---

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

                      A S I A   P A C I F I C

          Wednesday, November 12, 2014, Vol. 17, No. 224


                            Headlines


A U S T R A L I A

AUSDRILL LIMITED: Moody's Affirms B3 Corporate Family Rating
BARMINCO HOLDINGS: Moody's Affirms B2 Corporate Family Rating
D PLUS: First Creditors' Meeting Slated For November 19
EMECO HOLDINGS: Moody's Downgrades Corporate Family Rating to B2
GRAND NATIONAL: First Creditors' Meeting Set For November 19

MADDEN INTERNATIONAL: Solomon Lew Suit Could Shut Down 15 Stores
MILLENNIUM OFFSHORE: Moody's Affirms B2 Corporate Family Rating
MILLENNIUM OFFSHORE: S&P Puts 'B' CCR on CreditWatch Positive
NEXUS ENERGY: ASIC Delays Decision on Seven Group Takeover
PARK TRENT: ASIC Seeks to Stop Firm Promote Financial Products

PROMACC PTY: In Administration; First Meeting Set For Nov. 19
VIRGIN AUSTRALIA: S&P Assigns 'B+' LT Corporate Credit Rating
VIRGIN AUSTRALIA: Moody's Assigns B2 Corporate Family Rating


C H I N A

YINGDE GASES: Moody's Places Ba2 CFR on Review for Downgrade


I N D I A

A.S. CARGO: CRISIL Reaffirms B Rating on INR1.15BB Disc. Loan
AGRO PHOS: ICRA Suspends B-/A4 Ratings on INR28.5cr Bank Limit
ANANYA FINANCE: CARE Reaffirms B+ Rating on INR50cr LT Bank Loan
ANDHRA ASBESTOS: ICRA Reaffirms B Rating on INR6cr LT Loan
B. C. EXPORTS: ICRA Withdraws 'D' Rating on INR9.7cr Bank Loan

BALAJI ELECTRICAL: ICRA Reaffirms B Rating on INR9cr FB Bank Loan
BEST CHERAN: CRISIL Reaffirms B- Rating on INR284.5MM Bank Loan
BORAX MORARJI: CRISIL Reaffirms B Rating on INR90MM Cash Credit
CAPSON TILES: CARE Reaffirms B+ Rating on INR7.95cr LT Bank Loan
CORONA STEEL: CRISIL Cuts Rating on INR10MM Cash Credit to B-

DISCOVERY INTERMEDIATES: ICRA Suspends D Rating on INR6.25cr Loan
G.S. RADIATORS: CARE Revises Rating on INR4.61cr Bank Loan to B+
GATIMAN AUTO: CRISIL Reaffirms B- Rating on INR46MM Cash Credit
GOPALA KRAFT: CRISIL Reaffirms B Rating on INR62.5MM Term Loan
GREY'S EXIM: CRISIL Reaffirms B Rating on INR192MM Cash Credit

JUMBO BAG: ICRA Ups Rating on INR38.3cr LT Fund Based Loan to B-
K. P. R. AGROS: ICRA Assigns B+ Rating to INR10.5cr Cash Credit
KAVITA EXIM: ICRA Assigns B Rating to INR12.50cr Fund Based Loan
KEERTHI INDUSTRIES: CARE Cuts Rating on INR52.91cr LT Loan to D
KELTRON COMPONENT: ICRA Reaffirms 'C' Rating on INR11.25cr Loan

M. D. AGRO: ICRA Assigns B+ Rating to INR25cr LT Fund Based Limit
MAHARAJ VINAYAK: ICRA Places B+ Rating on INR14cr Fund Based Loan
MALAXMI HIGHWAY: CARE Reaffirms D Rating on INR216.86cr LT Loan
MANSA DEVI: ICRA Assigns B+ Rating to INR27cr LT Fund Based Loan
MATSYA AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR150MM Loan

MICRON PHARMACEUTICALS: CRISIL Rates INR50MM Cash Credit at B+
PAN EMPIRE: ICRA Reaffirms B Rating on INR19.5cr Cash Credit
PRANJAL PROJECTS: CRISIL Ups Rating on INR110MM Bank Loan to B
PRAVEEN ELECTRICAL: ICRA Puts B+ Rating on INR5cr Fund Based Loan
RAICHUR ROLLER: ICRA Assigns 'B' Rating to INR5cr Cash Credit

RAMKY ELSAMEX: CARE Reaffirms D Rating on INR232.26cr LT Loan
RASA AUTOCOM: CARE Upgrades Rating on INR27CR LT Loan to 'C'
SAHARA UTSARGA: ICRA Lowers Rating on INR46cr LT/ST Loan to D
SECURE INDUSTRIES: ICRA Reaffirms B Rating on INR10.2cr Term Loan
SHAKTI MINES: CRISIL Reaffirms B+ Rating on INR80MM Cash Credit

SHRI AGRAWAL: ICRA Reaffirms B+ Rating on INR21cr LT Bank Loan
SHRI GOVIND: ICRA Upgrades Rating on INR39cr FB Limit to 'B-'
SRI SARASWATHI: ICRA Cuts Rating on INR6.6cr Term Loan to 'D'
SRI SATYANARAYANA: ICRA Cuts Rating on INR8.85cr Term Loan to D
SRI SURYA: ICRA Lowers Rating on INR8.85cr Term Loan to 'D'

SSV SPINNERS: CARE Reaffirms B+ Rating on INR34.5cr LT Bank Loan
STONE WONDERS: CRISIL Raises Rating on INR47.5MM Bank Loan to B
SUBHASH GUAR: CRISIL Reaffirms B Rating on INR100MM Term Loan
TRT BUILDERS: ICRA Puts B Rating on INR6.5cr LT Fund Based Loan
UNIQUE CONSTRUCTIONS: CRISIL Rates INR30MM Cash Credit at B+

VAIBHAV LAXMI: CARE Reaffirms B/A4 Rating on INR18cr Bank Loan
VARIEGATE PROJECTS: CARE Cuts Rating on INR205cr ST Loan to 'D'
* INDIA: Panel Report on Insolvency in SMEs Likely by Feb. 2015


I N D O N E S I A

BUMI RESOURCES: S&P Cuts Rating on US$700MM Sr. Sec. Notes to 'D'


J A P A N

CHELSEA ASSET: Moody's Cuts Rating on 3 Trust Certs. to B1


M Y A N M A R

UNITED AMARA: Moves to Prevent Bank Run


N E W  Z E A L A N D

SPI PROPERTY: Directors Likely Breached Financial Law, FMA Says


S I N G A P O R E

STATS CHIPPAC: Moody's Downgrades Corporate Family Rating to Ba3


S O U T H  K O R E A

STX DALIAN: To Lay Off 10,000 Employees at End November


                            - - - - -


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


AUSDRILL LIMITED: Moody's Affirms B3 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of Ausdrill Limited. At the same time, Moody's has affirmed
the B1 rating on the USD300 million senior unsecured notes of
Ausdrill Finance Pty Ltd.

The outlook on the ratings remains stable.

Ratings Rationale

Ausdrill's Ba3 rating reflects its solid market position and its
ability to execute contracts with a diversified range of
counterparties.

The rating also recognizes that Ausdrill's scale gives it the
benefit of incumbency at its existing mine sites, including its
familiarity with the sites and the logistical challenges faced by
mine owners when they need to procure replacement fleet in the
event of changing contractors.

"The rating affirmation reflects Moody's expectation that, despite
the challenging conditions for the mining services sector,
Ausdrill will continue to maintain credit metrics appropriate for
its Ba3 rating," says Saranga Ranasinghe, a Moody's Analyst.

"We expect Ausdrill will repay at least AUD 50 million of its debt
in the fiscal year ending June 2015 (FY2015), as it cuts back on
capital expenditure and introduces measures to reduce costs and
improve its working capital," adds Ranasinghe.

That said, the challenging operating environment has placed
significant pressure on Ausdrill's revenue and earnings generation
over the past 18-24 months, thereby reducing headroom within the
rating. Moody's expects the ratio of debt-to-EBITDA to range
between 2.40x to 2.80x for the fiscal year ending 30 June 2015
(FY2015), compared to the 3.25x rating threshold for this metric.

Moody's does not foresee any material improvement in Ausdrill's
revenue and margins over the medium term, as the weak operating
conditions will likely persist.

While Ausdrill's mining operations focus on the production phase
(rather than exploration), which reduces the risk of contract
cancellation, the push within the mining industry toward lower
material movement and general mining activities will continue to
impact the volume of work undertaken relative to contracted
volumes.

The reduced mining activities have also led to overcapacity issues
in the mining services sector, with increased competition and
lower margins.

The company's focus on debt reduction, combined with normalizing
mining activities, should mitigate some of the earnings pressure
in the coming year. However, Moody's does not expect its credit
metrics to improve materially.

Moody's expects Ausdrill to maintain sufficient liquidity over the
next 12 to 18 months, supported by its cash balances, undrawn
credit facilities and reduced capital expenditure. Moody's expect
Ausdrill to successfully refinance facilities maturing in the next
12 months.

Downward rating pressure could emerge if operating conditions
deteriorate beyond Moody's expectations or if the company is
unable to reduce its debt, as indicated by debt-to-EBITDA above
3.25x.

In addition, negative rating actions could occur if the company is
unable to comply with the covenants in its syndicated facilities.

A rating upgrade is unlikely given the current challenging
conditions. Nevertheless, upward rating pressure could emerge over
time if Ausdrill secures new contracts and increases revenue and
earnings, such that gross adjusted debt-to-EBITDA falls below 2.0x
on a consistent basis.

Ausdrill Limited was established in 1987 as a drill and blast
company in the Australian mining services sector. It has since
expanded into a vertically integrated provider of mining services
to the resources industry in Australia and Africa, with in-house
capabilities in manufacturing, logistics and supply.


BARMINCO HOLDINGS: Moody's Affirms B2 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Barminco Holdings Pty Limited.  At the same time,
Moody's has affirmed the B2 senior unsecured and B1 senior secured
ratings of Barminco Finance Pty Ltd.

The outlook on all ratings remains negative.

Ratings Rationale

"Barminco's B2 rating and negative outlook reflects Moody's
expectation that operating conditions for mining services
companies will remain soft through 2015, with no material pick-up
in new contracts," says Saranga Ranasinghe, a Moody's Analyst.

"Given the challenging operating environment, Moody's expect
Barminco's debt/EBITDA ratio to increase to mid/high 4.0x in the
fiscal year ending 30 June 2015 (FY2015). While its leverage will
thus weaken, Moody's still expect it to maintain sufficient
headroom against the 5.25x-5.50x threshold set for the rating,"
adds Ranasinghe.

Moody's assessment of Barminco's financial position includes the
proportionate consolidation of AUMS, its 50%-owned joint venture
in Africa.

Barminco's credit profile continues to benefit from the company's
position in the hard rock underground mining segment of the mining
services industry. This position mitigates the risk of contract
losses, and cushions downside credit risk for Barminco in the
current environment.

However, Moody's expects mining companies to remain very cost-
conscious and reduce the scope of existing projects given the
challenging industry conditions. Moody's expects new contracts and
existing contract renewals to take place at lower margins amidst
high competition.

The negative outlook reflects these continuing challenges which
have been eroding Barminco's previously solid financial profile.

Moody's views Barminco's liquidity profile as adequate,
considering its available cash balances and the absence of any
debt maturing in the next 12 months. Moody's expects the company
will maintain sufficient headroom within its financial covenants
under its AUD50 million credit facilities for the 12 months ending
June 2015.

Downward rating pressure could emerge if market conditions
deteriorate beyond Moody's expectations, further hindering
Barminco's revenue generation and ability to generate earnings,
and leading to Debt-to- EBITDA ratio exceeding 5.25x-5.50x on a
consistent basis.

Given the challenging market conditions a rating upgrade is
unlikely. However, the outlook could revert to stable if Barminco
is able to successfully tender for new contracts and maintain
margins at adequate levels. Metrics that Moody's will consider to
return the outlook to stable include Debt-to-EBITDA remaining
comfortably below 5.0x on a consistent basis.


D PLUS: First Creditors' Meeting Slated For November 19
-------------------------------------------------------
Bradd William Morelli of Jirsch Sutherland Sydney was appointed as
administrator of D Plus A Pty Ltd on Nov. 7, 2014.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland Sydney, Level 4, 55 Hunter St, in SYDNEY, on
Nov. 19, 2014, at 11:00 a.m.


EMECO HOLDINGS: Moody's Downgrades Corporate Family Rating to B2
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of Emeco Holdings Limited to B2 from B1. At the same
time, Moody's has downgraded to B2 from Ba3 the rating on the
USD335 million senior secured notes due 2019 issued by Emeco Pty
Ltd, and to Ba2 from Ba1 the rating on the AUD50 million three-
year senior secured revolving credit facility.

The outlook on all ratings is stable.

Ratings Rationale

"The ratings downgrades reflect Moody's expectation that continued
weakness in the mining services sector will pressure Emeco's
earnings into the fiscal year ending June 2015 (FY2015) beyond
Moody's expectation", says Saranga Ranasinghe, a Moody's Analyst,
adding "as a result, Emeco's financial profile will no longer be
consistent with the previous B1 corporate family rating,"

"Moody's acknowledges the contract wins, especially in Chile.
However, the lower than expected improvement in earnings,
notwithstanding the increase in utilization rates, means financial
leverage will be weaker than the tolerance level we had set for
the previous rating."

Moody's had previously expected FY15 (fiscal year ending 30 June
2015) to be within the tolerance level set for the rating, namely
Debt-to-EBITDA trending below 4.25x, supported by increasing
utilization rates and new contract wins. However, Moody's expect
that increased utilization rates will not lead to any material
improvement in earnings, and as such, debt-to-EBITDA is likely to
be in the 4.5x-5.0x range which is beyond Moody's rating
expectation set for the previous B1 rating.

The lower B2 corporate family rating gives Emeco greater
flexibility to manage the tough industry conditions. At the same
time, the stable outlook reflects Moody's expectation that Emeco
will maintain adequate credit metrics for the B2 corporate family
rating level. While Moody's do not expect material improvement in
operating conditions over the next 12-to-18 months, Moody's expect
that conditions should not deteriorate much from current levels.
Over time there should be a normalization of mining activity,
which should lead to further tendering activity in Australia. The
ability to maintain an adequate financial profile for the B2
rating is also supported by the company's ability to sell assets
to supplement liquidity, measures taken to reduce costs and the
reduction in capital expenditures to stay in business type levels.

Emeco has an adequate liquidity profile. Moody's expects the
company to generate cash flow from operations of around $60 to $70
million over the next 12 months which -- when combined with asset
disposals -- will more than adequately cover its expected capital
expenditure over the same period. Moody's does not expect the
company to pay any dividends in the current operating environment.

The downgrade of the rating on the senior secured notes to B2 from
Ba3 reflects the above factors as well as the lower asset recovery
than when the ratings were originally assigned. "Given the current
written-down value of the assets, and the tough industry
conditions, Moody's are of the view that the company's assets
relative to debt can no longer support the secured notes being
rated above the corporate family rating", Ranasinghe adds.

A rating upgrade is unlikely given the challenging market
conditions. However, positive rating pressure could emerge if
Emeco can successfully increase utilization rates in an earnings
accretive manner. Metrics that Moody's will consider for a rating
upgrade include debt/EBITDA comfortably below 5.0x on a consistent
basis.

The ratings could face further negative pressure if the
challenging market conditions deteriorate beyond Moody's current
expectations, further hindering Emeco's revenue and earning
generating ability, and leading to debt-to-EBITDA ratio exceeding
5.25x-5.50x on a consistent basis.

Emeco Holdings Limited (Emeco), established in 1972 and based in
Perth Australia, is one of the largest mining equipment rental
businesses in the world.


GRAND NATIONAL: First Creditors' Meeting Set For November 19
-----------------------------------------------------------
Ronald Dean-Willcocks -- ron@dwis.com.au -- of Dean-Willcocks
Insolvency Solutions was appointed as administrator of Grand
National Concierge Pty on Nov. 8, 2014.

A first meeting of the creditors of the Company will be held at
Dean-Willcocks Insolvency Solutions, Level 2, 32 Martin Place, in
Sydney, on Nov. 19, 2014, at 11:00 a.m.


MADDEN INTERNATIONAL: Solomon Lew Suit Could Shut Down 15 Stores
----------------------------------------------------------------
Cara Waters at SmartCompany reports that retail billionaire
Solomon Lew has launched legal proceedings which could result in
the closure of Australia's 15 Steve Madden footwear stores.

Lew Footwear Holdings is suing Madden International in the
Victorian Supreme Court, SmartCompany says.

According to the report, the proceedings concern a dispute between
Mr. Lew, estimated to be worth more than AUD2 billion, and the
company founded by convicted fraudster Steve Madden.

Mr. Madden founded his shoe empire in 1990 but was sentenced to 41
months in prison for stock fraud (he served two and a half years).

Mr. Madden is now creative and design chief of Steve Madden
Limited which owns Madden International, the report notes.

The Australian reported that the legal proceedings are aimed at
tearing up the licensing agreement between Lew Footwear Holdings
and Madden International, SmartCompany relates.

The dispute centres around an agreement which allowed Madden
International to claim a markup of up to 13% on the shoes it was
onselling to Lew Footwear, says SmartCompany.

