TCRAP_Public/140425.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 25, 2014, Vol. 17, No. 81


                            Headlines


A U S T R A L I A

CAPRICORN COUNTRY: Hopes to Avoid Receivership
DIAMOND CELL: BRI Ferrier Appointed as Administrators
LM INVESTMENT: Drake Losses Control of Baronsand Firm
MAINSTAY GROUP: Holzman Associates Appointed as Administrator
OBERON SAND: Goes Into Receivership

ONE.TEL LTD: Liquidator Reaches Settlement


C H I N A

CHINA SHANSHUI: Fitch Affirms 'BB' IDR; Outlook Stable
FANTASIA HOLDINGS: S&P Revises Outlook to Neg. & Affirms BB- CCR


I N D I A

ALUMILITE ARCHITECTURALS: ICRA Puts B+ Rating on INR3.5cr Loan
API ISPAT: CRISIL Reaffirms 'D' Rating on INR937.4MM Loans
ARADHANA DISTRIBUTORS: CRISIL Cuts Rating on INR57.9M Loans to B-
BHOPAL SWITCHGEARS: CARE Assigns 'B+' Rating to INR6.84cr Loan
BHUSHAN OILS: CRISIL Upgrades Rating on INR290MM Loans to 'B+'

DHANASHREE ELECTRONICS: CRISIL Puts 'B' Rating on INR20MM Loan
HANUMAN RICE: CRISIL Cuts Rating on INR75MM Loans to 'D'
HINDUSTAN CONSTRUCTION: CARE Keeps D Rating on INR3245.22cr Loan
HYBRO FOODS: CRISIL Reaffirms 'B' Rating on INR70MM Loans
JANKI NEWSPAPER: ICRA Ups Rating on INR23.75cr Loans to 'B-'

KAMDHENU REALITIES: CRISIL Assigns 'B+' Rating to INR200MM Loans
M S SHIP: CRISIL Upgrades Rating on INR120MM Loans to 'B+'
MATRIX MEDITEC: ICRA Reaffirms 'B+' Rating on INR6.50cr Loans
NINE GLOBE: ICRA Downgrades Rating on INR13.75cr Loan to 'D'
ORGANIC COATINGS: CRISIL Cuts Rating on INR262MM Loans to 'B+'

P.S. SETH: CRISIL Reaffirms 'B' Rating on INR70MM Cash Credit
PRECISION FORGING: CARE Assigns 'B+' Rating to INR5.51cr Loan
R.K. INDUSTRIES: CARE Assigns 'B+' Rating to INR7cr Bank Loan
RANGALI AGRO: CRISIL Downgrades Rating on INR270MM Loans to 'D'
RR CIVILTECH: CRISIL Lowers Rating on INR200MM Term Loan to 'D'

SAI HEMAJA: CRISIL Lowers Rating on INR250MM Term Loan to 'D'
SAI SRUSHTI: ICRA Assigns 'B+' Rating to INR25cr Term Loan
SAVITRIBAI PHULE: CARE Reaffirms 'D' Rating on INR130.98cr Loan
SHAKTI BREEDING: CARE Assigns 'B+' Rating to INR8.70cr Bank Loan
SHEFIELD TECHNOPLAST: ICRA Assigns 'B' Rating to INR6.3cr Loans

SHREE REFRIGERATIONS: CRISIL Keeps B+ Rating on INR81.5MM Loan
SHREEOM WIRES: ICRA Assigns 'B+' Rating to INR2.5cr Loan
SHRINATH SHIKSHAN: CARE Reaffirms 'D' Rating on INR14.60cr Loan
SHYAM TIMBER: ICRA Reaffirms 'B+' Rating on INR2cr Loan
SINHGAD TECHNICAL: CARE Reaffirms 'D' Rating on INR499.19cr Loans

SIPPING SPIRITS: CARE Lowers Rating on INR6.03cr Loan to 'D'
SLN TECHNOLOGIES: ICRA Reaffirms 'B' Rating on INR7cr Loans
SPECTRA MOTORS: CRISIL Assigns 'B+' Rating to INR935MM Loans
SR DISTILLERY: ICRA Reaffirms 'D' Rating on INR56.76cr Loans
SRI KALYANA: ICRA Reaffirms 'B+' Rating on INR15cr Loans

SRI LAXMI: ICRA Assigns 'B+' Rating to INR8.50cr Loan
SURYA VIKAS: CARE Reaffirms 'B+' Rating on INR38cr Bank Loan
SYNFAB INDUSTRIES: ICRA Lowers Rating on INR8cr Loans to 'D'
TOUCHSTONE: CRISIL Assigns 'B+' Rating to INR32MM Cash Credit
VAISHALI FLOUR: ICRA Assigns 'B+' Rating to INR2.75cr Loan

VARADHA STEELS: ICRA Assigns 'B-' Rating to INR2cr Loan
VIJAY LATEX: ICRA Revises Rating on INR14.4cr Loans to 'B'


J A P A N

MT. GOX: Tokyo Court Orders Commencement of Liquidation


N E W  Z E A L A N D

KINAUPO LIMITED: Goes Into Liquidation
PLUS SMS: Rainbow's End Co-Founder Ken Wikeley Faces Bankruptcy
SOUTHERN CROSS: To Close Sawmill, Wind Up Australian Business


S I N G A P O R E

STATS CHIPPAC: Weak 1Q 2014 Results No Impact on Moody's Ba1 CFR


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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



CAPRICORN COUNTRY: Hopes to Avoid Receivership
----------------------------------------------
Amy Haydock at CQ News reports that officials at Capricorn Country
Club are hopeful for the future despite the golf club suffering a
big drop in social players.

Vice-President Kevin Young said the club was not yet in
receivership despite several reports in the community that the
club was suffering financial problems, according to CQ News.

"At this stage there are no guarantees we won't go into
receivership but we're going to try very hard for that not to
happen," the report quoted Mr. Young as saying.  Mr. Young said
the economic downturn in the region had a lot to do with the
club's monetary problems, CQ News notes.

The club shut its doors but members were still able to use the
course, according to CQ News.

A founding member Bruce Simpson said the club had seen a lot
worse, the report notes.


DIAMOND CELL: BRI Ferrier Appointed as Administrators
-----------------------------------------------------
Andre Strazdins -- andre.strazdins@briferriersa.com.au -- and
Alan Scott -- alan.scott@briferriersa.com.au -- of BRI Ferrier
Cairns were appointed as administrators of Diamond Cell Pty Ltd,
trading as Diamond Cell Solar, on April 22, 2014.

A first meeting of the creditors of the Company will be held at
1st Floor, 488 Mulgrave Road, in Earlville, Queensland, on May 5,
2014, at 11:30 a.m.


LM INVESTMENT: Drake Losses Control of Baronsand Firm
-----------------------------------------------------
Quentin Tod at Gold Coast Bulletin reports that failed businessman
Peter Drake has lost control of the company that owns a six-level
Surfers Paradise office and retail building in which his LM
Investment group had set up a posh head office.

The Bulletin relates that Mr. Drake has owned eight of the 12
shares in the company, Baronsand, since it bought the former
Australian Airlines building, now known as 38 Cavill, for
AUD4.55 million in 1999.

The Drake shares have been sold in a deal in which liquidators FTI
were a party.  The other third of Baronsand has been owned by PKF
tax director Scott McMurtrie for several years, the report says.

According to the report, the consideration paid by the new
Baronsand shareholders for their stakes is subject to
confidentiality agreements and, as they involve company shares and
not real estate, will not show in property records.

The Bulletin notes that Mr. Drake resigned from the Baronsand
board on February 28 and Mr Bakir and Grant Chatham joined Mr
McMurtrie as directors.

In January he paid receivers AUD1.2 million for offices atop one
of the Chevron Renaissance towers that were at one time the
headquarters of the troubled Raptis Group, the report relays.

The Bulletin notes that the 38 Cavill building sits on an 888sq m
site and has a net lettable area of 2659sq m, including several
retail tenancies at street level.

The LM Investment business operated from levels two and three,
which were the subject of a substantial upgrade ahead of the
group's failure, the report adds.

                      About LM Investment

New Zealand Herald reported that voluntary administrators have
been appointed to LM Investment Management, a beleaguered
Australian firm that controlled a frozen mortage fund which
New Zealanders had more than NZ$100 million tied up in.  LM
directors on March 19, 2013, appointed John Park and Ginette
Muller of FTI Consulting as voluntary administrators, blaming the
move on liquidity problems caused by a smear campaign.

LM is the responsible entity of these registered managed
investment schemes:

-- LM Cash Performance Fund;
-- LM First Mortgage Income Fund;
-- LM Currency Protected Australian Income Fund;
-- LM Institutional Currency Protected Australian Income Fund;
-- LM Australian Income;
-- LM Australian Structured Products Fund; and
-- The Australian Retirement Living Fund.

LM also operates the unregistered LM Managed Performance Fund.

The Supreme Court of Queensland in April appointed KordaMentha and
its affiliate firm Calibre Capital as joint trustees of the AUD350
million Gold Coast-based LM Managed Performance Fund (LMPF).

Ms. Muller and Mr. Park were appointed liquidator of LM Investment
Management Limited on August 1.


MAINSTAY GROUP: Holzman Associates Appointed as Administrator
-------------------------------------------------------------
Justin Holzman of Holzman Associates was appointed as
administrator of Mainstay Group Holdings Ltd and Mainstay Property
Services Pty Ltd on April 17, 2014.

A first meeting of the creditors of the Company will be held at
Level 2, 32 Martin Place, in Sydney on May 2, 2014.


OBERON SAND: Goes Into Receivership
-----------------------------------
Oberon Review reports that the company contracted to complete
Oberon's garbage collection has folded but the rubbish will still
be collected this week as Oberon Council has appointed a temporary
provider.

On Wednesday, April 2, Oberon Council received advice from legal
firm PKF Lawler that Oberon Sand and Gravel had been placed in
receivership and that they would cease trading immediately,
according to Oberon Review.

This means the kerb-side pick up would not be provided by Oberon
Sand and Gravel, the report notes.  This effectively terminates
the contract between Oberon Council and Oberon Sand and Gravel,
the report relates.

Solicitors Bird Legal have been engaged to assist in seeking any
remedies available due to a default in providing services in
accordance with the contract, the report relates.  Discussions and
negotiations have continued with the receivers and a number of
options considered for the continuation of the contract for the
waste collection services, the report notes.

The contract with Oberon Sand and Gravel was to cease on July 31,
2014, the report discloses.

A Bathurst based contractor JR Richards and Sons were engaged to
complete the kerb side pick-up and this may continue for a
temporary period pending finalization of a new tender for the
waste collection service, the report says.

Tender documents will be prepared for a new contract for a waste
collection service in Oberon, the report relates.

Oberon Council's waste collection service (kerb side pick-up) is
managed by the planning and development department pending a
transition to the works and engineering department where the
operations of the Oberon Waste Facility are managed.


ONE.TEL LTD: Liquidator Reaches Settlement
------------------------------------------
Stephen Parbery, the Special Purpose Liquidator of One.Tel Limited
announced that he had reached a settlement with Consolidated Press
Holdings Limited (CPH), Consolidated Media Holdings Pty Limited
(CMH, formerly known as Publishing and Broadcasting Limited (PBL))
and News Limited (News) to resolve all litigation arising from the
failure of One.Tel in May 2001.

Under the settlement, One.Tel will receive AUD40 million, paid as
to AUD14.93 million by CPH, AUD11.77 million by Crown Resorts
Limited (Crown) and AUD13.3 million by News. (Crown agreed in 2007
to assume a share of any One.Tel liability as a condition of
Crown's demerger from PBL).

The settlement was approved by the Supreme Court of New South
Wales on April 17. Resolution was successfully reached following a
confidential and informal process initiated earlier this year by
Mr. Parbery of PPB Advisory and his legal advisor,
Mr. Leon Zwier -- lzwier@abl.com.au -- of Arnold Bloch Leibler.

                           About One.Tel

One.Tel Limited was an Australian based telecommunications
company, belonging to One.Tel Group.  One.Tel Ltd. was
established in 1995 soon after the deregulation of the Australian
telecommunications industry, most of which are currently under
external administration by court appointed liquidators.

One.Tel is currently in liquidation due to financial problems.
Ferrier Hodgson was appointed as voluntary administrator on
May 29, 2001.  The administrator's report stated that the company
was insolvent as of March 2001.  Accordingly, the administrator
terminated approximately 3,000 employees in June that same year.

Steve Sherman and Peter Walker of Ferrier Hodgson were then
named liquidators on July 24, 2001.



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


CHINA SHANSHUI: Fitch Affirms 'BB' IDR; Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed China Shanshui Cement Group Limited's
(Shanshui) Long-Term Issuer Default Rating (IDR) and senior
unsecured debt rating at 'BB'.  The Outlook on the IDR is Stable.
The rating action is driven by Fitch's view that improved industry
dynamics in Shanshui's core markets will continue to support its
profit margin and cash generation.  The steady business profile
helps mitigate the company's continued high financial leverage
mainly driven by acceleration in capex and acquisitions.

KEY RATING DRIVERS

Capex Delays Deleveraging: Shanshui brought forward capex
(including acquisitions) in the last two years, partly to take
advantage of the accommodating market and historically low
borrowing costs.  Capex reached CNY4.4bn in 2013 and CNY4.4bn in
2012.  This was significantly higher than Fitch previously
expected, as the company planned to spend CNY13bn in 2012-2015
(including CNY6.8bn before 2014) for capacity expansion.

