TCRAP_Public/140520.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

             Tuesday, May 20, 2014, Vol. 17, No. 98


                            Headlines


A U S T R A L I A

ADVANCETECH: Placed in Receivership After Products Recalled
AUSTRALIAN BOOTH: Goes Into Liquidation
PERTH: Australia's Insolvency Capital
QANTAS AIRWAYS: Pilots Not Happy With Redundancy Plans
WENTWORTH SERVICES: John Kelly Offers to Save Club


C H I N A

CENTRAL CHINA: S&P Assigns 'BB-' Rating to Proposed SGD Sr. Notes
HYVA GLOBAL: S&P Revises Outlook to Stable & Affirms 'B' CCR
YANZHOU COAL: Fitch Affirms 'BB+' IDR; Outlook Stable


I N D I A

ALLIX CERAMIC: ICRA Assigns 'B' Rating to INR10.68cr Loans
AMVENSYS TECHNOLOGIES: ICRA Puts 'B' Rating on INR20cr Loans
BLISS ENTERPRISES: CRISIL Reaffirms 'B' Rating on INR35MM Loan
CAREWAY AGRO: ICRA Assigns 'B+' Rating to INR15cr Cash Credit
CENZER INDUSTRIES: CRISIL Cuts Rating on INR150MM Loans to 'B+'

FORTUNE TIRE: CRISIL Reaffirms 'B+' Rating on INR150MM Loans
G.CHIMANLAL: ICRA Suspends 'B' Rating on INR20cr Loan
GALAXY CONCAB: ICRA Reaffirms 'B' Rating on INR11cr LT Loan
GLOBAL MERCANTILE: CRISIL Puts 'B-' Rating on INR150MM Loan
HI-CAN INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR201.4M Loans

HOME LAND: ICRA Withdraws 'B' Rating on INR14cr Bank Loan
J. KAMAKSHI: CRISIL Reaffirms 'D' Rating on INR80MM Term Loan
JANMANI INT'L: CRISIL Cuts Rating on INR195MM Loans to 'D'
KOHINOOR TECHNOLOGIES: ICRA Reaffirms 'B' Rating on INR35cr Loan
MAA CORP: ICRA Assigns 'B-' Rating to INR24.50cr Loans

MALLUR SIDDESWARA: CRISIL Reaffirms B+ Rating on INR189.7MM Loans
MANGLAM COTTON: ICRA Reaffirms 'B' Rating on INR6.30cr Loan
MOHAN MEAKIN: ICRA Reaffirms 'B+' Rating on INR74.20cr Loans
NOEL PHARMA: ICRA Revises Rating on INR32.8cr Loan From 'B+'
NOVEN LIFESCIENCES: ICRA Rates INR6cr Bank Loan at 'B-'

PAREKH ALUMINEX: CRISIL Reaffirms 'D' Rating on INR13.45BB Loans
PMJ CONSTRUCTIONS: CRISIL Assigns 'B' Rating to INR15MM Loan
RRC INTERNATIONAL: ICRA Suspends 'D' Rating on INR47.33cr Loans
SHAKTI INDUSTRIES: CRISIL Ups Rating on INR104MM Loans to 'B'
SHRI LAKSHMI: CRISIL Lowers Rating on INR290MM Loans to 'D'

SREE SHANTHOSH: ICRA Revises Rating on INR29.5cr Loans to 'B-'
SREENATH ENGG: CRISIL Assigns 'B' Rating to INR40MM Loans
SRI BHAGWAN: ICRA Suspends 'B' Rating on INR29.87cr Loans
TBPR INFRA: ICRA Assigns 'B' Rating to INR27cr Bank Loans


M A L A Y S I A

MALAYSIAN AIRLINES: Union Has Own Rescue Plan for Carrier


N E W  Z E A L A N D

YUMMY MUMMY'S: To Face Liquidation Over Unpaid Taxes


S O U T H  K O R E A

* KOREA: 10 Major Corporations Subject to Restructuring This Year


X X X X X X X X

* BOND PRICING: For the Week May 12 to May 16, 2014


                            - - - - -


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A U S T R A L I A
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ADVANCETECH: Placed in Receivership After Products Recalled
-----------------------------------------------------------
smartcompany.com.au reports that a Queensland-based electrical
company has collapsed just days after the state government
recalled thousands of faulty solar power circuit breakers imported
and sold by the company.

SV Partners was appointed receivers of AdvanceTech on May 16,
after Queensland Attorney-General Jarrod Bleijie issued a recall
on May 12 for 27,600 Avanco DC solar power isolators sold by the
company, the report discloses.

smartcompany.com.au relates that the isolators, which are designed
to automatically shut down if a solar panel overheats, are
reported to have caused around 57 minor electrical fires in
Queensland and up to 13 in New South Wales.

While the majority of the products were sold in Queensland, News
Corp reports homes in other states could also be affected, the
report says.

A spokesperson for the Queensland Office of Fair Trading told
SmartCompany the appointment of receivers does not "absolve" the
supplier of its obligations and the company is still obliged to
offer customers refunds for the products even if this puts them
out of pocket.

SmartCompany understands the Queensland Electrical Office is also
investigating options for taking action against the directors of
AdvanceTech.


AUSTRALIAN BOOTH: Goes Into Liquidation
---------------------------------------
Cliff Sanderson at dissolve.com.au reports that Australian Booth
Technologies Pty Ltd (ABT) has entered liquidation.

S&Z Insolvency's Stan Traianedes was appointed as liquidator of
the company on February 14, 2014. A meeting with creditors took
place on March 11.

Australian Booth Technologies Pty Ltd manufactured spray booths,
mixing rooms and preparation bays.


PERTH: Australia's Insolvency Capital
-------------------------------------
BankingDay reports that Western Australia is contributing more to
Australia's growth in personal insolvencies than any other part of
the country.

BankingDay says the Australian Financial Security Authority has
released regional insolvency data for the first time, showing
those parts of Australia where insolvency rates are above average.

Nationally, the number of debtors entering a personal insolvency
(bankruptcy, debt agreement or a personal insolvency agreement) in
the March quarter was 2.5 per cent up on the December quarter,
BankingDay relays.

Insolvencies in greater Perth were up 18.2 per cent over the same
period, reports BankingDay.


QANTAS AIRWAYS: Pilots Not Happy With Redundancy Plans
------------------------------------------------------
Jamie Freed at The Sydney Morning Herald reports that Qantas
Airways will not attract enough interest from pilots to reach its
goal of around 100 voluntary redundancies from 767 and 747 pilots
based on its initial offer of 12 months' salary, the Australian &
International Pilots Association said after a poll of its members.

SMH says the airline last week launched its first redundancy
program for pilots in more than 40 years because it will have too
many pilots once ageing 767s and 747s are retired.

AIPA, the union representing pilots, met with Qantas management on
May 19 to discuss the initial offer, which has not been presented
as an option for pilots on leave without pay working for other
airlines like Jetstar and Emirates, the report relates.

In a bulletin to members after the meeting, AIPA president Nathan
Safe said polling had found Qantas needed to offer a base salary
figure of closer to 24 months -- with 18 months as a minimum -- to
address its concerns of having surplus pilots, according to SMH.
He also said the targeted base of voluntary redundancies needed to
be expanded from the 550 or so pilots on the 767 and 747 to the
broader pool of 2000 pilots in the Qantas mainline division, the
report relays.

"Management expressed a reluctance to pursue this option owing to
fears of creating a 'cultural' expectation issue," the report
quotes Mr. Safe as saying. "We do not find the argument convincing
and encourage the offering of [voluntary redundancy] to be
expanded to all mainline fleets."

There is no prescribed payout for voluntary redundancies under
Qantas's enterprise bargaining agreement. However, if the company
were to proceed with compulsory redundancies of 767 and 747
captains and first officers, the most recent hires would be cut
first due to the seniority system. That could leave the airline
with too many pilots nearing the retirement age of 65 who would
require tens of thousands of dollars of training to switch to a
new aircraft type only to fly it for a few years, SMH notes.

Qantas is cutting 5,000 jobs over three years as part of a plan to
return the airline to profitability, the report says.

SMH notes that the airline in February accelerated plans to retire
older aircraft. All of its 767s are due to leave the fleet by the
first quarter of 2015 and six of its remaining 747s will be gone
by the first half of 2016.

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.


WENTWORTH SERVICES: John Kelly Offers to Save Club
--------------------------------------------------
Kaitlyn Opie at Sunraysia Daily reports that a mystery businessman
who has put his hand up to save the embattled Wentworth Services
Club was on May 15 revealed to be Mildura's John Kelly.

According to the report, Ryan Eagle of Ferrier Hodgson said that
Mr. Kelly had submitted a deed of company arrangement proposal, or
business case, on May 15.

Since then, Mr. Eagle said Ferrier Hodgson had liaised with
Mr. Kelly and Mildura Working Man's Club, also known as the Kelly
Group, to further develop the one-page proposal, the report
relates.

When Sunraysia Daily contacted Mr. Kelly's wife Margaret, who is a
director of the Kelly Group, few weeks ago, she denied the family
had an interest in the Wentworth Services Club. But an update from
administrators on May 14 revealed otherwise.

Sunraysia Daily says Ferrier Hodgson will this week put three
options to creditors at a reconvened second meeting of creditors
at Wentworth Services Club.

The report notes that creditors can either vote for administration
to end, for the club to execute a deed of company proposal, or for
the club, which owes AUD1.6 million, to be wound up.

If creditors decide to vote in favour of Mr. Kelly, he will need
to inject AUD820,000 into the club within 30 days of executing his
deed of company agreement.  But Mr. Eagle said it was the
administrators' opinion that executing an agreement was not in the
best interests of creditors, according to the report.

"We therefore recommend that creditors do not vote in favour of a
deed of company agreement," the report quotes Mr. Eagle as saying.
"Accordingly, it is our opinion that it is in the creditors' best
interests to place the company into liquidation."

George Georges and Brendan Richards at Ferrier Hodgson were
appointed as administrators of Wentworth Services Sporting Club
Limited on Feb. 27, 2014.



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CENTRAL CHINA: S&P Assigns 'BB-' Rating to Proposed SGD Sr. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating and 'cnBB+' long-term Greater China regional scale
rating to a proposed issue of Singapore dollar-denominated senior
notes by Central China Real Estate Ltd. (CCRE: BB-/Stable/--;
cnBB+/--).  The China-based real estate developer will use the
proceeds to refinance its convertible bond due August 2014 and for
general corporate purposes.  The ratings on the notes are subject
to S&P's review of the final issuance documentation.

S&P has equalized the issue rating to the corporate credit rating
because it believes CCRE's ratio of priority debt to total assets
will likely remain below its notching threshold of 15% for
speculative-grade issuers.

