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

                      A S I A   P A C I F I C

          Tuesday, November 18, 2014, Vol. 17, No. 228


                            Headlines


A U S T R A L I A

CBD ENERGY: First Creditors' Meeting Slated For Nov. 26
COMBINED AUTO: In Administration; First Meeting Set For Nov. 24
FORTESCUE METALS: Bank Debt Trades at 3% Off
HARVEY'S FUN PARK: Face Closure as Owner Jailed For Seven Months
SIGNUM VANGUARD: S&P Puts BB+ Rating on JPY4BB Loan on Watch Pos.

SNAPPER ROAD: First Creditors' Meeting Set For November 27
STELLAR HOMES: Scott Salisbury Rescues Firm Out of Administration
* AUSTRALIA: New Insolvency Rules Aims to Up ASIC, Creditor Power


B A N G L A D E S H

BANGLADESH: Default Loan Rises Further in 3rd Qtr


C H I N A

AGFEED INDUSTRIES: Compromise with Good Charm Approved
CIFI HOLDINGS: Moody's Raises Senior Unsecured Debt Rating to B1
GENERAL STEEL: Incurs $5.2 Million Net Loss in Third Quarter
HANG SENG BANK: Moody's Hikes Baseline Credit Assessment to Ba1
HENGSHI MINING: Fitch Assigns 'B+' IDR; Outlook Stable

HENGSHI MINING: Moody's Assigns B1 Corporate Family Rating
YINGDE GASES: Fitch Affirms 'BB' IDR, Revises Outlook to Negative


I N D I A

A R LOOMTEX: CRISIL Suspends B+ Rating on INR48MM Cash Credit
AADIT ENTERPRISE: CARE Lowers Rating on INR20cr Bank Loan to D
AGRAWAL CHANNEL: ICRA Suspends B- Rating on INR22cr Bank Lines
APAR CHARITABLE: ICRA Reaffirms B Rating on INR7.995cr Term Loan
APLAB LIMITED: ICRA Lowers Rating on INR22cr Bank Guarantee to D

AXSYS SOLUTIONS: CRISIL Assigns B Rating to INR50MM Term Loan
BHILAI INSTITUTE: CRISIL Reaffirms D Rating on INR97.5MM Loan
HOLICOW INFRA: CRISIL Assigns 'B' Rating to INR147.5MM Term Loan
MALHOTRA CONSTRUCTIONS: ICRA Rates INR4cr Bank Guarantee at B/A4
MANAV RICE: CRISIL Reaffirms B Rating on INR80MM Cash Credit

MAX PROPERTIES: ICRA Revises Rating on INR7.41cr FB Loan to B-
MILLER MERCANTILE: CRISIL Cuts Rating on INR95MM Cash Loan to B
MISTRY ENTERPRISES: ICRA Lowers Rating on INR27.5cr FB Loan to D
MUSKAN OVERSEAS: ICRA Suspends B Rating on INR1cr FB Loan
NEHANI TILES: ICRA Assigns B Rating to INR6.50cr Term Loan

PLATINUM AAC: CARE Assigns B Rating to INR11.75cr LT Bank Loan
POLO HOTELS: CRISIL Reaffirms B+ Rating on INR300MM Term Loan
PONNU FOOD: ICRA Reaffirms B Rating on INR8cr Fund Based Loan
RAJ ENGINEERS: CARE Assigns B+ Rating to INR6.10cr LT Bank Loan
RAVI INDUSTRIES: CRISIL Puts 'B' Rating on INR40MM Cash Credit

REPUBLIC AUTO: CARE Reaffirms B+ Rating on INR11.25cr Bank Loan
RMJ MOTORS: CARE Reaffirms B+ Rating on INR17cr LT Bank Loan
ROYAL LATEX: CARE Assigns B+ Rating to INR5cr LT Bank Loan
SARITHA COTTON: ICRA Reaffirms B- Rating on INR8cr FB Loan
SHREE NATH: ICRA Reaffirms B Rating on INR11.50cr Fund Based Loan

SRI HARI: ICRA Reaffirms B Rating on INR32cr Fund Based Loan
SRI PRASANNA: CRISIL Reaffirms 'B+' Rating to INR50MM Cash Loan
SRI RAM: ICRA Assigns B Rating to INR6.20cr Fund Based Limits
TEERTH DEVELOPERS: ICRA Withdraws B Rating on INR15cr Term Loan
TPP BOILERS: ICRA Assigns B+ Rating to INR2.0cr Cash Credit

TRIMURTI FLOUR: ICRA Cuts Rating on INR4cr Cash Credit to 'D'
VELMURUGAN HEAVY: ICRA Revises Rating on INR22.62cr FB Loan to B
VINIL TRADING: CRISIL Assigns 'B' Rating to INR180MM Term Loan


J A P A N

JAPAN: Slips Into Recession as PM Abe Weighs Tax


N E W  Z E A L A N D

WEST HARBOUR: Liquidators, Maori Trust Case Back in Court


S I N G A P O R E

OW BUNKER: Singapore Units Face Suits Over Unpaid Supplies


V I E T N A M

VIETNAM: Moody's Assigns B1 Rating to US Dollar-Denominated Bond


X X X X X X X X

* BOND PRICING: For the Week Nov. 10 to Nov. 14, 2014


                            - - - - -


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


CBD ENERGY: First Creditors' Meeting Slated For Nov. 26
-------------------------------------------------------
Trevor Pogroske and Said Jahani of Grant Thornton Australia were
appointed as administrators of CBD Energy Limited, CBD Solar Labs
Pty Ltd, KI Solar Pty Ltd and Westinghouse Solar Pty Ltd on
Nov. 14, 2014.

A first meeting of the creditors for each of the Companies will be
held at Level 17, 383 Kent Street, in Sydney, on Nov. 26, 2014, at
10:00 a.m.


COMBINED AUTO: In Administration; First Meeting Set For Nov. 24
---------------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of Combined Auto Trend Pty Ltd on
Nov. 13, 2014.

A first meeting of the creditors of the Company will be held at
Level 10, 239 George Street, in Brisbane, Queensland, on
Nov. 24, 2014, at 11:00 a.m.


FORTESCUE METALS: Bank Debt Trades at 3% Off
--------------------------------------------
Participations in a syndicated loan under which Fortescue Metals
Group Ltd is a borrower traded in the secondary market at 96.86
cents-on-the-dollar during the week ended Friday, October 3, 2014
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal. This represents a decrease of
0.82 percentage points from the previous week, The Journal
relates. Fortescue Metals pays 325 basis points above LIBOR to
borrow under the facility. The bank loan matures on
June 13, 2019, and carries Moody's Ba2 rating and Standard &
Poor's BB rating. The loan is one of the biggest gainers and
losers among 212 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.


HARVEY'S FUN PARK: Face Closure as Owner Jailed For Seven Months
----------------------------------------------------------------
Eloise Keating at SmartCompany reports that a well-known amusement
park in regional Victoria is at risk of closure after its owner
was last week sentenced to seven months in jail for the sexual
assault of a former teenage employee.

According to SmartCompany, Fairfax reported that County Court
Judge Christopher Ryan said last week it is "questionable" whether
Harvey's Fun Park will "survive in its present form", after he
ruled owner Darren Harvey engaged in predatory behaviour towards
the former employee, who was 18 and finishing high school at the
time of the incident.

The amusement park, located close to the Murray River border
between Wodonga and Albury, was previously operated as Harvey's
Fish Farm by Darren Harvey and his father Garry until 2008,
SmartCompany discloses.  After a deal to sell the business locally
fell through, Mr. Harvey re-opened the park as a children's fun
park in 2012.

SmartCompany says Mr. Harvey was originally sentenced to 15 months
in prison, with a non-parole period of nine months, in the Wodonga
Magistrates Court in October, but the case went to the County
Court on appeal.

The report relates that Judge Ryan reduced the non-parole period
to seven months last week, noting Mr. Harvey has made a
significant contribution to the local community and had good
prospects of rehabilitation, but said Mr. Harvey's "absolutely
disgraceful" conduct deserved punishment.

"Young women like the complainant ought to be safe in the
workplace," the report Judge Ryan as saying.


SIGNUM VANGUARD: S&P Puts BB+ Rating on JPY4BB Loan on Watch Pos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on two
Japanese synthetic collateralized debt obligation (CDO)
transactions on CreditWatch with positive implications.

The CreditWatch positive placements reflect the tranche's
synthetic rated overcollateralization (SROC) levels, which
exceeded 100% with a sufficient SROC cushion at higher ratings
than the current ratings as of Oct. 31, 2014.

S&P intends to review these tranches by the end of this month.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS PLACED ON CREDITWATCH POSITIVE

Signum Vanguard Ltd.
Class A secured fixed rate credit-linked loan series 2005-04
To                     From         Amount
BB+ (sf)/Watch Pos     BB+ (sf)     JPY4.0 bil.

Hummingbird Securitisation Ltd.
Series 2 loan
To                     From         Amount
BB+ (sf)/Watch Pos     BB+ (sf)     JPY3.0 bil.


SNAPPER ROAD: First Creditors' Meeting Set For November 27
----------------------------------------------------------
Jason Bettles & Morgan Lane of Worrells Solvency & Forensic
Accountants were appointed as administrators of Snapper Road
Seafoods Pty Ltd on Nov. 17, 2014.

A first meeting of the creditors of the Company will be held at
Level 5, HQ@Robina, 58 Riverwalk Avenue, in Robina, Queensland, on
Nov. 27, 2014, at 2:30 p.m.


STELLAR HOMES: Scott Salisbury Rescues Firm Out of Administration
-----------------------------------------------------------------
Cara Waters at SmartCompany reports that Stellar Homes has been
rescued from administration by the Scott Salisbury Group.

The construction and development business announced its
acquisition of Stellar Homes on November 14, the report says.

According to the report, the procurement process involved the
Scott Salisbury Group working closely with both the administrators
at Macks Advisory and the team at QBE to "derive a resolution that
is beneficial for all parties involved".

The sale price for Stellar Homes is undisclosed but is dependent
on the performance of Stellar Homes post purchase, SmartCompany
notes.

Scott Salisbury Group is a 25-year-old South Australian
construction company with 55 employees and a turnover of $50
million a year.

Scott Salisbury told SmartCompany he plans to deliver the projects
already underway utilising and managing existing Stellar Homes
trades and suppliers.

"The biggest reason for us to get involved in that was to help out
in the industry and help those customers missing out in the trade
and supplies," the report quotes Mr. Salisbury as saying.
"Obviously there has to be some financial reward for us but we are
not all that confident about that yet."

According to SmartCompany, Mr. Salisbury said the reason for
Stellar Homes' collapse appears to be poor cost control.

Stellar Homes collapsed earlier this month owing $5 million and
leaving 36 homes and 173 tradies high and dry, SmartCompany
discloses.

Peter Macks of Macks Advisory is the joint administrator of
Stellar Homes.


* AUSTRALIA: New Insolvency Rules Aims to Up ASIC, Creditor Power
-----------------------------------------------------------------
InsolvencyNews reports that the Federal Government has recently
revealed its draft legislation regarding new insolvency rules.

InsolvencyNews relates that Finance Minister and Attorney-General
stated under the new legislation that "Creditors will be empowered
to protect their own interests by giving them the ability to
determine when and what information they are provided by an
insolvency practitioner."

The proposals will also boost the empowerment of Australian
Securities & Investment Commission as corporate regulator to track
down any misconduct carried by insolvency practitioners, relays
InsolvencyNews.

Under the new draft legislation, liquidators need to meet the
requirements of a higher level of professionalism, which includes
complete at least one full-time degree in commercial law and
finish insolvency administration-specific study, according to
InsolvencyNews.

The government estimates that the reforms would cut
AUD215 million of compliance cost for administrators,
InsolvencyNews adds.

InsolvencyNews quotes Jamieson Louttit of Insolvency and Advisory
firm Jamieson Louttit & Associates as saying that: "Duties of
liquidators include act impartially and work with skills and
diligence to maximise creditors return, and avoid any potential
conflict interests in their position."



===================
B A N G L A D E S H
===================


BANGLADESH: Default Loan Rises Further in 3rd Qtr
-------------------------------------------------
Global Insolvency, citing the Dhaka Tribune, reports that despite
Bangladesh Bank efforts in bringing out business from default
culture, the uptrend in classified loans continue for the
consecutive third quarter in September.

It rose to 11.6% in July-September quarter from 10.75% in the
previous quarter, according to Bangladesh Bank data. The rate had
dropped to 8.93% in December last from 12.79% in the previous
quarter, thanks to huge loan rescheduling taking advantage of a
relaxed policy, the report relates.

Global Insolvency says the central bank measure failed to help
sustain the reduced default loan and got back to the previous
uptrend from March quarter, rising to 10.45%.

According to the report, Finance Minister AMA Muhith recently said
the country's business has come out of default loan culture and
expressed the hope it would be reduced further to 8% from existing
11%.

The amount of total default loans stood at BDT57,300 crore in
September, increasing by around BDT6,000 crore from BDT51,344
crore in June, the report discloses citing Bangladesh Bank data.

The four state-owned banks accounted for 36% or BDT20,800 crore of
the total default loans, the report adds.



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


AGFEED INDUSTRIES: Compromise with Good Charm Approved
------------------------------------------------------
BankruptcyData reported that the U.S. Bankruptcy Court approved
AgFeed Industries' motion for a compromise, pursuant to Section
105(a) of the Bankruptcy Code and Bankruptcy Rule 9019, (1)
approving the global settlement by and among AgFeed Industries,
Good Charm International Development and Ningbo Tech-Bank and (2)
resolving related litigation.

According to BData, AgFeed stated: "As a result of these
negotiations, the Parties agreed resolve all disputes relating to
the Stock Purchase Agreement (SPA) by payment of $300,000 to the
Purchase from the escrow account set up at the Closing in full
satisfaction of any and all claims the Purchaser may have arising
out of or otherwise related to the SPA including, but not limited
to, any Post-Closing Adjustment or payment of professional
fees . . .. The settlement will fully resolve all claims that the
Purchaser (Good Charm) may have arising out of or otherwise
related to the SPA including, but not limited to, any Post-Closing
Adjustment, without the need for additional protracted
litigation."

