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                      A S I A   P A C I F I C

           Friday, January 10, 2014, Vol. 17, No. 7


                            Headlines


A U S T R A L I A

BRINDABELLA AIRLINES: Passengers to Wait Weeks For Refunds
GUJARAT NRE: Wins AUD52.4-Million Financial Lifeline
QANTAS AIRWAYS: Loses Ground on Trans-Tasman Routes in 2013
TIMBERCORP LTD: Investors Warned Over Loan Settlement Offer


I N D I A

AARTI SUITINGS: ICRA Reaffirms 'B+' Rating on INR11cr Loans
ABHISHEK AGRO: ICRA Revises Ratings on INR5.65cr Loans to 'B-'
AGGARWAL RICE: ICRA Suspends 'B' Rating on INR9cr Loans
AMARSAI SHRINK: ICRA Suspends 'B' Ratings on INR8.51cr Loans
ANANT EDUCATIONAL: CRISIL Rates INR90MM Term Loan at 'B'

APPEAL KIDS: ICRA Reaffirms 'B+' Rating on INR8cr LT Loans
ATC FOODS: CRISIL Reaffirms 'B+' Rating on INR650MM Loan
DADA MOTORS: CRISIL Cuts Rating on INR270MM Loan to 'B+'
EROS MINEROCK: CARE Assigns 'B+' Rating to INR10.8cr LT Loans
FLECTO CERAMIC: ICRA Reaffirms 'B+' Ratings on INR6.22cr Loans

G.M. DALUI: CRISIL Upgrades Ratings on INR50MM Loan to 'B-'
K.M SUGAR: ICRA Suspends 'D' Rating on INR103.5cr Loans
K. R. V. SPINNING: CRISIL Assigns 'B+' Ratings to INR156.9MM Loan
KESHAV GINNING: ICRA Reaffirms 'B+' Rating on INR8.5cr Loan
LAXMI COTTON: CRISIL Rates INR60MM Loan at 'B-'

LEKH RAJ: CRISIL Reaffirms 'B' Rating on INR300MM Loan
LUCKNOW HEALTHCITY: CRISIL Rates INR90MM Term Loan at 'B'
MA SARADA: ICRA Withdraws 'D' Rating on IRN0.54cr Term Loan
MADHUCON PROJECTS: ICRA Suspends D Rating on INR2,148.48cr Loans
MALAXMI WIND: CRISIL Reaffirms 'B-' Rating on INR479.2MM Loan

MANTENA INFRATECH: CARE Assigns 'B+' Rating to INR12cr LT Loans
MODERN DAIRIES: CARE Reaffirms 'B' Rating on INR21.25cr Loans
NEW JAGAT: CRISIL Assigns 'B+' Ratings to INR189.7MM Loans
PAVAN MOTORS: CRISIL Reaffirms 'B' Rating on INR60MM Loan
PRANSHU FOODS: CRISIL Assigns 'B' Ratings to INR140MM Loans

R S SPUNTEX: ICRA Reaffirms 'B+' Rating on INR9cr LT Loans
RANA MOTORS: ICRA Revises Rating on INR45cr Loans to 'B'
RENU RESIDENCY: CARE Rates INR15cr Long-Term Loan at 'D'
SAIL BANSAL: CRISIL Reaffirms 'B-' Rating on INR60MM Loan
SANJAY STRIPS: CRISIL Reaffirms 'B+' Rating on INR150MM Loan

SANSAR BUILDCON: CARE Assigns 'B+' Rating to INR15cr LT Loans
SINGHAL INDUSTRIES: CRISIL Reaffirms B Ratings on INR284.5MM Loan
SREE SHANMUGA: ICRA Assigns 'B' Ratings to INR15cr Loans
SRI LAKSHMI: CRISIL Raises Ratings on INR100.2MM Loans to 'B+'
SWARAJ SYNTEX: ICRA Upgrades Ratings on INR7.93cr Loans to 'C-'

T R TREHAN: CARE Reaffirms 'B' Rating on INR5.12cr Loans
TIRUPUR TEXTILES: CRISIL Reaffirms 'D' Ratings on INR924.2M Loans
VARDHMAN VITRIFIED: ICRA Reaffirms 'D' Rating on INR15.45cr Loan
VENMITRA SYSTEMS: ICRA Rates INR3.5cr Loans at 'B+'


S I N G A P O R E

FIVE STARS: Travel Agency Closes Branches in Singapore


S O U T H  K O R E A

TONG YANG GROUP: Chairman Faces Unfair Trading Charges


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BRINDABELLA AIRLINES: Passengers to Wait Weeks For Refunds
----------------------------------------------------------
Reid Jermyn at the Daily Liberal reports that Brindabella
Airlines' receivers KordaMentha said passengers at Cobar left
stranded by the carrier could have to wait weeks for refunds on
tickets.

It comes amid reports tens-of-thousands of dollars is owed to
commuters at 12 city and regional airports across the state for
seats paid by credit card on flights scheduled after the Canberra-
based airline was officially grounded by the Civil Aviation Safety
Authority (CASA) on December 14, according to the report.

A spokesperson for KordaMentha confirmed on January 6,
frustrations over refunds were being amplified for passengers who
made cash purchases -- citing it was "extremely unlikely" many of
those commuters would see their money again, the report says.

"The only way any of those cash purchases are likely to be
refunded would be if the original point-of-sale offered extended
insurance against what has happened to the airline. A number of
those sites wouldn't have offered insurance against the company
going into receivership.

"It's unfortunate but that's the way it is," the spokesperson, as
cited by the Daily Liberal, said.

Brindabella, formed in 1994, operated up to 250 sectors a week,
with services from Canberra, Sydney and Brisbane to regional
destinations including Newcastle, Cobar, Coffs Harbour, Moree,
Mudgee, Narrabri, Newcastle, Orange and Tamworth.  It has 140
employees and operates five US-built Metroliners and seven
British-built Jetstreams. Recently Brindabella have experienced
significant maintenance and regulatory issues which have impacted
aircraft availability and services.

David Winterbottom and Sebastian Hams of KordaMentha were
appointed Receivers and Managers of the Canberra-based regional
airline Brindabella on Dec. 15, 2013.

The group consists of five companies including Brindabella
Airlines Pty Ltd, Aeropelican Air Services Pty Ltd, M/V Purchasing
Company Pty Ltd, Business Air Holdings Pty Ltd and Trand Holdings
Pty Ltd. This follows the Group's decision to ground all aircraft
not already grounded by the recent CASA directive and to cease all
passenger flights.


GUJARAT NRE: Wins AUD52.4-Million Financial Lifeline
----------------------------------------------------
Sarah-Jane Tasker at The Australian Gujarat NRE has finalised new
credit facilities and informed the market it has paid all wages
and salaries owed to its employees.

The company announced on January 8 that State Bank of India had
approved credit facilities worth AUD52.4 million to the company,
and that it had also negotiated revised terms for its other debt
facilities.

Gujarat NRE Coke Ltd. (BOM:512579) -- http://www.gujaratnre.com/-
- is an India-based company engaged manufacturing metallurgical
coke. The Company operates in two segments: coal & coke and steel.
The Company together with its subsidiaries owns and operates two
coal mines: NRE No.1 Colliery and NRE Wongawilli colliery
(Avondale and Elouera colliery) having about 652 million tons
insitu resources of metallurgical coal with coking properties. The
Company operates in India and the rest of the world. As of March
31, 2012, the Company had two Indian subsidiaries and nine
Australian subsidiaries.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 7, 2013, Illawara Mercury said RUS Mining, a company
that provides mining services and equipment, has applied to have
Gujarat NRE Coking Coal wound up in a bid to recoup the debts it
is owed.  RUS Mining notified the Australian Securities and
Investments Commission on Oct. 23, 2014, that it intended to
pursue court action for a winding-up order against Gujarat NRE.


QANTAS AIRWAYS: Loses Ground on Trans-Tasman Routes in 2013
-----------------------------------------------------------
Paul McBeth at BusinessDesk reports that Qantas Airways lost
ground on trans-Tasman routes last year, though its New Zealand
unit still managed to send some NZ$156.2 million back to its
parent.

The airline's subsidiary Jetconnect, which manages the group's
trans-Tasman passenger schedule, reported a 17 percent drop in
profit to NZ$8.8 million in the 12 months ended June 30, on an 11
percent drop in sales to NZ$67 million, according to statements
filed with the Companies Office obtained by BusinessDesk.

BusinessDesk discloses that the New Zealand unit had NZ$147.9
million of cash at the end of its 2012 financial year, and
returned capital of NZ$98.2 million to Qantas on March 22 last
year, on top of a NZ$58 million dividend payment to its parent the
same day.

According to BusinessDesk, Qantas's Jetstar brand made inroads
into Air New Zealand's grip on the domestic market, reporting
market share of 22.4 percent as at June 30 from 20.6 percent a
year earlier, when it published the group's annual result in
August.

Sister New Zealand unit, Jetstar Airways, which employs and hires
cabin and technical crew for budget brand Jetstar Airways Pty Ltd,
made a profit of NZ$2.4 million in the June year, from NZ$1.9
million a year earlier, according to separate financial
statements, BusinessDesk relays.

Operating income, which is derived from the wider Jetstar unit,
climbed 26 percent to NZ$26.8 million, outpacing the 25 percent
increase in spending on manpower and staff of NZ$23.4 million,
BusinessDesk reports.

                      About Qantas Airways

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training, catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 9, 2013, Standard & Poor's Ratings Services lowered its
corporate credit rating on Qantas Airways Ltd. to 'BB+/B', from
'BBB-/A-3'.  The outlook is negative.  S&P also lowered its senior
unsecured debt ratings on Qantas to 'BB+', from 'BBB-', and placed
the issue ratings on CreditWatch with negative implications.

The downgrades reflect S&P's view that intense competition in the
airline industry has weakened Qantas' business risk profile to
"fair" from "satisfactory", and financial risk profile to
"significant" from "intermediate".  S&P don't expect Qantas to
recover to a credit profile commensurate with a 'BBB-' rating in
the near term.  S&P recognizes that Qantas has strong financial
flexibility and a good track record of responding to earnings
pressures through cost cutting and other measures.  However, S&P
believes in the current circumstances, the benefits would take
time to realize and the positive impact would not be sufficient to
outweigh the pressure on Qantas' stand-alone credit profile.


TIMBERCORP LTD: Investors Warned Over Loan Settlement Offer
-----------------------------------------------------------
Thousands of Australian investors who took out loans through
Timbercorp's finance arm to invest in the failed agribusiness
investment scheme could be relinquishing their legal rights by
accepting a settlement offer.

Slater & Gordon professional litigation lawyer James Naughton has
warned Timbercorp Finance borrowers to carefully consider the
potential impact of settling their loans through a discount
repayment offer.

"The opportunity to settle debt at a discount may sound
attractive, but Timbercorp Finance borrowers should investigate
whether accepting this offer will prevent them from pursuing
further legal action," Mr. Naughton said.

Around 14,500 investors borrowed a total of AUD477.8 million from
Timbercorp Finance to invest into Timbercorp before the managed
investment scheme collapsed and was placed in liquation in 2009.

The liquidator has offered Timbercorp Finance borrowers a 15
percent discount if they repay their loans upfront and 10 percent
for some part-payments.

Mr. Naughton said most investors took out loans through Timbercorp
Finance on the advice of their financial planners and accountants
as a way of legally minimising their tax liabilities.

"Timbercorp was heavily marketed to investors. For their efforts,
financial planners and accountants were rewarded with attractive
commissions. Investors, on the other hand, have literally watched
their investments go up in smoke and have been left with large
debt that just keeps growing as interest continues to accumulate."

Mr. Naughton advised borrowers to proceed with caution and seek
independent legal advice before accepting settlement. The offer
expires at 5:00 p.m. on Jan. 31, 2014.

Timbercorp was Australia's leading agribusiness company with
horticultural assets that included almonds, olives and eucalypt
plantations.

In October last year, the Victorian Supreme Court dismissed an
investor class action against Timbercorp.  Slater & Gordon was not
involved in the class action.

                         About Timbercorp

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

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



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


AARTI SUITINGS: ICRA Reaffirms 'B+' Rating on INR11cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR11.0 Crore
bank lines of Aarti Suitings Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund
   Based Limits          11.00        [ICRA]B+ (Reaffirmed)

While assessing the credit profile of ASPL, ICRA has taken into
account the consolidated financial profile of its promoter group
company R S Spuntex Private Limited rated [ICRA] B+.  The rating
reaffirmation takes into account continued weakness in operational
and financial profile on account of modest scale of operations in
a highly fragmented fabric weaving business. While ICRA takes a
note of healthy growth in turnover and operating profits in FY2013
driven by stabilization of brown-field capacity added in FY2012,
however it is noted that profitability metrics continue to remain
below average. Further, recently completed debt funded capital
expenditure and working capital intensive nature of operations on
account of high inventory levels continue to result in high
dependence upon external borrowings, thereby driving weak capital
structure as is reflected in gearing of 2.3 times as on March
2013. This levered capital structure coupled with low
profitability has also been resulting in weak debt coverage
indicators as is reflected in interest coverage of 1.5 times.
Moreover, rising labour costs coupled with volatile raw material
costs are expected to keep profitability under pressure, which in
backdrop of high debt servicing burden is expected to continue to
result in weak debt coverage indicators in medium term. The rating
is also constrained on account of stretched liquidity position as
reflected in consistently high working capital limit utilisation.
ICRA however notes the benefits accruing from favorable location
of weaving facility in textile hub of Bhilwara, Rajasthan and vast
experience of the promoters in textile industry.

