TCRAP_Public/140930.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, September 30, 2014, Vol. 17, No. 193


                            Headlines


A U S T R A L I A

BRUN PTY: In Administration; Creditors' Meeting Set For Oct 8
FIREPOWER HOLDINGS: ASIC Finalizes Probe
SAMORT PTY: Placed in Administration, Meeting Set for Oct. 9
* AUSTRALIA: Voluntary Administration Rates Set To Soar

C H I N A

BEIJING CAPITAL: Juda Move Eases Funding Constraints, Fitch Says
COASTAL GREENLAND: S&P Affirms, Withdraws 'B-' CCR
DELONG HOLDING: Fitch Affirms 'B' IDR; Outlook Stable
HONGHUA GROUP: Moody's Assigns B1 Rating to USD200MM Sr. Notes
SHANGHAI INDUSTRIAL: S&P Affirms 'BB' CCR; Outlook Stable

I N D I A

AKSHA GOLD: CRISIL Cuts Rating on INR1.2-Bil. Cash Credit to D
AL-BADRIYA WOOD: CRISIL Assigns 'B' Rating to INR24MM Cash Credit
ANJANI RE-ROLLING: CRISIL Reaffirms B+ Rating on INR70M Cash Loan
ARAFAATH TRAVELS: CRISIL Assigns B+ Rating to INR5MM Auto Loans
ARJUN ALLOYS: CRISIL Reaffirms B+ Rating on INR150MM Cash Credit

BLK EXIM: CRISIL Lowers Rating on INR600MM Cash Credit to 'D'
C L JAIN: CRISIL Suspends D Rating on INR137.5MM Cash Credit
DIVYA SPINNING: CRISIL Suspends D Rating on INR300MM Cash Credit
EDIMANNICKAL FASHION: CRISIL Rates INR100MM Cash Credit at B+
FORGING MACHINERY: CRISIL Cuts Rating on INR50MM Term Loan to D

FRESCO PLUS: CRISIL Assigns B+ Rating to INR60MM Term Loan
G. M. OVERSEAS: CRISIL Suspends B+ Rating on INR150MM Cash Loan
GREENDIAM EXIM: CRISIL Suspends D Rating on INR250MM Cash Credit
GREENLAND PAPER: CRISIL Puts B+ Rating on INR32.5MM Cash Credit
ISHWARLAL HARJIWANDAS: CRISIL Reaffirms 'B+' Cash Credit Rating

JAI BHARAT: CRISIL Reaffirms B+ Rating on INR148MM Cash Credit
JALSA BANQUETS: CRISIL Assigns B+ Rating to INR57.5MM Term Loan
K.N. SRINIVASA: CRISIL Assigns B Rating to INR90MM Overdraft Loan
LAILA SUGARS: CRISIL Reaffirms B Rating on INR1.30BB Cash Credit
MACEDON VINIMAY: CRISIL Reaffirms B Rating on INR50MM Cash Credit

MULTIDESIGNS INFRAWORKS: CRISIL Cuts INR55M Cash Loan Rating to D
RAKESH FOLDING: CRISIL Assigns 'B' Rating to INR55MM Cash Credit
REGALE BASMATI: CRISIL Suspends B+ Rating on INR150MM Cash Credit
SHARAD COTTON: CRISIL Suspends B Rating on INR44MM Cash Credit
SHRI KRISHNA: CRISIL Places B+ Rating on INR47.8MM Overdraft Loan

SHUBHLAXMI CASTING: CRISIL Reaffirms INR140MM Cash Loan Rating B+
SRI LAKSHMI: CRISIL Ups Rating on INR157.5MM Loan to 'B+'
SVASCA INDUSTRIES: CRISIL Reaffirms B Rating on INR130M Cash Loan
V.S. MULTIMETAL: CRISIL Reaffirms B+ Rating on INR140M Cash Loan
VILTAN'S POLYPLAST: CRISIL Assigns B+ Rating to INR21.7MM Loan

J A P A N

JCREF CMBS 2007-1: S&P Lowers Rating on Class E Notes to CC (sf)

N E W  Z E A L A N D

SUMMERFRUIT ORCHARDS: Goes Into Receivership

P H I L I P P I N E S

FIL-AGRO RURAL BANK: Placed Under PDIC Receivership

S I N G A P O R E

MYTRAH ENERGY: Moody's Assigns (P)B1 Rating on New USD Sr. Notes

S O U T H  K O R E A

WOORI BANK: S&P Ups Rating on US7-Bil. GMTN Program to 'BBB-'
* SOUTH KOREA: Corporate Bill Default Rate Soars in August

X X X X X X X X

* BOND PRICING: For the Week September 22 to September 26, 2014


                            - - - - -



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


BRUN PTY: In Administration; Creditors' Meeting Set For Oct 8
-------------------------------------------------------------
Anne Meagher and Terry Grant van der Velde of SV Partners were
appointed as administrators of Brun Pty Ltd on Sept. 25, 2014.

A first meeting of the creditors of the Company will be held at SV
Partners, 138 Mary Street, in Brisbane, on Oct. 8, 2014, at 9:00 a.m.


FIREPOWER HOLDINGS: ASIC Finalizes Probe
----------------------------------------
The Australian Securities & Investment Commission's investigation into
failed fuel technology company Firepower Holdings Group Ltd has been
finalised following consultation with the Commonwealth Director of
Public Prosecutions (CDPP).

The investigation focused on the conduct of a number of people
associated with raising funds for the company, including its founder
Tim Johnston.

Following ASIC's inquiries, a brief of evidence was forwarded to the
CDPP for consideration.

Having regard to the evidence obtained by ASIC, the CDPP has recently
informed ASIC that it is not satisfied there are reasonable prospects
of a conviction, as is required under the Prosecution Policy of the
Commonwealth to enable a prosecution to be commenced.

ASIC's investigation started in 2007 and saw Mr. Johnston banned from
managing companies for 20 years while former financial advisor Quentin
Ward was banned for six years. Mr. Ward was also banned from providing
financial services for eight years.

ASIC collected more than 100,000 documents, served over 300 compulsory
notices and examined 18 people as part of its investigation

                           About Firepower

Based in Perth, Australia, Firepower Holdings and Firepower
Operations were both Australian arms of Firepower Holdings Group,
a fuel technology company based in the British Virgin Islands.
According to WAtoday.com.au, Firepower has several high profile
investors, including former AFL star Wayne Carey and several
Adelaide Crows players.  It sponsored the Western Force rugby
union team, basketball side Sydney Kings and NRL team South
Sydney, which is owned by Russell Crowe and Peter Holmes.
The company, the WAtoday related, also sponsored Fremantle
Dockers star Matthew Pavlich and Force players Matt Giteau,
Cameron Shepherd and Ryan Cross.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2008, Firepower Holdings was placed into liquidation
after its chairman, Tim Johnston, failed to help in efforts to
rescue it, the Herald Sun said citing administrators Brent
Kijurina and Geoff McDonald of accountancy and insolvency firm
Hall Chadwick.  It has 1,208 Australian shareholders who invested
between AUD80 million and AUD100 million.

The New South Wales Federal Court appointed Pitcher Partners
Perth managing partner Bryan Hughes as liquidator of Firepower
Operations, which owes creditors about AUD16 million.


SAMORT PTY: Placed in Administration, Meeting Set for Oct. 9
------------------------------------------------------------
Grahame Peter Hill of Hills Corporate Services was appointed as
administrator of Samort Pty Ltd on Sept. 26, 2014.

A first meeting of the creditors of the Company will be held at Suite
M2 135 Victoria Road, in Drummoyne, on Oct. 9, 2014, at 10:00 a.m.


* AUSTRALIA: Voluntary Administration Rates Set To Soar
-------------------------------------------------------
SmartCompany, citing a research published by CPA Australia, reports
that voluntary administration rates for listed companies are set to
soar.

But it's not all bad news as business advisory firm BRI Ferrier claims
growing numbers of small and medium companies in financial dire
straits are opting for administration as a potential lifeline for the
business, the report relates.

According to SmartCompany, the research by CPA Australia found nearly
a third of all ASX-listed companies were close to insolvent in 2013,
including more than half of the smallest 500 and 28% of medium
companies.

Of the more than 700 small and medium companies in serious financial
distress, those in the energy and mining, consumer staples,
industrials, healthcare and utilities sectors were at greatest risk of
collapse, SmartCompany relays.

"Small and medium companies are facing a perfect storm of financial
woes", Antony Resnick, principal of BRI Ferrier, told SmartCompany.
"Whatever you call it there is some trouble brewing and it could be
quite drastic and aggravated."

According to SmartCompany, Mr. Resnick pointed to "brutal" capital
markets which have made it hard to fund working capital, low levels of
consumer confidence, falling commodity export prices and stagnating
household incomes.

Mr. Resnick said crunch time will come at the end of the month as
directors have to have their audits of financial statements signed off
by their auditors and have to pass a going concern test which means
all capital requirements are in place for the next 12 months and all
debts which are incurred or fall due are capable of being paid,
SmartCompany relates.

"We think because there are a number of under capitalized companies on
the ASX a number will be unable to satisfy the going concern
requirement," the report quotes Mr. Resnick as saying.

"Many directors will not be in a position to vouch that their business
is a going concern when statutory accounts and solvency declarations
fall due on 30 September," he said.

Colin Porter, managing director of Creditor Watch, told SmartCompany,
"perfect storm" is a good description of what is happening not just
for ASX listed companies but for all of the SMEs that trade with those
businesses.



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


BEIJING CAPITAL: Juda Move Eases Funding Constraints, Fitch Says
----------------------------------------------------------------
Fitch Ratings says that Beijing Capital Land Ltd.'s (BCL;
BB+/Negative) reverse takeover of Juda International Holdings (Juda)
will open alternative funding channels for the Chinese property
developer and allow it to separate its commercial property operations
from its residential ones, which are likely to support BCL's credit
profile.

The move is an attempt by BCL to ease the constraints that it and
other H-share companies face in getting approvals from Chinese
authorities to raise funds from the Hong Kong equity market.  H-shares
are companies incorporated in mainland China but listed in Hong Kong.

BCL said on Sept. 24, 2014, that it would inject its Xi'an First City
project into Hong Kong-listed Juda, which BCL in 2013 acquired a stake
in.  In return, BCL would receive convertible preference shares worth
about HKD2.0bn (USD258m) as payment.  If no preference shares are
converted, BCL and its parent will together maintain their 75% stake
in Juda.

This reverse takeover is likely to give BCL access to more equity
funding through Juda, which does not have the same difficulties that
H-share companies do in raising funds in the Hong Kong equity market.
Furthermore, the companies are likely to be more attractive to equity
investors once they clearly define their areas of focus - Juda's on
commercial properties and BCL's on residential properties.  This will
help to generate more proceeds from equity financing, which may
alleviate BCL's increased leverage and replenish liquidity for its
daily operations or further expansion.

