TCRAP_Public/140519.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

             Monday, May 19, 2014, Vol. 17, No. 97


                            Headlines


A U S T R A L I A

ABERCROMBIE HOTEL: Nicols + Brien Appointed as Administrator
CHRION TRANSPORT: Placed in Administration
DIRECT RUGS: Mackay Goodwin Appointed as Administrator
EMECO HOLDINGS: Moody's Changes Outlook on B1 CFR to Negative
NEILSON BUILDERS: Enters Into Liquidation; Owes AUD2.5MM

SSL CARE: In Administration; First Meeting Set For May 26
TDT TRAINING: PPB Advisory Appointed as Administrator


C H I N A

CENTRAL CHINA: Moody's Rates Proposed SG Dollar Bonds 'Ba3'
SOHO CHINA: CFO Resignation No Impact on Ba1 Corp. Family Rating


I N D I A

ARMSTRONG KNITTING: CRISIL Reaffirms 'C' Rating on INR41.9M Loans
AUROMATRIX HOTELS: CARE Assigns 'D' Rating to INR23.29cr Loans
BABA MALLESHWAR: CRISIL Assigns 'D' Ratings to INR130MM Loans
BALARKA FABRICON: CARE Assigns 'B' Rating to INR7.69cr Bank Loan
CNS HOSPITAL: CARE Rates INR7.05cr Long Term Bank Loan at 'B+'

EMARK ENERGISERS: CRISIL Ups Rating on INR90MM Loans to 'B'
HCS FOODS: CRISIL Downgrades Rating on INR50MM Loan to 'B+'
JAYARAJ INT'L: CRISIL Reaffirms 'B+' Rating on INR40MM Loan
LORD KRISHNA: CRISIL Assigns 'D' Rating to INR170MM Loans
MAHALAKSHMI PLAAZA: CRISIL Cuts Rating on INR230MM Loan to 'D'

MAHANT OVERSEAS: CRISIL Reaffirms 'B+' Rating on INR295MM Loans
MAKKAR TEXTILE: CRISIL Raises Rating on INR201MM Loans to 'B'
MILLENNIUM AERO: CRISIL Puts 'B' Ratings on Notice of Withdrawal
MYNOR ENTERPRISES: CRISIL Rates INR16 Million Loan at 'B+'
PLASTO ELTRONICS: CRISIL Assigns 'B+' Rating to INR35.9MM Loans

PRECISION AUTOCASTINGS: CARE Rates INR8cr Bank Loan at 'B'
SACHIN FINECOT: CRISIL Reaffirms 'B+' Rating on INR99.4MM Loans
SARASWATI TIMBER: CARE Assigns 'B+' Rating to INR7.17cr Bank Loan
SHIVALIK SHULZ: CARE Assigns 'B+' Rating to INR5.75cr Bank Loan
SHREE SIDHBALI: CRISIL Ups Rating on INR316.5MM Loans to 'B'

SRI BALAJI: CRISIL Assigns 'B+' Rating to INR105MM Loans
SWASTIK COPPER: CRISIL Reaffirms 'B+' Rating on INR159.97MM Loan
TRITRONICS INDIA: CRISIL Assigns 'B' Rating to INR135MM Loans
VEDANTA RESOURCES: Fitch Puts 'BB+' LT IDR on Rating Watch Neg.


N E W  Z E A L A N D

BELGRAVE FINANCE: Legal Advisor Found Guilty of Fraud
VINE 2 WINE: Wind Up Petition to be Heard on May 27


S O U T H  K O R E A

CHONGHAEJIN MARINE: On Verge of Bankruptcy Following Disaster


                            - - - - -


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


ABERCROMBIE HOTEL: Nicols + Brien Appointed as Administrator
------------------------------------------------------------
Steven Nicols of Nicols + Brien was appointed as administrator of
Abercrombie Hotel Pty Ltd on May 13, 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 23,
2014, at 11:00 a.m.


CHRION TRANSPORT: Placed in Administration
------------------------------------------
Mathew Gollant -- mgollant@foremans.com.au -- and Timothy Holden -
- tholden@foremans.com.au -- of Foremans Business Services were
appointed as administrators of Chrion Transport Pty Ltd on
May 15, 2014.

A first meeting of the creditors of the Company will be held at
Foremans Business Services, Suite 8, 56 - 60 Bay Road, in
Sandringham, Victoria, on May 26, 2014, at 10:30 a.m.


DIRECT RUGS: Mackay Goodwin Appointed as Administrator
------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of Direct Rugs Pty Ltd on May 15, 2014.

A first meeting of the creditors of the Company will be held at
Mackay Goodwin, Suite 5, Level 5, 66 Hunter Street, in Sydney, on
May 26, 2014, 11:00 a.m.


EMECO HOLDINGS: Moody's Changes Outlook on B1 CFR to Negative
-------------------------------------------------------------
Moody's Investors Service has changed the outlook on the B1
corporate family rating (CFR) of Emeco Holdings Limited (Emeco) to
negative from stable. At the same time, Moody's has changed the
outlook to negative on the Ba3 rating of the USD335 million senior
secured notes due 2019 issued by Emeco Pty Ltd and the Ba1 rating
assigned to the AUD50 million 3-year senior secured revolving
credit facility. All ratings were affirmed.

Ratings Rationale

"The change in outlook to negative reflects the company's downward
revision to its earnings guidance for FY14. The lower EBITDA
guidance range represent around a 12% to 20% reduction from the
company's previous guidance range and is below our estimates when
the rating was initially assigned," says Saranga Ranasinghe, a
Moody's Analyst.

"The negative outlook also incorporates our view that there is
increased uncertainty around the company's ability to improve
EBITDA generation in FY15, which is a key underpinning to the
current ratings," says Ranasinghe. This is the second time that
Emeco has revised down its EBITDA guidance range in the last 3
months.

"The continuing volatility in activity levels has resulted in
utilization rates below our expectations for the current period,"
says Ranasinghe, adding "global utilization rates have fallen to
around 50% reversing a trend of improving rates achieved early in
the second half of FY14, when utilization had improved from around
the low 40% range to 54%." This reduction in utilization creates
added uncertainty around the company's ability to sustain global
rates above 55% post FY14, which is our expectation for the
current rating level.

Emeco has attributed the most recent reduction to its earnings
guidance to weather issues affecting it oil sands customers and an
unplanned outage at its largest customer's site in Canada. The
company also cited slower than expected contract wins in Australia
as contributing to the softer expectations in FY14.

"While we had previously expected Debt to EBITDA in FY14 to be
above our tolerance level for the rating of 4.25x, the continuing
volatility and the slower than expected contract wins have
increased uncertainty around Emeco's ability to meet our
expectation of reducing leverage to more commensurate levels for
the rating in FY15," says Ranasinghe. We now expect FY14 leverage
to be above 5.0x.

The ratings also reflect the company's geographic diversity and
its large high quality asset base. The ratings also continue to be
supported by the value of Emeco's assets and the company's proven
ability to dispose of assets to supplement cash flow in weaker
operating environments.

Moody's view Emeco's liquidity as being adequate. Moody's expect
the company to supplement its current cash on hand of about $40
million with further asset sales. As part of the operating update
the company also announced it has decided to exit the Indonesian
market, which should support liquidity by reducing operating costs
by about $3.5 million and allow for further asset sales to improve
liquidity.

The rating could be downgraded if Emeco's group utilization rates
do not improve above 55% and/or the company is unable to maintain
debt-to-EBITDA below 4.25x post FY14. The rating would also be
downgraded if Emeco is unable to maintain EBITDA/Interest above
2.5x.

However, the outlook could revert to stable if Emeco is able to
successfully tender for new contracts and maintain utilization
rates above 55%, and improve and sustain Debt/EBITDA comfortably
below 4.25x on a consistent basis.

The principal methodology used in these ratings was the Global
Equipment and Automobile Rental Industry published in December
2010.