SmartCompany relates that Mr. Lew alleges manufacturer invoices
left inside the boxes of the shoes bought from Madden
International showed some shoes were marked up by up to 35%.

Mr. Lew claims to have lost more than AUD6.7 million in margins
from incorrectly applied mark-ups, the report relays.

He is seeking about AUD7.5 million to AUD8 million in lost
earnings according to The Australian and wants to shut down
Australia's 15 Steve Madden stores which currently employ 100
people, SmartCompany reports.

Leneen Forde -- lforde@sladen.com.au -- of Sladen Legal, is
representing Madden International in the proceedings and told
SmartCompany Lew's claims will be defended.

Mr. Lew purchased Steve Madden's Australian arm after it collapsed
into administration in 2009.

A directions hearing is listed for November 14, SmartCompany
notes.


MILLENNIUM OFFSHORE: Moody's Affirms B2 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating (CFR) and the B2-PD probability of default rating (PDR) of
Millennium Offshore Services Superholdings L.L.C. (MOSS) on the
announcement that MOSS plans to acquire Sea Accommodation Resorts
Limited (Seafox, unrated). Concurrently, the rating agency has
affirmed the B2 rating on the $225 million senior secured notes
issued by MOSS. The outlook on all ratings remains stable.

"Our affirmation of MOSS's ratings reflects Moody's view that the
company's B2 CFR can absorb the increase in leverage needed to
acquire the Seafox assets. Moreover, the transaction will increase
MOSS's size and geographical diversity, as well as broadening its
client base," says Martin Kohlhase, a Moody's Vice President --
Senior Credit Officer. "However, the acquisition will cause a
degree of volatility in the company's financial results as
invoicing of Seafox's assets is denominated in euros, whereas MOSS
reports in dollars."

Ratings Rationale

The affirmation primarily reflects Moody's view that, despite the
increase in leverage to about 3.0x debt/EBITDA, MOSS's B2 rating
can absorb the higher leverage, as the acquisition of the Seafox
assets adds benefits to MOSS's business risk profile.

To fund the acquisition, MOSS plans to raise $240 million through
a five-year amortising term loan and new equity from shareholders.
Only four of the five Seafox assets will form part of the
restricted group as one of the assets is a joint venture (Seafox
5). The new debt will rank pari passu and share the same security
with the existing $225 million senior secured notes (SSN) due in
2018. The resulting increase in leverage to about 3.0x debt/EBITDA
falls below the debt incurrence covenant in the existing SSN
documentation. Post-closing, Moody's expects that MOSS will
deleverage and create increased headroom under the financial
covenant.

In affirming the ratings, Moody's has also taken into
consideration the improvements to MOSS's business profile as a
result of the asset acquisition. These are (1) better geographical
diversification; (2) larger size; (3) improved client and industry
diversity; and (4) track record of Seafox that lowers integration
risks.

Until now, MOSS has been active in the Middle East and North
Africa (MENA) and Australasia regions. By acquiring Seafox,
however, MOSS's revenue mix by region will become more diversified
and balanced, although it will also expose the company to foreign
currency volatility as Seafox invoices in euros rather than
dollars, which is the reporting currency of MOSS. Moody's notes
that this currency pair has in the past not been particularly
volatile and, if this trend persists, should limit the volatility
of MOSS future results.

MOSS's revenue base will almost double following completion of the
transaction. Although the EBITDA contribution from Seafox's assets
will be under-proportionally lower than the revenue contribution,
the longer contract duration of existing Seafox contracts will
increase the forward-looking visibility and serve to offset the
low EBITDA contribution from existing assets.

Seafox's and MOSS's assets are complimentary, with there being
limited client overlap between the two companies. Indeed, Seafox
will expand MOSS's exposure to new industries as it also serves
clients from the regenerative and engineering sectors. Lastly,
Seafox is an established business and it is MOSS's intention to by
and large retain existing management.

Rationale For Stable Outlook

The stable outlook assumes reduced integration risks and a swift
deleveraging over the course of 2015 -- with expected debt/EBITDA
of 2.5x by the end of fiscal 2015 -- following the acquisition of
Seafox's assets.

What Could Change The Rating Up / Down

While MOSS's post-transaction credit metrics will leave its
ratings weakly positioned in the B2 category, Moody's expects that
MOSS will deleverage to 2.5x, achieve positive free cash flow and
maintain its EBIT interest coverage above 3.0x by the end of
fiscal 2015. The inability to do so could result in a downgrade of
ratings.

Given the weak positioning of the ratings, Moody's would not
consider an upgrade unless MOSS's credit metrics indicate a
visible improvement such that debt/EBITDA is sustainably below
2.0x and EBIT interest coverage increases to above 5.0x.


MILLENNIUM OFFSHORE: S&P Puts 'B' CCR on CreditWatch Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its 'B'
long-term corporate credit and senior secured debt ratings on
Millennium Offshore Services (MOS) on CreditWatch positive.

S&P also assigned its 'B' issue rating and '4' recovery rating
(indicating its expectation for average [30% to 50%] recovery for
noteholders in the event of a payment default) to the company's
$240 million senior secured bank loan and placed it on CreditWatch
positive.

The CreditWatch placement reflects S&P's view that the acquisition
of Sea Accommodation Resorts Ltd. (Seafox) markedly increases the
size of MOS' fleet of offshore jack-up accommodation service
vessels and its geographic diversity, which S&P previously viewed
as a rating constraint.  S&P don't foresee significant execution
risk because Seafox has a very similar profile to that of MOS in
terms of assets and client base and because MOS intends to retain
all staff and for Seafox to operate as a separate business unit.
Seafox also has a strong contract position, which provides good
near-term revenue visibility.

S&P's assessment of MOS' business risk profile as "weak" reflects
its exposure to the competitive and highly cyclical oil and gas
industry, that the majority of its operations are in countries S&P
classifies as having "intermediate" to "very high" country risks,
the relatively small size of its fleet, and its short track record
with occasional operational issues that weaken its utilization
rates, earnings, and cash flow.

MOS' senior management team is experienced and the company's
client base is diversified and creditworthy.  S&P's analysis
incorporates the high operating margin and a total backlog of $329
million as of July 31, 2014 (about $628 million pro forma of
Seafox acquisition), which provides visibility on future revenues
and cash flows.

S&P's assessment of MOS' financial risk profile as "aggressive"
reflects S&P's view of higher leverage as unlikely, based on the
company's financial policy and bond and bank loan covenants, as
zell as "adequate" liquidity.  MOS' financial strengths include a
well-maintained fleet -- resulting in low maintenance capital
expenditure needs and strong free operating cash flow (FOCF)
before expansion capital spending -- a comfortable debt maturity
profile, and "adequate" liquidity.

The CreditWatch placement reflects the potential for an upgrade of
MOS by one notch, subject to finalization of S&P's review of the
Seafox acquisition, and of the debt and equity issuances.

S&P believes that MOS can maintain its credit ratios in line with
an "aggressive" financial risk profile, such as adjusted fund from
operations to debt above 20%.  S&P also expect the company to keep
breakeven FOCF through the cycle.


NEXUS ENERGY: ASIC Delays Decision on Seven Group Takeover
----------------------------------------------------------
Angela Macdonald-Smith at The Sydney Morning Herald reports that
the securities watchdog has delayed a decision on whether to grant
a waiver to allow for the transfer of shares in Nexus Energy to
Seven Group Holdings as it continues to ponder the disputed issue
of valuation for the debt-laden oil and gas explorer.

SMH says the delay in the ruling by the Australian Securities and
Investments Commission increases the likelihood that Seven Group
may need to further extend the funding lifeline it has provided to
Nexus as the troubled AUD180 million takeover proposal edges
toward a resolution. The AUD165 million funding facility, which
was extended last month, lapses on November 7, the report notes.

According to SMH, Seven Group's takeover plan for Nexus, whose
former chairman Don Voelte is Seven's current chief executive, has
been plagued by controversy both because of a perceived conflict
of interest by Mr. Voelte and the belief among Nexus shareholders
that it significantly undervalues the company and its chief asset,
a stake in the Crux gas and condensates field in the Timor Sea.

SMH notes that shareholders in Nexus in June voted down a takeover
proposal from Seven Group that would have given them
2 cents per share, with the result that the energy player was
placed in administration.  Seven, which sees Nexus as an important
part of its new energy business and has acquired Nexus's senior
debt, then sealed a deal for the takeover with administrators
McGrath Nicol under which Nexus shareholders get nothing for their
shares, SMH relays.

The report relates that several shareholders in Nexus, including
about 14 per cent of the register that is represented through the
Nexus Battle group, have lodged objections to ASIC on the fairness
of the deal.

Their concerns have not been reduced by the October 31 release of
a further independent expert's report that found that the takeover
by Seven Group was the best solution for Nexus and did not
unfairly prejudice shareholders, SMH says.

In a submission to ASIC, Nexus Battle said it continues "to
believe that there is significant value remaining in Nexus assets,
that in either a Going Concern or Liquidation scenario there will
be sufficient equity remaining so as to provide a return to
shareholders," SMH relays.

As a result, Nexus Battle told the regulator that "a transfer at
nil consideration will fail to satisfy ASIC's criteria for
procedural fairness to third parties when considering Nexus'
application for relief".

According to the report, a spokesman for ASIC said the regulator
had not yet made a formal decision about whether to grant relief
from the takeovers provisions, which is one of the conditions
precedent for the transaction.

"The letter we have sent the applicant flags that in making our
decision we are at this point focused on the value of the shares
and are following what emerges about the valuation of the shares
as part of the court process," the spokesman, as cited by SMH,
said.

SMH relates that according to a copy of the letter obtained by the
Australian Financial Review, ASIC said it expects the timing of
its decision on the waiver "will depend on when we are satisfied
that there is unlikely to be any further information produced as
part of the s444GA court process that is significantly relevant to
the valuation of the Nexus shares." It didn't give any further
indication of the timing of its decision.

The ASIC relief would ensure that a Court approval for the
transfer of shares in Nexus under Section 444GA(1) of the
Corporations Act can be effective without contravening Section
606, adds SMH.

                        About Nexus Energy

Nexus Energy Limited (ASX:NXS) is a Melbourne-based, Australian
Stock Exchange listed oil and gas company.  In 2009, Nexus
transitioned from explorer to producer with the start up of the
Longtom gas project.  The company holds interests in eight permits
located offshore Australia.  Operations are focused on the
Gippsland Basin, offshore Victoria and the Browse Basin, offshore
Western Australia.

McGrathNicol announced on June 12, 2014, that partners
Matthew Caddy, Tony McGrath, and Jason Preston have been appointed
joint and several Voluntary Administrators to Nexus Energy
Limited.


PARK TRENT: ASIC Seeks to Stop Firm Promote Financial Products
--------------------------------------------------------------
The Australian Securities and Investments Commission has commenced
proceedings in the Supreme Court of New South Wales seeking
interim and final orders to prevent property investment promoter,
Park Trent Properties Group Pty Ltd, from carrying on an
unlicensed financial services business.

Park Trent's business promotes the use of self-managed
superannuation funds (SMSFs) to purchase investment property.

ASIC alleges and is seeking declarations that Park Trent is
unlawfully carrying on a financial services business without an
Australian financial services (AFS) licence.

ASIC understands that Park Trent has advised at least 500 members
of the public to establish and switch funds into an SMSF which are
then used to purchase investment properties that are owned or
promoted by Park Trent companies.

ASIC is also seeking orders requiring Park Trent to notify current
and former clients about the proceeding and to post a notice
regarding ASIC's proceeding on its website.

ASIC Commissioner Greg Tanzer said, 'Collectively, Australians
hold over AUD1.85 trillion worth of assets in superannuation
funds, with AUD557 billion held in SMSFs. It is important when
making decisions regarding superannuation to consider obtaining
appropriate advice from an authorised financial adviser.

'Dealing with an authorised adviser affords specific protections
under the law, such as acting in the best interests of clients, a
duty to avoid conflicts of interest and providing access to
dispute resolution schemes.'

Section 911A of the Corporations Act requires any person carrying
on a financial services business in Australia and providing
financial product advice to hold an AFS licence or be a
representative of an AFS licensee.

ASIC contends that the conduct that is the subject of this action
required Park Trent to have an AFS licence or be an authorised
representative of an AFS licensee.

The first hearing of the matter is listed for Nov. 26, 2014.


PROMACC PTY: In Administration; First Meeting Set For Nov. 19
-------------------------------------------------------------
Atle Crowe-Maxwell and James White of BDO were appointed as
administrators of Promacc Pty Ltd, trading as SNAP Bankstown, on
Nov. 10, 2014.

A first meeting of the creditors of the Company will be held at
the Offices of BDO, Level 11, 1 Margaret Street, in SYDNEY, on
Nov. 19, 2014, at 3:00 p.m.


VIRGIN AUSTRALIA: S&P Assigns 'B+' LT Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' long-term corporate credit rating to Australian full service
airline Virgin Australia Holdings Ltd.  The outlook on the rating
is stable.

At the same time, S&P has assigned its 'B-' rating to Virgin
Aust's proposed U.S. 144A/Reg-S senior unsecured notes.  The
recovery rating on the senior unsecured notes is '6', reflecting
S&P's expectation of "minimal" recovery prospects (0%-10%) in the
event of default.

"Our assessment of Virgin Aust's business risk profile reflects
its status as the second player in Australia's duopoly market;
small size globally; and low, albeit improving, profit margin
compared to global peers," Standard & Poor's credit analyst May
Zhong said.  "The assessment also incorporates Virgin Aust's
competitive cost position; exposure to the cyclical and capital-
intensive airline industry; and susceptibility to volatile fuel
costs."

In S&P's view, Virgin Aust is small on a global scale, with an
available seat kilometer capacity of 43.7 billion and flight
revenue of A$4.2 billion in the year ended June 30, 2014.

However, its business transformational strategy since 2010 has
boosted the airline, making it a formidable competitor to Qantas
Airways Ltd. in most segments.  These include Virgin Aust's
international, domestic corporate, and budget travel businesses;
charter and freight businesses; and its loyalty program.  As such,
Virgin Aust has reduced the gaps in its market share and yield
premium with Qantas.  The latter's yield premium gap over Virgin
Aust's has reduced from about 40% in 2010 to 25% in 2014.  In the
Australian domestic market, Virgin Aust (together with its
subsidiary TigerAir Australia) has about 35% share, while Qantas
(together with its subsidiary Jetstar Australia) has about 65%.

Although Virgin Aust's international operations are much smaller
than Qantas' and other full-service airlines globally, it forms
many alliances with other airlines, including Singapore Airlines,
Etihad Airways, Air New Zealand, and Delta Air Lines.  Virgin Aust
operates a relatively young, fuel-efficient fleet of over 135
aircraft and TigerAir Australia operates 13 aircraft.  The average
age of the aircraft in Virgin Aust's mainline fleet (excluding the
former Skywest fleet and fleet operated by TigerAir Australia) was
4.8 years at June 30, 2014.  The bulk of them are midsize narrow
body aircraft.  In S&P's view, Virgin Aust's operating costs are
more competitive than Qantas in Australia, mainly because of the
better productivity of its labor force.

S&P's base-case scenario for Virgin Aust incorporates S&P's
economic forecast for GDP growth to moderate in calendar year 2015
to 2.7% in Australia, from about 3.1% in calendar year 2014.  This
could soften demand growth for air travel in Australia.  However,
from a supply perspective, S&P expects a more-benign competitive
environment in 2015, and therefore, modest or flat capacity growth
in the domestic market.  As such, S&P forecasts that Virgin Aust's
yield and load factor will improve in 2015.  In addition, S&P
expects the higher-margin corporate or government travel segment
to contribute more to the group's revenue, boosting Virgin Aust's
yield.

Ms. Zhong added: "The stable outlook reflects our expectation that
a more-benign competitive environment in the domestic market in
fiscal 2015 should improve Virgin Aust's earnings, compared to
previous years'."

A downgrade could occur if Virgin Aust's credit metrics do not
improve from that of 2014.  This could occur if intense
competition returns to the domestic market, lowering Virgin Aust's
yield and therefore hindering the airline's earnings recovery.
Downward pressure could also arise if there is evidence that
shareholder support diminishes.

S&P could consider raising the rating if debt reduction and rising
cash flows result in Virgin Aust's lease adjusted debt to EBITDA
reducing to less than 5x, and adjusted FFO to debt rising to more
than 12% for a prolonged period.


VIRGIN AUSTRALIA: Moody's Assigns B2 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has assigned a Corporate Family Rating
(CFR) of B2 to Virgin Australia Holdings Limited ('VAH' or
'Virgin'). At the same time, Moody's has assigned a provisional
(P)B3 senior unsecured rating to the proposed USD300 million
senior unsecured notes issued by VAH. The outlook on all ratings
is stable.

The notes will be fully and unconditionally guaranteed by certain
of Virgin Australia's subsidiaries, subject to certain exclusions
including, among others, Virgin Australia International Operations
Pty Ltd, certain specified special purpose vehicles and certain
additional immaterial subsidiaries. Members of the Velocity Sub-
Group will be unrestricted subsidiaries and, as a result, will not
provide a guarantee of Virgin Australia's obligations under the
Notes. The notes will not be guaranteed by Tigerair Australia
unless and until Virgin Australia completes the acquisition of the
remaining 40% interest of such subsidiary.

