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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, September 24, 2014, Vol. 17, No. 189


                            Headlines


A U S T R A L I A

B.J. JARRAD: Placed Into Liquidation
BANDANNA ENERGY: Goes Into Voluntary Administration
BJ METAL: In Administration; First Meeting Set For September 29
BLUESCOPE STEEL: Moody's Affirms Ba3 CFR; Outlook Positive
GLENZEIL PTY: Subcontractors Likely to Get Payout

PASTACUP AUSTRALIA: Placed in Administration
QANTAS AIRWAYS: Capital Group Sells Stake Worth AUD89.1 Million
REDLIGHT MANOR: Fined For Failing to File Financial Reports
ROYAL HOTEL: Placed Into Liquidation


C H I N A

CHINA: May Slip Into 'Balance-Sheet Recession,' FT Reports
LDK SOLAR: Class Meetings of Creditors Set for Oct. 16 to 17


I N D I A

AARK INDIA: CRISIL Assigns 'B' Rating to INR55MM Overdraft Loan
AKLIA EDUCATIONAL: CRISIL Cuts Rating on INR62MM Term Loan to D
ALEX EXTRUSIONS: CARE Reaffirms B+ Rating on INR36.31cr Bank Loan
BAGWAN COTEX: CRISIL Assigns B+ Rating to INR40MM Rupee Term Loan
BANSAL REFINERIES: CARE Lowers Rating on INR7.2cr Bank Loan to D

CYBER AUTOMOBILES: CRISIL Suspends B+ INR120MM Cash Loan Rating
DEO ISPAT: CRISIL Suspends B+ Rating on INR100MM Cash Credit
GENCOR PACIFIC: CRISIL Suspends B- Rating on INR35.6MM Term Loan
HANS RUBBER: ICRA Assigns B+ Rating to INR5.8cr Term Loan
HIMALYA INTERNATIONAL: CARE Cuts Rating on INR131.28cr Loan to D

IMPERIAL GRANITES: CRISIL Ups Rating on INR177.5MM Loan to B
INTERNATIONAL TRADE: CARE Ups Rating on INR0.17cr LT Loan to B+
JYOTI STRUCTURES: CARE Cuts Rating on INR4,893cr Loan to 'C'
KAILASH TRADING: ICRA Suspends B Rating on INR4.5cr FB Loan
KRISHNA TECHNOCHEM: CRISIL Reaffirms B INR42.5MM Cash Loan Rating

LAKSHMIDURGA DRUGS: CRISIL Rates INR30MM Long Term Loan at 'B-'
MUKTA INDUSTRIES: CRISIL Reaffirms B+ Rating on INR220M Cash Loan
NEWTECH SALES: ICRA Suspends B Rating on INR5.5cr Bank Lines
P. PERICHI: CRISIL Suspends D Rating on INR290.9MM Term Loan
PANDA INFRA: CRISIL Reaffirms B- Rating on INR94MM Cash Credit

PRAGATI EDIBLE: CARE Revises Rating on INR7.62cr Bank Loan to BB-
PRAKASH FERROUS: CRISIL Reaffirms B+ Rating on INR450MM Cash Loan
SEPAL TILES: ICRA Reaffirms 'D' Rating on INR7.05cr Term Loan
SHAKTI AGRO: CRISIL Suspends B- Rating on INR45MM Cash Credit
SHEELU EXPORTS: CRISIL Reaffirms B Rating on INR5MM SME Care Loan

SHIV-NARESH SPORTS: CRISIL Suspends B Rating on INR20MM Cash Loan
SHIVPRIYA CABLES: ICRA Reaffirms 'B' Rating on INR21cr FB Limits
SORENTO GRANITO: CARE Assigns 'C' Rating to INR7.11cr Bank Loan
SWAMY COTTON: CRISIL Ups Rating on INR170MM Cash Credit to 'B'
UPPER INDIA: CRISIL Suspends B+ Rating on INR90MM Cash Credit

UTTAM COTTON: CRISIL Suspends D Rating on INR160MM Cash Credit


J A P A N

JAPAN: At Risk of Falling Into a Recession, Ex-BOJ Deputy Says


N E W  Z E A L A N D

OPI PACIFIC: Ex-Auditor at Odds With Receiver Over Settlement
RESIMAC VERSAILLES 2014-1: S&P Assigns BB Rating on Class E Notes


V I E T N A M

VIETNAM INT'L BANK: Moody's Upgrades Deposit Rating to B2


                            - - - - -


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


B.J. JARRAD: Placed Into Liquidation
------------------------------------
InsolvencyNews reports that B.J. Jarrad Pty Ltd has been placed
into liquidation earlier this month.

The report says the liquidator claimed that the company will
continue to trade with the objective of completing existing
contracts.

The meeting of Members of Committee of Inspection will be held on
Sept. 26, 2014. The main purpose of the meeting is to seek the
committee's approval to continue to trade during liquidation.

"It would be good to see when the company can keep trading and
hopefully the operation process can generate some interest for
relevant parties," InsolvencyNews quotes Jamieson Louttit of
Insolvency & Advisory firm Jamieson Louttit & Associates as
saying.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 5, 2014, the sole Director of B.J. Jarrad Pty Ltd resolved to
appoint Voluntary Administrators on July 31, 2014.
Tim Mableson and Martin Lewis of Ferrier Hodgson were appointed
Voluntary Administrators and have assumed responsibility for B.J.
Jarrad Pty Ltd's business and assets.

B.J Jarrad provided water infrastructure solution. It was founded
in 1983 in Adelaide, South Australia.


BANDANNA ENERGY: Goes Into Voluntary Administration
---------------------------------------------------
Mining Australia reports that Bandanna Energy has gone into
voluntary administration after failing to secure take or pay
contracts for a proposed coal mine in Queensland's Bowen Basin.

The exploration company had been in talks with Credit Suisse to
secure take or pay obligations for its AUD1.2 billion Springsure
Creek project to Wiggins Island Coal Export Terminal for ship
loading capacity and to Aurizon for rail access, according to
Mining Australia.

Bandanna Energy said while it was well advanced on issues balked
at by investors, the company was unable to reach an agreement with
Credit Suisse, the report notes.

Mining Australia relates that the company said it had little
ability to raise funds which would allow it to develop the mine
and had no choice but to call in administrators.

Company Chairman John Pelger said Bandanna had worked hard to
progress the project including obtaining EIS approval from the
state government, environmental approval from the federal
government and support from the local community, the report notes.

"Unfortunately, progress has been impacted by delayed approval of
the Springsure Creek mining lease and the deepening cyclical
decline in seaborne thermal coal prices, which together have
further exacerbated delays in investor interest and
participation," the report quoted Mr. Pelger as saying.

The company thanked its employees and management team for their
"relentless and energetic efforts during extremely challenging
market conditions," Mr. Pelger added.

Springsure Creek coal mine was going to be an underground mine 47
km south-east of Emerald that would produce 5.5 million tons of
coal per annum.

Expected to have a life-span of 40 years the mine was expected to
employ close to 600 people.

In June the company said it was working to resolve farmer
objections to the project, but conceded that until this process
was finished, a final investment decision was uncertain, the
report recalls.


BJ METAL: In Administration; First Meeting Set For September 29
---------------------------------------------------------------
Stephen Wesley Hathway -- stephen.hathway@svp.com.au -- & Daniel
Jon Quinn -- daniel.quinn@svp.com.au -- of SV Partners were
appointed as administrators of BJ Metal Art Pty Ltd ATF D & M
Family Trust on Sept. 17, 2014.

A first meeting of the creditors of the Company will be held at
Inverell RSM Club, 68-76 Evans St, in Inverell, New South Wales,
on Sept. 29, 2014, at 12:00 p.m.


BLUESCOPE STEEL: Moody's Affirms Ba3 CFR; Outlook Positive
----------------------------------------------------------
Moody's Investors Service has changed the rating outlook on
Bluescope Steel to positive from stable. At the same time, Moody's
has affirmed Bluescope's Ba3 corporate family rating and its
rating on it senior unsecured notes issued by its wholly owned and
guaranteed subsidiaries, BlueScope Steel (Finance) Ltd and
BlueScope Steel Finance (USA) LLC.

Ratings Rationale

"The change in outlook to positive reflects Moody's expectation of
a strengthening in Bluescope's financial profile, which has
undergone significant improvement in the last 12-to-18 months",
says Matthew Moore, a Moody's Vice President -- Senior Analyst.

"Based on Moody's view of industry's operating environment,
Moody's expect Bluescope's credit metrics to continue
strengthening to a level that could signal an upward rating
movement in the next 12-18 months", Moore says, adding "This
assumes that the steel industry will not face any material
pressures beyond Moody's current expectations, and that Bluescope
will continue to benefit from low raw material costs, relative to
the price of its finished products".

"In FY 2014, Bluescope's achieved financial leverage (including
Debt-to-EBITDA) metrics that strongly positions it relative to
Moody's rating expectation, and this has been mainly driven by
improved profitability due to recent successful restructuring
activities. Further improvements in the operating performance
would provide further support for the rating", Moore adds.

The Coated and Industrial Products division (CIPA) was a large
factor in the improving results and the company's ability to
sustain and build on improvements in this division will be a
critical factor in maintaining positive momentum. Improvements in
CIPA in large part reflect the improvement in the percentage of
sales in the higher margin domestic market and improving product
mix. Domestic sales represented around 76% or 1.9mt of CIPA's
total sales. Improvements, in profitability also reflect the solid
expected contributions from the company's New Zealand and US
operations.

In FY 2015, Moody's expect profitability to continue improving,
with Debt/EBITDA (adjusted for Moody's standard adjustments)
expected to be in the 2.0-2.5x range. Moody's note that continued
weak performance in the Building Components & Distribution
Australia division combined with tougher conditions for segments
of Bluescope's Global Building Solutions and Building Products
divisions could challenge the company's ability to strengthen its
financial profile relative to Moody's expectation.

"Bluescope's ratings continue to reflect the company's strong
market position and branding power in Australia, geographic
diversification, and the steps taken by BlueScope to strengthen
its business profile by focusing on midstream and downstream
products" says Moore.

