TCRAP_Public/141117.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, November 17, 2014, Vol. 17, No. 227


                            Headlines


A U S T R A L I A

AAT CORPORATION: Fined For Failing to Lodge Financial Reports
CAFE PRONTO: Closes Doors After Going Into Receivership
COASTAL MANAGEMENT: First Creditors' Meeting Slated For Nov. 20
LIBERTY FUNDING: Moody's Assigns (P)B2 Rating on AUD2MM Notes
MANIC TIMES: First Creditors' Meeting Slated For November 21

MURCOLBAR HOLDINGS: First Creditors' Meeting Set For Nov. 20
TIMBERCORP LTD: Victims Call on ANZ to Cancel Their Debts


C H I N A

AOXING PHARMACEUTICAL: Sold 4.5MM Common Shares to Employees
INTERNATIONAL TEXTILE: Posts $11.7 Million Net Income in Q3
NQ MOBILE: Oberweis Sells 1.3 Million Shares in 3rd Qtr
YANZHOU COAL: Debt Support Letter No Impact on Moody's Ba2 CFR


I N D I A

ARORA FIBRES: CRISIL Assigns B Rating to INR75MM Cash Credit
ASHWINI FROZEN: ICRA Suspends B+ Rating on INR.92cr Term Loan
ATLANTA ELECTRICALS: CRISIL Reaffirms B Rating on INR214MM Loan
ATMAN SANIFITTINGS: CRISIL Rates INR84.6MM LT Loan at 'B'
CROWN PROPBUILD: CRISIL Assigns B+ Rating to INR350MM Term Loan

G. PRABHAKAR: CARE Assigns 'B+' Rating to INR5.90cr LT Bank Loan
GANGA FOUNDATIONS: CRISIL Rates INR493MM Overdraft Loan at 'B'
GORA MAL: ICRA Puts B+/A4 Loan Rating on Notice of Withdrawal
ICICI BANK: Moody's Assigns Ba3 (hyb) Preferred Stock Rating
ISHAN SNAX: CARE Reaffirms B+ Rating on INR7.73cr LT Bank Loan

KESAR IMPEX: ICRA Assigns 'B' Rating to INR9cr Term Loan
KHEDUT SOLVEXP: ICRA Reaffirms B+ Rating on INR35cr Cash Credit
MAIHAR ALLOYS: CARE Reaffirms 'B' Rating on INR9cr LT Bank Loan
MAYA VENTURES: CRISIL Assigns B+ Rating to INR250MM Project Loan
MR LAKSHMAN: ICRA Suspends B Rating on INR15cr Fund Based Limit

OM OIL: CARE Assigns 'B+/A4' Rating to INR10cr Bank Facilities
ORANGE POLYFAB: ICRA Suspends B Rating on INR5.50cr Loan
P. VENGANNA: ICRA Reaffirms 'B' Rating on INR32.75cr Term Loan
PLATINUM ISPAT: CARE Assigns B+ Rating to INR23.83cr LT Bank Loan
PRJ POLYMERS: ICRA Reaffirms B+ Rating on INR8cr LT Scale

QUALITY MINT: ICRA Assigns B+ Rating to INR5.0cr Cash Credit
R.R. & SONS: ICRA Suspends 'B/A4' Rating on INR5.5cr Bank Loan
RAJASTHAN VIKAS: ICRA Ups Rating on INR24.9cr Term Loan to B+
RAJKAMAL INDUSTRIAL: ICRA Suspends B+/A4 INR17.75cr Loan Rating
RNS INFRASTRUCTURE: ICRA Suspends B+ Rating on INR50cr FB Loan

SANTOSH BAHIRAT: ICRA Suspends 'B' Rating on INR9cr Cash Credit
SHREE NAKODA: CRISIL Raises Rating on INR78.5MM Cash Credit to B+
SHRI DEVKRIPA: ICRA Suspends B+ Rating on INR5.6cr FB Loan
SPICEJET LIMITED: Auditors Cast Doubts Over Carrier's Future
SRIRANI SATI: CARE Reaffirms B Rating on INR8cr LT Bank Loan

SUMAN MANUFACTURING: ICRA Reaffirms B+ Rating on INR6cr Cash Loan
VASA NONWOVEN: CARE Assigns B Rating to INR6.77cr LT Bank Loan
VENTO CERAMIC: ICRA Reaffirms 'B' Rating on INR6.65cr Term Loan
VISHNUJI REFINERY: CARE Puts B+ Rating on INR28.49cr LT Bank Loan
VISHNURAAM TEXTILES: CRISIL Ups Rating on INR69.3MM LT Loan to B


I N D O N E S I A

PT HUMPUSS: Pays US$140.9MM Debt With Shipping Unit Stake


S I N G A P O R E

DYNAMIC OIL: Shipping Fuel Dealers Hit by OW Bunker Bankruptcy


T A I W A N

ACER INC: Fitch Affirms 'BB-' Issuer Default Ratings


                            - - - - -


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


AAT CORPORATION: Fined For Failing to Lodge Financial Reports
-------------------------------------------------------------
AAT Corporation Limited, has been convicted and fined AUD27,000
for failing to lodge annual and half-yearly financial reports.

AAT Corporation Limited was charged by the Australian Securities
and Investments Commission (ASIC) after failing to lodge its
annual financial reports for the years ended 30 June 2012 and 30
June 2013 and half-yearly financial reports for the half-years
ended Dec. 31, 2010 and Dec. 31, 2012. The company pleaded guilty
to ASIC's charges in the Sutherland Local Court on Nov. 11, 2014.

Commissioner Greg Tanzer said financial reporting played an
important role in maintaining market integrity and investor
confidence.

'The primary purpose of financial reports is accountability --
particularly to shareholders who are entitled to timely and
reliable information.

'Any company required to lodge financial reports should provide
this information so that shareholders get a clear picture of a
company's performance and position', Mr. Tanzer said.

AAT Corporation Limited was suspended from listing on the
Australian Securities Exchange on March 1, 2010, after failing to
lodge its half-yearly report.

AAT Corporation Limited, formerly Autron Corporation Limited,
manufactures assembly equipment and provides related services to
the electronics industry. The Company operates in Singapore,
Malaysia, New Zealand, Thailand, the Philippines, Indonesia,
Australia, Taiwan, Hong Kong, China and Japan.


CAFE PRONTO: Closes Doors After Going Into Receivership
-------------------------------------------------------
Kate Hedley at Mandurah Mail reports that Cafe Pronto shut its
doors earlier this month after going into receivership.

Mandurah Mail says the multi-award winning restaurant had been a
local standard for close to 20 years, with former Mandurah
residents Kerry and Tracey Brown turning a run-down coffee shop
into one of the Peel region's most popular eateries.

But recent financial difficulties forced the restaurant out of
business, with Mr. Brown blaming the Global Financial Crisis for
the downturn and subsequent loss of his once booming cafe, the
report relates.

Mr. Brown told the Mandurah Mail there was no hope of resurrecting
the business with creditors "unwilling to wait" for overdue
payments.

He also said he had "no warning about the receivership," the
report relays.

But some former staff members who wished to remain anonymous claim
Mr. Brown had been aware the closure was imminent with one saying
awards, paintings and paperwork was taken "weeks ago" by Mrs.
Brown, the report notes.

The Browns, who now live in Darwin, were accused by one former
staff member of owing employees thousands in unpaid annual leave,
sick leave and superannuation, according to Mandurah Mail.

Mandurah Mail says at least two recent attempts to sell the
business had failed.

Mr. Brown referred all questions surrounding payment owed to
former employees to receivers TTB Advisory who have yet to
comment, the report notes.


COASTAL MANAGEMENT: First Creditors' Meeting Slated For Nov. 20
---------------------------------------------------------------
Martin Green and Robyn Karam of BRI Ferrier were appointed as
administrators of Coastal Management Group Pty. Ltd. on Nov. 10,
2014.

A first meeting of the creditors of the Company will be held at
Level 30 'Australia Square' 264 George Street, in Sydney on
Nov. 20, 2014, at 11:00 a.m.


LIBERTY FUNDING: Moody's Assigns (P)B2 Rating on AUD2MM Notes
-------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
rating to notes to be issued by Liberty Funding Pty Ltd:

Issuer: Liberty Funding Pty Ltd

AUD 280.0 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD 60.0 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD 34.4 million Class B Notes, Assigned (P)Aa2 (sf)

AUD 11.2 million Class C Notes, Assigned (P)A2 (sf)

AUD 6.4 million Class D Notes, Assigned (P)Baa2 (sf)

AUD 4.0 million Class E Notes, Assigned (P)Ba2 (sf)

AUD 2.0 million Class F Notes, Assigned (P)B2 (sf)

The following class of notes is not rated by Moody's:

AUD 2.0 million Class G Notes

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

Ratings Rationale

The transaction is an Australian prime and non-conforming RMBS
secured by a portfolio of residential mortgage loans. A portion of
the portfolio consists of loans extended to borrowers with
impaired credit histories (17.4%) or made on a limited
documentation basis (12.5%).

This is the sixteenth non-conforming RMBS transaction sponsored by
Liberty Financial Pty Ltd ("Liberty").

The provisional ratings take account of, among other factors:

- Class A1 Notes benefit from 30.0% credit enhancement (CE) and
Class A2 Notes benefit from 15.0% CE, while our MILAN CE
assumption, the loss we expect the portfolio to suffer in the
event of a severe recession scenario, is substantially lower at
13.5%. Moody's expected loss for this transaction is 1.0%. The
subordination strengthens ratings stability, should the pool
experience losses above expectations.

- A liquidity facility equal to 3.6% of the aggregate invested
amount of the notes less the redemption fund balance, subject to a
floor of AUD600,000.

- The experience of Liberty in servicing residential mortgage
portfolios. This is Liberty's 16th non-conforming securitisation,
which highlights the lender's experience as a manager and servicer
of securitised transactions.

- Interest rate mismatch arises when the movements of the 30-day
BBSW are not (simultaneously) passed on to the variable rate
loans. To mitigate the basis risk, the threshold rate mechanism
obligates the servicer to set interest rates on the mortgage loans
at a minimum rate above BBSW or higher if the trust's income is
insufficient to cover the obligations of the trustee under the
transaction documents.

The key transactional and pool features are as follows:

- The notes will initially be repaid on a sequential basis
(however class A1 & A2 will be pari passu) until, amongst other
serial paydown triggers, the later of: (1) the second anniversary
from closing; or (2) the subordination to the Class A & Class B
notes has doubled since closing at which point the Class A1, A2,
B, C, D, E, and F Notes will receive a pro-rata share of principal
payments (subject to additional conditions). The principal pay-
down switches back to sequential pay (Class A1 to be senior to
Class A2), once the aggregate loan amount falls below 20% of the
aggregate loan amount at closing, on the fourth anniversary of the
closing date or if there are any unreimbursed charge-offs.