The rating on CCRE reflects the company's increased debt leverage,
growing competition in Henan province, and limited geographic
diversity.  CCRE's focused strategy and established market
position in Henan, good sales execution, and sizable low-cost land
reserves temper these weaknesses.  S&P assess the company's
business risk profile as "fair" and its financial risk profile as
"aggressive."

The stable outlook reflects S&P's expectation that CCRE will
generate satisfactory property sales and have good financial
flexibility to meet its growing funding needs for expansion.  S&P
anticipates that CCRE will maintain a debt-to-EBITDA ratio of
4.5x-5.0x in 2014 and that its gross margin will remain stable
while the company pursues growth.


HYVA GLOBAL: S&P Revises Outlook to Stable & Affirms 'B' CCR
------------------------------------------------------------
Standard & Poor's Ratings Services revised the rating outlook on
Hyva Global B.V. to stable from negative.  At the same time, S&P
affirmed the 'B' long-term corporate credit rating and on Hyva and
our 'B' long-term issue rating on the company's senior unsecured
notes.  In line with the outlook revision, S&P raised its long-
term Greater China regional scale rating on Hyva and the notes to
'cnBB-' from 'cnB+'. Hyva is based in the Netherlands and supplies
hydraulic cylinders.

"We revised the rating outlook and affirmed the rating because we
expect Hyva to maintain its already improved financial performance
over the next 12 months.  In particular, we expect operating
conditions to stabilize in its major heavy duty truck [HDT]
markets, including China and Brazil," said Standard & Poor's
credit analyst Huma Shi.

Hyva's performance was better than S&P expected in 2013, even
though revenue grew just 1.3% year over year.  EBITDA rose 15%
because of the company's continued cost-control efforts in
procurement, engineering, and manufacturing.  Management appears
committed to and has a sound record of cost-control efforts, and
effective operational risk management and controls.  S&P is
therefore revising its assessment of Hyva's management and
governance to "fair" from "weak."

Hyva's limited product base and high exposure to the volatile and
cyclical heavy duty trucks market continues to underpin its "weak"
business risk profile.  The company has a narrow product range and
its core products -- front-end hydraulic cylinders and wet kits --
contribute on average more than 80% of its total revenue.  The
sales and profitability of such niche products depend heavily on
demand in the HDT market.  This heavy reliance led its operating
and financial performance to deteriorate in 2012, following a weak
global economy and slowdown in its major markets.

Nevertheless, as operating conditions in Hyva's key markets
stabilize, S&P expects revenue to modestly grow in 2014 as the
company widens its product offerings.  Hyva should also be able to
maintain its profitability by continuing to control costs.  S&P
expects the company's business prospects to remain stable in
China, its largest growing market, as the Chinese economy
gradually recovers and as Hyva expands its product range into
infrastructure, construction, and waste management sectors.  S&P
also expects Hyva's sales to grow in Brazil, another fast-growing
market with sales of cranes supported by local manufacturing.

Demand from Hyva's other markets including India and Europe, the
Middle East, and Africa are likely to remain soft, in line with
weak economic sentiment.  However, in S&P's view, the company's
good brand recognition and established global sales distribution
networks temper the effects of the weak demand.  The company's
low-cost production base in developing markets and its ongoing
focus to improve working capital management offer additional
support.

S&P anticipates that Hyva will modestly improve its already-
positive cash flows in 2014 as the company stabilizes operating
conditions and maintains profitability.  Hyva also reduced its
short-term borrowings by more than 70% last year, which resulted
in a debt-to-EBITDA ratio of 5.6x from over 10x in 2012.  However,
the company's still high debt leverage remains a rating
constraint, in S&P's view.

S&P could lower the rating if Hyva's liquidity weakens such that
its current cash balance reduces materially or its access to bank
facilities for its working capital needs is hindered.

S&P could raise the rating if the HDT market starts to recover
meaningfully and Hyva materially improves its sales,
profitability, and cash flow protection measures, such that its
total-debt-to-EBITDA ratio falls below 5x on a consistent basis.

RATING SCORE SNAPSHOT
Corporate credit rating: B/Stable/--

Business risk: Weak

Country risk: Moderately High
Industry risk: Intermediate
Competitive position: Weak

Financial risk: Highly Leveraged

Cash flow/leverage: Highly Leveraged

Anchor: b

Modifiers
Diversification/portfolio effect: Neutral (no impact)
Capital structure: Neutral (no impact)
Liquidity: Adequate (no impact)
Financial policy: Neutral (no impact)
Management and governance: Fair (no impact)
Comparable rating analysis: Neutral (no impact)


YANZHOU COAL: Fitch Affirms 'BB+' IDR; Outlook Stable
-----------------------------------------------------
Fitch has affirmed Yanzhou Coal Mining Company Limited's Long-Term
Issuer Default Rating (IDR) at 'BB+' and the Outlook is Stable.
The rating of the dual tranche USD1bn notes issued by Yancoal
International Resources Development Co., Limited, guaranteed by
Yancoal, is also affirmed at 'BB+'.
Simultaneously, Fitch has assigned Yancoal International Trading
Co., Ltd.'s (Yancoal International) proposed US dollar senior
perpetual capital securities, which are guaranteed by its 100%-
owner Yancoal, an expected rating of 'BB(EXP)'.

Fitch expects to accord no equity credit to the proposed US dollar
perpetual capital securities in its evaluation of Yancoal's
capital structure and leverage because this instrument ranks pari
passu with Yancoal's senior unsecured obligations, it has an
effective maturity of less than five years and the deferral of
coupon payments is subject to 'look-back' provisions.

The proposed securities are rated one notch below Yancoal's 'BB+'
IDR in accordance with Fitch's "Treatment and Notching of Hybrids
in Nonfinancial Corporate & REIT Credit Analysis" criteria to take
into account their coupon deferral feature.  The final rating is
contingent upon the receipt of final documents conforming to
information already received.

KEY RATING DRIVERS

Additional Short Term Liquidity: Yancoal plans to use proceeds
from the proposed bond to refinance debt maturing in the near term
and previously planned capex in Australia.  The proposed perpetual
bond provides additional liquidity to Yancoal to weather the more
challenging business conditions and reduces refinancing pressure
on the company for the next 12 months.  The company had CNY15.5bn
(USD2.49bn) of cash and cash equivalents at end-2013 compared with
the total short-term debt of CNY11.3bn (USD1.81bn).  The proposed
perpetual bond will add around CNY1bn of cash, after taking into
account offshore short-term debts payback and incremental interest
costs for the next two years.

Fitch estimates that Yancoal's gross debt will likely increase by
approximately CNY1.25bn (USD200m) and annual interest payments
will rise by at least CNY110m, which will further weaken the
company's credit metrics which already offers very limited
headroom at the current rating level.  In addition, total secured
debt to EBITDA ratio, under the current weak coal price, will
remain elevated at around 2.5x.

Weak Market Conditions to Continue: Coal prices in China have
dropped to their lowest levels since end-2008.  While Fitch
expects coal prices to stablise as customers start re-stocking and
more of the smaller miners in China close, market conditions are
not likely to improve meaningfully in the next 12 to 24 months.
In 2013, Yancoal's average selling price dropped 13%, materially
weakening its operating cash generation.  Funds from operations
(FFO) gross interest coverage weakened to 3.7x at end-2013 from
4.5x a year earlier, and FFO adjusted net leverage deteriorated to
6.1x from 3.9x over the same period.

Importance of Cost Controls: Fitch believes cost control is the
only lever coal producers still have to weather the weak market
conditions over the next two to three years, in the absence of any
strong policy support to curb cheaper coal imports.

Fitch recognises Yancoal's efforts in cost savings in 2013, when
the company's average cost of sales at its domestic mines fell by
15% and its selling, general and administrative expenses decreased
by 11%.  Most of its mines continued to achieve cost reduction in
1Q14.  These results were achieved through production system
optimisation and reductions in labour cost and the workforce.
Fitch expects a good proportion of these benefits to be
sustainable in the medium term.  However, opportunities for
further cost savings are very limited.

Negative Impact from Resource Tax: Fitch expects China's new
price-based resource tax on coal mining - instead of a volume-
based tax previously - to exert further pressure on domestic coal
producers.  The new tax, which is likely to be adopted in the near
term, will probably be around 5% of the selling price.  That means
the tax burden for coal miners could be roughly five times that
under the current volume-based tax, although in practice the
impact would be tempered by netting off other taxes against the
higher resource tax.  However, Fitch expects this could accelerate
market consolidation by squeezing out smaller, weaker players,
which would benefit larger miners such as Yancoal in the longer
term.

Capex to Trend Down: Yancoal's capital expenditure was as high as
CNY9bn to CNY10bn a year in 2012 and 2013, mainly to develop new
coal mines in Australia and Inner Mongolia, and for the methanol
projects in Ordos.  However, these developments will be gradually
completed after 2014, following which capex will be confined to
maintaining the production level.  As such, Fitch expects
Yancoal's free cash flow to return to positive after 2014 and its
credit metrics to improve, although a return to pre-2012 levels is
not expected in the medium term.

Linkages with Parent: Yancoal is 56.5% owned by Yankuang Group
Corporation Limited (Yankuang), which is wholly owned by the
Shandong State-owned Assets Supervision and Administration
Commission (SASAC).  The linkage is considered weak to moderate,
and therefore, Yankuang's weaker credit profile does not constrain
Yancoal's rating.  The large number of institutions that are
minority shareholders in Yancoal and the rules governing its
listing on the Hong Kong Stock Exchange provide a meaningful
counter-balance to Yankuang's controlling stake.  Fitch has not
provided any rating uplift to Yancoal on account of any implied
support from the Shandong government.  However, Yancoal benefits
from good access to sources of funds due to its status as an
entity majority-owned by the Shandong government.

RATING SENSITIVITIES

Negative: Future developments that may individually or
collectively lead to negative rating action include:

- FFO fixed charge coverage lower than 3.5x

- Failure to reduce FFO adjusted net leverage to or below 4x on a
projected basis after 2015

- Sustained negative free cash flow after 2014

- Weakening of the sizeable liquidity buffer Yancoal currently
maintains with large cash balances, including any increases in
dividend payments

- Higher-than-expected resource tax applied and/or less-than-
expected netting off allowed for other taxes paid against the
higher resource tax

- Higher-than-expected increase in operating costs together with
continuation of weak coal prices or further sustained weakening of
coal prices

- Any acquisitions that lead to further deterioration of the
financial profile

Positive Triggers: Fitch do not expect any positive rating action
in the medium term given our expectation of weak market conditions
and policy developments that are generally adverse for the sector.



