TCRAP_Public/140207.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, February 7, 2014, Vol. 17, No. 27


                            Headlines


A U S T R A L I A

AIMS 2004-1 TRUST: Fitch Affirms Class B Notes Rating at 'Bsf'
BRINDABELLA AIRLINES: Companies Behind Carrier in Liquidation
CHARTERHILL GROUP: Court Freezes Founder's Assets
EDGE: U.S. Fund Manager Drops Lawsuit vs. Horse Betting Club
HERITAGE GOLF CLUB: Bent & Cougle Appointed as Administrators


C H I N A

SUNTECH POWER: Appoints Michael Pearson as New Board Member
CHINA: Savers' Penchant for Property Magnifies Bust Danger


I N D I A

AGARWAL RUBBER: CARE Revises Rating on INR45.28cr Loans to 'B+'
AGRAWAL EDUCATION: ICRA Reaffirms 'D' Rating on INR12cr Loans
AKT INTERNATIONAL: CRISIL Places 'B' Rating on INR250MM Loans
ARWAL FOOD: ICRA Assigns 'B' Ratings to INR7.65cr Loans
ASIS GLOBAL: CRISIL Suspends 'B+' Rating on INR230MM Loans

BALAJI ELECTRICAL: ICRA Reaffirms 'B' Rating on INR9cr Loans
BARANI HYDRAULICS: CRISIL Reaffirms 'B+' Rating on INR72.2MM Loan
BEEKAY PLAZA: CRISIL Lowers Rating on INR85MM Loans to 'D'
BHARTIYA ALLOYS: ICRA Reaffirms B+ Rating on INR11.25cr Loan
BISWAMATA HEEMGHAR: CRISIL Assigns 'B' Rating to INR150MM Loans

BULANDSHAHR ROLLER: CARE Reaffirms B+ Rating on INR8cr Bank Loans
DEVBHUMI ARCADE: CARE Cuts Rating on INR7.31cr Loans to 'D'
FAZE THREE: CARE Reaffirms 'D' Rating on INR80.49cr Loans
GOOMBIRA TEA: CARE Reaffirms 'B' Rating on INR15.23cr Bank Loans
GOURISHANKAR COTEX: CARE Revises Rating on INR9cr Loans to 'B+'

GULBARGA AIRPORT: ICRA Suspends 'D' Rating on INR139.75cr Loans
HARSHNI TEXTILES: CRISIL Reaffirms B+ Rating on INR888.3MM Loans
HYDROBATHS RAMCO: ICRA Assigns 'B' Ratings to INR11.43cr Loans
HYGIENE FEEDS: CRISIL Suspends 'B' Rating on INR93MM Loans
IDEAL CARPET: ICRA Reaffirms 'B-' Rating on INR12cr Loans

ISHAAN PLASTICS: CRISIL Raises Rating on INR105MM Loans to 'B'
JAY JAGANNATH: CRISIL Assigns 'D' Ratings to INR346.7MM Loans
MAHESHWAR STEEL: ICRA Suspends 'B' Rating on INR5.39cr Loans
MEHALA CARONA: CRISIL Raises Rating on INR617.2MM Loans to 'C'
MOHAN INDIA: NSEL to Liquidate Firm's Assets

NATVAR PARIKH: CRISIL Rates INR200 Million Bank Loan at 'B+'
NORTH MALABAR: ICRA Suspends B- Rating on INR6.30cr Term Loan
PARTAP INDUSTRIAL: CRISIL Cuts Rating on INR110MM Loans to 'B+'
PRASOON CONSTRUCTIONS: CRISIL Rates INR50 Million Loan at 'B'
PVR SHIP: CARE Reaffirms 'B/A4' Rating on INR50cr Bank Loans

RAM AABHOSHAN: CARE Reaffirms 'B+' Rating on INR20cr Bank Loans
RC GOLDEN: CARE Upgrades Rating on INR0.45cr Loans to 'B+'
ROLEX CYCLES: CRISIL Reaffirms 'B+' Rating on INR202.5MM Loans
ROOTS COOLING: CRISIL Reaffirms 'B+' Rating on INR77.5MM Loans
S.R.K. CHEMICALS: CRISIL Reaffirms 'B' Rating on INR56MM Loans

SAFIRE INDUSTRIES: CRISIL Reaffirms D Rating on INR121.5MM Loans
SAFIRE OFFSET: CRISIL Reaffirms 'D' Ratings on INR179.5MM Loans
SANJAY TRADE: CARE Reaffirms 'B' Rating on INR5cr Bank Loans
SHIV NARESH: ICRA Assigns 'B+' Ratings to INR6cr Loans
SHREE GOKULESH: CARE Assigns 'B+' Rating to INR7.7cr Bank Loans

SHREE KALKA: CARE Revises Rating on INR8.59cr Bank Loans to 'B+'
SPARK GREEN: ICRA Suspends 'D' Rating on INR80cr Term Loans
SRI MVR COTTON: ICRA Reaffirms 'B' Rating on INR14.30cr Loans
SSK EXPORTS: ICRA Suspends 'B+' Rating on INR4.95cr Loans
STAR SHIP: CARE Reaffirms 'B' Rating on INR5cr Bank Loans

STEELCON INFRATRADE: ICRA Suspends B Rating on INR8cr Loan
SUNDALE PACKERS: CRISIL Assigns 'B' Rating to INR103MM Loans
TEJASWI JEWELLERS: CRISIL Suspends 'B+' Rating on INR400MM Loan
VAIBHAV COTTON: CARE Reaffirms 'B' Rating on INR5.23cr Bank Loans
VASAVI KANYAKA: ICRA Downgrades Rating on INR6cr Loans to 'D'


N E W  Z E A L A N D

MARTIN BOSLEY'S YACHT CLUB: Placed Into Liquidation
WESTERN PACIFIC: Liquidation in Third Year


P H I L I P P I N E S

* PHILIPPINES: Central Bank Backs Changes in PDIC Charter


S O U T H  K O R E A

HYUNDAI MERCHANT: Regulator Presses Shipper to Shore up Finances


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


AIMS 2004-1 TRUST: Fitch Affirms Class B Notes Rating at 'Bsf'
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of three AIMS RMBS
transactions.  The transactions are securitizations of first-
ranking Australian residential mortgages originated by AIMS Home
Loans Pty Limited and Loancorp Pty Limited. The rating actions are
as follows:

AIMS 2004-1 Trust:
AUD15.8 million Class A3 (ISIN AU300AIM2035) affirmed at 'AAAsf';
Outlook Stable; and
AUD18 million Class B (ISIN AU300AIM2043) affirmed at 'Bsf';
Outlook Stable.

AIMS 2005-1 Trust:
AUD26.5 million Class A (ISIN AU300AIM3017) affirmed at 'AAAsf';
Outlook Stable; and
AUD12.8 million Class B (ISIN AU300AIM3025) affirmed at 'Bsf';
Outlook Stable.

AIMS 2007-1 Trust:
AUD32.2 million Class A (ISIN AU3FN0002663) affirmed at 'AAAsf';
Outlook Stable; and
AUD16.3 million Class B (ISIN AU3FN0002671) affirmed at 'Bsf';
Outlook Stable.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the senior notes' current
ratings, and the agency's expectations of Australia's economic
conditions.  The Class B ratings for all three transactions
benefit from lenders' mortgage insurance (LMI) and excess spread
levels.  The credit quality and performance of the loans in the
collateral pools has remained in line with expectations.

Principal collections are being allocated sequentially, benefiting
the senior notes by increasing credit enhancement over the life of
the transactions.

As at end-November 2013, 30+ days arrears made up 2.83%, 6.60%,
and 2.95% for AIMS 2004-1 Trust, AIMS 2005-1 Trust and AIMS 2007-1
Trust respectively, although these figures tend to be volatile due
to the relatively small size of the pools.  Arrears levels were
above Fitch's 30+ Days Dinkum Index measuring industry-wide
performance (1.19% as of September 2013).

AIMS 2005-1 and AIMS 2007-1 each experienced a single default over
the year to November 2013, resulting in single losses of AUD36,177
and AUD164,719 respectively. All losses were covered by LMI and
excess spread. There were no defaults in AIMS 2004-1 over the
period.

The transactions are well seasoned at around ten, nine, and eight
years respectively.  As a result, the Fitch calculated weighted
average indexed loan to value ratios were 47.8%, 53.3% and 58.4%
respectively, compared to 57.2%, 62.1% and 65.4% before
indexation.

All loans contained in the collateral pools have LMI in place,
with policies being provided by QBE Lenders' Mortgage Insurance
Limited (Insurer Financial Strength 'AA-'/Stable), and Genworth
Financial Mortgage Insurance Pty Ltd.  Any losses not covered by
LMI policies to date have been covered by excess spread.

RATING SENSITIVITIES

A significant and unexpected increase in delinquencies, defaults
and losses would be necessary before any negative rating action
would be considered on the transactions' senior notes.  Credit
enhancement will continue to build as the transactions amortize.

A downgrade of the Class B notes is considered unlikely due to the
support provided by the LMI providers, positive excess spread
levels, and the high seasoning of each pool.  There have been no
charge offs to date on the Class B notes.


BRINDABELLA AIRLINES: Companies Behind Carrier in Liquidation
-------------------------------------------------------------
Steve Creedy at The Australian reports that the companies behind
failed regional carrier Brindabella Airlines were placed into
liquidation at a creditors meeting on February 4.

Administrators Rodgers Reidy were appointed liquidators and the
few remaining assets will be sold by KordaMentha, The Australian
says.

The Australian notes that Brindabella went into receivership in
December, leaving its 140 employees jobless, after the Civil
Aviation Safety Authority grounded eight of its 12 planes because
scheduled engine inspections had not been undertaken.

According to the report, Rodgers Reidy has estimated the five
companies associated with the airline have a total debt of AUD37.7
million, including AUD2.8 million owed to staff and more than $10m
owed to the Commonwealth Bank.

It said last week its preliminary investigations into the
companies' financial affairs indicate they may have traded while
insolvent and it had lodged a report with the Australian
Securities and Investments Commission, The Australian recalls.

The Australian relates that a KordaMentha spokesman said there was
little left of the airline. "What they've got is four planes, a
bit of tooling, a few spares, a bit of office equipment and that's
about it," the spokesman was quoted by The Australian as saying.
"There's still a skeleton staff of about 10 working on mopping
up."

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 had 140
employees and operated five US-built Metroliners and seven
British-built Jetstreams. Brindabella experienced significant
maintenance and regulatory issues which 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.


CHARTERHILL GROUP: Court Freezes Founder's Assets
-------------------------------------------------
Following an application by the Australian Securities and
Investment Commission, the Federal Court in Adelaide on February 5
froze all assets owned or otherwise held by the founder of the
Charterhill group of companies, George Nowak, and his wife, Betty
Nowak.

The court also ordered the surrender of Mr. and Mrs. Nowak's
passports and restrained their travel out of Australia, as ASIC
investigates the collapse of the Charterhill group, which
specialises in assisting clients to invest in property through
self-managed superannuation funds (SMSFs).

ASIC's application was brought under section 1323 of the
Corporations Act 2001 and followed steps taken by ASIC last week
to secure Mr. Nowak's passport by agreement and to obtain an
undertaking from him that he would not dispose of or otherwise
deal with any assets.

The following companies in the Charterhill Group have been placed
under external control:

   * Lending Solutions International Pty Ltd -- liquidators
     appointed (Andrew Heard -- andrew@heardphillips.com.au --
     and Anthony Phillips -- anthony@heardphillips.com.au -- of
     Heard Phillips)

   * Nova Real Estate Pty Ltd -- external administrators
     appointed (Andrew Heard and Anthony Phillips of Heard
     Phillips)

   * EJ Property Developments Pty Ltd -- receivers and managers
     appointed (Michael Basedow and Leigh Prior of Pitcher
     Partners)

   * Financial Wellness Pty Ltd -- receivers and managers
     appointed (Michael Basedow --
     michael.basedow@pitcher-sa.com.au -- and Leigh Prior of
     Pitcher Partners).

ASIC is investigating the management and activities of the
Charterhill group, which operated as a 'one stop shop', providing
advice to clients on the establishment of SMSFs, rollover of
existing superannuation funds into an SMSF, sourcing and purchase
of investment properties, property management, insurance and
taxation.

ASIC said it will not be making any further comment on its
investigation at this time.


EDGE: U.S. Fund Manager Drops Lawsuit vs. Horse Betting Club
------------------------------------------------------------
Joe Schneider at Bloomberg News reports that Michael Carsley, a
U.S. fund manager who claims he was owed AUD28 million ($25
million) when an Australian horse betting club collapsed in
December, plans to drop a lawsuit aimed at recovering his losses,
a court was told.

Bloomberg relates that New South Wales Supreme Court Registrar
Andrew Musgrave said at a hearing in Sydney on February 6 that he
was advised on February 5 by e-mail the proceedings filed by
Mr. Carsley's Aloga Ltd. would be discontinued. Simon Keizer, a
lawyer for an accounting firm which received a subpoena to turn
over financial records, said he was told the same thing, the
report relays.

According to the report, the wagering club known as Edge, run by
William Vlahos, a former Australian horse owner who claimed to
have had returns of 70 percent annually, collapsed after
Mr. Carsley sued in state court in Sydney in November. At the time
Mr. Vlahos said he had AUD200 million of investors' money in his
bank account, according to Mr. Carsley's court filings cited by
Bloomberg.  Mr. Vlahos filed for bankruptcy on Dec. 16 and now
claims he has no money, Bloomberg notes.