                      About AgFeed Industries

AgFeed Industries, Inc., has 21 farms and five feed mills in China
producing more than 250,000 hogs annually. In the U.S., the
business included 10 sow farms in three states and two feed mills
producing more than one million hogs a year. AgFeed's revenue in
2012 was $244 million.

AgFeed and its affiliates filed voluntary petitions under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No. 13-11761) on
July 15, 2013, with a deal to sell most of its subsidiaries to The
Maschhoffs, LLC, for cash proceeds of $79 million, absent higher
and better offers. The Debtors estimated assets of at least $100
million and debts of at least $50 million.

Keith A. Maib signed the petition as chief restructuring officer.
Hon. Brendan Linehan Shannon presides over the case. Donald J.
Bowman, Jr., and Robert S. Brady, Esq., at Young, Conaway,
Stargatt & Taylor, serve as the Debtors' counsel. BDA Advisors
Inc. acts as the Debtors' financial advisor. The Debtors' claims
and noticing agent is BMC Group, Inc.

The U.S. Trustee has appointed a five-member official committee of
unsecured creditors to the Chapter 11 cases. The Creditors'
Committee tapped Lowenstein Sandler as lead bankruptcy counsel and
Greenberg Traurig, LLP, as co-counsel. CohnReznick LLP serves as
the Creditors' Committee's financial advisor.

An official committee of equity security holders was also
appointed to the Chapter 11 cases. The Equity Committee tapped
Sugar Felsenthal Grais & Hammer LLP and Elliott Greenleaf as
co-counsel.

Jefferies Leveraged Credit Products and Claims Recovery Group are
represented by Lawrence J. Kotler, Esq., and Catherine B.
Heitzenrater, Esq., at Duane Morris, LLP.


CIFI HOLDINGS: Moody's Raises Senior Unsecured Debt Rating to B1
----------------------------------------------------------------
Moody's Investors Service has upgraded CIFI Holdings (Group) Co.
Ltd's (CIFI) corporate family rating to Ba3 from B1 and its senior
unsecured debt rating to B1 from B2.

The ratings outlook is stable.

This concludes the review for upgrade which was initiated on 15
August 2014.

Ratings Rationale

"The ratings upgrade reflects CIFI's track record of strong sales
execution," says Franco Leung, a Moody's Vice President and Senior
Analyst.

CIFI reported 33% year-over-year growth in contracted sales in the
first 10 months of 2014 to RMB16.86 billion, amid a weak property
market in China.

This achievement follows strong sales growth of around 61% year-
over-year in 2013. Supporting its sales growth is its strategy of
developing mass-market products to meet end-user demand.

Moody's expects the company will achieve its full-year contracted
sales target of RMB22 billion in 2014, based upon the launch
schedule for its saleable sources of around RMB15 billion. This
will position CIFI at the low Ba rating category.

"The upgrade also considers CIFI's disciplined financial
management and strong liquidity position, which are important in
China's cyclical property market," adds Leung, who is also the
Lead Analyst for CIFI.

CIFI's reported cash on hand of RMB6.4 billion at end-June 2014,
which covered about 2.8x its short-term debt and provides the
company with a good buffer against any refinancing risk.

Moreover, CIFI's funding sources have improved, and offshore debt
accounted for 39% of its total debt at end-June 2014. This is a
common credit strength among its Ba-rated Chinese property peers.

However, CIFI's rating is constrained by the small size of its
land bank. This will put pressure on the company to spend more to
develop adequate land reserve for its sales growth.

Furthermore, CIFI's rating also reflects its geographic
concentration in the Yangtze River Delta. However, the strategic
location of its land bank in first- and second tier-cities will
support its future growth.

The company plans to focus its land acquisitions over the coming
1-2 years in its existing markets, such as Shanghai, Beijing,
Suzhou, and Tianjin. This strategy decreases the company's
execution risk as it already has an established track record in
these markets.

Another rating constraint is the company's low profit margin,
which is the result of its fast turnover model on mass-market
products. Accordingly, its interest coverage ratio has been around
2x over the past two years. Nevertheless, Moody's expects the
ratio to improve to 2.5x-2.7x over the next 12-18 months, on the
back of stronger development cash flow and recognition of its
strong contracted sales secured in 2013 and 2014.

In addition, Moody's forecasts its revenue-to-debt to improve to
1.2x from about 0.9x over the same period. These financial metrics
would be comparable to those of its low Ba-rated peers.

The stable rating outlook reflects Moody's expectation that CIFI
will maintain its sales growth and strong liquidity position over
the next 12 -18 months. Moody's also expects the company to pursue
disciplined land acquisitions, with interest coverage over 2x and
debt leverage -- as measured by revenue-to-debt -- above 1x.

Upward rating pressure is unlikely in the near term. Nevertheless,
CIFI's ratings could come under upward pressure over the next two
years if the company (1) develops a larger-scale and
geographically diversified quality land bank; (2) generates stable
growth in its sales; (3) improves its profit margins and debt
leverage, with adjusted EBITDA/interest above 3.0x-3.5x and
revenue/debt above 1.2x-1.3x on a sustained basis.

Downward rating pressure could arise if (1) the company's
contracted sales fall substantially below its business plan; (2)
its debt rises as a result of aggressive land acquisitions; (3)
its credit metrics weaken, such that EBITDA/interest falls below
2.0x; or (4) its liquidity weakens, with its cash holdings
slipping below 1.5x of short-term debt.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

CIFI Holdings (Group) Co. Ltd., headquartered in Shanghai, listed
on the Hong Kong Stock Exchange in November 2012. The company
focuses on developing residential and commercial properties mainly
in first- and second-tier cities in China, with a regional focus
on the Yangtze River Delta Region. It has also expanded to the Pan
Bohai Rim and the Central Western Region. It owned more than 60
projects and had an attributable land bank of 7.5 million square
meters as of 30 June 2014.


GENERAL STEEL: Incurs $5.2 Million Net Loss in Third Quarter
------------------------------------------------------------
General Steel Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $5.16 million on $456.14 million of sales for the
three months ended Sept. 30, 2014, compared to net income of $9.40
million on $514.54 million of sales for the same period in 2013.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $91.30 million on $1.74 billion of total sales
compared to a net loss of $43.85 million on $1.91 billion of total
sales for the same period a year ago.

The Company's balance sheet at Sept. 30, 2014, showed $2.76
billion in total assets, $3.35 billion in total liabilities and a
$584.01 million total deficiency.

Henry Yu, chairman and chief executive officer of General Steel
commented, "We continued to witness improving demand for our
products in Western China, as our sale volume grew more than 15%
year-over-year to 1.45 million metric tons, the highest ever
quarterly volume for General Steel. This quarter, a number of
smaller and unqualified steel mills were forced to exit the
market, in light of which, we strategically offered attractive
discounts in neighboring markets to expand our geographic
footprint."

Mr. Yu continued, "We anticipate the price of iron ore will
continue on its downward trend, and with our better market
position, improved industry fundamentals, and higher production
efficiency, we are solidly positioned to earn greater profits in
2015. We expect to harvest the fruits of our continuous cost
cutting measures and equipment upgrades and optimization over the
past couple of years, and we look forward to a broadening
geographic footprint, improving efficiency, expanding operating
leverage, and ultimately rising profitability," Mr. Yu concluded.
John Chen, chief financial officer of General Steel, commented,
"As we strategically discounted our products in order to establish
a foothold into neighboring markets, our average selling price
declined by 20.7% year-over-year in the third quarter. However, as
the cost of iron ore decreased by 25.3% year-over-year, we were
able to achieve leverage from the increased sales volume and
expanded our quarterly gross margin by 40 basis points and gross
profits by 16.8% year-over-year."

Mr. Chen then stated, "This December, we will complete an upgrade
to an existing 450 cubic-meter blast furnace with a much larger
and more efficient 1,800 cubic-meter blast furnace. This new
equipment and expanded volume will enable a higher utilization of
raw materials, better conversion rate, and lower energy
consumption during iron smelting, and ultimately generating
further savings in our unit production cost. As we complete our
investment and upgrade plans in 2014, we enter 2015 with genuine
optimism."

A full-text copy of the Form 10-Q is available for free at:
http://is.gd/4zD6Bx

                   About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe. The Company has operations in China's
Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region
and Tianjin municipality with seven million metric tons of crude
steel production capacity under management. For more information,
please visit http://www.gshi-steel.com/

The Company reported a net loss of $42.62 million in 2013, a net
loss of $231.94 million in 2012, a net loss of $283.29 million in
2011, and a net loss of $46.27 million in 2010.


HANG SENG BANK: Moody's Hikes Baseline Credit Assessment to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded the long-term deposit and
issuer ratings of Hang Seng Bank (China) Limited (Hang Seng China)
to A2 from A3.

The upgrade was prompted by the change in Hang Seng China's bank
financial strength rating (BFSR) to D+ from D-, and standalone
baseline credit assessment (BCA) to ba1 from ba3.

At the same time, Moody's has upgraded the bank's short-term
deposit ratings to Prime-1 from Prime-2.

The rating outlook is stable.

Ratings Rationale

ba1 BCA

"The upward revision of Hang Seng China's BCA to ba1 from ba3
reflects the bank's improved capitalization as well as its track
record of above industry-average asset quality," says Simon Chen,
a Moody's Assistant Vice President and Analyst.

"Its ba1 BCA also takes into account its weak risk-adjusted
profitability and modest deposit franchise -- relative to Moody's-
rated banks in China -- as well as the high concentration in large
borrowers that could expose it to one-off credit costs," adds
Chen.

Hang Seng China reported a Tier 1 ratio of 14.6% at end-2013,
higher than 14.5% at end-2012 and 13.7% at end-2011. The increases
in its core capital base were supported mainly by several capital
injections from its parent, Hang Seng Bank Limited (HSB, Aa2
stable).

Over the past five years, Hang Seng China has kept its capital at
levels substantially above those of most Moody's-rated banks in
China.

The bank's asset quality is also superior to that of its industry
peers. At end-2013, its non-performing loan (NPL) ratio was 0.33%,
much lower than the industry average of 1.0%.

Moody's notes that, over the past three years, the bank has
maintained lower NPL ratios than the industry without substantial
write-off. It focuses on serving large and midsized corporations,
including Hong Kong companies that have established businesses in
Mainland China.

When compared to the large Chinese banks, Hang Seng China has a
high level of credit concentration to large borrowers -- relative
to its capital base -- driven by its business focus.

This feature of its credit profile could expose it to large and
lumpy losses, but Moody's view the risk to be mitigated to some
extent by the experience that the bank and the group have built in
managing the risks of its lending activities and resolving asset
quality issues stemming from large borrowers.

For Chinese banks as a whole, Moody's expects asset quality
deterioration to persist over the next 12-18 months on the back of
slower economic growth conditions. Nonetheless, Moody's also
expect the deterioration in Hang Seng China's asset quality to be
modest -- relative to the industry average -- given its
conservative underwriting and proactive risk management.

Despite its small deposit franchise with a market share of less
than 0.1% of system deposits, Hang Seng China maintains a
liquidity profile that is primarily deposit funded and exhibits
little reliance on confidence-sensitive wholesale funding. Its
interbank liabilities are mostly with its parent.

Its loan-to-deposit ratio was 73% at end-2013, which is close to
but below the regulatory ceiling of 75%. Liquid assets -- mostly
in the form of cash, bank placements and government securities --
made up 46% of its total assets at end-2013.

Hang Seng China's risk-adjusted profitability remains weaker than
the industry average because high funding costs have pushed down
margins and because of high operating costs.

The high funding costs have resulted from the bank's heavy
reliance on structured deposits -- which are more costly than
demand deposits -- for funding, and reflects a key constraint
posed by its modest deposit franchise. At end-2013, structured
deposits constituted 39% of its total deposits, the highest level
for Moody's-rated banks in China.

Moody's expect Hang Seng China's margins will continue to face
pressure from the keen competition in deposit funding among
Chinese banks and against the backdrop of interest rate
deregulation in China.

A2 Deposit and Issuer Rating

The A2 rating incorporates Moody's expectation of a very high
probability of support for Hang Seng China from its parent, HSB,
in times of need. The support assessment has led to a five-notch
uplift for the bank's deposit and issuer ratings to A2 from its
ba1 BCA.

The bank has been wholly owned by HSB since its incorporation in
2007, and plays a crucial role in HSB's strategic expansion in
China. Hang Seng China's platform helps HSB attract customers
requiring financial services across Hong Kong and Mainland China.


Hang Seng China has benefitted from the HSB's brand name in China,
several instances of capital support from HSB, as well as
extensive management and operational support.

The bank's rating does not incorporate systemic support, given its
very small share of system deposits.

What Could Change The Rating Up/Down

Hang Seng China's BCA and ratings are unlikely to rise in the near
term, given the current upgrade.

However, its BCA could experience upward pressure if (1) the bank
maintains its asset quality, capital and liquidity profile, while
further strengthening its core profitability; and/or (2) economic
rebalancing proceeds smoothly without producing significant
financial or growth shocks.

The bank's BCA and ratings could experience downward pressure if
(i) China's economic growth slows substantially, leading to
continued pressure on the bank's asset quality; and/or (2)
aggressive market reform is implemented, materially reducing the
bank's profitability.

Given the very high level of parental support incorporated in the
bank's ratings, they could also be downgraded if the parent bank's
rating is downgraded.

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


HENGSHI MINING: Fitch Assigns 'B+' IDR; Outlook Stable
------------------------------------------------------
Fitch Ratings has assigned iron ore miner Hengshi Mining
Investments Limited (Hengshi Mining) a Long-Term Foreign Currency
Issuer Default Rating (IDR) of 'B+' with Stable Outlook, and a
senior unsecured rating of 'B+', with Recovery Rating of 'RR4'.

