TCRAP_Public/140311.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, March 11, 2014, Vol. 17, No. 49


                            Headlines


A U S T R A L I A

MIRABELA NICKEL: Class Action Demands Disclosure
ROSTONE PRINT: Collapses Into Liquidation; Owes AUD1.7 Million
SP EXPORTS: Closure to be Felt For Years, CCIQ Says
WESTWIND ASSET: PPB Advisory Appointed as Administrators


I N D I A

AGARWAL CORP: CRISIL Assigns 'B-' Rating to INR100MM Loans
ALPHA DESIGN: CRISIL Assigns 'B+' Rating to INR277.8MM Loans
ASIP PRIVATE: CRISIL Cuts Rating on INR1.45BB Loans to 'D'
EMPLOYEES WELFARE: CRISIL Rates INR140MM Cash Credit at 'B+'
ERODE BUILDER: CRISIL Reaffirms 'C' Rating on INR213MM Loans

FAMINA KNITS: CRISIL Assigns 'B' Rating to INR190MM Loans
FILTER MFG: CRISIL Cuts Rating on INR56MM Loans to 'B+'
GLOBUS INDUSTRIES: CRISIL Ups Rating on INR513.3MM Loans to 'C'
IMMENSE INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR30MM Loans
J.M.D. LAXMI: CRISIL Assigns 'B-' Rating to INR100MM Loans

JAI AMBAY: CRISIL Rates INR50 Million Cash Credit at 'B'
JINDAL FIBRES: CRISIL Reaffirms 'B+' Rating on INR220MM Loans
JVR FORGINGS: CRISIL Cuts Rating on INR550MM Loans to 'D'
KRM TYRES: CRISIL Raises Rating on INR167.3MM Loans to 'B+'
LGW LTD: CRISIL Reaffirms 'B-' Rating on INR450 Million Loans

MAC REMEDIES: CRISIL Lowers Rating on INR150MM Loan to 'D'
MARLIN INFRA: CRISIL Assigns 'D' Rating to INR60MM Loans
MITTAL UDYOG: CRISIL Reaffirms 'B+' Rating on INR615MM Loans
SRIVARI COTTON: CRISIL Assigns 'B' Rating to INR100MM Loans
SUNRISE FOAM: CRISIL Assigns 'B+' Rating on INR82.5MM Loans

T. ABDUL WAHID: CRISIL Upgrades Rating on INR20MM Loan to 'B+'
VETRIVEL EXPLOSIVES: CRISIL Puts B+ Rating on INR112.5MM Loans


J A P A N

MT. GOX: Blames Theft Over Woes; Looks Into Criminal Complaint
MT. GOX: Bitcoin Exchange Moves to Protect U.S. Assets


X X X X X X X X

* BOND PRICING: For the Week March 3 to March 7, 2014


                            - - - - -


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


MIRABELA NICKEL: Class Action Demands Disclosure
------------------------------------------------
Brett Cole at The Australian reports that Mbn Class Action Group,
a group of about 30 Mirabela Nickel shareholders, have written to
the nickel miner's administrator KordaMentha asking if the company
"engaged in misleading and deceptive conduct and failed to
disclose to the market its true debt position" before its shares
were suspended from trading on the ASX on October 7 last year.

"If Mirabela Nickel was insolvent or likely to become insolvent
then this was not disclosed to shareholders," said a letter by the
group obtained by Data Room, The Australian relays. "In fact they
claim they had AUD80 million in cash alone as at August 31, just a
few weeks prior to suspending shares."

The report relates that Mbn Class Action Group is unhappy that
noteholders now control the company under a February 25 agreement
between the company and holders of its US$395 million, 8.75 per
cent senior, unsecured notes which are due April 15, 2018. The
restructuring and recapitalization of Mirabela effectively
transfers "all equity value from shareholders to creditors," The
Australia relays.

"It appears as though it was a step-by-step plan to enter in to a
deal with creditors, locking shareholders in without prior warning
of any impending or likely insolvency," said the Mbn Class Action
Group letter. "It is our opinion that some shareholders may have
received a priority allotment of shares in the new reorganized
Mirabela, thereby materially prejudicing other shareholders."

According to The Australian, the group wants to know who
Mirabela's new controlling shareholders are.

"There has been no disclosure of who the new shareholders are by
Mirabela Nickel, in fact they have deliberately blacked out all
the names on their recent announcement," said the letter. "We
believe it is our right to know if any directors, or existing
shareholders, have been given an unfair advantage."

The Australian notes that KordaMentha made the following statement
to Data Room in response to the Mbn Action Group letter.

"One of the statutory roles of administrators is to investigate
possible breaches of the law, including any failure on the part of
directors to fulfill their duties," KordaMentha, as cited by The
Australian, said.

                      About Mirabela Nickel

Mirabela Nickel Limited -- http://www.mirabela.com.au/-- is an
Australia-based mineral resource company engaged in mining,
production and sale of nickel concentrate. The Company's principal
asset is the 100%-owned Santa Rita nickel sulphide mine in Bahia,
Brazil. The Santa Rita mine is located approximately 360
kilometers south-west of Salvador and approximately six kilometers
from the town of Ipiau. The Company also has a portfolio of
prospective nickel targets in Brazil, including an underground
mineral resource at Santa Rita.

Martin Madden, Clifford Rocke, and David Winterbottom of
KordaMentha have been appointed as Joint and Several Voluntary
Administrators by resolution of the Board of Directors on
Feb. 25, 2014. The appointment of Joint and Several Voluntary
Administrators is an important and necessary mechanic in
progressing the Proposed Recapitalisation.


ROSTONE PRINT: Collapses Into Liquidation; Owes AUD1.7 Million
--------------------------------------------------------------
Nic White at ProPrint reports that Sydney general commercial
outfit Rostone Print has collapsed under the weight of AUD1.7
million worth of debts to trade creditors, which come on top of
further debts to its banks and employees.

It is believed Rostone fell victim to the vicious price war still
afflicting commercial printers, the report relates.

According to the report, the company's client list has been bought
by Oxford Printing, which has also merged the sales departments of
the two companies, bringing three of Rostone's sales staff over.
The remaining 20 or so Rostone staff weren't so lucky, the report
notes.

ProPrint relates that Rostone was a well-regarded company, as was
its director David Newall, but it had been struggling for a while,
and despite his efforts to keep it afloat it succumbed.

"It is sad to see such a good company as Rostone taken out.
However the synergies between Rostone and Oxford are tremendous,
we will have a stronger offset and digital proposition now. We're
in digital in a big way, while Rostone was mainly offset," the
report quotes James Camilleri, owner of Oxford Printing, as
saying.