The (P)B3 rating of the senior unsecured notes are based on a
review of draft documentation. Definitive ratings will be assigned
upon a satisfactory review of final documentation and upon
successful close of the transaction.

Ratings Rationale

"The B2 corporate Family rating primarily reflects Virgin's market
position, its continued progress in executing its strategic
objectives, the importance of the company to its shareholders with
demonstrated financial support, and the strong liquidity profile",
says Matthew Moore, a Moody's Vice President -- Senior Analyst.

"At the same time, the rating is constrained by the weak
profitability and credit metrics for the group as well as the
fierce, yet improving, competitive environment in the domestic
market", says Moore. Reflecting the substantial capacity additions
in FY13 and the first half of FY14, Virgin's EBITDA continued to
decline in FY14 causing further deterioration in the company's
already weak credit metrics.

Despite the increasing leverage, Virgin's overall credit profile
has been improving, reflecting the significant progress the
company has made in the Australian domestic market in becoming a
sustainable competitor for Qantas on the mainline business. Virgin
also continues to increase its exposure to the more profitable and
stable corporate and government segment with around 25% of
revenues coming from this sector in FY14.

"Virgin has a solid liquidity profile, benefiting from the equity
issuance in the first half of FY14 and the recently announced sale
of a stake in its Velocity frequent flyer program" says Moore,
adding "As a result, Moody's expect the company to maintain
unrestricted cash to revenue in the range of 15-20% over the next
several years, which is an appropriate level for the rating". This
is up from around 8% in FY13 and is now in line with global
airline peer group average, which sits at around 15%. This
strategy to improve liquidity is credit positive and underpins the
B2 rating.

The ratings on the proposed senior unsecured notes will rank one
notch below the corporate family rating of B2. This reflects the
legal subordination, as the notes will rank junior to the secured
facilities and aircraft financings of the Virgin Group.

The stable outlook reflects Moody's expectation that the company's
financial profile will improve to appropriate levels for the
rating over the next 12-to-18 months as the more conservative
competitive environment allows the domestic industry conditions to
improve leading to improving profitability and credit metrics.

The rating could face negative pressure if the company is unable
to improve profitability and credit metrics to appropriate levels
for the rating. Specifically, an inability to reduce debt-to-
EBITDA below 6.5x could lead to negative rating pressure. The
rating could also come under pressure if the competitive
environment reverts to the conditions experienced for much of FY13
and FY14 and/or Moody's view of the strategic importance or
potential support from the company's shareholders changes
materially.

The rating could be upgraded if Virgin is able to improve its
financial profile such that adjusted debt-to-EBITDA improves to
less than 6.0x on a sustained basis. This would likely be caused
by continued improvement in the supply demand dynamics in the
domestic market and continued increases in the company's exposure
to the more stable and profitable corporate and government sector,
leading to improving yields and profitability.

The principal methodology used in this rating was Global Passenger
Airlines published in May 2012.

Virgin Australia Holdings Limited (VAH) headquartered in Brisbane,
is Australia's second largest airline following its launch in 2000
and listing on the ASX (Australian Stock Exchange) in 2003. For
the financial year ended 30 June 2014 (FY14) VAH generated around
AUD4.3 billion of revenue and carried over 19.8 million
passengers.



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


YINGDE GASES: Moody's Places Ba2 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service, has placed on review for downgrade
Yingde Gases Group Company Limited's (Yingde Gases) Ba2 corporate
family rating and the Ba3 senior unsecured rating on the bonds
issued by Yingde Gases Investment Limited and guaranteed by Yingde
Gases.

The ratings review follows the company's announced share
repurchase program and its indication of litigation against one of
its major customers for overdue receivables.

Ratings Rationale

"The rating actions primarily reflect an expected deterioration in
Yingde Gases' overall financial profile, given the dispute with
one of its key customers and its announced share repurchase," says
Gerwin Ho, a Moody's Vice President and Senior Analyst.

A prolonged dispute with one of its major customers will have a
considerable impact on Yingde Gases' profits and operating cash
flow. The increase of about RMB460 million in overdue receivables
during 1H 2014 was mainly attributable to one of its key steel
customers, against which Yingde Gases has recently started legal
proceeding. Yingde Gases' ability to reclaim its overdue
receivables is uncertain, given the challenging conditions
prevailing in the steel industry.

The legal dispute also shows the risk arising from its
concentration in the steel industry. Despite the defensive nature
of its business model, financially weakened customers may not have
the ability -- to the detriment of Yingde Gases' commercial
interests -- to honor their contractual commitments.

The company announced on October 30 that it will make a share
repurchase of up to HKD300 million to create capital management
benefits for its shareholders. Although the absolute amount of the
share repurchase is moderate -- when compared with its debt level
of around RMB10 billion -- this initiative, at the time of a legal
dispute, raises questions about management's financial
conservatism.

Given the impact of the litigation and the announced share
repurchase, Moody's expect Yingde Gases' adjusted debt/EBITDA to
increase to near 5.0x in 2014 from 4.0x for the 12 months to 30
June 2014. Such a level of leverage is above the required 4.5x for
the current Ba2 corporate family rating.

This assumption is also despite an expected reduction in its
capital expenditures, as indicated by the company's management.

Yingde Gases' current Ba2 corporate family rating continues to
reflect its leading position in the independent on-site industrial
gas market in China and the expectation of growing profits and
recurring cash flows from its long-term take-or-pay contracts with
its on-site customers. Such customers account for more than 80% of
its revenues.

On the other hand, its rating is constrained by its heavy exposure
to the steel industry and high degree of client concentration.

Moody's review will focus on (1) the progress in Yingde Gases'
share repurchase program and the dispute with its client; and (2)
developments around its financial policy and liquidity position.

The company's rating would be downgraded, if Yingde Gases fails to
improve its operating cash flow and fails to maintain adjusted
debt/EBITDA below 4.5x.

Yingde Gases' USD notes are rated one-notch below its corporate
family rating, given structural subordination at the holding
company level. Yingde Gases has a large amount of onshore debt,
which results from the construction of its gas supply facilities.

Yingde Gases Group Company Limited is one of the largest players
in the independent on-site industrial gas market in China. The
company reported RMB7.35 billion in revenues for the 12 months
ended June 2014. It had a total of 61 production facilities in
operation and another 38 under development as of June 2014. On-
site gas production accounted for about 80%-90% of Yingde Gases'
revenues, with the rest coming from merchant sales.

The company listed on the Hong Kong Stock Exchange in September
2009. The executive directors and founders, Zhongguo Sun, Zhao
Xiangti and Trevor Raymond Strutt, held 20.18%, 12.79% and 10.02%
equity stakes, respectively, as of June 2014.



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


A.S. CARGO: CRISIL Reaffirms B Rating on INR1.15BB Disc. Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of A.S. Cargo
Movers Private Limited continues to reflects ASCM's below-average
financial risk profile, marked by high gearing, a moderate net
worth, inadequate debt protection metrics, and weak liquidity. The
rating also factors in the company's susceptibility to any
disruption in its lease agreements. These rating weaknesses are
partially offset by the extensive experience of ASCM's promoters
in the domestic organised warehousing business and its experienced
management team.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Lease Rental           1,150      CRISIL B/Stable (Reaffirmed)
   Discounting Loan

Outlook: Stable

CRISIL believes that ASCM's business risk profile will remain
supported by its promoter's extensive experience in the domestic
warehousing business; however the overall financial risk profile
is expected to remain constrained owing to large financial
obligations and modest cash accruals. The outlook may be revised
to 'Positive' in case of a sizeable inflow of funds, resulting in
a substantial and sustainable improvement in the company's
liquidity, or if its debt protection metrics improve, most likely
through a better-than-anticipated revision in lease rentals or
because of lower cost of funds. Conversely, the outlook may be
revised to 'Negative' if the realisation of rentals becomes
irregular, leading to cash flow mismatches, or if there is any
large cash outgo, leading to weakening of ASCM's overall financial
risk profile.

Incorporated in 1992 and promoted by Mr. Amar Rahman, ASCM owns
large Industrial Infrastructure/warehouse space that it has leased
out through long-term contracts to various multinational companies
and large Indian companies.

For 2013-14 (refers to financial year, April 1 to March 31), ASCM,
on a provisional basis, reported a profit after tax (PAT) of
INR13.0 million on net sales of INR179.5 million; it had reported
a PAT of INR93.5 million on net sales of INR308.3 million for
2012-13.


AGRO PHOS: ICRA Suspends B-/A4 Ratings on INR28.5cr Bank Limit
--------------------------------------------------------------
ICRA has suspended the [ICRA]B- and [ICRA]A4 ratings assigned to
the INR28.5 Crore bank limits of Agro Phos (India) Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


ANANYA FINANCE: CARE Reaffirms B+ Rating on INR50cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ananya Finance For Inclusive Growth Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     50.00      CARE B+ Re-affirmed

Rating Rationale

The rating continues to be primarily constrained by substantial
deterioration in the financial risk profile of Ananya Finance For
Inclusive Growth Pvt. Ltd. (AFIL) 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. As per the provisional results for H1FY15, AFIL
has reported a total operating income of INR2.19 crore with a net
loss of INR2.64 crore


ANDHRA ASBESTOS: ICRA Reaffirms B Rating on INR6cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR6.00 crore fund based limits and INR1.00 crore unallocated
limits of Andhra Asbestos Transport Company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          6.00         [ICRA]B Reaffirmed

   Long Term-
   Unallocated           1.00         [ICRA]B Reaffirmed

The reaffirmation of the ratings factors in AATC's vulnerability
to the level of industrial activity in the Kadapa region and high
exposure to counter party credit risk with a major portion (more
than 55%) of the sales being made on credit. AATC also has
moderate customer concentration with its top five customers
contributing to 43% in FY14. The ratings are further constrained
by the weak financial profile of AATC owing to low margins in the
trading business and the high dependence on bank borrowings to
fund working capital requirements. AATC's gearing remained high at
1.81 times as on March 31, 2014 and the coverage indicators
remained weak with OPBDITA/Interest & Finance charges at 1.04
times and NCA/Total Debt at 0.64% as on March 31, 2014. ICRA
however draws comfort from the significant experience of promoters
in the business along with location advantages. ICRA also takes
into account the growth in the operating income of the company by
23% during FY14 mainly on account of the increased volumetric
sales.

Andhra Asbestos Transportation Company (AATC) was formed as a
partnership firm in 2006 to carry out dealership business of
petroleum products for Bharat Petroleum Corporation Limited. It
operates a retail outlet at Kadapa Bypass, Kadapa district of
Andhra Pradesh with a storage capacity of 80,000 KL of oil. The
firm is promoted by Mr Pasupuleti Brahmaih and his sons. Mr
Pasupuleti has also been involved in business of vegetable oil
extraction (soya, rice bran and sunflower) and owns three other
filling stations though other partnership firms.

Recent Results
As per provisional financials for FY 2014, AATC reported an
operating income of INR49.44 crore with profit after tax of
INR0.04 crore as against INR40.28 crore of operating income with
profit after tax of INR0.04 crore in FY13.


B. C. EXPORTS: ICRA Withdraws 'D' Rating on INR9.7cr Bank Loan
--------------------------------------------------------------
ICRA has withdrawn the rating of '[ICRA]D' for the INR9.7 crore
bank facilities of B. C. Exports as the notice period of three
years since the suspension of the rating has expired.


BALAJI ELECTRICAL: ICRA Reaffirms B Rating on INR9cr FB Bank Loan
-----------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B to the INR9.00
crore, fund based bank facilities of Balaji Electrical and
Hardware.
                               Amount
   Facilities                (INR crore)     Ratings
   ----------                -----------     -------
   Fund-based bank facilities    9.00        [ICRA]B, reaffirmed

Rating Rationale
The rating reaffirmation takes into account the improved order
flows to the firm which has resulted in significant expansion
(~55% increase in FY13 and ~30% increase in FY14) of the business
in past two years. The increase in business has, however,
necessitated incremental working capital requirements which are
largely funded through borrowings leading to high total debt. This
coupled with modest capital infusion and low profitability (net
profitability at 0.5% owing to trading nature of operations) has
led to high gearing and stretched coverage indicators. Also, the
working capital intensity of the firm is high owing to high
receivable days, which coupled with growing scale has resulted in
stretched liquidity position of the firm which is also reflected
in continuously high working capital utilization levels. ICRA,
further, takes note of the large order book position (almost ~2.0
times the operating income in FY14), which although provides
revenue visibility in the short to medium term, is majorly (~60%
of the order book) from a single client and thus leads to client
concentration risk. Further, the incremental working capital
requirement for the execution of current orders is proposed to be
largely funded through bank borrowings and bill discounting, which
while helping in managing the liquidity for contract execution,
may put further pressure on the already stretched gearing and
coverage indicators.

Going forward, the ability of the firm in maintaining the scale of
operations, improvement in profitability margins, securing the
enhancement in working capital facility in a timely manner to fund
the incremental working capital requirements and adequate capital
infusion shall be the key rating sensitivities.

Balaji Electrical & Hardware is a Noida based sole proprietorship
which is engaged in trading of electrical goods. BEH has been in
this line of business for more than one decade.

Recent Results
The company reported Net Profit of INR0.39 crore on an operating
income of INR76.75 crore in FY'14, as against a net profit of
INR0.29 crore on an operating income of INR59.06 crore in FY'13.


BEST CHERAN: CRISIL Reaffirms B- Rating on INR284.5MM Bank Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Best Cheran Spintex
India Ltd continue to reflect the company's susceptibility to
volatility in the prices of viscose staple fibre (VSF), and its
weak financial risk profile, particularly liquidity. These rating
weaknesses are partially offset by the extensive experience of
Best Cheran's promoters in the viscose yarn industry.

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

   Letter of Credit       20        CRISIL A4 (Reaffirmed)

   Proposed Long Term    284.5      CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

   Letter of credit &     50.0      CRISIL A4 (Reaffirmed)
   Bank Guarantee

   Term Loan              36.5      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Best Cheran will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
significant improvement in its profitability and cash accruals,
while managing its working capital prudently, resulting in
improvement in its financial risk profile, particularly its
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of a sharp decline in the company's revenue, or if the
company undertakes a large debt-funded capital expenditure (capex)
programme.

Update
Best Cheran reported revenue of INR442.0 million for 2013-14
(refers to financial year, April 1 to March 31), up 72.5 per cent
year-on-year, driven by stabilisation in its operations and
addition of customers. The company's operating margin was 11.4 per
cent for 2013-14, and is expected to remain stable, at 11.5 to
12.0 per cent, over the medium term. CRISIL believes that Best
Cheran's revenue will increase over the medium term, aided by
healthy offtake by its customers.

The company's financial risk profile is below average, marked by
high gearing and weak debt protection metrics. The gearing was
2.50 times as on March 31, 2014, while the net cash accruals to
total debt and interest coverage ratios were 10 per cent and 0.43
times, respectively, for 2013-14. However, its net worth remains
modest, at INR122 million as on March 31, 2014. Best Cheran's
financial risk profile is expected to improve over the medium term
with stable accretion to reserves and absence of any debt-funded
capex plans.

The company has weak liquidity, marked by high bank limit
utilisation, averaging 98 per cent during the 12 months through
September 2014 because of working-capital-intensive operations.
The company is likely to generate annual net cash accruals of
around INR39 million for 2014-15, which will be tightly matched to
meet its debt obligations of INR37 million during the year. CRISIL
believes Best Cheran's liquidity will remain constrained by the
company's working-capital-intensive operations over the medium
term.

Based in Erode (Tamil Nadu), Best Cheran manufactures and exports
viscose and viscose blended yarn.


BORAX MORARJI: CRISIL Reaffirms B Rating on INR90MM Cash Credit
---------------------------------------------------------------
CRISIL ratings on the long term bank facilities of Borax Morarji
Ltd continues to reflect its weakened business risk profile,
marked by limited pricing flexibility, and its working-capital-
intensive operations. The ratings also factor in the company's
below-average financial risk profile, marked by a modest net
worth, high gearing, inadequate debt protection metrics, and
stretched liquidity. These rating weaknesses are partially offset
by the company's established market position in the boron
chemicals segment, and its promoters' extensive industry
experience and financial support.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           20       CRISIL A4 (Reaffirmed)
   Cash Credit              90       CRISIL B/Stable (Reaffirmed)
   Letter of Credit        195       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        2.2     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Borax Morarji's liquidity will remain weak
over the medium term because of its constrained profitability amid
volatility in forex rates and a stretched working capital cycle.
The outlook may be revised to 'Positive' if the company reports
larger-than-expected accruals or there is infusion of long-term
funds to improve its liquidity. Conversely, the outlook may be
revised to 'Negative' if Borax Morarji's working capital cycle
stretches further, leading to further deterioration in its
liquidity.

Borax Morarji, a publicly listed company on the Bombay Stock
Exchange, commenced operations in 1964. It produces boric acid,
borax, and borax derivatives, and other specialty boron chemicals.
The company also has windmills at Satara (Maharashtra) and in
Kutch (Gujarat). It is managed by Mr. Bimal Goculdas.

Borax Morarji reported a net loss of INR96 million on net sales of
INR691 million for 2013-14, against a net loss of INR29.2 million
on net sales of INR641 million for 2012-13. For the three months
ended June 30, 2014, the company reported a net loss of INR20.3
million on net sales of INR117.5 million, against a net loss of
INR15.8 million on net sales of INR149.8 million for the
corresponding period of the previous year.


