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

                      A S I A   P A C I F I C

          Monday, September 22, 2014, Vol. 17, No. 187


                            Headlines


A U S T R A L I A

APN NEWS: Fitch Affirms 'BB-' LT Foreign Currency IDR
BEDROCK QUARRY: Placed in Receivership
GM HOLDEN: To Sack 300 Engineers Before The End Of 2014
LAVENDER RIDGE: In Administration; First Meeting Set September 30
MILLS-TUI AUSTRALIA: Goes Into Liquidation; 80 Jobs Axed

ORIGIN ENERGY: Moody's Rates EUR1BB Hybrid Instr. Issuance 'Ba1'
PERPETUAL TRUSTEE: Moody's Assigns Ba1 Rating on AUD23.75MM Notes
PERPETUAL TRUSTEE: Fitch Rates AUD23.75MM Class E Notes at 'BBsf'
WINE GROWERS: Online Wine Wholesaler Enters Administration


C H I N A

GEELY AUTOMOBILE: S&P Assigns 'BB+' LT CCR; Outlook Stable
HIDILI INDUSTRY: Moody's Lowers Rating on US$400MM Notes to Caa3
HIDILI INDUSTRY: S&P Lowers CCR to CC on Offer to Buy Back Notes


I N D I A

AD MERCHANT: CRISIL Reaffirms 'B' Rating on INR35MM Bank Loan
AJOY BAKLI: CRISIL Assigns B Rating to INR50MM Capital Facility
ALOK HARSH: CARE Reaffirms B+ Rating on INR5.98cr LT Bank Loan
ANG LIFE: CRISIL Reaffirms D Rating on INR73.5MM Term Loan
CHANDRAMMA EDUCATIONAL: CRISIL Rates INR150MM Overdraft Loan at C

CINEOLA DIGITAL: CRISIL Cuts Rating on INR50MM Cash Credit to B-
CUMBUM VALLEY: CRISIL Cuts Rating on INR100MM Term Loan to 'D'
DHARMANANDAN IMPEX: CARE Reaffirms B+/A4 Rating on INR14cr Loan
GOKUL STEELS: CRISIL Assigns 'B+' Rating to INR64.5MM Term Loan
ICORE-E-SERVICES: CRISIL Suspends C Rating on INR280MM Bank Loan

JEEVAN POLYMERS: CARE Assigns B+ Rating to INR41.99cr Bank Loan
KALVA ENGINEERS: CRISIL Suspends B+ Rating on INR20MM Cash Credit
KAMAKHYA STEELS: CRISIL Suspends B+ Rating on INR40MM Cash Credit
M. S. LABELS: CRISIL Assigns B+ Rating to INR52MM Bank Loan
MAHABIR POLYFABS: CRISIL Suspends D Rating on INR88MM Term Loan

MAHESHWARI MULTIPLE: CRISIL Reaffirms B+ Rating on INR80MM Loan
MARS PLYWOOD: CRISIL Assigns B+ Rating to INR85MM Cash Credit
MC MEDICAL: CRISIL Assigns B Rating to INR80MM Cash Term Loan
MOHAN ROCKY: CRISIL Reaffirms B- Rating on INR90MM Overdraft Loan
PARTH INDUSTRIES: CARE Rates INR5cr Bank Loan at 'B+/A4'

RAJA FORGINGS: CRISIL Suspends D Rating on INR291.7MM Cash Credit
RAMVIJAY COTTON: CRISIL Reaffirms B+ Rating on INR90M Cash Credit
RC GOYAL: CRISIL Reaffirms B+ Rating on INR120MM Cash Credit
SEWA HOTEL: CARE Cuts Rating on INR9.8cr LT Bank Loan to 'D'
SIKKA AUTO: CRISIL Suspends B Rating on INR137.5MM Funding Loan

SOUTHERN AGRO: CRISIL Suspends B+ Rating on INR120MM Cash Credit
SRIVARI INDUSTRIES: CRISIL Suspends D Rating on INR55MM Cash Loan
SUNSHINE TRADETOWER: CRISIL Suspends B Rating on INR600MM Loan
SWARNAA TECHNO: CRISIL Assigns D Rating to INR75MM Bank Guarantee
TATA CHEMICALS: Moody's Upgrades Corporate Family Rating to Ba1

TREND SETTERS: CRISIL Suspends B- Rating on INR104.6MM Bank Loan
UCS MERCANTILE: CRISIL Suspends D Rating on INR55MM Cash Credit
VATSA AUTOMOBILES: CARE Reaffirms B+ Rating on INR18.02cr Loan
VEEKAY GENERAL: CRISIL Suspends B Rating on INR50MM Cash Credit
VILAS JAVDEKAR: CARE Reaffirms B+ Rating on INR29.2cr NCD

VINAYAK EXTRUSIONS: CRISIL Suspends D Rating on INR65MM Loan


J A P A N

SONY CORP: Mulls Smartphone Exit From China


N E W  Z E A L A N D

BELGRAVE FINANCE: Receivers Win NZ$8.6MM Claim v. Ex-Director
STRONGLINE BUILDINGS: Placed Into Liquidation


P H I L I P P I N E S

ALPHALAND CORP: Won't Contest PSE Decision to Delist
RURAL BANK OF PADRE BURGOS: Placed Under PDIC Receivership


S O U T H  K O R E A

KUMHO ASIANA: Creditors to Sell Stakes in Kumho Industrial


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A U S T R A L I A
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APN NEWS: Fitch Affirms 'BB-' LT Foreign Currency IDR
-----------------------------------------------------
Fitch Ratings has affirmed APN News & Media Limited's (APN) Long-
Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'. The
Outlook is Stable. At the same time, Fitch has withdrawn APN's
senior unsecured debt class rating of 'BB-' and the 'BB-(EXP)'
expected rating on the previously proposed US dollar notes to be
issued by Biffin Pty Limited.

The withdrawal of the debt ratings follows the company's decision
not to proceed with the issue of the US dollar notes. The
affirmation of the IDR reflects Fitch's view that the company's
credit quality is unaffected by this decision.

Key Rating Drivers

Leading Positions; Unique Assets: The ratings reflect APN's strong
radio and publishing brands in Australia and New Zealand and its
ability to consistently deliver high quality content, which should
enable the company to maintain its market positions. The ratings
also reflect APN's unique asset combination and its ability to
offer cross-platform advertising over its publishing, radio,
outdoor and digital assets. The higher earnings and cash flow
visibility from its radio networks help mitigate the structurally
weaker publishing businesses.

Resilient Radio Networks: Fitch believes that APN's radio business
should remain less vulnerable to the growing popularity of
alternative media platforms, such as the internet, and should
continue to be resilient. Advertising revenue for commercial radio
broadcasters is less subject to fluctuations in global and
national advertising budgets. Instead, local advertising sales
dominate radio advertising revenue. In addition, APN's rebranding
and talent recruitment should continue to help gain audience and
revenue market shares.

Structural Challenges in Publishing: The rating reflects the on-
going structural challenges confronting APN's publishing business.
Despite APN's strong position in the New Zealand national
newspaper market and Australian regional newspaper market, Fitch
expects APN's publishing business to remain under pressure due to
the on-going migration of advertising expenditure to digital
platforms and the associated media fragmentation.

Steady Cash Generation: APN's key businesses are cash generative
and their capex requirements are low. Fitch expects that APN's
pre-dividend free cash flow (FCF) margins will increase to about
10% in the next three years. The group structure has improved with
the acquisition of partners' stakes in Australia Radio Network and
The Radio Network, which has eliminated the cash flow leakage from
the group to these partners.

Potential Impact of NZ IPO: In the event that an IPO of the New
Zealand business were to go ahead, the resulting market
concentration would be likely to constrain the rating at 'BB-'
even if the proceeds were used to pay down debt.

High Leverage: At end-June 2014, APN had gross debt of AUD504m.
Fitch forecasts funds flow from operations (FFO)-adjusted net
leverage to decline from 5.1x in 2013, but nevertheless to remain
above 3.0x for at least the next two to three years. Further
deleveraging will depend largely on the ability of the radio
business to offset declining revenues in the publishing business,
the successful implementation of a paywall strategy and the
company's decisions about use of FCF.

Rating Sensitivities

Negative: Future developments that may individually or
collectively lead to a negative rating action include:

-- significant deterioration in the operating profile amid on-
   going competitive pressures, changing media consumption
   patterns and evolving technology platforms

-- large debt-funded acquisition indicating a significant
   increase in APN's risk tolerance

-- sustained negative FCF margins
-- sustained FFO-adjusted net leverage above 4.0x

Positive: Future developments that may individually or
collectively lead to a positive rating action include:

-- successful transition to digital platforms for its publishing
   businesses
-- material diversification of cash generation from the
   publishing business
-- sustained FFO-adjusted net leverage below 3.0x


BEDROCK QUARRY: Placed in Receivership
--------------------------------------
Stephen Wesley Hathway and David Michael Stimpson of SV Partners
were appointed as receivers of Bedrock Quarry Pty Ltd on Sept. 16,
2014.

A first meeting of the creditors of the Company will be held at
Proserpine RSL, 27 Chapman Street, in Proserpine, Queensland, on
Sept. 26, 2014, at 11:00 a.m.


GM HOLDEN: To Sack 300 Engineers Before The End Of 2014
-------------------------------------------------------
Joshua Dowling at Herald Sun reports that Holden is preparing to
sack 300 vehicle engineers -- half its engineering workforce -- by
the end of this year, three years ahead of the factory closures.

Herald Sun relates that engineering work on an updated version of
the Holden Commodore is almost complete and the services of at
least half the test team staff will no longer be required.

The remaining engineers will stay on for another 12 months to
prepare one final update before the locally-made Commodore reaches
the end of the line in late 2017, the report says.

The engineers who will lose their jobs are based at Holden's test
track at Lang Lang on the south-eastern outskirts of Melbourne and
at the company's headquarters in Port Melbourne, according to the
report.

The engineering staff at Holden's car assembly line at Elizabeth
near Adelaide are understood to not be part of the latest round of
redundancies, the report says.

According to Herald Sun, Holden has confirmed there is a
redundancy program for engineers -- which some media have
estimated will see up to 400 job losses -- but the car maker would
not confirm when the job cuts would be made or how many workers
are affected.

"As announced last year, Holden's engineering workforce is largely
tied to production of our locally-manufactured vehicles and as
such our engineering workforce will be scaled back over time," the
report quotes Holden spokesman Sean Poppitt as saying.

"The company currently has a voluntary separation program open to
engineering employees. Holden has also (relocated) a number of
engineers to General Motors headquarters in Detroit where
possible."

However, Holden "won't engage in speculation on timing or the
number of employees impacted", Mr. Poppitt, as cited by Herald
Sun, said.

Herald Sun notes that Holden's V6 engine plant in Port Melbourne
is due to close in 2016 -- one year before the car assembly line
in Elizabeth shuts -- and will cost an estimated 260 jobs, while
the closure of the car assembly line in Elizabeth in 2017 will see
the remaining 1,500 employees there out of work.

Meanwhile up to 600 white-collar workers associated with
purchasing and manufacturing, based at Holden's head office in
Port Melbourne, will also be made redundant before the company
becomes solely an importer of vehicles in 2018, Herald Sun
reports.

However, about 140 designers based at Holden's head office will
keep their jobs, working on foreign cars for General Motors, adds
Herald Sun.

As reported in the Troubled Company Reporter on Dec. 12, 2013,
Rob Taylor and Jeff Bennett, writing for The Wall Street Journal,
said that General Motors Co., ending months of speculation,
said on Dec. 10 it would cease all production in Australia,
reflecting an accelerating shift by auto makers to leave what has
become a high-cost country for foreign manufacturers.  According
to the Journal, the U.S. auto maker said it would take a
US$400 million to US$600 million charge to earnings in its fourth
quarter to discontinue vehicle and engine manufacturing in
Australia.  The decision will result in more than 2,900 job
losses.  The decision is the latest in a series of moves by
departing Chief Executive Dan Akerson to clean up trouble spots in
GM's operations before he steps down in January and hands the CEO
job to product-development chief Mary Barra, the Journal related.

