---

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

                      A S I A   P A C I F I C

          Thursday, November 13, 2014, Vol. 17, No. 225


                            Headlines


A U S T R A L I A

ALINTA ENERGY: Moody's Revises B1 Sr. Sec. Rating Outlook to Pos.
BIS INDUSTRIES: Moody's Assigns B2 Corporate Family Rating
BRYAN BYRT: Auto Dealership Placed in Administration
MALLER HOLDINGS: In Administration; 1st Meeting Set For Nov. 20
MORNING STAR: First Creditors' Meeting Set For November 18

QUEANBEYAN BOWLING: Creditors Approve Deed Of Company Arrangement
SOUTHERN CROSS: First Creditors' Meeting Slated For November 20
TIMBERCORP LTD: ANZ Knew Firm Was Close to Collapse


C H I N A

LDK SOLAR: Cayman Court Sanctions Schemes of Arrangement
LDK SOLAR: U.S. Recognition Hearing Scheduled for Nov. 21


I N D I A

ABHIMANU ADVENTURE: CARE Assigns 'D' Rating to INR14.80cr LT Loan
ADVATECH CERA: CRISIL Reaffirms B+ Rating on INR123MM Bank Loan
AMRIT HUMIFRESH: CRISIL Reaffirms B+ Rating on INR198MM Term Loan
ARTHANARI CLOTHING: CRISIL Ups Rating on INR62.5MM Loan to 'B+'
BARAKA OVERSEAS: ICRA Suspends B+ Rating on INR16cr FB Loan

BHADRA ESTATES: ICRA Suspends C+ Rating on INR12.77cr Term Loan
BHARDWAJ AGRO: CARE Assigns B Rating to INR7.20cr LT Bank Loan
CHEEMA SPINTEX: ICRA Lowers Rating on INR48.7cr LT Loan to 'D'
DEVGAN SOLVEX: CRISIL Assigns B+ Rating to INR59MM Cash Credit
GOPSONS PAPERS: CRISIL Assigns B- Rating to INR430MM Bank Loan

GREAT INDIA: CRISIL Reaffirms B+ Rating on INR140MM Cash Credit
HEM RAJ: ICRA Reaffirms 'B' Rating on INR45cr Cash Credit
IFMR CAPITAL: ICRA Assigns 'B-(SO)' Rating to INR2.66cr PTC
JOSAN RICE: CRISIL Reaffirms B+ Rating on INR70MM Cash Credit
KARTHIK ALLOYS: CARE Revises Rating on INR12.0cr LT Loan to D

KINGFISHER AIR: Bourses to Suspend Firm's Stock From Trading
KOHINOOR ELITE: ICRA Reaffirms 'D' Rating on INR22cr Term Loan
MINAKSHI RURAL: ICRA Assigns B- Rating to INR5.10cr Cash Credit
MONARCH CERAMIC: CRISIL Assigns B Rating to INR117.5MM Term Loan
MSV LABORATORIES: CARE Reaffirms B Rating on INR9.52cr LT Loan

NANIBALA COLD: CRISIL Reaffirms B+ Rating on INR70MM Cash Credit
P.S. CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
PANAMA AGRITECH: CRISIL Ups Rating on INR106MM Term Loan to B-
PRIME LUMBERS: CARE Assigns C Rating to INR1.5cr LT Bank Loan
RAME ELECTROWIRE: CRISIL Cuts Rating on INR114.5M Cash Loan to B+

RAMPURIA STEEL: CRISIL Ups Rating on INR94.2MM Cash Credit to B+
SAVINO CERAMIC: CRISIL Reaffirms B Rating on INR65MM Term Loan
SHALIMAR WORKS: CRISIL Reaffirms C Rating on INR282.9MM Bank Loan
SLN RICE: ICRA Reaffirms 'B+' Rating on INR7cr CC
SRI RAM: ICRA Assigns 'B' Rating to INR6.20cr Long-Term Loan

SUPREME KNOWLEDGE: CRISIL Ups Rating on INR96MM Term Loan to 'B+'
SUSHILA INT'L: CRISIL Ups Rating on INR40MM Term Loan to B+
SUSHITEX INDUSTRIES: CRISIL Ups Rating on INR205M Term Loan to B+
UNITED WIRE: CRISIL Reaffirms B+ Rating on INR119.5MM Cash Credit
WOODMAN TRADING: CARE Assigns 'C' Rating to INR3cr LT Bank Loan

WOODMAN VENEERS: CARE Puts 'C' Rating to INR1.18cr Long Term Loan
ZEBA AGRO: ICRA Assigns B+ Rating to INR13.50cr Long Term Loan


I N D O N E S I A

BANK MUTIARA: Regulator Approves J Trust Purchase Bid


J A P A N

TOKYO ELECTRIC: To Seek JPY280BB in New Bank Loans For Next June


N E W  Z E A L A N D

MERCY RENOVATORS: Creditors Have Until Nov. 21 to File Claims


S I N G A P O R E

STATS CHIPPAC: S&P Puts 'BB+' LT CCR on CreditWatch Negative
VANGUARD ENERGY: Files For Bankruptcy in Singapore


                            - - - - -


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


ALINTA ENERGY: Moody's Revises B1 Sr. Sec. Rating Outlook to Pos.
-----------------------------------------------------------------
Moody's has revised the outlook on Alinta Energy Finance's (AEF)
B1 senior secured rating and Alinta Holdings Limited's (Alinta)
corporate family rating (CFR) to positive from stable. At the same
time the B1 ratings have been affirmed.

AEF is a fully owned subsidiary and funding vehicle for of Alinta
Holdings Limited.

Ratings Rationale

"The change in outlook to positive reflects the strengthening in
Alinta's credit profile, which has been underpinned by solid
operating performance and financial performance" says Spencer Ng,
a Moody's Vice President and Senior Analyst.

Alinta's operational performance has been improving over the past
1-2 years and which in turn is supporting a corresponding
strengthening in its financial profile. These improvements, which
were the result of management's focus on enhancing the operational
efficiency and flexibility of its key power stations, make Alinta
more capable of reducing its exposure to unplanned outages.

"We acknowledge the fundamental nature of these improvements and
how they could potentially underpin a sustainable strengthening in
Alinta's financial profile," Ng says, adding "We believe Alinta's
credit profile will benefit further if its assets could maintain
the solid operating performance over the coming months."

Moody's expect Alinta's financial position in the fiscal year
ending 30 June 2015 to be broadly n line with teh strong FY 14
performance, with further efficiency operating improvements likely
to be offset by the challenging operating encoronment in the East
Coast market. The availability of cheap gas associated with the
Queensland LNG projects will likely dampen both domestic gas and
electricity prices in the next 6 -- 12 months.

Alinta's B1 rating could be upgraded if the company can maintain
its solid operating performance over the summer peak demand period
and maintain its strong financial profile over the coming months.
On the other hand, the outlook could be revised back to stable
should there be a recurrence of operating challenges in the key
assets, resulting in FFO to Debt ratio falling below 12%.

The principal methodology used in this rating was Unregulated
Utilities and Unregulated Power Companies published in October
2014.

Alinta is an energy retailer based in Australia with a gas and
electricity retail presence in Western Australian and the national
electricity market. It has around 800,000 customers in total. It
is also the owner and operator of seven intermediate or peaking
power stations across the country and one power station in New
Zealand. Together, the company's generation fleet has a combined
generation capacity of around 2,500 MW.


BIS INDUSTRIES: Moody's Assigns B2 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has assigned a corporate family rating
(CFR) of B2 to Bis Industries Group Ltd (Bis), and has at the same
time withdrawn the CFR of the previous parent company --
Thornberry Holdings Pty Ltd -- following deregistration of the
company.

At the same time, Moody's has affirmed the Caa1 rating on the
five-year USD250 million senior unsecured PIK notes issued by
Artsonig Pty Limited. Artsonig is ultimately wholly owned by Bis.

Ratings Rationale

"Bis' B2 corporate family rating reflects its solid franchise and
market position as well as the low earnings and margin volatility
the company is exhibiting, notwithstanding the challenging
environment for mining services providers," says Saranga
Ranasinghe, a Moody's Analyst.

Bis' rating profile benefits from the unique nature of its fleet,
which is underpinned by large-sized earth moving equipment, and
which supports the miners' cost position. As such, the customer
contractual arrangements have enabled the company to generate less
volatile margins in the last few years.

At the same time, Bis' credit profile is constrained by its high
leverage. "We expect Bis' gross adjusted debt-to-EBITDA for FY2015
to be in the range of 4.7x-5.1x. While this levels remains
appropriate for its B2 rating, it leaves limited headroom against
the 5.25x-5.50x threshold set for the rating," adds Ranasinghe,
also the Lead Analyst for Bis.

While Bis benefits from long-term customer relationships, a strong
market position, competitive advantages offered by the dual power
road trains (DPRT) and a strong track record of contract renewals,
the company is not expected to be immune to the industry-wide
focus on costs. This may result in Bis having to be more
competitive to retain existing contracts and obtain new contracts
in a more subdued environment.

Bis has an adequate liquidity profile. Moody's expect the company
to generate cash flow from operations of around $125 to $150
million over the next 12 months, which will cover Moody's
expectations for capital expenditures over the same period.

The Caa1 rating assigned to Artsonig's senior unsecured PIK notes
reflects a materially inferior position in the group's capital
structure, and recognizes the large proportion of senior secured
debt outstanding at the operating company level.

Given the challenging market conditions, a ratings upgrade is
unlikely. However, positive rating pressure could emerge over time
if Bis successfully improves its earnings. Metrics that Moody's
will consider for a rating upgrade include debt-to-EBITDA
remaining comfortably below 5.0x on a consistent basis.

Downward rating pressure could emerge if a worse-than-expected
macro environment, operating underperformance, and/or competitive
pressure lead to a large number of Bis' contracts being terminated
or not renewed on similar terms, thus reducing its revenue and
cash flow generation.

Specifically, the rating will likely be downgraded if reduced
revenue and cash flow cause Bis' debt-to-EBITDA to exceed 5.25x-
5.50x, and/or EBITDA-to-interest to fall below 1.8x, on a
sustained basis.

The principal methodology used in these ratings was Global
Business & Consumer Service Industry Rating Methodology published
in October 2010.


BRYAN BYRT: Auto Dealership Placed in Administration
----------------------------------------------------
Andrew Sadauskas at SmartCompany reports that a leading Queensland
auto dealership, Bryan Byrt Volkswagen, has been placed in
administration, with staff advising customers it's business as
usual.

Andrew Fielding and Helen Newman of BDO were appointed as
administrators of the business last week, SmartCompany says.

SmartCompany relates that ASIC records show a number of companies
related to Bryan Byrt Volkswagen have been placed in
administration, including Bryan Byrt Volkswagen, Bryan Byrt
Holdings, Bryan Byrt Services, Bryan Byrt Automotive and BJC
Investments.

It follows the 2011 collapse of Brisbane car dealership Denmac
Ford in May 2011, with that administration blamed on the Brisbane
floods, despite the business turning over AUD104 million in the
2009-10 financial year, SmartCompany notes.

Bryan Byrt Volkswagen operated a sales, service and parts centre
in Capalaba, a sales centre in Mt Gravatt and a service centre in
Mansfield.


MALLER HOLDINGS: In Administration; 1st Meeting Set For Nov. 20
---------------------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of Maller Holdings Pty Ltd, formerly trading as
Sydney Horse Transport & Scone Horse Transport, on Nov. 7, 2014.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, on Nov. 20, 2014, at 10:00 a.m.


MORNING STAR: First Creditors' Meeting Set For November 18
----------------------------------------------------------
Sule Arnautovic and Glenn Anthony Crisp of Jirsch Sutherland were
appointed as administrators of Morning Star Gold N.L. on Nov. 9,
2014.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Level 4, 55 Hunter Street, in Sydney, on
Nov. 18, 2014, at 10:00 a.m.


QUEANBEYAN BOWLING: Creditors Approve Deed Of Company Arrangement
-----------------------------------------------------------------
Joshua Matic at The Queanbeyan Age reports that control of lawn
bowls and bar trading is set to be returned to the Queanbeyan
Bowling Club's board after the club's creditors voted in favour of
the administration's deed of company arrangement on
November 3.

The Queanbeyan Age relates that while voluntary administrators of
the club RSM Bird Cameron will still have control over the
management, supervision and administration of the club's business,
property and affairs to enforce the deed, it also allowed for
limited bar trading and lawn bowls action to be managed by the
club again.

Administration will still overlook the club's budget, regulatory
work health and safety safeguards, and the work of volunteers, but
administrator Tim Gumbleton said at the moment the club was in the
right position to recommence managing lawn bowls, according to the
report.

"Subject to ticking the boxes in terms of regulation and workplace
health and safety and budget, certainly control for bowling has
been returned to the directors," the report quotes Mr. Gumbleton
as saying.  "We're still working with them around the budget to
ensure that they can pay for the ongoing costs of the club."

According to The Queanbeyan Age, club president John Britton said
it was a positive to see his club heading in the right direction.

"Everything is moving forward, and there is light at the end of
the tunnel," the report quotes Mr. Britton as saying.  "We'll have
the bar running with volunteer staff on a Saturday and Sunday
afternoon after bowls, and that'll help bring a few more dollars
in again."

