TCRAP_Public/150121.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

          Wednesday, January 21, 2015, Vol. 18, No. 014


                            Headlines


A U S T R A L I A

BARDAN CORPORATION: First Creditors' Meeting Set For Jan. 29
BLOW DRY: Chain-Linked Firm Placed in Liquidation
GARLIC CLOVE: ASIC Won't Take Action Despite Sudden Closure
MECARI PTY: Falls Into Receivership


C H I N A

LDK SOLAR: To Issue $264MM in Convertible Senior Notes Due 2018
MIE HOLDING: S&P Lowers CCR to 'B'; Outlook Stable


H O N G  K O N G

XIANGTIAN USA: Reports $304K Net Loss for Quarter Ended Oct. 31


I N D I A

ABC FRUITS: CRISIL Ups Rating on INR27.5MM Credit Limit to 'B'
AGRI GOLD: CARE Reaffirms D Rating on INR200cr ST Bank Loan
AIR INDIA: Said to Begin Major Jet-Fuel Hedging for First Time
AMLAGORA COLD: CARE Reaffirms B Rating on INR6.45cr LT Loan
ARC LAMICRAFT: ICRA Reaffirms D Rating on INR4.60cr Cash Credit

ARKA LEISURE: CARE Reaffirms B+ Rating on INR51.51cr LT Loan
ASHOK HANDLOOMS: ICRA Reaffirms B Rating on INR5.6cr FB Loan
BALDEV KRISHAN: CRISIL Cuts Rating on INR95MM Term Loan to 'D'
BHARAT GINNING: CRISIL Reaffirms B Rating on INR90MM Cash Loan
BLISS ANAND: CRISIL Assigns B+ Rating to INR75MM Cash Credit

BUTTA HOSPITALITIES: ICRA Revises INR39.50cr FB Loan Rating to B
DDN SFA: CRISIL Ups Rating on INR100MM Cash Credit to 'B'
DESIGN CLASSICS: ICRA Reaffirms B+ Rating on INR2cr LT Loan
EXPRESS PUBLICATIONS: ICRA Reaffirms B+ Rating on INR29cr Loan
G. M. KENJALE: CRISIL Reaffirms B Rating on INR200MM Cash Credit

GAJAVELLI SPINNING: ICRA Reaffirms B Rating on INR31.97cr Loan
GUINEA MOTORS: CARE Reaffirms B Rating on INR15.20cr LT Loan
HIGH TECH: ICRA Reaffirms B+ Rating on INR6.18cr Term Loan
HIGH TECH FABLON: ICRA Reaffirms B+ Rating on INR5.87cr Term Loan
HIGH TECH GARMENTS: ICRA Reaffirms B+ Rating on INR5.70cr Loan

HYDERABAD NURSING: CARE Reaffirms B Rating on INR21.69cr LT Loan
KAMALA GINNING: ICRA Reaffirms B Rating on INR30cr Cash Credit
KOCHHAR GLASS: CRISIL Ups Rating on INR63MM Cash Credit to B+
MADHUCON AGRA: ICRA Reaffirms 'D' Rating on INR230cr Term Loan
NETWORK INDUSTRIES: CRISIL Cuts Rating on INR740MM Cash Loan to D

OKARA ROADLINES: CRISIL Puts B Rating on INR52.5MM Term Loan
OSWAL FABRICS: ICRA Assigns B+ Rating to INR12.97cr FB Loan
PINKCITY BUILDHOME: ICRA Assigns B+ Rating to INR42.03cr Loan
POPURI STEELS: ICRA Assigns B+ Rating to INR10cr Cash Credit
SAINOR LABORATORIES: ICRA Reaffirms B+ Rating on INR7.47cr Loan

SAINOR LIFE: ICRA Reaffirms 'C' Rating on INR14.30cr LT Loan
SANDHA HEEMGHAR: ICRA Reaffirms B Rating on INR9.78cr Cash Credit
SANJIVINI PIPES: CRISIL Cuts Rating on INR45MM LT Loan to 'B'
SATYAVATHI BIO-LIFE: CRISIL Rates INR140MM Term Loan at 'B'
SHIV SHANKER: CRISIL Reaffirms B+ Rating on INR60MM Cash Credit

SHYAMA SAKTI: CRISIL Lower Rating on INR50MM Cash Loan to 'D'
SONERI MARINE: ICRA Reaffirms B+ Rating on INR0.50cr Term Loan
SREE ANANTHALAKSHMI: ICRA Reaffirms B Rating on INR9cr Loan
SREE SREE: CARE Reaffirms B Rating on INR4.38cr LT Bank Loan
SWADESHI TEXTILES: CRISIL Reaffirms B- Rating on INR95MM Loan

TGI PACKAGING: CRISIL Ups Rating on INR69MM Cash Credit to B+
TIRUPATI STEEL: CRISIL Reaffirms B Rating on INR120MM Cash Loan
VEDANTA RESOURCES: Moody's Affirms Ba1 CFR; Outlook Negative


N E W  Z E A L A N D

NZF GROUP: Restructure Plans Up To Three Weeks Away


S R I  L A N K A

SRI LANKA: Looks to IMF for Help as Debt Burden Climbs


T A I W A N

CTBC BANK: Fitch Keeps 'BB+' Support Rating Floor


V I E T N A M

VIETNAM: May Force Weak Banks Into Bankruptcy


                            - - - - -


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


BARDAN CORPORATION: First Creditors' Meeting Set For Jan. 29
------------------------------------------------------------
Con Kokkinos & Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of Bardan Corporation
Pty Ltd on Jan. 19, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 15, 114 William
Street, in Melbourne, on Jan. 29, 2015, at 2:30 p.m.


BLOW DRY: Chain-Linked Firm Placed in Liquidation
-------------------------------------------------
Eloise Keating at SmartCompany reports that a company linked to
hairdressing chain Blow Dry Bar has been placed in liquidation.

Blow Dry Bar was founded in 2008 by Sydney businessman Nathan
Cuneen and at one stage had up to 23 outlets across Australia,
SmartCompany says.

But according to a notice published by the Australian Securities
and Investments Commission, Angus Gordon of Macquarie Gordon & Co
was appointed liquidator of a company that formally traded as Blow
Dry Bar Franchising on January 15.

ASIC documents seen by SmartCompany show Mr. Cuneen was the sole
director and shareholder of the now deregistered company, which
now goes under its Australian company number 110 496 083. The
company's previous business address was the Blow Dry Bar at the
MLC Centre in the Sydney CBD.

SmartCompany says the company was first registered in 2004 as
Muffin Break Campbelltown, before being changed to Bliss Laser
Clinic in 2006. The business name Blow Dry Bar was added to the
company in 2008, with the company's main trading name switching to
Blow Dry Bar in February 2011 before it started trading as Blow
Dry Bar Franchising in June 2011, the report relates.

An application to wind up the company was filed in August 2011 but
withdrawn a month later in September, according to SmartCompany.

SmartCompany notes that the company was deregistered for GST in
June 2013, and its status was changed to "strike off action in
progress" in November 2014. A strike off action can be initiated
by a company or it can be related to a winding-up order, or
initiated by ASIC if a company has not submitted its annual forms.

A spokesperson for Macquarie Gordon & Co told SmartCompany the
company it has been appointed to liquidate had ceased trading
prior to the appointment on January 15 and based on the limited
information provided to Macquarie by the company director, the
business "ceased being a franchise at least 12 months ago and the
franchisor's activities had been sold".

Mr. Cuneen told SmartCompany he is no longer connected to the Blow
Dry Bar business, having sold the company "quite some time" ago
but he did not respond to questions about the liquidation of the
company that previously traded as Blow Dry Bar Franchising.

Mr. Cuneen is now operating a business called Cherry Blow Dry Bar
in the US. Cherry Blow Dry Bar, which began franchising in 2013,
has six outlets in the US, with two more outlets listed as "coming
soon" on the company website.

SmartCompany notes that there are now only eight remaining Blow
Dry Bar outlets in Australia, with the business confirming to
customers via its Facebook page in December that a ninth store in
Perth had closed.

SmartCompany, citing ASIC, discloses that a company called
Moonwink Pty Ltd, which traded under the name Blow Dry Bar, was
also placed in liquidation in September 2014.

A meeting of creditors for the company that previously traded as
Blow Dry Bar Franchising is scheduled to take place in Sydney on
January 23.


GARLIC CLOVE: ASIC Won't Take Action Despite Sudden Closure
-----------------------------------------------------------
Quentin Tod at Gold Coast Bulletin reports that the corporate
watchdog has stepped out of part one of what might be called the
Gold Coast garlic case but it hasn't necessarily lost the scent.

The report says the "case" revolves around the Garlic Clove, a
French cuisine restaurant with a 20-year history whose operator
suddenly left his Emerald Lakes premises in June.

According to the report, nearby businesses previously said it was
believed Mark Gouveia had left town after the Clove's last
function, a Sunday night wedding.

His exit left people with functions booked at the Garlic Clove up
the creek without a paddle and a landlord without thousands of
dollars in rent, the Bulletin says.

It also left the tax office out of pocket by AUD70,000, the
Bulletin relates.

Liquidators to Gouveia company Garlic Clove El, appointed at the
behest of Mr. Gouveia's wife Nicole, might have thought they'd
make a quick meal of their assignment when they were appointed in
August, the Bulletin says.

Not so -- they couldn't locate director Mark, which meant they
couldn't get their required report as to the company's affairs, or
the Garlic Clove's books and records, the Bulletin relays.

The Bulletin notes that it seems that eventually the liquidators
asked for help from the Australian Securities and Investments
Commission in getting the documents.

The report says the liquidators ended up with what they term
"limited" books and records and ultimately sent a report to ASIC
after examining whether Mr. Gouveia had committed any offences.

ASIC decided, after reviewing the report, that it wouldn't take
any action, the report notes.

The liquidators, Worrells' Michael Griffin and Raj Khatri, have
lodged a separate offence referral with ASIC over Mr. Gouveia's
failure to provide a report as to Garlic Clove El's affairs and
are awaiting a response.

According to the report, the liquidators to Garlic Clove El, in
their hunt for assets, found the company had multiple NAB accounts
but only AUD591 in them.

They also ascertained that two vehicles, a Holden Captiva and a
trailer, were in the company's name.  It was discovered that the
car had been written off in an accident, while the trailer
couldn't be found.

The Garlic Clove was started at Pappas Way, Carrara, in the mid-
90s and built up a regular and loyal clientele.  The business was
moved to Emerald Lakes in 2010, occupying an area that quadrupled
the space occupied and included a function room.


MECARI PTY: Falls Into Receivership
-----------------------------------
CRN News reports that receivers have been appointed to Sydney-
headquartered point-of-sale distributor Mecari Pty Ltd, which was
formerly known as POS POS.

Mark Pearce -- markp@pearceheers.com -- and Michael Dullaway --
michaeld@pearceheers.com -- from Pearce & Heers Insolvency
Accountants were appointed as receivers and managers on January 5.

Meanwhile, two companies, Balatador Pty Ltd and Danielli Pty Ltd,
commenced winding-up actions against Mecari on January 8,
according to CRN News.  A hearing in the Supreme Court in
Queensland is scheduled for February 9.

The report notes that an e-mail to a Mecari address resulted in
this automatic reply: "Receivers and Managers have been appointed
to Mecari Pty Ltd.  The Receivers and Managers are currently
considering the sale of some or all of the business and/or
assets."

In July 2014, POS POS rebranded to Mecari Digital Distribution
Services and sold a "significant equity stake" to Minerva
Solutions, the report recalls.

Mecari Pty Ltd is a distributor of POS systems and has received
various awards from the likes of Toshiba, Datalogic, Motorola
Solutions and Epson.  The company's head office is in Sydney, with
locations in Western Australia, Victoria, Queensland and New
Zealand.



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


LDK SOLAR: To Issue $264MM in Convertible Senior Notes Due 2018
---------------------------------------------------------------
LDK Solar CO., Ltd., filed with the U.S. Securities and Exchange
Commission a Form T-3 document related to the planned issuance of
5.535% Convertible Senior Notes due 2018.

LDK Solar intends to issue $264 million aggregate principal amount
of the Notes plus amounts paid-in-kind as permitted by an
indenture.  The issuance is subject to any increase at the closing
of Ordinary Creditors' election pursuant to the Cayman Scheme,
which closing has yet to occur.

A copy of the Form T-3 is available at http://is.gd/BWx6AU

The Bank of New York Mellon, London Branch, serves as Trustee, as
Paying Agent and as Conversion Agent under the indenture.  The
Bank of New York Mellon (Luxembourg) S.A., serves as Transfer
Agent and as Registrar under the indenture.

              Schemes of Arrangement Become Effective

LDK Solar and its Joint Provisional Liquidators, Tammy Fu and
Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, said on
Dec. 10, 2014, that the Cayman Islands schemes of arrangement in
respect of LDK Solar and LDK Silicon & Chemical Technology Co.,
Ltd. and the Hong Kong schemes of arrangement in respect of LDK
Solar, LDK Silicon and LDK Silicon Holding Co., Limited became
effective as of that day.  The Cayman Islands schemes of
arrangement were previously sanctioned by the Grand Court of the
Cayman Islands, and the Hong Kong schemes of arrangement were
previously sanctioned by the High Court of Hong Kong.

LDK Solar and the JPLs also confirmed that pursuant to an order of
the Cayman Court dated Dec. 10, 2014, the powers of the JPLs were
suspended (except for certain residual powers required to finalize
the provisional liquidation) and the powers of the directors of
LDK Solar were restored. With effect from December 10, the
directors may exercise all their powers as such, subject to the
powers granted to the scheme supervisors in respect of the
Schemes.

Pursuant to the terms of the Schemes, the consummation of the
restructuring transactions as contemplated in the Schemes was to
occur on Dec. 17, 2014.