This earlier-than-expected capex resulted in rapid increase of
leverage, measured by funds from operations (FFO)-adjusted net
leverage, to 5.0x at end-2013 from 3.7x a year earlier.  However,
this means capex in 2014 and 2015 will be lower than originally
scheduled, especially since China has imposed restrictions on new
capacity additions.  Given improving average selling prices (ASP)
for cement, we expect Shanshui will deleverage to 3.0x by end-
2015.

Improving Demand, Steady Margins: Shanshui's company-wide cement
ASP dropped to CNY250/tonne in 2013 from CNY277/tonne in 2012.
Consolidated gross profit dropped to CNY77/tonne form CNY89/tonne
during the same period.  However, starting from 4Q13, cement
production in Shandong, Shanshui's core market, has been improving
to meet higher demand.  Total cement production for the first two
months of 2014 in Shandong increased by 5.1% yoy to 15.3m tonnes,
according to industry data sources.  Fitch expects improving
demand in 2014, supported by the increase in construction
activities in infrastructure and property fields.

Shanshui's 2013 EBITDAR margin remained steady at 22%, compared
with 26% in 2012, even though the industry suffered a weak 1H13
during a slowdown in China.  This stability was driven by
Shanshui's leading position in core markets and strong pricing
power, which Fitch believes is sustainable.  Shanshui has been
raising its cement ASP in Shandong since March 2014.  Fitch
expects its 2014 company-wide cement ASP to be no less than
CNY10/tonne higher than in 2013.  This, combined with the expected
decrease in capex, supports the Stable Outlook.

Market Leadership Supports Ratings: Shanshui remains the largest
cement producer in Shandong, one of the largest and most
economically developed provinces in China.  With over 30% market
share in the province and plans for further geographic
diversification, Shanshui will be less susceptible to cement price
volatility.

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

- A material increase in scale or diversification in terms of
geography or products
- Consolidated gross profit sustained above CNY85/ton
- Positive free cash flow generation
- FFO-adjusted net leverage sustained below 2.0x
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
- Negative free cash flow (post-capex and acquisition)
- Consolidated gross profit sustained below CNY75/ton
- FFO-adjusted net leverage sustained above 4.0x


FANTASIA HOLDINGS: S&P Revises Outlook to Neg. & Affirms BB- CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
rating outlook on China-based property developer Fantasia Holdings
Group Co. Ltd. to negative from stable.

At the same time, S&P affirmed its 'BB-' long-term corporate
credit rating on Fantasia and the 'B+' issue rating on the
company's outstanding senior unsecured notes.  As a result of the
outlook revision, S&P lowered its long-term Greater China regional
scale rating on Fantasia to 'cnBB' from 'cnBB+' and on the notes
to 'cnBB-' from 'cnBB'.

"We revised the outlook because we anticipate that Fantasia's debt
leverage will remain high for the rating over the next 12 months,"
said Standard & Poor's credit analyst Dennis Lee.  "We believe the
company's cash flows may not improve over the period if sales and
delivery slip."

Fantasia's debt leverage and cash flow adequacy have deteriorated
more than S&P expected in 2013.  The company's debt-to-EBITDA
ratio rose to 5.6x and EBITDA interest coverage was 2.3x.  S&P
expects these ratios to improve because Fantasia is likely to have
more projects for sale and delivery in the coming few years.  S&P
anticipates that the company's debt-to-EBITDA ratio will improve
to 5x and EBITDA interest coverage will remain at above 2x over
the next 12 month, levels consistent with an "aggressive"
financial risk profile.  However, the company faces some execution
risk as it expands its scale in more competitive markets.

S&P expects Fantasia to maintain its high expenditure on land
acquisitions and construction over the next two years because of
the company's strategy to increase inventory churn and focus on
upper-tier cities, where the land costs are high.  The growth of
Fantasia's contract sales will likely outpace expenditure growth
over the period.  The company's debt will therefore not increase
as much as it did in 2013.  In S&P's base-case scenario, total
expenditure on land acquisitions and construction will account for
90% of contract sales in 2014, versus 96% in 2013.  S&P forecasts
that Fantasia will slow down its land acquisitions because it has
already acquired about 3 million square meters of land reserves
over the past two years.

Fantasia's increased number of projects for sale and delivery in
2014 will support its cash flows and revenues.  The company met
its sales target from 2011 to 2013.  S&P expects Fantasia to meet
its contract sales forecast of Chinese renminbi (RMB) 13 billion
in its base case, compared with the company's target of RMB15
billion.

"We expect Fantasia's gross margin to decline as the company
shifts its product mix to increase sales in residential projects,"
said Mr. Lee.  "We estimate the margin to be about 35% over the
next two years, compared with 38.4% in 2013."

S&P affirmed the ratings on Fantasia to reflect its expectation
that the company's cash flows are likely to improve over the
coming 12 months, such that its financial risk profile will be
consistent with our "aggressive" category.  The ratings also
reflect Fantasia's growing risk appetite and the execution risk
associated with the company's switch in strategy.  Fantasia's
established market position in Chengdu, better geographic and
product diversity than peers', and low-cost land reserves temper
these weaknesses.

S&P may lower the rating if it expects Fantasia's debt-to-EBITDA
ratio to remain above 5x on a sustained bases.  This could happen
if: (1) the company's debt-fund expansion is more aggressive than
we projected; or (2) its contract sales and revenue recognition
are lower than S&P's forecast of RMB13 billion and RMB10 billion,
respectively.

S&P may revise the outlook to stable if Fantasia's debt-to-EBITDA
ratio falls below 5x on a sustained basis.  This could happen if:
(1) the company's contract sales and revenue are better than its
base-case forecasts; and (2) the company prudently manages its
debt for expansion.


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


ALUMILITE ARCHITECTURALS: ICRA Puts B+ Rating on INR3.5cr Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR3.50
crore cash credit facility and a short term rating of [ICRA]A4 to
the INR3.50 crore short term non-fund based facility of Alumilite
Architecturals Private Limited.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long Term Fund Based       3.50        [ICRA]B+ assigned
   Cash Credit Facility

   Short Term Non Fund        2.50        [ICRA]A4 assigned
   Based Bank Guarantee

   Short Term Non Fund        1.00        [ICRA]A4 assigned
   Based Letter of Credit

The ratings are constrained by the small scale of present
operations, high working capital intensity on account of stretched
receivables and high inventory cycle thus resulting in weak
liquidity position; dependence of revenues on real estate sector
thus exposing it to the cyclicality of same and continuous decline
in the operating income.

The ratings, however, favourably factor in the long experience of
the promoters in equipment and hardware industry, established
relationship with a number of reputed customers and a healthy
order book position of INR39.17 crore as on March 2014 (2.14 times
of the operating income of FY13).

Alumilite Architecturals Private Limited was incorporated in 1992
by Mr. SK Damani. The company is presently engaged in design,
fabrication of Aluminium windows, glass cladding and aluminium
cladding for various types of constructions. The manufacturing
facility of the company is located in Bhiwandi, Mumbai.

For the year FY2013, the company reported an operating income of
INR18.29 crore (against INR19.18 crore for FY2012) and profit
after tax of INR0.62 crore (against INR0.49 crore for FY2012).


API ISPAT: CRISIL Reaffirms 'D' Rating on INR937.4MM Loans
----------------------------------------------------------
CRISIL's ratings on the bank facilities of API Ispat & Powertech
Pvt Ltd continue to reflect instances of more than 30 days
overdrawls in cash credit account because of company's weak
liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           235        CRISIL D (Reaffirmed)
   Letter of credit &
   Bank Guarantee         65        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    637.4      CRISIL D (Reaffirmed)

API also has a below-average financial risk profile, marked by
high gearing and weak debt protection metrics, weak pricing power,
and is susceptible to volatility in raw material prices. These
weaknesses are partially offset by API's moderately integrated
production facility.

API, promoted by Mr. Anil Kumar Aggarwal in October 2004,
manufactures sponge iron and generates power. The company's
facilities are located in Raipur (Chhattisgarh). API commenced
operations in June 2006. Its first sponge iron kiln has a capacity
of 105,000 tonnes per annum (tpa). In June 2007, it set up an 8-
megawatt (MW) power plant based on waste-heat recovery technology.
API commissioned its 43,200-tpa billet plant and a 7-MW power
plant in September 2008. The power generated by the company is
used for captive consumption and sale to Chhattisgarh Power
Distribution Company Ltd.

API belongs to the Action group, a leading footwear manufacturer,
which, over the years, has diversified into invertors,
uninterruptible power systems, computer monitors, and peripherals
(under the brand name Microtek), batteries (Okaya), chemicals, and
real estate. API's daily activities are managed by Mr. Anil Kumar
Aggarwal.


ARADHANA DISTRIBUTORS: CRISIL Cuts Rating on INR57.9M Loans to B-
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Aradhana Distributors Pvt Ltd to 'CRISIL B-/Stable'
from 'CRISIL B/Stable'.

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

   Proposed Long Term       6.4      CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan                1.5      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that ADPL's
financial risk profile, particularly its liquidity, will remain
under pressure over the medium term due to lower-than-expected
cash accruals. For 2013-14 (refers to financial year, April 1 to
March 31), the company's cash accruals are estimated at INR7
million, which is lower than CRISIL's earlier expectations because
of a decline in the operating margin to 2.0 per cent from 2.5 per
cent in 2011-12. ADPL has discontinued one of its automobile
dealerships because of slowdown in demand, resulting in the
decline in its revenue and operating margin. Its revenue for 2013-
14 is estimated at INR400 million, as against INR873 million in
the previous year. CRISIL believes that ADPL's liquidity will
remain stretched over the medium term, marked by insufficient cash
accruals to meet term debt repayments; timely support by promoters
for the repayments will hence remain a key rating sensitivity
factor.

The rating reflects ADPL's below-average financial risk profile,
marked by average debt protection metrics and modest gearing. The
rating also factors in the company's exposure to risks related to
intense competition in the automobile dealership business. These
rating weaknesses are partially offset by the extensive experience
of ADPL's promoters in the business.

Outlook: Stable

CRISIL believes that ADPL will continue to benefit over the medium
term from its promoters' extensive experience in the automobile
dealership business. The outlook may be revised to 'Positive' if
the company registers more-than-expected increase in its revenue
or accruals or if there is equity infusion, resulting in
substantial improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' if ADPL generates lower-than-expected
accruals, or undertakes a debt-funded capital expenditure
programme, leading to deterioration in its debt protection
metrics.

ADPL, incorporated in 1997, is an authorised dealer for Honda
Motorcycle & Scooter India Pvt Ltd in Kolkata (West Bengal). The
company also owns an authorised service centre for Mitsubishi
Motors Corporation. Its daily operations are managed by Mr. Sanjay
Patodia.

ADPL reported a profit after tax (PAT) of INR1.1 million on net
sales of INR873 million for 2012-13, as against a PAT of INR1.1
million on net sales of INR326 million for 2011-12.


BHOPAL SWITCHGEARS: CARE Assigns 'B+' Rating to INR6.84cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Bhopal Switchgears Private Limited.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term Bank
   Facilities                6.84        CARE B+ Assigned

   Short-term Bank
   Facilities                2.25        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bhopal Switchgears
Private Limited (BSPL) are primarily constrained on account of its
modest scale of operation in a highly fragmented industry
along with weak financial risk profile marked by leveraged capital
structure, weak debt coverage indicators and fluctuating
profitability. The ratings are also constrained on account of its
stretched liquidity position, working capital intensive operations
with long inventory holding and susceptibility of its operating
margins to volatile raw material prices.

The ratings, however, draw strength from the promoters' experience
in the switchgear industry, established operational track record
along with its association with reputed clientele and moderate
order book position.

BSPL's ability to increase its scale of operations along with
improvement in profitability and capital structure while managing
the raw material price fluctuation and better working capital
management are the key rating sensitivities.

BSPL was incorporated in 1992 by Mr Nirmal Mitna and his family
members. BSPL is engaged in the business of manufacturing of
industrial electrical and custom built low voltage electrical
control panels and junction boxes. BSPL manufactures wide range of
products which consist of power control centers, Low Tension (LT)
bus ducts, junction boxes, distribution boards and spare parts of
panels. The manufacturing facility of BSPL is located in
Govindpura industrial area at Bhopal (Madhya Pradesh). It has an
installed manufacturing capacity of 19,000 nos of different
control panels and distribution boxes as on March 31, 2013.

During FY13 (as per the audited results; refers to the period
April 1 to March 31), BSPL reported a total operating income (TOI)
of INR20.09 crore and a Profit after Tax (PAT) of INR0.16 crore.
During 9MFY14 (Provisional) BSPL registered a TOI of INR15.35
crore.


BHUSHAN OILS: CRISIL Upgrades Rating on INR290MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Bhushan Oils & Fats Pvt Ltd to 'CRISIL B+/ Stable' from 'CRISIL
B/Stable' while re-affirming its short term rating at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           --------    -------
   Cash Credit              30      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term      175      CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan                35      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Working Capital          50      CRISIL B+/Stable (Upgraded
   Demand Loan                      from 'CRISIL B/Stable')

   Foreign Letter           60      CRISIL A4 (Reaffirmed)
   of Credit

The upgrade in ratings reflect improvement in BOFPL's business and
financial risk profile driven by higher than expected operating
profitability and sales leading to higher accruals, and absence of
any major capital expenditure (capex) plans in the near term. The
company, in the first nine months of 2013-14 (refers to financial
year, April 1 to March 31) has achieved sales of INR1.06 billion
and operating profitability of 2.5 per cent which is higher than
CRISIL's expectation. CRISIL believes that company will maintain
its business risk profile over the medium term on account of its
established relationship with its customers.