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 3, 2014, Dissolve.com.au said the Queanbeyan Bowling Club Ltd
entered voluntary administration.  Timothy Gumbleton and
Andrew Bowcher of RSM Bird Cameron have been appointed as
administrators of the club.  Dissolve.com.au related that the club
has assets worth more than AUD6 million including a house, greens
and clubhouse.


SOUTHERN CROSS: First Creditors' Meeting Slated For November 20
---------------------------------------------------------------
Gary Stephen Fettes and Mathew Terence Gollant of Rodgers Reidy
Chartered Accountants were appointed as administrators of Southern
Cross Fencing & Landscaping Pty Ltd on Nov. 10, 2014.

A first meeting of the creditors of the Company will be held at
Rodgers Reidy Chartered Accountants, Level 3, 326 William Street,
in Melbourne, Victoria, on Nov. 20, 2014, at 10:30 a.m.


TIMBERCORP LTD: ANZ Knew Firm Was Close to Collapse
---------------------------------------------------
Rick Wallace at The Australian reports that whistleblowers
testifying before a Senate committee have implied ANZ knew
Timbercorp was close to collapse but continued to supply finance
to investors in the company's now notorious agricultural schemes.

Two former Timbercorp executives also accused senior management of
the failed management investment company of trading while
insolvent and making off with the proceeds in the wake of the 2009
collapse, The Australian says.

The Australian relates that an email between senior Timbercorp
executives after an alleged meeting with ANZ -- tabled in a
committee hearing on November 11 -- said the bank had told them
"some stakeholders will need to get burnt", implying it knew the
schemes were in trouble but continued to supply finance to
investors.

Timbercorp sales executive Andrew Peterson and research chief
Michael Bryant also criticised research houses for pocketing
AUD35,000 per report for reports approving the controversial
schemes as investments, The Australian relays.

Both men, who have lost money in the schemes along with thousands
of other investors, backed calls from senators on the committee
for a royal commission into Timbercorp and other corporate
collapses, The Australian notes.

According to the report, many Timbercorp investors have been left
with loans outstanding to the ANZ, which it is currently insisting
in having repaid in full. A growers' group said the bank has
rejected a settlement of 45 cents in the dollar on one batch of
the loans, The Australian says.

ANZ was among a group of institutions that bankrolled Timbercorp's
loans arm, Timbercorp Finance, the report discloses.

Senate economics committee chairman Sam Dastyari said the bank had
initially refused to appear before the committee hearing in
Melbourne on November 12, but had notified that it would send a
representative to give a statement towards the end of the hearing,
The Australian reports.

The Australian adds that the ANZ has previously said it and other
lenders were satisfied with Timbercorp until late 2008 when a
transaction fell through in the wake of the Lehmann collapse.

Based in Melbourne, Australia, Timbercorp Limited was engaged in
the establishment, development, marketing and management of
primary industry-based projects, the acquisition of land, water
rights and infrastructure to support these projects, and the
provision of finance to growers in these projects.  The company
was also involved in eucalypt and olive oil processing operations,
asset development, asset management, the sale of agricultural
assets and holding investments in agricultural-related
enterprises.

Timbercorp called in voluntary administrators to the company and
its subsidiaries.  The company appointed Mark Korda and Leanne
Chesser of KordaMentha as voluntary administrators.  KordaMentha
stated that the company had been hurt by the combined impact of
declining global asset values, tightening credit, the economic
downturn and drought.  On June 29, 2009, the creditors voted
unanimously to wind up the 41 companies in the Timbercorp Group
and put them into liquidation.



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


LDK SOLAR: Cayman Court Sanctions Schemes of Arrangement
--------------------------------------------------------
LDK Solar Co., Ltd. in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, announced on Nov. 10 that, on
November 7, 2014, the Grand Court of the Cayman Islands sanctioned
the Cayman Islands schemes of arrangement of LDK Solar and its
subsidiary, LDK Silicon & Chemical Technology Co., Ltd., each as
previously approved by scheme creditors at their class meetings
held on October 16, 2014.

"We are very pleased that the Grand Court of Cayman Islands has
sanctioned our Cayman Islands schemes of arrangement, and this
represents a significant step in our offshore restructuring,"
stated Xingxue Tong, Interim Chairman, President and CEO of LDK
Solar.  "We now focus on also obtaining sanction from the High
Court of Hong Kong with respect to our Hong Kong schemes of
arrangement, together with the recognition of our LDK Solar Cayman
scheme of arrangement and approval of the terms of our pre-
packaged plan of reorganization from the U.S. Bankruptcy Court.
We look forward to the completion of our restructuring
transactions as may eventually be approved through these judicial
processes.  While we are mindful of difficulties ahead, we remain
committed to rebuilding LDK Solar and repositioning ourselves in
the PV marketplace to grow our business," concluded Mr. Tong.

The U.S. Bankruptcy Court will hold a hearing on November 21, 2014
to consider confirmation of the prepackaged plan of reorganization
and recognition of the Cayman Island scheme of arrangement of LDK
Solar.

                        About LDK Solar

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

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

LDK Solar CO., Ltd. in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22 disclosed that on
October 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware.  The lead case is In re  LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois.  The U.S. Debtors'
Delaware   counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt &
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
September 17, 2014 from the holders of LDK Solar's 10% Senior
Notes due 2014, as guarantors of the Senior Notes, and required
such holders of the Senior Notes to return their ballots by
October 15, 2014.  Holders of the Senior Notes voted
overwhelmingly in favor of accepting the Prepackaged Plan.

Contemporaneously with the filing of the Chapter 11 Cases, on
October 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands, as previously
announced by LDK Solar, as a foreign main proceeding under Chapter
15 of the United States Bankruptcy Code.  The Chapter 15 case is
In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-12387).


LDK SOLAR: U.S. Recognition Hearing Scheduled for Nov. 21
---------------------------------------------------------
LDK Solar Co., Ltd., notified the U.S. Bankruptcy Court for the
District of Delaware that the hearing on recognition of its Cayman
Proceeding under Chapter 15 of the Bankruptcy Code will occur on
Nov. 21, 2014, at 2:00 p.m. (ET) and objections, if any, must be
filed not later than 4:00 p.m. (ET) on Nov. 14, 2014.

As reported in the Troubled Company Reporter on Oct. 31, 2014,
Judge Peter J. Walsh issued an order granting LDK Solar Co., Ltd.,
provisional relief under Chapter 15 of the Bankruptcy Code.

Judge Walsh ruled that the order issued by the Cayman Islands
court is enforced on an interim basis and the commencement or
continuation of any actions against LDK Parent or its assets is
stayed.  Until the U.S. Court issues an order recognizing the
Cayman proceeding as a foreign main proceeding, all entities,
other than the foreign representatives, are enjoined from, among
other things, securing or executing against any asset or property
of LDK Parent or taking any action in the United States of any
judicial, quasi-judicial, administrative or monetary judgment,
assessment or order or arbitration award against the liquidators,
LDK Parent or its property within the territorial jurisdiction of
the United States.

                         About LDK Solar

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

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

LDK Solar CO., Ltd. in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22 disclosed that on
October 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware.  The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois.  The U.S. Debtors'
Delaware counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt &
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
September 17, 2014 from the holders of LDK Solar's 10% Senior
Notes due 2014, as guarantors of the Senior Notes, and required
such holders of the Senior Notes to return their ballots by
October 15, 2014.  Holders of the Senior Notes voted
overwhelmingly in favor of accepting the Prepackaged Plan.

Contemporaneously with the filing of the Chapter 11 Cases, on
October 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands, as previously
announced by LDK Solar, as a foreign main proceeding under Chapter
15 of the United States Bankruptcy Code.  The Chapter 15 case is
In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-12387).



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


ABHIMANU ADVENTURE: CARE Assigns 'D' Rating to INR14.80cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Abhimanu
Adventure Resorts Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.80      CARE D Assigned

Rating Rationale

The rating takes into account the delays in debt servicing by
Abhimanu Adventure Resorts Private Limited due to its weak
liquidity.

Abhimanu Adventure Resorts Private Limited (AAR) was incorporated
in 2010 and is currently being managed by Mr. Sanjeev Bansal and
Mr. Parveen Bansal. The company had converted a historical fort
located at Nalagarh, Himachal Pradesh into a hotel (under heritage
hotel category) and running the same under the name of "Ram Shehar
Fort" since June 2014. The hotel was set up at a total cost of INR
18.10 crore. The hotel has 30 guest rooms along with ancillary
facilities like restaurants, 24-hour coffee shop, three banquet
halls and swimming pool. Prior to June 2014, the company earned
small revenue in the form of sightseeing ticket charged from
tourists visiting the fort, since December, 2012.

For FY13 (refers to the period April 1 to March 31), AAR achieved
a total operating income of INR0.26 crore with PBILDT and PAT of
INR0.24 crore respectively. Furthermore, based on the provisional
results, the company achieved total sales of INR0.98 crore till
January, 2014.


ADVATECH CERA: CRISIL Reaffirms B+ Rating on INR123MM Bank Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Advatech Cera Tiles Ltd
continue to reflect ACTL's large working capital requirements, and
weak financial risk profile. The ratings also factor in the
company's modest scale of operations in a highly fragmented
industry. These rating weaknesses are partially offset by ACTL's
established distribution network and track record of its promoters
in the ceramics industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           105        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term    123        CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan              72        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ACTL will continue to benefit over the medium
term from its established distribution network. CRISIL also
believes that the company will maintain its moderate profitability
over the same period. The outlook may be revised to 'Positive' if
the company demonstrates efficient working capital management, or
improves its capital structure on the back of infusion of funds by
its promoters, resulting in an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
ACTL's cash accruals are significantly low due to decline in its
sales or profitability, or in case of lengthening of its working
capital cycle, resulting in deterioration in its financial risk
profile.

ACTL, incorporated in 2004, is based in Mehsana (Gujarat). It is
promoted by Mr. B T Patel, Mr. Jagdish Rawal, and Mr. Baldeo
Rawal. The company manufactures glazed porcelain floor tiles and
Glazed Vitrified Tiles.

ACTL reported a profit after tax of INR3.1 million on net sales of
INR304 million for 2013-14, against a net profit of INR4 million
on net sales of INR243 million for 2012-13.


AMRIT HUMIFRESH: CRISIL Reaffirms B+ Rating on INR198MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Amrit
Humifresh Preservation Pvt Ltd continues to reflect AHPPL's small
scale of operations in the highly fragmented cold storage
industry, and its weak financial risk profile, marked by stretched
liquidity. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            198        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AHPPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in the company's scale of operations and hence in its
cash accruals, resulting in an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
AHPPL's financial risk profile deteriorates, most likely due to
pressure on its profitability or delays in stabilisation of its
project.

Update
AHPPL's business performance has remained in line with CRISIL's
expectations; the company has achieved revenue of INR35.3 million
in 2013-14 (refers to financial year, April 1 to March 31). AHPPL
is expected to report revenue of INR39 million in first six month
period ended September 31, 2014. The increase in revenue is on
account of leasing of some space in its third cold storage unit
which is still under implementation. CRISIL believes that AHPPL
will report healthy revenue growth in 2014-15 on account of
partial commissioning of its third cold storage unit.

AHPPL's financial risk profile remains weak, with stretched
liquidity and dependence on the timely disbursement of capital
subsidy and financial support from promoters, in the absence of
sufficient cash accruals, to meet its maturing debt obligations.
Furthermore, its gearing remains high, estimated at around 2 times
as on March 31, 2014. However, with above-average operating
profitability, the company's interest coverage ratio remains above
average, estimated at above 2 times for 2013-14. CRISIL believes
AHPPL's liquidity will remain weak over the medium term, with low
cash accruals and the absence of any fund-based working capital
facility to provide support in case of exigencies.

AHPPL is an integrated cold storage chain providing cold storage
facilities for various fruits, vegetables, dry fruits and spices.
It was set up by Mr. B K Gupta in 2000 and became operational in
2003. Mr. Deepak Agarwal, the promoter's son, looks after the
company's day-to-day operations.


ARTHANARI CLOTHING: CRISIL Ups Rating on INR62.5MM Loan to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the long term bank facilities
of Arthanari Clothing Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B-/Stable' while reaffirming its short term rating at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting        82.8       CRISIL A4 (Reaffirmed)

   Cash Credit             50         CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Long Term Loan          62.5       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Proposed Long Term       4.7       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that ACPL will sustain
its improved liquidity position supported by efficient working
capital management. The company's   receivable cycle has shortened
in the first half of 2014-15 as against 44 days as on March 31,
2014 leading to moderate cash accruals. ACPL is expected to
generate cash accruals of INR21 million to 26 million over the
medium term which will be sufficient to meet the term loan
repayments and its working capital requirements.

The ratings also reflect ACPL's below-average financial risk
profile, marked by high gearing and weak debt protection metrics,
and its small scale of operations. These rating weaknesses are
partially offset by the extensive experience of ACPL's promoters
in the cotton textile industry.

Outlook: Stable

CRISIL believes that ACPL will continue to benefit over the medium
term from its promoters' extensive industry experience in the
cotton textile industry. The outlook may be revised to 'Positive'
if the company reports sustained improvement in its scale of
operations and profitability, thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
ACPL's liquidity deteriorates because of a stretch in working
capital cycle or large debt-funded capital expenditure.

