TCRAP_Public/140515.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, May 15, 2014, Vol. 17, No. 95


                            Headlines


A U S T R A L I A

ABA CONSTRUCTION: Kazar Slaven Appointed as Administrator
ALT AGENCY: Nicols + Brien Appointed as Administrator
DRESSLER COURT: Cor Cordis Appointed as Administrators
MIRABELA NICKEL: Executes Deed of Company Arrangement
NIALL STATION: Lyons Family Acquires Station For Less Than AUD5MM

QANTAS AIRWAYS: Pilots Among Those Facing Axe
QUEST MINERALS: Placed in Administration


C H I N A

MAOYE INTERNATIONAL: Moody's Rates Sr. Unsecured Notes '(P)Ba2'
SOUTHGOBI RESOURCES: Coal Prices Remain Under Pressure in 2014


I N D I A

AGGARWAL CHARITABLE: CRISIL Reaffirms D Rating on INR160.3M Loans
BLESSINGS RESORTS: CRISIL Reaffirms 'B-' Rating on INR290MM Loan
BHARAT INTERNATIONAL: CRISIL Cuts Rating on INR50MM Loans to 'B+'
BEEKALENE FABRICS: CRISIL Reaffirms 'B+' Rating on INR190MM Loans
BIG FLY: CRISIL Assigns 'B' Rating to INR150MM Loans

BRITEX ENGINEERING: CRISIL Cuts Rating on INR80MM Loans to 'B+'
CIRCLE INFOTECH: CRISIL Assigns 'B' Rating to INR40MM Cash Credit
D V S STEELS: CRISIL Lowers Rating on INR150MM Loans to 'B+'
LEKH RAJ: CRISIL Lowers Rating on INR389.9MM Loans to 'B+'
M. ILAIAH: CRISIL Reaffirms 'C' Rating on INR50MM Loan

OVERSEAS LEATHER: CRISIL Reaffirms 'B' Rating on INR24.3MM Loans
PROPACK INDUSTRIES: CRISIL Cuts Rating on INR170MM Loans to 'B-'
PUNJAB LIGHTING: CRISIL Reaffirms 'B+' Rating on INR123MM Loans
PURE MILK: CRISIL Downgrades Rating on INR470MM Loans to 'B'
S P SORTEX: CRISIL Reaffirms 'B' Rating on INR98.7MM Loans

SELF STORE: CRISIL Lowers Rating on INR103MM Loans to 'B+'
UJJWAL AUTOWHEELS: CRISIL Reaffirms 'B+' Rating on INR55MM Loan
UP ASBESTOS: CRISIL Lowers Rating on INR672MM Loans to 'B+'


J A P A N

SONY CORP: To Hire Ex-U.S. Ambassador Roos as Outside Director
SONY CORP: Won't Pay Bonuses to Execs For the Third Straight Year


N E W  Z E A L A N D

AUGUSTA CAPITAL: Obtains Waiver On Debt Covenant Breach


P H I L I P P I N E S

CAVITE RURAL: Placed Under PDIC Receivership


                            - - - - -


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


ABA CONSTRUCTION: Kazar Slaven Appointed as Administrator
---------------------------------------------------------
Michael Slaven -- mslaven@kazarslaven.com.au -- of Kazar Slaven
was appointed as administrator of ABA Construction Managers Pty
Ltd on May 12, 2014.

A first meeting of the creditors of the Company will be held at
Level 3, Engineering House, 11 National Circuit, in Barton, on
May 21, 2014, at 10:00 a.m.


ALT AGENCY: Nicols + Brien Appointed as Administrator
-----------------------------------------------------
Steven Nicols of Nicols + Brien was appointed as administrator of
Alt Agency Pty Ltd on May 9, 2014.

A first meeting of the creditors of the Company will be held at
Nicols + Brien, Level 2, 350 Kent Street, in Sydney, on May 21,
2014, at 11:00 a.m.


DRESSLER COURT: Cor Cordis Appointed as Administrators
------------------------------------------------------
Ozem Kassem and Jason Tang of Cor Cordis were appointed as
administrators of Dressler Court Pty Limited on May 9, 2014.

A first meeting of the creditors of the Company will be held at
Level 6, 55 Clarence Street, in Sydney, on May 21, 2014, at
11:00 a.m.


MIRABELA NICKEL: Executes Deed of Company Arrangement
-----------------------------------------------------
Mirabela Nickel Limited advises that on May 13, 2014, the second
meeting of creditors of the Company was held pursuant to section
439A of the Corporations Act 2001 (Commonwealth).  At the Second
Meeting, the Company's creditors resolved that Mirabela enter into
a deed of company arrangement, the terms of which were detailed in
the Administrators' report dated May 2, 2014, a copy of which was
attached to the announcement dated May 2, 2014. The creditors of
Mirabela Investments Pty Limited (Subject to Deed of Company
Arrangement) also entered into a deed of company arrangement.

On May 13, 2014, Mirabela and Mirabela Investments executed the
deeds of company arrangement and Martin Madden, Clifford Rocke and
David Winterbottom were appointed as Deed Administrators.

Mirabela Nickel Limited -- http://www.mirabela.com.au/-- is an
Australia-based mineral resource company engaged in mining,
production and sale of nickel concentrate. The Company's principal
asset is the 100%-owned Santa Rita nickel sulphide mine in Bahia,
Brazil. The Santa Rita mine is located approximately 360
kilometers south-west of Salvador and approximately six kilometres
from the town of Ipiau. The Company also has a portfolio of
prospective nickel targets in Brazil, including an underground
mineral resource at Santa Rita.

Martin Madden, Clifford Rocke, and David Winterbottom of
KordaMentha have been appointed as Joint and Several Voluntary
Administrators by resolution of the Board of Directors on
Feb. 25, 2014. The appointment of Joint and Several Voluntary
Administrators is an important and necessary mechanic in
progressing the Proposed Recapitalisation.


NIALL STATION: Lyons Family Acquires Station For Less Than AUD5MM
-----------------------------------------------------------------
Matthew Cranston at farmonline reports that the family behind the
AUD10 million sale of Spyglass Station in northern Queensland to
the state government has re-entered the improving cattle market
with the purchase of Niall Station from receivers McGrathNicol.

farmonline says the Lyons family bought Niall Station outside
Charters Towers, apparently for less than AUD5 million.

It follows the purchase by Agricultural Investment Development
Corp of neighbouring property Kangerong Station in March for just
under AUD10 million. That property was also held by McGrathNicol
on behalf of Westpac Banking Corporation.

Farmonline relates that McGrathNicol partner Anthony Connelly
confirmed the 43,200-hectare Niall Station transaction. "A
contract for sale has been signed for Niall Station including
cattle," the report quotes Mr. Connelly as saying.

Rawdon Briggs and Thomas Warriner from Colliers International
Rural and Agribusiness, negotiated the sale which came with 3,900
head of cattle, the report notes.

"John and Ronda Lyons and family look forward to expanding their
business in North Queensland as the market confidence returns,"
Mr. Briggs, as cited by farmonline, said.


QANTAS AIRWAYS: Pilots Among Those Facing Axe
---------------------------------------------
Steve Creedy at The Australian reports that Qantas Airways plans
to shed up to 100 pilot jobs in the first redundancies for the
group for more than four decades.

The Australian says the voluntary redundancies are part of a 5,000
job cuts announced earlier this year after its half-yearly loss
and come as the airline is retiring older Boeing 747 and ageing
Boeing 767 aircraft.

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training, catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2014, Moody's Investors Service said Qantas Airways
Limited's half year results to Dec. 30, 2013, are credit negative
though broadly within expectation and have no immediate impact on
its Ba1 corporate family rating, Ba2 senior unsecured long term
rating or non-prime (NP) short term rating. The outlook for
Qantas' ratings remains negative.

The TCR-AP reported on Jan. 27, 2014, that Standard & Poor's
Ratings Services affirmed its 'BB+' long-term issue rating on
Qantas Airways Ltd.'s senior unsecured debt, in line with the
corporate credit rating.  At the same time, S&P assigned a
recovery rating of '3', indicating its expectation of meaningful
(50%-70%) recovery for creditors in the event of a payment
default.  S&P has also removed the senior unsecured debt from
CreditWatch with negative implications, where it was placed on
Dec. 5, 2013.