CRISIL's ratings continue to reflect BOFPL's weak financial risk
profile and modest scale of operations in the highly competitive
edible oil industry. These rating weaknesses are partially offset
by the promoters' extensive experience in trading and refining of
edible oils.

Outlook: Stable

CRISIL believes BOFPL will maintain its business profile supported
by its promoters' extensive experience in the edible oil industry
and established relationship with its customers. The financials
are, however, expected to remain weak on account of high debt and
small net worth. The outlook may be revised to 'Positive' in case
of lower-than-expected increase in working capital requirements or
if the promoters infuse fresh equity leading to an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case the company reports deterioration in its
capital structure because of aggressive, debt-funded capex, or
significant decline in its profitability, or lower capacity
utilisation because of weakening demand.

BOFPL was set up in 1998 as a partnership firm by Mr. Balbir Gupta
and his three sons and was reconstituted as a private limited
company in 2000. The company refines and trades in edible oil
including cotton seed oil, sunflower oil, soya bean oil and
mustard oil. The company's plant is in Ambala (Haryana).

For 2012-13, BOFPL reported a profit after tax (PAT) of INR2.9
million on net sales of INR1.29 billion, against a PAT of INR1.2
million on net sales of INR0.94 billion for 2011-12.


DHANASHREE ELECTRONICS: CRISIL Puts 'B' Rating on INR20MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Dhanashree Electronics Ltd.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            --------      -------
   Proposed Short Term       80        CRISIL A4
   Bank Loan Facility

   Proposed Letter of        85.6      CRISIL A4
   Credit

   Cash Credit               20        CRISIL B/Stable

   Letter of Credit          14.4      CRISIL A4

The ratings reflect DEL's small scale and working capital
intensive operations, and exposure to intense industry
competition. These rating weaknesses are partially offset by its
promoters' extensive experience in trading of audio and lighting
products.

Outlook: Stable

CRISIL believes DEL will maintain its credit risk profile backed
by its promoters' extensive experience in trading in audio and
lighting products as well as manufacturing lighting products. The
outlook may be revised to 'Positive' in case of higher than
expected improvement in scale of operations, better cash accruals,
prudent working capital management or infusion of substantial
capital by promoters leading to improvement in liquidity and
capital structure. Conversely, the outlook may be revised to
'Negative' in case the company generates lower than expected cash
accruals, its working capital management deteriorates or it
undertakes any significant debt-funded capital expenditure
programme leading to deterioration in its overall financial risk
profile, particularly liquidity.

DEL was incorporated in 1989 as Rashmi Chock Pvt Ltd to
manufacture lighting products such as chock and luminaire under
the brand Rashmi. In 1997, it was reconstituted as a public
limited company and the name was changed to DEL. It manufactures
lighting products and trades in audio and lighting products. DEL
has also recently obtained distributorship of M/s Music Group
Commercial Lu SARL for sale of audio equipment and products in
India. It also earns income through lease rentals.


HANUMAN RICE: CRISIL Cuts Rating on INR75MM Loans to 'D'
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Hanuman Rice Traders to 'CRISIL D' from 'CRISIL B/Stable'. The
rating downgrade reflects delays by HRT in servicing its term
debt; the delays were caused by the firm's weak liquidity.

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

   Proposed Long Term      6        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')

   SME Credit              2.5      CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Term Loan              16.5      CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

HRT has a weak financial risk profile marked by a weak capital
structure and moderate profitability, and a small scale of
operations. Furthermore, the firm's operations are exposed to
risks related to intense competition in the rice milling business.
HRT, however, benefits from the stable demand for rice in India
and the steady rice offtake by the government.

HRT, established in 2004-05 (refers to financial year, April 1 to
March 31), mills non-basmati raw and parboiled rice. Its milling
facility is at Krishna district (Andhra Pradesh). HRT's day-to-day
operations are looked after by its partners, Mr. Potluri Sitaram
Prasad and Mr. Potluri Pavan Kumar.


HINDUSTAN CONSTRUCTION: CARE Keeps D Rating on INR3245.22cr Loan
-----------------------------------------------------------------
CARE reaffirms/upgrades the ratins assigned to the bank facilities
and instruments of Hindustan Construction Company Limited and
withdraws ratings assigned to cp programmes.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long term facilities    1,500.00      CARE C Revised from
   (fund based)                          CARE D

   Long term/Short term    5,300.00      CARE C/CARE A4
   facilities                            Revised from CARE D
   (Non fund based)

   Long term facilities    2,150.22      CARE D Reaffirmed
   (term loans)

   Long term facilities      875.00      CARE D Reaffirmed
   (term loans)
   (reclassified from
   short-term to long term)

   NCD I                     100.00      CARE D Reaffirmed

   NCD II                    120.00      CARE D Reaffirmed

   CP/STD                     75.00      Withdrawn

   CP/STD (carved out
   of sanctioned working
   capital limit)            500.00      Withdrawn

Rating Rationale

The ratings assigned to the bank facilities (fund based and non-
fund based limits) of Hindustan Construction Company Limited (HCC)
have been revised considering improvement in the debt servicing
track record of the company. Though, the liquidity position of the
company is strained on account of stretched recoveries from
customers and limited profits earned by the company for 9MFY14
(refers to April 1 to March 31), the operational efficiency of the
company has shown an improvement in this period. Further, the
company is expected to scale up the operations as reflected in the
strong order book position. However, few instances of delays in
servicing of debt obligations in term loans and instruments (non-
convertible debentures) were observed during the period January to
March 2014.

HCC's ability to improve profitability margins, efficiently manage
working capital cycle amidst delays in recoveries from customers
and timely servicing of debt obligations are the key rating
sensitivities.

CARE, has withdrawn the ratings assigned to the commercial papers
(CPs) of HCC aggregating to INR575 crore, with immediate effect,
at the request of the company and on account of conversion of
CPs under debt restructuring plan in to working capital term loan.

HCC was promoted by the late Mr. Walchand Hirachand in 1926 and is
presently spearheaded by Mr. Ajit Gulabchand, Chairman and
Managing Director. HCC is one of the leading construction
companies in India, engaged in construction activities which
include roads, bridges, ports, power stations, water supply and
irrigation projects. The company's construction capabilities
include solutions for construction of projects in various complex
industries including hydel power, water solution systems, nuclear
power and process plants and transportation.

HCC group of companies comprises mainly of HCC Infrastructure
Company Limited (HICL), HCC Real Estate Limited (HREL), Lavasa
Corporation Limited (LCL), Steiner AG, Zurich ( SAG), and
Highbar Technologies Limited (HTL). HICL is engaged in
construction and management of assets in the areas of
transportation. HREL develops and executes high-value real estate
projects including Integrated Urban Development and Management, IT
Parks and Commercial Offices, Township Development, and Urban
Renewal projects. LCL is India's first planned hill city
which includes integrated development of five self sustaining
towns. SAG specializes in turnkey development of new buildings and
refurbishments, and offers services in all facets of real estate
development and construction. HTL provides IT solutions for the
infrastructure industry.

Credit Risk Assessment

Long track record and efficient project execution capabilities
demonstrated in the past HCC has a long track record in the
construction industry spanning over eight decades. HCC has
contributed immensely to the country's infrastructure by executing
large number of projects in the hydro power and nuclear power
generation, roads and expressways and complex tunneling in
addition to the hundreds of bridges, dams and barrages. Few of the
landmark projects executed by the company include the Bandra-Worli
Sealink Project, Mumbai, Delhi-Faridabad Elevated Expressway,
parts of the Mumbai-Pune Expressway, and the Kolkata Metro Railway
project amongst others.

Elongated working capital cycle

The working-capital cycle of HCC increased to 376 days in FY13
from 344 days in FY12 on account of continuing delays in
recoveries from customers and high amount of inventory held due to
delays in commencement of projects on account of environmental
concerns.

Deteriorated capital structure and consequent delays in repayment
of debt The overall gearing of the company deteriorated to 4.44
times as on March 31, 2013 from 3.80 times as on March 31, 2012 on
account of increase in working capital requirements due to delays
in recoveries from customers. The liquidity position of the
company is strained on account of the above. The capital structure
of the company is improving as reflected in overall gearing at
3.70 times as on December 31, 2013.

Improved operations and profitability

The operational efficiency of the company is improving on account
of increase in income from operations backed by faster order
execution, which was earlier slow due to non-availability of
adequate finance and environment related policy logjams. Income
from operations increased from INR2,962 crore in 9MFY13 to
INR3,040 crore in 9MFY14. Further, interest cost also reduced on
restructuring of the debt coupled with improved absorption of
fixed expenses. PBILDT and PAT margins accordingly rose from
16.19% and (2.95%) in 9MFY13 to 20.69% and 1.85% in 9MFY14
respectively.

Strong order book position

The company's medium term outlook seems positive as reflected in
outstanding order book position of INR13,388 crore as on
December 31, 2013 which is 3.49 times FY13 gross sales.


HYBRO FOODS: CRISIL Reaffirms 'B' Rating on INR70MM Loans
---------------------------------------------------------
CRISIL has re-affirmed its 'CRISIL B/Stable' rating to the bank
facilities of Hybro Foods Private Limited.

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

   Proposed Long Term
   Bank Loan Facility      10.5     CRISIL B/Stable (Reaffirmed)

   Term Loan                9.5     CRISIL B/Stable (Reaffirmed)

The rating on the bank facilities of HFPL's continue to reflect
company's vulnerability to risks inherent in the poultry industry,
exposure to intense competition, and subdued financial risk
profile marked by a modest net worth and a high gearing. These
rating weaknesses are partially offset by the benefits that HFPL
derives from its promoter's extensive experience in the poultry
industry.

Outlook: Stable

CRISIL believes that HFPL will continue to benefit over the medium
term from its promoter's extensive experience in the poultry
industry. The outlook may be revised to 'Positive' in case the
company achieves significant and sustained improvement in its
revenues and margins, while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' in case HFPL
registers significant decline in its revenues or margins, or
undertakes a large debt-funded capital expenditure programme,
resulting in weakening in its financial risk profile.

Update:
HFPL's operating performance was in line with CRISIL's
expectations. The operating revenues improved significantly to
around INR 462.4 million in 2012-13 (refers to financial year,
April 1 to March 31) from around INR 371.5 million in 2011-12,
registering year-on-year growth of around 25 per cent. The
company's operating margins dipped from around 7.5 per cent in
2011-12 to around 6.1 in 2012-13, due to increase in input prices
which could not be entirely passed on to the customers. In current
year 2013-14, the company has recorded revenues of around INR
409.8 million (provisional) till February 28, 2014 and operating
margins are expected to be in the range of 7 to 8 per cent during
the same period.

HFPL's operations are moderately working capital intensive as
reflected in GCA of 79 days as on March 31, 2013. The working
capital requirements are primarily attributable to extended credit
given to the customers. The customer prolife comprises of hotels
and restaurants across Mumbai and Pune. The debtor days have been
high ranging between 53 to 60 days over the last three years, with
debtors at 60 days as on March 31, 2013. The company receives a
minimal credit period of 2 to 4 days from its suppliers. The
company maintains an inventory of 7 to 10 days so as to ensure
smooth flow of processing of live birds.  On account of its
working capital requirement, HFPL's bank limit utilisation has
been high at 98 per cent over the last 12 months ended January
2014.

HFPL's financial risk profile is subdued, marked by modest
networth of INR 55.7 million and high gearing of 2.09 times as on
March 31, 2013. The company's debt protection metrics have also
been modest, with interest coverage and net cash accruals to total
debt ratios at 1.8 times and 10 per cent, respectively, in 2012-
13.

HFPL was set up in 1997 by Mr. Shaikh Shawkat. HFPL is engaged in
processing of poultry products. The company's manufacturing
facility is at Shahapur, Dist. Thane (Maharashtra).

HFPL reported a profit after tax (PAT) of INR 3.4 million on net
sales of INR 462.4  million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR 9.5 million on net
sales of INR 374.4 million for 2011-12.


JANKI NEWSPAPER: ICRA Ups Rating on INR23.75cr Loans to 'B-'
------------------------------------------------------------
ICRA has upgraded the rating assigned to the INR23.75 Crore long
term limits of Janki Newspaper Ltd from [ICRA]D to [ICRA]B-.
Further, ICRA has revised the rating assigned to INR1.25 Crore
short term limits from [ICRA]D to [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-Based limits-    14.00       Upgraded to [ICRA]B-
   Long Term scale                   from [ICRA]D

   Term Loan-Long         9.75       Upgraded to [ICRA]B-
   Term scale                        from [ICRA]D

   Non-Fund based limits  1.25       Upgraded to [ICRA]A4
   Short term scale                  from [ICRA]D

The revision in the ratings factors in the improvement in the
liquidity position of the company leading to regular servicing of
its debt obligations. The ratings continue to be constrained by
highly fragmented and competitive industry structure; industry-
wide challenges including increasing input costs, raw material
shortages, stricter regulations and capacity additions in the
domestic industry; inability to pass on increase in input costs to
customers rendering profitability vulnerable and weak financial
risk profile characterised by high gearing levels, modest coverage
indicators and high working capital intensity.

Nevertheless, while assigning the rating, ICRA has factored in the
long track record and experience of the promoters' in the paper
business; diversified product profile comprising of newsprint and
kraft paper and favourable demand prospects for paper industry in
the domestic market.

Janki Newsprint Limited (earlier known as Sumit Agro Products
Limited) was incorporated in 2000 as Private limited company. The
company was later on changed to a Limited company in March 2003
and its name was changed to Janki Newsprint Limited in March 2010.
The company has Kraft paper manufacturing capacity of 24750 MTPA
and newsprint manufacturing capacity of 16500 MTPA at its
manufacturing facilities located in Meerut in the state of Uttar
Pradesh. The Company has cogeneration plant of 3 MW for its
captive use.


