TCRAP_Public/140313.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

           Thursday, March 13, 2014, Vol. 17, No. 51


                            Headlines


A U S T R A L I A

OCTAVIAR LTD: Liquidators Pursue Fortress to Recoup $210MM
PROJECT SUNSHINE: S&P Assigns 'B' ICR; Outlook Stable
ROBINS KITCHEN: Enters Liquidation; Closes 36 Stores
SURFAIR TAVERN: Receivers Put Sunshine Coast Tavern on Sale
* AUSTRALIA: Insolvencies Trigger AUD190M Unpaid Superannuation

* AUSTRALIA: Listed Distressed Properties Decline in December


I N D I A

ABAN OFFSHORE: CARE Reaffirms 'D' Rating on INR1,371.8cr Loans
BINANI CEMENT: CARE Revises Rating on INR25cr Loan to 'D'
BUXA DOOARS: CRISIL Reaffirms 'B-' Rating on INR165MM Loans
HARSO STEELS: CRISIL Reaffirms 'B+' Rating on INR150MM Loan
JHANWAR RICE: CRISIL Reaffirms 'B' Rating on INR160MM Loans

MALANKARA ORTHODOX: CRISIL Reaffirms B Rating on INR358.5MM Loans
MALPANI COTTONS: CRISIL Reaffirms 'B+' Rating on INR140MM Loan
MALPANI VENEERS: CARE Cuts Rating on INR9.75cr Loans to 'D'
MASCOT METAL: CRISIL Reaffirms 'B+' Rating on INR255MM Loans
OBERAI AUTO: CRISIL Cuts Rating on INR61.5 Million Loans to 'D'

OBERAI MOTOR: CRISIL Lowers Rating on INR55.2MM Loans to 'D'
PARVIN COTEX: CARE Revises Rating on INR10cr Bank Loan to 'BB'
PERFECT INT'L: CRISIL Reaffirms 'B+' Rating on INR117.3MM Loans
PUPNEJA RICE: CRISIL Ups Rating on INR193.4MM Loans to 'B+'
SBS FOODS: CRISIL Lowers Rating on INR80MM Loans to 'C'

SHIV-VANI OIL: CARE Reaffirms 'D' Rating on INR2,133.95cr Loans
SM JDB: CARE Assigns 'B+' Rating to INR25.6cr Bank Loan
SUKH SAGAR: CARE Reaffirms 'B' Rating on INR5cr Bank Loan
SUNDER MARKETING: CRISIL Ups Rating on INR50MM Loan to 'B+'
SWASTIK CERACON: CRISIL Ups Rating on INR860.5MM Loans to 'B-'

UNIJULES LIFE: CRISIL Cuts Rating on INR2.11BB Loans to 'D'
VAIDHATRU PHARMA: CRISIL Assigns 'D' Rating to INR127.5MM Loans
VARA LAKSHMI: CRISIL Downgrades Rating on INR53MM Loans to 'D'
WILLMORE PLY: CARE Assigns 'B' Rating to INR3.25cr Loan


J A P A N

MT. GOX: Bankr. Atty. Speaks About Bitcoin and the Digital Age
* JAPAN: Corporate Bankruptcies Hit 23-year Low in February


N E W  Z E A L A N D

BRIDGECORP LTD: PwC Reaches Settlement With Directors, Insurers
BRIDGECORP LTD: FMA to Drop Civil Case Against Directors
KLONDYKE FRESH: Placed Into Receivership
SOUTH CANTERBURY: Crown Calls 40 Witnesses in Fraud Trial


S O U T H  K O R E A

KT CORP: Affiliate Files For Court Receivership


                            - - - - -


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


OCTAVIAR LTD: Liquidators Pursue Fortress to Recoup $210MM
----------------------------------------------------------
Leo Shanahan at The Australian reports that liquidators for failed
Octaviar Limited, formerly known as MFS, have widened their
pursuit of US-based investment vehicle Fortress Investment Group,
filing a $210 million claim against the company and several of its
managing directors in the New York Supreme Court.

The Australian relates that the New York-based Fortress Investment
Group and three of its managing directors are being accused of
siphoning off at least $210 million from MFS via its Drawbridge
hedge fund, in proceeds liquidators claim were rightly owed to the
company, just before its collapse.

Australian-based Octaviar Limited, formerly known as MFS Limited,
operated as an investment management business with a portfolio of
businesses and assets.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar Limited appointed John Greig and
Nicholas Harwood of Deloitte as Voluntary Administrators.  The
directors of three Octaviar subsidiaries, Octaviar Financial
Services Pty Ltd, Octaviar Investment Notes Limited and Octaviar
Investment Bonds Limited, also appointed Messrs. Greig and
Harwood as Voluntary Administrators.  Fortress Credit Corporation
(Australia) II Pty Ltd., one of Octaviar Limited's major
creditors, also appointed Stephen James Parbery and Anthony
Milton Sims of PPB Advisory as receivers and managers for
Octaviar.

In December 2008, Octaviar's creditors voted for a deed of
company arrangement over two entities in the Octaviar group,
Octaviar Limited, and Octaviar Administration Pty Limited.  The
three other companies in the group were subsequently wound up.

The TCR-AP reported on Aug. 4, 2009, that the Supreme Court of
Queensland placed Octaviar Ltd into liquidation.  Justice
Philip McMurdo terminated a deed of company arrangement that has
been in place since December 2008, naming company administrators
John Greig and Nick Harwood at Deloitte, as provisional
liquidators.

Administrators and liquidators Greig and Harwood at Deloitte were
then replaced by Bentleys Corporate Recovery under court order.

According to The Age, creditors are yet to recover about
AUD2.5 billion from the Group, which was found to have
AUD1 billion in intercompany loans.


PROJECT SUNSHINE: S&P Assigns 'B' ICR; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
long-term issuer credit rating of 'B' to Project Sunshine III Pty
Ltd., the parent entity of Project Sunshine IV Pty Ltd. and
Australian directories publisher, Sensis Pty Ltd. (collectively
Project Sunshine group).  The rating incorporates S&P's views on
Project Sunshine III and its subsidiaries.  The outlook on the
long-term rating is stable.

At the same time, S&P assigned a 'B+' issue rating and a recovery
rating of '2' to Project Sunshine IV Pty Ltd.'s term loan B
facility (guaranteed by Project Sunshine III Pty Ltd.).  A
recovery rating of '2' indicates S&P's expectation of a
substantial (70%-90%) level of recovery in the event of a default.
The ratings are in line with the preliminary ratings assigned to
the group on Feb. 20, 2014.

"The 'B' long term issuer credit rating on Project Sunshine group
is based on our assessment of the group's "vulnerable" business
risk profile and "aggressive" financial risk profile," Standard &
Poor's credit analyst Paul Draffin said.  "Our "vulnerable"
business risk profile assessment reflects primarily our view of
the group's exposure to the structurally declining print
directories market, and strong and growing competition in the
online directories market."

On Feb 28, 2014, Project Sunshine Group completed the acquisition
of Sensis from Telstra Corp. Ltd.  Project Sunshine is 70% owned
by an affiliate of private equity group Platinum Equity Advisors
LLC, and 30% owned by Telstra.

Sensis' operations are focused on its Yellow Pages and White Pages
print and online products, where the group holds more than 90%
share of the Australian print directories market.  However, the
Australian print directories business is, in S&P's view, in long-
term structural decline as users shift their marketing expenditure
from print to online services.

Accordingly, S&P expects Sensis' print business, which currently
accounts for about two-thirds of total revenues, to decline by
20%-25% per annum in the next few years.  Furthermore, although
S&P expects the White Pages print product to prove somewhat more
resilient to structural industry trends in the near term, S&P
considers that it faces similar longer-term structural challenges.

Mr. Draffin added: "The stable outlook reflects our expectation
that Project Sunshine group will apply its strong free cash to
reduce debt under the 75% cash flow sweep mechanism of the term
loan and maintain adequate covenant headroom.  This is despite our
expectation of double-digit revenue declines over the next few
years."

A lowering of the long-term rating could occur if greater-than-
expected structural earnings erosion causes Project Sunshine
group's covenant headroom to fall below 15%, heightening liquidity
pressures on the group.  A downgrade could also occur if the
company's debt-to-EBITDA ratio is sustained above 2x, lengthening
the expected payback period of the debt facilities from internally
generated cash flow.

An upgrade is considered unlikely, but would be reliant on a
material strengthening of the group's business risk profile,
evidenced by earnings stabilization and growth, stable-to-growing
market shares in its digital businesses, and strengthening free
cash flow generation.


ROBINS KITCHEN: Enters Liquidation; Closes 36 Stores
----------------------------------------------------
Sophie Foster at The Courier-Mail reports that liquidators have
been appointed to Robins Kitchen and its 36 remaining stores have
closed.

The collapse has resulted in 235 job losses, the report says.

