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

                      A S I A   P A C I F I C

           Monday, October 13, 2014, Vol. 17, No. 202


                            Headlines


A U S T R A L I A

FAIRCITY HOLDINGS: In Administration; First Meeting Set Oct. 8
NEWVALE ENGINEERING: First Creditors' Meeting Slated For Oct. 20
PEPPER RESIDENTIAL: S&P Assigns BB Rating on Class E Notes
REFRACTORY CONSTRUCTION: First Creditors Meeting Set for Oct. 21
SUBLIME CONSTRUCTIONS: Could Have Been Insolvent Since 2012


C H I N A

AGILE PROPERTY: Won't Proceed With HK$2.8BB Rights Offering
AGILE PROPERTY: S&P Puts 'BB' CCR on CreditWatch Negative
EVERGRANDE REAL: Moody's Changes B1 CFR Outlook to Negative


H O N G  K O N G

TIGER ASIA: Banned From Trading in HK For 4 Years


I N D I A

AARAMBH INDIA: ICRA Suspends 'D' Rating on INR13cr LT Loan
ANAND MACHINERY: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
BOGEASHAVARA POLYMERS: CRISIL Puts B Rating on INR195MM LT Loan
BTC INDUSTRIES: ICRA Revises Rating on INR21.15cr Term Loan to C
CHAMPION AGRO: CRISIL Cuts Rating on INR1.5BB Cash Credit to D

CHANDAK MINING: ICRA Reaffirms B Rating on INR9cr Packing Credit
DIWANKA ENERGY: CRISIL Reaffirms B Rating on INR70MM Cash Credit
DUSHASAN JENA: CRISIL Reaffirms B+ Rating on INR7.4MM Term Loan
FLY CERAMIC: ICRA Reaffirms 'B' Rating on INR5cr Term Loan
GLOBAL POULTRY: CRISIL Assigns B- Rating to INR40MM Term Loan

GUJARAT COTTON: ICRA Revises Rating on INR4cr Cash Credit to 'D'
HINDUSTAN EVEREST: CRISIL Reaffirms B- Rating on INR40M Cash Loan
INTECH PHARMA: ICRA Reaffirms B+ Rating on INR9.56cr LT Bank Loan
KBJ JEWEL: ICRA Lowers Rating on INR110cr LT Fund Based Loan to D
MANTRI METALLICS: ICRA Lowers Rating on INR43cr Cash Loan to 'D'

MULTICHEM SPECIALITIES: ICRA Rates INR4cr LT Capital Loan at B+
MUTNEJA RICE: CRISIL Reaffirms B Rating on INR180MM Cash Credit
NCL INDUSTRIES: ICRA Reaffirms D Rating on INR112.9cr Term Loan
PARA PRODUCTS: ICRA Reaffirms B+ Rating on INR9.2cr Cash Credit
PHIL COAL: ICRA Suspends 'B+' Rating on INR1.45cr Term Loan

RAGHAV INDUSTRIES: CRISIL Reaffirms B+ Rating on INR97M Cash Loan
SAIMAX CERAMIC: ICRA Reaffirms B+ Rating on INR5.65cr Term Loan
SHIV SHAKTI: CRISIL Raises Rating on INR230MM Cash Credit to B
SHREE HANS: ICRA Assigns B+ LT Rating to INR72cr Fund Based Limit
SHREE MADHAV: ICRA Lowers Rating on INR13cr Cash Credit to 'D'

SHRI BALAJI: ICRA Reaffirms B+ Rating on INR9.5cr Cash Credit
SHRI WARDHMAN: ICRA Suspends B+ Rating on INR10cr Long Term Loan
SIFTI RICE: CRISIL Reaffirms B Rating on INR200MM Cash Credit
SUMITRA DS: CRISIL Reaffirms D Rating on INR80MM Cash Credit
TIRUPATI CORRUGATORS: CRISIL Reaffirms D Rating on INR77.5MM Loan

TITAN - ANTONY: CRISIL Rates INR22.5MM Cash Credit at 'B+'
VIBRANT CONTENT: CRISIL Assigns B+ Rating to INR200MM Term Loan
YEDESHWARI AGRO: ICRA Reaffirms B+ Rating on INR63cr Term Loan


J A P A N

JAPAN TOBACCO: May Close Two European Plants; Axe 1,000 Jobs


S O U T H  K O R E A

DONGBU GROUP: Preferred Bidder for Unit to Be Chosen This Week


                            - - - - -


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


FAIRCITY HOLDINGS: In Administration; First Meeting Set Oct. 8
--------------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of Faircity Holdings Pty Ltd on
Oct. 8, 2014.

A first meeting of the creditors of the Company will be held at
Mackay Goodwin, Suite 5, Level 5, 66 Hunter Street, in Sydney, at
Oct. 20, 2014, at 11.30 a.m.


NEWVALE ENGINEERING: First Creditors' Meeting Slated For Oct. 20
----------------------------------------------------------------
Peter William Marsden -- peter.marsden@rsmi.com.au -- and David
John Kerr -- david.kerr@rsmi.com.au -- of RSM Bird Cameron
Partners were appointed as administrators of Newvale Engineering
Pty Ltd on Oct. 8, 2014.

A first meeting of the creditors of the Company will be held at
RSM Bird Cameron Partners, Level 12, 60 Castlereagh Street, in
Sydney, on Oct. 20, 2014, at 11:00 a.m.


PEPPER RESIDENTIAL: S&P Assigns BB Rating on Class E Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to seven
classes of residential mortgage-backed securities (RMBS) issued by
Permanent Custodians Ltd. as trustee of Pepper Residential
Securities Trust No.13.  Pepper Residential Securities Trust No.13
is a securitization of nonconforming and prime residential
mortgages originated by Pepper HomeLoans Pty Ltd. (Pepper).

The ratings reflect:

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

   -- S&P's view that the credit support is sufficient to z
      withstand the stresses it applies.  This credit support
      comprises note subordination for each class of rated note.

   -- The availability of a retention amount, amortization
      amount, and yield reserve, which will all be funded by
      excess spread, but at various stages of the transaction's
      term. They will have separate functions and timeframes,
      including reducing the balance of senior notes, reducing
      the balance of the most subordinated notes, and paying
      senior expenses and interest shortfalls on the class A
      notes.

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

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to 2.5% of the outstanding balance of the
      notes, and principal draws, are sufficient under S&P's
      stress assumptions to ensure timely payment of interest.

   -- The condition that a minimum margin will be maintained on
      the assets.

A copy of Standard & Poor's complete report for Pepper Residential
Securities Trust No.13 can be found on RatingsDirect, Standard &
Poor's Web-based credit analysis system.

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report or whether relevant information
remains non-public.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

         http://standardandpoorsdisclosure-17g7.com/2746.pdf

RATINGS ASSIGNED

Class     Rating        Amount (mil. A$)
A-1       AAA (sf)      280.0
A-2       AAA (sf)       47.6
B         AA (sf)        19.6
C         A (sf)         18.4
D         BBB (sf)       13.6
E         BB (sf)         8.8
F         B (sf)          6.0
G         N.R.            6.0
N.R.--Not rated.


REFRACTORY CONSTRUCTION: First Creditors Meeting Set for Oct. 21
----------------------------------------------------------------
Ian Currie of BRI Ferrier was appointed as administrator of
Refractory Construction Pty Ltd, trading as Total Refractory
Management Pty Ltd, on Oct. 9, 2014.

A first meeting of the creditors of the Company will be held at
BRI Ferrier, Level 23, 307 Queen Street, in Brisbane, Queensland,
on Oct. 21, 2014, at 10:00 a.m.


SUBLIME CONSTRUCTIONS: Could Have Been Insolvent Since 2012
-----------------------------------------------------------
David Ellery at The Canberra Times reports that Sublime
Constructions and Development, the Mitchell-based building company
that failed in February owing more than AUD4.5 million, could have
been trading while insolvent for almost two years, a damning
liquidators' report has found.

The report, dated October 7 and prepared by Vincents Chartered
Accountants, said Sublime Constructions director Minh Phan and
former director, Dee Vong Sisomphou, may be guilty of numerous
other breaches of the Corporations Act including engaging in
"uncommercial transactions" exceeding AUD3 million, according to
The Canberra Times.

In addition, at least 45 transactions, with a value of more than
AUD760,000, may have breached the "unfair preference" rule that
prohibits favouring some creditors over others, The Canberra Times
relates.

"The company's director and former director failed to properly
apply the degree of care and diligence required of them by the
Corporations Act," liquidators Nick Combis and Steven Staatz
wrote, The Canberra Times relays.  "Our evaluation . . . broadly
concurs with the opinion formed by the administrator (Mackay
Goodwin), namely that the company may have become insolvent at
least as early as March 2012."

According to The Canberra Times, the report said Mr. Phan and
Mr. Sisomphou "engaged in loans between the company and related
entities (including themselves) at a time when the company was
insolvent".

It also concluded the pair "failed to exercise adequate
supervision and controls to monitor the company's record keeping
and financial position in order to detect and prevent frauds by
its officers," The Canberra Times says.

Fairfax Media said Sublime Constructions is already under
investigation by the ACT Policing Fraud Investigations Team and
the ACT Construction Occupations Registrar over claims it
falsified insurance certificates to trick clients into signing
building contracts worth millions of dollars, relates The Canberra
Times.

The Canberra Times says the allegedly fraudulent behaviour has
been raised by individual homeowners who have been left hundreds
of thousands of dollars out of pocket and the ACT Master Builders'
Association.

Mr. Phan told Fairfax Media he would be "breaking the law" if he
commented on the insurance certificate allegations.

Mr. Sisomphou said he had not been involved in sourcing insurance
or financing.  "The allegations that QBE certificates provided to
Sublime Constructions clients had been altered has come as a
complete surprise," he said in a statement, notes the report.

