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

                      A S I A   P A C I F I C

             Monday, May 12, 2014, Vol. 17, No. 92


                            Headlines


A U S T R A L I A

BJ BOOKBINDING: Placed in Administration
CRISTAL MINING: S&P Affirms 'B' CCR; Outlook Stable
PEPPER RESIDENTIAL: S&P Affirms BB Rating on Class E Notes
SPOTLESS GROUP: S&P Puts 'B' CCR on CreditWatch Positive
* AUSTRALIA: Pharmacy Insolvencies Tipped to Rise From Next Year


C H I N A

LOGAN PROPERTY: Moody's Assigns Ba3 Corporate Family Rating
LONKING HOLDINGS: Notes Redemption No Impact on Moody's B1 CFR
THENG HONG: Denies Rumours it Has Gone Bankrupt


I N D I A

9PLANETS PRODUCTS: CRISIL Assigns 'D' Rating to INR191MM Loans
AEROLAM INSULATIONS: CRISIL Puts 'B+' Rating on INR73MM Loans
ASSRM & CO: CRISIL Lowers Rating on INR50MM Loan to 'B+'
BHAGWATI LUMBERS: CRISIL Reaffirms 'B+' Rating on INR50MM Loans
CARRIER WHEELS: CRISIL Cuts Rating on INR300MM Loans to 'B'

COSMOS INFRA: CRISIL Reaffirms 'B' Rating on INR590MM Loans
DEVARSHEE COMPLEX: CRISIL Assigns 'B-' Rating to INR140MM Loans
DM CORPORATION: CRISIL Cuts Rating on INR900MM Loans to 'B-'
EASTERN PILING: CRISIL Reaffirms 'B+' Rating on INR50MM Loan
J H V SUGAR: CRISIL Rates INR500MM Cash Credit at 'B-'

KANDUKURI INDUSTRIES: CRISIL Cuts Rating on INR181.2MM Loans to D
KAVCON ENGINEERS: ICRA Cuts Rating on INR31cr Loans to 'D'
LION FOODS: CRISIL Assigns 'B+' Rating to INR50MM Loans
MAHARSHI RICE: ICRA Reaffirms 'B+' Rating on INR15.8cr Loans
MANPHO EXPORTS: CRISIL Reaffirms 'B-' Rating on INR55MM Loans

NATIONAL SPOT: Financial Technologies Chairman Arrested
OPTION OXIDES: ICRA Suspends 'D' Rating on INR27.95cr Loans
PRIDE COKE: CRISIL Reaffirms 'B-' Rating on INR201.4MM Loans
RUPAL PLASTICS: CRISIL Reaffirms 'B+' Rating on INR45MM Loans
SAI SANNIDHI: ICRA Reaffirms 'B' Rating on INR8cr Loans

SIDDHARTH CREATIONS: ICRA Assigns 'B' Rating to INR5cr Loans
SIMOLA VITRIFIED: ICRA Ups Rating on INR35.53cr Loans to 'B'
SIVADHARSHINI PAPERS: CARE Rates INR19.51cr Bank Loan at 'B'
SRI RAJU: ICRA Reaffirms 'B+' Rating on INR5.73cr Loans
SRI VENKATESWARA: ICRA Suspends 'B-' Rating on INR8cr Loan

SUKHRAS MACHINES: CARE Assigns 'B+' Rating to INR9cr Bank Loan
SURINDER KUMAR: ICRA Reaffirms 'B+' Rating on INR20cr Loan
T.ABDUL WAHID: CRISIL Reaffirms 'B+' Rating on INR50MM Loans
TANU MOTORS: CRISIL Reaffirms 'B' Rating on INR158MM Loans


I N D O N E S I A

SRI REJEKI: S&P Assigns 'BB-' CCR; Outlook Stable


J A P A N

MT. GOX: Creditors Win Preliminary Approval For Plan


N E W  Z E A L A N D

BLACKTOP CONSTRUCTION: Trade Creditors Left Out of Pocket


P H I L I P P I N E S

DEVELOPMENT BANK: S&P Raises Rating on Jr. Sub. Notes to BB+


                            - - - - -


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


BJ BOOKBINDING: Placed in Administration
----------------------------------------
Kathleen Vouris -- kvouris@hallchadwick.com.au -- David Ingram --
dingram@hallchadwick.com.au -- and Blair Pleash --
bpleash@hallchadwick.com.au -- of Hall Chadwick were appointed as
administrators of BJ Bookbinding & Printfinishing Pty Limited on
May 7.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 10, 575 Bourke Street, in Melbourne on
May 16, 2014, at 11:30 a.m.


CRISTAL MINING: S&P Affirms 'B' CCR; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B' corporate credit rating and issue ratings on Australia-based
mineral sands producer Cristal Mining Australia Ltd. (CMA).  The
outlook remains stable.  At the same time, S&P affirmed the
recovery rating of '4' on CMA's US$175 million bond.

The rating affirmation reflects S&P's view of CMA's stand-alone
credit profile (SACP) of 'b-' and its assessment of CMA's group
status as being "moderately strategic" to its parent, The National
Titanium Dioxide Co. (Cristal, not rated).  S&P's corporate credit
rating of 'B' includes a one-notch uplift from the 'b-' SACP, as
it believes that CMA is unlikely to be sold in the near term, and
that its parent is committed to supporting the business, including
the upcoming refinancing task of CMA's US$175 million bond due in
July 2014.  Standard & Poor's bases its ratings on the application
of our group ratings methodology, and an assessment of the group
credit profile of at least 'bb-'.

"We assess CMA's business risk profile as "vulnerable", due to its
narrow business focus, small size, and its cost position being at
the third quartile globally.  CMA's business shows asset
concentration as it derives the major portion its sales and
earnings from its Murray basin operations, about 90% of sales in
the fiscal year ended Dec. 31, 2013," said Standard & Poor's
credit analyst May Zhong.

S&P assess CMA's financial risk profile as "highly leveraged" due
to its high cash flow sensitivity to commodity price volatility.
S&P expects CMA's credit metrics to weaken slightly in 2014 from
2013's.  This is because of softening prices for higher grade
titanium dioxide (Tio2) feedstock and zircon with subdued demand
in Europe and Asia (ex-China).  S&P believes demand for these
products will move closely in line with weaker global economic
conditions.

The 'b-' SACP also incorporates a negative assessment of the
company's capital structure, but this has no impact on the rating.
The negative assessment reflects CMA's refinancing risk and its
debt maturity profile of less than 12 months on the company's only
significant debt, the US$175 million bond due in July 2014.

Ms. Zhong added: "The stable outlook reflects our expectation that
CMA will manage its refinancing task due in July 2014 and that no
major operational issues will occur at its two major mines,
Snapper and Gingko, amid challenging industry conditions."

The stable outlook also incorporates S&P's expectation that CMA's
credit metrics will fall within a wide range, given the company's
sensitivity to product prices.  Based on S&P's base-case
forecasts, it expects CMA's FFO/debt will be greater than 12% and
debt to EBITDA of less than than 4.0x, assuming no operational
issues.

S&P also expects CMA to fund its capital expenditure program ahead
of future mine developments, and that the company has the
flexibility to reduce its capital expenditure in the near term if
operating cash flows weaken.  In addition, the stable outlook
reflects S&P's view of CMA's "moderately strategic" importance to
its parent and Cristal's track record of assisting CMA's ongoing
operations and capital development by injecting equity.

S&P would consider lowering the rating if the refinancing of CMA's
US$175 million bond at about one month prior to maturity is still
uncertain.  A downgrade could also arise should product prices
further decline significantly or operational issues arise, making
CMA financially vulnerable.  This scenario could occur if S&P
views that CMA's financial commitments were no longer sustainable
without more favorable business, financial, and economic
conditions.  The rating could also be under pressure if there is
evidence of less support from Cristal or there is a significant
weakening in Cristal's capability and willingness to do so, should
CMA be under financial stress.

S&P considers an upgrade to be unlikely as it would need to see an
improvement in CMA's limited asset and business diversity.  Upward
prospects are also limited even if the company's financial profile
were to be much stronger than S&P's base-case expectation.


PEPPER RESIDENTIAL: S&P Affirms BB Rating on Class E Notes
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on seven
classes of nonconforming residential mortgage-backed securities
(RMBS) issued by G.T. Australia Nominees Ltd. as trustee of Pepper
Residential Securities Trust No.10 (PRST No. 10).  The rating
affirmations reflect S&P's opinion of the transaction's credit
support, collateral pool, servicer, and other features, based on
its current criteria and assumptions.

Based on S&P's latest performance review of these transactions,
the notes are performing within its current rating expectations.
The default rates of the transactions' underlying mortgage loan
receivables have been relatively low to date.  Total losses as of
March 31, 2014, were approximately 0.01% of the total original
asset balance.  Since the transaction's closing date, the asset
pool has amortized to a pool factor of approximately 72%.  The
level of arrears greater than 30 days total 5.3% of the pool.

The rated notes have benefited from an increase in credit
enhancement due to the amortization of the portfolio and the
principal payment structure, which has remained sequential to
date.  In addition, the transaction has benefited from a reverse
turbo mechanism, where excess spread has been utilized to pay down
class F notes, which has effectively created overcollateralization
for the transaction.

S&P's analysis has incorporated its expectation that further
defaults and losses may emerge; however, the current credit
enhancements are commensurate with the current ratings on the
notes.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional
regulatory disclosures that may apply to a transaction.

RATINGS AFFIRMED

Class     Rating
A-1       AAA (sf)
A-2       AAA (sf)
B         AA (sf)
C         A (sf)
D         BBB (sf)
E         BB (sf)
F         B (sf)


SPOTLESS GROUP: S&P Puts 'B' CCR on CreditWatch Positive
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
long-term 'B' corporate credit rating on Spotless Group Ltd. on
CreditWatch with positive implications.  The CreditWatch follows
the proposed sale of ordinary shares and listing (IPO) of Spotless
Group Holdings Ltd. on the Australian Stock Exchange (ASX).

