TCRAP_Public/140527.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 27, 2014, Vol. 17, No. 103


                            Headlines


A U S T R A L I A

EOS JANUS: B.K. Taylor & Co. Appointed as Administrator
LAKEVIEW HOTEL: Saved From Liquidation, To Re-Open


C H I N A

LDK SOLAR: Obtains CNY2 Billion Loan From Chinese Banks


I N D I A

ADIGAS: CLB Names Administrator Amid Promoters Spat
AIR INDIA: Pilots Union to Back Part or Complete Privatization
ARMAAX AUTO: CRISIL Assigns 'B+' Rating to INR90MM Loans
AXLEO INDUSTRIES: CRISIL Puts 'B+' Rating on INR105MM Loans
BHARGAVI AUTOMOBILES: CRISIL Rates INR155MM Cash Credit at 'B+'

BOUTIQUE INT'L: ICRA Reaffirms 'B+' Rating on INR5cr Loan
BRIGHTWAY CONTRACTORS: CRISIL Reaffirms B Rating on INR53MM Loans
ESSKAY MACHINERY: CRISIL Reaffirms B- Rating on INR70MM Loan
GANGETIC HOTELS: CRISIL Cuts Rating on INR1.40BB Loan to 'B-'
JET AIRWAYS: Staff to Meet With COO Over Delayed Salaries

JET AIRWAYS: Pilots Likely to Go on Protests Over ATR Fleet Shift
KAMAKHYA COLD: CRISIL Assigns 'D' Rating to INR200MM Loans
KEERTHI RICE: CRISIL Reaffirms 'B+' Rating on INR80MM Loans
M.P.S STEEL: CRISIL Reaffirms 'D' Rating on INR1.03BB Loans
MANJEET PLASTIC: CRISIL Upgrades Rating on INR50MM Loans to 'B'

NAGARDAS KANJI: ICRA Suspends 'B' Rating on INR1.05cr Loan
OMEGA COLORS: ICRA Upgrades Rating on INR2cr Loan to 'B'
PANSARI STEELS: ICRA Reaffirms 'B' Rating on INR8cr Loan
PRANJAL PROJECTS: CRISIL Cuts Rating on INR80MM Loan to 'C'
PRINCE MARINE: CARE Revises Rating on INR8.61cr Loan to 'B'

PUNIT REACH: CRISIL Assigns 'D' Rating to INR930MM Loans
R.K.MAHAJAN: CRISIL Reaffirms 'B+' Rating on INR50M Loans
RUKMINIRAMA STEEL: CARE Assigns 'D' Rating to INR20cr Bank Loan
RUTTONPORE PLANTATIONS: CRISIL Reaffirms 'D' INR73.7M Loan Rating
S&S INFRA: ICRA Suspends 'B' Rating on INR6cr Long Term Loan

SHAKTIMAN CEMENTS: ICRA Assigns 'B' Rating to INR20cr Loans
SHIVGANGA CHARITABLE: CRISIL Assigns 'D' Rating to INR150MM Loan
SHREE BHAGWATI: CRISIL Assigns 'B' Rating to INR90MM Loans
SHRI MUTHURAM: CRISIL Reaffirms 'D' Rating on INR132.7MM Loans
SHYAMJI FOOD: CRISIL Assigns 'B+' Rating to INR70MM Loans

STAR ENGINEERS: CARE Assigns 'B' Rating to INR13.30cr Bank Loan
UNITED HOTELS: ICRA Reaffirms 'B-' Rating on INR35cr Loans
WHITE TIGER: CRISIL Assigns 'B+' Rating to INR100MM Loans


J A P A N

MT. GOX: Plan To Resurrect Exchange Can Be Pitched To Trustee
MT. GOX: Proof of Claims Due November 28


N E W  Z E A L A N D

MARTINBOROUGH VINEYARD: Accepts Bill Foley Takeover Offer


X X X X X X X X

* BOND PRICING: For the Week May 19 to May 23, 2014


                            - - - - -


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


EOS JANUS: B.K. Taylor & Co. Appointed as Administrator
-------------------------------------------------------
Paul Vartelas -- paul@bktaylor.com.au -- of B.K. Taylor & Co. was
appointed as administrator of EOS Janus Capital Pty Ltd on
May 22, 2014.

A first meeting of the creditors of the Company, will be held at
B.K. Taylor & Co. Meeting Room, Level 8, 608 St. Kilda Road, in
Melbourne, Victoria, on June 3, 2014, at 11:00 a.m.