Oxford also bought Rostone's equipment, primarily offset
production, but other than the binding equipment it kept to
upgrade its existing machines, it was all resold to other
businesses, ProPrint says.

ProPrint relates that under the terms of the sale, after paying
debts to St George and Commonwealth Banks, Oxford also paid
AUD20,000 to Rostone which liquidator BRI Ferrier has recovered
after it called in to wind up what is left of the company and try
to secure returns for the about 93 trade creditors.

According to ProPrint, liquidator Peter Krejci --
peter.krejci@briferriernsw.com.au -- said Bibby Financial
Services, which Rostone retained as its debtor finance company,
financed AUD420,000 of the company's AUD665,000 in outstanding
invoices to clients and is currently working to recover those
bills.

"It is likely that Bibby will continue to collect the balance of
AUD245,000 which should come back to Rostone for the benefit of
employees and then hopefully trade creditors, however this is
contingent on the quality of the debtors ledger and any other fees
charged," Mr. Krejci, as cited by ProPrint, said.


SP EXPORTS: Closure to be Felt For Years, CCIQ Says
----------------------------------------------------
Frances Adcock at ABC News reports that the Chamber of Commerce
and Industry Queensland (CCIQ) said the closure of a major
Australian business based near Bundaberg, in the state's south,
will have implications for years.

ABC News relates that childers-based SP Exports was Australia's
largest producer of tomatoes and employed more than 200 locals but
it was placed into voluntary administration in 2012.

According to the report, the liquidator said it is in the final
stages of deregistering the company this month.

However, CCIQ spokesman Nick Behrens said the closure serves as a
timely warning of how vulnerable regional businesses are, the
report relates.

"SP Exports was hailed really as somewhat of a pioneer, for them
not to be successful and to ultimately to fall over, that does
send ripples over the community and . . . they were a large
employer and those people now will need to search for alternative
employment arrangements," ABC News quotes Mr. Behrens as saying.

SP Exports Pty Ltd -- http://www.spexports.com.au/-- was
Australia's premier field grown tomato producer.

KordaMentha administrators Ginette Muller and John Shanahan were
appointed as administrators on Feb. 17, 2012.  SP Exports owes
unsecured creditors about AUD12.5 million and secured creditors
about AUD18 million.  Employees are owed in excess of AUD500,000
in wages.


WESTWIND ASSET: PPB Advisory Appointed as Administrators
--------------------------------------------------------
Simon Guy Theobald -- stheobald@ppbadvisory.com -- and
Melissa Janet Mary Humann -- mhumann@ppbadvisory.com -- at PPB
Advisory were appointed as administrators of Westwind Asset Pty
Ltd on March 7, 2014.

A first meeting of the creditors of the Company will be held at
the offices of PPB Advisory, Level 21, 140 St Georges Terrace, in
Perth, on March 19, 2014, at 11:00 a.m.



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


AGARWAL CORP: CRISIL Assigns 'B-' Rating to INR100MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Agarwal Corporation.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              70       CRISIL B-/Stable

   Proposed Long Term       30       CRISIL B-/Stable
   Bank Loan Facility

The rating reflects AC's modest scale of operations and below-
average financial risk profile marked by modest net worth, high
gearing, and subdued debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
AC's proprietor in the iron and steel products trading business.

Outlook: Stable

CRISIL believes that AC will continue to benefit over the medium
term from its proprietor's extensive experience in the iron and
steel products trading business. The outlook may be revised to
'Positive' if the concern achieves significant and sustainable
improvement in its revenues and profitability while improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if the concern registers considerable decline in its
accruals or if its working capital cycle lengthens, further
weakening its financial risk profile.

AC, set up in 2001, is a proprietorship concern owned by Mrs.
Manjula Agarwal. It trades in iron and steel products, including
cold rolled and hot rolled coils, steel sheets, steel beams, steel
plates, and thermo-mechanically treated (TMT) bars, ingots, and
billets. Mr. Ashwini Agarwal (husband of Mrs. Manjula Agarwal)
manages the concern's day-to-day operations.

AC reported a profit after tax (PAT) of INR1.9 million on net
sales of INR457.6 million for 2012-13 (refers to financial year,
April 1 to March 31); the concern reported a PAT of INR1.2 million
on net sales of INR336.8 million for 2011-12.


ALPHA DESIGN: CRISIL Assigns 'B+' Rating to INR277.8MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Alpha Design Technologies Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term        5.3     CRISIL B+/Stable
   Bank Loan Facility

   Bank Guarantee          201.4     CRISIL A4

   Cash Credit             272.5     CRISIL B+/Stable

The rating reflects ADTPL's stretched liquidity position driven by
its large working-capital requirements, its modest scale of
operations with low profitability, exposure to forex risk and
average debt protection metrics. These rating weaknesses are
partially offset by the experience of promoters in defense
equipment industry, their funding support, company's moderate
capital structure and moderate order book position.

Outlook: Stable

CRISIL expects ADTPL will benefit from its moderate order book
position and funding support from promoters over the medium term.
The outlook may be revised to 'Positive' if the company achieves
higher-than-expected scale of operation and profitability while
managing its working capital requirements efficiently leading to
better-than-expected cash accruals, thus easing the liquidity
pressure. Conversely the outlook may be revised to 'Negative' if
company's financial risk profile especially its liquidity
deteriorates further due to decline in cash accruals, larger-than-
expected working capital requirements or a large debt funded
capex.

ADTPL was promoted by Retired Col. H S Shankar in Bangalore in
2003. Presently around 99.97% shares of the company are held by
Vasaka Promoters and Developers Pvt Ltd which is an special
purpose vehicle (SPV) promoted by Murugappa group and Karvy group
for investment in ADTPL and remaining 0.03% shares are held by
Retired Col. H S Shankar. The company is engaged in design,
manufacturing and testing of electronic, electrical, optical and
telecommunications equipment for the defence sector.

ADTPL reported a profit after tax (PAT) of INR21.3 million on net
sales of INR1041.1 million for 2012-13, as against a PAT of INR4.0
million on net sales of INR442.8 million for 2011-12.


ASIP PRIVATE: CRISIL Cuts Rating on INR1.45BB Loans to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
ASIP Private Limited to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            750     CRISIL D (Downgraded
                                     from 'CRISIL A4')

   Cash Credit               650     CRISIL D (Downgraded
                                     from 'CRISIL B/Stable')

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

The rating downgrade reflects ASIP's overdrawn cash credit
facility for more than 30 days; this was caused by the
deterioration in the company's liquidity, driven by a stretch in
its working capital cycle.

