TCRAP_Public/140925.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Thursday, September 25, 2014, Vol. 17, No. 190


                            Headlines


A U S T R A L I A

MISSION NEW ENERGY: Director Reports Zero Equity Stake in Co.
NEW CAP REINSURANCE: Final Creditors' Meeting Set for Oct. 20
T & A MORRISSY: Placed in Administration


C H I N A

AGILE PROPERTY: Proposed Rights Issue No Impact on Ba2 Rating
HUAIKUANG MODERN: Defaults on Debt as China's Economy Slows
OSI (CHINA): To Axe 300 Jobs Amid Food Scandal at Shanghai Site
SINOSTEEL CORP: China Said to Remove President Amid Cash Problems


I N D I A

ABRAHAM MEMORIAL: CRISIL Suspends D Rating on INR241.8M Term Loan
AMBIENT CONTROLS: CRISIL Cuts Rating on INR20MM Cash Loan to B+
ANKIT INTERNATIONAL: ICRA Revises Rating on INR25cr Loan to 'B'
ARISTOCRAFT PAPERS: CRISIL Assigns 'B+' Rating to INR45.5MM Loan
ASSOCIATE DECOR: ICRA Cuts Rating on INR366.5cr Term Loan to 'D'

BALAJI ISPAT: CRISIL Reaffirms B+ Rating on INR60MM Cash Credit
BINJUSARIA SOLVENTS: ICRA Reaffirms 'B' Rating on INR11cr Loan
CIEMME JEWELS: ICRA Cuts Rating on INR20cr Cash Credit to B+
CYTECH COATINGS: CRISIL Rates INR30MM Foreign Bill at 'B+'
GOPAL DIAMONDS: CRISIL Suspends B+ Rating on INR92.5MM Bank Loan

HIGHWAY COMFORT: ICRA Assigns 'B' Rating to INR10cr Term Loan
HITECH LITHO: CRISIL Assigns B+ Rating to INR30MM Cash Credit
JADWET RESORTS: CRISIL Assigns 'B' Rating to INR100MM Bank Loan
JAS ORCHID: CRISIL Reaffirms 'D' Rating on INR255MM Term Loan
JINDAL CHARITABLE: CRISIL Suspends 'B' Rating on INR160MM Loan

JOHNSON JEWELLERS: CRISIL Reaffirms 'B+' INR200M Cash Loan Rating
KVS SPINNING: ICRA Assigns 'B-' Rating to INR21.8cr Term Loan
LANDMARK TREASURE: CRISIL Suspends 'D' Rating on INR146.3MM Loan
MERCURY GRANITES: CRISIL Suspends 'C' Rating on INR34.5MM Loan
OMNITEL TECHNOLOGIES: CRISIL Assigns B+ Rating to INR10MM Loan

ORISSA CONCRETE: CRISIL Suspends B+ Rating on INR90MM Cash Credit
PIONEER WINCON: CRISIL Suspends B- Rating on INR475MM Cash Credit
PRESS KUNJ: CRISIL Suspends 'D' Rating on INR50MM Cash Credit
RELICAB CABLE: CRISIL Reaffirms B Rating on INR30MM Cash Credit
RUDRA AUTO: ICRA Assigns B Rating to INR14.5cr Term Loan

S.K. CONSTRUCTION: CRISIL Suspends B- Rating on INR65MM Cash Loan
S K GOLD: CRISIL Suspends 'B' Rating on INR150MM Cash Credit
SERA EXPORTS: CRISIL Reaffirms 'B' Rating on INR50MM Bill Loan
SHARADA FLOUR: CRISIL Assigns 'B' Rating to INR65MM Cash Credit
SHREE SIDDHNATH: ICRA Ups Rating on INR40cr Cash Credit From 'B+'

SHREE VIGNESHKUMAR: CRISIL Suspends B+ Rating on INR60M Cash Loan
SION CERAMICS: CRISIL Assigns 'B+' Rating to INR61.8MM Term Loan
SS MARKETING: CRISIL Lowers Rating on INR90MM Cash Credit to D
STALLION GARMENTS: ICRA Suspends 'D' Rating on INR14.11cr Loan
SWASTIK OVERSEAS: CRISIL Reaffirms B Rating on INR5MM Cash Loan

TALWAR MOBILES: CRISIL Ups Rating on INR150MM Term Loan to 'B'
UNISOURCE PAPERS: ICRA Reaffirms C Rating on INR1.83cr Term Loan
VIJAY STEEL: ICRA Reaffirms B+ Rating on INR9cr Fund Based Limits
VISHWASRAO NAIK: CRISIL Assigns B+ Rating to INR75MM Cash Loan
* INDIA: Gov't Mulls Introducing Bankr. Code for Bankrupt Firms


I N D O N E S I A

BAKRIE TELECOM: Meeting Held as Rival Bondholder Groups Duel


N E W  Z E A L A N D

ROSS ASSET: Investors Want Fidelity Fund Protection
TERRY SEREPISOS: High Court to Decide on Bankruptcy Release


S O U T H  K O R E A

KB FINANCIAL: FSC to Strengthen Inspection of Finance Firms
PANTECH CO: To Be Put Up For Sale Soon


T H A I L A N D

TRUE CORPORATION: Moody's Upgrades Corporate Family Rating to B2


                            - - - - -


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


MISSION NEW ENERGY: Director Reports Zero Equity Stake in Co.
-------------------------------------------------------------
Mohd Azlan Bin Mohammed, a non-independent non-executive director
of Mission NewEnergy Ltd, disclosed with the U.S. Securities and
Exchange Commission that as of Sept. 15, 2014, he did not own any
shares of the Company's securities.

Karisma Integrasi Sdn Bhd, a Malaysian incorporated company in
which Mr. Mr. Mohd Azlan holds a major equity interest and serves
as a director, owns 5,000,000 ordinary shares of Mission
NewEnergy.

A copy of the regulatory filing is available at:

                         http://is.gd/aGRV0G

                       About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million.  These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.


NEW CAP REINSURANCE: Final Creditors' Meeting Set for Oct. 20
-------------------------------------------------------------
A final meeting of creditors and members of New Cap Reinsurance
Corporation Limited, currently in liquidation, will be held at
the Chartered Insurance Institute, at 20 Aldermanbury, London
EC2V 7HY, United Kingdom at 11:00 a.m. on October 20, 2014.

The Agenda at the meeting include:

   1. To lay before the Meeting an account showing how the
      winding up of the company has been conducted and showing
      how the property of the company was disposed of;

   2. To provide any necessary explanation of the account
      received by the Meeting; and

   3. To consider any other relevant business.

The Liquidator and Scheme Administrator for New Cap Reinsurance
can be reached at:

          John R. Gibbons
          Bentleys Corporate Recovery Pty. Ltd., Level 3
          1 Castlereagh Street
          Sydney NSW 2000
          Australia

In April 1999, Mr. Gibbons was appointed Administrator of New Cap
Reinsurance Corporation and subsequently became Liquidator. New
Cap Reinsurance was the first failure in the general collapse of
the reinsurance industry in Australia, according to a notice
posted on the New Cap's website. The liquidation has involved
major cross-jurisdictional issues and focused the spotlight on
particular aspects of Australian Corporations and Insurance Law
which impact on insurance and reinsurance insolvencies in
Australia.

New Cap Reinsurance Corp. (Bermuda) Ltd. and its New Cap
Reinsurance Corp. Ltd. subsidiary filed chapter 11 petitions in
the U.S. Bankruptcy Court in Manhattan on April 27, 1999, with
the parent estimating both assets and liabilities at over
US$100 million.  The parent company, based in Hamilton, Bermuda,
is engaged in the business of insurance and reinsurance whereas
the Sydney, Australia-based subsidiary, founded in 1997, writes
worldwide casualty, catastrophe, marine, occupational, and
personal insurance policies.

The Supreme Court of Bermuda and the High Court of Justice of
England and Wales sanctioned on Feb. 23, 2006, a Scheme of
Arrangement between New Cap Reinsurance Corporation (Bermuda)
Limited, and the scheme creditors of the company.


T & A MORRISSY: Placed in Administration
----------------------------------------
Jason G. Stone -- jstone@lawlerdd.com.au -- and Petr Vrsecky --
pvrsecky@pkflawler.com.au -- of PKF Lawler were appointed as
administrators of T & A Morrissy Investments Pty. Ltd. ATF Camdana
Discretionary Trust, trading as Carrington Hotel, on
Sept. 19, 2014.

A first meeting of the creditors of the Company will be held at
PKF Lawler Melbourne, Level 13, 440 Collins Street, in Melbourne,
on Oct. 1, 2014, at 10:30 a.m.



=========
C H I N A
=========


AGILE PROPERTY: Proposed Rights Issue No Impact on Ba2 Rating
-------------------------------------------------------------
Moody's Investors Service says that Agile Property Holdings
Limited's (Ba2 stable) proposed rights issue is credit positive
but has no immediate rating impact.

Agile has proposed a rights issue that is expected to raise around
HKD2.79 billion, with the net proceeds estimated to be around
HKD2.75 billion. The company will use the proceeds to refinance
its existing indebtedness and for general working capital
purposes.

The rights issue is expected to be finalized on 4 November 2014.

"Agile's proposed rights issue is credit positive as it will lower
its leverage, which is in line with the company's deleveraging
plans," says Gerwin Ho, a Moody's Vice President and Senior
Analyst.

The company will use most of the net proceeds to repay its USD475
million term loan due December 2014.

As a result, its pro forma adjusted debt/capitalization will
decrease to 60.0% from 62.5% at end-June 2014, which remains high
for its rating level.

Moody's previously noted that Agile's rating headroom had narrowed
following its 1H 2014 results, as a result of its rising debt
leverage and declining interest coverage.

"Although Moody's expect only marginal improvements to its credit
metrics, this rights issue demonstrates that the company is
actively exploring different funding channels to manage its
business expansion and funding needs," adds Ho, also the Lead
Analyst for Agile.

The weak 1H 2014 results did not result in a negative rating
action, as Agile's operating performance remains solid. This is
evidenced by its healthy contracted sales, moderate revenue growth
and stable gross margins.

A negative rating action could result if Agile fails to deliver
its contracted sales and revenue targets for the full year 2014,
or if its credit metrics do not improve in line with Moody's
expectations.

The company reported contracted sales of RMB27 billion in the
first eight months of 2014, or 55% of its RMB48 billion annual
target. Moody's expects Agile will achieve its contracted sales
target of RMB48 billion in 2014.

The company's gross margins also remained relatively stable at
35.2% for the 12 months to end-June 2014, from 35.6% for the year
ended 2013.

Agile's Ba2 corporate family rating reflects its long operating
track record and established brand in the economically strong
Pearl River Delta, as well as its resilient sales performance, and
competitive land costs.

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

Agile Property Holdings Limited is one of China's major property
developers, operating in the mid- to high-end segment. As of 26
August 2014, the company had projects in over 40 cities and
districts in China, and a land bank with a total gross floor area
of over 42 million square meters.

Agile listed on the Hong Kong Stock Exchange in 2005. As at 26
August 2014, the company's founding family -- the Chen family --
owned a 63.75% interest in Agile.


HUAIKUANG MODERN: Defaults on Debt as China's Economy Slows
------------------------------------------------------------
Bloomberg News reports that Huaikuang Modern Logistics Co. said it
defaulted on borrowings, highlighting concern non-payment problems
will spread as China's economy slows.

