TCRAP_Public/141015.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, October 15, 2014, Vol. 17, No. 204


                            Headlines


A U S T R A L I A

DENCORP FINANCIAL: First Creditors Meeting Set For Oct. 23
HANI PROPERTY: First Creditors Meeting Slated For October 23
KAR HOLDINGS: In Administration; First Meeting Set For Oct. 23
KUPANG RESOURCES: Court Rules Receivership Bid Valid
* AUSTRALIA: ASIC Releases Annual Corporate Insolvency Report


C H I N A

AGILE PROPERTY: In Talks With Bankers to Delay Loan Repayments
CHINA: Fitch Says No U-Turn Seen Yet in Economic Strategy
CHINA: Default Risk Rises as Government Pares LGFV Guarantees


I N D I A

BHAGAWATI ESTATE: CARE Assigns B+ Rating to INR4.76cr Bank Loan
FUTURE MINING: CRISIL Ups Rating on INR35MM Cash Credit to B+
H M INTERNATIONAL: CRISIL Reaffirms B Rating on INR62.5MM Loan
H. N. COTEX: CARE Assigns 'B' Rating to INR14.35cr Bank Loan
HCG CHARITABLE: ICRA Suspends B- Rating on INR37.67cr Term Loan

J.J.ENTERPRISE: ICRA Assigns B+ Rating to INR5.5cr Cash Credit
JAGANNATH PLASTICS: CRISIL Reaffirms B+ INR35M Cash Credit Rating
LOREX CERAMIC: CRISIL Ups Rating on INR30MM Cash Credit to B+
MARIAN PROJECTS: ICRA Assigns 'B+' Rating to INR8.0cr Term Loan
NAGPUR SORTEX: CRISIL Reaffirms B Rating on INR77.5MM Term Loan

NERAVY SAIVA: CRISIL Assigns 'B' Rating to INR50MM Bank Loan
OM CONSTRUCTION: CRISIL Assigns 'B' Rating to INR150MM Term Loan
PCM CEMENT: CARE Revises Rating on INR12.64cr Bank Loan to 'B-'
ROSHAN ENTERPRISES: ICRA Assigns B+ Rating to INR12.50 Term Loan
SADGURU RAGHAVENDRA: CRISIL Rates INR30MM Cash Credit at 'B+'

SAHARA GROUP: Eyes $1BB Hedge Fund Debt Deal For Roy's Bail
SAURASHTRA CONTAINERS: ICRA Ups Rating on INR28.7cr Loan to BB-
SILVER PROTEINS: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
SIMBHAOLI SUGARS: CRISIL Cuts Rating on INR3.33BB Cash Loan to D
SONA ALLOYS: CARE Revises Rating on INR601.97cr Bank Loan to 'D'

SREE RAYALSEEMA: CRISIL Puts B- Rating on INR40MM Cash Credit
SRI BALAJI: CARE Assigns B+ Rating to INR5.94cr Bank Loan
SRI LAKSHMI: ICRA Lowers Rating on INR8.37cr Fund Based Loan to B
STOREEX SOLUTIONS: CARE Assigns 'B' Rating to INR20cr Bank Loan
SUNDER IMPEX: CARE Reaffirms B+ Rating on INR2.0cr Bank Loan

SUSEE AUTO: ICRA Reaffirms D Rating on INR15.95cr Proposed Loan
SUSEE AUTO SPARES: ICRA Revises Rating on INR7.5cr Loan to B-
TRIVIDH TEXTILES: ICRA Assigns B- Rating to INR3.50cr Cash Credit
UNITED COTTON: CARE Reaffirms 'B' Rating on INR7.89cr Bank Loan
VARDHMAN CHEMTECH: ICRA Assigns D Rating to INR98.7cr Term Loan


N E W  Z E A L A N D

SOUTH CANTERBURY: One Director Found Guilty, Two Cleared


T A I W A N

WINTEK CORP: Files For Corporate Restructuring


X X X X X X X X

* Global Signs of Slowdown Ripple Across Markets


                            - - - - -


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


DENCORP FINANCIAL: First Creditors Meeting Set For Oct. 23
----------------------------------------------------------
George Aubrey Lopez -- glopez@fitsolutions.com.au -- and Evan
Robert Verge -- everge@fitsolutions.com.au -- of Melsom Robson
were appointed as administrators of Dencorp Financial Solutions
Pty Ltd, previously trading as "David & David Investments Pty
Ltd", on Oct. 14, 2014.

A first meeting of the creditors of the Company will be held at
Melsom Robson, 143 Edward Street, in Perth, on Oct. 23, 2014, at
10:30 a.m.


HANI PROPERTY: First Creditors Meeting Slated For October 23
------------------------------------------------------------
Brendan Copeland & Robert Whitton of William Buck were appointed
as administrators of Hani Property Investors Pty Ltd on Oct. 13,
2014.

A first meeting of the creditors of the Company will be held at
Level 29, 66 Goulburn Street, in Sydney, on Oct. 23, 2014, at
10:30 a.m.


KAR HOLDINGS: In Administration; First Meeting Set For Oct. 23
--------------------------------------------------------------
Robert Whitton and Brendan Copeland of William Buck were appointed
as administrators of KAR Holdings Pty Ltd on
Oct. 13, 2014.

A first meeting of the creditors of the Company will be held at
William Buck, Level 29, 66 Goulburn Street, in Sydney, on
Oct. 23, 2014, at 10:00 a.m.


KUPANG RESOURCES: Court Rules Receivership Bid Valid
----------------------------------------------------
Leo Shanahan at The Australian reports that a West Australian
judge has ruled that Kupang Resources, a mining company controlled
by rugby league identity Benny Elias and Perth Glory owner Tony
Sage, should be placed into receivership over a multi-million-
dollar dispute.

According to the report, Kupang Resources is now fighting for its
survival after the West Australian Supreme Court ruled that an
attempt by Paul Lindholm's International Litigation partners to
place the company into receivership was valid.

Although still in a trading halt, the court has thrown Kupang a
lifeline by preventing ILP's appointed receivers from recovering
any of the AUD2.5 million owed until October 20, The Australian
relates.

In a statement to the market on Oct. 10 following the judgment,
Mr. Sage, its executive director, said Kupang would appeal the
ruling, the report relays.

The Australian recalls that the complex legal saga dates back to
2012 when Lindholm's IPL sued Kupang for AUD10 million after
Mr. Elias pulled out of a litigation funding agreement with IPL
after Mr Sage's Cape Lambert Resources bought into Kupang.

Kupang was ordered to pay AUD10 million by the High Court for
cancelling the IPL agreement, The Australian says.  A payment
agreement settled between the parties allowed Kupang to pay back
AUD5 million initially and AUD5.5 million in AUD500,000 monthly
payments over several years, according to the report.

IPL own tax office troubles triggered a demand to have Kupang
repay the remaining principal of AUD2.5 million in August, with
Kupang being in a trading halt since then, The Australian says.

The report relates that Mr. Elias said he was confident Kupang and
IPL could come to another settlement agreement. "I met with them
this evening and we are still very hopeful and optimistic about
getting a settlement and a resolution for all shareholders," the
report quotes Mr. Elias as saying.

Kupang Resources Ltd, formerly Chameleon Mining NL, is an
Australia-based company engaged in mineral exploration and mining.
Its principal activity is gold exploration. During the fiscal year
ended June 30, 2011, the Company's principal activities included
the strategic alliance with Cape Lambert Resources Limited, the
maintenance and protection of its exploration and mining
tenements, as well as the examination of opportunities to develop
its tenements and other projects. As of June 30, 2011, the Company
had two wholly owned subsidiaries, Kimberly Resources Limited and
Chalceus Pty Ltd.


* AUSTRALIA: ASIC Releases Annual Corporate Insolvency Report
-------------------------------------------------------------
InsolvencyNews reports that the Australian Securities and
Investment Commission recently released its annual overview of
corporate insolvencies.  InsolvencyNews says this report presents
a total of 10.073 lodgements of statutory reports lodged by
liquidators, receivers and voluntary administrators (external
administrators) from July 1, 2013 to June 30, 2014.

This report also summarises information of reports with alleged
misconduct, including how often external administrators report
alleged misconduct by company officers and the types of alleged
misconduct most frequently reported, InsolvencyNews relates.

According to InsolvencyNews, the key findings from the report are:

   -- No. of employees affected:

      81% of reports concerned companies with less than
      20 employees

   -- Industries with most lodgements:

      Other (business and personal) services (2,482 reports
      or 26%)

      Construction (2,153 reports or 23%)

      Accommodation and Food Services (916 reports or 10%)


   -- Assets and liabilities

      86% of failed companies had estimated assets of AUD100,000
      or less

     43% of failed companies had estimated liabilities of
     AUD250,000 or less

  -- Deficiency

     65% of filed companies had an estimated deficiency of
     AUD500,000 or less

  -- Top 3 nominated causes of failure

     Inadequate cash flow or high cash use (4,031 or 41% of
     reports)

     Poor strategic management of business (3,975 or 37% of
     reports)

     Trading losses (3,078 or 33% of reports

  -- Top 3 alleged possible misconduct

     s588G(1)-(2) Insolvent trading (5,425 or 57% of reports)

     s286 and 344(1) Obligation to keep financial records (3,466
     or 37% of reports)

     s180 Care and diligence -- Directors' and officers' duties
     (2,542 or 27% of reports)

  -- Dividends to unsecured creditors

     In 97% of cases, the dividend estimate was less than
     11 cents in the dollar.

A full copy of the report is available at http://is.gd/beFErX



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


AGILE PROPERTY: In Talks With Bankers to Delay Loan Repayments
--------------------------------------------------------------
Christopher Langner at Bloomberg News reports that Agile Property
Holdings Ltd., the Chinese developer whose shares plunged after
its chairman Chen Zhuolin was confined by prosecutors, is in talks
with bankers to delay loan repayments after scrapping a rights
offer.