QUEST MINERALS: Placed in Administration
----------------------------------------
Adam Shepard of Farnsworth Shepard was appointed as administrator
of Quest Minerals Limited on May 9, 2014.

A first meeting of the creditors of the Company will be held at
Cliftons Perth "Seminar Room", Ground Floor, Parmelia House, 191
St Georges Terrace, in Perth, on May 21, 2014, at 11:00 a.m.

Quest Minerals Limited is engaged in mineral exploration,
including the exploration activities. The Company's projects
include Victory Bore Project and Perenjori Project. The Company
holds a 100% interest in E57/550, known as Victory Bore, in the
Mid West region of Western Australia. The tenement covers the
northern 11 kilometers segment of a 25 kilometers long magnetic
anomaly overlying two major magnetite rich horizons within a
layered gabbro complex. The Company has 80% interest in EL 70/2777
(Feral) and EL 70/2858 (Alken), known as the Perenjori Project.
The Project is situated close to the Northern Wheatbelt town of
Perenjori. The Company, through its subsidiary, Boab Mining
Nigeria holds 11 granted exploration licenses in western Nigeria.



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MAOYE INTERNATIONAL: Moody's Rates Sr. Unsecured Notes '(P)Ba2'
---------------------------------------------------------------
Moody's Investors Service has assigned a first-time provisional
(P)Ba2 rating to the senior unsecured USD notes to be issued by
Maoye International Holdings Limited.

At the same time, Moody's has withdrawn the provisional (P)Ba2
rating for Maoye's senior unsecured RMB notes.

The ratings outlook is stable.

About 60% of the bond proceeds will be used to refinance RMB3.1
billion of onshore bank loans. The remaining proceeds will be used
for general corporate purposes.

Moody's will remove the provisional status of the notes, after
Maoye completes the issuance on satisfactory terms and conditions.

Ratings Rationale

"The Ba1 corporate family rating (CFR) primarily reflects Maoye's
leading market position in Shenzhen, as well as its track record
of successfully executing its low-cost expansion strategy in fast
growing second- and third-tier cities in southwest and northern
China," says Lina Choi, a Moody's Vice President and Senior
Analyst.

"Maoye's Ba1 CFR is also supported by its competitive model of
self-owned properties and its concessionaire model, which lowers
business and inventory risks," adds Choi.

"On the other hand, the Ba1 CFR is constrained by Maoye's
historically weak operating cash flow and high debt leverage, high
reliance on a few stores for profit generation, the competition it
faces from internet retailing and execution risks related to its
fast expansion."

Nevertheless, Moody's expects Maoye's weak operating cash flow to
improve, as the company its new land acquisitions and focuses on
developing its current 14 projects. Maoye's operating cash flow
improved by almost four times to RMB1.2 billion in 2013 from
RMB302 million in 2012, through accelerated property sales.

Maoye's adjusted debt/EBITDA fell to 4.7x at end-2013 from 5.2x at
end-2012, and its retained cash flow (RCF)/adjusted net debt
increased to 11.3% from 5.4% in the same periods.

While such levels are weak for its Ba1 CFR, Moody's expects the
company to take further action to lower its adjusted debt/EBITDA
to 4.5x and to improve RCF/net debt to 15% in the next 12-18
months.

Moreover, the proposed notes will improve Maoye's debt maturity
profile and provide some cost savings, as the cost of the proposed
offshore bonds will be lower than the company's existing onshore
loans.

In addition, given that the proposed bonds will be mainly used for
refinancing, any impact on Maoye's financial leverage will be
insignificant.

Moody's has applied a one-notch downward adjustment to the rating
of the proposed bonds because of subordination risk arising from
priority debt. Moody's estimates that such debt will continue to
account for more than 15% of the company's total assets over the
next two years, unless there is a significant reduction of onshore
debt.

The stable outlook reflects Moody's expectation that Maoye will
continue to improve its sustainable operating cash flows from
existing stores, slow its expansion rate and reduce debt levels.

Upgrade pressure could emerge in the medium term if Maoye: (1)
successfully executes its business plan; (2) improves operating
cash flows and generates positive free cash flow; and (3) improves
its credit metrics such that adjusted debt/EBITDA is below 2.5x-
3.0x and RCF/net debt exceeds 35%.

On the other hand, downgrade pressure could arise if Maoye: (1)
shows weak liquidity as a result of fast expansion, or an
inability to sell its development properties; (2) invests in
further new projects that delay debt deleveraging; (3) suffers
material deterioration in the sales and cash flow of existing
stores, or takes longer than expected to break even at its new
stores; or (4) shows an inability to reduce debt leverage in the
next 12-18 months.

Credit metrics indicating downgrade pressure include adjusted
debt/EBITDA exceeding 4.5x-5.0x and retained cash flow
(RCF)/adjusted net debt below 12%-14%.

The principal methodology used in this rating was the Global
Retail Industry published in June 2011.

Maoye International Holdings Limited is one of the leading
department store operators in China. Listed on the Hong Kong
Exchange in 2008, the company is headquartered in Shenzhen, and
has expanded to China's second- and third-tier cities, targeting
the mid- to high-end retail market.


SOUTHGOBI RESOURCES: Coal Prices Remain Under Pressure in 2014
--------------------------------------------------------------
SouthGobi Resources Ltd. on May 12 disclosed that the Company
anticipates that coal prices in China will remain under pressure
in 2014, which will continue to impact the Company's margins and
liquidity.  The Company is in discussions with various parties
regarding a potential loan; however, there is no guarantee that an
agreement will be reached.  As of the date hereof, the Company
expects to be able to secure such funding in order to pay the
interest due under the China Investment Corporation convertible
debenture on May 19, 2014.  If it does not do so, or if it fails
to secure additional capital or otherwise restructure or refinance
its business in order to address its cash requirements through
March 31, 2015, then the Company is unlikely to have sufficient
capital resources or cash flows from mining operations in order to
satisfy its ongoing obligations and future contractual
commitments, including cash interest payments due on the CIC
convertible debenture.  As a result, the Company may not be able
to continue as a going concern.  Therefore, the Company is
actively seeking additional sources of financing to continue
operating and meet its objectives.

Several adverse conditions and material uncertainties cast
significant doubt upon the going concern assumption.  The Company
had cash of $9.9 million and working capital of $28.9 million at
March 31, 2014.  The Company's consolidated financial statements
have been prepared on a going concern basis which assumes that the
Company will continue operating until at least March 31, 2015 and
will be able to realize its assets and discharge its liabilities
in the normal course of operations as they come due; however, in
order to continue as a going concern, the Company must generate
sufficient operating cash flows, secure additional capital or
otherwise pursue a strategic restructuring, refinancing or other
transaction to provide it with additional liquidity.  If the
Company fails to generate sufficient operating cash flows, secure
additional capital or otherwise restructure or refinance its
business in order to pay the interest due under the CIC
convertible debenture on May 19, 2014, or if it fails to generate
sufficient operating cash flows, secure additional capital or
otherwise restructure or refinance its business in order to
address its cash requirements through March 31, 2015, it will not
have adequate liquidity to fund its operations and meet its
obligations (including its debt payment obligations), it may not
be able to continue as a going concern.

If for any reason, the Company is unable to secure the additional
sources of financing and continue as a going concern, then this
could result in adjustments to the amounts and classifications of
assets and liabilities in the Company's consolidated financial
statements and such adjustments could be material.

While the Company intends to secure additional sources of
financing as soon as possible, a continued delay in securing
additional financing could ultimately result in an event of
default of the $250.0 million CIC convertible debenture, which if
not cured within applicable cure periods in accordance with the
terms of such debenture, may result in the principal amount owing
and all accrued and unpaid interest becoming immediately due and
payable upon notice to the Company by CIC.

The Company is focused on securing additional sources of financing
and continues to minimize uncommitted capital expenditures while
preserving the Company's growth options.  Factors that impact the
Company's liquidity are being closely monitored and include, but
are not limited to, Chinese economic growth, market prices of
coal, production levels, operating cash costs, capital costs,
exchange rates of currencies of countries where the Company
operates and exploration and discretionary expenditures.

