TCRAP_Public/141021.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, October 21, 2014, Vol. 17, No. 208


                            Headlines


A U S T R A L I A

CPS TECHNOLOGY: Former Workers Frustrated Over Entitlements
PERKOVIC GROUP: First Creditors' Meeting Set For Oct. 27
TRICORP GAMING: In Administration; First Meeting Set Oct. 23


C H I N A

HOPSON DEVELOPMENT: S&P Revises Outlook to Neg. & Affirms B- CCR
SUNTECH POWER: Foreign Bondholders Still Await Recoveries


I N D I A

AASTHA FASHIONS: ICRA Assigns B+ Rating to INR3.67cr Cash Credit
ACCORD PLUS: ICRA Assigns 'B' Rating to INR13cr Term Loan
AKSHAYA IMAGING: CRISIL Puts 'B' Rating on INR60MM LT Loan
ALPHAGEO (INDIA): ICRA Ups Rating on INR2.5cr LT FB Loan From B+
BABBOO RICE: CRISIL Assigns 'B' Rating to INR70MM Cash Credit

BHATINDA CERAMICS: CRISIL Assigns B+ Rating to INR25.2M Term Loan
BROCADE INDIA: CRISIL Ups Rating on INR41MM Cash Credit to B+
CHANDRA MODERN: CRISIL Assigns B+ Rating to INR340MM Term Loan
DAKSHIN FOUNDRY: CRISIL Ups Rating on INR80MM Cash Loan to 'B+'
DHIR GLOBAL: ICRA Suspends 'D' Rating on INR35cr Bank Limits

INDO DUTCH: ICRA Reaffirms B- Rating on INR8.50cr Term Loan
ISHWARCHARAN BUILDERS: CRISIL Ups Rating on INR160MM Loan to B-
K. K. HOMES: ICRA Reaffirms 'D' Rating on INR10.74cr Term Loan
LB FLOORING: CRISIL Reaffirms B Rating on INR40MM Cash Credit
MAA GANGA: ICRA Assigns B+ Rating to INR4.80cr Cash Credit

MARKWELL SPINNING: ICRA Assigns B+ Rating to INR46.12cr Term Loan
MEGHALAYA ENERGY: ICRA Reaffirms 'D' Rating on INR115cr Term Loan
NAGARSHETH SHIPBREAKERS: CRISIL Reaffirms B Rating on INR850M LOC
PURITA WATER: CRISIL Assigns B Rating to INR53.2MM Bank Loan
RAINBOW GRAINS: CRISIL Assigns 'B' Rating to INR50MM Bank Loan

RESHMA FABRICS: ICRA Assigns 'B+' Rating to INR6.47cr Term Loan
SAFAYAR CERAMICS: ICRA Suspends 'B' Rating on INR4.95cr Term Loan
SCI INDIA: ICRA Assigns B+ Rating to INR25cr Term Loan
SHREE NAKODA: ICRA Reaffirms B+ Rating on INR167.74cr Term Loan
SHREERAM RE-ROLLERS: ICRA Cuts Rating on INR6cr Cash Loan to 'D'

SHREYANS WIRES: CRISIL Reaffirms 'B' Rating on INR58MM Bank Loan
SRI ONKAR: ICRA Suspends 'B-' Rating on INR7.15cr FB Limits
SUSEE PREMIUM: ICRA Assigns B Rating to INR12cr LT Proposed Loan
VERONICA MARINE: CRISIL Reaffirms B- Rating on INR8.9MM LT Loan


X X X X X X X X

* BOND PRICING: For the Week Oct. 13 to Oct. 17, 2014


                            - - - - -


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


CPS TECHNOLOGY: Former Workers Frustrated Over Entitlements
-----------------------------------------------------------
Tony Yoo at CRN reports that former employees of failed reseller
CPS Technology Group -- collectively owed half a million dollars
of entitlements -- have told CRN of their frustrations.

The three former staffers who made contact with CRN refuted claims
by the company's management that 97 percent of staff had been
retained in the "new" CPSTG, which was born on June 30 after an
asset sale.

Paul Johansen is owed the largest amount, according to the list of
creditors. Mr. Johansen claimed that in his position as
development technical lead he was owed AUD100,000, "so they
decided not to keep me," CRN relays.

"I was a full-time employee for 17 years and left with [nothing],
as they didn't pay long-service leave, annual leave or even the
[remaining] salary. They also owed my business AUD20,000," Mr.
Johansen told CRN.  "It was quite scary leaving there with exactly
zero dollars and already weeks since the last pay. I have a
mortgage, a wife and three kids and living pretty much month-to-
month on that pay cheque, so it was a worry."

A former executive backed up Mr. Johansen's claims, saying
terminated employees were not paid "super, long service, expenses
or last month's pay". He told CRN that he had to go through legal
channels to recover his own entitlements.

The report relates that the ex-manager said he left 18 months ago
after a disagreement with director Seamus Nash on the direction of
the company.

According to CRN, the administrator's report stated that another
ex-employee from NSW started legal action in the Federal Court
against CPSTG in May. That person's legal team also raised issues
of avoidance of staff entitlements, which the administrator says
is "consistent" with his own investigations.  Mr. Johansen told
CRN that this particular staff member was owed "AUD300,000 in
commissions".

Another former employee, who wished to remain anonymous, alleged
that one salesperson was owed more than AUD100,000 in commissions,
the report relates.

CPSTG has now entered liquidation, meaning that 40 employees --
owed AUD454,690 in total -- will be eligible to apply for
financial assistance through the government's Fair Entitlement
Guarantee (FEG) scheme, adds CRN.


PERKOVIC GROUP: First Creditors' Meeting Set For Oct. 27
--------------------------------------------------------
Daniel Jean Civil and Sule Arnautovic of Jirsch Sutherland were
appointed as administrators of Perkovic Group Pty Limited, trading
as Outback Jacks - Warwick Farm on Oct. 15, 2014.

A first meeting of the creditors of the Company, or a first
meeting for each of the Companies will be held at Jirsch
Sutherland, Level 4, 55 Hunter Street, in Sydney, on Oct. 27,
2014, at 10:00 a.m.


TRICORP GAMING: In Administration; First Meeting Set Oct. 23
------------------------------------------------------------
A H J Wily -- awily@armstrongwily.com.au -- of Armstrong Wily was
appointed as administrator of Tricorp Gaming Pty Limited on
Oct. 13, 2014.

A first meeting of the creditors of the Company will be held at
Level 5, 75 Castlereagh Street, in Sydney, New South Wales, on
Oct. 23, 2014, at 11:00 a.m.



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


HOPSON DEVELOPMENT: S&P Revises Outlook to Neg. & Affirms B- CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
rating outlook on China-based property developer Hopson
Development Holdings Ltd. to negative from stable.  At the same
time, S&P affirmed its 'B-' long-term corporate credit rating on
Hopson and its 'CCC+' long-term issue rating on the company's
outstanding senior unsecured notes.  As a result of the outlook
revision, S&P lowered its long-term Greater China regional scale
rating on Hopson to 'cnB-' from 'cnB' and that on its senior
unsecured notes to 'cnCCC+' from 'cnB-'.

"We revised the outlook because Hopson's weak contracted sales so
far this year are significantly below our original expectation and
unlikely to materially improve over the next 12 months," said
Standard & Poor's credit analyst Christopher Yip.  "We expect the
company's cash flows and liquidity to deteriorate during this time
because of the lower sales."

S&P revised down its expectation of Hopson's contracted sales to
reflect the company's weakened execution. Hopson's contracted
sales declined 63% in the first nine months of 2014 to about
Chinese renminbi 3.3 billion.  Although Chinese developers face
sector-wide headwinds, S&P believes the drop in Hopson's
contracted sales is more severe than the average impact from a
weaker market.

S&P forecasts that Hopson's liquidity position will weaken over
the next 12 months because the company's cash inflows have fallen,
given its low sales.  S&P lowered its assessment of Hopson's
liquidity to "weak" from "less than adequate."  S&P expects a
material deficit in the company's sources of liquidity over the
next 12 months.  Hopson's cash balance had increased at mid-year
2014 but it is not sufficient to cover the company's short-term
borrowings of Hong Kong dollar (HK$) 12 billion.  Hopson has not
acquired any new land this year.  However, committed land premiums
of about HK$1 billion to be paid in the second half of 2014 also
weigh on the company's liquidity.

In S&P's view, Hopson will continue to face challenges in
improving its sales execution over the next two years.  Although
the company has a sizable land bank and sufficient saleable
projects, its focus on high-end projects mostly in tier-one cities
and weak execution record of the past few years don't provide
visibility of a solid recovery.

In addition, S&P anticipates that Hopson's profit margin will
decline due to price cutting and delivery of lower-end projects.
The company's gross margin dropped to 32% for half-year 2014, from
37% for 2013.  Its average selling price also fell substantially
by about 19%, signaling more pressure in the future.

"The negative outlook reflects our expectations that Hopson's
property sales could be materially lower than the HK$14 billion in
2013 and its own target for 2014, such that it liquidity will
weaken further," said Mr. Yip.  At the same time, S&P expects the
company's leverage and cash flow ratios to remain in the "highly
leveraged" financial risk profile category.

S&P may lower the rating if Hopson cannot meet its short-term
operating or financial obligations.  This could happen if the
company's property sales deteriorate such that its cash flows
weaken and refinancing risk heightens.  A material slowdown in
onshore loan drawdown could also indicate such deterioration.

S&P may revise its outlook to stable if Hopson improves its
contracted sales to over HK$12 billion over the next 12 months,
provided leverage does not increase.


SUNTECH POWER: Foreign Bondholders Still Await Recoveries
---------------------------------------------------------
Eric Ng at the South China Morning Post reports that Suntech Power
Holdings is making a come back as one of the world's top solar
panel makers after narrowly avoiding bankruptcy earlier this year,
but its overseas bondholders are still struggling to recover their
investment from the company.

SCMP relates that the company's liquidators are hoping to unwind
complex transactions executed since May last year that saw its
Singapore and Japan units transferred from its British Virgin
Islands (BVI) subsidiary Power Solar System (PPS) to Wuxi Suntech,
its main operating unit that was also put under administration on
the mainland at the time. The Singapore unit's assets are
primarily production plants on the mainland.

