TCRAP_Public/140218.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

           Tuesday, February 18, 2014, Vol. 17, No. 34


                            Headlines


A U S T R A L I A

BLUEWATER PLACE: Cor Cordis Appointed as Administrators
DCONSULT PTY: Rocksalt Bar Goes Into Liquidation
MALZ MOTORING: Car Parts Retailer Up For Sale After Collapse


I N D I A

B. A. HOSPITAL: ICRA Suspends 'D' Rating on INR7.30cr Loans
BEST INTERNATIONAL: CRISIL Cuts Rating on INR350MM Loan to 'D'
BHASKAR POULTRIES: CRISIL Cuts Rating on INR150MM Loans to 'D'
COUNTY DEVELOPERS: ICRA Withdraws 'B' Rating on INR12.5cr Loans
D.R. COATS: ICRA Reaffirms 'B+' Rating on INR9.06cr Loans

ELYSIUM PHARMA: ICRA Assigns 'D' Rating to INR19.33cr Loan
H.P. MADHUKAR: ICRA Suspends 'B' Rating on INR5.5cr Loans
HOMEMAKER ENTERPRISES: ICRA Revises Rating on INR6cr Loan to 'B'
HONEST REALTY: ICRA Assigns 'B' Rating to INR5cr Long Term Loan
IBC LIMITED: ICRA Reaffirms 'C' Rating on INR30.4cr Loans

INTER INDIA: CARE Reaffirms 'B+/A4' Rating on INR15cr Loans
JANACHAITANYA HOUSING: CRISIL Cuts Rating on INR53MM Loan to 'D'
JOGI FOOD: ICRA Revises Rating on INR4.4cr Term Loan to 'C+'
KINGFISHER AIRLINES: Auditor Raises Going Concern Doubt
KINGFISHER AIR: To Appeal Against Creditor's Winding-Up Petition

KRISHNA FOOD: ICRA Revises Rating on INR4.21cr Term Loan to 'C+'
MANGALORE FISH: ICRA Reaffirms 'B' Rating on INR6.5cr Loan
PATCO FOODS: ICRA Revises Rating on INR12.18cr Loans to 'C+'
PRITHIYANGARA IMPORTS: CRISIL Cuts Rating on INR100MM Loans to D
RAJ COTTON: ICRA Upgrades Rating on INR15cr Loan to 'B+'

RAJASTHAN VIKAS: ICRA Assigns 'B' Ratings to INR11cr Loans
SHIV AGRO: CRISIL Assigns 'D' Rating to INR62.5MM Loans
SHREEJI FOOD: ICRA Revises Rating on INR4.56cr Loan to 'C+'
SHREEJI TEXTILES: ICRA Suspends 'B/A4' Rating on INR12.92cr Loans
SHRIYA RICE: ICRA Suspends 'B-' Rating on INR8.5cr Loan

SIKSHA O: CRISIL Suspends 'D' Rating on INR1.65BB Loans
SURE SAFETY: ICRA Assigns 'D' Ratings to INR29.62cr Loans


N E W  Z E A L A N D

GENEVA FINANCE: Seeks Summary Judgment in Founder's Case
ROB ROY: Shut Down Restaurant; Enters Liquidation
SHIVRAM LTD: Defaulted on Royalty Fees When it Filed Receivership


S O U T H  K O R E A

* SOUTH KOREA: More Gas Stations Close Due to Falling Margins


X X X X X X X X

* BOND PRICING: For the Week Feb. 10 to Feb. 14, 2014


                            - - - - -


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


BLUEWATER PLACE: Cor Cordis Appointed as Administrators
-------------------------------------------------------
Ozem Kassem -- okassem@corcordis.com.au -- and Jason Tang --
jtang@corcordis.com.au -- of Cor Cordis were appointed as
administrators of Bluewater Place Pty Ltd on Feb. 13, 2014.

A first meeting of the creditors of the Company will be held at
Quest Mackay, 38 Macalister Street, in Queensland, on Feb. 25,
2014, at 11:15 a.m.


DCONSULT PTY: Rocksalt Bar Goes Into Liquidation
------------------------------------------------
Alexandra E. Petri at Hospitalitymagazine.com.au reports that
DConsult Pty Limited, the company behind Wollongong eatery
Rocksalt Bar & Grill, has gone into liquidation.

Hospitalitymagazine.com.au relates that the company shut its doors
and went into administration in January when it was then handed
over to administrators Daren Vardy -- darren.vardy@svp.com.au --
and Ian Purchas -- ian.purchas@svp.com.au

According to the report, the Illawara Mercury said creditors
placed the company in to liquidation on February 17.

Hospitalitymagazine.com.au relates that Mr. Vardy said DConsult
Pty Limited was in approximately NZ$440,000 dollars of debt. Of
that total, nearly NZ$30,000 were owed to a total of six employees
for holiday entitlements and superannuation.

Mr. Vardy added that administrators would help the employees to
make a claim for the unpaid leave under the government's Fair
Entitlements Guarantee program; however, the program does not
cover unpaid superannuation, Hospitalitymagazine.com.au relays.

In addition, the Australian Tax Office was also owed money.

The landlord of Rocksalt has been talking to parties who are
interested in taking over the site, Mr. Vardy, as cited by
Hospitalitymagazine.com.au, said.


MALZ MOTORING: Car Parts Retailer Up For Sale After Collapse
------------------------------------------------------------
Cara Waters at SmartCompany reports that Malz Motoring & Leisure
Zone is up for sale after the car parts retailer collapsed earlier
this month.

Malz's directors appointed Kim Strickland --
KStrickland@wais.com.au -- from WA Insolvency Solutions as
administrators and then KPMG partners, Hayden White and Damian
Templeton, were appointed receivers and managers of Malz on Feb.
3, 2014, SmartCompany discloses.

The West Australian retailer sells automotive aftermarket parts,
accessories, tools, equipment and leisure items.  Malz operates
from four custom-fitted stores across metropolitan Perth and has a
standalone head office and warehouse facility.

SmartCompany notes that the retailer has lease arrangements in
place for a further two stores.

Malz opened its first store in December 2004 and since then has
grown to generate an unaudited turnover for this financial year of
AUD11.3 million.

A spokesperson for KPMG told SmartCompany White and Templeton have
assumed control of the assets and operations of Malz and started
evaluating the financial position of the business with a view to
selling it.



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


B. A. HOSPITAL: ICRA Suspends 'D' Rating on INR7.30cr Loans
-----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR0.90
crore cash credit facility & INR6.40 crore term loan facility of
B. A. Hospital & Training Centre. 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.


BEST INTERNATIONAL: CRISIL Cuts Rating on INR350MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Best
International Projects Pvt Ltd to 'CRISIL D' from 'CRISIL B-
/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan             350      CRISIL D (Downgraded from
                                  'CRISIL B-/Stable')

The downgrade reflects instances of delay by BIPPL in meeting its
term debt obligations, because of its stretched liquidity on
account of delay in implementation of the ongoing project as there
were underground lines of electricity running through the area
which was supposed to be developed.

BIPPL also remains exposed to implementation- and demand-related
risks, associated with its ongoing real estate project; and its
susceptibility to inherent risks, including cyclical demand, in
the real estate sector in India. However, the company continues to
benefit from the promoters' extensive experience in the real
estate sector.

BIPPL was incorporated in 2009. The company is presently
undertaking the Best Business Park project in Netaji Subash
Palace, Pitampura (Delhi). BIPPL develops real estate projects as
a part of the Best group of companies promoted by Mr. Harjeet
Singh Arora.


