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

                      A S I A   P A C I F I C

         Wednesday, November 19, 2014, Vol. 17, No. 229


                            Headlines


A U S T R A L I A

BOOKPLATE: National Library of Australia Cafes Shut Doors
DACKBROOK PTY: Menswear Retail Chain Enters Liquidation
GREGORYS TRANSPORT: Placed in Receivership
SNAPPER ROAD: First Creditors' Meeting Set For November 27


C H I N A

CHINA SHIANYUN: Reports $245,306 Net Loss for Third Quarter
EVERGRANDE REAL: Early Sr. Notes Redemption No Impact on B1 CFR
HONGHUA GROUP: Sino-Mex Investment No Impact on Moody's B1 CFR
NEXTEER AUTOMOTIVE: Moody's Assigns Ba1 Rating to USD250MM Notes
PARKSON RETAIL: Fitch Cuts Long-Term Issuer Default Rating to BB-

XINYUAN REAL: S&P Lowers Rating to 'B'; Outlook Negative
* CHINA: Distressed-Loan Buyers Watch Indebted Chinese Developers


I N D I A

ANPRAS FOOD: CRISIL Reaffirms B+ Rating on INR32.5MM Term Loan
ANUBHAV GEMS: ICRA Assigns B+ Rating to INR6.25cr Fund Based Loan
AVADH COTTON: ICRA Assigns B Rating to INR4.5cr Cash Credit
AXIS BANK: Fitch Keeps 'BB+' Support Rating Floor
BHAWTARINI VINIMAY: ICRA Assigns B Rating to INR8cr Cash Credit

C. P. SPONGE: ICRA Reaffirms B+ Rating on INR20cr Cash Credit
CHHABRA AUTOLINK: CARE Reaffirms B Rating on INR9.21cr Bank Loan
D.R. THANGAMAALIGAI: CRISIL Rates INR40MM Bank Loan at 'B'
EXCEL ANO: ICRA Suspends B+/A4 Rating on INR5cr Bank Loan
HIMALAYA CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR40MM Loan

HITECH PRINT: CRISIL Assigns B Rating to INR100MM Cash Credit
ISHMEET FORGINGS: ICRA Suspends 'B' Rating on INR8.5cr Term Loan
KOHINOOR TECHNOLOGIES: ICRA Cuts Rating on INR35cr Term Loan to D
KUSUM METALS: ICRA Lowers Rating on INR4cr LT Loan to B+
MARUTI METAL: CRISIL Cuts Rating on INR130.5MM Bank Loan to B+

MIDHUNAM SPINNERS: CRISIL Cuts Rating on INR80MM Cash Loan to B
NEELACHAL ORG: CRISIL Reaffirms INR40MM Cash Loan Rating at 'B'
NIGAM COLD: CARE Revises Rating on INR4.5cr Bank Loan to 'B'
OM BIOMEDIC: ICRA Puts B- Rating on INR15cr Working Capital Loan
P.S.K. TEXTILES: CRISIL Ups Rating on INR92.7MM Term Loan to B+

R. S. ENTERPRISES: CRISIL Reaffirms B Rating on INR140M Cash Loan
SBA EDUCATION: CRISIL Reaffirms 'D' Rating on IN101MM LT Loan
SHIVA SHAKTI: CRISIL Reaffirms B Rating on INR190MM Cash Credit
SHREE GAURI: ICRA Reaffirms B Rating on INR11cr Term Loan
SILVER STREAK: ICRA Assigns B+ Rating to INR5cr Term Loan

SPICEJET LTD: 40 Pilots Quit in Past Six Months
SREE RAJESWARI: CRISIL Cuts Rating on INR90MM Cash Credit to D
SRS AGRI: ICRA Upgrades Rating on INR14cr Term Loan to B
SUKH SAGAR: CARE Revises Rating on INR6.77cr Bank Loan to 'B+'
SUNDAR CHEMICALS: ICRA Suspends B+ Rating on INR3cr FB Loan

SYNERGY AGRI: ICRA Suspends 'D' Rating on INR9cr Bank Loan
TRK TEXTILES: CRISIL Ups Rating on INR245.5MM Term Loan to B-
TURBOMACHINERY EDUC: ICRA Suspends D Rating on INR7.5cr Loan
TURBOMACHINERY ENG'G: ICRA Suspends D Rating on INR75cr Loan
V.K. GUPTA: CRISIL Upgrades Rating on INR45MM Cash Credit to B-

WESTIN RESINS: ICRA Suspends B+ Rating on INR8.8cr LT Bank Loan
YASH PAPERS: ICRA Reaffirms 'B+' Rating on INR120.18cr FB Loan
ZAMIL INFRA: CARE Assigns 'B' Rating to INR14.34cr LT Bank Loan


N E W  Z E A L A N D

HUDSON HOSPITALITY: Director Fights 10 Liquidations in 9 Months
VIADUCT CAPITAL: Receivers Lower Estimated Payout for Investors


S I N G A P O R E

FIRST SHIP: Fitch Withdraws 'B-' Long-Term Issuer Default Rating


                            - - - - -


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


BOOKPLATE: National Library of Australia Cafes Shut Doors
---------------------------------------------------------
Primrose Riordan at The Canberra Times reports that Bookplate and
Paperplate cafes at the National Library of Australia shut their
doors as the business behind them went into liquidation on
November 10.

The Canberra Times relates that Rachel Romney-Brown, owner of the
cafe for 14 years, said she was "devastated" to leave but
unexpected costs from the transfer of the contract to a new owner
forced them into liquidation.

"It is in the hands of the liquidator and I can't say much more, I
can say it was a flourishing business for 14 years and would have
continued to be," the report quotes Ms. Romney-Brown as saying.
"But there were expenses related to the transition of the contract
and based on those I have had to put it into voluntary
liquidation."

According to the report, Ms. Romney-Brown had just announced
earlier in October she was giving the business up. Tracy Keeley,
director of Poppy and Maude, had been tipped to take over at the
end of the year, the report notes.

"A lot of our staff have been with us for over 10 years and it's
desperately sad to say goodbye to a place much loved by a lot of
Canberra," Ms. Romney-Brown, as cited by The Canberra Times, said.

"We love the library and it has been an honour to be part of it,
we had people who came in five days a week, it was a big part of
our and their lives."

Ms. Romney-Brown and her husband Pete are also selling their
homestead "Anglesey" on Smiths Road at The Angle with a AUD900,000
price guide, the report relays.

The library spokesperson declined to comment on the closure,
simply saying they were working to get it back up and running as
soon as possible, The Canberra Times says.

The Canberra Times says Ms. Romney-Brown addressed fears of lost
wages and unpaid debts. "We are working to ensure our staff and
our creditors are not left out of pocket and doing our very best
to ensure that the majority of our outstanding debt to creditors
is repaid," she said.


DACKBROOK PTY: Menswear Retail Chain Enters Liquidation
-------------------------------------------------------
Eloise Keating at SmartCompany reports that David Clout of David
Clout and Associates was appointed liquidator of Dackbrook Pty Ltd
and West End Pty Ltd, both of which were trading as Tom Browns
Menswear, on November 10.

SmartCompany, citing a notice issued to the Australian Securities
and Investments Commission, says a decision was made on
November 11 to wind up the companies voluntarily.

But David Clout and Associates has this week advertised the
business for sale "as a going concern," SmartCompany relays.

In an advertisement in the Australian Financial Review on November
18, the liquidators said they are seeking expressions of interest
for the entire business, "including current leases, fixtures and
fittings, systems and web site". They will also consider interest
in parts of the business, the report relates.

Tom Browns Menswear specialises in casual and business clothing
for men, stocking brands such as Thirty-Six Degrees, duMaurier and
Van Huesen.

SmartCompany relates that the liquidators said the chain's annual
turnover "may exceed AUD4 million" and its stores are located in
"major shopping centres" across Brisbane.

Mr. Clout confirmed all six stores are still trading, SmartCompany
says.


GREGORYS TRANSPORT: Placed in Receivership
------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Gregorys Transport
Pty Ltd and Transport and Asset Management are under receivership.
The companies have turned over control of a number of their fleet
to receiver Brendan Richard of Ferrier Hodgson.

According to the report, Gregorys Transport faces actions other
than the receivership at the moment. The company also faces
liquidation in the New South Wales Supreme Court, the report
relates.  The order is brought about by the Workers Compensation
Nominal Insurer, says Dissolve.com.au.


SNAPPER ROAD: First Creditors' Meeting Set For November 27
----------------------------------------------------------
Jason Bettles & Morgan Lane of Worrells Solvency & Forensic
Accountants was appointed as administrators for Snapper Road
Seafoods Pty Ltd on Nov. 17, 2014.

A first meeting of the creditors of the Company will be held at
Level 5, HQ@Robina, 58 Riverwalk Avenue, in Robina, Queensland, on
Nov. 27, 2014, at 2:30 p.m.



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


CHINA SHIANYUN: Reports $245,306 Net Loss for Third Quarter
-----------------------------------------------------------
China Shianyun Group Corp., Ltd., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a net loss of $245,306 on $48,652 of revenues for the
three months ended Sept. 30, 2014, compared to a net loss of
$110,515 on $495,857 of revenues for the same period a year ago.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $1.19 million on $207,249 of revenues compared to a
net loss of $473,127 on $856,808 of revenues for the same period
in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $4.03
million in total assets, $6.13 million in total liabilities and a
$2.09 million total stockholders' deficit.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/6T3nKI

                        About China Shianyun

China Shianyun Group Corp., Ltd, formerly known as China Green
Creative, Inc., develops and distributes consumer goods, including
herbal teas, health liquors, meal replacement products, and cured
meat using ecological breeding methods in China.  The Company is
based in Shenzhen Guandong Province, China.

China Shianyun reported a net loss of $381,508 on $2 million of
revenues for the year ended Dec. 31, 2013, as compared with net
income of $635,873 on $6.87 million of revenues in 2012.

Albert Wong & Co., in Hong Kong, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has a significant accumulated deficits and negative
working capital that raise substantial doubt about the Company's
ability to continue as a going concern.


EVERGRANDE REAL: Early Sr. Notes Redemption No Impact on B1 CFR
---------------------------------------------------------------
Moody's Investors Service says that Evergrande Real Estate Group
Limited's early redemption of senior notes due in January 2015 and
its possible takeover of New Media Group Holdings Limited
(unrated) have no immediate impact on its B1 corporate family
rating or B2 senior unsecured ratings.

The ratings outlook remains negative.

"Evergrande's early redemption of the senior notes due in January
2015 is credit positive for the company since it reduces its
refinancing risk for a such sizable amount of bonds," says Franco
Leung, a Moody's Vice President and Senior Analyst.

Evergrande announced on 16 November that it will early redeem its
USD1.35 billion senior notes due in January 2015 on 18 December
2014. However, it did not announce how it would fund this
redemption.

"We believe that the company will refinance the senior notes
partly with short-term debt. Therefore, its liquidity profile will
likely remain weak," adds Leung, who is also the lead analyst of
Evergrande.

Evergrande's liquidity profile weakened in 1H 2014, reflecting
slower cash receipts from contracted sales.