GM Holden is Australia's oldest automotive company, having grown
from a saddlery business established in Adelaide in 1856.  GM
Hoden is the Australian arm of U.S.-based automaker General
Motors Corporation.


LAVENDER RIDGE: In Administration; First Meeting Set September 30
-----------------------------------------------------------------
Richard Rohrt -- ben@hamiltonmurphy.com.au -- of Hamilton Murphy
was appointed as administrator of Lavender Ridge Pty Ltd on
Sept. 18, 2014.

A first meeting of the creditors of the Company will be held at
Hamilton Murphy, Level 1, 269 Swan Street, in Richmond, on
Sept. 30, 2014, at 10:30 am.


MILLS-TUI AUSTRALIA: Goes Into Liquidation; 80 Jobs Axed
--------------------------------------------------------
Kerstin Kehren at The Courier-Mail reports that Queensland truck
manufacturer Mills-Tui Australia has gone bust, putting an
estimated 80 people out of work.

The report says staff at the Narangba-based company were told
their employment had been terminated, effective immediately, after
the company went into liquidation on September 18.

A termination notice seen by The Courier-Mail states Mills-Tui had
'insufficient funds' to continue operating.

According to The Courier-Mail, a spokesperson for liquidators
Tracy Lee Knight and William John Fletcher of Bentleys Corporate
Recovery, said the workers were expected to receive their
entitlements.

The report relates that a Mills-Tui worker, who declined to be
named, said staff had suspected the company was in trouble in the
lead-up to the liquidation announcement.

"We were getting (our account) put on hold with a lot of
companies," he said, the report relays. "In saying that, since
I've been there, it's been going off and on. They'd be on hold
with companies, then we'd pay the bills and we'd be back on track
again."

Mills-Tui Australia designed and manufactured heavy and
specialised vehicles, with the Queensland Fire and Rescue Service
and the Queensland Ambulance Service among its customers.


ORIGIN ENERGY: Moody's Rates EUR1BB Hybrid Instr. Issuance 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba1 rating to
Origin Energy Finance Limited's ("OEF") EUR1 billion hybrid
instrument issuance, known as Capital Securities. OEF's
obligations to the Capital Securities holders will be guaranteed
on a subordinated basis by Origin Energy Limited ("Origin" - Baa2
stable), OEF's holding company.

Moody's expects the proceeds from the issuance will be on lent to
Origin and used to refinance the debt drawn to fund its
acquisition of the Poseidon gas field, which was completed in
August 2014, as well as for general corporate purposes.

Moody's has given the instrument basket "C" treatment, i.e. 50%
debt and 50% equity, for its financial statement analysis purposes

The rating outlook is stable.

Ratings Rationale

Moody's definitive ratings on these notes confirm the provisional
ratings assigned on 9 September 2014. Moody's rating rationale was
set out in a press release published on the same day.

The principal methodology used in this rating was Unregulated
Utilities and Power Companies published in August 2009.


PERPETUAL TRUSTEE: Moody's Assigns Ba1 Rating on AUD23.75MM Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Trustee Company Limited in its capacity as
trustee of the Series 2014-1 REDS EHP Trust.

Issuer: Series 2014-1 REDS EHP Trust

AUD 760.00 million Class A Notes, Assigned Aaa (sf);

AUD 41.80 million Class B Notes, Assigned Aa2 (sf);

AUD 49.40 million Class C Notes, Assigned A2 (sf);

AUD 22.80 million Class D Notes, Assigned Baa1 (sf);

AUD 23.75 million Class E Notes, Assigned Ba1 (sf).

The AUD 52.25 million Seller Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal with respect to Class
A, B and C Notes by the legal final maturity. As the coupons for
the Class D and E Notes are split into senior and subordinate
amounts -- where the senior amounts are 1M-BBSW, and the
subordinate coupon margin amounts are subordinate to all other
items in the interest waterfall -- the structure allows for timely
payment of the senior amount of interest and ultimate payment of
principal with respect of the Class D and E Notes.

The transaction is a securitisation of a portfolio of Australian
specific security agreements (previously called chattel mortgages
and bills of sale), finance leases, and hire purchase contracts
secured by motor vehicles and equipment (all wheels). All loans
were originated by Bank of Queensland Equipment Finance Limited
("BOQEF"), a wholly owned subsidiary of Bank of Queensland
("BOQ").

This is the third Australian ABS transaction issued by BOQ since
2008 and BOQ's ninth ABS transaction to date.

Ratings Rationale

Series 2014-1 REDS EHP Trust is similar to the last REDS EHP
transaction in that the composition of the receivables pool
backing the transaction is split between motor vehicles and other
equipment (all wheels)(53.20% and 46.80% respectively). In this
sense, the current transaction is also similar to pre-2009 Trusts
in terms of pool composition. As with the last REDS EHP
transaction, this deal features only AUD denominated tranches,
with one senior Aaa (sf) rated tranche and no short dated P-1
rated tranche.

In order to fund the purchase price of the portfolio, the Trust
will issue up to six classes of Notes. The Notes will be repaid on
a sequential basis in the initial stages, until the subordination
percentage increases from the initial 20.0% to 25.0% for the Class
A Notes and from 15.6% to 19.5% for the Class B Notes and before
the outstanding balance of the notes falls below 10% of the
initial note balance at closing. At all other times, all classes
of notes will be repaid on a pro-rata basis. This principal
paydown structure is comparable to other recent ABS transactions
in the Australian market.

Moody's base case assumptions are a default rate of 3.45% and a
recovery rate of 35.0%. These imply an expected (net) loss of
2.24%. Both the default rate and recovery rate have been stressed
relative to observed historical levels of 2.40% and 47.85%
respectively.

Methodology Underlying the Rating Action:

The methodologies used in this rating were "Moody's Approach to
Rating Auto Loan-Backed ABS" published in May 2013, and "Moody's
Approach to Rating ABS Backed by Equipment Leases and Loans"
published in December 2013.

Factors That Would Lead to an Upgrade or Downgrade of the Rating:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the market for used vehicles
are primary drivers of performance.

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors or lower recoveries on defaulted
loans. The Australian job market and the market for used vehicles
are primary drivers of performance. Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit quality
of transaction counterparties, lack of transactional governance
and fraud.

Moody's Parameter Sensitivities:

If the default rate rises to 6.90% (double Moody's assumption of
3.45%) and recovery rates are reduced to 15% (more than half of
Moody's assumption of 35%) then the model-indicated rating for the
Class A Notes and Class B Notes drop seven notches to Baa1 and
eight notches to Ba1 respectively.


PERPETUAL TRUSTEE: Fitch Rates AUD23.75MM Class E Notes at 'BBsf'
-----------------------------------------------------------------
Fitch Ratings has assigned Series 2014-1 REDS EHP Trust final
ratings and Outlooks.  The transaction is an asset-backed
securitisation of automotive and equipment loan receivables. The
ratings are as follows:

AUD760 million Class A notes: 'AAAsf'; Outlook Stable
AUD41.8 million Class B notes: 'AAsf'; Outlook Stable
AUD49.4 million Class C notes: 'Asf'; Outlook Stable
AUD22.8 million Class D notes: 'BBBsf'; Outlook Stable
AUD23.75 million Class E notes: 'BBsf'; Outlook Stable
AUD52.25 million seller notes: not rated

The notes, due July 2020, have been issued by Perpetual Trustee
Company Limited as trustee of Series 2014-1 REDS EHP Trust. The
Series 2014-1 REDS EHP Trust is a legally distinct trust
established pursuant to a master trust and security trust deed.

At the cut-off date, the total collateral pool consisted of 14,765
loan receivables totalling approximately AUD938.1 million, with an
average size of AUD63,537. The pool comprises loan receivables
originated by BOQEF whose ultimate parent is Bank of Queensland.
All are amortising principal and interest loans for cars and light
commercial vehicles (27.3%), trucks and buses (25.9%), excavators
(11.6%), trailers (11.2%) and other wheels (24%). The pool
contains loans with varying balloon amounts payable at maturity
(36.7%), with a weighted average balloon payment of 12.1%.

The transaction also benefits from a large and diverse number of
small business borrowers across a broad range of industries.

Key Rating Drivers

Experienced Originator: BOQEF is an established originator in the
market that has been providing auto and equipment financing since
1971. BOQEF maintains a well-balanced and experienced team within
its underwriting division, while origination is bound by a credit
policy framework that includes, but is not limited to, credit risk
acceptance criteria and delegations.

Diverse and Granular Portfolio: The portfolio is granular with a
diverse mix of new and used cars, light commercial vehicles,
trucks, buses, trailers, excavators, and other equipment. The
assets are spread across a wide range of industries. There is a
diversified distribution of balloon maturity dates, while weighted
average (WA) seasoning is currently at 14 months.

Strong Track Record: Records since 1995 show consistent
performance. BOQEF is a regular participant in securitisation,
with eight series of notes issued in the REDS EHP programme since
2003.

Multiple Levels of Liquidity: Multiple sources of liquidity
support ensure stable cash flows for all notes and trust expenses.
Hedging arrangements are in place to address fixed-to-floating
rate mismatches between the fixed rate earned on the assets and
floating rate liability payments.

No Residual Value Risk: All securitised loans are structured so
that there is no exposure to residual value risk, with the
borrower liable for such risks at all times.

Rating Sensitivity

Increases in the frequency of defaults could produce loss levels
higher than Fitch's base case, which could result in negative
rating actions on the notes. Fitch evaluated the sensitivity of
the ratings of Series 2014-1 REDS EHP Trust to increased defaults,
reduced recoveries and a combination of these over the life of the
transaction. Its analysis found that collectively the ratings of
all classes were susceptible under all of Fitch's default
stresses, with the exception of the class E notes that remained
stable under a mild stress of 10%. All classes remained stable
under a mild recovery stress of 10%, except for the class B and C
notes. Under a moderate recovery stress of 25% the class B, C and
D notes were impacted, while all classes of notes were negatively
impacted by stressing recoveries by 50%. All classes, except the
class E notes, were impacted by a combination of increased
defaults and reduced recoveries of 10%, while all classes were
impacted by increases in defaults and a reduction in recoveries by
at least 25% and 50% respectively.


WINE GROWERS: Online Wine Wholesaler Enters Administration
----------------------------------------------------------
Kirsten Robb at SmartCompany reports that Wine Growers Direct
Australia has collapsed into administration, but the business has
found a new home under the successful Crackawines.com.au brand.

SmartCompany relates that Pitcher Partners' Andrew Yeo, who was
appointed administrator to the company on September 18 alongside
Gess Michael Rambaldi, confirmed the company founded by Andrew Dal
Broi in 2009 has entered administration.

Six months prior, the Wine Growers Direct online business was
purchased by The Wine Guys, a business owned by the Cracka Wine
Company, the report says.

The website is now operating successfully, as a separate entity
from the collapsed company, according to the report.

SmartCompany notes that Wine Growers Direct Australia had
previously been ranked as a BRW Fast Starter company in 2011, when
it had a turnover of AUD3 million.

The company has not been trading since April, when it sold all of
its assets to The Wine Guys, says SmartCompany.

Mr. Yeo told SmartCompany while it was too early to discern who
the major creditors of the company are and what exact figures are
owed, he could confirm there is a debt owing to the Australian Tax
Office.

Mr. Yeo said the amount the company received for the sale of the
business was not sufficient to pay its debts, SmartCompany
relates.

