TCRAP_Public/141120.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, November 20, 2014, Vol. 17, No. 230


                            Headlines


A U S T R A L I A

ADDAY PTY: First Creditors' Meeting Slated For Dec. 1
GOODEARL FABRIC: First Creditors' Meeting Set For Nov. 26
UNITED DAIRY: Parent Company Placed in Receivership


C H I N A

CHINA FISHERY: S&P Keeps 'B' CCR on CreditWatch Negative
CHINA GINSENG: KCG Americas Lowers Equity Stake to 9.8%
HAIXIN IRON: Starts Bankruptcy Reorganization Process
LDK SOLAR: Court Okays Joint Administration of 3 Chap. 11 Cases
PING AN: Moody's Puts Ba1 Deposit Rating on Review For Upgrade

SHANGHAI CHAORI: GCL-Poly Approves Plan to Bail Out Firm


I N D I A

A G OILS: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit
AXIS BANK: Fitch Keeps 'BB+' Support Rating Floor
AYAAN TRENDZ: ICRA Reaffirms 'B' Rating on INR14.11cr Loan
BHAGAWATI ENTERPRISES: ICRA Reaffirms B+ Rating on INR5cr Loan
BHEEMA CEMENTS: ICRA Suspends D Rating on INR123.4cr Term Loan

CONTINENTAL MILKOSE: CRISIL Cuts Rating on INR225MM Loan to B+
DHRUBA KUMAR: CRISIL Assigns B+ Rating to INR20MM Cash Credit
ELEGANT OVERSEAS: ICRA Suspends B+ Rating on INR0.25cr Loan
GOA SPONGE: ICRA Reaffirms D Rating on INR46cr Fund Based Limits
GOMATHY INTERNATIONAL: ICRA Suspends D Rating on INR5.82cr Loan

GOMATHY POWER: ICRA Suspends D Rating on INR36.78cr Term Loan
HARIOM INGOTS: ICRA Reaffirms B+ Rating on INR25cr Cash Credit
KAVCON ENGINEERS: ICRA Reaffirms D Rating on INR34cr Bank Lines
LEKH RAJ: CRISIL Reaffirms B- Rating on INR60MM Cash Credit
LEXONA CERAMIC: ICRA Reaffirms B Rating on INR4.68cr Term Loan

MUNDRA TRACTORS: ICRA Reaffirms B Rating on INR6.5cr Cash Credit
P. V. RAMANAIAH: CRISIL Reaffirms B+ Rating on INR120MM Loan
PATEL OSWAL: ICRA Suspends B Rating on INR12cr Cash Credit
PRATIMA AGRO: ICRA Suspends B+ Rating on INR5cr Working Capital
SBT SPINTEX: CRISIL Assigns B+ Rating to INR56MM Cash Credit

SHOWTIME SYNDICATORS: CRISIL Rates INR99MM Term Loan at 'B'
SHREE MAHESHWAR: CARE Reaffirms D Rating on INR451cr LT Bank Loan
SHREE SHANKAR: ICRA Reaffirms B+ Rating on INR4.25cr Cash Credit
SHRI SAIKRUPA: CARE Assigns 'D' Rating to INR90.98cr LT Bank Loan
SIDDH SAI: CRISIL Assigns B+ Rating to INR90MM Cash Credit

SKYLINE ENGINEERING: CRISIL Cuts Rating on INR438MM Loan to 'D'
SREE GIRIDHARI: ICRA Suspends B+ Rating on INR8cr Bank Loan
SRI GOMATHY: ICRA Suspends D Rating on INR23cr Short Term Loan
SRI MATA: CRISIL Lowers Rating on INR443.7MM Term Loan to 'D'
TECH TRUST: CARE Assigns D Rating to INR2.18cr LT Bank Loan

TECHNO INDIA: CARE Assigns D Rating to INR59.53cr LT Bank Loan
TIRUPATI OIL: ICRA Reaffirms B- Rating on INR12.25cr Cash Credit
TOTO PVC: ICRA Assigns B+ Rating to INR2.90cr Cash Credit
TRANSTRON ELECTRICALS: ICRA Suspends B Rating on INR3.25cr Loan
UNIPEL CORPORATION: ICRA Assigns B+ Rating to INR1.75cr FB Loan


I N D O N E S I A

ASTON DENPASAR: Court Declares Hotel Bankrupt
TOWER BERSAMA: S&P Assigns 'BB' Rating to US$300MM Sr. Notes


S I N G A P O R E

OW BUNKER: Singapore Unit to Meet Liquidator on December 4


                            - - - - -


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A U S T R A L I A
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ADDAY PTY: First Creditors' Meeting Slated For Dec. 1
-----------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of Adday Pty Ltd on Nov. 19, 2014.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, Queensland, on Dec. 1, 2014, at 10:00 a.m.


GOODEARL FABRIC: First Creditors' Meeting Set For Nov. 26
---------------------------------------------------------
Michael Charles Hird of Moore Stephens Sydney was appointed as
administrator of Goodearl Fabric Systems Pty Limited on Nov. 14,
2014.

A first meeting of the creditors of the Company will be held at
the Institute of Chartered Accountants Sydney, 33 Erskine Street,
in Sydney, on Nov. 26, 2014, at 10:30 a.m.


UNITED DAIRY: Parent Company Placed in Receivership
---------------------------------------------------
Damon Kitney at The Australian reports that the parent company of
Australia's largest privately owned milk processing company,
United Dairy Power, has been placed in receivership after its
banker moved to remove its board and appoint a new chief executive
to manage its debts.

The Australian says advisory firm PPB Advisory and the dairy
company's financier, Rabobank, appointed Marcus Derwin as managing
director of Five Star Food last week, on the same day the parent
company was placed in receivership. The company is owned by Hong
Kong-based Five Star Food Holdings.

There was speculation on November 18 that Five Star Food had
failed to provide additional working capital to UDP and that
Rabobank had moved to protect its exposure.  According to The
Australian, the receivership is unusual in that UDP and its
subsidiaries will continue trading, while Mr Derwin will work to
stabilise the parent company and prevent its debts further
impacting upon its subsidiaries.

"The priority since our appointment has been to support UDP
management and all its stakeholders including suppliers, customers
and employees to stabilise the business. This has been
successfully achieved and we've been encouraged by the positive
response from key suppliers and customers of UDP," the report
quotes Greg Quinn, partner at PPB Advisory, as saying.  "UDP plays
a key role in the local dairy industry, and through our
appointment, we will endeavour to ensure that it continues to do
so in the future."

Nine months ago, Hong Kong businessman William Hui, who controls
Five Star Food, paid about AUD70 million to take control of UDP
from its founder Tony Esposito, The Australian recalls.

In March, Mr. Hui said he was willing to spend a further AUD20
million to bolster capacity at the group's factories or seek
alliances to help UDP expand into the milk powder business, the
report relates.

"It is very much business as usual at UDP, with the company making
payments to its suppliers in the ordinary course of business," the
report quotes Mr. Derwin as saying.

"We are committed to existing milk pricing arrangements this
financial year."

United Dairy Power processes more than 200 million litres of milk
annually into dairy products such as cheddar, the Caboolture brand
of mozzarella cheese, butter and whey powder.



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CHINA FISHERY: S&P Keeps 'B' CCR on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said that it kept these ratings
on CreditWatch with negative implications:

   -- S&P's 'B' long-term corporate credit rating on China
      Fishery Group Ltd.;

   -- The 'B' issue rating on the US$300 million senior unsecured
      notes due on July 30, 2019 issued by Peru-based special
      purpose vehicle CFG Investment S.A.C. (CFG) that China
      Fishery guarantees; and

   -- S&P's 'cnBB-' long-term Greater China regional scale rating
      on China Fishery and on the notes.

S&P had originally placed the ratings on CreditWatch with negative
implications on Aug. 15, 2014.  China Fishery is a Singapore-
listed fishing company with operations or business in Peruvian,
Russian, and African waters.

"We have kept the ratings on CreditWatch because China Fishery
continues to face high refinancing risk.  The company has yet to
present a credible and comprehensive plan to meet the repayment
needs for about US$570 million in debt that is maturing in the
next 12 months," said Standard & Poor's credit analyst Lillian
Chiou.

China Fishery's short-term debts include US$250 million in senior
unsecured notes due Feb. 10, 2017, issued by Peru-based
Corporacion Pesquera Inca S.A.C. (Copeinca; B/Watch Neg/--). China
Fishery acquired its wholly owned operating entity in Aug. 2013.

China Fishery will face high liquidity risk in early 2015.
Lenders under China Fishery's US$650 million credit facility have
specified a timeframe for the company to redeem Copeinca's notes.
A failure to do so could mean China Fishery would have to early
repay a drawdown of about US$520 million from the credit facility
and redeem CFG's US$300 million notes.  China Fishery has not
received approval from Copeinca's bondholders that the subsidiary
will guarantee China Fishery's credit facility and CFG's notes.
The terms of the credit facility and CFG's notes require a
guarantee from Copeinca, but such a guarantee is prohibited under
the terms of Copeinca's own notes.

"We recognize that China Fishery now has more time to complete a
refinancing plan after the credit-facility lenders extended the
deadline for the redemption of the Copeinca notes to March 16,
2015, from Nov. 30, 2014.  If the company proceeds with a sizable
equity issue, its liquidity position and leverage will improve.
We also note that China Fishery and its group companies have had
good banking relationships in the past," said Ms. Chiou.

China Fishery's main liquidity sources include cash and cash
equivalents of US$132 million as of June 30, 2014, and US$111
million in repayments from the termination of long-term supply
agreements (LSA) that China Fishery received from its contract
supply business in Russia as of Sept. 30, 2104.  S&P expects the
company to receive another US$69 million from the LSA suppliers
before March 28, 2015.  Future recovery of the prepayment proceeds
will support China Fishery's liquidity situation, but risks
surround the timing and full recovery of those payments.