It reported a total cash balance of RMB64 billion at end-June
2014, up from RMB53.7 billion at end-2013.

But its cash to short-term debt declined significantly to 84.5% at
end-June 2014 from about 150% at end-2013 because of a notable
increase in short-term debt during the same period.

"Evergrande's possible takeover of New Media will further reduce
Evergrande's liquidity buffer and increase its investment risk.
Therefore, the investment will be credit negative for the company,
but the impact will be manageable, given the small size of the
acquisition," says Leung.

On 14 November, Evergrande signed a memorandum of understanding to
purchase shares of a Hong Kong-based magazine publisher New Media
for a consideration of HKD950 million in cash. If successful,
Evergrande will own 74.99% of New Media.

The investment is relatively small for Evergrande and would
represent only around 1.5% of its cash balance and 0.2% of its
total assets at end-June 2014.

However, its cumulative investments in non-property businesses
have increased substantially in recent years and its ventures into
businesses in which it has little experience -- including bottle
water, solar energy and baby formula -- have yet to establish
track records.

"Therefore, for now, we do not see much benefit in terms of
business synergies which could result from these investments,"
says Leung.

Moody's considers that Evergrande's non-property businesses are
still at an early stage of development and generated only around
1.2% of its total revenue in 1H 2014.

At the same time, they contributed an operating loss of around
RMB2 billion, compared to RMB0.7 billion in 1H 2013.

The company achieved a strong contracted sales performance of
around RMB107 billion for January-October 2014, an approximate 18%
year-over-year increase.

But the strong sales growth has been supported by increased use of
debt. Accordingly, adjusted debt/capitalization increased to
around 79% at end-June 2014 from around 74% at end-2013.

Evergrande Real Estate Group Limited is one of the major
residential developers in China. It has a standardized operating
model.

Founded in 1996 in Guangzhou, the company has rapidly expanded its
business across the country over the past few years. As at 30 June
2014, its land bank totaled 150 million square meters in gross
floor area across 147 Chinese cities.


HONGHUA GROUP: Sino-Mex Investment No Impact on Moody's B1 CFR
---------------------------------------------------------------
Moody's Investors Service says Honghua Group Limited's B1
corporate family and senior unsecured ratings, as well as its
stable ratings outlook are not immediately affected by its
decision to invest in the Sino-Mex Energy Fund.

On Nov. 13, 2014, Honghua announced that it was committed to
investing USD150 million in the Fund through its wholly owned
subsidiary, Sichuan Honghua Petroleum Equipment (H.K.) Limited
(unrated).

The Fund's limited partners include Honghua, P.M.I. Holdings B.V.
(unrated) -- a subsidiary of Petroleos Mexicanos (PEMEX, A3
stable) -- and Xinxing Ductile Iron Pipes (Hong Kong) Limited
(unrated).

"While Honghua will fund part of its investment through internal
resources, the investment will be done gradually; thereby allowing
the company time to arrange funding and lower the investment's
impact on its liquidity position," says Kaven Tsang, a Moody's
Vice President and Senior Analyst.

Moreover, while new borrowings to fund the investment will weaken
Honghua's credit metrics -- before Moody's expects the company to
generate operating cash flow from the Fund and the associated
business opportunities in the next 1-2 years -- Honghua's pro
forma credit metrics for the next two years remain appropriate for
its B1 ratings.

Moody's projects that with the new investment, Honghua's adjusted
debt/EBITDA will rise to 4.0x-4.5x by end-2015 from Moody's
original forecast of 4.0x for the same period.

As for Honghua's EBITDA/interest, Moody's expects the ratio to
fall to 3.5x-4.0x by end-2015 due to the investment, from Moody's
original estimate of around 4.0x-4.5x for the same period.

The Fund - with a first phase capital commitment of USD1 billion -
will mainly invest in energy infrastructure projects, and the
exploration and production of oil and natural gas in Mexico, as
well as other investment activities approved by the Fund's
Investment Committee.

As a limited partner of the Fund - with a strong market position
in the manufacturing of land drilling rigs - Honghua is well
positioned to benefit from new business opportunities presented by
the Fund's investments in the Mexican and North American markets;
namely in meeting the demand for land rigs in these regions.

The new business opportunities will support Honghua's business
growth plan and broaden its geographic coverage.

However, Honghua's ratings will come under pressure if its
investment in the Fund and the derived businesses are at a faster
pace than Moody's expects, resulting in a weakening of Honghua's
financial position. In particular, if its adjusted debt/EBITDA
exceeds 5.0x, and EBITDA/interest slips below 3.0x-3.5x.

Moody's also points out that the deterioration in Honghua's
financial metrics could be a result of: (1) an escalation of
execution risks related to its offshore drilling rig business; (2)
greater pressure on its working capital; and/or (3) a more
aggressive debt-funded expansion and investment plans.

The principal methodology used in these ratings was Global
Oilfield Services Rating Methodology published in December 2009.

Honghua Group Limited manufactures land drilling rigs and
equipment, offshore drilling platforms, and equipment packages. It
also engages in oil and gas engineering services.


NEXTEER AUTOMOTIVE: Moody's Assigns Ba1 Rating to USD250MM Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba1 senior
unsecured rating to Nexteer Automotive Group Limited's USD250
million, 5.875%, 7-year senior notes, due 15 November 2021.

The outlook on the ratings is stable.

Ratings Rationale

Moody's definitive rating on this debt obligation follows Nexteer
Automotive Group Limited's completion of its USD note issuance,
the final terms and conditions of which are consistent with
Moody's expectations.

The provisional rating was assigned on 03 November 2014 ratings
rationale was set out in a press release published on the same
day.

The company plans to use the proceeds from the proposed bonds for
debt repayment, capital expenditure and other general corporate
purposes.

The principal methodology used in this rating was Global
Automotive Supplier Industry published in May 2013.

Headquartered in Saginaw, Michigan, in the United States, and
listed on the Hong Kong Stock Exchange in October 2013, Nexteer
Automotive Group Limited manufactures steering and driveline
systems. The company has 20 manufacturing plants located across
North and South America, Europe and Asia.

Nexteer is 67.3%-owned by Pacific Century Motors, Inc., which in
turn is 51%-owned by AVIC Automobile Industry Holding Co., Ltd.
(AVIC Auto, unrated), and 49%-owned by Beijing E-Town
International Investment & Development Co. Ltd. (unrated), which
is controlled by Beijing's municipal government.

AVIC Auto is wholly owned by Aviation Industry Corporation of
China (unrated), a Chinese central government-owned enterprise.


PARKSON RETAIL: Fitch Cuts Long-Term Issuer Default Rating to BB-
-----------------------------------------------------------------
Fitch Ratings has downgraded China-based department store operator
Parkson Retail Group Limited's (Parkson) Long-Term Issuer Default
Rating (IDR) and senior unsecured rating to 'BB-' from 'BB'. The
Outlook remains Negative.

The downgrade reflects sustained deterioration in Parkson's
leverage and fixed charge coverage, pressured by weaker cash flow
generation from narrowing profits from existing stores, losses at
new stores and hefty capex commitments.

The Negative Outlook reflects the possibility of further
deterioration in Parkson's performance amid continued contraction
in Parkson's same-store sales since 1H13.

Key Rating Drivers

Weak Environment Hinders Strong Rebound: Fitch expects on-going
stiff competition in the retail space and soft purchasing
sentiment to delay a strong rebound in Parkson's top line, which
is an important driver of profitability. Although the contraction
in same-store sales has slowed sequentially to 4.5% in 3Q14
compared with a decline of 7.4% in 9M14, and Parkson's commission
rate has improved to 18.3% in 9M14 from 17.7% in 9M13 due to a
better product mix, higher staff costs and rental expenses
continued to pressure Parkson's operating margins. Same-store
operating profit declined by 10.9% yoy in 9M14. Exacerbated by
new-store losses, Parkson's EBITDA slid 17% from a year earlier to
CNY620.1m in 9M14 with EBITDA margin continuing to narrow to 16.6%
from its previous high of 27% in 2012.

New-Store Losses Likely Continue: Fitch expects new-store losses
to continue pressuring Parkson's profitability, as a majority of
new stores require at least three to four years to break even.
Parkson has opened 13 new stores since 2012 and there are eight
new stores in the pipeline for the next 18 months, including its
first large shopping mall in Qingdao with 130,000 square metres of
retail space. In 9M14, Parkson's operating losses from new stores
widened to CNY164.1m from CNY47.6m a year earlier because sales
were slow to pick up amid weaker consumer sentiment.

Weakened Credit Metrics: Fitch expects Parkson's free cash flow to
stay negative until 2016 as weaker cash flow from its operations
are not sufficient to cover the budgeted capex outflow, which is
mainly for its Qingdao project. Factoring this, Parkson's adjusted
FFO net leverage (adjusted for lease, payables, and customer
deposits) would remain at around 5.8x (past 12 months ending
September 2014: 5.6x) while fixed charge coverage will hover
around 1.5x (past 12 months ending September 2014: 1.4x) until
2016, a level that is weaker than its 'BB' rated peers.

Low Liquidity Risk: Parkson is supported by its healthy liquidity
and financial flexibility. Its on-going operational requirement
and capex would be supported by its cash generating concessionaire
business and its CNY4.4bn worth of cash and investments in
principal guaranteed funds as at end-September 2014. There are no
significant borrowings due in the short term except for its
outstanding USD500m bonds, which mature in 2018. The company also
draws flexibility from its unpledged land and buildings valued at
CNY2.1bn as at end-2013.

Strategy Realignment's Impact Over Long Term: Parkson has also
been strengthening its direct sales via exclusive tie-ups with
brand owners and venturing into a larger shopping mall format in
Qingdao. Fitch expects the positive impact on earnings would only
be material over the longer term as 90% of gross merchandise
profit is still driven by its concessionaire business.

Rating Sensitivities

Negative: Future developments that may, individually or
collectively, lead to negative rating action include
- Adjusted FFO net leverage (adjusted for lease, payables, and
customer deposits) sustained above 6x
- Deterioration in fixed charge coverage to below 1.3x.

The Outlook would be reverted to Stable if Parkson's same-store-
sales growth stabilise, while maintaining its credit metrics above
the negative rating guidelines.


XINYUAN REAL: S&P Lowers Rating to 'B'; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services lowered the rating on China-
based property developer Xinyuan Real Estate Co. Ltd. to 'B' from
'B+'.  The outlook is negative.  At the same time, S&P lowered its
issue rating on the company's outstanding senior unsecured notes
to 'B-' from 'B+'.  As a result of the downgrade, S&P also lowered
its long-term Greater China regional scale rating on Xinyuan to
'cnB+' from 'cnBB-' and on its notes to 'cnB' from 'cnBB-'.

"We downgraded Xinyuan to reflect our view that the company will
continue to have high leverage and weak profit margins over the
next 12 months amid aggressive debt-funded expansion.  As such, we
expect the company's debt-to-EBITDA ratio to stay substantially
higher than our downgrade trigger of 5x," said Standard & Poor's
credit analyst Dennis Lee.

