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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

          Wednesday, August 20, 2014, Vol. 17, No. 164


                            Headlines


A U S T R A L I A

BRISCONNECTIONS: Lenders Agree to Sell AirportlinkM7
BRODIES MEALMAKERS: Fast Food Chain Goes Into Receivership
HILL END: In Administration; First Meeting Set Aug. 25
MUSCLE MEALS: Emerges From Administration With New Owners


C H I N A

FANTASIA HOLDINGS: Moody's Lowers Corporate Family Rating to B2
LDK SOLAR: Secures Court Sanction for Funding Commitments
PARKSON RETAIL: Moody's Says 1H 2014 Results No Impact on Ba2 CFR
SHANGHAI CHAORI: Administrators to Draft Restructuring Plan
SUNTECH POWER: Solyndra Wants U.S. Case Moved to N.D. Cal.


H O N G  K O N G

ROAD KING: 2014 Interim Results No Impact on Moody's B1 Ratings


I N D I A

ADROIT URBAN: CRISIL Assigns 'B+' Rating to INR350MM Loans
ANANGOOR TEXTILE: CRISIL Reaffirms 'D' Rating on INR353.3MM Loans
ANKITA AGRO: CRISIL Assigns 'B' Rating to INR100MM Loans
BABA NAGA: CRISIL Reaffirms 'B-' Rating to INR162.8MM Loans
BDB EXIM: CRISIL Reaffirms B+ Rating on INR4MM Bank Loan

BDB EXPORTS: CRISIL Reaffirms 'B+' Rating on INR80MM Loans
CHRIST KNOWLEDGE: CRISIL Assigns 'B' Rating to INR104.8MM Loan
COCHIN FROZEN: CRISIL Reaffirms B+ Rating on INR2.3MM Term Loan
CONTINENTAL FURNISHERS: CRISIL Puts B- Rating on INR44MM Loans
DASARI VEER: CRISIL Reaffirms 'D' Rating on INR70.5MM Loans

DECIBELS ELECTRONICS: CRISIL Puts 'B-' Rating on INR32.5MM Loans
HOLIDAY VILLAGE: CRISIL Reaffirms D Rating on INR171.2MM Loans
KAMDHENU COMMERCIAL: CRISIL Reaffirms 'D' Rating on INR700M Loans
MADHAV CONSTRUCTIONS: CRISIL Assigns 'B' Rating to INR60MM Loans
MANAS AUTOMOTIVE: CRISIL Raises Rating on INR230MM Loans to 'C'

MITTAL COAL: CRISIL Assigns 'B+' Rating to INR100MM Cash Credit
MOON SYNDICAT: CRISIL Assigns 'B+' Rating to INR70MM Loans
MOUNT SHIVALIK: CRISIL Reaffirms B- Rating on INR162.2MM Loans
NANDAN COTEX: CRISIL Upgrades Rating on INR120MM Loans to 'B+'
PRAGANA DANWAR: CRISIL Assigns 'D' Rating to INR68MM Loans

PRO MINERALS: CRISIL Reaffirms 'B+' Rating on INR4.53BB Loans
R. K. PHARMACEUTICAL: CRISIL Reaffirms 'B' Rating on INR65MM Loan
SAI JYOT: CRISIL Assigns 'B+' Rating to INR150MM Loans
SAI RAYALASEEMA: CRISIL Reaffirms 'D' Rating on INR917.1MM Loans
SAMRAT LAMINATES: CRISIL Assigns 'B+' Rating to INR70MM Loans

SHETKARI SAKHAR: CRISIL Reaffirms 'D' Rating on INR450MM Loan
SHRI HARI: CRISIL Reaffirms 'B+' Rating on INR160MM Loans
SONAKI CERAMIC: CRISIL Upgrades Rating on INR96.5MM Loans to 'B'
SRI DHARMA: CRISIL Reaffirms 'B' Rating on INR53.8MM Loans
SRI PADMABALAJI: CRISIL Lowers Rating on IN1.03BB Loans to 'D'

SRI TEJA: CRISIL Reaffirms 'D' Rating on INR530MM Loans
SURYABALAJI STEELS: CRISIL Cuts Rating on INR339.4MM Loans to D
THIRUPUR SURIYA: CRISIL Upgrades Rating on INR1.39BB Loans From D
TIRUPPUR SURYA: CRISIL Ups Rating on INR545.7MM Loans From D
UNIFIED ELECTRONICS: CRISIL Reaffirms B Rating on INR38.9MM Loans

VISUAL & ACOUSTICS: CRISIL Reaffirms 'B+' Rating on INR15MM Loan
VITAL HEALTHCARE: CRISIL Reaffirms B+ Rating on INR200MM Loans


I N D O N E S I A

PERUSAHAAN PENERBIT: S&P Puts 'BB+' Rating to US$5BB Trust Cert.


N E W  Z E A L A N D

SOUTH CANTERBURY: Trial Draws to a Close
TERRY SEREPISOS: Liquidators Chase NZ$450,000 From Swiss Scam
WE POWER: Placed Into Liquidation


S O U T H  K O R E A

DAEHAN SHIPBUILDING: Files Chapter 15 Protection in Manhattan
PANTECH CO: Court Decides to Commence Receivership


T A I W A N

WAN HAI: Moody's Says Improves 2014 1H Results Supports Ba3 CFR


                            - - - - -


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


BRISCONNECTIONS: Lenders Agree to Sell AirportlinkM7
----------------------------------------------------
Cliff Anderson at Dissolve.com.au reports that AirportlinkM7,
operated by Brisconnections, is set to be placed on the market in
September. On September 12, lenders are scheduled to meet again to
come up with a decision on the time frame in which the toll road
will be sold.

Dissolve.com.au relates that the toll road, which entered
receivership with debt of AUD3.1 billion in February, 2013 might
fetch up to AUD2 billion at the auction. The most likely buyer is
said to be Transurban Group, the owner of five other Brisbane toll
roads. Other possible bidders include Macquarie and Abertis, a
toll road operator from Spain, according to the report.

The report says a recent lenders' meeting decided putting the road
on sale and starting an auction in September. Reports said that
Macquarie Group, the biggest lender does not favour the move;
however, the rest of the lenders gave their votes to receiver PPB
Advisory for selling the road, Dissolve.com.au adds.

                    About BrisConnections Group

BrisConnections Group is the company behind the AUD4.8 billion
Airport Link tunnel.  AirportlinkM7 is the toll road linking
Brisbane's CBD to the northern suburbs and the Brisbane Domestic
and International Airport.

David McEvoy, Christopher Hill and Michael Owen of PPB Advisory
were appointed as Receivers and Managers to the BrisConnections
Group, the owner and operator of the AirportlinkM7 toll road on
Feb. 19, 2013.  This follows the appointment of partners of
McGrathNicol as Voluntary Administrators by the Board of
BrisConnections Group.

Yahoo!7, citing a release to the ASX, reported that
BrisConnections went into administration citing low traffic levels
and debts worth more than the tunnel.

BrisConnections entered negotiations to restructure its debt, but
the board was told lenders were not prepared to support the
proposals, according to Yahoo!7.


BRODIES MEALMAKERS: Fast Food Chain Goes Into Receivership
----------------------------------------------------------
Eloise Keating at SmartCompany reports that Brodies Mealmakers, a
Queensland fast food franchise that has been operating for 27
years, has collapsed into receivership.

According to SmartCompany, a notice lodged with the Australian
Securities and Investments Commission showed Jonathan Paul McLeod
of MacLeod & Partners was appointed as administrator of Brodies
Mealmakers on July 29, with Michael McCann and Graham Killer of
Grant Thornton appointed receivers and managers.

Brodies Mealmakers currently operates 11 fast food restaurants in
Queensland, with the stores a mix of company-owned and franchised
stores.

Mr. McCann confirmed to SmartCompany he is the receiver and
manager for five entities in the Brodies Mealmakers Group, but it
is not clear if the franchised stores are also in receivership.

SmartCompany relates that Mr. McCann said he is continuing to
operate the group on a "business as usual basis", but declined to
specify the annual turnover of the company or the reasons for the
collapse.

A spokesperson for Brodies Mealmakers also confirmed to
SmartCompany the company is in receivership but declined to
comment when asked if all 11 stores in the group are in
receivership.

Brodies Mealmakers' restaurants specialise in roast chicken
lunches and dinners, offering dine in, takeaway and drive through
services.


HILL END: In Administration; First Meeting Set Aug. 25
------------------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrators of Hill End Motel Pty Ltd on Aug. 13,
2014.

A first meeting of the creditors of the Company will be held at
the Boardroom of Servcorp, Level 56, MLC Centre, 19-29 Martin
Place, in Sydney, on Aug. 25, 2014, at 11:00 a.m.


MUSCLE MEALS: Emerges From Administration With New Owners
---------------------------------------------------------
Kirsten Robb at SmartCompany reports that Muscle Meals Direct has
regained its strength after it entered voluntary administration
earlier in the year, following an internal dispute among its
directors.

The company fought to keep trading every day through the
administration process, as the founders of the company vied for
sale of the business, SmartCompany says.

Jochen Bonitz -- jochen@bonitzadvisory.com -- an investment banker
with corporate advisory firm Bonitz Advisory, told SmartCompany he
had helped Paul Epsimos, one of the company's three founders, in
an advisory role leading up to the administration.

When the company's assets were sold through by the administrator,
Messrs. Bonitz and Epsimos formed a 50/50 partnership and
purchased the company on July 2, the report says.  They beat out
the business' two other founders with their offer.

SmartCompany notes that the two paid between AUD100,000 and
AUD200,000 for the business, which manufactures and distributes
high-protein, calorie-controlled frozen meals to gyms and
supplement stores across Australia.

"We paid some serious money, it wasn't cheap," the report quotes
Mr. Bonitz as saying.

Administrators had previously told SmartCompany the company had a
turnover of about AUD100,000 a week or around AUD5 million per
annum.

According to the report, Mr. Bonitz said he fought hard to make
sure the company didn't miss a day of trade throughout the
process, which made the administration process complex.

Mr. Bonitz, who was friends with Mr. Epsimos before the joint
venture and whose wife is the company's director, said the company
was a going concern when they purchased it and all of its related
assets, SmartCompany relates.

"The company went into administration because there was a
difference of opinion between directors, in terms of how it should
operate and its strategic focus," SmartCompany quotes
Mr. Bonitz as saying.  "It wasn't so much an insolvency, but it
was under financial stress because of that."

Hall Chadwick administrator Steven Arthur Gladman, who was
appointed as administrator to Muscle Meals Direct in May,
previously told SmartCompany the company's major creditor was the
Australian Tax Office, to which it owed AUD270,000.

Mr. Bonitz would not comment on the ATO because he said it was a
matter for the administrators, but said the new company does not
have any incumbencies, SmartCompany relays.

He also said most debts with suppliers have been honoured because
they wanted to have good relationships going forward, adds
SmartCompany.

Sydney-based Muscle Meals Direct manufactures and distributes
high-protein, calorie-controlled frozen meals to gyms and
supplement stores across Australia.

David Ingram and Steven Gladman of Hall Chadwick were appointed
administrators of Muscle Meals Direct Pty Limited on May 20, 2014.



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


FANTASIA HOLDINGS: Moody's Lowers Corporate Family Rating to B2
---------------------------------------------------------------
Moody's Investors Service has downgraded Fantasia Holdings Group
Co., Limited's corporate family rating to B2 from B1 and its
senior unsecured bond rating to B3 from B2.

The ratings outlook is stable.

Ratings Rationale

"The downgrade reflects Fantasia's weak sales execution and
revenue recognition which have resulted in reduced financial
flexibility," says Gerwin Ho, a Moody's Vice President and Senior
Analyst.

Fantasia reported revenue of RMB2.9 billion in 1H 2014, up 6%
year-on-year from the same period last year. But contracted sales
fell 51% year-on-year to RMB1.8 billion in 1H 2014, or just 18% of
the company's revised full-year target of RMB10 billion.

The company revised its sales target to reflect the expectation of
flat contracted sales growth in 2014.

Based upon its 1H 2014 revenue, Moody's estimates that it achieved
an EBITDA -- on a last-12-month basis -- of around RMB 2.1
billion; resulting in turn in adjusted EBITDA/interest of 1.8x
(excluding government grants and gain on disposal).

Furthermore, Moody's expects annual revenue of around RMB8.5
billion for all of 2014, which will in turn result in adjusted
EBITDA/interest of 1.8x (excluding government grants and gain on
disposal).

Moody's considers that such a level would reduce financial
flexibility and position the company in the mid-B rating range.

"The downgrade also considers the company's high level of debt
leverage," says Ho, who is also the Lead Analyst for Fantasia.

Fantasia's debt coverage -- as measured by revenue to debt -- fell
to around 53% for the last 12 months ended June 2014 from 61% at
end-2013. This level is also much weaker than that for other B1-
rated China property peers.

