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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 29, 2014, Vol. 17, No. 192


                            Headlines


A U S T R A L I A

LACTANZ DAIRY: Up for Sale for the Second Time
RJS CONSTRUCTIONS: Placed in Administration
XTRACAN PTY: Hall Chadwick Appointed as Administrators

C H I N A

LDK SOLAR: Incurs $151.6-Mil. Loss for Six Months Ended June 30
MGM CHINA: Fitch Upgrades Issuer Default Ratings to 'B+'

I N D I A

AKULA BOARDS: CRISIL Reaffirms B- Rating on INR120MM Bank Loan
ALASKA FABTECH: CRISIL Cuts Rating on INR170MM Term Loan to 'D'
AQVAL CERAMIC: ICRA Reaffirms B+ Rating on INR3cr Cash Credit
AVANI TEXTILES: CRISIL Raises Rating on INR630MM Cash Loan to B-
BHARAT UDYOG: ICRA Suspends D Rating on INR85cr Bank Loans

BLUEFERN VENTURES: ICRA Reaffirms B- Rating on INR28.94cr Loan
CHHADDAMI LAL: ICRA Reaffirms 'B+' Rating on INR9.9cr Term Loan
DEVENDRAN PLASTIC: CRISIL Cuts Rating on INR35MM Cash Credit to B
DUGAR POLYMERS: ICRA Reaffirms B+ Rating on INR32.09cr FB Loan
DWARKADAS CHANDUMAL: CRISIL Suspends B Rating on IN80MM Cash Loan

FIRMA COTTON: ICRA Suspends B Rating on INR8.14cr Fund Based Loan
G R R INDUSTRIES: CRISIL Reaffirms B Rating on INR60MM Cash Loan
GRL OFF: ICRA Suspends B+ Rating on INR28.2cr Fund Based Loan
HANUMAN RICE: ICRA Reaffirms B Rating on INR7cr Fund Based Loan
HARI KRIPA: ICRA Reaffirms 'B' Rating on INR17.5cr Long Term Loan

KAILASHTARA REALTY: CRISIL Puts B Rating on INR50MM Cash Credit
M.D. COTTON: ICRA Assigns B+ Rating to INR6cr Cash Credit
MAHAMAYA CASTING: CRISIL Reaffirms B+ Rating on INR45MM Cash Loan
MADRAS RADIATORS: ICRA Reaffirms B Rating on INR30.46cr Term Loan
MORAKHIA METAL: ICRA Cuts Rating on INR40.5cr Cash Credit to 'D'

MULTIFILMS PLASTICS: CRISIL Puts B+ Rating on INR50MM Cash Credit
OCEANIC EDIBLES: CRISIL Suspends D Rating on INR1.21BB Cash Loan
OVERSEAS TRADERS: ICRA Reaffirms B+ Rating on INR14cr FB Facility
R.N. RICE: ICRA Reaffirms B- Rating on INR11cr Fund Based Limits
RELAN MOTORS: CRISIL Reaffirms B+ Rating on INR117.9MM Loan

SFPL CROP: ICRA Suspends 'D' Rating on INR4.50cr Capital Loan
SHANTAI EXIM: ICRA Reaffirms B+ Rating on INR7cr Fund Based Loan
SHREEJIKRUPA BUILDCON: ICRA Reaffirms D Rating on INR3.5cr Loan
SHRIE HARIVALLABI: ICRA Reaffirms B Rating on INR15cr Term Loan
SRI MANAKULA: CRISIL Suspends D Rating on INR1.60BB Term Loan

SUNSHINE INFRATECH: CRISIL Suspends B Rating on INR180M Bank Loan
SWISS BRAINSTORE: CRISIL Suspends B+ Rating on INR120MM Cash Loan
SWISS GARNIER: CRISIL Assigns B- Rating to INR150MM Term Loan
TEXIM INT'L: CRISIL Assigns 'B' Rating to INR55MM Bank Loan
TIRUSHIVAM REALTY: ICRA Assigns B+ Rating to INR9cr Term Loan

TRIVENI KNITS: CRISIL Reaffirms B+ Rating on INR145MM Cash Loan
UDIT CONTRACTORS: CRISIL Assigns B Rating to INR50MM Cash Loan
VARDA OVERSEAS: CRISIL Suspends B+ Rating on INR70MM Cash Credit
WALSON & CO: CRISIL Suspends B Rating on INR100MM Cash Credit
YESHASHVI STEELS: CRISIL Ups Rating on INR75.7MM Term Loan to B

I N D O N E S I A

BERAU COAL: S&P Lowers CCR to 'B' on Thin Prospective Cash Flows
KRAKATAU STEEL: To Cut 1,500 Outsource Jobs to Cut Costs

J A P A N

DAIEI INC: Aeon to Buy Remaining Shares in Supermarket Chain

N E W  Z E A L A N D

SEALORD GROUP: May Cut 97 Jobs at Nelson Wetfish Processing Plant

S O U T H  K O R E A

KUMHO ASIANA: Chairman Under Probe Over Alleged Embezzlement


                            - - - - -


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


LACTANZ DAIRY: Up for Sale for the Second Time
----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Lactanz Dairy is again
up for sale with investors from overseas being courted as possible
buyers.  The property in Scott River has been in receivership with
Ferrier Hodgson as receivers for the past twelve months, the report
says.

According to the report, the dairy is being offered as four different
farms or as a whole entity and receivers will accept expressions of
interest until October of this year. The 2208 hectare holding is
composed of 4 properties and over 4000 cow dairy herd, the report
notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 14, 2013, citing The West Australian, Lactanz Dairy had debts of
more than AUD21 million when it collapsed, despite churning out more
than 15 million litres of milk a year.  The West Australian, citing
documents filed by receiver Ferrier Hodgson, said Rabobank is owed
about AUD19 million, processor Brownes AUD1.5 million, and unsecured
creditors about AUD900,000.

Lactanz Dairy, Western Australia's largest dairy farming
conglomerate, went into receivership late in June 2013. Farm
Weekly said that embattled owners of the company failed to sell the
property and after its removal from the market in May 2013.  Ferrier
Hodgson was appointed receivers as of June 5, 2013.

Lactanz Dairy is the single largest supplier to Brownes and
comprises four Scott River properties and a milking herd of 4,000.


RJS CONSTRUCTIONS: Placed in Administration
-------------------------------------------
Christopher John Palmer of O'Brien Palmer -- cpalmer@obp.com.au
-- was appointed as administrator of RJS Constructions Pty Limited on
Sept. 22, 2014.

A first meeting of the creditors of the Company will be held on
Oct. 2, 2014, at 11:30 a.m., at O'Brien Palmer, Level 14, 9 Hunter
Street, in Sydney.


XTRACAN PTY: Hall Chadwick Appointed as Administrators
------------------------------------------------------
Shahin Hussain and David Ingram of Hall Chadwick were appointed as
administrators of Xtracan Pty Limited on Sept. 23, 2014.

A first meeting of the creditors of the Company will be held on Oct.
3, 2014, at 10:30 a.m., at Hall Chadwick, Level 12, 144 Edward Street,
in Brisbane, Queensland.

A spokesperson for Hall Chadwick told SmartCompany that Xtracan is no
longer trading and the administrators are in the process of
investigating the company's accounts.

SmartCompany, further citing the spokesperson, relates that Xtracan
was incorporated in April 2013, although it is unclear if the company
commenced trading at the time of incorporation.

The majority of the company's employees were contractors and the
spokesperson said the director of the company called in administrators
as a result of a "bad debt," according to SmartCompany.

"We're investigating that and part of our role will be reporting and
advising on the potential reasons for the administration," the
spokesperson told SmartCompany.

Xtracan specialises in drilling, blasting and geotechnical services in
the quarry mining and civil constructions sectors.



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


LDK SOLAR: Incurs $151.6-Mil. Loss for Six Months Ended June 30
---------------------------------------------------------------
LDK Solar CO., Ltd., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 6-K, disclosing a net loss of
$151.6 million on $297.3 million of net sales for the six months ended
June 30, 2014, compared to a net loss of $299.41 million on $219.05
million of net sales for the same period in 2013.

The Company's balance sheet at June 30, 2014, showed $3.3 billion in
total assets, $5.23 billion in total liabilities and total
stockholders' deficit of $1.92 billion.

The Company had a working capital deficit and negative equity and
incurred net loss over the past years due to the overall market
decline and its financial performance.  Due to the impending maturity
of its Renminbi-denominated US$-settled 10% Senior Notes due 28
February 2014, with an aggregate principal amount of RMB 1.63 billion,
the Company decided to file the appointment of provisional liquidators
in the Grand Court of Cayman Islands on 21 February 2014.  Eleanor
Fisher and Tammy Fu of Zolfo Cooper (Cayman) Limited were appointed as
joint provisional liquidators of the Company on 27 February 2014.
These factors raise substantial doubt as to our ability to continue as
a going concern, according to the regulatory filing.

A copy of the Form 6-K is available at:

                       http://is.gd/7KPRhG

                         About LDK Solar

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

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


MGM CHINA: Fitch Upgrades Issuer Default Ratings to 'B+'
--------------------------------------------------------
Fitch Ratings has upgraded MGM Resorts International's (MGM) and MGM
China Holdings Ltd's (MGM China) IDRs to 'B+' from 'B' and 'BB' from
'BB-', respectively. Fitch has also upgraded MGM's senior secured
credit facility to 'BB+/RR1' from 'BB/RR1', MGM's senior unsecured
notes to 'BB/RR2' from 'B+/RR3' and MGM China's senior secured credit
facility to 'BBB-' from 'BB+'.  The Rating Outlook remains Positive.

MGM China's IDR continues to be notches up off MGM's IDR. MGM China's
stand-alone credit profile is borderline investment grade; however,
Fitch links MGM China's to MGM's IDR since the weaker MGM controls MGM
China through its 51% stake. The notching reflects the restricted
payment covenants at MGM China, which restrict distributions if
leverage at MGM China is greater than 3.5x.

Key Rating Drivers

Fitch's upgrade of MGM's IDR to 'B+' and the Positive Outlook reflect
the company's strong performance on the Las Vegas Strip and in Macau
as well as Fitch's longer-term positive outlooks for these markets.
The rating actions take into account MGM's improving FCF profile
bolstered by the company's declining interest expense and
distributions from MGM China. The increased probability that MGM's
$1.45 billion of 4.25% convertible notes will convert by April 2015
and the growing equity value of MGM's stake in CityCenter are also
positively factored into the IDR.

These considerations plus MGM's $3.6 billion in available liquidity
and demonstrated access to capital markets largely offset Fitch's
concerns related to MGM near-term liquidity needs. MGM has a $5
billion development pipeline and $2.4 billion of maturities coming due
through 2016 (excluding the convertible notes). Fitch estimates that
MGM will need to access additional $1 billion to $1.5 billion in
capital to meet its funding needs through 2016.

MGM's consolidated leverage adjusted for income attributable to
minority interest has improved to manageable 6.7x for LTM period
ending June 30, 2014 versus 7.4x and 8.1x for same periods in 2013 and
2012, respectively. The improvement is driven by EBITDA growth on the
Las Vegas Strip (10% compounded annual growth rate since the 2012 LTM
period) and in Macau (15% growth rate). Debt also declined to $12.9
billion as of June 30, 2014 from $13.9 billion two years ago with MGM
using its domestic FCF and MGM China dividends to paydown debt.

Fitch projects MGM's leverage to continue to decline even as the
company funds its $5 billion development pipeline including $2 billion
in U.S. In Fitch's base case projection U.S. debt declines by $1.1
billion from June 30, 2014 through 2016. This incorporates $1.6
billion of cumulative FCF including Macau dividends and the conversion
of $1.45 billion in notes to equity (about an 18% cushion in stock
price relative to the conversion price). Consolidated leverage
adjusted for minority interest income improves to 5x by year-end 2016,
which is consistent with the lower-end of the 'BB' category given
MGM's segment exposure.