On Dec. 18, 2014, LDK stated that, pursuant to the terms of the
Cayman Islands schemes of arrangement in respect of LDK Solar and
LDK Silicon & Chemical Technology Co., Ltd. and the Hong Kong
schemes of arrangement in respect of LDK Solar, LDK Silicon and
LDK Silicon Holding Co., Limited, the closing date for the
restructuring transactions in respect of LDK Solar's senior
noteholders and preferred shareholders, as contemplated in the
Schemes, occurred on Dec. 17, 2014.

                          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.

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 & 73
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
Sept. 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 Oct. 15,
2014.  Holders of the Senior Notes voted overwhelmingly in favor
of accepting the Prepackaged Plan.


MIE HOLDING: S&P Lowers CCR to 'B'; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on oil producer MIE Holding Corp. (MIEH) to 'B' from
'B+'.  The outlook is stable.  At the same time, S&P also lowered
its long-term issue rating on the company's senior unsecured notes
to 'B' from 'B+'.  In addition, S&P lowered its long-term Greater
China regional scale rating on the company and its notes to 'cnB+'
from 'cnBB'.

"We downgraded MIEH because we believe the company's cash flow
leverage could deteriorate and its overall production could be
lower than our previous forecast for the next 12 months," said
Standard & Poor's credit analyst Jian Cheng.  "Our view
incorporates lower oil prices and our recently reduced price
assumption for hydrocarbons."

The fall in oil prices will likely squeeze MIEH's overall profit
margin in 2015.  Additional pressure will come from a fixed export
duty in Kazakhstan of about US$11 a barrel.  Under S&P's oil price
assumption, export duties materially increase MIEH's cost position
in Kazakhstan.  Nevertheless, MIEH's overall cost position should
have improved due to a decrease in the threshold for a special oil
income levy in China and the company's divestment of its China-
based subsidiaries Pan-China Resource Ltd. (PCR) and Miao Three
Energy Ltd. (MTE) in the second half of 2014.

S&P now believes the ramp-up of production in Kazakhstan at a new
central processing facility may be delayed until 2016, compared
with S&P's earlier estimate of 2015.  Management is likely to have
little incentive to increase capacity earlier, due to the low
price environment and the country's fixed export duty.  S&P also
anticipates that MIEH's production volume in China will drop year-
over-year in 2015 because of the divestment of PCR and the
likelihood of reduced drilling activity. MIEH's China oilfield is
mature and has a lower reserve life compared with peers'.

The likely deterioration in MIEH's cash flow leverage under S&P's
price assumptions is reflected in its estimates of a ratio of
funds from operations (FFO) to debt of 5% in 2015 from about 20%
in 2014.  S&P also anticipates that EBITDA interest coverage will
drop to below 2x in 2015 from about 4x in 2014.  S&P therefore
expects the company's financial risk profile to deteriorate to
"highly leveraged" from "aggressive" in 2015.

Nevertheless the company's cash positon and long-dated bond
maturities should continue to support short-term liquidity.
MIEH's cash holdings include the proceeds from the divestment of
PCR and MTE, and gains from the hedging of oil prices, which are
not part of EBITDA and FFO calculations.  MIEH completed the
refinancing of its U.S. dollar-denominated bond in the first half
of 2014, and S&P therefore do not expect large cash outflows,
except for interest payments and maintenance capital spending in
2015.  S&P believes the company may slow down its capital spending
to protect its financial position.

"The stable outlook reflects our view that MIEH's cash position
and long-dated debt maturity will help the company to weather the
low oil price environment over the next 12 months," said
Mr. Cheng.

S&P may lower the rating on MIEH if the company's cash holdings
reduce significantly due to a rising cost position or any
acquisitions, causing its liquidity to deteriorate to "weak" from
"adequate."  S&P may also lower the rating if the company's EBITDA
interest coverage falls below 1x over the next 12 months, which
would be at the lower end of S&P's "highly leveraged" category for
a financial risk profile.

An upgrade is unlikely over the next 12 months, given MIEH's small
asset base and limited operating scale.


================
H O N G  K O N G
================


XIANGTIAN USA: Reports $304K Net Loss for Quarter Ended Oct. 31
---------------------------------------------------------------
Xiangtian (USA) Air Power Co., Ltd., filed its quarterly report on
Form 10-Q, disclosing a net loss of $304,400 on $nil of revenue
for  the three months ended Oct. 31, 2014, compared with a net
loss of $116,000 on $nil of revenue for the same period last year.

The Company's balance sheet at Oct. 31, 2014, showed $28.3 million
in total assets, $19.6 million in liabilities, and stockholders'
equity of $8.74 million.

The Company has incurred losses since its inception resulting in
an accumulated deficit of $1.17 million as of Oct. 31, 2014, and
further losses are anticipated in the development of its business
raising substantial doubt about the Company's ability to continue
as a going concern.  The ability to continue as a going concern is
dependent upon the Company generating profitable operations in the
future and/or obtaining the necessary financing to meet its
obligations and repay its liabilities arising from normal business
operations when they become due.

A copy of the Form 10-Q is available at:

                        http://is.gd/4dyeor

Hong Kong-based Xiangtian (USA) Air Power utilizes a proprietary
compressed air energy storage power generation technology that can
operate in conjunction with electricity produced by other
alternative energy sources, such as solar, wind, geothermal, and
tidal as raw power to generate additional electricity without the
use of fossil fuels.  When the alternative energy source is
intermittent or unavailable, its novel approach of releasing the
compressed air to operate a compressed air engine linked with a
generator and thereby creating electricity provides customers with
an advanced power generation capability with no carbon or toxic
emissions.  The resulting power can either be used for the
customer's operations or for sale to the State Grid Corporation of
China.



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


ABC FRUITS: CRISIL Ups Rating on INR27.5MM Credit Limit to 'B'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
ABC Fruits (ABCF) to 'CRISIL B/Stable' from 'CRISIL D'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Buyer Credit Limit      27.5       CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

   Cash Credit             25         CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

   Proposed Long Term       1.5       CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

   Rupee Term Loan          46        CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects the timely servicing of debt by ABCF
over the five months through December 2014, on the back of
sustained improvement in the firm's liquidity driven by improved
cash accruals. The firm's revenues have grown considerably over
the last year, driven by an increasing order flow from its
existing customers. Revenue growth, coupled with sustenance of
healthy operating profitability has enabled the firm to record
greater than expected cash accruals. CRISIL further believes that
ABCF would sustain its revenue growth and healthy operating
profitability, over the medium term, thereby generating adequate
cash accruals for servicing their scheduled debt repayments.

The rating reflects ABCF's small-scale of operations and the
susceptibility of its profitability to volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive experience of the firm's management in the fruit-pulp
processing business, and its established relationships with
customers and suppliers.

Outlook: Stable

CRISIL believes that ABCF will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the firm sustainably
improves its scale of operations or profitability, leading to a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if ABCF's financial risk profile,
particularly its liquidity, weakens, most likely because of
aggressive debt-funded expansion, subdued cash accruals, or
deterioration in its working capital management.

Established in 2009, ABCF processes fruit pulp, primarily mangoes
and guavas. ABCF reported a profit after tax (PAT) of INR22.5
million on net sales of INR329 million for 2013-14 (refers to
financial year, April 1 to March 31), against a PAT of INR15
million on net sales of INR102 million for 2012-13.


AGRI GOLD: CARE Reaffirms D Rating on INR200cr ST Bank Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Agri Gold Projects Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     85.78      CARE D Re-affirmed
   Short-term Bank Facilities   200         CARE D Re-affirmed

Rating Rationale

The ratings continue to remain constrained by the stretched
liquidity position resulting in delays in debt servicing.

Agri Gold Projects Ltd (AGPL), belonging to Agrigold group of
Hyderabad, was incorporated in 1997 and commenced business
operation in July 2003 with setting up of biomass based power
generation plant of 6 MW at Hasanpur village, Prakasam district,
Andhra Pradesh. Subsequently, in January 2010, the company entered
in the business of civil construction with a major focus on
construction of roads & buildings. AGPL is thus, currently,
engaged in the business of power generation & civil construction
with the construction business being the major revenue
contributor.

During FY14 (refers to the period April 01 to March 31), AGPL
posted operating loss and net loss of INR44.28 crore and
INR44.65 crore respectively (against net profit of INR6.80 crore
in FY13) on a total operating income of INR279.88 crore
(FY13: INR341.72 crore).


AIR INDIA: Said to Begin Major Jet-Fuel Hedging for First Time
--------------------------------------------------------------
Anurag Kotoky at Bloomberg News reports that Air India Ltd. is
conducting large scale hedging of jet fuel for the first time, as
the state-run carrier seeks to take advantage of lower crude oil
prices, a person with direct knowledge of the matter said.

Bloomberg relates that Air India is hedging 2 million barrels of
aviation turbine fuel annually at $75 per barrel, which should
cover more than a fifth of its fuel requirements, the person said.
The company doesn't expect oil prices to fall any further, he
said.

Crude oil prices slumped almost 50 percent last year as the U.S.
pumped oil at the fastest rate in more than three decades while
OPEC resisted calls to cut supply, Bloomberg notes. That resulted
in boosting economies of import-driven countries, while providing
a breather to airlines, which typically operate on tight margins.

Cheaper oil prices may help Air India save INR20 billion
($324 million) for the year ending March 31, 2016, and also may
help the company break even before its target of turning a profit
by 2019, according to the report.

Jet fuel in Singapore traded at $63.05 a barrel on Jan. 16, data
compiled by Bloomberg showed. Indian federal and state taxes make
jet fuel in the nation Asia's most expensive.

Bloomberg relates that the person said Air India plans to cut
10 percent of its variable cost of INR140 billion as it seeks to
become a more efficient company. It won't replace 7,000 people due
to retire in the next 5-6 years, he said.

Air India, which has about 23,500 employees with 108 planes, also
plans to reduce its aircraft-to-manpower ratio to 1:100, the
person, as cited by Bloomberg, said. It will do so by transferring
as many as 12,000 employees to subsidiary companies handling
ground operations and maintenance, he said.

Air India, which is still flying on a 300-billion-rupee taxpayer-
funded bailout, needs to meet cost, revenue and load factor
targets to keep getting funds every year until 2020, according to
Bloomberg.

Air India plans to completely hive off some subsidiary companies,
and make them independent, the person said. Those companies will
get just 30-40 percent of their total business from Air India, he
said, Bloomberg relays.

To help its maintenance, repair and overhaul unit, Air India has
asked the government to introduce tax breaks in the sector, the
person said. Indian finance minister Arun Jaitley will present his
second budget to the parliament at the end of next month.

                          About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather
in the form of INR1,000-crore equity infusion from the government
on March 26.  According to the report, the airline's unending
financial stress had got worse as the Centre had so far given
INR6,000 crore instead of the promised INR8,500 crore for the
fiscal. As a result, AI had to bridge this gap by borrowing money
from banks at 11%-12%, which increased its debt servicing burden,
the report said.  Before the infusion, the government had injected
INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.  TOI said the airline's
aircraft and working capital debt was INR26,033 crore and
INR21,125 crore respectively on December 31, 2013. The airline is
expected to lose INR3,990 crore this fiscal.

Air India has posted continuous losses since 2007, according to
The Economic Times.


AMLAGORA COLD: CARE Reaffirms B Rating on INR6.45cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Amlagora Cold Storage Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.45       CARE B Re-affirmed
   Short-term Bank Facilities    0.18       CARE A4 Re-affirmed

Rating Rationale

The ratings continue to be constrained by Amlagora Cold Storage
Pvt. Ltd's (ACSPL) small scale of operations coupled with weak
financial risk profile marked by leveraged capital structure and
weak debt service coverage indicators. The ratings also factor in
seasonality of business with susceptibility to the vagaries of
nature, risk of delinquency in loans extended to the farmers,
competition from other local players and regulated nature of the
business.  The ratings, however, continue to draw comfort from
experience of the management with long track record of operations
and its proximity to the potato-growing areas. Going forward, the
ability of the company to grow its scale of operations with
improvement in capital structure would be the key rating
consideration.

ACSPL was incorporated in February 28, 1967, by Mr Ramdhone Dey of
Amlagora, West Bengal, to set up a cold storage facility.
Subsequently, in 2006, the company was acquired by Mr Rabindranath
Chatterjee & his family members to carry out the same business.

The company is engaged in the business of providing cold storage
facility for potatoes to local potato farmers and traders on a
rental basis, having a storage capacity of 302,431 quintals of
potatoes in the Paschim Medinipur district of West Bengal. Besides
providing cold storage facility, the company also works as a
mediator between the farmers and marketers of potato by taking
advances from marketers on behalf of the farmers in order to
facilitate sale of potato stored and it also provides interest
free advances to farmers for farming of potato against potato
stored. This apart, it also provides additional services to the
farmers such as insurance of the potatoes stored and drying of
potatoes.

In FY14 (refer to the period April 1 to March 31), the company has
reported a total operating income of INR308.3 lakh
(INR246.8 lakh in FY13) and PAT INR5.2 lakh (net loss of INR0.5
lakh in FY13). In M8FY15, the company has maintained to
have achieved a total operating income of INR200 lakh.


ARC LAMICRAFT: ICRA Reaffirms D Rating on INR4.60cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed an [ICRA]D rating to the INR2.03 crore
(reduced from INR2.37 crore) term loan, INR4.60 crore fund based
cash credit facility and INR1.00 crore CSLPS of Arc Lamicraft
Private Limited.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Term Loan                2.03         [ICRA]D reaffirmed
   Cash Credit              4.60         [ICRA]D reaffirmed
   CSLPS-Corporate Loan     1.00         [ICRA]D reaffirmed

The reaffirmation of rating reflects the continuing delays in
repayment of term loan installments along with interest by Arc
Lamicraft Private Limited explaining its stressed liquidity
profile due to accumulated inventory and stretched receivables
which has also led to overutilization of bank borrowings and
delays in payments to suppliers. Consequently capital structure
has remained highly stretched given the erosion of networth due to
net losses. The rating also factors in the vulnerability of
profitability to the cyclicality inherent in the real estate
industry and fluctuation in raw material prices. Further, the
ratings take note of ALPL's modest scale of operations amidst
highly fragmented industry characterized by intense competition
from organized as well as unorganized players.