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ALLIX CERAMIC: ICRA Assigns 'B' Rating to INR10.68cr Loans
----------------------------------------------------------
A rating of '[ICRA]B' has been assigned to the INR10.68 crore
long-term, fund based facilities of Allix Ceramic Private Limited.
A rating of '[ICRA]A4' has also been assigned to the INR0.80 crore
bank guarantee facility of ACPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             7.68        [ICRA]B assigned
   Cash Credit           3.00        [ICRA]B assigned
   Non fund based-
   Bank Guarantee        0.80        [ICRA]A4 assigned

The assigned ratings are constrained by the implementation risks
associated with the project; commencement of commercial operations
has been delayed on account of delays faced due to non
availability of gas connection. The ratings are further
constrained by the vulnerability of the company's profitability
post-commissioning, to the cyclicality inherent in the real estate
industry, which is the main consuming sector; and to the adverse
fluctuations in prices of raw materials and natural gas, which is
the major fuel. The ratings also take into consideration the
highly competitive ceramic industry with presence of large
established organized tile manufacturers as well as unorganized
players in Morbi (Gujarat) resulting in limited pricing
flexibility. The ratings also take into account the possible
stress on the financial profile given the debt funded nature of
the project and high debt repayments scheduled in the near term.
The ratings, however, favourably take into account the experience
of the promoters in the ceramic industry and the expected
marketing support from the group company engaged in the similar
line of business. The ratings also take into account the
locational advantage enjoyed by the company due to its presence in
Morbi (Gujarat), India's ceramic hub giving it easy access to raw
material.

Incorporated in April 2013, Allix Ceramic Private Limited is
setting up a digitally printed ceramic wall tiles manufacturing
facility at Morbi, Gujarat with planned installed capacity of
34,200 MTPA. The company proposes to manufacture digitally printed
ceramic wall tiles of sizes 12" x 12", 12" x 18", and 12" x 24".
The promoters of the company have experience in ceramic industry
owing to their association with the group concern M/s Xpert
Ceramic.

Going forward, the company's profitability would remain exposed to
the movement in the raw materials and fuel prices. The timely
commencement of production and the ability of the company to scale
up operations in a profitable manner would remain critical from
credit perspective.


AMVENSYS TECHNOLOGIES: ICRA Puts 'B' Rating on INR20cr Loans
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR9.00
crore proposed long-term fund based and INR11 crore long term
unallocated facilities of Amvensys Technologies Private Limited.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term Proposed         9.00       [ICRA]B/assigned
   Long-term Unallocated     11.00       [ICRA]B/assigned

The assigned rating takes into account the promoters' strong
industry experience in the IT, ITES, and BPO industry across
varied geographies; the access the company has to the advanced
technologies developed by group companies in the US which provides
an edge in the Indian market and ATPL's operationally well
diversified revenues across IT, ITES, BPO, financial services and
solar energy which provides stability of revenues in the long run.
The rating is however constrained by the company's small scale of
operations which limits the benefits of scale economics and
pricing flexibility, and also by risks arising from high customer
and geographical concentration with revenues predominantly
generated through services rendered to the group companies
operating in the US. The rating also takes into account the
prevailing tariff regulations and low tariff regime in
Chhattisgarh which restrict the profitability of ATPL's solar
plant segment. ATPL's financial profile is currently characterised
by volatile profit margins and cash flows, and is likely to be
dependent on the order flows from group companies. The Company's
ability to scale up its operations while diversifying customer
base, thus resulting in better financial profile, would be key
credit monitorables going forward.

ICRA notes that ATPL also has near term plans to make its sister
concern, Empergy Power and Infrastructure Private Limited a
subsidiary. Empergy, an SPV formed by the group for carrying solar
projects in India, is likely to set up a solar park in Karnataka
in the near future. ICRA will assess the developments related in
this regard, and its likely impact on the company's credit profile
as and when the transaction materialises.

Incorporated in 2007, Amvensys Technologies Private Limited, forms
part of the Amvensys Capital Group, a group of enterprises that
fall under the common control of Mr. Zaheed Lateef, an Indian born
US national. Initially incorporated as a back-office support unit
for the IT and BPO needs of the US entities of the Amvensys
Capital Group in India, ATPL has now developed into an IT, BPO,
ITES, financial services and solar energy provider for third
parties as well. While ATPL primarily caters to its group
companies' operational needs, it provides back-office services to
third parties in the US through its group companies too. ATPL
plans on foraying into the Indian market in the near future.
The company's services include mortgage, insurance, tax process &
audit, payroll processing and accounting services in the financial
services domain; application development, application maintenance,
software migration, legacy system modernization and smartphone
applications in the IT services domain and technical solutions &
support, outbound call centre, back office process, e-publication
and document management services in the ITES domain. ATPL operates
out of Bangalore, India with employee strength of 160 across its
divisions. The project implementation by the Company is either
through time and material or fixed price model. The company
provides solutions to companies in a variety of sectors including
energy, cable and telecom utilities.

In May 2013, a 2MW solar power plant, in Tohad district of
Chhattisgarh, was commissioned by ATPL. This power plant currently
supplies power to the Chhattisgarh State Power Development
Corporation Limited.


BLISS ENTERPRISES: CRISIL Reaffirms 'B' Rating on INR35MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bliss Enterprises (BE)
continue to reflect BE's modest scale of operations, exposure to
customer concentration risks in its revenue profile and weak
financial risk profile marked by a modest net worth and a high
gearing. These rating weaknesses are partially offset by the
benefits that the concern derives from its propreitor's extensive
experience in the pumps industry and established relationship with
its principal.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        24         CRISIL A4 (Reaffirmed)
   Cash Credit           35         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BE will continue to benefit from the
propreitor's extensive experience in the pumps industry. The
outlook may be revised to 'Positive' if the concern achieves
significant and sustainable improvement in its revenues and
margins, while improving its capital structure. Conversely, the
outlook may be revised to 'Negative' in case BE registers
significant decline in its revenues or margins, or faces a
significant lengthening of its working capital cycle.

Update
In 2013-14 (refers to financial year, April 1 to March 31), BE's
revenue is estimated to remain flat at around INR98 million, as
compared with INR102 million in the preceding year. The company's
operating margin is estimated to remain stable at around 9 per
cent.

BE's working capital requirements have remained high; the
company's debtor, inventory, and creditor levels are estimated at
about 90 days of sales, 75 days of sales, and 45 days of
purchases, respectively, leading to estimated gross current asset
days of over 170 as on March 31, 2014. The company's financial
risk profile has remained average, marked by a high gearing,
modest net worth and average debt protection metrics. Its gearing
is estimated at above 3 times as on March 31, 2014, mainly because
of its modest net worth of INR10 million and its high reliance on
bank borrowings for meeting its incremental working capital
requirements. BE's debt protection metrics have remained average
because of its modest accretion to reserves. Its interest coverage
and net cash accruals to total debt ratios are estimated at 1.5
times and 0.02 times, respectively, for 2013-14.

BE has stretched liquidity; its cash accruals for 2013-14 are
estimated at around INR2 million against nil debt obligations. The
company's bank limits of INR35 million has been highly utilised at
about 97 per cent over the 12 months ended January-2014.

Bliss Enterprises (BE) was established as a proprietorship concern
in 2002 by Mr. Baldev Wani. The concern is engaged in trading of
pumpsets and valves, which have use in the oil and gas sector for
firefighting purposes. BE is an authorized dealer for pumpsets and
valves of Kirloskar Brothers Limited (KBL; rated CRISIL
AA/Stable/CRISIL A1+).

BE reported a profit after tax (PAT) of INR1.6 million on net
sales of INR101million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR2.4 million on net sales
of INR138 million for 2011-12.


CAREWAY AGRO: ICRA Assigns 'B+' Rating to INR15cr Cash Credit
-------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR15.0
crore long-term fund based working capital facilities of Careway
Agro Procurement Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           15.00       [ICRA]B+

The assigned rating takes into consideration the well established
relationship of management with large FMCG companies like ITC
Limited and Dabur India Limited as their distribution partner;
healthy revenue growth over the last three years supported by
adding product lines and thus, evolving revenue mix and regular
infusion of funds from promoters to support business growth. The
rating is, however, constrained on account of the company's
limited track record of operations and weak debt protection
metrics. ICRA notes that the company operates in a highly
fragmented and competitive industry marked by the presence of a
large number of players which further restricts its pricing power
resulting in weak operating margins and return indicators. As the
company forays into the retail segment; its ability to further
improve its profitability and debt protection metrics shall remain
a key rating sensitivity going forward.

Careway Agro Procurement Private Limited was incorporated in the
year 2009 by Mr. Gagan Goyal. The company acts as a channel
partner for distribution of products of leading FMCG companies
like ITC, Hamdard and Dabur. The company is also engaged in
trading of fruits, vegetables, spices and other agro products
procured directly from farms and in-house branded products- 'Clean
Ease' for cleaning solutions and 'Daileez' for packaged drinking
water and juices.

The product profile of the company includes accessories, apparel,
beverages, breakfast cereals, electronics goods, footwear, general
merchandize, gourmet foods, home mart, home care, instant foods,
personal care, pet foods, sports & fitness, stationary, toys &
games, travel accessories, etc.

Recent Results
As per provisional results for 10 months, FY 2014 audited results
the company reported a Profit after Tax (PAT) of INR0.3 crore on
an Operating Income of INR43.3 crore as against a Profit after Tax
(PAT) of INR0.4 crore on an Operating Income (OI) of INR50.1 crore
in FY 13.


CENZER INDUSTRIES: CRISIL Cuts Rating on INR150MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Cenzer Industries Ltd to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'.

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

   Proposed Long Term     80         CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in CIL's business risk
profile marked by persistent cash losses of more than INR190
million over the two years ended 2013-14 (refers to financial
year, April 1 to March 31). The deterioration in business
performance affected the company's debt protection metrics over
the two years through 2013-14. However, the company's liquidity
remains adequate on the back of absence of term debt obligations,
and because of moderate utilisation of cash credit limits and
moderate net worth, which has comfortable absorbed accumulated
losses over the two years through 2013-14.

The rating reflects CIL's modest scale of operations, exposure to
customer concentration risk, and large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of CIL's promoters in the electronics
products and lighting industry, and its established business
relationship with suppliers and customers.

Outlook: Stable

CRISIL believes that CIL will continue to benefit from its
promoters' experience in the electronics products and lighting
industry. The outlook may be revised to 'Positive' if CIL records
a significant and sustained improvement in revenue and margins.
Conversely, the outlook may be revised to 'Negative' in case of
significant decline in the company's revenue and margins, or
lengthening of its working capital cycle, or further cash losses
leading to pressure on its financial risk profile, particularly
its liquidity.

