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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

           Thursday, August 28, 2014, Vol. 17, No. 170


                            Headlines


A U S T R A L I A

BIAS BOATING: SV Partners Appointed as Administrator
GOCONNECT LTD: Court to Hear Wind Up Petition on Sept. 3


C H I N A

LDK SOLAR: Secures Funding Commitments for Offshore Restructuring
SHANGHAI INDUSTRIAL: Moody's Withdraws Ba3 Corp. Family Rating
* Property Bubble is 'Major Risk To China,' FT Reports


H O N G K O N G

PACNET LIMITED: Moody's Downgrades Corporate Family Rating to B3


I N D I A

ACTION ISPAT: ICRA Raises Rating on INR836.54cr Term Loan to B+
AUTOTECH NON-WOVENS: CRISIL Puts B+ Rating on INR96.3MM Term Loan
BAHRA EDUCATIONAL: ICRA Assigns 'D' Rating to INR45cr LT Loan
BALAJI INTERNATIONAL: ICRA Reaffirms B+ Rating on INR2cr LT Loan
BALAJI OVERSEAS: ICRA Reaffirms 'B' Rating on INR5.88cr LT Loan

BHAGABATI BUILD: CRISIL Reaffirms B Rating on INR60MM Cash Credit
BHARATHI RAJAA: CRISIL Ups Rating on INR146.5MM Bank Loan to B-
CH. V.V. SUBBA: ICRA Ups Rating on INR2cr Fund Based Limits to B
CHARMING PRINTING: CRISIL Reaffirms 'B' Rating on INR40M Loan
DANALAKSHMI PAPER: CARE Reaffirms C Rating on INR22.01cr Loan

DECO GOLD: CRISIL Assigns 'D' Rating to INR59.6MM Term Loan
DEEPJYOT ENGINEERS: CRISIL Places B Rating on INR36MM Term Loan
DSR AGROTECH: CRISIL Assigns 'B-' Rating to INR62MM Term Loan
ENGINEERS' GUILD: ICRA Suspends B+ Rating on INR4.95cr Loan
FOCUS SHOES: ICRA Suspends 'B' Rating on INR4.81cr FB Limit

HOTEL BENJAMIN: ICRA Suspends 'B-' Rating on INR7cr Term Loan
JAN SHAKTI: CARE Assigns 'D' Rating to INR9.90cr LT Bank Loan
JR SEAMLESS: CARE Assigns 'B+' Rating to INR24.52cr LT Bank Loan
KHANDELWAL TRADERS: ICRA Assigns 'B' Rating to INR8cr Cash Credit
KIRPA RICE: CRISIL Reaffirms B+ Rating on INR290MM Cash Credit

KPL STEEL: CRISIL Assigns 'B-' Rating to INR77.5MM LT Loan
KUMARAGIRI ELECTRONICS: ICRA Reaffirms B Rating on INR8.14cr Loan
LENZ CERAMIC: CRISIL Reaffirms 'D' Rating on INR120MM Term Loan
MADHUVAN COTTON: ICRA Reaffirms B Rating on INR5.0cr Cash Credit
MANJEERA CONSTRUCTIONS: ICRA Puts B- Rating on INR30cr Loan

MANRAJ JEWELLERS: ICRA Suspends D Rating on INR65.95cr LT Loan
MOTIL DEVI: CRISIL Assigns 'B' Rating to INR50MM Term Loan
NALANDA MANAGEMENT: CRISIL Reaffirms D Rating on INR79M Term Loan
PALANIAPPA MARKETING: CRISIL Puts B+ Rating on INR70M Cash Credit
PRUDENTIAL SUGAR: CRISIL Assigns 'C' Rating to INR178.4MM Loan

R L GOLD: ICRA Suspends 'D' Rating on INR60.26cr Short Term Loan
RACHANA LIFE: CRISIL Lowers Rating on INR100MM Term Loan to B+
RAM COTEX: CRISIL Assigns 'B' Rating to INR65MM Cash Credit
SAMARTHA LEISURES: CRISIL Ups Rating on INR49MM Term Loan to 'B'
SANTOSHI BARRIER: CARE Reaffirms B+ Rating on INR3.4cr Bank Loan

SATYAM ROLLER: CRISIL Reaffirms B Rating on INR70MM Cash Credit
SHIVRAM SYNTHETIC: ICRA Suspends B+ Rating on INR7.21cr Loan
SHREE HARI: CRISIL Reaffirms 'B' Rating on INR115MM Cash Credit
SINGHAL METALLOYS: ICRA Assigns B Rating to INR5.50cr Cash Credit
SWARNA CONSTRUCTIONS: CRISIL Reaffirms C Rating on INR85MM Loan

VIJAY STEELS: CRISIL Reaffirms B+ Rating on INR45MM Cash Credit


J A P A N

SIGNUM VANGUARD: S&P Raises Rating on JPY4BB Loan to BB+


P H I L I P P I N E S

BANCO CARMONA: Depositors Payout to be Delayed


S I N G A P O R E

* SINGAPORE: Major Reforms of Insolvency Laws Expected


S O U T H  K O R E A

KT ENS: Subcontractor Boss Gets 20 Years Jail Term


                            - - - - -


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


BIAS BOATING: SV Partners Appointed as Administrator
----------------------------------------------------
Ian Purchas -- ian.purchas@svp.com.au -- of SV Partners was
appointed as administrator of Bias Boating Pty Limited on
Aug. 25, 2014.

A first meeting of the creditors of the Company will be held at
Level 7, 151 Castlereagh St, in Sydney, on Sept. 4, 2014, at 11:00
a.m.


GOCONNECT LTD: Court to Hear Wind Up Petition on Sept. 3
--------------------------------------------------------
InsolvencyNews reports that GoConnect Ltd has been issued with a
winding up application which will be heard in the Supreme Court of
Victoria on Sept. 3, 2014, at 10:30 a.m.

"There have been a number of recent telecommunications companies
that have been placed into administration and/or liquidation," the
report quotes Jamieson Louttit of Insolvency and Advisory firm
Jamieson Louttit & Associates as saying.

GoConnect Limited -- -- http://www.goconnect.com.au/-- is engaged
in the online delivery of interactive audio/video content through
its proprietary technologies.



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


LDK SOLAR: Secures Funding Commitments for Offshore Restructuring
-----------------------------------------------------------------
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
secured funding commitments to enable the offshore restructuring
to continue to be progressed.  The JPLs now intend to seek
sanction of the Grand Court of the Cayman Islands to the terms of
the funding commitments and certain amendments to restructuring
support agreements previously approved by the Cayman Court.  The
JPLs also provided an update on the progress of the restructuring
in light of recent positive developments in the course of the
Company's offshore restructuring.

Funding Commitments

On June 27, 2014, the JPLs confirmed that they continued to
consider and progress discussions with a number of parties in
respect of the provision of funding required to meet the agreed
commitments pursuant to the restructuring support agreement
relating to the 10% Senior Notes due 2014, the restructuring
support agreement relating to the convertible preferred shares of
an affiliate of the Company and involving claims against the
Company, as well as the costs of the offshore restructuring
process and the forecast offshore working capital requirements of
the Company.

On July 15, 2014, the JPLs received a binding commitment from Heng
Rui Xin Energy (HK) Co., Limited for US$10 million in cash and
US$14 million for working capital financing in connection with the
Company's offshore restructuring.  In addition, the Company and
the JPLs have identified a further US$5 million of funding which
is to be committed by certain subsidiaries of the Company to the
offshore restructuring.  Subject to approval by the Cayman Court,
the JPLs now consider that these funding commitments will be
sufficient to meet the Exit Financing requirements of the offshore
restructuring.

Since their announcement on June 27, 2014, and in addition to the
Exit Financing, the JPLs have also received an additional US$3.2
million of interim financing for the provisional liquidation from
the partial repayment of outstanding intercompany receivables.

RSA Amendments

As a result of the challenges in raising the Exit Financing and
the resultant delay in the timetable for completing the
restructuring, LDK Solar and the JPLs have reached agreements with
the Ad-Hoc Committee for the Company's 10% Senior Notes due 2014,
over 79% of the holders of the convertible preferred shares of an
affiliate of the Company involving claims against the Company and
a majority of shareholders of the Company to certain amendments to
the Senior Notes RSA and the Preferred Obligations RSA.  Subject
to approval by the Cayman Court, the Senior Notes RSA and the
Preferred Obligations RSA have been amended as of July 30, 2014,
as follows:

   * To extend the closing date for the offshore restructuring to
     no later than Sept. 30, 2014, subject to an automatic
     extension to Nov. 14, 2014, if the Company files its scheme
     of arrangement with the Cayman Court on or before Aug. 31,
     2014;

   * To reduce the cash-out option for the holders of Senior
     Claims and Preferred Claims from US$0.20 to US$0.10 for each
     US$1.00 of claim and to make the availability of that option
     to such creditors subject to the Company determining that
     funding is available; and

   * To permit the Company to compromise with other offshore
     creditors with a combination of cash or equity and
     convertible securities, subject to agreed limitations.

2013 Form 20-F

LDK Solar and the JPLs have reached an agreement dated July 15,
2014, with the Company's existing auditor, KPMG, to engage the
latter to complete the audit of the Company's consolidated
accounts for fiscal year 2013.  The Company anticipates that this
will enable it to file its annual report on Form 20-F for the year
ended Dec. 31, 2013, on or before Oct. 31, 2014.

Cayman Court Sanction

In light of these developments, the JPLs are seeking sanction by
the Cayman Court of the RSA Amendments and the various financing
commitments.  Subject to such Cayman Court sanction, the JPLs
expect to be in a position to proceed with its application to the
Cayman Court for orders convening meetings of creditors in
relation to the offshore restructuring on or before Aug. 31, 2014.

                          About LDK Solar

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

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

LDK Solar 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.


SHANGHAI INDUSTRIAL: Moody's Withdraws Ba3 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn its Ba3 corporate family
rating with a stable outlook for Shanghai Industrial Urban
Development Group Limited.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

Shanghai Industrial Urban Development Group Ltd., previously
called Neo-China Land Group (Holdings) Limited, develops
residential and mixed-use properties in China. Its parent company
is Shanghai Industrial Holdings Limited (unrated).


* Property Bubble is 'Major Risk To China,' FT Reports
------------------------------------------------------
Jamil Anderlini at The Financial Times reports that on desolate
salt flats on the far outskirts of China's sixth-largest city,
dozens of enormous half-built skyscrapers stand as a monument to
the excess and optimism of the Chinese real estate market.

As physical manifestations of China's property bubble go, few
examples can beat this effort to replicate Wall Street in a
wasteland 40km outside Tianjin and 150km from the capital Beijing,
the FT says.

But after years of soaring prices and frantic construction across
the entire country, China's real estate bubble is showing serious
signs of strain and this project's fate is now in question,
according to the FT.

The FT relates that the country's property market is barely 15
years old and nobody has ever experienced a real crash because,
before the late 1990s, most urban residents in post-Communist
China were still provided housing by their "work unit".

According to the FT, Chinese banks started issuing home loans in
1997 and as recently as 1994 a central bank official charged with
translating an American financial document had to look to Taiwan
for a translation since no dictionary in Beijing included a
Chinese word for "mortgage".