In the first quarter of 2013, the Company was subject to orders
imposed by Mongolia's Independent Authority against Corruption
(the "IAAC") which placed restrictions on certain of the Company's
Mongolian assets.  The orders were imposed on the Company in
connection with the IAAC's investigation of the Company. The
Mongolian State Investigation Office (the "SIA") also continues to
enforce the orders on the Company.

The orders placing restrictions on certain of the Company's
Mongolian assets could ultimately result in an event of default of
the Company's CIC convertible debenture.  Following a review by
the Company and its advisers, it is the Company's view that this
does not result in an event of default as defined under the CIC
convertible debenture terms.  However, if an event of default of
the CIC convertible debenture occurs that remains uncured for ten
business days, the principal amount owing and all accrued and
unpaid interest will become immediately due and payable upon
notice to the Company by CIC.

The orders relate to certain items of operating equipment and
infrastructure and the Company's Mongolian bank accounts.  The
orders related to the operating equipment and infrastructure
restricts the sale of these items; however, the orders do not
restrict the use of these items in the Company's mining
activities.  The orders related to the Company's Mongolian bank
accounts restrict the use of in-country funds.  While the orders
restrict the use of in-country funds pending outcome of the
investigation, they are not expected to have any material impact
on the Company's activities.

                         About SouthGobi

SouthGobi is listed on the Toronto and Hong Kong stock exchanges,
in which Turquoise Hill Resources Ltd. ("Turquoise Hill"), also
publicly listed in Toronto and New York, has a 56% shareholding.
Turquoise Hill took management control of SouthGobi in September
2012 and made changes to the board and senior management. Rio
Tinto has a majority shareholding in Turquoise Hill.

SouthGobi is focused on exploration and development of its
metallurgical and thermal coal deposits in Mongolia's South Gobi
Region.  It has a 100% shareholding in SouthGobi Sands LLC, the
Mongolian registered company that holds the mining and exploration
licenses in Mongolia and operates the flagship Ovoot Tolgoi coal
mine.  Ovoot Tolgoi produces and sells coal to customers in China.



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AGGARWAL CHARITABLE: CRISIL Reaffirms D Rating on INR160.3M Loans
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Aggarwal
Charitable & Educational Trust (ACET) continues to reflect delays
by ACET in servicing its debt; the delays were caused by a
mismatch in the trust's cash flows and debt obligations.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Overdraft Facility      2.5        CRISIL D (Reaffirmed)

   Term Loan             157.8        CRISIL D (Reaffirmed)

ACET also has a weak financial risk profile, and is exposed to
risks related to intense competition and regulatory restrictions
in the education sector; however, the trust benefits from the
healthy demand prospects for the education sector.

ACET, registered in 2007, runs Anee's School in Kharar (Punjab),
with classes from kindergarten to the twelfth standard.  ACET is
managed by Mr Aneet Goel.

For 2012-13 (refers to financial year, April 1 to March 31), ACET
reported a net deficit of INR11.9 million on net receipts of
INR23.4 million, as against a net surplus of INR6.5 million on net
receipts of INR19.1 million for 2011-12.


BLESSINGS RESORTS: CRISIL Reaffirms 'B-' Rating on INR290MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Blessings Resorts Pvt
Ltd continue to reflect BRPL's exposure to risks related to
funding and implementation of its ongoing project, limited
experience in hotel management, and susceptibility to cyclicality
inherent in the hospitality industry. These rating weaknesses are
partially offset by BRPL's healthy growth prospects because of the
advantageous location of its upcoming hotel.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Bank Guarantee        30        CRISIL A4 (Reaffirmed)
   Term Loan            290        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BRPL's occupancy rate will be supported by
marketing and management tie-up with Radisson Hotels and Resorts.
The outlook may be revised to 'Positive' on successful
stabilisation of operations at the hotel within expected time,
along with healthy ramp up in occupancy and average room revenue
(ARR) leading to better-than-expected cash accruals and
significant improvement in financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of time or cost
overruns in the company's project leading to deterioration in its
capital structure and liquidity, which may constrain the company's
debt repayment ability.

Update
The hotel's civil construction is estimated to be completed by
September 2014 and the hotel is likely to commence operations in
April 2015 in line with CRISIL's expectations. The construction is
estimated to be completed without significant cost overrun. The
timely implementation and repayment of debt obligations will be
subject to funding support from promoters. Any delay in
implementation will lead to escalation in project cost and will
have an adverse effect on BRPL's business and financial risk
profiles. Nevertheless, CRISIL believes that BRPL will require
funding support from the promoters in the initial years of
operations.

CRISIL believes that the hotel's occupancy rates will be a key
sensitivity factor post commencement of operations. The occupancy
rates are expected to scale up gradually due to moderate
competition on account of few 3- or 4-star category hotels in the
region.

BRPL, a private limited company incorporated in 2011,  is setting
up a 3-star hotel in Phagwara (Punjab) for which it has tied up
with Carlson Hotels Asia Pacific Pty Ltd. BRPL's upcoming hotel
will be operated under the brand Park Inn by Radisson. BRPL's
promoter directors are Mr. Harpinder Singh Gill and Mr. Rajesh
Aggarwal. The promoters have been managing Radisson Blue Hotel in
Amritsar (Punjab) under another company, Concord Hospitality Pvt
Ltd, since 2011.


BHARAT INTERNATIONAL: CRISIL Cuts Rating on INR50MM Loans to 'B+'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bharat International Pet Foods Pvt Ltd to 'CRISIL B+/Stable'
from 'CRISIL BB-/Stable'

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            20        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term     30        CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

The rating downgrade reflects weakening of BIPFPL's credit risk
profile because of steep decline in revenue, along with stretch in
its liquidity on account of larger working capital requirements.
In June 2013, BIPFPL withdrew from the sole distributorship of pet
care products of Proctor & Gamble Company (P&G) under the Eukanuba
brand in India. BIPFPL has since taken up distributorship of other
imported pet care products, diversifying its principal base, and
launched its own cat food brand, Finikee. However, because of the
shift in product portfolio, BIPFPL's sales declined to around
INR70 million in 2013-14 (refers to financial year, April 1 to
March 31) from INR140.9 million in 2011-12. While the company's
operating profitability margin remains moderate, its net profit is
estimated to have declined to INR0.3 million to INR0.4 million in
2013-14 from INR2.2 million in 2011-12, because of the steep
decline in sales. CRISIL believes that BIPFPL's scale of
operations will remain modest over the medium term. Moreover, the
company's ability to withstand competitive pressures from larger
established players for its own pet food brands will remain a key
rating sensitivity factor.

BIPFPL's liquidity has weakened because of large working capital
requirements with estimated gross current assets of over 300 days
as on March 31, 2014. The company has been extending larger credit
to its dealers to shore up sales and has large inventory,
resulting in stretched working capital requirements. Consequently,
its bank lines remain fully utilised. Its cash accruals declined
to an estimated around INR0.7 million in 2013-14 from INR2.7
million in 2011-12 because of decline in sales. CRISIL believes
that BIPFPL's liquidity will remain constrained over the medium
term by its working-capital-intensive operations and modest cash
accruals. However, the company's liquidity is partly supported by
absence of term debt and fund support from promoter.

The rating reflects BIPFPL's small scale of operations in a
fragmented industry and stretched liquidity because of working-
capital-intensive operations. These rating weaknesses are
partially offset by its promoter's extensive experience in the pet
care products industry.

Outlook: Stable

CRISIL believes that BIPFPL will continue to benefit from its
promoter's extensive experience in the pet care products industry.
The outlook may be revised to 'Positive' if BIPFPL significantly
scales up sales and profitability while prudently managing its
working capital cycle. Conversely, the outlook may be revised to
'Negative' if the company's revenue and profitability come under
further pressure, or if its working capital cycle lengthens,
weakening its liquidity.

BIPFPL was set up in 2000 by Mr. Bharat Pettie as a proprietorship
firm, which was reconstituted as a private limited company in May
2010. BIPFPL trades in pet care products.