"The proposed initial public offering will meaningfully improve
Spotless' financial risk profile.  Following completion of the
offer, the financial sponsor's control will reduce to about half
of the ordinary voting power of the outstanding voting shares,"
said Standard & Poor's credit analyst Graeme Ferguson.

S&P believes that the allocation of new shares and listing on the
ASX will prompt a step-change in the financial risk appetite of
the company.  A key rating consideration is the appointment of an
experienced independent board that S&P views as strengthening
corporate governance and reducing financial risk.  Under S&P's
base-case forecast, it expects Spotless to operate within its new
financial covenants that include a net leverage ratio of no
greater than 3.5x, and interest cover of not less than 3x.

Since Spotless' delisting in August 2012, the new management team
has implemented an ambitious restructuring program that has
materially improved Spotless' profitability.  Spotless has
achieved a considerable turnaround over a short period of time.
Indeed, the initial public offering prospectus forecasts EBITDA to
grow 116% over a three-year period to A$301.4 million at the year
ending June 30, 2015, from A$139.6 million at fiscal 2012 (pro
forma adjusted).  However, S&P is mindful of the risks associated
with any restructuring program, and its base-case forecast makes
allowances for the reinstatement of some costs.

In S&P's view, Spotless has a "fair" business risk profile,
underpinned by its strong brand recognition and leading position
in the Australian facilities services market.  Spotless is one of
the few facility service providers capable of offering integrated
services across a broad complement of business services.  In S&P's
view, Spotless is well positioned to capitalize on the ongoing
trend toward outsourcing from the corporate and government
sectors.

That said, some of the markets in which Spotless operates remain
highly fragmented and competitive with low barriers to entry,
exposing the group to a high degree of price competition.
Accordingly, effective systems and procedures for project costing
and input cost risk management remain critical success factors.

An important rating consideration and driver of future credit
quality will be the overall sustainability of cost reductions, as
well as the impact of these restructuring initiatives on contract
retention and forecast revenue growth.  Should Spotless deliver on
its strategy and forecasts as outlined in the IPO prospectus, S&P
considers that further rating upside is possible.

The most likely initial long-term corporate credit rating outcome
of 'BB-' incorporates some downside risk associated with the
sustainability of the restructuring program which although
implemented, is yet to be fully realized.  Although Spotless has
established a sound, albeit limited, track record of operating
with a leaner cost base, in S&P's opinion, some of the downside
risks may only become apparent over the medium term.

Mr. Ferguson added: "If the initial public offering is successful
in its current form, the long-term rating is likely to be raised
by two notches.  However, we cannot rule out further upside if we
believe the company's financial policies are consistent with a
"significant" financial risk profile or stronger. "


* AUSTRALIA: Pharmacy Insolvencies Tipped to Rise From Next Year
----------------------------------------------------------------
Rebecca Urban at The Australian reports that pharmacy insolvencies
have been tipped to rise to unprecedented levels from next year,
as Australia's largest drugs wholesaler slammed a high-level
review into government spending for perpetuating misconceptions
about the cost of the Pharmaceutical Benefits Scheme.

The Australian relates that with industry conditions set to
toughen following the introduction of accelerated price cuts for
medicines in October, stockbroker Taylor Collison has estimated
that about 300 pharmacies could collapse this year and next --
more than 5 per cent of the country's 5,300 community pharmacies.

Last year, about 100 pharmacies were placed into receivership --
including the NSW-based Harrisons Pharmacy chain -- a tally higher
than the previous 10 years combined, The Australian says.

The Australian notes that the forecast, which is based on analysis
of pharmacy fixed costs as well as discussions with operators, has
been validated by the Pharmacy Guild of Australia, which has
flagged similar concerns about the financial health of the sector.

It also follows posting of a AUD115 million half-year loss by
major wholesaler Australian Pharmaceutical Industries, which was
largely the result of writedowns of bad debts, the report relays.
The publicly listed group owns Priceline and Priceline Pharmacy,
and is also behind the Soul Pattinson and Pharmacist Advice banner
groups, the Australian notes.

According to the report, the worrying outlook emerged as Sigma
Pharmaceuticals chairman Brian Jamieson on May 8 took the National
Commission of Audit to task over its recommendations for the
sector, which were flagged in its controversial report earlier
this month.

Speaking at Sigma's annual meeting in Melbourne, Mr. Jamieson said
it was disappointing that the commission, chaired by Tony
Shepherd, did not consult broadly with the industry before making
its recommendations, which have yet to be adopted by the federal
government, The Australian relates. He said the recommendations
appeared to be driven by key assumptions that the PBS was growing
at a rate that required "additional corrective measures," the
report relays.

"This appears to contradict the government's own 2013-14 mid-year
economic and fiscal outlook, which listed the PBS as the largest
single downward revision across the entire commonwealth budget,"
the report quotes Mr. Jamieson as saying.

"In fact, according to government figures, the PBS budgeted
forward estimates spend out to 2017 has declined by AUD$8.9
billion since the 2011-12 budget was first cast.

"The fact that this has been achieved during a period of
population growth and with ageing population does not point to a
PBS that is spiralling out of control."

The pharmacy industry has argued that it has already been subject
to significant funding cuts through various government reforms,
particularly the price disclosure regime, which was introduced in
2008 to drive down the price the government reimbursed pharmacists
for dispensing medicines once they came off patent and typically
fell drastically in price, The Australian reports.



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


LOGAN PROPERTY: Moody's Assigns Ba3 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba3 corporate
family rating to Logan Property Holdings Company Limited.

The outlook for the ratings is stable.

Ratings Rationale

"Logan's Ba3 corporate family rating reflects the company's track
record of developing residential properties in Guangdong Province
and its role as a leading developer in Shantou, Nanning and
Huizhou," says Franco Leung, a Moody's Assistant Vice President
and Analyst.

Its total revenue increased to RMB11.1 billion in 2013 from RMB3.4
billion in 2011. It also achieved RMB13.2 billion of contracted
sales in 2013, a notable rise from RMB9.7 billion in 2012.

Such a scale of operation is comparable to similarly rated peers.

Its focus on mass-market products supports sales growth and helps
to generate pre-sales cash flow, and so lower its reliance on debt
funding.

"Logan has demonstrated a prudent approach to financial and cost
management, and which has resulted in relatively strong financial
metrics when compared with its domestic peers," adds Leung, also
the Lead Analyst for Logan.

Because of its ability to appropriately manage a fast rate of
turnover, it has reduced debt and delivered strong revenue, as
evidenced by revenue to gross debt improving to 124% in 2013 from
57% in 2011.

The company has also been cautious in its land acquisitions,
ensuring that its land cost remains low relative to its sale
prices.

At end-2013, its average land cost was RMB1,045 per square meter,
or about 14% of the average selling price for its contracted sales
in 2013.

In addition, it exerts effective control of construction costs
through the use of its own construction company. Its gross profit
and EBITDA margins were 37.1% and 30.8% in FY2013 respectively,
relatively high when compared with its similarly rated peers.

The success of its approach to financial and cost management is
shown in its EBITDA/interest which improved to 5.2x in 2013 from
2.6x in 2011.

Moody's expects the company to continue growing in scale and will
take on further debt in the next 2 years. But EBITDA/interest is
unlikely to fall below 4x, a level which is strong when compared
with its Ba3 peers.

"Logan's adequate liquidity position also supports its Ba3
rating," adds Leung.

Logan had cash of RMB4.5 billion at end-2013 which covers well its
short- term debt of RMB2.8 billion.

"On the other hand, Logan's rating is constrained by the company's
geographical concentration and focus on lower-tier cities within
Southern China," adds Leung.

Logan's operations are concentrated in Guangdong and Guangxi
provinces, which accounted for about 96% of the value of its 2013
contracted sales.

Unless the company implements further geographic expansion, its
sales performance could be affected by the economic cycle in these
markets.

In addition, its rating is constrained by the limited diversity of
its funding channels.

The company's borrowings are primarily in the form of onshore bank
loans and trust loans. It will take time for it to improve its
access to offshore funding, given its relative short listing
history.

The stable outlook reflects Moody's expectation that Logan will
continue to cautiously manage its expansion and maintain adequate
liquidity -- in terms of cash holdings, operating cash flows, and
borrowings -- to fund its current and future projects.

Upward rating pressure could emerge if the company: (1)
consistently meets its sales targets and continues to implement
its disciplined approach to acquiring land and managing its
financials; (2) maintains stable profitability through business
cycles; (3) grows in scale and diversity in its funding sources;
and (4) maintains good liquidity, with a minimum cash balance of
more than 150% of its short-term debt; or (4) can maintain
EBITDA/interest coverage consistently above 4.5x - 5x and
revenue/debt above 100%.

Downward rating pressure could emerge if (1) Logan's liquidity and
operating cash flow generation weaken, due to lower-than-expected
contracted sales growth, aggressive land acquisitions, or the
emergence of more severe conditions in China's property sector;
(2) profit margins come under pressure, which would in turn
negatively affect interest coverage and financial flexibility; or
(3) the company engages in material debt-funded acquisitions.

Credit metrics that Moody's  would consider for a downgrade
include the company's: (1) cash balance dropping below 100% of
short-term debt and (2) EBITDA interest coverage dropping below
3.5x, and (3) revenue/debt dropping below 80% on a sustained
basis.