ASIP has a weak financial risk profile, marked by high gearing and
below-average debt protection metrics. The company also has large
working capital requirements, and is exposed to intense
competitive pressures in the construction industry. However, ASIP
benefits from its promoters' extensive industry experience and its
established relationships with customers.

ASIP was originally established as a partnership concern in 2000;
the firm was reconstituted as a private limited company in 2005.
The company undertakes civil construction activities, such as
construction of roads, canals and dams, and buildings, and
erection of windmills. It is owned by Mr. Y S Rajesh Reddy and Mr.
Y S Anand Reddy.


EMPLOYEES WELFARE: CRISIL Rates INR140MM Cash Credit at 'B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Employees Welfare Fund. The rating reflects EWF's
weak capitalisation mainly because its legal structure does not
permit it to raise capital for funding its growth and weak
earnings. These rating weaknesses are partially offset by EWF's
healthy asset quality.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              140      CRISIL B+/Stable

Outlook: Stable

CRISIL believes that EWF will maintain healthy asset quality over
the medium term. The outlook may be revised to 'Positive' if EWF
reconstitutes its legal structure to facilitate smooth raising of
capital and thus improves its capitalisation and earnings.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in the EWF's asset quality.

EWF is a non-profit organisation registered as a society in 1975
under the Karnataka's Societies Registration Act. It caters to
employees and officers based in the Bengaluru (Karnataka) division
of Hindustan Aeronautical Ltd (HAL). The objective of EWF is to
provide financial assistance for the welfare of its members by way
of loans for education and medical treatment, and carrying out
other activities related to the welfare of the employees and their
families. Loan dues are deducted by the employer, HAL, from the
salary of the members and remitted to EWF.

For 2012-13 (refers to financial year, April 1 to March 31), EWF
earned a net surplus of INR0.5 million on a net total income of
INR20.6 million, as against a net surplus of INR0.02 million on a
total income of INR19.8 million for the previous year. For the
quarter ended June 30, 2013, EWF reported a net surplus of INR0.07
million on a total income of INR5.86 million.


ERODE BUILDER: CRISIL Reaffirms 'C' Rating on INR213MM Loans
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Erode Builder
Educational Trust continue to reflect instance of delays by EBET
in servicing its term debt obligations; the delays have been
caused by the trust's weak liquidity, driven by the cash flow
mismatch.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit            13     CRISIL C (Reaffirmed)
   Term Loan             200     CRISIL C (Reaffirmed)

The ratings also reflect EBET's below-average financial risk
profile, marked by modest net worth, high gearing and subdued debt
protection metrics, and its susceptibility to intense competition
in the education sector and to adverse regulatory changes. These
rating weaknesses are partially offset by the healthy demand
prospects for the education sector and the funding support that
EBET receives from its promoters.

Update
The liquidity of EBET continues to remain weak, driven by mismatch
in the cash flows. This has often resulted in near full
utilization of its working capital limits. Despite equity infusion
by the promoters and improvement in the cash accruals driven by
improved profitability, the liquidity remains weak because of cash
flow mismatch resulting in delays in servicing of debt
obligations.

For 2012-13 (refers to financial year, April 1 to March 31),
EBET's operating income was INR166 million, registering a year-on-
year growth of around 85 per cent. The improvement in the
operating income was driven by increase in the intake capacity to
708 students from 540 students in 2011-12. Furthermore, EBET's
profitability also improved to 30 per cent during 2012-13 from 23
per cent during 2011-12, supported by increase in the fees.

EBET has a below-average financial risk profile, marked by modest
net worth, high gearing and subdued debt protection metrics. The
trust has been continuously undertaking large capital expenditure
(capex) programme, resulting in high contraction of debt and
subsequently its gearing has remained at 3.60 times as on
March 31, 2013. EBET's debt protection metrics have also remained
subdued with interest coverage and net cash accruals to total debt
(NCATD) ratios at 1.81 times and 0.11 times, respectively, for
2012-13. Although the promoters' have been infusing in funds over
the years, EBET's net worth remains modest at INR76.2 million as
on March 31, 2013, constraining its financial risk profile.

For 2012-13, EBET reported a net deficit of INR8.4 million on an
operating income of INR166.8 million, against a net deficit of
INR44.6 million on an operating income of INR85.4 million during
2011-12.

Set up in November 2007 in Tamil Nadu, EBET operates a single
education institute, the EBET Group of Institutions. The
institute's first academic year commenced in June 2009 and it
offers courses in engineering, Master of Business Administration,
and Master of Computer Applications.


FAMINA KNITS: CRISIL Assigns 'B' Rating to INR190MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Famina Knits Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                  4      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        46      CRISIL B/Stable

   Packing Credit            30      CRISIL A4

   Foreign Bill
   Discounting               40      CRISIL B/Stable

   Bill Negotiation          50      CRISIL A4

   Cash Credit              100      CRISIL B/Stable

The ratings reflect FKL's small scale of operations in the highly
fragmented knitwear industry, weak financial profile marked by
highly levered capital structure, and large working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of FKL's promoter.

Outlook: Stable

back of its promoter's experience in the knitwear industry and
established relationships with customers. However, the company's
financial risk profile is expected to remain weak during the same
period due to lower profitability and high working capital
intensity, leading to weak capital structure and debt protection
metrics. The outlook may be revised to 'Positive' with increase in
scale of operations along with effective working capital
management and with improvement in its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if the company's operating margin declines or there is
deterioration in its working capital management or in case of
debt-funded capital expenditure.

FKL is a Ludhiana (Punjab)-based company that manufactures cotton-
based knitwear for men, women and kids. The company is promoted by
Mr. Vijay Miglani, who has been present in the knitwear industry
since 1996.

For 2012-13 (refers to financial year, April 1 to March 31), FKL
reported a profit after tax (PAT) of INR1.9 million on net sales
of INR153.3 million, against a PAT of INR2.5 million on net sales
of INR251.2 million for 2011-12.


FILTER MFG: CRISIL Cuts Rating on INR56MM Loans to 'B+'
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Filter
Manufacturing Industries Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            30      CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Letter of Credit          10      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit               35      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long Term        18      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Standby Line of Credit     3      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects the weakening in FMIPL's liquidity,
primarily because of large working capital requirements, and
delays in payments from its customers. The company's gross current
assets increased to 335 days as on March 31, 2013 from 229 days as
on March 31, 2012, mainly because of the high receivable period.
CRISIL believes that FMIPL's long debtor cycle will continue to
impact its liquidity over the medium term, leading to weak
financial risk profile.