Bloomberg relates that the shares rose as much as 6.6 percent in
Hong Kong trading, rebounding from a record intraday drop of
31 percent on Oct. 13, after people familiar with the matter said
the Guangdong province-based company is in talks with HSBC
Holdings Plc, Hang Seng Bank Ltd. and Standard Chartered Plc to
extend the maturity of a $475 million eight-month bridge loan.

According to Bloomberg, CreditSights Inc. said Agile was to use
the proceeds of a HK$2.8 billion ($361 million) rights issue to
help repay part of the bridge facility, which is due in December.
Management is now exploring the option of another, smaller rights
offering or the Chen family may inject about $200 million
earmarked for the original rights issue as a shareholder loan or
equity, and Agile would seek an extension on the loan balance,
analysts led by Cheong Yin Chin said in an Oct. 13 note, Bloomberg
relays.

"This issue will have knock-on effects on other property bonds,"
Christopher Lee, a managing director at Standard & Poor's in
Hong Kong, told Bloomberg News. "It will raise risk awareness
among investors about the sector."

Agile's $700 million of 8.25 percent perpetual notes, sold to
investors at par in January 2013, are trading at 68.5 cents on the
dollar to yield 12.815 percent, BNP Paribas SA prices on Bloomberg
show. They touched 67.5 cents on Oct. 10, a record low, and were
trading at 84.25 cents earlier this month, note the report.

Its 8.875 percent $650 million of debentures sold at 100 cents on
the dollar in April 2010 and due April 2017 are trading at 88.875
cents to yield 14.261 percent, Bloomberg News recalls. They traded
as high as 108.5 cents in November 2012, BNP prices show,
Bloomberg relays.

"Agile bonds have traded down to a stressed level," Nomura
Holdings Inc.'s Hong Kong-based credit analyst Agnes Wong wrote in
a report on Oct. 14, reports Bloomberg. "Although our base case
assumes its creditor banks will extend Agile's bridging loans in
December, we expect sentiment on the bonds to remain weak in the
meantime, as the banks are unlikely to make their decision much
before the Dec. 4 maturity date."

                        About Agile Property

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

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

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 13, 2014, 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.


CHINA: Fitch Says No U-Turn Seen Yet in Economic Strategy
---------------------------------------------------------
The October 8 statement by China's State Council announcing
further monetary and fiscal easing, stops short of reverting to
indiscriminate credit expansion as a stimulus tool, and remains in
line with targeted easing measures announced earlier in the year,
says Fitch Ratings. The agency does not see the statement as
signalling a risk that the Chinese authorities are abandoning the
objective of returning the economy to a more sustainable growth
path.

The measures announced were oriented towards short-term stimulus
including a broad announcement to "support economic growth", with
"more flexible fiscal and monetary policies", and to "ease
financing difficulties". This indicates ongoing concern by
government over the slowdown in growth thus far in 2014.

Fitch has long highlighted the risks posed to China by structural
imbalances caused by a surge in credit-fuelled investment growth
since 2009. The government faces major challenges as it brings
growth down to a sustainable level and unwinds excesses. Managing
a rebalancing without triggering a "hard landing" will be key for
the outlook on China's sovereign risk. The real estate sector has
been a major focus of investment - and consequently, now poses the
most significant risk to the economic outlook.

Fitch continues to believe that the authorities' strategy is to
allow for a gradual correction in the housing market by supporting
consumer demand through targeted measures, for example to boost
mortgage lending. But the measures outlined in the latest
announcement could suggest that policy-makers feel that the steps
to boost demand are not having a sufficient impact.

It is important to note that the statement continued to emphasise
using "targeted" stimulus measures, which is a meaningful
distinction from a broad-based credit easing. Other measures
highlight continued support only for specific sectors such as
agriculture and SMEs, further indicating that the announcement is
more in line with reinforcing existing reform strategies as
opposed to reverting to a credit-fuelled investment-growth model.

Recent statements by senior Chinese government officials
indicating that they were prepared to see an undershoot of the
official growth target if employment remained robust, also suggest
that the reform and rebalancing initiative remains intact. In
keeping with this line, Chief Economist Ma Jun of the People's
Bank of China stated on October 11 that the labour market remained
stable, the government would avoid a "big stimulus", and that
leverage to sectors such as state-owned enterprises and local
government financing vehicles was already too high.

Forthcoming macroeconomic data, due to be released in the latter
half of October, will add further detail on the ongoing
rebalancing in China's economy. An ongoing slowdown in domestic
demand would be likely to add to pressures for further stimulus
measures - and, in turn, policy-makers' response will be a key
indicator for the medium-term economic direction.


CHINA: Default Risk Rises as Government Pares LGFV Guarantees
-------------------------------------------------------------
Bloomberg News reports that rating companies said the risk of
defaults in China has risen as Premier Li Keqiang pares implicit
guarantees for local-government financing vehicles.

Bloomberg says the yield premium over the sovereign for three-year
AA corporate bonds, the most common grade for LGFVs, widened 21
basis points from last month's four-year low to 198 basis points
on Oct. 9.  According to the report, the State Council said Oct. 2
that the finance arms can no longer raise funds for local
authorities, and that the governments have no obligation to repay
debt that wasn't raised to fund public projects. China
International Capital Corp. predicts higher yields for new sales,
while China Lianhe Credit Rating Co., a Fitch Ratings joint
venture, said it can't rule out defaults, Bloomberg relates.

"The market is entering a new era," Bloomberg quotes Chen
Jianheng, a Beijing-based fixed-income analyst at CICC, as saying.
"The time when everybody bought LGFV bonds for high returns
without considering credit risks are gone. For any sales in the
future, investors will apply a different set of criteria."

According to Bloomberg, Premier Li has accelerated budget reforms
in the past year as a borrowing spree which started after the 2008
global financial crisis prompted economists including those at
JPMorgan Chase & Co. to compare it to debt surges that tipped
Asian nations into repayment troubles in the late 1990s. Local
government liabilities, equivalent to 30 percent of the nation's
gross domestic product by a Fitch estimate, grew 67 percent from
the end of 2010 to CNY17.9 trillion ($2.9 trillion) as of June
last year, Bloomberg discloses citing a state audit.

Creditors and debtors should work together to identify existing
LGFV bonds which governments have repayment obligations on,
according to the State Council statement posted on the central
government website, Bloomberg relays. Such debt will be included
in local budgets and can be replaced by new issuance with lower
costs, while the rest is subject to repayment failure, it said.
Apart from public projects, the funding vehicles also raise money
for the private sector.

LGFVs issued CNY1.7 trillion of debt this year, exceeding the
CNY1.16 trillion of 2013, data compiled by Bloomberg show.
Repayments will amount to CNY250 billion a year in 2014-15, and
may rise to CNY350 billion to CNY400 billion in 2016-17, Bloomberg
discloses citing to Lianhe Credit Rating estimates.

"LGFVs' profitability is weak and, given the huge repayment
pressure, there's the possibility that certain bonds are likely to
default on a lack of government endorsement," Liu Xiaoping,
director of credit rating at Lianhe, wrote in a report on Oct. 8,
Bloomberg adds.


=========
I N D I A
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BHAGAWATI ESTATE: CARE Assigns B+ Rating to INR4.76cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Bhagawati Estate Warehouse (Ashoknagar).

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4.76       CARE B+ Assigned
   Short-term Bank Facilities    1.60       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bhagawati Estate
Warehouse (Ashoknagar) [BEW (A)] are primarily constrained on
account of its limited track record with modest scale of
operations in competitive warehousing and agro commodity business,
its constitution as a proprietorship firm and weak financial risk
profile marked by leveraged capital structure, weak debt coverage
and liquidity indicators.

However, the ratings derive strength from the wide experience of
the promoter and established presence of the group in various
business segments within Madhya Pradesh (MP).

The ability of BEW (A) to increase its scale of operations,
maintain its profitability and improvement in capital structure
along with efficient working capital management in light of the
competitive nature of industry are the key rating sensitivities.

BEW (A)] was formed as a proprietorship firm in May 2011 by Mr
Vikram Singh to undertake the business of warehousing and trading
of agrocommodities like potatoes and wheat. The firm has two
warehouses having an aggregate storage capacity of 10,000 metric
tonne (MT) at Ashok Nagar in Gwalior district of Madhya Pradesh.
BEW (A) has a number of associate concerns namely Bhagawati
Development Services Private Limited (BDSPL  rated CARE B+/ CARE
A4) and Bhagawati Cools Private Limited (BCPL  rated
CARE BB-/CARE A4) which are engaged in similar line of business
and also have distributorship of Indo Farm tractors and Mahindra
and Mahindra (M&M) tractors respectively in Madhya Pradesh.
Another associate, Bhagawati Estate Warehouse, Kolaras (BEWK-
rated CARE B+/CARE A4) is a proprietorship firm owned by Mrs. Lata
Singh, w/o Mr. Vikram Singh, is also engaged in warehousing and
trading of agro commodities. However, the day-to-day operations
are looked after by Mr Vikram Singh.

The group incorporated Bhagawati India Motorizer Private Limited
(BIMPL rated CARE B+) in October 2013 to take up the dealership of
Mahindra & Mahindra (M&M) vehicles and servicing of auto parts in
four districts of Madhya Pradesh (MP) namely Shahdol, Mandla,
Dindori and Anuppur.

During FY14 (provisional; refers to the period April 1 to
March 31), BEW (A) reported a PAT of INR0.05 crore on a total
operating income (TOI) of INR3.07 crore as against PAT of INR0.07
crore on a TOI of INR1.38 crore in FY13.