Aside from constraints in the equity market, some H-share companies
also face difficulty in borrowing offshore syndication loans.  The
recent re-opening of the onshore interbank bond market to property
developers offers a much-needed means for the sector to raise funds.
For example, Guangzhou R&F Properties Co. Ltd. (BB/Stable) has
proposed domestic medium term notes to tap this re-opened channel.


COASTAL GREENLAND: S&P Affirms, Withdraws 'B-' CCR
--------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its 'B-'
long-term corporate credit rating on China-based property developer
Coastal Greenland Ltd. with negative outlook.  S&P also affirmed the
'cnB-' long-term Greater China regional scale rating on the company.
S&P then withdrew all the ratings at Coastal Greenland's request.

The affirmed rating and outlook prior to the withdrawal reflected
Coastal Greenland's "less than adequate" liquidity, weak cash flows
and profitability, and high leverage.  S&P expected the company's
property sales to remain weak because of its limited number of
projects and weak execution.  Overall, S&P did not anticipate any
material improvement in Coastal Greenland's business and financial
strengths over the next 12 months.

S&P did not see immediate liquidity risk for Coastal Greenland because
the company has extended its debt maturity profile. However, Coastal
Greenland's funding channels would remain narrow in the currently
tight credit environment.  The company's liquidity would largely
depend on timely asset sales or debt refinancing, given its weak
sales.


DELONG HOLDING: Fitch Affirms 'B' IDR; Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed China-based steelmaker Delong Holding
Limited's (Delong) Long-Term Issuer Default Rating and senior
unsecured rating of 'B'.  The Outlook is Stable.  All ratings have
simultaneously been withdrawn.

The ratings have been withdrawn as the company does not intend to
issue US dollar notes and hence the ratings are no longer considered
to be relevant to Fitch's coverage.

Fitch will no longer provide ratings or analytical coverage of this issuer.


HONGHUA GROUP: Moody's Assigns B1 Rating to USD200MM Sr. Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 senior
unsecured rating to Honghua Group Limited USD200 million, 7.45%,
5-year senior notes, due 25 September 2019.

The outlook for the ratings is stable.

Ratings Rationale

Moody's definitive rating on this debt obligation follows Honghua
Group Limited's completion of its USD note issuance, the final terms
and conditions of which are consistent with Moody's expectations.

The provisional rating was assigned on 10 September, and Moody's
ratings rationale was set out in a press release published on the same
day.

The company plans to use the proceeds from the proposed bonds to repay
bank borrowings and for general corporate purposes.

While Honghua's priority debt, namely its secured debt and debt at its
operating subsidiaries, was slightly above 15% of its total assets
after the note issuance, the senior unsecured rating is not notched
down for subordination.

This is because Moody's expects the company's priority debt will trend
down to 15% or below over the next 1-2 years as it increases the usage
of offshore borrowings.

The bond rating will come under pressure if the onshore loan payments
are lower than Moody's expects, such that the level of priority debt
stays above Moody's projections.

The principal methodology used in this rating was Global Oilfield
Services Rating Methodology published in December 2009.

Honghua Group Limited manufactures land drilling rigs and equipment,
offshore drilling platforms and equipment packages. It also engages in
oil & gas engineering services.


SHANGHAI INDUSTRIAL: S&P Affirms 'BB' CCR; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its 'BB'
long-term corporate credit rating on China-based property developer
Shanghai Industrial Urban Development Group Ltd. (SIUD) with a stable
outlook.  S&P also affirmed the 'cnBBB-' long-term Greater China
regional scale rating on the company.  S&P then withdrew all the
ratings at the company's request.

"The affirmed rating prior to the withdrawal reflected our opinion on
the company's good market position in Shanghai, its sizable and
low-cost land bank in prime locations of top-tier cities, and fair
geographic diversity.  These strengths were tempered by the company's
small operating scale, weak operating efficiency, and high leverage.
The rating on SIUD also reflected our view that the company was a
"strategically important" subsidiary of Shanghai Industrial Holdings
Ltd. (SIHL), as defined by our group methodology criteria.  For this
reason, the rating on SIUD included a three-notch uplift from the
company's 'b' stand-alone credit profile," S&P said.

The outlook prior to the withdrawal was stable, reflecting S&P's
expectation that SIUD would continue to receive ongoing operational
and financial support, including liquidity support, from its parent
SIHL.  S&P did not expect SIUD's group status to change.  S&P also
expected SIUD's operating cash inflows to largely support its capital
requirements over the next 12 months, given the company's
somewhat-controlled growth appetite and the likelihood that any
increase in debt would be modest.  However, an improved profit margin
would be unlikely to entirely offset the impact of reduced revenues
following the completion of social housing projects.  Overall, S&P
expected SIUD's credit profile to weaken slightly in 2014, but to have
stayed within the range of S&P's base-case forecast.



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


AKSHA GOLD: CRISIL Cuts Rating on INR1.2-Bil. Cash Credit to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Aksha Gold
Ornaments Limited (formerly known as KBJ Gold Ornaments Ltd.) to
'CRISIL D' from 'CRISIL BB+/Stable'

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit          1,200        CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

The rating downgrade reflects consistent overdrawals for over 30 days
in the group's bank facilities owing to stretched liquidity.

The rating also reflects high competition and fragmented nature of
business, exposure to regulatory changes in the gems and jewellery
business and its weak financial risk profile marked by weak debt
protection measures. These rating weaknesses are partially offset by
KBJ group's established presence in the gems and Jewellery industry.

For arriving at the ratings, CRISIL has consolidated the business and
financial profiles of Aksha, KBJ Jewel Industry India Pvt. Ltd.(KBJ
Jewel; formerly known as KBJ Jewellery Private Limited), Shakuntala
Gold Ornaments Limited(Shakuntala; formerly known as KBJ Gems and
Jewellery Limited) and BLK exim Limited (BLK; formerly known as KBJ
exports Limited) together referred as 'KBJ Group' on account of
business synergies within the group due to common manufacturing
facilities, common set of customers, financial fungibility within
group companies.

Aksha Gold Ornaments Limited (Aksha), incorporated in 2009, by Mumbai
based Mr. Mohit Kamboj, a third generation entrepreneur, and is
engaged in the trading of gold Jewellery such as necklaces (primarily
mangalsutra), bracelets, earrings, bangles and other type of related
allied products

KBJ Gold is part of Mumbai based KBJ group engaged in wholesale gold
jewellery manufacturing. Apart from Aksha, KBJ group has other
entities named KBJ Jewel Industry India Pvt. Ltd.(KBJ Jewel; formerly
known as KBJ Jewellery Private Limited), Shakuntala Gold Ornaments
Limited( Shakuntala; formerly known as KBJ Gems and Jewellery Limited)
and BLK exim Limited (BLK; formerly known as KBJ exports Limited). All
the entities are based at Mumbai with common manufacturing facilities,
common set of customers, common promoters and management

Aksha reported(on provisional basis) a profit after tax (PAT) of
INR32.6 million on net sales of INR5.5 billion for 2013-14, as against
a PAT of INR0.3 million on net sales of INR10.7 billion for 2012-13.


AL-BADRIYA WOOD: CRISIL Assigns 'B' Rating to INR24MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Al-Badriya Wood Industries.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              21         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      2.5       CRISIL B/Stable
   Cash Credit            24         CRISIL B/Stable
   Letter of Credit       20         CRISIL A4

The ratings reflect ABWI's small scale of operations in the highly
fragmented timber industry, its below-average financial risk profile
marked by high total outside liabilities to tangible net worth
(TOLTNW) ratio, and its working-capital-intensive operations. These
rating weaknesses are partially offset by the extensive industry
experience of ABWI's promoter and its established regional presence in
the timber trading and saw mill business.

Outlook: Stable

CRISIL believes that ABWI will benefit over the medium term from its
promoter's extensive industry experience. The outlook may be revised
to 'Positive' if the firm significantly scales up operations while
maintaining operating profitability, or improves its working capital
management, resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if ABWI's
profitability declines, or working capital management weakens, or if
the firm undertakes a larger than expected debt-funded capital
expenditure programme, or if its promoter withdraws substantial
capital, weakening its financial risk profile.

Incorporated in 2005, ABWI is a Mangalore (Karnataka)-based firm
engaged in trading and processing of timber. ABWI is promoted and
managed by Mr. Anwar Sadath.

ABWI reported profit after tax (PAT) of INR0.9 million on turnover of
INR3.9 million for 2012-13 (refers to financial year, April 1 to March
31), against PAT of INR0.5 million on turnover of INR28.7 million for
2011-12.


ANJANI RE-ROLLING: CRISIL Reaffirms B+ Rating on INR70M Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Anjani Re-Rolling Mills
Private Limited (ARMPL; part of the Agarwal group) continue to reflect
the Agarwal group's modest financial risk profile, marked by high
gearing and weak debt protection metrics, and its large working
capital requirements. These rating weaknesses are partially offset by
the extensive experience of the group's promoters in the steel
industry and the integrated nature of its operations.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           70         CRISIL B+/Stable (Reaffirmed)
   Term Loan             21.4       CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ARMPL, Vivek Steelco Private Limited
(VSPL), Shubhlaxmi Casting Private Limited (SCPL), Arjun Alloys (AA),
and VS Multimetal Pvt Ltd (VSMPL). This is because all these entities,
together referred to as the Agarwal group, have the same promoters and
management and significant intra-group transactions.

Outlook: Stable

CRISIL believes that the Agarwal group will continue to benefit over
the medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the group
significantly improves its financial risk profile, particularly its
liquidity, backed by equity infusion or a sizeable increase in
profitability, leading to larger-than-expected accretion to reserves.
Conversely, the outlook may be revised to 'Negative' if the Agarwal
group's profitability or scale of operations declines significantly;
or if its working capital cycle increases; or if it undertakes a large
debt-funded capital expenditure (capex) programme, thereby weakening
its financial risk profile.

Update

The Agarwal group is estimated to have achieved a year-on-year revenue
growth of around 21 per cent to INR3,522 million in 2013-14 (refers to
financial year, April 1 to March 31), primarily driven by launch of
new stainless steel products, which contributed 25 to 30 per cent of
its total revenue. The group's operating profitability is estimated to
have declined marginally by 20 basis points to 5.1 per cent in
2013-14, due to competitive pricing of the new products; its overall
accruals too are estimated to have declined to INR51.6 million in
2013-14 from INR59.5 million in 2012-13. CRISIL expects the group's
revenue to increase by around 15 per cent in 2014-15.

The Agarwal group's working capital requirements remain large, with
gross current assets of about 170 days as on March 31, 2014. This has
resulted in full utilisation of its bank limits with instances of
overdrawn limits.

