TCRAP_Public/141007.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, October 7, 2014, Vol. 17, No. 198


                            Headlines


A U S T R A L I A

BABCOCK & BROWN: Receives AUD113MM in Investors' Claim
DELIVER AUSTRALIA: In Administration; First Meeting Set for Oct 9
NEXUS ENERGY: Seven Group Raises Credit Line to AUD165 Million
SEA EAGLE: In Administration; First Meeting Set For Oct. 10
TECHNOMIN AUSTRALIA: In Administration; First Meeting on Oct. 14


C H I N A

LDK SOLAR: Scheme Creditors Meeting Set for Oct. 16 & 17


I N D I A

AFFORDABLE ROBOTIC: CRISIL Assigns B+ Rating to INR105MM Loan
AGRAWAL SPONGE: CARE Assigns B+ Rating to INR15cr LT Bank Loan
AROMA REALTIES: CRISIL Ups Rating on INR200MM Bank Loan to B+
ARYA INDUSTRIES: CRISIL Assigns B Rating to INR125MM Bank Loan
ATRI INFRASTRUCTURE: CRISIL Ups Rating on INR127MM Loan to B+

BLACKBERRY TILES: CRISIL Assigns B+ Rating to INR65MM Term Loan
CREATIVE YARN: CRISIL Assigns B Rating to INR60MM Cash Credit
EVEREST ORGANICS: CRISIL Assigns B+ Rating to INR64MM Bank Loan
FUTURE AUTOMOBILE: CRISIL Reaffirms B+ Rating on INR75MM Loan
GANGAPUTRA (REGD): CRISIL Reaffirms B Rating on INR187.6MM Loan

GARG CASTEELS: CARE Reaffirms B+ Rating on INR1.31cr Bank Loan
INNOVATION HOUSE: CRISIL Assigns B+ Rating to INR135MM Term Loan
JET GRANITO: CARE Reaffirms B+ Rating on INR17.66cr Bank Loan
K.G.P. GOLD: CARE Assigns B+ Rating to INR9cr Long Term Bank Loan
K.G.P. JEWELLERS: CARE Assigns B+ Rating to INR7.71cr Bank Loan

KUNJ BIHARI: CRISIL Assigns 'B' Rating to INR60MM Cash Credit
L. M. COTEX: CARE Reaffirms 'B' Rating on INR13.79cr Bank Loan
LICHCHHWI FOODS: CRISIL Assigns B Rating to INR60MM Cash Credit
MANISHA TEXTILES: CRISIL Assigns B Rating to INR40MM Cash Loan
MUTHOOT AUTOMOTIVE: CRISIL Cuts Rating on INR50MM Fund Loan to B+

MY CAR: CRISIL Reaffirms 'B+' Rating on INR350MM Cash Credit
NATURAL GOLD: CARE Assigns B Rating to INR9.46cr Bank Loan
PALM HEIGHTS: CARE Assigns B Rating to INR15cr LT Bank Loan
PRAKASHMANI COTTAN: CRISIL Puts B+ Rating on INR40MM Cash Credit
RAJIVA EXPORTS: CARE Assigns 'B+' Rating to INR4cr Bank Loan

RITU LOGISTICS: CARE Assigns 'B+' Rating to INR12.13cr Bank Loan
SHAKTI COTTON: CARE Reaffirms B+ Rating on INR9cr LT Bank Loan
SHRI GANESH: CRISIL Assigns B+ Rating to INR100MM Cash Credit
SKYTOUCH CERAMIC: CRISIL Assigns B+ Rating to INR160MM Term Loan
SMIT TELECOM: CRISIL Assigns B+ Rating to INR62.5MM Cash Credit

SMT. SONAPATTI: CRISIL Rates INR60MM Term Loan at 'B'
SONEERA JEWELLERY: CARE Assigns B Rating to INR15cr Bank Loan
SPINTECH TEXTILE: CARE Assigns B+ Rating to INR10.5cr Bank Loan
SPIRE INDUSTRIES: CRISIL Reaffirms D Rating on INR177.8MM Loan
SUSHIL KUMAR: CRISIL Assigns B Rating to INR50MM Bank Loan

VIRAT SPINNERS: CARE Assigns B+ Rating to INR21.5cr Bank Loan
VIVA VITA: CRISIL Assigns D Rating to INR50MM Long Term Loan
WEST COAST: CRISIL Assigns B Rating to INR40MM Long Term Loan
WHITE BRICKS: CRISIL Assigns B+ Rating to INR145MM Term Loan
WINS INTERNATIONAL: CRISIL Rates INR55MM Bank Loan at 'B'


J A P A N

WESTONE BIT: Facing Bankruptcy After 30 Years of Operation


N E W  Z E A L A N D

* NEW ZEALAND: IRD Insolvency Applications Rise


X X X X X X X X

* BOND PRICING: For the Week Sept. 30 to Oct. 3, 2014


                            - - - - -


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


BABCOCK & BROWN: Receives AUD113MM in Investors' Claim
------------------------------------------------------
Sarah Danckert at The Australian reports that Babcock & Brown has
been slapped with a AUD113.1 million claim by nearly 600
shareholders of the collapsed investment bank in a move that could
see clawback provisions strip noteholders of some of their meagre
payout.

According to the report, the 597 investors are seeking to be
deemed unsecured creditors, which would see them rank ahead of the
subordinated noteholders who have already received a payout of
about AUD6 million.

Clawback provisions, while understood to be unlikely, could also
come out of the claim against the company, which is now in
liquidation, The Australian notes.

The Australian says that so far no equity holders to Babcock &
Brown have been admitted as creditors to the group, which was once
worth more than AUD4 billion before its collapse in
March 2009.  According to The Australian, the claim relies on a
High Court ruling on the 2004 collapse of gold producer Sons of
Gwalia that found shareholders could become creditors to a
collapsed company if it could be shown they were misled by the
company into buying shares.

The Australian relates that the head of litigation funder
Bookarelli, Paul Riik, who previously worked at DC Legal, which
ran a series of class actions, including that for Sons of Gwalia,
said he was confident the claim would succeed.

"We believe the shareholders were misled and their status should
be elevated," the report quotes Mr. Riik as saying. "We are not
after 100c in the dollar, what we're after is a reasonable cents-
in-the-dollar amount."

The Australian notes that the shareholders' claim centres on an
allegation by liquidator David Lombe at Deloitte that the company
was trading while insolvent from November 2008 -- six months
before the group called in administrators. The claim relates to
shareholders who bought shares during November 2008 or after, says
The Australian.

According to the report, Mr. Lombe decided not to pursue those
claims after brokering a settlement with the company's directors,
including on behalf of subordinated noteholders to the company,
following public examinations.

However, Mr. Riik believed Mr. Lombe's opinion Babcock & Brown was
trading while insolvent ahead of its collapse would further their
case, the report relates.

The Australian says the push by the shareholders follows two
earlier requests from Bookarelli on behalf of two separate
tranches of investors to be listed as creditors to the headstock
of the collapsed company. Those two claims cover 178 shareholders
and total AUD27 million.

Deloitte has rejected all three claims, leaving it for
shareholders to appeal against the decision in the Federal Court,
The Australian notes. The first claim by 78 shareholders for
AUD12.1 million was heard by the Federal Court in July and is
awaiting judgment, says The Australian.

"As liquidator I have carefully considered the claims that have
been lodged with me and, based on queens counsel and my
solicitor's advice, all the claims have been rejected," Mr. Lombe
told The Australian.

"In relation to the insolvency matter, the matter is before the
court and I am awaiting the decision in that regard.

"It was agreed between the parties to delay the determination of
these proofs of debt until the outcome of the present preceding is
known."

Headquartered in Sydney, Australia, Babcock & Brown Limited
was a global alternative asset manager specializing in the
origination and management of asset in sectors, where the company
has a franchise and proven track record, and where there are
opportunities to add scale, infrastructure, air operating
leasing and selected real estate.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary
administrators after investors in the company's subordinated
notes listed in New Zealand voted against a special resolution to
restructure the terms of the notes.  Under the special
resolution, the company's equity and subordinated note holders
won't receive any return.  Babcock & Brown appointed David Lombe
and Simon Cathro of Deloitte Touche Tohmatsu as Voluntary
Administrators.

The TCR-AP reported on Aug. 25, 2009, that Babcock & Brown Ltd
creditors voted to liquidate the company's assets.  Deloitte said
the vote empowers it to investigate matters surrounding the
collapse of the group, including potential conflicts of interest
between the boards of Babcock & Brown and affiliated company
Babcock & Brown International Pty. Ltd. which held most of the
group's assets.


DELIVER AUSTRALIA: In Administration; First Meeting Set for Oct 9
-----------------------------------------------------------------
Richard Rohrt at Hamilton Murphy was appointed as administrator of
Deliver Australia Pty Ltd on Sept. 29, 2014.

A first meeting of the creditors of the Company will be held at
Hamilton Murphy, Certified Practicing Accountants, 269 Swan
Street, in Richmond, Victoria, on Oct. 9, 2014, at 11:00 a.m.


NEXUS ENERGY: Seven Group Raises Credit Line to AUD165 Million
--------------------------------------------------------------
Eric Johnston at The Australian reports that Kerry Stokes's Seven
Group has agreed to substantially increase a credit line to
collapsed Nexus Energy to allow it to push ahead with the
development of its two key gasfields.

After securing shareholder backing for its AUD180 million takeover
of Nexus last month, Seven has increased the size of a credit
facility from an initial AUD30 million to a new line of credit
amounting to AUD165 million, according to The Australian.

The increase was required "to allow for significant capital
expenditure commitments" in relation to Nexus's two key gasfields
at Longtom and Crux, the report relates.

The Australian says Nexus took a 15 per cent stake in the Crux
gasfield through a 2012 deal with Shell. A recent assessment of
Nexus's operations by independent expert Lonergan Edwards said its
stake in the WA-based Browse Basin field would fetch between
AUD40m and AUD80m, the report notes.

The company's other asset, the productive but troublesome Longtom
gasfield in Bass Strait, is valued at up to AUD80 million, The
Australian discloses.

According to The Australian, Mr. Stokes's Seven Group is planning
to use Nexus to lead its push into the oil and gas sector.

In August, Nexus creditors, headed by the Stokes-controlled Seven,
approved a AUD180 million deed of company arrangement (DOCA) for
Seven to buy Nexus, the report recalls.

The report relates that the deal leaves nothing to Nexus
shareholders, who in June voted down a better deal and sent the
company into administration.

Under the Seven offer, The Australian says, trade creditors and
employees are set to receive all their entitlements and junior
noteholders will get 74.5c in the dollar.

That deal valued Nexus's equity at AUD27 million, with the rest to
be spent on debt and other liabilities. This included AUD60
million of senior debt and AUD91 million to noteholders, the
report relates.

Still, with Seven having bought all of Nexus's senior debt and
most of the junior notes and providing bridging finance for Nexus,
it has been able to control the administration process as it had
warned it would if shareholders voted down the previous deal, The
Australian reports. Nexus administrator McGrath Nicol said a court
hearing had been set down for October 31 to determine whether the
deed of company arrangement could move ahead, according to The
Australian.

Separately, The Australian sayd, McGrath Nicol said an agreement
had been reached with drill rig operator Sedco Forex over a claim
brought in the Federal Court in relation to an alleged breach of
contract. The claim had initially been for AUD80 million, but this
was later settled for AUD30 million.

Earlier this year, Mr. Stokes said the media and resource
investment group's strong balance sheet provided the ability to
act on investment opportunities to diversify its portfolio.
However, he added that the realisation of the ultimate value of
the Nexus assets would require "substantial capital investment"
over time, the report adds.