FUTURE MINING: CRISIL Ups Rating on INR35MM Cash Credit to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Future Mining Tools Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            35        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term     15        CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The rating upgrade reflects improvement in FMTPL's credit risk
profile, marked by increase in cash accruals and improvement in
capital structure. A moderate increase in revenue and
profitability, on the back of the company's entry in new markets,
translated into a four-fold year-on-year increase in cash accruals
to about INR8 million in 2013-14 (refers to financial year, April
1 to March 31). Moreover, improved working capital management,
utilisation of accruals to fund internal requirements, and
infusion of funds by the promoters helped the company improve its
capital structure with gearing halving to about 3.8 times as on
March 31, 2014, over the previous year. Continued control on
working capital cycle and need-based financial support from
promoters will remain key rating sensitivity factors over the
medium term.

The rating reflects FMTPL's below-average financial risk profile,
marked by an improving but weak capital structure and moderate
debt protection metrics, and its working-capital-intensive
operations. These rating weaknesses are partially offset by the
benefits that FMTPL derives from its promoters' extensive
experience in the industry and their funding support and its well-
established marketing network.

Outlook: Stable

CRISIL believes that FMTPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
their funding support. The outlook may be revised to 'Positive' in
case of significant improvement in the company's scale of
operations or improvement in its capital structure. On the other
hand, the outlook may be revised to 'Negative' in case of
deterioration in the company's financial risk profile, largely its
liquidity, because of low cash accruals or increase in working
capital requirements.

FMTPL was promoted in 2010 by Mr. Sanjay Mutha. The company
manufactures hydraulic crawler-drilling machines, and sells them
under the FMT brand. The company's manufacturing plant is in
Ahmednagar (Maharashtra).


H M INTERNATIONAL: CRISIL Reaffirms B Rating on INR62.5MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of H M International
continue to reflect the firm's weak financial risk profile, marked
by modest net worth, a high total outside liabilities to tangible
net worth ratio, and weak debt protection metrics, and working-
capital-intensive operations. These rating weaknesses are
partially offset by HMI's healthy revenue growth, supported by its
strong customer base and its relationship with brand-license
providers.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             62.5      CRISIL B/Stable (Reaffirmed)
   Import Letter of
   Credit Limit            55        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       7.5      CRISIL B/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility      25        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that HMI will continue to benefit over the medium
term from its relationship with brand license providers. The
outlook may be revised to 'Positive' if the firm registers
improvement in its liquidity through reduction in its working
capital cycle or large fresh equity infusion by its promoters.
Conversely, the outlook may be revised to 'Negative' if further
foreign exchange losses result in increased pressure on its
liquidity.

HMI was set up as a proprietorship concern by Mr. Mahendra
Choraria in 1996. The firm trades in stationery and utility items,
such as sharpeners, erasers, crayons, pencils, pens, compass
boxes, lunch boxes, and water bottles, for school students. HMI
has licences from The Walt Disney Company and The Cartoon Network
INC to sell these items under the entities' respective brands or
logos. Recently, HMI obtained licenses from Mattel Toys (I) Pvt
Ltd and Nickelodeon brand to sell stationary items under the
entities' respective brands.

HMI reported, on a provisional basis, profit after tax (PAT) of
INR2.8 million on net sales of INR284 million for 2013-14 against
PAT of INR4.1 million on net sales of INR332 million for 2012-13.


H. N. COTEX: CARE Assigns 'B' Rating to INR14.35cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of H. N. Cotex
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    14.35       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of H. N. Cotex Private
Limited is primarily constrained on account of the nascent stage
of operations coupled with stabilization risk and highly leveraged
capital structure. The rating is further constrained due to
susceptibility of the operating margins to cotton price
fluctuation, seasonality associated with the availability of
cotton, presence in a highly fragmented industry with limited
value addition and prices and supply for cotton being highly
regulated by the government.

The above constraints outweigh the benefits derived from the
promoters' experience and strategically located in the
cotton-growing region of Gujarat.

HNCPL's ability to increase the overall scale of operation
consequent to stabilization of operations, improvement in profit
margins and capital structure while managing its working capital
requirements efficiently are the key rating sensitivities.

HNCPL was incorporated during July 2013 as private limited company
by Mr Bhargav Jani and other seven family members. Mr Bhargav Jani
and Mr Haresh Jani are the key directors of HNCPL and look after
all the day to day activities of HNCPL. HNCPL is engaged into the
business of cotton ginning and pressing of cotton bales. HNCPL is
operating from its sole manufacturing unit located in Mehsana
(Gujarat) with an installed capacity of 9,072 metric tonnes per
annum (MTPA) for cotton bales and 16,330 MTPA for cotton seed as
on March 31, 2014. FY15 (refers to the period April 1 to March 31)
would be the first full year of operation as HNCPL has commenced
commercial production from March 2014.

During FY14, HNCPL reported net loss of INR0.10 crore on a Total
Operating Income (TOI) of INR6.73 crore.


HCG CHARITABLE: ICRA Suspends B- Rating on INR37.67cr Term Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR37.67
crore term loan of HCG Charitable Trust.  The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the entity.


J.J.ENTERPRISE: ICRA Assigns B+ Rating to INR5.5cr Cash Credit
--------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR5.50 crore cash
credit facility of J.J.Enterprise. ICRA has also assigned an A4
rating to INR3.00 crore non-fund based bank facility of JJ.ICRA
has also assigned [CRA]B+/[ICRA]A4 rating to the unallocated
INR1.50 crore limits.
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.50       [ICRA]B+ assigned
   Letter of Credit       3.00       [ICRA]A4 assigned
   Unallocated Limits     1.50       [ICRA]B+/[ICRA]A4 assigned

The assigned ratings favourably consider the experience of the
promoters and established track record of the company in the
business; managerial and marketing support from its group concern.
The ratings also positively factors in the healthy ramp up of
operations resulting in y-o-y growth in operating income.
The assigned ratings are however, constrained by the company's
modest scale of operations despite growth in revenues in the last
three years. The ratings also take into account the competitive
pressures from the organised as well as unorganised players in a
fragmented industry; and that the profitability of the company
remains vulnerable to any adverse fluctuations in the raw
materials prices. The rating is further constrained by stretched
capital structure as evident from high gearing and thin margins on
account of trading nature of business.

J.J.Enterprise (JJ) was incorporated as a proprietorship firm in
2007 by Mrs. Damini Patel; however with effect from January 2014
the firm got converted into Limited Liability partnership. It is
engaged in the trading of indoor print media material like foam
sheets, one way vision vinyl etc which finds application in print
media industry.

Recent Results
During FY 2014, the firm reported a profit after tax of INR0.43 Cr
on an operating income of INR42.22 Cr. and profit after tax of
INR0.19 Cr on an operating income of INR29.21 Cr. in FY 2013.


JAGANNATH PLASTICS: CRISIL Reaffirms B+ INR35M Cash Credit Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jagannath Plastics Pvt
Ltd (JPPL) continue to reflect JPPL's small scale of operations
and below-average financial risk profile. These rating weaknesses
are partially offset by its promoters' extensive experience in the
packaging industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             35       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        10       CRISIL A4 (Reaffirmed)
   Proposed Long Term      15       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan               25       CRISIL B+/Stable (Reaffirmed)

On August 30, 2014, CRISIL had upgraded its ratings on the long-
term bank facilities of JPPL to 'CRISIL B+/Stable' from
'CRISIL B-/Stable' and reaffirmed its rating on the company's
short-term bank facilities at 'CRISIL A4' owing to the healthy
business performance, led by the increase in its net sales to
INR330 million in 2013-14 (refers to financial year, April 1 to
March 31) from INR160 million in 2012-13. Also, the company's
profitability has remained stable at 6.5 to 7.5 per cent over the
past years. Furthermore, JPPL is expected to receive around INR20
million in the form of capital subsidy; this is expected to lead
to a further improvement in its financial flexibility and
liquidity. The company is undertaking a capital expenditure
(capex) programme of INR100 million in 2014-15 to increase its
capacity to 4500 tonnes per annum (tpa) from 1760 tpa; timely
completion of this project within the envisaged budget will remain
a rating sensitivity factor over the medium term.
Outlook: Stable

CRISIL believes that JPPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations while it maintains its healthy
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' if JPPL's financial risk profile
deteriorates, most likely due to lower-than-expected revenue and
operating margin, or deterioration in its working capital cycle,
or substantial debt-funded capex.

Incorporated in 2004, JPPL manufactures plastic tarpaulin sheets,
fabrics, and bags at its unit in Kanpur (Uttar Pradesh). Its
operations are managed by Mr. Binod Kumar Agarwal.


LOREX CERAMIC: CRISIL Ups Rating on INR30MM Cash Credit to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Lorex Ceramic (LC) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' and reaffirmed its rating on LC's short-term
bank facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          13         CRISIL A4 (Reaffirmed)

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

   Proposed Long Term       2.2       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

   Term Loan               74.3       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that LC's business and
financial risk profiles have improved significantly and will
continue to improve over the medium term with stabilisation of
operations, moderate sales growth, healthy profitability, and
healthy capital structure. SC commenced production in January 2014
and achieved sales of around INR73 million for the four months
through July 2014. LC's liquidity has improved on account of
healthy profitability leading to build-up of accruals that are now
expected to be sufficient to meet debt obligations (accruals were
earlier expected to be tightly matched with debt obligations).
Also, on account of the promoters' entire contribution of INR63
million being in the form of capital against earlier expectation
of INR19 million being in the form of unsecured loans, the firm's
gearing was healthy, at 1.44 times as on March 31, 2014, against
2.37 times expected earlier.

The ratings continue to reflect LC's modest scale of operations in
the highly competitive ceramic industry, its large working capital
requirements, and average financial risk profile marked by small
net worth and average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
LC's promoters in the ceramic industry, and the firm's favourable
location.

Outlook: Stable

CRISIL believes that LC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in scale of operations or in liquidity with healthy
accruals backed by strong profitability. Conversely, the outlook
may be revised to 'Negative' if LC's profitability declines
sharply, or if its financial risk profile deteriorates, most
likely because of large working capital requirements or
substantial debt-funded capital expenditure.

