TCRAP_Public/141103.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, November 3, 2014, Vol. 17, No. 217


                            Headlines


A U S T R A L I A

ARDENBERG PTY: First Creditors' Meeting Slated For Nov. 10
EQUES-SENESCHAL PTY: First Creditors Meeting Set For Nov. 11
PROCON CONCRETING: First Creditors' Meeting Set For Nov. 12


I N D I A

ANAND RICE: ICRA Reaffirms B Rating on INR29cr Fund Based Loan
ANANYA FINANCE: CARE Assigns B+ Rating to INR15cr LT Bank Loan
ATLAS DYECHEM: CRISIL Assigns B+ Rating to INR40MM Cash Credit
CANARA WORKSHOPS: ICRA Revises Rating on INR7.35cr Loan to B+
F.A CONSTRUCTIONS: CARE Reaffirms B- Rating on INR75cr LT Loan

GOYAL SONS: ICRA Reaffirms B+ Rating on INR20cr Fund Based Loan
INDIABULLS REAL: Fitch Assigns 'B+' LT FC IDR; Outlook Stable
INDIABULLS REAL: S&P Assigns 'B+' LT CCR; Outlook Stable
KANCHAN GANGA: CRISIL Reaffirms B- Rating on INR112.5MM Loan
KANDUKURI INDUSTRIES: CRISIL Ups Rating on INR78M Cash Loan to B-

MEPANI BROTHERS: ICRA Suspends B+/A4 Rating on INR14.5cr Loan
NATRAJ HOME: ICRA Assigns B+ Rating to INR0.51cr Fund Based Loan
NORTH BIHAR: CRISIL Assigns 'D' Rating to INR4.75BB Term Loan
PATIKARI POWER: ICRA Revises Rating on INR28.87cr Term Loan to B-
PRASAD MULTI: CRISIL Cuts Rating on INR128.2MM Loan to 'D'

RAMANASREE CONSUMER: CRISIL Puts B Rating on INR100MM Cash Loan
SADHANA NITRO: CRISIL Ups Rating on INR140MM Cash Credit to B-
SATYAM ISPAT: CRISIL Ups Rating on INR260MM Cash Loan to 'B-'
SREE TIRUMALA: ICRA Suspends B+ Rating on INR6cr Fund Based Loan
SRI SAI: ICRA Suspends B+/A4 Rating on INR9.5cr Bank Loan

STIC-ON PAPERS: ICRA Suspends B- Rating on INR2.75cr Loan
TAMBI MOTORS: CARE Reaffirms B Rating on INR5.5cr LT Bank Loan
TRANS CONDUCT: ICRA Reaffirms 'B' Rating on INR4.75cr Loan
UIC UDYOG: CARE Assigns B- Rating to INR151.85cr LT Bank Loan
UNITED PROJECTS: CARE Reaffirms B- Rating on INR95cr LT Bank Loan

WELSET POLYPACK: ICRA Suspends B+ Rating on INR9.55cr FB Loan


J A P A N

SEIYU GK: To Close 30 Unprofitable Stores From 2015
SONY CORP: Quarterly Loss Balloons to JPY136BB on Mobile Woes


N E W  Z E A L A N D

ALBERT PARK: Retirement Home Closes Doors
WAGROB: Restaurant Placed in Liquidation After Closure


S O U T H  K O R E A

DAEHAN SHIPBUILDING: Korean Bankruptcy Recognized by U.S. Court
HYUNDAI GROUP: To Delay Sale of Hyundai Securities Unit


                            - - - - -


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


ARDENBERG PTY: First Creditors' Meeting Slated For Nov. 10
----------------------------------------------------------
Mark Hutchins, Bruno Secatore and Jason Tang of Cor Cordis were
appointed as administrators of Ardenberg Pty Ltd on Oct. 29, 2014.

A first meeting of the creditors of the Company will be held at
Rydges Kalgoorlie Resort and Spa, 21 Davidson Street, in
Kalgoorlie, on Nov. 10, 2014, at 3:30 p.m.


EQUES-SENESCHAL PTY: First Creditors Meeting Set For Nov. 11
------------------------------------------------------------
Nicholas Giasoumi -- nicholas@dyeco.com.au -- and Roger Darren
Grant -- roger@dyeco.com.au -- of Dye & Co. Pty Ltd were appointed
as administrators of Eques-Seneschal Pty. Limited on Oct. 31,
2014.

A first meeting of the creditors of the Company will be held at
the office of Dye & Co. Pty Ltd, 165 Camberwell Road, in Hawthorn
East, on Nov. 11, 2014, at 12:00 p.m.


PROCON CONCRETING: First Creditors' Meeting Set For Nov. 12
------------------------------------------------------------
Gideon Rathner -- grathner@lowelippmann.com.au -- of Lowe Lippmann
was appointed as administrator of Procon Concreting Services Pty
Ltd on Oct. 31, 2014.

A first meeting of the creditors of the Company will be held at
Lowe Lippmann, Level 7, 616 St Kilda Road, in Melbourne on
Nov. 12, 2014, at 10:30 a.m.



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


ANAND RICE: ICRA Reaffirms B Rating on INR29cr Fund Based Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA] B to the
INR29.00 crore fund based facilities of Anand Rice Mills.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Fund based facilities     29.00        [ICRA]B reaffirmed

The rating is constrained by ARM's weak financial profile,
reflected by low profitability metrics, high gearing and
consequently weak debt coverage indicators. The rating also takes
into account high intensity of competition in the industry and
agro climatic risks, which can affect the availability of paddy in
adverse weather conditions. The rating however, favorably takes
into account long standing experience of promoters, expected
benefits arising out of established client relationships of its
group companies in rice industry and proximity of the mill to
major rice growing area which results in easy availability of
paddy.

Anand Rice Mills (ARM) is a proprietorship firm, was set up in
1999 by Mr. Sunil Kumar. ARM is engaged in processing and export
of basmati rice to countries in the Middle East. It has a plant at
Karnal (Haryana) which has a milling capacity of 6 tonnes per hour
and sortex machinery with a capacity of 4 ton/hr.

Recent Results
During the financial year 2013-14, the firm reported a profit
after tax (PAT) of INR0.29 crore on an operating income of
INR134.42 crore as against PAT of INR0.24 crore on an operating
income of INR105.24 crore in 2012-13.


ANANYA FINANCE: CARE Assigns B+ Rating to INR15cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ananya
Finance For Inclusive Growth Pvt. Ltd.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    15.00       CARE B+ Assigned

Rating Rationale

The rating is primarily constrained by substantial deterioration
in the financial risk profile of Ananya Finance For Inclusive
Growth Pvt. Ltd. post the Andhra Pradesh (AP) crisis marked by
significant write off of its loan portfolio leading to net losses
for the last three years ended FY14. The rating is also
constrained by concentration of AFIL in single industry,
regulatory concerns associated with microfinance business and
increasing level of competition from other Non-Banking Finance
Companies (NBFCs) & unorganized sector lending.

The rating, however, derives strength from the experienced &
professional management team of AFIL, strong parentage, strong
presence of the group in rural areas, adequate internal control
systems and moderate diversification within the MFI sector.

Ability of AFIL to obtain envisaged funding via. equity and bank
loan to revamp the scale of operations, diversification of the
loan portfolio with introduction of new products without
compromising on asset quality and improvement in its profitability
are the key rating sensitivities.