- The portfolio is geographically well diversified due to
Liberty's wide distribution network.

- The portfolio contains 17.4% exposure with respect to borrowers
with prior credit impairment (default, judgement or bankruptcy).
Moody's assesses these borrowers as having a significantly higher
default probability.

- 12.5% of loans in the portfolio were extended to borrowers on a
limited documentation basis. Of the 12.5% low documentation loans,
90.4% are classified as 'alternative documentation'. For these
alternative documentation loans Liberty performs additional
verification checks over and above the typical checks for a
traditional low documentation product. These checks include a
declaration of financial position and six months of bank
statements, 2 quarters of Business Accounting Statements or GST
returns. Liberty's alternative documentation loans have stronger
arrears performance when compared to traditional low documentation
loans. Given the additional verification checks and the stronger
arrears performance, these alternative documentation loans have
been assessed to have a lower default frequency than standard low
documentation loans.

- 21.82% of the loans in the portfolio were extended to self
employed borrowers. Moody's analysis of historical delinquency and
default data has indicated that loans granted to self employed
borrowers have a greater propensity to default compared to loans
granted to employed PAYG borrowers.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2014.

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

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are
primary drivers of performance.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in
credit quality of transaction counterparties, fraud and lack of
transactional governance.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process -- here the MILAN CE
and median expected loss -- differed. The analysis assumes that
the deal has not aged. Parameter Sensitivities only reflect the
ratings impact of each scenario from a quantitative/model-
indicated standpoint.

Based on the current structure, if the MILAN CE losses were to
increase by 50% to 20.25%, and the median expected loss were to
increase by 50% to 1.5%, the model-indicated rating for the Class
A1 Notes would remain unchanged, Class A2 Notes would drop one
notch to Aa1, Class B Notes would drop one notch to Aa3 and the
Class C Notes would drop 2 notches to Baa1. The over-subordination
at closing reduces the probability of ratings migration.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at our absolute discretion. The ratings are expressions of
opinion and not recommendations to purchase, sell or hold
securities. Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction. Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavour to assign a definitive
rating to the transaction. A definitive rating may differ from a
provisional rating.


MANIC TIMES: First Creditors' Meeting Slated For November 21
------------------------------------------------------------
Robyn Louise Duggan -- robyn.duggan@fh.com.au -- and Morgan John
Kelly -- morgan.kelly@fh.com.au -- of Ferrier Hodgson were
appointed as administrators of Manic Times Pty Limited, trading as
Manic Studios, on Nov. 11, 2014.

A first meeting of the creditors of the Company will be held in
Ferrier Hodgson, Level 13, Grosvenor Place, 225 George Street, in
Sydney, on Nov. 21, 2014, at 9:30 a.m.


MURCOLBAR HOLDINGS: First Creditors' Meeting Set For Nov. 20
------------------------------------------------------------
Martin Jones, Darren Weaver, Ben Johnson of Ferrier Hodgson were
appointed Voluntary Administrators of Murcolbar Holdings Pty Ltd
on Nov. 10, 2014, pursuant to section 436A of the Corporations Act
2001. The first meeting of creditors is to be held on Nov. 20,
2014.

"The Administrators are undertaking an immediate assessment of the
Company's affairs while the business continues to trade. The
Administrators have advised that it is too early to form any views
as to the likely return to creditors. They intend to continue to
trade the business as usual while assessing options to restructure
the Company," Ferrier Hodgson said.

Murcolbar Holdings Pty Ltd is currently trading under the business
name "MJ & CM West Transport Services". The Company is a family
run company specialising in transport and haulage across Western
Australia.


TIMBERCORP LTD: Victims Call on ANZ to Cancel Their Debts
---------------------------------------------------------
Georgia Wilkins at The Sydney Morning Herald reports that
Timbercorp victims said they are living with depression, anxiety
and insomnia as they face becoming bankrupt and losing their homes
and life savings to loans financed by Timbercorp Finance, which
was bankrolled by ANZ and others.

At an urgent senate inquiry into the failed managed investment
scheme in Melbourne, victims urged ANZ to show compassion and
cancel their debts, relates SMH.

SMH relates that investors described how they felt betrayed by the
advisers who they trusted with their retirement savings.

They said ANZ had the power to "stop the blood loss," SMH says.

"We're not just outstanding loan bouncers in their books, but real
people with real lives, real families," the report quotes victim
Naomi Halpern as saying. "We're bleeding and ANZ has the power to
stop the blood loss."

According to the report, thousands of "mum and dad" investors lost
money in Timbercorp when the scheme collapsed in 2009.

Investors have watched their debts double with penalty rates
charged by the Timbercorp liquidator, KordaMentha, which is acting
for creditors, including ANZ, SMH says.

SMH relates that victims broke down as they told the inquiry how
they now owed hundreds of thousands of dollars due to the
penalties.

"I've considered giving up. It's the easy option. But I don't want
to do that," Bernard Kelly, a victim of the scheme said, the
report relays.

SMH says ANZ refused repeated requests to appear at the inquiry on
November 12 but was ultimately forced to send a representative
after senator Bill Heffernan called its failure to attend a
"bloody disgrace".

Around 70 writs a week are being issued to investors of the failed
forestry investment scheme, says SMH.

The inquiry heard some financial advisers earned AUD7 million in
commissions, according to the report.

Hundreds of victims gathered outside the hearing to rally ANZ to
cancel their debts.  They were joined by Labor senator Sam
Dastyari and Greens senator Peter Whish Wilson.

SMH relates that during the hearing, whistleblower Andrew Peterson
said by February 2007, outstanding loans in the scheme amounted to
AUD24.5 million.  Five months later it was
AUD49 million.  Despite that, ANZ continued to put money in the
scheme, he said.

He said an email from Timbercorp CFO John Murray in October 2008
said "some stakeholders would need to get burnt," SMH relays.

SMH adds that ANZ issued a statement on November 11 saying: "All
of Timbercorp's lenders had a positive view of the Group until
late 2008 when the Harvard sale transaction fell through following
the collapse of Lehmann Brothers."

                          About Timbercorp

Based in Melbourne, Australia, Timbercorp Limited was engaged in
the establishment, development, marketing and management of
primary industry-based projects, the acquisition of land, water
rights and infrastructure to support these projects, and the
provision of finance to growers in these projects.  The company
was also involved in eucalypt and olive oil processing operations,
asset development, asset management, the sale of agricultural
assets and holding investments in agricultural-related
enterprises.

Timbercorp called in voluntary administrators to the company and
its subsidiaries.  The company appointed Mark Korda and Leanne
Chesser of KordaMentha as voluntary administrators.  KordaMentha
stated that the company had been hurt by the combined impact of
declining global asset values, tightening credit, the economic
downturn and drought.  On June 29, 2009, the creditors voted
unanimously to wind up the 41 companies in the Timbercorp Group
and put them into liquidation.



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AOXING PHARMACEUTICAL: Sold 4.5MM Common Shares to Employees
------------------------------------------------------------
Aoxing Pharmaceutical Company, Inc., on Nov. 5, 2014, sold to 22
of its employees a total of 4,527,830 shares of common stock for a
total of $1,177,235 or $0.26 per share, the Company disclosed in a
regulatory filing with the U.S. Securities and Exchange
Commission.

Included among the 22 employee-purchasers were the following
related parties:

Purchaser         Relationship                       Shares
---------         ------------                      -------
Guoan Zhang        Acting Chief Financial Officer   356,473
Yujia Yue          Niece of CEO                      18,762
Yifa Yue           Son of CEO                       406,504

The remainder of the purchasers are also employees of the Company,
including several non-executive members of management.

The related party transactions were approved by the Audit
Committee of the Company's Board of Directors.

                           About Aoxing

Aoxing Pharmaceutical Company, Inc., is a Jersey City,
New Jersey-based specialty pharmaceutical company. The Company is
engaged in the development, production and distribution of pain-
management products, narcotics and other drug-relief medicine.
In its report on the consolidated financial statements for the
year ended June 30, 2014, BDO China Shu Lun Pan Certified Public
Accountants LLP expressed substantial doubt about the Company's
ability to continue as a going concern, citing that the Company
continues to incur losses from operations, has negative cash flow
from operations and a working capital deficit.

The Company reported a net loss of $8.63 million for the fiscal
year ended June 30, 2014, compared to a net loss of
$17.29 million last year. The Company's balance sheet at June 30,
2014, showed $38.07 million in total assets, $42.08 million in
total liabilities and a stockholders' deficit of $4.01 million.


INTERNATIONAL TEXTILE: Posts $11.7 Million Net Income in Q3
-----------------------------------------------------------
International Textile Group, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing net income attributable to common stock of $11.77
million on $153.97 million of net sales for the three months ended
Sept. 30, 2014, compared to a net loss attributable to common
stock of $11.98 million on $156.91 million of net sales for the
same period during the prior year.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss attributable to common stock of $11.27 million on $454.65
million of net sales compared to a net loss attributable to common
stock of $41.16 million on $454.10 million of net sales for the
same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $338.71
million in total assets, $403.48 million in total liabilities and
a $64.76 million total stockholders' deficit.

A full-text copy of the Form 10-Q is available for free at:
http://is.gd/PwZKK6

                    About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with current operations principally in the United States, China,
Mexico, and Vietnam. ITG's long-term focus includes the
realization of the benefits of its global expansion, including
reaching full production at ITG facilities in China and Vietnam,
and continuing to seek other strategic growth opportunities.
International Textile reported a net loss attributable to common
stock of the Company of $10.91 million in 2013, as compared with a
net loss attributable to common stock of the Company of $91.45
million in 2012.


NQ MOBILE: Oberweis Sells 1.3 Million Shares in 3rd Qtr
-------------------------------------------------------
Ye Xie of Bloomberg News reports that NQ Mobile Inc., the Chinese
mobile-security service provider accused by short-seller Carson
Block of overstating revenue, remains a battleground for bulls and
bears.

Oberweis Asset Management Inc., once the second-largest investor
in NQ Mobile, sold all its 1.3 million shares in the third
quarter, Bloomberg relates citing a company filing on
November 15. Valiant Capital Management LP, a hedge fund founded
by Chris Hansen, bought 2 million shares in the same period,
representing 3.9 percent of the company's U.S.-traded stock,
according to a filing on November 14, Bloomberg relays.

Bloomberg notes that even though NQ Mobile said in June that an
internal probe didn't find any evidence of wrongdoing, the
company's American depositary receipts are down 68 percent since
Muddy Waters LLC, Block's research firm, accused the company a
year ago of being a "massive fraud." NQ Mobile, which fired its
auditor and saw the chairwoman of its audit panel resign in July,
filed its 2013 annual report in October after delaying it twice,
according to Bloomberg.

