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

                      A S I A   P A C I F I C

           Wednesday, October 8, 2014, Vol. 17, No. 199


                            Headlines


A U S T R A L I A

ECOWORKZ AUSTRALIA: In Administration; First Meeting on Oct. 14
ENFINUM PTY: In Administration; First Meeting Set for Oct. 14
FORDHAM ENGINEERING: In Administration; First Meeting on Oct. 10
KILLARNEE CIVIL: May Have Been Insolvent Before Administration
LYLEAN PTY: In Administration; 1st Creditors Meeting Set Oct. 13

PRASAD HOLDINGS: In Administration; First Meeting Set Oct. 15


I N D I A

AGGARWAL INDUSTRIES: CRISIL Reaffirms B+ Rating on INR75MM Loan
AISHWARYA INFRA: CRISIL Cuts Rating on INR100MM Loan to 'B'
ANSALDO CALDAIE: CARE Revises Rating on INR10cr ST Bank Loan to C
CHANDAN SALT: CRISIL Reaffirms B+ Rating on INR11MM Term Loan
CHORUS AGRO: CRISIL Raises Rating on INR32.6MM Term Loan to 'B'

DEV BHOOMI: CRISIL Lowers Rating on INR150MM Cash Credit to 'D'
DIVYA IMPEX: CRISIL Reaffirms B Rating on INR120MM Cash Credit
GAJRA GEARS: CARE Revises Rating on INR20.96cr LT Bank Loan to B+
GAMMON INDIA: CARE Cuts Rating on INR949.05cr LT Bank Loan to 'D'
GIRDHARI LAL: CRISIL Ups Rating on INR112.2MM Term Loan to 'B'

GRANDWAY INC: CRISIL Assigns 'B' Rating to INR60MM Cash Credit
ISHWAR SOAP: CARE Assigns D Rating to INR8.41cr Long Term Loan
JAIN UDHAY: CRISIL Lowers Rating on INR268.9MM Loan to 'D'
JAS ORCHID: CRISIL Reaffirms 'D' Rating on INR255MM Term Loan
L. M. COTEX: CARE Reaffirms B Rating on INR13.79cr LT Bank Loan

LAJJYA STEELS: CRISIL Reaffirms B Rating on INR180MM Cash Loan
MGS INFRABUILD: CRISIL Assigns B+ Rating to INR75MM Funding Loan
NSL TIDONG: CARE Reaffirms B Rating on INR459cr LT Bank Loan
RCS STEEL: CRISIL Assigns 'D' Rating to INR70MM Term Loan
SALEM AUTOMECH: CRISIL Reaffirms B+ Rating on INR50M Credit Limit

SHANKER COTGIN: CRISIL Assigns B+ Rating to INR60MM Cash Credit
SILVER OAK: CRISIL Lowers Rating on INR120.8MM Term Loan to B-
SLO AUTOMOBILES: CRISIL Cuts Rating on INR55MM Cash Credit to D
SREE NARAYANA: CRISIL Assigns B- Rating to INR80MM Term Loan
SRI SHRIDEVI: CRISIL Reaffirms D Rating on INR660MM Term Loan

STANLUBES & SPECIALITIES: CARE Rates INR4.80cr Bank Loan at 'B+'
SUJALA PIPES: CARE Reaffirms D Rating on INR27.07cr ST Bank Loan
TAKSH INFRASTRUCTURE: CARE Reaffirms B Rating on INR9cr Bank Loan
TANGNU ROMAI: CARE Reaffirms B Rating on INR224cr Bank Loan
TERACOM LTD: CRISIL Reaffirms 'D' Rating on INR2.77BB Loan

TORRID MOTORS: CRISIL Assigns 'B+' Rating to INR50MM Cash Credit
UI PIPE: CRISIL Reaffirms 'D' Rating on INR70MM Term Loan
WINS INTERNATIONAL: CRISIL Reaffirms B Rating on INR50MM Loan


J A P A N

SKYMARK AIRLINES: Airbus Agrees to Cut Penalty on Failed Order


M A L A Y S I A

MALAYSIA AIRLINES: To Hire Foreign CEO For the First Time


N E W  Z E A L A N D

SOVEREIGN STATION: Grim Outlook for Unsec Creditors Confirmed


T A I W A N

BANK SINOPAC: Fitch Affirms 'BB+' Support Rating Floor
CTBC BANK: Fitch Affirms 'BB+' Support Rating Floor
TAISHIN INTERNATIONAL: Fitch Affirms 'BB+' Support Rating Floor


                            - - - - -


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


ECOWORKZ AUSTRALIA: In Administration; First Meeting on Oct. 14
---------------------------------------------------------------
Eloise Keating at SmartCompany reports that Ecoworkz Australia
has collapsed into administration.

Steven Gladman of Hall Chadwick was appointed as administrator of
Ecoworkz Australia on October 1, the report says.  The first
meeting of creditors is scheduled to be held in Sydney on
October 14, SmartCompany relays.

Edwin Narayan of Hall Chadwick told SmartCompany Ecoworkz
Australia is no longer trading, but it is unclear if other
entities connected to the company are still trading.

According to the report, Mr. Narayan said Hall Chadwick is yet to
receive Ecoworkz' accounts and so the administrators are unable to
comment on the company's turnover or the reasons for the collapse.

It is unclear when the company's financial troubles began, with
the Australian Securities and Investments Commission publishing a
notice on Dec. 17, 2013, that it proposed to deregister the
company under section 601AB of the Corporations Act, according to
SmartCompany.

The notice gave ASIC permission to deregister the company on
Feb. 17, 2014, or two months after the publication of the notice,
the report relates.

SmartCompany relates that the corporate watchdog said it will
generally seek to deregister a company under section 601AB if the
company has not paid its annual review fee for at least 12 months
or has not responded to a company compliance notice within six
months, has not lodged any other document in the last 18 months
and ASIC has no reason to believe it is carrying on business.

But Mr. Narayan said it appears that matter "was taken care of"
and the company was not deregistered as Hall Chadwick did not
encounter any concerns when filing its documentation in relation
to the company, the report adds.

New South Wales-based Ecoworkz produced cleaning and hygiene
products for the industrial and hospitality industries, as well as
a range of animal health products for the poultry and horse
breeding industries and commercial horticulture and home garden
products.


ENFINUM PTY: In Administration; First Meeting Set for Oct. 14
-------------------------------------------------------------
Maxwell Prentice -- maxp@bpsrecovery.com.au -- and David Sampson -
- davids@bpsrecovery.com.au -- of BPS Recovery were appointed as
administrators of Enfinum Pty Ltd on Oct. 1, 2014.

A first meeting of the creditors of the Company will be held at
BPS Recovery, Level 18, 201 Kent Street, in Sydney, on
Oct. 14, 2014, at 11:00 a.m.


FORDHAM ENGINEERING: In Administration; First Meeting on Oct. 10
----------------------------------------------------------------
Matthew Jess -- matthew.jess@worrells.net.au -- and Paul Burness -
- paul.burness@worrells.net.au -- of Worrells Solvency & Forensic
Accountants were appointed as administrators of Fordham
Engineering Pty Ltd on Sept. 30, 2014.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 12a, 45 William
Street, in Melbourne, on Oct. 10, 2014, at 10:30 a.m.


KILLARNEE CIVIL: May Have Been Insolvent Before Administration
--------------------------------------------------------------
Ben Hagemann at Ferret reports that a report by insolvency
specialists has showed that a recently collapsed contractor may
have been insolvent for 14 months before going into
administration.

In September, Killarnee Civil and Concrete Contractors suffered a
AUD22 million dollar collapse which has resulted in a possible
deal to sell the company's assets to fellow contractor Central
Systems.

The creditors report by Ferrier Hodgson said that Killarnee may
have been insolvent as early as June 2013, Ferret relates.

According to Ferret, Ferrier Hodgson has advised Killarnee's
creditors not to accept a deed of company arrangement proposed by
owner Paul Thompson, because it could not confirm a greater return
than liquidation.

Ferret says Killarnee claims to be owed AUD4.6 million by CB&I and
WHBO for work on the Gorgon and TAN Burrup projects.

The CB&I contracted works on Barrow Island included the
construction of two 180,000 cubic metre, full containment,
concrete, LNG tanks, each one 85 metres in diameter, and four
condensate tanks of 60 metres in diameter each.

Killarnee is also involved in a contract dispute with Downer EDI,
with each side having filed claims between AUD4 million and
AUD5.6 million against the other company, Ferret adds.

Killarnee was established in 1998 by Paul and Elma Thompson,
originally trading under the name Killarnee Formwork.  It was
involved in building key infrastructure at Chevron's Gorgon LNG
Project in Western Australia, under a AUD120 million contract.


LYLEAN PTY: In Administration; 1st Creditors Meeting Set Oct. 13
----------------------------------------------------------------
Gess Michael Rambaldi and David Raj Vasudevan of Pitcher Partners
were appointed as administrators of Lylean Pty Ltd, trading as
Select Meats Poultry and Game, Plenty Valley Fin and Feather and
Green Valley Farms, on Oct. 1, 2014.

A first meeting of the creditors of the Company will be held at
Pitcher Partners, Level 19, 15 William Street, in Melbourne,
Victoria, on Oct. 13, 2014, at 2:30 p.m.


PRASAD HOLDINGS: In Administration; First Meeting Set Oct. 15
-------------------------------------------------------------
Peter Amos -- peter@amosca.com.au -- of Amos Insolvency was
appointed as administrator of Prasad Holdings Pty Ltd on Oct. 3,
2014.

A first meeting of the creditors of the Company will be held at
25/ 185 Airds Road, in Leumeah, New South Wales on Oct. 15, 2014,
at 11:00 a.m.



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


AGGARWAL INDUSTRIES: CRISIL Reaffirms B+ Rating on INR75MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facility of Aggarwal Industries
continues to reflect AI's average financial risk profile marked by
high gearing and below-average debt protection metrics, and modest
scale of operations in the highly fragmented paper industry. These
rating weaknesses are partially offset by the extensive industry
experience of AI's promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            75        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm scales up
operations significantly while improving its profitability,
leading to substantial cash accruals and improvement in capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of decline in operating margin or large working capital
requirements or significant capital withdrawal by the promoters.

AI is a partnership firm formed by Mr. Suresh Jain and Ms. Sudesh
Jain. The firm, set up in 1977, trades in writing and printing
paper.


AISHWARYA INFRA: CRISIL Cuts Rating on INR100MM Loan to 'B'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Aishwarya Infrastructure & Developers to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility       100       CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in AID's liquidity on
account of stretch in its working capital cycle, especially its
receivables, as well as low cash accruals amid declining revenue.
The firm has witnessed large debtor build up over the past two
years and, contrary to the anticipated recovery in receivables
collection, AID's average debtors increased further to about
INR330 million as on March 31, 2014, from about INR250 million a
year ago. The sticky receivables have reduced the churn in working
capital, affecting the firm's turnover, which reduced to about
INR110 million in 2013-14 (refers to the financial year, April 1
to March 31) from about INR155 million a year ago. AID's ability
to realise the sticky debtors while improving revenue and
profitability will determine the rating direction over the medium
term. Furthermore, due to its perceived limited growth avenues in
the civil construction business, the firm has invested about
INR292 million in an associate company that is undertaking real
estate development projects in Bengaluru. The utilisation of its
capital to fund requirements in an associate concern constrains
AID's financial flexibility and liquidity.