"At the same time, the positive outlook factors in the challenging
and volatile operating environment, slowing GDP growth in China
together with slow and fragile improvements in the developed
world", Moore says, adding "As such, Moody's expect Bluescope's
financial metrics remain at strong levels for the rating
notwithstanding these industry challenges"

The rating could be upgraded if the company is able to maintain
its improvement in earnings while managing through these
challenging conditions, such that Debt-to-EBITDA will be sustained
near current levels. Specifically, Moody's would view the ability
to maintain Debt-to-EBITDA (adjusted for Moody's standard
adjustments) below 3.0x through the cycle as being a key driver
for rating upgrade.

On the other hand, the outlook could revert to stabile if softer
than expected earnings or increased debt to fund growth and/or
acquisitions lead to leverage not being sustained below 3.0x. The
rating would come under further pressure if these factors lead to
leverage consistently exceeding 4.0x.

The senior unsecured rating could be notched down if BlueScope
raises a material amount of additional priority debt in future,
such that the ratio of senior secured facilities to total assets
increases above 15%.

BlueScope is an Australian-based manufacturer and distributor of a
range of steel products for the building, construction,
manufacturing and automotive industries. It manufactures and
distributes down, mid and upstream products for the domestic and
export markets. It was separated from BHP in 2001 on BHP's merger
with mining house Billiton plc, and listed on the Australian Stock
Exchange in 2002.

The principal methodology used in these ratings was Global Steel
Industry published in October 2012.


GLENZEIL PTY: Subcontractors Likely to Get Payout
--------------------------------------------------
Lucy Ardern at Gold Coast Bulletin reports that subbies were told
they were likely to walk away with something after the collapse of
construction company Glenzeil -- but the liquidator was unwilling
to say how much when he presented the financial state of the
company.

About 50 creditors turned up on September 23 to hear from
liquidator Peter Dinoris -- pdinoris@vincents.com.au -- who was
appointed two weeks ago to sell off assets and chase down unpaid
debts after shutting down the Gold Coast company, the report
relates.

The Bulletin says Glenzeil directors Ken Skrinis and
Brian Gabriel chose not to attend in person and instead rang into
the meeting to keep an ear on the proceedings.

According to the Bulletin, Mr. Dinoris told creditors that any
payout to the pair would be capped at just AUD2,500 for wages and
AUD1,500 for holiday pay -- despite their much higher claim.

Family members of the directors who worked for Glenzeil are in the
same boat, the report notes.

NAB is the main secured creditor and is expected to be repaid in
full from the available funds, along with other secured creditors,
according to the Bulletin.

Meanwhile, The Goldcoast Bulletin reports that the directors of
Glenzeil have lined up with creditors in the hope of getting
something from the liquidator, who is trying to repay almost
AUD10 million in debts to staff and subbies.

According to the report, the pair are listed among 34 staff, who
were left AUD1.2 million out of pocket after their Gold Coast
company went into liquidation, and sub contractors, who are
claiming another AUD8.361 million from the liquidator.

The Bulletin relates that that financial documents filled before
the creditors meeting at the Art Centre Gold Coast show that
Glenzeil director Brian Gabriel has applied for AUD80,370 in
unpaid wages, while his fellow director Ken Skrinis is claiming
AUD69,262.

Another 37 companies, classified as secured creditors, are hoping
to get their money back as well, the report adds.

The Bulletin notes that Mr. Dinoris immediately shutdown Glenzeil
after he was appointed liquidator earlier this month, causing work
to cease on several building sites around Queensland, including
the Pikos Group's Pure project at Kirra.

The Bulletin adds that Mr. Dinoris on September 22 was unwilling
to estimate what creditors might get back after the sell off of
assets, which documents show could return AUD6,630,173.

Glenzeil Pty Ltd was one of Gold Coast's largest construction
companies and had a string of projects to its name including
Nirvana by the Sea at Kirra and the Rocket in Robina.


PASTACUP AUSTRALIA: Placed in Administration
--------------------------------------------
Giovanni Maurizio Carrello -- john.carrello@briferrierwa.com.au
-- and Mathieu Tribut -- mathieu.tribut@briferrierwa.com.au --of
BRI Ferrier were appointed as administrators of PastaCup Australia
Pty Ltd on
Sept. 22, 2014.

A first meeting of the creditors of the Company will be held at
BRI Ferrier Western Australia, Unit 7, 99-101 Francis Street, in
Northbridge, West Australia, on Oct. 2, 2014, at 10:30 a.m.


QANTAS AIRWAYS: Capital Group Sells Stake Worth AUD89.1 Million
---------------------------------------------------------------
The Australian reports that one of Qantas Airways' most faithful
long-term shareholders, Capital Group, sold AUD89.1 million worth
of stock last week taking advantage of the run in the company's
stock price.

In a notice September 23, the investor said it had ceased to be a
substantial shareholder but retained 89.1 million shares in the
company, The Australian relates.

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training , catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2014, Moody's Investors Service said Qantas Airways
Limited's half year results to Dec. 30, 2013, are credit negative
though broadly within expectation and have no immediate impact on
its Ba1 corporate family rating, Ba2 senior unsecured long term
rating or non-prime (NP) short term rating. The outlook for
Qantas' ratings remains negative.

The TCR-AP reported on Jan. 27, 2014, that Standard & Poor's
Ratings Services affirmed its 'BB+' long-term issue rating on
Qantas Airways Ltd.'s senior unsecured debt, in line with the
corporate credit rating.  At the same time, S&P assigned a
recovery rating of'3', indicating its expectation of meaningful
(50%-70%) recovery for creditors in the event of a payment
default.  S&P has also removed the senior unsecured debt from
CreditWatch with negative implications, where it was placed on
Dec. 5, 2013.



REDLIGHT MANOR: Fined For Failing to File Financial Reports
-----------------------------------------------------------
Redlight Manor Australia Ltd, an unlisted public company marketing
online adult services, has been fined AUD12,000 for failing to
lodge financial reports with ASIC for three consecutive years.

Parramatta-based Redlight Manor was convicted in the Downing
Centre Local Court on Sept. 16, 2014, after pleading guilty to
three charges laid by ASIC for failing to lodge financial reports
between 2011 and 2013.

ASIC Commissioner Greg Tanzer said Redlight Manor Australia Ltd
was one of nine companies prosecuted over the last year as a
result of ASIC's ongoing compliance program.

'Companies with a legal obligation to lodge financial reports with
ASIC need to ensure they do so. Investors and creditors are
entitled to know how companies are performing and rely on these
reports to make informed decisions,' Mr Tanzer said.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.


ROYAL HOTEL: Placed Into Liquidation
------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Featherston's
Royal Hotel has fallen into the hands of liquidators following the
death of one of its owners in 2013.

The report says the sale of the business along with Guten Appetit
Catering was announced on the Royal's Facebook page this month. An
initial report from the liquidators cited that the business may
not be able to pay unsecured creditors, the report adds.



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C H I N A
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CHINA: May Slip Into 'Balance-Sheet Recession,' FT Reports
----------------------------------------------------------
Gabriel Wildau at the Financial Times reports that China has
launched a fresh effort to boost its flagging economy with cash
injections by the central bank, but signs are mounting that
monetary stimulus is losing its effectiveness as debt-ridden
companies lose their appetite for borrowing even at low rates.

'Mini-stimulus' measures launched since April have focused on
increasing the supply of money and credit, the FT says. Last week
the central bank moved to inject $81 billion into the banking
system via loans to the five biggest banks. That followed targeted
cuts to the required reserve ratio for small banks and a loosening
of the regulatory loan-to-deposit ratio that gave banks greater
freedom to expand lending, according to the FT.

The FT relates that authorities want banks to channel those funds
into the real economy, but bankers and analysts said that weak
credit creation in recent months is due more to lack of demand
from borrowers than to constraints on bank lending.

That raises the spectre that China may slip into a so-called
"balance-sheet recession", the kind of economic slump in which
monetary policy loses its effectiveness because highly indebted
companies concentrate on paying down debt and remain unwilling to
borrow even when interest rates fall, says the FT. Weak demand for
goods amid a slowing economy further depresses appetite for
investment, the report notes.

"Anyone who runs a company with high leverage is very sensitive to
the prospects for final demand," said Richard Koo, the Nomura
economist who pioneered the concept of a balance-sheet recession
in his analysis of Japan's post-bubble stagnation in the 1990s,
the FT relays.

According to the FT, more recently Mr. Koo has applied the same
analysis to the post-crisis economies of the US, European Union,
and the UK, where huge expansions of the base money by central
banks have largely failed to spur bank lending to the real
economy.

"If everyone is happy and spending big, then leverage isn't a big
issue," the FT quotes Mr. Koo as saying. "That was the way
Japanese companies operated until the end of the 1980s. But once
things reverse, they have to be super cautious. At least some
Chinese companies are now acting the same way."

Indeed, a central bank survey released on September 19 showed that
bankers saw declining demand for loans in the third quarter, while
a separate survey showed that manufacturers are increasingly
pessimistic about the economy, the FT says.

The FT relates that the survey results help to explain data
released earlier this month showing that bank loans outstanding
rose by only 13.3 per cent year on year in August, the weakest
pace since 2005.

The report adds that analysts still believe the Chinese government
could spur credit and investment growth with aggressive monetary
easing, including an interest-rate cut and so-called "window
guidance" from regulators instructing banks to boost lending.

But bankers said that good lending opportunities have become
increasingly scarce, even as regulators have relaxed the
enforcement of rules like the maximum 75 per cent loan-to-deposit
ratio, which has long served as a big constraint on bank lending,
the FT notes.


LDK SOLAR: Class Meetings of Creditors Set for Oct. 16 to 17
------------------------------------------------------------
Upon the application of LDK Solar Co., Ltd., in provisional
liquidation (acting by Joint Provisional Liquidators, Tammy Fu and
Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited) and its
subsidiary, LDK Silicon & Chemical Technology Co., Ltd., by
summons dated Aug. 29, 2014, to the Grand Court of the Cayman
Islands, the Cayman Court made an order dated Sept. 12, 2014, and
filed on Sept. 16, 2014, to direct the Company and LDK Silicon to
convene the class meetings of their creditors on Oct. 16, 2014,
(starting at 8:00 p.m.), Cayman time, and Oct. 17, 2014 (starting
at 9:00 a.m.), Hong Kong time.