CAPSON TILES: CARE Reaffirms B+ Rating on INR7.95cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Capson
Tiles Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.95      CARE B+ Reaffirmed
   Short-term Bank Facilities     1.75      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Capson Tiles Pvt
Ltd continue to remain constrained on account of low net profit
margins, moderately leveraged capital structure and modest debt
coverage indicators. The ratings also continue to be constrained
by its presence in the highly fragmented industry along with
fortunes dependent upon the cyclical real estate market and
susceptibility of margins to volatility in the prices of raw
material and natural gas.

The ratings, however, continue to draw strength from the wide
experience of the promoters in the tile manufacturing
industry and its presence in the ceramic tile hub with easy access
to raw material and power and fuel. The ratings also factor in
increase in the total operating income (TOI) and improvement in
the capital structure and debt coverage indicators during FY14
(refers to the period April 1 to March 31).

The ability of CTPL to increase its scale of operations coupled
with the improvement in profit margins in light of volatile
fuel prices and improvement in the capital structure remains the
key rating sensitivity.

Rajkot (Gujarat) based CTPL, a closely held private limited
company, was incorporated in 2007 by Mr Pravinbhai R. Bhalodiya.
CTPL is engaged in the manufacturing of ceramic glazed wall tiles.
CTPL operates from its sole manufacturing facility located in the
ceramic cluster (Morbi) and has an installed capacity to
manufacture 60,000 metric tonnes per annum (MTPA) of ceramic
glazed wall tiles as on March 31, 2014. CTPL market its products
under two brands 'Capson' and 'KAG'. CTPL also exports its
products to Sri Lanka, New Zealand, Africa and Gulf countries.

During FY14, CTPL reported a TOI of INR31.86 crore and PAT of
INR0.27 crore as against TOI of INR27.25 crore and PAT of
INR0.26 crore during FY13. Furthermore, during HIFY15, CTPL has
achieved a turnover of INR27 crore.


CORONA STEEL: CRISIL Cuts Rating on INR10MM Cash Credit to B-
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Corona Steel Industry Pvt Ltd to 'CRISIL B-/Stable' from
'CRISIL B/Stable' and has reaffirmed its rating on the company's
short-term facilities at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             10       CRISIL B-/Stable (Downgraded
                                      from 'CRISIL B/Stable')

   Export Packing          20       CRISIL A4 (Reaffirmed)
   Credit

   Foreign Bill            20       CRISIL A4 (Reaffirmed)
   Discounting

The rating downgrade reflects Corona's weakened financial risk
profile, marked by a small net worth and high gearing. The net
worth declined to INR3.7 million as on March 31, 2014, from 8.9
million as on March 31, 2012 because of losses in the year 2012-
13. Moreover, Corona had high gearing of 26 times as on March 31,
2014, driven by large debt against a small net worth. The
company's liquidity remains weak on account of low cash accruals
and high bank limit utilisation of 92 per cent on an average over
the 10 months through September 2014.

The ratings reflect Corona's weak financial risk profile, large
working capital requirements, and susceptibility to volatility in
raw material prices. These rating weaknesses are partially offset
by the considerable experience of Corona's promoters in the steel
fabrication industry.

Outlook: Stable

CRISIL believes that Corona will benefit over the medium term from
its promoters' considerable industry experience. The outlook may
be revised to 'Positive' if the company registers better revenue
growth and profitability, leading to an improved financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
Corona's financial risk profile deteriorates because of a stretch
in its working capital cycle or a decline in its revenue and
profitability.

Founded in 1978, Corona manufactures a wide range of steel
accessories used in the road and construction industries. The
company is promoted by the Kolkata-based Garodia family and has
its manufacturing facility in Belur (West Bengal). Its products
include threaded rods, studs, tie rods, stakes, cut rebars, bolts,
nuts, washers, road forms, and pins and wire.


DISCOVERY INTERMEDIATES: ICRA Suspends D Rating on INR6.25cr Loan
-----------------------------------------------------------------
ICRA has suspended long term rating of [ICRA]D assigned to INR6.25
crore bank facilities of Discovery Intermediates Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


G.S. RADIATORS: CARE Revises Rating on INR4.61cr Bank Loan to B+
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
G.S. Radiators Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities     4.61      CARE B+ Revised from
                                           CARE B

   Short-term Bank Facilities    9.00      CARE A4 Reaffirmed

   Long-term/Short-term Bank     4.00      CARE B+/A4 Revised
   Facilities                              from CARE B/Reaffirmed

Rating Rationale

The revision in the long-term rating of G.S. Radiators Limited
(GSR) factors in the improvement registered in the financial
risk profile in FY14 (refers to the period April 1 to March 31)
and H1FY15 (refers to the period April 1 to September 30).

The ratings, however, continue to be constrained by GSR's small
scale of operations, weak debt service coverage indicators,
working capital intensive nature of operations and fortunes linked
to the automobile industry which is cyclical in nature. The
ratings also take cognizance of exposure to the raw material price
volatility.

The ratings continue to derive strength from the long experience
of the promoters and the reputed client base of the
company. The ratings also take cognizance of moderate capital
structure of the company.

Going forward, the ability of the company to improve its scale of
operations while improving its profitability margins and
effective management of its working capital requirement shall be
the key rating sensitivities.

Incorporated in 1988, G.S Radiators Limited (GSR) is a closely
held public limited company promoted by Mr Ranjodh Singh. Mr
Ranjodh Singh has an experience of more than two decades in the
automobile industry. He looks after the overall affairs of the
company. He is supported by Mrs Rajinder Kaur (wife of Mr Ranjodh
Singh), who has an experience of more than a decade in the
automobile industry. The company is engaged in the manufacturing
of copper-brass radiators for the automotive original equipment
manufacturers (OEMs).

The manufacturing unit of the company is located at Ludhiana
(Punjab) and has an installed capacity for processing one lakh
pieces per annum (LPA). The main raw materials of the company are
brass and copper which are mainly procured domestically. The
company sells its products in both the domestic and overseas
market under the brand name of "GS RADIS EUROPE".

For FY14, GSR reported a total operating income of INR46.20 crore
and a PAT of INR0.51 crore as against total operating income of
INR31.85 crore and a PAT of INR-0.38 crore of FY13. Furthermore,
the company had achieved a total sales of INR21.40 crore with PBT
of INR0.53 crore till H1FY15.


GATIMAN AUTO: CRISIL Reaffirms B- Rating on INR46MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gatiman Auto Pvt Ltd
continue to reflect GAPL's weak financial risk profile, marked by
modest debt protection metrics, high gearing, and a small net
worth, driven by large capital expenditure (capex), subdued cash
accruals, and substantial working capital requirements. The
ratings also factor in the company's small scale of operations and
its susceptibility to volatility in raw material prices. These
rating weaknesses are partially offset by the extensive experience
of GAPL's promoters in the automobile components industry, and its
established customer relationships.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        2        CRISIL A4 (Reaffirmed)
   Cash Credit          46        CRISIL B-/Negative (Reaffirmed)
   Letter of Credit     14.5      CRISIL A4 (Reaffirmed)

Outlook: Negative

CRISIL believes that GAPL's liquidity will remain weak over the
medium term, with its depressed cash accruals expected to tightly
match its debt obligations. The ratings may be downgraded in case
of a delay by GAPL in servicing its debt. Conversely, the outlook
may be revised to 'Stable' if there is a substantial and sustained
improvement in the company's revenues and profitability or
substantial equity infusion, thereby easing the pressure on its
liquidity.

Incorporated in 1988, GAPL manufactures sheet metal components
(press parts), mainly fuel tanks, silencer assemblies, and tippers
for automobile and industrial original equipment manufacturers.
The company is promoted by Mr. Ashvin Shah, Mr. Subhash Chuttar,
Mr. Shyam Jain, and Mr. Prafull Kothadiya.

GAPL reported a profit after tax (PAT) of INR5 million on an
operating income of INR551 million for 2013-14, against a PAT of
INR9 million on an operating income of INR593 million for 2012-13.


GOPALA KRAFT: CRISIL Reaffirms B Rating on INR62.5MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Gopala Kraft Pack Pvt
Ltd continues to reflect GKP's modest scale of operations and
below-average financial risk profile, marked by high gearing and
moderate debt protection indicators. These rating weaknesses are
partially offset by the extensive industry experience of GKP's
promoters and its strong customer relationships.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         27.5       CRISIL B/Stable (Reaffirmed)
   Term Loan           62.5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GKP will benefit from the extensive industry
experience of its promoters and the stable demand outlook for its
products, over the medium term. The outlook may be revised to
'Positive' if increase in operating revenue and profitability or
any sizeable equity infusion leads to strengthening of its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if challenges in scaling up operations lead to low cash
accruals; or if stretch in working capital cycle or incurs larger
debt funded capital expenditure resulting in decline in liquidity.

Update
For 2013-14 (refers to financial year; April 1 to March 31), the
company reported revenue of INR188.4 million, with a growth of 19
per cent over the previous year. The revenue growth was driven by
addition of new customers and increased utilisation of capacity.
GKP is expected to achieve healthy business growth over the near
to medium term. The profitability is also expected to improve
further, supported by increasing capacity utilisation; operating
margin improved to 9.9 per cent in 2013-14 from about 9.1 per cent
in 2012-13.

The company has large working capital requirements, with high
gross current assets (GCAs) of 155 days as on March 31, 2014,
mainly on account of sizeable raw material inventory and credit
offered to customers. During 2013-14, it had incremental working
capital requirements of INR18.5 million against cash accruals of
INR7.5 million, necessitating intake of bank debt. As on
March 31, 2014 its net worth and gearing stood at about INR40.0
million and 2.6 times. The gearing is expected to remain high on
account of working capital borrowings. The company's liquidity is
moderate with sufficient accruals and moderate utilisation of bank
limits.

GKP reported a profit after tax (PAT) of INR1.6 million on net
sales of INR188.4 million for 2013-14, against a PAT of INR2.1
million on net sales of INR158.0 million for 2012-13.

Incorporated in 1996 by the Somani family, GKP manufactures and
sells corrugated boxes. Its manufacturing unit is located in
Baramati (Maharashtra). Mr. Gautam Somani, managing director,
looks after the day-to-day operations of the company.


GREY'S EXIM: CRISIL Reaffirms B Rating on INR192MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Grey's Exim Pvt Ltd
continue to reflect its below-average financial risk profile,
marked by low net worth, aggressive gearing, weak debt protection
metrics, and working capital intensity in operations. These rating
weaknesses are mitigated by the extensive experience of GEPL's
promoter in the textile industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           192        CRISIL B/Stable (Reaffirmed)
   Inland Guarantees       2        CRISIL A4 (Reaffirmed)
   Standby Line of        19        CRISIL B/Stable (Reaffirmed)
   Credit
   Proposed Long Term     87        CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that GEPL's financial risk profile will remain
constrained over the medium term, on account of large working
capital requirements. The outlook may be revised to 'Positive' if
efficient working capital management or a sizeable equity infusion
leads to a stronger liquidity and capital structure, respectively,
for GEPL. Conversely, the outlook may be revised to 'Negative' if
decline in topline and profitability, or any large debt-funded
capex leads to further weakening in its financial risk profile.

Update
GEPL maintained healthy revenue growth, with topline increasing at
35 per cent year-on-year, to around INR950 million in 2013-14
(refers to financial year April to March) from INR697.4 million in
the previous year. The accruals improved marginally to INR12
million from INR11 million during this period. However, the
working capital cycle is stretched, with gross current assets of
235 days as on March 31, 2014 from 168 days a year ago. Increasing
working capital borrowings have meant that the company's liquidity
is stretched, with full utilisation of bank lines for the 12
months through May 2014 due to which the overall financial risk
profile has been weak with gearing of around 4.5 times and
interest coverage ratio and net cash accruals to total debt at
about 1.5 times and 0.05 times for the year ended March 31, 2014.
Additionally, small net worth of around INR60 million on March 31,
2014 also restricts financial flexibility. CRISIL believes that
GEPL will maintain a healthy turnover growth going forward, though
incremental working capital requirements will continue to
constrain the overall financial risk profile.

For 2013-14, on a provisional basis, GEPL reported a profit before
tax of INR12.2 million on net sales of INR953.6 million, against a
profit before tax of INR9.1 million on net sales of INR697.4
million for 2012-13.

Incorporated in 1986, GEPL is promoted by Mr. Mehul Sedani. The
company manufactures woven garments such as tops, shorts, inner
wear, shorts, and shirts for men.


JUMBO BAG: ICRA Ups Rating on INR38.3cr LT Fund Based Loan to B-
----------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR1.89
crore term-loans, the INR38.30 crore long-term fund based limits
and the INR0.91 crore proposed facilities of Jumbo Bag Limited
from [ICRA]D to [ICRA]B-. ICRA has also upgraded the short-term
rating assigned to the INR2.00 crore short-term fund based
facilities and the INR11.90 crore short-term non-fund based
facilities of JBL from [ICRA]D to [ICRA]A.
                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, Term       1.89         [ICRA]B-;Upgraded from
   Loans                              [ICRA]D


   Long-term, Fund       38.30        [ICRA]B-;Upgraded from
   Based                              [ICRA]D

   Long-term, Proposed    0.91        [ICRA]B-;Upgraded from
   Facilities                         [ICRA]D

   Short-term, Fund       2.00        [ICRA]A4 ;Upgraded from
   Based                              [ICRA]D

   Short-term, Non-      11.90        [ICRA]A4 ;Upgraded from
   fund Based                         [ICRA]D

The rating revision takes into account the regularisation of debt
repayments since the delays in January 2014 which occurred
following a fire incident in one of JBL's facilities in November
2013 that resulted in loss of fixed assets and inventories. The
ratings revision also considers JBL's presence in the value added
customised FIBC products that fetch relatively higher margins; and
the long track record of the promoters in the FIBC industry with a
strong network of suppliers and customers.

The ratings however, are constrained by the modest scale of
operations; the vulnerability of profits to fluctuations in
polymer prices and forex; and the weak financial risk profile
characterised by low profitability, weak cash accruals, highly
leveraged capital structure and stressed coverage indicators. The
ratings are also constrained by the highly competitive nature of
the FIBC industry with low entry barriers. Timely approval and
receipt of the insurance claim against loss of inventories would
remain the key rating sensitivity.

Jumbo Bag Limited, incorporated in 1990, is part of the Bliss
Group which has footprints in packaging, polymer and commodity
trading, consultancy and agriculture. The promoters of the Bliss
Group of Companies have over three decades of experience in the
packaging industry. JBL commenced manufacturing of Flexible Bulk
Intermediate Containers (FIBC) in 1994 with an initial capacity of
0.72 million jumbo bags per annum. The company currently has the
capacity to manufacture more than 3.2 million bags per annum
(capacity of 5500 MTPA) through 2 plants in Tiruvallur Dist. near
Chennai, Tamil Nadu.

For FY 2013-2014, JBL reported net losses of INR2.20 crore on net
sales of INR83.30 crore.


K. P. R. AGROS: ICRA Assigns B+ Rating to INR10.5cr Cash Credit
---------------------------------------------------------------
ICRA has assigned a rating of [ICRA]B+ to INR20.00 crore fund
based facilities (including unallocated limit of INR4.35 crore) of
K. P. R. Agros Poultries Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-     10.50        [ICRA]B+ assigned
   Cash Credit
   Fund Based Limits-     5.15        [ICRA]B+ assigned
   Term Loan
   Unallocated Limit      4.35        [ICRA]B+ assigned

The assigned rating factors in KPRAPPL's weak financial profile
characterized by thin profitability, high gearing and depressed
coverage indicators in the last two years and its high working
capital intensity of operation on account of high inventory (which
largely comprises of feeds) maintained. The rating is also
constrained due to cyclicality associated with the poultry
industry and resultant table egg price volatility and
vulnerability of profits to fluctuation in prices of feed
(primarily maize and soya) which accounts for more than 85% of
manufacturing cost.

The rating however, favourably factors in the experience of the
promoters in commercial layer poultry farming; KPRAPPL being a
part of the KPR Group which has diversified presence in
pesticides, fertilizers and chemicals, poultry farming and rice
mills and healthy demand outlook for the layer segment of the
industry on account of increasing acceptance of eggs as a daily
meal component which has led to a consistent improvement in the
operating income in the last few years.

Going forward, the ability of the company to improve its
profitability which would enable it to generate enough accruals
for servicing its long term debt obligation and manage its overall
working capital requirements would remain key sensitivities.

K. P. R. Agros Poultries Private Limited was promoted by Mr. K.
Bhaskar Raghu Rama Reddy in 2008 and is engaged in the business of
commercial layer poultry farming. The company operates through its
units located at Balabhadrapuram (capacity of 520,000 layers),
East Godavari District and is involved in the sale of table eggs.


KAVITA EXIM: ICRA Assigns B Rating to INR12.50cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR12.501
crore fund-based bank facilities of Kavita Exim Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-based bank      12.50         [ICRA]B; assigned
   facilities

The ratings take into account KEPL's weak financial profile
characterized by low profitability and high working capital
intensity. The firm's working capital cycle has remained elongated
on account of high raw material holding requirements and long
receivables collection period, which coupled with limited accruals
to fund revenue growth has resulted in high dependence on debt
borrowings and has kept the liquidity stretched. The ratings
however, derive comfort from relevant experience of promoters of
over two decades in the textile industry, and the company's
established sales network in the domestic market.