According to the report, the transfers subjected the units to the
mainland's restructuring process, under which it has been
extremely difficult for the foreign creditors to recover any
money. The transfers were executed via the purported re-assignment
of debt obligations among Power Solar, Wuxi Suntech and a Swiss
unit of Suntech Power, as well as asset transfers among them to
offset the debts, the report relates citing court documents.

Wuxi Suntech was sold to Hong Kong-listed Shunfeng Photovoltaic
International in April after Shunfeng reached a deal with Wuxi
Suntech's administrator to buy it for CNY3 billion (HK$3.78
billion), the report notes.

SCMP says Power Solar was not included in the agreement with the
administrator as a party that has any claim on the three billion
yuan of proceeds, according to the affidavit of Power Solar's
liquidator John Ayres filed at the Singapore High Court.

"None of the directors of [Power Solar], [Suntech Power and Power
Solar's liquidators] have to date given any approval to any
transfer or disposal of the shares of Wuxi Suntech," the report
quotes Mr. Ayres as saying.

The liquidators are conducting investigations and may take steps
"to remedy any improper actions which have caused loss to [Power
Solar], Suntech and creditors," Mr. Ayres said in the filing, the
report relays.

In an interview with the South China Morning Post on October 15,
Shunfeng's largest shareholder Cheng Kin-ming said Shunfeng's
acquisition of Wuxi Shuntech was conducted in full compliance with
mainland law.  He said he is unaware of any alleged irregular
transfer of its assets, adding that overseas creditors should
direct the blame regarding Suntech's bankruptcy and their failure
to recover their investment towards its original major
shareholder, who he alleged siphoned value off via connected
transactions, according to the report.

The report relates that John Batchelor, senior managing director
of FTI Consulting, said mainland foreign debt quotas meant foreign
lenders are restricted in lending directly to mainland firms.

While they can buy their bonds backed by pledged shares, it
provides little protection in a bankruptcy situation since they do
not have the firms' assets as collateral, the report notes.

"A viable option for foreign lenders is to take control of the
onshore Chinese entity and replace the legal representative via a
shareholders resolution, [but] they have had extreme difficulty
enforcing this [on the mainland] in the past, although it is
achievable with the involvement of experienced advisors,"
Mr. Batchelor, as cited by SCMP, said.

Last month, the Singapore High Court froze all of the Singapore
unit's assets up to a value of US$197.5 million, at the request of
Mr. Ayers, the report recalls. This came after Wuxi Suntech sold
the Singapore unit for US$1 in February to Fast Fame Global,
according to a shareholders' circular by Shunfeng.

Fast Fame was incorporated in the BVI a month before the sale, and
the Singapore unit had net assets worth US$72.5 million in April
last year, according to the affidavit citing records accessed by
Power Solar, says SCMP. The identity of the owner of Fast Fame was
not revealed by a company profile search at the BVI financial
services commission, it added.

In March this year, the Singapore unit sold four operating
subsidiaries to Changzhou Huihuang Investment Management,
incorporated a few days earlier in Jiangsu province, without Power
Solar's knowledge, the affidavit, as cited by SCMP, said.

                         About Suntech

Suntech Power Holdings Co., Ltd. (OTC: STPFQ) produces solar
products for residential, commercial, industrial, and utility
applications.  Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013, in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are
represented by Jay Teitelbaum, Esq., at Teitelbaum & Baskin LLP,
in White Plains, New York.

Suntech Power on Jan. 31, 2014, disclosed that it has signed a
Restructuring Support Agreement relating to the petition for
involuntary bankruptcy filed against it under chapter 7 of the
U.S. Bankruptcy Code.  Under the RSA, the parties agreed that
chapter 7 proceedings will be dismissed following recognition of
the provisional liquidation proceeding previously filed by the
Company in the Cayman Islands under chapter 15 of the U.S.
Bankruptcy Code.

On Feb. 21, 2014, David Walker and Ian Stokoe, the joint
provisional liquidators of Suntech Power Holdings Co., Ltd.,
appointed by the Grand Court of the Cayman Islands, commenced a
Chapter 15 proceeding (Bankr. S.D.N.Y. Case No. 14-10383).  The
Chapter 15 Petitioners are represented by Jennifer Taylor, Esq.,
and Diana Perez, Esq., at O'Melveny & Myers LLP.  According to the
Chapter 15 petition, Suntech has more than $1 billion in both
assets and debts.



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

AASTHA FASHIONS: ICRA Assigns B+ Rating to INR3.67cr Cash Credit
----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+  and a short-term
rating of [ICRA]A4 to the fund-based and non-fund based limits of
Aastha Fashions Pvt. Ltd. aggregating to INR6.67 Cr.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based Limit-        3.00         [ICRA]B+ assigned
   Term Loan

   Fund based limit-        3.67         [ICRA]B+ assigned
   Cash credit

   Non-fund based limits    2.00         [ICRA]A4 assigned

The ratings are constrained by the small scale of the company's
operations and its weak financial risk profile characterized by
its low net profitability, stretched capital structure and modest
coverage indicators. The ratings are also constrained by the
intensely competitive business environment, limiting the pricing
flexibility for the company. Further, the company's profitability
remains exposed to the volatility in raw material prices, which
are linked to crude oil prices.

The ratings, however, consider favourably the long and established
track record of the company's promoters in the textile industry;
the company's diversified customer base and the location advantage
due to proximity to its raw material suppliers.

Founded in May 2002, Aastha Fashions Pvt. Ltd. is engaged in
printing of fabric (sarees and dress materials) on job-work basis.
The company has a fabric printing facility located at Surat in
Gujarat with a total capacity to print ~1.20 lakh meters of fabric
per day. The customers of the company provide the fabric and the
company processes the fabric in-house. The major raw materials
used are colors & chemicals which the company procures locally.
The company markets its products through direct contact with the
customers and sells mainly in the domestic markets in Surat.

For FY 2014, the company reported a Profit after tax (PAT) of
INR0.14 Cr. on an operating income of INR29.65 Cr. For FY 2013,
the company had reported PAT of INR0.13 Cr. on an operating income
of INR26.64 Cr.


ACCORD PLUS: ICRA Assigns 'B' Rating to INR13cr Term Loan
---------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR13.00 crore term
loan facility and the INR5.00 crore cash credit facility of
Accord Plus Ceramics Private Limited. ICRA has also assigned an
[ICRA]A4 rating to the INR1.80 crore non fund based bank guarantee
facility (for GSPC) and the INR0.50 crore of APCPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Term
   Loan                  13.00        [ICRA]B assigned

   Fund Based-Cash
   Credit                 5.00        [ICRA]B assigned

   Non Fund Based-
   Bank Guarantee
   (For GSPC)             1.80        [ICRA]A4 assigned

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

The ratings assigned to Accord Plus Ceramics Private Limited
(APCPL) are constrained by the execution and implementation risks
associated with greenfield project and restabilization of plant as
per the expected operating parameters given the highly competitive
business environment in the tiles industry. While assigning the
ratings, ICRA also takes note of the dependence of operations and
cash flows of the company on the performance of the real estate
industry which is the main consuming sector for the company's
products, and vulnerability to increasing prices of gas and power.
ICRA expects the capital structure and credit metrics to remain
stretched given the aggressive debt funded nature of project.

The ratings, however, favourably consider the extensive experience
of the key promoters through group concerns engaged in the
manufacturing of floor tiles. The ratings also incorporate the
presence of the company's plant in Morbi giving it easy access to
raw material sources. The ratings also consider the positive
outlook for wall tiles driven by government's impetus proposed
towards development of smart cities and affordable housing as well
increasing tax benefit for housing loan owner.

Accord Plus Ceramics Private Limited was incorporated on 8th
October 2013 as a private limited company and is engaged in the
manufacturing of digitally printed ceramic wall glazed tiles from
its plant located in Morbi, Gujarat having a manufacturing
capacity of 40500 MTPA. The company commenced commercial
production from December 2014 and will be initially manufacturing
wall glazed tiles of size 12"X18" and 12"X24".


AKSHAYA IMAGING: CRISIL Puts 'B' Rating on INR60MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Akshaya Imaging Systems Pvt Ltd.  The rating
reflects AISPL's exposure to stabilisation and offtake risks
associated with its ongoing project. This rating weakness is
partially offset by the extensive experience of AISPL's promoters
in the printing consumables industry.

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

   Proposed Long Term
   Bank Loan Facility       40           CRISIL B/Stable

Outlook: Stable

CRISIL believes that AISPL will benefit over the medium term from
its promoters' extensive experience in the printing consumables
industry. The outlook may be revised to 'Positive' if the company
stabilizes its operations earlier than expected and within the
budgeted cost, resulting in large cash accruals, and hence, strong
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of significant time or cost overrun in the
company's project, resulting in delay in commencement of
operations, and consequently, low cash accruals and weak financial
risk profile.

AISPL, incorporated in 2013, is setting up a unit in Chennai
(Tamil Nadu) to manufacture printing plates. The company is
promoted by Mr. Harikrishnan Sreenivasan and Mr. Sreenivasan
Janakiraman.


ALPHAGEO (INDIA): ICRA Ups Rating on INR2.5cr LT FB Loan From B+
----------------------------------------------------------------
ICRA has upgraded the long-term rating outstanding on INR2.5 crore
long term fund based facilities of Alphageo (India) Limited from
[ICRA]B+ to [ICRA]BB. ICRA has reaffirmed the short-term rating of
[ICRA]A4 to the INR11.0 crore non fund based facilities of
Alphageo. ICRA has also upgraded the long term rating outstanding
on INR4.0 crore proposed long term/short term facility from
[ICRA]B+ to [ICRA]BB and the reaffirmed the short term rating at
[ICRA]A4.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long-term, fund-      2.5       Upgraded to [ICRA]BB(stable)
   based facilities                from [ICRA]B+

   Long-term/Short      4.0        Upgraded to [ICRA]BB(stable)/
   term, proposed                  [ICRA]A4 from ICRA]B+/[ICRA]A4
   facilities

   Short-term, non-     11.0       Reaffirmed [ICRA]A4
   fund based
   facilities

For the purpose of arriving at the ratings of Alphageo, ICRA has
taken a consolidated view of the operations of Alphageo and its
subsidiary, Alphageo International Limited and step-down
subsidiary, Alphageo DMCC.