Moody's debt calculation includes RMB700 million in perpetual
capital instruments.

On the other hand, Moody's notes that Fantasia's 1H 2014 liquidity
position appears adequate. However, Moody's will monitor the
company's repayment of accounts payable, which increased to RMB4.8
billion in June 2014 from RMB2.5 billion in December 2013.

Its cash on hand of RMB4.8 billion as of 1H 2014 -- which was
supported by its bond issuance of $300 million (equivalent to
RMB1.9 billion) in January 2014 -- can fully cover its short-term
maturing debt of RMB3.1 billion and committed land payments of
around RMB950 million for the next 12 months.

In addition, Fantasia's B2 corporate family rating reflects its
established business model, which balances the development of
commercial and residential properties. It has an established track
record in Shenzhen and Chengdu, and has started expanding to other
regions.

Moody's would consider downgrading Fantasia's ratings if: (1) its
sales fall short of Moody's expectations; (2) the company's
liquidity position deteriorates due to aggressive land
acquisitions, weak sales, or large debt maturities without
committed refinancing arrangements.

EBITDA/interest of less than 1.25x on a sustained basis would also
be an indicator of potential for a rating downgrade.

Given its weak sales performance, the rating is unlikely to be
upgraded in the near term. However, upward rating pressure could
emerge in 2015 or beyond if: (1) Fantasia's EBITDA/interest
coverage returns to 2.0x-2.5x on a sustained basis; (2) its
revenue to debt stays above 65%; and (3) it records contracted
sales and revenue above RMB10 billion with a reasonable adjusted
EBITDA margin, that is, not less than 25%.

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

Fantasia Holdings Group Co, Limited is a property developer
established in 1996. It listed on the Hong Kong Stock Exchange in
November 2009.

As of June 30 2014, it had a land bank (with land-use rights) of
9.9 million square meters of gross floor area (GFA), mainly in
Chengdu and the Pearl River Delta. It develops high-end office
buildings and luxury residential properties, targeting small- and
medium-sized enterprises (SMEs) and affluent individuals.


LDK SOLAR: Secures Court Sanction for Funding Commitments
---------------------------------------------------------
LDK Solar CO., Ltd., in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, announced that LDK Solar has
received sanction from the Grand Court of the Cayman Islands to
enter into the funding commitments and amendments to the
restructuring support agreements detailed in the press release
issued on July 31, 2014.

The Company said the sanction granted by the Cayman Court on
Aug. 11, 2014, is positive step to enabling the offshore
restructuring to continue to be progressed and allows the JPLs to
work toward finalizing and filing the scheme of arrangement
documentation with the Cayman Court by Aug. 31, 2014.  Once filed,
it is anticipated that the application for orders convening
meetings of the various classes of the Company's creditors to vote
on the Scheme will be heard by the Cayman Court by mid September
2014.  Assuming that the Cayman Court convenes the Meetings, the
JPLs will write to all known creditors to advise of the date,
time, location and dial-in details for the Meetings.

                          About LDK Solar

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

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

LDK Solar Co disclosed a net loss of $1.05 billion on
$862.88 million of net sales for the year ended Dec. 31, 2012, as
compared with a net loss of $608.95 million on $2.15 billion of
net sales for the year ended Dec. 31, 2011.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.


PARKSON RETAIL: Moody's Says 1H 2014 Results No Impact on Ba2 CFR
-----------------------------------------------------------------
Moody's Investors Service says that Parkson Retail Group Limited's
1H 2014 results, which recorded a 28.5% year-on-year drop in
operating profit, have no immediate impact on its Ba2 corporate
family rating and senior unsecured bond rating.

The ratings outlook remains negative.

"Parkson's soft earnings for 1H 2014 continued to reflect the
strong competition apparent in the retail market, its less
profitable new stores, and weak consumer sentiment. But, such
unfavorable results had been largely factored into its Ba2 ratings
and negative outlook," says Lina Choi, a Moody's Vice President
and Senior Analyst.

Moody's notes that total gross sales declined 4.5% year-on-year to
RMB9.96 billion for 1H 2014, mainly due to an 8.9% fall in same-
store sales (SSS). After excluding the impact from gold and
jewelry products, the decline in SSS was more moderate at 6.5%.

"But, on a sequential basis, Moody's notes the first sign of
improvement in Parkson's performance as some younger stores turned
profitable and cost rationalization measures took effect in
stabilizing revenue and profitability," says Choi.

In 1H 2014, net operating revenue was RMB2.56 billion,
representing a marginal decline from RMB2.62 billion in 1H 2013,
but largely stable after falling to a low of RMB2.49 billion in 2H
2013.

Similar trends were seen in adjusted EBITDA and EBIT margins, in
which Parkson concluded 1H 2014 with RMB606 million and 22.8%,
respectively. While profits were lower than that in 1H2013, they
showed signs of recovery from 2H 2013 levels.

Moody's believes the initial signs of improvement can be
attributed to five young stores turning profitable, and Parkson's
new policy of cutting losses at underperforming stores early.

In 1H 2014, Parkson closed three stores -- Jinan, Changshu's
second store, and Beijing Metro City.

Parkson's adjusted debt/EBITDA was 5.7x at end-June 2014,
relatively flat from 5.6x at end-December 2013. EBIT margin of
22.8% for 1H 2014 also represented a marginal improvement from
21.6% for 2013.

Moody's expects flat to low-single digit SSS growth for the rest
of 2014, supported by the re-opening of the Shanghai flagship
store.

In this scenario Moody's expects debt/EBITDA in the next 12 months
to be around 5.5x, which is still weak for its Ba2 rating.

On the other hand, the company maintains relatively good liquidity
with a cash balance of RMB4.2 billion, including principal
guaranteed investments. Such a good liquidity position supports
its Ba2 rating level.

The principal methodology used in this rating was Global Retail
Industry published in June 2011.


SHANGHAI CHAORI: Administrators to Draft Restructuring Plan
-----------------------------------------------------------
Bloomberg News reports that Shanghai Chaori Solar Energy Science &
Technology Co.'s administrators will draft a restructuring plan
and pick a party to lead the reorganization of the company, the
first to default in China's onshore bond market, according to a
document distributed to debtholders.

Law firm King & Wood Mallesons and accountants KPMG Huazhen said
the restructuring faces challenges including verifying the
company's overseas assets, which have complicated ownership
structures, according to the document seen by Bloomberg News.

Chaori Vice President Liu Tielong declined to comment when asked
about the document's details, the report says.

According to Bloomberg, investors are watching Chaori for clues on
how China will balance steps to liberalize its financial industry
with efforts to maintain market stability. While China has avoided
any more note defaults since Chaori, concern has mounted that
nonpayments may spread as corporate debt topped that of the U.S.
last year to reach $14.2 trillion, Standard & Poor's estimates.

Chaori only paid CNY4 million ($651,615) of an CNY89.8 million
coupon due in March on its 2017 bonds, becoming the first company
to default on a yuan note onshore, Bloomberg notes. Shanghai
marked a milestone in corporate bankruptcy in June when a court
accepted a restructuring application for the manufacturer and
appointed the two administrators, says Bloomberg.

Debtholders approved a plan for the administrators to manage and
dispose of Chaori's assets at the meeting on August 18, Ding
Guixiang, a bondholder who attended the gathering told Bloomberg
by phone on August 19. The next meeting will be held in due
course, according to the document, which didn't specify a date,
Bloomberg relays.

There are 2,114 people registered with the administrators as
holders of the company's notes, it said. Other creditors include
Agricultural Bank of China Ltd., China Construction Bank Corp.,
China Cinda Asset Management Co. and China Citic Bank Corp.,
according to the memo cited by Bloomberg.

Chaori had debt of CNY4.4 billion as of June 26, exceeding the
about CNY3.7 billion book value of its assets, the document
showed.  The company also has some CNY1.9 billion of receivables,
Bloomberg relays.

Chaori and related group companies started investing in overseas
power plants in 2010 and own utility projects in Italy, Greece,
U.S. and Bulgaria, according to the document. The administrators
may sell some of those assets at an appropriate time to fund the
restructuring, according to the memo obtained by Bloomberg News.

Manufacturing was resumed at the end of July in order to avoid
further depreciation of Chaori's assets, the document, as cited by
Bloomberg, said without specifying at what facilities. The company
had halted work at its headquarters plant, it said in a stock
exchange filing in April, Bloomberg adds.

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


SUNTECH POWER: Solyndra Wants U.S. Case Moved to N.D. Cal.
----------------------------------------------------------
The Solyndra Residual Trust filed papers with the U.S. Bankruptcy
Court for the Southern District of New York seeking an order
transferring venue of the Chapter 15 Petition of Suntech Power
Holdings Co., Ltd. (In Provisional Liquidation) to the Northern
District of California pursuant to 28 U.S.C. Section 1412.

Solyndra on October 11, 2012, filed a complaint in the Northern
District of California against Suntech Power Holdings asserting
claims for horizontal price fixing, predatory pricing, and
tortuous interference of the Sherman Anti-trust Act, California's
Cartwright Act and Unfair Practices Act. Solyndra claims damages
of over $1.5 billion on account of Suntech's illegal trade
practices.

On March 17, 2008, Suntech closed an offering of $575 million of
3.00% convertible senior unsecured notes. The parties thereto
submitted to the non-exclusive jurisdiction of any US Federal or
New York State court solely for the purpose of any legal action or
proceeding to enforce their obligation. On March 15, 2013, Suntech
defaulted on the notes.

On June 11, 2013, certain holders of notes commenced lawsuits in
the US District Court for the Southern District of New York.  On
November 5, 2013, Suntech's chairman, Christopher Micheal Nacson,
filed a winding up petition thereby commencing the Cayman
proceeding.  The joint provisional liquidators were appointed in
the Cayman Proceeding.

Suntech, on February 20, 2014, transferred $500,000 to
Computershare Account. Suntech contends that venue is proper
because its principal assets (i.e., the $500,000) were deposited
into the Computershare account at the Bank of New York Mellon and
noteholder actions were pending in the same court when the Chapter
15 petition was filed.

Solyndra, on the other hand, asserts that the transfer of funds
into the Computershare account should be disregarded since it was
made for the sole purpose of establishing venue. In addition,
since Suntech's principal place of business is located in San
Francisco, California, it is proper for the venue to be at the
Northern District of California.

The other litigation claimant, Energy Conversion Devices, supports
the transfer of the Chapter 15 Petition to the Northern District
of California.

Attorneys for the Solyndra Residual Trust

     John A. Morris, Esq.
     Debra I. Grassgreen, Esq.
     Jason H. Rosell, Esq.
     PACHULSKI STANG ZIEHL & JONES LLP
     780 Third Avenue, 34th Floor
     New York, NY 10017
     Telephone: (212) 561-7700
     Facsimile: (212) 561-7777

          - and -

     W. Gordon Dobie, Esq.
     Eric E. Sagerman, Esq.
     Justin E. Rawlins, Esq.
     William C. O'Neil, Esq.
     WINSTON & STRAWN LLP
     333 S. Grand Avenue
     Los Angeles, CA 90071
     Telephone: (213) 615-1700
     Facsimile: (213) 615-1750

                           About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd., produces solar
products for residential, commercial, industrial, and utility
applications.  Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013, in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are
represented by Jay Teitelbaum, Esq., at Teitelbaum & Baskin LLP,
in White Plains, New York.

Suntech Power on Jan. 31, 2014, disclosed that it has signed a
Restructuring Support Agreement relating to the petition for
involuntary bankruptcy filed against it under chapter 7 of the
U.S. Bankruptcy Code.  Under the RSA, the parties agreed that
chapter 7 proceedings will be dismissed following recognition of
the provisional liquidation proceeding previously filed by the
Company in the Cayman Islands under chapter 15 of the U.S.
Bankruptcy Code.

On Feb. 21, 2014, David Walker and Ian Stokoe, the joint
provisional liquidators of Suntech Power Holdings Co., Ltd.,
appointed by the Grand Court of the Cayman Islands, commenced a
Chapter 15 proceeding (Bankr. S.D.N.Y. Case No. 14-10383).  The
Chapter 15 Petitioners are represented by Jennifer Taylor, Esq.,
and Diana Perez, Esq., at O'Melveny & Myers LLP.  According to the
Chapter 15 petition, Suntech has more than $1 billion in both
assets and debts.


================
H O N G  K O N G
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ROAD KING: 2014 Interim Results No Impact on Moody's B1 Ratings
---------------------------------------------------------------
Moody's Investors Service says that Road King Infrastructure
Limited's 2014 interim results are broadly in line with
expectations, and have no immediate impact on its B1 issuer and
bond ratings.

The ratings outlook remains positive.

"Road King's financial metrics remained largely stable and are
still on an improving trend, despite the weak property sales
reported in 1H 2014," says Franco Leung, a Moody's Vice President
and Senior Analyst.

