonality and crop harvest and regulatory risks with regard to
minimum support price (MSP) of raw cotton and export of cotton
bales. ICRA further notes that the firm is exposed to risk of
capital withdrawal inherent in the partnership nature of the
business.

The rating however continues to favorably consider the long
experience of the partners in cotton industry, favorable location
of the plant giving it easy access to high quality raw cotton and
strong demand for cotton seed oil in Gujarat. ICRA also favorably
considers the firm's ppresence in oil expelling providing
diversification in product profile to some extent.

Radhe Krishna Cotton Industries was established in the year 1998
and was engaged in cotton ginning, pressing and crushing
operations. The business is owned and managed by Mr. Kantilal Chav
and other family members. The firm's manufacturing facility is
located at Babra in Amreli district of Gujarat. The firm currently
has twenty six ginning machines and one fully automatic press with
the installed capacity to produce 350 cotton bales per day. The
firm also has three oil expellers having capacity to produce 2000
kgs of crude cotton seed oil per day.

Recent Results

For the year ended 31st March, 2014, the firm reported an
operating income of INR35.75 crore with profit after tax (PAT) of
INR0.42 crore.


RATHI BANDHUS: CRISIL Suspends B Rating on INR60MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rathi Bandhus Commercial Private Limited.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit             60         CRISIL B/Stable Suspended
   Proposed Long Term
   Bank Loan Facility       7.5       CRISIL B/Stable Suspended

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

RBCPL was established in 2007 by the Rathi family in Jagdalpur
town in Bastar Dist. of Chhattisgarh. The company is engaged in
the trading of building materials and interior needs.


RICHA ENTERPRISES: ICRA Lowers Rating on INR14cr FB Loan to D
--------------------------------------------------------------
ICRA has revised the rating for INR14.0 crore (enhanced from
INR10.0 crore) long-term, fund based facilities of Richa
Enterprises to [ICRA]D from [ICRA]BB-.  The rating revision
reflects recent delays in debt servicing by the firm.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term, fund       14.0         Revised to [ICRA]D
   based limits                       from [ICRA]BB- (stable)

Richa Enterprises is a proprietorship firm which was established
in 1995. It is a manufacturer of ethnic wear garments for men sold
under the 'Cinnnic' brand in multi brand outlets across the
country as well as in stores operated by the Future Group. The
product portfolio of the firm consists of wedding suits, kurtas,
sherwani and Indo-Western clothing articles.


SAURASHTRA FUELS: ICRA Revises Rating on INR59.34cr Loan to B+
--------------------------------------------------------------
ICRA has upgraded the long-term rating to the INR59.34 crore
(enhanced from INR59.00 crore) fund-based bank facilities, the
INR21.60 crore (reduced from INR26.04 crore) term loans and the
INR48.49 crore (reduced from INR59.75 crore) working capital term
loan facilities of Saurashtra Fuels Pvt. Ltd. to [ICRA]B+ from
[ICRA]B-. ICRA has reaffirmed the short term rating of [ICRA]A4 to
the forward contract limits of INR15.40 crore and the INR60.02
crore (enhanced from INR60.00 crore) non-fund based bank
facilities of SFPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans           21.60       Revised to [ICRA]B+
                                    from [ICRA]B-

   Fund-Based Limits    59.34       Revised to [ICRA]B+
                                    from [ICRA]B-

   Working Capital      48.49       Revised to [ICRA]B+
   Term Loan                        from [ICRA]B-

   Non-Fund Based
   Limits               60.02       [ICRA]A4 reaffirmed

   Forward Contract     15.42       [ICRA]A4 reaffirmed
   Limits

The long term rating upgrade takes into consideration the
settlement of bank obligations by the subsidiary company in 2013-
14, which improves the consolidated financial risk profile of SFPL
and the company's continued part prepayment of term loan
obligations in the current year, which is expected to result in
interest cost saving. ICRA however notes that the subsidiary
company has remained non-operational since 2011-12. Nevertheless,
the ratings are constrained by the declining revenues over the
last two years owing to weak demand conditions and falling coking
coal prices internationally and the company's limited operational
flexibility as a result of being under the corporate debt
restructuring (CDR) package and compulsory prepayment of CDR loan
in a scenario of high contribution level achieved, exerting
pressure on the company's liquidity position. The ratings are also
constrained by the company's leveraged capital structure and weak
coverage indicators, notwithstanding an improvement in 2013-14;
capital expenditure of about INR36 crore being undertaken by the
company towards revamping existing facilities, which is expected
to strain the company's liquidity to some extent; exposure to
currency fluctuation risks as most of the raw material is procured
through imports and cyclicality inherent in the steel industry,
which is key end user for company's products, is likely to make
the company's cash flows volatile. However, the ratings also
factor in the long experience of the promoters in the
manufacturing and marketing of coke; improved operating
profitability in 2013-14 owing to reduced raw material cost,
although the profitability has declined in the current year and
the procurement of coking coal on spot basis, which allows greater
flexibility for costs to move in line with realizations.

Founded in December 1993, SFPL is in the business of manufacturing
LAM coke used in the production of pig iron. SFPL is promoted by
Mr. Dipak Agarwalla and Mr. S K Sinha. Operating out of
manufacturing locations at Mundra and at Anjar, Bhachau in
Porbandar, Gujarat; SFPL has a total capacity of about 1.2 million
tonne per annum. The plant is based on non-recovery method of coke
production and uses the Kumbraj Technology for coke making.


SENTINI BEVERAGES: CRISIL Ups Rating on INR200MM Cash Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sentini Beverages Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable', and reaffirmed its rating on the company's short-term
facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee        125         CRISIL A4 (Reaffirmed)

   Cash Credit           200         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Long Term Loan        165         CRISIL B+/Stable (Reaffirmed)

The rating upgrade is driven by the improvement in SBPL's business
risk profile on the back of significant increase in its scale of
operations and profitability levels. The upgrade also factors in
the increase in the company's net worth, which enhances its
financial flexibility, and the sustenance of the company's
financial risk profile over the medium term on the back of a
consistent growth in its net worth and absence of any large debt-
funded capital expenditure (capex) plan.