CIL, set up in 1992 by Mr. Joitkumar Jain and his family members,
manufactures compact fluorescent lamps (CFLs) and electronic
calculators. CIL supplies CFLs to companies such as Crompton
Greaves Ltd, Nippo Batteries Co Ltd, and Philips India Ltd.

CIL, on a provisional basis, reported a net loss of INR49 million
on net sales of INR455 million for 2013-14, against a net loss of
INR154 million on net sales of INR427 million for 2012-13.


FORTUNE TIRE: CRISIL Reaffirms 'B+' Rating on INR150MM Loans
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Fortune Tire Tech Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            17        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     52.7      CRISIL B+/Stable (Reaffirmed)

   Rupee Term Loan        80.3      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect FTTL's weak financial risk profile
marked by moderate gearing and small net worth, and intense
competition in the tyre retreading industry. These rating
weaknesses are partially offset by the extensive industry
experience of FTTL's promoters.

Outlook: Stable

CRISIL believes that FTTL will continue to benefit over the medium
term from its promoters' extensive industry experience in the tyre
industry. The outlook may be revised to 'Positive' if the company
records higher-than-expected revenues and profitability, leading
to an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the company undertakes
aggressive debt-funded expansions leading to weak financial risk
profile.

Incorporated in February 2011, FTTL undertakes radial tyre
retreading work and runs a tyre showroom. The company is promoted
by Mr. M Ramesh Reddy, Mr. K V Sarma, Mr. K Vijaypal Reddy, Mr. N
Bhasker Rao and their family members. The company has commenced
commercial operations from February 2013.

For 2012-13 (refers to financial year, April 1 to March 31), FTTL
is reported a profit after tax (PAT) of INR0.2 million on net
sales of INR50 million.


G.CHIMANLAL: ICRA Suspends 'B' Rating on INR20cr Loan
-----------------------------------------------------
ICRA has suspended '[ICRA]B' rating assigned to the INR20.00 crore
fund based limits of G.Chimanlal & Co. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

G. Chimanlal & Co. was established in August 1967 as a
proprietorship concern with Shree Chimanlal V. Sangani as the
proprietor. In 1985, Mr. Girish C Sanghani (son of Late Shree
Chimanlal V. Sangani) took over as the new proprietor. The firm is
engaged in the business of trading of iron and steel items in the
local market on profit basis. The firm purchases steel in standard
sizes from its suppliers which are sold to the customers in the
same form or according to their required width and length.


GALAXY CONCAB: ICRA Reaffirms 'B' Rating on INR11cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for the
INR17.00 Crores fund based bank facilities (enhanced from INR13.50
crore) and short-term rating of [ICRA]A4 for the INR15.00 Crores
non fund based bank facilities (enhanced from INR7.50 crore) of
Galaxy Concab(India) Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund-       11.00        [ICRA]B reaffirmed
   Based

   Long Term/Short        6.00        [ICRA]B/[ICRA]A4 reaffirmed
   Term Fund Based

   Short Term Non        15.00        [ICRA]A4 reaffirmed
   Fund-Based

The rating is constrained by GCIPL's presence in a highly
fragmented and competitive industry that limits its pricing
flexibility which have resulted in weak profitability metrics at
operating and net levels. The rating also takes into account
stretched liquidity position as evident by very high working
capital utilization. The rating is however supported by the
reputed client base that majorly includes Bajaj Electricals Ltd.
and Madhya Pradesh Madhya Kshetra Vidyut Vitaran Company Limited.
ICRA also takes comfort from the price escalation clause which
provides cushion to the company's profitability and the
experienced management of GCIPL.

Galaxy Concab (India) Private Limited was established in 2006 with
the manufacturing facility situated at Kamla Bhawan, Moti Lal Atal
Road, Jaipur. The company manufactures low-tension (LT XLPE (Cross
Linked Polyethylene) & LT PVC Cables), which are used in the
transmission of power. The quality management system at the
production site is registered to the ISO: 9001-2008 and ISO
14001:2004 for the development of electric power cables. GCIPL has
an integrated cable manufacturing plant with facilities right from
cable drawing to packing of the finished product under one roof,
and produces cables of good quality ISI certification. The testing
and quality control section offers facilities to carry out all
routine type tests as per Indian standards. The Company is
professionally managed by Mr. Vinay Gupta and Mr. Rajesh Kumar
Gadia who has good experience in cable industry.

Recent Results

In 2012-13, GCIPL reported a net profit of INR0.22 crores on an
operating income of INR43.53 crores against net profit of INR0.38
crores on an operating income of INR42.56 crores in 2011-12.


GLOBAL MERCANTILE: CRISIL Puts 'B-' Rating on INR150MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facility of Global Mercantile Pvt Ltd.

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

The rating reflects susceptibility of GMPL's cash flows to inflows
from existing receivables, future bookings, timely completion of
its project, and to cyclicality in the real estate industry. These
rating weaknesses are partially offset by the extensive industry
experience of GMPL's promoters.

Outlook: Stable

CRISIL believes that GMPL will continue to benefit over the medium
term from its promoters' extensive experience in the real estate
industry. The outlook may be revised to 'Positive' if GMPL
achieves higher-than-expected bookings, strengthening its
financial flexibility and cash flow adequacies. Conversely, the
outlook may be revised to 'Negative' in case of delays or cost
overruns in GMPL's projects, or low offtake resulting in
deterioration in liquidity and financial flexibility.

GMPL, incorporated in October 1998 and promoted by Mr. Dinesh
Kumar Agarwal and Mr. Dilip Kumar Agarwal, is primarily involved
in real estate development.


HI-CAN INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR201.4M Loans
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Hi-Can
Industries Pvt Ltd continues to reflect HIPL's below-average
financial risk profile marked by high gearing, weak debt
protection metrics, and stretched liquidity because of large
working capital requirements. The rating weakness is partially
offset by the benefits that HIPL derives from its promoters'
extensive industry experience and their funding support.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           150        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      5        CRISIL B/Stable (Reaffirmed)

   Term Loan              46.4      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HIPL will continue to benefit over the medium
term from its promoters' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' in case
of improvement in the company's financial risk profile,
particularly its liquidity, most likely driven by efficient
working capital management, significant scaling up of operations,
sustenance of profitability, and increased funding support from
promoters. Conversely, the outlook may be revised to 'Negative' if
HIPL's financial risk profile, particularly liquidity, weakens
because of deterioration in working capital management or low
accruals or debt-funded capital expenditure.

Update
HIPL is likely to generate revenue of INR285 million in 2013-14
(refers to financial year, April 1 to March 31); its revenue has
registered compound annual growth rate of 44 per cent over the
four years since it began operations. Ramp-up in HIPL's scale of
operations has been driven by its ability to diversify into new
products and expand its customer base. However, the company's
scale of operations is expected to remain modest over the medium
term, on account of fragmentation in the tin packaging industry
resulting in intense competition. Revenue diversification and the
company's plan to take up jobwork are expected to translate into
improvement in its operating margin to about 15 per cent over the
medium term from 14 per cent in 2012-13.

HIPL's financial risk profile remains below average, marked by
high gearing, weak debt protection metrics, and stretched
liquidity. HIPL's gearing remains high, over 3 times, because of
debt-funded working capital requirements. The company has large
working capital requirements because of large inventory required
for its growing business to cater to the wide variety of product
specifications; as a result, it has large gross current assets,
estimated at 250 days as on March 31, 2014. The large working
capital requirements stretch liquidity, marked by almost fully
utilised bank limits. Fund support from promoters in the form of
unsecured loans (Rs.26 million as on March 31, 2014) has helped
HIPL meet fund deficits from time to time. Continued need-based
fund support from the promoters, efficient working capital
management, and product portfolio diversification will be critical
for its credit risk profile over the medium term.

HIPL's debt protection metrics remain weak because of limited
accretion to reserves; its net cash accruals to total debt and
interest coverage ratios are estimated at 0.08 times and 1.53
times, respectively, for 2013-14.

Incorporated in 2009, HIPL manufactures tin cans used in packaging
food products. The company, promoted by Mr. Shailesh Makadia, is a
part of the Radhe group, which has interests in renewable energy,
metal casting, packaging, food products, and infrastructure.
HIPL's manufacturing unit is in Rajkot (Gujarat).

HIPL is likely to report a profit after tax (PAT) of INR4.3
million on net sales of INR285 million for 2013-14, against a PAT
of INR0.13 million on net sales of INR210 million for 2012-13.


HOME LAND: ICRA Withdraws 'B' Rating on INR14cr Bank Loan
---------------------------------------------------------
ICRA has withdrawn the rating of [ICRA]B for the INR14.00 crore
bank limits of Home Land City Mall as the notice period of three
years since the suspension of the rating has expired.


J. KAMAKSHI: CRISIL Reaffirms 'D' Rating on INR80MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of J. Kamakshi continues to
reflect instances of delay by JKS in servicing its term debt; the
delays have been caused by the firm's weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan              80        CRISIL D (Reaffirmed)

JKS also has a below-average financial risk profile, marked by a
small net worth, high gearing, and weak debt protection metrics,
and is susceptible to high customer concentration risk in its
revenue profile. The firm, however, benefits from the extensive
industry experience of its promoters.

Update
JKS has been continuously delaying its term debt obligations. The
delays are on account of the firm's weak liquidity, as evident
from annual cash accruals which tightly match its repayments. It
generates revenue of around INR1.4 million monthly which is equal
to its monthly repayment obligations. In addition to this, the
firm also faces delays in the receipt of rental income which
further stretches the liquidity profile. JKS's cash accruals are
expected to tightly match its debt obligations over the medium
term and hence CRISIL believes that the firm's liquidity will
remain weak over the medium term.

JKM was set up by Mr. J Ramachandraiah and his family members. The
firm has constructed a warehouse in Chennai and has given it on
lease for the purpose of earning lease rentals.


JANMANI INT'L: CRISIL Cuts Rating on INR195MM Loans to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Janmani International Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B-/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Letter of Credit      76.2       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Letter of Credit     118.8       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The downgrade reflects delays by JIPL in servicing its working
capital term loan (WCTL), irregularity in excess of 30 days on
cash credit limits, and instances of devolvement of letters of
credit, on account of weak liquidity.

JIPL has large working capital requirements and faces high debtor
risk, inventory risk, and foreign currency fluctuation risk. It
has a weak financial risk profile marked by small net worth and
high total outside liabilities to tangible net worth ratio.
However, the company benefits from its promoter's extensive
industry experience and its established relationship with
customers.

JIPL (formerly, Merrill Impex Pvt Ltd), incorporated in 2000,
trades in products such as coking coal, coke, and steel. The
company is managed by Mr. Balkaran Bhullar. Its registered office
is in Kolkata (West Bengal).