Incorporated on April 22, 2009, AFIL is a Non Banking Financial
Company (NBFC) (Non-Deposit taking) registered with Reserve Bank
of India (RBI). AFIL is a subsidiary of a mutual benefit trust,
Indian Foundation for Inclusive Growth (IFGI), which was set-up by
Friends of Women World Bank, India (FWWB-I) as a Special Purpose
Vehicle (SPV). AFIL is engaged in the business of lending to Micro
Finance Institutions (MFIs) who in turn lend to the Joint
Liability Groups (JLGs) for income generation activity.

During FY14 (refers to the period April 1 to March 31), AFIL
reported a total operating income of INR5.32 crore (FY13: INR12.80
crore) with a net loss of INR16.41 crore (FY13: Net loss of
INR17.31 crore). AFIL had total outstanding loan portfolio of
INR43.69 crore and a Capital Adequacy Ratio (CAR) of 22.02 % as on
March 31, 2014.


ATLAS DYECHEM: CRISIL Assigns B+ Rating to INR40MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Atlas Dyechem (India) Pvt Ltd. The ratings
reflect Atlas's large working capital requirements, initial phase
and modest scale of operations in the highly competitive bulk
drugs industry and average capital structure. These rating
weaknesses are partially offset by the company's established
customer profile in the bulk drugs industry.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Proposed Long Term
   Bank Loan Facility       2           CRISIL B+/Stable

   Letter of Credit         9           CRISIL A4

   Bank Guarantee           1           CRISIL A4

   Cash Credit             40           CRISIL B+/Stable

Outlook: Stable

CRISIL believes that Atlas will continue to benefit over the
medium term from its established customer profile. The outlook may
be revised to 'Positive' if the company achieves higher than
expected cash accruals, while improving its working capital cycle,
leading to improved capital structure and its liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected accruals or deterioration in working capital
management, or undertakes larger than expected debt funded capital
expenditure plan resulting in weak financial risk profile.

Incorporated in 2004, Atlas is promoted by Ahmedabad (Gujarat)-
based Mr. Jagdish K Sheth and his family members. The company
manufactures active pharmaceutical ingredients (APIs).

Atlas reported a net profit of INR2.7 million on net sales of
INR170.1 million for 2013-14 (refers to financial year, April 1 to
March 31); it reported a net profit of INR0.6 million on net sales
of INR164.4 million for 2012-13.


CANARA WORKSHOPS: ICRA Revises Rating on INR7.35cr Loan to B+
-------------------------------------------------------------
ICRA has revised the long term ratings assigned to INR7.35 crore
crore fund based limits of The Canara Workshops Limited to
[ICRA]B+ from [ICRA]BB- and short term rating was reaffirmed to
[ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     7.35         [ICRA]B+ revised from
                                      [ICRA]BB- and suspended

   Non-Fund Based Limits  2.1         [ICRA]A4 reaffirmed and
                                      Suspended

Further, ICRA has also suspended the above ratings following its
inability to carry out a rating surveillance in the absence of the
requisite information from the company. According to its
suspension policy, ICRA may suspend any rating outstanding if in
its opinion there is insufficient information to assess such
rating during the surveillance exercise.


F.A CONSTRUCTIONS: CARE Reaffirms B- Rating on INR75cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
F.A Constructions.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities
   (Fund-based)                  10.00      CARE B- Reaffirmed

   Long-term Bank Facilities
   (Non Fund-based)              75.00      CARE B- Reaffirmed

Rating Rationale

The rating assigned to bank facilities of F.A. Construction (FAC)
continues to be constrained by its legal status as a partnership
firm which encompasses risk of withdrawal of the partner's capital
and also takes into consideration factors like deterioration in
capital structure over the last four years ending FY14 (refers to
the period April 1 to March 31), slow moving order book and high
quantum of bank borrowings. The rating is also constrained by
FAC's presence restricted only in the State of Maharashtra which
exposes the firm to any slowdown in the investments towards the
irrigation sector of the state (current order book only comprises
orders from government/local municipalities in the State of
Maharashtra).

Few projects in the order book are facing legal litigation which
restricts revenue growth as reflected in decline in revenues over
the last four years ending FY14.

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

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

In FY14 (provisional numbers), FAC reported total income of
INR296.25 crore (up 21.04%). PBILDT margin for FY14 stood
at 9.80% (as compared to 12.61% in FY13) and it reported PAT
margin of 3.97% in FY14 as compared to 5.36% in FY13.


GOYAL SONS: ICRA Reaffirms B+ Rating on INR20cr Fund Based Loan
---------------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ rating to the INR20.00 crore fund
based limits of Goyal Sons Zaveri Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     20.00        [ICRA]B+ reaffirmed

The reaffirmation of the rating take into account stable growth in
revenues in the past and established presence of the showroom in
Hisar, Haryana. The rating also continues to favorably factors in
the satisfactory demand outlook in the long term for the organized
jewellery segment owing to rising disposable income levels and
strong demand from smaller towns and rural areas. However, the
assigned rating continues to be constrained by low operating
margins of the company on account of industry dynamics and the
price structure being decided by the principal. The rating is also
constrained by the GSZPL's high working capital intensity as
reflected in NWC/OI of 37% for FY2014 on account of high inventory
requirements in the jewellery retailing. The working capital
requirements are primarily funded by debt resulting in leveraged
capital structure as reflected in gearing of 2.53 times as on 31st
March 2014 and modest coverage indicators (OPBDITA/Interest of
1.38 times for FY2014. The rating is also constrained by
competition from other jewelers which is mitigated to a certain
extent by the brand reputation enjoyed by Tanishq.

Goyal Sons Zaveri Private Limited was established in 1997 in
Hisar, Haryana. It is an authorized dealer of Titan Industries
Limited under its brand name Tanishq for Gold and Diamond
Jewellery. The Promoters of the company have prior experience in
electronics industry in Hisar. They have opened the showroom under
franchsiee from Tansihq in 2007. The company is selling only
Tanishq jewellery which has been supplied by the company itself.
Apart from the showroom in Hisar , company has opened another
showroom of Tanishq in Rohtak under the company Goyal Sons Jewels
Private Limited.

Recent Results:
GSZPL reported a net profit of INR0.64 crores on an operating
income of INR45.56 crores for the year ended March 31, 2013 and a
net profit of INR0.53 crores on an operating income of INR51
crores for the year ended March 31, 2014.


INDIABULLS REAL: Fitch Assigns 'B+' LT FC IDR; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned India-based Indiabulls Real Estate
Limited (IBREL) a Long-Term Foreign Currency Issuer Default Rating
(IDR) of 'B+'.  The Outlook is Stable.  The agency has also
assigned IBREL's proposed US dollar denominated guaranteed notes
an expected rating of 'B+(EXP)' and Recovery Rating of 'RR4'.

The proposed senior notes will be issued by Jersey-based Century
Limited, a wholly owned subsidiary of IBREL, and will be
unconditionally and irrevocably guaranteed by IBREL and its key
subsidiaries.  The notes will rank pari passu with IBREL's and the
other guarantors' existing and future senior unsecured
indebtedness.  The notes are therefore rated at the same level as
IBREL's rating of 'B+'.

Fitch has taken a consolidated view of IBREL because of the
strategic and operational linkages among its operating
subsidiaries.  Only IBREL's key subsidiaries have extended
guarantees to the proposed notes.  If the operations of any non-
guarantor restricted subsidiaries improve to account for 5% or
more of IBREL's consolidated EBITDA, they will be required to
extend guarantees to the notes in the future.  In addition, Fitch
expects that, if required, IBREL would be able to access cash or
assets of the non-guarantor restricted subsidiaries, which have
minimal debt.  There are also cross-default provisions covering
debt of over USD15m for the non-guarantor restricted subsidiaries.

