TCRAP_Public/140321.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, March 21, 2014, Vol. 17, No. 57


                            Headlines


A U S T R A L I A

LA TROBE 2014-1: S&P Assigns BB Rating to Class E Notes
METAIRIE PTY: First Creditors' Meeting Set for March 25
NUFARM: TO Eliminate Jobs as Part of Its Restructuring
REMEDIAL CONCRETE: Placed In Voluntary Administration
SARDIUS PTY: Hall Chadwick Appointed as Administrators

XANTHI RESTAURANT: Pitcher Partners Appointed as Liquidator


C H I N A

CHINA AOYUAN: 2013 Result No Upward Pressure on Fitch's B+ Rating
CHINA LESSO: 2013 Results Supports Moody's Ba2 CFR


I N D I A

ADVANCE CABLE: ICRA Revises Rating on INR5cr Loan to 'B+'
ANNAPURNA STUDIOS: ICRA Suspends 'D' Rating on INR247cr Loan
BHAGYODAYA MOTORS: CRISIL Reaffirms 'B' Rating on INR167MM Loans
BHAGYODAYA TROKHOS: CRISIL Reaffirms B Rating on INR168.1MM Loans
CHENNAI CNC: CRISIL Assigns 'B+' Rating to INR150MM Loans

CLASSIC PAPERS: CRISIL Reaffirms 'D' Rating on INR93MM Loans
DASHRATH PRASAD: CRISIL Reaffirms 'B+' Rating on INR60MM Loans
DHENU HYDRO: CRISIL Reaffirms 'B' Rating on INR50MM Cash Credit
EMIL PHARMA: ICRA Suspends 'B-/A4' Rating on INR10.07cr Loan
ESSEL MARKETING: ICRA Reaffirms B+ Rating on INR7.20cr Loans

FINANCIAL TECHNOLOGIES: Declared Not 'Fit and Proper' Firm
FOODS & INNS: ICRA Revises Rating on INR18.3cr Loans to 'B-'
FOREL LABS: ICRA Assigns 'B+' Rating to INR18.50cr Term Loan
GK SONS: CRISIL Downgrades Rating on INR220MM Loans to 'B'
IDBI BANK: S&P Assigns 'BB+' Rating to US$-Denominated Sr. Notes

IDEAL CHEMICALS: CRISIL Cuts Rating on INR210MM Loans to 'B'
JAYCO CERAMIC: ICRA Revises Rating on INR8.69cr Loans to 'B-'
JAYESH INDUSTRIES: CRISIL Reaffirms B- Rating on INR152.4MM Loans
JEKIN ENTERPRISE: ICRA Suspends B Rating on INR15cr Loan
KKRC INFRA: CRISIL Reaffirms 'B+' Rating on INR145MM Loan

KRAFT LAND: CRISIL Reaffirms 'B' Rating on INR21.5MM Loan
M J R INFRA: CRISIL Reaffirms 'B' Rating on INR50MM Loans
M-TECH INNOVATIONS: ICRA Suspends 'D Rating on INR25.96cr Loans
MERIDIAN MEDICAL: ICRA Assigns 'D' Rating to INR46.5cr Loans
MOHAMMED ENTERPRISES: CRISIL Keeps B- Rating on INR261.9M Loan

NILACHAL REFRACTORIES: CRISIL Cuts Rating on INR422.5M Loans to C
PONMANI INT'L: CRISIL Assigns 'B+' Rating to INR70MM Loans
PRIYADARSHNI FASHIONS: CRISIL Puts 'B-' Rating on INR150MM Loans
R. L. AGRO: CRISIL Assigns 'B-' Rating to INR60MM Loans
RADHAGOBINDA RICE: ICRA Reaffirms 'B-' Rating on INR7.6cr Loans

ROHINI OIL: CRISIL Assigns 'B+' Rating to INR70MM Loans
RUBY MILLS: CRISIL Reaffirms 'B' Rating on INR5.79BB Loans
S.B. INT'L: CRISIL Lowers Rating on INR90 Million Loans to 'D'
S T ELECTRICALS: CRISIL Reaffirms 'B+' Rating on INR125MM Loans
SAHARA INDUSTRIES: ICRA Assigns 'B' Rating to INR12.93cr Loans

SAINATH AUTOLINKS: ICRA Assigns 'B+' Rating to INR21cr Loans
SONPAL EXPORTS: CRISIL Reaffirms 'B+' Rating on INR470MM Loans
SOURABH GILTS: CRISIL Lowers Rating on INR320MM Loans to 'D'
SREE SAI: ICRA Suspends B+ Rating on INR20cr Long Term Loan
SRI DURGA: CRISIL Downgrades Rating on INR80MM Loan to 'B'

SRI LAKSHMI: CRISIL Lowers Rating on INR65MM Loans to 'B+'
SRI SUDHA: ICRA Suspends 'B' Rating on INR8cr Loans
SSV ENGINEERS: CRISIL Cuts Rating on INR500MM Loan to 'B-'
SUNNY VALLEY: ICRA Assigns 'B+' Rating to INR9.5cr Loans
TALWAR AUTO: CRISIL Reaffirms 'B' Rating on INR75MM Loans

TAMULBARI TEA: CRISIL Assigns 'B' Rating to INR101.8MM Loans
TERRAM GEOSYNTHETICS: ICRA Suspends 'D' Rating on INR42.25cr Loan
UNIBIC BISCUITS: ICRA Reaffirms 'B+' Rating on INR10cr Loan
VIJAYANAG POLYMERS: ICRA Assigns 'B-' Rating to INR9.50cr Loans
VXL INSTRUMENTS: CRISIL Raises Rating on INR158MM Loans to 'B'


N E W  Z E A L A N D

ASSET FINANCE: S&P Revises Outlook on 'B' Rating to Stable
CEREBOS-GREGGS: To Close Auckland Plant By December
DOMINION FINANCE: Director Expects to be Suspended as Lawyer
SOUTH CANTERBURY: Trial Halted Over Evidence Admissibility


S O U T H  K O R E A

TONG YANG: First Court Hearing of Chairman Set for March 27
* SOUTH KOREA: Corporate Bankruptcies Down in February


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


LA TROBE 2014-1: S&P Assigns BB Rating to Class E Notes
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to the
five classes of nonconforming residential mortgage-backed
securities (RMBS) issued by Perpetual Corporate Trust Ltd. as
trustee for La Trobe Financial Capital Markets Trust 2014-1.  La
Trobe Financial Capital Markets Trust 2014-1 is a securitization
of nonconforming residential mortgages originated by La Trobe
Financial Services Pty Ltd. (La Trobe Financial).

The ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises note subordination for each class of rated note.

   -- The availability of a retention amount built from excess
      spread before the call date, and applied to reduce the
      balance outstanding of the most subordinated rated note at
      that time.

   -- The availability of an amortization amount built from
      excess spread after the call date, and applied with
      principal collections to reduce the balance of the most
      senior rated note at that time.

   -- The availability of a yield reserve built from excess -
      spread before the call date up to a limit of A$0.5 million,
      and made available to meet senior expenses and interest
      shortfalls on the class A notes and class B notes.

   -- The extraordinary expense reserve of A$150,000, funded from
      day one by La Trobe Financial, available to meet
      extraordinary expenses.  The reserve will be topped up via
      excess spread if drawn.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to 3.0% of the outstanding balance of the
      notes, and principal draws, are sufficient under its stress
      assumptions to ensure timely payment of interest.

   -- The condition that a minimum margin will be maintained on
      the assets.

A copy of Standard & Poor's complete report for La Trobe Financial
Capital Markets Trust 2014-1 can be found on RatingsDirect,
Standard & Poor's Web-based credit analysis system, at
http://www.globalcreditportal.com

The issuer has informed Standard & Poor's (Australia) Pty Limited
that the issuer will be publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

        http://standardandpoorsdisclosure-17g7.com/2250.pdf

REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional
regulatory disclosures that may apply to a transaction.

RATINGS ASSIGNED

Class       Rating        Amount (mil. A$)
A           AAA (sf)      87.66
B           AA (sf)        4.69
C           A (sf)         3.57
D           BBB (sf)       2.65
E           BB (sf)        1.43
F           N.R.           2.04

N.R.--Not rated.


METAIRIE PTY: First Creditors' Meeting Set for March 25
-------------------------------------------------------
Richard Albarran -- ralbarran@hallchadwick.com.au -- Blair Pleash
-- bpleash@hallchadwick.com.au -- and Shahin Hussain at Hall
Chadwick were appointed as administrators of Metairie Pty Limited
on March 14, 2014.

A first meeting of the creditors of the Company will be held at
the office at Hall Chadwick, Level 19, 144 Edward Street, in
Brisbane, on March 25, 2014, at 11:00 a.m.


NUFARM: TO Eliminate Jobs as Part of Its Restructuring
------------------------------------------------------
Trevor Chappell at AAP reports that Nufarm will cut 105 jobs as
part of a cost cutting restructure of its Australian operations.

AAP says Nufarm expects the restructure will save up to
AUD13 million a year, but will have one-off costs of up to
AUD39 million in the current financial year.

The news agency relates that the re-organisation includes the
phased closure of its manufacturing facility in the Perth suburb
of Welshpool, which produces specialised herbicides, and its
Lytton plant in Brisbane which makes specialised insecticides and
fungicides.

Nufarm's Victorian plant at Laverton will be expanded to produce
the products currently made at those sites, the report relays.

Six out of 13 regional service centres will also be shut, and
management across most of the group significantly streamlined, AAP
relays.

AAP adds that changes to support and administration roles will
also result in job cuts.

According to the report, managing director Doug Rathbone said 105
employees, out of the company's 673 staff, would be cut, impacting
all areas of Nufarm's business, except product development.

He said Nufarm would maintain its total manufacturing capacity in
Australia, with no operations moving overseas, the report adds.

Based in Australia, Nufarm Limited (ASX:NUF)--
http://www.nufarm.com/-- manufactures and supplies a range of
agricultural chemicals used by farmers to protect crops from
damage caused by weeds, pests and disease.  The Company has
production and marketing operations worldwide and sells products
in more than 100 countries.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 26, 2013, Standard & Poor's Ratings Services assigned its
'BBB-' long-term issue rating to Nufarm Ltd.'s senior secured
AUD530 million bank facility, which has replaced the company's
AUD406 million facility.  At the same time, S&P lowered the senior
unsecured issue rating on Nufarm Australia Ltd.'s US$325 million
notes to 'B+' from 'BB-', following the refinancing of its senior
secured syndicated bank facilities.


REMEDIAL CONCRETE: Placed In Voluntary Administration
-----------------------------------------------------
Cara Waters at SmartCompany reports that Remedial Concrete Works,
a Victorian construction contractor which has been in business
since 2002, has been placed in voluntary administration.

SmartCompany says the business has ceased trading and
Laurie Fitzgerald -- laurie.fitzgerald@au.gt.com -- and Stephen
Dixon -- stephen.dixon@au.gt.com -- of Grant Thornton were
appointed as administrators on March 17.

Ms. Fitzgerald told SmartCompany Remedial Concrete Works had a
turnover of AUD17 million a year and at its peak it was employing
about 70 people.

Most of these staff were let go before the administrators were
appointed, the report notes.

"[Remedial Concrete Works] got into some contractual problems on
some major projects in the last nine months which caused it to
sustain some heavy losses," the report quotes Ms. Fitzgerald as
saying.  "Because it's a contracting company, it works with skinny
margins."

Creditors are owed around AUD4.5 million with the Australian Tax
Office a key creditor, SmartCompany discloses.

Remedial Concrete Works provided specialist design and support
contract services to construction projects around Australia.


SARDIUS PTY: Hall Chadwick Appointed as Administrators
------------------------------------------------------
Richard Albarran, Blair Pleash, and Shahin Hussain at Hall
Chadwick were appointed as administrators of Sardius Pty Limited.

A first meeting of the creditors of the Company will be held at
the office of Hall Chadwick, Level 19, 144 Edward Street, in
Brisbane, on March 25, 2014, at 10:30 a.m.


XANTHI RESTAURANT: Pitcher Partners Appointed as Liquidator
-----------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Xanthi restaurant
has been placed into liquidation. The establishment has been
closed.

On March 19, the establishment wasn't seen serving lunch after
staff have already been informed about the fate of the restaurant.
Pitcher Partners was appointed as liquidator to Xanthi,
dissolve.com.au relates.



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


CHINA AOYUAN: 2013 Result No Upward Pressure on Fitch's B+ Rating
-----------------------------------------------------------------
Fitch Ratings says that China Aoyuan Property Group Limited's
(Aoyuan; B+/Stable) better-than-expected performance in 2013 does
not put upward pressure on its ratings, mainly because it relied
on commercial property sales to achieve the results.  Fitch views
sales of retail shops and offices, which accounted for 26% of
Aoyuan's 2013 contracted sales, to be more volatile than
residential property sales.

Aoyuan is a typical small- to mid-sized property developer still
in its growth stage.  It took advantage of its low leverage at
end-2012 to add more debt, which, together with proceeds from its
IPO and disposal of a Beijing project, provided enough liquidity
to acquire land to improve its business scale.  As a result,
contracted sales increased 91% in 2013 to CNY10bn.  What sets
Aoyuan apart from peers that also pursued larger scale is that,
even as it expanded quickly, it still maintained healthy leverage,
with net debt/adjusted inventory of 29% at end-2013, and
reasonable sales efficiency, with contracted sales/total debt at
1.1x.  This resilience helped to strengthen Aoyuan's credit
profile.