"It is pretty clear the Muddy Waters accusations were at least
mostly wrong," Jim Oberweis, who oversees the $201 million China
Opportunities Fund from Lisle, Illinois, said in an e-mailed
response to questions, Bloomberg relates. Even so, "sometimes one
has to consider the opportunity cost of waiting around to be
proven correct," he wrote, adding that his company earned "a
favorable return" on its investment in NQ Mobile, reports
Bloomberg.

ChinaRock Capital Management Ltd. was the largest investor,
holding 9.2 million shares, or an 18 percent stake, Bloomberg
discloses citing to a filing in August.


YANZHOU COAL: Debt Support Letter No Impact on Moody's Ba2 CFR
--------------------------------------------------------------
Moody's Investors Service says that Yanzhou Coal Mining Co. Ltd's
letter of debt support to Yancoal Australia Ltd (unrated) , if
approved by shareholders, is credit negative but has no immediate
impact on Yanzhou Coal's Ba2 corporate family rating and negative
outlook.

On 9th November, Yanzhou Coal announced its proposal to subscribe
to around USD1.8 billion of convertible hybrid bonds to be issued
by its 78%-owned subsidiary, Yancoal Australia. Yancoal Australia
plans to issue a total amount of USD2.3 billion under its proposed
rights offer, with the remaining USD507 million to be offered to
its minority shareholders -- Noble Group (Baa3 stable) (13.2%) and
public shareholders (8.8%).

"If Noble and other shareholder's subscribe to the convertible
bonds, it will boost Yancoal Australia's liquidity but also
modestly increase Yanzhou Coal's gross debt leverage," says Simon
Wong, a Moody's Vice President and Senior Credit Officer/Manager.

Yancoal Australia plans to use the proceeds of the convertible
bonds to repay its USD1.8 billion shareholder loan to Yanzhou
Coal. It will use the remaining proceeds to fund its existing
operations and future growth.

"The proposed letter of debt support to Yancoal Australia is
credit negative, as it could substantially reduce Yanzhou Coal's
liquidity. However, its rating and the negative outlook already
incorporate the possibility of such financial support," adds Wong.

Yanzhou Coal also proposed to provide a 10 year debt facility of
up to AUD1.4 billion (about USD1.2 billion) to Yancoal Australia
for the purpose of general corporate funding. Under the letter of
debt support, Yanzhou Coal also proposes to provide additional
financial support to fund the interest on the convertible hybrid
bonds over a five-year period up to an amount of AUD807 million
(about USD694 million).

As of end-September Yanzhou Coal's had a cash balance of USD4
billion, including term deposits. Its cash balance would be
reduced substantially if the facilities are fully drawn.

The subscription and letter of debt support are subject to
approval from Yanzhou Coal's shareholders at the next
extraordinary general meeting of shareholders. The subscription
letter and the letter of support will be dispatched to the
shareholders on or before 26 November 2014.

The negative outlook continues to reflect the ongoing operating
losses and financial risks from Yanzhou Coal's ongoing expansion
in Australia. Resolution of the weak credit metrics of Yancoal
Australia has been hampered by the slow pace of ramp-up in
production, due to soft demand and weak coal prices.

Downward rating pressure could emerge if Yanzhou Coal (1) fails to
reduce its debt leverage; (2) fails to turn around its Australian
operations; (3) experiences a material disruption in its
operations due to non-compliance with mining regulations; or (4)
experiences persistent negative free cash flows and its liquidity
weakens.

Indicators for downward rating pressure include its cash balance
falling below 5% of total assets; adjusted net debt/EBITDA
continuously exceeding 5.5x; or EBIT/ interest below 2.0x.

If the Shandong provincial government's indirect ownership through
the Yankuang Group drops to below 50%, this could also be negative
for Yanzhou Coal's ratings.

The principal methodology used in this rating was Global Mining
Industry published in August 2014.

Yanzhou Coal Co Ltd listed in Shanghai, Hong Kong and New York in
1998. It is 56.52%-owned by the Yankuang Group (unrated) , a
state-owned enterprise that is wholly owned by the Shandong
Provincial State-Owned Assets Supervision and Administration
Commission.

Yanzhou Coal is one of the top coal mining groups in China.  As of
31 December 2013, Yanzhou owned and operated 20 coal mines across
China and Australia.



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ARORA FIBRES: CRISIL Assigns B Rating to INR75MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Arora Fibres Ltd.

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term
   Bank Loan Facility       19           CRISIL B/Stable

   Bank Guarantee            6           CRISIL A4

   Cash Credit              75           CRISIL B/Stable

The ratings reflect the susceptibility of AFL's operating
profitability to volatility in realisations and raw material
prices, and its below-average financial risk profile, marked by
modest net worth and weak interest coverage ratio. These rating
weaknesses are partially offset by the extensive experience of
AFL's promoter in manufacturing polyester staple fibres (PSF).

Outlook: Stable

CRISIL believes that AFL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
higher-than-expected improvement in its cash accruals, backed by a
significant and sustained improvement in its profitability
margins, leading to better-than-expected financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case AFL's
cash accruals deteriorate or if the firm faces significant
pressure in its working capital management or undertakes
significant debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile, particularly
liquidity.

AFL was incorporated in 1993 in Silvassa (Dadra & Nagar Haveli),
and is promoted by Mr. Rupinder Singh Arora. The company
manufactures PSF from recycled polyethylene terephthalate (PET)
bottle scrap. Its manufacturing unit is located in Silvassa.

AFL is listed on the Bombay Stock Exchange since 1994. Due to
losses incurred in the past leading to negative net worth, the
company was referred to the Board for Industrial and Financial
Reconstruction (BIFR) in 2008. AFL's net worth is positive at
present, and it has submitted an application to come out of BIFR.
The company has no term debt obligations.

For 2013-14 (refers to financial year, April 1 to March 31), AFL
reported a net profit of INR37.1 million on an operating income of
INR428.1 million, against a net loss of INR0.1 million on an
operating income of INR338.6 million for 2012-13.


ASHWINI FROZEN: ICRA Suspends B+ Rating on INR.92cr Term Loan
-------------------------------------------------------------
ICRA has suspended '[ICRA]B+' rating assigned to the INR0.92 crore
long term fund based limits of Ashwini Frozen Foods. ICRA has also
suspended the rating of [ICRA]A4 assigned to the INR5.00 crore
export packaging facility, INR1.00 crore stand by line of credit
facility and INR0.40 crore non fund based credit exposure limit of
AFF. The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund        0.92         [ICRA]B+ suspended
   Based: Term
   Loan

   Short Term Fund       5.00         [ICRA]A4 suspended
   Based-Export
   Packing Credit

   Short Term Non        0.40         [ICRA]A4 suspended
   Fund Based-Credit
   Exposure Limit

   Short Term Fund       1.00         [ICRA]A4 suspended
   Based-Standby
   Limit

Ashwini Frozen Foods, established in 1995, is engaged in seafood
processing which includes ribbon, croaker cuttlefishes, etc. and
crabs which are exported to multiple international destinations.
The processing facility of the firm is located at Mangrol,
Gujarat. The firm is currently owned and managed by Mr. Bhimji M
Khoraw along with 4 other partners having a long experience in sea
food industry.


ATLANTA ELECTRICALS: CRISIL Reaffirms B Rating on INR214MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Atlanta Electricals Pvt
Ltd (AEPL) continue to reflect AEPL's large working capital
requirements, weak financial risk profile marked by weak debt
protection metrics, and susceptibility to tender-based operations
in the fragmented transformer industry. These rating weaknesses
are partially offset by the promoters' extensive industry
experience and their financial support that AEPL receives.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         400        CRISIL A4 (Reaffirmed)
   Cash Credit            214        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        50        CRISIL A4 (Reaffirmed)
   Term Loan                1.7      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AEPL's financial risk profile will remain
constrained over the medium term by its large working capital
requirements. The outlook may be revised to 'Positive' in case of
AEPL's liquidity improves on account of significant reduction in
its working capital requirements or improvement in accruals backed
by increase in scale of operations with sustained profitability.
Conversely, the outlook may be revised to 'Negative' in case
AEPL's financial risk profile weakens further on account of
stretch in working capital requirements or decline in its
profitability or large debt-funded capital expenditure.

AEPL, set up in 1982 as proprietorship firm, was reconstituted as
a private limited company in 1995. The company manufactures power
transformers and its manufacturing facility is in Anand (Gujarat).
AEPL is managed by Mr. Harshad Mehta and Mr. Harendra Shah.

AEPL reported a profit after tax (PAT) of INR1.95 million on net
sales of INR225.5 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR4.41 million on net
sales of INR557.8 million for 2012-13.


ATMAN SANIFITTINGS: CRISIL Rates INR84.6MM LT Loan at 'B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Atman Sanifittings Pvt Ltd.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             30          CRISIL B/Stable
   Long Term Loan          84.6        CRISIL B/Stable

The rating reflects ASPL's exposure to project implementation and
off take risks in the competitive business of manufacturing
fittings, and it's expected below-average financial risk profile
during its initial stage of operations. These rating weaknesses
are partially offset by the experience of the company's promoters
in managing entities in similar line of business, and the benefits
ASPL is expected to derive from the established marketing network
of its group company in its proposed region of operations.

Outlook: Stable

CRISIL believes that ASPL will continue to benefit over the medium
term from its promoters' experience in the business of
manufacturing pipes and fittings. The outlook may be revised to
'Positive' if the company stabilises its operations earlier than
expected, leading to substantial cash accruals and to improvement
in its capital structure. Conversely, the outlook may be revised
to 'Negative' if ASPL's financial risk profile deteriorates, most
likely due to lower-than-expected revenue and margins, or a
stretch in its working capital cycle, or large debt-funded capital
expenditure.

ASPL, based in Cuttack (Odisha), was incorporated in 2013. The
company will be primarily manufacturing polyvinyl chloride (PVC)
fittings, plastic mouldings, and different types of joints. It is
being promoted by Mr. Santosh Kumar Mohanty and his family
members.


CROWN PROPBUILD: CRISIL Assigns B+ Rating to INR350MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
bank facilities of Crown Propbuild Pvt Ltd.

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Short Term      50           CRISIL A4
   Bank Loan Facility

   Term Loan               350           CRISIL B+/Stable

The ratings reflect CPPL's exposure to implementation and demand
risks associated with its on-going project. These rating
weaknesses are partially offset by the project's low funding risk
and the extensive experience of promoters in the real estate
industry.