Liquidators were appointed on March 7. At the same time Playcorp,
which had unsuccessfully tried to buy the business out of
administration in January, was in court trying to wind up the
company, The Courier-Mail says.

The winding-up application by Playcorp, owned by Steven Lew, son
of one of Australia's richest men Solomon Lew, was heard on
March 10.

The Courier-Mail reports that a spokesman for administrators FTI
Consulting said a meeting of creditors on January 30 had voted to
execute a Deed of Company Arrangement proposal put forward by
Sydney businessman Fred Bart, "rejecting an adjournment of the
meeting to consider a proposal from . . . Playcorp despite the
recommendation of the administrators to adjourn the meeting to
examine the proposal".

On March 7, the report recalls, Mr. Bart began removal of all
stock he had supplied to Robins under the DOCA after failing to
secure leases on several properties. Retail landlords were among
unsecured creditors when Robins Kitchen went into voluntary
administration a week before Christmas, the report adds.

Robins Kitchen is a kitchenware retailer. It operated 55 bricks
and mortar stores across Queensland, New South Wales.  It also
operated an online division, which sells kitchen products from
well-known brands including Circulon, Anna Gare, Baccarat, Mundial
and Wustof.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 19, 2013, skynews.com.au said Robins Kitchen has been placed
into voluntary administration, leaving the future for its 300
workers uncertain.  The group's Brisbane-based parent company
Lineville Pty has appointed FTI Consulting as voluntary
administrators, according to skynews.com.au.


SURFAIR TAVERN: Receivers Put Sunshine Coast Tavern on Sale
-----------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that the Sunshine
Coast's Surfair Tavern has been listed by receivers McGrathNicol
for sale.  This development came after a late 2013 foreclosure,
the report says.

According to the report, campaign manager Gleen Price of CBRE
noted that the property has substantial unrealised potential.
dissolve.com.au relates that Mr. Price said the sale will provide
investors and hotel operators the chance to secure a tavern that
has multiple income streams as well as allows the business to
capitalise on its main location and good trading potential.


* AUSTRALIA: Insolvencies Trigger AUD190M Unpaid Superannuation
---------------------------------------------------------------
Melinda Oliver at SmartCompany reports that a string of company
insolvencies in 2013 lead to around AUD190 million in unpaid
superannuation to employees that will never be recovered,
according to reports.

SmartCompany, citing Fairfax, relates that the Australian Taxation
Office said an additional AUD15 million in payments were not paid
because it was not economical to follow them up.

Fairfax said the large sum was revealed in evidence given by the
ATO at a parliamentary committee hearing last week, SmartCompany
relays.

According to SmartCompany, the report said, things are not looking
better for the current financial year, with the amount of super
lost due to insolvency at AUD81.3 million so far, while another
AUD7 million has not been chased.

Australian Institute of Superannuation Trustees executive manager
of policy and research David Hayes told SmartCompany that while
AUD190 million is a lot of money, it is still a "drop in the
ocean" in comparison to the billions of dollars companies pay to
Australian staff in superannuation each year.

Mr. Hayes told SmartCompany the "majority of businesses are good
corporate citizens" and do pay super regularly.

"There are a small proportion of employers that don't take super
seriously or are under financial stress," SmartCompany quotes Mr.
Hayes as saying.

He explains that as businesses reach financial trouble, paying
super can be one of the things they push to the bottom of their
priorities, which leaves staff in the lurch if the company becomes
insolvent, SmartCompany adds.


* AUSTRALIA: Listed Distressed Properties Decline in December
-------------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Landmark White's
Forced Sales Monitor revealed a decline in the number of
distressed properties that liquidators, receivers and mortgagees
had listed in December last year.

According to the report, LandMark White noted that 2012 saw
quarter distressed sale advertisements of 167. However, the
decrease in distressed listing figures outpaced the property ads
decline.

dissolve.com.au relates that the survey emphasised that 57% of the
advertisements came from Queensland, 6% were from Victoria and 17%
were in New South Wales. Robert Wilson, managing director of
LandMark White NSW, commented that the national press is more
likely to advertise distressed sales than general listings since
mortgagees and receivers would aim to maximise exposure to related
markets, reports dissolve.com.au.



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


ABAN OFFSHORE: CARE Reaffirms 'D' Rating on INR1,371.8cr Loans
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities and
preference share issues of Aban Offshore Limited.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term Bank
   Facilities                961.80      CARE D Reaffirmed

   Long/Short-term
   Bank Facilities           410.00      CARE D/CARE D Reaffirmed

   CRPS Issue Series I       105.00      CARE C (RPS) Reaffirmed

   CRPS Issue Series II      156.00      CARE C (RPS) Reaffirmed

   CRPS Issue Series III      20.00      CARE C (RPS) Reaffirmed

Rating Rationale

The reaffirmation of ratings assigned to the bank facilities and
preference share issues of Aban Offshore Limited factors in
instances of delays in debt servicing in the recent past on
account of stressed liquidity position of the company.

Aban Offshore Limited, the flagship company of Aban group,
provides offshore drilling services to companies engaged in
exploration and production of oil and gas. AOL is the largest
private player in India in the offshore drilling industry and is
one among the largest in the world.

The company and its wholly owned subsidiaries had a total of 18
assets by the end of December 2013 including 15 Jack up rigs, 2
drill ships and 1 off-shore production unit.

Aban was promoted in 1986 by Aban Constructions Pvt. Ltd, in
collaboration with Chiles Offshore Inc.), USA, an offshore
drilling company in the Gulf of Mexico. Late Mr.M.A.Abraham, a
first generation entrepreneur was the key promoter of Aban. The
day-to-day affairs of the company are managed by his son Mr. Reji
Abraham, MD.

AOL is the largest private player in India in the offshore
drilling industry and is amongst the top 10 players in the world.
AOL directly holds seven rigs and the rest of the assets are held
by its step down subsidiaries. Out of 15 Jack up rigs, nine rigs
are high specification rigs which are capable of operating in
water depth of 350+ feet. High specification rigs earn relatively
higher day rates and demand for the same has also been relatively
better.


BINANI CEMENT: CARE Revises Rating on INR25cr Loan to 'D'
---------------------------------------------------------
CARE revises the ratings assigned to the bank
facilities/instruments of Binani Cement Ltd and withdraws the
rating assigned to the commercial paper issue (carved out of
working capital borrowings).

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Bank      2,304.27     CARE BB Revised from
   Facilities                       'CARE BBB+'

   Short term Bank       436.00     CARE A4 Revised from
   Facilities                       'CARE A2+'

   Commercial Paper       25.00     CARE D Revised from
   Issue                            'CARE A2'

   Commercial Paper       --        Rating withdrawn as
   Issue (Carved out                there is no amount
   Of working capital               outstanding against
   limits)                          rated instrument

Rating Rationale

CARE has revised the ratings assigned to the bank
facilities/instruments of Binani Cement Limited. The rating
revision takes into account attachment of bank accounts of the
company by the Sales Tax Department of Rajasthan leading to severe
liquidity crunch and consequent default by the company on its
Commercial Paper Issue. The ratings revision also takes into
account the deterioration in the performance of the company for
9MFY14 on account of decline in realisations, increase in freight
cost and heavy reliance on debt impacting the margins of the
company and translating into losses for the nine month period.

The ratings continue to be tempered by BCL's high financial
leverage on account of large debt funded expansions and
acquisitions and continued subdued performance of its overseas
subsidiaries. Delay in monetization of the 40% stake sale by the
holding company, Binani Industries Limited, proceeds of which were
to be utilized to pare debt further constrain the ratings.

The above rating weaknesses are partially offset by the
experienced management and operating efficiencies on account of
proximity of the mines to its manufacturing units and captive
power generation capacity, well-established position in key
markets and strong brand image.

Outcome of the present issue with regards to sales tax/value added
tax and subsequent improvement in BCL's liquidity profile and
improvement in operating performance and financial leverage of the
company remains key rating sensitivity.


BUXA DOOARS: CRISIL Reaffirms 'B-' Rating on INR165MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of The Buxa Dooars Tea Co.
(India) Ltd continues to reflect company's small scale of
operations in the matured tea industry and weak financial risk
profile. These ratings weaknesses are partially offset by
company's promoter's extensive experience in tea industry.

                     Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Bank Guarantee        5       CRISIL A4 (Reaffirmed)
   Cash Credit          85       CRISIL B-/Stable (Reaffirmed)
   Term Loan            80       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TBDTCL will continue to benefit over the
medium term from its promoter's experience in the tea industry.
The outlook may be revised to 'Positive' in case the company
significantly improves its capital structure or registers better
profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
TBDTCL's financial risk profile, especially its liquidity,
deteriorates on account of lower-thanexpected accruals, stretch in
its working capital cycle, or significant debt-funded capital
expenditure plans.