LC was set up by Morbi (Gujarat)-based Mr. Pravinbhai Mundadiya,
Mr. Umeshbhai Zalariya, Mr. Pareshbhai Ghodasara, Mr. Kantilal
Mundadiya, Mr. Sandipkumar Zalariya, Mr. Riteshkumar Ghodasara,
and other partners. The firm manufactures wall tiles at its
facilities in Morbi; it has capacity of 250,000 boxes per month.


MARIAN PROJECTS: ICRA Assigns 'B+' Rating to INR8.0cr Term Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR8 crore
term loan of Marian Projects Private Limited.
                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              8.00        [ICRA]B+ assigned

The assigned rating takes into account the healthy sales velocity
of its ongoing projects-Marian Proximus and Marian Gardens (~81%
of the total saleable area in company's share) and the relatively
lower execution risk as the both projects are in advanced stages
of construction. The rating positively factors in the long
standing experience of the promoters in the real estate segment
and the receipt of all the approvals for its ongoing projects.
The rating is, however, constrained by the geographical
concentration risk faced by the company on account of all projects
being located in Mangalore. The rating is further constrained by
the low collection efficiency and the weak financial performance
as reflected by low profitability and high gearing level as on
March 3, 2014.

Going forward, ability of the company to achieve healthy sales,
improve collection efficiency and execute the on-going projects in
a timely manner will be the key rating sensitivities.

Marian Projects Private Limited (MPPL) was incorporated in 2011
and is involved in the field of real estate development in the
city of Mangalore. The operations of the company are managed by
the two directors -- Mr. Ujwal D'Souza and Mr. Naveen Cardoza. The
promoters are civil engineers by profession and have a long
standing experience in the field of real estate development.
Earlier the business was being undertaken in the partnership firm
Marian Infrastructures. However after incorporation of MPPL, all
real estate development activities are being carried out in the
private limited company. The group has completed 14 projects till
date encompassing ~5.23 lakh sft of constructed area.

Recent Results
The company reported a net profit of INR1.6 crore (provisional) on
an operating income of INR51.9 crore in FY 2014 (provisional) as
compared to a net profit of INR0.1 on an operating income of
INR8.7 crore in FY 2013.


NAGPUR SORTEX: CRISIL Reaffirms B Rating on INR77.5MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Nagpur Sortex
continues to reflect Nagpur Sortex's below-average financial risk
profile, marked by a modest net worth, high gearing, and subdued
debt protection metrics. The rating also factors in the firm's
average scale of operations in the highly fragmented agro-
commodity industry, and its exposure to risks associated with
ramping up sales from its recently expanded capacities. These
rating weaknesses are partially offset by the extensive industry
experience of Nagpur Sortex's promoters and their long
relationships with players in the industry.

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

   Proposed Long Term
   Bank Loan Facility      22.5      CRISIL B/Stable (Reaffirmed)

   Term Loan               77.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Nagpur Sortex will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the firm's turnover
and cash generation from business increase as anticipated, or if
the promoters infuse substantial equity so that its debt
repayments are adequately covered and its capital structure
improves. Conversely, the outlook may be revised to 'Negative' if
Nagpur Sortex's liquidity weakens, most likely due to an increase
in its working capital requirements or lower-than-expected offtake
from its enhanced capacities.

Nagpur Sortex was established in in 2008 as a partnership firm by
Mr. Dilip Joshi and Mr. Ritesh Godhwani. The firm processes
various agro'commodities such as rice, wheat, and lentils (toor
daal). It has manufacturing facilities in Nagpur (Maharashtra).
The firm largely derives its revenue from rice processing.


NERAVY SAIVA: CRISIL Assigns 'B' Rating to INR50MM Bank Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Neravy Saiva Sithananda Pullavar SO.
Soupramanien Pillai Education and Social Trust (Neravy).

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

The rating reflects Neravy's exposure to risks related to project
implementation and to intense competition in the education sector.
These rating weaknesses are partially offset by the extensive
experience of its trustees in the education sector.

Outlook: Stable

CRISIL believes that Neravy will continue to benefit over the
medium term from its trustees' extensive industry experience. The
outlook may be revised to 'Positive' if the trust stabilises its
operations earlier than expected and within the budgeted cost,
resulting in a substantial increase in its cash accruals and hence
to an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of a time or cost
overrun in the commencement of Neravy's education institute,
leading to deterioration in its financial risk profile.

Neravy was established in April 2009 to set up a polytechnic
college under the name of Vasantha Murugu Polytechnic College in
Nagapattinam district (Tamil Nadu). The operations of the trust
are handled by its founder and the managing trustee Mr. S
Elamurugu and his wife Mrs. Gunavathy.


OM CONSTRUCTION: CRISIL Assigns 'B' Rating to INR150MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Om Construction - Raipur (OC).

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan                150         CRISIL B/Stable

The rating reflects OC's exposure to completion risks associated
with the ongoing project coupled with risks and cyclicality
inherent in the real estate sector in India. These rating
weaknesses are partially offset by the extensive experience of the
partners of OC in the real estate sector.

Outlook: Stable

CRISIL believes that OC will continue to benefit from its
partners' vast industry experience and their funding support. The
outlook may be revised to 'Positive' in case of timely completion
of the project along with better-than-expected customer bookings
and advances resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of pressure on its liquidity stemming from time or cost
overrun in the projects, lower-than-expected advances from
customers leading to low cash inflows, or large debt-funded
expansion of the township.

Established in 2005, OC is a partnership firm engaged in
construction of real estate projects. The firm is at present
building a township, Sapphire Greens, in Raipur (Chhattisgarh).
The day-to-day operations are managed by Mr. Rajkumar Khilwani,
Mr. Anchit Goyal, and Mr. OP Gupta.


PCM CEMENT: CARE Revises Rating on INR12.64cr Bank Loan to 'B-'
---------------------------------------------------------------
CARE revises and reaffirms rating assigned to the bank facilities
of Pcm Cement Concrete Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.64      CARE B- Revised from
                                            CARE C

   Short term Bank Facilities     6.00      CARE A4 Reaffirmed

Rating Rationale

The revision in long-term rating is on account of improvement in
financial performance in FY14. However, the ratings continue to be
constrained by the small size of operation, operating in a highly
competitive market, working capital intensive nature of operation,
weak financial risk profile with stretched liquidity position and
high exposure to group companies [mainly for funding the
acquisition of Germany-based concrete sleeper company, Rail.One
GmbH (ROG)]. The ratings weakness continues to be partially offset
by established track record of the promoters in the concrete
sleeper industry, presence of price variation clause mitigates the
risk of volatility in raw-material prices, improvement in
financial performance of ROG in CY13 and healthy order book
position. The ability of the company to improve the scale
ofoperation & sustain the profitability margin at the current
levels, improvement in financial performance of group
companies to whom it has extended corporate guarantee and
efficient management of working capital are the key rating
sensitivities.

PCM Cement Concrete Private Ltd, incorporated in 1991, operates in
four segments -- sleeper, flash butt welding, media and real
estate. Sleeper segment includes manufacturing and supplying of
concrete sleepers to the railways; flash butt welding segment
undertakes welding activities for railway tracks; media segment
include radio stations in Siliguri & Gangtok and real estate
division includes development & sale of real estate properties.
Sleeper is the largest segment of PCCPL, accounting for 81% of
total revenue in FY14, followed by flash butt welding (at 14%),
real estate (3%) and media (2%). PCCPL is a part of the PCM Group,
having presence in various sectors such as manufacturing of
concrete sleepers, real estate, tea, steel, etc.

Moreover, the group has an international presence for
manufacturing facilities of concrete sleepers in Saudi Arabia and
Germany.

For FY14 (refers to the period April 1 to March 31), PCCPL
reported PAT of INR3.68 crore (Rs.2.22 crore in FY13) on total
operating income of INR73.09 crore (Rs.65.51 crore in FY13).
In H1FY15, the company reported net sales of INR40 crore.


ROSHAN ENTERPRISES: ICRA Assigns B+ Rating to INR12.50 Term Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR12.50
crore long-term fund based facilities of M/s Roshan Enterprises.
The outlook on the long term rating is stable.

                        Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             12.50        [ICRA]B+ assigned

The assigned rating takes into account the experience of the
promoters in the real estate industry and the successful
development of around fifteen projects by the promoters in the
past. ICRA notes that all the statutory approvals for the project
have been received and debt for the project funding has been tied
up. The rating factors in the moderately comfortable capital
structure of the firm and the expected growth in revenue from the
sales of the flats of the new project, Roshan Gardenia.
The rating is, however, constrained by the small scale of
operations of the firm, the high competitive intensity in the
construction space and the competition in the region from various
other projects. The firm is also exposed to high execution and
marketing risks as only ~18-20% of the construction cost has been
incurred and only ~12-14% bookings have been achieved till date.
The rating also factors in the low collection efficiency and the
risks inherent with the sole proprietorship nature of the firm.
Going forward, the ability of the firm to execute the project in a
timely manner, improve booking levels and collection efficiency
while maintaining its gearing levels would be the key rating
sensitivities.

Promoted by Mr M Ramu in 2006, Roshan Enterprises (previously
known as Ramu Builders and Developers) is a small scale
construction firm engaged in the construction of residential
apartments and commercial properties. Mr Ramu has been involved in
the construction business since 1992 and has completed more than
15 projects in and around Bangalore along with his father and
brother. Under the firm Roshan Enterprises, Mr Ramu has already
completed 5 projects and the current ongoing project Roshan
Gardenia Apartment is expected to be completed by September 2016.


SADGURU RAGHAVENDRA: CRISIL Rates INR30MM Cash Credit at 'B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of M/s Sadguru Raghavendra Industries (SRI).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan               25         CRISIL B+/Stable
   Cash Credit             30         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       5         CRISIL B+/Stable

The rating reflects SRI's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and small
scale of operations in an intensely competitive industry. These
rating weaknesses are partially offset by SRI's promoters'
extensive experience in the rice milling business.