KOHINOOR TECHNOLOGIES: ICRA Reaffirms 'B' Rating on INR35cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating outstanding on the INR35
crore term loan of Kohinoor Technologies Private Limited at
[ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan            35.00         [ICRA]B reaffirmed

The reaffirmation of the rating takes into account the
restructuring of debt which provides the company with an extended
repayment period. While the loan was initially scheduled to be
repaid in a bullet instalment due in August 2013, the repayment is
now phased over a one year period starting from September 2013
with a large part of the debt (~67%) due in the last instalment in
August 2014.

The rating continues to take into account the company's modest
business profile in the absence of a major revenue source. KTPL
currently has a small scale rental business while the plans of
setting up Information Technology (IT) / Information Technology
Enabled Services (ITES) business have been shelved. KTPL had
availed a INR35 crore general purpose corporate loan for purchase
of commercial space in Mumbai in a project being developed by a
group entity, namely Kohinoor Planet Construction Private Limited.
The rating also takes into account KTPL's adverse capital
structure, high refinancing risk and the excessive dependence on
the promoter group for debt servicing. The debt is expected to be
repaid through the proceeds from the sale of the commercial space
booked by the company. ICRA notes that the liquidity position at a
group level remains stretched on account of the slow sales tie up
of commercial projects, particularly the large scale project in
Mumbai where in a significant quantum of group's funds have been
deployed, as well as start up nature of operations of the group's
recent ventures in healthcare, education and hospitality segment
which has led to delays in debt servicing in group companies.

The rating, however, has favourably taken note of the established
track record of the parent group in the real estate market of
Mumbai with over 25 years of experience. Going forward, the
group's ability to tie up the sales of the commercial projects in
a timely manner, improve its liquidity position and ensure timely
debt servicing remains critical from a credit perspective.

Incorporated in September 2000, KTPL is completely held by the
Joshi family who are promoters of the Mumbai based Kohinoor Group.
KTPL owns the corporate office building of the Group in Dadar (W),
Mumbai which is given on rent to different group companies. KTPL
has availed a INR35 crore general purpose corporate loan for
purchase of commercial space in Mumbai. The debt is to be repaid
over a one year period starting from September 2013 in a largely
back ended structure.

In the financial year ending March 2014, the company reported an
operating income of INR0.44 crore with a net profit of INR0.07
crore as compared to an operating income of INR0.45 crore and net
profit of INR0.07crore in the previous year.


MAA CORP: ICRA Assigns 'B-' Rating to INR24.50cr Loans
------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B- to the INR22.00
crore term loans and INR2.50 crore proposed fund based facilities
of Maa Corp Industries Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans           22.00       [ICRA]B-/assigned
   Proposed fund
   based facilities      2.50       [ICRA]B-/assigned

The assigned rating takes into account the healthy experience of
the management in iron ore and steel industry, the favorable plant
location which is in close proximity to sources of iron ore (iron
ore mines) as well as the customers for the pellets with many
sponge iron units in Bellary region of Karnataka and low project
implementation risks, given that project is in advanced stage of
construction with expected commissioning in first half of FY15.
Also the favorable demand scenario in the domestic market with
demand-supply mismatch in the domestic market is likely to aid in
healthy ramp up in utilization of the unit supporting its accrual
generation capacity over medium term.

However, ICRA notes that with MCIPL's present operations being in
a project stage (setting up a 250 tonnes per day capacity
pelletization plant), the Company does not have any accrual
generation from the same. As a result, MCIPL remains entirely
dependent on timely infusion of capital by promoters' inorder to
service its debt obligations. Any lapse in the same could result
in delay in servicing its debt obligations.

Going forward, the company's ability for timely execution of the
project, avoid any major cost and time over runs and ensure
adequate liquidity to regularly service its debt obligations will
be the key rating sensitive factors.

Incorporate in 2009 as Vrishuta Power Private Limited, name of the
Company was subsequently changed to Maa Corp Industries Private
Limited in 2011. Promoted by Mr. Mundlur Diwakar Babu and family,
the Company is setting up iron ore pelletization plant with an
initial capacity of 250 tonnes per day (TPD) and a 2 MW power
plant in Bellary region of Karnataka. MCIPL has chosen grate Kiln
technology for its plant owing to relatively smaller capacity of
MCIPL's plant at about about 75000 tonnes per annum. The Company
is expected to commission the plant in first half of 2014-15. The
plant being in Bellary region of Karnataka has the location
advantage of being in proximity to the sources of iron ore as well
as the customers for the pellets with many sponge iron units in
Bellary region of Karnataka.


MALLUR SIDDESWARA: CRISIL Reaffirms B+ Rating on INR189.7MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mallur Siddeswara
Spinning Mills Pvt Ltd continue to reflect its large working
capital requirements and the susceptibility of its operating
margin to volatility in cotton prices and high power cost.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Bank Guarantee         3        CRISIL A4 (Reaffirmed)
   Cash Credit           95        CRISIL B+/Stable (Reaffirmed)
   Corporate Loan        12.5      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      30        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    72.2      CRISIL B+/Stable (Reaffirmed)
   Working Capital
   Term Loan             10        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the experience of
MSSM's promoters in the cotton industry and its average financial
risk profile, marked by moderate gearing and debt protection
metrics.

Outlook: Stable

CRISIL believes that MSSM will continue to benefit from its
promoters' industry experience over the medium term. The outlook
may be revised to 'Positive' if the company increases its scale of
operations and operating margin, leading to larger-than-expected
cash accruals, while maintaining its capital structure.
Conversely, the outlook may be revised to 'Negative' if MSSM
undertakes any large debt-funded capital expenditure (capex)
programme, or if any decline in profitability because of high
power cost or volatility in cotton prices further deteriorating
its financial risk profile.

Update
MSSM reported, on a provisional basis, an operating income of
INR516.6 million for 2013-14 (refers to financial year, April 1 to
March 31), as against INR417.1 million for 2012-13. The growth in
operating income was driven by healthy demand from its customers,
primarily exports. The company's operating margin declined to
around 9.7 per cent in 2013-14, from 16.2 per cent in 2012-13 on
account of increase in power cost.

MSSM's financial risk profile continues to be average, marked by
an estimated net worth and gearing at INR83.2 million and 1.56
times as on March 31, 2014. The company has a moderate debt
protection metrics, marked by estimated net cash accruals to total
debt and interest coverage ratios at 20 per cent and 1.92 times as
on March 31, 2014. Its financial risk profile is expected to
remain at similar levels on account of absence of large debt-
funded capex plan over the medium term.

MSSM's liquidity profile is moderate, with expected annual cash
accruals of around INR20 million over the medium term adequate to
cover its repayment obligation of INR11.3 million. However, the
bank limits are highly utilised at 94.6 per cent on average over
the nine months through March 2014, constraining its liquidity
profile.

MSSM was incorporated in 1981 by Mr. S P Rajendran. It
manufactures cotton yarn in the range of 20 to 80 counts.


MANGLAM COTTON: ICRA Reaffirms 'B' Rating on INR6.30cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the fund based
facilities of INR6.30 crore cash credit facility of Manglam Cotton
Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Tern Fund
   Based-Cash Credit     6.30         [ICRA]B reaffirmed

The reaffirmation of the rating continues to reflect the firm's
small scale of operations as well as weak financial profile
characterized by stretched capital structure, modest debt coverage
indicators and low profitability. The rating is further
constrained by highly competitive and fragmented industry
structure given the low entry barriers as well as vulnerability of
the company's profitability to adverse movements in raw material
prices which are subject to seasonality and crop harvest. The
rating further takes into account the exposure to regulatory risks
with regards to MSP for raw cotton as well as imposition of
restrictions on cotton exports. ICRA also takes note that MCI is a
partnership concern and any substantial withdrawals from capital
account would adversely impact the capital structure.

The rating, however, continues to favorably take into account the
firm's favorable location in Mehsana, Gujarat -- an area with easy
availability of raw cotton and the longstanding experience of the
promoters in cotton ginning and pressing industry.

Manglam Cotton Industires was incorporated in the year 2008 as a
partnership firm having ten partners. The firm is engaged in the
ginning and pressing of raw cotton. The firm's manufacturing
facility is located at Mehsana, Gujarat and is equipped with 24
ginning and 1 pressing machine with total production capacity of
225 bales per day assuming the operations are carried out in three
shifts. The firm also trades in cotton bales. Two of the partners,
Mr. Mayur Patel and Mr. Vijaybhai Ganatara are involved into the
day to day operations of the firm.

Recent Results

For the year ended March 31, 2013, Manglam Cotton Industries
reported an operating income of INR36.02 crore and a profit before
tax of INR0.30 crore. In FY 14, the firm reported an operating
income of INR30.70 crore and profit before tax of INR0.36 crore
(as per unaudited provisional numbers).


MOHAN MEAKIN: ICRA Reaffirms 'B+' Rating on INR74.20cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned
earlier to the INR74.20 crore (enhanced from INR55.20 crore) fund-
based bank facilities of Mohan Meakin Limited. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 assigned earlier to
the INR10.00 crore (enhanced from INR6.00 crore) non-fund based
bank facilities of MML. Further, ICRA has also assigned
[ICRA]B+/[ICRA]A4 rating to the INR16.00 crore proposed bank
facilities of MML.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Long-term fund-based     74.20     [ICRA]B+; (Reaffirmed)
   bank facilities

   Short-term non fund-
   based bank facilities    10.00     [ICRA]A4; (Reaffirmed)

   Unallocated/ Proposed    16.00     [ICRA]B+/[ICRA]A4;
   bank facilities                    (Assigned)

The ratings reaffirmation by ICRA continues to reflect weakness
witnessed by MML in its operational and financial profile, which
has continued to result in cash losses during FY14. In addition to
operational inefficiencies such as low capacity utilisation across
units and high fixed overhead expenses such as employee costs, the
company continues to suffer from the purchase of high cost spirit
due to declining in-house production as well as its obsolete plant
and machinery. In addition, the performance during FY14 has also
been adversely impacted due to increased natural gas prices,
leading to losses incurred in the glass factory. In order to
curtail losses, the company discontinued the glass bottles factory
operations w.e.f. 30th November 2013, and initiated a debt-funded
VRS (voluntary retirement scheme) for the employees. Given the
above losses, the company has repeatedly relied upon sale proceeds
from various land parcels held by it, which prevented losses in
past years and erosion of its net worth. To improve its
operational profile further, MML plans to establish new
manufacturing unit, however the exact timings for this cannot be
ascertained. Further, the company has been undertaking various
cost reduction measures, however the extent of benefits of these
initiatives on company's overall profitability remain to be seen.
The ratings also factor in the concentration risks arising out of
high dependence on single brand i.e. "Old Monk" for majority of
its sales. The ratings are however supported by MML's long
operating history of over 15 decades in the Indian liquor
industry; especially the rum segment, and pan-India presence of
its brands either through its own selling and distribution network
(largely North India), or through tie-ups with various bottling
units in other states.

