TCRAP_Public/140502.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, May 2, 2014, Vol. 17, No. 86


                            Headlines


A U S T R A L I A

AIRLEC BUILDING: KordaMentha Appointed as Administrators
INSTYLE HOMES: Files For Voluntary Liquidation
METROBORE AUSTRALIA: SV Partners Appointed as Administrators
NEXTGEN NETWORKS: Moody's Assigns (P)Ba3 Corporate Family Rating
NICHOLAS PIKE: Placed Into Administration


C H I N A

MELCO CROWN: S&P Affirms 'BB' CCR; Outlook Stable
MOUNTAIN CHINA: Bank Loan Default Casts Going Concern Doubt
STUDIO CITY: S&P Raises CCR to 'BB-'; Outlook Stable
YANZHOU COAL: S&P Revises Outlook to Neg. & Affirms 'BB+' CCR
BANK OF CHINA: Moody's Raises Fin'l. Strength Rating From 'D/ba2'


I N D I A

AANCHAL CREATIONS: ICRA Assigns 'B+' Rating to INR4.6cr Loans
ASHWANI KUMAR: CRISIL Reaffirms 'B+' Rating on INR84.1MM Loans
ASIAN PRE-LAM: CRISIL Assigns 'B-' Rating to INR155MM Loans
BHAVI INTERNATIONAL: ICRA Reaffirms 'C' Rating on INR2.5cr Loan
CELEBRITY FASHIONS: ICRA Reaffirms 'D' Rating on INR127.1cr Loans

DIAMOND TMT: CRISIL Assigns 'B' Rating to INR230MM Loans
DICODE INFRA: CARE Assigns 'B+' Rating to INR4cr Bank Loan
HI-MAC CASTINGS: CRISIL Reaffirms 'B' Rating on INR104.7MM Loans
HUBTOWN BUS: CARE Assigns 'B' Rating to INR50cr Bank Loan
J.M.D. CORP: CRISIL Assigns 'B' Rating to INR150MM Bank Loan

JINDAL POLY: ICRA Assigns 'B+' Rating to INR13.06cr Loans
JINDAL RAYONS: ICRA Assigns 'B+' Rating to INR10.65cr Loans
K.F. MILK: CRISIL Assigns 'B' Rating to INR150MM Loans
M.S ENGINEERING: CRISIL Reaffirms 'D' Rating on INR69.4MM Loans
MAKHWAN METAL: CRISIL Assigns 'B-' Rating to INR150MM Loan

P.A.S. COTTON: ICRA Reaffirms 'D' Rating on INR18.68cr Loans
P.S.P. FARMS: ICRA Suspends 'D' Rating on INR11.31cr Loans
PASHUPATINATH REFRIGERATION: ICRA Rates INR13.39cr Loans at 'B-'
PTC ENGINEERING: CARE Assigns 'D' Rating to INR24cr Bank Loan
REDSTONE GRANITO: CRISIL Assigns 'B-' Rating to INR590MM Loans

RRB ENERGY: CARE Reaffirms 'B' Rating on INR124.97cr Bank Loan
RUDRA NAVNIRMAN: CRISIL Assigns 'B+' Rating to INR450MM Loans
S. P. JAISWAL: ICRA Reaffirms 'B' Rating on INR62cr Loans
SACHIDANANDA AGROTECH: CRISIL Puts 'D' Rating on INR200MM Loans
SAMHRUTHA HABITAT: ICRA Suspends 'D' Rating on INR18cr Term Loan

SANTOSH STARCH: ICRA Assigns 'B' Rating to INR15cr Loans
SELVAM BROILERS: ICRA Suspends 'D' Rating on INR16.1cr Loans
SILVER PROTEINS: CRISIL Reaffirms 'B+' Rating on INR120MM Loan
SPECIALITY SILICA: ICRA Assigns 'B' Rating to INR15cr Loans
SURYAKANTA HYDRO: ICRA Ups Rating on INR83.21cr Loans to BB-

SWASTI POWER: CRISIL Upgrades Rating on INR1.16BB Loans to 'B'
V. PONNUSAMY: ICRA Suspends 'D' Rating on INR5.34cr Loan
V.P.M. SANKAR: CRISIL Reaffirms 'B+' Rating on INR75MM Loans
VISHAL COATERS: CRISIL Ups Rating on INR120MM Loans to 'B+'


J A P A N

MT. GOX: U.S. and Canadian Customers Settle Class Action


N E W  Z E A L A N D

ANNIES: Wakatu Inc Buys Dried Fruit Firm Out of Receivership


S I N G A P O R E

AMARU INC: Incurs $2.5 Million Net Loss in 2013


V I E T N A M

VIETNAM NATIONAL: Final Verdict for Ex-Chair Set For May 7


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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



AIRLEC BUILDING: KordaMentha Appointed as Administrators
--------------------------------------------------------
Clifford S. Rocke -- crocke@kordamentha.com -- and Scott David
Harry Langdon -- slangdon@kordamentha.com -- of KordaMentha were
appointed as administrators of Airlec Building & Maintenance Pty
Ltd on April 30, 2014.

A first meeting of the creditors of the Company will be held at
Level 10, 40 St Georges Tce, in Perth, on May 12, 2014, at
11:00 a.m.


INSTYLE HOMES: Files For Voluntary Liquidation
----------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Instyle Homes and
Loans Pty Ltd has applied for voluntary liquidation. SV Partners'
Terrence John Rose and Terrence John Rose and Anne Meagher were
appointed as liquidators of the company on April 16. A meeting
with creditors is scheduled today, May 2.

dissolve.com.au relates that ASIC records showed that trading at
Instyle started in 2008.  The company listed services in its
website including construction loans, home loans, sheds and kit
homes.


METROBORE AUSTRALIA: SV Partners Appointed as Administrators
------------------------------------------------------------
Richard J. Cauchi and Michael Carrafa of SV Partners were
appointed as administrators of Metrobore Australia Pty Ltd on
April 30, 2014.

A first meeting of the creditors of the Company will be held at
the offices of SV Partners, Level 17, 200 Queen Street, in
Melbourne, Victoria, on May 12, 2014, at 11:00 a.m.


NEXTGEN NETWORKS: Moody's Assigns (P)Ba3 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba3
Corporate Family Rating (CFR) to Nextgen Networks Group Pty
Limited (Nextgen). At the same time, Moody's has assigned a
provisional Senior Secured rating of (P)Ba3 to i) a USD Term Loan
Facility (equivalent to around AUD 400 million) and ii) a
provisional (P)Ba3 rating to a USD Senior Secured Revolving Credit
Facility (equivalent to around AUD75 million) both to be entered
into by Nextgen Networks Pty Limited and U.S Co-Borrower. The
facilities will be guaranteed by Nextgen and each of Nextgen's
material wholly-owned subsidiaries.

This is the first time that Moody's has assigned a rating to
Nextgen. The outlook on the ratings is stable.

The assignment of a definitive CFR is subject to the successful
completion of the refinance and recapitalization currently
underway. The assignment of a definitive rating to the senior
secured loan facilities is subject to review of the final
documentation and to successful close of the transaction.

Ratings Rationale

"The (P)Ba3 rating reflects Nextgen's market position as
Australia's second largest fibre backhaul operator", says Maurice
O'Connell, a Moody's Vice President -- Senior Analyst. "At the
same time the rating considers Nextgen's broad product offering
based on its extensive 17,000 kilometer fibre network across
Australia which allows Nextgen to offer tailored solutions to
Government, Enterprise and Business markets", adds O'Connell.

"Furthermore, Nextgen's credit profile benefits from the
supportive industry dynamics which should see the company's
addressable market grow steadily as demand for data bandwidth
grows", says O'Connell.

"On the other hand, Nextgen's rating is challenged by its small
size compared to the other incumbents as well as a degree of
concentration risk with its top 10 customers accounting for nearly
40% of revenue. The rating therefore considers the
disproportionate adverse impact of churn amonst its top
customers".

"Nextgen's rating considers its moderate financial profile and
solid EBITDA margins. The rating incorporates Nextgen's active
capex which is typically underpinned by new contracts. Achieving
low churn rates is therefore important in order to maximize
longer-term returns from growth capital", says O'Connell. "To this
end, Moody's understands that Nextgen has achieved an average
annual churn rate of around 7% over the past four years, which is
conservative by industry standards", adds O'Connell.

"The rating incorporates Moody's expectaion that Nextgen will
generate positive, albeit small free cashflow over FY2014-2015
with financial leverage, measured as adjusted Debt/EBITDA to be in
the 3.3-3.5x range over the next 12-18 months."

The rating considers the potential for capital withdrawal over
time. Although Nextgen does not provide explicit support to the
rest of the group, the potential exists for upstreaming of cash
for use by the ultimate parent or other group companies.

The rating also considers the solid liquidity profile with
adequate undrawn lines under the absence of maturing debt over the
next five years.

The stable rating outlook reflects Moody's expectation that
Nextgen will maintain its competitive position as one of three key
providers of backhaul fibre services to Government and Enterprises
and that it will manage its financial leverage within Moody's
rating expectation.

Ratings could be downgraded if Debt/EBITDA ratios are sustained
above 3.8x (including Moody's standard adjustments) due to
operating weakness, acquisitions or cash distributions to
shareholders. The rating could face downward pressure in the event
Nextgen lost major contracts or FCF/Debt was negative on a
sustained basis.

Ratings could be upgraded if the company will operate in a
financially prudent manner consistent with a higher rating,
including maintaining adjusted Debt/EBITDA ratio below 2.5x, and
free cash flow-to-debt ratio 10% or above on a consistent basis.

The principal methodology used in these ratings was the Global
Communications Infrastructure Rating Methodology published in June
2011.


NICHOLAS PIKE: Placed Into Administration
-----------------------------------------
Stephen J. Duncan -- sduncan@kordamentha.com -- and Peter J.
Lanthois -- planthois@kordamentha.com -- of KordaMentha were
appointed as administrators of Nicholas Pike Jeweller Pty Ltd on
April 30, 2014.



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


MELCO CROWN: S&P Affirms 'BB' CCR; Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
foreign currency corporate credit rating on Macau-based gaming
company Melco Crown (Macau) Ltd.  At the same time, S&P assigned
its 'BB' long-term local currency corporate credit rating to the
company.  The outlook is stable.

In addition, S&P affirmed its long-term Greater China regional
scale rating on Melco Crown at 'cnBBB-'.  S&P also affirmed its
'BB-' long-term issue rating and 'cnBB+' long-term Greater China
regional scale rating on the senior notes by MCE Finance Ltd.  MCE
Finance is the indirect parent of Melco Crown, and the notes are
guaranteed by MPEL International Ltd. and other operating
subsidiaries, including Melco Crown.

S&P affirmed the ratings on Melco Crown because it assess the
company to be a "core" subsidiary of Melco Crown Entertainment
Ltd. (MCE Group) under S&P's group rating methodology and,
therefore, have equated the stand-alone credit profile on both
entities.

"In our view, MCE Group's financial management will provide a
buffer for the company's significant capital expenditure for
expansion in Macau and the Philippines, and further expansion
opportunities outside of Macau," said Standard & Poor's credit
analyst Joe Poon.

S&P's group credit profile on MCE Group is derived from: (1) S&P's
anchor of 'bb', based on its assessments of the group's "fair"
business risk profile and "significant" financial risk profile;
(2) S&P's "unfavorable" comparable rating analysis assessment,
which lowered the outcome of the stand-alone credit profile by one
notch to 'bb-'; and (3) a one-notch uplift because S&P considers
MCE Group to be a "moderately strategic" subsidiary of Australia-
based Crown Resorts Ltd., which in turn is a subsidiary of
Consolidated Press Holdings Ltd. (CPH Group).

MCE Group's business risk profile reflects the significant
construction and execution risks associated with the development
of Studio City, an integrated gaming complex in Macau, and a new
casino project in the Philippines.  It also reflects the group's
reliance on the Chinese market for the bulk of its customers and
the earnings concentration from the City of Dreams (COD) resort in
Macau.  The following factors temper these weaknesses: (1) MCE
Group's position as one of six companies holding casino
concessions and sub-concessions in Macau; (2) improving geographic
and product diversity; (3) the robust revenue growth prospects of
the Macau gaming market; and (4) strong cash flow generation from
the group's existing assets, particularly COD.

"We expect MCE Group to continue to benefit from a very large and
fast-growing Macau gaming market," Mr. Poon said.  "We expect
revenue growth in Macau to remain satisfactory, especially with
the opening of significant new gaming capacity over the next few
years.  All six gaming operators have new developments in Cotai
that are scheduled to open in 2015-2018."

S&P's assessment of MCE Group's business risk profile also
incorporates its view that the leisure and sports industry faces
"intermediate" industry risk and China has "moderately high"
country risk.  The Macau gaming industry is closely tied to the
health of the Chinese economy, with the bulk of visitations and
gaming revenue generation coming from China.

In S&P's view, Melco Crown will maintain a "significant" financial
risk profile over the next few years, mainly because the Studio
City project will incur significant capital expenditure over the
next 24 months, which is largely debt funded.  However, MCE Group
has the growing capacity to fund additional projects, given
continuing strong cash flow from operations and significant cash
on hand.

The stable outlook reflects S&P's expectation that project
developments in Macau and the Philippines will be on schedule and
within budget over the next 12 months.  However, Melco Crown faces
execution risk associated with the projects.  S&P expects the
group to continue to pursue expansion, which could negatively
affect its financial risk profile.  The outlook also reflects
S&P's expectation that Crown and Hong Kong-based Melco
International Development Ltd. will maintain their ownership
interests and close strategic relationship with the MCE Group.