Revenues from the Peru operations may deteriorate beyond S&P's
current expectation over the next six to 12 months due to the
impact of the El Nino weather system.  The company's fish catch
for the second anchovy season of this year (Dec. 2014-Jan. 2015)
could fall because total allowable catch of anchovies could be
substantially lower; anchovy is a key raw material of China
Fishery to produce fishoil and fishmeal.  A material drop in the
fish catch could substantially weaken China Fishery's revenues.
Earlier, S&P expected Peru to account for 60%-70% of China
Fishery's total revenues in fiscal 2014-2015 (ended Sept. 30) up
from less than 50% at the end of fiscal 2013.  Any material
deterioration in the Peruvian operations will significantly weaken
China Fishery's credit profile.

China Fishery's "aggressive" financial risk profile reflects S&P's
view that the Peru operations will remain weak due to the
projected challenging weather conditions.  Under S&P's current
base case, the company's ratio of debt to EBITDA is likely to stay
at about 5.0x in fiscal 2014 and improve to below 5.0x in fiscal
2015.

China Fishery's current "fair" business risk profile reflects the
company's high exposure to regulatory and policy risks, volatility
in the global fishing industry, and the fragmented and competitive
nature of the Peruvian fishery market.  The company's strong
market position in Peru, geographically diversified operations,
and good operating efficiency temper these weaknesses.

S&P continues to take a consolidated view of the Pacific Andes
group when analyzing China Fishery's credit profile because
Pacific Andes International Holdings Ltd. is an indirect major
shareholder of China Fishery.  In S&P's view, the group has a
strong commitment to maintain majority ownership in China Fishery,
given the company's high contribution to the group's EBITDA and
cash flows.  S&P believes China Fishery's business is integral to
the overall group's strategy and it is a "core" entity of the
group.

S&P aims to resolve the CreditWatch within three months, depending
on the ability of China Fishery to execute a comprehensive
refinancing plan and the operating performance prospects in Peru.

S&P may lower the ratings if China Fishery does not present a
credible and comprehensive refinancing plan that addresses about
US$570 million in debt maturities in fiscal 2015 and sustainably
improves its liquidity profile.  A downgrade could materialize if:
(1) China Fishery fails to proactively refinance Copeinca's US$250
million notes; (2) if the company fails to receive a substantial
portion of the US$180 million in LSA receivables before March
2015; or (3) its operating cash flows are substantially lower than
S&P expects.

S&P may also lower the rating if China Fishery's leverage weakens
more than S&P expects because the performance of its operations in
Peruvian waters deteriorates.  A ratio of debt-to-EBITDA that
stays above 5.0x and EBITDA interest coverage below 2.0x would
indicate such deterioration.

S&P may affirm the rating if China Fishery secures refinancing for
debt repayments and if S&P has better visibility over the market
conditions in Peru, such that S&P believes China Fishery can
reduce leverage.  A ratio of debt to EBITDA below 5.0x and EBITDA
interest coverage above 2.0x on a sustainable basis could indicate
such a trend.


CHINA GINSENG: KCG Americas Lowers Equity Stake to 9.8%
-------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, KCG Americas LLC disclosed that as of
Oct. 31, 2014, it beneficially owned 4,390,767 shares of common
stock of China Ginseng Holdings Inc. representing 9.89 percent of
the shares outstanding.  KCG Americas previously reported
beneficial ownership of 7,746,500 common shares or 17.45 percent
equity stake as of Aug. 29, 2014.  A copy of the regulatory filing
is available for free at http://is.gd/sJdEnE

                       About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc., conducts
business through its four wholly-owned subsidiaries located in
China.  The Company has been granted 20-year land use rights to
3,705 acres of lands by the Chinese government for ginseng
planting and it controls, through lease, approximately 750 acres
of grape vineyards.  However, recent harvests of grapes showed
poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production.  Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.

China Ginseng reported a net loss of $4.76 million on $2.61
million of revenue for the year ended June 30, 2014, compared to a
net loss of $3.64 million on $3.56 million of revenue for the year
ended June 30, 2013.

The Company's balance sheet at June 30, 2014, showed $8.82 million
in total assets, $14.42 million in total liabilities and a $5.60
million total stockholders' deficit.

Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2014.  The independent auditors noted
that the Company has incurred an accumulated deficit of
$14,169,335 since inception, has a working capital deficit of
$11,616,962, and there are existing uncertain conditions the
Company faces relative to its ability to obtain working capital
and operate successfully.  These conditions raise substantial
doubt about its ability to continue as a going concern.


HAIXIN IRON: Starts Bankruptcy Reorganization Process
-----------------------------------------------------
Shanghai Daily reports that Haixin Iron and Steel Group has
started bankruptcy reorganization procedures, according to a local
court.

The company, located in Wenxi County, had an annual steel output
of 5 million tons and was ranked second only to state-owned
Shougang Changzhi Iron and Steel Co in the province, the report
says.

Shanghai Daily, citing public data, discloses that the company had
CNY10.46 billion (US$1.7 billion) in debt compared with
CNY10.07 billion in its account. Production was suspended on March
18 due to industry overcapacity, a stagnant market, tightened
credit and management issues, according to Shanghai Daily.

In August, four lenders to Haixin filed bankruptcy plans to the
Yuncheng Intermediate People's Court, aiming to reorganizing five
firms within the group, the report notes.

Haixin Iron and Steel Group is a private iron and steel enterprise
based in Shanxi Province, China.


LDK SOLAR: Court Okays Joint Administration of 3 Chap. 11 Cases
---------------------------------------------------------------
The Hon. Peter J. Walsh has approved the joint administration of
the Chapter 11 cases of LDK Solar Systems, Inc., LDK Solar USA,
Inc., and LDK Solar Tech USA, Inc. for procedural purposes.

The pleadings filed in the Debtors' Chapter 11 cases shall bear
consolidated caption in the following form:

In re                               Chapter 11

LDK SOLAR SYSTEMS, INC., et al.,    Case No. 14-12384 (PJW)

Debtors                             Jointly Administered

                         About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment.  Its Joint
Provisional Liquidators are Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014, three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware.  The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).

On Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands.  The Chapter
15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-
12387).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois.  The U.S. Debtors'
Delaware   counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt &
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
September 17, 2014 from the holders of LDK Solar's 10% Senior
Notes due 2014, as guarantors of the Senior Notes, and required
such holders of the Senior Notes to return their ballots by
October 15, 2014.  Holders of the Senior Notes voted
overwhelmingly in favor of accepting the Prepackaged Plan.


PING AN: Moody's Puts Ba1 Deposit Rating on Review For Upgrade
--------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade Ping An
Bank Co. Ltd's foreign currency long-term deposit rating of Ba1
and foreign currency short-term deposit rating of Not Prime (NP).

At the same time, Moody's has affirmed Ping An Bank's D bank
financial strength rating with a stable outlook. The bank's
standalone baseline credit assessment (BCA) remains at ba2.

Ratings Rationale

This rating action reflects the increased importance of Ping An
Bank to its parent, Ping An Insurance (Group) Company of China,
Ltd. (Ping An Group, unrated) and the level and strength of
support available to the bank from Ping An Group.

Over the past few years, since Ping An Bank merged with Shenzhen
Development Bank, it has become a significant contributor to the
Group's assets and earnings. In 2013, the bank constituted 55% of
the Group's assets, and contributed 41% of the Group's net
profits.

On November 7, 2014, the Group received regulatory approval to
issue up to 626 million H-shares through a private placement.
Moody's estimates this additional equity capital would be worth
around RMB30 billion, based on Ping An Group's closing share price
for November 6.

Moody's believes that Ping An Group's proposed capital raising
will give it additional resources to support the growth and
capital needs of its subsidiaries, including Ping An Bank.

On July 15, Ping An Bank had announced its proposal to issue up to
RMB10 billion of new ordinary shares and up to RMB20 billion of
new preference shares. In the same announcement, Ping An Group had
agreed to subscribe for approximately 45%-50% of the new ordinary
shares, and approximately 50%-60% of the new preference shares.

Moody's review of Ping An Bank's deposit ratings will consider the
enhanced external support available to support the bank, given the
increased capacity of Ping An Group to support the bank following
the Group's announcement to raise new capital.

At the same time, the review will consider the strategic
importance of the bank to Ping An Group, as the bank is now
contributing a much higher portion of the Group's earnings, assets
and capital.

In addition, Moody's will also review Ping An Group's status as a
global systemically important insurer and how it will affect the
bank's capital plans, and the likelihood that the Chinese
government (Aa3 stable) will provide extraordinary support to Ping
An Group and its subsidiary bank.

Further, Moody's will examine the level of integration
betMoody'sen the bank and the Group, including with its insurance
subsidiaries especially Ping An Life Insurance Co of China Ltd
(unrated).

Ping An Bank's ba2 BCA is unchanged. It takes into account the
relatively higher core capital ratios that will result from the
additional capital that it is proposing to raise, as well as asset
quality challenges that it will face over the next 12-18 months.

According to Moody's estimates, the bank's core Tier 1 ratio will
improve to 9.0%-9.3% levels over the next 12-18 months from 8.8%
reported at end-September 2014, after considering its income and
asset growth.

Moody's believes that the higher capital levels are required to
help the bank weather further asset quality deterioration and
rising credit costs. Moody's expects that Chinese banks in general
will continue to face asset quality challenges over the next 12-18
months.

At end-September 2014, Ping An Bank's non-performing loan (NPL)
ratio increased to 0.98% from 0.89% at end-2013.

Although its NPL ratio continues to trend below the industry
average of 1.16%, as at end-September 2014, Moody's expects that
credit costs will continue to rise.

The rise in credit costs will be particularly prominent for the
bank's retail loan portfolio -- constituting 38% of total loans -
which has experienced more significant rises in NPLs so far in
2014.

At end-September 2014, Ping An Bank was 59% owned by Ping An
Group, including the equity stake owned by the Group's life
insurance subsidiary.