According to The Canberra Times, Mr. Combis and Mr. Staatz wrote
that: "in addition to loan finance from related and non-bank third
parties, the company financed its operations through the non-
payment of ATO debts, combined with a considerable reliance on a
bank overdraft and personal credit cards of the directors.

"We have prepared and lodged a report with ASIC detailing
suspected offences (by Mr Phan and Mr Sisomphou) identified in our
investigations to date."

The liquidators have called a meeting of creditors for
October 22, The Canberra Times reports.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2014, Domenic Calabretta at Mackay Goodwin was appointed
as administrator of Sublime Constructions & Development Pty Ltd on
Feb. 19, 2014.  Dissolve.com.au said the appointment came after a
liquidation order was commenced by Trussme Pty Ltd on Jan. 23,
2014, over debt of AUD19,000. The order was to be heard on the
March 3, dissolve.com.au related.

Sublime Construction and Development's debts include AUD3 million
dollars in secured lending from NAB, unpaid superannuation
obligations exceeding AUD100,000, at least AUD1 million owed to
unsecured creditors and liquidators' fees expected to total more
than AUD200,000, according to The Canberra Times.



=========
C H I N A
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AGILE PROPERTY: Won't Proceed With HK$2.8BB Rights Offering
-----------------------------------------------------------
Bloomberg News reports that Agile Property Holdings Ltd., the
Chinese developer whose shares have been halted since Oct. 3, said
it will not proceed with a HK$2.8 billion ($361 million) rights
offering.

It has not gone ahead with the sale according to the timetable
pending the release of a statement concerning insider information,
it said in an announcement to the Hong Kong stock exchange on
October 10, Bloomberg News relays.  The agreement with banks to
arrange the sale will lapse as a result and the offering won't
proceed, it added.

"As it can't be done now, there'll be greater pressure on its
liquidity situation," the report quotes Donald Yu, a Shenzhen-
based analyst at Guotai Junan Securities Co., as saying.  "It'll
also face certain difficulties in issuing debt. The one thing it
could do is syndicated loans, but interest rates will have to be
discussed."

Bloomberg says concerns that more Chinese property companies may
fail to pay obligations has mounted since closely held Zhejiang
Xingrun Real Estate Co., located south of Shanghai, collapsed in
March under CNY3.5 billion ($571 million) of debt.  Bloomberg
recalls that Standard & Poor's said last month it sees a risk that
a developer may default in the coming 12 months. China's home
sales plunged 11 percent in the first eight months from a year
earlier as economic growth slowed.


AGILE PROPERTY: S&P Puts 'BB' CCR on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating and 'cnBBB-' long-term Greater China
regional scale rating on Agile Property Holdings Ltd. on
CreditWatch with negative implications.  S&P also placed its 'BB-'
long-term issue rating and 'cnBB+' long-term Greater China
regional scale rating on the company's outstanding senior
unsecured notes on CreditWatch with negative implications.

S&P placed the ratings on CreditWatch with negative implications
to reflect increasing information and refinancing risk of the
China-based property developer.  Agile's share suspension on the
Hong Kong Stock Exchange is longer than S&P expected, and the
company has so far offered little information.

"We believe Agile's share suspension could continue next week,"
said Standard & Poor's credit analyst Vincent Lam.  "In our view,
the prolonged share suspension, immediately following the
company's proposed rights issue, along with no additional
information from the management, will undermine investor
confidence and could affect the closure of the rights issue. We
have not received any information from Agile regarding the
progress of its rights issue."

In such a scenario, the company may need to find other options to
refinance its bridge loan due in Dec. 2014.  Agile's liquidity has
been weakening because of rising leverage, slower sales than
peers, and low cash collection.  As of June 30, 2014, Agile had
about Chinese renminbi (RMB) 15 billion of short-term debt,
compared with RMB7.6 billion of unrestricted cash.

On Sept. 22, 2014, Agile proposed a rights issue to raise
approximately Hong Kong dollar (HK$) 2.8 billion.  On Oct. 3,
2014, the Hong Kong Stock Exchange suspended trading of Agile
shares.  As of Oct. 9, 2014, Agile has not provided an explanation
or timetable for the resumption of share trading. According to the
documents on the Hong Kong Stock Exchange, acceptance of and
payment for rights shares and application and payment for excess
rights shares will begin Oct. 13, 2014.

"We expect to resolve the CreditWatch placement when Agile
provides more information on the share suspension," Mr. Lam said.

S&P could take a negative rating action if it believes the events
will have a long-term negative effect on the company's reputation
and investor confidence, such that its funding channel, funding
costs, and liquidity position materially deteriorate.  A 200-
basis-point increase in Agile's new borrowing costs could indicate
such a deterioration.  S&P could also downgrade Agile if
refinancing risk increases for the company's maturing debt.  If
the share suspension is related to a negative corporate
development, it could result in multiple notches of downgrade,
depending on the impact.

S&P could affirm the rating with a stable outlook if Agile's
shares resume trading, the company provides a clear explanation
about the share suspension, and S&P assess the new information
released by Agile to have no negative impact on its credit
profile.


EVERGRANDE REAL: Moody's Changes B1 CFR Outlook to Negative
-----------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on Evergrande Real Estate Group Limited's B1 corporate
family and B2 senior unsecured ratings.

At the same time, Moody's has affirmed Evergrande's B1 corporate
family and B2 senior unsecured ratings.

Ratings Rationale

"The change in outlook to negative from stable reflects Moody's
concerns over Evergrande's increased refinancing risk amid more
challenging market conditions, as well as its investment in non-
property businesses," says Franco Leung, a Moody's Vice President
and Senior Analyst.

Evergrande's liquidity profile weakened in 1H 2014, reflecting
slower cash receipt from its contracted sales. As a result, its
cash to short-term debt declined significantly to 84.5% at end-
June 2014 from about 150% at end-2013. Its short-term debt -- as a
proportion of total debt (including perpetual securities) -- rose
to 39% from 27% over the same period.

The company has a USD1.35 billion offshore bond coming due in
January 2015. The company has not yet arranged new offshore
financing to fund such debt, increasing its refinancing risk at a
time when China's property sector faces increased inventory and
slow property sales.

On 7 October 2014, Evergrande announced that it will invest in
solar energy by subscribing to shares of Guocang Group Limited
(unrated) and Solar Power, Inc (unrated) for a total consideration
of around HKD1.2 billion.

The investment is relatively small for Evergrande, representing
only around 1.5% of its cash balance and 0.2% of its total assets
at end-June 2014. However, its cumulative investments in non-
property businesses have increased substantially in recent years
and indicate the company's increased appetite to venture into
businesses that it has no track record in.

"We believe the company's investment in non-core businesses will
take time to generate meaningful cash flows, and that they will
contribute loss and consume funding over the near term," adds
Leung.

Evergrande's non-property businesses are still at an early stage
of development and generated only around 1.2% of total revenue in
1H 2014, while contributing an operating loss of around RMB2
billion, compared to RMB0.7 billion in 1H 2013.

The company achieved strong contracted sales performance of around
RMB98 billion for the first nine months of 2014, an approximate
32% year-over-year increase. But the strong sales growth has been
supported by an increased use of debt. Adjusted
debt/capitalization increased to around 79% at end-June 2014 from
around 74% at end-2013.

Moody's believes that Evergrande's debt leverage will likely
worsen to above 80% over the next 12 months, as it expects the
company will need to cover increased investment in non-property
businesses, construction spending and land premium payments. It
will raise part of the funding through the issuance of perpetual
securities, which Moody's treats as debt and which amounted to
around RMB44.5 billion, or 23% of its gross debt (including
perpetual securities) at end-June 2014.

As a result, its adjusted EBITDA/interest coverage -- including
the adjustments for the perpetual capital securities issued --
will likely weaken to below 1.5x from around 1.8x for the 12-month
period ended June 2014 due to an expected rise in debt. Such low
interest coverage pressures its current rating.

The company's gross profit margins remained stable at around 30%
for the 12-month period ended June 2014, a trend Moody's expects
to continue over the next 12 months.

The B1 corporate family rating reflects Evergrande's strong market
position as one of the top five property developers in China by
contracted sales and the size of its land bank. The rating also
reflects the company's significant scale. It covers 147 cities
across China.

The rating further takes into account Evergrande's ability to
manage its development operations through business cycles, owing
to its low land costs, economies of scale, and adequate liquidity
position.

On the other hand, the rating is constrained by the high business
and financial risks associated with Evergrande's strategy to
pursue rapid debt-funded growth.

Downward rating pressure could emerge if: (1) Evergrande's profit
margins decline, such that its EBITDA margin falls well below 20%;
(2) its liquidity position continues to be weak as shown by a cash
balance of well below 1.0x of short term debt; or (3) the company
raises more debt, resulting in revenue/gross debt (including
perpetual securities) below 0.5x, adjusted debt/capitalization
above 75%-80%, or EBITDA/interest below 1.5x-2.0x on a sustained
basis.

Upward rating pressure is unlikely in the near term, given the
negative outlook. However, the rating could return to stable if
(1) the company consistently meets its sales targets and maintains
strong discipline in its land acquisitions; (2) EBITDA/interest
exceeds 1.5x -- 2.0x; and (3) it maintains an adequate level of
liquidity, as evidenced by cash at 1.0x of short term debt.

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

Evergrande Real Estate Group Limited is one of the major
residential developers in China, with a standardized operating
model.

Founded in 1996 in Guangzhou, the company has rapidly expanded its
business across the country over the past few years. As at 30 June
2014, its land bank totaled 150 million square meters in gross
floor area across 147 Chinese cities.



================
H O N G  K O N G
================


TIGER ASIA: Banned From Trading in HK For 4 Years
-------------------------------------------------
Bonnie Cao at Bloomberg News reports that a Hong Kong tribunal
banned Tiger Asia Management LLC and its founder Bill Hwang from
trading securities in Hong Kong for four years after they admitted
using inside information to trade Chinese bank stocks.