Bloomberg relates that Anhui Wanjiang Logistics Group, based in
the southeastern city of Wuhu, disclosed the unit's default in a
statement to the Shanghai Stock Exchange on September 23, without
giving any more details. The company cited banks' unwillingness to
extend loans to the steel industry as the reason for the
nonpayment, Bloomberg notes.

According to Bloomberg, Chinese steel traders are grappling with
loan repayments after prices for the metal in the country slid
27 percent this year as the slumping property market exacerbates
industry overcapacity. Sinosteel Corp., a Chinese state-owned
mining company and steel trader, said on September 23 it's facing
financial difficulties as the economy slows and some customers
aren't paying on time, Bloomberg reports.

"The financial problem is really big in the steel industry,"
Bloomberg quotes Li Ning, a bond analyst at Haitong Securities
Co., as saying. "Maybe this is just the beginning, and it could
get worse."

Shanghai Chaori Solar Energy Science & Technology Co. marked
China's first onshore corporate bond default in March when it
missed a coupon payment, Bloomberg notes. Chinese firms have the
most debt globally after increasing borrowings to $14.2 trillion
as of Dec. 31, surpassing the U.S.'s $13.1 trillion, Bloomberg
discloses citing Standard & Poor's June report.

Huaikuang Modern Logistics has outstanding debt of
CNY14.7 billion ($2.4 billion), Anhui Wanjiang said in the filing
cited by Bloomberg. Liu Yibiao, chairman of the unit, and Wang
Jing, chief accountant, have been detained on suspicion of
dereliction of duty, it said.

Anhui Wanjiang itself has a CNY1.5 billion bond due in 2018 that
it sold last year, according to data compiled by Bloomberg.

Huai Kuang Modern Logistics Co., Ltd. provides logistics services.


OSI (CHINA): To Axe 300 Jobs Amid Food Scandal at Shanghai Site
---------------------------------------------------------------
Ding Yining at Shanghai Daily reports that OSI (China) Group's
Shanghai facility will dismiss more than 300 employees as it does
not expect to resume operations soon as the authorities continue
their investigation into a food safety scandal that rocked the
company and its clients during the summer.

Shanghai Daily relates that OSI (China) said in an e-mailed
statement on September 22 that the local government and the trade
union had reviewed the "worker redundancy plan" at Shanghai Husi
Food, adding affected workers had been advised of their options.

Most of Shanghai Husi's employees have been on paid leave since
the food safety scandal first broke on July 21, the report notes.

According to the report, Shanghai Husi will dismiss 340 workers,
including 226 directly employed by Shanghai Husi along with 114
contractors. A small number of staff would be retained in order to
assist with the ongoing food safety investigation, Shanghai Daily
relates.

"Shanghai Husi has experienced significant financial and customer
losses and the ongoing investigation means it is very unlikely
that production will resume soon," the statement, as cited by
Shanghai Daily, said.

OSI added that it is working closely with government agencies to
ensure that severance payments will be made to those workers in
accordance with applicable laws, as well as company policies, the
report relays.

At the end of August, Shanghai prosecutors approved the arrests of
six Shanghai Husi Food Co executives over the safety scandal that
shocked famous fast-food chains such as McDonald's and KFC,
Shanghai Daily notes.


SINOSTEEL CORP: China Said to Remove President Amid Cash Problems
-----------------------------------------------------------------
Bloomberg News reports that China is said to have removed
Sinosteel Corp. President Jia Baojun from his post, according to
people familiar with the situation, after the state-owned steel
trader said it's facing financial difficulties.

Citing two people who have seen an internal notification of his
departure, Bloomberg relates that the State-owned Assets
Supervision and Administration Commission also discharged him from
his position as chairman of unit Sinosteel Corp. Ltd. this month.
An official from the Beijing-based Sinosteel said on September 23
that the company is facing difficulties amid slowing economic
growth, with some account receivables not collected on time,
Bloomberg relays.

Three years ago Mr. Jia replaced Huang Tianwen who was removed by
the state-owned enterprises watchdog after the company was accused
of inflating sales at its units by the National Audit Office,
Bloomberg recalls. The most recent leadership change comes as the
trader battles tumbling steel prices that have sent its peers into
financial trouble, says Bloomberg.

"Steel trading is money-losing and Sinosteel hasn't done anything
to effectively boost earnings in the past years," Bloomberg quotes
Xu Zhongbo, chief executive officer of Beijing Metal Consulting
Ltd., as saying.  "Management's failure to bail out the company
may eventually prompt SASAC to restructure Sinosteel."

The company cannot immediately comment on the leadership change,
said the Sinosteel official told Bloomberg.

Sinosteel Corporation is a central state owned enterprise,
primarily in mining, trading, equipment manufacturing and
engineering, under the supervision of the State-owned Assets
Supervision and Administration Commission.


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


ABRAHAM MEMORIAL: CRISIL Suspends D Rating on INR241.8M Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of The
Abraham Memorial Educational Trust (AMET).

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Long Term Loan       241.8         CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by AMET
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AMET is yet to
provide adequate information to enable CRISIL to assess AMET'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 1998 by Dr. Abraham Ebenezer, AMET runs the Ebenezer
International School in Bengaluru (Karnataka), which provides
education from kindergarten to standard 12 (K12).


AMBIENT CONTROLS: CRISIL Cuts Rating on INR20MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ambient Controls Pvt Ltd (ACPL) to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable', and has downgraded its rating on the
company's short-term facilities to 'CRISIL A4' from CRISIL A4+.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         20         CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Cash Credit            20         CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit       30         CRISIL A4 (Downgraded
                                     From 'CRISIL A4+')

   Standby Line of         2         CRISIL B+/Stable (Downgraded
   Credit                            from 'CRISIL BB-/Stable')

   Term Loan               3         CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects ACPL's weakening liquidity as its
cash accruals could be tightly matched with its debt obligations,
over the medium term. Moreover, the company fully utilised its
bank limits with a few instances of the facilities being overdrawn
over the last 12 months through July 2014 thereby constraining its
overall liquidity.

The ratings reflect ACPL's modest scale of operations in an
intensely competitive Building products industry, large working
capital requirements, along with susceptibility to volatility in
raw material prices and to economic cycles. These rating
weaknesses are partially offset by the promoters' extensive
industry experience.

Outlook: Stable

CRISIL believes that ACPL will continue to benefit over the medium
term from the promoters' extensive experience in the steel
structural industry. The outlook may be revised to 'Positive' if
the company records a significant and sustained improvement in its
revenue and profitability, and maintains its capital structure.
Conversely, the outlook may be revised to 'Negative' if ACPL's
financial risk profile weakens with its revenue or profitability
margins or sizeable debt-funded capital expenditure.

ACPL, established in 1990 by Mr. Anil Kumar and his wife, Mrs.
Malti Kumar, manufactures steel structures such as pre-engineered
building, roofing, and cladding systems, metal false ceilings, and
ventilation systems. The company has a manufacturing facility in
Doddagubbi (Karnataka).


ANKIT INTERNATIONAL: ICRA Revises Rating on INR25cr Loan to 'B'
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR25.00
crore fund based bank facility of Ankit International from
[ICRA]B+ to [ICRA]B. ICRA has reaffirmed the short term rating of
[ICRA]A4 to the INR25.00 crore non-fund based bank facility of AI.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund Based     25.00      [ICRA]B Revised
   Limit - Cash Credit                 from [ICRA]B+

   Short Term Non Fund      25.00      [ICRA]A4 Reaffirmed
   Based Limit - Letter
   of Credit

The revision in rating reflects AI's weak financial profile
characterized by a considerable drop in operating income in
2013-14, its low profit margins as a result of low value addition,
and a leveraged capital structure coupled with weak coverage
indicators. The ratings note the small scale of AI's operations,
the competition existing in the domestic market from unorganized
as well as larger players which affects the profitability of the
firm; the profitability is also vulnerable to the fluctuating
foreign exchange rates and steel prices. ICRA also notes that the
substantial financial support provided by AI to its group
companies may hurt the liquidity of the firm, as evident from the
high working capital intensity of operations. Further, AI is a
proprietorship firm and any significant withdrawals from the
capital account would affect its capital structure.

However, the ratings favourably consider the long standing
experience of AI's promoters in the scrap trading and ship
breaking business; and the support it derives from its group
companies which are in the same line(s) of business.

Ankit International is a proprietorship firm, engaged in ship
breaking activities as well as import and trading of ferrous and
non-ferrous metals, scrap and pipes. The firm has its warehouse at
Navi Mumbai while the registered office and its ship breaking plot
are located at Mumbai.

Recent Results

During the financial year 2012-13, AI registered a profit after
tax(PAT) of INR0.21 crore on an operating income of INR47.83
crore, while in the year 2013-14 the firm registered a PAT of
INR0.24 crore on an operating income of INR29.28 crore
(Provisional numbers).


ARISTOCRAFT PAPERS: CRISIL Assigns 'B+' Rating to INR45.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Aristocraft Papers Pvt Ltd (APPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan              45.5        CRISIL B+/Stable
   Cash Credit            27.5        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     22          CRISIL B+/Stable

The rating reflects APPL's working-capital-intensive and small
scale of operations in the fragmented paper industry. The rating
also factors in the company's average financial risk profile,
marked by a small net worth, and average gearing and debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of APPL's promoters in the paper
industry and the financial support it receives from them.

Outlook: Stable

CRISIL believes that APPL 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
higher-than-expected revenue and profitability, leading to an
improvement in its financial risk profile, particularly its net
worth. Conversely, the outlook may be revised to 'Negative' if
APPL's financial risk profile weakens significantly, most likely
because of large borrowings for meeting working capital or capital
expenditure requirements, or a decline in its revenue and
operating margin.

APPL was incorporated in 2008, promoted by Mr. Sanjay Kumar Jain,
Mr. Praveen Kumar Jain, Mr. Praveen Kumar Singhal, and Mr. Naresh
Kumar Jain. The company manufactures kraft paper at its facility
in Muzzafarnagar (Uttar Pradesh).

APPL reported a profit after tax (PAT) of INR1.08 million on net
sales of INR39.2 million for 2012-13 (refers to financial year,
April 1 to March 31), against a net loss of INR1.5 million on net
sales of INR22.4 million for 2011-12. For 2013-14, the company is
estimated to report a PAT of INR0.8 million on net sales of
INR122.8 million.


ASSOCIATE DECOR: ICRA Cuts Rating on INR366.5cr Term Loan to 'D'
----------------------------------------------------------------
ICRA has revised the long-term rating for the INR366.50 crore term
loan facilities, INR135.00 crore long-term, fund based limits and
INR39.00 crore long-term bank guarantee limits of Associate Decor
Limited to [ICRA]D from [ICRA]BB. The term loan limits of
INR366.50 crore are fully interchangeable with long-term, non-
fund-based limits.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Term loans               366.50       Revised to [ICRA]D
                                         from [ICRA]BB (Stable)

   Long-term, non-fund-    (366.50)      Revised to [ICRA]D
   based facilities                      from [ICRA]BB (Stable)

   Long-term, non-fund-      39.00       Revised to [ICRA]D
   based facilities                      from [ICRA]BB (Stable)

   Long-term, fund-based    135.00       Revised to [ICRA]D
   facilities                            from [ICRA]BB (Stable)

The rating revision reflects the delays in debt servicing by the
company due to liquidity issues arising on account inadequate
working capital limits to support its growing business
requirements.