Going forward, the company's ability to improve capacity
utilization levels and profitability, and management of working
capital intensity of operations will determine the extent of
incremental funding requirements; the funding mix thereof will
remain key rating sensitivities.

Aarti Suitings Private Limited was incorporated in the year 1994,
and is primarily engaged in manufacturing of cotton and polyester
blended fabrics for suiting and shirting. The company has its
weaving facility located in RIICO (Rajasthan Industrial
Development and Investment Corporation Limited), Bhilwara,
Rajasthan, wherein 37 Dornier Rapier looms and 12 Air-Jet looms
are installed.

In FY2013, the company reported Operating Income (OI) of INR41.63
crore and Operating Profit before Depreciation, Interest and Taxes
(OPBDIT) of INR3.27 crore against OI of INR35.14 crore and OPBDIT
of INR2.55 crore reported in FY2012.


ABHISHEK AGRO: ICRA Revises Ratings on INR5.65cr Loans to 'B-'
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR5.65
crore bank facilities Abhishek Agro Industries from '[ICRA]B' to
'[ICRA]B-'.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.50        [ICRA]B- Revised
                                     from [ICRA]B

   Long Term Loan        1.15        [ICRA]B- Revised
                                     from [ICRA]B

The revision of rating factors in further deterioration of the
financial profile subsequent to the suspension of the ginning
activities for a major part of the previous fiscal owing to acute
water shortage in the Marathwada region of Maharashtra. The firm
witnessed a steep revenue de-growth and incurred operating losses
resulting in erosion of the low net-worth base of the firm. The
rating remains constrained by the unpredictability lent to the
operations of the firm by the dynamic regulatory environment
coupled with the agro-climatic risks, low profitability inherent
in the cotton ginning industry and the stretched capital structure
characterized by high gearing owing to the working capital
intensive nature of the operations.

The ratings however, continue to draw comfort from the vast
experience of the promoters in the cotton ginning business.

Ms. Abhishek Agro Industries is a partnership firm promoted by
Mutha & Karnavat families. The families of the partners have an
experienced background in the business of pulses trading,
fertilisers and commission agents since 3 decades. The families
ventured into cotton ginning business in 2005-06. The firm has a
ginning & pressing unit at Lasur in Aurangabad district implanted
under the Technology Mission on Cotton (TMC) norms as prescribed
by the Central Government. The plant has 2 units with 18 Jumbo DR
Machines with a total annual capacity of 45,000 bales.

Recent Results

During FY13, the firm has reported an operating income of INR5.36
crores, Operating loss of INR0.22 crores and Net loss of INR1.16
crores.


AGGARWAL RICE: ICRA Suspends 'B' Rating on INR9cr Loans
-------------------------------------------------------
ICRA has suspended '[ICRA]B' rating assigned to the INR9 crore
fund based limits of Aggarwal Rice & General Mills. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.

Incorporated in the year 2008, Aggarwal Rice and General Mills is
a partnership firm engaged milling and trading of rice with an
installed capacity of 3 tons/hour. The firm has been promoted by
Mr. Sarwan Kumar, Mr. Naresh Kumar and Ms. Anju Jindal larger
traders of timber in Chandigarh.


AMARSAI SHRINK: ICRA Suspends 'B' Ratings on INR8.51cr Loans
------------------------------------------------------------
ICRA has suspended '[ICRA]B' rating assigned to the INR4.51 crore
term loan facilities and INR4.00 crore cash credit facilities of
Amarsai Shrink Pack Private Limited. ICRA has also suspended the
'[ICRA]A4' rating assigned to the INR0.45 crore short term non-
fund based facility of ASPPL. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company. According to its
suspension policy, ICRA may suspend any rating outstanding if in
its opinion there is insufficient information to assess such
rating during the surveillance exercise.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term, fund          4.51       [ICRA]B Suspended
   based limits
   Term Loans

   Long term, fund          4.00       [ICRA]B Suspended
   based limits
   Cash Credit

   Short term, non-         0.45       [ICRA]A4 Suspended
   fund based limits

Earlier operating as a partnership firm, Amarsai Shrink Pack Pvt.
Ltd. was incorporated in the year 2010 by its partners Mr.
Machindra Shewale and Mr. Popat Gangurde. Backed by experience of
around 2 decades of the promoters in the industry the company is
engaged primarily in manufacture of PVC Shrink Films and Reverse
Printed Shrink Labels. The company has a manufacturing facility at
Satpur, Nashik with an installed capacity of 960 tonnes p.a.


ANANT EDUCATIONAL: CRISIL Rates INR90MM Term Loan at 'B'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Anant Educational Trust.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 90      CRISIL B/Stable

The rating reflects below-average financial risk profile marked by
leveraged capital structure and muted debt protection metrics
constraining financial flexibility as well as Exposure to risks
related to restrictions imposed by regulatory bodies, and intense
competition in education sector.

These rating weaknesses are partially offset by the extensive
experience of promoters.

Outlook: Stable

CRISIL believes that AET will benefit from the extensive
experience of its promoters in the education industry and its
association with Delhi Public School as brand. The outlook may be
revised to 'Positive' in case of significant ramp-up in scale of
operations with increase in the intake of students, leading to
significant improvement in liquidity. Conversely, the outlook may
be revised to 'Negative' in the event of lower-than-expected ramp-
up in occupancy levels and profitability or in the event of
significant deterioration in the society's liquidity due to its
large capex plans.

AET was set up in 2011. The trust has set up a Delhi Public School
(DPS) at Patiala in 2012-13. Mr. Ramesh Talwar is the key promoter
trustee who looks after the operations of the trust.


APPEAL KIDS: ICRA Reaffirms 'B+' Rating on INR8cr LT Loans
----------------------------------------------------------
ICRA has reaffirmed the rating at '[ICRA]B+' for INR8.00 crore
long-term fund based facilities of Appeal Kids Dream International
Private Limited. ICRA has also reaffirmed rating at '[ICRA]A4' for
INR1.00 crore short-term fund based facilities of AKDPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund
   Based Limits           8.00        [ICRA]B+ Reaffirmed

   Short-Term Fund
   Based Limits           1.00        [ICRA]A4 Reaffirmed

The rating reaffirmation continues to take into account the
company's weak financial profile which is on account of low
profitability and leveraged capital structure resulting in
stretched liquidity position. Although the gross margins of AKDPL
are in the range of 16%-18%, however high operating expenses
result in modest operating profitability at ~5%, which coupled
with financial charges for working capital borrowings resulted in
net profitability at less than 1%. As the company operates through
MBOs catering to wide customer segments, it maintains high level
of inventory which along with long credit period extended to
institutional clients (~20% of total sales), result in high
working capital requirements. Given the low cash accruals and
limited net worth, the funding requirement towards working capital
has largely been met by relying on borrowings from financial
institutions and also by stretching payment to its suppliers. This
result in weak capital structure as reflected in TOL/TNW of 3.3x
and consequently stretched liquidity position and weak debt
coverage metrics as reflected in OPBDITA/Interest of 1.5x,
NCA/Total debt of 6% and TD/OPBDITA of 4.4x. Earlier, ICRA has
also taken note of weak performance of two of the company's MBOs,
one of which in Ghaziabad has been closed and is being relocated
at a nearby location in Noida. Notwithstanding the above concerns,
the rating continues to factor in the established track record of
promoters in the apparel retail industry, favorable location of
the other MBOs in the National Capital Region (NCR) and asset
light expansion model which resulted in low reliance on long-term
debt.

Going forward, the ability of the company to improve its
profitability and strengthen its capital structure will be
critical to improve its liquidity profile and debt coverage
metrics and thus would be the key rating sensitivities.

Established in 1989, by Monga family along with their friends and
relatives, AKDPL is engaged in retailing of readymade garments.
The company's flagship product was kidswear and it gradually
entered into menswear, and womenswear. The company currently has
four showrooms in National Capital Region; of which 1 is owned by
promoters and 3 are leased by the company.

During FY-2013, the company reported Profit After Tax (PAT) of
INR0.35 crore with an Operating Income (OI) of INR45.8 core as
compared to PAT of INR0.31 crore with OI of INR41.93 crore for the
previous financial year.


ATC FOODS: CRISIL Reaffirms 'B+' Rating on INR650MM Loan
--------------------------------------------------------
CRISIL's rating on the long-term bank facility of ATC Foods Pvt
Ltd continues to reflect ATC's weak financial risk profile, marked
by high gearing, a small net worth, and weak debt protection
metrics. This rating weakness is partially offset by the extensive
industry experience of ATC's promoters and the benefits that the
company is expected to derive from the healthy growth prospects
for the rice industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          650        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ATC's financial risk profile will remain weak
over the medium term because of its working-capital-intensive
operations and low net cash accruals. The outlook may be revised
to 'Positive' if ATC registers substantial improvement in its
financial risk profile, most likely because of equity infusion by
its promoters and increase in its profitability and scale of
operations. Conversely, the outlook may be revised to 'Negative'
if the company's capital structure deteriorates or its
profitability declines.

ATC, set up in 1980, mills, processes, and sells basmati rice. It
produces polished as well as unpolished rice that is sold to
exporters in India. The company derives 5 per cent of its revenues
from domestic sales under its own brand, Sohni. ATC has also
entered into a job-work agreement in September 2011 with Shri
Ganesh Agro Foods, which has a parboiling unit for milling 80
tonnes per day (tpd) of rice. The agreement has led to ATC
increasing its total milling capacity to 180 tpd of rice.

ATC reported, on a provisional basis, a profit after tax (PAT) of
INR18.2 million on net sales of INR3017 million for 2012-13
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR2.5 million on net sales of INR1293 million for 2011-12.


DADA MOTORS: CRISIL Cuts Rating on INR270MM Loan to 'B+'
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Dada Motors Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             270.0     CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects the expected deterioration in DMPL's
business risk profile, driven by the decline in its sales during
2013-14 (refers to financial year, April 1 to March 31). The
company has booked sales of around INR2.0 billion for the nine
months ended September 30, 2013, and is expected report sales of
around INR3.75 billion for 2013-14 against INR5.35 billion for the
previous year. Besides, DM's ongoing capital expenditure (capex)
is expected to keep its liquidity under pressure, with expected
accruals of INR50 million, against fixed repayment obligations of
around INR60 million, during 2013-14. Any shortfall in the
accruals to meet the repayment obligations during the year will be
supported by the promoters.

The rating reflects DMPL's average financial risk profile, marked
by a modest net worth, high total outside liabilities to tangible
net worth ratio, and weak debt protection metrics. Furthermore,
the company has low profitability because of its low bargaining
power with its principals, given the intense competition in the
automobile dealership business. These rating weaknesses are
partially offset by the extensive experience of DMPL's promoters
in the automobile dealership industry, and its extensive network
of showrooms and service centres catering to its two principals.

Outlook: Stable

CRISIL believes that DMPL will maintain a stable business risk
profile over the medium term, backed by its status as an
authorised distributor for Tata Motors Ltd (TML; rated 'CRISIL AA-
/ Positive/CRISIL A1+') and Fiat India Automobiles Ltd (FIAL;
'CRISIL A-/Stable/CRISIL A1') in Punjab. The outlook may be
revised to 'Positive' in case of significant improvement in the
company's capital structure and profitability, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if DMPL's financial risk profile deteriorates, most
likely because of lower-than-anticipated profitability, larger-
than-expected working capital requirements, or large debt-funded
capex.

DMPL, established by Mr. Suraj Dada in 1992, is an authorised
automobile dealer for the entire range of commercial and passenger
vehicles of TML and FIAL. The company has 11 showrooms (10 for TML
and 1 for FIAL) under the 3S (sales, service, and spares) format
in Punjab.

DMPL reported a profit after tax (PAT) of INR14.9 million on net
sales of INR5.27 billion for 2012-13, as against a PAT of INR34.7
million on net sales of INR5.90 billion for 2011-12.


EROS MINEROCK: CARE Assigns 'B+' Rating to INR10.8cr LT Loans
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Eros Minerock Products LLP.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities          10.80        CARE B+ Assigned

   Short-term Bank
   Facilities           1.70        CARE A4 Assigned

   Long-term/Short-
   term Bank
   Facilities           7.00        CARE B+/CARE A4 Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of the withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Eros Minerock
Products LLP are primarily constrained on account of
implementation and stabilization risk associated with its green-
field project coupled with the likely competition from large
players and raw material price fluctuation risk.

The ratings, however, favorably take into account the experience
of the partners in the ceramic industry and locational advantage
being situated in a ceramic tiles hub.

The ability of EMP to successfully complete the project within the
time and cost parameters, establishing customer base with
achievement of the envisaged turnover and profitability and
managing raw material price fluctuations remain the key rating
sensitivities.

Morbi-based (Gujarat) EMP was established as a Limited Liability
Partnership (LLP) firm in April 2013 by nine partners. The key
partners include Mr Karsanbhai Patel, Ms Indumatiben Patel and
Ms Jalpaben Pandit. EMP is setup to undertake a green-field
project in the field of manufacturing gypsum products with an
installed capacity of calcinated gypsum powder of 120 MTPA, dry
wall board of 20 lakh square meters per annum and laminated dry
wall board of 40 lakh square meters per annum. The total project
cost is estimated to be of INR18.76 crore (including margin for
working capital) which is to be funded through term loan of
INR10.80 crore and the balance by way of partners' capital and
unsecured loans.