BIPFPL was the sole distributor of P&G's pet care products under
the Eukanuba brand in India till June 2013, when it withdrew from
the distributorship. It has taken up distributorship of other
imported pet care products and launched its own cat food brand,
Finikee. BIPFPL is also launching its own dog food brand, Fidele.

BIPFPL reported a profit after tax (PAT) of 0.6 million on net
sales of INR91.3 million in 2012-13, against a PAT of INR2.3
million on net sales of INR140.9 million in 2011-12.


BEEKALENE FABRICS: CRISIL Reaffirms 'B+' Rating on INR190MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Beekalene Fabrics Pvt
Ltd continue to reflect its modest scale of operations and working
capital intensive nature of activity in its textile segment.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         6        CRISIL A4 (Reaffirmed)
   Letter of Credit       4        CRISIL A4 (Reaffirmed)
   Cash Credit           90        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    50        CRISIL B+/Stable (Reaffirmed)
   Term Loan             50        CRISIL B+/Stable (Reaffirmed)

The rating also factors in sensitivity of BFPL's cash flows to
demand for its commercial premises. These rating weaknesses are
partially offset by the benefits that BFPL derives from its
promoters' continuing funding support and potential benefits to
BFPL emanating from the strategic location of its commercial
premises.

Outlook: Stable

CRISIL believes that BFPL will maintain its stable business risk
profile over the medium term, backed by its promoters' continuing
funding support and potential benefits to BFPL emanating from the
strategic location of its commercial premises. The outlook may be
revised to 'Positive' if BFPL achieves significant and sustainable
growth in its accruals while maintaining its capital structure and
improving its debt-protection metrics. Conversely, the outlook may
be revised to 'Negative' if the company registers significant
decline in its revenues or margins, or significantly lower than
expected cash flows from its commercial premises, thereby
weakening its financial risk profile.

BFPL, established in 1975 by the late Mr. O.P. Sehgal and Mr. K.L.
Baba is engaged in manufacture of fabrics for shirting, suiting,
and furnishing.

The company also derives income by way of lease rentals from its
commercial premises at Andheri, Mumbai.
Mr. Rajan Sehgal (son of the late Mr. O.P. Sehgal) and his sons
Mr. Karan Sehgal and Mr. Kabir Sehgal manage the day to day
operations of the company.

For 2012-13 (refers to financial year, April 1 to March 31), BFPL
reported a net loss of INR11.0 million on net sales of INR314
million, against a net loss of INR3.0 million on net sales of
INR295.5 million for 2011-12.


BIG FLY: CRISIL Assigns 'B' Rating to INR150MM Loans
----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Big Fly Hygiene Products Ltd (BFHPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan              35        CRISIL B/Stable
   Cash Credit            65        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     50        CRISIL B/Stable

The rating reflects BFHPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, the susceptibility
of its profitability to volatility in raw material prices, and its
initial phase and modest scale of operations in the intensely
competitive agricultural commodities industry. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the agricultural commodities industry,
leading to established relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that BFHPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of timely stabilisation of the
company's operations, leading to higher-than-expected cash
accruals, or if there is substantial capital infusion, resulting I
n an improvement in its capital structure. Conversely, the outlook
may be revised to 'Negative' if BFHPL's cash accruals are lower-
than-expected, its working capital cycle is significantly
stretched, or it undertakes a substantial debt-funded capital
expenditure programme, leading to further deterioration in its
financial risk profile.

BFHPL is a closely held public limited company incorporated in
February 2012 and promoted by Mr. Sanjaybhai Bipinbhai Akbari, Mr.
Sanjaybhai Shamjibhai Thummar, Mr. Prafulbhai Parsotambhai
Sorthiya, and Mr. Bhupendrabhai Nagjibhai Borad. The company
processes various agricultural commodities; it has a manufacturing
capacity of 25,000 tonnes per annum in Rajkot (Gujarat).


BRITEX ENGINEERING: CRISIL Cuts Rating on INR80MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Britex
Engineering Works to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           73.5       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Long Term Loan         4         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term     2.5       CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

   Packing Credit        70         CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

The rating downgrade reflects the deterioration in Britex's
financial risk profile owing to large financial support to an
associate concern, and its weak operational performance. Britex
has invested INR150 million in an associate concern which has
acquired a capacity of 30,000 tonnes per annum in the US for
producing flanges. This investment has been funded by debt of
INR65 million contracted by Britex, which kept the firm's gearing
high at about 2.5 times as on March 31, 2014. Moreover, with the
regular repayment of the debt raised for the associate entity, as
part of the total acquiring costs, there is a INR180-million
bullet repayment in 2016 to the erstwhile owners; this could
severely constrain Britex's liquidity if the US-based associate
concern is not able to scale up operations in time.

Furthermore, Britex's operational performance has been weak,
marked by a year-on-year decline in sales by 30 per cent to around
INR285 million in 2013-14 (refers to financial year, April 1 to
March 31) owing to weak demand and intense industry competition.
This has resulted in low net cash accruals and further impacted
the firm's liquidity. Scalability of the firm's sales and
stabilisation of its operating margin after 2013-14 with an
improving order book will remain key rating sensitivity factors.

The ratings also reflect Britex's modest scale of operations and
large working capital requirements. These rating weaknesses are
partially offset by the extensive experience of the firm's
partners in manufacturing flanges.

Outlook: Stable

CRISIL believes that Britex will continue to benefit over the
medium term from the extensive industry experience of its
promoters and stable demand for its products in the domestic and
export markets. The outlook may be revised to 'Positive' if Britex
increases its sales and operating margins in both its standalone
operations and in the US-based entity. Conversely, the outlook may
be revised to 'Negative' if the firm reports lower-than-expected
sales and operating margins in both its standalone operations and
in the US-based entity, or if its working capital cycle
deteriorates, or if it undertakes an additional large debt-funded
capital expenditure programme in its group concern, which could
further weaken its financial risk profile.

Britex was established in 1973 by Mr. Yogesh Kadakia, his two
brothers, and his brother-in-law to manufacture pipe flanges. The
firm manufactures forged flanges and other generalised pipe-
fitting components, which are used in various industries,
including petrochemicals, oil, fertilisers, and infrastructure.
The firm's plant in Navi Mumbai (Maharashtra) has a capacity of
350 tonnes per month.

Britex reported a net profit of INR18 million on net sales of
INR414 million for 2012-13, against a net profit of INR21 million
on net sales of INR400 million for 2011-12.


CIRCLE INFOTECH: CRISIL Assigns 'B' Rating to INR40MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Circle Infotech Private Limited (CIPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           40         CRISIL B/Stable
   Letter of Credit      45         CRISIL A4

The rating reflects CIPL's modest scale of operations in highly
competitive computer peripherals industry and working capital
intensive nature of activity. The rating also factors in CIPL's
below-average financial risk profile, marked by its modest net
worth, high gearing and subdued debt protection metrics. These
rating weaknesses are partially offset by the extensive experience
of the promoters in the computer peripherals industry.

Outlook: Stable

CRISIL believes that CIPL will continue to benefit over the medium
term from its promoters extensive experience in the computer
peripherals industry. The outlook may be revised to 'Positive' if
the company achieves significant and sustainable improvement in
revenues and margins while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' in case the
company registers significant decline in its revenues and margins,
or if there is elongation in its working capital cycle, impacting
its financial risk profile.

CIPL, set up in 2008, is promoted by Mr. Sanjeev Kumar Prasad and
his wife Mrs. Sneha Kumar. CIPL has outsourced the manufacturing
of computer peripherals like mouse, key boards and printers to
manufacturers in China. These products are sold by CIPL in the
domestic market. Mr. Prasad looks after the day to day operations
of the company. The head office of the company is located in
Mumbai.

CIPL reported  a profit after tax (PAT) of INR 0.5 million on net
sales of INR181.6 million for 2012-13 (refers to financial year,
April 1 to March 31); the company reported a PAT of INR1.9 million
on net sales of INR162.8 million for 2011-12.