The Cayman Court is currently scheduled to hear the petition in
respect of the schemes of arrangement on Nov. 6, 2014, at which
hearing the Cayman Court will determine whether or not to sanction
the schemes of arrangement.

The Company, LDK Silicon and LDK Silicon Holding Co., Limited
previously made a filing to commence their schemes of arrangement
in the High Court of Hong Kong.  The Hong Kong Court is currently
scheduled to hear on Sept. 23, 2014, the applications on behalf of
the Company, LDK Silicon and LDK Silicon Holding to convene the
class meetings of their creditors for the Hong Kong schemes of
arrangement on or around Oct. 17, 2014, Hong Kong time.

All of these proceedings are designed to implement the Company's
previously described plans for the restructuring of its offshore
operations, which restructuring the Company hopes to conclude in
November 2014.

                          About LDK Solar

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

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

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

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



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I N D I A
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AARK INDIA: CRISIL Assigns 'B' Rating to INR55MM Overdraft Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Aark India Educational Trust.

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Overdraft Facility       55          CRISIL B/Stable

The rating reflects AARK's below-average financial risk profile,
and its susceptibility to regulatory changes and to intense
competition in the education sector. These rating weaknesses are
partially offset by the extensive experience of AARK's trustees in
the education sector.

Outlook: Stable

CRISIL believes that AARK will continue to benefit over the medium
term from its trustees' extensive industry experience. The outlook
may be revised to 'Positive' in case of sustainable ramp-up in the
trust's scale of operations with increase in the intake of
students, leading to significant improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' if AARK's
financial risk profile, particularly its liquidity, weakens, most
likely due to sizeable debt-funded capital expenditure, or an
adverse impact of any regulatory change, or deterioration in its
cash flow management.

Set up in 2009 and based in Tirunelveli (Tamil Nadu), AARK runs a
school in Chennai. Dr. S Cletus Babu is the key promoter-trustee
who looks after the trust's operations.


AKLIA EDUCATIONAL: CRISIL Cuts Rating on INR62MM Term Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Aklia
Educational & Research Society to 'CRISIL D' from 'CRISIL BB-
/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit/           3          CRISIL D (Downgraded
   Overdraft facility                from 'CRISIL BB-/Stable')

   Proposed Long Term     22         CRISIL D (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Rupee Term Loan        62         CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The rating downgrade reflects the delays by AERS in servicing its
term debt, because of weak liquidity. The society's liquidity has
deteriorated because of cash flow mismatches led by delays in the
collection of fees from students, and large loans and advances
employed in two new schools.

AERS also has a small scale of operations in the highly
competitive education sector, and is susceptible to regulatory
risks associated with educational institutions. However, the
society benefits from its diverse revenue profile, healthy
operating margin, and above-average financial risk profile.

AERS, established in 2003, is managed by its chairman, Mr. Gurtej
Singh Brar, and vice chairman, Mr. Iqbal Singh. The society runs
secondary and senior secondary schools, polytechnic and
engineering colleges, management colleges and arts degree colleges
in Goniana (Bhatinda, Punjab). AERS's schools are affiliated with
the Central Board of Secondary Education (CBSE); the engineering
and polytechnic institutes with the All India Council for
Technical Education (AICTE); and the teaching and arts colleges to
the Punjabi University, Patiala.

AERS reported a net surplus of around INR8.4 million on net fee
income of INR51.1 million for 2013-14 (refer to financial year,
April 1 to March 31), as compared to a net surplus of INR8.2
million on net fee income of INR44.3 million for 2012-13.


ALEX EXTRUSIONS: CARE Reaffirms B+ Rating on INR36.31cr Bank Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Alex Extrusions Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     36.31      CARE B+ Reaffirmed

Rating Rationale

The rating continues to remain constrained by the susceptibility
of its operating margin to raw material price volatility risk,
working capital intensive nature of its business along-with highly
leveraged capital structure. The rating is further constrained by
delay in the commencement of commercial operations. The rating,
however, derives strength from the wide experience of the
promoters, steady growth prospects of the end user industry and
association with the reputed clientele base.


BAGWAN COTEX: CRISIL Assigns B+ Rating to INR40MM Rupee Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Bagwan Cotex.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            35        CRISIL B+/Stable
   Rupee Term Loan        40        CRISIL B+/Stable

The rating reflects Bagwan Cotex's modest scale of operations in a
fragmented industry, and susceptibility of the firm's
profitability to volatility in cotton prices. The rating also
factors in the firm's below-average financial risk profile marked
by a modest net worth, a high gearing, and sub-par debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of Bagwan Cotex's partners and the
funding support that firm receives from them.

Outlook: Stable

CRISIL believes that Bagwan Cotex will continue to benefit over
the medium term from its partners' extensive industry experience
and funding support. The outlook may be revised to 'Positive' in
case the firm generates significantly better-than-expected cash
accruals or benefits from substantial capital infusion by its
partners. Conversely, the outlook may be revised to 'Negative' in
case Bagwan Cotex registers deterioration in its financial risk
profile, particularly in its liquidity, owing to lower-than-
expected cash accruals or larger-than-expected working capital
requirements or debt-funded capital expenditure.

Set up in 2013, Bagwan Cotex is involved in cotton ginning and
pressing. It commenced commercial operations in January 2014. The
firm is owned and managed by Mr. Sayyad Yunus and his family
members and is headquartered at Aurangabad (Maharashtra).


BANSAL REFINERIES: CARE Lowers Rating on INR7.2cr Bank Loan to D
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Bansal Refineries Private Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.2       CARE D Revised from
                                            CARE BB

   Short-term Bank Facilities     1.0       CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings to the bank facilities of Bansal
Refineries Private Ltd (BRPL) factors in the instances of on-going
delay in servicing of its debt obligations on account of the
stressed liquidity position of the company.

BRPL was incorporated in April 1999 by the Kolkata-based Agarwal
family. The company is engaged in the refining and trading of
refined edible oil (mainly rice bran oil apart from mustard oil
and 'til' oil) with an installed capacity of 27,000 metric tonnes
per annum (MTPA). The sole refining unit of the company is located
at Burdwan, West Bengal. The refinery unit is ISO 9001:2008
(quality management) and ISO 22000:2005 (certificate for food
safety management) certified, depicting quality standards adopted
by the company in its manufacturing process. BRPL sells its
products under the brand name "Rice tek" for refined rice bran oil
and "Swarna raj" for refined mustard oil. The trading activities
of BRPL accounted for only about 16% of total sales in FY13
(refers to the period April 01 to March 31).

During FY13, BRPL registered total income of INR38.3 crore (INR37
crore in FY12) with PBILDT and PAT of INR2.8 crore and INR0.2
crore (INR3.1 crore and INR0.4 crore in FY12), respectively.


CYBER AUTOMOBILES: CRISIL Suspends B+ INR120MM Cash Loan Rating
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Cyber Automobiles Pvt Ltd (CAPL; part of the CAPL group).

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

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

CRISIL has combined the business and financial risk profiles of
CAPL and Lakshmi Automotives (LA), collectively referred to as the
CAPL group. This is because both the entities have the same
promoters, are in the same line of business, and have significant
operational linkages.

Set up in March 2002 and based in Hyderabad (AP), CAPL is promoted
by Mr. Unnam Pardhasaradhi and his brother, Mr. Unnam
Venkateshwarlu. The company is engaged in distribution of various
two- and three-wheeler auto parts, such as batteries, lubricants,
shock absorbers, bearings, and clutch plates. CAPL is the
authorised dealer for two- and three-wheeler auto parts of about
31 companies and has a network of about 1400 dealers. AP is the
company's key market, which contributes around 70 per cent of its
sales.


DEO ISPAT: CRISIL Suspends B+ Rating on INR100MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Deo Ispat Alloys Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           100        CRISIL B+/Stable Suspended
   Term Loan              10        CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by DIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DIPL is yet to
provide adequate information to enable CRISIL to assess DIPL'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 2001, DIPL manufactures silico manganese used to
manufacture steel. The manufacturing facility of the company is
based out of Sundargarh District, Odisha, The company is promoted
by Mr. Anjani Kumar Mishra and family.


GENCOR PACIFIC: CRISIL Suspends B- Rating on INR35.6MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Gencor
Pacific Auto Engineering Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        0.9        CRISIL A4 Suspended
   Cash Credit          22.5        CRISIL B-/Stable Suspended
   Letter of Credit      6.0        CRISIL A4 Suspended
   Term Loan            35.6        CRISIL B-/Stable Suspended

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

Gencor, incorporated in July 2009, manufactures auto components,
especially alternative brackets and gear reduction starter
brackets for use in passenger cars. The company is promoted by Mr.
V Srinath and Mr. G Muralidharan.


HANS RUBBER: ICRA Assigns B+ Rating to INR5.8cr Term Loan
---------------------------------------------------------
A long-term rating of [ICRA]B+ has been assigned to the INR5.8
crore term loans of Hans Rubber & Sports Private Limited.  A
short-term rating of [ICRA] A4 has been assigned to INR5.0 crore
short-term fund based working capital facilities and INR1.0 crore
short term non-fund based working capital facilities of the
company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans             5.8        [ICRA]B+ assigned

   Short-term Fund        5.0        [ICRA]A4 assigned
   Based Working
   Capital Facilities

   Short-term Non-        1.0        [ICRA]A4 assigned
   Fund Based Working
   Capital Facilities

The assigned ratings take into consideration the long standing
promoter experience in the sports goods manufacturing business
spanning over more than three decades; low customer concentration
risks and well established relationships with customers in the
domestic markets reflected in a stable customer base and
favourable credit terms with suppliers which have resulted in
positive cash flow from operations over the last two years. The
ratings are, however, constrained on account of the company's
modest scale of operations; weak financial profile marked by a
stretched capital structure and weak debt protection metrics and
working capital intensive nature of business resulting in
constrained liquidity and near full utilization of working capital
limits. ICRA further takes note of the highly fragmented nature of
the sports goods industry with significant competition from
unorganized players and established brands, nonetheless, the
company's presence in Meerut a key hub for the sports goods
industry in India providing access to a large customer base
provides some comfort. Going forward, the ability of the company
to improve its liquidity position with scale up in operations at
the new unit shall remain a key rating sensitivity.

