TCRAP_Public/140411.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, April 11, 2014, Vol. 17, No. 72


                            Headlines


A U S T R A L I A

DIMMEYS STORES: Cool Breeze Buys Discount Retailer
GRID COMPOSITE: BCR Advisory Appointed as Administrators
IONA DEVELOPMENTS: BCR Advisory Appointed as Administrators


C H I N A

PACTERA TECH: Moody's Assigns Ba3 Corporate Family Rating


I N D I A

4 GENIUS: CARE Lowers Rating on INR12.5cr Bank Loan to 'C'
A CLASS: CARE Reaffirms 'B' Rating on INR13.92cr Bank Loan
ACTION ISPAT: CARE Assigns 'B-' Rating to INR73.50cr Bank Loan
AIR INDIA: Plans 15% Salary Cut for Pilots
ANDAMAN SEA: CRISIL Reaffirms 'B-' Rating on INR403.8MM Loans

APOLLO CONVEYOR: CARE Assigns 'B+' Rating to INR9.83cr Bank Loan
ARG INFRA: CRISIL Reaffirms 'B+' Rating to INR300MM Loans
BCC INFRACON: CARE Reaffirms 'B+' Rating on INR5cr Bank Loan
BUDDHA INDIA: CRISIL Reaffirms 'D' Rating on INR65.5MM Loans
CHANDRA AUTOMOBILE: CRISIL Puts 'B+' Rating on INR71.5MM Loans

EMPEE DISTILLERIES: CARE Revises Rating on INR25.56cr Loan to 'D'
EMPIRE MALL: CARE Reaffirms 'B+' Rating on INR136.54cr Bank Loan
EXCEL VEHICLES: CARE Reaffirms B+ Rating on INR26.64cr Bank Loan
FLORIM CERAMIC: CRISIL Assigns 'B' Rating to INR80MM Loans
GIRIVARYA NON-WOVEN: CRISIL Assigns 'B+' Rating to INR100MM Loans

INTEGRATED RUBIAN: CARE Reaffirms B+ Rating on INR4.47cr Loan
JET GRANITO: CRISIL Assigns 'B' Rating to INR227MM Loans
KRIPA TELECOM: CARE Reaffirms 'B+' Rating on INR3cr Bank Loan
KSHEM KALYANI: CARE Assigns 'B+' Rating to INR13.50cr Bank Loan
KSHITIJ SYNERGY: CRISIL Assigns 'D' Rating to INR145MM Loan

LUCKY AUTOMOTIVES: CARE Cuts Rating on INR10cr Loan to 'B+'
MANAV AGRI: CRISIL Raises Rating on INR75MM Cash Credit to 'B+'
MANGALAM AUTO: CRISIL Reaffirms B+ Rating on INR75.5MM Loans
MANGALAM EDU: CRISIL Reaffirms 'B' Rating on INR800MM Loan
METKORE ALLOYS: CARE Reaffirms 'B' Rating on INR35cr Bank Loan

MG TEX: CARE Revises Rating on INR9.63cr Bank Loan to 'B+'
NADIA HEALTHCARE: CRISIL Reaffirms 'D' Rating on INR52MM Loans
PUNEET COTTON: CARE Assigns 'B+' Rating to INR4.74cr Bank Loan
RENOWN PHARMACEUTICALS: CARE Reaffirms B Rating on INR33.4cr Loan
SACHDEVA RICE: CRISIL Reaffirms 'B' Rating on INR120MM Loans

SAHARA GROUP: Withdraws Offer to Pay INR2,500cr for Roy's Bail
SANJAYUTTAM AGRO: CARE Assigns 'B+' Rating to INR10.2cr Bank Loan
SATYAM RICE: CRISIL Ups Rating on INR85MM Loans to 'B+'
SHAMANUR SUGARS: CARE Upgrades Rating on INR64.68cr Loan to 'C'
SHIVANI LOCKS: CARE Revises Rating on INR21.95cr Loan to 'B+'

SHREEJI EXPORTS: CARE Reaffirms 'B+' Rating on INR3.23cr Loan
SIDDHI VINAYAK: CARE Downgrades Rating on INR9.17cr Loans to 'D'
VARMORA FOODS: CRISIL Assigns 'B+' Rating to INR50MM Loans


J A P A N

OLYMPUS CORP: Banks Sue Firm for JPY27.9BB in Damages Over Fraud
SHINSEI TB: Fitch Raises Rating on JPY2.05BB Mezzanine BIs to BB+


N E W  Z E A L A N D

FELTEX CARPETS: Witness's Fulsome Praise Of Reform Highlighted


V I E T N A M

* VIETNAM: SBV Plans to Buy Up to VND100Tril. Bad Debts


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


DIMMEYS STORES: Cool Breeze Buys Discount Retailer
--------------------------------------------------
Myriam Robin at SmartCompany reports that Dimmeys Stores Pty Ltd
has been sold to Cool Breeze.

SmartCompany relates that administrator Richard Cauchi, from SV
Partners, said Cool Breeze is a startup company established
specifically for the purpose of purchasing Dimmeys.

"The people behind it are connected to the industry, and hopefully
they can make a run of it," Mr. Cauchi told SmartCompany.

When the business collapsed, around 470 employees worked for it.
So far, around 80 have been let go after four stores were closed
as part of the turnaround, the report relays. Of those let go, Mr.
Cauchi said half were casuals, a quarter worked part-time, and the
rest worked full-time. The redundancies were spread out across New
South Wales, Queensland and Tasmania, the report notes.

Dimmeys Stores Pty Ltd is an Australia-based discount retailer.

Messrs. Richard J. Cauchi, Peter Gountzos and Michael Carrafa of
SV Partners in Melbourne were appointed Voluntary Administrators
of Dimmeys on Jan. 13, 2014, by the company's directors.


GRID COMPOSITE: BCR Advisory Appointed as Administrators
-----------------------------------------------------------
Dragan Ljubic -- doug.ljubic@bcradvisory.com.au -- &
Geoffrey Davis -- geoff.davis@bcradvisory.com.au -- of BCR
Advisory were appointed as administrators of Grid Composite Panels
Pty Ltd on April 4, 2014.

A first meeting of the creditors of the Company will be held at
the office of BCR Advisory, Level 10, 10 Spring St, in Sydney, on
April 16, 2014, at 11:00 a.m.


IONA DEVELOPMENTS: BCR Advisory Appointed as Administrators
-----------------------------------------------------------
Dragan Ljubic & Geoffrey Davis of BCR Advisory were appointed as
administrators of Iona Developments Pty Limited on April 4, 2014.

A first meeting of the creditors of the Company will be held at
the office of BCR Advisory, Level 10, 10 Spring St, in Sydney, on
April 15, 2014, at 11:00 a.m.



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


PACTERA TECH: Moody's Assigns Ba3 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba3 corporate
family rating to Pactera Technology International Ltd.  Moody's
has also assigned a definitive Ba3 rating to BCP (Singapore) VI
Cayman Financing Co. Ltd.'s $275 million, 8.0%, 7-year senior
secured notes, due April 15, 2021. The notes are guaranteed by
Pactera and BCP (Singapore) VI Cayman Acquisitions Co. Ltd.
(unrated).

The outlook for the ratings is stable.

Ratings Rationale

Moody's definitive rating on this debt obligation follows BCP
(Singapore) VI Cayman Financing Co. Ltd. 's completion of its USD
note issuance, the final terms and conditions of which are
consistent with Moody's expectations.

The provisional rating was assigned on March 12, 2014, and Moody's
ratings rationale was set out in a press release published on the
same day.

The proceeds from the bond issuance will be used to fund the
privatization of Pactera.

The principal methodology used in these ratings was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010.

Regulatory Disclosures

For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in
relation to each rating of a subsequently issued bond or note of
the same series or category/class of debt or pursuant to a program
for which the ratings are derived exclusively from existing
ratings in accordance with Moody's rating practices. For ratings
issued on a support provider, this announcement provides certain
regulatory disclosures in relation to the rating action on the
support provider and in relation to each particular rating action
for securities that derive their credit ratings from the support
provider's credit rating. For provisional ratings, this
announcement provides certain regulatory disclosures in relation
to the provisional rating assigned, and in relation to a
definitive rating that may be assigned subsequent to the final
issuance of the debt, in each case where the transaction structure
and terms have not changed prior to the assignment of the
definitive rating in a manner that would have affected the rating.

For any affected securities or rated entities receiving direct
credit support from the primary entity(ies) of this rating action,
and whose ratings may change as a result of this rating action,
the associated regulatory disclosures will be those of the
guarantor entity. Exceptions to this approach exist for the
following disclosures, if applicable to jurisdiction: Ancillary
Services, Disclosure to rated entity, Disclosure from rated
entity.



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


4 GENIUS: CARE Lowers Rating on INR12.5cr Bank Loan to 'C'
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
4 Genius Minds.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        12.50      CARE C Revised from
   Facilities                       CARE B

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

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of 4 Genius Minds (4GM) factors in the deterioration in
financial risk profile attributable to declining profitability
margins, low debt coverage indicators and worsening solvency
profile largely due to the withdrawal of the capital from the
business by the partners during FY13 (refers to the period April 1
to March 31).The rating continue to be constrained by its short
track record of operations, leveraged capital structure, weak
coverage indicators and working capital intensive nature of
operations. The rating is further constrained by constitution of
the entity being a partnership firm and high competitive intensity
of its business operations.

The rating, however, draws comfort from 4GM's experienced
promoters, revenue growth over the years and association with
reputed brand.

Going forward, the ability of 4GM to profitably scale up its
operations coupled with improvement in its capital structure along
with effective working capital management shall be the key rating
sensitivities.

4 Genius Minds was incorporated in 2006 as a partnership firm by
Mr Aditya Agarwal and Mr Abhishek Agarwal having an equal profit
and loss sharing ratio. The firm is an authorized retailer and
service provider of Apple Inc. (Apple) products viz mobile phones,
computers, tablets etc. The firm procures these items from channel
partners (distributors) of Apple. Approximately
70% of the total operating income of 4GM is from institutional
sales through its offices located in Delhi and Bangalore. The firm
also has its showroom in Chittaranjan Park, Delhi.

During FY13, 4GM achieved a total operating income (TOI) of
INR49.76 crore with profit after tax (PAT) of INR0.14 crore.
During FY14, till March 15, 2014 the firm achieved a TOI of INR65
crore.