Moody's notes that Road King's contracted sales dropped 40% for
the six-month period ended June 2014 to RMB4.1 billion. However,
its sales volatility is in line with Moody's expectations, given
the small number of projects that the company has.

Moody's expects the company's sales to increase in 2H 2014
compared to 1H 2014, based on the project implementation schedule.

On a rolling 12-month basis ended 30 June 2014, Road King recorded
revenue of about HKD12.5 billion, up 9.3% from the 11.5 billion
recorded in 2013.

Its gross profit margin dropped to 23.9% from 25.6% over the same
period; the magnitude of decline is in line with its domestic
peers and Moody's earlier expectations.

Its adjusted EBITDA/interest remained stable at around 2.7x. But
Moody's expects the ratio to trend towards 3.0x in the next 12-18
months as the company continues to record revenue growth and
stabilizes its profit margins.

"Meanwhile, cash flow from its toll roads business remained
largely stable, but Moody's expect its contribution will increase
over the next 18-24 months," adds Leung, who is also the Lead
Analyst for Road King.

The company reported stable cash flow from its toll roads of
around HKD240 million in 1H 2014 from HKD247 million in 1H 2013.
While it will take time for its new expressways to contribute
meaningful cash flows, Moody's expects that interest coverage from
its toll roads will likely improve over the next 18-24 months.

On the other hand, Moody's expects that Road King's debt leverage
will remain at its current level after it acquired an equity
interest in the Machao Expressway as well as a land purchase
earlier this year. The company's adjusted debt/capitalization
ratio was at around 57% at end-June 2014, from about 56.1% at end-
2013. Moody's expects this ratio to trend towards 55% by end-2014.

The positive outlook reflects Road King's expected improvement in
its credit metrics, and its continued prudent financial
management, which should result in a credit profile that is better
than its B1-rated peers.

The company has a comparatively small land bank that is sufficient
for three to four years of development. Moody's expects Road King
will likely continue to replenish its land bank in a prudent
manner this year.

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



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


ADROIT URBAN: CRISIL Assigns 'B+' Rating to INR350MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Adroit Urban Developers Private Limited.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               120       CRISIL B+/Stable
   Long Term Loan           42       CRISIL B+/Stable
   Proposed Long Term      188       CRISIL B+/Stable
   Bank Loan Facility

The rating reflects AUDPL's exposure to risks related to
completion and saleability of its on-going projects and geographic
concentration in its revenue profile. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the real estate development business.

Outlook: Stable

CRISIL believes that AUDPL will continue to benefit over the
medium term from the experience of its promoters in the real
estate development segment and healthy booking rates witnessed in
its ongoing projects. The outlook may be revised to 'Positive' if
the company completes its projects without any significant cost or
time overruns and registers more than expected sales realizations
from ongoing projects leading to larger-than-expected cash flows.
Conversely, the outlook may be revised to 'Negative' if there are
any delays in the execution of the project or in the receipt of
advances from customers, or if the company undertakes a large,
debt-funded project, impacting its financial risk profile.

AUDPL, set up in 2006, and based out of Chennai (Tamil Nadu) is
involved in real estate development. The daily operations of the
company are managed by Mr. Gaurav Goenka.

AUDPL reported, a profit after tax (PAT) of INR19 million on total
revenue of INR412 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR11 million on total
revenue of INR149 million for 2012-13.


ANANGOOR TEXTILE: CRISIL Reaffirms 'D' Rating on INR353.3MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Anangoor Textile Mills
Private Ltd continue to reflect its frequent delays in servicing
its term debt; the delays have been caused by weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          8.3       CRISIL D (Reaffirmed)
   Cash Credit           130         CRISIL D (Reaffirmed)
   Long Term Loan        215         CRISIL D (Reaffirmed)

ATMPL also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics. Its margins remain
susceptible to volatility in raw material prices. However, the
company continues to benefit from its established position in the
textile industry.

Update
ATMPL continues to delay servicing its term debt because of weak
liquidity, which has, in turn, been driven by working capital
intensity in operations. CRISIL believes that ATMPL's liquidity
will remain weak over the medium term, because of its large
working capital requirements. ATMPL has reported a provisional
operating income of INR1.11 billion in 2013-14 (refers to
financial year, April 1 to March 31).

Anangoor was established as a partnership firm in 1995 by Mr. K
Ramasamy and Mr. C Palanisamy. The company manufactures cotton
yarn in its manufacturing units at Kangeyam and Anangoor (both in
Tamil Nadu).


ANKITA AGRO: CRISIL Assigns 'B' Rating to INR100MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL   B/Stable' rating to the long-
term bank facilities of Ankita Agro & Food Processing Pvt Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Overdraft Facility      24.9       CRISIL B/Stable
   Term Loan               75.1       CRISIL B/Stable

The rating reflects AAFL's exposure to risks relating to offtake
from its recently set-up plant and its expected average financial
risk profile. These rating weaknesses are partially offset by the
benefits expected by the company from the healthy demand prospects
for processed oats.

Outlook: Stable

CRISIL expects AAFL to benefit from the healthy prospects for the
oats industry. The outlook may be revised to 'Positive' if the
company commissions its project in time and achieves higher-than-
expected capacity utilisation, leading to a considerable
improvement in its debt servicing ability. Conversely, the outlook
may be revised to 'Negative' in case of significant delay in
commissioning of the plant, leading to weakening of AAFL's
capacity to adhere to the repayment programme stipulated by its
lenders.

AAFL, incorporated in 2005, is promoted by Mr. Rajesh Kumar Jain.
The company is installing a facility in Neemrana (Rajasthan) to
manufacture oats which are used as breakfast meals. The
construction of the plant and setting up of the machinery are
complete and the company is undertaking trial runs at the unit at
present. Commercial operations are expected to start by the end of
August 2014.


BABA NAGA: CRISIL Reaffirms 'B-' Rating to INR162.8MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Baba Naga Rice & General
Mills continues to reflect its weak financial risk profile, driven
by the highly working-capital-intensive nature of the rice
industry. The rating also factors in the firm's exposure to risks
related to changes in regulations governing the industry,
volatility in raw material prices, and vagaries of the monsoon.
These rating weaknesses are partially offset by the extensive
industry experience of BNRGM's promoters, and the benefits
expected from the healthy growth prospects for the rice industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------          ---------    -------
   Cash Credit           140        CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term     22.8      CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that BNRGM's financial risk profile will remain
weak over the medium term because of its working-capital-intensive
operations. The outlook may be revised to 'Positive' in case of
substantial and sustained improvement in BNRGM's operating margin
and scale of operations, leading to sizeable cash accruals, or a
substantial increase in its net worth, most likely through equity
infusion by the promoters. Conversely, the outlook may be revised
to 'Negative' if the firm undertakes a large, debt-funded, capital
expenditure programme, leading to deterioration in its capital
structure.

Update
BNRGM on provisional basis reported a healthy growth of 55 per
cent in operating revenue to INR798 million in 2013-14 (refers to
financial year, April 1 to March 31), from INR514 million in 2012-
13, partly on account of increase in prices of basmati rice and
partly because of increased volumes from export orders. However,
CRISIL believes the operating revenue to grow at a moderate pace
over the medium term. Operating margin is estimated at 5 to 6 per
cent in line with 2012-13.

Large working capital requirements continue to constrain the
financial risk profile, including liquidity. BNRGM's liquidity
continues to be weak marked by full bank limit utilisation because
of high inventory during the peak season. The firm avails adhoc
limits during the peak season to fund the inventory requirements
for the rest of the year. However, the firm has low long-term debt
obligations. The firm has repaid its outstanding term loan of
INR5.5 million as on March 31, 2013, in 2013-14 through the
subsidy reimbursement of INR5 million. BNRGM currently has an
outstanding loan against property (LAP) of INR17.7 million as on
March 2014 which is repaid through monthly instalments of INR0.31
million. The firm is likely to generate sufficient cash accruals
to repay its debt obligation over the medium term. However, the
liquidity of the firm is expected to remain weak over the medium
term because of its large working capital requirements.

BNRGM's financial risk profile remains weak, marked by high
estimated total outside liabilities to tangible net worth (TOLTNW)
of 10.58 times as on March 31, 2014, and weak debt protection
metrics. TOLTNW is high mainly because of the high inventory
maintained at the end of season for the rest of the year. The net
worth is estimated to remain small at INR26 million as on March
31, 2014, because of low profit accretion over the years. CRISIL
believes the TOLTNW of the firm is expected to remain high over
the medium term on account of low profit accretion and no capital
infusion by partners. The firm has estimated interest cover of 1.8
and net cash accruals to total debt of 0.05 times in 2013-14.

BNRGM, promoted by Mr. Rajpal Chadha in 1983, is engaged in
milling and sorting of basmati and non-basmati rice. It sells the
1121 variety of basmati rice and the sharbati variety of non-
basmati rice. The firm has a rice milling and sorting facility in
Amritsar (Punjab) with an installed capacity of 10 tonnes per
hour.


BDB EXIM: CRISIL Reaffirms B+ Rating on INR4MM Bank Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of BDB Exim Pvt Ltd (BDB
Exim; part of the BDB group) continue to reflect the
susceptibility of the BDB group's margins to volatility in cotton
prices and to changes in regulations governing the cotton
industry. The ratings are also constrained by the group's weak
financial risk profile, marked by a small net worth and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the group's promoters in the
cotton-trading business.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           1       CRISIL A4 (Reaffirmed)
   Packing Credit          95       CRISIL A4 (Reaffirmed)
   Proposed Long Term       4       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of BDB Exim and BDB Exports Pvt Ltd (BDB
Exports). This is because the two companies, together referred to
as the BDB group, are in the same line of business, under a common
management, and have significant operational linkages.
Outlook: Stable

CRISIL believes that the BDB group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the group registers a
significant and sustained increase in its margins, leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the BDB group's financial risk
profile deteriorates further, most likely due to a decline in its
margins or a stretch in its working capital cycle.

Mr. Nirmal Bhura established BDB Exports in 2002 and BDB Exim in
2009. The companies are primarily engaged in export of cotton
bales. They also trade in maize, plastic granules, and cotton yarn
during the off-season.


BDB EXPORTS: CRISIL Reaffirms 'B+' Rating on INR80MM Loans
----------------------------------------------------------
CRISIL's ratings on the bank facilities of BDB Exports Pvt Ltd
(BDB Exports; part of the BDB group) continue to reflect the
susceptibility of the BDB group's margins to volatility in cotton
prices and to changes in regulations governing the cotton
industry. The ratings are also constrained by the group's average
financial risk profile, marked by a small net worth and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the group's promoters in the
cotton-trading business.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          2.5      CRISIL A4 (Reaffirmed)
   Cash Credit             5        CRISIL B+/Stable (Reaffirmed)
   Export Packing Credit  42.5      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term     32.5      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Proposed Short Term     7.5      CRISIL A4 (Reaffirmed)
   Bank Loan Facility

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of BDB Exports and BDB Exim Pvt Ltd (BDB
Exim). This is because the two companies, together referred to as
the BDB group, are in the same line of business, under a common
management, and have significant operational linkages.

Outlook: Stable

CRISIL believes that the BDB group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the group registers a
significant and sustained increase in its margins, leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the BDB group's financial risk
profile deteriorates further, most likely due to a decline in its
margins or a stretch in its working capital cycle.

Mr. Nirmal Bhura established BDB Exports in 2002 and BDB Exim in
2009. The companies are primarily engaged in export of cotton
bales. They also trade in maize, plastic granules, and cotton yarn
during the off-season.


CHRIST KNOWLEDGE: CRISIL Assigns 'B' Rating to INR104.8MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Christ Knowledge City.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Term Loan          104.8     CRISIL B/Stable

The rating reflects CKC's below-average financial risk profile
marked by highly leveraged capital structure, its exposure to
intense competition, and susceptibility to the highly regulated
environment in the education sector. These rating weaknesses are
partially offset by the experience of CKC's management in the
education sector and its diverse stream of courses.

Outlook: Stable

CRISIL believes that CKC's credit risk profile will benefit from
its promoters' extensive experience and established contacts. The
outlook may be revised to 'Positive' in case of increase in
student enrolments, leading to better cash accruals, resulting in
overall improvement in liquidity. Conversely, the outlook may be
revised to 'Negative' if CKC generates low cash accruals, leading
to weak liquidity.

Christ Knowlegde City (CKC) was established in 2009 by Mr. Paulose
as a trust registered under the Indian Trust Act, 1881. The trust
runs the Christ Knowledge City offering various undergraduate and
postgraduate courses in engineering and Master in Computer
Applications (MCA). It is based in Mannoor, Ernakulam Dist.
(Kerala).