D V S STEELS: CRISIL Lowers Rating on INR150MM Loans to 'B+'
------------------------------------------------------------
CRISIL has downgraded the rating of D V S Steels and Alloys Pvt.
Ltd. (DVS) to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Buyer Credit Limit     90        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Cash Credit            50        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

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

The rating downgrade reflects the weakening of the business and
financial risk profile of DVS reflected in significantly lower
than expected topline and stretch in the working capital
requirements leading to worsening of its debt protection metrics.
The company's manufacturing unit was closed down in 2013-14 and,
as a result, the top line of the company is estimated to have
declined to around INR330 million in 2013-14 as compared to
INR1.18 billion in 2012-13. The company has been only into trading
of iron and steel scrap, ingots and bars since then. Due to
trading nature of business, the margins of the company are
expected to remain low and in the range of 1 to 1.5% in the medium
term.

The downgrade also underscores a stretch in the working capital
requirements of the company reflected in estimated GCA days of
around 170 days as on March 31, 2014 as compared to 71 days a year
earlier due to worsening of its debtor days. The debtor days are
estimated to remain  at   around 165 days as on March 31, 2014
which have increased from 41 days as on March 31, 2013 which was
due to delay in realization from few customers. Significantly
lower-than-expected top line in 2013-14 has resulted in a decline
in the operating income which has led to a deterioration of its
debt protection metrics as reflected in its weak interest coverage
ratio which is estimated to remain below 1 time in 2013-14 as
compared to 1.06 times in 2012-13.

CRISIL's rating on the bank loan facilities of DVS continues to
reflect the extensive experience of DVS's promoters in steel
ingots industry, and its established customer and supplier
relationships. These rating strengths are partially offset by DVS'
weak financial risk profile, marked by a small net worth, moderate
gearing, and weak debt protection metrics, and its small scale of
operations in highly fragmented steel trading industry.

Outlook: Stable

CRISIL believes that DVS will continue to benefit from the
extensive experience of its promoters in the steel ingots
industry. The outlook may be revised to 'Positive' if the
company's financial risk profile improves significantly, most
likely because of substantial equity infusion by the promoters or
if there is substantial and sustained improvement in the company's
revenues and profitability margins from the current levels.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected revenues and profitability or a significant
deterioration in the capital structure on account of larger-than-
expected working capital requirements.

DVS, a New Delhi based company, was incorporated in 2004 by Mr.
Ankur Kumar Agarwal and his brother Mr. Shilpi Kumar Agarwal. The
company was engaged in manufacturing and sales of mild steel (M.S)
ingots used primarily in manufacturing of M.S. Bars. The company
commenced trading of sales of iron and steel scrap from 2011-12
onwards. The company's manufacturing unit at Ghaziabad, Uttar
Pradesh was shut in 2013-14.


LEKH RAJ: CRISIL Lowers Rating on INR389.9MM Loans to 'B+'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Lekh Raj Narinder Kumar (LNK, a part of the LNK group) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         20        CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Packing Credit      1,030        CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Inventory Funding     279.9      CRISIL B+/Stable (Downgraded
   Facility                         from 'CRISIL BB-/Stable')


   Packing Credit         20        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Term Loan              90        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The rating downgrade reflects weakening of the LNK group's
financial risk profile because of capital withdrawals by three
outgoing partners which exceeded the infusion of capital by two
new partners. Debt-funded capital expenditure of INR90 million
(Rs.60 million debt) coupled with the above-mentioned withdrawals
is expected to lead to deterioration in gearing to 6 to 8 times
over the medium term as against 4 to 5 times previously.

The rating downgrade also factors in the group's stretched
liquidity profile, on account of large working capital
requirement, low profitability, and continuous capital withdrawal
by the promoters. These rating weaknesses are partially offset by
the promoters' extensive industry experience and healthy growth
aspects of the basmati rice industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of LNK and L R. International (LRI),
together referred to as the LNK group. This is because LRI is
managed by the same promoters and undertakes jobwork exclusively
for LNK.

Outlook: Stable

CRISIL believes that the LNK group will continue to benefit over
the medium term from its promoters' industry experience. CRISIL,
however, also believes that the group's financial risk profile
will remain constrained by its weak capital structure and high
working capital intensity. The outlook may be revised to
'Positive' if the LNK group registers significant improvement in
its capital structure, most likely driven by fresh equity infusion
by its promoters or by higher profitability. Conversely, the
outlook may be revised to 'Negative' if the group's financial risk
profile deteriorates, most likely because of a decline in its
operating margin, continuous capital withdrawal, or deterioration
in its liquidity as a result of lengthening of its working capital
cycle.

LNK is involved in milling, sorting, and grading basmati rice. The
firm's processing unit, located in Kaithal (Haryana), has capacity
of 16 tonnes per hour. LNK exports around 85 per cent of its
produce to the Middle East and sells the rest in the domestic
market. In India, the firm sells rice under the JB brand.

LRI undertakes jobwork exclusively for LNK.

The LNK group reported, on a provisional basis, a profit after tax
(PAT) of INR46.1 million on net sales of INR4.2 billion for 2013-
14 (refers to financial year, April 1 to March 31); it reported a
PAT of INR35.4 million on net sales of INR3.2 billion for 2012-13.


M. ILAIAH: CRISIL Reaffirms 'C' Rating on INR50MM Loan
------------------------------------------------------
CRISIL's ratings on the bank facilities of M. Ilaiah and Company
(MIAC) continues to reflect MIAC's weak liquidity position as
reflected from its near full utilisation of its bank limits along
with several instances of overutilization.

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

The ratings also factor the modest scale of operations in a highly
fragmented industry and working capital intensive operations.
These rating weaknesses are partially offset by the extensive
experience of the partner of MIAC's in the construction industry.

M. Ilaiah & co' (MIAC) was incorporated in as a proprietorship
firm in 1995 and was converted into a partnership firm in 2008.
The firm is engaged in the business of civil construction of
building works for Tribal welfare department, Government of Andhra
Pradesh (TWD), A.P. Health and medical housing& infrastructure
development corporation (APHMHIDC) and Andhra Pradesh Muncipal
Development Project (APMDP). The firm primarily carries out its
work in Andhra Pradesh for Government and Quasi government
agencies.


OVERSEAS LEATHER: CRISIL Reaffirms 'B' Rating on INR24.3MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Overseas Leather Goods
Co Pvt Ltd continue to reflect OLG's large working capital
requirements and low profitability, leading to a below-average
financial risk profile, marked by a small net worth, high gearing,
and weak debt protection metrics.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            --------    -------
   Foreign Bill Purchase   18.4      CRISIL B/Stable (Reaffirmed)
   Packing Credit          89.6      CRISIL A4 (Reaffirmed)
   Term Loan                5.9      CRISIL B/Stable (Reaffirmed)

The ratings also factor in the company's modest scale of
operations in the intensely competitive leather industry, and
geographic concentration in its revenue profile. These rating
weaknesses are partially offset by the extensive experience of
OLG's promoter in manufacturing leather fashion accessories, and
its established relationships with customers.

Outlook: Stable

CRISIL believes that OLG will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
improves its scale of operations and profitability, leading to
better-than-expected cash accruals, or betters its working capital
management, resulting in lower dependence on bank borrowings.
Conversely, the outlook may be revised to 'Negative' if OLG's
financial risk profile, particularly in its liquidity,
deteriorates, most likely because of lower-than-expected
profitability or substantial debt-funded working capital
requirements or capital expenditure.

OLG was set up by Mr. Anup Chattopadhyaya in 1986. It mainly
manufactures and exports leather fashion accessories. It has its
fabrication unit at Kolkata (West Bengal). The company also
manufactures industrial safety products.

OLG's profit after tax (PAT) and net sales are estimated at INR3.7
million and INR212.7 million, respectively, for 2013-14 (refers to
financial year, April 1 to March 31); it had reported a PAT of
INR2.6 million on net sales of INR171.7 million for 2012-13.