KEY RATING DRIVERS

Diversified Projects: IBREL has projects across India, with
significant presence in the key metropolitan areas of Mumbai,
Delhi (NCR) and Chennai.  The residential projects also cover
various categories from middle-income to luxury.  The diversity
mitigates risks arising from volatility in a particular category
or location.

Diversified, Low-Cost Land Bank: IBREL has a land bank of about 7
million square metres, which is sufficient to support project
development over the next six to seven years based on current
plans.  The diversity and low cost of IBREL's land holdings are
likely to support its project growth and its sound profitability.
IBREL's EBITDA margin in the year ended March 31, 2014, (FY14) was
31.2%.

High Debt Levels: IBREL's debt has increased during FY15 following
a largely debt-funded acquisition of property in London for
INR16.2bn.  Fitch expects the company's debt levels to peak in
FY15 and remain high during the next two years.  Fitch expects the
leverage, as measured by the net debt/ adjusted inventory, to
remain around 40%-50% as the company is likely to replenish its
land bank.  The agency expects the company's contracted sales to
gross debt to weaken to around 0.6x in FY15 (FY14: 1x) due to the
high debt, although this is likely to improve to 1x over the next
two years.

Strong Long-Term Growth: Fitch expects the Indian real estate
market to expand strongly in the medium to long term, supported by
increasing demand that is driven by improving economic growth,
limited supply in the key cities and rising income levels.  The
youthful Indian population and increasing urbanization are also
likely to support demand.  Demand is also likely to increase due
to the government's aim to provide housing for all by 2020 and its
plans to develop about 100 cities/ townships.

Cyclical Sector: The real estate business is inherently cyclical
and is highly sensitive to macroeconomic conditions.  Thus any
weakening of macroeconomic factors may impact demand.  These risks
are mitigated over the near to medium term by expectations of
improving GDP growth in India.

Regulatory Risks: The real estate business in India is largely
regulated by the local authorities with some approvals from the
state or central government required in some instances.  Any delay
in approvals or change in regulations may impact the development
of IBREL's projects.

London Property Introduces FX Risk: IBREL's proposed US dollar
notes will fund part of the cost of its recent London property
purchase, with the remainder to be used for general corporate
purposes including future expansions.  This will expose the
company to foreign exchange risks because the majority of its
earnings are currently in the Indian rupee and it will start to
develop the London property only after FY17.  This is partly
mitigated by current lease rentals at the London property, which
are sufficient to meet the interest cost of the GBP110m loan that
IBREL took to finance the acquisition.  The company plans to
refinance GBP77.5m of the loan with proceeds from the US dollar
bond.  The foray into London also exposes IBREL to risks
associated with development of the site, such as obtaining
planning permission and fluctuations in material costs.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- Fall in EBITDA margin to below 25%
   -- Net debt/ adjusted inventory exceeding 50%
   -- Contracted sales/ gross debt of below 1x.

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Successful development of properties in London
   -- Diversification of projects with no single project
      accounting for more than 10% of total sales


INDIABULLS REAL: S&P Assigns 'B+' LT CCR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to India-based property developer
Indiabulls Real Estate Ltd. (IBREL).  The outlook is stable.  S&P
also assigned its 'B+' long-term issue rating to a proposed issue
of senior notes by Century Ltd. IBREL guarantees the notes.  The
issue rating is subject to our review of the final issuance
documentation.

The rating reflects IBREL's untested financial discipline,
execution risks stemming from rapid expansion, and revenue
concentration to a small number of projects over the next 12-24
months.

IBREL's "weak" business risk profile reflects the execution risk
surrounding the company's rapid expansion in a sizeable but highly
fragmented Indian property market and low recurring income.  The
bulk of IBREL's land reserves is in the National capital region
and Mumbai metropolitan region.  IBREL has some brand recognition
among home buyers, but it has yet to deliver sizeable large
developments.  The company is exposed to some project
concentration over the next 12-24 months.  Three of IBREL's 12
ongoing projects will account for more than 50% of total revenue
from property development.

IBREL also owns 47% in Indiabulls Properties Investment Trust, a
business trust listed on Singapore Exchange.  The trust owns 3.21
million square feet of commercial space in Mumbai, all of which is
currently leased, and has three residential projects under
construction.  S&P do not expect the trust to distribute any
dividend over the next 12-24 months.

S&P expects IBREL's growth appetite to remain high.  The company
recently bought a building in London for US$268 million and is
looking to acquire more as part of its international expansion.
IBREL raised foreign currency debt to fund this acquisition.

The company's substantial domestic land bank of 3,598 acres, which
will satisfy its development needs for the next five to 10 years,
tempers its aggressive growth appetite.  All of IBREL's land
reserves come with clean titles.  This is important in India,
where a lack of clean land titles could expose developers to
cumbersome slum resettlement issues.  S&P expects the company to
exercise restraint toward land acquisitions.

S&P expects IBREL's leverage to remain high in fiscal 2015 despite
a 90% jump in revenue, primarily because of its debt-funded
acquisition of a London building.  S&P therefore views the
company's financial risk profile as "aggressive."

"IBREL's short track record of consistently managing its financial
performance, coupled with its recent acquisition, is a rating
constraint," said Standard & Poor's credit analyst Kah Ling Chan.
"The company is also exposed to the volatile property development
sector, where rapid growth can be fueled by "lumpy" property sales
proceeds.  In addition, the management's appetite for expansion is
untested."

"We expect IBREL to face some currency risk.  The loan for the
London acquisition is denominated in pounds but most of the
company's cash flows are in Indian rupee.  We believe that rental
income from the London asset will be insufficient to offset the
losses from a currency mismatch," Ms. Chan said.

The stable outlook reflects S&P's expectation that IBREL will
satisfactorily execute project delivery and contract sales with
EBITDA margins of about 30% over the next 12-15 months, without
any deterioration in its liquidity position.  S&P anticipates that
IBREL's aggressive growth appetite will keep its debt-to-EBITDA
ratio at about 5x over the period.

S&P could lower the rating if IBREL's sales are materially lower
than its expectation, resulting in weaker-than-estimated EBITDA
margins, or the company makes larger-than-expected debt-funded
acquisitions.  A downgrade trigger could be EBITDA interest cover
falling below 2x.  Further rating pressure could arise if IBREL's
liquidity position deteriorates, indicating unfavorable market
conditions or project delivery.

Rating upside is limited given IBREL's rapid expansion and high
leverage.  S&P may raise the rating if the company improves its
scale with timely delivery of its several large-scale projects or
it maintains a debt-to-EBITDA ratio of less than 3.5x.  For either
of these scenarios to occur, IBREL would need to tighten its
financial policies such that it maintains adequate liquidity
through a property cycle and offsets currency risk through
adequate foreign currency cash flows.


KANCHAN GANGA: CRISIL Reaffirms B- Rating on INR112.5MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Kanchan Ganga Seed Co
Pvt. Ltd. continues to reflect Kanchan's below-average financial
risk profile marked by its negative net-worth and average debt
protection metrics.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Overdraft Facility      112.5    CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       36.6    CRISIL B-/Stable (Reaffirmed)

The rating of the company is also constrained on account of its
large working capital requirements, its modest scale and seasonal
nature of operations, and its exposure to risks related to the
agriculture-based commodity business. These rating weaknesses are
partially offset by the benefits that Kanchan derives from its
promoters' experience in the seeds industry.