S&P may raise its rating if MCE Group prudently and effectively
manages its growth strategy, including a successful opening of the
Philippines and Macau Studio City projects, while strengthening
free operating cash flow and maintaining a "significant" (or
stronger) financial risk profile.

S&P may lower our rating if MCE Group's financial performance
materially weakens during a period of aggressive expansion, such
that its ratio of debt to EBITDA exceeds 4.0x on a sustained
basis.  S&P may also lower its rating if there is a significant
downturn in gaming demand, the Studio City project is delayed, or
costs escalate significantly.  If MCE Group's strategic importance
to the CPH Group diminishes in S&P's view, it could also lower its
rating.


MOUNTAIN CHINA: Bank Loan Default Casts Going Concern Doubt
-----------------------------------------------------------
Mountain China Resorts on April 30 reported its financial results
for the year ended December 31, 2013.  MCR reports its results in
Canadian Dollars.

Financial Results

Total revenue and the net results were from resort operations with
no real estate sales revenue during the Reporting Period.  For the
year ended December 31, 2013, the Company generated revenues from
resort operations of $8.85 million and a net loss of $44.07
million or $0.14 per share compared to revenue of $9.45 million
and a net loss of $17.85 million or $0.06 per share in 2012.  The
increase of the net loss was due to the impairment loss of $22.80
million on the properties under construction (villas) that was
recorded as of December 31, 2013 as the Company decided to
temporarily cease investment in further construction and
finalization of the villas.

Resort Operations EBITDA for 2013 was negative $0.72 million
compared to $2.54 million last year.  The reduction of EBITDA was
mainly due to a series of unfavorable political policies issued by
the Chinese central government in 2013 aimed at cutting budgets
and tightening up spending on government and business reception
and entertainment activities.

Resort operations expenses totaled $9.29 million for the year
ended December 31, 2013 compared to $8.08 million in 2012.
Operations expenses within the resorts are mainly attributable to
snow making, grooming, staffing, fuel and utilities, which also
include the G&A expenses relating to the resort's senior
management, marketing and sales, information technology, insurance
and accounting.

Other income totaled $0.61 million (2012:2.68 million), which
mainly consists of income recognized from the deposit by Club Med
of $0.33 million.  For the same period in 2012, a major component
of other income included a $2.23 million insurance compensation
received for the damage of Gondola B, and $0.31 million recognized
from the deposit by Club Med.

Corporate general and administrative expenses ("G&A expenses")
totaled $0.89 million for the year ended December 31, 2013
compared to $1.51 million in 2012.  This amount mainly comprised
executive employee costs, public company costs, and corporate
information technology costs.

Depreciation and amortization expense from continuing operations
totaled $11.60 million for the year ended December 31, 2013
compared to $11.18 million in 2012.

The Company incurred financing cost of $6.75 million during the
year ended December 31, 2013 compared to $8.00 million in 2012.
Financing costs mainly related to the loan interests, accretion
expenses of convertible bonds, and also included bank
administrative fee and service charge.  The decrease in interest
expense in 2013 was due to accretion costs of convertible bonds
decreased as the three convertible bonds matured during the year
ended December 31, 2013 and 2012.

Cash and cash equivalents totaled $8.29 million and working
capital deficiency was $93.15 million as at December 31, 2013.

Operations Sun Mountain Yabuli

The Company's 2012-2013 Sun Mountain Yabuli Resort winter season
operations commenced on November 24, 2012 and closed on March 24,
2013.  The 2013-2014 winter season operations commenced on
November 29, 2013 and closed on March 23, 2014.  The revenue of
Sun Mountain Yabuli Resort operation comprises mainly by mountain
operation, beverage, skiing-related services and hotel lodging.
Skiing-related services includes rental of ski equipment, goggles,
lockers, gloves, etc, sales of ski equipment and skiing training
services offered in the ski school.  It also includes the mountain
operation which is using the facilities built in the mountain,
such as sight-seeing trams, snow tubing and alpine.

The Company reported decreased revenue in fiscal year 2013 and the
decrease in the revenue was resulted from unfavorable political
policies issued by Chinese central government in 2013 aimed at
cutting budgets and tightening up spending on government and
business reception and entertainment activities.  However
management believes that the downturn of 2013 operations compared
to 2012 was only a temporary situation.  As the general political
environment gradually loosens and social atmosphere becomes less
tense, those industries affected by these policies will recover
and grow in the long run.  Management provides a more detailed
analysis on revenue and future prospects in its 2013 Management
Discussion and Analysis.

Sun Mountain Yabuli - Real Estate Development

By the end of Fiscal 2010, the Company had finished working on the
exterior decoration of the 55 villas of which three were completed
with interior finishing.  At this time of the reporting date,
certain construction is still needed on the exterior grounds to
complete lighting, roads and utility connections.  The Company had
not been successful in selling any of the villas.  Management is
of the opinion that in order to complete sales, it is necessary to
first complete the exterior construction.  Management estimated
these additional construction costs to be at least $4.50 million.

In 2013, general political environment further affected tourism
related real estate industry negatively.  A few other similar
projects in ski resort areas in China started marketing and the
outcome were quite frustrating.  Those projects include Qingyun
Town in the Yabuli region, and real estate projects of Changbai
Mountain.  As of December 31, 2013, management was of the opinion
that, even with additional costs to be invested to get the villas
ready for sale, it is unlikely that the benefit will exceed the
cost at this time.  Therefore no further investment was made in
2013, and management did not expect any investment to be made in
the near future.  Judging from the current economic situation,
management's opinion is that there is very limited net realizable
value associated with the villas at the moment, and a full
impairment of $22.80 million was recorded as of December 31, 2013.

Despite of the current difficulty, the Company does have
confidence with its first of a kind skiing in and skiing out
villas in China.  And the Company will be reasonably flexible with
its pricing when the market shows sign of a turn around.  No other
detail milestones for the above matter are available from the
Company as the related government policies are set to be temporary
but with durations undetermined.

The Company has an accumulated deficit, a working capital
deficiency and has defaulted on a bank loan, which casts
substantial doubt on the Company's ability to continue as a going
concern.  The Company's ability to meet its obligations as they
fall due and to continue to operate as a going concern is
dependent on further financing and ultimately, the attainment of
profitable operations.  These consolidated financial statements do
not include any adjustments to the amounts and classifications of
assets and liabilities that might be necessary should the Company
be unable to continue as a going concern.  Management of the
Company plans to fund its future operation by obtaining additional
financing through loans and private placements and through the
sale of the properties held for sale.  However, there is no
assurance that the Company will be able to obtain additional
financing or sell the properties held for sale.

Despite of the financial difficulty posed by the overdue debts and
continued loss, management is confident in the development of both
the industry and the Company in the near future.  The government
of Heilongjiang Province had demonstrated strong incentive to
support the skiing industry and the Company by increasing local
infrastructure investment and providing potential bank loan
interest subsidy scheme.  In August 2013 the Company was notified
by Harbin Commercial Bank that they had approved to extend the
repayment schedule of its bank loan with an outstanding balance of
$24.60 million (RMB 140 million) from three years to ten years.
Revenue from Club Med in winter season had been growing steadily,
and the Company will be the official partner and playing field of
2016 World Championships of Snowboarding. Management is also
working on various means to attract new investment into the
Company to complete the construction of villas and improve the
capital structure of the Company.

SUBSEQUENT EVENTS

In March 2014, Yabuli resorts defaulted on its fourth principal
payment of $8.79 million (RMB 50 million) for the RMB 250 million
bank loan with China Construction Bank.

2013 MAJOR CORPORATE DEVELOPMENTS

Revenue from Club Med declined in 2013 Summer and Winter
Operations

In 2013, Club Med started its second summer operation from July
5th to August 18th, 2013 (44 days in total).  In 2012, summer
operations started on July 14th and ended on September 2nd (50
days in total).  Revenue generated in the summer operations was
$0.7 million (2012 - $1.14 million). The decrease in revenue and
number of operation days was mainly attributable to Club Med
opening its second resort in China (Club Med Guilin Resort) in
September.  As marketing activity for Club Med Guilin Resort
started in advance, many guests were attracted to Guilin instead
of Yabuli.  Also, Chinese government issued a series of policies
since March 2013 when the new generation of national leaders took
office in the 12th People's Congress, which policies aimed at
cutting budgets and tightening up spending on government and
business reception and entertainment activities.  As a result,
consumptions in tourism and business reception and entertainment
have dropped on a large scale, and operations of Club Med were
negatively affected by this general social environment.

The 2013-2014 winter season operations commenced on November 29,
2013 and closed on March 23, 2014.  Revenue from Club Med was
reported to be declined in December 2013 compared to December
2012.  With December being the traditional peak season for
overseas customers in Christmas vacations, number of foreign
guests decreased due to Club Med's shifted focus on more local
customers and reducing its marketing activities in overseas
markets.  In February, 2014, spring festival vacations boosted
sales in domestic market, and from the perspective of the entire
winter season which closed in March, 2014, revenue was actually
$0.3 million (RMB 1.67 million) higher than 2012-2013 winter
operations.

Maturity of Bank Loan from Harbin Commercial Bank Extended to ten
years

On February 14, 2012, the Company secured a bank loan for the
amount of $24,598 (RMB 140 million) from Harbin Commercial Bank
(the "Original HCB Loan").  The Original HCB Loan carries a three
year-term with a maturity date of February 15, 2015.  The interest
rate is prime rate plus an additional 10% of the prime rate and is
payable on a monthly basis commencing February 16, 2012.  The
principal of the Original HCB Loan was repayable in four
installments starting with the first installment repayment due on
August 15, 2013 and each subsequent installment repayment due
every six months thereafter.

In order to improve the capital structure, management of the
Company negotiated with the bank to extend the repayment schedule.
In August 2013, the Company was notified by Harbin Commercial Bank
that the bank had approved to extend the repayment schedule from
three years to ten years (the "Adjusted HCB Loan").  According to
the new arrangement the loan will mature in December, 2022.  The
first installment of $527 (RMB 3 million) is repayable in August
2013, and thereafter the Company will need to repay $2,460 (RMB 14
million) each year for eight consecutive years (RMB 0.2 million in
December and 13.8 million in February), and $4,393 (RMB 25
million) in the final year (RMB 0.4 million in December and 24.6
million in February).

Updates on China Construction Bank Loan Defaults

On March 31, 2013 the Company defaulted on its third principal
payment of $7.03 million (RMB 40 million) under its $43.93 million
(RMB 250 million) loan agreement with the China Construction Bank
("Construction Bank").  According to the Loan Agreement between
Yabuli and Construction Bank, Construction Bank has the right to
accelerate Yabuli's obligation to repay the entire unpaid
principal plus interest immediately and to take legal actions to
enforce on the security.  In August 2013 the Company was made
aware that a formal prosecution has been brought by the bank to
demand repayment.  As of on December 31, 2013, the principal and
interest owing was $46.86 million, and the collaterals associated
with the loan agreement are made up of the Company's land use
rights and property and equipment with a carrying value of
approximately $55.65 million.  The outcome of this lawsuit cannot
be accurately estimated at the time.  The company has been
negotiating with the bank to arrange for a debt restructuring
plan, and as of the reporting date, no consensus has been arrived
yet.  Although the bank informally expressed their intention to
maintain normal operations of the Company, there is no assurance
that they will not take further actions in the future.

Updates on Debt Restructuring

On February 8, 2012, the Company entered into a Debt Settlement
Agreement with Melco Leisure and Entertainment Group Limited
("Melco" or "MLE") for the settlement of a loan in the principal
of US$12 million made by Melco to the Company (the "MCR Loan") and
a loan in the principal of US$11 million (the "MCRI Loan", and
together with the MCR Loan, the "Melco Loans" or "MLE Loan") made
by Melco to Mountain China Resorts Investment Limited ("MCRI"),
the Company's Cayman subsidiary, both in 2008.  On May 29, 2012,
the Company and Melco entered into Amended and Restated Debt
Settlement Agreement ("the Agreement") to clarify details of the
loan settlement mechanism and procedures to implement the
settlement of the Melco Loans.  On July 10, 2012, during the
Company's Annual General Meeting, the Company obtained Shareholder
Approval on the Agreement.  The transactions contemplated under
the Agreement have been approved by the TSX Venture Exchange.

Detailed settlement arrangement can be found in Note 13 of 2013
Consolidated Financial Statements.  Settlement procedures were
started in the second quarter of 2013, and the Company paid $3,01
million to MLE on May 31, 2013 as a partial fulfilment to its cash
repayment obligation specified in the Agreement.  The Company also
filed for issuance of 20,600,000 (the "Issuance I") and 19,444,444
(the "Issuance II") common shares to its subsidiary MCRI on July
2, 2013 and July 23, 2013 respectively.  Subject to the agreement
of MLE, the 20,600,000 shares issued in Issuance I are proposed to
be transferred to MLE for full satisfaction of the MCRI Loan with
the new principal amount of USD $14.9 million.  According to the
Company's initial contact with MLE, the US$3.5m Principal would be
settled by conversion into 19,444,444 shares.  Issuance II was
then made for the purpose of settlement.  However, after a series
of negotiation, it is probable that management of MLE will choose
to take up to the maximum of five villas on the basis of USD $0.7
million per villa for the settlement.  Therefore, it is probable
that the Issuance II will be later canceled accordingly.
Furthermore, there is discrepancy in calculation of number of
shares in relation to the Issuance II.  As of the reporting date,
the Company is still in negotiation with MLE on the details of the
settlement.