Associate D‚cor Limited was incorporated in 2007 by Associate
group (holding 67% stake) -- comprising of companies owned and
managed by the Darvesh and Agicha family, in collaboration with
Kings Wood Suppliers, Bangalore (holding 33% stake). While
Associate group has been dealing in wood imports and exports, and
manufacturing and sales of plywood in India, Kings Woods Suppliers
are one of the leading wood suppliers in Bangalore with a
significant holding of wood growing wasteland. The company has set
up a plant to manufacture Particle Boards -- plain and pre-
laminated -- along with facilities to manufacture high pressure
laminates and formaldehyde at Malur, Karnataka.

Recent results:
ADL reported a net profit of INR7.10 crore on an operating income
of INR297.71 in FY14 as against a net loss of INR7.92 crore on an
operating income of INR141.57 in FY13.


BALAJI ISPAT: CRISIL Reaffirms B+ Rating on INR60MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Balaji Ispat continue
to reflect Balaji Ispat's below-average financial risk profile
marked by a weak interest coverage ratio and a high total outside
liabilities to tangible net worth (TOLTNW) ratio, and its marginal
scale of operations in the fragmented steel industry leading to
low profitability. These rating weaknesses are partially offset by
the extensive industry experience of Balaji Ispat's partners in
the steel industry and its moderate working capital requirements.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Buyer Credit Limit       25      CRISIL A4 (Reaffirmed)

   Buyer Credit Limit       15      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       35      CRISIL B+/Stable Reaffirmed)

   Cash Credit              60      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Balaji Ispat will continue to benefit from
its partners' extensive experience in the steel industry; however,
its financial risk profile is expected to remain constrained on
account of its weak debt protection metrics. The outlook may be
revised to 'Positive' if Balaji Ispat significantly scales up its
operations leading to higher-than-expected cash accruals while
prudently managing its working capital cycle. Conversely, the
outlook may be revised to 'Negative' if its working capital cycle
lengthens, or its revenues and profitability come under pressure.

Balaji Ispat was established in 2013 by Mr. Pawan Garg and Mr.
Satpal Goyal. It is engaged in import and trading of mild steel
scrap. It is based in Mandi Gobindgarh (Punjab).


BINJUSARIA SOLVENTS: ICRA Reaffirms 'B' Rating on INR11cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B assigned to the INR11.00
crore long-term fund based limits of Binjusaria Solvents Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits     11.00        [ICRA]B reaffirmed

The rating reaffirmation factors in BSPL's weak financial profile
characterized by low profitability and moderate capital structure
resulting in stretched coverage indicators. The rating also
factors in the intense competition in the edible oil industry
which coupled with low value addition in the oil processing
business -results in thin profitability which is further exposed
to the volatility in edible oil prices which are linked to
international edible oil prices. ICRA makes note of the
vulnerability of BSPL's operations to agro-climatic risks related
to the availability of raw materials; the risk however, is partly
mitigated by favourable location of BSPL's plant in the rice
producing belt of Andhra Pradesh/Telangana, facilitating easy
procurement of rice bran. The rating also factors in the extensive
experience of the promoters in the edible oil business, steady
growth in BSPL's operating income at a CAGR of 17.24% during the
period FY10-FY14 and a positive demand outlook for rice bran oil
in the domestic market due to its health benefits and
affordability.

BSPL, incorporated in 1982, is engaged in solvent extraction from
rice bran with the product mix of rice bran oil and DOC. Sales of
rice bran oil and DOC are made to oil refineries and cattle & fish
feed firms respectively. The solvent extraction unit has an
installed capacity of 60,000 MTPA. It has its production
facilities in the Nacharam area of Hyderabad. The Managing
Director, Mr. Arun Kedia has over two decades of experience in the
business.

Recent Results
BSPL has, for the financial year ended March 31, 2014 reported an
operating income of INR69.77 crore and a net profit of INR0.38
crore as against INR57.61 crore and INR0.12 crore respectively for
2012-13.


CIEMME JEWELS: ICRA Cuts Rating on INR20cr Cash Credit to B+
------------------------------------------------------------
ICRA has downgraded the long term rating of [ICRA]BB+ to [ICRA]B+
for INR38.30 Cr bank facilities (revised from INR38.40 crore) of
Ciemme Jewels Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          20.00        [ICRA]B+ downgraded
   EPC/PSC               4.00        [ICRA]B+ downgraded
   Forward Contract      0.40        [ICRA]B+ downgraded
   Term Loans           13.90        [ICRA]B+ assigned

The rating action takes into account the sharp deterioration in
the Company's performance during FY2014 with over 63% drop in
revenues on the back of regulatory curbs on gold availability and
relatively weak demand in its primary markets. Delays in
realisation of debtors, primarily in the diamond trading segment,
has lead to a strained liquidity position and moderation in
coverage metrics. Over the last few quarters, the Company has
stalled its diamond trading operations leading to scaling down of
operations. The working capital facilities of CJL have also been
reduced over the previous fiscal, with the some working capital
facilities being converted to long term liabilities. ICRA also
notes that CJL's venture into film production and distribution
business through its subsidiary -- Ciemme Entertaiment Private
Limited has also witnessed subdued performance, given the nascent
stage of operations and is yet to report profit. The nature of
business further exposes the company to vagaries of box office
collections in the absence of minimum guarantee agreements. The
rating however favourably factors in the long standing long-
standing experience of the promoters and the CJL's management in
the gems and jewellery business for over three decades.

Ciemme Jewels Limited is a wholly owned subsidiary of C Mahendra
International Limited. CMIL is in turn a wholly owned subsidiary
of C Mahendra Exports Limited which is the flagship company of the
C Mahendra Group. CMIL is the holding company for all other C
Mahendra group companies.

CJL was incorporated on April 03, 2003 as C.M. Jewels Private
Limited to buy, sell, export, import, deal market and manufacture
diamonds, precious stones, semi-precious stones and jewellery. The
name of the company was changed to Ciemme Jewels Private Limited
on June 06, 2003. The company was converted into a public limited
company and name was further changed to Ciemme Jewels Limited with
effect from June 28, 2007. The company is engaged in the
manufacturing and marketing of Diamond studded jewellery. It also
engages in trading of diamonds.

Recent Results
As per unaudited results for FY 2014, CJL reported a net loss of
INR9.03 crore over an operating income (OI) of INR45.17 crore as
against a Profit after Tax (PAT) of INR2.57 crore on an OI of
INR116.07 crore in FY 2013.


CYTECH COATINGS: CRISIL Rates INR30MM Foreign Bill at 'B+'
----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Cytech Coatings Pvt Ltd and has assigned its 'CRISIL
B+/Stable/CRISIL A4' ratings on the bank facilities of CCPL. The
rating was previously 'Suspended' by CRISIL vide the Rating
Rationale dated July 14, 2014, since CCPL had not provided the
necessary information required for a rating review. CCPL has now
shared the requisite information enabling CRISIL to assign a
rating on its bank facilities.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2        CRISIL A4 B+/Stable (Assigned;
                                   Suspension revoked)

   Cash Credit           20        CRISIL B+/Stable (Assigned;
                                   Suspension revoked)

   Foreign Bill          30        CRISIL B+/Stable (Assigned;
   Discounting                     Suspension revoked)

   Letter of Credit      21.5      CRISIL A4 (Assigned;
                                   Suspension revoked)

   Proposed Long Term    20.1      CRISIL B+/Stable (Assigned;
   Bank Loan Facility              Suspension revoked)

   Term Loan              3.4      CRISIL B+/Stable (Assigned;
                                   Suspension revoked)

The ratings reflect CCPL's constrained financial risk profile
marked by a modest net worth, average capital structure and
stretched liquidity, on account of working- capital-intensive
operations and modest cash accruals. The ratings also factor in
CCPL's modest scale of operations and susceptibility of the
company's operating profitability to volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive industry experience of CCPL's promoters, and the
company's moderate debt protection metrics.

Outlook: Stable

CRISIL believes that CCPL will continue to benefit over the medium
term from its promoters' extensive experience in the printing inks
industry. The outlook may be revised to 'Positive' in case of
alleviation of pressure on the company's liquidity on account of
improvement in its working capital cycle or significant increase
in its cash accruals. Conversely, the outlook may be revised to
'Negative' if CCPL's financial risk profile, especially its
liquidity, deteriorates, because of decline in its profitability
or further stretch in its working capital cycle.

Incorporated in April 2009, CCPL commenced commercial operations
in July 2010. The company is promoted by Mr. Birendrakant
Srivastava and his business acquaintance Mr. Manish B Ray. CCPL
manufactures various types of printing inks, resins, and
adhesives, which are used in the packaging industry.

CCPL registered a profit after tax (PAT) of INR3.6 million on net
sales of INR245 million for 2013-14, (refers to financial year,
April 1 to March 31), against a PAT of INR2.9 million on net sales
of INR203 million for 2012-13.


GOPAL DIAMONDS: CRISIL Suspends B+ Rating on INR92.5MM Bank Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Gopal Diamonds Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           17.5       CRISIL B+/Stable Suspended
   Long Term Loan        40.0       CRISIL B+/Stable Suspended
   Proposed Long Term
   Bank Loan Facility    92.5       CRISIL B+/Stable Suspended

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

GDPL was set up in February 2012 by Mr. Yash Pal Verma. The
company, based in New Delhi, mainly trades in gold and diamond-
studded gold jewellery. GDPL has taken over the business
operations of its promoter's proprietorship firm, Gopal Jewellers,
with effect from November 1, 2012. GDPL has a showroom of around
750 square feet (sq ft) at Karol Bagh (New Delhi); it is currently
setting up a showroom of around 1000 sq ft in New Delhi.


HIGHWAY COMFORT: ICRA Assigns 'B' Rating to INR10cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR10.0
crore fund-based bank facilities of Highway Comfort Inn.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            10.0        [ICRA]B Assigned

The assigned rating takes into consideration project
implementation risks with respect to the timely completion of the
proposed motel project, 'The Eden', undertaken by HCI, within the
budgeted cost. The ratings also factor in the significant
competitive intensity in the region, though it is partially
mitigated by the favourable location of the resort. Further, the
firm's debt repayments are to start from December 2014, any delay
in project implementation or stabilization of operations can
result in cash flow mismatch and necessitate refinancing. However,
ICRA takes into cognizance the experience of the promoters in real
estate development and related industries. Going forward, the
ability of the firm to complete the project within the estimated
time schedule and achieve optimum occupancy levels in order to
generate healthy cash flows, will be the key rating sensitivities.

HCI is constructing a motel by the name of 'The Eden' at GT Road
on NH-1, at a distance of about 6 kms from Karnal. The motel,
spread across 14.5 acres of land, will have 22 rooms with two
banquet halls.

The directors of the firm include Mr. Sushil Jain, Dr. Manoj
Gupta, Mr. Navneet Gupta, Mrs. Anita Jain, Mrs. Ritika Gupta and
Mrs. Deepta Gupta. Mr. Jain is the proprietor of M/s Jain Tube
Company and a super distributor of GI/PVC pipes at Karnal. Dr
Manoj Gupta and Mrs. Ritika Gupta are partners in M/s Ultratech
Pharmaceuticals, Baddi and owner of Shri Hari Hospital, Karnal. Dr
Gupta has experience of more than 20 years in the pharmaceutical
industry and also has experience in real estate development. Mr.
Navneet Gupta is the proprietor of M/s Gupta Enterprises. Mrs.
Deepta Gupta, wife of Mr. Navneet Gupta is the proprietor of M/s
Yuvnish Enterprises.