However, its stronger financial performance was driven in part by
substantial retail shop sales, which exposes Aoyuan to more
volatile commercial property demand.  Upward rating pressure will
develop only when Aoyuan is able to demonstrate it can sustain its
profitability and credit metrics with less reliance on commercial
property.


CHINA LESSO: 2013 Results Supports Moody's Ba2 CFR
--------------------------------------------------
Moody's Investors Service says China Lesso Group Holdings
Limited's 2013 results are strong and continue to support its Ba2
corporate family rating.

The rating outlook remains stable.

"China Lesso's strong operating performance in 2013 underpins the
company's strong market position and favorable government policies
for its products," says Franco Leung, a Moody's Assistant Vice
President and Analyst.

China Lesso delivered a 20% year-on-year rise in revenue to RMB13
billion in 2013, driven mainly by a 17.2% increase in sales
volume. The company has successfully rolled out its new products,
including products for pre-decorated flats. The sales growth is
strong and slightly above Moody's earlier expectations.

In addition, it has continued to expand its operations beyond
southern China, its core region. Sales outside this region
accounted for 39.5% of total sales in 2013, up from 36.8% in 2012.
Such geographical diversification is important to China Lesso's
development as one of the major players in the industry.

Moody's notes that while the company has expanded into new
products and geographies, its average accounts receivable days on
hand remains acceptable at around 29 days. This reflects that the
company has risk management controls in place for its credit
sales. As advised by the company, its largest client does not
account for more than 2% of its sales.

Demand for its products over the next 1-3 years will likely be
supported by government policies, such as the promotion of
affordable housing and water conservation.

Potential market setbacks in the domestic property market could
affect demand for its products in 2014. Nevertheless, Moody's
estimates that its direct and indirect exposure to Chinese
property developers will range around 20%-30% of its sales.
Moreover, the company has taken the strategy of supplying its
products to large developers which are more competitive in a down
market.

"China Lesso's credit metrics remain stable and position it well
for its current rating," says Leung, also the Lead Analyst for
China Lesso.

China Lesso's gross margin slightly improved to 25.0% in 2013 from
24.3% in 2012, due to lower prices for inputs such as polyvinyl
chloride in FY2013.

In addition, the company has been conservative in its debt
leverage, reflected in its adjusted debt/ EBITDA of around 1.2x at
end-2013. Also, its interest coverage at around 14.4x in FY2013 is
strong for its Ba2 rating level.

Moody's expects China Lesso to maintain its strong interest
coverage in the next 12-18 months. The company raised USD135
million 3-year syndicated loans in March 2014 at a low interest
rate of LIBOR plus 2.00% per annum. The company also announced
that it will partially redeem its 7.875% senior notes due 13th May
2016.

China Lesso's liquidity profile remains adequate. It had a cash
balance of RMB2.2 billion at the end of 2013, compared with short-
term debt of RMB1.1 billion. In addition, the company generated an
annual operating cash flow of around RMB1.5 billion in 2013. Such
liquidity buffer is important to cater for the company's capital
spending on its new plants and penitential acquisition in 2014.

The principal methodology used in this rating was the Global
Building Materials Industry published in July 2009.

Founded in 1996 and listed on the Hong Kong Stock Exchange in June
2010, China China Lesso Group Holdings Ltd is one of the largest
plastic pipe and pipe fitting manufacturers in China. It has 18
production facilities in 12 provinces. The company's products are
widely used in seven major areas, namely water supply, drainage,
power supply and telecommunications, gas supply, agriculture,
floor heating and fire prevention.



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


ADVANCE CABLE: ICRA Revises Rating on INR5cr Loan to 'B+'
---------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR5.0
crore1 fund based facilities of Advance Cable Technologies Private
Limited from '[ICRA]BB-' to '[ICRA]B+'. The short term rating
assigned to the INR16.0 crore non-fund based facilities has been
reaffirmed at [ICRA]A4.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-Cash      5.0        [ICRA]B+ revised from
   Credit                          [ICRA]BB-

   Non-Fund Based-
   Letter of Credit    12.0        [ICRA]A4 (Reaffirmed)

   Non-Fund Based-
   Bank Guarantee       4.0        [ICRA]A4 (Reaffirmed)

The Ratings revision reflects stagnation in sales, increase in
receivables and impact of currency fluctuation on margin. Rating
is constrained by small scale of operations and low margins in a
material intensive industry characterized by low level of value
addition, fragmentation and high competition in the industry,
which continues to put pressures on the cable realisations while
at the same time constraining the seller's ability to pass on
input price increases to the customers. Ratings are supported by
past experience of promoters and demonstrated ability to grow
revenue by consistently adding new clients in past four years. The
ratings also favourably factor in a reputed clientele base. ICRA
notes that infusion of equity has improved financial flexibility
of the company (gearing of 0.95 times as on Dec 31, 2013 on
provisional basis). However, sales pick-up is expected to be
delayed and margins will remain under pressure. In addition,
liquidation of receivables will remain key monitorable.

Advance Cable Technologies Private Limited was incorporated on
16th October 2002 as a private limited company. The Company is
engaged in manufacturing of Special Cable & Sophisticated Cables
for Telecommunication, Power & Single Control. It manufactures
cables for applications like power and control, instrumentation,
signal transmission, telecommunication, fire alarm, fire-survival,
high temperature and custom designed cords and cables. The cables
produced by the Company meets National Standards such as like
IS:1554, IS:694, IS:7098, BSNL's TEC GRs, JSS and various
International standards like BS, ISO, DIN VDE, IEC, ANSI, UL, NES,
MIL, JASO, ASTM etc.


ANNAPURNA STUDIOS: ICRA Suspends 'D' Rating on INR247cr Loan
------------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]D' outstanding
on the INR247.0 crore fund-based limits of Annapurna Studios
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

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


BHAGYODAYA MOTORS: CRISIL Reaffirms 'B' Rating on INR167MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhagyodaya Motors Pvt
Ltd (BMPL; part of the Bhagyodaya group) continue to reflect the
Bhagyodaya group's below-average financial risk profile marked by
high total outside liabilities to tangible net worth (TOLTNW)
ratio and weak debt protection metrics, and exposure to intense
competition in the automobile dealership segment. These rating
weaknesses are partially offset by the Bhagyodaya group's
established position in the automobile dealership market for Tata
Motors Ltd (TML; rated 'CRISIL AA/CRISIL AAA (SO)/Stable/CRISIL
A1+') in north Karnataka.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              150.0    CRISIL B/Stable

   Long-Term Loan             7.0    CRISIL B/Stable

   Standby Line of Credit    10.0    CRISIL B/Stable

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of BMPL and Bhagyodaya Trokhos Pvt Ltd
(BTPL). This is because the two companies, together referred to as
the Bhagyodaya group, are in the same line of business, under the
same management team, and have significant operational linkages.

Outlook: Stable

CRISIL believes that the Bhagyodaya group will continue to benefit
over the medium term from its established position in the
automobile dealership market for TML in north Karnataka. The
outlook may be revised to 'Positive' if the Bhagyodaya group's
volumes and operating margin improve substantially or in case of
any significant equity infusion by the promoters, resulting in
improvement in its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
Bhagyodaya group's revenue and profitability declines
significantly, or if the group undertakes any large debt-funded
capital expenditure programme, further weakening its capital
structure and cash accruals.

BMPL was incorporated in 2006. The company is the exclusive
authorised dealer for TML's light commercial vehicles in Bellary,
Koppal, and Raichur.


BHAGYODAYA TROKHOS: CRISIL Reaffirms B Rating on INR168.1MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhagyodaya Trokhos Pvt
Ltd (BTPL; part of the Bhagyodaya group) continue to reflect the
Bhagyodaya group's below-average financial risk profile marked by
high total outside liabilities to tangible net worth (TOLTNW)
ratio and weak debt protection metrics, and exposure to intense
competition in the automobile dealership segment. These rating
weaknesses are partially offset by the Bhagyodaya group's
established position in the automobile dealership market for Tata
Motors Ltd (TML; rated 'CRISIL AA/CRISIL AAA (SO)/Stable/CRISIL
A1+') in north Karnataka.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             130.0     CRISIL B/Stable (Reaffirmed)
   Long Term Loan           20.6     CRISIL B/Stable (Reaffirmed)
   Standby Line of Credit   17.5     CRISIL B/Stable (Reaffirmed)
   Channel Financing        11.9     CRISIL A4 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of BTPL and Bhagyodaya Motors Pvt Ltd.
This is because the two companies, together referred to as the
Bhagyodaya group, are in the same line of business, under the same
management team, and have significant operational linkages.

Outlook: Stable

CRISIL believes that the Bhagyodaya group will continue to benefit
over the medium term from its established position in the
automobile dealership market for TML in north Karnataka. The
outlook may be revised to 'Positive' if the Bhagyodaya group's
volumes and operating margin improve substantially or in case of
any significant equity infusion by the promoters, resulting in
improvement in its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
Bhagyodaya group's revenue and profitability declines
significantly, or if the group undertakes any large debt-funded
capital expenditure programme, further weakening its capital
structure and cash accruals.

BTPL was incorporated in 2006. The company is the exclusive
authorised dealer for TML's light commercial vehicles in Bellary,
Koppal, and Raichur.


CHENNAI CNC: CRISIL Assigns 'B+' Rating to INR150MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Chennai CNC Servotronics Pvt Ltd. The rating
reflects CCSPL's modest scale of operations in the intensely
competitive computer numeric control (CNC) machining components
industry and its below-average financial risk profile marked by
small net worth. These rating weaknesses are partially offset by
the extensive industry experience of CCSPL's promoter.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility      92.5      CRISIL B+/Stable

   Cash Credit             25        CRISIL B+/Stable

   Long Term Loan          32.5      CRISIL B+/Stable

Outlook: Stable

CRISIL believes that CCSPL will continue to benefit over the
medium term from its promoter's extensive experience in the CNC
machining components segment. The outlook may be revised to
'Positive' if the company significantly increases its scale of
operations and profitability on a sustained basis, or improves its
working capital management, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected cash accruals or
deterioration in working capital management or considerable delays
in stabilising capital expenditure, resulting in significant
weakening in financial risk profile.

CCSPL, incorporated in 1997, manufactures CNC machining
components. The company is promoted by Mr. D Subramanian.

CCSPL reported a profit after tax (PAT) of INR4.7 million on total
revenue of INR121.5 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR3.6 million on net sales
of INR102 million for 2011-12.


CLASSIC PAPERS: CRISIL Reaffirms 'D' Rating on INR93MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Classic Papers continues
to reflect instances of delay by the firm in servicing its debt;
the delays have been caused by the firm's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               45      CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        38      CRISIL D (Reaffirmed)
   Term Loan                 10      CRISIL D (Reaffirmed)

Classic Papers has modest scale of operations, is exposed to
intense competition in the paper industry, and its profitability
margins are susceptible to volatility in raw material prices.
However, the firm benefits from its promoters' extensive
experience in the paper industry, and its established relations
with customers.

Classic Papers was set up as a partnership firm in 2006 by Mr. T
Madhusudhan and Mr. P Subba Rao. The firm manufactures coated and
uncoated duplex board papers.


DASHRATH PRASAD: CRISIL Reaffirms 'B+' Rating on INR60MM Loans
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Dashrath
Prasad Fertilizers Pvt Ltd continues to reflect DPF's large
working capital requirements, the susceptibility of its revenues
and profitability margins to changes in government policy and
erratic monsoons, and the company's small net-worth limiting its
financial flexibility. These rating weaknesses are partially
offset by the extensive experience of DPF's promoters in the
fertiliser industry, and its above-average financial risk profile
marked by its low gearing and robust debt protection measures.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Long Term Loan          42.7     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      17.3     CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has considered the business and
financial risk profiles of DPF on a standalone basis. For the
previous rating exercise for DPF's bank facilities, CRISIL had
combined the business and financial risk profiles of DPF and
Fertinova India Pvt Ltd. The change is on account of the
management's decision to operate DPF and FIPL independently;
transactions with these companies will be undertaken at arm's
length.

Outlook: Stable

CRISIL believes that DPF 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' if there is a sustained improvement in the company's
working capital management, or there is substantial increase in
its net worth on the back of equity infusion by its promoters.
Conversely, the outlook may be revised to 'Negative' if DPF's
operations are adversely impacted by any regulatory changes, or
there is significant deterioration in its capital structure most
likely because of larger-than-expected working capital
requirements or debt-funded capital expenditure.

DPF incorporated in 2007, was promoted by Mr. Raj Kishore Soni and
his wife, Mrs. Meenakshi Soni. The company manufactures granulated
nitrogen-phosphorous-potassium (NPK) mix fertilisers of various
grades. Its day-to-day operations are looked after by its
executive director, Mr. N V Krishna.


DHENU HYDRO: CRISIL Reaffirms 'B' Rating on INR50MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dhenu Hydro Pvt Ltd
continue to reflect DHPL's small scale of operations, high degree
of customer concentration in its revenue profile, and its large
working capital requirements. The ratings also factor in the
company's below-average financial risk profile marked by its small
net worth, high gearing and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive experience
of DHPL's promoters in the construction industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            75      CRISIL A4 (Reaffirmed)
   Cash Credit               50      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DHPL will continue to benefit over the medium
term from its promoters extensive industry experience. The outlook
may be revised to 'Positive' if there is a sustained improvement
in the company's working capital management, or there is
substantial improvement in its capital structure on the back of
equity infusion from promoters. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in DHPL's
profitability margins, or substantial deterioration in its capital
structure most likely because of a stretch in its working capital
cycle.

DHPL was incorporated in 2000 for generating hydropower in Andhra
Pradesh. Promoted by Mr. Yella Reddy and his family, the company's
7.6 megawatt hydropower project is awaiting approval from the
Government of Andhra Pradesh.