Since the club's collapse, Victoria state police said Mr. Vlahos
was beat up, his Mazda truck was set on fire and blown up, and
that they've begun criminal investigations into the assault and
possible fraud, the report says.  The truck apparently contained
Mr. Vlahos's computer that had the club's financial details on its
drive, Robert Dick, a lawyer representing Aloga, said at a Dec. 12
court hearing, relates Bloomberg.

"When he gets asked to produce it, it gets blown up. Analogies
about homework come to mind," Mr. Dick said at the hearing. "We
treat with utmost suspicion anything that Mr. Vlahos says."

Victoria police said on February 6 their investigation is
continuing, with 30 syndicates having come forward, Bloomberg
adds.


HERITAGE GOLF CLUB: Bent & Cougle Appointed as Administrators
-------------------------------------------------------------
Hamish Alan Mackinnon -- HMackinnon@bentcougle.com.au -- and
Michael Francis Quin -- MQuin@bentcougle.com.au -- of Bent &
Cougle were appointed as administrators of GHG Services Pty Ltd,
trading as Heritage Golf and Country Club, on Jan. 31, 2014.

A first meeting of the creditors of the Company will be held at
The Gateway Theatrette, Ground Floor, 312 St Kilda Road, in
Melbourne, on Feb. 12, 2014, at 11:00 a.m.



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


SUNTECH POWER: Appoints Michael Pearson as New Board Member
-----------------------------------------------------------
Suntech Power Holdings Co., Ltd. on Feb. 5 disclosed that it has
added a fifth member to its Board of Directors, Mr. Michael
Pearson.  Mr. Pearson will join Messrs. Michael Nacson, Kurt
Metzger, Dr. Zhengrong Shi and Deyong He on Suntech's Board.

Mr. Pearson is the co-founder of Fund Fiduciary Partners Limited,
a Cayman Islands based company, specializing in providing
independent governance to a limited number of select investment
vehicles.  From 2008 to 2012 Mr. Pearson was a Director at a Big
Four accounting firm in the Cayman Islands where he led the
investment fund restructuring practice and personally ran a large
number of funds experiencing difficulties towards the end of their
lives.  He is a member of the Institute of Chartered Accountants
in England & Wales and has been qualified to act as an insolvency
practitioner since 2005.  He also acts as a Cayman Court appointed
liquidator and as a restructuring advisor to a number of high
profile offshore and onshore investment funds and SPVs.  He is a
member of INSOL International and the American Bankruptcy
Institute, and is the founding chairman of the 200 member, INSOL
affiliated, Cayman Islands based Restructuring and Insolvency
Specialists Association.  Mr. Pearson holds a bachelor's of
science degree in business administration from the University of
Bath.

                           About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd., produces solar
products for residential, commercial, industrial, and utility
applications.  Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013, in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are represented
by Jay Teitelbaum, Esq., at Teitelbaum & Baskin LLP, in White
Plains, New York.

Suntech Power on Jan. 31, 2014, disclosed that it has
signed a Restructuring Support Agreement relating to the petition
for involuntary bankruptcy filed against it under chapter 7 of the
U.S. Bankruptcy Code.  Under the RSA, the parties agreed that
chapter 7 proceedings will be dismissed following recognition of
the provisional liquidation proceeding previously filed by the
Company in the Cayman Islands under chapter 15 of the U.S.
Bankruptcy Code.


CHINA: Savers' Penchant for Property Magnifies Bust Danger
----------------------------------------------------------
Bloomberg News reports that Chinese households' concentration of
wealth in real estate is magnifying the danger to the world's
second-largest economy of any property bust, as the nation
grapples with the consequences of its record credit surge.

Some 66.1 percent of family assets were in housing in 2013, a
national survey of about 28,000 households shows, notes Bloomberg.
Mortgage debt as a share of disposable income rose to 30 percent
from 18 percent in 2008, Bloomberg discloses, citing estimates by
Nicholas Lardy at the Peterson Institute for International
Economics in Washington.

According to the report, Goldman Sachs Group Inc. said the buildup
raises the stakes for any slide in property prices amid China's
efforts to head off defaults by local governments and developers
that propelled a run-up in borrowing that now amounts to more than
double the size of the economy.  A hit to household wealth could
impair consumer spending, rebuffing policy maker efforts to
rebalance the economy toward domestic demand, the report says.

"A fall in housing prices could have significant knock-on effects
on private consumption," Bloomberg quotes Eswar Prasad, a former
chief of the International Monetary Fund's China division and now
an economics professor at Cornell University in Ithaca, New York,
as saying. "Such a hit to private consumption could pose
significant macroeconomic risks, both to headline growth and the
process of rebalancing growth."

China's households piled into real estate in recent years as they
sought returns beyond the regulated caps on savings deposits. With
the nation's stock market failing to keep pace with economic
growth, property offered an alternative, along with trusts that
channeled credit to borrowers outside the official banking system,
Bloomberg notes.



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


AGARWAL RUBBER: CARE Revises Rating on INR45.28cr Loans to 'B+'
---------------------------------------------------------------
CARE revised/reaffirmed the ratings assigned to the bank
facilities of Agarwal Rubber Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            45.28      CARE B+ Revised
                                    From CARE B

   Short-term Bank
   Facilities            41         CARE A4 Reaffirmed

Rating Rationale

The revision in the long term rating assigned to the bank
facilities of Agarwal Rubber Limited is on account of an
improvement in the financial performance during FY13 (refers to
the period April 1 to March 31) and improved liquidity position.

The ratings continues to be constrained on account of the high
overall gearing, relatively low profitability margins, volatility
in the raw material prices, exposure to foreign currency
fluctuations and working capital intense nature of operations. The
ratings favorably factors in the experience of the management
team, long track record of the company in the tyre and tube
industry and presence in the niche market segments like supplying
rubber products to defence. The ability of the company to manage
the working capital requirements efficiently and improve the
profitability margins and capital structure will be the key rating
sensitivities.

Incorporated in 1983, Agarwal Rubber Limited is promoted by Mr
Deen Dayal Agarwal, the present Chairman and Managing Director of
the company. It commenced operations in 1984 and is engaged in the
manufacturing of tyres and tubes under the two brand names "ARL"
and "Maruti".

The company started with the manufacturing of tubes at its plant
situated at Patancheru, Medak district near Hyderabad in 1983 with
a capacity of 200 tubes per day. Presently, the plant has a
capacity of manufacturing 12,000 tubes per day. It mainly caters
to the replacement market, though it has developed special tyres
for defence vehicles and aircrafts and is supplying them to the
Indian army and air force. ARL had an order book of INR41 crore as
on Dec. 31, 2013, to be executed in the next three to four months.

For FY13, ARL registered a net profit of INR0.67 crore (INR1.08
crore in FY12) on a total operating income of INR173.46 crore
(INR137.87 crore in FY12). As per H1FY14 (unaudited) results, ARL
has registered a net profit of INR1.02 crore on a total operating
income of INR85.81 crore.


AGRAWAL EDUCATION: ICRA Reaffirms 'D' Rating on INR12cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]D' rating to the INR12 crore term
loans of Agrawal Education Mandal.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term, Fund       12.00       [ICRA]D reaffirmed
   Based Limits-
   Term Loans

The rating continues to reflect AEM's stressed liquidity position
due to losses in previous fiscals and ongoing irregularities in
debt servicing that has resulted in restructuring of loans. The
rating also takes into account the funding risks associated with
the final funding phase of hostel for Vaidik Dental College along
with the limited experience of the promoters in the education
business.

The rating also continues to factor in the highly regulated nature
of the education industry along with limited operating history of
the Vaidik Dental College, the only institution under the aegis of
Agrawal Education Mandal. ICRA however continues to consider the
location advantage that Vaidik Dental College enjoys due to
absence of any dental college in the adjoining region along with
the stable fee based income and buoyant prospects for dental
education in India as reflected in growing enrolment ratios of the
college since inception.

Formed in 1996 and registered in 2006, Agrawal Education Trust is
a public trust involved in social and educational activities in
Union Territory of Daman. The trust conducted a medical laboratory
technology course from 2002 to 2006. The trust forayed into dental
education in 2007 through establishment of Vaidik Dental College
in Daman.

Recent Results:

Agrawal Education Mandal has reported a net profit before tax of
INR0.16 crore on an operating income of INR9.33 crore for the year
ending March 31, 2013 (audited).


AKT INTERNATIONAL: CRISIL Places 'B' Rating on INR250MM Loans
-------------------------------------------------------------
CRISIL assigned its 'CRISIL B/Stable' ratings to the bank
facilities of AKT International Pvt Ltd. The ratings reflect small
scale and short track record of operations in an intensely
competitive gold jewellery retailing market and below average
financial risk profile. These rating strengths are partially
offset by the strong brand presence of AKT's principal 'Tanishq'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            25      CRISIL B/Stable

   Electronic Dealer     225      CRISIL B/Stable
   Financing Scheme
   (e-DFS)

Outlook: Stable

CRISIL believes that AKT will benefit from the strong brand
presence of its principal 'Tanishq' in the gold jewellery business
over the medium term. The outlook may be revised to 'Positive' if
the company records significant and sustained improvement in its
revenues and operating margins resulting in improvement in capital
structure and debt-protection metrics. Conversely, the outlook may
be revised to 'Negative' if there is lower-than-expected growth in
revenues and margins, or its working capital cycle lengthens or if
AKT undertakes a large debt funded capex leading to deterioration
of its financial risk profile.

Incorporated in 2012 by Mr. Ashok Kumar Tiwari and his son Akash
Tiwari, AKT is engaged in retailing of branded gold and diamond
jewellery under a franchise agreement with Tanishq (jewellery
brand of Titan Company Limited (rated CRISIL AA+/Stable/CRISIL
A1+). The company has showrooms in Bareilly and Haldwani.


ARWAL FOOD: ICRA Assigns 'B' Ratings to INR7.65cr Loans
-------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR5.65
crore term loan and INR2.00 crore cash credit limits of Arwal Food
Products Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-
   Term Loan            5.65         [ICRA]B assigned

   Fund Based-
   Cash Credit          2.00         [ICRA]B assigned

Rating Rationale

The assigned rating factors in the limited experience of the
promoters in the rice milling industry and the company's exposure
to stabilization and off-take risks, given the scheduled
commencement of commercial operations within January, 2014. ICRA
also notes the delays recorded in the project execution thus far,
with commissioning having been deferred from the original schedule
of September, 2013. The rating also factors in the intensely
competitive and fragmented nature of the rice milling industry,
which is likely to keep margins under check going forward. ICRA
further notes the company's exposure to agro climatic risks and
regulatory risks with paddy being an agricultural commodity. The
rating however, draws comfort from the strategic location of the
company's upcoming rice mill in one of Bihar's major paddy growing
regions which is expected to result in easy availability of paddy,
as well as the favorable demand prospects for the industry, with
rice being a staple food and India being the world's second
largest producer and consumer. Going forward, AFPPL's ability to
successfully execute the ongoing project within the budgeted cost
and time, as well as to market its product and command favorable
prices, would be critical determinants of its credit risk profile.

AFPPL was incorporated in December, 2008 by the Kumar family, to
establish a rice mill. The manufacturing facility is being
developed in Arwal district, Bihar, at a cost of around
INR12crore, and is proposed to have an installed paddy milling
capacity of 38400 metric tons per annum (MTPA). Commercial
production at the facility is scheduled to commence within
January, 2014.


ASIS GLOBAL: CRISIL Suspends 'B+' Rating on INR230MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Asis
Global Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               180     CRISIL B+/Stable Suspended
   Proposed Long Term
   Bank Loan Facility         50     CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by AGL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AGL is yet to
provide adequate information to enable CRISIL to assess AGL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

AGL was incorporated in 1995 by Mr. Rakesh Agarwal in Mumbai
(Maharashtra). It trades in steel, chemicals, medium-density fibre
(MDF) boards and particle boards (PB), and trade licenses. All of
these activities were earlier being undertaken by associate
concern, Shirdi Industries Ltd (SIL); however, SIL now
manufactures PB and MDF boards and these activities were gradually
shifted to AGL. AGL distributes MDF boards and PB manufactured by
SIL in Maharashtra. This activity contributed about 22 per cent to
its revenues, while steel trading contributed 70 per cent and
licence trading contributed about 8 per cent, in 2010-11 (refers
to financial year, April 1 to
March 31). Another associate concern, Asis Logistics Ltd provides
clearing and forwarding related consultancy, along with inland
transportation. Most licence-trading-related activities arise from
the consultancy that ALL provides to its customers.


BALAJI ELECTRICAL: ICRA Reaffirms 'B' Rating on INR9cr Loans
------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B' rating for INR9.0 crore fund based
limits (enhanced from INR5.0 crore) of Balaji Electrical &
Hardware.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      9.00       [ICRA]B; reaffirmed

The rating reaffirmation takes into account track record of
promoters in the line of trading electrical goods and diversified
market segments that BEH caters to which has helped in scaling up
the business. The rating is however constrained on account of thin
profit margins on account of trading nature of business, low
pricing power due to strong competition from other companies in
same product lines and regional concentration of business in
Noida, Greater Noida and Ghaziabad.