KAMDHENU REALITIES: CRISIL Assigns 'B+' Rating to INR200MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Kamdhenu Realities.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Proposed Long Term      100        CRISIL B+/Stable
   Bank Loan Facility                 (Assigned)

   Term Loan               100        CRISIL B+/Stable (Assigned)

The rating reflects KR's offtake risks associated with its ongoing
residential project and susceptibility of KR's operating
performance to cyclicality in real estate industry. These rating
weaknesses are partially offset by the extensive experience of
KR's partners in real estate development.

Outlook: Stable

CRISIL believes that KR will continue to benefit over the medium
term from the extensive experience of its partners in the real
estate business. The outlook may be revised to 'Positive' if the
firm generates higher-than-expected cash flow from operations
resulting from improved advances from its ongoing project.
Conversely, the outlook may be revised to 'Negative' if KR reports
significantly lower-than-expected cash flow from operations,
either because of subdued response to its project or lower-than-
envisaged flow of advances, impacting its debt servicing ability
or if the debt proposed to be availed for its future projects and
the debt servicing requirements therein are significant viz-a-viz
the operational cash flows from the projects.

KR was set up in 1985 as a partnership firm by Mr. Surinder
Sabhlok and his family members. The firm is engaged in real estate
development. Currently the firm is undertaking a residential
project 'Kamdhenu Aura' at Taloja in Navi Mumbai which is nearing
completion. Besides the firm has also completed another commercial
project 'Business Bay' at Nerul, Navi Mumbai.


M S SHIP: CRISIL Upgrades Rating on INR120MM Loans to 'B+'
----------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of M S Ship Breaking Private Limited to 'CRISIL B+/Stable' from
'CRISIL B/Stable', and has assigned its rating on the company's
short-term facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Letter of Credit      130        CRISIL A4 (Assigned)

   Proposed Long Term     60        CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Letter of Credit       60        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that the overall
credit risk profile of MSSBPL will continue to improve over medium
term backed by increase in its scale of operation with sustained
operating profitability and equity infusion by promoters leading
to improvement in net worth. On account of high volatility seen in
forex rates, MSSBPL has restricted its ship breaking activity in
2013-14 while increasing its trading activity to sustain its sales
growth and margins. Net worth of MSSBPL improved to INR37.7
million as on March 31, 2013 from INR28.2 million a year ago
mainly on account of equity infusion from promoters. CRISIL,
however, believes that any adverse forex movement may impact the
company's accruals and liquidity, and will, thus, remain a rating
sensitivity factor over the medium term.

Outlook: Stable

CRISIL expects MSSBPL to maintain its business risk profile on the
back of extensive industry experience of promoters & healthy
growth prospects for the ship-breaking industry over the medium
term. The outlook may be revised to 'Positive' if MSSBPL registers
higher than expected growth in revenues or its net worth improves
further through equity infusion or higher than expected
profitability. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates on
account of adverse foreign currency fluctuation or higher than
expected working capital requirement.

MSSBPL incorporated in 1998, is engaged in ship breaking
activities and undertakes trading of the related materials. Until
2009-10 (refers to financial year, April 1 to March 31), the
company was only into trading of iron and steel products. However,
from 2009-10 onwards, it also started undertaking ship breaking
activities. Mr. Pankaj Agrawal, along with his son Mr. Punit
Agrawal, manages the company's day-to-day operations. The ship
breaking process is carried out at a ship breaking yard in Mumbai
(Maharashtra) for which, the company uses a plot in the Bombay
Port Trust area on a rental basis.

MSSBPL reported a profit after tax (PAT) of INR1.8 million on net
sales of INR284.9 million for 2012-13 as compared to a PAT of
INR1.6 million on net sales of INR103.4 million for 2011-12.


MATRIX MEDITEC: ICRA Reaffirms 'B+' Rating on INR6.50cr Loans
-------------------------------------------------------------
A rating of '[ICRA]B+' has been reaffirmed to INR1.00 crore term
loans and INR5.50 crore cash credit facility of Matrix Meditec
Private Limited. A rating of '[ICRA]A4' has also been reaffirmed
to INR0.25 crore non-fund based letter of credit facility of MMPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.50       [ICRA]B+ reaffirmed
   Term Loans            1.00       [ICRA]B+ reaffirmed
   Letter of Credit      0.25       [ICRA]A4 reaffirmed

The rating continues to be constrained by the modest scale of
operation of MMPL with sales remaining stagnant over past three
years and weak financial profile characterised by adverse capital
structure and stretched liquidity position resulting from slow
receivables and high inventory requirements. The ratings also
incorporate the pressure on margins due to high competitive
intensity and susceptibility to raw material price fluctuations.
The ratings also continue to consider the experience of promoters
in the orthopedic implants industry, company's diverse product
profile and a wide distribution cum marketing network across
India.

Matrix Meditec Private Limited was incorporated in 2004 by Mr.
Vipul Sheth and Mr. Falgun Sheth to manufacture orthopedic
implants. MMPL's plant is located at Changodar, District-
Ahmedabd, Gujarat. The saleable products of the company includes
plates, nails, screws, spine and allied orthopedic instruments
which are used in trauma implants, spinal Implants and joint
replacement implants. Mr. Vipul Sheth is also the director in Life
Sight Surgicals Private Limited (LSSPL). LSSPL is C & F agent of
ophthalmic surgical equipments and is also engaged in trading of
Intraocular Lens.

Recent Results

For the year ended 31st, March, 2013, MMPL reported an operating
income of INR11.41 crore and profit after tax of INR0.36 crore.


NINE GLOBE: ICRA Downgrades Rating on INR13.75cr Loan to 'D'
------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR13.75
crore (enhanced from INR8.00 crore) fund based bank facilities of
Nine Globe Industries Private Limited to [ICRA]D from [ICRA]B-.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund        13.75       Revised to [ICRA]D
   Based Limits                      from [ICRA]B-

The revision in the rating factors in the instances of persistent
delays in servicing of debt obligations due to stretched liquidity
arising from delayed collection of receivables. The rating also
remains constrained by the moderate scale of operations; leveraged
capital structure as reflected by a gearing of 6.77 times as on
December 31, 2013; low profitability due to intense competition
and no value addition nature of operations; high customer and
supplier concentration risks. Nonetheless, the rating continues to
draw comfort from the strong growth reported in the operating
income of the company.

Incorporated in 2008, Nine Globe Industries Private Limited is a
closely held company promoted by Mr. Virendra Mehta. Mr. Mehta
along with his sons, Mr. Ashish Mehta and Mr. Pranav Mehta, are
engaged in the trading of various commodities like fashion fabric,
cut and polished diamonds, agricultural products like wheat and
rice, metal products like stainless steel patta, heavy metal
scrap, cast iron, copper, brass etc. The company also proposes to
undertake construction of a housing project in Jodhpur, Rajasthan,
under the affordable housing scheme with the Government of
Rajasthan.


ORGANIC COATINGS: CRISIL Cuts Rating on INR262MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its long term rating on the bank loan
facilities of Organic Coatings Ltd to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/ CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          --------      -------
   Bank Guarantee          3         CRISIL A4 (Downgraded from
                                      'CRISIL A4+')

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

   Letter of Credit       50         CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term    107         CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Term Loan              35         CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade follows continued operating level losses for the
three years ended FY14, on account of low capacity utilisation,
and large unabsorbed overheads primarily employee expenses. This
coupled with continued long working capital cycle, leaving no
cushion in working capital lines will continue to test the
company's liquidity profile over the medium term, especially with
sizeable debt repayment obligations. Timely fund support from
promoters will be critical for sustenance of the credit profile.

The ratings continue to reflect OCL's limited pricing flexibility
and the susceptibility of its profitability to volatility in raw
material prices, and its weak financial risk profile marked by its
modest net worth, high gearing, and inadequate debt protection
metrics. These rating strengths are partially offset by OCL's
established presence in printing inks segment and the benefits
that it derives from the industry experience of its management.

Outlook: Stable

CRISIL believes that OCL will continue to benefit over the medium
term from its established presence in the printing inks segment
and its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of substantial and sustained
improvement in the company's revenues and profitability margins
from the current levels or if there is substantial increase in net
worth, backed by equity infusion. Conversely, the outlook may be
revised to 'Negative' in case of slower-than- expected turnaround
of operations or in case of any stretch in working capital cycle
thereby stressing the liquidity profile and affecting its debt
repayment abilities.

Incorporated in 1965 by Mr. R K Shah, OCL manufactures printing
inks such as offset inks, water-based inks, coatings, and other
allied products. The company had 2 manufacturing facilities in
Thane, Mumbai and Vadodara, Gujarat (commissioned in 2010-11). The
company has sold its Thane plant in 2013-14 for consideration of
INR155 million.

For 2012-13 (refers to financial year, April 1 to March 31), OCL
reported a net loss of INR63 million on operating income of INR455
million, against a net loss of INR65 million on operating income
of INR606 million for 2011-12.

For the nine months ended December 2013, OCL reported a profit
after tax of INR85 million on operating income of INR318 million,
against a net loss of INR50 million on operating income of INR350
million during the same period last year.


P.S. SETH: CRISIL Reaffirms 'B' Rating on INR70MM Cash Credit
-------------------------------------------------------------
CRISIL has re-affirmed its 'CRISIL B/Stable' rating to the long-
term bank facilities of P.S. Seth Sons Jewellers Pvt Ltd.

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

The rating continues to reflect PSSJPL's working-capital-intensive
operations, small scale of operations along with geographical
concentration, and weak financial risk profile marked by a high
gearing and below-average debt protection metrics. These rating
weaknesses are partially offset by the benefits that PSSJPL
derives from its promoters' extensive experience in the diamond-
studded and gold jewellery business and its established
relationships with its customers and suppliers.

Outlook: Stable

CRISIL believes that PSSJPL will continue to benefit over the
medium term from its promoters' extensive experience in the
diamond-studded and gold jewellery business. The outlook may be
revised to 'Positive' if the company significantly improves its
financial risk profile because of improvement in its margins or
equity infusion by its promoters. Conversely, the outlook may be
revised to 'Negative' if the company's debt protection metrics
deteriorate because of lower-than-expected growth in its revenues
and margins, larger-than-expected debt-funded capital expenditure,
or significant lengthening of its working capital cycle.

Update
PSSJPL's revenues increased by 25 per cent year-on-year to around
INR2461.4 million in 2012-13 (refers to financial year, April 1 to
March 31) as compared to INR1970.7 million in 2011-12. The
operating margin has been stable at around 0.9 per cent during the
year. However, PSSJPL's profitability has resulted in low interest
coverage ratio in line with past trend. The firm's financial risk
profile remains weak marked by high gearing of 6.3 times as on
March 31, 2013 on account of large short-term debt to fund its
working capital requirements.

PSSJPL, established in 2007, is in the business of manufacturing
and wholesaling gold, precious stones, and diamond-studded
jewellery. The company is promoted by Mr. Pradeep Seth and his
son, Mr. Sandip Seth, who look after its day-to-day operations.
PSSJPL has its showroom at Amritsar (Punjab).

PSSJPL reported a profit after tax (PAT) of INR2.7 million on net
sales of INR2461.4 million in 2012-13 (refers to financial year,
April 1 to March 31) as against a PAT of INR3.5 million on net
sales of INR1970 million for 2011-12.


PRECISION FORGING: CARE Assigns 'B+' Rating to INR5.51cr Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Precision Forging and Stamping.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term Bank           5.51       CARE B+ Assigned
   Facilities

   Short-term Bank
   Facilities               1.00       CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Precision Forging
and Stamping (PFS) is constrained on account of its financial risk
profile marked by weak debt coverage indicators, linkage of
fortunes with the automobile industry, volatility in raw material
prices, small scale of operations along with proprietorship nature
of its constitution.

The ratings, however, derive strength from the experienced
proprietor along with its reputed albeit concentrated customer
base.

The ability of the firm to increase its scale of operations and
improvement in the financial risk profile along with managing the
volatility in the raw material prices are the key rating
sensitivities.

Established in the year 1980, Precision Forging and Stamping is
engaged in the business of manufacturing of fasteners. Based out
of Nashik, Maharashtra, PFS was established by the late Mr
Harpal Singh Sahni and presently the operations are managed by Mr
Inderpal Singh Sahni having around two decades of experience in
the fasteners industry. The firm manufactures screws, nuts,
bolts, rivets and other fasteners that are primarily used in the
automobile industry. It has its own manufacturing facility at MIDC
Satpur, Nashik and has an installed capacity of around 1200 Metric
Ton Per Anum (MTPA). The firm supplies fasteners and other auto
components to various automobile players.

In FY13 (refers to the period April 01 to March 31) PFS registered
a PAT of INR1.31 crore on a total operating income of INR52.29
crore as against a PAT of INR1.58 crore on a total operating
income of INR49.37 crore in FY12.


R.K. INDUSTRIES: CARE Assigns 'B+' Rating to INR7cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of R.K. Industries.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term Bank
   Facilities                  7         CARE B+ Assigned

   Long-term/Short-
   term Bank
   Facilities                  3         CARE B+/CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of R.K. Industries are
primarily constrained by its small scale of operations with low
net-worth base, concentrated business operations, leveraged
capital structure, and weak liquidity indicators . The ratings are
further constrained by the relatively weak credit profile of the
customers, high average collection period, exposure to volatility
in the raw material prices, presence in a highly competitive and
fragmented transformer industry and constitution of the entity
being a proprietorship firm. The rating, however, draws strength
from the experienced proprietor and long track record of
operations. Going forward, the ability of the firm to increase the
scale of operations, maintain the profitability margins, improve
the capital structure and effective working capital management
would be the key rating sensitivities.