Ping An Bank has a modest domestic franchise, with a 1.3% share of
system deposits in China.

The principal methodology used in these ratings was Global Banks
published in July 2014.

Ping An Bank is headquartered in Shenzhen, China. It reported
total assets of RMB2,144 billion at end-September 2014.


SHANGHAI CHAORI: GCL-Poly Approves Plan to Bail Out Firm
--------------------------------------------------------
Bloomberg News reports that GCL-Poly Energy Holdings Ltd. approved
a plan for its parent and eight other investors to bail out
Shanghai Chaori Solar Energy Science & Technology Co.

Golden Concord Holdings Ltd., the parent of GCL-Poly, and the
investors will buy a combined 66 percent stake in Chaori Solar, or
1.68 billion shares, for 1.46 billion yuan ($240 million) under a
restructuring proposal, GCL-Poly said on November 8 in a statement
after its board approved the plan, Bloomberg relates.

Bloomberg says the holding company's Jiangsu Golden Concord arm
will own 30 percent or more of Chaori Solar and will assume
management. It has pledged to make Chaori Solar profitable this
year and to relist it in 2015, adds Bloomberg.

According to Bloomberg, a plan to restructure Chaori Solar, the
first company to default on China's onshore bond market, was first
announced on Oct. 7 and approved by Shanghai Municipal First
Intermediate People's Court on Oct. 28.

Jiangsu Golden Concord is owned by a discretionary trust whose
beneficiaries include Hong Kong-based GCL-Poly's Chairman and
Chief Executive Officer Zhu Gongshan and his son, Executive
Director Zhu Yufeng, Bloomberg discloses.

Bloomberg relates that GCL-Poly also announced that it's
considering selling its solar panel wafer manufacturing business
to a third party that "may or may not sell" the unit to Zhu
Gongshan or his associates. The company expects agreements
relating to the sale of the business to be signed by the end of
the year.

GCL-Poly and GCL-New Energy have sold solar wafers, cells and
modules to Chaori since July 29, GCL-Poly said.

As reported in the Troubled Company Reporter-Asia Pacific on
March 10, 2014, Lingling Wei, writing for The Wall Street Journal,
said the Chinese solar-equipment maker failed to meet interest
payments on a bond, according to a company official, becoming
China's first domestic corporate bond default.
Liu Tielong, board secretary of Shanghai Chaori Solar Energy
Science & Technology Co., said on March 7 that it was in default.
The heavily indebted company had warned on March 4 that it
wouldn't be able to meet interest payments totaling CNY89.8
million (US$14.7 million), citing a credit squeeze and its
inability to raise enough funds to make the interest payments.
The default, though small in size, marks the first time a Chinese
company has defaulted on a bond traded in the mainland, the report
said, citing Moody's Investors Service.

Shanghai Chaori Solar Energy Science & Technology Co., Ltd.
engages in the research, development, and manufacture of solar
solutions in the People's Republic of China, rest of Asia, Europe,
North America, and Oceania. The company offers crystalline
modules, such as mono modules, poly modules, black pearls, and T-
modules; crystalline silicon solar cells; wafers; ingots and
chunks; and solar lamps.  The company is headquartered in
Shanghai, China.



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A G OILS: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of A G Oils Ltd
(AGOL) continues to reflect the company's small scale of
operations in the highly fragmented and competitive rice
processing and cotton seed oil manufacturing industry and its weak
financial risk profile, marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of AGOL's promoters and the
financial support the company gets from them.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           100        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AGOL will maintain its business risk profile
over the medium term supported by the extensive experience of its
promoters in the rice processing and oil manufacturing industry.
The company's financial risk profile is, however, expected to
remain weak over this period due to its working-capital-intensive
operations. The outlook may be revised to 'Positive' if AGOL
increases its scale of operations and improves its financial risk
profile, most likely through better working capital management.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates further, most likely
because of large working capital requirements or debt-funded
capital expenditure.

Update
AGOL's business risk profile has remained in line with CRISIL's
expectations. The scale of operations of the company continues to
remain small and at similar levels on account of its limited
capacities and regional operations. Furthermore, in 2014-15
(refers to financial year, April 1 to March 31), the company has
booked sales of INR250 million till September 2015 and expects to
achieve sales of INR450 million in 2014-15.

The operations of the company continue to remain working capital
intensive with GCAs of around 138 days as on March 31, 2014. The
working capital requirements are high as the operations involve
high inventory storage of paddy and cotton seeds, which are major
raw materials and are seasonal products. The company's inventory
was around 110 days as on March 31, 2014. Paddy is procured
through mandis and cotton seeds from local ginning mills and other
local agents in the area with limited credit period of 15 to 20
days. Moreover, AGOL is required to extend credit to its customers
of 20 to 30 days. CRISIL believes that considering the nature of
the business, AGOL's operations will remain working capital
intensive and its working capital management is a rating
sensitivity factor over the medium term.

Gearing continues to remain high though it improved to 3.21 times
as on March 31, 2014, from 4 times as on March 31, 2013. High
gearing is mainly driven by the short-term debt availed of by the
company to meet its working capital requirements. With low cash
accruals, the debt protection metrics of the company have remained
weak with interest coverage ratio estimated at 1.4 times in 2013-
14. Further liquidity of the company continues to remain stretched
with its high working capital requirements reflected in high bank
limit utilisation around an average of 96 per cent over the last
twelve months through August 2014. Accruals of the company are
expected to remain low though sufficient to meet the maturing debt
obligations. Although supported with the promoters in the form of
unsecured loans estimated around INR27.4 million as on March 31,
2014, CRISIL believes that AGOL's financial risk profile will
remain weak, constrained with its high working capital
requirements, and high reliance on short term debt to meet the
same over the medium term.

Incorporated in 1988, AGOL is owned and managed by the Gupta
family. The company is engaged in rice and cotton seed oil
processing. Its facility is located at Kapurthala (Punjab).


AXIS BANK: Fitch Keeps 'BB+' Support Rating Floor
-------------------------------------------------
Fitch Ratings has assigned India-based Axis Bank Ltd.'s (Axis
Bank; BBB-/Stable) USD500m senior unsecured notes due May 2020 a
final rating of 'BBB-'.

This follows the completion of the securities issue, as well as
the receipt of final documents conforming to information
previously received.  The final rating is the same as the expected
rating assigned on Nov. 17, 2014.

The notes constitute direct, unconditional, unsubordinated and
unsecured obligations of the issuer.  They will rank pari passu
among themselves and with all other unsubordinated and unsecured
obligations of Axis Bank.  The notes are issued by Axis Bank's
Dubai International Financial Centre (DIFC) branch.

KEY RATING DRIVERS

The senior unsecured instruments are rated at the same level as
the bank's Issuer Default Rating (IDR), in accordance with Fitch's
criteria.

Axis Bank's IDR is driven by its Viability Rating (VR) of 'bbb-',
which denotes its standalone creditworthiness.  The VR reflects
the strength of its franchise, satisfactory asset quality,
improved capitalization and growing profitability.  Axis Bank's
increased focus on retail customers has helped it to diversify its
loan and funding mix, and reduced concentration risk since the
financial year ending 31 March 2011 (FY11).

Axis Bank is the third-largest private bank in India by asset size
and Fitch expects there will be moderate probability of support
from the state, if required, as reflected in its Support Rating of
'3' and Support Rating Floor of 'BB+'.

RATING SENSITIVITIES

A change in Axis Bank's IDR will have an impact on the securities'
rating.

Axis Bank's other ratings are unchanged and are as follows:

Long-Term IDR 'BBB-'; Outlook Stable
Short-Term IDR 'F3'
Viability Rating 'bbb-'
Support Rating '3'
Support Rating Floor 'BB+'
EUR3bn medium-term note programme 'BBB-'
USD1.6bn senior unsecured notes 'BBB-'


AYAAN TRENDZ: ICRA Reaffirms 'B' Rating on INR14.11cr Loan
----------------------------------------------------------
ICRA has re-affirmed long-term rating of [ICRA] B and a short term
rating of [ICRA]A4 assigned to the INR14.11 crore (enhanced from
INR10.23 crore) fund based limits and term loan (includes sublimit
for fund-based/ non-fund based facilities) of Ayaan Trendz Private
Limited.

The reaffirmation of ratings takes into account ATPL's moderate
scale of operations, its highly leveraged capital structure and
its stretched liquidity position, as reflected by the high working
capital limit utilisations and low cash flow from operations. The
ratings are further constrained by the susceptibility of the
company's profitability and cash flows to volatility in prices of
raw materials and the competitive business environment the company
operates in due to the fragmented nature of the industry with
presence of large number of players in the organised and
unorganised segment. The ratings, however, favourably consider the
established track record of the promoters in the textile business;
the company's diversified customer base; and its locational
advantage by the virtue of proximity to raw material sources.

Incorporated in August 2011 by Mr. Anil Agarwal and Mr. Mukesh
Agarwal, Ayaan Trendz Private Limited (ATPL) is engaged in
manufacturing and domestic sales of embroidered and printed
sarees. The company is part of the Vipul Group based in Surat,
Gujarat. The group is engaged in the textile business for over
three decades through other group companies, including Vipul
Industries Private Limited (VIPL). ATPL started commercial
production of sarees from November 2011. The company procures grey
material from the local suppliers in Surat, outsources the dyeing
and printing activities to VIPL while undertaking the embroidery
work in-house.

Recent Results
During FY 2014, the company reported Profit after Tax (PAT) of
INR1.1 crore on an operating income of INR64.9 crore. For FY 2013,
the company has reported PAT of INR0.8 crore on an operating
income of INR49.5 crore.