Outlook: Stable

CRISIL believes that CPPL will continue to benefit from the
extensive industry experience of its promoters; however the credit
risk profile will continue to remain constrained by the
implementation and off-take risks for its project. The outlook may
be revised to 'Positive' if there is a significant improvement in
the company's business and financial risk profiles, backed by
higher-than-expected demand, leading to healthy cash accruals or
timely implementation of its on-going project. Conversely, the
outlook may be revised to 'Negative' if there are time and cost
overruns in project implementation or in case of lower-than-
expected demand for the project, leading to pressure on its
liquidity.

CPPL, incorporated in 2011, is undertaking a residential-cum-
commercial real estate project 'Sapphire Ninety' in Sector 90,
Gurgaon (Haryana). CPPL is promoted by Mr Ajay Gupta and Mr
Virender Gupta. The project is expected to be complete by December
2017.


G. PRABHAKAR: CARE Assigns 'B+' Rating to INR5.90cr LT Bank Loan
----------------------------------------------------------------
CARE assigned 'CARE B+/CARE A4' ratings to bank facilities of
G. Prabhakar.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.90       CARE B+ Assigned
   Short term Bank Facilities    4.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of G. Prabhakar are
constrained by the relatively small scale of operations in
fragmented and competitive civil construction industry, weak
financial risk profile marked by small order book position,
declining profitability and working capital intensive nature of
operations. The ratings are further constrained owing to the
absence of price escalation clause in the projects undertaken,
tender driven nature of business and customer and geographic
concentration risk.

The ratings, however, derive strength from the long experience of
the proprietor in the construction industry, healthy growth in
total operating income during FY12-FY14 (refers to the period
April 01 to March 31) and moderate capital structure.

The ability of the firm to increase its scale of operations with
strengthening of order book position and diversifying its client
base amidst the increasing competition, timely completion of its
projects and its ability to prudently manage its working capital
requirements are the key rating sensitivities.

M/s. G. Prabhakar is a proprietorship concern started in 1996 by
Mr G Prabhakar. The firm is registered as a civil contractor with
Andhra Pradesh Government and is engaged in undertaking of civil
construction activities like construction of water tanks
(contributed around 85% of the total revenue in FY14) and pipe
lines (contributed to around 15% of the total revenue in FY14).
The firm undertakes projects for Andhra Pradesh and Telangana
government which are procured through direct tenders. The firm has
executed around 67 projects since inception covering Andhra
Pradesh and Telangana states.

During FY14, G. Prabhakar reported a total operating income of
INR21.15 crore and a PAT of INR0.62 crore as compared to a total
operating income and PAT of INR11.33 crore and INR0.68 crore
respectively in FY13 (audited). During H1FY15 (unaudited), the
firm has achieved sales of INR14.32 crore.


GANGA FOUNDATIONS: CRISIL Rates INR493MM Overdraft Loan at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Ganga Foundations Private Limited (GFPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term
   Bank Loan Facility       377        CRISIL B/Stable

   Drop Line Overdraft
   Facility                 493        CRISIL B/Stable

   Project Loan             130        CRISIL B/Stable

The rating reflects GFPL's exposure to risks related to timely
completion and saleability of its ongoing and upcoming real estate
projects and susceptibility to cyclicality inherent in the Indian
real estate industry. These rating weaknesses are partially offset
by the benefits that GFPL derives from the extensive experience of
its promoters in the real estate business.

Outlook: Stable

CRISIL believes that GFPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company reports more-
than-expected cash flows on account of earlier-than expected
completion of ongoing projects, or price appreciation in ongoing
projects. Conversely, the outlook may be revised to 'Negative' if
the company faces delays in project completion or receipt of
payments from customers, if it is unable to sell its ongoing
project at profitable rates, or if the company undertakes larger-
than expected, debt-funded projects, leading to further
deterioration in its financial risk profile.

Set up in 1992, GFPL is engaged in residential as well as
commercial real estate development, in and around Chennai. The
company owns and operates the Spectrum Mall in Chennai. Its day-
to-day operations are managed by Mr. S Senthil Kumar and Mr. C
Chitti Babu.

GFPL provisionally reported a profit after tax (PAT) of INR12.5
million on revenues of INR224.2  million for 2013-14 (refers to
financial year, April 1 to March 31), against a net profit of
INR9.3 million on revenues of INR209 million for 2012-13.


GORA MAL: ICRA Puts B+/A4 Loan Rating on Notice of Withdrawal
-------------------------------------------------------------
ICRA has placed its long-term rating of [ICRA]B+ and its short-
term rating of [ICRA]A4 on the INR13.35 crore bank lines of
Gora Mal Hari Ram Limited on a notice of withdrawal for one month
at the request of the company. As per ICRA's policy, the ratings
will be withdrawn after one month from the date of this withdrawal
notice.

Gora Mal Hari Ram Limited was set-up as a sole proprietorship
concern in Lahore (now in Pakistan) in 1914 by Late Shri Hari Ram
to manufacture and sell washing soap, detergent powder and
detergent cake. The sole proprietorship concern was converted to
partnership firm and then private limited company (in 1985) and
public limited company (in 1988). Meanwhile, the company
diversified into producing cleaning powder, dish wash bar and
toilet soap. The company has operating units in Delhi, Neemrana
(Rajasthan), and Haridwar (Uttaranchal).


ICICI BANK: Moody's Assigns Ba3 (hyb) Preferred Stock Rating
------------------------------------------------------------
Moody's Investors Service has assigned a Baa2 rating to its
proposed CNH denominated senior unsecured notes, issued under its
updated US$7.5 billion Global Medium Term Note (GMTN) program. The
drawdown is from its Bahrain branch. The bonds have maturity of 3
years and will be listed on the Singapore Stock Exchange ("SGX-
ST").

The rating outlook is stable.

The senior debt rating is subject to receipt of final
documentation, the terms and conditions of which are not expected
to change in any material way from the draft documents reviewed by
Moody's.

Ratings Rationale

The Baa2 senior unsecured debt rating is anchored on ICICI's baa3
baseline credit assessment (BCA) and the high likelihood of
systemic support in the event of a crisis. The Baa2 rating is at
the same level as the foreign currency debt ceiling for India. The
bank's foreign currency deposit ratings of Baa3/P-3 are
constrained by the sovereign ceiling.

ICICI's BCA is underpinned by the bank's solid franchise as
India's largest private sector bank by assets, as well as its
strong capitalization, liquidity, and earnings profile. It also
takes into consideration (1) the bank's high borrower
concentration in the form of its mandatory government securities
portfolio; (2) its improving but still weak asset quality when
compared to its global peers; (3) the challenging domestic
operating environment; and (4) the intense competition it faces in
its operating markets.

The principal methodology used in this rating was Global Banks
published in July 2014.

ICICI is headquartered in Mumbai. As of September 30, 2014, ICICI
reported standalone assets of INR6,111 billion (approximately
USD99.3 billion).

The full list of ratings for ICICI Bank Limited are:

Bank Financial Strength Rating / Baseline credit assessment:
D+/baa3

Long-Term / Short-Term Bank Deposit Rating (Foreign Currency):
Baa3/P-3

Long-Term / Short-Term Bank Deposit Rating (Local Currency):
Baa2/P-2

Senior unsecured MTN (Foreign Currency): (P)Baa2

Subordinate MTN (Foreign Currency): (P)Ba1

Junior Subordinated MTN (Foreign Currency): (P)Ba2

The rating of ICICI Bank Limited, Bahrain branch, are:

Senior unsecured MTN (Foreign Currency): (P)Baa2

Senior unsecured debt rating (Foreign currency): Baa2

Subordinate MTN (Foreign Currency): (P)Ba1

Junior Subordinated MTN (Foreign Currency): (P)Ba2

Junior Subordinated debt rating (Foreign Currency): Ba2 (hyb)

Pref. Stock Non-cumulative (Foreign Currency): Ba3 (hyb)

All ratings have a stable outlook.


ISHAN SNAX: CARE Reaffirms B+ Rating on INR7.73cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Ishan Snax Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.73       CARE B+ Reaffirmed
   Short-term Bank Facilities    0.40       CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained by small scale of
operations of Ishan Snax Pvt Ltd coupled with weak financial risk
profile marked by losses at the net level, moderately leveraged
capital structure and moderate debt service coverage indicators.
The ratings are also constrained by its short track record of
operations, risk of non-renewability of agreement from PARLE, high
revenue dependence on a single customer and lack of own brand.
The ratings, however, draw comfort by way of requisite support for
job work from Parle Biscuits Pvt Ltd (PBPL) and favourable demand
outlook for wafers and snacks.

The ability of the company to grow its scale of operations along
with improvement in profitability margins shall remain the key
rating sensitivities.

ISPL was incorporated in December 2005, by Mr R. N. Singh and Mr
Pravin Chachan for setting up a snacks manufacturing unit at
Siliguri, West Bengal. ISPL, after remaining dormant till 2010,
setup a processing unit to produce potato chips [installed
capacity 2,970 tonnes per annum (TPA)] and extruded snacks
(installed capacity 1,320 TPA). In March 2011, the company entered
into agreement with Parle Biscuits Pvt Ltd (Parle) to process
potato chips (Wafers) and extruded snacks (Fulltoss) on job work
basis. The company commenced commercial operation from December
2012.

During FY14, ISPL had reported a total operating income of INR5.25
crore (as against INR1.03 crore in FY13) and a Loss (after
deferred tax) of INR0.35 crore (as against INR0.78 crore in FY13).
Furthermore, as per provisional H1FY15, the company has maintained
to have achieved a total operating income of INR2.71 crore.


KESAR IMPEX: ICRA Assigns 'B' Rating to INR9cr Term Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR11.50
crore long-term fund based facilities of Kesar Impex.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, Fund       9.00         [ICRA]B; assigned
   Based-Term Loan

   Long-term, Fund       2.50         [ICRA]B; assigned
   Based-Cash Credit

The assigned rating factors in the experience of promoters of over
two decades in the plastic packaging industry and the strengths
derived from the wide distribution network and marketing
arrangement of the firm. As per our discussion with the banker,
the account performance is regular and there have been no delays
over the last three months.

The rating is however constrained by the modest scale of current
operations, stretched liquidity position due to highly working
capital intensive operations and the leveraged capital structure.
The rating also takes into account the intense competitive
pressures in the industry and the vulnerability of profitability
to the fluctuations in raw material prices, which are linked to
the volatile crude oil prices.

Establised in the year 2003, Kesar Impex is a partnership firm
engaged in manufacturing of packaging products. The firm was set
up by taking over the assets and liabilities of the erstwhile
partnership firm 'Kesar Industries' at book value. The ownership
is entirely with the Bhanushali family, who have been engaged in
the plastic packaging business since the last two decades.
The firm is engaged in manufacturing of various types of plain and
printed products like grocery bags, carry bags, side sealed bags,
garbage bags and customised bags. Apart from various kinds of
bags, the firm also manufactures valued added products like Hand
Gloves. However, more than 90% of total turnover is derived from
sales of carry bags and kirana bags. The manufacturing unit is
located in Silvassa (Dadra and Nagar Haveli) and has an installed
manufacturing capacity of 700 metric tonnes per annum (MTPA).