The FT notes that even before the global financial crisis of 2008
many were already warning of a property bubble in China, prompting
the government to introduce purchasing and downpayment
restrictions to slow soaring prices.

But when the crisis hit and the economy went into freefall,
Beijing decided it had no choice but to refill the property bubble
with a tidal wave of credit, the report says.

The FT says the result was an immediate rebound and an increase of
total debt in the economy from about 140 per cent of gross
domestic product at the end of 2008, to more than 250 per cent at
the end of June.

"China's real estate market seems to have reached a turning
point," FT quoted Zhu Haibin, a JPMorgan economist, as saying in a
recent report. "A housing market slowdown is the major near-term
macro risk in China."



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

PACNET LIMITED: Moody's Downgrades Corporate Family Rating to B3
----------------------------------------------------------------
Moody's Investors Service has downgraded Pacnet Limited's
corporate family rating and senior secured rating to B3 from B2.

The ratings outlook is stable.

Ratings Rationale

The downgrade reflects Moody's concerns regarding the company's
deteriorating liquidity position and weak trend of Indefensible
Rights of Usage (IRU) sales execution year-to date. IRU sales were
substantially below Moody's expectation for 1H 2014 and as a
result, cash on hand fell to just $30 million. Pacnet has no back-
up facilities with banks.

Moody's had previously stated that the rating could come under
pressure if cash fell below $40 million.

"Pacnet's current cash position provides an insufficient level of
liquidity to support a B2 rating considering the company's small
size, high fixed cost base and volatility associated with the IRU
sales execution. Moody's estimate IRU sales in the $50-$60 million
range as necessary to maintain adequate liquidity in periods of
slow growth," says Annalisa DiChiara, a Moody's Vice President and
Senior Analyst.

"The data center business, while progressing, is still just 10% of
revenues and has not yet reached an inflection point where it can
mitigate the volatility in IRU sales. With no back up credit
facilities, Pacnet remains reliant on the sale of IRUs to generate
cash, at least until the data center business starts contributing
more than 30% of revenues," adds DiChiara, who is also Moody's
Lead Analyst for Pacnet.

In Moody's view, Pacnet's liquidity position is fragile when
considering the upcoming interest payments on its outstanding
bonds and term-loan facility totaling around $20 million at end-
December 2014. However, Moody's believes Pacnet will be able to
satisfy this cash obligation with cash on hand by year-end either
through a pick up in IRU sales and/or an additional cash injection
by shareholders.

"We believe the company will still need to achieve $50-$60 million
of IRU sales in 2015 and attain additional funding from its
shareholders to boost liquidity to support its capital expenditure
and working capital fluctuations over the next 12-15 months," adds
DiChiara.

Pacnet reported revenues of $226.6 million for 1H 2014, which was
3.8% lower than 1H 2013. However, the reported operating loss for
the period declined to USD26.1 million compared to $67.4 million
the year before, reflecting a meaningful improvement in gross
profit. The company's reported and adjusted EBITDA was $59.9 in 1H
2014, which was a 13.7% improvement over the same period last
year.

While operating performance in 1H 2014 showed an improvement over
the prior year, the company's cash flow generation was below
Moody's expectations. Leverage -- defined as adjusted debt/EBITDA
-- remained static at around 4.0x.

The stable outlook reflects Moody's expectations that Pacnet will
satisfy its upcoming interest payment obligation in December and
will generate IRU sales totaling $50-$60 million over the next 12
months.

The stable outlook reflects leverage of 4.0x and adequate
liquidity in the range of $50 million.

The ratings could be downgraded if Pacnet is unable to address its
near-term liquidity position such that an interest payment default
is likely or its cash balance falls below $20 million.

An upgrade is unlikely, given the recent downgrade. However, over
time, positive rating action could arise if quarterly EBITDA is
sustained in the $30--$35 million range and its liquidity position
improves. Based on the company's current business model, cash
sustained in the $75 million level is more appropriate for the B2
level as the company does not maintain any working capital
facilities.

Pacnet, incorporated in Bermuda in 2006, wholly owns and operates
the EAC-C2C network, Asia's largest privately-owned submarine
cable infrastructure of 36,800km, as well as the EAC Pacific
network, which spans 9,620km from Japan to the US. The cables land
at 21 cable landing stations across Asia and the US. Pacnet
provides data connectivity solutions to major telecommunications
carriers, large multinational enterprises, and small- and medium-
sized enterprises in Asia Pacific with a need for multinational
IP-based solutions and connectivity.



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


ACTION ISPAT: ICRA Raises Rating on INR836.54cr Term Loan to B+
---------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR836.54
crore term loans and INR126.54 crore fund based bank facilities of
Action Ispat and Power Private Limited from [ICRA]B- to [ICRA]B+.
ICRA has reaffirmed the short term rating at [ICRA]A4 for the
INR15.00 crore non-fund based facilities of AIPPL.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Term Loans              836.54        [ICRA]B+ (Upgraded)
   Fund Based Limits       126.54        [ICRA]B+ (Upgraded)
   Non-Fund Based Limits    15.00        [ICRA]A4 (Reaffirmed)

The rating revision takes into account AIPPL's compliance with the
conditions laid down in the Corporate Debt Restructuring (CDR)
package approved in June'13. Further, the rating action reflects
the improvement in its operational and financial profile with the
increased capacity utilisation, satisfactory progress on the
pending capex, and the demonstrated focus and intent of the
management on stabilizing and turning around the operations of the
Company. Till date, AIPPL has met all the conditions laid down in
the CDR package and has proactively brought in more than its share
of 30% equity to be incurred on the captive power plant and the
rebar mill. Operationally, there has been an improvement in the
utilization at their billet manufacturing unit in the last two
quarters after the CDR package funds were released in Sept'13. The
Company has already operationalized one of its two 43 MW captive
power plants and the second unit is on track to be commissioned by
the end of Sep'14 with trial runs currently underway. The civil
construction work on the 180,000 TPA rebar mill facility is also
going on in right earnest and is expected to be completed in mid
September with the mill being commissioned in December this year.
The ratings also take comfort from the demonstrated support from
AIPPL's promoters and other group entities of Action group.
Despite the offshoots, the ratings are constrained by the high
quarterly debt repayments and interest obligations which are
scheduled to start from 4QFY15, issue of supply of coal despite
AIPPL's linkage to Mahanadi coal fields and the incremental
working capital needed for scaling up operations. The moratorium
period for AIPPL is ending in Dec'14 after which they will be
required to service the debt and interest on all its existing and
new loans. Given the quantum of the interest expense and scheduled
debt repayments, AIPPL's ability to scale up its operations and
generate adequate cashflows from its operations will be crucial
for timely servicing of its debt obligations. The ratings also
factor in the issues related to supply of coal and the uncertainty
whether AIPPL would be able to run the power plant at full
capacity and sell power outside or not which could be crucial to
support the cash flows from the sale of steel products and
ultimately service debt.

Additionally, AIPPL will be requiring additional working capital
support in order to expand sales. The Company has floated an
enhancement proposal with the lead bank to meet this requirement.
The timely and adequate enhancement in limits would also be an
important factor in scaling up.

Going forward, the company's ability to arrange working capital
funds required to support the growing scale, timely commission the
new power plant and the rebar mill and operate its plants
efficiently and at optimal utilization levels would be the key
rating sensitivities. Further, ICRA will also monitor coal supply
issues, AIPPL's ability to sell power in the market outside and
the timeliness of external support both for meeting CDR package
conditions and any operational shortfall.


AUTOTECH NON-WOVENS: CRISIL Puts B+ Rating on INR96.3MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/ CRISIL A4' ratings to
the bank facilities of Autotech Non-Wovens Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                96.3     CRISIL B+/Stable

   Proposed Short Term
   Bank Loan Facility       10       CRISIL A4

   Proposed Long Term
   Bank Loan Facility       19.4     CRISIL B+/Stable

   Bank Guarantee           10       CRISIL A4

   Cash Credit              14.3     CRISIL B+/Stable

The rating reflects ANPL's below-average financial risk profile,
marked by modest debt protection metrics, modest scale of
operations and muted profitability in an auto ancillary product
segment dominated by an established player and ANPL's working
capital intensive operations. These ratings weaknesses are
partially offset by the extensive industry experience of the
promoters in the textile industry, benefits expected to be derived
from locational advantage of the manufacturing unit, reputed
customer profile and funding support from the promoters.

Outlook: Stable

CRISIL believes that ANPL will continue to benefit over the medium
term from its promoters' extensive experience in the textile
industry and its association with the Shahlon group and the Himson
group, which have established presence in the textile industry.
The outlook may be revised to 'Positive' if the company
significantly scales up its operations, resulting in larger-than-
expected cash accruals resulting in improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if its revenue is lower than expected, or its profitability
margins are below expectations, or if its working capital cycle
stretches significantly.

ANPL was incorporated in May 1991 as Himcera Fine Chemicals Pvt
Ltd. In 2001, the company was renamed Well Weaves Technologies Pvt
Ltd. In March 2012, the name was again changed to ANPL.

The company is promoted by entrepreneurs Mr. Rajnikant
Bachkaniwala (the Himson group) and Mr. Nitin Shah (the Shahlon
group), who have extensive experience in the textile industry, and
Mr. Ankit Desai, who has experience in the field of finance. The
company manufactures non-woven textiles with a specific focus to
cater to the demands of the automobile industry. The company's
manufacturing unit is based out Fairdeal Textile Park in Surat
(Gujarat).

ANPL, on a provisional basis, reported net loss of INR18.6 million
on net sales of INR50 million for 2013-14 (refers to financial
year, April 1 to March 31) as against net loss of INR10.9 million
on net sales of INR0.4 million for 2012-13.


BAHRA EDUCATIONAL: ICRA Assigns 'D' Rating to INR45cr LT Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]D to INR45.00
crore1 fund based bank facilities of Bahra Educational and
Charitable Society.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long Term: Fund Based     45.00       [ICRA] D

Rating Rationale
The assigned rating takes into account the delays in servicing of
debt obligations by the society on account of its stretched
liquidity position arising due to modest accruals, scheduled debt
repayments and regular capital expenditure without adequate
funding tie-up. In addition, the liquidity position of BECS has
also been impacted due to the stretched liquidity position of the
group which is on account of regular capital expenditure at the
group level without adequate funding tie-up (vis-a vis the scale
of capex) The scale of operations of the society have remained
modest with total student strength of ~1,850 students which is on
account of low levels of admissions, which had declined in AY 13-
14, resulting in modest accruals. This coupled with cash flow
mismatches caused by lumpiness of cash inflows (since fee receipt
are received half yearly) vis a vis monthly debt obligations adds
to the stretched liquidity position of the society.

Although ICRA has taken a note of the established presence of
Rayat-Bahra group which caters to over 25,000 students through
more than 35 colleges and one private university as well as its
varied course offerings which helps in addressing a wider student
base; the strengths are largely offset by the concerns mentioned
above.

In ICRA's view, improvement in the accruals which would be driven
by improvement in the occupancy levels, scale of capital
expenditure incurred and adequacy & timelines of funding of the
same and improvement in the liquidity position in the group, given
the significant financial inter-linkages between the various group
entities shall be the key rating sensitivities going forward.