The rating continues to reflect AID's small scale of operations in
the fragmented civil construction industry, geographical and
customer concentration in its revenue profile, and stretched
liquidity due to large working capital requirements. The rating
also reflects the firm's high exposure to its associate company
that is engaged in real estate development. These rating
weaknesses are partially offset by the benefits that the firm
derives from its proprietor's extensive experience in the civil
construction industry and its comfortable capital structure.

Outlook: Stable

CRISIL believes that AID will continue to benefit over the medium
term from the extensive experience of its proprietor in the civil
construction business. The outlook may be revised to 'Positive' in
case of significant ramp up in the scale of operations along with
efficient working capital management, especially its receivables.
Conversely, the outlook may be revised to 'Negative' if continued
subdued demand leads to further pressure on turnover and
profitability or if stickiness of receivables and further support
to associate concern lead to strain on liquidity.

Set up in 1986, AID is engaged in civil construction works
specialising in construction of roads, building, repairs, and
drainage works. The firm is a registered Class IA Contractor with
Public Works Department, Karnataka. It primarily undertakes
contracts for Bruhat Bengaluru Mahanagara Palike (BBMP).

AID reported on a provisional basis a profit after tax (PAT) of
INR7 million on net sales of INR111.9 million for 2013-14; the
firm reported a PAT of INR9.1 million on net sales of INR155.5
million for 2012-13.


ANSALDO CALDAIE: CARE Revises Rating on INR10cr ST Bank Loan to C
-----------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Ansaldo
Caldaie Boilers India Private Limited (ABIPL).

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    6.75       CARE C Revised from
                                           CARE C (SO)

   Short-term Bank Facilities  10.00       CARE C Revised from
                                           CARE C (SO)

   Long/Short-term Bank        30.00       CARE C/CARE A4 Revised
   Facilities                              from CARE C(SO)/
                                           CARE A4 (SO)

Rating Rationale

The ratings assigned to the bank facilities of ABIPL has been
reaffirmed on account of overdrawals in working capital related
fund-based bank limits, largely owing to month end interest. The
rating is further constrained due to deteriorating financial
profile of the company along with weak order book position and
erosion of net worth on account of cash losses incurred by ABIPL.

ABIPL's ability to scale up operations, improve profitability
margins, efficiently manage working capital cycle amidst
delays in recoveries from customers and timely servicing of debt
obligations are the key rating sensitivities.

ABIPL is a joint venture between Gammon India Limited (73%, (GIL,
rated CARE C/CARE D/CARE A4 for bank facilities and instruments)
and Ansaldo Caldaie SPA of Italy (26%). ABIPL is engaged in
manufacturing industrial boilers, power utility steam boilers and
Engineering, Procurement and Construction (EPC) related to power
utilities. Ansaldo Caldaie SPA of Italy is one of the largest
Italian boiler manufacturers and has over 150 years' experience in
steam generation and burners technology.


CHANDAN SALT: CRISIL Reaffirms B+ Rating on INR11MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Chandan Salt
Works Pvt Ltd continues to reflect CSWPL's weak financial risk
profile marked by high gearing, small net worth, and weak debt
protection measures. The rating also reflects the company's small
scale of operations in the highly fragmented salt industry and the
customer concentration in its revenue profile. These rating
weaknesses are partially offset by the extensive industry
experience of CSWPL's promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            9         CRISIL B+/Stable (Reaffirmed)
   Term Loan             11         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CSWPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationship with customers. The outlook may be
revised to 'Positive' if the company generates substantial cash
accruals or accretion to reserves, leading to increase in its net
worth, and consequently, improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of significant decline in CSWPL's cash accruals or
deterioration in its working capital management, weakening its
liquidity.

Update
In 2013-14 (refers to financial year, April 1 to March 31), CSWPL
registered flat revenue of INR55.2 million and operating margin of
around 8 per cent. The company is likely to register revenue of
about INR80-85 million for the year 2014-15 backed by installation
of machinery for increasing salt manufacturing capacity. Also, the
company is mechanising and reducing its labour cost to produce
more and better-quality salt at lower cost. Hence, its operating
margin is expected to improve to 10.5 per cent over the medium
term.

CSWPL's net worth was at INR7.9 million as on March 31, 2014, on
account of low accretion to reserves. Its adjusted gearing
(adjusted for unsecured loans of INR14.4 million) is high, around
3 times as on March 31, 2014, on account of increase in term debt
to fund capital expenditure. Also, its debt protection metrics are
weak, with interest coverage ratio at 2.9 times and net cash
accruals to total debt ratio at 0.13 times for 2013-14. CSWPL's
financial risk profile is expected to remain weak over the medium
term because of low accretion to reserves.

CSWPL's liquidity remains stretched as depicted by extremely low
net worth of the company of around INR7.9 million as on March 31,
2014. Its bank limits were utilized at an average of 70 per cent
over the 12 months through July 2014, however, it has to resort to
ad hoc limits from bank sometimes because of the liquidity
mismatch. The company is likely to generate cash accruals of
around INR5.0 million as against repayments of INR2.3 million,
over the medium term. The company receives support from promoters
by way of unsecured loans (at INR14.4 million as on March 31,
2014).The liquidity of the company is expected to remain stretched
over the medium term on account of low accruals.

For 2013-14, CSWPL reported profit after tax (PAT) of INR17
million on net sales of INR55.2 million, against PAT of INR16
million on net sales of INR57.8 million for 2012-13.

CSWPL was set up as a partnership concern in 1982 and was
reconstituted as a private limited company in 1995. It is promoter
by Mr. Shiv Kumar Khemka. The company is based in Bhavnagar
(Gujarat) and manufactures common salt for industrial uses. The
company has two directors on board, Mr. Shiv Kumar Khemka and his
son Mr. Prasann Khemka, who manage its operations. Mr. Shiv Kumar
Khemka has experience of over three decades in the salt business.
The Khemka family has mainly traded in salt since 1975 and entered
the manufacturing segment in 1995.


CHORUS AGRO: CRISIL Raises Rating on INR32.6MM Term Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Chorus
Agro Pvt Ltd to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL D/CRISIL
D'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           17.5        CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Letter of Credit      15          CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Term Loan             32.6        CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The ratings upgrade reflect CAPL's timeliness in servicing the
maturing debt on account of improvement in liquidity of the
company. Liquidity has improved because of increased scale of
operations resulting in higher cash accruals. CAPL's net sales in
2013-14 (refers to financial year, April 1 to March 31) are
estimated to have grown by 50 per cent year-on-year as it was able
to clean, parboil, and mill a higher volume of rice and meet the
continued demand from its customers. The company was able to sell
higher volumes of rice as its manufacturing capacity increased
because of completion of its capital expenditure (capex) programme
in early 2013. CRISIL believes that CAPL will sustain growth in
its revenue along with moderate operating margin resulting in
sufficient cash accruals to service debt of INR11 million in 2014-
15. CAPL's liquidity has improved due to the promoters' funding
support in the form of equity and unsecured loans as demonstrated
in the past. However, the timeliness of such support will be a key
rating sensitive factor.

CAPL has a modest scale of operations, exposure to intense market
competition, and an average financial risk profile. These rating
weaknesses are partially offset by funding support extended by its
promoters.

Outlook: Stable

CRISIL believes that CAPL will continue to benefit from the
funding support that it receives from its promoters. The outlook
may be revised to 'Positive' if there is substantial and sustained
improvement in the company's revenue and profitability margin from
the current levels or if there is improvement in its working
capital management. Conversely, the outlook may be revised to
'Negative' if there is a decline in the company's revenue or
profitability margin from the current levels or if there is
deterioration in its capital structure on account of larger-than-
expected working capital requirements or large debt-funded capex.

CAPL was set up in 2007-08 by Mr. Om Prakash Bajoria and Mr. Pawan
Kumar Kanoi. The company mills parboiled rice in Karnal, Haryana.
CAPL sells the rice under the Annapurna, Taj Mahal, Parivar, India
Gate, Butterfly, and Pari brands.


DEV BHOOMI: CRISIL Lowers Rating on INR150MM Cash Credit to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Dev Bhoomi Automobiles Pvt Ltd to 'CRISIL D' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            150        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects instances of DBAPL's cash credit
limits being overdrawn for more than 30 days consecutively in the
recent past; this was because of the company's weak liquidity,
driven by a slowdown in passenger car sales amid subdued market
demand and high inventory levels.

DBAPL also has a below-average financial risk profile marked by
high gearing, and its large working capital requirements. Besides,
the company is subject to geographical concentration risks.
However, DBAPL continues to benefit from its promoter's extensive
experience in the automobile dealership segment.

DBAPL was founded in 2005 by Mr. Amrish Kumar Oberoi. The company
was earlier operating an automobile dealership for HMIL (Hyundai
Motor India Ltd, in Dehradun (Uttarakhand).


DIVYA IMPEX: CRISIL Reaffirms B Rating on INR120MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Divya Impex
continues to reflect DI's weak financial risk profile, marked by
stretched liquidity and low interest coverage ratio on account of
its working-capital-intensive nature of operations. These rating
weaknesses are partially offset by the extensive experience of the
firm's proprietor in the scrap-trading industry, and the financial
support that it receives from him.

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

Outlook: Stable

CRISIL believes that DI will continue to benefit over the medium
term from the extensive industry experience of its proprietor.
CRISIL, however, also believes that the firm's financial risk
profile will remain constrained over this period by its working-
capital-intensive operations. The outlook may be revised to
'Positive' if DI's working capital management improves, leading to
better financial flexibility. Conversely, the outlook may be
revised to 'Negative' if the firm's financial risk profile
deteriorates significantly, most likely because of large
borrowings for capital expenditure or for meeting working capital
requirements.

Update
DI's performance in 2013-14 (refers to financial year, April 1 to
March 31) was in line with CRISIL's expectations, with sales of
INR965.2 million; the firm has booked sales of around INR330
million for the three months ended June 30, 2014. Its operating
margin continue to be volatile, and remained low at around 3.7 per
cent in 2013-14, mainly because of volatility in ferrous and non-
ferrous scrap prices.

DI's working capital requirements are high, driven by its
inventory requirements and credit period of 40 to 45 days extended
to customers. Its gross current assets are estimated at 139 days
as on March 31, 2014. The firm's financial risk profile remains
weak, with a weak interest coverage ratio, estimated at around
1.14 times for 2013-14. With high debt level and low operating
profitability, the interest coverage ratio is expected to remain
weak over the medium term.

DI's liquidity remains stretched, constrained by large working
capital requirements. Its bank limits were almost fully utilised,
and there have also been instances of over-utilisation and
availing of ad hoc limits. Although the firm's liquidity remains
supported by continual capital infusion and financial support in
the form of unsecured loans by its proprietor, CRISIL believes
that its liquidity will remain stretched over the medium term,
driven by its large working capital requirements.