Hengshi Mining's rating is constrained by its small scale.  The
China-based company produced the equivalent of 852,000 tonnes of
iron ore concentrate in 2013 and plans to increase its iron ore
concentrate production to 2.5 million tonnes per annum (mtpa) by
2015.  Projections about the company's future expansion are
limited by its short track record.

Hengshi Mining's ratings are supported by its low-cost position,
which implies strong profitability and ability to weather the
fluctuations in iron ore prices.  The company's long reserve life
indicates the sustainability of its operation, which is further
supported by its ability to expand its ore reserves because of its
status as one of two principals to consolidate iron ore mines in
Laiyuan County in Hebei Province.

KEY RATING DRIVERS

Small Scale: Hengshi Mining's rating is constrained by its small
scale of operation.  In 2013, the company generated revenue of
CNY1.3bn (USD212m or HKD1.6bn) and operating EBITDAR of CNY669m,
which are small compared with global peers.  In the metals and
mining sector, where capex is high, its limited size reduces
funding flexibility.

Short Track Record: The company's short track record makes it
difficult to project with high confidence the pace of its future
expansion.  It was listed on the Hong Kong stock exchange in 2013
and its operating mines started commercial production as recently
as Oct. 2013 following four years of mine asset consolidation in
China.  The company plans to expand using the HKD1.2bn of proceeds
from its IPO in Nov. 2013.  Although Hengshi Mining has been
engaged in iron ore mining since 1999, due to government-led
restructuring in the sector, the company was mainly engaged in
consolidating iron ore mines in Laiyuan County from 2008 to 2012.

Low-Cost Position: Hengshi Mining's rating is primarily supported
by its low-cost position.  The company sits in the first quartile
of China's iron ore concentrate cost curve.  Compared with
international rivals, the company's costs, adjusted for total
freight costs, are also highly competitive for its customers in
Hebei province, China's largest steel producing province.  As the
company enhances its operational workflow and improves business
effectiveness by focusing on selling iron-ore concentrate, its
production costs may fall further.

Long and Extending Reserve Life: Hengshi Mining's major mines have
over 25 years of reserve life.  In addition, the company is
seeking opportunities to acquire new mines and consolidate small
mines nearby to extend the reserve life of its existing mines and
expand its scale.  A recent example is the Yaobeigou acquisition
announced in Aug. 2014 that will allow Jiheng Mining, which
controls Hengshi Mining's highest ore grade mine, to continue its
open pit mining operation beyond the nine-year reserve life as of
end-2013.

Selected by Local Government: Hengshi Mining has priority to
consolidate small mines in Laiyuan County in Hebei Province to
expand its business scale and enhance its ore resources.  This
helps lower execution risk for the expansion and enhancement of
its local mines.  The People's Government of Laiyuan County
designated Hengshi Mining as a consolidation principal to further
integrate mineral resources, with the objective of improving the
efficiency of the mining industry.

RATING SENSITIVITIES

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

   -- Sales volume of iron ore concentrate sustained above 3m
      tonnes and operating EBITDAR sustained above CNY1bn
   -- Iron ore concentrate cash production cost sustained
      below CNY350/tonne (CNY430/tonne in 2013)
   -- Funds from operation (FFO) adjusted net leverage sustained
      below 1.0x (net cash in 2013)
   -- Sustained positive free cash flow (FCF of CNY245.3m
      in 2013)

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

   -- Iron ore concentrate cash production cost sustained above
      CNY400/tonne
   -- FFO adjusted net leverage sustained above 2.0x


HENGSHI MINING: Moody's Assigns B1 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating to Hengshi Mining Investments Limited.

The rating outlook is stable.

Ratings Rationale

"Hengshi's B1 corporate family rating reflects Moody's expectation
that it can perform according to its production capacity and will
maintain high profit margins relative to its global peers," says
Franco Leung, a Moody's Vice President and Senior Analyst.

The company is significantly expanding capacity that could
increase production at a compound average growth rate (CAGR) of
20%-30% over the next 24 months.

Its ability to execute is reflected by its success in increasing
iron ore production to 10 million tons per annum in 2013 from 3.8
million tons in 2012.

At the same time, Hengshi maintains a relatively high profit
margin, given its ability to produce high quality iron ore
products.

Moody's believes that it will continue to operate mainly on an
open-pit basis at its existing mines as its open-pit probable
reserves are relatively large, measuring around 210 million tons
at end-2013.

In addition, production quality is high when compared with its
global mining peers, as evidenced by its output of 66% TFe grade
iron ore concentrates at its Gufen mine, Wang'ergou mine and
Shuanmazhuang mine.

As a result, its adjusted EBITDA margin is high, standing at about
53% for the 12 months ended June 2014 and at an average of around
39% during 2011-2013.

But Moody's expects that the company's profit margins will decline
as steel demand in China will remain weak in the next 6--12
months. Benchmark iron ore (62% Tfe) prices in China fell
significantly to around $80 in October from around $130 early in
2014.


However, the fall in profit margins will be partly offset by the
company's changing product mix, with an increasing focus on
producing concentrates, which command premium selling prices. In
particular, the company plans to produce a greater volume of
higher margin concentrates, supported by its planned expansions in
processing capacity.

Consequently, future sales of concentrate -- which is processed
from ore -- will become a major revenue source, taking over the
sales of preliminary concentrates and unprocessed ore.

"On the other hand, Hengshi's rating is constrained by its small
operating scale and single-product profile, as well as its
geographic and operational concentration," adds Leung.

Given its focus on a single commodity, its credit profile and
financial metrics are highly susceptible to changes in iron ore
prices. This means a limited cushion in the event of a material
and sustained drop in such prices.

In addition, the company keeps transportation costs at competitive
levels for its customers, as many of them are located close to its
mines. Thus, Hengshi's sales are fairly concentrated on a few
customers.

Its top five customers accounted for about 50% of its total sales
in 2013. The largest accounted for about 25% of total sales. The
company will therefore be susceptible to adverse changes in steel
demand in and around Hebei Province.

Moody's expects Hengshi's credit metrics to weaken over the next
12-18 months, as it will undertake investments and capital
expenditures but its credit profile will support a high single-B
rating.

Hengshi is one of the regional iron ore mining companies
designated by the Hebei provincial government to consolidate small
or inefficient mines in Laiyuan County. It has a track record of
consolidating and integrating mining resources within the area and
ramping up production.

As Hengshi consolidates mines in the region, acquires new ones and
expands its processing and production capacity in the next 12 --
18 months, its credit metrics will weaken from the strong levels
reported in 2013, as Moody's expects it will take on more debt.

Under the scenario of a continued weakness in iron ore prices,
Moody's sees Hengshi's debt/EBITDA peaking in the 3x-4x range in
the next 12 months compared with 0.3x for the 12 months ended June
2014.

Hengshi's rating is further constrained by the limited diversity
of available funding channels due to its short listing history. It
is developing funding channels both onshore and offshore.

Its liquidity position is strong, as evidenced by its end-June
2014 cash balance of RMB514 million. This total is more than
sufficient to cover its short-term debt of RMB118 million.

The stable rating outlook reflects Moody's expectation that
Hengshi can implement its expansion plan to increase sales of
high-grade iron ore concentrate and control its costs of
operations to achieve a credit profile consistent with a high
single-B rating.

Positive rating pressure could emerge if Hengshi can: (1)
successfully grow production and extend the mine lives of its
existing operations; (2) reduce customer concentration; (3) keep
its costs of operations under control; (4) maintain adjusted
debt/EBITDA to below 2.5x-3.0x on an sustainable basis; and (4)
improve access to funding through diversifying its channels.

However, the rating could face negative pressure if: (1) there is
evidence that the current weak fundamentals for iron ore will
deteriorate further; (2) there are any material cost increases
and/or delays to its project deliveries that will negatively
affect production levels; or (3) its liquidity profile and/or
credit metrics weaken.

Specifically, indicators for downgrade pressure would include
adjusted debt/EBITDA above 4.5x on a consistent basis.

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

Listed on Hong Kong Exchange in November 2013, Hengshi Mining
Investments Limited was founded by Mr. Li Yanjun in 2004. Mr. Li
Ziwei is the settlor of a family trust which holds 72.4% of the
company as at end-June 2014.

The company owns four iron ore mines in Hebei Province. The mines'
iron ore probable reserves totaled 316 million tons at end-June
2014.


YINGDE GASES: Fitch Affirms 'BB' IDR, Revises Outlook to Negative
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Yingde Gases Group
Company Limited's Issuer Default Rating (IDR) to Negative from
Stable, while affirming the IDR and the company's senior unsecured
ratings at 'BB'.  The rating action is driven by Fitch's view that
Yingde's cash collection cycle will worsen with the current low
utilization in the domestic steel industry, which could delay the
company's deleveraging process.

KEY RATING DRIVERS

Low Utilization in Steel Mills: The industry-wide utilization rate
for Chinese steel mills was low in the 70%-75% range during the
first three quarters of 2014, compared with a global average of
78%.  As a result, Yingde could only charge the minimum take-or-
pay (generally 80%) of expected gas usage from on-site steel mill
clients.  Since facilities at steel factories account for 75% of
Yingde's total on-site capacity, Yingde's utilization rate
remained low, which constrained its cash flow generation.

Receivables Collection Lengthened: The difficulties steel
manufacturers face - weak cash generation and tighter liquidity
for the steel industry from banks - have spilled over into
Yingde's accounts receivable collection.  As a result, Yingde's
operating cash flow generation will be hurt by higher working
capital requirements.  At June 30, 2014, Yingde's trade-related
receivables that were delinquent for over three months totaled at
CNY512m, compared with CNY163m at end-2013.

Chinese court documents show that Yingde claimed delinquent
receivables of CNY221m (principle) against a major steel mill
client in 2013.  Such claims are normally settled between
suppliers and clients in China as long as the steel mill continues
to operate.  Yingde is the only on-site gas supplier for that
client.

This claim won't hurt Yingde's current cash position and leverage
as the client accounts for less than 10% of Yingde's total
installed capacity.  However, if more cases occur as the steel
industry downturn continues, Yingde's cash collection cycle will
be hurt and operating cash flow generation hit in 2014/2015.

Rating Headroom Limited: Yingde's FFO adjusted net leverage at
end-2013 was 4.3x, above Fitch's threshold of 4.0x, at which it
would consider negative rating action.  The continued weak
business environment in 2014 means that Yingde will exceed this
threshold in 2014 as well.  In addition, Yingde announced in Oct.
that it intends to spend up to HKD300m (CNY237m) to repurchase
shares.  However, the timing for this action has not been
determined, and company still has the flexibility to scale back
capex to deleverage in 2015.

RATING SENSITIVITIES

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

   -- deterioration of Yingde's business profile demonstrated by
      falling cash gross profit per unit for the on-site gas
      supply business

   -- significant increase of delinquent accounts receivables

   -- FFO adjusted net leverage being sustained above 4.0x

Positive: Future developments that may, individually or
collectively, lead to Outlook revision back to Stable:

   -- Clear trend towards deleveraging in 2015


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


A R LOOMTEX: CRISIL Suspends B+ Rating on INR48MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
A R Loomtex India Private Limited (ARL).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           48       CRISIL B+/Stable Suspended
   Term Loan             13.5     CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by ARL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ARL is yet to
provide information substantiating its ability to service debt.
The suspension reflects CRISIL's inability to maintain a valid
rating in the absence of this information.

Incorporated in 1995, ARL manufactures and designs various types
of curtain and sofa cloths, sold under its brand name Concept. It
is promoted by Mr. Mukesh Gupta and his family. ARL has its
manufacturing unit located in Barhi Industrial Area (Haryana).


AADIT ENTERPRISE: CARE Lowers Rating on INR20cr Bank Loan to D
--------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Aadit
Enterprise.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      20        CARE D Revised from
                                            CARE B+

Rating Rationale

The revision in rating of Aadit Enterprises (AAE) takes into
account the ongoing delays in debt servicing.

Aadit Enterprises (AAE) was established in December 2012 as a
proprietorship concern by Ms Pinky Gupta. Ms Pinky Gupta is
supported by her son, Mr Kapil Gupta, for managing the operations
of the firm. The firm is engaged in the wholesale and retail
trading of gold jewellery, diamond-studded gold jewellery and
silver jewellery. AAE has its retail outlet located at Kamla
Nagar, New Delhi. The firm is an authorized agent of Emerald Jewel
Industry India Limited (EJI), Derewala Jewellery Industries
Limited (DJI) (rated CARE BBB-/A3) for Delhi & NCR region. The
firm also sources gold jewellery, diamond studded gold jewellery
and silver jewellery from other wholesalers.

For FY13 (refers to the period April 1 to March 31), AAE achieved
a total operating income of INR36.46 crore with a PAT INR0.15
crore.


AGRAWAL CHANNEL: ICRA Suspends B- Rating on INR22cr Bank Lines
--------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR22.0
crore bank lines of Agrawal Channel Mills Pvt Ltd. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the entity.


APAR CHARITABLE: ICRA Reaffirms B Rating on INR7.995cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the
INR10.00 crore bank facilities of APAR Charitable Trust for
Education and Research.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits
   term loan             7.995       [ICRA]B; reaffirmed

   Unallocated           2.005       [ICRA]B; reaffirmed

The rating takes into account the satisfactory occupancy levels as
well as admissions witnessed by the institute operating under the
trust, with the institute receiving 357 admissions in AY14-15 vis-
a-vis 280 admissions in AY13-14 (first year of operations). The
rating also continues to draw comfort from the established
position of the Arya Group of Colleges in Jaipur (Rajasthan)
which, through its five constituent colleges, caters to around
8,000 students.