The assigned ratings, however, consider the location advantage in
terms of raw material availability and access to key markets.

Arc Lamicraft Private Limited was incorporated in the year 2007 by
Mr. Mahesh Vadaliya and other family members. ALPL operates from
its plant located at Morbi to manufacture 8" X 4" (with thickness
of 1 mm, 0.9 mm, 0.8 mm and 0.7 mm) size high pressure decorative
laminate sheets with annual capacity to manufacture 8.28 lakh
laminate sheets.

Recent Results
In FY 2014, ALPL reported an operating income of INR6.42 crore
with net loss of INR2.38 crore.


ARKA LEISURE: CARE Reaffirms B+ Rating on INR51.51cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Arka Leisure & Entertainments Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     51.51      CARE B+ Re-affirmed

Rating Rationale

The rating of the bank facilities of Arka Leisure and
Entertainments Pvt. Ltd. (ALEPL) continues to remain constrained
by short track record of operation, low footfall in the amusement
park resulting in low profitability, stretched liquidity position
and intense competition in the industry with high vulnerability to
various macro-economic factors. The rating also factors in
reduction in the revenue and profit during FY14 (refers to the
period April 1 to March 31). The rating is, however, underpinned
by satisfactory experience of the promoters, strategic location of
amusement park, multiple revenue sources and satisfactory capital
structure. The ability of the company to increase the footfall in
the amusement park along with improvement in profitability and
liquidity position are the key rating sensitivities.

ALEPL, incorporated on May 30, 2002, belongs to Hyderabad-based
Agri gold group of companies and is a wholly-owned subsidiary of
Agri Gold Infra developers Pvt. Ltd. ALEPL is operating an
Amusement and Entertainment Park called "Haailand" at Chinnakakani
village, Guntur Dist, Andhra Pradesh.

The Agrigold group, promoted by Mr V R Rao Avvas, Mr A H S V
Prasad and Mr A V S N Rao, is a South India-based industrial house
with diversified business activity, viz, construction, real
estate, power generation, dairy farming, food processing, etc.

During FY14, ALEPL reported PBILDT of INR1.98 crore (FY13 INR8.12
crore) and PAT of INR4.41 crore (FY13 INR1.40 crore)
on a total operating income of INR24.77 crore (FY13 INR37.06
crore).


ASHOK HANDLOOMS: ICRA Reaffirms B Rating on INR5.6cr FB Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR5.60
Crore fund based facilities of Ashok Handlooms Factory Private
Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Facilities     5.60       ICRA]B; (reaffirmed)

The rating reaffirmation continues to take into account AHFPL's
weak financial profile, low profitability, modest debt coverage
indicators, high working capital intensive nature of company's
operations and susceptibility of company's profitability to
volatility in raw material prices. Further, the rating remains
constrained by company's modest scale of operations coupled with
highly leveraged capital structure as evident from a gearing of
9.22x as on 31st March, 2014, although most of the debt pertains
to working capital requirements and unsecured loans from
promoters.

However, the rating is supported by the long track record of
company's operations, its established relationships with its
customers & suppliers and improvement in company's operating
margins in 2013-14 coupled with a moderation in customer
concentration risk of the company.

Going forward, the ability of the company to improve its
profitability while increasing its scale and prudently manage its
working capital cycle will be the key rating sensitivities.

AHFPL was established in year 1946 as a proprietorship firm and
was converted to a private limited company in 1989. The company
manufactures home linen items such as bed sheets, bed linen pillow
cases, cushion cover sets, curtains, and drapes etc., which are
marketed under the brand name Sonalika. In addition, AHFPL also
manufactures power loom printed cloth and fabrics which are
directly marketed to whole sellers, trading firms etc.
The operations of the company are currently managed by Mr. Ambuj
Kumar, who is the managing director of the company in
collaboration with other directors/family members. The company
derives the majority of its revenues from the selling of power
loom printed and grey cloth. It sells these printed textiles to
wholesalers and trading firms in various parts of the country.

Recent Results
As per 2013-14 audited financials, AFHPL recorded an Operating
Income (OI) of INR24.88 crore and net profit of INR0.00 crore
Vis-a-vis an operating income of INR4.32 crore in 2012-13 and a
net profit o INR0.05 crore.


BALDEV KRISHAN: CRISIL Cuts Rating on INR95MM Term Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Baldev Krishan Memorial Charitable Society (BKMCS) to 'CRISIL
D' from 'CRISIL BB/Stable'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term        5         CRISIL D (Downgraded from
   Bank Loan Facility                  'CRISIL BB/Stable')

   Term Loan                95         CRISIL D (Downgraded from
                                       'CRISIL BB/Stable')

The rating downgrade reflects the delay of around two months by
BKMCS in meeting its debt obligations, both interest and term loan
instalments, mainly on account of weak liquidity. The weak
liquidity was driven by low cash accruals due to low occupancy in
its newly opened school and college, and delay in funding support
from promoters.

BKMCS also has a small scale of operations and is exposed to risks
related to intense competition in the education services segment.
However, the society benefits from the extensive experience of its
promoters in this segment.

BKMCS was established in 1992 by the late Mr. Baldev Krishan Garg.
It currently runs a dental college, BRS Institute of Medical
Sciences, and is in the process of setting up the Sanskaar
International School. The society's day-to-day operations are
managed by its chairman, Mr. Anup Garg.


BHARAT GINNING: CRISIL Reaffirms B Rating on INR90MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Bharat Ginning
Factory (BGF) continues to reflect BGF's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
and the firm's small scale of operations in the highly fragmented
and competitive cotton ginning industry. The rating also factors
in the vulnerability of the firm's business and profitability to
changes in government policy. These rating weaknesses are
partially offset by the extensive industry experience of BGF's
promoters and the benefits that the firm derives from its
proximity to the cotton belt of Gujarat.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          90         CRISIL B/Stable (Reaffirmed)
   Term Loan            10         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BGF will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the firm's scale of operations and
profitability improve significantly. Conversely, the outlook may
be revised to 'Negative' if BGF's financial risk profile weakens,
most likely because of increased working capital borrowings or
large debt-funded capital expenditure.

Update
In 2013-14 (refers to financial year, April 1 to March 31), BGF's
revenue increased to INR421.1 million from INR325.3 million in
2012-13; however, its operating margin declined to 2.8 per cent
from 3.7 per cent over this period. The fall in the operating
margin was due to higher competitive pressures during the year.
The highly fragmented and intensely competitive nature of the
cotton ginning industry renders BGF's operating margin vulnerable
to any sharp changes in demand.

BGF's financial risk profile remains weak. It had a high gearing
of 2.13 times and a small net worth of INR36.2 million as on
March 31, 2014. Its debt protection metrics were weak, with net
cash accruals to adjusted debt ratio at 4 per cent during 2013-14.
It has term debt repayments of INR2.5 million per annum and highly
utilised bank lines, while its cash accruals were modest at INR3.1
million in 2013-14. The modest cash accruals are expected to drive
the firm's dependence on external funding for meeting working
capital requirements. BGF's operations remain working capital
intensive, as reflected in its gross current assets of over 100
days as on March 31, 2014.

CRISIL believes that BGF's financial risk profile, including its
liquidity, will remain constrained over the medium term on account
of its small net worth and high external borrowings.

BGF reported a profit after tax (PAT) of INR2.7 million on net
sales of INR421.1 million for 2013-14, against a PAT of INR1.7
million on net sales of INR325.3 million for 2012-13.

BGF, established in 1999, gins cotton at its facility in
Gandhinagar (Gujarat). The firm is promoted by Mr. Kiritbhai
Prahladbhai Patel and his brother Mr. Mukeshbhai Prahladbhai
Patel.


BLISS ANAND: CRISIL Assigns B+ Rating to INR75MM Cash Credit
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Bliss Anand Pvt Ltd and has assigned its 'CRISIL
B+/Stable/CRISIL A4' ratings to these facilities. The ratings had
been suspended by CRISIL on December 17, 2013, as BLPL had not
provided the necessary information for taking a rating view. The
company has now shared the requisite information, enabling CRISIL
to assign ratings to the bank facilities.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           80        CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Bill Discounting         75        CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

   Cash Credit              75        CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

   Proposed Term Loan       20        CRISIL B+/Stable(Assigned;
                                      Suspension Revoked)

The ratings reflect the company's working-capital-intensive, and
small scale of, operations and weak financial risk profile. These
rating weaknesses are partially offset by BLPL's long-standing
presence in the industry and established customer base.

Outlook: Stable

CRISIL believes that BLPL will continue to benefit from the long-
standing presence and established relationship with its customers.
The outlook may be revised to 'Positive' if the company's higher-
than-expected sales and improvement in the working capital cycle
result in a better financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of low profitability, or if
BLPL undertakes large debt-funded capital expenditure leading to
further deterioration in its financial risk profile.

Incorporated in 1975, BLPL manufactures level gauges-equipment
used for flow and level measurement and control'and safety relief
valves for application in the oil and gas sector. Based in Manesar
(Haryana), the company has manufacturing facilities in Manesar and
Bawal (Haryana). The company has been promoted by Mr. Prem Anand
and is managed along with Mr. Vikas Anand, Mr. Gaurav Anand, and
Mr. Kunal Anand (sons of Mr. Prem Anand), who look after various
departments.


BUTTA HOSPITALITIES: ICRA Revises INR39.50cr FB Loan Rating to B
----------------------------------------------------------------
ICRA has revised the long term rating assigned to INR39.50 crore
fund based limits of Butta Hospitalities Private Limited to
[ICRA]B from [ICRA]BB-.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits     39.50        Revised to [ICRA]B
                                      from [ICRA] BB- (Stable)

The revision in rating primarily factors in heavy losses incurred
by BHPL in FY2014 following termination of The Square hotel lease
agreement, shut down of Bhojanam restaurant coupled with
unfavorable political scenario in Hyderabad leading to low
occupancy levels in BHPL properties. Further, the rating is also
constrained by delay in the renovation work of Yatri Nivas to
increase room capacity from 32 to 100 and high competitive
intensity amongst various hotel and restaurant operators in the
Hyderabad market.

The rating however positively factors in the management's long
track record in the hospitality industry, favorable location and
demographics for the hotels operated by BHPL and recovery expected
in the Hyderabad market following the end of political unrest in
the state. With Yatri Nivas, the flagship property of the company,
expected to be fully operational by August 2015, the revenues and
profitability levels are expected to improve. However, timely
completion of the Yatri Nivas expansion and funding of the
increased project cost would be the key rating drivers from credit
perspective.

Butta Hospitalities Private Limited (BHPL), formerly Amogh Hotels
Limited, is the hospitality arm of the BUTTA group of companies.
The company was established in the year 1995 and currently
operates three hotels and a few restaurants in Hyderabad,
Telangana. The group's first hospitality venture was in the year
1985 and there have been consistent additions to its portfolio
over the years. The Company is promoted by Mr. Butta S Neelakanta.
The Butta group has presence in the Hospitality, Education,
Branded Retail and Automobile space in Hyderabad.

Recent Results
BHPL reported an operating income of INR19.03 crore (provisional)
in FY2014 as against an operating income of INR33.14 crore in
FY2013. In terms of profitability, it reported a net loss of
INR12.96 crore in FY2014 as against a net profit of INR0.02 crore
in FY2013.


DDN SFA: CRISIL Ups Rating on INR100MM Cash Credit to 'B'
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
DDN SFA Ltd (DDN) to 'CRISIL B/Stable' from 'CRISIL B-/Stable',
and has reaffirmed its rating on the company's short-term
facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee            15        CRISIL A4 (Reaffirmed)

   Cash Credit              100        CRISIL B/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

   Proposed Long Term        47.2      CRISIL B/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B-/Stable')

   Term Loan                 87.8      CRISIL B/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in DDN's liquidity,driven
by reduction in its working capital requirements on account of
lower inventory, and stable cash accruals vis-a-vis term loan
repayments. The company's inventory has declined to 170 days
(INR179 million) as on March 31, 2014, from 807 days (INR286
million) a year earlier. The decline was driven by liquidation of
finished goods inventory in 2013-14 stocked up in 2012-13 to take
advantage of lower excise duty in 2013-14.The inventory days are
expected to remain in the range 160 days to 170 days over the
medium term.

DDN's revenue has grown by 120 per cent to INR461 million in 2013-
14 (refers to financial year, April 1 to March 31) from INR206
million in 2012-13 with the increase in its scale of operation and
in the share of trading revenue in its total revenue.The company
derived 50 per cent of its revenue from trading in 2013-14 as
against 10 per cent in 2012-13. This has resulted in its cash
accruals remaining stable at INR37 million in 2013-14, against
term loan repayments of INR21.4 million during the year. CRISIL
believes that DDN's liquidity will improve over the medium term
due to increased cash accruals and no debt-funded capital
expenditure (capex).

The ratings reflect DDN's exposure to changes in government
regulations pertaining to the sugar industry. It also has a below-
average financial risk profile, marked by a modest net worth, high
gearing, and below-average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the sugar and jaggery industry.

Outlook: Stable

CRISIL believes that DDN will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports better
than expected cash accruals and also improves its financial risk
profile most likely through equity infusion by the
promoters,leading to improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if DDN's
working capital cycle stretches, leading to deterioration in its
liquidity, or if it undertakes a large debt-funded capex
programme, thereby weakening its financial risk profile.

DDN, based in Latur (Maharashtra), was incorporated in 2010 and
started operations in December 2011. Promoted by Mr. Dilip Nade,
the company manufactures jaggery powder. Prior to the
incorporation of DDN, the promoter was engaged in jaggery trading
through a family enterprise.