COCHIN FROZEN: CRISIL Reaffirms B+ Rating on INR2.3MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Cochin Frozen Food
Exports Private Limited continue to reflect the extensive
experience of the company's promoter in the seafood export
business, however this rating strength is partially offset by the
below-average financial risk profile, marked by high gearing and
weak debt protection metrics, its modest scale of operations in
the intensely competitive seafood export industry, and its
susceptibility to volatility in raw materials prices and foreign
exchange rates.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Long Term Loan         2.3       CRISIL B+/Stable (Reaffirmed)
   Packing Credit        100         CRISIL A4 (Reaffirmed)
   Post Shipment Credit   81.6       CRISIL A4 (Reaffirmed)

CRISIL had on July 18, 2014 upgraded its rating on the bank
facilities of CFFEPL to 'CRISIL B+/Stable' from 'CRISIL B/Stable',
and has reaffirmed its rating on the company's short-term
facilities at 'CRISIL A4'.

The rating upgrade reflects the improvement in CFFEPL's business
risk profile, driven by steady increase in its scale of operations
while maintaining its profitability margins. For 2013-14 (refers
to financial year, April 1 to March 31), the company is estimated
to report revenue of INR629 million, thus registering a year-on-
year growth of 46 per cent. With steady demand for Indian sea food
in the export market, the company's revenue is expected to grow at
a healthy rate over the medium term. Its operating margin is
expected to be sustained at around 5 per cent over this period.
With the improvement in its operating performance, the company's
financial risk profile is also expected to get better, with its
gearing improving to less than 2.00 times from an estimated 2.69
times as on March 31, 2014.

Outlook: Stable

CRISIL believes that CFFEPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up its
operations substantially and generates better-than-expected cash
accruals, leading to significant improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
CFFEPL undertakes a large debt-funded capital expenditure
programme, leading to deterioration in its capital structure, or
if its volumes or margins decline steeply, causing its financial
risk profile to weaken.

CFFEPL was set up in 1992 by Mr. K Prabhakaran. It processes and
exports shrimp and fish.


CONTINENTAL FURNISHERS: CRISIL Puts B- Rating on INR44MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Continental Furnishers Pvt Ltd. The ratings
reflect the company's small scale of operations in the intensely
competitive furnishing and interior decorative industry, and large
working capital requirements. The ratings also reflect CFPL's weak
financial risk profile, marked by muted debt protection metrics.
These rating weaknesses are partially offset by its promoters'
extensive experience in the furnishing and interior decorative
industry.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               0.6       CRISIL B-/Stable
   Proposed Long Term     20.9       CRISIL B-/Stable
   Bank Loan Facility
   Letter of Credit        6         CRISIL A4
   Bank Guarantee         30         CRISIL A4
   Cash Credit            22.5       CRISIL B-/Stable

Outlook: Stable

CRISIL believes that CFPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers a
significant increase in its topline and profitability, leading to
higher-than-expected cash accruals, backed by improvement in scale
of operations. Conversely, the outlook may be revised to
'Negative' if CFPL's financial risk profile deteriorates on
account of a further decline in its revenue and profitability or
in case of larger-than-expected debt-funded capital expenditure,
or if its liquidity weakens significantly on account of an
increase in its working capital requirements.

CFPL was incorporated in 1971; however, the business operations
started in 2005. The company is promoted by Delhi-based Mr. Sanjiv
Lamba. It manufactures modular furniture and recently entered the
interior decoration segment. CFPL has its manufacturing facility
in Kalan, Una (Himachal Pradesh).

CFPL reported a net profit of INR0.24 million on net sales of
INR84.95 million for 2012-13 (refers to financial year, April 1 to
March 31), vis-a-vis a net loss of INR9.25 million on net sales of
INR78.14 million for 2011-12.


DASARI VEER: CRISIL Reaffirms 'D' Rating on INR70.5MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Dasari Veer
Raju & Gunnam Ram Chandra Rao Memorial Trust (DVR) continues to
reflect instances of delay by DVR in servicing its interest
obligations. The delay has been caused by the trust's weak
liquidity arising out of its tightly matching cash accruals vis-a-
vis its debt obligations, as well as large capital expenditure for
setting up the infrastructure for its institutes.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term     17.9       CRISIL D (Reaffirmed)
   Bank Loan Facility

   Term Loan              52.6       CRISIL D (Reaffirmed)

DVR also has a weak financial risk profile, marked by a small net
worth, high gearing, and below-average debt protection metrics;
moreover, it is exposed to regulatory risks associated with
educational institutions. The trust, however, benefits from the
healthy demand prospects for the education sector and from its
promoters' extensive experience.
Set up in 2007, DVR currently operates the Vikash College of
Engineering for Women and Vikash Degree College at Bargarh
(Odisha) along with Vikash Concepts School, Vikash Junior College
and Vikash Polytechnic at Sambalpur, (Odisha).


DECIBELS ELECTRONICS: CRISIL Puts 'B-' Rating on INR32.5MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Decibels Electronics Pvt Ltd.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Long Term Loan           17.5       CRISIL B-/Stable
   Cash Credit              15         CRISIL B-/Stable
   Letter of credit &       30         CRISIL A4
   Bank Guarantee

The rating reflects DEPL's modest scale of operations in the
highly competitive electronics industry, its large working capital
requirements, and weak financial risk profile, marked by weak debt
protection metrics. These rating weaknesses are partially offset
by the benefits derived from the extensive industry experience of
its promoters and the expected need based fund support from
promoters.

Outlook: Stable

CRISIL believes that DEPL will benefit over the medium term from
extensive experience and need based fund support from its
promoters. The outlook may be revised to 'Positive' if the company
increases its scale of operations and improves its operating
margins, resulting in improvement in cash accruals, thus improving
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case of lower-than-expected revenues and
profitability, or larger-than-expected debt-funded capital
expenditure plans, resulting in further weakening of financial
risk profile.

Incorporated in the year 1995, DEPL is engaged in manufacturing of
electronic products. Based out of Hyderabad, the company is
promoted by Mr.B.S.Chakravarthy and his associates.


HOLIDAY VILLAGE: CRISIL Reaffirms D Rating on INR171.2MM Loans
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Holiday
Village Resorts Pvt Ltd continues to reflect instances of delays
by HVRPL in servicing its debt obligations, the delays have been
caused because of its weak liquidity, driven by low occupancy
level, resulting in low cash accruals against its debt
obligations.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              20        CRISIL D (Reaffirmed)
   Term Loan               151.2      CRISIL D (Reaffirmed)

The rating also reflects HVRPL's below-average financial risk
profile, marked by high gearing and subdued debt protection
metrics, and exposure to risk related to the cyclicality in the
hospitality industry. The company, however, benefits from the
established track record of its promoters in the hospitality
industry.

HVRPL, based in Gandhidham (Gujarat), was incorporated in 2001. It
operates a three-star ethnic resort, Holiday Village Resorts, and
a club, Holiday Club. Presently, the resort has a total capacity
of 94 rooms, three banquet halls, and a club house.


KAMDHENU COMMERCIAL: CRISIL Reaffirms 'D' Rating on INR700M Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kamdhenu Commercial
(India) Private Limited continues to reflect the company's
overdrawn cash credit facility for more than 30 days owing to its
weak liquidity. The company's account has been classified as a
non-performing asset by its banker.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              300      CRISIL D (Reaffirmed)
   Letter of Credit         350      CRISIL D (Reaffirmed)
   Proposed Letter           50      CRISIL D (Reaffirmed)
   of Credit

Kamdhenu is also exposed to intense competition in the edible oil
trading business. However, the company benefits from the extensive
industry experience of its promoters.

Kamdhenu was established in 2010 by Mr. Naresh Kumar Agarwal and
his family members. The company trades in edible oils.


MADHAV CONSTRUCTIONS: CRISIL Assigns 'B' Rating to INR60MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Madhav Constructions.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       20       CRISIL B/Stable
   Bank Loan Facility
   Term Loan                40       CRISIL B/Stable

The rating reflects MC's constrained financial risk profile marked
by stretched liquidity on account of low cash accruals vis-a-vis
debt obligations and capital withdrawal by promoters. The rating
also factors in the firm's small scale of operations in the
competitive civil construction industry. These rating weaknesses
are partially offset by the extensive industry experience of MC's
promoters and their expected funding support to the firm.

Outlook: Stable

CRISIL believes that MC will benefit from its promoters' extensive
industry experience and expected timely funding support from them
for debt servicing. The outlook may be revised to 'Positive' if
the firm reports substantial increase in scale of operations and
profitability leading to sizable cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of further
deterioration in firm's liquidity due to larger working capital
requirements or continued capital withdrawal by promoters.

MC was set up in 1978 as a partnership firm by Mr. Gope Rochlani
and his son Mr. Raja Rochlani. The firm is engaged in construction
of roads in Bhiwandi and Kalyan (both in Maharashtra). The firm
has also undertaken real estate projects in the past.


MANAS AUTOMOTIVE: CRISIL Raises Rating on INR230MM Loans to 'C'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Manas Automotive Systems Ltd to 'CRISIL C' from 'CRISIL D.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              60       CRISIL C (Upgraded from
                                     'CRISIL D')

   Term Loan               170       CRISIL C (Upgraded from
                                     'CRISIL D')

The rating upgrade reflects track record of timely debt servicing
by MASL over the past three months ended July 31, 2014 on the back
of sufficient balances in the cash credit account. MASL's
liquidity has improved through infusion of unsecured loans of
INR44.7 million in March 2014. CRISIL believes that sustainable
improvement in MASL's liquidity will remain a key rating
sensitivity factor.

The ratings also reflect MASL's weak financial risk profile marked
by high gearing and low net worth and exposure to risks related to
the start-up nature and small scale of its operations. These
rating weaknesses are partially offset by the industry experience
of its promoters.

Set up in August 2009 at Pune by Mr. Jagjit Singh Nain, MASL
supplies rear-view mirrors to a large number of original equipment
manufacturers (OEMs). The company has also commenced commercial
production at its plastic-moulded components division in 2013.

On a provisional basis MASL reported a net loss of INR16.7 million
on net sales of INR251.9 million in 2013-14 ;it reported a net
loss of INR7.2 million on net sales of INR197.7 million in 2012-
13.


MITTAL COAL: CRISIL Assigns 'B+' Rating to INR100MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Mittal Coal Traders (MCT; part of the Mittal
Coal group).

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

The rating reflects the Mittal Coal group's weak financial risk
profile, marked by high gearing and below-average debt protection
metrics. This rating weakness is partially offset by the group's
efficient working capital management and the extensive experience
of its promoters in the coal-trading industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MCT and Mittal Coal Co. (MCC). This is
because the two entities, together referred to as the Mittal Coal
group, are in the same line of business, and are owned and managed
by the same promoter family.

Outlook: Stable

CRISIL believes that the Mittal Coal group will continue to
benefit over the medium term from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the group generates significantly better-than-expected cash
accruals, while improving its capital structure. Conversely, the
outlook may be revised to 'Negative' if the Mittal Coal group
reports significantly lower-than expected sales or profitability,
or if its working capital management deteriorates, resulting in
weakening of its financial risk profile.

MCC and MCT are proprietorship firms established in 2000 and 2005,
respectively. Both the firms are based in Zirakhpur (Punjab) and
primarily trade in coal. MCC's operations are currently being
managed by Mr. Ramesh Mittal, while his wife, Ms. Anita Mittal,
manages MCT.


MOON SYNDICAT: CRISIL Assigns 'B+' Rating to INR70MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Moon Syndicat.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 4       CRISIL B+/Stable (Assigned)
   Cash Credit              60       CRISIL B+/Stable (Assigned)
   Proposed Long Term        6       CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects MS's modest scale with low operating margin
and working-capital-intensive operations leading to subdued debt
protection metrics. The rating also factors in MS's exposure to
regulatory risks and cyclicality in iron ore mining industry.
These rating weaknesses are partially offset by the benefits that
MS derives from its promoters' extensive experience in the
fabrication and mining industry and its moderate capital
structure.

Outlook: Stable

CRISIL believes that MS will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' in
case of substantial increase in the firm's scale of operations and
profitability while it improves its working capital management
leading to sizable cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in financial risk
profile especially liquidity because of low cash accruals, stretch
in working capital cycle or a significant debt-funded capital
expenditure.

MS was set up in 1990 by Mr. Santosh Raj Yadav as a proprietorship
firm. MS undertakes fabrication of towers, pipelines, etc. from
semi-government and private parties and also operates iron ore and
manganese mines in Jabalpur and Gwalior (Madhya Pradesh).
Currently, it derives around 70 per cent of revenue from mining
and remaining around 30 per cent from the fabrication work.