Going forward, the ability of the company to improve its
profitability and effectively manage the working capital cycle to
reduce dependence on external borrowings to fund growth as well as
strengthen its capital structure, will be the key rating
sensitivities.

KEPL was incorporated by Mr. Ashu Jain and his family members in
October 2013 by merging the operations of two proprietorship
entities Kavita Overseas and Sonia Enterprises. KEPL is engaged in
trading of finished fabrics (mostly cotton based), with focus on
dress material for women. The promoter family has experience of
over two decades in trading of fabrics through proprietorships.


KEERTHI INDUSTRIES: CARE Cuts Rating on INR52.91cr LT Loan to D
---------------------------------------------------------------
CARE revises the rating assigned to bank facilities of Keerthi
Industries Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    52.91       CARE D Revised from
                                            CARE C

Rating Rationale

The revision in rating takes into account delays in repayment of
debt obligation on account of continued cash losses during FY14
(refers to the period April 1 to March 31) and operational loss in
Q1FY15 (refers to the period April 1 to June 30).

Keerthi Industries Ltd (KIL), incorporated in 1982, was originally
promoted by the Late Mr J S Krishna Murthy as Suvarna Cements Ltd.
Later in 1999-2000, the management of the company was taken over
by Mrs J. Triveni (Chairman) and Mr J. S. Rao (Managing Director).
KIL is engaged in the manufacturing of specialized cement i e
Ordinary Portland Cement (OPC) and Pozzolona Portland Cement
(PPC), with product mix of OPC:PPC in the ratio of about 95:05.

The manufacturing facility of cement having an installed capacity
of 594,000 TPA is located at Nalgonda district of Telangana State.
KIL sells cement under the brand name 'Suvarna Cements'.

Apart from the cement business, KIL is also into wind power
generation (1.5 MW installed capacity), manufacturing of
printed circuit boards (PCB) (37,000 sq. meters installed
capacity) and also has an integrated sugar mill (35 00 TPD
installed capacity).

During FY14, KIL has achieved PBILDT of INR3.71 crore (against
PBILDT of INR3.94 crore in FY13) with net loss of INR18.04
crore(against net loss of INR 24.55 crore in FY13) on a total
operating income of INR125.65 crore (against INR108.20 crore
in FY13).

As per the unaudited results of Q1FY15 (refers to the period
April 1 to June 30), KIL has incurred an operating loss of INR1.15
crore and net loss of INR5.62 crore on a total operating income of
INR21.42 crore.


KELTRON COMPONENT: ICRA Reaffirms 'C' Rating on INR11.25cr Loan
---------------------------------------------------------------
ICRA has re-affirmed the rating outstanding on the INR11.25 crore
fund based facilities of Keltron Component Complex Limited at
[ICRA]C.  ICRA has also re-affirmed the short term rating
outstanding on the INR12.75 crore non fund based facilities of
KCCL at [ICRA]A4.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund-based facilities     11.25      [ICRA]C/re-affirmed

   Non-Fund based
   facilities                12.75      [ICRA]A4/re-affirmed

The re-affirmation of ratings consider the long standing presence
of the company in the electronics components market for over three
decades, with sizeable market share in the aluminium electrolytic
capacitor segment, and the financial flexibility enjoyed by virtue
of being a subsidiary of KSEDC, a Kerala State government
undertaking. The ratings however remain constrained by the
stretched financial profile of the company, characterized by
negative networth and inadequate coverage indicators. Continued
losses owing to weak earnings from operations coupled with
increasing interest charges have eroded the networth of the
company and also resulted in strained liquidity position. Further,
limited pricing flexibility in an industry characterised by
intense competition from imports expose earnings to volatile raw
material prices and exchange rates as witnessed during the recent
past. While the capacity constraints and high fixed costs have
limited earnings in the past, the ongoing and proposed expansion
funded through grants received from the state government are
likely to support the earnings and financial profile to an extent.

Keltron Component Complex Limited is a subsidiary of Kerala State
Electronics Development Corporation Limited, a Government of
Kerala undertaking. KSEDC produces a wide range of products
ranging from discrete electronics components to complex telecom
equipment and other systems. KSEDC entered the electronic
components space by setting up an Aluminium Electrolytic Capacitor
plant in technical collaboration with Spargue Electromag, Belgium,
in 1976 under KCCL in Kannur, Kerala. Aluminium Electrolytic
Capacitors and Metallised Plastic Film Capacitors are the major
product segments of the company which contribute to more than 90%
of the total revenues of KCCL.


M. D. AGRO: ICRA Assigns B+ Rating to INR25cr LT Fund Based Limit
-----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR25.0
crore fund based bank facilities of M. D. Agro Foods.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund        25.0         [ICRA]B+ assigned
   Based Limits

The assigned rating is constrained by MDAF's moderate scale of
operations, its weak profitability and highly leveraged capital
structure as reflected in gearing of 20.99 times as on 31st March,
2014 resulting in weak debt coverage indicators of the firm. The
rating also factors in the high working capital intensive nature
of the rice business and highly competitive and fragmented nature
of the rice industry, marked by numerous organised as well as
unorganised participants, which limits pricing power of
participants like MDAF. The assigned rating also takes into
consideration the vulnerability of MDAF's profitability to agro
climatic risks and risks inherent in the partnership firms like
limited ability to raise capital; risk of dissolution. However,
the assigned rating favourably takes into account the long
experience of its promoters in the rice industry and their
financial support in the form of unsecured loans to meet the
funding requirements; favourable demand outlook for the rice
industry and the location advantage enjoyed by the firm due to its
milling facilities based out of Haryana which is a major rice
growing state facilitating easy availability of paddy and rice.

MDAF was established in Nissing in Karnal (Haryana) in 2009. The
firm mills and processes basmati rice. MDAF commenced commercial
operations in January 2010, and is owned and managed by Mr. Ajay
Kumar and Mr. Praveen Kumar.

Recent Results
The company reported a net profit after tax of INR0.10 crore on an
operating income of INR83.70 crore in FY2014 as against a net
profit after tax of INR0.10 crore on an operating income of
INR60.13 crore in FY2013.


MAHARAJ VINAYAK: ICRA Places B+ Rating on INR14cr Fund Based Loan
-----------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to INR14.00
crore fund based bank facilities of Maharaj Vinayak Society.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long Term: Fund Based     14.00        [ICRA] B+

Rating Rationale
The assigned rating takes into account the established track
record of the society's dental and nursing colleges which owing to
high demand for these courses have been able to maintain high
occupancy levels. This coupled with recent university status and
subsequent offering of new courses is expected to improve the
student strength going forward. In addition to this, the increase
in fees for its dentistry courses, high occupancy in its dentistry
and nursing colleges and stable fee based income provides
significant revenue visibility for the society. The rating however
is constrained on account of moderate occupancy levels in other
courses, though improved admissions in their fresh batches provide
comfort. The rating is also constrained on account of modest net
profit and cash accruals in relation to the total debt, leading to
modest debt indicators. ICRA however takes note of the long
repayment tenor of the term loans that leads to lower repayment
obligation for the society despite high total debt and thus helps
in maintaining moderate debt service coverage indicators.

Going forward, the ability of the society to improve the occupancy
levels in other courses and improvement in profitability levels
leading to improved debt coverage indicators, and extent of
capital expenditure shall be the key rating sensitivities.

MVS was established in January 1998 and currently operates six
colleges offering undergraduate and postgraduate courses in
dentistry, nursing, physiotherapy, occupational therapy, law, art
and commerce streams. The society also runs a 100 bedded hospital
as per the mandatory requirement of the Dental Council of India
(DCI). The operations of the hospital are charitable in nature.
All the constituent colleges and the hospital are operated out of
a single campus in Jaipur spread over an area of ~50 acres.

Recent Results
MVS reported Revenue Receipts (RR) of INR17.05 Crore (provisional)
and net surplus of INR0.91 Crore in 2013-14 against RR of INR15.21
Crore and net surplus of INR0.86 Crore in 2012-13.


MALAXMI HIGHWAY: CARE Reaffirms D Rating on INR216.86cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Malaxmi Highway Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    216.86      CARE D Reaffirmed

Rating Rationale

The re-affirmation of rating takes into account delay in debt
servicing due to receipt of lower annuity from National Highways
Authority of India (NHAI) on account of non-execution of partial
stretch of 9.24 km in view of non-receipt of Right of Way.

Malaxmi Highway Pvt. Ltd. is a Special Purpose Vehicle promoted by
Meenakshi Infrastructures Pvt. Ltd., Kinnera Power Co. Ltd (KPCL)
and Nava Bharat Ventures Ltd. (NVL) to undertake widening of the
existing 2 lane portion from Km 547/400 to Km 596/750, covering
49.35 km on NH-7 in Madhya Pradesh to 4 lanes on Built, Operate &
Transfer (BOT) Annuity basis.

The Concession Agreement (CA) was executed between MHPL and NHAI
on September 29, 2006 for a concession period of 20 years from the
Appointed Date inclusive of a construction period of 2.5 years.
The project was implemented and completed on schedule as per the
terms of the concession agreement. However, work on stretch of
9.24 km is pending due to land acquisition constraints (land under
reserve forest area).

Meenakshi group holds 98.92% shareholding in MHPL through its
group companies; KPCL (50%) and MIPL (48.92%). The balance 1.01%
shareholding lies with NVL.

During FY14 (refers to the period April 1 to March 31), MHPL
registered a net loss of INR4.67 crore (FY13: INR6.80 crore)
on annuity income of INR44.84 crore for FY14 (FY13: 44.84 crore).

During FY14, RACPL posted PBILDT of INR34.83 crore (FY13: INR38.43
crore) and PAT (after deferred tax) of INR10.54 crore
(FY13: INR13.69 crore) on a total income of INR218.16 crore (FY13:
INR205.50 crore).


MANSA DEVI: ICRA Assigns B+ Rating to INR27cr LT Fund Based Loan
----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR27.0
crore fund based bank facilities of Mansa Devi Rice Mills.
                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund         27.0        [ICRA]B+ assigned
   Based Limits

The assigned rating is constrained by MDRM's moderate scale of
operations, its weak profitability and highly leveraged capital
structure as reflected in gearing of 39.32 times as on 31st March,
2014 resulting in weak debt coverage indicators of the firm. The
rating also factors in the high working capital intensive nature
of the rice business and highly competitive and fragmented nature
of the rice industry, marked by numerous organised as well as
unorganised participants, which limits pricing power of
participants like MDRM. The assigned rating also takes into
consideration the vulnerability of MDRM's profitability to agro
climatic risks and risks inherent in the partnership firms like
limited ability to raise capital; risk of dissolution etc.
However, the assigned rating favourably takes into account the
firm's established operational track record and long experience of
its promoters in the rice industry and their financial support in
the form of unsecured loans to meet the funding requirements;
favourable demand outlook for the rice industry and the location
advantage enjoyed by the firm due to its milling facilities based
out of Haryana which is a major rice growing state facilitating
easy availability of paddy and rice.

Mansa Devi Rice Mills is a partnership concern established in 1982
by its partners, Mr. Raj Kumar and Mr. Ved Prakash. Mansa Devi
Rice Mills processes basmati and non basmati rice and sells it in
the domestic and export market.

Recent Results
The company reported a net profit after tax of INR0.09 crore on an
operating income of INR98.67 crore in FY2014 as against a net
profit after tax of INR0.08 crore on an operating income of
INR90.19 crore in FY2013.


MATSYA AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR150MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Matsya Automobiles Ltd
(MAL) continue to reflect MAL's limited bargaining power with
principal, Tata Motors Ltd (TML; rated 'CRISIL AA/Stable/CRISIL
A1+') resulting in low profitability; the ratings also factor in
MAL's exposure to intense competition in the automobile dealership
industry. These rating weaknesses are partially offset by the
benefits that MAL derives from its long-standing association with
its principal.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           125        CRISIL B+/Stable (Reaffirmed)
   Channel Financing     150        CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility     40        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    145        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MAL will continue to benefit from its
promoters' experience in the dealership business. The outlook may
be revised to 'Positive' if the financial risk profile improves
significantly, driven by improved profitability or infusion of
funds from promoters. Conversely, the outlook may be revised to
'Negative' if MAL's revenue or profitability declines
significantly, or if it undertakes any debt-funded capital
expenditure.

Update
For 2013-14 (refers to financial year, April 1 to March 31), MAL
reported revenue of INR2147.0 million, a decline of 29 per cent
over the previous year. The decline was mainly on account of weak
demand and reduced volumes for TML's heavy commercial vehicles.
Revenue growth is expected to remain low over the near term on
account of continued weak demand. The profitability, however,
improved marginally to 1.6 per cent, backed by focus on higher-
margin activity, and higher incentives from the principal. CRISIL
expects profitability will remain in the 1.5-2.0 per cent range
over the near to medium term.

The company incurred capex of INR27.7 million during 2013-14
mainly to procure land; the capex was funded by equity infusion of
INR10.0 million by the promoters, and by internal accruals.
Working capital requirements continue to be met from external
borrowings. MAL had a modest net worth of INR69.2 million and high
total outside liabilities to total net worth (TOLTNW) of 6.0 times
as on March 31, 2014. Due to high dependence on external
borrowings and high interest outgo, the interest coverage remains
weak at 1.11 times for 2013-14. The financial risk profile is
expected to remain weak on account of sizeable working capital
borrowings and limited accruals. The liquidity is moderate,
supported by absence of term debt obligations and moderate
utilisation of bank lines.

MAL reported a profit after tax (PAT) of INR2.6 million on net
sales of INR2147.0 million for 2013-14, against a net loss of
INR8.0 million on net sales of INR3015.0 million for 2012-13.

MAL was incorporated in Alwar (Rajasthan) in 1992. The company is
the exclusive authorised dealer for TML's heavy commercial
vehicles, in five districts of Rajasthan: Alwar, Bharatpur,
Dhaulpur, Sawai Madhopur and Karauli. The company is promoted by
Mr. Vijay Gupta and his family.


MICRON PHARMACEUTICALS: CRISIL Rates INR50MM Cash Credit at B+
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Micron Pharmaceuticals (MP).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                9.9        CRISIL B+/Stable
   Inland/Import Letter    50.0        CRISIL A4
   of Credit
   Bank Guarantee          30.1        CRISIL A4
   Cash Credit             50.0        CRISIL B+/Stable

The ratings reflect MP's modest scale of operations in an
intensely competitive formulations industry, exposure to
volatility in raw material prices, and average financial risk
profile, marked by high gearing and average debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of MP's promoters in the domestic
formulations industry and their funding support.

Outlook: Stable

CRISIL believes that MP will continue to benefit over the medium
term from its promoters' extensive experience in the formulations
industry. The outlook may be revised to 'Positive' in case the
firm's scale of operations and profitability improve significantly
leading to sizeable cash accruals, or if its promoters infuse
large capital, leading to an improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile deteriorates due to stretched working
capital requirements or substantial capital expenditure.

Established in 1982, MP is a partnership firm that manufactures
antibiotics and anti-bacterial and anti-malarial formulations in
various dosage forms such as tablets, capsules, ointments, liquid
injectibles, and powder. The firm is managed by Mr. Naresh Jain.
Its manufacturing facility is in Vapi (Gujarat).


PAN EMPIRE: ICRA Reaffirms B Rating on INR19.5cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the long term rating of ICRA]B to the INR19.50
crore cash credit facility (enhanced from INR9.50 crore) of Pan
Empire India Private Limited.  ICRA has also reaffirmed the short
term rating [ICRA]A4 to the INR19.50 crore fund based EPC/FBD/PCFC
facilities (Sublimit of cash credit) (enhanced from INR9.50
crore), INR10.00 crore non fund based LC/Buyer's Credit (Sublimit
of cash credit) (enhanced from INR9.50 crore) and INR0.50 crore
non fund based credit exposure limit of PEIPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Cash         19.50        [ICRA]B reaffirmed
   Credit

   Fund Based-EPC/FBD/    (19.50)       [ICRA]A4 reaffirmed
   PCFC

   Non Fund Based-LC/     (10.00)       [ICRA]A4 reaffirmed
   Buyer's Credit

   Non Fund Based-Credit    0.50        [ICRA]A4 reaffirmed
   Exposure Limit

The reaffirmation of the ratings continue to factor in Pan Empire
India Private Limited's weak financial profile characterized by
low profitability, weak debt protection indicators and high
gearing with stretched capital structure. Neverthless ICRA notes
that the rise in unsecured debt is primarily driven by a
reclassification of partners' capital into unsecured loans post
conversion from partnership firm. The rating is also constrained
by the high competitive intensity of the trading business
resulting from low entry barriers and the susceptibility of
operations to commodity price risks given the seasonality of
various agro products as well as crop harvest.

The ratings, however, consider the extensive experience of the
promoters in scrap trading and trading of agro commodities. The
ratings also draw comfort from operational and financial support
from group concerns involved in diversified business operations as
well as established relationship with suppliers and customers. The
ratings also consider the stabilization in operations along with
the constitution as a private limited company.