The rating revision considers the improvement in financial
performance of the company during 2013-14 and YTD 2014-15, driven
by healthy order-flows in the domestic market (under standalone
entity) as well as overseas market (under overseas subsidiary with
projects in Myanmar) and cost optimization undertaken by the
Company. The ratings also favorably consider the established track
record of Alphageo in the field of onshore seismic survey of more
than two decades; its reputed customer profile in the domestic and
overseas market; the entry barriers for new entrants in seismic
surveys on account of knowledge intensive nature of the business
and execution track record requirements for participating in major
project orders; the company's healthy capital structure and
favorable long term industry prospects resulting from demand by
NELP block winners and expected increase in E&P activity in India
and international regions where the company has presence.

The ratings are however constrained by the susceptibility of the
financial performance and cash flows to lumpiness in order flow
and high fixed costs (employee costs, depreciation); the
challenges in retaining key operational manpower and periodic
capital expenditure requirements for upgrading technology/
acquiring new technology at standalone/subsidiary level, although
the risk is partially mitigated by low lead time for equipment
deployment and predominant use of supplier credit for funding the
capital expenditure. ICRA also notes that, the company has modest
orders in hand and while new orders are expected in the near term
in both domestic as well as overseas market from several E&P
companies, the timing of the same and the quantum of orders won by
Alphageo will be critical and is a key sensitivity factor.

Incorporated in 1987, Alphageo (India) Limited is engaged in
seismic survey services to oil exploration and production (E&P)
companies. Headquartered in Hyderabad, the company is engaged in
the business of acquisition of 2D and 3D data, processing and
interpreting them. The company has been operating in the 2D space
since inception and forayed into 3D seismic in FY06. It currently
has five crews and 15,000 channel count. Alphageo has provided
seismic services to leading E&P players such as Oil and Natural
Gas Corporation Limited (ONGC), Oil India Limited (OIL), Gujarat
State Petroleum Corporation (GSPC), Hardy Oil and Gas Plc, Essar
Oil Limited, GAIL (India) Limited, Bharat Petro Resources Limited
and Petronas etc. The company has also forayed into overseas
operations, especially in Myanmar through its subsidiary -
Alphageo International Limited and step-down subsidiary, Alphageo
DMCC.


BABBOO RICE: CRISIL Assigns 'B' Rating to INR70MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
long-term bank facilities of Babboo Rice & General Mills.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Warehouse Receipts       15          CRISIL B/Stable
   Term Loan                 4.5        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        4.5        CRISIL B/Stable
   Proposed Export
   Packing Credit           16          CRISIL A4
   Cash Credit              70          CRISIL B/Stable
   Export Packing Credit    10          CRISIL B/Stable

The ratings reflect BRGM's below-average financial risk profile,
marked by its highly leveraged capital structure, and subdued
debt-protection metrics. The rating also factors in the firm's
modest scale of operations, in the intensely competitive basmati
rice market and susceptibility of the operating margin to any
adverse impact in government regulations, and to volatility in raw
material prices. These rating weaknesses are partially offset by
the partners' extensive industry experience, and their financial
support and healthy growth prospects for the basmati rice
industry.

For arriving at the rating, CRISIL has treated unsecured loans of
INR12.5 million from partners and their relatives as neither debt
nor equity. This is because the loans are sub-ordinated to bank
loans and will be retained in the business over the medium term.

Outlook: Stable

CRISIL believes that BRGM will continue to benefit over the medium
term from the partner's extensive experience in the rice industry.
The outlook may be revised to 'Positive' in case of significant
improvement in the firm's financial risk profile on account of
better than expected accruals or due to capital infusion from
partners. Conversely, the outlook may be revised to 'Negative' if
BRGM undertakes aggressive, debt-funded expansions; reports a
substantial decline in revenues and profitability, or a stretch in
its working capital cycle, thereby weakening its financial risk
profile.

Established in 1978 and located at Amritsar (Punjab), by Mr. Vijay
Kumar Sethi and his brother Mr. Surinder Sethi, BRGM is a
partnership firm that processes basmati rice.


BHATINDA CERAMICS: CRISIL Assigns B+ Rating to INR25.2M Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Bhatinda Ceramics Pvt Ltd (BCPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               25.2        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       7.3        CRISIL B+/Stable
   Bank Guarantee          25          CRISIL A4
   Cash Credit             27.5        CRISIL B+/Stable

The ratings reflect BCPL's modest scale of operations in the
transmission line equipment manufacturing industry, along with
fluctuating operating margin and working-capital-intensive
operations. The ratings also factor in the company's average
financial risk profile, marked by modest net worth and subdued
debt protection metrics. These rating weaknesses are partially
offset by the extensive industry experience of BCPL's promoters
and funding support from them and the company's established
relationship with its customers and suppliers.

Outlook: Stable

CRISIL believes that BCPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationship with its customers and suppliers. The
outlook may be revised to 'Positive' if the company registers
significant and sustained improvement in its revenues and/or
profitability along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if BCPL
registers significant and sustained decline in its operating
profitability or deterioration in its working capital management,
leading to pressure on its liquidity and capital structure.

BCPL was set up in 1991 by Mr. Bhushan Agarwal and his family. It
manufactures transmission line equipment such as pin insulators,
disc insulators, post insulators, transformer bushings, and
porcelain housings for lightning arrestors. It is based in
Bathinda (Punjab).


BROCADE INDIA: CRISIL Ups Rating on INR41MM Cash Credit to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Brocade India Polytex Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and has reaffirmed its rating on the company's short-
term bank facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              41         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Bank Guarantee            1.3       CRISIL A4 (Reaffirmed)

   Long Term Loan           24         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that BIPL will maintain its
improved liquidity over the medium term marked by generation of
net cash accruals of around INR15 million in 2014-15 (refers to
financial year, April 1 to March 31) vis-a-vis term debt
obligations of around INR3.6 million during the year. BIPL will
utilise the remaining cash accruals to meet its working capital
requirements given the absence of major capital expenditure
(capex) plans. The company's operating performance improved in
2013-14, with healthy growth in operating income and improvement
in operating profitability leading to improvement in net cash
accruals. CRISIL believes that BIPL will sustain its improved
operating performance over the medium term, on the back of stable
demand from its customers.

The ratings reflect BIPL's modest scale of operations and the
susceptibility of its operating profitability to volatility in raw
material prices. These rating weaknesses are partially offset by
the entrepreneurial experience of BIPL's management team and its
above-average financial risk profile marked by comfortable debt
protection metrics and moderate capital structure.
Outlook: Stable

CRISIL believes that BIPL will benefit over the medium term from
its management's entrepreneurial experience. The outlook may be
revised to 'Positive' if the company reports higher-than-expected
accruals resulting from higher-than-expected operating income and
improves its working capital management. Conversely, the outlook
may be revised to 'Negative' if BIPL registers low revenue or
profitability, or contracts large debt to fund working capital
requirements or capex, resulting in weakening of its financial
risk profile.

BIPL, incorporated in 2012, manufactures polypropylene fabrics and
woven sacks. The company is promoted by Mr. Anwar Sahad and Mr.
Ebrahim Hasan.


CHANDRA MODERN: CRISIL Assigns B+ Rating to INR340MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Chandra Modern Builders (India) Private Limited.

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Term Loan                340          CRISIL B+/Stable

The rating reflects CMB's exposure to project-related risks and to
risks related to cyclicality in the Indian real estate industry.
These rating weaknesses are partially offset by the track record
of CMB's promoters in successful and timely completion of earlier
housing projects.

Outlook: Stable

CRISIL believes that CMB will continue to benefit over the medium
term from its promoters' track record in successful and timely
completion of earlier housing projects. The outlook may be revised
to 'Positive' in case the company successfully completes its
projects before the stipulated timeline and records higher-than-
expected realisations leading to improvement in its profitability.
Conversely, the outlook may be revised to 'Negative' in case CMB
undertakes large debt-funded expansions or faces any time or cost
overruns that delay the successful completion of its projects,
resulting in weakening of its financial risk profile.

Incorporated in 2005, CMB, a Lucknow (Uttar Pradesh) based company
is engaged in real estate development for residential units.
Company is currently developing one residential project in Shaheed
path, Lucknow. The company is managed and promoted by Mr. Alok
Chandra and Mr. Ashish Chandra.

CMB reported profit after tax (PAT) of INR5.6 million on net sales
of INR82.6 million for 2013-14 (refers to financial year, April 1
to March 31), against a PAT of INR 6.5 million on net sales of
INR159.4 million for 2012-13.


DAKSHIN FOUNDRY: CRISIL Ups Rating on INR80MM Cash Loan to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Dakshin Foundry Pvt Ltd (DFPL) to 'CRISIL B+/Stable' from 'CRISIL
B-/Stable' while reaffirming its short-term rating at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              80         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

   Letter of Credit         20         CRISIL A4 (Reaffirmed)

   Proposed Cash Credit     20         CRISIL B+/Stable (Upgraded
   Limit                               from 'CRISIL B-/Stable')

   Term Loan                43.3       CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that DFPL will
maintain its improved liquidity over the medium term supported by
improved operating efficiency. During 2013-14 (refers to financial
year, April 1 to March 31), the company generated cash accruals of
INR39 million as against INR20 million during 2012-13 driven by
improvement in its operating margin. CRISIL believes that DFPL's
financial risk profile will improve with increase in cash accruals
over the medium term.

The ratings also reflect DFPL's below-average financial risk
profile, marked by a weak capital structure, its small scale of
operations, and susceptibility to intense competition in the
castings segment. These rating weaknesses are partially offset by
the company's established market position in the specialised
castings business and the financial support it receives from its
promoters.

Outlook: Stable

CRISIL believes that DFPL will maintain a stable credit risk
profile over the medium term, backed by support from the promoters
and established relationships with key customers. The outlook may
be revised to 'Positive' if the company reports more-than-expected
revenue growth and profitability resulting in improvement in
financial risk profile, particularly its liquidity. Conversely,
the outlook may be revised to 'Negative' in case of substantial
decline in the cash accruals or if the company undertakes a
larger-than-expected, debt-funded capital expenditure programme,
thereby weakening its financial risk profile.