DESIGN CLASSICS: ICRA Reaffirms B+ Rating on INR2cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ rating
outstanding on INR2.00 crore fund based facilities and INR1.00
crore proposed fund based facilities of Design Classics Exports
Private Limited. ICRA has also reaffirmed the short term rating of
[ICRA]A4 on INR4.95 crore (revised from INR7.50 crore) fund based
facilities and INR1.00 crore (revised from 0.45 crore) non fund
based facilities of the company.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term fund
   based facility        2.00        [ICRA]B+/reaffirmed

   Proposed long
   term fund based
   facility              1.00        [ICRA]B+/reaffirmed

   Short term fund
   based facility        4.95        [ICRA]A4/reaffirmed

   Short term non
   fund based facility   1.00        [ICRA]A4/reaffirmed


The ratings reaffirmation considers the Company's revenue growth
during 2013-14 and 8m 2014-15, mainly supported by demand from
domestic market; and its promoters' experience of over two decades
in the business. ICRA, however, notes that the company's financial
profile remains weak with thin profit margins, stretched coverage
indicators and high working capital intensity with NWC/OI of 77.3%
during 2013-14, mainly on the back of high inventory levels. ICRA
also takes note of the Company's small scale of operations; the
highly competitive industry which limits pricing flexibility,
thereby exposing the margins to volatility in raw material prices;
the company's moderately geared capital structure and the
vulnerability of its profitability to exchange rate movements.
Going forward, company's ability to moderate its working capital
intensity will be a key sensitivity factor for improvement in
credit profile.

DCEPL is engaged in manufacture of knitted garments. The Company
was established as a partnership firm (M/s. Design Classics) in
1989 and later converted into a private limited company in 1993.
The company caters to the demand in both domestic and export
markets. In the domestic market, it supplies predominantly to
retailers in Chennai and is also engaged in selling garments under
the brand name "Design Legacy in the domestic market. In the
export market, the company exports to customers located in United
States of America, Italy, Spain and South Africa among others.
Currently, DCEPL has three manufacturing facilities in Tamil Nadu.

Recent Results
During the year 2013-14, the company has reported a net profit of
INR0.1 crore on an operating income of INR12.9 crore as against a
net profit of INR0.1 crore on an operating income of INR10.8 crore
during the preceding fiscal. As per provisional financials for
eight months ended November 30, 2014 the company has reported
profit before tax of INR0.2 crore on an operating income of
~INR10.5 crore.


EXPRESS PUBLICATIONS: ICRA Reaffirms B+ Rating on INR29cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ outstanding
on the INR19.65 crore term loan facilities (enhanced from INR7.57
crore) and INR29.00 crore fund based facilities of Express
Publications (Madurai) Limited. ICRA has also re-affirmed the
short-term rating of [ICRA]A4 outstanding on INR35.00 crore non-
fund based facilities (enhanced from INR20.00 crore) of EPML. The
short-term unallocated limit has been reduced to nil (from INR0.98
crore) for EPML.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term loan facilities    19.65       [ICRA]B+/reaffirmed
   Long-term fund based
   facilities              29.00       [ICRA]B+ reaffirmed
   Short-term non fund
   based facilities        35.00       [ICRA]A4/reaffirmed

The ratings consider EPML's established brand name, experienced
management, reputed editorial team and strong market position of
its flagship newspapers "The New Indian Express" and "Dinamani".
During 2013-14, EPML's operating income was supported by
advertisement sales, (aided by steady demand from government
segment) while the circulation revenues remain affected by
increasing competition. The ratings remain constrained by weak
financial profile marked by low net margins, high capital
structure and weak coverage indicators. The credit profile is
further affected by the provision for higher employee costs in the
current fiscal due to the implementation of Justice G.R. Majithia
Wage Board recommendations.

The ratings also consider the vulnerability of profit margins to
the volatility in global newsprint prices due to high dependence
on imported newsprint and susceptibility of advertisement revenues
to economic slowdown (inherent to the industry). Going forward,
the Company's ability to improve the profit margins and generate
higher cash accruals towards meeting the higher employee costs,
and debt repayment obligations will be key credit monitorables.

Express Publications (Madurai) Limited traces its origin to the
Indian Express Group founded by the late Ramnath Goenka in 1936.
Following the demise of Mr. Ramnath Goenka in 1991, the Indian
Express Group was split into Indian Express (Mumbai) Limited (owns
the North Indian publications) and Express Publications (Madurai)
Limited (owns the South Indian Publications). EPML is managed by
R. Manoj Kumar Sonthalia, the grandson of late Mr. Ramnath Goenka.
The Company's flagship newspapers are The New Indian Express and
Dinamani (Tamil daily). The Company publishes newspapers and
magazines from 22 centres in Tamil Nadu, Andhra Pradesh,
Telengana, Karnataka, Kerala and Orissa. The Company has also
entered the North Indian markets in 2010-11 by introducing
Dinamani and Sunday Standard (English weekly) in Delhi market.

Recent Results
For 2013-14, the Company reported net profit of INR0.4 crore on an
operating income of INR270.9 crore as against net profit of
INR13.1 crore on an operating income of INR260.0 crore during
2012-13. As per un-audited results for H1, 2014-15, the Company's
operating income stood at INR123.1 crore with a net loss of
INR13.8 crore.


G. M. KENJALE: CRISIL Reaffirms B Rating on INR200MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of G. M. Kenjale
Developers (GMKD) continues to reflect GMKD's exposure to risks
related to completion, funding, and saleability of its ongoing
project, and its susceptibility to inherent risks and cyclicality
in the Indian real estate industry. These rating weaknesses are
partially offset by the extensive experience of the firm's
partners in the real estate industry in Pune (Maharashtra).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           200         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GMKD will continue to benefit over the medium
term from the favourable location of its property in Pune, though
its liquidity will remain under stress as a significant portion of
customer advances remains to be recovered. The outlook may be
revised to 'Positive' in case of a marked improvement in bookings
for the firm's project and timely receipt of customer advances,
resulting in increased cash inflows and better liquidity.
Conversely, the outlook may be revised to 'Negative', if the
firm's credit profile weakens in case the response to the project
is subdued.

Update
GMKD has one ongoing project, Emirus, in Baner (Pune), which was
launched in May 2013 and is scheduled for completion by December
2016. The response to the project has been moderate with about 33
per cent of the residential space being already booked, but with
most of the commercial space not booked. GMKD has completed about
50 per cent of project construction and has received around 55 per
cent of the price as advance from customers against the booked
units. The bookings are expected to pick-up as the construction
progresses, which is expected to translate into better flow of
advances over the medium term.

GMKD is expected to incur the balance construction cost of INR430
million over the next two years, which will be mainly funded
through customer advances and the rest through additional
disbursement of about INR200 million of bank debt. Ramp-up in the
booking rate, timely realisation of advances from customers, and
disbursements from lenders commensurate with the project execution
will be crucial in maintaining the firm's liquidity, and hence
will remain key rating sensitivity factors over the medium term.

GMKD was established in 2010 as an equal joint venture by members
of the Kenjale and the Jain-Mehta families. The firm is developing
Emirus, a residential-cum-commercial property at Baner in Pune;
this is the firm's maiden project. The project was launched in
March 2013 and involves development of a 2.5-hectare plot.


GAJAVELLI SPINNING: ICRA Reaffirms B Rating on INR31.97cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR31.97 Cr
fund based limits and INR19.54 Cr non-fund based limits of
Gajavelli Spinning Mills Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             31.97        [ICRA]B; Reaffirmed
   Unallocated           19.54        [ICRA]B; Reaffirmed

The rating reaffirmation takes into account the modest scale of
operations of the company in a highly fragmented and competitive
industry and commoditized nature of the product limits the ability
of the firm to pass on the hike in input costs. ICRA notes that
the firm is exposed to the regulatory risks which affect the
procurement price of ginned bales of cotton and selling price of
cotton yarn. The rating is further constrained by the weak
financial profile of the firm characterized by high gearing of
5.40x as on 31st March, 2014 and stretched coverage indicators as
reflected in NCA-to-Total Debt of 11% and OPBITDA-to-Interest &
Finance Charges of 2.45x as on 31st March, 2014. The rating
however, favourably factors in healthy growth in operating income
of the company by 47% during FY14 backed by increased volumes as
well as realizations of cotton yarn. The rating also takes into
account the presence of the firm in the major cotton growing
region of Andhra Pradesh (Guntur District) and benefits received
in term on interest subsidy granted under the TUFS (Technology
Upgradation Fund Scheme).

Gajavelli Spinning Mills Private Limited (GSMPL), incorporated as
a private limited company on 25th April 2006 by Mr. Gajavelli
Venkateswara Rao and Mr. Gajavelli Poorna Chandra Rao, is
primarily engaged in producing cotton yarn. Based in Guntur
(Andhra Pradesh), the company commenced commercial production from
2008 with 9,600 spindles and later increased its capacity to
15,600 spindles by 2010 and 35,184 spindles by May 2012. Yarn,
Cotton waste and lint are the major products of the company.
According to audited FY14 financials, the firm registered an
operating income of INR137.26 Cr and net profit of INR4.35 Cr as
compared to operating income of INR93.11 Cr and net profit of
INR1.37 Cr. during FY13.


GUINEA MOTORS: CARE Reaffirms B Rating on INR15.20cr LT Loan
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Guinea Motors Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.20      CARE B Reaffirmed

Rating Rationale

The rating continues to remain constrained by its small scale of
operation and weak financial risk profile marked by low
profitability margins, leveraged capital structure, depressed debt
service coverage indicators and elongated operating cycle. The
rating is also constrained by limited bargaining power with TML
and dependence on volume momentum, renewal based dealership
agreement and increasing competition in the automobile sector.

The ratings, however, draw comfort from the longstanding
experience of the promoters in the automobile dealership business,
its long track record of operations and the advantage of being an
authorised dealer of TML in the nine districts of Bihar.

The ability of the company to further grow its scale of operations
along with an improvement in profitability margins and manage its
working capital requirements efficiently shall remain the key
rating sensitivities.

Guinea Motors Pvt. Ltd. (GMPL) was incorporated in February, 2000
by Mr Arjun Kumar Gupta, Mr R K Singh and Mr Anand Gupta of Patna,
Bihar. The company commenced operation from January, 2001 as an
authorized dealer of Tata Motors Ltd (TML) for its passenger cars,
spares & accessories for nine districts of Bihar. Subsequently in
the year 2007, the company also took the dealership of Fiat India
Automobiles Limited (Fiat), which was discontinued from the end of
March 2013 owing to expiration of TML's agreement with Fiat India
Limited (Fiat) for sharing of TML's automobile showrooms.

At present, GMPL offers passenger vehicles of TML through its two
showrooms (self-owned) equipped with 3-S facilities (Sales,
Service and Spare-parts) at Patna and Begusarai districts of Bihar
along with four selling outlets (one each in Begusarai, Bihar
Sharif, Samastipur and Hazipur districts of Bihar). Apart from
this, the company also purchases and sells pre-owned cars. It has
two stock-yards (rented), having a capacity to store around 150
passenger cars each.

During FY14 (refers to the period April 1 to March 31), GMPL had
reported a total operating income of INR49.40 crore (as against
INR66.80 crore in FY13) and a PAT (after deferred tax) of INR0.2
crore (as against INR0.4 crore in FY13). Furthermore, in 8MFY15
(provisional), the company has achieved TOI of INR27.8 crore.


HIGH TECH: ICRA Reaffirms B+ Rating on INR6.18cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR3.50 crore
(enhanced from INR2.50 crore) fund based cash credit facilities
and INR6.18 crore (reduced from INR7.40 crore) term loan
facilities of High Tech Filatex Pvt. Ltd.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.50        [ICRA]B+ reaffirmed
   Term Loan             6.18        [ICRA]B+ reaffirmed

The rating reaffirmation continues to reflect modest scale of
company's operations and leveraged capital structure resulting
from debt funded capex undertaken by the company. The rating is
further constrained by fragmented nature of the textile industry
leading to intense competition from small unorganized as well as
large organized players and vulnerability of profitability to
adverse fluctuations in raw material prices which may not be
passed onto the customers adequately.

The rating, however, favorably factors in the long experience of
promoters in textile industry and the location advantage derived
from proximity of the manufacturing unit to the raw material
sources and downstream processing units.

Incorporated in the year 2010, High Tech Filatex Private Limited
(HTGPL) is engaged in the manufacturing of grey fabric made out of
polyester yarns. The company is promoted by Mr. Ajay Agrawal and
other family members who have been in the textile business for
over a decade. The manufacturing unit of the company is located a
Kim Surat.

Recent Results
During FY14, the company reported a net profit of INR0.08 crore on
an operating income of INR17.09 crore as against profit after tax
of INR0.05 crore on an operating income of INR11.13 crore in FY13.


HIGH TECH FABLON: ICRA Reaffirms B+ Rating on INR5.87cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR3.50 crore
(enhanced from INR2.50 crore) fund based cash credit facilities
and INR5.87 crore (reduced from INR7.40 crore) term loan
facilities of High Tech Fablon Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           3.50         [ICRA]B+ reaffirmed
   Term Loan             5.87         [ICRA]B+ reaffirmed

The rating reaffirmation continues to reflect the modest scale of
company's operations and weak financial profile resulting from
thin profitability, high gearing and working capital intensity.
The rating is further constrained by fragmented nature of the
textile industry leading to intense competition from small
unorganized as well as large organized players and vulnerability
of profitability to adverse fluctuations in raw material prices
which may not be passed onto the customers adequately.
The rating, however, favorably factors in the long experience of
promoters in textile industry and the location advantage derived
from proximity of the manufacturing unit to the raw material
sources and downstream processing units.

Incorporated in the year 2010, High Tech Fablon Private Limited
(HTGPL) is engaged in the manufacturing of grey fabric made out of
polyester yarns. The company is promoted by Mr. Ajay Agrawal and
other family members who have been in the textile business for
over a decade. The manufacturing unit of the company is located a
Kim Surat.

Recent Results
During FY14, the company reported a net profit of INR0.08 crore on
an operating income of INR17.82 crore as against profit after tax
of INR0.05 crore on an operating income of INR11.51 crore in FY13.