Nexus Energy Limited (ASX:NXS) is a Melbourne-based, Australian
Stock Exchange listed oil and gas company.  In 2009 Nexus
transitioned from explorer to producer with the start up of the
Longtom gas project.  The company holds interests in eight permits
located offshore Australia.  Operations are focused on the
Gippsland Basin, offshore Victoria and the Browse Basin, offshore
Western Australia.

McGrathNicol announced on June 12, 2014, that partners
Matthew Caddy, Tony McGrath, and Jason Preston have been appointed
joint and several Voluntary Administrators to Nexus Energy
Limited.


SEA EAGLE: In Administration; First Meeting Set For Oct. 10
-----------------------------------------------------------
Richard Rohrt of Hamilton Murphy was appointed as administrator of
Sea Eagle (Australia) International Pty Ltd on Sept. 30, 2014.

A first meeting of the creditors of the Company will be held at
Hamilton Murphy, 269 Swan Street, in Richmond, Victoria, on
Oct. 10, 2014, at 10:00 a.m.


TECHNOMIN AUSTRALIA: In Administration; First Meeting on Oct. 14
----------------------------------------------------------------
Robert William Whitton -- Whitton@williambuck.com -- & Sean Magnus
Wengel -- sean.wengel@williambuck.com -- of William Buck were
appointed as administrators of Technomin Australia Pty. Limited on
Oct. 1, 2014.

A first meeting of the creditors of the Company will be held at
Level 29, 66 Goulburn Street, in Sydney, on Oct. 14, 2014, on 9:30
a.m.



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


LDK SOLAR: Scheme Creditors Meeting Set for Oct. 16 & 17
--------------------------------------------------------
By an Order dated Sept. 23, 2014, the Court of First Instance of
the High Court of Hong Kong has directed that separate meetings of
the Scheme Creditors to be convened for the purposes of
considering and, if thought fit, approving a scheme of arrangement
proposed to be made between LDK Solar CO., Ltd., LDK Silicon
Holding Co., Ltd. and LDK Silicon & Chemical Technology Co., Ltd.

Each Scheme Class Meetings of the Hong Kong Scheme Companies will
be held at the offices of Sidley Austin at 39/F, Two International
Finance Centre, Central, Hong Kong, with a telephone dial-in
facility and a connection via video-link to the Cayman Islands at
the offices of Campbells at 4/F, Willow House, Cricket Square,
George Town, Grand Cayman Islands, as follows:

* the LDK Solar HK Ordinary meeting of ordinary scheme creditors
  of LDK Solar will be held on Oct. 16, 2014, (starting at
  8:40 p.m.), Cayman time, and Oct. 17, 2014 (starting at
  9:40 a.m.), Hong Kong time.

* the LDK Silicon HK preferred meeting of preferred obligation
  scheme creditors of LDK Silicon will be held on Oct. 16, 2014,
  (starting at 8:50 p.m.), Cayman time, and Oct. 17, 2014
  (starting at 9:50 a.m.), Hong Kong time of if later when the
  LDK Solar HK Ordinary meeting ends.

* the LDK SH preferred meeting of preferred obligation scheme
  creditors of LDK Silicon Holding will be held on Oct. 16, 2014,
  (starting at 9:00 p.m.), Cayman time, and Oct. 17, 2014
  (starting at 10:00 a.m.), Hong Kong time of if later when the
  LDK Silicon HK preferred meeting ends.

* the HK Senior note meeting of Senior note scheme creditors of
  LDK Solar will be held on Oct. 16, 2014, (starting at
  9:10 p.m.), Cayman time, and Oct. 17, 2014 (starting at
  10:10 a.m.), Hong Kong time or if later when the LDK SH
  preferred meeting ends.

* the LDK Solar HK Preferred meeting of preferred obligation
  scheme creditors of LDK Solar will be held on Oct. 16, 2014,
  (starting at 9:20 p.m.), Cayman time, and Oct. 17, 2014
  (starting at 10:20 a.m.), Hong Kong time or if later when the
  HK Senior note meeting ends.

Scheme Creditors may vote in person at the relevant Scheme Class
Meeting or by a duly authorized representative (if corporation),
or they may appoint another person as their proxy.  Senior Note
Scheme Creditors and CN Holders may appoint a proxy by filling in
the Account Holder and Ballot/CN Account Holder Letter (as
applicable). Preferred Obligation Scheme Creditors and Ordinary
Scheme Creditors who are not CN Holders may appoint proxies to
vote at either one of the relevant Scheme Class Meeting by filling
out a Preferred Proxy Form or Ordinary Proxy Form, as applicable.

All Scheme Creditors are requested to attend at such place and
time either in person, by a duly authorized representative (if
Corporation) or by proxy.  Registration will commence at
7:00 p.m. (Cayman Islands time) on October 16 / 8:00 a.m. (Hong
Kong time) on October 17 and each Scheme Creditor and proxy must
be registered no later than one hour prior to the commencement of
the applicable Scheme Class Meeting. In order to attend and vote
at the Scheme Class Meeting, Scheme Creditors must ensure that:

   * If you are a Senior Note Scheme Creditor or a CN Holder, an
     Account Holder Letter and Ballot or a CN Account Holder
     Letter (as applicable) is completed and lodged with the
     Information Agent (as defined in the Explanatory Statement)
     (marked for the attention of Sunjeeve Patel and David
     Shilson). In accordance with the Instructions set out in the
     Account Holder Letter and Ballot/CN Account Holder Letter
     (as applicable) by no later than 11:00 a.m. (Cayman Islands
     time) on Oct. 15, 2014/midnight (Hong Kong time) on Oct 16.,
     2014; and

   * If you are a Preferred Obligatin Scheme Creditor or an
     Ordinary Scheme Creditor that is not a CN Holder, a
     Preferred Proxy Form or a Ordinary Proxy Form (as
     applicable) is completed and lodged with the JPLs
     (marked for the attention of Iain Gow/Emma Storry).
     In accordance with the Instructions set out in the
     Relevant proxy form by no later than 11:00 a.m. (Cayman
     Islands time) on Oct. 15, 2014/midnight (Hong Kong time)
     on Oct. 16, 2014.

The proposed Scheme and the Explanatory Statement required to be
provided to Scheme Creditors have been circulated to known Scheme
Creditors as well as published via Euroclear Bank S.A/N.V.
Clearstream Banking, societe anonyme and Depository Trust Company.
Copies of these documents may be obtained by written request to
the Information Agent or the JPLs; alternatively these documents
ca be downloaded from the Scheme website at
http://ldksolar-provisionalliquidation.com

By the Order referred, the Court has appointed Ms. Tammy Fu or,
failing her, Ms. Eleanor Fisher, together the Joint Provisional
Liquidators of LDK Solar to act as chairman at the Scheme Class
Meetings.

                          About LDK Solar

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

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

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

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



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


AFFORDABLE ROBOTIC: CRISIL Assigns B+ Rating to INR105MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Affordable Robotic & Automation Pvt Ltd.

                          Amount
   Facilities            (INR Mln)       Ratings
   ----------            ---------       -------
   Proposed Long Term       105          CRISIL B+/Stable
   Bank Loan Facility

   Letter of Credit          10          CRISIL A4

   Overdraft Facility        10          CRISIL B+/Stable

The ratings reflect ARAPL's modest scale of operations and
sizeable working capital requirement, and average financial risk
profile marked by a modest net worth and leveraged capital
structure. These rating weaknesses are partially offset by ARAPL's
promoters' extensive experience in the robotic automation
solutions business.

Outlook: Stable

CRISIL believes that ARAPL will continue to benefit over the
medium term from its promoters' extensive business experience. The
outlook may be revised to 'Positive' if the company generates
significantly better-than-expected cash accruals, or receives
substantial capital infusion along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
if ARAPL generates lower-than-expected cash accruals or if its
working capital requirement is larger than expected, or if it
undertakes a larger-than-expected debt-funded capital expenditure
programme.

ARAPL, incorporated in 2009, is promoted by Mr. Milind Padole, and
headquartered in Pune (Maharashtra). The company primarily
provides automation solutions for welding lines using robotics and
related designing services. It also provides material handling
automation services. It has also recently forayed into providing
automated car parking systems.


AGRAWAL SPONGE: CARE Assigns B+ Rating to INR15cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Agrawal Sponge Limited.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Long Term Bank Facilities    15.00       CARE B+ Assigned
   Short Term Bank Facilities    7.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to Agrawal Sponge Limited is constrained by
small scale of operations & low profitability, low capacity
utilization, lack of backward integration leading to dependence on
market & consequently volatile prices, working capital intensive
nature of operations, intense competition due to fragmented
industry and cyclical nature of the iron & steel industry. The
ratings however draw strength from experience of the promoters and
strategic location of the plant.

Optimum utilization of the existing facilities, effective
management of working capital and ability to manage volatility in
raw-material prices and increase profitability margin going ahead
are amongst the key rating sensitivities.

Incorporated in 2002, Agrawal Sponge Limited, initial acquired by
Singh family in 2007 from Mr. R.D.Gupta, and further acquired by
Mr. Kailash Chand Agrawal in November 2012, is currently involved
in manufacturing of Sponge Iron with an installed capacity of
60,000 MTPA and MS Ingots with an installed capacity of 18,000
MTPA. The manufacturing facility of the company is located in
Siltara Industrial Growth Centre in Raipur, Chhattisgarh. The
company is also engaged into trading of steel products which
accounted for 15.39% of sales in FY14 (21.65% in FY13).

ASL is the part of Raipur-based Rashmi Group, which has interests
mainly in manufacturing of steel products. The other major
group company include Rashmi Sponge Iron & Power Industries
Limited, engaged in manufacturing of sponge iron and steel ingots.

As per the provisional estimates, in FY14 (refers to the period
April 1 to March 31), ASL earned a profit of INR0.3 crore (loss of
INR1.5 crore in FY13) on a total income of INR50.7 crore (INR41.0
crore in FY13).


AROMA REALTIES: CRISIL Ups Rating on INR200MM Bank Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan facility
of Aroma Realties Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Proposed Long Term     200        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan              150        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that ARL will sustain
the improvement in its liquidity over the medium term, with
healthy traction in the implementation of, significantly small
debt contracted for, and the promoters' financial support for, its
project. The liquidity is supported by reduced project costs and
increased financial flexibility with term loan repayments
scheduled to commence in 2015-16 (refers to financial year,
April 1 to March 31). ARL's project cost reduced to INR2.0 billion
from INR2.7 billion, because of the reduced scope of the project.
The rating upgrade also factors in financial support from the
promoters through unsecured loans of around INR270 million as on
March 31, 2014, and construction of the project as scheduled.

The ratings reflect ARL's exposure to offtake risks associated
with its ongoing project, and vulnerability to inherent risks and
cyclical demand in the real estate sector. These rating weaknesses
are partially offset by the extensive experience of ARL's
promoters in real estate development, and the company's
established market position in the real estate market in north-
central Gujarat.

Outlook: Stable

CRISIL believes that ARL will continue to benefit from its healthy
regional market position and the extensive industry experience of
its promoters, over the medium term. The outlook may be revised to
'Positive' if the company receives sizeable advances for its
ongoing project. Conversely, the outlook may be revised to
'Negative' if ARL's financial risk profile deteriorates because of
delays in project execution, consequently constraining its debt-
servicing ability; or sizeable debt-funded projects.

Incorporated in 2008, ARL is an Ahmedabad-based real estate
developer, constructing residential and commercial projects. The
company is owned and managed by Mr. Mavjibhai Desai and his
family.

ARL reported a net profit of INR8.3 million on net sales of INR232
million for 2013-14, as compared to a net profit of INR7.9 million
on net sales of INR230 million for 2012-13.