DI was established by Mr. Pankaj Chenana in 2005 as a
proprietorship concern. The Ghaziabad (Uttar Pradesh)-based firm
trades in scrap, mainly machine parts. It also trades in scrap of
sick units.


GAJRA GEARS: CARE Revises Rating on INR20.96cr LT Bank Loan to B+
-----------------------------------------------------------------
CARE revises and reaffirms rating assigned to bank facilities of
Gajra Gears Private Limited.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long term Bank Facilities    20.96      CARE B+ Revised from
                                           CARE B-

   Short term Bank Facilities   25.25      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating of Gajra Gears Private
Limited is on account of an improvement in its capital
structure as on March 31, 2014.

The ratings, however, continue to be constrained on account of
high working capital intensity associated with its operations and
stretched debt coverage indicators apart from its presence in a
highly competitive and cyclical auto component industry.

The ratings continue to derive strength from the vast experience
of the promoters in the auto component industry and its long
standing relationship with key clientele.

The ability of GGPL to increase its scale of operations, improve
its profitability and capital structure while efficiently
managing working capital would be the key rating sensitivities.

GGPL, part of Gajra Group, was established in 1962 at Dewas
(Madhya Pradesh) for undertaking the business of manufacturing and
selling of transmission gears. GGPL has an installed capacity for
manufacturing 4210 Metric Tonnes Per Annum (MTPA) of different
types of gears through its CNC machines. The gears manufactured by
GGPL primarily find use in tractors and Commercial Vehicles
(mainly LCVs). Apart from catering to exports, GGPL also meets the
demand of OEMs and the replacement market in India.

The Gajra Group (comprising of GGPL, Gajra Differential Gears
Limited (GDGL), and Elve Corporation, a partnership firm)
was established in 1950 with the formation of Elve Corporation
primarily for trading in diesel engines and spares. Later on
in 1962, it moved on to manufacturing automobile transmission
gears by setting up GGPL. The group further added to its
capabilities by setting up GDGL in 1991.

Based on the audited results for FY14 (refers to the period
April 1 to March 31), GGPL has reported a total operating
income of INR148.07 crore with a net profit of INR0.85 crore as
against a total operating income of INR140.34 crore with a
net profit of INR2.95 crore in FY13. Furthermore, as per the
provisional results for Q1FY15, GGPL has achieved a total
operating income of INR36.55 crore with a PAT of INR 0.29 crore.


GAMMON INDIA: CARE Cuts Rating on INR949.05cr LT Bank Loan to 'D'
-----------------------------------------------------------------
CARE revises/reaffirms ratings assigned to bank facilities and
instruments of Gammon India Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     949.05     CARE D Revised from
                                            CARE C

   Long/Short-term Bank       10,355.00     CARE C/CARE A4
   Facilities                               Reaffirmed

   Non-Convertible Debentures    324.00     CARE D Revised from
                                            CARE C

Rating Rationale

The ratings assigned to the bank facilities and instrument of
Gammon India Limited have been revised owing to delays in
servicing of interest on non-convertible debentures and
overdrawals in fund-based limits. The liquidity position of the
company is constrained due to delays in recoveries from customers,
project execution delays resulting in holding of high inventory
thereby blocking working capital funds and cost-overruns which in
turn resulted to cash losses being incurred.

GIL's ability to improve profitability margins, efficiently manage
working capital cycle amidst delays in recoveries from customers
and timely servicing of debt obligations are the key rating
sensitivities.

Incorporated in 1922, GIL is the flagship company of the Gammon
group and offers services covering the whole gamut of the civil
and construction activities. GIL undertakes construction of roads,
bridges, flyovers, power plants, chimneys and cooling towers,
cross-country pipelines, structures for hydro-electric power
projects, buildings and factories. The company has also been
present in the infrastructure project development space since 2001
through GIL's subsidiary Gammon Infrastructure Projects Limited
(GIPL, 74.98% stake, rated CARE BBB+/ CARE A3+ for bank facilities
and instruments), which executes public private partnership based
projects in the road, port and power sectors through project-
specific special purpose vehicles.

The company has provided corporate guarantee to non-convertible
debentureholders of Metropolitan Infra Housing Private Limited
(subsidiary of GIL, rated CARE D for instruments)for repayment of
principal and interest, which is currently, revoked.

Credit Risk Assessment

Delays in servicing of debt obligations

The liquidity position of the company is constrained on account of
delays in recoveries from customers as reflected in increase in
collection period to 188 days as at the end of December 2013 as
compared to 149 days as at the end of March 2013. Moreover, the
working capital is blocked in inventory owing to delays in
execution of projects as reflected in inventory holding period of
153 days as at the end of December 2013 as compared to 136 days as
at the end of March 2013. Thus, the working capital cycle remains
elongated. On account of the above, there have been delays in
servicing of interest on non-convertible debentures as well term
loans and overdrawals in fund-based facilities.

Improvement in profitability albeit high interest costs and
negative cash accruals

The company reported negative operating margin in 9MFY14 owing to
cost overruns due to delays in projects and writing off of
irrecoverable advances to suppliers, sub-contractors, retention
money and debtors. Nevertheless, the operating margins have
improved during half year ended June 30, 2014 owing to decline in
material cost, sub-contracting charges and increase in other
income.


GIRDHARI LAL: CRISIL Ups Rating on INR112.2MM Term Loan to 'B'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Girdhari Lal Manohar Lal Glass Works No.-2 (GMGW) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           70        CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Term Loan            112.2      CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

The rating upgrade reflects GMGW's improved business risk profile
and liquidity, marked by healthy revenue growth, and improved
profitability and working capital management leading to more-than-
adequate cash accruals vis-a-vis repayment obligations and
continued support from partners in the form of equity and
unsecured loans. The improved business risk profile was on account
of change in business model as the firm converted its
manufacturing facility to glass bottles from drinking glasses,
which primarily find application in the liquor industry. GMGW, on
a provisional basis, reported net sales of INR360 million and an
operating margin of around 14 per cent in 2013-14 (refers to
financial year, April 1 to March 31); the firm reported net sales
and operating margin of INR50 million and 9.8 per cent,
respectively, in 2012-13. Improved scale of operations and
profitability has led to more-than-adequate cash accruals of INR27
million against repayment obligation of INR16 million in 2013-14
as compared to cash losses in 2012-13.

The rating reflects the extensive experience of GMGW's promoters
in the glass industry and the financial support that it receives
from them. These rating strengths are partially offset by GMGW's
working-capital-intensive operations and weak financial risk
profile, marked by high gearing and moderate debt protection
metrics.

Outlook: Stable

CRISIL believes that GMGW will continue to benefit over the medium
term from it promoters' extensive industry experience. The outlook
may be revised to 'Positive' in case the firm registers more-than-
expected increase in its revenue, with improvement in its
operating margin, thereby improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case GMGW
posts less-than expected revenue or profitability, resulting in
lower-than-expected cash accruals and deterioration in its
financial risk profile.

GMGW, based in Firozabad (Uttar Pradesh), was established in 1977
as a manufacturer of drinking glasses. With reconstitution in
GMGW's partnership in 2011, the firm's partners amended the scope
of its operations and set up a glass bottle manufacturing unit,
which commenced operations in January 2013. The firm is owned and
managed by Mr. Manish Bansal, Mr. Mohit Mohan Agarwal, Mr. Rohit
Agarwal, Mr. Pradeep Gupta, Mr. Deepak Gupta, and Mr. Sanjeev
Gupta.


GRANDWAY INC: CRISIL Assigns 'B' Rating to INR60MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Grandway Incorporated (GI).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            60         CRISIL B/Stable
   Packing Credit         20         CRISIL A4

The ratings reflect GI's modest scale and working capital
intensive operations, and highly leveraged capital structure,
constraining its financial risk profile. These rating weaknesses
are partially offset by its promoters' extensive experience in the
textile industry.

Outlook: Stable

CRISIL believes that GI will continue to benefit from its
partners' extensive experience in the textile industry. The
outlook may be revised to 'Positive' if the firm's revenue and
profitability improve significantly leading to higher cash
accruals and better liquidity. Conversely, the outlook may be
revised to 'Negative' if its revenue or profitability decline
considerably or its working capital management deteriorates
resulting in weak liquidity or the company undertakes any large
debt-funded capital expenditure programme, thus constraining its
financial risk profile.

GI was established as a partnership firm in 2006, by Mr. Ishpaul
Singh, Mr. Kanwardeep Singh and Mr. Pavneet Singh. It manufactures
and exports hosiery garments for men, and trades in knitted fabric
in the domestic market. It is based in Ludhiana, Punjab.

GI reported book profits of INR0.6 million on net sales of
INR119.7 million for 2012-13 (refers to financial year, April 1 to
March 31) as against book profits of INR0.5 million on net sales
of INR102.2 million for 2011-12. Its net sales for 2013-14 are
estimated at INR215.8 million.


ISHWAR SOAP: CARE Assigns D Rating to INR8.41cr Long Term Loan
--------------------------------------------------------------
CARE assigns 'CARE D' rating to bank facilities of Ishwar Soap
Limited (ISL).

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    8.41       CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of ISL is primarily
constrained on account of the instances of delay in debt servicing
due to its stretched liquidity position.

Establishing a clear track record of timely servicing of debt
obligations alongwith an improvement in the liquidity position
is the key rating sensitivity.

Godhra-based (Gujarat) ISL was established in 2004 as a
proprietorship concern by Mr Prakash Sundesha in the name of
Ishwar Soap Industries (ISI) and was subsequently converted to a
limited company in 2009. ISL is involved in the manufacturing oil
based washing soaps under the brand name 'Ujala' and also
undertakes trading of detergent based washing soaps and match
boxes. ISL bought 'Ujala' brand from Madhusudan Industries during
2006 and currently market its products under in three different
variants such as Ujala Superfine, Ujala Gold and Ujala King. ISL
has an installed capacity to produce 2000 metric tons (MT) of oil
based soaps per month. During FY14 (refers to the period April 1
to March 31), ISL derived 95% of its total income from the sale of
oil based soap while the rest was derived from trading activity.

During FY14 (provisional), ISL reported a net profit of INR0.55
crore on a Total Operating Income (TOI) of INR37.36 crore as
against a net profit of INR0.41 crore on a TOI of INR28.27 crore
in FY13.


JAIN UDHAY: CRISIL Lowers Rating on INR268.9MM Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jain Udhay Fabrics Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            105        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Letter of Credit        20        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Term Loan              268.9      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by JUFPL in
servicing its debt on account of weak liquidity, which, in turn,
is because of low cash accruals, large debt obligations, and delay
in funding support from the promoters.

JUFPL also has working-capital-intensive operations, low cash
accruals, weak financial risk profile, marked by high gearing and
weak debt protection metrics, and small scale of operations. The
company, however, benefits from the extensive experience of its
promoters in the textile industry.

JUFPL, incorporated in 1990, manufactures readymade garments under
its brand names Jus and Blue Mount. Its manufacturing unit is at
Doraha in Ludhiana (Punjab). The company is managed by its
promoters Mr. Sanjeev Jain and Mr. Naveen Jain.