Outlook: Stable

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

Kanchan was set up in 1984 by Mr. Jivan Thakur, Mr. G Venkaiah,
and Dr. Vimal J Thakur. The company processes and sells hybrid
seeds, and has a portfolio of over 30 hybrid seeds across maize,
jowar, bajra, tomato, and others. The company derives around 80
per cent of its revenues from sale of maize seeds. The company is
based in Hyderabad.


KANDUKURI INDUSTRIES: CRISIL Ups Rating on INR78M Cash Loan to B-
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Kandukuri
Industries Pvt Ltd (KIPL) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/ CRISIL D'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           40         CRISIL A4 (Upgraded from
                                       'CRISIL D')

   Cash Credit              78         CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

   Term Loan                63.2       CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')


The upgrade reflects the timely servicing of debt by KIPL over the
last three months ended September 2014. The upgrade also reflects
CRISIL's belief that KIPL will continue to service its debt in a
timely manner, with its cash accruals expected to be sufficient to
meet its maturing debt obligations.

The ratings continue to reflect KIPL's modest scale of operations
in the intensely competitive fabric and ready-made garment
manufacturing industry, the company's working-capital-intensive
nature of operations, and the susceptibility of its profitability
margins to volatility in raw material prices. However, the company
benefits from its promoter's extensive industry experience, and
its diversified revenue profile.
Outlook: Stable

CRISIL believes that KIPL will continue to benefit over the medium
term from its promoter's' extensive industry experience and its
diversified revenue profile. The outlook may be revised to
'Positive' if the company registers a substantial and sustained
increase in its scale of operations and profitability margins, or
there is a sustained improvement in its working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in the company's profitability margins, or
significant deterioration in its capital structure caused most
likely by a stretch in its working capital cycle.

KIPL (formerly known as Kandukuri Garments Pvt Ltd) was promoted
by Mr. K V Satyanarayana in 1995. The company weaves fabric, and
manufactures ready-made garments for men.

KIPL also operates a 100-bed hospital, Kandukuri Hospitals, in
Kavali (Andhra Pradesh). The company also undertakes construction
of canals. The textile division accounts for around 75 per cent of
the company's revenue, and the hospital and infrastructure
division account for the balance 25 per cent.


MEPANI BROTHERS: ICRA Suspends B+/A4 Rating on INR14.5cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the INR14.50 Crore fund based and non-fund based bank facilities
of Mepani Brothers.  The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


NATRAJ HOME: ICRA Assigns B+ Rating to INR0.51cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA] B+ to the INR0.51
crore fund based long term bank facilities of Natraj Home
Furnishings Private Limited. ICRA has also assigned a short term
rating of [ICRA ]A4 to the INR7.40 crore fund based short term
bank facilities of NHFPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          0.51         [ICRA] B+ assigned

   Short Term Fund
   Based Limits          7.40         [ICRA] A4 assigned

The assigned rating is constrained by the company's modest scale
of operations and comparatively low profitability which along with
most of the funding requirements being met through debt, has kept
the debt coverage and liquidity modest. Loans & advances extended
during FY14 and modest accruals have further stressed the
liquidity as reflected in consistent high utilization of the
working capital limits and the company being forced to avail adhoc
limits to meet funding requirements. Modest cash accruals have
kept the networth low and forced the company to meet its
requirements mainly through working capital debt and high level of
creditors.

The assigned rating is also constrained by the company's high
customer concentration, with the largest customer contributing
around 75% of revenue and enjoying better credit terms as compared
to other customers. The assigned rating also takes into account
the fragmented nature of the industry with presence of a large
number of players offering only minor differentiation in their
products, which is likely to keep the profitability of the company
under pressure.

The rating however takes into account the company's track record
of continuous growth in revenue driven mainly by increasing orders
from repeat customers. Order based manufacturing also reduces the
risk of unsold finished goods to a certain extent. NHFPL's bank
limits have recently been enhanced which would aid the company in
reducing the stresses on liquidity. The rating also takes into
account the experience of the management in this business and the
reputed customers of the company which mitigate the risk of
delayed payments.

Going forward, NHFPL's ability to diversify the customer base
while maintaining profitability margins and improvement in the
liquidity and debt coverage would be key rating sensitivities.

NHFPL is a 100% export oriented company which manufactures and
exports home furnishings (bed sheets, pillow covers, curtains
etc.) to USA and Europe. It has two manufacturing units in Barhi
and Kundli, both in Haryana and has recently completed an
expansion for its printing unit in Barhi and is undertaking capex
to set up a dyeing unit on an adjacent plot. During Q1 FY15, the
company has reported sales of INR8.3 crore.


NORTH BIHAR: CRISIL Assigns 'D' Rating to INR4.75BB Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the bank
facilities of North Bihar Highway Ltd.

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Short Term Loan          500          CRISIL D
   Term Loan               4750          CRISIL D

The rating reflects instances of delay by NBHL in meeting its debt
obligations, because of weak liquidity; the company's weak
liquidity is driven by delay in commencement of its project. The
delay in land acquisition from National Highways Authority of
India (NHAI) resulted in delay in the project, impacting NBHL's
annuity receipt from NHAI. As per the concession agreement (CA),
NHAI will pay NBHL semi-annual annuity (fixed semi-annual
payments) of INR524 million on successful completion of the
project till the end of the concession period; the first annuity
payment will be made six months after the commercial operation
date (COD). Although, NBHL has been successful in re-scheduling
its principal payment to March 2015 from March 2014, the interest
payments have commenced. Because of insufficient accruals, the
company has not made the interest payment on time.

NBHL remains exposed to implementation risks on its ongoing
project. However, the company benefits from the experience of its
parents in executing engineering, procurement, and construction
(EPC) contracts for road projects.

Incorporated in July 2010, NBHL is a special purpose vehicle (SPV)
promoted by C&C Constructions Ltd (C&C) and BSCPL Infrastructure
Ltd (BSCPL) for two-laning the Muzaffarpur-Sonbarsa section of
National Highway 77 (from Kilometre [Km] 2.8 to Km 89.00) in Bihar
on a design, build, finance, operate, and transfer annuity basis.

The project was awarded by the NHAI to the BSCPL-C&C joint venture
(JV) on a build-operate-transfer basis with a concession period of
20 years (including construction period of 2.5 years). The project
involves a capital outlay of INR6.6 billion to be funded in a
debt-to-equity ratio of 80:20. NBHL had completed around 95 per
cent of the project as of August 2014. NBHL had applied for
revision of COD (original COD was July 2013), and has received
extension till November 2014.


PATIKARI POWER: ICRA Revises Rating on INR28.87cr Term Loan to B-
-----------------------------------------------------------------
ICRA has revised the rating assigned to the INR28.87 cr term loans
(revised from INR33.74 cr) and INR6.64 cr unallocated limits of
Patikari Power Private Limited from [ICRA]B- to [ICRA]D and then
revised it to [ICRA]B-.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            28.87        [ICRA]B- revised from
                                     [ICRA]B- to [ICRA]D and
                                     further revised to [ICRA]B-

   Unallocated           6.64        [ICRA]B- revised from
                                     [ICRA]B- to [ICRA]D and
                                     further revised to [ICRA]B-

The rating downgrade to [ICRA]D follows the delay in servicing of
debt obligations by Patikari Power Private Limited, which operates
a 16MW hydro power project in Himachal Pradesh, during March 2014
on account of cash flow mismatch. Subsequently though the company
has been servicing the loans timely. ICRA has thus revised the
rating from [ICRA]D to [ICRA]B-. The rating draws comfort from the
company's off take arrangement with Himachal Pradesh State
Electricity Board (HPSEB) for tenure of 35 years, support from
group companies and limited demand risks due to energy deficit in
northern India.

