TCRAP_Public/140521.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

            Wednesday, May 21, 2014, Vol. 17, No. 99


                            Headlines


A U S T R A L I A

CRAIG BOND: Fights to Revive Compromise Deal With Creditors
SAPPHIRE PTY: Growers to File Legal Action to Recoup Funds
UNIVERSAL ENERGY: Paul Cook Appointed as Administrator


C H I N A

GREENTOWN CHINA: Sunac Deal No Impact on Moody's B1 CFR
SUNAC CHINA: Greentown Deal No Impact on Moody's Ba3 CFR
TEXHONG TEXTILE: Production Suspension No Impact on Ba3 CFR


I N D I A

B. M. FOODS: CRISIL Assigns 'B+' Rating to INR72MM Loans
CENTURY GLOBAL: ICRA Assigns 'B' Rating to INR27cr Loans
ESSEL MARKETING: ICRA Reaffirms 'B+' Rating on INR9.7cr Loan
GAJRAJ HOTELS: CARE Assigns 'C' Rating to INR22.30cr Bank Loan
JANKI CORP: CARE Reaffirms 'B+' Rating on INR402.06cr Bank Loan

KALIKA CONSTRUCTION: CRISIL Reaffirms 'D' Rating on INR60MM Loans
KCS PVT: CRISIL Reaffirms 'B-' Rating on INR30MM Cash Credit
M. J. INDUSTRIES: CRISIL Assigns 'B' Rating to INR92.5MM Loans
PIONEER EMBROIDERIES: CARE Keeps 'D' Rating on INR127.74cr Loan
REFEX REFRIGERANTS: ICRA Withdraws 'D' Rating on INR34.41cr Loans

SJ INTERNATIONAL: ICRA Puts 'B/A4' Rating on INR11.9cr Loans
SPICEJET LTD: Posts INR1,003.2cr Loss in FY2013-14
STERLING STONEX: ICRA Assigns 'B+' Rating to INR4.60cr Loans
SURENDRA KUMAR: CARE Assigns 'B+' Rating to INR2.5cr Bank Loan
TATA MOTORS: Moody's Affirms Ba3 Corporate Family Rating

TECKBOND LABORATORIES: CRISIL Reaffirms D Rating on INR100M Loans
TIRUPATI JUTE: CRISIL Reaffirms 'B+' Rating on INR165MM Loans
UNITED WIRE: CRISIL Reaffirms B+ Rating on INR100MM Loans
UNIVERSAL POLYMERS: CRISIL Assigns 'B' Rating to INR20MM Loan
VIKRAM HOSPITAL: CRISIL Reaffirms 'D' Rating on INR546.8MM Loans

YASHWANT PLACE: CARE Assigns 'B+' Rating to INR7.5cr Bank Loan


M A L A Y S I A

MALAYSIA AIRLINES: Massive Share Sale Amid Bankruptcy Fears


N E W  Z E A L A N D

KIMBERLEY HILL: Model and Talent Agency Placed in Receivership


S O U T H  K O R E A

CHONGHAEJIN MARINE: Banks May Face Sanctions For Loans
KOOKMIN BANK: Faces FSS Probe Over Irregularities


                            - - - - -


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


CRAIG BOND: Fights to Revive Compromise Deal With Creditors
-----------------------------------------------------------
Neale Prior at The West Australian reports that businessman Craig
Bond has launched a legal campaign to revive a Bankruptcy Act
compromise deal with Bond family trust companies and other
creditors.

It is believed in excess of AUD3 million is locked in financial
limbo with insolvency trustee Chris Williamson more than a year
after Craig Bond put forward a compromise deal under Part X of the
Bankruptcy Act, the report relates.

According to the West Australian, Craig Bond's legal team went to
the Federal Court to get an urgent hearing on appeal to overcome
problems caused by a Federal judge deciding last year that his
Bankruptcy Act proposal extensively overlapped with international
property claims by a former partner.

The report relates that it has been revealed in the Federal Court
that the ex-partner, Dianne Beaman, wants to stop sale proceeds
from a luxury home near Buckingham Palace being passed on to Craig
Bond's creditors. The son of former corporate high flyer Alan Bond
had hoped to use the proceeds of the sale for the Part X deal, the
report notes.

The West Australian says Craig Bond began his campaign in April
last year to settle documented creditor claims of more than
AUD5.4 million with a payout of about 60 cents in the dollar.

The proposal raised the ire of Ms. Beaman because most of the
proceeds would go back to the Bond family, the report states.

More than AUD4.4 million of Craig Bond's alleged debts are to Bond
companies, with the biggest a AUD2.85 million claim by a family
trust company directed by Mr. Bond's brother John and sister Jody
Fewster, The West Australian reports.

The report notes that Ms. Beaman, who claimed to be owed at least
AUD764,000, disputed the family trust's claims.

The West Australian says Craig Bond was also the beneficiary of
all the trusts to which he allegedly owes money, the Beaman camp
has claimed. He also disclosed interests in two syndicates managed
by Primewest, a AUD1.5 billion property syndication group run by
John Bond and two business partners, the report adds.

Supporters of the Bond camp claim the London property was
unquestionably financed by a trust linked to John Bond, the report
says.


SAPPHIRE PTY: Growers to File Legal Action to Recoup Funds
----------------------------------------------------------
Stock Journal reports that the importance of knowing who you sell
your grain to in a deregulated market has been highlighted by the
recent Sapphire Pty Ltd insolvency case.

Stock Journal says the company -- which traded as River City Grain
Co and AG Commodity Trading and based at Murray Bridge -- was put
into administration in March, through Anthony Matthews &
Associates.

After a creditors meeting in Adelaide last week, it was announced
that unsecured creditors, including many growers in SA, Vic and
NSW, would receive only 20 per cent of their money in two years,
the report discloses.

Many growers are believed to be owed between AUD50,000 and
AUD100,000, with some debts running into the hundreds of
thousands, Stock Journal notes.

According to Stock Journal, creditors committee member and
Vic grower Stuart Ellis, Burrumbeet, said they would now be
looking to pursue legal action against the now-defunct company and
its director Brenton Strauss, and seeking funding help from the
National Farmers Federation.

A report from the administrator Anthony Matthews & Associates
showed Sapphire Pty Ltd's liabilities at the time of going into
administration totalled AUD13 million, with unsecured creditors
owed AUD6 million, Stock Journal discloses.

Stock Journal relates that the company's records disclosed a
trading loss of AUD1.5 million for the period from October 1, 2013
to September 30, 2013, and a trading loss of AUD5.9 million from
October 1, 2012 to September 30, 2013.

Sapphire was described as 'hopelessly insolvent' with company
employees owed about AUD60,000, Stock Journal relays.

At a creditors meeting in March, NAB's Brent Musgrove questioned
Mr. Strauss' involvement in a new company. The NAB is listed as
being owed AUD5.26 million in the report, Stock Journal adds.


UNIVERSAL ENERGY: Paul Cook Appointed as Administrator
------------------------------------------------------
Paul Cook -- p_cook@pjc.com.au -- & Johnathan Murrell --
j_murrell@pjc.com.au -- of Paul Cook & Associates were appointed
as administrators of Universal Energy Services Pty Ltd on May 16,
2014.

A first meeting of the creditors of the Company will be held at
105 Macquarie St, in Hobart, on May 28, 2014, at 10:30 a.m.



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


GREENTOWN CHINA: Sunac Deal No Impact on Moody's B1 CFR
-------------------------------------------------------
Moody's Investors Service says Sunac China Holdings Limited's (Ba3
stable) proposed acquisition of certain shareholdings in Greentown
China Holdings Limited will not have any immediate impact on
Greentown's B1 corporate family rating, B2 senior unsecured debt
rating and positive ratings outlook.

On May 15, 2014, Sunac announced that it was in discussion with
the founding shareholders of Greentown - Mr. Song Weiping, Ms. Xia
Yibo and Mr. Shou Bainian -- on the proposed acquisition of not
more than a 30% interest in Greentown's issued share capital.