Based in Bengaluru, DFPL was set up by Mr. Alok Bhartia in 2004 to
manufacture specialised castings, including grey iron, and
spheroidal graphite iron castings. The company is a part of the
Bhartia group, which has interests in jute, engineering, and real
estate.


DHIR GLOBAL: ICRA Suspends 'D' Rating on INR35cr Bank Limits
------------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR35 crore
bank limits of Dhir Global Industria Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


INDO DUTCH: ICRA Reaffirms B- Rating on INR8.50cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B- rating to the INR8.50 crore term
loan and INR1.50 crore open cash credit facilities of Indo Dutch
Carpet Mfg. Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-     8.50         [ICRA]B- reaffirmed
   Term Loan

   Fund Based Limit-     1.50         [ICRA]B- reaffirmed
   Open Cash Credit

The rating reaffirmation takes into account IDCMPL's weak
financial profile of the company as reflected by nominal profits
earned in 2013-14, aggressive capital structure and depressed
coverage indicators. The rating also takes into account the
company's small scale of operations, notwithstanding growth in
topline registered in the recent past and high working capital
intensity of operations adversely impacting its liquidity position
as also reflected by a high level of utilization of the working
capital limits. ICRA also notes the limited bargaining power of
the company as they acts as a backward integration of an
established associated group company; though it mitigates off-take
risk to a large extent and the current sluggishness in the auto
ancilliary sector which may lead to stressed cash flows, impacting
the debt servicing capacity of the company. Nevertheless, the
rating reaffirmation factors in the promoter's experience in the
auto component industry and its proximity to raw material sources
that reduces freight costs. In ICRA's opinion, the ability of the
company to increase its scale of operations and profitability
would be the key rating sensitivities going forward.

Incorporated in 2006, as PCP Infrastructure Pvt Ltd, the company
changed its name to Indo Dutch Carpet Mfg Pvt Ltd in 2008. The
manufacturing facilities of the company are located at Pathredi
and Khuskhera at Bhiwadi district, Rajasthan with a total capacity
of 500 metric tonne per annum (MTPA) of cotton felt and around 28
lac pieces of felt auto parts.The commercial production from
Pathredi and and Khuskhera facilities started from December 2010
and July 2011 respectively. Besides IDCMPL, the group has other
companies engaged in auto ancilliary business including Paracoat
Products Limited rated at [ICRA]BB+ stable/[ICRA]A4+ and PCP Auto
Interiors Pvt Ltd.

Recent Results
The company has reported a net profit of INR0.14 crore
(provisional) on an operating income of INR8.63 crore
(provisional) during 2013-14 as compared to a net profit of
INR0.04 crore on an operating income of INR8.19 crore during 2012-
13.


ISHWARCHARAN BUILDERS: CRISIL Ups Rating on INR160MM Loan to B-
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Ishwarcharan Builders Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL
D'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       140        CRISIL B-/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL D')

   Term Loan                160        CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

The rating upgrade reflects timely servicing of debt obligations
by IBPL for the past three months, driven by improvement in
liquidity. CRISIL believes that IBPL's liquidity will improve
further with healthy order flow and hence cash accruals. IBPL's
business performance has improved; it has reported revenues of
INR150 million for the four months ended July 2014. Moreover with
competition of its construction of its entire project, the cash
flows are expected to support its debt repayment obligations.
Hence, IBPL is expected to generate sufficient cash accruals to
meet its interest obligations of INR 45-50 million in 2014-15.
CRISIL believes that IBPL will service its debt obligations as per
schedule, supported by improvement in liquidity due to increase in
accruals.

CRISIL's rating on the bank facilities of IBPL continue to reflect
its below-average financial risk profile, marked by weak debt
protection metrics, and its susceptibility to risks related to low
offtake of its project and geographic concentration of its real
estate projects. However, the company benefits from its promoters'
experience in the real estate market in Ahmedabad (Gujarat).

Outlook: Stable

CRISIL believes that IBPL will continue to benefit over the medium
term from its promoters' extensive experience in Ahmedabad's real
estate market and financial support received from them. The
outlook may be revised to 'Positive' if IBPL receives larger-than-
expected customer advances for its ongoing projects, thereby
strengthening its financial flexibility and cash flow adequacies.
Conversely, the outlook may be revised to 'Negative' if the
offtake for the company's ongoing projects is significantly below
expectations, leading to deterioration in its liquidity profile.

IBPL, incorporated in 2007, is engaged in real estate development
in Ahmedabad. The company is promoted by Mr. Suresh Thakkar, Mr.
Dhirajlal Thakkar, and Mr. Kalpesh Thakkar.


K. K. HOMES: ICRA Reaffirms 'D' Rating on INR10.74cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]D rating assigned to the INR10.74
crore term loan facilities of K. K. Homes.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-    10.74         [ICRA]D reaffirmed
   Term Loans

The rating primarily takes into account the unfavourable debt
servicing track record of the firm on the back of time and cost
over-run in construction along with the delayed commencement of
operations of the multiplex. The rating is also constrained by the
market risks in relation to achievement of tie-up with tenants for
the unoccupied leasable area in the shopping mall, asset
concentration risks arising out of operating a single property,
and the legal status of KKH as a partnership firm, including the
risks of withdrawal of capital by the partners. However, ICRA
takes note of the favourable location of the commercial complex
City Centre, Sambalpur due to its proximity to the central
business area of Sambalpur in Odisha, and the recent opening of
the multiplex, which is likely to augment the firms revenue and
profitability at an absolute level, going forward.

KKH was established as a partnership firm in 2005. The current
partners of the firm are Mr. J. N. Kumar, Mr. Deepak Kapoor, Mr.
Keshab Kumar Dalmia and Mr. Madhab Kumar Dalmia. The promoters
have long experience in the field of commercial and industrial
constructions. KKH has constructed a commercial complex containing
shopping mall, multiplex, restaurant, food court and gaming zone
under the name of City Centre, Sambalpur at the Sambalpur city in
Odisha, with Big Bazaar as the anchor shop and Eylex Films as the
operator of the multiplex. "City Centre, Sambalpur" is the first
and only project taken up by the firm.

Recent Results

During 2013-14, the firm reported a net loss of INR1.80 crore
(provisional) on an operating income of INR2.55 crore
(provisional), as compared to a net loss of INR1.03 crore on an
operating income of INR1.23 crore in 2012-13.


LB FLOORING: CRISIL Reaffirms B Rating on INR40MM Cash Credit
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of LB Flooring Pvt Ltd
continues to reflect LBPL's small scale and moderately working
capital intensive nature of operations and weak financial risk
profile. These rating weaknesses are partially offset by
promoter's longstanding industry experience.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              40       CRISIL B/Stable (Reaffirmed)
   Letter of Credit        120       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that LBPL will continue to benefit over the medium
term from its experienced management. The outlook may be revised
to 'Positive' in case there is substantial improvement in net
worth levels of the company through infusion of funds by promoters
or higher than expected accretion to reserves resulting
improvement in overall total outside liabilities to total net
worth. Conversely, the outlook may be revised to 'Negative' in
case LBPL reports deterioration in its profitability margins or
debt protection metrics or undertakes large debt funded capital
expenditure resulting in deterioration in its financial risk
profile.

LBPL, incorporated in 2007, imports, and trades in, various
flooring products. The Nagpur (Maharashtra)-based company is part
of the Laxmidas Brothers group, which is promoted by Panchmatia
family. The group commenced operations in 1952. LBPL trades in
wooden laminate flooring, oriented strand boards, deck flooring,
and timber and particle boards for flush doors. The company
procures its products through imports from China, Brazil and
Chile, and sells the same to local distributors, wholesalers, and
traders. These products are used in the construction industry,
especially in the floors of commercial and residential buildings.
The company has recently started trading of various commodities
such as palm oil, sugar among others from December 2013.


MAA GANGA: ICRA Assigns B+ Rating to INR4.80cr Cash Credit
----------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR4.80 crore cash
credit facility of Maa Ganga Rice Mill. ICRA has also assigned an
[ICRA]A4 to the INR0.3163 crore bank guarantee facility of MGRM.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-     4.80         [ICRA]B+ assigned
   Cash Credit

   Non Fund Based Limit  0.3163       [ICRA]A4 assigned
   Bank Guarantee

The assigned ratings take into account MGRM's small scale of
operations and its weak financial profile characterized by low
profitability, high gearing and depressed coverage indicators. The
ratings also take into consideration the fragmented nature of the
industry with low entry barriers which results in intense
competition and also the firm's exposure to agro climatic risks,
which can affect the availability of paddy in adverse weather
conditions. ICRA has also taken note of MGRM's legal status as a
proprietorship firm including the risks of withdrawal of capital
by the proprietor. The ratings however, favorably factor in
experience of the proprietor in the rice milling business, the
favorable demand prospects for the industry, with rice being a
staple food and MGRM's presence in a major paddy growing state,
resulting in easy availability of paddy.

Incorporated in 1996 as a partnership firm, MGRM was converted
into a proprietorship firm in 2000. The entity is engaged in the
milling of non-basmati rice with an installed capacity of 18,000
metric tonne per annum (MTPA) at its manufacturing facilities in
Burdwan, West Bengal.

Recent Results
The company reported a net profit of INR0.08 crore (provisional)
on an operating income of INR24.86 crore (provisional) during the
financial year 2013-14, as compared to a net profit of INR0.06
crore on an operating income of INR14.80 crore during 2012-13.