SBPL's revenues and cash accruals registered a year-on-year growth
of 227 per cent and 118 per cent, respectively, in 2013-14 (refers
to financial year, April 1 to March 31). The growth has been
driven by the company utilising 25 per cent of its installed
capacity for manufacturing its own brand of Indian-made foreign
liquor (IMFL); the company had been using its entire capacity for
doing jobwork in the past. The realisation as well as the profit
per litre in the manufacturing segment is relatively higher than
in jobwork. CRISIL believes that SBPL will register an annual
revenue growth of around 25 per cent over the medium term on the
back of a continued increase in sale of its own branded IMFL.

SBPL's net worth increased to INR196 million as on March 31, 2014
from INR142 million as on March 31, 2012 on the back of moderate
accretions to reserves. Furthermore, the company's gearing, which
was moderate at 1.8 times as on March 31, 2014, is expected to
decline to 1.5 times as on March 31, 2015, on the back of
consistent growth in its net worth and absence of any large debt-
funded capex programme.

The ratings reflect SBPL's working-capital-intensive operations
and its susceptibility to regulatory risks in the IMFL segment.
The ratings of the company are also constrained on account of its
average financial risk profile marked by its modest net worth,
moderate gearing, and average debt protection metrics. These
rating weaknesses are partially offset by the extensive experience
of SBPL's promoter in the Indian-made foreign liquor (IMFL)
industry.

Outlook: Stable

CRISIL believes that SBPL will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' if there is a sustained improvement in the
company's working capital cycle, or there is a better-than-
expected improvement in its capital structure on the back of
sizeable equity infusion by its promoter. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in the
company's profitability margins, or significant deterioration in
its capital structure caused most likely by a stretch in its
working capital cycle.

SBPL was established in 2008, and is a part of the Sentini group
of companies promoted by Mr. T Seshagiri Rao. The company
manufactures and bottles IMFL. SBPL commenced operations in 2011.


SHAH LAXMI: ICRA Assigns 'B+' Rating to INR3.50cr Fund Based Loan
-----------------------------------------------------------------
ICRA has assigned long term rating of [ICRA]B+ to the INR3.5 crore
fund based and INR6.45 crore non fund based bank limits of Shah
Laxmi Narayan Satish Chandra Exim Private Limited.  ICRA has also
assigned short term rating of [ICRA]A4 rating to the
abovementioned INR6.45 crore non fund based bank lines of the
company. As such the total utilisation of non fund based bank
limits should not exceed INR6.45 crore at any point of usage.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term, fund-      3.50       [ICRA]B+ assigned
   based facilities

   Long-term/Short       6.45       [ICRA]B+/[ICRA]A4 assigned
   Term, non fund-
   based facilities

The ratings favourably take into account the long experience of
Shah Laxmi Exim's promoters in the trading industry and its
diversified client profile. The ratings are however constrained by
the company's low profitability arising from highly competitive
nature of the trading industry and exposure of its profitability
to adverse fluctuations in the foreign exchange markets. ICRA
notes that the promoters have transferred their entire business
from the proprietorship concern (Shah Laxmi Narayan Satish
Chandra) to the private limited company (Shah Laxmi Exim) and as
such the business profile of the newly formed entity will continue
to remain the same as that of the old entity.

Shah Laxmi Narayan Satish Chandra Exim Private Limited (Shah Laxmi
Exim) was incorporated in June 2013 and commenced its business
operations in January 2014. The company was formed as a part of
Shah Laxmi group's efforts to corporatize its business operations.
Accordingly, the group has gradually shifted all its business
operations to Shah Laxmi Exim from Shah Laxminarayan Satishchandra
(Shah Laxmi, a proprietorship firm) which was set up in 1963 by
Late. Mr. Laxmi Narayan at Jodhpur.

Over the years, the group has been trading in various mercantile
products. It has been an agent for DCW Ltd -- FMCG and PVC Resin,
Nocil Solvents, NFL Fertilisers, Punjab Alkalies -- Caustic Soda,
etc. in the past. During the last few years, the group's main
business has been to import and sell polymers in the domestic
market. Apart from polymers, the group also imports and trades in
foils, agri products, metal scrap, etc. in the domestic market.
Currently, the business is handled by Mr. Satish Chandra (son of
Laxmi Narayan) and his sons Mr. Hemant and Sharad. The company has
its registered office at Jodhpur with its branch in Mumbai.

Recent results:
As per the provisional financials, for the fiscal year ended March
2014, the company reported a Net Profit of INR0.01 crore on an
operating income of INR1.1 crore.


SHANKU'S BIOSCIENCES: ICRA Reaffirms B Rating on INR5.03cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR11.83
crore (enhanced from INR9.83 crore) long term facilities of
Shanku's Biosciences Private Limited. ICRA has also reaffirmed the
[ICRA]A4 rating to the INR0.12 crore short term non fund based
facilities of SBPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           4.80       [ICRA]B reaffirmed
   Term Loans            5.03       [ICRA]B reaffirmed
   Proposed long
   term limits           2.00       [ICRA]B assigned
   Non Fund Based        0.12       [ICRA]A4 reaffirmed

Rating Rationale

The reaffirmation of the ratings factor in the de-growth in the
operating income during FY14 on account of reclassification of its
major product (DCP) under higher excise attracting bracket; lack
of product diversification with it being engaged mainly in the
manufacturing of di-calcium phosphate; and exposure to high
competitive intensity in the business due to low entry barriers
and inherently low complexity of work involved. Further, the
ratings continue to be constrained by the vulnerability of
contribution levels and thus profitability margins to any adverse
fluctuations in the prices of key inputs viz. rock phosphate,
limestone, hydrated lime. The ratings also take into account the
company's weak financial profile with adverse capital structure,
high working capital intensity and weak coverage indicators.
Further the significant corporate guarantee exposure (3.08 times
net worth) to two project stage group companies also constrains
the ratings.