Further ICRA notes that there is no exclusive agreement with OEMs
for coverage of areas, hence appointment of a additional
wholesalers by OEMs can affect BEH sales. Further, the financial
risk profile of BEH is characterized with modest debt coverage
indicators as reflected in interest coverage of 1.4x, NCA/Total
debt of 4.8% and Total Debt/OPBDITA of 5.7x for FY2013. Going
forward operating profitability and debt coverage indicators shall
be the key rating sensitivities.

Recent results:

As per provisional results, BEH achieved operating income of
INR51.3 crore during 9M FY2014.

Balaji Electrical & Hardware is a Noida based sole proprietorship
which is engaged in trading of electrical goods. BEH has been in
this line of business for the last thirteen years. BEH has
authorized distributorship of companies like ABB, NICCO, BEC
Industries, RR Kabel etc and trades in products like wires &
cables, MCBs & switches, conduits and others.


BARANI HYDRAULICS: CRISIL Reaffirms 'B+' Rating on INR72.2MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Barani Hydraulics India
Pvt Ltd continue to reflect BHIPL's modest scale of operations,
and average financial risk profile marked by a modest net worth, a
moderate gearing, and average debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of BHIPL's promoter and the company's established
relationships with its customers.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          25      CRISIL A4 (Reaffirmed)
   Cash Credit             70      CRISIL B+/Stable (Reaffirmed)
   Long-Term Loan           2.2    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BHIPL will continue to benefit over the
medium term from its promoter's extensive industry experience and
its established relations with its customers. The outlook may be
revised to 'Positive' if the company records a significant and
sustained increase in its revenues and cash accruals, while it
improves its working capital cycle and capital structure.
Conversely, the outlook may be revised to 'Negative' in case BHIPL
generates lower-than-expected accruals or if its working capital
cycle stretches, leading to pressure on its financial risk
profile, particularly on its liquidity.

BHIPL was set up as a proprietorship concern in 1988 by Mr. T K
Karuppanaswamy; it was reconstituted as a private limited company
in 2004. The Coimbatore (Tamil Nadu)-based company manufactures
hydraulic presses, diaphragm, and mounting brackets.

BHIPL reported a profit after tax (PAT) of INR9.3 million on net
sales of INR304.1 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR6.0 million on net sales
of INR248.0 million for 2011-12.


BEEKAY PLAZA: CRISIL Lowers Rating on INR85MM Loans to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Beekay
Plaza Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee             5      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Term Loan                 80      CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The rating downgrade reflects BPPL's non-payment of its December
2013 instalment, due to weak liquidity. The absence of legal
clearances led to a delay in the commencement of commercial
operations at BPPL's hotel, and consequent cost escalations. The
company's lower-than-expected scale of operations and
profitability resulted in low cash accruals vis-a-vis its term
debt obligations in 2013-14 (refers to financial year, April 1 to
March 31). Furthermore, the delay resulted in an increase in the
project cost of the hotel to INR160 million from INR125 million,
thereby stretching the company's liquidity. BPPL sought to
reschedule its debt obligations. Though, the hotel is likely to
commence operations in October 2014, BPPL's liquidity could be
weak due to its closely matched cash accruals as compared to its
debt obligations over the medium term.

CRISIL's rating continues to reflect project implementation risk
of its real estate and hotel project and inherent risk and
cyclicality of real estate industry in India. However, the company
benefits from promoters experience in real estate development and
proven project execution capabilities.

BPPL, promoted by Mr. Narendra Garg and Mr. Nirmal Garg, was
incorporated in 2002. The company develops real estate and manages
property in Siliguri (West Bengal). The promoters have a land bank
of around 40 acres in the state and intend to develop the plot for
the hospitality, residential, and healthcare sectors.


BHARTIYA ALLOYS: ICRA Reaffirms B+ Rating on INR11.25cr Loan
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating assigned to the INR11.25
Crore fund based facilities of Bhartiya Alloys & Steel Cast
Limited. ICRA has also reaffirmed the '[ICRA] A4' rating assigned
to INR3 Crore short term fund based sub-limit of BASCL's INR11.25
Crore fund-based limits. The INR0.25 crore non-fund based facility
of BASCL has been rated by ICRA at '[ICRA]A4'.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Limit           11.25       [ICRA]B+ reaffirmed

   Short Term Fund
   Based Limit           03.00       [ICRA]A4 reaffirmed

   Short Term Non
   Fund Based Limit      00.25       [ICRA]A4 reaffirmed

The ratings reaffirmation continues to factor in BASCL's small
scale of operations and weak financial position characterised by
low profitability, leveraged capital structure, weak debt coverage
indicators and stretched liquidity position. The ratings are also
constrained by the susceptibility of margins to exchange rate
risks and the intense competitive pressure BASCL faces in the
highly fragmented steel industry. Given the cyclicality inherent
in the industry and need to maintain high inventory levels, the
company is also exposed to price risks. However the ratings
continue to factor in the established track record of the
management in the steel industry and advantages arising from
proximity to raw material suppliers.

Incorporated in 1996, Rajasthan based Bhartiya Alloys & Steel Cast
Ltd, is part of the Bhartiya group of Industries. The company
commenced its operations in 2002 and is engaged in the
manufacturing and trading of mild steel channels, angles, beams,
flats and T-sections. The company has a 5 acre plant located at
Wada in Maharashtra with a capacity to manufacture approximately
8500 MT of steel annually. The company has its registered office
at Rajasthan.

Recent Results

BASCL recorded a net profit of INR0.31 crore on an operating
income of INR27.38 crore for the year ending March 31, 2013 and
sales of INR22.05 crore for the period ending December 31, 2013
(as per the provisional figures disclosed by the management).


BISWAMATA HEEMGHAR: CRISIL Assigns 'B' Rating to INR150MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Biswamata Heemghar Pvt Ltd. The rating reflects
BHPL's below-average financial risk profile, and its
susceptibility to regulatory changes in the cold storage industry.
These rating weaknesses are partially offset by the extensive
industry experience of BHPL's promoters.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Cash
   Credit Limit             115.8    CRISIL B/Stable (Assigned)

   Term Loan                 34.2    CRISIL B/Stable (Assigned)

Outlook: Stable

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

BHPL was taken over by Mr. Shyamal Dandapat in 2012 from Mr.
Swapan Ghosh. BHPL provides cold storage facility for potatoes;
the promoters also undertake opportunistic trading in potatoes
through the company. The cold storage is located in Chandrakona,
Mednipur West (West Bengal).


BULANDSHAHR ROLLER: CARE Reaffirms B+ Rating on INR8cr Bank Loans
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Bulandshahr Roller Flour Mills Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         8         CARE B+ Reaffirmed
   Facilities

Rating Rationale

The rating continues to be constrained by the weak financial risk
profile of Bulandshahr Roller Flour mills Private Limited (BRFM)
characterized by the small scale of operations coupled with low
profitability margins, leveraged capital structure and weak
coverage indicators. The rating is further constrained by the
working capital intensive nature of its business operations, its
presence in a highly competitive and fragmented agro-processing
business and susceptibility of its margins to fluctuation in raw
material prices.

The ratings, however, continue to favorably factor in the
experience of the promoters in the wheat processing business and
moderate operating cycle.

Going forward, the ability of the company to increase its scale of
operation while improving its profitability margins and capital
structure shall be the key rating sensitivities.

Bulandshahr Roller Flour Mill was incorporated on June 23, 1997 as
a private limited company by Mr Dinesh Goel, Mr Mohit Goel and Ms
Usha Goel. BRFM is engaged in the processing and trading of wheat,
maida, suji, wheat flour and cattle feed. The company commenced
commercial operations in June 1999. BRFM has its manufacturing
facility located at Bulandshahr with an installed capacity of
40,150 MTPA of wheat and 22,550 MTPA of cattle feed as on Dec. 31,
2013. BRFM sells its products under the brand name of 'Brij'
mostly in and around Delhi.

BRFM has reported a net profit of INR0.10 crore on a total
operating income of INR28.51 crore during FY13 (refers to the
period April 1 to March 31). In FY14 (till December 2013), BRFM
achieved a total operating income of INR21 crore.


DEVBHUMI ARCADE: CARE Cuts Rating on INR7.31cr Loans to 'D'
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Devbhumi Arcade Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           7.31        CARE D Revised
                                    from CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Devbhumi Arcade Private Limited was on account of the frequent
instances of delay in debt repayment due to the stressed
liquidity position. The stressed liquidity position was on account
of delay in the execution of the project coupled with lower cash
generation from its operations.

Establishing a clear debt servicing track record with an
improvement in the liquidity position through increase in the
occupancy rate is the key rating sensitivity.

Devbhumi Arcade Private Limited is a part of the Ahmedabad-based
Dev group, which is engaged in developing real estate properties
in residential and commercial segments for more than a decade at
various locations in different cities in Gujarat and operating
hotels in Ahmedabad.

DAPL was incorporated in June 2008 to construct and operate hotel
under the name 'Dev Hotel' at Gulbhai Tekra, Ahmedabad. The hotel
has 39 deluxe rooms, one suite and one Banquet hall on land
measuring approximately 719 Square Meter (sq mt).

In the hotel segment, the Dev group owns & operates five 3-star
hotels in Ahmedabad. In the real estate segment, the Dev group
operates through various associate concerns or Special Purpose
Vehicles (SPVs) with Dev Procon Ltd being the flagship company.
As per the audited results for FY13 (refers to the period April 1
to March 31), DAPL reported a net profit of INR0.05 crore (non-
operating income); however the operations started from October
2013.

During the first two months of operations (refers to the period
November 2013 to December 2013), DAPL reported revenue of INR0.20
crore.


FAZE THREE: CARE Reaffirms 'D' Rating on INR80.49cr Loans
---------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Faze Three Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Bank
   Facilities           67.99       CARE D Reaffirmed

   Short term Bank
   Facilities           12.50       CARE D Reaffirmed

Rating Rationale

The rating continues to be constrained by negative networth and
the ongoing default in redemption of Foreign Currency Convertible
Bonds (FCCBs).

Faze Three Limited was promoted by Mr. Ajay Anand in 1985 as a
trading company. Currently, FTL is an integrated manufacturer and
exporter of home furnishing textile products mainly floor
coverings i.e. bathmats and rugs and top of the bed i.e.
blankets and throws with manufacturing facilities at Panipat,
Silvassa and Vapi. FTL exports its home furnishings mainly to USA,
UK, Germany, Mexico, Canada and other countries. FTL has an
installed capacity of manufacturing 30 lac meters of home
furnishing fabric and 24 lac pieces of bathmats per annum.
Credit Risk Assessment Default in redemption of FCCB's
FTL has outstanding FCCBs of US$ 8.00 million (conversion price
INR85 per share) which was due for conversion/redemption on 27th
December, 2011. Such FCCBs has not been converted/redeemed
on due date and the total liability along with accrued compounded
interest of 7% p.a. stands at US$11.42 million.

In FY13, FTL has provided for foreign exchange losses on
revaluation of FCCB liability to the extent of INR3.72 crore. As
on March 31, 2013, the total liability towards FCCBs was INR68.92
crore.

Corporate Guarantee to its subsidiary invoked During 2007, FTL
acquired PANA Textil GmbH, Germany (PANA). However, due to
economic situation in European Markets PANA Textil GmbH (PANA),
the company was declared insolvent by High Court of Germany and
liquidation proceedings were initiated. FTL has extended corporate
guarantee to PANA for the loan of EUR4.00 million (INR34.11 crore
as on March 31, 2013) raised from Canara Bank, London.

The company has provided for invocation of such guarantees
extended to the tune of INR34.11 crore as on March 31, 2013 in its
books of accounts, as full and final liability towards its German
subsidiary PANA.

Negative Networth and reference to BIFR

On account of the aforesaid, the company made provision for
exchange loss on FCCB and liability on account of the invoked
corporate guarantee in FY13 (refers to the period April 1 to
March 31) and also diminution in value of investments made in an
associate company. Such exceptional items constitute INR9.17 crore
which resulted in a loss before tax of INR21.05 crore on the total
income of INR192.09 crore in FY13. Nevertheless on account of such
provisions made and previous accumulated losses the entire
Networth of the company was eroded as on March 31, 2013. FTL as on
December 17, 2013 was pending determination of sickness at Board
for Industrial and Financial Reconstruction.


GOOMBIRA TEA: CARE Reaffirms 'B' Rating on INR15.23cr Bank Loans
----------------------------------------------------------------
CARE reaffirms rating to the bank facilities of Goombira Tea
Company Limted.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            15.23      CARE B Reaffirmed

Rating Rationale

The rating for the bank facilities of Goombira Tea Company Limited
continues to remain constrained by the relatively small size of
its tea garden with small scale of operations, project
implementation and stabilization risk associated with the ongoing
projects, delay in commercial operation for manufacturing tea,
volatility in tea prices, susceptibility of operating margin to
vagaries of nature, labour-intensive nature of business and
intense competition in the tea industry.

The rating, however, derives strength from the experience of the
promoters with strong management team, backward integration for
major raw materials (green tea leaf), availability of government
subsidy with other statutory benefits, addition of reputed
clientele and stable outlook of the tea industry.

The ability of the company to complete the ongoing project
successfully without any cost and time overrun and achievability
of the projected turnover and profitability would be the key
rating sensitivities.

Incorporated on April 25, 1962, Goombira Tea Company Limited is a
closely held public limited company (unlisted) engaged in the
cultivation and manufacturing of tea at its tea garden at
Karimganj, Assam. Barak Valley Cements Limited is the holding
company for GCTL.