The group's capital structure is estimated to have remained
aggressive, with its gearing increasing marginally to 2.5 times as on
March 31, 2014, from around 2.3 times as on March 31, 2013, due to
increase in working capital debt. Its debt protection metrics are
estimated to have remained weak, with interest coverage and net cash
accruals to total debt ratios at 1.4 times and 0.05 times,
respectively, in 2013-14. The group's net worth is estimated at INR436
million as on March 31, 2014. However, CRISIL believes that the group
will sustain its financial risk profile backed by steady accretion to
reserves, low incremental working capital requirements, and absence of
any capex plans.

ARMPL manufactures various mild steel, alloy steel, and stainless
steel products. Its rolling mill unit is at Changodar (Gujarat). The
company is part of the Agarwal group, which has been manufacturing
various steel products since 1972. Mr. Suresh B Agarwal is the
chairman of the group. The other entities in the Agarwal group-VSPL,
SCPL, AA, and VSMPL'are also engaged in similar businesses. While,
VSPL and VSMPL have rolling mills, SCPL and AA have induction furnace
units.

ARMPL provisionally reported a net profit of INR2.76 million on net
sales of INR432.1 million in 2013-14 against a net profit of INR1.56
million on net sales of INR255.5 million in 2012-13.

SCPL provisionally reported a net profit of INR6.62 million on net
sales of INR1014 million in 2013-14 against a net profit of INR5.60
million on net sales of INR1108.3 million in 2012-13.

VSPL provisionally reported a net profit of INR10.95 million on net
sales of INR983.3 million in 2013-14 against a net profit of INR 8.99
million on net sales of INR947 million in 2012-13.

AA provisionally reported a net profit of INR4.46 million on net sales
of INR906.4 million in 2013-14 against a net profit of INR4.18 million
on net sales of INR809.7 million in 2012-13.

VSMPL provisionally reported a net profit of INR6.28 million on net
sales of INR814.4 million in 2013-14 against a net profit of INR5.25
million on net sales of INR586.2 million in 2012-13.


ARAFAATH TRAVELS: CRISIL Assigns B+ Rating to INR5MM Auto Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Arafaath Travels Pvt Ltd.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Overdraft Facility       10         CRISIL A4
   Auto loans                5         CRISIL B+/Stable
   Bank Guarantee           45         CRISIL A4

The ratings reflect ATPL's modest scale of operations, susceptibility
of its revenue and profitability to cyclicality in the airline
industry and customer concentration in its revenue profile. These
rating weaknesses are partially offset by the promoters' extensive
experience in the airline ticketing business and its moderate
financial risk profile marked by comfortable debt protection metrics.

Outlook: Stable

CRISIL believes that ATPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the company's scale of operations
improves significantly while maintaining its moderate operating
profitability resulting in improvement in business risk profile.
Conversely, the outlook may be revised to 'Negative' if ATPL registers
substantial reduction in cash accruals leading to weakening of its
financial risk profile.

ATPL, incorporated in 1980, and based out of Chennai (Tamil Nadu)
operates as a general sales agent for Saudia Airlines. The daily
operations of the company are managed by Mr. S.M. Idris.

ATPL's profit after tax (PAT) and net sales are estimated at INR1.9
million and INR54.2 million, respectively, for 2013-14 (refers to
financial year, April 1 to March 31); it had reported a PAT of INR2.5
million on net sales of INR71.7 million for 2012-13.


ARJUN ALLOYS: CRISIL Reaffirms B+ Rating on INR150MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Arjun Alloys (AA; part of
the Agarwal group) continue to reflect the Agarwal group's modest
financial risk profile, marked by high gearing and weak debt
protection metrics, and its large working capital requirements. These
rating weaknesses are partially offset by the extensive experience of
the group's promoters in the steel industry and the integrated nature
of its operations.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         9.2       CRISIL A4 (Reaffirmed)
   Cash Credit          150         CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term     5         CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan             20         CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AA, Vivek Steelco Private Limited (VSPL),
Shubhlaxmi Casting Private Limited (SCPL), Anjani Re-Rolling Mills
Private Limited (ARMPL), and VS Multimetal Pvt Ltd (VSMPL). This is
because all these entities, together referred to as the Agarwal group,
have the same promoters and management and significant intra-group
transactions.
Outlook: Stable

CRISIL believes that the Agarwal group will continue to benefit over
the medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the group
significantly improves its financial risk profile, particularly its
liquidity, backed by equity infusion or a sizeable increase in
profitability, leading to larger-than-expected accretion to reserves.
Conversely, the outlook may be revised to 'Negative' if the Agarwal
group's profitability or scale of operations declines significantly;
or if its working capital cycle increases; or if it undertakes a large
debt-funded capital expenditure (capex) programme, thereby weakening
its financial risk profile.

Update

The Agarwal group is estimated to have achieved a year-on-year revenue
growth of around 21 per cent to INR3,522 million in 2013-14 (refers to
financial year, April 1 to March 31), primarily driven by launch of
new stainless steel products, which contributed 25 to 30 per cent of
its total revenue. The group's operating profitability is estimated to
have declined marginally by 20 basis points to 5.1 per cent in
2013-14, due to competitive pricing of the new products; its overall
accruals too are estimated to have declined to INR51.6 million in
2013-14 from INR59.5 million in 2012-13. CRISIL expects the group's
revenue to increase by around 15 per cent in 2014-15.

The Agarwal group's working capital requirements remain large, with
gross current assets of about 170 days as on March 31, 2014. This has
resulted in full utilisation of its bank limits with instances of
overdrawn limits.

The group's capital structure is estimated to have remained
aggressive, with its gearing increasing marginally to 2.5 times as on
March 31, 2014, from around 2.3 times as on March 31, 2013, due to
increase in working capital debt. Its debt protection metrics are
estimated to have remained weak, with interest coverage and net cash
accruals to total debt ratios at 1.4 times and 0.05 times,
respectively, in 2013-14. The group's net worth is estimated at INR436
million as on March 31, 2014. However, CRISIL believes that the group
will sustain its financial risk profile backed by steady accretion to
reserves, low incremental working capital requirements, and absence of
any capex plans.

AA has induction furnace units at its manufacturing facility at
Changodar (Gujarat). The firm is part of the Agarwal group, which has
been manufacturing various steel products since 1972. Mr. Suresh B
Agarwal is the chairman of the group. The other entities in the
Agarwal group' VSPL, SCPL, ARMPL, and VSMPL'are also engaged in
similar businesses. While, SCPL has induction furnace units, VSPL,
ARMPL, and VSMPL have rolling mills.

AA provisionally reported a net profit of INR4.46 million on net sales
of INR906.4 million in 2013-14 against a net profit of INR4.18 million
on net sales of INR809.7 million in 2012-13.

SCPL provisionally reported a net profit of INR6.62 million on net
sales of INR1014 million in 2013-14 against a net profit of INR5.60
million on net sales of INR1108.3 million in 2012-13.

VSPL provisionally reported a net profit of INR10.95 million on net
sales of INR983.3 million in 2013-14 against a net profit of INR8.99
million on net sales of INR947 million in 2012-13.

ARMPL provisionally reported a net profit of INR2.76 million on net
sales of INR432.1 million in 2013-14 against a net profit of INR1.56
million on net sales of INR255.5 million in 2012-13.

VSMPL provisionally reported a net profit of INR6.28 million on net
sales of INR814.4 million in 2013-14 against a net profit of INR5.25
million on net sales of INR586.2 million in 2012-13.


BLK EXIM: CRISIL Lowers Rating on INR600MM Cash Credit to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
BLK Exim Limited (BLK; formerly known as KBJ Exports Limited; part of
the KBJ Group) to 'CRISIL D' from 'CRISIL BB+/Stable.'

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            600        CRISIL D (Downgraded from
                                     'CRISIL  BB+/Stable')

The rating downgrade reflects consistent overdawals for over 30 days
in the group's bank facilities owing to stretched liquidity.

The rating also reflects high competition and fragmented nature of
business, exposure to regulatory changes in the gems and jewellery
business and its weak financial risk profile marked by weak debt
protection measures. These rating weaknesses are partially offset by
KBJ group's established presence in the gems and Jewellery industry.

For arriving at the ratings, CRISIL has consolidated the business and
financial profiles of Aksha Gold Ornaments Limited (Aksha; formerly
known as Aksha Gold Ornaments Limited) , KBJ Jewel Industry India Pvt.
Ltd.(KBJ Jewel; formerly known as KBJ Jewellery Private Limited),
Shakuntala Gold Ornaments Limited( Shakuntala; formerly known as KBJ
Gems and Jewellery Limited) and BLK exim Limited (BLK; formerly known
as KBJ exports Limited) together referred as 'KBJ Group' on account of
business synergies within the group due to common manufacturing
facilities, common set of customers, financial fungibility within
group companies.

BLK was incorporated in 2011 by Mr. Mohit Kamboj, a Mumbai-based third
generation entrepreneur; it manufactures gems. The company is part of
the Mumbai-based KBJ group engaged in wholesale gold jewellery
manufacturing such as necklaces (primarily mangalsutras), bracelets,
earrings, bangles and other related products.

BLK is part of Mumbai based KBJ group engaged in wholesale gold
jewellery manufacturing. Apart from BLK, KBJ group has other entities
named of Aksha Gold Ornaments Limited (Aksha; formerly known as Aksha
Gold Ornaments Limited), KBJ Jewel Industry India Pvt. Ltd. (KBJ
Jewel; formerly known as KBJ Jewellery Private Limited), and
Shakuntala Gold Ornaments Limited (Shakuntala; formerly known as KBJ
Gems and Jewellery Limited). All the entities are based at Mumbai with
common manufacturing facilities, common set of customers, common
promoters and management

BLK reported(on provisional basis) a profit after tax (PAT) of INR3.2
million on net sales of INR3.6 billion for 2013-14, as against a PAT
of INR0.06 million on net sales of INR2.8 billion for 2012-13.


C L JAIN: CRISIL Suspends D Rating on INR137.5MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of C L Jain
Woollen Mills Pvt Ltd (part of the Tarak group).

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit           137.5        CRISIL D Suspended
   Letter of Credit      100          CRISIL D Suspended
   Proposed Long Term     22.5        CRISIL D Suspended
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by CLJ with
CRISIL's efforts to undertake a review of the ratings outstanding.
Despite repeated requests by CRISIL, CLJ is yet to provide adequate
information to enable CRISIL to assess CLJ'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 Tarak
Textile (TT), CLJ, and Tarak International (TI). This is because these
entities, together referred to as the Tarak group, share the same
management team. Moreover, the three entities are in the same business
(manufacturing, and trading in, yarn and fabric). The entities also
derive considerable operational, financial, and business synergies
from each other. The bank lines of TI and CLJ are also
cross-guaranteed.