"Moody's does not expect any near term material change in
Greentown's business if Sunac purchases a share interest in
Greentown," says Jiming Zou, a Moody's Assistant Vice President
and Analyst.

In addition, Moody's expects that if Sunac's proposed acquisition
is successful, Greentown's founding shareholders as well as Wharf
(Holdings) Limited (unrated) -- which currently owns a 24.3%
ownership interest in Greentown -- will continue to hold stakes in
the company and determine jointly with Sunac, Greentown's business
and financial strategy.

In addition, Sunac and Greentown have established a good working
relationship through their joint property projects since 2012.
Moreover, Sunac's demonstrated strong sales execution will support
Greentown in achieving its sales budget.

Moody's will monitor any change in Greentown's growth strategy,
given Sunac's more aggressive expansion plans than Greentown's.
Any aggressive land acquisitions by Greentown or rapid growth in
scale will pressure its B1 corporate family rating.

"Greentown's B1 corporate family rating would also come under
pressure if Wharf Holdings' ownership share is significantly
reduced, because Wharf Holdings is responsible for instilling
financial discipline in Greentown's operations," says Zou, who is
also the Lead Analyst for Greentown.

"The acquisition of an ownership stake in Greentown by Sunac of
not more than 30% will ensure that Greentown complies with the
change of control clause in its bond agreements," adds Zou.

The principal methodology used in this rating was the Global
Homebuilding Industry published in March 2009.

Sunac China Holdings Limited is an integrated residential and
commercial property developer. It has projects in five main
regions: Beijing, Tianjin, Shanghai, Chongqing and Hangzhou. The
company was listed on the Hong Kong Exchange on 7 October 2010. It
owned 46 projects and had a land bank of 16.5 million square
meters at end-June 2013.

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou city and Zhejiang
province. As of June 2013, the company had 99 projects with a
total gross floor area of 41.39 million square meters (sqm). Of
this total, 21.96 million sqm were attributable to the company.


SUNAC CHINA: Greentown Deal No Impact on Moody's Ba3 CFR
--------------------------------------------------------
Moody's Investors Service says that Sunac China Holdings Limited's
proposed acquisition of certain shares in Greentown China Holdings
Limited (B1 positive) is credit negative for Sunac. Nevertheless,
the proposed transaction has no near term impact on Sunac's Ba3
corporate family rating and B1 senior unsecured debt rating.

The outlook for Sunac's ratings remains stable.

On May 15, 2014, Sunac announced that it is in discussion with the
founding shareholders of Greentown - Mr. Song Weiping, Ms. Xia
Yibo and Mr. Shou Bainian -- to acquire no more than a 30%
interest in the issued share capital of Greentown. Sunac has not
disclosed details of the terms and conditions of the acquisition,
or how it plans to fund the transaction.

"We believe that the consideration will be within Sunac's
financial capacity," says Franco Leung a Moody's Assistant Vice
President and Analyst.

Greentown's market capitalization amounted to about HKD16.9
billion at May 14, 2014, according to Bloomberg. Based on this
amount, Moody's estimates that the consideration of around RMB5--
RMB6 billion can be accommodated by Sunac's cash holdings, as well
as its available bank facilities.

"However, Sunac's strong appetite for land acquisitions and now
equity interest in a company of similar size could weaken its
financial profile," says Leung, who is also the Lead Analyst for
Sunac.

Sunac's financial flexibility will weaken slightly, if it is
successful in acquiring the 30% interest in Greentown, because its
interest coverage will be close to 2x versus about 2.1x in FY2013,
after adjusting for its jointly controlled entities exposure.

Nonetheless, Moody's believes Sunac will reverse this situation
and maintain an EBITDA/interest coverage in the range of 2.0x--
2.5x through slower land acquisitions and an increase in
recognition of more profitable projects.

However, Sunac's investment in Greentown will result in Sunac
facing additional financial pressures, including from a potential
capital call if Greentown takes on large projects or grows in
scale.

"As a result, any further increase in Sunac's ownership interest
in Greentown beyond the proposed 30% or a decrease in Wharf's
interest in Greentown could be negative for Sunac," adds Leung.

While Sunac's current financial position can support its proposed
30% stake in Greentown, if Sunac becomes a major Greentown
shareholder -- thereby replacing Wharf (Holdings) Limited's
(unrated) position as Greentown's major shareholder -- over the
next 12--18 months, such a situation would be negative for Sunac's
ratings.

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

Sunac is an integrated residential and commercial property
developer, with ongoing or completed projects in China's main
regions of Beijing, Tianjin, Shanghai, Chongqing and Hangzhou. The
company develops a wide range of property, including high-rise and
mid-rise residences, detached villas, townhouses, retail
properties, offices and car parks.

Sunac was incorporated in the Cayman Islands on 27 April 2007 and
listed on the Hong Kong Stock Exchange on 7 October 2010. At end-
2013, it owned 59 projects and had a land bank of 21.1 million
square meters.


TEXHONG TEXTILE: Production Suspension No Impact on Ba3 CFR
-----------------------------------------------------------
Moody's Investors Service says anti-Chinese protests in Vietnam
(B2 stable) have slightly damaged Texhong Textile Group Limited's
factories in southern Vietnam, forcing the company to halt
production, which is credit negative but has no immediate impact
on its Ba3 corporate family and senior unsecured bond ratings.

The ratings outlook remains stable.

Texhong announced that its factories in southern Vietnam were
slightly damaged during anti-Chinese protests at around midnight,
14 May 2014. Minor damages included panels of machinery with less
than 20,000 spindles; certain windows and computers; and some
scrapped cotton.

The company has temporarily suspended production at its facilities
in southern Vietnam to evaluate the situation and will commence
production when it returns to normal.

The facilities have about 0.49 million spindles producing yarn,
which accounted for about 26% of its total production capacity of
about 1.84 million spindles at end-2013 in Vietnam and China (Aa3
stable).

In addition to its factories in southern Vietnam, the company has
about 0.24 million spindles producing yarn in northern Vietnam
where the production facilities remain unaffected.

The protests have been prompted by China's positioning of an oil
rig in waters claimed by both Vietnam and China.

The company's cotton spinning capacity in China increased to 1.11
million spindles at end-2013 from about 0.60 million at end-2012,
while its capacity in Vietnam grew to 0.73 million from about 0.40
million over the same period.

"We expect the company to rebalance its production locations to
meet its customer demand if the production suspension in southern
Vietnam continues for a long period of time," says Chenyi Lu, a
Moody's Vice President and Senior Analyst.

In addition, Moody's estimates the company to have about one-month
finished inventories to supply its customers while the facilities
are closed.

The company had finished inventories of RMB912 million at end-
2013, which is 0.11x of its 2013 revenue of RMB8.2 billion.

Texhong continues to expand its capacity and expects to have a
total capacity of approximately 2.16 million spindles by the end
of 3Q 2014, including 1.17 million spindles in China and
approximately 0.99 million spindles in Vietnam.

The capacity expansion in northern Vietnam is for 258,000
spindles, and construction is still ongoing and is expected to be
completed in July 2014.

Given its solid finished inventory and expanded production bases,
Moody's sees no immediate impact on its credit profile. However,
Moody's will revisit the situation if the production suspension in
southern Vietnam continues for a considerable period of time
and/or the production is Northern Vietnam is impacted as well.

The principal methodology used in this rating was the Global
Manufacturing Industry published in December 2010.

Established in 1997 and listed on the Hong Kong Stock Exchange
since 2004, the Texhong Textile Group specializes in producing
core-spun yarn and textile products. The company currently
operates 15 yarn production bases; 12 in the Yangtze River Delta
and Shandong Province in China and three in Vietnam. Its chairman,
Tianzhu Hong, holds a about 52% stake and is the majority
shareholder of the company.