In view of the funds that Xinyuan needs to accelerate its growth,
S&P do not anticipate that the company will substantially reduce
its current debt level.  Total borrowings increased more than 150%
in the 12 months ended Sept. 2014 to reach US$1.4 billion.  S&P
has therefore lowered its assessment of its financial risk profile
to "highly leveraged" from "aggressive."  Nevertheless, S&P
anticipates that sales will improve in 2015 due to increased
project launches.

Xinyuan's profitability has markedly deteriorated this year
because of a surge in selling, general and administrative (SG&A)
expenses related to its broader geographic scale and bonuses to
senior management.  Although S&P anticipates that the company can
control these expenses, the extensive expansion of projects into
new cities and continuing pressure on selling prices are likely to
lead to only modest improvements in expenses over the next two
years.  S&P therefore expects Xinyuan's EBITDA margin to decline
to 14%-16% in 2014 from 28% in 2013.

At the same time, S&P believes Xinyuan is likely to miss its 2014
contracted sales target of US$1.65 billion.  Instead, S&P
estimates the company may achieve contracted sales of about US$1
billion, a similar level to that in 2013.  Contracted sales
totaled US$640.3 million in the first three quarters of this year,
with growth somewhat supported by more planned project launches in
the last quarter of 2014.  S&P expects Xinyuan's contracted sales
to grow moderately next year with a stronger pipeline after
increased land acquisitions.

S&P believes Xinyuan will somewhat slow down its expansion in
2015, given the fast pace this year.  The company has spent about
Chinese renminbi (RMB) 4.6 billion on land acquisitions so far in
2014, compared with RMB3.6 billion in full-year 2013.  Although
S&P expects the company's land costs to moderate to about RMB3
billion in 2015, Xinyuan's construction costs will grow to reflect
its larger land bank.

Capital investments this year should increase Xinyuan's saleable
inventories over the next two to three years.  As a result, S&P
projects EBITDA growth could outpace the increase in debt.  In
turn, this will enable its leverage and cash flow coverage ratios
to moderately improve from next year onwards.

Most of the increase in debt came from onshore bank and trust
funding to support substantial land acquisitions this year.  To
reflect the increased structural subordination risk, S&P has
lowered the issue rating on Xinyuan's outstanding notes to one
notch lower than the corporate credit rating.

"The negative outlook reflects our view that Xinyuan's liquidity
could further weaken if contracted sales do not pick up in the
coming 12 months.  We expect its expansion appetite and
expenditure needs for increased land acquisitions to put pressure
on its financial risk profile and liquidity position.  However,
the situation could improve if Xinyuan better controls its
borrowings," said Mr. Lee.

S&P could lower the rating if Xinyuan's cash sources are not
sufficient to cover its cash uses in the next 12 months.  This
could happen if: (1) the company's debt-funded expansion continues
to be more aggressive than S&P estimates; and (2) its contracted
sales are materially below RMB7 billion for 2015, such that its
debt-to-EBITDA remains significantly over 5x without signs of
improvement.

S&P may also downgrade Xinyuan if the company's access to
financing weakens materially, such that its refinancing risk
increases.

S&P could revise the outlook to stable if Xinyuan's financial
management becomes more disciplined, such that its liquidity
position improves.  This could be shown in tighter control over
debt-funded growth and satisfactory cash inflow from contracted
sales.  At the same time, Xinyuan's debt-to-EBITDA ratio and
profitability will need to sustainably improve while the company
executes its expansion plans.


* CHINA: Distressed-Loan Buyers Watch Indebted Chinese Developers
-----------------------------------------------------------------
David Yong at Bloomberg News reports that buyers of distressed
loans are watching China's property market closely as debt soars
and growth falters.

According to the report, Nomura Holdings Inc. and Bank of America
Corp. said they'll pay more attention to Chinese developers in
2015, having profited from trades in India, Australia, Korea and
Indonesia.

"There's been a lot of nervousness around the real estate sector
in China," Andrew Tan, Nomura's head of secondary trading for
loans and special situations in Asia ex-Japan, told Bloomberg by
phone Nov. 12. "We've seen some selloff in terms of some of the
bigger names in the loan space which, typically, you don't see
being offered in the market. They are at high yield, stressed
levels."

The number of publicly traded developers with liabilities
exceeding equity in China has jumped to 136 out of 334, or more
than 40 percent, from 57 in 2007, according to data compiled by
Bloomberg.  China's leaders are discussing lowering next year's
economic growth target amid falling home prices and rising
inventory, Bloomberg says.

"A lot of people are waiting for large cracks to occur in China,
but it's hard to pin down exactly when that will happen," the
report quotes Kevin Tham, a managing director of Bank of America's
global credit and special situations group in
Hong Kong, as saying. "Our key themes in 2015 will revolve around
deploying capital into more defensive, senior secured loans, while
we wait for the next wave of distressed situations to come


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I N D I A
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ANPRAS FOOD: CRISIL Reaffirms B+ Rating on INR32.5MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Anpras Food Products
Pvt Ltd (AFPPL) continue to reflect AFPPL's modest scale of
operations and its susceptibility to volatility in raw material
prices, to erratic rainfall, and to regulatory changes. These
rating weaknesses are partially offset by the company's
diversified customer base, and the benefits that it derives from
the stable demand for rice in India.

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

   Import Letter of
   Credit Limit           12       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     15       CRISIL B+/Stable (Reaffirmed)

   Term Loan              32.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AFPPL will benefit over the medium term from
the stable demand for rice in the country and its diversified
customer base. The outlook may be revised to 'Positive' in case of
a substantial increase in the company's scale of operations,
improvement in its working capital management, or infusion of
capital by its promoters, leading to a significantly improved
financial risk profile. Conversely, the outlook may be revised to
'Negative' if AFPPL's accruals are low or its working capital
cycle is stretched, leading to weakening of its financial risk
profile, particularly its liquidity.

Update
AFPPL reported a turnover of INR133.9 million for 2013-14 (refers
to financial year, April 1 to March 31), its first full year of
operations. The company recorded an operating margin of 7.7 per
cent for the year.

AFPPL's operations are highly working-capital-intensive, with
gross current assets (GCAs) of 166 days as on March 31, 2014. The
high GCAs were primarily driven by large inventory of 146 days and
receivables of 16 days. The company maintains large raw material
inventory due to the seasonal availability of the same. It
purchases paddy on a cash basis from suppliers. The company funds
its large working capital requirements through short-term working
capital borrowings; hence, its bank lines had been fully utilised
during the 12 months through September 2014.

AFPPL's financial risk profile remains below-average, marked by a
small net worth, high gearing, and subdued debt protection
metrics. Its net worth was INR16.2 million, and its gearing 4.59
times, as on March 31, 2014. The company's total outstanding debt
was INR74 million, with long-term loans of INR31.8 million and
short-term working capital bank borrowings of INR42.2 million, as
on March 31, 2014. The promoters have also extended unsecured
loans to the company; the balance of such loans as on March 31,
2014, was INR7.12 million, which have been treated as neither debt
nor equity as they are subordinated to bank debt.  The company's
debt protection metrics are subdued, with net cash accruals to
total debt and interest coverage ratios estimated at 0.07 times
and 1.8 times, respectively, for 2013-14.

For 2013-14, AFPPL reported, on a provisional basis, a profit
after tax (PAT) of INR1.3 million on net sales of INR133.9
million.

AFPPL, incorporated in 2012, has set up a rice milling facility at
Ranchi (Jharkhand). The unit commenced commercial operations in
April 2013. The company is managed by its managing director, Mr. M
K Singh.


ANUBHAV GEMS: ICRA Assigns B+ Rating to INR6.25cr Fund Based Loan
-----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR6.25
crores* fund based limits of Anubhav Gems Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     6.25         [ICRA]B+; Assigned

The assigned rating is constrained by the AGPL's small scale of
operations and its moderate financial profile characterised by
high gearing (12.6x as on June 30, 2014) and modest debt
protection indicators(Debt /OPBDIT of 10x, NCA/Total Debt of 3% in
Q1 2014-15). Further, the rating takes into account the AGPL's
high working capital intensity of operations on account of high
inventory holding period and liberal credit period extended by the
company. This apart the rating also factors in exposure of the
company's profitability to the fluctuations in the exchange rates
as it imports its entire raw material and does not follow a
hedging mechanism. The company also faces significant business
risks with presence in mainly one gemstone (emerald) and high raw
material procurement risk with its dependence on a single
supplier. However, the rating draws comfort from the long
experience of promoters in the gems and jewellery business. This
apart the rating favourably factors in the robust growth in the
AGPL's operating income owing to higher sales volumes to an
expanding set of clients.

Going forward, AGPL's ability to expand its operating scale while
improving its capital structure and managing its working capital
cycle will be key rating sensitivities.

Anubhav Gems Pvt. Ltd. was established in the year 2010 as a
private limited company. The company is promoted by three brothers
Mr. Rizwan Ullah, Mr. Inam Ullah and Mr. Arifullah. The company is
engaged in cutting, polishing and finishing of emeralds and has
its manufacturing facility in Jaipur.

Recent Results
In 2013-14, the company reported Profit after Tax (PAT) of INR0.37
crores on an Operating income (OI) of INR26.72 crores as against
Profit after tax (PAT) of INR0.33 crores on OI of INR18.15 crores
in 2012-13. As per the provisional results provided by the
company, in Q1 2014-15, the company achieved a PBT of INR0.23
crores on an OI of INR14.80 crores.


AVADH COTTON: ICRA Assigns B Rating to INR4.5cr Cash Credit
-----------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR4.50 crore cash
credit cum ODBD facility and INR1.43 crore term loan facility of
Avadh Cotton Industries- Jamnagar.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit cum ODBD       4.50         [ICRA]B assigned

   Fund Based-Term
   Loan                  1.43         [ICRA]B assigned

The assigned rating is constrained by Avadh Cotton Industries'
(ACI) limited track record of operations and the risks associated
with the stabilization of the plant as per the expected operating
parameters. The rating is further constrained on account of the
regulatory risks associated with cotton exports and MSP fixation
as well as the fragmented nature of the cotton ginning industry
resulting in high competitive intensity. Further, ICRA notes that
the firm is exposed to adverse movements in raw material (cotton)
prices which, coupled with the low value additive nature of the
work, keeps the profitability metrics and cash accruals at modest
levels. The financial profile is expected to remain weak given the
debt funded nature of the project and working capital intensive
nature of ginning operations. Also, being a partnership firm, any
substantial withdrawal by the partners can have an adverse impact
on the capital structure of the firm.

The rating, however, positively considers the favourable location
of the firm giving it easy access to high quality raw cotton.

Mr. Vallabhbhai Jivani and other five partners established Avadh
Cotton Industries in January 2014 as a partnership firm. Of these,
four, namely Mr. Vallabhbhai Jivani, Mr. Shaileshbhai Chikani, Mr.
Rashikbhai Vaishnav and Mr. Rohitbhai Sitapara handle the
management. The manufacturing plant of the firm is situated at
Moti Banugar, Jamnagar, Gujarat. The production facility is
equipped with 24 jumbo ginning machines and one pressing machine
(automatic) with an installed capacity of producing 6083 MT cotton
bales per annum. The commercial production of the firm will
commence from the second week of November 2014.