JAS ORCHID: CRISIL Reaffirms 'D' Rating on INR255MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jas Orchid Resorts
Private Limited continue to reflect instances of delay by JAS in
servicing its term debt; the delays have been caused by the
company's weak liquidity because of its nascent stage of
operations.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Bank Guarantee         12          CRISIL D (Reaffirmed)

   Cash Credit            26          CRISIL D (Reaffirmed)

   Proposed Long Term     67          CRISIL D (Reaffirmed)
   Bank Loan Facility

   Rupee Term Loan       255          CRISIL D (Reaffirmed)

   Term Loan              80          CRISIL D (Reaffirmed)

JAS is also exposed to risks related to start-up nature of
operations and susceptibility to intense competition and
cyclicality in the hospitality industry. Furthermore, JAS also has
an average financial risk profile, marked by its weak debt
protection metrics. However, JAS benefits from the funding support
it receives from its promoters and its operations and maintenance
(O&M) contract with Intercontinental Hotel Group under the Holiday
Inn brand.

JAS was incorporated in 2004, promoted by Mr. Sanjeev Pinjha, Mr.
Jaspal Singh, and Mr. Jagdeep Singh, to set up a 5-star hotel at
Amritsar (Punjab). The hotel is expected to be fully operational
from December 2014. The company has an O&M agreement with
Intercontinental Hotel Group for management of its hotel under the
Holiday Inn brand.


L. M. COTEX: CARE Reaffirms B Rating on INR13.79cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of L.
M. Cotex Private Limited (LCPL).

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    13.79      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of LCPL continues to
remain constrained on account of its stretched liquidity
condition, leveraged capital structure and weak debt coverage
indicators as on March 31, 2014. The rating also continued to
remain constrained on account of its presence in a highly
competitive and fragmented industry along with limited value
addition and prices and supply for cotton being highly regulated
by the government.

The above constraints far offset the benefits derived from the
vast experience of the promoters in the cotton ginning business,
increase in total operating income and improvement in
profitability during FY14 (refers to the period April 1 to
March 31).

The ability of LCPL to improve its liquidity and solvency
position, increase its scale of operations with the improvement in
profitability is the key rating sensitivity.

Rayagada-based (Odisha) LCPL started its operations as a private
limited company in the year 2008. LCPL is promoted by three
directors namely Mr Harish Agarwal, Mr Nitin Agarwal and Mr Pawan
Agarwal and is engaged in the cotton ginning and pressing from
cotton seeds. LCPL has manufacturing plant at Gunupur, Odisha with
a total installed capacity of cotton bales of 350 cotton bales per
day as on March 31, 2014. Since 2008, the company was operating
from its leased manufacturing plant at Sillod (Madhya Pradesh),
however from June 2013; the company vacated the leased premises
and shifted its operations to a new unit at Gunupur, Odisha. The
commercial operations from its new facility began from November
2013.


LAJJYA STEELS: CRISIL Reaffirms B Rating on INR180MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Lajjya Steels Ltd
continues to reflect the company's below-average financial risk
profile, marked by a high total outside liabilities to tangible
net worth (TOLTNW) ratio and weak debt protection metrics along
with a modest scale of operations in the highly competitive steel
industry. The rating also factors in the company's working-
capital-intensive operations, and its susceptibility to volatility
in steel prices. These rating weaknesses are partially offset by
the promoters' extensive industry experience.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            180       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term       5       CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Standby Line of         15       CRISIL B/Stable (Reaffirmed)
   Credit

CRISIL had reaffirmed its 'CRISIL B/Stable' rating to the bank
facilities of Lajjya Steels Ltd on Aug. 8, 2014.

Outlook: Stable

CRISIL believes that LSL will continue to benefit over the medium
term from the extensive experience of its promoters in the steel
industry. The outlook may be revised to 'Positive' if the company
improves its capital structure either by equity infusion or
substantial cash accruals, backed by an improvement in the scale
of operations and working capital management. Conversely, the
outlook may be revised to 'Negative' if LSL's financial risk
profile deteriorates on account of further decline in its revenue
and profitability or in case of a significant debt-funded capital
expenditure, or if its liquidity weakens significantly on account
of an increase in its working capital requirements.

Update
LSL has achieved turnover of INR1.03 billion in 2013-14 (refers to
financial year, April 1 to March 31) which has increased from
INR898 million in 2012-13, and has remained marginally higher than
CRISIL's expectations because of an increase in demand from its
customers located in and around Ludhiana (Punjab). CRISIL believes
that LSL's scale of operations will increase gradually at around
10 per cent over the medium term.

LSL's operating margin has improved to 3.0 per cent for 2013-14,
increasing from 2.3 per cent in 2012-13. The operating
profitability has improved on account of increase in volume
leading to lower procurement cost per unit of metal traded.
However, CRISIL believes that the operating profitability will
remain at similar level over the medium term because of the
company's trading nature of operations.

LSL's financial risk profile has remained below average, marked by
a high TOLTNW ratio of around 3.96 times as on March 31, 2014 and
weak debt protection metrics, with interest coverage and net cash
accruals to total debt (NCATD) ratios of 1.2 times and 0.02 times,
respectively, for 2013-14. This has been on account of large
working capital requirements with gross current assets (GCA) of 90
days and low operating profitability. CRISIL believes that LSL's
financial risk profile will remain below average over the medium
term driven by a high TOLTNW ratio and weak debt protection
metrics.

LSL's operations have remained working capital intensive as
reflected in gross current assets (GCA) of 90 days as on
March 31, 2014 which have marginally reduced from 92 days as on
March 31, 2013. Large working capital requirement has been mainly
on account of higher credit extended to its customers, leading to
debtors of 67 days as on March 31, 2014, increasing from 50 days
as on March 31, 2013. Despite reduction in inventory level to 23
days as on March 31, 2014 from 38 days as on March 31, 2013, LSL's
dependence on bank borrowings has remained high on account of
limited trade credit support received from its suppliers reflected
in creditors of 4 days as on March 31, 2014. CRISIL believes that
LSL's working capital requirements will remain large over the
medium term.

LSL's net cash accruals are expected to remain sufficient at over
INR   3 million as against its term-debt obligations of around
INR2 million for 2014-15 and 2015-16. However, the bank limit
utilisation has remained at over 95 per cent over the 12 months
ended June 30, 2014, constraining the liquidity. CRISIL believes
that LSL's liquidity will remain stretched over the medium term
driven by large working capital requirements.

Incorporated in 2009, LSL trades in wire rods and engages in wire
drawing. The company has been a dealer of JSW Steel Ltd and
Rashtriya Ispat Nigam Ltd (rated 'CRISIL AA/Negative') for over
five years. It also trades in yarn at times, on a small scale. LSL
was promoted by the Soni family of Ludhiana which has over two
decades of experience in the steel industry.

LSL reported a net profit of INR1.88 million on net sales of
INR1.03 billion for 2013-14, as against a net profit of INR1.59
million on net sales of INR898 million for the previous year.


MGS INFRABUILD: CRISIL Assigns B+ Rating to INR75MM Funding Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of MGS Infrabuild Pvt Ltd.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Term Loan              19          CRISIL B+/Stable

   Proposed Fund-
   Based Bank Limits      24          CRISIL B+/Stable

   Inventory Funding      75          CRISIL B+/Stable
   Facility

   Bank Guarantee          2.5        CRISIL A4

   Cash Credit             3.5        CRISIL B+/Stable

The ratings reflect the company's nascent stage of operations,
marked by below-average financial risk profile. The ratings also
factor in the company's susceptibility to risk arising from
cyclicality in the automobile industry. Theses rating weaknesses
are partially offset by the company's tie-up with a reputed
automobile manufacturer in the passenger car segment.

Outlook: Stable

CRISIL believes that MGS will benefit from its dealership with a
reputed automobile manufacturer but remain exposed to the risk of
stabilisation of its business due to its nascent stage of
operations. The outlook may be revised to 'Positive' if the
company achieves higher-than-expected revenue and operating
profitability while efficiently maintaining its working capital
management, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected revenue and/or profitability or ineffective
working capital management leading to deterioration in its
financial risk profile.

MGS, based in Lucknow (Uttar Pradesh), is an automotive-dealer for
the passenger car segment of Honda Cars India Ltd and commenced
its operations from August, 2014. MGS's 7000 square feet showroom,
along with its service facility, is located at Rana Pratap Marg,
Lucknow.


NSL TIDONG: CARE Reaffirms B Rating on INR459cr LT Bank Loan
------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of NSL Tidong
Power Generation Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      459       CARE B Reaffirmed

Rating Rationale

The rating of NSL Tidong Power Generation Private Limited
continues to be constrained by the slow progress of the project
leading to significant time and cost overrun, delay in acquiring
land for transmission line due to pending clearance from the
Ministry of Environmental and Forestry (MoEF), geological and
hydrological risks associated with the project and funds yet to be
tied up for meeting the requirement of cost overrun. The rating,
however, is underpinned by the long track record of NSL Group,
experience of the holding company NSL Renewable Power Private
Limited (NRPPL) in implementing and managing renewable projects
and timely infusion of funds by the promoters. Ability of the
company to tie-up funds for cost overrun, secure long term power
purchase agreement (PPA) at relatively higher tariff and complete
the project within the revised cost and timeline are the key
rating sensitives.

NSL Tidong Power Generation Pvt. Ltd, a project SPV promoted by
Hyderabad-based NSL Group, which was incorporated on April 29,
2008 for setting up a 100 MW (2x50 MW) 'Run of the River' hydro
power plant over the Tidong river in Kinnaur district in the state
of Himachal Pradesh. NTPGL is a subsidiary of NRPPL, which is a
part of Hyderabad-based NSL group and is engaged in the business
of renewable power generation.

Project cost has been revised to INR1113.42 crore (increase of
INR457.09 crore). The increase in project cost is proposed to
be funded with equity of INR137.13 crore and debt of INR319.96
crore. As on August 18, 2014, NTGPL incurred a cost of Rs.445.54
(40% of the revised cost of the project of INR1113.42 crore) which
is funded with a debt of INR296.74 crore and equity of INR160.36
crore. The promoters had brought 47.92% of the total equity
commitment of INR334.63 crore. NTPGL revised the project
Commercial Operations Date (COD) to February 01, 2017 which was
initially envisaged to be Feb. 1, 2015.


RCS STEEL: CRISIL Assigns 'D' Rating to INR70MM Term Loan
---------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of RCS Steel & Auto Private Limited, and has assigned
its 'CRISIL D' rating to the company's bank facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             70        CRISIL D (Assigned;
                                   Suspension revoked)

CRISIL had earlier, on May 28, 2014, suspended the ratings as RCS
had not provided the necessary information required for a rating
review. The company has now shared the requisite information,
enabling CRISIL to assign a rating to the company's bank
facilities.

The rating is driven by instances of delay by RCS in meeting its
term debt obligations, because of weak liquidity, resulting from
start-up nature of operations and hence low capacity utilization
leading to lower cash accruals.

RCS also has a below-average financial risk profile, marked by its
high gearing and small scale of operations in the steel processing
segment. However, the company benefits from its promoters'
extensive experience in processing hot-rolled (HR) steel coils.