According to the report, the Securities and Futures Commission
said on October 9 that the Market Misconduct Tribunal determined
that the New York-based hedge fund, Mr. Hwang and Head of Trading
Raymond Park engaged in market misconduct in Hong Kong.

Bloomberg relates that Tiger Asia, since renamed Archegos Capital
Management LLC and turned into a family office, agreed to pay
HK$45.3 million ($5.8 million) to Hong Kong investors affected by
the trades and $60.3 million in U.S. criminal and civil
settlements after a legal battle that began in 2009. The case was
the first directly brought to the Market Misconduct Tribunal by
the SFC, the report discloses.

"This heralds a sterner approach in respect of protective measures
provided under our law," the Market Misconduct Tribunal said, as
cited in the statement. "The protection of our market is a matter
of such public importance, and cold shoulder orders so central to
providing that protection, that market operators who, by their
actions, show they cannot be trusted must from now on expect
orders that exclude them from the market for more lengthy periods
of time."

Tiger Asia received advance information on UBS AG's sale of
3.4 billion Hong Kong-listed shares of Bank of China Ltd. in
December 2008 after agreeing not to trade on the knowledge, the
SFC said in a July 2013 filing with the tribunal, Bloomberg
recalls.



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AARAMBH INDIA: ICRA Suspends 'D' Rating on INR13cr LT Loan
----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR13.00 crore
long term fund based limits and INR13.00 crore of non fund based
limits of Aarambh (India) Pvt. Ltd. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


ANAND MACHINERY: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Anand
Machinery India Pvt Ltd (AMIPL) continues to reflect the company's
modest scale of operations and stretched liquidity, owing to its
working-capital-intensive operations. These rating weaknesses are
partially offset by the benefits that AMIPL derives from its
promoters' extensive experience in trading construction equipment
and its established relationship with its principal.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           50         CRISIL B+/Stable (Reaffirmed)
   Term Loan             30         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AMIPL will continue to benefit over the
medium term from its promoters' extensive experience in the
construction equipment industry. The outlook may be revised to
'Positive' if the company's financial risk profile, particularly
liquidity, improves most likely due to a major ramp up in its
scale of operations, along with improvement in profitability and
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' if AMIPL's financial risk profile,
particularly liquidity, deteriorates, most likely due to lower-
than-expected cash accruals, significant increase in working
capital requirement, or further debt-funded capital expenditure.

Update
Due to weak demand from end-user industries such as construction
and mining industries, AMIPL's turnover and profitability were
subdued in 2013-14 (refers to financial year, April 1 to March 31)
with turnover of INR113 million and operating margin of about 2.5
per cent. Steady improvement in demand is expected to lead to
moderate growth in turnover and profitability over the medium
term.

The financial risk profile of the company continues to be below
average, marked by estimated small net worth of around INR33
million and gearing of around 3 times as on March 31, 2014.
Liquidity of the company continues to remain stretched due to
modest net cash accruals from the business, fixed repayment
obligations, and working-capital-intensive operations. Subdued
demand translated into slower movement of inventory and delayed
realisation of receivables resulted in a stretch in the working
capital cycle and almost fully utilised fund-based limits over the
twelve months ended March 31, 2014. Moreover, the cash accruals
generated from the business tightly match its debt repayment
obligations of INR6 million. However, timely and adequate funding
support from the promoters in the form of unsecured loans to meet
the fund deficit has ensured that AMIPL retained its liquidity.
Improvement in the working capital cycle and cash generation from
the business and need-based funding support from the promoters
will determine the rating direction over the medium term.

On a provisional basis, AMIPL is estimated to report profit after
tax (PAT) of INR1.2 million on net sales of INR113 million for
2013-14 as against PAT of INR0.2 million on net sales of INR199
million for 2012-13.

Incorporated in 2009, AMIPL trades in construction equipment such
as hydraulic rock breakers, excavator attachments, and their
spares. The company is the sole authorised dealer in India for
Dowin International Corporation (DIC), Korea, for its entire range
of products. The company has its head office in Pune (Maharashtra)
and branches in 16 cities in India. Its customers are mainly from
the construction, stone quarry, and mining industries. The company
is promoted by Mr. Sanjay Mutha and Mrs. Sanjyoti Mutha.


BOGEASHAVARA POLYMERS: CRISIL Puts B Rating on INR195MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Bogeashavara Polymers Private Limited (BPPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan          195        CRISIL B/Stable
   Proposed Cash Credit     36        CRISIL B/Stable
   Limit

The rating reflects BPPL's weak financial risk profile, marked by
high gearing and low net worth. The rating also factors in BPPL's
exposure to risks relating to the start-up nature of its
operations and intense competition in polypropylene (PP) woven
sacks industry. These weaknesses are partially offset by the
extensive entrepreneurial experience of BPPL's promoters.

Outlook: Stable

CRISIL believes that BPPL will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience. The
outlook may be revised to 'Positive' if strong growth in revenue
and profitability leads to improvement in BPPL's financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
delay in stabilisation of operations or any large debt-funded
capital expenditure (capex) weakens the financial risk profile.

Incorporated in 2013, BPPL manufactures PP woven sacks, bags and
fabric for packaging in industries such as cement, fertilisers,
food and textiles. The company is promoted by Mr. Pradeep Reddy
and associates and is headquartered in Hyderabad. The company
commenced commercial operations in September 2014.


BTC INDUSTRIES: ICRA Revises Rating on INR21.15cr Term Loan to C
----------------------------------------------------------------
ICRA has revised its long term rating to the INR18.50 crore fund
based limits and INR21.15 crore term loan of BTC Industries
Limited to [ICRA]C from [ICRA]C+ and has reaffirmed its short term
rating of [ICRA]A4 to the INR5.0 crore non fund based limits of
BTC. ICRA has taken a similar rating action for the INR0.35 crore
unallocated bank limits.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   Based Limits           18.50     [ICRA]C revised

   Term Loan              21.15     [ICRA]C revised

   Short Term Fund
   Based Limits            5.00     [ICRA]A4 reaffirmed

   Unallocated Bank        0.35     [ICRA]C revised/[ICRA]A4
   Limits                           Reaffirmed

The rating revision takes into account the company's continued
stretched liquidity position as reflected by its almost fully
utilized fund based limits, as well as large repayments, which
coupled with its low accruals could lead to delays by the company
in servicing its debt. The ratings also continue to be constrained
by BTC's moderate scale of operations, low profitability, the
highly competitive and fragmented nature of the industry and
vulnerability of profitability to any adverse movements in raw
material prices. However, the ratings derive comfort from the long
experience of the promoters in the steel industry and BTC's long
standing relationship with its clients, which have enabled the
company to achieve steady revenue growth over the years. The
company is also setting up a new concast mill to manufacture
billets and the ability of the promoters to bring in additional
equity in order to get the bank funding and successfully
commission the plant will remain key rating sensitivities.

BTC was incorporated in the year 2003 as a private limited company
in Uttarakhand, however it was converted into a public limited
company in 2010. The company was promoted by Mr. Yashoda Nandan
and his two sons Mr. Navneet Agarwal and Mr. Tushar Agarwal. The
company is engaged in the manufacturing of TMT bars and fabricated
steel windows at its manufacturing facility in Khasra
(Uttarakhand) with an installed capacity of 120,000 metric tonnes
per annum. BTC sells its products under the brand names "Mittal
TMT" and "Mittal TMT 500".

Recent Results
BTC reported, on a provisional basis, a profit after tax (PAT) of
INR1.38 crore on an operating income of INR165.07 crore in FY
2013-14 as compared to a PAT of INR1.30 crore on an operating
income of INR163.23 crore in the previous year.


CHAMPION AGRO: CRISIL Cuts Rating on INR1.5BB Cash Credit to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Champion Agro Ltd to 'CRISIL D' from 'CRISIL BB/Negative'.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit             1500         CRISIL D (Downgraded from
                                        'CRISIL BB/Negative')

   Proposed Long Term        60         CRISIL D (Downgraded from
   Bank Loan Facility                   'CRISIL BB/Negative')

The rating downgrade reflects overdrawn working capital limits for
more than 30 days by CAL; the delays have been caused by the
company's weak liquidity. CAL has weak liquidity because of its
large working capital requirements due to stretch in its book
debts. CRISIL believes that CAL's liquidity will remain weak over
the medium term because of its working-capital-intensive
operations dominated by its rising book debts. CAL's working-
capital-intensive operations are marked by a long receivables
cycle and negative cash flows from operations. Also, the company
operates mainly in Gujarat, which accentuates its exposure to
risks inherent in the agriculture industry.

The rating reflects CAL's stretched liquidity as a result of
increased working capital requirements with revenue growth, while
tying up of adequate funds has generally lagged growth in revenue.
However, the company benefits from the extensive experience of its
promoters in the agriculture industry.

CAL was established in 1991 as a partnership firm (Magnetic
Electric Company) by Mr. Dhirajlal Hirpara. It was started to
manufacture pumps and motors for agricultural use. These products
were sold under the brand Champion. The firm was reconstituted as
a public limited company (Magnetic Industries Ltd) in 1994 and its
name was changed to the current one in 2009-10 (refers to
financial year April1 to March 31). CAL has, since 2007,
diversified into agro input trading; contract and lease farming,
and cattle feed manufacturing and trading.


CHANDAK MINING: ICRA Reaffirms B Rating on INR9cr Packing Credit
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B (pronounced
ICRA B for INR9.00 crore packing credit limits of Chandak Mining
and Export (CME).