AXIS BANK: Fitch Keeps 'BB+' Support Rating Floor
-------------------------------------------------
Fitch Ratings has assigned India-based Axis Bank Ltd.'s (Axis
Bank; BBB-/Stable) proposed US dollar-denominated senior unsecured
debt an expected rating of 'BBB-(EXP)'.

The notes will constitute direct, unconditional, unsubordinated
and unsecured obligations of the issuer. They will at all times
rank pari passu among themselves and with all other unsubordinated
and unsecured obligations (other than subordinated obligations) of
Axis Bank. The tenor of the issue is expected to be around five
and a half years and the notes are to be issued by Axis Bank's
Dubai International Financial Centre (DIFC) branch.

The final rating is subject to the receipt of final documentation
conforming to information already received.

Key Rating Drivers

The senior unsecured instruments are rated at the same level as
the bank's Issuer Default Rating (IDR), in accordance with Fitch's
criteria.

Axis Bank's IDR is driven by its Viability Rating (VR) of 'bbb-',
which denotes its standalone creditworthiness. The VR reflects the
strength of its franchise, satisfactory asset quality, improved
capitalisation and growing profitability. Axis Bank's increased
focus on retail customers has helped it to diversify its loan and
funding mix, and reduced concentration risk since the financial
year ending 31 March 2011 (FY11).

Axis Bank is the third-largest private bank in India by asset size
and Fitch expects there will be moderate probability of support
from the state, if required, as reflected in its Support Rating of
'3' and Support Rating Floor of 'BB+'.

Rating Sensitivities

A change in Axis Bank's IDR will have an impact on the securities'
rating.

Axis Bank's other ratings are unchanged and are as follows:
Long-Term IDR 'BBB-'; Outlook Stable
Short-Term IDR 'F3'
Viability Rating 'bbb-'
Support Rating '3'
Support Rating Floor 'BB+'
EUR3 billion medium-term note program 'BBB-'
USD1.6 billion senior unsecured notes 'BBB-'


BHAWTARINI VINIMAY: ICRA Assigns B Rating to INR8cr Cash Credit
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR10 crore
(of which INR2 crore is proposed) cash credit facility of
Bhawtarini Vinimay Private Limited.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              8          [ICRA]B assigned
   Proposed Cash Credit     2          [ICRA]B assigned


The rating takes into account BVPL's adverse capital structure as
indicated by an aggressive gearing and depressed coverage
indicators and its low profit margins due to inherent low value
added nature of trading operations coupled with intense
competition in the industry. Further the rating factors in the
vulnerability of the company's profitability to adverse
fluctuations in cotton yarn prices which are subject to
seasonality, agro climatic risks and government regulations. The
rating, however, favourably considers the longstanding experience
of the promoters in the cotton industry of more than four decades,
through group companies.

Incorporated in August 2012, Bhawatarini Vinimay Pvt. Ltd. is
engaged in the trading of cotton yarn. The Company purchases the
goods from the agents appointed by the spinning mills and sells to
the handloom weavers and to the wholesale traders. Such Traders
and Weavers are based in Kolkata and surrounding areas.

Recent Results
In 2013-14, as per provisional results, BVPL registered a profit
after tax of INR0.07 crore on the back of OI of INR51.05 crore. In
2012-13, the company registered a profit after tax of INR0.01
crore on the back of OI of INR41.89 crore.


C. P. SPONGE: ICRA Reaffirms B+ Rating on INR20cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR3.125 crore term loan and INR20.00 crore cash credit
facilities of C. P. Sponge Iron Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash       20.00        [ICRA]B+ reaffirmed
   Credit

   Fund Based-Term        3.125       [ICRA]B+ reaffirmed
   Loan

The reaffirmation of the rating takes into consideration CPSIPL's
weak financial profile, as characterised by its declining
profitability, low returns from business and weak coverage
indicators. The rating also factors in the inherent vulnerability
of CPSIPL to the cyclicality in the steel industry, which is
currently passing through a difficult phase, and the high working
capital intensity of operations that exerts pressure on the
liquidity position of the company, as also reflected by high
utilisation of its working capital facility. The rating, however,
takes into account the experience of promoters in the steel
industry, and the fuel supply agreement with Eastern Coalfields
Limited (ECL) for partial supply of coal ensuring steady
availability and reducing costs to an extent. Further, most of
CPSIPL's debt comprises short-term working capital loans that
provide liquidity support to some extent. Going forward, the
ability of the company to improve its profitability while managing
its working capital requirements would remain a key rating
sensitivity.

Incorporated in 2002, C. P. Sponge Iron Private Limited
manufactures sponge iron with an annual production capacity of
60,000 tonnes per annum (tpa). The plant is located at Durgapur in
West Bengal with two DRI kilns of capacity 100 tpd (tons per day).

Recent Results
The company reported a net profit of INR0.79 crore on an operating
income of INR119.22 crore during FY14 as compared to a net profit
of INR0.67 crore on an operating income of INR85.83 crore during
FY13.


CHHABRA AUTOLINK: CARE Reaffirms B Rating on INR9.21cr Bank Loan
----------------------------------------------------------------
CARE reaffirms rating assigned to the long-term bank facilities
and assigns rating to the short-term bank facilities of Chhabra
Autolink Pvt. Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     9.21       CARE B Reaffirmed
   Short term Bank Facilities    0.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Chhabra Autolink
Private Limited (CAPL) continue to remain constrained on account
of its short track record of operations, limited experience of the
promoters in automobile dealership industry, weak financial
profile marked by leveraged capital structure and weak debt
coverage indicators. CAPL's presence in the working capital-
intensive automobile dealership business, highly competitive
segment and direct linkage to the cyclical automobile industry
further constrain the ratings.

The ratings continue to derive strength from CAPL's association
with Chevrolet Sales India Pvt. Ltd. (CSIPL) as authorized
dealer for passenger cars and diversified portfolio of allied
services. Furthermore, the ratings favourably consider the
increase in its turnover and improvement in profitability during
FY14 (provisional; refers to the period April 1 to March 31).

The ability of CAPL to increase its scale of operations, diversify
its revenue mix with higher contribution from high- margin vehicle
servicing and improve its profitability and capital structure
remain the key rating sensitivities.

Indore-based (Madhya Pradesh) CAPL was incorporated in 2011 and is
promoted by Mr Amarjeet Singh Chhabra and Mr Vanit Chhabra. The
company has entered into an authorized dealership agreement with
CSIPL, a wholly-owned subsidiary of General Motors Company Inc
(USA), for the sale of its passenger cars in Indore, Madhya
Pradesh. CSIPL represents the Chevrolet brand in India and
operates in the retail business through dealership network.
Besides being engaged in the trading of mid-size to high-end range
of Chevrolet passenger cars, CAPL also provides after sales
services, and sells car spare parts and accessories at its
Chevrolet authorized outlet.

CAPL has a Chevrolet car showroom at Indore, Madhya Pradesh, which
is operated on lease, while the repair and maintenance work on
Chevrolet cars are carried at its owned workshop. The company
commenced operations from September 25, 2012, and hence FY14 was
its first full year of operations.

During FY14 (provisional), CAPL registered a total operating
income (TOI) of INR53.80 crore with PAT of INR0.20 crore as
compared with TOI of INR30.82 crore with net loss of INR0.10 crore
during FY13.


D.R. THANGAMAALIGAI: CRISIL Rates INR40MM Bank Loan at 'B'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of D.R. Thangamaaligai (DRT).

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

The rating reflects DRT's early stage of operations and exposure
to intense competition in the jewellery industry. The rating also
factors in its below-average financial risk profile, with subdued
debt protection metrics. These rating weaknesses are partially
offset by the extensive entrepreneurial experience of the
promoters.

Outlook: Stable

CRISIL believes that DRT will continue to benefit over the medium
term from its proprietor's extensive entrepreneurial experience.
The outlook may be revised to 'Positive' if large cash accruals
help substantially strengthen DRT's financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile weakens on account of low revenue or
profitability, or sizeable debt-funded capital expenditure or
capital withdrawals by the proprietor.

DRT was set up in 2014 as a sole proprietorship firm by Mr. D
Rajappa. The firm, based in Chennai (Tamil Nadu) is engaged in
gold jewellery retailing. The daily operations of the firm are
managed by Mr. D Rajappa.


EXCEL ANO: ICRA Suspends B+/A4 Rating on INR5cr Bank Loan
---------------------------------------------------------
ICRA has suspended the [ICRA] B+/[ICRA]A4 ratings assigned to
INR5.00 crore bank limits of Excel Ano Components. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of requisite information from the company.


HIMALAYA CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR40MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Himalaya Construction
Co Pvt Ltd continue to reflect HCCPL's large working capital
requirements and small scale of operations in the civil
construction industry. These rating weaknesses are partially
offset by the extensive experience of HCCPL's promoter in the
civil construction industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         195       CRISIL A4 (Reaffirmed)
   Cash Credit             40       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HCCPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in HCCPL's scale of operations along with
diversification of revenue, sustenance of profitability, or
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' if HCCPL registers
significantly low cash accruals or undertakes any large additional
debt-funded capital expenditure (capex) programme, or its
liquidity weakens further, most likely because of a further
stretch in its working capital requirements.

Update
HCCPL generated an operating income of INR353 million in 2013-14
(refers to financial year, April 1 to March 31) against INR246
million in 2012-13, higher than CRISIL's expectations; on account
of healthy inflow and timely execution of orders. The company's
operating margin, at 13.4 per cent in 2013-14, was also above
CRISIL's expectations, on account of better management of raw
material costs. Consequently, the company generated net cash
accruals of over INR23 million for 2013-14 (around INR9 million in
2012-13). Its business risk profile is expected to remain stable
over the medium term, driven by adequate order book of INR0.91
billion (around 2.6 time of 2013-14 revenue), providing near-term
revenue visibility.

HCCPL's operations remain working capital intensive, with gross
current assets of around 164 days leading to almost full
utilisation of bank limits. The company's creditors remain high at
around 500 days as on March 31, 2014. Consequently, its current
ratio stood at 0.87 times for 2013-14. CRISIL believes that
HCCPL's liquidity will remain weak over the medium term on account
of its working-capital-intensive operations.

The company's gearing was low at less than 1 time on March 31,
2014. It had above-average debt protection metrics, with interest
coverage and net cash accruals to total debt ratios at 2.8 times
and 0.34 times, respectively, for 2013-14. CRISIL believes that
HCCPL will maintain its capital structure over the medium term in
the absence of major debt-funded capex.

Incorporated in 1979, HCCPL, based in Delhi, is promoted by Mr.
Manjit Singh. The company is an A-class civil contractor engaged
in construction of tunnels for hydroelectric projects or
irrigation purposes, power houses, dams, roads and rail, and other
types of heavy construction works. HCCPL's promoter has been in
the industry for more than three decades.


HITECH PRINT: CRISIL Assigns B Rating to INR100MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Hitech Print Systems Ltd (HPSL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan              30.1        CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility     34.9        CRISIL B/Stable

   Cash Credit           100          CRISIL B/Stable

   Letter of credit &
   Bank Guarantee         45          CRISIL A4

The ratings reflect HPSL's modest scale of operations and large
working capital requirements, and the susceptibility of the
company's operating margin to volatility in raw material prices.
These rating weaknesses are partially offset by the benefits that
HPSL derives from its promoters' extensive experience in the
printing business and established relationship with customers.