In Fitch's projections growth on the Las Vegas Strip offsets the
recent softness in Macau until 2016 when MGM's projects start to come
online. Fitch's 2016 EBITDA forecast includes half a year of MGM Cotai
($660 million full year EBITDA estimated). Fitch estimates EBITDA for
MGM National Harbor and MGM Springfield at roughly $240 million and
$120 million, respectively. In 2017, the first full year of the
projects being open, leverage could potentially decline to below 4x if
the company remains committed to debt reduction.

Macau revenue trends have been under pressure over the past several
months due the weakness in the VIP segment. Fitch believes the
downturn is mainly driven by the corruption crackdown in China and
expects the segment to stabilize by late 2014 or early 2015. The mass
market, which accounted for 77% of MGM Macau's EBITDA in the
second-quarter 2014, continues to grow and will be a stabilizing
factor for MGM China's EBITDA in the interim.

Las Vegas Outlook

Fitch remains positive on the Las Vegas Strip outlook, especially
relative to other U.S. markets. Fitch projects that the market will
manage midsingle-digit RevPAR and low single-digit gaming revenue and
visitation growth over the next two to three years. Visitation and
RevPAR in 2015 will face a difficult comparison as CONEXPO-CON/AGG
convention cycles out of Las Vegas (nearly 130,000 attendees in 2014).
However, MGM sounded optimistic on convention trends on their
second-quarter 2014 conference call, citing that convention bookings
for 2015 are up by double digits with improved rates.

Year-to-date through July 31, 2014, Strip-wide RevPAR is up 10% yoy,
with 7% coming from rate increases. MGM's RevPAR growth is on par with
the market growing 14% in first-quarter 2014 and 6% in the second
quarter. The company's guidance for the third-quarter 2014 RevPAR
growth is 5%. MGM's built-out convention space at Mandalay Bay will
further increase its already-sizable exposure to convention business.

Macau Outlook

Fitch's 4% revenue growth for 2014 forecast incorporates the balance
of the year's growth for mass, VIP and slots of +15%, - 15% and +5%,
respectively. This equates to 3.5% monthly declines for the remainder
of the year, which is consistent with the past two reported months.
Fitch's assumptions take into account the smoking ban on the
mass-market floors going into effect next month, lack of new supply
and tough 2013 comparisons for the balance of the year (mass and VIP
were up 44% and 18%, respectively, in fourth-quarter 2013).

The VIP segment has been pressured recently by tightening of junket
credit and the corruption crackdown on the mainland. Fitch believes
these pressures are temporary and expects VIP to turn back positive by
early 2015 as year-over-year comparisons get easier and the
aforementioned pressures subside, although the exact timing is hard to
estimate. Fitch points to the weak temporary VIP trends in 2012, a
year that coincided with the transition of power to Xi Jinping from Hu
Jintao.

Fitch remains positive on the mass market side and expects monthly
year-over-year revenue increases in the 10% - 20% range in this
segment through first-half 2015, until Melco Crown and Galaxy complete
their respective Cotai projects midyear. At that point Fitch expects
acceleration in mass growth, which will largely depend on the number
of table games these projects are allocated and ability to hire and
train adequate number of dealers.

Citycenter a Positive Rating Driver

Fitch views MGM's 50% stake in CityCenter as a credit positive for MGM
as the JV is in position to start distributing cash. Fitch estimates
run-rate annual discretionary FCF for CityCenter at approximately $217
million. The run-rate FCF incorporates $331 million of LTM EBITDA from
resort operations for period ending June 30, 2014, $64 million of
interest expense and $50 million of maintenance capex assumed.

Since refinancing its notes in October 2013 with the existing term
loan B, CityCenter has been using cash flow to paydown debt. Leverage
as of June 30, 2014 is 4.7x, which is low relative to the enterprise
value. Assuming a 10x - 12x EV/EBITDA range (Cosmopolitan recently
sold for 15x) the EV is $3.3 billion - $4.0 billion. Possible options
to monetize MGM's equity in CityCenter include selling its stake to
the other 50% owner (Infinity World) or paying special dividends after
a recapitalization.

The stated options, assuming the recapitalization raises leverage to
7x, could yield MGM about $450 million- $1.2 billion. However, access
to this contingent liquidity hinges on cooperation from Infinity
World, which is entitled to the first $494 million of distributions
made by CityCenter per the JV agreement. MGM is entitled to the next
$494 million and then the distributions are made pro rata.

MGM remains liable for the CityCenter completion guarantee. MGM
estimates the remaining liability including the Perini related
litigation expenses at $128 million. This is net of $72 million of
restricted cash CityCenter has to offset the liability.

Development Pipeline

MGM's $5 billion project pipeline is among the largest in the gaming
industry. The $2.9 billion project in Macau is fully funded between
cash on hand, projected FCF and $1.45 billion available on the
revolver in Macau. In the U.S., MGM has not specified how it plans to
fund the domestic projects but did indicate that it may prefer using
its $1.2 billion revolver. MGM can also use unsecured notes to fund
its domestic projects as the credit agreement permits $1 billion of
additional unsecured borrowings.

Fitch would view project financing for the U.S. projects more
favorably relative to the company using its corporate credit as this
would reduce the liquidity risk at the corporate parent level.
Longer-term the projects, particularly the one in Maryland, would
enhance MGM's credit profile by diversifying the company away from the
Las Vegas Strip. MGM started construction on the Maryland project this
past summer and the Springfield project is pending the results of a
referendum set for this November in Massachusetts. The referendum is
an attempt by anti-gaming groups to repeal the state's gaming law.

Fitch views the Maryland project favorably from a return on investment
(ROI) point of view, even after accounting for the increased $1.2
billion budget. Fitch estimates 14% - 20% ROI in Maryland. The high
ROI reflects MGM's position as the closest casino to the D.C. area
including the affluent Washington D.C. suburbs in Virginia. Fitch is
less optimistic on the Springfield proposal considering the licensing
and host community fees as well as a less attractive supply/demand
dynamic. However, Fitch still estimates 9% - 15% ROI for the
Massachusetts project, which is an acceptable ROI for a domestic
gaming investment relative to the recent comparison set.

The company will also likely bid on a license in Japan if that
jurisdiction passes an integrated resort bill. However, even if the
bill passes in 2014, license bid winners may not be known until 2015
or 2016 and heavy funding needs would not start until the existing
development pipeline is complete. MGM is not bidding for a license in
New York.

Issue Specific Ratings

The two notch upgrade of MGM's unsecured notes to 'BB/RR2' from
'B+/RR3' incorporates a change in EV/EBITDA multiples used by Fitch
for MGM's Las Vegas assets. The multiples were revised to 8x - 9x
range from 7x - 9x, which pushed the estimated recovery for the
unsecured notes to 71%-90% range. The updated multiples better
reflects the Las Vegas Strip trading multiples with the Cosmopolitan
Las Vegas recently selling for about 15x EV/EBITDA and Treasure Island
selling for 9x during the trough of the recession. The multiples
remain conservative to account for uncertainty over the timing of a
potential default.

The 'BBB-' rating on MGM China's credit facility recognizes the
overcollateralization of the credit facility as MGM China is about
2.5x leveraged through the credit facility assuming a full draw on the
revolver and there are no meaningful lien carveouts.

Rating Sensitivities

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

-- Consolidated leverage adjusted for minority interest income
   approaching 5x (FY15: 6.4x and FY16: 5.0x);
-- Domestic discretionary FCF after MGM China dividends being
   above 5% of domestic debt (FY15: 6% and FY16: 8%);
-- Reversal of negative revenue trends in Macau and continuation
   in positive or stable trends on the Las Vegas Strip.
-- Continued commitment to improving balance sheet.

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

-- Consolidated leverage adjusted for minority interest income
   increasing above 7x for an extended period of time (8x through
   the development cycle) (FY15: 6.4x and FY16: 5.0x);
-- Domestic discretionary FCF after MGM China dividends declining
   below 2% of domestic debt (FY15: 6% and FY16: 8%);
-- Extended operating pressure in Macau and/or sharp reversal of
   improving trends on the Las Vegas Strip; and/or
-- Greater uncertainty with respect to MGM's ability to refinance
   near-term maturities.

Fitch upgrades the following ratings:

MGM Resorts International
-- IDR to 'B+' from 'B'; Outlook Positive
-- Senior secured credit facility to 'BB+/RR1' from 'BB/RR1';
-- Senior unsecured notes to 'BB/RR2' from 'B+/RR3;
-- Convertible senior notes due 2015 to 'BB/RR2' from 'B+/RR3.

MGM China Holdings, Ltd and MGM Grand Paradise S. A. (co-borrowers)

-- IDRs to 'BB' from 'BB-'; Outlook Positive;
-- Senior secured credit facility to 'BBB-' from 'BB+' (includes
   $1.45 billion revolver and $550 million term loan).



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I N D I A
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AKULA BOARDS: CRISIL Reaffirms B- Rating on INR120MM Bank Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Akula Boards Ltd continue
to reflect Akula's weak financial risk profile marked by small net
worth, high gearing, and below-average debt protection metrics on
account of working-capital-intensive operations, and its modest scale
of operations in the competitive paper manufacturing industry. These
rating weaknesses are partially offset by the extensive industry
experience of Akula's promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            80        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       30        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    120        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Akula will maintain its business risk profile
over the medium term backed by its promoters' extensive industry
experience. The outlook may be revised to 'Positive' in case of
significant increase in Akula's revenue and profitability leading to
substantial cash accruals and improvement in liquidity. Conversely,
the outlook may be revised to 'Negative' if the company reports low
revenue and profitability, or undertakes any large debt-funded capital
expenditure programme, weakening its financial risk profile.

Update

Akula's business risk profile has improved moderately because of
ramp-up in operations in 2013-14 on account of increased capacity
utilisation driven by improvement in power supply situation in Andhra
Pradesh. However, Akula's business risk profile remains constrained by
small scale of operations in the highly fragmented and intensely
competitive paper industry. The company's operating margin is
susceptible to volatility in raw material prices and to rising power
and fuel costs.

Akula has large working capital requirements because of large
inventory, which is funded mainly through bank lines and by stretching
creditors. CRISIL believes that Akula's operations will remain working
capital intensive because of expected ramp-up in operations. The
company's financial risk profile remains constrained by small net
worth, moderate capital structure, and below-average debt protection
metrics. Also the company has weak liquidity with high bank limit
utilisation and low accretion to reserves. CRISIL believes that
Akula's financial flexibility will remain constrained over the medium
term because of highly utilised bank limits and large incremental
working capital requirements.

Akula was promoted by Mr. A G V V N Satyanarayana and his family and
commenced operations in 2008; it manufactures writing and printing
paper along with newsprint paper.

For 2013-14 (refers to financial year, April 1 to March 31), Akula
reported a profit after tax (PAT) of INR6.5 million on net sales of
INR344 million on a provisional basis, against a PAT of INR1.7 million
on net sales of INR269 million for 2012-13.


ALASKA FABTECH: CRISIL Cuts Rating on INR170MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities of
Alaska Fabtech Pvt Ltd to 'CRISIL D' from 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           72.5        CRISIL D (Downgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term     7.5        CRISIL D (Downgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan            170.0        CRISIL D (Downgraded
                                     from 'CRISIL B-/Stable')

The rating downgrade reflects the delay by AFPL in servicing its term
loans; the delay was caused by the company's weak liquidity, driven by
low cash accruals and delay in receiving funding support from its
promoters. Its cash accruals remain low, despite growing revenues,
owing to a decline in it operating margin. AFPL's revenue is estimated
at INR496 million for 2013-14 (refers to financial year, April 1 to
March 31), as against INR233 million reported for 2012-13. Its
operating margin declined to an estimated 7.8 per cent in 2013-14 from
10.6 per cent in the previous year because of intense competition in
the textile industry. Consequently, its cash accruals remain low,
estimated at INR13.7 million for 2014-15; this will be insufficient to
meet its term loan repayment obligations of INR27 million maturing
during the year. The funding support from promoters was also not
sufficient and timely to meet the term loan obligations.