MOUNT SHIVALIK: CRISIL Reaffirms B- Rating on INR162.2MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mount Shivalik
Industries Ltd continue to reflect MSIL's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
and geographical concentration in its revenue profile. The ratings
also factor in the company's exposure to regulatory risks, to
volatility in raw material prices, and to intense competition from
other players in the beer industry. These rating weaknesses are
partially offset by the established market position of MSIL's
Thunderbolt brand in the strong-beer segment.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          5        CRISIL A4 (Reaffirmed)
   Cash Credit           100        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       30        CRISIL A4 (Reaffirmed)
   Term Loan              62.2      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MSIL's financial risk profile will remain
weak over the medium term, driven by its low operating
profitability. The outlook may be revised to 'Positive' if the
company reports a significant improvement in its operating margin
and hence in its debt protection metrics, or if it significantly
improves its capital structure, most likely through equity
infusion. Conversely, the outlook may be revised to 'Negative' if
MSIL reports lower-than-anticipated sales and profitability,
resulting in further deterioration in its debt protection metrics,
or if it undertakes a large debt-funded capital expenditure
programme.

Established by Mr. B D Bali in 1995, MSIL manufactures and markets
beer. Its facility, located at Behror (Rajasthan), has an
installed capacity to produce 400,000 hectolitres of beer per
annum. Most of its beer sales are made under the brand
Thunderbolt.


NANDAN COTEX: CRISIL Upgrades Rating on INR120MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Nandan Cotex Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

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

   Proposed Long Term       2.4      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan               17.6      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that NC's financial
risk profile and liquidity will continue to improve over the
medium term backed by moderate growth in sales and sustained
profitability. The company booked sales of INR940 million in 2013-
14 (refers to financial year, April 1 to March 31), registering a
year-on-year growth of 80 per cent, aided by stabilisation of its
operations. Its operating margin has also improved to 2.7 per cent
in 2013-14 from 1.4 per cent in 2012-13, which has led to higher
cash accruals of around INR6.1 million for the year. NC is
expected to maintain moderate revenue growth and sustain its
profitability over the medium term.

The rating reflects NC's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and its small scale
of operations in the highly fragmented cotton ginning industry.
These rating weaknesses are partially offset by the extensive
industry experience of the company's promoters and its proximity
to cotton growing belts.

Outlook: Stable

CRISIL believes that NC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's
profitability improves significantly, coupled with higher-than-
expected revenue growth, leading to an increase in its accruals,
or if its capital structure improves through equity infusion.
Conversely, the outlook may be revised to 'Negative' if NC's
financial risk profile deteriorates, most likely due to a stretch
in its working capital cycle or debt-funded capital expenditure.

Formed in 2012, NC is promoted by Rajkot (Gujarat)-based Mr.
Bipinkumar Nathubhai Bodar and Mr. Viralbhai Jaysukhbhai
Parvadiya. The company is engaged in cotton ginning and pressing
and extraction of oil.

NC reported a net profit of INR2.2 million on net sales of INR940
million for 2013-14, as against a net profit of INR1.9 million on
net sales of INR522 million for 2012-13.


PRAGANA DANWAR: CRISIL Assigns 'D' Rating to INR68MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Pragana Danwar Food Processor Pvt Ltd. The rating
reflects instances of delay by PDFPL in the repayment of its term
debt obligations; the delays have been caused by the company's
weak liquidity.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               8       CRISIL D
   Term Loan                60       CRISIL D

PDFPL is exposed to risks associated with nascent stage of
operations and intense competition in the rice milling industry.
The rating also factors in the company's weak financial risk
profile, marked by small net worth, expected high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by its promoters' extensive experience in the rice milling
industry.

PDFPL, incorporated in 2011, is promoted by Mr. Nagbas Singh and
family of Rohtas (Bihar). It is operating a rice mill in Rohtas
(Bihar).


PRO MINERALS: CRISIL Reaffirms 'B+' Rating on INR4.53BB Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pro Minerals Pvt Ltd
(PMPL; a part of the Dalmia group) continues to reflect project
implementation risks inherent in greenfield projects, including
cost and time overrun, as well as PMPL's average financial risk
profile marked by high gearing. The ratings also factor in the
cyclical nature of the iron and steel industry which could
negatively impact the offtake from its ongoing project. These
weaknesses are partially offset by healthy demand prospects for
the company's key product (iron ore pellets), and location
advantage owing to its proximity to raw material sources and
customers. The ratings also factor in the Dalmia group's extensive
experience which has substantial presence in Orissa through other
group companies.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee         120       CRISIL A4 (Reaffirmed)
   Cash Credit            850       CRISIL B+/Stable (Reaffirmed)
   Term Loan             3680       CRISIL B+/Stable (Reaffirmed)

On Aug. 1, 2014, CRISIL had assigned its ratings on PMPL's bank
facilities at 'CRISIL B+/Stable/CRISIL A4'.

Outlook: Stable

CRISIL believes PMPL will benefit over the medium term from its
promoters' extensive experience and healthy demand for its key
products, iron ore pellets. The outlook may be revised to
'Positive' on successful implementation of the project, coupled
with improvement in capacity utilisation leading to better cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of any further time or cost overruns. Substantially lower-
than-expected cash accruals resulting from low profitability
margins could also result in a revision in outlook to 'Negative'.

PMPL was incorporated in September 2010 by the Dalmia Group of
Kolkata. The company is setting up an integrated pellet
manufacturing plant at Keonjhar (Orissa). The project also
involves setting up an iron ore beneficiation plant, which will
convert non-usable low grade iron ore fines in to usable grade of
iron ore fines to be fed directly into the pellet manufacturing
plant as raw material. The project also includes a captive power
plant of 20 megawatts capacity.


R. K. PHARMACEUTICAL: CRISIL Reaffirms 'B' Rating on INR65MM Loan
-----------------------------------------------------------------
CRISIL ratings on the bank facilities of R. K. Pharmaceutical
continue to reflect RKP's small scale of operations with
geographical concentration in revenue, weak financial risk
profile, and the susceptibility of its operating margin to
fluctuations in foreign exchange (forex) rates. These rating
weaknesses are partially offset by the extensive industry
experience of RKP's promoter.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               65      CRISIL B/Stable (Reaffirmed)
   Letter of Credit          65      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that RKP will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of improvement in the
firm's capital structure and significant increase in its revenue
and profitability, leading to improved debt protection measures.
Conversely, the outlook may be revised to 'Negative' if RKP's
profitability or revenue declines, resulting in low cash accruals
and deterioration of liquidity.

Update
RKP registered year-on-year growth of 33 per cent in operating
revenue in 2013-14 (refers to financial year, April 1 to
March 31) on account of addition of customers in Punjab and
Himachal Pradesh. However, its operating profitability declined to
2.2 per cent in 2013-14 from 2.9 per cent in 2012-13 because of
forex losses. The firm imports its entire raw material from China,
but does not hedge its forex exposure, thus rendering its
profitability susceptible to fluctuations in forex rates. RKP
reported operating revenue of around INR100 million for the three
months through June 2014. CRISIL believes that RKP's operating
income will grow moderately by 10 per cent over the medium term,
backed by increased demand for its product from the
pharmaceuticals industry; however, the firm's operating
profitability will remain low because of its trading business.

RKP's financial risk profile remains weak, marked by high total
outside liabilities to tangible net worth ratio of 5.5 times
because of large creditors of INR103.2 million and small net worth
of INR33.3 million as on March 31, 2014. The firm had weak risk
coverage ratio explain in footnote the calculation for the same of
1.90 times* as on March 31, 2014, because of unhedged forex
exposure, large outstanding debtors, and dependence on letter of
credit facility to fund raw material procurement. CRISIL believes
RKP's financial risk profile will remain weak, marked by small net
worth and low cash accruals, over the medium term.

RKP's liquidity is adequate, marked by moderate bank limit
utilisation, averaging 85 per cent for the 12 months through March
2014. Also, the firm has no fixed debt obligations. CRISIL
believes that RKP's liquidity will remain adequate because of
absence of term-funded capital expenditure plans over the medium
term.

RKP, established in 2006 by Mr. Rakesh Sharma, trades in aluminium
foils used for packaging in the pharmaceuticals industry. The firm
is based in Jalandhar (Punjab).

RKP is estimated to report net profit of INR5.9 million on net
sales of INR532 million for 2013-14, against net profit INR5.4
million on net sales of INR400 million for 2012-13.


SAI JYOT: CRISIL Assigns 'B+' Rating to INR150MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Sai Jyot Textiles.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit/              50       CRISIL B+/Stable (Assigned)
   Overdraft facility

   Proposed Long Term       100       CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects modest scale of operations in highly
fragmented textile industry and slender profitability margins.
These rating weaknesses are partially offset by the extensive
experience of SJT's promoters in the textile industry.

Outlook: Stable

CRISIL believes that the SJT will continue to benefit over the
medium term from the extensive experience of its promoters. The
outlook may be revised to 'Positive' if SJT reports significantly
higher than expected accruals while maintaining its comfortable
capital structure. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in the SJT's revenues
or profitability margins or if its capital structure deteriorates
on account of lengthening of working capital cycle or larger than
expected debt funded capital expenditure.

SJT, setup in 2003, is owned by Mr Sunder Wadhwani. The day to day
operations of the firm are managed by Mr Sunder Wadhwani and Mr
Pradeep Agicha. SJT is engaged in manufacturing of denim bottom
wear. The concern has its office located at Ulhasnagar
(Maharashtra).

SJT reported a net profit of INR6.2 million on net sales of
INR376.4 million for 2013-14 (refers to financial year, April 1 to
March 31) against net profit of INR2.98 million on net sales of
INR269.3 million for 2012-13.


SAI RAYALASEEMA: CRISIL Reaffirms 'D' Rating on INR917.1MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sai Rayalaseema Paper
Mills Limited continue to reflect instances of delays by the
company in servicing its debt; the delays have been caused by the
company's weak liquidity. The company's account has been
classified as a non-performing asset by its banker.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit              350        CRISIL D (Reaffirmed)
   Letter of Credit         150        CRISIL D (Reaffirmed)
   Long Term Loan           417.1      CRISIL D (Reaffirmed)

SRPML is also exposed to intense competition in the paper
manufacturing industry. However, the company benefits from its
promoters' extensive experience in the paper industry.

SRPML manufactures writing and printing paper, and industrial
paper. The company was acquired by BV Satya Sai Prasad and
Associates in 1995. The company's plant is located in Kurnool
district in Andhra Pradesh.


SAMRAT LAMINATES: CRISIL Assigns 'B+' Rating to INR70MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Samrat Laminates Pvt Ltd. The ratings
reflect SLPL's below-average financial risk profile and its large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of SLPL's promoters
in the plywood industry.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       15       CRISIL B+/Stable
   Bank Loan Facility
   Cash Credit              55       CRISIL B+/Stable
   Letter of Credit         30       CRISIL A4

Outlook: Stable

CRISIL believes that SLPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's scale of operations and operating
profitability leading to substantial cash accruals, or improvement
in its working capital management leading to improvement in
financial risk profile. Conversely, low cash accruals or
deterioration in working capital management or any significant
debt-funded capital expenditure leading to deterioration in
financial risk profile, particularly liquidity, may lead to a
revision in outlook to 'Negative'.

SLPL, set up in 2003, manufactures plywood, flush doors, and block
boards. The company has its head office in Chandigarh and has a
branch office in Mumbai (Maharashtra). The company sells its
products under the Samrat brand and manufactures products at its
unit in Dera Bassi (Punjab). It is managed by Mr. Rajiv Singhal
and his family.

SLPL is likely to report net profit of INR3.8 million on net sales
of INR261 million for 2013-14 (refers to financial year, April 1
to March 31), against a net profit of INR2.7 million on net sales
of INR185 million for 2012-13.


SHETKARI SAKHAR: CRISIL Reaffirms 'D' Rating on INR450MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shetkari
Sakhar Karkhana (Chandapuri) Ltd continues to reflect recent
delays in servicing of term debt by SSKL; the delays were because
of the company's weak liquidity on account of its initial stage of
operations.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               450       CRISIL D (Reaffirmed)

CRISIL had downgraded its rating on SSKL's long-term bank
facilities to 'CRISIL D' from 'CRISIL B/Stable' on June 23, 2014.

SSKL also has a weak financial risk profile driven by large debt-
funded capital expenditure (capex), and is exposed to risks
related to timely execution of its ongoing capex and scaling up of
operations, and to regulatory changes in the sugar industry. The
company, however, benefits from its proximity to sugarcane
producing region and tie-ups with farmers for procurement of
sugarcane.

SSKL was incorporated in 2011 by Mr. M Waghmode and his family
along with other directors. SSKL manufactures sugar at its factory
at Chandapuri in Solapur (Maharashtra).