A CLASS: CARE Reaffirms 'B' Rating on INR13.92cr Bank Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
A Class Marbles India Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            13.92      CARE B Reaffirmed

   Short-term Bank
   Facilities             4.00      CARE A4 Assigned

Rating Rationale

The ratings continue to remain constrained on account of
operations of A Class Marbles India Private Limited (AMPL) in a
highly fragmented marble industry with limited value addition and
its weak financial risk profile marked by low profitability,
highly leveraged capital structure and weak liquidity indicators.
The ratings are further constrained on account of working capital
intensive nature of operations and exposure to the cyclical real
estate market.

The above-mentioned constraints far offset the strengths derived
from the promoter's experience of more than three decades in
marble trading business and successful completion of capital
expenditure related to green-field project for processing of
marble blocks.

AMPL's ability to improve the scale of operations and
profitability amidst high competition prevailing in marble trading
business and achievement of envisaged level of operations remain
the key rating sensitivities.

AMPL, incorporated in July 2005, is engaged in the trading of
marble blocks and slabs. The company is promoted by Mr Rai Chand
Bhandari who has experience of more than three decades
in the trading of marbles. AMPL imports marble blocks from Italy,
China, Greece and Vietnam.

During November 2012, AMPL completed its green-field project for
setting up of marbles processing facility at Kishangarh, Rajasthan
with an installed capacity of 45 lakh Square Feet Per
Annum (SFPA) and started commercial production. The company
incurred total cost of INR19.46 crore (excluding margin money for
working capital) towards the project which was financed with
equity capital of INR5.34 crore, term loan of INR8 crore and the
rest by unsecured loans from promoters and associates.

During FY13 (refers to the period April 01 to March 31), AMPL
reported a total income of INR49.18 crore (FY12: INR35.19 crore),
with a net loss of INR0.17 crore (FY12: PAT of INR0.34 crore).


ACTION ISPAT: CARE Assigns 'B-' Rating to INR73.50cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B-' to the bank facilities of Action Ispat And
Power Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           73.50       CARE B- Assigned

Rating Rationale

The rating assigned to the bank facilities of Action Ispat and
Power Private Limited (AIPPL) is primarily constrained by the weak
financial risk profile marked by declining revenues and
profitability margins and weak debt coverage indicators. The
rating is also constrained by the underutilisation of major plant
capacities, exposure to raw material price volatility, project
execution risk and the cyclicality inherent in the steel industry.

The rating also takes cognizance of the restructuring of AIPPL's
loans under Corporate Debt Restructuring (CDR) mechanism.
The rating, however, derives comfort from the experience of the
promoters, there continuous support to AIPPL in the form of
unsecured loans and equity and favourable location of its plants
coupled with its long-term contract with Mahanadi Coalfields
Limited (MCL) for the supply of coal.

Going forward, AIPPL's ability to achieve the envisaged revenue
and profitability while maintaining control over the input costs
shall remain the key rating sensitivities.

Action Ispat & Power Pvt Ltd (AIPPL) was incorporated in July 2004
by Mr Nand Kishore Aggarwal and Mr Naresh Aggarwal. AIPPL is a
part of the Action group, which has interest in diverse business
activity like footwear, chemicals and plastics, computer
peripherals, power back up inverters, batteries, housing projects,
healthcare and steel. The company is engaged in the manufacturing
of sponge iron and billets. AIPPL has its manufacturing facilities
located in Jharsuguda, Orissa, with a capacity of 245,000 MTPA of
sponge iron, 347,760 MTPA of billets, 594,000 MTPA of coal
washery, 14,250 MTPA of ferro alloy and 80 MW power generation
capacity (16MW on waste heat-recovery based technology and 64MW
coal-based). It is also engaged in export of steel products which
comprised about 8.1% of net sales in FY13 as against 6.3% in FY12
(refers to the period April 01 to March 31).

Slowdown in the economy, higher raw material cost due to non-
availability of major raw materials like iron-ore and an
aggressive expansion plan led to severe pressure on operational
cash flows.

The company approached CDR cell in November 2012 and the
restructuring proposal was approved on June 24, 2013, from the
cut-off date of January 1, 2013.

In FY13, AIPPL has achieved a total operating income of INR285.25
crore and a net loss of INR58.99 crore as against a total
operating income of INR313.04 crore and a net loss of INR31.81
crore in FY12.  As per the unaudited results for 9MFY14, AIPPL
reported a total operating income of INR196.45 crore with a net
loss of INR66.15 crore.


AIR INDIA: Plans 15% Salary Cut for Pilots
------------------------------------------
The Times of India reports that Air India has proposed to cut the
salary of its pilots by up to 15%, a move that could lead to
another round of industrial action just ahead of the coming summer
holiday travel season.

The report says the largest cut will be for executive commanders
of wide body aircraft, with their monthly pay dropping from INR8.8
lakh to INR7.5 lakh. Fresh co-pilots of wide body aircraft, who
are earning INR2.3 lakh per month, could get away with a cut of
just over INR1,000.

TOI notes that while pilots' union has rejected the new structure,
the airline management says it has given them 21 days to respond.
"The final salary structure will be decided only after
consultation with pilots is over. We have limited the cut to 15%
and tried to find the least painful way," TOI quotes an official
as saying.

According to the report, the airline has an annual salary bill of
INR3,200 crore and expects to cut it by INR250 crore through a
leaner wage structure. Of the total wage bill, pilots get INR1,100
crore and AI wants to save INR150 crore through the new structure,
the report relays.

However, even the proposed new wage structure will not lead to
immediate pay parity between pilots of erstwhile Indian Airlines
(narrow body fleet) and Air India (wide body fleet). "We have
limited the cut to 15%. Supposing someone's salary was to be cut
20% or 25%, the portion beyond 15% has been termed as 'unabsorbed
cost to company'. The future salary hikes or promotion will be
adjusted against this unadjusted CTC," said the official, TOI
relays.

Air India Ltd -- http://www.airindia.com/-- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debts of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.


ANDAMAN SEA: CRISIL Reaffirms 'B-' Rating on INR403.8MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Andaman Sea Foods Pvt
Ltd continue to reflect ASFPL's weak financial risk profile,
marked by a negative net worth and below-average debt protection
metrics, and susceptibility to risks inherent in the seafood
industry. These rating weaknesses are partially offset by ASFPL's
established position in the seafood export business and moderate
operating efficiency.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          --------     -------
   Bank Guarantee         10        CRISIL A4 (Reaffirmed)
   Export Packing
   Credit                125        CRISIL B-/Stable (Reaffirmed)

   Foreign Bill
   Discounting            65        CRISIL B-/Stable (Reaffirmed)

   Funded Interest
   Term Loan              10.7      CRISIL B-/Stable (Reaffirmed)

   Proposed Term Loan      7.1      CRISIL B-/Stable (Reaffirmed)

   Standby Line of
   Credit                 30        CRISIL A4 (Reaffirmed)

   Working Capital
   Term Loan             196        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ASFPL will continue to benefit over the
medium term from its established position in the seafood export
industry; however, the company's small net worth will continue to
constrain its financial flexibility. The outlook may be revised to
'Positive' in case the company significantly increases its scale
of operations and operating margin, or substantially improves its
capital structure most likely on account of sizable equity
infusion. Conversely, the outlook may be revised to 'Negative' if
ASFPL undertakes any large, debt-funded capital expenditure
programme or its cash accruals decline, leading to deterioration
in its liquidity.

ASFPL was set up in 1995 in Kolkata (West Bengal) by Mr. Amit
Ranjan Mukherjee. It processes and exports cultured shrimp and
fish.

For 2012-13 (refers to financial year, April 1 to March 31), ASFPL
reported a net loss of INR6.5 million on net sales of INR408
million, against a profit after tax of INR14.8 million on net
sales of INR649 million for 2011-12.


APOLLO CONVEYOR: CARE Assigns 'B+' Rating to INR9.83cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Apollo
Conveyor Pvt. Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            9.83       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Apollo Conveyor Pvt
Ltd (ACPL) is primarily constrained by its nascent stage of
operations, susceptibility of profitability to volatile raw
material price, high working capital intensity with almost full
utilization of working capital limits during the first six months
of operations and its presence in a competitive industry.
The aforesaid constraints are partially offset by the satisfactory
experience of the promoters in the conveyor belt industry.

The ability of ACPL to achieve the projected level of sales and
envisaged profit margins while managing working capital
efficiently are the key rating sensitivities.

Apollo Conveyors Pvt Ltd (ACPL) was incorporated on Aug 2010 by
Smt. Sangitaben A. Patel and Mr Pravinkumar V. Patel of Ahmedabad,
Gujarat for manufacturing various grades of conveyor belts used
for industrial applications of material handling in various
industries like mining, power, cement and steel. The company's
plant is located at Mehsana, Gujarat having a total manufacturing
capacity of 135,000 meters per annum (MPA). The company commenced
commercial production from September, 2013. The project was set up
an aggregate cost of INR13.93 crore, which was financed by way of
promoter contribution of INR4.63 crore (including unsecured loan
of INR2.87 crore) and debt of INR9.30 crore (at a debt equity mix
of 2.01:1).

In the first six month of operation in FY14 (refer to the period
September 1, 2013 to February 28, 2014) the company has achieved
total operating income of INR 1.9 crore.


ARG INFRA: CRISIL Reaffirms 'B+' Rating to INR300MM Loans
---------------------------------------------------------
CRISIL's ratings on the bank facilities of ARG Infra Developers
Pvt Ltd continue to reflect the significant demand-related risks
that ARG Infra is susceptible to, as its ongoing project is in the
initial phase. The company is also susceptible to cyclicality in
the real estate sector and to geographical concentration risks (it
is operating only in and around Ajmer [Rajasthan]). These rating
weaknesses are partially offset by the established market position
of the ARG group (of which ARG Infra is part) as a real estate
developer in Rajasthan.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          --------     -------
   Overdraft Facility      70       CRISIL B+/Stable (Reaffirmed)
   Proposed Short Term
   Bank Loan Facility       5       CRISIL A4 (Reaffirmed)
   Term Loan              230       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ARG Infra will benefit from the ARG group's
established market position in Rajasthan and will complete the
ongoing project as per schedule. The outlook may be revised to
'Positive' if ARG Infra reports sizeable bookings and customer
advances for the ongoing project. Conversely, the outlook may be
revised to 'Negative' if the company incurs time and cost overruns
in the ongoing project or reports lower than expected bookings.

ARG Infra, a part of the ARG group, was established in 2008 to
execute residential projects. The company is currently executing a
residential project, Rosewood, along National Highway 8, on the
outskirts of Ajmer.