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

Established in 1996, Logan Property Holdings Company Limited is a
property developer based in Shenzhen and principally focused on
residential projects in Shantou, Nanning and Huizhou. It was
listed on the Hong Kong Stock Exchange in December 2013. As of
December 2013, it had a land bank of 11 million sqm in gross floor
area across 11 cities in China, including Shantou, Nanning, and
cities in the Pearl River Delta.


LONKING HOLDINGS: Notes Redemption No Impact on Moody's B1 CFR
--------------------------------------------------------------
Moody's Investors Service says Lonking Holdings Limited's
announced redemption of its 2016 USD notes will not affect its B1
corporate family and senior unsecured bond ratings.

The outlook for the ratings remains negative.

"We expect Lonking's debt maturity profile to improve slightly, as
it plans to fund part of the repayment through long-term funding
from banks," says Jiming Zou, a Moody's Assistant Vice President
and Analyst.

"But Lonking's liquidity position remains vulnerable because of
the long collection period of its trade receivables," adds Zou,
who is also the Lead Analyst for Lonking.

"In addition, the poor quality of its loan receivables from sales
agencies will not be resolved in the near future."

Moody's expects it will take time for the company to collect the
overdue amounts because its customers in the mining and
construction industries, and downstream traders and distributors,
are facing weak operating environments and tight credit
conditions.

Moreover, China's slowing GDP growth will lead to only a limited
improvement in the company's financial profile over the next 12-18
months.

The principal methodology used in this rating was Global
Manufacturing Industry, published in December 2010.

Lonking Holdings Limited is a manufacturer and supplier of heavy
machinery in Mainland China. The company focuses on the production
of wheel loaders and excavators, which accounted for 65.6% and
9.6% of its total revenues in 2013.

Lonking also makes road rollers, forklifts, and other types of
construction machinery.

Its four manufacturing plants are based in Shanghai, Zhengzhou,
Fujian and Jiangxi and the majority of its products target the
domestic market.

The company was listed on the Hong Kong Stock Exchange in 2005.


THENG HONG: Denies Rumours it Has Gone Bankrupt
-----------------------------------------------
The South China Morning Post reports that Theng Hong Heavy
Engineering, formerly known as Sichuan Tengzhong Heavy Industrial
Machinery, denied online rumours that it has gone bankrupt and
ceased operations.

The report relates that Lanjinger, a Sina Weibo account run by
mainland reporters, alleged Theng's major shareholder Li Yan had
gone missing. The South China Morning Post is unable to confirm
this claim.

SCMP notes that Theng and Li, who also has the Tibetan name Suo
Lang Duo Ji and the western name Dominique Shannon, were in the
news when Theng, then known as Tengzhong, and Li jointly tried to
acquire US jeep maker Hummer from US car giant GM but failed to
gain the approval of the Chinese government in 2010.

According to the report, Theng said in a statement on its website
that it was operating normally and its major shareholder, Sichuan
Huatong Investment, another mainland firm controlled by Li, was
not directly involved in its day-to-day operations.

Other shareholders had taken over the company to ensure it
continued to operate normally, while Theng and its subsidiaries
had no bad credit record, it said, the report relays.

Theng Hong Heavy Engineering is a machinery maker headquartered in
Chengdu, the capital of Sichuan province.



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I N D I A
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9PLANETS PRODUCTS: CRISIL Assigns 'D' Rating to INR191MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of 9Planets Products Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            41        CRISIL D
   Term Loan             150        CRISIL D

The rating reflects instances of delay in servicing 9PPPL's term
debt obligations. The company's liquidity pressures are
attributable to delays in stabilization of its PVC manufacturing
project.

9PPPL's rating also factors its initial stage of operations in the
competitive PVC sheet manufacturing business. These rating
weaknesses are partially offset by the benefits that the company
derives from its promoter's extensive entrepreneurial experience.

9PPPL, incorporated in 2012, is engaged in PVC sheet
manufacturing. The company has a manufacturing unit at Khed, Pune
(Maharashtra). 9PPPL is promoted by Mr. Shekar Parab and his wife
Mrs. Aishwarya Parab. The company started its commercial
operations in December 2013.


AEROLAM INSULATIONS: CRISIL Puts 'B+' Rating on INR73MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Aerolam Insulations Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            37        CRISIL B+/Stable
   Term Loan              36        CRISIL B+/Stable

The rating reflects AIPL's leveraged capital structure, modest
scale of operations in the reflective insulation material segment,
and large working capital requirements. These rating weaknesses
are partially offset by the extensive experience of AIPL's
management and its healthy profitability.

Outlook: Stable

CRISIL believes that AIPL will continue to benefit over the medium
term from its management's experience and its well-accepted
products in the reflective insulation industry. The outlook may be
revised to 'Positive' if AIPL reports significant growth in
revenue and profitability, leading to better accruals and
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of significant decline in AIPL's
accruals, or deterioration in its working capital management, or
large debt-funded capital expenditure, weakening the company's
financial risk profile.

AIPL, incorporated in 2011, was established by Patel family of
Ahmedabad (Gujarat). The company manufactures reflective roof
insulation and air bubble insulation material.

For 2012-13 (refers to financial year, April 1 to March 31), AIPL
reported a net loss of INR9.3 million on net sales of INR28
million. The company registered, on a provisional basis, net sales
of about INR78.4 million for 2013-14.


ASSRM & CO: CRISIL Lowers Rating on INR50MM Loan to 'B+'
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of ASSRM & Co to 'CRISIL B+/Stable' from 'CRISIL BB-/Negative',
while reaffirming its rating on the firm's short-term bank
facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Buyer Credit Limit     70        CRISIL A4 (Reaffirmed)

   Cash Credit            50        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Negative')

The rating downgrade reflects CRISIL's belief that ASSRM's
liquidity will remain weak over the medium term marked by weak
cash accruals driven by muted demand for its products. Owing to
weak cash accruals, the firm has to depend extensively on debt to
meet its working capital requirements; its bank lines were highly
utilised at an average 98 per cent for the 10 months ended August
2013. Significant debt and limited accruals are expected to weaken
the firm's debt protection metrics over the medium term.

The rating also reflects ASSRM's below-average financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics, and its exposure to risks related to intense
competition in the agricultural (agro)-commodities trading
business, and to volatility in foreign exchange (forex) rate and
agro-commodity prices. These rating weaknesses are partially
offset by the firm's established market position, and strong
relationships with suppliers and customers.

For arriving at the ratings, CRISIL has now considered the
business and financial risk profiles of ASSRM on a standalone
basis. Previously, CRISIL had combined the business and financial
risk profiles of ASSRM and Sri Annai Agencies (SAA), together
referred to as the Annai group. The change in analytical approach
follows the communication from ASSRM's management that there will
be no financial linkages between the two entities, and that the
firms will be managed independently.

Outlook: Stable

CRISIL believes that the ASSRM will continue to benefit over the
medium term from its promoters' extensive experience in the agro-
commodities trading business. The outlook may be revised to
'Positive' if the firm significantly improves its profitability,
leading to a better capital structure, and efficiently manages its
working capital. Conversely, the outlook may be revised to
'Negative' if ASSRM's financial risk profile deteriorates further,
most likely because of a decline in its margins caused by
volatility in forex rates or commodity prices, or withdrawal of
capital by its promoters.

ASSRM, based in Chennai (Tamil Nadu) is promoted by Mr. V S
Sundaralingam and his family. The firm trades in agro-commodities,
including pulses such as dal, moong, and lentils. It imports these
pulses and sells them to other group entities and other retailers
in and around Chennai.


BHAGWATI LUMBERS: CRISIL Reaffirms 'B+' Rating on INR50MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhagwati Lumbers Pvt
Ltd continue to reflect BLPL's small scale of operations in the
intensely competitive timber industry, leading to low
profitability, and its susceptibility to changes in regulations
relating to timber import.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           30         CRISIL B+/Stable (Reaffirmed)

   Letter of Credit     130         CRISIL A4 (Reaffirmed)

   Proposed Cash
   Credit Limit          20         CRISIL B+/Stable (Reaffirmed)

   Proposed Letter
   of Credit             20         CRISIL A4 (Reaffirmed)

The ratings also factor in the company's weak financial risk
profile, marked by an average total outside liabilities to
tangible net worth ratio and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive experience
of BLPL's promoters in the timber business, and its moderate
working capital requirements.

Outlook: Stable

CRISIL believes that BLPL will continue to benefit over the medium
term from its long track record in the timber industry. CRISIL,
however, also believes that the company's financial risk profile
will remain constrained over this period by its small net worth
and weak interest coverage ratio. The outlook may be revised to
'Positive' if BLPL increases its scale of operations, leading to
improvement in its financial risk profile, particularly its debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile weakens, most
likely because of large debt-funded capital expenditure, or a
stretch in its working capital cycle, or a decline in its revenue
and profitability.

BLPL, incorporated in 2007, is owned and managed by Mr. Sanjeev
Bansal and his brothers, Mr. Praven Bansal and Mr. Mukseh Bansal.
The company processes, and trades in, timber logs. BLPL has a
timber processing plant in Gandhidham (Gujarat). It also has
branch offices at Karnal (Punjab) and New Delhi to cater to
customers in North India.


CARRIER WHEELS: CRISIL Cuts Rating on INR300MM Loans to 'B'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Carrier Wheels Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', and has assigned its 'CRISIL A4' rating to the
company's short-term bank facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          --------      -------
   Bank Guarantee          25        CRISIL A4 (Reassigned)

   Proposed Long Term     233.2      CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Long Term Loan          24.3      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Cash Credit             42.5      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects CWPL's muted scale of operations in
2013-14 (refers to financial year, April 1 to March 31), primarily
resulting from the higher gestation period in receiving approvals
from various large and mid-size tractor manufacturers, along with
intense competition in the wheel manufacturing industry. CWPL is
expected to have generated low accruals during the year, resulting
in weak debt protection metrics. CRISIL believes that the
company's business and financial risk profiles will remain under
pressure over the medium term because of the weak demand from
automobile manufacturers.

