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

                      A S I A   P A C I F I C

           Monday, November 24, 2014, Vol. 17, No. 232


                            Headlines


A U S T R A L I A

BENDIGO AND ADELAIDE BANK: Fitch Affirms BB Support Rating Floor
GOLD BANC: First Creditors' Meeting Slated For December 1
GREGORYS TRANSPORT: Placed Into Receivership
LIBERTY FUNDING: Moody's Assigns B2 Rating to AUD2.5MM Notes
SEASPRAY RESORT: In Receivership; Resort Up for Sale

SKIPPY BINS: Placed Into Voluntary Administration
SOLAZONE PTY: In Administration; First Meeting Set For Dec. 1
TALENT TECHNOLOGY: First Creditors' Meeting Set For Dec. 2


C H I N A

POWERLONG REAL: Consent Solicitation No Impact on Moody's B2 CFR
TONGJI HEALTHCARE: Incurs US$51,000 Net Loss in Third Quarter


H O N G  K O N G

NORD ANGLIA: Full Year Results No Impact on Moody's B1 Ratings
SUPERB SUMMIT: Shares Suspended After Muddy Waters Allege Fraud


I N D I A

AMUL COTTON: CARE Reaffirms B+ Rating on INR6.5cr LT Bank Loan
ARROW CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR20MM Loan
ASIAN PEROXIDES: ICRA Revises Rating on INR21.5cr FB Loan to B
BDS PROJECTS: ICRA Revises Rating on INR1.25cr FB Loan to B
BHAGWATI RICE: ICRA Reaffirms B Rating on INR34.68cr FB Loan

ETA STAR: CRISIL Cuts Rating on INR350MM Cash Credit to 'B+'
GNI INFRASTRUCTURE: ICRA Suspends D Rating on INR18.30cr Loan
HISAR MOTORS: ICRA Suspends B Rating on INR7.5cr Bank Loan
INDO INDUSTRIES: ICRA Suspends B-/A4 Rating on INR20cr Loan
JUGNU FOODS: CARE Assigns B+ Rating to INR11.80cr LT Bank Loan

KAMALESH CONSTRUCTION: CRISIL Rates INR32MM Cash Credit at 'B'
KUNAL COTTON: CRISIL Reaffirms B Rating on INR60MM Cash Credit
RCS STEEL: ICRA Suspends 'B' Rating on INR7.5cr Bank Lines
SAFA CONSTRUCTIONS: CRISIL Puts B+ Rating on INR37.5MM Loan
SAMARTH SAI: ICRA Suspends B/A4 Rating on INR7cr Bank Limit

SARDAR JEWELLERS: CRISIL Ups Rating on INR90MM Cash Loan to B-
SHAGOON PACKAGING: CRISIL Reaffirms B Rating on INR20MM Loan
SHAH HOUSECON: CRISIL Lowers Rating on INR500MM Term Loan to B+
SHIV SHAKTI: CRISIL Assigns B Rating to INR100MM Cash Credit
SHIV SHAKTI INDUSTRIES: ICRA Suspends B+ Rating on INR8.51cr Loan

SRI LAXMI: ICRA Reaffirms B Rating on INR6.39cr Fund Based Limits
STANDARD CORP: CRISIL Ups Rating on INR150MM Cash Credit to B-
T. JAYACHANDRAN: CRISIL Assigns B Rating to INR50.8MM Cash Credit
TANYA AUTOMOBILES: ICRA Suspends B+/A4 Ratings on INR17cr Loan
TARA CHAND: ICRA Reaffirms B+ Rating on INR40cr Fund Based Loan

TECPRO SYSTEMS: CRISIL Reaffirms D Rating on INR16.5BB Bank Loan
VSSN JAMBALADINNI: CRISIL Assigns B- Rating to INR210MM Cash Loan
VSSN RAJALABANDA: CRISIL Assigns B- Rating to INR60MM Cash Loan


J A P A N

LEOPARD TWO: Fitch Affirms JPY540MM Class D Notes Rating at BBsf
TAKATA CORPORATION: Faces Suits, Fines Over Airbag Defects


N E W  Z E A L A N D

RICK LUCAS: Two More Companies Placed in Receivership


S O U T H  K O R E A

PANTECH CO: Dec 17 Hearing on US Recognition of Korean Bankruptcy
PANTECH CO: Sales Bid Fails From Lack of Bidders


                            - - - - -


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A U S T R A L I A
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BENDIGO AND ADELAIDE BANK: Fitch Affirms BB Support Rating Floor
----------------------------------------------------------------
Fitch Ratings has upgraded Bank of Queensland Limited's (BOQ)
Long-Term Issuer Default Rating (IDR) to 'A-' from 'BBB+'. The
Positive Outlook has been revised to Stable.  At the same time,
Fitch has affirmed the Long-Term IDRs of Bendigo and Adelaide Bank
Limited (BEN) and Heritage Bank Limited (Heritage) at 'A-' and
'BBB+' respectively. The Outlooks on both are Stable.

The risk appetites of all three Australian regional banks (the
Regionals) are conservative as the banks focus primarily on lower-
risk residential mortgages. BEN and BOQ have some exposures to
business lending but these are well collateralised and
diversified. Underwriting standards and risk controls have
continued to improve, contributing to sound asset quality.
However, the Regionals' modest lending and deposit franchises
relative to the four major Australian banks could pose a risk
should the banks be willing to compromise risk appetite in the
pursuit of growth.

BEN and BOQ each have 2%-3% market share in deposits, while
Heritage's share is 0.33%. The Regionals benefit from simple and
transparent business models focusing on customer service to partly
offset their pricing disadvantage. BEN and BOQ have been
diversifying their business models into additional segments such
as wealth management, and asset and equipment finance. Both
entities have acquired smaller domestic financial institutions in
financial year 2014 (FY14) although their market shares have not
altered significantly. Nevertheless, new customers provide BEN and
BOQ with additional cross-sale opportunities to lift their
profitability.

Fitch expects the funding and liquidity profiles of the Regionals
to further strengthen in FY15 following continued improvement in
FY14. However, relative to similarly rated international peers,
their funding and liquidity positions remain a weakness. Wholesale
funding will remain a key component of each bank's funding mix,
reflecting the structural deficit of deposits within the
Australian banking system. As a result, improvements in funding
structures are likely to be reflected in longer term wholesale
issuance, rather than an increased proportion of stable deposits.
Liquidity positions have improved in advance of Basel 3. The
Regional's large and sound residential mortgage books provide the
banks with additional capacity to create internal securitisations
which are repo-eligible with the RBA.

The Regionals have adequate capital levels, although they lag many
international peers on both risk weighted and un-risk weighted
ratios. Healthy levels of operating profitability are likely to
support internal capital generation. In contrast to many small
peers which have a mutual structure, BOQ and BEN are listed and
therefore have access to fresh capital. Both banks raised capital
during FY14 to support acquisitions.

Asset quality of the Regionals has remained a credit strength
relative to international peers. It reflects the banks'
conservative risk appetite and a historically benign operating
environment which have resulted in impaired loan ratios well below
most international peers'. Impaired loans have remained well
reserved. Asset quality is likely to remain sound in FY15. A
severe economic shock, resulting from weaker economic activities
of one of Australia's main trading partners (resulting in higher
unemployment rate and sharp asset price corrections), or if one of
the banks compromises its conservative risk appetite to expand its
company profile, could result in weaker asset quality but are not
Fitch's base case.

Australia's operating environment is expected to remain fairly
stable in FY15 despite a fall in commodity prices and subdued non-
mining sector investment. The agency expects real GDP growth of
2.9% in 2015 and 2.7% in 2016, still solid relative to the 'AAA'
peer median of 2.2% for 2015. Australia's unemployment rate is
expected to remain elevated at around 6% in 2015. Household debt
remains high, leaving borrowers susceptible to higher
unemployment, any housing market correction and/or sharply higher
interest rates. Property price growth was primarily in Sydney and
Melbourne during 2014 - all Regionals have some exposure to these
markets.

KEY RATING DRIVERS - IDRs, VR, Senior Debt
BOQ
The upgrade of BOQ's Long-term IDR, VR and senior debt rating
reflects the bank's significant improvement in corporate culture,
and risk appetite and controls since late-2011. BOQ's strengthened
risk appetite has been reflected in slower organic balance sheet
growth, the declining proportion of commercial property exposure,
a focus on more credit diversification partly through tighter
single name and industry exposure limits, and stricter
underwriting standards for residential mortgages. These
improvements have resulted in stronger asset quality, better
funding, liquidity, capitalisation and operating profitability. On
many metrics BOQ is now similar or stronger than its 'a-' rated
peers.

Capitalisation remained adequate following the acquisition of BOQ
Specialist Bank Limited (BOQS) in July 2014. BOQS provides a
degree of business diversification and additional revenue
generation capability which should support sustainable operating
profitability. The departure of the previous chief executive
officer (CEO) has not impacted the bank's strategy.

BEN
BEN's IDRs, VR and senior debt ratings reflect the bank's
conservative risk appetite, modest local franchise, and
strengthened capitalisation. Its liquidity management has remained
sound, with short-term wholesale funding of up to one year being
fully covered by central bank repo-eligible liquid assets at
FYE14. BEN's capital position on both a risk-weighted and un-risk
weighted basis is comparable to the majority of its domestic peers
but lacks the strength of some international peers -
notwithstanding the different risk-weightings. Improvements in
BEN's capital ratios have been assisted by sustainable internal
capital generation, controlled risk-weighted asset growth and the
recent equity raising which supported acquisition activity. Asset
quality remained sound in FY14 however a modest increase in
unemployment could place pressure on BEN's asset quality in FY15.

The proposed banking alliance between BEN and the four small
credit unions is likely to support operating profit growth while
the funding impact is neutral. The proposal is in the process of
obtaining approvals from the members of the credit unions, the
Australian Prudential Regulatory Authority and the Federal
Treasurer. BEN's ratings are likely to be unaffected by the
transaction.