The company is currently executing a sub-contract order received
from IVRCL Ltd towards construction of canals and reservoirs in
the Kadapa region (Andhra Pradesh).


EMIL PHARMA: ICRA Suspends 'B-/A4' Rating on INR10.07cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B-/[ICRA]A4 rating assigned to the
INR10.07 crore, bank lines of Emil Pharmaceutical Industries
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company


ESSEL MARKETING: ICRA Reaffirms B+ Rating on INR7.20cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' on the
INR7.20 crore long-term, fund based working capital facilities of
Essel Marketing & Promotions Private Limited. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 to the INR2.50 crore
short-term, non-fund based working capital facilities of EMPPL.
The outlook on the long-term rating is stable.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, fund       7.20        [ICRA]B+ reaffirmed
   based limits

   Short-term, non-
   fund based limits     2.50        [ICRA]A4 reaffirmed

The rating re-affirmation takes into account the vast experience
of the promoters in the trading of promotional products, the
company's established relations with key suppliers and customers,
a well reputed customer base, and moderate working capital
intensity levels over the last two years. The company has been
reporting strong growth in revenues over the last four fiscals,
albeit on a low base, with healthy profitability indicators due to
an asset light business model. The ratings are, however,
constrained by the thin operating and net margins of the company
on account of the trading nature of business; and the highly
competitive operating environment marked by low entry barriers.
The ratings are further constrained by the small scale of
operations, high customer concentration, and a stretched
financial risk profile marked by low accruals, leveraged capital
structure and moderate debt coverage indicators.

EMPPL, incorporated in 2006 by Mr. Rohit Lamba, is engaged in the
supply of a wide range of promotional products typically required
in the trade/retail promotional campaigns of FMCG and
pharmaceutical companies. EMPPL supplies products such as toys,
pencil boxes, plastic jars, stickers, pens, and other customized
gift articles. Mr. Lamba is a first generation entrepreneur,
supported by a team of professionals in the daily operations of
the company.

Recent Results

EMPPL has reported a profit after tax of INR1.08 crore on an
operating income of INR44.33 crore in FY2013, as against a profit
after tax of INR0.76 crore on an operating income of INR27.74
crore in FY2012.


FINANCIAL TECHNOLOGIES: Declared Not 'Fit and Proper' Firm
----------------------------------------------------------
The Times of India reports that market regulator Sebi on March 19
said that Jignesh Shah-promoted Financial Technologies (FTIL) was
not a 'fit and proper' entity to hold stake in any stock exchange
or a clearing corporation for a stock exchange. The report relates
that Sebi also directed FTIL to divest all its stakes in MCX Stock
Exchange (MCX-SX), MCX-SX Clearing Corporation, Delhi Stock
Exchange (DSE), Vadodara Stock Exchange (VSE) and National Stock
Exchange (NSE) within the next three months.

According to the report, the regulatory order came in relation to
FTIL's role in the INR5,600-crore NSEL scam, which in turn had
prompted the Forward Markets Commission (FMC), the regulator for
the commodity derivatives market, declaring FTIL as not a 'fit and
proper' entity to hold stakes in any commodity exchange.

TOI relates that the order from Sebi said FTIL was not a "'fit and
proper person' to acquire or hold any equity share or any
instrument that provides for entitlement for equity shares or
rights over equity shares at any future date, in a recognized
stock exchange or clearing corporation, either directly or
indirectly." It also directed that FTIL and the related entities
which hold equity shares or any instrument entitling voting rights
in MCX-SX, MCX-SX CCL, DSE, VSE and NSE should cease to be
entitled to such rights with immediate effect, the report relays.

The report says the 11-page order by Rajeev Kumar Agarwal, a
whole-time Sebi member, said that it was primarily based on an FMC
order of December 17 last year that said that FTIL was being
declared not a 'fit and proper person' to hold shares in Multi
Commodity Exchange "in public interest and in the interest of the
commodities derivatives market".

According to TOI, the genesis of these regulatory orders date back
to July 31 last year when NSEL declared its inability to pay about
INR5,600 crore to investors and a payment crisis ensued. Later
several of the top NSEL officials were arrested by the
investigative agencies. Shah and other current and former
directors of the group were also questioned. Recently CBI also
started a probe against two former top Sebi officials, C B Bhave
and K M Abraham, and also Shah to look into how the group managed
to get the regulatory nod to start a stock exchange. Last week,
TOI recalls, FTIL also sold its 100% holding in National Bulk
Handling Corp (NBHC), its warehousing business, for about INR240
crore.

The Sebi order said that FTIL was issued a show-cause notice as to
why it should not be declared 'fit and proper' entity, the report
relays. Subsequently, representatives of FTIL had presented their
case to the regulator. One of the main points presented by FTIL to
Sebi was that FMC did not 'direct' FTIL to divest its stake in MCX
but merely 'advised' it to do so. However, Sebi found FTIL's was a
fit case to declare it as an entity not 'fit and proper person' to
hold any stake in any stock exchange or a clearing corporation,
the report notes.


FOODS & INNS: ICRA Revises Rating on INR18.3cr Loans to 'B-'
------------------------------------------------------------
The long term rating assigned to the INR14.30 crore (reduced from
INR18.8 crore) term loans and INR4.0 crore (INR30.8) crore cash
credit facility of Foods & Inns Limited has been revised to
[ICRA]B- from [ICRA]B+  earlier.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loans           14.3       [ICRA]B- revised from
                                   [ICRA]B+

   Long Term Fund
   Based Limits          4.0       [ICRA]B- revised from
                                    [ICRA]B+

   Short Term Fund
   Based Limits        124.3       [ICRA]A4 reaffirmed

   Short Term Non
   Fund Based Limits    36.8       [ICRA]A4 reaffirmed

The rating assigned to the INR124.3 crore (reduced from INR93.4
crore) short term fund based limits and INR36.8 crore (reduced
from INR38.9 crore) short term non-fund based limits of FIL has
also been reaffirmed at [ICRA]A4.

The revision of the ratings takes into account the company's tight
liquidity position on account of delay in equity infusion through
rights issue, slower domestic off-take resulting in higher-than-
expected inventory levels and additional financial support to its
group company Finns Frozen Foods (India) Limited by way of loans
and advances. A small equity base, marked to market losses on
forward contracts/ packing credit in foreign currency due to
adverse foreign currency exchange movement has suppressed the
reported networth considerably resulting in an adverse capital
structure. On account of high debt levels and modest operating
profitability, the debt protection metrics of the company continue
to remain weak.

The ratings also factor in the high working capital intensity on
account of seasonal nature of industry and risks related to
availability and volatility in raw material prices which impact
the operating margins of the company.

The ratings, however, favourably factor in established position of
the company in the export of mango pulp; well reputed client base
in the domestic and export markets and the multi location
manufacturing facilities which provide the company advantage in
terms of sourcing of fruits and vegetables. The company's recent
foray into new markets such as China and Africa is likely to aid
the company's revenue growth and partly offset de-growth in
domestic market.

Foods and Inns Limited was promoted by Mr. Utsav Dhupelia in the
year 1971 as a multi-location trading house. The company is
involved in the business of processing and marketing of fruit
pulps, concentrates and spray dried fruit and vegetable powders
both in the domestic as well as international markets like Europe,
Middle East, US and Japan.

With seven processing units, one each in Mumbai (Maharashtra),
Valsad (Gujarat), Sinnar and Gonde (in the district of Nashik) and
three in Chittoor (Andhra Pradesh), the company has a cumulative
capacity of processing 150,000 metric tonnes+ of fruit. The
company has its Head Office in Mumbai.

Recent Results

As per audited results, FIL reported a net loss of INR2.5 crore
over an Operating Income of INR257.8 crore for the eighteen month
period April 2012 to March 2013. The company reported a net loss
of INR10.0 crore over an Operating Income of INR147.7 crore as per
provisional financial numbers for H1 FY 2014.


FOREL LABS: ICRA Assigns 'B+' Rating to INR18.50cr Term Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to INR18.50
crore term loan limits of Forel Labs Private Limited.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           18.50       [ICRA]B+ assigned

The assigned rating is constrained by project implementation risk
given that ~25% cost is yet to be incurred towards the completion
of active pharmaceutical ingredient (API) manufacturing unit in
Visakhapatnam and marketing risk for the proposed product segment
in the initial years of operation which could create pressure on
the debt service indicators. The rating also factors in high
competitive intensity due to the fragmented nature of bulk drug
industry in India coupled with heavy competition from cheaper
imports from China. The rating, however, positively factors in the
experience and qualification of the management team, high growth
potential for the bulk drug segment in India, and healthy growth
prospects for the proposed product segment; and the location of
the facility in Jawaharlal Nehru Pharma City in Visakhapatnam
which would ease the process of obtaining various approvals for
the company. ICRA also notes that the promoters have already
infused INR10.50 crore of equity while funding requirement for the
remaining cost to be incurred for the project is covered by a
sanctioned term loan.

The ability of the company to begin commercial operations without
delays, stabilize the same within a reasonable timeline to ensure
approvals like cGMP and achieve sales growth by acquiring and
fostering client relationships remain the key rating
sensitivities.

Forel Labs Private Limited was incorporated in the year 2011 and
is into manufacturing of bulk drugs. The company is constructing a
bulk drug manufacturing facility in Thannam village in
Visakhapatnam District in Jawaharlal Nehru Pharma City which has
been developed by Government of Andhra Pradesh along with Ramky
Group. The total cost of the project is expected to be INR29 crore
funded by a debt to equity ratio of 1.76:1. The facility will used
for manufacturing of 4 products namely Zidovudine, Phenylepherine
Hcl, Olmesartan and Clopidogrel Bisulfate with a capacity of 24
TPA for each product. The unit is expected to begin commercial
operations in March 2014.


GK SONS: CRISIL Downgrades Rating on INR220MM Loans to 'B'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of GK Sons Engineering Enterprises 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
   ----------            ---------   -------
   Bank Guarantee            50      CRISIL A4 (Reaffirmed)

   Cash Credit              155      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Term Loan                 65      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects the deterioration in GKEEPL's
liquidity, driven by substantial capital expenditure (capex) in
2013-14 (refers to financial year, April 1 to March 31) and
stretch in its working capital cycle. The company had capex of
more than INR60 million in 2013-14 towards setting up an unit in
its industrial park in Tiruchirappally (Tamil Nadu), funded
through term loans of around INR50 million and the remaining
through promoters' contribution and internal accruals. This has
constrained its liquidity. Furthermore, GKEEPL's working capital
cycle has lengthened significantly during 2013-14, with stretch in
receivables and large inventory resulting in high gross current
assets, estimated at over 220 days as on March 31, 2014. CRISIL
believes that GKEEPL's liquidity will remain stretched over the
medium term because of high working capital requirements.

The ratings reflect GKEEPL's below-average financial risk profile,
marked by high gearing, its large working capital requirements,
and its modest scale of operations. These rating weaknesses are
partially offset by the company's established regional position
and promoters' extensive experience in the precision machining and
metal fabrication industry.

Outlook: Stable

CRISIL believes that GKEEPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
established relationships with key customers. The outlook may be
revised to 'Positive' if GKEEPL reports significant revenue growth
or improvement in profitability, resulting in higher accruals and
a better capital structure. Conversely, the outlook may be revised
to 'Negative' in case of a slowdown in the industry, leading to a
decline in the company's cash accruals, or if it contracts
substantial debt to fund capital expenditure, or if its working
capital cycle stretches further, resulting in further weakening of
its financial risk profile.

GKEEPL was originally set up in 1969 as a partnership firm, which
was reconstituted as a private limited company in 2007. The
company undertakes precision machining and sheet metal
fabrication. It is managed by Mr. K G Muralidharan and his wife,
Mrs. Annapoorni.


IDBI BANK: S&P Assigns 'BB+' Rating to US$-Denominated Sr. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue rating to a proposed issue of U.S.-dollar-denominated senior
unsecured notes by IDBI Bank Ltd. (foreign currency
BB+/Negative/B). The bank will issue the notes under its US$5
billion medium-term notes program.  The rating on the notes
reflects the long-term counterparty credit rating on IDBI.

The proposed notes will constitute direct, unconditional,
unsecured, and unsubordinated obligations of IDBI.  They shall at
all times rank at par among themselves and with all other
unsecured obligations of the bank.

The rating on the notes is subject to S&P's review of the final
issuance documentation.


IDEAL CHEMICALS: CRISIL Cuts Rating on INR210MM Loans to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ideal Chemicals (India) Pvt Ltd to 'CRISIL B/Stable' from
'CRISIL B+/Stable', and reaffirmed its rating on the company's
short-term bank facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            20      CRISIL A4 (Reaffirmed)

   Cash Credit               80      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term       130      CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The rating downgrade is driven by CRISIL's belief that ICI's
financial risk profile, particularly its liquidity, will remain
weak over the medium term, marked by lower-than-expected
profitability and net worth, and large working capital
requirements. ICI's expected net worth of INR36 million as on
March 31, 2014, is lower than CRISIL's earlier expectation, driven
by modest accretions to reserves of INR6 million and INR4 million
for 2013-14 (refers to financial year, April 1 to March 31) and
2012-13, respectively, because of decline in operating margin. The
company's operating margin is expected to decline to 3.5 per cent
for 2013-14 from 4.8 per cent for 2011-12, primarily because of
low margins on key products that it trades in. Consequently, ICI's
total outside liabilities to tangible net worth (TOLTNW) ratio is
expected to remain high, around 7.5 times, as on March 31, 2014,
against CRISIL's earlier expectation of 5 times. Furthermore,
ICI's bank limits are fully utilised with frequent reliance on ad
hoc limits. CRISIL believes that ICI's financial risk profile,
particularly its liquidity, will remain weak over the medium term;
material equity infusion leading to significant improvement in the
company's liquidity and capital structure will remain a rating
sensitivity factor.