HIGH TECH GARMENTS: ICRA Reaffirms B+ Rating on INR5.70cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR4.90 crore fund
based cash credit facilities and INR5.70 crore term loan
facilities of High Tech Garments Pvt. Ltd.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.90        [ICRA]B+ reaffirmed
   Term Loan             5.70        [ICRA]B+ reaffirmed

The rating reaffirmation continue to reflect the modest scale of
operations and weak financial profile of HTGPL, as shown by low
profitability, leveraged capital structure, weak debt protection
metrics and high working capital intensity of operations, on
account of stretched receivables and high inventory holding period
resulting in tight liquidity position for the company. The rating
is further constrained by fragmented nature of the industry
leading to intense competition from small unorganized as well as
large organized players and vulnerability of profitability to
adverse fluctuations in raw material prices which may not be
passed onto the customers adequately.

The rating, however, favorably factors in the long experience of
promoters in textile industry and the location advantage derived
from proximity of the manufacturing unit to the raw material
sources and downstream processing units.

Incorporated in the year 2005, High Tech Garments Private Limited
(HTGPL) is engaged in the manufacturing of grey fabric made out of
polyester yarns. The company is promoted by Mr. Ajay Agrawal and
other family members who have been in the textile business for
over a decade. The manufacturing unit of the company is located a
Kim Surat.

Recent Results
For the year ended March 31, 2014 the company reported an
operating income of INR24.76 crore and profit after tax of INR0.08
crore as against an operating income of INR23.22 crore and profit
after tax of INR0.08 Cr for FY13.


HYDERABAD NURSING: CARE Reaffirms B Rating on INR21.69cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Hyderabad Nursing Home Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     21.69      CARE B Re-affirmed

Rating Rationale

The rating remains constrained by the relatively small scale of
operation, low occupancy rate of the hospital, leveraged capital
structure with weak liquidity position and intense competition
from relatively large and renowned players in the industry. The
rating also factors in improvement in revenue and operating profit
margin during FY14 (refers to the period April 1 to
March 31). The rating continues to be underpinned by experienced
promoters group, satisfactory infrastructure with experienced team
of doctors, empanelment with Corporate/Government organizations
and tie-ups with insurance companies. The ability of the company
to expand the scale of operation with the improvement in the
occupancy rate, profitability and capital structure are the key
rating sensitivities.

Incorporated in July 1973, Hyderabad Nursing Home Private Limited
(HNHPL) was promoted by three doctors; Dr P Kishen, Dr G Ramloo
and Dr Rama Luthra. The company was subsequently taken over by the
promoters of the Hyderabadbased Bambino Group. HNHPL operates in
healthcare industry and has set up a 58-bed multi-specialty
hospital at Basheerbagh in Hyderabad city of Telangana. The
hospital primarily specializes in Neurology, Gynecology and
Orthopedics.

During FY14 (refers to the period of April 1 to March 31), HNHPL
reported PBILDT of INR4.47 crore (FY13 INR2.65 crore) and PAT of
INR0.14 crore (FY13 INR0.18 crore) on a total operating income of
INR11.55 crore (FY13 INR9.33 crore).


KAMALA GINNING: ICRA Reaffirms B Rating on INR30cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the enhanced
fund based limits of INR30.00 Cr fund based limits and INR2.00 Cr
unallocated limits of Kamala Ginning and Oil Industries Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------     -------
   Cash Credit          30.00        [ICRA] B; Reaffirmed
   Unallocated           2.00        [ICRA] B; Reaffirmed

The rating reaffirmation takes into account the small scale of
operations in a highly fragmented and competitive industry which
limits the ability of the firm to pass on the hike in input costs.
ICRA notes that the firm is exposed to agro climatic and
regulatory risks which affect the availability and procurement
price of raw cotton. The rating is further constrained by the weak
financial profile of the firm characterized by low profitability
and high gearing resulting into weak coverage indicators as
reflected in NCA-to-Total Debt of 3.18% and OPBITDA-to-Interest &
Finance Charges of 1.45x as on 31st March, 2014. The rating also
takes into account the decrease in the operating income of the
company by 35% (y-o-y basis) during FY14 owing to low availability
of kapas in the Adilabad region and the volatility of the profit
margin owing to volatility in raw material prices. The rating
however, favourably factors in the experience of promoters in the
cotton industry as well as established relationships with
suppliers and customers which help them in procuring better raw
materials.

Kamala Ginning and Oil Industries Private Limited (KGOIPL),
located at Bhainsha in Adilabad district of Andhra Pradesh, was
incorporated as private limited company in April 2012. Earlier it
was operating as a partnership firm namely Kamala Ginning and Oil
Industries (KOGI) since 1983. The company is primarily engaged in
ginning, oil extraction. KGOIPL's manufacturing facility includes
60 gins, 12 expellers, and 1 press.

According to audited FY14 financials, the firm registered an
operating income of INR81.57 Cr and net profit of INR0.33 Cr as
compared to operating income of INR126.16 Cr and net profit of
INR0.33 Cr. during FY13.


KOCHHAR GLASS: CRISIL Ups Rating on INR63MM Cash Credit to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Kochhar Glass (India) Private Limited (KGIPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bill Discounting         15         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Cash Credit              63         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Proposed Long Term       28         CRISIL B+/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B/Stable')

   Term Loan                49         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that KGIPL will maintain its
healthy business risk profile which is reflected in revenues of
around INR400 million during 2013-14 and expected to sustain over
the medium term. The company is expected to report revenue of
around INR420 million to INR460 million during 2014-15. The
business risk profile is also factors the expansion of its
products portfolio and expected diversification of its customer
base. The company's   net cash accruals is expected to improve
around INR28 to INR30 million as against debt repayment of around
INR20 million during 2014-15.

The rating upgrade also factors in the improvement in financial
risk profile marked by modest net worth, high gearing and average
debt protection metrics. The company is expected to report gearing
of around 2 times as on march 31,2015 and debt protection metrics
with interest coverage and net cash accruals of around 2.2 to 2.4
times  and 10 to 14 percent respectively during 2014-15.

The ratings reflect KGIPL's small scale of operations and working
capital intensive nature of business. These rating weaknesses are
mitigated by the extensive industry experience of KGPL's
promoters.

Outlook: Stable

CRISIL believes that KGPL will continue to benefit from its
established relations with customers and suppliers, and the
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if the company reports a
substantial and sustained improvement in its revenues, while
sustaining its profitability margins; or sizeable increase in its
net worth on the back of an equity infusion from the promoters.
Conversely, the outlook may be revised to 'Negative' if the
company's working capital cycle stretches, leading to
deterioration in its liquidity; or if KGPL undertakes any large,
debt-funded capital expenditure (capex) programme, thereby
weakening its financial risk profile.

KGPL was incorporated in 2000 by Mr. J L Kochhar and his son, Mr.
Sandeep Kochhar. The company manufactures toughened glass,
laminated glass and insulated glass which has application in real
estate, construction, as well as in automobile windshields.


MADHUCON AGRA: ICRA Reaffirms 'D' Rating on INR230cr Term Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating assigned to INR230.00
crore fund based facilities of Madhucon Agra Jaipur Expressways
Limited at [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loans           230.00        [ICRA]D Re-affirmed

The rating reaffirmation takes into account continued delays in
repayment of debt obligations. The delay in receipt of operations
grant from NHAI by more than eight quarters (Rs. 17.02 crore
receivable as on Sept 30, 2014) which coupled with ongoing major
maintenance works on the project stretch has resulted in stretched
liquidity resulting in delays in debt servicing.

Going forward, ramp up in traffic volumes thereby increase in toll
collections, timely receipt of operational grant from NHAI and
timely debt servicing will be the key rating sensitivities.

MAJEL is a special purpose vehicle (SPV) promoted by Madhucon
Projects Limited (MPL along with associates) and SREI
Infrastructure Finance Limited. MAJEL has been formed to
strengthen and widen the existing 57 km stretch between Bhartapur
and Mahwa (both in Rajasthan) on NH-11. The project has been
awarded by National Highway Authority of India (NHAI) on a Build-
Operate-Toll (BOT) basis, and has a concession period of 25 years
starting October 31, 2005. The scheduled commercial operation date
(COD) of the project was October 2008, but tolling commenced in
May 2009. The project highway along with the other sections of NH-
11 provides connectivity between NH-8 (connecting Mumbai-Delhi)
and NH-2 (connecting Kolkata-Delhi), which are a part of Golden
Quadrilateral.

Recent Results
The company has reported 6% growth in toll collections to INR48.15
crore during FY 14. The operating income stood at INR56.38 crore
including the operations grant of INR8.23. The company reported a
net loss of INR11.34 crore during this period when compared to a
net loss of INR4.19 crore in FY 13.


NETWORK INDUSTRIES: CRISIL Cuts Rating on INR740MM Cash Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Network Industries Ltd (NIL) to 'CRISIL D/CRISIL D' from 'CRISIL
BBB-/Negative/CRISIL A3'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bill Discounting         30         CRISIL D (Downgraded from
   under Letter of                     'CRISIL A3')
   Credit

   Cash Credit             740         CRISIL D (Downgraded from
                                       'CRISIL BBB-/Negative')

   Letter of Credit        180         CRISIL D (Downgraded from
                                       'CRISIL A3')

   Standby Line of Credit   50         CRISIL D (Downgraded from
                                       'CRISIL BBB-/Negative')

The rating downgrade reflects instances of overutilisation of the
cash credit facility by NIL for a continuous period of 30 days,
and also delays in servicing term debt. The delays have been
caused by the company's weak liquidity owing to its stretched
receivables.

The ratings also reflect NIL's large working capital requirements,
susceptibility to intense competition, and weak debt protection
metrics. However, NIL benefits from its established position in
the garments industry.

NIL (formerly, Network Knitting Ltd) was incorporated in Kolkata
in 1989. The company, promoted by the Kolkata-based Jhawar family,
manufactures innerwear and outerwear and also trades in knitted
fabric. NIL has a manufacturing unit in Tirupur (Tamil Nadu). The
company sells innerwear under the Oscar brand and outerwear under
the Sight and Oscar brands.


OKARA ROADLINES: CRISIL Puts B Rating on INR52.5MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Okara Roadlines (Okara). The rating reflects the
firm's average financial risk profile, exposure to business cycles
and low bargaining power with customers. These rating weaknesses
are partially offset by the benefits that MRGM derives from its
diversified customer and end user industry base and efficient
working capital management.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Overdraft Facility      47.5        CRISIL B/Stable
   Term Loan               52.5        CRISIL B/Stable

Outlook: Stable

CRISIL believes Okara will maintain its business risk profile over
the medium term on the back of its established customer base and
promoters' extensive experience in the transport and logistics
industry. The outlook may be revised to 'Positive' in case it
generates higher revenue and margin, or improves its capital
structure driven by improved cash accruals or capital infusion by
the promoters, leading to better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
increase in debtor levels, large debt-funded expansions or lower
margins leading to weak financial risk profile.

Okara was set up in 1989 and taken over by the existing management
in 2000. The Delhi-based company provides transportation services
to various industries. The firm is being managed by Mr. Wadhwa and
his son, Mr. Jigyasu Wadhwa.

Okara reported a net loss of INR0.5 million on net sales of INR456
million for 2013-14 (refers to financial year, April 1 to March
31) as against a net loss of INR22.6 million on net sales of
INR284 million for 2012-13.


OSWAL FABRICS: ICRA Assigns B+ Rating to INR12.97cr FB Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR13.00
crore long term bank facilities of Oswal Fabrics. ICRA has also
assigned a short term rating of '[ICRA]A4' to the INR3.00 crore
fund based short term bank facilities of Oswal Fabrics.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term: Fund
   Based Limits             12.97        [ICRA] B+, assigned

   Short Term: Fund
   Based Limits              1.00        [ICRA] A4, assigned

   Short Term: Non
   Fund Based Limits         2.00        [ICRA] A4, assigned

   Long Term: Unallocated    0.03        [ICRA] B+, assigned
   Limits

The assigned rating is constrained by the firm's modest scale of
operations and low operating profit which has forced the firm to
meet its large working capital requirements through consistent
high utilization of bank limits and stretching of current
liabilities, mainly by issuing significant amount of cheques which
have been presented at a later date. The assigned rating also
takes into account the nature of the industry with presence of a
large number of players, low product complexity and low entry
barriers with little differentiation in products offered by
competitors. This fragmented nature of the industry is likely to
keep the firm's profitability low and restricts the firm's ability
to pass on any input cost increases making the firm's
profitability margins vulnerable to volatility in raw material
prices.

The rating however takes into account the firm's track record of
continuous growth in revenue driven mainly by repeat orders, the
partners' experience in textiles of more than four decades and the
periodic financial support provided by the partners by way of
capital infusion and unsecured loans especially in FY13 to
compensate for buildup of debtors.

Going forward, Oswal Fabric's ability to improve profitability
margins and thus, net cash accruals in order to reduce dependence
on outside sources to meet working capital requirements would be
the key rating sensitivities.

Firm Profile
Oswal Fabrics, established in 1971, is a Ludhiana based
partnership firm run by Mr. Rakesh Jain and his family which
manufactures hosiery and home furnishings. The firm reported sales
of ~INR46 crore in the nine months ending December 2014.


PINKCITY BUILDHOME: ICRA Assigns B+ Rating to INR42.03cr Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR42.03
crore fund based facility of Pinkcity Buildhome Private Limited.
ICRA has also assigned its short term ratings of [ICRA]A4 to the
INR1.0 crore non fund based facility of PBPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term Fund
   Based Facilities      42.03        [ICRA]B+; Assigned

   Short-term Non-
   Fund Based
   Facilities             1.00        [ICRA]A4; Assigned

The assigned rating takes into account the satisfactory
performance during the 21 months period (January 2013 to September
2014), supported by favourable location of the hotel, with
moderate occupancy levels (54% in FY14 and 56% in 6M FY15) and
RevPar levels (Rs. 2,162 in FY14 and INR1,780 in 6M FY15) despite
the limited track record of promoters in the hotel business. The
company also derives stable revenues from Food and Beverages (F&B)
segment whose contribution to overall revenues is significant (37%
in FY14).