Update on Changchun Resort

On November 17, 2010, the Company announced its updates with
respect to certain developments that have taken place with respect
to its Changchun Resort.  The government of Erdao district of
Changchun City in the Jilin province of the People's Republic of
China (the "Erdao Government") holds the view that the Changchun
Resort, is still owned by the government and it may, through
Changchun Lianhua Mountain Agricultural Project Development
Company Limited ("CCL Agricultural"), manage the same to the
Company's exclusion.  The Company disagrees with the Erdao
Government's position.  The Company had engaged Global Law Office,
a reputable law firm in PRC, to do legal due diligence on the
assets before they were acquired by the Company.  Global Law
Office had advised the Company that the assets acquired are not
state-owned assets and the same may be validly transferred to the
Company.  Because of CCL Agricultural's and the Erdao Government's
action, the Company has been deprived of management of the
Changchun Resort.

As a result of the foregoing, the Company has lost control of the
company itself and has therefore written off the full value of the
assets and liabilities of Changchun Resort and reported it as a
loss from discontinued operations as of December 31, 2010.  In
2011, the Company commenced legal actions against the Erdao
Government in an effort to regain control and ownership of the
assets and operations.

The Company's legal department sent three letters of formal
complaint to the Ministry of Commerce of the People's Republic of
China in June 2012, the Erdao Government, and Jilin Lianhua
Tourist Committee.  Recently, the Ministry of Commerce of the
People's Republic of China has assigned the case to the relevant
authority called the Economic and Technological Cooperation
Department of Jilin Province for handling.  After a series of
negotiations made and no consensus arrived, management had decided
to start formal administrative prosecution process against the
government.  As at December 31, 2013, management had sent several
additional letters of notice, but no formal prosecution has been
started.

Senior Executive and Board Committee Change

On August 23, 2013, during the second quarter Board meeting, the
Board resolved that Mr. Han Gang would replace Mr. Mao Zhenhua as
the Company's CEO, and Mr. Shi Yang was appointed as the new CFO
of the Company. Mr. Shi Yang is a Certified Public Accountant in
China, and is experienced in corporate finance.  It was also
resolved that to improve the corporate governance structure of the
Company, Mr. Wang Lian would replace Mr. Philip Li as the chairman
of the Nomination Committee.

                             About MCR

MCR -- http://www.mountainchinaresorts.com-- is the premier
developer of four season destination ski resorts in China.  MCR is
transforming existing China ski properties into world-class, four
seasons luxury mountain resorts with excellent real estate
investment opportunities for discerning buyers.  In February 2009,
the Company's Sun Mountain Yabuli Resort was awarded Best Resort
Makeover in Asia by TIME Magazine.  Yabuli is also the permanent
home of the China Entrepreneur's Forum the leading and most
influential community of China's most distinguished and successful
entrepreneurs and business leaders with over 5,000 members from
across a variety of key industries.


STUDIO CITY: S&P Raises CCR to 'BB-'; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Macau-based gaming company
Studio City Co. Ltd. to 'BB-' from 'B+'.  The outlook is stable.
S&P also raised the long-term issue rating on the senior notes
that Studio City Finance Ltd. issued to 'B' from 'B-'.  At the
same time, S&P raised its Greater China regional scale ratings on
Studio City to 'cnBB+' from 'cnBB' and on the notes to 'cnBB-'
from 'cnB+'.  Studio City Finance is the indirect parent of Studio
City.  Studio City Finance's existing and future restricted
subsidiaries, including Studio City, guarantee the notes.

"We upgraded Studio City because we believe the Melco Crown
Entertainment Ltd. (MCE) Group has a strong willingness and
ability to financially support Studio City in a stress scenario,"
said Standard & Poor's credit analyst Joe Poon.

S&P now considers Studio City to be a "strategically important"
subsidiary of the MCE Group under its group rating methodology.
The rating on the company is therefore two notches higher than the
stand-alone credit profile of 'b'.  S&P earlier assessed Studio
City to be a "moderately strategic" subsidiary of Australia-based
Crown Resorts Ltd., which is a subsidiary of Consolidated Press
Holdings Ltd.

In S&P's view, Studio City is an important part of MCE Group's
expansion in the gaming sector.  The company has high integration
with the group since MCE acquired a 60% stake in Studio City in
2011. MCE Group will operate Studio City's proposed casino under
its sub-concession.  S&P assess the credit profile of MCE Group as
'bb'.

The rating on Studio City reflects the company's high leverage and
significant construction and execution risks associated with its
integrated gaming resort development, called Studio City Project,
in Cotai, Macau.  In addition, Studio City is exposed to single-
property risk in Macau.  The good growth prospects of Macau's
gaming market and S&P's expectation of ongoing support from the
project sponsor, MCE, temper these weaknesses.

S&P rates the notes two notches lower than the corporate credit
rating on Studio City because of structural subordination risk in
the event of a default.  The notes will rank behind the company's
senior secured bank facilities of about US$1.4 billion equivalent
in a recovery scenario.

S&P's assessment of Studio City's "highly leveraged" financial
risk profile primarily reflects its view that the company's
project is still under construction and will not generate revenues
until at least late 2015, when it is scheduled to open.
Significant delays in project construction or weaker-than-expected
demand will hurt Studio City's financial performance and could
impair the company's ability to meet its financial obligations.
S&P do not deduct surplus cash from debt because the company's
business risk profile is "weak."

"The stable outlook reflects our expectation that the Studio City
project will be on budget and will not face any significant delay
in opening," said Mr. Poon.  "We expect the company to remain
highly leveraged over the next 12 months.  The outlook also
factors in ongoing managerial and financial support from MCE
Group."

S&P could lower the rating on Studio City if it no longer assess
that the company is a "strategically important" entity of MCE
Group, in particular if MCE Group materially reduces its
shareholding in Studio City.  S&P could also lower the rating if
it believes the group credit profile of MCE Group has weakened.

S&P could raise the rating on Studio City if it raises the group
credit profile of MCE Group.  Although less likely in the next 12
months, S&P could also raise the rating if it assess Studio City
as a "core" entity of MCE Group.


YANZHOU COAL: S&P Revises Outlook to Neg. & Affirms 'BB+' CCR
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on China-based coal producer Yanzhou Coal Mining Co. Ltd.
to negative from stable.  At the same time, S&P affirmed its 'BB+'
long-term corporate credit rating on Yanzhou and its 'BB+' long-
term issue rating on the company's guaranteed senior unsecured
notes.  In line with the outlook revision, S&P lowered its Greater
China regional scale ratings on the company and the notes to
'cnBBB' from 'cnBBB+'.

"We revised the outlook on Yanzhou to negative because we expect
the company's financial position to weaken over the next 12-18
months," said Standard & Poor's credit analyst Jian Cheng.
"Yanzhou is likely to use debt to fund its high capital spending
during this time, pushing the company's leverage beyond our
expectation."

S&P anticipates that Yanzhou's leverage will increase to the lower
end of the company's "aggressive" financial risk profile in 2014
and 2015.  Under S&P's existing coal price assumptions, it do not
expect the company to generate sufficient operating cash flows to
fund its capital spending.  S&P believes that most of Yanzhou's
capital spending in 2014 is not discretionary, given the company's
strong appetite for debt-funded growth. Yanzhou issued bonds of
about Chinese renminbi (RMB) 10 billion in the first quarter of
2014 to meet its large capital spending needs.  S&P expects
Yanzhou's ratio of funds from operations (FFO) to debt to drop to
about 12% in 2014, from about 19% in 2013.

"We forecast that Yanzhou's gross margin will drop to about 30% in
2014, from about 34% in 2013, because of subdued coal prices,"
said Mr. Cheng.  The company intends to take some more steps to
lower its operating expenses and rein in costs in 2014.  However,
S&P believes that the results of such measures may not be large
enough to counter the effects of low coal prices.

The affirmed rating on Yanzhou reflects the company's stand-alone
credit profile of 'bb' and S&P's expectation of a "moderately
high" likelihood that Shandong's provincial government will
provide sufficient and timely extraordinary support to Yanzhou in
the event of financial distress. Yanzhou's 'bb-' anchor reflects
the company's "fair" business risk profile and "aggressive"
financial risk profile.  The stand-alone credit profile is one
notch higher than the anchor, based on S&P's favorable comparable
rating assessment that the company benefits from on-going
government support.  Yanzhou has good access to the capital market
and banks due to its status as a leading state-owned enterprise in
Shangdong province.

The negative outlook on Yanzhou reflects S&P's expectation that
the company's appetite for debt-funded growth will remain strong
over the next 12-24 months despite tough market conditions.  S&P
also anticipates that Yanzhou's leverage will not improve during
this time.

S&P may lower the rating if Yanzhou's financial performance
weakens more than its base-case forecast.  This could happen if
coal prices deteriorate further in 2014 and show no signs of
stabilizing.  S&P would also consider a downgrade if Yanzhou takes
on more debt than it anticipated, such that the company's FFO-to-
debt ratio deteriorates below 12% and shows no sign of recovery.

S&P could revise the outlook to stable if Yanzhou's saleable coal
volume is higher than its expectation because of new mines and
project commissioning, and this leads to an improvement in the
company's cash flow adequacy.  S&P could also revise the outlook
to stable if the company lowers its capital spending such that its
FFO-to-debt ratio improves to within the range of 12%-20%.


BANK OF CHINA: Moody's Raises Fin'l. Strength Rating From 'D/ba2'
----------------------------------------------------------------
Moody's Investors Service has affirmed the A1/P-1 long-term/short-
term deposit ratings for:

* Industrial and Commercial Bank of China Limited (ICBC);

* China Construction Bank Corporation (CCB);

* Agricultural Bank of China Limited (ABC), and

* Bank of China Limited (BOC)

Moody's has also upgraded Bank of Communications Co., Ltd.'s
(BoCom) long-term/short-term deposit ratings to A2/P-1 from A3/P-
2.

At the same time, Moody's has raised the standalone bank financial
strength ratings (BFSRs)/baseline credit assessments (BCAs) for
ICBC to C-/baa2 from D+/ba1; for CCB to C-/baa2 from D+/ba1; for
ABC to D+/baa3 from D/ba2; for BOC to C-/baa2 from D/ba2, and for
BoCom to D+/baa3 from D+/ba1.

The outlook on all ratings is stable.

A list of all of the banks' latest ratings can be found at the end
of this press release.

Ratings Rationale

The rating actions follow Moody's reassessment of the amount of
ongoing direct and indirect support that these large banks might
receive from Chinese authorities who hold large equity stakes in
the banks.

Despite Moody's expectation that system-wide delinquencies will
continue to rise, Moody's believes that the Chinese authorities
are unlikely to allow an accumulation of future credit losses on
the large banks' balance sheets to the point that an outright
bail-out would be required.

Instead, Moody's have seen the authorities use other channels to
resolve asset quality issues resulting from the massive credit
build-up evident since 2009. Thus, Moody's have accounted for the
ongoing support that the authorities provide the major banks in
terms of their support to key borrowers and their capital access.
This approach has in turn contributed to the banks' resilient
financial performance.

Moody's latest assessment has incorporated these factors into the
five banks' BCAs, which reflect Moody's opinions on each bank's
standalone intrinsic strength, rather than attributing such
support entirely to "extraordinary" support which would be
required in time of outright bail-out.

While Moody's has raised all five banks' standalone BCAs, Moody's
continues to expect that the asset quality of Chinese banks as a
whole will be under pressure from economic rebalancing over the
next 1-2 years, and their profitability will remain challenged by
increasing interest rate liberalization.

Moody's base case scenario assumes that China's economic growth
will remain robust, but at a slower rate of between 6.5% and 7.5%
during 2014-15. Achieving balanced and sustainable growth around
the 7% level will not be without challenges, which could in turn
create pressure on Chinese banks' financial performances.

Nonetheless, the five big banks achieved good pre-tax and pre-
provision income, measuring 2.39%-3.37% of average risk-weighted
assets in 2013. In addition, their loan-loss reserves were high,
at more than two times their nonperforming loans. They also have
adequate capital levels, as reflected by their Tier 1 capital
adequacy ratios of over 9% at end-2013.

Such financial metrics would allow the banks to absorb a
significant degree of stress in their loan portfolios. Moody's
estimates that their Tier 1 capital adequacy ratios would decline
only moderately, even if their NPL ratios reach 5% compared to the
current reported level of around 1% of loans.

Moreover, the big five banks are the more resilient players in
China's banking system, given their entrenched franchises which
attract stronger borrowers and lower-cost deposits. They also have
very strong liquidity positions, characterized by a low reliance
on market-sensitive funds, thereby enabling them to cope
relatively easily with the periodic money market tightness in
China.

Moody's adjustment upwards of the big five banks' BCAs positions
their BCAs in line with those of their regional and global peers
in developing markets.

Moody's currently has no plan to take similar rating actions on
the other Moody's-rated banks in China, as the other banks are
unlikely to receive the same level of public sector support, given
their smaller size, and either smaller or non-existent public
ownership.

As market liberalization continues, Moody's expects a further
widening of the business positioning and financial performance,
and thus the credit profiles, among Chinese banks. This ongoing
divergence is expected to favor the major five banks as a result
of ongoing official support.

Despite the raising of all five banks' BCAs, Moody's has only
upgraded the supported deposit rating of BoCom. This is because
this rating action mostly involves a reallocation of how Moody's
incorporates the substantial systemic support available into these
banks' ratings.

Moody's is now incorporating more of that support into the ongoing
support that benefits the banks' BCAs and reducing the component
that is characterized as "extraordinary" support. However, Moody's
decided to increase the deposit rating of BoCom by one notch to
bring its support assumptions more in line with those of the other
banks. Following this action, each of the five banks now receives
a four-to-five-notch rating uplift.