Recent results:
As per its audited results for FY 2014, Kesar Impex reported
profit after tax (PAT) of INR0.87 crore on an operating income of
INR41.15 crore.


KHEDUT SOLVEXP: ICRA Reaffirms B+ Rating on INR35cr Cash Credit
---------------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed/assigned to the
INR40.00 crore(enhanced from INR20.00 crore) fund based working
capital facility and INR2.50 crore term loan facility of Khedut
Solvexp Private Limited. The rating of [ICRA]A4 has also been
reaffirmed to INR10.00 short term non fund based limits (sub
limits of cash credit) of KSPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           35.00       [ICRA]B+; Reaffirmed
   Term Loan              2.50       [ICRA]B+; Assigned
   Warehousing Loan       5.00       [ICRA]B+; Assigned
   FDBP                  (5.00)      [ICRA]A4; Reaffirmed
   EPC                   (5.00)      [ICRA]A4; Reaffirmed

The ratings continue to remain constrained by Khedut Solvexps'
weak financial profile characterized by the low profitability,
adverse capital structure due to high reliance on promoter's loans
and working capital debt as well as weak coverage indicators. The
ratings also consider the high business risks inherent in edible
oil business including high fragmentation and competition, import
threat, vulnerability to fluctuations in the international prices
of edible oils and changes in duty differential between crude and
refined oil. The ratings are further constrained by the company's
exposure to agro-climatic risks which could affect the
availability of the main raw material, groundnut and mustard
seeds.

The ratings, however, favorably consider the established presence
of promoters and the company in edible oil business, favorable
location in the raw material (ground nut, rapeseed, and mustard)
growing belt as well as favorable demand prospects for edible oil
in India.

Khedut Solvexp Pvt Ltd was incorporated in 1991 to engage in
solvent extraction to produce (De oiled Cake) DOC and edible oil.
The company undertakes solvent extraction for groundnut seed cake,
rapeseed cake, cotton seed cake, mustard seed cake and soybean
seed cake depending upon the availability of raw material and
prevailing market condition. The manufacturing plant of the
company is located at Gondal, Dist Rajkot, and Gujarat. The total
installed capacity of the company for solvent extraction is around
500 metric tons per day (MTPD) and for that of refinery capcity is
100 MTPD.

Khedut Solvexp Pvt Ltd was a government-owned company until it was
acquired by Mr. Daya and Mr. Tushar through an auction in 1993. In
2001, Mr. Pravin Talaviya, Mr. Dhirajlal Desai, and Mr. Kishorbhai
Patel joined the company as directors. In 2006, Mr. Daya and Mr.
Tushar quit as directors, after selling their stake to Mr. Pravin
Talaviya, Mr. Dhirajlal Desai, and Mr. Kishorbhai Patel. Further
in 2013 Mr. Pravinbhai Talaviya resigned as a director and Mr.
Sagar D. Desai was admitted as a director. Later in 2014 Mr.
Kishor Patel also resigned from directorship and currently the
company is managed by Mr. Dhirajlal desai along with his son Mr.
Sagar Desai.

Recent Results
For the year ended 31st March, 2014, the company reported an
operating income of INR179.09 crore with profit after tax of
INR0.56 crore


MAIHAR ALLOYS: CARE Reaffirms 'B' Rating on INR9cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Maihar Alloys Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facility        9         CARE B Reaffirmed

Rating Rationale

The rating continues to be constrained by the small scale of
operations of Maihar Alloys Pvt. Ltd. coupled with thin
profitability margins and weak debt service coverage indicators.
Furthermore, the rating also factors in lack of backward
integration vis-…-vis volatility in raw material prices & finished
goods, low capacity utilisation, working capital intensive nature
of operations and its presence in the highly competitive and
fragmented iron & steel industry. The rating, however, continues
to draw comfort from long standing experience of the promoters in
the steel industry and strategic plant location.

Going forward, MAPL's ability to improve its scale of operations
with simultaneous improvement in profitability margins and
effective working capital management would be the key rating
consideration.

Maihar Alloys Pvt. Ltd., incorporated in May 2004, by two
brothers, Mr Dhananjay Kumar and Mr Pawanjay Kumar, is engaged in
the manufacturing of Mild steel (MS) ingots. The manufacturing
facility of the company is located at Rauta in Ramgarh, Jharkhand.
The unit commenced commercial production in April, 2005 with an
installed capacity of 38,000 MTPA. The facility has quality system
certification of ISO: 9001:2008.

In FY14 (refers to the period April 01 to March 31), the company
has reported a total operating income of INR70.28 crore (INR59.49
crore in FY13) and net loss INR0.01 crore (as against PAT of
INR0.06 crore in FY13). Furthermore as per provisional H1FY15
results, the company has maintained to have achieved a total
operating income of INR41.40 crore.


MAYA VENTURES: CRISIL Assigns B+ Rating to INR250MM Project Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Maya Ventures Pvt Ltd.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            12         CRISIL B+/Stable
   Cash Credit          50         CRISIL B+/Stable
   Project Loan        250         CRISIL B+/Stable

The rating reflects MVPL's exposure to risks related to timely
completion and saleability of its ongoing real estate project,
geographical concentration in its revenue profile, its exposure to
intense competition, and its susceptibility to risks inherent in
the Indian real estate industry. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the real estate development business.

Outlook: Stable

CRISIL believes that MVPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company reports a
significant increase in its cash flows, supported by early
completion of, or significantly high realisations from, its
ongoing projects. Conversely, the outlook may be revised to
'Negative' if MVPL faces delays in project completion or in
receipt of payments from customers, or witnesses a slowdown in
booking, or undertakes large debt-funded projects, leading to
deterioration in its liquidity.

Incorporated in 2003, MVPL is a Bengaluru-based residential real
estate developer. The company is currently developing Maya
Indradhanush, a multi-storied building project in South Bangalore,
to be completed by December 2016. Its daily activities are managed
by its managing director, Mr. M N Karthik.


MR LAKSHMAN: ICRA Suspends B Rating on INR15cr Fund Based Limit
---------------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B' assigned to
the INR15.00 Crore fund based limits of Mr Lakshman (Sole
Proprietorship). The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Mr Lakshman is involved in land aggregation on behalf of various
housing societies. His previous experiences include execution of
Public Works of various natures under the Agency of Bangalore
Development Authority (BDA), Bangalore Metropolitan Region
Development Authority (BMRDA), and Bangalore International Airport
Area Planning Authority (BIAAPA). Mr Lakshman has also been
involved in land aggregation and development work on behalf of
housing societies for over two decades. The land development work
typically involve building roads, underground drainage, water
supply lines with over-head & ground level tanks, asphalting &
electrification for residential layouts.


OM OIL: CARE Assigns 'B+/A4' Rating to INR10cr Bank Facilities
--------------------------------------------------------------
CARE assigns 'CARE B+ and CARE A4' rating to bank facilities of
OM Oil Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term          10         CARE B+/CARE A4
   Bank Facilities                          Assigned

Rating Rationale

The ratings assigned to the bank facilities of Om Oil Industries
(OOI) is primarily constrained on account of the financial risk
profile marked by low profit margins, leveraged capital structure,
weak debt coverage indicators and working capitalintensive nature
of business operation. The ratings are further constrained due to
the susceptibility of profit margins to volatility in raw material
prices, dependence on agro-climatic conditions coupled with
seasonality associated with availability of the commodities and
presence in highly fragmented and competitive edible oil industry.

The above constraints outweigh the benefits derived from the
partners' experience and favourable outlook for the edible oil
industry.

The ability of OOI to increase the overall scale of operations
along with the improvement in profit margins, capital structure
and better working capital management are the key rating
sensitivities.

Patan-based (Gujarat) OOI was established during July 2011, as a
partnership firm by Mr Anilkumar Vasudevbhai Rajgor, Mr Vasantlal
Shankarlal Rajgor, Mr Satyakam Jayantilal Bhatt, Mr Maheshbhai
Shankarlal Bhatt, Mr Pareshkumar Vasudevbhai Rajgor. OOI is
engaged in the business of extraction of mustard oil from mustard
seeds and operates from its manufacturing facilities located at
Patan with an annual installed capacity of 40 metric tonnes per
day (MTPD). OOI extracts mustard oil from mustard seeds by
pressing them wherein it receives mustard oil cake as byproduct.
The mustard oil is sold to refineries for further processing to
make it edible, while mustard oil cake is sold to the industrial
units for solvent extraction. However, during May 2014, OOI
completed setting up of a solvent extraction plant project with an
installed capacity of 300 MTPD. Total capital cost of the project
remained at INR10 crore, which was funded through term loan of
INR4.85 crore and remaining through a mix of equity share capital
and unsecured loans. Production from newly installed plant
commenced from May 2014. OOI has a group company, Dev Cotton
Industries (rated 'CARE B+'), which is into the business of cotton
ginning and pressing.

During FY14 (provisional), OOI reported a PAT of INR0.15 crore on
a total operating income (TOI) of INR25.10 crore as against PAT of
INR0.15 crore and TOI of INR27.04 crore during FY13. Furthermore,
during 7MFY15, OOI achieved a TOI of INR42.62 crore.


ORANGE POLYFAB: ICRA Suspends B Rating on INR5.50cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR5.50
crore limits of Orange Polyfab Industries. The suspension follows
ICRAs inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Orange Polyfab Industries (OPI) is a partnership firm which was
formed in December 2011 and is engaged in the manufacturing of PP
non-woven fabrics, bags and laminates. The manufacturing unit was
set up in Paddhari, Rajkot with a total installed capacity of
2,700 MTPA with commercial operations commencing in October 2012.


P. VENGANNA: ICRA Reaffirms 'B' Rating on INR32.75cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' to INR32.75
crore1 fund based limits of P. Venganna Setty and Brothers.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             32.75        [ICRA]B reaffirmed

The ratings reaffirmation takes into consideration the long
experience of the group of over 50 years in iron ore mining. Mines
owned by the group are among the largest in the Bellary region.
Rating also draws comfort from the sale of power from 14.80 MW
seasoned wind power mill which is spread across 5 sites in
Karnataka and Gujarat which provides stability and diversity to
the cash flows to a certain extent. Further, the ratings continue
to favourably factor in the strong group support (from the holding
company MSPL Ltd.)