BVCL, a company belonging to the Barak group, is engaged in the
business of manufacturing various grades of Ordinary and Portland
cement. BVCL acquired GTCL along with Singlacherra Tea Co Pvt Ltd
and Chargola Tea Co Pvt Ltd at an aggregate purchase consideration
of INR7.5 crore from Rungajuan Tea Plantation and Industries Pvt
Ltd, belonging to Mr Vivek Anand Singhania. BVCL is a part of the
Barak group, promoted by Mr Prahlad Rai Chamaria, Mr Bijay Kumar
Garodia and Mr Santosh Kumar Bajaj and having diversified
operations in cement, power and tea industries.

Under GTCL, the aggregate area available for cultivation is 920
hectares; of which the present area under cultivation is 371
hectares. Currently, the company is developing the balance 549
hectares of unutilised land and also setting up a tea
manufacturing plant at an aggregate project cost of INR24.98
crore, being financed at a debt equity ratio of 1.55:1. Till
Dec. 31, 2013, the company has incurred INR12.67 crore for the
project, majorly funded through a term loan of INR6.51 crore and
the balance through equity capital. The entire available land is
expected to be fit for tea cultivation from April 2016.

The commercial operation for manufacturing tea started on
April 24, 2013, with 5 lakh kg per annum and is likely to operate
in full swing (with 15 lakh kg per annum capacity) from April
2016.

Along with tea plantation, the company also proposes to grow
rubber and bamboo plants (to derive the benefits of rubber-tea
intercropping) in the proposed cultivable land within the tea
estate.

During FY13 (refers to the period April 1 to March 31), the
company reported a total operating income of INR0.87 crore (FY12:
INR0.15 crore) and a PAT of (INR0.81 crore) (FY12: INR-0.24
crore). As per the management, in H1FY14, GTPL achieved a total
turnover of INR0.55 crore and PAT of (INR0.29) crore.


GOURISHANKAR COTEX: CARE Revises Rating on INR9cr Loans to 'B+'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Gourishankar Cotex.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank          9        CARE B+ Revised
   Facilities                       from CARE B

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 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 revision in the rating assigned to the bank facilities of
Gourishankar Cotex primarily factors in the increase in the scale
of operations of the firm coupled with an improvement in net
margins during FY13 (refers to the period April 1 to March 31).

The rating however continues to remain constrained on account of
its presence in a fragmented cotton industry with limited value
addition and weak financial risk profile marked by thin
profitability, moderate capital structure and weak debt coverage
indicators. The rating is further constrained on account of
volatility associated with the raw material prices and
susceptibility to the change in the government policies.

The above constraints continue to outweigh the benefits derived
from the promoter's experience in the cotton ginning business and
locational advantage in terms of proximity to the cotton-growing
region in Maharashtra.

The ability of GCX to increase its scale of operations and move up
in the cotton value chain thereby improving its overall financial
profile are the key rating sensitivities.

Sillod-based (Maharashtra), GCX was incorporated as a partnership
firm in March 2007 by four partners namely Mr Omprakash Garg, Mr
Chittarmal Agarwal, MrNandkishore Garg and Mr Rakesh Garg to
undertake the business of cotton ginning and pressing with equal
profit sharing ratio. It operates from its sole manufacturing
plant located at Sillod (Maharashtra) with an installed capacity
for cotton bales of 300 bales per day and 900 quintal per day for
cotton seeds as on March 31, 2013.

As per the audited results for FY13, GCX reported a PAT of INR0.09
crore (INR0.04 crore in FY12) on a total operating income of
INR36.08 crore (INR22.67 crore in FY12). During 9MFY14, GCX
reported a total operating income of INR21 crore.


GULBARGA AIRPORT: ICRA Suspends 'D' Rating on INR139.75cr Loans
---------------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]D' outstanding
on the INR139.75 crore fund-based limits of Gulbarga Airport
Developers Private 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.


HARSHNI TEXTILES: CRISIL Reaffirms B+ Rating on INR888.3MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Harshni Textiles Ltd
reflect HTL's below-average financial risk profile, marked by a
weak capital structure and debt protection metrics, and
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by the benefits that the company
derives from its sound operating capabilities and the promoters'
extensive experience in the cotton yarn business.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           20      CRISIL A4 (Reaffirmed)
   Cash Credit             400      CRISIL B+/Stable (Reaffirmed)
   Foreign Bill Purchase    60      CRISIL A4 (Reaffirmed)
   Letter of Credit         60      CRISIL A4 (Reaffirmed)
   Long Term Loan          254.5    CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      233.8    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HTL will maintain its business risk profile
over the medium term, supported by its moderate scale of
operations and sound operating capabilities. The outlook may be
revised to 'Positive' HTL improves its profitability and increases
its cash accruals on a sustained basis, thereby improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company undertakes a larger-than-expected, debt-
funded capital expenditure (capex) programme or reports decline in
margins, thereby further affecting its capital structure or debt
protection metrics.

Update
HTL reported operating revenues of INR977 million for 2012-13
(refers to financial year, April 1 to March 31), against INR791
million for 2011-12. The company's operating margin has improved
to around 18.1 per cent in 2012-13, from negative 7.4 per cent in
2011-12. HTL's financial risk profile remained weak in 2012-13,
with a gearing of around 4.91 times as on March 31, 2013, against
6.13 times as on March 31, 2012. The company did not have any
major debt-funded capex during 2012-13 and does not have any large
debt-funded capex plans over the medium term. Hence, the gearing
is expected to improve over the medium term on account of steady
accretion to reserves. HTL's debt protection metrics remain weak,
with interest coverage and net cash accruals to total debt (NCATD)
ratios at 1.56 times and 0.12 times, respectively, in 2012-13.

HTL's liquidity remains moderate. Its average bank limit
utilisation was about 64 per cent during the 12 months through
November 2013. It is expected to generate cash accruals of INR135
million to INR162 million vis-a-vis term loan obligations of INR88
million per annum during 2013-14 and 2014-15. The company's
liquidity is supported by the timely infusion of funds by its
holding companies Lakshmi Electrical Drives Ltd (LEDL) and Lakshmi
Electrical Control Systems Ltd (LECS). During 2012-13, LEDL
extended unsecured loans of INR115 million to fund HTL's
incremental working capital requirements; the unsecured loans from
LEDL as on March 31, 2013 was INR220 million.

Incorporated in 2002-03, HTL manufactures cotton yarn and has
capacity of around 51,831 spindles. HTL is part of the Lakshmi
Machine Works (LMW) group, based in Coimbatore (Tamil Nadu).
Lakshmi Electrical Drives Ltd (rated 'CRISIL A-/Stable' by CRISIL)
holds a stake of 60 per cent in HTL, while Lakshmi Electrical
Control Systems Ltd (CRISIL A-/Stable/CRISIL A1) holds the
remaining share. HTL is managed by Mr. Senthil Kumar, son-in-law
of the former chairman of Lakshmi Machine Works Ltd, the late Dr.
D Jayavardhanavelu.


HYDROBATHS RAMCO: ICRA Assigns 'B' Ratings to INR11.43cr Loans
--------------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]B' to the INR11.43
crore fund based bank facilities (including proposed limits of
INR1.00 crore) of Hydrobaths Ramco Marketing Private Limited. ICRA
has also assigned short term rating of '[ICRA]A4' to the INR2.50
crore non fund based bank facilities of HRMPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limit-       9.25       [ICRA]B assigned
   Cash Credit

   Fund Based Limit-       1.00       [ICRA]B assigned
   Term Loan

   Fund Based Limit-       0.18       [ICRA]B assigned
   Union Miles

   Unallocated             1.00       [ICRA]B assigned

   Non Fund Based          2.50       [ICRA]A4 assigned
   Limit-Letter of
   Credit

The rating action takes into account HRMPL's small scale of
operations in the business of trading of imported sanitary-ware
and tiles, weak financial profile of the company marked by a
levered capital structure and also inadequate coverage indicators.
Debt levels of the company have increased consistently to fund the
working capital requirements over the years. In addition, the
utilization of sanctioned working limits is high with
overutilization in a few months indicating limited cushion
available for operations.

The ratings also take into account the high competitive intensity
in the industry; presence of a number of players in the industry
limits the operating profitability of HRMPL and also other players
in the industry. Also, HRMPL is exposed to foreign exchange
fluctuation risk as no firm hedging policy is adopted by the
company for its payables. The ratings, however, take into
consideration the long experience of the promoters in this
business and a diversified client base which includes network of
dealers, distributors, institutional and retail clients.

ICRA notes that favorable demand outlook for high-end products in
India provide growth opportunities for players including HRMPL.
Also, HRMPL's wide product profile ensures low dependence on
single product. Going forward, the ability to increase its scale
of operations while managing the working capital requirement will
remain key rating drivers for the company.

Incorporated in 2009, HRMPL is involved in trading of products
like sanitary ware, faucets, tiles and others. The company
procures products from various manufactures in countries like
Thailand, Italy and China and sells in domestic markets under
brand names like Newform, Bravat, Cottto, Hydrobaths and others.

Recent Results

The company has reported a net profit of INR0.11 crore on an
operating income of INR23.19 crore during 2012-13; as compared to
a net profit of INR0.15 crore on an operating income of INR18.49
crore during 2011-12.


HYGIENE FEEDS: CRISIL Suspends 'B' Rating on INR93MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Hygiene
Feeds.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              85.1     CRISIL B/Stable Suspended
   Rupee Term Loan           7.9     CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by HF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HF is yet to
provide adequate information to enable CRISIL to assess HF's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

CRISIL has combined the business and financial risk profiles of HF
and Hygiene Poultry Farm (HPF), together referred to as the
Hygiene group. This is because both the entities are in the same
line of business, have a common management, fungible cash flows,
and operational linkages, as reflected in related-party
transactions. HPF depends on HF for its entire feed requirements,
while accounting for around 25 per cent of HF's revenues.
Furthermore, CRISIL has treated the unsecured loans provided to HF
by the promoters as neither debt nor equity, as these loans are
non-interest bearing and subordinated to bank borrowings.

Set up in December 2006 as a partnership firm by Mr. Robin Dahiya
and Mr. Jitender Dahiya, HF manufactures readymade poultry feeds.
The firm commenced commercial production in December 2007. The
firm's feed mill in Panipat (Haryana) has capacity of around 6
tonnes per hour. The poultry feeds manufactured by the firm are
sold under its registered brand, Hygiene Feeds, mainly in North
India.


IDEAL CARPET: ICRA Reaffirms 'B-' Rating on INR12cr Loans
---------------------------------------------------------
ICRA has reaffirmed '[ICRA]B-' rating for the INR12 crore fund
based limits of Ideal Carpet Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits      12         [ICRA]B- reaffirmed

The rating continues to be constrained by ICI's modest scale of
operations, high competitive intensity of the carpet industry
characterized by presence of large number of unorganized players,
stiff competition in the export market from countries like Turkey
and Iran and intense competition for hotel unit from other five
star hotels operating in the vicinity. The rating also factors in
the seasonal nature of the business and high debtor and inventory
days which have led to stretched liquidity and overdrawals in fund
based limits.

The rating, however, draws support from ICI's experienced
management with over three decades of experience in the carpet
business, stabilization of hotel business which has led to
improvement in profitability of ICL and the firm's well
established clientele in the carpet business. Going forward, the
ability of the firm to grow in an intensely competitive
environment and manage its working capital requirements will be
the key rating sensitivities.

Promoted by Maurya family in 1976, Ideal Carpet Industries is
engaged in the business of manufacturing and export of hand
knotted carpets. The main product line of ICI is hand knotted
carpets which enjoy high demand and realization in the export
market. The firm sells thee carpet to countries such as Turkey,
Austria and Germany etc and exports constitutes about 90% of total
revenues of ICL. The firm also operates a hotel unit by the name
of Rivatas in Varanasi which started operations in FY 13.

Recent Results

The firm reported a net profit of INR0.10 crores on an operating
income of INR17.03 crores in FY13 as against net profit of INR0.16
crores on an operating income of INR12.51 crores in FY12.


ISHAAN PLASTICS: CRISIL Raises Rating on INR105MM Loans to 'B'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Ishaan
Plastics Pvt Ltd to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          2       CRISIL A4 (Upgraded from
                                   'CRISIL D')

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

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

   Term Loan              50       CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects the timely servicing of its debt
obligation backed by increase in cash accruals marked byramp up in
operations with addition of new clients. CRISIL expects company's
cash accruals to remain adequate to service its debt obligations
over the medium term.

The ratings, however, continue to reflect IPPL's modest scale of
operations, and susceptibility of operating performance to highly
fragmented and competitive polyethylene terephthalate (PET)
bottles segment and its below-average financial risk profile.
These rating weaknesses are partially offset by the benefits that
IPPL receives from its promoters' extensive experience in the
industry and its diversified clientele.

Outlook: Stable

CRISIL believes that IPPL will benefit over the medium term from
its long-standing presence in the industry and diversified
customer base. The outlook may be revised to 'Positive' in case
the company reports higher-than-expected revenue and
profitability, resulting in improvement in its capital structure
and debt-servicing metrics. Conversely, the outlook may be revised
to 'Negative' in case of lower-than-expected revenues and
profitability or if it undertakes a larger-than-expected, debt-
funded capital expenditure, resulting in weakening its financial
risk, particularly its liquidity.

IPPL was set up in 2005 by Mr. Ajay Poddar, a Kolkata (West
Bengal)-based entrepreneur. It manufactures polyethylene
terephthalate (PET) bottles, jars, and preforms for
pharmaceutical, food products, packaged drinking water, and tea
manufacturing companies.