TBDTCL, incorporated in 1975, owns two tea gardens under the name
of Raimatang and Kalchini near Siliguri (West Bengal). The
company's daily operations are being managed by Mr. Roshanlal
Agarwal.


HARSO STEELS: CRISIL Reaffirms 'B+' Rating on INR150MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Harso Steels Pvt Ltd
continue to reflect its weak financial risk profile, marked by
high gearing and weak debt protection metrics, large working
capital requirements, and small scale of operations in the
intensely competitive pipes industry. These rating weaknesses are
partially offset by the benefits that HSPL derives from its
promoters' extensive experience in the pipes industry.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            150      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       100      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that HSPL will benefit over the medium term from
its promoters' extensive experience in the pipes industry and
established relationships with its customers and suppliers. The
outlook may be revised to 'Positive' if the company significantly
increases its scale of operations while maintaining its
profitability or improves its working capital management.
Conversely, the outlook may be revised to 'Negative' if less-than-
expected revenues, deterioration in its operating margin, or large
debt-funded capital expenditure programme causes its debt
protection metrics to weaken. Likewise, a further stretch in
working capital requirements, leading to deterioration in
liquidity profile could trigger an outlook revision to 'Negative'.

Update
HSPL has maintained its business risk profile with an operating
income of INR523.5 million in 2012-13 (refers to financial year,
April 1 to March 31), marginally lower than CRISIL's expectations
of around INR560 million; however, its operating margin of 4.9 per
cent in 2012-13 was in line with CRISIL's expectations. The
company's net cash accruals marginally improved to around INR5.6
million in 2012-13 from around INR5 million in 2011-12. The
business risk profile is expected to remain stable across the
medium term on account of diversified customer base, consisting of
Elite Tubes Pvt Ltd, Fabrigo, R S Enterprises, and others. HSPL's
operations have remained working capital intensive, marked by
gross current asset (GCA) days of 158 as on March 31, 2013, in
line with CRISIL's expectations and previous year's trend.

HSPL's capital structure has remained aggressive over 2012-13,
with gearing of 2.15 as on March 31, 2013, on account of low
accruals and working capital intensive operations being funded
primarily through bank borrowings. The company has weak debt
protection metrics, with interest coverage ratio of 1.32 times and
net cash accruals to total debt (NCATD) ratio of 0.04 times as on
March 31, 2013; these are expected to remain at a similar level
given its high dependency on bank borrowings for its working
capital requirements.

HSPL, incorporated in 1986 and promoted by the late Mr. Harbans
Lal Bansal, manufactures mild steel black pipes, steel structural
tubes, PVC (olyvinyl chloride) pipes, and PPR (polypropylene
random co-polymer pipe) fittings. HSPL is managed by Mr. Rakesh
Bansal (son of Mr. Harbans Lal Bansal).


JHANWAR RICE: CRISIL Reaffirms 'B' Rating on INR160MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Jhanwar Rice & Dall Mill
continues to reflect JRDM's weak financial risk profile marked by
high gearing and small net worth.

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

   Proposed Long Term
   Bank Loan Facility      16.7    CRISIL B/Stable (Reaffirmed)

   Term Loan               13.3    CRISIL B/Stable (Reaffirmed)

   Warehouse Receipts      30.0    CRISIL B/Stable (Reaffirmed)


The rating also factors in JRDM's small scale of operations in a
highly fragmented market, and large working capital requirements
leading to weak liquidity. These rating weaknesses are partially
offset by the extensive experience of JRDM's promoters in the rice
industry.

Outlook: Stable

CRISIL believes that JRDM's financial risk profile, particularly
liquidity, will remain weak owing to its large working capital
requirements and low net cash accruals. The outlook may be revised
to 'Positive' if the firm scales up its operations while
maintaining its profitability or improves its working capital
management, leading to better liquidity, and capital structure.
Conversely, the outlook may be revised to 'Negative' if JRDM's
liquidity further weakens, primarily due to decline in revenue or
profitability leading to lower than expected net cash accruals or
it undertakes any larger-than-expected, debt-funded capital
expenditure (capex) programme.

Update
JRDM is expected to report operating income of INR300 million to
INR350 million in 2013-14 (refers to financial year, April 1 to
March 31) vis-a-vis INR334.8 million in 2012-13. The firm has
reported revenue of INR247.5 million till December 31, 2013; the
constrained revenue is on account of low purchase and milling of
paddy driven by high paddy prices. JRDM's revenues ramped up from
INR200 million in 2011-12 due to higher price realisations. The
firm's operating margin, however, declined to 5.1 per cent in
2012-13 from 6.9 per cent 2011-12 primarily on account of
increased trading and high paddy prices. The operating margin is
expected to remain at similar levels owing to volatility in raw
material prices.

JRDM's financial risk profile is likely to remain weak with
expected gearing of above 8 times over the medium term driven by
large working capital requirements, capex undertaken in 2013-14 to
enhance the capacity, and small net worth. The net worth was at
INR15 million as on March 31, 2013 and is expected to remain at
INR20 million to INR25 million over the medium term primarily on
account of continued capital withdrawals by promoters. The
liquidity is expected to remain constrained affected by large
working capital requirements, loans and advances given to sister
concerns and relatives amounting to INR6 million as on March 31,
2013, and capital withdrawals at 15 to 30 per cent of dividend
payout ratio. The net cash accruals are also expected to remain
low at INR6.5 million to INR7.5 million over the medium term;
however, these are adequate to meet the repayment obligations.
However, the liquidity is supported by recently enhanced working
capital limits and the firm's moderate bank limit utilisation at
around 71 per cent for the 11 months through January 2014.

JRDM reported a net profit of INR3.6 million on net sales of
INR334.2 million for 2012-13, against a net profit of INR2.4
million on net sales of INR199.5 million for 2011-12.

JRDM was set up in 1979 by Mr. Kailash Jhanwar in Bundi
(Rajasthan). The firm is engaged in hulling and milling of paddy
and of rice, and has a capacity of 6 tonnes per hour.


MALANKARA ORTHODOX: CRISIL Reaffirms B Rating on INR358.5MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Malankara Orthodox
Syrian Church Medical Mission (MOSCMM) continue to reflect
MOSCMM's below-average financial risk profile, marked by a high
gearing and small net worth, and susceptibility to adverse
regulatory changes in the education sector. These rating
weaknesses are partially offset by MOSCMM's established regional
market presence in the healthcare business in Kolenchery (Kerala).

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee        70         CRISIL A4 (Reaffirmed)
   Cash Credit           50         CRISIL B/Stable (Reaffirmed)
   Letter of Credit       7.5       CRISIL A4 (Reaffirmed)
   Rupee Term Loan      308.5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MOSCMM will continue to benefit over the
medium term from its established regional market presence in
Kerala. The outlook may be revised to 'Positive' in case the
society significantly improves its scale of operations and
profitability leading to significant improvement in cash accruals
and capital structure. Conversely, the outlook may be revised to
'Negative' if MOSCMM undertakes larger-than-expected debt-funded
capital expenditure programme, or if it faces disruptions in its
operations because of unfavorable regulatory changes leading to
lower-than-expected cash accruals, thereby further weakening its
financial risk profile.

MOSCMM is a charitable society registered under the Travancore
Cochin Literary Scientific and Charitable Societies Registration
Act, 1955. The society was registered in 1968. MOSCMM's operates a
multi-specialty hospital in Kerala. The society also runs a
medical institute offering an MBBS course.


MALPANI COTTONS: CRISIL Reaffirms 'B+' Rating on INR140MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Malpani Cottons
Pvt Ltd continues to reflect MCPL's below-average financial risk
profile marked by small net worth, high gearing, and weak debt
protection metrics. The rating also factors in the susceptibility
of MCPL's profitability margins to volatility in cotton prices,
and its exposure to regulatory risks. These rating weaknesses are
partially offset by the company's established position in the
cotton ginning industry, supported by its promoters' extensive
industry experience and its established relationship with
customers.

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

Outlook: Stable

CRISIL believes that MCPL will continue to benefit over the medium
term from its promoters' extensive experience and its established
relationship with customers. The outlook may be revised to
'Positive' in case of sustained increase in revenue and
profitability margins, or substantial improvement in capital
structure on the back of equity infusion by promoters. Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in profitability margins or deterioration in capital
structure on account of larger-than-expected working capital
requirements or debt-funded capital expenditure.

MCPL was promoted in 2005 by Mr. Manish Malpani and Mr. Mukesh
Malpani. The company, based in Alidabad (Andhra Pradesh), is
engaged in ginning and pressing of raw cotton. It also trades in
raw cotton, cotton seeds, and oil cakes.


MALPANI VENEERS: CARE Cuts Rating on INR9.75cr Loans to 'D'
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Malpani Veneers Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       0.75        CARE D Revised from
   Facilities                       CARE BB

   Short-term Bank      9.00        CARE D Revised from
   Facilities                       CARE A4

Rating Rationale

The revision in the rating assigned to the bank facilities of
Malpani Veneers Private Limited was primarily on account of the
frequent instances of Letter of Credit devolvement due to
the stressed liquidity position.