Over the years, with repayment of debt and accretions to net
worth, the gearing of the company has improved significantly to
0.78 times as on March 31, 2014. Nevertheless, since the revenues
are directly linked to unit sales, company will remain susceptible
to cash flow mismatches in years of weak generation on account of
limited cushion available between the cash accruals and debt
repayments of the company in any particular year. The rating is
also constrained by high hydrological risks as PPPL is not covered
under deemed generation clause in case of factors like shortage of
water or loss of generation due to silting, etc.
A tariff increase of 29 paisa/unit had been approved by Himachal
Pradesh Electricity Regulatory Commission (HPERC) which has been
subsequently withdrawn effective from 25.04.2014 resulting in
total outstanding dues of ~Rs 10 cr from HPSEB (for the duration
COD to 24.04.2014). Timely recovery of these dues will be a key
driver for the company's ratings as the same will help in
reduction of debt and payment of long standing creditors and
mitigate the risk of default.

Patikari Power Private Limited is an IPP promoted by the Asian
Infrastructure Group. The company operates a 16 MW run of the
river hydel power plant which utilizes the water of Bakhli Khad, a
tributary of river Beas in district Mandi of Himachal Pradesh. The
major shareholders are: Asian Genco Pte Ltd, Singapore (50%);
Avanti and Associates (42%) & Sainj Hydro Power Pvt. Ltd. (9%).
The company achieved a PLF of 58.4% in FY14. As per the terms of
the PPA (Power Purchase Agreement), the project earns a fixed
tariff of INR2.25 per unit which has been increased by HPERC's
order by 2 paise effective from 25.04.2014.


PRASAD MULTI: CRISIL Cuts Rating on INR128.2MM Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on bank facilities of
Prasad Multi Services Private Limited to 'CRISIL D/CRISIL D' from
CRISIL B-/Stable/CRISIL A4.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee           30          CRISIL D (Downgraded from
                                        'CRISIL A4')

   Cash Credit              60          CRISIL D (Downgraded from
                                        'CRISIL B-/Stable')

   Proposed Long Term       81.8        CRISIL D (Downgraded from
   Bank Loan Facility                   'CRISIL B-/Stable')

   Term Loan               128.2        CRISIL D (Downgraded from
                                        'CRISIL B-/Stable')

The rating downgrade reflects the instances of delay in servicing
its term debt; the delays have been caused by company's weak
liquidity position. PMS has weak liquidity on account of stretched
receivables. CRISIL believes that the company's liquidity will
remain stretched over the medium term on account of working
capital intensive operation led by stretched receivables.

PMS's working capital cycle is stretched as reflected in GCA of
371 days as on March 31, 2014 led by high receivable of around 268
days. This was mainly on account of delay in payment by various
customers and slowdown in real estate industry

CRISIL's rating on the bank facilities of PMS continues to reflect
PMS's large working capital requirements and small scale of
operation in the intensely competitive construction industry. The
rating weakness are partially offset by the benefit that PMS
derives from its promoter's extensive industry experience.

PMS, incorporated in 1999, is promoted by the Ahmedabad (Gujarat)-
based Kavar family. The company provides construction equipment on
rental basis.


RAMANASREE CONSUMER: CRISIL Puts B Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Ramanasree Consumer Products Pvt Ltd (RCPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Proposed Long Term       12.5        CRISIL B/Stable
   Bank Loan Facility

   Cash Credit             100          CRISIL B/Stable

   Overdraft Facility       10          CRISIL B/Stable

The rating reflects RCPL's modest scale of operations in
intensively competitive and highly fragmented agro commodities
trading industry and its weak financial risk profile marked by
high total outside liabilities to tangible net worth ratio and low
net worth. These rating weaknesses are partially offset by
benefits derived from the extensive industry experience of its
promoters and its established distribution network.

Outlook: Stable

CRISIL believes that RCPL will continue to benefit over the medium
term from its promoters' long standing industry experience. The
outlook may be revised to 'Positive' if the company generates
higher than expected revenues and profitability leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of low cash accruals or
sizeable working capital requirements or higher than expected debt
funded capital expenditure leading to deterioration in its
financial risk profile.

Based in Tirupati (Andhra Pradesh), RCPL is engaged in trading of
sunflower oil, coconut oil, wheat flour, tea, coffee, vermicelli
and other under the brand Varshi. The company is promoted by
Mr.O.Venkata Ramana and his family.

RCPL reported a provisional profit after tax (PAT) of INR1 million
on net sales of INR325 million for 2013-14 (refers to financial
year, April 1 to March 31), against a PAT of INR0.1 million on an
operating income of INR214 million for 2012-13.


SADHANA NITRO: CRISIL Ups Rating on INR140MM Cash Credit to B-
--------------------------------------------------------------
CRISIL has upgraded its ratings on Sadhana Nitro Chem Ltd's
(SNCL's) bank facilities to 'CRISIL B-/Stable/CRISIL A4' from
CRISIL D/CRISIL D. CRISIL has also withdrawn the rating on SNCL's
term loan, working capital term loan and corporate loan, following
repayment of the loans and receipt of confirmation from the
company's banker.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              140        CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

   Corporate Loan            26.9      CRISIL D Withdrawal

   Letter of credit &       100        CRISIL A4 (Upgraded from
   Bank Guarantee                      'CRISIL D')

   Proposed Long Term        33.2      CRISIL B-/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL D')

   Term Loan                 50.8      CRISIL D Withdrawal

   Working Capital Term     121.5      CRISIL D Withdrawal
   Loan

The rating upgrade reflects regularisation of SNCL's repayments on
its bank debt; the company had divested its real estate in
Maharashtra in 2013-14 (refers to financial year, April 1 to
March 31), on which it realised a profit of over INR110 million.
The proceeds from the sale were used to repay its long-term debt
obligations, and fund a portion of working capital. While the
company's business performance continues to be under stress, which
margins facing pressure even in 2014-15, CRISIL expects that
liquidity will gradually improve, with the management's increasing
focus on cost control.

The ratings continue to reflect SNCL's modest scale of operations
and continued margin pressures, leading to a weak financial risk
profile. The rating weaknesses are partially offset by the
promoters' extensive experience in the chemicals industry and the
company's integrated manufacturing facilities, which is expected
to drive growth in the future.

Outlook: Stable

CRISIL expects that SNCL will continue to benefit from the
promoters' extensive experience in the sector. The outlook may be
revised to 'Positive' if the company achieves strong revenue and
margin growth, leading to improvement in the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company's profitability remains under pressure or if there is
a considerable stretch in working capital, leading to continued
liquidity pressure.

SNCL was incorporated in 1973, promoted by the late Mr. D T
Javeri. The company is currently managed by his son, Mr. Asit D
Jhaveri. It manufactures benzene-based compounds such as
nitrobenzene, metanilic acid, and meta amino phenol.

For 2013-14, SNCL posted net loss of INR5.6 million on net sales
of INR326.6 million, against a net loss of INR17.9 million on net
sales of INR684.0 million in 2012-13.