Notwithstanding the healthy occupancy levels, the rating remains
constrained by the limited revenue and consequently the limited
surplus generating ability of the trust, owing to the gradual
ramping up of the student base during the gestation period, which
is typical of any greenfield educational institute. Pending the
admissions across all batches, the liquidity position of the trust
is expected to remain stretched, especially in the backdrop of its
high debt levels and increased debt servicing obligations owing to
the significant on-going debt funded capital expenditure
undertaken by the trust for construction of the academic blocks
and hostel facilities. ICRA also notes that trust will be required
to undertake additional investments for the development of
academic (labs, workshops) as well as related infrastructure
(mess, hostel facilities) to meet the requirement of the increased
student base as the institute ramps up its student strength.

Given the above funding requirements, expected deficit during the
gestation period and the increased scheduled debt repayment
obligations, the trust is expected to remain dependent on timely
funding support from its trustees/promoter group to maintain
adequate liquidity as well as timeliness in its debt servicing.
The extent of funding requirements will depend on the ability of
the trust to maintain high enrolments in the future years, as well
as the scale of further expansion and its funding mix, which will
continue to remain key rating sensitivities going forward.

Incorporated in 2010, the APAR Trust is a single-asset trust which
runs and operates Arya Institute of Engineering, Technology and
Management (AIETM) in Jaipur (Rajasthan). The college commenced
operations in AY 2013-14 and presently offers B.Tech courses in
five streams (namely, Civil, Mechanical, Electrical, Computer
Science & Engineering and Electronics and Communications
Engineering) with a total capacity of 420 students. This college
is a part of the Arya Group of Colleges, which offers courses
related to Engineering (B. Tech and M. tech), Management and
Pharmacy through its four constituent colleges based out of Jaipur
(Rajasthan).

The APAR trust is promoted by Dr. Arvind Agarwal, who is also the
treasurer of the All India Arya Samajis Society which runs and
operates the other four colleges of the Arya Group.


APLAB LIMITED: ICRA Lowers Rating on INR22cr Bank Guarantee to D
----------------------------------------------------------------
ICRA has revised the long term rating from [ICRA]B+ to [ICRA]D for
the INR13.20 crore term loans and INR12.80 crore long-term fund
based facilities of APLAB Limited.  ICRA has also revised the
short term rating from [ICRA]A4 to [ICRA]D for the INR11.00 crore
short term fund based facilities and INR36 crore short term non-
fund based facilities of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term fund        12.80        Revised from [ICRA]B+
   Based-Cash Credit                  to [ICRA]D

   Long Term Fund        13.20        Revised from [ICRA]B+
   Based- WCDL                        to [ICRA]D

   Short Term Fund       11.00        Revised from [ICRA]A4
   Based-Bill                         to [ICRA]D
   Discounting

   Short Term Non        14.00        Revised from [ICRA]A4
   Fund Based-L/C                     to [ICRA]D


   Short Term Non-       22.00        Revised from [ICRA]A4
   Fund Based-Bank                    to [ICRA]D
   Guarantee

The rating revision factors in the delays in debt servicing and
tight liquidity condition of the company. The ratings also factor
in the financial profile of the company which is characterized by
weak profitability, high working capital intensity, stretched debt
and interest coverage indicators. The company is facing
significant competition and pricing pressures across various
business divisions leading to sluggish growth in revenues and
pressure on margins.

However, the ratings also factors in the vast experience of
promoters in the electrical equipment business, its diversified
business model and divesture of non-strategic business divisions
like FRS to help free working capital requirements of the
business. ICRA also notes that the company is entering into the
solar power space which could prove beneficial as India and Saudi
Arabia move to higher usage of renewable energy. However the
promoters lack experience in the solar equipment business and
success in this venture could prove a challenge.

APLAB Limited was incorporated in the year 1962 by Mr. P.S Deodhar
and has started as a manufacturer for Test & Measurement
instruments. Originally it was called as 'Applied Electronics
Limited' which later on went on to be called as 'Applied
Electronics Lab' before the name was finally changed to 'APLAB
Limited'. The company's primary business activity involves
manufacturing electrical/electronic equipments and devices. In the
year 2000, Zee Entertainment Enterprises Limited acquired 26%
stake in the company.

The company has multiple product divisions namely Test and
Measurement Instruments (T&M), Power Conversion & Controls (PCC),
Power Supply Equipments (PE) or UPS systems, Banking and Retail
Automation (BA), Fuel Retailing Solutions (FRS) and Cable Fault
Locating Instruments (CFS). Recently; the company has also
diversified into Solar Power Equipments business.

Recent Results
As per the audited results for FY 2014, APLAB (consolidated)
reported a net profit of INR0.85 crore on an operating income of
INR96.23 crore as against a net loss of INR14.08 crore on an
operating income of INR73.14 crore in FY 2013.


AXSYS SOLUTIONS: CRISIL Assigns B Rating to INR50MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Axsys Solutions (Axsys).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              50         CRISIL B/Stable
   Cash Credit            25         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     50         CRISIL B/Stable

The rating reflects Axsys's exposure to offtake risk and its
expected weak financial risk profile. These rating weaknesses are
partially offset by the benefits that Axsys derives from the
extensive experience of its promoter family in related industries.

Outlook: Stable

CRISIL believes that Axsys will benefit over the medium term from
its promoters' experience in related industries. The outlook may
be revised to 'Positive' if the firm commissions its project on
time and demonstrates high capacity utilisation leading to strong
debt servicing metrics. Conversely, the outlook may be revised to
'Negative' in case of significant time and cost overruns in the
firm's project resulting in weak debt servicing ability.

Axsys, a partnership concern, was set up in 2013 and is promoted
by Mr. Swapnil Pathak and his brother Mr. Swastik Pathak. The firm
is setting up a facility in Kala Amb (Himachal Pradesh) to
manufacture aluminium products such as aluminium doors and
windows, glazings, railings, and partitions, besides steel and
stainless steel products. It is likely to commence production and
commercial operations in November 2014.


BHILAI INSTITUTE: CRISIL Reaffirms D Rating on INR97.5MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Bhilai Institute
of Technology Trust (BIIT) continues to reflect instances of delay
by BIIT in servicing its debt, driven by cash flow mismatches. The
trust has monthly debt obligations while its fee receipts are half
yearly, leading to cash flow mismatches, and hence delays in debt
servicing.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               97.5        CRISIL D (Reaffirmed)

BITT has a weak financial risk profile and is exposed to risks
related to regulatory restrictions in the education sector.
However, the trust benefits from its diverse course offerings and
healthy reputation in Central India.

Established in 1986, BITT manages Bhilai Institute of Technology,
Durg (BITD) that was started in 1986 and Bhilai Institute of
Technology, Raipur (BITR) that was started in 2009. BITD offers a
variety of graduate and post-graduate courses in engineering,
business administration, and computer applications, as well as a
doctorate in engineering, chemistry, environmental science, and
applied physics; BITR offers graduate courses in engineering.


HOLICOW INFRA: CRISIL Assigns 'B' Rating to INR147.5MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank loan
facilities of Holicow Infra Pvt Ltd (HIPL). The rating reflects
the risks relating to demand and implementation of its ongoing
project. These ratings weakness is partially offset by the
promoters' experience in development of mall.


                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Term Loan     147.5        CRISIL B/Stable

Outlook: Stable

CRISIL believes that HIPL will benefit from the experience of its
promoters over the medium term. The outlook may be revised to
'Positive' if the company achieves higher-than-expected bookings
for the project, leading to better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
time or cost overruns in project execution or lower than expected
offtake for its project, thereby leading to weakening of its
liquidity profile.

Incorporated in 2004, HIPL is in the process of developing a mall,
comprising a multiplex, food court, banquet hall, and shops, in
Muzaffarpur, Bihar. The company is promoted by Mr. Prakash Jha and
his daughter Ms. Disha Jha.


MALHOTRA CONSTRUCTIONS: ICRA Rates INR4cr Bank Guarantee at B/A4
-----------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B and a short-term
rating of [ICRA]A4 to the INR4.00 crore non-fund based limits of
Malhotra Constructions (P) Limited.

                             Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long-Term/Short-term       4.00        [ICRA]B/[ICRA]A4;
   (interchangeable)                      Assigned
   Non-Fund Based limits
   Bank Guarantee

The assigned rating is constrained by the company's high
dependence on few orders and limited client base given its modest
scale of operations, resulting in vulnerability of the revenues to
execution delays. Owing to pending approvals, a large proportion
of the company's order book in 2013-14 remained unexecuted and
resulted in significant decline of operating income (OI) to
INR8.76 crore as compared to INR20.05 crore in 2012-13. Although
the current order book position of ~Rs.86.0 crore lends revenue
visibility in the short to medium term (tenure of 24 months);
however given that around 45% of the order book pertains to the
orders of 2013-14 which are facing execution delays; the company's
ability to convert the existing order book into sales revenues
within the stipulated time frame will be tested. While the company
remains exposed to regional concentration risk as it undertakes
projects mainly in Haryana and Uttar Pradesh; however counterparty
credit risk is low as the clients are mainly Government entities
and comprise public sector undertakings, and departments of the
central government as well as of the state Governments of Haryana
and Uttar Pradesh. The liquidity position of the company is
stretched as reflected in high utilisation of cash credit limits
and limited cash accruals. Lower operating profit coupled with
higher debt levels and consequent interest expenses deteriorated
the debt coverage indicators in 2013-14 relative to the previous
year. ICRA also factors in the extensive experience of the
promoters in executing civil construction contracts for Government
entities.

Going forward, the ability of the company to execute the existing
order book and secure fresh orders while maintaining adequate
profitability margins and liquidity position will be the key
rating sensitivities.

MCPL was incorporated in 1989 and was promoted by Mr. Rajesh
Malhotra, his son Mr. Vinay Malhotra and other family members.
MCPL primarily undertakes civil construction projects and its
clients mainly comprise public sector undertakings, and
departments of the central government as well as of the state
governments of Haryana and Uttar Pradesh. Some of the major
clients of the company include - Haryana Police Housing
Corporation, Haryana Housing Board, Haryana Public Works
Department, U.P. Samajik Kalyan Nirman Nigam Ltd, Central Public
Works Department, Defence Research & Development Organisation,
RITES, Engineering Projects India Ltd; among others.


MANAV RICE: CRISIL Reaffirms B Rating on INR80MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Manav Rice
Mills (Manav) continues to reflect the firm's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
and its small scale of operations in the highly fragmented rice-
milling industry. These rating weaknesses are partially offset by
the extensive experience of Manav's partners in the industry.

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

Outlook: Stable

CRISIL believes that Manav will continue to benefit from its
partners' extensive experience in the rice-milling industry. The
outlook may be revised to 'Positive' if the firm's revenues
increase significantly leading to improvement in its net cash
accruals or it its capital structure improves significantly most
likely by equity infusion. Conversely, the outlook may be revised
to 'Negative' if there is significant deterioration in Manav's
liquidity due to decline in revenues or profitability.

Manav was set up in 1994 as a partnership firm in Jalalabad
(Punjab). The firm is mainly engaged in milling and marketing of
basmati rice as well as non-basmati varieties, such as Parmal. It
has milling capacity of three tonnes per hour. The firm's day-to-
day operations are managed by its key promoter, Mr. Rajesh Nagpal.

Manav has reported revenue of INR 353 Million with a PAT of INR 2
Million in 2013-14 (refers to financial year from 1st April to
31st March) in comparison to revenue of INR 332 Million with a PAT
of INR 1.5 Million in 2012-13.


MAX PROPERTIES: ICRA Revises Rating on INR7.41cr FB Loan to B-
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR7.41
crore term loans(reduced from INR8.70 crore) and INR2.09
crore(enhanced from INR0.80 crore) proposed facilities of
Max Properties Private Limited from [ICRA]B to [ICRA]B-.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term, fund       7.41        Revised to [ICRA]B-
   based facilities

   Long Term, proposed
   Facilities            2.09        Revised to [ICRA]B-

The revision on the ratings considers the weakness in the Madurai
real estate segment leading to poor off take of projects with
limited incremental bookings since the last rating exercise and a
large quantum of unsold units among the ongoing and recently
completed projects of Max Properties. The ratings also consider
the competitive pressures in the Madurai real estate segment and
the heavy dependence of the company on the same given the
geographical concentration of its projects. The ratings also
factor in the stretched cash flow position of the company and the
vulnerability of the margins to fluctuation in raw material and
labor costs.

The ratings however, favorably considers the strong experience and
established track record of the promoters for over two decades,
the execution of premium projects in prime areas in Madurai (Tamil
Nadu), and the healthy profit margins and comfortable capital
structure of the company. The ratings are also supported by the
reputation of the company in the Madurai real estate market and
the availability of adequate man power and resources with the
company to undertake the ongoing projects.

Max Properties Private Limited (Max) is a Madurai-based real
estate developer-cum-construction company. It was established in
2008 by Mr. Elango Packiaraj who was earlier executing several
government contracts in his personal capacity. Such executed
projects include construction of staff quarters in Tier II and
Tier III cities for Tamil Nadu Electricity Board, BSNL, TWAD Board
and Tamil Nadu Police Housing Corporation. Max undertakes
developing or co-developing on joint venture (JV) basis,
residential or residential-cum-commercial, multi-storied projects
in Madurai. The company also undertakes construction for the
projects it develops and has the necessary labor and plant &
machinery. The company has so far executed ~538,000 sq. ft of
built up area in Madurai. Max is closely held by the family of the
company's promoter, Mr. Elango Packiaraj.

For FY 2014, as per unaudited provisional results, the company has
reported an operating income of INR11.0 crore and Profit After Tax
(PAT) of INR1.1 crore.