Bahra Educational and Charitable Society (BECS) was formed in 2009
and has set up a state private university in Shimla named Bahra
University. Bahra University has five constituent colleges which
offer engineering, management, computer applications, pharmacy,
hospitality and law courses. The total student strength across the
five colleges during AY 2013-14 was ~1850 students.

BECS is a part of Rayat-Bahra Group, which operates more than 35
colleges spread across 5 campuses and one university The Rayat-
Bahra Group was established in the year 2001 and the first college
was opened under the trust, Rayat Educational and Research Trust
at Ropar, Punjab. The group is mainly present in Punjab, Himachal
Pradesh and Delhi and the total student strength across all the
colleges in the group is ~25,000.

Recent Results
BECS reported Revenue Receipts (RR) of INR19.75 Crore and net
surplus of INR1.30 Crore in FY2013 against RR of INR11.82 Crore
and net surplus of INR1.01 Crore in FY2012.


BALAJI INTERNATIONAL: ICRA Reaffirms B+ Rating on INR2cr LT Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR2.00 crore long term fund based limits and short term rating of
[ICRA] A4 to the INR8.00 crore of short term fund based limits of
Balaji International.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          2.00         [ICRA]B+ (reaffirmed)

   Short Term Fund
   Based Limits          8.00         [ICRA]A4 (reaffirmed)

The assigned rating is constrained by the low value additive and
highly competitive nature of the rice milling industry which has
led to low profitability indicators for the company. Low
profitability and return indicators coupled with the high gearing
of the company, as large part of the working capital requirements
have been met though debt, have resulted in modest capitalization
and coverage indicators for the company. The rating also factors
in the agro climatic risks, which can impact the availability of
the basic raw material namely paddy. The rating however, favorably
takes into account the long standing experience of promoters in
the rice industry, their strong relationships with several
customers and suppliers and proximity of the mill to major rice
growing area which results in easy availability of paddy.

Balaji International was established in the year 1989 as
partnership firm. Partners of the firm are Sh. Amar Nath, Sh.
Kailash Chander, Smt. Achla Rani and Smt. Parveen Kumari. Balaji
International together with its other group concerns i.e. Balaji
overseas and Shri Shanker Rice Mill is engaged in the business of
rice milling. Balaji International is engaged in the business of
processing and trading of rice in domestic market as well as
exporting to countries in Middle East, Saudi Arabia, Dubai, Kuwait
and USA. Firm sells its product under the brand name of "Sargam".
Company is having its manufacturing unit at Kurukshetra Road,
Sandholi, Pehowa.

Recent Results
BI has reported a net profit (PAT) of INR0.36 crore on an
operating income of INR136.84 crore in FY 2012-13 as compared to
net profit (PAT) of INR0.08 crore on an operating income of
INR49.20 crore in FY 2011-12.


BALAJI OVERSEAS: ICRA Reaffirms 'B' Rating on INR5.88cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR5.88
crore long term fund based limits and short term rating of [ICRA]
A4 to the INR24.00 crore of short term fund based limits and
INR0.12 crore of short term non fund based limits of Balaji
Overseas.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          5.88         [ICRA]B (reaffirmed)

   Short Term Fund
   Based Limits         24.00         [ICRA]A4 (reaffirmed)

   Short Term Non
   Fund Based Limits     0.12         [ICRA]A4 (reaffirmed)

The assigned rating is constrained by the low value additive and
highly competitive nature of the rice milling industry which has
led to low profitability indicators for the company. Low
profitability and return indicators coupled with the high gearing
of the company, as large part of the working capital requirements
have been met though debt, have resulted in modest capitalization
and coverage indicators for the company. ICRA also factors in the
agro climatic risks, which can impact the availability of the
basic raw material namely paddy. Nevertheless the ratings
favourably take into account the revenue growth achieved in last
few years, long standing experience of promoters and strong
relationships with several customers and suppliers coupled with
proximity of the mill to major rice growing area which results in
easy availability of paddy.

Balaji Overseas was established in the year 1989 as proprietorship
firm with Mr. Kailash Chander as proprietor. Balaji Overseas
together with its other group concerns i.e. Balaji International
and Shri Shanker Rice Mill is engaged in the business of rice
milling. BO is engaged in the business of processing and trading
of rice in domestic market as well as exporting to countries in
Middle East, Saudi Arabia, Dubai, Kuwait and USA. Firm sells its
product under the brand name of "Sargam". Company is having its
manufacturing unit at Kurukshetra Road, Sandholi, Pehowa.

Recent Results
BO has reported a net profit (PAT) of INR0.31 crore on an
operating income of INR180.55 crore in FY 2012-13 as compared to
net profit (PAT) of INR0.30 crore on an operating income of
INR51.62 crore in FY 2011-12.


BHAGABATI BUILD: CRISIL Reaffirms B Rating on INR60MM Cash Credit
-----------------------------------------------------------------
The ratings continue to reflect Bhagabati Build and Constructions
Private Limited's small scale of operations in the fragmented
civil construction industry, geographical concentration in its
revenue profile, and large working capital requirements. The
ratings also factor in the company's below-average financial risk
profile, marked by a small net worth and high gearing. These
rating weaknesses are partially offset by the extensive experience
of BBCPL's promoters in the civil construction industry in Odisha,
its established relationships with government entities, and its
moderate order book that gives near-term revenue visibility.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            30      CRISIL A4 (Reaffirmed)
   Cash Credit               60      CRISIL B/Stable (Reaffirmed)
   Standby Line of Credit    13.5    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BBCPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive'if the company scales up its
operations, and if it improves its liquidity, most likely by
infusion of long-term funds and improvement in its working capital
cycle. Conversely, the outlook may be revised to 'Negative' if
BBCPL's financial risk profile, particularly its liquidity,
weakens, most likely due to larger-than-expected working capital
requirements, delays in project execution and realisation of
receivables, large debt-funded capital expenditure, or lower-than-
expected net cash accruals.

Update
In 2013-14, the revenues of the company increased by 65% to INR299
million backed by strong order execution during the year. The
revenues of the company is expected to maintain growth rate of
around 5-10% over the medium term backed by moderate current order
book position. The operating margins of the company were around
11% in 2013-14 as against 13.1% due to higher raw material costs.
The company generated net cash accruals of around INR14.6 million
in 2013-14.

The liquidity of the company remained stretched as depicted by
full utilization of its bank facilities over the last 12 months
through March 2014. The liquidity was stretched mainly because of
low accruals and stretched working capital cycle. The GCA days of
the company stood at around 150 days as on March 31, 2014 and
accruals remained low at around INR14.6 million for 2013-14. The
liquidity of the company is expected to remain stretched over the
medium due to stretched working capital cycle and low accruals.

BBCPL was promoted in 2010 by Mr. Bibhuti Bhusan Routray and Mr.
Bichitrananda Routray to take over the assets and liabilities of
their partnership firm, Bhagabati Constructions. BBCPL took over
the business of the firm with effect from September 30, 2010. The
company undertakes civil construction contracts for roads and
bridges mainly from government departments, such as the Rural
Works Department and the Bhubaneswar Development Authority, in
Odisha.

For 2013-14 (refers to financial year, April 1 to March 31),
BBCPL, on a provisional basis, reported a profit after tax (PAT)
of INR10.3 million on net sales of INR294 million; it had reported
a PAT of INR7.0 million on net sales of  INR177.5 million for
2012-13.


BHARATHI RAJAA: CRISIL Ups Rating on INR146.5MM Bank Loan to B-
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Bharathi Rajaa Hospital & Research Centre Pvt Ltd to 'CRISIL B-
/Stable' from 'CRISIL D'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              12.5     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Long Term Loan           21       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term      146.5     CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by BRH over
the three months through July 2014, supported by moderate
improvement in its liquidity. CRISIL believes that BRH will
generate adequate accruals vis-a-vis its term loan obligations
over the medium term, supported by its healthy operating
profitability.

The ratings also factor in BRH's susceptibility to risks arising
from its modest scale of operations with geographical
concentration in revenue. These rating weaknesses are partially
offset by BRH's above-average financial risk profile, marked by
comfortable capital structure and strong debt protection metrics
and benefits derived from strategic location of the hospital, and
extensive industry experience of its promoter.

Outlook: Stable

CRISIL believes that BRH will continue to benefit over the medium
term from its promoter's extensive industry experience and
strategic location. The outlook may be revised to 'Positive' if
the company reports higher-than-expected occupancy levels
resulting in increase in revenue and profitability, while
maintaining its comfortable capital structure. Conversely, the
outlook may be revised to 'Negative' if BRH's financial risk
profile weakens, most likely because of larger-than-expected
working capital requirements or substantial debt-funded capital
expenditure.

Incorporated in 1991, BRH operates a multi-speciality hospital in
Chennai (Tamil Nadu). The day-to-day operations of the hospital
are managed by its promoter, Dr. C Natesan.

For 2013-14 (refers to financial year, April 1 to March 31), BRH
reported a profit after tax (PAT) of INR14.5 million on net sales
of INR226.2 million, against a PAT of INR12.2 million on net sales
of INR219.3 million for 2012-13.


CH. V.V. SUBBA: ICRA Ups Rating on INR2cr Fund Based Limits to B
----------------------------------------------------------------
ICRA has upgraded the long term rating for the INR2.00 crore fund
based limits of Ch. V.V. Subba Rao to [ICRA]B from [ICRA]B- and
re-affirmed the short-term rating of [ICRA]A4 assigned to the
INR10.00 crore non-fund based limits. The long term rating for the
INR11.00 crore unallocated limits has also been upgraded to
[ICRA]B from [ICRA]B- and the short term rating has been re-
affirmed at [ICRA]A4.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits        2.00       [ICRA]B (upgraded from
                                       [ICRA]B-)

   Non-Fund Based Limits   10.00       [ICRA]A4 re-affirmed

   Unallocated Limits      11.00       [ICRA]B/[ICRA]A4 (upgraded
                                       from [ICRA]B-/[ICRA]A4)

The rating revision positively factors in the healthy growth of
35% in the entity's top line from INR20 crore in FY13 to INR27
crore in FY14, improved capital structure as evidenced by gearing
of 0.21x as on 31st March 2014 as compared to 0.38x as on 31st
March 2013 and healthy coverage indicators. The rating also
favourably factors in CHVVSR's healthy liquidity position as
reflected by average overdraft utilization of around 50% during
the past 12 months, the long track record of more than two decades
of the proprietor in the construction industry and established
relationship with the Rural Water Supply and Sanitation
departments of Andhra Pradesh and Telangana.

The rating, however, is constrained as the entity is exposed to
high geographic concentration with its operations restricted to
Andhra Pradesh and Telangana regions; high sectoral concentration
as only Comprehensive Protected Water Supply works are carried
out. The rating also factors in the reduced contract awards by the
government department which might hamper revenues in the long run.
The rating is also constrained by the high order book
concentration with a single order accounting for 74% of the
outstanding order book; given that the execution is yet to
commence, the future revenues are highly dependent on this order.
The rating is also constrained by the erosion of net worth due to
high capital drawings to the tune of INR3 crore in FY14. The
rating also takes into consideration the risks associated with a
proprietorship concern, which inter-alia includes limited ability
to raise capital, risk of capital withdrawals and dissolution upon
death/retirement/insolvency of the proprietor.