The ratings reflect ICI's weaker-than-expected financial risk
profile, marked by a modest net worth and high TOLTNW ratio, and
large working capital requirements. The rating weaknesses are
partially offset by the benefits that ICI derives from its
established relationship with its principals and its promoters'
extensive experience in the chemical trading business.

Outlook: Stable

CRISIL believes that ICI will continue to benefit over the medium
term from its established relationship with suppliers; however,
its financial risk profile will remain constrained because of high
TOLTNW ratio and modest net worth. The outlook may be revised to
'Positive' if the company's financial risk profile improves, most
likely because of substantial equity infusion by its promoters.
Conversely, the outlook may be revised to 'Negative' if large
debt-funded capex materially affects ICI's debt protection
metrics, or if intense competition leads to significant decline in
the company's operating profitability, and consequently, its cash
accruals.

ICI was set up as a partnership firm in 1971; it was reconstituted
as a private limited company in 2000. The company trades in
chemicals used in the pharmaceutical, textiles, steel, and
fertilisers industries. It is managed by Mr. Sameer Sharda and Mr.
Vipul Maheshwari.

ICI reported a profit after tax (PAT) of INR4.1 million on net
sales of INR1110 million for 2012-13, against a PAT of INR6.9
million on net sales of INR1087 million for 2011-12.


JAYCO CERAMIC: ICRA Revises Rating on INR8.69cr Loans to 'B-'
-------------------------------------------------------------
ICRA has downgraded the long term rating from '[ICRA]B' to
'[ICRA]B-' for the INR4.44 crore term loans (reduced from INR5.30
crore) and the INR4.25 crore cash credit facility of Jayco
Ceramic. ICRA has also reaffirmed the short term rating of
'[ICRA]A4' to the INR0.60 crore (enhanced from INR0.45 crore) non
fund based bank guarantee facility of JC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Term        4.44       [ICRA]B- revised
   Loans

   Fund Based-Cash        4.25       [ICRA]B- revised
   Credit

   Non Fund based-        0.60       [ICRA]A4 reaffirmed
   Bank Guarantee

   Non Fund based-LC     (1.28)      [ICRA]A4 reaffirmed

The rating downgrade reflects the stretched liquidity position of
Jayco Ceramic emanating from elongated receivables resulting in
stretched payables and high working capital utilization in last
fifteen months. The ratings also continue to remain constrained by
Jayco Ceramic's modest scale of operations with a single product
portfolio and weak financial profile as reflected by adverse
capital structure and weak coverage indicators. The ratings also
take into consideration the susceptibility of operations to the
intense competition with the presence of large established
organized tile manufacturers and unorganized players. ICRA also
takes note of the dependence of operations and cash flows of the
firm on the performance of the real estate industry which is the
main consuming sector for the firm's products, and the
vulnerability to increasing prices of gas and power. ICRA also
takes note of JC's partnership constitution; any substantial
withdrawal from capital account may further deteriorate the
capital structure.

The ratings, however, favorably consider the experience of the key
promoters in the ceramic industry and the location advantage
enjoyed by JC with its plant located in Morbi giving it easy
access to raw materials. Further, JC's presence in digital
printing tiles is expected to support revenue growth.

Established in the year 2009, Jayco Ceramic is a partnership firm
and is engaged in business of manufacturing of ceramic wall tile.
The firm was promoted by Mr. Jayesh Aghara and its family members.
The manufacturing facility of the firm is based in Morbi, Gujarat
and has an installed capacity of 21600 MTPA. It currently
manufactures wall tiles of sizes -12" X 12", 12" X 24" and 12" X
18" with the current set of machineries at its production
facilities.

Recent Results
For the nine month operation during current year, JC reported
operating income of INR13.86 crore and profit before depreciation
and taxes of INR0.18 crore. For the year ended 31st March, 2013,
JC reported an operating income of INR25.59 crore and a profit
after tax of INR0.77 crore.


JAYESH INDUSTRIES: CRISIL Reaffirms B- Rating on INR152.4MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jayesh Industries Ltd
continues to reflect Jayesh Industries' below-average financial
risk profile marked by its small net worth, high gearing, and weak
debt protection metrics. The rating also factors in the company's
large working capital requirement, its limited pricing flexibility
and susceptibility of its profitability margins to volatility in
raw material prices. These rating weaknesses are partially offset
by the extensive experience of its promoters in the ferroalloy
industry, and its established relationships with its customers.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee             2       CRISIL A4
   Letter of Credit          45       CRISIL A4
   Cash Credit               87.5     CRISIL B-/Stable
   Letter of Credit          15       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility        39.9     CRISIL B-/Stable
   Standby Line of Credit    10       CRISIL B-/Stable

CRISIL had earlier upgraded its ratings on the bank facilities of
Jayesh Industries to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D' on February 19, 2014. The rating upgrade reflects the
absence of any instances of overdrawn cash credit limits beyond 30
days, over the last four months ended January 2014, supported by
improvement in its receivables cycle. CRISIL believes that the
company will sustain this improvement on the back of its cautious
strategy to offer low credit to customers and its enhanced
collection efforts. Furthermore, Jayesh Industries' liquidity
profile is supported by absence of term loans; the company does
not intend to contract any incremental term loan over the medium
term.

Outlook: Stable

CRISIL believes that Jayesh Industries will continue to benefit
over the medium term from its promoters' extensive industry
experience and its established relations with customers. The
outlook may be revised to 'Positive' if there is further
improvement in the company's working capital management, or there
is a substantial increase in its capital structure on the back of
equity infusion from promoters. Conversely, the outlook may be
revised to 'Negative' if Jayesh Industries' profitability margins
steeply decline or its liquidity deteriorates on account of
larger-than-expected working capital requirements.

Jayesh Industries manufactures ferroalloy powders and lumps for
the electrodes industry and steel plants, respectively. Its
factory is located at Vashi, Navi Mumbai.


JEKIN ENTERPRISE: ICRA Suspends B Rating on INR15cr Loan
--------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to the long term
INR20.0 crore fund based limit and INR15.0 crore non-fund based
limit of Jekin Enterprise.

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information
from the company.

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


KKRC INFRA: CRISIL Reaffirms 'B+' Rating on INR145MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of KKRC Infrastructure
Private Limited continues to reflect its large working capital
requirements, its small scale of operations, high degree of
geographic and customer concentration in its revenue profile, and
its exposure to intense competition in the construction industry.
These rating weaknesses are partially offset by the extensive
industry experience of KKRC's promoters and its above-average
financial risk profile marked by its moderate net-worth, low
gearing and above-average debt protection metrics.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           295      CRISIL A4
   Overdraft Facility       145      CRISIL B+/Stable

CRISIL had earlier downgraded its ratings on the bank facilities
of KKRC to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+' on February 25, 2014. The rating downgrade
reflects the steep deterioration in KKRC's liquidity, with a
stretch in its working capital cycle resulting in almost full
utilization of its bank limits. The downgrade also factors in the
expectation of a substantial decline in the company's scale of
operations on account of slow-moving projects in its order-book.
CRISIL believes that the company will need fresh capital from its
promoters, or would have to register sustained improvement in its
working capital cycle, to alleviate the pressure on its liquidity.

There has been a stretch in KKRC's working capital cycle as
reflected in a sequential increase in its receivable levels, which
are expected to be around 275 days as on March 31, 2014, as
against 157 days as on March 31, 2012. The stretch in the
company's receivables cycle resulted in resulted in almost full
utilization of its bank limits over the last six months ended
December 2013.

The revenues of the company are also expected to register a year-
on-year decline of around 50 per cent to INR260 million in 2013-14
(refers to financial year, April 1 to March 31) on account of
slow-moving projects in its order-book. Though the company has an
order-book of INR1.5 billion as on December 31, 2013, the pace of
execution of these orders remain a key rating sensitivity factor.

Outlook: Stable

CRISIL believes that KKRC will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relations with clients. The outlook may be revised to
'Positive' if there is a substantial and sustained improvement in
the company's scale of oeprations, while maintaining its
profitability margins or there is a sustained improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' if there is a steep decline in the company's
profitability margins from the current levels or there is a
further deterioration in its liquidity on account of larger-than-
expected working capital requirements.

KKRC was set up as a proprietorship firm, KK Reddy and Company, by
Mr. K Chandra Mohan Reddy in 1983. The firm was reconstituted as a
partnership firm in 1996 and then as a private limited company in
2010, when it got its present name.

KKRC, located in Hyderabad (Andhra Pradesh), mainly undertakes
various irrigation projects, including digging and lining of
canals, excavation works, embankment in canal projects, and dam
construction. The company is registered as a special class
contractor with the public works departments of Andhra Pradesh,
Maharashtra, and Chhattisgarh.


KRAFT LAND: CRISIL Reaffirms 'B' Rating on INR21.5MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Kraft Land (India)
continue to reflect the firm's weak financial risk profile, marked
by a high total outside liabilities to tangible net worth ratio
and a small net worth. The ratings also reflect the firm's
exposure to risks related to geographic and customer concentration
in its revenue profile. These rating weaknesses are partially
offset by the experience of Kraft Land's promoters in trading in
Ukraine.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee             5      CRISIL A4 (Reaffirmed)
   Letter of Credit           5      CRISIL A4 (Reaffirmed)
   Post Shipment Credit      65      CRISIL A4 (Reaffirmed)
   Pre Shipment Facility     25      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        21.5    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Kraft Land will maintain its business risk profile
over the medium term, supported by its extensive presence in
Ukraine. The outlook may be revised to 'Positive' if the firm
reports larger-than-expected operating income or profitability, or
improves diversification of its customer base. Conversely, the
outlook may be revised to 'Negative' if the firm's business and/or
financial risk profile deteriorate due to the on-going political
crisis in the Ukraine or if Kraft Land undertakes sizeable debt-
funded capital expenditure.

Kraft Land, a partnership firm set up in 1987, trades in stainless
steel utensils, ready-made garments, and toiletries (shaving cream
and toothpaste). The firm has two partners, Mr. Dilbagh Singh
Sachdeva and Mrs. Gurjit Kaur. Kraft Land is a 100 per cent
export-oriented unit, and derives over 90 per cent of its revenues
from exports to Ukraine.

Kraft Land reported a profit after tax (PAT) of INR5 million on
net sales of INR241 million for 2012-13 (refers to financial year,
April 1 to March 31), vis-a-vis a PAT of INR4.2 million on net
sales of INR221 million for 2011-12.


M J R INFRA: CRISIL Reaffirms 'B' Rating on INR50MM Loans
--------------------------------------------------------
CRISIL's ratings on the bank facilities of M J R Infrastructures
Private Limited continue to reflect MJRI's large working capital
requirements, its small scale of operations, and high degree of
customer and geographical concentration in its revenue profile.
The rating also factors in the company's small net-worth limiting
its financial flexibility, and its exposure to intense competition
in the construction industry. These rating weaknesses are
partially offset by the company's above-average financial risk
profile marked by its low gearing and robust debt protection
metrics, and its healthy order book.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            50      CRISIL A4 (Reaffirmed)

   Cash Credit               30      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        20      CRISIL B/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility       100      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that MJRI will continue to benefit over the medium
term from its promoters' extensive experience in the construction
industry, and its healthy order book. The outlook may be revised
to 'Positive' if the company registers a substantial and sustained
increase in its scale of operations, while maintaining its
profitability margins, or there is a sustained improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in the company's
profitability margins, or a substantial deterioration in its
capital structure most likely because of a stretch in its working
capital cycle.

MJRI was incorporated in 2007 by the Hyderabad (Andhra Pradesh)-
based Reddy family. The company commenced operations in 2010, and
undertakes civil construction works.



M-TECH INNOVATIONS: ICRA Suspends 'D Rating on INR25.96cr Loans
---------------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR15.37 crore
Term Loan facility and INR7.50 crore Fund Based Working Capital
facility and [ICRA]D rating assigned to the INR3.09 crore Non Fund
Based facilities of M-Tech Innovations Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

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

M-Tech is a small manufacturing company with a presence in niche
segment of manufacturing high-tech plastic products for Banking /
Telecom / Automobile & Electronic Sectors. The company
manufactures smart card (PAN Card, Card for Mass Transit System
like Mumbai Local), chip enabled card (Driving license), Contact
less cards (RFID enabled cards) and other value added products.
MTech also provide plastic labels for automotive dials, consumer
durables and other applications. MTech is an ISO 9001:2000/ TS
16949:2002 certified company.


MERIDIAN MEDICAL: ICRA Assigns 'D' Rating to INR46.5cr Loans
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to the INR46.50
crore fund based bank limits of Meridian Medical Research and
Hospital Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits-        46.00      [ICRA]D (assigned)
   Term Loan

   Fund Based Limits-         0.50      [ICRA]D (assigned)
   Cash Credit

The rating is constrained by the delays in servicing of debt
obligations by the company primarily on account of significant
cost and time overruns witnessed in commencement of operations of
the new hospital. Increased project cost, which was mostly debt
funded, in turn led to a stretched gearing for the company as on
March 31, 2013. ICRA notes that the high capital cost incurred for
establishing the new hospital coupled with the low occupancy
levels recorded, adversely impacted the overall profitability of
the company. Further, the long gestation period associated with
the stabilization of operations of the new hospital is likely to
keep profitability at low levels at least in the near to medium
term. The rating also factors in the challenges associated with
retaining reputed doctors in the existing and the new hospital in
view of the heightened competition from new hospitals in Kolkata.
The rating however, favorably factors in the established market
position of the hospital in the suburban region of West Bengal and
the tie up with a reputed hospital for the treatment of cardiac
patients for its new hospital. In ICRA's opinion, the ability of
the company to service its debt obligations in a timely manner and
stabilize the operations of its new hospital would remain key
rating sensitivities going forward.