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Packing Credit limit       9.00       [ICRA]B reaffirmed

The rating reaffirmation takes into account the intensely
competitive nature of the gems and jewellery industry, client
concentration risk with top five customers accounting for 61% of
total sales of the firm and vulnerability of CME's profit margins
to fluctuations in exchange rates. The ratings also takes into
account CME's modest scale of operations and its weak financial
profile as reflected in its high gearing level, weak debt coverage
indicators and high working capital intensity of operations.
Further CME is a partnership firm and any significant withdrawals
from the capital account could adversely impact its net worth and
thereby the capital structure. Nevertheless, the rating continues
to favourably factor in the extensive experience of the promoters
in the trading business and the firm's low debt repayment
obligations, as the debt is largely in the form of working capital
borrowings. Going forward, the ability of the firm to increase its
scale of operations in a profitable manner, while managing its
working capital intensity will be the key rating sensitivities.

CME was established in 2012 as a partnership firm. It is engaged
in trading of precious stones and mill scale and is based out of
Aligarh, Uttar Pradesh. The firm reported, on a provisional basis,
a net profit of INR0.27 crore on an operating income of INR18.92
crores in FY14 as against a net profit of INR0.25 crore on an
operating income of INR12.63 crore in the previous year.


DIWANKA ENERGY: CRISIL Reaffirms B Rating on INR70MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Diwanka Energy Pvt Ltd
(DEPL) continue to reflect DEPL's below-average financial risk
profile, marked by a small net worth and a high total outside
liabilities to tangible net worth (TOLTNW) ratio, and the
susceptibility of its operating performance to intense competition
in the steel trading industry and cyclicality in demand from end-
user industries. These rating weaknesses are partially offset by
the extensive industry experience of the company's promoters and
its established customer relationships.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              70       CRISIL B/Stable (Reaffirmed)
   Letter of Credit         15       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that DEPL will continue to benefit over the medium
term, from its promoters' extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' if the company registers higher-than-expected growth in
its revenue, while substantially improving its profitability,
leading to moderate liquidity. Conversely, the outlook may be
revised to 'Negative' if DEPL's profitability or revenue declines
or its working capital cycle lengthens, resulting in lower-than-
expected cash accruals, constraining its financial risk profile.

Update
Due to sluggish demand from end-user industries, DEPL's sales
declined to INR1.3 billion in 2013-14, (refers to financial year,
April 1 to March 31) from INR1.8 billion in 2012-13. Its operating
margin, though low due to the trading nature of its business,
remained stable at about 1.2 per cent. The company is expected to
revert to its earlier turnover level in 2014-15; it has registered
gross sales of about INR930 million in the five months ended
August 31, 2014.

High working capital intensity of operations combined with low
profitability has resulted in DEPL having weak interest coverage
and TOLTNW ratios of 1.6 times and 5 times, respectively, for
2013-14. The high working capital intensity has also resulted in a
stretch in the company's liquidity, as indicated by high average
bank limit utilisation of 99 per cent during the 12 months through
July 2014. The liquidity is, however, marginally supported by
need-based funding by promoters in the form of unsecured loans.
Amid large working capital requirements and modest cash accruals
from business, continued financial support from promoters to meet
any cash flow deficit will be key for the company to maintain its
liquidity over the medium term.

DEPL reported a profit after tax (PAT) of INR4.5 million on net
sales of INR1.3 billion for 2013-14, as against a PAT of INR0.3
million on net sales of INR1.8 billion for 2012-13.

Incorporated in 2009, DEPL trades in various steel products, such
as hot rolled/cold rolled coils and plates, angles, channels,
sponge iron, billets, and thermo-mechanically-treated bars, among
others. The day-to-day operations of the company are managed by
Mr. Priyank Diwanka. It has its registered office in Nagpur
(Maharashtra).


DUSHASAN JENA: CRISIL Reaffirms B+ Rating on INR7.4MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of M/S Dushasan Jena (DJ)
continue to reflect the firm's small scale of operations in the
fragmented and competitive logistics industry, high customer
concentration, and a below-average financial risk profile, marked
by small net worth and moderate gearing. These rating weaknesses
are partially offset by the benefits that DJ derives from the
extensive experience of its promoters in the freight
transportation and material-handling business and its established
customer relationships.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        40         CRISIL A4 (Reaffirmed)
   Cash Credit            2         CRISIL B+/Stable (Reaffirmed)
   Term Loan              7.4       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DJ's liquidity will remain weak in the medium
term on account of tightly matched cash accruals versus term debt
repayments. The outlook may be revised to 'Positive' if there is a
substantial improvement in DJ's scale of operations while it
maintains its profitability thereby improving its cash accruals
and hence its liquidity profile. Conversely, the outlook may be
revised to 'Negative' in case DJ's cash accruals are below
expectations thereby adversely affecting its liquidity profile.

DJ was established as a partnership firm in 1985 by members of the
Jena family, based in Cuttack, Orissa. DJ has been in the handling
and transportation business since its inception. Currently, DJ is
operating as a consignment agent for Steel Authority of India
Limited (SAIL). Furthermore, the firm provides handling services
to J M Baxi & Company.

DJ reported profit after tax (PAT) of INR3.8 million on net income
of INR40.9 million, respectively, for 2012-13 (refers to financial
year, April 1 to March 31); the firm reported PAT of INR3.0
million on net income of INR35.7 million for 2011-12.


FLY CERAMIC: ICRA Reaffirms 'B' Rating on INR5cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating to [ICRA]B to INR3.00
crore fund based cash credit facility and INR5.00 crore term loan
facility of Fly Ceramic. ICRA has also reaffirmed an [ICRA]A4
rating to INR0.95 crore short term non fund based facilities of
FC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit     3.00        [ICRA]B; Reaffirmed
   Term Loan             5.00        [ICRA]B; Reaffirmed
   Bank Guarantee        0.95        [ICRA]A4; Reaffirmed

The ratings continues to remain constrained by FC's limited
operational track record entailing weak financial profile as
reflected by net losses, stretched capital structure and weak debt
protection metrics. While reaffirming the ratings, ICRA considers
the vulnerability of profitability and cash flows to cyclicality
inherent in the real estate industry, which is the main consumer
sector. The firm's profitability is also vulnerable to the
cyclicality associated with the real estate industry as well as to
increasing prices of gas and power. The ratings are further
constrained by the restricted pricing flexibility in the business
due to a fragmented nature of the industry and intense competition
among the players. Further, Fly Ceramic is a partnership firm and
any substantial withdrawal from capital account would impact the
net worth and thereby the capital structure of the firm.

The rating however, favorably considers the timely commissioning
of the tile manufacturing operations supported by moderate
capacity utilization level in FY14. The ratings also favorably
take into account the long experience of in the ceramic industry
and established brand visibility of its group concern. The ratings
also continues to factor in the location advantage enjoyed by the
firm, giving it easy access to raw material and presence in
digitally printed segment which is expected to result in better
realizations.

Fly Ceramic (FC) was incorporated in December 2012 as a private
limited firm and is engage in the manufacturing of digitally
printed ceramic glazed wall tiles. The manufacturing unit of the
firm is located in Morbi, Gujarat, with an installed capacity of
30,000 MTPA. The commercial production is started from July
2013.The Firm is promoted and managed by Mr. Deepak Kanjiya along
with other family members and relatives.

Recent Results
For the year ended 31st March, 2014, the firm reported an
operating income of INR8.21 crore and has incurred net losses of
INR1.12 crore as per audited results.


GLOBAL POULTRY: CRISIL Assigns B- Rating to INR40MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Global Poultry & Breeding Farm (GPBF).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             40         CRISIL B-/Stable
   Cash Credit           18.5       CRISIL B-/Stable
   Proposed Long Term     1.5       CRISIL B-/Stable
   Bank Loan Facility

The rating reflects GPBF's weak financial risk profile marked by
small net worth and high gearing, its small scale of operations,
and exposure to inherent risks and intense competition in the
poultry industry. These rating weaknesses are partially offset by
the extensive industry experience of GPBF's promoters.

Outlook: Stable

CRISIL believes that GPBF will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if GPBF ramps up revenue significantly and
sustainably, and reports significant operating margin leading to
improvement in its net cash accruals. Conversely, the outlook may
be revised to 'Negative' if the firm's revenue or profitability
declines significantly or if it undertakes a large capital
expenditure programme, leading to deterioration in its liquidity.

GPBF is a Karnal (Haryana)-based partnership firm set up in 2012
by Mr. Rishi Kumar, Mr. Pawan Kumar, and Ms. Anita. The firm has
day-old-chick breeder farms with capacity of around 50,000 parent
birds (90 per cent female). Mr. Rishi Kumar has been involved in
the poultry farming industry for over a decade.

GBPF reported, on a provisional basis, a book profit of INR5.5
million on net sales of INR36.6 million for 2013-14 (refers to
financial year, April 1 to March 31), its first year of
operations.


GUJARAT COTTON: ICRA Revises Rating on INR4cr Cash Credit to 'D'
----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR4.00
crore cash credit facility and INR1.00 crore (reduced from INR1.08
crore) term loan facility of Gujarat Cotton Industries to [ICRA]D
from [ICRA]B. ICRA has also revised the short-term rating assigned
to the INR1.00 crore short-term fund based limit of GCI to [ICRA]D
from [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        Revised to [ICRA]D
                                     from [ICRA]B

   Term Loan             1.00        Revised to [ICRA]D
                                     from [ICRA]B

   Short-term fund       1.00        Revised to [ICRA]D
   based facility                    from [ICRA]A4

The revision in ratings takes into account the recent delays in
servicing of debt obligations by the firm and the sharp increase
in working capital intensity of operations in FY 2014. The ratings
continue to remain constrained by GCI's modest scale of operations
with de-growth in revenue in FY 2014 and highly leveraged capital
structure owing to working capital intensive nature of operations.
The ratings also factor in GCI's low operating margins on account
of low value addition in the business; highly competitive and
fragmented industry structure owing to low entry barriers; and the
vulnerability of the firm's profitability to raw material (i.e.
cotton) prices, which are subject to seasonality, crop harvest and
regulatory risks. ICRA also notes that as GCI is a partnership


HINDUSTAN EVEREST: CRISIL Reaffirms B- Rating on INR40M Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hindustan Everest Tools
Ltd (HETL) continue to reflect HETL's weak financial risk profile
marked by fluctuating margins and low accruals, and small scale of
operations in the highly fragmented hand tools industry. These
rating weaknesses are partially offset by the extensive industry
experience of HETL's promoters.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           40         CRISIL B-/Stable (Reaffirmed)
   Letter of Credit      15         CRISIL A4 (Reaffirmed)
   Packing Credit        70         CRISIL A4 (Reaffirmed)
   Term Loan              5.9       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HETL will continue to face pressure on its
liquidity over the medium term, because of tightly matched cash
accruals and debt obligations, and large incremental working
capital requirements. The outlook may be revised to 'Positive' if
the company scales up operations and profitability significantly,
resulting in substantial cash accruals, and reports improvement in
financial flexibility driven by increase in net worth, most likely
because of fresh equity infusion. Conversely, the outlook may be
revised to 'Negative' if the company's revenue and profitability
come under pressure or if it undertakes any large debt-funded
capital expenditure programme over the medium term.