IPPL reported a profit after tax (PAT) of INR2.0 million on  net
operating income of INR246.1 million for 2012-13 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.1
million on a net operating income of INR154.8 million for 2011-12.


JAY JAGANNATH: CRISIL Assigns 'D' Ratings to INR346.7MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Jay Jagannath Steel and Power Ltd.  The ratings
reflect continuous delays by JJSPL in servicing its debt; the
delays have been caused by the company's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Working Capital          26.8     CRISIL D
   Term Loan
   Term Loan               174.9     CRISIL D
   Bank Guarantee           11       CRISIL D
   Cash Credit             134       CRISIL D

JJSPL also has a weak financial risk profile and working capital
intensive nature of operations. These rating weaknesses are
partially offset by the benefits that the company derives from its
promoters' extensive business experience in the sponge iron
industry.

Incorporated in 2008, JJSPL is promoted by Mr. Mukesh Agarwal and
his family members. JJSPL manufactures sponge iron in Rourkela
(Odisha). It has total capacity of 400 tonnes per day at its
facility in Rourkela (Odisha).


MAHESHWAR STEEL: ICRA Suspends 'B' Rating on INR5.39cr Loans
------------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to the INR5.39
crore long term fund based facilities of Maheshwar Steel & Metals.
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.

Maheshwar Steel & Metals was incorporated in the year 2010 as a
partnership firm and is engaged in the manufacturing of MS angles
and MS channels from MS Ingots. The manufacturing facility (steel
rolling mill) of the firm is located in Vijapur district of
Gujarat, with an annual installed capacity of 15,000 MT (Metric
Tonnes).


MEHALA CARONA: CRISIL Raises Rating on INR617.2MM Loans to 'C'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Mehala
Carona Textiles Pvt Ltd (MCT; part of the Mehala group) to 'CRISIL
C/CRISIL A4' from 'CRISIL D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              234.9    CRISIL C (Upgraded from
                                     'CRISIL D')

   Funded Interest
   Term Loan                 66.6    CRISIL C(Upgraded from
                                     'CRISIL D')

   Letter of Credit          55      CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Proposed Long Term
   Bank Loan Facility        10.8    CRISIL C (Upgraded from
                                     'CRISIL D')

   Term Loan                 85      CRISIL C (Upgraded from
                                     'CRISIL D')

   Working Capital
   Term Loan                219.9    CRISIL C (Upgraded from
                                     'CRISIL D')

The rating upgrade follows the track record of timely servicing of
debt by MCT, aided by corporate debt restructuring by the
consortium of bankers in January 2013. The upgrade also factors in
CRISIL's belief that MCT will continue to service its debt in a
timely manner over the medium term, marked by expected improvement
in its revenues and sustainability of its operating profitability
over the same period resulting in healthy cash accruals. Moreover,
the group's liquidity is aided by need-based financial support
from its promoter, which is expected to facilitate timely
repayment of debt over the medium term.

The ratings reflects the Mehala group's weak financial risk
profile, marked by a high gearing and weak debt protection
metrics, and the group's susceptibility to volatility in raw
material prices and to the power problem in Tamil Nadu. These
rating weaknesses are partially offset by the Mehala group's
established position in the textiles cotton yarn market, supported
by its promoter's industry experience.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MCT and Dharani Textiles Pvt Ltd
(DTPL). This is because MCT and DTPL, together referred to as the
Mehala group, are in the same line of business, have close intra-
group operational and financial linkages, including fungible cash
flows, and are under a common management.

The Mehala group manufactures cotton yarn. It consists of two
entities, namely, MCT and DTPL. The group is promoted by Mr. R
Doraisamy.


MOHAN INDIA: NSEL to Liquidate Firm's Assets
--------------------------------------------
Dilip Kumar Jha at Business Standard reports that National Spot
Exchange Ltd (NSEL) has decided to invoke the default clause
agreed upon with defaulters Mohan India Group and Vimla Devi
Agrotech in the settlement agreement signed recently.   The report
relates that NSEL is looking at legal options to liquidate
securities of the companies.

"In an attempt to accelerate recovery, the NSEL has started the
process of liquidation of the attached assets of the defaulting
borrowers.  The process was initiated as the defaulters had not
paid in line with the schedule.  Hence, to ensure the process did
not reach a stalemate, the NSEL took the liquidation route," the
report quoted an unnamed NSEL official as saying.  As a first
step, the assets of Mohan India Group, one of the biggest
defaulters, and Vimla will be liquidated, the official said,
according to Business Standard.

Mohan India Group (dues of INR922 crore) has agreed to a
settlement of INR771 crore, but paid INR23.9 crore.   According to
the agreement, the group was to pay INR120 crore till
January 30, the report notes.

The NSEL has listed two properties of Mohan India, a Civil Lines
bungalow on 13,000 square metres in Delhi and 900 acres in
Bikaner, to be put on block.  It has written to the income-tax
department in Delhi to release INR59 crore from Mohan India in
line with the Maharashtra Protection of Interest of Depositors
court order dated January 8, the report relays.

The report says that Vimla has paid INR800,000 against a total
outstanding of INR14.02 crore, leaving a balance of INR13.94
crore.  The report notes that NSEL will be liquidating the
company's soya bean plant in Kota of INR14 crore.

The NSEL is also mulling similar action against Swastik Overseas,
with a total outstanding of INR95.33 crore, the report adds.


NATVAR PARIKH: CRISIL Rates INR200 Million Bank Loan at 'B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Natvar Parikh & Bros. The rating reflects NPB's
exposure to risks associated with the firm's ongoing project. This
rating weakness is partially offset by the benefits that the firm
derives from its partners' extensive business experience.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       200      CRISIL B+/Stable (Assigned)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that NPB will continue to benefit over the medium
term from its partners' extensive business experience and
resourceful background. The outlook may be revised to 'Positive'
if the firm is able to successfully execute the school project as
per schedule and exhibits an ability to generate cash flow from
operations commensurate with its debt servicing commitments.
Conversely, the outlook may be revised to 'Negative' if it suffers
substantial time or cost overruns, or if it faces disruptions in
the inflows from the trust, thereby straining its debt servicing
ability.

NPB was established as a partnership firm in 1964 by the Mumbai-
based Parikh family. The current partners of the firm are Mr.
Apurva Parikh, Ms. Neela Parikh, Mr. Rohan Parikh and Mr. Romil
Parikh.NPB is currently constructing a school premises in Chembur,
Mumbai. The school premises will be leased to T. B. Desai Family
Public Charitable Trust (TBD), which currently operates a school
Green Acres Academy in Chembur on rented premises. The
construction of the school was started in November 2013 and the
work is expected to be completed by March, 2016. NPB currently
derives income by way of lease rentals from its group company,
Apurva Natvar Parikh & Co. Pvt. Ltd, which operates 'The Acres
Club' on the premises.

NPB reported profit after tax (PAT) of INR37.5 million on sales of
INR44 million for 2012-13 (refers to financial year, April 1 to
March 31) as against PAT of INR0.3 million on sales of INR0.5
million for 2011-12.


NORTH MALABAR: ICRA Suspends B- Rating on INR6.30cr Term Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B-' assigned to
the INR6.30 crore term loan facilities, and the short term rating
of '[ICRA]A4' assigned to the INR0.50 crore fund based facilities
of North Malabar Educational & Charitable Trust.

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.


PARTAP INDUSTRIAL: CRISIL Cuts Rating on INR110MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Partap Industrial Products to 'CRISIL B+/ Stable' from 'CRISIL BB-
/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              100      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long Term
   Bank Loan Facility         8      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Term Loan                  2      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects weakening in Partap's business and
financial risk profiles, resulting from intensified competition
leading to decline in operating profitability. The firm's
operating margin declined to 2.2 per cent in 2012-13 (refers to
financial year, April 1 to March 31) from 2.8 per cent in 2011-12.
Hence, despite modest growth in revenue of 10 per cent to INR545
million in 2012-13, profit after tax (PAT) reduced to INR0.4
million from INR4.3 million in 2011-12. Consequently, the
company's financial risk profile weakened, with its gearing
increasing to 2.03 times as on March 31, 2013, from 1.48 times a
year ago. The weakening of its financial risk profile was also on
account of capital withdrawal of more than PAT over the two years
through 2012-13. The company's debt protection metrics were also
weak during 2012-13 with interest coverage and net cash accruals
to total debt (NCATD) ratios of 1.32 times and negative 0.01
times, respectively.

CRISIL believes that though Partap's sales will increase at a
modest rate over the medium term, margin will remain under
pressure on account of intense competition.

CRISIL's ratings on the bank facilities of Partap continue to
reflect the firm's small scale of operations in the highly
fragmented metal wire industry, and the susceptibility of the
firm's margins to volatility in raw material prices. It is also
constrained by the firm's small net worth and weak debt protection
measures. These rating weaknesses are partially offset by the
extensive industry experience of Partap's promoters.
Outlook: Stable

CRISIL believes that Partap will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case the firm registers
higher-than-expected sales, and improves its financial risk
profile because of improvement in its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' if
Partap's financial risk profile weakens, most likely because of
lower-than-expected profitability, larger-than-expected working
capital requirements, or large debt-funded capital expenditure.
Any capital withdrawals by the promoters, weakening the firm's
financial risk profile could also result in a 'Negative' outlook
revision.

Partap was set up as a partnership firm in 2008 by Mr. Bharat
Bhushan and Mr. Sunny Mahajan. The firm manufactures steel wires,
galvanised iron (GI) wires, wire mesh, and barbed wires at its
manufacturing facility in Kangra (Himachal Pradesh).


PRASOON CONSTRUCTIONS: CRISIL Rates INR50 Million Loan at 'B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Prasoon Constructions (PC; part of the Prasoon
group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            15      CRISIL A4 (Assigned)
   Cash Credit               50      CRISIL B/Stable (Assigned)

The ratings reflect the Prasoon group's large working capital
requirements and its modest scale of operations in the fragmented
civil construction industry. These rating weaknesses are partially
offset by the extensive industry experience of the group's
promoters, and its above-average financial risk profile, marked by
healthy debt protection metrics.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PC and Y Gopal Reddy (YGR). This is
because both entities, together referred to as the Prasoon group,
are in the same line of business, share a common management, and
have significant financial and operational linkages.

Outlook: Stable

CRISIL believes that the Prasoon group will continue to benefit
over the medium term from its promoters' industry experience. The
outlook may be revised to 'Positive' if the group scales up its
operations significantly while improving its profitability,
leading to better-than-expected cash accruals and improvement in
its liquidity. Conversely, the outlook may be revised to
'Negative' if the Prasoon group reports lower-than-expected
revenues or profitability, or its working capital management
deteriorates, or it undertakes a large debt-funded capital
expenditure programme, leading to weakening of its financial risk
profile, particularly its liquidity.

Set up in 2012, PC undertakes civil construction work for the
Government of Andhra Pradesh in and around Hyderabad. Its
associate entity, YGR, in engaged in the same line of business.
The group's day-to-day operations are managed by its managing
partner, Mr. Y Praveen Kumar Reddy.

The Prasoon group reported a profit after tax (PAT) of INR6.6
million on revenues of INR170.3 million for 2012-13 (refers to
financial year, April 1 to March 31), against a PAT of INR8.0
million on revenues of INR207.2 million for 2011-12.


PVR SHIP: CARE Reaffirms 'B/A4' Rating on INR50cr Bank Loans
------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
PVR Ship Breaking Company.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term/Short-       50        CARE B/CARE A4 Reaffirmed
   Term Bank
   Facilities

The rating assigned by CARE is 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 withdrawal of the
capital or the unsecured loans brought by the partners in addition
to the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of PVR Ship Breaking
Company continue to remain constrained on account of its financial
risk profile marked by thin profitability, leveraged capital
structure, weak debt coverage indicators and modest liquidity
position. The ratings further remain constrained on account of the
exposure to volatility in steel prices on uncut ship inventory and
foreign exchange fluctuation.

The ratings, however, continue to take into account the benefits
derived from the wide experience of the partners in the ship
breaking industry and PSBC's presence in the Alang-Sosiya belt and
good prospects for the Indian ship-breaking industry in the near
future.

PSBC's ability to recover the cost of ships purchased through sale
of scrap in light of volatile scrap prices, thereby improving the
profitability and capital structure and timely
availability/renewal of rental plots from the regulatory
authorities are the key rating sensitivities.

Bhavnagar-based (Gujarat) PSBC is a partnership firm engaged in
the ship breaking business since 1998. The firm is also engaged in
the business of producing oxygen gas. The firm operates on a
single plot located at Alang, Bhavnagar, which is leased out by
Gujarat Maritime Board (GMB). The firm purchases ships and breaks
them into steel plates, which is supplied to rolling mills in
Gujarat.  The entire operations of the firm are managed Mr
Vijender Jain and Ms Bina Jain. PSBC has one plot with a capacity
to break ships equivalent to 25,000 tonnes of scrap in a year.

During FY13 (refers to the period April 1 to March 31), PSBC
achieved a Profit after Tax (PAT) of INR0.33 crore on a Total
Operating Income (TOI) of INR62.26 crore as against a PAT of
INR0.44 crore on a TOI of INR53.77 crore in FY12. PSBC reported a
TOI of INR52.34 crore till Nov. 30, 2013 (provisional).