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


B. M. FOODS: CRISIL Assigns 'B+' Rating to INR72MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of B. M. Foods.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Term Loan              14.5        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     10          CRISIL B+/Stable
   Cash Credit            47.5        CRISIL B+/Stable
   Bank Guarantee          8          CRISIL A4

The ratings reflect BMF's modest scale of operations in the highly
fragmented and competitive rice milling business and weak
financial risk profile, marked by a modest net worth, high gearing
and subdued debt protection metrics. The rating also factors in
the susceptibility of the firm's operating performance to
regulatory framework governing rice industry and raw material
price volatility. These rating weaknesses are partially offset by
extensive experience of BMF's partners in the rice milling
business.

Outlook: Stable

CRISIL believes that BMF will continue to benefit over the medium
term from its partners' extensive experience in rice milling
business. The outlook may be revised to 'Positive' in case the
firm is able to exhibit a significant and sustainable growth in
revenues while improving its capital structure and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' in
case of decline in the firm's revenues or profitability margins or
a significant elongation in its working capital cycle, translating
to further weakening in its liquidity and financial risk profile.

BMF, set up in 2005, is a partnership firm of Mr. Anil Agarwal and
his nephew, Mr. Ankur Agarwal and is engaged in rice milling
business. The firm has its manufacturing facility at Ambikapur
(Chattisgarh).

BMF has reported a profit after tax (PAT) of INR0.63 million on
net sales of INR 63.9 million for 2012-13 (refers to financial
year, April 1 to March 31), as against a PAT of INR 0.57 million
on net sales of INR65.6 million for 2011-12.


CENTURY GLOBAL: ICRA Assigns 'B' Rating to INR27cr Loans
--------------------------------------------------------
ICRA has assigned long term rating of [ICRA]B to INR27.0 crore
bank facilities of Century Global Logistics Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             22.00        [ICRA]B
   Cash Credit            4.87        [ICRA]B
   Unallocated            0.13        [ICRA]B

The assigned rating derives strength from experienced promoters of
the company whose long standing track record in transportation
business and established relationships with customers coupled with
pan-India presence facilitates client acquisition and repeat
business for the company. The assigned rating also factors in the
long association of the vehicle lessors with the company which
provides assurance of vehicle availability on requirement. The
rating is, however, constrained by high gearing, weak debt
protection metrics and weak liquidity as evident from fully
utilized working capital limits. While assessing the credit
profile, ICRA also notes the high sector concentration as 60% of
the revenues come from the tea industry thereby exposure to the
cyclicality in the load volumes. The company's profitability
indicators remain susceptible to increase in toll taxes/levies and
unrecoverable costs besides the limited ability to pass on diesel
price hikes and stringent delivery requirements of clients that
are critical to maintain high operational utilization of the fleet
and avoid transit delay charges.

Going forward, given the intentions of the management to move up
the value chain and become a complete supply chain service
provider and add more warehouses, the scale of expansion and
funding mix will remain key rating sensitivity besides CGLPL's
ability to expand its client base while maintaining profitability
of operations.

Century Global Logistics Private Limited initially started as,
Careway Transport of India, a partnership firm in the year 1975.
The firm was renamed to Century Transport of India in 1997 and was
converted to a private limited as Century Global Logistics Private
Limited in 2010.

Careway Transport of India initially started as transporters of
Tea from the Tea Gardens to the tea manufacturers & blenders and
wholesalers. Since then, transportation of various other products
has also been started by the company. Currently tea transportation
forms around 60% of the business and the balance from various
other products like Pharma, Liqour and others. As tea
transportation forms the major business of the company, CGLPL has
two owned warehouses in the major tea producing regions Guwahati
and Siliguri, from where CGLPL transports tea to customers
situated all over the country.

Recent Results
As per provisional financials, the company has reported an
operating income of INR82.6 crore in the nine month ending
December 31, 2013.


ESSEL MARKETING: ICRA Reaffirms 'B+' Rating on INR9.7cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ on the
INR9.70 crore long-term, fund based working capital facilities of
Essel Marketing & Promotions Private Limited. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 to the INR2.50 crore
short-term, non-fund based working capital facilities of EMPPL.
The outlook on the long-term rating is stable.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund
   based limits         9.70          [ICRA]B+ reaffirmed

   Short-term, non-
   fund based limits    2.50          [ICRA]A4 reaffirmed

The rating re-affirmation takes into account the vast experience
of the promoters in the trading of promotional products, the
company's established relations with key suppliers and customers,
a well reputed customer base, and moderate working capital
intensity levels over the last two years. The company has been
reporting strong growth in revenues over the last four fiscals,
albeit on a low base, with healthy profitability indicators due to
an asset light business model. The ratings are, however,
constrained by the thin operating and net margins of the company
on account of the trading nature of business; and the highly
competitive operating environment marked by low entry barriers.
The ratings are further constrained by the small scale of
operations, high customer concentration, and a stretched financial
risk profile marked by low accruals, leveraged capital structure
and moderate debt coverage indicators.

EMPPL, incorporated in 2006 by Mr. Rohit Lamba, is engaged in the
supply of a wide range of promotional products typically required
in the trade/retail promotional campaigns of FMCG and
pharmaceutical companies. EMPPL supplies products such as toys,
pencil boxes, plastic jars, stickers, pens, and other customized
gift articles. Mr. Lamba is a first generation entrepreneur,
supported by a team of professionals in the daily operations of
the company.

Recent Results

EMPPL has reported a profit after tax of Rs.1.08 crore on an
operating income of INR44.33 crore in FY2013, as against a profit
after tax of INR0.76 crore on an operating income of INR27.74
crore in FY2012.


GAJRAJ HOTELS: CARE Assigns 'C' Rating to INR22.30cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of Gajraj
Hotels Private Limited.

                               Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long term Bank Facilities     22.30     CARE C Assigned

Rating Rationale

The rating assigned to the bank facilities of Gajraj Hotels
Private Limited are primarily constrained by its small scale of
operations and weak financial risk profile characterized by
operating losses, leveraged capital structure, stressed debt
coverage indicators and liquidity position resulting in instances
of delay in debt servicing in the past. The ratings are further
constrained by stabilization risk associated with new hotel,
cyclical nature of the hotel industry coupled with high
competition and subdued industry outlook.

The rating, however, do factor in the experience of the promoters
and favorable location of the hotel property. Going forward, the
ability of GHPL to improve the overall financial profile and debt
servicing track record of the company.

GHPL was incorporated on November 6, 1992, by Mr Chand Ram, his
wife Ms Krishna Devi and his son, Mr Gajraj Singh. The company
operates Hotel Gajraj (HG) in Bahadurgarh, Haryana, which was its
first hotel established in the year 1992. GHPL has set up another
hotel by the name of Gajraj Continental (GC) in Bahadurgarh,
Haryana, which partly commenced its operations in October 2012
with full fledged operation from April 2013. The hotel consists of
72 rooms, bar (100 person capacity), coffee shop, restaurant (150
seating capacity), banquet hall (400 person capacity), function
hall (500 person capacity) and other facilities (which includes
health club and swimming pool).

GHPL reported a net loss of INR2.39 crore on a total income of
INR6.50 crore in FY14 (based on the provisional results) (refers
to the period April 1 to March 31) as against the net loss of
INR0.59 crore on a total income of INR3.53 crore in FY13.


JANKI CORP: CARE Reaffirms 'B+' Rating on INR402.06cr Bank Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Janki Corp Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    402.06      CARE B+ Reaffirmed
   Short term Bank Facilities    86.00      CARE A4 Reaffirmed

Rating Rationale

The ratings of the bank facilities of Janki Corp Limited continue
to be constrained by the high working capital intensity of its
operations, high leverage, losses incurred during H1FY14 (refers
to the period April 1 to September 30) and its presence in an
inherently cyclical steel and textile industry along with on-going
regulatory hurdles faced by the Indian iron ore industry. The
ratings take cognizance of the receipt of approval for
restructuring of its debt under the Corporate Debt Restructuring
(CDR) mechanism.