HETL is a listed company manufacturing hand tools such as
spanners, wrenches, and screw drivers. HETL was promoted by the
late Mr. D P Mandelia in 1963. HETL's operations are currently
managed by the founder's sons, Mr. Shravan Mandelia and Mr.
Balgopal Mandelia, who joined the company as directors in the
early 1980s. The company's manufacturing facility in Sonepat
(Haryana) has capacity of 1800 tonnes per annum (tpa).


INTECH PHARMA: ICRA Reaffirms B+ Rating on INR9.56cr LT Bank Loan
-----------------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ rating for the INR9.56 Crore
(enhanced from INR2.83 crore) long term fund based facilities and
[ICRA]B+/[ICRA]A4 rating for INR3.29 Crore fund based and non fund
based facilities of Intech Pharma Private Limited. ICRA has also
reaffirmed [ICRA] A4 rating to the INR6.65 Crore (enhanced from
INR4.65 crore) short term non fund based facilities of IPPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Facilities      9.56        [ICRA]B+ reaffirmed

   Long Term/Short
   Term Fund Based
   Facilities            3.00        [ICRA]B+/[ICRA]A4 reaffirmed

   Short Term Fund
   Based Facilities      6.65        [ICRA]A4 reaffirmed

   Unallocated           0.29        [ICRA]B+/[ICRA]A4 reaffirmed

The rating reaffirmation factors in the significant experience of
the promoters in the fumigation services through the parent
company (Pest Kare (India) Private Limited, PIPL) and the support
provided by them in the form of unsecured loans. ICRA also factors
in the high entry barriers to the industry and favourable
prospects due to lack of effective alternatives of Methyl Bromide
for quarantine and pre-shipment fumigation (QPS) purposes.
The ratings, however, continue to be constrained by the
vulnerability of profitability to changes in raw material prices
and foreign currency fluctuation and the moderate capital
structure of the company which could weaken going forward due to
debt funded capex being incurred. Further, the ratings take into
the account the company's small scale as compared to global
players, which pose strong competition and limit the company's
bargaining power. The demand for the company's product continues
to be dependent on the regulatory environment, with the use of
methyl bromide being regulated under Montreal Protocol. IPPL's
ability to improve its profitability and generate sufficient
returns from its new facility to service the proposed debt, will
remain key rating sensitivities going forward.

Intech Pharma Private Limited was incorporated in the year 1999,
and was involved in manufacturing of various chemicals which were
supplied across India. In 2004, IPPL began the commercial
production of Methyl Bromide, an Ozone depleting gas, which has
restrictions on its production and usage as per the Montreal
Protocol.

Recent Results
As per provisional financial for 2013-14, IPPL recorded an
operating income of INR26.8 Crore. The company recorded an
operating profit before depreciation, interest and tax of INR3.5
Crore and Profit after Tax (PAT) of INR0.7 Crore.


KBJ JEWEL: ICRA Lowers Rating on INR110cr LT Fund Based Loan to D
-----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR110 crore
fund based bank limits of KBJ Jewel Industry India Private Limited
(erstwhile KBJ Jewellery Private Limited) to [ICRA]D from
[ICRA]BB+. ICRA has also revised the short term rating assigned to
the INR20 crore non fund based bank limits of the company to
[ICRA]D from [ICRA]A4+, which is a sub-limit of INR110 crore fund
based limits. As such the total utilization should not exceed
INR110 crore at any point of usage. The ratings revision reflects
current delays in debt servicing by the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Action Long-term,      110       Revised to [ICRA]D
   fund-based                       from [ICRA]BB+ (stable)
   facilities

   Short-term, non         20       Revised to [ICRA]D
   fund-based                       from [ICRA]A4+
   facilities

Incorporated in May 2006, KBJ Jewel Industry India Private Limited
(erstwhile KBJ Jewellery Private Limited) was promoted by Mr.
Mohit D. Kamboj (currently MD of the company) and his father
Deepak K. Kamboj with the aim to manufacture and market gold
jewellery. The Kamboj family has been in the jewellery business
for more than five decades with Mr. Mohit Kamboj representing the
third generation of the family in this business. The company's
head office is located in Mumbai and it has a branch office in
Varanasi, UP, where the family first commenced its jewellery
business five decades ago.


MANTRI METALLICS: ICRA Lowers Rating on INR43cr Cash Loan to 'D'
----------------------------------------------------------------
ICRA has revised downwards the long term rating to the INR24.80
crore (reduced from INR35.04 crore) term loans and the INR43.0
crore cash credit facilities of Mantri Metallics Private Limited
to [ICRA]D from [ICRA]C. ICRA has also revised downwards the short
term rating to the INR18.0 crore non-fund based and INR7.00 crore
fund based bank facilities of MMPL to [ICRA]D from [ICRA]A4. ICRA
has revised downwards the long/short term rating to INR12.51 crore
(enhanced from INR2.27 crore) unallocated bank lines of MMPL to
[ICRA]D/[ICRA]D from [ICRA]C/[ICRA]A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term loan             24.80      Revised to [ICRA]D
                                    from [ICRA]C

   Cash Credit           43.00      Revised to [ICRA]D
                                    from [ICRA]C

   Short term Non-       18.00      Revised to [ICRA]D
   fund based limits                from [ICRA]A4

   Short term fund        7.00      Revised to [ICRA]D
   based limits                     from [ICRA]A4

   Unallocated limits    12.51      Revised to [ICRA]D/[ICRA]D
                                    from [ICRA]C/[ICRA]A4

   Short term fund       20.00      Revised to [ICRA]D from
   based limits                     [ICRA]A4

The ratings revision takes into consideration the delays in debt
servicing in 2013-14 due to cash flow mismatched caused by
stretched receivables and high inventory levels. The ratings also
factor in the weak capital structure and depressed coverage
indicators of the company owing to debt funded capital expansion
expansions in the past; high customer concentration risks with top
ten customers accounting for about 71% of MMPL's revenues in 2013-
14 and exposure to forex risks, given that a significant share of
the company's sales are derived from exports. Nevertheless, ICRA
has also taken into consideration MMPL's healthy order book of
INR311.1 crore, which provides good revenue visibility in the near
to medium term and reputed customers in domestic and export
markets, which indicated good product quality and ensures repeat
orders. ICRA has also factored in the increasing share of exports,
which typically fetches better realization and reduces
geographical concentration risks and long experience of the
promoters in the auto component industry.

Incorporated in 1995, Mantri Metallics Pvt. Ltd. (MMPL) is
involved in the manufacturing of cast iron automotive components
like flywheel assemblies, brake drums, exhaust manifolds, housings
and plates. It has two manufacturing units located in the region
of Kolhapur (Maharashtra) and one in Pantnagar (Uttarakhand); with
a total casting capacity of 34,800 MTPA. In February 2008, BTS
India Pvt. Equity fund Ltd. (BIPEFL) invested INR20.0 crore in the
company and the fund currently holds 33% of MMPL's equity share
capital.

Recent Results
In 2013-14, MMPL reported a net profit of INR1.16 crore on the
back of operating income of INR248.02 crore as compared to a net
profit of INR1.12 crore on the back of operating income of
INR280.00 crore in 2012-13.


MULTICHEM SPECIALITIES: ICRA Rates INR4cr LT Capital Loan at B+
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR4.00
crore long-term fund-based sublimits1 of Multichem Specialities
Private Limited. ICRA has also assigned a short-term rating of
[ICRA]A4 to the INR15.00 crore short-term, non-fund based limits
of the company.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term, fund based    (4.00)       [ICRA]B+ assigned
   working capital
   facilities

   Short-term, non-fund     15.00        [ICRA]A4 assigned
   based working capital
   facilities

The rating takes into account the established experience of the
promoters in the chemical trading business and MSPL's diversified
set of customers leading to low customer concentration risks. The
ratings, however, are constrained by MSPL's stretched financial
risk profile indicated by high gearing levels, weak debt
protection metrics and high utilization of working capital limits.
The ratings are further constrained by vulnerability of margins to
foreign currency fluctuations on account of high proportion of
imports which is compounded by exposure to foreign currency
financing. The ratings also factor in the high competitive
pressures faced by MSPL and trading nature of the business,
inherently low value addition and correspondingly modest margins.

Incorporated in 2007, Multichem Specialities Private Limited
(MSPL) is engaged in the business of trading in speciality
chemicals. MSPL is a family managed business, promoted by Mr.
Manish Karnani. The promoters have been carrying out the business
since 1976 through separate entities.

Recent results:
MSPL recorded a profit after tax (PAT) of INR0.33 crore on an
operating income of INR44.83 crore in FY14 as against a PAT of
INR0.21 crore on an operating income of INR38.69 crore in FY13.