RAM AABHOSHAN: CARE Reaffirms 'B+' Rating on INR20cr Bank Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ram Aabhoshan.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             20        CARE B+ Reaffirmed

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

Rating Rationale

The rating continues to be constrained by RA's below average
financial risk profile marked by low profitability and high
gearing. Furthermore, the rating also takes into account the
significant geographical concentration risk with limited presence
in and across Agra and constitution of the entity being a
proprietorship firm. These weaknesses are, however, partially
offset by the experienced promoters, healthy growth in the sales
over the years, back to back sales arrangement for its trading
operations and comfortable liquidity position marked by high
holding of bullion inventory for contract manufacturing.

Going forward, the ability of RA to improve the profitability
margins and capital structure will remain the key rating
sensitivities.

Ram Aabhoshan was originally incorporated as Mukund Jewellers in
2006. Subsequently, in 2009, the name of the firm was changed to
Ram Bullion. Furthermore, in 2013, the name of the firm
was changed to the present name. RA is a sole proprietorship firm
involved in the trading of bullions (gold & silver) and contract
manufacturing of gold and silver jewellery on wholesale basis. RA
purchases the raw material i e gold and silver from government
approved agencies like MMTC (rated: CARE A+/A1+) etc. The
firm has one shop located in Agra and caters to the market in and
around Agra.

Mr Avadh Behari Agarwal is also the director of several other
companies which includes M/s Behari Colds Pvt Ltd (rated: CARE B)
and M/s Shyam Ice Factory.

Based on FY13, the trading of silver bullion and gold bullion
respectively contributed 12% and 58% to the net sales whereas
manufacturing of silver and gold jewellery contributed 2% and 28%
respectively to the net sales of FY13.

RA reported a PAT of INR0.24 crore on the total income of
INR429.48 crore in FY13 (refers to the period April 1 to
March 31) as against a PAT of INR0.20 crore on the total income of
INR301.83 crore in FY12.


RC GOLDEN: CARE Upgrades Rating on INR0.45cr Loans to 'B+'
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
RC Golden Granites Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        0.45       CARE B+ Revised
   Facilities                       from CARE C

   Short-term Bank       9.10       CARE A4 Reaffirmed
   Facilities

Rating Rationale

The revision in the long-term rating of RC Golden Granites Private
Limited factors in further improvement in the company's debt
servicing track record. The ratings, however, continue to be
constrained by the company's weak financial risk profile marked by
high gearing and stressed liquidity position owing to an elongated
operating cycle. The ratings are also constrained by the
concentrated revenue base with high dependence on few clients,
exposure to intense competition in the granite export market and
susceptibility of profit margins to volatility in the foreign
exchange rates.

The ratings, however, favorably take into account the experience
of the promoter and the company's presence in the select business
space of supplying monuments.

Going forward, improvement in the liquidity position and the
overall financial risk profile will be the key rating
sensitivities. Furthermore, the company's ability to diversify its
clientele would also be a rating sensitivity.

RC Golden Granites Private Limited was incorporated in 2006 by Mr
R Chandrasekaran. The company manufactures and exports customized
granite monuments. The manufacturing facility, with an installed
capacity of 40,000 square metres (Sq. Mt) is located at
Uthiramerur in Kanchipuram District. The company is a 100% Export
Oriented Unit (EOU) and exports to Netherlands, Germany and the
US. The promoter has been engaged in the granite export business
since 1987.

RCG has achieved a PAT of INR0.58 crore on a total operating
income of INR13.49 crore in FY13 (refers to the period April 1 to
March 31) as compared with a PAT of INR0.70 crore on a total
operating income of INR14.57 crore in FY12.


ROLEX CYCLES: CRISIL Reaffirms 'B+' Rating on INR202.5MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rolex Cycles Pvt Ltd
continue to reflect RCPL's below-average financial risk profile,
marked by high gearing, a small net worth, and weak debt
protection metrics, and customer and product concentration in its
revenue profile. These rating weaknesses are partially offset by
the company's long track record in the bicycle components
manufacturing industry.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit         202.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RCPL will continue to benefit over the medium
term from its established relationships with its customers. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves, most likely because of improvement in its
profitability or infusion of equity capital by its promoters.
Conversely, the outlook may be revised to 'Negative' if RCPL's
financial risk profile deteriorates, most likely because of fresh
large debt-funded capital expenditure, or larger-than-expected
incremental working capital requirements.

Update

RCPL achieved net sales of INR896 million in 2012-13 (refers to
financial year, April 1 to March 31), against INR870 million in
2011-12. The marginal revenue growth of 3 per cent, which was in
line with CRISIL's expectations, was mainly because of stagnant
demand from its customer base, which mainly includes Hero Cycles
Ltd and Atlas Cycles (Haryana) Ltd. However, CRISIL believes that
RCPL will continue to benefit from its established relationships
with its customers, leading to a sustained topline over the medium
term.

RCPL is expected to continue to register a modest operating profit
margin of around 4 per cent over the medium term, because of the
low-value-addition nature of its business. Its operations are
working-capital-intensive, reflected in its gross current assets
of 134 days as on March 31, 2013, because of high inventory levels
of around 3 months, and receivables of 40 days. CRISIL believes
that RCIPL's operations will remain working-capital-intensive over
the medium term, leading to high utilisation of its bank limits;
the limits were utilised at an average of 100 per cent over the 12
months through December 2013.

RCPL continues to have a weak financial risk profile, marked by a
high gearing of 3.04 times and a small net worth of INR75 million,
as on March 31, 2013. It has weak debt protection metrics, with
interest coverage and net cash accruals to total debt ratios of
1.3 times and 0.03 times, respectively, for 2012-13.

RCPL was set up in 1954 as a partnership firm; it was
reconstituted as a private limited company in 1999. It
manufactures hubs for bicycles.


ROOTS COOLING: CRISIL Reaffirms 'B+' Rating on INR77.5MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Roots Cooling Systems
Pvt Ltd continue to reflect RCSPL's working-capital-intensive
operations and weak financial risk profile, marked by a small net
worth and weak debt protection metrics. These rating weaknesses
are partially offset by RCSPL's established track record in the
heating, ventilation, and air conditioning (HVAC) industry, and
healthy order book.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           1.2     CRISIL A4 (Reaffirmed)

   Bill Discounting
   under Letter of Credit  20.3     CRISIL A4 (Reaffirmed)

   Cash Credit             75       CRISIL B+/Stable (Reaffirmed)

   Inland Guarantees       50       CRISIL A4 (Reaffirmed)

   Letter of Credit        11       CRISIL A4 (Reaffirmed)

   Rupee Term Loan          2.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RCSPL will benefit over the medium term from
its strong order book and promoter's extensive experience in the
HVAC industry. The outlook may be revised to 'Positive' if the
company significantly reduces its working capital requirements,
primarily by collecting the receivables faster. Conversely, the
outlook may be revised to 'Negative' in case RCSPL reports lower-
than-expected sales and profitability, or its financial risk
profile weakens owing to any liquidated damages driven by
significant delays in execution of the orders.

Update
RCSPL has maintained its business risk profile with an estimated
operating income of INR413.6 million in 2012-13 (refers to
financial year, April 1 to March 31), marginally higher than
CRISIL's expectations of around INR412.7 million. The operating
margin of 6.5 per cent in 2012-13 was lower than CRISIL's
expectations on account of increase in raw material prices.
However, the company's net cash accruals were in line with
CRISIL's expectations. The business profile is expected to remain
stable over the medium term on account of the healthy order book.
The firm's operations have been working capital intensive, marked
by gross current asset (GCA) of 271 days as on March 31, 2013,
although slightly better than CRISIL's expectations on account of
better inventory management.

RCSPL's capital structure marginally improved in 2012-13, aided by
better accretion to reserves; its gearing was conservative at 0.6
times as on March 31, 2013. RCSPL has above-average debt
protection metrics with interest coverage and net cash accruals to
total debt (NCATD) ratios at 2.39 times and 0.15 times,
respectively, for 2012-13; these are expected to remain in the
same range over the medium term, backed by moderate cash accruals
and lack of debt-funded capex programmes.

Incorporated in 1994 by Mr. Anoop Kumar Saxena, RCSPL is involved
in design, manufacture, installation, and commissioning of
evaporating cooling equipment and ventilation and pollution
control systems; the company also executes HVAC turnkey projects.
It is based in Noida (Uttar Pradesh).


S.R.K. CHEMICALS: CRISIL Reaffirms 'B' Rating on INR56MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of S.R.K. Chemicals Ltd
continue to reflect SRK's modest scale of operations because of
its start-up phase, and vulnerability of its profitability to
intense competition and to the trading nature of its operations.
These rating weaknesses are partially offset by the established
track record of the company's promoters in the salt industry.

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

   Line of Credit            70      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility         6      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SRK will continue to benefit over the medium
term from its promoters' extensive experience in the salt
industry. The outlook may be revised to 'Positive' if the company
achieves a higher-than-expected scale of operations and
profitability, and better working capital management. Conversely,
the outlook may be revised to 'Negative' if SRK does not achieve
the expected sales or profitability, or if its working capital
requirements increase more than expected, thus leading to
deterioration in its business and financial risk profiles.

Incorporated in 2008, SRK is part of the Neelkanth group, promoted
by the Kangad family based in Gandhidham (Gujarat). The group has
a presence in businesses such as salt manufacturing, civil
construction, water supply, transportation, and low ash
meteorological (LAM) coke manufacturing. SRK trades in various
products such as salt and timber.

For 2012-13 (refers to financial year, April 1 to March 31), SRK
reported, on a provisional basis, a net profit of INR8.2 million
on sales of INR166.1 million; it had reported a net profit of
INR0.3 million on net sales of INR11.1 million for 2011-12.


SAFIRE INDUSTRIES: CRISIL Reaffirms D Rating on INR121.5MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Safire Industries
(SI; part of the Safire group) continue to reflect delays by
Safire group in servicing its debt. The delays have been caused by
the group's weak liquidity, driven by large working capital
requirements particularly because of stretched receivables.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            5       CRISIL D (Reaffirmed)
   Cash Credit              30       CRISIL D (Reaffirmed)
   Letter of Credit         10       CRISIL D (Reaffirmed)
   Long Term Loan           46.5     CRISIL D (Reaffirmed)
   Proposed Working
   Capital Facility         30       CRISIL D (Reaffirmed)

The Safire group has large working capital requirements and is
exposed to risks related to the highly fragmented and intensely
competitive printing industry. The group, however, benefits from
its established market position in the printing and publications
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SI and The Safire Offset Printers
(SOP), together referred to as the Safire group. This is because
the two entities are in the same line of business, and have a
common management and fungible cash flows.

Set up in 1989 by Mr. Ayyanathan, SI is part of the Safire group,
which prints film posters, brochures, calendars, text books, and
school magazines. Both the group entities, SI and SOP, are based
in Sivakasi (Tamil Nadu).

Safire group reported a net profit of INR32.5 million on net sales
of INR548.5 million for 2012-13 (refers to financial year, April 1
to March 31), against a net profit of INR29.6 million on net sales
of INR470.9 million for 2011-12.


SAFIRE OFFSET: CRISIL Reaffirms 'D' Ratings on INR179.5MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Safire Offset
Printers (SOP; part of the Safire group) continue to reflect
delays by Safire group in servicing its debt. The delays have been
caused by the group's weak liquidity, driven by large working
capital requirements particularly because of stretched
receivables.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee             5      CRISIL D (Reaffirmed)
   Cash Credit               60      CRISIL D (Reaffirmed)
   Letter of Credit          10      CRISIL D (Reaffirmed)
   Long Term Loan            64.5    CRISIL D (Reaffirmed)
   Proposed Working          40      CRISIL D (Reaffirmed)
   Capital Facility

The Safire group has large working capital requirements and is
exposed to risks related to the highly fragmented and intensely
competitive printing industry. The group, however, benefits from
its established market position in the printing and publications
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SOP and The Safire Industries (SI),
together referred to as the Safire group. This is because the two
entities are in the same line of business, and have a common
management and fungible cash flows.

Set up in 1989 by Mr. Ayyanathan, SI is part of the Safire group,
which prints film posters, brochures, calendars, text books, and
school magazines. Both the group entities, SI and SOP, are based
in Sivakasi (Tamil Nadu).

Safire group reported a net profit of INR32.5 million on net sales
of INR548.5 million for 2012-13 (refers to financial year, April 1
to March 31), against a net profit of INR29.6 million on net sales
of INR470.9 million for 2011-12.


SANJAY TRADE: CARE Reaffirms 'B' Rating on INR5cr Bank Loans
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sanjay Trade Corporation.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             5         CARE B Reaffirmed

   Short-term Bank
   Facilities            30         CARE A4 Reaffirmed

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

Rating Rationale

The ratings assigned to the bank facilities of Sanjay Trade
Corporation continue to be constrained by the relatively small and
fluctuating scale of operations in the ship breaking industry
along with declining profit margins. The ratings further continue
to remain constrained by operations in the volatile, fragmented
and competitive ship-breaking industry along with the risk
associated with unsold inventory due to the volatile steel prices.

The ratings, however, continue to draw strength from wide
experience of the partners and financial support extended in the
past. The ratings also take into consideration, the healthy growth
achieved in the total operating income (TOI) during FY13 (refers
to the period April 1 to March 31) and comfortable capital
structure as on March 31, 2013.

The ability of STC to maintain growth in its scale of operations
coupled with an improvement in profit margins and maintain
favorable capital structure remains the key rating sensitivities.