R.K. Industries was established in December 1986, as a
proprietorship concern by Mr Ravi KChaddha. RKI is engaged in
manufacturing, repairing and maintenance of power and distribution
transformers upto 650 KVA. The firm is also engaged in setting up
of sub stations up to 33 KVA. RKI's manufacturing facility is
located in Bareilly, Uttar Pradesh. The main raw materials used by
the firm are aluminium, copper and transformer oil which are
procured from Delhi, Himachal Pradesh and Dadra & Nagar Haveli.
The firm's customer base mainly includes discoms of Uttar Pradesh
Power Corporation Limited (UPPCL).

For FY13 (refers to the period April 01 to March 31), RKI achieved
a total operating income of INR20.11 crore with a PAT of INR1.10
crore. For H1FYY14 (UA), the firm achieved a total operating
income of INR15 crore.


RANGALI AGRO: CRISIL Downgrades Rating on INR270MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Rangali
Agro India Private Limited to 'CRISIL D' from 'CRISIL B/Stable'.

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

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

The rating downgrade reflects instances of delay by RAIPL in
servicing its term debt. The delays have been caused by the
weakening of RAIPL's liquidity, driven by delay in execution of
its project.

The ratings continue to reflect RAIPL's exposure to project
related risks, and below-average financial risk profile, driven by
a small net worth and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of RAIPL's promoters.

Incorporated in 2010, RAIPL was set up by Mr. Gautam Saha and his
wife, Mrs. Binita Saha, in Guwahati (Assam). RAIPL is setting up a
solvent extraction plant with crushing capacity of 200 tonnes per
day (tpd) of rice bran and a 50-tpd oil refinery unit.


RR CIVILTECH: CRISIL Lowers Rating on INR200MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of RR Civiltech Pvt Ltd to 'CRISIL D' from 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan              200       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The rating downgrade reflects the delay by RRCPL in repayment of
its term loans; the delay was driven by cost overrun and lower-
than-expected customer advances due to delay in construction of
its project, Cyber Heights. The project was supposed to be
complete by March 2014 but is only 65 per cent complete till date.
This was because there was development in the adjoining plot which
led to space constraints for installation of equipment and dumping
of waste. The project cost has also increased to INR1100 million
from the earlier estimated INR920 million.

Term loan repayments for the project (on availed amount of INR120
million out of the sanctioned amount of INR200 million) started in
March 2014 (rescheduled from December 2013) with quarterly
instalments of INR30 million; the instalment due on March 31,
2014, has not yet been paid. RRCPL's liquidity is extremely weak,
with monthly customer advance receipts of INR10 million to INR20
million, insufficient to meet its large debt servicing obligations
as well as project completion commitments. The liquidity in the
project was also constrained due to company's new residential
project, Meadows, on Sultanpur Road, Lucknow (Uttar Pradesh),
launched in May 2013.

RRCPL is also exposed to demand- and implementation-related risks
associated with its ongoing project, and is susceptible to
inherent risks and cyclicality in real estate sector in India, and
to geographical concentration in its revenue profile. However, the
company benefits from its established regional market position in
the real estate sector.

Incorporated in 2008, RRCPL is a part of the RR group, based in
Lucknow. The group is an equal joint venture (JV) between the
Tirath Housing group and the Peekay Builders group. The RR group
has completed various residential and commercial projects under
JVs as well as on its own in Lucknow. RRCPL is building a 0.29-
million-square-foot commercial complex, Cyber Heights, at Gomti
Nagar, Lucknow. The total cost of the project is about INR1100
million, funded by a term loan of INR200 million, promoters'
contribution of INR360 million, and customer advances.
Construction of the complex started in October 2011 and is
expected to be completed by December 2014. Commercial launch of
the project is expected by March 2015.

The company has launched another large residential project,
Meadows, on Sultanpur Road in May 2013.


SAI HEMAJA: CRISIL Lowers Rating on INR250MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Sai
Hemaja Aerobricks Private Limited to 'CRISIL D' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             250        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

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

SHAPL has limited track record of operations, and is susceptible
to cyclicality inherent in real estate industry. However, the
company benefits from its promoters' extensive industry
experience.

SHAPL, incorporated in 2008, manufactures AAC blocks. The company
was promoted by Mr. Kilaru Puneet Prasad, along with his mother
and sister Mrs. K. Padmaja and Ms. K. Hemanjani and business
acquaintances Mr. D.B.N. Rao and Mr. B. Ramachandra Rao.


SAI SRUSHTI: ICRA Assigns 'B+' Rating to INR25cr Term Loan
-----------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B+' for the
proposed INR25.0 crore term loan facility of Sai Srushti
Infrastructure Private Ltd. The outlook on the long term rating is
'Stable'.

The rating assigned takes into account long experience of the
promoters in construction and real estate development demonstrated
through execution of civil/irrigation/transport/mining contracts
for various govt. bodies and also development of 0.8msft land bank
in residential and commercial segment. The rating assigned also
positively factors in the prime location of the project (Outer
ring road, Bengaluru), which should lower the marketing risk. The
rating also derives comfort from the fact that all the major
requisite approvals with regard to land development have been
obtained.

However the rating is constrained by the fact that the project is
at very nascent stage of construction and hence significant
execution risk is associated with it. The rating assigned takes
into consideration the funding risk associated with the project as
the financial closure of the proposed term loan for the project is
yet to be achieved. Rating also factors in significant competition
from other ongoing projects in the project locality and marketing
risk associated with the project as Sai Srushti brand in the real
estate market is relatively new in comparison to its competitors
who are reputed real estate developers with established track
record of development of vast land banks.

Going forward, the timely execution of the project and the buyer
response to the same will be the key rating sensitivities.

Sai Srushti Group (SSG)Sai Srushti Group (SSG) was founded and
promoted by Mr. Sreenadha Reddy Nayani in 2005. The group
comprises of companies having diversified interests in the domains
of real estate, construction, infrastructure (power and civil) and
education.

Sai Srushti Developers Pvt. Ltd. (SSDPL) is the flagship property
development company of the group. SSDPL was incorporated in 2006
with operations focused primarily in Bangalore, Chennai and
Hyderabad. SSDPL has completed development of ~0.8 msft area over
last 7 years with real estate segments including residential,
commercial and townships. Presently the company has a pipeline of
5msft projects (incl JVs) out of the same ~2msft is proposed to be
developed in next 48 months. Company has undertaken JV route with
renowned developers like Assetz Home (27 Park Avenue), Accor Group
(Edom) and Prestige Group as well. Company has also worked
independently on various residential, commercial and mixed use
projects like Sangamam, iLife, iNiche, Pavillion.

SSG group is also involved into energy and infrastructure with its
group company Thor Energy (TE) established in 2010. The company
has its major focus on power infrastructure particularly
transmission and distribution while Thor Energy Projects Pvt. Ltd.
(subsidiary entity) spearheads power generation, construction of
auxiliary equipment and related activities. Thor Energy has been
executing projects for the Karnataka Power Transmission
Corporation Limited (KPTCL).

SSG is also involved in education sector with its school named
Candor International which is an IB certified International school
located near Electronics City, Bangalore over an area of 17 acre.

Incorporated in 2008 SSIPL is the group entity of Sai Srushti
group closely held by promoters with Mr. N Sreenadha Reddy holding
54.03%, Mr. B Sumanth Kumar Reddy holding 43.79% and Ms. Haritha
Reddy holding balance 2.17%. In past SSIPL has developed some land
parcels and sold them to real estate developer, presently SSIPL is
executing QUBE project which is one of the major office space sale
project of the Sai Srushti Group.


SAVITRIBAI PHULE: CARE Reaffirms 'D' Rating on INR130.98cr Loan
---------------------------------------------------------------
CARE reaffirms rating to the bank facilities of Savitribai Phule
Shikshan Prasarak Mandal.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term Bank         130.98      CARE D Reaffirmed
   Facilities
   (Term Loan)

Rating Rationale

The rating assigned to the bank facilities of Savitribai Phule
Shikshan Prasarak Mandal continues to factor in the ongoing delays
in debt servicing obligations due to its stressed liquidity
position.

Savitribai Phule Shikshan Prasarak Mandal (SPSPM) was registered
under the Societies Registration Act, 1860 on December 16, 1996.
It is also registered under the Bombay Public Trust Act, 1950.

SPSPM's institutes are spread across three campuses: Kegaon-
Solapur campus, Korti-Pandharpur campus and Kamlapur-Sangola
campus. It runs 13 educational institutes across three campuses.
The courses offered by SPSPM include Engineering, MBA, MCA, DEd
and BEd. These courses are affiliated to the University of Pune
and comply with the norms laid down by the various statutory
bodies. In addition, the trust also runs three public schools.

Credit Risk Assessment

SPSPM has continued to delay in servicing its debt obligations due
to its stretched liquidity position.

During FY13 (refers to the period April 1 to March 31), SPSPM
reported a total operating income of Rs.38.50 crore over a deficit
of INR20.34 crore as against a total operating income of INR26.49
crore over a deficit of INR3.21 crore in FY12.


SHAKTI BREEDING: CARE Assigns 'B+' Rating to INR8.70cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shakti
Breeding India Private Limited.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term Bank             8.70       CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Shakti Breeding
India Private Limited is constrained by its small scale with
initial year of operations, leveraged capital structure and weak
debt service coverage indicators. The rating is further
constrained by its volatile operating margins and inherent risk
associated with the poultry industry coupled with high competitive
intensity of the business.

The rating, however, draws comfort from the experienced promoters.
Going forward, the ability of SBPL to increase its scale of
operations while improving profitability margins and capital
structure shall be the key rating sensitivities.

Incorporated in November 2011, SBPL was promoted by Mr Azad Rathi
and Mr Pala Ram having equal shareholding. SBPL commenced its
business in October 2012 and is engaged in the poultry farming
business; wherein the company sells the broiler chicks (about 1
day to 25 days) to poultry farms and farmers across India through
a marketing channel of various brokers. The poultry farm is
located in Jind, Haryana, and has a breeding capacity of 60,000
chickens per annum as on March 31, 2013. The main foods for the
chicken are maize, soyabean and defatted rice bran. The parent
chicken is brought from Venky India Pvt Ltd based out of Dehradun.
The company has one group concern namely Shakti Hatcheries and
Poultries (established in 1992) is also engaged in poultry farming
business in Sahanpur (Haryana) and has a breeding capacity of
80,000 chickens per annum.

SBPL reported a PAT of INR0.03 crore on a total income of INR0.65
crore in FY13 (refers to the period April 1 to March 31).


SHEFIELD TECHNOPLAST: ICRA Assigns 'B' Rating to INR6.3cr Loans
---------------------------------------------------------------
A rating of '[ICRA]B' has been assigned to the INR3.50 crore fund-
based cash credit facility and INR2.80 crore term loan facilities
of Shefield Technoplast Private Limited. ICRA has also assigned an
'[ICRA]A4' rating to the INR1.02 crore short term non fund based
facilities of STPL.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Cash Credit Facility       3.50       [ICRA]B Assigned
   Term Loan Facility         2.80       [ICRA]B Assigned
   Letter of Credit           1.00       [ICRA]A4 Assigned
   Letter of Guarantee        0.02       [ICRA]A4 Assigned

The assigned ratings are constrained by Shefield Technoplast
Private Limited's small scale of operations, weak financial
profile characterized by low profitability, high gearing and
stretched liquidity position on account of the high utilization of
working capital limits. The ratings are further constrained by the
high competitive nature of the industry with the presence of many
unorganized players, resulting in intense competition.

Further the competition from low cost neighbouring countries could
lead to an increase in imports and may hamper the growth of
domestic markets. ICRA also notes that the profitability of the
company remains exposed to volatility in raw material prices.
However order-backed procurement and cost-based pricing provide
some comfort. Further the ratings also consider the risk
associated with foreign exchange fluctuation on account of absence
of a hedging policy.

The assigned ratings however, favorably factor in the long
standing experience of the promoters for more than a decade in the
related industry as well as the reputed clientele profile and
repeated orders reflects sound quality management of the products.
The assigned ratings further consider the positive long-term
demand outlook for electronics business, notwithstanding the
current global economic slowdown as well as wide applicability of
plastics across all industry sectors.

Incorporated in 2006, Shefield Technoplast Private Limited is
promoted and managed by Mr. Mayur Patel along with other
directors. STPL is involved in the manufacture of customised
plastic injection molding products and precision metal components.
Electronic products like switches, electronic parts are
manufactured through plastic injection molding process. In case of
precision metal components, machinery parts are manufactured by
the company. The company is currently equipped with 13 injection
molding machines and seven CNC, VMC and Lathe machines. STPL is
located in the GIDC area of Baroda. The concern carries out its
operations from leased premises (99 years lease) spread across an
area of 3600 sqmt with power load of 375 KVA. It has 226 employees
and operates in three shifts of eight hours each.

Recent Results

For the year ended 31st March, 2013, the firm reported an
operating income of INR17.64 crore and profit after tax (PAT) of
INR0.25 crore.