Furthermore, the A1 deposit ratings of the big four banks are one
notch below China's sovereign rating (Aa3 stable), while that of
BoCom is two notches below. Moody's considers these levels to be
appropriate. The five banks' deposit ratings incorporate a very
high level of systemic support and are unlikely to rise further.

The banks' BCAs are also unlikely to rise in the near term, given
the upgrade.

Nevertheless, the BCAs could experience upward pressure if: (1)
the banks maintain their asset quality, profitability and
liquidity profiles, while strengthening their capital positions;
and (2) the process of economic rebalancing proceeds smoothly,
such that there are no significant financial or growth shocks.

On the other hand, the banks' BCAs and deposit ratings could
experience downward pressure if: (1) the Chinese authorities
become less inclined to use policy tools to support the banks'
credit profiles; (2) China's economic growth slows substantially,
leading to pressure on the banks' asset quality; or (3) aggressive
market reform is implemented, materially reducing the banks'
profitability levels.

Moody's will publish a report in coming days to answer some of the
most frequently asked questions regarding the rating actions on
the five banks.

Latest Ratings:

ICBC:

Bank Financial Strength/baseline credit assessment: C-/baa2

Long-term/short-term deposit: A1/P-1

CCB:

Bank Financial Strength/baseline credit assessment: C-/baa2

Long-term/short-term deposit: A1/P-1

ABC:

Bank Financial Strength/baseline credit assessment: D+/baa3

Long-term/short-term deposit: A1/P-1

BOC:

Bank Financial Strength/baseline credit assessment: C-/baa2

Long-term/short-term deposit: A1/P-1

Senior unsecured medium term note program: (P)A1

BoCom:

Bank Financial Strength/baseline credit assessment: D+/baa3

Long-term/short-term deposit: A2/P-1

Backed senior unsecured debt at A2 issued by Azure Orbit
International Finance Limited and guaranteed by the Bank of
Communications Hong Kong Branch

The principal methodology used in these ratings was Global Banks
published in May 2013.

Industrial and Commercial Bank of China Limited is headquartered
in Beijing. Its assets totaled RMB 18.9 trillion at end-2013.

China Construction Bank Corporation is headquartered in Beijing.
Its assets totaled RMB 15.4 trillion at end-2013.

Agricultural Bank of China Limited is headquartered in Beijing.
Its assets totaled RMB 14.6 trillion at end-2013.

Bank of China Limited is headquartered in Beijing. Its assets
totaled RMB 13.9 trillion at end-2013.

Bank of Communications Co., Ltd. is headquartered in Shanghai. Its
assets totaled RMB 6.0 trillion at end-2013.



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


AANCHAL CREATIONS: ICRA Assigns 'B+' Rating to INR4.6cr Loans
-------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]B+' to the INR2.9 Crore long
term fund-based bank facilities and INR1.7 Crore proposed bank
lines of Aanchal Creations. ICRA has also assigned a rating of
[ICRA]A4 to the INR2.4 Crore short term fund-based bank facilities
of the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund
   Based-TL             2.90          [ICRA]B+ (Assigned)

   Long Term-
   Unallocated          1.70          [ICRA]B+ (Assigned)

   Short Term-Fund
   Based - PC           1.50          [ICRA]A4 (Assigned)

   Short Term-Fund
   Based - FBP          0.50          [ICRA]A4 (Assigned)

   Short Term-Fund
   Based - SLC          0.40          [ICRA]A4 (Assigned)

The assigned rating is constrained on account of Aanchal
Creations' modest scale of operations in a fragmented apparel
export market, which also drives concentration risks as reflected
in majority of sales to top three customers in a single geography.
Further, while ICRA is cognizant of the firm's track record of
satisfactory profitability and debt metrics supported by
favourable government policies, the ongoing green-field capital
expenditure towards installation of in-house manufacturing
facility will result in increased debt levels and leveraged
capital structure; thus, debt servicing ability will remain
contingent upon extent of improvement in revenues and profits
derived from this capex. Given the modest scale, the rating is
also constrained by the firm's vulnerability to export incentives
policy, fluctuation in exchange rates, and volatility in raw
material prices. While assigning the rating ICRA has also taken
into account limited financial flexibility enjoyed by the firm by
virtue of being incorporated as a proprietorship firm.

Going forward, completion of the ongoing capex within envisaged
timeline and cost, and extent of improvement in revenues and
profits derived from same would remain key rating sensitivities
besides the ability of the firm to reduce concentration risks and
working capital intensity of the operations.

Established in the year 2003 by Mr. Narendra Agarwal, Aanchal
Creations is a Jaipur (Rajasthan) based proprietorship concern
primarily engaged in exports of garments for women like tops,
dresses, skirts, scarves etc. While the firm has been outsourcing
the manufacturing operations, it is now implementing a Greenfield
project for setting up a manufacturing facility, which is proposed
to become operational in FY2015.

The firm reported an Operating Income (OI) of INR8.6 Crore and
Operating Profit before Depreciation, Interest, Tax and
Amortisation (OPBDITA) of INR0.9 Crore in FY2013 against OI of
INR7.7 Crore and OPBDITA of INR0.8 Crore in FY2012.


ASHWANI KUMAR: CRISIL Reaffirms 'B+' Rating on INR84.1MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Ashwani Kumar and Co Pvt
Ltd continues to reflect the company's large working capital
requirements, modest scale of operations, exposure to revenue
concentration risk, and susceptibility to slowdown in its end-user
industries. These rating weaknesses are partially offset by the
industry experience of AKCPL's promoters and its moderate
financial risk profile marked by moderate total outside
liabilities to tangible net worth (TOLTNW) ratio.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            62        CRISIL B+/Stable (Reaffirmed)
   Lease Rental
   Discounting Loan       22.1      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AKCPL's working capital requirements will
remain large, constraining its liquidity, over the medium term.
The outlook may be revised to 'Positive' if the company achieves
significantly large net cash accruals and improves its working
capital cycle, leading to better-than-expected liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
significant decline in AKCPL's profitability, or further stretch
in liquidity, or sizeable term debt contracted to acquire large
assets, weakening its capital structure.

Update
AKCPL is likely to report flat revenue of around INR153 million
for 2013-14 (refers to financial year, April 1 to March 31). The
revenue is likely to remain low over the near term signifying
slowdown in investment in end-user segments. The company's
operating profitability, which has been volatile in the past, is
expected to remain moderate, around 15 per cent, over the medium
term. AKCPL's financial risk profile remains moderate, marked by
moderate TOLTNW ratio, but constrained by weak debt protection
metrics and small net worth. The company's net worth and TOLTNW
ratio are estimated at INR97.2 million and 2.15 times
respectively, as on March 31, 2014. The TOLTNW ratio is expected
to remain around 2 times because of small net worth and large
working capital requirements over the medium term. AKCPL's gross
current assets are estimated at around 600 days as on March 31,
2014, mainly because of large inventory of around 500 days. The
inventory is expected to remain large because of unstructured
demand and supply trends for the products that the company trades
in and on account of its stock and sell policy. Its debtors
improved to around INR40 million as on March 31, 2014, from
INR102.3 million a year ago. AKCPL's debtor collection period is
susceptible to slowdown in its end-user industries. The company is
likely to report weak interest coverage ratio of 1.53 times for
2013-14 because of high dependence on bank debt to fund working
capital requirements.

AKCPL's liquidity remains weak, marked by high bank limit
utilisation, at an average of 96.4 per cent over the 13 months
through March 2014. The company had outstanding loan against
property of INR62.1 million as on March 31, 2014, which was
contracted to meet large working capital requirements.

Incorporated in 1962, AKCPL trades in used industrial machinery.
The company deals in more than 600 sizes and types of machines,
including lathes, and milling, grinding, drilling, boring,
shearing, moulding, and welding machines. The products find
application in industries such as automotive ancillaries, and
heavy and general engineering.


ASIAN PRE-LAM: CRISIL Assigns 'B-' Rating to INR155MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Asian Pre-Lam Industries Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             47.3       CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility    27.7       CRISIL B-/Stable

   Cash Credit           80         CRISIL B-/Stable

   Import Letter of
   Credit Limit          95         CRISIL A4

The ratings reflect APIPL's weak financial profile marked by
negative net worth and weak debt protection metrics. The ratings
also take into account APIPL's initial stage of operations. These
rating weaknesses are partially offset by the extensive industry
experience of APIPL's promoters.

Outlook: Stable

CRISIL believes that APIPL will continue to benefit from the
promoters extensive industry experience. The outlook may be
revised to 'Positive' if there is an improvement in APIPL's
networth and liquidity through either a substantial equity
infusion or higher-than-expected accretion to reserves.
Conversely, the outlook may be revised to 'Negative' if APIPL
undertakes any debt-funded capital expenditure, which would
further constrain its financial risk profile.

APIPL was set up by the Mumbai-based Pankhawala and Amravatiwala
families in 2011, to manufacture board laminates. It has its
manufacturing facility in Maharashtra.

APIPL reported a net loss of INR19 million on net sales of INR308
million for 2012-13 (refers to financial year, April 1 to
March 31) whereas the company reported a net loss of INR3 million
on net sales of INR192 million for the same period last year.


BHAVI INTERNATIONAL: ICRA Reaffirms 'C' Rating on INR2.5cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]C' rating for the INR2.50 crore
(reduced from INR3.55 crore) long-term, fund-based facilities of
Bhavi International Private Limited (erstwhile Bhavi International
Limited). ICRA has also assigned an '[ICRA]A4' rating to the
INR6.00 crore (enhanced from INR2.45 crore) short-term, fund based
facilities of BIL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits         2.50          [ICRA]C reaffirmed

   Short Term Fund
   Based Limits         6.00         [ICRA]A4 reaffirmed

The rating reaffirmation reflects the stretched financial profile
of the company; which is characterised by modest accruals,
leveraged capital structure and inadequate debt coverage
indicators. The company currently has a small scale of operations
and remains vulnerable to forex fluctuations, volatility in input
prices and limited ability to pass on price increase to its end
customers.

The ratings also factor in the healthy increase in turnover in FY
2013 and the vast experience of the promoters in the chemical
trading business. ICRA also takes note of the relatively low
supplier concentration risk and well established customer base of
the company.

Bhavi International Private Limited was started in 1993 by Mr.
Sukesh M. Shah and his brothers, Mr. Umesh Shah and Mr. Shailesh
Shah. The company is primarily engaged in merchant exports and
indenting activity in the dyes and chemicals industry. Merchant
trading of dyes and chemicals in the main business activity of the
company. The company not only does trading activity but also
provides technical support, indenting, sourcing and export
facilities for its clients. BIL also acts as an indenting agent
wherein it enters into exclusive contracts with its customers
(Chemical Manufacturers and End-user customers) to provide the
required raw materials at the right price from reliable suppliers
and in the required quantities. The company is engaged in sourcing
of chemicals and dyes from domestic suppliers. BIL not only
provides marketing services to some of the mid-sized domestic
chemical manufacturers but it also helps its customers to conduct
quality check for products , undertake supplier's plant audit, R&D
related infrastructural support, etc. In March 2014, the company
has changed its name from Bhavi International Limited to Bhavi
International Private Limited post its conversion to a private
limited company.

Recent Results
As per the audited financials for FY 2013, BIL reported a Profit
after tax (PAT) of INR0.27 crore on an operating income of
INR23.63 crore as compared to a PAT of INR0.21 crore on an
operating income of INR16.48 crore in FY 2012.


CELEBRITY FASHIONS: ICRA Reaffirms 'D' Rating on INR127.1cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the rating outstanding on the INR64.61 crore
term loan facilities (reduced from INR111.40 crore) and the
INR3.00 crore long term fund based facilities (sub limit) of
Celebrity Fashions Limited at [ICRA]D. ICRA has also reaffirmed
the rating outstanding on the INR48.00 crore short term fund based
facilities and the INR11.50 crore short term non fund based
facilities (reduced from INR36.50 crore) of the Company at
[ICRA]D.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term loan facilities     64.61      Reaffirmed at [ICRA]D

   Long term fund based
   facilities -sub limit    (3.00)     Reaffirmed at [ICRA]D

   Short term fund based
   facilities               48.00      Reaffirmed at [ICRA]D

   Short term non-fund
   based facilities         11.50      Reaffirmed at [ICRA]D

The reaffirmation of ratings reflects the continued delays in debt
servicing by CFL. The financial profile of the company is
characterized by negative net worth, weak capitalization/coverage
indicators and strained cash flows following continued losses over
the last few years. CFL has also been categorized as a sick
company as per the Sick Industrial Companies Act (SICA). While the
restructuring package has been implemented by one of its lenders,
in line with directions from Board of Industrial and Financial
Reconstruction (BIFR), the company has made a onetime settlement
with its other lender. The remaining portion of the package is yet
to be implemented.

CFL has customer relationships with leading international brands.
However, the company has high customer and geographic
concentration; the latter is mainly with USA and Europe. Further,
owing to CFL being an export oriented unit, the company is
vulnerable to foreign exchange fluctuations, although the
company's partial hedging mechanism mitigates the risk to an
extent. Akin to all other apparel exporters, CFL also witnesses
competition from low cost countries, thus limiting its pricing
flexibility.

Incorporated on April 28, 1988, Celebrity Fashions Limited  is
primarily engaged in export of fully woven cotton garments for men
and women, catering to premium international brands; a small
portion of the company's revenue is derived from job work to a
group company, Indian Terrain Fashions Limited (ITFL) and sale to
domestic markets. CFL has a wholly owned non-operational
subsidiary, Celebrity Clothing Limited.