Incorporated in 2004 in Salem (Tamil Nadu), ACPL undertakes
weaving of fabric from cotton yarn and also stitching of garments.
The company's operations are moderately integrated with mechanised
machinery for warping, sizing, and auto loom weaving sampling; it
also has a dyeing unit for printed fabric. It has an effluent-
treatment plant for its dyeing operations, too.


BARAKA OVERSEAS: ICRA Suspends B+ Rating on INR16cr FB Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR16.00 Crore fund based limits and short-term/long-term
rating of [ICRA]B+/[ICRA]A4 assigned to the INR2.00 crore non-fund
based facilities of Baraka Overseas Traders.  The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Founded in the year 1979 as a partnership firm, Baraka Overseas
Traders (BOT) is engaged in the processing and exporting of fish.
The firm's plant is located in Ullal, Mangalore district of
Karnataka. The installed capacity of the BOT is 300 tons per day.


BHADRA ESTATES: ICRA Suspends C+ Rating on INR12.77cr Term Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]C+ rating assigned to the INR12.77 crore
term loan facilities of M/s. Bhadra Estates. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


BHARDWAJ AGRO: CARE Assigns B Rating to INR7.20cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Bhardwaj
Agro Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.20       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Bhardwaj Agro
Industries (BAI) is primarily constrained by lack of proprietor's
experience in the food processing industry, implementation risk
associated with its debt-funded green field project, working
capital intensive nature of operations as well as competitive
nature of the industry. The rating is further constrained by
susceptibility of margins to fluctuations in raw material
availability and prices and the constitution of the entity as a
proprietorship firm.

The rating, however, favorably takes into account the stable
demand prospects for the firm's products.

Going forward, the ability of the firm to execute the project
within envisaged time and cost and achievement of the envisaged
sales and profitability levels would be the key rating
sensitivities.

Bhardwaj Agro Industries is a proprietorship firm established in
November, 2012 by Mr. Leela Dhar Bhardwaj. BAI was established
with an aim to set up a manufacturing unit at Karsog, Himachal
Pradesh for processing of fruit juices, pickles and sauces.
Additionally, a cold storage will also be constructed with
proposed storage capacity of 1000 tons. The project is being set
up at a total cost INR 7.25 crore and is expected to be
commissioned by April, 2016.


CHEEMA SPINTEX: ICRA Lowers Rating on INR48.7cr LT Loan to 'D'
--------------------------------------------------------------
ICRA has revised its rating on the INR48.70 crore bank facilities
of Cheema Spintex Limited to [ICRA]D from [ICRA]C. Also, ICRA has
revised its short term rating on the INR9.00 crore non-fund based
facilities of CSL to [ICRA]D from [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund        48.70       [ICRA]D (downgraded)
   Based Limits

   Short Term Non         9.00       [ICRA]D (downgraded)
   Fund Based Limits

The rating action takes into account delays by CSL in debt
servicing due to its tight liquidity position and delay in equity
infusion. CSL had entered into a One Time Settlement (OTS) in
March 2013 with one of its lenders for the outstanding dues,
wherein a significant part of the outstanding debt was waived off.
As per the OTS, the company was scheduled to repay INR27.20 crore
by June 2014, however, of this, an amount of INR10.85 crore was
outstanding as on June 30, 2014. The company further received
sanction of a revised repayment schedule in July 2014 with the
repayment period being extended till December 31, 2014. However
there are delays in repayments on the revised repayment schedule
as well. Further, the company was not able to secure the planned
equity funding resulting in a tight liquidity position.

The ratings continue to be constrained by the weak financial
profile of the company due to the cash losses being incurred which
has also resulted in negative net worth for the company. The
commoditized nature of the product will continue to put pressure
on its profitability, especially given the operational
inefficiencies, which would keep the financial profile weak. ICRA
also notes that CSL's profitability will continue to remain
susceptible to movement in cotton prices, demand conditions in its
key export markets and fluctuations in foreign exchange rates,
given the high share of revenues from exports. The rating however
takes into account the experience of the promoters in the spinning
industry, established client base in export market and benefits
accruing to CSL from favourable location in textile cluster which
provides easy access to key markets.

Going forward, a track record of timely debt servicing would be
the key rating sensitivity. The other rating monitorables would be
the quantum and timing of equity infusion and attainment of
optimum capacity utilization.

Incorporated in 1994, Cheema Spintex Limited (CSL) was set up as a
100% export oriented unit by Mr. Harbhajan Singh Cheema and Mr.
Hardyal Singh Cheema in association with Punjab State Industrial
Development Corporation (PSIDC). The company manufactures combed
and carded cotton yarn in counts ranging from 20s to 30s; and has
an installed capacity of 30,240 spindles. CSL exports its products
mainly to Hong Kong, Taiwan, Bangladesh, China, South Korea,
Singapore, Thailand, Malaysia, and Canada.

In 2009-10, due to erosion of 100% of its net worth, the company
had filed an application with Board for Industrial and Financial
Reconstruction (BIFR) for declaration of the company as sick under
Sick Industrial Companies Act (SICA).


DEVGAN SOLVEX: CRISIL Assigns B+ Rating to INR59MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Devgan Solvex Private Limited.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               19.5        CRISIL B+/Stable
   Cash Credit             59          CRISIL B+/Stable

   Proposed Long Term       1.5        CRISIL B+/Stable
   Bank Loan Facility

The rating reflects DSPL's below-average financial risk profile
marked by a modest net worth, high gearing and sub-par debt
protection metrics. The rating also reflects the company's modest
scale of operations in the highly fragmented and intensely
competitive rice bran oil industry. These rating weaknesses are
partially offset by the extensive experience of DSPL's promoters
in the rice industry supporting its raw material supplies and the
funding support it receives from them.

Outlook: Stable

CRISIL believes that DSPL will continue to benefit from its
promoters' extensive experience in the industry and their funding
support. The outlook may be revised to 'Positive' in case of
significantly better-than-expected cash accruals or substantial
equity infusion leading to improvement in the company's financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in event of lower-than-expected cash accruals or larger than
expected working capital requirements or debt funded capex
pressurizing the company's liquidity.

Incorporated in 1994, DSPL is promoted by Mr. Naresh Kumar and his
family and is engaged in the extraction of rice bran oil. Its
processing facility located at Amritsar (Punjab).


GOPSONS PAPERS: CRISIL Assigns B- Rating to INR430MM Bank Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Gopsons Papers Ltd.  The ratings reflect
GPL's weak financial risk profile, its large working capital
requirements, and low cash accruals. These rating weaknesses are
partially offset by the extensive experience of GPL's promoters in
the publishing industry.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             280         CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility    430         CRISIL B-/Stable

   Packing Credit in
   Foreign Currency      100         CRISIL A4

   Corporate Loan        320         CRISIL B-/Stable

   Bank Guarantee         50         CRISIL A4

   Cash Credit           110         CRISIL B-/Stable

Outlook: Stable

CRISIL believes that GPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
improvement in GPL's scale of operations, capital structure, and
working capital cycle, along with increase in its cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
decline in GPL's revenue, or large receivables, or significant
debt-funded capital expenditure, resulting in deterioration of the
company's financial risk profile.

GPL is a printing and publishing house providing type-setting,
pre-press, printing, and post-press services to international and
national publishers. Its products include fiction and non-fiction
books, course books, and stationery items. The company's plants
are in Noida (Uttar Pradesh). GPL was started in 1986 and is
promoted by the Goel family which has been engaged in the printing
business since 1950. The company is managed by Mr. Sunil and Mr.
Anil Goel.

GPL reported a net loss and net sales of INR8.2 million and
INR1109 million, respectively, for 2013-14 (refers to financial
year, April 1 to March 31), against a net loss of INR56 million on
net sales of INR1566 million for 2012-13.


GREAT INDIA: CRISIL Reaffirms B+ Rating on INR140MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Great India Steel
Fabricators continue to reflect GISF's small scale of operations
in the intensely competitive fabrication industry, the customer
concentration in its revenue, and its large working capital
requirements. The ratings also reflect the firm's average
financial risk profile marked by a moderate net worth and gearing,
and average debt protection metrics. These rating weaknesses are
partially offset by the benefits that GISF derives from its
established relationship with its key customers like Bharat Heavy
Engineering Ltd, Larsen And Toubro Limited and its subsidiaries
and the track record of its promoters in the fabrication industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        20         CRISIL A4 (Reaffirmed)

   Cash Credit          140         CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     9.4       CRISIL B+/Stable (Reaffirmed)

   Term Loan            102         CRISIL B+/Stable(Reaffirmed)

Outlook: Stable

CRISIL believes that GISF will continue to benefit over the medium
term from its established relationship with its key customer,
supported by its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if GISF scales up operations
and improves its financial risk profile considerably. Conversely,
the outlook may be revised to 'Negative' if GISF generates low
cash accruals, or if its working capital requirements are
significantly larger than expected, leading to weakening of its
financial risk profile, particularly its liquidity.

Update
GISF's revenue registered a 12 per cent year-on-year growth to
INR309.2 million for 2013-14 (refers to financial year, April 1 to
March 31) on account of increased orders from clients and timely
order execution during the year. The firm's operating margin
improved to 13.2 per cent for 2013-14 from 10.8 per cent on
account of reduction in cost of labour and fuel

The firm's operations are highly working capital intensive, as
reflected in its estimated gross current assets (GCAs) of 264 days
as on March 31, 2014; the GCA days were at a similar level in the
past. The high GCA days emanate from the firm's large inventory of
around 84 days and receivables cycle of 171 days, which was high
due to high year end sale. The firm's bank limit utilisation was
high, averaging 98 per cent, over the 12 months ended August 31,
2014.

GISF's net worth remains moderate, at INR167.2 million, as on
March 31, 2014. The firm has large debt contracted to fund its
working capital requirements; large debt and moderate net worth
resulted in moderate gearing of 1.44 times as on March 31, 2014.

For 2013-14, GISF reported a profit after tax (PAT) and total
operating income of INR12.4 million and INR309.3 million,
respectively; the firm reported a PAT of INR9.3 million on
operating income of INR276.0 million for 2012-13.

GISF, established in 1972, is a partnership firm promoted by
Mehndiratta family of Yamunanagar (Haryana). It constructs steel
structures for power, refinery, petro-chemicals, thermal, metro
rail, and infrastructure projects. The firm has two plants in
Yamuna Nagar (Haryana). GISF mainly deals in contract-based
business of standardised structures.


HEM RAJ: ICRA Reaffirms 'B' Rating on INR45cr Cash Credit
---------------------------------------------------------
ICRA has reaffirmed its [ICRA]B rating on the INR45.00 crore
working capital facility of Hem Raj Sohan Lal.  The rating
reaffirmation takes into account the merger of group companies --
Hem Raj Sohan Lal and Akash Oil and Cotton Factory with effect
from April 1, 2014. The merged entity, HS Akash Agro India Private
Limited, will continue to undertake processing of seeds as well as
trading in edible oils and cake primarily cotton and mustard.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash       45.00        [ICRA]B; reaffirmed
   Credit

The rating continues to be constrained by the vulnerability of the
firm's profitability to any adverse movements in the raw material
prices; the low value additive nature of operations, high
fragmentation and high competitive intensity in the edible oils
business resulting in thin profitability; weak financial profile
characterized by low return indicators, stretched capital
structure, weak debt coverage indicators and the tight liquidity
position of the firm. The rating, however, continues to favorably
factor in the established track record of the promoters in the
edible oils business; the favorable demand outlook for the edible
oils in the domestic market and the location advantage for the
firm in terms of proximity to the main cotton and mustard
producing belts of the country.

Going forward, the merged company is expected to register healthy
growth in revenues driven by the favorable demand outlook for the
edible oils in the domestic market. Its profitability is expected
to remain thin and will depend on the global edible oil prices and
the domestic production scenario. The ability of the company to
improve its profitability, infuse capital so as to improve net
worth base and maintain a reasonable capital structure and manage
its liquidity position will be the key rating sensitivities going
forward.

HRSL was promoted by Mr. Sohan Lal as a proprietorship firm in
1993 and was converted into partnership firm in March 2012. The
firm trade in cotton seeds, mustard seeds and is also engaged in
the processing of edible oils and cakes namely mustard and cotton.
It is located in Mansa, which is situated in the cotton-producing
belt of Punjab and near the mustard producing states namely
Rajasthan and Haryana. It has an associate concern namely Akash
Oil and Cotton Factory which is a partnership firm and is engaged
in the trading of cotton seeds, mustard seeds and processing of
edible oils and oil cakes at its plant located in Mansa, Punjab.
The promoters merged Akash Oil and Cotton Factory and Hem Raj
Sohan Lal and incorporated HS Akash Agro India Private Limited
(HAAIPL) w.e.f. April 01, 2014 in order to achieve economies of
scale.

Recent Results
As per its unaudited financials for 2013-14, HRSL reported a net
profit of INR0.45 crore an operating income of INR225.04 crore as
against a net profit of INR0.06 crore on an operating income of
INR162.24 crore in 2012-13.