BCC INFRACON: CARE Reaffirms 'B+' Rating on INR5cr Bank Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
BCC Infracon Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Bank
   Facilities            5.00       CARE B+ Reaffirmed

   Short term Bank
   Facilities            9.00       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of BCC Infracon
Private Limited (BIPL) continue to be constrained by its small
size of operations, moderate capital structure, client
concentration risk and working capital intensive nature of
operations. The ratings, however, continue to derive strength
from the experienced promoters, reputed clientele and satisfactory
order book position.

The ability of the company to expand its scale of operations and
profitability amidst the increasing competition in the industry
will remain as the key rating sensitivities.

BIPL was incorporated in May 2009 by Mr. P Ranga Raju along with
his wife Mrs. P Hema Malini. In February 2010, BIPL took over the
business of Brothers Construction Corporation, a partnership
firm started in 1992 by M. Raju along with his two brothers for
executing civil construction works on contractual basis. Mr. Raju
(Managing Director of BIPL) has done Diploma in Civil Engineering
and has been in the field of civil construction for around 25
years. Currently he and Mrs. P Hema Malini look after the day to
day operations of the company.

During FY13 (refers to the period April 1 to March 31), BCC
reported a total operating income of INR19.19 crore and a PAT of
INR 0.79 crore as against a total operating income of INR18.27
crore and PAT of INR0.58 crore in FY12. Further, the company has
achieved a total operating income of around INR 21.04 crore during
11MFY14 (refers to April, 2013-February, 2014).


BUDDHA INDIA: CRISIL Reaffirms 'D' Rating on INR65.5MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Buddha India Hotels Pvt
Ltd continues to reflect instances of delay in servicing its term
debt due to weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           0.5        CRISIL D (Reaffirmed)
   Term Loan            65          CRISIL D (Reaffirmed)

BIHPL also has weak financial risk profile marked by a small net
worth and high gearing, limited revenue diversity, and high
geographical concentration. However, the company benefits from
favourable market position, backed by the company's association
with the Bikanervala brand marked by the operations of the
Bikanervala franchise at the same premises for around five years
and low reliance on external debt to fund working capital
requirements

BIHPL, part of the Buddha group, is promoted by Mr. Anil Tibrewal.
Incorporated in 2011, the company operates a franchise restaurant
of Bikanervala, which is a chain of traditional sweet shops and
restaurants. BIHPL's main business comprises managing a sweet shop
and a restaurant, with facilities such as banquet hall and
catering, under the brand name Bikanervala. The company commenced
operations in June 2011 and has acquired a business which was
operational for five years under the same franchisee format.


CHANDRA AUTOMOBILE: CRISIL Puts 'B+' Rating on INR71.5MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Chandra Automobile India Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            25        CRISIL B+/Stable
   Long Term Loan         46.5      CRISIL B+/Stable

The rating reflects CAPL's weak financial risk profile, marked by
a high total outside liabilities to tangible net worth ratio and
weak debt protection metrics, and susceptibility to intense
competition in the passenger cars and two-wheeler industries.
These rating weaknesses are partially offset by the extensive
experience of CAPL's promoters in the automobile dealership
industry and its established market position in the automobile
dealership business in Coimbatore (Tamil Nadu [TN]).

Outlook: Stable

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

Set up in 1992, CAPL is an authorised dealer for passenger cars of
Hyundai Motor India Ltd and two-wheelers of Honda Motorcycle &
Scooter India Pvt Ltd in TN. The company is promoted by Mrs. R
Nandini and her family members.

For 2012-13 (refers to financial year, April 1 to March 31), CAPL
reported a net loss of INR9 million on net sales of INR1364
million, against a profit after tax of INR1 million on net sales
of INR1309 million for 2011-12.


EMPEE DISTILLERIES: CARE Revises Rating on INR25.56cr Loan to 'D'
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Empee
Distilleries Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       25.56       CARE D Revised from
   Facilities                       CARE B [Single B] and
                                    'Credit Watch' removed

Rating Rationale

The revision in the rating takes into account the instances of
delays in debt servicing by Empee Distilleries Limited. The
'credit watch' on the rating has also been removed.

Promoted in 1983 by Mr M P Purushothaman, EDL is the flagship
company of the Empee group mainly engaged in the manufacturing of
Indian Made Foreign Liquor (IMFL) in the states of Tamil
Nadu (TN), Kerala and Karnataka. EDL has a licensed capacity of
7.2 million cases per annum, spread among these three states. EDL
also produces power through a bio-mass based power plant
of 10 MW capacity in TN and has a 60 Kilo Litre per Day (KLPD)
grain based alcohol plant in Andhra Pradesh (AP).

Credit Risk Assessment

Instances of delays in debt servicing

The moderation in the performance of EDL coupled with significant
exposure to group entities primarily in the form of equity capital
and delay in the implementation of certain debt funded projects
have led to a constrained liquidity position, leading to instances
of delays in debt servicing by EDL.

Long operational track record of EDL

Established in 1993, EDL is one of the leading players in the IMFL
segment in TN, with a small presence in Kerala too. EDL sold 4.7
million cases in FY13 (refers to the 12 months period from
October 1, 2012 to September 30, 2013) as against 8.4 million
cases sold in FY12 (18 months period ended September 30, 2012) and
has strong presence in a few of the segments.

Moderation in performance

The operational performance of EDL in the TN market moderated in
FY13 consequent to the increased level of competition as a result
of entry of several new players in the recent years, rise in
inputs costs and the increasing interest charges, leading to
moderation in profitability during FY13.

The company registered a PAT of INR11 crore on a total operating
income of INR276 cr in FY13 (12 months period) as against a PAT of
INR23 crore on a total operating income of INR471 crore in FY12
(18 months period). The PBIDT margin moderated to 12.25% in FY13
as against 14.43% in FY12 and the interest coverage ratio
moderated to 1.43 times in FY13 as against 2.56 times in FY12.
Significant exposure to group entities Over the last few years,
EDL has made significant investments by way of equity infusion and
loans & advances to its group entities. As on September 30, 2013,
the company's non-current investments in group companies
aggregated INR280 crore as against the company's tangible networth
of INR290 crore. Out of this, major part of the group exposure was
towards three companies with relatively weaker financial risk
profile namely, Empee Sugars & Chemicals Limited (ESCL), Empee
Hotels Ltd (EHL, rated 'CARE D') and Appollo Distilleries Private
Limited (ADPL, rated 'CARE D'). ESCL and EHL have got their loans
restructured under Corporate Debt Restructuring (CDR).


EMPIRE MALL: CARE Reaffirms 'B+' Rating on INR136.54cr Bank Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Empire Mall Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities          136.54       CARE B+ Re-affirmed

Rating Rationale

The reaffirmation of rating assigned to the bank facilities of
Empire Mall Pvt Ltd is constrained by the stressed liquidity
position faced by the company on account of a delay in payment of
rentals by the retailers and high debtors related to sale of
commercial space. Nevertheless, the rating continues to factor in
the experience of the Provogue Group in the development and
management of the retail space, increase in the occupancy levels
of the mall and continued support from the promoters.

Timely collection of lease rentals, as well as the timely
collection of dues from the buyers of commercial space constitute
the key rating sensitivities.

Empire Mall Private Ltd (EMPL) is a Provogue group company with
Prozone International Ltd Singapore (PILS) (a step-down subsidiary
of Prozone Capital Shopping Center Limited (PCSCL)) holding a
61.50% stake. The balance stake (38.50%) is held by Triangle Real
Estate India Projects Ltd and Pearlscope Ltd. Provogue group has
recently demerged its real estate business from the
flagship company, Provogue (India) Ltd (rated, CARE BBB+/A3+) to a
newly incorporated entity, Prozone Capital Shopping Center Limited
(PCSCL). PCSCL, now the ultimate holding company for all real
estate projects under Provogue group, is a joint venture between
Provogue group and UK FTSE-100-listed Capital Shopping Centres
Plc.

EMPL has developed 'Prozone Mall' with a leasable area of 8.06
lakh square feet (lsf) in Aurangabad, Maharashtra. Furthermore,
EMPL has undertaken to construct commercial space, above the mall
premises, to be executed in three phases covering a total saleable
area of 4.01 lsf.

Also, EMPL has ongoing a project named 'Saral Bazaar' wherein the
company is developing 452 small stores.

EMPL reported a total operating income of INR77.21 crore in FY13
(refers to the period April 1 to March 31) compared to INR50.75
crore in FY12 with loss of INR11.73 crore in FY13 as against a
loss of INR33.64 in FY12.


EXCEL VEHICLES: CARE Reaffirms B+ Rating on INR26.64cr Bank Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Excel Vehicles Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            26.64      CARE B+ Re-affirmed

Rating Rationale

The rating assigned to the bank facilities of Excel Vehicles Pvt
Ltd (EVPL) continue to remain constrained by low profit margins
owing to the dealership nature of the business operations,
inherent cyclicality associated with the commercial vehicle
segment and low bargaining power against the principal supplier.

The rating, however, continues to derive comfort from the
established track record of the group in providing integrated
services in the auto dealership segment and long standing
experience of the promoters. The rating also factors in
stabilization of operations during 9MFY14 (refers to the period
April 1 to December 31).

The ability of EVPL to increase its scale of operations along with
an improvement in profit margins in light of the competitive
nature of the industry remains the key rating sensitivities.

Incorporated in the year 2012, EVPL belongs to Bhopal based "My
Car" Group. My Car Group has established presence in automobile
dealership segment with authorized dealership of Maruti
Suzuki India Limited (MSIL) and Hero Motocorp Limited (HML) in
cities like Bhopal, Indore and Kanpur. Besides automobile segment
the group also has distributorship of Nokia and HCL cell
phones for Bhopal and nearby areas. EVPL operates in Bhopal and
nearby region as an authorized dealer of Tata Motors Limited (TML)
for its commercial vehicle segment. EVPL deals in all models of
TML in the commercial vehicle segment. The catchment area for EVPL
is Bhopal, Itarsi, Vidisha, Raisen and Hoshanganad being a sole
dealer of TML (Commercial Vehicle Segment) for these
areas. The company has taken the showroom on lease at Bhopal for
15 years of tenure starting from November 12, 2012, exposing the
company to the risk of non-renewal of lease agreement and risk of
hike in monthly lease payments.

As per 9MFY14 provisional financials, EVPL has reported a TOI of
INR55.61 crore and PBT of INR0.63 crore.