Emeco is an Australian-based publically listed equipment rental
specialist with operations in Australia, Indonesia, Chile and
Canada.


NEILSON BUILDERS: Enters Into Liquidation; Owes AUD2.5MM
--------------------------------------------------------
Gippsland Times reports that Neilson Builders has gone into
liquidation, owing more than of AUD2.5 million.

Nineteen employees have lost their jobs, the report says.

At the time of its collapse, the company was in the process of
building 13 homes across Gippsland.

Mayfields Business Advisers director and insolvency specialist
Eddie Muscatt -- emuscat@mayfields.com.au -- was appointed to wind
up the troubled company on May 9, the report discloses.

According to the report, Mr. Muscatt said after an initial
assessment, money owed to a large number of local creditors was
expected to be in excess of AUD2.5 million.

While options other than liquidation had been considered,
Mr. Muscatt said there was "nothing to be gained" from appointing
an administrator, Gippsland Times relates.

He said while a last minute bail-out attempt had been pursued
through a third party investor, it did not eventuate, the report
adds.


SSL CARE: In Administration; First Meeting Set For May 26
---------------------------------------------------------
Peter Robert Vince -- pvince@vinceassociates.com.au -- and
Kylie Maree Wright -- kwright@vinceassociates.com.au -- of Vince &
Associates were appointed as administrators of SSL Care Pty Ltd on
May 15, 2014.

A first meeting of the creditors of the Company will be held at
Vince & Associates, 51 Robinson Street, in Dandenong, Victoria, on
May 26, 2014, at 11:00 a.m.


TDT TRAINING: PPB Advisory Appointed as Administrator
-----------------------------------------------------
Craig Crosbie -- ccrosbie@ppbadvisory.com -- of PPB Advisory was
appointed as administrator of of TDT Training Australia Pty Ltd on
May 14, 2014.

A first meeting of the creditors of the Company will be held at
The Institute of Chartered Accountants, Level 3, 600 Bourke
Street, in Melbourne, Victoria, on May 26, 2014, at 11:00 a.m.



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


CENTRAL CHINA: Moody's Rates Proposed SG Dollar Bonds 'Ba3'
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to Central
China Real Estate Ltd's (CCRE) proposed Singapore dollar bonds. At
the same time, Moody's has affirmed CCRE's Ba3 corporate family
rating.

The ratings outlook remains stable.

The proposed bond proceeds will be used to refinance existing debt
and for general corporate purposes.

Ratings Rationale

"Because CCRE's proposed SGD bonds will be used to refinance the
company's HKD687 million convertible bonds due on 31 August 2014,
the issuance will improve its debt maturity and liquidity
profile," says Jiming Zou, a Moody's Assistant Vice President and
Analyst.

"Also, its credit metrics will not be significantly impacted by
the SGD bond issuance," says Zou who is also the Lead Analyst for
CCRE.

Moody's points out that based on the full combination of the
company's joint ventures (JVs) and factoring in the minimum
payments to investors from its Bridge Trusts, CCRE's adjusted
EBITDA/interest expense is likely to stand at close to 2.3x over
the next 12-18 months versus 2.8x in 2013. In addition, the
company's combined revenue-to-debt ratio should range between 80%
and 85% in the same period versus 100% in 2013. Such levels will
continue to support its Ba3 ratings.

The full combination approach has considered CCRE's substantial
economic interests and effective control over its JVs' operations
and cash flow.

"However, CCRE's guarantees supporting debt at its JVs display
increased subordination risk for offshore bond holders," says Zou.

CCRE has provided guarantees through its China subsidiary,
covering RMB2.4 billion of loans at the JVs at end-2013. Its
adjusted priority debt-to-total assets -- including the guarantee
obligations to JV lenders -- stood at close to 14% at end-2013.
The additional guarantees given to secure the RMB1.9 billion new
loans taken out by the JVs in early 2014 has increased the
priority debt ratio, which could rise to 17% by end-2014.

Moody's expects CCRE to manage its onshore financing at its JVs
such that its adjusted priority debt-to-total assets should return
to 15% or below, a level which is consistent with its track
record. However, if the ratio exceeds 15% for an extended period,
Moody's will review the bond rating to factor in the increased
subordination risk.

CCRE has adequate liquidity on a fully combined basis. Moody's
estimates that the company's combined cash-to-short-term debt
ratio was at 2.4x at end-2013, which compares favorably against
its Ba3 industry peers.

CCRE's Ba3 corporate family rating reflects its leading market
position and long operating track record in Henan province.

At the same time, the company's corporate family rating is
constrained by its geographic concentration in Henan province. Its
approach in funding expansions through trust arrangements also
adds debt leverage and financial risk.

The stable outlook reflects Moody's expectation that: 1) CCRE can
generate sales growth in Henan's less speculative residential
market; 2) it can maintain adequate liquidity levels; and 3) CCRE
will adopt a disciplined approach to land acquisitions, against
the backdrop of a more challenging economic environment over the
next 12 -- 18 months.

Upward ratings pressure will be limited in the near term given the
increased debt level. Nevertheless, an upgrade could occur over
the medium term if CCRE: (1) consistently achieves its sales
targets; (2) demonstrates a track record of good financial
discipline by keeping its combined cash-to-short-term debt ratio
in excess of 2.0x and EBITDA/interest coverage consistently above
3.5x-4.0x on a sustainable basis; (3) broadens its geographic
coverage and offshore banking relationships.

However, the ratings could come under pressure for a downgrade if
CCRE: (1) experiences significant sales declines; (2) suffers a
material decline in profit margins; and/or (3) accelerates its
expansion such that its liquidity position deteriorates, and/or
its debt levels rise materially.

Specific indicators of a downgrade include: (1) a combined cash-
to-short-term debt ratio below 1.0x-1.5x; (2) an adjusted
EBITDA/interest below 2.0x- 2.5x; and/or (3) combined revenue-to-
debt declining to below 70%.

If the adjusted priority debt-to-total assets ratio -- including
adjustments for loan guarantees to JVs -- exceeds 15% for an
extended period, Moody's would consider notching down the rating
of the offshore debt.

The principal methodology used in these ratings was the Global
Homebuilding Industry published in March 2009.

Central China Real Estate Limited is a leading property developer
in China's Henan Province. Founded in 1992, it listed on the
Hong Kong Stock Exchange in June 2008.


SOHO CHINA: CFO Resignation No Impact on Ba1 Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service says that SOHO China Limited's Ba1
corporate family rating and the Ba1 senior unsecured debt rating
for its USD notes are not immediately affected by the resignation
of its chief financial officer (CFO).

The ratings outlook remains stable.

On 13 May, SOHO China announced that Ms. Sharon Tong, executive
director and CFO, had resigned from the company.

"Sharon Tong's resignation is unlikely to have a material negative
impact on the company's day-to-day operations because the existing
management team has a track record of managing the company through
past down-cycles," says Gerwin Ho, a Moody's Vice President and
Senior Analyst.

Moody's considers that the management team has demonstrated a
solid track record in managing the company's operations and
refinancing activities.

While the company has yet to announce a replacement for the CFO
position, its executive director and president Ms. Yan Yan will
serve as interim CFO.

Ms. Yan has been with SOHO China since 1996 and previously acted
as the company's COO and CFO. Her wide experience will support the
company's ongoing operations and financial management during the
interim period.

Moody's would revisit the situation if the company cannot find a
permanent CFO for a prolonged period or if there is any material
weakening in the company's financial management and liquidity.

SOHO China's Ba1 corporate family rating reflects its strengths in
developing and leasing iconic commercial properties in Beijing and
Shanghai's prime locations.

The company has also demonstrated strong capabilities in leasing
and managing commercial properties, as shown by the high occupancy
rates and premium rentals of its managed properties in Beijing and
Shanghai.

Given its focus on commercial properties, the company is less
exposed to regulatory risk as compared to other rated Chinese
developers, which operate predominantly in the residential sector.

