TCRAP_Public/141020.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

           Monday, October 20, 2014, Vol. 17, No. 207


                            Headlines


A U S T R A L I A

AMARTONE PTY: In Administration; First Meeting Set for Oct. 28
BTO PTY: First Creditors Meeting Slated For Oct. 28
D.I.M FURNITURE: In Administration; First Meeting Set Oct. 24
NUOVA CONSTRUCTIONS: First Creditors' Meeting Set For Oct. 27
PAPER MANUFACTURER: Put Into Liquidation by Court Order


C H I N A

TEXHONG TEXTILE: Moody's Says Profit Warning No Impact on Ba3 CFR


I N D I A

ACME COTSYN: ICRA Assigns 'B+' Rating to INR10.10cr Proposed Loan
ADI ISPAT: ICRA Revises Rating on INR43.63cr Term Loan to 'D'
AMRITLAL NARESH: CARE Reaffirms B+ Rating on INR1.5cr Bank Loan
ASHOK BRICKS: ICRA Ups Rating on INR10cr Cash Credit to 'B+'
BABA SAW: CRISIL Reaffirms 'B' Rating on INR30MM Cash Credit

BALAJI FILAMENTS: CARE Cuts Rating on INR19.9cr Bank Loan to 'D'
BUTTA CONVENTION: ICRA Revises Rating on INR15cr FB Loan to 'D'
DINODIA EDUCATIONAL: ICRA Cuts Rating on INR10cr Term Loan to 'D'
EAGLE MOTORS: CRISIL Rates INR78MM Inventory Fund Loan at 'C'
F.A CONSTRUCTIONS: CARE Assigns B- Rating to INR15cr Non FB Loan

GEMCO ENERGY: CARE Assigns 'B+' Rating to INR18.12cr Bank Loan
GIRIJA MODERN: CRISIL Cuts Rating on INR150MM Bank Loan to 'D'
HAYAT HOSPITAL: ICRA Assigns 'D' Rating to INR7.75cr Term Loan
HUES INDIA: CRISIL Reaffirms B Rating on INR47.5MM Export Loan
JAI MAA: CARE Ups Rating on INR8.03cr LT Bank Loan From 'B+'

JANKI CORP: CARE Reaffirms 'B+' Rating on INR513.68cr Bank Loan
KASEGAON EDUCATION: CRISIL Assigns 'B' Rating to INR126MM Loan
KONAGALLA SATYANARAYANA: ICRA Reaffirms B+ Rating on INR5cr Loan
KRIDHAN INFRA: ICRA Cuts Rating on INR11.60cr FB Loan to 'D'
LAKSHMI GANAPATHI: ICRA Reaffirms B+ Rating on INR7.51cr FB Loan

LANCO BABANDH: CARE Reaffirms 'D' Rating on INR5,197cr LT Loan
MAA KIRANDEVI: ICRA Assigns 'B+' Rating to INR4.0cr Cash Credit
MARUTI MEDITECH: ICRA Reaffirms B+ Rating on INR3.95CR Term Loan
NAVIN COTTON: CARE Revises Rating on INR9.65cr Bank Loan to B+
PALLAVI ENTERPRISES: CRISIL Cuts Rating on INR265M Loan to 'D'

PERFECT AGROFOOD: CARE Rates INR10.25cr Long Term Bank Loan at B
PLATINUM FABRICS: CRISIL Ups Rating on INR231.6MM LT Loan to B+
ROSHAN ENTERPRISES: ICRA Assigns 'B+' Rating to INR20cr Term Loan
SAIRAM RICE: CRISIL Reaffirms B+ Rating on INR72MM Cash Credit
SAMAY IRRIGATION: CARE Assigns B+ Rating to INR10.85cr Bank Loan

SHANKESHWARA FOOD: ICRA Reaffirms B+ Rating on INR16cr Cash Loan
SHRI RAM: CRISIL Assigns 'B+' Rating to INR60MM Cash Credit
STURDY INDUSTRIES: CRISIL Cuts Rating on INR1.44BB Cash Loan to B


J A P A N

* JAPAN: 1H Bankruptcies Fall to Lowest in 24 Years


N E W  Z E A L A N D

HERBERT INSURANCE: Former Owner Gets 4-Year Jail Sentence
INFRACON LIMITED: Sold Out of Liquidation to Higgins Group
SOUTH CANTERBURY: Lid lifted on SCF Evidence


S I N G A P O R E

OUE HOSPITALITY: Moody's Assigns Ba1 Corporate Family Rating


S O U T H  K O R E A

PANTECH CO: Files for Bankruptcy in the U.S.
PANTECH CO: Voluntary Chapter 15 Case Summary
TONG YANG: Head Gets 12-Year Prison Sentence
TONG YANG: Unit Investors to File Suit vs Financial Watchdogs


                            - - - - -



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


AMARTONE PTY: In Administration; First Meeting Set for Oct. 28
--------------------------------------------------------------
Todd William Kelly -- tkelly@foremansba.com.au -- of Foremans
Business was appointed as administrator of Amartone Pty Ltd on
Oct. 16, 2014.

A first meeting of the creditors of the Company will be held at
the offices of Foremans Business Advisors QLD, Suite 1, 29 Lake
Street, Cairns in the State of Queensland, on Oct. 28, 2014, at
10:00 a.m.


BTO PTY: First Creditors Meeting Slated For Oct. 28
---------------------------------------------------
Blair Pleash and Kathleen Vouris of Hall Chadwick were appointed
as administrators of BTO Pty Ltd on Oct. 16, 2014.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Centrepoint Business Centre, Level 1, 48-50 Smith
Street, in Darwin, on Oct. 28, 2014, at 10:00 a.m.


D.I.M FURNITURE: In Administration; First Meeting Set Oct. 24
-------------------------------------------------------------
Cara Waters at SmartCompany reports that D.I.M Furniture went into
administration last week, the latest in a string of companies to
be liquidated by Melbourne's Dimarelos family.

SmartCompany says Glenn Crisp and Malcolm Howell of Jirsch
Sutherland were appointed as administrators of D.I.M Furniture,
which was owned by Paul Dimarelos, on October 15, 2014.

Mr. Crisp declined to comment to SmartCompany but Jirsch
Sutherland's appointment follows the liquidation of at least six
companies connected to the Dimarelos family in the past 12 months.

According to SmartCompany, the D.I.M Furniture website has been
removed but an archived version of the site describes the business
as "100% Australian family owned and operated" with manufacturing
and sales offices in Brisbane, Sydney, Melbourne, Perth and
Devonport.

SmartCompany relates that the archived website states the group
has over 30 years' experience in the domestic furniture industry,
including its own board manufacturing and melamine plant.

D.I.M furniture's administration follows hot on the heels of the
collapse of the Furniture Spot chain in Western Australia, the
report notes.

SmartCompany says Furniture Spot's liquidator Hall Chadwick has
launched an investigation into the sale of Furniture Spot shortly
before the trading company collapsed owing creditors about
AUD6 million.

According to SmartCompany, The West Australian reported that
D.I.M. Furniture was the only secured creditor of Furniture Spot,
claiming a AUD3 million debt.

SmartCompany relates that Hall Chadwick representatives told a
Furniture Spot creditors meeting in July this year that Paul
Dimarelos had sold the retail chain to son Peter for AUD1.7
million in a non-cash transaction.

Furniture Spot's liquidators warned creditors to expect no payout
from the liquidated trading company, which was left with "minimal"
assets, says SmartCompany.

A subsequent investigation by The West Australian found in most of
the six businesses liquidated by the Dimarelos family, ownership
of the companies has been transferred to third parties shortly
before they were wound up, SmartCompany relays.

A creditors meeting for D.I.M Furniture is scheduled for
October 24 in Melbourne, adds SmartCompany.


NUOVA CONSTRUCTIONS: First Creditors' Meeting Set For Oct. 27
-------------------------------------------------------------
Adam Edward Farnsworth of Farnsworth Shepard was appointed as
administrator of Nuova Constructions Pty Ltd on Oct. 15, 2014.

A first meeting of the creditors of the Company will be held at
Farnsworth Shepard, Level 5, 2 Barrack Street, in Sydney, on
Oct. 27, 2014, at 10:30 a.m.


PAPER MANUFACTURER: Put Into Liquidation by Court Order
-------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Paper Manufacturer
A.G. Paper Pty Lt has been put into liquidation by court order.

The liquidation petition was applied by Itochu Australia, the arm
of Itochu Corporation in Australia, the report says.



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


TEXHONG TEXTILE: Moody's Says Profit Warning No Impact on Ba3 CFR
-----------------------------------------------------------------
Moody's Investors Service says Texhong Textile Group Limited's
profit warning for 2014 is credit negative, but has no immediate
impact on the company's Ba3 corporate family and senior unsecured
bond ratings, or its negative ratings outlook.

On Oct. 14, 2014, Texhong announced that its consolidated net
profit for 2014 will fall substantially from the result achieved
in 2013, based on preliminary results for the first nine months
ended Sept. 30, 2014.

The weak profitability is likely due to: (1) the continued weak
yarn selling prices in China; and (2) the depreciation of the RMB.

"Texhong's ratings carry a negative outlook, reflecting Moody's
expectation that the company will report weak earnings in 2014,"
says Chenyi Lu, a Moody's Vice President and Senior Analyst.

"Nevertheless, Texhong's margins should improve in 2015, and its
debt levels should fall over the same period," adds Lu.

The domestic yarn price in China is weak, due to low cotton prices
in the country.

Nonetheless, because international cotton prices have fallen
significantly since May 2014, Texhong's cost of purchasing cotton
overseas will fall in 2015, thereby improving its profit margins.

Moody's expects Texhong's adjusted debt/EBITDA will fall to 3.5x-
4.0x over the next 12-18 months from 4.5x-5.0x in 2014. Such a
result will likely be achieved through revenue growth of 10% in
2015, an improved EBITDA margin to 12%, and reduced inventory and
capital expenditure levels.

Moody's expects the company's capital expenditures will fall to
RMB200 million in 2015 from about RMB800 million in 2014.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.

Established in 1997 and listed on the Hong Kong Stock Exchange in
2004, Texhong Textile Group Limited specializes in producing core-
spun yarn and textile products.

The company currently operates 15 yarn production bases; 12 in the
Yangtze River Delta and Shandong Province in China, and three in
Vietnam. Its chairman, Mr. Tianzhu Hong, is the majority
shareholder, with a 54% stake in the company.

This publication does not announce a credit rating action.



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


ACME COTSYN: ICRA Assigns 'B+' Rating to INR10.10cr Proposed Loan
-----------------------------------------------------------------
ICRA has assigned the [ICRA]B+ rating to the INR0.90 crore cash
credit facility and INR10.10 crore proposed limits of Acme Cotsyn
Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.90       [ICRA]B+ assigned
   Proposed Limits       10.10       [ICRA]B+ assigned

The assigned ratings are constrained by ACPL's small scale of
operation with high customer concentration risk as entire revenue
is generate through job work for a single customer- Blue Blend
Limited till FY14; though from current yea itr has started job
working for Mafatlal Industries. The assigned rating is also
constrained by ACPL's execution risks associated with the green
field project; given that project is still at a nascent stage of
implementation and financial closure is yet to be achieved.
augmenting the possibilities of cost and time overrun while The
rating also factors in the vulnerability of profitability of ACPL
to adverse fluctuations in prices of key raw materials such as
grey yarn for the upcoming knitting project.