The first meeting of creditors is on September 26 in Melbourne,
the report discloses.

Dean Taylor, chief executive officer at Cracka Wine Company, told
SmartCompany the Wine Growers Direct business has found a new home
under the Cracka umbrella and has been profitable for the company
"since day one".

According to the report, Mr. Taylor said Cracka had been eyeing
off Wine Growers Direct Australia as a competitor for some time,
and believed Cracka had the corporate overheads and positioning to
turn the business' fortunes around.

"The business fundamentals were very good. It was unfortunate it
had been poorly managed," SmartCompany quotes Mr. Taylor as
saying.

Mr. Taylor said they have not "lost one customer" during the
takeover and have even reinvigorated the business's old customer
databases, the report adds.

Wine Growers Direct Australia is an online wine wholesale company.



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C H I N A
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GEELY AUTOMOBILE: S&P Assigns 'BB+' LT CCR; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services on Sept. 18 filed a revised
press release on its ratings for Geely Automobile Holdings Ltd.
S&P said in the original version of the media release published on
Sept. 16, 2014, the rating downside scenario should have referred
to the company's market share in China. The corrected version
reads:

Standard & Poor's Ratings Services said that it had assigned its
'BB+' long-term corporate credit rating to Geely Automobile
Holdings Ltd.  The outlook is stable.  At the same time, S&P
assigned its 'cnBBB+' long-term Greater China regional scale
rating to the company.  S&P also assigned its 'BB+' long-term
issue rating and 'cnBBB+' Greater China regional scale issue
rating to the company's proposed U.S.-dollar-denominated senior
unsecured notes.

The rating on Geely Auto reflects the 'bb+' group credit profile
of its parent Zhejiang Geely Holding Group Co. Ltd. (Geely
Holding, the group).  S&P considers Geely Auto to be a "core"
subsidiary of the group.  The company plays a critical role in the
group's growth strategy, and benefits from its operational
integration and name association with its parent.

"Geely Holding's group credit profile reflects its weak market
share relative to global peers and a somewhat narrow product
line," said Standard & Poor's credit analyst Sangyun Han.  In
addition, another of the group's key subsidiaries Geely Sweden AB
(Volvo Cars) has weaker profitability than the industry average.
The group's moderate debt leverage and good cost controls temper
these weaknesses, in S&P's view.

S&P expects Geely Holding's market position to remain weak over
the next two years.  Nevertheless, operational integration and
technology sharing within the group should improve its cost
position and product competitiveness, in S&P's view.

Growing competition from larger international peers could pressure
Geely Holding's market share, despite the group's cost efficiency
and improving product competitiveness.

S&P expects Geely Holding to maintain leverage at a moderate level
over the next two years.  The group's improving profitability
should more than offset increased capital expenditure and product
developments.  The group's cash flow and leverage are likely to be
highly volatile over the next two years, given the industry's high
cyclicality and the group's small market share.

"We assess Geely Auto's business risk profile as "fair" to reflect
our view that the company can maintain its profitability through
good cost-management capability and anticipated efficiency gains
from its brand-consolidation plan.  This is despite the plan's
negative impact on the company's sales in 2014.  Our assessment of
Geely Auto's financial risk profile as "modest" reflects the
company's conservative financial policy and a track record of
conservative leverage management," S&P said.

"The stable outlook on Geely Auto reflects the stable group
profile of Geely Holding," said Mr. Han.  "We expect Geely Holding
to steadily improve its profitability and maintain leverage at a
moderate level, but its market position should remain limited over
the next 12 months."

The stable outlook is despite S&P's expectation that the group
will increase its investments in research and development and
capacity expansion to strengthen its product competitiveness.  S&P
also expects Geely Auto's linkages with Geely Holding to
strengthen over the next two to three years, given rising
strategic and operational integration.

S&P may lower the rating on Geely Auto if Geely Holding's credit
profile deteriorates.  This could happen if its market share and
cost competitiveness deteriorate substantially because of factors
such as the poor execution of its integration and technology
development or increasing competition, which erode profitability.
A substantial decrease in the group's China market share below
2.5% for an extended period or a failure to improve its EBITDA
margin to above 6% could indicate such deterioration.

S&P may also lower the rating if Geely Holding's debt-to-EBITDA
ratio stays above 2x over the next 12 months.  Such a scenario
could materialize if the group's profitability is much weaker than
we expected due to a severe industry downturn or significant cost
overruns from its expansion and technology development projects,
or if the company makes aggressive debt-funded acquisitions.  S&P
may lower the ratings on Geely Auto if the company's strategic
importance to the group deteriorates significantly and S&P lowers
the SACP.  Such a scenario is very unlikely, in S&P's view.

S&P sees limited potential for an upgrade over the next 12 months.
Still, S&P may raise the rating on Geely Auto if Geely Holding's
credit profile improves.  This could happen if the execution of
ongoing manufacturing and technology integration within the group
improves Geely Holding's competitiveness and cost position.  Such
an improvement would be shown in Volvo Cars and Geely Auto
achieving a combined market share of over 5% of China's auto
market or an EBITDA margin of more than 10%.

S&P may also raise the rating if we believe that Geely Holding can
keep its ratio of debt to EBITDA below 1.5x through business
cycles.  The likely scenarios that could result in such an outcome
are if profitability is stronger than we expected or Geely Holding
adopts a more conservative financial policy and lowers its capital
expenditure without hurting its competitiveness or market share.


HIDILI INDUSTRY: Moody's Lowers Rating on US$400MM Notes to Caa3
----------------------------------------------------------------
Moody's Investors Service has downgraded to Caa3 from Caa2 the
rating for the US$400 million 8.625% senior unsecured notes due
November 2015 ("2015 Notes") issued by Hidili Industry
International Development Limited.

At the same time, Moody's has downgraded Hidili's corporate family
rating to Caa2 from Caa1.

The outlook for all ratings is negative.

Ratings Rationale

The rating action follows Hidili 's announcement on 17 September
2014 that it is commencing a tender offer and consent solicitation
for the 2015 Notes.

The exchange offer, which is subject to consent from the company's
bondholders, includes:

1. Amendments and waivers eliminating substantially all of the
restrictive covenants and certain other provisions contained in
the existing bond indenture; and

2. The waiving of any actual and potential defaults and events of
defaults that have occurred or are continuing.

The date of expiration for the tender offer is 14 October 2014 and
the settlement date is expected to be on 21 October 2014.

Early tender offers are entitled to receive:

1. The Early Tender Consideration, i.e. US$680 per US$1,000
principal amount of Notes tendered, and

2. The Consent Payment i.e. US$20 per US$1,000 principal amount of
the Notes on or prior to the Consent Expiration Date.

"If successful, the transaction will constitute a distressed debt
exchange, which is a default event under Moody's definition. The
downgrade of the 2015 Notes to Caa3 considers this default and
Moody's assessment of the high economic loss of around 30% when
compared to the original payment promise for the Notes," says
Simon Wong, a Moody's Vice President and Senior Credit
officer/Manager.

"Moreover, the downgrade of Hidili's corporate family rating to
Caa2 from Caa1 reflects Moody's concern that the company will
continue to face significant liquidity stress after the
transaction closes as proposed," adds Wong.

The company would be funding payment of the early tender
considerations from cash on hand and further bank borrowings.

Despite such a benefit, the Caa2 corporate family rating reflects
the company's significant liquidity stress levels, even after the
proposed transaction is concluded.

This significant liquidity stress levels arises from :

1. the company's small unrestricted cash holding -- RMB194 million
versus sizable short term debt as of end-June 2014.

2. uncertainty over whether the company is able to generate
sufficient cash flows from operations, asset disposals, to meet
its other debt obligations in view of continued operating losses
and operation disruptions.

The negative outlook reflects uncertainty over whether the
exchange offer and consent solicitation will be successfully
completed; that after the transaction, the company's liquidity
position is expected to remain significantly stressed -- if there
are not any material equity injections -- and the consideration
that its operating model has severely weakened.

Accordingly, the risk of default remains high.

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

Hidili Industry International Development Ltd is a vertically
integrated coal mining enterprise in southwest China that supplies
coking coal products to the domestic steel industry. Its
predecessor, Panzhihua City Sanlian Industrial Co Ltd, was
established in 2000 as a coal trading business. In 2003, the
company was transformed into a coal mining company after its first
acquisition of five mines and coal washing and coking facilities.


HIDILI INDUSTRY: S&P Lowers CCR to CC on Offer to Buy Back Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Hidili Industry International Development Ltd. to
'CC' from 'CCC'.  The outlook is negative.  At the same time, S&P
lowered the rating on the company's senior unsecured notes to 'CC'
from 'CCC-'.  S&P also lowered its long-term Greater China
regional scale rating on Hidili to 'cnCC' from 'cnCCC' and that on
the notes to 'cnCC' from 'cnCCC-'.

"We downgraded Hidili because we view the company's recent offer
to buy back its senior unsecured notes as a "distressed exchange,"
tantamount to an immediate default," said Standard & Poor's credit
analyst Jian Cheng.  The proposed offer represents a 30%-35%
discount to the notes' par value.

Hidili offered to buy back its outstanding US$400 million senior
unsecured notes for US$680 plus a consent payment of US$20 per
US$1,000 principal amount if bondholders accept the offer before
an early tender deadline.  Bondholders who accept after that
deadline but before the expiration date will receive US$650 per
US$1,000.

Hidili is also seeking consent from bondholders to amend
restrictive covenants; the amendments would allow the company to
significantly increase its debt.

In S&P's assessment, Hidili's business risk profile will remain
"vulnerable" and its financial risk profile "highly leveraged"
because of the company's deteriorating operating performance and
weakened industry conditions.  S&P previously lowered the rating
on Hidili to 'CCC' from 'CCC+' on April 22, 2014, because of its
heightened refinancing risk.

The negative outlook reflects the likelihood that S&P will lower
the corporate credit rating to 'SD' (selective default) and the
issue rating on the notes to 'D' if Hidili completes the proposed
transaction.  The offer settlement date is on or around Oct. 27,
2014.  S&P will reassess Hidili's liquidity position again, based
on the amount of notes tendered.

"If Hidili's tender offer is not completed or the company fails to
solicit the required level of consent, we will also reassess the
company's credit profile.  However, we believe upside potential is
limited given Hidili's weak recovery prospects for the next six to
12 months," Mr. Cheng said.



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


AD MERCHANT: CRISIL Reaffirms 'B' Rating on INR35MM Bank Loan
-------------------------------------------------------------
The rating continues to reflect AD Merchant India Pvt Ltd's small
scale of operations in the intensely competitive advertising
industry, and large working capital requirements on account of
sizeable debtors. These rating weaknesses are partially offset by
the extensive experience of AMIPL's promoters in the advertising
industry and their established relationships with customers and
suppliers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            15        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     35        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AMIPL will continue to benefit over the
medium term from its strong track record in the advertising and
communications industry. The outlook may be revised to 'Positive'
if AMPIL scales up its operations considerably, while also
improving its operating margin and working capital management.
Conversely the outlook may be revised to 'Negative' if stretch in
working capital cycle, or any large debt-funded capital
expenditure weakens its financial risk profile.

Set up in 2000, AMIPL is an advertising and communications agency.
It offers advertising services across all media categories,
including electronic media (such as radio and television) and
print media (such as newspapers, magazines, danglers, and
posters), and outdoor publicity in Kolkata. The company also
provides content and concept development solutions to its
customers. It is promoted by Mr. Satyajit Shah and his brother,
Mr. Suman Shah.


AJOY BAKLI: CRISIL Assigns B Rating to INR50MM Capital Facility
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Ajoy Bakli (AB).