Going forward, ability of the entity to improve its top line while
maintaining its profitability and maintain its capital structure
would be the key rating sensitivities.

Setup in 1995, Ch. V.V. Subba Rao is a proprietorship concern
promoted by Mr. Subba Rao. The entity undertakes comprehensive
protected water supply & sanitation projects for rural water
supply and sanitation department in the state of Andhra Pradesh.
The promoter is a special class contractor in Andhra Pradesh with
over two decades of experience in the construction industry.

Recent results
As per provisional FY 2013-14 results, CHVVSR reported an
operating income of INR27.00 crore with an operating profit of
INR2.41 crore as compared to an operating income of INR20.04 crore
with an operating profit of INR1.79 crore for FY 2012-13.


CHARMING PRINTING: CRISIL Reaffirms 'B' Rating on INR40M Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Charming Printing and
Graphics Pvt Ltd continue to reflect CPGL's weak financial risk
profile marked by small net worth and weak interest coverage
ratio, and working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of
CPGL's promoters in the paper trading industry.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               40      CRISIL B/Stable (Reaffirmed)
   Letter of Credit         130      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that CPGL will benefit over the medium term from
its promoters' extensive industry experience and its established
relationship with customers and suppliers. The outlook may be
revised to 'Positive' if CPGL scales up operations while improving
its profitability and improves its financial flexibility through
effective working capital management. Conversely, the outlook may
be revised to 'Negative' in case of decline in revenue or
operating margin, or stretch in working capital cycle, weakening
the company's financial risk profile.

CPGL, incorporated in 2005, is based in Delhi. The company trades
in paper and related products in the export and domestic markets.
It is promoted by Mr. Surinder Garg and his family members.

For 2013-14 (refers to financial year, April 1 to March 31), CPGL
reported a profit of INR0.68 million on net sales of INR650
million, against a profit of INR0.62 million on net sales of
INR616.8 million for 2012-13.


DANALAKSHMI PAPER: CARE Reaffirms C Rating on INR22.01cr Loan
-------------------------------------------------------------
CARE reaffirms ratings to the bank facilities of Danalakshmi Paper
Mills Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     22.01      CARE C Reaffirmed
   Short-term Bank Facilities    17.16      CARE A4 Reaffirmed
   long/Short- term Bank         17.85      CARE C/CARE A4
   facilities                               Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Danalakshmi Paper
Mills Private Limited continue to be constrained by the past
instances of delays in meeting debt obligations, weak financial
risk profile characterized by net losses in the past three years
and significant exposure to loss-making group company as of
March 31, 2014, susceptibility of profitability to the volatility
in raw material prices and foreign exchange fluctuations. The
ratings are further constrained by the working capital intensive
nature of operations and the cyclical nature of the industry with
relatively low entry barriers.

The ratings factor in the vast experience of the promoters in the
paper industry, established and long operational track record of
the group with an established network for sourcing waste paper and
relatively strong relationship with reputed clients.

Going forward, the ability of the company to effectively utilize
its capacity and turnaround its operations, strengthen its
debt protection metrics by improving its capital structure and
improve its profitability amidst volatile raw material prices
would be the key rating sensitivities.

DPML is part of the Servall group, founded by Mr R Ramaswamy in
Coimbatore (Tamil Nadu). DPML is engaged in the business of
manufacturing newsprint and writing & printing paper (WPP). The
Servall group has a presence in paper machinery manufacture, paper
manufacture (newsprint and speciality papers), project consultancy
and turnkey project implementation for paper mills through various
group entities.

DPML has paper manufacturing facilities with an installed capacity
of 40,000 metric tonnes per annum (mtpa) to manufacture newsprint
and WPP using recycled/ waste paper at Vilampatti, Dindigul, Tamil
Nadu. DPML's group company, Servalakshmi Paper and Boards Private
Limited (SPBPL), filed for merger with DPML and the scheme of
amalgamation between DPML and SPBPL, was approved by the Madras
High Court in June 2013, with effect from April 1, 2012 and
subsequent to the same, SPBPL was dissolved without winding up.

The promoters also own Servalakshmi Paper Limited (SPL; rated
'CARE D'), engaged in manufacturing of paper with an installed
capacity of 90,000 mtpa, Vijaylakshmi Paper Mills (VPL) engaged in
paper manufacturing with an installed capacity of 16,000 mtpa and
Servall Engineering Works Private Limited, engaged in manufacture
of machinery and spares for paper mills.

DPML has registered net losses of INR6.93 crore on a total
operating income of INR64.41 crore during FY14 (refers to the
period April 1 to March 31) based on provisional results. During
FY13, DPML registered net losses of INR12.78 crore on a
total operating income of INR63.53 crore.


DECO GOLD: CRISIL Assigns 'D' Rating to INR59.6MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Deco Gold Glazed Tiles Ltd. The ratings reflect
instances of delay by DGGTL in servicing its debt because of weak
liquidity, driven by its working-capital-intensive operations.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                59.6     CRISIL D (Assigned)
   Proposed Long Term
   Bank Loan Facility        0.4     CRISIL D (Assigned)
   Bank Guarantee           15       CRISIL D (Assigned)
   Cash Credit              50       CRISIL D (Assigned)

DGGTL also operates on a small scale in the highly competitive
ceramic industry, and has large working capital requirements.
However, the company benefits from the promoters' extensive
industry experience.

DGGTL was incorporated in 1999. The company manufactures non-
vitrified floor tiles, and has a manufacturing facility in Morvi.
Mr. Dinesh Kundariya manages DGGTL's overall operations.

The company reported, on provisional basis, a profit after tax
(PAT) of INR0.88 million on net sales of INR276 million for 2013-
14 (refers to financial year, April 1 to March 31), as compared to
a PAT of INR0.80 million on net sales of INR284 million for 2012-
13, and a net profit of INR0.16 million on net sales of INR161
million for 2011-12.


DEEPJYOT ENGINEERS: CRISIL Places B Rating on INR36MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Deepjyot Engineers Pvt Ltd. The rating reflects
DEPL's susceptibility to risks associated with its ongoing project
and its expected average capital structure. These rating
weaknesses are partially offset by its promoters' experience and
established relationship with customers and suppliers in the
construction industry.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               20      CRISIL B/Stable
   Term Loan                 36      CRISIL B/Stable

Outlook: Stable

CRISIL believes that DEPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company stabilises operations earlier
than expected and reports significant revenue and profitability.
Conversely, the outlook may be revised to 'Negative' in case of
low operating margin or small scale of operations or weakening of
working capital management, resulting in weak liquidity.

Incorporated in 2013, DEPL is setting up a unit to manufacture
pre-engineered buildings. The proposed plant in Rajkot (Gujarat)
will have installed capacity of 6000 tonnes per annum for primary
structures. Commercial operations are expected to commence in
October 2014.


DSR AGROTECH: CRISIL Assigns 'B-' Rating to INR62MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of DSR Agrotech (P) Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 62      CRISIL B-/Stable

The rating reflects DSR's exposure to demand risk and average
financial risk profile.  These rating weaknesses are partially
offset by funding support from promoters and location advantage of
warehouses.

Outlook: Stable

CRISIL believes that DSR's credit profile would remain weak over
the medium term on account of off-take risk. However; the same
would be partly offset via funding support from promoters. The
outlook may be revised to 'Positive' in case DSR registers
significantly higher accruals on the back of steady revenue.
Conversely the outlook may be revised to 'Negative' in case
company reports lower than expected revenue leading to stretched
liquidity profile.

Incorporated in 2011 in New Delhi, DSR is undertaking a project to
construct a warehouse in Sonepat (Haryana) that would be rented
out. The day to day operations are managed by Mr. Anil Dalmia.


ENGINEERS' GUILD: ICRA Suspends B+ Rating on INR4.95cr Loan
-----------------------------------------------------------
ICRA has suspended '[ICRA]B+' rating assigned to the INR4.95
crore, fund based, working capital facility, and [ICRA]A4 rating
to the INR5.00 crore, short term, non-fund based facilities of
Engineers' Guild. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the firm.


FOCUS SHOES: ICRA Suspends 'B' Rating on INR4.81cr FB Limit
-----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR4.81
crore fund based limits and [ICRA] A4 rating assigned to INR0.42
crore non fund based limits of Focus Shoes Pvt Ltd. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund-Based Limit      4.81       [ICRA]B suspended
   Non Fund based Limit  0.42       [ICRA]A4 suspended

Incorporated in April 2008 as a private limited entity, Focus
Shoes Private Limited is engaged in trading and manufacturing of
Polyurethane, PVC (Polyvinyl Chloride) and EVA (Ethylene Vinyl
Acetate) based footwear products like floaters, sports shoes and
school shoes. At present, manufacturing is being done at rented
premises owned by associate concern N.R. Footwear Pvt. Ltd. (NRF)
located at Footwear Park, Sector-17, Bahadurgarh (Haryana).
Besides own manufacturing, FSPL also sell products manufactured by
associate concerns Steel Shoes Pvt. Ltd. and NRF.

Promoter of the company, Mr. Angad Puri belongs to Puri family
which has been engaged in footwear business for nearly 40 years
through various other concerns. Mr. Angad Puri is a graduate and
has done specialized course in footwear designing.


HOTEL BENJAMIN: ICRA Suspends 'B-' Rating on INR7cr Term Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR7.00 crore
(including proposed limit of INR2.00 crore) term loan of M/s.
Hotel Benjamin. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the firm.


JAN SHAKTI: CARE Assigns 'D' Rating to INR9.90cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Jan Shakti
Charitable Trust.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.90       CARE D Assigned

Rating Rationale
The rating assigned to the bank facilities of Jan Shakti
Charitable Trust takes into account the ongoing delays in the
debt servicing by the trust.

Jan Shakti Charitable Trust was established in January 21, 2011 by
Mr. Bhupinder Singh Malik with an objective of providing
veterinary education. The trust started its veterinary college
under the name of International Institute of Veterinary Education
and Research (IVER) in 2011. The campus is located at N.H Delhi-
Hissar Road, Rohtak and is spread over the area of 26 acres. The
first batch started in April, 2012 for the academic year 2012-13.
The course offered by IVER is Diploma in Veterinary Livestock
Development and is approved by Lala Rajpat Rai University of
Veterinary and Animal Sciences. The day to day operations of the
college is overseen by governing body having 4 members which is
headed by Mr. P.C. Verma.

In order to add more courses, the trust is planning to expand the
existing infrastructure which will be done in 3 phases with total
cost of project of INR33.02 crore which will be funded through
term loan of INR9.90 crore, corpus contribution of INR15.61 crore
and unsecured loans of INR7.51 crore. The phase I has already been
completed as on January 31, 2014 which involved the construction
of faculty block, clinical complex and hostel for boys and girls.
The construction under phase II is under progress and is expected
to be completed in FY15.


JR SEAMLESS: CARE Assigns 'B+' Rating to INR24.52cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+/ CARE A4' ratings to bank facilities of
JR Seamless Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     24.52      CARE B+ Assigned
   Short term Bank Facilities     5.01      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of JR Seamless Private
Limited are constrained by the vulnerability of the company's
profitability to raw material price volatility, financial risk
profile characterized by nominal profits and cash accruals from
the business and the company's exposure to cyclicality associated
with the steel industry.