The company, which currently has three manufacturing facilities
located in and around Chennai, was also catering to the domestic
market through the Indian Terrain brand, in addition to the export
segment. However, upon demerger of the domestic division to ITFL
with effect from April 1, 2010, the company currently caters
mainly to overseas markets.

Recent results
According to unaudited results, CFL also recorded net loss of
INR9.1 crore on operating income of INR163.0 crore for the nine
months ended December 31, 2013 against net loss of INR16.6 crore
on operating income of INR105.0 crore for the nine months ended
December 31, 2012. Upon accounting for a prior period income of
INR4.7 crore, CFL recorded net loss of INR11.9 crore for the nine
months ended December 31, 2012.


DIAMOND TMT: CRISIL Assigns 'B' Rating to INR230MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Diamond TMT & Procon Pvt Ltd.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             80         CRISIL B/Stable
   Bank Guarantee        10         CRISIL A4
   Cash Credit          150         CRISIL B/Stable

The ratings reflect Diamond TMT's limited track record of
operations in an intensely competitive industry environment and
its weak financial risk profile. These rating strengths are
partially offset by promoters' established industry experience in
steel industry.

Outlook: Stable

CRISIL believes that Diamond TMT will continue to benefit over the
medium term from the industry experience of its promoters. The
outlook may be revised to 'Positive' if the company's financial
risk profile, particularly, its liquidity improves led by
significant ramp-up in scale of operations and net cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
company's debt-protection metrics deteriorate because of lower-
than-expected net cash accruals led by low operating margins.

Incorporated in February 2010, Diamond TMT is promoted by Mr Ajay
Jain and his son Mr Akshay Jain. The company has set up TMT re-
rolling mill in Bhavnagar, Gujarat. The commercial production has
begun from April 2014.


DICODE INFRA: CARE Assigns 'B+' Rating to INR4cr Bank Loan
----------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Dicode Infra Private Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities     4.00      CARE B+ Assigned
   Short-term Bank Facilities    7.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Dicode Infra
Private Limited are constrained by its small scale of operations
with working capital intensive nature of business, highly
leveraged capital structure, moderate debt coverage indicators.
The ratings also factor in the customer and geographical
concentration risk and the intense competition in the segments in
which the company operates. The ratings, however, derive strength
from the experience of the promoters in the construction industry
and significant growth in the total operating income during FY11-
FY13 (refers to the period April 01 to March 31) and moderate
order book position.

The ability of the company to scale up its operations with the
timely execution of the ongoing projects and diversify its client
base in highly competitive market are the key rating
sensitivities.

During FY13 (refers to the period April 01 to March 31), DIPL
reported a PAT of INR0.89 crore on a total operating income of
INR26.21 crore as against a PAT of INR0.83 crore on a total
operating income of INR20.30 crore in FY12. Furthermore, the
company has achieved a sales of INR20.71 crore during 9MFY14
(refers to the period April 1 to December 31).


HI-MAC CASTINGS: CRISIL Reaffirms 'B' Rating on INR104.7MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hi-Mac Castings Pvt Ltd
continue to reflect HMCPL's weak financial risk profile, marked by
high gearing and average debt protection metrics, and small scale
of operations in the intensely competitive castings industry.
These rating weaknesses are partially offset by the extensive
industry experience of HMCPL's promoters and its established
relationships with customers.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        5.1        CRISIL A4 (Reaffirmed)
   Bill Discounting      8.2        CRISIL A4 (Reaffirmed)
   Cash Credit          50.0        CRISIL B/Stable (Reaffirmed)
   Letter of Credit     20.0        CRISIL A4 (Reaffirmed)
   Term Loan            54.7        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HMCPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the company
generates more-than-expected cash accruals, backed by an increased
order flow and improvement in profitability, and improves its
working capital management, leading to better liquidity.
Conversely, the outlook may be revised to 'Negative' if HMCPL's
order flow or profitability declines, or its financial risk
profile, particularly its liquidity, deteriorates, most likely due
to substantial capital expenditure or a stretch in its working
capital cycle.

Incorporated in 2006, HMCPL manufactures iron castings used in
automobile components. The company is currently being managed by
Dr. K M Kanani.

HMCPL reported a net profit of INR0.45 million on a net sales of
INR292.36 million for 2012-13 (refers to financial year, April 1
to March 31), as against a net loss of INR15.73 million on net
sales of INR288.29 million for 2011-12.


HUBTOWN BUS: CARE Assigns 'B' Rating to INR50cr Bank Loan
---------------------------------------------------------
CARE assigns 'CARE B' rating to the long-term bank facilities of
Hubtown Bus Terminal (Adajan) Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      50        CARE B Assigned

Rating Rationale

The rating assigned to the long-term bank facilities of Hubtown
Bus Terminal (Adajan) Pvt Ltd [HBTAPL] is constrained by the delay
in receipt of approvals for the project, significant execution
risk due to the nascent stage of development for saleable area and
sales risk for the saleable component and present subdued market
scenario for real estate.

The rating, however, derives strength from the promoter's
experience in the real estate industry, the prime location of the
project and significant construction progress achieved in case of
bus terminal facility (BTF).

The ability of the company to complete the project as per
schedule, achieve the projected sales and mobilize the required
customer advances for the project constitute the key rating
sensitivities.

Hubtown Bus Terminal (Adajan) Pvt Ltd is a special purpose vehicle
formed by Hubtown Ltd (formerly known as Akruti City Ltd) with an
objective to develop bus terminal at Adajan, Surat, Gujarat, as
per the concession agreement with Gujarat State Road Transport
Corporation.

The Hubtown group is in the business of developing real estate
since two decades, commencing with the incorporation of Akruti
Nirman Private Limited (ANPL) in February 1989, which was
subsequently converted into a public limited company in April
2002. ANPL was renamed as Akruti City Limited in 2008 and it was
renamed further as Hubtown Ltd in 2012.

GSRTC floated a tender for the redevelopment of bus terminal at
Adajan (Surat) in 2007. Hubtown Ltd was allotted the development
rights of the said bus terminal project and the same is being
executed through HBTAPL.

The project under HBTAPL, which comprises development of the bus
terminal facility (BTF) of 0.86 lakh sq ft (lsf) and other
saleable area (residential, office and retail area) of 5.52 lsf,
is located in a prime location of the city, Surat. The saleable
area of the project to be developed is named 'Hubtown Joyos'. The
total cost of the project is estimated at INR142.91 crore.


J.M.D. CORP: CRISIL Assigns 'B' Rating to INR150MM Bank Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of J.M.D. Corporation Of India Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term       150       CRISIL B/Stable
   Bank Loan Facility

The rating reflects JMD's small scale of operations in the
competitive and fragmented steel trading industry. The rating also
factors in JMD's average financial risk profile, marked by
stretched liquidity and constrained by low profitability. These
rating weaknesses are partially offset by the benefits that JMD
derives from its promoters' extensive experience in the steel
trading business.

Outlook: Stable

CRISIL believes that JMD will continue to benefit over the medium
term from its promoters' extensive experience in the steel trading
business. The outlook may be revised to 'Positive' if the company
reports significantly large revenue and improvement in
profitability leading to improved cash accruals and liquidity.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile, especially liquidity,
deteriorates because of pressure on cash accruals or stretch in
working capital cycle.

JMD was incorporated in Thane in 2009 by Mr. Ashwini Agrawal and
his family members. The company trades in steel products,
including steel scraps, thermo-mechanically treated bars, hot-
rolled and cold-rolled coils, steel sheets, steel beams, and steel
plates.

JMD's profit after tax (PAT) and net sales are estimated at INR4.3
million and INR738.5 million, respectively, for 2013-14 (refers to
financial year, April 1 to March 31); the company reported a PAT
of INR2 million on net sales of INR403.7 million for 2012-13.


JINDAL POLY: ICRA Assigns 'B+' Rating to INR13.06cr Loans
---------------------------------------------------------
A long-term rating of '[ICRA]B+' has been assigned to the INR6.75
crore cash credit facility and the INR6.31 crore term loans of
Jindal Poly Weaves Private Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term: Fund-
   based limits         6.75          [ICRA]B+ assigned

   Long-term: Term
   Loans                6.31          [ICRA]B+ assigned

The rating is constrained by the modest scale of operations of the
company, highly leveraged capital structure, and the low
profitability levels owing to limited value addition in the
trading business. The rating is further constrained by the
vulnerability of the profitability to any adverse fluctuations in
raw material prices and the high competitive pressures given the
fragmented nature of the industry.

The rating, however, reflects favourably the experience of the
promoters and established track record of the company in the
textile industry, the location advantage by virtue of the
company's location in Surat (Gujarat) in proximity to suppliers
and customers alike, and the interest subsidy benefits enjoyed by
the company since it is registered under TUFS (Technology
Upgradation Fund Scheme) for the textile industry.

Incorporated in 2007, JPPL is engaged in weaving of polyester grey
fabric, manufacture of texturised yarn, and trading in polyester
metalized film. As of March 2013, the company has an installed
annual production capacity of 108 lakh metres of grey fabric and
960 metric tonnes of texturised yarn. JPPL is promoted and managed
by the Jindal family, and its group companies include Jindal
Rayons Pvt. Ltd., Vikash Polyweaves Pvt. Ltd., Jindal Filaments
Pvt. Ltd., among others. All the group companies are engaged in
textile processing activities viz. texturising, fabric weaving and
trading.

For the year-ended March 31, 2013, the company reported an
operating income (OI) of INR51.52 crore and Profit after Tax (PAT)
of INR0.18 crore. For the nine month period-ended
December 31, 2013 (provisional results), the company reported an
OI of INR41.00 crore and Profit before Tax (PBT) of INR0.59 crore.


JINDAL RAYONS: ICRA Assigns 'B+' Rating to INR10.65cr Loans
-----------------------------------------------------------
A long-term rating of '[ICRA]B+' has been assigned to the INR3.00
crore cash credit facility and the INR7.65 crore term loans of
Jindal Rayons Private Ltd.  Further, a short-term rating of
'[ICRA]A4' has been assigned to the INR0.12 crore of non-fund-
based limits of JRPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term: Fund-
   based limits          3.00         [ICRA]B+ assigned

   Long-term: Term
   Loans                 7.65         [ICRA]B+ assigned

   Short-term: Non-
   fund-based limits     0.12         [ICRA]A4 assigned

The ratings are constrained by the small scale and limited track
record of operations of the company, the highly leveraged capital
structure with weak coverage indicators and the low net
profitability levels. The ratings are further constrained by the
high competitive pressures, given the fragmented nature of the
industry.

The ratings, however, reflect favourably the experience of the
promoter group in the textile industry, the location advantage by
virtue of the company's location in Surat (Gujarat) in proximity
to suppliers and customers alike, and the interest subsidy
benefits enjoyed by the company since it is registered under TUFS
(Technology Upgradation Fund Scheme) for the textile industry.

Incorporated in 2010, JRPL commenced commercial operations in
January 2012 and is engaged in the manufacture of knitted fabrics
viz. net, lycra etc. JRPL is promoted and managed by the Jindal
family, and its group companies include Jindal Poly Weaves Pvt.
Ltd., Vikash Polyweaves Pvt. Ltd., Jindal Filaments Pvt. Ltd.,
among others. All the group companies are engaged in textile
processing activities viz. texturising, fabric weaving and
trading.

For the year-ended March 31, 2013, the company reported an
operating income (OI) of INR11.02 crore and Profit after Tax (PAT)
of INR0.06 crore. For the nine month period-ended December 31,
2013 (provisional results), the company reported an OI of INR14.53
crore and Profit before Tax (PBT) of INR0.56 crore.


K.F. MILK: CRISIL Assigns 'B' Rating to INR150MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of K.F. Milk Foods Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              80        CRISIL B/Stable
   Cash Credit             6        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     64        CRISIL B/Stable

The rating reflects KFM's exposure to risks related to funding,
implementation, and demand on the on-going project, and to small
scale of operations and customer concentration in revenue profile.
These rating strengths are partially offset by the promoters'
experience in the milk trading industry.

Outlook: Stable

CRISIL believes that KFM will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if the company completes implementation of
the project on time, and if the newly installed capacities
significantly improve its scale of operations and profitability.
Conversely, the outlook may be revised to 'Negative' if delays in
project implementation weaken KFM's financial risk profile.

KFM, incorporated in December 2007, promoted by Mr. Jaideep Singh,
Mr. Navdeep Singh, Mr. Samardeep Singh and Mr. Ramanjit Singh. The
company trades in raw milk and is setting up a milk processing
unit in Jalandhar, Punjab.

For 2012-13, KFM reported a net profit of INR4.7 million on net
sales of INR321.4 million and for financial year 2011-12 KFM had
reported a net profit of INR 4.5 million on net sales of INR 300
million.


M.S ENGINEERING: CRISIL Reaffirms 'D' Rating on INR69.4MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of M/S M.S Engineering
continue to reflect prolonged overutilization of cash credit
limits because of its weak liquidity, driven by large working
capital requirements.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee       15          CRISIL D (Reaffirmed)
   Cash Credit          54.4        CRISIL D (Reaffirmed)

MSE's revenue profile also has segmental and geographical
concentration, and the firm's financial flexibility is limited
because of its small scale of operations and net worth. The firm,
however, benefits from its long track record.

MSE was formed as a partnership concern in 1984, with Mr.
Debabrata Das and Mr. Satyabrata Das as partners. The firm
undertakes construction and maintenance of roads made of bitumen.
It has executed several projects under the Pradhan Mantri Gram
Sadak Yojana scheme. The firm's operations are concentrated in
West Bengal.