Meridian Medical Research and Hospital Ltd. was incorporated in
1995 as a Public Limited company. It currently runs one a 150 bed
multispecialty hospital under the name "West Bank Hospital" at
Andul Road, Howrah. Recently, a new 170 bed hospital has been set
up by MMRHL at the outskirts of Kolkata, 98 beds of which have
been made operational.


MOHAMMED ENTERPRISES: CRISIL Keeps B- Rating on INR261.9M Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facilities of Mohammed Enterprises Pvt Ltd, while reaffirming its
rating on the company's long-term facilities at 'CRISIL B-
/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            250      CRISIL B-/Stable (Reaffirmed)
   Short Term Loan        100      CRISIL A4 (Assigned)
    Term Loan              11.9    CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect MEPL's below-average financial
risk profile marked by its small net worth, high gearing and
below-average debt protection metrics, and its large working
capital requirements. The ratings also factor in the
susceptibility of the company's profitability margins to
volatility in tobacco prices and foreign exchange rates, and its
exposure to intense competitive pressures and regulatory risks in
the tobacco industry. These rating weaknesses are partially offset
by the extensive experience MEPL's promoters in the tobacco
industry, its wide geographical reach, and its established
relationships with customers.

Outlook: Stable

CRISIL believes that MEPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' in case of a sustained improvement in the
company's working capital management, or a substantial increase in
its net worth on the back of equity infusion by its promoters.
Conversely, the outlook may be revised to 'Negative' if there is a
steep decline in MEPL's profitability margins, or significant
deterioration in its capital structure most likely because of
substantial working capital requirements.

MEPL was originally set up as a proprietorship firm in 1985; the
firm was reconstituted as a private limited company in 2000. The
company processes tobacco. It is based in Guntur (Andhra Pradesh)
and is currently being managed by the founder's son, Mr. Mohammed
Mustafa.


NILACHAL REFRACTORIES: CRISIL Cuts Rating on INR422.5M Loans to C
-----------------------------------------------------------------
CRISIL has downgraded its long-term ratings on the bank facilities
of Nilachal Refractories Limited to 'CRISIL C' from 'CRISIL B-
/Stable' while reaffirming the short-term ratings at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            40      CRISIL A4 (Reaffirmed)

   Cash Credit               90      CRISIL C (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term       332.5    CRISIL C (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

The downgrade reflects significant deterioration in NRL's
liquidity due to large incremental working capital requirements,
with gross current assets (GCA)  increasing to an estimated 370
days as on March 31, 2014 (refers to the financial year April 01
to March 31) from 254 days as on March 31, 2012. The stretch in
working capital cycle has been because of delayed payments by
customers and sizeable inventory from deferred orders. NRL's
revenue is expected to reduce to INR150 million for 2013-14, from
INR246 million in 2012-13 and INR362 million in 2011-12. NRL has
been fully utilising and frequently overdrawing on its cash credit
limits. CRISIL believes that NRL's liquidity will remain stretched
over the medium term on account of large working capital
requirements.

CRISIL's ratings reflect NRL's working capital intensive
operations and exposure to fragmented nature of industry. The
ratings also factor in susceptibility of operating margins to
fluctuations in raw material prices. These rating weaknesses are
partially offset by the extensive industry experience of NRL's
promoters in the refractory business.

NRL, incorporated in 1977, manufactures refractory bricks and
monolithic, such as castables, plastic-based ramming mass, and
gunning materials, which are used in linings for furnaces, kilns,
and reactors. The operations are managed by Mr. Bhagwati Prasad
Jalan, Mr. Vimal Prakash, and Mr. Vijay Kumar Agarwal.

For 2012-13 (refers to financial year, April 1 to March 31), NRL
reported a net loss of INR5.4 million on net sales of INR246.7
million, against a profit after tax (PAT) of INR19 million on net
sales of INR362.4 million for 2011-12.


PONMANI INT'L: CRISIL Assigns 'B+' Rating to INR70MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ponmani International (India) Pvt Ltd (PIIPL).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              36.5     CRISIL B+/Stable
   Proposed Fund-Based
   Bank Limits              33.5     CRISIL B+/Stable

The rating reflects PIIPL's exposure to risks relating to modest
scale of operations, and cyclicality in the end-user industry. The
rating also factors in PIIPL's average financial risk profile,
marked by low net worth. These rating weaknesses are partially
offset by the promoters' extensive experience in fire protection
control systems and the company's established relationships with
key suppliers.

Outlook: Stable

CRISIL believes that PIIPL will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if significant improvement in
scale of operations and profitability, and efficient working
capital management result in higher-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in the event
of pressure on the company's credit risk profile on account of low
cash accruals, or sizeable working capital requirements or debt-
funded capital expenditure.

Incorporated in 1996 as a partnership firm, PIIPL was converted
into private limited company in 2005. The company is a dealer and
contractor for fire protection systems, access-control systems and
security systems.

PIIPL reported a profit after tax (PAT) of INR5.0 million on net
sales of INR124.7 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR4.0 million on net sales
of INR81.5 million for 2011-12.


PRIYADARSHNI FASHIONS: CRISIL Puts 'B-' Rating on INR150MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Priyadarshni Fashions Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 69.5    CRISIL B-/Stable
   Cash Credit               40      CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility        40.5    CRISIL B-/Stable

The rating reflects PFPL's weak financial risk profile and weak
liquidity marked by high gearing, weak debt protection metrics,
and depressed cash accruals vis-a-vis scheduled debt repayment
obligations. The rating also factors in PFPL's small scale and
working-capital-intensive operations. These rating weaknesses are
partially offset by the benefits that PFPL derives from its
promoters' extensive experience in the textile industry and
funding support extended by them to support liquidity.

Outlook: Stable

CRISIL believes that PFPL will continue to benefit from the
promoters' extensive experience in the textile industry; however,
its financial risk profile will remain constrained by its low cash
accruals and weak capital structure. The outlook may be revised to
'Positive' if the company's financial risk profile and liquidity
improve due to higher-than-expected cash accruals and sizable
infusion of fresh funds by the promoters. Conversely, the outlook
may be revised to 'Negative' in case of further pressure on the
company's financial risk profile, especially liquidity, due to
decline in cash accruals and larger working capital requirements.

PFPL was incorporated in 1994 as a private limited company in
Gujarat. It is engaged in manufacturing of various grades of
viscose fabric. Recently, it also started manufacturing sarees and
dress materials. It is promoted by Mr. Jaibhagwan Gupta and his
family members.


R. L. AGRO: CRISIL Assigns 'B-' Rating to INR60MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of R. L. Agro Industries. The ratings reflect RLA's
weak financial risk profile marked by weak capital structure, and
the company's large working capital requirements and small scale
of operations. These rating weaknesses are partially offset by the
benefits that RLA derives from its promoters' extensive experience
in, and the healthy growth prospects of, the rice industry.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                18.1       CRISIL B-/Stable
   Cash Credit              38.0       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility        3.9       CRISIL B-/Stable

Outlook: Stable

CRISIL believes that RLA will maintain its business risk profile
over the medium term on the back of its promoters' extensive
experience in the rice industry. The financial risk profile is
expected to remain weak owing to a weak capital structure and
large debt undertaken to meet its working capital requirements.
The outlook may be revised to 'Positive' in case of improvement in
capital structure driven by capital infusion by the promoters or
better working capital management. Conversely, the outlook may be
revised to 'Negative' in case of higher-than-expected increase in
working capital requirements or lower-than-expected profitability
leading to deterioration in the financial risk profile.

Set up in 2010 by Mr. Krishan Gopal and Mr. Chanchal Kumar, R L
Agro Industries (RLA) is a partnership firm engaged in the milling
and processing of rice, mainly non-basmati rice and sells the same
in domestic market. Its plant is situated in Gurdaspur (Punjab).

RLA reported a net profit of INR0.55 million on net sales of
INR44.5 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR0.45 million on net sales of
INR24.5 million for 2011-12.


RADHAGOBINDA RICE: ICRA Reaffirms 'B-' Rating on INR7.6cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B-' rating to the INR5.40 crore
term loan and INR2.20 cash credit facilities of Radhagobinda Rice
Mills Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits-       5.40      [ICRA]B- reaffirmed
   Term Loan

   Fund Based Limits-       2.20      [ICRA]B- reaffirmed
   Cash Credit

The reaffirmation of the rating takes into account RRMPL's weak
financial profile characterized by low net profitability, high
gearing and high working capital intensity of operations,
adversely impacting liquidity. ICRA notes that the company has
substantial debt servicing obligation in the near term, which may
further exert pressure on the company's cash flow position. The
rating also takes into consideration RRMPL's small scale of
current operations and the fragmented nature of the industry which
intensifies competition and puts pressure on margins. The rating,
however, favourably considers the experience of the promoters in
the rice milling business and RRMPL's presence in a major paddy
growing area, resulting in easy availability of paddy.

Incorporated in 2009, RRMPLis currently engaged in the milling of
non-basmati rice with an installed capacity of 28,800 metric tonne
per annum (MTPA). The manufacturing facility of the company is
located at Jaunlia, in the district of Murshidabad, West Bengal.
The company started its production in July 2012.

Recent Results
The company has reported a net profit of INR0.04 crore on an
operating income of INR9.31 crore during 2012-13 against a net
profit of INR0.01 crore on an operating income of INR5.94 crore
during 2011-12.


ROHINI OIL: CRISIL Assigns 'B+' Rating to INR70MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to bank
facilities of Rohini Oil Field Chemicals Pvt Ltd. The rating
reflects ROFCL's modest scale and working capital intensive nature
of operations. These rating weaknesses are partially offset by the
extensive industry experience ROFCL's promoters and its
established customer relationship.

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

Outlook: Stable

CRISIL believes that ROFCL will benefit over the medium term from
its promoters' extensive industry experience and its established
customer relationship. The outlook may be revised to 'Positive' if
the company's revenue and profitability increase substantially
along with an improvement in its working capital management or in
case of significant infusion of capital leading to improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the company's revenue and profitability decline
substantially or if the company undertakes a 'larger than
expected' debt-funded capex thereby leading to weakening in its
financial risk profile.

Established in 2005 as a partnership firm and reconstituted as a
private limited company during 2013, ROFCL is engaged in
manufacturing of Barium Sulphate (Barite). The company is promoted
by Mr. K. Subramanyam Raju along with his family.


RUBY MILLS: CRISIL Reaffirms 'B' Rating on INR5.79BB Loans
----------------------------------------------------------
CRISIL's ratings on the bank facilities of The Ruby Mills Ltd
continue to reflect Ruby Mills' limited pricing power due to
average scale of operations in the textile business,
susceptibility to intense competition in the low-end fabric market
in India, and to risks inherent in the commercial real estate
construction business.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               230     CRISIL B/Stable (Reaffirmed)
   Letter of credit &
   Bank Guarantee            128     CRISIL A4 (Reaffirmed)
   Term Loan               5,564.7   CRISIL B/Stable (Reaffirmed)

These rating weaknesses is mitigated by the favourable location of
Ruby Mills' real estate property and the steady lease income it
derives from its premises at Dadar in Mumbai. The ratings are
based only on publicly available information as Ruby Mills has not
cooperated with CRISIL in its surveillance process.

Outlook: Stable

CRISIL believes that Ruby Mills' credit risk profile will remain
stable backed by expectation of moderate saleability post
completion of its real estate commercial property. The outlook may
be revised to 'Positive' in case Ruby Mills reports more-than-
expected cash flows, and improves its capital structure on a
sustained basis over the medium term. Conversely, the outlook may
be revised to 'Negative' in case of unanticipated increase in debt
or significant deterioration in operating performance.

Ruby Mills, founded in 1917, is one of the oldest running textile
mills in Mumbai. It is a composite mill that manufactures cotton
and blended yarn/fabric and interlining fabric at its plants at
Dadar and Khursundi and Dhamni (both in Raigad [Maharashtra]).
After the transfer of Ruby Mills' spinning and weaving facility to
Dhamni, a large part of the company's land at Dadar became vacant.
The company has leased out 80,500 square feet (sq ft) of its owned
building in Dadar. Furthermore, the company has developed 1.25
million sq ft of commercial project in Dadar.

For 2012-13 (refers to financial year, April 1-March 31), Ruby
Mills reported a net profit of INR304.8 million (Rs.582.3 million
for 2011-12) on an operating income of INR1.59 billion (Rs.1.68
billion). For the nine months ended December 2013, the company
reported a net profit of INR112.1 million on an operating income
of INR1.25 billion against a net profit of INR102.5 million on an
operating income of INR1.05 billion for the same period last
year.)


S.B. INT'L: CRISIL Lowers Rating on INR90 Million Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
S.B. International to 'CRISIL D' from 'CRISIL B/Stable'. The
rating downgrade reflects SB's consistently overdrawn cash credit
limits for over 60 days due to weak liquidity.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit              55     CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long Term       35     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

SB also has a small scale of operations. Moreover, the firm's
profitability is susceptible to downturns in the end-user industry
and to volatility in steel prices. However, SB benefits from its
promoters' extensive experience in the steel industry.

SB was established as a proprietary concern by Mr. Bhavik Thakkar,
in Mumbai (Maharashtra) in 2003. The firm trades steel scrap and
mild steel ingots.