The ratings, however, take comfort from the previous track record
of the promoter group in the chemical industry; demonstrated
financial support from group; and well established customer
relationships with reputed dairies based out of Gujarat.

Shanku's Biosciences Private Limited was incorporated in March
2007 and is promoted by the members of the Chaudhary family who
own and operate various entities forming part of the Shanku's
group in Mehsana, Gujarat. The group is involved in several
businesses spread across the hospitality, chemicals and education
segments. SBPL is engaged in the business of production, sale and
marketing of Di Calcium Phosphate (DCP) and mineral mixture of
animal feed grade. Mineral mixtures and DCP manufactured by the
company are used as food/dietary supplements for cattle and
poultry. Prior to July 2009, SBPL was involved in the business of
contract manufacturing of chemicals following which it shifted
these operations under its group concern, Shanku's Chemscience
Pvt. Ltd.

Recent Results
For the year ended March 31, 2014 the company reported an
operating income of INR12.04 crore and profit after tax of INR0.85
crore as against an operating income of INR17.72 crore and profit
after tax of INR1.31 crore for FY13.


SHARMA CONSTRUCTION: CRISIL Suspends B+ Rating on INR30MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sharma
Construction Co.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         20        CRISIL A4 Suspended
   Cash Credit            30        CRISIL B+/Stable Suspended
   Proposed Long Term
   Bank Loan Facility     20        CRISIL B+/Stable Suspended
   Proposed Short Term
   Bank Loan Facility     16        CRISIL A4 Suspended

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

SCC, a proprietorship concern, was established in 1992 by Mr.
Rajinder Attri in Sangrur district (Punjab). The firm undertakes
civil construction works, mainly construction of roads. SCC,
registered as a class I contractor, generally undertakes contracts
for government organisations by bidding through tenders. The
promoter's family has been in the civil construction industry for
the past two decades.


SHREERAM CARS: ICRA Suspends 'B' Rating on INR20cr FB Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to the
INR20.0 crore fund based facilities of Shreeram Cars Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance due to non-co-operation from the company.


SHRI LAXMI: CRISIL Reaffirms B+ Rating on INR73MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Shri Laxmi Udyog Pvt Ltd
continues to reflect SLU's weak financial risk profile marked by
high gearing, working capital intensive operations and its modest
scale of operations in the highly fragmented auto components
industry. These rating weaknesses are partially offset by the
extensive industry experience of SLU's promoters and their funding
support to the company.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            73        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SLU's credit risk profile will remain weak
over the medium term on account of its weak financial risk
profile. The outlook may be revised to 'Positive' in case of
significant increase in revenue and profitability, or improvement
in working capital management or in capital structure, leading to
improvement in SLU's financial risk profile. On the other hand,
the outlook may be revised to 'Negative' in case of low revenue or
profitability, or stretch in working capital cycle, or debt-funded
capital expenditure, leading to deterioration in financial risk
profile.

Incorporated in 1997, SLU is owned and managed by Mr. D S Sharma
and his family members. The company started operations by taking
over Shri Laxmi Udyog, owned and managed by members of the
promoter family. SLU manufactures sheet metal and steel tube part
components, such as holder motors, dampers, engine mounting
brackets, gear blanks, and frame parts for two- and four-wheelers.
The company's manufacturing unit is in Gurgaon (Haryana).


SIGMA TOWNSHIP: CRISIL Suspends D Rating on INR180MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sigma
Township Pvt Ltd.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       20         CRISIL D Suspended
   Bank Loan Facility
   Term Loan               180         CRISIL D Suspended

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

STPL, a private limited company, is currently setting up a 64-
room, three-star hotel at Meerut (Uttar Pradesh). STPL is part of
the SAAMAG group of companies, which has been involved in the ship
breaking, commercial, and real estate sectors since 1994. STPL has
a marketing and management tie-up with FPHL for the hotel. STPL is
promoted by Mr. Pramod Pandey and his brother, Mr. Dinesh Pandey.


TIRUPATI PLASTOMATICS: CRISIL Rates INR50MM Cash Credit at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Tirupati Plastomatics Private Limited.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Inland/Import          90          CRISIL A4
   Letter of Credit
   Bank Guarantee         10          CRISIL A4
   Cash Credit            50          CRISIL B/Stable

The rating of TPPL reflects its modest scale of operations in the
fragmented industry and working capital intensiveness of the
business operations. These weaknesses are partially offset by
extensive experience of promoters, coupled with established
network in industry and average financial risk profile.

Outlook: Stable

CRISIL believes that TPPL will continue to benefit from its
promoters' extensive experience in the industry, over the medium
term. The outlook may be revised to 'Positive' if the company
scales up its operations significantly with improved profitability
leading to higher than expected cash accruals and improved
financial risk profile. Conversely, the outlook may be revised to
'Negative' if TPPL undertakes a large debt-funded capital
expenditure programme, or if operating margin deteriorates, or if
there is any deterioration in its working capital management,
leading to deterioration in its financial risk profile.

TPPL is the flagship company of Gemini Group of industries, which
was founded by Mr. Radhey Shyam Gemini (managing director) in
1989. It manufactures double wall corrugated pipes used in laying
of fiber optic and electric cable networks and a variety of LT
PVC/XLPE insulated and sheathed cables, concentric service cable
and conductors which find application in signaling,
telecommunication and power. The cables are sold under the brand
'Gemini'. The manufacturing facility is located in the Viswakarma
Industrial area of Jaipur.