Pan Empire India Private Limited was initially incorporated in the
year 2011 as a partnership firm and was converted into a private
limited company in May 2013 by addition of two new shareholders
namely Mr. Tushar P. Kansagara and Mr. Badal N. Kansagara to the
existing partners of the earlier firm. The company is engaged in
trading of metal scrap and agro commodities such as cotton bales,
cottonseeds, raw cashew nuts, cashew kernel, wheat and deals in
iron scrap, pig iron scrap and re-rolling scrap. The management of
the company is looked after by Mr. Arvind P. Patel, Mr. Alpesh V.
Patel and Mr. Tushar P. Kansagara.

Recent Results
In FY14, the company reported an operating income of INR72.18
crore and net profit of INR0.17 crore against an operating income
of INR18.92 crore and net profit of INR0.36 crore in FY13.


PRANJAL PROJECTS: CRISIL Ups Rating on INR110MM Bank Loan to B
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Pranjal Projects Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL C'.

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

   Proposed Long Term      110        CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL C')

   Letter of Credit        110        CRISIL A4 (Upgraded from
                                      'CRISIL C')

The rating upgrade reflects improvement in the company's financial
risk profile, particularly liquidity. The company has repaid term
loans of INR24 million outstanding as on March 31, 2014 and has
been sanctioned a fresh term loan of INR48 million for capacity
expansion in the first half of 2014-15 (refers to financial year,
April 1 to March 31). The fresh term loan of INR48 million has to
be repaid over a period of 10 years, leading to a decline in
maturing debt obligations to INR417,000 per month starting from
December 2014 from almost INR1.6 million to INR 1.8 million per
year of maturing obligations from previous loan over the same
period. The decline in maturing obligations to ~INR5.0 million to
INR5.5 million in 2015-16 against expected net cash accruals of
more than INR 20 million over the same period is expected to
improve liquidity of the company. However, liquidity remains
stretched, marked by almost 95 per cent utilisation of its bank
lines over the six months through August 2014.

PPPL's business risk profile remains stable, with a turnover of
INR875 million in 2013-14, though it declined marginally from
INR983.9 million in 2012-13 given a decrease in demand for
original equipment manufacturers because of weaker economic
environment. It is expected to remain at similar levels of around
INR880 million per annum over the medium term. Operating margin is
expected to remain at almost 6.00 per cent over the medium term.

The ratings reflect PPPL's modest financial risk profile, marked
by high gearing and weak debt protection metrics, exposure to
intense competition in a highly fragmented automobile (auto)
components industry, and large working capital requirements. These
rating weaknesses are partially offset by the benefits the company
derives from its promoters' extensive experience in the auto
component industry and their funding support.

Outlook: Stable

CRISIL believes that PPPL will continue to benefit over the medium
term from the extensive experience of its promoters in the auto
component industry. The outlook may be revised to 'Positive' if
there is a significant and sustained improvement in the company's
profitability and cash accruals, leading to improvement its
capital structure and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile weakens because of an increase in working capital
requirements or considerable debt-funded capital expenditure.

PPPL was incorporated in 2002 by Mr. Harish Chander Bhatia and his
sons, Mr. Vikas Bhatia and Mr. Deepak Bhatia. In April 2008, two
group entities, namely MFI Fabricators Pvt Ltd and Perfect Iron
Pvt Ltd were merged with PPPL. PPPL is engaged in fabrication of
components used in heavy engineering machinery and equipment,
earth moving equipment, and in tractors. It has three
manufacturing units in Faridabad (Haryana), with capacity of
30,000 tonnes per annum.


PRAVEEN ELECTRICAL: ICRA Puts B+ Rating on INR5cr Fund Based Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR5.0
crore long-term fund based limits and INR3.0 crore non fund based
limits of Praveen Electrical Works.  Also, ICRA has assigned the
ratings of [ICRA]B+/[ICRA]A4 to the INR2.0 crore proposed limits
of the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund        5.00         [ICRA]B+ (assigned)
   Based Limits

   Long-Term Non         3.00         [ICRA]B+ (assigned)
   Fund Based Limits

   Proposed Limits       2.00         [ICRA]B+/A4 (assigned)

The assigned ratings factor in the long standing experience of
promoter of more than 20 years in executing electrical contracts
and its healthy relationships with its established client base
consisting of government authorities. The rating also takes into
consideration the order book position of the firm with unexecuted
order of 2.06x of OI in FY14 as on April 30, 2014.

The ratings, however, are constrained by the geographical
concentration risk of the firm with operations concentrated in a
single state. The rating is further constrained by the small scale
of operations in a highly fragmented and competitive nature of
industry with presence of large number of organised and
unorganised players, exposure to volatility in raw materials with
absence of price escalation clause in majority of its contracts,
and unavailability of skilled labours straining firm's margins.
The ratings also take into account the firm's high exposure to
government clients usually resulting into stretched receivables
and large levels of work in progress.

The ability of the firm to secure new projects and scale up its
operations while managing its liquidity will remain key rating
sensitivities.

Praveen Electrical Works was established as a proprietorship firm
in the year 1994 by Mr. Prakash. C. Angadi. The firm is an
electrical contractor and is a registered Class 1 contractor with
Government of Karnataka. The firm undertakes internal and external
electrification works and caters to various Government departments
in Karnataka and the orders are received from a tender driven
process. The firm at present has 17 permanent employees and ~200
employees on contractual basis. As informed by the management, the
workers of the firm are not affiliated to any trade union and
cordial relationship exists between the workers and management.

Recent Results
According to unaudited results, the firm reported a profit before
tax of INR1.7 crore on an operating income of INR21.5 crore for
the fiscal year 2013-14 as against a net profit of INR0.8 crore on
an operating income of INR20.9 during 2012-13.


RAICHUR ROLLER: ICRA Assigns 'B' Rating to INR5cr Cash Credit
-------------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B to INR7.50 crore
fund based limits of Raichur Roller Flour Mills.

              Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limits    5.00        [ICRA]B assigned
   Term Loan             2.12        [ICRA]B assigned
   Unallocated           0.38        [ICRA]B assigned

The assigned rating is constrained by modest scale of firm's
operations and weak financial profile as characterized by
relatively high gearing and stretched debt protection metrics. The
rating also takes into consideration the highly fragmented nature
of grain processing industry which results in intense competitive
pressures and exposure of the entity's profitability. ICRA also
takes into consideration the agro-climatic risks and government
policies which impacts the availability and prices of raw material
which in turn affects the profitability of the firm. The rating
however favorably factor in the long track record of the firm with
more than 28 years of established presence in southern India and
experienced promoter's profile with long track record in the flour
milling industry. The rating also positively considers the
positive demand prospects for the wheat in India and firm's
expansion plan to enter into manufacturing of chakki fresh Atta
which is likely to be a major growth driver in the future.

Raichur Roller Flour Mills is incorporated in year 1986 and is
engaged in grinding of wheat to manufacture Maida, Atta, Suji,
Rawa and Bran. The firm has a well-diversified wholesaler
distribution network which caters primarily to the markets in
Karnataka and Andhra Pradesh. Almost 60% of the sales are done in
AP followed by rest in Karnataka. The firm's manufacturing
facility is located at Raichur district of Karnataka with a
capacity of 60 Tons per day.

Recent Results
As per the provisional results for FY2014, the firm reported net
profit of INR0.24 crore on an OI of INR28.89 crore as against a
net profit of INR0.40 cr on a OI of INR25.27 cr in FY13.


RAMKY ELSAMEX: CARE Reaffirms D Rating on INR232.26cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ramky Elsamex Hyderabad Ring Road Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    232.26      CARE D Reaffirmed

Rating Rationale

The rating continues to take into account ongoing delays in debt
servicing owing to the tight liquidity position of the company.

Ramky Elsamex Hyderabad Ring Road Ltd is a Special Purpose Vehicle
(SPV) incorporated on July 18, 2007, to design, construct,
develop, finance, operate and maintain eight-lane access-
controlled expressway under Phase II -A program in the Hyderabad
city for a stretch of 12.63 km from Tukkuguda (Km 121) to
Shamshabad (Km 133.63), under the Build, Operate & Transfer (BOT)
Annuity Basis. The project has been awarded under annuity scheme
by HMDA (erstwhile Hyderabad Urban Development Authority HUDA).
REL is promoted by the Hyderabad-based Ramky Infrastructure Ltd
and Elsamex SA, a Spanish engineering and construction company,
and a subsidiary of IL&FS Transportation Networks Limited.

The concession is for a period of 15 years, including a 30-month
implementation period. The project was completed and awarded
Provisional Completion Certificate (PCC) on March 31, 2010 (with
retrospective effect from November 26, 2009).

Considering the PCC, the company is eligible for bonus for early
completion. However, REL received Final Completion Certificate
retroactive from September 16, 2010. The company is in dispute
with HMDA with respect to the date of final completion and has
invoked arbitration for the same.

REL registered annuity income of INR63 crore and net profit of
INR0.73 crore for FY14 (refers to the period April 1 to
March 31) vis-a-vis annuity income of INR63 crore and loss of
INR4.15 crore in FY13.


RASA AUTOCOM: CARE Upgrades Rating on INR27CR LT Loan to 'C'
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Rasa
Autocom Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      27        CARE C Revised from
                                            CARE BB+ (SO) to
                                            CARE D and then
                                            upgraded to CARE C

Rating Rationale

The revision in the rating of RASA Autocom Limited to 'CARE D'
[Single D] is on account of delay in servicing of its debt
obligations in FY14 (refers to the period April 1 to March 31).

The subsequent rating upgrade factors in regularisation of debt
servicing of RASA for more than last three months.

The rating continues to be constrained by the weak financial risk
profile of RASA marked by continued losses, eroded networth
and high overall debt. The rating however derives strength from
the experienced management team and promoter group.

Going forward, turning around of operations and extent of
financial support by the parent company shall be the key rating
sensitivities.

RASA is a wholly owned subsidiary of RAIL engaged in the
manufacturing of two- wheeler parts, passenger car parts, tractor
parts, auto electronics & electrical parts. The company was
incorporated in September 2007 and started operations in October
2011. RASA currently supplies 100% of its production to RAIL.

RASA reported a total operating income of INR14.8 crore in FY14
(PY: INR9.6 crore) and net loss of INR8.3 crore at the PAT
level (PY: net loss of INR7.3 crore).


SAHARA UTSARGA: ICRA Lowers Rating on INR46cr LT/ST Loan to D
-------------------------------------------------------------
ICRA has revised downwards the rating assigned to the INR46 crore
bank limits of Sahara Utsarga Welfare Society from [ICRA]B+ and
[ICRA]A4 to [ICRA]D. Further, ICRA has also suspended the [ICRA]D
rating assigned to the company.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term/ Short        46.0         Downgraded from [ICRA]B+/
   term bank facilities                 [ICRA]A4 to [ICRA]D and
                                        suspended

The rating revision takes into account the delays in servicing of
debt obligations by SUWS in a timely manner. The suspension of the
ratings for the bank facilities of SUWS follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the Society.

Sahara Utsarga Welfare Society was set up in July 1996 as a non-
governmental organisation under the West Bengal Societies
Registration Act of 1961. The society provided microfinance loans
to women under the Self Help Group Model.


SECURE INDUSTRIES: ICRA Reaffirms B Rating on INR10.2cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed its [ICRA]B rating to the INR10.20 crore
(enhanced from INR7.20 crore) long-term loans and INR4.00 crore
(increased from 3.00 crore) cash credit facilities of Secure
Industries Private Limited. ICRA has also reaffirmed its [ICRA]A4
rating to the INR3.00 crore (reduced from INR4.00 crore) short
term non fund based facilities of SIPL.
                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, Fund-      10.20        [ICRA]B; reaffirmed
   based facilities-
   Term Loan

   Long-term, Fund-       4.00        [ICRA]B; reaffirmed
   based facilities-
   Cash Credit

   Short-term, Non        3.00        [ICRA]A4; reaffirmed
   Fund-based
   facilities

The ratings continues to favourably factor in the vast experience
of the promoters with relevant technical and marketing expertise
in the caps and closure business and engineering division and its
lower freight costs because of proximity of the factory to key
customers in the beverages industry. The company witnessed strong
growth during FY 2014 -- albeit on a lower base -- on account of
full capacity for caps and closures segment coming on-stream
during the fiscal. ICRA also takes note of the reputed customer
base of the company and favourable prospects for the beverages
industry which is expected to aid growth for SIPL's caps and
closures business. Post further capacity addition, the company is
also looking at diversifying to dairy and pharmaceutical
industries. Additionally, company's presence in South India is
advantageous since demand is less seasonal for beverages as
compared to North India.

The ratings are, however constrained by the stretched cash flows
given the debt funded capital expansion for the closures/caps
division and aggressive pace at which the company is growing which
has led to a tight liquidity condition and complete utilization of
bank limits. The company's chief raw material, Polypropylene,
being a crude oil derivative, the company is exposed to volatility
in prices of the same, nevertheless, with quarterly price revision
clause in place with its customers, the company is protected to a
considerable extent. The company's growth rate is expected to be
high with increased capacity in place from June, 2014 onwards
resulting in higher working capital requirements, further with
additional expected capital expenditure of INR4 crore in current
fiscal, cash flow situation is likely to remain tight.

Secure Industries Private Limited was originally established as
Plenco Polymers Private Limited on November 16, 1999, remained
dormant for a decade and started operations during FY 2009. The
Company's name was changed to Secure Industries Private Limited on
October 15, 2011. Until FY 2013, SIPL was primarily into servicing
of bottling and capping lines and supplying consumable parts to
bottling lines which are designed and developed by SIPL and are an
import substitution. SIPL is also into designing and manufactures
the special quality moulds used by various closure (cap)
manufacturers, its group company Marke Precitech Limited is into
similar business of mould manufacturing.

During FY 2013, SIPL entered the caps /closures segment which now
constitutes a major part of their business. End use of closures is
for PET bottles used in Carbonated Soft Drinks (CSD), Fruit
Juices, bottled water, liquor and pharmaceutical industries. The
company's factory is located at Hyderabad, Andhra Pradesh thus
providing access to the vast South Indian market and also large
parts of Western and Northern market.


SHAKTI MINES: CRISIL Reaffirms B+ Rating on INR80MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Shakti Mines and
Minerals (SMM; A unit of Shakti Agencies Pvt Ltd) continues to
reflect SMM's modest scale of operations in the intensely
competitive iron ore trading industry. Also, the rating reflects
customer concentration risk in the firm's revenue profile coupled
with high debtor days and susceptibility to volatility in raw
material prices. These rating weaknesses are partially offset by
the promoter's extensive experience in the iron ore trading
industry, and SMM's moderate financial risk profile, marked by a
low total outside liabilities to tangible net worth ratio and
adequate debt protection metrics.

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

   Proposed Long Term
   Bank Loan Facility    50      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SMM will continue to benefit over the medium
term from its promoter's extensive experience in trading in iron
ore products, and its healthy capital structure. The outlook may
be revised to 'Positive' if the firm significantly improves its
scale of operations, while maintaining its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' if SMM's financial risk profile deteriorates because of
considerable debt contracted for working capital requirements or
due to low revenue and profitability.

SMM, a unit of SAPL, trades in iron ore. The firm was set up in
2005 as a partnership firm by Mr. Manish Mandal and his brother,
Mr. Sriprakash Mandal. In April 2006, it was acquired by SAPL,
which was set up by the Mandal brothers in 1989. SAPL currently
has only one unit, SMM, and has no other business operations.


SHRI AGRAWAL: ICRA Reaffirms B+ Rating on INR21cr LT Bank Loan
--------------------------------------------------------------
ICRA has reaffirmed its long-term rating of '[ICRA]B+' on the
INR21.00 crore fund-based bank facilities of Shri Agrawal
Educational and Cultural Society. ICRA has withdrawn its rating on
the INR3.00 crore long-term loan of the society as there is no
amount outstanding against the rated facility.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          21.00        [ICRA]B+; reaffirmed

   Long Term Loans        3.00        [ICRA]B+: withdrawn

The rating reaffirmation takes into account the modest operational
profile of the society given the decline in occupancy levels in
the engineering college to 34% for Academic Year (AY) 2014-15 from
74% in the previous year; however the impact of this decline was
cushioned by the commencement of operations of school from AY
2014-15 and attainment of reasonable occupancy of 61% in its first
year of operations. Though the occupancies and student strength in
school will increase gradually over the years; the accruals from
the existing operations of the society remain modest. The capital
structure of the society is moderate with gearing of 2.2x as on
March 31, 2014 owing to past deficits and debt funded capex for
setting up the engineering college and school. The capital
structure would remain weak going forward as well, given the
ongoing capex for expansion of school capacity, although the
society has curtailed the budgeted capex for construction of the
academic block for the college by around INR4.2 crore, given the
recent subdued performance of the college. Overall, the planned
capex would stand reduced to INR27.3 crore (as compared to
originally budgeted INR31.5 crore) with pending capex of ~Rs.10
crore as on March 31, 2014 (at reduced levels). Despite reduction
in budgeted capex, the debt coverage indicators would continue to
remain modest given the leveraged capital structure, modest
accruals and high debt repayment liabilities. The rating also
remains constrained on account of stretched liquidity profile of
the society on account of delays in receipt of fees from the
students and absence of working capital limits. The rating
however, favorably takes into account the extensive track record
of the management in the education field in Madhya Pradesh, having
established a total of five colleges and three schools in Bhopal,
under two societies and their regular support towards funding the
deficit and capex being undertaken.