Outlook: Stable

CRISIL believes that SRI will continue to benefit over the medium
term from the extensive industry experience of its management. The
outlook may be revised to 'Positive' if the firm registers
significant improvement in its revenue and profitability, leading
to improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if SRI undertakes any large
debt-funded expansions, or if its revenue and profitability
decline significantly, leading to deterioration in its financial
risk profile.

SRI, set up in 2012, is based in Jadcherla (Telangana). It mills
and processes paddy into rice, rice bran, broken rice, and husk.
Its day-to-day operations are managed by Mr. A Manohar and Mr. P.
Srinivasa Reddy.

For 2013-14 (refers to financial year, April 1 to March 31), SRI
registered a profit after tax of INR0.5 million on net sales of
INR121.7 million.


SAHARA GROUP: Eyes $1BB Hedge Fund Debt Deal For Roy's Bail
-----------------------------------------------------------
The Press Trust of India reports that the Sahara Group is believed
to be working on an over $1-billion debt refinancing deal with two
American hedge funds for raising money to secure release of its
jailed chief Subrata Roy, a report said on Oct 12.

According to the news agency, the Sunday Times reported that the
two funds would become financiers for over $1 billion (INR6,000
crore) of debt against the group's three overseas hotels,
including the iconic Grosvenor House in London and two hotels in
New York (the Plaza and Dream Downtown).

PTI relates that the newspaper report said the deal could have
been struck last week itself after months of talks, but a Sahara
group spokesperson said "all we can say in this matter is that the
news is absolutely wrong."

"You can well understand our inability to comment on any issue
pertaining to the deal of properties because of the operation of a
Non Disclosure Agreement (NDA). Furthermore, you are definitely
aware of the fact that how strictly NDA is followed and honoured,
particularly in the overseas market," the spokesperson said in an
emailed reply without elaborating further, PTI relays.

Mr. Roy has been jail since March amid a long-running dispute of
Sahara Group with the capital markets regulator Sebi (Securities
and Exchange Board of India) over repayment of billions of dollars
to investors who were sold certain bonds, according to PTI.

Sahara group, however, has maintained that it has repaid over 93%
of the investors.

PTI adds that Mr. Roy was earlier trying to sell the hotels from
his makeshift office in India's largest prison but could not
strike a deal within a Supreme Court deadline on the use of a
Tihar Jail conference room for the purpose of the sale.

Sahara Group operates businesses ranging from finance, housing,
manufacturing and the media.  Sahara also sponsors the Indian
hockey team and owns a stake in Formula One racing team, Force
India.


SAURASHTRA CONTAINERS: ICRA Ups Rating on INR28.7cr Loan to BB-
--------------------------------------------------------------
ICRA has upgraded the long-term rating to the INR2.00 crore fund-
based bank limits and INR28.70 crore (enhanced from INR21.40
crore) term loans of Saurashtra Containers Pvt Ltd to [ICRA]BB-
from [ICRA]B+. The outlook on long term rating is 'Stable'. ICRA
has reaffirmed the short-term rating of [ICRA]A4 to the INR4.00
crore (enhanced from INR1.74 crore) non-fund based bank limits of
SCPL.

                      Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------    -------
   Cash Credit Limits    2.00      Upgraded to [ICRA]BB- (stable)
                                   from [ICRA]B+

   Term Loans           28.70      Upgraded to [ICRA]BB- (stable)
                                   from [ICRA]B+

   Non fund based bank   4.00      [ICRA]A4 reaffirmed
   facilities

The long term rating upgrade takes into account SCPL's consistent
improvement in revenues over the last four years owing to growing
demand at the Mundra port and proposed conversion of unsecured
loans of INR7.8 crore to equity capital by the end of September
2014 by the promoters. ICRA has also taken into consideration the
company's established relationships with leading shipping lines
and custom house agents; status as one of the largest container
freight station (CFS) in the Mundra port; low working capital
intensity of operations and favourable demand outlook with
anticipated trade growth at the Mundra port. Nevertheless, the
ratings are constrained by the large debt repayment commitments
over the next few years, which is likely to exert pressure on the
company's liquidity and the company's leveraged, although
improving, capital structure on account of largely debt-funded
capital expenditure incurred in the past. ICRA also notes that the
ongoing modernization capex is expected to keep the gearing at
elevated levels being largely debt-funded. The ratings also factor
in the intense competition in the CFS business on account of large
number of players at the Mundra port and large corporate
guarantees extended to group companies, which adversely impacts
the financial risk profile.

The promoters' stated intent to convert unsecured loans of INR7.8
crore to equity capital in September 2014 and conversion of fully
convertible debenture of INR9.7 crore to equity capital in 2016
along with the ability of the company to maintain its market share
in a highly competitive CFS business remain the key rating
sensitivities.

Incorporated in 2005, SCPL operates a container freight station
(CFS) at the Mundra Port to handle container cargo movement, using
its 25 acre facility leased from Gujarat Adani Port Limited (GAPL)
for a period of 30 years. SCPL currently has a capacity to handle
about 84,000 Twenty-foot Equivalent Units (TEUs) of import and
export container cargo per annum in addition to the empty
containers handled. From the year 2010-11, SCPL started a new
division namely Saurashtra Logistics (SL), to provide logistics
support to transport goods from the port container terminal to the
customer's plant or warehouse using container trailers. SCPL is
currently undertaking a capital expenditure project towards
modernizing its facility and also increasing the logistics
business.


SILVER PROTEINS: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
-----------------------------------------------------------------
CRISIL ratings on the bank facilities of Silver Proteins Pvt Ltd
(SPPL; part of the Silver Mahendra group) continue to reflect the
Silver Mahendra group's weak financial risk profile marked by high
gearing and weak debt protection metrics, its large working
capital requirements, and exposure to intense competition in the
fragmented edible oils industry. These rating weaknesses are
partially offset by the extensive industry experience of the
group's promoters and the benefits accruing from its partially
integrated operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            120       CRISIL B+/Stable (Reaffirmed)
   Packing Credit          60       CRISIL A4 (Reaffirmed)
   Term Loan               11.3     CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term       2.7     CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SPPL and Mahendra Oil Cake Industries
Ltd (MOCIL), together referred to as the Silver Mahendra group.
Both the companies have common ownership and operational linkages;
MOCIL has leased its manufacturing facilities to SPPL. The
management plans to merge the two companies over the medium term.

Outlook: Stable

CRISIL believes that the Silver Mahendra group will continue to
benefit from the promoters' industry experience and its partially
integrated operations over the medium term. The outlook may be
revised to 'Positive' if net worth of group improves significantly
backed by equity infusion or higher-than-expected and sustained
growth in the group's turnover and profitability over the medium
term. Conversely, the outlook may be revised to 'Negative' in case
of significant deterioration in the group's capital structure,
caused most likely by incremental working capital requirements or
less-than-expected net cash accruals.

SPPL was established in 1999 by the Damodia family of Jamnagar
(Gujarat). The company primarily manufactures groundnut de-oiled
cakes, filtered groundnut oil, and refined edible oils. It has
leased MOCIL's manufacturing facility in Jamnagar.

The Silver Mahendra group profit after tax (PAT) is estimated
around INR5 million on net sales of INR757.5 million for 2013-14
(refers to financial year, April 1 to March 31), against a PAT of
INR4.4 million on net sales of INR740.9 million for 2012-13.


SIMBHAOLI SUGARS: CRISIL Cuts Rating on INR3.33BB Cash Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Simbhaoli Sugars Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'. The rating downgrade reflects instances of
delay by SSL in meeting its debt obligations; the delays were
caused by the company's weak liquidity.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit            3337.5       CRISIL D (Downgraded from
                                       'CRISIL B-/Stable')

   Letter of credit &      912.5       CRISIL D (Downgraded from
   Bank Guarantee                      'CRISIL A4')

   Proposed Long Term      965.6       CRISIL D (Downgraded from
   Bank Loan Facility                  'CRISIL B-/Stable')

   Term Loan              2220.6       CRISIL D (Downgraded from
                                       'CRISIL B-/Stable')

   Working Capital         500.0       CRISIL D (Downgraded from
   Term Loan                           'CRISIL B-/Stable')

SSL's operations are located in Uttar Pradesh (UP) where state-
administered prices for sugarcane are high and costs of production
are not adequately covered by sugar prices. As a result, the
company incurred losses over the past three years, which led to
accumulation of high cane arrears towards farmers. In 2014-15
(refers to financial year, April 1 to March 31), the High Court of
Allahabad directed sugar companies to pay outstanding cane dues,
which led to stretched liquidity for SSL.

SSL's financial risk profile is weak, marked by a highly leveraged
capital structure and weak debt protection metrics. Also, the
company is exposed to regulatory risks and cyclicality in the
sugar industry. However, it benefits from its established market
position.

SSL (formerly, The Simbhaoli Sugar Mills Ltd) was originally
established as a partnership firm in 1933 in Simbhaoli (UP); the
firm was reconstituted as a private limited company in 1936 and
then as a public limited company with the current name in 1989. In
1992, SSL acquired a distillery and transformed its Simbhaoli
sugar plant into a sugar complex. The company now has an
integrated sugar unit and operates under the sugar-alcohol-power
business model. It is among the top 10 integrated sugar companies
in India.

SSL has three sugar plants, one each in Simbhaoli and Brijnathpur
in western UP, and in Chilwaria in eastern UP; the company has a
combined crushing capacity of 20,100 tonnes of sugarcane per day.
It produces a range of sugar products, such as white crystal
refined sugar, pharmaceutical-grade sugar, superfine sugar, sugar
cubes, icing sugar, table sugar, candy sugar, and sugar sachets.
SSL hived off its power and alcohol division into two wholly owned
subsidiaries, Simbhaoli Power Ltd and Simbhaoli Spirits Ltd.