FLORIM CERAMIC: CRISIL Assigns 'B' Rating to INR80MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Florim Ceramic Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             52.5       CRISIL B/Stable
   Bank Guarantee        10         CRISIL A4
   Cash Credit           27.5       CRISIL B/Stable

The ratings reflects its start-up nature and modest scale of
operations in the highly competitive ceramic industry, and large
working capital requirements. These rating weaknesses are
partially offset by the promoters' extensive experience in the
ceramics industry, and the proximity of the company's
manufacturing facilities to sources of raw material and labour.

Outlook: Stable

CRISIL believes that FCPL will benefit from its promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if FCPL timely stabilizes its
operations, leading to larger than expected cash accruals.
Conversely, the outlook maybe revised to 'Negative' if the
company's accruals are lower than expectations due to reduced
order flow or profitability, or if the company's financial risk
profile deteriorates due to stretch in working capital or larger-
than-expected debt-funded capital expenditure.

FCPL was incorporated in 2013, and is promoted by the Morvi-based
Kalaria family. The company manufactures digital wall tiles at its
production facilities, with an installed capacity of 28,350 metric
tonnes per annum (MTPA), in Morvi (Gujarat).

FCPL is likely to begin commercial operations in April 2014.


GIRIVARYA NON-WOVEN: CRISIL Assigns 'B+' Rating to INR100MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Girivarya Non-Woven Fabrics Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             20         CRISIL B+/Stable
   Cash Credit           40         CRISIL B+/Stable
   Proposed Cash
   Credit Limit          40         CRISIL B+/Stable

The rating reflects modest scale of operations, working capital
intensive nature of activity and subdued financial risk profile
marked by modest networth, high gearing and weak debt protection
metrics. These rating weaknesses are partially offset by extensive
industry experience of promoters.

Outlook: Stable

CRISIL believes that GNFPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if there is
significant increase in GNFPL's scale of operations, while
maintaining its profitability margins and improving its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of a significant decline in the company's revenues or
profitability or if its capital structure deteriorates on account
of lengthening of its working capital requirements or debt funded
capital expenditure.

GNFPL, incorporated in 2011, is engaged in manufacturing of non-
woven fabrics and products. The company is promoted by Mr. Harilal
Baldha, Mr. Dhansukhlal Vekariya, Mr. Navneetbhai Gajera and Mr.
Hareshbhai Gajera. The day to day operations are overseen by the
promoters. The company's manufacturing unit is located in Rajkot
district in Gujarat.

GNFPL reported a profit after tax (PAT) of INR0.5 million on net
sales of INR 58.4 million for 2012-13 (refers to financial year,
April 1 to March 31) against net loss of INR 2.2 million  on net
sales of INR 3.5 million in 2011-12.


INTEGRATED RUBIAN: CARE Reaffirms B+ Rating on INR4.47cr Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Integrated Rubian Exports Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            4.47       CARE B+ Reaffirmed

   Short-term Bank
   Facilities            6.00       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Integrated Rubian
Exports Limited (IREL) continue to be constrained by its project
implementation risk, working capital intensive nature of business,
and competitive nature of industry coupled with regulatory risks
and seasonality associated with seafood industry. The ratings,
however, continue to derive strength from the company's qualified
and experienced management, significant increase in sales during
11MFY14 (refers to the period April 01 to February 28), location
advantages with easy availability of raw materials and favourable
demand outlook for sea food industry.

The ability of the company to expand its scale of operations and
profitability amidst the increasing competition in the industry
and to complete its ongoing project without cost and time overrun
will remain as the key rating sensitivities.

IREL was incorporated on June 19, 1990. The company is engaged in
processing of shrimps, fish and other marine products in cooked,
semi-cooked and ready-to-eat form in consumer packs.

IREL was promoted by Mr K. A. Kunjumoideen and his associates with
equity participation of Kerala State Industrial Development
Corporation (KSIDC) and Marine Products Exports Development
Authority (MPEDA). The company was under lock-out since 2003 and
was declared as a sick unit under the purview of the Board for
Industrial and Financial Reconstruction (BIFR). It was also
suspended from BSE on account of non-compliance with listing
agreement clauses from 2003 onwards.

The current promoters of IREL, Mr. Mr Azkhar Abdul (Managing
Director) and Mr. T.M. Imthiaz (Director), took over the company
and restarted its operations in November 2011.

During FY13 (refers to the period April 1 to March 31), IREL
reported a total operating income of INR1.36 crore and net loss of
INR 4.46 crore in FY13. Further, the company has achieved a total
operating income of around INR 17.20 crore during 11MFY14.


JET GRANITO: CRISIL Assigns 'B' Rating to INR227MM Loans
--------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Jet Granito Pvt Ltd, and has assigned its 'CRISIL
B/Stable/CRISIL A4' ratings to these facilities. CRISIL had
suspended the ratings on November 16, 2012, as JGPL had not
provided the necessary information required for reviewing the
ratings. The company has now shared the requisite information,
thereby enabling CRISIL to assign ratings to the bank facilities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         45        CRISIL A4(Assigned;
                                    Suspension revoked)

   Cash Credit           150        CRISIL B/Stable (Assigned;
                                    Suspension revoked)

   Term Loan              77        CRISIL B/Stable (Assigned;
                                    Suspension revoked)

The ratings reflect JGPL's modest scale of operations in the
highly fragmented ceramic tiles industry, the susceptibility of
its operating margin to raw material price volatility and to its
low bargaining power, and its working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters.

Outlook: Stable

CRISIL believes that JGPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves significantly, supported by higher accruals.
Conversely, the outlook may be revised to 'Negative' if JGPL's
capital structure deteriorates, most likely because of debt-funded
capital expenditure, or if its working capital cycle is stretched,
leading to weakening of its liquidity.

JGPL was incorporated in 2006, promoted by the Amarshibhai,
Jerambhai, Chunilal, and Ramnikbhai groups. The company
manufactures vitrified tiles.

For 2012-13 (refers to financial year, April 1 to March 31), JGPL
reported a net profit of INR6.7 million on net sales of INR651.4
million, against a net profit of INR7.9 million on net sales of
INR732.7 million for 2011-12.


KRIPA TELECOM: CARE Reaffirms 'B+' Rating on INR3cr Bank Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Kripa Telecom.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              3        CARE B+ Reaffirmed

   Short-term Bank
   Facilities              6        CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained by the weak financial
risk profile of the firm marked by the streched capital structure
and moderate liquidity, its small scale of operation with thin
profitability margins and intensely competitive industry. However,
the ratings draw strength from the long experience of the
partners, established relationship with the leading players in the
lighting industry, growth in revenue income from the solar segment
and the firm being a certified and registered supplier of various
Government bodies.

Kripa Telecom (Kripa) was established in the year 2000, by a team
of three professionals Mr D Subhakar, Mr P Ramesh and Mr P P Rao
Kripa was initially engaged in supplying of telecom equipments
(wired products, main distribution frames, RF Antennas and RF
Connectors) till 2007.

Subsequently, the firm exited from telecom equipment business and
shifted its focus in supplying of 220W LED lights to private
companies and railways. Later, with growing opportunities in the
solar space and adequate support from the Government, the firm
planned to venture into EPC and Solar solutions vertical and
executed its first solar order during FY11 (refers to the period
April 1 to March 31). Presently, the firm is operating as a System
Integrator (SI) for solar orders and has successfully executed
around 20 solar projects tillMarch18, 2013 having an aggregate
capacity of more than 200 KW.

Kripa is an ISO 9001:2008 and ISO 14000 company, headquartered in
Bangalore having a dealer network (of eight) in seven cities
across India. Over the years the firm has established a strong
relationship with the some of the leading players in the lighting
industry.

During FY13, the company reported a PAT of INR0.3 crore (FY12: PAT
of INR0.3 crore) on a total income of INR11.8 crore (FY12: INR8
crore). During 9MFY14, Kripa Telecom reported a profit of INR0.3
crore on a total income of INR15 crore.


KSHEM KALYANI: CARE Assigns 'B+' Rating to INR13.50cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Kshem
Kalyani Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            13.50      CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Kshem Kalyani
Industries (KKI) is primarily constrained on account of short
operational track record of the firm coupled with its financial
risk profile characterised by the modest scale of operations, low
profitability, moderately leveraged capital structure and moderate
debt coverage indicators. The rating is further constrained on
account of its presence in the highly competitive and fragmented
cotton-ginning business with limited value addition, volatility
associated with the raw material prices, working capital intensive
operations and susceptibility to the changes in the government
policy for cotton.

The above constraints far offset the benefits derived from the
experience of the partners in the cotton ginning business and
proximity to the cotton-producing region of Gujarat.

The ability of KKI to improve its financial risk profile through
increase in the scale of operations with the improvement in the
profitability and better working capital management remains the
key rating sensitivity.

KKI was formed on November 30, 2011 as a partnership firm which
was reconstituted in March 21, 2013 after exit of a partner. The
present partners Mr Bhagvansingh Vaghela and Mr Khanjibhai
Vaghela have prior experience in the industry and look after the
overall operations of the firm. KKI is based out at Patan
district, Gujarat and is engaged in the cotton ginning and
pressing business with a total installed capacity of 17,850 metric
tonnes per annum (MTPA) of cotton bales and 30,000 MTPA of cotton
seed as on March 31, 2013. The commercial production of the
facilities started on August, 2012; hence in FY13 (refers to the
period April 1 to March 31) KKI had 8 months of operations.

The partners hold experience in the cotton ginning & pressing
industry through their other group concern Samoj Cotton Industries
(SCI; rated CARE B+) which is engaged in the trading and
manufacturing of cotton seeds and cotton bales.

The commercial production commenced from August 2012 and during 8
months of operations, KKI reported a total operating income (TOI)
of INR52.71 crore and a Profit after Tax (PAT) of INR0.03 crore.
During 11MFY14 (Provisional) KKI registered a TOI of INR72.63
crore.


KSHITIJ SYNERGY: CRISIL Assigns 'D' Rating to INR145MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Kshitij Synergy Corp Pvt Ltd. The rating reflects
instances of delay by the company in servicing its debt
obligations; the delays have been caused by the company's weak
liquidity, marked by insufficient net cash accruals vis-a-vis its
debt obligations, because of nascent stage of operations.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             145        CRISIL D

KSCPL's rating also reflects the high offtake risk leading to
expected weak debt service coverage ratio. However, KSCPL benefits
from its favourable location of its solar power plant.