FLECTO CERAMIC: ICRA Reaffirms 'B+' Ratings on INR6.22cr Loans
--------------------------------------------------------------
ICRA has reaffirmed/assigned the long term rating of '[ICRA]B+' to
the INR4.22 crore term loans and the INR2.00 crore cash credit
facility of Flecto Ceramic Private Limited. ICRA has also
reaffirmed the short term rating '[ICRA]A4' to the INR0.80 crore
(enhanced from INR0.60 crore) non fund based bank guarantee
facility of FCPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Term
   Loan I                2.60       [ICRA]B+ reaffirmed

   Fund Based-Term
   Loan II               1.62       [ICRA]B+ assigned

   Fund Based-Cash
   Credit                2.00       [ICRA]B+ reaffirmed

   Non Fund Based-
   Bank Guarantee        0.80       [ICRA]A4 reaffirmed

The ratings remain constrained by Flecto Ceramic Private Limited's
modest scale of operations with a single product portfolio, weak
financial profile as reflected by loss incurred in FY13 and low
debt protection indicators. The ratings are also constrained by
the high gearing level and stretched liquidity on account of the
recent debt funded capex and slow debtor realizations. The ratings
also take into consideration, the susceptibility of operations to
the intense competition with the presence of large established
organized tile manufacturers and unorganized players. While
assigning the ratings, ICRA also takes note of the dependence of
operations and cash flows on the performance of the real estate
industry which is the main consuming sector for the company's
products and vulnerability to increasing prices of gas and power.

The ratings, however, favorably take note of the experience of the
key promoters in the ceramic industry and the location advantage
enjoyed by FCPL, giving it easy access to raw material. The
ratings also consider the company's entry in digital printing
segment in FY13 which is expected to fetch better realizations.

Flecto Ceramic Private Limited is a digitally printed ceramic wall
tiles manufacturer with its plant situated at Morbi, Gujarat. The
company was incorporated in 2011 as private limited company with
the commencement of commercial operation in May 2012. The company
is managed by three directors namely Mr. Damjibhai Patel, Mr.
Manilal Patel and Mr. Nikunj Paija. In FY13, the company installed
a digital printing machine and at present the total installed
capacity to produce wall tiles stands at 17550 metric ton per
annum (mtpa).

Recent Results

For the year ended March 31, 2013, FCPL reported an operating
income of INR9.49 crore and net loss of INR0.40 crore.


G.M. DALUI: CRISIL Upgrades Ratings on INR50MM Loan to 'B-'
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of G.M.
Dalui & Sons Pvt Ltd to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              50.00    CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Bill Discounting         40.00    CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Inland/Import
   Letter of Credit         20.00    CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Bank Guarantee           20.00    CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Proposed Bank
   Guarantee                10.00    CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Proposed Letter
   of Credit                10.00    CRISIL A4 (Upgraded from
                                     'CRISIL D')

The rating upgrade reflects GMDPL's regularisation of delays, to
meet its debt obligations. The company repaid most of its
outstanding term loan in January 2013, and does not intend to
contract any incremental term loan in the near term.

The ratings reflect GMDPL's below-average financial risk profile
marked by a small net worth, moderate gearing, and weak debt
protection metrics. Moreover, the company's operating margin is
susceptible to volatility in raw material prices. These rating
weaknesses are partially offset by GMDPL's established customer
relations and diverse end-user industry base.

Outlook: Stable

CRISIL believes that GMDPL will continue to benefit from its
established customer base and the promoters' extensive experience
in the valves industry over the medium term. The outlook may be
revised to 'Positive' if the company reports sizeable growth in
its revenue and profitability, backed by an improvement in its
order book, thereby enhancing its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if GMDPL is
subject to lesser-than-expected demand for its products; or
reports a significant increase in raw material prices, which could
result in lower-than-anticipated profitability; or undertakes a
large debt-funded capital expenditure (capex) programme, thus,
weakening its financial risk profile.

GMDPL was set up in 2005 by Mr. Nirmal Kumar Dalui and his family
in Howrah (West Bengal). The company was founded to acquire the
family-owned partnership firm. GMDPL took over the partnership
firm in April 2008. The company manufactures several valves for
water, irrigation, and power plants.

GMDPL reported a profit after tax (PAT) of INR1 million on net
sales of INR210 million for 2012-13 (refers to financial year,
April 1 to March 31), vis--vis a PAT of INR1 million on net sales
of INR256 million for 2011-12.


K.M SUGAR: ICRA Suspends 'D' Rating on INR103.5cr Loans
-------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR92.76 crore
fund based limits and INR8.74 crore unallocated limits and INR2
crore non fund based limits of K.M Sugar Mills Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.

K.M Sugars was originally formed as a partnership firm as a small
sugar milling plant at Kanpur in the year 1942. The plant was
shifted to present site at village Masodha, P.O. Motinagar,
District Faizabad between 1949 and 1950. Company expanded the
sugar cane crushing capacity from 1800 TCD to 2500 TCD in the year
1980 and crushing capacities were increased from 2500 TCD to 3500
TCD in the year 2000 and further to 4500 TCD in the year 2002. The
Company's current capacity is 6500 TCD. The distillery division of
our Company was set up in the year 1995 to manufacture Rectified
Spirit (45 KLPD) and Extra Neutral Alcohol (20 KLPD). In the year
2003 the division started production of Ethanol (30 KLPD) and in
the year 2004 the Extra Neutral Alcohol plant was modified to
produce Ethanol and thereby increasing the total Ethanol
production capacity to 50 KLPD. The company also established a co
generation facility of 28 MW in 2007.


K. R. V. SPINNING: CRISIL Assigns 'B+' Ratings to INR156.9MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of K. R. V. Spinning Mills Private Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              42.5     CRISIL B+/Stable
   Long-Term Loan          114.4     CRISIL B+/Stable

The rating reflects KSPL's average financial risk profile marked
by constrained capital structure, its small scale of operations
with exposure to volatility in cotton prices. These rating
weaknesses are partially offset by the extensive experience of
KSPL's promoters in cotton yarn industry.

Outlook: Stable

CRISIL believes that KSPL would continue to benefit from extensive
industry experience of its promoters over the medium term. The
outlook may be revised to 'Positive' in the event of the company
reporting better than expected cash accruals along with efficient
working capital management resulting in improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in the event of deterioration in its financial risk
profile resulting from lower than expected cash accruals or larger
than expected working capital requirement or debt funded capex.

KSPL is engaged in manufacturing of cotton yarns (predominantly
44's count). The company has its manufacturing unit in Nangavalli,
Salem district (Tamil Nadu) with an installed capacity of 24,192
spindles.

KSPL reported net profit of INR7.4 million on net sales of
INR380.4 million for 2012-13 (refers to financial year April 1 to
March 31as against net loss of INR 29.5 million on net sales of
INR 330.5 million for 2011-12.


KESHAV GINNING: ICRA Reaffirms 'B+' Rating on INR8.5cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating assigned to the INR8.50
crore (enhanced from INR6.00 crore) cash credit facilities and has
also assigned '[ICRA]B+' rating to the INR12.00 crore long term
proposed limits of Keshav Ginning & Pressing Factory.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.50        [ICRA]B+ Reaffirmed
   Long Term Proposed   12.00        [ICRA]B+ Assigned

The reaffirmation of assigned rating factors in the healthy growth
in revenues in line with improved capacity utilization, favorable
access to raw cotton and vast experience of the promoters in the
cotton ginning business. The rating is however constrained by
unpredictability lent to the operations of the firm by the dynamic
regulatory environment coupled with the agro-climatic risks, low
profitability indicators inherent in the cotton ginning industry
and stretched capital structure characterized by high gearing
largely owing to the working capital intensive nature of the
operations.

Keshav Ginning & Pressing Factory is a partnership firm promoted
and managed by Mr. Rameshwar Tawani & Mr. Guruchandrasingh Chabda
both having vast experience in the cotton ginning business. The
firm has a ginning & pressing unit at Ambajogai, Beed district.
The plant has a total annual capacity of 40,000 bales.

Recent Results

During FY13, the firm has reported an operating income of
INR60.05crores, OPBDITA of INR1.9 crores and Net Profit of INR0.7
crores.


LAXMI COTTON: CRISIL Rates INR60MM Loan at 'B-'
-----------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Laxmi Cotton Industries (Paratwada).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               60      CRISIL B-/Stable
The rating reflects LCI's modest scale of operations in the highly
fragmented cotton industry and its below-average financial risk
profile marked by modest net worth and leveraged capital
structure. These rating weaknesses are partially offset by the
extensive experience of LCI's promoters in the cotton industry.

Outlook: Stable

CRISIL believes that LCI will maintain its business risk profile
over the medium term, supported by its promoters' extensive
experience in the cotton industry. The outlook may be revised to
'Positive' in case of significant improvement in the firm's
financial risk profile, particularly liquidity, on account of
increase in cash accruals on the back of increased profitability
or capital infusion by the promoters. Conversely, the outlook may
be revised to 'Negative' if LCI's financial risk profile,
particularly its liquidity, deteriorates because of more-than-
expected increase in debt-funded working capital requirements or
lower profitability leading to lower cash accruals or significant
capital withdrawals.

LCI, a partnership concern established by the Agrawal family at
Paratwada in Amaravati (Maharashtra), is engaged in ginning and
pressing of raw cotton. The unit has manufacturing capacity of 200
bales per day. The promoter family has been engaged in cotton
trading, commission, and ginning activities for more than 50
years.


LEKH RAJ: CRISIL Reaffirms 'B' Rating on INR300MM Loan
------------------------------------------------------
CRISIL's rating on the long-term bank facility of Lekh Raj & Sons
continues to reflect LRS's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and the
susceptibility of its margins to volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the basmati
rice industry, and the benefits expected from the healthy growth
prospects for the industry over the medium term.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               300     CRISIL B/Stable (Reaffirmed)
Outlook: Stable

CRISIL continues to believe that LRS will continue to benefit over
the medium term from its promoters' extensive experience in the
rice industry. However, its financial risk profile will remain
constrained over this period because of its weak capital structure
and working-capital-intensive operations. The outlook may be
revised to 'Positive' if the firm records higher-than-expected
revenues and profitability, resulting in an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if LRS's revenues are lower than expected, or its
working capital cycle lengthens significantly, thereby adversely
impacting its liquidity, or it undertakes a large debt-funded
capital expenditure programme, resulting in further weakening of
its financial risk profile.

Update

For 2012-13 (refers to financial year, April 1 to March 31), LRS
had total sales of INR218.6 million, much lower than CRISIL's
expectation of INR320 million mainly because of higher
contribution from job-work sales. The firm used to undertake job
work for various other players which it eventually stopped from
October 2012. Due to this, CRISIL believes that LRS will be able
to achieve healthy sales growth in 2013-14.

LRS reported an operating margin of around 10 per cent for 2012-
13, against CRISIL's projection of around 6 per cent. The improved
operating margin was because of the higher contribution of job
work in 2012-13. CRISIL believes that the firm's operating margin
will be lower at around 6 per-cent over the medium term due to the
low contribution from the high-margin job work sales in its total
sales mix.

LRS continues to have a weak financial risk profile, marked by a
gearing of 3.1 times as on March 31, 2013. However, its capital
structure was better than CRISIL's expectation on account of its
healthy net worth of INR100 million as on March 31, 2013. CRISIL
believes that the firm's capital structure will deteriorate over
the medium term with the increase in its working capital
requirements commensurate with the increase in its scale of
operations. LRS's debt protection metrics will also remain weak
because of its working-capital-intensive operations and reliance
on bank debt to meet the working capital requirements.

LRS's liquidity remains stretched with 100 per cent utilisation of
its fund-based bank limit; also, the firm utilises the warehousing
facility as and when required to meet its working capital
requirements. CRISIL believes that LRS's liquidity will remain
stretched over the medium term owing to its working-capital-
intensive operations.

LRS was set up in 1984 as a partnership firm by the members of the
Miglani family of Kaithal (Haryana). The firm is engaged in
milling, sorting, grading, and selling of basmati rice in the
domestic market.


LUCKNOW HEALTHCITY: CRISIL Rates INR90MM Term Loan at 'B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Lucknow Healthcity Trauma Centre and
Superspeciality Hospital Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 90      CRISIL B/Stable

The rating reflects LHPL's exposure to implementation and offtake
risks related to the ongoing hospital project and stabilisation of
operations, and geographic concentration in revenue profile. These
rating weaknesses are partially offset by its promoters' extensive
experience in the healthcare industry and benefits expected to be
derived from the hospital's favourable location.

Outlook: Stable

CRISIL believes that LHPL will maintain its credit risk profile on
the back of its promoters' extensive experience. The outlook may
be revised to 'Positive' in the event of timely project execution
within the budgeted cost, or higher-than-expected occupancy and
profitability, resulting in sizeable cash accruals and thus a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if LHPL faces any time or cost overruns in
its project, which will adversely impact its financial risk
profile, as well as its debt servicing ability.