The ratings, however, continue to derive comfort from JCL's
experienced promoters and its established operations.
JCL's ability to improve its profitability by managing the
volatile raw material prices, efficiently manage its working
capital requirements, complete its on-going projects within the
envisaged time and cost parameters and generate the envisaged
returns thereof along with an improvement in its capital structure
are the key rating sensitivities.

Promoted by Mr Raghu Nath Mittal, JCL is a closely-held public
limited company. It commenced its operations with a fabric
processing facility at Bhilwara in 1993. JCL entered into the
steel business during 2005 by setting up a sponge iron
manufacturing unit in Bellary (Karnataka) with a capacity of
180,000 Metric Tonnes Per Annum (MTPA). The company has
also setup a Waste Heat Recovery Boiler (WHRB) based power plant
of 15 MW (commissioned in March 2010) and pellet plant of 600,000
MTPA (commissioned in September 2011). Contribution of sponge
iron, pellet, textile and sale of power constituted 51%, 34%, 12%
and 3%, respectively in the total operating income of INR658.53
crore during FY13 (refers to the period April 1 to March 31).

Based on the audited results for FY13, JCL reported a total
operating income and Profit after Tax (PAT) of INR658.53 crore
(PY: INR515.24 crore) and INR33.33 crore (PY: INR24.98 crore)
respectively. However, as per the provisional results for
H1FY14, JCL reported a total operating income of INR248.82 crore
with a net loss of INR18.44 crore.


KALIKA CONSTRUCTION: CRISIL Reaffirms 'D' Rating on INR60MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kalika Construction
(KC; part of the Kalika group) continue to reflect instances of
delay by the Kalika group in servicing its term debt and working
capital demand loan; its cash credit account has also occasionally
been overdrawn for more than 30 days. This is because of the
group's weak liquidity, driven by delayed payments by Government
of Maharashtra entities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        20         CRISIL D (Reaffirmed)
   Cash Credit           40         CRISIL D (Reaffirmed)

The Kalika group has a small scale of operations, sticky
receivables outstanding, geographical concentration in its revenue
profile, and a small order book. It is also susceptible to risks
related to the tender-based nature of its operations. The group,
however, benefits from the extensive experience of its promoters
in the construction industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KC and Shinde and Sons (SS). This is
because the two firms, together referred to as the Kalika group,
are in the same line of business and under a common management.

KC undertakes civil construction projects for earthwork, paver
lining, structures, and stretches for bridges across rivers in
Maharashtra. Set up by Mr. Ramesh Shinde and his family members,
KC mainly executes projects for the Public Works Department of
Jalna (Maharashtra), and other state government authorities such
as Majalgaon Canal Division and Godavari Irrigation Development
Corporation. The partners also operate SS, which is in the same
line of business.


KCS PVT: CRISIL Reaffirms 'B-' Rating on INR30MM Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank facilities of KCS Pvt Ltd continues
to reflect KCS's modest scale of operations, customer
concentration in its revenue profile, and exposure to risks
related to the tender-based nature of its business. The ratings
also factor in the company's weak financial risk profile, marked
by a small net worth, high gearing, and inadequate debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the civil
construction industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee       40          CRISIL A4 (Reaffirmed)
   Cash Credit          30          CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KCS will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if there is a significant and
sustainable improvement in KCS's revenue and profitability, along
with improvement in its working capital cycle, resulting in
better-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of any delay by the company in
meeting its financial obligations, most likely due to continued
pressure on cash generation from business and lack of timely
funding support from its promoters.

KCS was originally established in 1971 by Mr. Kishore Chandra Sahu
as a proprietorship firm; the firm was reconstituted as a private
limited company in 1991. Based in Rourkela (Odisha), KCS
undertakes turnkey projects involving supplying, fabricating, and
erecting electrical and mechanical components, and also civil
construction.

For 2012-13 (refers to financial year, April 1 to March 31), KCS
reported a net loss of INR22.8 million on net sales of INR74
million, against a net loss of INR9.1 million on net sales of
INR91 million for 2011-12.


M. J. INDUSTRIES: CRISIL Assigns 'B' Rating to INR92.5MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of M. J. Industries.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            --------      -------
   Term Loan                12.5       CRISIL B/Stable
   Cash Credit              45         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       35         CRISIL B/Stable

The rating reflects MJI's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and small scale of
operations in the fragmented rice industry. These rating
weaknesses are partially offset by the industry experience of the
firm's partners, and the financial support it receives from them.

Outlook: Stable

CRISIL believes that MJI will maintain its business risk profile
over the medium term, backed by the extensive industry experience
of its promoters. Its financial risk profile is, however, expected
to remain constrained over this period, with high gearing and weak
debt protection metrics. The outlook may be revised to 'Positive'
in case of significant improvement in the firm's financial risk
profile, most likely driven by capital infusion or increase in its
scale of operations. Conversely, the outlook may be revised to
'Negative' if MJI's financial risk profile deteriorates, most
likely due to significant increase in inventory, leading to large
incremental bank borrowings, or debt-funded capital expenditure.

MJI is a partnership firm set up in 1998 by Mr. Kewal Krishna, Mr.
Pawan Kumar, and Mr. Rakesh Kumar. The firm is engaged in the
milling and processing of paddy into basmati rice. It has an
installed paddy milling capacity of 70 tonnes per day in Jalalabad
district (Punjab).


PIONEER EMBROIDERIES: CARE Keeps 'D' Rating on INR127.74cr Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Pioneer
Embroideries Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities    39.70       CARE D Suspension
   (Fund Based)                             Revoked/Rating
                                            Reaffirmed

   Long Term Bank Facilities     82.18      CARE D Suspension
   (Term Loan)                              Revoked/Rating
                                            Reaffirmed

   Short Term Bank Facilities     5.86      CARE D Suspension
   (Non Fund Based)                         Revoked/Rating
                                            Reaffirmed

Rating Rationale

The rating is constrained by delay in debt servicing owing to
strained liquidity position.

Pioneer Embroideries Limited was incorporated in 1991 and is in
the business of manufacturing embroidered fabrics, laces and dope
dyed yarn. The company has eight plants at different locations. As
on March 31, 2013, the company had an installed capacity of
Embroidery (4248 million stitches), Bobbin Lace (25,200,000 mtrs),
spun yarn (1,788 MT) and dope dyed yarn (10,500 MT). The company
also has a presence in the retail segment through its subsidiary
by the name Hakoba Lifestyle Limited and PEL operates the outlets
under the brand name 'Hakoba'.

PEL was referred to Corporate Debt Restructuring (CDR) cell for
debt restructuring in FY12 (refers to the period April 01 to
March 31).


REFEX REFRIGERANTS: ICRA Withdraws 'D' Rating on INR34.41cr Loans
-----------------------------------------------------------------
ICRA has withdrawn the suspended long term rating of '[ICRA]D'
assigned to the INR16.0 crore cash credit limits and the INR6.41
crore term loans of Refex Refrigerants Limited. ICRA has also
withdrawn the suspended short term rating of [ICRA]D assigned to
the INR12.0 crore short term non fund based facilities of RRL, as
the company has fully repaid the loans and there is no amount
outstanding against the rated instruments.


SJ INTERNATIONAL: ICRA Puts 'B/A4' Rating on INR11.9cr Loans
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B and a short term
rating of [ICRA]A4 to the INR7.00 Crore fund based facilities.
ICRA has also assigned a short term rating of [ICRA]A4 to the
INR0.25 crore non fund based facility of SJ International. The
combined fund based and non fund based utilisation should not
exceed INR7.00 Crore at any point of usage.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits-
   EPC/PSC               7.00        [ICRA]B/[ICRA]A4; Assigned

   Fund Based-Bullion
   Loan                  4.90        [ICRA]B/[ICRA]A4; Assigned

   Non Fund Based
   Inland Guarantee      0.25        [ICRA]A4; Assigned

The rating is constrained by SJI's modest scale of operations and
weak financial profile characterised by low profitability, high
working capital intensity and a highly leveraged capital
structure. Further SJI has witnessed stagnancy in revenues for
last two fiscals, given its susceptibility to economic activities
in the key consuming markets primarily USA. ICRA also notes the
intense competition prevalent in the industry in which SJI
operates, which in turn is expected to keep margins under
pressure. The rating however favourable factor in the promoters
experience and operating track record in the gems and jewellery
business and fiscal benefits arising out of its location in a tax
free zone.