AFPL also has a small scale of operations in the highly fragmented
textile industry, and a weak financial risk profile, marked by high
gearing and low accruals. However, the company benefits from the
extensive industry experience of its promoters.

AFPL, based in Derabassi (Punjab), manufactures terry towels, bath
robes, hooded towels, and children's bibs. It was incorporated in 2011
to take over SR Industries Ltd (SRIL). In April 2012, after all the
legal formalities were completed, the new management took over SRIL
and renamed it AFPL. The company's day-to-day operations are managed
by Mr. Shankar Bansal.

AFPL, on a provisional basis, reported a profit after tax (PAT) of
INR2.06 million on net sales of INR496.1 million for 2013-14; it had
reported a PAT of INR0.9 million on net sales of INR233 million for
2012-13.


AQVAL CERAMIC: ICRA Reaffirms B+ Rating on INR3cr Cash Credit
-------------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed to the INR3.00 crore fund
based cash credit facility and the INR1.89 crore (reduced from INR2.52
crore) term loan facility of Aqval Ceramic. The rating of [ICRA]A4 has
also been reaffirmed to the INR1.00 crore short term non fund based
facilities of AC.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           3.00       [ICRA]B+ reaffirmed
   Term Loans            1.89       [ICRA]B+ reaffirmed
   Bank Guarantee        1.00       [ICRA]A4 reaffirmed

The ratings continue to remain constrained by AC's small size of
operation along with de-growth in OI during FY 14 and weak financial
profile as reflected by low profitability, high gearing levels and
modest coverage indicators. The ratings also take into account its
limited product profile amidst high competitive intensity given the
fragmented structure of the tiles industry which is expected to result
in inability of the firm to entirely pass on the increase in fuel
expenses. The ratings also take into consideration the vulnerability
of profitability and cash flows of the firm to the cyclicality
inherent in the real estate industry which is the main consuming
sector.

The ratings, however, favorably consider the experience of the key
promoters in the ceramic industry and the location advantage enjoyed
by AC with its plant located in Morbi giving it easy access to raw
materials.

Aqval Ceramic is a wall tiles manufacturer with its plant situated at
Morbi, Gujarat. The firm was established in August 2009, while the
firm commenced its operations in July 2010. AC is managed by Mr.
Deepak Kanjiya and other partners. The plant has an installed capacity
to produce 21060 MTPA of wall tiles. AC currently manufactures wall
tiles of size 8" X 18", 12" X 12" and 12"X 18 and"24 X 12 with the
current set of machineries at its production facilities. The firm has
also installed digital printing machine in June 2012 to produce
digital printed ceramic wall tiles which is expected to support
revenue growth in near future.

Recent Results

For the year ended 31st March, 2014, AC reported an operating income
of INR17.37 crore and profit after tax of INR0.16 crore.


AVANI TEXTILES: CRISIL Raises Rating on INR630MM Cash Loan to B-
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Avani Textiles Ltd to 'CRISIL B-/Stable' from 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            630       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Long Term      64.4     CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

The rating upgrade reflects timely debt servicing by ATL over the past
four months, supported by an improvement in its liquidity. Although
ATL's cash accruals were tightly matched against repayment
obligations, the debt repayments were met on time due to unsecured
loans of around INR100 million in 2013-14 (refers to financial year,
April 1 to March 31),extended by promoters and affiliates; unsecured
loans as on March 31, 2014, were INR337.6 million. The company's net
cash accruals are expected to tightly match debt repayments in the
near term; hence, timely funding support from promoters will remain a
key rating sensitivity factor over the medium term. ATL's revenue has
remained stable: its operating income increased to INR2985.4 million
in 2013-14 from INR2946.4 million in 2012-13.

The rating reflects ATL's moderate scale of operations and healthy
growth prospects in the textile industry. These rating strengths are
partially offset by ATL's weak financial risk profile, working capital
intensive nature of operations and limited track record of ATL in
fragmented and highly competitive cotton yarn industry.

Outlook: Stable

CRISIL believes that ATL's liquidity will remain constrained over the
medium term by large debt repayment obligations and working capital
requirements, despite ramp-up in revenue and cash accruals. The
outlook may be revised to 'Positive' if profitability improves
substantially, resulting in better-than-expected cash accruals for
ATL. Conversely, the outlook may be revised to 'Negative' if the
company's liquidity deteriorates on account of reduced cash accruals
and large working capital requirements, or if ATL undertakes large
debt-funded capital expenditure programme.

ATL was incorporated in 2006 to manufacture cotton yarn with multiple
units for ginning and spinning and is located in Sangrur (Punjab). The
company was set up under the mega project unit under the industrial
policy of the Government of Punjab.


BHARAT UDYOG: ICRA Suspends D Rating on INR85cr Bank Loans
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D and the short term
rating of [ICRA]D assigned to the INR85.0 crore bank facilities of
Bharat Udyog Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite information
from the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, Fund       13.0        [ICRA]D Suspended
   Based Limits

   Long-term, Non        42.0        [ICRA]D Suspended
   Fund Based Limits

   Short-term, Non       30.0        [ICRA]D Suspended
   fund Based Limits

Bharat Udyog Limited, set up in 1993, is an infrastructure development
company. The Company's core area of operations is infrastructure
development in the field of roads and construction (EPC and BOT
projects), and processing and trading of Bitumen. The company is also
engaged in toll collection, sand quarrying on a contract basis and has
also executed one commercial mall development project in Kolhapur on
BOT basis.

BUL is promoted by Mr. Srichand Kukreja who started construction
business with Jaihind Construction Company in 1980 for executing
construction activities of smaller ticket size as a sub contractor. He
set up Jaihind Contractors Private Limited in 1988 and Swaraj Erectors
Private Limited in 1993 to execute infrastructure projects. BUL was
incorporated in 1993 by merging JCPL and SEPL. It was then known as
Bharat Monetary Services Private Limited and was intended to act as an
NBFC for group companies. The name was changed to BUL in 2001 and in
2002 all the group companies were consolidated under BUL. All
construction activities are hence conducted under BUL. Mr. Srichand
Kukreja currently acts as the Chairman and Managing Director of BUL
and the company continues to remain closely held.


BLUEFERN VENTURES: ICRA Reaffirms B- Rating on INR28.94cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the [ICRA]B- rating assigned to the INR28.94
crore term loan and INR1.06 crore untied fund based limit of Bluefern
Ventures Private Limited.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund Based Limit       28.94       [ICRA]B- reaffirmed
   (Term Loan)

   Fund Based Limit        1.06       [ICRA]B- reaffirmed
   (Untied Limit)

The reaffirmation of the rating takes into account the delay witnessed
in implementation of the project; further delay may result in cost
overrun and also impact the cash flows negatively, and lack of
experience of the promoters in the industry that may expose the
company to the challenges in competing with the established players in
the Sikkim hospitality market. The hotel industry remains inherently
cyclical and entities with a single property remain particularly
vulnerable to this trend.

Nevertheless, the rating favourably factors in the achievement of
financial closure of the entire portion of its debt requirement, which
along with infusion of a major portion of promoters' contribution
minimizes funding risks to a large extent. ICRA notes that, the
company is entitled to enjoy various fiscal benefits under the North
East Industrial and Investment Promotion Policy (NEIIPP) 2007 scheme,
that are likely to support its profitability post-commencement of
operations.

Going forward, the ability of the company to ramp up the pace of
execution and complete the project without further cost and time
overruns, achieve the required occupancy level and profitability would
be the key rating drivers.

Incorporated in 2010, BVPL is in the process of setting up a five star
hotel -- 'The Bluefern Spa & Convention Hotel' at Namchi, South
Sikkim. The proposed hotel will have 58 rooms with a multi cuisine
dining cum resto-bar, sports bar, coffee shop, gymnasium, spa cum
salon, conference room, banquet hall and swimming pool. The property
is scheduled to commence operations partly in October 2014 and the
remaining in the last quarter of 2014-15.


CHHADDAMI LAL: ICRA Reaffirms 'B+' Rating on INR9.9cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA] B+' for INR9.90
Crore bank facilities of Chhaddami Lal Jagdish Saran Charitable Trust.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans             9.90       [ICRA]B+ Reaffirmed

The reaffirmation of rating continues to take into account the sound
infrastructure facilities provided by the school running under CLJS as
well as financial support the school receives from its group
companies. The rating is, however, constrained by low occupancy levels
in the school at present, limited track record of operations of the
trust, and insufficient internal accruals to meet debt obligations.
Further, while the student strength has improved marginally, the
school shall continue to seek financial assistance from group
companies/trustees to meet its debt obligations.

Chhaddami Lal Jagdish Saran Charitable Trust (CLJS) was formed in 1995
with four members: Mr. Jagdish Saran Gupta and his three sons, Mr.
Anil Kumar Gupta, Mr. Ajay Kumar Gupta, and Mr. Raghav Chand Gupta, in
Moradabad (Uttar Pradesh). In January 2009, the trust started
construction of CL Gupta World School (CLGWS) on a land plot it had
acquired in 2005 for INR4.9 crores. The total cost of the school
project was INR15 crores, funded by debt of INR9.5 crores and balance
through equity. The school commenced operations in April 2010.

Recent Results

As per 2013-14, provisional financials, CLJS reported Operating Income
of INR5.3 Crore, Profit before Depreciation, Interest and Tax (PBDIT)
of INR1.9 Crore and net profit of INR-1.3 Crore.


DEVENDRAN PLASTIC: CRISIL Cuts Rating on INR35MM Cash Credit to B
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities of
Devendran Plastic Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', and reaffirmed its rating on the company's short-term bank
facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            35         CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit       65         CRISIL A4 (Reaffirmed)

   Proposed Long Term     35         CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that DPPL's liquidity
will remain weak over the medium term due to its weak operating
performance and large working capital requirements. The company's
revenue has declined in 2013-14 (refers to financial year, April 1 to
March 31), and its revenue over the medium term is expected to be
lower than CRISIL's earlier expectations. A weak operating performance
coupled with large working capital requirements has impacted the
company's liquidity, as reflected in its high bank limit utilisation
at an average of 92 per cent over the 12 months through July 2014 with
a few instances of overdrawn limits. However, DPPL's liquidity would
continue to be supported by need-based funding by its promoters, as
reflected in unsecured loans of INR169.8 million from them as on March
31, 2014.

The ratings reflect DPPL's below-average financial risk profile,
marked by a negative net worth, and weak debt protection metrics. The
ratings also factor in the susceptibility of the company's
profitability to volatility in raw material prices and to intense
competition in the packaging industry. These rating weaknesses are
partially offset by the significant fund support that the company
receives from its promoters and their extensive entrepreneurial
experience.
Outlook: Stable

CRISIL believes DPPL will continue to benefit over the medium term
from its promoters' significant funding support and extensive
entrepreneurial experience. The outlook may be revised to 'Positive'
if the company successfully stabilises its operations, resulting in
higher sales and better operating profitability. Conversely, the
outlook may be revised to 'Negative' if DPPL registers a low increase
in its turnover or sub-optimum capacity utilisation, resulting in
weakening of its financial risk profile.