The rating continues to reflect FMIPL's modest scale and working
capital intensity of operations. These rating weaknesses are
partly offset by its promoters' extensive experience in the
industrial filter and air pollution control (APC) segments and its
healthy customer profile.

Outlook: Stable

CRISIL believes that FMIPL will continue to benefit from its
promoters' extensive experience in the industrial filters and APC
system segments. The outlook may be revised to 'Positive' if
FMIPL's working capital cycle improves sharply or its operating
revenues and net cash accruals increase significantly, thus
improving its debt protection metrics. Conversely, the outlook may
be revised to 'Negative' if there is further deterioration in
FMIPL's working capital cycle or the company undertakes any large
capital expenditure plan.

FMIPL, incorporated in 1990, designs and erects industrial filters
and APC systems, catering to railways, steel, fertilizers, and
power industries. The company is also into fabrication of sheet
metal and manufacturing and trading of medical disposables. The
company is managed by Mr. Pritish Basu.

For 2012-13 (refers to financial year, April 1 to March 31), the
company reported a profit after tax (PAT) of INR3.9 million on net
sales of INR115.8 million, as against a PAT of INR4.0 million on
net sales of INR117.1 million in 2011-12.


GLOBUS INDUSTRIES: CRISIL Ups Rating on INR513.3MM Loans to 'C'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Globus
Industries and Services Ltd to 'CRISIL C/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           120       CRISIL C (Upgraded from
                                   'CRISIL D')

   Foreign Letter
   of Credit             180       CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Term Loan              10.3     CRISIL C (Upgraded from
                                   'CRISIL D')

   Working Capital
   Term Loan             383       CRISIL C (Upgraded from
                                   'CRISIL D')

The rating upgrade reflects CRISIL's belief that GISL's liquidity
will improve slightly over the near term, mainly because of
absence of debt obligations till July 2014. The company's debt
obligations have been restructured by a consortium of banks led by
Indian Overseas Bank. Over the medium term, the company's
liquidity is expected to improve as it has started trading in palm
oils and resumed commercial production of refined oils and
vanaspati in December 2013, after a gap of 17 months. The
aforementioned expected improvement in liquidity will be a key
rating sensitive factor over the medium term.

In view of GISL's constrained liquidity, the company management
will continue to provide need-based liquidity support to it over
the restructured debt repayment schedule. However, the timeliness
of such support will be a key rating sensitive factor.

The ratings reflect GISL's below-average financial risk profile
and low operating efficiency. These rating weaknesses are
partially offset by the extensive experience of its promoters.

GISL manufactures vanaspati and refined vegetable oils. The
company's manufacturing unit is at Village Khippanwali, Dist.
Fazilka, Punjab.


IMMENSE INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR30MM Loans
----------------------------------------------------------------
CRISIL's ratings on bank facilities of Immense Industries Private
Limited continues to reflect company's weak financial risk profile
on account of stretched receivables resulting in working capital
intensity. The ratings also factor in low profitability in the
business on account of trading nature of operations. These rating
weaknesses are partially offset by extensive industry experience
of promoters and established relationship with supplier.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            30       CRISIL B/Stable (Reaffirmed)

   Letter of Credit       70       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that IIPL's liquidity profile would continue to
remain weak over the medium term, on account of its working
capital intensive operations. The outlook may be revised to
'Positive' in case of improvement in working capital intensity or
in case of improvement in company's profitability resulting in
better than expected accruals. Conversely, the outlook may be
revised to 'Negative' in case of further stretch in working
capital requirements or in case of any significant debt funded
expansions leading to deterioration of financial risk profile.

Incorporated in 1988, IIPL trades in yarn and metal products
(scrap, ingots). The company is based in Delhi, and its day-to-day
operations are managed by Mr. Somnath.


J.M.D. LAXMI: CRISIL Assigns 'B-' Rating to INR100MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of J.M.D. Laxmi Enterprises.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              70      CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility       30      CRISIL B-/Stable

The rating reflects JMD's modest scale and working-capital-
intensive nature of operations. These rating weaknesses are
partially offset by the extensive experience of the concern's
proprietor in the trading industry.

Outlook: Stable

CRISIL believes that JMD will continue to benefit over the medium
term from its proprietor's extensive experience in the iron and
steel products trading business. The outlook may be revised to
'Positive' if the concern achieves significant and sustainable
improvement in its revenues and profitability while improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if the concern registers considerable decline in its
accruals or if its working capital cycle lengthens, affecting its
financial risk profile

JMD, set up in 2012, is a proprietorship concern of Mr. Ashwini
Agarwal. The concern trades in iron and steel products including
cold-rolled and hot-rolled coils, steel sheets, steel beams, steel
plates, thermo-mechanically-treated (TMT) bars, ingots, and
billets, among others. Mr. Agarwal oversees the concern's day-to-
day business operations. Mr. Agarwal has over a decade's
experience in the steel trading industry through his other group
entities.

JMD reported a profit after tax (PAT) of INR0.9 million on net
sales of INR392.2 million for 2012-13 (refers to financial year,
April 1 to March 31).


JAI AMBAY: CRISIL Rates INR50 Million Cash Credit at 'B'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Jai Ambay Fertilisers Private Limited.

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

The rating reflects JAFPL's below-average financial risk profile
marked by a modest net worth, high gearing and weak debt
protection metrics and its modest scale of operations with limited
product and geographical diversity in revenue profile. The ratings
also factor in the susceptibility of JAFPL's operations to the
regulated nature of India's complex fertilizer industry and
vagaries of monsoon. These rating weaknesses are partially offset
by the extensive experience of JAFPL's promoters in the fertiliser
industry.

Outlook: Stable

CRISIL believes that JAFPL will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook maybe revised to 'Positive' if JAFPL significantly
improves its scale of operations and profitability leading to an
improvement in its financial risk profile. Conversely, the outlook
maybe revised to 'Negative' in case of lower-than-expected cash
accruals, larger-than-expected working capital requirements,
unfavourable government policies, or if the company undertakes any
large debt-funded capital expenditure exerting further pressure on
its liquidity.

Incorporated in 2001 and based in Jalna (Maharashtra), JAFPL
manufactures granulated nitrogen-phosphorous-potassium mix
fertilisers under its brand Labhlakshmi. The company is promoted
by Mr. Vijay Jhawar and family.