BHASKAR POULTRIES: CRISIL Cuts Rating on INR150MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bhaskar Poultries (BP) to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            13.1      CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Long Term Loan          6.7      CRISIL D (Downgraded from
   Proposed Cash                    'CRISIL B+/Stable')

   Credit Limit           65.2      CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Long Term     65        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by BP in
servicing its debt; the delays have been caused by BP's weak
liquidity with inadequate cash accruals vis-a-vis its term debt
obligations.

BP has large working capital requirements, and a below-average
financial risk profile marked by its small net worth, moderate
gearing and below-average debt protection metrics. Furthermore,
the firm's profitability margins are susceptible to volatility in
raw material prices, and it is exposed to risks inherent to the
poultry industry. However, BP benefits from the extensive
experience of its promoters in the poultry industry.

BP, established in 1996 as a partnership firm, is promoted by Mr.T
B G Tilak, his son Mr. T U Bhaskar, and other family members. The
firm is engaged in the poultry farming business. BP has farms in
Aganampudi, Bendapudi and Pendurthi in Visakhapatnam (Andhra
Pradesh).


COUNTY DEVELOPERS: ICRA Withdraws 'B' Rating on INR12.5cr Loans
---------------------------------------------------------------
ICRA has withdrawn the [ICRA]B rating assigned to the INR5.00
crore long term fund based facilities and INR7.50 crore of non
fund based facilities of County Developers Private Limited, as
there is no amount outstanding against the rated instruments.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund-based-limits     5.00       [ICRA]B withdrawn

   Non-fund-based-
   Limits                7.50       [ICRA]B withdrawn


D.R. COATS: ICRA Reaffirms 'B+' Rating on INR9.06cr Loans
---------------------------------------------------------
ICRA has reaffirmed the long-term at '[ICRA]B+' assigned to
INR3.06 crore (reduced from INR3.37 crore) term loans and INR6.00
crore fund based limits and the short-term rating at [ICRA]A4
assigned to INR2.00 crore fund based limits and INR6.40 crore non-
fund based limits of D.R. Coats Ink & Resins Private Limited.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             3.06        [ICRA]B+ reaffirmed
   Fund Based Limits-
   Cash Credit           6.00        [ICRA]B+ reaffirmed

   Fund Based Limits-
   Packing Credit        2.00        [ICRA]A4 reaffirmed

   Non-Fund Based
   Limits                6.40        [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account the company's
modest size of operations in a highly competitive industry; its
high financial risk profile as reflected in low profitability,
highly leveraged capital structure and high working capital
intensity; and the vulnerability of its profitability to adverse
movement in raw material prices. ICRA also takes cognisance of the
fire breakout in company's factory at Thane, Maharashtra and notes
that the timely receipt of the insurance claims would be critical
for funding its proposed capital expenditure.

The ratings however favourably factor in the longstanding
experience of the promoters in the chemical industry and the
company's reputed customer profile as well as its established
relationships with its foreign suppliers. The ratings also take
into account the hedging policy recently introduced by the company
to mitigate its foreign exchange exposure. The ratings also
incorporate the project implementation and commercial risks
associated with the large sized greenfield project being
undertaken by the company.

D.R. Coats Ink & Resins Private Limited was incorporated in the
year 2003 by Mr. Promod Drolia. The company is mainly involved in
manufacturing of polyamides, ketonic resins and epoxy resins;
these products form about 90% of the overall sales of the company.
The company gradually expanded its capacity over the years from
around 360 MTPA in 2006 to current levels of about 6,000 MTPA.

During FY 2013, the company reported Profit after Tax (PAT) of
INR1.55 crore on an operating income of INR77.78 crore. During the
9 month period in FY 2014, the company report profit before tax of
INR1.97 crore on an operating income of INR64.39 crore
(unaudited).


ELYSIUM PHARMA: ICRA Assigns 'D' Rating to INR19.33cr Loan
----------------------------------------------------------
The rating of '[ICRA]D' has been assigned to the enhanced long
term fund based facilities of Elysium Pharmaceuticals Limited. The
rated amount is enhanced from INR16.33 crore to INR19.33 crore.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit         7.50       [ICRA]D outstanding

   Term Loan           9.98       [ICRA]D assigned

   Standing Line
   of Credit           0.65       [ICRA]D outstanding

   Letter of Credit    1.20       [ICRA]D outstanding

The rating reaffirmation continues to factor in the delays in term
loan repayment obligations and stretched liquidity position as
reflected by full utilization of working capital limits on account
of high working capital intensity of operations. The ratings also
take into account the small scale of operations with significant
de-growth in operating income in FY 2013, high customer
concentration risk and absence of a hedging policy exposing EPL's
profitability to foreign exchange fluctuation.

The ratings, however continues to favourably take into account the
long standing experience of the promoters in contract
manufacturing and formulation manufacturing business, and a
healthy order book lending revenue visibility going forward.

Incorporated in 1995, Elysium Pharmaceuticals Limited (EPL) is
engaged in manufacturing of tablets, capsules, liquid orals,
ointment and syrups at its formulation unit situated at Dabhasa
near Vadodara city, Gujarat. EPL markets its products in domestic
as well as export segment. EPL also undertakes contract
manufacturing on loan licensing basis and manufacture products for
reputed domestic pharmaceutical companies. The manufacturing
facility is spread over 25,000 sq mtrs of land comprising of two
plants and is approved by WHO -- GMP (World Health Organization
-- Good Manufacturing Practise).

Recent Results

For the year ended 31st March 2013, EPL has reported an operating
income of INR26.60 crore and profit after tax (PAT) of INR0.51
crore as against an operating income of INR40.98 crore and PAT of
INR1.70 crore for the year ended 31st March 2012.


H.P. MADHUKAR: ICRA Suspends 'B' Rating on INR5.5cr Loans
---------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to the INR5.50
crore fund based facilities & [ICRA]A4 rating to the INR4.55
crore, short term, non fund based facilities of H.P. Madhukar. 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.


HOMEMAKER ENTERPRISES: ICRA Revises Rating on INR6cr Loan to 'B'
----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR6.0 crore
cash credit facilities of Homemaker Enterprises Private Limited
from [ICRA]B+ to [ICRA]B. ICRA has reaffirmed the short term
rating assigned to the INR1.0 crore bank guarantee facilities of
HEPL at [ICRA]A4.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit          6.0        Rating revised from
                                   [ICRA]B+ to [ICRA]B

   Bank Guarantee       1.0        [ICRA]A4 Reaffirmed

The rating revision takes into account the continued inability of
the company to grow its revenues, poor profit and cash generation
which coupled with higher debt (working capital related) has
resulted in weak coverage indicators and the exposure to forex
risk on account of high dependence on imports. Nevertheless,
rating takes comfort from promoters' established relationships
with reputed European companies such as Bormioli Rocco and RCR
that have resulted in exclusive distributorship of these suppliers
in Indian market. The ratings also favorably factor in the
company's established distribution network with a pan-India
presence through 750 retail outlets appointed directly or through
state level distributors. Going forward, the company's ability to
increase its scale of operations and manage its working capital
requirements would be the key rating sensitivities.

HEPL was established in 2006 by Mr. Jatin Sahani. The company
trades in house-ware and tableware products and has exclusive
distributorship contracts with Bormioli Rocco (for glassware and
opal products), and RCR Cristalleria Italiana (RCR; for crystal
glass). The company has recently diversified its product line by
entering into plastic ware and doormats segment by importing from
China. Mr. Jatin Sahani owns 49 per cent of equity capital of Al-
Othman & Al-Bishir Trading Company (OBTC; based in Kuwait), which
has been in the same line of business as HEPL in the Middle East
for over 30 years. The company has a well established distribution
network with presence in around 750 retail outlets across the
country.