Heritage
Heritage's IDR, VR and senior debt rating reflect the bank's small
deposit and mortgage franchise, and weaker than international
peers' funding and liquidity profile. However, Heritage's
consistent conservative risk appetite has resulted in strong asset
quality. Its risk-weighted capital ratios have remained amongst
the highest within Fitch-rated Australian banks, although un-risk
weighted ratios lag peers. Access to new sources of capital is
limited given Heritage's mutual ownership structure, with profit
the main source of capital. The absence of dividend payments means
Heritage's internal capital generation is significantly higher
than both BOQ and BEN.

The Stable Outlook on Heritage's Long-Term IDRs reflects Fitch's
assumption that the bank is likely to adequately manage its asset
quality and funding, and maintain sound capitalisation supported
by healthy levels of operating profitability through a mild
deterioration in the economy. Possible credit losses could be
absorbed by its adequate pre-impairment operating profit and
impairment reserves.

RATING SENSITIVITIES - IDRs, VR, Senior Debt
BOQ, BEN and Heritage
The rating sensitivities to the Regionals' IDRs, VRs and senior
debt are similar. All three entities could experience negative
rating pressure should the banks compromise their risk appetite
mainly in form of weaker underwriting standards, looser risk
controls and more aggressive loan growth in order to improve their
company profiles. A severe deterioration in asset quality could
result in weaker operating profitability and threaten
capitalisation which are likely to trigger negative rating action.

Positive rating action is unlikely given the Regionals' modest
franchises, and weaker than international peers' funding and
liquidity profiles.

KEY RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING AND SUPPORT
RATING FLOOR
BEN and BOQ's Support Ratings and Support Rating Floors reflect
the moderate potential of government support, should it be needed,
given the banks' modest market shares in Australia. Heritage's
Support Rating of '5' and Support Rating Floor of 'No Floor'
reflect Fitch's view that while support from the authorities is
possible, it cannot be relied upon as the bank's market share is
minimal. Support Ratings are sensitive to any change in
assumptions around the propensity or ability of the Australian
sovereign to provide timely support to the banks, including any
moves to implement the bail-in of senior creditors.

SUBSIDIARY AND AFFILIATED COMPANY KEY RATING DRIVERS AND
SENSITIVITIES
BOQS is a wholly owned core subsidiary of BOQ, and its ratings are
aligned with those of its parent as a result. The upgrade of the
Support Rating follows the upgrade of BOQ's Long-term IDR.

BOQS's ratings are sensitive to the same factors that might drive
a change in BOQ's IDR. BOQS's ratings may also be downgraded if
Fitch no longer considers it a core subsidiary of BOQ.

KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT AND OTHER
HYBRID SECURITIES
Subordinated debt issued by BEN, BOQ and BOQS is rated according
to Fitch's rating criteria. The subordinated debt ratings are
broadly sensitive to the same considerations that might affect the
issuers' relevant anchor ratings, the VR for BEN and BOQ, and the
IDR for BOQS.

RATING DRIVERS AND SENSITIVITIES - Government-guaranteed Debt
BOQS's government-guaranteed debt carries the same rating as the
Australian sovereign. Any change in the sovereign rating will be
reflected in the ratings of the government-guaranteed debt.

The rating actions are as follows:

Bendigo and Adelaide Bank Limited (BEN):
Long-Term IDR affirmed at 'A-'; Outlook Stable
Short-Term IDR affirmed at 'F2'
Viability Rating affirmed at 'a-'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB'
Commercial Paper affirmed at 'F2'
Long-term senior unsecured debt affirmed at 'A-'
Short-term senior unsecured debt affirmed at 'F2'

Bank of Queensland Limited (BOQ):
Long-Term IDR: upgrade to 'A-' from 'BBB+'; Outlook revised to
Stable from Positive
Short-Term IDR: affirmed at 'F2'
Viability Rating: upgrade to 'a-' from 'bbb+'
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB'
Senior unsecured debt: upgrade to 'A-' from 'BBB+'

BOQ Specialist Bank Limited (BOQS):
Long-Term IDR: upgraded to 'A-' from 'BBB+'; Outlook revised to
Stable from Positive
Short-Term IDR: affirmed at 'F2'
Support Rating: upgraded to '1' from '2'
Government guaranteed floating-rate notes: affirmed at 'AAA'
Subordinated debt: upgraded to 'BBB+' from 'BBB'

Heritage Bank Limited (Heritage):
Long-Term IDR affirmed at 'BBB+'; Outlook Stable
Short-Term IDR affirmed at 'F2'
Viability Rating affirmed at 'bbb+'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'NF'
USD2bn debt issuance programme: Long-Term Rating affirmed at
'BBB+'; Short-Term Rating affirmed at 'F2'.


GOLD BANC: First Creditors' Meeting Slated For December 1
---------------------------------------------------------
Henry Kazar -- hkazar@kazarslaven.com.au -- and Aaron Torline --
atorline@kazarslaven.com.au -- of Kazar Slaven were appointed as
administrators of Gold Banc Lotus Investments Pty Ltd on Nov. 19,
2014.

A first meeting of the creditors of the Company will be held at
Benedict House, 39 Isabella Street, in Queanbeyan, New South
Wales, on Dec. 1, 2014, at 10:00 a.m.


GREGORYS TRANSPORT: Placed Into Receivership
--------------------------------------------
Kirsten Robb at SmartCompany reports that Gregorys Transport has
collapsed in receivership.

PPB Advisory confirmed to SmartCompany receivers Nicholas Martin
and Stephen Longley have been appointed to the company.  An
application for a winding up order has also been made last week in
the Supreme Court of New South Wales by Forbes Dowling Lawyers,
SmartCompany relates.

An advertisement seeking expression of interest in the company
appeared on November 20 in the Australian Financial Review. The ad
was seeking proposals to purchase key components of the business
and/or assets of Gregorys, according to the report.

SmartCompany relates that the ad stated Gregorys had long standing
customers across multiple industries. Its website said it had at
one time secured major partnership with Coca-Cola  Amatil, which
saw it purchase a fleet of new Mercedes trucks.

In a statement provided to SmartCompany, PPB Advisory said its
appointment is focused on assisting Gregorys' customers to make an
orderly transition to suitable alternate transport providers to
minimise disruption to services.

"Our priority is to work with customers to ensure they have
continuity of transport services. We are working hard to develop
alternative arrangements that will minimise downtime and
interruption to Gregorys' customers, including transitioning
affected customers to alternate service providers," PPB Advisory
partner, Nicholas Martin said, notes the report.

PPB also confirmed Ferrier Hodgson was previously appointed as
receivers and managers of particular Gregorys Transport's fixed
assets and those of its related entity, SmartCompany notes.

Gregorys Transport has been operating since 1982 and has branches
in Melbourne, Sydney, Brisbane and Perth. The company was involved
in freight, warehousing and distribution.


LIBERTY FUNDING: Moody's Assigns B2 Rating to AUD2.5MM Notes
------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to notes issued by Liberty Funding Pty Ltd:

Issuer: Liberty Funding Pty Ltd

AUD 350.0 million Class A1 Notes, Assigned Aaa (sf)

AUD 75.0 million Class A2 Notes, Assigned Aaa (sf)

AUD 43.0 million Class B Notes, Assigned Aa2 (sf)

AUD 14.0 million Class C Notes, Assigned A2 (sf)

AUD 8.0 million Class D Notes, Assigned Baa2 (sf)

AUD 5.0 million Class E Notes, Assigned Ba2 (sf)

AUD 2.5 million Class F Notes, Assigned B2 (sf)

The following class of notes is not rated by Moody's:

AUD 2.5 million Class G Notes.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

Ratings Rationale

The transaction is an Australian prime and non-conforming RMBS
secured by a portfolio of residential mortgage loans. A portion of
the portfolio consists of loans extended to borrowers with
impaired credit histories (18.3%) or made on a limited
documentation basis (11.7%).

This is the sixteenth non-conforming RMBS transaction sponsored by
Liberty Financial Pty Ltd ("Liberty").

The definitive ratings take account of, among other factors:

- Class A1 Notes benefit from 30.0% credit enhancement (CE) and
Class A2 Notes benefit from 15.0% CE, while Moody's MILAN CE
assumption, the loss Moody's expect the portfolio to suffer in the
event of a severe recession scenario, is substantially lower at
13.50%. Moody's expected loss for this transaction is 1.0%. The
subordination strengthens ratings stability, should the pool
experience losses above expectations.

- A liquidity facility equal to 3.6% of the aggregate invested
amount of the notes less the redemption fund balance, subject to a
floor of AUD600,000

- The experience of Liberty in servicing residential mortgage
portfolios. This is Liberty's 16th non-conforming securitisation,
which highlights the lender's experience as a manager and servicer
of securitised transactions.

- Interest rate mismatch arises when the movements of the 30-day
BBSW are not (simultaneously) passed on to the variable rate
loans. To mitigate the basis risk, the threshold rate mechanism
obligates the Servicer to set interest rates on the mortgage loans
at a minimum rate above BBSW or higher if the trust's income is
insufficient to cover the obligations of the Trustee under the
transaction documents.

The key transactional and pool features are as follows:

- The notes will initially be repaid on a sequential basis
(however Class A1 & A2 will be paid pari passu) until, amongst
other serial paydown triggers, the later of: (1) the second
anniversary from closing; or (2) the subordination to the Class A
& Class B Notes has doubled since closing at which point the Class
A1, A2, B, C, D, E, and F Notes will receive a pro-rata share of
principal payments (subject to additional conditions). The
principal pay-down switches back to sequential pay (Class A1 to be
senior to Class A2), once the aggregate loan amount falls below
20% of the aggregate loan amount at closing, on the fourth
anniversary of the closing date or if there are any unreimbursed
charge-offs.

- The portfolio is geographically well diversified due to
Liberty's wide distribution network.

- The portfolio contains 18.3% exposure with respect to borrowers
with prior credit impairment (default, judgement or bankruptcy).
Moody's assesses these borrowers as having a significantly higher
default probability.