Incorporated on April 1, 1987; Hans Rubber & Sports Private
Limited is engaged in the manufacturing and trading of sports
goods and accessories used in cricket, badminton, tennis, squash,
gym equipments, health & fitness, skating, track & field, speed
and training aids. The company is a closely held family concern
with Mr. Darshan Lal Makkar and Mrs. Neelam Makkar having over
four decades of experience in the sports goods industry (earlier
under Hans Rubber -- a proprietorship concern).

The company has a manufacturing facility spread over 25,000 square
yards located in Meerut (Uttar Pradesh), a hub for the sports
goods industry in India.


HIMALYA INTERNATIONAL: CARE Cuts Rating on INR131.28cr Loan to D
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Himalya
International Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    131.28      CARE D Revised from
                                            CARE BBB-

   Short term Bank Facilities     7.00      CARE D Revised from
                                            CARE A3

Rating Rationale

The revision in the rating factors in recent delays in debt
servicing by Himalya International Limited.

Himalya International Limited was promoted by Mr Man Mohan Malik
(Chairman and Chief Executive Officer) and his brother-in-law Mr
Sanjay Kakkar (Managing Director) in January 1992. The company
went public in 1995 and is currently listed on BSE.

HIL cultivates mushrooms and processes them to frozen and
preserved form. It also manufactures frozen and canned dairy
products, such as paneer, yoghurt, sweets along with snacks, and
breaded appetizers. Himalya has two manufacturing facilities
located in Paonta Sahib (Himachal Pradesh) and Mehsana (Gujarat)
with a combined capacity of 19,290 MT mushrooms per annum.

HIL sells its products domestically through stockists/distributors
located across the country in various states. Also, the company
sells its products to organized retailers/wholesalers.

International sales are done through Himalya International
Inc (100% subsidiary of HIL), U.S. entity specially incorporated
to market and distribute HIL's product in the U.S. HIL also
markets its product under its own brand of 'Himalya Fresh'.
During FY14 (refers to the period April 01 to March 31), HIL
incurred losses mainly on account of write-off of the expired
finished goods inventory, valuing INR15.77 crore. The production
was done for the JV with Himalya Simplot Pvt Ltd (HSPL),
but HSPL did not place any orders with the company which led to
the write-off. The company also wrote-off the investment of
INR11.55 cr made in this JV with HSPL as the JV ceased its
operations and is not likely to be revived.

Moreover, the stocks of the company valued at INR24.71 crore were
destroyed due to a fire in the warehouse in USA, the insurance
claim for which is pending settlement as the incidence is under
investigation by the Federal US agencies. The company has also
incurred losses of INR3.82 cr in Q1FY15 because of the damage of
the crop in the Gujarat plant of the company. The above-mentioned
reasons led to stressed liquidity position of the company and
resulted in delays in debt servicing.

HIL reported a net loss of INR12.97 cr in FY14 on a total income
of INR189.12 cr as compared to net profit of INR53.16 cr on
a total income of INR168.03 cr in FY13. In Q1FY15, the company
reported net loss of INR3.82 cr on a total income of INR29.65 cr
as compared to a total income of INR42.45 cr and net profit of
INR2.65 cr in the same period last year.


IMPERIAL GRANITES: CRISIL Ups Rating on INR177.5MM Loan to B
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Imperial Granites Pvt Ltd to 'CRISIL B/Stable' from
'CRISIL C', while reaffirming its rating on the company's short-
term bank facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           177.5       CRISIL B/Stable (Upgraded
                                     from 'CRISIL C')

   Letter of credit &     10.0       CRISIL A4 (Reaffirmed)
   Bank Guarantee

   Proposed Long Term      1.0       CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL C')

The rating upgrade reflects the significant improvement in IGPL's
liquidity, marked by closure of term loans in its group entity,
Imperial Tiles Pvt Ltd, which was amalgamated with IGPL in 2012-13
(refers to financial year, April 1 to March 31). As on date, IGPL
does not have any outstanding term loan from banks. Furthermore,
the company is expected to sustain its liquidity as it is
estimated to generate annual cash accruals of INR20 million to
INR30 million over the medium term, against which it has modest
repayments of INR8.5 million per annum on equipment loans.

The ratings reflect the susceptibility of IGPL's operating margin
to volatility in foreign exchange rates, and its working-capital-
intensive nature of operations. These rating weaknesses are
partially offset by the company's moderate financial risk profile,
marked by comfortable gearing and moderate debt protection
metrics, its promoters' extensive experience in the granite
industry, and its established market position.

For arriving at the ratings, CRISIL has assessed the business and
financial risk profiles of IGPL on standalone basis as ITPL has
been amalgamated with IGPL from 2012-13, and it has limited
operational and financial linkages with its group entity Stone
Wonders (India) Ltd.

Outlook: Stable

CRISIL believes that IGPL's business risk profile will be
maintained over the medium term marked by its promoters'
established track record in the quarry industry and its
diversified end-user profile. However, its financial risk profile
is expected to be constrained by high working capital
requirements. The outlook may be revised to 'Positive' if the
company's working capital cycle improves along with sustained
improvement in margins and scale of operations. Conversely, the
outlook may be revised to 'Negative' if IGPL reports lower than
expected cash accruals or it undertakes a larger-than-expected
debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile or if its liquidity
deteriorates due to further elongation of its working capital
cycle.

IGPL was incorporated in Chennai (Tamil Nadu) in 1986 by Mr. R
Veeramani and is engaged in quarrying and processing granites and
monuments.


INTERNATIONAL TRADE: CARE Ups Rating on INR0.17cr LT Loan to B+
-----------------------------------------------------------------
CARE revises and reaffirms the rating assigned to the bank
facilities of International Trade Links Pvt Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     0.17       CARE B+ Revised from
                                            CARE B-

   Short-term Bank Facilities   24.85       CARE A4 Reaffirmed

Rating Rationale

The revision in the rating for the bank facilities of
International Trade Links Pvt Ltd takes into cognizance the
improved financial performance of the company in FY14 (refers to
the period April 1 to March 31) in terms of improvement in the
scale of operation and profit levels. However, the ratings
continue to remain constrained by its moderate scale of operation
with thin profit margins, working capital intensive nature of
operations leading to moderately leveraged capital structure,
stiff competition in the export apparel market, high customer
concentration risk and exposure to foreign exchange fluctuation
risk. The aforesaid constraints are partially offset by the
experience of the promoters in the apparel industry, established
business relations, integrated manufacturing facility and
increased capacity utilisation.

The ability of the company to improve its scale of operations with
diversification of product line along with an improvement in the
overall financial profile and effective management of the working
capital would be the key rating sensitivities.

Incorporated on January 15, 1991, Kolkata-based (West Bengal)
International Trade Links Pvt. Ltd. was promoted by brothers Mr
Sanjay Chowdhury and Mr Bijoy Chowdhury. ITL is engaged in the
business of manufacturing and export of readymade garments. ITL is
an export-oriented unit (EOU) recognized since 2006. It exports
100% of its products like collared and polo-neck T-shirts to USA
and Germany. ITL is associated with brands like Surf Style, Alvins
Island, Cute, Soa Print, and BB Tropics. The manufacturing
facility of the company is located at Bodai, West Bengal with an
installed capacity of 47.8 lakhs pieces per annum as on March 31,
2014.

During FY14, the company reported a PBILDT of INR2.8 crore (INR2.4
crore in FY13) and a PAT of INR0.6 crore (INR0.5 crore in FY13) on
a total income from operations of INR74.9 crore (INR59.9 crore in
FY13).


JYOTI STRUCTURES: CARE Cuts Rating on INR4,893cr Loan to 'C'
------------------------------------------------------------
CARE revises and suspends the ratings assigned to bank facilities
and NCD of Jyoti Structures Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4,893      CARE C Revised from
                                            CARE BB and suspended

   Short-term Bank Facilities      915      CARE A4 Suspended

   Long-term Instruments- NCD       50      CARE C Revised from
                                            CARE BB and suspended

Rating Rationale

The revision in the ratings factors in deterioration in the
liquidity profile of Jyoti Structures Ltd due to severe decline in
profitability in the recent past, delay in realization of debtors
which has resulted in delay in repayment of loans (not rated by
CARE) and interest to financial institution and External
Commercial Borrowing (as reported in the Annual Accounts).

Jyoti Structures Ltd (JSL), incorporated in 1974, is engaged in
power transmission, distribution and substation related EPC
projects. The company has an installed transmission line, towers
and structures manufacturing capacity of 116,160 MT per annum. JSL
also has a tower testing facility at Ghoti, Igatpuri.

Credit Risk Assessment

Delay in realization of debtors resulting in delay in timely
servicing of financial obligations The outstanding debtor position
has deteriorated significantly from INR1,803 crore as on March 31,
2013 to INR2,840 crore as on March 31, 2014, which has resulted in
increased collection period of around 254 days as at the end of
FY14 (refers to the period April 01 to March 31) as compared with
225 days as at the end of FY13 and thus the working capital cycle
remains elongated. Due to the slow realization in debtors, there
have been delays in timely servicing of financial obligations.
Also, Power Grid Corporation of India (PGCIL) has encashed a
guarantee of INR33 crore due to termination of Tangla-Kokharajar
power transmission line as the execution was delayed due to local
agitation.

Decline in profitability
As per the consolidated financial results, the PAT of JSL declined
from INR 64.8 crore in FY13 to INR32.3 crore in FY14. Also on a
standalone basis during Q1FY15, the company reported net loss of
INR16 crore on total income of INR694 crore as against PAT of
INR16 crore on a total income of INR714 crore in Q1FY14.


KAILASH TRADING: ICRA Suspends B Rating on INR4.5cr FB Loan
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to the
INR4.50 crore fund based facilities, INR1.50 crore non fund based
facilities and INR0.90 crore proposed facilities; and the short
term rating of [ICRA]A4 assigned to the INR3.10 crore non fund
based facilities of Kailash Trading Corporation. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the Firm.

Established in 2001, Kailash Trading Corporation is engaged in
trading of plastics, chemicals, and additives. KTC caters to the
South Indian market and its products are used in Automobiles,
Electrical, Electronics, Telecommunications, Consumer Appliances,
Textiles, Pharmaceuticals, Paints, and Printing Ink, among others.
KTC is one of the largest dealers of Bayer Material Science
Private Limited for Polycarbonates and SRF Limited for Nylon in
India. KTC forms part of the KTC Group which was promoted by Shri.
K. Lakshmi Narayana. After his demise his son Mr. K Chandrasekhar
is heading the group. The other companies in the KTC group are KLN
Automobiles Private Limited, KLN Motor Agencies Private Limited
and Sri Vijayalakshmi Automobiles Private Limited.