On a standalone basis, SSL reported net loss of INR1722.3 million
on net sales of INR8.3 billion for 2013-14, as against net loss of
INR394.7 million on net sales of INR8.8 billion for 2012-13. For
the three months ended June 30, 2014, SSL reported net loss of
INR315.2 million on net sales of INR2060.8 million as against net
loss of INR425.5 million on net sales of INR2742.5 million for the
corresponding period of previous year.


SONA ALLOYS: CARE Revises Rating on INR601.97cr Bank Loan to 'D'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Sona
Alloys Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank facilities    601.97      CARE D Revised from
                                            CARE BB+

   Short-term Bank Facilities   246.00      CARE D Revised from
                                            CARE A4+

   Long-term/Short-term Bank     38.95      CARE D/CARE D
   Facilities                               Revised from
                                            CARE BB+/CARE A4+

Rating Rationale

The revision in the ratings of the bank facilities of Sona Alloys
Pvt Ltd takes into account the delays in servicing of its debt
obligations as a result of stressed liquidity arising from cash
loss in FY14 (refers to the period April 1 to March 31) and
increase in working capital intensity of operations.

Incorporated in January 2007, Sona Alloys Private Limited operates
an integrated mini steel plant with a blast furnace capacity of
336,000 metric tonne per annum (MTPA) which commenced operations
in November 2010. The plant is equipped with a captive power plant
of 4.7 mega watt (MW) capacity with a waste heat recovery boiler
and a sinter plant with capacity of 454,000 MTPA to use iron ore
fines for steel production. Moreover, the plant also has rolling
mill with a capacity of 240,000 MTPA but the same remained largely
unutilized as it mainly produces pig iron. In August 2013, SAPL
commissioned its slag cement grinding unit with a capacity of
132,000 MTPA.

SAPL's corporate debt restructuring proposal was approved by CDR
cell in September 2014 with a cut-off date (COD) of March 1, 2014
with a moratorium period in interest and principal payment for two
year from COD.

During FY14, SAPL earned a total operating income of INR859 crore
with a net loss of INR102 crore as compared with a
total operating income of INR864 crore with a net profit of INR25
crore in FY13.


SREE RAYALSEEMA: CRISIL Puts B- Rating on INR40MM Cash Credit
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Sree Rayalseema Green Energy Ltd and has assigned
its 'CRISIL B-/Stable/CRISIL A4' ratings to the facilities. The
ratings had been suspended by CRISIL as per its rating rationale
dated July 26, 2014, as SRGEL had not provided the necessary
information required for reviewing the ratings. SRGEL has now
shared the requisite information, thereby enabling CRISIL to
assign ratings to the bank facilities.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         80         CRISIL A4 (Assigned;
                                     Suspension revoked)

   Cash Credit            40         CRISIL B-/Stable (Assigned;
                                     Suspension revoked)

The rating reflects SRGEL's modest scale of operations in the
fragmented transformer industry, its working-capital-intensive
operations, and subdued debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience the company's promoters.

Outlook: Stable

CRISIL believes that SRGEL will continue to benefit over the
medium term from its promoters extensive industry experience. The
outlook may be revised to 'Positive' if SRGEL reports higher-than-
expected cash accruals, driven by improvement in scale of
operations, leading to improvement in debt protections.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the company's financial risk profile,
particularly its liquidity, most-likely because of lower-than-
expected cash accruals, or further elongation in the working
capital cycle.

Based in Andhra Pradesh and promoted by Mr. K Madhusudhan in 1998,
SRGEL manufactures distribution transformers and operates a
biomass power plant.


SRI BALAJI: CARE Assigns B+ Rating to INR5.94cr Bank Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Sri Balaji
Textiles.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.94      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sri Balaji Textiles
is primarily constrained by its low net-worth and small scale of
operations, its low profitability margins and weak debt service
coverage indicators. The ratings are further constrained by the
working capital intensive nature of operations, susceptibility of
margins to fluctuations in raw material prices and highly
fragmented nature of the industry.

The rating, however, derives comfort from the experience of the
proprietor, long track record of operations of the entity
and growing scale of operations.

Going forward, the ability of BJT to increase its scale of
operations while improving profitability margins coupled with
efficient management of the working capital requirements shall be
the key rating sensitivities.

Coimbatore-based BJT is a proprietorship firm established in 1994
by Mr C Rajenderan. The firm is engaged in the manufacturing of
melange yarn with an installed capacity of 12.60 lakh kg per annum
(20-40 counts) as on March 31, 2014. The firm's processing
facility is located at Coimbatore, Chennai. The major raw material
includes cotton and polyester and is mainly procured from states
of Andhra Pradesh, Gujarat and Karnataka through distributors. BJT
sells its finished products to garment manufacturers (90%) and
also to traders and distributors of cotton yarn mainly in the
states of Chennai. The final product is used in manufacturing of
T-shirts.

BJT reported a PAT of INR0.23 crore on a total income of INR30.28
crore in FY14 (based on provisional results) (refers to
the period April 01 to March 31) as against the PAT of INR0.22
crore on a total income of INR27.95 crore in FY13.


SRI LAKSHMI: ICRA Lowers Rating on INR8.37cr Fund Based Loan to B
-----------------------------------------------------------------
ICRA has revised the long term rating assigned to INR8.37 crore
bank limits of Sri Lakshmi Poultry Farm from [ICRA]B+ to [ICRA]B.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     8.37         [ICRA]B revised from
                                      [ICRA]B+

The rating revision takes into account the losses suffered during
FY 2014 on account of high feed cost coupled with many birds in
non laying stage due to disease outbreak. The rating also takes
into account SLPF's weak financial profile characterized by
aggressive capital structure and depressed coverage indicators and
its small scale of operation despite consistent increase in the
operating income in the last few years. ICRA notes that disease
outbreak in the last quarter of FY 2014 has impacted the business
of all the players in the industry in FY 2014 and the first half
of the current financial year as many birds were in non laying
stage. However, despite production loss, SLPF managed to maintain
growth in its revenue in FY 2014 largely supported by increase in
average realization of eggs. Though, in the current year the
performance of the firm has also been impacted. The rating is also
constrained due to cyclicality associated with the poultry
industry and resultant table egg price volatility and
vulnerability of profits to fluctuation in prices of feed
(primarily maize and soya) which accounts for more than 75% of
manufacturing cost. The rating however, favourably factors in the
experience of the promoters in commercial layer poultry farming
and healthy demand outlook for the layer segment of the industry
on account of increasing acceptance of eggs as a daily meal
component.

Going forward, the ability of the firm to generate adequate
accruals and manage its overall working capital intensity of
operation would remain key sensitivities.

Sri Lakshmi Poultry Farm (SLPF) was founded as a partnership firm
during the year 2007 and is engaged in the business of commercial
layer poultry farming. SLPF operates through facilities located in
Brahmanagudem Village and Chikkala Village (capacity of 2,80,000
layers) and is involved in the sale of table eggs.


STOREEX SOLUTIONS: CARE Assigns 'B' Rating to INR20cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Storeex
Solutions Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       20       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of StoreEx Solutions
Pvt. Ltd is primarily constrained on account of its nascent stage
of operations with stabilization risk associated with the recently
commissioned highly leveraged project, low net-worth base, working
capital intensive operations and its presence in a highly
competitive industry.  However, the rating derives strength from
the long experience of the promoters in different industries
albeit no relevant experience in the storage service industry,
benefit of capital subsidy from the government and availability of
capital expenditure deduction under section 35AD of Income Tax
Act, 1961.

The ability of SSPL to quicky stabilize its operations, increase
its scale and improve the capital structure along with efficient
working capital management are the key rating sensitivities.

SSPL was incorporated on August 13, 2012 by Mr Valkesh Patel and
Mr Anil Patel. SSPL has set up its cold storage facilities
at Mehsana with total installed capacity of 5000 metric tonne per
annum (MTPA) spread over 50,000 Sq. Ft. The main objective of
setting up SSPL is to engage in food preservation and processing
business segment. The facility is located at centre point of north
and middle Gujarat and the district and main tehsil are very well
connected within 100 km radius. SSPL is also looking to enter
trading business of fruits and vegetables as well.

SSPL has completed its green field project in February 2014 having
incurred total cost of INR23.16 crore (excluding margin
money for working capital) consisting of plant & machineries of
INR19.40 crore, land and building to the tune of INR2.75
crore and pre-operative expenses of INR1.01 crore. The project was
funded by term loan of INR15 crore, share capital of
INR5 crore and unsecured loan of INR3.16 crore. SSPL is also
eligible for total subsidy of INR9.03 crore from the central
government as well as state government for setting up a cold
storage facility. While trial run of the unit was started from
March 2014, commercial operations started from June-July 2014
onwards.

During FY14 (refers to the period April 1 to March 31), SSPL
registered total operating income (TOI) of INR0.29 crore with
net loss of INR0.63 crore.


SUNDER IMPEX: CARE Reaffirms B+ Rating on INR2.0cr Bank Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sunder Impex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      2.00      CARE B+ Reaffirmed
   Short-term Bank Facilities    10.85      CARE A4 Reaffirmed

Rating Rationale

The ratings of the bank facilities of SIP continue to remain
constrained by its relatively small scale of operations and weak
financial risk profile characterized by low profitability margins,
highly leveraged capital structure, weak debt service coverage
indicators and elongated working capital cycle. The ratings are
further constrained by the customer concentration risk, highly
competitive nature of the steel industry and exposure to raw
material price fluctuation risk.

The ratings continue to take comfort from the experience of
promoters, well established relationship with SIP's customers.
Going forward, the ability of SIP to improve its scale of
operations, efficiently manage its working capital requirement
while registering improvement in capital structure shall be the
key rating sensitivities.