MILLER MERCANTILE: CRISIL Cuts Rating on INR95MM Cash Loan to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Miller Mercantile Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' while reaffirming its rating on the company's short-
term bank facility at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            95        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Letter of Credit      300        CRISIL A4 (Reaffirmed)

The rating downgrade reflects prolonged delays by MMPL in scaling
up its operations, marked by low revenue of INR250 million and
operating losses in 2013-14 (refers to financial year, April 1 to
March 31). The restrained performance can be attributed to delay
in the stabilisation of operations in its first year, with
fluctuations in foreign exchange rates and low demand for iron and
steel construction material driven by slowdown in the
infrastructure sector. MMPL's liquidity remains stretched with
fully utilised bank limits and dependence on equity infusion and
unsecured loans for funding working capital requirements. The
downgrade also factors in the company's below-average financial
risk profile, marked by small net worth of INR30.7 million and
high gearing of 2.56 times as on March 31, 2014.

The ratings reflect MMPL's exposure to risks related to
cyclicality, intense competition, and regulatory changes in the
ship-breaking industry. These rating weaknesses are partially
offset by the extensive experience of MMPL's promoters in the
ship-breaking industry.

Outlook: Stable

CRISIL believes that MMPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company generates
substantial cash accruals, most likely because of improved
realisations, or benefits from substantial equity infusion by its
promoters, resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if MMPL
registers a decline in revenue and profitability, resulting in low
cash accruals, or undertakes a large debt-funded capital
expenditure programme.

MMPL, incorporated in 2006, commenced commercial operations in
2012-13. The company is involved in ship-breaking. It operates
from two plots (leased from the Kolkata Port Trust) at Kolkata
Dock System. MMPL is promoted by Mr. Shekhar Luhiya, Mr. Arun
Jain, and Mr. Abdul Karin Jaka.

MMPL is estimated to have incurred net loss of INR22.9 million on
net sales of INR250 million for 2013-14.


MISTRY ENTERPRISES: ICRA Lowers Rating on INR27.5cr FB Loan to D
----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR27.50
crore fund based bank facilities of Mistry Enterprises Limited to
[ICRA]D from [ICRA]B- assigned to the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit      27.50        Revised to [ICRA]D from
                                      [ICRA]B-

The rating revision takes into account the irregularities
witnessed in debt servicing by the company in the recent past.

Incorporated in 2007, Mistry Enterprises Limited (MEL) is engaged
in heavy excavation and earthwork. The promoters are also
associated with other companies engaged in film exhibition & tower
leasing (Meghraj Cinema, Kurla Exhibitors), textile trading
(Millennium Clothing Pvt Ltd) and site excavation & mining
activities (Mistry Construction Company Private Limited, MCCPL)
and MEL has extended large amount of advances to many of these
group companies.

For the year FY2014 (Provisional unaudited financials), the
company reported an operating income of INR23.71 crore (against
INR17.79 crore for FY2013) and profit after tax of INR0.63 crore
(against INR0.31 crore for FY2013).


MUSKAN OVERSEAS: ICRA Suspends B Rating on INR1cr FB Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR1.00 crore bank facilities and short term rating of [ICRA]A4
assigned to the INR25.00 crore bank facilities of Muskan Overseas
Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term-Fund
   Based Limits          1.00        [ICRA]B; Suspended

   Short Term-Fund
   Based Limits         20.00        [ICRA]A4; Suspended

   Short Term-Non
   Fund Based Limits     5.00        [ICRA]A4; Suspended

The rating was suspended due to lack of cooperation by the client
to provide any further information.

Business was established in the year 2001 as partnership firm with
Mr. Dinesh Gupta, Mr. Sunil Gupta and Mrs. Ritika Gupta as
partners in equal ratio. In 2010 partnership firm was converted
into a private limited company. Milling capacity of the plant is 3
tonnes/hr. Balaji Overseas is engaged in the business of
processing and trading of rice in domestic market as well as
exporting to countries in Middle East, Saudi Arabia, Dubai and
Kuwait. Firm sells its product under the brand name of "Marhaba".
Raw material is purchased from mandi in Haryana, Uttar Pradesh and
Rajasthan. Company is having its manufacturing unit at Chopri
Road, Taraori, Karnal.


NEHANI TILES: ICRA Assigns B Rating to INR6.50cr Term Loan
----------------------------------------------------------
The long-term rating of [ICRA]B has been assigned to the INR4.00
crore cash credit facility and the INR6.50 crore term loan
facility of Nehani Tiles Private Limited. The short term rating of
[ICRA]A4 has also been assigned to the INR1.50 crore non-fund
based facility of NTPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B assigned
   Term Loan             6.50        [ICRA]B assigned
   Bank Guarantee        1.50        [ICRA]A4 assigned

The assigned ratings are constrained by the project implementation
and execution risks associated with Greenfield project; the
commencement of commercial operations has been delayed on account
of delays in construction of building premises and installation of
machinery. The ratings are further constrained by the
vulnerability of the company's profitability post-commissioning,
to the cyclicality inherent in the real estate industry, which is
the main consuming sector; and to the adverse fluctuations in
prices of raw materials and natural gas, which is the major fuel.
The ratings also take into consideration the highly competitive
ceramic industry with presence of large established organized tile
manufacturers as well as unorganized players in Morbi (Gujarat)
resulting in limited pricing flexibility. The ratings also take
into account the possible stress on the financial profile given
the debt funded nature of the project and high debt repayments
scheduled in the near term.

The ratings, however, favourably take into account the experience
of the promoters in the ceramic industry and the expected
marketing support from the group company engaged in the similar
line of business. The ratings also take into account the location
advantage enjoyed by the company due to its presence in Morbi
(Gujarat), India's ceramic hub giving it easy access to raw
material.

Incorporated in August 2013, Nehani Tiles Private Limited is
setting up a digitally printed ceramic wall tiles manufacturing
facility at Morbi, Gujarat with planned installed capacity of
27,000 MTPA. NTPL is also installing ceramic spray dryer plant for
manufacturing Body Powder, having production capacity of 120000
MTPA. Initially, the company proposes to manufacture digitally
printed ceramic wall tiles of sizes 12" x 24". The promoters of
the company have experience in ceramic industry owing to their
association with the group concerns namely Neha Ceramic
Industries.


PLATINUM AAC: CARE Assigns B Rating to INR11.75cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Platinum
AAC Blocks Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    11.75       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Platinum AAC Blocks
Private Limited (PABPL) is primarily constrained on account of
project implementation and stabilization risk and its presence in
a highly competitive industry exposing the company to the risks
pertaining to the cyclical real estate industry.

However, the rating derives strength from the promoters'
experience coupled with support from group entities engaged
in construction activities, locational advantage and good demand
outlook for AAC blocks industry.

The ability of PABPL to successfully complete its debt funded
capex and quickly stabilize its operations are the key rating
sensitivities.

PABPL was incorporated in September 2012 to take up the business
of manufacturing Aerated Autoclaved Concrete (AAC) blocks. PABPL
is promoted by Mr Dilip Kadivar and Mr Jitendra Jalavadia who have
an experience of more than two decades in the construction
industry. The primary reason for incorporating PABPL is to cater
to needs of AAC blocks for its related entities which are engaged
into construction activities. Keeping in view the increasing
demand of AAC Blocks, the promoters decided to come up with their
own manufacturing facilities in Umbergaon (Gujarat).

The company has undertaken a green-field project costing INR20.42
crore which is in the advanced stage of completion.

PABPL is installing a machinery costing INR13 crore for the
production of AAC blocks with a total capacity of 150,000 cubic
meters per annum. The above project is proposed to be funded
through a term loan of INR9.75 crore and the rest by promoter's
infusion in the form of equity of INR5.50 crore and unsecured loan
of INR5.17 crore. The machinery is proposed to be put to use in
November 2014.


POLO HOTELS: CRISIL Reaffirms B+ Rating on INR300MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Polo Hotels
Ltd (PHL) continues to reflect PHL's small scale of operations in
the highly fragmented hotel industry and exposure to risks related
to its ongoing hotel project. These rating weaknesses are
partially offset by favourable location of PHL's new hotel and its
association with global hotel chains such as the Radisson Hotels
group.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             300        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PHL will maintain its credit risk profile on
the back of its promoters' brand recall in the region. The outlook
may be revised to 'Positive' in case PHL generates large cash
accruals and improves its financial risk profile backed by timely
execution of the new hotel project within the projected cost, or
increase in average room rent and occupancy levels. Conversely,
the outlook may be revised to 'Negative' in case of any time or
cost overruns in the project, which in turn would adversely impact
the company's financial risk profile, and thus its debt-servicing
ability.

Update
PHL registered revenue of INR8.3 million in 2013-14 (refers to
financial year, April 1 to March 31), which was in line with
CRISIL's expectations. The company derived its revenue primarily
from the lease rentals earned from its 3-star property, Hotel
North Park, which has been leased out to M/s Hot Million Food
Products Pvt Ltd since 2001. PHL's operating margin for 2013-14
has also been in line with CRISIL's expectations at 88 per cent,
on account of minimal expenses incurred by the company since the
hotel North Park has been leased out and all the operational
expenses were incurred by the lessee.

The company has cancelled its agreement with Inter-Continental
Hotel chain Holiday Inn and entered into an agreement with the
Radisson Hotels group, wherein PHL will develop the new hotel as
per Radisson's specifications. The company has completed around 85
per cent of the project as on March 31, 2014. The total cost of
the project has gone up to INR550 million from INR472.1 million
and the additional cost will be met through infusion of unsecured
loans by promoters. CRISIL believes that the infusion of promoter
fund will be crucial to the timely completion of the project.

PHL's liquidity position is marked by tightly matched cash
accruals against its term debt obligations over the medium term.
However, the financial support from promoters is expected to help
the company service its debt obligations in time. The promoters
also provide continuous funding support to the company in the form
of equity capital infusion, and unsecured loans, which stood at
INR170 million as on March 31, 2014.

PHL reported a net profit of INR2.3 million on net sales of INR8.3
million for 2013-14, as against a net profit of INR1.6 million on
net sales of INR8.3 million for 2012-13. The company, on a
standalone basis, reported a net profit of INR0.5 million on net
sales of INR2.05 billion for the first quarter of 2014-15, vis-a-
vis a net profit of INR0.6 million on net sales of INR2.05
billion, for the first quarter of 2013-14.

PHL was established in 1984 as Polo Estates Hotels and Investments
Pvt Ltd by Mr. Vikas Garg. It was reconstituted as a public
limited company and the name was changed to the present one in
1989. It was listed on the Bombay Stock Exchange in 1992. The
business, however, was taken over by its present promoter, Mr. A R
Dahiya, in 1998. PHL presently owns a 3-star hotel named Hotel
North Park in Sector 32, Panchkula (Haryana), which is currently
leased out (since 2001) to Hot Million Food Products Pvt Ltd, a
chain of fast food restaurants. The company is developing a new
hotel in Panchkula under an operational and marketing tie up with
Radisson Hotels group.


PONNU FOOD: ICRA Reaffirms B Rating on INR8cr Fund Based Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the INR8.00
crore (enhanced from INR5.00 Crore) fund based facilities of Ponnu
Food Products.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based facility     8.00        [ICRA]B/reaffirmed

The rating reaffirmation factors in the weak financial profile
characterized by thin accruals, stretched capital structure, and
weak coverage indicators. Low value addition coupled with intense
competition has limited the margins. The company's revenues have
witnessed healthy growth in 2013-14 on the back of new customer
additions and increase in capacity. However, the incremental
working capital requirements have been predominantly met through
working capital debt, this coupled with inherently thin margins
have kept the capitalization and coverage indicators weak. The
rating is also constrained by high customer concentration, which
entails risk of order volatility and limits the Entity's
bargaining power, though the company has taken steps towards
diversification the customer concentration remains high with top-
customer contributing above 50% of revenues. The above-mentioned
concerns are partially offset by experience of the entity in
supplying to Kerala State Civil Supplies Corporation outlets
(Supplyco) outlets across Kerala, recent increase in capacity, and
its wide range of product portfolio, which are likely to aid new
customer additions and revenue growth. Going forward the sustained
growth and effective management of working capital cycle will be
crticial for improvement in the financial profile of the entity.

Ponnu Food Products was started by Ms.Suja Shajilal as a
proprietorship entity in August 1999 at Aylara in Kollam District.
The entity was converted to partnership firm on December 19, 2012,
with addition of family members of Ms.Suja Shajilal. The firm is
engaged in manufacturing and packing of cooking ingredients and
spices. Ponnus supplies to around 1300 (Supplyco) located across
Kerala. Ponnus product portfolio consists of around 120 items,
which includes cereals, packaged flours, spices, curry powder,
tamarind etc. Most of the products are sold under Ponnus brand,
except for specific orders where it sells under private label of
the retail chains. Ponnus procures its raw materials predominantly
from traders in Tamil Nadu and in some cases from large farmers.
Apart from Ponnus the partner's have recently constituted another
entity Sanno foods (Around INR3 crore turnover in 2012-13), which
trades in food products packaged as Sanno foods.

Recent Results
During 2013-14, the Firm had a profit after tax of INR0.3 Crore on
an operating income of INR33.6 Crore.


RAJ ENGINEERS: CARE Assigns B+ Rating to INR6.10cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of RAJ
Engineers and Construction.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.10       CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Raj Engineers and
Constructions (REC) is constrained by its relatively small
scale of operations, revenue concentration risk, weak capital
structure and debt protection indicators. The rating is also
constrained by constitution of the business as a proprietorship
concern and the debt-funded capital expenditure plans of
the entity. The rating, however, derives strength from the
experience of the proprietor, the reasonable operational track
record of the firm, its established relationship with a number of
reputed clients and healthy growth in the total operating
income during the period FY10 to FY14 (refers to the period
April 1 to March 31).

Going forward, the ability of the firm to grow its scale of
operations, improve and sustain its profitability amidst
competition, prudently manage its working-capital requirements and
improve its capital structure will be the key rating
sensitivities. Additionally, the ability to execute the proposed
project within timelines and monetization of new facilities
will be the key rating sensitivities.