LHPL, incorporated in 2012 as a private limited company, was
promoted by a set of medical professionals led by Dr. Sandeep
Kapoor and Dr. Sandeep Kumar Garg. It is undertaking a project to
set up a 70-bed multi-speciality hospital in Lucknow at a total
project cost of around INR152.8 million, funded through term loan
of INR90 million and the rest through promoter contribution. The
project is expected to be completed by March 2015. The project
proposes to provide primarily surgical care to the patients across
orthopedics, cardiology, urology, gastroenterology, internal
medicine, intensive care, medicine, neurology and other emergency
services.


MA SARADA: ICRA Withdraws 'D' Rating on IRN0.54cr Term Loan
-----------------------------------------------------------
ICRA has upgraded/ assigned the '[ICRA]C+' rating to the INR4.85
crore (enhanced from INR4.03 crore) cash credit facility, INR0.80
crore working capital, and INR0.06 crore (reduced from INR0.08
crore) term loan of Ma Sarada Cold Storage Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           4.85       [ICRA]C+ Upgraded/ Assigned
   Working Capital       0.80       [ICRA]C+ Upgraded
   Term Loan             0.06       [ICRA]C+ Upgraded
   Working Capital
   Term Loan             0.54       [ICRA]D Withdrawn

ICRA has withdrawn the '[ICRA]D' rating assigned to the INR0.54
crore working capital term loan of MSCSPL as the company has fully
repaid the instrument. There is no amount outstanding against the
rated instrument.

The rating revision takes into account the timely servicing of
debt obligations by MSCSPL in the recent months. ICRA takes into
consideration company's weak financial profile as characterised by
nominal profits, adverse capital structure and weak debt coverage
indicators. ICRA notes the high working capital intensity of
MSCSPL's operations leading to stretched liquidity position, high
utilisation of the bank limits limiting the company's financial
flexibility and a small scale of operations with a single cold
storage unit. The rating also takes into account MSCSPL's exposure
to agro-climatic risks, with its business performance being
entirely dependent upon a single agro commodity, i.e. potato,
counter party risk arising from loans extended to farmers by
MSCSPL, which may lead to delinquency, if potato prices fall to a
low level and the regulated nature of the industry, making it
difficult to pass on the increase in the operating costs in a
timely manner, leading, in turn, to a downward pressure on
profitability. The rating revision also takes into account the
long track record of the promoters in the cold storage business,
and the locational advantage of MSCSPL by way of presence of its
cold storage unit in West Bengal, a state with large potato
production.

MSCSPL operates one cold storage unit at Jayrambati in the Bankura
district of West Bengal. The storage capacity of the unit is
21,000 tonnes. MSCSPL provides cold storage facilities to potato
growing farmers and traders and also engages in trading of
potatoes.

Recent Results

MSCSPL reported a net profit of INR0.05 crore during FY13 on an OI
of INR6.31 crore as against a net profit of INR0.04 crore and an
OI of INR5.71 crore during FY12.


MADHUCON PROJECTS: ICRA Suspends D Rating on INR2,148.48cr Loans
----------------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR2048.48
crore bank facilities and INR100.00 crore Non-Convertible
Debenture (NCD) programme of Madhucon Projects Limited. ICRA has
also suspended the short-term rating of '[ICRA]D' assigned to the
INR75.00 crore Commercial Paper (CP)/Short-term debt programme of
the company. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


MALAXMI WIND: CRISIL Reaffirms 'B-' Rating on INR479.2MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Malaxmi Wind
Power continues to reflect MWP's weak financial risk profile
marked by a negative net worth, large debt, and weak debt
protection metrics, and its small scale of operations. These
rating weaknesses are partially offset by MWP's stable revenues
supported by its power purchase agreements (PPAs) with Jodhpur
Vidyut Vitaran Nigam Ltd and Gulbarga Electricity Supply Company
Ltd. MWP also benefits from its promoter's extensive experience in
the power generation business.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan          479.2     CRISIL B-/Stable(Reaffirmed)

Outlook: Stable

CRISIL believes that MWP will benefit over the medium term from
its PPAs with JVVNL and GESCOM and from its promoter's extensive
industry experience. The outlook may be revised to 'Positive' if
MWP's cash accruals increase driven by a substantial and sustained
improvement in power generation, or if there is a substantial
increase in its net worth on the back of capital infusion by its
promoter. Conversely, the outlook may be revised to 'Negative' if
MWP's level of power generation drops significantly leading to a
decline in its cash accruals, or if the firm faces delays in
receivables from the state electricity utilities resulting in
pressure on its liquidity.

MWP was set up as a proprietorship firm in 2010 by Mr. Y Harish
Chandra Prasad. The firm operates two windmills-an 8.4 megawatt-
(MW) windmill in Jaisalmer (Rajasthan) and a 2.1-MW windmill in
Bellary (Karnataka). MWP has signed a PPA with JVVNL for the
Jaisalmer windmill and with GESCOM for the Bellary windmill for
the next 20 years.


MANTENA INFRATECH: CARE Assigns 'B+' Rating to INR12cr LT Loans
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Mantena
Infratech Pvt Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             12        CARE B+ Assigned

Rating Rationale

The rating of Mantena Infratech P Ltd is constrained by the short
track record of operation with relatively small size of the
company, limited and concentrated order book, leveraged capital
structure, high collection period and moderate industry growth
prospects. The rating is, however, underpinned by the satisfactory
experience of the promoters and track record, increasing scale of
operation and moderate profitability. The ability of the company
to increase and diversify the order book with subsequent
improvement in the scale of operation and recover contract
proceeds in a timely manner are the key rating sensitivities.

Mantena Infratech P Ltd, incorporated in 2010, has been promoted
by Mr Mantena Srinivas Raju and his wife Mrs Mantena Srujana.
Later during FY12 (refers to the period April 1 to
March 31), the management of the company was taken over by Mr
PBSVS Raju (Managing Director), a family member. MIPL commenced
business from December 2011 and is engaged in the execution of
civil construction work for irrigation projects.

MIPL had an order book of INR244.74 crore as on November 07, 2013
which comprised two civil construction works in the irrigation
segment.

During FY13, MIPL posted a PBILDT of INR1.26 crore (FY12 - INR0.05
crore) and PAT (after deferred tax) of INR0.62 crore (FY12 -
INR0.03) crore on a gross billing of INR12.79 crore (FY12 -
INR0.57 crore).  As per the unaudited results for 8MFY14, MIPL has
achieved gross billing of INR12.44 crore and PAT of INR0.64 crore.


MODERN DAIRIES: CARE Reaffirms 'B' Rating on INR21.25cr Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the long-term bank
facilities and assigns 'CARE A4' rating to the short-term bank
facilities of Modern Dairies Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Bank
   Facilities           21.25       CARE B Reaffirmed

   Short term Bank
   Facilities            4.10       CARE A4 Assigned

Rating Rationale

The rating is constrained by the weak credit risk profile of the
company, competition from players in the organized and unorganized
sector, seasonal nature of operations and sensitivity to changes
in government policies and environmental conditions. The ratings,
however, draw comfort from the experienced promoter and
established procurement and marketing arrangements.

Going forward, the ability of the company to withstand challenges
in supply of milk and, managing regulatory risk would remain the
key rating sensitivities.

Modern Dairies Limited was set up by Mr Krishan Kumar Goyal in
1992 with an initial milk processing capacity of 3.25 lac litre of
milk per day (LLPD). The company is involved in production of
liquid milk (29% of net sales in FY13), ghee (24% of net sales in
FY13), casein (18% of net sales in FY13) and skimmed milk powder
(SMP) (13% of net sales in FY13) and other various milk protein
products. The company has an installed capacity to process 16 LLPD
of raw milk as on 31 October, 2013 at its Karnal plant in Haryana.
The company sells it various milk products under the brand names
of 'Nulife', 'Shweta' and 'Cowbell'.

MDL is an ISO 9001:2000 certified and HACCP compliant company for
the purpose of Food Safety Management System.

In FY13 (refers to the period April 1 to March 31), the company
reported a total operating income of INR585.18 crore and a net
loss of INR12.11 crore as against a total operating income of
INR493.30 crore and a net loss of INR18.20 crore in FY12. During
H1FY14, the company reported a total operating income of INR272.8
crore and a loss before tax of INR3.22 crore.


NEW JAGAT: CRISIL Assigns 'B+' Ratings to INR189.7MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of New Jagat Gouri Rice Mill Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                83.7     CRISIL B+/Stable

   Bank Guarantee            9.1     CRISIL A4

   Cash Credit             106       CRISIL B+/Stable

The ratings reflect NJGRMPL's average financial risk profile,
marked by highly leveraged capital structure and weak debt
protection metrics and limited scale of operations in the
fragmented rice milling industry. These rating weaknesses are
partially offset by the extensive experience of NJGRMPL's
promoters in rice milling operations.

Outlook: Stable

CRISIL believes that NJGRMPL will continue to benefit over the
medium term from its management's extensive industry experience.
The outlook may be revised to 'Positive' if the company's revenues
and profitability increase substantially, leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if NJGRMPL's revenues and
profitability decline substantially, or if it undertakes a larger-
than-expected debt-funded capital expenditure programme, or if its
working capital cycle is stretched, leading to deterioration in
its financial risk profile

NJGRMPL was originally set up in 2007 as a partnership firm; the
firm was reconstituted as a private limited company in March 2013.
The company is engaged in milling and processing of paddy into
rice, rice bran, broken rice, and husk. It has paddy milling
capacity of 4 tonnes per hour at Burdwan (West Bengal). Its day-
to-day operations are being managed by Mr. Soumen Kesh and his
family.


PAVAN MOTORS: CRISIL Reaffirms 'B' Rating on INR60MM Loan
---------------------------------------------------------
CRISIL rating continues to reflect Pavan Motors Private Limited's
weak financial risk profile, marked by a high ratio of total
outside liabilities to tangible net worth and weak debt protection
metrics, susceptibility to intense competition in the passenger
vehicles industry, and low bargaining power with its principal,
Maruti Suzuki India Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL
A1+'). These rating weaknesses are partially offset by the
promoters' extensive entrepreneurial experience.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Inventory Funding         60      CRISIL B/Stable (Reaffirmed)
   Facility

Outlook: Stable

CRISIL believes that PMPL will continue to benefit from its
promoters' extensive entrepreneurial experience. The outlook may
be revised to 'Positive' if PMPL's financial risk profile
improves, most likely driven by an increase in its scale of
operations, and improvement in its profitability, capital
structure and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' in case a slowdown in the automobile
industry adversely affects PMPL's revenues and profitability, or
if the company undertakes any large debt-funded capital
expenditure programme, weakening its capital structure.

Set up in 2011, PMPL is an authorised dealer of passenger cars for
MSIL in Andhra Pradesh. The company is promoted by Mr. Chandra
Pavan Reddy and his family.

PMPL reported a profit after tax (PAT) of INR3 million on net
sales of INR365 million for 2012-13 (refers to financial year,
April 1 to March 31) vis--vis a PAT of INR1 million on net sales
of INR128 million for 2011-12.


PRANSHU FOODS: CRISIL Assigns 'B' Ratings to INR140MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Pranshu Foods Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               90      CRISIL B/Stable

   Proposed Long-Term
   Bank Loan Facility        50      CRISIL B/Stable

The rating reflects PFPL's below-average financial risk profile,
marked by its small net worth, high gearing and weak debt
protection metrics. The rating also factors in PFPL's low
operating margin; and its modest scale of operations in a
fragmented industry. These rating weaknesses are partially offset
by the benefits that PFPL derives from the promoters' extensive
industry experience and their funding support.

Outlook: Stable

CRISIL believes that PFPL will continue to benefit over the medium
term from the promoter's extensive experience in the rice
industry, and their funding support. The outlook may be revised to
'Positive' if there is an improvement in the company's financial
risk profile, especially its liquidity, due to higher than
expected improvement in scale of operations and profitability
along with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile, particularly its liquidity weakens, due to lower-
than-expected cash accruals, a stretched working capital cycle, or
any debt-funded capital expenditure (capex) programme.

PFPL was incorporated in Sangrur, Punjab in October 2013. PFPL is
promoted by Mr. Pradeep Garg, Mr. Ajay Kumar Garg and Mr. Ravinder
Jain. The company mills and sorts basmati rice in Sangrur
(Punjab). PFPL has leased manufacturing facilities from its group
entity, Durga Foods.


R S SPUNTEX: ICRA Reaffirms 'B+' Rating on INR9cr LT Loans
----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating assigned to INR9.0 Crore
bank lines of R S Spuntex Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund        9.00         [ICRA]B+ (Reaffirmed)
   Based Limits

While assessing the credit profile of RSPL, ICRA has taken into
account the consolidated financial profile of its promoter group
company Aarti Suitings Private Limited rated [ICRA] B+.

The rating reaffirmation takes into account continued weakness in
operational and financial profile on account of modest scale of
operations in a highly fragmented fabric weaving business. While
ICRA takes a note of healthy growth in turnover and operating
profits in FY2013 driven by stabilization of capacity added in
FY2012, however it is noted that profitability metrics continue to
remain moderate. Further, recently completed debt funded capital
expenditure and working capital intensive nature of operations on
account of high inventory levels continue to result in high
dependence upon external borrowings, thereby driving weak capital
structure as is reflected in gearing of 2.7 times as on March
2013. This levered capital structure coupled with modest
profitability has also been resulting in weak debt coverage
indicators as is reflected in interest coverage of 1.5 times.