Going forward, ability of the company to improve its profitability
by rationalizing its cost structure and improving operational
efficiencies will be the key determinant of its credit profile,
which along with the extent of reduction in debt levels and
funding mix of the planned capital expenditure for new
manufacturing units will be the key rating sensitivities.

MML was initially established in 1855 by Mr. Edward Dyer of
Britain, who established the first brewery in India. Later in
1949, Late Mr. Narendra N. Mohan took over the operations of the
company. During 2012-13, the alcohol business segment which
includes Indian Made Foreign Liquor (largely rum) and beer
accounted for almost 85% of the company's sales while the balance
was equally contributed by glass bottles and food products
divisions. The glass bottles factory operations have been
discontinued w.e.f. 30th November 2013. As per industry's
estimates, MML has around 5~6% share in the IMFL segment but a
relatively higher share of around 30% in the rum segment.


NOEL PHARMA: ICRA Revises Rating on INR32.8cr Loan From 'B+'
------------------------------------------------------------
ICRA has revised the rating for the long-term bank facilities of
Noel Pharma (India) Private Limited to [ICRA]B from [ICRA]B+. The
rating for the short-term bank facilities has been reaffirmed at
[ICRA]A4. The total rated amount is INR43.0 crore.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       32.80       Revised from [ICRA]B+
   (CC, TL)                            to [ICRA]B

   Interchangeable limits   7.00       Revised from [ICRA]B+/A4
   (CC/ILC/FLC/BG)                     to [ICRA]B/A4

   Unallocated              3.20       Revised from [ICRA]B+/A4
                                       to [ICRA]B/A4

The revised ratings factor in the weak growth in revenues,
deterioration in profitability indicators and stretched liquidity
of Noel Pharma Pvt Ltd (NPPL). Due to the significant capital
advances extended besides accumulated receivables and inventory
build up on account of business disruptions attributable to the
Telengana-Andhra state division; the company's performance has
been weak in the last two years. The ratings are also constrained
by competition from the established formulators, which leads to
heavy marketing expenses to acquire a larger market share. The
company's future growth is contingent upon equity infusion, which
if further delayed, can impact its ongoing advertising campaign
programme and therefore hamper the market position in key
operating areas. However, the ratings also factor in the
experience of the promoters in the pharmaceutical industry and
territory expansion with the inclusion of new states to its
demographic portfolio. Going forward, the ratings would remain
sensitive to the ability of the company to manage its working
capital requirements and improve its market share in the ethical
and OTC drug segment.

NPPL is a formulator of therapeutics with over 200 drugs including
ethical, generics and over-the-counter (OTC) drugs sold across
India. The company was set up in 1997 as a partnership firm called
Noel Pharma, but changed to a private limited company in November
2012. The company is promoted by Mr. S. Venkataiah and has its
manufacturing facility in Baddi, Himachal Pradesh. The company has
a marketing network of 1400 stockiest, mainly in the states like
Andhra Pradesh, Bihar, Rajasthan, Jharkhand and Uttar Pradesh.


NOVEN LIFESCIENCES: ICRA Rates INR6cr Bank Loan at 'B-'
-------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to INR6.00
crore fund based facilities of Noven Lifesciences Private Limited.

The assigned rating is primarily constrained by the limited
product offering, high product and customer concentration risks
for the company. The rating is also constrained by the small scale
of operations which restrict scale economies and financial
flexibility. ICRA notes that the ability of the company to ramp-up
its Oxyclozanide sales remains critical given the recent debt
funded capex of INR2.50 crore to increase the capacity from 30
MTPA to 200 MTPA. The rating however favourably factors in long
experience of promoters in R&D of various products in veterinary
API segment.

The ability of the firm to scale-up its operations while improving
its profitability metrics and manage its working capital cycle
during ramp-up phase would be key rating sensitivities.

Noven Lifesciences Private Limited is a closely held private
limited company incorporated in 1991 by Mr. G. R. Reddy, however
the operations started from FY2010.NLPL is in to manufacturing of
veterinary Active Pharmaceutical Ingredients (APIs) and its
products find usage in Anthelmintics and Analgesic therapeutic
segments for veterinary..During FY 13, Oxyclozanide contributed to
92% of total sales and Xylazine base contributed to 8% of total
sales.


PAREKH ALUMINEX: CRISIL Reaffirms 'D' Rating on INR13.45BB Loans
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities and non-convertible
debentures of Parekh Aluminex Ltd continue to reflect overdrawals
of more than 30 days in some of PAL's bank facilities; the
overdrawn limits are because of the company's weak liquidity,
which is on account of cash flow mismatches driven by large
working capital requirements.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------           --------      -------
   Cash Credit            3,450       CRISIL D (Reaffirmed)
   Letter of Credit         550       CRISIL D (Reaffirmed)
   Letter of credit &
   Bank Guarantee           900       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     8,550       CRISIL D   (Reaffirmed)

The company's efforts to resolve its cash flow mismatches were
disrupted following the demise of chairman and managing director
Mr. Amitabh Arun Parekh in January 2013; he was the key management
personnel supervising the company's day-to-day operations.

PAL, incorporated in 1994, manufactures Aluminium foil containers
(AFC), lids, covers, and allied products, used in packaging food
items. PAL's manufacturing units are in Dadra and Nagar Haveli. In
2005, PAL acquired a Singapore-based company to enter the South-
East Asian markets. In 2008, PAL's manufacturing units acquired
export-oriented-unit status. PAL entered the retail space with two
brands, PAL and ME Foil, in 2010-11 (refers to financial year,
April 1 to March 31). Currently, the company has production
capacity of 6880 million pieces of AFC, 39.6 million pieces of
aluminium foil roll, and 1790 million pieces of aluminium foil
lids per annum. PAL provides customised products through a bank of
more than 288 multi-cavity moulds.

PAL reported a loss of INR3.8 billion on net sales of INR10.9
billion for the 12 months ended March 31,2013, against a profit
after tax (PAT) of INR846.6 million on net sales of INR13.7
billion for the corresponding period of 2011-12. For the quarter
ended June 30, 2013, PAL reported a loss of INR864.2 million on
net sales of INR518.4 million, compared to a net profit of
INR291.5 million on net sales of INR4.89 billion for the
corresponding period of 2012-13.


PMJ CONSTRUCTIONS: CRISIL Assigns 'B' Rating to INR15MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
bank facilities of PMJ Constructions Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        60         CRISIL A4
   Cash Credit           15         CRISIL B/Stable

The ratings reflect PMJ's large working capital requirements and
its modest scale of operations in the fragmented civil
construction industry. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the civil construction industry.

Outlook: Stable

CRISIL believes that PMJ will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm scales up its
operations significantly while it improves its profitability,
leading to better cash accruals and improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' if PMJ
reports considerably low revenue or profitability, or its working
capital management decline resulting in weak liquidity, or if it
undertakes a large debt-funded capital expenditure programme,
leading to weakening of its financial risk profile.


Set up in 1993, PMJ undertakes civil construction work for the
Karnataka state government, in and around Bengaluru (Karnataka).
The firm's day-to-day operations are managed by its managing
director, Mr. M. Jagannath.

PMJ reported a profit after tax (PAT) of INR3.9 million on revenue
of INR90 million for 2012-13 (refers to financial year, April 1 to
March 31), against a PAT of INR4.4 million on revenue of INR100
million for 2011-12.


RRC INTERNATIONAL: ICRA Suspends 'D' Rating on INR47.33cr Loans
---------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to the
INR10.00 crore fund-based limits, INR22.33 crore term loan and
INR15.00 crore non-fund based limits of RRC International Freight
Services Limited. The suspension follows ICRA's inability to carry
out a rating surveillance due to lack of cooperation.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


SHAKTI INDUSTRIES: CRISIL Ups Rating on INR104MM Loans to 'B'
-------------------------------------------------------------
CRISIL has upgraded its long term rating on bank facilities of
Shakti Industries (Ahmedgarh) to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            95        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Term Loan               9        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The rating upgrade is driven by sustained improvement in the
firm's business profile resulting in higher than expected cash
accruals. SI has posted growth at a compounded annual growth rate
of over 25 per cent over the last three years ended 2013-14
(refers to financial year, April 1 to March 31) and has sustained
its profitability thus leading to improvement in its liquidity
profile. CRISIL believes that the firm would generate sufficient
accruals to meet its repayment obligations and sustain its
liquidity profile over the medium term.

The rating is driven by average financial risk profile on account
of weak capital structure and average debt protection metrics and
modest scale of operations in a highly fragmented edible oil
industry. These rating weaknesses are partially offset by
established customer and supplier network as well as extensive
industry experience of SI's promoters.

Outlook: Stable

CRISIL believes that SI will continue to benefit over the medium
term from its promoters extensive industry experience. The outlook
may be revised to 'Positive' in case SI reports significant
increase in its scale of operations or in case of improvement in
its capital structure. Conversely the outlook may be revised to
'Negative' in case of significant decline in firm's top-line or in
case SI undertakes significant debt funded expansion that result
in deterioration of its financial risk profile.

SI was set up in 1981 by Mr. Bharat Goyal. It manufactures kachi
ghani mustard oil which is sold under its brand name 'Rajdhani'.
The plant is located at Jalandhar (Punjab).


SHRI LAKSHMI: CRISIL Lowers Rating on INR290MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Shri Lakshmi Defence Solutions Ltd to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        150        CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit            90        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Long Term     11        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB-/Stable')

   Term Loan              39        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The downgrade reflects delays in servicing of term loan by SLDSL
because of its weak liquidity. The downgrade also reflects the
company's overdrawn cash credit account and devolvement of its
bank guarantee facilities. SLDSL's liquidity has weakened on
account of significant decline in business with irregular
production in the recent past.

SLDSL has a limited track record in the defence products industry,
has large working capital requirements, and is susceptible to
regulatory changes.

SLDSL was set up in 2006 by Dr. M P Agarwal, chairman of the Shri
Lakshmi group of companies. The company, which is a wholly owned
subsidiary of Shri Lakshmi Cotysn Limited (SLCL), manufactures
armoured vehicles used by defence forces. SLDSL also sells
bulletproof jackets, helmets, and other defence-related products
to Indian paramilitary forces, police establishments, and military
forces. The company's name was changed to SLDSL from Armet
Armoured Vehicles (India) Ltd on September 11, 2009, following the
exit of one of its promoters, Armet Armoured Vehicles Ltd, UK.