JINDAL FIBRES: CRISIL Reaffirms 'B+' Rating on INR220MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jindal Fibres Ltd
continue to reflect JFL's average financial risk profile, marked
by high gearing and modest debt protection metrics; the ratings
also factor in the company's large working capital requirements,
and small scale of operations. These rating weaknesses are
partially offset by JFL's long-standing presence in the non-woven
technical fabrics business with a diversified end user industry,
and the financial support that it receives from its promoters.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            130      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        30      CRISIL A4 (Reaffirmed)
   Rupee Term Loan         90      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JFL will continue to benefit over the medium
term from its long-standing presence in the non-woven technical
fabrics business and the financial support that it receives from
its promoters. The outlook may be revised to 'Positive' if the
company scales up its operations without significant deterioration
in its financial risk profile, and stabilises operations at its
Tamil Nadu plant sooner than expected. Conversely, the outlook may
be revised to 'Negative' in case JFL undertakes a larger-than-
expected, debt-funded capital expenditure programme, thereby
weakening its financial risk profile, or faces significant delays
in stabilisation of operations at its new manufacturing facility
in Tamil Nadu.

JFL was set up in 1995 as a private limited company by Mr. Vijay
Jindal and his friend, Mr. Pradeep Sareen; it was reconstituted as
a public limited company in 2003. The company manufactures non-
woven fabrics that are used in the automotive components
manufacturing industry. The company has facilities in Dharampuri
(Tamil Nadu) and Ludhiana (Punjab).

JFL reported a profit after tax (PAT) of INR5.8 million on net
sales of INR625.9 million for 2012-13, against a PAT of INR4.2
million on net sales of INR509.0 million for 2011-12.


JVR FORGINGS: CRISIL Cuts Rating on INR550MM Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank facilities
of JVR Forgings Limited to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'. The ratings downgrade reflect JVR's
prolonged over-utilisation of its working capital limits. This was
caused by delay in realisation of receivables from customers.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               300      CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

   Letter of Credit          250      CRISIL D (Downgraded from
                                      'CRISIL A4+')

JVR also has a below-average financial risk profile, marked by a
small net worth and weak debt protection metrics, and working-
capital-intensive operations. However, the company benefits from
its diversified revenue profile and established customer base.

JVR was set up in 1996 by Mr. Dharam Pal Gupta and his sons, Mr.
Jagdeep Singhal, Mr. Vinay Singhal, and Mr. Rajeev Singhal. The
company is engaged in forging and fabrication of scaffolding,
construction items, automotive components, and parts for railways.

For 2012-13 (refers to financial year, April 1 to March 31), JVR
reported a small loss after tax on net sales of INR1.42 billion,
as against a PAT of INR22.4 million on net sales of INR1.41
billion for 2011-12.


KRM TYRES: CRISIL Raises Rating on INR167.3MM Loans to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
KRM Tyres to 'CRISIL B+/Stable' from 'CRISIL B-/Stable', and has
reaffirmed its rating on the company's short-term facilities at
'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee             2      CRISIL A4 (Reaffirmed)

   Letter of Credit         130.7    CRISIL A4 (Reaffirmed)

   Cash Credit              120      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Standby Line of Credit    30      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Term Loan                 17.3    CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that KRM's liquidity
will improve over the medium term, backed by better working
capital management and healthy net cash accruals. With the
improvement in its working capital management, the firm's enhanced
bank lines of INR120 million are expected to remain unutilised to
the extent of 5 to 10 per cent, supporting its liquidity. Earlier,
its bank lines were highly utilised, leaving no cushion and
leading to stretched liquidity. KRM also has access to INR30
million standby line of credit, which has remained unutilised.
Additionally, the firm's cash accruals of more than INR35 million
per annum over the medium term will be adequate to meet annual
term debt repayments of about INR18 million. KRM does not have any
deb-funded capital expenditure (capex) plans over the medium term.

The ratings reflect KRM's vulnerability to fluctuations in raw
material prices and in foreign exchange rates, and its large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of KRM's promoters in
the industry, its established distribution network, and its above-
average financial risk profile, marked by comfortable gearing and
adequate debt protection metrics.

Outlook: Stable

CRISIL believes that KRM will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established distribution network. The outlook may be revised to
'Positive' in case of significant improvement in KRM's scale of
operations and profitability, leading to better liquidity.
Conversely, the outlook may be revised to 'Negative' if the firm's
liquidity weakens considerably due to larger-than-expected working
capital requirements or decline in profitability, or if it
undertakes a substantial debt-funded capex programme, weakening
its financial risk profile.

KRM was set up in 2003 by Mr. S P Jain. It became operational in
2007-08 (refers to financial year, April 1 to March 31). The firm
manufactures tyres for the automobile segment. Its production
facility is in Baddi (Himachal Pradesh).

KRM reported a net profit of INR14.5 million on revenues of
INR740.2 million for 2012-13, as against a net profit of INR28.6
million on revenues of INR771.3 million for 2011-12.


LGW LTD: CRISIL Reaffirms 'B-' Rating on INR450 Million Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of LGW Ltd continue to
reflect LGW's low operating profitability in its trading segment,
and its exposure to implementation and offtake risks related to
its real estate joint venture (JV) project. These rating weakness
are partially offset by the experience of LGW's promoter in the
trading business.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee            15     CRISIL A4 (Reaffirmed)

   Export Packing Credit    100     CRISIL B-/Stable (Reaffirmed)

   Letter of Credit          15     CRISIL A4 (Reaffirmed)

   Proposed Long Term       230     CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

   Working Capital          120     CRISIL B-/Stable (Reaffirmed)
   Term Loan

Outlook: Stable

CRISIL believes that LGW will continue to benefit over the medium
term from its promoter's experience in the trading business. The
outlook may be revised to 'Positive' in case of a sustainable
improvement in the company's sales and profitability, leading to
better liquidity. Conversely, the outlook may be revised to
'Negative' if LGW's financial risk profile, particularly its
liquidity, weakens, most likely due to increased working capital
requirements or a decline in cash accruals.

Set up in 1984 by Mr. Sanjay Kumar Gupta in West Bengal, LGW
currently exports textiles, fabrics, and engineering goods to
Bangladesh. It also trades domestically in agricultural goods such
as wheat and maize, manufactures gold and silver jewellery, and
undertakes job work for other jewellers. The company has entered
into a JV in 2012-13 (refers to financial year, April 1 to March
31) for a real estate development project in Kolkata.