SATYAM ISPAT: CRISIL Ups Rating on INR260MM Cash Loan to 'B-'
-------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Satyam
Ispat (North East) Limited (SINEL) to 'CRISIL B-/Stable' from
'CRISIL C' while reaffirming its short term rating at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee            5         CRISIL A4 (Reaffirmed)

   Cash Credit             260         CRISIL B-/Stable (Upgraded
                                       from 'CRISIL C')

   Letter of Credit         95         CRISIL A4 (Reaffirmed)

   Proposed Term Loan       92         CRISIL B-/Stable (Upgraded
                                       from 'CRISIL C')

   Working Capital          88         CRISIL B-/Stable (Upgraded
   Term Loan                           from 'CRISIL C')

The upgrade reflects expected improvement in SINEL's credit
profile backed by pick-up in demand, reduction in working capital
cycle and stronger cash accruals. Backed by an improvement in
demand, the company has clocked revenues of about INR180-190
million from April to May 2014, thereby registering a growth of
157 percent over the same period, while sustaining profitability
at 8 percent. SINEL is therefore expected to generate improved
cash accruals of over INR30 million in 2014-15 (up from INR12
million in the preceding year), which is more than sufficient to
service debt obligations of around INR11 million in this period.
The demand pick-up has also improved SINEL's payment cycle besides
reducing its stock levels; consequently, its gross current asset
(GCA) days is estimated to have reduced to about 350 days as on
March 31, 2015, from 456 days as on March 31, 2014. CRISIL
believes that the company will sustain its improved credit profile
backed by improved demand.

SINEL, however, continues to have large working capital
requirements despite the improvement, and has limited pricing
flexibility because of intense competition in the steel industry.
The company, however, benefits from the semi-integrated nature of
its operations.

Outlook: Stable

CRISIL believes that SINEL will continue to benefit from its
promoters' extensive experience in the steel industry and the
pick-up in demand. The outlook may be revised to 'Positive' if
SINEL increases its scale of operations by retaining its current
profitability levels and reports further improvement in working
capital cycle. Conversely, the outlook may be revised to
'Negative' if SINEL undertakes larger-than-expected, debt-funded
expansions, or its revenues and profitability decline
substantially.

SINEL, incorporated in 2005, is part of Satyam Group of
Industries. SINEL commenced commercial operations in April 2007.
It manufactures thermo-mechanically treated (TMT) bars, which it
sells under its Satyam Super TMT brand. The company has a semi-
integrated steel plant, with capacity to manufacture TMT and mild
steel billets. Who is the promoter and where is it located?

SINEL reported a profit after tax (PAT) of INR9 million on net
sales of INR1267 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR13 million on net sales
of INR2138 million for 2011-12.


SREE TIRUMALA: ICRA Suspends B+ Rating on INR6cr Fund Based Loan
----------------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ to INR6.00 crore
fund based limits and short term rating of [ICRA]A4 to INR4.00
crore non fund based limits of Sree Tirumala Steel Rolling Mills
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Vizag Steel Rolling Mills Private Limited, incorporated in the
year 1995 was taken over by Mr. Gandhi Ramjee, the CEO of Tirumala
group in 2007. Following this, the name of the entity was changed
to Sree Tirumala Steel Rolling Mills Private Limited (STSRMPL). It
operates through manufacturing facility located at Mindi,
Visakhapatnam District and has a capacity to manufacture 12,000 MT
per annum of MS Angles, Bars, TMT Re-bars etc. It also undertakes
steel trading activities which account for majority of revenues
(~79% in FY2012).


SRI SAI: ICRA Suspends B+/A4 Rating on INR9.5cr Bank Loan
---------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 assigned to INR9.50 crore bank facilities of
Sri Sai Krishna Raw & Boiled Rice Mill. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


STIC-ON PAPERS: ICRA Suspends B- Rating on INR2.75cr Loan
---------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B- to INR2.75 crore
fund based limits and INR2.35 crore unallocated limits of Stic-On
Papers Private Limited. ICRA has also suspended short term rating
of [ICRA]A4 to INR2.90 crore non fund based limits of SPPL. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in the year 1999, Stic-on Papers Private Limited
(SPPL) is involved in the manufacturing of self adhesive label
stock and thermal transfer ribbons. The company has its
manufacturing facility in Hyderabad and is managed by Mr. Karan
Reddy who has experience of over a decade in the packaging
industry.


TAMBI MOTORS: CARE Reaffirms B Rating on INR5.5cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Tambi Motors.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.50       CARE B Reaffirmed

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

Rating Rationale

The rating continues to remain constrained on account of the
relatively small scale of operations of Tambi Motors (TM) in
the highly competitive automotive dealership industry and its weak
financial risk profile marked by low profitability, leveraged
capital structure and stressed liquidity position. The rating
further remains constrained on account of the firm's limited
bargaining power with the principal automobile manufacturer and
its constitution as a proprietorship concern.

The rating, however, continue to draw strength from the long
standing experience of the proprietor with its established
track record of operations of more than a decade in the industry
and its association with an established company in the domestic
commercial vehicle industry, VE Commercial Vehicle Limited.

TM's ability to increases its scale of operations while improving
profitability along with improvement in the solvency position and
efficient management of the working capital are the key rating
sensitivities.

Jaipur-based (Rajasthan) TM was formed in 2002 as a proprietorship
concern by Mr Satish Tambi. TM is an authorized dealer for sale of
commercial vehicles of VECVL for Jaipur, Sikar, Sawai Madhopur,
Dholpur and Tonk district of Rajasthan.  The firm has its showroom
located at Jaipur equipped with 3-S (Sales, Service and Spare
parts) facilities and service centres located at Sikar and Dholpur
city. Furthermore, TM has a strong marketing team consisting of 15
executives spread throughout the five districts to procure orders
from transporters and big fleet owners. During FY14 (refers to the
period April 1 to March 31), TM undertook a project for setting up
a new service centre at Bagru (Rajasthan) in order to increase its
presence in the region and expand its customer base.

As per the provisional results for FY14 (refers to the period
April 1 to March 31), TM has reported a total operating
income of INR30.51 crore (FY13: INR28.79 crore) with a PAT of
INR0.14 crore (FY13: INR0.21 crore).


TRANS CONDUCT: ICRA Reaffirms 'B' Rating on INR4.75cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR6.50 crore (enhanced from INR6.00 crore), fund-based and
non-fund based bank facilities of M/s Trans Conduct (India).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit          4.75          [ICRA]B reaffirmed
   Bank Guarantee       1.75          [ICRA]B reaffirmed

The reaffirmation of rating continues to derive comfort from the
experience of the promoters in executing civil engineering
contracts and the firm's long association with Municipal
Corporation of Greater Mumbai (MCGM). ICRA also takes into account
healthy order book position with Order Book/ Operating Income
(FY14) of 1.4 times as of October 2014, which provides revenue
visibility for the near term.

The rating, however, continues to be constrained by the firm's
small scale of operations, with volatility in revenues and
profitability associated with project nature of business,
intensely competitive nature of business and high client
concentration risk. High work-in-progress inventory level owing to
delays in receiving customer approval post completion of projects
leads to high working capital intensity. The working capital
requirements have to be met through external borrowings leading to
high leverage and interest expenses.

Going forward, the firm's ability to scale up its operations while
managing its capital structure and liquidity position, given the
working capital intensive nature of operations, remains critical
from a credit perspective.