Established as a partnership firm in 1996 by Mr Salim Dholia, Mr
Salim Lakhani and Mr Rafik Dholia, STC is engaged in the ship
breaking activity. STC purchases ships like primarily bulk
carriers and cargo ships, mainly through brokers from the open
market and sells scraps through brokers mainly in Jamnagar Gujarat
(70% of its total sales) for manufacturing of TMT bars. The ship
breaking operations are carried out at premises which are taken on
lease for a tenure of 10 years from Alang Port from the Gujarat
Maritime Board (GMB).

During FY13 (refers to the period April 01 to March 31), STC
reported a total operating income (TOI) of INR55.60 crore with a
PAT of INR0.38 crore as against a TOI of INR39.92 crore and a PAT
of INR0.75 crore during FY12.

During 9MFY14 (Prov.), STC reported a total operating income of
INR12.68 crore and PBDT of INR0.17 crore.


SHIV NARESH: ICRA Assigns 'B+' Ratings to INR6cr Loans
------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR3.0 crore fund based
facility and INR3.0 crore unallocated limits of Shiv Naresh Sports
Pvt Ltd. ICRA has also assigned short term rating of '[ICRA]A4' to
the INR9.0 crore non fund based facility of SNS.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based facility      3.0        [ICRA]B+(Assigned)

   Non Fund Based           9.0        [ICRA]A4(Assigned)
   facility

   Unallocated              3.0        [ICRA]B+(Assigned)

The rating draws comfort from long experience of promoters and
established brand presence of the company at regional level. The
rating also draws comfort from favorable capital structure of the
company as indicated by gearing and interest coverage of 0.16
times and 6.15 times respectively as on March 2013.

The rating is however constrained by working capital intensive
nature of its operations on account of high receivable days due to
delayed payments from sports infrastructure contracts. The
receivable days of the company stood around 150 days as on March
31st 2013, with receivables outstanding for more than six months
constituting around 60% of the total receivables. The rating is
also constrained by decline in margins in FY12 and FY13 on account
of write-off of bad debt undertaken by the company. Further the
rating also takes into account small scale of operations of the
company and presence in highly fragmented sportswear industry.
ICRA has also taken note of significant provision for warranty
(Rs. 9.84 crore as on March 31, 2013) made by the company for the
payment to subcontractors for construction contracts which will
lead to cash outflow in the future.

Going forward, ability of the company to achieve growth in
turnover and improve its margins while moderating its working
capital cycle will be the key rating sensitive factors.

Based in Delhi, Shiv Naresh Sports Pvt Ltd was incorporated in
1998 and is promoted by Mr. Shiv Prakash and his family. SNS is
involved in manufacture of sportswear like track suits, jackets,
t-shirts, etc. The company has a single manufacturing facility
located at Badali, Delhi. Apart from manufacture of sportswear,
the company also undertakes contracts for execution of sports
infrastructure projects like construction of running tracks,
hockey fields, etc.

Recent Results

For the period 2012-13, the firm reported operating income of
INR38.05 crore and net profit of INR1.10 crore as compared to
operating income of INR29.86 crore and net profit of INR0.66 crore
for the period 2011-12.


SHREE GOKULESH: CARE Assigns 'B+' Rating to INR7.7cr Bank Loans
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree
Gokulesh Rice Mill.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            7.70       CARE B+ Assigned

The rating assigned by CARE is 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 rating assigned to the bank facilities of Shree Gokulesh Rice
Mill is primarily constrained on account of low profit margins,
leveraged capital structure, weak debt coverage indicators and
working capital intensive nature of operations. The rating is also
constrained on account of the modest scale of operations in a
competitive and fragmented industry with limited value addition.

The rating, however, derives strength from the wide experience of
the partners and proximity to paddy-growing areas.

The ability of SGRM to increase its scale of operations,
improvement in profitability and capital structure while managing
working capital efficiently are the key rating sensitivities.

Established in the year 2004, Ahmedabad-based SGRM is a
partnership firm engaged in the processing of non-basmati rice.
Key partners include Mr Minesh H. Patel, Mr Raghav J. Patel, and
Mr Tejas K. Patel who manage the day-to-day operations. As on
March 31 2013, it had a total installed capacity of 3,60,000
Quintals of Paddy and operates through its sole manufacturing
facility at Ahmedabad. SGRM supplies its products to Gujarat,
Maharashtra, Karnataka and Rajasthan.

During FY13 (refers to the period April 1 to March 31), SGRM
reported a total operating income of INR21.56 crore (FY12:
INR11.11 crore) and a PAT of INR0.02 crore (FY12: INR0.01 crore).
As per the provisional results for 8MFY14, SGRM has achieved a
total operating income of INR30 crore reflecting a significant
increase in the scale of operations.


SHREE KALKA: CARE Revises Rating on INR8.59cr Bank Loans to 'B+'
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Shree Kalka Fibers Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        8.59       CARE B+ Revised
   Facilities                       from CARE B

Rating Rationale

The rating assigned to the bank facilities of Shree Kalka Fibers
Private Limited was revised on account of the successful
commissioning and stabilization of operations of its cotton
ginning & pressing unit.

The rating, however, continues to remain constrained on account of
its short track record of operations, presence in a highly
fragmented cotton yarn industry, susceptibility of profit margins
to cotton price fluctuations, seasonality associated with cotton
availability and regulatory risk.

The rating continues to derive strength from the long &
established track record of the group in the cotton industry.
Furthermore, it also derives strength from its moderate capital
structure, debt coverage indicators and liquidity position.

The ability of SKF to increase its scale of operations, improve
its profitability while managing competition and volatility
associated with the cotton prices alongwith efficient working
capital management are the key rating sensitivities.

Incorporated in August 2007, Sendhwa-based SKF commenced
operations in January 2013. SKF was promoted by Mr Shyamsunder
Tayal and is engaged in the ginning and pressing of raw cotton.
SKF's plant is located in Georai district, Beed, Maharashtra for
processing of raw cotton with a capacity to produce 250 bales of
cotton per day.

During FY13 (refers to the period April 1 to March 31), SKF
reported a PAT of INR0.02 crore on a total operating income (TOI)
of INR13.08 crore. In 9MFY14 (provisional), SKF has achieved sales
of INR27.27 crore.


SPARK GREEN: ICRA Suspends 'D' Rating on INR80cr Term Loans
-----------------------------------------------------------
ICRA has suspended the '[ICRA]D' rating assigned to the INR80.00
crore term loans of Spark Green Energy (Ahmednagar) Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SRI MVR COTTON: ICRA Reaffirms 'B' Rating on INR14.30cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR14.25
crore ( revised from INR24.95 crore) fund based facilities and
INR0.05 crore non fund based facilities of Sri MVR Cotton Oil
Mills Private Limited at '[ICRA]B'.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limits       14.25      [ICRA]B reaffirmed

   Non Fund based limits    0.05      [ICRA]B reaffirmed

The rating upgrade primarily factors in consistent timely debt
servicing over the last year. ICRA's earlier rating was
constrained by previous track record of delays in debt servicing.
Further, the gearing is expected to improve in the absence of any
debt funded capex plans and the retirement of long term loans. The
rating also takes into account the experience of the promoters in
the cotton trading and ginning business, proximity of MVR's
ginning unit to cotton growing areas of the Guntur district of
Andhra Pradesh (AP) and the ability to produce better quality
output (lint) from the Technology Mission on Cotton (TMC) unit.

The rating however continues to be constrained by the relatively
modest scale of operations and the fragmented nature of the
ginning industry characterized by the presence of a large number
of small and medium scale players which restricts MVR's pricing
flexibility and hence exposing the margins of the company to
fluctuation in the raw material prices. ICRA notes that, the
company is vulnerable to regulatory risks with regards to minimum
support price for kapas. The rating also takes into account the
low profitability in the business combined with high gearing
resulting into weak interest and debt coverage. The rating is
further constrained by the large working capital requirement of
the company on account of large inventory holdings owing to the
seasonal nature of the business.

MVR was incorporated in 2008 and has a TMC cotton ginning mill in
Guntur district of AP. In addition to better quality output, TMC
unit has other advantages such as higher production speed and low
manpower requirement. MVR is promoted by Mr. M. Venkateswara Rao
who has over a decade of experience in cotton ginning and trading.
The capacity of the ginning mill was increased during FY 11 by
addition of 24 gins, making the total installed capacity 48 gins
which can produce 71,153 bales of cotton lint during the cotton
season each year.

Recent Results

As per the latest FY 13 results, MVR has reported an operating
income of INR35.34 crore and a profit after tax of INR0.17 crore.


SSK EXPORTS: ICRA Suspends 'B+' Rating on INR4.95cr Loans
---------------------------------------------------------
ICRA has suspended '[ICRA]B+' rating assigned to the INR1.50 crore
term loan, INR3.15 crore, fund based and INR0.30 crore, non-fund
based, working capital facility, and '[ICRA]A4' rating to the
INR19.50 crore, short term, fund based, working capital facility
of SSK Exports 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.


STAR SHIP: CARE Reaffirms 'B' Rating on INR5cr Bank Loans
---------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Star Ship Breaking Corporation.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              5        CARE B Reaffirmed

   Short-term Bank
   Facilities             30        CARE A4 Reaffirmed

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

Rating Rationale

The ratings assigned to the bank facilities of Star Ship Breaking
Corporation continue to be constrained by the relatively small and
fluctuating scale of business operations in the ship breaking
industry along with financial risk profile marked by declining
profit margins, leveraged capital structure and weak debt coverage
indicators. The ratings further continue to remain constrained by
operations in volatile, fragmented and competitive nature of the
ship breaking industry along with the risk associated with unsold
inventory due to volatile steel prices.

The ratings, however, continue to draw strength from the wide
experience of the partners and financial support extended in the
past.

The ability of SSBC to increase its scale of operations by
acquiring ships in a timely manner coupled with an improvement in
profit margins, capital structure and debt coverage indicators
remains the key rating sensitivities.

SSBC is a partnership firm established by Mr Arif Lakhani and two
other partners Mr Kashid Dholia and Mr Ashraf Lakhani during the
year 1998. After death of Mr Ashraf Lakhani in April 2013, the
operation of the firm was carried out by the two remaining
partners during the same period. SSBC is engaged in the ship
breaking activity. SSBC purchases ships, primarily bulk carriers
and cargo ships, either directly from the ship owners or agents
which is then sold as scrap. The ship breaking operations are
carried out at premises which are taken on lease for a tenure of
10 years from Alang Port from the Gujarat Maritime Board (GMB).
SSBC purchases ships mainly from brokers through the open market
and sells scraps through brokers mainly in Jamnagar Gujarat
which is being used for the manufacturing of TMT bars. Prior to
FY10 (refers to the period April 1 to March 31), SSBC carried its
operations under its related firm Sanjay Trade Corporation and
hence the revenues for those years were booked in that firm.

During FY13, SSBC reported a total operating income (TOI) of
INR30.90 crore with a PAT of INR0.36 crore as against a TOI of
INR31.32 crore and a PAT of INR0.67 crore during FY12.
During 9MFY14 (provisional), SSBC reported a total operating
income of INR32.69 crore and PBDT of INR0.41 crore.


STEELCON INFRATRADE: ICRA Suspends B Rating on INR8cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B' assigned to
the INR8.00 crore long term fund based facilities and '[ICRA]A4'
rating assigned to the INR6 crore short term non fund based
facilities of Steelcon Infratrade Private 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.

Steelcon Infratrade Private Limited was incorporated as a private
limited company in the year 2009 by Mr. Devang Gandhi. He had also
established M/s Dev Steels in 2001 and its business was fully
transferred to SIPL in 2009. SIPL is engaged in the business of
trading Thermo Mechanically Treated (TMT) steel bars, structural
steel, hot rolled sheet/coil, cold rolled sheet/coil, galvanized
sheet/coil and mild steel products. Majority (~90%) of the revenue
is derived from the trading of TMT steel bars.


SUNDALE PACKERS: CRISIL Assigns 'B' Rating to INR103MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sundale Packers.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                1.8      CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility      96.2      CRISIL B/Stable

   Cash Credit              5        CRISIL B/Stable

   Letter of Credit        47        CRISIL A4

The rating reflects SP's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and small
scale of operations in the highly fragmented and competitive
packaging industry. These rating strengths are partially offset by
the promoters' extensive experience in the packaging industry.

Outlook: Stable

CRISIL believes that SP will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves significantly on account of higher-than-expected
revenues and profitability on a sustained basis. Conversely, the
outlook may be revised to 'Negative' if SP's profitability or
revenues decline, resulting in lower-than-expected cash accruals.
Also, the outlook may be revised to 'Negative' if the firm's
financial risk profile deteriorates because of any larger-than-
expected debt-funded capital expenditure programme.

SP, established in 1998 as a proprietorship firm in Kollam
(Kerala), manufactures various packing materials such as pallets,
boxes, crates, and end caps made of wood. The firm is promoted by
Mr. S Shihas.

For 2012-13 (refers to financial year, April 1 to March 31), SP
reported a profit after tax (PAT) of INR2.7 million on net sales
of INR274.3 million, against a PAT of INR1.8 million on net sales
of INR246.4 million for 2011-12.