SOHO China's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's: (1) business risk and competitive position
compared with others in the industry; (2) capital structure and
financial risk; (3) projected performance over the near to
intermediate term; and (4) management track record and tolerance
for risk.

Moody's compared these attributes against other issuers from both
within and outside SOHO China's core industry and believes that
SOHO China's ratings are comparable to those of other issuers with
similar credit risk.

SOHO China Limited, incorporated in March 2002 and listed on the
Hong Kong Stock Exchange in October 2007, develops and manages
commercial properties in Beijing and Shanghai's core business
districts.

As of 31 December 2013, it had 13 projects under development or
leasing, with an attributable gross floor area of 1.96 million
square meters, of which, 96% will be held for long-term
investment.



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


ARMSTRONG KNITTING: CRISIL Reaffirms 'C' Rating on INR41.9M Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Armstrong Knitting
Mills continue to reflect expected pressure on the firm's
liquidity if the contingent liability of INR119 million, arising
from losses on derivative transaction, crystallises. The firm also
has below-average financial risk profile marked by high gearing
and moderate net worth. These rating weaknesses are partially
offset by the promoter's extensive industry experience.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------              ---------     -------
   Bank Loan Facility        10.2       CRISIL C (Reaffirmed)
   Long Term Loan            31.7       CRISIL C (Reaffirmed)
   Bank Guarantee             2.5       CRISIL A4 (Reaffirmed)
   Foreign Bill Purchase    100.0       CRISIL A4 (Reaffirmed)
   Packing Credit           160         CRISIL A4 (Reaffirmed)
   Proposed Long Term

Update
AKM is expected to report revenues of around INR950 million in
2013-14 on account of steady demand from the European market. The
firm derives over 90 per cent of its revenues from European
countries with its top four customers contributing over 60 per
cent. The operating margins are expected to improve on account of
improved power conditions in Tamil nadu. CRISIL believes that
AKM's scale of operations will remain small on account of highly
competitive garment industry and geographical concentration of
customers.

The firm has below-average financial risk profile marked by a
moderate gearing, a moderate net worth, and weak debt protection
metrics. The firm's gearing is expected to be around 1.21 times as
on March 31, 2014 and is expected to remain at similar levels due
to working capital intensive operations and continuous capital
withdrawls. CRISIL believes that AKM's financial risk profile will
remain below average over the medium term, on account of the
firm's large working capital requirements.

Set up in 1971, AKM, based in Tirupur (Tamil Nadu), manufactures
knitted garments, predominantly for the export market.


AUROMATRIX HOTELS: CARE Assigns 'D' Rating to INR23.29cr Loans
--------------------------------------------------------------
CARE assigns 'CARE D' ratings to the bank facilities of Auromatrix
Hotels Private Limited.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long term Bank Facilities    16.99     CARE D Assigned
   Short term Bank Facilities    6.30     CARE D Assigned

Rating Rationale

The ratings assigned to the bank facilities of Auromatrix Hotels
Private Limited factor in the ongoing delays in debt servicing due
to the constrained liquidity position.

Auromatrix Hotels Private Limited, incorporated in 2002, primarily
operates as a technical, management and marketing consultant for
various hotel developers in India. AHPL is promoted by Mr M D
Kumaran Sitaraman, Chairman of Auromatrix group of companies,
along with his two brothers. Over the past decade, AHPL has been
involved in setting up and managing hotels for several individuals
and corporates. Currently, AHPL owns and operates two properties
under the 'Sparsa' brand at Thiruvannamalai and Kanyakumari
districts of Tamil Nadu.

As per the audited results for FY13 (refers to the period April 1
to March 31), AHPL generated a PAT of INR1.1 crore on a total
operating income of INR28.1 crore.


BABA MALLESHWAR: CRISIL Assigns 'D' Ratings to INR130MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Baba Malleshwar Rice Mill Pvt Ltd. The ratings
reflect the instances of delay by BMRM in servicing its debt.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              68        CRISIL D
   Cash Credit            60        CRISIL D
   Letter Of Guarantee     2        CRISIL D

BMRM's scale of operations is small. Also, the company is
susceptible to changes in government regulations and volatility in
input prices, and is exposed to project implementation risks.
However, it benefits from its promoters' extensive industry
experience.

BMRM processes paddy into rice and by-products such as broken
rice, rice bran, and husk. The company is promoted by Mr. Tapas
Kanti Roy and his family members.


BALARKA FABRICON: CARE Assigns 'B' Rating to INR7.69cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B'/'CARE A4' ratings to bank facilities of
Balarka Fabricon Private Limited.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long term Bank Facilities     7.69     CARE B Assigned
   Short term Bank Facilities    1.00     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Balarka Fabricon
Private Limited are primarily constrained by its short track
record, small scale of operations and weak financial risk profile.
The ratings are further constrained by the highly fragmented
nature of the industry characterized by intense competition from
the organized and unorganized players and susceptibility of its
margins to fluctuation in raw material prices.

The ratings, however, find support from the experienced promoters
of BAL and the growing scale of operations.

The ability of BAL to increase its scale of operations while
improving its profitability margins and capital structure shall be
the key rating sensitivities. Furthermore, efficiently managing
the working capital requirements shall also be a key rating
sensitivity.

Balarka Fabricon Private Limited was incorporated in 2009 by Mr
Surendra Kumar Gulati and Mr Lalit Kumar. The company is engaged
in the manufacturing of hoist and cranes, mild steel (MS)
structures and construction of preengineering buildings (PEB).
Besides this, the company does job work for galvanizing the steel
products. It undertakes turnkey projects in the fields of
construction, telecommunication and infrastructure. BAL has its
manufacturing facilities located in Bahadurgarh, Haryana. The raw
materials used in manufacturing of the products like iron/steel
sheet, bar, round, angle and pipe are procured by the company
domestically. The manufacturing processes of the company are ISO
9001:2008 certified.

During FY13 (refers to the period April 1 to March 31), BAL
reported a net profit of INR0.13 crore on a total operating
income of INR14.37 crore. As per the provisional results, BAL had
achieved turnover of INR19.50 crore during FY14.


CNS HOSPITAL: CARE Rates INR7.05cr Long Term Bank Loan at 'B+'
--------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of CNS
Hospital Private Limited.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Long term Bank Facilities   7.05      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of CNS Hospital Pvt Ltd
is primarily constrained by high project execution risk
considering the initial stage of implementation, risk associated
with the hiring and retention of skilled medical personnel,
stringent regulatory framework for the healthcare sectors in
India, capital intensive nature of operations and fragmented
nature of the industry leading to high competition.

The aforesaid constraints are partially offset by its qualified &
experienced promoters, wide range of healthcare service proposed
to be provided and location advantage in terms of favourable
government policies.

Going forward, CNS's ability to complete the project within the
envisaged time and cost parameters, establish a brand name for
itself amidst intense competition and ensure adequate occupancy
would be the key rating consideration.

CNS was incorporated in October 2013 by Dr Anuj Kumar Singh and Dr
Arika Madhav Singh of Patna, Bihar. The company is in the process
of setting up a 65-beded super multi-specialty hospital, which
will offer various in-patient and out-patient healthcare services
and will offer a wide range of healthcare services across various
branches viz Cardiology, E.N.T., Gastroenterology, Orthopaedics,
Nephrology, Radiology, Anaesthesiology, Neurology, etc. The
proposed hospital shall be spread over 8,242 sq ft and is located
at Patliputra, Bihar.

The total cost of the project has been envisaged at INR10.07
crore, which is proposed to be financed at a debt-equity of
2.27:1 (term loan from banks INR7 crore and equity contribution of
INR3.07 crore). The project is in the implementation stage with
the company having spent an aggregate amount of INR1.96 crore till
April 18, 2014 (entirely financed through equity) and the same is
likely to commence operation from October 2014.