ARYA INDUSTRIES: CRISIL Assigns B Rating to INR125MM Bank Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Arya Industries (AI).

                           Amount
   Facilities            (INR Mln)       Ratings
   ----------            ---------       -------
   Proposed Long Term       125          CRISIL B/Stable
   Bank Loan Facility

The rating reflects AI's exposure to the risks related to the on-
going project, initial phase and modest scale of operations in the
highly competitive cotton-ginning industry. These rating
weaknesses are partially offset by its promoters' extensive
experience in the cotton ginning industry, leading to its
established relationships with customers and suppliers, and
location advantages of its plant.


Outlook: Stable

CRISIL believes AI will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company stabilises its operations
earlier than expected, leading to substantial increase in scale of
operations and large cash accruals, thus improving its financial
risk profile. Conversely, the outlook may be revised to
'Negative', if the company achieves lower than expected cash
accruals or its financial risk profile weakens, caused most likely
by stretch in working capital borrowings or, large debt-funded
capital expenditure.

Established in 2014, AI is promoted by Gandhidham (Gujarat) based
Vadiya and Patel family. Majority of the partners have more than a
decade experience of working in the cotton industry. The promoters
are setting up a cotton ginning and pressing plant at Sattapar,
Anjar (Dist. Kutch, Gujarat).

Commercial operations for the company are expected to start from
December 2014.


ATRI INFRASTRUCTURE: CRISIL Ups Rating on INR127MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Atri Infrastructure Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             127        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects a substantial improvement in AIPL's
liquidity, with enhanced saleability of units at the ongoing
residential real estate project. The company's cash flows have
increased, and could comfortably service the term loan contracted
for the project.

The ratings also reflect AIPL's small scale of operations, and the
exposure to risks inherent to the real estate sector, as indicated
by the low average selling price for units of the company's
ongoing residential project, Casario. These rating weaknesses are
partially offset by the extensive experience and track record of
AIPL's promoters in the real estate sector.

Outlook: Stable

CRISIL believes that AIPL will maintain its improved financial
risk profile, because of the extensive experience of its promoters
in real estate development, and improved cash flows from the
ongoing residential project. The outlook may be revised to
'Positive' if the company strengthens its financial flexibility
and cash flow adequacies with sizeable revenue from the balance
portion of its residential project. Conversely, the outlook may be
revised to 'Negative' if AIPL's liquidity is stretched by
investments in other real estate projects; or substantial debt
contracted for, or time and cost overruns in the execution of, or
significantly low offtake for, its new projects.

AIPL was founded by Mr. Girish Patel along with his wife, Mrs.
Anita Patel and their son, Mr. Jayshil Patel, in 2006. The company
constructs residential and commercial buildings in Gujarat. AIPL's
ongoing residential project, Casario, in Gandhinagar (Gujarat), is
scheduled for completion by October 2014.

The company has executed one residential project, Balaji
Residency, in Panchmahal (Gujarat). The project commenced in 2009
and was completed by the end of 2010.


BLACKBERRY TILES: CRISIL Assigns B+ Rating to INR65MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Blackberry Tiles Pvt Ltd.

                       Amount
   Facilities         (INR Mln)        Ratings
   ----------         ---------        -------
   Proposed Long Term
   Bank Loan Facility      1           CRISIL B+/Stable

   Cash Term Loan         65           CRISIL B+/Stable

   Bank Guarantee         14           CRISIL A4

   Cash Credit            20           CRISIL B+/Stable

The ratings reflect BTPL's start-up phase, and expected modest
scale of operations in the highly competitive ceramics industry.
The ratings also factor in the company's large working capital
requirements. These rating weaknesses are partially offset by the
promoters' extensive industry experience and strategic location of
upcoming factory.

Outlook: Stable

CRISIL believes that BTPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company improves its financial risk
profile and promptly stabilises its operations, leading to
substantial cash accruals. Conversely, the outlook may be revised
to 'Negative' if BTPL's financial risk profile weakens owing to
significantly low cash accruals, or substantial working capital
requirements or debt-funded capital expenditure.

Incorporated in Morbi, Gujarat in 2013, BTPL is promoted by Mr.
Sureshkumar Kaswala, Mr. Vashudev Barsara, Mr. Mansukhbhai
Detroja, Mr. Bharatbhai Detroja, Mr. Amod Katiyar and Mr. Dipesh
Jariwala. The company is setting up a unit to manufacture digital
wall tiles, and is likely to begin commercial operations in
November 2014.


CREATIVE YARN: CRISIL Assigns B Rating to INR60MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Creative Yarn Pvt Ltd.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Term Loan              6.5         CRISIL B/Stable
   Cash Credit           60           CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    33.5         CRISIL B/Stable

The ratings reflect CYPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, its small scale of
operations in the textiles trading industry, and large working
capital requirements. These rating weaknesses are partially offset
by its promoters' extensive experience in the textile business.

Outlook: Stable

CRISIL believes that CYPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company increases its
cash accruals on a sustainable basis, while improving its working
capital management, leading to  better capital structure.
Conversely, the outlook may be revised to 'Negative' if CYPL
undertakes any debt-funded capital expenditure programme,
resulting in further weakening of its capital structure, or its
working capital requirements increase, leading to further stretch
in its liquidity.

Incorporated in 2002, CYPL is a Ludhiana-based company that
primarily trades in hosiery and readymade garments. It also
manufactures yarn. The company's day-to-day operations are managed
by Mr. Anil Kapoor.

CYPL reported a net profit of INR0.96 million on net sales of
INR312.5 million for 2013-14 (refers to financial year, April 1 to
March 31), as against a net profit of INR0.76 million on net sales
of INR264.1 million for 2012-13.


EVEREST ORGANICS: CRISIL Assigns B+ Rating to INR64MM Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Everest Organics Limited.

                          Amount
   Facilities            (INR Mln)        Ratings
   ----------            ---------        -------
   Letter of Credit
   Bill Discounting         15            CRISIL A4

   Proposed Long Term
   Bank Loan Facility       64            CRISIL B+/Stable

   Cash Credit              40            CRISIL B+/Stable

   Bank Guarantee            1            CRISIL A4

   Bill Discounting         40            CRISIL B+/Stable

   Long Term Loan           30            CRISIL B+/Stable

   Overdraft Facility        5            CRISIL A4

   Letter of Credit         55            CRISIL A4

The ratings reflect EOL's modest scale of operations in the highly
fragmented and intensely competitive bulk drugs segment, its weak
financial risk profile marked by high gearing and low net worth,
and its working capital intensive nature of operations. These
rating weaknesses are partially offset by the extensive experience
of the promoters in the pharmaceutical industry and its
established relationship with key customers.

Outlook: Stable

CRISIL believes that EOL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' in case EOL reports sustainable
increase in its revenues and profitability resulting in improved
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case the company undertakes any aggressive debt
funded capital expenditure (capex), leading to deterioration of
its financial risk profile or if there is a stretch in the working
capital position of the company leading to deterioration in the
liquidity profile of the company.

Incorporated in 1993, EOL is engaged in manufacturing of bulk drug
intermediaries. The company is promoted by Dr. Srihari Raju and
associates.

For 2013-14 (refers to the financial year from April 1 to
March 31), EOL reported a Profit After Tax (PAT) of INR8.7 million
on a net sales of INR960 million against a PAT of INR7.3 million
on a net sales of INR796 million for 2012-13.


FUTURE AUTOMOBILE: CRISIL Reaffirms B+ Rating on INR75MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Future Automobile
Agency Pvt Ltd continue to reflect FAAPL's weak financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         5         CRISIL A4 (Reaffirmed)
   Cash Credit            8         CRISIL B+/Stable (Reaffirmed)
   Channel Financing     75         CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    42         CRISIL B+/Stable (Reaffirmed)
   Standby Line of
   Credit                15         CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's susceptibility to intense
competition in the automotive dealership segment. These rating
weaknesses are partially offset by the extensive industry
experience of FAAPL's promoters and its strong customer
relationships.

Outlook: Stable

CRISIL believes that FAAPL will continue to benefit over the
medium term from its established customer base and healthy
relationships with suppliers. The outlook may be revised to
'Positive' if the company successfully scales up its operations
while sustaining its profitability and comfortable capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected profitability, or if the company
undertakes a substantial debt-funded capital expenditure
programme.

Incorporated in 2009, FAAPL is an authorised dealer for the entire
range of commercial vehicles of VE Commercial Vehicles Ltd (VEC)
in the Kolkata, Howrah, Hooghly, South 24 Parganas, North 24
Parganas, Nadia, and Midnapore districts of West Bengal. The
company has been VEC's exclusive dealer for these regions since
inception. It commenced commercial operations in July 2009.


GANGAPUTRA (REGD): CRISIL Reaffirms B Rating on INR187.6MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Gangaputra (Regd)
continue to reflect GGR's modest scale of operations along with
geographical concentration, and weak financial risk profile marked
by a high gearing and modest debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
GGR's trustees in the medical industry and the funding support
that the trust receives from its promoters.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           12.4        CRISIL B/Stable (Reaffirmed)
   Term Loan            187.6        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GGR will continue to benefit over the medium
term from its trustees' extensive experience in the medical
industry. The outlook may be revised to 'Positive' in case of
significant ramp up in operations, leading to larger-than-expected
cash accruals. Conversely, the outlook may be revised to
'Negative' in case of pressure on GGR's liquidity on account of
lower-than-expected ramp up in operations or less-than-expected
funding support from its promoters.

Set up in 2008, GGR provides free healthcare services through
mobile clinics and health camps in Jind (Haryana). The trust has
set up a 300-bed hospital, under the name Gangaputra Hospital and
Research Center, in Jind. It commenced commercial operations in
April 2013. GGR is also setting up a medical college, through
which it will offer 150 seats for the MBBS course and 100 seats
for the BDS course. GGR is currently awaiting MCI approval for the
medical college.

GGR's net surplus (excess of income over expenditure) is estimated
at INR1.19 million on net sales of INR71.3 million (estimated) for
2013-14, against a net surplus of INR0.16 million on net sales of
INR20.8 million for 2012-13.


GARG CASTEELS: CARE Reaffirms B+ Rating on INR1.31cr Bank Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Garg Casteels Private Limited.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Long term Bank Facilities     1.31       CARE B+ Reaffirmed
   Long term/Short term Bank    12.00       CARE B+/CARE A4
   Facilities                               Reaffirmed
   Short term Bank Facilities    3.00       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Garg Casteels
Private Limited continue to remain constrained on account of its
moderate scale of operations in a highly fragmented mild steel
products segment of the steel industry with low value addition
nature of business and weak financial risk profile marked by a
leveraged capital structure, weak debt coverage and moderate
liquidity position. The ratings are also constrained on account of
vulnerability of profits to fluctuation in raw material prices.

The ratings, however, derive benefits from the long operational
track record and experience of the promoters in the steel industry
and integrated operations coupled with increasing focus on high
value-added products which has led to improvement in profit
margins.

The ability of GCPL to increase its scale of operations through
optimum utilization of its investment casting division along
with improvement in its profitability and capital structure are
the key rating sensitivities.

Incorporated in 1991 as a private limited company, Garg Casteels
Private Limited is engaged in the business of manufacturing of
Mild Steel (MS) billets, MS Angles, MS channels, MS Beams and
other such steel structural products.

The company is promoted by Mr. Arun Jain, Mr. Bineet Kumar Jain
and Mr. Mantresh Kumar Jain. GCPL is also engaged in the
manufacturing of investment castings which are suitable for high-
tech applications. However the contribution of investment casting
division remained small to an extent of 8% of the total operating
income (TOI) during FY14.