SHRI HARI: CRISIL Reaffirms 'B+' Rating on INR160MM Loans
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Shri Hari Forging
Products continue to reflect SHFP's small scale of operations,
exposure to intense competition in the highly fragmented
transmission and distribution industry, and weak financial risk
profile, marked by average gearing and debt protection metrics.
These rating weaknesses are partially offset by the extensive
industry experience of the firm's proprietor.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           8.5     CRISIL A4 (Reaffirmed)
   Bill Discountin        100       CRISIL B+/Stable (Reaffirmed)
   Cash Credit             32.5     CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term      21       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan                6.5     CRISIL B+/Stable (Reaffirmed)
Outlook: Stable

CRISIL believes that SHFP will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case of an improvement in
the firm's net worth, most likely due to fund infusion or scaling
up of operations while improving its profitability. Conversely,
the outlook may be revised to 'Negative' if SHFP's liquidity
deteriorates, most likely because of large debt-funded working
capital requirements or capital expenditure, or lower-than-
anticipated cash accruals.

Update
SHFP's revenue declined marginally to INR264 million in 2013-14
(refers to financial year, April 1 to March 31) from about INR269
million in 2012-13. This was because there was some spill-over of
ongoing projects to 2014-15. Until July 15, 2014, of the current
year, the firm has booked revenue of around INR70 million and has
an order book of around INR140 million to be executed over the
next five months. SHFP's operating margin is estimated to have
remained at 4 to 5 per cent in 2013-14. Its margin is vulnerable
to raw material price movements, though it tries to minimise the
risk by keeping minimum inventory.

SHFP's operations are working capital intensive, as reflected in
its high gross current assets (GCA), estimated at 173 days as on
March 31, 2014;  the GCAs increased due to a high year-end cash
balance of INR57 million. The firm's working capital requirements
are partly supported by creditors of more than 50 days.

SHFP's financial risk profile is constrained by a small net worth,
estimated at INR25 million, and high gearing of more than 2 times,
as on March 31, 2014. Its debt protection metrics are also
estimated to have been average, with interest coverage ratio of
around 1.6 times and net cash accruals to total debt ratio of 0.06
times, for 2013-14 The firm's liquidity remains constrained by
high utilisation of bank lines. However, its accruals of over INR4
million are expected to be sufficient for meeting its repayment
obligations of INR1.9 million, in 2014-15.

For 2013-14, SHFP reported, on a provisional basis, a profit
before tax (PBT) of INR2.3 million on net sales of INR264.3
million, against a PBT of INR3.5 million on net sales of INR268.7
million for 2012-13.

SHFP, a sole proprietorship firm set up in 2006, is engaged in
manufacturing and fabrication of various components such as
transformer structures, top brackets, and guarding cross arms,
which are used in the power distribution sector. The firm,
promoted by Mr. Shrikant Sharma, is based in Jaipur (Rajasthan).


SONAKI CERAMIC: CRISIL Upgrades Rating on INR96.5MM Loans to 'B'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sonaki Ceramic to 'CRISIL B/Stable' from 'CRISIL B-/Stable' and
reaffirmed its rating on the firm's short-term bank facilities at
'CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee          6.5       CRISIL A4 (Reaffirmed)
   Cash Credit            30.        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')
   Term Loan              66.5       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in SC's business risk
profile with significant improvement in scale of operations and
healthy operating profitability, leading to substantial cash
accruals from operations providing cushion to the firm's stretched
liquidity. The firm is likely to generate higher cash accruals
from operations against maturing term debt obligations over the
medium term backed by expected improvement in scale of operation
and maintenance of profitability levels.

The ratings continue to reflect SC's weak financial risk profile,
marked by small net worth, high gearing, and subdued debt
protection metrics, its modest scale of operations, and exposure
to intense competition in the ceramic tableware industry. These
rating weaknesses are partially offset by the extensive industry
experience of SC's promoters.

Outlook: Stable

CRISIL believes that SC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SC scales up its
operations and registers significant increase in revenue while
maintaining its profitability, or in case of equity infusion,
which results in improvement in capital structure. Conversely, the
outlook may be revised to 'Negative' if the firm generates low
revenue or if its working capital cycle lengthens, weakening its
liquidity, or if SC undertakes any large debt-funded capital
expenditure programme, weakening its financial risk profile.

Set up in 2008, SC manufactures bone-china-based crockery items
such as cups, plates, and saucers. It has been promoted by Mr.
Kishore Patel and his family as a partnership firm.


SRI DHARMA: CRISIL Reaffirms 'B' Rating on INR53.8MM Loans
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Dharma Spinners Pvt
Ltd continue to reflect Sri Dharma's small scale of operations in
the fragmented cotton spinning industry, regional concentration in
revenue, and weak operating efficiencies. The ratings also factor
in the susceptibility of the company's margins to volatility in
input prices, and below-average financial risk profile marked by
small net worth, moderate gearing, and modest debt protection
measures. These rating weaknesses are partially offset by the
extensive industry experience of Sri Dharma's promoters.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           3        CRISIL A4 (Reaffirmed)
   Letter of Credit        10        CRISIL A4 (Reaffirmed)
   Cash Credit             27.5      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term       6.6      CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan               19.7      CRISIL B/Stable (Reaffirmed)

CRISIL had, on July 25, 2014, upgraded its ratings on the bank
facilities of Sri Dharma to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'. The rating upgrade reflects Sri Dharma's
timely debt servicing, backed by improvement in its cash accruals.
The company is expected to generate cash accruals of around INR12
million to INR14 million over the medium term to meet its debt
repayment obligations of INR7.8 million maturing in 2014-15
(refers to financial year, April 1 to March 31). Additionally, the
company benefits from its promoters' support in the form of
unsecured loans. The upgrade also reflects CRISIL's belief that
Sri Dharma will continue to grow at a steady rate while it
maintains its profitability, leading to steady cash accruals.

Outlook: Stable

CRISIL believes Sri Dharma will continue to benefit from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' in case Sri Dharma reports higher revenue
and profitability leading to increase in cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
company's business performance weakens, constraining its financial
risk profile, particularly liquidity.

Sri Dharma was incorporated in June 1999. The company's spinning
unit, in Rajapalyam (Tamil Nadu), started operations in July 2001.
It manufactures cone yarn and hank yarn.


SRI PADMABALAJI: CRISIL Lowers Rating on IN1.03BB Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sri Padmabalaji Steels Private Limited (part of the Padmabalaji
group) to 'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee         20.7       CRISIL D (Downgraded
                                     from 'CRISIL A4')

   Cash Credit             490       CRISIL D (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        250       CRISIL D (Downgraded
                                     from 'CRISIL A4')

   Long Term Loan        276.5       CRISIL D (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects instances of delay by the Padmabalaji group
in servicing its debt; the delays have been caused by the group's
weak liquidity. The Padmabalaji group has weak liquidity on
account of its working-capital-intensive operations.

The Padmabalaji group also has a below-average financial risk
profile, marked by a moderate gearing and weak debt protection
metrics. However, the group benefits from its promoter's extensive
experience in the steel industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SPSPL and Suryabalaji Steels Pvt Ltd
(SSPL). This is because these entities, together referred to as
the Padmabalaji group, are involved in the same line of business
and managed by the same promoter, and have fungible cash flows.

SPSPL was set up in 1995 by Mr. M Ravichandhiran. It primarily
manufactures steel and ferroalloy castings, mild-steel (MS)
ingots, and thermo-mechanically treated (TMT) bars and rods. The
company has three manufacturing facilities (one each at Annur in
Coimbatore [Tamil Nadu], Karaikal [Pondicherry], and Kanjikode
[Kerala]) and uses different facilities to manufacture different
products. SPSPL is part of the Padmabalaji group, which is based
in Coimbatore. SSPL was set up in 2007 and manufactures only MS
ingots; it has a manufacturing facility at Pudukottai (Tamil
Nadu).


SRI TEJA: CRISIL Reaffirms 'D' Rating on INR530MM Loans
-------------------------------------------------------
CRISIL's ratings on the long term bank facilities of Sri Teja Bio
Fuels Pvt Ltd continues to reflect instances of delays by Sri Teja
in servicing its debt; the delays have been caused by the
company's weak liquidity.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long Term Loan           450      CRISIL D (Reaffirmed)
   Proposed Cash             80      CRISIL D (Reaffirmed)
   Credit Limit

Sri Teja is also exposed to risks related to the implementation
and stabilization of its ongoing distillery project, and to the
regulatory nature of the liquor industry. However, the company
benefits from healthy demand for grain-based extra neutral alcohol
(ENA).

Sri Teja was promoted in 2006 by Mr. Murali Krishna Reddy Kanumuru
and associates. The company is setting up a grain-based distillery
to produce ENA in West Godavari district in Andhra Pradesh.


SURYABALAJI STEELS: CRISIL Cuts Rating on INR339.4MM Loans to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Suryabalaji Steels Pvt Ltd (SSPL; part of the Padmabalaji group)
to 'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit             100        CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

   Letter of Credit        200        CRISIL D (Downgraded from
                                      'CRISIL A4')

   Long Term Loan           39.4      CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

The downgrade reflects instances of delay by the Padmabalaji group
in servicing its debt; the delays have been caused by the group's
weak liquidity. The Padmabalaji group has weak liquidity on
account of its working-capital-intensive operations.

The Padmabalaji group also has a below-average financial risk
profile, marked by a moderate gearing and weak debt protection
metrics. However, the group benefits from its promoter's extensive
experience in the steel industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSPL and Sri Padmabalaji Steels Pvt Ltd
(SPSPL). This is because these entities, together referred to as
the Padmabalaji group, are involved in the same line of business
and managed by the same promoter, and have fungible cash flows.

SPSPL was set up in 1995 by Mr. M Ravichandhiran. It primarily
manufactures steel and ferroalloy castings, mild-steel (MS)
ingots, and thermo-mechanically treated (TMT) bars and rods. The
company has three manufacturing facilities (one each at Annur in
Coimbatore [Tamil Nadu], Karaikal [Pondicherry], and Kanjikode
[Kerala]) and uses different facilities to manufacture different
products. SPSPL is part of the Padmabalaji group, which is based
in Coimbatore. SSPL was set up in 2007 and manufactures only MS
ingots; it has a manufacturing facility at Pudukottai (Tamil
Nadu).


THIRUPUR SURIYA: CRISIL Upgrades Rating on INR1.39BB Loans From D
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Thirupur
Suriya Textiles (P) Ltd (TSTPL; part of the Thirupur Suriya group)
to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            5       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit             515       CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Long Term Loan          306       CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan               121       CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Working Capital         454       CRISIL B/Stable (Upgraded
   Term Loan                         from 'CRISIL D')

The rating upgrade follows timely servicing of debt by the
Thirupur Suriya group for a period of more than three months. The
upgrade also factors in CRISIL's belief that the group will
continue to service its debt in a timely manner over the medium
term, marked by improvement in revenue and sustainability of
operating profitability resulting in sufficient cash accruals to
meet debt obligations.

The ratings reflect the Thirupur Suriya group's below-average
financial risk profile marked by high gearing and weak debt
protection measures, exposure to customer concentration risk, and
susceptibility to fluctuations in the value of the Indian rupee.
The rating weaknesses are partially offset by the group's
established market position across the textile value chain.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of TSTPL and Tiruppur Surya Hitech Apparel
Pvt Ltd, together referred to as the Thirupur Suriya group. The
two entities are part of the textile value chain, are under a
common management, and have interdependent commercial transactions
and centralised raw material procurement and marketing
arrangement.

Outlook: Stable

CRISIL believes that the Thirupur Suriya group will benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the group reports
substantial revenue and profitability, resulting in large cash
accruals, and if its capital structure improves with significant
equity infusion. Conversely, the outlook may be revised to
'Negative' in case of large debt-funded capital expenditure
leading to deterioration of capital structure, or low cash
accruals or large working capital requirements leading to pressure
on liquidity.

The Thirupur Suriya group is a four-decade-old player in the
textile industry. Its operations are vertically integrated, with
spinning, knitting, dyeing, compacting, printing, stitching, and
embroidery facilities. It owns end-to-end facilities for
conversion of cotton into ready-made knitwear. The group is
managed by Mr. K Kuppusamy.


TIRUPPUR SURYA: CRISIL Ups Rating on INR545.7MM Loans From D
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Tiruppur
Surya Hitech Apparel Pvt Ltd (TSHAPL; part of the Thirupur Suriya
group) to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bill Discounting         97        CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Cash Credit               8         CRISIL B/Stable (Upgraded
                                       from 'CRISIL D')

   Export Packing Credit   135         CRISIL A4 (Upgraded from
                                       'CRISIL D')

   Term Loan                85.3       CRISIL B/Stable (Upgraded
                                       from 'CRISIL D')

   Working Capital         220.4       CRISIL B/Stable (Upgraded
   Term Loan                           from 'CRISIL D')

The rating upgrade follows timely servicing of debt by the
Thirupur Suriya group for a period of more than three months. The
upgrade also factors in CRISIL's belief that the group will
continue to service its debt in a timely manner over the medium
term, marked by improvement in revenue and sustainability of
operating profitability resulting in sufficient cash accruals to
meet debt obligations.