The ratings however remain constrained on account of the weak
financial profile as characterized by modest scale of operation,
low profitability/losses, high gearing & weak debt protection
metrics; high inventory carrying risk, given high amount of
inventory stored by the firm. The ratings also consider the
regulatory risks associated with iron ore mining in India and the
cyclicality in the commoditised iron ore business which would
entail volatility in profitability and cash flows. While
restrictions continue to exist with respect to export of iron ore
from Karnataka, the firm would be able to sell iron ore in the
domestic market through the e-auction route. The rating also
factors in the high working capital intensive nature of business
and exposure of company's profitability to volatility in the
prices of iron ore.

M/s P. Venganna Setty and Bros is a partnership firm 90% held by
Baldota group (through MSPL Limited, which is its flagship
entity). Rest 10% is held by Mr. P G Nagbhushan and his 4 other
family members, who were original lease holders in the iron ore
mine owned by the firm. Apart from iron ore mine, this firm also
owns 14.80 MW wind power capacity in Karnataka and Gujarat. Its
wind power capacities are a part of larger wind power capacity
farms owned by its group companies.

Recent results
As per the results for FY2014, the company reported a loss of
INR3.78 crore on turnover of INR11.26 crore as against PAT of
INR8.14 crore on turnover of INR21.12 crore during FY2013.


PLATINUM ISPAT: CARE Assigns B+ Rating to INR23.83cr LT Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Platinum Ispat Industries Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facility       23.83      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Platinum Ispat
Industries Pvt. Ltd. is primarily constrained by the
implementation risk involved with the setting up of the TMT rods
manufacturing plant, susceptibility of profitability to
volatility in raw material prices owing to lack of backward
integration, high degree of competition in the long steel
segment, which is further fragmented and cyclical in nature.

The rating, however, draws comfort by the presence of experienced
promoters and strategic location of the plant.

The ability of the company to successfully complete the project
without any cost and time overrun and achieve the projected
turnover and profitability margins as envisaged would be the key
ratings sensitivities.

PIPL was incorporated in August 2012, by the Agrawal and the Yadav
family of Patna, Bihar. The company is currently setting up a
greenfield project to manufacture TMT rods with installed capacity
of 99,000 MTPA. The estimated cost of the project is INR22.53
crore, which is to be financed by equity of INR8.00 crore, term
loan of INR10.83 crore and balance by way of interest-free
unsecured loans from the promoters (at a debt equity mix of
1.84:1).


PRJ POLYMERS: ICRA Reaffirms B+ Rating on INR8cr LT Scale
---------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ and its short
term rating of [ICRA]A4 on the INR14 Crore bank facilities of PRJ
Polymers Private Limited.

                         Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Fund-Based limits-      8.0         [ICRA]B+; reaffirmed
   Long Term scale

   Non-Fund based          6.0         [ICRA]A4; reaffirmed
   Limits-Short term
   scale

The ratings reaffirmation takes into account the extensive
experience of the promoters in the polymers distribution business
and the company's dependency on Indian Oil Corporation Limited
(IOCL) for business. The ratings continue to be constrained by the
high working capital requirements in relation to the profits;
moderately high customer, geographic and segment concentration
risks and the financial profile characterized by low cash
accruals, high gearing and weak debt coverage indicators. However,
ICRA favourably factors in the long-standing established
relationships of the company with the customers in the plastic
industry.

PPPL was earlier engaged in the business of distributing chemicals
and polymers for GAIL India Ltd, Reliance Industries Limited, IOCL
etc. In 2009, PPPL applied to be a distributor of IOCL and got the
distributorship for PP/HDPE products on 24th May, 2010. Presently,
PPPL is a Del-Credere agent (DCA) as well as a Consignment
Stockist (CS) of IOCL for distribution of polymer products in the
NCR region. The company has a rented warehouse in Kavinagar
Industrial Area with a capacity of 350 MT for stocking goods.


QUALITY MINT: ICRA Assigns B+ Rating to INR5.0cr Cash Credit
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 to the INR11.00 Crore bank limits of Quality
Mint & Allied Chemicals.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           5.00         [ICRA]B+ (assigned)
   Bills Purchased       6.00         [ICRA]A4 (assigned)

The assigned ratings are constrained by QMAC's modest scale of
operations; high competitive intensity in the industry which
limits profitability and weak financial risk profile as
characterized by low profitability margins, leveraged capital
structure and weak debt protection metrics. The ratings are
further constrained by QMAC's weak bargaining power with respect
to its customers; demand threat for natural menthol owing to the
presence of synthetic variety and vulnerability of firm's
profitability to variation in forex rates and raw material prices.
While assigning the ratings, ICRA also takes into account the
risks associated with partnership form of business in terms of
continuity, capital infusions and withdrawals.

The ratings, however, take comfort from the past experience of the
promoters in the menthol industry; the reputed customer profile
across diverse industries; the strong export demand for menthol
and allied products with India being the major producer and the
export incentives given by the Indian Government which aid
profitability.

QMAC was established as a proprietorship concern in 2009 by Mr. M
K Gupta. The corporate status of the firm was changed to
"partnership" during 2013-14 with Ms. Meenal Gupta taking over 50%
stake. The firm is involved in the business of trading and
processing mentha oil and other allied products and the
manufacturing facility of the firm is situated in Moradabad region
of Uttar Pradesh. The promoters have been involved in the menthol
business through other associate concerns for the last three
decades.

Recent Results
As per its unaudited financials for 2013-14, QMAC reported a net
profit of INR0.39 crore on an operating income of INR42.45 crore
against a net profit of INR0.51 crore on an operating income of
INR63.91 crore in the previous year.


R.R. & SONS: ICRA Suspends 'B/A4' Rating on INR5.5cr Bank Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B/A4 ratings assigned to the INR5.5 crore
bank facilities of R.R. & Sons Vehicles Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


RAJASTHAN VIKAS: ICRA Ups Rating on INR24.9cr Term Loan to B+
-------------------------------------------------------------
ICRA has upgraded its long term rating on the INR32.30 crore bank
facilities of Rajasthan Vikas Sansthan to [ICRA]B+ from [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based bank       24.90        [ICRA]B+; upgraded
   Facilities-Term                    from [ICRA]B
   loan

   Fund based bank        2.00        [ICRA]B+; upgraded
   Facilities-                        from [ICRA]B
   Overdraft

   Non-fund based         5.40        [ICRA]B+; upgraded
   bank Facilities-                   from [ICRA]B
   Bank Guarantee

The rating action factors in the year on year increase in revenue
receipts and surplus levels of the society due to the continued
healthy occupancies witnessed by the society in its dental courses
combined with regular fee hikes. While ICRA takes note of the 4%
year-on-year contraction in the student base of the society in
AY14-15 owing to the decline in admissions in the engineering and
management courses, RVS' receipts and surplus levels are expected
to remain adequately supported by the upward fee revision received
by the society in AY14-15 for its dental courses as well as the
stable revenue streams from hostel and allied operations, which
together account for over 50% of the revenue receipts generated by
the society.

Aided by improvement in accruals, the financial profile of the
society has also improved over the last two years and remains
satisfactory as reflected in gearing of 1.22x as on March 31,
2014, interest cover of 3.35x and Net Cash Accruals/Total Debt of
29% for FY2014. The rating continues to derive strength from the
experienced management of the society, which has been engaged in
the education sector for more than a decade.

Notwithstanding the improvement in accruals, the rating however
remains constrained by the society's stretched liquidity position
owing to the scheduled debt repayments and regular debt funded
capital expenditure incurred by the society for infrastructure
development. Additional stressors to the liquidity are delays in
receipt of fee reimbursement (scholarship awards for students from
Jammu and Kashmir) from the State Government. The lumpy nature of
fee receipts further aggravates the liquidity issue, exposing the
society to risk of cash flow mismatches.

Given the scheduled debt repayments (Rs 7 crore over the next two
years), the scale of capital expenditure, and adequacy and
timeliness of debt funding availed to fund the same will be the
key determinants of the credit profile and liquidity position, and
will thus remain the key rating sensitivities. This apart, the
ability of the society to maintain healthy occupancies in dental
courses, as well as improve the enrolments in engineering courses
would be the key rating monitorables.

Incorporated in 1999, RVS is a registered society which runs and
operates eight colleges through its two campuses based in Jodhpur
(Rajasthan). The institutes operating under RVS offer graduate and
post graduate courses in dentistry, engineering, teacher training,
nursing and commerce/management and have a current (AY14-15)
student base of 3,846 students. Apart from the educational
institutes, RVS also runs a hospital with 150 beds, besides 260
dental chairs. The society is headed by Mr. Manish Vyas, who has
more than a decade of experience in the education sector.


RAJKAMAL INDUSTRIAL: ICRA Suspends B+/A4 INR17.75cr Loan Rating
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+/A4 ratings assigned to the
INR17.75 crore limits of Rajkamal Industrial Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Established in 1960 as a partnership firm, Rajkamal Industrial
Company; the entity was recently converted into a private limited
company in June 2012. The company is managed by Mr Bhadresh Mehta
and his son Mr Meet Mehta with its corporate office located in
Ahmedabad district of Gujarat. Rajkamal Industrial Private Limited
(RIPL) is engaged in the trading of petroleum products like group
I and group II base oils, waxes and chemicals like crude
naphthalene as well as marketing skin care products under the
brand name of Rajkamal skincare.


RNS INFRASTRUCTURE: ICRA Suspends B+ Rating on INR50cr FB Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR50.00 crore
fund based facilities and INR362.28 crore non fund based
facilities of RNS Infrastructure Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


SANTOSH BAHIRAT: ICRA Suspends 'B' Rating on INR9cr Cash Credit
---------------------------------------------------------------
ICRA has suspended '[ICRA]B' rating assigned to INR9.00 crore cash
credit facility of M/S Santosh Bahirat. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

M/S Santosh Bahirat was formed in March 2012 to construct a
commercial project 'Next-Gen Avenue'. The firm is being promoted
by Mr. Santosh Bahirat. The firm has been involved in development,
real estate and investment services of the construction industry.
The project is being developed near Senapati Bapat Road, which is
one of the important commercial areas of Pune. The firm also has
two on-going residential projects in Wakad and NIBM Road, Pune of
3,25,000 sq. ft. with own source of funds.


SHREE NAKODA: CRISIL Raises Rating on INR78.5MM Cash Credit to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shree Nakoda Ginning and Pressing Factory (SNGPF) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             78.5        CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects the significant improvement in SNGPF's
business performance and CRISIL's expectation that the firm will
be able to sustain the improvement over the medium term. Backed by
improved capacity utilisation and stable realisations, the firm's
topline is expected to continue to grow at over 10 per cent
annually. Also, a conservative inventory policy will ensure that
its operating profitability remains stable at close to 3 per cent
over the medium term.

The rating continues to reflect SNGPF's modest, though improving
scale of operations in a fragmented industry, its large working
capital requirements and the susceptibility of its operating
profitability to volatility in raw material prices. The rating
also factors in the firm's below-average financial risk profile,
marked by an aggressive capital structure and average debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of SNGPF's promoters in the cotton
ginning and pressing industry and their funding support.