GCPL's plant is located in Bhavnagar with a total installed
capacity of 30,000 metric tonnes per annum (MTPA) for
manufacturing of billets, 18,000 MTPA for rolling mill and 240
MTPA for manufacturing investment castings as on
March 31, 2014(Provisional).

As per provisional results for FY14 (refers to the period of April
1 to March 31), GCPL reported a PAT of INR0.10 crore on a TOI of
INR59.60 crore as compared to a PAT of INR0.11 crore on a TOI of
INR95.06 crore during FY13.


INNOVATION HOUSE: CRISIL Assigns B+ Rating to INR135MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Innovation House Industries Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            15         CRISIL B+/Stable
   Term Loan             135         CRISIL B+/Stable

The rating reflects IHIPL's exposure to project implementation and
its expected small scale of operations because of initial phase of
operations. The rating also factors the company's below-average
financial risk profile driven by debt-funded capital expenditure
for the ongoing project. These rating weaknesses are partially
offset by the promoters' entrepreneurial experience and increasing
demand for Autoclaved Aerated Concrete (AAC) blocks.

Outlook: Stable

CRISIL believes that IHIPL will benefit from demand for AAC
blocks; however, its credit risk profile will remain constrained
because of project phase. The outlook may be revised to 'Positive'
in case of timely commencement of commercial production along with
better revenue and cash accruals during the initial phase of
operations. Conversely, the outlook may be revised to 'Negative'
in case of delays in commencement of commercial operations leading
to lower revenue and cash accruals leading to pressure on
financial risk profile especially liquidity.

IHIPL, incorporated in January 2013 by Mr. Ravi Laddha, Mr. Nakul
Mundhada and Mrs. Sarita Kasat, has undertaken a project to
manufacture AAC blocks in Amravati (Maharashtra). The plant with
manufacturing capacity of 150,000 cubic metres of AAC blocks per
annum is likely to commence commercial operations from April 2015.


JET GRANITO: CARE Reaffirms B+ Rating on INR17.66cr Bank Loan
-------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of Jet
Granito Private Limited.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Long -term Bank Facilities   17.66       CARE B+ Reaffirmed
   Short-term Bank Facilities    4.52       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Jet Granito Private
Limited continue to remain constrained on account of the modest
scale of operations in the competitive tile industry with linkages
to the real estate sector. The ratings are further constrained by
its weak liquidity position and susceptibility of margins to
fluctuation in raw material and fuel prices.

The rating, however, continues to draw strength from the
experience of the promoters and advantage of location being
close to the ceramic tile hub of Gujarat and comfortable capital
structure and debt coverage indicators. The ratings factor
in the increase in TOI and improvement in the capital structure
during FY14 (refers to the period April 1 to March 31).
The ability of JGPL to increase the scale of operations along with
an improvement in profitability and liquidity position and
better working capital management are the key rating
sensitivities.

Incorporated in March 2006, Morbi-based (Gujarat) Jet Granito
Private Limited (JGPL) is engaged in the manufacturing of
vitrified tiles of 600mm x 600mm (24"X24"), 800mm x 800mm
(32"X32") and 1000mm x 1000mm (40"X40") sizes and
ceramic wall and floor tiles. It commenced its operations in 2008.
JGPL is ISO-9001:2008 certified and JGPL's manufacturing facility
is located at Morbi in Rajkot district which is the ceramic tile
manufacturing hub of Gujarat. Over the years, JGPL has increased
the installed manufacturing capacity from 35,000 MTPA till 2009 to
75,000 Metric Tonnes per Annum (MTPA) of vitrified tiles as on
March 31, 2014.

As per the provisional results for FY14, JGPL reported a net
profit of INR0.72 crore on a Total Operating Income (TOI) of
INR70.88 crore as against TOI of INR64.63 crore and net profit of
INR0.67 crore during FY13. During 5MFY15, JGPL achieved
the turnover of INR35.75 crore.


K.G.P. GOLD: CARE Assigns B+ Rating to INR9cr Long Term Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of K.G.P.
Gold Palace.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Long term Bank Facilities     9          CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of the withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of K.G.P. Gold Palace
is primarily constrained on account of its nascent stage of
operations in the highly competitive and fragmented Gems &
Jewellery (G&J) industry and its financial risk profile marked by
the modest scale of operations, moderate profitability, leveraged
capital structure and working capital intensive nature of
operations. The rating is further constrained due to vulnerability
of its profit margins to volatile gold prices and its constitution
as a partnership concern.

The rating, however, derives strength from the vast experience of
the partners in the G&J industry and wide range of product
offerings.

The ability of the firm to stabilize its operations with an
increase in the scale of operations and efficient management of
working capital would be the key rating sensitivities.

Davandere-based (Karnataka) KGP was originally formed as a
partnership concern in the name of Khazana Gold Palace by Mr
Ganesh D Shet and Mrs Surekha G Shet in January, 2013. Later in
April 2014, the partnership deed was reconstituted and Mr Santosh
G Shet, Mrs Vidya M Shet, Mr Ganesh M Revankar, Mr Maruthi C
Raikar, Mr Sandesh Raikar and Mrs Sharda Raikar joined as new
partners. Consequently the name of the firm was changed to its
present name. In June 2014, Mrs Vidya M Shet and Mr Ganesh M
Revankar retired from the partnership.

KGP is engaged in the business of retailing of gold, diamond,
silver and precious stones studded jewellery. The firm offers
wide range of products that include rings, earrings, pendants,
necklaces, bracelets, bangles and medallions. KGP procures
raw materials from the local market and outsources its
manufacturing activities on job work basis to manufacturers in the
local markets.

As per the provisional results of FY14 (refers to the period
April 1 to March 31), KGP has reported a total operating
income of INR13.92 crore and PAT of INR0.44 crore.


K.G.P. JEWELLERS: CARE Assigns B+ Rating to INR7.71cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of K.G.P.
Jewellers.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Long term Bank Facilities     7.71       CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of the withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of K.G.P. Jewellers is
primarily constrained on account of its modest scale of operations
in the highly competitive and fragmented Gems & Jewellery industry
and its financial risk profile marked by moderate profitability
and liquidity position, and working capital intensive nature of
operations. The rating is further constrained due to vulnerability
of its profit margins to volatile gold prices and its constitution
as a partnership concern.

The rating, however, derives strength from vast experience of the
partners in the G&J industry with wide range of product
offerings and moderate capital structure and debt coverage
indicators.

The ability of the firm to stabilize operations of new showroom
with an increase in the scale of operations and efficient
management of the working capital would be the key rating
sensitivities.

Davandere-based (Karnataka) based KGPJ was originally formed as a
partnership concern in the name of M.G. Jewellers by Mr Ganesh D
Shet, Mrs Surekha G Shet, Mrs Vidya M Shet and Mr Ganesh M
Revankar in 2011. Later on in April 2014, the partnership deed was
reconstituted and Mr Santosh G Shet, Mr Maruthi C Raikar, Mr
Sandesh Raikar and Mrs Sharda Raikar joined as new partners.

Consequently, the name of the firm changed to its present name.
KGPJ is engaged in the business of retailing of gold, diamond,
silver and precious stones studded jewellery. The firm offers
wide range of products that include rings, earrings, pendants,
necklaces, bracelets, bangles and medallions through its
Davangere showroom. KGPJ procures raw materials from the local
market and outsources its manufacturing activities on
job work basis to manufacturers in local markets.

During FY14 (refers to the period April 1 to March 31), KGPJ
undertook a project to construct a new showroom in Hubli
with envisaged total cost of INR2.30 crore funded through term
loan of INR2 crore and the remaining through partners'
capital and internal accruals. However, on completion of the
project, the firm incurred INR2.25 crore funded through term
loan of INR1.75 crore and the remaining through partners' capital
and internal accruals. New showroom will be operational by the end
of September, 2014.

As per the provisional results of FY14, KGPJ registered PAT of
INR0.52 crore on Total Operating Income (TOI) of INR12.39
crore as against PAT of INR0.15 crore on TOI of INR4.17 crore in
FY13.


KUNJ BIHARI: CRISIL Assigns 'B' Rating to INR60MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the bank
facilities of Kunj Bihari Bullions & Jewellers Pvt Ltd.

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

The ratings reflect KBPL's efficient risk management policies and
the promoter's extensive experience in the gems and jewellery
industry. These rating strengths are partially offset by the
susceptibility of the company's business risk profile to
regulatory changes impacting gold procurement, and low operating
profitability inherent to the bullion trading business. The rating
also factors in KBPL's below-average financial risk profile,
marked by its high capital structure and subdued net worth.

Outlook: Stable

CRISIL believes that KBPL will continue to benefit from its
conservative risk management policies and the extensive industry
experience of the promoter, over the medium term. The outlook may
be revised to 'Positive' if the company improves its financial
risk profile on the back of sizeable cash accruals, commensurate
with its profitability. Conversely, the outlook may be revised to
'Negative' if KBPL's financial risk profile deteriorates with a
significant increase in its working capital requirements.

KBPL (erstwhile proprietorship, Krishna Bullions) was established
in Bareily (Uttar Pradesh) in 2009 by Mr. Sanjay Khandelwal. The
company is engaged in the bullion trading business, and caters to
semi-wholesalers, and retailers based in Uttar Pradesh.


L. M. COTEX: CARE Reaffirms 'B' Rating on INR13.79cr Bank Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
L. M. Cotex Private Limited.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Long-term Bank Facilities    13.79       CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of L. M. Cotex Private
Limited continues to remain constrained on account of its
stretched liquidity condition, leveraged capital structure and
weak debt coverage indicators as on March 31, 2014.

The rating also continued to remain constrained on account of its
presence in a highly competitive and fragmented industry along
with limited value addition and prices and supply for cotton being
highly regulated by the government.

The above constraints far offset the benefits derived from the
vast experience of the promoters in the cotton ginning business,
increase in total operating income and improvement in
profitability during FY14 (refers to the period April 1 to
March 31).

The ability of LCPL to improve its liquidity and solvency
position, increase its scale of operations with the improvement in
profitability is the key rating sensitivity.

Rayagada-based (Odisha) LCPL started its operations as a private
limited company in the year 2008. LCPL is promoted by three
directors namely Mr Harish Agarwal, Mr Nitin Agarwal and Mr Pawan
Agarwal and is engaged in the cotton ginning and pressing from
cotton seeds. LCPL has manufacturing plant at Gunupur, Odisha with
a total installed capacity of cotton bales of 350 cotton bales per
day as on March 31, 2014. Since 2008, the company was operating
from its leased manufacturing plant at Sillod (Madhya Pradesh),
however from June 2013; the company vacated the leased premises
and shifted its operations to a new unit at Gunupur, Odisha. The
commercial operations from its new facility began from November
2013.

As per the audited results for FY14, LCPL reported a TOI of
INR35.57 crore and PAT of INR0.00 crore as against a TOI of
INR13.92 crore and PAT of INR0.06 crore during FY13 (Audited). As
per the provisional results for 5MFY15 (refers to the
period April 1 2014 to August 31 2014), LCPL registered a TOI of
INR13.05 crore.


LICHCHHWI FOODS: CRISIL Assigns B Rating to INR60MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Lichchhwi Foods Private Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Working Capital       10.5        CRISIL B/Stable
   Term Loan

   Working Capital        5.0        CRISIL B/Stable
   Facility

   Cash Credit           60.0        CRISIL B/Stable

   Term Loan             39.3        CRISIL B/Stable

The ratings reflect LFPL's working capital intensive operations
and it's below average financial risk profile marked by modest
debt protection metrics. These rating weaknesses are partially
offset by the extensive industry experience of promoters and
company's established regional presence in the providing cold
storage services.