BHAGAWATI ENTERPRISES: ICRA Reaffirms B+ Rating on INR5cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for INR5.00
crore (enhanced from INR3.20 crore) of cash credit facility, which
is a sublimit of short term non fund based facility of Bhagawati
Enterprises. ICRA has also reaffirmed the short term rating of
[ICRA]A4 for INR18.45 crore (enhanced from INR15.00 crore) of
Letter of Credit facility. Further, ICRA has reaffirmed
[ICRA]B+/[ICRA]A4 ratings for unallocated amount of INR1.55 crore.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based-Cash
   Credit               (5.00)       [ICRA]B+ reaffirmed

   Non-fund Based-
   Letter of Credit     18.45        [ICRA]A4 reaffirmed

   Non-fund Based-ECB   (5.00)       [ICRA]A4 reaffirmed

   Fund Based-FCL       (3.00)       [ICRA]A4 reaffirmed

   Non Fund Based-
   Bank Guarantee         Nil        [ICRA]A4 reaffirmed

   Unallocated amount    1.55        [ICRA]B+/[ICRA]A4 reaffirmed

The ratings reflect Bhagawati Enterprises (BE) weak financial
profile as reflected in subdued profit margin, high working
capital intensity and modest coverage indicators. The ratings also
incorporate its small scale of operations and susceptibility of
margins to fluctuation in timber prices and adverse movements in
foreign exchange, given, the present volatility in the currency
market coupled with high outstanding payables. The ratings also
take into account the highly fragmented and competitive industry
structure and the vulnerability of earnings to change in
regulatory policies of exporting countries and India. ICRA notes
that the recent ban enforced by Myanmar government has restricted
the supply of round logs and is expected to disrupt sourcing
capabilities of Indian timber importers in the near to medium
term. Hence the company's ability to establish supply arrangements
with other importing countries and generate adequate margins from
import of processed timber would remain critical. The ratings,
however, factor in the management's established track record in
the timber industry, diversified clientele with presence across
the country and sourcing support from associate concerns

Established in 1987, as a partnership firm, BE is engaged in the
import of round log and cut to size Burmese teak timber and caters
to the domestic market. The firm gets the order unloaded at
Kandla, Mangalore, Tuticorin and Mumbai ports and it has
warehousing facility at all the ports to supply timber across the
country. The firm has its head office located in Reay Road,
Mumbai. Shree Shankar Vijay Saw Mill (rated [ICRA]B+/[ICRA]A4) is
an associate concern of BE and is engaged in the same line of
business.


BHEEMA CEMENTS: ICRA Suspends D Rating on INR123.4cr Term Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR123.4 crore term loans and INR15.0 crore fund based limits of
Bheema Cements Limited (BCL). ICRA has also suspended the short
term rating of [ICRA]D assigned to the INR6.0 crore non-fund based
limits of BCL. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


CONTINENTAL MILKOSE: CRISIL Cuts Rating on INR225MM Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Continental Milkose India Ltd (CML) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          225        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Letter of credit     125        CRISIL A4 4 (Downgraded from
   & Bank Guarantee                'CRISIL A4+')

The rating downgrade reflects expected weakening in CML's
financial risk profile on account of increasing debt and
therefore, weaker debt protection metrics. The debt has increased
primarily on account of sizeable loans and advances extended to
affiliate companies and significant capital advances. The gearing
is, therefore, expected to exceed 1.7 times over the near term.
Moderate profitability and increasing debt will keep the interest
and finance outgo high, translating into subdued cash accruals.
Continued pressure on cash accruals may weaken liquidity, leading
to high dependence on working capital limits.

The rating continues to reflect the company's below-average
financial risk profile, marked by weak debt protection metrics and
exposure to risks related to unfavourable regulatory changes and
customer concentration in its revenue profile. These rating
weaknesses are partially offset by the extensive industry
experience of its promoters, supported by healthy relationship
with key customers.

Outlook: Stable

CRISIL believes that CML will continue to benefit from the
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if CML's liquidity improves significantly
because of a large equity infusion, or if the scale of operations
increases considerably most likely because of diversification in
customer portfolio, while the profitability remains stable.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in the revenues of the company because of non-receipt of
orders from its key customers,  or in case of low cash accruals,
due to a decline in operating margin, or greater-than-expected
debt leading to deterioration in financial risk profile.

Incorporated in 1992 in New Delhi, CML undertakes sale of cereal-
based products, malted food and milk products. The company
primarily derives its revenues from sales to the government
sector.

CML's net profit was at INR9.9 million on net sales of INR2.15
billion for 2013-14 (refers to financial year, April 1 to
March 31), against net profit of INR17.6 million on net sales of
INR1.8 billion for 2012-13.


DHRUBA KUMAR: CRISIL Assigns B+ Rating to INR20MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facilities of Dhruba Kumar Builders Pvt Ltd
(DKBPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           40        CRISIL A4
   Cash Credit              20        CRISIL B+/Stable

The ratings reflect DKBPL's working-capital-intensive nature of
business, modest scale of operations in fragmented industry and
exposure to risks related to geographically concentrated revenue
profile. These rating weaknesses are partially offset by the
promoters' extensive experience in civil construction industry.

Outlook: Stable

CRISIL believes that DKBPL will continue to benefit over the
medium term from its promoters' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' if
the company significantly scales up its operations, while it
maintains its profitability and capital structure. Conversely, the
outlook may be revised to 'Negative' if DKBPL's financial risk
profile weakens, particularly in its liquidity, because of larger-
than-expected working capital requirements or decline in its cash
accruals, of if it undertakes a large debt-funded capital
expenditure programme.

Incorporated in 2002, DKBPL a civil contractor undertakes road
construction and related activities in Odisha.


ELEGANT OVERSEAS: ICRA Suspends B+ Rating on INR0.25cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR0.25 crore,
non-fund based facilities and [ICRA]A4 rating to the INR17.00
crore short term fund based facilities of Elegant Overseas. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


GOA SPONGE: ICRA Reaffirms D Rating on INR46cr Fund Based Limits
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating to the INR46.00 crore
(enhanced from INR40.00 crore) fund-based bank facilities and the
INR30.83 crore (reduced from INR32.33 crore) term loans of
Goa Sponge & Power Limited at [ICRA]D. ICRA has also reaffirmed
the short-term rating to the INR44.00 crore (reduced from INR48.50
crore) short-term fund based/non-fund-based bank facilities of
GSPL at [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund-
   based bank limits     46.00        [ICRA]D reaffirmed

   Term Loan             30.83        [ICRA]D reaffirmed

   Short-term fund
   based/non-fund
   based limits          44.00        [ICRA]D reaffirmed

The reaffirmation of ratings takes into consideration the
continuing delays in debt servicing in 2013-14 and in the current
year owing to tight liquidity situation caused by significant
inventory pile-up. The ratings also factor in declining operating
margins over the last two years on account of increase in raw
material cost; company's weakened coverage indicators in 2013-14
on account of increase in debt and decline in profitability and
company's exposure to cyclicality associated with the steel
industry, which is likely to keep the profitability and cash flows
volatile in future. The ratings, however, also takes into account
the equity infusion of INR4.30 crore by the promoters in 2013-14,
which provides comfort to the capital structure of the company;
forward integration of GSPL in the form of billet manufacturing
facility, which fetches better realization and use of captive
power plant, which improves the cost structure for manufacture of
billets.

Incorporated in 2002, GSPL manufactures sponge iron and mild steel
billets from its manufacturing unit at Sanguem, Goa. The company
has an installed capacity 90,000 MTPA for sponge iron and 72,000
MTPA for MS billets. GSPL also has a captive power plant (CPP) of
12 megawatt (MW).

Recent Results
In 2013-14, GSPL reported a net profit of INR1.11 crore on an
operating income of INR195.00 crore as compared to a net profit of
INR2.70 crore on an operating income of INR195.82 crore in 2012-
13.


GOMATHY INTERNATIONAL: ICRA Suspends D Rating on INR5.82cr Loan
---------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D outstanding on
the INR5.82 crore term loans of Gomathy International. ICRA has
also suspended the short-term rating of [ICRA]D outstanding on the
INR1.00 crore proposed non fund based facilities of GI. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Firm.


GOMATHY POWER: ICRA Suspends D Rating on INR36.78cr Term Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D outstanding on
the INR36.78 crore term loans of Gomathy Power Company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Firm.


HARIOM INGOTS: ICRA Reaffirms B+ Rating on INR25cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR6.61 crore term loans (reduced from INR12.44 crore) and
INR25.00 crore fund-based bank facilities (increased from INR20.00
crore) of Hariom Ingots & Power Pvt. Ltd. Also, ICRA has
reaffirmed the short-term rating of [ICRA]A4 assigned to the
INR6.39 crore non-fund based bank facilities (increased from
INR5.56 crore) of HIPPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans            6.61       [ICRA]B+ (reaffirmed)

   Fund-Based Limits
   (Cash Credit)        25.00       [ICRA]B+ (reaffirmed)

   Non-Fund Based
   Limits                Nil

   Non-Fund Based
   Limits (un-allocated) 6.39       [ICRA]A4 (reaffirmed)

The ratings take into account the long track record of the
promoters in the steel sector, which helps secure business for the
company, and its partially integrated nature of operations that
supports HIPPL's profitability to an extent. The ratings are,
however, constrained by HIPPL's aggressive capital structure
despite a steady improvement over the past two years, and the
company's weak financial profile as reflected by its nominal
profits and cash accruals and moderate debt coverage indicators
during 2013-14. The ongoing slowdown in the steel industry, which
may impact HIPPL's profitability in the short term, the moderate
size of the company's operations, and its exposure to the
cyclicality associated with steel industry, which is likely to
keep profitability and cash flows volatile, also impact the
company's credit profile.

HIPPL is a closely held private limited company incorporated in
2004, belonging to the Bhilai-based Agrawal family. HIPPL has
facilities at Bhilai, Chhattisgarh for manufacturing mild steel
(MS) ingots/billets and thermo-mechanically treated (TMT) bars
with an annual capacity of 60,000 MT each. The TMT bars of the
company are sold under the brand 'Hariom TMT'.

Recent Results
In 2013-14, as per the provisional financial statements, HIPPL
reported an operating income of INR180.08 crore and a net profits
of INR0.39 crore, as against an operating income of INR153.65
crore and a net profit of INR1.05 crore in 2012-13.