- 11.7% of loans in the portfolio were extended to borrowers on a
limited documentation basis. Of the 11.7% low documentation loans,
91.2% are classified as 'alternative documentation'. For these
alternative documentation loans Liberty performs additional
verification checks over and above the typical checks for a
traditional low documentation product. These checks include a
declaration of financial position and six months of bank
statements, 2 quarters of Business Accounting Statements or GST
returns. Liberty's alternative documentation loans have stronger
arrears performance when compared to traditional low documentation
loans. Given the additional verification checks and the stronger
arrears performance, these alternative documentation loans have
been assessed to have a lower default frequency than standard low
documentation loans.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2014.

Factors that would lead to an upgrade or downgrade of the rating:

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

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in
credit quality of transaction counterparties, fraud and lack of
transactional governance.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process -- here the MILAN CE
and median expected loss -- differed. The analysis assumes that
the deal has not aged. Parameter Sensitivities only reflect the
ratings impact of each scenario from a quantitative/model-
indicated standpoint.

Based on the current structure, if the MILAN CE losses were to
increase by 50% to 20.25%, and the median expected loss were to
increase by 50% to 1.5%, the model-indicated rating for the Class
A1 Notes would remain unchanged, Class A2 Notes would drop one
notch to Aa1, Class B Notes would drop one notch to Aa3 and the
Class C Notes would drop 2 notches to Baa1. The over-subordination
at closing reduces the probability of ratings migration.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities.


SEASPRAY RESORT: In Receivership; Resort Up for Sale
----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the apartments and
a piece of land at Seaspray Resort have been placed into
receivership.  Ferrier Hodgson have been appointed as receivers of
the properties.

Interests from developers are welcomed by property agents, the
report relates.  According to Dissolve.com.au, property agents Ray
White Burleigh noted that they have received 30 inquiries to
purchase the vacant land and resort.

Residents are informed that as the building's ownership had been
dissolved, the resort continues to operate, says Dissolve.com.au.
The receiver's sale does not include the restaurant and pharmacy,
the report adds.


SKIPPY BINS: Placed Into Voluntary Administration
-------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Skippy Bins has
been placed into voluntary administration.  David Ingram and
Steven Arthur Gladman of Hall Chadwick were appointed
administrators of the company on Oct. 22, 2014.

According to the report, the company struggled from cash flow
issues and tax debts.  The Tax Office applied to liquidate the
company.  The ATO pursued the company for AUD619,000, says
Dissolve.com.au.

Skippy Bins provides waste collection and processing services.


SOLAZONE PTY: In Administration; First Meeting Set For Dec. 1
-------------------------------------------------------------
Terrence John Rose and David Michael Stimpson of SV Partners were
appointed as administrators of Solazone Pty Ltd on Nov. 19, 2014.

A first meeting of the creditors of the Company will be held at
SV Partners, 138 Mary Street, in Brisbane, Queensland, on Dec. 1,
2014, at 10:30 a.m


TALENT TECHNOLOGY: First Creditors' Meeting Set For Dec. 2
----------------------------------------------------------
Jamieson Louttit of Jamieson Louttit & Associates was appointed as
administrator of Talent Technology Pty Limited on Nov. 21, 2014.

A first meeting of the creditors of the Company will be held at
Jamieson Louttit & Associates, Penfold House, Suite 73, level 15
88 Pitt Street, in Sydney, on Dec. 2, 2014, at 10:00 a.m.



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C H I N A
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POWERLONG REAL: Consent Solicitation No Impact on Moody's B2 CFR
----------------------------------------------------------------
Moody's Investors Service says that Powerlong Real Estate Holdings
Limited's proposed consent solicitation is credit negative, but
has no immediate impact on its B2 corporate family rating and B3
senior unsecured ratings.

The ratings outlook remains stable.

Powerlong announced on 18 November that it is seeking consents --
from both its 2016 and 2018 senior notes holders -- to amend their
terms to align with those of its 2017 senior notes.

Specifically, it seeks to amend the covenant in relation to
restricted payments.

As such, Powerlong would be able to declare and make dividend
payments for a particular fiscal year, which are as much as 20% of
its consolidated net profit in that year.

"The proposed amendments will weaken the company's liquidity
reserve, especially during the current challenging operating
environment, as they will give Powerlong the flexibility to pay
dividends to shareholders, an action which would be detrimental to
bondholders," says Gerwin Ho, a Moody's Vice President and
international lead analyst for Powerlong.

Moody's expects that Powerlong's cash to short-term ratio will
stay around 1.0x in the coming 12 -- 18 months, unchanged from
1.0x at end-June 2014.

While the exact amount of dividend payments will depend on the
company's overall earnings growth and is subject to the review by
the board, Moody's expect them to moderately decrease Powerlong's
cash balance. It had RMB4.8 billion cash on hand at end-June 2014.

"The expected dividend payments are still acceptable for the
company's current B2 rating, as Moody's expect it to report
increases in sales and earnings growth," adds Jiming Zou, who is
the local market analyst of Powerlong.

At the same time, Moody's notes that Powerlong's financial
flexibility remains weak, as evidenced by EBITDA/interest at about
1.0x during 1H 2014, low when compared to other B2-rated property
developers.

In addition, despite lower interest coverage, rental income and
management fees cover about 80% of its interest expenses.

The B2 corporate family rating reflects Powerlong's track record
in the Yangtze River Delta where it achieved selling prices,
especially in Shanghai and Hangzhou, which were higher than the
group average.

Powerlong achieved a strong contracted sales performance of RMB7.1
billion for the first 10 months of 2014, an approximate 19% year-
on-year rise.

Powerlong's ratings could be downgraded, if: (1) sales fall
materially below expectations; (2) liquidity deteriorates; or (3)
EBITDA/interest falls below 1.0x.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

Powerlong Real Estate Holdings Limited is a Chinese developer
focused on building large-scale integrated residential and
commercial properties in second- and third-tier cities in China.
As of June 30, 2014, it had a development land bank of around 10.6
million sqm in gross floor area (GFA) in nine provinces, and had
15 commercial properties in operation.

The company listed on the Hong Kong Exchange in October 2009. The
Hoi family, the founders, had an aggregate stake of 67.7% in the
company.


TONGJI HEALTHCARE: Incurs US$51,000 Net Loss in Third Quarter
-------------------------------------------------------------
Tongji Healthcare Group, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $51,070 on $649,393 of total operating revenue for
the three months ended Sept. 30, 2014, compared with a net loss of
$84,620 on $607,238 of total operating revenue for the same period
last year.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $133,066 on $1.86 million of total operating revenue
compared with a net loss of $212,583 on $1.72 million of total
operating revenue for the same period in 2013.

As of Sept. 30, 2014, the Company had $17.40 million in total
assets, $19.50 million in total liabilities and $2.09 million
total stockholders' deficit.

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

                        http://is.gd/h0CRQh

                     About Tongji Healthcare

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.

Tonji Healthcare reported a net loss of $729,685 on $2.37 million
of total operating revenue for the year ended Dec. 31, 2013, as
compared with a net loss of $1.20 million on $2.77 million of
revenue for the year ended Dec. 31, 2012.

Anton & Chia, LLP, in Newport Beach, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.

"The Company's ability to continue as a going concern ultimately
is dependent on the management's ability to obtain equity or debt
financing, attain further operating efficiencies, and achieve
profitable operations.  Over the past years, the Company had been
successful in raising funds from related parties to fund the
operation and new hospital construction.  The consolidated
financial statements do not include any adjustments relating to
the recoverability and classification of recorded asset amounts or
amounts and classification of liabilities that might be necessary
should the Company not be able to continue as a going concern,"
the filing stated.



================
H O N G  K O N G
================


NORD ANGLIA: Full Year Results No Impact on Moody's B1 Ratings
--------------------------------------------------------------
Moody's Investors Service says that Nord Anglia Education, Inc's
(NAE, B1 stable) results for the fiscal year ended August 31, 2014
were in line with expectations and do not affect the company's B1
ratings or stable outlook.

"NAE continues to execute as expected. The company indicated that
it will continue to acquire more schools, but Moody's expect
acquisitions to be conducted in a way that continues the trend
toward a stronger financial profile with lower leverage," says Joe
Morrison, a Moody's Vice President and Senior Analyst.

NAE reported sales for fiscal 2014 of $475 million, up 47% from
the prior year. After applying Moody's standard adjustments, NAE's
EBITDA margin was about 36%, compared with 35% FY2013. The company
continues to achieve tuition fee increases at rates higher than
its cost inflation.

Adjusted debt to EBITDA and EBITDA less capex to interest expense
for the year were about 6.0x and 1.2x, respectively, in line with
Moody's expectations. Moody's continue to expect these ratios to
improve further in 2015 and support the current ratings.

Moody's expect improvement will be mainly driven by increases in
earnings, underpinned by organic enrollment growth, price
increases, contributions from NAE's new schools in Cambodia and
Singapore, and by benefits associated with the initial public
offering and debt refinancing concluded earlier this year.

NAE benefits from stable and predictable demand for its premium
educational services product. The company has a high level of
financial leverage, but this is balanced by favorable demand
dynamics, resilience through economic cycles, and predictable
revenue streams.

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

Nord Anglia Education, Inc. is headquartered in Hong Kong and
operates 31 international premium schools in Asia, Europe, the
Middle East, and North America, with more than 20,000 students
ranging in level from pre-school through to secondary school. For
the fiscal year ended 31 August 2014, NAE generated revenues of
$475 million.


SUPERB SUMMIT: Shares Suspended After Muddy Waters Allege Fraud
---------------------------------------------------------------
SCMP.com reports that Hong Kong shares of Superb Summit
International Group were suspended on November 19, after US short-
seller Muddy Waters released a report alleging fraud at the loss-
making company.

Muddy Waters said the company reported revenue of
HK$773.3 million last year, but "its real revenue was likely close
to zero", SCMP.com relates.

Almost all of the revenue Superb Summit reported in 2013 and 2012
was likely attributed to its purported subsidiary, Tianjin Libao
Coal Trading Company, it said, the report relays.

"The problem is that Superb Summit has never owned any stake in
Tianjin Libao. Superb Summit falsely claims to have acquired 80
per cent of Tianjin Libao in 2012. It is hard to think of an
explanation other than fraud to explain why Superb Summit claims
to own a company that it does not own," Muddy Waters, as cited by
SCMP.com, said.