Going forward, the ability of the society to achieve adequate
occupancies in both the school and the engineering college in the
light of presence of a number of colleges / schools in nearby
areas and manage the liquidity through timely fee collection would
remain the key rating sensitivities.

SAEC was formed in FY 2008 by Mr. Sudhir Kumar Agrawal. The
society has set up an engineering college under the name, Sagar
Institute of Science, Technology and Engineering in Ratibad
(Bhopal) which is affiliated to Rajiv Ghandhi Proudyogiki
Vishwavidyalaya, Bhopal (Madhya Pradesh). The engineering college
commenced operations from AY 2009-10 with an intake of 90 students
and presently has a strength of 844 students (in AY 2013-14). The
college offers graduate (B.E.) and post-graduate (M.E.) courses.
The society has also set up a school - 'Sagar Public School' in
Bhopal which commenced operations from AY 2014-15 with classes up
to Standard V, and student strength of 257 for AY 2014-15.


SHRI GOVIND: ICRA Upgrades Rating on INR39cr FB Limit to 'B-'
-------------------------------------------------------------
ICRA has upgraded the long term rating outstanding on the INR39
crore long term fund based bank facilities of Shri Govind Realty
Private Limited to [ICRA]B- from [ICRA]D.
                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     39.0         [ICRA]B-;Upgraded from
                                      [ICRA]D

The rating revision favorably factors in the improvement in the
debt servicing track record of the company. The rating further
derives comfort from the increase in occupancy rates of the mall,
both in leasable area (90% in FY14 from 82% in FY13) as well as
the office space and the consequent improvement in profitability.
Over the last one year, SGRPL's tenant profile has strengthened
due to the addition of brands like Max, Killer, LG to its existing
tenant list of Reliance Mart, US Pizza, Cinepolis etc. The rating
continues to favorably factor in the promoters' experience in the
real estate sector.

However the rating remains constrained by SGRPL's high dependence
on debt and therefore weak debt coverage indicators characterized
by Total Debt/ OPBDITA at 6.2 times and DSCR at 0.7 times in FY14.
Notwithstanding the additional revenues from sales of plots and
office, the company's lease rental collections remained below par
owing to low revenue share and waiver of rentals for tenants who
are yet to establish themselves due to the rising competition
among the malls in the region.

The company continues to have substantial repayment obligations
going forward and is currently in the process of refinancing its
loan facility. The company's ability to tie up its debt in a
timely manner and the associated terms of debt would be a key
rating sensitivity. Alternatively, the promoters' ability to
continue to bring in funds in a timely manner to honor the debt
servicing obligations will be a critical rating factor. This
apart, the company's ability to strengthen its financial profile
through a combination of revenue growth and improved
profitability, while retaining its tenants will continue to be the
key rating sensitivities.

The company came into existence in 2005 as a partnership firm -
Shri Govind Realty and was promoted by the promoters of three real
estate firms in Bhopal, namely Asnani Builders & Developers
Limited, Raj Developers and Kamal Krishana Builders, for
construction of Aashima Mall. Later, in 2008, the firm was
converted into a private limited company - Shri Govind Realty
Private Limited. Aashima mall became operational in April 2012
with a total construction cost of INR~103.2 crore and a combined
leasable and office space area of around 3.7 lakh Square feet, of
which by March 31, 2014, the company had leased out 90% of the
leasable area and had sold around 84% of the area under office
space.

Recent Results
As per provisional results provided by the company, it recorded an
OI of INR18.1 cr., net worth of INR26.2 cr, Debt of INR54.5 cr.
and PAT of INR1.3 cr for FY2014 as against an OI of INR15.4 cr.,
net worth of INR23.8 cr, Debt of INR57.3 cr. and Net Loss of
INR1.8 cr for FY2013.


SRI SARASWATHI: ICRA Cuts Rating on INR6.6cr Term Loan to 'D'
-------------------------------------------------------------
ICRA has downgraded the long term rating for the INR6.60 crore
term loan facilities of Sri Saraswathi Educational Society from
[ICRA]B+ to [ICRA]D.  The rating downgrade takes into account the
recent delays in debt servicing by the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            6.60         [ICRA]D; downgraded

Sri Saraswathi Educational Society was established in 2009 and
runs one school in Mahboobnagar, Andhra Pradesh. SSES is part of
Keshava Reddy group of educational institutions which was started
in the year 1993 by Mr. N. Keshava Reddy. For the first 15 years
of operation the group ran its schools only in Kurnool, AP but
since 2008 the group has been undertaking major expansion and has
spread across several locations in Andhra Pradesh. The group
presently has close to 100,000 students studying in 38 schools
under the guidance of ~5000 teachers in 14 different locations in
Andhra Pradesh. The school imparts education from KG to class X as
per the Andhra Pradesh state curriculum.


SRI SATYANARAYANA: ICRA Cuts Rating on INR8.85cr Term Loan to D
---------------------------------------------------------------
ICRA has downgraded the long term rating for the INR8.85 crore
term loan facilities of Sri Satyanarayana Swamy Educational
Society from [ICRA]B+ to [ICRA]D.  The rating downgrade takes into
account the recent delays in debt servicing by the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            8.85         [ICRA]D; downgraded

Sri Satyanarayana Swamy Educational Society was established in
2009 and runs two schools in Medak, Andhra Pradesh. SSSES is part
of Keshava Reddy group of educational institutions which was
started in the year 1993 by Mr. N. Keshava Reddy. For the first 15
years of operation the group ran its schools only in Kurnool, AP
but since 2008 the group has been undertaking major expansion and
has spread across several locations in Andhra Pradesh. The group
presently has close to 100,000 students studying in 38 schools
under the guidance of ~5000 teachers in 14 different locations in
Andhra Pradesh. The school imparts education from KG to class X as
per the Andhra Pradesh state curriculum.


SRI SURYA: ICRA Lowers Rating on INR8.85cr Term Loan to 'D'
-----------------------------------------------------------
ICRA has downgraded the long term rating for the INR8.85 crore
term loan facilities of Sri Surya Educational Society from
[ICRA]B+ to [ICRA]D. The rating downgrade takes into account the
recent delays in debt servicing by the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            8.85         [ICRA]D; downgraded

Sri Surya Educational Society was established in 2010 and runs
three schools in Srikakulam and one school in Rajahmundry, Andhra
Pradesh. SSES is part of Keshava Reddy group of educational
institutions which was started in the year 1993 by Mr. N. Keshava
Reddy. For the first 15 years of operation the group ran its
schools only in Kurnool, AP but since 2008 the group has been
undertaking major expansion and has spread across several
locations in Andhra Pradesh. The group presently has close to
100,000 students studying in 38 schools under the guidance of
~5000 teachers in 14 different locations in Andhra Pradesh. The
school imparts education from KG to class X as per the Andhra
Pradesh state curriculum.


SSV SPINNERS: CARE Reaffirms B+ Rating on INR34.5cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirmed rating to the bank facilities of SSV Spinners
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    34.50       CARE B+ Reaffirmed

Rating Rationale

The rating of SSV Spinners Private Limited continues to be
constrained by volatility associated with raw material prices and
government regulations coupled with increased power shortage
problems. The ratings, however, continue to derive strength from
the experience of promoters, and commencement of full-fledged
operations in the company's spinning unit, coupled with government
support in form of subsidies.

The ability of the company to stabilize its operations improve its
profitabilityas well as the effectively manage its working capital
requirements are the key rating sensitivities.

SSV Spinners Private Limited was incorporated by Mr.Venkateswara
Rao (Director) and Ms.Subhashini (Director)in February 2011for
setting up a spinning mill with a capacity of 16,320 spindles. The
company has commenced partial operations from November 2013 and
full-fledged operations from January 2014,from its spinning unit
located at Mahabubnagar District, Andhra Pradesh.


STONE WONDERS: CRISIL Raises Rating on INR47.5MM Bank Loan to B
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Stone
Wonders (India) Ltd to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee            5         CRISIL A4 (Upgraded from
                                       'CRISIL D')

   Export Packing Credit    15         CRISIL A4 (Upgraded from
                                       'CRISIL D')

   Letter of Credit          5         CRISIL A4 (Upgraded from
                                       'CRISIL D')

   Proposed Long Term       47.5       CRISIL B/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL D')

The rating upgrade reflects the significant improvement in SWIL's
liquidity, marked by closure of term loans in 2013-14.
Furthermore, the company is expected to sustain its liquidity as
it is estimated to generate annual cash accruals of INR12 million
to INR18 million over the medium term, against which it does not
have any term debt repayments.

The ratings reflect SWIL's modest scale of operations and its
working-capital-intensive nature of operations. These rating
weaknesses are partially offset by the promoters' extensive
experience in the granite industry, and its established market
position.

Outlook: Stable

CRISIL believes that SWIL's business risk profile will be
maintained over the medium term marked by its promoters'
established track record in the quarry industry and its
diversified end-user profile. The outlook may be revised to
'Positive' if the company's working capital cycle improves along
with sustained improvement in margins and scale of operations.
Conversely, the outlook may be revised to 'Negative' if SWIL
reports lower than expected cash accruals or it undertakes a
larger-than-expected debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile or if its
liquidity deteriorates due to further elongation of its working
capital cycle.

Founded by Mr. R Veeramani, SWIL is engaged in quarrying and
processing granites and monuments.


SUBHASH GUAR: CRISIL Reaffirms B Rating on INR100MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Subhash Guar Gum
Industry Pvt Ltd continue to reflect SGL's weak liquidity, low
profitability, and the start-up phase of its operations in the
intensely competitive guar gum industry. These rating weaknesses
are partially offset by the extensive industry experience of the
company's promoters, and its moderate financial risk profile.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            60       CRISIL B/Stable (Reaffirmed)
   Packing Credit         55       CRISIL A4 (Reaffirmed)
   Term Loan             100       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      5       CRISIL B/Stable (Reaffirmed)

CRISIL had, on October 31, 2014, upgraded its rating on the long-
term bank facilities of SGL to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.

Outlook: Stable

CRISIL believes that SGL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
large customer base. The outlook may be revised to 'Positive' in
case of a significant increase in the company's scale of
operations, leading to steady improvement in its cash accruals.
Conversely, the outlook may be revised to 'Negative' if SGL's
financial risk profile weakens, most likely because of a stretch
in its working capital cycle or any debt-funded capital
expenditure.

SGL was set up in 2010-11 (refers to financial year, April 1 to
March 31) by Mr. Subhash Chander and his family members. It
manufactures guar gum powder at its facility in Sirsa (Haryana).
The company started commercial production in February 2013.


TRT BUILDERS: ICRA Puts B Rating on INR6.5cr LT Fund Based Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR6.5
crore long term fund based bank limits of TRT Builders and
Constructions (India) Private Limited.  ICRA has also assigned a
short term rating of [ICRA]A4 to the INR4.0 crore non fund based
limits of TRT Builders.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund-       6.5         [ICRA]B assigned
   based facilities

   Short-term, non         4.0        [ICRA]A4 assigned
   fund-based facilities

The ratings assigned take into consideration the small scale of
operations of TRT Builders, the prequalification limits of INR25
crore and the moderate profitability levels. The ratings also
consider the geographical and sectoral concentration of the
company with presence limited to road projects in and around
Kollam in Kerala, the competition intensive nature of the
industry, the vulnerability of profit margins to fluctuations in
raw material and labour costs and the working capital intensive
nature of operations.

The rating, however positively factors in the company promoters'
long standing presence and established track record in the
construction industry in Kerala, the availability of orders in
hand providing visibility to the revenues in the short term, going
forward and the adequate man power and equipments available with
the company to execute the orders in hand.

TRT Builders and Constructions (India) Private Limited was
incorporated in the year 2011 as a private limited company
promoted by Mr. Sundareshan, Mr Nizamudeen and Mr Robin P Alex.
The company is prequalified to undertake Public Works projects of
up to INR25 crore and has undertaken four projects till date which
are in different stages of completion. The day to day activities
of the company are managed by Mr. Sundareshan who has more than 35
years of experience in the construction industry. All three
promoters of the firm are registered class A contractors in Kerala
with more than two decades of experience in the construction
industry each under their personal capacities. Mr. Sundareshan,
Mr. Nizamudeen and Mr Robin P Alex own under their personal
capacities firms M/s Trio Builders, M/s Thoppil Builders and M/s
Sreyas Builders respectively with all three firms operating in the
construction segment in different regions of Kerala.

Recent Results
In 2013-14, as per the provisional unaudited financials, the
company reported net after-tax profit of INR0.91 crore on
operating income of INR19.02 crore as compared to net after-tax
profit of INR0.001 crore on an operating income of INR0.22 crore
in 2012-13.


UNIQUE CONSTRUCTIONS: CRISIL Rates INR30MM Cash Credit at B+
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Unique Constructions - Kundapura (UCK).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Cash            20        CRISIL B+/Stable
   Credit Limit

   Bank Guarantee           30        CRISIL A4

   Cash Credit              30        CRISIL B+/Stable

The ratings reflect UCK's modest scale of operations in the
fragmented civil construction industry, the geographic
concentration in its revenue, and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of UCK's promoters in the civil construction
industry and the firm's moderate financial risk profile marked by
strong debt protection metrics.

Outlook: Stable

CRISIL believes that UCK will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm scales up its
operations significantly while improving its profitability,
leading to substantial cash accruals and a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
UCK reports low revenue or profitability, or if its working
capital management deteriorates resulting in weak liquidity, or if
it undertakes a large debt-funded capital expenditure programme,
leading to weakening of its financial risk profile.

Set up in 1999 as a partnership firm, UCK undertakes civil
construction work, primarily roads and bridges, in Karnataka for
government undertakings and programmes. The firm is based in
Kundapura (Karnataka) and its day-to-day operations are managed by
Mr. Chandra Shekhar Shetty.

UCK reported a profit after tax (PAT) of INR4.5 million on revenue
of INR148 million for 2013-14 (refers to financial year, April 1
to March 31), against a PAT of INR3.0 million on revenue of
INR91.4 million for 2012-13.


VAIBHAV LAXMI: CARE Reaffirms B/A4 Rating on INR18cr Bank Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Vaibhav Laxmi Industries.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term/Short term       18        CARE B/CARE A4 Reaffirmed
   Bank Facilities

Rating Rationale

The ratings continue to be constrained by Vaibhav Laxmi
Industries's presence in cotton-ginning business, having
inherently thin profitability due to limited value addition, high
working capital intensity of its operations and its leveraged
capital structure and weak debt protection metrics. The ratings
are further constrained by susceptibility of its operating margins
to volatile cotton prices and government policies as well as its
constitution as a partnership concern with inherent risk of
capital withdrawal and limited access to funding.

The ratings, however, take comfort from the vast experience of the
partners in cotton ginning business and its strategic location in
the cotton-producing region of Gujarat.

The ability of VLI to increase its scale of operations while
efficiently managing its working capital requirements along with
improvement in its profitability and capital structure would be
the key rating sensitivities.

Constituted as a partnership firm in 1995 by the Patel family
based out of Kadi (Gujarat), VLI is engaged in cotton ginning
and pressing at its sole manufacturing facility located at Kadi
with an installed capacity of 450 Metric Tons per Day (MTPD) as on
March 31, 2014. Mr Niranjan R. Patel, the Managing Partner, is
actively involved in the strategic and routine operations of the
firm.

VLI belongs to the Vaibhav Laxmi Group (VLG), which has presence
across cotton processing value chain. VLG is primarily present in
cotton ginning, trading and exports of cotton bales, cotton seeds,
cotton seeds cakes through Vaibhav Laxmi Exports Pvt Ltd (VLEPL;
rated 'CARE A4') and R.I.Cotton Pvt. Ltd. (RICPL; rated 'CARE
B+/CARE A4'). VLG is also setting up a spinning unit to produce
cotton yarn through its group concern Vaibhav Laxmi Spinning Mills
Ltd.

As per the audited results for FY14, VLI earned a PAT of INR0.95
crore (FY13: INR0.12 crore) on a total operating income of
Rs.140.27 crore (FY13: INR102.89 crore).


VARIEGATE PROJECTS: CARE Cuts Rating on INR205cr ST Loan to 'D'
---------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Variegate
Projects Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      75        CARE D Revised from
                                            CARE B+

   Short-term Bank Facilities    205        CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings takes into account strained liquidity
position owing to the stretched collection period resulting in
delays in debt servicing.

Variegate Projects Private Limited was incorporated in 2002 as
partnership firm by Mr G L Siva Reddy. The firm commenced
operations and executed contracts of power transmission and
distribution segment by the year 2004. Later the firm was
converted into private limited company in 2007. The company is a
small size construction contractor with main focus on electrical
works involving construction/erection of sub-stations and
transmission lines. In 2009, the company has also diversified into
other segments of construction such as, roads, railways and
irrigation. The order book as on August 31, 2014, comprised 18
contracts worth INR580.95 crore (as against order book of
INR429.58 crore as on May 31, 2013).

During FY14 (refers to the period April 01 to March 31), VPPL has
achieved PBILDT of INR28.57 crore (INR29.17 crore in FY13) with
net loss of INR 0.05 crore (PAT of INR 4.11 crore in FY13) on a
total operating income of INR243.37 crore (INR230.63 crore in
FY13).