Outlook: Stable

CRISIL believes that LFPL will continue to benefit over the medium
term from its promoters' extensive experience in the cold storage
business. The outlook may be revised to 'Positive' in case the
company reports efficient management of farmer credit financing,
and significantly scales up its operations and improves its
profitability. Conversely, the outlook may be revised to
'Negative' in case of deterioration in its working capital cycle,
lower-than-expected cash accruals, or any large, debt-funded
capital expenditure which can impact the liquidity of the company.

LFPL was incorporated in the year 1998 by Mr Avinash Kumar and Mr
Arun Kumar. Based in Hajipur, Bihar LFPL is engaged in cold
storage services primarily temperature controlled warehousing
(TCW) and trading in vegetables and fruits.

For 2013-134 (refers to financial year, April 1 to March 31), LFPL
reported a PAT (profit after tax) of INR 1.96 million on net sales
of INR 109.6 million on a provisional basis, against a PAT of INR
0.5 million on net sales of INR 86.3 million for 2012-13.


MANISHA TEXTILES: CRISIL Assigns B Rating to INR40MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Manisha Textiles Pvt Ltd.

                              Amount
   Facilities               (INR Mln)      Ratings
   ----------               ---------      -------
   Term Loan                    10         CRISIL B/Stable
   Cash Credit                  40         CRISIL B/Stable
   Foreign Letter of Credit      5         CRISIL B/Stable

The rating reflects MTPL's leveraged capital structure and its
modest scale of operations in intensely competitive textile
industry. These rating weaknesses are partially offset by its
promoters' extensive industry experience and established
relationship with the customers.

Outlook: Stable

CRISIL believes that MTPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company generates
higher cash accruals or benefits from significant equity infusion
by its promoters, leading to better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is a
significant decline in MTPL's cash accruals, deterioration in its
working capital management or the company undertakes any large,
debt-funded capital expenditure programme, resulting in weak
financial risk profile.

Incorporated in 2008-09 (refers to financial year April 1 to March
31), MTPL is promoted by Mr. Ashok Kukreja and his son Mr. Girish
Kukreja. It manufactures grey shirting fabric.

For 2013-14, MTPL reported a net profit of INR2.8 million on net
sales of INR198.1 million, as against a net profit of INR3.0
million on net sales of INR181.3 million in 2012-13.


MUTHOOT AUTOMOTIVE: CRISIL Cuts Rating on INR50MM Fund Loan to B+
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Muthoot Automotive India Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Inventory Funding        50       CRISIL B+/Stable (Downgraded
   Facility                          from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that MAPL's business
risk profile will remain constrained over the medium term due to
delay in stabilisation of its operations. The company reported
cash losses of INR7.3 million in 2013-14 (refers to financial
year, April 1 to March 31) and its cash accruals are expected to
remain weak over the medium term. CRISIL, however, believes that
MAPL will receive need-based fund support from its promoters and
group companies to support its business operations.

The rating reflects MAPL's exposure to risks related to the early
stage of its operations, and weak capital structure. These rating
weaknesses are partially offset by the extensive industry
experience of MAPL's promoters and the financial support that the
company is likely to receive from the Muthoot Pappachan group.

Outlook: Stable

CRISIL believes that MAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company records
higher-than-expected revenue and cash accruals, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if its cash accruals are
significantly below expectation or in case of further delays in
stabilisation of its operations, resulting in weakening of its
financial risk profile.

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


MY CAR: CRISIL Reaffirms 'B+' Rating on INR350MM Cash Credit
------------------------------------------------------------
CRISIL ratings on the long term bank facilities of My Car( Bhopal)
Private Limited continues to reflect its below-average financial
risk profile, marked by a modest net worth, high external
indebtedness, and subdued debt protection metrics, and exposure to
intense competition in the automobile dealership business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            350       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
MCBPL derives from its established market position in the
automobile dealership segment in Madhya Pradesh and its promoters'
extensive industry experience.

Outlook: Stable

CRISIL believes that MCBPL will continue to benefit over the
medium term from its promoters' extensive experience and its
established market position in the automobile dealership segment
in Madhya Pradesh. The outlook may be revised to 'Positive' if the
company records higher-than-expected accretion to reserves,
reduction in working capital intensity, or substantial capital
infusion leading to improvement in capital structure and
liquidity. The outlook may be revised to 'Negative' in case MCBPL
registers a sharp decline in its revenue growth and profitability,
or further weakening of its capital structure.

MCBPL was incorporated in 2003 by Mr. Saurabh Garg. The company,
an authorised dealer of Maruti Suzuki India Ltd (MSIL), operates
four showrooms in Madhya Pradesh of which two are in Bhopal. MCBPL
also deals in MSIL spare parts.

MCBPL reported a profit after tax (PAT) of INR8.1 million on an
operating income of INR2.14 billion (provisional figures) for
2012-13 (refers to financial year, April 1 to March 31), against a
PAT of INR8.3 million on an operating income of INR1.84 billion
for 2011-12.


NATURAL GOLD: CARE Assigns B Rating to INR9.46cr Bank Loan
----------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Natural Gold
Pulse & Flour Mill.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Long-term Bank Facilities     9.46       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Natural Gold Pulse &
Flour Mill is primarily constrained on account of its low profit
margins, leveraged capital structure and weak debt coverage
indicators. The rating is further constrained due to the risk
associated with seasonal and working capital intensive nature of
business operation in highly fragmented agro food industry.

The above constraints outweigh the benefits derived from the
partners' experience and increasing scale of operation backed by
continuous investment in business operation.

The ability of NGPFM to increase the overall scale of operations
along with the improvement in profit margins, capital structure
and debt coverage indicators remain the key rating sensitivities.

Thandla (Madhya Pradesh) based NGPFM was established on January 1,
2001, as a partnership firm by Mr Lokesh Gadia, Mr Ali Husain
Nakedar, Ms Mohmmadi Nakedar, Mr Munera Nakedar, Mr Mustansir
Chikhliyawala, Mr Hozefa Chikhliyawala Mr Shrenik Gadia, Mr
Rajnikant Lodha and Mr Sanjay Jain. NGPFM is engaged in the
business of processing and trading of various agro-based products
like wheat flour (maida, suji/rava, atta) and chana (besan, churi,
chhikla) and cotton ginning and pressing business under the brand
name of "Natural Gold". During FY14 (refers to the period April 01
to March 31), the TOI constituted 70% income from agro-based
product and 30% from cotton ginning and pressing business.

NGPFM has other associate concern which includes Natural
Construction & Development (engaged into the business of
Hospitality), Natural Gadia Real Estate Pvt Ltd (engaged into the
business of colony development), Arihant Investment (engaged into
the business of Land development), Gadia Investment (engaged into
the business of money lending within the group).

During FY14 (refers to the period April 1 to March 31), NGPFM
reported a PAT of INR0.39 crore on a Total Operating Income (TOI)
of INR110.67 crore as against PAT of INR0.32 crore and TOI of
INR97.82 crore during FY13.


PALM HEIGHTS: CARE Assigns B Rating to INR15cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Palm
Heights Private Ltd.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Long-term Bank Facilities    15.00       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Palm Heights Private
Limited is primarily constrained by project execution risk
associated with its on-going sole residential project, low booking
status and marketability risk. The rating is further constrained
due to high competitive intensity and inherent risks associated
with the real estate industry, including exposure to local demand-
supply dynamics.

The rating, however, does factor in the experienced promoters,
project preparedness including acquisition of land, relevant
approvals in place and project funding already tied up.

Going forward, the ability of the company to execute the project
as per the schedules, along with the timely sale of the project
space at envisaged prices and any change in the regulatory
guidelines would be the key rating sensitivities.

Palm Heights Private Limited was incorporated in 2013 and is
currently being managed by Mr Daljit Dogra Singh, Mr Harjinder
Singh Rangi and Mr Ankit Sidana. The company is currently
developing its residential project named 'Palm Heights' at
Dehrabassi, Punjab, on 2.94 acres of land. The project is being
developed in the form of six towers with total 160 flats. The
group entity includes DM Associates and Dogra Property Consultants
engaged in the real estate industry and civil construction
industry.


PRAKASHMANI COTTAN: CRISIL Puts B+ Rating on INR40MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Prakashmani Cottan Industries.

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Proposed Long Term     8.8           CRISIL B+/Stable
   Bank Loan Facility

   Cash Credit           40             CRISIL B+/Stable

   Cash Term Loan        11.2           CRISIL B+/Stable

The rating reflects PCI's modest scale of operations in the highly
competitive cotton industry, its large working capital
requirements, and expected average financial risk profile marked
by average gearing and debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of PCI's promoters and the benefits expected from the
proximity of the firm's unit to the cotton-growing belt in
Gujarat.

Outlook: Stable

CRISIL believes that PCI will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm reports substantial revenue
while improving its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
considerable decline in revenue and profitability, or
deterioration in working capital management impacting its
liquidity, or large debt-funded capital expenditure, weakening its
financial risk profile.

Set up in 2011, PCI is a partnership firm promoted by Mr. Bhikhaji
Khodaji Vaghela and his sons. PCI undertakes cotton ginning and
pressing operations at its production facility in Patan (Gujarat).

For 2012-13 (refers to financial year, April 1 to March 31), PCI
reported net profit of INR0.8 million on net sales of INR225.9
million.


RAJIVA EXPORTS: CARE Assigns 'B+' Rating to INR4cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities of
Rajiva Exports.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Long term Bank Facilities      4         CARE B+ Assigned
   Short-term Bank Facilities     4         CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Rajiva Exports are
primarily constrained by its weak financial risk profile
characterized by fluctuating scale of operations, low
profitability margins, working capital intensive nature of
operations and foreign exchange fluctuation risk. The ratings are
further constrained by its presence in the highly fragmented and
competitive nature of the trading industry and its constitution
being a proprietorship firm.  The ratings, however, derives
strength from the long track record of its operation, experienced
proprietor and moderate capital structure.

Going forward, the ability of the firm to improve its
profitability margins, manage its foreign currency fluctuation
risk along with effective working capital management shall be key
rating sensitivities.

Delhi-based Rajiva Exports was established in 1993 as a
proprietorship concern by Mr Rajiva Maheshwari. The firm
is engaged in trading of metal scrap and pulses. REX imports metal
scraps from Singapore, Tanzania and Ghana which are sold to steel
manufacturers in Maharashtra. The firm also imports pulses from
Tanzania and Myanmar and sells the same to milling units engaged
in processing of pulses. In FY13 (refers to the period April 1 to
March 31), the firm started trading of sunflower de-oiled cake and
it imports the same from Tanzania and sells the same to solvent
extractors in Karnataka and Maharashtra.

As per the provisional results for FY14, REX reported a total
operating income of INR44.06 crore (INR31.74 crore in FY13)
and a PAT of INR0.09 crore (loss of INR1.14 crore in FY13).


RITU LOGISTICS: CARE Assigns 'B+' Rating to INR12.13cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ritu
Logistics.
                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long term Bank Facilities    12.13      CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Ritu Logistics is
primarily constrained on account of its financial risk profile
marked by thin profit margin, leveraged capital structure and
stressed liquidity position. The rating is further constrained on
account of competitive nature of the transportation and logistics
business with customer concentration risk and the entity's
partnership constitution.

The rating, however, derives strength from the experienced
partners with established presence of the Ritu Group in the
transportation business and its reputed clientele base. The
ability of the firm to increase its scale of operations with
stable profitability margins and improvement in the solvency
position are the key rating sensitivity.