MUTNEJA RICE: CRISIL Reaffirms B Rating on INR180MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Mutneja Rice
Mills (MRM) continues to reflect the firm's weak financial risk
profile, marked by high gearing, small net worth, and average debt
protection metrics.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            180        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term      20        CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

The rating also factors in the firm's large working capital
requirements, small scale of operations, and susceptibility to
adverse regulatory changes, erratic rainfall, and to volatility in
raw material prices and foreign exchange rates. These rating
weaknesses are partially offset by the extensive experience of
MRM's promoters in, and the healthy growth prospects of, the rice-
processing industry.

Outlook: Stable

CRISIL believes that MRM will continue to benefit from the
promoters' extensive experience in the industry. The firm's
financial risk profile is, however, expected to remain weak owing
to working-capital-intensive operations and small net worth. The
outlook may be revised to 'Positive' in case of substantial and
sustained improvement in the cash accruals or net worth on account
of equity infusion from the promoters. Conversely, the outlook may
be revised to 'Negative' if there is significant deterioration in
the firm's liquidity or capital structure on account of large
working capital requirements.

MRM is engaged in processing and sale of basmati rice. Its
facility is located in Jalalabad (district Bhatinda, Punjab) with
milling and sorting capacity of 5 tonnes per hour.


NCL INDUSTRIES: ICRA Reaffirms D Rating on INR112.9cr Term Loan
---------------------------------------------------------------
ICRA has assigned a rating of [ICRA]MD to the fixed deposit
programme of NCL Industries Limited. ICRA has also reaffirmed the
long term rating of [ICRA]D to the INR112.9 crore (reduced from
INR126.46 crore) term loans and INR75.0 crore fund based limits
and the short term rating of [ICRA]D to the INR5.0 crore non-fund
based limits of the company.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Fixed Deposit Programme       45.0       [ICRA]D Assigned
   Term Loans                   112.9       [ICRA]D Reaffirmed
   Fund Based Limit              75.0       [ICRA]D Reaffirmed
   Non-Fund Based Limit           5.0       [ICRA]D Reaffirmed

The ratings factor in the recent delays in debt servicing by the
company. The weak cement demand in Andhra Pradesh has led to poor
capacity utilisation levels and hence inadequate cash generation.
This coupled with a sharp increase in input costs (power, fuel and
freight costs) have led to significant weakening of profitability
and cash flows. The company reported a net loss of INR40.8 crore
in FY14. In Q1FY15, the profitability has deteriorated even
further with the company reporting operating losses of INR3.9
crore. Despite a restructuring of its debt in FY14, the company
has been unable to meet the revised debt obligations in a timely
manner.

Incorporated in 1979, NCL is in the business of manufacturing
cement, cement boards, prefabrication shelters and in
hydroelectricity generation. The company first set up a 200 TPD
mini plant at Matapally, Nalgonda district of Andhra Pradesh. As
part of diversification, the company set up a plant for
manufacturing cement bonded particle boards in collaboration of
Bison Werke, Germany in 1993 at Matapally just adjacent to the
cement plant. In 1994, NCL introduced prefabricated shelters based
on unique track and panel system. The company has completed its
expansions in the cement division in March 2010 taking the total
installed grinding capacity to 1.95 million tons per annum.

Recent Results
The company reported a net loss of INR19.2 crore on an operating
income of INR95.7 crore in Q1FY15.


PARA PRODUCTS: ICRA Reaffirms B+ Rating on INR9.2cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed the ratings at [ICRA]B+/[ICRA]A4 for INR19.20
crore of bank facilities of Para Products Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9.20       [ICRA]B+ reaffirmed
   Cash Credit cum
   Letter of Credit      10.00       [ICRA]B+/[ICRA]A4 reaffirmed

The rating reaffirmation factors in PPPL's healthy clientele,
location advantage and the long standing experience of the
promoters in paracetamol manufacturing. Being closer to the
pharmaceutical belt of Uttranchal, the company benefits from
faster delivery of paracetamol than its competitors. The ratings
however, remain constrained by the company's modest scale of
operations, stretched capital structure and high working capital
intensity. Further, the topline remains driven by a single product
Paracetamol a commoditized product characterized by low operating
margins and limited pricing flexibility. Further, the business
remains vulnerable to raw material price fluctuations, stemming
from high dependence for the imports of raw materials. Going
forward, the company's ability to continue growth in revenues,
maintain its margins and its ability to minimize the impact of
higher working capital loans to fund the high working capital
requirements remain key rating sensitivities.

Para Products Private Limited (PPPL) is a part of Globus
Pharmachem Group, based out of Ghaziabad. The company is engaged
in manufacturing of bulk drugs. The company has manufacturing
capacities for 4800 TPA of paracetamol. Globus Pharmachem,
formerly known as Goyal Group of Industries is engaged in
manufacturing of dye intermediate, plasticizers, pharmaceuticals
and industrial chemicals (Paracetamol, Diclofenac, Chlorzoxazome,
Chlorinated Parathin Wax, Vinyl Sulphone, Acetanilide, Anhydride,
Aceclofenace and Nimesulide).

Recent Results
In 2013-14, as per provisional financials, PPPL reported operating
income of INR52.2 Crore, Profit before Depreciation, Interest and
Tax (PBDIT) of INR3.6 Crore and net profit of INR0.6 Crore.


PHIL COAL: ICRA Suspends 'B+' Rating on INR1.45cr Term Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR1.45 crore
term loan, INR10 crore cash credit facilities and INR0.55 crore
untied limits of Phil Coal Benefication Private Limited.  The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


RAGHAV INDUSTRIES: CRISIL Reaffirms B+ Rating on INR97M Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Raghav
Industries (RI) continues to reflect the company's below-average
financial risk profile, marked by small net worth, high gearing,
weak debt protection metrics, and small scale of operations in the
intensely competitive rice-processing industry. These rating
weaknesses are partially offset by the extensive industry
experience of RI's partners and the healthy growth prospects of
the rice industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            97        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RI will continue to benefit over the medium
term from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' if the firm registers
improvement in its liquidity, driven by significant improvement in
its cash accruals along with improvement in its scale of
operations, or if its capital structure improves substantially
because of more-than-expected accretions to reserves or additional
capital infusion by its partners. Conversely, the outlook may be
revised to 'Negative' if it registers significant deterioration in
its capital structure, or faces pressure on its profitability.
Larger-than-expected working capital requirements or large debt-
funded capital expenditure, leading to deterioration in its debt
protection metrics could trigger an outlook revision to
'Negative'.

RI, set up in 2005, processes basmati rice (mainly Pusa 1121
quality). The firm is promoted by Mr. Rakesh Garg and his brother,
Mr. Mukesh Garg. RI's milling and sorting unit in Karnal (Haryana)
has total milling capacity of 3 tonnes per hour (tph) and sorting
capacity of 12.5 tph. The firm started exporting to Saudi Arabia
in 2013-14 (refers to financial year, April 1 to March 31), which
accounted for 20 per cent of its revenue in 2013-14.

For 2013-14, RI reported profit after tax (PAT) of INR2.4 million
on operating income of INR361.7 million; the company reported PAT
of INR1 million on operating income of INR259 million for 2012-13.


SAIMAX CERAMIC: ICRA Reaffirms B+ Rating on INR5.65cr Term Loan
---------------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed for the INR4.00 crore
(enhanced from INR3.00 crore) fund based cash credit facility and
the INR5.65 crore (enhanced from INR5.20 crore) term loan facility
of Saimax Ceramic Private Limited. The rating of [ICRA]A4 has also
been reaffirmed for the INR2.75 crore (enhanced from INR1.00
crore) short term non fund based facilities of SCPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4.00      [ICRA]B+ reaffirmed
   Term Loans             5.65      [ICRA]B+ reaffirmed
   Bank Guarantee         2.75      [ICRA]A4 reaffirmed

The ratings continue to be constrained SCPL's small scale of
operation and weak financial profile as reflected by low
profitability, leveraged capital structure and modest coverage
indicators. The ratings also take into account its limited product
profile and high competitive intensity given the fragmented
structure of the tiles industry, which is expected to result in
inability of the company to entirely pass on the increase in fuel
expenses. The ratings also take into consideration vulnerability
of profitability and cash flows of the company to the cyclicality
inherent in the real estate industry which is the main consuming
sector.

The ratings, however, favorably consider the experience of the key
promoters in the ceramic industry and the locational advantage
enjoyed by SCPL with its plant located in Morbi giving it easy
access to raw materials.

Saimax Ceramic Private Limited (SCPL) is engaged in manufacturing
of ceramic wall tiles with current production capacity of 40,000
MTPA. SCPL has commenced the commercial production from April 2012
and has achieved capacity utilization of 58% in FY 2014. The
company currently manufactures wall tiles of size 10"X10",
10"X13", and 10"X15". The company has also installed digital
printing machine in February 2013 to produce digital printed
ceramic wall tiles.

Recent Results
For the year ended 31st March, 2014, SCPL reported an operating
income of INR18.95 crore and net loss of INR0.01 crore.


SHIV SHAKTI: CRISIL Raises Rating on INR230MM Cash Credit to B
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shiv Shakti Rice Mills (Partnership) to 'CRISIL B/Stable' from
'CRISILB-/Stable'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              230        CRISIL B/Stable (Upgraded
                                       from 'CRISIL B-/Stable')
   Working Capital
   Demand Loan              100        CRISIL B/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

The rating upgrade reflects SSRM's improved business risk profile,
and consequently enhanced liquidity. The firm's topline improved
by 14 per cent to INR1214.4 million in 2013-14 (refers to
financial year, April 1 to March 31) from INR1063.4 million in
2012-13, because of incremental export orders. SSRM derived around
95 of its revenue from mercantile exporters in 2013-14; the trend
is likely to continue over the medium term. The firm could sustain
its steady operating margin at around 8 per cent, over the medium
term.

SSRM's liquidity improved over the last 2 years ending July, 2014,
with sufficient net cash accruals vis-a-vis its debt obligations,
and a moderate current ratio. The liquidity is, however,
constrained by large working capital requirements leading to bank
limit utilisation of 95 per cent on average over the 12 months
through July 2014.