HONEST REALTY: ICRA Assigns 'B' Rating to INR5cr Long Term Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR5.00
crore term loan of Honest Realty.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund         5.00       [ICRA]B assigned
   Based-Term Loan

The assigned rating is constrained by the debt and customer
advances funded nature of the project exposing the firm to funding
risks. The ability of the firm to timely complete the project with
healthy advance bookings and collection efficiency will be
critical for receipt of customers' advances and sales closure. The
rating is also constrained by the moderate level of bookings for
the three towers which are nearing completion in addition to
increasing competition from other upcoming projects in the
vicinity which could constrain sales velocity and firm's ability
to raise customer advances as well as exposure to the cyclical
nature of the real estate sector and adverse fluctuations in the
raw material prices.

The rating however, positively factors in the long experience of
the promoters in residential real estate projects, particularly in
the Kalyan region, favourable project location and substantial
progress for three towers, completion of which will provide
liquidity for the remaining project.

Incorporated in June 2009, Honest Realty (Honest) is a Kalyan
based developer currently undertaking the construction of a
residential project at Badlapur West (Thane District). The project
name is "Indrapuri" and the entire project consists of 14 towers.
The firm is currently undertaking phase 1 of the project which
will consist of 7 towers with a total of 217 units having a total
carpet area of about 68,000 sq.ft. The total expected project cost
is about INR14.88 crore.


IBC LIMITED: ICRA Reaffirms 'C' Rating on INR30.4cr Loans
---------------------------------------------------------
ICRA has reaffirmed the '[ICRA]C' rating to the INR23.00 crore
fund based limits, INR3.60 crore non-fund based limits and the
INR3.80 crore fund based/non-fund based interchangeable facilities
of IBC Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     23.00      [ICRA]C reaffirmed
   Non fund based
   limits                 3.60      [ICRA]C reaffirmed

   Fund based/Non
   fund based limits      3.80      [ICRA]C reaffirmed

The ratings continue to be constrained by the delays in servicing
of debt obligations owing to cash flow mismatches due to the
necessity to stock high levels of inventory and undertake bulk
shipments for export sales. Cash flows were also strained by the
fund outflows to subsidiary Andhra Barytes Corporation Limited
towards capital expenditure for setting up a baryte beneficiation
plant and meeting working capital requirements. However, setting
up of beneficiation plant in January'14 would lead to higher value
addition and hence higher margins going forward. ICRA also notes
the more than four decades of presence of IBCL in the mineral
export business and the proximity to major barytes mining zone of
Mangampet in Kadapa district of Andhra Pradesh resulting in lower
transportation costs and access to high quality baryte raw
material free of strontium and other heavy metals. Improvement in
the profitability ratios and commencement of commercial production
for the subsidiary ABCL is likely to improve the cash flows of the
company. Timeliness of servicing debt obligations will remain a
key rating sensitivity.

IBC Limited (formerly known as Indian Barytes and Chemicals
Limited) was incorporated in 1972 by Late Mr. Obul Reddy (Father
of the present Managing Director, Mr. Rajamohan Reddy) who had
been in Baryte trading business since 1950's. IBCL was originally
formed as a partnership company under the name of 'Indian Barytes
and Chemicals' and was subsequently converted into a limited
company in 1985. The company largely sells Barytes to oil-well
drilling companies (domestic and multinational) where it is used
in the oil drilling process.

In the financial year 2012-13, IBCL reported an Operating Income
of INR62.83 Crore with Profit after tax of INR2.64 Crore as
against Operating Income of INR67.90 Crore and Profit after tax of
INR0.40 Crore in financial year 2011-12.


INTER INDIA: CARE Reaffirms 'B+/A4' Rating on INR15cr Loans
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Inter India Roadways Private Limited.

                           Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Long term/Short-term      15.00     CARE B+/CARE A4 Reaffirmed
   Bank Facilities

Rating Rationale

The ratings continue to be constrained on account of the thin
profitability, high leverage and weak debt coverage indicators of
Inter India Roadways Pvt. Ltd. The ratings are further constrained
due to its high customer concentration and its presence in a
highly fragmented logistics industry.

The above constraints are partially offset by its experienced
promoters, reputed clientele and healthy growth in its total
operating income during FY13 (refers to the period from April 1 to
March 31).

IIRPL's ability to diversify its client base, improve
profitability by venturing into other segments of the logistics
value chain, efficiently manage its working capital requirement
and improve its capital structure would be the key rating
sensitivities.

IIRPL was originally constituted as a proprietorship firm in 1996
by Mr Rajnish Gautam under the name of 'Inter India Roadways' and
was subsequently converted into a partnership firm in 2004, with
Mr Rajnish Gautam and Mr Krishna Kumar Tanwar as partners. In
2011, the partnership firm was reconstituted in to a private
limited company under the present name. Gandhidham-based
(Gujarat), IIRPL is engaged in the business of full truck load
transport services, mainly providing logistics solution for goods
such as Refined Edible Oil, Agri Products, Food Products, etc.
IIRPL owns eight trailers while it hires about 280 to 300 trucks
to meet its requirement.

As per the audited results for FY13, IIRPL reported a total
operating income of INR112.12 crore [FY12 (under partnership
firm): INR82.26 crore] with a PAT of INR0.53 crore [FY12 (under
partnership firm): INR0.60 crore].  Further, as per the unaudited
results for 9MFY14, IIRPL reported a total operating income of
INR99.78 crore with a PBILDT of INR3.16 crore.


JANACHAITANYA HOUSING: CRISIL Cuts Rating on INR53MM Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Janachaitanya Housing Pvt Ltd to 'CRISIL D' from 'CRISIL
BB/Stable'

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long Term Loan            53      CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The rating downgrade reflects instances of delays by JHPL in
servicing its debt; the delays have been caused by the company's
weak liquidity.

JHPL is exposed to risks related to offtake of its large inventory
of plots and flats, and is susceptible to the cyclicality inherent
in the real estate sector in India. However, the company benefits
from its promoters' experience in the real estate business.

JHPL, promoted by Mr. M Sudhakar and Ms. M Sakuntala, became
operational in 1985 as Janachaitanya Real Estate Developers, a
partnership firm, in Guntur (Andhra Pradesh). In March 1990, the
firm was reconstituted as a private limited company with the
current name.

JHPL is engaged in development of residential and commercial
plots, and construction of buildings. The company also provides
finance for procurement of motor vehicles and farm equipment.


JOGI FOOD: ICRA Revises Rating on INR4.4cr Term Loan to 'C+'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR4.40
crore (reduced from INR5.15 crore)term loan facility of M/s Jogi
Food Processing to [ICRA]C+ from [ICRA]B-.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loan           4.40       Revised to [ICRA]C+
                                  from [ICRA]B-

ICRA has factored in the business risk profiles of the Patco group
of companies, namely Patco Foods Private Limited, Jogi Food
Processing, Krishna Food Processing and Shreeji Food Processing
(rated, in view of the significant cross holdings and operational
linkages among the four group companies.