SB reported a profit after tax (PAT) of INR3.4 million on net
sales of INR483.2 million for 2011-12 (refers to financial year,
April 1 to March 31) vis-a-vis a PAT of INR3.6 million on net
sales of INR470.6 million for 2010-11.


S T ELECTRICALS: CRISIL Reaffirms 'B+' Rating on INR125MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of S T Electricals Pvt Ltd
(STEPL; part of the ST group) continue to reflect the ST group's
working-capital-intensive operations, and susceptibility to
intense competition in the electrical contracting industry. These
rating weaknesses are partially offset by the group's moderate
financial risk profile, marked by a moderate net worth,
comfortable gearing, and adequate debt protection metrics, and the
extensive industry experience of its promoters.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          305      CRISIL A4 (Reaffirmed)
   Letter of Credit         90      CRISIL A4 (Reaffirmed)
   Overdraft Facility      100      CRISIL B+/Stable (Reaffirmed)
   Term Loan                25      CRISIL B+/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of STEPL, Success Engineers (SE), and
Siddharth Engineering Corporation (SEC). This is because the three
entities, collectively referred to as the ST group, are in the
same line of business and have a common owner and fungible cash
flows.

Outlook: Stable

CRISIL believes that the ST group will continue to benefit over
the medium term from its promoters' extensive industry experience
and its healthy order book. The outlook may be revised to
'Positive' if the group is able to raise funds to ensure timely
execution of its order book. Conversely, the outlook may be
revised to 'Negative' if the ST group faces any unprecedented
delay in realising its debtors, or if its pace of order
implementation slows down.

STEPL was set up as a partnership firm in 1986; the firm was
reconstituted as a private limited company with the current name
in 1998. The company primarily undertakes government-funded
electrical projects. It is promoted by Mr. S T Tiwari and his
family.

SE, set up in 2000, is a partnership firm that manufactures feeder
pillars and undertakes job work. The promoters of STEPL are the
partners in SE. SEC, set up in 2003, is a partnership firm engaged
in job work and in trading in electrical items.

STEPL reported a profit after tax (PAT) of INR40.7 million on net
sales of INR559.9 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR63.5 million on net
sales of INR659.1 million for 2011-12.


SAHARA INDUSTRIES: ICRA Assigns 'B' Rating to INR12.93cr Loans
--------------------------------------------------------------
The long-term rating of '[ICRA]B' has been assigned to the
INR11.00 crore cash credit facility and the INR1.93 crore term
loan facility of Sahara Industries.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit         11.00      [ICRA]B assigned
   Term Loan            1.93      [ICRA]B assigned

The assigned rating is constrained by SI's small scale of
operations and a highly leveraged capital structure (gearing at
5.37 times as on March 31, 2013) with ongoing debt funded capital
expenditure likely to keep the capital structure stretched in the
near term. The rating is further constrained by the highly
competitive and fragmented industry structure owing to low entry
barriers; and the vulnerability of the firm's profitability to raw
material (i.e. cotton) prices, which are subject to seasonality,
crop harvest and regulatory risks. ICRA also notes that as SI is a
partnership firm, any significant withdrawals from the capital
account by the partners would adversely affect its net worth and
thereby its capital structure.

The assigned rating, however, favourably factors in the long track
record of the firm in the cotton ginning business and favourable
location of the firm's manufacturing facility in Wankaner, Rajkot
in Gujarat, giving it an easy access to quality raw material. The
firm also stands to benefit from various fiscal benefits given by
the central and state government for new ginning capacities.

Sahara Industries (SI) was established as a partnership firm in
June 1997 and is engaged in the business of ginning and pressing
of raw cotton. The firm's manufacturing facility is located at
Wankaner, Rajkot in Gujarat. It is currently undergoing expansion
with plans to replace existing 20 ginning machines and 1 pressing
machine with 48 new ginning machines and 1 pressing machine. The
proposed new ginning unit would commence operations by the end of
March 2014. The firm is currently promoted by four partners i.e.
Mr. Ami Ali Kadiwar, Mr. Afzal Ibrahim Sipai, Mrs. Niyamat Sipai
and Mrs. Sahenaj Sipai, who have a long standing experience in the
cotton ginning business.

Recent Results
During FY 2013, SI reported an operating income of INR24.67 crore
and profit after tax of INR0.10 crore as against an operating
income of INR27.85 crore and profit after tax of INR0.09 crore
during FY 2012.


SAINATH AUTOLINKS: ICRA Assigns 'B+' Rating to INR21cr Loans
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR21.00
crore fund based bank limits of Sainath Autolinks Private Limited.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit        15.00       [ICRA]B+ assigned
   Term Loan           6.00       [ICRA]B+ assigned

The rating takes into consideration the stable but low operating
profitability, wherein pricing policies are determined by Maruti
Suzuki India Limited and high gearing and depressed coverage
indicators. The rating also factors in the limited geographical
presence of the company, which is operating out of three showrooms
in the state of West Bengal. The rating however, favourably
factors in the fact that SAPL is an authorized dealer for MSIL
which is the market leader in the passenger car segment in India
and the healthy growth in revenue in the past. Going forward, with
the increase in scale of operations, the company's ability to
manage its working capital requirements without adversely
impacting its capital structure shall remain key rating
sensitivities.

SAPL was incorporated in 2010 and has been engaged in the business
of vehicle dealership for Maruti Suzuki India Limited (MSIL). The
company is promoted by Mr. Amarjeet Chalwa and Mr Mohan Chawla,
who are engaged in the day to day management of the company.

Recent Results

The company has reported a profit after tax (PAT) of INR0.10 crore
in FY13 on an operating income (OI) of INR49.81 crore as against a
PAT of INR0.09 crore in FY12 on an operating income of INR39.15
crore.


SONPAL EXPORTS: CRISIL Reaffirms 'B+' Rating on INR470MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities Sonpal Exports Pvt Ltd
(SEPL; a part of the Sonpal group) continue to reflect the group's
low value-added nature of operations, and below-average financial
risk profile, marked by a high total outside liabilities to
tangible net worth (TOLTNW) ratio and a weak interest coverage
ratio. These rating weaknesses are partially offset by the
promoter's extensive experience in the agricultural commodities
business and the group's healthy scale of operations.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            100     CRISIL A4
   Letter of Credit          100     CRISIL A4
   Export Packing Credit     420     CRISIL B+/Stable
   Standby Line of Credit     50     CRISIL B+/Stable

CRISIL had, on February 10, 2014, downgraded its ratings on the
bank facilities of the Sonpal group to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SEPL, Hanuman Industries (HI), and Shiv
Shankar Oil Industries Pvt Ltd. This is because all these
entities, together referred to as the Sonpal group, are in a
similar line of business and owned by the same promoter, and have
fungible cash flows with each other.
Outlook: Stable

CRISIL believes that the Sonpal group will continue to benefit
over the medium term from its stable revenue growth and its
promoter's extensive experience in the agricultural commodities
business. The outlook may be revised to 'Positive' if the group
significantly improves its financial risk profile, most likely
because of significant improvement in its profitability and better
working capital management. Conversely, the outlook may be revised
to 'Negative' if the Sonpal group's operating revenue and margin
are lower than expected, or its working capital management
weakens, leading to weakening of its debt protection metrics and
liquidity.

SEPL, incorporated in 2004, hulls natural sesame seeds for the
export market. HI was set up in 2003 as a proprietorship concern;
it was reconstituted as a partnership firm in 2007. Apart from
sorting, the firm primarily operates as a trader in sesame seeds
and other agricultural products in the export market. SSOIPL was
incorporated in 2011 and is in the same line of business. The
group is promoted by Mr. Manojkumar Sonpal.

For 2012-13, SEPL reported a profit after tax (PAT) of INR12.5
million on net sales of INR2.6 billion, against a PAT of INR11.1
million on net sales of INR2.6 billion for 2011-12.


SOURABH GILTS: CRISIL Lowers Rating on INR320MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sourabh Gilts & Securities Ltd to 'CRISIL D' from 'CRISIL
B+/Stable'. The downgrade reflects instances of delay by SGSL in
servicing its debt obligations.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               270     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')
   Proposed Cash Credit
   Limit                      50     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

CRISIL has not received adequate information from SGSL to enable
it to undertake a rating review. The information about delay in
debt servicing is provided by SGSL's banker.

SGSL started in June 2000 and primarily trades in fixed income
securities on a principal to principal basis. It is also engaged
in fee-based activities, including distribution of financial
products such as mutual funds, private placement of equity, and
fixed deposit mobilisation activities. The company, through its
network of branches and franchisees, has presence in New Delhi,
Mumbai (Maharashtra), Chennai (Tamil Nadu), Bengaluru (Karnataka),
Guwahati (Assam), Jamshedpur (Jharkhand), Bhubaneshwar (Orissa),
Lucknow (Uttar Pradesh), and Hyderabad (Andhra Pradesh).

For 2011-12 (refers to financial year, April 1 to March 31), SGSL
reported a profit after tax (PAT) of INR5.0 million on a total
income of INR47.5 million, against a PAT of INR2.6 million on a
total income of INR30.9 million for 2010-11.


SREE SAI: ICRA Suspends B+ Rating on INR20cr Long Term Loan
-----------------------------------------------------------
ICRA has suspended '[ICRA]B+' rating assigned to the INR20.00
crore, long term fund based facilities of Sree Sai Gopal Papers
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


SRI DURGA: CRISIL Downgrades Rating on INR80MM Loan to 'B'
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Sri Durga Estates to 'CRISIL B/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             80      CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade follows sharp deterioration in SDE's
financial risk profile due to large unanticipated capital
withdrawal and lower accruals. On account of delays in execution
of its orders, SDE's revenue and operating margin are estimated to
be severely constrained to only about INR70 million and 10 per
cent, respectively, for 2013-14 (refers to financial year, April 1
to March 31), significantly lower than expectations. In 2012-13,
the partners withdrew INR29 million from the firm, thereby eroding
its net worth and denting the overall financial risk profile.

The ratings reflect the firm's modest scale of operations and weak
financial risk profile, marked by an aggressive capital structure
and inadequate debt protection metrics. These rating weaknesses
are mitigated by the extensive experience of SDE's promoters in
the construction industry.

Outlook: Stable

CRISIL believes that SDE's business risk profile will remain
constrained due to its small scale of operations and limited
revenue visibility. The outlook may be revised to 'Positive' if
the firm significantly improves its scale of operations and
profitability on a sustainable basis and improves its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of any further deterioration in the firm's accruals or any
stretch in its working capital cycle thereby impacting its debt
repayment abilities.

SDE, a partnership firm, undertakes construction of buildings on
contract basis in Andhra Pradesh. The firm has been in the same
line of business since 1990.

SDE reported profit after tax (PAT) of INR2.9 million on net sales
of INR76.3 million for 2012-13 as against PAT of INR5.3 million on
net sales of INR60.4 million for 2011-12.


SRI LAKSHMI: CRISIL Lowers Rating on INR65MM Loans to 'B+'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Lakshmi Constructions to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable' while assigning 'CRISIL A4' to the short-term bank
facilities of SLC.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long Term Loan            20      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Overdraft Facility        45      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in SLC's financial
risk profile due to larger-than-expected debt-funded capital
expenditure (capex) during 2012-13 (refers to financial year,
April 1 to March 31); the company undertook capex of around INR29
million during 2012-13 towards purchase of machinery, funded
through term loans of around INR20 million and the remaining
through internal accruals. Consequently, SLC's gearing
deteriorated to around 1.9 times as on March 31, 2013, from 1.5
times as on March 31, 2012. Furthermore, its interest coverage
ratio (3-years moving average) declined to 2.3 times for 2012-13
from 3.5 times for 2011-12. SLC's business risk profile also
deteriorated marginally during 2012-13, with the company reporting
operating income of INR69 million, down 10 per cent year-on-year
and lower than CRISIL's expectation. This is primarily on account
of lower-than-expected orders executed during 2012-13. SLC's
revenue is expected to improve during 2013-14 with the company
reporting revenue of INR130 million for the period between April
2013 and January 2014.

The ratings also reflect SLC's modest scale of operations in a
highly competitive industry and working-capital-intensive
operations. These rating weaknesses are partially offset by the
benefits that SLC derives from its partners' extensive experience
in the civil construction industry and its moderate financial risk
profile, marked by moderate gearing and debt protection metrics.

Outlook: Stable

CRISIL believes that SLC will continue to benefit over the medium
term from its partners' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' if
SLC records higher-than-expected cash accruals while maintaining
its profitability and improving its capital structure. Conversely,
the outlook may be revised to 'Negative' if there is a sharp
decline in the firm's profitability or stretch in its working
capital cycle or in case of larger-than-expected debt-funded
capex, leading to further weakening in its financial risk profile.

SLC (formerly C Viswanatha Naidu), set up in 1980 as a
proprietorship concern by Mr. C Viswanatha Naidu, was converted
into a partnership firm in 2014. The firm is engaged in
construction and repair of roads in Chittoor (Andhra Pradesh).


SRI SUDHA: ICRA Suspends 'B' Rating on INR8cr Loans
---------------------------------------------------
ICRA has suspended the rating of '[ICRA]B' assigned to the INR8.00
crore fund based limits of Sri Sudha Sesamum Agro Foods and
Exports Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

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


SSV ENGINEERS: CRISIL Cuts Rating on INR500MM Loan to 'B-'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of SSV Engineers Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL
B+/Stable', while reaffirming the rating on the company's short-
term bank facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           180        CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Letter of credit &
   Bank Guarantee         50        CRISIL A4 (Reaffirmed)

   Proposed Bank
   Guarantee              50        CRISIL A4 (Reaffirmed)

   Proposed Cash         100        CRISIL B-/Stable (Downgraded
   Credit Limit                     from 'CRISIL B+/Stable')

   Proposed Long Term     20        CRISIL B-/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B+/Stable')

   Term Loan             200        CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in SSV's liquidity due
to its slower cash conversion cycle amid the prevalent slowdown in
the infrastructure and power industries. Consequently, despite a
decline in SSV's top line in 2013-14 (refers to financial year,
April 1 to March 31), the company fully utilised its working
capital limits. Additionally, SSV's annual term loan obligation of
INR40 million on lower topline further strains its liquidity.