CLJ was established as a proprietorship firm in 1935 by the late Mr.
Teluram Jain. In 1965, the firm was reconstituted as a partnership
firm and Mr. Subhash Kumar Jain (son of the late Mr. Teluram Jain) was
admitted as partner. In 1990, CLJ was reconstituted as a private
limited company and in 2000, Mr. Tarak Jain (son of Mr. Subhash Kumar
Jain) joined as the director. In 2009, after the demise of Mr. Teluram
Jain, Mrs. Nagina Devi Jain (mother of Mr. Subhash Kumar Jain) was
appointed as a director in the company. CLJ has capacity of producing
0.45 million kilograms of yarn and cloth each at its unit in Ludhiana
(Punjab). TI was established as a proprietorship firm in 1999 by Mr.
Tarak Jain. The firm manufactures wool tops (used in manufacturing
yarn) and yarn. TI's manufacturing unit is in Ludhiana. TT was set up
as a partnership firm in 2006 by Mrs. Payal Jain (wife of Mr. Tarak
Jain) and Mrs. Shubh Jain (wife of Mr. Subhash Kumar Jain). The firm
trades in various types of yarns and fabrics.


DIVYA SPINNING: CRISIL Suspends D Rating on INR300MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Divya
Spinning Mill (P) Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         19.6       CRISIL D Suspended
   Cash Credit           300.0       CRISIL D Suspended
   Long Term Loan        230.0       CRISIL D Suspended
   Proposed Long Term     18.6       CRISIL D Suspended
   Bank Loan Facility

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

DSMPL, incorporated in 1980 and based in Tirupur (Tamil Nadu),
manufactures yarn and grey cloth.


EDIMANNICKAL FASHION: CRISIL Rates INR100MM Cash Credit at B+
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Edimannickal Fashion Jewellery. The ratings reflect
the firm's modest scale of operations in an intensely competitive gold
jewellery retail segment, and the below-average financial risk
profile, marked by its subdued debt protection metrics. These rating
weaknesses are partially offset by the promoters' extensive experience
in the jewellery industry.

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

Outlook: Stable

CRISIL believes that EFJ will continue to benefit from the promoters'
extensive industry experience, over the medium term. The outlook may
be revised to 'Positive' if the firm improves its financial risk
profile with sizeable cash accruals. Conversely, the outlook may be
revised to 'Negative' if EFJ's financial risk profile deteriorates
with significantly low revenue or profitability, and significant
debt-funded capital expenditure.
About the Firm

Established in 2012, EFJ retails gold jewellery and operates one
showroom in Kerala. The firm's daily operations are managed by Mr. E T
Jose.

EFJ, reported on a provisional basis, a net profit of INR1.5 million
on sales of INR405 million during 2013-14 (refers to financial year
April 1 to March 31), as against a net profit of INR0.2 million, on
sales of INR153 million, for 2012-13.


FORGING MACHINERY: CRISIL Cuts Rating on INR50MM Term Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Forging
Machinery Manufacturing Co to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        12.5       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit           30         CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Long Term    30         CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

   Term Loan             50         CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by FMMC in servicing
its term debt; the delays have been caused by the firm's weak
liquidity. CRISIL believes that FMMC's liquidity will remain weak over
the medium term, driven by decline in operating revenue leading to
reduced cash accruals vis-a-vis increasing debt obligations.

Also, FMMC's financial risk profile is constrained by large working
capital requirements, small scale of operations, and susceptibility to
slowdown in the automobile industry. However, the firm benefits from
its promoters' extensive experience in the engineering industry.

Formed in 2002, FMMC is a partnership firm of Mr. S Kulwant Singh and
his family and is part of the Ludhiana (Punjab)-based NKH group. The
firm manufactures forging machines and tools, such as friction drop
hammers, power press, and billet shearing machines, and various forged
components.

FMMC is likely to report profit after tax (PAT) of INR1.6 million on
net sales of INR33.6 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR1.4 million on net sales of
INR52.8 million for 2012-13.


FRESCO PLUS: CRISIL Assigns B+ Rating to INR60MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Fresco Plus Ceramic Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              60         CRISIL B+/Stable
   Proposed Term Loan     37.5       CRISIL B+/Stable
   Bank Guarantee          5         CRISIL A4
   Cash Credit            22.5       CRISIL B+/Stable

The ratings reflect FPCPL's exposure to risks related to its initial
phase of operations, modest scale, intense competition in the ceramic
tiles industry, and its large working capital requirements. These
rating weaknesses are partially offset by the established track record
of FPCPL's promoters in the ceramic tiles industry and the strategic
location of its plant ensuring availability of raw materials and
labor.

Outlook: Stable

CRISIL believes that FPCPL will maintain its business risk profile
backed by its promoters' industry experience. The outlook may be
revised to 'Positive' if the company stabilises operations earlier
than expected leading to healthy accruals, or improves its working
capital cycle. Conversely, the outlook may be revised to 'Negative' if
FPCPL's operating margin is low or if the company undertakes large
debt-funded expansion or if its working capital management weakens,
weakening its financial risk profile.

Incorporated in 2013, FPCPL manufactures wall tiles. The company
started commercial operations in May 2014. Its promoters have been
engaged in the ceramic tiles industry for more than 10 years.


G. M. OVERSEAS: CRISIL Suspends B+ Rating on INR150MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of G. M. Overseas (GMO).

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

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

GMO was set up by Mr. Gian Chand Garg in 1992 and is engaged in
milling and processing of paddy. The firm is based out of Delhi.


GREENDIAM EXIM: CRISIL Suspends D Rating on INR250MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Greendiam
Exim Pvt Ltd.

                       Amount
   Facilities         (INR Mln       Ratings
   ----------         --------       -------
   Cash Credit            250        CRISIL D Suspended

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

GEPL was set up as a private limited company in 2003 by Mr. Champat
Sanghvi. In February 2011, the company took up the distributorship of
ITC Ltd for Ahmedabad (Gujarat). GEPL also has distributorships of
other products such as Reebok shoes, and for Veola (Bajaj) group.


GREENLAND PAPER: CRISIL Puts B+ Rating on INR32.5MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Greenland Paper Mills Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit          32.5         CRISIL B+/Stable
   Long Term Loan       27.5         CRISIL B+/Stable

The rating reflects GPML's modest scale of operations in the highly
fragmented industrial paper segment, and its below-average financial
risk profile, marked by a small net worth. These rating weaknesses are
partially offset by the extensive industry experience of the company's
promoters and its established relationships with key customers.

Outlook: Stable

CRISIL believes that GPML will continue to benefit over the medium
term from its established customer relationships and the industry
experience of its promoters. The outlook may be revised to 'Positive'
in case of a significant increase in the company's scale of operations
or substantial equity infusion by the promoters, leading to an
improvement in its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if GPML undertakes a large debt-funded
capital expenditure programme, leading to deterioration in its capital
structure, or if its volumes or margins decline steeply.

Incorporated in 1995 and based in Kollam (Kerala), GPML manufactures
Kraft paper.  The company also owns a windmill in Tirupur (Tamil
Nadu); it is promoted by Mr. A M Ashraf and his brother Mr. A M
Dasthageer.

GPML, provisionally, reported a profit after tax (PAT) of INR2.5
million on total revenue of INR201 million for 2013-14 (refers to
financial year, April 1 to March 31); it had reported a PAT of INR2.7
million on total revenue of INR190 million for 2012-13.


ISHWARLAL HARJIWANDAS: CRISIL Reaffirms 'B+' Cash Credit Rating
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ishwarlal Harjiwandas
Jewellers Pvt Ltd continue to reflect IHJPL's below-average financial
risk profile, marked by high gearing and a modest net worth, its
modest scale of operations, and its vulnerability to changes in
government policies pertaining to the jewellery industry. These rating
weaknesses are partially offset by the extensive experience of IHJPL's
promoters in the jewellery business, and the funding support that it
receives from them.

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Cash Credit          300        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that IHJPL will maintain its business risk profile
over the medium term, driven by moderate profitability and additional
sales from its new showroom. The outlook may be revised to 'Positive'
if the company achieves higher-than-expected sales at its second
showroom, resulting in an improvement in its business risk profile, or
in case of infusion of funds by promoters to support its working
capital requirements, leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if there
are larger-than-expected working capital requirements due to higher
inventory levels, leading to a further stretch in the company's
liquidity.

IHJPL was set up in 1989 by the Choksi family. The company is a
retailer of gold, platinum, and diamond-studded jewellery, and gold
bullion in Ahmedabad (Gujarat). IHJPL has a retail showroom at
Ahmedabad. The company is expected to open a second showroom in
Maninagar, Ahmedabad, which is expected start commercial operations in
the second half of 2013-14.


JAI BHARAT: CRISIL Reaffirms B+ Rating on INR148MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Jai Bharat Rice
Mills (JRM) continues to reflect JRM's working-capital-intensive
operations and weak financial risk profile, marked by high gearing and
weak debt protection metrics.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            148       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term      19.5     CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Standby Line of Credit   2.5     CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's high dependence on monsoon and
susceptibility to changes in government policies. These rating
weaknesses are partially offset by the extensive industry experience
of, and financial support from, JRM's partners; and the healthy growth
prospects for the basmati rice industry.

Outlook: Stable

CRISIL believes that JRM will continue to benefit over the medium term
from its partners' extensive experience in the rice industry. However,
the firm's financial risk profile will remain constrained by its
working-capital-intensive operations. The outlook may be revised to
'Positive' if JRM reports a significant improvement in its financial
risk profile because of capital infusion or improvement in its scale
of operations. Conversely, the outlook may be revised to 'Negative' if
the firm's financial risk profile weakens, driven by a significant
increase in its inventory leading to large incremental bank
borrowings, or if the firm undertakes a significant debt-funded
capital expenditure programme.

Update

JRM reported moderate growth in sales in 2013-14 (refers to financial
year, April 1 to March 31); the firm's sales increased to INR521
million from INR457 million in 2012-13, supported by an increase in
selling prices and sales volumes. JRM's operating margin improved to
4.7 per cent in 2013-14 from 4.7 per cent in 2012-13. CRISIL believes
that JRM will continue to report moderate growth in sales and a stable
operating margin over the medium term. The firm does not intend to
expand its production capacity over the medium term.

JRM's financial risk profile remains constrained by its large working
capital requirements, marked by gross current assets of 204 days.
Consequently, the firm reported a high gearing and weak debt
protection metrics. Its adjusted gearing was 5.59 times as on March
31, 2014. The interest coverage and net cash accruals to total debt
ratios were 1.28 times and 0.03 times, respectively, for 2013-14.
JRM's net worth was INR32.8 million as on March 31, 2014.

The firm's liquidity remains stretched with bank limit utilisation of
77 per cent for the 12 months through March 2014, which peaked to
average utilisation of 98 per cent during the 5-month period from
November 2013 to March 2014 due to the seasonal nature of the
business. Although the firm's annual cash accruals of INR4.8 million
were sufficient to meet debt obligations of INR2.4 million in 2013-14,
they remain low.