EMARK ENERGISERS: CRISIL Ups Rating on INR90MM Loans to 'B'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Emark Energisers Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'.

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

   Proposed Long Term      6.7     CRISIL B/Stable (Upgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

   Term Loan              33.3     CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

The rating upgrade reflects the sustainable improvement in EEPL's
financial risk profile, particularly its liquidity, driven by
infusion of long-term funds of INR18 million by its promoters in
2013-14 (refers to financial year, April 1 to March 31) and a
shortened working capital cycle. The improvement in the company's
working capital management is reflected in the reduction in its
gross current assets to about 9 months as on March 31, 2014,
vis-a-vis over 12 months, a year earlier. With stabilisation of
its business operations, EEPL's cash accruals are expected to
double in 2014-15 over the previous year, ensuring sustainability
of its improved liquidity.

The rating reflects EEPL's weak financial risk profile, marked by
a small net worth, high gearing, and weak debt protection metrics.
The rating also factors in the company's small scale of operations
compared with large players in the automotive battery industry,
and the susceptibility of its margins to raw material price
fluctuations. These rating weaknesses are partially offset by the
extensive industry experience of EEPL's promoters and their
funding support.

Outlook: Stable

CRISIL believes that EEPL will continue to benefit over the medium
term from its promoters' extensive industry experience and the
funding support extended by them. The outlook may be revised to
'Positive' in case of a significant increase in the company's
scale of operations and profitability and further improvement in
its working capital cycle. Conversely, the outlook may be revised
to 'Negative' in case of deterioration in EEPL's liquidity, most
likely due to lower-than-expected cash accruals or unprecedented
stretch in its working capital cycle.

EEPL was incorporated in 2011 in Mumbai (Maharashtra), and
promoted by Mr. Mahesh Kumar Shah and his son, Mr. Ishan Mahesh
Shah. The company manufactures automotive and tubular batteries
used largely in the automotive industry.


HCS FOODS: CRISIL Downgrades Rating on INR50MM Loan to 'B+'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
HCS Foods Ltd to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

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

The rating downgrade reflects the expected deterioration in HCS's
financial risk profile due to increase in debt. The increase in
debt will be driven by the company's ongoing debt-funded capital
expenditure (capex) and higher working capital debt to meet its
large incremental working capital requirements. HCS is undertaking
a capex programme to set up an oil refinery and cattle feed unit.
The capex, estimated at INR330 million, is being funded through a
term loan of INR250 million and through capital infusion of INR80
million by the promoters.

Moreover, HCS is expected to have large incremental working
capital requirements with the expected increase in turnover
following the commencement of operations at its new unit. This
will lead to increase in working capital debt and hence to high
debt levels. Though the company currently has a moderate capital
structure, with gearing at around 0.8 times as on March 31, 2014,
the gearing is expected to deteriorate to more than 2.4 times over
the medium term. HCS's debt protection metrics are also currently
moderate, with interest coverage ratio at around 2.0 times for
2013-14 (refers to financial year, April 1 to
March 31); however, the ratio is expected to deteriorate to around
1.5 times over the medium term. CRISIL believes that FAPL's
business risk profile will also remain exposed to and constrained
over the medium term due to project implementation and offtake
risk.

CRISIL's rating continues to reflect HCS's promoters' experience
in the rice industry. These rating strengths are partially offset
by expected deterioration in its financial risk profile and large
working capital requirements.

Outlook: Stable

CRISIL believes that HCS will continue to benefit over the medium
term from its promoter's extensive industry experience; however,
its business risk profile will remain constrained over this period
by its exposure to risks related to its ongoing project. The
outlook may be revised to 'Positive' if the company implements its
project in a timely manner, and stabilises the installed
capacities with significant improvement in its scale of operations
and profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of any delay in the implementation of the project, leading to
deterioration in HCS's financial risk profile.

Incorporated in 2007, HCS is promoted and managed by Mr. Vijay
Sood. HCS manufactures crude rice bran oil at its facility located
at Machhiwara (Punjab) and is in the process of setting up a
refinery and catlle feed plant.

For 2012-13, HCS reported a profit after tax (PAT) of INR4.8
million on net sales of INR329.7 million, against a PAT of INR1.9
million on net sales of INR210.0 million for 2011 12. The company
is estimated to report sales of around INR340 million for 2013-14.


JAYARAJ INT'L: CRISIL Reaffirms 'B+' Rating on INR40MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Jayaraj International Private Limited.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------            --------   -------
   Cash Credit/Overdraft    40      CRISIL B+/Stable (Reaffirmed)
   facility

   Letter of Credit        200      CRISIL A4 (Reaffirmed)

The rating continues to reflect JIPL's below-average financial
risk profile, marked by high total outside liabilities to tangible
net worth ratio and modest debt-protection metrics, and modest
scale of operations in intensely competitive timber trading
industry. These rating weaknesses are partially offset by
extensive experience of promoters in timber trading industry and
their established track record.

Outlook: Stable

CRISIL believes that JIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations and profitability margins, resulting in
an improvement in its debt protection metrics and capital
structure. Conversely, the outlook may be revised to 'Negative' if
JIPL reports lower-than-expected accruals, contracts more-than-
expected debt, resulting in further deterioration in its financial
risk profile.

JIPL, set up in 2001 and based in Chennai (Tamil Nadu), is
promoted by Mr. Raja Sekhar and his wife Ms. T Jayasri. The firm
imports and trades in timber.

During 2012-13 (refers to financial year, April 1 to March 31),
JIPL reported a profit after tax (PAT) of around INR6.23 million
on net sales of INR403.8 million as against a PAT of INR6 million
on net sales of INR395.3 million.


LORD KRISHNA: CRISIL Assigns 'D' Rating to INR170MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Lord Krishna Education Trust (LKET).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          --------      -------
   Overdraft Facility     37.5       CRISIL D
   Term Loan             132.5       CRISIL D

The ratings reflect instances of delay by LKET in servicing its
debt; the delays have been caused by the trust's weak liquidity,
driven by cash flow mismatches.

LKET is also vulnerable to the highly regulated environment in the
education sector and to intense competition from other educational
institutes in the region. Moreover, the trust has a below-average
financial risk profile, marked by its modest net worth, high
gearing and weak debt protection metrics. However, the trust is
expected to benefit from the healthy demand prospects for the
education sector in India.

LKET, registered in 2004, operates the Lord Krishna College of
Engineering and Lord Krishna College of Management from its campus
in Ghaziabad (Uttar Pradesh), affiliated to the Mahamaya Technical
University, and Gautam Buddh Technical University. LKET offers
under-graduate courses in engineering and post-graduate courses in
management. The trust is currently managed by Mr. Manoj Kumar
Singh, Mr. Jagmohan Garg and Mr. J Shrivastava.


MAHALAKSHMI PLAAZA: CRISIL Cuts Rating on INR230MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Mahalakshmi Plaaza to 'CRISIL D' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              230       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects instances of delays by MP in
servicing its term debt; the delays have been caused by the
company's weak liquidity as there has been significant time and
cost overrun in commercialisation of its project.

MP also has a below-average financial risk profile, marked by a
high gearing and weak debt protection metrics. However, the firm
benefits from its promoters' extensive entrepreneurial experience
and the favourable location of its commercial complex in
Villupuram (Tamil Nadu).

MP was set up as a partnership firm in 2011 by Mr. Kuberan Rajesh
and his three brothers, with the objective of developing a
commercial complex comprising a shopping mall, hotel, and
multiplex at Villupuram. The complex is expected to commence
operations from July 2014.


MAHANT OVERSEAS: CRISIL Reaffirms 'B+' Rating on INR295MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahant Overseas
continue to reflect MO's weak financial risk profile, driven by
the highly working-capital-intensive nature of the rice industry,
and its exposure to risks related to changes in regulations
governing the industry, volatility in raw material prices, and
vagaries of the monsoon. These rating weaknesses are partially
offset by the extensive experience of MO's promoters in the rice
business, and the benefits that the firm is expected to derive
from the healthy growth prospects for the rice industry.