TOPWHEELS TOURS: CRISIL Suspends B Rating on INR30MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Topwheels Tours and Travels Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL B/Stable Suspended
   Proposed Cash
   Credit Limit            5        CRISIL B/Stable Suspended
   Term Loan              25        CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by TTT
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TTT is yet to
provide adequate information to enable CRISIL to assess TTT'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 1992 and promoted by Mr. Arun Kumar and Mrs. Uma
Kumar, TTT provides logistics services to multinational clients
and also undertakes spot bookings in Northern India.


TRANSNATIONAL: CRISIL Reaffirms B+ Rating on INR25MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Transnational continue
to reflect Transnational's modest scale of operations and average
financial risk profile, marked by a small net worth and modest
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of the firm's promoters in the
chemicals trading industry and their established relationships
with customers and suppliers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            25        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       62        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Transnational will continue to benefit over
the medium term from its promoters' extensive industry experience
and their established relationships with customers and suppliers.
The outlook may be revised to 'Positive' if there is a substantial
and sustained improvement in the firm's revenue and profitability
margins, if its working capital management improves, or if its net
worth increases substantially supported by equity infusion from
its promoters. Conversely, the outlook may be revised to
'Negative' if there is a decline in Transnational's revenue or
profitability margins, or deterioration in its capital structure
on account of larger-than-expected working capital requirements.

Update
Transnational registered a 7 per cent decline in its net sales to
around INR200 million in 2013-14 (refers to financial year, April
1 to March 31) from INR215 million in 2012-13. Unfavourable
volatility in the forex market led to a conscious decision by the
firm's management to forego a part of its top line as it imports a
major part of its goods. The firm's operating margin remained
stable and in the range of 2.6 per cent in 2013-14, and is
expected to remain at similar levels over the medium term.

Transnational's operations are working capital intensive as
reflected in its estimated gross current assets (GCAs) in the
range of around 100 days days as on March 31, 2014. The high GCA
days were driven by inventory of 20 days and receivables of 45
days. The firm's bank limit utilisation remained low, at an
average of around 15 per cent during 2013-14.

Transnational's net worth remained small at around INR17 million
as on March 31, 2014. The firm had moderate total indebtedness
towards funding its working capital requirements; hence, its total
outside liabilities to tangible net worth ratio was moderate at
around 2.8 times as on March 31, 2014.

Transnational is a partnership firm established by Mr. Pawan Kumar
Agarwal in 2009. The firm trades in chemicals such as polyvinyl
chloride (PVC) resin, polyethylene, and ethylene vinyl acetate
(EVA). It also trades in metals such as copper, scrap, iron, and
mild steel plates.



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


COSMO OIL: Moody's Downgrades Issuer Rating to Ba2; Outlook Neg.
----------------------------------------------------------------
Moody's Japan K.K. has downgraded the issuer rating of Cosmo Oil
Company Ltd. to Ba2 from Ba1.

The outlook on the ratings is negative.

Ratings Rationale

"The rating downgrade principally reflects the lack of improvement
in Cosmo Oil's leverage, despite the normalization of operations
at its Chiba plant for more than a year", says Kailash Chhaya, a
Moody's Vice President and lead analyst for Cosmo Oil.

"Given its high leverage, the company has very little cushion to
absorb any further weakness in earnings, or any unexpected
contingencies in its operations. All this occurs in an extremely
challenging operating environment", adds Chhaya.

Moody's notes that chronic overcapacity in the domestic market and
extreme price competition between the major players have eroded
the ability of refiners to pass on to customers their higher
operating costs and to earn competitive margins.

Cosmo Oil's profitability remains weak due to the negative
operating environment and the costs associated with more frequent
maintenance shut-downs after the earthquake of March 2011.

This situation has offset most of the gains achieved from the
full-scale resumption of its Chiba operations.

Therefore, the Ba2 issuer rating reflects Cosmo Oil's high
leverage and the challenging operating environment prevailing in
Japan, where it sells most of its products.

Moody's further notes that the market in Japan is characterized by
declining demand for refined oil products and intense competition
among multiple players.

On the other hand, the company's position as one of the four
largest refiners in Japan and its profitable upstream exploration
and production business provide support to its Ba2 rating.

Furthermore, another factor supporting the rating is the
expectation of an orderly consolidation within the industry. Such
a development could allow Cosmo Oil to improve efficiency and
reduce costs.

Moody's further believes that Cosmo Oil will most likely receive
systemic support in times of need, owing to its importance to the
country's energy security, and its strong banking, government and
client relationships.

The likelihood of it receiving banking support results in a two-
notch uplift to its issuer rating from its fundamental
creditworthiness.

The rating uplift may be reassessed if Cosmo Oil's weak earnings
and high leverage persist, thereby eroding banking support.

Given the structural problem of overcapacity in the Japanese
refining and marketing business, Moody's believe that all domestic
players face a challenging operating environment in the next 12-18
months.

Moody's expect significant hurdles in implementing aggressive
rationalization and overhauling the industry's refined product
pricing mechanism.

Without swift and proactive measures to reduce debt and revive
profitability, Cosmo Oil could face renewed downward rating
pressure. Moody's negative outlook reflects this concern.

Moody's could change the rating outlook to stable from negative if
Moody's see a clear recovery of profits and a material
deleveraging on a sustainable forward looking basis.

The specific credit metric that Moody's would see consistent with
a stable outlook is debt/EBITDA below 8.0x.

A significant deterioration in Cosmo Oil's profitability due to
unfavorable market conditions or the failure of its business
strategy could lead to further pressure on the rating.

The ratings could be further downgraded if debt/EBITDA stays above
9.0x.

Cosmo Oil Company, Ltd., headquartered in Tokyo, is one of Japan's
major oil refiners and distributors. Its consolidated sales for
FYE 3/2014 were JPY3.53 trillion.