KAVCON ENGINEERS: ICRA Reaffirms D Rating on INR34cr Bank Lines
---------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]D to the INR34.00 Crore
bank lines of Kavcon Engineers Private Limited.

The reaffirmation of rating takes into the account the continued
delays in interest servicing by KEPL due to stressed condition of
company on account of high overdue receivables and nonmoving
stocks. Further the ratings considers stretched cash flows on
account of negative net profitability and increased working
capital requirements. Rating continues to factors in decline in
operating income by 56% in FY14 and weak financial profile of the
company as reflected by its relatively weak capital structure
(gearing of 2.33 times as on March 31, 2014) and modest debt
coverage indicators, highly competitive nature of the transmission
tower manufacturing industry with presence of established backward
integrated EPC players both at the national and regional level,
resulting in pricing pressures and KEPL's modest scale of
operations leading to limited economies benefits. However, the
ratings are supported by long track record of operations of the
company, its experienced promoters and its ability to pass on raw
material price fluctuations to customers due to presence of
'price-variation' clauses in supply contracts. Further, KEPL is an
approved vendor of various power utilities and transmission EPC
players and has a reputed client base which includes players such
as Tata Projects Ltd, L&T Ltd., IVRCL Ltd. and ABB Ltd.

Being set up as a partnership firm in 1982, Kavcon Engineers
Private Ltd (KEPL) was reconstituted as a private limited company
and was given its current name (was initially named Kaveri
Constructions) in October 2002. Based out of Bangalore, the
company is engaged in the process of fabrication and/or
galvanization of power transmission and telecommunication towers,
used by the Indian Railways, State Electricity Boards, and
telecommunication companies.

Recent Result
The firm reported an operating income of INR28.33 Cr (provisional
numbers) and negative net profit of INR1.17 Cr for the financial
year 2013-2014 as compared to an operating income of INR64.15 Cr
and negative net profit of INR0.47 Cr for the financial year 2012-
2013.


LEKH RAJ: CRISIL Reaffirms B- Rating on INR60MM Cash Credit
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Lekh Raj
Autoplaza Pvt Ltd (LRPL) continues to reflect LRPL's limited track
record of operations and weak financial risk profile, marked by a
leveraged capital structure and low cash accruals. These
weaknesses are partially offset by the experience of the company's
promoters in the automobile dealership industry and the funding
support that it receives from them.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           60        CRISIL B-/Stable (Reaffirmed)

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

   Term Loan             40        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LRPL will continue to benefit over the medium
term from its association with Mahindra & Mahindra Ltd (M&M) and
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the company generates substantial
cash accruals and improves its capital structure, leading to a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if LRPL's working capital management
deteriorates, or if it undertakes a large debt-funded capital
expenditure programme, thereby adversely impacting its financial
risk profile.

LRPL was incorporated in 2012, promoted by Mr. Varun Miglani along
with his family members. The company is based in Jind (Haryana)
and is an authorised dealer for M&M in the Jind district; it began
commercial operations from August 15, 2013. LRPL has recently
received dealership from M&M in the Kaithal district of Haryana.


LEXONA CERAMIC: ICRA Reaffirms B Rating on INR4.68cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR4.68
crore (reduced from INR6.00 crore) term loan and the INR4.50 crore
(enhanced from INR3.00 crore) cash credit facility of Lexona
Ceramic. ICRA has also reaffirmed the short term rating [ICRA]A4
to the INR1.40 crore (enhanced from INR0.95 crore) non fund based
bank guarantee facility of LC.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Term
   Loan                  4.68         [ICRA]B reaffirmed

   Fund Based-Cash
   Credit                4.50         [ICRA]B reaffirmed

   Non Fund Based-
   Bank Guarantee        1.40         [ICRA]A4 reaffirmed

The ratings remain constrained by Lexona Ceramics' (LC) modest
scale and nascent stage of operations with a single product
portfolio and stretched financial profile reflected by weak
profitability, highly leveraged capital structure due to recently
incurred debt funded capex and stretched liquidity on account of
slow debtor realizations. The ratings also take into
consideration, the susceptibility of operations to the intense
competition with the presence of large established organized tile
manufacturers and unorganized players. While assigning the
ratings, ICRA also takes note of the dependence of operations and
cash flows on the performance of the real estate industry which is
the main consuming sector for the firm's products and
vulnerability to increasing prices of gas and power. Further,
being a partnership firm, any substantial withdrawal by the
partners can have an adverse impact on the capital structure of
the firm.

The ratings, however, favorably take note of the location
advantage enjoyed by LC, giving it easy access to raw material.
The ratings also consider the stabilization achieved in operations
and the positive outlook for wall tiles driven by the government's
impetus proposed towards development of smart cities and
affordable housing as well increasing tax benefit for housing loan
owner.

Lexona Ceramic is a digitally printed ceramic wall glazed tiles
manufacturer with its plant situated at Morbi, Gujarat. It was
established on 22nd December 2012 as partnership firm with the
commencement of commercial operation in June 2013. LC is managed
by four partners namely Mr. Kaushik Bavarva, Mr. Vijay Surani, Mr.
Gopla Merja and Mr. Paresh Sanandiya. The firm has commenced
production of digitally printed ceramic wall glazed tiles with
total installed capacity at 30000 metric ton per annum (MTPA).

Recent Results
For the year ended 31st March, 2014, LC reported an operating
income of INR15.55 crore and net loss of INR0.28 crore.


MUNDRA TRACTORS: ICRA Reaffirms B Rating on INR6.5cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR9.30
crore(enhanced from INR5.80 crore) bank facilities of Mundra
Tractors (MT).

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit            6.5       [ICRA]B assigned/reaffirmed
   Bank Guarantee         2.8       [ICRA]B assigned/reaffirmed

ICRA's ratings continue to take into account the firm's
established presence as the sole authorised dealer of Mahindra &
Mahindra's (M&M's) Swaraj Tractors in its area of operations. The
rating is, however, constrained by the firm's thin profit margins
as well as the high working capital intensity, leading to a
stretched liquidity position. Besides, the financial risk profile
of the firm remains weak as reflected in its high gearing and weak
debt coverage indicators. Going forward, the firm's ability to
improve its profit margins by growing the relatively high margin
service business; improve its financial risk profile and optimise
its working capital requirements will remain the key rating
sensitivities.

The proprietor of the firm is B.D. Mundra & Sons (through Mr. A.
Mundra). Mundra Tractors is an authorised dealer of the 'Swaraj'
brand of Tractors manufactured by Punjab Tractors Limited. The
firm's 3S facilities (sales, service and spares) are located at
Kota, Bundi and Jhalawar in Rajasthan. The promoters are also
engaged in the dealership of Force Motors through their firm
Mundra Automobiles, which has a 3S facility in Kota.

Recent Results
Mundra Tractors recorded an operating income of INR47.2 crore,
Operating Profit Before Depreciation Interest And Tax (OPBDITA) of
INR1.6 crore and Profit After Tax (PAT) of INR0.21 crore in 2013-
14 as against an operating income of INR32.1 crore, OPBDITA of
INR1.3 crore and PAT of INR0.07 crore in the previous year.


P. V. RAMANAIAH: CRISIL Reaffirms B+ Rating on INR120MM Loan
------------------------------------------------------------
CRISIL's ratings on bank facilities of P. V. Ramanaiah and Company
(PVR) continue to reflect PVR's modest scale of operations in the
intensely competitive construction industry, high degree of
geographic and customer concentration in its revenue profile, and
its large capital withdrawals resulting in small net-worth and
limiting its financial flexibility.  These rating weaknesses are
partially offset by the extensive experience of PVR's partners in
the construction industry, and its efficient working capital
management.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       120        CRISIL A4 (Reaffirmed)
   Cash Credit          100        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

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

PVR was established in 1992 by Mr. P Venkata Ramaniah and his
family members. The firm undertakes excavation work for dams and
irrigation canals (primarily in Maharashtra), and railway track
work (for South-Eastern Railways). The firm is based in Nellore,
Andhra Pradesh. The firm currently has five partners - Mr. Venkata
Ramaniah, Mr. Venkata Ramanamma, Mr. Sridhar, Mrs. Srilakshmi, and
Mrs. Sundaraiah.


PATEL OSWAL: ICRA Suspends B Rating on INR12cr Cash Credit
----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR12.00 crore
Cash Credit facility of Patel Oswal Housing.  The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

POH is a partnership firm and part of Anjani Group based out of
Pune. It is engaged in real estate development in Pune city. The
firm has been established for developing a residential cum
commercial real estate project 'Anjani Amores' at Kondhwa Budruk
in Pune. The promoter has been involved in development of few real
estate projects in association with some well known developers in
Pune. The promoters also have interests in businesses like
software development, paint manufacturing, wind power generation
etc.


PRATIMA AGRO: ICRA Suspends B+ Rating on INR5cr Working Capital
---------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR5 crore
working capital facilities & the [ICRA]A4 rating assigned to the
INR5.75 crore working capital limits of Pratima Agro & Paper
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


SBT SPINTEX: CRISIL Assigns B+ Rating to INR56MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-term
bank facilities of SBT Spintex Pvt Ltd (SBTS).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              56        CRISIL B+/Stable
   Term Loan                48        CRISIL B+/Stable

The rating reflects SBTS' nascent stage of operations coupled with
below average financial risk profile marked by low net worth and
leverage capital structure. These rating weaknesses are partially
offset by the extensive experience of the promoters in the textile
industry and established relationship with the customers and
suppliers.

Outlook: Stable

CRISIL expects SBTS will continue to benefit over the medium term
from the extensive experience of the promoter in the textile
industry and established relationship with the customers and
suppliers. The outlook may be revised to 'Positive' if the
company's operation stabilizes with substantially improvement in
financial risk profile marked by capital structure. Conversely,
the outlook may be revised to 'Negative' if the company's
financial risk profile deteriorate most likely caused by lower
than expected offtake in revenues or stretch in working capital
cycle.