REC is a proprietorship concern established in the year 2007 by Mr
Saravanan. REC is engaged in the construction of
industrial / factory sheds involving design, engineering,
fabrication and erection of heavy steel structural and related
civil work. The firm has executed about 15 major projects with
contract value ranging from INR0.2 crore to INR2 crore in Tamil
Nadu. Also, the firm has executed various refurbishments and
upgradation projects in Tamil Nadu. The day-to-day activities of
REC are managed by Mr Saravanan, the proprietor of the firm. He
has an overall entrepreneurial experience of about 15 years in the
same line of business.

REC has registered a PAT of INR0.21 crore on a total operating
income of INR6.06 crore during FY14 as against a PAT of INR0.17
crore on a total operating income of INR4.95 crore during FY13.


RAVI INDUSTRIES: CRISIL Puts 'B' Rating on INR40MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Ravi Industries - Harij (RI).

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Term Loan             21.1         CRISIL B/Stable
   Cash Credit           40           CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    18.9         CRISIL B/Stable

The rating reflects RI's modest scale of operations in the highly
fragmented industry, along with the firm's average financial risk
profile, marked by its small net worth and average debt protection
metrics. These rating weaknesses are partially offset by the
promoters' extensive industry experience and strategic location of
the unit ensuring availability of raw material.

Outlook: Stable

CRISIL believes that will RI continue to benefit over the medium
term from the extensive experience of its promoters in industry.
The outlook may be revised to 'Positive' if the firm registers a
sustainable increase in its scale of operations and operating
profitability leading to improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's revenues and operating profitability decline or if it
undertakes a larger-than-expected debt funded capital expenditure
leading to weakening of its financial risk profile.

RI was founded as a partnership firm by the Hiraj (Gujarat) based
Thakker family in 2012. The firm undertakes the extraction of oil
and production of de-oiled cakes from cotton seeds.

For 2013-14 (refers to financial year, April 1 to March 31), RI
reported a net profit of INR1.6 million on sales of INR210.7
million; it had reported a net profit of INR0.5 million on net
sales of INR137.4 million for 2012-13.


REPUBLIC AUTO: CARE Reaffirms B+ Rating on INR11.25cr Bank Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Republic
Auto Sales.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.25      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Republic Auto Sales
(RAS) continues to remain constrained by its weak financial risk
profile characterized by thin profitability margins, leveraged
capital structure and weak debt service coverage indicator. The
rating is further constrained by intense competition amongst
distributors and from alternate brands and constitution of the
entity as a partnership firm. The rating also takes cognizance of
the fortunes linked to the performance of manufacturers (Escorts
Tractors Limited (Escorts) and India Yamaha Motor Private Limited
(Yamaha)).

The rating, however, draws comfort from the experienced partners
and its association with Escorts & Yahama.

Going forward, the ability of RAS to increase the scale of
operations along with an improvement in the profitability
margins and the capital structure shall be the key rating
sensitivities.

Lucknow-based (Uttar Pradesh) Republic Auto Sales (RAS) was
established in April 2005 as a partnership firm by four
partners namely Mr Mohd. Zubair, Mr Mohd. Tariq, MsShama Sheikh
and Ms Shagufta Tariq sharing profit and losses in the ratio of
40%, 40%, 10% and 10% .

RAS operates as authorized distributor of 'Escorts Limited' for
tractors and 'Yahama Motor Private Limited' for two wheelers. The
firm has one showroom in Lucknow and operates 3S facility (Sales,
Spares and Services).

As per the provisional results for FY14 (refers to the period
April 01 to March 31), RAS reported a total operating income
of INR108.57 crore (Rs.97.93 crore in FY13) and a PAT of INR0.40
crore (Rs.0.39 crore in FY13). During H1FY15 (refers to the
period April 1 to September 30), RAS achieved a total operating
income of INR42 crore.


RMJ MOTORS: CARE Reaffirms B+ Rating on INR17cr LT Bank Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of RMJ
Motors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     17.00      CARE B+ Reaffirmed

Rating Rationale

The rating continues to be constrained by thin profitability
attributed to the trading nature of business, highly leveraged
capital structure and weak debt coverage indicators of RMJ Motors
Private Limited (RMJ). The rating is further constrained by RMJ's
short track record of operations, its presence in a highly
competitive automobile dealership business and the subdued demand
scenario.

The rating, however, favourably takes into account financial
support from the promoters in the form of regular capital
infusion and the diverse business experience of the promoters
owing to their association with the Bhopal-based R M group.

The ability of RMJ to improve its sales volume, profitability and
capital structure would remain the key rating sensitivities.

Incorporated in October 2008, RMJ is promoted by the Bhopal-based
RM group. RMJ is an authorized dealer for passenger vehicles of
TATA Motors Limited (TML; rated: 'CARE AA+') in Bhopal (Madhya
Pradesh) and operates through three showrooms and three workshops
located in the region.

The RM group has diversified business interest, and through its
various group entities, it undertakes the manufacturing of
detergent powder and detergent cakes (on job work basis), edible
oil extraction, merchant export of chemicals and automobile
dealership.

As per the audited results for FY14, RMJ reported a total
operating income of INR92.07 crore (FY13: INR116.71 crore) with
a net loss of INR0.37 crore (as against net profit of INR0.55
crore in FY13).


ROYAL LATEX: CARE Assigns B+ Rating to INR5cr LT Bank Loan
----------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Royal Latex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.00      CARE B+ Assigned
   Short-term Bank Facilities     0.75      CARE A4 Assigned
   Long/Short-term Bank          11.50      CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Royal Latex Private
Limited (RLPL) are constrained by the limited track record of
operation and small size of networth, thin profit margin due to
low value addition and the company's stressed gearing and coverage
indicators. The ratings are further constrained by intense
competition from other similar manufacturers/traders as well as
working capital intensive nature of operations.

The ratings derive comfort from the long experience of the
promoter in the rubber industry, established relationship with
customers and suppliers as well as significant growth in total
income from operations in the period FY13-FY14 (refers to
the period April 1 to March 31).

Going forward, the ability of the company to improve its profit
margin and its capital structure would be the key rating
sensitivities.

RLPL was incorporated in 2006 by Mr Rijo Mathew, S/o Mr Mathew
Mathew for manufacturing and trading of centrifuged latex and skim
rubber. Although incorporated in 2006, the operations commenced
only in January 2012. Mr Rijo Mathew was carrying on the business
earlier in the name of "Royal Latex" a proprietorship concern.
Presently the operations in Royal Latex have been wound up. The
assets of Royal Latex were transferred to RLPL after April 2012.
The other directors of RLPL are Mr Mathew Mathew, Mrs Leelama
Mathew, W/o Mr Mathew Mathew and Mrs Sonia Thomas, W/o Rijo
Mathew.

The field latex is collected from farmers and dealers. The latex
portion is separated from field latex to obtain centrifugal
latex. RLPL has an installed capacity to manufacture 3,750 tons of
centrifugal latex per annum with an actual production
of 3,500 tons per annum. The centrifugal latex/skim rubber are
mainly used to manufacture rubber band, elastic threads
used in garments, examination gloves, surgical gloves, rubber
mattresses, paint manufacturing, balloons and other rubber
products.


SARITHA COTTON: ICRA Reaffirms B- Rating on INR8cr FB Loan
----------------------------------------------------------
ICRA has reaffirmed [ICRA]B- to the INR8.00 crore (revised from
INR10.00 crore) long term fund based limits of Saritha Cotton
Industries. ICRA has reaffirmed [ICRA]A4 to the INR0.25 crore
short term fund based limits of SCI. ICRA has also reaffirmed
[ICRA]B-/A4 to the INR2.75 crore (revised from INR0.75 crore)
unallocated limits of (SCI).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Limits         8.00        [ICRA]B- Reaffirmed

   Short Term Fund
   Based Limits         0.25        [ICRA]A4 Reaffirmed

   Long/Short Term
   Unallocated Limits   2.75        [ICRA]B-/A4 Reaffirmed

The reaffirmation of rating take into account the small scale of
SCI's operations, highly competitive and fragmented nature of the
industry with high competition from other players locally. The
rating also takes into account the decrease in operating income
along with reduction in sales volumes in FY14. The ratings are
further constrained by the weak financial profile of SCI owing to
low margins and high dependence on bank borrowings for working
capital requirements. The gearing remained high at 9.23 times as
on 31st March 2014, followed by weak coverage indicators as
reflected in OPBIDT/Interest and Finance charges at 1.28 times and
NCA/Total Debt at 2.13% as on 31st March 2014. The rating,
however, favourably takes into account two decades of experience
of the promoters in the cotton ginning business.

Setup in 2008, M/s Saritha Cotton Industries is engaged in cotton
trading, ginning, pressing and extraction of cotton seed oil.
Prior to 2008, the promoter was undertaking trading & ginning
activities under the proprietorship firm Saritha Enterprises which
was converted into partnership firm in 2008. The firm's major
products include cotton lint, cotton seed, cotton cake and cotton
seed oil. The firm's plant is located in Karimnagar district of
Andhra Pradesh with a capacity of 24 gins, 1 pressing unit and 4
oil expellers for ginning, pressing and oil extraction.

Recent Results
As per audited financials for FY14, SCI reported an operating
income of INR46.41 crore with profit after tax of INR0.08 crore as
against INR47.77 crore of operating income with profit after tax
of INR0.09 crore in FY13.


SHREE NATH: ICRA Reaffirms B Rating on INR11.50cr Fund Based Loan
-----------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the
INR11.50 crore fund based bank facilities of Shree Nath Ji
Enterprises.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund        11.50        [ICRA]B; reaffirmed
   Based Limits

The rating continues to factor in the weak credit profile of the
firm with high gearing and modest coverage indicators, arising out
of substantial debt funding of working capital requirements. The
rating is also constrained by the firm's stretched liquidity
position as reflected in the almost full utilization of its
working capital limits in the past few months.

The rating continues to take into account the highly competitive
nature of the rice milling industry, along with the risk of
fluctuation in raw material prices, which imbues volatility to the
profit margins of the firm. Further, the rating continues to
factor in the agro climatic risks, which can impact the
availability of the basic raw material. However, this risk is
partially offset by the proximity of the mill to major rice
growing areas which results in easy availability of paddy. The
ratings also positively factors in the good demand supply dynamics
of the rice industry.

SNJE was established in 2013 as a partnership firm and is engaged
in the business of processing and trading of Basmati rice. The
commercial operations of the firm commenced only from November
2013. All the partners are actively engaged in the operations of
the firm. SNJE has its manufacturing unit at Kuchpura, Nissing,
Haryana with a milling capacity of 5 tonnes/hour of paddy.

Recent Results
SNJE reported a net profit of INR0.03 crore on an operating income
of INR29.35 crore for 2013-14 (November 2013 to
March 2014).


SRI HARI: ICRA Reaffirms B Rating on INR32cr Fund Based Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the
INR32.00 crore fund based bank facilities of Sri Hari Har Overseas
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund        32.00        [ICRA]B; reaffirmed
   Based Limits

The rating factors in SHHL's elevated gearing levels due to debt
funding of its large working capital requirements and the debt
funded capital expenditure undertaken by the company. The rating
is further constrained by the company's low net profitability and
moderate coverage indicators. The rating also takes into account
the high intensity of competition in the rice milling industry and
agro climatic risks, which can affect the availability of paddy in
adverse weather conditions. However, the proximity of the mill to
major rice growing areas results in easy availability of paddy and
mitigates this risk to a certain extent. The rating also derives
comfort from the ramp up of operations of the company and the
extensive experience of the partners in the rice industry and
their strong relationships with several customers and suppliers.

SHHL was established in 2012 as a private limited company with Mr
Rajesh Gupta, Mrs Roma Gupta as Directors. Mr Rajesh Gupta is
actively engaged in the operations of the company and has
experience of more than two decades in the rice industry. SHHL is
engaged in processing and trading of Basmati rice. The company has
its manufacturing unit at Karnal Kaithal Road, Nissing, Haryana
with a milling capacity of 15 tonnes/hour of paddy.

Recent Results
SHHL reported a net profit of INR0.24 crore on an operating income
of INR78.91 crore for 2013-14 as against a net profit of INR0.02
crore on an operating income of INR5.20 crore for part operations
in the previous year (from November 2012 to March 2013).


SRI PRASANNA: CRISIL Reaffirms 'B+' Rating to INR50MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Prasanna Metals and
Alloys (SPMA) continue to reflect SPMA's below average financial
risk profile, marked by a weak capital structure, and working-
capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of SPMA's partners in
the steel fabrication industry, and the firm's moderate order
book.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B+/Stable (Reaffirmed)
   Letter Of Guarantee   10        CRISIL A4 (Reaffirmed)
   Letter of Credit      10        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     6        CRISIL B+/Stable (Reaffirmed)
   Term Loan             14        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SPMA will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
financial risk profile, supported by increase in its scale of
operations and higher profitability leading to an improvement in
its capital structure. Conversely, the outlook may be revised to
'Negative' if SPMA undertakes any large debt-funded capital
expenditure (capex) programme or in case of elongation of working
capital cycle.

Update
SPMA's revenue is estimated at INR140.5 million for 2013-14
(refers to financial year, April 1 to March 31), down by 16.9 per
cent year-on-year on account of subdued demand. The firm's
operating margin is estimated at 11.43 per cent for 2013-14,
driven by execution of high-margin orders. CRISIL believes that
SPMA's revenue will improve over the medium term, backed by the
firm's moderate order book and promoters' extensive experience in
the steel fabrication industry.

SPMA's financial risk profile is below average, marked by a small
net worth and a high gearing of INR19.8 million and 2.85 times
respectively as on March 31, 2014. The firm's debt protection
metrics are moderate, with interest coverage and net cash accruals
to total debt ratios estimated at 2.38 times and 0.13 times
respectively for 2013-14. SPMA's financial risk profile is
expected to remain below average over the medium term, marked by
limited accretion to reserves and absence of significant debt-
funded capex

SPMA's liquidity is stretched, with working-capital-intensive
operations as reflected in its high gross current asset days.
Consequently, its bank limits were highly utilised at more than 95
per cent on average over the 12 months through September 2014.
However, its liquidity is supported by adequate cash accruals for
meeting its debt obligations over the medium term. CRISIL believes
that SPMA's liquidity will remain stretched over the medium term.