DPPL was originally incorporated in 2011 as Dev Aakash Plast India Pvt
Ltd, which was renamed in 2013. It manufactures polypropylene and
high-density polyethylene woven bags and fabrics. Its manufacturing
facility is in Sivakasi (Tamil Nadu).


DUGAR POLYMERS: ICRA Reaffirms B+ Rating on INR32.09cr FB Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to INR32.09 crore
(enhanced from INR28.60 crore) fund based limits and INR2.91 crore of
unallocated limits of Dugar Polymers Limited. ICRA has also reaffirmed
the short term rating of [ICRA]A4 to INR7.00 crore (enhanced from
INR4.00 crore) non-fund based limits of DPL.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       32.09       [ICRA]B+ reaffirmed
   Non Fund Based Limits    7.00       [ICRA]A4 reaffirmed
   Unallocated Limits       2.91       [ICRA]B+ reaffirmed

The reaffirmation of ratings continues to be constrained by DPL's
relatively modest scale of operations in the manufacturing of plastic
rods and sheets industry and vulnerability of profits to raw material
price fluctuations (primarily crude derivatives) with limited ability
to pass on the price increases. The ratings are also constrained by
the high working capital intensity on account of high inventory and
receivables levels. High funding requirements arising out of its
working capital intensive businesses (both manufacturing and agency
operations) has resulted in a stretched financial profile as reflected
in gearing of 3.59 times as on 31st March 2014 and weak profitability
levels resulted in low coverage indicators. The ratings however
positively factor in the long track record of the management in the
polymer industry (manufacturing and as distributors), a diverse
product portfolio and a steady growth in operating income albeit on a
small base on the back of improving capacity utilization levels.

Going forward, the company's ability to maintain the profitability
while managing working capital requirements will remain key rating
sensitivities from credit perspective

Incorporated in 2003, Dugar Polymers Limited is a manufacturer of
plastic rods and sheets. The Company caters to customers throughout
the country and operates through three manufacturing units located at
Silvassa and Surat. DPL also functions as a DCA (Del Credere Agent)
for IOCL with respect to sale of Polyolefin granules and has
exclusivity in the state of Andhra Pradesh and Telangana. The company
commenced manufacturing operations during the year 2004 and the agency
division has commenced operations from the year 2011.

The company is managed by Mr. Manoj Dugar and Mr. Rajesh Dugar. The
management has more than 15 years experience in the polymer industry
and are involved in many other ventures apart from DPL. The other
ventures involve manufacture of Cast Polypropylene (CPP) films,
trading activities, infrastructure etc.

Recent Results

The company reported an operating income and net profit of INR51.85
crore and 0.93 crore respectively in FY2014 as against an operating
income and net profit of INR42.03 crore and INR0.91 crore respectively
in FY2013.


DWARKADAS CHANDUMAL: CRISIL Suspends B Rating on IN80MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Dwarkadas
Chandumal (DC).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            80         CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by DC with
CRISIL's efforts to undertake a review of the ratings outstanding.
Despite repeated requests by CRISIL, DC is yet to provide adequate
information to enable CRISIL to assess DC'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'.

Dwarkadas Chandumal (DC) is a proprietorship concern of Mr. Dwarkadas
Tulsiani setup in 1973. The firm operates three showrooms in Mumbai
(two at Zaveri Bazaar and one at Bandra). Mr. Deepak Tulsiani and Mr.
Rajesh Tulsiani (sons of Mr. Dwarkadas) manage the day-to-day
operations of the firm.


FIRMA COTTON: ICRA Suspends B Rating on INR8.14cr Fund Based Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA] B rating assigned to the INR8.14 crore
long term fund based limits of Firma Cotton Industries. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund Based:     8.00      [ICRA]B suspended
   Cash Credit

   Long Term Fund Based:     0.14      [ICRA]B suspended
   Term loan

   Fund based Limits         8.14      [ICRA]B suspended

Established in 2007, Firma Cotton Industries is owned and managed by
Mr. Manjurali Patel and other partners. The firm is engaged in the
business of ginning and pressing of raw cotton as well as crushing of
cottonseeds with processing capacity of around 150 TPD of raw cotton.
The firm is equipped with 30 ginning machines and 1 Pressing machine
having capacity to produce 300 bales per day. The firm is also
equipped with 4 expellers having capacity to produce 4000-5000 kgs of
cottonseed oil per day.


G R R INDUSTRIES: CRISIL Reaffirms B Rating on INR60MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of G R R Industries
Private Limited continues to reflect GIPL's below average financial
risk profile marked by small net worth, high gearing, and modest debt
protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term     25        CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan               5        CRISIL B/Stable (Reaffirmed)

The rating also factors in the susceptibility of the company's
profitability margins to volatility in cotton prices, and its exposure
to intense competition and regulatory changes in the cotton ginning
industry. These rating weaknesses are partially offset by the
extensive industry experience of GIPL's promoters in the cotton
ginning business.

Outlook: Stable

CRISIL believes that the GIPL will continue to benefit over the medium
term from its promoter's extensive experience in the cotton ginning
business. The outlook may be revised to 'Positive' if the company
registers substantial and sustained increase in its scale of
operations and profitability margins, or there is a substantial
improvement in its capital structure on the back of sizeable equity
infusion by its promoters. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the company's profitability
margins, or significant weakening in its capital structure caused most
likely by a stretch in its working capital cycle or large debt-funded
capital expenditure.

GIPL, incorporated in 2008 by Mr. Nageswara Rao, is engaged in ginning
and pressing of raw cotton. The company's ginning unit is located in
Khammam district of Andhra Pradesh.


GRL OFF: ICRA Suspends B+ Rating on INR28.2cr Fund Based Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR28.20 Crore fund
based facilities of GRL off Highway Tires Private Limited. The
suspension follows ICRA's inability to carry out a rating surveillance
in the absence of the requisite information from the company.


HANUMAN RICE: ICRA Reaffirms B Rating on INR7cr Fund Based Loan
---------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR7.00
crores long term fund based bank facilities of Hanuman Rice Mills.
ICRA has also reaffirmed its short term rating of [ICRA]A4 on the
firm's INR2.00 crores short term bank facilities.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund        7.00        [ICRA]B reaffirmed
   Based Limits

   Short Term Fund       2.00        [ICRA]A4 reaffirmed
   Based Limits

The ratings continue to be constrained by HRM's high gearing due to
substantial debt funding of its large working capital requirements.
The rating is also constrained by low capacity utilisation levels
along with declining operating profitability in the past two years.
The ratings also takes into account the high intensity of competition
in the rice milling industry and agro climatic risks, which can affect
the availability of paddy in adverse weather conditions.

However, the ratings continue to derive comfort from the long standing
experience of promoters and their strong relationships with several
customers and suppliers. The ratings also factor in the proximity of
the mill to major rice growing areas, which results in easy
availability of paddy.

HRM was established in 1990 as a partnership firm with Mr. Shiv
Parshad, Mr. Sushil Garg, Mr. Rajesh Garg and Mr. Subhash Garg as
partners in equal ratio. After the demise of Mr. Subhash Garg in 2009,
the partnership firm was reconstituted and Mr. Vipin Garg was admitted
as a partner with equal share in the firm. HRM carries out processing
and trading of rice in the domestic market and also exports to Middle
East and Europe. HRM has two plants with an overall capacity of 7
tonnes/hr at Nadana Road, Taraori, Karnal.

Recent Results:

HRM reported a net profit of INR0.13 crore on an operating income of
INR49.05 crore for the year ended March 31, 2014 and a net profit of
INR0.05 crore on an operating income of INR30.25 crore for the
previous year.


HARI KRIPA: ICRA Reaffirms 'B' Rating on INR17.5cr Long Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR17.50
crore fund based bank facilities of Hari Kripa Business Ventures
Private Limited. ICRA has also reaffirmed its short term rating of
[ICRA] A4 on the INR2.50 crore non-fund based bank facilities of HKBV.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-      17.50       [ICRA]B; reaffirmed
   Long Term

   Non-Fund Based Limits-   2.50       [ICRA]A4; reaffirmed
   Short Term

The ratings continue to be constrained by HKBV's presence in a highly
fragmented and competitive industry and exposure to raw material price
fluctuations. These factors coupled with the cyclical nature of the
steel industry imbue volatility to the profitability margins of the
firm. The ratings also take into account the significantly debt
reliant capital expenditure which in turn has led to high gearing and
modest coverage indicators. Moreover, the ratings also factor in the
company's stretched liquidity position as evidenced by almost full
utilization of its working capital limits. The rating however derives
comfort from the positive demand outlook and the long track record of
the promoters. Going forward the company's ability to generate
adequate profit margins in an intensely competitive industry will be
the rating sensitivity.

HKBV was established in 2008 in Kaladera, Jaipur for manufacturing
mild steel billets, stainless steel billets and flat steel products
and has an installed capacity of 29,000 metric tonnes per annum (MTPA)
which is planned to be increased to 60000 MTPA by 2015. The company is
promoted by Mr. Mahendra Kumar Agarwal and Mr. Raghuveer Agarwal,
along with other family members.

Recent Results:

HKBV reported a net profit of INR0.38 crore on an operating income of
INR88.34 crore for 2013-14, as against a net loss of INR0.25 crore on
an operating income of INR36.49 crore for the previous year.


KAILASHTARA REALTY: CRISIL Puts B Rating on INR50MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank
facilities of Kailashtara Realty India Pvt Ltd.

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

   Proposed Cash
   Credit Limit           50         CRISIL B/Stable

The rating reflects KRPL's small scale of operations in a highly
fragmented industry and susceptibility to cyclicality in the real
estate industry. The rating also reflects the company's below-average
financial risk profile, marked by leveraged capital structure and
subdued debt protection metrics. These rating weaknesses are partially
offset by the extensive industry experience of KRPL's promoters.

Outlook: Stable

CRISIL believes that KRPL will continue to benefit over the medium
term from its promoters' extensive industry experience and funding
support. The outlook may be revised to 'Positive' in case of
better-than-expected cash accruals or substantial equity infusion
along with timely completion of the company's project within the
budgeted cost. Conversely the outlook may be revised to 'Negative' in
case of time or cost overruns in projects, or low sales leading to low
cash accruals, or large debt-funding weakening the company's
liquidity.

KRPL was set up in 2013 by reconstituting a proprietorship firm, Nidhi
Enterprises. The company executes residential real estate projects in
Delhi and undertakes civil construction of residential buildings. It
is promoted by Ms. Tara Joshi and Mr. Kailash Joshi.


M.D. COTTON: ICRA Assigns B+ Rating to INR6cr Cash Credit
---------------------------------------------------------
A rating of [ICRA]B+ has been assigned to the INR6.00 crore long-term,
fund based facilities of M.D. Cotton Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.00        [ICRA]B+ assigned

The assigned rating takes into account MDCI's modest size of
operations and weak financial profile characterized by low
profitability levels, owing to the limited value addition in the
business and the highly competitive and fragmented industry structure;
stretched capital structure and weak coverage indicators. The rating
is also constrained by the vulnerability of the firm's profitability
to raw material prices which are subject to seasonality, and crop
harvest; and the regulatory risks with regard to MSP fixed by GoI and
restrictions on cotton exports.

The rating, however, positively considers the established track record
of the firm in the cotton ginning industry, the advantage the firm
enjoys by virtue of its location in the cotton producing belt of
Mehsana (Gujarat) and the favourable demand outlook for cotton and
cottonseeds.

Incorporated in 2007, M.D. Cotton Industries (MDCI) is engaged in the
business of ginning and pressing of raw cotton into cotton seeds and
fully pressed cotton bales having a production capacity of 23.80
metric tonnes per day (MTPD) of cotton bales. The firm is also engaged
in crushing of cotton seeds to obtain cotton seed oil and cotton oil
cake having an intake capacity of ~47 MTPD. The plant is located at
Kadi (Mehsana) in Gujarat. The firm is promoted by Mr. Mahendra Patel
along with his relatives and friends.