Moreover, rising labour costs coupled with volatile raw material
costs are expected to keep profitability under pressure, which in
backdrop of high debt servicing burden is expected to continue to
result in weak debt coverage indicators in medium term. The rating
is also constrained on account of stretched liquidity position as
reflected in consistently high working capital limit utilisation.
ICRA however notes the benefits accruing from favourable location
of weaving facility in textile hub of Bhilwara, Rajasthan and vast
experience of the promoters in textile industry.

Going forward, the company's ability to improve capacity
utilization levels and profitability margins, and management of
working capital intensity will determine the extent of incremental
funding requirements; the funding mix thereof will remain key
rating sensitivities.

R S Spuntex Private Limited was incorporated in the year 2006 and
is primarily engaged in manufacturing of cotton and polyester
blended fabrics for suiting and shirting. The company has its
weaving facility located in RIICO (Rajasthan Industrial
Development and Investment Corporation Limited), Bhilwara,
Rajasthan, wherein 14 Dornier Rapier looms and 16 Air-Jet looms
are installed.

In FY2013, the company reported Operating Income (OI) of INR24.96
crore and Operating Profit before Depreciation, Interest and Taxes
(OPBDIT) of INR2.36 crore against OI of INR20.75 crore and OPBDIT
of INR1.80 crore reported in FY2012.


RANA MOTORS: ICRA Revises Rating on INR45cr Loans to 'B'
--------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR20.0
crore cash credit and INR25.0 crore inventory funding facilities
of Rana Motors Private Limited from '[ICRA]BB-' to '[ICRA]B'. ICRA
has reaffirmed the short term rating assigned to the INR10.0 crore
letter of credit facilities at '[ICRA]A4'.
                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Cash Credit Limits        20.0       Rating revised from
                                        [ICRA]BB-(Stable) to
                                        [ICRA]B

   Inventory Funding         25.0       Rating revised from
                                        [ICRA]BB-(Stable) to
                                        [ICRA]B

   Letter of Credit          10.0       [ICRA]A4 reaffirmed

The rating revision takes into account the long-held experience of
the promoters in the car dealership business and the strength
derived from RMPL's dealership of Maruti Suzuki India Limited
(MSIL) which is the market leader in the car segment in India. The
ratings also favorably factor in the shift of sales mix towards
higher-realization and higher-margin vehicles such as Swift, Swift
Dzire etc. thereby providing support to revenue growth as well as
profitability. The ratings are, however, constrained by the
company's stretched credit profile that is characterized by a
gearing of 7 times as on March 31, 2013 and weak debt protection
metrics. Also, the company's liquidity position remained weak with
increase in working capital intensity. Further, the high
competitive intensity on account of presence of other MSIL dealers
and other OEM dealerships in Delhi/NCR region coupled with weaker
demand for passenger vehicles constrains revenue and earnings
growth. Additionally, the company's regional concentration in
Delhi/NCR region puts pressure on the business. Going forward, the
company's ability to maintain revenue growth, improve its credit
profile and cash flow position would be the key rating
sensitivities.

Rana Motors Private Limited was incorporated in May 1999. The
company is promoted by Rekhi brothers (Mr. J.S. Rekhi and Mr. R.S.
Rekhi), who have an experience of more than 15 years in auto
industry. The company started as a DSA for Citibank Maruti Finance
Limited, a JV between Maruti Suzuki India Limited (MSIL) and
Citibank. The company was selected as the authorized dealer of
MSIL and it started its first showroom in Safdarjung Enclave
(Delhi) in 2001. The company currently operates two more showrooms
at Tis Hazari (Delhi) and Gurgaon. Beside showrooms, the company
has three workshops and three body shops located in Okhla,
Wazirpur (Delhi) and Gurgaon.


RENU RESIDENCY: CARE Rates INR15cr Long-Term Loan at 'D'
--------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Renu
Residency Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            15         CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Renu Residency
Private Limited takes into account the ongoing delays in the debt
servicing by the company.

RPL was incorporated in 2005 by Mr Shyam Sunder Jaiswal, Mr Murli
Manohar and Mr Pritam Jaiswal. The company was set up with the
objective to build and operate a hostel facility for Delhi
Public School, Gorakhpur to be managed by Kumari Durga Memorial
Sewa Sansthan Barhaj (Uttar Pradesh) [KDMB] trust. The D.P.S
school and the hostel facility are currently under construction
and shall commence operations from April 2014.The company will
generate revenue in the form of lease rentals and charges for
facilities provided in the hostel from KDMB.


SAIL BANSAL: CRISIL Reaffirms 'B-' Rating on INR60MM Loan
---------------------------------------------------------
CRISIL's rating on the bank facilities of Sail Bansal Service
Centre Ltd continues to reflect SBSCL's weak liquidity due to
working-capital-intensive operations, weak financial risk profile
marked by a small net worth, a high gearing, and a total outside
liabilities to tangible net worth ratio, and small scale of
trading operations. These rating weaknesses are partially offset
by the benefits that SBSCL derives from being the sole steel
servicing center for Steel Authority of India Limited in Bokaro

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

Outlook: Stable

CRISIL believes that Sail Bansal Service Centre Limited will
maintain its stable business risk profile over the medium term
backed by its steady business from and long association with SAIL.
CRISIL may revise the outlook to 'Positive' if SBSCL reports
better-than-expected accruals or working capital management,
leading to improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' if the company reports weakening of
its working capital cycle or if it undertakes any significant
debt-funded capital expenditure programme, leading to further
deterioration in its overall financial risk profile, particularly
its liquidity.

SBSCL commenced operations in 2000-01 (refers to financial year,
April 1 to March 31) as a steel service centre (SSC) for SAIL.
SBSCL was formed with the objective of customising steel products
for SAIL. The company is also engaged in trading of steel
structurals. SBSCL is a joint venture between SAIL and BMW
Industries Ltd with BMWIL owning majority (60 per cent) stake in
the Joint Venture.


SANJAY STRIPS: CRISIL Reaffirms 'B+' Rating on INR150MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sanjay Strips
Pvt Ltd continues to reflect SSPL's below-average financial risk
profile marked by a small net worth, high total outside
liabilities to tangible net worth (TOLTNW) ratio, weak debt
protection metrics, and susceptibility to volatility in steel
prices and to intense competition in the steel trading business.
These rating weaknesses are partially offset by the extensive
industry experience of SSPL's promoters in the steel trading
business.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            150      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the medium
term from its promoters' extensive experience in the steel trading
business and its established relationship with customers. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the company's revenues and profitability
margins or a significant increase in net worth on the back of
equity infusion by its promoters. Conversely, the outlook may be
revised to 'Negative' if there is a steep decline in SSPL's
profitability margins or a significant deterioration in the
company's capital structure on account of larger-than-expected
working capital requirements.

Update

For 2012-13 (refers to financial year, April 1 to March 31), SSPL
reported a healthy growth in revenues at INR1.8 billion, a 14 per
cent growth over 2011-12, while maintaining its operating margin
at 2 to 3 per cent, mainly driven by steady demand from a
diversified set of end users - electric consumer durables, battery
manufacturers, furniture and auto component manufacturers along
with other whole sellers and retailers. The operating margin
remains vulnerable to steel prices and is constrained by intense
competition in the steel trading business. CRISIL believes that
SSPL's operating profit will continue to be constrained by intense
competition and adverse fluctuations in steel prices.

SSPL's financial risk profile has been constrained by modest net
worth of INR75 million and high TOLTNW ratio of 4.3 times as on
March 31, 2013. The liquidity remains stretched on account of low
accruals of about INR6 million in 2012-13 and moderate working
capital intensity in operations reflected in gross current assets
of 93 days as on March 31, 2013. SSPL enjoys enhanced fund-based
bank limits of INR230 million from earlier levels of INR180
million; this, along with equity infusion of INR30 million in
2012-13, enables the company to meet additional working capital
requirements to support increasing sales. CRISIL believes that a
controlled working capital cycle and continued funding support
from the promoters will be crucial for improving the company's
liquidity. SSPL does not have any capital expenditure plans over
the medium term.

SSPL reported a profit after tax (PAT) of INR5.1 million on net
sales of INR1.9 billion for 2012-13, against a PAT of INR2.9
million on net sales of INR 1.6 billion for 2011-12.

SSPL was established as a proprietary concern named Sanjay Steels
by Mr. Sanjay Gupta in July 2007; it was reconstituted as a
private limited company in April 2011. The company trades in cold-
rolled sheets and steel long products.


SANSAR BUILDCON: CARE Assigns 'B+' Rating to INR15cr LT Loans
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sansar
Buildcon Private Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             15        'CARE B+' Assigned

Rating Rationale

The rating assigned to the bank facilities of Sansar Buildcon
Private Limited is primarily constrained by the project
implementation and saleability risk amidst high competition in the
real estate industry in the city of Raipurand, risk associated
with the geographical and revenue concentration. However, the
rating derives strengths from the experience of the promoters and
locational advantage of its project.

The ability of SBPL to successfully complete its on-going real
estate project, the timely receipt of booking advances, usage of
surplus funds for land acquisition and developments of new real
estate projects other than envisaged project shall be the key
rating sensitivities.

Raipur-based (Chhattisgarh) SBPL was incorporated in December 2008
by two brothers, Mr Satendra Agarwal & Mr Suresh Kumar Agarwal.
Currently, SBPL is developing a real estate project; 'Srishti's
Palazzo' spread over 6 acres (2.61 lakh square feet) of plot
located at St. Xaviers Road, Avanti Vihar, Raipur. The project
consists of 114 apartments of 2, 3 and 4 BHK, 14 row
houses, 13 bungalows and 22 commercial shop & offices. The entire
project is expected to be completed by June 2015. Though
'Srishti's Palazzo' is the first project under SBPL the promoters
have about two decades of experience in the development of
residential projects in and around Raipur. In the past, they have
developed various real estate projects like Srishti Vihar, Srishti
Block, Srishti Park and Srishti Garden in  Raipur city under M/s
Sansar Builders, a partnership firm founded by the Agarwal family
in 1996.

During FY13 (refers to the period April 1 to March 31), SBPL
achieved a PBILDT of INR0.82 crore and PAT of INR0.05 crore on the
total income of INR1.58 crore.


SINGHAL INDUSTRIES: CRISIL Reaffirms B Ratings on INR284.5MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of to reflect Singhal
Industries Pvt Ltd's below-average financial risk profile, marked
by its weak liquidity, and susceptibility to intense industry
competition. These rating weaknesses are partially offset by the
benefits that SIPL derives from its promoters' extensive industry
experience.

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

   Letter of Credit          10      CRISIL A4 (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility         4.2    CRISIL B/Stable (Reaffirmed)

   Term Loan                180.3    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SIPL will continue to benefit over the medium
term from its promoters' extensive experience in the packaging
industry. The outlook may be revised to 'Positive' in case the
company reports significant improvement in its liquidity position,
driven by better-than-expected working capital management.
Conversely, the outlook may be revised to 'Negative' if there is
lower than expected ramp-up of scale of operations and/or
profitability post the capacity enhancement capex.

Update

For 2012-13 (refers to financial year, April 1 to March 31),
revenue increased year-on-year (y-o-y) by 37 per cent. Revenue is
supported by strong order flows from the bags section (flexible
intermediate bulk container (FIBC), leno, and Polypropylene (PP)
bags) and some orders for warning mats. In 2013-14, the warning
mats segment sales have increased to INR35 million as on September
30, 2013. The company has an order book of INR193 million
inclusive of export orders of INR24 million. The company is also
in advanced stages to procure INR200 million of orders from Bharat
Sanchar Nigam Ltd (BSNL) in its warning mats segment, thereby
providing strong revenue visibility. Till October 2013, the
company reported healthy revenue of INR25 million for 2013-14,
reflecting uptick in its offtake. The company's operations exhibit
some seasonality with its second half revenue exceeding its first
half due to improved orders from the sugar and fertiliser
industries. CRISIL believes that SIPL will post revenue in the
range of INR500 million to INR550 million for 2013-14 supported by
a healthy order book and improved demand.

In 2012-13, SIPL's profitability at the operating level was lower
than the expectation at 9.3 per cent. The margins were impacted
mainly by higher costs and increase in low-margin products in the
sales mix leading to deterioration in gross margin to 21 per cent
in 2012-13 against. 28 per cent in 2011-12. For 2013-14,
profitability is expected to be close to 9.5 to 10 per cent. For
2012-13, SIPL's working capital requirements continued to remain
high with gross current assets (GCA) of 203 days. The working
capital requirements were dominated by inventory of 132 days. The
inventory is seen in the range of 85 to 132 days, showing an
increasing trend for the three years ended as on March 2013.
However, the inventory holdings are dominated by work in progress
inventory as the company manufactures and keeps the rolls of the
bags and dispatches according to the orders later on for quicker
turnaround. Inventory is expected to remain close to 2012-13
levels for the medium term.

With increased installed capacity, the working capital
requirements are expected to increase over the medium term but the
company is planning to infuse funds in the form of equity to
establish the required margins for further enhancement in bank
lines. The equity will be infused by the end of the March 2014,
thereby supporting its future requirements. Over the medium term,
the overall working capital requirements are expected to increase
on account of expected increase in its scale of operations.