The ratings, however, derive strength from the experience of the
promoters for more than two decades in the steel industry and
robust growth in total operating income during FY14 (refers to the
period April 1 to March 31).

The ability of the company to scale up its operations and improve
its profitability while managing its working capital effectively
will be the key rating sensitivities.

Incorporated in 2007, Hyderabad-based, JRSPL was promoted by Mr
Mahender Agarwal, Mr Narender Agarwal, Mr Rajender Agarwal and Mr
Jogi Ram Agarwal. The company is engaged in the manufacturing and
trading of seamless tubes and pipes at its unit located at
Chegunta, Medak, Telangana with an overall installed capacity to
manufacture 24,000 MTPA. The size of tubes and pipes ranges from
12.7 mm to 90 mm, wall thickness ranges from 2.11 mm to 14 mm and
length of tube varying between 3 mts to 14 mts. The products
manufactured by JRSPL mainly find applications in boiler,
automobiles and borewell industries. JRSPL is certified by TUV
NORD for ISO 9001-2008, Central Boiler Board and Engineers India
Limited (EIL). Apart from JRSPL, the directors of the company are
also actively involved in the associate concerns, namely, Bharat
Tubes Corporation, IHM Valves Private Limited, JR Forgings and
JRVS Polymers Private Limited.

During FY14, JRSPL reported a net profit of INR0.57 crore on a
total operating income of INR104.34 crore as against a net
loss of INR5.12 crore on a total operating income of INR20.64
crore in FY13.


KHANDELWAL TRADERS: ICRA Assigns 'B' Rating to INR8cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR8 crore
cash credit facility of M/s Khandelwal Traders.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           8.00       [ICRA]B assigned

The assigned rating is constrained by the firm's leveraged capital
structure with a gearing of 5.90 times as of March 31, 2013; low
profit margins and vulnerability of revenues and profitability to
the cyclical nature of the industry and the risks of capital
withdrawals inherent in partnership firms which could adversely
impact the firm's net-worth and gearing levels. Further, the firm
is also exposed to risks of adverse fluctuations in yarn prices
which may not be completely passed on to the customers.

The rating, however, favourably factors in the extensive
experience of the partners in textile trading and the diversified
customer base for the firm.

Established in 1979, M/s Khandelwal Traders is a partnership
entity promoted by Mr. Rajgopal Khandelwal, Mr. Naresh Khandelwal,
and Mr. Krishnamurari Khandelwal. The firm is involved in cotton
and polyester yarn trading and operates out of the Yarn Market in
Tamba Kanta, Mumbai.

Recent Results
In FY 14, the firm recorded an operating income of INR114.37 crore
and a profit after tax of INR0.41 crore on a provisional basis as
compared to an operating income of INR96.08 crore and a profit
after tax of INR0.29 crore in FY13.


KIRPA RICE: CRISIL Reaffirms B+ Rating on INR290MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kirpa Rice
Mills (KRM) continues to reflect KRM's small net worth, on account
of its low operating margin, and its susceptibility to volatility
in raw material prices. These rating weaknesses are partially
offset by the extensive experience of the firm's partners in the
rice business.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            290      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KRM will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if KRM scales up its operations and
improves its profitability, leading to higher cash accruals, or if
its capital structure improves significantly because of equity
infusion by the partners. Conversely, the outlook may be revised
to 'Negative' if the firm's capital structure weakens
significantly, most likely because of substantial debt-funded
capital expenditure, or if its profitability declines, thereby
further constraining its liquidity.

Update
KRM's operating income is estimated at INR825 million for 2013-14
(refers to financial year, April 1 to March 31), vis-a-vis
INR588.8 million reported for 2012-13. The increase was driven by
higher sales to its largest customer; the firm's business risk
profile is constrained by high customer concentration as around 70
per cent of its sales is to single customer. Its operating margin
is estimated to have remained in the range of 4.0 to 4.5 per cent
in 2013-14, in line with historical trends. CRISIL expects the
firm's operating income to grow by 10 to 15 per cent, and its
operating margin to remain at the current level, over medium term.

KRM has a weak financial risk profile, marked by high gearing,
estimated at around 7 times as on March 31, 2014; its interest
coverage ratio is estimated at 1.8 times and net cash accruals to
total debt ratio at 0.06 times for 2013-14. Moreover, it had a
small net worth, estimated at INR26 million as on March 31, 2014,
and low cash accruals because of its low operating margin. CRISIL
expects the firm's financial risk profile to remain weak over
medium term, driven by high reliance on external debt to fund its
working capital requirements. KRM has moderate liquidity, marked
by average utilisation of 45 per cent of its cash credit facility
of INR290 million and the absence of any long-term debt. CRISIL
expects the firm's liquidity to remain moderate over medium term,
driven by the absence of any long-term debt.

For 2012-13, KRM reported a profit after tax (PAT) of INR1.9
million on net sales of INR588.8 million against a PAT of INR1.3
million on net sales of INR462.2 million for 2011-12.
About the Firm

KRM was established by Mr. Satpal along with his three sons, Mr.
Surinder Pal, Mr. Krishan Lal, and Mr. Ashok Kumar, as a
partnership firm in 1998. The firm is engaged in processing and
sale of basmati rice in the domestic market.


KPL STEEL: CRISIL Assigns 'B-' Rating to INR77.5MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of KPL Steel Pvt Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Long Term Loan          77.5       CRISIL B-/Stable
   Bank Guarantee          27.5       CRISIL A4
   Cash Credit             45         CRISIL B-/Stable

The ratings reflect KPL's exposure to risks related to
implementation of its ongoing project and below-average financial
risk profile marked by high gearing and modest net worth. These
rating weaknesses are partially offset by the extensive
entrepreneurial experience of KPL's promoters.

Outlook: Stable

CRISIL believes that KPL will benefit over the medium term from
its promoters' extensive entrepreneurial experience. The outlook
may be revised to 'Positive' if the company reports higher than
expected revenues and profitability, resulting in improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if KPL faces time or cost over runs in its ongoing
project, or undertakes larger than expected debt-funded capital
expenditure programme, weakening its financial risk profile.

Established in 2012, and promoted by promoted by Mr. Vinod Kumar,
Mr. Krishna Kumar, and Mr. Jawahar Kumar, KPL is setting up a
manufacturing plant in Madurai (Tamil Nadu) to produce black
winding wires and electroplated thinner and thick gauge wires. The
plant is located in Madurai (Tamil Nadu) and is expected to
commence commercial operations in December 2014.


KUMARAGIRI ELECTRONICS: ICRA Reaffirms B Rating on INR8.14cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B outstanding on
the INR8.14 crore term loan facilities and INR3.50 crore fund
based facilities of Kumaragiri Electronics Limited. ICRA has also
reaffirmed the short-term rating of [ICRA]A4outstanding on the
INR4.00 crore non-fund based facilities of the Company.

                           Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long Term: Term loans     8.14         [ICRA]B/reaffirmed

   Long Term: Fund based
   facilities                3.50         [ICRA]B/reaffirmed

   Short Term: Non-fund
   based facilities          4.00         [ICRA]A4/reaffirmed

The rating re-affirmation factors in the Company's relatively
stable performance during 2013-14 (in line with our expectations)
supported by healthy demand from domestic as well as overseas
markets. Driven by growth in volumes and stable accruals, the
Company has been able to deleverage its balance sheet to an
extent, with gearing improving to 2.7x from 4.9x (albeit
continuing to be stretched).

ICRA also continues to consider the significant experience of the
promoters in the spinning industry which supports the Company's
operations. These strengths are, however, offset by the Company's
present modest business profile marked by small scale of
operations which restricts scale economies, and intense
competitive pressures which restrict pricing flexibility. In
arriving at the ratings, ICRA also takes note of the drop in the
Company's margins during 2013-14 owing to shift in the product
portfolio from finer to medium counts, and elevated power costs.
As a consequence, the Company's coverage metrics have moderated to
an extent. Going forward too, the debt metrics are expected to be
under pressure on account of the proposed debt-funded capital
expenditure of INR26.8 crore scheduled to be incurred over 2014-15
and 2015-16. While the capex would eventually aid the Company in
scaling up revenues and margins given the focus on value addition,
ability to manage the capex in the interim while maintaining the
current levels of profitability and accruals would be key
sensitivities to the rating.

Incorporated in 1986, KEL is engaged in the production of cotton
yarn. Previously, the Company was engaged in the manufacture of
aluminium metalized di-electric polypropylene film. In 1995, the
business became redundant due to advancement in technology.
Consequently, the Company decided to diversify into textiles. The
Company presently has an installed capacity of 28,224 spindles.
KEL is closely held by the promoter and their relatives / friends.
The Company has manufacturing facilities located at Dharmapuri,
Tamil Nadu.

Recent Results
According to the unaudited financials, the Company reported a net
profit of INR0.6 crore on an operating income of INR48.8 crore
during 2013-14 as against a net profit of INR4.3 crore on an
operating income of INR43.2 crore during 2012-13.


LENZ CERAMIC: CRISIL Reaffirms 'D' Rating on INR120MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lenz Ceramic Pvt Ltd
continue to reflect instances of recent delay by the company in
servicing its debt. The liquidity is in stress due to large
working capital requirement due to rising book debts and finished
goods inventory levels reflecting the strain in the ceramic
industry due to on-going slowdown experienced in the construction
segment. Consequently, cash flows have been inadequate for meeting
maturing debt obligations resulting in recent delays in debt
repayment.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            19      CRISIL D (Reaffirmed)
   Cash Credit               50      CRISIL D (Reaffirmed)
   Rupee Term Loan          120      CRISIL D (Reaffirmed)

LCPL also has a weak financial risk profile, marked by weak
capital structure led by modest networth, however the company
benefits from its promoter's extensive experience in the ceramics
tiles industry.

LCPL, incorporated on Feb. 26, 2010, is promoted by Mr. Jayendra
Sanja. The company mainly manufactures vitrified tiles in
dimensions of 24x24 inches. In May 2012, it began manufacturing
glazed vitrified tiles (a high-end product) in similar dimensions;
its manufacturing facility is at Morbi (Gujarat).

For 2012-13, LCPL reported profit after tax (PAT) of INR5 million
on sales of INR427 million as against PAT of INR1.0 million on
sales of INR325 million for 2011-12.


MADHUVAN COTTON: ICRA Reaffirms B Rating on INR5.0cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR5.00 crore cash
credit facility and INR2.50 crore demand loan against warehouse
receipt facility of Madhuvan Cotton Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           5.00         [ICRA]B reaffirmed
   Demand Loan WHR       2.50         [ICRA]B reaffirmed

The reaffirmation of rating factors in MCPL's modest scale of
operation and weak financial profile as reflected by low
profitability and leveraged capital structure leading to weak debt
protection indicators. The rating is further constrained on
account of the regulatory risks associated with cotton exports as
well as the fragmented nature of the cotton ginning industry
resulting in high competitive intensity. Further, the company is
exposed to adverse movements in raw material (cotton) prices which
coupled with low value additive nature of the work, keeps the
profitability metrics and cash accruals at modest levels.
The rating, however, positively factors in the long experience of
the promoters in cotton industry as well as favorable location of
the plant giving it easy access to high quality raw cotton and
strong demand for cotton seed oil in Gujarat.