In May, Superb Summit purchased 40.8 per cent of Beijing Jinfeite
Energy Technology for HK$600 million, valuing the mainland firm at
HK$1.55 billion, SCMP.com discloses.  Jinfeite's main business is
coal liquefaction.

Muddy Waters questioned the acquisition, the report notes.

"Jinfeite is barely a business, its technology has little value,
and purchase of the Jinfeite stake highly likely was not an arms
length transaction. Jinfeite is a tiny, obscure chemical
engineering consulting business with few long-term assets, no in-
house R&D team, and only a single engineer (its founder)," it
said, SCMP.com relays.

Previously, timber was Superb Summit's core business, but it is no
longer a focus according to its 2014 interim report. It posted a
net loss of HK$116.55 million in the first half, on revenue of
HK$315.78 million, SCMP.com notes. The firm posted consecutive
losses from 2011 to last year, SCMP.com discloses.

According to SCMP.com, Superb Summit's turnover was HK$16.8
million in 2009, HK$53.68 million in 2010 and HK$36.91 million in
2011. The turnover rose sharply to HK$773.3 million last year from
HK$119.47 million in 2012.

On November 3, a mainland state-owned investment firm, Central
Huijin Investment, sold its entire 5.17 per cent stake in Superb
Summit, SCMP.com relates citing the Hong Kong Stock Exchange
website.

Superb Summit executive director Wu Tao resigned on September 15
while remaining a lawyer with the firm. On July 16, its chairman,
Lee Chi Kong, and its independent non-executive director, Cheung
Wai Tak, resigned, SCMP.com adds.

Headquartered in Wan Chai, Hong Kong, Superb Summit International
Group Limited sells coal and related products. It is also engaged
in the research and development, processing, manufacturing,
distribution, marketing, and sale of a range of timber resources
and products; and the sale of building materials.



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


AMUL COTTON: CARE Reaffirms B+ Rating on INR6.5cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirmed rating assigned to bank facilities of Amul Cotton
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.50       CARE B+ Re-affirmed

Rating Rationale

The rating assigned to the bank facilities of Amul Cotton
Industries (ACI) continue to remain constrained on account of
the weak financial risk profile marked by low profit margin owing
to the limited value addition nature of business and weak debt
coverage indicators. The rating also continues to be constrained
by its presence in the highly fragmented cotton industry with low
entry barriers and seasonality associated with the procurement of
raw material resulting into working-capital intensive nature of
operations.

The rating, however, continues to draw strength from the wide
experience of the partners in the cotton ginning business,
moderately leveraged capital structure and location advantage in
terms of proximity to the cotton-growing regions in Gujarat. The
rating also factors in the increase in total operating income
(TOI), improvement in profit margins, capital structure and debt
coverage indicators during FY14 (refers to the period April 1 to
March 31).

The ability of ACI to increase its scale of operations in addition
to improving its profit margins, capital structure and better
working capital management in light of the competitive nature of
the industry remain the key rating sensitivities.

Amreli-(Gujarat) based ACI is a partnership firm established in
2006. The firm is established by Mr Saukatali Gangani and
Mr Najimali Gangani along with other family members with an
unequal profit and loss sharing agreement among them.

ACI is primarily engaged in cotton ginning & pressing activities
with an installed capacity of 200 cotton bales per day as on
March 31, 2014, and operates from its sole manufacturing facility
located at Babra Amreli (Gujarat). ACI deals in Shankar-6 cotton,
which is being sourced through local farmers from Gujarat.

During FY14, ACI reported a TOI of INR55.77 crore and PAT of
INR0.07 crore as against TOI of INR46.38 crore and PAT of
INR0.05 crore during FY13.

Furthermore, during H1FY15, ACI has achieved turnover of INR19.67
crore.


ARROW CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR20MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Arrow Constructions Ltd
(ACL) continue to reflect its modest scale of operations in the
intensely competitive construction industry, its large working
capital requirements, high degree of geographic and customer
concentration in its order-book, and its modest net-worth limiting
its financial flexibility to meet any exigency.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          55        CRISIL A4(Reaffirmed)
   Cash Credit             20        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        10        CRISIL A4 (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of ACL's promoters in the construction industry, and its healthy
order book providing medium-term visibility.

Outlook: Stable

CRISIL believes that ACL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
healthy order-book. The outlook may be revised to 'Positive' if
the company registers a sustained increase in its revenues and
profitability margins, or if there is sustained improvement in its
working capital cycle. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the company's
profitability margins, or significant weakening in its capital
structure most likely on account of a large debt-funded capital
expenditure or a stretch in its working capital cycle.

Incorporated in 1995 by Mr. S Vijaya Kumar, ACL undertakes
construction of government buildings, hospitals, and lining works
for canals. The company is a special class contractor with Greater
Hyderabad Municipal Corporation, Public Works Department (Andhra
Pradesh), and a category I contractor with the state utilities in
Karnataka.


ASIAN PEROXIDES: ICRA Revises Rating on INR21.5cr FB Loan to B
--------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR7.0
crore* term loan facilities and the INR14.5 crore long-term, fund
based limits of Asian Peroxides Limited from [ICRA]B+ to [ICRA]B.
ICRA has also reaffirmed the [ICRA]A4 rating to the INR3.0 crore
short-term, non fund-based limits of APL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund-      21.5         Revised from [ICRA]B+
   based facilities                   to [ICRA]B

   Short-term, non-       3.0         [ICRA]A4 reaffirmed
   fund based
   facilities

The rating revision factors in the sustained weak financial
profile of the company on the back of continued losses due to
subdued demand and pricing pressure from imports, which is
expected to persist in the near term. The ratings further consider
the relatively small capacity by global standards and dependence
on high cost feedstock leading to a weak cost structure; the
working capital intensive nature of operations and the
vulnerability of profitability to fluctuations in import duty
levels The ratings, however, favorably factor the Company's long
track record of operations, the strong market position of the
company being amongst the top three players in the domestic
hydrogen peroxide market; continued financial support from
promoters and, the long-term favorable demand outlook for hydrogen
peroxide with growth anticipated in the end-user industries such
as textiles and paper. ICRA also take into consideration the
recent process changes and technology upgradation undertaken by
the company to improve its cost structure, however the translation
of these efforts into improvement in profit margins remains to be
seen and will be monitored.

The company had an operating income of INR32.9 crore and made a
net loss of INR17.5 crore in FY 2013-14.

Asian Peroxides Limited was founded in 1986, by the NRI Promoter
and Managing Director Mr. Shiv K. Dewan, as a 100% Export Oriented
Unit (EOU) in technical and financial collaboration with Peroxygen
Technologies Limited, Britain. The company is engaged in the
manufacture of Hydrogen peroxide and its plant is located at
Sullurpet, Nellore District, Andhra Pradesh, about 80 Km north of
Chennai on NH-5. The manufacturing facilities include two hydrogen
peroxide units, with a total capacity of 18,000 metric tons per
annum (MTPA) on 100% w/w capacity and a polymer division for the
production of Carbuoy jerry cans, used to pack the product for
sale. The company pre-dominantly operates in the southern states
of India catering to the paper-mills and textile manufacturing
facilities apart from the manufacture of some value-added
products.


BDS PROJECTS: ICRA Revises Rating on INR1.25cr FB Loan to B
-----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR1.25
crore (enhanced from INR0.50 crore) long-term fund based facility
of BDS Projects India Private Limited (BDS or the company) from
[ICRA]B+ to [ICRA]B.  ICRA has reaffirmed the short term rating
assigned to the INR7.25 crore short-term non fund based facility
of the company at [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, fund-      1.25        [ICRA]B revised from
   based facilities                  [ICRA]B+

   Short-term, non       7.25        [ICRA]A4 reaffirmed
   fund based
   facilities

The revision in long term rating takes into account the
continuance of the weak financial performance of the company as
characterised by the recurring losses incurred in FY2013 and
FY2014 -- owing to delays in completion of a construction project
and the consequent cost overruns which were borne entirely by the
company, highly leveraged capital structure and stretched cash
flow position. The risk of cost overruns during project
implementation is however, expected to be mitigated to some extent
by the inclusion of price escalation clauses in most of the
contracts henceforth. Meanwhile, the ratings are also impacted by
the weak order book position of the company in FY2015. The rating
however favourably factors in the long-standing experience of the
promoters in the repairs and rehabilitation industry and the
strong network of the promoters, developed as a result of the long
established presence of the parent company -- N S Guzder & Company
Private Limited -- has enabled BDS to service a reputed client
base.

BDS Projects India Private Limited is a subsidiary of N S Guzder &
Co Private Limited (parent company) engaged in the speciality
engineering and contract solution business. Prior to spin off of
business activity in the BDS, the parent company had an in-house
division, Business Diagnostics and Solutions, which undertook
projects in the field of speciality engineering and contract
solutions. This division came into existence as a result of the
experience acquired by the parent company while carrying out the
project transportation business.

BDS Projects India Pvt. Ltd. incorporated in FY2007 is involved in
providing single point packaged solution in speciality engineering
and contracting in the field of repairs, rehabilitation,
retrofitting of RCC structures, polyurea coatings, corrosion
mitigation, waterproofing, flooring and protective coating. The
company also diversified in to construction segment in FY2011.

Nukote Coating India Pvt Limited, a subsidiary of N S Guzder, also
has a tie up with Nukote International, USA, to exclusively
distribute the company's polyurea coatings in the Indian sub
continent. The product is used to increase the longevity of
materials and forms a raw material for BDS. Hence this improves
the overall project execution by BDS with the availability of
technically advanced products.

Recent Results
For the twelve months ending March 31, 2014, BDS reported a Net
Loss of INR6.27 crore on operating income of INR43.09 crore as
compared to a Net Loss of INR3.78 crore on an operating income of
INR50.14 crore for the twelve months ending March 31, 2013.