HITECH LITHO: CRISIL Assigns B+ Rating to INR30MM Cash Credit
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Hitech Litho Pvt Ltd and has assigned its 'CRISIL
B+/Stable/CRISIL A4' ratings to the bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            30         CRISIL B+/Stable (Assigned;
                                     Suspension revoked)

   Letter of Credit       10         CRISIL A4 (Assigned;
                                     Suspension revoked)

   Proposed Long Term     13.5       CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension revoked)

   Term Loan               8.4       CRISIL B+/Stable (Assigned;
                                     Suspension revoked)

The ratings were suspended by CRISIL (refer to Rating Rationale
dated July 14, 2014) as HLPL had not provided the necessary
information required for a rating review. HLPL has now shared the
requisite information enabling CRISIL to assign ratings to its
bank facilities.

The ratings reflect HLPL's small scale of operations, volatile
operating margin, and below-average financial risk profile marked
by small net worth, average capital structure, and stretched
liquidity on account of large working capital requirements and low
cash accruals. These rating weaknesses are partially offset by the
extensive experience of HLPL's promoters in the printing ink
industry.

Outlook: Stable

CRISIL believes that HLPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if HLPL reports significant growth in
revenue and cash accruals while improving its working capital
cycle. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the company's financial risk profile,
especially liquidity, because of further stretch in receivables or
decline in cash accruals.

HLPL was incorporated in February 2011 by Mr. Birendrakant
Srivastava and Mr. Manish B Ray. It manufactures printing inks
used in the packaging industry.

HLPL, on a provisional basis, reported a profit after tax (PAT) of
INR1.5 million on net sales of INR71.4 million for 2013-14 (refers
to financial year, April 1 to March 31), against a PAT of INR1.3
million on net sales of INR70.9 million for 2012-13.


JADWET RESORTS: CRISIL Assigns 'B' Rating to INR100MM Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the proposed
bank facilities of Jadwet Resorts & Leisure Pvt Ltd.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       100        CRISIL B/Stable
   Bank Loan Facility

The rating reflects JRLPL's susceptibility to risks related to
implementation and stabilisation of its ongoing hotel project.
This rating weakness is partially offset by the extensive
experience of JRLPL's promoters in the hospitality industry and
their funding support to the company.

Outlook: Stable

CRISIL believes that Jadwet will benefit over the medium term from
its promoters' extensive industry experience and their fund
support. The outlook may be revised to 'Positive' if the company
completes its ongoing project on a timely basis and achieves
earlier than expected stabilization of operations. Conversely, the
outlook may be revised to 'Negative' in case of any significant
time or cost over-runs in the project or additional debt-funded
capital expenditure, leading to deterioration of the company's
financial risk profile.

Incorporated in 2013-14 (refers to financial year, April 1 to
March 31), JRLPL is based in Port Blair (Union Territory of
Andaman & Nicobar Islands) and is promoted by Mr. Mohamed Jadwet
and Mr. Zakir Jadwet.

The company is undertaking a project for setting up a high-end spa
resort on 9200 square metres on Vijay Nagar Beach in Havelock
(Andaman and Nicobar Islands). The project plan includes a 30-room
resort, one all-year restaurant, bar and lounge, indoor
meeting/conference space, and spa and scuba centre. The project
outlay is INR160 million.


JAS ORCHID: CRISIL Reaffirms 'D' Rating on INR255MM Term Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Jas Orchid Resorts Pvt Ltd (JAS); while reassigning its short-
term rating at 'CRISIL D'. CRISIL's ratings on the bank facilities
of JAS continue to reflect instances of delay by JAS in servicing
its term debt; the delays have been caused by the company's weak
liquidity because of its nascent stage of operations.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         12         CRISIL D (Reaffirmed)
   Term Loan              80         CRISIL D (Reaffirmed)
   Rupee Term Loan       255         CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      67        CRISIL D (Reaffirmed)
   Cash Credit             26        CRISIL D (Reaffirmed)

JAS is also exposed to risks related to start-up nature of
operations and susceptibility to intense competition and
cyclicality in the hospitality industry. Furthermore, JAS also has
an average financial risk profile, marked by its weak debt
protection metrics. However, JAS benefits from the funding support
it receives from its promoters and its operations and maintenance
(O&M) contract with Intercontinental Hotel Group under the Holiday
Inn brand.

JAS was incorporated in 2004, promoted by Mr. Sanjeev Pinjha, Mr.
Jaspal Singh, and Mr. Jagdeep Singh, to set up a 5-star hotel at
Amritsar (Punjab). The hotel, located near the district shopping
centre, commenced operations in February 2013 with 75 rooms ready
and the rest estimated to become operational by September 2013.
The company has an O&M agreement with Intercontinental Hotel Group
for management of its hotel under the Holiday Inn brand.


JINDAL CHARITABLE: CRISIL Suspends 'B' Rating on INR160MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jindal Charitable Society (JCS).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      20        CRISIL B/Stable Suspended

   Proposed Long Term
   Bank Loan Facility      20        CRISIL B/Stable Suspended

   Term Loan              160        CRISIL B/Stable Suspended

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

JCS was set up in 1995 by Mrs. Raj Rani Gupta, Ms. Sudha Gupta,
and Mr. Vikas Goel. The society has been operating Presidium
School, a senior secondary school, at Ashok Vihar in New Delhi
since 2003.


JOHNSON JEWELLERS: CRISIL Reaffirms 'B+' INR200M Cash Loan Rating
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Johnson
Jewellers continues to reflect JJ's below-average financial risk
profile, marked by a modest net worth, high gearing, and weak debt
protection metrics, and its vulnerability to fluctuations in gold
prices. These rating weaknesses are partially offset by the
extensive experience of the firm's proprietor in the jewellery
business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           200        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JJ will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if JJ's financial risk
profile improves, backed by healthy accruals or infusion of equity
capital. Conversely, the outlook may be revised to 'Negative' if
the firm's capital structure deteriorates further, most likely on
account of higher-than-expected working capital requirements or
debt-funded capital expenditure.

Update
In 2013-14 (refers to financial year, April 1 to March 31), on a
provisional basis, JJ's net sales declined by 22 per cent year-on-
year to INR1.19 billion. The decline was due to lower-than-
expected demand as a result of an increase in gold prices and
change in government policies. With JJ's plan to improve its
product mix, it is expected to register moderate sales growth
during 2014-15. However, the firm remains susceptible to any
further changes in government policies and any impact of these on
its performance will remain a rating sensitivity factor. In 2013-
14, JJ has maintained its operating margin at around 2.8 per cent,
driven by its established brand and its manufacture of customised
jewellery. The firm has large working capital requirements due to
large inventory comprising a variety of designs of chains,
bracelets, and other items at its current retail outlet. Its gross
current assets are expected to remain high at around 75 days over
the medium term.

As on March 31, 2014, JJ's gearing is estimated to have been high
at 2.41 times, due to debt-funding of working capital requirements
and a modest net worth. With incremental working capital
requirements expected to remain high, the gearing is expected to
remain at more than 2 times over the medium term. JJ's liquidity
is marked by highly utilised bank limits, at an average of 87 per
cent during the 12 months through June 2014. It is expected to
generate accruals of around INR1.6 million in 2014-15 against no
term debt repayments.

For 2013-14, on a provisional basis, JJ reported net profit is
INR0.43 million on net sales of INR1.19 billion, against a net
profit of INR3.20 million on net sales of INR1.52 billion for
2012-13.

JJ, set up in 1995-96 by Mr. Anil Soni as proprietorship firm, is
engaged in manufacturing, wholesaling, and retailing gold,
diamond, and other precious gem-studded jewellery, and also in
silver ware and gold bullion trading. The firm has one store in
Ahmedabad (Gujarat).


KVS SPINNING: ICRA Assigns 'B-' Rating to INR21.8cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to INR25.80 crore
fund based limits of KVS Spinning Mills Private Limited. ICRA has
also assigned a short term rating of [ICRA]A4 to INR0.45 crore
bank guarantee limits and ratings of [ICRA]B-/[ICRA]A4 to INR6.75
crore unallocated limits of KVS.

                         Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loan Limits         21.80       [ICRA]B- assigned
   Cash Credit Limits        4.00       [ICRA]B- assigned
   Bank Guarantee Limits     0.45       [ICRA]A4 assigned
   Unallocated Limits        6.75       [ICRA]B-/[ICRA]A4
                                        assigned

The assigned ratings are constrained by KVS's limited operating
history with company starting operations from April 2013; small
scale of operations in the cotton spinning industry; and exposure
to cotton price fluctuations which have witnessed significant
volatility in the past coupled with limited ability to pass on
increase in raw material prices owing to intense competition in a
highly fragmented market structure. The ratings are also
constrained by high customer concentration risk with top 5
customers contributing to 56% of total revenue in FY2014 and weak
capital structure characterized by high gearing and low debt
protection metrics with NCA/TD at 4%, Debt/ OPBDIT at 7.59 times
for FY2014. The ratings however positively factor in experience of
promoters in cotton industry of more than a decade and operational
linkage with group company for purchase of major raw material
cotton lint. The ratings also positively factor in the proximity
to cotton growing areas of Guntur, Andhra Pradesh.

Going forward, ability of the company to improve the operating
margins with sufficient generation of accruals with term loan
repayments started from March, 2014 and managing of working
capital requirements will remain key rating sensitivities from
credit perspective.

KVS Spinning Mills Pvt. Ltd was incorporated in May 2011 by Mr. K.
Subba Rao, one of the directors of the company. KVS is into
manufacturing of cotton yarn and the plant is located at Nalgonda
disctrict, Telangana. The company started its commercial
operations in April, 2013 and has a manufacturing facility with an
installed capacity of 14688 spindles.

Recent Results
The company reported an operating income and profit before tax of
INR24.80 crore and 0.05 crore respectively in FY2014 (provisional
and unaudited).


LANDMARK TREASURE: CRISIL Suspends 'D' Rating on INR146.3MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M/s.
Landmark Treasure Town.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Long Term Loan        146.3        CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility      3.7        CRISIL D Suspended

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

LTT is a partnership firm of Dazzling Properties Pvt Ltd (51 per
cent partner) and Landmark Hi-tech Development Pvt Ltd (49 per
cent partner). LTT, established in 2009, undertakes residential
real estate development.


MERCURY GRANITES: CRISIL Suspends 'C' Rating on INR34.5MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mercury
Granites Pvt Ltd (MGPL; part of the Alliance group).

                            Amount
   Facilities              (INR Mln)      Ratings
   ----------              ---------      -------
   Foreign Bill Purchase      17.5        CRISIL A4 Suspended
   Letter of Credit            7.5        CRISIL A4 Suspended
   Long Term Loan             34.5        CRISIL C Suspended
   Packing Credit             17.5        CRISIL A4 Suspended
   Standby Line of Credit      8.0        CRISIL A4 Suspended

The suspension of ratings is on account of non-cooperation by MGPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MGPL is yet to
provide adequate information to enable CRISIL to assess MGPL'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
MGPL and Alliance Minerals Pvt Ltd (AMPL), together referred to as
the Alliance group. This is because both entities are in the same
line of business, have significant business synergies, common
promoters, and fungible cash flows.

MGPL, a subsidiary of AMPL, manufactures and exports polished
granite slabs. AMPL is also in the same line of business.