SHREE REFRIGERATIONS: CRISIL Keeps B+ Rating on INR81.5MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Refrigerations
Pvt Ltd continue to reflect SRPL's working-capital-intensive
operations and average financial risk profile marked by modest net
worth and average gearing. These rating weaknesses are partially
offset by the extensive experience of SRPL's promoter in the
refrigeration and condensing industry, and its diverse revenue
profile.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Bank Guarantee        15        CRISIL A4 (Reaffirmed)
   Cash Credit           55        CRISIL B+/Stable (Reaffirmed)
   Term Loan             26.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SRPL will continue to benefit over the medium
term from its promoter's extensive industry experience and its
diverse revenue profile. The outlook may be revised to 'Positive'
in case of material increase in the company's cash accruals
because of improvement in profitability or scale of operations,
along with stable working capital cycle. Conversely, the outlook
may be revised to 'Negative' in case of material decline in SRPL's
operating margin, or a large debt-funded capital expenditure,
weakening its financial risk profile, particularly its liquidity.

Update
In 2013-14 (refers to financial year, April 1 to March 31), SRPL
is likely to register moderate year-on-year revenue growth of
around 10 per cent, to about INR185 million, led by moderate
improvement in demand in the milk and foods segment. The company
is likely to register operating margin of around 13 per cent in
2013-14, in line with the historical level. CRISIL believes that
SRPL will maintain its revenue profile backed by increase in
orders from the marine segment. It had an order book of around
INR110 million as on March 31, 2014, of which, INR32 million is
from marine industry which is expected to be executed by September
2014. CRISIL believes that timely execution of orders leading to
improved accruals will remain a rating sensitivity factor.

SRPL's financial risk profile is constrained by its estimated
small net worth of around INR40 million and high gearing of 2.3
times as on March 31, 2014. The gearing improved to around 2 times
as on March 31, 2013, from around 5 times as on March 2011, backed
by equity infusion of around INR24.3 million over the past two
years; however, the gearing remains high because of the company's
reliance on bank debt for meeting working capital requirements.
SRPL's liquidity is stretched, marked by low cash accruals and
large working capital requirements. It had estimated large gross
current assets of around 250 days as on March 31, 2014.

For 2012-13, SRPL reported a profit after tax (PAT) of INR1.3
million on net sales of INR167.4 million, against a PAT INR4.4
million on net sales of INR200.8 million for 2011-12.

SRPL, incorporated in 1990 and promoted by Mr. Ravalnath Shende,
manufactures condensers, chillers, spray dampening systems,
compressors, and appliance-testing machines. Its manufacturing
facility is in Karad (Maharashtra).


SHREEOM WIRES: ICRA Assigns 'B+' Rating to INR2.5cr Loan
--------------------------------------------------------
ICRA has assigned the rating of '[ICRA]B+' to the INR2.50 crore
term loans of Shreeom Wires Private Limited. Also, ICRA has
assigned rating of [ICRA]A4 to INR3.50 short term bank limits of
SWPL. ICRA also has an outstanding rating of [ICRA}B+ for the
INR7.00 crore cash credit facility of SWPL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loans               2.50       [ICRA]B+ Assigned
   Non Fund Based Limits    3.50       [ICRA]A4 Assigned
   (Letter of Credit)

The rating action takes into consideration the healthy growth in
SWPL's operating income in the second year of operations and the
likely improvement in the profitability with the forward
integration of its operations. Further, the rating continues to
derive comfort from the experienced management of SWPL in Cable
industry and its established relationship with key customers.
However, the rating is constrained by the decline in the operating
profitability of the company due to intensely competitive nature
of the industry. Further, ICRA takes into consideration the
limited track record of company's operations and increase in the
debt levels to fund the capital expenditure and working capital
requirements. In addition, the rating factors in the company's
stretched financial profile characterized by low cash accruals,
moderate working capital intensity and weak debt protection
indicators.

Shreeom Wires Private Limited established on February 2011, is
engaged in the business of cable wire drawing. The manufacturing
unit of the company is located in the industrial belt of Bhiwadi,
Rajasthan. SWPL procures its raw materials i.e. copper rods from
domestic markets, which are subsequently processed to a wide
variety of copper winding wires, annealed wires and bunched wires
of different sizes. The raw material is sourced from local traders
and key clients for the company include small cable manufacturers
and electronic equipment manufacturers.

Recent Result
In 2012-13, the company has reported an operating income of
INR113.25 crore with a profit after tax of INR0.36 crore compared
to an OI of INR36.89 crore and profit after tax of INR0.11 crore
in 2011-12.


SHRINATH SHIKSHAN: CARE Reaffirms 'D' Rating on INR14.60cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shrinath Shikshan Prasarak Mandal.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term Bank
   Facilities             14.60       CARE D Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shrinath Shikshan
Prasarak Mandal (SSPM), factors in the ongoing delays in debt
servicing by SSPM due to its stressed liquidity position.

Shrinath Shikshan Prasarak Mandal (SSPM) was established in the
year 1984 in Shirur district of Pune under the leadership of Prof
MN Navale. SSPM is registered under the Societies Registration
Act, 1860 and Bombay Public Trust Act, 1950. SSPM is an associate
trust of STES (Sinhgad Technical Education Society (STES)) which
manages 69 institutes that includes management institutes,
technical institutes, higher education colleges and pre-primary,
primary and secondary schools.

SSPM manages five educational institutes which include higher
secondary aided schools (from VIII to X as per SSC board), BEd
college, DEd college, Jr college (commerce and science) and
management institute along with hostel facility at its Kondhapuri
campus with a total land of 2.5 acres in the campus.

Credit Risk Assessment

SSPM has continued to delay in servicing its debt obligations due
to its stretched liquidity position.

During FY13 (refers to the period April 1 to March 31), SSPM
reported a total operating income of INR3.61 crore over a deficit
of INR2.08 crore as against a total operating income of INR4.64
crore over a deficit of INR1.78 crore in FY12.


SHYAM TIMBER: ICRA Reaffirms 'B+' Rating on INR2cr Loan
-------------------------------------------------------
ICRA has reaffirmed the rating of '[ICRA]B+' to the INR2.00 crore
fund based cash credit facility of Shyam Timber Private Limited.
ICRA has also reaffirmed the rating of [ICRA]A4 to the INR13.00
crore short term non fund based letter of credit facility of STPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           2.00       [ICRA]B+ Reaffirmed
   Letter of Credit     13.00       [ICRA]A4 Reaffirmed

The ratings continue to remain constrained by STPL's thin
profitability margins, weak coverage indicators and its modest
scale of operations. The ratings further consider the
vulnerability to fluctuations in timber prices and movements in
foreign exchange by virtue of being net importer. The ratings also
take into account the highly competitive and fragmented industry
structure, the company's vulnerability to change in regulatory
policies of timber exporting countries and India.

The ratings, however, take into account the long and established
track record of the promoters in timber industry, healthy growth
in operating income of STPL in FY 2013 supported by increase in
customer base; and close proximity to Kandla port resulting in
easy access to imported timber.

Shyam Timber Private Limited started operations as a partnership
firm in early 1990's and later changed the constitution to a
closely held company in March 2000. The company is currently
headed by Mr. Praveen Jethwa along with his brother Mr. Sunil
Jethwa. The promoters have a long experience in timber based
industry. STPL is currently engaged in the timber trading business
where it imports teakwood from African countries and sells it to
saw mills in India. The company's works is located at Gandhidham
of Kutch District (Gujarat), near to the Kandla port. It has also
set up a branch office in Mumbai for importing timber at Nhava
Sheva port in order to serve its south based customers.

Recent Results

During FY13, STPL reported an operating income of INR83.47 crore
(as against INR58.63 crore during FY12) and profit after tax of
INR0.51 crore (as against net losses of INR0.17 crore for FY12).
March 2014


SINHGAD TECHNICAL: CARE Reaffirms 'D' Rating on INR499.19cr Loans
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sinhgad Technical Education Society.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term Bank         489.34     CARE D Reaffirmed
   Facilities

   Short-term Bank          9.85     CARE D Reaffirmed
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Sinhgad Technical
Education Society (STES) continue to factor in the ongoing delays
in debt servicing by STES due to its stressed liquidity position.

Sinhgad Technical Education Society was registered under the
Societies Registration Act, 1860 in August, 1993. It is also
registered under the Bombay Public Trust Act, 1950.

STES manages 76 higher education colleges and pre-primary, primary
and secondary schools.  These schools and colleges provide full
time courses in the fields of Engineering, Management, Pharmacy,
Architecture, Interior Decoration etc. The educational courses
offered by the various institutes of STES are recognized by the
All India Council of Technical Education (AICTE) and the
Government of Maharashtra. These courses are affiliated to the
University of Pune. STES also runs Medical, Dental, Nursing and
Physiotherapy Degree courses at its campus at Narhe. These courses
are approved by the Medical, Dental and Nursing Council of India
and are affiliated to the Maharashtra University of Health
Sciences. STES also runs a 500 bed hospital at its Narhe Campus
that provides free services. In 2007, STES ventured into the field
of Aviation and Hospitality education by establishing the Sinhgad
Institute of Aviation & Hospitality Management. STES also offers
courses in Gemology & Jewellery Designing through the Sinhgad
School of Gemology & Jewellery Designing established in 2008. STES
has seven campuses in the Pune District at Vadagaon, Narhe
Ambegaon, Kondhwa, Lonavala, Erandwane, Pirangut and Warje.

Credit Risk Assessment

STES has continued to delay in servicing its debt obligations due
to its stretched liquidity position.

During FY13 (refers to the period April 1 to March 31), the
company reported a total operating income of INR505.05 crore over
a surplus of INR5.47 crore as against a total operating income of
INR425.18 crore over a PAT of INR15.05 crore in FY12.


SIPPING SPIRITS: CARE Lowers Rating on INR6.03cr Loan to 'D'
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Sipping
Spirits Private Limited.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term Bank        6.03        CARE D Revised from
   Facilities                        CARE BB

Rating Rationale

The revision in the rating assigned to the bank facilities of
Sipping Spirits Private Limited takes into account the instances
of delays in debt servicing by the company.

Sipping Spirits Private Limited is engaged in the manufacture and
sale of Indian Made Foreign liquor (IMFL). SSPL, incorporated in
2007, operates out of Goa. It manufactures and markets brand
namely 'Resolute' Vodka in three flavour variants and two SKUs
(stock keeping unit). Resolute Vodka is from the stable of The
Melchers Group, Lelystad, Netherlands, who has licensed the brand
to SSPL. SSPL owns the trademark for the territory of India. SSPL
commenced commercial operations in May 2009. SSPL caters to the
market in Goa and also sells in Tamil Nadu by means of a bottling
agreement with contract bottlers (Mohan Breweries and Distilleries
Limited from FY12 [refers to the period April 1 to March 31]
onwards). Majority of SSPL's income is from the Tamil Nadu market.

During FY13, SSPL registered net losses of INR0.84 crore on a
total operating income of INR 17.39 crore as against PAT of
INR0.26 crore on a total operating income of INR14.18 crore
registered during FY12.


SLN TECHNOLOGIES: ICRA Reaffirms 'B' Rating on INR7cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' to the
INR4.0 crore fund based facilities and INR3.0 crore proposed term
loans of SLN Technologies Private Limited. ICRA has also
reaffirmed short-term rating of '[ICRA]A4' to the INR5.0 crore
non-fund based facilities of SLNTPL.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based facilities     4.00       [ICRA]B/Reaffirmed
   Long term

   Proposed Term Loans       3.00       [ICRA]B/Reaffirmed

   Non-fund based            5.00       [ICRA]A4/Reaffirmed
   facilities
   Short term

The reaffirmation in ratings takes into account SLNTPL's long
presence and extensive experience of the promoters in the
electronics industry, the Company's continued revenue growth
momentum and its established relationships with renowned client
base supporting business growth prospects. During 2012-13, the
Company's revenue growth was supported by ramp up in volumes from
its key customers. The ratings also continue to factor the
Company's healthy order book position which enhances revenue
visibility over the medium term. However, ICRA notes that the
revenues and margins of the company have been volatile over the
last few years owing to project specific requirements of its
customers. The ratings remain constrained by the Company's modest
scale of operations limiting its operational and financial
flexibility, highly working capital intensive nature of operations
(on account of long collection period), high competitive intensity
in the industry and significant customer concentration. The
ratings are further constrained by the vulnerability of SLNTPL's
margins to the fluctuations in foreign exchange rates (on account
of import of raw materials) in the absence of hedging mechanism.
The capital structure and coverage indicators of the Company are
expected to remain under pressure on account of the planned debt
funded capital expenditure and the consequent interest expenses.

SLNTPL, incorporated in 1995, specialises in electronics systems
design and manufacturing in aerospace, defence and nuclear
industry segment.

SLNTPL's product domains include Avionics LRUs, Automated Test
Equipment (ATE), Software Integration Rigs (SIR), Ground Support
Equipment, Antenna Control Systems and Instrumentation Systems.
SLNTPL's products are Solid state flight data recorders, Automated
Test Equipment, Integration Rigs, Radar Antenna and communication
Antenna Control systems.

SLNTPL is a CEMILAC approved design house and is also a recognised
in-house R&D unit by Department of Scientific and Industrial
Research (DSIR), Govt. of India and has been certified as
ISO9001:2008 company since 15 years.

The Company is promoted by Mr. D R Subramanyam and Mr. M Anil
Kumar - engineering graduates with over 30 years of industry
experience and is headquartered and has design and manufacturing
facilities in Bangalore, India.

SLNTPL's customer profile includes Public sector Units such as
HAL, BEL, ECIL, NPCIL, R&D organisations like DRDO, BARC, IGCAR
and a few private organisations.