Established in 2011, SBTS is engaged in the manufacturing of
polyester yarn with coarse count with manufacturing capacity of
around 250 tonnes per month. The company's facility is located at
Raipur, Chhattisgarh and managed by the Jain family with over 4
decades of experience in the textile industry.


SHOWTIME SYNDICATORS: CRISIL Rates INR99MM Term Loan at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Showtime Syndicators Pvt Ltd (SSPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       1          CRISIL B/Stable
   Bank Loan Facility
   Term Loan               99          CRISIL B/Stable

The rating reflects SSPL's average financial risk profile,
primarily constrained by stretched liquidity arising from large
debt obligations and receivables. The rating also factors in the
company's modest scale of operations, the high customer
concentration in its revenue, and its susceptibility to risks
related to leased content assets. These rating weaknesses are
partially offset by the extensive experience of SSPL's promoters
in the media and entertainment industry.

Outlook: Stable

CRISIL believes that SSPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of infusion of substantial long-term
funds or significant 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
SSPL's profitability, further stretch in its working capital
cycle, or any unanticipated investments.

SSPL was incorporated in March 2012. It is a 100 per cent
subsidiary of investment company Assent Trading Pvt Ltd, which is
promoted by Mr. Ramchadra Purohit and Mr. Kaustubh Purohit. SSPL
trades in television content.


SHREE MAHESHWAR: CARE Reaffirms D Rating on INR451cr LT Bank Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to debt facilities/instruments
of Shree Maheshwar Hydel Power Corporation Ltd.
                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Non-Convertible
   Debentures (NCDs)         280        CARE AAA (SO) Reaffirmed

   Long-term Bank
   Facilities                451        CARE D Reaffirmed

Rating Rationale

The rating of NCDs is based on credit enhancement in the form of
unconditional and irrevocable corporate guarantee provided by
Power Finance Corporation Ltd (PFC, rated CARE AAA/CARE A1+). The
guarantee operates through a trustee-administered structured
payment mechanism to ensure timely repayment of principal and
interest obligations on the NCDs.

The credit profile of PFC continues to factor in the majority
ownership by Government of India (GoI) and Power Finance
Corporation Ltd's (PFC) strategic importance to GoI in the
development of the power infrastructure in India. The ratings also
draw comfort from PFC's healthy capitalization levels, diversified
resource profile, stable profitability and comfortable asset
quality and liquidity position. The rating strengths are partially
offset by PFC's high exposure to weak state power utilities and
high sectoral as well as borrower concentration risk. Going
forward; the continued ownership by GoI and maintaining
comfortable asset quality are the key rating sensitivities.

The rating of bank facilities of SMHPCL continues to factor in the
ongoing delays in servicing of term debt obligations.

SMHPCL is setting-up 400 MW (10x40MW) Maheshwar Hydro Power
Project on the river Narmada at Maheshwar near Mandleshwar, Madhya
Pradesh. The project was initially proposed to be set up by the
Narmada Valley Development Authority (NVDA). Later, it was
transferred to erstwhile Madhya Pradesh State Electricity Board
(MPSEB) in 1980, before awarding it to S Kumars group which
created a Special Purpose Vehicle (SPV) in 1993 in the name of
SMHPCL for execution of the project.

The work on the project which started in the year 1998-99 was
stalled in September 2001 due to withdrawal of certain lenders
impacting the financing of the project. Consequently, SMHPCL
approached PFC for sanction of debt and the work on the project
was started again in November 2005. The long-term Power Purchase
Agreement (PPA) for the project was signed in 1994 with erstwhile
MPSEB (succeeded by M.P. Power Management Co Ltd as holding
company for all distribution utilities in M.P).

The company has already completed the majority of the civil work
and hydro mechanical work while the electro mechanical work on
three out of the total 10 generating units has also been
completed. However, the remaining project work including pending
Rehabilitation & Resettlement (R&R) is currently held up due to
unavailability of funds.

Background of PFC (The guarantor of NCDs)
PFC was set up in year 1986 as a Financial Institution (FI)
dedicated to Power Sector financing. The Corporation
was notified as a Public Financial Institution in 1990 under
Companies Act, 1956. Until 1996, PFC lent exclusively to the
public sector entities. Since 1996, it has expanded its customer
profile to include private sector power utilities and projects. In
year 2010, RBI had classified the company as 'Infrastructure
Finance Company (NBFC-ND-IFC)'.

The product portfolio of PFC includes financial products and
services like project term loan, short-term loan, equipment lease
financing and transitional financing services etc. for various
power projects in generation, transmission and distribution
sector.


SHREE SHANKAR: ICRA Reaffirms B+ Rating on INR4.25cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of ICRA B+ for INR4.25
crore of cash credit facility of Shree Shankar Vijay Saw Mill.
ICRA has also reaffirmed the short term rating of [ICRA]A4 for
INR15.00 crore of Letter of Credit facility and INR0.25 crore of
bank guarantee of the firm. Further, ICRA has reaffirmed
[ICRA]B+/[ICRA]A4 ratings to the unallocated amount of INR0.50
crore.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Cash       4.25        [ICRA]B+ reaffirmed
   Credit

   Non-fund Based-      15.00        [ICRA]A4 reaffirmed
   Letter of Credit

   Non-fund Based-     (10.00)       [ICRA]A4 reaffirmed
   Letter of Comfort

   Fund Based-FCL       (5.00)       [ICRA]A4 reaffirmed

   Non-fund Based-       0.25        [ICRA]A4 reaffirmed
   Letter of Guarantee

   Unallocated amount    0.50        [ICRA]B+/[ICRA]A4 reaffirmed

The ratings continue to reflect Shree Shankar Vijay Saw Mill's
(SSVSM) weak financial profile as reflected in subdued profit
margin, high working capital intensity and modest coverage
indicators. The ratings also incorporate its small scale of
operations and susceptibility of margins to fluctuation in timber
prices and adverse movements in foreign exchange, given, the
present volatility in the currency market coupled with high
outstanding payables. The ratings also take into account the
highly fragmented and competitive industry structure and the
vulnerability of earnings to change in regulatory policies of
exporting countries and India. ICRA notes that the recent ban
enforced by Myanmar government has restricted the supply of round
logs and is expected to disrupt sourcing capabilities of Indian
timber importers in the near to medium term. Hence the company's
ability to establish supply arrangements with other importing
countries and generate adequate margins from import of processed
timber would remain critical. The ratings, however, factor in the
management's established track record in the timber industry,
diversified clientele with presence across the country and
sourcing support from associate concerns.

Established in 1944, as a partnership firm, SSVSM is engaged in
the import of round log and cut to size Burmese timber and cater
to the domestic market. The firm gets the orders unloaded at
Kandla, Mangalore, Tuticorin and Mumbai ports and it has
warehousing facilities at all the ports to supply timber across
the country. The firm has its head office located in Reay Road,
Mumbai. Bhagawati Enterprises (rated [ICRA]B+/[ICRA]A4) is an
associate concern of SSVSM and is engaged in the same line of
business.


SHRI SAIKRUPA: CARE Assigns 'D' Rating to INR90.98cr LT Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE D' rating to bank facilities of Shri Saikrupa
Sugar & Allied Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     90.98      CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Shri Saikrupa Sugar
& Allied Industries Limited, factors in multiple instances of
delays in debt servicing on account of its stressed liquidity
position.

Shri Saikrupa Sugar & Allied Industries Limited (SSSAIL) was
incorporated as Saikrupa Sakhar Karkhana Limited (SSKL) by Mr.
Babanrao Bikaji Pachpute in the year 1998. The first crushing
season of factory was conducted in the Sugar Season (SS) 1999-2000
with an installed capacity of 1250 tonnes of cane crushed per day
(TCD). The crushing capacity was subsequently enhanced in stages,
with the capacity as on March 31, 2014 at 7,500 TCD. Furthermore
the company has also commissioned co-generation unit of 40 mega-
watt (MW) and distillery unit of 60 Kilo Liters Per Day (KLPD).

The fully integrated sugar facility of the company is located in
Hiradgaon, Shrigonda, Ahmednagar district of Maharashtra.

During FY14 (Provisional), SSSAIL reported a PAT of INR0.31 crore
on a total operating income of INR169.17 crore as against loss of
INR (37.30) crore on a total operating income of INR288.38 crore
in FY13.


SIDDH SAI: CRISIL Assigns B+ Rating to INR90MM Cash Credit
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Siddh Sai Developers Pvt Ltd (SSDPL).

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Standby Line of Credit     18        CRISIL B+/Stable
   Proposed Long Term Bank    12        CRISIL B+/Stable
   Loan Facility
   Cash Credit                90        CRISIL B+/Stable
   Letter of Credit           30        CRISIL A4

The ratings reflect SSDPL's small scale of operations and low
operating profitability in the intensely competitive steel
products trading business, and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of SSDPL's promoters in the steel industry
and the company's average financial risk profile marked by
moderate total outside liabilities to tangible net worth (TOLTNW)
ratio.

Outlook: Stable

CRISIL believes that SSDPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
increase in SSDPL's topline and profitability, leading to healthy
cash accruals, along with improvement in its working capital
requirement. Conversely, the outlook may be revised to 'Negative'
if SSDPL's financial risk profile weakens on account of low
topline and profitability leading to low cash accruals, or if
SSDPL undertakes a large debt-funded capital expenditure
programme. Significant weakening in SSDPL's liquidity on account
of large working capital requirements may also result in the
outlook being revised to 'Negative'.

SSDPL was incorporated in 2008 by Delhi-based Agarwal family. Mr.
Atul Agarwal and his nephews, Mr. Shikhar Agarwal and Mr. Shivam
Agarwal, are the key promoters of the company and are actively
managed in its day-to-day operations. SSDPL trades in iron and
steel scrap, sponge iron, mild steel billets/ingots, and other
long steel products such as thermo-mechanically treated bars and
angels in Uttar Pradesh and the National Capital Region (NCR).