The ratings reflect CWPL's below-average financial risk profile,
marked by weak debt protection metrics, and working-capital-
intensive operations. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in the
automotive component industry.

Outlook: Stable

CRISIL believes that CWPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in the company's scale of operations and better-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' if CWPL generates lower-than-expected cash accruals, or
it has substantial working capital requirements, resulting in
pressure on its liquidity.

CWPL was incorporated on April 19, 2010, to manufacture wheels for
automobile, agricultural equipment, and commercial and
construction equipment. It has its manufacturing facility at
Shamli (Uttar Pradesh), and is promoted by Mr. Varun Jain.


COSMOS INFRA: CRISIL Reaffirms 'B' Rating on INR590MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Cosmos Infra
Engineering (India) Ltd (Cosmos) continues to reflect Cosmos'
exposure to high implementation and salability risks, and
susceptibility to cyclicality inherent in the real estate
industry. These rating weaknesses are partially offset by the
extensive industry experience of Cosmos' promoter.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          --------     -------
   Overdraft Facility     170       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     150       CRISIL B/Stable (Reaffirmed)
   Term Loan              270       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Cosmos will continue to benefit over the
medium term from its promoter's extensive experience in the
construction and real estate industry. However, timely receipt of
customer advances and sale of units in the on-going and planned
projects will remain key rating sensitivity factors. The outlook
may be revised to 'Positive' if the company completes and sells
its real estate projects without considerable time and cost
overruns. Conversely, the outlook may be revised to 'Negative' if
delays in receipt of customer advances affect timely
Completion of Cosmos' projects and its debt repayment.

Update
Cosmos has almost completed sales of the Cosmos Golden Heights
project in Ghaziabad (Uttar Pradesh) and Cosmos Greens Phase 2
(CG-2) in Bhiwadi (Rajasthan). Cosmos Greens Phase 1 launched in
2006-07, was completed in 2011-12 with 100 per cent sales of the
residential flats. More than 98 per cent of the flats in Golden
Heights and CG-2 were sold as on March 31, 2014. Though, both the
projects were expected to be completed by 2012-13 (refers to
financial year, April 1 to March 31); muted demand in the real
estate sector has affected salability of the projects. CRISIL
believes Cosmos will remain exposed to cyclicality inherent in the
real estate industry.

Cosmos Express-99, Gurgaon, was launched in 2011-12 with estimated
project cost of around INR2.03 billion. The project, which has 350
flats, has received bookings of around 57 per cent and is expected
to be complete by 2014-2015. As per the proposed funding mix,
around 36 per cent of the project funding was through customer
advances and the rest through bank debt and equity infusion.
Since, it is one of the largest projects undertaken by the
company, its timely completion along with receipt of customer
advances will remain a key rating sensitivity factor for the
company.

The company commenced execution of the third phase of Cosmos
Greens and also has planned projects in Saharanpur (Uttar Pradesh)
and Daruhera (Haryana) whose timely completion and sales without
any significant cost overruns will remain a key rating sensitivity
factor for Cosmos.

Incorporated in 1986 by Mr. Vinod Mittal, Cosmos develops group
housing and residential societies, townships, malls, hotels, and
corporate offices, mainly in North India. COSMOS is undertaking
four projects: Cosmos Golden Heights in Ghaziabad; Cosmos Greens
Phase II and Phase III in Bhiwadi; and Cosmos Express 99 in
Gurgaon.


DEVARSHEE COMPLEX: CRISIL Assigns 'B-' Rating to INR140MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Devarshee Complex.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Project Loan           95        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     45        CRISIL B-/Stable

The rating reflects DC's high exposure to risks related to
implementation, demand, and funding of its large ongoing project
due to the initial stages of construction and its weak liquidity
owing to low customer advances and upcoming large debt repayments.
The rating also factors in the firm's vulnerability to risks and
cyclicality inherent in the Indian real estate industry. These
rating weaknesses are partially offset by the extensive industry
experience of DC's promoters.

Outlook: Stable

CRISIL believes that DC will continue to benefit over the medium
term from its promoters' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' if it
attracts better-than-expected bookings and significantly improves
its cash inflows along with sanctioning of new project loan
improving firm's liquidity. Conversely, the outlook may be revised
to 'Negative' if DC's liquidity is constrained, most likely due to
time or cost overrun in its project, or lower-than-expected
advances from customers, resulting in reduced cash inflows and
pressure on servicing its debt obligations in a timely manner.

DC, based at Pune (Maharashtra) and established in 2012, is a
partnership firm, with Mr. Popat Ranawade and Mr. Avdhoot Raykar
of Pune as partners. The firm is engaged in real estate
development. It is currently undertaking the construction of a
residential project, Devarshee Complex, in Pune.


DM CORPORATION: CRISIL Cuts Rating on INR900MM Loans to 'B-'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of DM Corporation Pvt Ltd (DMCPL; part of the DM group) to 'CRISIL
B-/Negative' from 'CRISIL B+/Stable', while reaffirming its rating
on the company's short-term facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        300        CRISIL A4 (Reaffirmed)

   Cash Credit            40        CRISIL B-/Negative (Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Term Loan      7.9      CRISIL B-/Negative (Downgraded
                                    from 'CRISIL B+/Stable')

   Term Loan             492.1      CRISIL B-/Negative (Downgraded
                                    from 'CRISIL B+/Stable')

   Working Capital       360        CRISIL B-/Negative (Downgraded
   Term Loan                        from 'CRISIL B+/Stable')

The rating downgrade reflects the substantial pressure on the
DMCPL's liquidity stemming from a large bullet repayment of INR360
million in June 2014. The group is not expected to generate
adequate accruals to meet the repayment. Though the promoters are
expected to infuse funds in the group to support its liquidity,
the extent of fund infusion and its timelines remain key rating
sensitivity factors. The liquidity pressure is compounded by
substantial weakening in the DMCPL's business risk profile, marked
by low revenue, estimated at INR380 million for 2013-14 (refers to
financial year, April 1 to March 31), with receivables of about
INR280 million outstanding for over a year.

The ratings reflect the DMCPL's reduced scale of operations, high
outstanding receivables, and large debt obligations, exerting
severe pressure on its liquidity. These rating weaknesses are
partially offset by the extensive industry experience of the
group's promoters.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DMCPL and Mohite & Mohite (M&M). This
is because the two entities, together referred to as the DM group,
have a common management, are in a similar line of business, and
have fungible cash flows between them.

Outlook: Negative

CRISIL believes that DM group's liquidity will remain constrained
over the medium term by the large bullet repayment, inadequate
cash accruals, and stretch in receivables. The ratings may be
further downgraded if the promoters fail to infuse funds to
service the debt in timely manner. Conversely, the outlook may be
revised to 'Stable' if the group's liquidity improves
substantially, backed by higher-than-expected net cash accruals
and a better debtor cycle, leading to timely debt servicing.

DMCPL primarily undertakes construction of infrastructure
projects, such as earthen dams, canals, hydroelectric projects,
earth-moving projects, industrial construction, and urban
infrastructure projects. Mr. Dilip Mohite is the current managing
director. M&M is a sub-contractor for DMCPL.

DMCPL reported a net loss of INR27 million on net sales of INR224
million for 2012-13, as against a net loss of INR0.3 million on
net sales of INR548 million for 2011-12.


EASTERN PILING: CRISIL Reaffirms 'B+' Rating on INR50MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Eastern Piling and
Construction Pvt Ltd continue to reflect EPCPL's limited scale of
operations, the geographical and segmental concentration in its
operations, and its modest financial risk profile marked by small
net worth. These rating weaknesses are partially offset by the
extensive experience of EPCPL's promoters in the transmission
tower industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        50         CRISIL A4 (Reaffirmed)
   Cash Credit           50         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that EPCPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if EPCPL improves its
business risk profile, most likely through geographical and
segmental diversification leading to ramp-up in operations, or
improves its capital structure. Conversely, the outlook may be
revised to 'Negative' in case of weakening of the company's
financial risk profile, most likely caused by large working
capital requirements or low cash accruals or debt-funded capital
expenditure.

Update
EPCPL's revenue is estimated to have declined by around 7 per cent
year-on-year to around INR90 million in 2013-14 (refers to
financial year, April 1 to March 31), because of delay in
execution of its existing projects on account of delay in getting
approval from forest department and muted demand because of lower
capacity addition in the power industry. The company's margins
remained low, in a range of 13 to 15 per cent, over the past four
years, and are expected to remain at similar levels over the
medium term.

The company's operations are highly working-capital-intensive, as
reflected in its estimated gross current assets (GCAs) of around
340 days as on March 31, 2014; the GCA days were at a similar
level in the past. The GCA days emanate from the company's large
debtors of around 250 days. As a result, the company's bank limit
utilisation was high, averaging over 90 per cent, for the 12
months through March 2014.

EPCPL's net worth is estimated to have remained small, at INR35
million as on March 31, 2014, limiting its financial flexibility
to meet any exigency. The company has large debt, contracted to
fund working capital requirements; large debt and small net worth
resulted in estimated moderate gearing of around 1.14 times as on
March 31, 2014.

EPCPL was established in 1991 in Cuttack (Odisha) by Mr. Abhay
Kumar Das. The company mainly builds and commissions high-tension
power lines and substations on turnkey basis. It also undertakes
repair work, mainly for private sector entities.