SPMA, set up in 2004, is involved in the fabrication of structural
steel components used in cement factories and sugar mills. Its
manufacturing facility is in Vellore (Tamil Nadu). It is promoted
by its partners Mr. N Muruganandam, Mr. R Manivannan, and Mr. P S
Veeramani.


SRI RAM: ICRA Assigns B Rating to INR6.20cr Fund Based Limits
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR6.20
crore fund based facilities and a short term rating of [ICRA]A4 to
the INR0.80 crore non-fund based facilities of Sri Ram Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term fund        6.20        [ICRA]B Assigned
   based Limits

   Short term non-
   fund based Limits     0.80        [ICRA]A4 Assigned


The assigned rating is constrained by small scale of operations
and discontinued operations post July 2014; awaiting their new
facility to commence operations from December 2014. These apart,
the ratings are also constrained by the weak financial profile of
the firm characterized by moderate debt projection metrics, high
working capital intensity and stretched liquidity position as
indicated by negative free cash flows in FY14. Moreover going
forward, capex to the tune of INR7.00 Cr whose major portion would
be funded by debt may further stretch the debt coverage
indicators. Further, the rating factors in the intensely
competitive nature of the business with presence of many small
players, agro climatic risks and partnership nature of firm.
However, the ratings favorably factor in the long track record of
the promoters in the rice mill business; availability of paddy in
the nearby region and positive demand prospects for the rice.

Sri Ram Industries (SRI) was incorporated in the year 2007 as a
partnership firm. The firm is engaged in the milling of paddy for
producing raw rice. Since inception Sri Ram Industries is in
leased facility of Sri Krishna Industries. This facility is 40 yrs
old and has installed capacity of 1MTPH. SRI is currently
constructing its own rice mill in Manvi, Raichur District. The
firm is planning to commence the operations of the new unit by
December 2014.

Recent Result
The company reported an operating income of INR2.29 Cr and net
profit of INR0.02 Cr for the financial year 2013-2014 as opposed
to an operating income of INR2.07 Cr and net profit of INR0.02 Cr
for the financial year 2012-2013.


TEERTH DEVELOPERS: ICRA Withdraws B Rating on INR15cr Term Loan
---------------------------------------------------------------
ICRA has withdrawn the [ICRA]B rating assigned to the INR15.00
crore Term Loan facility and INR5.00 crore Cash Credit facility of
Teerth Developers & Teerth Realties JV (Teerth), at the request of
the firm, as there is no amount outstanding against the
instruments.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             15.00       [ICRA]B withdrawn
   Cash Credit            5.00       [ICRA]B withdrawn

In order to construct a commercial project, in 2008 two firms
named Teirth Developers and Sathe Sons formed a joint venture. In
2011, Sathe Sons retired from the JV and a new member, Teerth
Realties has been brought in. The JV was formed in order to
construct a commercial project Technospace in Baner, Pune and it
will terminate once the project is ready completely sold. In case
the sponsors decide to lease out some of the commercial space then
the JV will remain in effect till the lease period is over.
The sponsor Teerth Developers have been engaged in contract work
for government bodies since last 30 years. The firm entered into
real estate development in last few years and till date there are
two residential projects are in progress. Technospace is the first
commercial project of the sponsors.


TPP BOILERS: ICRA Assigns B+ Rating to INR2.0cr Cash Credit
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR2.00
crore fund based working capital facilities of TPP Boilers Private
Limited. ICRA has also assigned a short-term rating of [ICRA]A4 to
the non-fund based facilities of TBPL aggregating to INR3.75
crore.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   (Cash Credit)         2.00        [ICRA]B+ assigned

   Non-Fund Based
   Limits (BG/LC)        3.75        [ICRA]A4 assigned

The ratings are constrained by the company's small size of
operations, moderate order book position, and vulnerability of
profitability margins to adverse fluctuations in raw material
prices owing to high levels of inventory maintained by the
company. ICRA further notes that the company's order book remains
largely restricted to small size orders owing to intense
competitive pressures from established players in case of high
value orders. The ratings are further constrained by the company's
weak bargaining power with both suppliers and customers.

The ratings however, favorably take in to account the company's
strong technical expertise supported by long experience of the
company's promoters in the engineering industry, healthy
profitability margins and reputed and diversified clientele.

TPP Boilers Pvt. Ltd. was incorporated in the year 2009 by Mr.
Himanshu Desai, Mr. A. N. Pandey and Mr. Kalpanath Pande. The
company is engaged in the business of fabrication of high
temperature steam boiler pressure parts like economizer coils,
superheater coils, studded coils, water wall panels, etc. The
company has its fabrication work shop in Vadodara (Gujarat).

Recent Results
For the year FY 2013, the company reported profit after tax of
INR0.67 crore on an operating income of INR9.28 crore. For the
year FY 2014, the company reported profit before depreciation and
tax of INR1.46 crore on an operating income of INR11.57 crore
(provisional).


TRIMURTI FLOUR: ICRA Cuts Rating on INR4cr Cash Credit to 'D'
-------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR4.00 crore cash credit and INR3.50 crore term loan facilities
of Trimurti Flour Mill Private Limited from [ICRA]B to [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit          4.00        [ICRA]D downgraded
   Term Loan            3.50        [ICRA]D downgraded

The rating action takes into account the recent delays made by the
company in meeting its debt service obligations.

Incorporated in 2010, TFMPL is engaged in the manufacturing of
flour milling products maida, atta, suji and bran from wheat. The
company commenced its commercial production in February 2014 with
a wheat grinding capacity of 150 tons per day (tpd). The
manufacturing facility of the company is situated at Patna, Bihar.


VELMURUGAN HEAVY: ICRA Revises Rating on INR22.62cr FB Loan to B
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR22.62
crore (reduced from INR22.77 crore) fund based limits of
Velmurugan Heavy Engineering Industries Private Limited from
[ICRA]BB to [ICRA]B. ICRA has also reaffirmed the short term
rating of [ICRA]A4 to the INR7.0 crore (enhanced from INR5.0
Crore) non-fund based bank limits of VHEI.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term, fund
   based facilities       22.62        Revised to [ICRA]B

   Short Term, non-
   fund based facilities   7.00        Reaffirmed at [ICRA]A4

The revision of the ratings factor in the subdued demand for
capital goods in the underlying customer industries, which is
partly mitigated by the company's exposure across industries like
cement, steel, infrastructure and power; and, the high working
capital intensity due the stretched payments from customers and
high inventory holding policy. The ratings are also impacted by
the deterioration in net margins in recent fiscals owing to lower
margins from recent orders and the high power and interest costs.
The rating revision also considers the deterioration in the
capital structure owing to the sharp decline in net worth
following heavy losses incurred in FY 2012-13.

The ratings, however, consider the favourable long term prospects
for the heavy engineering industry, the track record of the
promoters of over three decades in the engineering industry and
the reputed customer profile of the company.

Velmurugan Heavy Engineering Industries Private Limited, founded
in 1989 by the late Mr R Srinivasan, undertakes fabrication,
machining and assembly works to manufacture components for heavy
engineering products like boilers, earthmoving equipment, wind
turbine towers, machine bases, cooling systems, cement and steel
plants, oil field equipments, etc. VHEI is a subcontractor for
many reputed companies in the heavy engineering sector, including
Bharat Heavy Electricals Limited (BHEL), Larsen & Toubro Limited
(L&T), FLSmidth Private Limited, SMS India Private Limited
(subsidiary of SMS Siemag AG), Gamesa SA, and Vestas Wind
Technology India Private Limited. VHEI has manufacturing
facilities located in Trichy, Tamil Nadu, close to the BHEL
factory.

For FY 2014, as per unaudited provisional results, the company has
reported an operating income of INR28.4 crore and Net loss of
INR0.75 crore.


VINIL TRADING: CRISIL Assigns 'B' Rating to INR180MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Vinil Trading Pvt Ltd (VTPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Term Loan               180           CRISIL B/Stable

The rating reflects VTPL's below-average financial risk profile,
marked by average capital structure and stretched liquidity with
cash accruals tightly matching debt obligations. The rating also
factors in the company's modest scale of operations, the customer
concentration in its revenue, and its susceptibility to risks on
leased content assets. These rating weaknesses are partially
offset by the extensive experience of VTPL's promoters in the
media and entertainment industry.

Outlook: Stable

CRISIL believes that VTPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of infusion of significant long-term
funds or substantial cash generated from business, leading to a
sustainable improvement in the company's liquidity. Conversely,
the outlook may be revised to 'Negative' in case of a decline in
VTPL's revenue or profitability, stretch in its working capital
cycle, or any unanticipated investments.

VTPL, incorporated in August 2011, is a fully owned subsidiary of
Keynote Enterprises Pvt Ltd, which is promoted by Mr. Rashesh
Purohit and his wife Mrs. Sonal Purohit. It leases old content for
television, primarily TV series, movies, and music from content
owners, and sells it to other broadcasters and content
aggregators. It also trades in content.



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


JAPAN: Slips Into Recession as PM Abe Weighs Tax
------------------------------------------------
Keiko Ujikane at Bloomberg News reports that Japan unexpectedly
sank into a recession last quarter as the world's third-largest
economy struggled to shake off the impact of an April sales-tax
boost, raising the odds of a delay in a second bump in the levy.

The Cabinet Office said gross domestic product shrank an
annualized 1.6 percent in the three months through September, a
second straight drop -- matching the textbook definition of a
recession, Bloomberg relates.  Unadjusted for price changes, the
economy contracted an annualized 3 percent. Japanese stocks
slumped, Bloomberg says.

"April's sales tax completely destroyed Japan's economy -- no part
of Japan's economy looks encouraging," said Yoshiki Shinke, chief
economist at Dai-ichi Life Research Institute, who had the weakest
forecast in a Bloomberg News survey, with a 0.8% growth estimate
for real GDP. "Today's data will leave another traumatic memory
for Japanese politicians about sales tax hikes."

For Prime Minister Shinzo Abe, the report probably guarantees he
will put off the tax increase scheduled for October 2015, a move
that people familiar with the matter have said will trigger a snap
election next month, according to Bloomberg.  Japan also tipped
into a recession after a 1997 consumption-levy rise, leading to
the fall of the government of the day, the report says.

Bloomberg notes that while exports and consumer spending returned
to gains last quarter, they weren't strong enough to offset the
impact of a slump in the stocks of unsold goods -- a sign that
companies were unwilling to boost production. Residential
investment was another soft spot, while government spending had a
positive impact on GDP.

Nominal GDP, which is unadjusted for price changes, also shrank a
second straight period, at least the fifth such recession in the
past decade, Bloomberg discloses. The level, which is most
important when considering tax revenue or corporate profits, is
7.9 percent below the peak reached in 1997, according to data
compiled by Bloomberg.

According to the report, the April increase of the sales tax to 8
percent from 5 percent triggered in the second quarter the deepest
contraction in more than five years. Etsuro Honda, an adviser to
the prime minister, said last week that a 2015 value-added tax
increase to 10 percent was out of the question if third-quarter
growth were less than 3.8 percent, Bloomberg relates.

"Japan is in recession -- was pushed into recession by the VAT
hike," Jesper Koll, head of Japan strategy at JPMorgan Chase & Co.
in Tokyo, said in an interview on Bloomberg Television. "Delay in
the VAT hike is now a virtual certainty."



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


WEST HARBOUR: Liquidators, Maori Trust Case Back in Court
---------------------------------------------------------
Niko Kloeten at Stuff.co.nz reports that a dispute between a Maori
trust led by former MP John Tamihere and the liquidators of a
property development firm is back in court with more than
NZ$1 million at stake.

Stuff.co.nz relates that Court of Appeal judge Tony Randerson said
on November 17 that both sides were to blame for botch-ups that
resulted in the situation ending up in court.

According to the report, liquidators Damien Grant and Steven Khov
of Waterstone Insolvency are appealing a High Court ruling that
confirmed Waipareira's security interest in three Auckland
townhouses and two apartments from a property development.

Waipareira was a lender to the development through developer Brent
Ivil's West Harbour Holdings, which collapsed into liquidation in
March 2013 owing at least NZ$3 million, the report recalls.

Mr. Ivil himself was bankrupted in March this year, the report
notes.

Stuff.co.nz says the legal battle began after the trust tried to
remove Grant and Khov as liquidators of Brent Ivil's West Harbour
Holdings, its joint venture partner in the development.

The trust called a creditors' meeting last April, at which it
failed in its bid to oust West Harbour's liquidators, the report
recalls.

Waipareira's lawyer, Grove Darlow partner David Morrison, used
NZ$4.6 million of debt -- secured over the five properties -- to
vote on the motion.

The liquidators argued that by making the vote, Waipareira waived
its security to the properties and was now an unsecured creditor.

High Court judge Christopher Allan ruled that Waipareira had not
given up its security, even though Morrison had been "erroneous"
in his belief that Waipareira was entitled to vote at the meeting,
Stuff.co.nz relays.

Judge Allan ruled that forms supplied by the liquidators to the
trust were not valid, according to Stuff.co.nz.

Stuff.co.nz relates that at the Court of Appeal Hearing at
Auckland, Judge Randerson said both sides had dropped the ball.

"The liquidators shouldn't have allowed them to vote. The
liquidators didn't cover themselves in glory by sending out forms
that didn't comply with the regulations."

Stuff.co.nz says Kevin Sullivan, the lawyer for the liquidators,
admitted mistakes had been made and the case probably would not
have ended up in court otherwise.

"They should have been told they didn't have any right to vote."

According to the report, Queen's Counsel Bruce Gray, representing
the trust, said the issue in the case was whether Waipareira lost
a "valuable property right" worth NZ$1.5 million.

"Very clear words would be required before a property right could
be taken away," the report quotes Mr. Gray as saying.