RCS was founded by Mr. Ramesh Chandra Sharma and his son, Mr.
Kunal Sharma, in 2010. The company is setting up a facility to
process HR steel coils which entails pickling, cutting and
slitting of HR coils; the unit will have a capacity of 0.25
million tonnes per annum (mtpa). The company began constructing
the unit in April 2011 and started commercial operations in
January 2013.


SALEM AUTOMECH: CRISIL Reaffirms B+ Rating on INR50M Credit Limit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Salem Automech (India)
Pvt Ltd continue to reflect SAIPL's modest scale of operations,
susceptibility to economic downturns, and below-average financial
risk profile marked by weak capital structure. These rating
weaknesses are partially offset by the extensive experience of
SAIPL's promoter in the steel fabrication and scrap trading
segments.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         3.4       CRISIL A4 (Reaffirmed)


   Drop Line Overdraft   40.0       CRISIL B+/Stable (Reaffirmed)
   Facility

   Long Term Loan         8.0       CRISIL B+/Stable (Reaffirmed)


   Overdraft Facility    23.6       CRISIL B+/Stable (Reaffirmed)

   Proposed Bank         10         CRISIL A4 (Reaffirmed)
   Guarantee

   Proposed Cash         50         CRISIL B+/Stable (Reaffirmed)
   Credit Limit

   Proposed Long Term    10         CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that SAIPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
financial risk profile, supported by increase in its scale of
operations and improvement in its profitability leading to
improvement in the company's capital structure. Conversely, the
outlook may be revised to 'Negative' if SAIPL registers lower than
expected revenue and profitability, resulting in deterioration of
its financial risk profile, or undertakes any larger-than-expected
debt-funded capital expenditure programme.

Update
SAIPL's operating income is estimated at INR159.9 million with an
estimated operating margin of 10.23 per cent for 2013-14 (refers
to financial year, April 1 to March 31), reflecting its small
scale of operations in an intensely competitive market. The firm's
cash accruals are estimated at INR8.8 million for 2013-14,
constrained by its small scale of operations and limited operating
profitability. CRISIL believes that SAIPL's business risk profile
will remain moderate over the medium term, driven by its
established relationship with customers and its promoter's
extensive industry experience.

SAIPL's financial risk profile remains below average, marked by
high gearing of 2.08 times and small net worth of INR34.1 million
estimated as on March 31, 2014. SAIPL's debt protection metrics
are moderate with interest coverage ratio estimated at 2.72 times
for 2013-14. CRISIL believes that SAIPL's financial risk profile
will remain below average over the medium term marked by small net
worth and low accretion to reserves

SAIPL's liquidity is moderate, marked by average bank limit
utilisation of around 85 per cent over the 12 months through July
2014. The company's operations remain working capital intensive,
as reflected in its high gross current assets of 202 days as on
March 31, 2014. However, SAIPL is likely to generate adequate cash
accruals of around INR7 million to meet its term loan obligations
over the medium term.

SAIPL, incorporated in 2003, is involved in fabrication of
structural steel components. It also trades in ferrous and
nonferrous scrap. The company is promoted by Mr. M V Sellamuthu.

SAIPL reported, on a provisional basis, a profit after tax (PAT)
of INR7.7 million on revenue of INR159.9 million for 2013-14,
against a PAT of INR4.2 million on revenue of INR97.3 million for
2012-13.


SHANKER COTGIN: CRISIL Assigns B+ Rating to INR60MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shanker Cotgin Industries.

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

   Proposed Cash         20          CRISIL B+/Stable
   Credit Limit

The rating reflects SCI's modest scale of operations in the
fragmented cotton industry, and the susceptibility of its
profitability to volatility in cotton prices. The rating also
factors in the firm's below-average financial risk profile, marked
by a modest net worth, high gearing, and sub-par debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of SCI's partners and their funding
support.

Outlook: Stable

CRISIL believes that SCI will continue to benefit over the medium
term from its partners' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' if the
firm generates significantly higher cash accruals or receives
substantial capital infusion, leading to a better capital
structure. Conversely, the outlook may be revised to 'Negative' if
SCI's financial risk profile, particularly its liquidity,
deteriorates, most likely because of low cash accruals, large
working capital requirements, or debt-funded capital expenditure.

SCI is a partnership firm established in 2005. It is engaged in
ginning and pressing of cotton and extraction of oil from cotton
seeds at its unit in Sirsa (Haryana) The firm is owned and managed
by Mr. Ved Prakash Gandhi and his family members.


SILVER OAK: CRISIL Lowers Rating on INR120.8MM Term Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Silver Oak Shops & Office Co-operative Housing Society Ltd to
'CRISIL B-/Stable' from 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             120.8       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in Silver Oak's
financial risk profile, marked by higher-than-expected gearing,
lower-than-expected debt protection metrics and stretched
liquidity position. In the year 2013-14, the gearing was higher-
than-expectation at around 2.35 times due to incremental debt
taken for new college Aditya Silver Oak Institute of Technology
(ASOIT) capex vs. lower-than-expected accretion to reserves. Over
the near to medium term, the gearing is expected to remain high at
around 2.0 times. Due to high-than-expected gearing and modest
networth at INR60.8 million as of March 2014; its financial
flexibility is estimated to be constrained. CRISIL believes that
Silver Oak's liquidity would remain stretched due to higher than
expected capex done in the past two years leading to high debt
levels of INR143 million as of March 2014 vs. modest accruals
thereby putting pressure on its debt protection metrics.

The ratings continue to reflect Silver Oak's limited track record
and below average financial risk profile marked by high gearing.
These rating weaknesses are offset by the promoters' funding
support and the healthy demand prospects.

Outlook: Stable

CRISIL believes that Silver Oak will continue to benefit over the
medium term from its promoters' funding support and the healthy
demand prospects for education in India. The outlook may be
revised to 'Positive' if the company's scale of operations and/or
profitability improves significantly, leading to improvement in
its capital structure. Conversely, the outlook may be revised to
'Negative' if there is significant decline in its cash accruals
leading to further deterioration in its debt protection metrics.

Silver Oak runs Silver Oak College of Engineering and Technology
(SOCET) and newly formed ASOIT in Ahmedabad (Gujarat). Silver Oak
was incorporated in 2006 and started SOCET in 2009. Subsequently
the company started new college called ASOIT in the company apart
from SOCET and the current year of 2014-15 would be the first year
of the operation for the same. This expansion is again along the
lines of the management's strategy to optimize the utilization of
its available resources. The colleges offer professional
programmes in engineering and technology in five different
specialisations. All the courses are approved by All India Council
of Technical Education and affiliated to Gujarat Technological
University.

For 2013-14 (refers to financial year, April 1 to March 31),
Silver Oak reported a profit after tax (PAT) of INR8.0 million on
sales of INR156.3 million, against a PAT of INR4.8 million on net
sales of INR105.5 million for 2012-13.


SLO AUTOMOBILES: CRISIL Cuts Rating on INR55MM Cash Credit to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
SLO Automobiles Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

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

   Cash Credit            55         CRISIL D (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects instances of SLO's cash credit
limits being overdrawn and the bank guarantee being invoked, for
more than 30 days consecutively in the recent past because of weak
liquidity. The company's liquidity deteriorated with the slowdown
in passenger car sales, and consequently high inventory.

SLO also has a weak financial risk profile, marked by its small
net worth, high gearing and below-average debt protection metrics.
The company's revenue profile is also susceptible to geographical
concentration risks. However, SLO continues to benefit from its
promoter's extensive experience in the automobile dealership
segment.

SLO was established in Dehradun (Uttarakhand) in 2009. The company
deals in passenger cars of Volkswagen Group Sales India Pvt Ltd
(Volkswagen; rated 'CRISIL AA-/Stable/CRISIL A1+'). SLO has a
showroom and a workshop of 5000 square feet (sq ft) and 14,000 sq
ft, respectively, in Dehradun.


SREE NARAYANA: CRISIL Assigns B- Rating to INR80MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long term
bank facilities of Sree Narayana Guru Trust (SNGT; part of the
Sree Narayana Guru Group).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Term Loan       20         CRISIL B-/Stable
   Term Loan                80         CRISIL B-/Stable

The ratings reflect the group's below-average financial risk
profile, marked by its highly leveraged capital structure and weak
debt protection metrics. The ratings also factor in the group's
modest scale of operations in the intensely competitive education
sector, and susceptibility to risks related to the stringent
regulatory environment. These rating weaknesses are partially
mitigated by the trustees' extensive experience in the education
sector and the benefits derived from the healthy demand prospects
in the education sector.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SNGT and Gurudeva Institute of Science
and Technology (GISAT), collectively referred to as the Sree
Narayana Guru group. Both the entities share the same management
and have financial fungibility.

Outlook: Stable

CRISIL believes that the Sree Narayana Guru Group will continue to
benefit over the medium term from the extensive experience of its
trustees in the education sector. The outlook may be revised to
'Positive' if the group significantly increases its scale of
operations, most likely by improving its occupancy levels or
increasing its course offerings leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the group's financial risk profile deteriorates with
sizeable debt-funded capital expenditure, or a steep decline in
its revenue and surplus.

Set up in 1998, the group runs an engineering college, namely, the
Gurudeva Institute of Science and Technology, in Kottayam, Kerala.
SNGT is constituted and managed by the Sree Narayana Dharma
Paripalana (SNDP) Kottayam Union.


SRI SHRIDEVI: CRISIL Reaffirms D Rating on INR660MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Shridevi
Charitable Trust (R.) continues to reflect instances of delay by
SSCT in servicing its debt; the delays have been caused by cash
flow mismatches due to the large debt-funded capital expenditure
programme undertaken by the trust over the past few years.

                       Amount
   Facilities         (INR Mln)        Ratings
   ----------         ---------        -------
   Cash Credit            40           CRISIL D (Reaffirmed)
   Term Loan             660           CRISIL D (Reaffirmed)

SSCT is also exposed to regulatory risks associated with the
education sector and to intense competition from other educational
institutes in its region of operations. However, the trust
benefits from its promoters' extensive experience in the education
sector and its diversified course offerings.

SSCT, established in 1992, provides education from the primary
school level to the engineering degree level; it also has a
medical college which became operational in 2013-14 (refers to
financial year, April 1 to March 31). The trust's day-to-day
operations are managed by its managing trustee, Dr. M. R.
Hulinaykar.

SSCT is estimated to report a surplus of INR26.8 million on a net
income of INR263 million for 2013-14; it had reported a surplus of
INR30.2 million on a net income of INR189 million for 2012-13.


STANLUBES & SPECIALITIES: CARE Rates INR4.80cr Bank Loan at 'B+'
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Stanlubes & Specialities (India) Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4.80       CARE B+ Assigned
   Short-term Bank Facilities    1.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Stanlubes &
Specialities (India) Private Limited is constrained by the
small scale of operations with low profitability margins, weak
debt protection metrics, raw material and foreign exchange
price fluctuation risk. The ratings are further constrained by
SSPL's presence in a highly competitive & fragmented industry.

The above constraints far outweigh the strength derived from long
& established track record of the company, the experience of the
management and its reputed client base.

The ability of SSPL to improve its overall scale of operations
with the financial risk profile and efficiently manage its
working capital cycle are the key rating sensitivities.