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

Promoted by Mr Satish Malpani and Mr Ashok Malpani, MVPL was
incorporated in the year 1997. MVPL is engaged in the
manufacturing of commercial face veneer of size 0.32 mm to 0.40 mm
and core of size 1.8 mm and 2.5 mm and operates through its
manufacturing facility at Bhachau-Kutch, Gujarat, with an
installed capacity of 240 lakh square meters per annum (smpa). It
mainly sells to plywood manufacturers in Gujarat, Maharashtra,
Punjab, Haryana, Rajasthan, Delhi, Andhra Pradesh and Jammu &
Kashmir.

As per the audited results for FY13 (refers to the period April 01
to March 31), MVPL reported a net loss of INR0.06 crore (PAT of
INR0.15 crore in FY12) on a total operating income of INR11.77
crore (Rs.11.42 crore in FY12). As per the provisional results for
9MFY14, MVPL reported a total operating income of INR14 crore.


MASCOT METAL: CRISIL Reaffirms 'B+' Rating on INR255MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mascot Metal
Manufacturers continue to reflect MMM's weak financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics, and its working-capital-intensive and small
scale of operations in the fragmented hardware manufacturing
industry. These rating weaknesses are partially offset by the long
track record of MMM's partners and their established relationships
with customers.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Export Packing         220      CRISIL B+/Stable (Reaffirmed)
   Credit

   Foreign Bill            45      CRISIL A4 (Reaffirmed)
   Discounting

   Proposed Long Term      35      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that MMM's financial risk profile will remain weak
and its scale of operations small over the medium term. However,
CRISIL also believes that the firm will continue to benefit from
its established customer relationships over this period. The
outlook may be revised to 'Positive' in case of significant
increase in MMM's scale of operations and improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the firm's operating profits decline or it has
higher-than-expected incremental working capital requirements,
resulting in increase in debt.

Update
MMM's revenues registered a healthy growth of 44 per cent to
INR384 million in 2012-13 (refers to financial year, April 1 to
March 31) from INR267 million in 2011-12, supported by higher
offtake from existing customers and addition of new customers
during the year. The firm has registered revenues of INR384
million during the first nine months of 2013-14 and is expected to
generate revenues of INR500 million to INR550 million for the full
year. CRISIL believes that MMM's scale of operations will continue
to grow at a healthy pace over the medium term, supported by its
increased capacity, continued demand for its products, and new
customer additions.

MMM's operating profitability was in line with past trends at 9.7
per cent in 2012-13. The firm's operations remain working-capital-
intensive, marked by high gross current assets of 345 days as on
March 31, 2013. It offers around 150 days of credit to its old
customers and 60 to 70 days to new customers, leading to an
average receivables cycle of over 100 days. Also, because of its
large number of products and its need to cater to customer demand
in time, MMM has to maintain a large inventory of around six
months. Though the firm receives 45 to 60 days of credit from its
suppliers, its large receivables and inventory drive its
substantial working capital requirements. CRISIL believes that
MMM's operations will remain working-capital-intensive over the
medium term.

MMM's financial risk profile remains weak, marked by a small net
worth of around INR160 million and high gearing of 1.57 times as
on March 31, 2013, and a weak interest coverage ratio of 1.5 times
in 2012-13. The weak financial risk profile is because of high
reliance on bank borrowings to meet its working capital
requirements. CRISIL believes that MMM's financial risk profile
will remain weak over the medium term on account of its working-
capital-intensive operations.

MMM was set up in 1982 by Mr. Rajesh Aggarwal, Mr. Rakesh
Aggarwal, and Mr. Rajendra Aggarwal. The firm manufactures metal-
based (brass, aluminium, steel, and zinc) builders' hardware items
comprising fittings for doors, windows, and curtains, which have
applications in the construction industry. Its product portfolio
includes handles, knobs, bolts, bell pushes, hooks, fasteners,
latches, hinges, plates, and knockers. MMM has its manufacturing
unit in Aligarh (Uttar Pradesh). Almost all of the firm's revenues
are derived from exports mainly to the UK.

MMM reported a book profit of INR8.2 million on net sales of
INR352.8 million for 2012-13, as against book profit of INR5.6
million on net sales of INR244.5 million for 2011-12.


OBERAI AUTO: CRISIL Cuts Rating on INR61.5 Million Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Oberai Auto Sales to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          59.5      CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

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

The rating downgrade reflects instances of delay by OAS in
servicing its debt and overutilisation of its bank lines for the
past 12 months through January 2014, driven by weak liquidity. The
firm's liquidity has deteriorated because of sizeable incremental
working capital requirements driven by incremental inventory
because of intensifying competition. The firm's inventory is
estimated to have increased to around 130 days as on December 31,
2013, from 60 to 70 days over the five years through 2011-12
(refers to financial year, April 1 to March 31). The firm has
limited bargaining power with its principal and does not get any
credit from its principal. Large incremental working capital
requirements and low cash accruals led to overutilisation of bank
lines and delay in servicing of term debt. CRISIL believes that
OAS's liquidity will remain weak over the medium term, driven by
low profitability on account of its trading business and its
sizeable working capital requirement.

Also, OAS has a weak financial risk profile, marked by high total
outside liabilities to tangible net worth ratio, small net worth,
and weak debt protection metrics, because of large working capital
requirements; its small scale of operations is small and operating
profitability is low. However, OAS benefits from its promoter's
experience in the automotive dealership industry and its
established relationship with Skoda Auto India Pvt Ltd (Skoda).

Established in 2002 by Mr. Amrish Kumar Oberai, OAS is an
authorised dealer of Skoda's passenger cars in Dehradun
(Uttarakhand). The firm has one showroom and an integrated
workshop in Dehradun. It derives around 96 per cent of its revenue
from the sale of cars and the rest from sale of spares and
accessories, and services.

For 2012-13, OAS reported, a profit after tax (PAT) of INR1.3
million on net sales of INR286 million, against a PAT of INR1.1
million on net sales of INR275 million for 2011-12.


OBERAI MOTOR: CRISIL Lowers Rating on INR55.2MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Oberai Motor Sales to 'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           36.9      CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Term Loan             18.3      CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The rating downgrade reflects instances of delay by OMS in
servicing its debt and over-utilisation of its bank lines in the
recent past, driven by weak liquidity. The firm's liquidity has
deteriorated because of sizeable incremental working capital
requirements driven by incremental inventory because of
intensifying competition. The inventory is estimated to be high,
at 100 days, as on December 31, 2013. The firm has limited
bargaining power with its principal and does not get any credit
from its principal. Large incremental working capital requirements
and low cash accruals led to over-utilisation of bank lines and
delay in servicing of term debt. CRISIL believes that OMS's
liquidity will remain weak over the medium term, driven by low
profitability on account of its trading business and its sizeable
working capital requirement.

Also, OMS has a weak financial risk profile, marked by weak debt
protection metrics and small net worth, and small scale of
operations with limited track record and regional concentration.
However, the firm benefits from its promoters' extensive
experience in the automotive dealership business and its
established relationship with Nissan Motor India Pvt Ltd (Nissan
Motor).

Set up in 2010, OMS is a partnership firm of Mr. Amrish Oberai,
Mr. Pranav Oberai, Mr. Shravan Oberai, and Mrs. Seema Oberai. The
firm is an authorised dealer for Nissan Motor in Dehradun
(Uttarakhand). It commenced operations in November 2011.

For 2012-13 (refers to financial year, April 1 to March 31), OMS
reported, a profit after tax (PAT) of INR1.3 million on net sales
of INR300 million; the firm had reported a PAT of INR0.1 million
on net sales of INR22 million for 2011-12.


PARVIN COTEX: CARE Revises Rating on INR10cr Bank Loan to 'BB'
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Parvin
Cotex Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        10.00      CARE BB Revised from
   Facilities                       CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Parvin Cotex Private Limited is primarily driven by improvement in
profit margins and cash accruals during FY13 (refers to the period
April 1 to March 31). Furthermore, improvement in the rating also
takes into consideration the strong presence of the Parvin group
in the cotton industry.

However, the rating continues to remain constrained on account of
the financial risk profile marked by leveraged capital structure,
weak debt coverage indicators and liquidity position, presence in
the highly fragmented cotton ginning industry with limited value
addition, volatility associated with raw material (cotton) prices
and susceptibility to adverse changes in the government policy
for cotton.

The rating, however, continues to derive comfort from the vast
experience of the promoters in the cotton ginning business and
locational advantage in terms of proximity to cotton-producing
region of Gujarat.

The ability of PCPL to increase its scale of operations, improve
profit margins by managing volatility associated with the raw
material prices along with improvement in the capital structure
and better working capital management remain the key rating
sensitivities.