The ratings reflect the Thirupur Suriya group's below-average
financial risk profile marked by high gearing and weak debt
protection measures, exposure to customer concentration risk, and
susceptibility to fluctuations in the value of the Indian rupee.
The rating weaknesses are partially offset by the group's
established market position across the textile value chain.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Thirupur Suriya Textiles (P) Ltd.
(TSTPL) and TSHAPL, together referred to as the Thirupur Suriya
group. The two entities are part of the textile value chain, are
under a common management, and have interdependent commercial
transactions and centralised raw material procurement and
marketing arrangement.

Outlook: Stable

CRISIL believes that the Thirupur Suriya group will benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the group reports
substantial revenue and profitability, resulting in large cash
accruals, and if its capital structure improves with significant
equity infusion. Conversely, the outlook may be revised to
'Negative' in case of large debt-funded capital expenditure
leading to deterioration of capital structure, or low cash
accruals or large working capital requirements leading to pressure
on liquidity.

The Thirupur Suriya group is a four-decade-old player in the
textile industry. Its operations are vertically integrated, with
spinning, knitting, dyeing, compacting, printing, stitching, and
embroidery facilities. It owns end-to-end facilities for
conversion of cotton into ready-made knitwear. The group is
managed by Mr. K Kuppusamy.


UNIFIED ELECTRONICS: CRISIL Reaffirms B Rating on INR38.9MM Loans
-----------------------------------------------------------------
CRISIL ratings on the bank facilities of Unified Electronics
(India) Ltd continue to reflect the company's small scale of
operations, its below-average financial risk profile marked by
high gearing and small net worth, and large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of UEIL's promoters in the electronic
components industry and its established relationship with
customers.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           15       CRISIL A4 (Reaffirmed)
   Bill Discounting          6       CRISIL A4 (Reaffirmed)
   Cash Credit              25       CRISIL B/Stable (Reaffirmed)
   Long Term Loan           13.9     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that UEIL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if UEIL's profitability and
capital structure improve significantly, leading to improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case of decline in cash accruals or weakening of
working capital management, weakening its liquidity, or large
debt-funded capital expenditure (capex), weakening its financial
risk profile.

Update
UEIL, on a provisional basis, reported operating income of INR220
million for 2013-14 (refers to financial year, April 1 to March
31), against INR176 million for 2012-13; the revenue growth was
because of healthy offtake by its end-user segments. UEIL's
revenue is expected to grow at a moderate rate over the medium
term because of healthy demand. Its operating margin remained
moderate, estimated at 9 per cent in 2013-14, and is expected to
be stable over the medium term supported by its established
relationships with customers.

UEIL's financial risk profile is weak, marked by high gearing of
2.45 times and small net worth of around INR30 million as on March
31, 2014. It had low interest coverage and net cash accruals to
total debt ratios, estimated at 1.50 times and 0.06 times,
respectively, for 2013-14. CRISIL believes that UEIL's financial
risk profile will improve over the medium term, supported by
steady accretion to reserves and absence of major debt-funded
capex plans.

UEIL's liquidity is weak, marked by high bank line utilisation,
averaging 96 per cent over the 12 months through June 2014. It is
likely to generate annual cash accruals of INR8.1 million to
INR10.5 million against annual term loan obligations of INR2.2
million to INR5.3 million over the medium term. CRISIL believes
that UEIL's liquidity will improve over the medium term, driven by
moderate cash accruals and absence of debt-funded capex plans.

Incorporated in 2006, UEIL manufactures electronics components.
The company is promoted by Mr. Suresh R Mehta and Mr. Tarun P
Mehta.


VISUAL & ACOUSTICS: CRISIL Reaffirms 'B+' Rating on INR15MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Visual & Acoustics
Corporation LLP (VACL) continue to reflect VACL's weak financial
risk profile, marked by modest net worth and weak debt protection
metrics, and its large working capital requirements. The ratings
also factor in the firm's small scale of operations in the
intensely competitive electronic equipment industry and its low
operating profitability. These rating weaknesses are partially
offset by the extensive industry experience of VACL's partners,
the support from them in the form of regular equity infusion, and
the firm's established customer network.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             15       CRISIL B+/Stable (Reaffirmed)
   Foreign Bill Purchase   65       CRISIL A4 (Reaffirmed)
   Packing Credit          50       CRISIL A4 (Reaffirmed)
   Proposed Short Term    140       CRISIL A4 (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that VACL will continue to benefit over the medium
term from its partners' extensive industry experience and its
established customer network. The outlook may be revised to
'Positive' if there is substantial and sustained improvement in
the company's revenue and profitability margins from the current
levels or if there is improvement in its working capital
management. Conversely, the outlook may be revised to 'Negative'
if there is there is a decline in the company's revenues or
profitability margins from the current levels or if there is a
deterioration in its capital structure on account of larger-than-
expected working capital requirements or large debt-funded capital
expenditure.

Update
The net sales of the firm registered 26 per cent year-on-year
growth to around INR491 million in 2013-14 (refers to financial
year, April 1 to March 31); revenue growth has been mainly driven
by improved demand from existing customers and addition of new
customers. The company's operating margin increased by around 60
basis points to 3.2 per cent in 2013-14, which is expected to
remain at similar levels over the medium term.

The company's operations are highly working capital intensive as
reflected in its gross current assets (GCAs) of around 154 days as
on March 31, 2014. The GCAs are high owing to the company's
inventory of around 63 days and receivables cycle of 70 days. As a
result, the company's average bank limit utilisation has been high
at 94 per cent for the 6 months ended March 31, 2014.

VACL's net worth is estimated to have remained modest around INR74
million as on March 31, 2014. The company has contracted moderate
debt to fund its working capital requirements; this, coupled with
modest net-worth, has resulted in moderate gearing of around 1.9
times as on March 31, 2014.

Set up in November 2009, VACL manufactures electronic equipment,
which includes power solutions, electrical accessories, and public
address (PA) systems. The PA systems account for a major portion
of the firm's revenue; it supplies these systems mainly to
churches and mosques. VACL commenced operations by trading in
electronic goods. In January 2011, the firm set up a manufacturing
unit in Mundka (Delhi).


VITAL HEALTHCARE: CRISIL Reaffirms B+ Rating on INR200MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vital Healthcare Pvt
Ltd (Santacruz) continue to reflect its modest scale of, and
working-capital-intensive, operations and exposure to risks
inherent in the highly competitive pharmaceutical formulations
industry. These rating weaknesses are partially offset by the
extensive experience of VHPL's promoters in the pharmaceutical
industry and established customer relationships.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          50       CRISIL A4 (Reaffirmed)
   Bill Negotiation        20       CRISIL A4 (Reaffirmed)
   Letter of Credit        30       CRISIL A4 (Reaffirmed)
   Cash Credit             65       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term     105       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan               30       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VHPL will maintain its stable business risk
profile over the medium term, backed by the extensive experience
of its promoters in the pharmaceutical industry and their
established customer relationships. The outlook may be revised to
'Positive' if the company is able to exhibit significant and
sustainable increase in its revenue and margins while maintaining
its capital structure and improving its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if it
undertakes significant debt-funded capital expenditure or if the
cash accruals decrease significantly resulting in deterioration in
VHPL's financial risk profile.

Update
VHPL's operating revenue increased to around INR332.5 million in
2013-14 (refers to financial year, April 1 to March 31) as against
INR291 million in 2012-13 on account of higher orders received in
2013-14, which were supported by automation of existing faculties
leading to improvement in capacity utilisation. Operating margin
of the company improved to 12.3 per cent in 2013-14 from 11.46 per
cent in 2012-13.

VHPL's operations remain working capital intensive as reflected in
its gross current assets of 370 days as on March 31, 2014, largely
on account of receivables of 178 days as on March 31, 2014, which
are high on account of stretch in payments from government
organisations. Furthermore, based on the dispatch schedule of the
customers, the company maintained inventory of 99 to 114 days over
the three years ended March 31, 2014. Liquidity of the company is
supported by stretching its creditors; creditor days of the
company have remained in the range of 224 to 242 days over the
three years ended March 31, 2014.

VHPL's financial risk profile is moderate, marked by gearing of
1.43 times as on March 31, 2014, which has shown an improvement
over 1.89 times as on March 31, 2013. The company has healthy debt
protection metrics as reflected in the interest coverage and net
cash accruals to total debt ratios of 2.8 times and 20 per cent,
respectively, in 2013-14. The company, in 2013-14, generated
accruals of around INR20.5 million against which it did not have
major debt repayment obligations. Liquidity of VHPL though is
constrained on account of its working-capital-intensive operations
leading to high utilisation of bank lines of 96 per cent in the 8
months ended June 30, 2014.

Incorporated in 1992, VHPL manufactures and markets pharmaceutical
formulations and healthcare products. The company, which commenced
operations in 1997, has its manufacturing facilities at Nashik
(Maharashtra).



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


PERUSAHAAN PENERBIT: S&P Puts 'BB+' Rating to US$5BB Trust Cert.
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
foreign currency issue rating to a global Sukuk trust certificate
issuance program of up to US$5 billion by Perusahaan Penerbit SBSN
Indonesia III (PPSI-III).  The issuer is a fully owned special
purpose vehicle of the Republic of Indonesia (BB+/Stable/B;
axBBB+/axA-2) established solely for issuing foreign-currency-
denominated Sharia-compliant securities in international markets.

S&P rates this issue on par with the sovereign's other commercial
financial obligations.  This is based on the government's
undertaking to treat payment obligations under the note program as
direct, unconditional, unsecured, and general obligations of
Indonesia.  These obligations will rank equal in right of payment
with all other unsecured and unsubordinated external indebtedness
of the sovereign.

The sovereign credit rating on Indonesia reflects the economy's
low per capita income, developing structural and institutional
foundations, a relatively weak policy environment, and rising
external leverage.  These rating constraints are weighed against
the country's cautious and well-entrenched fiscal management,
modest general government debt and interest burden, and moderately
strong economic growth.

The stable outlook on the sovereign rating reflects S&P's view
that Indonesia's moderately weak governance and effectiveness of
government policies, low GDP per capita, and external
vulnerability are generally balanced against a conservative fiscal
policy, favorable debt trajectory, and the country's moderately
strong growth prospects.

S&P may raise the ratings if the policies of the new government
that will be formed following the elections in July reduce
Indonesia's fiscal vulnerabilities, improve its balance sheet,
reduce the external debt burden, or boost growth prospects.

Conversely, S&P may lower the ratings if the new government fails
to respond to fiscal or external pressures with timely and
adequate measures, or if its policies endanger growth prospects or
the country's positive fiscal and debt trajectories.



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


SOUTH CANTERBURY: Trial Draws to a Close
----------------------------------------
Emma Bailey at Stuff.co.nz reports that New Zealand's longest and
most expensive criminal case, the South Canterbury Finance (SCF)
trial, has finally drawn to a close.

Stuff.co.nz says the trial began 5-1/2 months ago on March 12 at
the High Court in Timaru before Justice Paul Heath.

Former SCF directors Ed Sullivan and Robert White, and former
chief executive Lachie McLeod, face 18 charges, the report
relates.  The charges were brought by the Serious Fraud Office
after SCF's collapse and the resulting NZ$1.58 billion payout
under the Crown guarantee scheme.

The charges were laid against the three in late 2011 after
chairman Allan Hubbard died in a car crash in September 2011,
Stuff.co.nz relates.

The SFO has said Mr. Hubbard remained a person of interest.

According to the report, the case finished with Mr. McLeod's
counsel, Jonathan Eaton, QC, closing and painting a picture of the
former chief executive being out of his depth who had relied on
the advice of others, mostly from Mr. Hubbard.

"Mr McLeod is not a dishonest man," Stuff.co.nz quotes Mr. Eaton
as saying.  "Throughout the course of this trial your honour has
been armed with much information to make an assessment of Mr
McLeod's true character. Clearly the traits of his character
appealed to Mr Hubbard. Hardworking, well liked and loyal.

"The hindsight cynical view would be that Mr Hubbard knew Mr
McLeod was not equipped with the qualifications, experience and
skill set to carry out what would be the typical CEO role and that
might be seen as reflecting a degree of reluctance of Mr Hubbard
to lose control."

Mr. Eaton described Mr. McLeod as being loyal to a fault.

"Perhaps he was too loyal to Mr Hubbard. Perhaps, he like so many
others, put Mr Hubbard on a pedestal and placed in him too much
faith, trust and reliance. Loyal to a fault? Perhaps. Loyal to the
point of knowingly engaging in dishonesty? No.

"The proper verdicts on all counts are verdicts of not guilty."

The law did not recognise guilt by loyalty or guilt by association
to Hubbard, Mr. Eaton, as cited by Stuff.co.nz, said. "There can
be little doubt that Mr Hubbard was an extremely influential and
stubborn and determined man.

"However, what immediately distinguishes him from others in a
similar positions is that he is undisputed that his driving
ambition was to benefit his investors. Personally he was frugal in
the extreme and his life was devoid of the trappings of wealth.