M/s Trans Conduct (India) (TCI) was established as a proprietary
concern by Mr. Dinesh Shah in 1979 and was subsequently converted
into a partnership firm in 2008 with admission of Mr. Bipin Shah
and other family members. TCI specializes in civil engineering
contracts with the Municipal Corporation of Greater Mumbai (MCGM).
In addition to civil works in the city of Mumbai, the firm is also
registered as a Class One contractor with Maharashtra Jeevan
Pradhikaran (water supply and sanitation department of Government
of Maharashtra). The two partners have an experience of over three
decades in the civil engineering contracting business.

Recent results
For the twelve months ended March 31, 2014, TCI reported a profit
after tax (PAT) of INR0.94 crore on an operating income (OI) of
INR14.78 crore, as against a PAT of INR0.78 crore on an OI of
INR12.79 crore for the twelve months ended March 31, 2013.


UIC UDYOG: CARE Assigns B- Rating to INR151.85cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B-/CARE A4' rating to the bank facilities of
UIC Udyog Ltd.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank
   Facilities                   151.85      CARE B- Assigned

   Short- term Bank
   Facilities                    19.65      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of UIC Udyog Ltd take
into account temporary suspension of operations at the main plant
at Kalyani due to labour unrest for ten months leading to
operational losses in the year ended March 31 2014, delays in debt
servicing and restructuring of debt through CDR package, high
overall gearing, significant amount of funds blocked in debtors,
increasing competition from the unorganized sector and volatility
in the raw materials and finished goods prices. The rating
weakness is, however, partially offset by the long experience of
the promoters in the steel wires industry and presence in various
segments of steel wire. Ability of the company to stabilize
operations and improve operating income, profitability and capital
structure are the key rating sensitivities.

UUL was promoted by Mr. B. L. Jajodia of Kolkata. The company is
engaged in manufacturing of steel wire & wire strands and
generation of power from wind. UUL is also engaged in the trading
of steel related items. Currently, the company has units in
Kalyani and Khanyan in West Bengal (total capacity 85,000 MTPA)
for wire drawing, one unit in Silvassa for woven sacks (presently
non-operational) and a wind mill in Maharashtra. The units in West
Bengal are the major contributor to revenue. It was also in the
process of setting up a unit in Gujarat (installed capacity of
180,000 MTPA) which is now stalled considering the market
scenario.

During FY14 (refers to the period April 1 to March 31), UUL
reported net loss of INR44.51 crore (net loss of INR7.74 crore in
FY13) on a total operating income of INR43.94 crore (INR506.01
crore in FY13). In Q1FY15, the company reported net sales
of INR24.87 crore.


UNITED PROJECTS: CARE Reaffirms B- Rating on INR95cr LT Bank Loan
-----------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of United
Projects.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities
   (Fund-based)                  10.00      CARE B- Reaffirmed

   Long-term Bank Facilities
   (Non Fund-based)              95.00      CARE B- Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of United Projects
continues to be constrained by its legal status as a partnership
firm which encompasses the risk of withdrawal of partner's capital
and also takes into consideration factors like deterioration in
capital structure and stagnant order book. The rating is also
constrained by United Project's presence restricted only in the
State of Maharashtra which exposes the firm to the risk of any
slowdown in the investments towards the irrigation sector of the
state (current order book only comprises orders from
government/local municipalities in the State of Maharashtra).
Almost the entire order book of United Projects is facing legal
litigation which restricts revenue growth as reflected in
significant decline in revenues over last four years ending FY14
(refers to the period April 1 to March 31).

However, the rating draws strength from significant experience of
partners in handling irrigation projects in the State of
Maharashtra. The ability of United Projects to achieve revenue
growth, improve profitability and judicial outcome of the
projects stuck in litigation remain key rating sensitivities.

United Projects is primarily engaged in construction of dams,
canals and undertaking EPC work for the same in the state
of Maharashtra. It was incorporated as a family partnership firm
on August 6, 2006 by Mr. Fateh Mohd. Haji Abdulla Khatri. United
Projects has three partners, Mr. Fateh Khatri (25% share), Mr.
Nisar Fateh Mohd. Khatri, son of Mr. Fateh Kahatri (50% share) and
Mrs. Jaitoon Khatri, wife of Mr. Fateh Khatri (25% share).

In FY14 (provisional numbers), United Projects reported total
income of INR 100.41 crore (up 37.56%). PBILDT margin for
FY14 stood at 12.14% (as compared to 14.60% in FY13) and it
reported PAT margin of 2.53% in FY14 as compared to 1.95% in FY13.


WELSET POLYPACK: ICRA Suspends B+ Rating on INR9.55cr FB Loan
-------------------------------------------------------------
ICRA has suspended rating of [ICRA]B+ to the INR9.55 crore fund
based limits of Welset Polypack Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Incorporated in 2007, Welset Polypack Private Limited (WPPL) is a
manufacturer of CPP (Cast Polypropylene) films used in packaging
of food products. The company has also set up a line for
manufacture of EVA (Ethyl Vinyl Acetate) films which are primarily
used in solar panel encapsulation. WPPL operates through a
manufacturing unit situated at Medchel Road, Hyderabad. The
company is managed by Mr. Manoj Dugar and is a part of the Dugar
group which primarily has interests in the polymer industry.


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


SEIYU GK: To Close 30 Unprofitable Stores From 2015
---------------------------------------------------
Kyodo News reports that Seiyu GK and U.S. parent Wal-Mart Stores
Inc. will close about 30 unprofitable stores starting next year,
the companies said.

The closure will affect about 10 percent of their 373 outlets in
Japan, the report relates.  The companies did not specify which
stores would be shut or when.

According to the report, Seiyu and the U.S. retail giant will
focus their efforts on stores in good locations and will remodel
about 50 outlets to offer a wider selection of fresh food and deli
items.

They will also strengthen their online grocery business by
expanding service areas, the report relays.

Wal-Mart forged a capital tie-up with then-struggling supermarket
operator Seiyu Ltd. in 2002 and put the Japanese retailer under
its wing, Kyodo News recalls.

Six years later, Seiyu became a wholly owned subsidiary of the
retailing titan but retained its brand. New stores have since been
opened in such cities as Kobe and Sendai, adds Kyodo News.

By prefecture, Seiyu and Wal-Mart run 77 outlets in Tokyo,
followed by 72 in Fukuoka, 48 in Nagano and 30 in Saitama, the
report notes.


SONY CORP: Quarterly Loss Balloons to JPY136BB on Mobile Woes
-------------------------------------------------------------
The Associated Press reports that Sony Corporation's losses
ballooned to JPY136 billion last quarter as the Japanese
electronics and entertainment company's troubled mobile phone
division reported huge red ink.

AP says the Tokyo-based maker of the PlayStation 4 video game
machines, Spider-Man movies and Xperia smartphones had reported a
JPY19.6 billion loss for the same July-September period a year
earlier.

The poor result released on October 31 was despite a 7% increase
in quarterly sales to JPY1.9 trillion as performance improved in
cameras, TVs and game businesses, according to AP.

Last month, Sony wrote down the value of its mobile phone business
by JPY176 billion, the report recalls. The mobile communications
unit recorded a JPY172 billion operating loss for the quarter.

Sony stuck to its forecast for the year through March 2015 of a
JPY230 billion loss, the news agency discloses.

AP notes that Sony has lost money in six of the seven past years,
struggling amid intense competition from Apple Inc of the U.S.,
Samsung Electronics Co of South Korea and a host of other cheaper
Asian rivals.

It has repeatedly promised turnarounds but failed to deliver,
partly because even if one part of its sprawling business empire
recovers, another area usually falters, the report relays.

Under an overhaul announced earlier this year, Sony sold its Vaio
computer business and is splitting off its TV division to run as a
wholly-owned subsidiary. Sony's TV division has lost money for 10
years straight, according to the AP.