Prospects

Going forward, the firm's operating income is expected to witness
moderate growth supported by favourable demand outlook for cotton and
cottonseed in the medium term. However, the profitability levels are
expected to remain subdued as is inherent in the business. The capital
structure is also expected to deteriorate owing to the high working
capital requirements. The firm's ability to ramp up volumes and manage
the input costs given the high volatility associated with cotton due
to seasonal nature of the crop as well as the uncertain regulatory
scenario would remain critical from credit perspective.


MAHAMAYA CASTING: CRISIL Reaffirms B+ Rating on INR45MM Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahamaya Casting Pvt Ltd
continue to reflect MCPL's small scale of operations in the intensely
competitive steel industry, its large working capital requirements,
and below-average financial risk profile marked by weak debt
protection metrics. These rating weaknesses are partially offset by
the extensive industry experience of MCPL's promoter.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         8.1       CRISIL A4 (Reaffirmed)
   Cash Credit           45         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      45         CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    28.7       CRISIL B+/Stable (Reaffirmed)
   Term Loan             23.2       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MCPL will benefit over the medium term from its
promoter's extensive industry experience. The outlook may be revised
to 'Positive' if the company reports substantial cash accruals
supported by stabilization of increased capacity, and improvement in
working capital cycle enhancing its liquidity. Conversely, the outlook
may be revised to 'Negative' if MCPL's financial risk profile
deteriorates, most likely because of large debt-funded capital
expenditure or decline in cash accruals, weakening its working capital
management.

MCPL was established in 2004 in Delhi. The company is promoted by Mr.
Bhir Bhan Jindal. MCPL manufactures stainless steel bright bars, which
find application in the construction, automotive, and engineering
sectors.


MADRAS RADIATORS: ICRA Reaffirms B Rating on INR30.46cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B outstanding on the
INR30.46 crore term loan facilities and the INR26.25 crore fund based
facilities of Madras Radiators and Pressings Limited. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 outstanding on the
INR10.00 crore non-fund based (sub-limit) facility of MRPL. ICRA has
withdrawn the rating of [ICRA]B (pronounced ICRA B) assigned to the
INR0.51 crore term loan facilities, since these have been repaid in
full.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Term loan facilities     30.46       [ICRA]B reaffirmed
   Fund based facilities    26.25       [ICRA]B reaffirmed
   Non-fund based (sub-
   limit) facility         (10.00)      [ICRA]A4 reaffirmed
   Term loan facilities      0.51       [ICRA]B withdrawn

The reaffirmation of ratings considers the healthy growth in MRPL's
operating income during 2013-14 supported by demand from the tractor
segment, following de-growth in 2012-13; and the company's established
relationships with some of the renowned customers, which is expected
to support business volumes to an extent. The ratings also consider
the pressure on operating margins on account of low bargaining power,
and the net losses observed in two out of last three fiscals. ICRA
also notes that the company's financial profile is characterised by
high gearing and stretched coverage metrics, and that its future cash
flows are likely to be stretched due to debt repayments and the
ongoing capital expenditure. The ratings also factor in the company's
vulnerability to the cyclicality inherent in the tractor and Medium &
Heavy Commercial Vehicle (M&HCV) segments, and the subdued demand
outlook for the M&HCV segment and a cautious outlook for the tractor
segment which are expected to adversely impact revenue growth and
accruals at least in the near term; nevertheless, the long-term
outlook in these segments remains favourable. The Company is also
exposed to high client concentration and competitive pressures, which
restrict pricing flexibility and result in thin operating margins.

Incorporated in 1968, MRPL is primarily engaged in the manufacture of
automotive components (viz., sheet metal components and castings) for
the tractors and automobile original equipment manufacturers (OEMs).
The Company operates a manufacturing facility at Chennai, Tamil Nadu
and three manufacturing facilities at Coimbatore, Tamil Nadu.

MRPL has invested about INR1.6 crore (representing 40% equity stake)
in Universal Heat Exchangers Limited, which is primarily engaged in
manufacture of capital goods like heat exchangers, pressure vessels,
etc.

Recent results

MRPL reported a net profit of INR0.2 crore on an operating income of
INR93.8 crore during 2013-14 (according to unaudited results), against
a net loss of INR2.7 crore on an operating income of INR79.0 crore
during 2012-13.


MORAKHIA METAL: ICRA Cuts Rating on INR40.5cr Cash Credit to 'D'
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR44.15 crore
fund based facilities of Morakhia Metal & Alloys Pvt. Ltd. from
[ICRA]B to [ICRA]D. ICRA has also revised the short term rating
assigned to the INR06.00 crore non-fund based facility and INR22.50
crore non fund based sublimit within long term fund based facility of
MMPL from [ICRA]A4 to [ICRA]D. The rating revision factors in the
recent instances of delays in debt servicing by the company.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based-Term         3.65       Downgraded to [ICRA]D
   Loan                               from [ICRA]B

   Fund Based-Cash        40.50       Downgraded to [ICRA]D
   Credit                             from [ICRA]B

   Non Fund based-        22.50       Downgraded to [ICRA]D
   Letter of Credit                   from [ICRA]4

   Non Fund based-Bank     6.00       Downgraded to [ICRA]D
   Guarantee                          from [ICRA]A4

Established in 1990, MMPL is engaged in the manufacturing and trading
of copper and copper based alloy products; which include tubes, pipes,
bus bars, flats, wires, sections etc. The manufacturing facility of
the company is located at GIDC Chhatral in the Gandhinagar district of
Gujarat with an installed capacity of 8,000 metric tonnes per annum
(MTPA).

Recent Results

MPPL recorded a net profit of INR0.35 crore on an operating income of
INR194.56 crore for the year ending March 31, 2013 and a net profit of
INR0.89 crore on an operating income of INR206.41 crore for the year
ending March 31, 2014 (as per the provisional figures).


MULTIFILMS PLASTICS: CRISIL Puts B+ Rating on INR50MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' ratings to the bank
facilities of Multifilms Plastics Pvt Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term       17       CRISIL B+/Stable
   Bank Loan Facility
   Cash Credit              50       CRISIL B+/Stable
   Letter of Credit         40       CRISIL A4

The ratings reflect MPPL's average financial risk profile, marked by
high gearing and average debt protection metrics, and its modest scale
of operations in the highly competitive packaging industry. These
rating weaknesses are partially offset by the extensive industry
experience of MPPL's promoter.

Outlook: Stable

CRISIL believes that MPPL will continue to benefit over the medium
term from its promoter's extensive industry experience and established
relationships with its customers. The outlook may be revised to
'Positive' if the company generates higher-than-expected cash accruals
or benefits from significant equity infusion by its promoter, leading
to improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if there is a significant decline in
MPPL's cash accruals or deterioration in its working capital cycle
management or if the company undertakes a large debt-funded capital
expenditure programme, resulting in further deterioration in its
financial risk profile.

Incorporated in 1984, MPPL manufactures multilayer plastic films used
by fast-moving consumer goods industry for packaging. The company is
promoted by Mr. Sudhir Bandiwadekar, who oversees its overall
operations.

For 2013-14 (refers to financial year April 1 to March 31), MPPL
reported, on a provisional basis, a net profit of INR2.7 million on
net sales of INR284.5 million; the company reported a net profit of
INR5.0 million on net sales of INR350.5 million for 2012-13.


OCEANIC EDIBLES: CRISIL Suspends D Rating on INR1.21BB Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Oceanic
Edibles International Ltd.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Bank Guarantee             4.7       CRISIL D Suspended
   Cash Credit            1,218         CRISIL D Suspended
   Export Packing Credit    285         CRISIL D Suspended
   Letter of Credit         130         CRISIL D Suspended
   Long Term Loan           465.3       CRISIL D Suspended
   Proposed Cash Credit     247         CRISIL D Suspended
   Limit

The suspension of ratings is on account of non-cooperation by OEIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, OEIL is yet to
provide adequate information to enable CRISIL to assess OEIL'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'

OEIL, incorporated in 1994, operates in the business of processing,
and retailing of, food items such as fruits, vegetables, and marine
products (such as shrimp and fish). The company was promoted by Mr.
Joseph Raj.


OVERSEAS TRADERS: ICRA Reaffirms B+ Rating on INR14cr FB Facility
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR14.00
crore (enhanced from INR13.00 crore) long-term fund based bank
facility of Overseas Traders at [ICRA]B+. ICRA has also reaffirmed the
short-term rating assigned to the INR4.00 crore (reduced from INR5.00
crore) non-fund based bank facility of OT at [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term fund         14.00      [ICRA]B+ Reaffirmed
   based facility

   Short- term non-        4.00      [ICRA]A4 Reaffirmed
   fund based facility

The reaffirmed ratings take into account the firm's high working
capital intensity due to elongated receivables and high inventory
levels which adversely impacts liquidity position as well as results
in high gearing on account of higher working capital requirements and
depressed coverage indicators. ICRA also notes that the intensely
competitive and limited value-additive nature of the trading industry
has resulted in the firm's thin profitability. The ratings also factor
in OT's vulnerability to agro climatic conditions and regulatory risks
given that it trades in agro commodities. Also, the firm's capital
structure is susceptible to the risks associated with the entity's
status as a partnership firm including the risk of capital withdrawal.
The ratings, however, favourably factor in the established experience
of partners in the agro-commodity trading business.

Overseas Traders (OT) is a partnership firm established in 1977 and is
engaged in the export of agricultural commodities like onions,
potatoes, tendu (beedi) leaves, fresh fruits and vegetables. OT has
its registered office in Mumbai.

Recent Results

As per its audited financials for 2012-13, OT recorded a net profit of
INR0.51 crore on an operating income of INR45.93 crore. As per the
provisional financials for 2013-14, the firm reported a net profit of
INR0.58 crore on an operating income of INR48.83 crore.


R.N. RICE: ICRA Reaffirms B- Rating on INR11cr Fund Based Limits
----------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA] B- on the INR11.00
crores fund based bank facilities of R.N. Rice Mill.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits     11.00       [ICRA]B- reaffirmed

The rating continues to be constrained by the high gearing arising out
of substantial debt funding of large working capital requirements. The
rating continues to take into account the high intensity of
competition in the rice milling industry and agro climatic risks,
which can affect the availability of paddy in adverse weather
conditions. The rating reaffirmation also factors in the decline in
the firm's operating income in 2013-14. The rating however favorably
takes into account the long standing experience of the promoters and
their strong relationships with several customers and suppliers,
coupled with the proximity of the mill to major rice growing areas
which results in easy availability of paddy.

RNRM is engaged in processing and trading of rice and was established
in 2003 as a proprietorship firm by Mr. Rajesh Kumar Bansal. In 2008
the proprietorship was converted into a partnership firm with Mr
Rajesh Kumar Bansal and Mr Mange Ram as partners in the ratio of
65:35. Both the partners are actively engaged in the management of the
firm. The milling capacity of the plant located at Kaithal, Haryana is
6 tonnes/hour.

Recent Results:

RNRM reported a net profit of INR0.02 crores on an operating income of
INR58.14 crores for the year ended March 31, 2014 and a net profit of
INR0.01 crores on an operating income of INR69.34 crores for the
previous year.


RELAN MOTORS: CRISIL Reaffirms B+ Rating on INR117.9MM Loan
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Relan Motors Private Limited
continue to reflect the RMPL's modest financial risk profile marked by
highly leveraged capital structure and modest debt protection metrics.
The rating is also constrained by the moderate scale of operations in
the intensely competitive auto dealership industry and low operating
profitability of RMPL. These rating weaknesses are partially offset by
the benefits RMPL derives from its promoters' extensive experience in
the automotive dealership business, and financial support it receives
from them.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Channel Financing     117.9      CRISIL B+/Stable (Reaffirmed)

The rating also reflects its moderately diversified revenue profile
with presence in both two wheelers and four wheelers segment.