Incorporated in 2012-2013 (refers to financial year, April 1 to
March 31), KSCPL has set up a 2.5 megawatts solar photovoltaics
(PV) plant in Bikaner (Rajasthan) to generate power under the
Rajasthan Solar Energy Policy, 2011 issued by the government of
Rajasthan. The company commenced operations in January 15, 2014.
The day-to-day operations of the company are managed by Mr. Snehal
Thummar and Mr. Nilesh Pambhar.


LUCKY AUTOMOTIVES: CARE Cuts Rating on INR10cr Loan to 'B+'
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Lucky
Automotives Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         10        CARE B+ Revised from
   Facilities                       CARE BB-

Rating Rationale

The revision in the rating takes into account Lucky Automotives
Private Limited's financial profile marked by a decline in
profitability margins and capital structure. The rating further
continues to be constrained by the relatively short track record
of operations, low profitability margins on account of limited
bargaining power against principal manufacturer, financial risk
profile marked by highly leveraged capital structure & moderately
stressed liquidity position and its operations in the highly
competitive automobile dealership industry. The rating however,
continues to derive strength from the experience of the promoters,
LAPL's positioning as sole dealer for Nissan Motors India Private
Limited in the Vijayawada and Nellore region and favourable
automobile industry scenario in the long term.

The ability of the company to increase its market presence in
light of the competitive nature of the industry and improve its
capital structure is the key rating sensitivity.

Lucky Automotives Private Limited was incorporated in the year
2010 by Mr. Sandeep Usman and Mr. MD Usman at Vijayawada, Andhra
Pradesh. LAPL has entered into a dealership agreement with Nissan
Motors India Private Limited (NMIPL's) and is an authorized dealer
for sale of Nissan cars. LAPL is engaged in the business of sale
of Nissan passenger cars segment such as Micra, Sunny, Xtrail,
Teana, Evalia, 370Z etc. LAPL has two showrooms located at
Vijayawada and Nellore along with service centres which provides
after sales services and spare parts and its accessories for NMIPL
located at its outlet.

During FY13 (refers to the period April 1 to March 31), LAPL
reported a net profit of INR0.40 crore on a total operating income
of INR85.19 crore as against a net profit and total operating
income of INR0.28 crore and INR51.17 crore, respectively in FY12.
The company achieved turnover of INR44 crore during April 01, 2013
to March 27, 2014.


MANAV AGRI: CRISIL Raises Rating on INR75MM Cash Credit to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Manav Agri Foods Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            75        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that MAFPL's credit
risk profile will improve over the medium term, driven by its
enhanced scale of operations and operating profitability, and
efficient working capital management. The consequent increase in
cash accruals, will improve the company's debt protection metrics
and net worth.

The rating reflects MAFPL's small scale of operations in a
fragmented industry, and susceptibility to vagaries of the
monsoons. These rating weaknesses are partially offset by the
company's enhanced scale of operations, extensive experience of
its promoters in the rice industry, moderate financial risk
profile and healthy growth prospects for the basmati rice segment.

Outlook: Stable

CRISIL believes that MAFPL's business risk profile will continue
to benefit from the promoters' extensive experience in the basmati
rice segment. The outlook may be revised to 'Positive' if the
company increases its scale of operations and improves its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
because of substantially low revenue, or a decline in its cash
accruals because of restricted profitability or sizeable working
capital requirements or debt-funded capital expenditure.

MAFPL was promoted by Mr. Ashok Gheek in 2007 to undertake
processing of rice. The company started commercial production in
April 2012. MAPL has a paddy processing plant in Holambi, Naya
Bans (Delhi) with a capacity of 3 tonnes per hour.

MAFPL reported net profit of INR2.5 million on net sales of INR558
million for 2012-13 (refers to financial year, April 1 to
March 31).


MANGALAM AUTO: CRISIL Reaffirms B+ Rating on INR75.5MM Loans
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Mangalam
Automotives Pvt Ltd continues to reflect MAPL's weak financial
risk profile, marked by a small net worth, a high total outside
liabilities to tangible net worth (TOLTNW) ratio, and weak debt
protection metrics, and exposure to intense competition in the
automobile industry. These rating weaknesses are partially offset
by the benefits that MAPL derives from its management's extensive
experience in the automobile industry and its established position
in Raipur (Chhattisgarh).

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         --------    -------
   Cash Credit           32.5     CRISIL B+/Stable (Reaffirmed)

   Inventory Funding
   Facility              25       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     4       CRISIL B+/Stable (Reaffirmed)

   Term Loan             14       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case the company achieves
more-than-expected increase in its scale of operations and better-
than-expected margins, leading to better cash accruals.
Conversely, the outlook may be revised to 'Negative' if MAPL's
revenues and profitability decline significantly, or the company
undertakes any larger-than-expected, debt-funded capital
expenditure programme, adversely affecting its capital structure.

Update
Although MAPL's revenues increased by around 18 per cent to INR367
million in 2012-13 (refers to financial year, April 1 to March 31)
from INR312 million in 2011-12, it is expected to remain flat in
2013-14 due to slowdown in the passenger car industry. The
company's operating profitability continues to remain low but
stable in the range of 3.8 to 4.6 per cent in the past four years
through 2013-14.

MAPL's financial risk profile remains modest, marked by highly
leveraged capital structure due to high short-term debt to meet
its working capital requirements and small net worth. The
company's TOLTNW ratio has been high at around 4.5 times as on
March 31, 2013, on account of increasing working capital
requirements which has remained at similar levels in 2013-14.
Owing to low margins and highly leveraged capital structure, the
company's debt protection measures have been weak; its interest
coverage ratio has been at 1.52 times for 2012-13. This continues
to be at similar levels in 2013-14 as well due to stagnant nature
of operations. MAPL has high working capital requirements as
indicated by average utilisation of its bank lines at 93 per cent
over the 12 months through December 2013. The company has term
debt obligations of INR5.2 million in 2013-14 against tightly
matched expected cash accruals of around INR6 million. However,
the company has prepaid around 13 monthly instalments till date,
providing comfort to its liquidity.

MAPL, incorporated in 2008, is an authorised dealer for Hyundai
Motor India Ltd (rated 'CRISIL A1+') in Raipur. It is promoted by
Mr. Deepak Agrawal and his wife, Mrs. Nirmala Devi Agrawal. The
company operates a sales, service and spares centre in Raipur.


MANGALAM EDU: CRISIL Reaffirms 'B' Rating on INR800MM Loan
----------------------------------------------------------
CRISIL's rating on the bank facilities of Mangalam Edu Gate
continue to reflect the K.R. Managalam University's exposure to
intense competition in the under-graduate and post-graduate
education segment in the Delhi-North Capital Region (NCR) area.
The rating also factors in MEG's weak financial profile, marked by
a cash deficit expected over the medium term and the initial phase
of KRMU's operations. These rating weaknesses are partially offset
by the promoters' extensive experience in the education sector
(through other educational institutes) and KRMU's broad course
portfolio.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             800        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MEG's financial risk profile will remain
constrained by its initial phase of operations in the near term.
The outlook may be revised to 'Positive' if KRMU's occupancy
improves, resulting in an increase in fee income and consequently
in sizeable cash accruals and enhanced liquidity. Conversely, the
outlook may be revised to 'Negative' if MEG's liquidity and
financial risk profile deteriorate because of the promoters
delaying financial support to service debt; or substantially low
cash accruals driven by low student intake, or significant debt-
funded capital expenditure.

MEG, a non-profit organisation, was established in 2004 to provide
under-graduate and post-graduate education. The MEG is controlled
by Mr. Yash Dev Gupta along with his brothers, Mr. Jai Dev Gupta,
Mr. Kapil Dev Gupta and Mr. Inder Dev Gupta. MEG has established
KRMU, which offers technical and management courses in Gurgaon
(Haryana).


METKORE ALLOYS: CARE Reaffirms 'B' Rating on INR35cr Bank Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Metkore Alloys And Industries Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Bank        35.0       CARE B Reaffirmed/Continuous
   Facilities                       on Watch

   Short term Bank       25.0       CARE A4 Reaffirmed/Continuous
   Facilities                       on Watch

Rating Rationale

The ratings continue to be constrained by moderate scale of
operations with lack of captive power source, exposure to group
concerns, project implementation risk associated with the proposed
ferro chrome plant in Oman, the impending merger with the loss-
making ferro alloy division of Sri Vasavi Industries (SVI),
inherent cyclicality associated with the metals industry and
susceptibility to raw material/final product price volatility.
The company along with its subsidiary, Sri Vasavi Industries Ltd,
had an outstanding obligation of INR130.3 crore to NSEL as on
August 27, 2013. The company has reportedly liquidated some stocks
and reduced its obligation to about INR95.08 crore as on February
5, 2014. CARE has also placed the above ratings on credit watch in
view of the lack of clarity on actual transactions in the exchange
and course of action to be taken by the company to meet the
obligation.

CARE would take appropriate view on the ratings, once further
details related to settlement of trades are made available by the
company and exact implications of the above event are clear.

Metkore Alloys & Industries Limited (known as Cronimet Alloys
India Limited from May 2010 to 28th February 2012) was
incorporated initially as GMR Ferro Alloys & Industries Ltd on
March 23, 2006 as a result of the de-merger of Ferro Alloy
Division of GMR Industries Ltd. Currently, Metkore Alloys &
Industries Limited (MAIL) operates as a step down subsidiary of
Mynah Industries, which has interests in textile, steel and ferro
chrome. MAIL is engaged in the manufacture of ferro alloys with an
installed capacity of 30,000 tonnes per annum in Srikakulam
region of Andhra Pradesh. The company ventured into the trading of
ferro alloys on a large scale since FY12 and derives 59% of its
income from trading in FY13.

As per audited results for FY13, the company registered a PAT of
INR11.9 crore on a total income of INR223.0 crore.


MG TEX: CARE Revises Rating on INR9.63cr Bank Loan to 'B+'
----------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of MG Tex Fab Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         9.63      CARE B+ Revised from
   Facilities                       CARE B

   Short-term Bank
   Facilities             0.16      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of MG Tex Fab Private Limited (MTF) is primarily driven
by an increase in turnover owing to stabilization of its
manufacturing facilities as well as increase in the installed
capacity during 11MFY14. However, the ratings continue to remain
constrained on account of its small scale of operations in the
highly fragmented industry, susceptibility of profit margins to
volatility in the raw material price and financial risk profile
marked by leveraged capital structure and weak debt coverage
indicators.