HN TRUST: Fitch Affirms 'BBsf' Rating on JPY20MM Class A3 Sr. BI
----------------------------------------------------------------
Fitch Ratings has affirmed five senior beneficial interests (BIs)
from HN Trust.  The transaction is a re-securitisation of two
junior BIs issued prior to the issuance of these senior BIs, and
is ultimately backed by multiple residential mortgage loan pools.
The rating actions are listed below:

JPY140m* Class A1 senior BIs affirmed at 'AA+sf'; Outlook Stable
JPY60m* Class A2 senior BIs affirmed at 'BBBsf'; Outlook Stable
JPY20m* Class A3 senior BIs affirmed at 'BBsf'; Outlook Stable
JPY600m* Class B1 senior BIs affirmed at 'AA+sf'; Outlook Stable
JPY447.7m* Class B2 senior BIs affirmed at 'A+sf'; Outlook Stable
*as of 19 September 2014

KEY RATING DRIVERS

The affirmations reflect Fitch's view that the available credit
enhancement levels are sufficient to support the current ratings.
The overall transaction performance remains within the agency's
expectations.

The ratings of the class A1 and B1 senior BIs are constrained by
the exposure to the account bank, which does not satisfy the
agency's counterparty criteria to support 'AAAsf' ratings.

RATING SENSITIVITIES

An unexpected material increase in delinquencies, defaults and
loss severities from defaulted loans in the underlying pools may
lead to negative rating actions.  In addition, the ratings of the
class A1 to A3 senior BIs may be affected by the prepayment
performance of the underlying mortgage pools.



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


AORANGI SECURITIES: Statutory Management Ends With NZ$101M Payout
-----------------------------------------------------------------
Investors of Aorangi Securities Ltd have now received 99.037 cents
in the dollar, amounting to a total payment of around $101
million, the Grant Thornton Statutory Managers announced on
September 22.

The Statutory Management of Aorangi has now concluded.

"While we have signalled for some time that investors in Aorangi
were likely to receive most, if not all, of their capital back it
is never-the-less pleasing to have reached this conclusion," the
Statutory Managers said.

"Our approach through the Statutory Management was to return funds
to investors as quickly as possible without undertaking asset fire
sales."

In their final report to investors, they noted that over the last
four years the Statutory Management of Aorangi had:

  * Realised over 30 assets which involved farms and commercial
    property worth an estimated $420 million in order to recover
    Aorangi's share of these investments

  * Undertaken operational reviews and established processes for
    ongoing governance and management of over 50 entities to
    ensure that Aorangi's return would be maximised

  * Recovered $24.3 million of loan repayments

  * Realised over $17 million of Te Tua Charitable Trust loans
    and investments for the benefit of the Aorangi investors

  * Entered into an amicable agreement over the introduced assets
    with Mrs. Hubbard that enabled the orderly sale of the assets

  * Conducted and executed realisation strategies including sale
    of underlying farm assets, appointment of agents,
    introduction of buyers and all process steps to achieve
    completion of sale of assets.

"Now that the statutory management has concluded and all available
assets have been realised Aorangi has been returned to the
directors and shareholders," the Statutory Managers said.

                     About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.


BLUE CHIP: Liquidators' NZ$750k Claw Back Attempt Heads to Court
----------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that the
liquidators of a crumbled wing of the Blue Chip empire are trying
to claw back about NZ$750,000 from multi-millionaire Sir Bob
Jones' company and the parties are due to square off in the High
Court next March.

The Herald relates that the Blue Chip group of companies failed in
2008 owing NZ$84 million to investors -- many of them elderly --
and the following year Jones bankrupted co-founder Bob Bangerter,
saying what those in the property scheme had "done to those old
people is appalling".

As well as bankrupting Bangerter, Jones' company -- Robt Jones
Holdings -- also pursued the-then last surviving business in the
Blue Chip group for unpaid rent, rates and cleaning costs, the
Herald says.

According to the Herald, Northern Crest Investments, part of the
Blue Chip group, leased a floor in a central Auckland office tower
from Robt Jones Holdings but up-and-left from the premises in
August 2008, half way through a six-year lease.

The report says Robt Jones Holdings -- which calls itself New
Zealand's largest private CBD office building owner -- got a High
Court judgment in September 2009 against Northern Crest for some
NZ$300,000 -- which was paid after liquidation proceedings were
brought.

The now-failed firm then settled other debts with the property's
mogul company before moving operations across the Tasman in
November 2010, according to the Herald.

The report notes that liquidators from PKF Corporate Recovery &
Insolvency, appointed in 2011, have since identified around
NZ$750,000 of payments from Northern Crest to Robt Jones Holdings
they believe are voidable.

According to the Herald, PKF's latest report on Northern Crest
said the liquidators filed a notice to set aside the payments in
question, which Robt Jones Holdings objected to.

The Herald relates that PKF then applied to the High Court at
Auckland for these transactions to be set aside, which their
report says is due to be argued next March.

While the parties are due to square off over the issue next year,
PKF's lawyer Dan Hughes said the action could be impacted by a
decision on voidable transactions expected from the Supreme Court
soon, the report relays.

Under the law, liquidators are able to claw back payments made up
to two years before they are appointed if the payments at issue
were made when the company was unable to pay its due debts, the
Herald discloses.

The idea behind voidable transactions is to avoid one creditor
getting the benefit of funds and to allow them to be shared
proportionally amongst those owed money, adds the Herald.

                        About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division
is engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.

Northern Crest Investments, the last surviving business of Mark
Bryers' failed Blue Chip group, also went into liquidation in
June 2011.



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


KB FINANCIAL: Nine Directors Accused of Malfeasance
---------------------------------------------------
Choi Kyong-ae at The Korea Times reports that nine of the board
members of KB Financial Group share most of blame for the
protracted management troubles at South Korea's biggest financial
group, analysts said on September 19.