Outlook: Stable

CRISIL believes that RMPL will continue to benefit over the medium
term from its promoters' extensive experience in the auto dealership
industry and its diversified revenue profile. The outlook may be
revised to 'Positive' in case of significant and sustainable
improvement in the company's financial risk profile backed by
higher-than-expected revenues or profitability leading to higher cash
accruals. Conversely, the outlook may be revised to 'Negative' if
RMPL's financial risk profile deteriorates because of an elongation in
its working capital cycle or lower-than-expected cash accruals or
higher-than-expected debt-funded capital expenditure (capex).

Update

RMPL is estimated to have recorded a healthy CAGR revenue growth of
over 30 per cent in revenues over the last three years ending 2013-14
(refers to financial year, April 1 to March 31); the company's
revenues are estimated to have increased from INR550 million in
2010-11 to INR1.21 billion in 2013-14. The healthy revenue growth is
supported by its diversified revenue profile as RMPL caters to the
two-wheeler as well as the four wheeler segments, and the high market
share that RMPL enjoys in Ajmer (Rajasthan).

RMPL over the two years ended 2013-14 has incurred capex in excess of
INR60 million to setup its own sales, service and spare parts showroom
for Hero MotoCorp Ltd. (HML rated at 'CRISIL AAA/FAAA/Stable/CRISIL
A1+') and Maruti Suzuki India Ltd (MSIL rated at 'CRISIL
AAA/Stable/CRISIL A1+'). During the said period, RMPL has also
restructured its business operations by shutting its loss making
showrooms which were on lease and is now focusing all its available
resources on its own showrooms. CRISIL believes, RMPL is likely to
benefit from its association with HML and MSIL which is likely to
drive revenue growth going forward.

The operating margins for 2013-14 are estimated to have improved over
the past few years from 2.3 percent in 2010-11 to 3 percent. CRISIL
believes, with the reduction in fixed costs backed by restructuring of
business operations, higher revenues and higher service income, the
operating margins of RMPL are likely to improve gradually over the
medium term despite trading nature of business.

RMPL liquidity is supported by stable working capital cycle as
reflected in gross current assets (GCA) days of 78 for 2013-14 as
against 71 days for 2012-13 and constant infusion of unsecured loans
from the promoters. The promoters of RMPL over the last four years
have infused aggregate unsecured loans in excess of INR     23 million
to support RMPL's incremental working capital requirements. CRISIL
believes, RMPL is likely to continue to maintain adequate liquidity
backed by generation of cash accruals in excess of INR13 million over
the next two years against its moderate term debt obligations of INR7
to INR8 million per annum and availability of need-based funding from
its promoters.

RMPL's financial risk profile is constrained by high gearing of 4.97
times and modest net worth of INR39.9 million estimated as of March
31, 2014. The debt protection measures for 2013-14 continue to remain
modest with interest coverage and net cash accruals to total debt
(NCATD) estimated at 1.6 times and 5 .14 percent respectively marked
by moderate scale of operations and modest margins. CRISIL believes
RMPL's financial risk profile to gradually improve over the medium
term backed by higher scale of operations and improved profitability.

RMPL, incorporated by Mr. Madhur Relan and his family members in 1999,
is an authorised automobile dealer for Maruti Suzuki India Ltd and
Hero MotoCorp Ltd. The company is an authorised dealer of MSIL and
Hero in Ajmer district (Rajasthan) and is a sole authorised dealer of
MSIL in Nagaur district (Rajasthan). Currently, RMPL has six showrooms
in in the 3S (sales, service, and spares) format, with five of them in
the Ajmer district and one in Nagaur district.


SFPL CROP: ICRA Suspends 'D' Rating on INR4.50cr Capital Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR2.50 crore term
loans, INR4.50 crore long term working capital facilities & INR0.50
crore, short term, non fund based facilities of SFPL Crop Life Science
Pvt Ltd. The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

SFPL Crop Life Science Pvt. Ltd [formerly Subhash Fertilizers Pvt
Limited was incorporated in 1999 as a 100% subsidiary of Krishidhan
Seeds Limited which is engaged in the production and marketing of
seeds for the commercial seed market. SCLSPL is involved in the
production of NPK fertilizers and plant nutrition products viz.
micronutrients products, plant growth promoters, plant growth
regulators etc. The company also undertakes marketing of few grades of
seeds manufactured by KSL.


SHANTAI EXIM: ICRA Reaffirms B+ Rating on INR7cr Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the INR7.00
crore fund-based bank facility of Shantai Exim Limited. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 to the INR23.00 crore
(Enhanced from INR18.00 crore) fund-based bank facilities of the
company.


                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limit           7.00         [ICRA]B+ Reaffirmed

   Short Term Fund
   Based Limits         23.00         [ICRA]A4 Reaffirmed

The ratings continue to be constrained by Shantai Exim Limited's weak
financial profile, characterized by low profit margins, adverse
capital structure, weak debt coverage indicators and high working
capital intensity of operations. The ratings also factor in the
vulnerability of profits and cash flows to volatility in raw material
prices and fluctuations in the exchange rates along with the intense
competition in export markets from other domestic and international
suppliers.

However, the ratings favorably factor in the long experience of the
promoters in the textile industry and the location advantages arising
from its presence in the textile hub of Surat thus giving the company
access to a large base of suppliers.

Incorporated in 2004, Shantai Exim Limited is engaged in the
manufacture and export of women's fashion wear, mainly sarees and
dress materials to Indonesia, Pakistan, Vietnam, Turkey, etc. The
company is also engaged in the trading of fancy yarn. The company has
its registered office and manufacturing facility at Surat.

Recent Results

In the financial year 2012-13, SEL registered a profit after tax (PAT)
of INR1.04 crore on an operating income of INR200.42 crore and a PAT
of INR1.72 crore on an operating income of INR214.79 crore for the
financial year 2013-14.


SHREEJIKRUPA BUILDCON: ICRA Reaffirms D Rating on INR3.5cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating for INR6.50 crore fund based
facilities of Shreejikrupa Buildcon Limited at [ICRA]D. ICRA has also
reaffirmed the short-term rating for INR2.00 crores non-fund based
facilities (reduced from INR6.00 crore) of SBL at [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.00        [ICRA]D reaffirmed
   Working Capital
   Term Loan             3.50        [ICRA]D reaffirmed

   Bank Guarantee        2.00        [ICRA]D reaffirmed

The reaffirmation of the ratings reflects the stretched liquidity
position of the company which has resulted in continued delays in debt
servicing. The slower than anticipated execution of projects coupled
with high working capital intensity and high repayment obligations
have resulted in a stress on the company's cash flows. Besides this
the ratings are also constrained by SBL's relatively small scale of
operations; high geographical concentration risk as it is focused only
on projects in Gujarat and the high competitive intensity in the
construction sector which results in pressure on profitability
margins. The ratings also take into account the vulnerability of
profitability to raw material price variation although the same is
mitigated to some extent by the presence of price escalation clauses
in the contracts.

While assigning the ratings, ICRA has taken note of SBL's experienced
management; long track record of the promoters in the construction
industry; reputed client base of the company comprising
semi-government bodies resulting in low counter party credit risk and
the stable demand outlook for the construction sector given the
government focus on infrastructure development and increased public
spending.

Shreejikrupa Buildcon Limited earlier known as Shreejikrupa Builders
Rajkot was established in the year 1998 and is engaged in civil &
construction engineering and contracting services. SBL has
successfully executed a wide variety of projects in the field of civil
construction, heavy foundations, bridges & EWS Housing Schemes. It
also provides consultancy and contract management services. SBL has
registration for approved contractor in 'AA' class and 'Special
Category I Building' class from the Government of Gujarat.

In FY14 (provisional, unaudited), SBL reported an operating income of
INR10.08 crore and profit after tax of INR0.44 crore as against an
operating income of INR13.19 crore and profit after tax of INR0.40
crore during FY13.


SHRIE HARIVALLABI: ICRA Reaffirms B Rating on INR15cr Term Loan
---------------------------------------------------------------
ICRA has re-affirmed the long-term rating outstanding on the INR15.00
crore term loan facilities (enhanced from INR11.00 crore), the INR6.00
crore fund based facilities (enhanced from nil), the INR2.10 crore
non-fund based facilities (enhanced from INR1.00 crore) and the
INR1.90 crore unallocated long term facilities (enhanced from nil) of
Shrie Harivallabi Spinners Private Limited at [ICRA]B. The long-term
rating of [ICRA]B was earlier Suspended owing to lack of necessary
information, vide the press release dated October 30, 2013. The
Company has now shared the requisite information, thereby enabling
ICRA to assign the rating for bank facilities.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term loan facilities    15.00       [ICRA]B/reaffirmed

   Long-term fund based     6.00       [ICRA]B/reaffirmed
   facilities

   Long-term non-fund       2.10       [ICRA]B/reaffirmed
   based facilities

   Unallocated long-        1.90       [ICRA]B/reaffirmed
   term facilities

The reaffirmation of the rating factors in the long-standing
experience of the promoters in the spinning industry and the
stabilization of the operations in the initial years, in line with our
expectations, as characterized by effective utilization of capacities
aided by favourable domestic demand for viscose yarn. Further, the
relatively low price volatility in viscose segment against the cotton
segment lends stability to the Company's operations and profits. The
rating however remain constrained by the stretched financial profile
of the Company characterized by high gearing and weak coverage
indicators owing to moderate profitability and significant debt funded
capital expenditure incurred in the recent past for setting up the
manufacturing facility. The rating also consider the Company's modest
scale of operations in a relatively lower value added coarser counts
segment and the intense competition prevalent in the highly fragmented
industry which restricts the Company's pricing flexibility to an
extent. The Company has plans to add another 7,056 spindles in the
near future involving 75:25 debt funding, which is expected to keep
the debt indicators stretched in the near to medium term. Hence,
ability of the Company to improve its accruals position will be
critical to improve its overall credit profile and also meet its debt
repayment obligations in a timely manner.

SHSPL was incorporated in the year 2006 as Sri Jai Krishna Spintex
India Private Limited by Mr. S. Raju. The company, which was
subsequently renamed as Shrie Harivallabi Spinners Private Limited in
2010, commenced commercial production of 100% viscose yarn in April
2012. The manufacturing facility with 14,112 spindles is located in
Erode (Tamil Nadu). The Company procures viscose staple fibre from
Grasim Industries Limited and caters completely to the domestic
market.

Recent Results

As per the unaudited results for the year 2013-14, SHSPL has reported
a net profit of INR1.0 crore on an operating income of INR49.6 crore
as against net profit of INR0.1 crore on an operating income of
INR26.1 crore for 2012-13.


SRI MANAKULA: CRISIL Suspends D Rating on INR1.60BB Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Manakula Vinayaga Educational Trust.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          59.7      CRISIL D Suspended
   Long Term Loan        1606        CRISIL D Suspended
   Overdraft Facility      80        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by SMVET
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SMVET is yet to
provide adequate information to enable CRISIL to assess SMVET'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 1998, SMVET runs six colleges, offering courses in the
fields of engineering, medicine, polytechnic, teacher training and
Nursing. The trust has a total student strength of close to 6600
students. All the colleges are located in Pondicherry. Mr. M.
Dhanasekaran, Chairman of the trust, currently takes care of the day
to day operations of the trust.


SUNSHINE INFRATECH: CRISIL Suspends B Rating on INR180M Bank Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sunshine
Infratech Pvt Ltd.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term       180        CRISIL B/Stable Suspended
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by SIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SIPL is yet to
provide adequate information to enable CRISIL to assess SIPL'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'.