For 2013-14, JRM reported a book profit of INR1.3 million on net sales
of INR521 million, against a book profit of INR2.2 million on net
sales of INR457.4 million for 2012-13.
About the Firm

JRM was established in 2001 as a proprietorship firm by Mr. Ganesh
Dass Garg. It undertakes rice milling and rice shelling at its plant
in Tarori (Haryana). JRM was reconstituted as a partnership firm on
April 1, 2012, with Mr. Ganesh Dass Garg and Mr. Assem Garg as
partners.


JALSA BANQUETS: CRISIL Assigns B+ Rating to INR57.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank facility
of Jalsa Banquets Pvt Ltd.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Term Loan             57.5         CRISIL B+/Stable

The rating reflects JBPL's average financial risk profile marked by
leveraged capital structure, the geographical concentration in its
revenue profile, and its susceptibility to cyclicality in the
hospitality industry. These rating weaknesses are partially offset by
the company's established market position and its promoters' industry
experience.

Outlook: Stable

CRISIL believes that JBPL will continue to benefit over the medium
term from its established market position. The outlook may be revised
to 'Positive' if the company reports significant improvement in
average room rate (ARR) and occupancy rate, leading to substantial
cash accruals, or in case of equity infusion leading to significant
improvement in its financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of low occupancy or ARR, adversely
impacting JBPL's cash accruals and leading to pressure on its
liquidity.

Incorporated in 2009, JBPL is promoted by the Indore (Madhya
Pradesh)-based Kakkar and Juneja families. The company owns and
operates marriage lawns and banquet hall near Indore, and organises
social as well as corporate events targeting the luxury segment.

JBPL reported a net profit of INR2.82 million on net sales of INR25.5
million for 2013-14 (refers to financial year, April 1 to March 31),
against a loss of INR2.78 million on net sales of INR16.05 million for
2012-13.


K.N. SRINIVASA: CRISIL Assigns B Rating to INR90MM Overdraft Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of K.N. Srinivasa (KNS).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           5          CRISIL A4
   Overdraft Facility      90          CRISIL B/Stable

The ratings reflect KNS' below-average financial risk profile; marked
by average capital structure and its stretched liquidity, caused by
stretched receivables from government authorities. The ratings also
factor in firm's small scale of operation in highly fragmented civil
construction industry and its exposure to tender driven business.
These rating weaknesses are partially offset by proprietor's extensive
experience in the industry along with his funding support.

Outlook: Stable

CRISIL believes that KNS will continue to benefit over the medium term
from its proprietor's extensive experience in the civil construction
industry. The outlook may be revised to 'Positive' in case of
improvement in the firm's financial risk profile especially liquidity,
because of timely receipt of payments from customers, or because of
higher infusion of fresh funds by the proprietor. The outlook may be
revised to 'Negative' in case of further deterioration in KNS's
liquidity, most likely because of further delays in receiving payments
from customers.

KNS was established in 1987 as a proprietorship firm by Mr. K.N.
Srinivasa. Since its inception, the firm has been engaged in
undertaking contracts in civil construction field, primarily
construction of roads and water drainage systems for state government
agencies.


LAILA SUGARS: CRISIL Reaffirms B Rating on INR1.30BB Cash Credit
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Laila Sugars Pvt
Ltd (LSPL) continues to reflect its below-average financial risk
profile, marked by high gearing and weak debt protection metrics. The
rating also factors in the company's exposure to risks related to the
adverse impact of changes in government regulations, and cyclical
demand in the sugar industry. These rating weaknesses are partially
offset by LSPL's moderate business risk profile supported by the
promoter's extensive experience in the sugar industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit          1,300       CRISIL B/Stable (Reaffirmed)
   Long Term Loan         165       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     235       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LSPL will continue to benefit over the medium
term, from the promoter's extensive industry experience. The outlook
may be revised to 'Positive' if the company's liquidity improves with
prudent working capital management or sizeable cash accruals.
Conversely, the outlook may be revised to 'Negative' if LSPL records a
steep decline in its profitability or deterioration in its capital
structure because of sizeable working capital requirements or
debt-funded capital expenditure (capex).

Update

With an increase in capacity utilisation, LSPL reported operating
revenue of INR1.28 billion for 2013-14 (refers to financial year,
April 1 to March 31) as compared to INR1.08 billion in 2012-13. The
company's operating profitability improved to around 22.5 per cent in
2013-14 vis-a-vis 9.3 per cent in 2012-13, with enhanced sale
realisations and recovery rates. The company is likely to sustain its
healthy operating profitability, over the medium term.

LSPL's working capital requirements are expected to be large, with
gross current assets (GCAs) exceeding 590 days through 2013-14, as
indicated by large inventory of around 440 days through 2013-14. The
company has stretched liquidity, with cash accruals of INR28 million
for 2013-14, as compared to term debt obligations of around INR6.7
million. LSPL's cash accruals could range from INR70 million to INR75
million, closely matching its debt obligations of INR75 million, over
the medium term. The company's stretched liquidity is supported by
moderate utilisation of its cash credit limits of INR1.3 billion, at
86 per cent on average for 2013-14. LSPL does not have any significant
capex over the medium term. However, the company's financial risk
profile remains below average, with gearing exceeding 4 times, as on
March 31, 2014. Moreover, the debt protection metrics could be average
with its interest coverage and net cash accruals to debt ratios at 1.2
times and 0.02 times, respectively, for 2013-14.

Incorporated in Vijayawada (Andhra Pradesh) in 2009, LSPL manufactures
sugar and its by-products, molasses, bagasse, and press mud. LSPL is a
part of the Laila group of companies having diverse business
interests, including sugar, paper, nutraceuticals, herbals, and
educational institutions.

LSPL reported a profit after tax (PAT) of INR2 million on an operating
income of INR1.28 billion for 2013-14, as compared to a net loss of
INR12.9 million on operating income of INR1.08 billion for 2012-13.


MACEDON VINIMAY: CRISIL Reaffirms B Rating on INR50MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Macedon Vinimay Pvt Ltd
continue to reflect MVPL's small scale of, and
working-capital-intensive, operations, and average financial risk
profile, marked by modest net worth, and moderate gearing and debt
protection metrics. These rating weaknesses are partially offset by
the extensive industry experience of MVPL's promoters.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         1         CRISIL A4 (Reaffirmed)
   Cash Credit           50         CRISIL B/Stable (Reaffirmed)
   Letter of Credit       9         CRISIL A4 (Reaffirmed)
   Term Loan             31.7       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MVPL's financial risk profile will remain
constrained over the medium term due its modest accruals
vis-a-vis moderate debt obligations. The outlook may be revised to
'Positive' if the company registers significantly higher-than-expected
accruals. Conversely, the outlook may be revised to 'Negative' in case
of delays in funding support from its promoters or pressure on
profitability or stretch in its working capital cycle, leading to
further weakening in liquidity.

Update

For 2013-14 (refers to financial year, April 1 to March 31), MVPL
registered net sales of around INR174.6 million, a decline from
INR208.5 million a year ago. The revenue de-growth was mainly on
account of reduction in orders from its main customer, Indian Railways
(contributed more than 60 per cent of revenue in 2012-13). The
company's operating profitability has, however, remained stable at 9
per cent as on March 31, 2014, and is expected to remain at similar
levels over the medium term. MVPL has working-capital-intensive
operations, primarily because of large inventory of 187 days as on
March 31, 2014. Inventory has increased compared to 111 days in the
previous year on account of piling up of inventory resulting from
reduction in orders in 2012-13. As a result, the company's gross
current assets increased to 365 days as on March 31, 2014, from 271
days in the previous year.

MVPL's financial risk profile remains average, with modest net worth
and moderate gearing and debt protection metrics. The company's
gearing was 1.88 times as on March 31, 2014, mainly due to its modest
net worth of INR74.5 million. Net worth has remained modest due to low
accretions to reserves. MVPL has stretched liquidity. For 2013-14, it
registered cash accruals of INR9 million. However, the company's term
debt of INR8.8 million has been repaid largely from its bank lines of
INR50 million, which remained utilised at an average of 97 per cent
through 2013-14. Over the medium term, its cash accruals are expected
to be in the range of INR9 million to INR10 million against which its
term debt repayments are INR11 million.

MVPL reported a profit after tax (PAT) of INR0.5 million on net sales
of INR174.6 million for 2013-14, as against a PAT of INR2.2 million on
net sales of INR208.5 million for 2012-13.

Promoted by members of the Dhanuka family in Kolkata (West Bengal) in
1995, MVPL manufactures fibre-reinforced plastic (FRP)-based products
primarily for the Indian Railways and the power industries.


MULTIDESIGNS INFRAWORKS: CRISIL Cuts INR55M Cash Loan Rating to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities of
Multidesigns Infraworks Pvt Ltd to 'CRISIL D' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            55         CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects weakening in MIPL's liquidity, resulting
in the company's fund-based limit remaining continuously overutilised
for more than 30 days. Its liquidity has deteriorated mainly due to
unprecedented stretch in its working capital cycle.

MIPL also has modest scale of, and working-capital-intensive,
operations; the company has a weak financial risk profile, marked by a
modest net worth, high gearing, and inadequate debt protection
metrics. The company, however, continues to benefit from the extensive
experience of its promoters in the civil construction industry.

MIPL, incorporated in 2011, is engaged in civil construction
activities such as construction of tunnels, laying of pipes, and other
activities related to irrigation. The company's promoters, Mr. Anil
Amencheria, Mr. Haleem, and Mr. Raju Palani, oversee its day-to-day
operations.


RAKESH FOLDING: CRISIL Assigns 'B' Rating to INR55MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank
facilities of Rakesh Folding Works.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              13         CRISIL B/Stable
   Cash Credit            55         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      2         CRISIL B/Stable

The rating reflects RFW's modest scale of operations in the highly
competitive textile processing industry, and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters.

Outlook: Stable

CRISIL believes that RFW will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm significantly improves its scale of
operations and working capital cycle, leading to a substantial
increase in its cash accruals. Conversely, the outlook maybe revised
to 'Negative' if RFW undertakes a large debt-funded capital
expenditure programme or reports lower-than-anticipated profitability,
resulting in weakening of its financial risk profile.

RFW was established in 1998 by Mr. Rakesh Koyani. The firm is engaged
in dying, bleaching, and printing of grey fabric. It has a total
processing capacity of 12 million metres of cloth per annum.


REGALE BASMATI: CRISIL Suspends B+ Rating on INR150MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Regale
Basmati India Ltd.

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

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

RBIL is engaged in the export of parboiled basmati rice (including
PUSA and 1121 variety) to Middle-East countries. The company was
incorporated in 2000 with the name Shailesh Properties Ltd, to
undertake trading in real estate. However, the company did not have
any significant operations till 2010-11 (refers to financial year,
April 1 to March 31). In October 2012, the company's name was changed
to RBIL, and it started exporting parboiled basmati rice. The company
does not own any processing facilities and outsources the milling to a
third party company. The company is based out of its office in
Kotkapura (Punjab).