The rating revision reflects the poor operational performance
during the first two year of operations due to delay in
stabilization of operations resulting in a slower than estimated
growth in sales volume. The financial position of the firm also
remains stressed on account of the significantly high net losses
in FY 2012 and FY 2013 resulting in erosion of net worth leading
to tight liquidity and adverse capital structure. The ratings also
continue to incorporate the risk arising from limited experience
of the promoters in the food industry and the associated market
risks, given that the firm needs to establish its brand in a
highly competitive market place. The rating also continues to be
constrained by the risk associated with capital withdrawals as
inherent in the proprietorship firm.

However, the rating positively considers the group support derived
from the associate concerns involved in related line of businesses
and significant capital contribution from promoters to meet the
debt obligations.

JFP, a proprietorship firm, is a part of the 'Patco' group of
companies, established in 2010 to manufacture various ready-to-eat
food products. The group is promoted by Mr. Matur Savani, Mr.
Rakesh Patel and Mr. Lalji Patel. PFPL is the flagship company of
the group while the rest three associate firms namely M/s Jogi
Food Processing, M/s Krishna Food Processing and M/s Shreeji Food
Processing operates on a job work basis for PFPL. The
manufacturing facility of all the four companies are located in a
single premise spread over 58 acres of land. JFP has a biscuit
(various types) manufacturing of 7,500TPA.

Recent Results

During FY13 JFP reported operating income of INR0.46 crore and net
loss of INR0.91 crore.


KINGFISHER AIRLINES: Auditor Raises Going Concern Doubt
-------------------------------------------------------
The Times of India reports that grounded Kingfisher Airlines
claims to have lost INR822 crore in the quarter ended Dec. 31,
2013, but the auditors -- who till now only questioned the airline
preparing results on a going concern basis -- have this time said
that the latest results are not in accordance with "generally
accepted accounting standards prevalent in India".

According to the report, the auditors, Bangalore-based B K
Ramadhyani and Co, said the treatment of costs incurred on major
repairs and maintenance of aircraft taken on lease for nine months
ended Dec. 31, 2012, is not in accordance with the standards and
it should "have been recognized in the statement of profit and
loss when incurred".  The airline had reported a loss of INR755
crore in Q3 last fiscal, TOI relays.

TOI adds that the auditor has also questioned the management's
claim that the recoverable amount of assets is more than their
carrying value.

The auditor's doubts become clear from the near-bankrupt airline's
chief Vijay Mallya notes with the account.  According to TOI, the
notes stated KFA "is contesting 27 winding up petitions . . .
(including) a petition filed by the consortium of bankers (secured
creditors)".  It added that KFA accumulated losses of INR16,024
crore on March 31, 2013, and its net worth on that date was minus
INR12,920 crore, according to TOI.

TOI relates that the auditor has said that the company has
prepared its accounts on going concern basis "notwithstanding the
fact that its net worth is completely eroded; the schedule air
operator permit issued by DGCA has lapsed" and several winding up
petitions filed against it. "These events cast significant doubt
on the ability of the company to continue as a going concern," the
auditor, as cited by TOI, said.

"The appropriateness of the said basis is inter-alia dependent on
the company's ability to obtain renewal of the permit, infuse
requisite funds for meeting its obligations, withdrawal of winding
up petitions, rescheduling of debt, other liabilities and resuming
normal operations," they said.

On its part, KFA said in a stock exchange filing: "The company has
filed necessary application to the DGCA to renew the permit and
has been exploring various options to recapitalize and resume
operations," TOI reports.

                    About Kingfisher Airlines

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

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

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.
Bloomberg said Mr. Mirpuri said in an e-mail on January 13 the
airline continues its efforts to recapitalize and restart
services.

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

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


KINGFISHER AIR: To Appeal Against Creditor's Winding-Up Petition
----------------------------------------------------------------
The Economic Times reports that grounded carrier Kingfisher
Airlines Ltd said it will appeal against a court order accepting a
winding-up petition by a UK-based creditor.

Kingfisher, which has not flown in more than a year for want of
cash, said it would appeal against the Karnataka High Court's
order admitting the petition by Aerotron Ltd.  Kingfisher said
Aerotron was an unsecured creditor, according to The Economic
Times.

The report notes that Kingfisher, controlled by flamboyant liquor
baron Vijay Mallya, owes more than $1 billion to Indian state-run
lenders, and hundreds of millions of dollars more to airports and
the tax office among others.

India does not have a formal bankruptcy process.  Liquidation
pleas could take years before a final verdict, notes the report.

Kingfisher has said several times in the past that it was trying
to arrange funds and revive operations, but has seen little
success so far, the report notes.

                    About Kingfisher Airlines

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

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

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.
Bloomberg said Mr. Mirpuri said in an e-mail on January 13 the
airline continues its efforts to recapitalize and restart
services.

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

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


KRISHNA FOOD: ICRA Revises Rating on INR4.21cr Term Loan to 'C+'
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR4.21
crore (reduced from INR5.00 crore) term loan facility of M/s
Krishna Food Processing to '[ICRA]C+' from '[ICRA]B-'. ICRA has
reaffirmed an '[ICRA]A4' rating assigned to the INR0.10 crore of
non-fund based bank limits of KFP.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           4.21        Revised to [ICRA]C+
                                   from [ICRA]B-

   Credit Exposure
   Limit               0.10        [ICRA]A4 Reaffirmed

ICRA has factored in the business risk profiles of the Patco group
of companies, namely Patco Foods Private Limited, Jogi Food
Processing, Krishna Food Processing and Shreeji Food Processing
(rated, in view of the significant cross holdings and operational
linkages among the four group companies.

The rating revision reflects the poor operational performance
during the first of operations due to delay in stabilisation of
operations resulting in a slow ramp up of sales volumes. The
financial position of the firm also remains stressed on account of
the significantly high net losses in FY 2012 and FY 2013 resulting
in erosion of net worth leading to tight liquidity and adverse
capital structure . The ratings also continue to incorporate the
risk arising from the limited experience of the promoters in the
food industry and the associated market risks, given that the firm
needs to establish its brand in a highly competitive market place.
The rating also continues to be constrained by the risk associated
with capital withdrawals as inherent in the proprietorship firm.

However, the rating positively considers the group support derived
from the associate concerns involved in related line of businesses
and significant capital contribution from promoters to meet the
debt obligations to the bank.

KFP is a part of 'Patco' group of companies, established in 2010
to manufacture various ready-to-eat food products. The group is
promoted by Mr. Matur Savani, Mr. Rakesh Patel and Mr. Lalji
Patel. PFPL is the flagship company of group while the rest three
associate firms namely M/s Jogi Food Processing, M/s Krishna Food
Processing and M/s Shreeji Food Processing operate on job work
basis for PFPL. The manufacturing facility of all the four
companies are located in a single large campus spread over 58
acres of land. KFP is a proprietorship firm engaged in the
manufacturing of spices, khakara & papad and sorting & repacking
of tea. The installed capacity of the firm is 10800TPA, 300TPA and
4500TPA for spices, tea and Khakara & papad respectively.

Recent Results

During FY12 KFP reported operating income of INR0.10 crore and net
loss of INR1.01 crore.