                            Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Cash Credit                200        CRISIL B+/Stable
   Foreign Bill Purchase       50        CRISIL B+/Stable
   Proposed Long Term Bank
   Loan Facility               30.5      CRISIL B+/Stable
   Term Loan                   14.5      CRISIL B+/Stable
   Packing Credit              70        CRISIL A4

Outlook: Stable

CRISIL believes that MO's financial risk profile will remain weak
over the medium term due to its working-capital-intensive
operations. CRISIL also expects the firm's scale of operations to
remain small over this period. The outlook may be revised to
'Positive' in case of substantial improvement in MO's operating
margin and scale of operations while it efficiently manages its
working capital requirements, leading to higher-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative'if
the firm undertakes a large debt-funded capital expenditure
(capex) programme, leading to further deterioration in its capital
structure.

Update
MO's business risk profile remains weak, marked by a small scale
of operations coupled with low, though sustained, profitability
levels. For 2012-13 (refers to financial year, April 1 to
March 31), the firm reported a year-on-year revenue growth of
around 27 per cent supported by better price realisation. CRISIL
believes that with no further capacity enhancement plans, coupled
with limited brand appeal in the highly fragmented rice industry,
MO's scale of operations will remain low with annual growth of 10
to 15 per cent over the medium term. The firm's profitability has
remained low at 5.50 to 6.75 per cent over the four years through
2012-13, owing to intense competition, and is expected to remain
at similar levels over the medium term.

MO's financial risk profile remains subdued, marked by high
gearing and weak debt protection metrics. Its gearing is estimated
at over 7 times as on March 31, 2014, primarily because of large
working capital requirements of around INR88 million, amid low
cash accruals of around INR16 million, over the two years through
2013-14, which led to high dependence on short-term bank
borrowings for funding the same. The firm's debt protection
metrics are expected to remain weak, with interest coverage and
net cash accruals to total debt ratios of around 1.2 times and
0.03 times, respectively, over the medium term, owing to low
profitability. However, its financial risk profile is partially
supported by the absence of any capex plans over the medium term.
MO's liquidity is expected to remain stretched, marked by low cash
accruals and high utilisation of bank lines. However, its cash
accruals are expected to be sufficient to meet repayment
obligations.

MO reported a profit after tax (PAT) of INR3.02 million on net
sales of INR813 million for 2012-13, against a PAT of INR2.3
million on net sales of INR651 million for 2011-12.

MO was promoted by Mr. Khajinder Singh in 1999 as a partnership
firm. It is engaged in milling, processing, and selling basmati
rice in the domestic market, and also in the overseas markets,
mainly to Saudi Arabia and other Gulf countries. In the domestic
market, the firm sells basmati rice under its own brand, Sadhu. MO
has two rice processing units in Amritsar (Punjab), each of which
has an installed capacity of 4.5 tonnes per hour.


MAKKAR TEXTILE: CRISIL Raises Rating on INR201MM Loans to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Makkar Textile Mills Pvt Ltd (MTM) to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        --------      -------
   Cash Credit           60        CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term    65        CRISIL B/Stable (Upgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

   Term Loan             76        CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

The rating upgrade reflects the improvement in MTM's liquidity,
driven by higher accruals and stable working capital position. The
company had reported a 38 per cent year-on-year growth in sales in
2012-13 (refers to financial year, April 1 to March 31), and is
estimated to have posted a 10 per cent growth in 2013-14. The
sales growth, coupled with a stable operating margin of 7 to 8 per
cent, has resulted in its accruals growing to nearly INR10.0
million in 2013-14 against INR6.8 million in 2011-12. MTPL's
liquidity has been constrained by insufficient accruals for
meeting its repayment obligations as it had large debt-funded
capital expenditure (capex) of INR100 million, funded by term
loans of INR72 million, in 2009-10 and 2010-11. However, with
improvement in its revenue and accruals, the gap between accruals
and repayments has been reducing. The company is expected to
generate accruals of INR12 million against repayments INR11
million in 2014-15.

The rating continues to reflect MTM's weak financial risk profile,
marked by a small net worth, high gearing, weak debt protection
metrics, and weak liquidity, on account of its large debt-funded
capex and working capital requirements. The rating also factors in
the company's small scale of operations, low operating margin, and
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by the established track record of
MTM's promoters in the shawl manufacturing industry.

Outlook: Stable

CRISIL believes that MTM will continue to benefit over the medium
term from its established market position, and the extensive
experience of its promoters, in the shawl manufacturing industry.
The outlook may be revised to 'Positive' in case of significant
increase in the company's revenue coupled with improvement in its
net cash accruals and capital structure. Conversely, the outlook
may be revised to 'Negative' if MTM's operating margin declines or
if it undertakes a large debt-funded capex programme.

MTM manufactures shawls from acrylic, viscose, and polyester yarn.
Incorporated in 1994, the company also has a retail presence in
the domestic market.

MTM reported a profit after tax (PAT) of INR2.6 million on net
sales of INR305.3 million for 2012-13, as against a PAT of INR1.6
million on net sales of INR220.6 million for 2011-12.


MILLENNIUM AERO: CRISIL Puts 'B' Ratings on Notice of Withdrawal
----------------------------------------------------------------
CRISIL has placed its long-term rating on Millennium Aero Dynamics
Private Limited's bank facilities on a 60-day notice of withdrawal
on the company's request and upon receipt of a no objection
certificate from its banker. The rating will be withdrawn after
completion of the notice period. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            45        CRISIL B/Stable (Notice of
                                     Withdrawal)

   Working Capital        15         CRISIL B/Stable (Notice of
   Demand Loan                       Withdrawal)

Outlook: Stable

CRISIL believes that Millennium Aero Dynamics Private Limited will
maintain its stable business risk profile over the medium term,
backed by its promoter's extensive experience in the marketing and
after sales support of various equipments used in the aviation,
marine, shipbuilding and mining industry. The outlook may be
revised to 'Positive' if the company reports a significant growth
in its revenues while maintaining its profitability and capital
structure. The outlook may be revised to 'Negative' in case of a
slowdown in the end-user industry, thereby significantly impacting
MADPL's revenue trajectory  or lengthening of its operating cycle
affecting the financial risk profile of the company.

MADPL, set up in 2000 by Mr. Milan Zatakia, an IIM-Ahmedabad
alumnus, is engaged in marketing of a variety of equipments used
in industry segments like aviation, marine & shipbuilding, mining,
medical & healthcare etc. MADPL represent more than 30
international principals like TLD, Combibox Systems, Oshkosh
Corporation, FCX Systems and RED Dot amongst others in India. It
also offers a range of consulting services for a variety of
aviation projects. The company also provides after sales services
for all the equipments it sells to the customers.

MADPL is also engaged in fabrication work of submarines and ships
for the Indian Navy and various other shipyards across India. In
2011, it acquired a stake in a company engaged in heavy
fabrication, C4 Fabricators Private Limited (C4), based out of
Kochi, Kerala. C4 undertakes onsite fabrication for a number of
shipyards at Mumbai and Kochi like Hindustan Shipyard Ltd. (HSL),
Cochin Shipyard Ltd. (CSL), Mazagon Dock Ltd. (MDL) etc.

MADPL has offices in Mumbai, Bangalore and also at airports in
Delhi, Hyderabad, Chennai and Thiruvananthapuram.


MYNOR ENTERPRISES: CRISIL Rates INR16 Million Loan at 'B+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Mynor Enterprises Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         40        CRISIL A4
   Overdraft Facility     16        CRISIL B+/Stable

The ratings reflect MEPL's modest scale of operations in an
intensely competitive civil construction industry, geographic
concentration in revenue profile and working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of MEPL's promoters in the industry and its
healthy capital structure.