TEJASWI JEWELLERS: CRISIL Suspends 'B+' Rating on INR400MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Tejaswi
Jewellers Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long Term Bank           400      CRISIL B+/Stable Suspended
   Facility

The suspension of ratings is on account of non-cooperation by TJPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TJPL is yet to
provide adequate information to enable CRISIL to assess TJPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

CRISIL has combined the business and financial risk profiles of
TJPL and Vaishnavi Jewellers Pvt Ltd (VJPL), together referred to
as the Tejaswi group. This is because both companies are in the
same line of business, and VJPL's business operations will be
acquired by TJPL in 2011-12 (refers to financial year, April 1 to
March 31).

TJPL, incorporated in 1997, is promoted by Mr. B. Neelakanta and
his wife Mrs. B Renuka. The company trades branded jewellery,
including a variety of gold, platinum, diamond, gemstones, and
studded jewellery of the Tanishq brand from Titan Company Ltd
(rated 'CRISIL AA+/Stable/CRISIL A1+'). The company has also been
operating a franchise of Tanishq in Hyderabad since February 2008,
and trades eye-wear and watches of the Titan Eye Plus brand. The
company belongs to the Butta group, which has diversified
businesses. TJPL has five showrooms in Andhra Pradesh: in
Hyderabad, Secunderabad, and Kukatpally. VJPL operates a franchise
of Tanishq in Secunderabad.


VAIBHAV COTTON: CARE Reaffirms 'B' Rating on INR5.23cr Bank Loans
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Vaibhav Cotton Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         5.23      CARE B Reaffirmed
   Facilities

The rating assigned by CARE is 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 withdrawal of the
capital or unsecured loans brought in by the partners in addition
to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Vaibhav Cotton
Industries continues to remain constrained on account of its weak
financial risk profile marked by thin profit margins, leveraged
capital structure and weak debt coverage indicators. The rating
further continues to be constrained by its presence in the lowest
segment of the textile value chain with limited value addition in
the cotton ginning business and seasonality associated with the
procurement of raw material resulting into working-capital
intensive nature of operations.

The rating continues to draw strength from the wide experience of
the partners in the cotton industry and locational advantage in
terms of proximity to the cotton seed growing regions in
Gujarat.

The ability of VCI to increase its scale of operations and move up
in the cotton value chain and diversification of its product
portfolio thereby improving its profitability along with better
working capital management in light of the competitive nature of
the industry remain the key rating sensitivities.

VCI was formed in April 2009 by 11 partners with unequal profit
and loss sharing agreement between them and commenced commercial
operations in November, 2009. All the key activities of the firm
are mainly controlled by the managing partner Mr Satish Gojaria.
VCI is engaged in cotton ginning and pressing and has an installed
capacity of 4,250 Metric Tons Per Annum (MTPA) for cotton bales
and 7,500 MTPA for cotton seeds as on March 31, 2013 at its sole
manufacturing facility located at Amreli (Gujarat).

During FY13 (refers to the period April 1 to March 31), VCI
reported TOI of INR18.89 crore and PAT of INR0.04 crore as against
the TOI of INR24.76 crore and PAT of INR0.05 crore during FY12.


VASAVI KANYAKA: ICRA Downgrades Rating on INR6cr Loans to 'D'
-------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR5.30 crore
fund based limits of Vasavi Kanyaka Parmeswari Parboiled Rice
Industry from '[ICRA]B+' to '[ICRA]D'. ICRA has also revised the
ratings assigned to INR0.70 crore unallocated limits of VKPPRI
from '[ICRA]B+/[ICRA]A4' to [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based Limits     5.30       [ICRA]D revised
   Unallocated Limits    0.70       [ICRA]D revised

The revision in rating primarily factors in delays in meeting the
term loan repayments obligation owing to firm's stretched
liquidity position. The ratings are further constrained by
intensely competitive nature of the rice industry with presence of
several small-scale players which further increases the pressure
on the operating margins; susceptibility to agro-climatic risks
which impact the availability of the paddy in adverse weather
condition and the government policy restrictions on the quantity
of rice which can be sold in the open market limit the flexibility
and realizations for the firm. The ratings however draw comfort
from the long experience of the promoters in the rice industry and
easy availability of paddy with proximity of plant in major paddy
cultivating region of the country. Going forward, timely debt
servicing remains the key rating driver from credit perspective.

Founded as a partnership firm in 2007, Vasavi Kanyaka Parameshwari
Parboiled Rice Industry is engaged in the milling of paddy and
produces raw and boiled rice. The firm is based out in Nalgonda
District of Andhra Pradesh with a total installed capacity of 4MT
per hour. In FY12, the firm also started production of maize
powder and the installed crushing capacity is 600 MTPA. Partner,
Mr. Polishetty Srinivas has around 15 years in the rice and rice
products (bran) industry.



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


MARTIN BOSLEY'S YACHT CLUB: Placed Into Liquidation
---------------------------------------------------
Michelle Duff at The Dominion Post reports that top chef Martin
Bosley has been forced into liquidation, 13 years after the
opening of his award-winning restaurant, Martin Bosley's Yacht
Club.

The report says the chef sat alone in a sea of empty tables
yesterday, wringing his hands.

"It's the hardest decision I've ever had to make, it's the worst
day of my life," the report quotes Mr. Bosley as saying. "Having
to tell the staff that you'll no longer be here, it's devastating.
It's not a position we ever thought we'd be in. We feel like we've
been part of the family in this town for a long time. I'm terribly
disheartened that this is how it's ended."

Mr. Bosley told 15 staff that the business was being placed into
voluntary liquidation on February 4, the report relays.

According to the report, staff had received their final pay, and
liquidators would begin to value assets. The business had no bank
loans but did owe creditors -- an amount Mr. Bosley would not
share.

A tough few years during the financial crisis, a slew of cancelled
bookings, and the loss of his lease at the Port Nicholson Yacht
Club prompted the final call, the report notes.

The Dominion Post recalls that two years ago Mr. Bosley enlisted a
strategic adviser to help with cost-cutting, and "made significant
inroads" in repaying debt he had fallen into with creditors and
Inland Revenue.

He began trying to "casualise" dining and find other revenue
streams -- including $30 fish and chip Sundays and launching a
range of sauces, the report says.

But business never really picked up, and in December the yacht
club advertised the lease on the premises -- wanting to include
more casual dining as part of its plan to rejuvenate the boat
harbour precinct, according to The Dominion Post.


WESTERN PACIFIC: Liquidation in Third Year
------------------------------------------
Simon Hartley at Otago Daily Times reports that the liquidation of
collapsed boutique Queenstown insurance company Western Pacific --
dragging into its third year -- has liquidators targeting larger
claims to try to speed up the process.

Because of the lack of engineers and demand for their services in
Canterbury, liquidators said the engineers did not have the
capacity to assess multiple claims, while loss adjustors have been
instructed to review the largest quake claims first, according to
Otago Daily Times.

"Loss adjusters are currently progressing some 60 claims with a
total estimated value of approximately NZ$37 million and will
continue to work through the remaining claims," the liquidators
said in their last report to creditors, the report relates.

Liquidators' Grant Thornton was appointed to the job in April
2001, in the wake of Western's collapse after being unable to meet
its obligations to pay out Christchurch earthquake claims, from
September 2010 and February 2011, the report recalls.

The estimated total claims from the two quakes stands at NZ$48.3
million, with reinsurers' payments expected to cover NZ$33.9
million, plus NZ$1.72 million in reinsurance premiums due, the
report notes.

The report relays that Grant Thornton estimate a shortfall of
NZ$16.1 million for policy holders.  Separately, unsecured
creditors have lost about NZ$27.6 million -- a total shortfall of
more than NZ$43 million, the report says.

Western's operators were Queenstown-based Graham Smolenski and his
Australian brother-in-law Jeff McNally.  Western once held 7000
policies worldwide, amounting to NZ$10 billion in insurance cover,
but collapsed owing NZ$6 million, the report adds.



=====================
P H I L I P P I N E S
=====================


* PHILIPPINES: Central Bank Backs Changes in PDIC Charter
---------------------------------------------------------
Kathleen A. Martin at The Philippine Star reports that the Bangko
Sentral ng Pilipinas has expressed support in the state deposit
insurer's proposal to amend its charter to better handle
problematic banks.

The Philippine Star relates that BSP Deputy Governor Nestor A.
Espenilla Jr. told reporters the proposed amendments to RA 3591 or
the Philippine Deposit Insurance Corp. (PDIC) Charter will benefit
depositors and clients of shuttered banks.

"The valuable role of the PDIC is in the resolution of the problem
bank . . . and I think the most important (proposed amendment) is
the additional resolution of creating a bridge bank as a way of
resolving problem banks," the report quotes
Mr. Espenilla as saying.

A bridge bank, as appointed by other state deposit insurers, acts
as a shell company that absorbs the assets and liabilities of an
insolvent bank. It does so until the insolvent bank is ready for
acquisition or for liquidation, the report notes.

According to the report, Mr. Espenilla explained that if the PDIC
will be allowed by law to create one, it will be able to position
a shuttered bank better in the market to fetch a fair price when
bidding it out.

"Today, we don't have a bridge bank so (a lot of closed banks)
result in pay out," Mr. Espenilla, as cited by The Philippine
Star, said.

The report notes that the PDIC is mandated by law to act as the
receiver of banks ordered closed by the central bank.  This means
the PDIC takes charge of the shuttered bank's assets and
liabilities, examines and investigates any irregularities in the
bank's records, and pays out deposit insurance claims of the
clients.  In paying out deposit insurance claims, the PDIC
liquidates closed banks' assets or puts up the shuttered bank for
auction.

The Philippine Star relates that Mr. Espenilla also said that
having a bridge bank will cut costs for the PDIC when it
liquidates closed banks' assets or bids out the shuttered bank.

Last year, a total of 18 banks were ordered closed and placed
under the receivership of the PDIC, the report adds.



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


HYUNDAI MERCHANT: Regulator Presses Shipper to Shore up Finances
----------------------------------------------------------------
Yonhap News Agency reports that South Korea's financial regulator
and creditors of Hyundai Merchant Marine Co. are pressing the
country's No. 2 shipper to improve its finances amid worsening
liquidity conditions, industry sources said February 6.

According to the report, sources said the Financial Supervisory
Service called in executives of the shipping line on February 5 to
press the shipper to take decisive measures to dispel market
concerns over its financial health.

Yonhap News notes that the shipping industry is grappling with
falling freight rates and reduced trade amid a downturn in the
global economy following the 2008 global financial crisis.

Hyundai Merchant logged an operating loss of KRW46.2 billion
(US$42.9 million) in the third quarter of last year following an
operating loss of KRW50.6 billion the previous quarter, the report
discloses.

Yonhap recalls that Hyundai Group, the shipper's parent, announced
last year that it will sell its financial units and assets held by
the shipper, including shipping terminals and ships, which will
help the group secure KRW3.3 trillion in cash. Hyundai Group has
to refinance a total of KRW820 billion worth of debts maturing
this year, the report notes.

Hyundai Merchant Marine Co., Ltd., is a Korea-based company
specializing in the provision of shipping services.  The Company
provides its services under two main segments: container and bulk.



===============
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             AAT               32.50       -13.46
ANITTEL GROUP LT         AYG               18.43        -0.26
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               33.12       -11.66
CMA CORP LTD             CMV              127.41       -51.00
CWH RESOURCES LT         CWH               10.71        -3.03
IDM INTERNATIONA         IDM               30.99       -23.62
LIONHUB GROUP LT         LHB               19.21       -26.52
MIRABELA NICKEL          MBN              335.09      -179.03
NATURAL FUEL LTD         NFL               19.38      -121.51
PACT GROUP HOLDI         PGH            1,120.30      -982.11
PENRICE SODA HOL         PSH              122.46       -26.85
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
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              59.95       -12.80
BUILDMORE INTL           108               17.36       -70.34
CHINA ENVIRONMEN         986               66.65        -0.87
CHINA HEALTHCARE         673               34.76        -0.75
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
GRANDE HLDG              186              255.10      -208.18
INNO-TECH HLDGS          8202              84.54      -116.82
LANGHAM -SS              1270             684.55       -86.21
LONG SUCCESS INT         8017              50.05        -7.44
MASCOTTE HLDGS           136               57.51       -81.70
MEGA EXPO HOLDIN         1360              17.00        -0.53
MELCOLOT LTD             8198              13.69       -28.83
NORSTAR FOUNDERS         2339              21.97       -56.33
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
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             375.58      -815.83
BUMI RESOURCES           BUMI           7,027.47       -18.17
ICTSI JASA PRIMA         KARW              56.41        -6.12
JAKARTA KYOEI ST         JKSW              24.92       -34.90
MATAHARI DEPT            LPPF             209.66       -89.74
ONIX CAPITAL TBK         OCAP              13.22        -1.03
RENUKA COALINDO          SQMI              15.84        -0.48
SUMALINDO LESTAR         SULI              95.14       -18.99
UNITEX TBK               UNTX              18.83       -18.53


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
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
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
HIGH-5 CONGLOMER         HIGH              41.63       -34.19
HO HUP CONSTR CO         HO                59.28       -16.64
PETROL ONE RESOU         PORB              51.39        -4.00
SUMATEC RESOURCE         SMTC             169.12       -26.18
VTI VINTAGE BHD          VTI               17.74        -3.63


NEW ZEALAND

NZF GROUP LTD            NZF NZ Equity     11.69        -4.60
PULSE ENERGY LTD         PLE NZ Equity     11.29        -3.44


PHILIPPINES

CYBER BAY CORP           CYBR              14.14       -21.59
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              108.53       -19.42
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
CEFC INTL LTD            SUNE              95.25        -0.31
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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***