J H V SUGAR: CRISIL Rates INR500MM Cash Credit at 'B-'
------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of J H V Sugar Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           500        CRISIL B-/Stable

The rating reflects JHV's exposure to funding and implementation
risks on its 20-megawatt (MW) cogeneration power project, and to
regulatory risks in the sugar industry. The rating also factors in
JHV's low operating profitability and weak debt protection
indicators. These weaknesses are partially offset by the extensive
experience of JHV's promoters in the sugar industry.
Outlook: Stable

CRISIL believes that JHV will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if the company increases its scale of
its operations and profitability significantly, while maintaining
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if JHV's financial risk profile weakens, most likely
because of low profitability and accruals or large debt-funded
capital expenditure.

J H V Sugar Ltd (JHV) was incorporated in 1997 by Mr. Jawahar Lal
Jaiswal to set up a sugar manufacturing unit in Uttar Pradesh. The
company commenced operations in 2000, with a capacity of 2500
tonne crushed per day (tcd). The capacity was later increased to
4500 tcd in 2006. The company's manufacturing unit is at
Maharajganj (Uttar Pradesh). JHV is also implementing 20-MW
cogeneration power plant, which is expected to begin operations in
December 2014.

For 2012-13 (refers to financial year, April 1 to March 31), JHV
reported a profit after tax (PAT) of INR3.07 million on net sales
of INR5.95 billion, against a PAT of INR2.5 million and net
revenues of INR4.66 billion for the previous year.


KANDUKURI INDUSTRIES: CRISIL Cuts Rating on INR181.2MM Loans to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Kandukuri Industries Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         13        CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit            48        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Proposed Long Term      3.2      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB/Stable')

   Standby Line of         2.0      CRISIL D (Downgraded from
   Credit                           'CRISIL BB/Stable')

   Term Loan             115        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

The rating downgrade reflects instances of delay by KIPL in
servicing its debt; the delays have been caused by the company's
weak liquidity resulting from its large working capital
requirements.

KIPL has a modest scale of operations in the intensely competitive
fabrics and ready-made garments industry, and its profitability
margins are susceptible to volatility in raw material prices.
However, the company has a diversified revenue profile and
benefits from its promoters' extensive industry experience.

KIPL was originally incorporated in 1995 as Kandukuri Garments Pvt
Ltd, which was renamed in 2008. The company, promoted by Mr. K V
Satyanarayana, weaves fabric and manufactures ready-made garments
for men.

KIPL also operates a 100-bed hospital, Kandukuri Hospitals, in
Kavali (Andhra Pradesh). It diversified into the infrastructure
sector in 2011, and undertakes construction of canals. The textile
division accounts for around 80 per cent of the company's revenue,
and the hospital and infrastructure division account for the
balance 20 per cent.


KAVCON ENGINEERS: ICRA Cuts Rating on INR31cr Loans to 'D'
----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR31.00
crores (enhanced from INR28 crores) long term loans fund based
bank facilities of Kavcon Engineers Private Limited from [ICRA]C
to [ICRA]D. ICRA has also downgraded the short-term rating for the
INR3.00 Crore (revised from INR6 Crore) bank facilities of KEPL to
[ICRA]D from [ICRA]A4.

The revised rating reflects delays in debt servicing by KEPL and
restructuring of debt payments due to stressed condition of
company on account of high overdue receivables and nonmoving
stocks.

In ICRA's view, timely servicing of debt obligations by the firm
would be the key rating sensitivities going forward.

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


LION FOODS: CRISIL Assigns 'B+' Rating to INR50MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Lion Foods Pvt Ltd (LFPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             14.6       CRISIL B+/Stable
   Packing Credit       100         CRISIL A4
   Proposed Long Term
   Bank Loan Facility    35.4       CRISIL B+/Stable

The ratings reflect LFPL's modest scale of operations in the
highly competitive fruit processing industry, and the
susceptibility of its operating margin to the performance of the
mango season and to volatility in foreign exchange rates. These
rating weaknesses are partially offset by its promoters' extensive
industry experience, and the proximity of its unit to the mango-
growing belt of Junagarh (Gujarat).

Outlook: Stable

CRISIL believes that LFPL will continue to benefit over the medium
term from the experience of its promoters in the fruit processing
industry. The outlook may be revised to 'Positive' in case of
higher than expected ramp up in the company's scale of operations
and improvement in its profitability, along with efficient working
capital management. Conversely, the outlook may be revised to
'Negative' in case of weakening of LFPL's financial risk profile,
most likely due to lower-than-expected cash accruals, or a
substantial increase in its working capital requirements, or large
debt-funded capital expenditure.

Established in 2008, LFPL is engaged in processing and export of
mango pulp. The company is promoted by Mr. Hardasbhai Maru and Mr.
Joshibhai.

LFPL reported a net profit of INR0.91 million on net sales of
INR147 million for 2012-13 (refers to financial year, April 1 to
March 31) as against net profit of INR1.44 million on net sales of
INR109 million in 2011-12.


MAHARSHI RICE: ICRA Reaffirms 'B+' Rating on INR15.8cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR13.00
crore fund based limits (enhanced from INR8.05 crore) and INR2.80
crore (revised from NIL) unallocated limits of Maharshi Rice Mills
Private Limited at [ICRA]B+. ICRA has also assigned short term
rating of [ICRA]A4 to INR0.25 crore fund based limits (revised
from NIL) and INR0.35 crore non fund based limits of MRMPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits     13.00        [ICRA]B+ reaffirmed
   Unallocated            2.80        [ICRA]B+ reaffirmed
   Fund based limits      0.25        [ICRA]A4 assigned
   Non Fund based
   Limits                 0.35        [ICRA]A4 assigned

The reaffirmation of rating continues to be constrained by
intensely competitive nature of rice industry with presence of
several small-scale players which further increases the pressure
on the operating margins; and weak financial risk profile of the
firm characterised by high gearing levels of 3.52 times, low
profitability of operating margin 4.62% & modest interest coverage
ratio at 2.44 times in FY2013. This apart, the ratings are also
constrained by the susceptibility of profitability & revenues to
agro-climatic risks which impact the availabilithy of the paddy in
adverse weather conditions. The rating however takes comfort from
the long track record of the promoters in the rice mill business
and favorable demand prospects for rice with India being the
second largest producer and consumer of rice internationally.

Incorporated in the year 2005 as a Private limited company,
Maharshi Rice Mills Private Limited is engaged in milling of paddy
and produces raw rice and boiled rice. The rice mill is located at
Settipalem village of Nalgonda district, Andhra Pradesh. The
installed production capacity of the rice mill is 16 tons per
hour. The company is promoted by Mr. G. Srinivas and his wife Mrs.
G. Anitha who have more than 13 years experience in rice milling
business.

Recent Results
For 6mFY2014 (unaudited and provisional), the company reported an
operating income of INR27.74 crore and operating profits of
INR0.85 crore as against operating income of INR32.21 crore and
operating profits of INR1.49 crore in FY2013.


MANPHO EXPORTS: CRISIL Reaffirms 'B-' Rating on INR55MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Manpho Exports continue
to reflect Manpho's modest scale of operations and the
susceptibility of its profitability to volatility in raw material
prices; the ratings also reflect the firm's below-average
financial risk profile marked by weak debt protection metrics.
These rating weaknesses are partially offset by the benefits that
Manpho derives from its promoters' experience in the textiles
industry.

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

   Proposed Long Term
   Bank Loan Facility    15        CRISIL B-/Stable (Reaffirmed)

   Letter of Credit      10        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Manpho will continue to benefit over the
medium term from its promoters' experience in the textiles
industry. The outlook may be revised to 'Positive' if the firm
reports sustained growth in revenues while improving its working
capital management and profitability. Conversely, the outlook may
be revised to 'Negative' in case of pressure on the firm's
financial risk profile on account of lower-than-expected cash
accruals or larger-than-expected working capital requirements or
debt-funded capital expenditure or if there is any further
significant capital withdrawal from partners which would lead to
deterioration in its financial risk profile.

Manpho was set up as a partnership firm in 1989 by Mr. Lalith
Parekh and his family members. It manufactures products such as
curtains, quilts, cushion covers, bed sheets, and bags made of
cotton, silk, and polyester.


NATIONAL SPOT: Financial Technologies Chairman Arrested
-------------------------------------------------------
Bloomberg News reports that Mumbai police arrested Financial
Technologies (India) Ltd. (FTECH) Chairman Jignesh Shah as part of
their investigation into the biggest payment default in India's
commodity market.

Shah, 47, was arrested in Mumbai for "custodial interrogation" in
order for authorities to learn more about the payment default,
Mumbai Police Additional Commissioner Raj Vardhan Sinha said on
May 6 in a televised media briefing, Bloomberg relates.

Shreekant Javalgekar, the former chief executive of Multi
Commodity Exchange of India Ltd., also was arrested, Sinha, as
cited by Bloomberg, said.  Financial Technologies is the largest
shareholder in MCX, with a 26 percent stake, according to data
compiled by Bloomberg.

The National Spot Exchange Ltd., which Shah founded, was ordered
by the Indian government in July to halt trading, and it is the
subject of the probe, Bloomberg notes.

"The arrest was long overdue," Arun Dalmia, secretary of NSEL
Investors Forum, told Bloomberg. "Now, the process of recovering
the money will definitely speed up." The group was formed by
investors who lost money when the exchange defaulted, the report
notes.

The now-defunct NSEL broke rules by permitting the sale of goods
traders didn't keep in its warehouses, Bloomberg report citing
regulators.  Bloomberg says the turmoil for MCX began with the
government seeking details on NSEL's settlement cycle on July 14,
and deepened with the suspension of most contracts on the NSEL on
July 31.

National Spot Exchange is a Commodities exchange in India.
Financial Technologies (India) Ltd, promoted by Jignesh Shah,
controls 99.99% of NSEL.


OPTION OXIDES: ICRA Suspends 'D' Rating on INR27.95cr Loans
-----------------------------------------------------------
ICRA has suspended the '[ICRA]D' ratings assigned to the INR21.70
crore bank facilities of Option Oxides. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of requisite information from the firm.