MARKWELL SPINNING: ICRA Assigns B+ Rating to INR46.12cr Term Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR46.12 crore term
loan and INR7.00 crore cash credit facilities of Markwell Spinning
Private Limited. ICRA has also assigned an [ICRA]A4 rating to the
INR39.40 crore Foreign/Inland LC (sublimit of Term Loan facility)
and INR2.25 crore Bank Guarantee facility of MSPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            46.12       [ICRA]B+; Assigned
   Cash Credit Limits     7.00       [ICRA]B+; Assigned
   Foreign/Inland LC    (39.40)      [ICRA]A4; Assigned
   Bank Guarantee         2.25       [ICRA]A4; Assigned

The assigned ratings reflect the risk associated with execution
and stabilization of plant as per expected operating parameters
while the capital structure is expected to remain highly leveraged
due to debt funded capital expenditure and high working capital
intensive nature of operations. Further, the assigned ratings are
constrained by the vulnerability of profitability to adverse
fluctuations in raw cotton prices due to seasonality, crop harvest
and government regulations given that margins are expected to
remain low in initial years due to high competitive intensity,
fragmented industry structure and high interest charges. While
assigning the ratings, ICRA also notes the regulatory risks such
as Minimum support price for raw cotton and export policy of
Government of India.

The assigned rating, however, factors in the presence of associate
concerns in backward integrated operations expected to provide
synergies in terms of raw material availability and pricing,
favourable location of the plant giving it easy access to quality
raw cotton. The company also stands to benefit from various fiscal
benefits in terms of interest subsidy given by the Central and
State government for new spinning units.

Markwell Spinning Private Limited (MSPL) has been incorporated in
June'13 as a Private Limited Company and is promoted by Mr.
Divyesh Saparia along with other family members and relatives. The
promoters are associated with other group concerns namely Kishan
Cotton Ginning & Pressing Factory, Jaykishn Fibre Pvt Ltd and
Mayur Enterprise involved in cotton ginning, crushing as well as
trading/processing of agro commodities. The company's
manufacturing plant is located in Rajkot, Gujarat a hub for cotton
textile industries with easy availability of raw cotton. The
spinning unit is equipped with 21,216 spindles with an input
capacity of processing 5294 MTs of ginned cotton to produce 2898
MT of combed yarn and 1159 MT of carded yarn. The commercial
production is expected to commence from October 2014.


MEGHALAYA ENERGY: ICRA Reaffirms 'D' Rating on INR115cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D to the
INR115.00 crore term loan, and the INR5.00 crore unallocated
facilities of Meghalaya Energy Corporation Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-     115.00        [ICRA]D reaffirmed
   Term Loan

   Unallocated Limits       5.00        [ICRA]D reaffirmed

The rating reaffirmation takes into account the continuing delays
in MeECL's debt servicing on account of its stressed liquidity
position, and the uncertainties associated with the transfer
scheme, along with the timely compilation of MeECL's books of
accounts, and completion of audit for past periods, which in turn
has affected the tariff setting process. The rating also takes
into account MeECL's adverse financial profile, as indicated by
its loss making nature of operations, inadequate coverage
indicators, and stretched receivables period. ICRA observes that
at present, MeECL's average realized tariff is lower than its
average cost of supply, which has lead to mounting losses for the
company. MeECL has commissioned the 126 MW Myntdu Leshka HEP,
which has seen significant cost escalations. With the enhanced
project cost awaiting CEA approval, the same has adversely
affected the approved tariff for the station. The rating further
reflects MeECL's large scheduled debt repayment obligations, as
well as its substantial debt-funded capex that is lined up in the
near to medium term, which exerts pressure on its credit profile,
and exposes the company to project execution risks. The rating is
further constrained by the company's high T&D losses of 27.96% in
FY14, and its exposure to hydrological risks, with all owned
generation stations being based on hydro-power. The rating,
however, derives support from MeECL's regulated nature of
operations based on 'cost-plus' tariff principles, and the
demonstrated support received from the Government of Meghalaya, in
the form of revenue subsidy, as well as grants for the development
of power generation, distribution and transmission infrastructure.

Incorporated on September 14, 2009, MeECL, a Government of
Meghalaya undertaking, was formed after the corporatization of the
erstwhile MeSEB, and is responsible for the coordinated
development of generation, distribution and transmission of
electricity in the State of Meghalaya. The company started
operations from April 01, 2010 onwards, post the transfer of
assets and liabilities of the erstwhile MeSEB. As per the
Government of Meghalaya's transfer notification, MeECL would be
further demerged into three separate entities which would be
responsible for the functions of power generation (Meghalaya Power
Generation Corporation Limited), distribution (Meghalaya Power
Distribution Corporation Limited) and transmission (Meghalaya
Power Transmission Corporation Limited) respectively. MeECL would
act as a holding company for the three separate power utilities.

Recent Results
MeECL reported a net loss of INR201.19 crore in FY12 (provisional)
on the back of an operating income of INR519.92 crore
(provisional), as against a net loss of INR101.69 crore on an
operating income of INR468.88 crore during FY11.


NAGARSHETH SHIPBREAKERS: CRISIL Reaffirms B Rating on INR850M LOC
-----------------------------------------------------------------
CRISIL's ratings continue to reflect Nagarsheth Shipbreakers'
(NS's) susceptibility to cyclicality and intense competition in
the ship-breaking industry, sharp foreign exchange (forex)
volatility, and its modest financial risk profile, marked by small
net worth and high total outside liabilities to tangible net worth
(TOLTNW) ratio. These rating weaknesses are partially offset by
the extensive industry experience of the firm's promoters in the
ship-breaking industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Line of Credit          850       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NS will benefit over the medium term from the
extensive industry experience of its partners. The outlook may be
revised to 'Positive' if the firm achieves significantly higher
scale and profitability, resulting in improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if NS's revenue or profitability decline significantly, most
likely as a result of lower ship-breaking activity or volatility
in forex rates, thereby resulting in cash flow mismatches and
constraining its liquidity.

Update
NS achieved revenue of INR687.8 million in 2013-14 (refers to
financial year, April 1 to March 31) as compared with INR1.05
billion for 2012-13, reflecting lower ship-breaking activity in
2013-14. The company's did not make significant ship purchases
during the two years ended March 31, 2014, due to high forex
volatility, which led to lower breaking activity. However, NS
purchased three ships in the fourth quarter of 2013-14 and
additional two ships in the first quarter of 2014-15, which is
expected to provide a fillip to 2014-15 revenues. Operating
profitability for 2013-14 continued to remain modest at around 3.6
per cent as against 3.4 per cent for 2012-13.

NS's scale of operations is susceptible to sharp volatility in
forex rates, as any adverse movement results in higher raw
material prices per tonne whereas its ability to pass on the
increase in raw material prices remains limited due to the trading
nature of business. Moreover, NS does not hedge its forex exposure
on outstanding letter of credit facilities, which are usually open
for a period of six months; which increases the vulnerability of
its margins.

NS's liquidity continues to be constrained by the mismatch in its
cash flows, arising out of the high lead time of its operations,
which ranges from 3 to 6 months, from purchasing a ship to its
complete breakage. The firm has large letter of credit (LC)
commitments due over the six months through March 2015, arising
out of the purchase of 5 ships in the six months ended June 30,
2014. However, liquidity is supported by the need-based funding
availability from its promoters.

While availability of unsecured loans from provides support to
liquidity, the firm's financial risk profile is constrained by its
modest net worth of INR18 million as on March 31, 2014. Gearing
and TOLTNW are high due to high debt levels, and large LCs
utilised by the firm. The debt protection measures continue to
remain modest with interest coverage ratio of 1.1 times for 2013-
14. CRISIL believes that NS's financial risk profile will remain
modest, marked by its moderate scale of operations and modest
profitability over the medium term driving its dependence on
external funding.

NS was set up in 1983 and is engaged in ship-breaking in Alang
(Gujarat). The overall activities of the firm are managed by Mr.
Mukund Nagarsheth and his son, Mr. Devang Nagarsheth.

NS reported, on a provisional basis, profit after tax (PAT) of
INR3.5 million on net sales of INR687 million for 2013-14 as
against PAT of INR6.7 million on net sales of INR1.05 billion for
2012-13.


PURITA WATER: CRISIL Assigns B Rating to INR53.2MM Bank Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Purita Water Solutions Private Limited.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan               16.8         CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility      53.2         CRISIL B/Stable

   Inland/Import Letter
   of Credit               15           CRISIL A4

   Bank Guarantee          25           CRISIL A4

   Cash Credit             15           CRISIL B/Stable

The ratings reflect the Purita's large working capital
requirements and its modest scale of operations. These rating
weaknesses are partially offset by promoters' extensive experience
in the water treatment industry and established customer
relationships.

Outlook: Stable

CRISIL believes that Purita will maintain its stable business risk
profile over the medium term, backed by its promoter's extensive
industry experience. The outlook may be revised to 'Positive' if
Purita reports higher-than-expected growth in revenues and
profitability, while improving its working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the company's financial risk profile due to delay
in receivables or due to decline in revenues and profitability.

Purita, incorporated in 2005, is jointly promoted by Mr. Ravindra
Wadel, alongwith Mr. Koh Choon Ming and Mr. Li Ding. Purita
provides total solutions for water disinfection & anti-fouling
treatment using its TERSUSA (R) Chlorine Dioxide technology for
industrial application.

Purita reported a profit after tax (PAT) of INR3.6 million on net
sales of INR185.5 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR2.0 million on net sales
of INR55.2 million for 2012-13.


RAINBOW GRAINS: CRISIL Assigns 'B' Rating to INR50MM Bank Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Rainbow Grains Pvt Ltd.

                               Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
   Proposed Packing Credit       50        CRISIL A4

   Proposed Cash Credit Limit    50        CRISIL B/Stable

   Proposed Long Term Bank
   Loan Facility                 50        CRISIL B/Stable

The ratings reflect Rainbow's nascent stage of operations in the
highly fragmented rice industry, the expected customer
concentration in its revenue profile, and its expected large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the basmati rice industry, their funding support to
the company, and their established relationship with its key
customer.
Outlook: Stable

CRISIL believes that Rainbow will benefit over the medium term
from its promoters' extensive industry experience and established
relationship with its key customer. The outlook may be revised to
'Positive' if the company efficiently manages its working capital
requirement or reports substantial topline and profitability,
resulting in sizeable cash accruals. Conversely, the outlook may
be revised to 'Negative' in case of weak liquidity because of
substantial working capital requirements, or weak financial risk
profile because of low topline and profitability or sizeable debt-
funded capital expenditure.