The ratings, however, continue to derive comfort from the
experience of the promoters in the textile industry and its
presence in Surat (Gujarat) which is one of the largest textile
hubs of India. The ability of MTF to increase its scale of
operations along with improvement in profit margins, capital
structure and better working capital management in light of
competitive nature of industry are the key rating sensitivities.

Incorporated in 2007, MTF is engaged in the manufacturing of grey
fabrics (viz French crepe, velvet, raw silk and metty pc) from
yarn. The company has undertaken a phase-wise project to
manufacture grey fabric in early FY12 (refers to the period
April 1 to March 31). The project has been set-up at Surat, with
66 imported high powered machines (water jet looms) having an
installed capacity of 84.32 lakh meters per annum as on March 31,
2013. Although, MTF was incorporated in 2007, the production
commenced from October 2011, when a phase of the project was
completed. The entire project was completed in the month of
December 2012. The key raw material i.e. cotton and polyester yarn
is sourced entirely from domestic market (mainly Surat) and
the revenues are also entirely earned from the domestic market
(mainly from Gujarat, Rajasthan & Maharashtra).

As per the audited results for FY13, MTF reported net loss of
INR0.25 crore on a total operating income (TOI) of INR9.36 crore.
As per 11MFY14 provisional financials, MTF reported TOI of
INR19.60 crore.


NADIA HEALTHCARE: CRISIL Reaffirms 'D' Rating on INR52MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Nadia Healthcare Pvt Ltd
continues to reflect instances of delay in servicing debt because
of weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            2         CRISIL D (Reaffirmed)
   Term Loan             50         CRISIL D (Reaffirmed)

NHCPL has a weak financial profile, marked by negative net worth
and gearing. Moreover, the company is also exposed to risks
related to stabilisation of its operations. However, NHCPL
benefits from its association with established brands such as
Gold's Gym India (Gold's Gym) and Apollo Health and Lifestyle Ltd
(Apollo Clinic).

NHCPL was incorporated in 2009, and has franchisee arrangements
with Gold's Gym to establish a gym in Kolkata and with Apollo
Clinic for a multi-specialty clinic in Durgapur (West Bengal).

NHCPL commenced operations at its Apollo Clinic and Gold's Gym
franchisees in 2012-13 (refers to financial year, April 1 to March
31), both of which are in a nascent stage, and have not yet
stabilised operations.


PUNEET COTTON: CARE Assigns 'B+' Rating to INR4.74cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Puneet
Cotton Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            4.74       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Puneet Cotton
Private Limited (PCPL) is constrained on account of its financial
risk profile marked by weak debt coverage indicators, its presence
in a highly fragmented industry with limited value addition,
regulated cotton prices along with working capital intensive
nature of operations.

The rating, however, derives strength from the experienced
promoters along with location advantage for the procurement of the
raw cotton.

The ability of the company to increase its scale of operations
while moving up in the cotton value chain and improvement in the
financial risk profile along with managing the volatility in the
raw material prices are the key rating sensitivities.

Incorporated in 2011, Puneet Cotton Private Limited (PCPL) is
promoted by Mr Sanjay Mangal and Mrs Sandhya Mangal. The company
was set up to undertake the business of cotton ginning and
cotton seeds extraction. PCPL operates from its sole manufacturing
unit located at Georai, Beed district of Maharashtra with an
installed capacity of 10,200 Metric Tonne Per Annum (MTPA) as on
February 28, 2014. Furthermore, the company extracts around 750
quintals of cotton seeds per day in the ginning and pressing
process as a by-product. The company procures raw cotton directly
from the local farmers and traders based out in and around Beed.
PCPL operates for 6-8 months in a year based on the availability
of raw material during the season. PCPL supplies the finished
products to many companies located in Maharashtra like Shetkari
Vinkari Sahakari Soot Girni Limited, Indira Gandhi Mahila Soot
Girni Limited, ABC Cotspin Private Limited, Raghuvanshi
Ginning & Pressing Factory, Navbharat ginning & pressing factory
etc.

In FY13 (refers to the period April 01 to March 31) PCPL
registered a PAT of INR0.07 crore on a total operating income of
INR19.29 crore as against loss of INR0.02 crore on a total
operating income of INR10.11 crore in FY12.


RENOWN PHARMACEUTICALS: CARE Reaffirms B Rating on INR33.4cr Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Renown Pharmaceuticals Pvt. Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           33.40       CARE B Reaffirmed

   Short-term Bank
   Facilities            2.40       CARE A4 Reaffirmed

   Long-term/Short-term
   Bank Facilities       6          CARE B/CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained by the nascent stage of
operations of Renown Pharmaceuticals Pvt Ltd (RPPL) with continued
cash losses, delay in product approvals, yet to establish customer
base and presence in a highly competitive industry with high
bargaining power of suppliers and customers. The ratings also
factors in deterioration in the capital structure and liquidity
position of RPPL during FY13 (refers to the period April 1 to
March 31).

The ratings, however, continue to draw strength from the wide
experience of the promoters in the pharmaceutical industry coupled
with well-equipped and WHO-GMP certified manufacturing
facilities. The ratings also factors in financial support from the
promoters in the form of unsecured loans and External Commercial
Borrowings (ECB)s and receipt of Therapeutic Goods Administration
(TGA) approval for supplying goods in Australia in FY14.

The ability of RPPL to increase its scale of operations with
setting up of customer base, continued financial support from the
promoters and improvement in the overall financial risk profile
remains the key rating sensitivities.

RPPL was originally incorporated during September 2005 as Renown
Ceratek Pvt. Ltd. with the objective to undertake manufacturing of
ceramic glazed wall and floor tile, sanitary wares, earthern
ware and porcelain wares etc. However, during October 2009, the
company changed its name to Renown Pharmaceuticals Pvt. Ltd. and
amended its Article and Memorandum of Association to include the
proposed business activity of manufacturing of soft gelatin
capsules. In December 2011, RPPL had successfully completed its
project of manufacturing of soft gelatin capsules with a total
annual capacity to manufacture 500 million capsules per annum and
incurred INR52.30 crore towards the same. RPPL started commercial
production from March 2012 hence FY13 was its first full year of
operations.

RPPL currently sells soft gelatine capsules through the Contract
Research and Manufacturing Services (CRAMS) model to domestic as
well as other less regulated markets such as Nigeria, Vietnam and
Sri Lanka. The overall operations is being managed by Mr Raghuveer
Bhatt (Director-Technical) who has over three decades long
experience in the pharmaceutical industry and has also worked in
setting up the Soft-Gelatin plants at E Merck India Limited and
Aleppo Pharmaceuticals, Syria.


SACHDEVA RICE: CRISIL Reaffirms 'B' Rating on INR120MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Sachdeva Rice and
General Mills continues to reflect SRGM's weak financial risk
profile, marked by a highly leveraged capital structure and weak
debt protection metrics. This rating weakness is partially offset
by the benefits that SRGM derives from its partners' extensive
experience in the rice industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           110        CRISIL B/Stable (Reaffirms)
   Term Loan              10        CRISIL B/Stable (Reaffirms)

Outlook: Stable

CRISIL believes that SRGM will continue to benefit over the medium
term from its partners' extensive experience in the rice industry.
The outlook may be revised to 'Positive' if the SRGM registers
significant increase in its revenue and profitability, leading to
improvement in its financial risk profile, or benefits from
significant infusion of capital, resulting in improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if SRGM undertakes any aggressive, debt-funded
expansion, or if its revenue and profitability decline
substantially, resulting in deterioration in its financial risk
profile.

Update
For 2012-13 (refers to financial year, April 1 to March 31), SRGM
has undertaken a sale of INR230.7 million against CRISIL's
expectation of INR160.7 million. For 2013-14, SRGM had a sale of
INR270 million till Dec 2013. Operating margin in 2012-13 was 6.7
per cent lower than CRISIL's expectation. Operating margin is
lower than expected on account of decline in prices of rice in the
last quarter of 2012-13 and thus, to protect against the price
risk on inventory, SRGM sold the inventory at lower operating
margin. Over the medium term, CRISIL believes that SRGM's
operating margin will be in the range of 7 to 8 per cent as SRGM
is in the basmati rice segment, which is a higher-margin business
compared to processing of non-basmati rice.

SGRM's business continues to be working capital intensive with
gross current assets (GCAs) of 137 days against the CRISIL
expectation of 238 days for 2013-14. The GCAs are lower than
expected on account of larger-than-expected sale in the last
quarter of 2012-13 resulting in lower inventory of 94 days against
CRISIL expectation of 230 days as on March 31, 2013. Over the
medium term, CRISIL believes that SRGM's operations will continue
to be working capital intensive driven by large inventory days of
~180 days and moderate debtor days.

SGRM financial risk profile continues to remain weak with small
net worth of INR10 million in line with CRISIL expectations. The
capital structure continues to remain leveraged with gearing of 9
times as on March 31, 2013, on account of short-term debt availed
by the firm to meet the working capital requirement. SGRM's
liquidity remains weak with working-capital-intensive operations
leading to average bank limit utilisation of 70 per cent, with
instances of 100 per cent utilisation. CRISIL believes that SGRM
financial risk profile will remain weak with leveraged capital
structure on account of small net worth and working-capital-
intensive operations.

SRGM was set up in 2008 by Mr. Sachit Sachdeva and his family. It
is a partnership firm based in Fazilka (Punjab), engaged in the
processing of paddy into basmati rice.

For 2012-13, SRGM reported a book profit of INR1.5 million on net
sales of INR230.7 million, against a book profit of INR0.6 million
on net sales of INR138.2 million for the previous year.


SAHARA GROUP: Withdraws Offer to Pay INR2,500cr for Roy's Bail
--------------------------------------------------------------
The Times of India reports that Sahara group has withdrawn its
proposal from the Supreme Court in which it had assured to pay
INR2,500 crore immediately and rest INR2,500 crore in cash in
three weeks for getting bail for its chief Subrata Roy and two
directors.

According to the report, the group had made the proposal on
April 3 when it expressed its inability before the apex court to
immediately pay INR10,000 crore for securing bail for Roy and its
two directors who have been in jail since March 4.

It had, however, proposed to pay INR2,500 crore immediately and
rest INR2,500 crore in cash within three weeks after the release
of Roy and two directors, Ravi Shankar Dubey and Ashok Roy
Choudhary, TOI relates.

The report says the apex court had earlier imposed a condition
that Roy will be freed on bail only if he pays INR10,000 crore out
of which INR5,000 crore has to be in bank guarantee and rest in
cash.