LGW was earlier engaged in exporting raw cotton; however, it
discontinued this business from 2013-14.

LGW reported a net profit of INR16.8 million on net sales of
INR2.7 billion for 2012-13, as against a net loss of INR3.8
million on net sales of INR3.8 billion for 2011-12.


MAC REMEDIES: CRISIL Lowers Rating on INR150MM Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its long-term rating on the bank facilities
of Mac Remedies Pvt Ltd to 'CRISIL D' from 'CRISIL BB+/Stable'.
The rating downgrade reflects significant weakening in Mac's
liquidity on account of stretch in receivables. The company is
facing delays in realisation of payments leading to consistently
overdrawn bank lines.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           150      CRISIL D (Downgraded from
                                  'CRISIL BB+/Stable')

Mac also has working capital intensive nature of operations, and a
moderate financial risk profile marked by below-average debt
protection metrics and a moderate net worth. The company, however,
benefits from its established brand name in the pharmaceutical
industry.

Mac was established in 1945, and was bought by Mr. Ratilal Raka
and family in 2004. The company markets various prescription drugs
and generic drugs. These drugs are marketed under the company's
own brand name - Mac. The company has a long track record in the
pharmaceuticals drugs segment.

Mac reported a profit after tax (PAT) of INR9.7 million on net
sales of INR786.6 billion for 2012-13 (refers to financial year,
April 1 to March 31); it had reported a PAT of INR10.0 million on
net sales of INR751.2 million for 2011-12.


MARLIN INFRA: CRISIL Assigns 'D' Rating to INR60MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Marlin Infrastructures Private Limited. The ratings
reflect instances of delay by MIPL in servicing its debt; the
delays have been caused by the company's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           30       CRISIL D
   Cash Credit              30       CRISIL D

MIPL also has a large working capital requirements and
geographical concentration in its revenue profile. These rating
weaknesses are partially offset by the industry experience of
MIPL's promoter in the civil construction business.

MIPL was incorporated as a private limited company in 2005, and is
being promoted by Mr. Akhilesh Reddy. The company undertakes civil
construction projects involving building and maintenance of roads,
drains and laying railway tracks. The company's operations are
concentrated in Andhra Pradesh.

MIPL's reported a net loss at INR1.3 million on net sales of
INR111.9 million for 2012-13 (refers to financial year, April 1 to
March 31), against a profit after tax (PAT) of INR9.7 million on
net sales of INR 324.9 million for 2011-12.


MITTAL UDYOG: CRISIL Reaffirms 'B+' Rating on INR615MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of The Mittal Udyog Samiti
continues to reflect MUS's weak financial risk profile marked by
high gearing, small net worth and average debt protection metrics.
The rating also factors in the firm's working capital intensive
operations with customer concentration risk, in the highly
fragmented rice industry. These rating weaknesses are partially
offset by the promoter's extensive industry experience and prudent
risk management policies.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            600      CRISIL B+/Stable (Reaffirmed)
   Term Loan               15      CRISIL B+/Stable (Reaffirmed)
   Packing Credit         400      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that MUS's financial risk profile will remain weak
over the medium term on account of its moderate scale of
operations. However, the firm will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if MUS improves its gearing, driven by more-
than-expected net cash accruals or infusion of funds by promoters
leading to improvement in its capital structure. Conversely, the
outlook may be revised to 'Negative' in case of a decline in the
firm's revenues or profitability, leading to further deterioration
in its financial risk profile, particularly liquidity.

MUS, an association of persons, was established in 1998 by three
members of the Mittal family and four others. MUS, based in
Punjab, processes basmati and non-basmati rice. It sells its
produce in the domestic as well as overseas market.

MUS reported a profit after tax (PAT) of INR33.2 million on net
sales of INR2071.1 million for 2012-13, against a PAT of INR18.9
million on net sales of INR1521.1 million for 2011-12.


SRIVARI COTTON: CRISIL Assigns 'B' Rating to INR100MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Srivari Cotton Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        50      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        50      CRISIL B/Stable

The rating reflects SCPL's modest scale of operations in the
intensely competitive and highly fragmented cotton trading
industry, and its below-average financial risk profile, marked by
high total outside liabilities to tangible net worth (TOLTNW)
ratio and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of SCPL's
promoters in the cotton trading industry.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
trading industry. The outlook may be revised to 'Positive' if the
company reports a sustainable increase in its revenues and
profitability, thereby strengthening its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SCPL
generates lower-than-expected cash accruals or undertakes a large
debt-funded capital expenditure programme, resulting in weak
financial risk profile.

Set up in 2009, SCPL trades in cotton lint. The company, based in
Kovilpatti (TamilNadu), is promoted by Mr. Santharam Appasamy and
Mr. Seeyaram Appasamy and their family members.

For 2012-13 (refers to financial year, April 1 to March 31), SCPL
reported a profit after tax (PAT) of INR0.8 million on net sales
of INR277 million, against a PAT of INR0.5 million on net sales of
INR257 million for 2011-12.


SUNRISE FOAM: CRISIL Assigns 'B+' Rating on INR82.5MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sunrise Foam Product Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 5.5     CRISIL B+/Stable
   Cash Credit              60       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       17       CRISIL B+/Stable

The rating reflects SFPPL's below-average financial risk profile,
marked by high gearing; the rating also factors in the company's
small scale of operations in an intensely competitive industry and
its working-capital-intensive operations. These rating weaknesses
are partially offset by the extensive industry experience of
SFPPL's promoters.

Outlook: Stable

CRISIL believes that SFPPL will continue to benefit from its
promoters' extensive experience, over the medium term. The outlook
may be revised to 'Positive' in case of significant increase in
the company's scale of operations and profitability, while it
maintains its capital structure, leading to improved financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if there is any deterioration in its working capital management,
or if it undertakes a larger-than-expected debt-funded capital
expenditure programme, leading to deterioration in the company's
financial risk profile.

SFPPL, incorporated in 2009, is promoted by Mr. Sunil Gupta and
Mr. Akhil Mittal. The company manufactures polyurethane flexible
foam, polyurethane flexible mattresses, polyurethane flexible
cushions, and foam products. SFPPL commenced its operations from
2009-10 (refers to financial year, April 1 to March 31). Its
manufacturing facilities are located in Bahadurgarh (Haryana).