Incorporated in March 2014 by Mr. Sunil Kumar Bakshi, Mr. Pritpal
Singh, and Mr. Ravdeep Singh, Rainbow will process paddy and
basmati rice. The management has leased a rice mill in Moradabad
(Uttar Pradesh) with capacity of 12 tonnes per hour for three
years. The company's operations are expected to start in October
2014.


RESHMA FABRICS: ICRA Assigns 'B+' Rating to INR6.47cr Term Loan
---------------------------------------------------------------
The long term rating of [ICRA]B+ has been assigned to the INR6.47
crore term loan of Reshma Fabrics Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long term fund based-     6.47       [ICRA]B+ Assigned
   Term Loan

The assigned rating is constrained by the company's modest scale
of operations and weak financial risk profile characterized by low
net profitability resulting in subdued return indicators. Further,
the rating is constrained by the high competitive intensity with
presence of large number of players in the domestic fabric
manufacturing industry as well as from low cost countries such as
China, Bangladesh etc. The rating also factors in the debt-funded
nature of capex carried out during FY 2014 which has led to
deterioration in capital structure.

The rating, however, takes comfort from the extensive track record
of promoters with two decades of experience in the textile
manufacturing industry and established relations with customers
consisting of garment manufacturers, traders and wholesalers.
Further, the rating positively factors in the fiscal benefits
enjoyed by the company under the Technology Up gradation Fund
Scheme and The Gujarat Textile Policy.

Reshma Fabrics Limited is closely held limited company
incorporated in the year 1993 and is engaged in manufacturing grey
fabric which is mainly used in suiting and shirting. RFL is owned
and managed by Mr. Dushyant Patel, Mr. Nikul Patel, Mrs. Sonal
Patel and the promoters have more than four decades of experience
in the fabric manufacturing industry through associate concerns.
The company's first manufacturing facility was located at Vijapur
(in Mehsana district, Gujarat), with a capacity of manufacturing 4
lakh metres of fabric per month; the unit was shut down in March
2014 as the management decided to focus on job-work operations.
The company set up a new plant in Chattral (in Gandhinagar) for
carrying out fabric manufacturing on job-work basis in FY 2014.
The current manufacturing facility has a capacity of manufacturing
1.35 lakh meters of fabric per month.

Recent Results
During FY 2013, RFL reported an operating income of INR23.15 crore
and profit after tax of INR0.35 crore as against operating income
of INR19.02 crore and profit after tax of INR0.30 crore in FY
2012. Further, during FY 2014 the company reported an operating
income of INR25.13 crore and loss of INR0.79 crore (as per
unaudited provisional numbers).


SAFAYAR CERAMICS: ICRA Suspends 'B' Rating on INR4.95cr Term Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR7.95
crore long term fund based limits and [ICRA]A4 rating assigned to
the INR0.25 crore short term limits of Safayar Ceramics Pvt Ltd.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             4.95         [ICRA]B suspended
   Cash Credit           3.00         [ICRA]B suspended
   Bank Guarantee        0.25         [ICRA]A4 suspended

Safayar Ceramics Private. Limited (SCPL) was incorporated in April
2011 and commenced commercial production of artificial quartz
marble in October 2012. The manufacturing facility of the company
is located at Himmatnagar in the state of Gujarat with an annual
installed capacity to produce ~20 lakh Sq.ft. of Artifical Quartz
Marble. The company is promoted and managed by Mr. Minesh Patel
and his father Mr. Navin Patel.


SCI INDIA: ICRA Assigns B+ Rating to INR25cr Term Loan
------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR25.00
crore term loan and INR3.00 crore cash credit facilities of
SCI India Limited. ICRA has also assigned a short term rating of
[ICRA]A4 to the INR2.00 crore non-fund based bank limit of SCI.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit-     25.00       [ICRA]B+ assigned
   Term Loan

   Fund Based Limit-      3.00       [ICRA]B+ assigned
   Cash Credit

   Non Fund Based Limit   2.00       [ICRA]A4 assigned
   Bank Guarantee

The assigned ratings take into account the delay witnessed in the
implementation of the ongoing project, which in view of the
limited moratorium period is likely to keep the cash flows and
liquidity under pressure in the near term at least and also
significant project related risks, including the risks associated
with the stabilization of the plant as per expected operating
parameters, post commissioning of the project. The ratings are
also constrained by high business risks inherent in the liquor
industry owing to changes in government regulations, and
susceptibility of profitability to the fluctuations in raw
material prices, given limited pricing power as the same is
determined by the state excise policy. ICRA also notes that debt
funded capital expenditure along with the need for incremental
working capital to support the likely increase in the scale of
operations may impact the gearing and consequently the coverage
indicators, going forward.

The ratings, however, draw comfort from the longstanding
experience of the promoters in the manufacturing and distribution
of rectified spirit and country liquor and the long term agreement
recently entered with Bihar State Beverage Corporation Ltd (BSBCL)
for supply of country liquor for a period of five years (commenced
from April 2014), provides revenue visibility.

Incorporated in 1984, SCI was promoted by Kishorepuria family of
Bhagalpur, Bihar. Initially, the company started its business with
a molasses-based distillery unit. However, the operations of the
unit were discontinued in 2006 and thereafter the company started
supplying country liquor to BSBCL based on contractual agreement.
SCI is currently in the process of setting up a grain-based
distillery unit to manufacture rectified spirit (RS) and extra
neutral alcohol (ENA) with an installed capacity of 30 klpd (kilo
litre per day) and 20 klpd respectively at its existing premise
located at Banka, Bihar.

Recent Results
For the year ended on 31st March 2014, the company has reported an
operating income of INR1.84 crore with a profit after tax (PAT) of
INR0.26 crore; as compared to an operating income of INR18.59
crore with a PAT of INR0.19 crore during 2012-13.


SHREE NAKODA: ICRA Reaffirms B+ Rating on INR167.74cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR167.74 crore term loan and INR78.80 crore fund-based bank
facilities of Shree Nakoda Ispat Ltd.  Also, ICRA has reaffirmed
the short-term rating of [ICRA]A4 assigned to the INR29.67 crore
non-fund based bank facilities of SNIL.2

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            167.74       [ICRA]B+ (reaffirmed)

   Fund-Based Limits
   (Cash Credit)         78.80       [ICRA]B+ (reaffirmed)

   Non-Fund Based
   Limits                29.67       [ICRA]A4 (reaffirmed)

The ratings continue to take into account the long track record of
the company in the steel business, which helps SNIL in securing
fresh business, and the company's vertically integrated nature of
operations in steel making, which support its operating
profitability to an extent.

The ratings also take into consideration the significant increase
in the turnover of the company during 2013-14, on account of an
increase in the revenues from SNIL's manufacturing business and
substantial income from its trading operations. The ratings are,
however, constrained by the losses reported by the company during
2013-14, though the loss levels reduced substantially during the
year as compared to 2012-13, SNIL's weak financial risk profile as
reflected by the aggressive capital structure and depressed debt
coverage indicators, and SNIL's working capital intensive nature
of operations, which adversely impacts it's liquidity position.
SNIL funds a part of its working capital requirements from
creditors, which increases its financial risks further.
Additionally, SNIL's exposure to the cyclicality associated with
the steel industry is likely to keep its profitability and cash
flows volatile in future. Going forward, improvement in SNIL's
profitability would be a key rating sensitivity.

SNIL is closely held by the Raipur based Shree Nakoda Group
promoted by Mr. Virendra Goel. The company has facilities at
Raipur for manufacturing sponge iron, billets, thermo mechanically
treated (TMT) bars, ferro alloys and power with annual capacities
of 165,000 MT, 120,000 MT, 120,000 MT, 36,000 MT and 26 MW
respectively. The plant also has a coal washery with a washing
capacity of 36,000 MT. The TMT bars produced by the company are
sold under the brand 'Nakoda TMT'.

Recent Results
In 2013-14, as per the provisional financial statements, SNIL
reported an operating income of INR458.31 crore and a net loss of
INR18.63 crore, as against an operating income of INR342.46 crore
and a net loss of INR26.88 crore in 2012-13.


SHREERAM RE-ROLLERS: ICRA Cuts Rating on INR6cr Cash Loan to 'D'
----------------------------------------------------------------
ICRA has revised downward the long term rating assigned to the
INR6 crore cash credit facility of Shreeram Re-Rollers Private
Limited from [ICRA]B to [ICRA]D. ICRA has also revised downward
the short term rating assigned to the INR0.50 crore unallocated
bank limits of SRPL from [ICRA]A4 to [ICRA]D. The unallocated
limits have also been rated on the long term.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.00       Downgraded to [ICRA]D
   Unallocated            0.50       Downgraded to [ICRA]D

The revision in ratings takes into account the delays by the
company in meeting its debt servicing obligation. The delays have
been on account of lower cash accruals from the business, which
was adversely impacted because of the ongoing weakness in the
steel industry.

SRPL was incorporated in 1987 and is engaged in the re-rolling of
semi-finished steel (ingots) into long products (channels, angles,
bars, rounds, squares and flats). SRPL's re-rolling plant is
located in Rajgangpur in Odisha, and has an annual capacity of
32,640 MT.

Recent Results
SRPL registered a profit after tax of INR0.02 crore on the back of
OI of INR23.52 crore in 2012-13. In 2011-12, the company
registered a profit after tax of INR0.05 crore on the back of OI
of INR26.39 crore.


SHREYANS WIRES: CRISIL Reaffirms 'B' Rating on INR58MM Bank Loan
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Shreyans Wires Ltd
continue to reflect SWL's modest financial risk profile, marked by
a small net worth, average gearing, and modest debt protection
metrics. The ratings also factor in susceptibility of the
company's operating profitability to fluctuations in foreign
exchange (forex) rates and raw material prices. These rating
weaknesses are partially offset by the extensive experience of
SWL's promoters in the winding wires industry and their
established relationships with customers and suppliers.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            52         CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     58         CRISIL B/Stable (Reaffirmed)
   Term Loan              10         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SWL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
their established relationships with clients. The outlook may be
revised to 'Positive' if SWL's revenues or profitability increase
substantially resulting in sustainable improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company undertakes a significant debt-funded
capital expenditure programme or if its cash accruals decrease
substantially, resulting in deterioration in its financial risk
profile.