However, the assigned rating is constrained by dependence of the
company on external funding for debt servicing given the cash
losses from operations and substantial outflow towards ballooning
natured debt obligations. The rating also factors in the cyclical
and intensely competitive nature of industry which is also exposed
to general economic slowdown. The revenues of the company are
dependent on a single hotel property which exposes the company to
adversities in a particular market.

Going forward, the ability of the company to achieve healthy
growth in occupancy levels and RevPar levels along with reduction
in the dependence on external funding for debt servicing would be
the key rating sensitivities.

Incorporated in August 2004, Pinkcity Buildhome Pvt Ltd (PBPL) is
promoted by Gurnani family. The company runs a 178-key five star
hotel (with restaurant, convention centre and banquette hall
facility) in Jaipur (Rajasthan). The hotel is located in close
proximity to Jaipur Airport. The company has a brand and
management collaboration with Carlson Hotels (South Asia) Private
Limited for its brand Radisson Blu. The hotel began operations
from January 2013 onwards.


POPURI STEELS: ICRA Assigns B+ Rating to INR10cr Cash Credit
------------------------------------------------------------
ICRA has assigned the [ICRA]B+ rating to the INR10.00 crore fund
based limits of Popuri Steels Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           10.00        [ICRA] B+; Assigned

The assigned rating is constrained by the continued under
utilization of the capacity of sponge iron plant owing to
uncertainty associated with raw material availability and prices
due to the iron ore mining restriction in Karnataka which
adversely impacts the revenue growth and profitability of the
company. The rating also takes into consideration the limited
value addition in the existing stand alone sponge iron business
and highly competitive nature of the industry resulting into
narrow profit margins. Further, the ratings also factor in the
working capital intensive nature of operations driven by sizeable
inventory holding and exposure of company's profitability to the
commodity price risk. The ratings, however, favourably factors in
the long standing experience of the promoters in the industry and
the established base of customers.

Popuri Steels Limited was incorporated in the year 2004 with the
establishment of a 1 x 50 TPD DRI (Direct Reduced Iron a.k.a.
Sponge Iron) at Mundargi Industrial Area, Bangalore Road, Bellary.
This plant was shut down in 2009 and the company started another 2
x 50 TPD DRI plant in Halakundi Village, Bellary from 2009
onwards. The company is involved in the manufacturing of sponge
iron using coal based rotary kiln process.

According to audited FY14 financials, the company registered an
operating income of INR37.83 Cr and operating profit of INR1.70 Cr
as against the operating income of INR30.23 Cr and operating
profit of INR1.14 Cr in FY13.


SAINOR LABORATORIES: ICRA Reaffirms B+ Rating on INR7.47cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR7.47 crore (revised from INR6.00 crore) long term fund based
limits of Sainor Laboratories Private Limited. ICRA has reaffirmed
the short term rating of [ICRA]A4 to the INR5.00 crore short term
non-fund based limits of SLPL. ICRA has also reaffirmed
[ICRA]B+/[ICRA]A4 to the INR5.53 crore (revised from INR7.00
crore) unallocated limits of SLPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Limits           7.47       [ICRA]B+ Reaffirmed

   Short Term Non
   Fund Based Limits      5.00       [ICRA]A4 Reaffirmed

   Long/Short Term
   Unallocated Limits     5.53       [ICRA]B+/[ICRA]A4 reaffirmed

The re-affirmation of ratings takes into account the small scale
of SLPL's operations limiting economies of scale and the decline
in OI by 20% due to lower sales of NBMC as SLPL's key customer
Laurus Labs Pvt. Ltd. had started in-house production, leading to
decline in sales of NBMC from INR28.74 crore in FY13 to INR8.37
crore in FY14. The ratings are further constrained by the high
customer concentration with top 10 customers contributing 76% of
total sales. The ratings also take into account the exchange
fluctuation risk as ~90% of raw materials are imported and
majority of sales made are domestic. ICRA notes that SLPL has
doubtful receivables of INR3.1 crore from Krebs Biochemical &
Industries Ltd (Krebs) for which legal recovery proceedings have
already begun.

Further, the company also extends financial support in terms of
infusion of equity and unsecured loans to its group company Sainor
Life Sciences Pvt. Ltd. However, the ratings takes comfort from
the long standing experience of promoters in the pharmaceutical
industry and established relationships with customers as reflected
in repeat orders from many customers. The ratings also takes into
account the company's financial profile characterized by gearing
of 0.35 times as on 31st March 2014 and healthy coverage
indicators as reflected in OPBIDT/ Interest and Finance charges at
4.44 times and NCA/Debt at 43%. Company's ability to generate
revenues from its portfolio of 210 products and improve
profitability along with increase in revenues will be key rating
sensitivity.

SLPL is a part of the Hyderabad-based Sainor Group, which
comprises two other pharmaceutical companies -- Sainor Life
Sciences Pvt. Ltd. (SLS, rated at [ICRA]C/A4) and Sainor Pharma
Pvt. Ltd. (SPPL, rated at [ICRA]B+/A4). SLPL was incorporated in
2003, and is involved in the manufacture of fine chemicals like
Alkyl Lithiums and Alkyl Aluminiums. The company's manufacturing
facility is located at Jeedimetala, Hyderabad.

Recent Results
As per Audited financials for FY14, SLPL reported an operating
income of INR51.27 crore and a net profit of INR2.74 crore as
against INR63.80 crore of Operating Income with net profit of
INR2.65 crore in FY13.


SAINOR LIFE: ICRA Reaffirms 'C' Rating on INR14.30cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed [ICRA]C to the INR14.30 crore (revised from
INR14.63 crore) long term fund based limits of Sainor Life
Sciences Pvt. Ltd.. ICRA has reaffirmed [ICRA]A4 to the INR3.00
crore short term non-fund based limits of SLS. ICRA has also
reaffirmed [ICRA]C/[ICRA]A4 to the INR0.33 crore unallocated
limits of SLS.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Limits         14.30        [ICRA]C Reaffirmed

   Short Term Non
   Fund Based Limits     3.00        [ICRA]A4 Reaffirmed

   Long/Short Term
   Unallocated Limits    0.33        [ICRA]C/[ICRA]A4 Reaffirmed

The re-affirmation of ratings takes into account the net losses
made by the company since commencement of operations in FY11
resulting into an accumulated losses of INR8.46 crore followed by
weak financial profile with high gearing of 16.68 times as on 31st
March 2014 and stretched coverage indicators as reflected in
negative OPBIDT/Interest and Finance Charges at 0.01 times and
negative NCA/Debt at 11% as on 31st March 2014. The ratings also
takes into account the company's plant being affected by cyclone
in Oct'14 which led to damages to inventory and plant resulting in
decline in sales during FY15. The ratings however draw comfort
from the long standing experience of promoters in the
pharmaceutical industry and the operational and financial support
received by its group companies Sainor Laboratories Pvt. Ltd.
(rated at [ICRA]B+/A4) and Sainor Pharma Pvt. Ltd. (rated at
[ICRA]B+/A4).

Sainor Life Sciences Pvt. Ltd. (SLS) is a Sainor Group company
which has its manufacturing facility in Jawaharlal Nehru Pharma
City (JNPC), Vishakhapatnam District of Andhra Pradesh for
production of API/ intermediaries. The company produces Active
Pharmaceuticals Ingredient (API)/Intermediates either up to final
stage of the respective product or up to the corresponding
quantities of the intermediate based on the market demand with a
total production capacity of 120 (MTPA).

Recent Results
As per Audited financials for FY14, SLS reported an operating
income of INR34.03 crore and operating loss of INR0.02 crore as
against INR27.39 crore of Operating Income with operating loss of
INR0.35 crore in FY13.


SANDHA HEEMGHAR: ICRA Reaffirms B Rating on INR9.78cr Cash Credit
-----------------------------------------------------------------
ICRA has re-affirmed the [ICRA]B rating assigned to the INR14.21
crore fund based bank facilities of Sandha Heemghar Private
Limited. ICRA has also re-affirmed the [ICRA]A4 rating assigned to
the INR0.12 crore non-fund based bank facility of SHPL.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based Limits-
   Cash Credit (Seasonal)   9.78         [ICRA]B re-affirmed

   Fund Based Limits-
   Working Capital Loan
   (Seasonal)               1.57         [ICRA]B re-affirmed

   Fund Based Limits-
   Term Loan                2.86         [ICRA]B re-affirmed

   Non Fund Based
   Limits-Bank
   Guarantee                0.12         [ICRA]A4 re-affirmed

The re-affirmation of the ratings take into account SHPL's small
scale of current operations, its weak financial profile
characterized by an aggressive capital structure, depressed
coverage indicators and high working capital intensity of
operations, adversely impacting its liquidity. The ratings also
take into account SHPL's exposure to agro-climatic risks, with its
business performance being entirely dependent upon a single
commodity, i.e. potato and the regulated nature of the industry,
makes it difficult to pass on increase in operating costs in a
timely manner, which also resulted in a decline in the operating
profitability during the past few years. Further, ICRA notes that
recovery of the advances given to farmers and rentals are
contingent upon the movement of potato prices in the market, which
exposes SHPL to counter-party risk. The ratings, however,
favourably consider the experience of promoters in the management
of cold storages and the locational advantage enjoyed by SHPL by
way of presence of its cold storage units in West Bengal, a state
with significant potato production.

SHPL was incorporated in 2003 by Nayek Family. The company is
engaged in providing cold storage facility to potato farmers and
traders on a rental basis and has established two cold storage
units at Jkakra and Satbankura in Paschim Medinipore, West Bengal.
The company has a combined capacity of storing 31,200 MT of
potatoes.

Recent Results
The company reported a net profit of INR0.08 crore on an operating
income of INR4.46 crore during 2013-14; as compared to a net
profit of INR0.08 crore on an operating income of INR4.32 crore
during 2012-13.


SANJIVINI PIPES: CRISIL Cuts Rating on INR45MM LT Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sanjivini Pipes and Fittings Pvt Ltd (Sanjivini) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              40        CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Long Term Loan           45        CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Proposed Cash             4        CRISIL B/Stable (Downgraded
   Credit Limit                       from 'CRISIL B+/Stable')

The revision in rating reflects Sanjivini's weak credit risk
profile marked by slow ramp-up in business leading to
deterioration in the capital structure. The company reported net
loss of INR7.8 million in 2013-14 (refers to financial year, April
1 to March 31), owing to a low capacity utilisation of 40 per
cent, thus eroding the net worth and constraining its financial
risk profile. The company's ability to scale up its operations and
break even in a timely manner, and the extent of funding support
from the promoters in the form of equity infusion, will remain key
rating sensitivity factors over the medium term.

The rating continues to reflect Sanjivini's small scale and
working-capital-intensive nature of operations, its below-average
financial risk profile marked by high gearing, and the
susceptibility of its operating margin to volatility in raw
material prices. These rating weaknesses are partially offset by
its promoters' extensive experience in the polyvinyl chloride
(PVC) pipe manufacturing business.

Outlook: Stable

CRISIL believes that Sanjivini will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
significantly large cash accruals, while it improves its capital
structure. Conversely, the outlook may be revised to 'Negative' if
Sanjivini reports low cash accruals, or undertakes any large debt-
funded capital expenditure, or its working capital management
deteriorates, resulting in further weakening of its credit risk
profile.

Sanjivini, incorporated in 2012, manufactures PVC pipes and
fittings. The company is promoted by Mr. Mohammed Ali and his
family members. It is based in Udupi, Karnataka.

Sanjivini reported a net loss of INR7.8 million on net sales of
INR98.1 million for 2013-14, against a profit after tax of INR0.25
million on net sales of INR27.6 million for 2012-13.


SATYAVATHI BIO-LIFE: CRISIL Rates INR140MM Term Loan at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Satyavathi Bio-Life Sciences Limited (SBLSL).

                                Amount
   Facilities                 (INR Mln)      Ratings
   ----------                 ---------      -------
   Proposed Cash Credit Limit      55        CRISIL B/Stable
   Term Loan                      140        CRISIL B/Stable

The rating reflects the risks related to the nascent stage of
operations and exposure to intense competition in the
nutraceuticals segment. The rating also factors the weak financial
risk profile of the company marked by high estimated gearing and
modest net worth. These weaknesses are partially offset by the
extensive industry experience of SBLSL's promoters.

Outlook: Stable
CRISIL believes that SBLSL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if earlier-than-expected
stabilisation of the project results in higher revenues and
profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
lower-than-expected revenues or profitability or any large debt-
funded capital expenditure (capex) weakens the financial risk
profile.

Incorporated in 2005, SBLSL is setting up a unit for manufacturing
and export of herbal extracts. The company is promoted by Mr. Y.
Naveen Srinivasa.


SHIV SHANKER: CRISIL Reaffirms B+ Rating on INR60MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shiv Shanker
Rice Mills (SSRM) continue to reflect SSRM's below-average
financial risk profile, marked by its small net worth, high
gearing, and weak debt protection metrics. The rating also factors
in SSRM's susceptibility to volatility in raw material prices,
along with its vulnerability to erratic rainfall and to any
adverse impact of regulatory actions. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the rice industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL B+/Stable (Reaffirmed)
   Proposed Working
   Capital Facility      54.5      CRISIL B+/Stable (Reaffirmed)
   Warehouse Financing   60        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSRM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
liquidity, driven by higher than expected growth and operating
profitability and lower-than-expected working capital
requirements. Conversely, the outlook may be revised to 'Negative'
if SSRM's liquidity weakens because of stretched working capital
requirements, pressure on its profitability or any significant
debt-funded capital expenditure (capex) programme.

SSRM was established as a partnership firm by the Singla family in
Khanauri (Punjab) in 2002. The firm is engaged into milling and
marketing of basmati rice. SSRM sells its products under the
Pahelwan and Bright brands in the domestic market.