SPECTRA MOTORS: CRISIL Assigns 'B+' Rating to INR935MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Spectra Motors Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Working Capital       50.0       CRISIL B+/Stable
   Term Loan
   Term Loan            337.5       CRISIL B+/Stable
   Letter of Credit      60         CRISIL A4
   Bank Guarantee         5         CRISIL A4
   Cash Credit          547.5       CRISIL B+/Stable

The ratings reflect SML's weak financial risk profile, marked by a
below-average capital structure and weak debt protection metrics,
stretched liquidity due to large working capital requirements, and
tightly matched cash accruals against scheduled debt repayments.
The ratings also factor in the company's exposure to intense
competition in the automobile (auto) dealership market. These
rating weaknesses are partially offset by the extensive experience
and of SML's promoters, and its established position, in the auto
dealership market in Mumbai, supported by its strong relationship
with the market leader, Maruti Suzuki India Ltd (MSIL; rated
'CRISIL AAA/Stable/CRISIL A1+').

Outlook: Stable

CRISIL believes that SML will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established market position as a dealer in MSIL's passenger cars
in Mumbai and Surat (Gujarat). The outlook may be revised to
'Positive' in case of improvement in the company's financial risk
profile, particularly its liquidity, most likely due to more-than-
expected cash accruals, sizable equity infusion by promoters, or
return of the large advances it has made to third parties.
Conversely the outlook may be revised to 'Negative' in case of
further deterioration in SML's liquidity due to decline in cash
accruals, substantial working capital requirements, increase in
loans extended to third parties, or large debt-funded capital
expenditure.

SML was set up in 1993 by the Gupta family of Mumbai. Since 1998,
the company has been an authorised dealer of MSIL in Mumbai.
Currently, it has six showrooms and eight workshops in Mumbai and
a showroom and workshop in Surat.


SR DISTILLERY: ICRA Reaffirms 'D' Rating on INR56.76cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]D' rating to
the INR47.26 crore* term loans and INR9.50 crore of SR Distillery
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   Term Loan             47.26        [ICRA]D reaffirmed

   Fund Based Limits
   Cash Credit            9.50        [ICRA]D assigned

The rating re-affirmation continues to factor in the delays in
timely servicing of debt obligations. The rating also takes into
account the limited track record of operations of the bottling
unit and delay in the commissioning of the extra neutral alcohol
(ENA) manufacturing unit project on account of pending approvals
from Government authorities, leading to time and cost overruns.
The liquor industry is also highly regulated in nature attracting
high duties & taxes, and is exposed to changes in State Government
policies governing sale, distribution and pricing of IMFL
products. The rating continues to draw comfort from the easy
availability of grain in Odisha that reduces raw material
availability risk.

Incorporated in 2010, SR Distillery Private Limited is promoted by
Cuttack based Mr. Ranjan Kumar Padhi. The company proposes to set
up a grain based distillery unit at Cuttack, Odisha, with an
installed capacity of 30000 litres per day of Extra Neutral
Alcohol (ENA). The company is also engaged in the manufacturing of
Indian made Foreign Liquor (IMFL).


SRI KALYANA: ICRA Reaffirms 'B+' Rating on INR15cr Loans
--------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' assigned to
INR15.00 crore bank limits of Sri Kalyana Chakravarthi Rice Mill.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.75        [ICRA]B+ reaffirmed
   SME Credit Plus       0.25        [ICRA]B+ reaffirmed
   Term Loan             1.21        [ICRA]B+ reaffirmed
   Unallocated           7.79        [ICRA]B+ reaffirmed

The rating reaffirmation takes into account the weak financial
profile of the firm characterized by low profitability, high
gearing levels and weak debt coverage indicators; and risks
inherent in a partnership firm. The rating also factors in the
intensely competitive nature of rice milling industry with
presence of several small-scale players which puts pressure on the
profitability margins. Further, the rating is constrained by the
stretched liquidity position and susceptibility of profitability &
revenues to agro-climatic risks which impact the availability of
the paddy in adverse weather conditions. The rating also factors
in the government policy restrictions on the quantity of rice
which can be sold in the open market limiting the realizations for
the firm. The rating however draws support from long track record
of the promoters in the rice mill business aided by established
milling capabilities and proximity of the mill to major paddy
cultivating region, allowing the company to procure paddy easily.
Further, favourable demand prospects of the industry with India
being the second largest producer and consumer of rice in the
world should provide for adequate growth opportunities for the
firm.

Sri Kalyana Chakravarthi Rice Mill was incorporated in the year
2002 as a partnership firm. The firm is engaged in the milling of
paddy for producing raw and boiled rice. The firm is promoted by
Mr. K. Venkateshwara Rao who has been in the rice milling industry
for the past 30 years. The promoter holds 51% of the capital,
while the rest of the partners are family and friends of the
promoter. The rice mill is situated near Ravulapalem in East
Godavari district of Andhra Pradesh with a capacity to mill 55,000
metric tons of paddy per annum.


SRI LAXMI: ICRA Assigns 'B+' Rating to INR8.50cr Loan
-----------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to INR5.00
crore* fund based limits and INR3.50 crore unallocated limits of
Sri Laxmi Narasimha Industries. ICRA has also assigned a short-
term rating of '[ICRA]A4' to INR0.50 crore fund based limits of
SLNI.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          5.00         [ICRA]B+ assigned
   Unallocated Limits   3.50         [ICRA]B+ assigned
   SME Credit           0.25         [ICRA]A4 assigned
   Rice Mill Plus       0.25         [ICRA]A4 assigned

The assigned ratings are constrained by intensely competitive
nature of rice industry with presence of several small-scale
players which further increases the pressure on the operating
margins; weak financial risk profile of the firm characterized by
high gearing levels, low profitability & coverage indicators; and
risks inherent in a partnership nature of the firm. This apart,
the ratings are also constrained by the susceptibility of
profitability & revenues to agro-climatic risks which impact the
availability of the paddy in adverse weather conditions. The
ratings however takes comfort from the long track record of the
promoters in the rice mill business and favorable demand prospects
for rice with India being the second largest producer and consumer
of rice internationally.

Founded in the year 1999 as a partnership firm Sri Laxmi Narasimha
Industries (SLNI) is engaged in the trading & milling of paddy and
produces raw rice and boiled. The rice mill is located at Kaloor
village of Nizamabad district, Andhra Pradesh. The installed
production capacity of the rice mill is 4 tons per hour.

Recent Results
For 11m FY2014 (unaudited & provisional), the firm reported an
operating income of INR23.71 crore and operating profits of
INR1.08 crore as compared to operating income of INR28.53 crore
and operating profits of INR1.07 crore in FY2013.


SURYA VIKAS: CARE Reaffirms 'B+' Rating on INR38cr Bank Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of Surya
Vikas Plywood Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term Bank           38.0       CARE B+ Reaffirmed
   Facilities

   Short-term Bank
   Facilities                7.25      CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained by the weak financial risk
profile of Surya Vikas Plywood Limited, presence in a highly
competitive & fragmented plywood industry, inherent risk
associated with trading operations and high inter-group
transactions.

The ratings, however, continue to draw strength from the increased
scale of operations, promoters' extensive experience of two
decades in the plywood industry and established marketing set-up.

SVPL's ability to increase its scale of operations, improvement in
profitability amidst intense competition along with improvement in
the capital structure and efficient management of working capital
would remain the key rating sensitivities.

Delhi-based SVPL, promoted by Mr Jitendra Kejriwal, was initially
incorporated as a private limited company in 2002 and later on in
August 2010, it resumed its current name. The company is
engaged in the manufacturing of moisture resistant grade plywood,
marine grade plywood and fire retardant plywood and block boards.
The company is also involved in the trading of cotton and
sofa fabric which contributes around 73% in total operating income
during FY13 (refers to the period April 1 to March 31). The
manufacturing facility of the company is located in the Damla,
Haryana.

During FY13, SVPL achieved a PAT of INR0.7 crore (PY: INR1.3
crore) on the total operating income of INR108.4 crore (PY:
INR76.2 crore). During 9MFY14, the company achieved sales of
INR110.4 crore.


SYNFAB INDUSTRIES: ICRA Lowers Rating on INR8cr Loans to 'D'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR6.82
crore (earlier INR7.27 crore) fund based bank facilities of Synfab
Industries Private Limited to [ICRA]D from [ICRA]BB-. ICRA has
also revised the short term rating assigned to the INR1.00 crore
non fund based facility to [ICRA]D from [ICRA]A4. ICRA has also
assigned [ICRA]D rating to the INR0.18 crore unallocated limits of
SIPL.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   LT Scale-Fund Based       5.00        [ICRA]D Downgraded
   Limits-Cash Credit

   LT Scale-Fund Based       1.82        [ICRA]D Downgraded
   Limits-Term Loan

   ST Scale-Non Fund         1.00        [ICRA]D Downgraded
   Based Limits-Letter
   of Credit

   Unallocated Limit         0.18        [ICRA]D Assigned

The rating revision reflects the recent instances of delay in debt
servicing by the company reflecting its tight liquidity emanating
from stretched receivables position, resulting in high utilization
of working capital limits. The ratings are further constraint by
the low value addition in the weaving business, SIPL's relatively
small scale of operations in a highly fragmented textile industry
characterized by competition from large number of unorganised
players and susceptibility of its margins to adverse movements in
the prices of raw materials. The rating however factors in the
long term experience of the promoter's in the textile business.

Synfab Industries Private Limited (SIPL) was established in 1981
by Mr. Prabhat Chhabra and his family. In 1996 the company changed
its legal status from partnership firm to a private limited
company. SIPL is engaged in manufacturing of suiting & shirting
fabric primarily used for men's wear. The company has its
registered office in Mumbai and manufacturing units in Umergaon,
Gujarat.


TOUCHSTONE: CRISIL Assigns 'B+' Rating to INR32MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Touchstone.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            32        CRISIL B+/Stable

The ratings reflect Touchstone's modest scale of operations in an
intensely competitive construction industry with highly working-
capital-intensive business and below-average financial risk
profile, marked by modest net worth and below-average debt
protection metrics. These rating weaknesses are partially offset
by its partners' extensive industry experience.

Outlook: Stable

CRISIL believes that Touchstone will continue to benefit over the
medium term from the extensive industry experience of its
partners. The outlook may be revised to 'Positive' if the firm
scales up its operations substantially and improves its margins or
if its working capital management is better than expected, leading
to improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if there is sharp decline in
the firm's revenue and profitability, its working capital cycle
lengthens further, or if it undertakes a large, debt-funded
capital expenditure programme, leading to sharp deterioration in
its financial risk profile.

Touchstone was set up as a proprietorship firm in 2006 by Mr.
Sanjeev Kumar and reconstituted as a partnership firm in 2009. At
present, the firm has six partners-Mr. Sanjeev Kumar, Mr. Kumar
Anand, Mr. Barun Kumar, Mr. Sanjay Kumar, Mr. Gautam, and Mr.
Sushil Kumar Jha. The firm, headquartered at Patna (Bihar), is
engaged in construction activities such as setting up of
telecommunications towers, water-pumping system, canal works,
water-harvesting system, and other such allied works along with
supply of construction material. It also supplies manpower
(security guards) to the Punj Lloyd group.


VAISHALI FLOUR: ICRA Assigns 'B+' Rating to INR2.75cr Loan
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to INR2.75
crore cash credit facility and a short term rating of [ICRA]A4 to
INR2.51 crore bank guarantee facility of Vaishali Flour Mills.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Limits        2.75       [ICRA]B+ assigned
   Cash Credit

   Non Fund Based Limits    2.51       [ICRA]A4 assigned
   Bank Guarantee

The ratings take into account firm's constitution as a partnership
firm, exposing it to risks such as capital withdrawals, its modest
scale of operations, the low value addition in the business and
the fragmented nature of the industry, leading to intense price
based competition that adversely impacts the operating margins and
the vulnerability of profitability to adverse movement in raw
material prices, which are subject to seasonal availability of
wheat and Government regulation on minimum support prices.
However, this risk is partly mitigated due to shorter conversion
cycle. While assigning the rating, ICRA notes that there were net
withdrawals from the capital account over the last two years. The
ratings are supported by the long experience of the partners in
the wheat milling industry, the favourable demand outlook, given
that flour forms an important part of Indian staple diet and the
favourable location of the plant in Bataganj, Bihar, which is in
close proximity to wheat growing region, thereby leading to low
freight costs.

Incorporated in 1984 as a partnership firm, VFM is engaged in
milling of wheat to manufacture maida, suji, atta and bran as the
by-product. The manufacturing facility is located at Bataganj,
Bihar with a total installed capacity of 52,500 tonnes per annum.

Recent Results
VFM registered a profit after tax of INR0.17 crore on the back of
OI of INR40.45 crore during FY13 as compared to the profit after
tax of INR0.14 crore on the back of OI of INR31.69 crore in FY12.


VARADHA STEELS: ICRA Assigns 'B-' Rating to INR2cr Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B-' to the INR2.00
crore fund based facility of Varadha Steels. ICRA has also
assigned a short-term rating of [ICRA]A4 to the INR10.60 crore
non-fund based facilities of VS.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based facility      2.00       [ICRA]B- assigned
   Non-fund based
   facilities              10.60       [ICRA]A4 assigned

The assigned ratings consider the experience of the promoters in
the business of steel manufacturing. The ratings also consider the
tight liquidity position, as reflected in devolvement of non-fund
based facilities with banks; the likelihood of accruals getting
impacted during the current fiscal as the manufacturing operations
remained suspended for about five months, as the entity undertook
renovation activities; the exposure of the entity's margins to
adverse currency fluctuation in the absence of hedging; and the
high inventory holding exposing the margins to adverse price
movements. Further, the ratings consider the highly fragmented and
commoditised industry structure, which limits pricing flexibility
and scope for margin expansion. While the steel industry is
currently passing through a weak phase, the long-term demand
outlook for steel products remains favourable.