* INDIA: Panel Report on Insolvency in SMEs Likely by Feb. 2015
---------------------------------------------------------------
Livemint reports that a panel set up by the Union finance ministry
to help frame a bankruptcy code will submit its suggestions on
insolvency in small and medium enterprises (SMEs) by the budget
session of Parliament, followed by its report covering the larger
corporate sector later next year.

The government is hoping that a bankruptcy framework, along with
the various steps taken in the last few months, will improve the
country's ranking in the World Bank's Ease of Doing Business
report, says Livemint.

India is currently at the 142nd rank out of 189 countries, the
report notes.

"The idea is to have a balance between a debtor-friendly and
creditor-friendly code. India should have an institutional
framework for firms that are heading for failure -- either to help
restructure them or help in their winding up," Livemint quotes
T.K. Viswanathan, who heads the committee tasked with framing the
code, as saying.

"We will follow not just the legal framework followed in the US
but also that of Singapore and Australia, and may suggest amending
certain Indian laws," he said.

"We will first look to submit a report on how to deal with
bankruptcy among SMEs by the next budget, and then look at a
larger picture of dealing with insolvency. It should help improve
the doing business ranking of India," Mr. Viswanathan, as cited by
Livemint, added.

The Parliament's budget session is normally held in the month of
February, the report notes.



=================
I N D O N E S I A
=================


BUMI RESOURCES: S&P Cuts Rating on US$700MM Sr. Sec. Notes to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term issue rating on the US$700 million senior secured notes
due 2017 that Indonesia-based coal mining company PT Bumi
Resources Tbk. (Bumi Resources) guarantees.  Bumi Investment Pte.
Ltd. issued the notes.  S&P removed the rating from CreditWatch,
where it was placed with negative implications on Aug. 13, 2014.

S&P also affirmed its 'SD' long-term corporate credit rating and
ASEAN regional scale rating on Bumi Resources.  At the same time,
S&P kept its 'CCC-' issue rating on the US$300 million senior
secured notes due 2016 that another Bumi Resources' subsidiary
Bumi Capital Pte. Ltd. issued on CreditWatch with negative
implications. Bumi Resources guarantees these notes too.

"We lowered the issue rating on the US$700 million notes because
Bumi Resources, the guarantor, has failed to make the interest
payment within the 30-day grace period allowed under the bond
indenture," said Standard & Poor's credit analyst Vishal Kulkarni.

The due date for interest payment was Oct. 6, 2014, and the
company had a grace period till Nov. 7, 2014.  Bumi Resources has
informed the bond trustees that it will not be able to make the
interest payments at least until Nov. 28, 2014, due to unplanned
working capital issues.

S&P kept the ratings on the US$300 million notes due 2016 on
CreditWatch to reflect the heightened risk of a missed coupon
beyond the grace period.  S&P understands that Bumi Resources
intends to pay interest on these notes within the 30-day grace
period that ends on Dec. 10, 2014.

S&P affirmed the rating on Bumi Resources because the company
remains in default on only some of its financial obligations.



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


CHELSEA ASSET: Moody's Cuts Rating on 3 Trust Certs. to B1
----------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings of Class B Trust
Certificates, B1 Trust Certificates and B2 ABL -- collectively
known as Class B and Class C Trust Certificates, C1 Trust
Certificates and C2 ABL -- collectively known as Class C -- issued
by Chelsea Asset TMK and Chelsea Asset Trust.

This concludes Moody's rating review since July 17, 2014 when
Moody's published a request for comment to align the definition it
uses for structured finance impairment in Japan with international
standards. Moody's continued to put the ratings on review for
downgrade after publishing the updated impairment definition on
October 21, 2014.

The affected ratings are as follows:

Class B Trust Certificates, downgraded to Baa3 (sf); previously
on July 17, 2014 Baa1 (sf) placed under review for downgrade

Class B1 Trust Certificates, downgraded to Baa3 (sf); previously
on July 17, 2014 Baa1 (sf) placed under review for downgrade

Class B2 ABL, downgraded to Baa3 (sf); previously on July 17,
2014 Baa1 (sf) placed under review for downgrade

Class C Trust Certificates, downgraded to B1 (sf); previously on
July 17, 2014 Ba2 (sf) placed under review for downgrade

Class C1 Trust Certificates, downgraded to B1 (sf); previously on
July 17, 2014 Ba2 (sf) placed under review for downgrade

Class C2 ABL, downgraded to B1 (sf); previously on July 17, 2014
Ba2 (sf) placed under review for downgrade

Deal Name: Chelsea Asset TMK and Chelsea Asset Trust

Class: Class B Trust Certificates, Class B1 Trust Certificates,
Class B2 ABL, Class C Trust Certificates, Class C1 Trust
Certificates, Class C2 ABL

Issue Amount: JPY800 million, JPY300 million, JPY300 million,
JPY300 million, JPY800 million, JPY400 million

Coupon/ Scheduled Dividend: Fixed, Floating, Floating, Fixed,
Floating, Floating

Issue Date: August 10, 2011

Expected Maturity Date: August 10, 2016

Legal Final Maturity Date: August 10, 2019

Underlying Debt for Trust: Class B through Existing Specified
Loans/Bonds

Underlying Property: An office building in Osaka

Originator/Arranger: Mizuho Securities Co., Ltd.

Trustee: Mizuho Trust & Banking Co., Ltd.

Servicer: ORIX Asset Management & Loan Services Corporation

Ratings Rationale

The CMBS transaction has seen high vacancy rates and low rental
payments since the largest tenant moved out in June 2013. Class B
and C will soon miss dividend payments. Based on the expected
amount of rental collections, the missed scheduled dividends, in
their original amount but without interest, will not be paid until
the completed refinancing of the underlying loan.

Under Moody's updated definition of impairment for structured
finance transactions in Japan, a dividend suspension of Class B
and C would be classified as an impairment, as it was caused by
weak rental cash flows.

Nevertheless, Moody's expects the loss amount -- which is the
difference between: (1) the scheduled dividend payments (i.e.
fixed rate paid every quarter) discounted at the scheduled fixed
dividend rate and (2) the actual dividend payments to be received
(without interest on interest) discounted at the scheduled fixed
dividend rate, is expected to be minimal, at less than 0.5% of the
principal amount of each of Class B and C.

At the same time, Moody's notes that the property's rental revenue
has remained weaker than expected. Despite the significant
improvement in its occupancy rate after the move in by the new
main tenant since October 2014, the rental rate is much lower than
the market average.

Accordingly, Moody's expects that the sustainable average rent
will remain lower by 13% than the estimation at Moody's initial
rating, even when incorporating the resurgence in the Osaka office
market and an increase of future rents for its existing vacant
floors.

Given the weak overall rental cash flow, Moody's lowered the
property value by 4.5% and its future amortization amount by 62%,
respectively. As a result, the loan-to-value (LTV) assumption for
the rated tranches has increased.

Moody's current assumptions on the balloon LTV levels for the
rated tranches are as follows:

Class B Trust Certificates, Class B1 Trust Certificates, Class B2
ABL: 59.8%

Class C Trust Certificates, Class C1 Trust Certificates, Class C2
ABL: 74.3%

* In the calculation of the balloon LTV, the numerator is the
expected total outstanding balance of the subject tranche and the
senior tranches to the subject tranche at the expected maturity
date.

The expected loss from the revised balloon LTV levels, together
with the loss amount incurred from the missed dividends, is
commensurate with Baa3 (sf) for Class B and B1 (sf) for Class C.

If the underlying property's valuation used in determining the
current ratings were reduced by 5% or 10%, the model outputs for
the rated tranches would change as follows (the "parameter
sensitivities"):

Class B Trust Certificates, Class B1 Trust Certificates, Class B2
ABL: Ba1, Ba2

Class C Trust Certificates, Class C1 Trust Certificates, Class C2
ABL: B2, B3

Parameter Sensitivities are not intended to measure how the rating
of the security might migrate over time; rather they are designed
to provide a quantitative calculation of how the current rating
might change if key input parameters used in the rating process
differed.

The analysis assumes that the transaction has not aged, and does
not factor structural features such as sequential payment effect.
Parameter Sensitivities reflect only the ratings impact of each
scenario from a quantitative/model-indicated standpoint.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
Parameter Sensitivity analysis.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June 2010)"
(Japanese) published in September 2010.

Factors that would lead to an upgrade or downgrade of the rating:

The key rating driver of the deal is the LTV ratio, because the
credit quality of the rated tranches is supported by the sales
proceeds of the underlying property. The decrease or increase in
the LTV ratio for each rated tranche may lead to upward or
downward rating pressure.



=============
M Y A N M A R
=============


UNITED AMARA: Moves to Prevent Bank Run
---------------------------------------
Aye Thidar Kyaw at Myanmar Times reports that United Amara Bank
has moved to head off a potential bank run after U Aung Thaung,
father of its majority owner U Nay Aung, was placed on the US
blacklist on October 31.

U Aung Thaung is a former Minister of Industry and a sitting
member of parliament. The United States Treasury placed him on its
blacklist on October 31, claiming he is blocking key reforms in
Myanmar, the report says.

"Aung Thaung is actively attempting to undermine recent economic
and political reforms in Burma [Myanmar] and has been implicated
in previous attacks on Burma's democratic opposition," the
Treasury said on October 31, Myanmar Times relays.

By being named on the blacklist, US people and corporations will
require special permission to do business with U Aung Thaung,
according to the report.

United Amara Bank, as well as the IGE Group conglomerate, is
majority owned by U Aung Thaung's son U Nay Aung. The bank itself
is not a target of the sanctions, said United Amara Bank chief
executive U Than Win Swe, Myanmar Times relates.

Myanmar Times notes that while U Nay Aung did not attend the
November 4 press conference, U Than Win Swe said at the press
conference the bank has adequate reserves to meet withdrawals by
customers.

Withdrawals from the bank began outpacing deposits on November 4,
with MMK26 billion (US$22 million) being taken out and
MMK16 billion being deposited, from withdrawals of MMK41 billion
and deposits of MMK44 billion on November 3, the report states.

The bank's current deposits sit at MMK440 billion and it has
outstanding loans of MMK230 billion, Myanmar Times discloses.

"Although there was a MMK10 billion gap [with more withdrawals
than deposits], we are confident in our liquidity ratio and we can
manage the situation. Customers don't need to worry, the Central
Bank is also watching," the report quotes U Than Win Swe as
saying.



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


SPI PROPERTY: Directors Likely Breached Financial Law, FMA Says
---------------------------------------------------------------
The Financial Markets Authority (FMA) on November 11 confirmed
that Murray Rex Alcock and Allister Ronald Knight, of the various
entities comprising the SPI group of companies (including SPI
Property Fund Limited), have provided enforceable undertakings to
the FMA. The Directors have undertaken not to participate in
seeking or holding investment funds from the public for five years
and to repay SPI Property Fund Limited investors.

The undertakings were agreed between the FMA and the Directors
after the FMA completed its investigation into the conduct of the
Directors, and reached the view that it was likely that the
Directors had breached financial markets legislation.

The Directors were involved in managing property investment
entities in New Zealand. In particular, the FMA had concerns
regarding the Directors' management of investor funds associated
with the SPI entities. The FMA also had concerns about the
compliance standards of the SPI entities including apparent
failures to:

  * comply with financial reporting requirements
  * hold investors subscriptions on trust
  * repay subscriptions owed to investors in relation to SPI
    Property Fund Limited
  * keep investors adequately informed about the performance of
    their investments.

In response to these concerns, the Directors have undertaken:

  * not to act as a director, promoter or CEO or CFO (or
    equivalent position) of any companies that seek or hold
    investment funds from the public for five years

  * to repay outstanding subscriptions owed to investors in SPI
    Property Fund Limited

  * to ensure the filing of audited financial statements for SPI
    Capital Limited for the years ending 31 March 2011, 2012 and
    2013

  * not to participate in the business, including management, of
    the SPI entities.

Belinda Moffat, Director of Enforcement, said "The enforceable
undertakings agreed in this case are a pragmatic and effective way
to address the FMA's concerns about the conduct and poor
compliance by the Directors. This outcome provides a process to
repay investors, responds to past misconduct and also provides
protection to the market and investors.  Keeping investors updated
by providing financial statements is a key part of putting
customers' interests first, maintaining their trust and enabling
investors to make informed financial decisions."

As a separate matter, FMA has also brought proceedings alleging
that Murray Alcock and Allister Knight, as Directors of SPI
Property Limited, failed to deliver financial statements to the
Registrar of Companies under ss 18(1) & 38(b) Financial Reporting
Act 1993 (FRA).

Guilty pleas were entered by Messrs Alcock and Knight to three
charges for breaches of ss 18(1) & 38(b) on Oct. 31, 2014 and
sentencing will take place in the Auckland District Court on
Jan. 29, 2015.



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


STATS CHIPPAC: Moody's Downgrades Corporate Family Rating to Ba3
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and senior unsecured bond rating of STATS ChipPAC Ltd. to
Ba3 from Ba2. The ratings placed on review for further downgrade.

Ratings Rationale

Moody's Investors Service has downgraded the corporate family
rating and senior unsecured bond rating of STATS ChipPAC Ltd. to
Ba3 from Ba2. The ratings placed on review for further downgrade.

The downgrade followed the 6 November announcement that Jiangsu
Changjiang Electronics Technology Co., Ltd. (JCET, unrated), a
leading electronics packaging service provider in China, made a
non-binding proposal to acquire all STATS ChipPAC's shares on a
fully diluted basis for an aggregate purchase price of USD780
million. The proposed transaction does not include STATS ChipPAC's
subsidiaries in Taiwan -- 52%-owned STATS ChipPAC Taiwan
Semiconductor Corporation and 100%-owned STATS ChipPAC Taiwan Co.,
Ltd.

STATS ChipPAC's previous Ba2 rating had incorporated a one-notch
uplift due to Temasek Holdings (Private) Limited's (Aaa stable)
indirect majority shareholding and the implied support that
Moody's believe Temasek would provide the company in a stress
scenario.

"In our view, the acceptance of an offer of exclusivity from JCET
indicates Temasek's willingness to exit its investment in STATS
ChipPAC, and so lessens the level of support Moody's believe it
will provide, thus eliminating the justification for the one-notch
uplift on the ratings," says Annalisa Di Chiara, a Moody's Vice
President and Senior Analyst and lead analyst for STATS ChipPAC.

STATS ChipPAC and its parent, Singapore Technologies
Semiconductors Pte Ltd (STSPL), which is 83.8%-owned by
Singapore's state investment company Temasek, have agreed to
negotiate the definitive terms for the proposed transaction on an
exclusive basis with JCET. The exclusivity period expires on 30
November or such later date as the parties may agree.

JCET's offer remains conditional on (1) JCET's finalization of
funding arrangements; (2) regulatory and shareholder approvals;
(3) a restructuring of STATS ChipPAC's Taiwan operations; and (4)
an irrevocable undertaking by STSPL to accept the offer. JCET has
not disclosed any details regarding the funding arrangements.

If the transaction is successful and Temasek's shareholding falls
below 34%, this would trigger the change of control put option on
STATS ChipPAC's senior unsecured bonds due 2016 and 2018. There is
no ratings trigger. This means bond holders could put the bonds
back to the company at 101, significantly increasing the funding
requirements for JCET by an additional USD819 million, assuming
all bonds are put.

Moody's review will focus on the outcome of the negotiations,
including the terms and conditions of the sale, including the
funding arrangements at each JCET and STATS ChipPAC, particularly
with respect to the funding for any bonds that are put. Moody's
will also review the overall operational and financial impact of
the acquisition on STATS ChipPAC's credit profile going forward,
should a definitive deal be struck.

Moody's notes that the proposed deal is non-binding in nature. As
such, if the deal were to fail to materialize, and there is no
fundamental change to STATS ChipPAC's business and financial
profile, then the outlook could revert to stable at the Ba3 level.

The principal methodology used in this rating was Global
Semiconductor Industry Methodology published in December 2012.

STATS ChipPAC Ltd. is the fourth-largest player in the OSAT
(Outsourcing Semiconductor Assembly and Test) industry. It
provides full turnkey solutions to semiconductor companies, among
them foundries, integrated device manufacturers, and fabless
companies in the US, Europe, and Asia.



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


STX DALIAN: To Lay Off 10,000 Employees at End November
-------------------------------------------------------
SinoShip News reports that STX Dalian Group, the bankrupt
subsidiary shipyard of Korea's STX Corporation, is going to lay
off about 10,000 employees at the end of this month.

The shipyard will pay off insurance owed to the employees this
month, while all salary and housing funds, which is in arrears,
won't be paid to the employees until June 2015, the report says
citing an internal notice. STX Dalian suspended operations in
April 2013, but most of the employees still have contracts with
the shipyard, the report notes.

Dalian Intermediate People's Court is handling the shipyard's
restructuring, SinoShip News reports.

A recent creditors' meeting showed that the shipyard had a total
unpaid salary, insurance and housing amount of RMB480m. Total
liabilities of the shipyard stands at around RMB20bn, SinoShip
News discloses.

STX Dalian is a subsidiary of Korea's STX Offshore & Shipbuilding.

As reported in the Troubled Company Reporter-Asia Pacific on
May 29, 2014, Seatrade Global said STX Dalian Group is now
formally under court receivership after China's Dalian court
accepted the company's application.  The financially-troubled
group will now undergo a restructuring process, and the court and
its creditors will proceed to discuss how to resolve the debts of
the company, Seatrade Global related.



                             *********

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 ***