The rating continues to reflect SSRM's below-average financial
risk profile, driven by its large working capital requirements,
resulting in high gearing and weak debt protection metrics. The
rating also factors in the firm's modest market position in the
fragmented rice industry and the susceptibility of the business
risk profile to changes in the Government of India regulations.
These rating weaknesses are partially offset by the promoters'
extensive industry experience.

Outlook: Stable

CRISIL believes that SSRM will continue to benefit from its
promoters' extensive experience in the rice mill business, over
the medium term. The outlook may be revised to 'Positive' if the
firm significantly improves its working capital management and
profitability. Conversely, the outlook may be revised to
'Negative' if SSRM's financial risk profile weakens with deficient
working capital management, or large debt-funded capital
expenditure.

SSRM was set up as a sole proprietorship by Mr. Ashwani Kumar in
1999. The firm processes basmati and non-basmati rice, and its by-
products. In 2009, with Mr. Hari Ram Bansal and Mr. Sweety Singla
joined Mr. Ashwani Kumar, the sole proprietorship was
reconstituted as a partnership.

As on date, SSRM has two rice milling units, along with two
sorting and grading units, all with a combined capacity of 12
tonnes per hour. The firm is based in Lehragaga (Punjab).


SHREE HANS: ICRA Assigns B+ LT Rating to INR72cr Fund Based Limit
-----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ and its short
term rating of [ICRA]A4 to the INR72 crore (enhanced from INR66
crore) fund based limits of Shree Hans Rice and General Mills.
ICRA has also assigned short term rating of [ICRA]A4 to INR2.12
crore non-fund based limits of SHRGM. Additionally, ICRA also has
rating of [ICRA]B+ and [ICRA]A4 outstanding on INR70 crore bank
facilities of SHRGM.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limit      72.00       [ICRA]B+/A4;assigned/
                                     outstanding

   Unallocated bank       0.88       [ICRA]B+; outstanding
   facilities

   Non fund based limit   2.12       [ICRA]A4;assigned

SHRGM's ratings continue to take into consideration its low
profitability metrics, high gearing (Total Debt/Tangible Net worth
of 12.84 times as on March 31, 2014) and modest debt protection
metrics. The ratings also remain constrained by the firm's high
working capital intensity and the competitive nature of the
industry which exerts pressure on operating margins. However, the
ratings favourably factor in the extensive experience of SHRGM's
promoters and its focus on export of basmati rice. Further, ICRA
has taken note of the firm's significant growth in operating
income in 2013-14 driven by increase in both realizations and
sales volumes. ICRA also continues to take into consideration the
favourable demand prospects for the rice industry, with India
being the second largest producer and consumer of rice in the
world.

SHRGM is a partnership firm, incorporated in 1980 and is primarily
engaged in milling of basmati rice, with its milling unit located
in Taraori, Karnal in close proximity to the local grain market.
Exports of basmati rice accounted for 73% of SHRGM's sales in
2013-14. The firm has a milling and sorting capacity of 12 tonnes
per hour.

Recent results
In 2013-14, the firm reported a net profit of INR2.06 crore on
operating income of INR238.76 crore, as against an operating
income of INR125.24 crore and a net profit of INR0.95 crore in the
previous year.


SHREE MADHAV: ICRA Lowers Rating on INR13cr Cash Credit to 'D'
--------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR13.00
crore cash credit limit, INR1.05 crore term loan and INR1.00 crore
bank guarantee limit of Shree Madhav Ispat Private Limited to
[ICRA]D from [ICRA]B+. ICRA has also downgraded the short term
rating of [ICRA]A4 to [ICRA]D for the INR1.95 crore standby line
of credit of SMIPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit Limit     13.00      [ICRA]D downgraded from
                                    [ICRA]B+

   Term Loan              1.05      [ICRA]D downgraded from
                                    [ICRA]B+

   Bank Guarantee         1.00      [ICRA]D downgraded from
                                    [ICRA]B+

   Standby Line of        1.95      [ICRA]D downgraded from
   Credit                           [ICRA]A4

The ratings downgrade takes into account the recent delays made by
SMIPL in servicing its debt obligations. The ratings are also
constrained by the deterioration in the financial performance of
the company, characterized by operating loss in 2013-14, mainly
attributable to rising raw material costs. The gearing of the
company also worsened on account of negative accretion to
reserves. The ratings also factor the steep decline in capacity
utilization on account of dearth of iron ore as well as weak
industry conditions, resulting in decline in revenue during 2013-
14. With the steel industry being the end user of sponge iron
manufactured by the company, SMIPL remains exposed to the inherent
cyclicality in the steel industry. The ratings are further
constrained by the high working capital intensity of operations on
account of high inventory requirements which, is likely to exert
pressure on the company's liquidity. The ratings however,
favourably factor in the long track record of the company in the
manufacture of sponge iron and its established and reputed client
base, ensuring repeat orders. Going forward, SMIPL's ability to
service its debt in a timely manner and optimally utilize its
manufacturing facility, while at the same time improve its
profitability and reduce its working capital intensity would be
key rating sensitivities.

SMIPL, incorporated in 2003, was promoted by Mr. Pradip Kumar
Lodha and his family members. The company is engaged in the
manufacture of sponge iron, at its factory in Jharsuguda, Orissa.
Currently SMIPL is operating two sponge iron kilns with a total
installed capacity of 60,000 metric tonnes per annum.

Recent Results
SMIPL reported a loss of INR7.10 crore in 2013-14 on an operating
income of INR26.93 crore, as against a loss after tax of INR1.26
crore on an operating income of INR41.13 crore in 2012-13.


SHRI BALAJI: ICRA Reaffirms B+ Rating on INR9.5cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to INR9.80 crore long term
fund based facilities of Shri Balaji Fibers.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term, Fund       9.50       [ICRA]B+ reaffirmed
   based limits-
   Cash Credit

   Long Term, Fund       0.30       [ICRA]B+ reaffirmed
   based limits-
   Term Loan

The rating reaffirmation takes into account easy availability of
raw cotton on back of favourable location and substantial
experience of the promoters in the cotton ginning industry. The
rating is however constrained by moderately leveraged capital
structure and weak coverage indicators due to working capital
intensive operations and low profit margins in line with low value
add nature of business. ICRA also takes note of moderate scale of
operations in an intensely competitive industry and vulnerability
associated with agro climatic conditions and regulatory
environment which has direct bearing on capacity utilization and
profitability of the firm.

Established in 2008, SBF is a partnership firm promoted by Mr.
Ravindra Goyanka and Mr. Rohan Goyanka. The firm is engaged in
ginning and pressing of cotton and crushing of cotton seeds.
Ginning facility of the firm is located in Yevatmal district in
Maharashtra. The plant has 40 gins with an annual capacity of
70000 bales.


SHRI WARDHMAN: ICRA Suspends B+ Rating on INR10cr Long Term Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR10.00 crore,
long term loans and working capital facilities of Shri Wardhman
Takniki Shiksha Samiti. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.



SIFTI RICE: CRISIL Reaffirms B Rating on INR200MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Sifti Rice Mills (SRM)
continues to reflect SRM's working-capital-intensive operations,
resulting in a weak financial risk profile, marked by high
gearing, a small net worth, and weak debt protection metrics.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             200       CRISIL B/Stable (Reaffirmed)
   Packing Credit           50       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        3.5     CRISIL B/Stable (Reaffirmed)
   Term Loan                 7       CRISIL B/Stable (Reaffirmed)

The rating also factors in the firm's modest scale of operations,
and its susceptibility to volatility in raw material prices and to
regulatory changes. These rating weaknesses are partially offset
by the extensive experience of SRM's promoters in the rice milling
industry, and the benefits expected from the healthy growth
prospects for the industry.

CRISIL had reaffirmed its 'CRISIL B/Stable' rating to the bank
facilities of Sifti Rice Mills (SRM) on July 11, 2014.

Outlook: Stable

CRISIL believes that SRM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm increases its
scale of operations and profitability, leading to more-than-
expected cash accruals, or if its capital structure improves
significantly, most likely because of sizable equity infusion by
its promoters. Conversely, the outlook may be revised to
'Negative' if SRM's capital structure and liquidity deteriorate
significantly, most likely because of larger-than-expected working
capital requirements, debt-funded capital expenditure, or pressure
on its profitability.

Established in 2000 as a partnership firm, SRM is engaged in
milling and processing of basmati and non-basmati rice. The firm
presently processes two types of rice: Permal rice and Pusa 1121
basmati. It is currently being managed by Mr. Satish Kumar, Mr.
Vinod Kumar, Mr Kunal Dhawan, and Mr. Sourav Chada.

SRM reported a book profit of INR9.4 million on net sales of
INR596.3 million for 2012-13 (refers to financial year, April 1 to
March 31), as against a book profit of INR6.7 million on net sales
of INR283.4 million for 2011-12. For 2013-14, the firm is
estimated to have registered net sales of INR740 million.


SUMITRA DS: CRISIL Reaffirms D Rating on INR80MM Cash Credit
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D/CRISIL D' rating on the bank
facilities of Sumitra DS Motors Pvt Ltd. The rating continues to
reflect instances of delay by SDSM in servicing its debt because
of weak liquidity.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           12         CRISIL D (Reaffirmed)
   Cash Credit              80         CRISIL D (Reaffirmed)
   Term Loan                 5         CRISIL D (Reaffirmed)

SDSM also has a below-average financial risk profile, marked by
its high total outside liabilities to tangible net worth (TOLTNW)
ratio and weak debt protection metrics. However, the company
benefits from its established relationship with the principal,
Maruti Suzuki India Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL
A1+'), and the extensive experience of the promoters in the
automobile industry.