Randerson, Justice Douglas White and Justice Patricia Courtney
have reserved their decision, the report notes.

The proceeds from the sale of the properties will be held until
the outcome is decided, Stuff.co.nz adds.



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


OW BUNKER: Singapore Units Face Suits Over Unpaid Supplies
----------------------------------------------------------
Jane Xie and Jessica Jaganathan at Reuters report that a flurry
of firms has filed lawsuits against the Singapore units of
bankrupt Danish shipping fuel trader OW Bunker, with claims
totaling more than S$5 million, and traders say this is likely
just the beginning of a wave of court actions.

Court documents seen by Reuters showed that the overall amount of
claims made against OW Bunker Far East and Dynamic Oil Trading,
both Singapore-based subsidiaries of the Danish firm, over unpaid
supplies now total around SGD5.3 million (US$4.11 million) made by
nearly half a dozen companies.

OW Bunker has blamed fraud by unnamed senior employees for losses
of at least US$125 million at Dynamic Oil, but has not revealed
any details, Reuters notes.  Those losses forced the company to
file for bankruptcy in Denmark, Reuters states.

According to Reuters, the firms that have so far made claims
against OW Bunker or one of its subsidiaries in Singapore are:
Hin Leong Trading, Golden Island Diesel Oil Trading Pte, Bunker
House Petroleum Pte, Equatorial Marine Fuel Management Services
Pte, Panoil Petroleum Pte.

Traders said further claims were likely, Reuters relates.

OW Bunker A/S is a Danish shipping fuel provider.



=============
V I E T N A M
=============


VIETNAM: Moody's Assigns B1 Rating to US Dollar-Denominated Bond
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive rating of B1
to the Government of Vietnam's U.S. dollar-denominated bond with a
scheduled maturity date in 2024. The outlook is stable.

Ratings Rationale

Moody's definitive rating for this debt obligation confirms the
provisional rating assigned on 6 November, 2014. Moody's rating
rationale was set out in a press release published on the same
day.

Vietnam's B1 government bond rating reflects robust growth
performance relative to peers and high government debt
affordability. In turn, these strengths are balanced against low
GDP per capita, contingent risks posed by fragilities in the
banking system, and financial stress in the state-owned enterprise
sector.

In July 2014, Moody's upgraded Vietnam's rating to B1 from B2 to
reflect the country's recent track record of macroeconomic
stability, the strengthening of its balance of payments, and the
easing of contingent risks in its banking sector.

Vietnam has started to emerge from a history of periodic bouts of
high inflation and balance of payments stress, and is now in its
third consecutive year of broad macroeconomic stability. While
growth over this period has declined from its historical trend, it
remains strong when compared with rating peers. Notably, inflation
has been kept at a historically low level, driven in part by weak
domestic demand. At the same time, the export-oriented, foreign-
owned sector of the economy has remained robust, helping sustain
overall economic activity.

The strengthening of Vietnam's balance of payments has been
underpinned by a diversification in the structure of its exports.
Combined with weak imports, this situation has resulted in the
current account shifting from a deficit to a healthy surplus. The
current account surplus in turn contributed to the accumulation of
foreign exchange reserves to an all-time high of $35.9 billion in
April 2014, as well as to the stability of the exchange rate.

Macroeconomic stability has provided an enhanced operating
environment for the banking sector, supporting the recovery in
their asset quality and improving liquidity. These factors
contributed to a number of positive rating actions among rated
Vietnamese banks in September 2014. However, these banks still
face considerable credit challenges, including poor loss-
absorption capacity owing to low loan-loss provisions and
relatively low levels of capital, as well as weak profitability.

Other credit challenges include an erosion of the government's
fiscal position over the past few years, driven by weaker revenue
performance. In addition, weaknesses in governance and
transparency constrain Moody's assessment of institutional
strength. The high proportion of the government debt stock
denominated in foreign currency also renders Vietnam particularly
susceptible to exchange rate shocks.

GDP per capita (PPP basis, US$): 5,295 (2013 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 5.4% (2013 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 6.0% (2013 Actual)

Gen. Gov. Financial Balance/GDP: -5.4% (2013 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: 5.5% (2013 Actual) (also known as
External Balance)

External debt/GDP: 37.0% (2013 Actual)

Level of economic development: Low level of economic resilience

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2013.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.



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


* BOND PRICING: For the Week Nov. 10 to Nov. 14, 2014
-----------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----


  AUSTRALIA
  ---------

ANTARES ENERGY LTD   10.00   10/30/23     AUD       1.99
CRATER GOLD MINING   10.00   08/18/17     AUD      20.00
KBL MINING LTD       10.00   08/05/16     AUD       0.29
MIDWEST VANADIUM P   11.50   02/15/18     USD      11.00
MIDWEST VANADIUM P   11.50   02/15/18     USD      10.00
STOKES LTD           10.00   06/30/17     AUD       0.40
TREASURY CORP OF V    0.50   11/12/30     AUD      57.31


CHINA
-----

CHANGCHUN CITY DEV    6.08   03/09/16     CNY      71.10
CHANGCHUN CITY DEV    6.08   03/09/16     CNY      71.07
CHANGZHOU INVESTME    5.80   07/01/16     CNY      70.30
CHANGZHOU INVESTME    5.80   07/01/16     CNY      71.07
CHANGZHOU SMALL &     6.18   11/29/14     CNY      60.07
CHINA GOVERNMENT B    1.64   12/15/33     CNY      69.63
CHINA NATIONAL ERZ    5.65   09/26/17     CNY      61.63
DANYANG INVESTMENT    6.30   06/03/16     CNY      71.29
GUANGXI XINFAZHAN     5.75   11/30/14     CNY      40.01
JIANGSU LIANYUN DE    7.85   07/22/15     CNY      71.53
KUNSHAN ENTREPRENE    4.70   03/30/16     CNY      70.25
KUNSHAN ENTREPRENE    4.70   03/30/16     CNY      70.04
NANJING PUBLIC HOL    5.85   08/08/17     CNY      65.52
NINGDE CITY STATE-    6.25   10/21/17     CNY      61.51
QINGZHOU HONGYUAN     6.50   05/22/19     CNY      51.43
QINGZHOU HONGYUAN     6.50   05/22/19     CNY      52.33
WUXI COMMUNICATION    5.58   07/08/16     CNY      51.03
WUXI COMMUNICATION    5.58   07/08/16     CNY      50.65
YANGZHOU URBAN CON    5.94   07/23/16     CNY      70.90
YANGZHOU URBAN CON    5.94   07/23/16     CNY      71.31
ZHENJIANG CITY CON    5.85   03/30/15     CNY      70.46
ZHENJIANG CITY CON    5.85   03/30/15     CNY      70.39
ZHUCHENG ECONOMIC     7.50   08/25/18     CNY      50.26
ZIBO CITY PROPERTY    5.45   04/27/19     CNY      60.89
ZOUCHENG CITY ASSE    7.02   01/12/18     CNY      72.32


INDONESIA
---------

BERAU COAL ENERGY     7.25   03/13/17     USD      56.00
BERAU COAL ENERGY     7.25   03/13/17     USD      54.23
DAVOMAS INTERNATIO   11.00   12/08/14     USD      19.50
DAVOMAS INTERNATIO   11.00   12/08/14     USD      19.50
PERUSAHAAN PENERBI    6.10   02/15/37     IDR      70.50

INDIA
-----

3I INFOTECH LTD       5.00   04/26/17     USD      34.63
CORE EDUCATION & T    7.00   05/07/15     USD       9.63
COROMANDEL INTERNA    9.00   07/23/16     INR      15.26
GTL INFRASTRUCTURE    3.03   11/09/17     USD      30.00
INCLINE REALTY PVT   10.85   04/21/17     INR      14.80
INCLINE REALTY PVT   10.85   08/21/17     INR      17.88
INDIA GOVERNMENT B    0.23   01/25/35     INR      21.75
JCT LTD               2.50   04/08/11     USD      18.50
MASCON GLOBAL LTD     2.00   12/28/12     USD       4.37
PRAKASH INDUSTRIES    5.25   04/30/15     USD      71.50
PYRAMID SAIMIRA TH    1.75   07/04/12     USD       1.00
REI AGRO LTD          5.50   11/13/14     USD      55.88
REI AGRO LTD          5.50   11/13/14     USD      55.88
SHIV-VANI OIL & GA    5.00   08/17/15     USD      26.38


JAPAN
-----

AVANSTRATE INC        3.02   11/05/15     JPY      42.63
AVANSTRATE INC        5.00   11/05/17     JPY      32.13
ELPIDA MEMORY INC     0.50   10/26/15     JPY      17.00
ELPIDA MEMORY INC     0.70   08/01/16     JPY      17.00
ELPIDA MEMORY INC     2.10   11/29/12     JPY      17.00
ELPIDA MEMORY INC     2.03   03/22/12     JPY      17.00
ELPIDA MEMORY INC     2.29   12/07/12     JPY      17.00
JAPAN EXPRESSWAY H    0.50   03/18/39     JPY      74.83


KOREA
-----

DONGBU METAL CO LT    5.75   04/16/17     KRW      81.00
EXPORT-IMPORT BANK    0.50   12/22/17     BRL      68.78
EXPORT-IMPORT BANK    0.50   10/23/17     TRY      75.20
EXPORT-IMPORT BANK    0.50   11/21/17     BRL      70.24
EXPORT-IMPORT BANK    0.50   12/22/17     TRY      73.77
KIBO ABS SPECIALTY   10.00   08/22/17     KRW      30.67
SINBO SECURITIZATI    5.00   06/29/16     KRW      30.78
SINBO SECURITIZATI    5.00   07/26/16     KRW      30.56
SINBO SECURITIZATI    5.00   07/26/16     KRW      30.56
SINBO SECURITIZATI    5.00   08/31/16     KRW      30.31
SINBO SECURITIZATI    5.00   08/31/16     KRW      30.32
SINBO SECURITIZATI    5.00   10/05/16     KRW      30.11
SINBO SECURITIZATI    5.00   10/05/16     KRW      30.11
SINBO SECURITIZATI    5.00   05/27/16     KRW      59.92
SINBO SECURITIZATI    5.00   05/27/16     KRW      59.92
TONGYANG CEMENT &     7.50   04/20/14     KRW      70.00
TONGYANG CEMENT &     7.50   07/20/14     KRW      70.00
TONGYANG CEMENT &     7.50   09/10/14     KRW      70.00
TONGYANG CEMENT &     7.30   04/12/15     KRW      70.00
TONGYANG CEMENT &     7.30   06/26/15     KRW      70.00
WOONGJIN ENERGY CO    2.00   12/19/16     KRW      58.05

BANDAR MALAYSIA SD    0.35   02/20/24     MYR      68.28
BIMB HOLDINGS BHD     1.50   12/12/23     MYR      73.12
BRIGHT FOCUS BHD      2.50   01/24/30     MYR      63.73
BRIGHT FOCUS BHD      2.50   01/22/31     MYR      70.75
LAND & GENERAL BHD    1.00   09/24/18     MYR       0.43
SENAI-DESARU EXPRE    1.35   06/30/28     MYR      61.51
SENAI-DESARU EXPRE    1.35   12/29/28     MYR      60.50
SENAI-DESARU EXPRE    1.10   06/30/22     MYR      73.71
SENAI-DESARU EXPRE    1.15   12/30/22     MYR      72.56
SENAI-DESARU EXPRE    1.15   06/30/23     MYR      71.17
SENAI-DESARU EXPRE    1.15   12/29/23     MYR      69.81
SENAI-DESARU EXPRE    1.15   06/28/24     MYR      68.50
SENAI-DESARU EXPRE    1.15   12/31/24     MYR      67.22
SENAI-DESARU EXPRE    1.15   06/30/25     MYR      66.08
SENAI-DESARU EXPRE    1.35   12/31/25     MYR      66.62
SENAI-DESARU EXPRE    1.35   06/30/26     MYR      65.59
SENAI-DESARU EXPRE    1.35   12/31/26     MYR      64.56
SENAI-DESARU EXPRE    1.35   06/30/27     MYR      63.55
SENAI-DESARU EXPRE    1.35   12/31/27     MYR      62.53
SENAI-DESARU EXPRE    1.35   06/29/29     MYR      59.49
SENAI-DESARU EXPRE    1.35   12/31/29     MYR      58.47
SENAI-DESARU EXPRE    1.35   06/28/30     MYR      57.49
SENAI-DESARU EXPRE    1.35   12/31/30     MYR      56.49
SENAI-DESARU EXPRE    1.35   06/30/31     MYR      55.54
UNIMECH GROUP BHD     5.00   09/18/18     MYR       1.41

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

KIWI INCOME PROPER    8.95   12/20/14     NZD       1.04


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

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


SINGAPORE
---------

BAKRIE TELECOM PTE   11.50   05/07/15     USD      12.00
BAKRIE TELECOM PTE   11.50   05/07/15     USD       9.00
BERAU CAPITAL RESO   12.50   07/08/15     USD      62.15
BERAU CAPITAL RESO   12.50   07/08/15     USD      84.75
BLD INVESTMENTS PT    8.63   03/23/15     USD      18.75
BUMI CAPITAL PTE L   12.00   11/10/16     USD      37.00
BUMI CAPITAL PTE L   12.00   11/10/16     USD      33.38
BUMI INVESTMENT PT   10.75   10/06/17     USD      33.25
BUMI INVESTMENT PT   10.75   10/06/17     USD      32.80
ENERCOAL RESOURCES    6.00   04/07/18     USD      35.35
INDO INFRASTRUCTUR    2.00   07/30/10     USD       1.88


THAILAND
--------

G STEEL PCL           3.00   10/04/15     USD       2.72
MDX PCL               4.75   09/17/03     USD      25.00


VIETNAM
-------

BANK FOR INVESTMEN   10.33   05/19/16     VND       1.00
DEBT AND ASSET TRA    1.00   10/10/25     USD      54.65


                             *********

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

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

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


                            *********


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

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

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

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

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



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