PCPL, incorporated in 2008 by Mr Akbar Vohra, is a closely-held
private limited company engaged in the business of cotton ginning
and pressing by sourcing cotton through local farmers from
Maharashtra. While cotton bales are used in the manufacturing of
cotton yarn, cotton seeds are further processed for extraction of
edible oil. PCPL operates through its sole processing unit located
in Beed (Maharashtra), which has an installed capacity to process
58 metric tonnes of cotton bales per day and 125 metric tonnes of
cotton seeds per day as on March 31, 2013.

PCPL is a part of the 'Parvin Group', which includes other group
entities, viz, Parvin Agro Private Limited (PAPL; rated 'CARE
BB'), Parvin Cotgin Private Limited (PCGPL; rated 'CARE BB') and
Rupal Rice Mill Private Limited (RRMPL); collectively known as the
Parvin group. RRMPL is engaged in the processing of rice, while
other three entities are engaged in cotton ginning and pressing.

During FY13, the Parvin group reported a total operating income
(TOI) of INR299.66 crore and net profit of INR4.78 crore as
against a TOI of INR210.20 crore and net loss of INR0.32 crore
during FY12.

As per the audited results for FY13, PCPL reported a PAT of
INR0.65 crore (net loss of INR0.04 crore in FY12) on a TOI of
INR54.35 crore (Rs.56.64 crore in FY12). During 9MFY14, PCPL
reported a PBILDT of INR1.38 crore on a TOI of INR33.21 crore.


PERFECT INT'L: CRISIL Reaffirms 'B+' Rating on INR117.3MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Perfect International
Fabricators Pvt Ltd continue to reflect PIFPL's moderate financial
risk profile, marked by average gearing, a small net worth, and
weak debt-protection metrics. The ratings also factor in the
company's working-capital-intensive operations and customer
concentration in its revenue profile. These rating weaknesses are
partially offset by the extensive entrepreneurial experience of
PIFPL's promoters.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           105        CRISIL B+/Stable (Reaffirmed)

   Letter of credit &     80        CRISIL A4 (Reaffirmed)
   Bank Guarantee

   Long Term Loan         12.3      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PIFPL will continue to benefit over the
medium term from its promoters' extensive entrepreneurial
experience. The outlook may be revised to 'Positive' if the
company significantly improves its scale of operations and its
profitability on a sustained basis, leading to improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in PIFPL's financial risk profile, most
likely because of aggressive debt-funded expansions, or weakening
of its liquidity due to delay in receivables or subdued cash
accruals.

Update
PIFPL's revenues declined by 28 per cent year-on-year in 2012-13
(refers to financial year, April 1 to March 31), driven by delays
in clearance of projects from NTPC Ltd (NTPC). Furthermore, its
profitability declined to 11.2 per cent on account of the
significant drop in revenues. However, the company's revenues are
expected to grow at a healthy rate in 2013-14 driven by addition
of new customers and clearance of projects by NTPC; it has
reported revenues of around INR270 million for the period April to
December 2013. CRISIL believes that PIFPL's business risk profile
will improve over the medium term on account of its customer
diversification and established relationships with existing
customers.

PIFPL's financial risk profile remains moderate, marked by
moderate gearing and average debt protection metrics. The
company's net worth and gearing stood at INR80 million and 0.96
times, respectively, as on March 31, 2013. CRISIL has treated
unsecured loans from promoters as neither debt nor equity as these
loans are expected to be retained in the business over the long
term. CRISIL believes that PIFPL's financial risk profile will
remain moderate over the medium term, supported by moderate
accretion to reserves and absence of debt-funded capital
expenditure (capex).

PIFPL has adequate liquidity, marked by sufficient cash accruals
to meet repayment obligations, though partially offset by high
bank limit utilisation. The company is likely to generate cash
accruals of around INR18 million against debt obligations of over
INR10 million in 2013-14. Its bank lines were utilised extensively
over the past year on account of its working-capital-intensive
operations. CRISIL believes that PIFPL's liquidity will remain
adequate over the medium term, driven by absence of significant
capex plans.

Set up in 2007, PIFPL is engaged in fabrication of heavy
engineering components. The company is promoted by Mr. P R
Venkatesh and the Dubai-based Perfect Industries LLC.


PUPNEJA RICE: CRISIL Ups Rating on INR193.4MM Loans to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Pupneja Rice Mills to 'CRISIL B+/Stable' from 'CRISIL B/Stable',
while reaffirming the rating on its short-term facilities at 'A4'.

                       Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          0.1      CRISIL A4 (Reaffirmed)

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

   Proposed Long Term
   Bank Loan Facility     10        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Term Loan               3.4      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Warehouse Financing    60        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that PRM's financial
risk profile, and its liquidity, will improve over the medium
term, driven by the adequacy of its net cash accruals vi-a--vis
its debt obligations. The financial risk profile is supported by
steady net cash accruals, with moderate revenue growth, sustained
profitability and the absence of any significant debt-funded
capital expenditure plans. Moreover, the promoters regular fund
infusions could support PRM's liquidity over the medium term. The
promoters infused INR23.0 million in capital, and unsecured loans
of INR8.9 million over the past three years.

The rating reflects PRM's below-average financial risk profile,
marked by its small net worth and weak debt protection metrics;
along with the firm's modest scale of operations in the highly
fragmented rice industry, and susceptibility to fluctuations in
raw material prices. These rating weaknesses are partially offset
by the promoters' extensive experience in the rice industry.
Outlook: Stable

CRISIL believes that PRM's business risk profile will continue to
benefit from the promoter's extensive industry experience over the
medium term. The outlook may be revised to 'Positive' if the
firm's capital structure and liquidity improve, driven by sizeable
net cash accruals or efficient working capital management
efficiently leading to improvement in the capital structure.
Conversely, the outlook may be revised to 'Negative' if PRM's
liquidity and financial risk profile deteriorates, following a
decline in revenue and profitability or stretch in working capital
cycle.

PRM was established in 1982, as a partnership firm in Jalalabad
(Punjab). The firm was founded by Mr. Suraj Chand, along with his
son, Mr. Hari Chand, and their partner, Mr. Ramesh Kumar. The firm
hulls and mills paddy and basmati rice. In 2006, Mr. Suraj Chand
and Mr. Ramesh Kumar retired from the partnership firm.
Subsequently, Mr. Hari Chand's sons ' Mr. Sunny Pupneja and Mr.
Rajan Pupneja ' took over the business. PRM has a processing mill
with a capacity of 4 tonnes per hour.

PRM reported a profit after tax (PAT) of INR2.5 million on net
sales of INR459.6 million for 2012-13, vi-a--vis a PAT of INR2.2
million on net sales of INR434.9 million for 2011-12.


SBS FOODS: CRISIL Lowers Rating on INR80MM Loans to 'C'
-------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of SBS Foods Pvt Ltd to 'CRISIL C' from 'CRISIL B/Stable'.

                         Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit                4      CRISIL C (Downgraded from
                                     'CRISIL B/Stable')

  Proposed Long Term
  Bank Loan Facility          1      CRISIL C (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan                 75      CRISIL C (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects deterioration in SBS's liquidity,
mainly due to delay in commencement of operations; consequently,
there were frequent instances of delay in servicing the term loan
obligations until October 2013. Company is expected to commence
operations from April 2014 as against envisaged April 2013, which
led to deterioration in liquidity. Further, CRISIL believes that
due to start-up nature of operations its cash accruals will remain
small and thus its liquidity is expected to remain under pressure.
Rating also factors in below-average financial risk profile,
marked by high gearing, and large working capital requirements.
These rating weaknesses are partially offset by the benefits that
SBS derives from the extensive experience of its promoters in the
agro-related business and healthy demand prospects for the
company's products.

SBS was incorporated in 2011. The company is setting up an agro
product processing plant and cold storage in Satara (Maharashtra).
FY 2014-15 will be the first full year of operations.


SHIV-VANI OIL: CARE Reaffirms 'D' Rating on INR2,133.95cr Loans
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shiv-Vani Oil & Gas Exploration Services Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities          1,423.45     CARE D Reaffirmed

   Long-term Bank
   Facilities            200        CARE D Reaffirmed

   Long-term /Short-
   term Bank
   Facilities            510.50     CARE D/CARE D Reaffirmed

Rating Rationale

The rating continues to remain constrained due to the ongoing
delays in servicing of the company's debt obligations on account
of the stretched liquidity position and continuing operating
losses.

Shiv-Vani Oil & Gas Exploration Services Ltd (SOGL) was
incorporated in 1989, by Mr Prem Singhee and Mr Padam Singhee.
SOGL is engaged in providing services to companies operating in
the upstream segment of the oil industry. It provides services
ranging from shot hole drilling and seismic surveying to
directional drilling, oil-well development, down-hole operations,
engineering and logistics, natural gas compression and allied
services.