Roy and the other two directors of the group have been in judicial
custody since March 4 for not abiding by the apex court's order
for depositing INR20,000 crore of investors money with Sebi, the
report notes.

TOI notes that 65-year-old Roy had earlier submitted that the apex
court's order for detaining him for not paying INR20,000 of
investors' money with Sebi was illegal and unconstitutional and
sought quashing of the order.

His counsel had said it was unconstitutional to send a man behind
the bars for not paying the money and also questioned the order
putting a condition of paying INR10,000 crore for getting interim
bail, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2013, The Economic Times said Sebi on Feb. 13, 2013,
seized bank accounts and properties of two Sahara Group companies
and its promoter, Subrata Roy.  The move comes following the
group's failure to refund INR24,000 crore to investors as directed
by the Supreme Court.

Sahara Group operates businesses ranging from finance, housing,
manufacturing and the media.  Sahara also sponsors the Indian
hockey team and owns a stake in Formula One racing team, Force
India.


SANJAYUTTAM AGRO: CARE Assigns 'B+' Rating to INR10.2cr Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Sanjayuttam Agro Foods Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            10.20      CARE B+ Assigned

   Short-term Bank
   Facilities             2         CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sanjayuttam Agro
Foods Private Limited (SAFPL) are constrained on account of
project execution & stabilization risk, its small scale of
operation in a highly fragmented industry and volatility in raw
material prices influenced by government policies.

The ratings, however, derive strength from the experienced
promoters, stable demand for its products being relatively
insulated from the economic cycles along with marketing and
distribution support from group entity.

Ability of the company to complete the proposed capex without time
and cost overrun and subsequent stabilization of operations
remains the key rating sensitivity.

Aurangabad based, Sanjayuttam Agro Foods Private Limited was
incorporated on July 11, 2012. SAFPL is promoted by Mr Uttamchand
Sancheti, Mr Sanjay Sancheti and Mrs Vaishali
Sancheti. Currently, the company is in process of setting up
facility for manufacturing of flour, maida, rawa and other by
products with an installed capacity of 150 tons per day (TPD).
The company plans to procure raw material from the group entity
Sanjay Sales Corporation as well as from the open market of
Aurangabad, Jalna and other parts of Maharashtra and Madhya
Pradesh.

The product profile of the company includes maida, suzi, rawa,
tandoor and other by-products. The commercial production from the
proposed unit is expected to start from August 2014.


SATYAM RICE: CRISIL Ups Rating on INR85MM Loans to 'B+'
-------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Satyam Rice Mill to 'CRISIL B+/Stable' from 'CRISIL B/Stable',
while reaffirming the rating on the firm's short-term facilities
at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         5         CRISIL A4 (Reaffirmed)

   Cash Credit           45         CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Cash         12.9       CRISIL B+/Stable (Upgraded
   Credit Limit                     from 'CRISIL B/Stable')

   Term Loan             27.1       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in SRM's business risk
profile, driven by a substantial and sustained increase in its
scale of operations, while maintaining its profitability margins.
The upgrade also factors in an expected improvement in the firm's
financial risk profile over the medium term, on the back of its
efficient working capital management and the absence of any large
debt-funded capital expenditure (capex) plan.

The firm is likely to register a compound annual growth rate of
around 55 per cent in its revenues from 2011-12 (refers to
financial year, April 1 to March 31) to 2013-14; its operating
profit margins are estimated to have remained stable at around 9.0
per cent over this period. The revenue growth of the firm has been
driven by stabilization of its incremental capacity in 2013.
CRISIL believes that the firm would continue to register an annual
revenue growth of around 15 per cent over the medium term with the
continued enhancement of its distribution network and the assured
offtake from the Food Corporation of India (FCI).

CRISIL's ratings on the bank loan facilities of SRM continue to
reflect its below-average financial risk profile marked by its
small net-worth, high gearing, and below-average debt protection
metrics. The rating also factors in the firm's exposure to intense
competition in the rice milling industry, and the susceptibility
of its profitability margins to regulatory changes, if any, and
paddy prices. These rating weaknesses are partially offset by the
promoters' extensive industry experience, and assured off-take by
the FCI.

Outlook: Stable

CRISIL believes that SRM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained increase in the firm's profitability margins, while it
maintains its healthy revenue growth, or there is a substantial
increase in its net-worth on the back of capital additions from
partners. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the firm's profitability margins or
significant deterioration in its capital structure on account of
larger-than-expected working capital requirements.

SRM was established as a partnership firm in 2007. The firm mills
and processes paddy into rice; the firm also generates by-
products, such as broken rice, bran, and husk. SRM has a paddy
milling facility in Bardhaman (West Bengal). The current partners
of the firm are Mr. Jiban Ruidas, Mr. Safiqul Alam, Mr. Shymal
Ruidas, and Mr. Siddarth Kanjilal.


SHAMANUR SUGARS: CARE Upgrades Rating on INR64.68cr Loan to 'C'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Shamanur Sugars Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        64.68      CARE C Revised from
   Facilities                       CARE D

   Short-term Bank       40.00      CARE A4 Revised from
   Facilities                       CARE D

Rating Rationale

The revision in the ratings takes into account the regularized
debt servicing in Q3FY14 (refers to the period October 01 to
December 31). However, the ratings continue to be constrained by
the delays in debt servicing in the recent past due to tight
liquidity position of the company, weak capital structure,
continuing low profitability margins in FY13 (refers to the period
April 1 to March 31) and cyclical and highly regulated nature of
the sugar industry. The ratings also factor in the company's long
track record and experienced promoters and integrated nature of
operations.

Going forward, the ability of the company to improve the
liquidity, profitability and capital structure would be the key
rating sensitivities.

Shamanur Sugars Limited is a public limited company, commenced
commercial operations in 1999, promoted by Mr. S.
Shivashankarappa. SMSL operates a integrated sugar mill with
aggregate crushing capacity of 2500 tonnes of cane per day (TCD),
a multi fuel cogeneration plant with 60 KLPD Capacity. The
facility is based out in central Karnataka.  The day to day
operations are managed by Mr. SS Bakkesh (MD), son of promoter Mr
S Shivashankarappa.

During FY13, SMSL reported a net profit of INR1.6 crore (FY12:
INR1.5 crore) on a total operating income of INR183.9 crore
(FY12:Rs.152.9 crore). As per the working results for the 9 months
ended December 31, 2013 the company earned a PAT of INR0.8 crore
on net sales of INR124 crore.


SHIVANI LOCKS: CARE Revises Rating on INR21.95cr Loan to 'B+'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Shivani Locks Pvt. Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        21.95      CARE B+ Revised from
   Facilities                       CARE BB

   Short-term Bank        2.00      CARE A4 Revised from
   Facilities                       CARE A4+

Rating Rationale

The revision in the rating takes into account the significant
decline in profitability and coverage indicators.

The ratings of Shivani Locks Pvt. Ltd. continue to be constrained
by its weak financial risk profile characterized by declining
profitability margins, leveraged capital structure and weak
liquidity position. The ratings are also constrained by
cyclicality risk associated with the automobile industry with
muted demand in the near term.

Nevertheless, the company derives strength from the long
experience & established presence of the promoters in the auto
ancillary industry, SLPL's established track record of operations
and sustained relationship with the domestic Original Equipment
Manufacturer (OEMs).

Going forward, SLPL's ability to increase the scale of operations
with an improvement in profitability margins would remain the key
rating sensitivities.

Shivani Locks Private Limited, promoted by Mr D N Kathuria and Mr
Raj Kathuria was incorporated in 1988 as a private limited company
for manufacturing of automotive door/trunk lid/bonnet strikers and
latch assemblies. The company is currently being managed by Mr D N
Kathuria, Mr Raj Kathuria, Mr K L Kathuria and Mr Naresh Kathuria.
All of them are family members. The company is presently engaged
in assembling of Latches, Door strikers, Sliding window, Window
Regulator and Jack with manufacturing facilities Palwal (Haryana),
Rudrapur (Uttaranchal) and Pune (Maharashtra).

SLPL reported a losses of INR1.12 crore at net level on a total
operating income of INR151.38 crore for FY13 (refers to the period
April 1 to March 31) as compared with PAT of INR0.59 crore on a
total operating income of INR153.37 crore for FY12. For 9MFY14
(provisional), SLPL has reported a total operating income of INR97
crore.


SHREEJI EXPORTS: CARE Reaffirms 'B+' Rating on INR3.23cr Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shreeji Exports.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            3.23       CARE B+ Reaffirmed

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

Rating Rationale

The rating assigned to the bank facilities of Shreeji Exports
(Shreeji) continue to remain constrained by its small scale of
operations, moderate profit margins, leveraged capital structure
and weak debt coverage indicators. The rating is further
constrained by susceptibility of profit margins to volatility
in the raw material prices as well as exchange rate fluctuation
for its plastic division.

The rating, however, favorably takes into account the vast
experience of the partners in the warehousing business and
established warehousing facility coupled with tie-up with
Hindustan Unilever Ltd (HUL) for utilization of its warehousing
facilities.

Increase in the scale of operations coupled with an improvement in
profit margins and capital structure while managing the working
capital efficiently remains the key rating sensitivities.

Established in August 1995, Shreeji is a partnership firm set up
by Mr Santosh Goyal and his wife Mrs Sudhadevi Goyal. The firm is
engaged in providing warehousing and related services like
repackaging and loading-unloading services for various commodities
at Kandla Port, the leading cargo handling port in India and
manufacturing of plastic bags (LDPE/HDPE) at its plant located in
Kandla Special Economic Zone (KASEZ) near the port of Kandla
(Gujarat). The warehousing division contributed a majority of its
total income (approximately 94% in FY13 refers to the period
April 1 to March 31), while the balance was from the plastics
division. The plastic bags manufactured by Shreeji are primarily
used in the packaging of goods at the Kandla port itself.

During FY13, Shreeji reported a total operating income of INR6.12
crore with a PAT of INR0.10 crore as against a PAT of INR0.13
crore on a total operating income of INR6.59 crore in FY12.
As per 8MFY14 provisional results, Shreeji reported a total
operating income of INR3.47 crore and PBILDT of INR0.85 crore.


SIDDHI VINAYAK: CARE Downgrades Rating on INR9.17cr Loans to 'D'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Siddhi
Vinayak Polymers Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.27       CARE D Revised from
   Facilities                       CARE BB-

   Short-term Bank       2.90       CARE D Revised from
   Facilities                       CARE A4

Rating Rationale

The revision in the ratings of Siddhi Vinayak Polymers Private
Limited (SVPPL) takes into account the ongoing delays in debt
servicing due to deterioration of its liquidity position on the
back of delay in collection of receivables.