Incorporated in 1992, Stanlubes & Specialities (India) Private
Limited), is engaged in the business of manufacturing of
industrial greases & oils. The company's product range include
multiple purpose grease, wheel bearing grease, chassis grease,
hydraulic oil, machine oil, tool oils and others. The company
earns majority of the revenue from sale of grease and from the
domestic market and major raw material i e base oil is procured
from both, the international & domestic markets. SSPL majorly
undertakes contract manufacturing of greases for HPCL, IOCL (CARE
AAA) and other large oil & lubricant manufacturers. The company's
plant is located in Navi Mumbai and it has its registered office
in Mumbai.

As per FY14 results (refers to the period April 01 to March 31),
SSPL reported a total operating income of INR25.22 crore
(down by 21.29% vis-a-vis FY12 or FY13) and PAT of INR0.12 crore
(down by 49.07% vis-a-vis FY13). During FY14, SSPL
achieved total revenue of INR9.20 crore till September 17, 2014.


SUJALA PIPES: CARE Reaffirms D Rating on INR27.07cr ST Bank Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sujala Pipes Private Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    20.18      CARE D Re-affirmed
   Short-term Bank Facilities   27.07      CARE D Re-affirmed

Rating Rationale

The ratings continue to remain constrained by the stretched
liquidity position resulting in delays in debt servicing.

Sujala Pipes Private Limited, belonging to the Nandi group of
Kurnool, Andhra Pradesh (A.P.), was incorporated in 1982 as a
partnership concern and was reconstituted as a Private Limited
Company in February 1988. SPPL is engaged in the manufacturing of
Polyvinyl Chloride (PVC) rigid pipes & fittings (having installed
capacity of 32,000 MTPA) used in irrigation projects, water
management, sewerage & drainage industry etc.

During FY14 (Provisional, refers to the period April 1 to
March 31), SPPL posted a PBILDT of INR11.41 crore (INR14.65 crore
in FY13) and a PAT (after deferred tax) of INR1.29 crore (INR3.33
crore in FY13) on a total operating income of INR216.07 crore
(INR185.37 crore in FY13).


TAKSH INFRASTRUCTURE: CARE Reaffirms B Rating on INR9cr Bank Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Taksh Infrastructure LLP.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.00      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Taksh Infrastructure
LLP continues to remain constrained by high project saleability
risk in light of low booking status and current subdued scenario
of the highly fragmented real estate sector.

The rating continues to derive strength from the experienced
promoters and well-established track record of operations
of Taksh's group in the real estate business. The rating also
factors in the moderate project execution risk due to reduced
dependence on external funding.

TILLP's ability to successfully complete its on-going real estate
project within the envisaged cost and time parameters
along with the timely receipt of proceeds from the customers
remain the key rating sensitivities

TILLP is a Limited Liability Partnership firm incorporated on
January 22, 2013 in Vadodara. The firm was originally constituted
as a private limited company on February 13, 2007 and was later
converted into a LLP. TILLP is promoted by Taksh Group of
Vadodara, founded by Mr Girish Shah, Mr Girish Chandra Patel, Mr
Samir Amin and Mr Chintan Shah. The firm is engaged in the real
estate development business and is currently developing a
commercial property named 'Taksh Galaxy" comprising of
showrooms/shops and offices with saleable built-up area of 163,945
sq.ft. on a plot of land admeasuring 65,724 sq.ft. Taksh Galaxy
proposes to comprise basement, ground floor and four floors. Total
111 units including shops (51) and offices (60) are planned to be
developed in the said project.

Till Sept. 15, 2014, 52% cost of the project i e INR15.79 crore is
incurred.


TANGNU ROMAI: CARE Reaffirms B Rating on INR224cr Bank Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Tangnu Romai Power Generation Private Limited.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities     224       CARE B Re-affirmed

Rating Rationale

The rating continues to remain constrained by the location of the
project in a seismic zone four, exposure to geological &
hydrological risks associated with hydro power projects, project
progress behind schedule with significant time and cost
overrun and funds yet to be tied up for financing the cost
overrun. The rating is, however, underpinned by the strong
promoter group, presence of requisite statutory clearances and
off-take agreement for both the proposed two units. The ability of
the company to tie-up funds for the increased project cost and
successfully complete the project within the revised cost and time
schedule are the key rating sensitivities.

Tangnu Romai Power Generation Private Ltd, incorporated on
Jan. 20, 2005, is setting up a 50 MW (44 MW, referred as TR I and
6 MW, referred as TR II) 'Run of the river' hydel power plant in
Shimla district in the state of Himachal Pradesh. The project has
been awarded by the Government of Himachal Pradesh on Build, Own,
Operate and Transfer (BOOT) basis for a period of 40 years from
the scheduled commercial operations date (COD).

The aggregate project cost has been revised to INR603.2 crore from
INR320 crore which is proposed to be financed at a debt-equity of
1.86:1 (term loan from banks INR392.09 crore and balance equity
contribution from the promoters). The company has incurred
INR221.4 crore as on July 31, 2014. The commercial operation date
(COD) has been revised to April 01, 2017 (from November 2015) for
TR I and December 01, 2014 (from November 2013) for TR II.

The company has been promoted by PCP International Ltd (PIL) and
the Hyderabad-based NSL Group with NSL group holding 49% equity
stake (through NSL Renewable Power P Ltd) and the balance to be
transferred by PCP after a period of three years from the
commissioning of the project.


TERACOM LTD: CRISIL Reaffirms 'D' Rating on INR2.77BB Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Teracom Ltd (Teracom;
part of the Teracom group) continue to reflect delays by the
Teracom group in meeting its debt obligations as per the corporate
debt restructuring scheme.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Bank Guarantee       2615.6        CRISIL D (Reaffirmed)
   Cash Credit          1406.3        CRISIL D (Reaffirmed)
   Letter of Credit     2778.1        CRISIL D (Reaffirmed)
   Long Term Loan        200.0        CRISIL D (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Teracom and its wholly owned
subsidiaries, Nextera Telecom Pvt Ltd and Scantec India Pvt Ltd.
The three companies are collectively referred to herein as the
Teracom group.

Teracom was incorporated in March 2002, and promoted by Mr. Mukesh
Arora and Mr. Rajeev Venkatraman. The company commenced operations
by manufacturing optical fibre cables. It diversified into the
telecommunication equipment sector in 2003, by assembling wireless
phones, mobile handsets, modems, and routers. The company has
technical and sourcing tie-ups with many foreign organisations,
such as Huawei Technologies Company Ltd (China) and Sojitz
Corporation (Japan). The assembling operations are carried out
under tenders awarded by telecommunication companies such as
Bharat Sanchar Nigam Ltd, Tata Communications Ltd, and Mahanagar
Telephone Nigam Ltd.

Teracom entered the power sector in 2006-07 (refers to financial
year, April 1 to March 31) with production of low-tension cables
at its Goa facility, and conductors at its Pantnagar (Uttarakhand)
facility, with a combined capacity of 67,000 core kilometres
(ckm). In 2009-10, the company also set up a 5000-ckm high-tension
cable facility in Goa, thereby diversifying its product portfolio.
Teracom also started executing telecommunication and power turnkey
projects in 2006-07.

Scantec is engaged in the power engineering, procurement, and
construction business. Nextera trades in communication equipment,
and procures almost all of its traded goods from Teracom.


TORRID MOTORS: CRISIL Assigns 'B+' Rating to INR50MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Torrid Motors.

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

The rating reflects Torrid's nascent stage of operations and
exposure to intense competition in automobile dealership industry.
These rating weaknesses are partially offset by the industry
experience of Torrid's promoter, and its moderate financial risk
profile, marked by moderate total outside liabilities to tangible
net worth ratio and average interest coverage ratio.

Outlook: Stable

CRISIL believes that Torrid will continue to benefit over the
medium term from its promoter's extensive experience and the
established position of Fiat India Ltd (Fiat) in the passenger
vehicles segment. The outlook may be revised to 'Positive' if
Torrid's volumes and operating margin improve substantially, or in
case of any significant equity infusion by the promoter, resulting
in improvement in its debt protection metrics and liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on the firm's financial risk profile, particularly its
liquidity, emanating from lower-than-expected cash accruals or any
large debt-funded capital expenditure.

Torrid, incorporated in September 2013, is the sole proprietorship
of Mr. Jitendra Pal Singh Chadha. The firm is an authorised dealer
of Fiat passenger vehicles, and has one showroom and workshop in
Mumbai (Maharashtra).

Torrid recorded, on a provisional basis, a net profit of INR1.57
million on an operating income of INR132.7 million for 2013-14
(refers to financial year, April 01 to March 31).


UI PIPE: CRISIL Reaffirms 'D' Rating on INR70MM Term Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of UI Pipe Fittings Pvt
Ltd continue to reflect instances of delay by UIPF in servicing
its debt; the delays have been caused by the firm's weak liquidity
resulting from its depressed cash accruals being inadequate to
meet its term debt obligations.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         2          CRISIL D (Reaffirmed)
   Cash Credit           53          CRISIL D (Reaffirmed)
   Letter of Credit       8          CRISIL D (Reaffirmed)
   Term Loan             70          CRISIL D (Reaffirmed)

UIPF has a below-average financial risk profile marked by its
small net worth, high gearing, and weak debt protection metrics,
and has large working capital requirements. However, the company
benefits from its promoters' extensive industry experience.

UIPF was set up by Mr. Srikanth Vellanki as a proprietorship firm
-- Ushasri Industries -- in 1997. The firm was reconstituted as a
private limited company with the current name in 2006. UIPF
manufactures pipe fittings, such as elbows, tees, reducers, caps,
and flanges.


WINS INTERNATIONAL: CRISIL Reaffirms B Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL ratings reflect Wins International's modest scale of
operations in the intensely competitive readymade garments
industry and its large working capital requirements. These rating
weaknesses are mitigated by the extensive experience of the
promoters in the readymade garments industry, and the firm's
moderate financial risk profile, marked by moderate capital
structure and comfortable debt protection metrics.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bill Discounting       20         CRISIL A4 (Reaffirmed)
   Packing Credit         20         CRISIL A4 (Reaffirmed)
   Proposed Long Term     50         CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan              10         CRISIL B/Stable (Reaffirmed)

CRISIL had assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of WI vide its rationale dated September 30, 2014.

Outlook: Stable

CRISIL believes that WI will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
scales up its operations while maintains its operating
profitability, or improves its working capital management, thereby
resulting in improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' if WI's financial risk profile
weakens owing to decline in its cash accruals or deterioration in
its working capital management, or significant withdrawals by the
promoters.

WI was founded in Tirupur (Tamil Nadu) in 1997. The firm
manufactures and exports readymade garments, mainly to Poland and
Spain. The managing partner, Mr. Palanisamy manages WI's daily
activities

WI reported a profit after tax (PAT) of INR0.4 million on an
operating income of INR71.8 million for 2012-13 (refers to
financial year, April 1 to March 31), as compared to a PAT of
INR0.3 million on an operating income of INR25.7 million for 2011-
12.