Incorporated in 2002, VS is primarily engaged in manufacturing MS
ingots at its facility located in Thuthipet (near Pondicherry).
The entity has an installed capacity to manufacture 18,000 MTPA.
The entity is also engaged in trading in steel scrap, to meet the
raw material requirement of its group entity. Mr. K A Babu and Mr.
K N Babu are the partners of the entity.

Recent results
VS reported a net profit of INR0.6 crore on an operating income of
INR33.9 crore during 2012-13, against a net profit of INR0.6 crore
on an operating income of INR26.1 crore during 2011-12.


VIJAY LATEX: ICRA Revises Rating on INR14.4cr Loans to 'B'
----------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR5.03
crore (reduced from INR6.74 crore) term loan, INR7.50 crore
(enhanced from INR4.00 crore) fund based facility (cash credit),
INR1.87 crore (reduced from INR2.50 crore) corporate loan and
INR0.60 core (reduced from INR2.76 crore) proposed limits of Vijay
Latex Products Private Limited from [ICRA]C- to [ICRA]B. ICRA has
also reaffirmed the short term rating outstanding on the INR5.00
crore (enhanced from INR4.00 crore) non-fund based facilities and
INR0.60 core (reduced from INR2.76 crore) proposed limits at
[ICRA]A4.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Limits-
   Cash Credit               7.50       [ICRA]B revised

   Fund Based Limits-
   Term Loans                5.03       [ICRA]B revised

   Fund Based Limits-
   Corporate Loans           1.87       [ICRA]B revised

   Non-Fund Based Limits-
   Letter of Credit (LG)     4.00       [ICRA]A4 reaffirmed

   Non-Fund Based Limits-
   Bank Guarantee (BG)       1.00       [ICRA]A4 reaffirmed

   Proposed Limits           0.60       [ICRA]B revised /[ICRA]A4
                                        Reaffirmed

The proposed limits of INR0.60 crore have been rated on both the
scales and would attract rating as per the tenure of usage.
The ratings revision take into account the amalgamation of a group
company into Vijay Latex Products Private Limited in FY13 as well
as the growth in revenues following consolidation. The ratings,
however, continue to remain constrained by the weak financial
profile characterized by the modest scale of operations, low
profitability and return indicators. ICRA notes that while there
has been a marginal improvement in the liquidity position in FY14,
as reflected by regularization of the fund based limits, it
remains stretched on account of thin profitability levels coupled
with high working capital intensity of operations. The ratings are
further constrained by highly fragmented and competitive nature of
the industry and vulnerability of operations to volatility in
prices and availability of the principal raw material (natural
rubber latex) as well as the high competitive intensity.
The ratings, however, positively factor in the experience of the
promoters of more than two decades in the rubber glove
manufacturing industry and healthy growth in revenues seen during
the past two years of operations.

Incorporated in 1992 by Mr. Jitendra Salot, VTIPL was dormant till
FY 2007 and commenced commercial operations from FY 2009 as a
manufacturer of rubber gloves. VTIPL then acquired its parent
company which was engaged in the same line of business effective
from April 2010. The company then changed its name to VLPPL in
June, 2013. The company has its factory located in Umbergaon,
Gujarat and has its head office in Andheri, Mumbai.

Recent Results:
During the twelve month period ending March 31, 2013 the company
reported a net profit of INR0.06 crore on an operating income of
INR21.89 crore as against net profit of INR0.52 crore on an
operating income of INR13.10 crore last year.



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


MT. GOX: Tokyo Court Orders Commencement of Liquidation
-------------------------------------------------------
Takashi Mochizuki, writing for The Wall Street Journal, reported
that collapsed bitcoin exchange Mt. Gox said that a Tokyo court
had told it to begin liquidation proceedings.

"At 5 p.m on April 24, the Tokyo District Court issued an order of
commencement of the bankruptcy proceedings for Mt. Gox," the
report cited a statement signed by the exchange and by court-
appointed trustee Nobuaki Kobayashi.

According to the report, blaming hacking attacks for losing
850,000 bitcoins worth half a billion dollars, the exchange in
February filed for court-let rehabilitation proceedings. But faced
with difficulties in implementing the required steps, Mt. Gox
asked the court last week to allow it to go into liquidation, with
the court accepting the request and scrapping the rehabilitation
filing.

In the statement, Mr. Kobayashi said he would investigate the lost
bitcoins and cash "to the extent possible through its asset
administration," the report related.

For the exchange's 127,000 creditors, liquidation is no better
than rehabilitation, the report further related.  Last week, a
group of U.S. investors launched savegox.com, a website aimed at
persuading Mr. Kobayashi and the court to let investors take over
the company and reorganize it.

                          About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange that halted trading in February
2014. It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at BAKER & MCCKENZIE LLP, in Dallas, Texas.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.



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


KINAUPO LIMITED: Goes Into Liquidation
--------------------------------------
Waikato Times reports that Kinaupo Limited, a Hamilton garden
waste disposal company, has gone into liquidation.  Kinaupo
Limited was put into liquidation on March 3.

Deloitte's Vivien Madsen-Ries - vmadsenries@deloitte.co.nz -- and
Henry Levin -- davidlevin@deloitte.co.nz --  are the liquidators.

The first report showed the company had debts of NZ$32,000 to
preferential creditors, and NZ$71, 000 in related party loans,
according to Waikato Times.

Waikato Times notes that the two listed creditors were IRD and
Sonia de Thierry, who is listed as living at the same address as
director Kevin Crowley.  Sonia de Thierry is also listed as a
shareholder in the company.

The report also said the liquidators had been unable to make
contact with Crowley, and had frozen the company's bank account
with ASB, Waikato Times discloses.

The next report is due on September 18.


PLUS SMS: Rainbow's End Co-Founder Ken Wikeley Faces Bankruptcy
---------------------------------------------------------------
NZ Herald reports that a businessman who co-founded Auckland's
Rainbow's End theme park and was involved in a string of back-door
NZX-listings has lost a Court of Appeal case about a bankruptcy
notice served against him after "economic misadventure" in Chile.

A hearing date is now being sought in the High Court where
creditors will apply to have Ken Wikeley declared bankrupt,
according to a lawyer associated with the case, the Herald
relates.

According to the report, Mr. Wikeley helped facilitate the back-
door-listing of numerous companies -- including the now-failed
text messaging company Plus SMS, which he induced his friend and
associate Michael Jacomb to invest in.

Mr. Wikeley also induced Mr. Jacomb to invest in a company called
Orion Minerals Group, the Herald says.

Plus SMS Holdings Ltd. (NZX: PLS) -- http://www.cre-eight.com/
-- along with its subsidiaries, is principally engaged in the
provision of mobile entertainment and network services.  Some of
its wholly owned subsidiaries include CRE8 Limited, which is
engaged in content and network services; Content Technology, S A
De C V, which is engaged in content services, and CRE8
Consultoria, which is engaged in administration services.

                           *     *     *

The company incurred three consecutive net losses of
NZ$6.96 million, NZ$11.89 million, and NZ$4.49 million for the
financial years ended March 31, 2008, 2007 and 2006, respectively.


SOUTHERN CROSS: To Close Sawmill, Wind Up Australian Business
-------------------------------------------------------------
BusinessDesk reports that Southern Cross Forest Products has
attracted both local and international interest from potential
buyers, and its receiver hopes to progress the sale next month.

According to BusinessDesk, KordaMentha's Brendon Gibson has
announced plans to shut the Dunedin-based company's Rosebank
sawmill after a fire at its Mosgiel remanufacturing site cut its
drying capacity, reducing the volume of timber it can process, and
decided to wind down its unprofitable Australian distribution
business.

An information memorandum in the market for potential buyers has
attracted a "mixture of both" local and foreign parties, though
the strong New Zealand dollar and high log prices are a challenge
for the export-focused business, Mr. Gibson told BusinessDesk.

"We're hoping people still see an opportunity," the report quotes
Mr. Gibson as saying.

More than 40 sawmills have shut in the past decade, and local wood
processors have had to compete for supply with global demand
pushing up raw log prices, while at the same time low-cost Chinese
rivals squeeze export-focused New Zealand mills.

"It is no secret that the company has long struggled to secure
sufficient log supplies to feed its South Island mills,"
Mr. Gibson said in a statement, BusinessDesk reports. "That issue
has continued to compromise trading in the receivership, but
performance has now been further affected with fire damage at the
Mosgiel mill."

Southern Cross Forest Products had three mills in the South Island
and one in Thames, and the restructuring will result in 79 jobs
being lost, BusinessDesk notes.

According to the report, the company had borrowings of
NZ$17.7 million as at Dec. 31, 2012 with ANZ Bank, UDC Finance,
321 Ltd, Hunter Finance and Heartland, according to its latest
financial statements lodged with the Companies Office.

Its loans with ANZ and 321 were in breach of certain covenants at
the time, and the 2012 accounts were tagged by auditor Deloitte
over the company's ability to trade as a going concern,
BusinessDesk reports.

After the balance date, Southern Cross Forest Products negotiated
a new funding facility with ANZ which it said would be reviewed in
March 2014, the report adds.

                      About Southern Cross

Southern Cross Forest Products is a Dunedin-based sawmill company.
It employed about 400 staff and has about NZ$100 million in annual
sales.

Brendon James Gibson and Michael Peter Stiassny were appointed
Joint and Several Receivers and Managers of the assets and
undertaking of Southern Cross Forest Products Limited, Rosebank
Forest Products Limited, Kauri Timber Products Limited And Pine
Resources (NZ) Limited on March 3, 2014.



=================
S I N G A P O R E
=================


STATS CHIPPAC: Weak 1Q 2014 Results No Impact on Moody's Ba1 CFR
----------------------------------------------------------------
Moody's Investors Service says STATS ChipPAC's weak 1Q 2014
operating results are credit negative, but will not have an
immediate impact on its Ba1 corporate family rating and senior
unsecured rating, which continues to have a stable outlook.

STATS ChipPAC reported a 7.5% decline in revenue in 1Q 2014 to
$365 million from the prior quarter, reflecting seasonally weaker
demand across most end market segments.

With lower revenue, the company reported an adjusted operating
margin of around 3%-4% for the twelve-month period ending 31 March
2014, which remains weak for its Ba1 rating.

"Operating income has been negatively impacted by sluggish demand
in the high-end smart phone segment, to which the company is
heavily exposed, combined with a challenging macroeconomic
environment and lower sales demand mainly from the PC market,"
says Annalisa DiChiara, a Moody's Vice President and Senior
Analyst.

As a result, the company's adjusted EBIT/interest contracted to
around 1x for the twelve-month period ending 31 March 2014.

Furthermore, leverage, as measured by adjusted debt/EBITDA, rose
to around 3.0x at 31 March 2014, from 2.5x at 31 December 2013,
and is now above Moody's downward trigger level of 2.5x for the
rating category.

"We expect bouts of market softness to challenge earnings from
time-to-time and STATS ChipPAC's operating profile and rating are
capable of absorbing these to a degree through the cycle. That
being said, the rating headroom to manage these challenges further
is currently limited," adds Di Chiara.

While Moody's expected a soft first quarter, STATS ChipPAC's
continued weak operating results over the last two quarters mean
that a recovery in operating profit and credit metrics in 2014
will be more challenging, thereby increasing negative rating
pressure over the next three to six months.

The management's guidance for 2Q 2014 includes a 9% to 14%
increase in revenues compared to 1Q 2014 (or $398 million to $417
million in revenues for 2Q2014) and adjusted EBITDA at 20% to 25%
of revenue.

"Even at the higher end of the management's guidance for 2Q 2014,
the company's credit metrics will remain stretched for the rating
category through 1H 2014. As a result new design wins and
production ramp ups in the mobile industry will need to translate
into higher expected cash flow in 2H 2014. However, if cash flows
remain muted, such that delevering towards 2.5x by year-end
remains unlikely, its current rating will come under pressure,"
adds Di Chiara.

An improvement in EBIT interest coverage trending towards 2x will
also be required to offset negative rating pressure.

STATS ChipPAC's Ba1 rating continues to reflect its position as
the fourth largest player in the global outsourcing semiconductor
assembly and test (OSAT) industry.

The rating also considers its solid liquidity profile with cash on
hand of $180 million, adequate undrawn lines under its revolving
credit facilities, and its next significant debt maturity in 2016.

The rating also factors in Moody's assumption that STATS ChipPAC's
ultimate holding company -- Temasek Holdings (Private) Limited
(Aaa stable) -- is likely to provide support in the event of
stress. Moody's expectation of parental support for the firm
translates into a one-notch uplift from its standalone credit
rating of Ba2.

Downward rating pressure could result if (1) STATS ChipPAC suffers
a lower asset utilization rate, decreasing its profitability and
cash flow-generating capability, such that its adjusted
debt/EBITDA remains above 2.5x on a sustained basis, and
EBIT/interest is maintained below 2.5x-3.0x over the cycle; (2) a
cyclical industry downturn emerges and significantly impairs the
company's ability to service its debt; and/or (3) STATS ChipPAC
undertakes an aggressive debt-funded acquisition or dividend
policy that pressures its balance-sheet leverage and liquidity.

The potential for near-term upward rating pressure is limited,
given the company's weak operating performance over the last six
months.

The principal methodology used in this rating was the Global
Semiconductor Industry Methodology, published in December 2012.

STATS ChipPAC Ltd is the fourth largest player in the OSAT
industry. It provides full turnkey solutions to semiconductor
companies, among them foundries, integrated device manufacturers,
and fabless companies in the US, Europe, and Asia.



===============
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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