                               Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
   Working Capital Facility      50        CRISIL B/Stable

The rating reflects the firm's weak financial risk profile, marked
by a small net worth, high gearing, and weak debt protection
metrics. The rating also factors in AB's modest scale and working-
capital-intensive operations and its susceptibility to volatility
in commodity prices. These rating weaknesses are partially offset
by the benefits that the firm derives from its promoter's
extensive experience in the distribution and trading in of food
grains and his funding support.
Outlook: Stable

CRISIL believes that AB will benefit over the medium term from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the firm registers sustained and
significant improvement in its revenue and profitability, leading
to higher-than-expected cash accruals. Conversely, the outlook may
be revised to 'Negative' if AB's financial risk profile and
liquidity further weakens most likely on account of a decline in
cash accruals or a stretch in the working capital cycle.

AB, a proprietorship firm, was set up by Mr. Ajoy Bakli in 1977.
The firm is a modified rationing distributor for food grains under
the public distribution scheme of the government of West Bengal.
It trades in rice and runs a petrol filling station.


ALOK HARSH: CARE Reaffirms B+ Rating on INR5.98cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms rating to the bank facilities of Alok Harsh Rice
Mill Pvt Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.98       CARE B+ Reaffirmed

Rating Rationale

The rating for the bank facilities of Alok Harsh Rice Mill Pvt Ltd
continues to remain constrained by its nascent stage of
operations, presence in an intensely competitive and highly
regulated industry, high working capital intensity of its business
with exposure to the vagaries of nature. These factors far
outweigh the benefits derived from the experience of the promoter,
proximity to raw material sources resulting in low inward freight
cost and favourable industry scenario.  The ability of the company
to increase its scale of operations with an improvement in
profitability and effective management of the working capital
would be the key rating sensitivities.

Alok Harsh Rice Mill Private Limited, incorporated in May 2010 was
promoted by Mr Sunil Kumar Keshri and his brother Mr Niraj Kumar.
The company was promoted to set up a processing & milling unit of
par boiled rice and sale of its by-products like husk, rice bran
etc in the domestic market. The plant, having an installed rice
processing capacity of 80 metric tonnes per day, is situated in
the Bhojpur district of Bihar, a major paddy-growing area and in
close proximity to the local grain market enabling easy paddy
procurement. The plant became operational in April 2013.

During FY14 (refers to the period April 1 to March 31), the
company reported a PBILDT of INR 1.46 crore and a PAT of INR0.08
crore on a total income of INR13.26 crore. Furthermore, the
company has reported a turnover of about INR3.98 crore during
Q1FY15.


ANG LIFE: CRISIL Reaffirms D Rating on INR73.5MM Term Loan
----------------------------------------------------------
CRISIL's rating on bank facilities of ANG Life Sciences (I) Pvt
Ltd continue to reflect instances of delay by ANG in repayment of
its term debt; the delays have been caused by the company's weak
liquidity.

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

   Letter of Credit          27.5       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        59         CRISIL D (Reaffirmed)
   Term Loan                 73.5       CRISIL D (Reaffirmed)

ANG also has a weak financial profile marked by high gearing, and
working capital intensive operations. However, the company
benefits from its promoter's extensive industry experience.

CRISIL had assigned its 'CRISIL D/ CRISIL D' to bank facilities of
ANG via its rating rationale released on September 12, 2014.

Incorporated in 2006, ANG manufactures dry powder injectibles. It
has a manufacturing plant at Baddi (Himachal Pradesh). Its
operations are currently being managed by Mr. Rajesh Gupta.


CHANDRAMMA EDUCATIONAL: CRISIL Rates INR150MM Overdraft Loan at C
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facilities of Chandramma Educational Society. The rating reflects
instances of delay by CES in servicing its term debt (not rated by
CRISIL); the delays have been caused by the society's weak
liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility      150        CRISIL C

The rating reflects CES's susceptibility to regulatory changes,
geographical concentration in its revenue profile, and exposure to
intense competition in the education sector. However, it partially
benefits from its established regional presence in the education
sector aided by its promoter's extensive industry experience, and
the healthy demand prospects for the education industry.

Established in 2001, CES operates various educational institutes
in Hyderabad. The society runs two medical colleges, two dental
colleges, two engineering colleges and one pharmacy college. The
society is promoted by Mr.Ch.Malla Reddy and his family.

CES reported on a provisional basis a surplus (excess of income
over expenditure) of INR63 million on net revenues of INR473
million for 2013-14 (refers to financial year, April 1 to March
31), against a deficit (excess of expenditure over income) of
INR15 million on net revenues of INR305 million for 2012-13.


CINEOLA DIGITAL: CRISIL Cuts Rating on INR50MM Cash Credit to B-
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Cineola Digital Cinema Pvt Ltd to 'CRISIL B-/Stable'
from 'CRISIL B/Stable'.

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

The downgrade reflects deterioration in Cineola's business risk
profile driven by lower-than-expected revenue of around INR4
million during 2013-14 (refers to financial year, April 1 to March
31) on account of low penetration into key markets. This is
expected to result in lower than expected cash accruals and
pressure on its liquidity over the medium term.

The rating reflects the nascent stage of Cineola's operations in
the intensely competitive digital cinema industry. This rating
weakness is partially offset by the funding support that Cineola
receives from its promoters.

Outlook: Stable

CRISIL believes that Cineola will continue to receive funding
support from its promoters. The outlook may be revised to
'Positive' if the company achieves significant increase in scale
of operations, resulting in improved cash accruals. Conversely,
the outlook may be revised to 'Negative' if the company records
low accruals or if its working capital management weakens,
impacting its liquidity.

Cineola was set up in 2009 and is engaged in digital cinema
exhibition. Its operations are managed by Mr. Antony John.


CUMBUM VALLEY: CRISIL Cuts Rating on INR100MM Term Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Cumbum Valley Winery Pvt Ltd to 'CRISIL D' from 'CRISIL
B/Stable'. The rating downgrade reflects instances of delay in
servicing of term debt by CVPL, driven by its weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            25        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Long Term Loan        100        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Proposed Long Term     40        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')

   Working Capital        35        CRISIL D (Downgraded from
   Demand Loan                      'CRISIL B/Stable')

CVPL has a below-average financial risk profile marked by a highly
leveraged capital structure, and small scale of operations in the
wine industry. However, the company benefits from its promoter's
extensive entrepreneurial experience.

CVPL, set up in 2009, manufactures red wine and fortified wine at
its winery in Cumbum (Tamil Nadu). Its day-to-day operations are
managed by its promoter, Mr. R Raghu.


DHARMANANDAN IMPEX: CARE Reaffirms B+/A4 Rating on INR14cr Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Dharmanandan Impex Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term/Short term           14        CARE B+/ CARE A4
   Bank Facilities                          Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Dharmanandan Impex
Private Limited (DIPL) continue to remain constrained on account
of thin profit margin which are susceptible to fluctuations in
agro commodity prices and foreign currency exchange rates, low
capitalization and working capital intensive operations resulting
in high leverage. The ratings also take into consideration the
decline in its cash accruals, deterioration in its debt coverage
indicators and solvency position during FY14 (refers to the period
April 1 to March 31) and its weak liquidity position. However, the
ratings continue to derive strength from the experience of the
promoters and also factor the increase in the total operating
income (TOI) during FY14.

The ability of DIPL to increase its scale of operations, improve
its profitability and capital structure while efficiently managing
its working capital will remain the key rating sensitivities.

DIPL was established in 2007 by Mr Vijay Patel and Mr Arvind Patel
for carrying out trading activities in agricultural produce such
as cloves, pigeon peas, peanuts and various pulses. DIPL is a
group company of Hiya Overseas Private Limited which is also
engaged in the trading of imported products in the domestic market
including Zircon and exports Indian made products like ceramics
tiles, cement, salt, and cotton etc.

During FY14, DIPL reported a PAT of INR0.16 crore on a TOI of
INR45.39 crore as against a PAT of INR0.32 crore on a TOI of
INR24.81 crore in FY13.


GOKUL STEELS: CRISIL Assigns 'B+' Rating to INR64.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Gokul Steels Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           42.4       CRISIL B+/Stable
   Term Loan             64.5       CRISIL B+/Stable

The rating reflects the initial stage and small scale of GSPL's
operations and exposure to risk related to fluctuation in iron and
steel prices. These rating weaknesses are partially offset by
GSPL's promoter's extensive experience in the iron and steel
industry.

Outlook: Stable

CRISIL believes that GSPL will benefit over the medium term from
its promoter's extensive experience in the iron and steel
industry. The outlook may be revised to 'Positive' if the company
successfully stabilises its operations as expected and generates
higher-than-expected cash accruals, or in case of better-than-
expected working capital management, leading to improvement in
GSPL's financial risk profile, particularly liquidity. Conversely,
the outlook may be revised to 'Negative' in case of lower-than-
expected accruals, or stretch in working capital management, or if
GSPL undertakes any significant debt-funded capital expenditure
programme, leading to deterioration in its overall financial risk
profile, particularly liquidity.

GSPL, promoted by the Bihar-based Mr. Vivek Kasera, recently set
up a steel structural rolling mill in Fatwa, Patna District. The
mill commenced operations in May 2014. The Kasera family does not
have any prior experience of operating a rolling mill. However,
the family has extensive experience of over two decades in trading
in iron and steel products.


ICORE-E-SERVICES: CRISIL Suspends C Rating on INR280MM Bank Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
ICore-E-Services Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            150       CRISIL C Suspended
   Proposed Long Term
   Bank Loan Facility     280       CRISIL C Suspended

   Proposed Term Loan     270       CRISIL C Suspended

The suspension of ratings is on account of non-cooperation by
ICESL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ICESLis yet to
provide adequate information to enable CRISIL to assess ICESL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in 2007, ICESL operates retail stores in Kolkata and
Barasat (both in West Bengal). The company also manufactures
mobile hand-sets and dental-care products. Its daily operations
are managed by Mr. Anukul Maiti and his wife, Mrs. Kanika Maiti.
The promoters have varied business interests in industries such as
iron and steel, cement, and others, which together with ICESL is
referred as the Icore group.


JEEVAN POLYMERS: CARE Assigns B+ Rating to INR41.99cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Jeevan Polymers Private Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    41.99       CARE B+ Assigned
   Short-term Bank Facilities    5.00       CARE A4 Assigned

Rating Rationale

The ratings are constrained by supplier concentration risk,
moderate profitability, aggressive debt funded capex undertaken
resulting in leveraged capital structure, seasonal nature of the
business and stretched working capital position with persistent
high utilization of fund based limits. The ratings are, however,
underpinned by the experienced promoter with established track
record of the company, increasing scale of operation and reputed
client and supplier base. The ability of the company to derive
benefit from the capex undertaken with an improvement in
profitability and capital structure and effective working capital
management are the key rating sensitivities.

Jeevan Polymers Private Ltd was incorporated in September 1999 at
Hyderabad, Telangana. Promoted by Mr Sanjay Dugar and family, JPPL
is engaged in the manufacturing of pet-preforms, bottles and
injection molded and blow molded plastic packaging materials at
its manufacturing units (four in Hyderabad and one in Haridwar)
with an aggregate installed capacity of 12,360 MT. JPPL caters to
the manufacturers engaged in mineral water, liquor, healthcare,
liquid chemicals, edible oils, confectionery, etc. JPPL has got
certifications like ISO 22000:2005 and ISO 9001:2008.

As per the provisional results for FY14 (refers to the period
April 01 to March 31), JPPL posted a PBILDT of INR16.62 crore
(FY13: INR12.29 crore) and a PAT (after deferred tax) of INR3.13
crore (FY13: INR2.90 crore) on a total operating income of
INR127.50 crore (FY13: INR108.59 crore).