SJ International was incorporated in 2006 by family members of
Revashankar Pandya group. The company is engaged in manufacturing
and export of high end diamond and colour stone studded gold and
silver jewellery. The company has a manufacturing facility at
SEEPZ, Mumbai.

The companies in Revashankar Pandya Group include Shangold India
Ltd., Revashankar Gems Ltd., Shankar Jewels Limited, Shankar
Packaging Ltd., Shankar Realty Ltd. Shankar Securities Pvt. Ltd.,
Naqsh Collection, Diamond India Corporation and S.J International.

Recent Results:
For the financial year ended 2012-13 (audited), SJI registered a
net profit of INR0.18 crore on an operating income of INR20.42
crore.


SPICEJET LTD: Posts INR1,003.2cr Loss in FY2013-14
--------------------------------------------------
The Times of India reports that SpiceJet has posted its highest
ever annual loss of INR1,003.2 crore in the financial year 2013-14
up five times from INR191 crore in the previous fiscal.

TOI relates that the company's auditor has said this loss along
with SpiceJet's total liabilities exceeding its assets by
INR1,019.5 crore on March 31, 2014, "indicate the existence of a
material uncertainty regarding the company's ability to continue
as a going concern".

According to the report, the auditor, S R Batliboi and Associates
said the FY 2013-14 loss figure would have been up by another
INR7.5 crore had SpiceJet made provision for interest of a like
amount on outstanding inter-corporate deposits taken by it in the
past. In the quarter ended March 31, 2014, SpiceJet lost INR321.5
crore.

"The year ended March 31, 2014, was perhaps the most challenging
period in Indian aviation history. The sharp depreciation of the
Rupee during the quarter ended September 30, 2013, was
unprecedented. Given the fact that over 75% of any Indian
airline's cost is influenced by $, the effects of the exchange
rates on a broad spectrum of cost heads were crippling," the
airline said in a statement, TOI relays.

The airline's revenue increased 12% to INR6,350.6 crore from the
last fiscal. But its expenses rose 24% to INR7,303.7 crore in this
fiscal. As a result, the loss widened despite a 5% increase in
average air fare to INR4,253 from INR4,052 in the same period, TOI
discloses.

"Market stimulation (read discounts) also resulted in SpiceJet
gaining market share in March 2014 relative to previous month,
despite 2% capacity reduction. SpiceJet expects the macroeconomic
environment to significantly improve and demand to grow in FY
2014-15. SpiceJet is well into the process of executing on a re-
structuring and transformation plan to position it well as market
conditions improve, and to take on the challenge of new entrants
that are expected to enter the market," the statement added.

                         About Spicejet Ltd

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights
between major cities in India.

SpiceJet posted INR1.91 billion and INR6.05 billion annual net
losses for the year ended March 31, 2013 and 2012, respectively.


STERLING STONEX: ICRA Assigns 'B+' Rating to INR4.60cr Loans
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA] B+' and a short
term rating of 'ICRA A4' to INR10.00 crore bank facilities of
Sterling Stonex Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             1.60       [ICRA]B+ assigned
   Cash Credit           3.00       [ICRA]B+ assigned
   LC                    0.20       [ICRA]A4 assigned
   BG                    0.10       [ICRA]A4 assigned
   Unallocated           5.10       [ICRA]B+/A4 assigned

The rating takes into account SSPL's modest scale of operations
despite its long presence in the granite quarrying and processing
business. The Indian granite export industry is highly fragmented
with large number of players; in addition to the intense domestic
competition, Indian exporters face competition from China, South
Korea and Brazil in the export market. The competition is worsened
by the low value addition of the finished product with no product
differentiation between players. Moreover SSPL is exposed to
currency fluctuation risks as 80% of the sales of the company are
in export market and high counter party credit risks with majority
of the sales being made on credit basis.

Further the company has high client concentration and geographic
risks as more than 50% of the sales are made to a single customer
in Germany. Further the need to stock large inventory and extend
credit to the customers also results in high working capital
intensity and dependence on debt funding. With increase in
capacity by 100% from Jan 2014, the scale of operations is
expected to increase which could result in liquidity pressures as
the available working capital limits are fully utilized. The
financial profile of the company is moderate with debt servicing
metrics being comfortable but these remain highly sensitive to
profitability owing to the low scale of operations of SSPL. The
rating however favourably factors in the experience of promoters
in the granite mining and processing business, integrated
operations in quarrying and granite processing that results in
relatively higher profitability and close proximity of the unit to
quarries that results in savings in transportation costs.

SSPL was incorporated in 1995 and has been engaged in quarrying
granite and processing them to form granite monuments. The granite
monuments are exported majorly to US and Europe. The total
processing capacity of the unit is 206000 cubic meters. The
company has 2 quarry blocks at Tekkali and Nizamabad spread over
an area of 23 hectares.


SURENDRA KUMAR: CARE Assigns 'B+' Rating to INR2.5cr Bank Loan
---------------------------------------------------------------
CARE assign 'CARE B+/CARE A4' ratings to bank facilities of
Surendra Kumar.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long term Bank Facilities     2.50      CARE B+ Assigned

   Long-term/Short-term          3.50      CARE B+/CARE A4
   Bank Facilities                         Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Surendra Kumar are
primarily constrained by its small and fluctuating scale of
operations, low PBIDLT margin, moderate capital structure and
working capital intensive nature of operations. The ratings are
further constrained by low and concentrated order book position
and its presence in the highly fragmented and tender-driven
construction industry.

The ratings, however, draw comfort from the experience of the
partners in the construction business.

The firm's ability to receive steady flow of orders & timely
execution of the same, increase its scale of operations while
managing its working capital requirement efficiently shall be the
key rating sensitivities.

Surendra Kumar was established as a partnership firm on July 11,
2011, by two partners, namely, Mr. Surender Kumar Singhal and Mr
Nitin Kumar Singhal sharing profit and loss equally. SUK is
primarily engaged in the construction of residential flats and
commercial complex for Delhi Development Authority (DDA), Rail
India Technical and Economic Services (RITES), Haryana Housing
Board, etc. SUK is registered as a "Class I" civil contractor with
Delhi Development Authority Contractor's Registration Board. It
secures all the contracts through competitive bidding process and
has completed projects for DDA and Housing Board Haryana.

During FY13 (refers to the period April 1 to March 31), SUK
reported a total operating income of INR11.55 crore and a net
profit of INR0.43 crore. During FY14 (provisional), SUK has
achieved a total operating income of INR12.53 crore.


TATA MOTORS: Moody's Affirms Ba3 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of Tata Motors Limited and maintained the stable outlook.

Ratings Rationale

Moody's expects the group's consolidated results for the financial
year ended 31st March 2014 (FY2014), to be announced on 29th May,
to show a marked improvement on last year, due solely to a record
performance from Jaguar Land Rover Automotive plc (JLR, Ba2
stable) which sold 434,311 cars in FY2014, an increase of 15.9%
over FY2013.

By contrast the Indian operations have had a torrid time with
total unit sales of passenger and commercial vehicles declining by
29% year on year in FY2014 and with market share declines in both
segments.

"The current year, FY2015, is critical for the group with both JLR
and the Indian businesses facing challenges," says Alan Greene, a
Moody's VP - Senior Credit Officer.

"JLR will see slower sales growth, primarily due to capacity
constraints, although it is likely to retain its strong liquidity
profile even as it ramps up investment in new products and starts
overseas manufacturing operations," continues Greene who is Lead
Analyst for Tata Motors.