Outlook: Stable

CRISIL believes that SNGPF will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves, backed by an improvement in its capital
structure either through equity infusion or an improved scale of
operations and profitability leading to higher cash accruals.
Conversely, the outlook may be revised to 'Negative' if its
financial risk profile weakens because of a decline in its revenue
and profitability or large debt-funded capital expenditure or if
SNGPF's working capital requirements increase considerably,
leading to weakening of its liquidity.

SNGPF is a partnership firm of Mr Premchand Doshi and family,
which was previously known as Nakoda Ginning and Pressing Factory
(Nakoda). Nakoda was a proprietorship firm of Mr. Premchand Doshi
and was engaged in the cotton ginning and pressing business since
1996. SNGPF had taken over operations of the Nakoda from FY 2013-
14. The firm has a ginning and pressing unit in Khargone (Madhya
Pradesh), with an installed capacity of 450 cotton bales per day.

SNGPF reported a profit after tax (PAT) of INR2.2 million on net
revenue of INR503.0 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR1.2 million on net
revenue of INR378.8 million for 2012-13.


SHRI DEVKRIPA: ICRA Suspends B+ Rating on INR5.6cr FB Loan
----------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR5.6
crore fund based limits of Shri Devkripa Textile Mills Pvt. Ltd.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SPICEJET LIMITED: Auditors Cast Doubts Over Carrier's Future
------------------------------------------------------------
The Times of India reports that auditors of financially struggling
SpiceJet airlines have now cast 'significant' doubts on the ailing
company's future.  The low-cost carrier incurred a loss of Rs 310
crore in the quarter ended September 30, 2014, down 45% from the
loss of Rs 560 crore in same period last fiscal, the report
discloses.

"As of that date (September 30, 2014) the company's total
liabilities exceed its total assets by Rs 1,459.7 crore. These
conditions . . . indicate the existence of a material uncertainty
that may cast significant doubt about the company's ability to
continue as a going concern," auditor S R Batliboi & Associated
said, TOI relays.

TOI says the auditors point out that SpiceJet had made no
provision for interest of Rs 7.5 crore. "Had the same been
accounted for, the net loss for the quarter ended September 30,
2014, would have been higher by Rs 7.5 crore," the auditor, as
cited by TOI, said.

On its part, the airline, which has been constantly coming out
with discount offers this year to raise cash to meet working
capital requirements, said its market stimulation has worked. In
Q2, its revenue increased 15% year-over-year, ahead of capacity
increase of 7%, according to TOI.

"SpiceJet's market stimulation efforts have had a positive impact
on the travel industry as a whole by helping increase demand to
fill seats that would otherwise go empty. This has benefitted not
just the airline through incremental revenue, but also customers
who are getting much more affordable fares if they are willing to
book early . . . Spicejet-led market stimulation is what resulted
in 28% growth in domestic passenger traffic in India in the month
of September, traditionally the weakest traffic month of the
year," the airline said, TOI relays.

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights
between major cities in India.

As reported in the Troubled Company Reporter-Asia Pacific on
May 21, 2014, The Times of India said SpiceJet has posted its
highest ever annual loss of INR1,003.2 crore in the financial year
2013-14 up five times from INR191 crore in the previous fiscal.


SRIRANI SATI: CARE Reaffirms B Rating on INR8cr LT Bank Loan
------------------------------------------------------------
CARE reaffirms rating to the bank facilities of Srirani Sati
Enterprises Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      8         CARE B Reaffirmed

Rating Rationale

The rating continues to be constrained by the short track record
and small scale of operations of Srirani Sati Enterprises Pvt Ltd
coupled with low profitability margin owing trading nature of
business and leveraged capital structure.

The rating also continues to factor in risk of non-renewal of
dealership agreement from Electrosteel Steels Ltd, high working
capital intensity and stiff competition due to fragmented nature
of the industry with presence of many unorganized players.

The rating, however, derives strength from long standing
experience of the promoters in the iron & steel industry and the
advantage of being a sole authorized dealer of Electrosteel Steels
Ltd for Bihar.

Going forward, the ability of the company to grow its scale of
operations along with improvement in profitability margins
& capital structure and ability to manage its working capital
effectively would be the key rating sensitivities.

Srirani Sati Enterprises Pvt Ltd incorporated on November 16,
2011, was promoted by the Mohanka family of Patna, Bihar with Mr
Jagdish Prasad Mohanka being the main promoter. SSEPL commenced
operation from February 2013 as an authorized distributor of
Electrosteel Steels Limited for Bihar dealing in iron & steel
related products like TMT bars, pig iron, steel billets and
structures. This apart, the company is also engaged in trading of
unbranded iron & steel products. In FY14 (refers to the period
April 01 to March 31), the sales from ESL product constituted 85%
of the company's total revenue with trading sale accounting for
the residual.

During FY14, the company reported a total operating income of
INR35.45 crore (FY13: INR8.48 crore) and a PAT of INR0.14 crore
(FY13: INR0.01 crore). Furthermore, as per provisional H1FY15, the
company has maintained to have achieved total operating income of
INR21.68 crore.


SUMAN MANUFACTURING: ICRA Reaffirms B+ Rating on INR6cr Cash Loan
-----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR3.49
crore term loan (reduced from INR3.95 crore) and INR6.00 crore
cash credit (enhanced from INR3.50 crore including INR1.35 crore
of the earlier unallocated limits reassigned as cash credit
limits) of Suman Manufacturing Works Private Limited. ICRA has
also reaffirmed the rating assigned to the INR0.20 crore non-fund
based bank facility of the company at [ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-     3.49         [ICRA]B+ reaffirmed
   Term Loan

   Fund Based Limit-     6.00         [ICRA]B+ reaffirmed
   Cash Credit

   Non Fund Based        0.20         [ICRA]A4 reaffirmed
   Limit-Bank
   Guarantee

The ratings reaffirmation take into account SMWPL's limited
operational track record and its weak financial profile
characterized by loss making operations, nominal cash accruals and
weak coverage indicators in its first year of tea manufacturing
operations in 2013-14. The ratings also factor in the risks
associated with tea being an agricultural commodity, which is
dependent on agro-climatic conditions that lead to variability in
profit and cash flows of bulk tea producers such as SMWPL and its
dependence on external procurement of leaves, which exposes the
company to availability, quality and price risks of purchased
green leaves. However, ICRA notes that the price of green leaves
usually follows the trend in tea prices. The ratings also take
into consideration the substantial debt servicing obligation over
the medium term which is likely to exert pressure on the company's
cash flows. The ratings however take cognisance of the experience
of promoters in the tea industry, with the group having presence
in several bought leaf factories, tea trading and blending
operations. The ratings also take into account the favourable
outlook for the domestic tea industry at least over the short to
medium term. In ICRA's opinion, the ability of the company to
significantly increase scale of operations while improving its
profitability would be a key rating sensitivity going forward.

Incorporated in 2004 as a real estate company Suman Housing
Private Limited (SHPL), the company changed its name to present
name Suman Mfg. Works Pvt. Ltd (SMWPL) in 2008-09 and entered into
manufacturing of incense sticks. In 2010-11, the company exited
from the incense sticks business and shifted its focus to
manufacturing of black tea of CTC category and started tea
production from May 2013 onwards, with its factory located at
Jalpaiguri, West Bengal. The annual installed capacity for
production of black tea is 3.5 million kg. ICRA has also rated
three of its group entities viz. Brojendra Plantation Private
Limited (rated at [ICRA]BB/Stable), M.B.Tea & Allied Products
Private Limited (rated at [ICRA]BB/Stable) and Aryan Tea
Plantation Pvt Ltd (rated at [ICRA]BB+(Stable) /[ICRA]A4+).

Recent Results
The company has reported a net profit of INR0.29 crore
(provisional) on an operating income of INR15.14 crore
(provisional) during H1 2014-15 as compared to a net loss of
INR0.17 crore on an operating income of INR15.53 crore during
2013-14.


VASA NONWOVEN: CARE Assigns B Rating to INR6.77cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Vasa
Nonwoven Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.77       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Vasa Nonwoven
Industries Private Limited (VNPL) is constrained by the small
scale of operations, weak capital structure and debt protection
metrics, project execution risk and working capital intensive
nature of operations. The rating is further constrained by
inherent industry risk characterized by low profitability margins
being vulnerable to raw material price volatility and presence in
the highly fragmented industry.

The rating derives strength from the experience of the management
in a similar line of business.

Ability of the company to grow its scale of operation and
profitability along with efficient management of the working
capital cycle and timely execution of the expansion project
without any cost overrun are the key rating sensitivities.

Incorporated in March 2011 by Mr K S Ponnusamy, VNPL is engaged in
manufacturing non-woven sacks which find application in the
packaging of food grains and retail industry. The manufacturing
facility of VNPL is located at Tirupur with an installed capacity
of 1800 TPA as on March 31, 2014 (utilized at around 80% as on
March 31, 2014) which commenced commercial production from January
2013.

During FY14 (refers to the period April 01 to March 31) VNPL
reported a total operating income of INR18.07 crore and net loss
of INR0.06 crore. Furthermore, for H1FY15 VNPL reported a total
income of INR10.24 crore.


VENTO CERAMIC: ICRA Reaffirms 'B' Rating on INR6.65cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR9.65
crore long term facilities of Vento Ceramic. ICRA has also
reaffirmed the [ICRA]A4 rating to the INR1.55 crore short term non
fund based facilities of VC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.00        [ICRA]B reaffirmed
   Term Loans            6.65        [ICRA]B reaffirmed
   Bank Guarantee        1.55        [ICRA]A4 reaffirmed

Rating Rationale

The reaffirmation of ratings continues to factor in the small
scale of operations of the entity with limited track record and
modest financial profile of the firm with leveraged capital
structure, weak debt coverage indicators and high working capital
intensity. Further, the ratings are constrained by VC's limited
product portfolio comprising only ceramic floor tiles which
restricts its sales prospects and dealings with large
institutional buyers and the highly fragmented nature of the tiles
industry which results in intense competitive pressures. The
ratings also take into account the cyclical nature of the real
estate industry which is the main consuming sector and exposure of
profitability of the firm to increasing prices of gas which is the
major fuel. Further, the risks associated with partnership form of
business in terms of continuity, capital infusions and withdrawals
also constrain the ratings.

The ratings, however, take comfort from the past experience of the
founder promoter in the ceramic industry and the firm's
competitive advantage in raw material procurement on account of
its favourable location in Morbi.