SSDPL registered a net profit of INR0.9 million on net sales of
INR332.20 million for 2013-14 (refers to financial year, April 1
to March 31) on a provisional basis, vis-a-vis a net profit of
INR0.88 million on net sales of INR27.28 million for 2012-13.


SKYLINE ENGINEERING: CRISIL Cuts Rating on INR438MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Skyline Engineering Contracts (India) Pvt Ltd (SECPL) to 'CRISIL
D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          438         CRISIL D (Downgraded from
                                       'CRISIL A4')

   Cash Credit              72         CRISIL D (Downgraded from
                                       'CRISIL A4')

   Working Capital          50         CRISIL D (Downgraded from
   Demand Loan                         'CRISIL B/Stable')

The rating downgrade reflects SECPL's over-utilisation of its
working capital limits; this was caused by the company's strained
liquidity, driven by delay in realisation of receivables from its
customers and significant funds blocked in advances to suppliers.

SECPL also has a modest scale of operations in the intensely
competitive civil construction industry. However, the company
benefits from its promoters' extensive industry experience.

SECPL was originally established as a partnership firm, Skyline
Construction Company, in 1985 by the late Mr. Jugal Kishore
Guliani. This firm was reconstituted as a private limited company
under the current name in 1995 by Mr. Jugal Kishore Guliani's son,
Mr. Ashok Kumar Guliani. The Guliani family has been involved in
civil construction for over 45 years. SECPL has its registered
office in New Delhi. The company is involved in construction of
buildings with a presence across the residential, commercial, and
industrial segments.


SREE GIRIDHARI: ICRA Suspends B+ Rating on INR8cr Bank Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to INR8.00 crore bank
facilities of Sree Giridhari Raw & Boiled Rice Mill. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.


SRI GOMATHY: ICRA Suspends D Rating on INR23cr Short Term Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D outstanding on
the INR8.11 crore term loans of Sri Gomathy Mills Private Limited.
ICRA has also suspended the short-term rating of [ICRA]D
outstanding on the INR23.00 crore short term fund based facilities
and the INR7.75 crore short term non fund based facilities of the
Company. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the Company.


SRI MATA: CRISIL Lowers Rating on INR443.7MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Mata Infratech Ltd (SMIL) to 'CRISIL D' from 'CRISIL
B/Stable'.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          30        CRISIL D (Downgraded from
                                  'CRISIL B/Stable')

   Proposed Long Term   76.3      CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL B/Stable')

    Term Loan          443.7      CRISIL D (Downgraded from
                                  'CRISIL B/Stable')

The rating downgrade reflects instances of delay by SMIL in
servicing its debt; the delays have been caused by the company's
weak liquidity.

SMIL has large working capital requirements, and is exposed to
risks related to the cyclical and commoditised nature of the
cement business. However, the company benefits from its promoters'
extensive experience in the cement industry.

SMIL was incorporated in 1984, promoted by Mr. K S N Raju and his
family members. The company manufactures ordinary portland cement,
which it sells under the Viswam Gold brand.


TECH TRUST: CARE Assigns D Rating to INR2.18cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE D' ratings to bank facilities of Tech Trust.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     2.18       CARE D Assigned

Rating Rationale

The ratings of Tech Trust remain constrained by delays in recent
past.

Tech Trust (TT), promoted by Shri Goutam Roychowdhury as a trust
since 2000, operates an engineering and management college named
Bengal Institute of Technology (BIT) in Kolkata, West Bengal. BIT
is affiliated with West Bengal University of Technology. The
college is affiliated with West Bengal University of Technology,
Techno India Group, established in 1985, is currently operating
fifteen engineering colleges, ten business schools, ten IT
schools, two Paramedical schools, ten public schools and a number
of computer education centers.

For FY13 (refers to the period April 01 to March 31), Tech Trust
reported Surplus of INR0.36 crore (Rs.1.48 crore in FY12)
on a total operating income of INR8.46 crore (Rs.8.02 crore in
FY12). In FY14 (Prov), Tech Trust reported Surplus of INR1.72
crore on operating income of INR8.11 crore.


TECHNO INDIA: CARE Assigns D Rating to INR59.53cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE D' ratings to bank facilities of Techno India.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     59.53      CARE D Assigned
   Long term/Short term Bank      7.00      CARE D/CARE D
   Facilities                               Assigned

Rating Rationale
The ratings of Techno India remain constrained by delays in recent
past.

Techno India, promoted by Shri Goutam Roychowdhury as a trust
since 2001, operates an engineering-cum-management college (Techno
India College), one engineering college (Techno Global,
Balurghat), two degree colleges (Techno India Kolkata & Hooghly)
and six schools. Of the six schools, one named (Techno Model
School) provide higher secondary education while five named
(Techno India Group Public School) provide pre-primary, primary &
secondary education.

All the colleges are affiliated with West Bengal University of
Technology, Techno Model School is affiliated with West
Bengal Council of Higher Education (WBCHSE) while Techno India
Group Public Schools are affiliated with CBSE.

Techno India Group, established in 1985, is currently operating
fifteen engineering colleges, ten business schools, ten IT
schools, two Paramedical schools, ten public schools and a number
of computer education centers.

For FY13 (refers to the period April 01 to March 31), Techno India
reported Surplus of INR8.71 crore (INR15.40 crore in FY12) on a
total operating income of INR52.48 crore (INR50.56 crore in FY12).
In FY14 (Prov), Techno India reported Surplus of INR7.79 crore on
operating income of INR52.64 crore.


TIRUPATI OIL: ICRA Reaffirms B- Rating on INR12.25cr Cash Credit
----------------------------------------------------------------
A rating of [ICRA]B- has been reaffirmed to the INR12.25 crore
fund-based cash credit facility and INR1.05 crore term loan
facility of Tirupati Oil Industries.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit Facility    12.25       [ICRA]B-;Reaffirmed
   Term loan                1.05       [ICRA]B-; Reaffirmed

The rating continues to be constrained by the modest scale of
operation as well as weak financial profile of Tirupati Oil
Industries (TOI) as reflected by thin profitability, stretched
capital structure, weak coverage indicators and stretched
liquidity position as evident from very high utilization of bank
limits. The rating is further constrained by the low operating
margins on account of limited value addition and highly
competitive and fragmented industry structure due to low entry
barriers. The ratings further incorporate the susceptibility of
the cotton prices to seasonality and regulatory risks which
together with the highly competitive industry environment exerts
more pressure on the margins. ICRA also notes that Tirupati Oil
Industries is a partnership firm and any significant withdrawals
from the capital account will affect its net worth and thereby the
gearing levels.

The rating, however, positively considers the established track
record of the firm with more than two decades of experience of
promoters, favorable location of the plant in the cotton belt of
India giving it easy access to raw materials as well as presence
in oil expelling which provides additional revenues and
diversification.

Established in 1996, Tirupati Oil Industries is engaged in
ginning, pressing and crushing operations. The business is owned
and managed by Mr. Babubhai Patel and other family members. The
firm's manufacturing facility is located in Kadi, Dist Mehsana.
The firm is equipped with 75 ginning machine, out of which 33
machines are presently working and 1 pressing machine having the
capacity to produce 400 cotton bales per day. The firm is also
equipped with 10 expellers having the capacity to produce 5 tons
of cottonseed oil per day.

Recent Results
For the year ended 31st March, 2014, the firm reported an
operating income of INR84.50 crore and profit after tax (PAT) of
INR0.30 crore


TOTO PVC: ICRA Assigns B+ Rating to INR2.90cr Cash Credit
---------------------------------------------------------
A rating of [ICRA]B+ has been assigned to the INR5.50 crore long-
term, fund based facilities of Toto PVC Leather Pvt. Ltd.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Cash Credit          2.90        [ICRA]B+ assigned
   Term Loan            2.60        [ICRA]B+ assigned

The assigned ratings are constrained by high levels of market risk
associated with greenfield venture as well as uncertainty related
to the level of product off take and commercial success, possible
stress on debt servicing ability in case ramp up of cash flows is
lower than anticipated. The ratings are further constrained by the
vulnerability of the company's profitability post-commissioning,
to the adverse fluctuations in the prices of PVC resin and other
raw materials and high competitive intensity in the PVC leather
business.

The ratings, however, favourably take into account long standing
experience of the promoters in the PVC leather business and good
demand prospects for the product driven by its varied
applications.

Incorporated in August 2013, Toto PVC Leather Private Limited
(TPLPL) is setting up a PVC leather (artificial leather)
manufacturing facility at Morbi, Gujarat with a planned installed
capacity of 10,000 metres of PVC leather per day translating to
total capacity of 30 lakhs metre per annum. The promoters of the
company have an experience of more than 30 years in the PVC
leather manufacturing business.


TRANSTRON ELECTRICALS: ICRA Suspends B Rating on INR3.25cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR3.25 crore fund based bank facilities and short term rating of
[ICRA]A4 assigned to the INR3.75 crore non fund based bank
facilities of Transtron Electricals Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund        3.25         [ICRA]B; Suspended
   Based Limits

   Short Term-Non        3.75         [ICRA]A4; Suspended
   Fund Based Limits

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

Business was established in the year 1998 as private limited
company. TEPL is engaged in the manufacturing various Distribution
and Power Transformers. Manufacturing plant of the company is
located at Meerut and has been awarded the ISO 9001: 2008
certificate from Transpacific Certifications Limited on quality,
infrastructure and the entire manufacturing process.