Established in 2005, SIP is a Delhi-based private limited company
promoted by Mr Sushil Kumar Bansal and Mr Suresh Goyal.
Subsequently, Mr Suresh Goyal parted ways with the company in 2005
and Mr Manish Bansal (brother of Mr Sushil Kumar Bansal) joined as
shareholder and director of the company.

SIP is engaged in the manufacturing of stainless steel products,
primarily bar stools, tables and utensils used in kitchen.
The manufacturing unit of SIP is located at Wazirpur Industrial
Area in New Delhi with an installed capacity of 150 tonnes
per month and the manufacturing processes are ISO 9001:2008
certified. The company exports its products primarily to
Dubai, Nigeria, USA, etc, and also sells domestically under the
brand name 'Sunder'. In FY14 (refers to the period April 01
to March 31), 56% of the total sales are generated from exports
and remaining from domestic sales. The main raw
material is stainless steel, which is procured domestically.

For FY14 (refers to the period April 1 to March 31) SIP achieved a
total operating income of INR34.49 crore with a PAT of INR0.19
crore. SIP has achieved a total operating income of INR12 crore in
6MFY15.


SUSEE AUTO: ICRA Reaffirms D Rating on INR15.95cr Proposed Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating outstanding on the
INR2.05 crore term loan facilities (revised from INR2.42 crore),
the INR5.00 fund based facilities and the INR15.95 crore long-term
proposed facilities of Susee Auto Sales and Service Private
Limited at [ICRA]D. ICRA has also reaffirmed short term rating
outstanding on the INR0.50 crore non-fund based facilities of the
company at [ICRA]D.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   LT Term Loans         2.05         Reaffirmed at [ICRA]D
   LT Fund based         5.00         Reaffirmed at [ICRA]D
   LT Proposed          15.95         Reaffirmed at [ICRA]D
   ST Non fund based     0.50         Reaffirmed at [ICRA]D

The rating reaffirmation considers the continued delays in debt
servicing by SASSPL owing to strained liquidity position, arising
from continued losses. The company also continued to witness
periodic overdrawals of working capital facilities, on account of
tight cash flow position. The company continued to witness revenue
decline and losses during 2013-14, with y-o-y top-line decline of
39% on account of (a) termination of Bajaj three wheeler
dealership in February 2013, which in the past had accounted for
majority of sales and (b) slowdown in tractor sales due to poor
monsoons, although the impact was partially mitigated by transfer
of M&HCV business to SASSPL from group company Susee Automobiles
Private Limited (rated [ICRA]B-). The capital structure and
coverage indicators also remained constrained on the back of
sustained net worth erosion and high debt levels, mainly
comprising of loans from group entities and working capital debt
and modest term loans. The liquidity position is expected to
remain under stress in near term and any improvement will be
dependent on revival in demand for M&HCV and tractor sales and
company's ability to improve its sales and margin, which will be
crucial for achieving regularisation in debt servicing.

Incorporated in 2002, Susee Auto Sales and Service Private Limited
is the sole authorised dealer for Mahindra Tractors in Madurai,
Pudukottai, and Alangudi. The company is also currently the sole
authorized dealer for Mahindra Trucks and Buses Limited (MTB) in
six regions in Tamil Nadu namely Madurai, Theni, Virudhunagar,
Ramnad, Sivagangai, and Dindigul; this business was transferred,
from Susee Automobiles Private Limited, to SASSPL in Oct 2013.
While the company undertook dealerships for three wheelers of
Bajaj Auto Limited (BAL), Porsche cars and Club Mahindra holiday
packages in various regions in Tamil Nadu, these have been
currently discontinued.

SASSPL is wholly-owned by the promoter, Mr. S. Jeyabalan, and his
son, Mr. J. Rajiv Subramanian and is currently managed by Mr. J.
Rajiv Subramanian. The Company has two subsidiaries (i) Susee Auto
Spares Private Limited (SASPL), which is an authorised distributor
for Maruti Genuine Parts, Bajaj spares and Mobil lubricants in
various regions of Tamil Nadu, and (ii) Susee Auto Plaza Private
Limited, which is currently non-operational.

The company is part of the Susee Group of companies ("the Group"),
which is an established group in Madurai in the automobile
dealership space and has over fifty branches in spread across
Tamil Nadu. The group, which was started as an agricultural
business in the late 1930s by Mr. Subramania Nadar and Ms.
Seeniyammal and later expanded its horizon into other businesses
like distribution of FMCG products and gas stations, currently has
eleven companies including four companies in automobile dealership
business, one in automobile spares, one dealing with multi brand
accessories/toys, a non banking financial company (NBFC), a
company engaged in business process outsourcing and three non-
operational entities.


SUSEE AUTO SPARES: ICRA Revises Rating on INR7.5cr Loan to B-
-------------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR7.50
crore long term fund based facilities (revised from INR7.25 crore)
and the INR7.00 crore proposed long term facilities (revised from
INR8.25 crore) of Susee Auto Spares Private Limited to [ICRA]B-
from [ICRA]B. ICRA has also reaffirmed the short term rating
outstanding on the INR4.50 crore short term non fund based
facilities (revised from INR3.50 crore) of the company at
[ICRA]A4.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   LT fund based         7.50         Revised to [ICRA]B- from
                                      [ICRA]B

   LT Proposed           7.00         Revised to [ICRA]B- from
                                      [ICRA]B

   ST Non fund based     4.50         Re-affirmed at [ICRA]A4

While arriving at the ratings, ICRA has considered the
consolidated risk profile of i) Susee Automobiles Private Limited
(SAPL, rated [ICRA]B-) , ii) SASPL's parent Susee Auto Sales and
Service Private Limited (SASSPL, rated [ICRA]D / [ICRA]D) , iii)
SASPL, and iii) Susee Premium Automobiles Private Limited (SPAPL).
The ratings revision reflects deterioration in SASPL's financial
profile in 2013-14 characterized by decline in revenues, operating
losses as against operating profits in 2012-13, and further
deterioration in SASPL's already stretched capitalization and
coverage indicators; driven by the slowdown witnessed by the
automobile industry, which resulted in weak absorption of fixed
costs. SASPL has also had periodic overutilization in working
capital facilities owing to the tight liquidity position and high
working capital intensity of operations, although the
overutilization was for less than 30 days. ICRA also takes note of
the high competition in the segment, however it favourably
considers the group's established presence in the auto
dealership/distributorship space in Tamil Nadu and the reputed
position as an authorised distributor for Maruti Genuine Parts
(MGP), Bajaj spares, Mahindra spares, Mobil lubricants and those
of other original equipment manufacturers (OEMs) including Fenner,
Bosch and TVS Tyres to name a few, in various regions in Tamil
Nadu.

Incorporated in 2004, Susee Auto Spares Private Limited is a)
authorised distributor for Maruti Genuine Parts (MGP) in Chennai
and various other tier 2/ 3 cities of Tamil Nadu, b) authorised
distributor for Bajaj spares for two wheelers in Chennai and
Madurai, c) authorised distributor for Bajaj spares for three
wheelers, in all regions of Tamil Nadu except Coimbatore and
Chennai, and d) distributor for Mobil lubricants in Chennai, apart
from distributing spare parts of several other original equipment
manufacturers (OEMs) including Bosch, Fenner and TVS Tyres to name
a few. The company was also previously the sole authorised
distributor in Chennai and Madurai for Mahindra Commercial
Vehicles spares; this has, however, been discontinued from FY14.
SASPL is a wholly owned subsidiary of Susee Auto Sales and Service
Private Limited (SASSPL), which handles dealerships for Mahindra
Tractors and Mahindra Trucks and Buses (MTB) in various regions of
Tamil Nadu.

SASPL is part of the Susee Group of companies, which is an
established group in Madurai in the automobile dealership space
and has over fifty branches in spread across Tamil Nadu. The
group, which was started as an agricultural business in the late
1930s by Mr. Subramania Nadar and Ms. Seeniyammal and later
expanded its horizon into other businesses like distribution of
FMCG products and gas stations, currently has eleven companies
including four companies in automobile dealership business, SASPL,
one dealing with multi brand accessories, a non-banking finance
company (NBFC), company engaged in business process outsourcing
and three non-operational entities.


TRIVIDH TEXTILES: ICRA Assigns B- Rating to INR3.50cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR6.15
crore fund based facilities and short term rating of [ICRA]A4 to
INR0.85 crore non-fund based facility of Trividh Textiles.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Cash       3.50        [ICRA]B-; Assigned
   Credit Limits

   Fund Based-Term       2.65        [ICRA]B-; Assigned
   loan

   Fund Based-Bank       0.85        [ICRA]A4; Assigned
   Guarantee

The assigned rating takes into consideration Trividh Textiles
small scale of operations, weak profitability and coverage
indicators, stressed liquidity position and low net worth leading
to adverse capital structure. ICRA also takes note of
vulnerability of profit margins to raw material price fluctuations
as well as high competitive intensity within the industry due to
presence of large number of players in organized and unorganized
market which restrict pricing flexibility of the firm.

However, the assigned ratings factors in the significant
experience of the promoters within the industry, operational
synergy through group companies in same line of business as well
as the locational advantage achieved by the company due to its
presence in Surat which is a textile hubs of Gujarat.

Incorporated in 2011, Trividh Textiles is a partnership firm
promoted by Mr. Kishor Vora and Pravin Vora who has more than two
decades of experience in this line of business. Trividh Textiles
is engaged into manufacturing of net fabrics, nylon fabrics and
polyester fabrics. The firm is also engaged in the trading of
yarns and fabrics in the domestic market.

Recent updates
The company has achieved an Operating Income (OI) of ~Rs. 6.4
crore and net profit after tax (PAT) of INR0.1 crore as per FY14
provisional figures.


UNITED COTTON: CARE Reaffirms 'B' Rating on INR7.89cr Bank Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
United Cotton Extract Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.89       CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of United Cotton
Extract Private Limited continue to be constrained by
the relatively small scale of operations, low profitability
margins and working capital intensive nature of operations
resulting into leveraged capital structure and weak debt coverage
indicators. The rating is further continue to constrained
by operations in the highly fragmented cotton ginning industry and
susceptibility of operating margins to volatile cotton
prices, seasonality associated with cotton and changes in the
government policies.