MAKHWAN METAL: CRISIL Assigns 'B-' Rating to INR150MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Makhwan Metal Trading Company Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      150       CRISIL B-/Stable

The rating reflects MMTCPL's below-average financial risk profile
marked by small net worth and weak capital structure. The rating
also factors in MMTCPL's small scale of operations and low
profitability in the competitive and fragmented steel trading
business. These rating weaknesses are partially offset by the
benefits that MMTCPL derives from its promoters' extensive
experience in the steel trading business.

Outlook: Stable

CRISIL believes that MMTCPL will benefit over the medium term from
its promoters' extensive experience in the steel trading business.
The outlook may be revised to 'Positive' if the company scales up
its operations significantly while improving its profitability,
leading to improved cash accruals and liquidity. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile, especially liquidity, deteriorates because of
pressure on cash accruals or stretch in working capital cycle.

MMTCPL was incorporated in Thane in 2012 for trading in steel
products such as steel scraps, thermo-mechanically treated bars,
hot-rolled and cold-rolled coils, steel sheets, steel beams, and
steel plates. The shareholders of the company are Mr. Nipun
Agarwal and Mr. Punit Agarwal.

MMTCPL's profit after tax (PAT) and net sales are estimated at
INR2.5 million and INR657.0 million, respectively, for 2013-14
(refers to financial year, April 1 to March 31).


P.A.S. COTTON: ICRA Reaffirms 'D' Rating on INR18.68cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]D' outstanding
on the INR11.93 crore (revised from INR16.46 crore) term loan
facilities and INR5.00 crore fund based facilities of P.A.S.
Cotton Mills Private Limited. ICRA has also reaffirmed the short
term rating of '[ICRA]D' outstanding on the INR1.75 crore non-fund
based facilities of the Company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term-Term
   Loans                11.93        [ICRA]D/reaffirmed

   Long Term-Fund
   based facilities      5.00        [ICRA]D/reaffirmed

   Short Term-Non-
   fund based
   facilities            1.75        [ICRA]D/reaffirmed

The reaffirmation of the ratings takes into account the continuing
delays in servicing the debt obligations by the Company owing to
stretched liquidity position following the losses incurred in
2012-13. Though the Company's operating performance during 2013-14
improved driven by improvement in the demand scenario and better
operating margins, the accruals have been low on account of high
interest costs on the term loans taken to support the past high
capital expenditure. Consequently, the Company has not been able
to meet the high repayment obligations in a timely manner. The
ratings are further constrained the small scale of operations
which limits its scale economies and financial flexibility. Going
forward, the Company's ability to increase its revenues and
profitability by scaling up its operations and to improve its cash
flows will be critical to meet its debt repayment obligations in a
timely manner, and hence improve its credit profile.

P.A.S. Cotton Mills Private Limited was incorporated in 2005 to
manufacture cotton yarn. The Company started commercial production
in April 2007 with a spindleage of 18,000 which has been gradually
increased over the years to 24,048 spindles. The product profile
of the Company includes carded and combed varieties of yarn in
cone and hank forms which are entirely sold in the domestic
market. The Company manufactures medium and finer counts of yarn
ranging from 60s to 100s.

Recent Results
The Company reported net loss of INR1.6 crore on an operating
income of INR21.1 crore during 2012-13 as against net loss of
INR5.6 crore on an operating income of INR18.0 crore during 2011-
12.


P.S.P. FARMS: ICRA Suspends 'D' Rating on INR11.31cr Loans
----------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]D' assigned to
the INR7.43 crore term loan facilities and INR3.88 crore fund
based facilities of P.S.P. Farms Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the Company.

PSP Farms Private Limited is in the business of layer commercial
eggs and chicks for the Indian markets. The company has production
and marketing units in Namakkal, Tamilnadu. The company has also
installed two windmills of 250 KW each in Pazhavoor in Tamilnadu.
It is part of the Selvam group of companies promoted by Dr. P.
Selvaraj. Commencing as a trading company, under the name of
Selvam Trading Company in Namakkal, Tamil Nadu, the group was
involved in supplying poultry feeds, medicine, vaccines to the
poultry units in and around Namakkal apart from providing
consultancy services to farmers and poultry units. Dr. S. Babu,
son of Dr. Selvaraj is the managing director of the company.

Apart from PSPFPL the other major company of the group is Selvam
Broilers Private Limited which is involved in trading of layer
chicks and eggs. There are also four shell companies with no
operations.

The current shareholders of PSPFPL are the family members of the
promoter and group companies. The promoter Dr. P. Selvaraj has
significant experience in the poultry business and is the chairman
of National Egg Coordination Committee (NECC), Namakkal zone and
vice chairman of Broiler coordination Committee, Palladam.


PASHUPATINATH REFRIGERATION: ICRA Rates INR13.39cr Loans at 'B-'
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to the INR5.78
crore term loan, INR7.40 crore cash credit facility, INR0.21 crore
bank guarantee and INR6.61 crore unallocated limit of
Pashupatinath Refrigeration Private Limited. The unallocated limit
of INR6.61 crore has also been rated on the short term scale to
which ICRA has assigned a [ICRA]A4 rating.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits-
   Cash Credit           7.40         [ICRA]B- assigned

   Fund Based Limits-
   Term Loan             5.78         [ICRA]B- assigned

   Non Fund Based
   Limits-Bank
   Guarantee             0.21         [ICRA]B- assigned

   Unallocated           6.61         [ICRA]B-/[ICRA]A4 assigned

The ratings take into account PRPL's limited scale of operations,
leading to a weak financial profile characterized by net losses,
an adverse capital structure and depressed coverage indicators.
The ratings are further constrained by the high working capital
requirement during the storage period, on account of upfront
advances extended to the farmers at the time of storing potatoes,
which impacts liquidity position of the company and the regulated
nature of the industry, which makes it difficult to pass on any
increase in operating costs, thus adversely affecting the
profitability of operations. ICRA takes note of PRPL's exposure to
agro-climatic risks, with its business performance entirely
dependent upon a single agro commodity, i.e. potato and the
company's exposure to counterparty risks due to loans extended to
farmers, given the chances of delinquencies in case of price
correction of potatoes. The rating, however, derives comfort from
the long track record of the promoters in managing cold storages
and the locational advantage of PRPL by way of the presence of its
cold storage unit in Hooghly, West Bengal, which is the highest
potato growing district in the state.

Incorporated in 2012, PRPL is promoted by Mr. Arun Kumar Trivedy
and Biswanath Roy. The company is engaged in the business of
providing cold storage facility to potato farmers and traders on a
rental basis. The storage unit is located in Hooghly, West Bengal
with an annual storage capacity of 22,398 tonnes.

Recent Results

In FY13, PRPL reported a net loss of INR0.04 crore on the back of
an operating income (OI) of INR0.64 crore.


PTC ENGINEERING: CARE Assigns 'D' Rating to INR24cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of PTC
Engineering (India) Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      24        CARE D Assigned

Rating Rationale

The rating takes into account the ongoing delay in debt servicing
by PTC Engineering (India) Private Limited.

PTC Engineering (India) Private Limited, incorporated in 2009 was
promoted by the PTC Group. The company commenced its commercial
operations in 2010 and is currently being managed by Mr Mohan
Singh Ghandhi and Mr Parmajit Ghandhi. PTC is engaged in paint job
for the automobile industry and manufacturing of sheet metal
components at its manufacturing facility located at Greater Noida,
Uttar Pradesh. The main raw material of the company is steel sheet
and various paints which are mainly procured from manufacturers
and suppliers located in Delhi, Uttar Pradesh and Rajasthan. The
company sells its products and offers its job-work services to the
domestic automobile and auto components manufacturers.

Besides PTE, the group consists of Progressive Tools & Components
Private Limited, engaged in manufacturing of sheet metal
components, Progressive Stampings Private Limited, engaged in
manufacturing of compressor condensers parts and Special Tools
Private Limited, engaged in manufacturing of compressor
condensers.

For FY13 (refers to the period April 1 to March 31), PTE achieved
a total operating income of INR6.97 crore with a PBILDT and net
loss of INR0.58 crore and INR4.67 crore respectively. Furthermore,
based on the provisional results, the company achieved a total
sale of INR8.97 crore during FY14.


REDSTONE GRANITO: CRISIL Assigns 'B-' Rating to INR590MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' rating to the
bank facilities of Redstone Granito Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             300        CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility     90        CRISIL B-/Stable

   Cash Credit           200        CRISIL B-/Stable

   Letter of Credit       25        CRISIL A4

   Bank Guarantee         35        CRISIL A4

The ratings reflect small scale of operations in a highly
fragmented industry, and a weak financial risk profile marked by
high gearing. However, RGPL benefits from the extensive experience
of its promoters in the ceramic industry.

Outlook: Stable

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

Incorporated in 2011, RGPL is promoted by Mr. Vishalkumar
Raiyanai, Mr. Nileshkumar Bhalodia, Mr Rameshkumar Ranipa, Mr
Manojkumar Patel, Mr Shamjibhai Raiyani, Mr Hiteshkumar Bhalodia,
Mr Arvind Bhimari, Mr Pankaj Kasundra, Mr Magan Kasundra and Mr
Mukesh Santoki. The company manufactures double charged vitrified
floor tiles and is based in Rajkot (Gujarat).

For 2012-13 (refers to financial year, April 1 to March 31), RGPL
reported a net profit of INR2.3  million on net sales of INR866.7
million, against a net loss of INR14.6 million on net sales of
INR167.5 million for 2011-12.


RRB ENERGY: CARE Reaffirms 'B' Rating on INR124.97cr Bank Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
RRB Energy Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    124.97      CARE B Reaffirmed

   Long/Short-term Bank          40.00      CARE B/CARE A4
   Facilities                               Reaffirmed

Rating Rationale

The ratings continue to be constrained by the weak financial risk
profile characterized by declining revenue, loss from operations
in FY13 (refers to the period April 1 to March 31) and H1FY14,
high gearing & weak coverage indicators. However, the ratings
derive comfort from the experienced promoters with long track
record of operations.

Going forward, increase in scale of operations with an improvement
in profitability and capital structure, and ability to monetize
assets as envisaged shall be the key rating sensitivities.

Incorporated in 1987, RRB Energy Limited (formerly Vestas RRB
India Limited) was set up as a Joint Venture Company between
Vestas Wind Systems A/S, Denmark (VWS) and Mr Rakesh Bakshi with
an objective of manufacturing, installing, operating and
maintaining Wind Electric Generators (WEGs) to harness the Wind
Energy. The joint venture came to an end w.e.f. May 2006
under a Separation Deed as per which RRBEL can manufacture WEGs
upto 600 KW capacity using the Vestas technology.

RRBEL is engaged in the business of manufacture, erection and
commissioning of Wind Electric Generators (WEGs) and also provides
after-sales services and maintenance services for WEGs. It
currently manufactures WEGs with capacity of 225KW, 500KW and 600
KW. Furthermore, RRB is in the process of establishing
infrastructure at Poonamallee, Chennai for manufacturing of higher
capacity WEGs of 1.8MW for which it has received Type certificate
(provisional) from Germanisher Llyod (GL). The company has
manufacturing facilities located at Chennai and New Delhi. RRBEL
has ISO 9001:2008 and ISO 14001:2004 certification for
manufacture, installation and servicing of WEGs by Det Norske
Veritas (DNV), Netherlands.

During FY13, the company reported a total operating income of
INR137.92 crore with a PAT of INR5.36 crore. For H1FY14, the
company has reported a total operating income of INR38.11 crore
crore with net loss of INR12.86 crore.


RUDRA NAVNIRMAN: CRISIL Assigns 'B+' Rating to INR450MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Rudra Navnirman (P) Ltd.

                        Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term      250       CRISIL B+/Stable
   Bank Loan Facility

   Term Loan               200       CRISIL B+/Stable

The rating reflects RNPL's susceptibility to implementation and
demand risks associated with its real estate projects, and to
risks and cyclicality inherent in the Indian real estate industry.
These rating weaknesses are partially offset by the extensive
industry experience of RNPL's promoters and regular funding
support from them.

Outlook: Stable

CRISIL believes that RNPL will maintain a stable business risk
profile over the medium term on the back of its promoters'
extensive industry experience and its efficient management team.
The outlook may be revised to 'Positive' in case of healthy
realisation of customer advances, leading to improved cash flows,
resulting in timely completion of projects and healthy cash
accruals. Conversely, the outlook may be revised to 'Negative' if
RNPL faces time and cost overruns in its projects or significant
pressure on its liquidity because of delays in receiving customer
advances, resulting in pressure on its revenue and profitability,
weakening its debt servicing ability.

RNPL was incorporated in 2010 by Lucknow (Uttar Pradesh)-based
Agarwal family and is engaged in residential real estate
development in Allahabad (Uttar Pradesh). It is currently promoted
by Mr. Anoop Agrawal, Mr. Arun Agrawal, and Mr. Sunil Bansal. The
company is a part of the Rudra group, which is engaged in
residential and commercial real estate development.

For 2012-13 (refers to financial year, April 1 to March 31), RNPL
reported a net profit of INR3.09 million on net sales of INR1.64
million, against a net profit of INR0.26 million on net sales of
INR0.006 million for 2011-12.