"By contrast, Tata in India must find a way to recover lost market
share in its commercial vehicle business and to develop its range
of cars to compete with those produced by the global industry
titans," adds Greene.

Moody's notes that JLR's future model roll outs together with the
need for additional manufacturing capacity has led JLR to increase
its investment from around GBP2.7 billion in FY2014 to between
GBP3.5 billion and GBP3.7 billion in FY2015.

Until the investment bears fruit, JLR is potentially capacity
constrained even though the first vehicles from its joint venture
in China with Chery Automobile Co. (unrated), which has an annual
capacity of 130,000 vehicles, could appear by the end of FY2015.
Rolling three monthly retail sales growth for JLR slowed to 8%
year on year in the last quarter of FY2014 but recovered to 12.7%
in April 2014. Moody's expectation is for JLR to increase unit
sales in FY2015 by a low single digit percentage, achievable from
its available capacity.

"The recovery in Tata's Indian operations hinges on some
improvement in the economy following the election which will
support commercial vehicle sales, and the enthusiasm of car buyers
for Tata's new vehicles the Zest and Bolt, which will arrive in
the showrooms in the second half of 2014," continues Greene.

"However, until there is some relief in sight for Indian vehicle
buyers in the form of lower interest rates, a material recovery in
FY2015 is not assured, " he adds.

Despite the poor operating performance of the parent or standalone
company in India, it is likely to report profits in FY2014. This
is the result of disposals to its wholly-owned subsidiary, TML
Holdings Pte. Ltd. (TMLH, unrated) in Singapore and from the
dividend received from TMLH, in essence, passed through from JLR.
On a standalone basis TML would have a weaker rating, which can be
viewed as balanced by JLR's strength to arrive at TML's
consolidated rating of Ba3.

Moody's notes that TMLH has raised $1.2 billion equivalent of debt
in the last 13 months and is expected to raise more funds in order
to support TML, given the latter's weak cash generation. However,
the international businesses recently acquired from TML by TMLH
are barely profitable, which leaves TMLH's ability to service debt
primarily dependent on the annual dividend received from JLR,
currently GBP150 million. Under the terms of its bonds, JLR has
headroom to upstream significantly more funds to TMLH. Overall,
TMLH's position as an intermediate holding company with no direct
operating assets points to a credit profile somewhat weaker than
that of JLR.

Moody's has also taken the opportunity to bring the treatment of
certain financial adjustments it makes in arriving at Tata
Motors's credit metrics into line with those applied to other
global auto manufacturers. The main change arises from the
treatment of Tata Motors Finance Ltd. (TMF, unrated), TML's
wholly-owned vehicle finance business and the charging of all
capitalized product development to the current period.

TMF's relationship with TML has been close and continues to be so
with the business supporting around 30% of Tata vehicles sold on
credit. In order to sustain its expansion, TML regularly injects
equity into TMF and also pays monies to TMF through delinquency
support and interest rate subsidy agreements. Nevertheless to
bring TML group credit metrics into line with its peers, Moody's
now present TML group credit metrics as the consolidated
performance excluding the debt and interest expense arising in
TMF.

Similarly, Moody's has not adjusted TML's credit metrics in the
past for capitalized engineering and development costs. Indeed,
TML standalone's investment in new products has been small which
is one of the factors behind its loss of market share. By
contrast, JLR has been investing heavily in development and
Moody's has been adjusting JLR's credit metrics for capitalized
costs. Moody's credit metrics for the group now adjust for
capitalized development costs throughout.

The stable outlook reflects JLR's relative strength which
continues to buy time for the core Indian business to recover and,
despite the negative free cash flow overall, continues to support
group credit metrics at an appropriate level for the Ba3 rating.
However, FY2015 is a critical year as JLR's sales growth rate
slows and execution risk rises both in terms of increased product
development expenditure and the starting up of overseas
manufacturing operations. At the same time, Tata's Indian
operations need to regain some of their lost market share, with
success of new launches key to the passenger car business's long-
term prospects.

Upward pressure on the rating could emerge if JLR's credit metrics
improve further while releasing more funds to the Indian
operations and/or TML's standalone vehicle business in India
improves its existing margins due to improving economic conditions
and successful product launches. Solid execution of the companies'
internationalization plans -- JLR's overseas manufacturing and
TML's plans to increase sales to regional markets - would also
support a positive rating action.

Group credit metrics that might indicate an upgrade include
Adjusted debt/EBITDA below 4.0x and EBITA margins maintained at 6%
or higher, on a sustained basis. Furthermore, an FCF/debt ratio
greater than 6% to 8%, is appropriate for the mid-Ba range.

Downward pressure on the rating could emerge if JLR's sales
performance declines more than anticipated and/or TML in India is
unable to sustain its performance due to input cost pressures,
weak markets, disappointing new products and further loss of
market share, all potentially resulting in lower revenues and
reduced margins. Depending on the remedy, a breach of financial
covenants could also lead to a downgrade. This could be reflected
in various credit metrics when viewed on a sustained basis such as
i) Adjusted debt/EBITDA increasing to over 5x and ii) EBITA
margins falling below 4%. FCF/debt falling below 5% would also
potentially lead to a downgrade.

Tata Motors Ltd is the largest manufacturer of commercial vehicles
and one of the top four manufacturers of passenger vehicles in
India. Globally, the company is the fourth-largest truck and bus
manufacturer. Since the acquisition of Jaguar Land Rover in June
2008, the group enjoys a genuine global profile in cars through
JLR's presence in its key markets such as UK, Europe, US, China,
Russia, and Brazil, and the group's range broadened with the
addition of JLR's luxury cars and 4x4 Vehicles.

The principal methodology used in this rating was the Global
Automobile Manufacturer Industry published in June 2011 and the
Rating Relationship Between Industrial Companies And Their Captive
Finance Subsidiaries published in May 2012. Other methodology used
includes Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.


TECKBOND LABORATORIES: CRISIL Reaffirms D Rating on INR100M Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Teckbond Laboratories
Private Limited continue to reflect instances of delay by TLPL in
servicing its debt; the delays have been caused by the company's
weak liquidity, resulting from its large working capital
requirements.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Bank Guarantee           5         CRISIL D (Reaffirmed)
   Cash Credit             50         CRISIL D (Reaffirmed)
   Letter of Credit        20         CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      19         CRISIL D (Reaffirmed)
   Term Loan                6         CRISIL D (Reaffirmed)

TLPL scale of operations remains small. These rating weaknesses
are partially offset by the benefits that TLPL derives from the
extensive industry experience of its promoters.

Update
For 2013-14 (refers to financial year, April 1 to March 31), TLPL
registered operating income of INR32 million as compared to INR454
million in the previous year (refers to financial year, April 1 to
September 31). The company's operating profitability improved to
about 16 per cent as against 8 per cent in the previous year. The
improvement is mainly on account of higher proportion of job-work
income derived through 2013-14. The company's working capital
requirements continue to remain large with gross current asset of
over 150 days as on Mar 31, 2014.

Incorporated in 2004 by Mr T Bose Babu, TLPL manufactures
intermediates used in manufacturing bulk drugs.


TIRUPATI JUTE: CRISIL Reaffirms 'B+' Rating on INR165MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tirupati Jute
Industries Ltd continue to reflect TJIL's below-average financial
risk profile marked by modest net worth, high gearing, and weak
debt protection metrics, its large working capital requirements,
and susceptibility to uncertainties in a regulated industry and to
vagaries of nature. These rating weaknesses are partially offset
by the extensive experience of TJIL's promoters in the jute
industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          --------     -------
   Bank Guarantee         10        CRISIL A4 (Reaffirmed)

   Cash Credit           113        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       50        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     24.5      CRISIL B+/Stable (Reaffirmed)

   Term Loan              27.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TJIL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
improves its financial risk profile, most likely driven by equity
infusion or substantially large accruals. Conversely, the outlook
may be revised to 'Negative' if TJIL undertakes any large debt-
funded capital expenditure (capex) programme or if its working
capital cycle lengthens, weakening its financial risk profile,
especially its liquidity.