"It is important to recognise that there is no suggestion that a
single dollar was redirected through fraudulent transactions to
benefit any accused."

                   About South Canterbury Finance

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.


TERRY SEREPISOS: Liquidators Chase NZ$450,000 From Swiss Scam
-------------------------------------------------------------
Matt Nippert at Sunday Star-Times reports that failed developer
Terry Serepisos' liquidators are moving to recover NZ$450,000 he
sent to an alleged Swiss scam.

A four-year Sunday Star-Times investigation into Western Gulf
Advisory and its elusive founder Ahsan Ali Syed has detailed a
globe-spanning Nigerian-style advance fee scam that reaped tens of
millions of dollars from distressed businesspeople in return for
promised low-interest loans that never arrived.

Sunday Star-Times relates that Mr. Syed used the proceeds to live
a playboy lifestyle, buying a private jet and Spanish La Liga
football club Racing Santander. The jet was subsequently
repossessed and Racing Santander was made bankrupt and relegated,
the report says.

The report recalls that the high-profile Mr. Serepisos, who
founded the Wellington Phoenix A-League football club, had
publicly used his promised US$100 million loan from WGA to delay
bankruptcy proceedings. But the loan never arrived, and he was
bankrupted in September 2011, owing more than NZ$200 million.

According to the report, John Fisk of PWC, acting as liquidator of
more than a dozen Serepisos companies, said a two-week probe of
company accounts had uncovered considerable sums sent to WGA's
accounts in Switzerland.

Sunday Star-Times relates that Mr. Fisk said NZ$450,000 appeared
to have been paid by New Millennium Design, and he had submitted a
claim for that sum to Mark van Leewarden, a private investigator
and lawyer who had secured freezing orders against WGA.

Sunday Star-Times says Mr. Leewarden is co-ordinating the
distribution of $8.25 million in seized assets to WGA victims owed
$23 million. These assets, comprising cash found in 20 Credit
Suisse accounts in Zurich and the Bahamas and an apartment, could
see victims owed millions repaid 30 cents in the dollar, the
report notes.

Based off typical contracts used by the Swiss and Bahrain-based
firm, it is understood Mr. Serepisos advanced NZ$1.8 million in
total to WGA but Mr. Fisk said how any balance was paid remains a
mystery, relays Sunday Star-Times.

"If there was more than NZ$450,000 paid I think we would have to
assume at this stage that it was paid by a third party," Sunday
Star-Times quotes Mr. Fisk as saying.

In further developments in the WGA case, Sunday Star-Times reports
that Swiss newspaper Sonntagszeitung reported an arrest warrant
had been issued against Mr. Syed in September last year and
Zurich's chief prosecutor Martin Buergisser confirmed a criminal
case was live.

In addition to a string of debts and victims in New Zealand,
Australia, Ireland, the United Kingdom, Brazil and the United
States, the newspaper revealed WGA had also run up large unpaid
bills in Switzerland, the report notes.

According to Sunday Star-Times, Sonntagszeitung reported Mr. Syed
had purchased a plush apartment in the central Swiss province of
Nidwalden in 2010 racked up NZ$260,000 in renovation costs and
then fled the country without paying for them. The apartment was
subsequently seized by Swiss prosecutors with sales proceeds going
to victims, the report relats.

Syed, who has not responded to Sunday Star-Times requests for
comment over the past four years, is understood to be now living
in the United Kingdom using an assumed name.

                          *     *     *
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 27, 2011, the New Zealand Herald said Wellington businessman
and former Phoenix football owner Terry Serepisos was declared
bankrupt in the High Court at Wellington after his last-minute bid
for more time to pay debts was rejected.  Judge Gendall granted an
application by South Canterbury Finance, owed some NZ$22.5
million, to declare Mr. Serepisos bankrupt after he
failed to convince the court to grant him four more days to
secure funding from a Hong Kong-based merchant bank.  In
August 2011, BusinessDesk recalled, Mr. Serepisos was granted
adjournment to put forward a proposal to creditors that would
sell down his property portfolio in an orderly fashion, in a bid
to meet the entirety of the NZ$204 million owed to his lenders.
The portfolio, made up of some 150 residential properties and
more than six commercial buildings, was valued at NZ$232.5
million, BusinessDesk said.  The Serepisos-owned companies
include Century City Hunter Street, Century City Investments,
Century City Developments, Century City Management, and Century
City Football, which previously owned the Wellington Phoenix
football team.


WE POWER: Placed Into Liquidation
---------------------------------
Cliff Anderson at Dissolve.com.au reports that We Power Ltd has
been put into liquidation owing thousands of dollars to its
people. A report from the liquidator states that the company may
not have enough assets to pay to creditors and staff,
Dissolve.com.au discloses.

In September last year, Dissolve.com.au recalls, reports cited
that We Power Ltd failed to pay over 20 employees for weeks of
work. A number of its people had to reportedly go into debt for
paying groceries and rent, says Dissolve.com.au.  According to the
report, the business was a labour supplier to subcontractors who
paid We Power for its people. A number of workers filed complaints
at the labour inspectorate of the Ministry of Business, Innovation
and Employment in 2013, Dissolve.com.au relates.

Dissolve.com.au adds that the inspectorate mentioned that in March
it made a compliance action against We Power. But a spokesman for
MBIE noted that the company entered liquidation before compliance
could be achieved, the report says.



====================
S O U T H  K O R E A
====================


DAEHAN SHIPBUILDING: Files Chapter 15 Protection in Manhattan
-------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Daehan Shipbuilding
Co. filed a petition for Chapter 15 protection in Manhattan on
August 18 as it faces a $54.5 million judgment in the U.S.

The Chapter 15 filing followed Daehan's initiation of
rehabilitation proceeding on June 27 in South Korea under that
country's Debtor Rehabilitation and Bankruptcy Act, according to
court papers obtained by Bloomberg.

Ship owner Rimpacific Navigation Inc. and Wonder Enterprises Ltd.
won a lawsuit against Daehan in a U.K. court and brought lawsuits
against the company in both South Korea and New York to collect on
the English judgment, Bloomberg says citing court papers.

In a New York state court, the plaintiffs began proceedings
in March to enforce a $54.5 million judgment, Bloomberg recalls.
Daehan was facing an Aug. 20 deadline for filing papers opposing
the plaintiffs' attempt at making the judgment enforceable in the
U.S., the report notes.

Bloomberg says Daehan wants the Manhattan bankruptcy court to halt
all creditor actions in the U.S. temporarily, including the New
York suit.

Daehan also wants recognition of the Korean bankruptcy as
the so-called foreign main proceeding. If South Korea is
recognized as having the primary bankruptcy, at that time all
creditor actions in the U.S. will be halted permanently. The
U.S. court will also have power to enforce rulings by the Korean
court in the U.S., the report notes.

According to Bloomberg, Daehan said it hopes to improve its
current financial difficulties through a debt-for-equity swap and
postponement of debt repayment.

Recently, Bloomberg says, Daehan suffered from a liquidity crisis.
It's credit rating "plummeted," resulting in the cancellation of
22 of its shipbuilding contracts, the company said. Daehan also
incurred losses from currency fluctuations.

Bloomberg adds that the losses, according to court papers, were
made worse by the inflation in shipbuilding personnel expenses and
distribution costs.

The Chapter 15 petition shows assets of more than
$100 million and liabilities of more than $500 million, Bloomberg
discloses.

Based in Gurimri, South Korea, Daehan Shipbuilding Co., Ltd.
provides ship construction and repair services.


PANTECH CO: Court Decides to Commence Receivership
--------------------------------------------------
Yonhap News reports that a local court said on August 19 it has
decided to commence a receivership program for Pantech Co., South
Korea's No. 3 handset maker, which has been suffering from a
severe cash shortage.

Yonhap relates that the decision came a week after the troubled
firm filed for the court receivership at the Seoul Central
District Court, as it failed to normalize its operations after
returning to a workout program in March.

"Pantech, as a major handset maker in South Korea, holds 550
suppliers," the court said in a statement, Yonhap relays. "We have
promptly decided to commence the receivership program considering
its impact on the national economy."

According to Yonhap, the court added the procedure will be done in
a "fast-track" manner by gathering opinions from Pantech's
creditors as well as other investors. It also plans to look into
outside companies acquiring the firm.

The court also named Lee Joon-woo, the chief executive officer of
Pantech, to lead the related process to seek "efficiency," adds
Yonhap.

The news agency relates that industry watchers said the court also
apparently took the fact that Pantech's liquidating value stands
at KRW189.5 billion (US$186.2 million), whereas its going-concern
value is around KRW382.4 billion into account.

While Pantech graduated from a five-year debt rescheduling program
in December 2011, its financial footing weakened again as it
struggled with falling sales from increased competition in the
local smartphone market dominated by Samsung and LG, Yonhap says.

Yonhap adds that the latest development also came two months after
Pantech's creditors, led by the Korea Development Bank, decided to
seek a debt-equity swap of KRW480 billion for the troubled
company.

While the creditors asked the three mobile carriers -- SK Telecom
Co., KT Corp. and LG Uplus Corp. -- to join the program by
chipping in KRW180 billion, they have been passive toward repeated
requests, with some insisting that the fate of Pantech should be
decided by the market system.

Under court receivership, Pantech will be ordered to hand in its
normalization plan to the court within two months, Yonhap notes.

                          About Pantech

Headquartered in Seoul, Korea, Pantech Co., Ltd. --
http://www.pantech.co.kr/-- manufactures mobile phones.
Pantech's products are mainly global system for mobile
communication and code division multiple access phones.  The
company markets its products internationally, and supplies
Motorola as an original equipment manufacturer and original
design manufacturer.  It has seven subsidiaries involved in the
information technology and telecommunication sectors, and
operates in Argentina and Russia, among other countries.

Pantech and affiliate Pantech&Curitel Communications
Inc. sought creditors' bailout due to increasing debts and
mounting losses.  On Dec. 15, 2006, the creditors rescued the
companies by approving a debt-work out scheme, giving the
companies a grace period on their matured debts.



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


WAN HAI: Moody's Says Improves 2014 1H Results Supports Ba3 CFR
---------------------------------------------------------------
Moody's Investors Service says that Wan Hai Lines Ltd's improved
financial results in 1H 2014 support its Ba3 corporate family
rating and the B1 senior unsecured bond rating for its guaranteed
subsidiary, Wan Hai Lines (Singapore) Pte Ltd.

The ratings outlook remains stable.

"Wan Hai's solid year-on-year revenue growth and significantly
improved profit margins in 1H 2014 were better than Moody's had
expected. The results were mainly driven by the improving
operating environment in the shipping industry," says Chenyi Lu, a
Moody's Vice President and Senior Analyst.

According to Wan Hai's results announcement, its revenue grew 9.6%
year-on-year to NTD31.4 billion in 1H 2014 from NTD28.6 billion in
1H 2013, mainly supported by a 7.2% year-on-year increase in its
shipping volumes.

In addition, the company's adjusted EBITDA margin rose to 17.5% in
1H 2014 from 13.7% in 1H 2013, owing to lower bunker costs, higher
average freight rates, cost improvement measures, and the use of
newer and more efficient vessels.

Moody's expects Wan Hai's revenue to grow in the mid-to-high
single digits annually over the next 1-2 years, driven by the
improving operating environment in the shipping industry and the
company's continued focus on the intra-Asia market.

Moody's also expects Wan Hai's adjusted EBITDA margin to stay at
current levels, as the company continues to manage its costs.

"Wan Hai's financial leverage also improved significantly at end-
June 2014, owing to its higher earnings and lower debt levels,"
says Lu.

The company's unadjusted net debt fell to NTD33.3 billion at end-
June 2014 from NTD35.6 billion at end-December 2013, driven by
positive free cash flows.

Consequently, based on Moody's estimates, the company's adjusted
net debt/EBITDA fell to around 3.1x for the 12 months ending June
2014 from 3.9x in 2013. This level of leverage is in line with its
Ba3 corporate rating category.

Moody's expects Wan Hai's adjusted net debt/EBITDA to remain
around 3.0x over the next 12-18 months, because its new vessels
will generate stronger earnings on improving demand for container
services in Asia.

Wan Hai's liquidity profile remains strong, underpinned by its
steadily growing operating cash flows and cash and cash
equivalents of NTD20.8 billion at end-June 2014. These cash
sources are well in excess of its short-term maturing debt of
NTD10.2 billion over the next 12 months and projected capital
expenditure of NTD2.4 billion ($80 million) over the same period.

The principal methodology used in these ratings was Global
Shipping Industry published in February 2014.

Established in Taiwan in February 1965 as a lumber-transport
company, Wan Hai Lines Ltd operates a fleet of 86 container
vessels. It owned 72 container vessels and chartered 14 such
vessels at end-June 2014.



                             *********

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

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

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


                            *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



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