Outlook: Stable

CRISIL believes that HPSL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company improves its
liquidity, most likely on account of significant improvement in
its scale of operations, sustained operating profitability, or
better working capital management. Conversely, the outlook may be
revised to 'Negative' if HPSL's financial risk profile weakens,
most likely due to decline in its cash accruals, deterioration in
its working capital management, or sizeable debt-funded capital
expenditure.

HPSL, set up in 1986 and based in Hyderabad provides high-quality
secure printing solutions to a wide range of companies across
industries. It is approved by Indian Banks' Association and is
also a member of Print Services & Distribution Association.

HPSL reported a profit after tax (PAT) of INR7.7 million on
operating income of INR446 million for 2013-14 (refers to
financial year, April 1 to March 31), against a PAT of INR7.2
million and operating income of INR381 million in 2012-13.


ISHMEET FORGINGS: ICRA Suspends 'B' Rating on INR8.5cr Term Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR8.5 crore,
long term loans & working capital facilities of Ishmeet Forgings
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


KOHINOOR TECHNOLOGIES: ICRA Cuts Rating on INR35cr Term Loan to D
-----------------------------------------------------------------
ICRA has downgraded the long term rating outstanding on the INR35
crore term loan of Kohinoor Technologies Private Limited from
[ICRA]B to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             35.00        [ICRA]D downgraded

The downgrade of ratings factors in the delays in servicing of
interest and scheduled debt repayments and excessive dependence of
the company on other promoter group companies for debt servicing.
The rating continues to take into account the company's modest
business profile in the absence of a major revenue source. KTPL
currently has a small scale rental business while the plans of
setting up Information Technology (IT) / Information Technology
Enabled Services (ITES) business have been shelved currently. The
rating also takes into account KTPL's adverse capital structure
and high refinancing risk. KTPL had availed a INR35 crore general
purpose corporate loan for purchase of commercial space in Mumbai
in a project being developed by a group entity, namely Kohinoor
Planet Construction Private Limited (KPCPL). However the plan has
been stalled and KPCPL is under the process of selling the space
to a third party, the proceeds from which will be used to repay
the term loan.

ICRA notes that the liquidity position at a group level remains
stretched on account of the slow sales tie up of commercial
projects, particularly the large scale project in Mumbai where in
a significant quantum of group's funds have been deployed, as well
as start up nature of operations of the group's recent ventures in
healthcare, education and hospitality segment which has led to
delays in debt servicing in group companies.
The rating, however, has favourably taken note of the established
track record of the parent group in the real estate market of
Mumbai with over 25 years of experience. Going forward, the
group's ability to tie up the sales of the commercial projects in
a timely manner, improve its liquidity position and ensure timely
debt servicing remains critical from a credit perspective.

Incorporated in September 2000, KTPL is completely held by the
Joshi family who are promoters of the Mumbai based Kohinoor Group.
The company is managed by Mr. Unmesh Joshi. KTPL owns the
corporate office building of the Group in Dadar (W), Mumbai which
is given on rent to different group companies. The rental income
is the primary source of revenue of the company.
For FY 2013, the company reported Profit after Tax (PAT) of
INR0.07 crore on an operating income of INR0.44 crore. During FY
2014, the company has reported PAT of INR0.23 crore on an
operating income of INR0.44 crore.


KUSUM METALS: ICRA Lowers Rating on INR4cr LT Loan to B+
--------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR4.00
crore fund based facilities of Kusum Metals Private Limited from
[ICRA]BB- to [ICRA]B+.  ICRA has also re-affirmed the short-term
rating of [ICRA]A4 to the INR30.00 crore non-fund based facilities
of KMPL.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term, Fund Based     4.00        [ICRA]B+/Downgraded
                                         from [ICRA]BB-

   Short-term, Fund Based   30.00        [ICRA]A4/Re-affirmed

The rating revision factors in the sharp moderation in KMPL's
return indicators due to weak profitability; its high margin risk
due to volatility in scrap prices; and the significant currency
risk as evidenced by the heavy forex losses of ~INR5 crore in
FY 2013-14. The ratings also consider the company's stressed
working capital intensity, following an increase in receivables
and the resultant overdrawal of working capital facilities. The
ratings are further constrained by the weak financial profile of
the company, characterised by high gearing, modest cash accruals
and weak coverage metrics.

The ratings, however, favourably consider the long-standing
experience of the promoter group in the steel scrap trading
business. Furthermore, the presence of group entities in Europe,
the Middle East, and Indonesia has led to sourcing advantages and
an established customer profile, has enabled the company to scale
up its volumes within a short span of time. The ratings also
consider the diversification in KMPL's product portfolio with the
addition of TMT bars, coal and rice; as well as the favourable
demand outlook for coal and rice in the domestic and export
markets, respectively.

Kusum Metals Pvt. Ltd., established in 2008, is part of the Greta
Group of Companies founded by the Chennai- based Chaudhari family.
The Group commenced operations in 1996, and is primarily engaged
in trading scrap from end-of-life vehicles/consumer products and
construction/demolition activities. The business of the erstwhile
firm -- Kusum International, set up in 1996 -- was taken over by
KMPL in 2008. The company has a 2.37-acre scrap yard at Vallur III
Village, Ponneri Taluk, Tiruvallur District in Tamil Nadu.

The Group has been involved in the metal scrap business since 1996
through its International flagship company -- Global Metcorp
Limited, UK. Other Group entities include Greta Energy Limited,
which operates a 15 MW (megawatt) biomass-based power plant at
Chandrapur, Maharashtra; and Dyna Agro Private Limited which
operates a 36,000MTPD (metric tons per day ) flour mill in Andhra
Pradesh The Group also holds coal assets in East Kalimantan,
Indonesia, through Greta Industries Private Limited. The Group is
also setting up a steel plant -- Greta Steels Limited -- with a
130-Ton Per Day (TPD) coal washery, as well as two 350-TPD Direct
Reduced Iron (DRI) plants, near Tbilisi, Georgia.

For FY 2013-2014, KMPL reported a PAT of INR0.53 crore on net
sales of INR170.12 crore.


MARUTI METAL: CRISIL Cuts Rating on INR130.5MM Bank Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Maruti Metal Industries (MMI) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Letter of Credit      105        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term    130.5      CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

   Standby Line of         4.5      CRISIL B+/Stable (Downgraded
   Credit                           from 'CRISIL BB-/Stable')

The rating downgrade reflects the deterioration in MMI's financial
risk profile, driven by a stretch in its working capital cycle and
capital withdrawal. On account of a stretch in its debtors, the
firm's working capital requirements increased as reflected in its
gross current assets of 107 days as on March 31, 2014, as against
35 days a year earlier, leading to greater reliance on external
debt. The firm's capital structure weakened, with its total
outstanding liabilities to tangible net worth (TOLTNW) ratio at
8.4 times as on March 31, 2014, as compared with 3 times a year
earlier. Also, capital withdrawal of INR17.5 million led to a
decrease in its net worth to INR38.1 million as on March 31, 2014,
from INR49.6 million a year earlier. CRISIL believes that any
major withdrawal of capital or stretch in its working capital
requirements can affect MMI's liquidity significantly, and hence
will remain a rating sensitivity factor over the medium term.

The ratings reflect MMI's below-average financial risk profile,
marked by a small net worth and high TOLTNW ratio, and the low
profitability of its operations. These rating weaknesses are
partially offset by the extensive experience of the firm's
partners in trading of non-ferrous metals.
Outlook: Stable

CRISIL believes that MMI will continue to benefit over the medium
term from its partners' extensive industry experience and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the firm's capital
structure improves significantly, driven most likely by equity
infusion, or higher-than-expected accruals generated in the
business, or decrease in working capital requirements. Conversely,
the outlook may be revised to 'Negative' if MMI's liquidity
deteriorates, due to a decline in profitability or large
withdrawal by the partners, or if there is a stretch in its
working capital cycle.

MMI, based in Bhavnagar (Gujarat), is a partnership firm set up in
2003. Managed by Mr. Mahendrakumar Rana, the firm trades in non-
ferrous metals, such as bronze, copper, nickel, zinc, and lead.

For 2013-14 (refers to financial year, April 1 to March 31), MMI
reported a profit after tax (PAT) of INR6 million on net sales of
INR1.0 billion, against a PAT of INR17 million on net sales of
INR1.7 billion for 2012-13.


MIDHUNAM SPINNERS: CRISIL Cuts Rating on INR80MM Cash Loan to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Midhunam Spinners Pvt Ltd (MSPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable' and assigned its 'CRISIL A4' rating to the
company's short-term bank facilities.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        13         CRISIL A4 (Assigned)

   Cash Credit           80         CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Long Term Loan         25        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Term Loan     45.7      CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Cash
   Credit Limit           20        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that MSPL's capital
structure will deteriorate and remain weak over the medium term
because of its proposed large capital expenditure (capex), a
considerable portion of which is expected to be funded through
external debt. CRISIL also expects MSPL's liquidity to remain
constrained because of the capex plan as reflected in cash
accruals being tightly matched with debt obligations over the
medium term.

The ratings reflect MSPL's modest scale of operations in the
intensely competitive textile industry and its below-average
financial risk profile marked by high gearing and average debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of MSPL's promoters in the textile
industry and their funding support to the company.

Outlook: Stable

CRISIL believes that MSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers
substantial revenue while improving its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' if
MSPL generates low cash accruals, or faces significant time or
cost overrun in its proposed debt-funded capex, resulting in
weakening of its financial risk profile.

MSPL, incorporated in 1999, manufactures cotton yarn. The company
is promoted by Mr. Armugam and his family.


NEELACHAL ORG: CRISIL Reaffirms INR40MM Cash Loan Rating at 'B'
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Neelachal Organisation
Pvt Ltd (NOPL) continue to reflect NOPL's modest scale of
operations and below-average financial risk profile, marked by a
small net worth, high gearing, and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
entrepreneurial experience of the company's promoters.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              40       CRISIL B/Stable (Reaffirmed)
   Letter of Credit         15       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        2.5     CRISIL B/Stable (Reaffirmed)
   Term Loan                17.5     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NOPL will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience. The
outlook may be revised to 'Positive' if the company reports a
substantial increase in its revenue and cash accruals and improves
its working capital management, leading to an improvement in its
financial risk profile, especially its liquidity. Conversely, the
outlook may be revised to 'Negative' if NOPL's revenue and cash
accruals are low, impacting its financial risk profile, or in case
of a further stretch in its working capital cycle, leading to
weakening of its liquidity.

Update
NOPL reported a turnover of INR129 million for 2013-14 (refers to
financial year, April 1 to March 31), its first full year of
operations. The company recorded an operating margin of 6.9 per
cent for the year.