SOGL has six subsidiaries out of which three companies, namely, SV
OIL & Natural Gas Limited, Mauritius (SVONG), Natural Oil & Gas
Services Limited, Mauritius (NOGS) and Shiv-Vani Oil & Gas Co LLC.
Oman (SVOGCL) are fully operational. The three subsidiaries are
also engaged in the same line of operations as SOGL at Mauritius
and Oman.

Due to continuing losses, there had been delays in debt servicing.
The high losses during 9MFY14 are due to de-hiring of many of the
rigs and in-ability of the company to put the rigs on hire within
the due course of time. Also SGOL has applied for the Corporate
Debt Restructuring and its proposal is pending with the CDR cell.

In FY13 (refers to the period April 1 to March 31), SOGL (at a
consolidated level) had reported a total income of INR1,085 crore
and a PAT of INR38 crore and during 9MFY14 (April 1 to
December 31), it has reported a total operating income of INR296
crore and net loss of INR536 crore.


SM JDB: CARE Assigns 'B+' Rating to INR25.6cr Bank Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of SM JDB
Estate Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         25.6      CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of SM JDB Estates Pvt
Ltd is primarily constrained by the implementation risk involved
with setting up of the hotel, lack of experience of the promoters
in the hospitality business, high competition from the established
& upcoming hotels in Guwahati and inherent cyclicality associated
with the hotel industry. The rating also factors in
delay in the project implementation and upward revision in the
project cost.

The aforesaid constraints are partially offset by the long &
established track record of the group, locational advantages in
sync with the need of business travelers and in terms of favorable
government policies.

The ability of SMJDB to complete the proposed project as per the
revised schedule without any further cost and time overrun and
tie-up with a renowned hotel operator would be the key rating
sensitivities.

SMJDB was incorporated in October 2012 by the SM group and JDB
group of Guwahati for implementing a 4-star hotel at Guwahati,
Assam. The proposed green-field hotel shall be spread over 0.73
acre of land and shall comprise of 129 guest rooms with a
commercial retail space of 1,583 sq mt, dining restaurants, caf',
spa, swimming pool, bar, gymnasium, conference hall, banquet
hall, etc. The total cost of the project is estimated at INR88.8
crore, which is proposed to be funded through debt of INR56.6
crore and equity of INR32.2 crore (at a debt-equity mix of 1.76x).
The project is in the implementation stage with the company having
spent an aggregate amount of INR21.91 crore till November 30,
2013. The original commercial operation date (CoD), September
2013, has been revised to July 2015.


SUKH SAGAR: CARE Reaffirms 'B' Rating on INR5cr Bank Loan
---------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sukh Sagar Industries.

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

   Short-term Bank
   Facilities              0.24     CARE A4 Reaffirmed

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

Rating Rationale

The ratings assigned to the bank facilities of Sukh Sagar
Industries continue to remain constrained on account of its modest
scale of operations and financial risk profile characterized by
thin profitability, highly leveraged capital structure and weak
debt coverage indicators. The ratings further continue to remain
constrained on account of its presence in the highly competitive
and fragmented agro processing industry and vulnerability of its
profit margins to commodity price fluctuations.

The ratings, however, continue to draw strength from the wide
experience of the proprietor in this business.

The ability of SSI to improve the scale of operation,
profitability and capital structure along-with efficient
management of working capital are the key rating sensitivities.

Sukh Sagar Industries was established in the year 2006 by Mr
Virendra Kumar Tirthani as a proprietorship firm. SSI is engaged
in the processing of Arhar Dal (Toor dal) and trading of dal
chuni bhusi (used as cattle feed) and sells its product under the
brand name Nagarseth, Rajdhani and Cow Bashra. Mr Virendra Kumar
Tirthani has been carrying on the processing of arhar daal
since 2002 through a partnership firm which was later converted
into SSI.

The entity's plant is located at Katni, Madhya Pradesh with an
installed capacity of 18,000 Metric Tonnes Per Annum (MTPA) as on
March 31, 2013 and carries cleaning, splitting and grading
operations. SSI procures raw material from the local market and
sells it in Maharashtra, Madhya Pradesh, Uttar Pradesh and Bihar
through a network of agents.

During FY13 (refers to the period April 01 to March 31), SSI
reported a total operating income of INR28.77 crore (FY12:
INR26.92 crore) and PAT of INR0.10 crore (FY12: PAT INR0.10
crore). During 10MFY14 it had achieved a TOI of INR22.10 crore.


SUNDER MARKETING: CRISIL Ups Rating on INR50MM Loan to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sunder Marketing Associates to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and has reaffirmed its rating on the firm's short-term
bank facilities at 'CRISIL A4'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            50       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Letter of Credit       20       CRISIL A4 (Reaffirmed)

The rating upgrade reflects improvement in SMA's business risk
profile and financial risk profile. SMA's net sales increased to
around INR316.1 million in 2012-13 (refers to financial year,
April 1 to March 31) from INR231 million in 2011-12, driven by
higher revenues from the firm's pet coke distributorship business.
Furthermore, SMA has built up a well-diversified customer base of
around 70 clients in the pet coke segment, with its top five
clients accounting for around 30 per cent of its overall sales.
The upgrade also reflects improvement in SMA's liquidity, with
expected cash accruals of around over INR4 million in 2013-14 (a
significant improvement from cash accruals of around INR0.5
million in 2012-13), against debt repayment of INR0.8 million for
the year. Its liquidity is further supported by extension of
unsecured loans (Rs.35.1 million as on March 31, 2013) by its
promoter.

The ratings reflect SMA's average financial risk profile, marked
by a highly leveraged capital structure and weak debt protection
metrics, and working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of
SMA's promoter in the trading and the financial support that the
firm receives from him. The ratings also factor in SMA's
diversified product profile.

Outlook: Stable

CRISIL believes that SMA will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case the firm increases
its scale of operations, leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case SMA's financial risk profile deteriorates, most likely due
to increase in its working capital requirements or decline in its
operating margin.

SMA was set up as a proprietorship concern in 1995 by Mr. Naveen
Goel. It trades in molybdenum, edible oils, dairy products, and
pet coke.

SMA reported a book profit of INR1.36 million on net sales of
INR315.9 million for 2012-13 (refers to financial year, April 1 to
March 31), as against book profit of INR0.9 million on net sales
of INR230.7 million for 2011-12 .


SWASTIK CERACON: CRISIL Ups Rating on INR860.5MM Loans to 'B-'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Swastik
Ceracon Ltd to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL D/CRISIL
D'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        99.5     CRISIL A4 (Upgraded from
                                  'CRISIL D')

   Cash Credit          490       CRISIL B-/Stable (Upgraded
                                  from 'CRISIL D')

   Letter of Credit      40       CRISIL A4 (Upgraded from
                                  'CRISIL D')

   Proposed Long Term   249.4     CRISIL B-/Stable (Upgraded
   Bank Loan Facilities           from 'CRISIL D')

   Term Loan            121.1     CRISIL B-/Stable (Upgraded
                                  from 'CRISIL D')

The rating upgrade reflects CRISIL's belief that Swastik's
liquidity will continue to improve backed by reduction in
repayment obligations. Swastik's term loan repayments have been
now regularised for the past four months ended January 2014. This
was due to infusion of INR50 million by the company's promoters in
October 2013, which resulted in an improvement in its liquidity.
Furthermore, debt repayments are expected to reduce to INR75
million during 2014-15 (refers to financial year, April 1 to March
31) from INR130 million during 2013-14, thus further improving its
liquidity, with more funds being available for meeting its
additional working capital requirements. Swastik's liquidity was
stretched in 2013-14, reflected in full utilisation of its bank
lines during the 12 months through December 2013 due to high
working capital requirements.

The ratings reflect Swastik's working-capital-intensive operations
and susceptibility of its profitability margins to raw material
price volatility and intense competition. These rating weaknesses
are partially offset by the extensive industry experience of the
company's promoters in the ceramic tiles industry and its
favourable location ensuring availability of raw materials and
labour.

Outlook: Stable

CRISIL believes that Swastik will continue to benefit over the
medium term from its promoters industry experience. The outlook
may be revised to 'Positive' if the company's accruals improve
significantly, backed by higher sales growth and profitability.
Conversely, the outlook may be revised to 'Negative' if Swastik's
working capital cycle stretches further, leading to increased
pressure on its liquidity for funding its incremental working
capital requirements.

Incorporated in 2007, Swastik is promoted by Mr. Girish Patel, Mr
Pankaj Patel, and their family members. The company manufactures
various kinds of ceramic, porcelain, and vitrified floor tiles.

Swastik reported a net profit of INR80.5 million on net sales of
INR1.7 billion for 2012-13, as against a net profit of INR57.6
million on net sales of INR1.6 billion for 2011-12.