SREE SHANTHOSH: ICRA Revises Rating on INR29.5cr Loans to 'B-'
--------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR24.00
crore term loan facilities and the INR5.50 crore fund based
facilities of Sree Shanthosh Steels Private Limited to [ICRA]B-
from [ICRA]B+. ICRA has reaffirmed the short-term rating of
[ICRA]A4 outstanding on the INR5.00 crore non-fund based
facilities of SSSPL.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Term loan facilities       24.00       Revised from [ICRA]B+
                                          to [ICRA]B-

   Fund based facilities       5.50       Revised from [ICRA]B+
                                          to [ICRA]B-

   Non-fund based facilities   5.00      [ICRA]A4 reaffirmed

The revision in long-term rating considers the stretched
receivable position of the company, arising from delay in recovery
of dues from one of its major customers, leading to high working
capital intensity; and the impact of slowdown in demand on
revenues during 2013-14. The ratings also consider the company's
high gearing, stretched coverage metrics. Further, with high
interest costs resulting in nominal cash accruals, repayment of
term loans availed for working capital purposes is likely to
stretch the company's liquidity position. Although the ongoing
weakness in the steel industry is expected to adversely impact
revenue growth and accruals at least in the near term, the long-
term demand outlook remains favourable. The highly competitive
nature of trading business also restricts scope for improvement in
profitability. Further, the ratings consider the experience of the
promoters in steel trading business for more than three decades.

Incorporated in 2006, SSSPL is primarily engaged in trading in
various steel products, like TMT bars, channels, joists, angles,
rounds, plates, hot rolled sheets/coils, galvanized coils, cold
rolled sheets/coils, billets and rails. SSSPL is promoted by Mr. P
K Sivakumar and Mr. P K P Narayanamurthy. The business, which was
started as a partnership firm in 1988, was converted into a
private limited company in 2006.

Recent results

SSSPL reported profit before taxes of INR0.8 crore on revenues of
INR83.8 crore during 2013-14 (according to unaudited results). It
reported profit after taxes of INR0.8 crore on an operating income
of INR129.3 crore during 2012-13.


SREENATH ENGG: CRISIL Assigns 'B' Rating to INR40MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sreenath Engg. Sales & Service Pvt Ltd.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term      5          CRISIL B/Stable
   Bank Loan Facility
   Letter of Credit        5          CRISIL A4
   Bank Guarantee         15          CRISIL A4
   Cash Credit            35          CRISIL B/Stable

The ratings reflect SES's modest scale of operations, below-
average financial risk profile, and working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of SES's promoter in the healthcare equipment
industry.

Outlook: Stable

CRISIL believes that SES will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company achieves sustained and
substantial growth in its scale of operations and profitability,
while maintaining its capital structure and improving its
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of a sharp decline in SES's profitability or stretch in its
working capital cycle, or if it undertakes any larger-than-
expected, debt-funded capital expenditure programme, thereby
causing its financial risk profile to weaken.

SES was incorporated in 2001 and is promoted by Mr. Kumar Mitra.
SES installs, maintains, and provides post-sales support of
medical equipment. The company is based in Kolkata (West Bengal),
with a branch office each in Dhanbad and Ranchi (both in
Jharkhand).


SRI BHAGWAN: ICRA Suspends 'B' Rating on INR29.87cr Loans
---------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to the INR29.87
crore term loans of Sri Bhagwan Mahaveer Jain Educational and
Cultural Society. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the entity.


TBPR INFRA: ICRA Assigns 'B' Rating to INR27cr Bank Loans
---------------------------------------------------------
ICRA has assigned [ICRA]B rating to the INR7.00 crores long term
fund based and INR20.00 crores long term non-fund based facilities
of TBPR Infra Projects Private Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based limits        7.00       [ICRA]B
   Non-fund based limits   20.00       [ICRA]B

ICRA's assigned rating is constrained by the delays in the
execution of the ongoing projects by the company resulting in
decline in operating income from INR72.72 crores in FY2012 to
INR65.07 crores in FY2013 and further to INR34.91 crores during
the first nine months of FY2014. The rating is also constrained by
the high geographic concentration risk with all the projects being
executed in Andhra Pradesh exposing the company to political and
economic risks in the region. Further, the rating is tempered by
the high customer concentration risk with a single customer
accounting for 54% of the outstanding order book. ICRA also takes
note of the working capital intensive nature of operations as
reflected by the high utilization of fund based limits. However,
the rating takes comfort from the established track record of the
promoter in execution of irrigation projects in Andhra Pradesh.
ICRA also takes into consideration the outstanding order book of
INR159.21 crores (2.45 times the operating income in FY2013) as on
December 31, 2013, which provides for revenue visibility in the
near term.

TBPR Infra Projects Private Limited was incorporated in the year
2007 by Mr. Bhanu Prakash Reddy, who has more than 20 years of
experience in the civil construction space. The company is engaged
in execution of irrigation projects, road works and building
works. TIPPL primarily operates in Andhra Pradesh.

Recent Results

For the nine months ending December, 2013 in FY2014, the company
reported an operating income of INR34.91 crores with profit after
tax of INR1.54 crores.



===============
M A L A Y S I A
===============


MALAYSIAN AIRLINES: Union Has Own Rescue Plan for Carrier
--------------------------------------------------------
John Gilbert at The Malaysian Reserve reports that Malaysian
Airline System Bhd's (MAS) biggest union said that it has a rescue
plan of its own for the embattled airline, complete with a top
management line-up that can save the flag carrier where others
have failed.

Faced with the prospect that the airline will be allowed to go
bankrupt and rebuilt from the ground up, the MAS Employees Union
of Peninsular Malaysia (MASEU) said it is not too late to save the
carrier but with a management of the union's own choosing, the
report relates.

According to the Malaysia Reserve, MASEU executive secretary Mohd
Jabbarullah Abdul Kadir said the union can name people who can
lead the company out of the red but refused to reveal the names.

"We have a list of people whom we can propose to the government to
run the airline, together with experienced staff that can handle
various business units under a single MAS umbrella which we
believe can turn the airline into profit within a year,"
Jabbarullah told The Malaysian Reserve.

"We are very confident with the list of nominees that we have to
effectively manage the airline and the government must give the
opportunity to experienced MAS staff who are well experienced in
running the business and turning it into profitability within a
year.

"We do not believe bankruptcy is the (only) option as there are
many other viable options for the airline to make profit," he
said.

The report notes that the union blamed the current management for
failing to bring the airline around and has appealed to the
government to remove three top executives including CEO Ahmad
Jauhari Yahya. Mohd Jabbarullah said the 13,500-strong union will
"fight tooth and nail" to prevent the national carrier from being
run into the ground or being taken over, The Malaysian Reserve
relays.

MAS' powerful unions held sway in restructuring plans in the past
but indications that the government is serious and has the will to
go the distance have surfaced in quick succession.

The Malaysia Reserve reports that on May 15, soon after MAS
reported that its net loss had expanded to MYR443.4 million in the
first-quarter from MYR278.8 million previously, Prime Minister
Datuk Seri Mohd Najib Razak told The Wall Street Journal that it
might be too late to save MAS in its current form.

According to the report, acting Transport Minister Datuk Seri
Hishammuddin Hussein on May 16 told a press conference that the
government will not step in to save the airline following its
dismal performance.

The Malaysia Reserve states that MAS' restructuring, the latest of
many to save the airline, had been going on even before flight
MH370 from Kuala Lumpur to Beijing went missing on March 8, but
the fallout from the disappearance has put a big obstacle in its
road to recovery.

A plan has emerged that MAS management is planning to divest its
non-airline business and raise money for a restructuring that
would see the flag carrier reduced into a lean company that can
better survive increasingly challenging times for the airline
industry.

The Malaysian Reserve says part of the restructuring will include
big layoffs that would remove some of the teeth from its powerful
unions, which have strongly opposed the move and blamed the woes
on mismanagement at the top.

Mohd Jabbarullah said business strategies that were taken to turn
the airline profitable had in fact driven it to the brink of
bankruptcy, the report relates.

                       About Malaysia Airlines

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights.  MAS is the flag carrier airline of
Malaysia.



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


YUMMY MUMMY'S: To Face Liquidation Over Unpaid Taxes
----------------------------------------------------
Jono Galuszka at The Manawatu Standard reports that the Inland
Revenue Department has applied to place Yummy Mummy's Cheesecakes
Ltd into liquidation.

Most Inland Revenue liquidation applications relate to unpaid
taxes, the report says.

The Standard relates that an advertisement by Inland Revenue said
an application to put Yummy Mummy's Cheesecakes Ltd into
liquidation was filed in the High Court in Palmerston North last
month.

The company is owned by Alastair and Trish Rodwell, who founded
Yummy Mummy's Cheesecakes in 2006, the Standard discloses.

The report says the application will be heard in court later this
month. It is unclear if this will be the end of Yummy Mummy's
though, as the Rodwells own another company -- YM Woodville Ltd.



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


* KOREA: 10 Major Corporations Subject to Restructuring This Year
-----------------------------------------------------------------
BusinessKorea reports that approximately 10 major corporations in
Korea are expected to be subject to restructuring this year, led
by the financial authorities and creditors. The estimated number
increased by 3-4 due to the recent slump in the construction,
shipbuilding, and shipping industries. At the same time, a couple
of other business groups are likely to be selected as the targets
of strict management against insolvency, though they won't sign an
agreement for financial structure improvement.

According to BusinessKorea, industry sources said creditors, the
Financial Supervisory Service, and the Financial Services
Commission are planning to pick about 10 groups, including the
Hyundai Group, as the targets of the financial structure
improvement agreement for this year. The number of candidates is
currently 42, all of which are in the main debtor group of
relatively higher indebtedness, the report relates.

Late last year, BusinessKorea recalls, the main creditor banks
classified 42 companies into the main debtor group, where the
credit granting balance in the banking sector exceeded 0.075
percent, or KRW1.2251 trillion (US$1.1981 billion) of the total
balance, and has assessed their financial structures since then.
The number of the main debtor group companies was 30 in 2013.

Last year, the financial structure improvement agreement covered
Hanjin, STX, Dongbu, Kumho Asiana, Taihan Electric Wire, and
Sungdong Shipbuilding. STX, Taihan Electric Wire, and Sungdong
Shipbuilding failed to address their liquidity problems and were
put to a voluntary agreement tighter than the financial structure
improvement agreement, BusinessKorea discloses. Kumho Asiana
concluded a workout agreement with its creditors, too, relates
BusinessKorea. Only Dongbu and Hanjin are fulfilling the financial
structure improvement agreement as of now. Newly added to the main
debtor group this year are Halla, SPP, Hyundai, Hankook Tire, Aju
Industry, E-Land, Daesung, Hansol, Pungsan, Hite Jinro, Booyoung,
Hyundai Development Company, and STX Offshore & Shipbuilding,
according to BusinessKorea.