KRISHNA TECHNOCHEM: CRISIL Reaffirms B INR42.5MM Cash Loan Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Krishna Technochem Pvt
Ltd (KTPL) continue to reflect KTPL's below-average financial risk
profile, marked by small net worth, weak debt protection metrics,
and moderate gearing, and exposure to risks related to volatility
in crude oil prices. These rating weaknesses are partially offset
by the extensive experience of KTPL's promoters in the
petrochemicals industry and established relationship with
suppliers and customers.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         2.5        CRISIL A4 (Reaffirmed)
   Cash Credit           42.5        CRISIL B/Stable (Reaffirmed)
   Letter of Credit      20          CRISIL A4 (Reaffirmed)
   Letter of Credit      20          CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KTPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
longstanding relationship with its suppliers and customers. The
outlook may be revised to 'Positive' if KTPL's liquidity improves,
most likely because of improved working capital management or
higher cash accruals driven by improvement in profitability.
Conversely, the outlook may be revised to 'Negative' if KTPL's
financial risk profile, particularly liquidity, weakens further,
most likely because of stretch in working capital or larger-than-
expected debt-funded capital expenditure.

Incorporated in 1994, KTPL manufactures petrochemicals such as
organic composite solvent oil (OCS), crude mineral oil bottom, and
benzene with capacity of 24,000 kiloliters per annum. More than 80
per cent of the company's total revenue is generated through the
sale of OCS. KTPL's manufacturing unit is in Howrah (West Bengal).

For 2013-14 (refers to financial year, April 1 to March 31), KTPL
reported a profit after tax (PAT) of INR2.4 million on net sales
of INR284 million, against a PAT of INR0.8 million on net sales of
INR221 million for 2012-13.


LAKSHMIDURGA DRUGS: CRISIL Rates INR30MM Long Term Loan at 'B-'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Lakshmidurga Drugs & Intermediates Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Long Term Loan          30        CRISIL B-/Stable
   Cash Credit             25        CRISIL B-/Stable
   Letter of Credit         3        CRISIL A4

The ratings reflect LDIPL's weak financial risk profile, marked by
moderate gearing and low net worth, working capital intensive
nature of operations and small scale of operations in the
intensely competitive and highly fragmented bulk drugs segment.
These weaknesses are partially offset by the extensive experience
of LDIPL's promoters in the pharmaceutical industry.

Outlook: Stable

CRISIL believes that LDIPL 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
significant growth in its revenue and profitability, leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case the company's profitability
or revenue declines, resulting in lower-than-expected cash
accruals, or in case of deterioration in its working capital cycle
or if it undertakes any larger-than-expected debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile.

Based in Hyderabad and set up in 2009, LDIPL manufactures bulk
drugs and intermediates for the pharmaceutical industry. The
company is promoted by Mr. R Vijaya Krishna and Mr. D Saibabu.

For 2013-14 (refers to financial year April 1 to March 31), LDIPL
reported an estimated net loss of INR6.1 million on a net sales of
INR74 million; the company reported a net loss of INR1.75 million
on net sales of INR24 million for 2012-13.


MUKTA INDUSTRIES: CRISIL Reaffirms B+ Rating on INR220M Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mukta Industries Pvt
Ltd continue to reflect MIPL's weak financial risk profile, marked
by a high total outside liabilities to tangible net worth (TOLTNW)
ratio and average debt protection metrics, and the susceptibility
of its margins to volatility in raw material prices and to intense
industry competition. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in the
trading industry.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bill Discounting       75.5      CRISIL A4 (Reaffirmed)
   Cash Credit           220        CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility      4.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MIPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the company registers
higher-than-expected cash accruals or gets significant equity
infusion, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if MIPL's
working capital cycle is stretched, leading to weakening of its
liquidity.

Update
For 2013-14 (refers to financial year, April 1 to March 31),
MIPL's net sales were around INR1.8 billion, a year-on-year growth
of around 9 per cent backed by moderate demand from existing
customers. The company's operating margin in 2013-14 was around
3.1 per cent, similar to its margin in 2012-13; the margin is
expected at 3.0 per cent over the medium term. Its profitability
continues to be low due to the trading nature of its operations.

MIPL has large working capital requirements, with high debtor and
inventory levels; the company had gross current assets of 134 days
as on March 31, 2014. CRISIL believes that MIPL's net worth will
remain at INR120 million to INR130 million over the medium term,
because of moderate accruals. The company's TOLTNW ratio is
expected to remain high, at around 5 times, over the medium term
because of high dependence on bank borrowings for its working
capital requirements. MIPL has stretched liquidity, marked by high
bank limit utilisation, at an average of around 98 per cent over
the 12 months through May 2014, because of large working capital
requirements; however, its accruals are expected to be sufficient
to meet its repayment obligations over the medium term.

MIPL reported a net profit of INR10.1 million on net sales of
INR1.8 billion for 2013-14, against a net profit of INR8.1 million
on net sales of INR1.6 billion for 2012-13.

Incorporated in 1994, MIPL is promoted by Mr. Prakash Shah, Mr.
Naresh Shah, Mr. Hemendra Shah, Mr. Pankaj Shah, and Mr. Pardip
Shah. The company trades in steel and paper products.


NEWTECH SALES: ICRA Suspends B Rating on INR5.5cr Bank Lines
------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR5.50
crore, bank lines of Newtech Sales Corporation. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


P. PERICHI: CRISIL Suspends D Rating on INR290.9MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
P. Perichi Gounder Memorial Charitable Trust.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           20          CRISIL D Suspended
   Term Loan            290.9        CRISIL D Suspended

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

PPG Trust was established in 1992 by Dr. L P Thangavelu and his
wife Mrs. Shanthi Thangavelu in Coimbatore.  The trust runs
engineering, nursing and management colleges, a charitable
hospital, and a public school, all in Coimbatore (Tamil Nadu).


PANDA INFRA: CRISIL Reaffirms B- Rating on INR94MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Panda Infra Projects
(India) Pvt Ltd continue to reflect its modest scale of
operations, large working capital requirements, and stretched
liquidity. These rating weaknesses are partially offset by the
promoters' extensive experience in the civil construction segment.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         9         CRISIL A4 (Reaffirmed)
   Cash Credit           94         CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PIPL will benefit over the medium term, from
the promoters' extensive experience in the civil construction
segment. The outlook may be revised to 'Positive' if the company
significantly scales up its operations and maintains its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' if PIPL's financial risk profile weakens
with a significant decline in its revenue or profitability
margins, or a stretched working capital cycle or sizeable debt-
funded capital expenditure (capex).

Update
PIPL's revenue declined by 12 per cent in 2013-14 (refers to
financial year, April 1 to March 31),   from 2012-13 levels. The
decline was commensurate with the decreasing number of contracts
executed by PIPL during 2013-14, as against the healthy order book
in the previous year. However, the operating margin remained
stable and ranged between 7.5 and 8.5 per cent over the four years
ended 2013-14.

The company sustained its moderate financial risk profile, with
gearing at 0.60 times as on March 31, 2014, vis-a-vis a modest net
worth of INR120 million. Besides, the debt protection metrics
remained above-average, with interest coverage and net cash
accruals to total debt (NCATD) ratios at 2.9 and 0.13 times,
respectively, for 2013-14.

PIPL's working capital requirements remained large, as indicated
by gross current assets (GCAs) of 318 days in 2013-14, driven by
stretched debtors (because of delayed realisations) and high
inventory, at 197 days and 83 days, respectively, as on March 31,
2014. The company's liquidity was constrained by its fully
utilised bank limits. PIPL also availed of ad hoc facilities to
manage its liquidity. Consequently, the company extensively
utilised its working capital limits at 88 per cent on an average
over the last 12 months. CRISIL believes that PIPL's financial
risk profile will remain constrained over the medium term, driven
by its large working capital requirements and consequently
stretched liquidity.

PIPL was founded in September 2002 by Odisha-based Mr. Pratap
Kishore Panda and his wife Mrs. Sujata Panda. The company
constructs and repairs roads in Balasore, Keonjhar and Khurda
districts in the state. PIPL also undertakes repairs of buildings
in these districts.

PIPL reported on a provisional basis, a profit after tax (PAT) of
INR3.80 million on net sales of INR207.7 million for 2013-14, as
against a PAT of INR4.20 million on net sales of INR237 million
for 2012-13.


PRAGATI EDIBLE: CARE Revises Rating on INR7.62cr Bank Loan to BB-
-----------------------------------------------------------------
CARE revises and reaffirms rating assigned to the bank facilities
of Pragati Edible Processing Pvt Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.62       CARE BB- Revised from
                                            CARE B+

   Short term Bank Facilities    1.67       CARE A4 Reaffirmed

Rating Rationale

The revision in the rating of the bank facilities of Pragati
Edible Processing Pvt Ltd takes into cognizance the improvement in
the financial risk profile in FY14 (provisional; refers to the
period April 01 to March 31) vis-a-vis FY13 marked by growth in
revenue, improvement in the capital structure and debt service
coverage indicators. However, the ratings continue to be
constrained by its short track record coupled with relatively
small scale of operation in the highly fragmented and competitive
rice milling business, susceptibility of profitability to foreign
exchange fluctuation and subject to government regulations,
seasonal nature of availability of paddy resulting in high working
capital intensity and exposure to vagaries of nature.

The ratings, however, continue to draw comfort from its proximity
to paddy growing areas resulting in logistics advantage and wide
experience of promoters in the industry.

Going forward, PEPL's ability to grow its scale of operations with
simultaneous improvement in profitability margins and effective
working capital management would be the key rating consideration.

Incorporated in November 2007 by two brothers, Mr Purushottam
Agarwal and Mr Sunil Agarwal of Kolkata, Pragati Edible Processing
(P) Ltd is engaged in the processing and milling of rice. The
manufacturing facility of the company is located in Mednipore,
West Bengal. The unit commenced commercial production in June 2011
with an installed capacity of 28,700 MTPA. The company sells its
products under the brand name "Pragati" to traders and wholesalers
located in different states of India and also started exporting
from February 2014 to countries like Singapore, Indonesia,
Bangladesh, Cotonou Benin, Egypt, Austria, etc.