KALVA ENGINEERS: CRISIL Suspends B+ Rating on INR20MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kalva
Engineers Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            20        CRISIL B+/Stable Suspended
   Letter of credit &     30        CRISIL A4 Suspended
   Bank Guarantee

The suspension of ratings is on account of non-cooperation by KEPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KEPL is yet to
provide adequate information to enable CRISIL to assess KEPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in 2000, KEPL provides turnkey services in the field
of NDT which include material, product and consultancy services.
The company is promoted by Mr. K.S.R.Chandra Murthy and Mrs.
Jayalakshmi.


KAMAKHYA STEELS: CRISIL Suspends B+ Rating on INR40MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kamakhya Steels Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B+/Stable
   Letter of Credit       30        CRISIL A4

The suspension of ratings is on account of non-cooperation by KSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KSPL is yet to
provide adequate information to enable CRISIL to assess KSPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

KSPL was set up in 1984 by Mr. Sanjay Swarup and his family
members. The company manufactures MS ingots at its facility in
Bijnor (Uttar Pradesh).


M. S. LABELS: CRISIL Assigns B+ Rating to INR52MM Bank Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of M. S. Labels.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              35        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     52        CRISIL B+/Stable
   Bank Guarantee          3        CRISIL A4
   Cash Credit            10        CRISIL B+/Stable

The ratings reflect MSL's small scale of operations in an
intensely competitive industry, and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of the firm's promoters in the label
manufacturing industry and its moderate financial risk profile
marked by healthy debt protection metrics.

Outlook: Stable

CRISIL believes that MSL's scale of operations will remain small
over the medium term. The outlook may be revised to 'Positive' if
the firm scales up its operations substantially, strengthening its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if MSL registers low cash accruals or if its working
capital management weakens or if it undertakes a large debt-funded
capital expenditure programme, weakening its financial risk
profile.

MSL, established in 2006 and based in Tirupur (Tamil Nadu),
manufactures labels.

For 2012-13 (refers to financial year, April 1 to March 31), MSL
reported a net profit of INR0.7 million on net sales of INR29
million, against a net profit of INR2 million on net sales of
INR24 million for 2011-12.


MAHABIR POLYFABS: CRISIL Suspends D Rating on INR88MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mahabir
Polyfabs Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            42        CRISIL D Suspended
   Term Loan              88        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by MPPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MPPL is yet to
provide adequate information to enable CRISIL to assess MPPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

MPPL (formerly, Kamakhaya Vinimay Pvt Ltd) was acquired by its
current promoter, Mr. Ram Dayal Maskara of Kolkata (West Bengal),
in March 2006. MPPL has set up a facility for manufacturing
polypropylene bags and leno bags at Burdwan (West Bengal); the
facility commenced commercial operations in November 2012.


MAHESHWARI MULTIPLE: CRISIL Reaffirms B+ Rating on INR80MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Maheshwari Multiple
Mills Pvt Ltd continue to reflect the company's weak financial
risk profile, marked by weak debt protection metrics and a small
net worth, and modest scale of operations in the intensively
competitive rice-processing industry. The ratings also factor in
the susceptibility of the company's operating margin to changes in
government regulations and to volatility in raw material prices.
These rating weaknesses are partially offset by the extensive
experience of MMMPL's promoters in the rice-milling business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          2        CRISIL A4 (Reaffirmed)
   Cash Credit            80        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         13        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     55        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MMMPL will continue to benefit over the
medium term from its promoters' experience in the rice industry.
The outlook may be revised to 'Positive' if the company
significantly improves its financial risk profile, most likely
driven by better-than-expected cash accruals or equity infusion
along with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' if its liquidity weakens
further because of lower-than-expected cash accruals, larger-than-
expected working capital requirements, or large, debt-funded
capital expenditure.

MMMPL, incorporated in 1998, undertakes processing of paddy into
non-basmati rice. It has capacity of 3.75 tonnes per hour (two
units) in Burdwan district (West Bengal) for processing parboiled
rice. The company's operations are managed by Mr. Anil Kumar De,
who has more than a decade of experience in rice milling, and his
son, Mr. Arijit De.


MARS PLYWOOD: CRISIL Assigns B+ Rating to INR85MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Mars Plywood Industries Pvt Ltd.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      17.5      CRISIL B+/Stable
   Bank Loan Facility
   Letter of Credit       310        CRISIL A4
   Bank Guarantee           7.5      CRISIL A4
   Cash Credit             85        CRISIL B+/Stable

The ratings reflect the extensive industry experience of the
promoter; along with the company's established brand and dealer
network; and above-average financial risk profile, marked by
healthy net worth, low gearing and robust debt protection metrics.
These rating strengths are partially offset by MPIL's exposure to
risks related to foreign exchange (forex) volatility, and
susceptibility to risks related to intense competition and adverse
impact of regulatory changes.

Outlook: Stable

CRISIL believes that MPIL will continue to benefit from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the company improves its financial risk
profile and liquidity through prudent management of its operating
cycle, and maintains its scale of operations and net cash
accruals. Conversely, the outlook may be revised to 'Negative' if
MPIL's capital structure and liquidity weaken because of its
stretched working capital cycle, or significantly low cash
accruals, or sizeable debt-funded capital expenditure (capex).

MPIL was established by Mr. Roshan Lal Agarwal in 2001. The
company has plywood manufacturing units in Kolkata (West Bengal)
and Mangalore (Kerala) with capacities of 20,000 square metres
(sqm) and 12,000 sqm, respectively. The company's main product is
premium grade plywood, sold under the Mars Ply brand.

MPIL reported, on a provisional basis, a profit after tax (PAT) of
INR23 million on an operating income of INR1.34 billion for 2013-
14 (refers to financial year, April 1 to March 31), vis-a-vis a
PAT of INR4.4 million on an operating income of INR1.23 billion
for 2012-13.


MC MEDICAL: CRISIL Assigns B Rating to INR80MM Cash Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the long-term
bank facilities of MC Medical Services Pvt Ltd.

                               Amount
   Facilities                (INR Mln)      Ratings
   ----------                 ---------     -------
   Working Capital Term Loan      10        CRISIL B/Stable
   Cash Credit                    10        CRISIL B/Stable
   Cash Term Loan                 80        CRISIL B/Stable

The ratings reflect MCMS's nascent stages of operations and it's
below average financial risk profile marked by weak capital
structure. These rating weaknesses are partially offset by the
extensive experience of MCMS's promoters in the healthcare
industry.

Outlook: Stable

CRISIL believes that MCMS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if MCMS reports significant
and sustained improvement in revenue and cash accruals, leading to
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of lower than expected cash
accruals, or stretch in its working capital cycle, weakening its
financial risk profile.

MCMS was incorporated in 2009 in Coimbatore (Tamil Nadu) by Dr. K
Chockalingam and Dr. K Madeswaran. The company is engaged in
purchase, installation and operation of medical equipments in
Kurinji Hospital, Coimbatore (Tamil Nadu).


MOHAN ROCKY: CRISIL Reaffirms B- Rating on INR90MM Overdraft Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mohan Rocky Springwater
Breweries Limited continue to reflect MRSBL's limited pricing
flexibility with its key customer Mohan Meakin Ltd impacting its
profitability, working capital intensive nature of its operations
and weak financial risk profile marked by a modest net worth, high
gearing, and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of MRSBL's
promoters in the liquor business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft Facility     90        CRISIL B-/Stable (Reaffirmed)

Update
MRSBPL is expected to report an operating income of around INR278
million for 2013-14 (refers to financial year, April 1 to March
31), which is lower than the previous year revenues of INR301
million in 2012-13. The lower operating income is primarily
because of the shutdown of the beer manufacturing unit of the
company due to ban on reuse of beer bottles.

MRSBPL's financial risk profile remains below-average marked by
high gearing 6.34 times as on March 31, 2014 and weak debt
protection metrics with interest coverage and net cash accruals to
total debt (NCATD) ratio of 1.47 times and 0.06 times respectively
during 2013-14. MRSBPL's liquidity remains stretched, marked by
fully utilized bank limits for the 12 months ended March 31, 2014.
However, its liquidity is supported by absence of any term debt
obligations and any large debt funded capex plans.

MRSBL reported a profit after tax (PAT) of INR1 million on net
sales of INR301 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a net loss of INR5 million on net
sales of INR287 million for 2011-12.

Outlook: Stable

CRISIL believes that MRSBL will benefit over the medium term,
backed by its promoter's extensive experience in the liquor
business. The outlook may be revised to 'Positive' if the company
reports a significant and sustainable improvement in its accruals
coupled with improvement in its capital structure. The outlook may
be revised to 'Negative' in case of further decline in revenues
and margins or lengthening of the working capital cycle affecting
the financial risk profile of the company.

MRSBL was incorporated in 1970 as a closely held public company
and is part of the Mohan Meakin Group which is into liquor and
food products business. MRSBL is engaged in manufacture of beer
and Indian made foreign liquor (IMFL). The day-to-day operations
of the company are handled by Mr. Vinay Mohan. The company has a
manufacturing facility at Khopoli (Maharashtra).


PARTH INDUSTRIES: CARE Rates INR5cr Bank Loan at 'B+/A4'
--------------------------------------------------------
CARE assigns 'CARE B+" AND 'CARE A4" ratings to the bank
facilities of Parth Industries.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term/short-term      5.00        CARE B+/CARE A4
   Bank Facilities                       Assigned

   Short-term Bank           1.00        CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Parth Industries
are primarily constrained by its small scale and short track
record of operations, declining profitability margins, working
capital intensive nature of operations and raw material price
fluctuation risk. The ratings are further constrained by the
presence of the firm in highly competitive & fragmented industry
and constitution of the entity being a proprietorship concern.
The ratings, however, derive support from the experienced
proprietor, moderate capital structure and coverage indicators.

Going forward, the ability of the firm to increase its scale of
operations while maintaining the profitability margins, managing
its working capital requirement efficiently while maintaining its
capital structure would be the key rating sensitivities.

Uttrakhand based Parth Industries, established in June 2010, by
Mr. Vikas Goel. The firm is engaged in manufacturing of electrical
products like ceiling fan, coolers, geysers and heaters with an
installed capacity of 10 lakh, 1 lakh, 1 lakh and 2 lakh pieces
per annum respectively as on March 31, 2014.

The manufacturing facility of PID is located in Roorkee. The main
raw materials used for manufacturing are aluminum sheet, iron
sheet and copper wire which are mainly procured domestically from
local agents. The firm manufactures the products as per customer"s
specifications under private label manufacturing. The firm sells
its products mainly in Uttar Pradesh, Maharashtra, Punjab, Madhya
Pradesh, Delhi, Haryana and Uttarakhand.

For FY13 (refers to the period April 1 to March 31), PID achieved
a total operating income of INR9.61 crore and PAT of INR0.56
crore. As per the provisional results for FY14, PID has achieved
total operating income of INR20 crore and PAT of INR1.02 crore.


RAJA FORGINGS: CRISIL Suspends D Rating on INR291.7MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Raja
Forgings and Gears Ltd.

                              Amount
   Facilities                (INR Mln)   Ratings
   ----------                ---------   -------
   Bank Guarantee                1.5     CRISIL D Suspended
   Cash Credit                 291.7     CRISIL D Suspended
   Funded Interest Term Loan   129.8     CRISIL D Suspended
   Working Capital Term Loan   122       CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by RFGL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RFGL is yet to
provide adequate information to enable CRISIL to assess RFGL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

RFGL was set up by Mr. S P Goyal in 1979 and is currently being
managed by his son, Mr. Sundeep Goyal. The company manufactures
transmission gears, shafts, wheels, and pinions for the automotive
industry. It has facilities in Baddi and Panchkula (both in
Himachal Pradesh) for manufacturing gears and forgings,
respectively. The company's revenues are derived mainly from the
replacement market, with the balance derived from original
equipment manufacturers. In January 2011, the promoters of Surya
Pharma Ltd acquired 51 per cent stake in RFGL by investing INR152
million in the company through Surya Softedge Ltd, an investment
company.