MANGALORE FISH: ICRA Reaffirms 'B' Rating on INR6.5cr Loan
----------------------------------------------------------
ICRA has re-affirmed [ICRA]B rating to the INR6.50 crore long-term
fund based limits (enhanced from INR6.00 crore) of Mangalore Fish
Meal and Oil Company.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Fund       6.50       [ICRA]B/re-affirmed
   Based Limit

The re-affirmation of the rating takes into account sustained
growth in the Firm's business during 2012-13 supported by increase
in volumes from its existing customers. The rating continues to
factor long standing industrial experience of the promoters and
proximity of the unit to India's west coast thereby facilitating
easy and timely procurement of raw materials besides lowering
transportation cost to an extent. The rating also takes into
account small scale of operations limiting financial flexibility
and scale economies. However, ICRA notes that MFMOC's recent
capacity augmentation is expected to support in enhancing its
scale going forward. The rating also takes into account highly
regulated nature of seafood industry, vulnerability of raw
material (raw fish) availability to agro-climatic conditions and
high customer concentration of the Firm's revenues accentuating
the risk of order volatility. The rating continues to factor
Firm's financial profile characterized by thin margins, small net
worth, high gearing and moderate coverage indicators. Going
forward, the Firm's ability to improve its scale and margins while
also easing the pressure on capital structure would remain key
rating sensitivities.

Mangalore Fish Meal & Oil Company was incorporated in 2009 and
later acquired by Mr. Iqbal Ahmed and his wife Mrs. Mumtaz Sahul
in August 2010. MFMO is engaged in manufacturing of fish meal and
fish oil -- which are primarily used as raw material (along with
maize and soya) for aqua-feed manufacturing. The firm primarily
procures raw material (raw fish) from the local agents and sells
fish meal and oil in the domestic market. The Firm's manufacturing
facilities are located in Ullal district of Karnataka with an
aggregate installed capacity of 250 tons per day of processing as
on March 31, 2013.

Recent Results

For 2012-13, MFMO's operating income stood at INR15.6 crore with a
profit after tax of INR0.2 crore against profit after tax of
INR0.2 crore on operating income of INR11.1 crore in 2011-12.


PATCO FOODS: ICRA Revises Rating on INR12.18cr Loans to 'C+'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR5.00
crore (reduced from INR20.00 crore) cash credit facility and
INR7.18 crore (reduced from INR8.50 crore) term loan facility of
Patco Foods Private Limited to '[ICRA]C+' from '[ICRA]B-'. ICRA
has reaffirmed the short term rating at '[ICRA]A4' assigned to the
INR0.24 crore(reduced from INR0.47 crore) non fund based bank
limits of PFPL.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit         5.00       Revised to [ICRA]C+
                                  from [ICRA]B-

   Term Loan           7.18       Revised to [ICRA]C+
                                  from [ICRA]B-

   Credit Exposure
   Limit               0.24      [ICRA]A4 Reaffirmed

ICRA has factored in the business risk profiles of the Patco group
of companies, namely Patco Foods Private Limited, Jogi Food
Processing, Krishna Food Processing and Shreeji Food Processing
(rated, in view of the significant cross holdings and operational
linkages among the four group companies.

The ratings revision reflects the poor operational performance
during the first two year of operations due to delay in
stabilisation of operations, resulting in a slower than estimated
growth in sales volumes. The financial position of the company
also remains stressed on account of the significantly high net
losses in FY 2012 and FY 2013 resulting in erosion of net worth
leading to tight liquidity and adverse capital structure. The
ratings also continue to incorporate the risk arising from the
limited experience of the promoters in the food industry and
intense competition in the FMCG segment from the long established
presence of a few organised players and other local manufacturers
which intensifies the challenges being faced in marketing and
selling and distribution of its products. The ratings also take
into account the vulnerability to fluctuations in raw material
prices which are subject to seasonality and crop harvest.
However, the ratings continue to draw comfort from the wide range
of products being offered under a single brand and the support it
derives from associate concerns involved in related line of
businesses. The ratings also positively consider the significant
unsecured loan contribution by the promoters to meet the debt
obligations to the bank.

PFPL is a part of 'Patco' group of companies, established in 2010
to manufacture various ready-to-eat food products. The group is
promoted by Mr. Matur Savani, Mr. Rakesh Patel and Mr. Lalji
Patel. PFPL is the flagship company of the group while the rest
three associate firms namely M/s Jogi Food Processing, M/s Krishna
Food Processing and M/s Shreeji Food Processing operate on a job
work basis for PFPL. The manufacturing facility of all the four
companies are located in a single premises spread over 58 acres of
land. PFPL manufactures potato wafers, namkeen & kurkure and has
an installed capacity of 2700 TPA of wafers and 1800 TPA of
namkeen & kurkure.

Recent Results

During FY13 PFPL reported an operating income of INR16.37 crore
and net loss of INR4.47 crore.


PRITHIYANGARA IMPORTS: CRISIL Cuts Rating on INR100MM Loans to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Prithiyangara Imports (Namakkal) Pvt Ltd to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit               70        CRISIL D (Downgraded from
                                       'CRISIL BB-/Stable')

   Letter of Credit         200        CRISIL D (Downgraded from
                                       'CRISIL A4+')

   Proposed Long Term        30        CRISIL D (Downgraded from
   Bank Loan Facility                  'CRISIL BB-/Stable')

The rating downgrade reflects PINPL's continuously overdrawn
working capital limits; the limits have been overdrawn because of
the company's weak liquidity on account of losses driven by
fluctuations in edible oil prices.

PINPL's financial risk profile is below average. Also, the company
is exposed to intense competition in the edible oils industry and
its profitability is susceptible to volatility in edible oil
prices. However, the company benefits from the extensive
experience of its promoters in the edible oil business.

Set up in 1987, PINPL trades in palm crude, refined palm oil, and
other edible oils. The company is promoted by Mr. V Dhandayutha
Pani and his family.


RAJ COTTON: ICRA Upgrades Rating on INR15cr Loan to 'B+'
--------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR15.00
crore fund based cash credit facility of Raj Cotton Corporation
from [ICRA]B to [ICRA]B+.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Fund     15.00        Upgraded to [ICRA]B+
   Based-Cash                      from [ICRA]B
   Credit

The rating upgrade takes into account the improvement in financial
profile of the firm with improved profitability, following
commencement of manufacturing operations, and reduction in gearing
level with infusion of partner's capital. ICRA also continues to
favourably factor in the stable demand outlook for cotton and its
derivative products and the favourable location of the firm's
plant with respect to raw material procurement.

The rating, however, continues to be constrained by the firm's
modest scale of cotton ginning and seed crushing operations, the
limited value addition in the cotton ginning business, the highly
fragmented and competitive nature of the industry and the
vulnerability of firm's profitability to movements in cotton
prices which are subject to seasonality and crop harvest. The
rating also takes into account the firm's weak financial risk
profile characterized by weak coverage indicators and high working
capital intensity. The rating also considers adverse potential
impact on net worth and gearing levels in case of any substantial
withdrawal from capital account given the constitution as a
partnership firm.

Raj Cotton Corporation was established in the year 2010 as a
proprietorship firm and was engaged in trading of raw cotton,
cotton bales and cottonseeds. In April 2012, the firm acquired the
manufacturing facility of Kavan Cotton Industries, located at
Morbi in Gujarat and the acquired plant is currently equipped with
eighteen ginning machines, one automatic pressing machine and six
edible oil expellers with a total production capacity of 120
cotton bales per day and 35 MT per day of crude edible oil
assuming 12 hours of operations in a day. Following the conversion
of the firm into a partnership firm in July 2012, RCC is promoted
by two partners namely Mr. Raj N. Lotiya and Mr. Dinesh Bhalala
having equal profit sharing ratio.

Recent Results

For the year ended March 31, 2013, Raj Cotton Corporation reported
an operating income of INR78.38 crore and a profit after tax of
INR0.42 crore as compared to an operating income of INR45.82 crore
and a profit after tax of INR0.06 crore in FY 2012. Further in the
first nine months of FY 2014, the firm reported an operating
income of INR78.92 crore and profit before depreciation and tax of
INR1.02 crore (as per unaudited provisional numbers).