SHARAD COTTON: CRISIL Suspends B Rating on INR44MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sharad
Cotton Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            44        CRISIL B/Stable Suspended
   Long Term Loan         16        CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by SCPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SCPL is yet to
provide adequate information to enable CRISIL to assess SCPL'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 April 2011, SCPL commenced operations in December 2011. The
company is engaged in ginning and pressing of raw cotton and selling
cotton lint and cotton seeds. SCPL is promoted by Mr. Sharad
Gulabchand and his family members.


SHRI KRISHNA: CRISIL Places B+ Rating on INR47.8MM Overdraft Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shri Krishna Exports UDUPI (SKE).

                          Amount
   Facilities            (INR Mln)       Ratings
   ----------            ---------       -------
   Overdraft Facility       47.8         CRISIL B+/Stable
   Term Loan                18.1         CRISIL B+/Stable

The rating reflect the extensive experience of SKE's proprietor in the
cashew-processing business and its efficient working capital
management. These rating strengths are partially offset by SKE's
modest scale of operations, susceptibility of its operating
profitability to volatility in raw material prices, and its
below-average financial risk profile marked by high external
indebtedness.

Outlook: Stable

CRISIL believes that SKE will continue to benefit from the
proprietors' extensive industry experience. The outlook may be revised
to 'Positive' if the firm records considerable increase in revenue
while maintaining its profitability margins resulting in overall
improvement in its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the firm's financial risk profile weakens
caused by decline in its cash accruals or deterioration in its working
capital management or in case of significant withdrawal by the
partners thereby resulting in deterioration of the liquidity position.

Set up as a proprietorship firm in 2007 by Mr. Santhosh Kumar, SKE
sells cashew kernels and raw cashew nuts in the domestic markets. The
firm operates a processing facility near Udupi, Karnataka.

SKE, provisionally, reported profit after tax (PAT) of INR2.1 million
on operating income of INR125 million for 2013-14 (refers to financial
year, April 1 to March 31) as against PAT of INR2.7 million on net
sales of INR83.1 million in 2012-13.


SHUBHLAXMI CASTING: CRISIL Reaffirms INR140MM Cash Loan Rating B+
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shubhlaxmi Casting Private
Limited (SCPL; part of the Agarwal group) continue to reflect the
Agarwal group's modest financial risk profile, marked by high gearing
and weak debt protection metrics, and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of the group's promoters in the steel industry
and the integrated nature of its operations.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          3        CRISIL A4 (Reaffirmed)
   Cash Credit           140        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       30        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     15        CRISIL B+/Stable (Reaffirmed)
   Term Loan              36.3      CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SCPL, Vivek Steelco Private Limited, Anjani
Re-Rolling Mills Pvt Ltd, Arjun Alloys, and VS Multimetal Pvt Ltd.
This is because all these entities, together referred to as the
Agarwal group, have the same promoters and management and significant
intra-group transactions.

Outlook: Stable

CRISIL believes that the Agarwal group will continue to benefit over
the medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the group
significantly improves its financial risk profile, particularly its
liquidity, backed by equity infusion or a sizeable increase in
profitability, leading to larger-than-expected accretion to reserves.
Conversely, the outlook may be revised to 'Negative' if the Agarwal
group's profitability or scale of operations declines significantly;
or if its working capital cycle increases; or if it undertakes a large
debt-funded capital expenditure (capex) programme, thereby weakening
its financial risk profile.

Update

The Agarwal group is estimated to have achieved a year-on-year revenue
growth of around 21 per cent to INR3,522 million in 2013-14 (refers to
financial year, April 1 to March 31), primarily driven by launch of
new stainless steel products, which contributed 25 to 30 per cent of
its total revenue. The group's operating profitability is estimated to
have declined marginally by 20 basis points to 5.1 per cent in
2013-14, due to competitive pricing of the new products; its overall
accruals too are estimated to have declined to INR51.6 million in
2013-14 from INR59.5 million in 2012-13. CRISIL expects the group's
revenue to increase by around 15 per cent in 2014-15.

The Agarwal group's working capital requirements remain large, with
gross current assets of about 170 days as on March 31, 2014. This has
resulted in full utilisation of its bank limits with instances of
overdrawn limits.

The group's capital structure is estimated to have remained
aggressive, with its gearing increasing marginally to 2.5 times as on
March 31, 2014, from around 2.3 times as on March 31, 2013, due to
increase in working capital debt. Its debt protection metrics are
estimated to have remained weak, with interest coverage and net cash
accruals to total debt ratios at 1.4 times and 0.05 times,
respectively, in 2013-14. The group's net worth is estimated at INR436
million as on March 31, 2014. However, CRISIL believes that the group
will sustain its financial risk profile backed by steady accretion to
reserves, low incremental working capital requirements, and absence of
any capex plans.

SCPL has induction furnace units at its manufacturing unit at
Changodar (Gujarat). The company is part of the Agarwal group, which
has been manufacturing various steel products since 1972. Mr. Suresh B
Agarwal is the chairman of the group. The other entities in the
Agarwal group VSPL, AA, ARMPL, and VSMPL are also engaged in similar
businesses. While, AA has induction furnace units, VSPL, ARMPL, and
VSMPL have rolling mills.

SCPL provisionally reported a net profit of INR6.62 million on net
sales of INR1014 million in 2013-14 against a net profit of INR5.60
million on net sales of INR1108.3 million in 2012-13.

VSPL provisionally reported a net profit of INR10.95 million on net
sales of INR983.3 million in 2013-14 against a net profit of INR 8.99
million on net sales of INR947 million in 2012-13.

AA provisionally reported a net profit of INR4.46 million on net sales
of INR906.4 million in 2013-14 against a net profit of INR4.18 million
on net sales of INR809.7 million in 2012-13.

ARMPL provisionally reported a net profit of INR2.76 million on net
sales of INR432.1 million in 2013-14 against a net profit of INR1.56
million on net sales of INR255.5 million in 2012-13.

VSMPL provisionally reported a net profit of INR6.28 million on net
sales of INR814.4 million in 2013-14 against a net profit of INR5.25
million on net sales of INR586.2 million in 2012-13.


SRI LAKSHMI: CRISIL Ups Rating on INR157.5MM Loan to 'B+'
---------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Sri Lakshmi Saraswathi Textiles (ARNI) Ltd (SLST) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             62.5        CRISIL B+/Stable (Upgraded
                                       from 'CRISIL D')

   Export Bill Purchase    20          CRISIL A4 (Upgraded
   Discounting                         from 'CRISIL D')

   Letter Of Guarantee     15          CRISIL A4 (Upgraded
                                       from 'CRISIL D')

   Letter of Credit        30          CRISIL A4 (Upgraded
                                       from 'CRISIL D')

   Packing Credit          10          CRISIL A4 (Upgraded
                                       from 'CRISIL D')

   Proposed Long Term     157.5        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                   from 'CRISIL D')

The rating upgrade reflects CRISIL's belief that SLST will sustain its
improved liquidity over the medium term, driven by moderate cash
accruals and absence of term loan obligations. The company repaid its
entire term loan in 2013-14 (refers to financial year, April 1 to
March 31). It is likely to generate cash accruals of more than INR25
million over the medium term. Though its bank limits were utilised
extensively to meet its working capital requirements, CRISIL believes
that SLST's liquidity will remain adequate on the back of steady cash
accruals supported by stable revenue and moderate profitability over
the medium term. Furthermore, the company does not plan any
debt-funded capital expenditure (capex) over the medium term,
supporting its liquidity.

The ratings reflect the susceptibility of SLST's operating margin to
volatility in raw material prices and intense competition in cotton
yarn manufacturing industry. These rating weaknesses are partially
offset by SLST's above-average financial risk profile and established
track record in manufacturing cotton yarn.

Outlook: Stable

CRISIL believes that SLST will benefit over the medium term from its
promoters' extensive experience and established track record in the
cotton yarn industry. The outlook may be revised to 'Positive' if the
company records considerable increase in revenue and profitability,
resulting in sustained improvement in its cash accruals while
maintaining its capital structure. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-expected cash accruals or
larger-than-expected debt-funded capital expenditure or working
capital requirement, weakening the company's credit risk profile.

SLST, set up in 1964 and based in Chennai (Tamil Nadu), manufactures
cotton yarn. The company was promoted by Mr. R Srihari, his son Mr. S
Balakrishna, and nephew Mr. R Padmanaban.


SVASCA INDUSTRIES: CRISIL Reaffirms B Rating on INR130M Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Svasca Industries (India)
Ltd continue to reflect SIL's working-capital-intensive operations,
weak financial risk profile, marked by high gearing and weak debt
protection metrics, and small scale of operations in the fragmented
transformer industry. These rating weaknesses are partially offset by
the extensive industry experience of SIL's promoter.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         85         CRISIL A4 (Reaffirmed)
   Cash Credit           130         CRISIL B/Stable (Reaffirmed)
   Letter of Credit       75         CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SIL will continue to benefit over the medium term
from its promoter's extensive experience in the transformer industry.
The company's financial risk profile, particularly its liquidity, is,
however, expected to remain weak over the medium term because of its
working-capital-intensive operations. The outlook may be revised to
'Positive' if the company's working capital management improves,
leading to significant improvement in its liquidity. Conversely, the
outlook may be revised to 'Negative' if SIL's financial risk profile,
particularly its liquidity, deteriorates, most likely because of
lower-than-expected cash accruals or large debt-funded capital
expenditure.

Update

SIL's revenue has marginally declined by 5 per cent year-on-year to
around INR390 million in 2013-14 (refers to financial year, April 1 to
March 31); the moderation in  revenue was mainly driven by the overall
slowdown in the transformer industry. The company's operating margin
has increased by around 320 basis points to the earlier level 9.23 per
cent in 2013-14 due to a decline in material and employee costs; the
margin is expected to remain at 8 to 9 per cent over the medium term.
SIL's topline is expected to grow at a moderate rate of 15 to 20 per
cent over this period, driven by its healthy order book, coupled with
the shift in its customer profile to private players such as Larsen &
Toubro Ltd (rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+'), Powertech
Engineers, Kashmiri Lal Construction, others, from state electricity
boards; this will lead to an overall improvement in the company's
business risk profile.

SIL's operations are highly working capital intensive as reflected in
its gross current assets (GCAs) of around 355 days as on March 31,
2014; the GCAs have been at similar levels in the past. The high GCA
days were driven by the company's inventory of 158 days and
receivables cycle of 140 days. As a result, its average bank limit
utilisation has been high at around 99 per cent during the 12 months
through June 2014. Also, SIL's net worth remained small at around
INR70 million as on March 31, 2014. The company has sizeable debt on
its books contracted for funding its working capital requirements;
this, coupled with its small net worth has resulted in high gearing of
around 2.77 times as on March 31, 2014.