RAMVIJAY COTTON: CRISIL Reaffirms B+ Rating on INR90M Cash Credit
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Ramvijay Cotton Mills
Pvt Ltd (RCMPL) continues to reflect its below-average financial
risk profile marked by its small net worth and weak debt
protection metrics, small scale of operations driven by the
fragmented and intensely competitive cotton industry, and
susceptibility to risks related to adverse impact of changes in
the central government's policy on cotton. These rating weaknesses
are partially offset by the extensive industry experience of the
promoters.

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

Outlook: Stable

CRISIL believes that RCMPL will maintain its credit risk profile
over the medium term backed by the promoters' experience in the
industry. The outlook may be revised to 'Positive' if RCMPL's
scale of operation and profitability improves significantly and
its net worth improves backed by equity infusion by promoters or
sizeable cash accruals. Conversely, the outlook may be revised to
'Negative' if RCMPL's financial risk profile weakens because of
stretched working capital requirements and/or sizeable debt-funded
capital expenditure (capex).

Update
RCMPL on a provisional basis reported net sales of INR657.3
million in 2013-14 (refers to financial year, April 1 to March 31)
as compared to INR     602.9 million in the previous year;
witnessing year on year growth of 9 per cent. With sales of INR
218.4 million as of June 2014, CRISIL believes that RCMPL will
record moderate sales growth of 5 per cent, over the medium term.
The company's operating margin remained low at 0.8 per cent in
2013-14, as compared to 1.2 per cent in 2012-13, and is expected
to remain around 1 per cent, over the medium term. RCMPL's working
capital requirements cycle improved, as indicated by its gross
current assets (GCAs) of around 47 days as on March 31, 2014, vis-
a-vis 74 days a year ago, with reduced debtors and inventory.
Consequently RCMPL's gearing improved and was around 1.17 times as
on March 31, 2014, as compared to 2.77 times, in the previous
year. With no major debt funded capex plan over medium term,
gearing is expected to remain at similar level over medium term.
RCMPL utilised its bank limits at around 40 per cent for the 12
months through June 2014. The company generated cash accruals of
around INR2.3 million in 2013-14. Accruals generated in business
are expected to continue to support its incremental working
capital requirements over medium term.

RCMPL profit after tax (PAT) is estimated around INR0.5 million on
net sales of INR657.3 million in 2013-14, vis-a-vis PAT of INR0.6
million on net sales of INR602.9 million for 2012-13.

Incorporated in 2006-07 (refers to financial year, April 1 to
March 31) and promoted by Mr. Shaileshkumar Sangani, RCMPL
commenced production in 2008. The company is engaged in the
ginning and pressing of raw cotton (kapas) to manufacture cotton
bales. Additionally, RCMPL has a seed-crushing unit where cotton
oil is extracted from cotton seeds. The company sells cotton bales
to spinning mill owners and traders and cotton oil to oil dealers
in proximity to its plant.


RC GOYAL: CRISIL Reaffirms B+ Rating on INR120MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the bank facilities of RC Goyal Dall Udyog
Private Limited (GDU) continues to reflect GDU's average scale of
operations, low profitability, constrained financial flexibility
because of large working capital requirements, and its exposure to
intense competition in the pulses industry. These rating
weaknesses are partially offset by the company's established
clientele, its promoters' extensive industry experience, and the
financial support that it receives from them.

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

   Proposed Long Term      30       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that GDU will continue to benefit over the medium
term from its long track record of operations in the pulses
industry, its established customer base, and its enhanced
capacity. CRISIL, however, also believes that the firm's financial
risk profile will remain constrained over this period by a low
operating margin and high debt levels. The outlook may be revised
to 'Positive' if GDU's financial risk profile improves, most
likely because of increase in capital or improvement in its
operating margin. Conversely, the outlook may be revised to
'Negative' if the company's revenues and profitability decline, or
it contracts large incremental bank borrowings, for capital
expenditure or for meeting any significant increase in its working
capital requirements, resulting in deterioration in its financial
risk profile.

Update
The revenues of the company registered a 10 per cent year-on-year
growth to around INR 1.27 Billion in 2013-14 (refers to financial
year, April 1 to March 31); the revenue growth has been low due to
the muted demand in the market. The company's operating margins
has remained same at around 1.0 per cent due to fragmented nature
of the business.

The company's operations continue to require moderate working
capital support as reflected in its gross current asset (GCA) of
around 42 days as on March 31, 2014; the GCA days have been at
similar levels in the past. These GCA days emanates from the
company's inventory levels of around 20 days and receivables cycle
of 18 days. The company's average bank limit utilization have been
moderate at around 63 per cent, for the 12 months ended 31st March
2014

GDU's net worth is also estimated to remain low at around INR 28
million, as on March 31, 2014. The company has high debt levels
towards funding its working capital requirements; these coupled
with low net-worth levels has resulted in high gearing ratio of
around 3.23 times as on March 31, 2014.

GDU was originally set up in 1986 as a partnership firm, Goyal
Dall Udyog; this firm was recently, in April 2013, reconstituted
as a private limited company with the current name. GDU is engaged
in processing of pulses, mainly chana dal, with a processing
capacity 75 tonnes per day. In addition, the firm processes moong
dal and toor dal through group firm, Goyal Pulses, on a job work
basis.


SEWA HOTEL: CARE Cuts Rating on INR9.8cr LT Bank Loan to 'D'
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Sewa
Hotel and Resorts.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.80       CARE D Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of Sewa
Hotel and Resorts takes into account the ongoing delays in debt
servicing due to its stressed liquidity position.

Sewa Hotel and Resorts was established as a partnership firm in
1997 by Mr Dina Nath Verma and other family members. In July 2012,
Mr Dina Nath Verma retired from the partnership. The current
partners viz Mr Avtar Chand Verma, Mr Prem Paul Verma and Mr
Narinder Kumar Verma have profit sharing ratio of 40:30:30.

The firm is currently setting up a hotel in Pitampura (New Delhi)
under the name Sewa Hotel and Resorts. The proposed hotel is being
constructed on a land parcel of 3,250 square meters and will
comprise 72 rooms, two banquet halls, a bar and a lounge and a
restaurant and a coffee shop.


SIKKA AUTO: CRISIL Suspends B Rating on INR137.5MM Funding Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sikka
Automobile Pvt Ltd.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Inventory Funding       137.5       CRISIL B/Stable Suspended
   Facility

   Proposed Long Term       12.5       CRISIL B/Stable Suspended
   Bank Loan Facility

   Term Loan               100         CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by SAPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SAPL is yet to
provide adequate information to enable CRISIL to assess SAPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

SAPL was set up in 1997 by Mr. Harvinder Singh Sikka. It is an
authorised automobile dealer for HMIL. SAPL commenced operations
in March 2012.


SOUTHERN AGRO: CRISIL Suspends B+ Rating on INR120MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Southern Agro Engine Pvt Ltd (SAEPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         20        CRISIL A4 Suspended
   Cash Credit           120        CRISIL B+/Stable
   Letter of Credit      130        CRISIL A4
   Long Term Loan          6.1      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
SAEPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SAEPL is yet to
provide adequate information to enable CRISIL to assess SAEPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Established in 1996, SAEPL manufactures engines and farm
equipment. The day-to-day operations of the company are managed by
its managing director, Mr. Jayavijayan.



SRIVARI INDUSTRIES: CRISIL Suspends D Rating on INR55MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Srivari
Industries.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         6.5       CRISIL D Suspended
   Cash Credit           55         CRISIL D Suspended
   Long Term Loan        52.8       CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
Srivari with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Srivari is yet
to provide adequate information to enable CRISIL to assess
Srivari's ability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information. CRISIL considers information availability
risk as a key credit factor in its rating process and non-sharing
of information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Set up in 2006, Srivari has been manufacturing polypropylene bags
and plastic bottles. These bags are largely used in retail, fast
moving consumer goods and pharmaceutical sectors. The firm's
promoter Mr. K Rajendra Chetty has around 15 years of experience
in similar lines of business.


SUNSHINE TRADETOWER: CRISIL Suspends B Rating on INR600MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sunshine Tradetower Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term     600        CRISIL B/Stable Suspended
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by STPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, STPLis yet to
provide adequate information to enable CRISIL to assess STPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

STPL was formed in October 2011 as the special purpose vehicle of
Sunshine Infratech Pvt Ltd to undertake a residential project
called Sunshine Business Park. The project is located in Sector
94, Noida (Uttar Pradesh).


SWARNAA TECHNO: CRISIL Assigns D Rating to INR75MM Bank Guarantee
-----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Swarnaa Techno Constructions Pvt Ltd and has
assigned its 'CRISIL D/CRISIL D' ratings to the bank facilities of
STCPL. The ratings were previously 'Suspended' by CRISIL vide the
Rating Rationale dated October 30th 2013, since STCPL had not
provided necessary information required for a rating review. STCPL
has now shared the requisite information enabling CRISIL to assign
ratings to its bank facilities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         75        CRISIL D (Assigned;
                                    Suspension revoked)

   Cash Credit            25        CRISIL D (Assigned;
                                    Suspension revoked)

   Secured Overdraft      50        CRISIL D (Assigned;
   Facility                         Suspension revoked)

The ratings reflect instances of delays by STCPL in servicing its
debt; the delays have been caused by the company's weak liquidity
resulting from its depressed cash accruals being inadequate to
meet its term debt obligations.

STCPL also has a weak financial risk profile marked by its small
net worth, high gearing and below-average debt protection
measures. The company has modest scale of operations, large
working capital requirements, and high degree of geographic and
customer concentration in its revenue profile. However, STCPL
benefits from its promoters' extensive experience in the civil
construction industry.

STCPL was set up in 2008 by Mr. V S V Prasad. In 2009, STCPL took
over the business of a partnership firm, Swarnaa Construction,
which was also promoted by Mr. Prasad. STCPL undertakes civil
construction work and manufactures sleepers for the South-Western
Railways. The company is based in Hubli (Karnataka).


TATA CHEMICALS: Moody's Upgrades Corporate Family Rating to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of several Tata
Group companies to reflect Moody's expectation of parental and
systemic support in the case of need, which has been exhibited
both in the form of extraordinary financial support from Tata Sons
Ltd. (unrated), the ultimate parent, and ongoing support through
their close association with the Tata brand.

The ratings affected are as follows:

Tata Motors Limited (TML) -- Corporate family rating upgraded to
Ba2/Stable from Ba3/Stable.

Tata Chemicals Limited (TCL) -- Corporate family rating upgraded
to Ba1/Stable from Ba2/Stable.

Tata Steel Limited (TSL) -- Corporate family rating upgraded to
Ba2 from Ba3 and remains on review for upgrade.

Tata Steel UK Holdings (TSUKH) -- Corporate family rating upgraded
to B2 from B3, probability of default rating upgraded to B2-PD
from B3-PD and the ratings of its term loan and revolving credit
facilities upgraded to B2/LGD 3(49%) from B3/LGD 3(49%) with all
ratings remaining on review for upgrade.

The Tata Power Company Limited (TPL) -- Corporate family rating
upgraded to Ba3/Stable from B1/Negative, and senior unsecured
rating upgraded to Ba3/Stable from B2/Negative, thus no longer
notching for subordination.

Tata Consultancy Services (TCS) -- Local currency issuer rating
affirmed at A3/Stable.

The ratings of Jaguar Land Rover Automotive plc (JLR, Ba2/Stable)
and Tata Chemicals North America Inc. (TCNA, Ba3/Stable) have not
been affected by the rating actions.

Ratings Rationale

The multiple rating actions are based on the track record of Tata
Sons in providing timely support to its investee companies and
Moody's assessment of its ability to provide future support, and
on the need to protect the brand reputation of Tata from the
consequences of an entity's distress.