The assigned ratings, however, positively consider the established
track record of the company along with extensive experience of the
promoters in the textile sector and favourable location of the
company in the textile manufacturing & processing hub. Further,
ACPL's foray in knitting segment is expected to improve its scale
of operations.

Incorporated in January 2005, Acme Cotsyn Private Limited in
engaged in manufacturing grey fabric from cotton yarn on job work
basis. The company is promoted by Acme Group which consists of
various business units present in textile sector and others like
Acme International Ltd, Acme Yarns Private Ltd, M/s Jitendrakumar
Lalbhai, M/s Nilesh Lalbhai, M/s Anmol Fabrics, M/s Ace Cotsyn and
Acme Housewares (I) Private Ltd. The consolidated manufacturing
capacity of ACPL is around 4.50 lakh meter per month.


ADI ISPAT: ICRA Revises Rating on INR43.63cr Term Loan to 'D'
-------------------------------------------------------------
ICRA has revised the rating assigned to the INR32.20 crore cash
credit, INR43.63 crore term loan, and INR1.50 crore bank guarantee
facilities of Adi Ispat Private Limited from [ICRA]C to [ICRA]D.
ICRA has also revised the rating assigned to the INR10.00 crore
letter of credit facilities of AIPL from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Fund Based Limits-
   Cash Credit          32.20      [ICRA]D revised from [ICRA]C

   Fund Based Limits-
   Term Loan            43.63      [ICRA]D revised from [ICRA]C

   Non Fund Based
   Limits- Bank
   Guarantee             1.50      [ICRA]D revised from [ICRA]C

   Non Fund Based
   Limits- Letter
   of Credit            10.00      [ICRA]D revised from [ICRA]A4

The rating revisions take into account the recent delays in debt
servicing on account of the company's inability to operate the
rolling mill at optimum levels, coupled with the large scheduled
debt repayments in the near to medium term, in turn leading to a
strained liquidity position. The ratings are also constrained by
the highly competitive nature of the iron and steel industry,
marked by the presence of a large number of secondary players, and
the company's low profitability from operations, leading to
suppressed debt coverage indicators. The ratings also reflect the
company's exposure to margin pressure on account of fluctuation in
raw material prices, the inherent cyclicality in the iron and
steel industry, which makes profits and cash flows volatile, and
the current slowdown in the steel industry, which may impact the
demand of steel products in the near term. The ratings, however,
factor in the established track record of the company in the iron
and steel business, and the procurement of sponge iron from group
company, ensuring timely availability.

Incorporated In July 2004, Adi Ispat Private Limited is engaged in
the manufacturing of mild steel (MS) ingots, TMT Bars and MS
Sections. The company has a 36,000 tonne per annum (TPA) induction
furnace for the manufacturing of ingots, and a 3,00,000 TPA
rolling mill for the manufacturing of TMT Bars/MS Section, at its
facility at Giridih, Jharkhand. The company started operations in
August 2007, with the production of MS ingots. Subsequently, AIPL
did forward integration into the production of TMT Bars by setting
up the rolling mill, which commenced operation in Feb 2010.

Recent Results
In FY14, AIPL reported net sales of INR81.75 crore (provisional)
and a net profit of INR0.16 crore (provisional), as against net
sales of INR64.56 crore (provisional) and a net loss of INR15.68
crore (provisional) in FY13.


AMRITLAL NARESH: CARE Reaffirms B+ Rating on INR1.5cr Bank Loan
---------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of
Amritlal Naresh Kumar.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      1.50      CARE B+ Re-affirmed
   Short-term Bank Facilities    11.00      CARE A4 Re-affirmed

Rating Rationale

The ratings assigned to the bank facilities of Amritlal Naresh
Kumar continue to remain constrained on account of its modest
scale of operations and its financial risk profile marked by low
profitability, leveraged capital structure, weak debt coverage
indicators and moderate liquidity profile coupled with exposure of
its profitability to the foreign exchange fluctuation risk.

The ratings, however, continue to draw strength from longstanding
experience of the proprietor in the timber trading business.

The ability of the firm to increase its scale of operations
coupled with an improvement in the capital structure and
profitability amidst volatile timber prices, forex fluctuations
and intense competition are the key rating sensitivities.

ALNK was established by Mr Amritlal Naresh Kumar Gupta in the year
1997, as a proprietorship concern. ALNK is engaged in the trading
of imported timber. It primarily imports round timber logs from
Singapore and Malaysia, which is subsequently sawn and sized into
various sizes as per the requirement of the customers. The
facility (rented) of the firm is located in Gandhidham, Kutch near
Kandla port which facilitates easy imports and transportation of
the products. ALNK imports various types of timber such as
Meranti, Kapur, Saal, Razzaq, Pine wood, etc.

Mr Amritlal Naresh Kumar Gupta is the proprietor of ALNK and the
operations are primarily managed by his two sons Mr Sushil Kumar
and Mr Vinod Kumar. Nearly 60% of the sawn timber is sold by ALNK
to Delhi and Haryana and the rest is sold to Bihar and Karnataka
and many other states in India. All the products are sold to
timber traders and wholesalers located within the domestic
markets.

As per the audited results for FY14 (refers to the period April 1
to March 31), ALNK reported PAT of INR0.10 crore on a Total
Operating Income (TOI) of INR34.12 crore as against PAT of INR0.11
crore on TOI of INR 38.05 crore during FY13.During 5MFY15, HPL
achieved the turnover of INR13.38 crore.


ASHOK BRICKS: ICRA Ups Rating on INR10cr Cash Credit to 'B+'
------------------------------------------------------------
ICRA has upgraded the long term rating of the INR21.2 crore bank
guarantee facilities (reduced from INR24.68 crores), INR10.0 crore
cash credit facility (enhanced from INR6.5 crores) and INR0.80
crore term loan (reduced from INR0.82 crores) of Ashok Bricks
Industries Private Limited from [ICRA]B to [ICRA]B+. ABIPL's bank
guarantee facilities are entirely interchangeable between long
term and short term, for which ICRA has reaffirmed the short term
rating at [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        21.2        [ICRA]B+/[ICRA]A4 (Upgraded/
                                     Reaffirmed)

   Cash Credit           10.0        [ICRA] B+ Upgraded

   Term Loans            0.80        [ICRA] B+ Upgraded

The revision in the long term rating takes into consideration the
significant growth in turnover, profits and cash accruals of the
company in FY14, leading to an improvement in its capital
structure and coverage indicators. The ratings continue to be
constrained by the company's high working capital intensity of
operations, notwithstanding some improvement during FY14,
adversely impacting the company's liquidity. This has lead to
occasional over utilization of the bank limits, in turn further
constraining ABIPL's financial flexibility.

ICRA also notes the fragmented nature of civil construction
industry characterised by a large number of players resulting in
high competition for existing players such as ABIPL and a tender
based contract awarding system followed by Government departments,
which keeps operating margins under check. ABIPL remains exposed
to high geographical concentration risks with operations being
primarily limited to a single state of Odisha, however the company
has recently managed to win a couple of contracts in the state of
Karnataka and Chhattisgarh. With average life of contracts being
around 1.5 years, ABIPL also remains exposed to the risks of
fluctuation in the prices of key raw materials including diesel;
however the same is mitigated to an extent by the presence of a
price variation clause in some of the contracts with its
customers. ABIPL's capital structure witnessed some improvement
during FY14, however with the gearing at 1.71 times the same
remains high. The ratings take into account the established track
record of the promoters in the civil construction space and status
of ABIPL as a Special Class civil contractor with Public Works
Department (PWD), Odisha providing the company with operational
flexibility to bid for contracts across the state of Odisha. ICRA
also notes ABIPL's healthy order book position, providing revenue
visibility in the short to medium term.

ABIPL was incorporated in FY'00 at Jharsuguda, Odisha by the
Agarwal family. ABIPL is engaged in civil construction --
construction of roads, overbridges etc., primarily in the State of
Odisha.

Recent Results
ABIPL reported a net profit of INR1.57 crore during FY14 on an OI
of INR35.79 crore as against a net profit of INR1.05 crore and an
OI of INR24.54 crore during FY13.


BABA SAW: CRISIL Reaffirms 'B' Rating on INR30MM Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Baba Saw Mill reflect
the firm's modest scale of, working-capital-intensive, operations
and vulnerability of profitability margins to exchange rate
fluctuations.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           30        CRISIL B/Stable (Reaffirmed)
   Letter of Credit      70        CRISIL A4 (Reaffirmed)

The ratings are further constrained by the firm's moderate
financial risk profile, marked by modest net worth, moderate total
outside liabilities to tangible net worth (TOLTNW) ratio, and
subdued debt protection metrics. These rating weaknesses are
partially offset by the extensive business experience of Baba's
proprietor.

Outlook: Stable

CRISIL believes that Baba will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if there is significant and
sustained improvement in the firm's revenue and profitability,
while improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of significant
decline in the firm's revenue or profitability margins or
significant stretch in the working capital cycle or large debt-
funded capital expenditure resulting in weakening of its financial
risk profile.

Update
Baba's operational performance in 2013-14 (refers to financial
year, April 1 to March 31) with sales of INR99 million and
operating margin of around 3 per cent was below CRISIL's
expectations. Performance was impacted by constrained supply of
pine wood for 2 to 3 months in 2013-14 and fluctuations in foreign
exchange (forex) rates resulting in increased raw material price.
Baba's sales and operating margin in 2014-15 are, however,
expected to improve owing to stabilisation of supply of pine wood
and stable forex rates. CRISIL expects Baba to report sales of
over INR130 million in 2014-15.

Baba's operations continue to remain working capital intensive,
marked by stretched receivables and seasonality in procuring wood.
Owing to modest cash accruals, working capital is funded by credit
from suppliers and high reliance on bank lines, constraining
liquidity. Bank lines are utilised at more than 90 per cent on an
average. However, liquidity is partially supported by funding
support from the proprietor in the form of equity infusion and
unsecured debt infused in the business. Also, although modest,
expected cash accruals of INR2.5 million to INR3.0 million will be
adequate for term debt repayment of about INR0.9 million in 2014-
15.

The financial risk profile is also weak, marked by modest net
worth of around INR40 million as on March 31, 2014, and weak
interest coverage ratio of 1.5 to 2 times in 2013-14 owing to low
profitability. The TOLTNW ratio, however, was comfortable at 1.5
times as on March 31, 2014, supported by fund infusion by the
proprietor. While the firm has capex plans of INR18 million for
doubling capacity to 0.9 million cubic feet per annum, this is
expected to be funded entirely by funds infused by the promoters.
CRISIL believes that Baba's financial risk profile will remain
constrained over the medium term owing to modest net worth and low
profitability.

Baba reported net profit of INR1.2 million on net sales of INR92
million for 2012-13 against net loss of INR0.12 million on net
sales of INR4.8 million for 2011-12.

Baba, a proprietorship firm of Mr. Praful Ramjibhai Jharu formed
in December 2011, is engaged in the processing of timber logs. The
firm commenced commercial operations from February 2012. It
currently undertakes the processing of pine wood and plans to
expand its processing facility for processing of teak wood, sal
wood, and hard wood. The firm's timber log processing facility is
at Padana (Kutch, Gujarat).