LAKEVIEW HOTEL: Saved From Liquidation, To Re-Open
--------------------------------------------------
Bendigo Advertiser reports that the historic Lakeview Hotel will
re-open after the previous owner went into liquidation.

The Fowler family -- well-known in the hotel industry in Bendigo -
- is again operating the venue, according to Bendigo Advertiser.

The report notes that Terry Fowler, who owns the building, said
the venue had closed after the Stier Group, which operated the
pub, was placed into liquidation.

Mr. Fowler's daughter Amanda Fowler and partner Danny McGrath will
run the venue after taking ownership of the business, the report
discloses.

The Fowler family has run venues including the Turf Tavern Hotel,
Courthouse, the British and American, Brian Boru and the Boundary
Hotel.  Mr. McGrath has also operated venues in Richmond and
Queensland.

Mr. Fowler said the former owner had been running the venue and
had signed a contract to purchase the building about 12 months
ago, which fell through, the report notes.

Australian Securities and Investments Commission documents show
the tax office applied to wind up the business in January and
March, the report adds.


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


LDK SOLAR: Obtains CNY2 Billion Loan From Chinese Banks
-------------------------------------------------------
Bloomberg News reports that LDK Solar Co., the Chinese solar
manufacturer which defaulted on a bond that matured in February,
said it received CNY2 billion ($321 million) of loans from Chinese
banks.

China Development Bank Corp., the nation's biggest policy lender,
is leading the funding from 11 financial institutions, LDK
spokesman Peng Shaomin told Bloomberg in a phone interview on
May 26.  LDK will spend more than 400 million yuan on a
polysilicon project and use the remainder to boost its cash
reserves, Mr. Peng told Bloomberg News.

"The worst is over for China's solar industry," said Yang Kun, a
bond analyst in Shanghai at Guotai Junan Securities Co., the
nation's third-biggest brokerage, notes the report. "These loans
show the government is supporting the company and the industry.
It's unlikely LDK will default on other borrowings in the future."

Officials at China Development Bank didn't immediately reply to
faxed questions about the financing.

Bloomberg recalls that a majority of LDK bondholders in March
agreed to a restructuring deal after the company, based in Xinyu
city in China's southern Jiangxi province, in August missed a
semi-annual payment on its CNY1.7 billion of notes that matured
Feb. 28. According to Bloomberg, Mr. Peng said the company doesn't
have any plans to borrow more money from banks in the short term.

LDK is seeking to avoid the fate of Suntech Power Holdings Co., a
Chinese panel producer that defaulted on a $541 million bond in
March 2013, leading to bankruptcy proceedings. Suntech filed for
bankruptcy protection from U.S. creditors in the Cayman Islands on
Feb. 21 and plans to sell its largest unit.

Another solar-panel maker, Shanghai Chaori Solar Energy Science &
Technology Co. in March became the first company to default in
China's $4.2 trillion onshore bond market when it missed part of a
coupon payment.

                         About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar Co disclosed a net loss of $1.05 billion on $862.88
million of net sales for the year ended Dec. 31, 2012, as compared
with a net loss of $608.95 million on $2.15 billion of net sales
for the year ended Dec. 31, 2011.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.



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


ADIGAS: CLB Names Administrator Amid Promoters Spat
---------------------------------------------------
The Times of India reports that the Company Law Board (CLB) has
appointed an administrator to run Bangalore's popular food chain
Adigas, as an ugly spat between its promoters and private equity
investor New Silk Route (NSR) has resulted in an operational
deadlock.

TOI relates that the CLB, in its order dated May 22, said, "There
is a need for appointment of administrator as an exceptional case
in this application. Otherwise, the continuation of deadlock
situation would paralyse the operation and would lead to total
erosion of the business." It appointed justice K N
Keshavanarayana, a retired judge of the Karnataka high court, as
administrator and M R Gopinath, a practicing company secretary, as
adviser.

TOI says making scathing observations against NSR, the CLB order
said its actions were not in line with the letter and spirit of
the agreements between the promoters and the PE investor and
". . . also were detrimental to the applicants and other
shareholders of the company".

According to the report, the CLB said that NSR has failed in its
duty to convene the board meeting at regular intervals and "failed
in appointment of statutory auditor of the company in terms of
definitive agreement." Besides, the PE investor was castigated for
not conducting an annual general meeting of shareholders.