UNIJULES LIFE: CRISIL Cuts Rating on INR2.11BB Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Unijules Life Sciences Limited to 'CRISIL D/CRISIL D' from 'CRISIL
BBB-/Stable/CRISIL A3'.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           65      CRISIL D (Downgraded from
                                    'CRISIL A3')

   Cash Credit           1,245      CRISIL D (Downgraded from
                                    'CRISIL BBB-/Stable')

   Letter of Credit       57.5      CRISIL D (Downgraded from
                                    'CRISIL A3')

   Letter of credit &
   Bank Guarantee        127.5      CRISIL D (Downgraded from
                                    'CRISIL A3')

   Term Loan             615        CRISIL D (Downgraded from
                                    'CRISIL BBB-/Stable')

The downgrade reflects recent delays by Unijules in meeting its
debt obligations. The delay has been caused by company's weak
liquidity, mainly on account of disruption caused by a natural
calamity in its main manufacturing unit at Kamleshwar district,
and stretch in working capital cycle on account of significant
delays in receiving payment from its institutional customers.
CRISIL believes that Unijules' liquidity will remain weak over the
near term because of the adverse impact on its operations and
continued requirements of high working capital.

Unijules has an established brand image in the herbal products
segment under the brand RevAyur. Unijules has working-capital-
intensive operations and significant exposure to tender-driven
sales.

Unijules was established in 2006, when the business of H Jules &
Company Ltd was transferred to it. Unijules also acquired all the
assets of Universal Medicaments Pvt Ltd (UMPL) at the time.
Unijules' is promoted by Mr. Faiz Vali. Unijules manufactures and
markets herbal and allopathic drugs (all forms, including solids,
liquids, semisolids, powder and parenterals). All the
manufacturing facilities are situated at Nagpur.

For 2012-13 (refers to financial year, April 1 to March 31),
Unijules reported a profit after tax (PAT) of INR388 million on
net sales of INR4.81 billion, against a PAT of INR 348 million on
net sales of INR3.69 billion for 2011-12.


VAIDHATRU PHARMA: CRISIL Assigns 'D' Rating to INR127.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Vaidhatru Pharma Pvt Ltd. The ratings reflect
instances of delay by VPPL in repayment of its term debt. The
delays were caused by the company's weak liquidity, driven by its
large working capital requirements and low capacity utilisation.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             99        CRISIL D
   Bank Guarantee         2.5      CRISIL D
   Cash Credit           26        CRISIL D

VPPL also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, and is exposed to
intense competition in the fragmented pharmaceutical industry.
However, the company benefits from the extensive industry
experience of its promoters.

Incorporated in 2007, VPPL is promoted and managed by Mr. T
Sudhakar Babu. The company has it registered office in Hyderabad
(Andhra Pradesh) and has recently set up a bulk drugs
manufacturing facility in Raichur (Karnataka). The facility
started operations in March 2013.


VARA LAKSHMI: CRISIL Downgrades Rating on INR53MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating to the long term bank facilities
of Vara Lakshmi Paraboiled Rice Mills Pvt Ltd to 'CRISIL D' from
'CRISIL B/Stable'.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              12      CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Long-Term Loan           41      CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects instances of delays by VLPL in
servicing its term debt obligations. The delays are on account of
weak liquidity.

The rating also reflects VLPL's weak financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics, and exposure to intense competition in the
rice milling industry. However, the company benefits from
extensive industry experience of its promoter.

VLPL, set up in 2012, is in the business of milling and processing
paddy into rice, rice bran, broken rice, and husk. It is promoted
by Mr. G Venkateshwarlu. VLPL commenced commercial operations in
October 2012.

For 2012-13 (refers to the financial year, April 1 to March 31),
VLPL reported a net loss of INR0.5 million on net sales of
INR120.4 million.


WILLMORE PLY: CARE Assigns 'B' Rating to INR3.25cr Loan
-------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Willmore Ply Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            3.25       CARE B Assigned

   Short-term Bank
   Facilities            1          CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Willmore Ply
Private Limited are constrained primarily on account of its short
track of operations & weak financial risk profile marked by the
modest scale of operations coupled with the net loss in the first
year of operations, leveraged capital structure, weak debt
coverage indicators and stressed liquidity indicators. The ratings
are further constrained on account of volatility associated with
the raw material price and foreign exchange risk and
susceptibility to any adverse change in regulation in timber
exporting countries.

The above constraints outweigh the benefits derived from the
promoters' experience.

The ability of WPPL to increase its scale of operations with
improvement in the overall financial risk profile is the key
rating sensitivity.

Incorporated in August 2010, Kutch (Gujarat) based WPPL is engaged
in the manufacturing of various wood products such as block board,
flush door, plywood with an installed capacity of 7.80 lakh sq
meter per annum (SMPA) as on March 31,2013. Mr Arjanbhai Patel
(Director) and Mr Narendrabhai Patel (Director) are the key
promoters of the company and looks after the production and sales
functions of the company jointly. WPPL has commenced its
commercial operations from July 2012 onwards and hence FY14
(refers to the period April 1 to March 31) would be the first full
year of operations for WPPL.

WPPL reported a net loss of INR0.42 crore on a total operating
income (TOI) of INR1.40 crore during FY13. As per the provisional
results for 10MFY14, WPPL has registered the TOI of INR3.16 crore.



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



MT. GOX: Bankr. Atty. Speaks About Bitcoin and the Digital Age
--------------------------------------------------------------
On February 28, 2014, the world's largest Bitcoin exchange filed
for bankruptcy protection in Japan.  The company, Mt. Gox, was
based in Tokyo but has thousands of Bitcoin investors around the
world.  And while Mt. Gox has little recognition among Americans,
it does raise several important issues surrounding bankruptcy in
the new digital age.  Bruce Feinstein, Esq., a bankruptcy attorney
in Queens, New York, is using this recent news to shed light on
the questions surrounding digital currency and bankruptcy in an
increasingly global economy.

"My clients are new to the Bitcoin phenomenon, some of them have
never even heard of it," says Mr. Feinstein.  "But that only
further underlines the fact that we need to start informing
ourselves about Bitcoin and how to treat it when it comes to
bankruptcy.  One day we may all be dealing in digital currency,
and our federal and state laws must provide the proper legal
pathways to handle the issues that arise in our evolving global
financial market."

Bitcoin is a form of decentralized digital currency established in
2009.  It uses cryptography to control the creation and transfer
of funds, and bitcoin holders can transfer the money using a
special software on their computers and mobile devices. The
Bitcoin phenomenon spawned a number of start-ups and trading
companies, one of which was Mt. Gox.  The company grew into a
major player in the Bitcoin industry, only to be toppled when
hackers stole approximately $460 million, or 850, 000 bitcoins
according to a Wired Magazine article published on March 3, 2014.
Mt. Gox subsequently filed for bankruptcy after stopping trades
and refusing to pay out its investors.

It's stories like these that take innovations like Bitcoin and
turn them into nightmare scenarios.  Mr Feinstein adds, "On the
surface, a company like Mt. Gox is a wonderful entrepreneurial
concept.  But when you're working in a new financial market that
is taking place outside the banking industry and outside the Fed,
you begin to encounter safety concerns such as lack of regulation,
possible money laundering, and cyber attacks."

And when a cyber attack did affect Mt. Gox, the result was
devastating for the company and its investors. Mr. Feinstein
advocates a discussion about creating a legal structure for
digital currencies that will protect those who invest in them and
develop them.  Mt. Gox entered the equivalent of a Chapter 11
bankruptcy in the U.S., and Mr. Feinstein's firm -- which provides
Chapter 11 and Chapter 7 bankruptcy aid -- continues to monitor
this developing story.


* JAPAN: Corporate Bankruptcies Hit 23-year Low in February
-----------------------------------------------------------
Kyodo News reports that corporate bankruptcies in February fell
14.6 percent from a year earlier to 916, the lowest for the month
in 23 years, a credit research agency said March 3.

Tokyo Shoko Research said the number has now posted year-on-year
declines for 16th months straight as government monitoring of
lending to small businesses and banks' acceptance of small
borrowers' loan rescheduling requests continued to reduce
bankruptcies, according to Kyodo.

Total liabilities left behind sank 32.4 percent to JPY171.97
billion in the absence of major bankruptcies involving debts of
JPY10 billion or more, the report discloses.

The number of failures with debts of JPY1 billion or greater fell
to 19 from 28 a year earlier, Kyodo relays.



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


BRIDGECORP LTD: PwC Reaches Settlement With Directors, Insurers
---------------------------------------------------------------
PwC Partner Colin McCloy, Receiver of Bridgecorp Limited has
announced an NZ$18.9 million settlement with the Bridgecorp
directors and their liability insurers.

The settlement relates to civil claims made by Bridgecorp against
its directors, arising from breach of directors' duties under the
Companies Act 1993.