Outlook: Stable

CRISIL believes that MEPL will continue to benefit over the medium
term from the  experience of its promoters in the civil
construction industry. The outlook may be revised to 'Positive' if
MEPL scales up its operations, while it improves its margins on
sustainable basis, resulting in improvement in business risk
profile. Conversely, the outlook may be revised if the company
records greater than expected decline in revenue and profitability
or its working capital management weakens resulting in stretched
liquidity or if MEPL undertakes a large debt-funded capital
expenditure programme leading to weakening of financial risk
profile.

MEPL, incorporated in 1996, derives its revenue from civil
construction. The day-to-day operations of the company are managed
by Mr. N. Govindaraj.

MEPL's profit after tax (PAT) and net sales are estimated at
INR2.4 million and INR77.6 million, respectively for 2013-14
(refers to financial year, April 1 to March 31); as against PAT
and net sales of INR2.8 million and INR75.4 million for 2012-13.


PLASTO ELTRONICS: CRISIL Assigns 'B+' Rating to INR35.9MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Plasto Eltronics Pvt Ltd.

                              Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
   Term Loan                     5.9       CRISIL B+/Stable
   Cash Credit                  30         CRISIL B+/Stable
   Supplier Bill Discounting     5.0       CRISIL A4
   Letter of Credit             15         CRISIL A4
   Bank Guarantee                2         CRISIL A4
   Bill Discounting under
   Letter of Credit             20         CRISIL A4

The rating reflects the company's large working capital
requirements and its modest scale of operations along with
exposure to customer concentration risk in its revenue profile.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the plastic industry.

Outlook: Stable

CRISIL believes that PEPL 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 scales up its
operations and diversifies its customer base, thereby improving
its business risk profile. Conversely, the outlook could be
revised to 'Negative' if PEPL's financial risk profile,
particularly its liquidity, deteriorates, driven by lower-than-
expected accruals, lengthening of its working capital cycle, or
substantial debt-funded capital expenditure.

Incorporated in 2002, PEPL manufactures thermoplastic and
thermostat moulded, fabricated, and extruded components such as
meter covers, switch boards, and batten-holder boards. Its day-to-
day operations are being managed by Mr. Swarochis Ghuwalewala and
Mr. Sachin Ghuwalewala.


PRECISION AUTOCASTINGS: CARE Rates INR8cr Bank Loan at 'B'
----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Precision
Autocastings Private Limited.

                                 Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long term Bank Facilities      8        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Precision
Autocastings Private Limited is primarily constrained on
account of its modest scale of operations, high customer
concentration and susceptibility of profitability to volatile raw
material prices. The rating is further constrained on account of
its financial risk profile marked by thin profitability, leveraged
capital structure and high operating cycle.

The rating, however, favorably takes into account the experience
of the promoters in the casting business.

The ability of the company to improve its scale of operations
along with profitability margins and solvency position would
remain the key rating sensitivities.

Jaipur-based (Rajasthan) PAPL was initially formed as a
partnership firm by the name of Precision Castings in 2004. In
December 2008, the constitution of the firm was changed and it
obtained its current name. PAPL is engaged in the business of cast
iron (CI) castings and spheroid graphite (SG) iron castings
primarily used in automobile and engineering industries. The
manufacturing facility of the company is located at Jaipur having
an installed capacity of 6,000 metric tonnes per annum (MTPA) as
on March 31, 2014.

During FY13 (refers to the period April 1 to March 31), the
company undertook a modernisation-cum-expansion project with a
view to increase the installed capacity from 1,800 MTPA to 6,000
MTPA and installation of advanced machineries to improve the
quality required as per industry standards. The estimated cost of
the project was INR7 crore funded at a debt equity ratio of
2.50:1. The company started commercial production after completion
of project in December 2013 with cost overrun of INR0.26 crore.

During FY14 (as per the provisional result), PAPL reported a total
income of INR2.57 crore (FY13 audited: INR4.93 crore), with a net
loss of INR1.08 crore (FY13 audited: PAT of INR0.11 crore).


SACHIN FINECOT: CRISIL Reaffirms 'B+' Rating on INR99.4MM Loans
---------------------------------------------------------------
CRISIS's rating on the bank facilities of Sachin Finecot Fibers
continues to reflect SFF's modest scale of operations and below-
average financial risk profile marked by modest net worth, high
gearing, and subdued debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
SFF's partners in the cotton ginning business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           77.5       CRISIL B+/Stable (Reaffirmed)
   Term Loan             21.9       CRISIL B+/Stable (Reaffirmed)

On May 5, 2014, CRISIL had upgraded its rating on SFF's long-term
bank facilities to 'CRISIL B+/Stable' from 'CRISIL B/Stable'. The
rating upgrade reflected the improvement in SFF's business risk
profile on account of stabilisation of its capacity and
demonstrated funding support from its partners. The firm commenced
operations in December 2012 and recorded revenue of INR206 million
in 2012-13 (refers to financial year, April 1 to March 31). Its
revenue is estimated at INR410 million for 2013-14. SFF's partners
have supported its business through unsecured loans, which stood
at INR17.6 million as on March 31, 2013. Also, the firm's
liquidity is expected to remain moderate over the medium term
marked by sufficient cash accruals to meet term debt obligations;
the firm is likely to generate net cash accruals of around INR5
million in 2014-15 vis-a-vis term debt obligations of INR3.7
million during the year.

Outlook: Stable

CRISIL believes that SFF will benefit from its partners' extensive
experience in the cotton ginning business. The outlook may be
revised to 'Positive' if the firm records significant and
sustained improvement in its scale of operations, while improving
its capital structure. Conversely, the outlook may be revised to
'Negative' if the firm reports low revenue or margins or if its
working capital cycle lengthens significantly, weakening its
financial risk profile.

SFF, set up as a partnership firm in May 2012 by Mr. Navin Tayal
and Mr. Hitesh Tayal, started cotton ginning and pressing
operations in December 2012. The partners have been engaged in the
cotton ginning business for over two decades through group entity
Sachin Agro Industries. SFF's manufacturing unit is in Aurangabad
(Maharashtra).

SFF reported a profit after tax (PAT) of INR0.67 million on net
sales of INR206 million for 2012-13, its first year of operations.


SARASWATI TIMBER: CARE Assigns 'B+' Rating to INR7.17cr Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Saraswati Timber Private Limited.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------               -----------  -------
   Long-term Bank Facilities    7.17     CARE B+ Assigned
   Long-term /Short-term
   Bank Facilities              1.0      CARE B+/CARE A4 Assigned

Rating Rationale

The ratings assigned to bank facilities of Saraswati Timber
Private Limited are primarily constrained by its small
scale of operations, short track record of operations, weak
financial risk profile characterized by leveraged capital
structure, weak debt service coverage indicators and stressed
liquidity indicators. The ratings also factor in the working
capital intensive nature of operations, intense competition given
the highly fragmented nature of the industry and susceptibility of
its margins to fluctuation in raw material prices.

The ratings, however, draw strength from the experienced promoters
and group support.

Going forward, STPL's ability to profitably scale up its
operations, improve capital structure and effective management of
its working capital requirements shall be the key rating
sensitivities.

Incorporated in 1998, Saraswati Timber Private Limited is promoted
by Mr Surendra Kumar, Mr Akash Kapoor and Mr Arjun Puri. The
company started its commercial operations in July 2011 and is
engaged in the manufacturing of footwear products like slippers,
sandals, flip flops, etc. The manufacturing facility of the
company is located at Bahadurgarh, Haryana, with an installed
capacity of 36 lakh pairs of footwear per annum as on March 31,
2013. The main raw material of the company is rubber, which is
procured domestically as well as imported from China. STPL sells
its products domestically under the brand name 'Fizik' through a
network of dealers as well as through large retail players.

During FY13 (refers to the period April 1 to March 31), STPL
achieved a total operating income (TOI) of INR13.89 crore with
a Profit After Tax (PAT) of INR0.27 crore. Furthermore, the
company achieved a TOI of INR20.78 crore till December 2013.