RAJASTHAN VIKAS: ICRA Assigns 'B' Ratings to INR11cr Loans
----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR10.0
crore term loans, INR0.25 crore non-fund based limits and INR0.75
crore unallocated limits of Rajasthan Vikas Sansthan.

                    Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loans          10.0       [ICRA]B (Assigned)

   Non-fund Based
   Limits              0.25       [ICRA]B (Assigned)

   Unallocated         0.75       [ICRA]B (Assigned)

The rating factors in the extensive experience of the promoters in
operating higher educational institutions in Jodhpur region for
over a decade, the company's education joint venture agreement
with Delhi Public School Society (DPSS) which lends the project an
established brand name and operational support; and the favourable
location of the project. Further, the rating also draws support
from the near completion status of the project leading to
plausible commencement of the academic session from 2014-15
onwards.

The rating strengths are partially offset by risks related to the
ability of the school to attract adequate students during the
initial phase of operations which coupled with the beginning of
debt repayment from April 2014 could result in liquidity
pressures. The rating also takes into account the regulated nature
of education industry and company's ability to retain and develop
talent given that the same will be critical for its ability to
scale up in the near term apart from achieving optimum occupancy
levels.

Incorporated in February 2012, Rajasthan Vikas Sansthan (RVS) is a
company setup under section 25 of Companies Act. The company has
entered into an education joint venture agreement with Delhi
Public Society, New Delhi for setting up a Delhi Public School in
Jodhpur. The total project cost is estimated at INR16.2 crore. The
land, a 6.6 acre land parcel, for the said project has been taken
by the company from its sister concern, a society -- Rajasthan
Vikas Sansthan Society (Rated [ICRA]B). Currently, the project is
at advanced stage of completion and academic session 2014-15 is
expected to be the first session of the school.


SHIV AGRO: CRISIL Assigns 'D' Rating to INR62.5MM Loans
-------------------------------------------------------
CRISIL has assigned its CRISIL D/CRISIL D' ratings to the bank
facilities of Shiv Agro Products Pvt Ltd. The ratings reflect
instances of delay by SAPPL in repaying its term loan obligations
on account of weak liquidity.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                45         CRISIL D
   Bank Guarantee            2.5       CRISIL D
   Cash Credit              15         CRISIL D

The company, being a new entrant in flour milling business, is
also exposed to intense industry competition. Furthermore, the
company is estimated to have a below-average financial risk
profile. These rating weaknesses are partially offset by the
extensive experience of SAPPL's promoters in flour milling
business through a group concern.

SAPPL, incorporated in 2010, has set up a roller flour mill in the
North 24 Paragana district in West Bengal. The mill commenced
commercial operations recently in January 2014. The company is
equally owned by the families of Mr. Mukesh Modi and Mr. Bishnu
Kumar Bagaria. Mr. Bagaria has extensive experience of around one
decade of operating a flour mill through a group concern.


SHREEJI FOOD: ICRA Revises Rating on INR4.56cr Loan to 'C+'
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR4.56
crore (reduced from INR5.40 crore) term loan facility of M/s
Shreeji Food Processing to '[ICRA]C+' from '[ICRA]B-'. ICRA has
reaffirmed '[ICRA]A4' assigned to the INR0.10 crore non-fund based
bank limits of SFP.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan            4.56       Revised to [ICRA]C+
                                   from [ICRA]B-

   Credit Exposure
   Limit                0.10      [ICRA]A4 Reaffirmed

ICRA has factored in the business risk profiles of the Patco group
of companies, namely Patco Foods Private Limited, Jogi Food
Processing, Krishna Food Processing and Shreeji Food Processing
(rated, in view of the significant cross holdings and operational
linkages among the four group companies.

The rating revision reflects the poor operational performance
during the first two years of operations due to delay in
stabilization of operations resulting in a slower than estimated
growth in sales volumes. The financial position of the firm also
remains stressed on account of the significantly high net losses
in FY 2012 and FY 2013 resulting in erosion of net worth. The
ratings also continue to incorporate the risk arising from limited
experience of the promoters in the food industry and the
associated market risks, given that the firm needs to establish
its brand in a highly competitive market place. The rating also
continues to be constrained by the risk associated with capital
withdrawals as inherent in the proprietorship firm.

However, the rating positively considers the group support derived
from the associate concerns involved in different line of
businesses and significant capital contribution from promoters to
meet the debt obligations.

SFP is a part of 'Patco' group of companies, established in 2010
to manufacture various ready-to-eat food products. The group is
promoted by Mr. Matur Savani, Mr. Rakesh Patel and Mr. Lalji
Patel. PFPL is the flagship company of group while the rest three
associate firms namely M/s Jogi Food Processing, M/s Krishna Food
Processing and M/s Shreeji Food Processing operate on job work
basis for PFPL. The manufacturing facility of all the four
companies are located in a single large campus spread over 58
acres of land. SFP is a proprietorship firm engaged in the
processing and sorting of cereals & pulses and cashew nuts. The
installed capacity of the firm is 15000TPA and 300TPA for pulses
and cashews respectively.

Recent Results

During FY13, SFP reported operating income of INR0.27 crore and
net loss of INR0.90 crore.


SHREEJI TEXTILES: ICRA Suspends 'B/A4' Rating on INR12.92cr Loans
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B and [ICRA]A4 ratings assigned to
the INR10.6249 crore fund-based limits, INR2.20 crore sub-limit
and INR0.10 crore non fund based limits of Shreeji Textiles
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.


SHRIYA RICE: ICRA Suspends 'B-' Rating on INR8.5cr Loan
-------------------------------------------------------
ICRA has suspended '[ICRA]B-' rating assigned to the INR8.50 crore
line of credit of Shriya Rice Mills. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

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


SIKSHA O: CRISIL Suspends 'D' Rating on INR1.65BB Loans
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Siksha
O Anusandhan University.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            90      CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility       670      CRISIL D Suspended
   Term Loan                890      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by SOA
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SOA is yet to
provide adequate information to enable CRISIL to assess SOA'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'

SOA was formed as a non-profit organisation in 1995 by Dr. Manoj
Ranjan Nayak. In 1996-97 (refers to financial year, April 1 to
March 31), SOA set up an engineering institute in Bhubaneswar
(Orissa), Institute of Technical Education & Research. The society
attained university status in 2007; consequently, it started
several institutions, such as Institute of Business and Computer
Studies, Institute of Medical Sciences and Sum Hospital, School of
Pharmaceutical Studies, School of Hotel Management, Sum Nursing
College, Institute of Dental Sciences, Center for Bio Technology,
and National Institute of Law. The Government of India had
blacklisted 44 deemed universities, including SOA, in January
2010. The Supreme Court, vide an interim order, has maintained
status quo for all the blacklisted universities so far; a final
decision is pending.


SURE SAFETY: ICRA Assigns 'D' Ratings to INR29.62cr Loans
---------------------------------------------------------
ICRA has assigned ratings of [ICRA]D to the INR21.47 Crore long-
term fund based facilities and INR8.15 Crore short term non-fund
based facilities of Sure Safety Solutions Private Limited.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term, Fund-
   based limits         21.47      [ICRA]D assigned

   Short-term, Non
   fund-based limits     8.15      [ICRA]D assigned

The assigned ratings take into account the stretched liquidity
position of the company leading to recent delays in debt repayment
to the bank, on account of delayed realization from its customers.
The financial profile also remains weak characterized by modest
profit margins and adverse capital structure. The ratings are also
constrained by the small scale of operations and the uncertainty
inherent in tender based government projects.