According to the report, analysts said the nine failed to take
swift measures to mediate internal conflicts between former KB
Financial Group Chairman Lim Young-rok and the former KB Kookmin
Bank President Lee Kun-ho over a change in the bank's computer
system.  Mr. Lee quit after a Financial Supervisory Service
disciplinary ruling, while Mr. Lim was dismissed at a board
meeting on September 17, the report notes.

The Korea Times relates that Jun Min-kyoo, a senior economist at
Korea Investment & Securities, said the directors failed to take
an active role in ending the internal dispute at the right time.
Moreover, they have been inconsistent in their stance towards a
change to a Unix-based system from the International Business
Machines' (IBM) system.

The report notes that the board originally composed of Mr. Lim and
nine outside directors initially stood behind the KB Financial
chairman who pushed for the adoption of Unix to replace the IBM
system due to its cheaper cost. But they recently changed their
position to side with the financial authorities, which asked them
to dismiss Lim for mismanagement, says The Korea Times.

The nine directors are board chief Lee Kyung-jae who served as
chief of Industrial Bank of Korea in late 1990s; Lee Jong-cheon
who served vice president for administration in early 2000s; Shin
Sung-hwan who has taught finance at Hongik University since 1995;
Kim Myung-jig who has taught economics at Hanyang University since
1995; Kim Young-kwa who served as president and CEO of the Korea
Securities Finance Corporation for four years to 2012; Kim Young-
jin who has taught finance at Seoul National University since
1982; Cho Jae-ho who taught finance at Seoul National University
in the late 1990s; Koh Seung-hee who taught accounting at
Sookmyung Women's University in the late 1990s; and Hwang Kun-ho
who serves as chairman of the Korea Council for Investor
Education, the report discloses.

Mr. Lim will remain on the board of directors unless two-thirds of
the other members push for his dismissal at a shareholders'
meeting, The Korea Times says.

According to the report, the nine other directors held a meeting
on September 19 to discuss measures to put the company back on
track and form a committee to select a new chairman.

Currently, Chief Financial Officer Yoon Woong-won is serving as
acting chairman, the report notes. The board will select 10
chairman candidates. "Once the chairman is named, he and two other
directors will set up a committee to select a new president for KB
Kookmin Bank who will replace Lee," a company spokesman said, the
report relays.

However, economists said the current KB directors do not deserve
to select a new leader for the group. They said the directors
should be the ones to quit due to their inconsistency and lack of
mediation, the Korea Times notes.

The report relates that Mr. Jun said given that they served as
little more than a rubber stamp, as widely reported in local
media, by following the government's guidelines to dismiss Lim,
they are "not capable of selecting the right person" to fill the
chairman post.

He also argued KB Kookmin Bank's board be responsible for the
current woes at the retail bank as they joined hands with KB
Financial Group to coverup the security risks of the Unix system,
the report adds.



===============
X X X X X X X X
===============


* BOND PRICING: For the Week September 15 to September 19, 2014
---------------------------------------------------------------

Issuer            Coupon    Maturity   Currency    Price
------            -------   --------   --------    -----


  AUSTRALIA
  ---------

A1 INVESTMENTS &    12.00   09/30/14      AUD       0.08
ANTARES ENERGY LT   10.00   10/30/23      AUD       2.05
BOART LONGYEAR MA    7.00   04/01/21      USD      72.50
BOART LONGYEAR MA    7.00   04/01/21      USD      71.88
CRATER GOLD MININ   10.00   08/18/17      AUD      15.00
GRIFFIN COAL MINI    9.50   12/01/16      USD      71.88
GRIFFIN COAL MINI    9.50   12/01/16      USD      71.88
KBL MINING LTD      10.00   08/05/16      AUD       0.30
LAKES OIL NL        10.00   11/30/14      AUD      19.50
MIDWEST VANADIUM    11.50   02/15/18      USD      14.00
MIDWEST VANADIUM    11.50   02/15/18      USD      13.25
NEW SOUTH WALES T    0.50   10/28/22      AUD      75.05
NEW SOUTH WALES T    0.50   11/18/22      AUD      74.82
NEW SOUTH WALES T    0.50   03/30/23      AUD      73.87
NEW SOUTH WALES T    0.50   02/02/23      AUD      74.37
NEW SOUTH WALES T    0.50   12/16/22      AUD      74.79
STOKES LTD          10.00   06/30/17      AUD       0.37
TREASURY CORP OF     0.50   11/12/30      AUD      54.16
TREASURY CORP OF     0.50   03/03/23      AUD      74.79


CHINA
-----

CHANGCHUN CITY DE    6.08   03/09/16      CNY      70.55
CHANGCHUN CITY DE    6.08   03/09/16      CNY      70.63
CHANGZHOU INVESTM    5.80   07/01/16      CNY      70.32
CHANGZHOU INVESTM    5.80   07/01/16      CNY      70.40
CHANGZHOU SMALL &    6.18   11/29/14      CNY      60.13
CHINA GOVERNMENT     1.64   12/15/33      CNY      63.06
DANYANG INVESTMEN    6.30   06/03/16      CNY      70.44
GUANGXI XINFAZHAN    5.75   11/30/14      CNY      39.95
JIANGSU LIANYUN D    7.85   07/22/15      CNY      70.47
KUNSHAN ENTREPREN    4.70   03/30/16      CNY      69.65
KUNSHAN ENTREPREN    4.70   03/30/16      CNY      69.03
NANJING PUBLIC HO    5.85   08/08/17      CNY      64.36
QINGZHOU HONGYUAN    6.50   05/22/19      CNY      49.81
QINGZHOU HONGYUAN    6.50   05/22/19      CNY      49.91
WUXI COMMUNICATIO    5.58   07/08/16      CNY      50.10
WUXI COMMUNICATIO    5.58   07/08/16      CNY      50.35
YANGZHOU URBAN CO    5.94   07/23/16      CNY      70.55
YANGZHOU URBAN CO    5.94   07/23/16      CNY      70.60
ZHENJIANG CITY CO    5.85   03/30/15      CNY      70.20
ZHENJIANG CITY CO    5.85   03/30/15      CNY      70.21
ZHUCHENG ECONOMIC    7.50   08/25/18      CNY      48.99
ZIBO CITY PROPERT    5.45   04/27/19      CNY      59.71
ZOUCHENG CITY ASS    7.02   01/12/18      CNY      71.34