SHIVALIK SHULZ: CARE Assigns 'B+' Rating to INR5.75cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shivalik
Shulz Private Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long term Bank Facilities     5.75      CARE B+ Assigned

Rating Rationale

The rating is primarily constrained by the modest scale of
operations of Shivalik Shulz Private Limited with its
presence in a highly fragmented textile industry. The rating is
further constrained on account of its financial risk profile
marked by low profitability, weak solvency position, working
capital intensive nature of operations and vulnerability of
margins to fluctuation in the raw material prices.

The rating does factor in the experience of promoters of SSPL in
the textile industry with continuous financial support from them
and SSPL's presence in the textile cluster of Bhilwara. SSPL's
ability to increase its scale of operations with an improvement in
profitability and capital structure along with efficient
management of the working capital are the key rating
sensitivities.

Bhilwara-based (Rajasthan), SSPL was incorporated in September
2003 by Mr Jagdish Chandra Darak along with his family members.
SSPL is mainly engaged in the business of twisting and doubling of
yarn where the company twist yarns of different counts. The
company has 28 Tow-For-One (TFO) machines with total installed
capacity of 1,320 metric tones per annum (MTPA). It procures
synthetics yarn of specific quality from the local spinning units
and after processing, sells it to the grey fabric manufacturers.
It is also engaged in the trading of grey as well as finished
fabrics which constituted around 39% of the Total Operating Income
(TOI) in FY13 (refers to the period April 1 to March 31). SSPL
generates 80% of sales from the local market and the rest comes
from Maharashtra & Uttar Pradesh.

During FY13, SSPL reported a total income of INR25 crore (FY12:
INR18.42 crore), with a PAT of INR0.12 crore (FY12: INR0.09
crore).


SHREE SIDHBALI: CRISIL Ups Rating on INR316.5MM Loans to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shree Sidhbali Steels Ltd to 'CRISIL B/Stable' from 'CRISIL B-
/Stable', and has reaffirmed its rating on the company's short-
term facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         25        CRISIL A4 (Reaffirmed)

   Letter of Credit       38.5      CRISIL A4 (Reaffirmed)

   Cash Credit           220        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Term Loan              96.5      CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The rating upgrade reflects the improvement in SSSL's financial
risk profile, particularly its liquidity, driven by the
significant increase in its cash accruals and the recovery of
INR50 million against the advance given to an associate concern.
The company had estimated cash accruals of INR37 million in 2013-
14 (refers to financial year, April 1 to March 31) vis-a-vis a
cash loss in the previous year; the annual accruals are expected
to increase further to about INR50 million over the near term.
Moreover, unsecured loans of about INR30 million as on March 31,
2014, from related parties continue to support the company's
liquidity. Continued need-based fund infusion by promoters and
control on delays in realisation of receivables will ensure the
sustainability of SSSL's improved liquidity over the medium term.

The ratings reflect SSSL's below-average financial risk profile,
marked by a small net worth and weak debt protection metrics, and
its moderate scale of operations in the highly fragmented steel
products industry. The ratings also factor in the company's
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by the benefits that SSSL derives
from its semi-integrated operations, and its promoters' extensive
experience in the steel industry.

Outlook: Stable

CRISIL believes that SSSL 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 liquidity
improves, driven most likely by a shorter working capital cycle
and significant increase in cash accruals. Conversely,
unprecedented delays in realisation of receivables, or
unanticipated cash outflow, most likely to support associate
concerns or fund unexpected capital expenditure plans, may result
in the outlook being revised to 'Negative'.

SSSL was set up in 1996 by Mr. Pawan Agarwal, Mr. Neeraj Agarwal,
Mr. Anil Kumar Garg, and Mr. Naveen Kansal. The company has a
manufacturing facility in Muzaffarnagar (Uttar Pradesh). It has a
semi-integrated unit and manufactures thermo-mechanically-treated
bars and mild steel ingots.

SSSL is estimated to report a profit after tax of INR13 million on
net sales of INR1826 million for 2013-14; it had reported a net
loss of INR32 million on net sales of INR1572 million for 2012-13.


SRI BALAJI: CRISIL Assigns 'B+' Rating to INR105MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of M/s. Sri Balaji Rice Industries.

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

   Cash Credit            25        CRISIL B+/Stable

   Long Term Loan         40        CRISIL B+/Stable

The rating reflects SBRI's below-average financial risk profile
marked by high gearing and small net worth, and susceptibility of
its operating profitability to volatility in raw material prices.
These rating weaknesses are partially offset by the extensive
industry experience of SBRI's promoters in the rice milling
industry.

Outlook: Stable

CRISIL believes that SBRI will benefit over the medium term from
its promoters' extensive experience in the rice milling industry.
The outlook may be revised to 'Positive' in case of a significant
and sustained increase in the firm's revenue and profitability, or
substantial capital infusion by its promoters, resulting in
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if SBRI's revenue and profitability
decline substantially, or if the firm undertakes a large debt-
funded capital expenditure programme, or if its promoters withdraw
capital, weakening its financial risk profile.

Set up in 2007, SBRI is engaged in milling and processing of paddy
into rice, rice bran, broken rice, and husk. The firm is promoted
by Mr. Ch.Venkateswarulu and Ch.Yadagiri.

For 2012-13 (refers to financial year, April 1 to March 31), SBRI
reported a profit after tax (PAT) ofINR0.2 million on net sales of
INR89.8 million, against a PAT of INR0.4 million on net sales of
INR87.5 million for 2011-12.


SWASTIK COPPER: CRISIL Reaffirms 'B+' Rating on INR159.97MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Swastik Copper Pvt
Ltd continue to reflect SCPL's below-average financial risk
profile, marked by a modest net worth, high gearing, and average
debt protection metrics. The ratings also factor in the company's
modest scale of operations in the transformer industry and large
working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience SCPL's
promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit          159.97      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCPL's financial risk profile will remain
constrained over the medium term by large working capital
borrowings. The outlook may be revised to 'Positive' if SCPL's
liquidity and capital structure improve, most likely driven by
substantial equity infusion. Conversely, the outlook may be
revised to 'Negative' if the company faces delays in receipt of
payment from its debtors, leading to further weakening of its
liquidity, or if it undertakes a larger-than-expected debt-funded
capital expenditure programme, thereby weakening its capital
structure.

Established by Mr. Sandeep Jain in 1995, SCPL manufactures
distribution and power transformers, with capacities ranging from
5 kilovolt amperes (kVA) to 10,000 kVA. The company supplies
transformers to electricity boards/power distribution companies in
Uttar Pradesh, Rajasthan, Chhattisgarh, and Madhya Pradesh. It has
an installed capacity to manufacture 1000 transformers of ratings
of up to 250 kVA and 1500 transformers of ratings in the range of
250 kVA to 10,000 kVA, apart from 3000 protective boxes.


TRITRONICS INDIA: CRISIL Assigns 'B' Rating to INR135MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/ CRISIL A4' ratings to
the bank facilities of Tritronics India Pvt Ltd.

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

   Cash Credit              35       CRISIL B/Stable (Assigned)

   Letter of credit &
   Bank Guarantee           65       CRISIL A4 (Assigned)

The rating reflects TIPL's weak financial risk profile and
working-capital-intensity of operations. These rating weaknesses
are partially offset by the promoters' extensive industry
experience and an established marketing network.

Outlook: Stable

CRISIL believes that the TIPL will continue to benefit from its
promoters' extensive industry experience, over the medium term.
The outlook may be revised to 'Positive' if the company scales up
its operations with improvement in profitability while prudently
managing its working capital cycle. Conversely, the outlook may be
revised to 'Negative' if the company's liquidity weakens
significantly, its working capital cycle lengthens, or its
revenues and profitability come under further pressure leading to
deterioration in its financial risk profile.