In FY14 (provisional), the company has reported a total operating
income of INR56.8 crore (INR51.5 crore in FY13) and PAT INR0.7
crore (INR0.5 crore in FY13).


PRAKASH FERROUS: CRISIL Reaffirms B+ Rating on INR450MM Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Prakash Ferrous
Industries Pvt Ltd continue to reflect PFIPL's below-average
financial risk profile marked by high gearing and weak debt
protection metrics, and exposure to intense competition in the
secondary steel industry. These rating weaknesses are partially
offset by the extensive experience of PFIPL's promoters in the
steel products manufacturing segment.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          6        CRISIL A4 (Reaffirmed)
   Cash Credit           450        CRISIL B+/Stable (Reaffirmed)
   Letter Of Guarantee     4        CRISIL A4 (Reaffirmed)
   Letter of Credit       90        CRISIL A4 (Reaffirmed)
   Long Term Loan        372.4      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    227.6      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PFIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up
operations significantly, leading to larger-than-expected cash
accruals, thus enhancing its liquidity. Conversely, the outlook
may be revised to 'Negative' if the company reports lesser-than-
expected revenues and profitability, or undertakes larger-than
expected debt-funded capital expenditure programme, weakening its
financial risk profile.

Update
PFIPL recorded revenue of about INR2257 million and operating
profitability of 5.8 per cent for 2013-14 (refers to financial
year, April 1 to March 31). With 2013-14 being the company's first
full year of operations, its ramp-up is healthy. CRISIL believes
that with improvement in macroeconomic conditions and revival in
the construction sector, PFIPL will maintain healthy growth over
the medium term.

The company's financial risk profile remains below average, marked
by moderate net worth of INR355 million and high gearing of 2.01
times a son March 31, 2014. Its debt protection metrics remain
weak, with net cash accruals to total debt and interest coverage
ratios at 0.05 times and 1.38 times, respectively, for 2013-14.
CRISIL believes that PFIPL's financial risk profile will remain
below average over the medium term due to high dependence on debt
for meeting working capital requirements.

PFIPL's liquidity is stretched as its cash accruals are expected
to tightly match its repayment obligations. The company is
expected to generate cash accruals of around INR80 million against
repayment obligations of INR70 million. However, the liquidity is
supported by moderate utilisation of bank lines at an average of
65 per cent over the 12 months through July 2014.

PFIPL was incorporated in 2007 as Prakash Ferrous Industries
(Bangalore) Pvt Ltd. The company was subsequently renamed as
PFIPL. It manufactures thermo-mechanically treated bars with
Tempcore technology at Srikalahasti in Chitoor (Andhra Pradesh).
It is a joint venture between Chennai-based Agarwal family and
Agra (Uttar Pradesh)-based Garg family.


SEPAL TILES: ICRA Reaffirms 'D' Rating on INR7.05cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR3.00 crore
fund based cash credit facility and the INR7.05 crore term loan
facility of Sepal Tiles Private Limited to [ICRA]D. ICRA has also
reaffirmed the short term rating of assigned to INR1.00 crore bank
guarantee facility of STPL to [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit     3.00        [ICRA]D; Reaffirmed
   Term Loan             7.05        [ICRA]D; Reaffirmed
   Bank Guarantee        1.00        [ICRA]D; Reaffirmed

The reaffirmation in ratings reflects the instances of delays in
debt servicing by the company in the last six months, owing to its
strained financial position as well as stretched working capital
cycle resulting from high inventory levels leading to high
utilization levels. The company's financial profile has been
weekend as reflected from low profitability, stretched capital
structure and weak coverage indicators. The ratings also take into
account the vulnerability of profitability and cash flows to
cyclicality inherent in the real estate industry, which is the
main consuming sector. The rating further notes the vulnerability
of profitability to availability and increasing prices of gas, as
gas is its major source of fuel as well as competitive business
environment with presence of large established organized tile
manufacturers which have been the key hurdles in scaling up of
operations.

Sepal Tiles Private Limited was established in the year 2011 and
is owned and managed by Mr. Lalit Patel, along with other family
members and relatives. The manufacturing facility of the company
is located at Morbi in Gujarat with an installed capacity to
manufacture 37,125 MTPA of floor tiles. STPL had commenced its
commercial production in August, 2012 and is currently engaged in
manufacturing two sizes of floor tiles.

Recent Results
For the year ended 31st March, 2014, the company reported an
operating income of INR17.72 crore and net profit of INR0.17
crore.


SHAKTI AGRO: CRISIL Suspends B- Rating on INR45MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shakti
Agro Cold Storage.

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

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

Shakti Agro Cold Storage (SACS) was incorporated in the year 2005
by Mr Suresh Govind Rodekar as a proprietorship firm. Based in
Belgaum, Karnataka the firm  is engaged in providing cold storage
services primarily temperature controlled warehousing (TCW).


SHEELU EXPORTS: CRISIL Reaffirms B Rating on INR5MM SME Care Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sheelu Exports
continues to reflect Sheelu's below-average financial risk
profile, marked by its small net worth, high gearing, and below-
average debt protection metrics. The ratings of the firm are also
constrained on account of its small scale of operations in the
intensely competitive human-hair export industry, and the firm's
working-capital-intensive nature of operations. These rating
weaknesses are partially offset by the extensive industry
experience of the firm's promoters.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Export Packing          50.0      CRISIL A4 (Reaffirmed)
   Credit
   Proposed Export
   Packing Credit           2.5      CRISIL A4 (Reaffirmed)
   SME Care Loan            5        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Sheelu will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained increase in the firm's scale of operations, while it
maintains its profitability margins, or there is a substantial
improvement in its capital structure on the back of sizeable
capital additions by its partners. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in the firm's
profitability margins, or significant deterioration in its capital
structure caused most likely by a large debt-funded capital
expenditure or a stretch in its working capital cycle.

Sheelu was established in 2001 as a proprietorship concern and was
reconstituted as a partnership firm in 2007. The firm exports
processed human hair. The firm currently has two partners - Mr. K
Srinivasa Rao, and Mrs. K Sita Devi.


SHIV-NARESH SPORTS: CRISIL Suspends B Rating on INR20MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shiv-Naresh Sports Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         50         CRISIL A4 Suspended
   Cash Credit            20         CRISIL B/Stable Suspended
   Proposed Long Term
   Bank Loan Facility     10         CRISIL B/Stable Suspended
   Proposed Short Term
   Bank Loan Facility     30         CRISIL A4 Suspended

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

SNS was incorporated in 1998 and promoted by Mr. Shiv Prakash
Singh and his family. SNS manufactures sportswear, and executes
sports infrastructure projects such as synthetic athletic track
laying and turf installation. SNS started operations by taking
over the partnership firm, Shiv Naresh Sports, which was
established in 1987 and used to manufacture sportswear and
accessories.


SHIVPRIYA CABLES: ICRA Reaffirms 'B' Rating on INR21cr FB Limits
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
INR21.00 crore (revised from INR18.00 crore) fund based limits and
INR3.50 crore (revised from INR4.86 crore) term loan limits of
Shivpriya Cables Pvt. Ltd. ICRA has also reaffirmed the short term
rating of [ICRA]A4 assigned to INR15.50 crore (revised from
INR12.50 crore) non fund based limits of the company.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund based limits         21.00       [ICRA]B (reaffirmed)
   Term Loan                  3.50       [ICRA]B (reaffirmed)
   Non fund based limits     15.50       [ICRA]A4 (reaffirmed)


The ratings are constrained by the highly competitive nature of
cables manufacturing industry and the absence of price escalation
clauses in SCPL's sales agreements with private players which
exerts pressure on SCPL's margins. The ratings are further
constrained by high working capital intensive nature of company's
operations as reflected by high utilization of working capital
borrowings and its moderate debt protection indicators. However,
the ratings derive comfort from SCPL's diverse product portfolio,
long experience of its promoters in the cables industry and
established relationships with its clients which have resulted in
repeat orders.

Going forward the ability of the company to maintain future
revenue and profitability growth in an intensely competitive
industry and manage its working capital cycle effectively will be
the key rating sensitivities.

Shivpriya Cables Private Limited commenced operations in December
2008 and is engaged in the manufacturing of power cables, control
cables, Aerial Bunched Cables, instrumentation cables and house
wires. The company is promoted by Mr. Ajay Kumar Gupta and Mr.
Ayush Gupta. SCPL is an ISO: 9001:2000 certified company and sells
cables under the brand name of 'SPC Cables'. It has two
manufacturing units at Chopanki in Bhiwadi (Rajasthan).

Recent Results
SCPL has reported a net profit (PAT) of INR1.86 crore on an
operating income of INR101.53 crore in FY 2013-14 as compared to
net profit (PAT) of INR1.36 crore on an operating income of
INR86.39 crore in FY 2012-13.


SORENTO GRANITO: CARE Assigns 'C' Rating to INR7.11cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank facilities
of Sorento Granito Private Limited.

                               Amount
   Facilities                (INR crore)  Ratings
   ----------                -----------  -------
   Long-term Bank Facilities     7.11     CARE C Assigned
   Long-term/Short-term Bank
   Facilities                   15.75     CARE C/CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sorento Granito
Private Limited (SGPL) are primarily constrained on account
of its weak liquidity profile with long operating cycle, moderate
scale of operation with thin net profit margins, leveraged
capital structure and moderate debt coverage indicators. The
ratings are further constrained on account of susceptibility
of margins to volatility in raw material and fuel prices, customer
concentration risk and its presence in the highly fragmented
vitrified tile industry with fortune linked with the cyclical real
estate market.

The ratings, however, favorably take into account the vast
experience of the promoters in the tiles manufacturing
business, well-established relationship with customer and
suppliers and location advantage through its presence in the tile
cluster of Gujarat.

The ability of SGPL to improve its liquidity position, increase in
its scale of operations while efficiently managing the raw
material, fuel price fluctuation and working capital requirements
would be the key rating sensitivities.