INDONESIA
---------

DAVOMAS INTERNATI   11.00   12/08/14      USD      19.50
DAVOMAS INTERNATI   11.00   12/08/14      USD      19.50
INDONESIA TREASUR    6.38   04/15/42      IDR      73.69
PERUSAHAAN PENERB    6.75   04/15/43      IDR      74.80
PERUSAHAAN PENERB    6.10   02/15/37      IDR      70.50


INDIA
-----

3I INFOTECH LTD      5.00   04/26/17      USD      35.00
CORE EDUCATION &     7.00   05/07/15      USD      10.75
COROMANDEL INTERN    9.00   07/23/16      INR      15.10
GTL INFRASTRUCTUR    2.53   11/09/17      USD      31.00
INCLINE REALTY PV   10.85   08/21/17      INR      19.17
INCLINE REALTY PV   10.85   04/21/17      INR      16.13
INDIA GOVERNMENT     0.23   01/25/35      INR      19.35
JCT LTD              2.50   04/08/11      USD      20.00
MASCON GLOBAL LTD    2.00   12/28/12      USD      10.00
PRAKASH INDUSTRIE    5.25   04/30/15      USD      72.13
PRAKASH INDUSTRIE    5.63   10/17/14      USD      74.88
PYRAMID SAIMIRA T    1.75   07/04/12      USD       1.00
REI AGRO LTD         5.50   11/13/14      USD      55.88
REI AGRO LTD         5.50   11/13/14      USD      55.88
SHIV-VANI OIL & G    5.00   08/17/15      USD      27.27


JAPAN
-----

ELPIDA MEMORY INC    0.70   08/01/16      JPY      16.63
ELPIDA MEMORY INC    0.50   10/26/15      JPY      16.63
ELPIDA MEMORY INC    2.03   03/22/12      JPY      16.63
ELPIDA MEMORY INC    2.10   11/29/12      JPY      16.75
ELPIDA MEMORY INC    2.29   12/07/12      JPY      16.75
JAPAN EXPRESSWAY     0.50   03/18/39      JPY      72.18
JAPAN EXPRESSWAY     0.50   09/17/38      JPY      72.79


KOREA
------

DONGBU METAL CO L    5.20   09/12/19      KRW      59.90
EXPORT-IMPORT BAN    0.50   12/22/17      BRL      69.11
EXPORT-IMPORT BAN    0.50   11/21/17      BRL      70.35
EXPORT-IMPORT BAN    0.50   10/23/17      TRY      72.94
EXPORT-IMPORT BAN    0.50   12/22/17      TRY      71.88
GREAT KODIT SECUR   10.00   09/29/14      KRW      76.15
HYUNDAI MERCHANT     7.05   12/27/42      KRW      43.52
KIBO ABS SPECIALT   10.00   08/22/17      KRW      29.35
KIBO ABS SPECIALT   10.00   02/19/17      KRW      30.25
KIBO ABS SPECIALT   10.00   09/04/16      KRW      65.81
KIBO GREEN HI-TEC   10.00   12/21/15      KRW      67.66
KIBO GREEN HI-TEC   10.00   01/25/15      KRW      74.76
KIBO GREEN HI-TEC   10.00   03/20/15      KRW      71.09
SINBO CONSTRUCTIO   10.00   09/29/14      KRW      76.15
SINBO SECURITIZAT    5.00   07/26/16      KRW      30.10
SINBO SECURITIZAT    5.00   10/05/16      KRW      29.70
SINBO SECURITIZAT    5.00   10/01/17      KRW      27.79
SINBO SECURITIZAT    5.00   07/19/15      KRW      58.99
SINBO SECURITIZAT    5.00   07/26/16      KRW      30.10
SINBO SECURITIZAT    5.00   08/24/15      KRW      58.73
SINBO SECURITIZAT    5.00   10/05/16      KRW      29.70
SINBO SECURITIZAT    5.00   05/27/16      KRW      30.57
SINBO SECURITIZAT    5.00   06/29/16      KRW      30.32
SINBO SECURITIZAT    5.00   10/01/17      KRW      27.79
SINBO SECURITIZAT    5.00   05/27/16      KRW      30.57
SINBO SECURITIZAT    5.00   12/13/16      KRW      29.18
SINBO SECURITIZAT    5.00   01/29/17      KRW      28.85
SINBO SECURITIZAT    5.00   02/21/17      KRW      27.62
SINBO SECURITIZAT    5.00   03/13/17      KRW      28.55
SINBO SECURITIZAT    5.00   03/13/17      KRW      28.55
SINBO SECURITIZAT    5.00   02/21/17      KRW      28.62
SINBO SECURITIZAT    5.00   01/19/16      KRW      59.47
SINBO SECURITIZAT    8.00   02/02/15      KRW      66.50
SINBO SECURITIZAT    5.00   02/02/16      KRW      59.87
SINBO SECURITIZAT    8.00   02/02/16      KRW      65.29
SINBO SECURITIZAT    5.00   08/31/16      KRW      29.84
SINBO SECURITIZAT    5.00   08/31/16      KRW      29.84
SINBO SECURITIZAT    5.00   12/07/15      KRW      59.76
SINBO SECURITIZAT    8.00   03/07/15      KRW      63.96
SINBO SECURITIZAT   10.00   12/27/15      KRW      67.39
SINBO SECURITIZAT    5.00   09/28/15      KRW      58.56
SINBO SECURITIZAT   10.00   12/27/14      KRW      71.69
SINBO SECURITIZAT    5.00   10/01/17      KRW      27.79
SINBO SECURITIZAT    5.00   03/14/16      KRW      59.11
SINBO SECURITIZAT    5.00   06/07/17      KRW      25.05
SINBO SECURITIZAT    5.00   06/07/17      KRW      25.05
SINBO SECURITIZAT    5.00   07/08/17      KRW      28.42
SINBO SECURITIZAT    5.00   07/08/17      KRW      28.42
SINBO SECURITIZAT    9.00   07/27/15      KRW      67.36
SINBO SECURITIZAT    5.00   09/13/15      KRW      60.61
SINBO SECURITIZAT    5.00   09/13/15      KRW      56.96
SINBO SECURITIZAT    4.60   06/29/15      KRW      60.47
SINBO SECURITIZAT    4.60   06/29/15      KRW      60.47
SINBO SECURITIZAT    5.00   08/16/16      KRW      29.62
SINBO SECURITIZAT    5.00   08/16/17      KRW      28.05
SINBO SECURITIZAT    5.00   08/16/17      KRW      28.05
STX OFFSHORE & SH    3.00   09/06/15      KRW      72.02
STX OFFSHORE & SH    6.90   04/09/15      KRW      74.51
TONGYANG CEMENT &    7.30   04/12/15      KRW      70.00
TONGYANG CEMENT &    7.50   07/20/14      KRW      70.00
TONGYANG CEMENT &    7.50   09/10/14      KRW      70.00
TONGYANG CEMENT &    7.30   06/26/15      KRW      70.00
TONGYANG CEMENT &    7.50   04/20/14      KRW      70.00
U-BEST SECURITIZA    5.50   11/16/17      KRW      27.87
WOONGJIN ENERGY C    2.00   12/19/16      KRW      57.32
SRI LANKA GOVERNM    5.35   03/01/26      LKR      75.62