Jodhpur (Rajasthan) based RLT was formed as a partnership concern
by Ritu Group in June, 2012. Ritu group is engaged in the
transportation services since 1991 and has about 550
carriers/tankers as on June 30, 2014 running in the
transportation of oil, lubricants, bitumen & emulsion and
commercial vehicles. RLT was promoted with an objective to
provide logistic services to commercial vehicle manufacturer i e
Truck on Truck (TOT) services and have fleets of 162
vehicles/carriers as on March 31, 2014. In August, 2012, RLT has
signed a two years agreement with Ashok Leyland Limited (ALL,
rated 'CARE A+', 'CARE A1+', engaged in the manufacturing of
commercial vehicles) for transportation of vehicles manufactured
by ALL from its manufacturing unit to various depots and
distributors located in all over India. The agreement is further
expected to be extended for a period of 2 years. RLT has presence
in all over India through its branch offices at Delhi, Mumbai,
Pune, Mangalore, Pantnagar, Hazira, Jamnagar, Kandala, Jaipur,
Rajkot, Baroda, Nagpur, Ajmer and Beawar.

As per provisional results for FY14 (refers to the period April 1
to March 31), RLT has reported a total operating income of
INR39.45 crore and PAT of INR0.47 crore as against TOI of INR6.19
crore and net losses of INR1.06 crore respectively during FY13
(audited).


SHAKTI COTTON: CARE Reaffirms B+ Rating on INR9cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shakti Cotton Industries.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Long-term Bank Facilities      9         CARE B+ Reaffirmed

Rating Rationale

The rating continues to remain constrained on account of weak
financial risk profile of Shakti Cotton Industries marked by
decline in turnover, low profit margins as well as cash accruals,
moderately leveraged capital structure and weak debt coverage
indicators. The rating further continues to be constrained by its
presence in the lowest segment of the textile value chain with
limited value addition in the cotton ginning business and
seasonality associated with the procurement of raw material
resulting into working-capital intensive nature of operations.
The rating, however, continues to draw strength from the wide
experience of the partners in the cotton industry and
location advantage in terms of proximity to the cotton seed
growing regions in Gujarat.

The ability of SCI to increase its scale of operations, thereby
improving its profitability and better working capital
management in light of the competitive nature of the industry
remain the key rating sensitivities.

Vijapur-based (Gujarat) SCI is a partnership firm established in
1998. SCI currently has seven partners with an unequal profit and
loss sharing agreement among them. SCI is primarily engaged in
cotton ginning & pressing activities with an installed capacity of
5,100 MTPA for cotton bales and 6,125 MTPA of cotton seeds as on
March 31, 2013 at its sole manufacturing facility located at
Vijapur in Mehsana district (Gujarat). SCI is also engaged in seed
crushing activity with an installed capacity 42 MTPA. It has
installed 30 ginning machines; one semi-automated pressing machine
and 6 oil extraction units.

During FY14 (refers to the period April 1 to March 31), SCI
reported a TOI of INR38.85 crore and PAT of INR0.05 crore as
against TOI of INR40.92 crore and PAT of INR0.03 crore during
FY13. Furthermore during 5MFY15, SCI has reported a TOI of INR5.85
crore.


SHRI GANESH: CRISIL Assigns B+ Rating to INR100MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
long-term bank facilities of Shri Ganesh Agro Foods -Delhi (SGA;
part of ATC group).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           100         CRISIL B+/Stable
   Packing Credit        200         CRISIL A4

The ratings reflects the ATC group's below-average financial risk
profile, marked by a modest net worth, 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 rice milling industry,
and its moderate scale of operations.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of ATC Foods private Limited and Shri
Ganesh Agro Foods (SGA) (referred hereafter as ATC Group) as both
the entities are under the same set management and in the same
line of business.

Outlook: Stable

CRISIL believes that the ATC group will continue to benefit over
the medium term from its promoters' extensive industry experience.
However, its financial risk profile will remain constrained by its
large working capital requirements.  The outlook may be revised to
'Positive' in case of a significant improvement in the group's
gearing and liquidity, most likely through more-than-expected cash
accruals or fresh equity infusion. Conversely, the outlook may be
revised to 'Negative' if the ATC group's financial risk profile
weakens further, most likely because of a decline in its
profitability and pressure on its revenue, or a substantial
increase in its working capital requirements.

Established in September 2011, SGA is a partnership firm promoted
by Mr. Vipin Goel and Mr. Pankaj Goel. The firm is based in
Gharonda, Karnal (Punjab). It has a parboiling unit for the
milling of about 180 tonnes of rice per day. About 4 per cent of
the production is exported to Europe and the Middle East.


SKYTOUCH CERAMIC: CRISIL Assigns B+ Rating to INR160MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facilities of Skytouch Ceramic Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Long Term Loan        160         CRISIL B+/Stable
   Bank Guarantee         29         CRISIL A4
   Cash Credit            60         CRISIL B+/Stable

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

Outlook: Stable

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

SCPL, incorporated in 2013, is promoted by the Morbi (Gujarat)-
based Mr. Hareshkumar, Mr. Hirenbhai, and Mr. Jayantilal
Bhudarbhai. The company will be manufacturing vitrified floor
tiles at its facilities, in Morbi. It is likely to begin
commercial operations in January 2015.


SMIT TELECOM: CRISIL Assigns B+ Rating to INR62.5MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Smit Telecom Pvt Ltd.

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

   Proposed Long Term
   Bank Loan Facility     7.5          CRISIL B+/Stable

The rating reflects STPL's below-average financial risk profile
marked by leveraged capital structure and modest debt protection
metrics along with limited geographical diversity. These rating
weaknesses are mitigated by its promoters' extensive experience in
the mobile distributorship business along with healthy market
position of STPL's principal Samsung India Electronics Pvt Ltd.

Outlook: Stable

CRISIL believes that STPL will benefit over the medium term from
its promoters' extensive experience in the distribution of mobile
phones, and its principal's healthy market position. The outlook
may be revised to 'Positive', if STPL significantly increases its
scale of operations and profitability over the medium term,
leading to better financial risk profile. Conversely, the outlook
may be revised to 'Negative', if the company undertakes any large
debt-funded capital expenditure, its revenue and operating
profitability decline, or its working capital cycle elongates
leading to weak financial profile.

Incorporated in 2007, STPL is a distributor of Samsung mobiles in
the districts of Jamnagar and Devbhoomi Dwarka (both in Gujarat).
The company's operations are being managed by Mr. Ketan Badiani.

For 2013-14 (refers to financial year, April 1 to March 31), STPL
reported a profit after tax (PAT) of INR0.6 million on net sales
of INR506.4  million, against a PAT of INR0.3 million on net sales
of INR258.4 million for 2012-13.


SMT. SONAPATTI: CRISIL Rates INR60MM Term Loan at 'B'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Smt. Sonapatti Devi Memorial Charitable Trust.

                       Amount
   Facilities         (INR Mln)        Ratings
   ----------         ---------        -------
   Term Loan              60           CRISIL B/Stable

The rating reflects SSDMCT's small scale of operations, stretched
liquidity, and susceptibility to regulatory changes in the
education sector. These rating weaknesses are partially offset by
the trust's moderate financial risk profile marked by modest
networth and comfortable gearing, and the healthy demand prospects
for education.

Outlook: Stable

CRISIL believes that SSDMCT will benefit over the medium term from
the healthy demand prospects for education in India. The outlook
may be revised to 'Positive' if the trust registers significant
improvement in revenue as a result of increase in student intake.
Conversely, the outlook may be revised to 'Negative' if the
society undertakes a large debt-funded capital expenditure (capex)
programme, leading to weakening of its financial risk profile, or
if occupancy for its courses declines, resulting in deterioration
of its liquidity.

SSDMCT is a charitable trust set up Mr. Ramesh Harvinsh Singh for
providing education and medical services to the poor at
concessional rates in Navi Mumbai (Maharashtra) and Jaunpur (Uttar
Pradesh).

The trust operates three colleges and one public school in
Jaunpur. It also operates two hospitals, in Jaunpur and Mumbai.


SONEERA JEWELLERY: CARE Assigns B Rating to INR15cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Soneera
Jewellery Manufacturers.

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

Rating Rationale

The rating assigned to the bank facilities of Soneera Jewellery
Manufacturers is constrained by the limited experience of the
proprietor in the gems and jewellery industry and nascent stage of
operations. The rating is further constrained by the high degree
of competition due to the fragmented nature of the industry, risk
associated with fluctuation in gold prices, susceptibility to
regulatory changes and constitution of the entity as a
proprietorship firm.

The rating, however, favourably takes into account the
professionally qualified team hired by the management of the firm
and location advantage of the manufacturing facility. Going ahead,
the achievement of envisaged income as well as profitability
levels and ability to manage raw material price fluctuation shall
be the key rating sensitivities.

Soneera Jewellery Manufacturers is a proprietorship concern
established in July 2014 by Mr Nitin Bansal and commenced its
commercial operations in July 2014. The firm has set up a
manufacturing unit for manufacturing gold ornaments studded with
diamonds, pearls and stones at Manesar, Haryana. The main raw
material consists of gold, diamonds, pearls and stones which is
being purchased from government recognized and approved import
houses and banks as well as from open market domestically. The
firm will cater to the requirement of wholesalers and traders
located Delhi, Uttar Pradesh, Rajasthan, Haryana and Punjab.


SPINTECH TEXTILE: CARE Assigns B+ Rating to INR10.5cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Spintech
Textile Industries.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Long term Bank Facilities    10.50       CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Spintech Textile
Industries is constrained on account of significant project
execution risk associated with its green field project, working
capital intensive nature of business and high funding risk as
project debt tie up is pending along with significant marketing
risk associated given presence in a highly fragmented textile
industry. The rating is further constrained on account of fortunes
being linked to the textile industry with raw material prices
dependent on the agro climatic conditions.

The rating, however, draws support from the well qualified and
experienced management team and locational advantage.  The ability
of the company to complete the envisaged project within the
scheduled time frame, without any cost overrun and attainment of
stability is the key rating sensitivity.

Spintech Textile Industries was established in April 2012 with the
objective of manufacturing cotton yarn. Promoted by Mr Ashok
Gandhi, Mr Pradeep Chaware and Mr Amalprabh Chaware, the firm will
be engaged in the manufacturing of cotton yarn at its
manufacturing unit located at Karanja in District Washim of
Maharashtra.

The installed capacity of the proposed manufacturing unit will be
around 8,640 spindles with production capacity of 1,200 metric
tonnes of cotton yarn per year. STI will manufacture cotton yarn
used for weaving and knitting, with an average count of Ne 27. STI
proposes to supply the cotton yarn to various weaving and knitting
units based out of Maharashtra and Madhya Pradesh. STI plans to
procure raw material i e cotton lint/bales partly from its
associate concerns and remaining from the local market. The
commercial production of the firm is expected to commence from
April 2015.


SPIRE INDUSTRIES: CRISIL Reaffirms D Rating on INR177.8MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Spire Industries Pvt Ltd
continues to reflect instances of delay by Spire in servicing its
debt; the delays have been caused by the company's weak liquidity.
The company's account has been classified as a non-performing
asset by its banker.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term      177.8     CRISIL D (Reaffirmed)
   Bank Loan Facility

Spire has a weak financial risk profile marked by its negative
net-worth and weak debt protection metrics. The company has small
scale of operations, large working capital requirements, and its
profitability margins are susceptible to volatility in raw
material prices. However, Spire benefits from its promoter's
extensive experience in the forging industry.

Spire, set up in 2007 by Mr. Nagin Doshi, manufactures forged
products. The company's plant is located in Halol near Baroda
(Gujarat).


SUSHIL KUMAR: CRISIL Assigns B Rating to INR50MM Bank Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sushil Kumar Vijay Kumar.