TJIL, incorporated in 1981, is promoted by the Mall family of West
Bengal. The company manufactures jute products such as jute bags
and hessian cloth. Its facilities in Howrah (West Bengal) have
capacity of 17,000 tonnes per annum.

For 2012-13 (refers to financial year, April 1 to March 31), TJIL
reported a profit after tax (PAT) of INR1.4 million on net sales
of INR602 million, against a PAT of INR3.5 million on net sales of
INR607 million for 2011-12.


UNITED WIRE: CRISIL Reaffirms B+ Rating on INR100MM Loans
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of United Wire
Products continues to reflect UWP's weak financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics. The rating also factors in the firm's small
scale of operations with constrained profitability in the
intensely competitive wire manufacturing industry, and its
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive industry experience of UWP's
partners and its diversified customer profile.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            90        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      3.5      CRISIL B+/Stable (Reaffirmed)

   Term Loan               6.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that UWP will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm significantly scales up
its operations and improves its profitability, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if UWP's financial risk profile deteriorates, most
likely on account of larger-than-expected debt-funded working
capital requirements or decline in its profitability.

Update
UWP's operating income is estimated to have declined to INR303
million in 2013-14 (refers to financial year, April 1 to March 31)
from INR369 million in the previous year; the decline was driven
by lower sales to government agencies such as electricity boards,
public health systems, and irrigation departments. The firm's
operating margin has remained stable at around 5.4 per cent over
the past two years.

UWP's working capital requirements have remained high, mainly on
account of high inventory and debtor requirements, over the four
years ended March 31, 2014. The firm maintains inventory of raw
materials and finished goods of around two months. The raw
material is procured from Steel Authority of India Limited (SAIL),
Jindal Steel and Power and Vishakhapatnam Steel Plant wherein it
has to make cash payments, leading to high inventory holding of 53
to 70 days over the four years ended March 31, 2014. The firm
offers credit of 60 to 90 days, leading to estimated debtors of 80
days as on March 31, 2014, and hence to high average bank limits
utilisation of 97 per cent over the 12 months through December
2013.

UWP's financial risk profile has been below average, as reflected
in its high gearing estimated at 2.39 times as on March 31, 2014,
mainly because of high reliance on bank borrowings for meeting its
incremental working capital requirements. It had a net worth of
INR44 million as on March 31, 2014. UWP's debt protection metrics
have remained below average, with interest coverage and net cash
accruals to total debt ratios of around 1.4 times and 0.04 times,
respectively, in 2013-14. The firm has weak liquidity. Its cash
accruals for 2013-14 are estimated at around INR4.6 million
against debt obligations of INR1.3 million during the year.

UWP, set up in 1994, manufactures several types of mild steel
wires such as galvanized wires, earth wires, barbed wires, binding
wires, chain-link fencing, stitch wires and black annealed wires.
These products are used by the automobile, construction, and
agricultural-based industries, and electricity boards, among
others.


UNIVERSAL POLYMERS: CRISIL Assigns 'B' Rating to INR20MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Universal Polymers Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            20        CRISIL B/Stable
   Letter of Credit       60        CRISIL A4

The rating reflects UPPL's below-average financial risk profile
marked by small net worth and weak debt protection metrics, modest
scale of operations, and large working capital requirements. These
rating weaknesses are partially offset by the extensive experience
of UPPL's promoters in the Poly Vinyl Chloride (PVC) industry.

Outlook: Stable

CRISIL believes UPPL will benefit from its promoters' extensive
experience and its established relationships with major suppliers.
The outlook may be revised to 'Positive' in case of significant
improvement in its scale of operations and profitability resulting
in higher than expected cash accruals along with improvement in
the working capital cycle. Conversely, the outlook may be revised
to 'Negative' in case of larger than expected working capital
requirements, lower than expected cash accruals, or more than
expected debt-funded capital expenditure, constraining its
liquidity.

Established in 2010 and based in Kanpur (Uttar Pradesh), UPPL
trades in PVC resins, panels and calcite powder. The company
started operations in January 2012. Its day-to-day operations are
being managed by Mr. Sandeep Agarwal. The management is setting up
Unplasticised Poly Vinyl Chloride (UPVC) windows and door
manufacturing unit and is expected to start full production from
May 2014.


VIKRAM HOSPITAL: CRISIL Reaffirms 'D' Rating on INR546.8MM Loans
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vikram
Hospital Pvt Ltd (part of the Vikram group) continues to reflect
instances of delay by VHPL in servicing its debt; the delays have
been caused by the company's weak liquidity.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            --------      -------
   Cash Credit              36.6       CRISIL D (Reaffirmed)
   Long Term Loan          455.1       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       55.1       CRISIL D (Reaffirmed)

The Vikram group is exposed to risks related to small scale of
operations with geographical concentration in revenue profile.
Moreover, the group has a below-average financial risk profile
marked by high gearing and weak debt protection metrics. The
group, however, benefits from its established position in the
tertiary health care segment in Karnataka.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of VHPL and its subsidiary Vikram
Hospitals (Bengaluru) Pvt Ltd (VHBPL). This is because VHPL and
VHBPL, together referred to as the Vikram group, have common
promoters, operational synergies, and fungible funds, and are in
the same line of business.

Update
The Vikram group continue to delay its interest and term loan
obligations because of weak liquidity. CRISIL believes that the
Vikram group's liquidity will remain weak over the medium term
because of inadequate cash accruals for meeting its debt
obligations.

Established in 2002 by Dr. S B Vikram in Mysore (Karnataka), the
Vikram group provides tertiary healthcare and other healthcare-
related services.


YASHWANT PLACE: CARE Assigns 'B+' Rating to INR7.5cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Yashwant
Place Service Station.

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

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

Rating Rationale

The rating assigned to the bank facilities of Yashwant Place
Service Station (YPSS) are primarily constrained by its weak
financial risk profile characterized by its modest scale of
operations, thin profitability margins, leveraged capital
structure, weak debt protection metrics and working capital
intensive nature of its operations. The rating is also constrained
by its presence in a highly competitive & fragmented industry and
its constitution as a partnership firm.

The rating, however, favourably takes into account the experience
of the partners coupled with the growing scale of YPSS operations
and its association with Bharat Petroleum Corporation Limited
(BPCL) as an authorized dealer for its petroleum products.

YPSS's ability to scale up its operations with continuation of
BPCL's dealership, improvement in capital structure along with
effective working-capital management shall be the key rating
sensitivities.

Delhi-based Yashwant Place Service Station was established in 2002
as a partnership firm by Mr Raj Kumar Goel and Mr Pradeep Mehra
sharing profit and loss in the ratio of 65% and 35% respectively.
The firm is operating a dealer-owned and dealer-operated filling
station of Bharat Petroleum Corporation Limited (BPCL) for the
retail sale of petroleum products, lubricants and engine oils. The
main products are petrol, diesel and various types of motor oils.
The firm is also running an "In & Out" convenience store to sell
groceries and various household items.

For FY13 (refers to the period April 01 to March 31), YPSS has
reported a net profit of INR0.03 crore on a total operating
income of INR44.50 crore. The firm had achieved total sales of
INR64.66 crore during FY14 (based on unaudited results).



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


MALAYSIA AIRLINES: Massive Share Sale Amid Bankruptcy Fears
-----------------------------------------------------------
The Malaysian Reserve reports that the looming bankruptcy fear for
loss-making Malaysian Airline System Bhd (MAS) caused a selling
streak on Monday, May 19, that saw its shares falling 18.42% or
3.5 sen to end at 15.5 sen.

Trading volume for MAS was heavy with 412.25 million shares
changing hands, the report says.

The Malaysian Reserve relates that the shares of MAS -- which is
currently burdened by heavy financial losses and the MH370 saga
-- opened at 17.5 sen on May 19 and were sold down to 15 sen, a
record low.