BALAJI FILAMENTS: CARE Cuts Rating on INR19.9cr Bank Loan to 'D'
----------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Balaji
Filaments Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Bank Facilities-Fund           4.97      CARE D Revised from
   Based LT-Term Loan                       CARE BB

   Bank Facilities-Fund          19.90      CARE D Revised from
   Based LTCC/PC/FBP                        CARE BB

   Bank Facilities-Non            0.65      CARE D Revised from
   Fund Based STBG/LC                       CARE A4

Rating Rationale

The rating revision factors in ongoing delay in debt servicing
owing to strained liquidity position.

Incorporated in 1990, Balaji Filaments Limited (BFL), promoted by
Mr. Kanhaiyalal Agrawal, Mr. Prahlad Agrawal & Mr. Nandkishore
Agrawal, has primarily been engaged in the manufacture of
Polyester texturized yarn (PTY); it also manufactures Spun Yarn
and Knitted Fabrics and also trades in fabrics (mainly shirting).
As on March 31st, 2013, BFL has installed capacity of Polyester
Texturized Yarn at 8,000 MTPA, Knitted Fabric at 1,200 MTPA and
Spun Yarn at 2,020 MTPA. BFL has 2 plants, located at Daman and
Silvassa.

Delays in debt servicing

As on September 2014, there were ongoing delays in debt servicing
owing to strained liquidity position. As informed by
the lender the account has been classified as a Non-Performing
Asset (NPA).


BUTTA CONVENTION: ICRA Revises Rating on INR15cr FB Loan to 'D'
---------------------------------------------------------------
ICRA has revised the long term rating assigned to INR15.00 crore
fund based limits of Butta Convention Services Private Limited
from [ICRA]BB- to ICRA D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits     15.00        Revised to [ICRA]D

The revision of rating primarily factors in the delays in timely
servicing of bank debt obligations by the company in the past. The
rating also factors in the weak financial profile of the company
characterized by weak coverage indicators, and competition from
other convention centres in the city. However, ICRA acknowledges
the long track record of the promoters in the hospitality industry
in Hyderabad and the favourable outlook for MICE tourism in India.
The ability of the company to meet its bank debt obligations on
time through improving its scale of operations shall be the key
rating sensitivity going forward.

Butta Convention Services Private Limited was incorporated on 16th
May 2012 with the objective of carrying on business of
constructing and operating convention, conference and seminar
centers and other places of exhibition. The Company is promoted by
Mr. Butta S Neelakanta and his wife Mrs. Butta Renuka and is part
of the BUTTA group of companies based out of Andhra Pradesh. The
group has presence in hospitality, education, branded retail and
automobile space in Hyderabad.


DINODIA EDUCATIONAL: ICRA Cuts Rating on INR10cr Term Loan to 'D'
-----------------------------------------------------------------
ICRA has revised downwards the rating of the INR10.0 crore term
loan of Dinodia Educational Society from [ICRA]B to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              10.0        Downgraded to [ICRA]D

The rating action follows DES's stretched liquidity position
leading to delays in servicing of debt obligations in a timely
manner in the recent months.

DES was established in 2007 as a society in Siliguri, West Bengal.
The trust has started a school as a franchisee of G.D. Goenka
Public School and the current strength is around 954 students from
Nursery to Class XII.


EAGLE MOTORS: CRISIL Rates INR78MM Inventory Fund Loan at 'C'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the bank facilities
of Eagle Motors Pvt Ltd (EMPL).

                                Amount
   Facilities                  (INR Mln)      Ratings
   ----------                  ---------      -------
   Inventory Funding Facility      78         CRISIL C

The rating reflects EMPL's weak financial risk profile marked by
aggressive capital structure, weak debt protection metrics, and
stretched liquidity. EMPL's performance is dependent on that of
Ford India Pvt Ltd (FIPL) and the success of FIPL's car models;
also, EMPL faces intense competition in the automotive dealership
industry. These rating weaknesses are partially offset by EMPL's
established relationship with its principal FIPL.

Incorporated in 2005 and based in Rajkot (Gujarat), EMPL is
promoted by Mr. Manish Bavaria. It is the authorised and exclusive
dealer of FIPL's cars in Rajkot, Jamnagar, and Junagadh (all in
Gujarat).

For 2013-14 (refers to financial year, April 1 to March 31), EMPL
reported, on a provisional basis, net profit of INR2.1 million on
net sales of INR661.8 million, against a net loss of INR34.1
million on net sales of INR674.1 million for 2012-13.


F.A CONSTRUCTIONS: CARE Assigns B- Rating to INR15cr Non FB Loan
----------------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of F.A
Constructions.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities
   (Fund-based)                  10.00      CARE B- Assigned

   Long-term Bank Facilities
   (Non Fund-based)              15.00      CARE B- Assigned

Rating Rationale

The rating assigned to bank facilities of F.A. Construction is
constrained by the legal status as a partnership firm which
encompasses risk of withdrawal of partner's capital and also takes
into consideration factors like deterioration in capital structure
over last four years ending FY14 mainly on account of slow moving
order book and high quantum of bank borrowings. The rating is also
constrained by FAC's presence restricted only to the state of
Maharashtra which exposes the firm to any slowdown in the
investment in the irrigation sector in the state (current order
book only consists of orders from government/local municipalities
in the state of Maharashtra). Few projects in the order book are
facing legal litigation which restricts revenue growth as
reflected in decline in revenues over last four years ending FY14.

However, rating draws strength from significant experience of
partners in handling irrigation projects in the state of
Maharashtra. Ability of FAC to achieve revenue growth and improve
profitability remains key rating sensitivities.

FAC is primarily engaged in construction of dams, canals and
undertaking EPC work for the same in the state of Maharashtra. It
was incorporated as a family partnership firm on August 6, 2006 by
Mr. Fateh Mohd. Haji Abdulla Khatri.  FAC has five partners, Mr.
Fateh Khatri has 50% share while 10% is held by Mr. Jahid Khatri
and Mr. Abid Khatri (sons of Mr. Fateh Khatri). Mr. Nisar Khatri
(other son) holds 15% share and Mrs. Jaitoon Khatri (wife of Mr.
Fateh Khatri) holds 15% share.

In FY14 (provisional numbers), FAC reported total income of INR
296.25 crore (up 21.04%). PBILDT margin for FY14 stood
at 9.80% (as compared to 12.61% in FY13) and it reported PAT
margin of 3.97% in FY14 as compared to 5.36% in FY13.


GEMCO ENERGY: CARE Assigns 'B+' Rating to INR18.12cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Gemco Energy Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     18.12      CARE B+ Assigned
   Short-term Bank Facilities     1.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Gemco Energy
Limited are primarily constrained by its short track record of
operations, limited experience of the promoters in the renewable
energy sector, weak financial risk profile characterized by net
losses and weak coverage indicators. The ratings are further
constrained by risk associated with sourcing and volatility
associated with prices of raw materials, counter party credit risk
due to below average credit profile of discom and weak operating
performance.

The ratings, however, favourably take into account revenue
visibility backed by long-term Power Purchase Agreement
(PPA) with Dakshin Haryana Bijli Vitran Nigam Limited (DHBVN);
CARE BB {Is}) and moderate capital structure. Going forward, GEL's
ability to operate power plant efficiently, achieve desired
generation levels over the period and timely realize its dues from
the off-taker shall be the key rating sensitivities.

Bhiwani (Haryana) based GEL was incorporated in 2009 by Mr Mahesh
Sachdeva and Mr Yogesh Sachdeva for setting up 15 Mega Watt (MW)
biomass based power plant at Village Dinod, District Bhiwani
(Haryana). The first phase of 8 MW commenced commercial production
from August, 2013. The second phase for the remaining 7 MW
capacity will be initiated after two years. GEL is selling the
power under a Power Purchase Agreement (PPA) signed with Haryana
Power Purchase Centre on behalf of Dakshin Haryana Bijli Vitran
Nigam Limited (DHBVN) Haryana for a period of 20 years.

The unit exports power at 132 KV voltage level and the
transmission line has been laid by the state Government. The major
raw material used in the plant is mustard husk which is available
in abundance in the nearby fields. Other fuels used are gram husk,
cotton stick, wooden burada, groundnut shells, gram husk and cow
dung.

GEL reported a net loss of INR2.75 crore on a total operating
income of INR6.73 crore in 8 months of operations in FY14
(refers to the period April 1 to March 31) based on the unaudited
results.


GIRIJA MODERN: CRISIL Cuts Rating on INR150MM Bank Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Girija Modern Rice Mill (Girija Mill; part of the Pallavi group)
to 'CRISIL D' from 'CRISIL B+/Negative'.

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

   Proposed Long Term      150          CRISIL D (Downgraded from
   Bank Loan Facility                   'CRISIL B+/Negative')

   Term Loan               100          CRISIL D (Downgraded from
                                        'CRISIL B+/Negative')

The rating downgrade reflects instances of delay by Girija Mill in
servicing its debt. The delays have been caused by weakening in
the group's liquidity because of a stretch in its working capital
cycle.

The Pallavi group is exposed to intense competition in the rice
milling industry, and its profitability margins are susceptible to
changes in government regulations and paddy prices. However, the
group benefits from assured offtake by Food Corporation of India.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Pallavi Enterprises and Girija Mill.
This is because the two entities, together referred to as the
Pallavi group, have common promoters, are in the same line of
business, and have operational linkages and fungible cash flows.

Pallavi Enterprises was set up in 1983 by Mr. Tatikonda
Viswanadham and his wife. Girija Mill was set up in 2007 by Mr.
Viswanadham and his daughter. Both the firms mill and process
paddy into rice; they also generate by-products such as broken
rice, bran, and husk. The rice mills of both these firms are in
Vijayawada (Andhra Pradesh).


HAYAT HOSPITAL: ICRA Assigns 'D' Rating to INR7.75cr Term Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]D to the INR7.75
crore term loan, INR1.25 crore cash credit and INR1.00 crore fund
based untied limits of Hayat Hospital Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-       7.75         [ICRA]D assigned
   Term Loan

   Fund Based Limit-       1.25         [ICRA]D assigned
   Cash Credit

   Fund Based Limit-       1.00         [ICRA]D assigned
   Untied

The assigned rating primarily takes into account HHPL's
unsatisfactory track record in timely servicing of debt
obligations. The rating is also constrained by the significant
debt servicing obligation in the near to medium term, which is
likely to keep its cash flows position under pressure, if the
company is unable to generate sufficient cash flows from
operations. Moreover, retaining doctors as well as consultants in
light of heightened competition in Guwahati will remain a
challenge.

The rating also factors in the exposure of the company to project
related risks, including risks associated with the stabilisation
of the second unit (ongoing capex), as per expected operating
parameters, post-commencement of operations. The rating, however,
favourably considers the relevant experience of the management in
the healthcare industry and favourable location of the hospital
being easily accessible by the population in Guwahati, which is
likely to support the footfall in hospital and in turn the
company's business prospects going forward.

Incorporated in 2013, HHPL is operating a 105 bedded multi-
specialty hospital 'Hayat Hospital' in Guwahati, Assam. The
hospital started its operations in April 2010 under another entity
M/s. Hayat Hospital, a partnership firm managed by the same
promoters. With effect from April 01, 2013, HHPL has taken over
the entire business of M/s. Hayat Hospital. HHPL specializes in
the area of cardiology and cardiac surgery, trauma care, critical
care/ICU, neurology and neurosurgery, among others. The company is
also in the process of adding another 100 beds, which will
increase the total intake capacity of the hospital to 205 beds.

Recent Results
The company reported a net profit of INR0.97 crore on an operating
income of INR27.37 crore in 2013-14.