BusinessKorea notes that the financial structure improvement
agreement is for those in the main debtor group considered to be
more vulnerable to move ahead with financial structural reform by
means of an agreement with the main creditor banks.  BusinessKorea
says the voluntary agreement, in the meantime, is characterized by
a certain grace period for debt redemption or emergency fund
support against a short-term liquidity crisis. In the workout
agreement, which is stricter than both of the two, the receivables
are classified into a substandard loan for full-scale
restructuring.

According to the report, the creditors are planning to apply
intensive restructuring programs, including the disposal of key
assets and layoffs, to 10 of the big businesses this year. They
are going to be quite strict this year in the wake of the huge
allowance for bad debts from STX and the like.

BusinessKorea states that the Financial Supervisory Service and
the Financial Services Commission are striving to stabilize the
financial market as well by speeding up the restructuring of the
Dongbu and Hyundai Groups. On April 30, the latter decided to sell
the LNG Business Division of Hyundai Merchant Marine to IMM
Investment at KRW1.03 trillion (US$1.00 billion), raising the rate
of fulfillment of its self-help plans to approximately
60 percent.  BusinessKorea says Dongbu is also having talks with
POSCO to sell the Incheon plant of Dongbu Steel and Dongbu Dangjin
Power, two of its core subsidiaries.

BusinessKorea says Dongkuk Steel and Hanjin Heavy Industries are
predicted to be subject to strict management, which is a newly-
created category. The main creditor banks are to monitor the
companies on an ongoing basis, since these are likely enough to be
included in the financial structure improvement agreement in the
near future. The new system was established to deal with the
loophole used by some companies that passed the financial
structure assessments but then filed abruptly for court
receivership. The targets have to conclude an information
provision agreement with the main creditor banks and go through
negotiations with them prior to any important marketing
activities, adds BusinessKorea.



===============
X X X X X X X X
===============


* BOND PRICING: For the Week May 12 to May 16, 2014
---------------------------------------------------

Issuer            Coupon    Maturity   Currency    Price
------             ------   --------   --------    -----


  AUSTRALIA
  ---------

BOART LONGYEAR      7.00    04/01/21     USD       75.00
BOART LONGYEAR      7.00    04/01/21     USD       76.38
GRIFFIN COAL M      9.50    12/01/16     USD       71.38
GRIFFIN COAL M      9.50    12/01/16     USD       71.38
MIDWEST VANADI     11.50    02/15/18     USD       54.00
MIDWEST VANADI     11.50    02/15/18     USD       53.01
MIRABELA NICKE      8.75    04/15/18     USD       22.00
MIRABELA NICKE      8.75    04/15/18     USD       22.00
NEW SOUTH WALE      0.50    10/28/22     AUD       73.45
NEW SOUTH WALE      0.50    09/14/22     AUD       73.85
NEW SOUTH WALE      0.50    10/07/22     AUD       73.64
NEW SOUTH WALE      0.50    03/30/23     AUD       72.58
NEW SOUTH WALE      0.50    11/18/22     AUD       73.25
NEW SOUTH WALE      0.50    02/02/23     AUD       73.76
NEW SOUTH WALE      0.50    12/16/22     AUD       73.58
RELIANCE RAIL       2.97    09/26/20     AUD       63.50
RELIANCE RAIL       2.95    09/26/18     AUD       73.75
RELIANCE RAIL       2.95    09/26/18     AUD       73.75
RELIANCE RAIL       2.97    09/26/20     AUD       63.50
TREASURY CORP       0.50    03/03/23     AUD       72.97
TREASURY CORP       0.50    11/12/30     AUD       52.06
TREASURY CORP       0.50    08/25/22     AUD       74.63


CHINA
-----

CHINA GOVERNME      1.64    12/15/33     CNY       62.78


INDONESIA
---------

DAVOMAS INTERN     11.00    12/08/14     USD       19.38
DAVOMAS INTERN     11.00    12/08/14     USD       19.38
PERUSAHAAN PEN      6.75    04/15/43     IDR       74.80
PERUSAHAAN PEN      6.10    02/15/37     IDR       70.50


INDIA
-----

3I INFOTECH LT      5.00    04/26/17     USD       31.88
CORE EDUCATION      7.00    05/07/15     USD        9.25
COROMANDEL INT      9.00    07/23/16     INR       15.90
DEWAN HOUSING       5.50    09/24/23     INR       74.41
GTL INFRASTRUC      2.53    11/09/17     USD       28.25
INDIA GOVERNME      0.23    01/25/35     INR       18.52
JCT LTD             2.50    04/08/11     USD       20.00
MASCON GLOBAL       2.00    12/28/12     USD       10.00
PRAKASH INDUST      5.25    04/30/15     USD       57.00
PRAKASH INDUST      5.63    10/17/14     USD       62.00
PYRAMID SAIMIR      1.75    07/04/12     USD        1.00
REI AGRO LTD        5.50    11/13/14     USD       55.88
REI AGRO LTD        5.50    11/13/14     USD       55.88
SHIV-VANI OIL       5.00    08/17/15     USD       26.25
SUZLON ENERGY       5.00    04/13/16     USD       49.75
SUZLON ENERGY       7.50    10/11/12     USD       80.50
VIDEOCON INDUS      6.75    12/16/15     USD       72.73


JAPAN
-----

ELPIDA MEMORY       0.70    08/01/16     JPY       13.88
ELPIDA MEMORY       0.50    10/26/15     JPY       12.13
ELPIDA MEMORY       2.29    12/07/12     JPY       15.13
ELPIDA MEMORY       2.10    11/29/12     JPY       12.13
ELPIDA MEMORY       2.03    03/22/12     JPY       15.00
JAPAN EXPRESSW      0.50    03/18/39     JPY       70.94
JAPAN EXPRESSW      0.50    09/17/38     JPY       71.47


KOREA
------

EXPORT-IMPORT       0.50    10/23/17     TRY       70.30
EXPORT-IMPORT       0.50    12/22/17     BRL       65.58
EXPORT-IMPORT       0.50    10/27/16     BRL       74.92
EXPORT-IMPORT       0.50    11/28/16     BRL       74.35
EXPORT-IMPORT       0.50    11/21/17     BRL       66.01
EXPORT-IMPORT       0.50    12/22/17     TRY       69.08
EXPORT-IMPORT       0.50    12/22/16     BRL       74.06
GREAT KODIT SE     10.00    09/29/14     KRW       68.07
HYUNDAI MERCHA      7.05    12/27/42     KRW       46.01
KIBO ABS SPECI     10.00    09/04/16     KRW       30.31
KIBO ABS SPECI     10.00    02/19/17     KRW       29.68
KOREA LAND & H      3.99    03/26/44     KRW       72.31
SINBO CONSTRUC     10.00    09/29/14     KRW       68.07
SINBO SECURITI      4.60    06/29/15     KRW       72.37
SINBO SECURITI      5.00    06/07/17     KRW       28.56
SINBO SECURITI      5.00    07/08/17     KRW       30.04
SINBO SECURITI      5.00    01/29/17     KRW       29.48
SINBO SECURITI      5.00    03/13/17     KRW       29.38
SINBO SECURITI      5.00    10/05/16     KRW       29.73
SINBO SECURITI      5.00    10/05/16     KRW       29.73
SINBO SECURITI      5.00    09/28/15     KRW       70.68
SINBO SECURITI      5.00    01/19/16     KRW       72.38
SINBO SECURITI      5.00    09/13/15     KRW       73.02
SINBO SECURITI      5.00    09/13/15     KRW       61.87
SINBO SECURITI      4.60    06/29/15     KRW       72.37
SINBO SECURITI      5.00    06/29/16     KRW       29.94
SINBO SECURITI      5.00    05/27/16     KRW       30.05
SINBO SECURITI      5.00    05/27/16     KRW       30.05
SINBO SECURITI      8.00    02/02/15     KRW       74.81
SINBO SECURITI      5.00    02/02/16     KRW       72.97
SINBO SECURITI      8.00    03/07/15     KRW       74.13
SINBO SECURITI      5.00    07/26/16     KRW       29.84
SINBO SECURITI      5.00    07/26/16     KRW       29.84
SINBO SECURITI      5.00    08/31/16     KRW       29.75
SINBO SECURITI      5.00    08/31/16     KRW       29.75
SINBO SECURITI      5.00    08/24/15     KRW       70.72
SINBO SECURITI      5.00    07/08/17     KRW       30.04
SINBO SECURITI      5.00    02/21/17     KRW       27.87
SINBO SECURITI      5.00    03/13/17     KRW       29.38
SINBO SECURITI      5.00    07/19/15     KRW       70.83
SINBO SECURITI      5.00    03/14/16     KRW       72.32
SINBO SECURITI      5.00    12/13/16     KRW       29.56
SINBO SECURITI      5.00    12/07/15     KRW       72.45
SINBO SECURITI      5.00    02/21/17     KRW       29.37
SINBO SECURITI      5.00    06/07/17     KRW       28.56
TONGYANG CEMEN      7.50    04/20/14     KRW       70.00
TONGYANG CEMEN      7.50    07/20/14     KRW       70.00
TONGYANG CEMEN      7.50    09/10/14     KRW       70.00
TONGYANG CEMEN      7.30    04/12/15     KRW       70.00
TONGYANG CEMEN      7.30    06/26/15     KRW       70.00
WOONGJIN ENERG      2.00    12/19/16     KRW       60.03


MALAYSIA
--------

BANDAR MALAYSI      0.35    02/20/24     MYR       66.42


PHILIPPINES
-----------

BAYAN TELECOMM     13.50    07/15/06     USD       22.75
BAYAN TELECOMM     13.50    07/15/06     USD       22.75


SINGAPORE
---------

BAKRIE TELECOM     11.50    05/07/15     USD       11.10
BAKRIE TELECOM     11.50    05/07/15     USD       11.50
BLD INVESTMENT      8.63    03/23/15     USD       30.00
BUMI CAPITAL P     12.00    11/10/16     USD       46.88
BUMI CAPITAL P     12.00    11/10/16     USD       44.71
BUMI INVESTMEN     10.75    10/06/17     USD       47.00
BUMI INVESTMEN     10.75    10/06/17     USD       45.04
ENERCOAL RESOU      9.25    08/05/14     USD       44.32
INDO INFRASTRU      2.00    07/30/10     USD        1.88


SRI LANKA
---------

SRI LANKA GOVE      5.35    03/01/26     LKR       65.75


THAILAND
--------

G STEEL PCL         3.00    10/04/15     USD       13.63
MDX PCL             4.75    09/17/03     USD       17.13


VIETNAM
-------

DEBT AND ASSET      1.00    10/10/25     USD       50.50



                             *********

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 ***