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


SKYMARK AIRLINES: Airbus Agrees to Cut Penalty on Failed Order
--------------------------------------------------------------
Shimpei Doi and Takashi Kamiguri at The Asahi Shimbun report that
European aircraft manufacturer Airbus agreed to slash the penalty
it imposed on Skymark Airlines Inc. for breaching a purchase
contract for A380 passenger planes, enabling the carrier to stay
in business.

The Asahi Shimbun relates that Japan's third largest airline
originally planned to buy six of the world's largest passenger
aircraft from Airbus for a JPY190 billion ($1.75 billion). But it
fell behind in up-front payments due to its worsening financial
situation, prompting Airbus to dissolve the contract in July, the
report notes.

The report relates that Airbus initially intended to demand a
penalty of JPY70 billion for defaulting on the agreement.

The decision to sharply drop the amount means Skymark can avoid
going bankrupt and continue doing business without merging with
another airline, The Asahi Shimbun says.

According to the report, sources said Skymark President Shinichi
Nishikubo visited France in late September to discuss the issue
with Airbus executives, and got them to agree to reduce the
penalty to around JPY20 billion.

The Airbus executives pledged to set the breakup fee below
JPY23 billion -- the same amount as Skymark paid in advance -- so
that "the penalty will not have a critical impact on Skymark's
operations," the sources, as cited by The Asahi Shimbun, said.

Another factor behind the change in the manufacturer's attitude is
that Airbus has found a new buyer of the two A380 aircraft that
had been partly assembled for the low-cost carrier, the report
notes.

The Asahi Shimbun adds that the two companies are currently in the
final stages of negotiations to decide the figure -- between JPY20
billion and JPY23 billion -- by the end of October.

Skymark is expected to post an extraordinary loss to pay the
JPY20 billion, equivalent to one-fourth of the carrier's annual
sales, for the half year ending in September, the report
discloses. The airline company will not need to secure additional
funds to pay the penalty, and will likely be able to continue
operations for the time being without resorting to special
measures, adds The Asahi Shimbun.

Skymark Airlines Inc. is a low-cost airline.


===============
M A L A Y S I A
===============


MALAYSIA AIRLINES: To Hire Foreign CEO For the First Time
---------------------------------------------------------
B.K. Sidhu at The Star Online reports that for the first time in
its history, Malaysia Airlines (MAS) will have a foreigner as its
chief executive officer, who will be given the mandate to chart
the restructuring of the company as well as see through its
results over the next five years.

In what is seen as a move to send a signal to the various
stakeholders that the Government is not leaving any stone unturned
in its efforts to put MAS on a proper footing amid keen
competition in the airline industry, it is learnt that Khazanah
Nasional Bhd, MAS' major shareholder, has given its tacit
agreement to the candidate, The Star says.

"The candidate is among three shortlisted. He is a person from the
airline industry . . . not somebody from outside the industry,"
the report quotes a source as saying.

"Apart from the CEO, MAS will also hire another five or six key
personnel who are knowledgeable in specific areas of the industry
to cut costs.

"For instance, in the area of engineering, which is a major cost
centre, a person will be hired to guide the committee on how to
rationalise cost without impacting services," the source said.

Last month, Khazanah unveiled a restructuring plan for MAS that
would see its assets being moved to a new company by mid-next
year, The Star recalls. The plan involved job cuts of 6,000 from
the present staff strength of 20,000, and would see MAS being
privatised by Khazanah, according to the report. It would involve
Khazanah pumping in MYR6 billion more into the ailing airline.

The Star notes that Khazanah managing director Tan Sri Azman
Mokhtar expected the restructuring of the airline to be carried
out over three years and for it to be listed beyond 2018.

The Star says the new CEO will take over from Ahmad Jauhari Yahya,
whose contract has been extended until September next year.

According to The Star, the restructuring of MAS is being
undertaken by a specially established committee that comprises
several board members.  Last week, MAS appointed Mohd Nadziruddin
Mohd Basri as the chief restructuring officer (CRO) in charge of
the Restructuring Management Office, the report discloses.

The report relates that the company said that as CRO, Mohd
Nadziruddin would report to the Board Restructuring Committee, a
sub-committee of the main board of MAS.

One of the reasons attributed to the previous failed restructuring
of MAS was that a non-airline person had been put in charge to
drive operations, according to the report.

"Now the committee in charge of the restructuring is making sure
every key post is handled by a person from the industry. If there
is no expertise locally, then foreigners will be hired," The Star
quotes a source as saying.

The contract terms for the new appointments will be based on a
three-year period, with a two-year extension period, the report
relates.

"The first three years are to fix the problems and put the
structure in place. The subsequent two years are to make sure they
deliver the results for MAS.

"Previously, the appointed people gave solutions but were not held
accountable to see it through. Now, that is what the board wants,"
said a source, the report relays.

Among the top jobs that will see key personnel coming in are in
areas such as chief information officer (CIO) and a new person for
engineering, The Star adds.

                       *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
September 1 2014, The Associated Press said Malaysia Airlines will
cut 6,000 workers as part of a $1.9 billion overhaul announced on
August 29 to revive its damaged brand after being hit by double
passenger jet disasters.

Investigators continue to scour the southern Indian Ocean for
Malaysia Airlines Flight 370, which veered far off course while en
route from Kuala Lumpur to Beijing on March 8 with 239 people on
board, said the report.  In July, 298 people were killed
when Flight 17 was blasted out of the sky as it flew over an area
of eastern Ukraine controlled by pro-Russian separatists.

These tragedies have scarred the airline's brand, once associated
with high-quality service, AP added.

Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.

Last year, Malaysia Airlines reported a net loss of MYR1.17
billion ($359 million), its third consecutive year of
net losses, according to The Wall Street Journal. In the three
months that ended June 30, its net loss widened to MYR307 million
from MYR176 million in the year-earlier period, the Journal
disclosed.



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


SOVEREIGN STATION: Grim Outlook for Unsec Creditors Confirmed
-------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that the grim
outlook for suppliers of a swamp kauri company that drained
protected wetland in Northland's "black gold rush" has been
confirmed by receivers.

The Herald says the company, Sovereign Station Trustee, owns a
940ha Northland property in a wetland known as the Kaimaumau
swamp, about 30km north of Kaitaia. The firm was set up in 2010
when it purchased the land for the purpose of extracting swamp
kauri for export to China.

A related company was set up to be the trading entity to extract
this "black gold" but both have failed after Sovereign Station
became embroiled in litigation with the Northland Regional
Council, which saw it fined NZ$50,000 for breaching the Resource
Management Act, the Herald relates.

And upon defaulting to secured and unsecured creditors, both
companies were put into liquidation and receivership, says the
Herald.

According to the Herald, Sovereign Station's liquidator issued a
report in August showing the company had debts of NZZ$5 million.
The report said it was unlikely unsecured creditors -- like
suppliers who are collectively owed NZ$2.9 million -- would get a
dividend.

The firm's receivers, Brendon Gibson and Grant Graham of
KordaMentha, are equally pessimistic about a return for these
creditors in a report out last week, the Herald relates.

"It is currently too early in the receivership to determine what
funds will be available for distribution, however it is unlikely
that there will be any funds available to unsecured creditors,"
the report, as cited by the Herald, said.

Westpac, which appointed the receivers, are at the head of the
payout queue and are owed NZ$2.88 million either directly or
through guarantees, the Herald notes.

There are also two subsequent-ranked mortgagees, the receivers'
report said, the Herald relays.

According to the Herald, Messrs. Gibson and Graham are in the
process of a mortgagee sale of the Far North property, which the
firm's liquidator in August said only had a book of
NZ$1.89 million.



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


BANK SINOPAC: Fitch Affirms 'BB+' Support Rating Floor
------------------------------------------------------
Fitch Ratings has affirmed Taiwan-based Bank SinoPac's (BSP) and
its parent SinoPac Financial Holdings' (SPH) Issuer Default Rating
(IDR) at 'BBB', both with Stable Outlook.

Key Rating Drivers - IDR, National Ratings and Viability Rating
(VR)

The affirmation of BSP's IDR and Viability Rating (VR), as well as
the Stable Outlook, reflects its strengthened loan loss reserves
and sound balance sheet that provide adequate buffer for its
rising risk appetite in China. China exposures are currently
moderate at around 15%-20% of total assets - predominantly
comprising of low-risk trade finance to Taiwanese corporates'
operations in China and creditworthy Chinese-bank risk. Fitch
expects the bank's China risk appetite to continue to rise and
increasingly become an important rating consideration as it
gradually diversifies into indigenous Chinese borrowers through
its onshore subsidiary.

Taiwan's Financial Supervisory Commission suspended BSP from
selling currency derivatives - Target Redemption Forwards - for a
year until mid-2015 on misselling. While the sanction will not
materially affect the bank's earnings performance, it highlights
the bank's weakness in operational risk framework and may
constrain its rating.

The affirmation of the IDR and VR of SPH is in line with the
rating action on its principal banking subsidiary, BSP. SPH is
rated the same as the anchor rating of BSP, reflecting their high
level of integration and the modest leverage at SPH.

Rating Sensitivities - IDR, National Ratings and VR

A rating upgrade may occur if BSP's earnings prove to be
sustainably robust without significantly raising its risk
appetite, including in relation to China. A weakened risk profile
and capitalisation arising from aggressive growth into China may
lead to a rating downgrade. The ratings of SPH are mostly driven
by the credit profile of its principal operating subsidiary, BSP.

Rating Drivers And Sensitivities - Support Rating And Support
Rating Floor

BSP's Support Rating (SR) of '3' and Support Rating Floor (SRF) at
'BB+' reflect its moderate systemic importance and a moderate
probability of state support, if needed. The SR and SRF are
sensitive to any change in assumptions around the propensity or
ability of the Taiwan government to provide timely support to
these banks. This would most likely be manifested in a change to
Taiwan's sovereign rating (A+/Stable).

The rating actions are:

SinoPac Financial Holdings:
- Long-Term IDR: affirmed at 'BBB'; Outlook Stable
- Short-Term IDR: affirmed at 'F2'
- National Long-Term rating: affirmed at 'A+(twn)'; Outlook Stable
- National Short-Term rating: affirmed at 'F1+(twn)'
- Viability Rating: affirmed at 'bbb'

Bank SinoPac:
- Long-Term IDR: affirmed at 'BBB'; Outlook Stable
- Short-Term IDR: affirmed at 'F2'
- National Long-Term rating: affirmed at 'A+(twn)'; Outlook Stable
- National Short-Term rating: affirmed at 'F1+(twn)'
- Viability Rating: affirmed at 'bbb'
- Support Rating: affirmed at '3'
- Support Rating Floor: affirmed at 'BB+'


CTBC BANK: Fitch Affirms 'BB+' Support Rating Floor
---------------------------------------------------
Fitch Ratings has affirmed all the ratings for Taiwan-based CTBC
Financial Holding Co., Ltd. (CTBC Holding) and its subsidiaries,
including CTBC Bank Co., Ltd. (CTBC Bank), CTBC Life Insurance
Co., Ltd. (CTBC Life) and CTBC Securities Co., Ltd. (CTBC
Securities). The Outlooks on most of the ratings of these entities
are Negative.