Incorporated in 2007, Morbi-based SGPL is engaged in manufacturing
of vitrified tiles. Its plant has daily installed capacity of
7,500 boxes of tiles size 2' X 2' square feet. It sells its
product under the brand name of "Sorento". SGPL's is promoted by
Mr Bhagwandan Tulsiyani along with other four persons.

During FY14 (provisional; refers to the period April 1 to
March 31), SGPL reported a net profit of INR0.16 crore on a Total
Operating Income (TOI) of INR49.31 crore as against a net profit
of INR0.05 crore on a TOI of INR50.75 crore in FY13.


SWAMY COTTON: CRISIL Ups Rating on INR170MM Cash Credit to 'B'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Swamy Cotton Mill Tirupur Pvt Ltd to 'CRISIL B/Stable' from
'CRISIL B-/Stable', and has reaffirmed its rating on the company's
short-term facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         6.5        CRISIL A4 (Reaffirmed)

   Cash Credit          170.0        CRISIL B/Stable (Upgraded
                                     from  'CRISIL B-/Stable')

   Letter of Credit      20.0        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Long Term Loan        53.5        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that SCMPL will
sustain its improved liquidity over the medium term, backed by its
moderate cash accruals and absence of major debt-funded capital
expenditure (capex). Furthermore the financial risk profile
benefits from the company's improved capital structure, marked by
equity infusion of INR40 million in 2013-14 (refers to financial
year, April 1 to March 31).

The ratings reflect SCMPL's modest scale of operations, and
working-capital-intensive nature of business, and susceptibility
of its margins to volatility in raw material prices. These rating
weaknesses are partially offset by SCMPL's above-average financial
risk profile and extensive experience of its promoter in the
textile industry.

Outlook: Stable

CRISIL believes that SCMPL will benefit over the medium term from
its long track record and promoter's experience in the textile
industry. The outlook may be revised to 'Positive' if the company
records considerable increase in revenue and profitability,
resulting in improvement in its cash accruals. Conversely, the
outlook may be revised to 'Negative' if there is considerable
decline in accruals, or the company undertakes a large debt-funded
capex programme, resulting in weakening of its financial risk
profile.

SCMPL, set up in 1972, manufactures fabric. The company's day-to-
day operations are managed by Mr. E Manoj Kumar.


UPPER INDIA: CRISIL Suspends B+ Rating on INR90MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Upper
India Smelting & Refinery Works (Prop. Devendra Kumar Gupta & Sons
H.U.F.).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit               90        CRISIL B+/Stable Suspended
   Proposed Long Term
   Bank Loan Facility         5        CRISIL B+/Stable Suspended
   Standby Line of Credit     5        CRISIL B+/Stable Suspended

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

Set up in 1959, UISRW is the sole proprietorship firm of Devendra
Kumar Gupta And Sons (Hindu Undivided Family). The firm
manufactures zinc oxide and is based in Yamuna Nagar (Haryana).


UTTAM COTTON: CRISIL Suspends D Rating on INR160MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Uttam Cotton Mills Private Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            160        CRISIL D

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

Uttam was established in 2007 by the Jhawar family of Kolkata. The
company manufactures innerwear and garments. Uttam's production
center is in Tirupur (Tamil Nadu) and Kolkata (West Bengal). The
company sells its products under the Oscar and Oscar kids brands.



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


JAPAN: At Risk of Falling Into a Recession, Ex-BOJ Deputy Says
--------------------------------------------------------------
Toru Fujioka, Chikako Mogi and Masahiro Hidaka at Bloomberg News
report that Japan is in danger of falling into a recession as the
yen's decline reduces the purchasing power of households and
squeezes corporate profits, said a former deputy governor of the
Bank of Japan.

"The current yen weakness is slightly excessive," Kazumasa Iwata,
the deputy from 2003-2008, said in an interview on Sept. 19 in
Tokyo, Bloomberg relays. "Abenomics entails the risk of 'beggar
thyself' consequences and signs are already emerging."

Bloomberg says the yen is trading near a six-year low against the
dollar as diverging monetary policies from the U.S. to Japan
threaten to increase exchange-rate volatility. Rising import costs
are straining the economy as Prime Minister Shinzo Abe weighs
whether Japan can take another sales tax increase to rein in the
world's biggest debt burden, according to Bloomberg.

"Currency levels appropriate for reflecting Japan's economic
fundamentals are 90-100 yen to the dollar," the report quotes
Mr. Iwata, the president of the Japan Center of Economic Research,
as saying.

The yen traded at 108.80 per dollar as of 1:51 p.m. in Tokyo after
touching 109.46 on Sept. 19, the weakest since August 2008,
according Bloomberg data. It's depreciated by 4.5 percent over the
past month, the most among the 16 major currencies tracked by
Bloomberg.

Haruhiko Kuroda, the BOJ governor handpicked by Abe in 2012, has
said he'll do what's needed to achieve the inflation target as he
continues unprecedented easing, Bloomberg relates.

Speaking at a Group of 20 meeting in Cairns, Australia, on
Sept. 19 after the dollar rose above 109 yen, Mr. Kuroda said he
didn't see any big problems with current movements in exchange
rates, according to Bloomberg.



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


OPI PACIFIC: Ex-Auditor at Odds With Receiver Over Settlement
-------------------------------------------------------------
Paul McBeth at BusinessDesk reports that investors in OPI Pacific
Finance are still in the dark over the value of a potential deal
with the failed lender's former auditor after ASX-listed Crowe
Horwath rejected the OPI receiver's version of the settlement.

Last week, Crowe Horwath, which became liable for the settlement
through its acquisition of Lower Hutt-based accounting firm
Sherwin Chan & Walshe, said it had reached a deal with OPI
receiver Colin McCloy of PwC on commercial terms, which would cost
it NZ$6.25 million, BusinessDesk recalls. It was later rebuked by
PwC, which said the settlement was NZ$12.5 million, and contained
a confidentiality provision preventing either party from making an
immediate announcement about the deal, relates BusinessDesk.

A spokeswoman for Crowe Horwath told BusinessDesk in an email said
the matter had been settled as per the company's statement to the
ASX. In relation to the PwC release, she said "we are aware of the
statements, which are incorrect."

A spokeswoman for PwC said the firm had no further comment beyond
last week's statement, the report says.

According to BusinessDesk, the OPI receiver was seeking
NZ$45.4 million plus AUD35.4 million, any additional losses
assessed by the court, as well as interest and costs.

When the claim was lodged in August last year, Crowe Horwath said
in a statement to the ASX the audit was investigated by the
New Zealand Institute of Chartered Accountants in 2009 and no
action was taken, and that the firm also assisted the Financial
Markets Authority's investigation in September 2011, which also
didn't result in any action against the auditor, BusinessDesk
relays.

In November, the regulator went on to charge former OPI Pacific
directors Mark Lacy, Jason Maywald, David Anderson and Craig White
under the Securities Act with making untrue statements in the 2007
offer document, the report recalls. Lacy, White and Anderson
entered not guilty pleas in June, and the National Business Review
last week reported a hearing set down for
Sept. 17 was adjourned to consider whether the High Court was more
appropriate to hear the case, BusinessDesk says.

Earlier this year, Justice Robert Dobson turned down a bid by
Sherwin Chan & Walshe for a partial strike out of the receiver's
claim that the auditor breached its obligations in relation to the
lender's 2007 financial statements, while saying testimony by a
former executive could frustrate the claim, BusinessDesk relates.
The hearing was in the High Court in Wellington, the report notes.

According to the report, OPI's receiver claimed that if the audit
had been completed competently, the lender would have stopped
trading earlier, which would have prompted directors to exercise a
put option requiring Octaviar to pay OPI, then known as MFS
Pacific Finance, the NZ$61.6 million face value of loans in
arrears rather than the NZ$23.1 million payment made under the
option.

                        About OPI Pacific

OPI Pacific Finance Limited, formerly known as MFS Pacific
Finance, was New Zealand-based finance company.  OPI Pacific was a
subsidiary of Octaviar Limited.

OPI Pacific Finance Limited was placed in receivership on
September 15, 2009, by Perpetual Trust, the trustee for OPI's
secured debenture holders and unsecured note holders.  This ends
the moratorium arrangement that has been in place since May 2008.

Perpetual Trust has appointed Colin McCloy and Maurice Noone of
PricewaterhouseCoopers as receivers.

At the time of the receivership it owed almost 11,000 investors
about NZ$256 million, of which 3.25 cents in the dollar has been
repaid, on top of the 22.19 cents investors received during the
moratorium, BusinessDesk said.


RESIMAC VERSAILLES 2014-1: S&P Assigns BB Rating on Class E Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to six classes of prime residential mortgage-backed
securities (RMBS) to be issued by The New Zealand Guardian Trust
Co. Ltd. as trustee of the RESIMAC Versailles Trust - RESIMAC
Versailles Trust Series 2014-1.

The preliminary 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 note subordination and lenders' mortgage
      insurance policies.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including an externally
      fully funded yield-enhancement reserve on closing, an
      amortizing liquidity facility equal to 3.0% of the initial
      aggregate amount of the notes, and principal draws are
      sufficient under S&P's stress assumptions to ensure timely
      payment of interest on the rated notes.

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

A copy of Standard & Poor's complete report for RESIMAC Versailles
Trust - RESIMAC Versailles Trust Series 2014-1 can be found on
RatingsDirect, Standard & Poor's Web-based credit analysis system.

The issuer has informed Standard & Poor's (Australia) Pty Limited
that the issuer will be publically 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 and Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com/2728.pdf

REGULATORY DISCLOSURES

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

PRELIMINARY RATINGS ASSIGNED

Class      Rating         Amount (mil. NZ$)
A1         AAA (sf)       115.50
A2         AAA (sf)        15.60
B          AA (sf)          5.70
C          A (sf)           4.95
D          BBB (sf)         3.45
E          BB (sf)          2.10
F          N.R.             2.70
N.R. -- Not rated.



=============
V I E T N A M
=============


VIETNAM INT'L BANK: Moody's Upgrades Deposit Rating to B2
---------------------------------------------------------
Moody's Investors Service has taken positive rating actions on six
banks in Vietnam.

In particular, Moody's upgraded the ratings of Vietnam
International Bank (VIB; B2 deposits, E+/b3 BFSR/BCA) by one
notch, while affirming the ratings of five banks and changing
their outlooks to positive at the same time.