SSRM is estimated to have reported a net profit of INR0.7 million
on an operating income of INR619.6 million for 2013-14.


SHYAMA SAKTI: CRISIL Lower Rating on INR50MM Cash Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shyama Sakti Rice Agro Food Products Pvt Ltd (Shyama Sakti) to
'CRISIL D' from 'CRISIL B+/Stable'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              50         CRISIL D (Downgraded from
                                       'CRISIL B+/Stable')

The rating downgrade reflects the delay by Shyama Sakti in
repayment of its term debt, and its overdrawn working capital bank
lines for more than 30 days. The delays and overdrawn limits were
caused by the company's weak liquidity, driven by its large
working capital requirements.

Shyama Sakti also has a modest financial risk profile, marked by a
modest net worth and weak debt protection metrics, and a small
scale of operations in the fragmented fasteners industry. However,
the company benefits from its promoters' extensive industry
experience.

Incorporated in 2008, Shyama Sakti mills non-basmati parboiled
rice. Its manufacturing facility is in Galsi (West Bengal). The
company's day-to-day operations are looked after by its director,
Mr. Dhamadas Ghatak.


SONERI MARINE: ICRA Reaffirms B+ Rating on INR0.50cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR0.50 crore
term loan facility of Soneri Marine Foods. ICRA has also
reaffirmed the short term rating of [ICRA]A4 to the INR6.00 crore
(enhance from INR4.50 crore) fund based EPC/FBD/FBP/PCFC/EBR and
INR0.40 crore non fund based credit exposure limit (CEL) of SMF.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-
   Term Loan II          0.50         [ICRA]B+ reaffirmed

   Fund Based-EPC/FBD/
   FBP/PCFC/EBR          6.00         [ICRA]A4 reaffirmed

   Non Fund Based-
   CEL                   0.40         [ICRA]A4 reaffirmed

The reaffirmation of the ratings continues to factor in Soneri
Marine Foods' (SMF) modest scale of operation and weak financial
profile characterized by low profitability and a highly leveraged
capital structure. ICRA also takes note of the risk inherent in
the sea food industry like susceptibility to diseases, climate
risk augmenting vulnerability to regulations changes proposed by
importing countries and export benefits provided by the Indian
government. The ratings are further constrained by vulnerability
to volatility in procurement rates. Also, being a partnership
firm, any substantial withdrawal by the partners may have an
adverse impact on the capital structure of the firm.

The ratings, however, positively consider the long experience of
promoters in seafood industry as well as the favourable location
of the plant giving it easy access to raw materials. The ratings,
also favourably consider the geographically diversified clientele
with the growing demand of Indian seafood in overseas market.

Soneri Marine Foods (SMF) is a partnership firm established in
2007 to engage in the processing and export of seafood mainly
frozen fish products such as Croaker Fish, Eel Fish, Cuttle Fish,
Frozen Squid, Ribbon Fish, Indian Mackerel fish and Horse Mackeral
among others and value added products which include frozen crabs
i.e. Blue Swimming Crab and Three Spotted Crab. The firm is owned
and managed by Mr. Prakash Soneri and other family members. The
processing plant is located in Veraval, Gujarat with a processing
capacity of 70 TPD (tons per day).

Recent Results
In FY14, the firm reported an operating income of INR40.33 crore
and net profit of INR0.31 crore against an operating income of
INR21.73 crore and net profit of INR0.18 crore in FY13.


SREE ANANTHALAKSHMI: ICRA Reaffirms B Rating on INR9cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating outstanding on the
INR12.00 crore fund-based facilities of Sree Ananthalakshmi
Textiles Private Limited at [ICRA]B.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.00        [ICRA]B reaffirmed
   Proposed limits       9.00        [ICRA]B reaffirmed

The rating reaffirmation continues to factor in weak financial
profile of SATPL, characterized by low operating profit on account
of vintage machinery , net level losses resulting in dependence on
financial support from NSLTL, which itself has a weak financial
profile characterized by modest debt coverage indicators. Further,
the rating also takes into account the highly fragmented nature of
the domestic cotton spinning industry characterized by intense
competition and low product differentiation which restricts the
pricing flexibility and hence the profitability. Ratings also
continue to be constrained by the execution risks including the
time and cost over runs risks pertaining to the proposed debt-
funded capex. ICRA notes that the proposed capex involving
debottlenecking and addition of balancing equipment could result
in increased quantity and quality of output, however declining
yarn realizations in the current year is expected to constrain the
growth in the near term. Nevertheless, the ratings favorably
factors in the long track record of SATPL with an established
customer base in the spinning industry.

SATPL was incorporated in 1982 and is engaged in the manufacture
of combed and carded yarn in the finer count range of 60s and
above. It has an installed capacity of 32400 spindles at its unit
located at Vadluru in the West Godavari district of AP. SATPL was
acquired from its earlier promoters by NSLTL in January 2012.
NSLTL is a Guntur based integrated textile player promoted by
Mandava Holdings Private Limited (MHPL, rated [ICRA]BBB-) with
interests in seeds, cotton (from yarn to garments), power, sugar
and real estate sectors.

Recent Results (Provisional)
In the first six months of FY2015 ending 30th September 2014,
SATPL posted an operating income of INR25.81 crore and an
operating profit of INR2.30 crore as against an operating income
of INR34.13 crore and an operating profit of INR2.6 crore in
FY2014.


SREE SREE: CARE Reaffirms B Rating on INR4.38cr LT Bank Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Sree
Sree Rakhahari Cold Storage Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.38      CARE B Reaffirmed
   Short term Bank Facilities     0.14      CARE A4 Reaffirmed

Rating Rationale

The rating for the bank facilities of Sree Sree Rakhahari Cold
Storage Private Limited (SSRCS) continues to remain constrained by
its regulated nature of business, competition from other local
players, seasonality of business with susceptibility to the
vagaries of nature, risk of delinquency in loans extended to the
farmers and weak financial risk profile marked by its small scale
of operations with a thin profitability and leveraged capital
structure. These factors far outweigh the benefits derived from
the rich experience of the promoters, satisfactory track record of
operations and its proximity to the potato-growing areas.

The ability of the company to increase its scale of operations and
profitability with effective working-capital management would be
the key rating sensitivities.

Sree Sree Rakhahari Cold Storage Pvt Ltd (SSRCS), incorporated in
March 27, 2007, was promoted by two brothers Mr Swarup Pratihar
and Mr Anup Kumar Pratihar of Paschim Midnapur, West Bengal. Since
inception, SSRCS is engaged in the business of providing cold
storage facility primarily for potatoes to local farmers and
traders on a rental basis. The facility, with a storage capacity
of 178,028 quintals, is located at Paschim Midnapur district of
West Bengal. Besides providing cold storage facility, the company
also provides interest bearing advances to farmers for potato
farming purposes against potato stored. This apart it also
provides additional services to farmers such as insurance of
potatoes stored & drying of potatoes.

During FY14 [refers to the period April 1 to March 31], the
company reported a total operating income of INR2.63 crore
(FY13: INR2.70 crore) and a PAT of INR0.07 crore (FY13: INR0.06
crore).


SWADESHI TEXTILES: CRISIL Reaffirms B- Rating on INR95MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swadeshi Textiles
Private Limited (STPL) continues to reflect STPL's weak financial
risk profile marked by small net worth, high gearing, and weak
debt protection metrics, its small scale of operations, and its
susceptibility to intense industry competition. These ratings
weaknesses are partially offset by extensive experience of its
promoter in the textile industry and established relations with
suppliers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          2        CRISIL A4 (Reaffirmed)
   Cash Credit            60        CRISIL B-/Stable (Reaffirmed)
   Long Term Loan         95        CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     43        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that STPL will continue to benefit over the medium
term from its established relationships with customers, and
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if there is substantial and sustained
improvement in the company's accruals generation, or there is an
improvement in its working capital management thereby improving
the overall liquidity profile. Conversely, the outlook may be
revised to 'Negative' if there is further deterioration in STPL's
financial risk profile or liquidity on account of large working
capital requirements or large debt funded capital expenditure or
lower than expected net cash accruals generated by the business.

Incorporated in 2001, STPL manufactures interlining fabric and
wide width fabric. It procures grey fabric from looms in South
India, and produces interlining fabrics through the use of powder
coatings and chemicals. The operation of the company is currently
managed by Mr. Vishal Talreja s/o Late Mr. Suresh Talreja.


TGI PACKAGING: CRISIL Ups Rating on INR69MM Cash Credit to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
TGI Packaging Pvt Ltd (TGI) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and reaffirmed its rating on the company's short-term
bank facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Buyer Credit Limit      22         CRISIL A4 (Reaffirmed)
   Cash Credit             69         CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')
   Import Letter of
   Credit Limit            60         CRISIL A4 (Reaffirmed)
   Long Term Loan          59.5       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects improvement in TGI's liquidity
supported by healthy cash accruals against its maturing debt
obligations and fund support from its promoters in the form of
unsecured loans. CRISIL believes that TGI's liquidity over the
medium term is expected to benefit from healthy cash accruals and
fund support from promoters. TGI's business risk profile is
stable, supported by steady orders from customers and sustained
moderate operating profitability. CRISIL believes that TGI's
business risk profile over the medium term is expected to benefit
from long standing industry experience of its promoters and
established customer relationships.

The ratings continue to reflect TGI's below-average financial risk
profile marked by high gearing, and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of TGI's promoters and the company's
established relationships with key customers.

Outlook: Stable

CRISIL believes that TGI will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company posts significant improvement
in revenue and profitability leading to substantial cash accruals,
resulting in improvement in its financial risk profile,
particularly liquidity. Conversely, the outlook may be revised to
'Negative' if TGI undertakes a large debt-funded capital
expenditure (capex) programme, or if a sharp decline in
realisations leads to significant deterioration in its financial
risk profile.

Set up in 2006 by Mr. Prashant Tikmani and based in Chennai (Tamil
Nadu), TGI manufactures corrugated boxes.

TGI reported a profit after tax (PAT) of INR9.7 million on net
sales of INR621.7 million for 2013-14, as against a PAT of INR4.3
million on net sales of INR566.9 million for 2012-13.


TIRUPATI STEEL: CRISIL Reaffirms B Rating on INR120MM Cash Loan
---------------------------------------------------------------
CRISIL ratings on the bank facilities of Tirupati Steel Traders
(Proprietor: Mahamaya Mines Pvt Ltd) (TST) continues to reflect
TST's modest scale of operations in the highly fragmented iron and
steel trading industry, working capital intensive nature of
operations and moderate financial risk profile marked by modest
networth and subdued debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
TST's promoters in the iron and steel industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL A4 (Reaffirmed)
   Cash Credit           120         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TST will continue to benefit over the medium
term from its partners' extensive experience in the iron and steel
industry. The outlook may be revised to 'Positive' in case there
is significant and sustained improvement in the firm's revenue and
profitability, while improving its capital structure. Conversely,
the outlook may be revised to 'Negative' in case of a decline in
the firm's revenues or profitability margins or an elongation of
its working capital cycle, resulting in a weakening in its
financial risk profile.

Update
TST's operating revenues increased declined marginally from INR697
million in 2012-13 to 612 million in 2013-14 on account of weak
demand for steel products. TST's operating margin remained at the
similar levels at 2.4 per cent in 2013-14 as against 2.1 per cent
in the previous year

TST's operations remain working-capital-intensive, as reflected in
its gross current assets of 128 days as on March 31, 2014; largely
on account of receivables of 69 days as on March 31, 2014. The
debtors greater than 6 months have reduced significantly from
INR62.9 million to 21.9 million as on March 31 2014. The Company
maintains an inventory of around 1 to 2 months.

TST's financial risk profile is moderate, marked by a gearing and
TOLTNW of 2.04 and 2.42 times as on March 31, 2014.The firm funds
major portion of its working capital requirements through bank
limits leading to high bank limit utilization of 89 per cent over
the past 7 months ended November 2014. The company's debt
protection metrics were also moderate with interest coverage ratio
and Net Cash Accruals to Total Debt (NCATD) of 1.24 times and 2
per cent respectively in 2013-14. The company in 2013-14 generated
accruals of around INR 1.98 million against the company does not
have a debt repayment obligation

TST is operating as a proprietorship concern of Mahamaya Mines Pvt
Ltd (MMPL is promoted by Raipur based Mr. Anand Agrawal and his
wife Mrs. Asha Agrawal). TST was formed in 2000 and is engaged in
trading of iron and steel products. Mr. Anand Agrawal oversees the
day to day operations of the firm.


VEDANTA RESOURCES: Moody's Affirms Ba1 CFR; Outlook Negative
------------------------------------------------------------
Moody's Investors Service has changed Vedanta Resources plc's
("Vedanta") outlook to negative from stable and affirmed its
corporate family rating at Ba1 and its senior unsecured ratings at
Ba3.

Ratings Rationale

The rating action reflects the sharp drop in crude oil prices and
the resulting impact sustained lower prices will have on Vedanta's
credit profile. While Vedanta may able to increase production in
its traditional metals operations, such as zinc and aluminium, the
sharp drop in the price of oil, which previously accounted for
over half of the group's operating EBITDA, will result in weaker
credit metrics.

Moody's expects the Brent crude oil price to average about
$86/barrel in the year to 31 March 2015 (FY 2015), followed by
$57.5/bbl in FY2016 and $66.8/bbl in FY2017 (Moody's price deck
for Brent oil is $55/bbl for calendar 2015 and $65/bbl in 2016).
Moody's expectations for base metal prices and iron ore have not
changed in recent months and while they are lower than the current
LME prices for zinc and aluminium, they are higher than the
current price of copper.

Based on a working interest of 138,000 barrels of oil equivalent
per day (boepd) Moody's expect Cairn India Ltd. (unrated) to
generate around $1.0 billion of EBITDA in FY2016 compared with the
$2.347 billion of EBITDA reported in FY 2014 on a working interest
of 137.1k boepd and an average Brent price of $107.6/bbl.