The Sunshine group (SG), incorporated in 2005, and is promoted by Mr.
Jyotirmoy Daw, his wife Mrs. Chandrima Daw, Mr. Harender Kumar and his
brother Mr. Vipin Kumar. SIPL, the flagship company of the group, is
involved in the construction and real estate development business.


SWISS BRAINSTORE: CRISIL Suspends B+ Rating on INR120MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Swiss
Brainstore Systems (India) Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            120        CRISIL B+/Stable Suspended
   Overdraft Facility      90        CRISIL B+/Stable Suspended
   Proposed Long Term      90        CRISIL B+/Stable Suspended
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by SBSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SBSPL is yet to
provide adequate information to enable CRISIL to assess SBSPL'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 2009, SBSPL trades in steel products such as
hot-rolled and cold-rolled coils and plates, angles, channels, beams,
and sheets. It also trades in garments and iron ore. The day-to-day
operations of the company are managed by Mr. Hemendra Choksi and Mr.
Sudhesh Prasad. The company's registered office is in Mumbai.


SWISS GARNIER: CRISIL Assigns B- Rating to INR150MM Term Loan
-------------------------------------------------------------
CRISIL has assigned 'CRISIL B-/Stable/CRISIL A4' ratings to the bank
facilities of Swiss Garnier Genexiaa Sciences.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             150        CRISIL B-/Stable
   Letter of Credit       20        CRISIL A4
   Bank Guarantee          5        CRISIL A4
   Cash Credit            70        CRISIL B-/Stable

The ratings reflect its initial phase of operations in the intensely
competitive formulations industry and its below-average financial risk
profile, marked by weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of SGGS'
promoters in the formulations industry.

Outlook: Stable

CRISIL believes that Swiss Garnier Genexxia Sciences will continue to
benefit over the medium term from its promoter's extensive experience.
The outlook may be revised to 'Positive' if SGGS registers significant
improvement in its top line and profitability, leading to healthy cash
accruals along with efficient working capital management. Conversely,
the outlook may be revised to 'Negative' if SGGS is unable to
significantly scale up its revenues and profitability, or if there's a
stretch in its working capital cycle resulting in significant
weakening in its liquidity or capital structure.

SGGS is a Chennai-based partnership firm started by Mr. M. S.
Theivendran and Mrs. T. Rethinavall in 2011. The firm is engaged in
the manufacturing of tablets, capsules, liquid-orals and food
supplements. It has a manufacturing unit in Sikkim. It began
commercial operations in August, 2013.


TEXIM INT'L: CRISIL Assigns 'B' Rating to INR55MM Bank Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Texim International.

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

The ratings reflect TI's small scale of operations, large working
capital requirements, and below-average financial risk profile, marked
by a small net worth. These rating weaknesses are partially offset by
the extensive experience of TI's proprietor in the rubber products
distribution business and well-established relationships with its
suppliers and customers.
Outlook: Stable

CRISIL believes that TI will continue to benefit over the medium term
from its proprietor's extensive experience in the distribution of
rubber products and well-established relationship with its customers
and suppliers. The outlook may be revised to 'Positive' in case of a
substantial and sustained improvement in its scale of operations and
operating profitability. Conversely, the outlook may be revised to
'Negative' in case the firm registers lower-than-expected cash
accruals or stretch in its working capital cycle, resulting in
deterioration in its financial risk profile.

TI, set up in 1994, trades in rubber products. The firm is a
proprietorship of Mrs. Nasreen Yousuf.

For 2013-14, TI reported, on a provisional basis, a net profit of
INR3.1 million on sales of INR102 million; the firm reported a net
profit of INR1.6 million on sales of INR81 million for
2012-13.


TIRUSHIVAM REALTY: ICRA Assigns B+ Rating to INR9cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR9.00 crore
term loans of Tirushivam Realty Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            9.00         [ICRA]B+ assigned

The rating takes into account TRPL's exposure to execution risks,
given construction of the project is at a very nascent stage with only
5% of the estimated project cost been incurred till July 2014. Sale
for the project is yet to be launched thus, exposing the company to
market risks. ICRA notes that the ongoing weakness in the real estate
market could affect the booking levels of the project, thus further
enhancing market risks. "Tiru Elisya" is the only real estate
development being undertaken by the company which, exposes it to
significant asset concentration risks, with the cash flows of the
company being solely dependent on the single project. The rating,
however favourably factors in the presence of TRPL's promoter Tirumala
Group, in the real estate sector in Kolkata, the achievement of
funding tie up for the project, and the fact that all the necessary
approvals for the project have been obtained, thereby largely
mitigating regulatory risks.

Incorporated in May 2013 by the Tirumala Group, TRPL is engaged in the
development of a residential cum commercial project at Thakurpukur,
Kolkata. The project comprises two towers of 7 and 12 floors
respectively, with a total saleable area of 77,684 sqft. The total
project cost is estimated at INR18.56 crore with around 48% to be
funded by bank debt, 17% from customer advances and 35% from promoters
funds. Construction for the project commenced in July 2014 and till
the end of the month, TRPL had incurred around INR1 crore towards
project cost. The company's expected project completion date is March
2016.


TRIVENI KNITS: CRISIL Reaffirms B+ Rating on INR145MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Triveni Knits Pvt Ltd
continues to reflect TKPL's weak financial risk profile, marked by a
high gearing and modest debt protection metrics, and exposure to
intense competition in the knitted fabric industry leading to low
operating profitability. These rating weaknesses are partially offset
by the benefits that TKPL derives from its efficient working capital
management, promoters' extensive industry experience and their funding
support.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            145       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      63.5     CRISIL B+/Stable (Reaffirmed)

   Term Loan               31.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TKPL will continue to benefit over the medium
term from its promoters' extensive experience and established customer
base in the textiles industry. The outlook may be revised to
'Positive' if the company registers higher-than-expected revenues,
while it sustains or improves its operating margin along with
improvement in its capital structure, resulting in improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case TKPL registers decline in its revenues or
profitability or if its working capital cycle stretches, thereby
constraining its financial flexibility, or if it undertakes a
larger-than-expected, debt-funded capital expenditure programme.

Update

TKPL reported net sales of INR655.1 million for 2013-14 (refers to
financial year, April 1 to March 31) vis-a -vis net sales of INR450.3
million for 2012-13, in line with CRISIL's expectations. The company's
net sales have shown an increasing trend, with a compound annual
growth rate of 66 per cent over the five years through 2013-14, mainly
on account of capacity addition undertaken by TKPL and established
distribution network. The company reported operating profitability of
3.8 per cent in 2013-14, significantly lower than CRISIL's
expectations on account of the intense competition in the knitted
fabric industry leading to limited ability to pass on increase in raw
material prices. CRISIL believes that the operating profitability will
remain stable at around 3 to 4 per cent over the medium term. The
company's working capital management remained efficient and in line
with CRISIL's estimates with gross current assets of 67 days as on
March 31, 2014 compared to 58 days a year earlier.

TKPL's capital structure remained highly leveraged with gearing at 4.5
times as on March 31, 2014. TKPL's debt protection metrics remained
modest in 2013-14 on account of lower-than-anticipated profitability
with interest coverage and net cash accruals to total debt (NCATD)
ratios at 1.8 times and 0.11 times in 2013-14. The company's liquidity
is supported by moderate bank limit utilisation, at an average of 74
per cent over the 12 months through July 2014, and unsecured loans
from promoters which stood at INR29 million as on March 31, 2014.
CRISIL believes that TKPL's financial risk profile will remain stable
over the medium term, with continued financial support from promoters
and efficient working capital management.

For 2013-14, on a provisional basis, TKPL reported a profit-after-tax
(PAT) of INR0.7 million on sales of INR655.1 million, as against a PAT
of INR1.1 million on net sales of INR450.3 million for 2012-13.

TKPL was set up as a partnership firm 'Traveni Knits' in 2001 by Mr.
Rohit Sahi, and was reconstituted as a private limited company in
2012-2013. The company manufactures knitted fabrics and is based in in
Ludhiana (Punjab).


UDIT CONTRACTORS: CRISIL Assigns B Rating to INR50MM Cash Loan
--------------------------------------------------------------
CRISIL's has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Udit Contractors India Pvt Ltd.

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

   Proposed Long Term
   Bank Loan Facility     50         CRISIL B/Stable

The rating reflects UCIPL's modest scale of operations in the highly
fragmented real estate industry and susceptibility to cyclicality in
the industry. The rating also reflects the company's below-average
financial risk profile marked by leveraged capital structure and
subdued debt protection metrics. These rating weaknesses are partially
offset by the extensive industry experience of UCIPL's promoters and
their funding support.

Outlook: Stable

CRISIL believes that UCIPL will continue to benefit over the medium
term from its promoters' extensive industry experience and funding
support. The outlook may be revised to 'Positive' in case of
better-than-expected cash accruals or substantial equity infusion
along with timely completion of the company's project within the
budgeted cost. Conversely the outlook may be revised to 'Negative' in
case of time or cost overruns in projects, or low sales leading to low
cash accruals, or large debt-funding weakening the company's
liquidity.

UCIPL was established in 2013 to take over the operations of
proprietorship firm Sri Balaji Enterprises which was set up in 1993.
UCIPL executes residential real estate projects in Delhi and
undertakes civil construction of residential buildings. It is promoted
by Mrs. Tara Joshi and Mr. Kailash Joshi and is headquartered in
Delhi.


VARDA OVERSEAS: CRISIL Suspends B+ Rating on INR70MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Varda
Overseas Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           70         CRISIL B+/Stable Suspended
   Term Loan             26.8       CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by VOPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VOPL is yet to
provide adequate information to enable CRISIL to assess VOPL'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'.

VOPL was promoted by Mr. Salil Malhotra and his family members in
2004. The company manufactures auto parts and kitchen gadgets.


WALSON & CO: CRISIL Suspends B Rating on INR100MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Walson & Co.

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

The suspension of ratings is on account of non-cooperation by Walson &
Co with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Walson & Co is yet
to provide adequate information to enable CRISIL to assess Walson &
Co'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'.

Walson & Co was set up as a proprietorship concern by Mr. Tejinder
Singh Walia in 2007. The firm has been an authorized
re-distributor-cum-stockiest of Hindustan Unilever Ltd's (HUL's; rated
'CRISIL AAA/Stable') products in Kolkata (West Bengal [WB]) since
August 2009. It has around 100 clients, including shops, retail
chains, and malls in Kolkata. Walson & Co also supplies to around 10
customers in Haldia, Siliguri, and Durgapur (all in WB) on receipt of
bulk orders.


YESHASHVI STEELS: CRISIL Ups Rating on INR75.7MM Term Loan to B
---------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities of
Yeshashvi Steels & Alloys Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B-/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            27         CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term      5.8       CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Rupee Term Loan        75.7       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that YSAPL will maintain
its improved liquidity over the medium term, backed by improvement in
cash accruals, due to its improved profitability. The improvement in
cash accruals has led to improvement in YSAPL's debt protection
metrics. The rating upgrade also factors in CRISIL's belief that
YSAPL's liquidity will be ably supported by its low incremental
working capital requirements and absence of any debt-funded capital
expenditure plans over the medium term.

The rating reflects YSAPL's below-average financial risk profile,
marked by its modest net worth, weak capital structure and subdued
debt protection metrics, and its large working capital requirements.
These rating weaknesses are partially offset by the extensive
experience of YSAPL's promoters in the sponge iron and steel industry.