PROPACK INDUSTRIES: CRISIL Cuts Rating on INR170MM Loans to 'B-'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Propack Industries (Kunal Industries Pvt. Ltd. ) (Propack) to
'CRISIL B-/Stable' from 'CRISIL B/Stable', while reaffirming its
rating on the company's short-term facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee          3        CRISIL A4 (Reaffirmed)

   Letter of Credit       27.5      CRISIL A4 (Reaffirmed)

   Term Loan             100        CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Cash Credit            70        CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that Propack's
financial risk profile will remain under pressure over the medium
term. The company had increased its manufacturing capacities
during 2011-12 (refers to financial year, April 1 to March 31);
however, it has not been able to scale up its operations as
expected, resulting in negative accruals during 2012-13. With
range-bound sales and low profitability, its accruals are expected
to remain low and insufficient for meeting its debt obligations.
However, the promoters are expected to support the company's
funding requirements. Due to expected losses, and thus erosion of
net worth, the gearing is expected to remain high at 4 to 5 times
over the medium term, constraining its financial risk profile.
CRISIL believes that Propack's liquidity will remain stretched
over the medium term, with suppressed accruals against debt
obligations.

The ratings reflect Propack's weak financial risk profile, marked
by weak debt protection metrics and high gearing, and its exposure
to risks related to the highly fragmented and price-competitive
packaging industry. These rating weaknesses are partially offset
by the company's established relationships with customers.

Outlook: Stable

CRISIL believes that Propack will continue to benefit over the
medium term from its established relationships with customers. The
outlook may be revised to 'Positive' if the firm registers more-
than-expected improvement in its sales and profitability, and
hence generates higher accruals from operations. Conversely, the
outlook may be revised to 'Negative' if Propack's liquidity
deteriorates further on account of lower profitability or stretch
in its working capital cycle, leading to increase in dependence on
external debt.

Propack (formerly, Kunal Plastics Pvt Ltd [KPPL]), was set up as a
partnership firm in 1970 by the late Mr. Thakorebhai Vashi; after
the retirement of its partners, the business was acquired by KPPL,
which was established by the Vashi family. Propack manufactures
flexible packaging material at its facility at Daman.

Propack reported a net loss of INR29.1 million on sales of
INR416.2 million for 2012-13, against a profit after tax of INR5.7
million on sales of INR421.9 million for 2011-12.


PUNJAB LIGHTING: CRISIL Reaffirms 'B+' Rating on INR123MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Punjab Lighting
Industries Ltd continue to reflect PLI's small scale of
operations, customer concentration in its revenue profile, and
weak financial risk profile, marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
the company's established customer and supplier relationships.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         50        CRISIL A4 (Reaffirmed)
   Cash Credit           120        CRISIL B+/Stable (Reaffirmed)
   Term Loan               3        CRISIL B+/Stable (Reaffirmed)

CRISIL had downgraded its ratings on the bank facilities of Punjab
Lighting Industries Ltd (PLI) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'on April 30, 2014.

Outlook: Stable

CRISIL believes that PLI will continue to benefit over the medium
term from its established relationships with customers and
suppliers. The outlook may be revised to 'Positive' if the
company's capital structure improves, or it generates larger-than-
expected cash accruals while improving its working capital
management. Conversely, the outlook may be revised to 'Negative'
if PLI's operating margin declines further, or if its financial
risk profile deteriorates, most likely due to a stretch in its
working capital cycle or substantial debt-funded capex.

Incorporated in 1992, PLI is promoted by the Mohali (Punjab)-based
Mr. Vinay Gupta and his family. The company manufactures lead-in
wires (electrodes) and caps used in lamps, bright annealed wires,
and various ferrous/non-ferrous alloy-plated wires used in
electrical items.

PLI reported a net profit of INR1.5 million on net sales of
INR436.7 million for 2012-13, against a net profit of INR1.9
million on net sales of INR338 million for 2011-12.


PURE MILK: CRISIL Downgrades Rating on INR470MM Loans to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Pure
Milk Products Pvt Ltd (PMPL) to 'CRISIL B/Negative' from 'CRISIL
B+/Negative'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           380        CRISIL B/Negative (Downgraded
                                    from 'CRISIL B+/Negative')

   Term Loan              90        CRISIL B/Negative (Downgraded
                                    from 'CRISIL B+/Negative')

The downgrade reflects CRISIL's belief that the business profile
of PMPL will be significantly weak over the near term. This is due
to irregular and weak milk supply, rising procurement prices, and
stretched receivables. This is expected to keep the financial risk
profile, particularly its liquidity, at weaker than previously
envisaged levels over the near term. The company's turnover
declined by nearly 12 per cent to INR2.2 billion in 2013-14
(refers to financial year, April 1 to March 31) from INR2.5
billion in 2012-13 and the company is likely to book net losses of
INR70 million in 2013-14 against profit after tax (PAT) of INR35
million in 2012-13. Large debt levels and constrained
profitability is expected to keep PMPL's debt servicing ability at
low levels over the medium term. Also, the company's debtor
position needs to stabilise to avoid any further pressure on
working capital management. The large repayment obligations,
commencing from January 2016 will also lead to pressure on
liquidity.

The rating reflects CRISIL's belief that PMPL's financial risk
profile will remain below average over the medium term, marked by
weak liquidity and debt protection metrics and high gearing. The
ratings also factor in the weak profitability and increasing
working capital requirements due to intense competition. The
rating weakness is partially offset by the extensive experience of
PMPL's promoters in processing milk and manufacturing milk
products, and the company's entry into high-yielding value-added
products such as butter milk, curd, lassi, and paneer.

Outlook: Negative

CRISIL expects PMPL's debt servicing ability to remain weak over
the medium term on account of weak profitability. The rating may
be downgraded if PMPL's liquidity deteriorates sharply because of
lower-than-expected profitability or further stretch in
receivables. Conversely, the outlook may be revised to 'Stable' if
PMPL's liquidity improves supported by more-than expected
improvement in scale of operations and cash accruals, and improved
working capital management.

PMPL was established in 1989 as a partnership firm, and was
reconstituted as a private limited company. It was acquired by its
current management, Mr. Charanjit Singh and his wife, in 1993.
PMPL processes milk at its plant in Ludhiana (Punjab), which has
capacity of 0.4 million litres per day.


S P SORTEX: CRISIL Reaffirms 'B' Rating on INR98.7MM Loans
----------------------------------------------------------
CRISIL's ratings on the bank facilities of S P Sortex Rice Exports
India Pvt Ltd continue to reflect its high gearing on account of
its large working capital requirements, small scale of operations,
and susceptibility to raw material price volatility and
fragmentation in the rice milling industry. These rating
weaknesses are partially offset by the promoters' extensive
industry experience.

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

   Proposed Long Term
   Bank Loan Facility     15.8      CRISIL B/Stable (Reaffirmed)

   Term Loan              32.9      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SPSR's financial risk profile will remain
weak over the medium term on account of its working capital
intensive operations. The outlook may be revised to 'Positive' in
case of significant improvement in its capital structure, driven
by more-than-expected cash accruals. Conversely, the outlook may
be revised to 'Negative' in case of less-than-expected revenue and
cash accruals, leading to deterioration in its financial risk
profile.

SPSR was set up in 2010, promoted by the Aggarwal family of
Allahabad, Uttar Pradesh. The company processes non-basmati rice
(parimal variety) with milling capacity of 8 tonnes per hour. The
company's plant was commissioned in January 2011.


SELF STORE: CRISIL Lowers Rating on INR103MM Loans to 'B+'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Self Store (part of the PSB group) to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           100        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term      3        CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

The rating downgrade reflects the deterioration in the PSB group's
financial flexibility, driven by regular capital withdrawals by
its partners. During 2012-13 (refers to financial year, April 1 to
March 31), the partners withdrew INR17.5 million, which led to a
decline in its net worth to INR79.7 million as on March 31, 2013,
from INR89.8 million a year earlier. As a result, the group's
gearing increased to 2.87 times from 1.92 times in 2011-12. The
gearing is expected to remain high at around 2.5 times as on March
31, 2014 due to low accruals. Furthermore, the PSB group has
highly working-capital-intensive operations, leading to fully
utilised bank limits and thus to further pressure on its
liquidity. The bank limits of PSB group remain utilised at around
99.5 per cent in past twelve months ending January, 2014. The PSB
group's business risk profile remains supported by a moderate
topline growth to INR1126 million for 2012-13 as against INR1037
million for the previous year, and an improved operating
profitability margin of 4.6 per cent against 3.8 per cent, over
this period. CRISIL believes that the PSB group's financial risk
profile will remain constrained over the medium term due to the
partnership nature of its business, which allows the partners to
withdraw capital.