SIL was incorporated in 1996, promoted by Mr. Shyam Tayal. It
manufactures transformers and transformer components at its facilities
in Rudrapur (Uttarakhand) and Faridabad (Haryana). The company
manufactures both power and distribution transformers ranging from 6.3
kilovolt amperes to 20 megavolt amperes.


V.S. MULTIMETAL: CRISIL Reaffirms B+ Rating on INR140M Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of V.S. Multimetal Private
Limited (VSMPL; part of the Agarwal group) continue to reflect the
Agarwal group's modest financial risk profile, marked by high gearing
and weak debt protection metrics, and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of the group's promoters in the steel industry
and the integrated nature of its operations.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           140        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.8      CRISIL B+/Stable (Reaffirmed)

   Term Loan              68.2      CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VSMPL, Vivek Steelco Private Limited
(VSPL), Shubhlaxmi Casting Private Limited (SCPL), Arjun Alloys (AA),
and Anjani Re-Rolling Mills Private Limited (ARMPL). This is because
all these entities, together referred to as the Agarwal group, have
the same promoters and management and significant intra-group
transactions.

Outlook: Stable

CRISIL believes that the Agarwal group will continue to benefit over
the medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the group
significantly improves its financial risk profile, particularly its
liquidity, backed by equity infusion or a sizeable increase in
profitability, leading to larger-than-expected accretion to reserves.
Conversely, the outlook may be revised to 'Negative' if the Agarwal
group's profitability or scale of operations declines significantly;
or if its working capital cycle increases; or if it undertakes a large
debt-funded capital expenditure (capex) programme, thereby weakening
its financial risk profile.

Update

The Agarwal group is estimated to have achieved a year-on-year revenue
growth of around 21 per cent to INR3,522 million in 2013-14 (refers to
financial year, April 1 to March 31), primarily driven by launch of
new stainless steel products, which contributed 25 to 30 per cent of
its total revenue. The group's operating profitability is estimated to
have declined marginally by 20 basis points to 5.1 per cent in
2013-14, due to competitive pricing of the new products; its overall
accruals too are estimated to have declined to INR51.6 million in
2013-14 from INR59.5 million in 2012-13. CRISIL expects the group's
revenue to increase by around 15 per cent in 2014-15.

The Agarwal group's working capital requirements remain large, with
gross current assets of about 170 days as on March 31, 2014. This has
resulted in full utilisation of its bank limits with instances of
overdrawn limits.

The group's capital structure is estimated to have remained
aggressive, with its gearing increasing marginally to 2.5 times as on
March 31, 2014, from around 2.3 times as on March 31, 2013, due to
increase in working capital debt. Its debt protection metrics are
estimated to have remained weak, with interest coverage and net cash
accruals to total debt ratios at 1.4 times and 0.05 times,
respectively, in 2013-14. The group's net worth is estimated at INR436
million as on March 31, 2014. However, CRISIL believes that the group
will sustain its financial risk profile backed by steady accretion to
reserves, low incremental working capital requirements, and absence of
any capex plans.

VSMPL manufactures various mild steel, alloy steel, and stainless
steel products. Its rolling mill unit is at Changodar (Gujarat). The
company is part of the Agarwal group, which has been manufacturing
various steel products since 1972. Mr. Suresh B Agarwal is the
chairman of the group. The other entities in the Agarwal group 'VSPL,
SCPL, ARMPL, and AA' are also engaged in similar businesses. While,
ARMPL and VSPL have rolling mills, SCPL and AA have induction furnace
units.

VSMPL provisionally reported a net profit of INR6.28 million on net
sales of INR814.4 million in 2013-14 against a net profit of INR5.25
million on net sales of INR586.2 million in 2012-13.

ARMPL provisionally reported a net profit of INR2.76 million on net
sales of INR432.1 million in 2013-14 against a net profit of INR1.56
million on net sales of INR255.5 million in 2012-13.

SCPL provisionally reported a net profit of INR6.62 million on net
sales of INR1014 million in 2013-14 against a net profit of INR5.60
million on net sales of INR1108.3 million in 2012-13.

VSPL provisionally reported a net profit of INR10.95 million on net
sales of INR983.3 million in 2013-14 against a net profit of INR 8.99
million on net sales of INR947 million in 2012-13.

AA provisionally reported a net profit of INR4.46 million on net sales
of INR906.4 million in 2013-14 against a net profit of INR4.18 million
on net sales of INR809.7 million in 2012-13.


VILTAN'S POLYPLAST: CRISIL Assigns B+ Rating to INR21.7MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Viltan's Polyplast (VP).

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Term Loan                 21.7      CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility         1.3      CRISIL B+/Stable

   Letter of Credit          10.0      CRISIL A4

   Foreign Exchange Forward   1.5      CRISIL A4

   Bank Guarantee             0.5      CRISIL A4

   Cash Credit               40.0      CRISIL B+/Stable

The ratings reflect VP's below-average financial risk profile, marked
by a small net worth, weak capital structure, and average debt
protection metrics. The ratings also factor in the firm's small scale
of, and working-capital-intensive, operations. These rating weaknesses
are partially offset by the benefits that VP derives from its
promoters' extensive experience in the packaging industry, and its
established relationship with its suppliers and customers.

Outlook: Stable

CRISIL believes that VP will continue to benefit over the medium term
from the extensive experience of its promoters in the packaging
industry. The outlook may be revised to 'Positive' in case of
significant and sustained increase in the firm's scale of operations
and cash accruals, while it improves its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile, especially liquidity, deteriorates because of
pressure on its profitability, deterioration in its working capital
cycle, or if the firm undertakes a large capital expenditure
programme.

VP was set up in 1977 as a partnership firm by Mr. Parimal Davda, his
wife, Mrs. Meeta Davda, and their sons, Mr. Ruchir Davda and Mr.
Punnet Davda. The firm manufactures monolayer flexible packaging
materials such as polypropylene, high-density polypropylene, and
low-density polypropylene which find application in packaging of food
grains, fertilisers, and pharmaceutical products.



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


JCREF CMBS 2007-1: S&P Lowers Rating on Class E Notes to CC (sf)
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC (sf)' from 'CCC-
(sf)' its rating on the class E floating-rate notes issued under the
Japan Commercial Real Estate Funding CMBS 2007-1 G.K. (JCREF CMBS
2007-1) transaction.

The servicer has completed the sales of the properties backing the
transaction's underlying loans and specified bonds (hereafter,
collectively referred to as "loans").  However, the outstanding
principal on the loans exceeded the amount collected through the
property sales and, as a result, the loans have incurred a principal
loss.

The downgrade reflects S&P's expectation that class E--the
transaction's most subordinate class--will incur a loss even if the
entire retained cash reserve available to redeem this class is
applied.  S&P intends to lower to 'D (sf)' its rating on class E when
it confirms that this class realizes a loss.

JCREF CMBS 2007-1 is a multiborrower commercial mortgage-backed
securities (CMBS) transaction.  Nine loans originally secured the
notes, and 56 real estate properties and real estate trust
certificates initially backed the loans.  Barclays Securities Japan
Ltd. (formerly, Barclays Capital Japan Ltd.) arranged the transaction,
and Premier Asset Management Co. acts as the servicer.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit
rating relating to an asset-backed security as defined in the Rule, to
include a description of the representations, warranties and
enforcement mechanisms available to investors and a description of how
they differ from the representations, warranties and enforcement
mechanisms in issuances of similar securities.  The Rule applies to
in-scope securities initially rated (including preliminary ratings) on
or after Sept. 26, 2011.

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

            http://standardandpoorsdisclosure-17g7.com

RATING LOWERED

Japan Commercial Real Estate Funding CMBS 2007-1 G.K.
JPY58.2 billion commercial mortgage-backed floating rate notes due Dec. 2015

Class     To          From            Initial issue amount Coupon
E         CC (sf)     CCC- (sf)       JPY2.7 bil. Floating rate



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


SUMMERFRUIT ORCHARDS: Goes Into Receivership
--------------------------------------------
Lynda van Kempen at The Otago Daily Times reports that Summerfruit
Orchards Ltd, one of Central Otago's biggest stonefruit operations,
has gone into receivership.

The report says Summerfruit Orchards' orchard and packhouse at
Earnscleugh, 3km south of Clyde, is for sale by tender after the
company went into receivership earlier this month.

The 201.1ha property is in two titles, with about 50ha planted in
fruit trees -- 26ha of apricots, 21ha of cherries, 1.4ha of nectarines
and 1.25ha of peaches, the report relates.

The Otago Daily Times says the business employed between 10 and 15
permanent staff and more than 300 seasonal workers at the harvest
peak.

Summerfruit's website said the business started operation in 1986,
focusing mostly on producing export cherries, apricots, nectarines and
apples.

Director Earnscy Weaver, of Alexandra, declined to comment on
September 29 other than confirming the company was in receivership and
referred the ODT to majority shareholder Ingrid Hofma, of Auckland.

Ms. Hofma has more than 55% of the 2,529,095 shares, ODT discloses
citing the New Zealand Companies website.

Ms. Hofma also declined to comment, referring the ODT to the receivers.

Receiver Colin Gower, of BDO Christchurch, on September 29 failed to
respond to an emailed list of questions, according to ODT.



=====================
P H I L I P P I N E S
=====================


FIL-AGRO RURAL BANK: Placed Under PDIC Receivership
---------------------------------------------------
The Monetary Board (MB) placed the Fil-Agro Rural Bank, Inc. under the
receivership of the Philippine Deposit Insurance Corporation (PDIC) by
virtue of MB Resolution No. 1486 dated September 25, 2014. As
Receiver, PDIC took over the bank on September 26, 2014.

Fil-Agro Rural Bank is a four-unit rural bank with Head Office located
along McArthur Highway, Poblacion II, in Marilao, Bulacan. Its
branches are located in Calumpit, San Jose Del Monte and Santa Maria,
all in Bulacan. Latest available records show that as of June 30,
2014, Fil-Agro Rural Bank had 2,926 accounts with total deposit
liabilities of PHP52.1 million. A total of 2,920 deposit accounts or
99.8% of the accounts have balances of PHP500,000 or less and are
fully covered by deposit insurance. Estimated total insured deposits
amounted to PHP51.7 million or 99.3% of the total deposits.

PDIC said that upon takeover, all bank records shall be gathered,
verified and validated. The state deposit insurer assured depositors
that all valid deposits shall be paid up to the maximum deposit
insurance coverage of PHP500,000.00.

The PDIC also announced that it will conduct the Depositors-Borrowers
Forum from October 3-6, 2014 to inform depositors of the requirements
and procedures for filing deposit insurance claims. Claim forms will
be distributed during the Forum. The schedule and venue of the Forum
will be posted at the bank premises and in the PDIC website,
www.pdic.gov.ph. The claim forms and the requirements and procedures
for filing are likewise available for downloading from the PDIC
website.