Update
SDSM's revenues increased marginally to INR444.2 million in 2013-
14 (refers to financial year, April 1 to March 31) from INR415.2
million in 2012-13. The operating profitability at 4.8 per cent in
2013-14, has largely been in line with that in the previous year.
The company's financial profile has remained weak with its high
TOLTNW ratio, 3.29 times as on March 31, 2014, and weak debt
protection metrics, marked by its interest coverage of 1.14 times,
for 2013-14. SDSM's liquidity is stretched, with low cash accruals
vis-a-vis its debt obligations and large working capital
requirements, as indicated by its high gross current assets (GCAs)
of 115 days in 2013-14. Given the company's working-capital-
intensive operations, the bank limits have also been fully
utilised at 99 per cent on average over the 12 months ended August
31, 2014. The cash accruals were low, between INR2.5 and 3.0
million, and are insufficient to meet SDSM's term loan obligations
over the medium term.

SDSM, incorporated in 2005 and promoted by Mr. Jagjit Singh and
his brothers, is an authorised automobile dealer for MSIL
vehicles.

The company operates two showrooms, in Shahjahanpur and Lakhimpur,
both in Uttar Pradesh.


TIRUPATI CORRUGATORS: CRISIL Reaffirms D Rating on INR77.5MM Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Tirupati Corrugators
(TC) continues to reflect delay by TC in servicing its term loan;
the delays have been caused by liquidity pressures faced by TC
resulting from stretched working capital cycle and withdrawal of
capital by proprietor.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee          14           CRISIL D (Reaffirmed)
   Cash Credit             77.5         CRISIL D (Reaffirmed)
   Term Loan               59.2         CRISIL D (Reaffirmed)

The rating also reflects TC's modest scale of operations, working
capital intensive operations and weak financial risk profile
marked by a modest net worth base and high gearing. These rating
weaknesses are partially offset by the extensive industry
experience of TC's proprietor in the corrugated boxes industry and
its diversified customer base.

TC was set up as a proprietorship concern in 2009 by Mrs. Mangla
Bangur; and commenced its commercial operations from October 2010.
TC is engaged in manufacturing of corrugated boxes using kraft
paper. TC overall operations are looked after by Mr. Anand Bangur.

For 2012-13 (refers to financial year, April 1 to March 31), TC
reported a profit after tax (PAT) of INR13 million on net sales of
INR420 million, against a PAT of INR8 million on net sales of
INR305 million for FY2011-12.


TITAN - ANTONY: CRISIL Rates INR22.5MM Cash Credit at 'B+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Titan - Antony Aviation India Pvt Ltd
(TAAIPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Import Letter of         5           CRISIL A4
   Credit Limit
   Bank Guarantee          37.5         CRISIL A4
   Cash Credit             22.5         CRISIL B+/Stable

The ratings reflect TAAIPL's small scale and working-capital-
intensive operations; stretched liquidity marked by expected low
cash accruals tightly matched with its upcoming debt repayments,
constraining its financial risk profile; and exposure to large
ongoing capital expenditure (capex) and risks related to
successful ramp up in operations. These rating weaknesses are
partially offset by its promoters' extensive experience and
technical expertise in the aircraft refueling system and
fabrication of oil tanks/ containers, and their funding support.

Outlook: Stable

CRISIL believes that TAAIPL will benefit from its promoters'
extensive industry experience and technical expertise; however,
its credit risk profile is expected to remain constrained on
account of the large on-going capex. The outlook may be revised to
'Positive' in case it reports higher revenue growth along with
improved profitability driven by successful ramp-up from new
facility, leading to better cash accruals. Conversely, the outlook
may be revised to 'Negative' in case the company's financial risk
profile, particularly liquidity, weakens considerably due to
delayed implementation of the ongoing capex, leading to lower cash
accruals or stretch in working capital cycle.

Incorporated in 2005, TAAIPL manufactures all types of aircraft
refueling equipment and fabrication of oil tanks/containers. The
company is a joint venture promoted by Antony Motors Pvt Ltd and
Titan Aviation of France. The company has manufacturing facility
at Mahape in Navi Mumbai (Maharashtra) and it is setting up a new
facility at Patalganga also in Maharashtra, which is expected to
commence operations from May 2015.


VIBRANT CONTENT: CRISIL Assigns B+ Rating to INR200MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Vibrant Content Pvt Ltd (VCPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Term Loan                200          CRISIL B+/Stable

The rating reflects VCPL's average financial risk profile
primarily constrained by stretched liquidity arising out of large
repayment obligations. The rating also factors in the company's
moderate scale of operations, high customer concentration risk,
and susceptibility to risks on leased content assets. These rating
weaknesses are partially offset by the promoters' extensive
experience in the media and entertainment industry and their
continued funding support.

Outlook: Stable

CRISIL believes that VCPL will maintain its business risk profile
over the medium term, backed by promoters' extensive industry
experience. The outlook may be revised to 'Positive' in case of
significant infusion of long-term funds or cash generated from
business, leading to a sustainable improvement in liquidity.
Conversely, the outlook may be revised to 'Negative' in case of a
dip in profitability, a stretch in working capital cycle, or any
unanticipated investments.

VCPL, incorporated in July 2012, is promoted by Mr. Parthasarathi
Iyer and Mrs. Chitra Desmukh. The company trades in content for
television, primarily television series, movies, and music. It
mainly deals in television content in Hindi and Marathi.


YEDESHWARI AGRO: ICRA Reaffirms B+ Rating on INR63cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR63.00 crore1 term loan facility of Yedeshwari Agro Products
Limited.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long term, fund based     63.00       [ICRA]B+ reaffirmed
   limits - Term Loan

The rating reaffirmation takes into consideration timely
completion of the project along with commencement of operations in
SY14 (sugar year) though stabilization of operations in SY15 will
remain crucial for timely fulfillment of debt repayment
obligations. Forward integrated sugar plant with co-generation
unit provides an additional source of revenue and some cushion
against the cyclicality in sugar business. The rating also takes
into consideration location advantage with mill located in cane
surplus region and partial deregulation of sugar industry in terms
of abolishment of levy quota and monthly release mechanism along
with sugar export subsidy announced by the government.

The rating however remains constrained by the stretched financial
profile marked by leveraged capital structure with high gearing
and high working capital intensity prevalent in the sugar
industry. The company has high level of debt repayments from
December 2014 onwards leading to refinancing risk in case of
shortfall in accruals from business operations. The rating also
takes into account competition from nearby sugar factory which can
put pressure on cane pricing and managing the cane costs will
remain crucial for maintaining adequate profitability. Further,
the rating continues to factor in regulatory risks in the industry
regarding cane pricing, export regulations and agro climatic risks
inherent in the industry. Going forward, ensuring adequate
crushing period, managing the cane cost and maintaining adequate
inventory levels will be critical in meeting debt repayment
obligations.

YAPL was incorporated in 2007 and is involved in manufacturing of
sugar and its allied products. The company has 3200 TCD (tonnes
crush per day) sugar plant integrated with co-generation unit of
10 MW (mega watt). The plant is located at Anandgaon, Tehsil Kej,
in Beed district of Maharashtra. The company commenced its sugar
operations in Nov'13 while co-generation operations began in
Jan'14.



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


JAPAN TOBACCO: May Close Two European Plants; Axe 1,000 Jobs
------------------------------------------------------------
Japan Today reports that Japan Tobacco said it may close two
European factories and cut production at a third in a move that
could see about 1,100 layoffs, citing a "challenging operating
environment".

According to the report, the company said it plans to hold talks
with unions representing workers in Lisnafillan, Northern Ireland,
and Wervik, Belgium about shutting the sites, while some
production at its Trier plant in Germany will be relocated.

"JT will undertake appropriate consultations with employees'
representatives and the European Works Council on the proposal to
change its product sourcing, which could lead to the closure of
some of its manufacturing sites," said a statement issued late on
Oct. 7, Japan Today relates.

The firm -- one of the world's biggest tobacco companies whose
international brands include Winston and Camel -- said some
production could be moved to other sites, including in Poland and
Romania, Japan Today adds.

If the plan goes ahead, Japan Tobacco said it expected the factory
closures to be completed between 2016 and 2018, the report adds.

While it has a strong overseas business, JT said the business
environment was getting tough in the European Union, including
taxes and tougher restrictions on packaging, Japan Today reports.

"The prolonged challenging economic environment and excise tax
pressure has triggered industry volume contraction in a number of
key European countries," the company, as cited by Japan Today,
said.

The company has 25 manufacturing sites overseas, including seven
in Europe, the report notes.

In Japan, the firm has said it will close four out of nine
factories by early 2016, the report adds.



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


DONGBU GROUP: Preferred Bidder for Unit to Be Chosen This Week
--------------------------------------------------------------
Yonhap News Agency reports that a preferred bidder for an
electronics unit of the financially troubled Dongbu Group may be
selected as early as this week, industry sources said Sunday.

Dongbu, South Korea's 18th-largest conglomerate, and its main
creditor, the Korea Development Bank, have been seeking to sell
Dongbu HiTek Co., the world's ninth-largest foundry, which makes
chips for companies that don't have semiconductor fabrication
facilities, Yonhap says.

According to the report, the troubled conglomerate wants to sell
its 37 percent stake in Dongbu HiTek for an estimated price of
some KRW200 billion (US$186 million).

So far, four potential bidders, including China's Semiconductor
Manufacturing International Corp. (SMIC), have joined the race to
buy Dongbu HiTek, the report relates.

Yonhap says South Korean tech giants, including Samsung
Electronics Co. and SK hynix Inc., have not expressed intent to
join the bid.

Dongbu Group, whose affiliates range from insurance and
construction to steelmaking firms, has been under pressure from
its creditors to improve its shaky financial status, according to
Yonhap.

Dongbu Group is a South Korean conglomerate corporation which
operates through seven business segments with 42 subsidiaries and
35,000 employees. The Group produces industry, chemical, shipping,
insurance and financial products.



                             *********

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,
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Information contained herein is obtained from sources believed
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