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

The rating reflects SKVK's below-average financial risk profile,
marked by weak debt protection metrics. The rating also factors in
the firm's small scale of operations in the intensely competitive
food-grain trading industry, leading to low operating
profitability. These rating weaknesses are partially offset by the
extensive experience of SKVK's partners in the trading industry.

Outlook: Stable

CRISIL believes that SKVK will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm registers
significant improvement in its scale of operations and operating
profitability, and hence in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SKVK's
profitability declines or if its working capital requirements are
larger than expected, leading to pressure on its financial risk
profile.

SKVK is a partnership firm engaged in trading in food grains. The
firm, based in Najafargarh, Delhi, was established in 1978. It
trades in multiple food grains primarily wheat, barley, mustard
seeds, and paddy, with sales from wheat accounting for almost half
of its total revenue.

SKVK reported a profit after tax (PAT) of INR0.4 million on an
operating income of INR107.4 million for 2012-13 (refers to
financial year, April 1 to March 31), against a PAT of INR0.3
million on an operating income of INR47.7 million for 2011-12.


VIRAT SPINNERS: CARE Assigns B+ Rating to INR21.5cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Virat
Spinners Private Limited.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Long-term Bank Facility     21.50        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Virat Spinners
Private Limited is primarily constrained on account of its
nascent stage of operations in competitive and cyclical textile
industry, project stabilization risk with pending installation
of third machinery. The rating is also constrained on account of
its moderate capital structure, volatile raw material prices
having dependence on government policies and agro-climatic
conditions.

However, the rating derives strength from widely experienced
promoters in textile industry, presence in textile cluster
with easy access to raw material & end users and government
support through various incentives.

The ability of VIPL to increase its scale of operations post
successful commissioning of the remaining debt funded capex
and derive the envisaged benefits is the key rating sensitivity.

Incorporated in October 2010, VIPL was promoted by Mr. Sanjeev
Kumar Agarwal and Mr. Vasudev Agarwal with the objective to set up
a rotor cotton yarn spinning project for the manufacturing of
coarser counts of cotton yarn in Ahmedabad (Gujarat). Their
efforts are supported by Mr. Devesh Jhunjhunwala and Mr. Ankit
Gadia.

The total cost of the project being undertaken by VIPL is INR34.50
crore which was proposed to be funded by a mix of term loan of
INR21.50 crore, unsecured loans of INR3.50 crore and equity
infusion of INR9.50 crore. The company started commercial
production in first week of March 2014 with two sets of
machineries. Another machine, Autocoro machinery is proposed to be
installed by first week of November 2014. Currently, VIPL is
running two machineries and approximately INR27 crore has already
been incurred by February 2014 which was funded through part
availment of term loan of INR15.80 crore, unsecured loan of
INR2.09 crore and equity infusion of INR9.11 crore.

During FY14 (refers to the period April 1 to March 31), VIPL
reported a PAT of INR0.10 crore on a total operating income
(TOI) of INR5.32 crore.


VIVA VITA: CRISIL Assigns D Rating to INR50MM Long Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term bank
facilities of Viva Vita Diagnostic Systems Pvt Ltd.

                       Amount
   Facilities         (INR Mln)        Ratings
   ----------         ---------        -------
   Proposed Long Term
   Bank Loan Facility     23.3         CRISIL D

   Cash Credit             6.7         CRISIL D

   Long Term Loan         50.0         CRISIL D

The rating reflects instances of delay by VVDSPL in servicing its
term debt; the delays have been caused by VVDSPL's weak liquidity.

VVDSPL also has a weak financial risk profile, marked by a small
net worth and weak capital structure, and modest scale of
operations in a fragmented and competitive diagnostics industry.
The company, however, benefits from its promoter's extensive
industry experience.

VVDSPL, based in Chennai, provides various diagnostic services.
The company's day-to-day operations are managed by Dr. D
Geetanjali.

For 2013-14 (refers to financial year, April 1 to March 31),
VVDSPL reported, on a provisional basis, a loss of INR8 million on
net sales of INR33 million; the company reported a profit after
tax of INR1 million on net sales of INR38 million for 2012-13.


WEST COAST: CRISIL Assigns B Rating to INR40MM Long Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of West Coast Spices Pvt. Ltd.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Long Term Loan            40        CRISIL B/Stable
   Overdraft Facility        10        CRISIL B/Stable

The rating reflects WCSPL's modest scale of operations in the
intensely competitive printing industry, its weak financial risk
profile marked by high gearing and small net worth. The above-
mentioned weaknesses are partially offset by the extensive
entrepreneurial experience of WCSPL's promoters.

Outlook: Stable

CRISIL believes that WCSPL will continue to benefit over the
medium term from its promoters' extensive entrepreneurial
experience. The outlook may be revised to 'Positive' if the
company generates higher than expected revenues and profitability,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if there is significant
delay in stabilisation of its operations or in case of larger than
expected debt funded capital expenditure (capex), leading to
weakening in its financial risk profile.

Based in Mangalore (Karnataka), WCSPL is engaged in digital
printing, graphic designing and allied services. The company's
day-to-day operations are managed by Mr.Shridhara Shettigara.


WHITE BRICKS: CRISIL Assigns B+ Rating to INR145MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of White Bricks Builtech Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            40         CRISIL B+/Stable
   Term Loan             145         CRISIL B+/Stable

The rating reflects WBBPL's nascent stage of operations and
susceptibility of operations to stabilization risk. These rating
weaknesses are partially offset by its promoters' established
relationship with prospective customers mitigating the offtake
risk, and healthy demand for its product, autoclaved aerated
concrete (AAC) blocks.

Outlook: Stable

CRISIL believes WBBPL will maintain its credit profile over the
medium term on the back of its promoters' established relationship
with its prospective customers. The outlook may be revised to
'Positive' in case of substantial improvement in WBBPL's scale of
operations and profitability, leading to healthy cash accruals, or
improvement in its capital structure supported by capital infusion
by promoters leading to better financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of delay in
stabilisation of the manufacturing facilities resulting in low
cash accruals, lengthening of working capital cycle, or large
debt-funded capital expenditure, leading to weak liquidity.

WBBPL, incorporated in August 2013, is promoted by Mr. Dharmendra
Yadav, Mr. Abhay Ram Singh Yadav and Mrs. Neelam Yadav. The
company is setting up two AAC blocks manufacturing units with a
capacity of 150,000 cubic metre each in Aligarh and Kanpur (both
in Uttar Pradesh). The first unit at Aligarh is currently
conducting trial runs, while the second unit is under
implementation stage and is expected to start operations by
January 2015.


WINS INTERNATIONAL: CRISIL Rates INR55MM Bank Loan at 'B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Wins International.

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

   Packing Credit              15         CRISIL A4

   Cash Credit                  5         CRISIL B/Stable

   Foreign Bill Negotiation    25         CRISIL A4

The ratings reflect WI's modest scale of operations in the
intensely competitive readymade garments industry and its large
working capital requirements. These rating weaknesses are
mitigated by the extensive experience of the promoters in the
readymade garments industry, and the firm's moderate financial
risk profile, marked by moderate capital structure and comfortable
debt protection metrics.

Outlook: Stable

CRISIL believes that WI will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
scales up its operations while maintains its operating
profitability, or improves its working capital management, thereby
resulting in improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' if WI's financial risk profile
weakens owing to decline in its cash accruals or deterioration in
its working capital management, or significant withdrawals by the
promoters.

WI was founded in Tirupur (Tamil Nadu) in 1997. The firm
manufactures and exports readymade garments, mainly to Poland and
Spain. The managing partner, Mr. Palanisamy manages WI's daily
activities

WI reported a profit after tax (PAT) of INR0.4 million on an
operating income of INR71.8 million for 2012-13 (refers to
financial year, April 1 to March 31), as compared to a PAT of
INR0.3 million on an operating income of INR25.7 million for 2011-
12.



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


WESTONE BIT: Facing Bankruptcy After 30 Years of Operation
----------------------------------------------------------
Danny Cowan at joystiq.com, citing Game Watch Impress, reports
that veteran Japanese developer Westone Bit Entertainment is
facing bankruptcy after nearly 30 years of operation.

After debuting in 1986 with its landmark arcade side-scroller
Wonder Boy (later adapted for the 8-bit Nintendo Entertainment
System as Hudson's Adventure Island), Westone went on to create
the Monster World series, which saw several sequels across the
Sega Master System, Sega Genesis, and TurboGrafx-16, according to
joystiq.com.  The series was later compiled in the Japan-exclusive
Monster World Complete Collection for the PlayStation 2, and
eventually made its way to the Xbox 360 and PlayStation 3 with the
2012 launch of Sega Vintage Collection: Monster World, joystiq.com
relates.

joystiq.com says Westone has entered liquidation process and its
website has since shuttered. Sega has issued no word regarding
whether the closure will affect the continued sale of Sega Vintage
Collection: Monster World, the report notes.


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


* NEW ZEALAND: IRD Insolvency Applications Rise
-----------------------------------------------
Simon Hartley at Otago Daily Times reports that more than 50% of
applications for liquidation or bankruptcy in the High Court at
Dunedin on September 25 were sought by Inland Revenue.

The 25 applications were the most for several years, the report
says.

ODT relates that the applications were heard by Associate Judge
Robert Osborne, by video-link with Christchurch.

Of the Inland Revenue cases, one was discontinued because the
individual had already declared himself bankrupt before yesterday
and two were adjourned until October while more information was
sought, according to ODT.

ODT says that 11 companies were placed in the hands of liquidators
on September 25, as sought by Inland Revenue.

They were GRM Forests Ltd, SJM Forests Ltd, GAM Forests Ltd, LK&NK
Ltd, Richmond River Properties Ltd, Hawea Trust Ltd, Self Store
Ltd, Diamond Nominees Ltd, Riverlea Estate Ltd, Oxby Enterprises
Ltd and Level Eleven Ltd.

None had legal counsel, or any representative, present, the report
notes.

According to the report, Dunedin-based legal counsel for Inland
Revenue David Tasker said there had been a "swell" of IRD
applications for the September hearing but that was not because of
any drive by IRD.

"These are not reflecting the [economic] downturn a couple of
years ago," the report quotes Mr. Tasker as saying.

The report relates that Mr. Tasker said many of the applications,
which were all of Otago origin given the companies' registered
offices were in Dunedin, were from "a number of old debts, going
back to early in the year," which had been processed by case
officers from across the country.

There was some "slight inflation" in the numbers, with four of the
companies before the court having been linked to the Trinity tax
case, a long-running case of tax avoidance linked to southern
forestry assets, the report relays.

"I'd expect numbers [of Inland Revenue applications] to be down
again to two or three next month," Mr. Tasker, as cited by ODT,
said.