The rating however continues to derive strengths from the
experienced promoters and benefits in terms of subsidy and
tax concession.

Ability of UCEPL to improve the overall scale of operations and
profitability amidst intense competition and efficient
management of the working capital cycle are the key rating
sensitivities.

Incorporated in 2007, United Cotton Extract Private Limited is
primarily engaged into cotton ginning and pressing. Further the
company is also into processing of cotton seeds to produce cotton
seed oil and oil cake since 2011. UCEPL's plant is located at
Malegaon, Nasik with an installed capacity for cotton lint --
4,000 MTPA (utilisation 65% during FY14 -- refers to the period
April 1 to March 31), cotton seeds 7,000 MTPA (utilisation 70%
during FY14), cotton seed oil - 700 MTPA (utilisation 60% during
FY14) and oil cake 5,600 MTPA (utilisation 70% during FY14).

During FY14 provisional, UCEPL has posted a total operating income
of INR25.57 crore (vis-a-vis INR23.55 crore in FY13) & PAT of
INR0.13 crore (vis-a-vis INR0.06 crore in FY13). Furthermore,
during Q1FY15 UCEPL posted a total operating income of INR7.38
crore and PAT of INR0.07 crore.


VARDHMAN CHEMTECH: ICRA Assigns D Rating to INR98.7cr Term Loan
---------------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]D and short-term
rating of [ICRA]D to the enhanced bank facilities of Vardhman
Chemtech Limited. The rated amount is enhanced to INR250.0 Crore
from INR100.0 Crore.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            42.90        Rating assigned at [ICRA]D

   Working Capital
   Term Loans            98.70        Rating assigned at [ICRA]D

   Cash Credit           46.34        Rating assigned at [ICRA]D

   Letters of Credit/
   Bank Guarantee        42.46        Rating assigned at [ICRA]D

   Funded Interest
   Term Loan             19.60        Rating assigned at [ICRA]D


The ratings continue to take into account currently stretched
liquidity profile of the company leading to delays in debt
servicing, especially in relation to its non-fund-based
facilities. While arriving at the ratings, ICRA also takes into
consideration the financial and operational constraints that VCL
would have to face post the implementation of debt restructuring
package in 2014-15. Additionally, the ratings also factor in the
weakness of the cost structure characterized by lower operating
margins as compared to other manufacturers in API industry due to
(a) significant dependence of revenues on sales of intermediates
(b) lack of non-fund based facilities that restricts the company's
direct presence in some of higher profitable export markets and
economical sourcing of input material from global suppliers. The
impact is, however, likely to be mitigated to an extent by the
increased focus of the management towards the relatively more
profitable sterile API segment. The ratings were also impacted by
the weakness of the financial profile of VCL characterized by high
working capital intensity ensuing from protraction of receivable
period, weak liquidity profile indicated by consistently high
working capital utilization, and significant financial support to
wholly-owned subsidiary Vardhman Life Sciences Private Limited
(VLSPL) where commercial operations are yet to commence. However,
while arriving at the rating ICRA has factored in the operational
strength of the company arising from the vast experience of the
promoters and key operating personnel in the pharmaceutical
industry, and the favourable shareholding pattern with India
Venture Advisors Limited (Venture Capital fund of Piramal
Enterprises) holding 35.0% stake in VCL. Going forward, the
ratings of VCL would remain contingent to track record of timely
of debt servicing and commencement of commercial operations at
VLSPL. This coupled with the ability of VCL to increase its scale
of operations while improving profitability and efficiently
managing its working capital requirements would be the key rating
sensitivities.

Incorporated in 1996, Vardhman Chemtech Limited (VCL) started its
commercial operations for recovery of solvents/chemicals and by-
products in year 1999 with a single reactor in Derabassi. The
company gradually expanded its product portfolio and is currently
into manufacturing Bulk Drugs, Intermediates and Fine Chemicals in
the oral and sterile Isoxazoles segment of Penicillin (Cloxacillin
Sodium, Dicloxacillin Sodium, Flucloxacillin Sodium, Oxacillin
Sodium). Later during 2010-11, VCL commissioned its sterile API
(injectible) facility to become India's second largest sterile
penicillin.



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


SOUTH CANTERBURY: One Director Found Guilty, Two Cleared
--------------------------------------------------------
Verdicts have been handed down by the High Court at Timaru on
October 14 by His Honour Justice Heath following the conclusion of
the South Canterbury Finance Limited trial.

Former South Canterbury Chief Executive Lachie McLeod has been
acquitted on all charges.

Former South Canterbury Director Robert Alexander White has been
acquitted on all charges.

Former South Canterbury Director Edward Oral Sullivan has been
found guilty of five charges and acquitted on the remaining four
charges.

All defendants were acquitted on the charge relating to the Crown
Retail Deposit Guarantee Scheme (Guarantee Scheme).

Charges were laid by the Serious Fraud Office (SFO) against Messrs
McLeod, White and Sullivan in respect to South Canterbury in
December 2011 after a 14 month-long investigation.

The majority of the charges related to specific transactions
entered into by South Canterbury involving allegedly undisclosed,
related party lending.

The SFO further alleged that persons associated with South
Canterbury unlawfully obtained the benefit of the Guarantee Scheme
for South Canterbury by failing to disclose to the Crown that the
company had entered into related party lending.

The SFO estimated the total value of the allegedly fraudulent
transactions at NZ$1.7 billion, which included an estimated
NZ$1.58 billion from entering the Guarantee Scheme.

The five month-long SCF trial concluded in August this year.

SFO Director, Julie Read referred to the difficulties in bringing
a case of this nature before the Court. "This was a difficult and
complex prosecution. While the SFO was unsuccessful in part, given
the scale of the collapse and the impact it had on investors, it
was clearly in the public interest to put all matters before the
Court. I am also satisfied that there was sufficient evidence to
warrant bringing this prosecution - the Court, not the SFO, is the
ultimate arbiter of whether or not that evidence is sufficient to
prove the charges beyond reasonable doubt. In this case, we have
failed to satisfy the Court to the required standard in relation
to Mr McLeod and Mr White but I consider that the case was
investigated thoroughly and that our counsel presented the best
possible case to the Court."

The SFO are considering the Judge's reasons for the decisions.

Mr. Sullivan has been remanded on bail and will be sentenced on
Dec. 12, 2014.

                  About South Canterbury Finance

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



===========
T A I W A N
===========


WINTEK CORP: Files For Corporate Restructuring
----------------------------------------------
Taipei Times reports that Wintek Corp. on Oct. 13 said its board
has approved the filing of a restructuring application and
emergency injunction in a move which seeks the court's protection
of its assets and a chance to overcome financial difficulties.

Wintek has invested a huge sum of money to expand touchpanel
manufacturing technologies and capacities over the past five
years, but demand has been below expectation and caused losses for
the past three-and-a-half years, Wintek spokesman Jay Huang told a
media briefing, Taipei Times relates.

"The company hopes to carry out plans to improve its financial
structure while it is under the protection of injunction to
preserve the company's property," the report quotes Mr. Huang as
saying.

When asked by reporters if the company plans to privatize after
filing the reorganization, Mr. Huang said: "No, we will not become
unlisted," Taipei Times reports.

Mr. Huang said as the company undergoes reorganization, investors
can trade Wintek shares by cash only, the report adds.

"I will keep leading [the company] . . . I will fight to the end,"
Taipei Times quotes Wintek chairman Hyley Huang as saying.

Wintek on Sept. 30 announced plans to introduce strategic
partners, sell assets and streamline its workforce to weather its
financial woes, the report adds.


Mr. Huang said the plans include readjusting the number of
employees, the report relates.

According to the report, Mr. Huang said the company currently has
4,000 employees in Taiwan, but as the financial reforms have not
yet been finalized, the number of employees to be laid off is not
known.

Taipei Times relates that Mr. Huang said the debt that Wintek
faces in China is NT$20 billion (US$658.04 million), including
both short-term and long-term debt.  In Taiwan, the company has a
total debt of NT$10 billion, he added.

Wintek reported consolidated assets of NT$76.58 billion, exceeding
its consolidated debt of NT$51.73 billion in the first half of the
year, Mr. Huang said, adding that the company has hired
professional advisers to draw up financial reconstruction plans,
with a view to lowering its debt, the report adds.

Based in Taichung, Taiwan, Wintek Corporation is principally
engaged in the design, research, development, manufacture and sale
of liquid crystal display (LCD) panels and liquid crystal modules
(LCMs) for indium tin oxide (ITO) conductive glass, touch panels,
light guides, twisted nematic (TN), super twisted nematic (STN)
and thin film transistors (TFTs).  The company's LCDs and LCMs are
used in communication devices, digital still camera (DSCs),
portable navigation devices (PNDs), moving picture experts group
layer-3 audio (Mp3), moving picture experts group(MPEG) layer-4
audio(MP4), digital photo frame and ultra-mobile personal
computers(UMPCs).  The Company also offers electronic components,
raw materials and semi-finished products. It distributes its
products in Taiwan, Europe, the Americas and other Asian markets.



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


* Global Signs of Slowdown Ripple Across Markets
------------------------------------------------
Ian Talley, Brian Blackstone and Raymond Zhong, writing for The
Wall Street Journal, reported that gathering signs of slowdown
across many parts of the world, including Germany, China, Japan,
Brazil and South Africa, are roiling financial markets and
confounding policy makers, who after years of battling anemic
economic growth have limited tools left to jump-start a recovery.

According to the report, the pullback is sending tremors through
global markets, hammering equities after years of steady gains and
knocking down commodity prices, although the U.S. remains a
relative bright spot, particularly its job market, which is
gaining traction after years of fitful growth.


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***