IFMR CAPITAL: ICRA Assigns 'B-(SO)' Rating to INR2.66cr PTC
-----------------------------------------------------------
Conditional ratings of [ICRA]BBB(SO) and [ICRA]B-(SO) have been
assigned to PTC Series A1 and PTC Series A2 respectively, issued
by IFMR Capital Mosec Mesembria 2014, a Special Purpose Vehicle
(SPV). The PTCs are backed by a pool of microfinance loan
receivables, originated by Annapurna Microfinance Private Limited
(AMPL), Asirvad Microfinance Private Limited (Asirvad), Fusion
Microfinance Private Limited (Fusion), Grameen Financial Services
Private Limited (GFSPL), MPower Micro Finance Private Limited
(MPower) and Pahal Financial Services Private Limited (Pahal)
(collectively referred to as Originators).

                     Amount      Payout
   Facilities      (INR crore)   Maturity      Ratings
   ----------      -----------   --------      -------
   PTC Series A1      50.26      August 2017   [ICRA]BBB(SO)
   PTC Series A2       2.66      August 2017   [ICRA]B-(SO)

The conditional ratings are subject to the fulfillment of all
conditions under the structure, due diligence audit of the pool,
review by ICRA of the documentation pertaining to the transaction
and receipt by ICRA of a legal opinion on the transaction from the
transaction legal counsel. The conditional ratings are based on
the strength of cash flows from the selected pool of contracts;
the credit enhancement available in the form of (i) First Loss
Facility, which will be available for PTC A1 and PTC A2, (ii)
Second Loss Facility (SLF) of 5% of the discounted value of
aggregate pool cashflows, which will be available for PTC A1 only,
(iii) subordination of 5% of the discounted value of aggregate
pool cashflows for PTC A1; and the integrity of the legal
structure. The ratings are however constrained by ICRA's view on
the credit quality of the Servicers, given the operations-
intensive nature of the MFI business and the difficulty in
instituting an alternate servicing mechanism.

The selected pool consists of unsecured micro loans (less than or
equal to INR30,000 each) given by the Originators, to borrowers
with weak economic profile under a joint liability model. The
share of the individual sub-pools of AMPL, Asirvad, Fusion, GFSPL,
MPower and Pahal to the aggregate pool principal is 9%, 8%, 8%,
60%, 7% and 8% (in value terms) respectively. The presence of
multiple Originators provides the overall pool a reasonable
geographical diversity, with the pool spread across 12 states.
Moreover, having six Servicers in the transaction is more
beneficial when compared to a pool that is being serviced by a
single Servicer, where disruption of the Servicer can have a
bearing on the overall pool collections going ahead. The aggregate
pool is characterised by weekly, fortnightly and monthly repaying
contracts with moderate seasoning, moderate residual tenure of
contracts (24 months) and no overdue on the selected loans as of
cut-off date.

According to the transaction structure, the entire pool of
selected contracts will be assigned to a Special Purpose Vehicle
(Trust) at premium. The Trust will issue two series of PTCs backed
by the receivables. The upfront purchase consideration to be paid
by PTC A1 to the Trustee will be 95% of the discounted pool
cashflows i.e. INR50.26 crore, while that payable by PTC A2 to the
Trustee will be 5% of the discounted pool cashflows i.e. INR2.66
crore.

Though the pool would be receiving cashflows on a weekly/
fortnightly/ monthly basis, payouts to the PTCs would be made on a
monthly basis. Every month, only the interest payment is scheduled
to be paid to PTC A1. The principal repayment to PTC A1 is
scheduled to be paid on the Final Maturity Date. However, the
balance monthly excess cashflow excess of collections from the
loan pool over the scheduled monthly PTC payouts will be first
utilised for payment of principal of PTC A1 till it is fully paid
down. After PTC A1 has been fully paid out, all the cashflows will
be passed on to PTC A2 first by way of principal amortization
(till the principal balance falls to INR10,000) and later by way
of yield. On the last payment date, PTC A2 would be paid the
residual interest (such that the target yields is achieved) and
payment of INR10,000 towards PTC A2 principal, together. Any
payment to PTC A2 would be made only after PTC A1 is completely
paid out.

Based on the analysis of the past performance of the microfinance
loan portfolio of all the originators and the expected future
performance of the selected pool of loans, ICRA believes that the
credit support provided has been adequately sized to cover the
credit/liquidity risk in the transaction.

About the Originators
Annapurna Microfinance Private Limited (AMPL)
Annapurna Microfinance Private Limited (AMPL) was started as
Mission Annapurna by People's Forum (the parent organisation) to
carry out the microfinance activities of People's Forum. People's
Forum has been in operations since 1994 and is engaged in wide
array of developmental activities for the poor including
microfinance, healthcare, women empowerment, agricultural and
allied services training etc. Mission Annapurna was subsequently
converted to an NBFC (AMPL) in Financial Year (FY) 2008-09 after
acquisition of a Gwalior based Microfinance Company. AMPL operates
mainly in rural areas and semi-urban areas with a small presence
in urban areas. The company is present primarily in the state of
Orissa with a reasonable presence in Chhattisgarh with a portfolio
size of INR182 crore as on June 2014. As on June 2014, 0+
delinquency for overall the portfolio of AMPL was low at 0.12%.The
company has a rating of [ICRA]BBB-(stable) outstanding from ICRA
for its long term debt instruments.

Asirvad Microfinance Private Limited (Asirvad)
Asirvad has a rating of [ICRA]BBB-(stable) outstanding from ICRA
for its long term debt instruments and has been assigned a
microfinance grading of M2 by ICRA. As on June 2014, Asirvad was
concentrated in 32 districts in the state of Tamil Nadu, Kerala,
Odisha and Gujarat, with a portfolio size of INR197 crore. As on
June 2014, the 0+ delinquency level for the overall portfolio of
Asirvad was 0.10%.

Fusion Microfinance Private Limited (Fusion)
Fusion [rated [ICRA]BBB-(stable) for its long term bank
facilities] is operational in rural and semi-urban areas of Madhya
Pradesh, Uttarakhand, Uttar Pradesh, and Delhi with a portfolio of
INR168 crore as on June 2014. Fusion primarily offers group loan
products to rural women for income generating purpose. As on June
2014, the 0+ delinquency level for overall the portfolio of Fusion
was low at 0.10%.

Grameen Financial Services Private Limited (GFSPL)
GFSPL is currently operational in the states of Karnataka,
Maharashtra and Tamil Nadu, with a portfolio size of INR845 crore
as on June 2014. The 0+ delinquency level for the JLG portfolio of
GFSPL was 0.02% as on June 2014. GFSPL has outstanding rating of
[ICRA]BBB+ for its bank lines, which was upgraded in June 2014.

MPower Microfinance Private Limited (MPower)
MPower Microfinance Private Limited (MPower) was incorporated in
Nov-09 and received its NBFC license in Apr-10. The company
started its operation in May-10 with its registered office in
Mumbai and corporate office in Vadodara. As on Jun-14, MPower had
a portfolio of INR25.02 crore concentrated in 5 districts of
Gujarat. As on June 2014, the 0+ delinquency level for overall the
portfolio of MPower was very low at 0.20%.

Pahal Financial Services Pvt. Ltd (Pahal)
Pahal started its operations in February 2011 by acquiring about
INR2.6 crore of micro loan portfolio of LokVikasNidhi -a trust
operating in Gujarat for over 25 years. The promoters also brought
in the initial equity to venture into microfinance activities in
Gujarat. At present, Pahal is operational in 23 branches spread
over 12 districts in the state of Gujarat with a portfolio size of
INR59 crore as on June 2014. As on June 2014, the 0+ delinquency
level for overall the portfolio of Pahal was 0.37%.


JOSAN RICE: CRISIL Reaffirms B+ Rating on INR70MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Josan Rice
Mills (JRM; part of the Josan group) continue to reflect the Josan
group's weak financial risk profile, marked by high gearing and
weak debt protection metrics, its modest scale of operations, and
its large working capital requirements. The rating also factors in
the susceptibility of the group's operating margin to changes in
regulations related to paddy and rice prices. These rating
weaknesses are partially offset by the integrated nature of the
Josan group's operations, and its promoters' extensive industry
experience and financial support.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             70       CRISIL B+/Stable (Reaffirmed)
   Warehouse Financing     50       CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of JRM and Josan Industries (JI), together
referred to as the Josan group. This is because the two firms have
common promoters and management, are in the same line of business,
and derive considerable operational and business synergies from
each other.

Outlook: Stable

CRISIL believes that the Josan group will continue to benefit over
the medium term from its promoters' extensive industry experience
and financial support. CRISIL, however, also believes that the
group's financial risk profile will remain weak over this period,
because of its weak capital structure and low operating
profitability. The outlook may be revised to 'Positive' if the
Josan group's financial risk profile improves, most likely driven
by improvement in its operating margin and infusion of funds by
its promoters. Conversely, the outlook may be revised to
'Negative' if the Josan group's working capital requirements are
larger than expected, or if its profitability is lower than
anticipated, leading to further weakening of its financial risk
profile.

The Josan group is promoted by the Josan family of Jalalabad
(Punjab). The group processes rice and deals in basmati varieties
such as 1121. In the non-basmati segment, it processes the PR 11
variety.

JRM, established in 1988, is engaged in processing paddy. The
firm's facility is based in Jalalabad with an installed milling
capacity of 4 tonnes per hour (tph). JRM's operations are managed
by Mr. Hukam Chand and his nephew Mr. Jashan Preet Josan.

JI, established in 1995, is engaged in the same line of business.
The firm's facility is also based in Jalalabad with an installed
milling capacity of 3 tph. JI's operations are managed by three
brothers of Mr. Hukam Chand: Mr. Harbhagwan Josan, Mr. Raj Kumar
Josan, and Mr. Surinder Kumar Josan.


KARTHIK ALLOYS: CARE Revises Rating on INR12.0cr LT Loan to D
-------------------------------------------------------------
CARE revises rating assigned to the bank facilities of Karthik
Alloys Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.00      CARE D Revised from
                                            CARE B+

   Short term Bank Facilities    33.96      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to bank facilities
of Karthik Alloys Limited (KAL) takes into account the ongoing
overdrawal in its cash credit facility for a period of more than
30 days due to its stressed liquidity position.

The ratings continue to be constrained by susceptibility of
operating margins to volatility in the raw material prices,
stretched liquidity position, working capital intensive nature of
operations, financial risk profile mark by decline in revenues and
high overall gearing. The ratings further take into account
operating losses incurred by KAL during FY14 (refers to the period
April 1 to March 31).

Karthik Alloys Limited was incorporated as a private limited
company in February 1992, and was later reconstituted as a public
limited company in December 1992. KAL is engaged in the
manufacturing of 'Low and Medium Carbon Silico Manganese' which is
a Ferro Alloy used in the manufacturing of Stainless Steel. KAL
has two manufacturing units located at Cuncolim, Goa and Durgapur,
West Bengal with an installed capacity of 6,500 Metric Tonnes Per
Annum (MTPA) and 19,000 MTPA respectively. KAL was referred to the
Board of Industrial and Financial Reconstruction (BIFR) in the
year 2002 as the accumulated losses of the company were more than
the net worth. Subsequently, with the recovery of losses and
repayment of term debt, KAL was removed from the list of sick
industries under Sick Industrial Companies (Special Provisions)
Act, 1985 (SICA) during August 2011.

During FY14 (Audited), KAL reported a total operating income of
INR96.6 crore, PBILDT of INR(4.64) crore and net loss of INR10.16
crore as against a total operating income of INR102.32 crore,
PBILDT of INR6.02 crore and PAT of INR1.08 crore in FY13
(Audited).


KINGFISHER AIR: Bourses to Suspend Firm's Stock From Trading
------------------------------------------------------------
The Times of India reports that NSE and BSE, the two premier stock
exchanges in India, will suspend trading in stocks of two Vijay
Mallya-led companies, Kingfisher Airlines and UB Engineering, from
December 1 for non-compliance of listing rules. On November 7, the
top two stock exchanges sent out circulars to this effect, the
report says.

TOI says the two bourses also froze the entire promoter
shareholding of the two companies with effect from November 7.
Along with these two companies, the BSE also suspended another 19
companies for non-compliance of listing norms while NSE suspended
one more. "In case, any of the aforesaid companies comply (to the
satisfaction of the exchange) with all the provisions of the
listing agreement including payment of fines on or before November
25, 2014, trading in securities of the said companies will not be
suspended," the BSE circular said, the report relays.

According to the report, the BSE circular further said that the
suspension of trading in these will continue till these companies
comply with the listing rules, including payment of fine. "15 days
after suspension has been effected, trading in the shares of non-
compliant companies would be allowed on Trade for Trade basis in Z
group only on the first trading day of every week for six months,"
the circular, as cited by TOI, said.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on Jan. 27, 2014, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past six years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile.

For 2012-13 (refers to financial year, April 1 to March 31),
KFAL reported a net loss of INR83.5 billion (INR23.3 billion for
2011-12) on net sales of INR5 billion (INR54.85 billion). For the
six months ended September 30, 2013, it reported a net loss of
INR18.72 billion (INR14.04 billion for the corresponding period
of 2012-13) on net revenues of INR0.0 (INR5.01 billion).