Incorporated in 1982, SWL manufactures bare and enamelled wires
made from copper and aluminium. The company procures its raw
material locally as well as through imports; its sales are
entirely in the domestic markets. Its business operations are
managed by Mr. Shreyans Jejani, and its office is located at
Bagadganj, Nagpur (Maharashtra).


SRI ONKAR: ICRA Suspends 'B-' Rating on INR7.15cr FB Limits
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- outstanding on
the INR7.15 crore long term fund based limits of Sri Onkar Cotton
Agro Industries. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Sri Onkar Cotton Agro Industries is engaged in cotton ginning and
pressing with the product mix of cotton bales and cottonseed. It
has its production facilities at Basmath Road, Parbhani District
of Maharashtra. The firm has 24 DR gins with a total annual
capacity of 30,000 bales. The Firm is a partnership between
Kamalnarayan Mandhani, Mr. Pradeep Gholecha, Mr. Rajendra
Gholecha, Mr. Manish Mandhani and Mr. Yogesh Mandhani


SUSEE PREMIUM: ICRA Assigns B Rating to INR12cr LT Proposed Loan
----------------------------------------------------------------
ICRA has assigned long term rating of [ICRA]B to the INR3.50 crore
term loans, INR1.50 crore fund based facilities, and INR12.00
crore proposed facilities of Susee Premium Automobiles Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   LT - Term Loan        3.50         ICRA]B assigned
   LT - Cash Credit      1.50         ICRA]B assigned
   LT - Proposed        12.00         ICRA]B assigned

While arriving at the ratings, ICRA has considered the
consolidated risk profile of i) Susee Automobiles Private Limited
(SAPL, rated [ICRA]B-,  ii) Susee Auto Sales and Service Private
Limited (SASSPL, rated [ICRA]D/[ICRA]D) and its subsidiary, Susee
Auto Spares Private Limited (SASPL rated [ICRA]B-/[ICRA]A4), and
iii) Susee Premium Automobiles Private Limited.

The assigned rating considers the established presence of the
Susee Group in the automobile dealership and spares segment in
Tamil Nadu for several years. The rating, however, remains
constrained by the weak financial profile of the company
characterized by relatively stagnant revenues over the last few
years, thin profit margins, stretched capitalization and coverage
indicators and strained cash flow position. The ratings also
remain constrained by the loans extended to other group companies
and SPAPL's significant repayment obligations in 2014-15 compared
to expected accruals. SPAPL's sales also remain susceptible to the
inherent cyclicality of the passenger car segment and competition
from dealers of other passenger car OEMs in Salem and Trichy
regions. Going forward, the ability of the company to improve its
margins and capital structure and reduce the level of intragroup
transactions would remain key rating sensitivities.

Incorporated in 2008, Susee Premium Automobiles Private Limited is
a sole authorized dealer for Ford India Private Limited for Salem
and Trichy, in Tamil Nadu. (these two regions account for ~12% of
FIPL's sales in Tamil Nadu); the company has 3S showroom (sales,
service and spares) in these two regions. SPAPL is part of the
Susee Group of companies, which is an established group in Madurai
in the automobile dealership space and has over fifty branches
spread across Tamil Nadu. The group was started as an agricultural
business in the late 1930s by Mr. Subramania Nadar and Ms.
Seeniyammal and later expanded its horizon into other businesses
like distribution of FMCG products and gas stations. It currently
has eleven companies including four companies in automobile
dealership business, one in automobile spares, one dealing with
multi brand accessories, a non banking finance company (NBFC), a
company engaged in business process outsourcing and three non-
operational entities.

SPAPL was a subsidiary of Susee Auto Sales and Service Private
Limited (rated [ICRA]D/[ICRA]D) till 2011-12; subsequently, equity
in the company was acquired by members of the promoter's family.

Recent results (Provisional)
According to unaudited financials, SAPAPL recorded Profit after
Tax (PAT) of INR0.4 crore on an operating income of INR73.4 crore
in 2013-14, as against net profit of INR0.9 crore on an operating
income of INR76.6 crore in FY13.


VERONICA MARINE: CRISIL Reaffirms B- Rating on INR8.9MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Veronica Marine Exports
Private Limited (VMEPL; part of the CEC group) continue to reflect
the CEC group's below average financial risk profile, marked by
high gearing and weak debt protection metrics, working-capital-
intensive operations, and its exposure to risks inherent in the
seafood exports industry. These rating weaknesses are partially
offset by the CEC group's established brand in the seafood exports
industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting       50        CRISIL A4 (Reaffirmed)
   Long Term Loan          8.9      CRISIL B-/Stable (Reaffirmed)
   Packing Credit        125.5      CRISIL A4 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles VMEPL and Capithan Exporting Company(CEC).
This is because both the entities, together referred to as the CEC
group, are in the same line of business, and have common promoters
and fungible cash flows.

Outlook: Stable

CRISIL believes that the CEC group will continue to benefit over
the medium term from its healthy relationships with suppliers and
customers. The outlook may be revised to 'Positive' if the group
further improves its working capital management while achieving
better-than-expected cash accruals, resulting in significant
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of further pressure on the
group's liquidity, driven most likely by larger-than-expected
working capital requirements, debt-funded capital expenditure, or
less-than-expected cash accruals.

Update
CEC group has reported revenue on a provisional basis of INR1.81
billion for 2013-14 (refers to financial year, April 1 to
March 31), a year-on-year growth of 20.5 per cent, driven by
healthy offtake from existing customers. The group's operating
margin is estimated at 6.15 per cent for 2013-14. The group's
operating margin is expected to remain stable at 6.15 to 6.5 per
cent over the medium term, driven by the group's focus on higher
margin export markets such as Russia and Commonwealth of
Independent States(CIS). CRISIL believes that the group's revenue
will increase over the medium term, aided by expected increase in
demand for Indian sea food in export markets and higher capacity
utilisation.

The group's financial risk profile is below average, marked by
high gearing and weak debt protection metrics. The gearing is
estimated at 4.2 times as on March 31, 2014, and its net cash
accruals to total debt and interest coverage ratios were 4 per
cent and 1.57 times, respectively, for 2013-14. However, the net
worth remained moderate at INR178 million. The group's financial
risk profile is expected to improve over the medium term with
stable accretion to reserves and absence of any debt-funded
capital expenditure plans.

The group has a weak liquidity, marked by high utilisation of its
bank limits at an average of more than 100 per cent during the 12
months ended July 31, 2014 due to working-capital-intensive
operations. The group is expected to generate annual net cash
accruals of INR34 million to INR48 million over the medium term
which will be sufficient to meet its maturing debt obligations.
CRISIL believes the group's liquidity profile will remain
constrained by working-capital-intensive operations over the
medium term.

Set up in 1974 and promoted by Mr. Alphonse Joseph, the CEC group
processes and exports cuttlefish, peeled un-deveined shrimp, fin
fishes, shell fish, and cooked/blanched fish.


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


* BOND PRICING: For the Week Oct. 13 to Oct. 17, 2014
-----------------------------------------------------

  AUSTRALIA
  ---------

ANTARES ENERGY LTD   10.00   10/30/23     AUD         2.01
BOART LONGYEAR MAN    7.00   04/01/21     USD        77.25
BOART LONGYEAR MAN    7.00   04/01/21     USD        73.00
CRATER GOLD MINING   10.00   08/18/17     AUD        20.00
KBL MINING LTD       10.00   08/05/16     AUD         0.29
LAKES OIL NL         10.00   11/30/14     AUD        11.50
MIDWEST VANADIUM P   11.50   02/15/18     USD        14.00
MIDWEST VANADIUM P   11.50   02/15/18     USD        13.00
STOKES LTD           10.00   06/30/17     AUD         0.39
TREASURY CORP OF V    0.50   11/12/30     AUD        57.14


CHINA
-----

CHANGCHUN CITY DEV    6.08   03/09/16     CNY        70.80
CHANGCHUN CITY DEV    6.08   03/09/16     CNY        70.78
CHANGZHOU INVESTME    5.80   07/01/16     CNY        70.59
CHANGZHOU INVESTME    5.80   07/01/16     CNY        70.14
CHANGZHOU SMALL &     6.18   11/29/14     CNY        60.10
CHINA GOVERNMENT B    1.64   12/15/33     CNY        67.46
DANYANG INVESTMENT    6.30   06/03/16     CNY        70.75
GUANGXI XINFAZHAN     5.75   11/30/14     CNY        39.99
JIANGSU LIANYUN DE    7.85   07/22/15     CNY        71.51
KUNSHAN ENTREPRENE    4.70   03/30/16     CNY        69.89
KUNSHAN ENTREPRENE    4.70   03/30/16     CNY        69.85
LUOHE CITY CONSTRU    6.81   03/30/17     CNY        72.31
NANJING PUBLIC HOL    5.85   08/08/17     CNY        64.62
QINGZHOU HONGYUAN     6.50   05/22/19     CNY        50.38
QINGZHOU HONGYUAN     6.50   05/22/19     CNY        50.73
WUXI COMMUNICATION    5.58   07/08/16     CNY        50.51
WUXI COMMUNICATION    5.58   07/08/16     CNY        50.18
YANGZHOU URBAN CON    5.94   07/23/16     CNY        70.81
YANGZHOU URBAN CON    5.94   07/23/16     CNY        70.81
ZHENJIANG CITY CON    5.85   03/30/15     CNY        70.30
ZHENJIANG CITY CON    5.85   03/30/15     CNY        70.15
ZHUCHENG ECONOMIC     7.50   08/25/18     CNY        49.37
ZIBO CITY PROPERTY    5.45   04/27/19     CNY        60.14
ZOUCHENG CITY ASSE    7.02   01/12/18     CNY        71.49


INDONESIA
---------

BERAU COAL ENERGY     7.25   03/13/17     USD        68.88
BERAU COAL ENERGY     7.25   03/13/17     USD        69.86
DAVOMAS INTERNATIO   11.00   12/08/14     USD        19.50
DAVOMAS INTERNATIO   11.00   12/08/14     USD        19.50
INDONESIA TREASURY    6.38   04/15/42     IDR        73.15
PERUSAHAAN PENERBI    6.10   02/15/37     IDR        70.50