BHAGWATI RICE: ICRA Reaffirms B Rating on INR34.68cr FB Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' for INR34.68
crore* fund based facilities of Bhagwati Rice Mills.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based limits     34.68        [ICRA]B (reaffirmed)

The rating reaffirmation factors in BRM's weak financial profile,
reflected by low profitability metrics, high gearing and
consequently weak debt coverage indicators. Further, debt funded
capex to enhance the milling capacity from 4 tons per hour to 10
tons per hour is expected to lead to high debt servicing burden
going forward; although it would augur well for revenues going
forward. The rating also takes into account high intensity of
competition in the industry and agro climatic risks, which can
affect the availability of paddy in adverse weather conditions.
The rating however, favorably takes into account long standing
experience of promoters and proximity of the mill to major rice
growing area which results in easy availability of paddy.

Bhagwati Rice Mills (BRM) is a partnership firm established in
1994. The firm is primarily engaged in milling of basmati rice.
BRM's milling unit is based out of Nissing, Karnal, in close
proximity to the local grain market. BRM sells rice under its 2
main brands -- BRM and BRM King in the domestic market. The firm
is also involved in export of rice.

In financial year 2014, the firm enhanced its milling capacity
from 4 tph to 10 tph and sortex capacity from 4 tph to 10tph. The
total cost of this project is estimated to be around INR2.50
crores, which is funded by long term debt, equity infusion and
unsecured loans.

Recent Results
During the financial year 2013-14, the firm reported a profit
after tax (PAT) of INR0.22 crore on an operating income of
INR155.34 crore as against PAT of INR0.10 crore on an operating
income of INR82.29 crore in 2012-13.


ETA STAR: CRISIL Cuts Rating on INR350MM Cash Credit to 'B+'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
ETA Star Techcity Pvt Ltd (ETA) to 'CRISIL B+/Stable' from 'CRISIL
BB-/Negative'.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          350       CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Negative')

   Proposed Long Term    350      CRISIL B+/Stable (Downgraded
   Bank Loan Facility             from 'CRISIL BB-/Negative')

The rating downgrade reflects CRISIL's belief that ETA's business
risk profile will remain constrained over the medium term by
slowdown in demand in the real estate market. The company reported
cash losses over the past few years and its cash accruals are
expected to remain weak over the medium term. CRISIL, however,
believes that ETA will continue to receive need-based funding
support from its promoters.

The rating reflects ETA's exposure to risks associated with its
ongoing integrated township project, the geographical
concentration in the company's operations, and its exposure to
intense competition in the real estate market. These rating
weaknesses are partially offset by the experience of ETA's
promoters in real estate development.

Outlook: Stable

CRISIL believes that ETA's ability to meet its debt obligations
will be severely constrained by slowdown in booking of flats at
its ongoing project. The outlook may be revised to 'Positive' if
the company's liquidity improves on account of improved sales.
Conversely, the outlook may be revised to 'Negative' if the
company does not receive timely financial support from its
promoters, weakening its debt servicing ability and constraining
its liquidity.

ETA, incorporated in 2007 and based in Chennai, is a special-
purpose vehicle of ETA Star Property Developers Pvt Ltd (ESPD).
ETA has been set up to construct an integrated township project,
Globevill, at Sriperumbudur (Tamil Nadu).

ESPD is a part of the ETA group, a UAE-based industrial
conglomerate, which includes the ETA-ASCON group of companies and
the ETA-Star group of companies. ESPD is a wholly owned subsidiary
of ETA Star Holdings Ltd, UAE.


GNI INFRASTRUCTURE: ICRA Suspends D Rating on INR18.30cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the sanctioned
fund based limit of INR18.30 crore, sanctioned non-fund based
limit of INR3.50 crore and proposed term loan limit of INR3.20
crore of GNI Infrastructure Private Limited (GNI). The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


HISAR MOTORS: ICRA Suspends B Rating on INR7.5cr Bank Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR7.5 crore,
bank lines of Hisar Motors Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company


INDO INDUSTRIES: ICRA Suspends B-/A4 Rating on INR20cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B- and [ICRA]A4 rating assigned to
the INR20.00 Crore fund based and non-fund based bank facilities
of Indo Industries Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


JUGNU FOODS: CARE Assigns B+ Rating to INR11.80cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Jugnu
Foods Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    11.80       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Jugnu Foods Pvt Ltd
(JFPL) is primarily constrained on account of the limited
experience of the promoters in the biscuits manufacturing business
coupled with project implementation and stabilization risk. The
rating is further constrained due to low bargaining power of JFPL
against "Parle Products Pvt Ltd".

The above constraints outweigh the benefits derived from the
assured sales tie up with "Parle Products Pvt Ltd" and
favorable biscuit industry scenario in India.

Going forward, JFPL's ability to complete project within the
envisaged timeline and estimated cost coupled with achieving
envisaged level of sales and profitability are the key rating
sensitivities.

Incorporated in January 2013, Nagpur-based (Maharashtra) Jugnu
Foods Pvt Ltd (JFPL) is a private limited company promoted by Mr
Ajay Saxena and Mr Jay Saxena. JFPL has entered into an agreement
with Parle Products Pvt Ltd to manufacture cracker variety
biscuits such as 'Monaco' and 'Krackjack' under Parle brand on job
work basis. For this purpose, JFPL is investing INR16.60 crore in
setting up of new unit which would be funded through term loan of
INR11.50 crore and the balance by way of share capital and
unsecured loans from the promoters. JFPL has envisaged commencing
commercial production from December 2014 from its sole
manufacturing facilities located at Chhindwara (Madhya Pradesh),
which has proposed installed capacity of 10,800 metric tonnes per
annum (MTPA) as on July 31, 2014.


KAMALESH CONSTRUCTION: CRISIL Rates INR32MM Cash Credit at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
bank loan facilties of Kamalesh Construction Pvt Ltd (KCPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           40         CRISIL A4
   Cash Credit              32         CRISIL B/Stable

The rating reflects company's modest scale of operations along
with customer concentration in its revenue profile. The rating
also factors in KCPL's large working capital requirements. These
rating weaknesses are partially offset by the extensive experience
of the promoters in the civil construction industry.

Outlook: Stable

CRISIL believes that KCPL will continue to benefit over the medium
term from its promoters' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' if
the company significantly increases its scale of operations or
there is better working capital management, thereby improving its
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of lengthening of the working capital cycle, debt-funded
capital expenditure plans, lower than expected accruals or any
further significant support to group company leading to weakening
of KCPL's financial risk profile, particularly liquidity.

Set up in 1997, as a partnership firm Kamalesh Construction, the
firm was reconstituted as a private limited company in 2008. The
company is based in Angul (Odisha) and is engaged in civil
construction, mainly related to construction work for large
manufacturing units. The company is promoted by Mr. Satyadev
Swain, Mr. Satyabrata Swain, and Mr. Gagan Behari Behera.


KUNAL COTTON: CRISIL Reaffirms B Rating on INR60MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Kunal Cotton
Industries (KCI) continues to reflect KCI's below-average
financial risk profile marked by its small net worth, high
gearing, and below-average debt protection metrics.

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

   Proposed Long Term
   Bank Loan Facility       11       CRISIL B/Stable (Reaffirmed)

   Term Loan                 9       CRISIL B/Stable (Reaffirmed)

The rating of the firm is also constrained on account of its
modest scale of operations, the susceptibility of its
profitability margins to volatility in cotton prices, and its
exposure to regulatory changes and intense competition in the
cotton ginning industry. These rating weaknesses are partially
offset by the extensive experience of KCI's promoters in the
cotton ginning business, and the firm's efficient working capital
management.

Outlook: Stable

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

Established in 2011, KCI is engaged in ginning and pressing of raw
cotton. The firm's ginning unit is located in Bhainsa district in
Andhra Pradesh. The firm currently has 3 partners ' Mr.M.Jagdish,
Mrs.M.Kunda Jagdish, and Mr.M.Kunal Jagdish.


RCS STEEL: ICRA Suspends 'B' Rating on INR7.5cr Bank Lines
----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR7.5 crore,
bank lines of RCS Steel & Auto Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company


SAFA CONSTRUCTIONS: CRISIL Puts B+ Rating on INR37.5MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of SAFA Constructions Pvt Ltd (SCPL).

                            Amount
   Facilities             (INR Mln)      Ratings
   ----------             ---------      -------
   Standby Line of Credit     2.5        CRISIL B+/Stable
   Proposed Long Term Bank
   Loan Facility             20.0        CRISIL B+/Stable
   Cash Credit               37.5        CRISIL B+/Stable
   Long Term Loan            20.0        CRISIL B+/Stable

The rating reflect SCPL's small scale of operations in the
fragmented civil construction industry, and large working capital
requirements. The ratings also factor in the company's average
financial risk profile, with modest net worth. These rating
weaknesses are partially offset by the extensive experience of
SCPL's promoters, and the firm's moderate order book.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoters' extensive experience in the civil
construction industry and its moderate order book. The outlook may
be revised to 'Positive' if the firm reports substantial and
sustainable growth in its scale of operations while maintaining
profitability and working capital cycle. Conversely, the outlook
may be revised to 'Negative' in case of weakening in the firm's
financial risk profile, because of lower-than-expected cash
accruals, stretch in working capital cycle or any significant
debt-funded capex.

SCPL, set up in 2012, and based in Ernakulam (Kerala) undertakes
civil construction contracts. The daily operations of the firm are
managed by Mr. P M Aliyar.

SCPL reported a profit after tax (PAT) of INR7.4 million on total
revenue of INR149.2 million for 2013-14 (refers to financial year,
April 1 to March 31), against a net profit of INR3.8 million on
net sales of INR67.5 million for 2012-13.


SAMARTH SAI: ICRA Suspends B/A4 Rating on INR7cr Bank Limit
-----------------------------------------------------------
ICRA has suspended [ICRA]B and [ICRA]A4 ratings assigned to the
INR7.00 crore of bank limits of Samarth Sai Logistics Private
Limited.  The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Samarth Sai Logistics Private Limited (SSLPL) was established in
2011 as a private limited company Mr. Maheshbhai Babubhai Patel
and Mrs. Sushilaben Maheshbhai Patel. The company is engaged in
the business of trading and supply of non coking coal. The company
has its registered office in Mumbai, Maharashtra. The company
undertakes trading and supply of non coking coal from Magdalla
Port, Essar Steel India Limited, Hazira Port etc, and supplies the
same to various customers between Bharuch, Vapi (in Gujarat),
Tarapur (Mumbai) and other industrial area across Surat. As
discussed with the management 100% of the total traded goods are
secured from domestic market.