KOHINOOR ELITE: ICRA Reaffirms 'D' Rating on INR22cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D outstanding on
the INR22.00 crore term loan of Kohinoor Elite Hotels Private
Limited. ICRA has also reaffirmed the short term rating of [ICRA]D
outstanding on the INR1.00 crore non-fund based limit of KEHPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            22.00       [ICRA]D/Reaffirmed
   Bank Guarantee         1.00       [ICRA]D/Reaffirmed

The reaffirmation of the ratings takes into account KEHPL's weak
financial profile, characterized by losses at net level, weak
capital structure owing to the debt funded capital expenditure and
the stretched liquidity position leading to delays in debt
servicing. In the backdrop of high debt repayment obligations
coupled with the company's loss making nature of operations,
timely support from the group remains critical for servicing the
debt obligations. Further, the liquidity profile at a group level
remains stretched, brought around by slow sales of commercial
projects, particularly the large scale project in Mumbai where in
a significant quantum of the group funds have been deployed, as
well as start up nature of operations of the group's recent
ventures in healthcare, education and hospitality segment. The
ratings, further, take into account the sensitivity of cash flows
to occupancy levels and ARR as well as high competitive intensity
in the industry. ICRA has favourably factored in the long
experience of the promoters in the hospitality industry;
favourable location of the hotel and the fact that the hotel has
witnessed satisfactory ramp up of occupancy levels and RevPARs
since its inception.

ICRA notes that with the internal accruals not likely to be
sufficient for servicing the existing debt obligation in the near
term, the group's ability to raise adequate funds through sales
tie up or refinancing, for meeting the debt obligations remains
critical from our credit perspective.

KEHPL is part of Kohinoor Group promoted by Mr. Manohar Joshi and
currently managed by Mr. Unmesh Joshi. KEHPL is an SPV to set up
and manage a 100 room 3-star hotel at Kurla (West) in Mumbai,
known as Kohinoor Elite. The hotel commenced operation in May
2011.

Recent Results:

For the financial year ending March 31 2014, KEHPL recorded a net
loss of INR2.19 crore on an operating income of INR11.01 crore
(provisional), as against net loss of INR3.16 crore and operating
income of INR9.07 crore in the previous fiscal.


MINAKSHI RURAL: ICRA Assigns B- Rating to INR5.10cr Cash Credit
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR5.10
crore1 term loan, INR0.60 crore cash credit facility, and INR1.30
crore unallocated limit of Minakshi Rural Agri Business Private
Limited. The unallocated limit of INR1.30 crore has also been
rated on the short term scale to which ICRA has assigned a
[ICRA]A4 rating.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits-      5.10        [ICRA]B- (assigned)
   Cash Credit

   Fund Based Limits-      0.60        [ICRA]B- (assigned)
   Term Loan

   Unallocated             1.30        [ICRA]B-/[ICRA]A4 assigned

The ratings take into account MRABL's limited scale of operations,
leading to a weak financial profile characterized by net losses,
and depressed coverage indicators. The ratings are further
constrained by the high working capital requirement during the
storage period, on account of upfront advances extended to the
farmers at the time of storing potatoes, which impacts liquidity
position of the company and the regulated nature of the industry,
which makes it difficult to pass on any increase in operating
costs, thus adversely affecting the profitability of operations,
and the fragmented nature of the cold storage industry leading to
high competitive pressures and low operating profitability. ICRA
takes note of the company's exposure to counterparty risks due to
loans extended to farmers, given the chances of delinquencies in
case of price correction of potatoes. The rating, however, derives
comfort from the long track record of the promoters in managing
cold storages and the locational advantage of MRABL by way of the
presence of its cold storage unit in Begusarai, Bihar, which is
one of the highest potato states in the country.

Incorporated in 2010, MRABL is promoted by Mr. Awadesh Gupta, Mr.
S. Bahadur Ray, Mr. Jaiswal and his friends. The company is
engaged in the business of providing cold storage facility to
farmers and traders on a rental basis. The multipurpose storage
unit is located in Begusarai, Bihar with an annual storage
capacity of 11,200 tonnes. The company is also engaged in trading
of agri commodities.

Recent Results
As per the provisional results of FY14, MRABL reported a net loss
of INR0.30 crore on the back of an operating income (OI) of
INR0.68 crore.


MONARCH CERAMIC: CRISIL Assigns B Rating to INR117.5MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank loan facilities of Monarch Ceramic (MC).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan         117.5       CRISIL B/Stable
   Bank Guarantee          30         CRISIL A4
   Cash Credit             40         CRISIL B/Stable

The ratings reflect the firm's large working capital requirements,
and initial phase and modest scale of operations in the fragmented
industry. These rating weakness are partially offset by the firm's
low offtake risk because of outsourcing work undertaken for
Johnson Tiles and the extensive industry experience of MC's
promoters.
Outlook: Stable

CRISIL believes that MC will maintain its business and financial
risk profiles over the medium term, backed by the extensive
experience of its promoters and their association with the Johnson
Tiles. The outlook may be revised to 'Positive' if the firm's
scale of operations increases and it sustains its profitability,
leading to healthy accruals or improvement in working capital
management. Conversely, the outlook may be revised to 'Negative'
if its financial risk profile weakens because of significantly low
cash accruals after commencing operations of new project, or
substantial working capital requirements or debt-funded capital
expenditure.

Incorporated in 2011, MC is promoted by Morbi-based Bavara and
Dhoriyani families. The firm previously manufactured porcelain
tiles, but now manufactures Vitrified Tiles and is setting up a
new plant which is expected to commence its operations by April
2015.

MC reported a net profit of INR3 million on net sales of INR103.1
million for 2013-14 (refers to financial year, April 1 to
March 31), as against a net loss of INR3.1 million on net sales of
INR81.3 million for 2012-13.


MSV LABORATORIES: CARE Reaffirms B Rating on INR9.52cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
MSV Laboratories Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.52       CARE B Reaffirmed

Rating Rationale

The rating for the bank facilities of MSV Laboratories Pvt. Ltd.
(MSV) continues to remain constrained by its small scale of
operation in a highly competitive industry, project stabilization
risk, seasonal nature of the end-user agricultural industry
and elongated operating cycle. These factors far outweigh the
benefits derived from the experience of the promoters with long
and satisfactory track record and adequate R&D department.

The ability of the company to increase its scale of operations
with an improvement in profitability and effective
management of working capital would be the key rating
sensitivities.

Purba Medinipur (West Bengal) based MSV Laboratories Pvt. Ltd.
(MSV), incorporated in November 1991 was promoted by Mr Asok Maiti
along with his family members. Since inception, it has been
involved in the manufacturing of biofertilizer, bio-pesticides,
organic fertilizer and organic pesticides. The sole manufacturing
facility of the company is located at Medinipur, West Bengal with
an installed capacity of 600 ton of bio fertilizer, 6,000 ton of
organic fertilizer, 20 ton of bio-pesticides and 20 KL of organic
pesticides. MSV sells its products through distributors and
markets its products under the brand name of "Kiran" and "Carbo"
and has wide presence in the state of West Bengal. The company has
recently completed the construction of warehouse to be rented to
Food Corporation of India (FCI). However, the final agreement
with FCI is yet to be in place.

During FY14 (refers to the period April 1 to March 31), the
company reported a total operating income of INR5.77 crore
(FY13: INR3.36 crore) and a PAT of INR0.35 crore (FY13: INR0.08
crore). Furthermore, the company has achieved a turnover
of INR0.60 crore during 7MFY15.


NANIBALA COLD: CRISIL Reaffirms B+ Rating on INR70MM Cash Credit
----------------------------------------------------------------
CRISIL ratings on bank facilities of Nanibala Cold Storage Pvt Ltd
continues to reflect its below-average financial risk profile, its
small scale of operations and susceptibility of its operations to
adverse regulatory changes in the cold storage industry. These
rating weaknesses are partially offset by the extensive experience
of NCSPL's promoters in the cold storage business.

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

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

   Working Capital
   Facility               10        CRISIL B+/Stable (Reaffirmed)

For arriving at its rating, CRISIL has treated interest-free
unsecured loans worth INR4.58 million as on March 31, 2014 from
NCSPL's promoters and their family as part of quasi capital as the
same is expected to remain in the business over the long term.

Outlook: Stable

CRISIL believes that NCSPL will continue to benefit from the
extensive experience of its promoters in the cold storage business
over the medium term. The outlook may be revised to 'Positive' in
case of efficient management of farmer financing and significant
ramp-up in NCSPL's scale of operations and profitability.
Conversely, the outlook may be revised to 'Negative' in case
NCSPL's liquidity is constrained by delays in repayments by
farmers, lower-than-expected cash accruals or larger than expected
debt-funded capex.

Update
The company registered operating revenues of Rs 23.5 million Cr in
2013-14 as against Rs 21  million in 2012-13, improvement in
operating income of the company was on account of higher rental
income received from the farmers and better capacity utilization
of the cold storage. The operating margins of the company stood at
12 per cent in 2013-14. As a part of government initiative, NCSPL
takes loan from the banks and extends it to the farmers; potato
loans to farmers to the tune of Rs 20.1 million have resulted in
high GCA days of 1243 days as on March 31 2014.

NCSPL's has a below average financial risk profile, characterized
by low net worth, high gearing and below average debt protection
metrics. The company had a net worth of Rs 20.1 million as on
March 31 2014, further the company provides financial assistance
to the farmers by borrowing from banks and lending to farmers.
This has led to high gearing of 4.51 times as on March 31 2014.
The debt protection metrics of the company has remained below
average with interest coverage ratio (ICR) and Net Cash Accruals
to Total Debt (NCATD) of 2.7times and 5 per cent respectively as
on March 31 2014.

Incorporated in 1997 by Mr. Chittranjan Pal and his four sons,
NCSPL has a cold storage in Bankura (West Bengal) with three
chambers and a capacity of 218,000 quintals. The company also
trades in potatoes.


P.S. CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of P.S. Construction
Pvt Ltd (PSPL) continue to reflect PSPL's small scale of
operations, high geographical concentration in its revenue
profile, small order book, and low profitability, which is
vulnerable to fluctuation in raw material prices. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the construction industry and its reputed
customer base.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        100        CRISIL A4 (Reaffirmed)
   Cash Credit             5        CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility      5        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that PSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial
increase in the company's scale of operations, driven by better
order flows, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
lack of continued order flows, lower profitability, and
significant pressure on PSPL's working capital management due to
delays in project execution and in realisation of receivables.

Update
PSPL's revenue grew to INR205 million in 2013-14 (refers to
financial year, April 1 to March 31) supported by healthy demand.
Its cash accruals during the year were INR12 million as against
INR6 million during 2012-13. CRISIL believes that the company's
revenue will grow moderately over the medium term owing to
sustained demand from oil and gas companies and its established
relationships with customers.

PSPL's financial risk remained constrained by its small net worth
of INR35 million as on March 31, 2014. However, the company has no
term debt and a moderately utilised working capital limit of INR5
million, leading to low gearing. As on March 31, 2014, it had a
gearing of 0.39 times. CRISIL believes that PSPL's financial risk
profile will remain below average over the medium term owing to
limited accretions to reserves.

PSPL's bank limits were moderately utilised at an average of 36.8
per cent during the 12 months ended September 30, 2014. However,
owing to the lumpy nature of its cash flows, peak utilisation was
high at 92 per cent. It does not have any planned debt-funded
capital expenditure and is expected to generate cash accruals of
over INR10 million per annum over the medium term. CRISIL believes
that PSPL's liquidity will remain moderate over this period.

PSPL was originally established by Mr. S Ramachandran in 1999 as a
proprietorship firm; the firm was reconstituted as a private
limited company with the current name in 2003. PSPL undertakes
civil, mechanical, and electrical construction for oil and gas
companies.


PANAMA AGRITECH: CRISIL Ups Rating on INR106MM Term Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Panama Agritech Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              20        CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Proposed Long Term       21.3      CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B-/Stable')

   Term Loan               106        CRISIL B-/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that PAPL's liquidity
will be supported over the medium term, by adequate rental
receipts against its maturing debt obligations. PAPL's liquidity
also remains supported by the funding support extended by its
promoters and moderate utilisation of its working capital
facilities. The rating upgrade also factors in the expected
improvement in the company's business risk profile, backed by a
scale-up of operations and profitability, driven by increase in
the rental receipts over the medium term.

The rating reflects the sensitivity of PAPL's growth to the
business volumes from its key client, Madhya Pradesh Warehousing
and Logistics Corporation, and PAPL's below-average financial risk
profile, marked by a weak capital structure and subdued debt
protection metrics. These rating weaknesses are partially offset
by the extensive entrepreneurial experience of the company's
promoters.

For arriving at its ratings, CRISIL has treated the unsecured
loans of INR118 million as on March 31, 2014 from PAPL's promoters
as neither debt nor equity as these loans are interest free and
will be retained in the business over the medium term.
Outlook: Stable

CRISIL believes that PAPL will continue to benefit over the medium
term from the promoters extensive entrepreneurial experience. The
outlook may be revised to 'Positive' in case PAPL reports higher-
than-expected cash accruals, driven by improvement in scale of
operations and profitability, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of delays in rent receipts from its customer,
or lower-than-expected cash accruals, driven by lower
profitability, resulting in further deterioration in the company's
financial risk profile, leading to pressure on liquidity.

PAPL, incorporated in 2011, by the Pune-based Ladkat family is
engaged in providing non-conventional storage solutions for food
grains. The company's day-to-day operations of the company are
managed by Mr. Sameer Ladkat.