NOPL's operations are highly working capital intensive, with gross
current assets (GCAs) of 164 days as on March 31, 2014. The GCAs
were primarily driven by large inventory of 100 days and
receivables of 47 days as on March 31, 2014. The company funds its
working capital requirements partly through credit from suppliers
and partly through short-term bank borrowings. It had creditors of
105 days as on March 31, 2014, while it has utilised its cash
credit limit at an average of 69.6 per cent during the eight
months through October 2014.

NOPL's financial risk profile remains below average, marked by a
small net worth, high gearing, and weak debt protection metrics.
Its net worth was INR4.9 million, and its gearing was 8.12 times,
as on March 31, 2014. The company's total outstanding debt of
INR39.4 million as on March 31, 2014, comprised long-term loans of
INR16.1 million, short-term working capital bank borrowings of
INR15.7 million, and unsecured loans of INR7.6 million extended by
its promoters and their relatives. NOPL's debt protections metrics
are weak, with net cash accruals to total debt and interest
coverage ratios at 0.07 times and 1.50 times, respectively, in
2013-14.

For 2013-14, NOPL reported a profit after tax of INR0.2 million on
net sales of INR129 million.

NOPL manufactures laminated particle boards and medium-density
fibre boards. It has set up a manufacturing facility in Kolkaka in
2013 with capacity of 9.22 million square feet per annum. The
company is promoted by Mr. Ral Lal Agarwala, Mr. Manish Jajodia,
and Mr. Bikash Jajodia.


NIGAM COLD: CARE Revises Rating on INR4.5cr Bank Loan to 'B'
------------------------------------------------------------
CARE revises rating assigned to the bank facilities of Nigam Cold
Storage Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4.50       CARE B Revised from
                                            CARE C

Rating Rationale

The revision in the rating for the bank facilities of Nigam Cold
Storage Pvt Ltd (NSCPL) takes into cognizance the satisfactory
servicing of debt obligations for the past one year. However, the
ratings continued to remain constrained by its small size of
operations in the cold storage industry, seasonality of business
and dependence on the vagaries of nature, competition from other
local players and highly leveraged capital structure. These
factors far outweigh the benefits derived from the experience of
the promoters with long track record of operations and easily
accessible storage facility to farmers due to the proximity to
potato-growing area.

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

NCSPL, incorporated on December 18, 1995, was promoted by the Rana
family of West Bengal to set up a cold storage facility with a
storage capacity of 229,880 quintals in the Midnapur district of
West Bengal.

NCSPL is engaged in the business of trading of potato along with
providing cold storage facility primarily for potatoes to farmers
and traders. Besides providing cold storage facility, the company
also works as a mediator between the farmers and marketers of
potato by taking advances from marketers on behalf of the farmers
in order to facilitate sale of potato stored and it also provides
advances to farmers for farming of potato against the potato
stored. This apart, it also provides additional services to
farmers such as insurance of the potatoes stored and drying of
potatoes.

During FY14, the company reported a total operating income of
INR291.3 lakh (FY13: INR665.6 lakh) and a PAT of INR8.9 lakh
(FY13: INR9.1 lakh). Furthermore, the company have achieved a
turnover of INR243 lakh during 7MFY15.


OM BIOMEDIC: ICRA Puts B- Rating on INR15cr Working Capital Loan
----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B- and short term
rating of [ICRA]A4 to the INR17.0 crore bank facilities of Om
Biomedic Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Working
   Capital Facilities     15.00       [ICRA]B-/[ICRA]A4; Assigned

   Term Loans              2.00       [ICRA]B-; Assigned


ICRA's ratings on OBPL are constrained by the company's weak
credit profile as reflected in its elevated gearing and inadequate
coverage indicators. The company's key credit metrics have seen a
continued deterioration on account of lower operating profits and
increasing debt. The increase in debt has been primarily on
account of the increasing working capital requirements of the
company. Further, ICRA notes that despite healthy growth in
revenues, the scale of operations of the company remains modest
and the plant's capacity utilization remains low. However, the
ratings favorably take into account the extensive experience of
the promoters in the pharmaceuticals industry, its moderately
large client base spread across reputed public and private sector
companies and the excise benefits available to it. Going forward,
OBPL's ability to sustain healthy revenue growth, while
maintaining profit margins and optimally fund its working capital
requirements, will be the key rating sensitivities.

OBPL was set up in 2007 and commenced operations in 2008 at its
manufacturing facility in Haridwar (Uttarakhand), where it
manufactures beta-lactam and non-beta-lactam injectibles, tablets,
capsules dry syrups, ointments and drops. The company primarily
undertakes contract manufacturing for pharmaceutical companies. It
also caters to the pharmaceutical requirements of some state
governments. The day to day operations of the company are managed
by Mr. Amit Uthra, who has been with the company since its
inception.

Recent Results
In 2013-14, as per provisional results, OBPL reported an Operating
Income of INR74.4 crore and Profit before Depreciation, Interest
and Tax (PBDIT) of INR5.8 crore as against an operating income of
INR64.1 crore and PBDIT of INR6.5 crore in the previous year.


P.S.K. TEXTILES: CRISIL Ups Rating on INR92.7MM Term Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
P.S.K. Textiles India Pvt Ltd (PSK) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

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

   Term Loan              92.7       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that PSK will sustain
its improved business risk profile over the medium term supported
by its promoters' extensive experience in the cotton-weaving
industry; the company reported improved cash accruals of INR24
million in 2013-14 (refers to financial year, April 1 to
March 31), as compared with INR18 million in 2012-13, because of
increased scale of operations and operating profitability.
Improved operating performance has also enhanced PSK's liquidity,
with the company likely to report cash accruals of around INR30
million against debt obligations of INR14 million over the medium
term.

The rating reflects PSK's modest scale of operations and below-
average financial risk profile marked by small net worth. These
rating weaknesses are partially offset by the extensive
entrepreneurial experience of the company's promoters.
Outlook: Stable

CRISIL believes that PSK will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience and
established relationship with customers. The outlook may be
revised to 'Positive' if the company registers increased revenue
while maintaining its operating profitability, resulting in
higher-than-expected accruals and improved capital structure.
Conversely, the outlook may be revised to 'Negative' if PSK
registers low revenue leading to insufficient cash accruals, or
undertakes a large capital expenditure programme, weakening its
financial risk profile.

Incorporated in 2005 by Mr. K S Shekar, Namakkal (Tamil Nadu)
based PSK is primarily engaged in undertaking of weaving of
fabrics on a job-work basis.


R. S. ENTERPRISES: CRISIL Reaffirms B Rating on INR140M Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of R. S. Enterprises
(Ludhiana) (RSE) continues to reflect the firm's moderate scale of
operations in the fragmented industry and below-average financial
risk profile, marked by constrained capital structure. These
rating weaknesses are partially offset by the extensive experience
of RSE's promoter and established supplier relationships.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            140        CRISIL B/Stable (Reaffirmed)
   Foreign Exchange
   Forward                 30        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      29.5      CRISIL B/Stable (Reaffirmed)
   Term Loan               60.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RSE will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
improves its scale of operations and profitability, resulting in
better cash accruals, and improves its working capital management.
Conversely, the outlook may be revised to 'Negative' if RSE's
revenue or profitability declines, or its capital structure
deteriorates owing to larger-than-expected working capital
requirements or large debt funded capital expenditure (capex).

Update
RSE's net sales increased a modest 3 per cent year-on-year to
around INR1.1 billion in 2013-14 (refers to financial year,
April 1 to March 31). The firm has completed the capex for the
capacity enhancement, and has been increasing the share of
manufactured fabrics in the total sales. As a result, the firm is
expected to achieve a top line of about 15 per cent over the
medium term along with operating margins in the range of 3.5 to 4
per cent.

The company's operations are working capital intensive as
reflected in its gross current asset (GCA) of around 110 days as
on March 31, 2014. These GCA days emanates from the company's
inventory of around 43 days and receivables of 65 days. As a
result, the company's average bank limit utilisation has been at
96 per cent for the 12 months ended September 2014.

RSE's net worth remained modest at around INR72 million as on
March 31, 2014. The firm has high debt levels towards funding its
working capital requirements and capex programme; these, coupled
with modest  net worth has resulted in high gearing of around 3.22
times as on March 31, 2014.

RSE was established in 2001 as a proprietorship concern in
Ludhiana (Punjab) by Mr. Rachit Tuli. The firm manufactures
textiles and trades in fabric. The company has a knitting capacity
of 8 tonnes per day. The promoter's family has over six decades of
experience in the textile industry.


SBA EDUCATION: CRISIL Reaffirms 'D' Rating on IN101MM LT Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of SBA Education
Society (SBAES) continues to reflect instances of delay by SBAES
in meeting the principal and interest obligations on its term
debt; the delays have been caused by the society's weak liquidity.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Long Term Loan           101        CRISIL D (Reaffirmed)

SBAES also has a below-average financial risk profile, marked by a
small net worth, high gearing, and weak debt protection metrics.
However, SBAES benefits from its trustees' extensive experience
and the healthy growth prospects for the education sector over the
medium term.

Set up in May 2007, SBAES offers educational courses in
engineering and management. The trust owns two colleges-Kruti
Institute of Technology and Engineering (KITE) and Kruti School of
Business and Management (KSBM)-in Raipur (Chhattisgarh). KITE,
started in 2008, offers graduate and post-graduate courses in
engineering. The institute is approved by the All India Council
for Technical Education and is affiliated to the Chhattisgarh
Swami Vivekananda Technical University, Bhilai (Chhattisgarh).
KSBM, started in 2012, offers graduate and post-graduate courses
in management and is affiliated to the Pandit Ravishankar Shukla
University, Raipur.


SHIVA SHAKTI: CRISIL Reaffirms B Rating on INR190MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shiva Shakti
Grains India Private Limited (SSG) continues to reflect SSG's weak
financial risk profile as a result of large working capital
requirement. The rating also factors in the company's modest scale
of operations in a fragmented industry. These rating weaknesses
are partially offset by the extensive business experience of SSG's
promoters, and the healthy growth prospects of the rice industry.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            190        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      11.7      CRISIL B/Stable (Reaffirmed)

   Term Loan               38.3      CRISIL B/Stable (Reaffirmed)

   Warehouse Financing     60        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSG will continue to benefit over the medium
term from its promoters' extensive business experience. The
outlook may be revised to 'Positive' if the company's liquidity
improves, driven by significant improvement in its cash accruals
supported by significant improvement in its scale of operations
resulting from better capacity utilisation, or if its capital
structure improves significantly because of more-than-expected
accretion to reserves or additional equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' if
SSG's capital structure deteriorates, most likely on account of
larger-than-expected debt-funded capital expenditure or in case of
pressure on its profitability, or if its working capital
requirement is larger than expected.

SSG, incorporated in 2010, processes and sells basmati rice
(mainly Pusa 1121 quality). The company is promoted by Mr. Anil
Vig and his family. It has a paddy processing (milling and
sorting) unit at Gurdaspur (Punjab) with total capacity of 10
tonnes per hour. SSG primarily sells basmati rice in the domestic
market, mainly to exporters. It plans to double its processing
capacity over the next two years.