UNIPEL CORPORATION: ICRA Assigns B+ Rating to INR1.75cr FB Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR1.75
crore term loan and fund based working capital facilities of
Unipel Corporation. ICRA has also assigned a short term rating of
[ICRA]A4 to the INR4.75 crore short term fund based and non-fund
based bank lines of Unipel. ICRA has also assigned ratings of
[ICRA]B+/[ICRA]A4 to the INR0.5 crore proposed facilities.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Facilities      1.75         [ICRA]B+ assigned

   Short Term Fund
   Based Facilities      4.75         [ICRA]A4 assigned

   Short term, Non-
   Fund Based
   Facilities            0.50         [ICRA]A4 assigned

   Short Term/Long
   Term Proposed
   facilities            0.50         [ICRA]B+/[ICRA]A4 assigned

The ratings assigned to Unipel Corporation factor in the limited
scale of operations of the firm and the high sectoral and client
concentration risks associated with sales to few high value
customers in the branded leather garments industry. The ratings
also consider the raw material intensive nature of operations and
the vulnerability of the margins to changes in raw material
prices. The ratings are also constrained by the risks of
withdrawal of funds by partners, being a partnership firm.

The ratings, however, favorably considers the vast experience of
the management with over two decades of operation in the leather
garment industry and the established track record and reputation
of the firm in the industry, having supplied to major brands in
Italy, Spain, UK etc. The ratings also factor in the presence of
the firm in the premium segment, which has limited competition, as
well as the improvement in sales witnessed in FY 2014-15 year till
date.

Unipel Corporation was incorporated in 2001 as a partnership firm
owned by Mr. Gopal S Gattani and Mrs. U Vijayalakshmi. The firm is
headed by Mr Umachander who has an experience of over 23 years in
the leather garment industry. The firm is engaged in the
manufacturing and export of leather garments. The firm exports
most of its products to countries like Italy, Spain and UK. The
firm sold ~Rs 14 crore worth of leather garments in FY 2013-14.
The firm specialises in high quality leathers with finishes like
pure aniline, semi aniline, Nubuch, Suede, Wax treated and other
appliqu‚s. The firm has been associated with fashion brands like
Emporio Armani, Zegna Sports, Armani Jeans, Just Cavalli etc. The
firm has a factory in Chennai with installed capacity to
manufacture 7000-8000 garments per month and has close to 100
workers working with it.

For FY 2014, as per unaudited provisional results, the company has
reported an operating income of INR15.2 crore and Profit Afetr Tax
(PAT) of INR0.1 crore.



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


ASTON DENPASAR: Court Declares Hotel Bankrupt
---------------------------------------------
Bali Discovery Tours reports that the Surabaya Commercial Court
has declared bankrupt the Hotel Aston Denpasar, owned by PT Puri
Nikki.

The Aston Denpasar Hotel & Convention Center has 258-rooms backed
by a large convention and conference center. Located in the
business district of Bali's capital, it is the only convention
center in Bali with Halal certification to serve the meeting
market seeking Moslem-oriented services

According to Bali Discovery Tours, Metrobali.com reported that the
declaration of bankruptcy was in response to claims filed with the
court by I Nyoman Wiraguna and Wiji Sulistyowati.

Agus Saputra, legal representative for 246 shareholders of PT Puri
Nikki, explained that the plaintiffs in the bankruptcy proceeding
were, in fact, two shareholders in the company, the report says.
"The two people are actually shareholders. In all, there are 246
shareholders. Wiwi (Wiji Sulistyowati) is the former commissioner
of PT Puri Nikki," the report quotes Mr. Agus as saying.

Bali Discovery Tours relates that Mr. Agus said the remaining
shareholders fought to prevent the bankruptcy, claiming gross
irregularities in the bankruptcy proceedings and the decision
granting the claim by the Surabaya Commercial Court.

Moreover, Mr. Agus contends that the two parties filing for the
bankruptcy lack the necessary legal standing under Indonesian law,
the report says.  "To petition for bankruptcy, the plaintiff must
be holding a debt against the respondent. Their position was not
as a creditor, but as a shareholder," he said.

Bali Discovery Tours adds that Mr. Agus also alleged the Judge
handling the case was guilty of unprofessional conduct.  The judge
ruled in one instance that the plaintiffs lacked legal standing,
only to later rule in their favor, the report notes.

Agus Saputra has reported the Surabaya jurist to the Judicial
Commission and the Supervisor of the Supreme Court, says Bali
Discovery Tours.

Finally, Mr. Agus said he suspect a "mafia bankruptcy" exists
because of the 246 separate shareholders in the hotel, several
were approached with offers to purchase their shares by a
"certain" mysterious third party, according to the report.

"The shareholders were generally opposed to the attempt to
bankrupt the company. The shareholders wanted to sort the matter
out. We wanted to replace or add curators. We will advise on all
of this to the supervising judge," Mr. Agus, as cited by Bali
Discovery Tours, said.

Mr. Agus confirmed that an appeal of the bankruptcy decision is
being prepared for the Supreme Court, the report adds.


TOWER BERSAMA: S&P Assigns 'BB' Rating to US$300MM Sr. Notes
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' long-term corporate credit rating to PT Tower Bersama
Infrastructure Tbk. (TBIG).  The outlook is stable.  S&P also
assigned its 'BB' long-term issue rating to the US$300 million in
senior unsecured notes that TBIG's wholly owned subsidiary TBG
Global Pte Ltd. issued in 2013.  TBIG guarantees the notes, which
are due in 2018.  TBIG is an Indonesia-based independent tower
leasing company.

"The rating on TBIG reflects the company's geographic and customer
concentration risk and smaller scale of operations than that of
many international peers," said Standard & Poor's credit analyst
Abhishek Dangra.

Although S&P expects TBIG's financial ratios to improve, it still
estimates its leverage (ratio of debt to EBITDA) to remain high at
above 4x.

S&P's assessment that the company will maintain its good market
position among the major independent leasing companies for
telecommunication towers in Indonesia over the next three to five
years tempers these weaknesses.  TBIG's stable cash flows from
long-tenor contracts with major Indonesian telecommunication
companies (telcos) and above-average profitability also support
the rating.

S&P expects TBIG's business to remain limited to Indonesia in the
foreseeable future.  Like other single-country independent tower
companies, TBIG has high client concentration, with revenue from
its top customer, Telkom group, accounting for more than 50% of
total.  TBIG's recently announced an equity-funded transaction to
acquire PT Dayamitra Telekomunikasi (Mitratel), which will make it
larger than its rival, PT Profesional Telekomunikasi Indonesia.

S&P recognizes that large telcos still control about two-thirds of
telecom towers in Indonesia.  Nevertheless, given the importance
of towers for telcos and the benefit of reducing capital
expenditure, S&P believes the long-term trend to outsource passive
infrastructure to independent tower companies would continue.

"We expect TBIG to maintain its market position over the next
three to five years via acquisitions and tower additions.  Long-
term contracts of 10 years with major Indonesian telcos provide
TBIG with stable cash flows," said Mr. Dangra.

In S&P's view, healthy revenue growth and increasing collocation
(number of tenants per tower) will improve TBIG's financial
performance, albeit slowly, as the company continues organic and
inorganic tower additions.  TBIG's leverage is high due to a mix
of acquisitions and high tower growth in the past four years.  S&P
assumes any further acquisitions to be at least partially funded
by equity to avoid increasing leverage from current levels.

S&P believes that TBIG will exercise financial discipline when it
considers expanding its tower portfolio.  TBIG hedges part of its
principal and interest on foreign currency borrowings.  In
addition, the company has U.S.-dollar-denominated revenues of
about US$40 million annually.  S&P therefore believes the company
can manage its currency risk.

"The stable outlook reflects our expectation that TBIG's growing
long-term contractual cash flows from the major Indonesian telcos
and stable EBITDA margin will help reduce the company's high
leverage over the next 12-24 months," said Mr. Dangra.  S&P
expects the ratio of debt to EBITDA to fall below 5x and the ratio
of funds from operations (FFO) to debt to improve to more than 12%
in 2015.

S&P may downgrade TBIG if the company makes debt-funded
acquisition of towers or significantly increases capital
expenditure for new tower additions, resulting in weaker financial
ratios.  A ratio of debt to EBITDA above 5x and FFO to debt below
12% on a sustainable basis will indicate such deterioration.  S&P
may also lower the rating if the currency risks for the company
increase due to a significant hike in unhedged foreign currency
borrowings or the termination of hedges on existing debt for a
period of more than six months.

S&P believes an upgrade of TBIG is unlikely in the next 12 months.
However, S&P may raise the rating if the company improves its
financial ratios on a sustainable basis through strategic measures
and commits to a more conservative financial policy.  A ratio of
debt to EBITDA below 4x and FFO to debt above 20% will indicate
such an improvement.



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


OW BUNKER: Singapore Unit to Meet Liquidator on December 4
----------------------------------------------------------
Jane Xie and Henning Gloystein at Reuters report that the
Singapore arm of OW Bunker will meet with its liquidator KPMG in
early December to discuss the firm's outstanding debt, which
totals almost $1.5 billion globally.

OW Bunker, a leading supplier of marine fuel oil known as
"bunker", filed for bankruptcy in Denmark earlier this month after
it revealed losses of at least $125 million at one of its
Singapore-based subsidiaries Dynamic Oil Trading, sending the
bunker fuel market into turmoil, Reuters reports.

A letter signed by OW Bunker's board of directors and seen by
Reuters said that a meeting would take place on Dec. 4 in
Singapore to start winding down the firm and receive a list of
creditors and estimated amounts of their claims.

On top of the $750 million OW Bunker owes financers such as banks
and pension funds, the firm also owes around 150 trading
counterparties globally at least $730 million in outstanding fuel
bills, OW Bunker creditor data dated Nov. 7, circulated in the
industry and seen by Reuters, showed.

Of the creditors, almost half the fuel debt is owed to 20 firms in
amounts of $10-35 million each, including large energy companies
such as Statoil, BP, Sinopec , Glencore subsidiary Chemoil, and
Phillips 66 , with many other majors like Royal Dutch Shell or
Repsol owed slightly less than $10 million, Reuters relates.

Another large creditor is the Aegean group of companies, including
U.S. listed Aegean Marine Petroleum, with a combined outstanding
debt of more than $25 million, according to Reuters.

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


                             *********

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
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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
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