SARDAR JEWELLERS: CRISIL Ups Rating on INR90MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Sardar Jewellers (SJ) to 'CRISIL B-/Stable' from 'CRISIL C'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              90        CRISIL B-/Stable (Upgraded
                                      from 'CRISIL C')

The rating upgrade reflects improvement in SJ's financial risk
profile and liquidity on account of capital infusion of around
INR3.2 million and interest-free unsecured loans of around INR35.3
million extended by the promoters as on March 31, 2014; against
these, capital of INR10 million was withdrawn in 2012-13 (refers
to financial year, April 1 to March 31). Given the infusion of
capital and interest-free unsecured loans, the firm's gearing
reduced to around 6.25 times as on March 31, 2014 from around
20.36 times as on March 31, 2013.


The rating upgrade also factors in CRISIL's belief that SJ's
credit risk profile will improve over the medium term, driven by
its sustained moderate operating profitability leading to moderate
cash accruals vis-a-vis term debt obligations.

The rating reflects SJ's weak financial risk profile, marked by
high gearing and small net worth, and the geographical
concentration in its revenue profile. These rating weaknesses are
partially offset by the promoters' extensive experience in the
jewellery industry.

CRISIL has treated the unsecured loans of INR35.3 million extended
to SJ by its promoters as on March 31, 2014 as neither debt nor
equity since these are non-interest-bearing loans and will remain
in the business.

Outlook: Stable

CRISIL believes that SJ will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial and
sustained improvement in the company's revenue, while it maintains
its profitability margins. The outlook may also be revised to
'Positive' if its working capital management improves, or its net
worth substantially increases on the back of capital infusion by
the promoters. Conversely, the outlook may be revised to
'Negative' if SJ's scale of operations or profitability declines,
or if its capital structure weakens, most likely owing to large
working capital requirements or debt-funded capital expenditure.

SJ was set up in 2010-11 as a partnership firm by Mr. Surinder
Singh and his family members. The firm sells gold and diamond-
studded jewellery through its showroom in Ludhiana (Punjab).


SHAGOON PACKAGING: CRISIL Reaffirms B Rating on INR20MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shagoon Packaging Pvt
Ltd (SPPL) continue to reflect its modest scale of operations,
weak financial risk profile, marked by high gearing and inadequate
debt protection metrics, and large working capital requirements.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Letter of Credit        20        CRISIL A4 (Reaffirmed)
   Packing Credit          20        CRISIL A4 (Reaffirmed)
   Term Loan               20        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of SPPL's promoters in the polymer products industry
and its established relationships with its customers and
suppliers.

Outlook: Stable

CRISIL believes that SPPL will maintain its stable business risk
profile over the medium term, backed by its promoters' extensive
experience in the polymer products industry. The outlook may be
revised to 'Positive' if the company reports significant growth in
its revenue and profitability while improving its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of significant decline in revenue and margins or further
lengthening of its working capital cycle leads to pressure on its
financial risk profile, particularly its liquidity.

Update
By leveraging on its established relationship with existing
customers, mainly in the US market, SPPL's sales increased by 11
per cent year-on-year to INR135 million in 2013-14 (refers to
financial year, April 1 to March 31). The company booked sales of
INR90 million from April 1, 2014, to September 30, 2014, and is
expected to register turnover of about INR200 million by the end
of March 2015. The company reported operating profit margin of 9
per cent in 2013-14 and the same remains vulnerable to plastic
granule prices, which move in tandem with crude oil prices.

SPPL's financial risk profile is marked by modest net worth of
INR52 million, resulting in high gearing and weak debt protection
metrics. The company's debt protection metrics are inadequate; the
company reported net cash accruals to total debt and interest
coverage ratios at 0.02 times and 1.9 times, respectively, for
2013-14. However, SPPL's debt protection metrics are likely to
improve, driven by increased accretions due to growth of its
business over the medium term. The company's liquidity continues
to be stretched due to low cash accruals from business and bank
limits are fully utilised to fund its working capital requirements
thus providing limited financial flexibility. The company's cash
accruals are expected to be INR6 million to INR7 million in 2014-
15 against fixed repayments of INR4 million on its term loan
facility during the year. The promoters are expected to infuse
long-term funds in the company to meet debt obligations in a
timely manner. Such financial support in the past is reflected by
unsecured loans from the promoters of about INR40 million as on
March 31, 2014. Timely funding support from the promoters and
regular realisation of receivables will affect liquidity and,
hence, will continue to remain key rating sensitivity factors.

SPPL is a private limited company that manufactures plastic
flexible intermediate bulk container shopping bags ranging from 30
to 40 microns. The current promoter and director Mr. Dilip Murarka
took over the company in 2009 and has been looking after the day-
to-day operations. SPPL is a 100 per cent export-oriented unit
located at Navi Mumbai.

SPPL reported net loss of INR1.9 million on net sales of INR135
million for 2013-14 vis-a-vis net profit of INR5.9 million on net
sales of INR122 million for 2012-13.


SHAH HOUSECON: CRISIL Lowers Rating on INR500MM Term Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Shah Housecon Pvt Ltd (SHPL) to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            500        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in SHPL's liquidity as
reflected in lower-than-expected bookings in its ongoing project
and slow receipt of customer advances from existing bookings,
resulting in low accruals against debt obligations. Furthermore,
the project cost has increased and is likely to be funded by
incremental external borrowings and partially by customer
advances.

The rating reflects SHPL's exposure to risks associated with
development of the company's operating performance to timely
execution of the project and flow of customer advances from
current and future bookings. Also, the rating reflects the
company's exposure to risks related to its ongoing basket of Slum
Rehabilitation Authority (SRA) projects. These rating weaknesses
are partially offset by the promoters' extensive experience in the
real estate business and the benefits SHPL derives from its
project-specific association with established players.

Outlook: Stable

CRISIL believes that SHPL will maintain a stable business risk
profile on the back of the promoters' extensive experience in the
real estate sector. The outlook may be revised to 'Positive' if
the customer response to its projects significantly improves,
leading to higher cash flow and improvement in the financial risk
profile. The outlook may be revised to 'Negative' if cash flows
from operations are significantly below expectations, either due
to subdued response to the project or reduced flow of advances,
considerably affecting SHPL's debt servicing ability or the
company provides higher than expected support to group entities.

SHPL was set up in March 2001 by the Shah family of Mumbai. Mr.
Ramji Shah and his brother, Mr. Mansukh Shah, oversee the day-to-
day operations. The company is engaged in residential and
commercial real estate development in Mumbai. It currently has
three ongoing projects in Malad, Mumbai. SHPL has entered into
sub-development agreement with Kanakia Residential Pvt Ltd for its
Khotdongri SRA project at Mumbai.


SHIV SHAKTI: CRISIL Assigns B Rating to INR100MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shiv Shakti Industries - Ahmedabad (SSI).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit             100          CRISIL B/Stable
   Term Loan                37.5        CRISIL B/Stable

The rating reflects SSI's limited track record and its exposure to
intense competition in the industry, working capital intensive
operations and weak financial risk profile. These rating
weaknesses are partially offset by the experience of promoters in
the industry and the strategic location of its plant ensuring
availability of raw material and labour.

Outlook: Stable

CRISIL believes that Shiv Shakti Industries (SSI) will continue to
benefit over the medium term from its promoters' experience in the
industry. The outlook may be revised to 'Positive' if the firm
scales up its operations and achieves higher-than-expected
accruals, leading to improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SSI's
financial risk profile deteriorates, most likely because of
increased working capital borrowings or if the company is unable
to scale up its operations coupled with lower than expected
operating profitability.

Established in September 2013, SSI is a partnership firm engaged
in the manufacturing of cotton ginning and cotton oil & cakes from
cotton seeds. The firm has an installed capacity of approximately
33,000 MTPA to process raw cotton along with crushing capacity of
approximately 20,000 MTPA. The firm is managed by Mr. Soham
Purohit.


SHIV SHAKTI INDUSTRIES: ICRA Suspends B+ Rating on INR8.51cr Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR8.5123
crore term loan and INR5.4750 crore cash credit facility of
Shiv Shakti Industries Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


SRI LAXMI: ICRA Reaffirms B Rating on INR6.39cr Fund Based Limits
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
Rs.6.39 crore fund based limits and INR0.30 crore unallocated
limits of Sri Laxmi Srinivasa Roller Flour Mill.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Limits     6.39         [ICRA]B reaffirmed
   Unallocated Limits    0.30         [ICRA]B reaffirmed

The reaffirmation of rating factors in the intensely competitive
nature of flour milling industry with presence of several small-
scale players which increases pressure on the operating margins;
weak financial profile of the firm characterized by low
profitability, high gearing levels and modest coverage indicators;
and risks inherent to a partnership nature of the firm. This
apart, the rating is also constrained by the susceptibility of
profitability & revenues to agro-climatic risks which impact the
availability of raw material in adverse weather conditions. The
rating, however, take comfort from the long track record of the
promoters in the flour milling industry and favorable demand for
wheat as its products are among the most important staple diets in
India.

Going forward, the ability of the firm to improve its
profitability and efficiently managing its working capital
requirements remains the key rating sensitivity.

Founded in the year 2008 as a partnership firm, Sri Lakshmi
Srinivasa Roller Floor Mill (SLSRFM) is engaged in the milling of
wheat and produces Atta, Maida, Rava and Bran. The firm has
milling unit at Kondamadugu village of Nalgonda district of
Telangana state with an installed production capacity of 52,560
metric tons per annum.