Moody's anticipates some increase in production of zinc and
aluminium in India where existing assets are being developed while
cheaper fuel should lead to lower mining costs across the group.
Its copper mining interests remain a challenge and Moody's regards
any increase in Indian iron ore production as a bonus.

"Despite the best efforts of management, the drop in EBITDA of
over $1.3 billion from Cairn cannot be easily offset and so from
an EBITDA level of $5.2 billion seen in FY 2014, Moody's expect
EBITDA of around $4.0 billion to $ 4.2 billion in FY2016," says
Alan Greene, a Moody's Vice President, Senior Credit Officer.

The resulting fall in cash flow will lead to a reduction in free
cash flow but Moody's expect the company to take steps to reduce
expansionary capital expenditure. However, in order to mitigate
the lost contribution from oil, the company will need to spend
varying amounts on capital expenditure to achieve more output from
its iron ore mining, its aluminium operations and the zinc
business in India. Nevertheless, future exploration and production
capex at Cairn together with spending on the Gamsberg zinc
development, could be reined in and total capex is likely to be
below the $2.2 billion spent in FY2014.

"As a result Moody's expect Vedanta's gross leverage, or
debt/EBITDA, to end FY 2016 at 4.3x compared with around 3.9x for
FY2015, with the peak level probably occurring at the interim
FY2016 stage", says Greene, who is Lead Analyst for Vedanta.

During the remaining 10 weeks of FY2015, several developments are
expected that could add to the pressure on Vedanta's balance sheet
in the short-term. Vedanta is likely to be bidding in India's coal
mine auctions to replace its previously de-allocated coal block.
Moody's also expect the long drawn out negotiations and rulings on
the sale of the Government of India's interests in Hindustan Zinc
Ltd. (HZL, unrated) and BALCO to reach a conclusion.

Of these potential investments, GoI's 29.5% stake in HZL, worth
around $3.4 billion, is the largest, and in current market
conditions might be difficult to finance at an acceptable cost.
Vedanta's $8 billion of mutual fund and liquid investments cannot
be readily used for the transaction. Interest rates in India
recently moved lower and this will help Sesa Sterlite Ltd.
(unrated) with its working capital and other fund raising although
the returns on Vedanta's liquid investments, chiefly held at Cairn
India and HZL, are likely to reduce. If the purchase of HZL did
not occur, then a large proportion of funds in HZL could be
released as a dividend for upstreaming via Sesa Sterlite Ltd
(unrated) to the parent level companies.

Vedanta has $1.4 billion of term debt maturing in FY 2016, one of
the lowest amounts in recent years. In addition, there will be
short-term debt supporting the group's working capital needs to be
rolled over during the year. Therefore, in spite of the increase
in Vedanta's bond yields and the fall in its equity market
capitalisation to $1.6 billion, Moody's views the refinancing risk
as modest compared to recent years. In addition, Vedanta has
plenty of headroom with respect to the main financial covenant
behind Vedanta's parent company borrowings of net debt/EBITDA
below 2.75x.

The outlook is negative reflecting the pressure on leverage
arising from weak commodity prices and while measures to conserve
cash may well be undertaken and aluminium and zinc output
increase, the rate of decline in EBITDA is likely to outpace
reductions in debt. Furthermore, the rating would be stressed to
accommodate a straight purchase of HZL and BALCO but due
consideration would be given to the final structure of any such
transaction.

The outlook could be stabilized if commodity prices recover or on
the back of successful volume increases in the Indian zinc,
aluminium and iron ore businesses and if the company is successful
in preserving cash flow during the downturn by cutting capex.

The ratings could come under downwards pressure if 1) earnings
from its oil and base metal businesses weaken as a result of
depressed commodity prices or material obstructions to production;
2) the acquisition (if undertaken) of the Government of India's
stake in HZL fails to result in timely direct access to HZL's
liquid assets; and 3) Vedanta undertakes further acquisitions,
investments or shareholder remuneration policies that include
incremental debt that is not readily self-liquidating.

Moody's could downgrade Vedanta's ratings if the following credit
metrics are reached on a sustained basis; 1) Adjusted debt/EBITDA
is above 3.5-4.0x, 2) Its (CFO-DIV) / debt ratio falls below 15%;
3) EBIT/interest declines below 3.5x; or 4) if Vedanta
consistently generates negative free cash flow.

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

Headquartered in London, UK, Vedanta Resources plc ("Vedanta") is
a diversified resources company with interests mainly in India.
Its main operations are held by Sesa Sterlite Limited ("SSL"), a
62.9%-owned subsidiary which produces zinc, lead, silver,
aluminium, iron ore and power. In December 2011, Vedanta acquired
control, of Cairn India Limited ("CIL"), an independent oil
exploration and production company in India, which is now a 59.9%-
owned subsidiary of SSL. Listed on the London Stock Exchange,
Vedanta is 69.9% owned by Volcan Investments Ltd. For the year
ended March 2014, Vedanta reported revenues of US$14.6 billion and
EBITDA of US$4.5 billion.


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


NZF GROUP: Restructure Plans Up To Three Weeks Away
---------------------------------------------------
Suze Metherell at BusinessDesk reports that NZF Group said plans
for Inventory Technologies to use the listed financial services
shell for a reverse listing on the NZX are up to three weeks away
as it finalises documentation and applications to regulators.

BusinessDesk relates that NZF plans to acquire 100 percent of the
Christchurch-based healthcare technology business for NZ$5 million
via the issue of 20 million new shares at 25 cents apiece, while
also restructuring its own notes via a buyback and share issue as
well as asking noteholders to forgive all accrued but as yet
unpaid interest.  According to the report, the Auckland-based
finance company said it expects draft documentation for the
restructure will be lodged with regulators in the next 10 to 15
business days before then forwarding it to all stakeholders.

Inventory Technologies, owned by Peter Montgomery and Peter
Gillman, plans to commercialise its 'internet of things'
Cleversense healthcare management technology in the first quarter
of 2015, with its Clever Medkit product, a first aid kit which
connects to the cloud, monitoring its use and inventory, says
BusinessDesk.  NZF has said the company generates no meaningful
revenue and that has said noteholders will not "receive an
immediate recovery of the full face value of their capital
investment in the notes in cash," the report relays.

According to BusinessDesk, NZF's board has been looking for a
company to use its shell as a reverse listing after its largest
noteholder, Nessock Custodians, delayed liquidation at a special
meeting in August to try to find more value in the business. The
reverse takeover plans have the backing of Nessock Custodians,
which according to its annual report held 15.8 percent of NZF's
NZ$18 million in capital notes at June 13, the report notes.

BusinessDesk says the board first suggested liquidation in April.
Restructuring plans aimed at returning the company to
profitability fell over when auditor RSM Prince resigned a day
after NZF was forced to restate its first-half results for a
second time, according to the report.

The shares last traded in December 2013 at 1 cent, valuing the
firm at NZ$1.1 million, BusinessDesk adds.

NZF Group Limited (NZE:NZF)-- http://www.nzf.co.nz/-- is a
provider of financial services.  The Company provides a
diversified range of services including investment, lending,
insurance and mortgage broking. NZF operates in four divisions:
property finance, home loans, consumer finance and financial
services distribution.



================
S R I  L A N K A
================


SRI LANKA: Looks to IMF for Help as Debt Burden Climbs
------------------------------------------------------
Asantha Sirimanne and Anusha Ondaatjie at Bloomberg News report
that Sri Lanka's two-week-old government plans to start
discussions with the International Monetary Fund on reducing a
debt burden that grew under the previous administration, Finance
Minister Ravi Karunanayake said.

Karunanayake, who met IMF officials on Jan. 20, said in an
interview on Jan. 19 that President Maithripala Sirisena wanted to
reduce interest costs on the island nation's INR7.2 trillion ($55
billion) in total debt. He ended Mahinda Rajapaksa's 10-year rule
in a Jan. 8 election.

"We are initiating discussions on a new program," Bloomberg quotes
Karunanayake as saying. He declined to give further details, only
saying that "we will not be dictated to by any of these
multilateral agencies," Bloomberg relates.

According to Bloomberg, Karunanayake said Sirisena is seeking to
clean up Sri Lanka's finances and review the nation's growing ties
with China, which has provided funding for large infrastructure
projects. He plans to maintain fiscal discipline and eliminate
corruption while taxing the "super rich" to benefit the poor,
Karunanayake said.

About 40 percent of government revenues go to repaying interest on
borrowings, one of the highest among countries rated by Moody's
Investors Service, say Bloomberg.  Sri Lanka's debt burden of 78
percent of gross domestic product also remains higher than
similarly rated peers such as Vietnam and Kenya, in which the
median is 41 percent of GDP, the company said this month.

Bloomberg relates that Karunanayake said Sirisena is reviewing all
investment projects to ensure that they are done at a cheaper
cost.  That includes several China-backed projects, he said,
adding that Sirisena and others have been in touch with Chinese
President Xi Jinping over the investments, Bloomberg reports.

As reported in the Troubled Company Reporter-Asia Pacific on
July 10, 2014, Standard & Poor's Ratings Services affirmed its
'B+' long-term and 'B' short-term sovereign credit ratings on the
Democratic Socialist Republic of Sri Lanka.  The outlook remains
stable.  S&P's transfer and convertibility risk assessment on Sri
Lanka is unchanged at 'B+'.

The sovereign rating on Sri Lanka reflects the country's
relatively low levels of wealth, improving but still moderately
weak external liquidity, and a sizable government debt and
interest burden.  In addition, some of the country's political
institutions lack extensive checks and balances, posing risks to
Sri Lanka's institutional and governance effectiveness.



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


CTBC BANK: Fitch Keeps 'BB+' Support Rating Floor
-------------------------------------------------
Fitch Ratings has assigned CTBC Bank Co., Ltd.'s (CTBC Bank)
upcoming USD257m senior unsecured bonds a National Long-Term
Rating of 'AA+(twn)'.

The bonds carry a zero coupon rate and will mature on 27 January
2045 if there is no early redemption by CTBC Bank. The notes have
a soft call provision that allows for early redemption of all of
the notes on 27 January of each year beginning 2017. The bond
proceeds will be used to support CTBC Bank's diversified funding
base.

KEY RATING DRIVERS - Debt Rating

The senior unsecured bond is rated at the same level as CTBC
Bank's National Long-Term rating of 'AA+(twn)', which reflects the
relative vulnerability of default on its senior obligations within
a national scale for Taiwan. The bond constitutes direct,
unconditional and unsecured obligations of the bank and is rated
in accordance with Fitch's criteria on rating senior unsecured
bond instruments.

RATING SENSITIVITIES - Debt Rating

Any rating action on CTBC Bank's National Long-Term rating will
trigger a similar move on the debt rating.

The other ratings on CTBC Bank are unchanged and are as follows:

Long-Term Foreign Currency IDR of 'A'; Outlook Negative
Short-Term Foreign Currency IDR of 'F1';
National Long-Term Rating of 'AA+(twn)'; Outlook Negative
National Short-Term Rating of 'F1+(twn)';
Viability Rating of 'a';
Support Rating of '3'
Support Rating Floor of 'BB+'
Senior unsecured bonds' National Long-Term Rating of 'AA+(twn)';
Subordinated bonds' Long-Term Rating of 'A-' and National Long-
Term Rating of 'AA(twn)';
Perpetual cumulative New Taiwan dollar subordinated bonds' Long-
Term Rating of 'BBB' and
National Long-Term Rating of 'A+(twn)';
Perpetual cumulative US dollar subordinated bonds' Long-Term
Rating of 'BBB';
Perpetual non-cumulative New Taiwan dollar subordinated bonds'
(Basel III Additional Tier 1 capital) National Long-Term Rating of
'A(twn)';
Subordinated bonds' (Basel III Tier 2 capital) National Long-Term
Rating of 'AA-(twn)'



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


VIETNAM: May Force Weak Banks Into Bankruptcy
---------------------------------------------
John Boudreau and Nguyen Dieu Tu Uyen at Bloomberg News report
that Vietnam's central bank said it will push for bank mergers and
force weak institutions into bankruptcy as it intensifies an
overhaul of the country's banking system to boost growth.

The State Bank of Vietnam will step up measures to "drastically"
deal with weak banks that have no chance of recovery, according to
a statement on its website on Jan. 15, Bloomberg relays.  The
central bank "is putting its utmost efforts to quicken overhaul of
banks," it said.

According to Bloomberg, the Southeast Asian nation is targeting
2015 gross domestic product growth of 6.2 percent from 5.98
percent last year, as the economy shows signs of improvement on
rising exports and investment.  Bloomberg relates that the years-
long effort to clean up the banking system is a key component of
the government's drive to rejuvenate expansion, with lenders
facing a year-end deadline to reduce bad debt to below 3 percent
of total loans.

"They are looking at 2015 as a decisive year," Alan Pham, Ho Chi
Minh City-based chief economist at VinaCapital Group, the nation's
biggest fund manager, told Bloomberg by phone. "The central bank
is taking a more assertive role. If the banks get healthier this
year, maybe the 6.2 GDP growth is achievable."

The central bank expects six bank mergers to occur this year, it
said in its statement cited by Bloomberg. The nation's large state
banks are in a position to merge with weaker institutions, Pham
said.

"The state-owned banks are the ones with the heft to do it,"
Bloomberg quoted Mr. Pham as saying. "At the same time, if the
central bank thinks a weak bank is not salvageable, it is willing
to let it be declared bankrupt."

Vietnam's economic growth last year beat the government's 5.8
percent target. The World Bank forecasts the country's GDP growth
at 5.6 percent in 2015, Bloomberg relays.

The country's bad-debt ratio was forecast to fall to as low as 3.7
percent at the end of 2014 from 5.4 percent in September,
Bloomberg discloses citing Prime Minister Nguyen Tan Dung.



                             *********

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

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

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


                            *********


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

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

Copyright 2015.  All rights reserved.  ISSN: 1520-9482.

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

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



                 *** End of Transmission ***