OMNITEL TECHNOLOGIES: CRISIL Assigns B+ Rating to INR10MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Omnitel Technologies Private Limited.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Term Loan              10          CRISIL B+/Stable
   Bank Guarantee        147.5        CRISIL A4
   Overdraft Facility      3.5        CRISIL A4

The ratings reflect the company's modest scale and working-
capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of OTPL's promoters
in the information technology (IT) solutions segment, along with
the company's improved operating profitability and financial risk
profile.

Outlook: Stable

CRISIL believes that OTPL's business risk profile will continue to
be supported by the promoters' extensive industry experience.
However, the company's financial risk profile will remain
vulnerable to its revenue profile and/or profitability level on
account of contractual nature of business, over the medium term.
The outlook may be revised to 'Positive', if the company improves
its financial risk profile with a substantial increase in its
scales of operations, and sustains its operating profitability
level. Conversely, the outlook could be revised to 'Negative', if
OTPL's financial risk profile weakens with significantly low
revenue or profitability.

OTPL was set up as AKD Infosystems; the current promoters,
acquired the firm in April 2010, and renamed the company. OTPL
provides system integration (SI) and telecom engineering services
(TES) in India and Bangladesh. The company, based in Gurgaon, is
managed by Mr. Nitish Mathur.

OTPL's profit after tax (PAT) was estimated at INR12.1 million on
an operating income of INR185.5 million in 2013-14, as compared to
a PAT of INR1.2 million on an operating income of INR161.8
million, in 2012-13.


ORISSA CONCRETE: CRISIL Suspends B+ Rating on INR90MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Orissa Concrete & Allied Industries Ltd (OCAIL; part of the Orissa
Concrete group).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         35         CRISIL A4 Suspended
   Cash Credit            90         CRISIL B+/Stable Suspended
   Letter of Credit        5         CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility     30         CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by
OCAIL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, OCAIL is yet to
provide adequate information to enable CRISIL to assess OCAIL'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
OCAIL and Gold Star Steel Pvt Ltd (GSSPL). This is because the two
companies, together referred to as the Orissa Concrete group,
share a common management and have operational linkages. Moreover,
GSSPL caters to OCAIL's entire insert requirement and around 20
per cent of its high-tensile steel (HTS) wire requirement.

Set up in 1981 by Mr. Chaturbhuj Agarwal and the late Mr. Pramod
Kumar Agarwal, OCAIL manufactures concrete sleepers used in
railway tracks. The company's facility at Raipur (Chhattisgarh)
has capacity to manufacture 0.6 million sleepers per annum. The
Indian Railways accounts for more than 80 per cent of its total
sales. GSSPL manufactures inserts and HTS wires, which are
primarily used by OCAIL.


PIONEER WINCON: CRISIL Suspends B- Rating on INR475MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pioneer Wincon Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           475         CRISIL B-/Stable Suspended
   Letter of Credit      100         CRISIL A4 Suspended

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

PWPL was promoted in 1996 by the Pioneer Asia group, Sivakasi
(Tamil Nadu). The company assembles wind turbines in the 250 KW
and 750 KW segments. PWPL also undertakes turnkey projects for
setting up windmills.


PRESS KUNJ: CRISIL Suspends 'D' Rating on INR50MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Press
Kunj.

                       Amount
   Facilities         (INR Mln)        Ratings
   ----------         ---------        -------
   Cash Credit            50           CRISIL D Suspended
   Letter of Credit        7.5         CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility     36.7         CRISIL D Suspended
   Term Loan              35.8         CRISIL D Suspended

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

PK was set up as a proprietorship concern in 1995. It was promoted
by Mrs. Pramila Mehra, a Mumbai-based first generation
entrepreneur. It was later reconstituted as a partnership firm in
2004, and is currently promoted by Mr. Rajesh Mehra (son of Mrs.
Pramila Mehra) and his wife, Mrs. Tanvi Mehra. The firm
manufactures and prints packaging products for pharmaceutical
companies.


RELICAB CABLE: CRISIL Reaffirms B Rating on INR30MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Relicab Cable
Manufacturing Pvt Ltd continues to reflect Relicab's weak
financial risk profile, marked by a modest net worth, high
gearing, and weak debt protection metrics. The ratings also
reflect its modest scale of operations in the fragmented
electrical cable manufacturing industry and its working-capital-
intensive nature of operations. These rating weaknesses are
partially offset by the benefits that Relicab derives from its
promoters' extensive experience in the electrical cable
manufacturing industry and their established relationships with
customers and suppliers.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           1        CRISIL A4 (Reaffirmed)
   Cash Credit             30        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        32.5      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     116.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Relicab will continue to benefit from the
promoters' long-standing industry experience and established
relationships with customers and suppliers. The outlook may be
revised to 'Positive' if a significant increase in its scale of
operations while maintaining profitability and efficient working
capital management, results in an improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' if Relicab's
financial risk profile deteriorates, particularly its liquidity,
on account of considerably low cash accruals or lengthening of the
working capital cycle or if it undertakes any debt-funded capital
expenditure (capex).

Update
Relicab's operating income has declined marginally to INR111
million during 2013-14 (refers to financial year, April 1 to March
31) as against INR133 million during 2012-13 on account of demand
slowdown from its top customers. However, the operating margin has
increased to 9.8 per cent during 2013-14 as against 7.3 per cent
during 2012-13 due to addition of higher margin products and
ability to pass on the prices to end customers.

Relicab has reported modest net worth of INR13 million as on March
31, 2014, because of small scale of operations resulted in low
accretion to reserve and absence of any equity infusion by
promoters. The gearing is also high at around 3.90 times as on
march 31, 2014 due to higher dependence on bank borrowings to fund
its working capital requirements. The company has reported weak
debt protection metrics with interest coverage and net cash
accruals to total debt of around 1.15 times and 3 per cent
respectively during 2013-14.

Relicab's liquidity profile is weak marked by low net cash
accruals of INR1.3 million during 2013-14 and high gross current
assets of around 273 days driven by stretch in debtors and high
inventory. The bank line of INR 30 million were utilized fully
over the 12 months through June 2014. However, liquidity is
supported by absence of any term debt obligation or capex plans
and unsecured loan infused by promoters.

Incorporated in 2010, Relicab manufactures polyvinyl chloride
(PVC) electrical cables and compounds. The company has its
manufacturing unit based in Daman (Union Territory). Relicab is
promoted by Mr. Parag Shah and Mr. Suhir Shah. The promoters have
been engaged in manufacturing PVC electrical cables for over two
decades.


RUDRA AUTO: ICRA Assigns B Rating to INR14.5cr Term Loan
--------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR14.5
crore term loan and INR11.0 crore cash credit facilities of Rudra
Auto Tech Engineering Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             14.5        [ICRA]B Assigned
   Cash Credit           11.0        [ICRA]B Assigned

The assigned rating takes into consideration the promoter's
industry strong relationships owing to another group company (KVN
Auto Engineering Private Limited (KVN)) which is also engaged in
auto components manufacturing, and the reputed client base of the
company that is expected to grow further in the near term. ICRA
also factors in the fiscal incentives available to the company
owing to its location in Pantnagar.

The rating, however, is constrained by the start up phase of
operations resulting in muted sales and profitability. Further,
the company's liquidity position is stretched owing to high
working capital intensity on account of high debtor and inventory
days, and capital expenditure being incurred. Also, the
competitive intensity is high on account of presence of other auto
ancillaries in the vicinity. Going forward, the ability of the
company to increase its scale of operations and manage its working
capital intensity would be the key rating sensitivities.

RAPL manufactures precision forged and machined auto components in
its factory located in Pantnagar, Uttarakhand. The company
manufactures various auto components such as flange axle rear,
flange propeller shaft, end flange rear, sleeve stop, steering
arm, hub brake pedal , drop arm, planetary gear, spicer flange,
end flange, rear flange axle, pivot pin, bracket etc.
RAPL is promoted by Mr. Vishal Singh (holding a 20% stake) and his
family members, and Mr. Singh is also the Managing Director of the
company. Mr. Singh also owns a majority stake of 52% and serves as
a Director in KVN, which is involved in manufacturing of auto
components such as bright bars, traub components, CNC components
etc in its manufacturing facilities in Pantnagar.


S.K. CONSTRUCTION: CRISIL Suspends B- Rating on INR65MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S.K. Construction.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         40        CRISIL A4 Suspended
   Cash Credit            65        CRISIL B-/Stable Suspended

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

SKC, a proprietorship firm, was established by Mr. Sufal Halder in
1982. The firm has been operating as a Class-I contractor for the
state government departments, and primarily undertakes repair work
for roads in the Howrah, Bankura, Hooghly and West Midnapore
districts of West Bengal.


S K GOLD: CRISIL Suspends 'B' Rating on INR150MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S K Gold Chain Company Pvt Ltd.

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

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

SK, set up in 1998 by Mr. Suresh Kumar Verma, manufactures and
trades gold and fashion jewellery in India. The company commenced
operations by manufacturing gold chains. In 2002, it shifted to
gold jewellery manufacturing. The company mainly manufactures and
trades CZ-studded gold jewellery. The company has also started
trading diamond-studded jewellery.


SERA EXPORTS: CRISIL Reaffirms 'B' Rating on INR50MM Bill Loan
--------------------------------------------------------------
The rating continues to reflect Sera's average financial risk
profile, marked by average debt protection metrics, working-
capital-intensive operations, customer concentration in its
revenue profile, and its susceptibility to intense industry
competition. These rating weaknesses are partially offset by the
extensive experience of the firm's partners in the architectural
hardware industry and its established customer relationships.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Export Packing Credit     30      CRISIL B/Stable (Reaffirmed)
   Foreign Bill Purchase     50      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term Bank
   Loan Facility             30      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Sera will continue to benefit over the medium
term from its partners' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' if the firm increases its scale of
operations while improving its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if Sera's revenue
declines, or if its financial risk profile deteriorates, most
likely due to a stretch in its working capital cycle or large
additional debt-funded capital expenditure.

Update
Sera's net sales are estimated to be in the range of INR80 million
to INR85 million for 2013-14 (refers to financial year, April 1 to
March 31) as against INR43 million reported for 2012-13. The
increase was driven by the addition of new products and customers,
coupled with higher demand from its existing customers. The firm's
operating margin increased by around 270 basis points in 2013-14
to an estimated 11 per cent. The increase in margin was driven by
the customised nature of its new products, which fetch better
margins.

Sera's operations are highly working capital intensive as
reflected in its estimated gross current asset (GCA) of around 450
days as on March 31, 2014. The GCA days are driven by large
inventory, estimated at 200 to 220 days, and a long receivables
cycle of 230 to 250 days. The firm's average bank limit
utilisation was around 78 per cent during the 12 months ended
March 31, 2014.

Sera's net worth is estimated to have remained small at INR44
million to INR48 million as on March 31, 2014. The firm has
moderate debt towards funding its working capital requirements;
this, coupled with the small net worth, is estimated to have
resulted in moderate gearing of 1.7 to 1.8 times as on March 31,
2014.

Sera, established in 1999, is owned and managed by Mr. Sachdeva
and his family. The firm manufactures architectural hardware,
which includes door fittings and window fittings at its facility
in Aligarh (Uttar Pradesh).


SHARADA FLOUR: CRISIL Assigns 'B' Rating to INR65MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sharada Flour Products India Pvt Ltd.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          65        CRISIL B/Stable
   Term Loan            15        CRISIL B/Stable

The rating reflects SFPIPL's below-average financial risk profile,
marked by a modest net worth, high gearing, and average debt
protection metrics and modest scale of operations in the highly
fragmented wheat processing industry. These rating weaknesses are
partially offset by the extensive industry experience of SFPIPL's
promoters and their funding support.