The agency simultaneously removed the Rating Watch Negative (RWN)
that was placed on the ratings on 12 November 2013. The rating
actions follow Fitch's review of CTBC Group's credit profile with
the inclusion of Tokyo Star Bank (TSB), the acquisition of which
was completed in June 2014. A full list of rating actions is
provided at the end of this commentary.

Key Rating Drivers - IDRs, VR, IFS Rating, National Ratings And
Debt Ratings

The affirmation is based on Fitch's expectation that CTBC Bank's
profitability will remain in line with its peers' in Asia-Pacific
and core capitalisation, on an equal basis, will remain
satisfactory following the TSB acquisition. Meanwhile, TSB's asset
quality and risk management have tangibly improved over the past
five years, and Fitch expects that the negative impact from
including TSB on CTBC Bank on a consolidated basis will be modest.
The Negative Outlooks primarily reflect CTBC Bank's continuing
growth strategy in high-risk emerging markets, which could lead to
an excessive build-up of concentration risk and weaken its balance
sheet.

CTBC Bank's Issuer Default Ratings (IDRs), Viability Rating (VR)
and National Ratings, the anchor ratings for companies in the CTBC
group, reflect its strong and stable domestic banking franchise
and high quality of earnings, risk management and liquidity. They
also factor in its increased concentration to property markets due
to the inclusion of TSB.

CTBC Holding's ratings and outlooks are aligned with those of CTBC
Bank, based on the high level of integration between the two and
the modest leverage and good standalone liquidity at the parent.
The ratings and outlooks of CTBC Securities are aligned with CTBC
Holding's, reflecting its status as a core subsidiary of the
group, the obligatory support from the holding parent under
Taiwan's Financial Holding Company Act and the inseparability of
its risk profile from that of the group.

CTBC Life's Insurer Financial Strength (IFS) ratings take into
account the high possibility of capital/liquidity support from
CTBC Holding if needed. CTBC Holding's determination to penetrate
the life insurance market underpins its strong willingness to
provide financial support to its life insurance operations. CTBC
Holding injected TWD15bn of new capital in November 2013 and
TWD1.5bn in 2011 to support CTBC Life's business growth and
acquisitions. The life insurer's regulatory risk-based capital
ratio was 400%-450% at end-1H14 and would remain above 250% after
the acquisition of a stake in Chinese insurer ABC Life Insurance
Co., Ltd. (ABC Life). CTBC Life announced in August 2014 it would
acquire 19.99% of ABC Life for TWD8.36bn, subject to regulatory
approvals.

The ratings on the debt of CTBC Holding and CTBC Bank are also
affirmed because they are notched from the companies' Long-Term
IDRs, which are on par with CTBC Bank's VR, and National Long-Term
Ratings.

Rating Sensitivities - IDRs, VR, IFS Rating, National Ratings And
Debt Ratings

Fitch will likely take negative rating actions, albeit limited to
one-notch downgrades, on the group's IDRs, VRs, IFS Ratings and
National Ratings if CTBC Bank's capital buffers are not
commensurate with additional risk-taking as it expands in high-
risk emerging markets.

Fitch could revise the Outlooks to Stable if CTBC Bank
demonstrates discipline in regional growth and keeps its balance
sheet strength intact. Meanwhile, if TSB's asset quality and
earnings performance deteriorate unexpectedly and weigh on CTBC
Bank's consolidated credit profile, negative rating actions on the
group's ratings are likely.

Any rating action on CTBC Holding and CTBC Bank will trigger
similar moves on their debt ratings.

Rating Drivers And Sensitivities - Support Rating And Support
Rating Floor

CTBC Bank's Support Rating (SR) and Support Rating Floor (SRF) are
affirmed at '3' and 'BB+', respectively, reflecting the bank's
moderate systemic importance and moderate probability of state
support, if needed. The SR and SRF are sensitive to any change in
assumptions around the propensity or ability of the Taiwan
government to provide timely support to the bank. This would most
likely be manifested in a change to Taiwan's sovereign rating
(A+/Stable).

The list of rating actions is as follows:

CTBC Financial Holding Co., Ltd.:
- Long-Term IDR affirmed at 'A', removed from RWN; assigned
Negative Outlook
- Short-Term IDR affirmed at 'F1', removed from RWN
- National Long-Term Rating affirmed at 'AA+(twn)', removed from
RWN; assigned Negative Outlook
- National Short-Term Rating affirmed at 'F1+(twn)', removed from
RWN
- Viability Rating affirmed at 'a', removed from RWN
- Subordinated debt rating affirmed at 'A+(twn)', removed from RWN

CTBC Bank Co., Ltd.:
- Long-Term Foreign Currency IDR affirmed at 'A', removed from
RWN; assigned Negative Outlook
- Short-Term Foreign Currency IDR affirmed at 'F1', removed from
RWN
- National Long-Term Rating affirmed at 'AA+(twn)', removed from
RWN; assigned Negative Outlook
- National Short-Term Rating affirmed at 'F1+(twn)', removed from
RWN
- Viability Rating affirmed at 'a', removed from RWN
- Support Rating affirmed at '3'
- Support Rating Floor affirmed at 'BB+'
- Senior unsecured bonds' National Long-Term Rating affirmed at
'AA+(twn)'; removed from RWN
- Subordinated bonds' Long-Term Rating affirmed at 'A-' and
National Long-Term Rating affirmed at 'AA(twn)', removed from RWN
- Perpetual cumulative New Taiwan dollar subordinated bonds' Long-
Term Rating affirmed at 'BBB' and National Long-Term Rating
affirmed at 'A+(twn)', removed from RWN
- Perpetual cumulative US dollar subordinated bonds' Long-Term
Rating affirmed at 'BBB', removed from RWN
- Perpetual non-cumulative New Taiwan dollar subordinated bonds'
(Basel III additional tier 1 capital) National Long-Term Rating
affirmed at 'A(twn)', removed from RWN
- Subordinated bonds' (Basel III tier 2 capital) National Long-
Term Rating affirmed at 'AA-(twn)', removed from RWN

CTBC Life Insurance Co., Ltd.:
- Insurer Financial Strength (IFS) Rating affirmed at 'A', removed
from RWN; assigned Negative Outlook
- National IFS Rating affirmed at 'AA+(twn)', removed from RWN;
assigned Negative Outlook

CTBC Securities Co., Ltd.:
- Long-Term IDR affirmed at 'A', removed from RWN; assigned
Negative Outlook
- Short-Term IDR affirmed at 'F1', removed from RWN
- National Long-Term Rating affirmed at 'AA+(twn)', removed from
RWN; assigned Negative Outlook
- National Short-Term Rating affirmed at 'F1+(twn)', removed from
RWN


TAISHIN INTERNATIONAL: Fitch Affirms 'BB+' Support Rating Floor
---------------------------------------------------------------
Fitch Ratings has affirmed ratings of Taishin Financial Holding
Co., Ltd. (Taishin Financial) and its subsidiaries Taishin
International Bank (TIB) and Taishin Securities Co., Ltd. (TSS). A
full rating breakdown is provided at the end of this commentary.

Key Rating Drivers - Issuer Default Ratings (IDRs), National
Ratings and Viability Ratings (VRs)

The affirmation of Taishin Financial is in line with the rating
action on its principal banking subsidiary, TIB. Taishin Financial
is rated one-notch below TIB to reflect Fitch's view that Taishin
Financial may have a bigger appetite for leverage and its double
leverage ratio may increase depending on its growth and
acquisition strategy.

TIB's affirmation and Stable Outlook reflect its leading franchise
in consumer finance that helps generate robust earnings to sustain
adequate capitalisation on a consolidated group basis. Strong fee-
based income from wealth management, credit card and corporate
banking-related business also contribute to superior earnings
quality. TIB's capitalisation remains weaker than similarly rated
peers in the Asia-Pacific region and this will continue constrain
TIB's ratings.

The ratings of TSS are aligned with Taishin Financial's because it
is a core subsidiary of its parent, Taishin Financial is obligated
to provide it support if needed under the Taiwan's Financial
Holding Company Act and TSS's risk profile is inseparable from
that of Taishin Financial.

Rating Sensitivities - IDRs, National Ratings and VRs

The prospect of positive rating action is limited because of TIB's
modest capital buffer, especially considering its moderately
higher risk from its unsecured personal lending portfolio and
rising exposure towards less familiar offshore markets, in
particular China. Any rapid business expansion and/or increase in
risk appetite that weakens its capital and credit profile could
put pressure on its IDR and VR.

TIB's ratings also hinge upon Taishin Financial's ability to
maintain its current balance sheet strength to sufficiently
support TIB's growth and to withstand potential unexpected large
losses. Any aggressive investment (or acquisition) leading to
notable weakening of the group's consolidated financial strength
will pressure the group's ratings.

Any changes in TIB's ratings will have a similar level of change
on the ratings of Taishin Financial and TSS. Taishin Financial's
ratings will be aligned to those of TIB if it establishes a track
record of prudent use of leverage by maintaining its double
leverage ratio consistently on par with or below those of sector
peers.

Rating Drivers And Sensitivities - Support Rating (SR) and Support
Rating Floor (SRF)

TIB's SR and SRF reflect its moderate systemic importance and the
moderate probability of state support, if needed. The SR and SRF
are sensitive to any change in assumptions around the propensity
or ability of the Taiwan government to provide timely support to
the bank. This would most likely be manifested in a change to
Taiwan's sovereign rating (A+/Stable).

Rating Drivers And Sensitivities - Subordinated Debt

Taishin Financial's subordinated bonds are rated three notches
below its National Long-Term Rating to reflect the bonds' going-
concern loss-absorption mechanism. TIB's subordinated bonds are
rated one notch below its National Long-Term Rating to reflect
their subordinated status and the absence of going-concern loss-
absorption features. Any rating action on Taishin Financial and
TIB could trigger a similar move on their debt ratings.

These notching practices are in accordance with Fitch's criteria
on rating bank subordinated and hybrid securities.

A Credit Update on Taishin Financial, TIB and TSS will be
available shortly on www.fitchratings.com.

The rating actions are as follows:

Taishin Financial Holding Co., Ltd.:
- Long-Term IDR affirmed at 'BBB'; Outlook Stable
- Short-Term IDR affirmed at 'F3'
- National Long-Term Rating affirmed at 'A+(twn)'; Outlook Stable
- National Short-Term Rating affirmed at 'F1(twn)'
- Viability Rating affirmed at 'bbb'
- Subordinated debt rating affirmed at 'BBB+(twn)'

Taishin International Bank:
- Long-Term IDR affirmed at 'BBB+'; Outlook Stable
- Short-Term IDR affirmed at 'F2'
- National Long-Term Rating affirmed at 'AA-(twn)'; Outlook Stable
- National Short-Term Rating affirmed at 'F1+(twn)'
- Viability Rating affirmed at 'bbb+'
- Support Rating affirmed at '3'
- Support Rating Floor affirmed at 'BB+'
- Subordinated debt rating affirmed at 'A+(twn)'

Taishin Securities Co., Ltd.:
- Long-Term IDR affirmed at 'BBB'; Outlook Stable
- Short-Term IDR affirmed at 'F3'
- National Long-Term Rating affirmed at 'A+(twn)'; Outlook Stable
- National Short-Term Rating affirmed 'F1(twn)'


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***