T. ABDUL WAHID: CRISIL Upgrades Rating on INR20MM Loan to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of T. Abdul Wahid Tanneries Pvt Ltd to 'CRISIL
B+/Stable' from 'CRISIL B-/Stable', and has reaffirmed its rating
on the company's short-term facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Discounting          40      CRISIL A4 (Reaffirmed)
   Letter of Credit          10      CRISIL A4 (Reaffirmed)
   Packing Credit           100      CRISIL A4 (Reaffirmed)
   Standby Line of Credit    24      CRISIL A4 (Reaffirmed)
   Term Loan                 20      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects the expected improvement in TWTPL's
operating performance over the medium term on the back of improved
demand from overseas markets. The company's revenue is expected to
grow at a healthy rate of 20 per cent year-on-year in 2013-14
(refers to financial year, April 1 to March 31), while its
operating margin is expected to remain around 6 per cent for the
year, leading to healthy cash accruals. Consequently the company
is expected to report net cash accruals of around INR28 million in
2013-14 as compared to INR20 million in 2012-13. The company does
not have any significant capex plans over the medium term and
hence the capital structure is expected to improve on the back of
improved operating performance.

The ratings reflect TWTPL's below-average financial risk profile
marked by small net worth, high gearing, and its working-capital-
intensive operations. These rating weaknesses are partially offset
by the extensive experience of TWTPL's promoters in the leather
industry.

Outlook: Stable

CRISIL believes that TWTPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if TWTPL's financial risk
profile improves significantly, most likely because of larger-
than-expected cash accruals or equity infusion. Conversely, the
outlook may be revised to 'Negative' in case of significant
pressure on TWTPL's liquidity, most likely because of lower-than-
expected cash accruals, or large working capital requirements or
debt-funded capital expenditure.

Incorporated in 1975 and based in Tamil Nadu, TWTPL converts raw
hide into semi-finished and finished leather, which it supplies to
the overseas market.


VETRIVEL EXPLOSIVES: CRISIL Puts B+ Rating on INR112.5MM Loans
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Vetrivel Explosives Pvt Ltd, and has assigned its
'CRISIL B+/Stable/CRISIL A4' ratings to the facilities. CRISIL
had, on May 06, 2013, suspended the ratings as VEPL had not
provided necessary information required to maintain a valid
rating. VEPL has now shared the requisite information, enabling
CRISIL to assign a rating to the bank facilities.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           20      CRISIL A4 (Assigned;
                                    Suspension revoked)

   Cash Credit              50      CRISIL B+/Stable (Assigned;
                                    Suspension revoked)

   Letter of Credit         40      CRISIL A4 (Assigned;
                                    Suspension revoked)

   Proposed Long Term       27.5    CRISIL B+/Stable (Assigned;
   Bank Loan Facility               Suspension revoked)

   Working Capital          35      CRISIL B+/Stable (Assigned;
   Term Loan                        Suspension revoked)

The ratings reflect VEPL's modest scale of operations in the
intensely competitive civil explosives segment, and the
susceptibility of its profitability margins to fluctuations in raw
material prices. These rating weaknesses are partially offset by
VEPL's established regional presence; and the company's above-
average financial risk profile, marked by healthy debt protection
metrics, though constrained by its small net worth, and
significant financial support to its subsidiary.

Outlook: Stable

CRISIL believes that VEPL will continue to benefit from its
established regional presence and healthy customer relationships.
The outlook may be revised to 'Positive' if VEPL records
significant growth in revenues and profitability, with sizeable
cash accruals; or improves its working capital management and
consequently, its liquidity. Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile
deteriorates because of considerable exposure to group entities,
or substantial debt-funded capital expenditure.

VEPL was set up as a partnership firm in Salem (Tamil Nadu) in
1999. The firm was reconstituted as a closely held private company
in 2000. VEPL manufactures civil explosives.

VEPL reported a profit after tax (PAT) of INR22.6 million on net
sales of INR804.2 million during 2012-13 (refers to financial
year, April 1 to March 31) vis-a-vis a PAT of INR21.8 million on
net sales of INR618.7 million during 2011-12.



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


MT. GOX: Blames Theft Over Woes; Looks Into Criminal Complaint
--------------------------------------------------------------
The Associated Press reports that the Tokyo bitcoin exchange that
filed for bankruptcy protection blamed theft through hacking for
its losses on March 3, and said it was looking into a criminal
complaint.

AP relates that in an announcement posted on the Mt. Gox
exchange's website, CEO Mark Karpeles outlined the events that
resulted in the company's insolvency and said there was a "high
probability" theft was behind the disappearance of bitcoins.

"We will make all efforts to ensure that crimes are punished and
damages recovered," the news agency quotes Mr. Karpeles as saying.

He said Mt. Gox will try to resume business as a way of increasing
repayments to its creditors, AP relates.

According to the report, the online exchange was unplugged last
month as rumors of its insolvency swirled, adding to doubts about
the viability of bitcoins overall. Its woes are a setback for
bitcoin, a virtual currency that has grown in popularity since its
2009 creation as a way to make transactions across borders without
third parties, such as banks, the report notes.

Bitcoin has also become a highly speculative form of investing.
But it comes with risks, as the Mt. Gox debacle has illustrated,
partly because bitcoins are not regulated by central banks or
other financial authorities.

According to the AP, the statement said illegal access to Mt. Gox
in early February abused a bug in its computer system.

It also said "large discrepancies" were found between the amount
of cash held in financial institutions and the amount deposited by
users, meaning that about JPY2.8 billion ($28 million) was
unaccounted for, AP relays.

According to the report, Mr. Karpeles said that 750,000 bitcoins
deposited by users and another 100,000 belonging to the company
disappeared. That would amount to about $425 million at recent
prices, AP relays.

Mt. Gox said its liabilities totaled JPY6.5 billion ($65 million),
while its assets totaled JPY3.8 billion ($38 million), the report
adds.

Mt. Gox, a Japan-based virtual currency marketplace, filed for
bankruptcy on Feb. 28, 2014.


MT. GOX: Bitcoin Exchange Moves to Protect U.S. Assets
------------------------------------------------------
Katy Stech, writing for The Wall Street Journal, reported that Mt.
Gox, the Japanese bitcoin exchange that halted trading last month,
filed for bankruptcy protection in the U.S. to prevent customers
from targeting the cash it holds in U.S. bank accounts.

According to the report, at a hearing in federal bankruptcy court
in Dallas on March 10, a judge granted a request by the company
that temporarily blocks a potential class-action lawsuit filed in
Illinois by the exchange's customers.

Mt. Gox's lawyers argued that fighting customers in a U.S. court
would waste money while financial professionals in Japan try to
save the exchange, the report related.