ICRA however favourably factors in the promoters' experience and
operating track record of more than three decade across safety and
security products and solutions.

Incorporated in 2004, SSSPL primarily trades in safety and
security products and solutions. The company also provides Audio
Visual simulated solutions for training needs of defence training
institutes. Its products are diversified, catering to all three
divisions of defence -- air force, military and navy. Since the
company derives its revenues entirely through tender-based
competitive bids, revenues are dependent on its ability to bid
successfully for these projects. SSSPL has entered into exclusive
procurement tie-ups with many foreign defence manufacturers like
Photo-Sonics International Ltd. (UK), Meggit Defence Systems Inc.
(UK) etc.

SSSPL is part of Shri Hari Group of companies promoted by Mr. Arun
Bhalotia who has been in the business of trading of earth moving
machinery and spare parts since the last 35 years. The promoters
have experience of dealing with Government departments through
their other group companies. The company has its registered office
in Mumbai and branch offices across India in Delhi, Calcutta, Pune
and Bhubaneshwar.

Recent results:

As per its audited results for FY 2012-13, SSSPL reported profit
after tax (PAT) of INR0.12 crore on operating income of INR17.08
crore.



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


GENEVA FINANCE: Seeks Summary Judgment in Founder's Case
--------------------------------------------------------
Stephanie Flores at NBR Online reports that GFNZ Group, the
finance company formerly known as Geneva Finance, has asked the
High Court at Auckland for a summary judgment against former
managing director Glenn Walker for a past due debt.

NBR Online relates that the application for a fast-tracked
judgment was heard on February 17 by Justice Mark Woolford, who
reserved his decision.

Following the 40-minute hearing, lawyers for both sides refused to
disclose or confirm the amount of the loan, the report relays.

"The loan is matured. It is now owed," the report quotes lawyer
Emma Bridget Sweet, an associate with Carter Kirkland Morrison who
represented GFNZ Group, as saying. "There is no defence to the
plaintiff's claim."

According to NBR Online, Mr. Walker acknowledges the debt but
submitted cross claims, saying he would be bankrupted if forced to
pay.

His lawyer Peter Andrew told the court his client is financially
hurting and hoped "somehow this nightmare might disappear," NBR
Online relays.

The company, which has become a rare survivor of the finance
company collapse, went into moratorium in 2007, NBR Online
discloses.  NBR Online notes that Mr. Walker was the founder and
managing director for the company, which owed investors about
NZ$130 million.

In November 2008, NBR Online recalls, shareholders rejected Mr.
Walker to continue as a director; his re-election bid was not
supported by the board.

Last year, the company finally repaid the last of its debts
relating to the moratorium, NBR Online notes.

Geneva Finance Limited -- http://www.genevafinance.co.nz/--
provides finance and financial services to the consumer credit
and small to medium business markets.  The company provides hire
purchase finance and personal loans secured by registered
security interests over personal assets such as motor vehicles,
household goods and residential property.  Geneva Finance's
loans are originated through three distribution channels
(Direct, Retail and Dealer), processed by the central sales desk
and mobile sign-up managers then administered through a national
operations centre located at Mt Wellington, Auckland.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 8, 2011, Standard & Poor's Ratings Services said it has
lowered its long-term counterparty credit rating on New Zealand
finance company Geneva Finance Ltd. to 'SD' from 'CC'.  The
rating was also removed from CreditWatch with negative
implications, where it was placed on March 17, 2011.  At the same
time, the insurer financial strength rating on Geneva's captive
insurer, Quest Insurance Group Ltd., was affirmed at 'CC' and
removed from CreditWatch with developing implications.  A
positive rating outlook has been assigned on the Quest rating.


ROB ROY: Shut Down Restaurant; Enters Liquidation
-------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Rob Roy's has
entered liquidation and shut down.

dissolve.com.au, citing the first report of liquidator Geoff
Falloon, relates that the company owed NZ$325,000 to its creditors
which include its bank, employees and the Inland Revenue.
Employees of the company were told they had lost their jobs on
February 11, dissolve.com.au relates.

The Richmond pub was operated by former couple Aaron and Kirsteen
Guy. The couple's company Aarteen Beamer Ltd was put in
liquidation with its creditors can lodge claims until March 10,
dissolve.com.au discloses. They opened the family restaurant and
bar in November 2011 leasing the premises of Queen St from the
Tasman District Council.

According to dissolve.com.au, the liquidator of Rob Roy's showed
that the company had an estimated NZ$74,000 deficit. Its assets is
approximately NZ$251,000; however, it owed $164,000 to secured
creditors, NZ$127,000 to preferential creditors, IRD and staff as
well as NZ$33,856 to unsecured creditors, dissolve.com.au
discloses.


SHIVRAM LTD: Defaulted on Royalty Fees When it Filed Receivership
-----------------------------------------------------------------
Christopher Adams at The New Zealand Herald reports that Shivram
Limited, the company that runs the Nando's restaurant network in
New Zealand, had defaulted on royalty payments and owed NZ$1.6
million to its bank when it went into receivership late last year,
according to the first receivers' report.

And the report also suggests the receivers are close to finalising
the sale of the firm, NZ Herald relates.

According to the NZ Herald, franchisees said a lack of national
marketing was stifling the chain's growth and that several
franchisees were owed a substantial sums of money on loans they
provided to the franchisor.

Nando's stores in New Zealand, which are independently owned, are
not in receivership and continuing to operate as normal, the NZ
Herald notes.

The NZ Herald relates that in the report receiver Kare Johnstone,
of McGrathNicol, said that in the lead up to the receivership
Shivram had defaulted on royalty payments due to the master
franchisor for the region -- Nando's Australia -- and had been
issued with a breach notice under its franchise agreement.

Ms. Johnstone said the company owed NZ$1.6 million to Heartland
Bank at the time of the receivers' appointment and interest was
continuing to accrue on that amount, the NZ Herald reports.

Shivram Limited runs Nando's restaurant chain branch in
New Zealand.



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


* SOUTH KOREA: More Gas Stations Close Due to Falling Margins
-------------------------------------------------------------
Park Ji-won at The Korea Times reports that the number of gas
stations in Korea decreased for a fifth consecutive year last year
amid falling margins from gas sales, officials said Wednesday.

According to the report, Korea Oil Station Association, a lobby
for gas station owners, said the number of gas stations which
closed due to financial difficulties soared 41.5 percent to 300 in
2013 from a year before.

The Korea Times notes that the number of newly closed gas stations
has gradually increased in recent years from 101 in 2008 to 109 in
2009, 127 in 2010, 205 in 2011 and 219 in 2012.  In addition, 393
outlets temporarily suspended sales in 2013.

By region, 41 gas stations shut down in Gyeonggi Province, 37 in
South Jeolla Province, 36 in Gangwon Province and 34 in North
Gyeongsang Province, according to the report.

"The closures resulted from increased competition among gas
stations amid falling sales margins and improved fuel efficiency
in cars," the report quotes analyst Yoon Jae-sung at Daishin
Securities, as saying.

The Korea Times relates that Mr. Yoon said the weakening price
competitiveness of Korean oil firms is also a factor.

Korean firms have mostly imported Dubai Crude, which is getting
more expensive than West Texas Intermediate (WTI) of the United
States, Mr. Yoon, as cited by The Korea Times, said.