The ratings reflect SSV's below-average financial risk profile,
marked by its average net worth, high gearing, and weak debt
protection metrics. The ratings also reflect the company's large
working capital requirements, customer and end-user industry
concentration in its revenue profile, and susceptibility to
volatility in raw material prices. These rating weaknesses are
partially offset by SSV's established customer relationships and
the promoter's extensive industry experience.

Outlook: Stable

CRISIL believes that SSV's financial risk profile will be
constrained by its weak liquidity and leveraged capital structure.
The outlook may be revised to 'Positive' if the company
significantly improves its liquidity and gearing, most likely
through an equity infusion. Conversely, the outlook may be revised
to 'Negative' if SSV's liquidity comes under further pressure
owing to stretch in working capital cycle or weaker than expected
profitability.

SSV commenced operations by acquiring two proprietary concerns,
SSV Engineers and Steel Wind Energy, owned by Mr. V M Shinde, with
effect from April 2008. SSV fabricates mild steel structurals
(such as platform structures for boilers and heavy foundations of
windmills), and components (pressure vessel covers), mainly for
pressure vessels. The company carries out cutting, bending,
welding, and finishing processes. SSV has three fabrication units:
two near Pune (one each in Pimpri and Chakan) and one in Indapur
(all in Maharashtra).


SUNNY VALLEY: ICRA Assigns 'B+' Rating to INR9.5cr Loans
--------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR2.06
crore term loan, INR7.00 crore1 cash credit limit, INR0.24 crore
non-fund based limit and INR0.20 crore unallocated limits of Sunny
Valley Tea & Industries Limited. ICRA has also assigned a short
term rating of '[ICRA]A4' to the INR0.20 crore unallocated limits
of the company, which has been rated on both long term and short
term scale.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             7.00        [ICRA]B+ assigned
   Term Loan               2.06        [ICRA]B+ assigned
   Non-fund based
   limits                  0.24        [ICRA]B+ assigned
   Unallocated Limits      0.20        [ICRA]B+/[ICRA]A4 assigned

The rating takes into account SVTIL's small scale of current
operations, its adverse financial risk profile as reflected by a
high gearing level and depressed coverage indicators, a single
garden located in Jalpaiguri district of West Bengal that
accentuates the agro climatic risks associated with tea, and the
inherent cyclicality in the tea industry that leads to variability
in profitability and cash flows of players including SVTIL. The
tea production was significantly down during FY13 and FY14 (till
date), due to adverse weather conditions during May 2012, which
impacted a significant proportion of the tea plantations. However,
the company has made up a large proportion of the production loss
and the rehabilitation work is going on for the rest. The rating
draws comfort from the experience of the promoters in the domestic
bulk tea industry and the favourable price outlook for the
domestic bulk tea industry at least over the short to medium term.

Sunny Valley Tea & Industries Ltd. was incorporated in 1918 and
has a tea garden in the Jalpaiguri district of West Bengal
covering an area of around 344 hectares under tea. The company
primarily produces CTC variety of tea which it sells in the
domestic market through a mix of auction and private sales
depending upon market conditions. Apart from producing tea from
its own garden, the company also has bought leaf operations, which
comprised around 32% of the total tea production during FY2013.


TALWAR AUTO: CRISIL Reaffirms 'B' Rating on INR75MM Loans
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Talwar Auto
Garages Private Limited continues to reflect TAGPL's below-average
financial risk profile marked by its small net worth, high total
outside liabilities to tangible net worth ratio and average debt
protection metrics. The rating also factors in the company's
exposure to economic cyclicality and intense competition in the
automotive dealership industry. These rating weaknesses are
partially offset by TAGPL's established regional presence in the
automotive dealership market, its efficient working capital
management and low exposure to inventory and debtor risks, and its
established relation with its principal - VE Commercial Vehicles
Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Channel Financing         75      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TAGPL will continue to benefit over the
medium term from its established relationship with its principal,
and its promoter's extensive experience in the automobile
dealership market. The outlook may be revised to 'Positive' if
there is a substantial and sustained increase in the company's
revenues and profitability margins, or a substantial improvement
in its capital structure supported by equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in TAGPL's profitability margins, or
significant deterioration in its capital structure most likely
because of a stretch in its working capital cycle or large debt-
funded capital expenditure.

Incorporated in 1986 and promoted by Mr. Sunil Talwar, TAGPL is an
authorized dealer of VE Commercial Vehicles Ltd for sale of its
entire range of commercial vehicles, and spares and accessories in
10 districts of the Telangana region of Andhra Pradesh. TAGPL also
provides after-sales services.


TAMULBARI TEA: CRISIL Assigns 'B' Rating to INR101.8MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Tamulbari Tea Co Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long Term Loan            33.4    CRISIL B/Stable
   Tea Hypothecation         68.4    CRISIL B/Stable

The rating reflects Tamulbari's weak financial risk profile,
marked by a weak capital structure and average debt protection
metrics, and the company's modest scale of operations with large
working capital requirements. These rating weaknesses are
partially offset by the promoters' extensive industry experience
and a steady ramp up in its revenues over the past few years.

For arriving at its rating, CRISIL has treated Tamulbari's
unsecured loans of INR15.9 million as on March 31, 2013, extended
to it by the promoters, as neither debt nor equity. This is
because these loans carry a nominal interest rate and will be
retained in the business over the medium term.

Outlook: Stable

CRISIL believes that Tamulbari will benefit from the promoters'
extensive experience and their funding support over the medium
term. The outlook may be revised to 'Positive' if the company's
capital structure improves significantly driven by better-than-
expected cash accruals and sizable infusion of fresh funds by its
promoters along with efficient working capital management.
Conversely, outlook may be revised to 'Negative' if Tamulbari's
financial risk profile, particularly its liquidity, deteriorates
further owing to lower cash accruals, larger-than-expected working
capital requirements, or any debt-funded capital expenditure.

Incorporated in 1915, Tamulbari is engaged in tea cultivation and
processing.  The company's customers are mainly tea brokers and
private parties in Assam. It owns a tea garden of around 350
hectares and a tea processing facility in Dibugarh (Assam). The
company's operations were taken over by its present promoters,
members of the Varma and Beria families from Dibrugarh, in 2011-12
(refers to financial year, April 1 to March 31.


TERRAM GEOSYNTHETICS: ICRA Suspends 'D' Rating on INR42.25cr Loan
-----------------------------------------------------------------
ICRA has suspended [ICRA]D/D rating assigned to the INR42.25 Crore
fund based/non fund bank facilities of Terram Geosynthetics
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

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


UNIBIC BISCUITS: ICRA Reaffirms 'B+' Rating on INR10cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long- term rating of '[ICRA]B+' to the
INR10.00 Crore fund based facilities and assigned a short-term
rating of [ICRA]A4 to the INR5.00 Crore non-fund based facilities
of Unibic Biscuits India Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Fund        10.00      [ICRA]B+ (Reaffirmed)
   based limits

   Short term Non         5.00      [ICRA]A4 (Assigned)
   Fund based limits

The rating action takes into account the high competitive
intensity of the biscuit industry in India, with presence of both
established national and regional brands as well as local players
catering to the unorganized segment. The rating is also tempered
by UBILs limited presence outside South India and presently modest
scale of operations. The continuous investment in building its
sales and distribution channel in the form of advertising and
sales commission, discount to dealers and freight costs have led
to consistent operating losses, which coupled with high working
capital intensity of the business, has led to continued reliance
on funding support from Private Equity investors.

However, the ratings are supported by the established Unibic brand
in global markets, the association of the company with players
such as Cafe Coffee Day, Food Bazaar and PepsiCo for private label
sales, growth in the mid-to-premium segment of the biscuit
industry in India and the experienced management at the helm.

UBIL was incorporated July 2004, with an initial investment of
INR15 Crore, as the Indian subsidiary of the fourth largest
Australian cookie maker, Unibics Australia. The company was
subsequently acquired by the private equity player - Lazard
Australia Private Equity - in 2011 which in turn sold its stake to
Peepul Capital LLC in 2013. UBIL has a manufacturing facility in
Bangalore, Karnataka, and specializes in the production of a range
of mid-to-premium cookies including specialty Australian and
European cookies, centre filled products and niche products such
as the Health Snacks range. The company has operations in India,
as well as exports to Australia, Dubai and China. In India, the
company also sells products under private labels like Tasty Treats
for Food Bazaar and cookies for Cafe Coffee Day.
The company has recorded an operating income of INR50.64 Crore in
FY13 with a net loss of INR14.91 Crore (not including deferred tax
charge of INR18.00 Crore). The company recorded an operating
income of INR53.46 Crore in FY12 with a net loss of INR14.26 Crore
during the period (not including deferred tax credit of INR9.19
Cr).


VIJAYANAG POLYMERS: ICRA Assigns 'B-' Rating to INR9.50cr Loans
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to the INR8.85
crore fund based limits and the INR0.65 crore unallocated limits
of Vijayanag Polymers Private Limited.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long-Term Fund
   Based Limits         8.85        [ICRA]B- assigned

   Unallocated Limits   0.65        [ICRA]B- assigned

The assigned rating is constrained by VPPL's low scale of
operations, its limited track record in the flexible packaging
industry and a weak financial profile characterized by high
gearing, poor cash accruals and weak coverage indicators. The
rating also factors in the stretched liquidity position of the
company due to high working capital requirements driven by high
inventory and sales receivables, necessitating capital infusion
from promoters to meet the debt servicing and working capital
requirements.

The rating however, draws comfort from the ramp up of operations
in the current fiscal and a positive outlook for the flexible
packaging industry over the medium to long term. ICRA also makes
note of the interest and power subsidies available to VPPL from
the Andhra Pradesh State Government as part of its Industrial
Investment Promotion Policy for a period of five years from the
date of commencement of operations. Going further, VPPL's ability
to increase its scale of operations and profitability while
continuing to meet its debt servicing obligations in a timely
manner would be the key rating sensitivities.

VPPL is engaged in production of plain and printed laminated
materials which find applications across a wide range of
industries like FMCG, F&B, Agriculture, Paper and Chemicals. The
company was incorporated in July, 2011 and commenced commercial
operations in October, 2012. Its manufacturing facility is located
in Bapulapadu, near Vijayawada in Andhra Pradesh. VPPL's
operations are managed by founder promoter Dr. VV Nagi Reddy and
his family.

Recent Results (Provisional)
For the six months ended September 30, 2013, VPPL has reported an
operating income of INR2.07 crore and a net loss of INR0.39 cror


VXL INSTRUMENTS: CRISIL Raises Rating on INR158MM Loans to 'B'
--------------------------------------------------------------
http://www.crisil.com/Ratings/RatingList/RatingDocs/VXL_Instrument
s_Limited_March_14_2014_RR.html


CRISIL has upgraded its rating on the long-term bank facilities of
VXL Instruments Ltd to 'CRISIL B/Stable' from 'CRISIL B-/Stable';
the rating on the company's short-term bank facility has been
reaffirmed at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               45      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Letter of Credit         100      CRISIL A4 (Reaffirmed)

   Proposed Long Term       113      CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

The rating upgrade reflects VXL's improved financial risk profile,
driven by healthy cash proceeds from its asset disposals during
October 2013. The company's net worth and gearing are estimated to
improve to INR180 million and below 1.0 times, respectively, as on
March 31, 2014, from INR93 million and 1.66 times, respectively,
as on March 31, 2013. Furthermore, VXL's liquidity has improved
significantly with non-utilisation of its working capital limits
during the four months through January 2014, and an increase in
its cash and bank balances to INR34 million as on December 31,
2013 from INR17 million as on September 31, 2013. CRISIL believes
that VXL will maintain its improved financial risk profile and
liquidity, in the absence of any substantial capital expenditure
(capex) plans over the medium term.

The ratings continue to reflect VXL's moderate scale of operations
and large working capital requirements, along with the
susceptibility of the company's operating margin to volatility in
input prices and to intense market competition. These rating
weaknesses are partially offset by VXL's established market
position in the thin-client products segment.

Outlook: Stable

CRISIL believes that VXL will continue to benefit over the medium
term from its established relationships with key clients. The
outlook may be revised to 'Positive' if VXL improves its cash
accruals, because of sizeable revenue and profitability, and
maintains its capital structure. Conversely, the outlook may be
revised to 'Negative' if VXL's liquidity is constrained by low
cash accruals, large working capital requirements, or debt-funded
capex.

VXL was incorporated in 1986 as a private limited company, and was
converted into a public limited company in 1994. The company
manufactures thin-client products and computer terminals.



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


ASSET FINANCE: S&P Revises Outlook on 'B' Rating to Stable
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook on New Zealand-based finance company Asset Finance Ltd. to
stable from negative.  At the same time, S&P affirmed all ratings
on the company.

"The outlook revision reflects the stabilization in AFL's asset-
quality position, which, together with meaningful loan growth in
the past six months has improved our view of the company's
earnings prospects," said credit analyst Harry Hu.  "These factors
remain important to AFL's credit rating given the name
concentration (loan concentration in individual borrowers) of
AFL's loan portfolio and modest absolute capital base."