HUES INDIA: CRISIL Reaffirms B Rating on INR47.5MM Export Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hues India Pvt Ltd
continue to reflect HIPL's below-average financial risk profile
marked by modest net worth and weak debt protection metrics. The
ratings also reflect its small scale of operations, coupled with
working capital intensity in the highly fragmented readymade
garment (RMG) manufacturing industry. These rating weaknesses are
partially offset by the benefits that HIPL derives from its
promoters' extensive experience, and financial support it receives
from them.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee            2       CRISIL A4 (Reaffirmed)

   Export Packing Credit    47.5     CRISIL B/Stable (Reaffirmed)

   Foreign Bill Purchase     7.5     CRISIL A4 (Reaffirmed)
   Letter of Credit         15       CRISIL A4 (Reaffirmed)

   Proposed Long Term        3.1     CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan                 4.5     CRISIL B/Stable (Reaffirmed)
   Working Capital
   Demand Loan              11.5    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HIPL's credit profile will continue to
benefit from its promoters' extensive experience in the RMG
manufacturing industry over the medium term. The outlook may be
revised to 'Positive' if the company generates significantly
higher cash accruals, driven by better revenue and profitability,
thus improving its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if there is a significant decline in
the company's revenue or operating margin or its working capital
management deteriorates, leading to further weakening of financial
risk profile.

Update
HIPL's achieved revenue of INR155 million in 2013-14 (refers to
financial year, April 1 to March 31), a growth of 14 per cent.
While the company continues to derive majority of its revenue
through exports to Europe, it commenced sales on job work basis
for Pantaloons Fashion & Retail Ltd in 2013-14. Sales from the
domestic market contributed are modest at around 5 percent in the
year. CRISIL expects HIPL's revenues will remain at similar levels
over the near- term on account of sluggish demand from Europe and
its low penetration in the domestic market.

The small scale of operations and lack of backward integration
continues to affect its operating margin, which remained in the
range of 6 to 8 per cent over the three years ended March 31,
2014.  CRISIL believes that HIPL's operating margin will remain
low and range bound over the medium term.

HIPL's operations remained working capital intensive, driven by
its high debtor and inventory levels, as reflected by its high
gross current assets (GCA) of 275 days as on March 31, 2014. HIPL
relies heavily on short term debt for funding its large working
capital requirements, due to its low cash accruals; which in turn
is expected to lead to impact its financial risk profile. Its net
worth of INR34.0 million as on March 31, 2014 provides a small
cushion against contingencies. HIPL's debt protection metrics are
also weak, with interest coverage of around 1.4 times and NCATD
ratio at around 0.04 times in 2013-14. CRISIL believes that HIPL's
debt protection measures will remain weak over the medium term on
account of low operating margin and high debt levels.

The company's liquidity remains stretched, impacted by its large
inventory and sizeable debtor levels. The weak liquidity is
reflected also in average bank limit utilisation of over 95 per
cent over the 12 months ended August, 2014. The company's accruals
for 2014-15 are expected to be around INR40-45 million, against
which there is expected to be a repayment of a INR11.5 million
demand loan (which is a conversion from stand-by-line of credit,
following decline in turnover). CRISIL believes that the repayment
will be funded through promoter support, and timely infusion of
funds by the promoters will remain a key rating sensitivity
factor.

Established in 1989, HIPL manufactures RMG and home furnishing
products. The company manufactures ladies wear and kids wear in
the RMG segment; while in the home furnishing segment its
manufactures bed covers, curtains, cushions and others. It is
based in Jaipur (Rajasthan). The company is owned and managed by
the Mr. Alok Sharma.


JAI MAA: CARE Ups Rating on INR8.03cr LT Bank Loan From 'B+'
------------------------------------------------------------
CARE revises and reaffirms the rating assigned to the bank
facilities of Jai Maa Sharda Agro & Rice Mills Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.03       CARE BB- Revised from
                                            CARE B+

   Short-term Bank Facilities    0.50       CARE A4 Reaffirmed

Rating Rationale

The revision in the rating assigned to the bank facilities of Jai
Maa Sharda Agro & Rice Mills Private Ltd takes into account the
improved financial risk profile of the company in FY14 (refers to
the period April 1 to March 31) in terms of increase in total
operating income (TOI), improvement in its capital structure, debt
coverage indicators and liquidity position. The ratings, however,
continue to be constrained by its short track record coupled with
lack of business experience of the promoters in agro-based
commodities, susceptibility of margins to volatility in raw
material prices and inherent risks associated with the rice
milling industry such as high degree of fragmentation, seasonality
and impact of the government policies. The aforesaid constraints
are partially offset by proximity of its plant to raw material
sources and favourable industry scenario.

Increase in the scale of operations with an improvement in the
profit margins as well as better working capital management
remains the key rating sensitivities.

JMS, incorporated in February 2010 was promoted by Mr Ajay Kumar
Kejriwal and his three brothers, to set up a rice processing &
milling unit of non-basmati rice and sale of its by-products like
husk, bran, etc, in the domestic market. The plant, having an
installed capacity of 48,000 metric tonnes per annum (MTPA), is
situated in Burdwan district of West Bengal, a major paddy growing
area and in close proximity to local grain market enabling easy
paddy procurement.

Furthermore, JMS has sorting capacity of 5 tonnes/hour. Depending
upon the quality of paddy, the company manufactures different
varieties of rice ranging from INR20/kg to INR30/kg. These
varieties are sold under the brand name of "Muski" and
"Manikarn".

During FY14 (refers to the period April 1 to March 31), JMS
achieved a PBILDT of INR2.47 crore (Rs.2.14 crore in FY13) and a
PAT of INR0.24 crore (net loss of INR0.26 crore in FY13) on the
total operating income of INR43.06 crore (INR30.65 crore in
FY13). Further, during H1FY15, JMS has achieved total operating
income of INR16.19 crore.


JANKI CORP: CARE Reaffirms 'B+' Rating on INR513.68cr Bank Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Janki
Corp Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    513.68      CARE B+ Reaffirmed
   Short-term Bank Facilities   107         CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Janki Corp Limited
continues to be constrained by the decline in the scale of
operations as well as cash losses incurred by it during FY14
(refers to the period April 1 to March 31), increase in working
capital intensity, high leverage, weak debt protection indicators
and its presence in an inherently cyclical steel and textile
industry along with on-going regulatory hurdles faced by the
Indian iron ore industry. The ratings take cognizance of the
receipt of approval for restructuring of its debt under the
Corporate Debt Restructuring (CDR) mechanism.

The ratings, however, continue to derive comfort from JCL's
experienced promoters and its established operations.

JCL's ability to turnaround its operations through improvement in
capacity utilization and sales realization of its pellet plant and
efficient management of its working capital requirements are the
key rating sensitivities.

JCL's ability to complete its on-going projects within the
envisaged time and cost parameters along with generation of the
envisaged returns thereof would also be crucial.

Promoted by Mr Raghu Nath Mittal, JCL is a closely-held public
limited company. It commenced its operations with fabrics
processing facility in Bhilwara in 1993. JCL entered in steel
business during 2005 by setting up a sponge iron manufacturing
unit in Bellary (Karnataka) with a capacity of 180,000 MTPA. The
company has also setup Waste Heat Recovery Boiler (WHRB) based
power plant of 15 MW (commissioned in March 2010) and
pellet plant of 6,00,000 MTPA (commissioned in September 2011) and
iron ore fines beneficiation plant (IOFBP) of 8,50,000 MTPA
(commissioned in FY14 which is to be used for raw material for
manufacturing pellet). Contribution of sponge iron, pellet,
textile and sale of power constituted 59%, 16%, 17% and 5%
respectively in the total operating income of INR658.53 crore
during FY14.

Based on the audited results for FY14, JCL reported a total
operating income (TOI) of INR486.66 crore (FY13: INR658.53 crore)
and net loss of INR17.99 crore (FY13: net profit of INR33.33
crore).


KASEGAON EDUCATION: CRISIL Assigns 'B' Rating to INR126MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kasegaon Education Society (KES).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Term Loan                126          CRISIL B/Stable

The rating reflects KES's working capital intensive operations,
society's susceptibility to regulatory changes and exposure to
intense competition in the education sector. The ratings also
factor in the KES's below moderate financial risk profile albeit
constrained by subdued debt protection metrics.  These rating
strengths are partially offset by the society's established
regional presence and its promoter's extensive experience in the
education sector.

Outlook: Stable

CRISIL believes that KES will continue to benefit over the medium
term from its established regional position in the education
sector and healthy demand prospects. The outlook may be revised to
'Positive' if the society increases its scale of operations
substantially while maintaining its profitability margins and
capital structure resulting in higher than expected cash accruals
and consequently overall improvement in KES's financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
KES undertakes any larger-than-expected, debt-funded capital
expenditure programme, or faces any regulatory change, or there is
a stretch in its working capital cycle resulting in significant
deterioration in its financial risk profile.

KES was established in the year 1945 by late Mr. Rajarambapu
Patil. KES is registered as Society under the Society's
Registration Act XXI of 1860 and is further registered as Trust
under Bombay Public Trust Act 1950. KES operates educational
institutes across Sangli, Pune and Mumbai which includes schools,
junior colleges and professional institutes.

KES reported a surplus (excess of income over expenditure) of
INR35.6 million on income of INR844 million for 2013-14 (refers to
financial year, April 1 to March 31) and it reported a surplus of
INR4.3 million on income of INR 832.5 million for 2012-13.


KONAGALLA SATYANARAYANA: ICRA Reaffirms B+ Rating on INR5cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
INR5.00 crore fund based limits and INR2.50 crore unallocated
limits of Konagalla Satyanarayana & Others.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     5.00       [ICRA]B+ reaffirmed
   Unallocated Limits    2.50       [ICRA]B+ reaffirmed

The reaffirmation of rating continues to be constrained by weak
financial profile of the firm characterized by low profitability
of operating margin 2.31%, high gearing of 2.05 times and modest
interest coverage ratio at 1.83 times in FY2014; intensely
competitive nature of rice industry with presence of several
small-scale players which increases pressure on the operating
margins; and risks inherent to a partnership firm. This apart, the
rating is also constrained by the susceptibility of profitability
& revenues to agro-climatic risks which impact the availability of
paddy in adverse weather conditions. The rating, however, takes
comfort from the long track record of the promoters in the rice
mill business; presence of the rice mill unit in a major rice
producing area which eases procurement of paddy and favorable
demand prospects for rice with India being the second largest
producer and consumer of rice internationally.

Going forward, the ability of the firm to strengthen its financial
profile by improving its profitability and efficiently managing
its working capital requirements remains the key rating
sensitivity.

Founded in 2007 as a partnership firm, Konagalla Satyanarayana &
others is engaged in milling of paddy and produces raw and boiled
rice. The firm has leased out two rice mills from Porus Agro
Products Private Limited and M/s. Sri Lakshmi Venkataramana Rice
Mill with an installed capacity of 45000 tonnes per annum and
22500 tonnes per annum respectively. The two milling units are
located in the East Godavari District of Andhra Pradesh.

Recent Results
For FY2014, the firm reported profit after tax of INR0.28 crore on
operating income of INR43.21 crore as against profit after tax of
INR0.24 crore on operating income of INR37.75 crore in FY2013.