In 2013-14, post the capacity expansion capital expenditure
(capex), gearing is expected to be close to 1.8 times due to net
worth supported by equity infusion of INR44 million coupled with
moderate accruals against term loan repayments, reducing overall
debt. Over the medium term, gearing is expected to be close to 1.5
times. Liquidity remains weak on account of its working-capital-
intensive operations as reflected in average bank limit
utilisation of 87 per cent for the 12 months through October 2013
coupled with its debt-funded capex and commencement of term loan
repayments for the same. CRISIL believes that SIPL's large working
capital requirements will continue to have a bearing on its
overall liquidity.

SIPL, incorporated in 2007 and based in Gujarat, manufactures leno
bags, various types of high density polyethylene and polypropylene
bags, wide-width fabric, and warning mats. These products are used
as packaging material in industries such as sugar, cement, and
fast-moving consumer goods; the warning mats are used as mandatory
protection layers on underground gas pipelines. The company is
promoted by Mr. Pradeep Agarwal and his sons, Mr. Tushar Agarwal
and Mr. Pulkit Agarwal.

For 2012-13, SIPL reported profit after tax (PAT) of INR5.3
million on sales of INR332.7 million as compared with PAT of
INR3.5 million on sales of INR242 million for 2011-12.


SREE SHANMUGA: ICRA Assigns 'B' Ratings to INR15cr Loans
--------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR8.5 crore long-term
fund based facilities, INR6.0 crore term loans and INR0.5 crore
proposed limits of Sree Shanmuga Modern Rice Mill Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-Term Fund
   Based Limits           8.5       [ICRA]B/assigned

   Term Loans             6.0       [ICRA]B/assigned

   Proposed Limits        0.5       [ICRA]B/assigned

The assigned rating takes into account extensive experience of the
promoters in the rice milling industry, the Company's established
relationships with traders in Karnataka and Tamil Nadu, proximity
of the Company to paddy growing areas in Karnataka which
facilitates easy procurement of raw materials and favourable
demand prospects for the rice industry in India. The rating also
takes into account the financial profile of the Company
characterized by high gearing, modest debt coverage metrics and
weak cash flows. High working capital requirement owing to the
large amount of inventory holding has resulted in high debt levels
for the Company stretching SSMRM's capital structure. The rating
also factors in the high competitive intensity in the industry
with presence of large number of players, low entry barriers and
fragmented nature of the industry which restricts the margins to a
certain extent. While the Company plans to increase its capacities
and thereby earnings through installation of new machinery in its
plant in the current fiscal, capital structure and margins are
expected to remain stretched in the near to medium term owing to
the debt funded capital expenditure and the consequent interest
expenses. The Company's margins also remain vulnerable to
Government regulations restricting bargaining power in purchase
price and selling price (for part of the produce). Going forward,
the Company's ability to scale up, improve its capital structure
and debt protection metrics would remain key rating sensitivities.

SSMRM was incorporated in 1995 in Bangarpet (Karnataka) by Mr.
R.N. Shanmugam. The Company is engaged in milling, processing, and
selling of different varieties of finished rice, broken rice and
bran. The Company procures majority of its raw material
requirements from traders in Karnataka and Tamilnadu and sells
milled, finished rice to wholesale dealers across the country. The
Company's plant is spread over four acres in Bangarpet with total
installed capacity of 14 tons per hour of milling as on March 31,
2013.

Recent Results

For 2012-13, the Company reported an operating income of INR76.6
crore with a profit after tax (PAT) of INR4.8 crore as against an
operating income of INR48.4 crore with a profit after tax (PAT) of
INR0.6 crore during 2011-12.


SRI LAKSHMI: CRISIL Raises Ratings on INR100.2MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sri Lakshmi Venkateswara Raw & Boiled Rice Mill to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              77.5     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Long-Term Loan           12       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long-Term
   Bank Loan Facility        8.2     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   SME Credit                2.5     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in SVRM's business
risk profile, driven by an increase in its scale of operations and
operating profitability. The firm reported revenues of around
INR299 million and an operating profitability of around 5 per cent
for 2012-13 (refers to financial year, April 1 to March 31), as
compared to around INR195 million and 3.8 per cent, respectively,
for 2011-12.

SVRM's financial risk profile continues to be weak, with gearing
estimated at around 2.3 times as on March 31, 2014. The firm's
liquidity is expected to remain stretched over the medium term,
due to its working-capital-intensive operations. SVRM extensively
utilised its working capital limits at an average of around 91 per
cent over the 10 months ended October 31, 2013. During 2013-14,
the firm could generate cash accruals of INR70 million, vis--vis
term debt obligations of INR25 million during the period.

The ratings continue to reflect SVRM's weak financial risk
profile, marked by high gearing, and weak debt protection metrics,
and intense competition in the rice milling industry. These rating
weaknesses are partially offset by the extensive industry
experience of SVRM's promoters.

Outlook: Stable

CRISIL believes that SVRM will benefit from the extensive industry
experience of its management over the medium term. The outlook may
be revised to 'Positive' if the firm improves its scale of
operations and capital structure thereby improving its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the firm undertakes aggressive debt-funded expansions, or
reports a substantial decline in its revenues and profitability.
Any capital withdrawals by the promoters, weakening the firm's
financial risk profile could also result in a 'Negative' outlook
revision.

Set up in 1991 as a partnership firm, SVRM mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
promoted by Mr.Srinivasulu Naidu and his family members.

SVRM reported a profit after tax (PAT) of INR2 million on net
sales of INR299 million for 2012-13 vis--vis a PAT of INR1
million on net sales of INR195 million for 2011-12


SWARAJ SYNTEX: ICRA Upgrades Ratings on INR7.93cr Loans to 'C-'
---------------------------------------------------------------
ICRA has upgraded the long term rating assigned to INR7.93 crore
fund based limits of Swaraj Syntex Private Limited from '[ICRA]D'
to '[ICRA]C-'. ICRA has also upgraded long term and short term
ratings assigned to INR3.34 crore unallocated limits of the
company from 'ICRA]D' to long term rating of [ICRA]C- and short
term rating of '[ICRA]A4'.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based-Cash
   credits               3.60         [ICRA]C-; Upgraded

   Fund based-Term
   loan                  4.33         [ICRA]C-; Upgraded

   Unallocated
   Limits                3.34         [ICRA]C-/[ICRA]A4; Upgraded

The upward revision in rating primarily takes into account the
SSPL's favorable track record of timely servicing of debt
obligations following restructuring of the term loans in June 2013
and changes in top management of the company. The rating also
favorably factors in operational synergy achieved through its
group company which is engaged in similar line of business and
locational advantage of the company arising from close proximity
to raw material sourcing as well as its customers. Nevertheless,
the ratings continue to be constrained by the high financial risk
profile of the company characterized by thin profit margins, weak
debt coverage indicators and stretched liquidity position as
reflected in higher utilization of working capital limits. ICRA
also takes a note on company's exposure towards highly competitive
market due to presence of large number of players in organized and
unorganized segment, as well as vulnerability to raw material
price fluctuations which in turn exerts pressure on profit margins
of the company. ICRA further notes that the envisaged debt funded
capex in FY14 is likely to deteriorate the credit metrics and
repayment capabilities of the company on the onset of full-fledged
debt repayment for existing as well as new term debt.

Swaraj Syntex Pvt. Ltd was incorporated in August 1991 with the
main objective of manufacturing and trading of finished fabrics
and also to engage in embroidery works. The company has its
registered office and manufacturing unit situated in Surat.
Gradually, as the business operations turned unviable leading to
decline in sales and profit margins, owing to highly competitive
market, the company decided to cease all previous operations and
commenced dyeing of grey fabrics on job work basis since 2012.
Company was previously managed by Mr. KamleshKumar Agrawal, Mr.
SudeshKumar Agrawal, Mr. Siddharth Agarwal & Mr. Anil Chaudhary.
However, top management of the company changed during April 2013
wherein Mr. Kamleshkumar & Mr. Sudeshkumar resigned as directors
of the company and Mr. VidhyutKumar Jain become the key director
of the company along with Mr. Anil Chaudhary.

Recent Results

As per FY13 audited financials, Swaraj Syntex Private Limited has
reported a net profit of INR0.06 crore on an operating income of
INR23.88 crore for the year ending 31st March, 2013.


T R TREHAN: CARE Reaffirms 'B' Rating on INR5.12cr Loans
--------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
T R Trehan Constructions Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            5.12       CARE B Reaffirmed

   Long-term/Short-
   term Bank
   Facilities            9.00       CARE B/CARE A4 Reaffirmed

Rating Rationale

The reaffirmation of ratings assigned to the bank facilities of TR
Trehan Constructions Private Limited factors in the modest scale
of operations coupled with moderate order book position leading to
limited revenue visibility with geographic and customer
concentration risk. The ratings also continue to remain
constrained on account of its stressed liquidity position with
elongated operating cycle, presence in a highly competitive and
fragmented road construction industry and tender driven nature of
the business.

The ratings, however, continue to derive benefits from the long
track record of the promoters of more than four decades in the
construction industry and its long standing association with the
government clientele. The ratings factor in the improvement in
profitability and capital structure during FY13 (refers to the
period April 1 to March 31).

Timely execution of on-hand orders and strengthening of the order
book position while maintaining a prudent capital structure and
profitability margins and improvement in the liquidity position
are key rating sensitivities.

Madhya Pradesh (M P) based, TRCPL was promoted by Mr Anil Salhotra
as a proprietorship concern in 1969 and later on in 1989 it was
converted into a partnership firm by admitting the family members
as partners and naming as T R Trehan & Co. Furthermore, in 1999
the firm was taken over by TRCPL on a going concern basis.

The company is involved in the road construction & road
resurfacing work for Public Works Department (PWD) and other
government departments and has a status of 'A-5' (highest in the
scale of A1 to A5) class contractor from PWD, M.P. The company is
engaged mainly in the construction of bitumen and concrete based
roads and it also manufactures hume pipes for captive consumption.

As per the audited results for FY13, TRCPL reported a total
operating income of INR19.59 crore (FY12: INR18.52 crore) with a
profit after tax of INR0.63 crore (FY12: INR0.90 crore). As per
the provisional results for 8MFY14, TRCPL has registered a total
operating income of INR8 crore.


TIRUPUR TEXTILES: CRISIL Reaffirms 'D' Ratings on INR924.2M Loans
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Tirupur Textiles Private
Ltd reflects the delays by TTPL in servicing its term debt; the
delays have been caused by the company's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            2.5     CRISIL D (Reaffirmed)
   Cash Credit             150.0     CRISIL D (Reaffirmed)
   Letter of Credit        201.7     CRISIL D (Reaffirmed)
   Long-Term Loan          430.0     CRISIL D (Reaffirmed)
   Proposed Long-Term
   Bank Loan Facility      140.0     CRISIL D (Reaffirmed)

TTPL also has a weak financial risk profile, marked by a high
gearing and weak debt protection metrics; moreover, the company is
vulnerable to power shortages in Tamil Nadu and to volatility in
raw material prices. TTPL, however, benefits from its extensive
experience eof its promoters in cotton spinning industry.

TTPL was set up in 1956 by Mr. G T Krishnaswamy Naidu and his son,
Mr. K Sivasubramaniam; it manufactures hosiery cotton yarn.

For 2012-13, TTPL reported a profit after tax (PAT) of INR29.7
million on net sales of INR1134.9 million, against net loss of
INR20.2 million on net sales of INR972.8 million for 2011-12


VARDHMAN VITRIFIED: ICRA Reaffirms 'D' Rating on INR15.45cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]D' assigned to
the INR5.45 crore (reduced from INR11.00 crore) term loans
facility and INR7.00 crore (enhanced from INR6.00 crore) cash
credit facilities of Vardhman Vitrified Private Limited. ICRA has
also reaffirmed the short term rating of '[ICRA]D' assigned to the
INR3.00 crore (enhanced from INR2.00 crore) short-term non-fund
based bank guarantee limits of VVPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            5.45        [ICRA]D reaffirmed
   Cash Credit           7.00        [ICRA]D reaffirmed
   Bank Guarantee        3.00        [ICRA]D reaffirmed

The reaffirmation of the ratings takes into account the continuous
delays in debt servicing due to stretched liquidity position and
the weak financial profile characterized by low net margins, high
gearing levels and stretched working capital position. The ratings
are further constrained by VVPL's limited track record and its
modest size of current operations, highly competitive nature of
the ceramic tile industry, the company's single product portfolio
and relatively lower visibility of its brand compared to other
large organized players. The ratings also take into account the
vulnerability of VVPL's profitability to the cyclicality
associated with the real estate industry and to the increasing
prices of gas, as gas is the major source of fuel. The ratings
nevertheless consider the prior experience of the promoters in the
ceramics industry, steady ramp-up of operations by VVPL, location
advantage giving VVPL easy access to raw material.

Vardhman Vitrified Private Limited was incorporated in July 2009
and is engaged in manufacturing of vitrified tiles. The company
started commercial production from July 2010. The company has its
production facilities at Morbi, Gujarat with a total manufacturing
capacity of 47000 MTPA. VVPL currently has the capability to
manufacture vitrified tiles of size 600 mm X 600 mm, 800 mm x 800
mm, 1000 mm x 1000 mm with the current set of machineries at its
production facilities. The bulk of the production being carried
out by the company is for the size 600 mm x 600 mm. The company
has established 'Vardhman' as the brand for selling its products
in the markets. The promoters of VVPL also promote other companies
engaged in similar business activities which include New Vardhman
Vitrified Private Limited, Hexa Ceramic Private Limited and Comet
Ceramics.