SHREE GAURI: ICRA Reaffirms B Rating on INR11cr Term Loan
---------------------------------------------------------
ICRA has reaffirmed the rating assigned to the INR14.80 crore
(enhanced from INR12.48 crore) long term fund based facilities of
Shree Gauri Rice Mill Private Limited at [ICRA]B.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans           11.00        [ICRA]B reaffirmed
   Cash Credit           3.80        [ICRA]B reaffirmed

The reaffirmation of rating continues to factor in the modest
scale of operations and weak financial profile as reflected by low
profit margins due to inherently low value addition in the
business, its highly leveraged capital structure, as well as low
return indicators. The ratings are further constrained by the
large scheduled debt repayments which could lead to pressure on
the cash flows in the near to medium term, also given the high
working capital intensity in the operations. The rating also takes
into account the highly fragmented nature of the industry and
vulnerability of profit margins to volatility in paddy prices
which are exposed to seasonality and variations in crop harvests
and regulatory risk.

The ratings however favourably factor in the demonstrated ability
of SGRMPL to scale up its operations which is also supported by
the reasonable track record of the promoters in rice milling as
well as the location advantage derived by way of the plants
proximity to paddy farmers in Nadiad.

Shree Gauri Rice Mill Private Limited (SGRMPL) was incorporated in
2010 and is engaged in the business of rice milling. The company
operates from its plant located at Nadiad, Kheda in the state of
Gujarat, with an installed capacity of 8 MTPH (Metric Tonne per
Hour). The company is promoted by Mr. Dilip Kela and Mr. Ashok
Kela.

Recent Results
In FY 2014, SGRMPL reported an operating income of INR61.03 crore
(as against INR57.10 crore in FY 2013) and profit after tax of
INR0.45 crore (as against INR0.32 crore in FY 2013).


SILVER STREAK: ICRA Assigns B+ Rating to INR5cr Term Loan
---------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to the INR3.75 crore term loan
facilities and the INR5.00 crore proposed term loan facilities of
Silver Streak Hotels Private Limited.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term loan facilities     3.75        [ICRA]B+ assigned
   Proposed term loan
   facilities               5.00        [ICRA]B+ assigned

The rating reflects the current small scale of operations of the
Company with revenues dependent on the 20 room property in
Thiruvannamalai, which is vulnerable to foreign tourist traffic,
weak performance of the property in the last two fiscals resulting
in operational losses, proposed debt funded capital expenditure
for setting up the proposed hotel in Mamallapuram and the lack of
financial closure with part of the debt component yet to be tied
up. ICRA also takes note of the higher reliance on performance of
the existing Thiruvannamali property for funding interest payments
until the Mamallapuram property stabilizes.

The rating also considers the management tie-up the Company has
with Apeejay Surrendra Park Hotels Limited for operating the new
property at Mamallapuram under the "Zone By The Park" brand and
the limited competition in the branded midscale segment in
Mamallapuram though other non-branded hotels/resorts with similar
mid price bands are expected to offer competition.

Silver Streak Hotels Private Limited ("SSHPL" / "the Company")
incorporated in 2006 by Mr. V Kannan currently runs a 20 room - 3-
star hotel "Hotel Ashreya" at Thiruvannamalai, a pilgrimage town
in Tamil Nadu, about 200 Km from Chennai. The hotel building which
belonged to a friend of Mr. V Kannan was acquired in 2009 and
comprised of 12 rooms at the time of acquisition. Later, SSHPL
expanded the room inventory to 20 rooms and also set up 3-star bar
facility, banquet facility and an 8000 Sft. lawn.

The Company is also setting up a 42 room 3-star hotel in
Mahabalipuram, near Chennai. The hotel will be operated under the
brand name "Zone By The Park" under management contract with
Apeejay Surrendra Park Hotels Limited.

Recent results
SSHPL reported operating income (OI) and profit after tax (PAT) of
INR0.55 crore and 0.42 crore for the period 2013-14 as against OI
and PAT of INR0.75 crore and INR0.66 crore for the period 2012-13.


SPICEJET LTD: 40 Pilots Quit in Past Six Months
-----------------------------------------------
The Press Trust of India reports that apprehending an uncertain
future for the company, some 40-odd SpiceJet pilots including
commanders have quit the airline during the past six months,
sources said.

The report says the airline auditors in their recent report have
cast doubts over the ability of media baron Kalanithi Maran's
budget carrier to run it as a "going concern".

PTI relates that the airline has reported 5th straight quarter of
net losses for the July-September period, at INR310 crore,
although it is down from the year-ago period when it had a net
loss of INR559 crore.

The losses came down as the airline witnessed a 15 per cent growth
in total revenue. For the past fiscal, the airline had reported a
record loss of a little over INR1,000 crore, the news agency
discloses.

"The airline is losing its flight crew at a regular interval. In
the last six months alone as many as 40 pilots have quit the
airline, citing uncertain future," an industry source told PTI.

The pilots who have parted ways with SpiceJet include the
commanders, he said adding that those who resigned did not want to
take a chance, particularly after the grounding of the Kingfisher
Airlines, PTI relates.

According to the report, a source said the quitting of these
pilots have also impacted the airline's operations significantly
with its flights either delayed or at times having repeated
cancellations. The airline had last week said its had reduced its
fleet by 10 planes from 48 to 38 over the past few months.

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights
between major cities in India.

As reported in the Troubled Company Reporter-Asia Pacific on
May 21, 2014, The Times of India said SpiceJet has posted its
highest ever annual loss of INR1,003.2 crore in the financial year
2013-14 up five times from INR191 crore in the previous fiscal.


SREE RAJESWARI: CRISIL Cuts Rating on INR90MM Cash Credit to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sree Rajeswari Infrastructure (SRI) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        73.5       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit           90         CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

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

The rating downgrade reflects SRI's overdrawn cash credit facility
for more than 30 days. The overdrawls are on account of the
weakening of the firm's weak liquidity owing to a stretch in its
working capital cycle.

SRI has large working capital requirements, a high degree of
customer concentration in its revenue profile, and a modest scale
of operations in the intensely competitive construction industry.
However, the firm benefits from its partners' extensive experience
in the construction industry.

SRI was set up in August 2008 by Mr. G Badrinath and Mr. VVSN
Murthy and their family members. The firm undertakes civil works
related to drainage systems, water supply systems, roads, and
buildings for Ramky Infrastructure Ltd (rated 'CRISIL D/CRISIL
D'). It is based in Hyderabad. SRI currently has six partners: Mr.
G Badrinath, Mr. VVSN Murthy, Mrs. Padma, Mrs. Rukmini, Mrs. Subba
Lakshmi, and Mrs. Subdha Lakshmi.


SRS AGRI: ICRA Upgrades Rating on INR14cr Term Loan to B
--------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR14.00
crore term loan facility of SRS Agri Foods from [ICRA]D to
[ICRA]B.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund        14.00       [ICRA]B Revised from
   Based Limit-                      [ICRA]D
   Term Loan

The rating upgrade reflects the regularization of debt servicing
obligations by the firm for the last six months. The rating also
favorably considers the established experience of the promoters in
the trading of agro commodities.

However, the rating continues to be constrained by the weak
financial profile characterized by modest growth in turnover,
depressed coverage indicators, and the low profit margins inherent
in the trading nature of the firm's business. The rating also
reflects the vulnerability of the firm's business to commodity
price fluctuation and adverse foreign exchange volatility. ICRA
notes that the firm's business is susceptible to regulatory risks
with the change in government's policy regarding participation in
import and the duty structures and high competitive intensity due
to the presence of numerous players. SAF is a partnership concern
and any significant withdrawals from the capital account will
affect its capital structure, as witnessed in the past.

SRS Agri Foods (SAF) is a partnership firm, which commenced
operations in 2002, and is engaged in the business of trading of
pulses, edible oil, wheat, oil, coal etc. The firm has its
registered office in Tuticorin. SAF has its warehouse in Manali
New Town (a northern suburb of Chennai in Tamil Nadu) which has
four sheds across a total area of ~1,32,337 square feet.

Recent results
During the financial year 2014, SAF registered a profit after tax
of INR0.03 crore on an operating income of INR24.01 crore.


SUKH SAGAR: CARE Revises Rating on INR6.77cr Bank Loan to 'B+'
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Sukh
Sagar Motors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.77       CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of Sukh
Sagar Motors Private Limited (SSMPL) is primarily due to an
improvement in the capital structure owing to conversion of
unsecured loans to share application money coupled with
an improvement in operating margins during FY14 (refers to the
period April 1 to March 31) over FY13.

The rating continues to remain constrained on account of SSMPL's
low operating margins, moderately leveraged capital structure and
working capital intensive nature of operations. The rating is
further constrained by a dip in the total operating income (TOI)
of SSMPL during FY14, supplier concentration risk, linkage to the
fortunes of Tata Motors Limited (TML), pricing constraints,
competition from other auto dealers in the market and subdued
demand in passenger vehicle due to elevated interest rates and
fuel prices.

The rating, however, continues to derive strength from the
experience of the promoters and association with TML as its
authorized dealer for the sale of passenger vehicle and spare
parts in Jabalpur.

The ability of SSMPL to increase its scale of operations through
increasing sales volume while improving its profitability
and capital structure along with efficient working capital
management are the key rating sensitivities.

SukhSagar Motors Private Limited (SSMPL), incorporated in the year
2008, is promoted by Mr Amandeep Singh Khanna and family members.
The company has entered into an authorized dealership agreement
with Tata Motors Limited (TML) for sales and service of passenger
cars along with sale of spare parts in Jabalpur, Madhya Pradesh.
SSMPL's revenue sources include sale of vehicles and their spare
parts, service income, target incentive from TML and commission
from the financers. SSMPL has constructed and designed one
showroom at Jabalpur as per the requirement of TML on lease hold
land which is owned by its group company' Khanna Properties
Infrastructures Private Limited (KPIPL)'.  The company also
operates through four branches (showrooms)on a rented basis at
Katni, Dindori, Mandala, and Shahdol.

As per the audited results for FY14, SSMPL reported a TOI of
INR22.98 crore [FY13: INR28.20 crore] and a PAT of INR0.10
crore [FY13: INR0.10 crore].


SUNDAR CHEMICALS: ICRA Suspends B+ Rating on INR3cr FB Loan
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ outstanding on
the INR0.95 crore long-term fund based limits and on the INR3.00
crore proposed fund based limits of Sundar Chemicals Private
Limited. ICRA has also suspended the short-term rating of [ICRA]A4
outstanding on the INR6.05 crore non-fund based limits of the
company. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SYNERGY AGRI: ICRA Suspends 'D' Rating on INR9cr Bank Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR9.0 crore
bank lines of Synergy Agri Products Private Limited.The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the entity.


TRK TEXTILES: CRISIL Ups Rating on INR245.5MM Term Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of TRK Textiles (India) Pvt Ltd (TRK) to 'CRISIL B-
/Stable' from 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            125        CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Pledge Loan            150        CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan              245.5      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects TRK's timely servicing of its term
debt, supported by its improved liquidity, on the back of adequate
cash accruals. Additionally, liquidity was supported by efficient
working capital management marked by lower than expected inventory
and continuous support provided by the promoters.

The rating reflects TRK's below-average financial risk profile
marked by high gearing and weak debt protection metrics. These
rating weaknesses are partially offset by the considerable
experience of TRK's promoters in the textile industry.