KRIDHAN INFRA: ICRA Cuts Rating on INR11.60cr FB Loan to 'D'
------------------------------------------------------------
ICRA has revised the long term rating to the INR7.31 crore term
loans and INR11.60 crore fund-based bank facilities of Kridhan
Infra Limited to [ICRA]D from [ICRA]BB.  ICRA has also revised the
short term rating to the INR2.0 crore non-fund based bank
facilities of KIL to [ICRA]D from [ICRA]A4.  The ratings revision
reflects the delays in debt servicing by the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             7.31       Downgraded to [ICRA]D
                                    from [ICRA]BB (Stable)

   Fund-Based Limits    11.60       Downgraded to [ICRA]D
                                    from [ICRA]BB (Stable)

   Non-Fund Based        2.00       Downgraded to [ICRA]D
   Limits                           from [ICRA]A4

Established in the year 2006, KIL is engaged in the manufacturing
of prefabricated steel column and beam cages used in the
construction industry. Earlier known as Readymade Steel India
Limited, the company changed its name to Kridhan Infra Limited in
June 2014. Mr. Anil Agarwal and Kridhan Infrastructure Pvt. Ltd
(KIPL) are the major shareholders of KIL with 44.93% and 19.42% of
shareholdings respectively. The company's manufacturing facility
is located at Khopoli, Maharashtra with an installed capacity of
90,000 metric tons per annum (MTPA). The company purchased a 90%
stake in Singapore based company 'KH Foges Pte. Ltd.' in March
2012 through its Singapore based wholly-owned subsidiary Readymade
Steel Singapore Private Limited. KH Foges Pte. Ltd. specialises in
bored cast in-place concrete piling and driven piling foundation
work and has been executing several projects in Singapore, Burma
and Malaysia. KIL also purchased the entire stake of its sister
concern 'Kridhan Infrasolutions Private Limited' in October 2013.
Kridhan Infrasolutions Private Limited is engaged in the trading
of couplers.

Recent Results
In 2013-14, KIL reported a net profit of INR0.86 crore on the back
of an operating income of INR38.05 crore as compared to a net
profit of INR0.99 crore on the back of an operating income of
INR51.40 crore in 2012-13.


LAKSHMI GANAPATHI: ICRA Reaffirms B+ Rating on INR7.51cr FB Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR7.51 crore fund based limits and INR1.99 crore unallocated
limits of Lakshmi Ganapathi Rice Industries. ICRA has also
assigned short term rating of [ICRA]A4 to INR0.50 crore fund based
limits of LGRI.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits     7.51        [ICRA]B+ reaffirmed
   Fund based limits     0.50        [ICRA]A4 assigned
   Unallocated limits    1.99        [ICRA]B+ reaffirmed


The reaffirmation of ratings factors in the intensely competitive
nature of rice industry with presence of several small-scale
players which increases pressure on the operating margins; weak
financial profile of the firm characterized by low profitability,
moderate gearing levels and modest coverage indicators; and risks
inherent to a partnership firm. This apart, the ratings are also
constrained by the susceptibility of profitability & revenues to
agro-climatic risks which impact the availability of paddy in
adverse weather conditions. The ratings, however, take comfort
from the long track record of the promoters in the rice mill
business and favorable demand prospects for rice with India being
the second largest producer and consumer of rice internationally.
Going forward, the ability of the firm to improve its financial
profile by efficiently managing its working capital requirements
remains the key rating sensitivity.

Founded in the year 2008 as a partnership firm, Lakshmi Ganapathi
Rice Industries (LGRI) is engaged in the milling of paddy and
produces raw & boiled rice. The rice mill is located at
Annapareddy Gudem village of Nalgonda district, Andhra Pradesh and
the plant started operations from November 2010. The installed
production capacity of the rice mill is 5.5 tons per hour.

Recent Results
For FY2014 (Provisional), the firm reported profit after tax of
INR0.14 crore on operating income of INR22.71 crore as against
profit after tax of INR0.10 crore on operating income of INR18.25
crore in FY2013(audited).


LANCO BABANDH: CARE Reaffirms 'D' Rating on INR5,197cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Lanco
Babandh Power Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Loans               5,197      CARE D Reaffirmed
   Subordinate Debt                347      CARE D Reaffirmed

Rating Rationale

The rating reaffirmation takes into account the ongoing delays by
Lanco Babandh Power Ltd in servicing its debt obligations.

Lanco Babandh Power Private Limited was incorporated as a private
limited company on May 30, 2007. The company was converted into a
limited company and its name was changed to Lanco Babandh Power
Limited (LBPL) on Feb. 3, 2010.

The company is promoted by Lanco Group Ltd, to construct, operate
and maintain a 1,320 MW (2 x 660 MW) coalbased power project in
Dhenkanal district, Orissa. The flagship company of the Lanco
group is Lanco Infratech Ltd. The estimated project cost of
INR6,930 crore is proposed to be financed at a debt to equity
ratio of 4:1. The debt of INR5,544 crore is a mix of senior debt
and subordinate debt of INR5,197 crore and INR347 crore,
respectively.

On the fuel supply arrangements, LBPL is in the process of signing
of Fuel Supply Agreement (FSA) with Mahanadi Coal fields Ltd (MCL)
for the supply of 2.8 MTPA for the first unit. Coal for the second
unit is to be sourced from the captive coal mine at Rampia in
Orissa which has been co-allotted to Lanco Group Ltd along with
JV's of five other companies.

However, the same is cancelled by the Supreme Court in its latest
verdict as on September 24, 2014. For the power offtake, LBPL has
entered into a Power Purchase Agreement (PPA) with "GRIDCO Ltd"
for 25% of power, with UP Power Corporation Ltd (UPPCL) for 454 MW
and with Rajasthan Discoms for 374MW (aggregating 87.7% of gross
generation). The balance approximately 13% is expect to be sold
under merchant basis.

As per the latest Lenders Engineer (LE) report for the period
ending June 2014, the LE has reported that there has been no
construction activity on the site since April 2013 largely for the
lack of funds. Furthermore, the project has met with time
and cost overruns and has not achieved its COD which was due on
September 2014. The revised project cost and expected COD is under
consideration by the lenders.

The company has so far incurred approximately 72% of the total
project cost of INR6,930 crore till June 2014 which has
been funded by way of debt of INR 3,695crore and promoters'
contribution of INR928 crore. The liquidity profile of the
company continues to be stressed given the delay in commissioning
of the project coupled with the absence of timely
support from the parent company, Lanco Infratech Ltd.


MAA KIRANDEVI: ICRA Assigns 'B+' Rating to INR4.0cr Cash Credit
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR6.93
crore fund based bank facilities of Maa Kirandevi Agro Foods (P)
Ltd. ICRA has also assigned a short term rating of [ICRA]A4 to the
INR0.50 crore non fund based facility of MKAFPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-       2.93         [ICRA]B+ assigned
   Term Loan

   Fund Based Limit-       4.00         [ICRA]B+ assigned
   Cash Credit

   Non-Fund Based Limit-   0.50         [ICRA]A4 assigned
   Bank Guarantee

The assigned ratings take into account MKAFPL's small scale of
current operations, weak financial risk profile characterized by
low net profitability and aggressive capital structure, resulting
in depressed level of coverage indicators, and low entry barrier
in a highly fragmented rice milling industry, which intensifies
competition and restricts pricing flexibility. The ratings also
factor in the risks inherent in an agro based business like rice
milling, including the vulnerability towards the changes in
Government policies and raw material supply risks as the level of
harvest and quality of paddy are highly dependent on agro climatic
conditions. The ratings are also constrain by the high client
concentration risks of MKAFPL, with top ten customers contributing
around 60% of the total sales in 2013-14. The ratings, however,
derive comfort from the locational advantage of MKAFPL's plant
being situated in close proximity to raw material sources, leading
to easy availability as well as low landed cost of input material
and stable demand outlook with rice being an important part of the
staple Indian diet.

Incorporated in 2010, MKAFPL is engaged in the milling of non-
basmati rice with an installed capacity of 56,160 metric tonne per
annum (MTPA). The company commenced its commercial operations in
June 2012. The company is also engaged in milling of paddy on job-
work for Food Corporation of India (FCI). The manufacturing
facility of the company is located at Pandarsil in the district of
Mayurbhanj, Odisha.

Recent Results
The company reported a net profit of INR0.09 crore on an operating
income of INR16.33 crore during 2013-14; as compared to a net
profit of INR0.01 crore on an operating income of INR5.44 crore
during 2012-13.


MARUTI MEDITECH: ICRA Reaffirms B+ Rating on INR3.95CR Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR3.95
crore term loan and INR1.60 crore cash credit facilities of Maruti
Meditech Private Limited. ICRA has also reaffirmed the [ICRA]A4
rating assigned to the INR0.89 crore non-fund based bank
facilities of MMPL.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based Limit-        3.95         [ICRA]B+ reaffirmed
   Term Loan

   Fund Based Limit-        0.70         [ICRA]B+ reaffirmed
   Cash Credit (Stocks)

   Fund Based Limit-        0.90         [ICRA]B+ reaffirmed
   Cash Credit (BD)

   Non Fund Based Limit     0.89         [ICRA]A4 reaffirmed

The reaffirmation of the ratings take into account MMPL's limited
operational track record with promoters having no prior experience
in the manufacturing of medical equipments and intense competition
from other large and reputed brands in India having widespread
distribution network. The ratings are also constrained by MMPL's
sub-optimum capacity utilisation level as the company is into
initial years of operation, leading to small scale of operations;
although the company has earned healthy margin at operating level.
The financial risk profile of the company remains stretched as
marked by high working capital intensity of operations, leveraged
capital structure and subdued net margin. ICRA also notes that the
company is exposed to high geographical concentration risks with
around 42% of the total sales in 2013-14 being derived from the
state of Bihar. The ratings, however, favourably factor in the
healthy demand prospects of disposable syringes in the domestic
and international market driven by increasing population and
improving healthcare infrastructure among others, and an
established dealers' network across various states in India.

Incorporated in October 2011, Maruti Meditech Private Limited is
engaged in the manufacture of disposable syringes. The
manufacturing facility is situated at Patna, Bihar with an
installed capacity of 10 lacs syringes per day. The commercial
production commenced in December 2012. The company sells its
product under the brand name "Life Inject".

Recent Results
In 2013-14, the company reported a net profit of INR0.14 crore on
an operating income of INR10.88 crore, as compared to a break-even
position on an operating income of INR1.49 crore during 2012-13.


NAVIN COTTON: CARE Revises Rating on INR9.65cr Bank Loan to B+
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Navin
Cotton Fibers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     9.65       CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Navin Cotton Fibers factors in the growth in sales and
profitability of the firm coupled with an improved capital
structure. The rating also factors in the high utilization of its
processing capacity coupled with geographical expansion of
operations.

The rating, however, remains constrained on account of its
moderate scale of operations, thin profitability margins,
working-capital intensive nature of operations, presence in a
highly fragmented cotton ginning and pressing sector,
constitution as a proprietorship firm and susceptibility to cotton
price fluctuation. The rating continues to derive strength
from its established operations, wide experience of the proprietor
in the cotton trading business and diversified customer base.

The ability of the firm to improve its scale of operations and
profitability margins amidst volatility in cotton prices, and
improvement in the capital structure remains the key rating
sensitivity.

Established in October 2002 by Mr Prashant Tayal, NCF undertakes
ginning and pressing of cotton from its facility based in
Devalgaonraja, Maharashtra. From 2002 to 2011, the firm undertook
trading of cotton and later set up a factory for ginning and
pressing operations with an annual capacity of 30,000 cotton bales
and 85,000 quintals of cotton-seeds.  The company procures cotton
from 'Mandis' and undertakes ginning and pressing of the same. The
processed cotton is sold to spinning units in the states of
Maharashtra, Madhya Pradesh, West Bengal, and Tamil Nadu. The
cotton seeds are sold to oil mills for the manufacturing of
cotton-seed oil and oil cakes in Maharashtra, Madhya Pradesh and
Haryana. The firm derives its revenue from the sale of processed
cotton and cotton-seeds in the average proportion of 3:1.