Incorporated in 2003, Madhuvan Cotton Pvt. Ltd (MCPL) is engaged
in cotton ginning and crushing operation and is promoted by Mr.
Shashikant Mehta alongwith other shareholders. The manufacturing
facility of the company is currently equipped with 18 ginning
machines and 4 expellers with its plant located in Mahuva,
Gujarat.

Recent Results
For the year ended March 31, 2014, Madhuvan Cotton Private Limited
has reported an operating income(as per unaudited provisional
financial statement) of INR26.50 crore and profit after tax of
INR0.08 crore.


MANJEERA CONSTRUCTIONS: ICRA Puts B- Rating on INR30cr Loan
-----------------------------------------------------------
ICRA has assigned an [ICRA]B- rating to the INR15.00 crore long
term fund based limits, INR30.00 crore long term non-fund based
limits and INR15.00 crore unallocated limits of Manjeera
Constructions Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based Limits        15.00       [ICRA]B- assigned
   Non-Fund Based Limits    30.00       [ICRA]B- assigned
   Unallocated Limits       15.00       [ICRA]B- assigned

The assigned rating is constrained on account of MCL's stretched
liquidity position on account of build-up of receivables resulting
in continuous overdrawals in the cash credit account during April
and May 2014. Around 91% of the receivables outstanding as on May
2014 are pending from a group entity, Manjeera Projects for which
MCL is the contractor for a 1,020 unit residential apartment
project. The rating is also constrained by the substantial drop in
revenues owing to weak order book and significant drop in
operating margins on account of cost escalation due to delays in
execution of its projects. The rating also factors in the
marketing and funding risks faced by the Purple Town project for
which only 3 units (company's share of 23 units) have been sold
upto March 2014 and financial closure is yet to be achieved.

The rating, however, positively factors in the strong reputation
of MCL in the Hyderabad real estate market with a track record of
completing 26 projects with a total built-up area of 3.73 million
sft. The rating also takes into consideration the long standing
experience of MCL's promoters for more than 25 years in the
construction and real estate industry.

Going forward, ability of the company to improve its liquidity
position through recovery of dues from group entity, achieve
healthy sales velocity for the Purple Town project and improve
overall operating margin would be the key rating sensitivities.

MCL was incorporated in the year 1987 under the name of Manjeera
Constructions Private Limited by Mr. G. Yoganand. MCL since
inception has completed 26 projects with a total built-up area of
3.73 million sft in Hyderabad. 17 out of the 26 projects amounting
to 1.68 million sft (45% of total development) were in residential
segment, 8 out of 26 amounting to 2.00 million sft (53.7% of total
development) in commercial segment and 0.048 million sft (1.3% of
total development) in hospitality segment.The company was later
converted into a public listed company, with the shares being
listed on BSE as well as NSE. From FY 2007-08, the company started
executing civil work contracts involving construction of
apartments, hostels, etc.

Recent results
As per the provisional FY14 financials, the company on a
standalone basis reported a net profit of INR3.85 crore on an
operating income of INR51.81 crore as compared to a net profit of
INR5.32 crore on an operating income of INR93.20 crore for FY13.
On a consolidated basis, the company reported a net profit of
INR4.31 crore on an operating income of INR110.35 crore as per the
provisional FY14 financials as compared to a net profit of INR7.69
crore on an operating income of INR168.05 crore for FY13.


MANRAJ JEWELLERS: ICRA Suspends D Rating on INR65.95cr LT Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR65.95 Crore
long term fund based limits and INR20.42 Crore short term fund
based limits of Manraj Jewellers Pvt. Ltd. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


MOTIL DEVI: CRISIL Assigns 'B' Rating to INR50MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Motil Devi Organic Food Industries Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               10      CRISIL B/Stable
   Term Loan                 50      CRISIL B/Stable

The ratings reflect MDO's modest scale of operations in the highly
fragmented ice cream segment, and average financial risk profile
marked by high gearing. These rating weaknesses are partially
offset by the promoters' extensive industry experience and funding
support.

Outlook: Stable

CRISIL believes that MDO will benefit from the extensive industry
experience of the promoter and healthy demand prospects for ice
cream. The outlook may be revised to 'Positive' if the company
reports higher than expected sales and profitability leading to
improvement in capital structure. Conversely, the outlook could be
revised to 'Negative' if MDO's financial risk profile weakens with
substantial debt-funded capital expenditure, or a significant
decline in its revenue and profitability.

Incorporated in 2013, Motil Devi Organic Food Industries Private
Limited (MDO) is engaged into manufacture of ice-creams under the
brand name of 'Mental'. The company has a manufacturing plant in
Raipur (Chattisgarh). The company's day to day operations are
managed by Mr. Deepak Wadhwani and Mr.Harish Wadhwani.


NALANDA MANAGEMENT: CRISIL Reaffirms D Rating on INR79M Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank loan facility of Nalanda
Management Institutes Pvt Ltd continues to reflect instances of
delay by Nalanda in servicing its term loan; the delays have been
caused by Nalanda's weak liquidity.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Rupee Term Loan           79      CRISIL D (Reaffirmed)

Nalanda continues to have a weak financial risk profile, marked by
small net worth and high gearing, and susceptibility to adverse
regulatory changes. These weaknesses are, however, partially
offset by the promoters' track record in the education sector and
funding support to the company.

Nalanda was originally established as Soham Educational Institutes
Pvt Ltd by Mr. Chaitanya Parikh and Prof. Dilip D Patel in 2007.
The name was changed in March 2009. The company had undertaken
capex in 2006-07 (refers to the financial year April 1 to March
31) to build and operate education institute primarily offering
the BBA course and other courses like Owner Management Programme
(OMP) for entrepreneurs having ten or more years of experience.
Although the project is complete, the company has not yet
commenced operations.  However, the company now intends to offer
cyber security courses of short duration of 3 months to 6 months
instead of BBA or OMP course.


PALANIAPPA MARKETING: CRISIL Puts B+ Rating on INR70M Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Palaniappa Marketing Agencies.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               70      CRISIL B+/Stable

The rating reflects PMA's modest scale of operations in the
intensely competitive electronic equipment and home appliances
trading segment; along with a below-average financial risk
profile, marked by subdued debt protection metrics and a modest
net worth. These rating weaknesses are partially offset by the
extensive experience of the promoters in the home appliances
trading segment.

Outlook: Stable

CRISIL believes that PMA will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
financial risk profile with significant improvement in its scale
of operations and profitability, or a substantial equity infusion
by its promoters. Conversely, the outlook may be revised to
'Negative' if PMA's liquidity or capital structure weakens with
increasing working capital requirements, or debt-funded capital
expenditure, respectively.

PMA was established in 1999 by Mr. P. Sethumanickam. The firm,
based in Vellore (Tamil Nadu), distributes LG Electronics India
Private Limited's consumer electronic equipment and home
appliances.

PMA reported a gross profit of INR26.2 million on sales of
INR793.6 million for 2013-14 (refers to financial year, April 1 to
March 31), on a provisional basis; the company reported a gross
profit of INR13.2 million on sales of INR514.7 million, for 2012-
13.


PRUDENTIAL SUGAR: CRISIL Assigns 'C' Rating to INR178.4MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long term bank
facilities of Prudential Sugar Corporation Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Cash            21.6     CRISIL C
   Credit Limit

   Proposed Long Term
   Bank Loan Facility      178.4     CRISIL C

The rating reflects pressure on the company's liquidity if
contingent liability of INR408 million as on March 31, 2013,
arising from cumulative redeemable preference shares,
crystallises.

The company also has modest scale of operations and large working
capital requirements, and is susceptible to changes in government
regulations and to cyclicality in the sugar industry. These rating
weaknesses are partially offset by its promoters' extensive
industry experience and its established presence in the sugar
industry.

Established in 1994, PSCL is engaged in manufacturing of sugar and
its by-products Molasses and Bagasse. Its manufacturing facility
in Chittoor (Andhra Pradesh) is currently managed by Mr. Vinod
Kumar Baid and his associates.

PSCL reported a profit after tax (PAT) of INR17 million on net
sales of INR1080 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR24 million on net
sales of INR810 million for 2011-12.


R L GOLD: ICRA Suspends 'D' Rating on INR60.26cr Short Term Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR8.42 Crore
long term fund based limits and INR60.26 Crore short term fund
based limits of R L Gold Pvt. Ltd.. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


RACHANA LIFE: CRISIL Lowers Rating on INR100MM Term Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Rachana Life Spaces to 'CRISIL B+/ Stable' from 'CRISIL BB-
/Stable'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       100      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Term Loan                100      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in Rachana's
liquidity, reflected in low bookings for its ongoing project in
Pune (Maharashtra) and slow receipt of customer advances from
existing bookings, resulting in low accruals vis-a-vis debt
obligations. Furthermore, the project cost has increased, which is
likely to be funded partially through additional debt and customer
advances. The project has been delayed because of sluggish demand
in the past year. Furthermore, the firm's management has withdrawn
capital, leading to negative net worth of INR129.5 million as on
March 31, 2014, and increased reliance on borrowings, weakening
its financial risk profile. CRISIL believes that Rachana's
financial risk profile will remain weak on account of weak capital
structure and pressure on liquidity because of slow cash flow
receipts from customers.

The rating reflects Rachana's exposure to risks associated with
development of a large residential project and to risks and
cyclicality inherent in the Indian real estate industry. These
rating weaknesses are partially offset by the established track
record of Rachana's promoters in the real estate industry and the
advantageous location of its ongoing project.

Outlook: Stable

CRISIL believes that Rachana will benefit over the medium term
from its promoters' strong track record in the real estate
industry; however, the firm's liquidity will remain sensitive to
timeliness in inflow of customer advances for its ongoing project.
The outlook may be revised to 'Positive' if Rachana achieves large
bookings, improving its financial flexibility and cash flows.
Conversely, the outlook may be revised to 'Negative' in case of
time and cost overruns in the project, or if offtake from the
ongoing project is below expectation, or if Rachana extends
significant support to its group companies, resulting in
deterioration in liquidity and financial flexibility.

Rachana was set up in 2010 by Pune-based entrepreneurs Mr. Vinay
Kalbhor and Mr. Nitin Bhanagay. The promoters have been involved
in the real estate business for almost two decades through
flagship firm Rachana Lifestyle, which is renowned for real estate
development at prime locations in Pune. Rachana is developing a
residential project, Bella Casa, on the Pune-Mumbai bypass
highway.


RAM COTEX: CRISIL Assigns 'B' Rating to INR65MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Ram Cotex.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              65       CRISIL B/Stable
   Term Loan                20       CRISIL B/Stable

The rating reflects the modest scale of RC's newly begun
operations in the highly competitive cotton ginning industry and
exposure to risks relating to adverse regulations. These rating
weaknesses are partially offset by the benefits that RC derives
from its partners' extensive experience in the cotton ginning
industry, leading to its established relationships with customers
and suppliers and location advantages of its plant.