AFL's asset-quality position has benefitted from the partial
recovery of a large loan that first became impaired in the second
quarter of fiscal 2014.  That impairment was the primary driver of
the negative outlook assigned in August 2013.  The balance of the
loan has significantly reduced following partial security sale,
and although it is still impaired, S&P has additional comfort at
the current rating level that the loan's sufficient-security
coverage is calculated at conservative valuation assumptions.  The
timeframe set for this problem loan resolution is December 2014.

The stable outlook reflects S&P's opinion that AFL will remain a
niche security-based lender, maintain adequate liquidity, and
effectively manage its credit quality while attaining its desired
growth.  "The stable rating outlook factors in an expectation that
AFL will continue to successfully resolve its portfolio of
existing non-performing assets without the need for raising
further material new provisions", said Mr. Hu.  "Despite the
stable outlook, future rating or outlook transition scenarios are
largely biased to the downside because of AFL's small capital size
relative to its business focus, making it vulnerable to adverse
developments on large credit concentrations to individual names."

S&P do not expect to raise the ratings on AFL in the medium term.
An upward adjustment would require a longer period of demonstrated
stability in key credit-quality metrics and the establishment of a
track record of good operating performance that support a material
increase in the company's capital base and key capital adequacy
metrics over time.  In addition, a higher rating would require
further evidence that the company could strengthen its market
position by achieving sustainable growth and restoring its
consumer finance business.


CEREBOS-GREGGS: To Close Auckland Plant By December
---------------------------------------------------
Josh Martin at Fairfax NZ News reports that Cerebos Gregg's is
closing its Auckland plant by December with the loss of up to 125
jobs.

Coffee and food currently produced by Cerebos-Greggs at East
Tamaki will move to Dunedin and Sydney, the report relates.

According to the report, the company said it has promised workers
employment until the December 19 shutdown date and will use the
time to help staff find other work.

Fairfax NZ News relates that Cerebos Gregg's chief executive Terry
Svenson said the East Tamaki plant was costing too much to run and
needed capital investment.

"This is a truly sad day for everyone involved. But we can't
justify continuing to invest money in this ageing plant when we
already have more modern manufacturing facilities capable of
increased volumes," the report quotes Mr. Svenson as saying.

Cerebos Gregg's is a Trans-Tasman food and coffee manufacturer.


DOMINION FINANCE: Director Expects to be Suspended as Lawyer
------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that a "humbled
and embarrassed" failed finance company director expects to be
suspended from practising as a lawyer after appearing before a
disciplinary tribunal on March 20.

The Herald notes that Dominion Finance and North South Finance
director Robert Barry Whale was acquitted of theft by person in a
special relationship charges in a Serious Office case last year.

But the lawyer -- in his mid 60s -- was sentenced on separate
charges to 12 months home detention, 250 hours of community
service and ordered to pay NZ$75,000 in reparations after he
admitted making untrue statements in offer documents, the Herald
says.

Mr. Whale's offending -- in breach of the Securities Act -- was
described as "gross negligence" by Justice Robert Dobson during
sentencing in June last year, the Herald notes.
The Herald says the Auckland solicitor, yet to finish serving his
home detention at an Epsom property, appeared before the Lawyers
and Conveyancers Disciplinary Tribunal in Auckland on March 20.

The Herald relates that His Queen's Counsel, Paul Davison, said
Mr. Whale did not contest the charge brought by the Law Society
that his convictions amounted to conduct that would tend to bring
the profession into disrepute.

While his client's actions as a director had been "found wanting",
Mr. Davison said the Law Society had "seized upon" the "gross
negligence" description in order to treat Whale the same as
convicted Bridgecorp chairman and lawyer Bruce Davidson, according
to the report.

Mr. Davidson was last year suspended from practising as a lawyer
for nine months, the report notes.

Although admitting there were similarities between the two,
Mr. Davison said there were "significant differences which favour
Mr. Whale's position as being one which is less serious and less
egregious," the Herald relays.

But Peter Davey, acting for the Law Society's Auckland Standards
Committee, said a period of suspension similar to Mr. Davidson's
was appropriate, although Whale did have the advantage of
admitting the allegations, the report relates.

Mr. Davey submitted that Mr. Whale should be suspended for at
least seven months, the Herald notes.

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited was engaged in the provision of financial services
through the raising of debenture stock.  The company operated
through its wholly owned subsidiaries Dominion Finance Group
Limited and North South Finance Limited, and investment vehicle
Dominion Investment Fund Limited.  Both Dominion Finance Group
Limited and North South Finance Limited accepted debenture stock
investments and apply them (in conjunction with its own funds)
towards the provision of certain loans and other financial
accommodation.

Dominion Finance Group was put into receivership in
September 2008 owing about NZ$176.9 million to more than 5,900
investors. It was put into liquidation by the High Court at
Auckland in May 2009. Associate Judge Faire appointed William
Black and Andrew Grenfell of McGrathNicol as liquidators of the
firm.  Receiver Rod Partington of Deloitte said the liquidation
application will not affect the progress of the receivership.

North South Finance went into receivership in July 2010.

In total, the group is estimated to owe creditors NZ$400 million.


SOUTH CANTERBURY: Trial Halted Over Evidence Admissibility
----------------------------------------------------------
Chris Hutching at NBR Online reports that the 16-week South
Canterbury Finance trial came to a halt again on March 19 over
arguments about admissibility of evidence.

The trial is expected to resume on Monday, March 24, the report
says.

NBR notes that former director Stuart Nattrass was on the stand as
the first Crown witness.

He was being quizzed by Crown prosecutor Colin Carruthers QC about
nine main transactions that form the basis of the Serious Fraud
Office case against directors Ed Sullivan and Rob White and chief
executive Lachie McLeod, according to the report.

They are charged with offences including allegedly making false
statements as a promoter, theft, false accounting, obtaining by
deception, and theft by a person in a special relationship, NBR
says.

NBR notes the charges mostly relate to claims that the
transactions were undisclosed related party deals, the prospectus
information and financial reporting were false, and the deals also
breached the Crown guarantee deposit scheme that South Canterbury
Finance entered after 2008.

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



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


TONG YANG: First Court Hearing of Chairman Set for March 27
-----------------------------------------------------------
Yonhap News Agency reports that a local court will hold the first
hearing next week for the head of the financially troubled Tong
Yang Group who is accused of fraudulently issuing and selling
financial products, a court official said on March 19.

The news agency relates that prosecutors said Chairman Hyun Jae-
hyun was indicted in January on charges of orchestrating the
issuance of fraudulent corporate bonds and commercial paper (CP)
worth some KRW1.3 trillion (US$1.2 billion) under the names of the
group's affiliates even though he knew that the affiliates would
likely be unable to repay maturing debts. The issuance inflicted
huge losses on nearly 40,000 individual investors, the report
notes.

According to the report, the Seoul Central District Court said the
first trial session of the disgraced chairman will be held on
March 27.  "The court will hold two hearings every week, on Monday
and Thursday," said the official, Yonhap relays.

Prosecutors said the 64-year-old chairman is facing multiple
charges of fraud, breach of duty and embezzlement, according to
Yonhap.

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

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


* SOUTH KOREA: Corporate Bankruptcies Down in February
------------------------------------------------------
Yonhap News Agency reports that the number of corporate
bankruptcies fell in February from a month earlier as the local
economy is on the recovery track, the central bank said March 20.

According to the report, Bank of Korea (BOK) said 68 companies
went bankrupt in February, down from 88 tallied in January.  In
December, the number of corporate bankruptcies reached 68, the
lowest in six months, it added.

The number of bankruptcies in the service sector fell by 13 on-
month to 27 in February, and that of construction companies
declined by five to 11, Yonhap relays.

Yonhap notes that the number of newly established companies came
in at 6,636 last month, down 294 from the previous month.

The default rate of corporate bills -- bonds, checks and
promissory notes -- reached 0.2 percent in February, up from
0.17 percent in the previous month, Yonhap adds.


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


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

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

AUSTRALIA


AAT CORP LTD             AAT               32.50       -13.46
ANITTEL GROUP LT         AYG               18.43        -0.26
ATLANTIC LTD             ATI              490.17       -25.68
AUSTRALIAN ZI-PP         AZCCA             77.75        -2.57
AUSTRALIAN ZIRC          AZC               77.75        -2.57
BIRON APPAREL LT         BIC               19.71        -2.22
BOUNTY MINING LT         BNT               10.54        -0.94
CLARITY OSS LTD          CYO               33.12       -11.66
CMA CORP LTD             CMV              127.41       -51.00
CWH RESOURCES LT         CWH               10.71        -3.03
IDM INTERNATIONA         IDM               30.99       -23.62
LIONHUB GROUP LT         LHB               19.21       -26.52
MIRABELA NICKEL          MBN              335.09      -179.03
NATURAL FUEL LTD         NFL               19.38      -121.51
PACT GROUP HOLDI         PGH            1,120.30      -982.11
PENRICE SODA HOL         PSH              122.46       -26.85
RIVERCITY MOTORW         RCY              386.88      -809.13
RUBICOR GROUP LT         RUB               45.20       -75.31
STERLING PLANTAT         SBI               59.08        -6.07
STIRLING RESOURC         SRE               16.53        -8.12
STRAITS RESOURCE         SRQ              208.51       -29.73
SWAN GOLD MINING         SWA               36.43        -9.08
TZ LTD                   TZL               12.88        -8.73


CHINA

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


HONG KONG

BIRMINGHAM INTER         2309              59.95       -12.80
BUILDMORE INTL           108               17.36       -70.34
CHINA ENVIRONMEN         986               66.65        -0.87
CHINA HEALTHCARE         673               34.76        -0.75
CHINA OCEAN SHIP         651              248.21      -106.72
CNC HOLDINGS             8356              99.16        -9.03
CROSBY CAPITAL           8088              16.40       -20.27
EFORCE HLDGS LTD         943               60.73        -9.56
GRANDE HLDG              186              255.10      -208.18
INNO-TECH HLDGS          8202              84.54      -116.82
LANGHAM -SS              1270             684.55       -86.21
LONG SUCCESS INT         8017              50.05        -7.44
MASCOTTE HLDGS           136               57.51       -81.70
MEGA EXPO HOLDIN         1360              17.00        -0.53
MELCOLOT LTD             8198              13.69       -28.83
NORSTAR FOUNDERS         2339              21.97       -56.33
PALADIN LTD              495              159.65        -9.17
PROVIEW INTL HLD         334              314.87      -294.85
SINO RESOURCES G         223               29.34       -24.77
SURFACE MOUNT            SMT               32.88       -10.68
VXL CAPITAL LTD          727               74.79        -0.16


INDONESIA

APAC CITRA CENT          MYTX             176.66        -6.99
ARPENI PRATAMA           APOL             249.84      -319.77
ASIA PACIFIC             POLY             375.58      -815.83
BUMI RESOURCES           BUMI           7,027.47       -18.17
ICTSI JASA PRIMA         KARW              56.41        -6.12
JAKARTA KYOEI ST         JKSW              24.92       -34.90
MATAHARI DEPT            LPPF             209.66       -89.74
ONIX CAPITAL TBK         OCAP              13.22        -1.03
RENUKA COALINDO          SQMI              15.84        -0.48
SUMALINDO LESTAR         SULI              95.14       -18.99
UNITEX TBK               UNTX              18.83       -18.53


INDIA

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


JAPAN

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


KOREA

DVS KOREA CO LTD         46400             17.40        -1.20
ORIENTAL PRECISI         14940            224.92       -79.83
ROCKET ELEC-PFD          425              111.09        -0.42
ROCKET ELECTRIC          420              111.09        -0.42
SHINIL ENG CO            14350            199.04        -2.53
SSANGYONG ENGINE         12650          1,231.13      -119.47
STX OFFSHORE & S         67250          7,627.42    -1,124.38
TEC & CO                 8900             139.98       -16.61
TONGYANG NETWORK         30790            311.91       -36.46
WOONGJIN HOLDING         16880          2,197.34      -635.50


MALAYSIA

HAISAN RESOURCES         HRB               41.31       -11.54
HIGH-5 CONGLOMER         HIGH              41.63       -34.19
HO HUP CONSTR CO         HO                59.28       -16.64
PETROL ONE RESOU         PORB              51.39        -4.00
SUMATEC RESOURCE         SMTC             169.12       -26.18
VTI VINTAGE BHD          VTI               17.74        -3.63


NEW ZEALAND

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


PHILIPPINES

CYBER BAY CORP           CYBR              14.14       -21.59
FIL ESTATE CORP          FC                40.90       -15.77
FILSYN CORP A            FYN               23.11       -11.69
FILSYN CORP. B           FYNB              23.11       -11.69
GOTESCO LAND-A           GO                21.76       -19.21
GOTESCO LAND-B           GOB               21.76       -19.21
LIBERTY TELECOMS         LIB              108.53       -19.42
MRC ALLIED INC           MRC               27.06        -2.56
PICOP RESOURCES          PCP              105.66       -23.33
STENIEL MFG              STN               21.07       -11.96
UNIWIDE HOLDINGS         UW                50.36       -57.19


SINGAPORE

ADVANCE SCT LTD          ASCT              19.68       -22.46
CEFC INTL LTD            SUNE              95.25        -0.31
HL GLOBAL ENTERP         HLGE              83.11        -4.63
IGG INC                  8002              21.53       -55.84
SCIGEN LTD-CUFS          SIE               68.70       -42.35
SUNMOON FOOD COM         SMOON             20.26       -17.36
TT INTERNATIONAL         TTI              298.35       -82.84
UNITED FIBER SYS         UFS               65.52       -56.60


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***