STANDARD CORP: CRISIL Ups Rating on INR150MM Cash Credit to B-
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Standard
Corporation India Ltd (SCIL) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

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

   Export Packing Credit     25        CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

   Funded Interest Term      25        CRISIL B-/Stable (Upgraded
   Loan                                from 'CRISIL D')

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

   Working Capital Term     100        CRISIL B-/Stable (Upgraded
   Loan                                from 'CRISIL D')

The rating upgrade reflects CRISIL's belief that SCIL's financial
risk profile, particularly its liquidity, will improve over the
medium term, marked by increased cash accruals against nil debt
obligations. The company is likely to generate cash accruals of
INR17 million to INR25 million supported by expected improvement
in its operating profitability on account of reduction of fixed
overheads. The improvement in liquidity will also be supported by
deferment of repayment of term loans post restructuring.

The ratings reflect SCIL's large working capital requirements,
limited pricing flexibility, and its susceptibility to downturn in
the agriculture-based machinery industry. These rating weaknesses
are partially offset by the extensive industry experience of
SCIL's promoters.

Outlook: Stable

CRISIL believes that SCIL will continue to benefit over the medium
term from its established position in the agriculture-based
machinery industry on the back of its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
SCIL achieves significant improvement in its scale of operations
or profitability, leading to substantial cash accruals, or if the
company improves its working capital management. Conversely, the
outlook may be revised to 'Negative' if SCIL reports a steep
decline in its profitability margins, or significant deterioration
in its capital structure because of large working capital
requirements.

SCIL was originally set up as a partnership firm named Standard
Combine in 1979 by Mr. Nachattar Singh and his brother Mr.
Joginder Singh. The firm was reconstituted as a private limited
company in 1999 and as a public limited company with the current
name in 2008.

SCIL manufactures harvester combines, tractors, and cranes under
the Standard brand and has capacity to manufacture 2000 harvester
combines, 7500 tractors, and 300 cranes per annum. Its
manufacturing unit is in Barnala (Punjab).

SCIL reported loss of INR11.9 million on operating income of
INR1048.1 million for 2013-14 (refers to financial year, April 1
to March 31), against loss of INR21.7 million on operating income
of INR988.4 million for 2012-13.


T. JAYACHANDRAN: CRISIL Assigns B Rating to INR50.8MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of T. Jayachandran (TJ).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             50.8        CRISIL B/Stable
   Long Term Loan          19.2        CRISIL B/Stable

The rating reflects TJ's exposure to implementation risks
associated with the ongoing hotel project. This rating weakness is
partially offset by the entrepreneurial experience of TJ's
promoter.

Outlook: Stable

CRISIL believes that TJ will continue to benefit over the medium
term from the extensive entrepreneurial experience of the
promoter. The outlook may be revised to 'Positive' if the firm
stabilizes operations at its resort earlier than expected,
resulting in improvement in its cash accruals and financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of significant time or cost overrun, or delays in stabilizing
its operations, leading to weakening of its financial risk
profile.

TJ is constructing a resort in Ootacamund (Tamil Nadu). TJ also
has interests in agriculture and real estate.


TANYA AUTOMOBILES: ICRA Suspends B+/A4 Ratings on INR17cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B+ and [ICRA]A4 ratings assigned to the
INR17.0 crore, bank lines of Tanya Automobiles Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


TARA CHAND: ICRA Reaffirms B+ Rating on INR40cr Fund Based Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating for INR40.00 crore fund
based facilities of Tara Chand Rice Mills Pvt. Ltd.

                             Amount
   Facilities             (INR crore)      Ratings
   ----------             -----------      -------
   Fund based facilities      40.00        [ICRA]B+ reaffirmed

ICRA's rating action factors in high working capital intensity of
operations as reflected by high working capital borrowings and
high limit utilizations resulting in high gearing level and
consequently weak debt projection indicators. The rating further
remains constrained by highly competitive nature of the industry
and low profitability. The rating, however favorably takes into
account TCRMPL's increasing scale of operations, long standing
experience of promoters in rice industry and proximity of the mill
to major rice growing area which results in easy availability of
paddy.

Tara Chand Rice Mills Pvt. Ltd. took over Tara Chand Rice Mills on
Sept. 5, 2013, along with all its assets and liabilities as on
Sept. 4, 2013. The company is primarily engaged in milling of
basmati rice. TCRMPL's milling unit is based out of Nissing,
Karnal, Haryana and is in close proximity to the local grain
market. The company also exports rice to countries like Saudi
Arabia and Dubai.

The Company has incurred capex of INR~16 crore for enhancing its
milling capacity, sortex capacity, land and erection of buildings.
The milling capacity was enhanced from 8 tph to 20 tph and sortex
capacity from 6 tph to 20tph in the month of October 2013. This
has been funded by a mix of fresh debt, equity infusion by
promoters and unsecured loans.

Recent Results
During FY2014, the company reported a net profit after tax (PAT)
of INR0.59 crore on an operating income of INR193.37 crore as
against a PAT of INR0.51 crore on an operating income of INR146.87
crores in FY 2013.


TECPRO SYSTEMS: CRISIL Reaffirms D Rating on INR16.5BB Bank Loan
----------------------------------------------------------------
CRISIL's ratings of 'CRISIL D/CRISIL D' on the bank facilities and
commercial paper programme of Tecpro Systems Ltd (TSL; part of the
Tecpro group) continue to reflect ongoing instances of delay by
TSL in meeting its debt obligations.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee         16,500       CRISIL D (Reaffirmed)
   Cash Credit             9,500       CRISIL D (Reaffirmed)
   Letter of credit &
   Bank Guarantee         16,500       CRISIL D (Reaffirmed)

The delays in repayment are on account of the TSL's stretched
liquidity. CRISIL believes that the group's liquidity will remain
under pressure over the medium term because of its significant
losses and stretched receivables.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of TSL and its subsidiaries. This is
because these entities, together referred to as the Tecpro group,
have operational and financial linkages.

TSL, promoted by Mr. Ajay Kumar Bishnoi and Mr. Amul Gabrani,
provides material handling (MH) solutions on a turnkey basis for
power, cement, coal storage, steel, and other metallurgical
plants. Its projects involve designing, engineering,
manufacturing, supplying, erection, and commissioning of MH
systems. The company has its own MHE manufacturing facilities in
Bawal (Haryana) and Bhiwadi (Rajasthan). It also has design,
engineering, and marketing offices in Chennai (Tamil Nadu),
Gurgaon (Haryana), Kolkata (West Bengal), Mumbai (Maharashtra),
Secunderabad (Andhra Pradesh), Ahmedabad (Gujarat), and Bengaluru
(Karnataka).

For 2013-14 (refers to financial year, April 1 to March 31),  TSL
reported, on a consolidated basis, a net loss of INR5.7 billion on
an operating income of INR9.0 billion, against profit after tax of
INR 268.7 million on an operating income of INR 26.2 billion for
2012-13.


VSSN JAMBALADINNI: CRISIL Assigns B- Rating to INR210MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facility of VSSN Jambaladinni (Jambaladinni Society).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             210         CRISIL B-/Stable

The rating reflects the Jambaladinni Society's weak asset quality,
and small scale of operations marked by geographical
concentration. These rating weaknesses are partially offset by the
support that Jambaladinni Society receives from State Bank of
Hyderabad on debt funding.

Outlook: Stable

CRISIL expects Jambaladinni Society's asset quality and
capitalisation to remain weak over the medium term. The outlook
may be revised to 'Positive' in case of significant improvement in
the society's delinquency level, capitalisation, and scale of
operations. Conversely, the outlook may be revised to 'Negative'
if Jambaladinni Society's asset quality deteriorates
significantly, thereby impacting its earnings and capitalisation.

Jambaladinni Society is a primary agricultural society
incorporated in 1976, sponsored by State Bank of Hyderabad since
its inception. Jambaladinni Society is registered with the
Registrar of Cooperative Societies, Karnataka. It operates in six
villages in Raichur district of Karnataka. The society extends
crop loans to its members. As on March 31, 2014, it had a loan
portfolio of INR125 million.

For 2013-14 (refers to financial year, April 1 to March 31),
Jambaladinni Society earned a net surplus of INR5.4 million on a
total income of INR17.9 million, compared with a net surplus of
INR2.8 million on a total income of INR15.6 million for the
previous year.


VSSN RAJALABANDA: CRISIL Assigns B- Rating to INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISILB-/Stable' rating to the bank
facilities of VSSN Rajalabanda (Rajalabanda Society).

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

The rating reflects the Rajalabanda Society's weak asset quality,
and small scale of operations characterised by geographical
concentration. These rating weaknesses are partially offset by
support from State Bank of Hyderabad on debt funding.

Outlook: Stable

CRISIL expects Rajalabanda Society's asset quality and
capitalization to remain weak over the medium term. The outlook
may be revised to 'Positive' if there is a significant improvement
in the society's delinquency levels, capitalization and scale of
operations. Conversely, the outlook may be revised to 'Negative'
if Rajalabanda Society's asset quality deteriorates significantly
thereby impacting its earnings and capitalization levels.

Rajalabanda Society is a primary agricultural society incorporated
in October 27, 1976, sponsored by State Bank of Hyderabad since
its inception. Society is registered with the Registrar of
Cooperative Societies, Karnataka. The society operates in 8
villages in Raichur district in Karnataka. The society extends
crop loans to its members. As on March 31, 2014 Rajalabanda
Society had a loan portfolio of INR41 million.

For 2013-14 (refers to financial year, April 1 to March 31),
Rajalabanda Society earned a net surplus of INR1.9 million on a
total income of INR4.9 million compared to a net surplus of INR0.2
million on a total income of INR2.7 million for the previous year.



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


LEOPARD TWO: Fitch Affirms JPY540MM Class D Notes Rating at BBsf
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of all rated notes from
Leopard Two Funding Limited (Leopard Two) and L-MAP One Funding
Limited (L-MAP One). These transactions are securitisations of
fully amortising mortgage loans backed by multi-family apartment
properties throughout Japan.  The rating actions are listed below.