MALAYSIA
--------

BANDAR MALAYSIA S    0.35   02/20/24      MYR      66.45
BIMB HOLDINGS BHD    1.50   12/12/23      MYR      73.23
BRIGHT FOCUS BHD     2.50   01/22/31      MYR      68.01
BRIGHT FOCUS BHD     2.50   01/24/30      MYR      69.45
LAND & GENERAL BH    1.00   09/24/18      MYR       0.50
SENAI-DESARU EXPR    0.50   12/31/38      MYR      73.09
SENAI-DESARU EXPR    1.35   12/31/25      MYR      62.81
SENAI-DESARU EXPR    0.50   12/30/39      MYR      74.84
SENAI-DESARU EXPR    1.15   06/30/25      MYR      62.60
SENAI-DESARU EXPR    1.15   12/31/24      MYR      64.07
SENAI-DESARU EXPR    1.35   12/29/28      MYR      55.08
SENAI-DESARU EXPR    1.10   12/31/21      MYR      73.64
SENAI-DESARU EXPR    1.15   12/29/23      MYR      67.26
SENAI-DESARU EXPR    1.35   12/31/29      MYR      52.88
SENAI-DESARU EXPR    1.35   06/28/30      MYR      51.92
SENAI-DESARU EXPR    1.35   06/30/28      MYR      56.26
SENAI-DESARU EXPR    1.35   06/30/26      MYR      61.44
SENAI-DESARU EXPR    1.35   12/31/30      MYR      50.96
SENAI-DESARU EXPR    1.15   06/28/24      MYR      65.64
SENAI-DESARU EXPR    1.35   12/31/26      MYR      60.08
SENAI-DESARU EXPR    1.15   12/30/22      MYR      70.55
SENAI-DESARU EXPR    1.15   06/30/23      MYR      68.90
SENAI-DESARU EXPR    1.10   06/30/22      MYR      71.92
SENAI-DESARU EXPR    1.35   06/30/27      MYR      58.78
SENAI-DESARU EXPR    1.35   12/31/27      MYR      57.50
SENAI-DESARU EXPR    1.35   06/29/29      MYR      53.95
SENAI-DESARU EXPR    1.35   06/30/31      MYR      50.07
UNIMECH GROUP BHD    5.00   09/18/18      MYR       1.42


NEW ZEALAND
-----------

KIWI INCOME PROPE    8.95   12/20/14      NZD       1.04


PHILIPPINES
-----------

BAYAN TELECOMMUNI   13.50   07/15/06      USD      22.75
BAYAN TELECOMMUNI   13.50   07/15/06      USD      22.75


SINGAPORE
---------

BAKRIE TELECOM PT   11.50   05/07/15      USD       7.99
BAKRIE TELECOM PT   11.50   05/07/15      USD       8.00
BLD INVESTMENTS P    8.63   03/23/15      USD      18.88
BUMI CAPITAL PTE    12.00   11/10/16      USD      49.13
BUMI CAPITAL PTE    12.00   11/10/16      USD      45.15
BUMI INVESTMENT P   10.75   10/06/17      USD      48.89
BUMI INVESTMENT P   10.75   10/06/17      USD      47.00
ENERCOAL RESOURCE    9.25   08/05/14      USD      45.50
INDO INFRASTRUCTU    2.00   07/30/10      USD       1.88


THAILAND
--------

G STEEL PCL          3.00   10/04/15      USD      13.88
MDX PCL              4.75   09/17/03      USD      17.13


VIETNAM
-------

BANK FOR INVESTME   10.33   05/19/16      VND       1.00
DEBT AND ASSET TR    1.00   10/10/25      USD      52.44



                             *********

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

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

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


                            *********


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

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

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

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

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



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