The report notes that the airline's shares have dropped 60% over
the last one year, despite an increase of 6.7% in its weightage on
the FTSE Bursa Malaysia KLCI Index. The shares closed at
19 sen on May 16, Malaysian Reserve relays.

According to the report, Maybank Investment Bank Bhd aviation
analyst Mohshin Aziz said the selling momentum is "too strong" and
the share price downtrend is expected to continue for a day or two
more.

"I am not surprised at the selling momentum. I expect the share
price downtrend to continue for another one or two days, before it
stabilises," he told The Malaysian Reserve.

The Malaysian Reserve states that Prime Minister Datuk Seri Mohd
Najib Razak had stressed that it might be too late to save MAS in
its current form as the national flag carrier struggles to stay
afloat following the disappearance of flight MH370.

The premier also pointed out that bankruptcy might be among
several options as a way to restructure the ailing airline, after
years of losses and bitter conflicts with its labour unions, the
report relays.

According to The Malaysian Reserve, Mr. Mohshin said such
statement coming from the prime minister might be a huge letdown
to investors who were expecting a proper restructuring plan to be
put in place.

"The prime minister did not rule out bankruptcy and it is too late
to save the airline. That statement, coming from a statesman,
would definitely scare investors," Mr. Mohshin, as cited by The
Malaysian Reserve, added.

                       About Malaysia Airlines

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.



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


KIMBERLEY HILL: Model and Talent Agency Placed in Receivership
--------------------------------------------------------------
Hamish Fletcher at the New Zealand Herald reports that an Auckland
model and talent agency that was struggling to pay its young
actors has gone into receivership.

NZ Herald says Kimberley Hill Management -- which last week
changed its name to NZMT -- was put into receivership on May 19,
according to Companies Office records.

Neither receiver John Gilbert nor the company's director Kimberley
Hill was immediately available for comment, the report relates.

The Companies' Office does not say who appointed Gilbert as a
receiver, the Herald notes.

Two extras -- Mandy Madden and Justin Shand -- who acted on the TV
series Power Rangers told the Herald on Sunday last week that they
still owed money for work they did on the show last year.

After the Herald on Sunday contacted the agency last week, Ms.
Hill called the pair and promised to pay them.

Ms. Hill said a decline in offshore productions visiting New
Zealand and the strong Kiwi dollar had made business difficult but
she would "personally guarantee" to pay her clients, the Herald
adds.



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


CHONGHAEJIN MARINE: Banks May Face Sanctions For Loans
------------------------------------------------------
Chung Ah-young at The Korea Times reports that Woori Bank and
other banks may face sanctions for the lax management of their
loans to Chonghaejin Marine, the operator of the sunken Sewol
ferry, and its affiliates, according to the Financial Supervisory
Service (FSS).

Local banks were found to have been heavily engaged with the
affiliates. About 90 percent of the loans procured by the
Chonghaejin affiliates came from banks, the financial watchdog
said, the report relates.

According to the report, the financial regulator said Chonghaejin
and its business partners have obtained a combined KRW374.7
billion in loans from 42 financial firms.

It breaks down to KRW336.5 billion for Chonghaejin and its
affiliates and KRW38.2 billion for individuals including Yoo
Byeong-eun, the de facto owner of Chonghaejin Marine, his children
and business partners, The Korea Times discloses.

Among them, the banks offered KRW303.3 billion or 90 percent or of
the total loans. Woori Bank was the largest creditor bank, with
loans of more than KRW90 billion, the report relates.

The report says the FSS has been inspecting the financial firms to
find out whether there have been illegal transactions in the
process. The investigation has so far found no illegal
transactions, the report notes.

But the FSS said that some financial firms appear to have extended
loans to Chonghaejin Marine and affiliates after overestimating
the value of its collateral and failed to track whether the loans
were used for their cited purposes, the Korea Times reports.

"We will take disciplinary actions on the banks for any
irregularities or negligence on the follow-up screening of the
cited purposes for the loans," the report quotes an FSS official
as saying.

The report relates that the FSS said banks played a crucial role
in granting massive loans, which enabled the affiliates to use the
money for other purposes.

Woori Bank lent the largest amount of KRW92.6 billion, among other
banks, followed by the Korea Development Bank (KDB) with KRW61.1
billion, and the Industrial Bank of Korea and Kyongnam Bank with
KRW54.4 billion, the report discloses.  Also, other banks such as
Kookmin Bank offered loans of KRW6.4 billion, Nonghyup Bank KRW7.7
billion, Hana Bank KRW8.7 billion and Shinhan Bank KRW5.4 billion,
the report adds.

The Korea Times relates that the financial regulator said the
loans were granted against collateral but the banks are
responsible for neglecting the supervision of whether the loans
were used for their original purposes.

"Yoo, his family members and affiliates took out the loans from
the banks but they didn't follow up on their usages after the
loans were granted," the FSS official, as cited by The Korea
Times, said.

Also, the report relates, the banks provided KRW21.1 billion or
two thirds of the KRW38.2 billion in loans to relevant individuals
such as Yoo, his children and other business partners, raising the
suspicion that the loans could have been used illegally for
running their affiliates and spent for other purposes.

Concerning the possible misuses of the loans, the FSS has been
probing the Korea Development Bank, IBK, Woori Bank, Kyongnam
Bank, the National Federation of Fisheries Cooperatives (NFFC) and
the Korea Eximbank, the report adds.


KOOKMIN BANK: Faces FSS Probe Over Irregularities
-------------------------------------------------
Yonhap News Agency reports that the South Korean financial
watchdog will conduct a full-scale inspection on the country's
biggest lender Kookmin Bank next month, officials said on May 19,
an unprecedented move that aims to get to the bottom of a spate of
irregularities and internal troubles plaguing it.

The news agency says the microscopic scrutiny would be the first
such action by the Financial Supervisory Service (FSS) on a bank,
although the watchdog has carried out inspections on specific
cases when it detects problems at a financial institution.

"We've pointed out the problems at Kookmin Bank in separate cases
so far, but now the situation has reached a point where we have to
conduct a pre-emptive all-out inspection," Yonhap quotes an
official at the FSS as saying.

Yonhap notes that the move follows an internal static within the
bank's board of directors over the introduction of a new
computation system.

According to the report, an auditor of Kookmin Bank last month
raised issue with the board's earlier decision to adopt a new
system as having serious procedural problem. But the board on
May 19 refused to accept the auditor's opinion and decided to push
ahead with its original plan.

The auditor reported the case to the FSS, Yonhap says.

Yonhap relates that the FSS sees Kookmin Bank as having failed in
its internal control system due to slack discipline.

"This is not a simple inspection. The FSS will check every system
and process including decision-making procedure to discover why
Kookmin Bank continues to make noise," the official, as cited by
Yonhap, said.

FSS Gov. Choi Soo-hyun has instructed the watchdog to take strict
action against the lender with zero tolerance, he added.

Kookmin Bank, the flagship unit of South Korea's No. 3 banking
group KB Financial, has been embroiled in a series of scandals
since last year.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2013, Yonhap News Agency said a consumer advocacy group
had planned to request the financial watchdog to probe top lender
Kookmin Bank on concerns over losses inflicted on bank customers.
According to the report, KB Financial Group and its banking unit
Kookmin Bank have been under fire as the Tokyo office of Kookmin
Bank is suspected of raking in KRW2 billion (US$1.89 million) from
illegal lending and sending the hefty commissions back home.

Yonhap related that the Financial Consumer Agency said it plans to
accept complaints from loss-hit customers due to Kookmin
Bank's alleged wrongdoings and will request the Financial
Supervisory Service (FSS) to probe them within this year.

South Korea-based Kookmin Bank Co. Ltd. provides various banking
and other financial services to individuals, small- and medium-
sized enterprises, and large corporations.



                             *********

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

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

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


                            *********


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

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

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

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

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



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