"In recent years, Moody's have seen Tata Sons inject money,
typically through equity rights issues, into its companies, to
fund their growth plans or to bolster any weak balance sheets",
says Alan Greene, a Moody's Vice President, Senior Credit Officer.

"As Tata's involvement in consumer facing businesses in India
increases, coupled with its growing international presence, the
Tata name, with more than 100 years of history, has become a
globally significant brand and is therefore critical to maintain
the Group's standing with customers, employees and investors
alike," says Greene who is Lead Analyst for all Tata companies,
with the exception of Tata Power.

Dividends paid by TCS, a 73.7%-owned subsidiary, are the
predominant source of funds for Tata Sons. In the 10 years since
its IPO, TCS has become India's largest business process
services/IT services outsourcing company and a leading, globally
competitive business. With a market capitalisation of $83 billion,
TCS is the largest listed company in India, and in theory offers
the parent additional options of selling down even small stakes to
support liquidity within the group. Tata Sons sold a small amount
of TCS shares in FY 2008 and FY2009 but has subsequently relied on
the dividend flexibility of TCS and its own borrowings to fund its
investment plans.

TCS presently generates cash from operations of over $2.7billion,
equivalent to over 20% of its revenues. With only small capex
needs and a strong focus on organic rather than acquisition-driven
growth, a substantial portion of the cash can be paid out as
dividends. The dividend payout ratio has been 40% in the 10 years
since its IPO.

In the three years to FY 2014, TCS has paid dividends worth $2.8
billion and has already paid a $1.3 billion special dividend in FY
2015.

Tata Sons is 66%-owned by philanthropic trusts created by
generations of the Tata family. Such shareholders are unlikely to
inject new equity into Tata Sons and so Moody's expects the
shareholders to be accommodative with respect to the cash needs of
Tata Sons and to support its plans for investment in Group
businesses.

"While Moody's believe that support from Tata Sons is ultimately
available to the operating companies, it is beholden on the
companies themselves to run sustainable balance sheets and contain
any losses", adds Greene.

Over the last three years while the four core rated Tata companies
together with Tata Communications Ltd. (unrated) and Tata
Teleservices Ltd. (unrated) have performed modestly against a
backdrop of slower economic growth in India and losses in certain
large overseas subsidiaries and domestic project vehicles, Tata
Sons has provided timely support and thus confidence to fellow
shareholders and lenders.

"With glimpses of recovery in some of the worst affected sectors
of the Indian economy, the bulk of Tata Sons' disbursals can now
be directed into the group's growth areas and not into resolving
old troubles", says Greene.

The principal methodology used in rating Tata Chemicals Limited
was Global Chemical Industry Rating Methodology published in
December 2013. The principal methodology used in rating Tata
Motors Limited was Global Automobile Manufacturer Industry
published in June 2011. The principal methodology used in rating
Tata Consultancy Serices Limited was Global Business & Consumer
Service Industry Rating Methodology published in October 2010. The
principal methodology used in rating Tata Steel Ltd. was Global
Steel Industry published in October 2012. The principal
methodology used in rating Tata Steel UK Holdings Limited was
Global Steel Industry published in October 2012. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009. The principal methodology used in rating
The Tata Power Company Limited was Regulated Electric and Gas
Utilities published in December 2013.


TREND SETTERS: CRISIL Suspends B- Rating on INR104.6MM Bank Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Trend Setters International.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            2.5     CRISIL A4 (Suspended)
   Bill Discounting         80.0     CRISIL A4 (Suspended)
   Export Packing Credit    50.0     CRISIL A4 (Suspended)
   Letter of Credit$        30.0     CRISIL A4 (Suspended)
   Proposed Long Term
   Bank Loan Facility      104.6     CRISIL B-/Stable (Suspended)
   Term Loan                19.2     CRISIL B-/Stable (Suspended)

The suspension of ratings is on account of non-cooperation by TSI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TSI is yet to
provide adequate information to enable CRISIL to assess TSI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Set up in 1981, TSI is a partnership firm, manufacturing and
exporting readymade garments for women and children. TSI's plant
in Manesar (Haryana) has the capacity to manufacture about 1.2
million pieces of garments per annum.


UCS MERCANTILE: CRISIL Suspends D Rating on INR55MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of UCS
Mercantile Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            55        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by UCS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, UCS is yet to
provide adequate information to enable CRISIL to assess UCS's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

UCS was reconstituted as a private limited company from a
proprietorship firm, with Mr. Prakash Bafna and his wife, Mrs.
Rina Bafna, as its directors. The company imports toys from China
and distributes mostly in markets in West Bengal.


VATSA AUTOMOBILES: CARE Reaffirms B+ Rating on INR18.02cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of Vatsa
Automobiles Pvt Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    18.02       CARE B+ Reaffirmed

Rating Rationale

The rating continues to remain constrained by lack of experience
of the promoters in the automobile dealership business, pricing
constraints and margin pressure arising out of competition from
the various auto dealers in the market. The rating is further
constrained by its linkage to the fortunes of Mahindra & Mahindra
Ltd (M&M), existence of contract renewal risk and working capital
intensive nature of the business.

The rating, however, derives strength from the benefits arising
out of owned premises, integrated nature of the business and sole
authorized dealership of M&M in Bhagalpur (Bihar) for the full
range of its products.

The ability of the company to improve the scale of operations,
profit margins along with effective management of the working
capital would be the key rating sensitivities.

Incorporated on April 10, 2012, Bhagalpur-based (Bihar) Vatsa
Automobiles Pvt Ltd (VAPL) was promoted by Mr Shailesh Singh with
his wife Mrs Kiran Singh and son Mr Chandra Prakash Singh. VAPL is
an authorized dealer of Mahindra & Mahindra Ltd (M&M) for its
commercial and passenger vehicle segment. It also offers spare
parts, accessories, lubricants & aftersales services (repair and
refurbishment) for its vehicle sold. The commercial operation of
VAPL was started since September 13, 2013. VAPL has one showroom
at Bhagalpur (Bihar) equipped with 3-S facilities (Sales, Service
and Spareparts) which covers Munger, Naogachia and Bhagalpur area
of Bihar.

During FY14 (refers to the period April 1 to March 31), VAPL had
reported a total operating income of INR36.27 crore and a PAT of
INR0.11 crore. Moreover, during 5MFY15 (refers to the period April
to August), the company has achieved net sales of INR15 crore.



VEEKAY GENERAL: CRISIL Suspends B Rating on INR50MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Veekay
General Industries.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        150        CRISIL A4 Suspended
   Cash Credit            50        CRISIL B/Stable Suspended
   Letter of Credit      200        CRISIL A4 Suspended

The suspension of ratings is on account of non-cooperation by VGI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VGI is yet to
provide adequate information to enable CRISIL to assess VGI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

Established in 1957 as a proprietorship firm by Mr. Gopichand
Mittal, a first-generation entrepreneur, VGI initially
manufactured different types of copper wires on a small scale. In
1970, it was reconstituted as a partnership firm and started
supplying copper wires and conductors to the Indian Railways.


VILAS JAVDEKAR: CARE Reaffirms B+ Rating on INR29.2cr NCD
---------------------------------------------------------
CARE reaffirms ratings to NCD of Vilas Javdekar Eco Shelters
Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Non-Convertible Debenture    29.20       CARE B+ Reaffirmed

Rating Rationale

The rating continues to factor in the sluggish operational
performance of Vilas Javdekar Eco Shelters Private Limited (VJES)
marked by very low physical progress achieved at its 'Wakad"
project as reflected in project cost incurred along with the
project not yet launched for sales as against scheduled launch in
FY14 (refers to the period April 1 to March 31). Furthermore, the
rating is constrained by pending approvals related to environment
clearance expected to be received by October 2014 having a major
bearing on project construction commencement and related sales,
competition from other projects in the vicinity and the cyclical
nature of the real estate industry.  The rating, however,
continues to derive strength from the experience of the promoters
and favourable location of the projects.

The ability of VJES to receive required approvals, commence
construction and complete the project without any cost overrun is
the key rating sensitivity.

VJES is a Pune-based company belonging to the Vilas Javdekar Group
and was formed in February 2013. VJES is promoted Mr Aditya
Javdekar in the strength of chairman and managing director. The
flagship entity of the group is Vilas Javdekar Eco Homes (VJEH;
rated 'CARE BB"). The group is currently engaged in the
construction and development of real estate projects (residential
and commercial) in Pune and Kolhapur areas in Maharashtra and also
undertakes construction of infrastructure facilities such as water
treatment plants, roads and highways. The group also provides
consultancy services to government bodies for real estate and
infrastructure development. The group has to its credit completion
of over 20 residential and commercial real estate projects (as on
July 31, 2014) with a total saleable area of more than 11 lakh
square feet (lsf). VJES has issued a non convertible debentures
(NCD) aggregating to INR29.20 crore, proceeds from which are
infused in projects been executed by VJES (Rs.19.20 crore) and in
VJEH (Rs.10 crore). NCD proceeds to the tune of INR19.20 crore are
allocated towards execution of the project in 'Wakad", being
executed by VJES. Furthermore, VJES has infused an interest-free
loan in VJEH aggregating to INR4 crore towards the 'Shivalaya"
project and INR6 crore towards the 'Yashwin" project.

VJES as on June 2014 has incurred INR8.04 crore (10.45% of the
total project cost) as compared to INR5.00 crore as on
June 30, 2013 in the Wakad project.


VINAYAK EXTRUSIONS: CRISIL Suspends D Rating on INR65MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vinayak
Extrusions Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            65        CRISIL D Suspended
   Letter of Credit       20        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by VEL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VEL is yet to
provide adequate information to enable CRISIL to assess VEL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

VEL was set up in 1993 by Mr. Shyam Sunder Mall and his son, Mr.
Sunil Kumar Mall. The company trades in polypropylene (PP)
granules.



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


SONY CORP: Mulls Smartphone Exit From China
-------------------------------------------
The Japan Times reports that Sony Corp. might sharply downsize its
smartphone operations in China because business is unlikely to
grow against competition from popular local rivals, company
sources said on September 18.

According to the report, sources said Sony, which on September 17
warned of a bigger loss than previously projected for fiscal 2014
ending March due to the flagging smartphone business, plans to
eventually pull out of the market in the world's second-largest
economy as part of turnaround measures it aims to compile by
around November.

The report says Sony is trying to install advanced audiovisual
features in its smartphones but faces tough competition in China,
where strong sales of the cheaper Xiaomi and Lenovo smartphones
are also posing a challenge to giant Samsung Electronics Co. of
South Korea.

Given the dominance of local manufacturers in China and their
attempts to bolster development of high-spec smartphones, the
Japanese giant has decided that it will be difficult to expand in
China even if it invests aggressively there, the sources, as cited
by The Japan Times, said.

The Japan Times relates that Consultancy Canalys said the Chinese
market accounted for 37 percent of global smartphone shipments, or
108.5 million units, from April to June. Sony was not in the top
10, says the report.

According to the report, sources said Sony intends to strengthen
its smartphone business in Japan and the United States, but
drastically review its strategy in Europe, where its sales are
poor.

On the Tokyo Stock Exchange on September 18, the bigger loss
estimate and its plan to skip dividends for the current business
year, announced the previous day, hit Sony shares hard, driving
them down JPY183.50, or 8.6 percent, to JPY1,940.00, The Japan
Times discloses.

It will be the first time Sony has skipped a dividend payment
since it listed on the Tokyo bourse in 1958, adds The Japan Times.