Outlook: Stable

CRISIL believes that SFPIPL will continue to benefit from its
promoters' industry experience and their funding support. The
outlook may be revised to 'Positive' in case of significantly
better-than-expected cash accruals or substantial capital infusion
along with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' in case the company's cash
accruals are lower than expected or if its working capital
requirements are larger than expected or if the company undertakes
any unanticipated debt-funded capital expenditure programme.

Established in 2010 and based in Kollam (Kerala), SFPIPL processes
wheat into different products such as maida, suji, and aata. The
company is promoted by Mr. Nair and his family members.


SHREE SIDDHNATH: ICRA Ups Rating on INR40cr Cash Credit From 'B+'
-----------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR60.00
crore (enhanced from INR50.00 crore) cash credit facilities of
Shree Siddhnath Cotex Private Limited to [ICRA]BB- from [ICRA]B+.
ICRA has also assigned the long term rating of [ICRA]BB- to the
INR3.00 crore proposed term loans and INR6.00 crore stand by line
of credit of SCPL. The outlook on the long term rating is
'Stable'.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           40.00       Upgraded from [ICRA]B+
                                     to [ICRA]BB-(stable)

   Cash Credit
   (Proposed)            20.00       Upgraded from [ICRA]B+
                                     to [ICRA]BB-(stable)

   Term Loan              3.00       [ICRA]BB-(stable) assigned
   (Proposed)

   Standby Line of        6.00       [ICRA]BB-(stable) assigned
   Credit

The upgrade of the rating takes into account the healthy scale up
of the company's operations in the past two fiscals that has led
to improvement in its cash accruals. The rating also continues to
favourably factor in the experience of the company's promoters in
the cotton ginning industry, the advantage the company enjoys by
virtue of its location in the cotton producing belt of Saurashtra
(Gujarat), and the favourable demand outlook for cotton and
cottonseeds.

The rating, however, continues to be constrained by the company's
low profitability levels owing to the limited value addition in
the business and highly competitive and fragmented industry
structure, its stretched capital structure and weak coverage
indicators. The rating also continues to remain constrained by the
vulnerability of the company's profitability to raw material
prices which are subject to seasonality, and crop harvest; and the
regulatory risks with regard to MSP fixed by GoI and restrictions
on cotton exports.

Incorporated in 2008, Shree Siddhnath Cotex Private Limited is
engaged in the business of ginning and pressing of raw cotton
having an installed capacity of 85 TPD with its product profile
comprising of cotton bales and cotton seeds. It is currently in
the process of setting up crushing operations which are expected
to commission from October 2014, thereby expanding its portfolio
to include cotton seed oil and oil cake. The plant is located at
Chotila in Surendranagar district of Gujarat. SCPL was erstwhile
promoted by Mr. Girdhar Gangwani along with his family members;
however from April 2013, the company was taken over by Mr. Suresh
Lunagariya and his family members. Mr. Lunagariya has a vast
experience of around two decades in the industry by the virtue of
being a director/partner in other cotton ginning companies.

Recent Results
For the year ended March 31, 2014, Shree Siddhnath Cotex Private
Limited reported an operating income of INR281.87 crore and profit
after tax of INR0.88 crore as against an operating income of
INR217.11 crore and profit after tax of INR0.58 crore for the year
ended March 31, 2013.


SHREE VIGNESHKUMAR: CRISIL Suspends B+ Rating on INR60M Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Vigneshkumar Jewellers.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           60        CRISIL B+/Stable Suspended
   Metal Loan            40        CRISIL A4 Suspended

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

SVJ was set up as a partnership firm in 1998 by Mr. N S
Chengalvarayan and his wife. The firm is in the retail jewellery
business and has a showroom in Chennai (Tamil Nadu).


SION CERAMICS: CRISIL Assigns 'B+' Rating to INR61.8MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Sion Ceramics Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             61.8        CRISIL B+/Stable

   Cash Credit           30.0        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility    33.2        CRISIL B+/Stable

The rating reflects its start-up nature and modest scale of
operations in the highly competitive ceramic industry and large
working capital requirements. These rating weaknesses are
partially offset by the promoters' extensive experience in the
ceramics industry and the proximity of the company's manufacturing
facilities to sources of raw material and labour.

Outlook: Stable

CRISIL believes that SCPL will benefit from its promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if the company stabilises its
operations in a timely manner, leading to larger-than-expected
cash accruals. Conversely, the outlook maybe revised to 'Negative'
if its accruals are lower than expectations due to reduced order
flow or profitability, or if the company's financial risk profile
deteriorates due to stretch in working capital or larger-than-
expected debt-funded capital expenditure.

Incorporated in 2013, SCPL is promoted by Morbi (Gujarat)-based
Mr. Pravinbhai Karshanbhai Patel, Mr. Himalay Narbherambhai Patel,
and Mr. Dilipbhai Prabhubhai Dangroshiya. The company manufactures
ceramic wall tiles. Its commercial operations have commenced from
July 2014.


SS MARKETING: CRISIL Lowers Rating on INR90MM Cash Credit to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of SS Marketing (SSM) to 'CRISIL D' from 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            90         CRISIL D (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects instances of overdrawls in SSM's
cash credit facility for more than 30 days owing to its weak
liquidity.

SSM has a below-average financial risk profile marked by its small
net-worth, high total outside liabilities to tangible net worth
ratio, and average debt protection metrics. The firm is also
exposed to intense competition in the distribution business
resulting in its low profitability margins. However, the firm
benefits from its established relationship with its principals -
ITC Ltd (ITC) and Samsung India Electronics Pvt Ltd (Samsung), and
the extensive experience of SSM's promoter in the marketing and
distribution business.

SSM was established in 1998 as a sole proprietorship firm by Mr.
Regonda Krishna. It is a wholesale distributor of ITC's cigarettes
and fast-moving consumer goods in Hyderabad. SSM also operates two
retail stores, which sell Samsung products, in Hyderabad.


STALLION GARMENTS: ICRA Suspends 'D' Rating on INR14.11cr Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to the
INR14.11 crore term loan facilities and the INR10.00 crore fund
based facilities; and the short-term rating of [ICRA]D assigned to
the INR12.00 crore fund based facilities of Stallion Garments. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Firm.

Stallion Garments, established in the year 1986 as a partnership
firm, is primarily engaged in the manufacture and export of
hosiery garments to Europe and U.S. The Firm sells innerwear under
its brand name "When" for men and "Lam" for women in the domestic
market. The Firm also has license to manufacture and market the
series of series of Levi's Strauss innerwear for men to India, Sri
Lanka, Bangladesh and Nepal.


SWASTIK OVERSEAS: CRISIL Reaffirms B Rating on INR5MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swastik Overseas (SO)
continue to reflect SO's small scale of operations, the exposure
of its operating margin to volatility in foreign exchange (forex)
rates, and its below-average financial risk profile, marked by a
small net worth and a high total outside liabilities to tangible
net worth (TOLTNW) ratio. These rating weaknesses are partially
offset by the extensive experience of the firm's promoters in the
silk yarn and fabric trading business, and its efficient working
capital management.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            5         CRISIL B/Stable (Reaffirmed)
   Letter of Credit      55         CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SO will continue to benefit from the
extensive experience of its promoters in the silk yarn and fabric
trading business. The outlook may be revised to 'Positive' if the
firm improves its topline and profitability significantly while
maintaining its working capital cycle, or if its promoters infuse
substantial capital, thereby improving its net worth. Conversely,
the outlook may be revised to 'Negative' if SO's working capital
cycle deteriorates, or if there is a sharp decline in its
profitability, most likely due to any adverse forex rate movement.

Update:
SO's topline of around INR260 million and operating margin of
about 1.3 per cent in 2013-14 (refers to financial year April 1 to
March 31), were broadly in line with those in the previous year;
the firm is expected to maintain a similar performance in 2014-15
as well

SO has a below-average financial risk profile, marked by a small
net worth of about INR12 million and a high peak TOLTNW ratio of
around 3 times, as on March 31, 2014. The firm manages its working
capital efficiently with procurement against 60- to 90-day letters
of credit/buyer's credit, against which it provides a credit
period of 15 to 20 days to its customers and maintains an
inventory of less than 50 days. This has resulted in negligible
utilisation of its cash credit limit of INR5 million during the 12
months through August 2014. SO's cash accruals were, however, low,
at just above INR1 million in 2013-14, which constrains its
liquidity. The absence of any major debt-funded capital
expenditure plan over the medium term will ensure that the firm's
financial risk profile will remain at the current level over this
period.

SO reported a profit after tax (PAT) of INR1.9 million on net
sales of INR260.8 million for 2012-13, against a PAT of INR0.8
million on net sales of INR117.5 million for 2011-12.

Set up in 2010 and based in Bengaluru, SO trades in silk yarn and
fabric. The firm's operations are managed by Mr. Sachin Kumar.


TALWAR MOBILES: CRISIL Ups Rating on INR150MM Term Loan to 'B'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Talwar Mobiles Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            90         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term    150         CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects the substantial improvement in TMPL's
capital structure with the prepayment of a large portion of its
debt through sale proceeds of its warehouse, and equity infusion
by its promoters. The company sold its warehouse for around INR120
million and received equity infusion of INR20 million in the first
quarter of 2014-15 (refers to financial year, April 1 to March
31). These funds have been used to prepay the company's debt,
which has resulted in an improvement in its capital structure -
TMPL's total outside liabilities to tangible net worth (TOL/TNW)
ratio is estimated to have declined to around 5.0 times as on
August 31, 2014 from 6.8 times as on March 31, 2014. CRISIL
believes that TMPL will sustain the improvement in its financial
risk profile over the medium term, supported by consistent growth
in its net worth and absence of any large debt-funded capital
expenditure plan.

The rating continues to reflect TMPL's susceptibility to economic
cyclicality, and its exposure to intense competition in the
automobile dealership industry. The rating of the company is also
constrained by its average financial risk profile marked by its
modest net-worth, high TOL/TNW ratio, and average debt protection
metrics. These rating weaknesses are partially offset by TMPL's
established market position in the automobile dealership business
supported by the extensive industry experience of its promoters,
and the company's low exposure to inventory and debtor risks.
Outlook: Stable

CRISIL believes that TMPL will continue to benefit over the medium
term from its established market position and its promoters'
extensive experience in the automobile dealership business. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the company's revenue and profitability
margins, or there is a substantial increase in its net worth on
the back of sizeable equity infusion by its promoters. Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in TMPL's profitability margins, or significant
deterioration in its capital structure caused most likely by a
stretch in its working capital cycle.

TMPL is promoted by the Hyderabad-based Talwar family, which has
two decades of experience in the automobile dealership business.
The company is an authorised dealer for Hyundai Motors India Ltd
vehicles in Hyderabad. It has three showrooms and four workshops.
The company is currently managed by Mr. Sunil Talwar and his son,
Mr. Saral Talwar.