Recent Results

During FY 2013, VVPL reported operating income of INR33.13 crore
and profit after tax of INR0.12 crore as against an operating
income of INR40.97 crore and profit after tax of INR0.66 crore
during FY 2012.


VENMITRA SYSTEMS: ICRA Rates INR3.5cr Loans at 'B+'
---------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR3.50
crore fund based limits and a short term rating of '[ICRA]A4' to
the INR1.00 crore short term fund based limits and INR3.50 crore
non-fund based limits of Venmitra Systems.

                              Amount
   Facilities              (INR crore)     Ratings
   ----------              -----------     -------
   Fund Based: Overdraft        3.50       [ICRA]B+ assigned
   against Book debts

   Fund Based: Bills
   Under Letter of
   Credit                       1.00       [ICRA]A4 assigned

   Non-Fund Based: Bank
   Guarantee                    3.50       [ICRA]A4 assigned

The ratings take into account the firm's modest scale of
operations which is constrained by requirement of incremental
working capital funds and its relatively weak financial profile
characterized by low profit margins which along with high interest
burden has led to modest coverage indicators. Moreover, the
ratings further take into account the firm's stretched capital
structure and strained liquidity position. The firm's ability to
generate adequate orders through successful bidding, in the
intensely competitive Information Technology industry, in the near
term remains critical. Also, as Venmitra is a proprietorship firm,
the capital structure is exposed to any capital withdrawals by the
promoter.

The assigned ratings, however, favourably factor in the experience
and track record of the proprietor in the business backed by
reputed clientele base and alliance with leading brands providing
branding support to the concern.

Promoted by Mr. Dhananjay Kamath in 1987, Venmitra Systems, a
proprietorship concern is engaged in providing various Information
Technology (IT) Solutions including system integration,
networking, security and other IT infrastructure solutions in the
nature of services as well as products. It has business
partnership with various renowned OEMs including Acer, Cisco
Systems, Citrix, Dell, Fujitsu, HP, IBM, and Microsoft among
others. The concern has track record of executing several projects
Pan India. The concern is based out of Malad, Mumbai and has
branch offices in Hyderabad and Pune.

Recent results:

Venmitra recorded a net profit of INR0.50 crore on an operating
income of INR28.12 crore for year ending 31st March, 2013.



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


FIVE STARS: Travel Agency Closes Branches in Singapore
------------------------------------------------------
Sia Ling Xin at Yahoo Singapore reports that potentially hundreds,
if not thousands, of travellers have been left in the lurch after
popular coach and travel agency Five Stars Tour abruptly closed
all eight of its branches across Singapore on January 8.

News of the travel agency's closure was first reported by Chinese
daily Lianhe Wanbao, the report says.  In its report, it said Five
Stars had applied for a liquidation notice with the police,
according to Yahoo Singapore.

According to the report, a notice at its entrance read that the
agency "has closed for business and stop providing services with
immediate effect. We will be returning all passports to customers
through registered article in the next few days".

It also said customers with unfulfilled trips can make claims
through travel insurance or file claims through the Small Claims
Tribunal or CASE, Yahoo Singapore relates.

Yahoo Singapore says that despite Chinese New Year being just
around the corner, the travel agency that employed over 200 staff
gave no advance notice or warning before shutting down.

Many Malaysians who reside in Singapore typically book their bus
tickets through Five Stars, known for its luxury coach services to
several destinations in Malaysia. Besides Malaysia, it also offers
group and free and easy tours to locations across America,
Australia, Asia and Southeast Asia.

Yahoo Singapore, citing The Straits Times, reports that Five Stars
had been struggling to stay afloat in recent months -- staff had
not been paid CPF contributions for months and it was forced to
sell its headquarters in People's Park Complex last year before
renting it back from the new owner.

The Straits Times also reported that the National Association of
Travel Agents Singapore (Natas) is monitoring the situation
closely but could not tell how many customers are affected as they
have been unable to contact Five Stars' management, Yahoo
Singapore adds.



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


TONG YANG GROUP: Chairman Faces Unfair Trading Charges
------------------------------------------------------
Yonhap News Agency reports that the Financial Services Commission
(FSC) on January 8 reported the head of South Korea's major
conglomerate Tong Yang Group to the prosecution on charges of
unfair trading that led to huge losses for retail investors
following the firm's liquidity crunch last year.

According to the report, the FSC brought the charges against Hyun
Jae-hyun, the chairman of Tong Yang Group, whom it has accused of
selling debts in a bid to secure funds even though he knew the
company was collapsing as it was unable to make any repayments for
maturing debts.

As reported in the Troubled Company Reporter-Asia Pacific Oct. 3,
2013, The Korea Times said Tongyang Group Chairman Hyun Jae-hyun
is likely to lose his control of the company as five affiliates
have filed for court protection to avoid bankruptcy. Tongyang
Group confirmed that in only two days from September 30 through
October 1, five Tongyang affiliates -- Tongyang Inc., Tongyang
Leisure, Tongyang International, Tongyang Networks and Tongyang
Cement & Energy -- all filed for the court-led debt rescheduling
program after they failed to pay maturing debts valued at
KRW110 billion.  Following the receivership applications, the
Seoul Central District Court will decide on whether to give the
go-ahead to the protection request by Tongyang affiliates or to
let them go belly up and liquidate, the report noted.

Tong Yang Group is a South Korean conglomerate founded in 1957 as
a cement manufacturer.  The company through its subsidiaries,
engages in constructing houses, and roads and harbors.  Its
products include ready mixed concrete, PHC piles, admixture, low
heat cement, low-heat portland cement, portland cement, and blast
furnace slag cement.



===============
X X X X X X X X
===============


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                     Total     Shareholders
                                    Assets           Equity
  Company            Ticker        (US$MM)          (US$MM)
  -------            ------         ------     ------------


AUSTRALIA

AAT CORP LTD           AATDA          32.50      -13.46
ARASOR INTERNATI       ARR            19.21      -26.52
ATLANTIC LTD           ATI           490.17      -25.68
AUSTRALIAN ZI-PP       AZCCA          77.75       -2.57
AUSTRALIAN ZIRC        AZC            77.75       -2.57
BIRON APPAREL LT       BIC            19.71       -2.22
BOUNTY MINING LT       BNT            10.54       -0.94
CLARITY OSS LTD        CYO            37.13      -13.75
CMA CORP LTD           CMV           127.41      -51.00
CWH RESOURCES LT       CWH            10.71       -3.03
LANEWAY RESOURCE       LNY            10.84      -11.48
NATURAL FUEL LTD       NFL            19.38     -121.51
PENRICE SODA HOL       PSH           122.46      -26.85
QUICKFLIX LTD          QFX            11.48       -5.34
QUICKFLIX LTD-N        QFXN           11.48       -5.34
REDBANK ENERGY L       AEJ           300.67      -20.13
RIVERCITY MOTORW       RCY           386.88     -809.13
RUBICOR GROUP LT       RUB            45.20      -75.31
STERLING PLANTAT       SBI            59.08       -6.07
STIRLING RESOURC       SRE            16.53       -8.12
STRAITS RESOURCE       SRQ           208.51      -29.73
SWAN GOLD MINING       SWA            36.43       -9.08
TZ LTD                 TZL            12.88       -8.73


CHINA

ANHUI GUOTONG-A        600444         79.12      -10.53
CHANG JIANG-A          520           770.91     -176.56
CHINA GREAT LAND       CGL            16.52      -19.01
CHINA OILFIELD T       COT            22.00      -16.71
FORGAME HOLDINGS       484            83.73      -21.92
HEBEI BAOSHUO -A       600155        114.00     -104.15
HUASU HOLDINGS-A       509            77.77      -39.31
HULUDAO ZINC-A         751           507.79     -532.25
HUNAN TIANYI-A         908            59.37       -1.14
JIANGSU ZHONGDA        600074        338.59      -29.88
NANNING CHEMIC-A       600301        391.41      -43.60
QINGDAO YELLOW         600579        122.36      -71.04
QINGHAI SUNSHI-A       600381        394.70      -78.28
SHENZ CHINA BI-A       17             28.50     -283.65
SHENZ CHINA BI-B       200017         28.50     -283.65
SHIJIAZHUANG D-A       958           241.31     -111.50
SHUNFENG PHOTOVO       1165          411.73      -51.06
TAIYUAN TIANLO-A       600234         63.28      -17.71
WUHAN BOILER-B         200770        217.13     -213.03
WUHAN XIANGLON-A       600769         77.45     -103.43
YUNNAN JINGGU FO       600265         84.92       -2.90


HONG KONG

BIRMINGHAM INTER       2309           63.14       -6.89
BUILDMORE INTL         108            17.36      -70.34
CHINA HEALTHCARE       673            37.65       -0.40
CHINA OCEAN SHIP       651           248.21     -106.72
CNC HOLDINGS           8356           99.16       -9.03
CROSBY CAPITAL         8088           16.40      -20.27
EFORCE HLDGS LTD       943            60.73       -9.56
FU JI FOOD & CAT       1175           16.51     -156.68
GRANDE HLDG            186           255.10     -208.18
ICUBE TECHNOLOGY       139            18.87       -0.43
INNO-TECH HLDGS        8202           84.54     -116.82
LANGHAM HOSPITAL       1270          684.55      -86.21
LONG SUCCESS INT       8017           50.05       -7.44
MASCOTTE HLDGS         136           161.39      -30.38
MEGA EXPO HOLDIN       1360           17.00       -0.53
MELCOLOT LTD           8198           13.69      -28.83
PALADIN LTD            495           159.65       -9.17
PROVIEW INTL HLD       334           314.87     -294.85
SINO RESOURCES G       223            29.34      -24.77
SURFACE MOUNT          SMT            32.88      -10.68
U-RIGHT INTL HLD       627            15.56     -203.41
VXL CAPITAL LTD        727            74.79       -0.16


INDONESIA

APAC CITRA CENT        MYTX          176.66       -6.99
ARPENI PRATAMA         APOL          249.84     -319.77
ASIA PACIFIC           POLY          392.41     -827.79
BUMI RESOURCES         BUMI        7,027.47      -18.17
ICTSI JASA PRIMA       KARW           55.02       -5.29
JAKARTA KYOEI ST       JKSW           24.92      -34.90
MATAHARI DEPT          LPPF          209.66      -89.74
ONIX CAPITAL TBK       OCAP           13.22       -1.03
PRIMARINDO ASIA        BIMA           11.14      -18.88
RENUKA COALINDO        SQMI           15.64       -0.26
SUMALINDO LESTAR       SULI          114.51       -5.85
UNITEX TBK             UNTX           18.54      -18.35