Jaipur-based (Rajasthan) SVPPL was established as a partnership
concern 'Siddhi Vinayak Polymers' in September 2001 and
subsequently, it was converted into private limited company in
October 2006. SVPPL was promoted by Mr Rajendra Saraf, a science
graduate, having more than two decades of experience in the
footwear industry. Before starting SVPPL, he was associated with
a family run entity, Gentle Footwear Private Limited (currently
not operational), which was involved in the manufacturing of
footwear. SVPPL is engaged in the manufacturing of Polyurethane
(PU) footwear and caters mainly to the middle income segment of
the population.

SVPPL sells its products under the brand name 'Carbon' through a
number of distributors having pan India presence. However, a
majority of the revenue comes from Rajasthan, Uttar Pradesh,
Madhya Pradesh, Chhattisgarh, Andhra Pradesh, Tamil Nadu and
Maharashtra. The company is operating from its sole manufacturing
plant located at Jaipur with an installed capacity of 54 lakh
pairs per annum as on March 31, 2013.

As per the audited results of FY13 (refers to the period April 1
to March 31), SVPPL reported a total income of INR27.57 crore
(FY12: INR 25.29 crore) with PAT of INR0.41 crore (FY12: INR0.31
crore). Till March 25, 2013, SVPPL has achieved a TOI amounting to
INR28.36 crore.


VARMORA FOODS: CRISIL Assigns 'B+' Rating to INR50MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Varmora Foods Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             35         CRISIL B+/Stable
   Cash Credit           14         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     1         CRISIL B+/Stable

The rating reflects VFPL's nascent stage of operations along with
presence in highly fragmented market and average financial risk
profile marked by leveraged capital structure. These rating
weaknesses are partially offset by the strong financial and
managerial support it is expected to receive from the Varmora
group.

Outlook: Stable

CRISIL believes VFPL will continue to benefit from its
management's extensive experience in the food industry over medium
term. The outlook may be revised to 'Positive' if the company
stabilizes its operations in a timely manner, leading to higher
than expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if its financial risk profile deteriorates
owing to lower than expected cash accruals, stretched working
capital cycle or any significant debt-funded capital expenditure
programme.

VFPL, incorporated in August 2013, has recently set up a
processing unit to manufacture spray dried fruit powder, spray
dried vegetable powder and caramel color with installed capacity
of 785 tonnes per annum. The company's operations are expected to
commence from April 2014.



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


OLYMPUS CORP: Banks Sue Firm for JPY27.9BB in Damages Over Fraud
----------------------------------------------------------------
Bloomberg News reports that Olympus Corp. said it's being sued by
six banks for a total of JPY27.9 billion in damages, the largest
amount among civil lawsuits filed against the camera and endoscope
maker over a 13-year accounting fraud.

Bloomberg relates that Olympus said the banks are seeking
compensation for damages resulting from false financial statements
filed by Olympus between fiscal 2000 and the first quarter of
fiscal 2011. According to Bloomberg, Olympus said it received a
notice from the plaintiffs' attorneys that the lawsuit was filed
on April 7, but hasn't yet been served with the suit.

The company in November lowered its profit forecast for fiscal
2013, citing cash set aside for lawsuits. The company cut its net
assets by $1.3 billion in 2011 after admitting it tried to conceal
past losses by inflating fees to advisers and overpaying for
takeovers.

"This is just a reminder to the market of the contingent risk
associated with the past of Olympus," said Claudio Aritomi, a
Tokyo-based analyst at Macquarie Group Ltd. "There was always the
risk there could be more coming."

The banks suing the company are Mitsubishi UFJ Trust & Banking
Corp., Master Trust Bank of Japan Ltd., Japan Trustee Services
Bank Ltd., Trust & Custody Services Bank Ltd., Nomura Trust &
Banking Co., and State Street Trust & Banking Co., according to
the statement.

Mitsubishi UFJ Trust and Master Trust Bank of Japan are seeking a
total of JPY12.4 billion in compensation for losses incurred when
they sold Olympus shares, which plunged after reports the camera
maker's financial reports were misleading, said Takeshi Yuki, a
Tokyo-based spokesman for Mitsubishi UFJ Trust, Bloomberg reports.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.


SHINSEI TB: Fitch Raises Rating on JPY2.05BB Mezzanine BIs to BB+
-----------------------------------------------------------------
Fitch Ratings has upgraded two of Shinsei TB Fund 7976001's
beneficial interests (BIs) and affirmed one.  The transaction is a
securitisation of residential mortgage loan receivables
predominantly backed by investment properties in Japan.  The
rating actions are listed below.

   -- JPY6.21bn* mezzanine BIs 1 affirmed at 'A+sf'; Outlook
      Stable
   -- JPY1.7bn* mezzanine BIs 2 upgraded to 'A-sf' from 'BBB+sf';
      Outlook Stable
   -- JPY2.05bn* mezzanine BIs 3 upgraded to 'BB+sf' from 'BBsf';
      Outlook Stable

* as of 8 April 2014

KEY RATING DRIVERS

The upgrades of the mezzanine BIs 2 and 3 reflect the growth in
credit enhancement (CE) levels due to principal redemptions of the
senior classes and Fitch's expectation that asset performance will
continue to be stable.

Excess spread has been used to pay down the BIs, which has slowed
the decline in the balance of the non-rated junior class caused by
the distribution of defaulted loans.

The default performance of the underlying pool has been stable
with no deterioration since the previous rating action in May
2013.

RATING SENSITIVITIES

An unexpected material increase in delinquencies and defaults in
the underlying pool may lead to negative rating actions.

Fitch believes that the mezzanine BIs 1 would not be supported at
a higher rating level, primarily due to the account bank trigger
in the transaction.  Therefore, the ratings of the mezzanine BIs 1
are unlikely to be upgraded in the foreseeable future despite
increasing CE.



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


FELTEX CARPETS: Witness's Fulsome Praise Of Reform Highlighted
--------------------------------------------------------------
BusinessDesk reports that an Australian consultant who gave
scathing evidence against former directors, owners and advisers of
failed Feltex Carpets also praised its progress in a series of
articles in his engineering magazine after the company floated,
the High Court heard on April 3.

BusinessDesk says John Blakemore, principle of Sydney-based
Blakemore Consulting International, was being cross-examined by
the defence lawyer for Sam Magill, who moved from Shaw Australia
when it was acquired by Feltex, rising to become chief executive
and a director at Feltex.

According to the report, Mr. Blakemore is a key witness in the
lawsuit of Eric Houghton, who is suing former Feltex directors,
owners and sale managers for NZ$185 million in a representative
action on behalf of 3,639 former shareholders who say they were
misled by the company's 2004 prospectus. Feltex failed in
September 2006, two years after going public and the assets were
acquired by rival Godfrey Hirst.

Mr. Blakemore followed Magill to Feltex, having originally been
hired by Shaw Industries in 1999 to audit manufacturing at its
Australian factories and outlets, BusinessDesk recalls. In
evidence read to the High Court in Wellington on April 3 he
painted Magill as being resistant to change and even used the word
incompetent, which he later qualified.

Mr. Magill stepped down as chief executive of Feltex in June 2005
and when voted off the board in December of that year he said he
didn't want to be made a scapegoat for the actions of the whole
board, the report recalls.

BusinessDesk says Mr. Blakemore was pioneering lean manufacturing
for the carpet sector, using a strategy of long-term supply
contracts, just-in-time production, low inventory and fast
turnaround times. He said there were massive benefits to be had by
reorganising creaky, inefficient factories and manufacturing, the
report relays.

His evidence is that Feltex, and in particular Mr. Magill and his
offsiders and managers in New Zealand, hindered his efforts to
make the company more efficient, the report relays. And his
concerns about the future of the company were such that he turned
down shares as part of his fee when he left in June 2003, a year
before the IPO.

According to the report, Mr. Weston asked Mr. Blakemore in cross
examination if he'd outstayed his welcome by 2003 or even the
prior year, alienating company managers with his manner and his
lean reform mantra. Blakemore's evidence was an attempt to rewrite
history, and gave an exaggerated account of the company's pre-
float troubles, said Weston.

BusinessDesk relates that Mr. Blakemore said he "was consumed by
it and disappointed I didn't get the management support for it."

Yet Weston produced a folder of seven articles Blakemore had
written in which he referred to the success that was achieved at
Feltex toward his goals, including the Australian business turning
from a loss to a profit. "Feltex floated on the back of these
improvements," he wrote in a 2005 edition of his magazine, New
Engineer Journal, relays BusinessDesk.

In a 2006 article he attributed blame for the Feltex failure to a
marketing department strategy starting in January 2005 to fill the
finished goods store "with a new range that didn't sell," an
explanation he also gave in a book quoted among items in the
folder, BusinessDesk adds.

                       About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
is a manufacturer of superior-quality carpet.  The Feltex
operation included a wool scouring plant, six spinning mills,
three tufted carpet mills, a woven carpet mill and offices in New
Zealand, Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.



=============
V I E T N A M
=============


* VIETNAM: SBV Plans to Buy Up to VND100Tril. Bad Debts
-------------------------------------------------------
Biz Hub reports that the State Bank of Viet Nam (SBV) plans to buy
bad debts worth between VND70 trillion and VND100 trillion, or
between US$3.33 billion and US$4.76 billion, this year.

Biz Hub relates that SBV Governor Nguyen Van Binh told VnEconomy
online that bad debts have declined as the nation's financial
measures have taken effect and the economic inventory situation
has improved, especially in the real estate area. The SBV is
actively completing the regulations to sell bad debts to
investors, as many foreigners are interested in buying the loans.

According to the report, the central bank said the ratio of non-
performing loans currently stands at about 7 per cent, although
credit institution reports show the level to be between 3.6 per
cent and 3.9 per cent.

The central bank is also making plans to restructure more lending
institutions, the report notes. "In the coming months, we will
directly inspect or hire independent auditors to check credit
quality. Around six to seven banks will be restructured through
mergers and acquisitions," the report quotes Binh as saying.

Binh added that of the nine credit institutions which were forced
to restructure last year, a majority has escaped the risk of
collapse and has seen improvement in lending. Only Global Petro
Bank is still finalising procedures for selling its entire equity
to a foreign partner, Biz Hub relays.

Binh said the SBV will issue some new circulars on credit
institution security in April, the report 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.



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