PRIME LUMBERS: CARE Assigns C Rating to INR1.5cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank facilities
of Prime Lumbers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facility       1.50       CARE C Assigned
   Short-term Bank Facilities    6.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Prime Lumbers
Private Limited (PLPL) are primarily constrained on account of
its weak liquidity profile, small scale of operations, leveraged
capital structure and weak debt coverage indicators. The ratings
are further constrained on account of limited value addition due
to the trading nature of business, low entry barriers & high
competition in timber business and vulnerability to fluctuation in
the prices of timber, currency rates & change in government
policies of timber exporting countries.

The ratings, however, favorably take into account the experienced
promoters in the timber trading business, location advantage and
strong demand from the end user industries.

The ability of PLPL to improve its liquidity and solvency
position, increase in its scale of operations while efficiently
managing its working capital requirements would be the key rating
sensitivities.

Gandhidham-based PLPL was incorporated by its key promoter Mr
Rohit Shah in 2001 to enter into the timber trading and business.
Presently PLPL is managed by two directors viz Mr Rohit Shah and
Ms Bhavna Shah. The trading facility of PLPL is located at
Gandhidham, Kutch.

PLPL imports timber from the countries like Singapore, Belgium,
Malaysia, New Zealand, Burma, Africa and Germany. In FY14
(Provisional; refers to the period April 1 to March 31), imports
accounted for about 96% of the total purchase for the company.
Furthermore, PLPL has its own sales team and has network in
Gujarat, Rajasthan, Delhi and Andhra Pradesh.

Apart from PLPL, promoters are also engaged in similar type of
business operations through other two entities viz. WVPL and WTPL.
The combined TOI of all the three group companies during FY14 was
INR26.73 crore and their net worth base as on March 31, 2014 was
INR6.67 crore.

During FY14, PLPL reported a net profit of INR0.21 crore on a
Total Operating Income (TOI) of INR9.15 crore as against a
net profit of INR0.10 crore on a TOI of INR15.12 crore in FY13.


RAME ELECTROWIRE: CRISIL Cuts Rating on INR114.5M Cash Loan to B+
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Rame Electrowire Private Limited to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB/Stable/CRISIL A4+.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           114.5       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Inland/Import         120         CRISIL A4 (Downgraded from
   Letter of Credit                  'CRISIL A4+')

   Term Loan              56         CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The rating downgrade reflects CRISIL's belief that REPL's
liquidity will remain stretched over the medium term on account of
large debt obligations, lower than expected net cash accruals and
high working capital working capital requirements. The company has
large repayments of INR10 million in 2014-15 which are expected to
be tightly matched with expected net cash accruals. Moreover, the
company's large working capital requirements, marked by GCA of
about 120 days as on march 31, 2014 continue to exert pressure on
the company's liquidity resulting in fully utilised bank lines.
Consequently, the company has been relying on funding support from
promoters for servicing its term debt obligations. CRISIL believes
that large debt obligations versus weak accruals will continue to
exert pressure on the company's liquidity over the medium term.

CRISIL's ratings on the bank loan facilities of Rame Electrowire
Pvt Ltd (REPL) reflects the company's weak financial profile
marked by high gearing , weak debt protection metrics and a low
net worth. The rating also factors susceptibility of operating
margin to volatility in raw material prices and intense
competition. These rating weaknesses are partially offset by the
promoters' extensive experience in the copper industry.

Outlook: Stable

CRISIL believes that REPL will continue to benefit over the medium
term from its promoters' extensive experience in the copper
industry. The outlook may be revised to 'Positive' if the company
is able to ramp up its revenues, leading to higher-than-expected
cash accruals. Conversely, the outlook may be revised to
'Negative' if REPL generates less-than-expected cash accruals, if
there is a stretch in its working capital cycle, or if it
undertakes a large debt-funded capital expenditure (capex)
programme, leading to weakening in its financial risk profile, or
if there is any delay in funding support from promoters, affecting
the company's debt servicing ability.

REPL, incorporated in 2012, is promoted by Mr. Paresh Shah, Mr.
Sandeep Mehta, and Mr. Dinesh Mehta. The company manufactures
copper wire rods. Its plant in kalol (Gujarat) became operational
in December 2012.

On a provisional basis, REPL reported a profit after tax (PAT) of
INR1.29 million on net sales of INR893.7 million in 2013-14; it
reported a PAT of INR0.5 million on net sales of INR363.8 million
in 2012-13.


RAMPURIA STEEL: CRISIL Ups Rating on INR94.2MM Cash Credit to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Rampuria Steel Pvt Ltd (RSPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             94.2        CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Term Loan                5.8        CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects improvement in RSPL's operating
performance with significant growth in revenue in 2013-14 (refers
to financial year, April 1 to March 31) coupled with higher-than-
expected profitability and moderation in working capital cycle.
The company registered revenue of INR664 million with an operating
margin of 5.6 per cent in 2013-14 against revenue of INR258
million and operating losses incurred in the previous year.
Moreover, there is moderation in company's working capital cycle,
reflected in gross current assets of around 80 days as on March
31, 2014 vis-a-vis 286 days a year ago. Consequently, RSPL
recorded cash accruals of over INR15 million in 2013-14 vis-a-vis
cash losses incurred in the previous year. Although, the company's
financial risk profile improved marginally because of better
operating performance, it still remains below average reflected in
high gearing and average debt protection metrics. Moreover, RSPL's
liquidity remains stretched marked by almost fully utilised bank
lines, despite no major debt obligations, amid continued funding
support from promoters.

The rating continues to reflect RSPL's improving, yet modest scale
of operations in a fragmented industry and moderately intensive
working capital requirements, the susceptibility of its operating
profitability to volatility in raw material prices, and its below-
average financial risk profile, which is marked by small net
worth, high gearing and average debt protection metrics. These
rating weaknesses are partially offset by the extensive experience
of RSPL's promoters in the steel industry and their funding
support.

Outlook: Stable

CRISIL believes that RSPL will continue to benefit over the medium
term from its promoter's extensive experience in steel industry.
The outlook may be revised to 'Positive' in case of sizable cash
accruals, further improvement in working capital cycle or further
infusion of fresh funds by the promoters resulting in improvement
in financial risk profile, especially liquidity.  Conversely, the
outlook may be revised to 'Negative' in case of weakening of
RSPL's financial risk profile, especially liquidity because of a
decline in revenue and profitability or stretch in working capital
cycle or a large capital expenditure.

RSPL was set up in April 2013 by Mr. Jitendra Rampuria and Mr.
Rajesh Rampuria to take over the business of Rija Steel & Power
Pvt Ltd (RSPPL) set up in 2005 by Mr. Amit Tiwari. RSPL
manufactures angles, channels, round bars, and square bars. It has
a manufacturing capacity of 30,000 tonnes per annum at Urla
Industrial Area in Raipur (Chhattisgarh).

RSPL reported profit after tax (PAT) of INR7.4 million on net
operating income of INR656.4 million for 2013-14, against a net
loss of INR41.9 million on net operating income of INR254.7
million for 2012-13.


SAVINO CERAMIC: CRISIL Reaffirms B Rating on INR65MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Savino Ceramic Pvt Ltd
continue to reflect SCPL's modest scale of operations in the
highly competitive ceramics industry, its large working capital
requirements, and its average financial risk profile, marked by
high gearing and average debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoters and the favourable location
of its factory.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           9.5      CRISIL A4 (Reaffirmed)
   Cash Credit             25        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       0.5      CRISIL B/Stable (Reaffirmed)
   Term Loan               65        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoters' extensive experience in the ceramic tiles
industry. The outlook may be revised to 'Positive' if the company
generates more-than-expected cash accruals or benefits from equity
infusion by its promoters, resulting in significant improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if SCPL registers lower-than-expected revenue and
profitability, or if its working capital requirements increase
substantially, or if it undertakes a large debt-funded capital
expenditure (capex) programme, resulting in further weakening of
its financial risk profile.

Update
For 2013-14 (refers to financial year, April 1 to March 31), its
first full year of operations, SCPL reported a turnover of
INR70.28 million, which was largely in line with CRISIL's
expectations. Currently, the company is utilising about 55 per
cent of its capacity, with production of about 5000 boxes per day
and is expected to report revenue of INR180 million for 2014-15.
SCPL's profitability has been higher than CRISIL's expectations
due to capitalisation of some preliminary expenses. CRISIL expects
the company's operating profitability margin to remain moderate at
around 12 per cent over the medium term.

SCPL's gross current assets were higher than expected at about 220
days as on March 31, 2014, primarily because of higher inventory
and debtor days. However, this was partially supported by credit
received from suppliers. CRISIL believes that the company's
working capital requirements will remain large over the medium
term primarily because of large inventory requirements.

SCPL's financial risk profile remains below average, marked by
high gearing of around 2.5 times as on March 31, 2014. The gearing
is expected to decline on the back of its increasing net worth and
repayment of term loans; however, the improvement is expected to
be gradual due to the company's modest scale of operations and
limited accretion to reserves. The financial risk profile is
partially supported by moderate debt protection metrics, with
interest coverage ratio of 3.7 times and net cash accruals to
total debt ratio of around 0.2 times in 2013-14. CRISIL believes
that the improvement in financial risk profile is expected to be
gradual and would remain constrained on the back of high gearing
levels over the near term

SCPL reported a net profit of INR0.07 million on net sales of
INR70.28 million for 2013-14.

Set up in 2013, SCPL is promoted by Mr. Vishal Kalaria, Mr.
Manojbhai Patel and Mr. Satish Vadsola, and others, all based in
Morbi (Gujarat). SCPL is engaged in manufacturing of digital wall
tiles at its Morbi unit.


SHALIMAR WORKS: CRISIL Reaffirms C Rating on INR282.9MM Bank Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Shalimar Works
(1980) Ltd (Shalimar Works) continue to reflect delay by Shalimar
Works in servicing of term debt obligations for West Bengal
Industrial Development Corporation (not rated by CRISIL) and
unsecured loan provided by the Government of West Bengal (GoWB;
not rated by CRISIL) on account of weak liquidity.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee         259.6        CRISIL A4 (Reaffirmed)

   Cash Credit              7.5        CRISIL C (Reaffirmed)

   Proposed Long Term     282.9        CRISIL C (Reaffirmed)
   Bank Loan Facility

The company continues to have a weak financial risk profile,
marked by an adverse capital structure and weak debt protection
metrics, and low operating efficiency. Moreover, it has a
concentrated customer profile. These rating weaknesses are
partially offset by the benefits which Shalimar Works may derive
from its healthy pipeline of orders.

Shalimar Works was established by the Turner Morrison Group of
Companies in the late 1890s. In 1980, the erstwhile company was
liquidated and its assets were acquired by GoWB through
incorporation of Shalimar Works under its current name. Currently,
the company is wholly owned by GoWB. Shalimar Works is mainly in
the business of ship-building and repairing, and it is also in the
general engineering and heavy structural fabrication businesses.


SLN RICE: ICRA Reaffirms 'B+' Rating on INR7cr CC
-------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to INR8.00
crore fund based limits of SLN Rice Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   CC                    7.00        [ICRA]B+ reaffirmed
   Term Loan             1.00        [ICRA]B+ reaffirmed

The rating reaffirmation takes into account the weak financial
profile of the firm characterized by low profitability, high
gearing levels and weak debt coverage indicators; and risks
inherent in the partnership nature of the firm. The rating factors
in the intensely competitive nature of rice milling industry with
presence of several small and large scale players which puts
pressure on the profitability margins. Further, the rating is
constrained by the stretched liquidity position and susceptibility
of profitability & revenues to agro-climatic risks which impact
the availability of the paddy in adverse weather conditions. The
rating also factors in the government policy restrictions on the
quantity of rice which can be sold in the open market limiting the
realizations for the firm. The rating however draws support from
long track record of the promoters in the rice mill business aided
by established milling capabilities. Further, favourable demand
prospects of the industry with India being the second largest
producer and consumer of rice in the world should provide for
adequate growth opportunities to the firm.

SLN Rice Industries was incorporated in the year 2003 as a
partnership firm. The firm is engaged in the milling of paddy for
producing raw rice. The firm is promoted by Mr. K. Umesh Babu and
Mr. K.Natesh Babu who has significant experience in the rice
milling industry. The rice mill is located at Tumkur, Karnataka.
The installed capacity of the plant is 5 tph (tons per hour).

Recent Results
As per the provisional results for FY2014, the firm reported net
profit of INR1.12 crore on turnover of INR38.45 crore as against
profit of INR0.69 crore on turnover of INR30.86 crore during
FY2013.


SRI RAM: ICRA Assigns 'B' Rating to INR6.20cr Long-Term Loan
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR6.20
crore fund based facilities and a short term rating of [ICRA]A4 to
the INR0.80 crore non-fund based facilities of Sri Ram Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term fund        6.20        [ICRA]B Assigned
   based Limits

   Short term non-
   fund based Limits     0.80        [ICRA]A4 Assigned

The assigned rating is constrained by small scale of operations
and discontinued operations post July 2014; awaiting their new
facility to commence operations from December 2014. These apart,
the ratings are also constrained by the weak financial profile of
the firm characterized by moderate debt projection metrics, high
working capital intensity and stretched liquidity position as
indicated by negative free cash flows in FY14. Moreover going
forward, capex to the tune of INR7.00 Cr whose major portion would
be funded by debt may further stretch the debt coverage
indicators. Further, the rating factors in the intensely
competitive nature of the business with presence of many small
players, agro climatic risks and partnership nature of firm.