UNISOURCE PAPERS: ICRA Reaffirms C Rating on INR1.83cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]C for INR1.83
crore of term loans (enhanced from INR0.74 crore) and INR1.50
crore cash credit limits of Unisource Papers Private Limited. ICRA
has also reaffirmed the rating at [ICRA]A4 for the INR5.00 non-
fund based bank limits of UPPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based-Cash
   Credit                1.50        [ICRA]C reaffirmed

   Term Loans            1.83        [ICRA]C reaffirmed

   Non-fund based-
   Letter of Credit      5.00        [ICRA]A4 reaffirmed

The ratings reaffirmation of Unisource Papers Private Limited
primarily incorporates continuing instances of Letter of Credit
(LC) devolvement thereby resulting in overutilization of working
capital limits reflecting the highly stressed liquidity profile of
the company. The ratings also continue to incorporate subdued
profit margins on account of low capacity utilizations, limited
value addition and the fragmented nature of the industry with low
entry barriers and the vulnerability of margins to raw material
prices and foreign exchange fluctuations. The ratings, however,
also take into consideration the promoter's long track record in
the business of trading and paper processing, comfortable capital
structure and expected improvement in the financial profile of the
company following job-work orders from ITC Limited.

Incorporated in 2005, UPPL was promoted by Mr. Aurora and is
engaged in the business of paper trading and also executes job-
work orders for paper manufacturers and printing agencies. The
company imports high quality virgin kraft paper, processes it and
caters to the Indian packaging industry. Currently, UPPL has an
installed capacity of 56,400 metric tonne/annum at its
manufacturing units located in Pune. The company has a registered
office in Mumbai.

Recent Results
UPPPL recorded a net profit of INR0.01 crore on an operating
income of INR20.18 crore for the year ending March 31, 2014.


VIJAY STEEL: ICRA Reaffirms B+ Rating on INR9cr Fund Based Limits
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating to the INR1.71 crore
(reduced from INR2.77 crore) term loan and the INR9.0 crore fund-
based bank facilities of Vijay Steel Corporation Private Limited
(Erstwhile Vicksons Steels Private Limited) at [ICRA]B+. ICRA has
reaffirmed the short-term rating to the INR6.0 crore fund-based
and the INR9.0 crore (reduced from INR15.0 crore) non-fund based
bank facilities of VSCPL at [ICRA]A4.  Interchangeability between
the fund-based and non-fund based limits is allowed such that the
total rated working capital limits do not exceed INR18.0 crore.
The utilisation of total fund-based limits is capped at INR9.0
crore.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            1.71        [ICRA]B+ reaffirmed

   Long term fund        9.00        [ICRA]B+ reaffirmed
   based limits

   Short term fund       6.00        [ICRA]A4 reaffirmed
   based limits

   Non fund based        9.00        [ICRA]A4 reaffirmed
   limits

The ratings reaffirmations take into account the fact that despite
witnessing some improvement in FY14, financial risk profile of the
company remains weak characterised by a leveraged capital
structure, modest accruals and depressed coverage indicators. The
company reported a net profit of INR0.22 crore in FY14 as against
net loss of INR2.69 crore in FY13. ICRA also notes that large
corporate guarantees are extended by VSCPL to its associate
company namely Vijay Transmission Private Limited (VTPL, rated
[ICRA]BB-(Stable)/[ICRA]A4), which further affects the financial
risk profile of the company. The ratings also take into account
the tight liquidity profile of the company and intensely
competitive nature of the steel trading industry, which exerts
pricing pressures. Nevertheless, the ratings take into account
long experience of the promoters in the steel trading business;
established relationships with reputed customers, which indicates
good product quality and ensures repeat orders and low inventory
levels maintained by the company, which reduce its exposure to
volatility in steel prices.

VSCPL was incorporated in 1966 by Mr. K. C. Paliwal as a
partnership firm for trading of steel products. Subsequently, the
firm was converted into a private limited company in 1995. The
promoters have nearly four decades of experience in steel trading
and have established relationships with reputed construction
companies. The company predominantly trades in long products of
numerous varieties and grades, which it procures from secondary
steel manufacturers, rolling mills and other traders. The
company's name was changed to VSCPL from Vicksons Steels Private
Limited in 2012.

Recent Results
As per the audited results of FY13, VSCPL reported a net loss of
INR2.69 crore on an operating income of INR110.40 crore. As per
the provisional results for FY14, VSCPL reported a profit after
tax (PAT) of INR0.22 crore on the back of an operating income of
INR110.0 crore.


VISHWASRAO NAIK: CRISIL Assigns B+ Rating to INR75MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Vishwasrao Naik Sahkari Sakhar Karkhana Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            75         CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     25         CRISIL B+/Stable

The rating reflects VNSSKL's below-average financial risk profile
marked by high gearing and average debt protection metrics, driven
by large debt funded capital expenditure (capex) and working-
capital-intensive operations. The rating also factors in VNSSKL's
susceptibility to cyclicality and to regulatory changes in the
sugar industry. These rating weaknesses are partially offset by
the society's moderate operating efficiency backed by integrated
operations and the benefits it derives from established
relationships with its farmers/members, which renders good
availability of sugar cane.
Outlook: Stable

CRISIL believes that VNSSKL will continue to benefit over the
medium term from its established relationships with farmers in its
command area and integrated operations. The outlook may be revised
to 'Positive' in case of significant increase in the society's
cash accruals supported by improved operating margins, leading to
improvement in its financial risk profile, particularly its
liquidity. Conversely, the outlook may be revised to 'Negative' if
VNSSKL's financial risk profile, particularly liquidity, weakens
most likely on account of lower cash accruals or stretch in
working capital cycle caused by higher-than-expected inventory.

VNSSKL is a co-operative sugar mill located in the Shirala taluka
of Sangli district (Maharashtra). It was set up in 1972-73 (refers
to financial year, April 1 to March 31) by Mr. Vishwasrao Naik,
and is currently chaired by Mr. Mansingh Rao Naik. VNSSKL operates
a sugar mill with a sugarcane crushing capacity of 2500 tonnes per
day, a distillery with a capacity 30 kilolitres per day, and a 10-
kilowatt cogeneration plant.

For 2013-14, VNSSKL, on a provisional basis, booked a profit after
tax (PAT) of INR2.4 million on net sales of INR2.4 billion; it had
booked a PAT of INR2.1 million on net sales of INR1.9 billion for
2012-13.


* INDIA: Gov't Mulls Introducing Bankr. Code for Bankrupt Firms
---------------------------------------------------------------
The Wall Street Journal's livemint reports that in a move aimed at
facilitating the faster wind-up of insolvent companies and
providing an easier exit route to investors, the government is
considering introducing a bankruptcy code for corporate entities
that are headed for failure.

Government officials said the legislation could be introduced by
the time of the presentation of the next Union Budget in February,
livemint says.

The finance ministry formed a committee last month headed by
former law secretary T.K. Viswanathan and comprising members from
the departments of economic affairs and financial services, the
ministries of law, corporate affairs, and micro, small and medium
enterprises, the Reserve Bank of India (RBI) and the Securities
and Exchange Board of India (Sebi), the report recalls.

According to livemint, the idea is to create a separate set of
laws to streamline and update the existing regulations that deal
with bankruptcy, although a final decision will be taken only
after the terms of reference are finalized by the department of
economic affairs towards the end of this month.

"The country does not have an insolvency law. This will be for the
domestic corporate sector," a government official said on
condition of anonymity, livemint relays.

Investors and the regulators have highlighted the need for an
efficient bankruptcy system to deal with distressed companies so
that investors are able to recover their money at the earliest,
especially in the light of many companies facing financial
difficulties as economic growth slowed to below 5% in each of the
past two years, according to livemint.



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


BAKRIE TELECOM: Meeting Held as Rival Bondholder Groups Duel
------------------------------------------------------------
David Yong and Yudith Ho at Bloomberg News report that Bakrie
Telecom held a meeting on September 24 to discuss reorganizing its
debt as two competing groups of bondholders duel over the
company's future.

Bakrie Telecom, which defaulted on its $380 million of
11.5 percent notes in December, planned to update investors on its
business performance and outline bond restructuring terms at the
10:00 a.m. [September 24] gathering in Singapore, according to a
notice obtained by Bloomberg News. The Indonesian company and its
affiliates were sued in a New York state court Sept. 22 by
investors who claim Bakrie breached its contract regarding the
dollar bonds, the report says.

Bakrie's debt was downgraded to default by Standard & Poor's and
to a level signaling imminent default by Fitch Ratings Ltd. after
it failed to pay a $21.8 million coupon on its bonds in November,
according to Bloomberg. The company, which has posted losses the
past three years running, defaulted in December following a one-
month grace period, Bloomberg says.

"Their operating performance is weak and we don't see any scenario
where it's going to drastically improve," Mehul Sukkawala, an S&P
analyst in Singapore, told Bloomberg by phone Sept. 23.

"A lot depends on how it comes out of this restructuring, how much
debt they carry then and at what interest rates."

According to the September 24 report, Bakrie's May 2015 notes,
sold to investors at par in April 2010, rose 0.437 cents to 9.586
cents on the dollar as of 9:26 a.m. in Singapore, Bloomberg-
compiled prices show. They traded as high as 111.548 cents in
October 2010, the report notes.

                         About Bakrie Telecom

PT Bakrie Telecom Tbk -- http://www.bakrietelecom.com/-- is an
Indonesia-based telecommunication services provider.  The
Company's services include fixed wireless access using extended-
time division multiple access (E-TDMA) technology, which is a
limited mobility service using code division multiple access
(CDMA) 2000 1x technology. The Company's products consist of
Esia, Wifone, Wimode, EsiaTel and SLI Hemat 009.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2014, Fitch Ratings downgraded Indonesia-based PT Bakrie
Telecom Tbk's (BTEL) Long-Term Foreign- and Local-Currency Issuer
Default Ratings to 'Restricted Default' (RD) from 'C'.  The
USD380m May 2015 bond fully guaranteed by BTEL has also been
affirmed at 'C' while the Recovery Rating on the bond has been
downgraded to 'RR5' from 'RR4'.

Fitch said the downgrade to 'RD' follows the uncured default on a
coupon payment in November 2013 and no subsequent coupon payment
or public announcement about the progress of debt restructuring
discussions with its creditors.



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


ROSS ASSET: Investors Want Fidelity Fund Protection
---------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that
David Ross' out-of-pocket victims want an industry-backed fidelity
fund to help "screwed" investors recover money from similar fraud
and company failures.

The Herald says the Ross Asset Management Investors Group --
formed in the wake of that company's collapse -- has written to
the Commerce Minister Craig Foss criticising the "unfair and
ineffective" regulatory environment in New Zealand.

Wellington-based Ross Asset Management, run by one of
New Zealand's biggest fraudsters David Ross, cost investors around
NZ$115 million when it failed in November 2012. Investors are
likely to get only a fraction of this back, the Herald notes.

The Herald says Mr. Ross, a financial adviser, ran a Ponzi-scheme
through the Wellington business and disguised it by falsely
reporting clients' investments.  His scheme reported false profits
to investors of NZ$351 million between June 2000 and September
2012 from the purported trading of fictitious securities.

Despite Mr. Ross receiving record-setting 10 year 10 month jail
sentence, the RAM investor group has expressed dissatisfaction
with this prison term -- a common sentiment found among victims of
fraud, the Herald states.

According to the Herald, the investor group, which copied Prime
Minister John Key into its letter, said it was shocking that the
finance industry did not "assist in unwinding messes like the RAM
Ponzi".

"We are aware that the USA has had legislation in place for 44
years (the Securities Investor Protection Act 1970 or SIPA) which
requires an industry fidelity fund to help unwind frauds and
failures," the investors said in the letter cited by the Herald.

The Herald relates that spokesman for the investor group,
Bruce Tichbon, said similar laws should be put in place in
New Zealand, setting up an industry-financed fidelity fund to
"help protect screwed investors" and aid with recovery action.