                      Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Long-term fund         14.80        [ICRA]D Suspended
   based facility-
   Cash Credit

   Term Loans             6.90         [ICRA]D Suspended

   Short-term fund
   based facility-
   Export Packing
   Credit                 2.25         [ICRA]D Suspended

   Short-term non-
   fund based facility
   Letter of Credit       4.00         [ICRA]D Suspended

Option Oxides is a partnership firm, established in 2008, and is
engaged in the production of chemicals viz. zinc oxide, zinc
sulphate and manganese sulphate.  The firm has its registered
office at Mumbai and manufacturing facility at Ankleshwar,
Gujarat.


PRIDE COKE: CRISIL Reaffirms 'B-' Rating on INR201.4MM Loans
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Pride Coke Pvt
Ltd continues to reflect PCPL's working-capital-intensive
operations, and the susceptibility of its operations to
cyclicality in the end-user steel industry and to volatility in
coke prices. These rating weaknesses are partially offset by the
company's moderate scale of operations and stable customer base.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           160        CRISIL B-/Stable (Reaffirmed)
   Term Loan              41.4      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PCPL will continue to benefit over the medium
term from its moderate scale of operations and stable customer
base. However, its liquidity is likely to remain weak over this
period because of increasing working capital requirements. The
outlook may be revised to 'Positive' if the company's liquidity
improves, most likely because of a substantial increase in its
cash accruals or better working capital management. Conversely,
the outlook may be revised to 'Negative' if PCPL generates less-
than-expected cash accruals, or if its working capital cycle
lengthens, or if it undertakes a large debt-funded capital
expenditure programme, resulting in deterioration in its financial
risk profile, particularly in its liquidity.

PCPL was incorporated in 2004, promoted by Mr. Kamal Harlalka. The
company commenced operations in 2005. It manufactures low-ash
metallurgical coke and coke breeze at its unit in Guwahati
(Assam).


RUPAL PLASTICS: CRISIL Reaffirms 'B+' Rating on INR45MM Loans
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Rupal Plastics Pvt Ltd
continues to reflect RPPL's modest scale of operations and
exposure to price risks in respect of traded products. These
rating weaknesses are partially offset by the benefits that the
company derives from its promoter's extensive experience in the
polymers trading industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         5         CRISIL A4 (Reaffirmed)
   Cash Credit           45         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      37.5       CRISIL A4 (Reaffirmed)
   Overdraft Facility     2.5       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that RPPL will continue to benefit over the medium
term from its promoter's extensive experience in the polymers
trading industry. The outlook may be revised to 'Positive' in case
the company achieves significant and sustained improvement in its
revenues and margins, while it maintains its capital structure.
Conversely, the outlook may be revised to 'Negative' in case RPPL
registers significant decline in its revenues or margins, or there
is a stretch it its working capital cycle, or if the company
undertakes a large, debt-funded capital expenditure programme,
resulting in weakening in its financial risk profile

RPPL was set up in 1988 by Mr. Hemant Mehta. The company trades in
engineering polymers, which find application in white goods,
automobile parts, and electrical components. Its head office is at
Andheri in Mumbai (Maharashtra).

RPPL reported a profit after tax (PAT) of INR4.8 million on net
sales of INR426.7 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR5.1 million on net sales
of INR442.0 million for 2011-12.


SAI SANNIDHI: ICRA Reaffirms 'B' Rating on INR8cr Loans
-------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' assigned to
INR7.63 crore fund based limits (reduced from INR8.00 crore) and
INR0.37 crore (revised from NIL) unallocated limits of Sai
Sannidhi Agro Tech.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits      7.63        [ICRA]B reaffirmed
   Unallocated            0.37        [ICRA]B reaffirmed

The reaffirmation of rating continues to be constrained by
intensely competitive nature of rice industry with presence of
several small-scale players which further increases the pressure
on the operating margins; weak financial risk profile of the firm
characterized by high gearing levels of 5.46 times, low
profitability of operating margin 4.89% & weak interest coverage
ratio of 2.12 times in FY2014; and risks inherent in a partnership
nature of the firm. This apart, the rating is also constrained by
the susceptibility of profitability & revenues to agro-climatic
risks which impact the availability of the paddy in adverse
weather conditions. The rating however takes comfort from the
experience of promoters in the rice milling business and presence
of the firm in major rice growing area resulting in easy
availability of paddy & favorable demand prospects for rice with
India being the second largest producer and consumer of rice
internationally.

Founded in the year 2012 as a partnership firm Sai Sannidhi Agro
Tech is engaged in milling of paddy and produces raw rice and
steamed rice. The firm started its commercial production in
February 2013. The rice mill is located at Manvi village of
Raichur district, Karnataka. The installed production capacity of
the rice mill is 6 tons per hour.

Recent Results
For FY2014 (unaudited & provisional), the firm reported an
operating income of INR33.90 crore and operating profits of
INR1.66 crore as compared to operating income of INR1.36 crore and
operating profits of INR0.18 crore for FY2013.


SIDDHARTH CREATIONS: ICRA Assigns 'B' Rating to INR5cr Loans
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR5.00
crore fund-based working capital limits of Siddharth Creations.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund-       5.00        [ICRA]B assigned
   based working
   capital facilities

The ratings are constrained by the firm's weak capital structure
on account of thin networth by virtue of withdrawals from the
proprietor's capital and stretched liquidity position as reflected
in stretched receivables, high inventory levels and consequently
complete utilisation of bank limits. The ratings are also
constrained by the firm's relatively small scale of operations,
limited track record and high customer concentration risks with
the top customer accounting for ~80% of the firm's revenue. The
ratings also factor in the fragmented nature of industry with
competition from several organized and unorganized players. The
rating, however, favourably take into account the firm's strong
growth in revenue over the past two fiscals, albeit on a small
base and reputed customer profile in the mobile handset space.

Siddharth Creations is a sole proprietorship firm of Mr. Prashant
Kothari. The firm is engaged in the business of manufacturing of
Point of Sale Displays, Promotional Products in Sheet Metals,
Acrylics, Plastics, Woods, MDF and Sunboards. The firm has its
manufacturing facility set up in Umbergaon, Gujarat and primarily
caters to display furniture at retail outlets.

Recent Results
Siddharth Creations reported a net profit of INR1.12 crore on an
operating income of INR15.27 crore in FY2013, as against a net
profit of INR0.87 crore on an operating income of INR9.25 crore in
FY2012.


SIMOLA VITRIFIED: ICRA Ups Rating on INR35.53cr Loans to 'B'
------------------------------------------------------------
ICRA has upgraded the long term rating to '[ICRA]B' from '[ICRA]D'
for INR18.03 crore term loans and INR17.50 crore fund based cash
credit facility of Simola Vitrified Private Limited. ICRA has also
upgraded the short term rating to '[ICRA]A4' from '[ICRA D]' for
INR5.25 crore foreign letter of credit facility (sublimit of term
loan/cash credit) and INR3.50 crore bank guarantee facility of
Simola Vitrified Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             18.03       Upgraded to [ICRA]B
                                     from [ICRA]D

   Cash Credit           17.50       Upgraded to [ICRA]B
                                     from [ICRA]D

   Foreign Letter        (4.25)      Upgraded to [ICRA]A4
   of Credit                         from [ICRA]D

   Foreign Letter
   of Credit             (1.00)      Upgraded to [ICRA]A4
                                     from [ICRA]D

   Bank Guarantee         3.50       Upgraded to [ICRA]A4
                                     from [ICRA]D

The ratings upgrade primarily factors in the regularization of
debt servicing by Simola Vitrified Private Limited (SVPL) in the
recent months. The ratings also, continue to consider the long
experience of the key promoters in the ceramic industry and the
favourable location of company's plant resulting in easy access to
raw material sources. Further ICRA notes that SVPL's foray into
the digital printing tiles segment as well as the introduction of
large sized digitally printed glazed vitrified tiles (GVT) during
FY14 is expected to support revenue growth and better sales
realizations.

The ratings however, continue to be constrained by SVPL's moderate
scale of operations with the financial profile characterized by
low profitability, leveraged capital structure and weak coverage
indicators. The ratings also factor in the working capital
intensive nature of operations attributable to high debtors and
inventory holding. The ratings also take into consideration the
susceptibility of operations to the intense competition with the
presence of large established organized tile manufacturers and
unorganized players. ICRA also takes note of the dependence of
operations and cash flows on the performance of the real estate
industry which is the main consuming sector for the company's
products.

Simola Vitrified Private Limited was incorporated in March 2010
and is promoted by Mr. Vishal H. Adroja and Mr. Rajesh N. Shirvi.
The promoters are also involved in the manufacturing of wall tiles
and floor tiles through other group companies. The manufacturing
plant of the company has an installed capacity to produce 50,000
MTPA of vitrified tiles. The company currently manufactures
vitrified tiles and glazed vitrified tiles


SIVADHARSHINI PAPERS: CARE Rates INR19.51cr Bank Loan at 'B'
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of
Sivadharshini Papers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     19.51      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Sivadharshini Papers
Private Limited is constrained by the nascent stage of operations
of the company, debt-funded green-field project, delay in
commencement of commercial production and resultant restructuring
of debt. The rating is further constrained by the susceptibility
of profit margins to volatile raw material prices, the small scale
and working capital intensive nature of operations.

The rating, however, derives comfort from the long experience of
the promoters in the paper industry and growth potential for the
packaging industry despite the intense competition.
Going forward, the ability of the company to stabilize its
operations and use its capacity effectively would be the key
rating sensitivities.