Outlook: Stable

CRISIL believes that TRK will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's financial
risk profile, particularly its capital structure, improves
significantly, most likely because of sizeable accretions to
reserves, efficient working capital management, or significant
equity infusion. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
because of large debt-funded capital expenditure or sharp decline
in revenue and profitability.

TRK, set up in 2006, manufactures cotton yarn at its unit in
Tirupur (Tamil Nadu). The company sells through agents in Tirupur.
It is promoted by Mr. M Rangaswamy, Mr. A K Jeyaprakash, and Mr. S
Saravanan.


TURBOMACHINERY EDUC: ICRA Suspends D Rating on INR7.5cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA] D rating assigned to INR7.50 crore
bank limits of Turbomachinery Educational Society. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of requisite information from the company.


TURBOMACHINERY ENG'G: ICRA Suspends D Rating on INR75cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA] D ratings assigned to INR75.00 crore
bank limits of Turbomachinery Engineering Industries Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.


V.K. GUPTA: CRISIL Upgrades Rating on INR45MM Cash Credit to B-
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
V.K. Gupta and Associates (VKG) to 'CRISIL B-/Stable' from 'CRISIL
C' while reaffirming its rating on the firm's short-term
facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          145        CRISIL A4 (Reaffirmed)

   Cash Credit              45        CRISIL B-/Stable (Upgraded
                                      from 'CRISIL C')

   Proposed Long Term       10        CRISIL B-/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL C')

The rating upgrade reflects CRISIL's belief that VKG's liquidity
will improve marginally over the medium term because of full
repayment of its equipment loan and nominal repayment obligations
on its vehicle loan. The firm's cash accruals in 2014-15 (refers
to financial year, April 1 to March 31) are expected to remain
sufficient to meet its maturing debt obligations.

The ratings reflect VKG's small scale of operations in the highly
competitive civil construction industry and its large working
capital requirements. These rating weaknesses are partially offset
by the extensive industry experience of the firm's promoters.

Outlook: Stable

CRISIL believes that VKG's financial risk profile, especially its
liquidity, will remain below average over the medium term, driven
by the firm's working-capital-intensive operations and its
exposure to affiliate companies. The outlook may be revised to
'Positive' in case of significant and sustained improvement in the
firm's scale of operations and profitability, resulting in better
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of a stretch in VKG's working capital cycle, substantial
capital withdrawal by the firm's partners, or an increase in
exposure to affiliate companies.

VKG was set up as a partnership firm in 2000 by Mr. V K Gupta, his
wife Ms. Dimple Gupta, and their son Mr. Saksham Gupta. The firm
undertakes civil construction works, such as construction of
bridges, in Punjab, Haryana, Himachal Pradesh, and Uttarakhand.

VKG reported, on a provisional basis, book profit of INR13.4
million on net sales of INR228.4 million for 2013-14; it had
reported book profit of INR23.6 million on net sales of INR327.5
million for 2012-13.


WESTIN RESINS: ICRA Suspends B+ Rating on INR8.8cr LT Bank Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR8.80 crore
long term fund based bank facilities, [ICRA]A4 rating to the
INR0.50 crore short term non-fund based bank facilities and
[ICRA]B+/[ICRA]A4 rating to the INR0.79 crore long term & short
term unallocated bank facilities of Westin Resins and Polymers
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


YASH PAPERS: ICRA Reaffirms 'B+' Rating on INR120.18cr FB Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR120.18
crore fund based facilities of Yash Papers Limited at [ICRA]B+.
ICRA has reaffirmed the short term rating assigned to the INR6
crore non fund based limits of Yash Papers Limited at [ICRA]A4.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits      120.18       [ICRA]B+ reaffirmed
   Non-fund Based Limits    6.00       [ICRA]A4 reaffirmed

The rating reaffirmation takes into continued weak financial
profile of the company involved in the business of manufacturing
of kraft paper and machine glazed poster paper, as reflected in
the high gearing level and weak debt coverage indicators owing to
debt funded capital expenditure incurred in the past. Further,
going forward, both cost of borrowed funds and quantum of yearly
debt repayments is expected to increase in line with the approved
CDR scheme. Although the capacity utilization has improved over
previous years, the scale of operations achieved may not be
sufficient to meet debt repayments in subsequent years. The
company is currently operating at near full capacity and hence
additional growth in revenues will have to be driven by further
capital investment which will put pressure on the cash flows of
the company. While ICRA notes that backed by a long track record
of operations, and also an experienced management team, the
company is able to command higher operating margins over its peers
despite the industry being highly fragmented and competitive, the
high financial leverage and the costs thereof have put substantial
strain on the cash flows of the company. The company draws
advantage from the proximity of its manufacturing facilities to
the agricultural belt of the country which results in easy
availability of low cost agro waste/by products and favorable
demand outlook for kraft paper driven by growth in end user
industries.

Going forward, the recovery of past CER (Certified Emission
Reductions) receivable, ability to raise funds to support the weak
cash flows generated by the company and also sustained capacity
additions to help achieve revenue growth consistently will remain
key rating sensitivities.

YPL has been in existence for over 25 years and has been engaged
in the paper manufacturing business since 1983. The main products
of the company include low-grammage kraft paper and Machine Glazed
(MG) Poster Paper. The paper manufactured is used in numerous
industries such as layer between Glass and Plywood sheets,
wrapping of tobacco products & clothes, Lamination etc.

Recent Results
During the financial year 2013-14, the Company reported PAT of
INR1.94 crore on an operating income of INR147.38 crore as against
losses of INR1.69 crore on an operating income of INR116.35 crore
in 2012-13. During Q1 FY2014, the company has reported operating
income of INR45.2 crore and PAT of INR1.5 crore.


ZAMIL INFRA: CARE Assigns 'B' Rating to INR14.34cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Zamil Infra
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.34      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Zamil Infra Private
Limited (ZIPL) is constrained by the stressed liquidity
position of the company due to working capital intensive
operations and relatively large debtor levels, weak coverage
indicators and competitive pressure in the fragmented construction
sector. The rating however derives comfort from the
experienced and resourceful promoter group with established track
record in the construction sector.

Going forward, timely realization of receivables and effective
management of working capital requirements shall be the
key rating sensitivities.

Incorporated on March 20, 2008, ZIPL is engaged in providing
design, engineering, procurement, construction and project
management services in the telecom, infrastructure and renewable
energy sectors. The company usually takes full turnkey supply,
services, and maintenance contracts for telecom service providers.
The company also forayed into the energy sector in 2011 and has
since provided consulting, design, supply and more such services
for solar power plants.

ZIPL has executed five solar projects, a total of 22.40 MW, in
Rajasthan, Gujarat, Punjab and Haryana.

ZIPL is a part of the Zamil group, whose flagship company is Zamil
Industrial Investment Company (ZIIC), Saudi Arabia, which provides
products, design and EPC services in sectors like Steel, HVAC,
Glass, Insulation and Concrete products.

During FY13 (refers to the period April 01 to March 31), the
company has registered a total operational income of INR118.23
crore with PAT of INR0.73 crore. Furthermore, as per the
provisional results for FY14, the company has registered a total
operational income of INR85.44 crore with PAT of INR0.52 crore.



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


HUDSON HOSPITALITY: Director Fights 10 Liquidations in 9 Months
---------------------------------------------------------------
Narelle Henson at Waikato Times reports that Hamilton man Bruce
Linwood Parker is battling Inland Revenue over more than
NZ$1 million in unpaid company taxes and fees.

Ten of the 23 companies he directs have been placed into
liquidation over the course of the year as Inland Revenue claims
tax liabilities on nine of them, the report says.  According to
Waikato Times, Mr. Parker said the 10th company, Hudson
Hospitality Investments Ltd, was placed into liquidation following
a "trade argument" with Hamilton Asphalt Ltd.

Waikato Times says the liquidations have come one after the other
since March this year, with Hudson Hospitality Investments Ltd
crumbling last month.

According to the report, Mr. Parker said the liquidations mostly
involved companies that had been set up to own or develop assets
and were allowed to wind down after the assets were sold off.

He said it was decided on professional advice not to place the
companies into voluntary liquidation, but just to allow them to
wind down over time. However, Inland Revenue was pushing ahead
with claims Parker believed were "hugely up for argument," the
report relays.

Waikato Times relates that Mr. Parker said "substantial amounts"
had already been paid to Inland Revenue, and well over half of the
NZ$1m the government body was claiming was currently being
disputed out of court.

There are 17 more secured creditors across the 10 companies, with
unknown debts and an unknown number of unsecured creditors,
according to liquidator reports.  Mr. Parker said the records
appeared to be out of date as most of the creditors had likely
been paid by now, the report adds.

"There would be very, very few that I know of that haven't been
paid," the report quotes Mr. Parker as saying.

That would soon also be the case for Hamilton Asphalts Ltd, he
said, which was the applicant creditor for Hudson Hospitality
Investments Ltd's liquidation, the report adds.

Lawyer Bryce Bluett represented Hamilton Asphalts Ltd and said the
company had not been paid for work completed for Hudson
Hospitality Investments Ltd. The work was valued at NZ$11,000.

Mr. Parker said the liquidation had come after a "trade argument"
involving the amount of time taken to complete the work, and the
money owed would be paid, the report relays.

The Companies Office confirmed no complaint had been laid against
any of the directors involved in any of the companies, and
therefore no proceedings were underway to bar them from
directorship, according to Waikato Times.

Waikato Times, citing liquidator reports and the Companies Office,
discloses that Bruce Linwood Parker is a director of all 10
companies in liquidation and director of a further 13 companies
not in liquidation.

PricewaterhouseCoopers is the liquidator for nine of the
companies. The Official Assignee is the liquidator for one, the
report adds.


VIADUCT CAPITAL: Receivers Lower Estimated Payout for Investors
---------------------------------------------------------------
NBR Online reports that receivers of failed financier Viaduct
Capital have reduced their estimated recovery for depositors, who
include the government, to approximately 10 cents to 15 cents in
the dollar.

As reported in the Troubled Company Reporter-Asia Pacific on
May 17, 2010, Viaduct Capital Ltd. has been placed into
receivership with debts of NZ$7.8 million.  Prince and Partners
Trustee Company Limited on May 13 appointed Iain McLennan and
Boris van Delden from McDonald Vague as receivers of Viaduct
Capital.  Colin Wilson of Prince and Partners Trustee Company
Limited said the action is "to protect the interests of investors
through an orderly realization of the company's assets."

Viaduct Capital has $7.8 million of secured debentures held by
approximately 110 investors.  Viaduct said in a statement posted
in its Web site that NZ$7.3 million is covered by the Government
Guarantee, with the balance of NZ$500,000 unguaranteed.

Viaduct Capital Ltd. is a New Zealand-based finance company.



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


FIRST SHIP: Fitch Withdraws 'B-' Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has withdrawn First Ship Lease Trust's (FSLT) Long-
Term Issuer Default Rating of 'B-'.

The ratings have been withdrawn due to insufficient information to
maintain the ratings.

Fitch will no longer provide ratings or analytical coverage for
FSLT.



                             *********

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 ***