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


* BOND PRICING: For the Week Feb. 10 to Feb. 14, 2014
-----------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----


  AUSTRALIA
  ---------


BOART LONGYEAR MAN    7.00   04/01/21     USD      74.50
COMMONWEALTH BANK     1.50   04/19/22     AUD      73.78
EXPORT FINANCE & I    0.50   06/15/20     NZD      74.63
GRIFFIN COAL MININ    9.50   12/01/16     USD      72.75
GRIFFIN COAL MININ    9.50   12/01/16     USD      72.75
MIRABELA NICKEL LT    8.75   04/15/18     USD      21.38
MIRABELA NICKEL LT    8.75   04/15/18     USD      35.00
NEW SOUTH WALES TR    0.50   09/14/22     AUD      70.07
NEW SOUTH WALES TR    0.50   10/07/22     AUD      69.84
NEW SOUTH WALES TR    0.50   10/28/22     AUD      69.63
NEW SOUTH WALES TR    0.50   11/18/22     AUD      69.41
NEW SOUTH WALES TR    0.50   12/16/22     AUD      70.49
NEW SOUTH WALES TR    0.50   03/30/23     AUD      69.51
NEW SOUTH WALES TR    0.50   02/02/23     AUD      70.02
TREASURY CORP OF V    0.50   11/12/30     AUD      47.24
TREASURY CORP OF V    0.50   03/03/23     AUD      70.67
TREASURY CORP OF V    0.50   08/25/22     AUD      72.21


CHINA
-----

CENTRAL HUIJIN INV    4.20   09/20/40     CNY      73.91
CHINA DEVELOPMENT     3.80   10/30/36     CNY      70.91
CHINA DEVELOPMENT     4.01   10/11/35     CNY      74.13
CHINA GOVERNMENT B    1.64   12/15/33     CNY      59.34
CHINA RAILWAY CORP    4.10   11/15/36     CNY      74.67


INDONESIA
---------

DAVOMAS INTERNATIO   11.00   12/08/14     USD      23.63
DAVOMAS INTERNATIO   11.00   12/08/14     USD      23.63
INDONESIA TREASURY    6.63   05/15/33     IDR      74.06
INDONESIA TREASURY    6.13   05/15/28     IDR      73.81
INDONESIA TREASURY    6.38   04/15/42     IDR      68.47
PERUSAHAAN LISTRIK    5.25   10/24/42     USD      73.76
PERUSAHAAN LISTRIK    5.25   10/24/42     USD      72.83
PERUSAHAAN PENERBI    6.10   02/15/37     IDR      69.95
PERUSAHAAN PENERBI    6.75   04/15/43     IDR      73.83
PERUSAHAAN PENERBI    6.00   01/15/27     IDR      74.59


INDIA
-----

3I INFOTECH LTD       5.00   04/26/17     USD      36.25
CORE EDUCATION & T    7.00   05/07/15     USD      31.00
COROMANDEL INTERNA    9.00   07/23/16     INR      15.38
DEWAN HOUSING FINA    5.50   09/24/23     INR      72.76
DR REDDY'S LABORAT    9.25   03/24/14     INR       4.99
GTL INFRASTRUCTURE    2.53   11/09/17     USD      30.62
INDIA GOVERNMENT B    0.24   01/25/35     INR      17.27
JCT LTD               2.50   04/08/11     USD      20.00
MASCON GLOBAL LTD     2.00   12/28/12     USD      10.00
PRAKASH INDUSTRIES    5.25   04/30/15     USD      50.63
PRAKASH INDUSTRIES    5.63   10/17/14     USD      56.25
PYRAMID SAIMIRA TH    1.75   07/04/12     USD       1.00
REI AGRO LTD          5.50   11/13/14     USD      56.25
REI AGRO LTD          5.50   11/13/14     USD      56.25
SHIV-VANI OIL & GA    5.00   08/17/15     USD      21.38
SUZLON ENERGY LTD     5.00   04/13/16     USD      48.21
SUZLON ENERGY LTD     7.50   10/11/12     USD      60.13


JAPAN
-----

ELPIDA MEMORY INC     0.50   10/26/15     JPY      14.13
ELPIDA MEMORY INC     0.70   08/01/16     JPY      11.25
ELPIDA MEMORY INC     2.10   11/29/12     JPY      16.00
ELPIDA MEMORY INC     2.03   03/22/12     JPY      16.00
ELPIDA MEMORY INC     2.29   12/07/12     JPY      16.00
JAPAN ATOMIC POWER    1.42   12/25/19     JPY      74.13
JAPAN ATOMIC POWER    1.28   09/25/20     JPY      73.13
JAPAN ATOMIC POWER    1.48   02/25/21     JPY      72.25
JAPAN EXPRESSWAY H    0.50   03/18/39     JPY      71.59
JAPAN EXPRESSWAY H    0.50   09/17/38     JPY      72.11
TOKYO ELECTRIC POW    2.37   05/28/40     JPY      69.88
TOKYO ELECTRIC POW    1.96   07/29/30     JPY      74.38


KOREA
-----

EXPORT-IMPORT BANK    0.50   10/23/17     TRY      66.02
EXPORT-IMPORT BANK    0.50   01/25/17     TRY      70.30
EXPORT-IMPORT BANK    0.50   12/22/17     TRY      64.46
EXPORT-IMPORT BANK    0.50   11/28/16     BRL      70.97
EXPORT-IMPORT BANK    0.50   10/27/16     BRL      71.87
EXPORT-IMPORT BANK    0.50   12/22/17     BRL      62.27
EXPORT-IMPORT BANK    0.50   12/22/16     BRL      70.46
EXPORT-IMPORT BANK    0.50   11/21/17     BRL      63.33
EXPORT-IMPORT BANK    0.50   09/28/16     BRL      72.60
EXPORT-IMPORT BANK    0.50   08/10/16     BRL      74.47
TONGYANG CEMENT &     7.30   06/26/15     KRW      70.00
TONGYANG CEMENT &     7.50   04/20/14     KRW      70.00
TONGYANG CEMENT &     7.50   09/10/14     KRW      70.00
TONGYANG CEMENT &     7.50   07/20/14     KRW      70.00
TONGYANG CEMENT &     7.30   04/12/15     KRW      70.00


SRI LANKA
---------

SRI LANKA GOVERNME    5.35   03/01/26     LKR      64.78


PHILIPPINES
-----------

BAYAN TELECOMMUNIC   13.50   07/15/06     USD      22.75
BAYAN TELECOMMUNIC   13.50   07/15/06     USD      22.75


SINGAPORE
---------

BAKRIE TELECOM PTE   11.50   05/07/15     USD      14.38
BAKRIE TELECOM PTE   11.50   05/07/15     USD      14.63
BLD INVESTMENTS PT    8.63   03/23/15     USD      30.50
BUMI CAPITAL PTE L   12.00   11/10/16     USD      69.35
BUMI CAPITAL PTE L   12.00   11/10/16     USD      66.53
BUMI INVESTMENT PT   10.75   10/06/17     USD      66.25
BUMI INVESTMENT PT   10.75   10/06/17     USD      65.56
ENERCOAL RESOURCES    9.25   08/05/14     USD      59.60
GENCO SHIPPING & T    5.00   08/15/15     USD      57.13
INDO INFRASTRUCTUR    2.00   07/30/10     USD       1.88
OTTAWA HOLDINGS PT    5.88   05/16/18     USD      74.74
OTTAWA HOLDINGS PT    5.88   05/16/18     USD      75.00


THAILAND
--------

G STEEL PCL           3.00   10/04/15     USD      13.50
MDX PCL               4.75   09/17/03     USD      17.75



                             *********

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 ***