Sivadharshini Papers Private Limited, incorporated in 2008, is
engaged in the manufacturing of kraft packaging paper. The company
was incorporated by Mr K Ganeshan, his wife, Ms Malarvizhi, and Mr
Sakthivel. The promoters have more than two decades of experience
in the related field and are involved in managing the day-to-day
operations of the company.

Though the company was incorporated in 2008, it started its
commercial production from August 2013. The green-field project,
to establish manufacturing capacity of 80 tonnes per day in
Madathukulam, Tirupur district, was started in January 2012 and
was completed in March 2013 at a planned cost of INR21.51 crore.
Despite receiving all other approvals, commercial production was
delayed owing to delay in getting power connections. The company
presently operates at about 90% capacity utilization.


SRI RAJU: ICRA Reaffirms 'B+' Rating on INR5.73cr Loans
-------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' to the
INR5.00 crore fund based facilities and INR0.73 crore (revised
from nil crore) proposed facilities of Sri Raju Cotton Mills. ICRA
has also reaffirmed the short-term rating of '[ICRA]A4' to the
INR1.00 crore non-fund based facilities of the Firm. ICRA has also
withdrawn the [ICRA]B+ rating outstanding on the INR0.73 term
loans (amount outstanding as on November 30, 2012) as the said
facility has been fully repaid and there is no amount outstanding
on the same.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term: Fund
   based facilities       5.00       [ICRA]B+/reaffirmed

   Long term: Proposed
   facilities             0.73       [ICRA]B+/reaffirmed

   Short term: Non-fund
   based facilities       1.00       [ICRA]A4/reaffirmed

   Long term: Term loans    Nil      [ICRA]B+/withdrawn

The ratings consider the experience of the promoters in the
textile business for over three decades, and favourable demand
scenario for cotton yarn during the past two fiscals resulting in
improvement in operating profits for SRCM in 2012-13. While the
realisations were higher, the Firm's volumes dropped on account of
production being impacted by the adverse power scenario. Despite
higher operational profits, with higher payout of interest costs
(to meet the rising working capital requirements, with rise in
inventory levels), the Firm's net accruals was marginal. Lower
accruals coupled with higher debt levels kept the capital
structure and coverage indicators weak; gearing stood at 2.1 times
while the Total debt to Operating profits at 4.8 times as on March
31, 2013. For 2013-14, the profitability and debt indicators are
likely to have improved with better yarn demand and favourable
yarn prices.

The ratings remain constrained by the Firm's small scale of
operations which restrict its financial flexibility and price
competitiveness, given the highly fragmented structure of the
spinning industry. Aided by higher accruals, the firm repaid its
entire term loans outstanding in 2013-14; the Firm does not have
any significant debt-funded capital expenditure in the medium
term. Hence, the ability of the Firm to improve its revenues and
profitability, and thereby, to improve its cash flows and debt
protection metrics will be key credit monitorables.

Sri Raju Cotton Mills was incorporated in the year 1984 as a
cotton ginning unit and later integrated into manufacturing of
blended yarn. From an initial spindleage of 6,000, the firm had
gradually increased its spindleage to current levels of 14,072
spindles. The Firm shifted to manufacturing of cotton yarn from
January 2013. It manufactures finer counts yarn, including doubled
variety, and sells them in the traditional weaving markets.

The Firm reported net profit of INR0.2 crore on an operating
income of INR14.7 crore during 2012-13 as against net loss of
INR1.1 crore on an operating income of INR13.8 crore during 2011-
12.


SRI VENKATESWARA: ICRA Suspends 'B-' Rating on INR8cr Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]B-' outstanding
on the INR8.00 crore fund-based limits of Sri Venkateswara
Theatre. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SUKHRAS MACHINES: CARE Assigns 'B+' Rating to INR9cr Bank Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sukhras Machines Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9         CARE B+ Reaffirmed
   Short-term Bank Facilities     5         CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to bank facilities of Sukhras Machines
Private Limited continues to be constrained by the fluctuating and
relatively small scale of operations, moderately leveraged capital
structure and weak debt coverage indicators. The ratings are
further constrained by the stretched working capital cycle.

The rating continues to favorably take into account the experience
and resourceful management with established track record of
operations along with operational synergies from the group
companies.

Going forward, the ability of the company to increase the scale of
operations along with efficiently managing the working capital
cycle and improve its capital structure would be the key rating
sensitivities.

Established as a partnership firm 1960, Sukhras Machines Private
Limited (SM) is engaged in the manufacturing of centrifuge
machines, primarily used in the pharmaceutical industry. SM has
its manufacturing facility in Wada, Maharashtra.

The group entities, Speedomat Engineers Private Limited and
Hydrochem Engineers (Mumbai) Private Limited undertake job-work
for SM within the various processes across the centrifuge value
chain. SM uses the finished products manufactured by SE & HEM as
raw materials for manufacturing of centrifuge machines.

As per the provisional FY14 (refers to the period April 1 to
March 31) results, SM has reported total income of INR19.90 crore
(up by 25.84% vis-a-vis FY13) & PAT of INR0.57 crore (up by
282.70% in FY13).


SURINDER KUMAR: ICRA Reaffirms 'B+' Rating on INR20cr Loan
----------------------------------------------------------
ICRA has re-affirmed '[ICRA]B+' rating to INR20.00 crore (enhanced
from INR17.00 crore) bank lines of Surinder Kumar & Co.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund Based Limits      20.00       [ICRA]B+ (reaffirmed)

ICRA's rating action continues to be constrained by firm's
presence in a highly competitive industry, SK's moderate scale of
operations and its weak profitability metrics. This coupled with
SK's high gearing has resulted in weak debt protection indicators.
However, the ratings favorably factor in SK's experienced
promoters with long track record in rice milling industry and
proximity of the mill to major rice growing area which results in
easy availability of paddy.

Surinder Kumar & Co. is a partnership firm promoted by Mr. Sunil
Kumar and his family members. The firm is primarily engaged in
milling of basmati rice. The firm is also engaged in converting
semi processed rice into parboiled Basmati rice. SK's milling unit
is based out of Fazilka, Distt. Ferozpur, Punjab which is in close
proximity to the local grain market.

Recent Results

During the financial year 2012-13, the firm reported a profit
after tax (PAT) of INR0.53 crore on an operating income of
INR72.55 crore. As per the provisional results for financial year
2014, the firm reported an operating income of INR112 crore.


T.ABDUL WAHID: CRISIL Reaffirms 'B+' Rating on INR50MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of T.Abdul Wahid & Company
(TAWC; part of the TAW group) continue to reflect the TAW group's
below-average financial risk profile, marked by high gearing and
weak debt protection metrics, its modest scale of operations, and
its susceptibility to intense competition in the leather industry.
These rating weaknesses are partially offset by the extensive
experience of the TAW group's promoters in the leather industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Export Packing
   Credit                240        CRISIL A4 (Reaffirmed)

   Inland/Import Letter
   of Credit              70        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     26.4      CRISIL B+/Stable (Reaffirmed)

   Standby Letter
   of Credit              40        CRISIL A4  (Reaffirmed)

   Term Loan              23.6      CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of TAWC and Thadey Leather Company (TLC).
This is because the two entities, together referred to as the TAW
group, are in the same line of business, under a common
management, and have significant operational linkages and fungible
cash flows.

Outlook: Stable

CRISIL believes that the TAW group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case the group reports
sustained growth in revenues and maintains its profitability
leading to improvement in its capital structure. Conversely, the
outlook may be revised to 'Negative' if the TAW group's liquidity
weakens, most likely because of lower-than-expected cash accruals,
significant working capital requirements, or large debt-funded
capital expenditure (capex).

Update
The TAW group's revenues are expected to remain flat in 2013-14
(refers to financial year, April 1 to March 31), on account of
subdued demand from end customers. The group maintained its
operating margin at 4.2 per cent, despite its susceptibility to
volatility in raw material prices. CRISIL believes that the TAW
group's business risk profile will remain stable over the medium
term, marked by steady operating profitability and growth in
revenue.

The TAW group's financial risk profile remained below average,
marked by high gearing, weak debt protection metrics, and a small
net worth. The group's net worth and gearing are estimated to be
around INR127 million and 3.03 times, respectively, as on March
31, 2014, as against INR124 million and 3.36 times, respectively,
as on March 31, 2013. The gearing is expected to remain high on
account of its working-capital-intensive operations. The TAW group
has weak debt protection metrics, with estimated interest coverage
and net cash accruals to total debt ratios of 1.45 times and 5 per
cent, respectively, in 2013-14. CRISIL believes that the TAW
group's financial risk profile will remain below-average over the
medium term due to its debt-funded working capital requirements.

The TAW group has weak liquidity, marked by high bank limit
utilisation, and tightly matched cash accruals against repayment
obligations. The group utilised its bank lines at an average of
99.7 per cent over the 12 months through January 2014. CRISIL
believes that the TAW group's liquidity will remain weak over the
medium term on account of working capital intensive operations
though supported by absence of significant capex plans.

Incorporated in 1949, TAWC is an integrated player, with an in-
house tannery and shoe and shoe-upper manufacturing unit.
Incorporated in 2011, TLC exports finished leather.


TANU MOTORS: CRISIL Reaffirms 'B' Rating on INR158MM Loans
----------------------------------------------------------
CRISIL's rating on the bank facilities of Tanu Motors Pvt Ltd
continue to reflect TMPL's below-average financial risk profile,
marked by a modest net worth and a high total outside liabilities
to tangible net worth ratio, and its exposure to intense
competition in the automobile dealership business, restricting its
scale of operations. These rating weaknesses are partially offset
by the company's status as an authorised dealer for Maruti Suzuki
India Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL A1+') in Palanpur
(Gujarat), and its low to moderate exposure to inventory and
debtor risks.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           30         CRISIL B/Stable (Reaffirmed)
   Inventory Funding
   Facility              80         CRISIL B/Stable (Reaffirmed)

   Term Loan             48         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TMPL will continue to benefit over the medium
term from its stable relationship with MSIL. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves significantly, led by substantial equity infusion by its
promoter and sustained improvement in its operating profitability.
Conversely, the outlook may be revised to 'Negative' if TMPL
undertakes a large debt-funded capital expenditure programme,
resulting in deterioration in its capital structure and adversely
impacting its debt-servicing ability.