Leopard Two Funding Limited

JPY2,803 million* Class A-1 notes affirmed at 'AAAsf'; Outlook
Stable
JPY2,803 million * Class A-2 notes affirmed at 'AAAsf'; Outlook
Stable
JPY520 million * Class B notes affirmed at 'AAsf'; Outlook Stable
JPY520 million * Class C notes affirmed at 'Asf'; Outlook Stable
JPY540 million * Class D notes affirmed at 'BBsf'; Outlook Stable
JPY41 million * Class E notes affirmed at 'BBsf'; Outlook Stable

L-MAP One Funding Limited
JPY8,190 million * Class A notes affirmed at 'AAAsf'; Outlook
Stable
JPY800 million * Class B notes affirmed at 'AAsf'; Outlook Stable
JPY580 million * Class C notes affirmed at 'Asf'; Outlook Stable
JPY373 million * Class D notes affirmed at 'BBBsf'; Outlook Stable

*as of November 19, 2014

The class J-NIM notes of L-MAP One were fully redeemed in April
2014.

Key Rating Drivers

The affirmations of the rated notes in both transactions reflect
Fitch's view that available credit enhancement (CE) levels are
sufficient to support the current ratings. CE levels have grown
due to principal repayment of the notes from scheduled
amortisation and prepayments of underlying loans. Fitch considers
that the improved CE levels are sufficient to offset the decline
in expected rent income, which has resulted in the agency
increasing its assumptions of net loss from the underlying loan
pool in stressed scenarios.

The number of defaulted loans has been limited since closing -
there has been one default from Leopard Two and two from L-MAP One
to date. The master-lease structure has contributed to stable loan
performance of these transactions. Fitch expects this trend to
continue, given future rental performance based on the master-
lease agreements.

The class D notes of L-MAP One will be repaid faster than other
rated notes due to the waterfall structure of the transaction.

Rating Sensitivities

An increase in the delinquency or default rate outside of Fitch's
expectations, may lead to higher loss assumptions, which may in
turn affect the ratings of these transactions.


TAKATA CORPORATION: Faces Suits, Fines Over Airbag Defects
----------------------------------------------------------
Douglas A. McIntyre at 24/7 Wall St. reports that Takata
Corporation faces huge fines, and almost certainly lawsuits (which
have already begun), over its defective airbags.

The report relates that some experts believe that the Japanese
company was not forthcoming about the technical failure that
caused several serious accidents and deaths. If Takata goes
bankrupt, which could certainly happen, claims against the company
would be in limbo, 24/7 Wall St. says.

According to the report, Takata's revenue in the first half of its
fiscal 2015 was just above $2.5 billion. It would barely make the
Fortune 500, says 24/7 Wall St.  Due to its modest size, hundreds
of millions of dollars in repairs and recalls and billions of
dollars in liabilities for drivers harmed by its airbags could
easily render it insolvent, according to
24/7 Wall St.

The report says claims and government fines against the airbag
manufacturer might only be paid out in cents on the dollar in a
bankruptcy, if they are paid out at all. A decision about the
assets of Takata would include debt holders and equity holders.
Japanese corporate bankruptcy laws are similar to those in the
United States, the report relates.

24/7 Wall St., citing U.S. government figures, discloses that
about 8 million vehicles have been recalled by their manufacturers
because of the Takata airbag problem.  Recently, the National
Highway Traffic Safety Administration told the industry that it
must recall all cars with Takata airbags, the report says.

According to the report, the individual lawsuits against Takata
have already started.  This has triggered a drop of nearly 50% in
its share value so far this year, the report notes. Experts
believe the problems with the airbags may extend back as fair as
2000, which means tens of millions of cars have been affected, the
report relays.

24/7 Wall St. notes that General Motors Co. used its Chapter 11
filing as a means to protect it from product defects in cars made
before it filed in mid-2009.  There is no reason to think Takata
will not use a similar strategy if it is forced into bankruptcy,
although this might only help it going forward and not against
claims for defects years ago, according to 24/7 Wall St.  On the
off chance Takata is liquidated, the ability to collect on claims
and for governments to collect fines becomes even more difficult,
if not impossible, 24/7 Wall St. relays.

According to the report, the Takata investigation, recalls and
suits will last months, if not years. At the end of the period,
there may be no company to collect from, 24/7 Wall St. reports.

Takata Corporation (TYO:7312) develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.



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


RICK LUCAS: Two More Companies Placed in Receivership
-----------------------------------------------------
Dave Burgess at The Dominion Post reports that two more entities
linked to Helipro owner Rick Lucas have been put into receivership
as fallout continues from the failed helicopter company, which
owes an estimated NZ$25 million to NZ$30 million.

Lucas Property Investments had ownership of a NZ$1 million-plus,
four-bedroom, four-bathroom penthouse apartment at Oaks Shores
complex in Queenstown.

The Lucas Family Trust owned a three-bedroom home on 16 hectares
in the Pelorus Sounds, as well as the former Moa Class inshore
patrol vessel Wakakura, once used by the navy.

Both entities were put into receivership earlier this month as
banks seek to sell the assets they held, The Dominion Post
relates.

The report relates that the Queenstown apartment is being
advertised online with a negotiable price by agency Sotheby's,
although other real estate firms may also have it listed.

According to the report, receiver John Fisk, from PwC, said The
Oaks operated the apartments as a resort complex.

"There is a management agreement which pays the owners a return
based on the revenue they get [for an apartment]."

The Dominion Post relates that Mr. Fisk said the home in Pelorous
Sounds was in isolated Waitata Bay.  He described the three-
bedroom home as a "character Marlborough Sounds-style homestead"
built in the 1990s.

It is understood that Lucas would access the property by
helicopter, according to the Dominion Post.

A Terranet property valuation and sales report showed Lucas bought
the property in 2001 for NZ$330,000. Its current rateable value is
NZ$485,000, according to the sales report.

The 27-metre-long Wakakura, decommissioned in 2007 after 22.5
years of service with the Royal New Zealand Navy, is moored at
Queens Wharf, where the closed Wellington branch of Helipro was
located.

Mr. Fisk said he had yet to get both properties and the vessel
valued and declined to put a price tag on the assets, The Dominion
Post adds.

PwC partners John Fisk and David Bridgeman were appointed as
receivers on October 7 to Rick Lucas Helicopters Ltd, which trade
as Helipro, and related entities.

Helipro was established in 1983, and grew from a single
pilot/helicopter operation in Palmerston North to a fleet of over
35 helicopters throughout the South Pacific and a fixed-wing
operation within New Zealand.

Helipro employs about 70 staff, with eight bases throughout
New Zealand and operations in Fiji and Australia. As well as
commercial and tourism helicopter flights, the company provides
maintenance services, and helicopter and fixed-wing flight
training.



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


PANTECH CO: Dec 17 Hearing on US Recognition of Korean Bankruptcy
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia is
set to hold a hearing on Dec. 17 to consider recognition of
Pantech Co., Ltd.'s bankruptcy case in Korea as "foreign main
proceeding."

The court hearing will be held at Room 1204, U.S. Courthouse, 75
Spring Street NW, in Atlanta, Georgia.

If the bankruptcy court issued an order in favor of Pantech, the
South Korean mobile-phone maker would receive the benefits of U.S.
bankruptcy law, including the automatic stay that halts lawsuits
in the U.S. and prevents creditors from seizing assets.

                         About Pantech

Founded in 1991, Pantech Co. is a Korean manufacturer and seller
of mobile devices.  Major shareholders include Qualcomm (11.96%),
Korea Development Bank (11.81%), and Samsung Electronics Co., Ltd
(10.03%).

Pantech filed for court receivership in Seoul, Korea in August
2014 after its latest flagship smartphone failed to take off.  The
Seoul Court set Nov. 7, 2014 as the date of the first meeting of
persons concerned.

The company filed for Chapter 15 bankruptcy protection at the U.S.
Bankruptcy Court in Atlanta (Bankr. N.D. Ga. Case No.: 14-70482)
on Oct. 16, 2014.

Joonwoo Lee, the Seoul-court appointed custodian, serving as
foreign representative in the U.S. case, is represented by
attorneys at Jacobs Legal, LLC, and H.C. Park & Associates.

The Debtor is estimated to have assets and debt ranging from
$100 million to $500 million.


PANTECH CO: Sales Bid Fails From Lack of Bidders
------------------------------------------------
Yonhap News Agency reports that the auction to sell Pantech Co.
failed again on November 21 from a lack of bidders, the sale
manager said, casting a cloud over the company's normalization.

According to the news agency, Samgjong KPMG said there were no
bidders to acquire the troubled firm, although a handful of tech
firms from home and abroad had previously handed in letters of
intent. The bidding was originally due to be completed last month,
but it was extended to open it up to more firms, the report says.

Yonhap relates that industry watchers said overseas companies were
apparently reluctant as the South Korean handset manufacturing
market is dominated by two global brands -- Samsung Electronics
Co. and LG Electronics Inc. Pantech claims about 10 percent of the
domestic market.  India-based Micromax and emerging Chinese
players such as Huawei, Lennovo, Xiamoi and ZTE were cited as
possible foreign bidders, the report notes.

In September, the Seoul Central District Court approved a plan by
Pantech creditors, led by the Korea Development Bank, to sell the
company, a month after it commenced a court receivership program,
Yonhap recalls.

Samjung KPMG said it will meet with the creditors and the court to
discuss the future of Pantech, with results expected in about two
weeks, Yonhap relates.

Yonhap notes that although Pantech graduated from a five-year debt
rescheduling program in December 2011, its financial footing
weakened again as it struggled with falling sales.

                          About Pantech

Founded in 1991, Pantech Co. is a Korean manufacturer and seller
of mobile devices.  Major shareholders include Qualcomm (11.96%),
Korea Development Bank (11.81%), and Samsung Electronics Co., Ltd
(10.03%).

Pantech filed for court receivership in Seoul, Korea in August
2014 after its latest flagship smartphone failed to take off.  The
Seoul Court set Nov. 7, 2014 as the date of the first meeting of
persons concerned.

The company filed for Chapter 15 bankruptcy protection at the U.S.
Bankruptcy Court in Atlanta (Bankr. N.D. Ga. Case No.: 14-70482)
on Oct. 16, 2014.

Joonwoo Lee, the Seoul-court appointed custodian, serving as
foreign representative in the U.S. case, is represented by
attorneys at Jacobs Legal, LLC, and H.C. Park & Associates.

The Debtor is estimated to have assets and debt ranging from
$100 million to $500 million.



                             *********

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 ***