Outlook: Stable

CRISIL believes that YSAPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case YSAPL reports
higher-than-expected cash accruals, or there is significant capital
infusion, thus correcting its capital structure, subsequently
improving its financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of deterioration of its financial risk
profile, particularly its liquidity, driven by lower-than-expected
cash accruals, or further elongation in its working capital cycle.
YSAPL based in Bellary (Karnataka) was established in 2007 by a team
of technocrats. It is engaged in manufacturing and sale of sponge
iron. YSAPL also sells small quantity of char dust, which is a
by-product of sponge iron manufacturing process.



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


BERAU COAL: S&P Lowers CCR to 'B' on Thin Prospective Cash Flows
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Indonesia-based coal mining
company PT Berau Coal Energy Tbk. (Berau Energy) to 'B' from
'BB-'.  The outlook is negative.  At the same time, S&P lowered its
long-term ASEAN regional scale rating on the company to 'axB+' from
'axBB'.  S&P also lowered its long-term issue rating on the company's
senior notes to 'B' from 'BB-'.  S&P removed all the ratings from
CreditWatch, where they were placed with negative implications on June
24, 2014.

"We lowered the ratings because we expect Berau Energy's cash flow
adequacy ratios to be materially weaker than we anticipated through
2015 following a sharp correction in coal prices over the past three
months," said Standard & Poor's credit analyst Xavier Jean. "In
addition, Berau Energy's failure to refinance its bonds maturing July
2015 and the lack of a firm timeline to complete the refinancing will
heighten refinancing risk over the next 12 months."

S&P estimates that Berau Energy's ratio of debt to EBITDA will
increase to close to 5.5x in 2014 and to up to 8.0x in 2015 following
a near 10% decline in coal prices over the past three months and a
near 25% fall since the beginning of the year.  S&P had expected the
ratio to be less than 5.0x in its base case for 2014.  S&P also
projects the ratio of funds from operations (FFO) to debt to be 2%-5%
in 2014 and turn negative in 2015.  S&P is therefore lowering its
assessment of the company's financial risk profile to "highly
leveraged" from "aggressive."

"We expect Berau Energy's cost reduction measures earlier this month
to reduce its full-year cash costs by about US$2 per ton. The company
announced lowered contractor rates at its large Lati mine, retroactive
from Jan. 2014, and we expect the full-year stripping ratios (the
ratio of soil removed to obtain a ton of mineral) to be lower in 2014
than in 2013.  These measures could limit the fall in EBITDA to US$155
million-US$170 million in 2014 compared with US$281 million in 2013,
despite weakening average selling prices.  That said, we believe most
of the EBITDA decline will take place in 2015 because of a typical lag
between a decline in Newcastle benchmark prices and the average
selling prices for Indonesian coal companies.  We forecast Berau
Energy's EBITDA to be US$100 million-US$110 million in 2015.  We also
believe the company has limited options to materially reduce costs
further in 2015, leading to our base-case forecast of gross profit per
ton before depreciation and amortization of about US$9," S&P said.

"Refinancing risk has increased for Berau Energy, in our view, and
will remain high until the company refinances its US$450 million in
senior secured notes due in July 2015.  We estimate that Berau
Energy's liquidity sources will be insufficient to meet its liquidity
needs over the next 12 months.  As a result, we are revising our
assessment of the company's liquidity to "less than adequate" from
"strong," as our criteria define the terms.  We expect the company's
sources of liquidity to be lower than its uses over the next 12
months, given the maturity of US$450 million in senior notes in July
2015," S&P added.

"We understand that Berau Energy is contemplating other funding
options to refinance the maturing notes, including bonds, bank loans,
or partial repayment with cash balances.  Nevertheless, the company
has not yet provided us with details on its refinancing strategy or a
precise timeframe under which the refinancing would be completed.  We
also believe that coal prices will remain weak over the next 12
months, which, along with the lack of clarity on the financial
intentions of Mr. Samin Tan, a 47.4% shareholder in Berau Energy's
parent company Asia Resources Minerals PLC (ARMS), could make a
sizable refinancing more challenging and costly for Berau Energy," S&P
noted.

"The negative outlook on Berau Energy reflects the company's growing
refinancing risk over the next 12 months because of strained cash
flows and the lack of clarity on the financial intentions of its major
shareholder," said Mr. Jean.

S&P could lower the rating by one notch if Berau Energy fails to
refinance its US$450 million senior secured notes by the beginning of
2015.  A cash balance of less than US$200 million by the end of 2014,
excluding outflows for debt repayment, could also indicate weakened
liquidity.  S&P could also lower the rating if it expects the
company's FFO interest coverage to weaken below 1.0x within the next
12 months, with no prospects of recovery toward the end of 2015.

S&P could revise the outlook to stable if Berau Energy stabilizes its
liquidity by refinancing its maturing notes by the end of 2014.  The
outlook revision would also hinge on the company maintaining a
liquidity cushion of more than US$250 million and not engaging in
related-party transactions that could be credit negative.

S&P views an upgrade as unlikely at this stage, even if the company
refinances its notes.  An upgrade would hinge on a lasting improvement
in the company's cash flow.  S&P estimates that would require average
selling prices to increase to more than US$65 per ton and a gross
profit per ton to exceed US$20 on a sustainable basis.  S&P views
those levels as unlikely within the next 12-18 months in the light of
the weak demand and oversupply for coal.


KRAKATAU STEEL: To Cut 1,500 Outsource Jobs to Cut Costs
--------------------------------------------------------
Anggi M. Lubis at The Jakarta Post reports that Krakatau Steel
confirmed in an announcement published on the Indonesia Stock Exchange
(IDX) on September 26 that it had to lay off 1,500 of its outsourced
workers, to cut costs amid the company's continuous net losses.

According to the report, the state firm, in a statement made in
response to a report by Kompas, said that the global crisis had deeply
affected the company's operations -- with plunging steel demand, which
further led to oversupply and plummeting steel prices.

"This condition is reflected in our limited financial report that has
been submitted to the Financial Services Authority [OJK] and the IDX,"
the company said in the statement, The Jakarta Post relays.

The report relates that Krakatau said rising electricity base rates,
gas prices and minimum wage had put pressure on the company's
financial performance, forcing it to take efficiency measures in
various working sectors.

"One step we have to take is altering our operational pattern in the
iron and steel-making process. Doing so would reduce work volume in
areas previously handled by our company's vendors and thus they might
have to cut their workforce," the statement read, the Jakarta Post
relays.

Besides the layoffs of workers, Krakatau Steel will also carry out
organizational restructuring by cutting managerial posts, according to
the report.

The report adds that Krakatau said in the announcement that this route
had to be taken, considering the greater aspects for the company's
future operations.

It said it would remain open on this issue and would abide by the law,
the Jakarta Post relates.

According to the report, Krakatau Steel suffered from a net loss of
US$93.03 million during the first half of the year, down from a net
profit of US$9.93 million in the same period last year, due to a
decline in revenues and an increase in foreign-exchange (forex)
losses.

With such first-quarter results, it will be difficult for the company
to improve its financial performance this year after suffering losses
in 2012 and 2013, the Jakarta Post notes.

It posted net losses of US$13.9 million in 2012 and US$20.4 million in
2013, the Jakarta Post discloses.

Krakatau suffered an US$11.46 million forex loss in the first half of
this year, nearly three times the forex loss of
US$4.26 million it recorded in the same period last year, the report relays.

It also recorded a surging share in loss of associates to US$42.27
million in the January-June period this year, compared with US$2.98
million year-on-year, the Jakarta Post says.

The report adds that the company's newly opened Krakatau-Posco
integrated steel plant, which commenced production in December last
year, also caused the company significant losses ,which Krakatau said
was normal for a new plant that still required a learning curve.

Last year alone, Krakatau-Posco racked up US$11.49 million in losses,
the Jakarta Post adds.

PT Krakatau Steel Persero Tbk is a state-owned iron and steel producer.



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


DAIEI INC: Aeon to Buy Remaining Shares in Supermarket Chain
------------------------------------------------------------
The Japan Times reports that Aeon Co. said it will buy the remaining
shares in Daiei Inc. to make the struggling supermarket chain a wholly
owned subsidiary next year, as part of efforts to turn around the
company.

Aeon, Japan's biggest retailer and the biggest shareholder in Daiei,
possessing a 44.15% stake, aims to acquire the remainder by offering a
share swap early next year, the report says.

According to the report, Aeon said on September 24 that Daiei will be
delisted from the first section of the Tokyo Stock Exchange on Dec.
26.

Aeon agreed to pay JPY27.8 billion in stock for the rest of its
money-losing rival, Japan Times discloses.

The deal values Daiei shares at JPY125.35 each, based on Aeon's
agreement to pay 0.115 of its shares for each Daiei share, the report
notes.

For its part, Daiei said it expects to book a group net loss of
JPY17.5 billion for its current business year through next February,
revising downward an earlier forecast of JPY6 billion in loss, says
Japan Times.

Aeon established its equity relations with Daiei in 2007, in a deal
that also involved trading house Marubeni Corp. with a
4.99 percent interest, while Daiei revamped its operations, the report adds.

                         About Daiei Inc.

Headquartered in Kobe, Japan, Daiei Incorporated --
http://www.daiei.co.jp/-- operates about 3,000 stores through
its subsidiaries and franchisees.  Its retail businesses include
supermarkets, discount stores, department stores, and specialty
shops.  Other businesses include restaurants, hotels, and real
estate services.  Domestic sales make up more than 90% of its
revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.

Daiei has been rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s.  With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.



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


SEALORD GROUP: May Cut 97 Jobs at Nelson Wetfish Processing Plant
-----------------------------------------------------------------
Jonathan Underhill at BusinessDesk reports that Sealord Group said it
needs to downsize its Nelson wetfish processing plant and may
eliminate 97 jobs in the face of rising costs, flat prices and a
still-strong kiwi dollar.

"In its current form, the wetfish factory is not economically viable,
and we need to make improvements now to ensure Sealord's ability to
grow and invest in its operations in the future as we increase our
focus on fresh and chilled products," the company said in a statement,
BusinessDesk relays. "We have worked to propose a solution that, while
very difficult for those impacted, means that we could continue to run
a smaller wetfish operation focused on higher value products."

BusinessDesk relates that shedding 97 jobs would be equivalent to
cutting 13 percent of the company's permanent workers, said the
company, which is jointly owned by Maori tribal interests through
Aotearoa Fisheries and Japan's Nippon Suisan Kaisha. Its Maori and
Japanese shareholders remain committed to the company, it said.

According to the report, Service and Food Workers Union assistant
national secretary Neville Donaldson said the government and iwi
needed to do more to protect jobs in fish processing, after 200 jobs
were lost at Christchurch's Independent Fisheries in December.

Sealord reported a NZ$44.3 million loss in the 12 months ended Sept.
30, 2013, reflecting a NZ$46.9 million loss on the sale of its
Argentinian business, BusinessDesk discloses.  Revenue fell 6.1
percent in that year, the report says.

BusinessDesk relates that the company said it is "in stable financial shape."

"The business has moved past the losses of 2013 linked to the exit
from Argentina, and will pay a dividend to shareholders for 2014,"
Sealord, as cited by BusinessDesk, said.

Sealord Group is New Zealand's second-largest fishing company.



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


KUMHO ASIANA: Chairman Under Probe Over Alleged Embezzlement
------------------------------------------------------------
Yonhap News Agency reports that the head of the parent company of
South Korea's second-largest flag carrier Asiana Airlines Inc. is
under investigation over allegations of embezzlement, state
prosecutors said September 24.

The prosecutors said Park Sam-koo, chairman of Kumho Asiana Group, is
suspected of creating slush funds after embezzling large amounts of
cash by making profits from overstated business transactions between
the company's subsidiaries, according to Yonhap.

"We have obtained intelligence and are at the initial stages of
verifying it," a prosecution official said, asking that he not be
identified, Yonhap relays.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, citing The Korea Herald, 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.

                        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, Psyche A. Castillon, 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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