Incorporated in March 2013, Vento Ceramic (VC) commenced
commercial production of ceramic wall tiles in November 2013 with
an installed capacity of ~7800 boxes per day. Its plant is located
at Morbi in Rajkot district of Gujarat and manufactures digitally
printed ceramic wall tiles of two sizes 12" X 18", and 12" X 24".
The firm is promoted by Mr. Anil Panchotiya, Mr. Bharat Panchotiya
and a few others and the partners have experience in ceramic
industry by way of their association with other related entities.

Recent Results
For the year ended 31st March, 2014, VC reported an operating
income of INR6.00 Cr. and negative profit after tax of INR0.75 Cr.


VISHNUJI REFINERY: CARE Puts B+ Rating on INR28.49cr LT Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Vishnuji
Refinery Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     28.49      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Vishnuji Refinery
Private Limited (VRPL) is primarily constrained on account of its
nascent stage of operations and recently completed debt-funded
capex leading to project stabilization risk, susceptibility of
profit margins to fluctuation in raw material price, presence in
highly fragmented and competitive industry and dependence on agro-
climate conditions and seasonality associated with the
availability of commodities.

The aforementioned constraints outweigh the benefits derived from
moderate experience of the promoters and favourable outlook of the
edible oil industry.

The ability of VRPL to successfully stabilize its business
operations by achieving envisaged level of capacity utilization
and profitability are the key rating sensitivities.

Rajkot (Gujarat) based, VRPL was originally incorporated in
September 2008 as Siddhi Vinayak Cotgin Private Limited.
Subsequently, the unit was acquired by Mr Sohil Mandanka, Mr Vijay
Mandanka and Mr Pinakin Mandanka during September 2013 and changed
its name to the present one. VRPL has completed a green-field
project to manufacture various types of refined oil with an
installed capacity of 30,000 metric tons per annum (MTPA) during
August 2014. The total capital cost of the project was INR11.94
crore, which was funded through term loan of INR6.49 crore and
remaining through mix of equity share capital and unsecured loans.
The product portfolio of VRPL includes cotton seed oil, soyabean
oil, palm oil and ground nut oil. VRPL sells its products through
traders mainly in western and southern part of India. VRPL
has commenced commercial production from August 2014 with delay of
four months. The promoters have also promoted Bhagyoday Oil &
Ginning Factory (BOGF) which is engaged in the business of
crushing of ground nut seeds.

VRPL has reported a total operating income (TOI) of INR14.78 crore
up to October 30, 2014.


VISHNURAAM TEXTILES: CRISIL Ups Rating on INR69.3MM LT Loan to B
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Vishnuraam Textiles Ltd (VTL) to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          37.5       CRISIL B/Stable (Upgraded from
                                   'CRISIL D')

   Cash Credit           5.5       CRISIL B/Stable (Upgraded from
                                   'CRISIL D')

   Letter of Credit     27.5       CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Long Term Loan       69.3       CRISIL B/Stable (Upgraded from
                                   'CRISIL D')

The rating upgrade reflects VTL's timely debt servicing, backed by
improvement in its liquidity driven by improvement in its working
capital cycle. The company's receivables improved to around 55
days as on March 31, 2014, from 74 days as on March 31, 2013. The
company is expected to report cash accruals of around INR26
million as compared to repayment obligations of INR20 million over
the medium term.

The ratings reflect VTL's modest scale of operations, and the
susceptibility of its operating margin to volatility in raw
material prices. These rating weaknesses are partially offset by
the company's above-average financial risk profile marked by low
gearing and its promoter's extensive experience in the textile
industry.

Outlook: Stable

CRISIL believes that VTL will continue to benefit over the medium
term from its promoter's industry experience. The outlook may be
revised to 'Positive' if the company achieves significant revenue
growth while maintaining its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if VTL's
liquidity is stretched because of large working capital
requirements, or if it undertakes a large debt-funded capital
expenditure programme, adversely affecting its debt servicing
ability.

VTL was set up in 1990 in Udumalpet (Tamil Nadu). The company
manufactures cotton yarn. Its daily operations are managed by its
promoter, Mr. M Arunachalam.



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


PT HUMPUSS: Pays US$140.9MM Debt With Shipping Unit Stake
---------------------------------------------------------
The Jakarta Post reports that PT Humpuss, which is owned by former
president Soeharto's youngest son -- Hutomo "Tommy" Mandala Putra
-- has lost a third of its controlling stake in publicly listed
shipping firm Humpuss Intermoda Transportation to repay US$140.9
million in debts.

According to the report, Humpuss director Theo Lekatompessy said
the company had finally decided to go through a debt-to-equity
swap mechanism to repay its debts to Athens Fund SA.

Humpuss' shares in Humpuss Intermoda have been diluted to 47.6
percent, compared to 67.78 percent previously -- which means the
stake has been reduced by 20.18 percentage points, The Jakarta
Post relays.

The report says shareholders of Humpuss had initially agreed to
repay 95 percent of the debt, with assets belonging to its
subsidiary, Singapore-based and bankrupted Humpuss Sea Transport
Pte. Ltd. (HST), while the remaining 5 percent would be paid with
Humpuss' shares.

"Soon after the RUPS [shareholders meeting], however, our creditor
asked the debt to be paid wholly through a debt equity swap
instead of an asset swap," the report quotes Mr. Theo as saying.

The company carried out the debt-to-equity transaction in July,
with pricing at Rp 700 a piece, The Jakarta Post says citing to an
announcement published in the Indonesia Stock Exchange (IDX).

The Jakarta Post relates that the transaction was to pay up to 95
percent of debts, while the remaining 5 percent had been paid
earlier.

According to the report, the company faced tough times when HST
failed to pay for ships it leased in 2007-2008, leading to one of
its creditors filing a legal appeal at the Singapore High Court.
The creditor handed its authority to Athens, the report adds.



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


DYNAMIC OIL: Shipping Fuel Dealers Hit by OW Bunker Bankruptcy
--------------------------------------------------------------
Eric Yep in Singapore and Anna Molin at The Wall Street Journal
report that the bankruptcy filing of a giant shipping-fuel
supplier has sent shock waves through Singapore, one of the
world's busiest ports, with companies in the city bracing for a
number of payment defaults and worries over a potential cash
crunch.

Small buyers and sellers of shipping fuel, also known as bunker
fuel, are expected to be hit the most in Singapore, where the
industry is worth $20 billion to $25 billion in sales a year, the
Journal says.  The scare has also led to higher fuel prices and
panic buying in other Asian ports and the Middle East, the Journal
relates.

According to the Journal, the trigger was the bankruptcy by
Denmark's OW Bunker AS earlier this month, after it alleged there
had been a $125 million fraud at its Singapore unit, Dynamic Oil
Trading, as well as separate losses caused by the recent plunge in
oil prices and the failure of internal risk-management systems.

It is a dramatic turn of events for OW Bunker, which went public
just nine months ago in Copenhagen, and had an estimated 7% market
share in the global marine-fuel and logistics business, according
to its offering document, the Journal notes. That amounts to about
$12 billion at current fuel prices, traders said. About 30% of its
revenue came from Singapore, its third-quarter results showed, the
Journal notes.

The Journal says the effects of OW's bankruptcy are still
spreading. The company acts as a middleman between producers of
bunker fuel and the shipping companies who need it. Suppliers of
fuel to OW Bunker are bracing for nonpayments, and buyers of fuel
in the city are struggling to find other sources on short notice.

"Right now it's a major credit issue for small players that could
last for weeks," the Journal quotes Ong Eng Tong, a business-
development consultant for Mabanaft Pte. Ltd., a petroleum-
trading company in Singapore, as saying.

Singapore had a total of 68 registered marine-fuel suppliers in
2013, according to official data, with 120,000 ships visiting
annually, the Journal discloses.

The Journal notes that most of these market participants buy and
sell fuel on the basis of oral agreements for future payments,
instead of formal bank guarantees. OW Bunker's bankruptcy has left
large unpaid bills, and fuel suppliers are now refusing credit and
accepting only cash payments, according to the report.

The Journal relates that traders said small firms unable to
arrange funding on short notice will lose business and get elbowed
out of the market.  Banks and financial institutions are also
tightening lending guidelines, the Journal adds.



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


ACER INC: Fitch Affirms 'BB-' Issuer Default Ratings
----------------------------------------------------
Fitch Ratings has affirmed Taiwan-based Acer Inc.'s (Acer) Long-
Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of
'BB-' and National Long-Term Rating at 'BBB(twn)'. The Outlook has
been revised to Stable from Negative.

Key Rating Drivers

Stabilised Outlook: The Outlook revision reflects Fitch's
expectations of: a slowdown in the pace of decline in global PC
demand, stabilisation in Acer's market position and a return to
profit. However, we believe that Acer's profitability remains
fragile and it will be a challenge for the company to improve its
profitability significantly above breakeven. The company's
relatively weak position in the highly competitive global PC
market, which is facing continued substitution by smartphones and
tablets, will continue to constrain the ratings.

Improved but Stagnant Demand: The pace of decline in global PC
shipments has slowed and the outlook has improved. We believe that
Windows XP replacement demand will be sustained for the next 12
months and competition from tablets in developed markets will
ease. However, a sustained improvement in the global PC market is
unlikely without a resurgence in consumer interest, which we see
as unlikely over the next two years. IDC expects worldwide PC
shipments to drop 3.7% in 2014 and remain stagnant until at least
2018.

Turnaround in Profitability: Fitch believes Acer's current
strategy will help stabilise its profitability; tighter cost
control, termination of uncompetitive products and improved time-
to-market for new products have enabled operating margin to turn
positive to 0.8% for 9M14 (9M13: -1.2%). However, we believe that
a significant rebound in profitability after the turnaround will
be a challenge. Acer remains weak on enterprise, solutions and
cloud computing, and its smartphone business remains fragile.

Weak Cash Generation: Fitch expects Acer's cash generation will
remain weak and that free cash flow (FCF) will remain negative in
the next one to two years. Despite the turnaround in profitability
and the rebound in shipment market share, Acer's cash flow from
operations remained significantly negative for 9M14, although
there was improvement from the same period last year.

Adequate Liquidity: Acer had readily available cash of TWD39.2bn
at end-September 2014, which comfortably covered its total debt of
TWD18.5bn. Fitch expects that Acer will continue to maintain a net
cash position over the medium term. However, given the poor
profitability, its net cash position has become increasingly
important as a mitigant to the company's weakened cash generation.

Rating Sensitivities

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
- sustained negative operating EBIT margin
- sustained negative free cash flow
- loss of net cash position, although the retention of its net
cash position in itself would not be sufficient to avoid a
downgrade

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
- reduced reliance on the extremely competitive PC industry
- sustained positive free cash flow
- sustained operating EBIT margin of greater than 1%
- FCF primarily used for debt reduction resulting in funds flow
from operations (FFO)-adjusted leverage sustained below 4.0x



                             *********

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
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