TMPL was set up in 2007 by Mr. Vipul Agarwal. It is an authorised
dealer for MSIL's light motor vehicles, with three showrooms in
Palanpur, Unjha, and Dessa (all in Gujarat).

For 2012-13 (refers to financial year, April 1 to March 31), TMPL
reported a profit after tax (PAT) of INR5.9 million on an
operating income of INR804.4 million, as against a PAT of INR6.6
million on an operating income of INR720.6 million for 2011-12.



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


SRI REJEKI: S&P Assigns 'BB-' CCR; Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term corporate credit rating and 'axBB+' long-term
ASEAN regional scale rating to PT Sri Rejeki Isman Tbk. (Sritex),
an Indonesia-based integrated textile and garment producer.  The
outlook is stable.  At the same time, S&P assigned its 'BB-' long-
term issue rating to senior unsecured notes that the company
guarantees. Golden Legacy Pte. Ltd., a special purpose vehicle,
issued the notes.

"The rating on Sritex reflects the company's exposure to
volatility in raw material prices, its debt-funded capacity
expansion, and the highly competitive and fragmented global
textile industry," said Standard & Poor's credit analyst Vishal
Kulkarni.  "Sritex's good operating efficiency, increasingly
integrated textile operations, and high share (about 80% over the
past three years) of revenue from existing customers temper these
weaknesses."

S&P assess the company's business risk profile as "fair" and its
financial risk profile as "aggressive."

Sritex's lower costs than its peers' support its competitive
position.  S&P believes Sritex is in a good position to benefit
from a trend where textile and garment buyers are seeking to
diversify their sources.  This is because of the company's low
costs and integrated operations.  Sritex has a long record of
securing recurring revenue from a diversified customer base, which
includes the Indonesian, Malaysian, and the German armies, and
garment retailers such as H&M and Uniqlo.

S&P expects Sritex's acquisition of PT Sinar Pantja Djaja (SPD) in
October 2013 to improve its EBITDA margin to 14%-16% in the next
one to two years, compared with an average of 12% over 2010-2012.
The acquisition significantly increased Sritex's yarn and garment
production capacities.  The company's strategy to focus on
increasing the proportion of the higher-margin garment business in
its integrated textile operation will also boost EBITDA margins.

Sritex's financial risk profile reflects the company's use of
sizable debt to fund its expansion.  S&P estimates the company's
negative free operating cash flow to be Indonesian rupiah (IDR)
400 billion-IDR700 billion over the coming two years.  In
addition, the company's cash flow is sensitive to any lag in
passing on increases in raw material prices to customers, and to
working capital cycles.

The issue rating on the proposed notes reflects the rating on
Sritex.  S&P do not notch down the issue rating from the corporate
credit rating in Indonesia, given the untested nature of the
country's bankruptcy regime.

"The stable outlook reflects our view that Sritex will maintain
its adequate competitive advantage in the global textile industry
over the next 12-24 months as the company increases its scale and
business integration," said Mr. Kulkarni.  In S&P's base case, it
expects the company to maintain its EBITDA margin at 14%-16% over
the period and a ratio of FFO to debt at close to 20%.  S&P also
don't anticipate that Sritex will make any further sizable debt-
financed acquisition or shareholder returns.

S&P could lower the rating if Sritex's revenue growth and
profitability are materially weaker than S&P's expectation.  This
could happen if demand for its products falls short of S&P's
current expectation or the company faces a delay in passing on
cost increases to customers. A ratio of FFO to debt sustainably
less than 15% or EBITDA margin below 12% would indicate such a
weakness.

S&P could upgrade Sritex if the company's business position
improves substantially more than S&P's current assumptions,
leading to substantially better financial performance than that
assumed in S&P's base case.  S&P considers the possibility of such
an occurrence to be low over the coming 12 months.



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


MT. GOX: Creditors Win Preliminary Approval For Plan
----------------------------------------------------
Bloomberg News reports that creditors of Mt. Gox Co., Ltd., have
won preliminary approval from a U.S. judge for a plan to settle
with two of the bankrupt bitcoin exchange's executives.

Bloomberg says the creditors propose to partner with outside
investors to revive the exchange and compensate depositors. That
deal also must be approved by a Japanese bankruptcy court.

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange that halted trading in February
2014. It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at BAKER & MCCKENZIE LLP, in Dallas, Texas.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.



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N E W  Z E A L A N D
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BLACKTOP CONSTRUCTION: Trade Creditors Left Out of Pocket
---------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that trade
creditors owed NZ$11.2 million from a collapsed Auckland roading
company, Blacktop Construction Limited, are not going to see any
of their money back, according to the latest receivers' report.

The Herald says the group's first receivers' reports showed debts
of NZ$34 million, including NZ$12.5 million owed to Westpac either
directly or through cross-guarantees.

According to the Herald, Blacktop's latest report, released on May
9, said the bank's debt has been reduced to NZ$4.45 million.

As well as NZ$4.45 million owing to the bank, more than
NZ$7.5 million is owed to shareholders of the company, who are
unsecured creditors. Blacktop employees were claiming NZ$920,000
and the receivers said they expect to make a part payment to these
creditors within the coming six months, the Herald relays.

The group also owes NZ$11.2 million to unsecured trade creditors,
the Herald adds.

"This figure includes significant amounts owing in Fiji and Papua
New Guinea . . . due to the expected shortfall and preferential
creditors there will be no funds available from the receivership
assets for unsecured creditors," the receivers, as cited by the
Herald, said.

The vast bulk of Blacktop's fixed assets have already been sold,
the Herald adds.

The Herald relates that during the receivers' reporting period --
between September and March -- an asphalt plant in Wiri was sold
off.

There is still some property remaining to be sold by receivers --
including overseas assets in Fiji and Paua New Guinea, the Herald
notes.

                   About Blacktop Construction

Blacktop Construction Limited operated as a specialist road
maintenance contractor providing services to New Zealand based
projects and in recent years the Pacific Islands.

Brian Mayo-Smith, Andrew Bethell and James Greenway of BDO
New Zealand were appointed joint and several receivers and
managers of Blacktop Construction Limited on Sept. 4, 2013, and
Asphalt Products Limited and Roadsafe Limited on Sept. 5, 2013.

The receivers said Blacktop had experienced increasing financial
difficulties over recent years due to declining revenue and
reduced contract margins. Despite restructuring attempts including
inter alia expansion into Pacific Island contracting, significant
trading losses continued to be incurred in the months prior to
receivership.  The losses resulted in a substantial financial
deficit which could not be funded by shareholders or other means.
The Company was unable to pay creditors as they fell due resulting
in ongoing supplies including work required from subcontractors
being interrupted.



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P H I L I P P I N E S
=====================


DEVELOPMENT BANK: S&P Raises Rating on Jr. Sub. Notes to BB+
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on four
Philippine entities: PowerSector Assets & Liabilities Management
Corp. (PSALM), National Power Corp. Napocor), Philippine Long
Distance Telephone Co. (PLDT), and Development Bank of the
Philippines (DBP).  The upgrades follow the upgrade of the
sovereign credit rating on the Republic of Philippines
(BBB/Stable/A-2; axA/axA-2).

RATINGS LIST
                                  To                From
Power Sector Assets & Liabilities Management Corp.
National Power Corp.
Issuer credit rating             BBB/Stable/--       BBB-
/Stable/--
  ASEAN regional scale            axA/--              axA-/--
Senior unsecured                 BBB                 BBB-

Philippine Long Distance Telephone Co.
Corporate credit rating          BBB+/Stable/--      BBB/Stable/-
-
  ASEAN regional scale            axA+/--             axA/--
Senior unsecured                 BBB+                BBB

Development Bank of the Philippines
Issuer credit rating             BBB/Stable/A-2      BBB-
/Stable/A-3
  ASEAN regional scale            axA/axA-2           axA-/axA-2
Senior unsecured                 BBB                 BBB-
  ASEAN regional scale            axA                 axA-
Subordinated                     BBB-                BB+
Junior subordinated              BB+                 BB

S&P considers the stand-alone credit profiles of PSALM and Napocor
as weak and heavily dependent on the support of the Philippine
government.  The rating upgrade reflects S&P's opinion that both
utilities are almost certain to receive timely and sufficient
extraordinary government support in the event of financial
distress.  S&P's view is based on our assessment that PSALM and
Napocor: (1) play a critical role in implementing government
reforms in the power sector and providing missionary
electrification in the country; and (2) benefit from an integral
link with the government, which fully owns both utilities and has
control over key budgetary and strategic decisions.  The
Philippine government also provides an irrevocable, unconditional,
and timely guarantee on all debt obligations of PSALM and Napocor.

The rating on PLDT remains constrained by S&P's 'BBB+' transfer
and convertibility assessment on the Philippines.  S&P's stand-
alone credit profile for PLDT remains 'a-'.  S&P believes PLDT
benefits from its leading position in the domestic market, good
business diversity, strong cash flows, and modest debt level.  The
intense competition in the mature domestic cellular market and
large dividend payouts of almost 100% temper these strengths.

The ratings on DBP are equalized with the sovereign credit ratings
on the Philippines.  The bank plays a critical public policy role
in supporting the economic and social development of the
Philippines and has an integral link to the government.
Therefore, S&P sees an "almost certain" likelihood that the
government will provide timely and sufficient extraordinary
support to DBP in the event of financial distress.



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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