According to the latest Bank Information Sheet (BIS) as of
June 30, 2014 filed by the Fi-Agro Rural Bank with the PDIC, the bank
is owned by Nestor S. Custodio (34.15%), Ligas Kooperatiba Ng Bayan Sa
Pagpapaunlad (34.15%), Eddie U. Bolina (33.28%), Cooperative Insurance
System of the Philippines (16.48%) and Francisco S. Tan (2.00%). Its
Chairman is Eddie U. Bolina and its President is Daryl G. Liangco.



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


MYTRAH ENERGY: Moody's Assigns (P)B1 Rating on New USD Sr. Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1 rating to
the proposed 5-year USD senior notes of Mytrah Energy (Singapore) Pte
Ltd (Mytrah Singapore).

The rating outlook is stable.

The provisional status of the rating will be removed upon completion
of the transaction under satisfactory terms.

The rating would come under pressure if the proposed issuance was not
completed or if the terms and conditions differed materially from
Moody's expectations.

Mytrah Singapore will ultimately use the proceeds to extend an Indian
rupee-denominated loan to the restricted group, which comprises Mytrah
Singapore and the restricted subsidiaries domiciled in India.

The restricted subsidiaries include Bindu Vayu Urja Private Limited;
Mytrah Vayu (Pennar) Private Limited; Mytrah Vayu Urja Private
Limited; Mytrah Vayu (Krishna) Private Limited; and Mytrah Vayu
(Manjira) Private Limited. They are all unrated.

Specifically, the proceeds will be used to (1) refinance the
restricted group's existing project debt; (2) satisfy debt obligations
and commitments to its intermediate parent, Mytrah Energy (India)
Limited (MEIL, unrated); and (3) raise funds for general corporate
purposes.

Ratings Rationale

"The (P)B1 rating reflects the improving financial profile of the
restricted group, underpinned in turn by the group's commissioning of
new wind power plants in 2014 amid favorable industry dynamics, and
its degree of geographic and offtaker diversification," says Mic Kang,
a Moody's Vice President and Senior Analyst.

"However, the rating is tempered by the restricted group's narrow
financial cushion against its exposure to the inherent risk in wind
resources, the weak financial profiles of its major offtakers, and
refinancing risk. Mytrah Singapore is also exposed to foreign exchange
risk as its USD notes are secured by payments from loans to the
restricted group, which are denominated in Indian rupee," adds Kang.

Moody's expects the restricted group's combined funds from operations
(FFO)/debt to improve to 5% to 7% over the next 12-18 months from
below 3.0% in 2013-14.

Its debt servicing coverage ratio (DSCR) -- defined as its
pre-interest cash flow from operations divided by the sum of the
principal and interest -- will likely improve to 1.3x to1.6x from less
than 1.0x over the same period.

These levels are in line with a B1 rating.

Unlike the restricted subsidiaries, Mytrah Singapore's debt servicing
capability is exposed to foreign currency risk at maturity, because
the terms under the USD notes require it to hedge a minimum 50% of the
principal. The full coupon amount is hedged.

In addition, the USD notes will not be guaranteed by the restricted
subsidiaries.

However, Moody's believes that the credit quality of Mytrah Singapore
will remain close to that of the restricted subsidiaries.

This is because the presence of MEL's guarantee will likely lead the
parent to utilize cash resources at the restricted subsidiaries as
much as possible to ensure the viability of Mytrah Singapore.

With the proceeds from the USD notes issuance, Mytrah Singapore will
initially subscribe to the rupee bonds, while the restricted
subsidiaries are obligated to make appropriate payments to Mytrah
Singapore under the proposed rupee bond issuance.

Moody's believes the restricted group's credit quality will not be
constrained by that of its intermediate parent and the parent
guarantor, which are MEIL and Mytrah Energy Limited (unrated),
respectively.

Moody's notes that the parents' overall credit profiles are not as
strong as the restricted group's credit profile.

This view is based on the presence of structural benefit -- under the
terms of the proposed USD notes -- which will likely mitigate concerns
over potential material cash leakage to the parents.

In addition, the parents will likely show a strong commitment to
avoiding a material deterioration of the restricted group's credit
profile, given its importance as a backbone asset to the parents.

The stable outlook reflects Moody's expectation that the restricted
group will improve its combined financial profile over the next 12-18
months.

This expectation is based on the increasing contributions from newly
commissioned wind power plants; the favorable industry dynamics
surrounding wind power generation; the consideration that the
structural benefit -- under the terms of the USD notes -- will remain
intact; and the assumption that Mytrah Singapore will substantially
mitigate its exposure to foreign currency risk through hedging.

Upward pressure on the notes' rating is unlikely over the next 12-18
months due to three factors.

First, there is Mytrah Singapore's exposure to foreign exchange risk
because of its 50% unhedged principal.

Second, there is the restricted group's limited financial cushion
against the risk inherent in wind power resources.

And third, there is the weak financial profiles of its major offtakers.

The rating could be under pressure if the restricted group's combined
FFO/debt is lower than 4%-5% and/or DSCR is below 1.2x-1.3x on a
sustained basis. Such an outcome could be due to substantial
deterioration in its plant load factor and/or the emergence of
material offtaker risk.

In addition, the rating could be downgraded, if the structural benefit
-- under the terms of the notes -- weakens materially.

Furthermore, the rating could come under pressure if Mytrah Singapore
does not take effective measures to reduce exposures to foreign
exchange risk in relation to the unhedged portion of the principal
near maturity.

The lack of a sufficient and timely response to a material
deterioration in the Indian rupee compared with the USD could lead to
a multi-notch rating movement.

The principal methodology used in this rating was Power Generation
Projects published in December 2012.

Mytrah Energy (Singapore) Pte Ltd is a special purpose vehicle, which
was incorporated in Singapore in August 2013 as a wholly owned
subsidiary of Mytrah Energy Limited.

The restricted subsidiaries under the proposed USD notes issuance are
also wholly or majority owned by Mytrah Energy Limited. They operate
wind power plants with a total capacity of 516.5MW and are scheduled
to commission a further 31.6MW between September and December 2014.

Listed on the London-based Alternative Investment Market, Mytrah
Energy Limited is one of the largest wind power companies in India,
with 10 projects across six states in India, comprising Andra Pradesh,
Gujarat, Karnataka, Maharastra, Rajasthan and Tamil Nadu, as of 30
June 2014.



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


WOORI BANK: S&P Ups Rating on US7-Bil. GMTN Program to 'BBB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised to 'BBB-'
from 'BB+' its program ratings on Woori Bank's (Woori; A-/Stable/A-2)
subordinated tranche of US$7 billion global medium-term note (GMTN)
program and its issue rating on the bank's
US$1 billion Basel III Tier 2 subordinated bonds with a fixed coupon
rate of 4.75%, due April 30, 2024.  Woori had drawn down the US$ 1
billion bonds from the US$7 billion GMTN program on
April 30, 2014.

"Our upgrade primarily reflects our view that these Basel III
instruments now face a lower default risk after Korea's financial
regulator recently changed its stance on the nonviability event
trigger.  Due to the change, we now think that a nonviability event
would likely be triggered only if the issuer falls into a negative
net-worth position as seen in Hana Bank's proposed bond issuance on
Sept. 25.  We also note that a nonviability event would only be
triggered if a bank is designated as an "insolvent financial
institution" pursuant to the Act on Structural Improvement of the
Financial Industry," S&P said.

"Our 'BBB-' issue rating is now one notch below Woori's 'bbb'
stand-alone credit profile.  Under our new hybrid capital criteria
published on Sept. 18, 2014, the notching reflects the risk related to
subordination, but it no longer reflects the risk of write-down and
waiver of principal and interest payments upon the occurrence of a
nonviability event due to the change in the regulator's stance on the
nonviability event trigger.  In our view, the change shows that the
regulator has become more willing to support banks and subordinated
creditors," S&P added.

However, based on the existing terms and conditions of the Woori bonds
and the subordinated tranche of GMTN program that S&P has upgraded, it
thinks nonviability could still be triggered even while Woori
maintains a slightly positive net-worth position.  This is because S&P
notes that the existing terms and conditions still include the
issuance of a management improvement order by the Financial Services
Commission, pursuant to Article 36 of the Regulation on Supervision of
Banking Business, as another nonviability trigger.

At the same time, S&P thinks Korean banks -- including Woori -- will
likely receive extraordinary support from the government in a
preemptive manner and at a relatively early stage if they come under
financial stress, based on the government's track record.  S&P also
notes that such preemptive government support would not constitute a
nonviability event in Korea.  These two conditions are included in
S&P's description of exceptional cases in which it do not reflect the
risks of write-down and waiver of principal and interest payments upon
the occurrence of a nonviability event, based on paragraph 90 of S&P's
new hybrid criteria.

Separately, S&P has placed under criteria observation (UCO) Woori's
US$1 billion 6.208% Hybrid Tier I securities with a maturity date of
May 2, 2037, which are under the scope of S&P's criteria.  S&P is
currently reviewing the securities for a possible rating action.  S&P
plans to complete its review before the end of September 2014 and
announce the results to the market via a media release.


* SOUTH KOREA: Corporate Bill Default Rate Soars in August
----------------------------------------------------------
Yonhap News reports that the default rate of corporate bills in South
Korea climbed to the highest level in more than three years in August
due mostly to an increase in default bills of troubled conglomerates,
central bank data showed.

According to Yonhap, the Bank of Korea (BOK) said the default rate of
corporate bills -- bonds, checks and promissory notes -- reached 0.28
percent last month, compared with 0.21 percent in July.  This marks
the highest level since April 2011 when the figure hit 0.29 percent,
the report relays.

The sharp rise was blamed on an increase in default bills of
cash-strapped conglomerates Tong Yang and STX, the central bank
explained, says Yonhap.

Yonhap notes that the monthly data showed that the number of newly
established firms in South Korea hit a snag in August after hitting a
record high in the previous month.

A total of 6,551 companies were established last month, compared with
8,129 in July, according to the data. The July figure was the highest
since the central bank began compiling the data in January 1998,
Yonhap discloses.

"A fewer number of working days in August is one factor behind the
fall. Compared with July, there were three fewer working days.
Usually, 300-400 new companies are set up daily," Yonhap quotes a BOK
official as saying.  "Applications for new firm establishments also
tend to dip in August as people go on summer holidays."

The number of companies that went bankrupt in August totaled 62, down
from 83 the previous month, Yonhap adds.

The data include companies whose current deposit accounts have been
suspended. They do not cover companies that have applied for court
receivership, the report notes.



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


* BOND PRICING: For the Week September 22 to September 26, 2014
---------------------------------------------------------------

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


  AUSTRALIA
  ---------

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


CHINA
-----

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


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

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


KOREA
------

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


MALAYSIA
--------

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


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

KIWI INCOME PROPE    8.95   12/20/14      NZD       1.04


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

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


SINGAPORE
---------

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


THAILAND
--------

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


VIETNAM
-------

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




                             *********

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

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

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


                            *********


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

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

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

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

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



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