However, the ratings favorably factor in the long track record of
the promoters in the rice mill business; availability of paddy in
the nearby region and positive demand prospects for the rice.

Sri Ram Industries (SRI) was incorporated in the year 2007 as a
partnership firm. The firm is engaged in the milling of paddy for
producing raw rice. Since inception Sri Ram Industries is in
leased facility of Sri Krishna Industries. This facility is 40 yrs
old and has installed capacity of 1MTPH. SRI is currently
constructing its own rice mill in Manvi, Raichur District. The
firm is planning to commence the operations of the new unit by
December 2014.

Recent Result
The company reported an operating income of INR2.29 Cr and net
profit of INR0.02 Cr for the financial year 2013-2014 as opposed
to an operating income of INR2.07 Cr and net profit of INR0.02 Cr
for the financial year 2012-2013.


SUPREME KNOWLEDGE: CRISIL Ups Rating on INR96MM Term Loan to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Supreme Knowledge Foundation (SKF) to 'CRISIL B+/Stable' from
'CRISIL D'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                96         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by SKF over
the six months through Sept 2014, driven by improvement in the
trust's liquidity. The trust registered revenue of around INR140
million for 2013-14 (refers to financial year, April 1 to March
31), against INR106 million in the preceding year, largely on
account of addition of courses and revision in fee structure of
existing courses. SKF's operating surplus margin improved to 46
per cent for 2013-14 from 38 per cent the previous year, resulting
in large accruals of INR57 million in 2013-14. The trust's
accruals are expected to be high because of increase in student
intake and regular revision in fee structure, and will be adequate
to meet its annual debt obligations of around INR17 million, over
the medium term.

The rating reflects SKF's average financial risk profile, marked
by modest debt protection metrics, geographical concentration in
its revenue profile, its small scale of operations, limited
flexibility to increase fees. These rating weaknesses are
partially offset by the extensive experience of SKF's promoters in
the education sector.

Outlook: Stable

CRISIL believes that SKF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the trust increases its
scale of operations substantially, most likely by adding courses
or by expanding its geographical reach. Conversely, the outlook
may be revised to 'Negative' if SKF undertakes a large debt-funded
capital expenditure programme, or if its cash accruals decline as
a result of reduced student intake.

Established in 2007, SKF has set up two educational institutes:
Sir JC Bose School of Engineering and Dr. P C Mahalanabish School
of Management. The institutes, located in Hooghly (West Bengal),
offer graduate and post-graduate courses in engineering and
management.

For 2013-14, SKF reported a net surplus of INR40.4 million on net
sales of INR139 million, against a net surplus of INR16.8 million
on net sales of INR101.5 million for 2012-13.


SUSHILA INT'L: CRISIL Ups Rating on INR40MM Term Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sushila International (SI; a part of the Sushitex group) to
'CRISIL B+/ Stable' from 'CRISIL B/Stable' while reaffirming the
firm's short-term rating at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            20        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Packing Credit        200        CRISIL A4 (Reaffirmed)

   Proposed Long Term     40        CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan              40        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects improvement in the Sushila group's
business risk profile, marked by year-on-year growth in operating
performance. The operating income increased to INR843 million in
2013-14 (refers to financial year, April 1 to March 31) from
INR740 million in the previous year. The group had operating
income of INR410 million for the 5 months ended August 31, 2014.
The operating margin has remained at 15.5 to 17.49 per cent over
the past three years. Therefore, its cash accruals have been high
at INR48 million in 2013-14, adequate to service maturing debt of
INR42 million during the year. The group plans to add a suiting
division; sales in this segment are expected to support the
group's business risk profile in 2014-15.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SI and Sushitex Industries Pvt Ltd
(SIPL). This is because of significant operational and financial
linkages between the two entities, together referred to as the
Sushitex group.

Furthermore, CRISIL has treated unsecured loans of INR69 million
on the entities' books as on March 31, 2014, extended by the
promoters as neither debt nor equity, as these loans are likely to
remain in the business over the medium term, and the interest rate
on them is lower than that on the bank facilities.

Outlook: Stable

CRISIL believes that the Sushitex group will continue to benefit
over the medium term from the extensive experience of its
promoters in the textile industry. The outlook may be revised to
'Positive' if there is substantial and sustained increase in the
group's revenue and profitability along with improvement in the
working capital cycle and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if the Sushitex group's
financial risk profile, particularly its liquidity, deteriorates,
most likely due to decline in its revenue or profitability, or
higher-than-expected capital expenditure, or a stretch in its
operating cycle.

SI, set up in 1980, is a partnership firm that manufactures
fabrics used for shirting. SIPL, incorporated in 2011, undertakes
similar activities. The Sushitex group's manufacturing facilities
are at Tarapur (Maharashtra). Its day-to-day operations are
managed by Mr. Harish Arya along with his family members.


SUSHITEX INDUSTRIES: CRISIL Ups Rating on INR205M Term Loan to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sushitex Industries Private Ltd (SIPL); a part of the Sushitex
group) to 'CRISIL B+/Stable' from 'CRISIL B/Stable' while
reaffirming the firm's short-term rating at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           10         CRISIL A4 (Reaffirmed)

   Cash Credit             100         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Supplier Line of         25         CRISIL A4 (Reaffirmed)
   Credit

   Term Loan               205         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects improvement in the Sushila group's
business risk profile, marked by year-on-year growth in operating
performance. The operating income increased to INR843 million in
2013-14 (refers to financial year, April 1 to March 31) from
INR740 million in the previous year. The group had operating
income of INR410 million for the 5 months ended August 31, 2014.
The operating margin has remained at 15.5 to 17.49 per cent over
the past three years. Therefore, its cash accruals have been high
at INR48 million in 2013-14, adequate to service maturing debt of
INR42 million during the year. The group plans to add a suiting
division; sales in this segment are expected to support the
group's business risk profile in 2014-15.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Sushila International (SI) and SIPL.
This is because of significant operational and financial linkages
between the two entities, together referred to as the Sushitex
group.

Furthermore, CRISIL has treated unsecured loans of INR69 million
on the entities' books as on March 31, 2014, extended by the
promoters as neither debt nor equity, as these loans are likely to
remain in the business over the medium term, and the interest rate
on them is lower than that on the bank facilities.
Outlook: Stable

CRISIL believes that the Sushitex group will continue to benefit
over the medium term from the extensive experience of its
promoters in the textile industry. The outlook may be revised to
'Positive' if there is substantial and sustained increase in the
group's revenue and profitability along with improvement in the
working capital cycle and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if the Sushitex group's
financial risk profile, particularly its liquidity, deteriorates,
most likely due to decline in its revenue or profitability, or
higher-than-expected capital expenditure, or a stretch in its
operating cycle.

SI, set up in 1980, is a partnership firm that manufactures
fabrics used for shirting. SIPL, incorporated in 2011, undertakes
similar activities. The Sushitex group's manufacturing facilities
are at Tarapur (Maharashtra). Its day-to-day operations are
managed by Mr. Harish Arya along with his family members.


UNITED WIRE: CRISIL Reaffirms B+ Rating on INR119.5MM Cash Credit
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of United Wire
Products (UWP) continues to reflect UWP's below-average financial
risk profile, marked by a small net worth, high gearing, and weak
debt protection metrics. The rating also factors in the firm's
small scale of operations, with constrained profitability, in the
intensely competitive wire manufacturing industry, and its
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive industry experience of UWP's
partners and its diversified customer profile.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit         119.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term   28.8       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan             1.7       CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has treated unsecured loans of
INR21.1 million from UWP's promoters and neither affiliates as
neither debt nor equity as these are expected to be retained in
the business and carry a lower interest rate than bank loans.

Outlook: Stable

CRISIL believes that UWP will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm significantly scales up
its operations and improves its profitability, or if there is
considerable improvement in its working capital management,
leading to better liquidity. Conversely, the outlook may be
revised to 'Negative' if UWP's financial risk profile
deteriorates, most likely on account of large debt-funded capital
expenditure or a further stretch in its working capital cycle.

Update
UWP's operating income declined to INR320 million in 2013-14
(refers to financial year, April 1 to March 31) from INR369
million in the previous year; the decline was driven by lower
sales to government agencies such as electricity boards and
irrigation departments. The firm's turnover has marginally
improved in the current year with sales of around INR190 million
recorded till September 30, 2014. Its operating margin had
increased in 2013-14 to around 7.1 per cent from 5.4 per cent in
2012-13 on account of higher sales of high-margin products.

UWP's working capital requirements have remained high, mainly
because of large inventory and receivables. The firm maintains
inventory of raw materials and finished goods of around three to
four months. The raw material is procured from Steel Authority of
India Ltd and Jindal Steel & Power Ltd wherein it has to make cash
payments. The firm offers credit of 60 to 90 days, which led to
high receivables of 98 days as on March 31, 2014. The working
capital requirements have remained large in 2014-15 as
well,leading to high average bank limit utilisation at around 93
per cent over the 10 months through September 2014.

UWP's financial risk profile has remained below average, with high
gearing, a small networth, and weak debt protection metrics.The
firm had a gearing of 2.71 times as on March 31, 2014, mainly
because of high reliance on bank borrowings for meeting its
working capital requirements. It had a net worth of INR47 million
as on this date. Its interest coverage and net cash accruals to
total debt ratios were around 1.4 times and 0.04 times,
respectively, in 2013-14. The firm has weak liquidity. Its cash
accruals were INR5.1 million, against debt obligations of INR3.6
million, in 2013-14.

UWP reported a profit after tax (PAT) of INR3.2 million on net
sales of INR318 million for 2013-14, against PAT of INR2.1 million
on net sales of INR368.7 million for 2012-13.
About the Firm

UWP, set up in 1994, manufactures several types of mild steel
wires such as galvanised wires, earth wires, barbed wires, binding
wires, chain-link fencing, stitch wires, and black annealed wires.
These products are used by the automobile, construction, and
agricultural-based industries, and electricity boards, among
others.


WOODMAN TRADING: CARE Assigns 'C' Rating to INR3cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank facilities
of Woodman Trading Company Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facility       3.00       CARE C Assigned
   Short-term Bank Facilities    4.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Woodman Trading
Company Private Limited (WTPL) are primarily constrained on
account of its weak liquidity profile, small scale of operations
with low returns, leveraged capital structure and weak debt
coverage indicators. The ratings are further constrained on
account of limited value addition due to the trading nature of
business, low entry barriers & high competition in the timber
business and vulnerability to fluctuation in prices of timber,
currency rates & change in government policies of timber exporting
countries.

The ratings, however, favorably take into account the experienced
promoters in the timber trading business, location advantage and
strong demand from the end-user industries.

The ability of WTPL to improve its liquidity and solvency
position, increase in its scale of operations while efficiently
managing its working capital requirements would be the key rating
sensitivities.

Gandhidham-based WTPL was incorporated by its key promoter Mr
Rohit Shah in 2002 to enter into the timber trading business.
Presently WTPL is managed by two directors viz. Mr Rohit Shah and
Ms Bhavna Shah. The trading facility of WTPL is located at
Gandhidham, Kutch.

WTPL imports timber from the countries like Singapore, Malaysia,
New Zealand, Burma, Africa and Germany. In FY14 (Provisional;
refers to the period April 1 to March 31), imports accounted for
about 96% of the total purchase for the company. Furthermore, WTPL
has its own sales team and has network in Gujarat, Rajasthan,
Delhi and Andhra Pradesh.

Apart from WTPL, the promoters are also engaged in similar type of
business operations through other two entities viz. WVPL and PLPL.
The combined TOI of all the three group companies during FY14 was
INR26.73 crore and their net worth base as on March 31, 2014 was
INR6.67 crore.

During FY14, WTPL reported a net profit of INR0.07 crore on a
Total Operating Income (TOI) of INR10.62 crore as against a
net profit of INR0.09 crore on a TOI of INR13.23 crore in FY13.


WOODMAN VENEERS: CARE Puts 'C' Rating to INR1.18cr Long Term Loan
-----------------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank facilities
of Woodman Veneers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     1.18       CARE C Assigned
   Short-term Bank Facilities    4.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Woodman Veneers
Private Limited (WVPL) are primarily constrained on account of its
weak liquidity profile, small scale of operations, leveraged
capital structure and weak debt coverage indicators. The ratings
are further constrained on account of limited value addition due
to the trading nature of business, low entry barriers & high
competition in the timber business and vulnerability to
fluctuation in the prices of timber, currency rates & change in
government policies of timber exporting countries.

The ratings, however, favorably take into account the experienced
promoters in the timber trading business, location advantage and
strong demand from the end-user industries.

The ability of WVPL to improve its liquidity and solvency
position, increase in its scale of operations while efficiently
managing its working capital requirements would be the key rating
sensitivities.

Gandhidham-based WVPL was incorporated by its key promoter Mr
Rohit Shah in 2007 to enter into timber trading and veneer
manufacturing business. Presently WVPL is managed by two directors
viz Mr Rohit Shah and Mrs Bhavna Shah.