TIPL was established in 1988 as a partnership firm which got
converted into a private limited company in 1993. TIPL promoted
and being managed by Mr. Rajan Chadha and his business associate,
Mr. Rajiv Chatrath is engaged in the manufacturing of
uninterrupted power supply (UPS) systems and trading of inverters,
UPS, batteries and transformers. The manufacturing facility of the
company is located in Parwanoo (Himachal Pradesh).

TIPL reported a profit after tax (PAT) of INR1.3 million on net
sales of INR488 million for 2012-13, against a net loss of INR0.7
million on net sales of INR793 million for 2011-12. TIPL is
expected to report sales of INR642 million for FY 2013-14.


VEDANTA RESOURCES: Fitch Puts 'BB+' LT IDR on Rating Watch Neg.
---------------------------------------------------------------
Fitch Ratings has placed India-based Vedanta Resources PLC's
(Vedanta) Long-Term Issuer Default Rating (IDR) of 'BB+' on Rating
Watch Negative (RWN).  The agency has also placed the company's
senior unsecured rating of 'BB' on RWN.

The rating was placed on RWN because Fitch is changing its
approach to using metrics based on a proportional consolidated
financial profile, given the significant minority shareholders at
the key operating entities in the group, which have different debt
and cash levels. Fitch previously used metrics based on the
consolidated financial profile of the group.

The ratings may be downgraded by a maximum of one notch following
the review. For the previous sensitivities, see the rating action
commentary titled "Fitch Revises Vedanta's Outlook to Stable;
Affirms IDR at 'BB+'" dated 16 May 2013 that used metrics based on
the consolidated profile.

The full list of rating actions follows:
Long-Term Issuer Default Rating: 'BB+'; placed on RWN
Senior Unsecured Rating: 'BB'; placed on RWN
USD1.25bn senior unsecured bonds: 'BB'; placed on RWN
USD1.65bn senior unsecured bonds: 'BB'; placed on RWN
USD1.7bn senior unsecured bonds: 'BB'; placed on RWN
USD180m senior unsecured loan facility: 'BB'; placed on RWN
USD150m unsecured loan facility of Twinstar Holdings Ltd,
Mauritius backed by an unconditional, irrevocable guarantee of
Vedanta: 'BB'; placed on RWN
USD170m senior unsecured loan facility of Valliant (Jersey)
Limited backed by an unconditional, irrevocable guarantee of
Vedanta: 'BB'; placed on RWN
USD180m senior unsecured loan facility of Vedanta Finance (Jersey)
Limited backed by an unconditional, irrevocable guarantee of
Vedanta: 'BB'; placed on RWN



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


BELGRAVE FINANCE: Legal Advisor Found Guilty of Fraud
-----------------------------------------------------
NBR Online reports that Hugh Edward Staples Hamilton has been
found guilty at the Auckland High Court on May 16 of 14 charges
arising out of the collapse of Belgrave Finance.  The charges were
brought in a joint prosecution by the Serious Fraud Office (SFO)
and the Financial Markets Authority (FMA), the report says.

According to NBR, the charges related to loans, with a value of
more than NZ$12 million, made by Belgrave Finance to various
related companies between June 2005 and March 2008.

Mr. Hamilton, a former barrister and solicitor, was a legal
adviser to the other individuals, Mr. Schofield, Mr. Smith and Mr.
Buckley, who were charged in relation to Belgrave for substantive
fraudulent representations and use of Belgrave investors' funds,
the report says.

NBR relates that Mr. Hamilton was found not guilty of 25 charges,
these included 11 charges of false statement by a promoter, 11
Companies Act charges of making a false statement to a trustee and
three theft charges.

Justice Faire's comments regarding the verdict, included that he
was satisfied that Mr. Hamilton "had knowledge that Mr. Schofield,
Mr. Smith or Mr. Buckley, through their borrowing were causing
Belgrave to be in breach of the Debenture Trust Deed," NBR relays.
Justice Faire also found beyond reasonable doubt that Mr Hamilton
"intended to assist in the offending".

NBR quotes FMA Head of Enforcement Belinda Moffat as saying that,
"Professional advisers play a critical role in ensuring compliance
in financial markets.  This case shows that advisers who fail in
this basic obligation and who are instrumental in enabling their
clients to commit financial crimes will be held accountable for
their actions."

SFO Director Julie Read added, "This was a complex matter which
has been dealt with through our coordination with the FMA,
ensuring the most effective and efficient application of
specialist skills and resources to the investigation," NBR
reports.

Mr. Hamilton has been remanded on bail and will next appear for
sentencing on July 4, 2014, NBR adds.

Based in Auckland, New Zealand, Belgrave Finance Limited --
http://www.belgrave.co.nz/-- was engaged in property development
financing.

Belgrave Finance was placed into receivership in May 2008, owing
an estimated 1,000 investors approximately NZ$22 million.  The
company's trustee, Covenant Trustee Company Limited, appointed
Grant Graham and Brendan Gibson from KordaMentha as receivers.
The company was liquidated in April 2010.


VINE 2 WINE: Wind Up Petition to be Heard on May 27
---------------------------------------------------
Marlborough Express reports that a hearing of an application by
the Inland Revenue Department to put a Marlborough business into
liquidation is to be held at the High Court in Blenheim this
month.

Marlborough Express relates that the contracting business in
question, Vine 2 Wine, is registered to Blenheim woman Rajinder
Kaur.

Ms. Kaur's husband, Prubhjit Singh, was arrested last year and
deported after spending five years as an over-stayer in
New Zealand following the expiration of his work visa in July
2008, Marlborough Express recalls.

The report says Mr. Singh, a former vineyard contractor, owed
almost NZ$1 million in unpaid debts to New Zealand creditors,
including ACC, IRD and the New Zealand Transport Agency when he
left the country.

A spokesperson for the department said she could not comment until
the application had been heard on May 27, Marlborough Express
reports.


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


CHONGHAEJIN MARINE: On Verge of Bankruptcy Following Disaster
-------------------------------------------------------------
Chung Ah-young at The Korea Times reports that Chonghaejin Marine,
the operator of the sunken ferry Sewol, faces increased liquidity
risks due to its shaky credit standing, creditors said.

Its finances worsened rapidly as banks and other creditors started
collecting loans in the wake of the maritime disaster, the report
says. At the same time, authorities have warned they will revoke
the company's shipping license.

According to the report, the company sits on a KRW20.3 billion
debt, with its debt-to-equity ratio reaching 400 percent.

The Korea Times says the state-run Korea Development Bank (KDB),
the main creditor of the company, downgraded its credit rating
from BBB to CCC, close to junk-bond status.

The report relates that bank officials said it is just a matter of
time before the company fails as it will not be able to take out
additional loans due to its worsening credit status.

Major creditors hinted that they would exercise their right to
collateral without due process as its bankruptcy seems imminent,
the report notes.

Creditors can take over the ownership of collateral assets when a
borrower is unable to service its debt for one year or more, the
Korea Times states.

Also, even if the company comes under court receivership, it is
not likely to revive as its financial condition is so weak and it
will be held liable for the victims of the sunken ferry, according
to the report.

Worse, the company's major assets are five ferries, including the
Sewol, but all of them are taken as collaterals for its
borrowings, the report adds.

Meanwhile, the Korea Times reports that the financial authorities
are widening an inspection of related banks, credit unions and
savings banks exposed to the company and its affiliates.

The report relates that while the Korea Development Bank, the
Industrial Bank of Korea, Woori Bank and Kyongnam Bank have been
undergoing the inspection, the financial authorities are further
investigating the National Federation of Fisheries Cooperatives
(NFFC) and Shinhan Capital.

According to the Korea Times, the Financial Supervisory Service
(FSS) said that the Industrial Bank of Korea granted a
KRW3 billion loan to Chonhaiji, the largest shareholder of
Chonghaejin.



                             *********

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,
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Information contained herein is obtained from sources believed
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