S. P. JAISWAL: ICRA Reaffirms 'B' Rating on INR62cr Loans
---------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating assigned to the INR57.75
crore term loans and INR4.25 crore fund based bank limits of S. P.
Jaiswal Estates Private Limited. ICRA has also reaffirmed the
[ICRA]A4 rating assigned to the INR3 crore non fund based bank
limits of SPJEPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans              57.75        [ICRA]B reaffirmed
   Fund Based Limits        4.25        [ICRA]B reaffirmed
   Non Fund Based Limits    3.00        [ICRA]A4 reaffirmed

The reaffirmation of ratings primarily takes into account SPJEPL's
exposure to weaker group entities that have adversely impacted the
liquidity position of the company as reflected by significant cash
flow mismatches in FY14 that also necessitated debt refinancing to
meet its debt repayment obligation. Given the large debt repayment
obligations in FY15 too, the company's liquidity position is
likely to remain stretched. Being a flagship company of the HHI
Group, SPJEPL has been extending support to the group entities and
hence while assigning the ratings, ICRA has factored in the
business and financial risk profiles of SPJEPL and its group
companies United Hotels & Properties Private Limited, Orianna
Hospitalities Private Limited, Sharadhayane Lakshmi Hotels Pvt Ltd
(SLHPL; a 100% subsidiary of SPJEPL) and HHI Resorts Private
Limited (HRPL; a 100% subsidiary of SPJEPL). The ratings take into
account the group's unfavourable capital structure following the
losses during FY13 at a consolidated level, which also had an
adverse impact on the debt protection metrics, and decline in the
business returns, primarily because of subdued performance of the
Pune and Bengaluru properties. While the ratings take note of the
improvement in the occupancy (OCC) for its Pune and Bengaluru
properties during 9MFY14, the RevPar (Revenue per available room)
continues to remain low on an absolute basis. The ratings note
that the receipt of bar license recently for its Pune property is
likely to support the turnover going forward. The ratings continue
to take note of SPJEPL's established brand - 'The Hotel Hindusthan
International (HHI)' in the Indian hospitality industry,
particularly in the Eastern region of India. While the performance
of the hospitality industry continues to be exposed to economic
cycles, ICRA notes that the high F&B income for all the properties
in 9MFY14 lends stability to the revenues and is likely to support
the revenue growth for the HHI Group. ICRA notes that the Kolkata
hotel market would be subject to emerging competition from
additional hotel rooms expected over the medium term, which is
likely to keep a check on any significant increase in the average
room rates (ARRs) of SPJEPL's Kolkata property over the medium
term; however its locational advantage and established market
position continues to provide some comfort. Although the addition
of the Bengaluru and Pune properties have resulted in some
geographical diversification for the HHI Group, the ability to
improve the operational and financial performance in these two
properties especially in light of adverse demand supply position
in the Bengaluru and Pune hotel industry would be a key rating
sensitivity going forward.

SPJEPL was incorporated in 1969 with the setting up of a hotel in
Kolkata under the brand name 'The Hotel Hindusthan International'
(HHI). Subsequently, the company set up a hotel each in Varanasi
and Bhubaneshwar in 1988 and 2007 respectively. SPJEPL acquired a
hotel in Bengaluru under its 100% subsidiary, Sharadhayane Lakshmi
Hotels Pvt Ltd, in Sep'11. With the expiry of lease contract for
its Bhubaneshwar property with UHPL in FY13, the operations of
Bhubaneshwar property is now being managed by UHPL. Currently, the
HHI Group has a total room inventory of 483 rooms spread across
these four cities. The company also runs a multiplex in Kolkata by
the name Hind Inox. The company also provides hotel management
education under the name 'Regency HHI Institute of Hotel
Management & Catering Technology' in Varanasi.


SACHIDANANDA AGROTECH: CRISIL Puts 'D' Rating on INR200MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Sachidananda Agrotech Pvt Ltd (SATPL). The ratings
reflect instances of delay by SATPL in servicing its debt; the
delays have been caused by the company's weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             79.5       CRISIL D (Assigned)
   Proposed Long Term
   Bank Loan Facility    51.6       CRISIL D (Assigned)
   Cash Credit           65.0       CRISIL D (Assigned)
   Letter Of Guarantee    3.9       CRISIL D (Assigned)

SATPL is also susceptible to risks related to timely
implementation and stabilisation of its ongoing project. However,
the company benefits from its promoters' extensive experience in
the rice milling industry.

Incorporated in 2013, SATPL is setting up a rice mill with milling
capacity of 8 tonnes per hour in Burdwan (West Bengal). The
company is promoted by Mr. Tapan Samantra and his family members.
It plans to commence commercial operations in June 2014.


SAMHRUTHA HABITAT: ICRA Suspends 'D' Rating on INR18cr Term Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]D' assigned to
INR18.00 crore term loan limits of M/s Samhrutha Habitat
Infrastructure Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


SANTOSH STARCH: ICRA Assigns 'B' Rating to INR15cr Loans
--------------------------------------------------------
A rating of '[ICRA]B' has been assigned to the INR15.00 crore
long-term, fund based facilities of Santosh Starch Products
Limited. A rating of '[ICRA]A4' has also been assigned to the
INR5.00 crore EPC/FUPB/FOBP facility (sublimit of cash credit) and
INR2.00 crore letter of credit facility (sublimit of cash credit)
of SSPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             5.00        [ICRA]B assigned
   Cash Credit          10.00        [ICRA]B assigned
   EPC/FUPB/FOBP
   (Cash Credit)         5.00        [ICRA]A4 assigned
   Non fund based-
   Letter of Credit      2.00        [ICRA]A4 assigned

The assigned ratings are constrained by exposure of the company to
inherent risks in an agro based industry, given the dependence on
availability and pricing of maize and to the strong competitive
pressures from established players and other small manufacturers.
The ratings further remain constrained by the weak financial risk
profile of the company as reflected by thin profitability and weak
debt coverage indicators. While assigning the ratings, ICRA has
also noted the execution risks associated with the project and
market risks associated with the scaling up of operations post the
commencement of the operations.

The ratings, however, favorably take into account the long
experience of the promoters of more than six decades in starch and
agro based industry through flagship company of the group and
marketing support from the group company owing to established
brand name of 'Santosh' in this industry. The ratings also take in
to account the expected improvement in profitability with planned
product profile consisting of higher value add products including
various starch derivatives.

Santosh Starch Products Limited, incorporated in 1983, is promoted
by Santosh Group. The Company, till about a year and a half back,
was engaged in the trading of maize starch and other starch by
products. The company is currently in the midst of setting up
eight processing lines for manufacturing of specialty starch and
starch derivatives, of which two processing lines have already
been installed and commercial production commenced towards the end
of FY 2013. The current installed capacity of two lines is 6552
MTPA which would increase to ~33000 MTPA with installation of
remaining six lines. The company, in addition to trading activity,
is currently engaged in manufacturing of specialty starches and
caters to textiles, paper, pharmaceutical, food, adhesives & many
allied industries.

Recent Results
For FY 2013, the company reported an operating income of INR4.86
crore and profit after tax of INR0.48 crore as against an
operating income of INR3.11 crore and profit after tax of INR0.22
crore for FY 2012. Further, the company reported an operating
income of INR5.74 crore for first nine months of FY 2014 (as per
unaudited provisional numbers).


SELVAM BROILERS: ICRA Suspends 'D' Rating on INR16.1cr Loans
------------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]D' assigned to
the INR2.60 crore term loan facilities and INR13.50 crore fund
based facilities of Selvam Broilers Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Company.

Selvam Broilers Private Limited is a fully integrated unit for
Broiler operations with its own hatchery, feed mills and rearing
farms. The key products of the company are broiler birds and
chicks, hatching eggs and poultry feed. It was established in 1988
and has units in Hosur and Namakkal in Tamil Nadu. The company
sells its products in southern states of Tamil Nadu, Karnataka and
Kerala.

It is the flagship company of "The Selvam Group" promoted by Dr.
P. Selvaraj. Commencing as a trading company, under the name of
Selvam Trading Company in Namakkal, Tamil Nadu, the group was
involved in supplying poultry feeds, medicine, vaccines to the
poultry units in and around Namakkal, apart from providing
consultancy services to farmers and poultry units. Apart from
SBPL, the other major company of the group is PSP Farms Private
Limited, which is involved in trading of layer chicks and eggs.
There are also four shell companies within the group with no
operations.

The current shareholders of SBPL are the family members of the
promoter and group companies. The promoter Dr. P. Selvaraj has
long experience in the poultry business and is the chairman of
National Egg Coordination Committee (NECC), Namakkal zone and vice
chairman of Broiler coordination Committee, Palladam.


SILVER PROTEINS: CRISIL Reaffirms 'B+' Rating on INR120MM Loan
--------------------------------------------------------------
CRISIL ratings on the bank facilities of Silver Proteins Pvt Ltd
(SPPL; part of the Silver Mahendra group) continue to reflect the
Silver Mahendra group's weak financial risk profile marked by high
gearing and weak debt protection metrics, its large working
capital requirements, and exposure to intense competition in the
fragmented edible oils industry. These rating weaknesses are
partially offset by the extensive industry experience of the
group's promoters and the benefits accruing from its partially
integrated operations.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           120        CRISIL B+/Stable (Reaffirmed)
   Packing Credit         60        CRISIL A4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SPPL and Mahendra Oil Cake Industries
Ltd, together referred to as the Silver Mahendra group. Both the
companies have common ownership and operational linkages; MOCIL
has leased its manufacturing facilities to SPPL. The management
plans to merge the two companies over the medium term.

Outlook: Stable

CRISIL believes that the Silver Mahendra group will continue to
benefit from the promoters' industry experience and its partially
integrated operations over the medium term. The outlook may be
revised to 'Positive' if net worth of group improves significantly
backed by equity infusion or higher-than-expected and sustained
growth in the group's turnover and profitability over the medium
term. Conversely, the outlook may be revised to 'Negative' in case
of significant deterioration in the group's capital structure,
caused most likely by incremental working capital requirements or
less-than-expected net cash accruals.

SPPL was established in 1999 by the Damodia family of Jamnagar
(Gujarat). The company primarily manufactures groundnut de-oiled
cakes, filtered groundnut oil, and refined edible oils. It has
leased MOCIL's manufacturing facility in Jamnagar.

The Silver Mahendra group reported a profit after tax (PAT) of
INR4.4 million on net sales of INR740.8 million for 2012-13
(refers to financial year, April 1 to March 31), against a PAT of
INR3.1 million on net sales of INR378.6 million for 2011-12.


SPECIALITY SILICA: ICRA Assigns 'B' Rating to INR15cr Loans
-----------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to INR10.12 crore
term loan, INR4.75 crore fund based limits and INR0.13 crore
unallocated limits of Speciality Silica Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Limits-
   Cash Credit            4.75        [ICRA]B assigned

   Fund based Limits-
   Term Loans            10.12        [ICRA]B assigned

   Unallocated Limits     0.13        [ICRA]B assigned

Rating Rationale

The assigned rating is constrained by high dependence of SSPL on
its single product namely precipitate silica (used in the rubber
industry particularly for making tyres), expositing SSPL to high
product concentration risk. Further, the company has a
concentrated customer base with top two customers accounting for
more than 90% of the sales in past two years; however, this risk
is partly mitigated by company's relationship with some reputed
companies such as Apollo Tyres Limited, J K Tyres and Industries
Limited, Falcon Tyres Limited, etc; which have sourced repeatedly
from SSPL. The rating is also constrained by the weak financial
profile of the company characterized by net losses, high gearing
of 4.83 times as on 31st March 2013 and weak coverage indicators
with interest coverage of 1.09 times and Net Cash Accrual/Total
debt of 5.78% in FY2013.

The rating, however, positively factors in the long experience of
the promoters in catering to tyre industry and regular financial
support extended by promoters to SSPL in the form of unsecured
loans. The rating also factors in the favourable demand outlook of
precipitate silica on the back of multiple green field and brown
field investments made by tyre manufacturers in India.
Going forward, company's ability to improve its net margins and
capital structure will remain key sensitivities from credit
perspective.

Speciality Silica Private Limited (SSPL) was established in the
year 2008 to manufacture rubber grade precipitated silica. The
company's plant is located in Alwar, Rajasthan with an installed
capacity of 5400 MTPA. The company manufactures four different
grades of spray dried as well as granular form of precipitated
silica under the brand name "TRUSIL".

Recent Results
In FY2013, SSPL reported an operating income of INR16.61 crore and
a net loss of INR0.71 crore as against an operating income of
INR14.00 crore and a net loss of INR1.29 crore in FY2012.


SURYAKANTA HYDRO: ICRA Ups Rating on INR83.21cr Loans to BB-
------------------------------------------------------------
ICRA has upgraded the long-term rating for the INR83.21 crore
(enhanced from INR51.00 crore earlier) fund based facilities of
Suryakanta Hydro Energies Private Limited to [ICRA]BB- from
[ICRA]D earlier. The outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term fund       83.21      Upgraded to [ICRA]BB- (Stable)
   based limits                    from [ICRA]D

The rating revision primarily factors in the regularisation of
past delays in debt servicing with interest payments now being
supported by equity infusions from the promoters. ICRA also draws
comfort from the advanced stage of completion of the project and
the tying up of funding for the project, including the cost
overrun portion. ICRA also positively factors in ballooning
repayment structure of the term loans which results in lower
principal repayment in the initial years. The long standing
experience of the promoters in the sector having completed hydro
power plants of 150 MW capacity is also a comfort factor.
The rating is however constrained by the high off take risks since
the company has entered into PPA (Power Purchase Agreement) with a
power trading company which is yet to establish any firm tie-ups
with end users, making off take from the 14MW plant uncertain.
Given that the plant is likely to commence commercial production
shortly and no firm agreement has been signed with end users so
far, future debt servicing is expected to be challenging. Further,
the company remains exposed to hydrological risks since the actual
water discharge could be lower than design estimates. However,
SHEPL can continue to service debt even if the PLF level is lower
at 55%, while the design PLF level is 69% offering some cushion
for debt repayments in case of lower water availability.