These five banks are:

* Military Commercial Joint Stock Bank (Military Bank; B3
deposits, E/caa1 BFSR/BCA )

* Saigon Thuong Tin Commercial Joint-Stock Bank (Sacombank; B3
deposits, E/caa1 BFSR/BCA)

* Vietnam Technological and Commercial Joint Stock Bank
(Techcombank; B3 deposits, E/caa1 BFSR/BCA)

* Asia Commercial Bank (B3 deposits, E/caa1 BFSR/BCA)

* Vietnam Prosperity Jt. Stk. Commercial Bank (VP Bank; B3
deposits, E/caa1 BFSR/BCA)

Moody's also affirmed the ratings of three other banks with stable
outlooks:

* Vietnam Bank for Industry and Trade (VietinBank; B1 local
currency deposits, E+/b3 BFSR/BCA)

* Bank for Investment and Development of Vietnam (BIDV; B1 local
currency deposits, E/caa1 BFSR/BCA)

* Saigon-Hanoi Commercial Joint Stock Bank (SHB; B3 deposits,
E/caa1 BFSR/BCA)

Moody's says that its positive rating actions were primarily
driven by the stabilization in the operating environment.

Another important factor was the expected improvement in
underwriting standards, arising in turn from improved governance
and lower risk appetite at some banks.

Together, these factors have reduced the incidence of new problem
assets on the banks' balance sheets, and have also improved
recovery prospects for legacy problem assets.

Moody's notes that while economic growth has moderated somewhat,
Vietnam has managed to stabilize inflation below 7.5%. This
achievement has allowed the State Bank of Vietnam (SBV) to
decrease its policy rates to promote economic growth; for example,
the refinancing rate fell to 6.5% earlier this year from 9% at
end-2012.

On balance, lower interest rates are positive for Vietnamese banks
because they decrease the debt burden of their borrowers.

Macroeconomic stability has also supported the liquidity profile
of the Vietnamese banks. As deposit growth outpaced loan growth,
the banking system's loans to deposits ratio improved to 82% in
June 2014 from 87% in June 2013.

However, despite the stabilization in the operating environment of
the banks and the positive developments related to the banks'
credit profiles, Moody's notes that Vietnamese banks continue to
face considerable credit challenges that will take time to
resolve.

These challenges include problem assets over and above reported
non-performing loans (NPLs) and poor loss-absorption capacity due
to low loan-loss provisions and weak profitability.

Ratings Rationale

Rationale Behind The Upgrade Of Vietnam International Bank (Vib)

Moody's has upgraded VIB's bank financial strength rating (BFSR)
to E+ from E; and the BFSR now maps to a b3 baseline credit
assessment (BCA; previously caa1).

Concurrently, Moody's upgraded the bank's deposit rating to B2
from B3, because Moody's retained one notch of systemic support
uplift for VIB's ratings. The outlook is stable.

Moody's upgraded VIB's BFSR because the bank has undergone a
consolidation and de-leveraging strategy in the past two years,
characterized by a reducing loan book and higher provisioning
against existing NPLs.

VIB's corporate and risk governance benefits from active support
provided by the Commonwealth Bank of Australia (Aa2 deposits, B-
/a1 BFSR/BCA), its single biggest shareholder with a 20% stake.
The bank has further initiated a more aggressive recovery strategy
in an effort to manage its legacy problem assets.

VIB's reported Tier 1 ratio of 16.3% at June 2014 is the highest
among the rated banks, indicating a better loss-absorption
capacity. VIB has also a very good liquidity position, with cash
and government bonds accounting for around 25% of its assets.

Rationale Behind The Positive Outlooks On The Ratings Of Five
Banks

Moody's has assigned positive outlooks to the BFSR and deposit
ratings of five banks: Military Bank, Sacombank, Techcombank, Asia
Commercial Bank, and VP Bank.

According to Moody's, the five banks have shown improvements in
corporate governance, risk controls, and credit metrics, and these
measures have enhanced the banks' ability to benefit from
Vietnam's improved operating environment going forward.

Moody's could also upgrade their BFSRs and deposit ratings if
their future financial results demonstrate improvements after
taking into account the stricter reporting standards introduced by
recent SBV regulations, as well as Moody's adjustments of the
banks' NPLs.

In addition, Moody's could upgrade the banks' ratings in case of
material increases in their Tier 1 ratios, which could in turn
strengthen their loss-absorption buffers. Potential capital
increases from new shareholders could be particularly beneficial
to the banks if these shareholders strengthen risk function and
governance structures.

On the other hand, Moody's could change their outlooks back to
stable if the banks (1) show no improvements in their corporate
governance and risk structures, (2) continue to grow at rates
substantially above market averages, and this growth is not
followed by new capital increases, and (3) are very slow in
resolving their legacy problem assets.

Rationale Behind The Affirmation Of Three Banks' Ratings With
Stable Outlooks

Moody's has affirmed the BFSRs and deposit ratings of three banks,
with a stable outlook. These banks are VietinBank, BIDV and SHB.

In the case of VietinBank, its E+ BFSR and b3 BCA are already the
highest among the rated Vietnamese banks. As a result, the bank
needs to demonstrate greater improvements in governance, asset
quality, and liquidity metrics for a potential increase in its
BFSR/BCA. The bank's B1 ratings are in line with the B1 ratings of
the government of Vietnam.

Moody's affirmed BIDV's ratings because it already has one of the
highest deposit ratings in Vietnam, reflecting its scale,
government ownership, and important role in the banking system.
However, BIDV continues to report one of the lowest Tier 1 ratios
among the rated banks, and further improvements in its
quantitative metrics would be required for a potential upgrade.

Moody's affirmed SHB's ratings due to ongoing uncertainties
related to SHB's merger with Habubank (not rated). Given the
extent of Habubank's legacy problem assets and the inherent
complexity of bank mergers, Moody's would require the post-merger
entity to demonstrate a longer track record of sustainable
performance before considering an upgrade.

List Of Affected Ratings

VIB

- The local currency and foreign currency long-term deposit
ratings were upgraded to B2 from B3

- The local currency and foreign currency long-term issuer ratings
were upgraded to B2 from B3

- The bank financial strength rating was upgraded to E+ from E;
the new BFSR maps to b3 BCA

- The short-term rating of Not Prime was affirmed

- All ratings have a stable outlook

Headquartered in Hanoi, the bank had total assets of VND70,437
billion (USD3.3 billion) at end-June 2014.

Asia Commercial Bank

- The local currency and foreign currency long-term deposit
ratings of B3 were affirmed

- The local currency and foreign currency long-term issuer ratings
of B3 were affirmed

- The bank financial strength rating of E was affirmed; the BFSR
maps to caa1 BCA

- The short-term rating of Not Prime was affirmed

- Outlook on all ratings changed to positive from stable

Headquartered in Ho Chi Minh, the bank had total assets of
VND177,295 billion (USD8 billion) at end-June 2014.

Military Bank

- The local currency and foreign currency long-term deposit
ratings of B3 were affirmed

- The local currency and foreign currency long-term issuer ratings
of B3 were affirmed

- The bank financial strength rating of E was affirmed; the BFSR
maps to caa1 BCA

- The short-term rating of Not Prime was affirmed

- Outlook on all ratings changed to positive from stable

Headquartered in Hanoi, the bank had total assets of VND180,381
billion (USD9 billion) at end-2013.

Sacombank

- The local currency and foreign currency long-term deposit
ratings of B3 were affirmed

- The local currency and foreign currency long-term issuer ratings
of B3 were affirmed

- The bank financial strength rating of E was affirmed; the BFSR
maps to caa1 BCA

- The short-term rating of Not Prime was affirmed

- Outlook on all ratings changed to positive from stable

Headquartered in Ho Chi Minh City, the bank had total assets of
VND161,378 billion (USD8 billion) at end-2013.

Techcombank

- The local currency and foreign currency long-term deposit
ratings of B3 were affirmed

- The local currency and foreign currency long-term issuer ratings
of B3 were affirmed

- The bank financial strength rating of E was affirmed; the BFSR
maps to caa1 BCA

- The short-term rating of Not Prime was affirmed

- Outlook on all ratings changed to positive from stable

Headquartered in Hanoi, the bank had total assets of VND158,897
billion (USD8 billion) at end-2013.

VP Bank

- The local currency and foreign currency long-term deposit
ratings of B3 were affirmed

- The local currency and foreign currency long-term issuer ratings
of B3 were affirmed

- The bank financial strength rating of E was affirmed; the BFSR
maps to caa1 BCA

- The short-term rating of Not Prime was affirmed

- Outlook on all ratings changed to positive from stable

Headquartered in Hanoi, the bank had total assets of VND135,137
billion (USD6 billion) at end-June 2014.

VietinBank

- The local currency long-term deposit rating of B1 was affirmed

- The foreign currency long-term deposit rating of B2 was affirmed

- The local currency and the foreign currency long-term issuer
ratings of B1 were affirmed

- The foreign currency senior unsecured rating of B1 was affirmed

- The bank financial strength rating of E+ was affirmed; the BFSR
maps to b3 BCA

- The short-term rating of Not Prime was affirmed

- All ratings have a stable outlook

Headquartered in Hanoi, the bank had total assets of VND597,636
billion (USD28 billion) at end-June 2014.

BIDV

- The local currency long-term deposit rating of B1 was affirmed

- The foreign currency long-term deposit rating of B2 was affirmed

- The local currency and the foreign currency long-term issuer
ratings of B1 were affirmed

- The bank financial strength rating of E was affirmed; the BFSR
maps to caa1 BCA

- The short-term rating of Not Prime was affirmed

- All ratings have a stable outlook

Headquartered in Hanoi, the bank had total assets of VND548,386
billion (USD26 billion) at end-2013.

SHB

- The local currency and foreign currency long-term deposit
ratings of B3 were affirmed

- The local currency and foreign currency long-term issuer ratings
of B3 were affirmed

- The bank financial strength rating of E was affirmed; the BFSR
maps to caa1 BCA

- The short-term rating of Not Prime was affirmed

- All ratings have a stable outlook

Headquartered in Hanoi, the bank had total assets of VND140,539
billion (USD7 billion) at end-June 2014.



                             *********

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
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                 *** End of Transmission ***