That's a stunning reversal of fortune for the inventors of the
1979 Walkman portable player, which once symbolized the power of
Japanese industry to innovate, the report adds.

Based in Japan, Sony Corporation -- http://www.sony.net/--
engages in the operation of imaging products and solution (IP&S),
game, mobile products and communication (MP&C), home
entertainment and sound (HE&S), device, movie, music, financial
and other business.  The IP&S segment provides digital imaging
products and professional solutions.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 29, 2014, Moody's Japan K.K. has downgraded the Issuer
Rating and the long-term senior unsecured bond rating of Sony
Corporation to Ba1 from Baa3. The ratings outlook is stable.
At the same time, Moody's has downgraded the short-term rating of
its supported subsidiary, Sony Global Treasury Services Plc, to
Not Prime from Prime-3.



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


ALBERT PARK: Retirement Home Closes Doors
-----------------------------------------
The Gisborne Herald reports that Albert Park, home to up to 31
residents, closed on October 31.

According to the report, Chief executive Thomas Scott made the
announcement on October 2, saying the advent of two new aged care
facilities in Gisborne in recent years had "taken its toll on a
number of providers and Albert Park was no exception".

"It is with deep regret that the directors of Albert Park
Residential Care have announced to residents and staff the need to
close the 31-bed facility with effect from October 31," the report
quotes Mr. Scott as saying.

Riverview Rest Care closed last year, with owners attributing the
closure to the over-supply of rest home beds, the report says.

The Gisborne Herald relates that Mr. Scott said Albert Park's
owners had, for the past two years, provided extensive financial
support and looked at every option to continue providing care
services for the Gisborne community, including marketing the
business as a going concern.  But that had not proved possible.

"The uncertainty surrounding the future of Albert Park has been
extremely unsettling for the residents, their families and the
staff.  Albert Park has been home to several of the remaining 17
residents for many years and the 30 staff continue to provide a
wonderful quality of care.

"Management will support residents and staff in finding placement
at other facilities around Gisborne. A quality service will
continue until the last resident has left," Mr. Scott, as cited by
The Gisborne Herald, said.

The Gisborne Herald recalls that Albert Park has a long history in
Gisborne and reverted back to local ownership and its original
name in 2010 following several changes over the past few years.

After going into receivership, the resthome was bought four years
ago by a business entity of the Williams family, who are also
behind the popular Beetham Lifestyle Village development, the
report relates.

The rest home was briefly branded Synergy Care before being bought
by the Williams family, but that company went into receivership,
the report adds.


WAGROB: Restaurant Placed in Liquidation After Closure
------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Wagrob, which
trades as Melville House, has been shut down. CS Insolvency's
Hamish Pryde -- hamishpryde@coombesmith.co.nz -- and
Brent Dickins -- brentdickins@coombesmith.co.nz -- were appointed
as liquidators of the Palmerston North restaurant, the report
says.

Dissolve.com.au relates that a special shareholders' resolution
put the company in liquidation. The company owes creditors
NZ$184,274, Dissolve.com.au discloses citing the liquidators
report.



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


DAEHAN SHIPBUILDING: Korean Bankruptcy Recognized by U.S. Court
---------------------------------------------------------------
The Bankruptcy Court granted Daehan Shipbuilding Co., Ltd.,
recognition of the Korean Bankruptcy Proceeding commenced by
Daehan Shipbuilding Co., Ltd. under the Korean Debtor
Rehabilitation and Bankruptcy Act as a "foreign main proceeding"
under Chapter 15 of the Bankruptcy Code.   There were no
objections to the requested relief.

                     About Daehan Shipbuilding

Based in Haenam-gun, Jeollanam-do, Korea, Daehan Shipbuilding Co.,
Ltd., is engaged in the shipbuilding and repair business.

On June 27, 2014, Daehan Shipbuilding applied for rehabilitation
before the 4th Bankruptcy Division of the Seoul Central District
Court.  Byung Mo Lee, as existing chief executive officer of the
Company, assumed the role of the custodian and "foreign
representative" of the company.

Mr. Lee filed a Chapter 15 bankruptcy petition in Manhattan
(Bankr. S.D.N.Y. Case No. 14-12391) on Aug. 18, 2014, to seek
recognition of the Korean rehabilitation proceedings.

Judge Sean H. Lane is assigned to the U.S. case.  The Debtor has
tapped Michael B. Schaedle, Esq., at Blank Rome LLP, as counsel.


HYUNDAI GROUP: To Delay Sale of Hyundai Securities Unit
-------------------------------------------------------
Lee Hyo-sik at The Korea Times reports that Hyundai Group and its
main creditor Korea Development Bank (KDB) have decided to
postpone the sale of Hyundai Securities as it has become harder to
attract a high price amid the continued sluggish stock market.
They also decided to do so because the company's financial health
will improve next year due to cost reductions, following the
dismissal of hundreds of workers, the report says.

According to the report, Hyundai Group and KDB said the sale has
been put off until early next year.

"We want to sell Hyundai Securities at over KRW700 billion ($660
million). But the current equity market downturn has made it
almost impossible to do so," the report quotes a Hyundai Group
spokesman as saying. "KDB, which is managing the sales, has been
contacting a number of investors, but as far as I know it hasn't
found anyone willing to pay the price that we seek. KDB thinks
that it can attract more bidders in 2015 when the equity market
improves."

The Korea Times notes that home-grown private equity fund Pine
Street, Japanese financial group Orix and China's Fosun Group have
expressed interest in acquiring the securities firm.

The report relates that the spokesman also said the company value
will increase next year because of its improving bottom line after
the recent dismissal of 400 workers.

Last week, KDB Chairman Hong Ky-ttack told lawmakers that the bank
would delay the sale of Hyundai Securities as several potential
bidders asked for more time, the report recall.
Mr. Hong also said the sale will attract higher prices in 2015,
the report relays.

According to the report, Hyundai Group has been trying to dispose
of its securities unit to raise much-needed cash over the past
year. In December 2013, the group announced a self-rescue plan,
which seeks to raise a total of KRW3.3 trillion by liquidizing
assets and attracting investments to improve the financial health
of its affiliates.

It has so far secured a combined KRW2.7 trillion, 80 percent of
the capital it planned to raise, the report notes.

In September, it sold stakes in Hyundai Merchant Marine to Market
Vantage, a Hong-Kong-based investment firm, raising KRW117
billion, The Korea Times discloses.

The group also disposed of the shipping firm's liquefied natural
gas business along with some of its port facilities, generating
KRW1.2 trillion in cash. It earlier sold Hyundai Logistics for
KRW600 billion, The Korea Times adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 8, 2014, The Korea Times said Hyundai Group's plan to
sell its core assets to secure cash is raising concerns due to
uncertainties in the sales process and economic situation.
According to the report, analysts said the plan may help address
the group's liquidity shortage to some extent, but may create
other problems by making key businesses unstable.  The Korea Times
said such concerns were raised after Hyundai announced in December
that it would secure over KRW3.3 trillion by selling all three of
its financial units -- Hyundai Securities, Hyundai Savings Bank
and Hyundai Asset Management -- in a bid to avoid a liquidity
crisis and lower its high debt ratio.

Hyundai, once South Korea's largest conglomerate, has shrunk to
become a minor player since the Asian financial crisis of 1997
prompted the spin-off of key auto and shipbuilding units.



                             *********

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.



                 *** End of Transmission ***