In FY14 (refers to the period April 1 to March 31), NCF earned PAT
of INR0.55 crore on a total operating income of INR65.41 crore
against PAT of INR0.39 crore on a total operating income of
INR54.83 crore in FY13.


PALLAVI ENTERPRISES: CRISIL Cuts Rating on INR265M Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Pallavi Enterprises (a part of the Pallavi group) to 'CRISIL D'
from 'CRISIL B+/Negative'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             120         CRISIL D (Downgraded from
                                       'CRISIL B+/Negative')

   Proposed Long Term      265         CRISIL D (Downgraded from
   Bank Loan Facility                  'CRISIL B+/Negative')

   Term Loan                15         CRISIL D (Downgraded from
                                       'CRISIL B+/Negative')

The rating downgrade reflects instances of delay by Pallavi
Enterprises in servicing its debt. The delays have been caused by
weakening in the group's liquidity because of a stretch in its
working capital cycle.

The Pallavi group is exposed to intense competition in the rice
milling industry and its profitability margins are susceptible to
changes in government regulations and paddy prices. However, the
group benefits from assured offtake by Food Corporation of India.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Pallavi Enterprises and Girija Modern
Rice Mill (Girija Mill). This is because the two entities,
together referred to as the Pallavi group, have common promoters,
are in the same line of business, and have operational linkages
and fungible cash flows.

Pallavi Enterprises was set up in 1983 by Mr. Tatikonda
Viswanadham and his wife. Girija Mill was set up in 2007 by Mr.
Viswanadham and his daughter. Both the firms mill and process
paddy into rice; they also generate by-products such as broken
rice, bran, and husk. The rice mills of both these firms are in
Vijayawada (Andhra Pradesh).


PERFECT AGROFOOD: CARE Rates INR10.25cr Long Term Bank Loan at B
----------------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Perfect
Agrofood Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.25      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Perfect Agrofood
Private Limited is primarily constrained on account of delay in
project implementation and further timely completion of the
project within stipulated cost and revised time limit.

The rating is further constrained on account of its presence in
the highly competitive and fragmented edible oil industry with low
entry barriers.

The rating, however, favourably takes into account the wide
experience of the management in the edible oil industry and
operational synergies with group concern, strategic location of
manufacturing units with close proximity to raw material sources
and favorable demand outlook for edible oils in India. Timely
completion of project within envisaged cost parameters and
subsequent stabilization of operations would be the key rating
sensitivities.

Incorporated in August 2013, Jaipur (Rajasthan) based PAPL was
promoted by Mr. Kanhaiya Lal Modi and Mrs. Mona Goenka with an
objective to set up a greenfield project at Bassi nearby Jaipur
for extraction of crude edible mustard oil and mustard oil cake
from mustard seeds. The plant is proposed to be set up by
installing modern technology plant of 'Chillex Technology' for
producing pungent mustard oil and will have total operating
capacity of 200 Tonnes Per Day (TPD) of mustard edible oil. The
company is setting its greenfield plant on the land measuring 6000
square meters (Sq. Mtrs.) taken on lease from Mr. Sanjay Goenka
(Husband of Mrs. Mona Goenka). PAPL has envisaged the total cost
of the project of INR9.10 crore to be financed through debt equity
ratio of 1.60 times. The project was originally envisaged to be
completed by September, 2014, however, it got delayed by three
months due to delay in delivery of machineries and now, the
project is envisaged to be completed by December, 2014.

Till August 11, 2014, PAPL has incurred total expenditure of
INR6.54 crore towards the project which was financed through
term loan of INR3.04 crore, equity capital (including share
premium) of INR3.00 crore and unsecured loans/creditors of
INR0.50 crore.


PLATINUM FABRICS: CRISIL Ups Rating on INR231.6MM LT Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Platinum Fabrics Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable' and reaffirmed its rating on PFPL's short-term bank
facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          12.5        CRISIL A4 (Reaffirmed)

   Cash Credit             70.0        CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

   Long Term Loan         231.6        CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's expectation of improvement in
PFPL's liquidity, following completion of its term loan repayment
in 2014-15 (refers to financial year, April 1 to
March 31) and steady improvement in its financial risk profile.
The company's gearing improved to 0.8 times as on March 31, 2014,
from 2.5 times as on March 31, 2012; and is expected to remain
moderate over the medium term. Gearing improved on account of
steady increase in net worth with retention of profits in the
business and decline in debt level with repayment of term loans.

The ratings reflect the susceptibility of PFPL's profitability to
volatility in raw material prices and the company's exposure to
intense competition in the textile industry. These rating
weaknesses are partially offset by its promoters' extensive
industry experience.
Outlook: Stable

CRISIL believes that PFPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if it achieves substantial increase in
revenue and profitability, leading to higher accruals. Conversely,
the outlook may be revised to 'Negative' if the company's
financial risk profile weakens, most likely driven by large debt-
funded capital expenditure or stretch in the working capital
cycle.

PFPL was set up in 2005 as DK Apparels Industries Pvt Ltd by
brothers Mr. Dilip Karania, Mr. Praful Karania, and Mr. Khirish
Karania. The company got its current name in December 2009. PFPL
manufactures cotton fabric from grey and dyed cotton yarn. Its
manufacturing unit is in Silvassa.

PFPL reported provisional profit after tax (PAT) of INR17.0
million on provisional net sales of INR577.9 million for 2013-14,
against PAT of INR29.7 million on net sales of INR536.7 million
for 2012-13.


ROSHAN ENTERPRISES: ICRA Assigns 'B+' Rating to INR20cr Term Loan
-----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR20.00
crore (enhanced from 12.50 crore) term loan facilities of M/s
Roshan Enterprises.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             20.00       [ICRA]B+

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.


SAIRAM RICE: CRISIL Reaffirms B+ Rating on INR72MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sairam Rice
Industry continues to reflect the firm's modest scale of
operations in the intensely competitive rice milling industry, and
the susceptibility of its profitability margins to changes in
government regulations and paddy prices.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            72       CRISIL B+/Stable (Reaffirmed)

The rating of the firm is also constrained on account of its
average financial risk profile marked by small net worth, low
gearing, and average debt protection metrics. These rating
weaknesses are partially offset by the benefits Sairam derives
from its promoters' extensive industry experience and the assured
offtake by Food Corporation of India (FCI).

Outlook: Stable

CRISIL believes that Sairam will continue to benefit over the
medium term on the back of its promoters' extensive experience in
the rice milling industry. The outlook may be revised to
'Positive' if there is a substantial and sustained increase in the
firm's scale of operations, while maintaining its profitability
margins, or there is substantial increase in its net-worth on the
back of sizeable equity infusion from its promoters. Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in the firm's profitability margins, or significant
deterioration in its capital structure caused most likely by a
stretch in its working capital cycle.

Sairam was established by acquiring a partnership firm - Aditya
Hitech Rice Mill - in July 2012. Sairam mills and processes paddy
into rice, and generates by-products such as broken rice, bran,
and husk. The firm's rice milling unit is in East Godavari (Andhra
Pradesh).


SAMAY IRRIGATION: CARE Assigns B+ Rating to INR10.85cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Samay
Irrigation Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.85      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Samay Irrigation
Private Limited is primarily constrained on account of its weak
financial risk profile marked by, highly leveraged capital
structure, stretched debt service coverage indicators and
working capital intensive nature of operations leading to stressed
liquidity position. The rating is further constrained on account
of its relatively small scale of operations, presence in the
highly competitive industry and vulnerability of profit margins to
fluctuations in the raw material prices.

The rating, however, favourably takes into account the experience
of the promoters with demonstrated financial support in past,
established marketing network, moderate profitability margin and
continuous increase in capacity.

The ability of the company to increase its scale of operations
along with improvement in capital structure and liquidity
position would be the key rating sensitivities.

Jaipur-based (Rajasthan) SIPL was formed in 1995 as a private
limited company by Mr. Kewal Chand Bachhawat along with his wife
Ms Amita Bachhawat. SIPL is engaged in the manufacturing of drip
irrigation systems, drippers, mini sprinkler systems, sprinklers
(nozzles) and Low Density Poly Ethylene (LDPE) inline products
(pipes) which find wide applications in the irrigation systems.
The manufacturing unit of the company is situated at Jaipur having
an installed capacity of 1.80 Lakh Meter Per Annum (LMPA) of
inline products, 15.00 Lakh Piece Per Day (LPPD) for drippers and
3,000 Pieces Per Day (PPD) for sprinklers as on March 31, 2014.
The company sells its product to dealers which are spread across
Rajasthan who in turn sells to farmers. It also sells its product
to other manufacturer of irrigation systems. It markets its
products under the brand name of 'Rimzim'.

During FY14 (provisional; refers to the period April 1 to
March 31), SIPL has reported a total operating income of INR
25.70 crore (FY13: INR22.37 crore) and PAT of INR0.69 crore (FY13:
INR0.54 crore).


SHANKESHWARA FOOD: ICRA Reaffirms B+ Rating on INR16cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR16.00 crore cash credit fund based limits (enhanced from
INR10.00 crore) and INR7.37 crore term loan fund based limits
(enhanced from INR3.14 crore) of Shankeshwara Food Product Private
Limited. ICRA has also reaffirmed the [ICRA]B+ and [ICRA]A4
ratings to the INR0.36 crore un-allocated amount. ICRA has
withdrawn the short term rating of [ICRA]A4 previously assigned to
the INR1.00 crore fund based-SME Gold Card Limit.

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Cash Credit: Fund       16.00     [ICRA]B+ reaffirmed
   Based Limits

   Term Loans: Fund
   Based Limits             7.37     [ICRA]B+ reaffirmed

   Un-allocated Limits      0.36     [ICRA]B+/[ICRA]A4 reaffirmed

   SME Gold Card: Fund      1.00     [ICRA]A4 withdrawn
   Based Limits

The ratings reaffirmation continue to take into account the weak
financial profile as reflected in low profitability levels due to
the limited value addition involved, stretched capital structure
due to debt funded capital expenditure and reliance on external
working capital borrowings, weak debt coverage indicators and cash
accruals position.

The ratings also continue to take into account SFP's presence in a
highly fragmented and competitive agro commodities industry which
exerts pressures on its margins as also the susceptibility of
business operations to volatility in the pricing of wheat and
performance of the agricultural sector, which is further impacted
by a combination of factors like climatic conditions, government
policies and prevailing demand-supply scenario.

The ratings, however, continue to favourably factor in the
presence of sister concerns in the same line of business providing
operational comfort and established business relationships with
various suppliers and reputed domestic customers. The ratings also
take into account the positive demand outlook for flour, as it
forms an important part of the staple Indian diet, steady ramp up
of operations and augmentation in the production capacity in FY14,
which is likely to improve the production volumes in the near
term.

Promoted by Mr. Rajesh Jain in 2010, Shankeshwara Food Product
Private Limited is engaged in the milling of wheat into maida,
atta, suji and bran. The company has its registered office and
flour mill in Ahmednagar, Maharashtra with a daily milling
capacity of 400 tonnes and a branch office in Mumbai.