INDIA
-----

3I INFOTECH LTD       5.00   04/26/17     USD        33.75
CORE EDUCATION & T    7.00   05/07/15     USD         9.63
COROMANDEL INTERNA    9.00   07/23/16     INR        15.33
GTL INFRASTRUCTURE    2.53   11/09/17     USD        32.00
INCLINE REALTY PVT   10.85   04/21/17     INR        15.36
INCLINE REALTY PVT   10.85   08/21/17     INR        18.45
INDIA GOVERNMENT B    0.23   01/25/35     INR        15.36
JCT LTD               2.50   04/08/11     USD        18.25
MASCON GLOBAL LTD     2.00   12/28/12     USD         4.46
PRAKASH INDUSTRIES    5.25   04/30/15     USD        75.00
PYRAMID SAIMIRA TH    1.75   07/04/12     USD         1.00
REI AGRO LTD          5.50   11/13/14     USD        55.88
REI AGRO LTD          5.50   11/13/14     USD        55.88
SHIV-VANI OIL & GA    5.00   08/17/15     USD        27.00


JAPAN
-----

AVANSTRATE INC        3.02   11/05/15     JPY        41.13
AVANSTRATE INC        5.00   11/05/17     JPY        34.38
ELPIDA MEMORY INC     0.70   08/01/16     JPY        10.00
ELPIDA MEMORY INC     0.50   10/26/15     JPY        10.00
ELPIDA MEMORY INC     2.29   12/07/12     JPY        10.00
ELPIDA MEMORY INC     2.10   11/29/12     JPY        10.00
ELPIDA MEMORY INC     2.03   03/22/12     JPY        10.00
JAPAN EXPRESSWAY H    0.50   03/18/39     JPY        73.63
JAPAN EXPRESSWAY H    0.50   09/17/38     JPY        74.31


KOREA
------

2014 KODIT CREATIV    5.00   12/25/17     KRW        27.80
2014 KODIT CREATIV    5.00   12/25/17     KRW        27.80
DONGBU METAL CO LT    5.20   09/12/19     KRW        61.59
EXPORT-IMPORT BANK    0.50   10/23/17     TRY        73.86
EXPORT-IMPORT BANK    0.50   12/22/17     BRL        70.46
EXPORT-IMPORT BANK    0.50   11/21/17     BRL        72.43
EXPORT-IMPORT BANK    0.50   12/22/17     TRY        72.78
HYUNDAI MERCHANT M    7.05   12/27/42     KRW        42.21
KIBO ABS SPECIALTY   10.00   08/22/17     KRW        30.53
KIBO ABS SPECIALTY   10.00   09/04/16     KRW        66.18
KIBO ABS SPECIALTY   10.00   02/19/17     KRW        30.62
KIBO GREEN HI-TECH   10.00   12/21/15     KRW        68.03
KIBO GREEN HI-TECH   10.00   03/20/15     KRW        73.28
SINBO SECURITIZATI    4.60   06/29/15     KRW        60.74
SINBO SECURITIZATI    5.00   12/07/15     KRW        60.03
SINBO SECURITIZATI    5.00   02/02/16     KRW        60.14
SINBO SECURITIZATI    8.00   02/02/15     KRW        69.41
SINBO SECURITIZATI    8.00   02/02/16     KRW        65.60
SINBO SECURITIZATI    5.00   10/01/17     KRW        28.10
SINBO SECURITIZATI    4.60   06/29/15     KRW        60.74
SINBO SECURITIZATI    5.00   06/07/17     KRW        25.42
SINBO SECURITIZATI    5.00   06/07/17     KRW        25.42
SINBO SECURITIZATI    5.00   08/16/17     KRW        28.32
SINBO SECURITIZATI    5.00   08/16/16     KRW        56.93
SINBO SECURITIZATI    5.00   08/16/17     KRW        28.32
SINBO SECURITIZATI    5.00   10/01/17     KRW        28.10
SINBO SECURITIZATI    5.00   01/19/16     KRW        59.74
SINBO SECURITIZATI    9.00   07/27/15     KRW        67.71
SINBO SECURITIZATI   10.00   12/27/15     KRW        67.74
SINBO SECURITIZATI    5.00   08/24/15     KRW        59.00
SINBO SECURITIZATI    5.00   07/26/16     KRW        30.38
SINBO SECURITIZATI    5.00   09/13/15     KRW        60.89
SINBO SECURITIZATI    5.00   09/13/15     KRW        57.73
SINBO SECURITIZATI    5.00   03/14/16     KRW        59.37
SINBO SECURITIZATI    8.00   03/07/15     KRW        66.12
SINBO SECURITIZATI    5.00   10/05/16     KRW        29.93
SINBO SECURITIZATI    5.00   10/05/16     KRW        29.93
SINBO SECURITIZATI    5.00   09/28/15     KRW        58.78
SINBO SECURITIZATI    5.00   06/29/16     KRW        30.59
SINBO SECURITIZATI    5.00   01/29/17     KRW        29.15
SINBO SECURITIZATI    5.00   07/19/15     KRW        59.27
SINBO SECURITIZATI    5.00   07/26/16     KRW        30.38
SINBO SECURITIZATI    5.00   08/31/16     KRW        30.13
SINBO SECURITIZATI    5.00   08/31/16     KRW        30.13
SINBO SECURITIZATI    5.00   05/27/16     KRW        30.84
SINBO SECURITIZATI    5.00   05/27/16     KRW        30.84
SINBO SECURITIZATI    5.00   02/21/17     KRW        27.90
SINBO SECURITIZATI    5.00   12/13/16     KRW        29.49
SINBO SECURITIZATI    5.00   03/13/17     KRW        28.84
SINBO SECURITIZATI    5.00   03/13/17     KRW        28.84
SINBO SECURITIZATI    5.00   02/21/17     KRW        28.90
SINBO SECURITIZATI    5.00   12/25/16     KRW        28.94
SINBO SECURITIZATI    5.00   10/01/17     KRW        28.10
SINBO SECURITIZATI    5.00   01/15/18     KRW        27.70
SINBO SECURITIZATI    5.00   01/15/18     KRW        27.70
SINBO SECURITIZATI    5.00   07/08/17     KRW        28.65
SINBO SECURITIZATI    5.00   07/08/17     KRW        28.65
SK TELECOM CO LTD     4.21   06/07/73     KRW        73.73
STX OFFSHORE & SHI    3.00   09/06/15     KRW        72.53
STX OFFSHORE & SHI    6.90   04/09/15     KRW        74.11
TONGYANG CEMENT &     7.50   04/20/14     KRW        70.00
TONGYANG CEMENT &     7.50   09/10/14     KRW        70.00
TONGYANG CEMENT &     7.30   06/26/15     KRW        70.00
TONGYANG CEMENT &     7.50   07/20/14     KRW        70.00
TONGYANG CEMENT &     7.30   04/12/15     KRW        70.00
U-BEST SECURITIZAT    5.50   11/16/17     KRW        28.24
UNIMECH GROUP BHD     5.00   09/18/18     MYR         1.35
WISEPOWER CO LTD      4.00   08/10/15     KRW        56.04


MALAYSIA
--------

BANDAR MALAYSIA SD    0.35   02/20/24     MYR        67.53
BIMB HOLDINGS BHD     1.50   12/12/23     MYR        73.68
BRIGHT FOCUS BHD      2.50   01/24/30     MYR        72.00
BRIGHT FOCUS BHD      2.50   01/22/31     MYR        70.68
LAND & GENERAL BHD    1.00   09/24/18     MYR         0.40
SENAI-DESARU EXPRE    1.15   12/31/24     MYR        68.05
SENAI-DESARU EXPRE    1.15   06/28/24     MYR        69.31
SENAI-DESARU EXPRE    1.15   12/29/23     MYR        70.69
SENAI-DESARU EXPRE    1.35   06/30/28     MYR        61.49
SENAI-DESARU EXPRE    1.35   12/29/28     MYR        60.31
SENAI-DESARU EXPRE    1.10   06/30/22     MYR        74.50
SENAI-DESARU EXPRE    1.15   12/30/22     MYR        73.37
SENAI-DESARU EXPRE    1.15   06/30/23     MYR        72.03
SENAI-DESARU EXPRE    1.15   06/30/25     MYR        66.90
SENAI-DESARU EXPRE    1.35   12/31/25     MYR        67.43
SENAI-DESARU EXPRE    1.35   06/30/26     MYR        66.29
SENAI-DESARU EXPRE    1.35   12/31/26     MYR        65.10
SENAI-DESARU EXPRE    1.35   06/30/27     MYR        63.91
SENAI-DESARU EXPRE    1.35   12/31/27     MYR        62.69
SENAI-DESARU EXPRE    1.35   06/29/29     MYR        59.15
SENAI-DESARU EXPRE    1.35   12/31/29     MYR        58.00
SENAI-DESARU EXPRE    1.35   06/28/30     MYR        56.94
SENAI-DESARU EXPRE    1.35   12/31/30     MYR        55.86
SENAI-DESARU EXPRE    1.35   06/30/31     MYR        54.85
WOONGJIN ENERGY CO    2.00   12/19/16     KRW        57.57


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

KIWI INCOME PROPER    8.95   12/20/14     NZD         1.02



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

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


SINGAPORE
---------

BAKRIE TELECOM PTE   11.50   05/07/15     USD        14.50
BAKRIE TELECOM PTE   11.50   05/07/15     USD         9.00
BLD INVESTMENTS PT    8.63   03/23/15     USD        18.88
BUMI CAPITAL PTE L   12.00   11/10/16     USD        39.00
BUMI CAPITAL PTE L   12.00   11/10/16     USD        35.83
BUMI INVESTMENT PT   10.75   10/06/17     USD        39.75
BUMI INVESTMENT PT   10.75   10/06/17     USD        47.00
ENERCOAL RESOURCES    6.00   04/07/18     USD        43.64
INDO INFRASTRUCTUR    2.00   07/30/10     USD         1.88


THAILAND
--------

G STEEL PCL           3.00   10/04/15     USD        13.88
MDX PCL               4.75   09/17/03     USD        25.00


VIETNAM
-------

BANK FOR INVESTMEN   10.33   05/19/16     VND         1.00


                             *********

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

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

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


                            *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



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