Various Bridgecorp companies were placed into receivership and/or
liquidation on and after July 2, 2007. Since then, the Receiver
has focused on recovery of the loan book, assisting the Financial
Markets Authority (FMA) and the Serious Fraud Office (SFO) in
criminal proceedings against the directors, and pursuing their own
civil claims against the directors.

As a condition of the settlement, the FMA has consented to the
settlement and agreed to discontinue its own civil proceedings
against the Bridgecorp directors once the settlement sum has been
paid. In FMA's view, it would not have been in the public interest
to continue with its own claim as the directors had limited
personal assets that FMA could pursue, and the FMA claim would
have drawn on the same pool of funds from which the settlement sum
announced today is paid.

FMA says, "The Receiver's settlement represents the best outcome
of these civil claims for Bridgecorp investors in the
circumstances, and will ensure that investors receive the funds in
a timely way."

Mr. McCloy says, "The settlement is a very good result. The
contributions from Bridgecorp's insurers and the individual
directors were negotiated on the basis of available assets, and
taking into consideration the delays and cost of taking the matter
to Court. This was the key factor in reaching a decision, along
with balancing the time, costs and risks associated with ongoing
litigation when compared to the certain outcome today.

"The settlement will enable us to pay an interim distribution to
secured investors of 4 cents in the dollar (NZ$18 million). The
interim distribution is expected to be paid in April. Combined
with the 8 cents (NZ$37 million) already paid to date, overall
recoveries for secured debenture investors following the interim
distribution will be 12 cents in the dollar (NZ$55 million).

"It is pleasing to be in a position to make a distribution
considerably sooner than would have otherwise been the case," adds
Mr. McCloy.

The Receiver will continue to work to resolve the remaining issues
and conclude the Receivership process at which stage a final but
modest distribution will be paid.


BRIDGECORP LTD: FMA to Drop Civil Case Against Directors
--------------------------------------------------------
The Financial Markets Authority (FMA) has consented to an
NZ$18.9 million settlement between the receiver of Bridgecorp, the
Bridgecorp directors, and their liability insurers. FMA has agreed
to end its own civil proceedings against the Bridgecorp directors
once the settlement sum has been paid.

FMA says the settlement represents the best outcome for Bridgecorp
investors in the circumstances, and will ensure that investors
receive the funds in a timely way.

Bridgecorp Ltd and Bridgecorp Investments Ltd were placed in
receivership in July 2007 with approximately $459 million owing to
14,500 investors. Two of its former directors, Rodney Petricevic
and Robert Roest, are each serving over six years imprisonment
following successful prosecutions taken by FMA.

FMA Head of Enforcement, Belinda Moffat, said the decision to
discontinue its civil proceedings against the Bridgecorp directors
was not taken lightly.

"We assessed the public interest in continuing with the claim, and
after considering the personal financial position of the directors
and the settlement sum achieved by the receivers, and the fact
that FMA would not be able to achieve a greater recovery, it was
clear that it would not have been an appropriate use of taxpayers'
money to proceed," said Ms Moffat.

"Our claim would have gone after the same pool of funds that the
receiver has reached a settlement on, so there was little, if any,
money left to pursue.

"It was also our view that the custodial sentences handed down in
the criminal trial had sent a very strong deterrence message to
the market which continues to be felt today," said Ms Moffat.

FMA has a number of ongoing civil proceedings against finance
company directors which it is currently assessing. Announcements
on these will be made in the near future.

A list of finance company cases before the Court can be found at
http://www.fma.govt.nz/laws-we-enforce/enforcement/prosecutions-
and-proceedings/finance-company-cases-before-the-court/

Based in New Zealand, Bridgecorp Ltd. was a property development
and finance company.  The company was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 14,500 investors, which liquidators estimate to
approximate NZ$500 million.  Bridgecorp's nine Australian
companies were also placed into voluntary administration, owing
about 100 investors about AUD24 million (NZ$27 million).


KLONDYKE FRESH: Placed Into Receivership
----------------------------------------
Fairfax NZ News reports that a South Canterbury-owned milk
supplier, Klondyke Fresh, has been put into receivership.

Receivers from BDO Christchurch were appointed last week, the
report disloses. Finance statements at the Companies Office say
Klondyke's secured creditors appear to be Fonterra and Westpac,
the report adds.

Klondyke Fresh was a milk manufacturer as well as a chilled sales
and distribution business, with 35 staff and its head office in
Hornby.


SOUTH CANTERBURY: Crown Calls 40 Witnesses in Fraud Trial
---------------------------------------------------------
NBR Online reports that the Crown is calling 40 witnesses to give
evidence in the South Canterbury Finance fraud trial, which began
on March 12 at the High Court at Timaru, and among the list is a
who's who of the agribusiness world.

On trial for 15 weeks are former SCF chief executive Lachie McLeod
and former board members Edward Sullivan and Robert White, a
retired lawyer and retired accountant, respectively, according to
NBR Online.

The report relates that charges against the three include a
variety of offences, including theft by a person in a special
relationship; obtaining by deception; false statements by the
promoter of a company; and false accounting.

NBR Online notes that Messrs. Sullivan, White and McLeod pleaded
not guilty to 18 charges. The charges, all under the Crimes Act,
carry maximum penalties ranging from seven to 10 years' jail.

According to the report, Queen's counsel Colin Carruthers opened
his case for the Crown by saying it would be a "document-heavy"
proceeding.  This is New Zealand's biggest corporate fraud case.

The report relates that Mr. Carruthers told Justice Paul Heath he
would call 40 witnesses, including former Fonterra director Colin
Armer.  Mr. Armer is expected to describe loans made to Dairy
Holdings, where he is a director and shareholder. Dairy Holdings
chief executive Colin Glass is also on the witness list to give
evidence.

Also called to give evidence are Mr. Sullivan's brother-in-law
Geoffrey Sullivan and nephew Peter Symes.  Mr. Symes was made the
sole owner of Auckland's five-star Hyatt Regency hotel between
February 2009 to August 2010 despite having no prior experience.
The company was formerly owned by SCF, NBR Online says.

Forensic accountants from the Serious Fraud Office, (which began
investigating SCF in 2010), PwC and KordaMentha are also expected
to give evidence, NBR Online discloses.

The report relates says the trial is set down for 15 weeks.



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


KT CORP: Affiliate Files For Court Receivership
-----------------------------------------------
Yonhap News Agency reports that KT Corp.'s affiliate under
investigation for large-scale loan fraud said on March 12 it filed
for court receivership as it has failed to pay back maturing
corporate bonds.  Lender banks immediately protested, saying they
will sue the unit wholly owned by South Korea's No. 2 mobile
operator.

The news agency relates that KT ENS Co., a KT affiliate
specializing in network integration, said, "We failed to pay back
commercial papers (CPs) worth KRW49.1 billion (US$46 million) due
to the tight money situation. We decided to go under court
receivership."  The CPs were related to the company's overseas
project financing loans in Romania, it added.

According to the report, the company said it tried to get help
from its parent company but that it was turned down.

KT ENS has been under police investigation after one of its
employees was found to have illegally taken out KRW280 billion in
loans from banks using forged documents, Yonhap discloses.

Yonhap says all parties involved have laid blames on each other
for shoddy scrutiny of the documents and are refusing to
compensate for the losses.

The lender banks insisted that the court receivership is KT ENS'
cunning maneuver to avoid liability to pay back the losses it
incurred. If the court accepts the company's request, the banks
would be unable to recover their money as all credits will be
frozen, Yonhap notes.

According to Yonhap, the banks have continuously demanded that KT
Corp. at least take moral responsibility for the fraud and help
contain the damage even if it is free from legal accountability.
KT holds a 100 percent stake in KT ENS.

"It seems that (KT ENS) ended up filing for court receivership as
it acknowledged it had little chance of winning legal battle
against the banks and that it would have to pay compensation," the
report quotes an official from Hana Bank, one of the biggest
victims of the fraud, as saying.

Hana Bank said it will file a lawsuit against KT ENS to recover
its loss, the report relays.

Other institutions, including BS Savings Bank, OBS Savings Bank
and Hyundai Savings Bank, are reportedly also planning to sue,
Yonhap adds.

                           About KT Corp

KT Corporation (SEO:030200) -- http://www.kt.com/eng/main.jsp--
is a telecommunications service provider in Korea.  As an
integrated telecommunications service provider, its principal
services include telephone services, including local, domestic
long-distance and international long-distance fixed-line telephone
services and interconnection services to other telecommunications
companies; broadband Internet access service and other Internet-
related services, including Internet protocol television (IP-TV)
services; personal communications system (PCS) mobile
telecommunications service and third-generation High Speed
Downlink Packet Access (HSDPA)-based IMT-2000 wireless Internet
and video multimedia communications services, and various other
services, including leased line service and other data
communication service, satellite service and information
technology and network services.  In addition, it operates
nationwide PCS and HSDPA-based IMT-2000 networks.



                             *********

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 ***