The rating reflects the PSB group's modest scale of operations in
the fragmented and competitive textile industry, its below-average
financial risk profile, marked by high gearing, weak debt
protection metrics, and its working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
experience of the group's promoters in the textile business, its
established customer relationships, and its diversified revenue
profile.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of PSBMC and Self Store. This is because
the two entities, together referred to as the PSB group, are in
the same line of business, have common ownership, and are expected
to support each other in a financial exigency. At an operational
level, the entities share a common infrastructure with common
procurement, finance, and management teams.

Outlook: Stable

CRISIL believes that the PSB group will continue to benefit over
the medium term from its established relationships with customers
and the backward integrated nature of its operations. The outlook
may be revised to 'Positive' if the group increases its scale of
operations while improving its profitability margins and capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the PSB group's financial risk profile,
most likely due to higher-than-expected debt-funded capital
expenditure, increase in working capital requirements or capital
withdrawal by the partners.

Set up in 2007 by Mr. Pritpal Singh and his son Mr. Parminder
Singh, PSBMC manufactures and exports a range of sportswear. Self
Store, set up in 2005, is also engaged in the manufacture and
marketing of sportswear, but is focused on sales in the domestic
market. The group's manufacturing facilities are in Ludhiana
(Punjab).

The PSB group reported a profit after tax (PAT) of INR7.0 million
on an operating income of INR1126.2 million for 2012-13, against a
PAT of INR10.6 million on an operating income of INR1037.0 million
for 2011-12.


UJJWAL AUTOWHEELS: CRISIL Reaffirms 'B+' Rating on INR55MM Loan
---------------------------------------------------------------
CRISIL's rating on bank facilities of Ujjwal Autowheels Pvt Ltd
continues to reflect UAPL's exposure to intense competition in the
automobile dealership industry, slender profitability margins, and
moderate financial risk profile, marked by a modest net worth and
a highly geared capital structure. These rating weaknesses are
partially offset by the promoters' extensive experience in the
automobile dealership segment.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            55        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that UAPL will continue to benefit over the medium
term from its promoters' extensive experience in the automobile
dealership segment. The outlook may be revised to 'Positive' if
the company reports significant growth in its revenue and
profitability, while improving its capital structure and debt
protection metrics. The outlook may be revised to 'Negative' in
case of a decline in revenue growth or further deterioration in
capital structure, weakening its financial risk profile.

Update
In 2013-14 (refers to financial year, April 1 to March 31), UAPL
is expected to have registered sales of around 760 million, year-
on-year growth of around 13 per cent, as the company offered
attractive discounts to increase volume of vehicles sold. The
additional discounts led to a decline in operating margin by 160
basis points to 1.4 per cent in 2013-14. The operating margin is
expected to correct when the higher number of vehicles that the
company has locked in through sales in 2013-14 return to UAPL for
the more profitable services and spares business over the medium
term.

UAPL's financial risk profile remains weak with a total outside
liabilities to tangible net worth (TOLTNW) ratio of 6.3 times as
on March 31, 2013, which is expected to remain in the range of 5.5
to 6.0 times over the medium term.

UAPL's liquidity remains stretched on account of low accruals,
large working capital requirements, and high bank limit
utilisation. In 2013-14, UAPL generated estimated net cash
accruals at INR5 million against working capital requirement of
about INR10 million. The balance funding was done by incremental
borrowing against cash credit facility which resulted in high
utilisation of bank limits at 90 per cent on average for the 12
months through March 2014. A tighter leash on the working capital
cycle coupled with improvement in cash generation from business
will remain crucial for improvement in liquidity over the medium
term.

UAPL reported a profit after tax (PAT) of INR2 million on an
operating income of INR681 million for 2012-13, as against a PAT
of INR5 million on an operating income of INR538 million for 2011-
12.

UAPL, established in 2006 by the Nashik based Choudhary family, is
an authorised dealer of HMIL (rated 'CRISIL A1+'). The company
also deals in spare parts, car accessories, and provides car
servicing facilities.


UP ASBESTOS: CRISIL Lowers Rating on INR672MM Loans to 'B+'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of UP
Asbestos Ltd (UPAL) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         8         CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Buyer Credit Limit   100         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Cash Credit          320         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Term Loan            252         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

The rating downgrade reflects CRISIL's belief that UPAL's
profitability and cash accruals for 2013-14 (refers to financial
year, April 1 to March 31) will be significantly lower than the
previous expectation, driven by weak demand for the company's
product and higher cost of imported raw material. For 2013-14,
UPAL's revenue is estimated to have declined by around 30 per cent
over 2012-13, and operating margin is estimated to have dropped to
around 4 per cent (from around 9 per cent for 2012-13). Reduced
buying power of UPAL's rural consumers (the primary customer
segment for the company's asbestos cement [AC] roofing products),
and prolonged monsoon in 2013-14 (negatively affecting
construction activity) resulted in reduced demand. Given that
asbestos fibre (the key raw material for AC roofing products) is
entirely imported, depreciation in the Indian rupee, combined with
inadequate coverage of additional overheads, led to decline in
UPAL's profitability. Furthermore, UPAL's financial risk profile
has weakened, marked by high gearing and weak debt protection
metrics. The company's gearing is estimated at over 2.0 times as
on March 31, 2014. Its interest coverage ratio is estimated below
1.0 times on account of low profitability and high debt level.
Moreover, the company's liquidity is weak marked by cash losses
against debt obligations of INR51 million in 2013-14, stretched
creditors, and almost full bank limit utilisation.

The ratings reflect UPAL's weak financial risk profile marked by
high gearing and weak debt protection metrics, and its
vulnerability to volatility in raw material prices and to intense
competition in the AC sheets industry. These rating weaknesses are
partially offset by UPAL's comfortable market share in the AC
sheets industry, supported by its wide marketing network. The
ratings also factor in the benefits that the company derives from
its promoters' industry experience.

Outlook: Stable

CRISIL believes that though the recovery in UPAL's revenue and
profitability will be slow, the company will benefit over the
medium term from release of pent-up demand for its products, its
established marketing network, and its experienced promoters. The
outlook may be revised to 'Positive' if the company achieves more-
than-expected increase in operating income and operating profit
margin, or benefits from significant equity infusion by its
promoters, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if UPAL
experiences continued demand pressure, leading to lower-than-
expected accruals, or if there is significant increase in debt,
leading to deterioration in its financial risk profile,
particularly its liquidity.

UPAL, incorporated in 1974, manufactures AC sheets. Its management
team is headed by Mr. Amitabh Tayal, who has been associated with
the company since 1983; Mr. Tayal gained management control over
UPAL in 1994 after buying it out from the Times of India group.
UPAL has four manufacturing facilities in Lucknow and Dadri (both
in Uttar Pradesh). It has capacity to manufacture 180,000 tonnes
of AC sheets per annum.



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


SONY CORP: To Hire Ex-U.S. Ambassador Roos as Outside Director
--------------------------------------------------------------
The Japan Times reports that Sony Corp. said it will appoint
former U.S. Ambassador to Japan John Roos and Kazuo Matsunaga,
former vice minister of economy, trade and industry, as outside
board directors.

It will be the first time the company has appointed outside board
members with such rich political and bureaucratic backgrounds, the
report notes.

Messrs. Roos and Matsunaga will take the posts after receiving
approval at Sony's general shareholders' meeting on June 19.

Mr. Roos, 59, was U.S. ambassador to Japan for four years starting
in August 2009. He oversaw Operation Tomodachi, the relief mission
carried out by U.S. forces in Tohoku after the March 2011
disasters, the report discloses.

Sony expects Mr. Roos to contribute in the field of law, since he
has rich experience as a lawyer, a company spokesman said, the
report relays.

Japan Times notes that Mr. Matsunaga, 62, was a vice minister when
the 2011 earthquake and tsunami struck but was removed in August
the same year for failing to contain the meltdowns at Tokyo
Electric Power Co.'s Fukushima No. 1 nuclear plant.