INDIA

ABHISHEK CORPORA       ABSC           53.66      -25.51
AGRO DUTCH INDUS       ADF            85.09      -22.81
ALPS INDUS LTD         ALPI          201.29      -41.70
AMIT SPINNING          AMSP           12.85       -7.68
ARTSON ENGR            ART            11.81      -10.16
ASHAPURA MINECHE       ASMN          161.89      -51.58
ASHIMA LTD             ASHM           63.23      -48.94
ATV PROJECTS           ATV            48.47      -43.93
BELLARY STEELS         BSAL          451.68     -108.50
BENZO PETRO INTL       BPI            26.77       -1.05
BHAGHEERATHA ENG       BGEL           22.65      -28.20
BLUE BIRD INDIA        BIRD          122.02      -59.13
CELEBRITY FASHIO       CFLI           24.96       -8.26
CHESLIND TEXTILE       CTX            20.51       -0.03
CLASSIC DIAMONDS       CLD            66.26       -6.84
COMPUTERSKILL          CPS            14.90       -7.56
DCM FINANCIAL SE       DCMFS          18.46       -9.46
DFL INFRASTRUCTU       DLFI           42.74       -6.49
DIGJAM LTD             DGJM           99.41      -22.59
DISH TV INDIA          DITV          579.01      -28.55
DISH TV INDI-SLB       DITV/S        579.01      -28.55
DUNCANS INDUS          DAI           122.76     -227.05
ENSO SECUTRACK         ENSO           15.57       -0.46
EURO CERAMICS          EUCL          110.62       -6.83
EURO MULTIVISION       EURO           36.94       -9.95
FERT & CHEM TRAV       FCT           311.92      -35.19
GANESH BENZOPLST       GBP            44.05      -15.48
GANGOTRI TEXTILE       GNTX           54.67      -14.22
GOKAK TEXTILES L       GTEX           46.36       -0.29
GOLDEN TOBACCO         GTO            97.40      -18.24
GSL INDIA LTD          GSL            29.86      -42.42
GSL NOVA PETROCH       GSLN           16.53       -1.31
GUJARAT STATE FI       GSF            10.26     -303.64
GUPTA SYNTHETICS       GUSYN          44.18       -6.34
HARYANA STEEL          HYSA           10.83       -5.91
HEALTHFORE TECHN       HTEC           14.74      -46.64
HINDUSTAN ORGAN        HOC            74.72      -24.07
HINDUSTAN PHOTO        HPHT           49.58   -1,832.65
HMT LTD                HMT           108.71     -572.12
ICDS                   ICDS           13.30       -6.17
INDAGE RESTAURAN       IRL            15.11       -2.35
INTEGRAT FINANCE       IFC            49.83      -51.32
JCT ELECTRONICS        JCTE           80.08      -76.70
JENSON & NIC LTD       JN             16.49      -71.70
JET AIRWAYS IND        JETIN       3,368.77     -335.45
JET AIRWAYS -SLB       JETIN/S     3,368.77     -335.45
JOG ENGINEERING        VMJ            45.90       -5.28
KALYANPUR CEMENT       KCEM           23.39      -42.66
KANCO ENTERPRISE       KANE           10.59       -4.93
KERALA AYURVEDA        KERL           13.97       -1.69
KIDUJA INDIA           KDJ            11.16       -3.43
KINGFISHER AIR         KAIR          515.93   -2,371.26
KINGFISHER A-SLB       KAIR/S        515.93   -2,371.26
KITPLY INDS LTD        KIT            14.77      -58.78
KLG SYSTEL LTD         KLGS           40.64      -27.37
LML LTD                LML            43.95      -78.18
MADRAS FERTILIZE       MDF           167.72      -56.20
MAHA RASHTRA APE       MHAC           14.49      -12.96
MAHANAGAR TELE         MTNL        4,845.41     -511.72
MAHANAGAR TE-SLB       MTNL/S      4,845.41     -511.72
MALWA COTTON           MCSM           44.14      -24.79
MILTON PLASTICS        MILT           17.67      -51.22
MODERN DAIRIES         MRD            38.61       -3.81
MOSER BAER INDIA       MBI           727.13     -165.63
MOSER BAER -SLB        MBI/S         727.13     -165.63
MTZ POLYFILMS LT       TBE            31.94       -2.57
MURLI INDUSTRIES       MRLI          262.39      -38.30
MYSORE PAPER           MSPM           87.99       -8.12
NATL STAND INDI        NTSD           22.09       -0.73
NAVCOM INDUS LTD       NOP            10.19       -3.53
NICCO CORP LTD         NICC           71.84       -4.91
NICCO UCO ALLIAN       NICU           23.25      -83.90
NK INDUS LTD           NKI           141.35       -7.71
NRC LTD                NTRY           63.70      -53.01
NUCHEM LTD             NUC            24.72       -1.60
PANCHMAHAL STEEL       PMS            51.02       -0.33
PARAMOUNT COMM         PRMC          124.96       -0.52
PARASRAMPUR SYN        PPS            99.06     -307.14
PAREKH PLATINUM        PKPL           61.08      -88.85
PIONEER DISTILLE       PND            53.74       -5.62
PREMIER INDS LTD       PRMI           11.61       -6.09
PRIYADARSHINI SP       PYSM           20.80       -2.28
QUADRANT TELEVEN       QDTV          150.43     -137.48
QUINTEGRA SOLUTI       QSL            16.76      -17.45
RAMSARUP INDUSTR       RAMI          433.89      -89.28
RATHI ISPAT LTD        RTIS           44.56       -3.93
RELIANCE BROADCA       RBN            86.97       -0.59
RELIANCE MEDIAWO       RMW           425.22      -21.31
RELIANCE MED-SLB       RMW/S         425.22      -21.31
RENOWNED AUTO PR       RAP            14.12       -1.25
RMG ALLOY STEEL        RMG            66.61      -12.99
ROLLATAINERS LTD       RLT            22.97      -22.24
ROYAL CUSHION          RCVP           14.70      -75.18
SAAG RR INFRA LT       SAAG           12.54       -4.93
SADHANA NITRO          SNC            16.74       -0.58
SANATHNAGAR ENTE       SNEL           49.23       -6.78
SANCIA GLOBAL IN       SGIL           78.82      -25.13
SBEC SUGAR LTD         SBECS          92.44       -5.61
SCOOTERS INDIA         SCTR           19.75      -13.35
SERVALAK PAP LTD       SLPL           61.57       -7.63
SHAH ALLOYS LTD        SA            168.13      -81.60
SHALIMAR WIRES         SWRI           22.79      -27.18
SHAMKEN COTSYN         SHC            23.13       -6.17
SHAMKEN MULTIFAB       SHM            60.55      -13.26
SHAMKEN SPINNERS       SSP            42.18      -16.76
SHREE GANESH FOR       SGFO           44.50       -2.89
SHREE KRISHNA          SHKP           14.62       -0.92
SHREE RAMA MULTI       SRMT           38.90       -4.49
SIDDHARTHA TUBES       SDT            75.90      -11.45
SIMBHAOLI SUGAR        SBSM          268.76      -54.47
SITI CABLE NETWO       SCNL          219.45       -9.68
SPICEJET LTD           SJET          563.64      -41.19
SQL STAR INTL          SQL            10.58       -3.28
STATE TRADING CO       STC           826.29     -276.56
STELCO STRIPS          STLS           14.90       -5.27
STI INDIA LTD          STIB           21.69       -2.13
STL GLOBAL LTD         SHGL           30.73       -5.62
STORE ONE RETAIL       SORI           15.48      -59.09
SUPER FORGINGS         SFS            14.62       -7.00
SURYA PHARMA           SUPH          370.28       -9.97
TAMILNADU JAI          TNJB           17.07       -1.00
TATA METALIKS          TML           156.70       -5.36
TATA TELESERVICE       TTLS        1,311.30     -138.25
TATA TELE-SLB          TTLS/S      1,311.30     -138.25
TODAYS WRITING         TWPL           18.58      -25.67
TRIUMPH INTL           OXIF           58.46      -14.18
TRIVENI GLASS          TRSG           19.71      -10.45
TUTICORIN ALKALI       TACF           19.86      -19.58
UDAIPUR CEMENT W       UCW            11.38      -10.53
UNIFLEX CABLES         UFCZ           47.46       -7.49
UNIWORTH LTD           WW            149.50     -151.14
UNIWORTH TEXTILE       FBW            22.54      -35.03
USHA INDIA LTD         USHA           12.06      -54.51
VANASTHALI TEXT        VTI            14.59       -5.80
VENUS SUGAR LTD        VS             11.06       -1.08
WANBURY LTD            WANB          141.86       -3.91


JAPAN

FLIGHT HOLDINGS        3753           10.10       -2.62
GOYO FOODS INDUS       2230           11.79       -1.51
HARAKOSAN CO           8894          186.55       -8.07
IDEA INTERNATION       3140           23.66       -0.08
KANMONKAI CO LTD       3372           42.64       -0.81


KOREA

DVS KOREA CO LTD       46400          17.40       -1.20
HS R&A CO LTD          13520       1,081.63       -0.57
KC FEED CO LTD         25880         111.24        0.00
NARA KIC LTD           7460          155.88       -1.85
ORIENTAL PRECISI       14940         224.92      -79.83
ROCKET ELEC-PFD        425           111.09       -0.42
ROCKET ELECTRIC        420           111.09       -0.42
SHINIL ENG CO          14350         199.04       -2.53
SSANGYONG ENGINE       12650       1,231.13     -119.47
STX OFFSHORE & S       67250       7,627.42   -1,124.38
TEC & CO               8900          139.98      -16.61
TONGYANG NETWORK       30790         311.91      -36.46
WOONGJIN HOLDING       16880       2,197.34     -635.50


MALAYSIA

HAISAN RESOURCES       HRB            41.31      -11.54
HO HUP CONSTR CO       HO             59.28      -16.64
PETROL ONE RESOU       PORB           51.39       -4.00
SILVER BIRD GROU       SBG            41.63      -34.19
SUMATEC RESOURCE       SMTC          169.12      -26.18
VTI VINTAGE BHD        VTI            17.74       -3.63


NEW ZEALAND

NZF GROUP LTD          NZF            11.69       -4.60
PULSE UTILITIES        PLU            11.29       -3.44


PHILIPPINES

CYBER BAY CORP         CYBR           14.26      -20.51
FIL ESTATE CORP        FC             40.90      -15.77
FILSYN CORP A          FYN            23.11      -11.69
FILSYN CORP. B         FYNB           23.11      -11.69
GOTESCO LAND-A         GO             21.76      -19.21
GOTESCO LAND-B         GOB            21.76      -19.21
LIBERTY TELECOMS       LIB           113.23      -14.81
MRC ALLIED INC         MRC            27.06       -2.56
PICOP RESOURCES        PCP           105.66      -23.33
STENIEL MFG            STN            21.07      -11.96
UNIWIDE HOLDINGS       UW             50.36      -57.19


SINGAPORE

ADVANCE SCT LTD        ASCT           19.68      -22.46
HL GLOBAL ENTERP       HLGE           83.11       -4.63
IGG INC                8002           21.53      -55.84
SCIGEN LTD-CUFS        SIE            68.70      -42.35
SUNMOON FOOD COM       SMOON          20.26      -17.36
TT INTERNATIONAL       TTI           298.35      -82.84
UNITED FIBER SYS       UFS            65.52      -56.60


THAILAND

ABICO HLDGS-F          ABICO/F        15.28       -4.40
ABICO HOLDINGS         ABICO          15.28       -4.40
ABICO HOLD-NVDR        ABICO-R        15.28       -4.40
ASCON CONSTR-NVD       ASCON-R        59.78       -3.37
ASCON CONSTRUCT        ASCON          59.78       -3.37
ASCON CONSTRU-FO       ASCON/F        59.78       -3.37
BANGKOK RUBBER         BRC            77.91     -114.37
BANGKOK RUBBER-F       BRC/F          77.91     -114.37
BANGKOK RUB-NVDR       BRC-R          77.91     -114.37
CALIFORNIA W-NVD       CAWOW-R        28.07      -11.94
CALIFORNIA WO-FO       CAWOW/F        28.07      -11.94
CALIFORNIA WOW X       CAWOW          28.07      -11.94
CIRCUIT ELEC PCL       CIRKIT         16.79      -96.30
CIRCUIT ELEC-FRN       CIRKIT/F       16.79      -96.30
CIRCUIT ELE-NVDR       CIRKIT-R       16.79      -96.30
DATAMAT PCL            DTM            12.69       -6.13
DATAMAT PCL-NVDR       DTM-R          12.69       -6.13
DATAMAT PLC-F          DTM/F          12.69       -6.13
ITV PCL                ITV            36.02     -121.94
ITV PCL-FOREIGN        ITV/F          36.02     -121.94
ITV PCL-NVDR           ITV-R          36.02     -121.94
K-TECH CONSTRUCT       KTECH          38.87      -46.47
K-TECH CONSTRUCT       KTECH/F        38.87      -46.47
K-TECH CONTRU-R        KTECH-R        38.87      -46.47
KUANG PEI SAN          POMPUI         17.70      -12.74
KUANG PEI SAN-F        POMPUI/F       17.70      -12.74
KUANG PEI-NVDR         POMPUI-R       17.70      -12.74
MANGPONG 1989 PC       MPG            11.83       -0.91
MANGPONG 1989 PC       MPG/F          11.83       -0.91
MANGPONG 19-NVDR       MPG-R          11.83       -0.91
PATKOL PCL             PATKL          52.89      -30.64
PATKOL PCL-FORGN       PATKL/F        52.89      -30.64
PATKOL PCL-NVDR        PATKL-R        52.89      -30.64
PICNIC CORP-NVDR       PICNI-R       101.18     -175.61
PICNIC CORPORATI       PICNI         101.18     -175.61
PICNIC CORPORATI       PICNI/F       101.18     -175.61
SAHAMITR PRESS-F       SMPC/F         27.92       -1.48
SAHAMITR PRESSUR       SMPC           27.92       -1.48
SAHAMITR PR-NVDR       SMPC-R         27.92       -1.48
SHUN THAI RUBBER       STHAI          19.89       -0.59
SHUN THAI RUBB-F       STHAI/F        19.89       -0.59
SHUN THAI RUBB-N       STHAI-R        19.89       -0.59
SUNWOOD INDS PCL       SUN            19.86      -13.03
SUNWOOD INDS-F         SUN/F          19.86      -13.03
SUNWOOD INDS-NVD       SUN-R          19.86      -13.03
TONGKAH HARBOU-F       THL/F          62.30       -1.84
TONGKAH HARBOUR        THL            62.30       -1.84
TONGKAH HAR-NVDR       THL-R          62.30       -1.84
TRANG SEAFOOD          TRS            15.18       -6.61
TRANG SEAFOOD-F        TRS/F          15.18       -6.61
TRANG SFD-NVDR         TRS-R          15.18       -6.61
TT&T PCL               TTNT          589.80     -223.22
TT&T PCL-NVDR          TTNT-R        589.80     -223.22
TT&T PUBLIC CO-F       TTNT/F        589.80     -223.22
WORLD CORP -NVDR       WORLD-R        15.72      -10.10
WORLD CORP PCL         WORLD          15.72      -10.10
WORLD CORP PLC-F       WORLD/F        15.72      -10.10


TAIWAN

BEHAVIOR TECH CO       2341S          30.90       -0.22
BEHAVIOR TECH-EC       2341O          30.90       -0.22
HELIX TECH-EC          2479T          23.39      -24.12
HELIX TECH-EC IS       2479U          23.39      -24.12
HELIX TECHNOL-EC       2479S          23.39      -24.12
POWERCHIP SEM-EC       5346S       2,036.01      -52.74
TAIWAN KOL-E CRT       1606U         507.21     -147.14
TAIWAN KOLIN-EN        1606V         507.21     -147.14
TAIWAN KOLIN-ENT       1606W         507.21     -147.14
UNITED FU SHEN C       5467           12.82       -0.22



                             *********

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

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

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


                            *********


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

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

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

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

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



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