Outlook: Stable

CRISIL believes that RC will continue to benefit over the medium
term from its promoter-partners' extensive industry experience.
The outlook may be revised to 'Positive' if the firm's scale of
operations increases substantially, along with an improvement in
its profitability. Conversely, the outlook may be revised to
'Negative', if the firm achieves lower than expected accruals or
the firm's financial risk profile weakens, caused most likely by
increase in working capital borrowings, large debt-funded capital
expenditure, or disruption in its operations because of adverse
regulatory changes.

Set up in 2013, RC is promoted by Kadi (Gujarat) based Patel
family and partners. The firm is in the cotton ginning and
pressing business. The firm started its operations from December-
2013.


SAMARTHA LEISURES: CRISIL Ups Rating on INR49MM Term Loan to 'B'
----------------------------------------------------------------
CRISIL has upgraded its rating on long-term bank facilities of
Samartha Leisures & Restaurants Pvt Ltd to 'CRISIL B/Stable' from
'CRISIL D'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               3       CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term       11       CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

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

The rating upgrade reflects improvement in SLRPL's liquidity as
reflected by timely servicing of debt for the 3 months through
July 2014. The hotel, which was started in the mid of 2012-13
(refers to financial year, April 1 to March 31), is estimated to
have turned profitable in 2013-14 on the back of stabilisation of
operations and steady ramp up in demand, which has resulted in
improving liquidity.

The rating also reflects the company's weak financial risk
profile, marked by small net worth, moderate gearing, modest debt
protection metrics, and its small scale of operations in the
highly competitive hospitality industry. These rating weaknesses
are partially offset by the benefits that the company derives from
the the entrepreneurial experience of the promoter in the hotel
industry.

Outlook: Stable

CRISIL believes that SLRPL will benefit from the extensive
experience of the promoters in the hotel industry. The outlook may
be revised to 'Positive' in case of significant ramp up in the
hotel's occupancy leading to higher-than-expected cash generation
from the business. Conversely, the outlook may be revised to
'Negative' if inflationary pressure on costs leads to decline in
profitability, which could adversely impact its cash accruals and,
consequently, its liquidity.

SLRPL was incorporated in 2010, by Mr. Vinayak Phalak and Ms.
Rohini Phalak. The company operates a hotel, Tanarika Resort, at
Bhusaval in Jalgaon (Maharashtra). The hotel started its operation
in October 2012. It is equipped with 2 suits, 33 business class
rooms, 2 banquet halls, a bar, a multi-cuisine restaurant, a
conference hall, a lawn, and a swimming pool.

SLRPL reported net loss of INR15 million on net sales of INR11
million for 2012-13.


SANTOSHI BARRIER: CARE Reaffirms B+ Rating on INR3.4cr Bank Loan
----------------------------------------------------------------
CARE re-affirms the rating assigned to the bank facilities of
Santoshi Barrier Film India Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     3.40       CARE B+ Re-affirmed

   Long-term /Short-term Bank    6.50       CARE B+/CARE A4
   Facilities                               Re-affirmed

   Short-term Bank Facilities    1.00       CARE A4 Re-affirmed

Rating Rationale

The ratings assigned to the bank facilities of Santoshi Barrier
Film India Private Ltd continue to remain constrained on account
of the stretched liquidity position, weak debt coverage indicators
and elongated operating cycle. The ratings, also takes into
account deterioration in the capital structure and debt coverage
indicators during FY14 (refers to the period April 1 to March 31)
and its presence in the highly competitive flexible packaging
material industry.  The ratings, however, continue to draw
strength from the wide experience of the promoters in the flexible
packaging material industry, certified manufacturing facilities
and favourable growth prospects in the domestic packaging
industry.

The ratings, also takes into account increase in the scale of
operations, profit margins and cash accruals along with
diversification in the clientele base during FY14.

SBPL's ability to increase the scale of operations coupled with an
improvement in the capital structure as well as improvement in the
overall liquidity profile remain the key rating sensitivities.

Vapi-based (Gujarat) Santoshi Barrier Film India Pvt Ltd was
incorporated during August 2009 by Mr Dinesh Atkare and Mr Madan
Atkare. SBPL is engaged in the manufacturing of flexible packaging
materials like multilayer (7 layer) plastic films, plastic bags
and plastic tubing which finds application in packaging of food
articles, consumer goods, pesticides etc. SBPL's manufacturing
facility is ISO 9001:2008 certified and located at Nagpur with an
installed capacity of 3,000 metric tonnes per annum (MTPA) as on
March 31, 2014.

During FY14, SBPL reported a TOI of INR28.27 crore and PAT of
INR0.49 crore as against TOI of INR12.05 crore and PAT of
INR0.07 crore during FY13. Furthermore, during Q1FY15, SBPL has
reported a TOI of INR13.20 crore.


SATYAM ROLLER: CRISIL Reaffirms B Rating on INR70MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Satyam Roller Flour
Mills Pvt Ltd continues to reflect SRFM's below-average financial
risk profile, marked by high gearing, small net worth, and weak
debt protection metrics coupled with relatively small scale of
operations in a highly fragmented flour mill industry. These
rating weaknesses are partially offset by the extensive industry
experience of SRFM's promoters.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               70      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        10      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SRFM will benefit over the medium term from
its established clientele and promoters' extensive industry
experience. The outlook may be revised to 'Positive' in case of
improvement in financial risk profile led by material infusion of
capital or in case of higher-than-expected accretion to reserves.
Conversely, the outlook may be revised to 'Negative' in case of
any lower than expected cash accruals or it undertakes any large
debt-funded capital expenditure or larger than expected working
capital requirements resulting in further deterioration of its
financial risk profile.

SRFM set up in 1995, promoted by Mr. Vijay Shankar Gupta,
manufactures grinded wheat products, such as atta, maida, suji,
and wheat bran. The company has a manufacturing plant in Navi
Mumbai (Maharashtra).

SRFM reported a profit after tax (PAT) of INR2.6 million on net
sales of INR754 million for 2013-14 (refers to the financial year,
April 1 to March 31), on a provisional basis, as against a PAT of
INR1.8 million on net sales of INR625 million for 2012-13.


SHIVRAM SYNTHETIC: ICRA Suspends B+ Rating on INR7.21cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR7.21
crore fund based limits of Shivram Synthetic Pvt. Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Trust.


SHREE HARI: CRISIL Reaffirms 'B' Rating on INR115MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Hari Spintex Ltd
continue to reflect SHSL's weak financial risk profile, marked by
a weak capital structure and average debt protection metrics, and
its small scale of operations. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the cotton yarn industry.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            6.4     CRISIL A4 (Reaffirmed)

   Cash Credit             115       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term

   Bank Loan Facility        1.1     CRISIL B/Stable (Reaffirmed)

   Rupee Term Loan         150       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SHSL will continue to benefit over the medium
term from the buoyant demand from its end-user industry. The
outlook may be revised to 'Positive' if the company scales up its
operations significantly, while improving its profitability and
liquidity. Conversely, the outlook may be revised to 'Negative' if
SHSL undertakes a substantial debt-funded capital expenditure
(capex) programme, thereby further weakening its financial risk
profile, or if its profitability declines, leading to lower-than-
expected net cash accruals and worsening its liquidity.

Update
SHSL reported, on a provisional basis, an operating income of
INR780 million for 2013-14 (refers to financial year, April 1 to
March 31); it had reported an operating income of INR717.6 million
for 2012-13. The muted growth in revenue was on account of
capacity constraints and sluggish market demand. The company has
reported sales of around INR210 million for the first quarter of
2014-15, and is expected to record sales of around INR820 million
for the whole year. Its operating profitability declined to 9.5
per cent in 2013-14 from 10.8 per cent in 2012-13 due to sluggish
industry demand, and is expected to remain at a similar level over
the medium term.

SHSL's financial risk profile is expected to remain weak over the
medium term. Its gearing is expected to remain at around 2.7 times
over this period and may increase further if it undertakes a large
debt-funded capex programme to increase its capacity; however, the
expansion plans are not yet finalised. The company's interest
coverage ratio is expected to be around 1.9 times over the medium
term due to moderate profitability.

SHSL's liquidity remains weak owing to large working capital
requirements. Its bank limits were highly utilised at an average
of 92 per cent during the nine months through June 2014. Its net
cash accruals were low at INR35 million, and just sufficient to
meet its repayment obligations of INR33 million, in 2013-14. The
company is expected to generate annual net cash accruals of around
INR38 million, against annual debt obligations of INR33 million,
over the medium term. The low net cash accruals are also expected
to keep SHSL's reliance on bank lines high. Its working capital
requirements are expected to remain high over the medium term,
driven by large inventory owing to the seasonal nature of its
business. The inventory days are expected to remain at around 170
over this period.

For 2013-14, SHSL reported a profit after tax (PAT) of INR7.1
million on net sales of INR779.9 million, against a PAT of INR4.6
million on net sales of INR717.3 million for 2012-13.

SHSL, promoted by Mr. Rakesh Kumar, began operations in 2007-08,
with 2008-09 being its first full year of commercial production.
The company manufactures cotton yarn (between 16 and 34 counts) at
its facility in Bhatinda (Punjab).


SINGHAL METALLOYS: ICRA Assigns B Rating to INR5.50cr Cash Credit
-----------------------------------------------------------------
The long-term rating of [ICRA]B and the short-term rating of
[ICRA]A4 have been assigned to the INR7.50 crore bank facilities
and unallocated limits of Singhal Metalloys Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.50       [ICRA]B assigned
   Unallocated Limits    2.00       [ICRA]B/[ICRA]A4 assigned

The ratings factor in the moderate scale of operations of the
company; high competition in the non-ferrous metal and alloys
industry with low entry barriers and commoditized nature of
product which, in turn, results in thin profitability;
vulnerability of profitability to fluctuations in raw material
prices and the high customer concentration risk. The ratings are
further constrained by the adverse capital structure, weak
coverage indicators and stretched liquidity position of the
company as reflected by high utilisation of working capital
limits.

The ratings, however, favourably factor in the long experience and
established track record of the promoters in the non-ferrous metal
and alloys industry; the established customer base of the company
comprising reputed companies and the consistent growth in revenues
over the last five years backed by increase in production capacity
as well as increased offtake by the customers.

Incorporated in the year 1997, Singhal Metalloys Pvt. Ltd. is
engaged in the manufacture of non ferrous alloys, mainly aluminium
alloys in the form of ingots. The company has its manufacturing
facility in Faridabad, Haryana and has a capacity to produce 6000
MTPA of aluminium alloys. SMPL is a domestic market focused player
with sales primarily being made to auto component manufacturers in
Haryana, Rajasthan and Uttarakhand.


SWARNA CONSTRUCTIONS: CRISIL Reaffirms C Rating on INR85MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swarna Constructions
(SWC) continue to reflect instances of delay by SWC in servicing
its equipment loans (not rated by CRISIL); the delays have been
caused by the firm's weak liquidity.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           97.5     CRISIL A4 (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility        2.5     CRISIL A4 (Reaffirmed)

   Secured Overdraft
   Facility                 85       CRISIL C (Reaffirmed)

The ratings also reflect the high degree of geographical and
customer concentration in SWC's revenue profile, and its modest
scale of operations in the intensely competitive construction
industry. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters, and its
healthy order book.