Recent results
SFP recorded a net profit of INR0.18 crore on an operating income
of INR156.39 crore for the year ending March 31, 2014.


SHRI RAM: CRISIL Assigns 'B+' Rating to INR60MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shri Ram Laminators Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            60         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     20         CRISIL B+/Stable

The rating reflects SRLPL's below-average financial risk profile
marked by a high gearing and weak debt protection metrics, and
large working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience and funding
support of SRLPL's promoters and its reputed clientele.

Outlook: Stable

CRISIL believes that SRLPL will continue to benefit from the
extensive industry experience of its promoters and their funding
support over the medium term. The outlook may be revised to
'Positive' if the company generates higher-than-expected cash
accruals while improving its capital structure and prudently
managing its working capital requirements. Conversely, the outlook
may be revised to 'Negative' if SRLPL generates lower-than-
expected cash accruals, or if its working capital management
deteriorates, or it undertakes a substantial debt-funded capital
expenditure programme.

SRLPL was established in 1991 as a proprietorship firm 'Shri Ram
Industries' and was reconstituted as a private limited company in
April 2014. The company manufactures and sells foam and laminated
fabrics. SRLPL's manufacturing unit is at Delhi and is promoted by
Mr. Rakesh Gupta.


STURDY INDUSTRIES: CRISIL Cuts Rating on INR1.44BB Cash Loan to B
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sturdy Industries Ltd to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL
BB/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit          1447.5      CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Letter of credit     1419.0      CRISIL A4 (Downgraded from
   & Bank Guarantee                 'CRISIL A4+')

   Proposed Non Fund      30.0      CRISIL A4 (Downgraded from
   based limits                     'CRISIL A4+')

   Term Loan             422.8      CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

The downgrade reflects deterioration in SIL's business and
financial risk profiles, especially its liquidity. Deterioration
in the company's business risk profile is marked by decline in
operating margin in 2013-14 (refers to financial year, April 1 to
March 31), driven by its limited ability to pass on raw material
price increases to customers in a timely manner leading to lower
cash accruals. Consequently, the company's financial risk profile
also weakened, marked by increase in gearing and worsening of debt
protection metrics. Its liquidity has weakened, driven by stretch
in receivables from one of its largest customers. CRISIL expects
SIL's operating margin to remain under pressure on account of
increased competition, and financial risk profile to remain weak
driven by low expected cash accruals over the medium term against
large working capital requirements.

The ratings reflect SIL's constrained financial risk profile, low
operating margin, and exposure to intense competition in the
aluminum cables and conductor industry. These rating weaknesses
are partially offset by the extensive industry experience of SIL's
promoters.

Outlook: Stable

CRISIL believes that SIL's financial risk profile, especially its
liquidity, will remain constrained, marked by low operating margin
and large working capital requirements, over the medium term. The
outlook may be revised to 'Positive' if the company reports
significantly high operating income and operating margin leading
to higher cash accruals and improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SIL's financial risk profile, especially its liquidity, comes
under increased pressure, most likely because of decline in
operating income, or large debt-funded capital expenditure.

SIL was established in 1995. The company manufactures polyvinyl
chloride pipes and irrigation systems, aluminium composite panels,
and aluminium cables and conductors, and trades in aluminium
products. The company also has a plant for manufacturing asbestos
cement roofing sheets.

SIL reported net loss of INR219.3 million on net sales of INR8.6
billion for 2013-14 against profit after tax of INR15.5 million on
net sales of INR8.4 billion for 2012-13.



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


* JAPAN: 1H Bankruptcies Fall to Lowest in 24 Years
---------------------------------------------------
Jiji Press reports that the number of corporate bankruptcies in
Japan in April-September fell 8.3 percent from a year before to
5,049, down for the sixth straight fiscal first half and the
lowest figure for 24 years, Tokyo Shoko Research Ltd. said.

Bankruptcies increased mainly in the service sector, due to the
weak yen and consumption tax increase, but fell sharply in the
construction sector, thanks to a rise in public works projects,
Jiji Press relates.

Total debts left by failed companies dropped 49.5 percent to
JPY907.82 billion, slipping below one trillion yen for the first
time in 24 years, the report relays.

Bankruptcies decreased in seven regions but rose in Tohoku and
Shikoku for the first time in six years, Jiji Press notes.

According to Jiji Press, the number of companies forced into
bankruptcy by increases in raw materials costs and energy prices
due to the depreciation of the yen rose 2.2 times to 150 in the
first half of the current fiscal year. In September alone, when
the dollar briefly surpassed JPY109, the figure was up 2.8 times
from a year earlier.

Jiji Press relates that Tokyo Shoko Research believes the number
of bankruptcies attributed to the yen's drop will increase further
if current exchange rates continue.

In September, the number of corporate bankruptcies increased
0.9 percent to 827, up year on year for the first time in five
months. Total debts dropped 28 percent to JPY136.8 billion, the
report adds.



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


HERBERT INSURANCE: Former Owner Gets 4-Year Jail Sentence
---------------------------------------------------------
The former owner and director of the insurance brokering firm
Herbert Insurance Group Limited (HIG), Grant Malcolm Herbert, has
been sentenced in the Auckland District Court on Oct. 16 to four
years and six months' imprisonment following a Serious Fraud
Office (SFO) prosecution.

Last month, Mr. Herbert was found guilty by a jury of 17 Crimes
Act charges and seven Secret Commissions Act charges.

"Mr. Herbert had received premiums from clients but failed to
forward approximately NZ$2.5 million of this to insurers, in some
cases leaving the customers uninsured. He diverted this money to
pay operating expenses for HIG," SFO said in a statement.

"He had also given an employee of an insured customer, secret
commissions for referring insurance business to HIG. That company
was overcharged approximately NZ$220,000 for its insurance."

Prior to the trial, Mr Herbert had also pleaded guilty to using a
forged document in relation to obtaining a credit facility in the
sum of NZ$250,000.

SFO Director, Julie Read said, "Clients who were uninsured as a
result of Mr Herbert's offences were exposed to a risk of loss
many times greater than the cost of the premiums which they paid
in good faith.  These and the other offences of which he has been
convicted represent serious breaches of trust on the part of Mr
Herbert.  Mr Herbert's conduct has also had the potential to
damage the community's confidence in dealing with brokers and
thereby damaged the interests of all those brokers who act
honestly."

Herbert Insurance Group Limited was placed in receivership on
March 7, 2011, following an attempt to voluntarily liquidate the
company and sell assets. HIG had approximately 4,000 clients
throughout New Zealand.  Receivers Korda Mentha advised in
March 2011 that they sold Herbert Insurance Group's client base
to Aon New Zealand, one of the world's largest insurance brokers.

The SFO opened its investigation into HIG on March 10, 2011.


INFRACON LIMITED: Sold Out of Liquidation to Higgins Group
----------------------------------------------------------
Manawatu Standard reports that Infracon Limited has been sold out
of liquidation for an undisclosed sum to Higgins Group.

According to the report, it was announced on October 17 that
liquidators for PricewaterhouseCoopers, John Fisk and
Tony Pattison, entered into a conditional sale and purchase
agreement for the going concern sale of the Infracon business to
Higgins Aggregates Limited.

Infracon was placed into liquidation in August by its shareholders
due to ongoing financial loss.  Those shareholders were Tararua
District Council and Hawke's Bay District Council, the report
discloses.

Manawatu Standard says the collapse of the company resulted in 98
staff being made redundant, leaving 112 on interim contracts with
the liquidators.

Higgins Aggregates is a wholly owned subsidiary of Higgins Group
Holdings Limited, a large scale civil engineering company with
locations throughout New Zealand, says Manawatu Standard.

Manawatu Standard notes that the offer included all the assets of
the Infracon business.

Mr. Pattison could not disclose the amount the business had been
purchased for, but said it was the best outcome, according to the
report.

Manawatu Standard relates that Mr. Pattison said staff should
receive part of the money owing to them within the next few weeks.

The part-payment amount to creditors was unknown at this stage,
Mr. Pattison said.

"If the sale concludes as expected, secured creditors and all
preferential claims will be fully paid," Mr. Pattison, as cited by
Manawatu Standard, said.

The company owes around NZ$3.6 million to unsecured creditors, Mr.
Pattison said. There was still a pool of redundancy amounts that
may exceed the NZ$20,340.

"We think once we get this deal finalised and we understand the
complete quantum of it a good portion of those unsecured creditors
will be paid as well," the report quotes Mr. Pattison as saying.

Mr. Pattison said the amount and timing of this distribution can
only be determined once the sale is finalised, the report adds.

Infracon Limited provides civil engineering and construction
services.


SOUTH CANTERBURY: Lid lifted on SCF Evidence
--------------------------------------------
Emma Bailey at The Timaru Herald reports that the former chief
financial officer of South Canterbury Finance sought immunity from
prosecution from the solicitor-general before giving evidence in
New Zealand's biggest fraud trial.

In his judgment delivered on Oct. 14, Justice Paul Heath lifted
the suppression around the circumstances in which Graeme Robert
Brown, 46, gave evidence, the report relates.

The Timaru Herald recalls that Mr. Brown was the chief financial
officer at SCF for 3 years before resigning in January 2010. He
originally faced a charge of false accounting, in relation to a
loan from SCF of NZ$10 million to Kelt Finance, which was then
advanced to Southbury. The charge was dropped last year, the
report notes.

"Mr. Brown had initially been charged in relation to the Kelt
transaction but the indictment had subsequently been amended to
remove him from criminal prosecution," Justice Heath said. "For
all practical purposes, the charge against Mr Brown had been
withdrawn. After the Crown raised that issue, I learnt that
counsel for the accused intended to call Mr Brown as a witness.
Application was made to the solicitor-general to have Mr Brown
granted immunity from prosecution. That was not granted."

To avoid incriminating himself, Mr. Brown had his lawyer present
when called as a witness, the report says. In his evidence Mr.
Brown said the Kelt transaction was his brainchild but he believed
it complied with accounting standards. Former chief executive
Lachie McLeod was cleared of a charge of false accounting on the
basis of Mr. Brown's evidence, according to the report.

"At the same time, I heard legal argument on how to remedy the
position without infringing the accused's fair trial rights or
putting Mr. Brown in jeopardy of further prosecution," Justice
Heath said. "To deal with the issue, I allowed Mr Brown to have
his own counsel, Mr [Richard] Raymond, present while he gave
evidence, so that any potential areas in which he might be asked a
question that could put him in jeopardy of criminal prosecution
could be drawn to my attention and any appropriate self-
incrimination warning given.

"I do not consider Mr. Brown to have participated in any joint
criminal enterprise," Justice Heath, as cited by The Timaru
Herald, said.

He was, however, critical of Mr. Brown's recollection of evidence,
the report notes. "Generally, I accepted his evidence, though in
some respects, particularly in relation to the Kelt transaction
and the 'committed' banking facilities, I detected an element of
reconstruction of evidence that tended to portray his actions more
benevolently than when viewed objectively in light of contemporary
evidence. Having said that, I found Mr Brown to be an honest
witness."

                 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.



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


OUE HOSPITALITY: Moody's Assigns Ba1 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating to OUE Hospitality Real Estate Investment Trust (OUE H-
REIT), an entity that is stapled with OUE Hospitality Business
Trust to form OUE Hospitality Trust.

The rating outlook is stable.

This is the first time Moody's has assigned a rating to OUE H-
REIT.