Sony hopes to benefit from Matsunaga's global experience, the
spokesman, as cited by Japan Times, said.

Based in Japan, Sony Corporation -- http://www.sony.net/--engages
in the operation of imaging products and solution (IP&S), game,
mobile products and communication (MP&C), home entertainment and
sound (HE&S), device, movie, music, financial and other business.
The IP&S segment provides digital imaging products and
professional solutions.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 29, 2014, Moody's Japan K.K. has downgraded the Issuer Rating
and the long-term senior unsecured bond rating of Sony Corporation
to Ba1 from Baa3. The ratings outlook is stable.
At the same time, Moody's has downgraded the short-term rating of
its supported subsidiary, Sony Global Treasury Services Plc, to
Not Prime from Prime-3.


SONY CORP: Won't Pay Bonuses to Execs For the Third Straight Year
-----------------------------------------------------------------
Kyoko Hasegawa at Japan Today reports that Sony Corp. said it will
not pay bonuses to senior executives for the third straight year
as it braces for another disastrous earnings showing.

The move means that company president Kazuo Hirai will not have
received any bonuses since he became chief executive officer in
2012, a Sony spokeswoman said, the report relates.

Several top executives will follow suit, while dozens of other
senior officials including those in charge of the troubled
electronics divisions -- are expected to be left out of the bonus
round for the second straight year, she said, Japan Today relays.

"Our top management proposed to return their bonuses and that was
accepted in the company's compensation committee as appropriate,"
Japan Today quotes the spokeswoman as saying.

Japanese reports said bonuses typically make up between 35 and 50%
of an executive's remuneration, with the Nikkei business daily
saying the total value of the bonuses that will not be paid this
year could be up to one billion yen, the news agency discloses.

According to Japan Today, the comments came a day before the firm
is due to announce its full-year earnings report.

Sony said earlier this month it would report a bigger than
expected annual loss, blaming costs tied to its exit from the
personal computer business, as the once-mighty company undergoes
painful reforms, the report recalls.

The report says Mr. Hirai has led a sweeping restructuring,
including plans to cut 5,000 jobs and asset liquidisation that saw
the $1 billion sale of Sony's Manhattan headquarters.

But he has repeatedly shrugged off pleas to abandon the ailing
television unit, which he insists remains central to Sony's core
business.

Earlier this month, Sony said it expected to book a 130 billion
yen net loss in the fiscal year to March, while it slashed its
operating earnings outlook.

The figure is worse than a 110 billion yen net loss forecast just
three months ago, when it said it would cut 5,000 jobs in its
struggling computer and television units.

Based in Japan, Sony Corporation -- http://www.sony.net/--engages
in the operation of imaging products and solution (IP&S), game,
mobile products and communication (MP&C), home entertainment and
sound (HE&S), device, movie, music, financial and other business.
The IP&S segment provides digital imaging products and
professional solutions.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 29, 2014, Moody's Japan K.K. has downgraded the Issuer Rating
and the long-term senior unsecured bond rating of Sony Corporation
to Ba1 from Baa3. The ratings outlook is stable.
At the same time, Moody's has downgraded the short-term rating of
its supported subsidiary, Sony Global Treasury Services Plc, to
Not Prime from Prime-3.



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


AUGUSTA CAPITAL: Obtains Waiver On Debt Covenant Breach
-------------------------------------------------------
BusinessDesk reports that Augusta Capital, which spent
NZ$15.4 million in cash and scrip on acquisitions, reported a
7 percent fall in annual earnings as tax assets reduced its bill a
year earlier, and got a waiver by its bank after breaching its
debt covenants to fund its recent purchases.

The Auckland-based company said distributable earnings, the firm's
favoured measure as it strips out property portfolio revaluations
and one-off transactions, fell to NZ$4.63 million in the 12 months
ended March 31 from NZ$4.99 million a year earlier.  Net profit
plunged 63 percent to NZ$1.99 million due to a reduction in the
value of the firm's portfolio.

BusinessDesk notes that Augusta was granted a one-year waiver
after breaching a loan-to-value ratio covenant by lender ASB Bank,
and anticipates the NZ$20.85 million sale of a property to a
syndicate will reduce its borrowing ratio. As at March 31, the
firm had borrowings of NZ$57.9 million at a ratio of 46.6 percent
to gross assets, up from NZ$38 million at a ratio of 36.4 percent
a year earlier.

In March, the company bought property investors KCL Property and
Investment Property Titles for a combined NZ$15.4 million in cash
and scrip, giving it about 170 properties to manage, with some
NZ$1.2 billion in funds under management.

"While the result for the year reflects the consequence of a loss
of a key tenant and the costs of the new business acquisition, the
outlook for the company is positive and the focus for this coming
year will be to successfully complete the new business integration
and successfully lease the vacant space that has driven valuation
reductions in 2014," it said.

The board declared a final dividend of 1 cent per share, payable
on May 23, taking the total return to 4 cents in the year.



=====================
P H I L I P P I N E S
=====================


CAVITE RURAL: Placed Under PDIC Receivership
--------------------------------------------
The Monetary Board (MB) placed the Cavite Rural Banking
Corporation under the receivership of the Philippine Deposit
Insurance Corporation (PDIC) by virtue of MB Resolution No. 706.A
dated May 9, 2014. As Receiver, PDIC took over the bank on the
same day.

Cavite Rural Banking Corporation is a four-unit rural bank with
Head Office located at M.H. del Pilar St. corner Kiamzon St.,
Silang, Cavite. It has two branches located in Amadeo and one
branch in Silang, all in Cavite. Latest available records show
that as of Dec. 31, 2013, Cavite Rural Banking Corporation had
1,452 accounts with total deposit liabilities of
PHP71.52 million. A total of 1,445 deposit accounts or 99.52% of
the accounts have balances of PHP500,000 or less and are fully
covered by deposit insurance. Total insured deposits amounted to
P69.06 million or 96.56% of the total deposits.

PDIC said that upon takeover, all bank records shall be gathered,
verified and validated. The state deposit insurer assured
depositors that all valid deposits shall be paid up to the maximum
deposit insurance coverage of PHP500,000.00.

The PDIC also announced that it will conduct Depositors-Borrowers
Forums on May 15, 2014 to inform depositors of the requirements
and procedures for filing deposit insurance claims. Claim forms
will be distributed during the Forum. The schedules and venues of
the Forums will be posted on the bank premises and in the PDIC
website, www.pdic.gov.ph. The claim forms and the requirements and
procedures for filing are likewise available for downloading from
the PDIC website.

Depositors may update their addresses with the PDIC
representatives at the bank premises or during the Forums using
the Mailing Address Update Forms to be furnished by PDIC
representatives. Duly accomplished Mailing Address Update Forms
should be submitted to PDIC representatives accompanied by a
photo-bearing ID with signature of the depositor. Depositors may
update their addresses until May 16, 2014.

Depositors with valid deposit accounts with balances of
PHP50,000.00 and below need not file deposit insurance claims. But
depositors who have outstanding obligations with Cavite Rural
Banking Corporation including co-makers of the obligations, and
have incomplete and/or have not updated their addresses with the
bank, regardless of amount, should file deposit insurance claims.

For depositors that do not need to file deposit insurance claims,
PDIC will start sending payments by mail to their addresses based
on bank records by the third week of May.

For depositors that are required to file deposit insurance claims,
the PDIC will start claims settlement operations for these
accounts on or before the fourth week of May. The schedule of the
claims settlement operations will be announced through notices to
be posted in the bank premises and other public places as well as
through the PDIC website, www.pdic.gov.ph.

According to the latest Bank Information Sheet (BIS) as of
December 31, 2013 filed by Cavite Rural Banking Corporation with
the PDIC, the bank is owned by the Estate of Andamo-Villanueva
Inc. (40.62%), Elisa M. Andamo (20.27%), Emilio V. Andamo
(15.02%), Emmanuel M. Andamo III (15.02%) and Abelardo V. Andamo
(9.07%). Its Chairman is Emmanuel R. Andamo and its President is
Emilio V. Andamo.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***