Based in Japan, Sony Corporation -- http://www.sony.net/--
engages in the operation of imaging products and solution (IP&S),
game, mobile products and communication (MP&C), home
entertainment and sound (HE&S), device, movie, music, financial
and other business.  The IP&S segment provides digital imaging
products and professional solutions.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 29, 2014, Moody's Japan K.K. has downgraded the Issuer
Rating and the long-term senior unsecured bond rating of Sony
Corporation to Ba1 from Baa3. The ratings outlook is stable.
At the same time, Moody's has downgraded the short-term rating of
its supported subsidiary, Sony Global Treasury Services Plc, to
Not Prime from Prime-3.



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


BELGRAVE FINANCE: Receivers Win NZ$8.6MM Claim v. Ex-Director
-------------------------------------------------------------
Victoria Young at NBR Online reports that receivers for Belgrave
Finance have won an NZ$8.6 million claim against a former director
and associated property developer, falling short of the NZ$15
million they had pursued.

In a judgment released September 19, Justice John Fogarty has
stopped short of awarding a further NZ$6.29 million in compound
interest. Instead the receivers will receive simple interest on
the NZ$8.6 million figure to be calculated from 2005.

Belgrave Finance was placed into receivership in May 2008, owing
1000 investors more than NZ$20 million. Investors have got back
17.4c in the dollar of their principal, according to the latest
receivers' report.

According to NBR Online, the lawyer for the receivers, Chapman
Tripp partner Michael Arthur, said Justice Fogarty indicated at
the hearing he would find in favour of the receivers in the claim
against director Shane Buckley and terminally ill developer
Raymond Schofield. Neither was represented at the trial.

The report relates that the judge found Mr Schofield had
dishonestly assisted the directors of Belgrave, and that Buckley
breached his duties to the firm.

"Buckley failed to exercise his management powers and carry out
his management duties in Belgrave's best interests. He was
disloyal to Belgrave in using his position to advance the
interests of Mr Schofield and the various entities associated with
him," the judgment, as cited by NBR Onlne, said.

Mr. Buckley pled guilty to 25 charges on May 25, 2012 and was
sentenced to three year's imprisonment in August that year.

Mr. Schofield was granted a conditional stay of the criminal
proceeding on the grounds that he has a terminal illness.

Based in Auckland, New Zealand, Belgrave Finance Limited --
http://www.belgrave.co.nz/-- was engaged in property development
financing.

Belgrave Finance was placed into receivership in May 2008, owing
an estimated 1,000 investors approximately NZ$22 million.  The
company's trustee, Covenant Trustee Company Limited, appointed
Grant Graham and Brendan Gibson from KordaMentha as receivers.
The company was liquidated in April 2010.


STRONGLINE BUILDINGS: Placed Into Liquidation
---------------------------------------------
Narelle Henson at Waikato Times reports that three weeks out from
completion, the build of Brother International's NZ$10 million
headquarters may have hit a hiccup.

Waikato Times says Brother International contracted Strongline
Construction BI202 Ltd to undertake construction of its almost
8000 square metre new head quarters at Tauranga's Tauriko Business
Estate last year.

However, sister company Strongline Buildings Ltd was placed into
liquidation on September 18, the report relates.

Michael Williams Keaney is the sole director and a shareholder of
both companies, Waikato Times discloses.

Waikato Times quotes BDO Tauranga liquidator Tom Rodewald as
saying that "we understand there's a reasonable amount of money
owed to the company and a reasonable amount of money owed by the
company."

He would not confirm who owed the company money, but said a
meeting had been set up today, September 22 with Mr. Keaney, the
report relays.

"There were two building contracts underway [and] we need to
resolve what if anything is owed under those contracts," the
report quotes Mr. Rodewald as saying.  "The company [also] used a
number of subcontractors and staff and we need to work out what
they are owed."

Some of those same sub-contractors are involved in the Brother
job, the report adds.



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


ALPHALAND CORP: Won't Contest PSE Decision to Delist
----------------------------------------------------
Jenniffer B. Austria at Manila Standard reports that Alphaland
Corp., the property developer controlled by former trade minister
Roberto Ongpin, agreed to hold a tender offer to acquire the
shares owned by minority shareholders, after it decided not to
contest the decision of the Philippine Stock Exchange to delist
the company.

Alphaland Development Inc., a wholly-owned subsidiary of
Alphaland, submitted a tender offer to acquire the shares owned by
minority shareholders, the report says.

"Yes. We won't, for the sake the minority shareholders," a company
source said, when asked if Alphaland would no longer seek
reconsideration on PSE's decision to delist the company, according
to the report.

Manila Standard recalls that the PSE has announced it was
delisting Alphaland for repeated failure to submit accurate and
timely disclosures of material information.  The tender offer is
required by the PSE in consideration of the minority shareholders
and for the maintenance of a fair and orderly market, the report
notes.

Alphaland was given only 60 days to complete the tender offer,
says Manila Standard.

Alpahaland, based on the tender offer plan, will acquire Alphaland
shares owned by the public at PHP9.03 per share, or 48.34 percent
than its last closing price of PHP17.48 on Jan. 20, 2014 before
the trading of the stock was suspended by the PSE, the report
discloses.

About 2.994 million Alphaland shares are owned by retail/non-
strategic shareholders.  Assuming all minority shareholders
tendered their shares, Alphaland would spend PHP27.04 million for
this transaction, Manila Standard says.

The tender offer commenced Sept. 17 and will end on Oct. 15.
Settlement date was set on Oct. 22, according to Manila Standard.

Manila Standard recalls that earlier this month, Mr. Ongpin said
Alphaland would exhaust all measures including appealing the
decision of the PSE to delist the company, first with the stock
exchange and then with the Securities and Exchange Commission

Mr. Ongpin, however, committed to complete all ongoing projects of
Alphaland and build new ones despite the PSE decision, the report
relays.

According to the report, Mr. Ongpin said the PSE decision would
also not affect the agreement between the Aland Singapore Group
and the RVO Group, which was signed on June 5, 2014.

Under the agreement, the Aland Singapore Group, in exchange for
certain assets of Alphaland, will deliver to Alphaland its entire
shareholdings in Alphaland and the sum of PHP2.5 billion in cash,
the report discloses.

Alphaland Corporation, together with its subsidiaries, is engaged
in the real property development activities.


RURAL BANK OF PADRE BURGOS: Placed Under PDIC Receivership
----------------------------------------------------------
The Monetary Board (MB) placed the Rural Bank of Padre Burgos
(Southern Leyte), Inc. under the receivership of the Philippine
Deposit Insurance Corporation (PDIC) by virtue of MB Resolution
No. 1392.A dated Sept. 12, 2014. As Receiver, PDIC took over the
bank on Sept. 15, 2014.

Rural Bank of Padre Burgos is a single-unit rural bank with Head
Office located in Poblacion, Padre Burgos, Southern Leyte. Latest
available records show that as of June 30, 2014, Rural Bank of
Padre Burgos had 6,120 accounts with total deposit liabilities of
PHP32.6 million. A total of 6,108 deposit accounts or 99.8% of the
accounts have balances of PHP500,000 or less and are fully covered
by deposit insurance. Estimated total insured deposits amounted to
PHP24.7 million or 75.8% of the total deposits.

PDIC said that upon takeover, all bank records shall be gathered,
verified and validated. The state deposit insurer assured
depositors that all valid deposits shall be paid up to the maximum
deposit insurance coverage of PHP500,000.00.

The PDIC also announced that it will conduct a Depositors-
Borrowers Forum on today, Sept. 22, 2014, 9:00 AM, at the Padre
Burgos Municipal Gym (located at the back of the bank premises),
in Poblacion, Padre Burgos, Southern Leyte, to inform depositors
of the requirements and procedures for filing deposit insurance
claims. Claim forms will be distributed during the Forum. The
claim forms and the requirements and procedures for filing are
likewise available for downloading from the PDIC website.

Depositors may update their addresses with the PDIC
representatives at the bank premises using the Mailing Address
Update Forms to be furnished by PDIC representatives. Duly
accomplished Mailing Address Update Forms should be submitted to
PDIC representatives accompanied by a photo-bearing ID with
signature of the depositor. Depositors may update their addresses
until Sept. 23, 2014.

Depositors with valid deposit accounts with balances of
PHP50,000.00 and below need not file deposit insurance claims. But
depositors who have outstanding obligations with Rural Bank of
Padre Burgos, including co-makers of the obligations, or have
incomplete and/or have not updated their addresses with the bank,
regardless of amount, should file deposit insurance claims.

For depositors who do not need to file deposit insurance claims,
PDIC will start sending payments by mail to their addresses based
on bank records by the 4th week of September.

For depositors who are required to file deposit insurance claims,
the PDIC will start claims settlement operations for these
accounts not later than the first week of October, 2014. The
schedule of the claims settlement operations will be announced
through notices to be posted in the bank premises and other public
places as well as through the PDIC website, www.pdic.gov.ph.

According to the latest Bank Information Sheet (BIS) as of
June 30, 2014 filed by the Rural Bank of Padre Burgos with the
PDIC, the bank is owned by Gaudencio R. Cabilao (11.08%), Sheila
C. Dequito (10.53%), Atty. Avenescio A. Piramide (10.37%), Neila
D. Palermo (8.79%), Albert G. Esclamado (8.61%), Titus Rodulfo D.
Palermo (6.23%), Mario F. Narit (4.87%), Felix P. Urag (4.63%),
Allan B. Cabilao (4.22%), Ma. Gina C. Doyon (4.22%), Nanolito S.
Roferos (2.91%), Nacianzeno S. Roferos, Jr. (2.91%), Domingo P.
Espina (2.44%), Gaudencio B. Cabilao, Jr. (2.11%) and Gerardo P.
Palermo, Jr. (2.0%). Its Chairman and President is Atty. Avenescio
A. Piramide.



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


KUMHO ASIANA: Creditors to Sell Stakes in Kumho Industrial
----------------------------------------------------------
Lee Hyo-sik at The Korea Times reports that the state-run Korea
Development Bank (KDB) and other creditors have decided to dispose
of their stakes in Kumho Industrial, the holding company of the
troubled Kumho Asiana Group, this year.

This is in line with Kumho Industrial's plan to graduate from a
five-year-long, creditor-led workout program by the end of 2014.
Kumho Asiana Group, led by Chairman Park Sam-koo, is widely
expected to purchase the firm's 57.6 percent stake held by
creditors, the report relates.

The Korea Times says creditors of Kumho Industrial held a meeting
on September 18 and decided to push ahead with the stake sale.
"The construction firm is scheduled to graduate from the workout
scheme before the year's end. Creditors would like to sell their
stakes before that happens," said an official at one of the
creditors, who declined to be named, the report relays.

Kumho Industrial and Kumho Tire have been under the corporate
restructuring programs since 2010, according to The Korea Times.
KDB and other banks that had extended credits to Kumho Asiana
Group units converted their debt into equity, the report notes.

The report says Kumho Industrial had to subject itself to the
workout scheme under snowballing debt amid the sluggish real
estate market following the 2008 global financial crisis. In
addition, the firm's takeover of Daewoo Engineering & Construction
(E&C) in 2006 and Korea Express in 2008 wreaked havoc on its
financial health.

Kumho Group has said it will buy the creditors' 57.6 percent stake
in its holding company, the report notes. "Creditors are required
to negotiate with us first over the planned stake sale. We will
definitely buy the shares, but nothing has been decided yet as to
how the funds will be raised."

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, The Korea Herald said Kumho Asiana Group has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July 2009 decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion.  The creditors
decided on Dec. 30, 2009, to put two other ailing units -- Kumho
Industrial Co. and Kumho Tire Co. -- under a debt rescheduling
program.  Meanwhile, the group's other two units -- Korea Kumho
Petrochemical Co. and Asiana Airlines Inc. -- will have to
improve their financial health through rigorous self-
restructuring efforts as earlier agreed with creditors.  Kumho
Asiana unveiled a restructuring plan on Jan. 5, 2011, that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap News Agency reported.

                        About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.



                             *********

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.


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

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

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

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

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



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