"The problem is now dumped on the investors. With what little
money is left they have to try fund recovery . . . what we haven't
got is a proper ambulance at the bottom of the cliff," he said,
the Herald relays.

The Herald adds that elsewhere in the letter the investor group
asked why there was no law in New Zealand to "reasonably unwind a
Ponzi in a fair and just manner?"

"We have been informed by the liquidator that there is no NZ law
that ensures victims can effectively reclaim a reasonable
proportion of their money from those who received stolen money,"
the group, as cited by the Herald, said.

The group said there were "crippling problems" with unwinding Ross
Asset Management and demanded Government action, the Herald adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).


TERRY SEREPISOS: High Court to Decide on Bankruptcy Release
-----------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that
Terry Serepisos is to have his financial affairs examined in front
of a High Court judge, who will decide when the former reality TV
star and football club owner is to be released from bankruptcy.

The Official Assignee -- which manages personal insolvencies --
confirmed on September 23 it had objected to Mr. Serepisos'
release from bankruptcy, which would normally last for three
years, the Herald relates.

Declared bankrupt in 2011 owing about NZ$203 million,
Mr. Serepisos was due to be discharged this October -- until the
OA filed the formal objection with the High Court at Wellington,
according to the Herald.

"This means that he will not be automatically discharged from his
bankruptcy when he becomes eligible for discharge on October 7,
2014," the report quotes an OA spokesman as saying. Instead,
Mr. Serepisos is due to appear in the High Court at Wellington for
a hearing where his financial affairs will be examined, the report
relays.

The Herald relates that the spokesman said the court would decide
when Mr. Serepisos would be released from bankruptcy. No date has
been set for this hearing, the report notes.

According to the report, the OA filed its opposition to
Mr. Serepisos' release from bankruptcy on September 11 -- well
before the former property developer was arrested and taken to
court over child support for his 19-year-old son.

The Herald says Mr. Serepisos was arrested on September 22 after
arriving at Wellington Airport from Greece, where he was looking
after his mother.

Bankrupts need permission from the OA to travel overseas, the
report notes.

Asked whether Mr. Serepisos had approval for the trip and how he
funded it, the spokesman said: "Information of this nature about a
bankrupt's affairs is normally withheld from third parties in
order to protect the bankrupt's privacy," the Herald adds.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 27, 2011, the New Zealand Herald said Wellington businessman
and former Phoenix football owner Terry Serepisos was declared
bankrupt in the High Court at Wellington after his last-minute bid
for more time to pay debts was rejected.  Judge Gendall granted an
application by South Canterbury Finance, owed some NZ$22.5
million, to declare Mr. Serepisos bankrupt after he
failed to convince the court to grant him four more days to
secure funding from a Hong Kong-based merchant bank.  In
August 2011, BusinessDesk recalled, Mr. Serepisos was granted
adjournment to put forward a proposal to creditors that would
sell down his property portfolio in an orderly fashion, in a bid
to meet the entirety of the NZ$204 million owed to his lenders.
The portfolio, made up of some 150 residential properties and
more than six commercial buildings, was valued at NZ$232.5
million, BusinessDesk said.  The Serepisos-owned companies
include Century City Hunter Street, Century City Investments,
Century City Developments, Century City Management, and Century
City Football, which previously owned the Wellington Phoenix
football team.



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


KB FINANCIAL: FSC to Strengthen Inspection of Finance Firms
-----------------------------------------------------------
Choi Kyong-ae at The Korea Times reports that the authorities will
supervise or inspect financial holding companies and their
affiliates together, not separately, the Financial Supervisory
Service (FSS) said September 22.

"There should be improvement in our supervision and inspection
systems given the recent mismanagement at KB Financial Group.
Among other things, there should be a thorough review of the
governing structure of financial holding companies and the
selection process of board members," the report quotes FSS
Governor Choi Soo-hyun as saying.

The Korea Times says the move comes after KB Financial Group
Chairman Lim Young-rok was dismissed and KB Kookmin Bank President
Lee Kun-ho resigned from their jobs this month, following a
months-long tug of war over a major management decision to change
the banking system.

Their lack of cooperation and disagreement worsened consumer
sentiment towards KB and its business operations since April when
the bank decided to change the system, the report relates.

Executives are not alone. The board of KB Financial came under
fire for lack of consistency in its positions towards the change
of system from an International Business Machines' (IBM) main
frame system to a Unix-based one to cut costs. Lim and Lee were at
odds over the changeover. Lim stood for the change as banks are
increasingly adopting the Unix system, but Lee took issue with the
system's stability, says the Korea Times.

According to the report, KB Financial directors initially
supported Lim who pushed for the change. However, they later
dismissed Lim after the FSC suspended him for three months from
his chairman job.

The KB board plans to select a chairman candidate for KB Financial
by late October and then name a new president for KB Kookmin, the
report says.

The report relates that Mr. Choi said in the statement, "KB
Financial should seek ways to boost shareholders' value and
customers' rights. And there should not be internal conflicts
within a financial holding company as these hurt the company and
customers' interests."

The governor went on to say that the FSS will give full support to
help KB Financial get back on track. He asked FSS officials to "be
on high alert about any possible financial incidents" in coming
months as the heads of the country's biggest retail bank are gone,
the report adds.


PANTECH CO: To Be Put Up For Sale Soon
--------------------------------------
Yonhap News reports that Pantech Co., under a court receivership,
is set to be available for sale in the near future, industry
sources said on September 24, in a move to get the company back on
its feet.

The report says the latest development came as the Seoul Central
District Court gave the nod to Pantech's plan to post itself on
the market for sale, a month after it commenced the troubled
firm's court receivership program.

Pantech's creditors, led by the Korea Development Bank, will
accept bids from potential buyers soon, the sources, as cited by
Yonhap, said.

According to the report, the plan came as the creditors took into
account the fact that Pantech's liquidating value stands at
KRW189.5 billion (US$182.3 million), whereas its going-concern
value is around KRW382.4 billion.

Yonhap says industry watchers anticipate a foreign tech player
will become the winner of the troubled firm. Earlier this year,
India-based Micromax had expressed its intention to acquire shares
in Pantech, the report recalls.

Although Pantech graduated from a five-year debt rescheduling
program in December 2011, its financial footing weakened again as
it struggled with falling sales from increased competition in the
local smartphone market dominated by Samsung Electronics Co. and
LG Electronics Inc., according to Yonhap.

As reported in Troubled Company Reporter on Aug. 21, 2014, The
Wall Street Journal said Pantech Co. filed for court receivership
after its latest flagship smartphone failed to take off.
According to the report, the company, in which Qualcomm Inc. and
Samsung Electronics Co. are major foreign shareholders, has been
relying heavily on the South Korean market to sell its phones,
where rivals like Samsung and LG Electronics Inc. are dominant
players.

                          About Pantech

Headquartered in Seoul, Korea, Pantech Co., Ltd. --
http://www.pantech.co.kr/-- manufactures mobile phones.
Pantech's products are mainly global system for mobile
communication and code division multiple access phones.  The
company markets its products internationally, and supplies
Motorola as an original equipment manufacturer and original
design manufacturer.  It has seven subsidiaries involved in the
information technology and telecommunication sectors, and
operates in Argentina and Russia, among other countries.


===============
T H A I L A N D
===============


TRUE CORPORATION: Moody's Upgrades Corporate Family Rating to B2
----------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
of True Corporation Public Company Limited, and that of its
consolidated subsidiary, True Move Company Limited, to B2 from
Caa1.

The outlook on the ratings is stable.

This action concludes the review for upgrade which commenced on 11
June 2014.

Ratings Rationale

"The rating actions follow True Corp's completion of a THB65
billion (approximately $2.0 billion) recapitalization, which has
significantly improved the company's leverage and equity base,"
says Nidhi Dhruv, a Moody's Assistant Vice President and Analyst.


True Corp raised THB28.6 billion in a private placement of shares
to China Mobile (Aa3 stable) in September, while it raised the
remaining THB36.4 billion through a rights offering to existing
shareholders.

True Corp used around THB55 billion of the proceeds to repay all
of its outstanding bank loans, significantly reducing its debt
level, while at the same time removing all associated financial
covenants. Pro forma for the debt repayment, Moody's estimates
True Corp's unadjusted debt level to be around THB45 billion as at
June 2014 from THB99 billion and its adjusted debt/EBITDA to fall
to below 4.0x by December 2014 from previous estimate of 6.5x-7.0x
prior to the announcement of the recapitalization.

Moody's makes operating lease adjustments to estimate True Corp's
adjusted debt levels.

Moody's expects True Corp's adjusted debt/EBITDA to remain in the
range of 3.5x-4.0x over the next one to two years, given (1) True
Corp's ongoing negative free cash flow -- due in turn to its high
level of investments in 3G and 4G -- and (2) the increase in
operating lease payments to its infrastructure fund.

The transaction has also allowed the company to improve its weak
equity base. Moody's estimates its reported shareholders' equity
increased to over THB60 billion from THB6.2 billion as of June
2014, having been eroded after several years of net losses. In
addition, savings in interest costs following the debt reduction
should further help improve True Corp's cash flows.

Following the transaction, China Mobile now holds 18% of the total
issued and outstanding shares of True Corp and is the second
largest shareholder. China Mobile will also have the right to
appoint two of 18 board members and one independent director
according to True Corp. Furthermore, True Corp and China Mobile
have signed a strategic partnership agreement and intend to
explore business cooperation.

"Business cooperation with China Mobile would provide True Corp
with an opportunity to leverage on China Mobile's technology and
scale. China Mobile is a leader in time division-long-term
evolution (TD-LTE) technology and is the world's largest mobile
operator by subscriber numbers," says Dhruv, also the Lead Analyst
for True Corp and China Mobile.

The rating outlook is stable, reflecting True Corp's improved
financial profile to help support continued 3G and 4G network
investments to defend its market share.

Downward rating pressure could emerge if True Corp continues to
experience significant operating losses and substantial borrowing
needs to fund its capex and operations. Its ratings could also be
downgraded if True Corp undertakes aggressive shareholder returns
or acquisition/expansion plans. Specific indicators that Moody's
would consider include adjusted debt/EBITDA rising above 4.5x and
negative free cash flow greater than THB15 billion. The rating
will also likely experience downward pressure if competition
escalates or if deterioration in political, economic, and
regulatory environment in Thailand result in adjusted EBITDA
margins declining below 20%.

Upward pressure is unlikely over the near term, but could emerge
if the company's fundamental financial profile continues to
improve, such that adjusted debt/EBITDA falls below 3.0x-3.5x and
there is a sustainable trend of improving free cash flow with
reducing negative free cash flow.

The Charoen Pokphand Group (CP Group, unrated) remains the largest
shareholder in True Corp with a stake of approximately 51.3%.

Moody's notes that True Move is rated at the same level as True
Corp, largely because True Move's bank debt and bonds have
historically been guaranteed by True Corp's mobile subsidiaries
that offer mainly 3G services. In addition, given the strategic
importance of the mobile business, Moody's believes that True Corp
will support True Move, in times of need.

The principal methodology used in this rating was Global
Telecommunications Industry published in December 2010.

Headquartered in Bangkok, True Corporation Public Company Limited
is an integrated provider of fixed-line, broadband, mobile and pay
TV services.

True Move Company Limited, which is 99.4%-owned by True Corp, is a
mobile company providing 2G services.


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***