The manufacturing and trading facility of WVPL is located at
Gandhidham, Kutch.

WVPL imports timber from the countries like Singapore, Malaysia,
New Zealand etc. In FY14 (refers to the period April 1
to March 31), imports accounted for about 90% of the total
purchase for the company. Furthermore, WVPL has its own
sales team and has a network in Gujarat, Rajasthan, Delhi, Andhra
Pradesh, Punjab and Haryana. Apart from WVPL, the promoters are
also engaged in similar type of business operations through other
two entities viz WTPL and PLPL. The combined TOI of all the three
group companies during FY14 (Provisional) was INR26.73 crore and
their net worth base as on March 31, 2014 was INR6.67 crore.

During FY14, WVPL reported a net profit of INR0.06 crore on a
Total Operating Income (TOI) of INR11.51 crore as against a
net profit of INR0.04 crore on a TOI of INR10.37 crore in FY13.


ZEBA AGRO: ICRA Assigns B+ Rating to INR13.50cr Long Term Loan
--------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to INR13.50
crore fund based bank facilities of Zeba Agro Private Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term: Fund Based    13.50       [ICRA] B+

Rating Rationale
The rating is constrained on account of weak profitability margins
of the company which coupled with high capital related charges
results in low cash accruals in relation to the debt repayment
obligations and increasing working capital requirements of the
company. The profitability has been impacted due to high raw
material costs (waste from meat processing, i.e. bone etc.) for
its standalone rendering plant, as the APEDA export registration
requires exporters to ensure proper method for waste disposal. As
a result, many meat processing plants have set up their own
rendering plants, leading to low availability and hence higher
prices of raw materials. While, FY14 was first year of operation,
whereby the rendering plant of the company operated for ~9months,
however limited moratorium on debt servicing coupled with working
capital requirements due to long receivables period results in
consistent need of funding support from promoters. With expected
scale-up of operations in FY15 posing additional working capital
requirements, timely funding support will be required to meet the
funding requirements, given the scheduled repayments. This apart,
the company has also planned capital expenditure of ~INR120 crore
towards backward integration (Integrated abattoir cum meat
processing plant), and hence timely funding tie-up and infusion of
promoter's funds will remain critical for maintaining liquidity.

Going forward, the ability of the company to improve the capacity
utilization of the recently commenced rendering plant, while
reducing its working capital requirements and/or secure additional
working capital funding, which is commensurate with the size of
operations coupled with timely funding support from promoters to
meet shortfalls towards existing operations and margins for
proposed capex will be key rating sensitivities.

Zeba Agro Private Limited (ZAPL) was incorporated in February 2011
and manufactures Tallow and Meat and Bone meal (MBM) from animal
waste such as in bones, fat and offals. The manufacturing unit is
located in Ghaziabad which commenced its operations in June 2013.
Tallow is an industrial product that finds usage in lubricant and
soap manufacturing whereas MBM is used in poultry feed.

The company is promoted by Ms. Zeba Urfi and Mrs. Zaibun-Nisa.
Although the promoters were previously engaged with providing
software and hardware solutions through various group companies,
the promoter's family has been engaged in trading of meat products
in the unorganized sector for past several years.

Recent Results
ZAPL reported Operating Income (OI) of INR23.80 Crore
(provisional) and net income of INR0.17 Crore in 2013-14.


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


BANK MUTIARA: Regulator Approves J Trust Purchase Bid
-----------------------------------------------------
Reuters reports that Indonesia's financial regulator has approved
Japanese finance company J Trust's proposed purchase of Bank
Mutiara, two officials said on November 11.

Bank Mutiara, formerly Bank Century, was bailed out by the
Indonesian government during the global financial crisis in 2008,
the report notes.

According to Reuters, the Indonesian Deposit Insurance Corporation
or Lembaga Penjamin Simpanan (LPS) started a public bidding
process for its 99.996 percent interest in Bank Mutiara in April.

"We have received the result of the fit-and-proper test from OJK
[Indonesia's Financial Services Authority], that J Trust has been
approved by OJK to be the new owner of Bank Mutiara," Samsu Adi
Nugroho, an LPS official, said in a text message, Reuters relays.

LPS will hold a meeting soon for a transfer in the share ownership
and complete the transaction, Mr. Nugroho, as cited by Reuters,
said.

Reuters adds that Nelson Tampubolon, executive head of banking
supervision at the regulator, confirmed that it had sent its
approval.

Nugroho and Tampubolon declined to disclose the transaction price,
but an Indonesian lawmaker said in September that J Trust had
offered to buy Bank Mutiara for IDR4.5 trillion ($368.85 million),
Reuters reports.

Based in Jakarta, Indonesia, Mutiara Bank, formerly known as PT
Bank Century Tbk -- http://www.mutiarabank.co.id/-- was a
financial institution.  The Bank's products and services include
deposits, savings, loans, mutual funds, bank notes, export and
import financing, credit and commercial banking.

Bank Century was a relatively small lender with total assets of
IDR15 trillion (US$1.3 billion).  The government took over Bank
Century -- the first such move since the 1997-1998 crisis -- to
save it from collapse and restore confidence in the banking
sector.  The government initially injected IDR1 trillion (US$106
million) to increase liquidity at Bank Century after Indonesia's
Deposit Insurance Corp. seized it on Nov. 21, 2008, over a week
after the bank failed to comply with a IDR5 billion obligation.
Bank Century then received a total capital injection of IDR6.76
trillion from the LPS.



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


TOKYO ELECTRIC: To Seek JPY280BB in New Bank Loans For Next June
---------------------------------------------------------------
Bloomberg News reports that Tokyo Electric Power Co. is in talks
with banks for JPY280 billion in new loans next June, two sources
with knowledge of the matter said.

Tepco is also scheduled next month to repay JPY150 billion in
emergency borrowings related to the disaster at the Fukushima No.
1 nuclear plant from Sumitomo Mitsui Banking Corp., Mizuho Bank
Ltd. and Bank of Tokyo-Mitsubishi UFJ Ltd., Bloomberg relates
citing sources who asked not to be identified because the
information is private.

According to Bloomberg, Hiroshi Itagaki, a Tokyo-based Tepco
spokesman, said the utility plans to raise about JPY300 billion in
loans in fiscal 2015 and about JPY1 trillion in bonds and loans in
fiscal 2016. He declined to comment on the timing of borrowings
and details of repayment plans, Bloomberg notes.

Tepco, the nation's biggest power company, received about JPY2
trillion in emergency loans after the March 2011 earthquake and
tsunami led to the meltdown of three reactors at the Fukushima
plant, Bloomberg recalls.  The report says the utility must
refinance for the repayment of trillions of yen of debt in coming
years and is also seeking new loans for its growth strategy in its
turnaround plan released in January.

Tepco repaid JPY4 billion of the emergency loans in April to the
Development Bank of Japan, according to an official with the bank,
Bloomberg relays.

The government-backed DBJ was the utility's biggest lender with
JPY768.1 billion in outstanding loans as of March 31, Bloomberg
discloses citing Tepco's annual report released in June.

SMBC's lending stood at JPY711.8 billion, Mizuho at JPY534.2
billion and Bank of Tokyo-Mitsubishi UFJ at JPY334.6 billion,
according to the report cited by Bloomberg.

In addition to bank loans, Tepco has JPY4.2 trillion of
outstanding bonds as of March 31, according to company data. Tepco
has to redeem JPY438.1 billion of bonds in fiscal 2015, JPY566.8
billion in fiscal 2016 and about JPY1.3 trillion in fiscal 2017,
Bloomberg discloses citing to the company's redemption schedule in
an Oct. 31 report.

Tepco repaid JPY635.5 billion of bonds in the year ended
March 31, the company has said, Bloomberg adds.

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2012, Bloomberg News said Japan's government took control
of Tepco and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.

Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.

Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station.  Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.



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


MERCY RENOVATORS: Creditors Have Until Nov. 21 to File Claims
-------------------------------------------------------------
Patrick O'Sullivan at Hawkes Bay Today reports that Napier South
grandmother Rochelle Spence said she has probably lost her
NZ$24,000 deposit following last week's voluntary liquidation of
Mercy Renovators.

She signed a contract for $48,000 to reposition her kitchen and
put a bedroom in its place, with work due to begin in September,
the report says.  A 50 per cent deposit was required up front,
which in hindsight was "far too much", but she had no qualms
following a successful NZ$20,000 bathroom renovation, Hawkes Bay
Today relates.

With work due to start she phoned the company after hearing
rumours it was in financial trouble, according to the report.

"They said everything is okay -- that they have had a few problems
-- but that things were okay," the report quotes
Ms. Spence as saying.

On October 31 the liquidator phoned her, Hawkes Bay Today reports.
"They said, as an unsecured creditor, things probably didn't look
too good for me getting my money back. I'm guessing it will be the
IRD, the bank and secured creditors that will come before me," Ms.
Spence said.

She said she knew Mercy were a member of Registered Masters
Builders but was not made aware she could have paid for insurance
to protect her deposit through the organisation, according to
Hawkes Bay Today.

Creditors have until November 21 to make claims, the report notes.

Mercy Renovators Limited was a one-stop-shop for home renovations,
from painting and decorating to new kitchens, bathrooms and
building extensions.

Richard Grant Simpson and David Ian Ruscoe of Grant Thornton NZ
were appointed as liquidators of the Company on Oct. 29, 2014.



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


STATS CHIPPAC: S&P Puts 'BB+' LT CCR on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term
corporate credit rating and 'axBBB+' long-term ASEAN regional
scale ratings on STATS ChipPAC Ltd. on CreditWatch with negative
implications.  S&P also placed its 'BB+' long-term issue ratings
on STATS ChipPAC's senior unsecured notes on CreditWatch with
negative implications.

S&P placed the ratings on CreditWatch because STATS ChipPAC will
not benefit from the likelihood of extraordinary government
support if Temasek Holdings (Private) Limited sells its stake in
the company to China-based Jiangsu Changjiang Electronics
Technology (JCET).

"The group credit profile of the JCET group could be a negative
rating factor after the acquisition, given the large size of the
transaction relative to JCET's operating scale," said Standard &
Poor's credit analyst Katsuyuki Nakai.

The rating on STATS ChipPAC could be lower than the company's 'bb'
stand-alone credit profile if S&P's assessment of the group credit
profile under the new ownership structure is weaker than that.
STATS ChipPAC is a Singapore-based company providing outsourced
semiconductor assembly and test services.

STATS ChipPAC has announced that the proposed acquisition could be
completed by the end of this month.  However, given the non-
binding negotiation between STATS ChipPAC and JCET, Temasek will
maintain its existing 83.8% ownership if the acquisition does not
go through.

"If the acquisition doesn't materialize, we will reassess the
likelihood of extraordinary government support based on Temasek's
strategy regarding STATS ChipPAC. The rating on STATS ChipPAC gets
a one-notch rating uplift because of a 'moderate' likelihood of
extraordinary government support," Mr. Nakai said.

S&P expects to resolve the CreditWatch after getting more clarity
on the proposed acquisition by JCET.

If the proposed acquisition is completed, S&P's ratings on STATS
ChipPAC will be determined by JCET's group credit profile and
STATS ChipPAC's group status.  S&P will also examine STATS
ChipPAC's business strategy, earnings prospects, and financial
policy under the new group structure.  S&P could then lower the
rating by more than one notch.

If the proposed acquisition does not happen, S&P will reassess the
likelihood of government support if it expects Temasek to set a
definite time frame to divest its stake in STATS ChipPAC.  S&P
will also assess the impact of STATS ChipPAC's recent weak
financial performance, with the ratio of funds from operations to
debt at 27%-28% for the 12 months ended Sept. 2014.


VANGUARD ENERGY: Files For Bankruptcy in Singapore
--------------------------------------------------
Jessica Jaganathan and Seng Li Peng at Reuters reports that a
creditor of bankrupt OW Bunker is preparing a lawsuit in Singapore
seeking to reclaim its money, court documents showed.

In a separate case, court documents showed a second ship fuel
company, Vanguard Energy Pte Ltd, filed for bankruptcy in the city
state on Oct. 29, a week before OW Bunker said it had been driven
to insolvency by suspected fraud at its Singapore trading unit,
Reuters reports.

Reuters notes that the shipping fuel market was thrown into
turmoil after OW Bunker filed for bankruptcy in Denmark on
November 7, with rising prices and heightened fears of
counterparty risk reviving memories of the 2008/09 global
financial crisis.

Hin Leong Trading, Singapore's biggest independent oil trader, is
preparing a writ of summons, a court document used to commence
legal proceedings in Singapore, according to Reuters.

The trader is seeking SGD1.67 million ($1.3 million) from OW
Bunker East, a subsidiary of OW Bunker, over the sale of goods,
according to the court document obtained by Reuters.

According to Reuters, OW Bunker has blamed fraud by unnamed senior
employees for losses of at least $125 million at another Singapore
subsidiary, Dynamic Oil, but has not revealed any details.

The company was estimated to have about 7 percent of the global
market for bunker, a liquid fuel refined from crude oil and used
to power ships, competing with companies such as World Fuel
Services Corp, Chemoil Energy and Aegean Marine Petroleum Network,
Reuters reports.

OW Bunker A/S is a Danish shipping fuel provider.




                             *********

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 202-362-8552.



                 *** End of Transmission ***