Mt. Gox, based in Tokyo, filed a U.S. bankruptcy petition on
March 9 in Dallas, which is where it stores some of its data on
computer servers, the report further related. The company filed
for bankruptcy protection in Japan last month.

Once the most popular exchange for buyers and sellers of the
bitcoin digital currency, Mt. Gox suspended trading on Feb. 25 and
has said it lost almost 750,000 of its customers' bitcoins and
about 100,000 of its own, the Journal recalled.



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


* BOND PRICING: For the Week March 3 to March 7, 2014
-----------------------------------------------------

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


  AUSTRALIA
  ---------


BOART LONGYEAR MAN    7.00    04/01/21    USD       74.38
BOART LONGYEAR MAN    7.00    04/01/21    USD       80.10
COMMONWEALTH BANK     1.50    04/19/22    AUD       73.18
DBCT FINANCE PTY L    2.96    06/09/26    AUD       74.79
GRIFFIN COAL MININ    9.50    12/01/16    USD       70.75
GRIFFIN COAL MININ    9.50    12/01/16    USD       70.75
MIDWEST VANADIUM P   12.25    02/15/18    USD       58.50
MIDWEST VANADIUM P   12.25    02/15/18    USD       57.63
MIRABELA NICKEL LT    8.75    04/15/18    USD       24.63
MIRABELA NICKEL LT    8.75    04/15/18    USD       25.00
NEW SOUTH WALES TR    0.50    09/14/22    AUD       69.85
NEW SOUTH WALES TR    0.50    10/28/22    AUD       69.40
NEW SOUTH WALES TR    0.50    10/07/22    AUD       69.61
NEW SOUTH WALES TR    0.50    11/18/22    AUD       69.18
NEW SOUTH WALES TR    0.50    03/30/23    AUD       68.91
NEW SOUTH WALES TR    0.50    12/16/22    AUD       69.68
NEW SOUTH WALES TR    0.50    02/02/23    AUD       69.45
TREASURY CORP OF V    0.50    11/12/30    AUD       46.28
TREASURY CORP OF V    0.50    03/03/23    AUD       70.08
TREASURY CORP OF V    0.50    08/25/22    AUD       71.67


CHINA
-----

CENTRAL HUIJIN INV    4.20    09/20/40    CNY       75.56
CHINA DEVELOPMENT     3.80    10/30/36    CNY       72.40
CHINA DEVELOPMENT     4.01    10/11/35    CNY       75.62
CHINA GOVERNMENT B    1.64    12/15/33    CNY       59.40


INDONESIA
---------

DAVOMAS INTERNATIO   11.00    12/08/14    USD       23.88
DAVOMAS INTERNATIO   11.00    12/08/14    USD       23.88
INDONESIA TREASURY    6.38    04/15/42    IDR       71.06
PERUSAHAAN PENERBI    6.10    02/15/37    IDR       72.00


INDIA
-----

3I INFOTECH LTD       5.00    04/26/17    USD       30.00
CORE EDUCATION & T    7.00    05/07/15    USD       31.00
COROMANDEL INTERNA    9.00    07/23/16    INR       15.48
DEWAN HOUSING FINA    5.50    09/24/23    INR       72.88
DR REDDY'S LABORAT    9.25    03/24/14    INR        4.99
GTL INFRASTRUCTURE    2.53    11/09/17    USD       26.50
INDIA GOVERNMENT B    6.01    03/25/28    INR       74.88
INDIA GOVERNMENT B    0.23    01/25/35    INR       17.49
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       49.50
PRAKASH INDUSTRIES    5.63    10/17/14    USD       53.38
PYRAMID SAIMIRA TH    1.75    07/04/12    USD        1.00
REI AGRO LTD          5.50    11/13/14    USD       56.00
REI AGRO LTD          5.50    11/13/14    USD       56.00
SHIV-VANI OIL & GA    5.00    08/17/15    USD       25.50
SUZLON ENERGY LTD     5.00    04/13/16    USD       48.06
SUZLON ENERGY LTD     7.50    10/11/12    USD       63.75
VIDEOCON INDUSTRIE    6.75    12/16/15    USD       73.87


JAPAN
-----

ELPIDA MEMORY INC     0.50    10/26/15    JPY       12.13
ELPIDA MEMORY INC     0.70    08/01/16    JPY        9.50
ELPIDA MEMORY INC     2.10    11/29/12    JPY       12.13
ELPIDA MEMORY INC     2.29    12/07/12    JPY       15.38
ELPIDA MEMORY INC     2.03    03/22/12    JPY       15.38
JAPAN EXPRESSWAY H    0.50    03/18/39    JPY       71.14
JAPAN EXPRESSWAY H    0.50    09/17/38    JPY       71.67
TOKYO ELECTRIC POW    2.37    05/28/40    JPY       70.50
TOKYO ELECTRIC POW    1.96    07/29/30    JPY       74.50


MALAYSIA
--------

BANDAR MALAYSIA SD    0.35    02/22/21    MYR       74.58
BANDAR MALAYSIA SD    0.35    02/20/24    MYR       63.64


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       15.00
BLD INVESTMENTS PT    8.63    03/23/15    USD       30.50
BUMI CAPITAL PTE L   12.00    11/10/16    USD       62.98
BUMI CAPITAL PTE L   12.00    11/10/16    USD       58.87
BUMI INVESTMENT PT   10.75    10/06/17    USD       65.50
BUMI INVESTMENT PT   10.75    10/06/17    USD       58.48
ENERCOAL RESOURCES    9.25    08/05/14    USD       59.52
GENCO SHIPPING & T    5.00    08/15/15    USD       54.25
INDO INFRASTRUCTUR    2.00    07/30/10    USD        1.88


KOREA
------

EXPORT-IMPORT BANK    0.50    10/23/17    TRY       66.42
EXPORT-IMPORT BANK    0.50    12/22/17    TRY       65.50
EXPORT-IMPORT BANK    0.50    01/25/17    TRY       71.06
EXPORT-IMPORT BANK    0.50    11/28/16    BRL       72.68
EXPORT-IMPORT BANK    0.50    12/22/17    BRL       63.89
EXPORT-IMPORT BANK    0.50    12/22/16    BRL       71.72
EXPORT-IMPORT BANK    0.50    10/27/16    BRL       73.56
EXPORT-IMPORT BANK    0.50    11/21/17    BRL       63.96
EXPORT-IMPORT BANK    0.50    09/28/16    BRL       74.28
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       65.50


THAILAND
--------

G STEEL PCL           3.00    10/04/15    USD       13.63
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.



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