On July 16, 2014, CRISIL had reaffirmed its rating on the bank
facilities of SWC at 'CRISIL C/CRISIL A4'.

Established in 1968 as a partnership entity by Mr. Gottipati
Ramamohan Rao, SWC is engaged in civil construction primarily in
the field of irrigation and water supply distribution for various
government agencies in Andhra Pradesh (AP), Maharashtra, and
Madhya Pradesh. SWC was initially established as G Ramamohan Rao &
Co, and got its current name in 2004. The firm is based in
Vijayawada (AP).


VIJAY STEELS: CRISIL Reaffirms B+ Rating on INR45MM Cash Credit
---------------------------------------------------------------
CRISIL ratings on the bank loan facilities of Vijay Steels
continue to reflect its small scale of operations in the highly
competitive and fragmented steel products industry, susceptibility
of its operating margin to volatility in raw material prices and
its average financial risk profile, marked by small net worth,
moderate gearing and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of the firm's partners.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              45      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        8.1    CRISIL B+/Stable (Reaffirmed)

   Standby Line of Credit    2.2    CRISIL A4 (Reaffirmed)

   Term Loan                 9.7    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if VS significantly scales up
its operation while sustaining its profitability leading to
improvement in its accruals and debt protection metrics and its
net worth improves significantly backed by equity infusion.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes a large, debt-funded capital expenditure programme, or
if its partners withdraw substantial capital or if its working
capital requirements increase substantially, leading to weakening
of its financial risk profile.

Update
VS on provisional basis reported net sales of INR283.6 million in
2013-14 (refers to financial year, April 1 to March 31) as
compared to INR306.2 million a year ago; witnessing year-on-year
decline of 8 per cent. VS operating margins remained at 4.2 per
cent in 2013-14 (same as a year ago), and is expected to remain at
similar level over medium term. Due to increase in sales towards
year end, VS has outstanding debtors of 51 days as on March 31,
2014 as compared to 22 days a year ago resulting into gross
current assets of 100 days as on March 31, 2014 as compared to 87
days a year ago. However, CRISIL believes with sales evenly
distributed throughout the year, debtors to moderate resulting
into GCA of around 90 days over medium term. VS has moderate
gearing of 1.14 times as on March 31, 2014 as compared to 1.36
times a year ago. With no major debt funded capex plan, gearing is
expected to remain around 1 times over medium term. VS had weak
debt protection metrics with interest coverage ratio and net cash
accruals to tangible net worth (NCATD) of 1.8 times and 0.09
respectively in 2013-14. With low margins and working capital
intensive operation, CRISIL believes debt protection metrics to
remain weak over medium term. VS have stretched liquidity marked
by near full bank limit utilization and accruals generated
remaining tightly matched against its repayment obligation. VS
liquidity however finds support from equity infused of INR4.4
millions and unsecured loan infused of INR2.4 millions in 2013-14.
CRISIL believes VS will continue to find promoters support via
timely infusion of USL and equity over medium term.

VS reported profit after tax (PAT) of INR2.8 million on net sales
of INR 283.6 million in 2013-14 as compared to PAT of INR3.2
million on net sales of INR306.2 million for 2012-13.

Established in 1983-84, VS manufactures mild steel angles, flats,
squares, and rounds. Currently, the firm is owned by three
partners: Mrs. Sheela Gupta, Mr. Murari Lal Gupta, and Mr. Chintan
Patel and is based out of Bhavnagar, Gujarat.



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


SIGNUM VANGUARD: S&P Raises Rating on JPY4BB Loan to BB+
--------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on three
Japanese synthetic collateralized debt obligation (CDO)
transactions, and removed the ratings from CreditWatch with
positive implications.

The upgrades reflect the tranches' synthetic rated
overcollateralization (SROC) levels as well as S&P's sensitivity
analyses in line with its criteria.  S&P also reviewed the
counterparty risk in cases where the creditworthiness of a tranche
relies on a swap counterparty and/or collateral asset.

S&P has raised its ratings to the levels at which the SROC levels
exceed 100% and meet its minimum cushion requirements as of this
month's review date.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED, REMOVED FROM CREDITWATCH POSITIVE

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

Class A secured floating rate credit-linked loan series 2005-06
To               From                      Amount
BBB-p (sf)       BB+p (sf)/Watch Pos       JPY3.0 bil.

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



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


BANCO CARMONA: Depositors Payout to be Delayed
----------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced that
there will be a delay in the payment of deposit insurance for the
closed Banco Carmona (A Rural Bank), Inc. due to the absence of
complete and updated bank records. In the Depositors-Borrowers
Forum held at the Penthouse of the Carmona Municipal Hall on
August 11, 2014, the PDIC informed depositors that despite efforts
to locate the bank owners, officers and employees of the bank,
they could not be located nor have they coordinated with the PDIC
for the proper turnover to the PDIC of the records and assets of
the bank. Without the complete records, the PDIC will not be able
to conduct the validation process for bank deposits, a requirement
before deposit insurance claims are paid.

During the Forum, the PDIC also explained its objective to pay
valid deposit insurance promptly. Payment of deposit insurance
claims for accounts with deposit balances of up to P50,000 usually
starts within 18 days after a closed bank is taken over by the
PDIC. Payment via Postal Money Order check is mailed directly to
depositors with valid deposits of up to P50,000, with complete
mailing address and without outstanding obligation to the bank.
Payment for accounts with deposit balances of more than PHP50,000
is usually completed within 28 days after bank takeover.

The turnaround time (TAT) as well as standard payout procedures
for deposit insurance cannot be implemented in the case of Banco
Carmona due to incomplete and not updated records. Bank officers
and employees, who met with PDIC representatives at the bank
premises after the Depositors-Borrowers Forum last August 11,
promised to turn over documents but they have not done so as of
this writing.

Banco Carmona is a two-unit rural bank with Head Office located at
J.M. Loyola St., Carmona, Cavite. Its lone branch is also located
in Carmona, Cavite. The bank has deposit liabilities of P42
million and loan balances of PHP67 million as of January 31, 2014,
based on the report it submitted to the Bangko Sentral ng
Pilipinas. Banco Carmona was placed under PDIC receivership on
August 1, 2014.

Based on the latest General Information Sheet (GIS) filed by the
bank on May 12, 2014 with the Securities and Exchange Commission,
Banco Carmona is owned by Arturo Poblete (14.96%), Rowena Rodis
(10.66%), Perseveranda Isla (10.08%), Ma. Cristina Creencia
(9.16%), Rosalinda Gatdula (8.04%), Salome Landas (7.22%), Olivia
Asia (6.47%), Cristobal Umale (5.85%), Elena Levardo (5.70%),
Irene Zarraga (4.89%), Maria Alona Poblete (4.39%), Evelyn
Encarnacion (2.92%), Vilma Encarnacion (2.92%), Ressurreccion
Teano (2.48%), Gloria/Cesar Casal (1.85%), Arnell Ilas (1.13%),
Roel Naupal (0.96%), and Rosalie Lourdes Gaco (0.32%). Its
President is Perseveranda Isla who is also one of its Directors.
The bank's Directors are Rosalinda Gatdula (also Secretary), Ma.
Cristina Creencia, Rosalie Lourdes Gaco and Roel Naupal. Other
officers are Norma Mendoza (Compliance Officer), Irene Zarraga
(Officer-in-Charge), Gilbert de Silva (Loan Officer) and Rowena
Rodis (Finance Officer/Treasurer).

In the meantime, depositors were advised to prepare their evidence
of deposits and two (2) valid IDs, and to accomplish the Mailing
Address Update Form (MAUF).

Depositors of the bank were likewise advised to visit the PDIC
website, www.pdic.gov.ph, for any update or information on the
schedule of the payout operations. The PDIC said that notices will
also be posted at the bank premises and in other public places as
soon as the payout schedule is finalized.



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


* SINGAPORE: Major Reforms of Insolvency Laws Expected
------------------------------------------------------
Patrick John Lim at Channel News Asia reports that major reforms
of insolvency laws are in the process of being enacted, as
Singapore tries to position itself as a regional hub for
insolvency work and debt restructuring, said Senior Minister of
State for Law Indranee Rajah on Aug. 25.

Speaking at the Regional Insolvency Conference organised by the
Law Society of Singapore, she noted that an increase in global
interest rates and a tightening of liquidity in markets are likely
to increase the risk of corporate defaults. This could in turn
lead to an increase in a number of restructuring and insolvencies,
the report relates.  As an open economy, Singapore would have to
deal with insolvencies within the country, as well as the impact
of regional insolvency events, Ms. Indranee, as cited by CNA,
said.

The report says Ms. Indranee highlighted recommendations from the
Insolvency Law Review Committee (ILRC) that she hoped would
position Singapore as a hub for insolvency and corporate
restructuring work in the region.

"Firstly, Singapore remains a convenient and neutral location
which provides proximity and connectivity to major Asian
economies. Secondly, the legal processes such as schemes of
arrangement or judicial management that are used to effect a
restructuring in Singapore are well established and offer a
flexible approach towards restructuring," the report quotes Ms.
Indranee as saying.

The final set of the ILRC recommendations were submitted to the
Ministry of Law in October last year, the report recalls.  CNA
notes that the ILRC suggested extending judicial management to
foreign companies, giving them the option of coming to Singapore
and using a Singaporean process to restructure its debts.

CNA relates that it also recommended reforms to strengthen the
effectiveness of judicial management and schemes of arrangement as
tools of restructuring. This includes adopting certain features
from US Bankruptcy Law. In addition, the ILRC also recommended
reforms to regulate the insolvency profession, to ensure a strong
base of insolvency professionals in Singapore.

According to the report, Ms. Indranee said the Law Ministry would
continue looking for ways to improve Singapore's approach to
cross-border insolvencies, and to promote Singapore regionally and
internationally.



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


KT ENS: Subcontractor Boss Gets 20 Years Jail Term
--------------------------------------------------
Yonhap News Agency reports that a Seoul court on August 27
sentenced the chief of a subcontractor of KT Corp.'s financially
troubled affiliate to 20 years in prison for masterminding a
large-scale loan fraud.

The news agency relates that the 46-year-old chief of Joonangtnc
Co. Ltd, surnamed Seo, was found guilty of colluding with other
employees of KT ENS Co., a subsidiary of KT Corp., to take out
some KRW1.83 trillion (US$1.71 billion) in loans from 16 local
banks using forged documents from May 2008 to January 2014.

In the same ruling, Seoul Central District Court also sentenced a
51-year-old former KT ENS employee, only identified by his surname
Kim, to 17 years behind bars for his involvement in the financial
fraud, according to Yonhap.

"Seo and Kim pocketed an astronomical amount and some KRW290
billion has not yet been collected," Judge Cho Yong-hyun said in
his ruling, the report relays.

"The case prompted KT ENS to file for court receivership and the
banks have faced difficulties," Judge Cho Yong-hyun, as cited by
Yonhap, added.

Yonhap, citing court documents, says the two fabricated various
documents for a special purpose company (SPC) set up by six
subcontractors of KT ENS with receivables as collateral.  Not only
the documents submitted to the banks but also the receivables were
found to have been counterfeit, according to the documents
obtained by Yonhap.


                             *********

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.



                 *** End of Transmission ***