Suryakanta Hydro Energies is an SPV incorporated to develop, own
and operate Lower Nanti Hydro Electric Project (referred as Lower
Nanti Project) which is a 14 MW small hydro power (SHP) projects
in Shimla District of Himachal Pradesh (HP). The company is a
joint venture between the promoter of Vasistha Holdings Limited
and Astha Green Energy Ventures India Limited. The company signed
the Implementation Agreement (IA) with the Government of Himachal
Pradesh (GoHP) in November 2008 for carrying out the project on
"Build Own Operate & Transfer" (BOOT) basis for a period of 40
years. The project is nearing completion, with the trial runs
scheduled in April 2014.


SWASTI POWER: CRISIL Upgrades Rating on INR1.16BB Loans to 'B'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Swasti Power Ltd to 'CRISIL B/Stable' from 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan     318.5      CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan              841.5      CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects the timely servicing of debt by SWPL
over the seven months through April 2014. Furthermore, CRISIL
believes that the company will continue to service its debt in a
timely manner, with its cash accruals expected to remain adequate
to meet its maturing debt obligations, over the medium term.

The rating reflects SWPL's exposure to hydrology risk, and its
below-average financial risk profile marked by high gearing and
below-average debt protection metrics. These rating weaknesses are
partially offset by the company's steady revenues under its power
purchase agreement (PPA) with Uttarakhand Power Corporation Ltd.

Outlook: Stable

CRISIL believes that SWPL will continue to benefit over the medium
term from its long-term PPA with UPCL. The outlook may be revised
to 'Positive' if the company reports an increase in its plant load
factor (PLF) thereby improving its cash flows, or if there is a
substantial improvement in its capital structure on the back of
equity infusion by its promoters. Conversely, the outlook may be
revised to 'Negative' if SWPL's cash flows get affected by a low
PLF resulting from unplanned outages, or in case of delays in
receivables from UPCL.

Set up in 1993, SWPL operates a 22.5-megawatt run-of-the-river
hydroelectric power plant. Its power plant, Bhilangana Hydro Power
Project, is across the Bhilangana River (Uttarakhand), which is a
major tributary of the Bhagirathi River.

SWPL is promoted by Mr. Y Raveendranath Reddy and Mr. Y
Vivekananda Reddy. The company was awarded the project by the
Government of Uttaranchal (GoU) on a build-own-operate-and-
transfer basis, under the private sector participation in power
projects programme. The ownership of the unit vests with SWPL for
a period of 35 years from the date of commencement of commercial
operations, after which the project will be transferred to GoU.
SWPL commenced operations in August 2009.


V. PONNUSAMY: ICRA Suspends 'D' Rating on INR5.34cr Loan
--------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]D' assigned to
the INR5.34 crore term loan facilities of V. Ponnusamy Educational
and Charitable Trust. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the Trust.

V. Ponnusamy Educational and Charitable Trust was established in
1999 in Namakkal, Tamilnadu by Dr. P. Selvaraj who is the promoter
of "The Selvam Group". The trust was established to set up and run
educational institutions in the state of Tamilnadu. The trust
commenced its operations with a higher secondary school and
expanded its portfolio to add several institutes. At present the
trust runs the following eight institutes - Selvam Arts and
Science College, Selvam Higher Secondary School, Selvam
Matriculation School, Shree Amirtha College of Education, Selvam
Teacher Training Institute, Selvam College of Physical Education,
Sri Amirtha Teacher Training Institute and The Selvam College of
Technology.

The managing trustee is Dr. Selvaraj and the family members are
part of the Board. The Trustees are also directors in Selvam group
of companies. The group promoted by Dr. P. Selvaraj, commenced as
a trading company, under the name of Selvam Trading Company in
Namakkal, Tamil Nadu. The group was involved in supplying poultry
feeds, medicine and vaccines to the poultry units in and around
Namakkal apart from providing consultancy services to farmers and
poultry units. The flagship company of the group is Selvam
Broilers Private Limited (SBPL). Apart from SBPL the other major
company of the group is PSP Farms Private limited. There are also
four shell companies with no operations.


V.P.M. SANKAR: CRISIL Reaffirms 'B+' Rating on INR75MM Loans
------------------------------------------------------------
CRISIL's rating on long-term bank facilities of V.P.M. Sankar and
Son continues to reflect VPMS's below-average financial risk
profile, marked by a small net worth, high gearing, and average
debt-protection metrics, and its small scale of operations in the
intensely competitive gold jewellery retailing market. These
rating weaknesses are partially offset by the extensive experience
of the firm's proprietor in gold jewellery retailing.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           65         CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        10         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VPMS will continue to benefit over the medium
term from the experience of its proprietor. The outlook may be
revised to 'Positive' if VPMS reports a significant increase in
its cash accruals, leading to improvement in its capital
structure. Conversely, the outlook may be revised to 'Negative' if
the firm records lower-than-expected accruals, or if it undertakes
a large debt-funded capital expenditure (capex) programme, or if
there are substantial capital withdrawals, resulting in weakening
of its credit risk profile.

Update
VPMS's operating income is estimated at INR119 million for the
nine months ended December 31, 2013, supported by stable demand
from its customers. Its operating margin for this period is
estimated at 14.0 per cent. Despite its moderate profitability,
the firm's scale of operations remains small, constraining its
business risk profile.

VPMS's financial risk profile is below average, marked by a small
net worth, high gearing, and average debt-protection metrics. It
had a net worth of INR20.5 million and gearing of 4.30 times as on
March 31, 2013. The firm's capital structure is expected to remain
weak over the medium term due to low accretion to reserves and
large debt funding of its inventory requirement. VPMS had an
interest coverage ratio of 1.78 times in 2012-13 (refers to
financial year, April 1 to March 31). It has capex of around INR10
million over the medium term to open a new showroom at Sivakasi
(Tamil Nadu). The capex is expected to be funded by a term loan of
INR8 million and the balance through internal accruals.

VPMS's operations are working-capital-intensive, as reflected in
its gross current assets of more than 170 days over the four years
ended March 31, 2013, due to its large inventory requirement.
Consequently, its bank limits were highly utilised at an average
of 97 per cent during the 10 months through February 2014,
constraining its liquidity. However, VPMS is expected to generate
cash accruals of more than INR4.5 million over the medium term,
which will be adequate to meet its term loan obligations.

Set-up in 2008 as a proprietorship firm, VPMS retails gold and
silver jewellery. The firm has one showroom each in Srivilliputur
and Rajapalayam (both in Tamil Nadu). It is managed by Mr.
Thangaprabhu.


VISHAL COATERS: CRISIL Ups Rating on INR120MM Loans to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Vishal Coaters Ltd (VCL; part of the Vishal group) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           25         CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility     6.2       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Term Loan             88.8       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that VCL's credit risk
profile will improve over the medium term, driven by its
increasing scale of operations and net cash accruals. The VCL's
revenue is expected to grow at a moderate rate of around 15 per
cent, backed by its recently enhanced capacity. The rating upgrade
also factors in the improvement in VCL's liquidity, marked by
sufficient cash accruals to meet its maturing term debt over the
medium term.

The rating reflects the Vishal group's constrained liquidity and
small scale of operations in the highly fragmented writing and
printing paper (WPP) industry. These rating weaknesses are
partially offset by the group's moderate financial risk profile,
marked by low gearing, and its promoters' extensive industry
experience.

For arriving at the rating, CRISIL has now combined the business
and financial risk profiles of VCL and Vishal Paper Industries Pvt
Ltd. This is because the two companies, together referred to as
the Vishal group, are engaged in the same business, have common
promoters, and there are significant operational linkages between
them.

Outlook: Stable

CRISIL believes that the Vishal group will continue to benefit
over the medium term from its promoters' extensive industry
experience and its established relationships with customers. The
outlook may be revised to 'Positive' if the group improves its
liquidity and reports more-than-expected operating income and cash
accruals. Conversely, the outlook may be revised to 'Negative' if
there is further deterioration in the Vishal group's liquidity, or
if it undertakes a large debt-funded capital expenditure
programme.

VCL and VPI manufacture WPP. They were established in 1999 and
2004, respectively, by Mr. Vidya Sagar and Mr. Krishan Mohan. VPI
was initially set up as a partnership firm but was later
reconstituted as a private limited company in 2011. The companies
are based in Patiala (Punjab). VCL and VPI have manufacturing
capacities of around 30,000 tonnes per annum (tpa) and 36,000 tpa,
respectively.

The Vishal group reported a profit after tax (PAT) of INR17.1
million on net sales of INR1.0 billion for 2012-13 (refers to
financial year, April 1 to March 31), against a PAT of INR17.7
million on net sales of INR952.3 million for 2011-12.



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


MT. GOX: U.S. and Canadian Customers Settle Class Action
--------------------------------------------------------
Reuters reports that U.S. and Canadian customers of failed Tokyo-
based bitcoin exchange Mt. Gox have agreed to settle their
proposed class action lawsuits that alleged the company defrauded
them of hundreds of millions of dollars.

The class action plaintiffs agreed to support a plan by Sunlot
Holdings to buy the shuttered exchange and accept their share of
bitcoins still held by Mt. Gox, Reuters relates citing a statement
and court filings.

Reuters notes that Mt. Gox is slated to be liquidated after the
Tokyo District Court granted the company's request to abandon
plans to revive its business.

In return for settling separate class actions, the U.S. and
Canadian customers will share in a 16.5 percent stake after Mt.
Gox is sold to Sunlot, a firm backed by child actor-turned
entrepreneur Brock Pierce and venture capitalist William Quigley,
according to Reuters.

In addition, the customers will split the 200,000 bitcoins that
Mt. Gox said it found after seeking bankruptcy protection, and
will also split up to $20 million in fiat currency held by the
administrator for Mt. Gox, the news agency adds.

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


ANNIES: Wakatu Inc Buys Dried Fruit Firm Out of Receivership
------------------------------------------------------------
Paul Morgan at Radio New Zealand reports that a Maori business in
Te Tau Ihu has bought Annies, a natural dried fruit firm that's
gone into receivership.

Radio NZ says Wakatu Incorporation has purchased Annies in
Marlborough for an undisclosed sum.

Annies traded for 26 years, but will now fall under the
Incorporation's Kono brand, the report says.

According to the report, the chairman of the new owner, Paul
Morgan, said they will take on a reduced workforce. He said staff
numbers were cut from about 60 to 20 before Christmas.

Radio NZ relates that Mr. Morgan said the Annies products have
good domestic and export markets.

He said Annies got into financial trouble when one of its main
customers in North America -- Trader Joe's -- stopped buying its
goods due to intervention by the United States Food and Drug
Administration, the report notes.

Annies was put into voluntary receivership in September last year.



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


AMARU INC: Incurs $2.5 Million Net Loss in 2013
-----------------------------------------------
Amaru, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$2.50 million on $27,942 of revenues for the year ended
Dec. 31, 2013, as compared with net income of $102,353 on $19,012
of revenues for the year ended Dec. 31, 2012.

As of Dec. 31, 2013, the Company had $238,723 in total assets,
$3.34 million in total liabilities and a $3.10 million total
stockholders' deficit.

Wei, Wei & Co., LLP, in Flushing, New York, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has sustained accumulated losses from operations
totaling $42,759,864 and $40,251,993 at December 31, 2013 and
2012, respectively.  The Company's continued losses from
operations and the difficulty it has had in raising adequate
additional financing and lack of significant revenue, raise
substantial doubt about the Company's ability to continue as going
concern.

A copy of the Form 10-K is available for free at:

                        http://is.gd/1XTMg8

                           About Amaru Inc.

Singapore-based Amaru, Inc., a Nevada corporation, is in the
business of broadband entertainment-on-demand, streaming via
computers, television sets, PDAs (Personal Digital Assistant) and
the provision of broadband services.  The Company's business
includes channel and program sponsorship (advertising and
branding); online subscriptions, channel/portal development
(digital programming services); content aggregation and
syndication, broadband consulting services, broadband hosting and
streaming services and E-commerce.



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


VIETNAM NATIONAL: Final Verdict for Ex-Chair Set For May 7
----------------------------------------------------------
bizhub.vn reports that the Supreme People's Court will declare the
final sentence of former Chairman of the Vietnam National Shipping
Lines (Vinalines) Duong Chi Dung and his alleged accomplices on
May 7.

At the first trial on Dec. 16, 2013, Mr. Dung and former Vinalines
General Director Mai Van Phuc were sentenced to death for
embezzlement, while others were imprisoned for deliberately
violating State regulations on economic management, causing severe
consequences, bizhub.vn recalls.

bizhub.vn says that during the sixth day of the appeal hearing in
Hanoi, the jury considered new documents provided by Russian
authorities casting doubt over the supposed transfer of
US$1.666 million between the Singapore-based AP company, Russia's
Global Success and Vinalines on July 7, 2007, as part of a deal
for Vietnam to buy a floating dock.

Meanwhile, a representative of the Vietnam Maritime Commercial
Joint Stock Bank (Maritime Bank) was questioned about former
Vinalines Ship Repair Company Director Tran Hai Son's withdrawal
of VND2 billion (US$90,000) at its Hai Phong and Hanoi branches
between June 2008 and February 2009.

bizhub.vn notes that Messrs. Dung and Phuc deny the charges of
embezzlement and are pleading for less severe punishment. Others
also appealed for more lenient sentences and lower fines.

Vietnam National Shipping Lines engages in port and marine
businesses.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 17, 2013, South China Morning Post said two former top
executives at scandal-hit Vietnam National Shipping
Lines or Vinalines were sentenced to death for embezzlement as
authorities try to allay rising public anger over corruption.

State-owned Vinalines nearly collapsed under some US$3 billion of
debt, according to official media, in one of several high profile
scandals at large state-run companies that are a pillar of the
economy, SCMP related.



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