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


* BOND PRICING: For the Week Sept. 30 to Oct. 3, 2014
-----------------------------------------------------

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


  AUSTRALIA
  ---------

ANTARES ENERGY L    10.00     10/30/23    AUD        2.06
BOART LONGYEAR M     7.00     04/01/21    USD       77.00
BOART LONGYEAR M     7.00     04/01/21    USD       73.00
CRATER GOLD MINI    10.00     08/18/17    AUD       20.00
GRIFFIN COAL MIN     9.50     12/01/16    USD       72.25
GRIFFIN COAL MIN     9.50     12/01/16    USD       72.25
KBL MINING LTD      10.00     08/05/16    AUD        0.30
LAKES OIL NL        10.00     11/30/14    AUD       10.00
MIDWEST VANADIUM    11.50     02/15/18    USD       14.00
MIDWEST VANADIUM    11.50     02/15/18    USD       13.25
STOKES LTD          10.00     06/30/17    AUD        0.39
TREASURY CORP OF     0.50     11/12/30    AUD       56.00


CHINA
-----

CHANGCHUN CITY D     6.08     03/09/16    CNY       70.51
CHANGCHUN CITY D     6.08     03/09/16    CNY       70.66
CHANGZHOU INVEST     5.80     07/01/16    CNY       70.06
CHANGZHOU INVEST     5.80     07/01/16    CNY       70.38
CHANGZHOU SMALL      6.18     11/29/14    CNY       60.10
CHINA GOVERNMENT     1.64     12/15/33    CNY       65.85
DANYANG INVESTME     6.30     06/03/16    CNY       70.54
GUANGXI XINFAZHA     5.75     11/30/14    CNY       39.96
JIANGSU LIANYUN      7.85     07/22/15    CNY       71.41
KUNSHAN ENTREPRE     4.70     03/30/16    CNY       69.26
KUNSHAN ENTREPRE     4.70     03/30/16    CNY       69.72
NANJING PUBLIC H     5.85     08/08/17    CNY       64.41
QINGZHOU HONGYUA     6.50     05/22/19    CNY       49.95
QINGZHOU HONGYUA     6.50     05/22/19    CNY       50.66
WUXI COMMUNICATI     5.58     07/08/16    CNY       50.48
WUXI COMMUNICATI     5.58     07/08/16    CNY       50.08
YANGZHOU URBAN C     5.94     07/23/16    CNY       70.20
ZHENJIANG CITY C     5.85     03/30/15    CNY       70.11
ZHENJIANG CITY C     5.85     03/30/15    CNY       70.21
ZHUCHENG ECONOMI     7.50     08/25/18    CNY       49.07
ZIBO CITY PROPER     5.45     04/27/19    CNY       59.82
ZOUCHENG CITY AS     7.02     01/12/18    CNY       71.50


INDONESIA
---------

BERAU COAL ENERG     7.25     03/13/17    USD       68.88
BERAU COAL ENERG     7.25     03/13/17    USD       70.54
DAVOMAS INTERNAT    11.00     12/08/14    USD       19.50
DAVOMAS INTERNAT    11.00     12/08/14    USD       19.50
INDONESIA TREASU     6.38     04/15/42    IDR       71.55
PERUSAHAAN PENER     6.75     04/15/43    IDR       74.80
PERUSAHAAN PENER     6.10     02/15/37    IDR       70.50


INDIA
-----

3I INFOTECH LTD      5.00     04/26/17    USD       33.13
CORE EDUCATION &     7.00     05/07/15    USD       10.75
COROMANDEL INTER     9.00     07/23/16    INR       15.21
GTL INFRASTRUCTU     2.53     11/09/17    USD       32.00
INCLINE REALTY P    10.85     04/21/17    INR       15.62
INCLINE REALTY P    10.85     08/21/17    INR       18.67
INDIA GOVERNMENT     0.23     01/25/35    INR       19.68
JCT LTD              2.50     04/08/11    USD       20.00
MASCON GLOBAL LT     2.00     12/28/12    USD       10.00
PRAKASH INDUSTRI     5.25     04/30/15    USD       70.63
PRAKASH INDUSTRI     5.63     10/17/14    USD       75.00
PYRAMID SAIMIRA      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 &      5.00     08/17/15    USD       27.00


JAPAN
-----

ELPIDA MEMORY IN     0.50     10/26/15    JPY       17.00
ELPIDA MEMORY IN     0.70     08/01/16    JPY       17.00
ELPIDA MEMORY IN     2.03     03/22/12    JPY       17.00
ELPIDA MEMORY IN     2.10     11/29/12    JPY       17.00
ELPIDA MEMORY IN     2.29     12/07/12    JPY       17.00
JAPAN EXPRESSWAY     0.50     03/18/39    JPY       73.30
JAPAN EXPRESSWAY     0.50     09/17/38    JPY       73.98


KOREA
------

2014 KODIT CREAT     5.00     12/25/17    KRW       27.74
2014 KODIT CREAT     5.00     12/25/17    KRW       27.74
DONGBU METAL CO      5.20     09/12/19    KRW       61.15
EXPORT-IMPORT BA     0.50     10/23/17    TRY       71.72
EXPORT-IMPORT BA     0.50     12/22/17    BRL       69.16
EXPORT-IMPORT BA     0.50     11/21/17    BRL       70.23
EXPORT-IMPORT BA     0.50     12/22/17    TRY       70.48
HYUNDAI MERCHANT     7.05     12/27/42    KRW       42.05
KIBO ABS SPECIAL    10.00     02/19/17    KRW       30.50
KIBO ABS SPECIAL    10.00     09/04/16    KRW       66.05
KIBO ABS SPECIAL    10.00     08/22/17    KRW       29.89
KIBO GREEN HI-TE    10.00     03/20/15    KRW       72.33
KIBO GREEN HI-TE    10.00     12/21/15    KRW       67.89
SINBO SECURITIZA     5.00     02/21/17    KRW       28.81
SINBO SECURITIZA     5.00     03/13/17    KRW       28.75
SINBO SECURITIZA     5.00     03/13/17    KRW       28.75
SINBO SECURITIZA     5.00     02/21/17    KRW       27.81
SINBO SECURITIZA     5.00     08/31/16    KRW       58.71
SINBO SECURITIZA     5.00     08/31/16    KRW       58.71
SINBO SECURITIZA     5.00     09/28/15    KRW       58.67
SINBO SECURITIZA     5.00     01/29/17    KRW       29.06
SINBO SECURITIZA     5.00     08/16/17    KRW       28.24
SINBO SECURITIZA     5.00     07/08/17    KRW       28.59
SINBO SECURITIZA     5.00     07/08/17    KRW       28.59
SINBO SECURITIZA     5.00     06/07/17    KRW       25.30
SINBO SECURITIZA     5.00     06/07/17    KRW       25.30
SINBO SECURITIZA     5.00     08/16/17    KRW       28.24
SINBO SECURITIZA     5.00     08/16/16    KRW       56.84
SINBO SECURITIZA     5.00     08/24/15    KRW       58.90
SINBO SECURITIZA     8.00     03/07/15    KRW       65.19
SINBO SECURITIZA     5.00     12/07/15    KRW       59.93
SINBO SECURITIZA     5.00     10/05/16    KRW       29.87
SINBO SECURITIZA     5.00     10/05/16    KRW       29.87
SINBO SECURITIZA     5.00     01/19/16    KRW       59.64
SINBO SECURITIZA     5.00     07/19/15    KRW       59.16
SINBO SECURITIZA     5.00     07/26/16    KRW       58.95
SINBO SECURITIZA     5.00     07/26/16    KRW       58.95
SINBO SECURITIZA     5.00     12/13/16    KRW       29.38
SINBO SECURITIZA     5.00     05/27/16    KRW       59.40
SINBO SECURITIZA    10.00     12/27/15    KRW       67.61
SINBO SECURITIZA    10.00     12/27/14    KRW       74.15
SINBO SECURITIZA     5.00     05/27/16    KRW       59.40
SINBO SECURITIZA     4.60     06/29/15    KRW       60.63
SINBO SECURITIZA     4.60     06/29/15    KRW       60.64
SINBO SECURITIZA     5.00     06/29/16    KRW       59.17
SINBO SECURITIZA     9.00     07/27/15    KRW       67.57
SINBO SECURITIZA     8.00     02/02/15    KRW       68.12
SINBO SECURITIZA     5.00     02/02/16    KRW       60.04
SINBO SECURITIZA     8.00     02/02/16    KRW       65.49
SINBO SECURITIZA     5.00     10/01/17    KRW       28.04
SINBO SECURITIZA     5.00     10/01/17    KRW       28.04
SINBO SECURITIZA     5.00     10/01/17    KRW       28.04
SINBO SECURITIZA     5.00     12/25/16    KRW       28.77
SINBO SECURITIZA     5.00     09/13/15    KRW       60.78
SINBO SECURITIZA     5.00     09/13/15    KRW       57.42
SINBO SECURITIZA     5.00     03/14/16    KRW       59.27
SK TELECOM CO LT     4.21     06/07/73    KRW       73.64
STX OFFSHORE & S     6.90     04/09/15    KRW       74.90
STX OFFSHORE & S     3.00     09/06/15    KRW       72.33
TONGYANG CEMENT      7.50     04/20/14    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      7.30     04/12/15    KRW       70.00
TONGYANG CEMENT      7.50     07/20/14    KRW       70.00
U-BEST SECURITIZ     5.50     11/16/17    KRW       28.13
WOONGJIN ENERGY      2.00     12/19/16    KRW       57.41


MALAYSIA
--------

BANDAR MALAYSIA      0.35     02/20/24    MYR       67.79
BIMB HOLDINGS BH     1.50     12/12/23    MYR       73.62
BRIGHT FOCUS BHD     2.50     01/24/30    MYR       70.46
BRIGHT FOCUS BHD     2.50     01/22/31    MYR       69.02
LAND & GENERAL B     1.00     09/24/18    MYR        0.47
SENAI-DESARU EXP     0.50     12/31/38    MYR       74.11
SENAI-DESARU EXP     1.10     12/31/21    MYR       74.23
SENAI-DESARU EXP     1.35     12/31/25    MYR       63.41
SENAI-DESARU EXP     1.35     12/31/26    MYR       60.65
SENAI-DESARU EXP     1.35     12/31/27    MYR       58.03
SENAI-DESARU EXP     1.35     06/29/29    MYR       54.44
SENAI-DESARU EXP     1.35     12/31/29    MYR       53.35
SENAI-DESARU EXP     1.35     06/28/30    MYR       52.35
SENAI-DESARU EXP     1.35     06/30/28    MYR       56.78
SENAI-DESARU EXP     1.15     12/30/22    MYR       71.16
SENAI-DESARU EXP     1.15     06/30/23    MYR       69.52
SENAI-DESARU EXP     1.15     12/29/23    MYR       67.89
SENAI-DESARU EXP     1.15     06/28/24    MYR       66.27
SENAI-DESARU EXP     1.15     12/31/24    MYR       64.68
SENAI-DESARU EXP     1.35     06/30/26    MYR       62.03
SENAI-DESARU EXP     1.35     06/30/27    MYR       59.33
SENAI-DESARU EXP     1.35     12/31/30    MYR       51.36
SENAI-DESARU EXP     1.35     06/30/31    MYR       50.45
SENAI-DESARU EXP     1.35     12/29/28    MYR       55.58
SENAI-DESARU EXP     1.10     06/30/22    MYR       72.53
SENAI-DESARU EXP     1.15     06/30/25    MYR       63.21
UNIMECH GROUP BH     5.00     09/18/18    MYR        1.44


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

KIWI INCOME PROP     8.95     12/20/14    NZD        1.02


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

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


SINGAPORE
---------

BAKRIE TELECOM P    11.50     05/07/15    USD       14.50
BAKRIE TELECOM P    11.50     05/07/15    USD        9.00
BLD INVESTMENTS      8.63     03/23/15    USD       18.75
BUMI CAPITAL PTE    12.00     11/10/16    USD       42.00
BUMI CAPITAL PTE    12.00     11/10/16    USD       40.86
BUMI INVESTMENT     10.75     10/06/17    USD       42.00
BUMI INVESTMENT     10.75     10/06/17    USD       47.00
ENERCOAL RESOURC     9.25     08/05/14    USD       43.65
INDO INFRASTRUCT     2.00     07/30/10    USD        1.88


THAILAND
--------

G STEEL PCL          3.00     10/04/15    USD       13.50
MDX PCL              4.75     09/17/03    USD       25.00


VIETNAM
-------

BANK FOR INVESTM    10.33     05/19/16    VND        1.00



                             *********

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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