Ratings Rationale

"OUE H-REIT's Ba1 corporate family rating reflects its portfolio
of two high-quality assets, the Mandarin Orchard hotel and the
Mandarin Gallery retail mall, both strategically located in
Singapore's prime shopping district," says Jacintha Poh, a Moody's
Assistant Vice President and Analyst.

"It also takes into account the trust's ability to generate stable
recurring income, based on Mandarin Orchard's long operating track
record with high income visibility, in addition to Mandarin
Gallery's quality tenant base and steady occupancy rates through
one previous leasing cycle," adds Poh.

Mandarin Orchard is under a 15-year master lease agreement with
its sponsor, OUE Limited (unrated) with an option to extend for an
additional 15 years and is subject to receive a minimum rent of
SGD45 million per annum. This provides the trust with high income
visibility.

Mandarin Gallery provides OUE H-REIT with some diversification
from the hospitality-based revenue generated by Mandarin Orchard.
The retail mall also provides the trust with additional tenant
base diversification, compared to the single lessee arrangement at
Mandarin Orchard. Mandarin Gallery continues to maintain high
occupancy rate of 99.7% as of 30 June 2014.

"OUE H-REIT's rating is however constrained by geographic and
revenue concentration risks as both assets are adjacent. The trust
is also highly exposed to the underlying credit strength of its
sponsor, OUE Limited, due to the sponsor's roles as key
shareholder, Mandarin Orchard's master lessee and the pipeline
provider for growth," says Poh.

Further constraints include the trust's exposure to Singapore
tourist arrivals, which have been weak over recent quarters and
which Moody's do not expect to improve in the near-term, as well
as high lease renewal risk at Mandarin Gallery, which makes up
more than 30% of the trust's revenues.

As at 30 June 2014, approximately 50% of the retail mall's
tenancies are up for renewal in 2015 and Moody's would expect OUE
H-REIT to renew most of these successfully over the coming 12
months.

OUE Limited, a diversified real estate owner, developer and
operator with a real estate portfoliolocated in prime locations in
Asia and the US, held a 34.0% stake in OUE Hospitality Trust as of
30 June 2014. In support of OUE H-REIT's growth, it has granted
the trust a right of first refusal for its completed and income
producing properties which are used primarily for hospitality and
hospitality-related purposes, including Crowne Plaza Changi
Airport with an appraised value of SGD291 million as of 31
December 2013.

OUE H-REIT has a strong financial profile with a debt/total
deposited assets ratio of 32% and an EBITDA interest coverage
ratio of 6.7x in 2013. However, the rating provides headroom for
these ratios to weaken to no higher than 45% and 5.0x-6.0x
respectively, if the trust takes on more debt-funded acquisitions.

As at end-June 2014, OUE H-REIT had total debt of approximately
SGD587 million, comprising a secured loan facility granted by
Standard Chartered Bank . It also has a committed but undrawn
revolving credit facility of SGD43 million and a USD1 billion Euro
Medium Term Note programme in place.

Although the trust has no refinancing risk over the next 12
months, its debt maturity profile is uneven, with maturities in
2016 and 2019. OUE H-REIT has a weighted average debt maturity of
around three years and its average effective cost of debt is 2.2%
per annum as of 30 June 2014.

The rating outlook is stable, reflecting Moody's expectation that
OUE H-REIT will continue to generate stable cash flows from its
portfolio, maintain financial discipline in its pursuit of growth
and keep its credit profile within targeted parameters.

The rating could be upgraded if OUE H-REIT: (1) diversifies its
portfolio and increases its asset base while maintaining its
financial metrics, such that debt/total deposited assets does not
exceed 40%-45% and EBITDA/interest coverage remains above 4x; (2)
demonstrates consistent access to funding through its banking
relationships and across the capital markets, particularly in
support of acquisitions; and (3) improves its liquidity and
financial flexibility by reducing its encumbered assets ratio and
reliance on secured borrowings.

OUE H-REIT's rating could face downward pressure if: (1) the
operating environment deteriorates or it fails to renew its leases
in Mandarin Gallery upon expiration, leading to higher vacancy
levels and declining operating cash flows; and/or (2) the trust's
financial metrics deteriorate, with debt/total deposited assets
exceeding 45% and EBITDA/interest coverage falling below 3x on a
consistent basis.

In addition, future acquisitions without long-term committed
funding in-place and decreased access to funding could pressure
the rating.

The principal methodology used in this rating was the Global
Rating Methodology for REITs and Other Commercial Property Firms
published in July 2010.

OUE Hospitality Real Estate Investment Trust (OUE H-REIT) is
stapled with OUE Hospitality Business Trust to form OUE
Hospitality Trust, that is listed on the Singapore Stock Exchange
since July 2013. Its portfolio consists of two properties --
Mandarin Orchard Singapore and Mandarin Gallery, located in
Orchard Road, Singapore's prime shopping district with a total
appraised value of SGD1.76 billion as of 31 December 2013. The
trust's sponsor is OUE Limited (unrated), which held a 34% stake
in the stapled entity as of 30 June 2014.



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


PANTECH CO: Files for Bankruptcy in the U.S.
--------------------------------------------
Tom Corrigan, writing for Daily Bankruptcy Review, reported that
Pantech Co., a South Korean mobile-phone maker, has sought the
protection of a U.S. court as part of its larger restructuring
efforts abroad.  According to the report, the company filed for
Chapter 15 bankruptcy protection at the U.S. Bankruptcy Court in
Atlanta on Oct. 16.  If recognized by a U.S. judge, Pantech will
receive the benefits of U.S. bankruptcy law, including the so-
called automatic stay that halts lawsuits and prevents creditors
from seizing assets, the report related.

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

The Troubled Company Reporter-Asia Pacific on Sept. 25,2014,
citing Yonhap News, reported that although Pantech graduated from
a five-year debt rescheduling program in December 2011, its
financial footing weakened again as it struggled with falling
sales from increased competition in the local smartphone market
dominated by Samsung Electronics Co. and LG Electronics Inc. The
report said the company is set to be available for sale in the
near future.


PANTECH CO: Voluntary Chapter 15 Case Summary
---------------------------------------------
Chapter 15 Petitioner: Joonwoo Lee

Chapter 15 Debtor: Pantech Co., Ltd.
                   5607 Glenridge Drive
                   Atlanta, GA 30342

Chapter 15 Case No.: 14-70482

Type of Business: Pantech is a South Korean company that
                  manufactures and sells mobile devices.

Chapter 15 Petition Date: October 16, 2014

Court: United States Bankruptcy Court
       Northern District of Georgia (Atlanta)

Chapter 15 Petitioner's     Michael J. Jacobs, Esq.
Counsel:                    JACOBS LEGAL, LLC
                            Northside Tower - Suite 622
                            6065 Roswell Road
                            Atlanta, GA 30328
                            Tel: (404) 826-8660
                            Fax: (404) 393-8660
                            Email: mike@mikejacobslegal.com

                              - and -

                            Alan A. Wright, Esq.
                            H.C. PARK & ASSOCIATES
                            1894 Preston White Drive
                            Reston, VA
                            Tel: 703-288-5105
                            Fax: 703-288-5139
                            Email: awright@park-law.com

Estimated Assets: $100 million to $500 million

Estimated Debts: $500 million to $1 billion


TONG YANG: Head Gets 12-Year Prison Sentence
--------------------------------------------
Park Sojung at Yonhap News reports that the head of financially
troubled Tong Yang Group was sentenced to 12 years in prison on
October 17 for selling financial products he knew would yield
little or no returns, while thousands of investors' livelihoods
had depended on them.

Hyun Jae-hyun, 65, was found guilty of ordering Tong Yang
affiliates to issue KRW1.3 billion (US$1.2 million) worth of
corporate bonds and commercial papers between February and
September of last year, even though he knew the companies would be
unable pay off their maturing debts, Seoul Central District Court
said in a ruling, Yonhap relays.

More than 40,000 investors, mostly South Koreans of modest means,
bought them, thinking the country's No. 38 conglomerate would
guarantee weddings, retirements and other major life plans, says
Yonhap.

Yonhap relates that the court said Tong Yang failed to inform the
investors of the risks involved in its products.

It also said Mr. Hyun systematically covered up his troubled
finances by asking media to delete or tone down articles
questioning the stability of his companies, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific Oct. 3,
2013, The Korea Times said Tongyang Group Chairman Hyun Jae-hyun
is likely to lose his control of the company as five affiliates
have filed for court protection to avoid bankruptcy. Tongyang
Group confirmed that in only two days from September 30 through
October 1, five Tongyang affiliates -- Tongyang Inc., Tongyang
Leisure, Tongyang International, Tongyang Networks and Tongyang
Cement & Energy -- all filed for the court-led debt rescheduling
program after they failed to pay maturing debts valued at
KRW110 billion.  Following the receivership applications, the
Seoul Central District Court will decide on whether to give the
go-ahead to the protection request by Tongyang affiliates or to
let them go belly up and liquidate, the report noted.

Tong Yang Group is a South Korean conglomerate founded in 1957 as
a cement manufacturer.  The company through its subsidiaries,
engages in constructing houses, and roads and harbors.  Its
products include ready mixed concrete, PHC piles, admixture, low
heat cement, low-heat portland cement, portland cement, and blast
furnace slag cement.


TONG YANG: Unit Investors to File Suit vs Financial Watchdogs
-------------------------------------------------------------
The Korea Times reports that investors who lost billions of won
from nonperforming debts issued by Tongyang Securities Inc. are
planning to sue South Korea's two financial watchdogs for failing
to catch the brokerage's wrongful business, their representative
said on October 16.

The Korea Times relates that the Tongyang creditors' association
said it will lodge a lawsuit with a local court against the
Financial Services Commission (FSC) and the Financial Supervisory
Service (FSC). The association will accept participants of the
lawsuit until this Friday [October 24].

"We decided to seek KRW1 million (US$943) per person in
compensation, regarding former securities-related class-action
lawsuits," the report quotes an official from the creditors' group
as saying. "We are going to raise the amount of compensation as
the trial proceeds."

Some 100 investors have already expressed their intent to join the
legal battle, the group added, the report relays.

The Korea Times says Tong Yang Group, South Korea's 38th-largest
conglomerate, had sold nonperforming debts worth KRW2 trillion
through its affiliate Tongyang Securities since 2007 to secure
funds to rescue its ailing subsidiaries even when the group knew
it was collapsing and would be unable to repay maturing debts.

More than 40,000 individual investors are estimated to have lost
their investment money, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific Oct. 3,
2013, The Korea Times said Tongyang Group Chairman Hyun Jae-hyun
is likely to lose his control of the company as five affiliates
have filed for court protection to avoid bankruptcy. Tongyang
Group confirmed that in only two days from September 30 through
October 1, five Tongyang affiliates -- Tongyang Inc., Tongyang
Leisure, Tongyang International, Tongyang Networks and Tongyang
Cement & Energy -- all filed for the court-led debt rescheduling
program after they failed to pay maturing debts valued at
KRW110 billion.  Following the receivership applications, the
Seoul Central District Court will decide on whether to give the
go-ahead to the protection request by Tongyang affiliates or to
let them go belly up and liquidate, the report noted.

Tong Yang Group is a South Korean conglomerate founded in 1957 as
a cement manufacturer.  The company through its subsidiaries,
engages in constructing houses, and roads and harbors.  Its
products include ready mixed concrete, PHC piles, admixture, low
heat cement, low-heat portland cement, portland cement, and blast
furnace slag cement.



                             *********

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 202-362-8552.



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