The promoters -- Vasudev Adigas Fast Food, KN Vasudeva Adiga and
Parameswara Adiga -- moved the additional principal sessions bench
of CLB in Chennai seeking the appointment of an administrator.
Vasudeva Adiga accused NSR of "illegally" removing him as the MD
of the company and planning to oust the promoters from the
business, according to the report.

"As of date, the petitioners (promoters of Adigas) are completely
ousted from any decision making process . . . there is a clear
deadlock in the management of the company," the petitioners, as
cited by TOI, said. The promoters allegedly moved the bench
against a February 18 board meeting, alleging that NSR was
planning to oust them from the company, the report says.

Adigas is one of the leading multi-cuisine chain operating in
Bangalore.  It operates 22 food outlets and two engaged in
catering, employing nearly 2,000 people.


AIR INDIA: Pilots Union to Back Part or Complete Privatization
--------------------------------------------------------------
The Times of India reports that even before assuming office, PM-
elect Narendra Modi seems to have achieved the impossible for
critically ill Air India -- getting its pilots' union to back
privatization of the airline.  TOI says the Indian Commercial
Pilots' Association (ICPA, union of pilots of erstwhile Indian
Airlines) has written to Modi, saying it is "not averse to part or
complete privatization of the airline if done fairly".

The Union, however, urged Modi to examine how previous governments
had brought AI to its current state, the report relates. "Every
employee is waiting for AI to be pulled out of ventilator and
(ending of) government interference as it has been plagued by bad
political decisions in the last decade," ICPA general secretary
Rishabh Kapur said in the letter, TOI relays.

The report notes that the collective debt of the Air India-Indian
Airlines combine was around INR 47,200 crore on December 31, 2013.
AI has already used up almost half of the INR 30,000-crore equity
infusion promised till 2020, without any real turnaround.

Air India Ltd -- http://www.airindia.com/-- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debts of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.


ARMAAX AUTO: CRISIL Assigns 'B+' Rating to INR90MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
bank facilities of Armaax Auto Pvt Ltd (AAPL; part of the RK
group).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Working Capital
   Term Loan             26.5        CRISIL B+/Stable

   Term Loan             18.4        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility    15.1        CRISIL B+/Stable

   Cash Credit           30          CRISIL B+/Stable

   Letter of Credit      40          CRISIL A4

The rating reflects the RK group's large working capital
requirements leading to weak liquidity, and fluctuations in
operating profitability owing to volatility in raw material
prices. These rating weakness are partially offset by its
promoters' extensive experience in the industry, and its
established relationship with customers and suppliers.

For arriving at the rating, CRISIL has combined the business and
financial risk profile of AAPL, Axleo Industries (AI) and
Maharashtra Engineering (ME), together referred to as the RK
group. This is because all the three entities are managed by the
same promoters and have common suppliers and customers. All the
entities are expected to support each other financially, if
necessary.
Outlook: Stable

CRISIL believes the RK group will continue to benefit over the
medium term from its promoters' extensive experience and its
established relationship with customers and suppliers. The outlook
may be revised to 'Positive' if the firm improves its operating
profitability leading to higher cash accruals and improvement in
liquidity profile or there is a substantial infusion of funds to
support the large working capital requirements. Conversely, the
outlook may be revised to 'Negative', if the group's liquidity or
financial risk profile deteriorates, mostly likely caused by
higher than expected debt-funded capital expenditure or elongation
in working capital cycle leading to further weakening of liquidity
profile.

The RK group manufactures tractor components, primary for Mahindra
& Mahindra Ltd (M&M; rated CRISIL AA+/Stable/CRISIL A1+). The
group was established in 1974 by Mr. R S Kamble in Mumbai
(Maharashtra).

For 2012-13 (refers to financial year, April 1 to March 31), the
RK group reported a profit after tax (PAT) of INR7.8 million on
net sales of INR697.9 million, against a PAT of INR8.4 million on
net sales of INR625.9 million for 2011-12.


AXLEO INDUSTRIES: CRISIL Puts 'B+' Rating on INR105MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
bank facilities of Axleo Industries (AI, part of the RK group).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Working Capital
   Demand Loan             9         CRISIL B+/Stable

   Term Loan              29         CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     42         CRISIL B+/Stable

   Cash Credit            25         CRISIL B+/Stable

   Letter of Credit       25         CRISIL A4

The rating reflects the RK group's large working capital
requirements leading to weak liquidity, and fluctuations in
operating profitability owing to volatility in raw material
prices. These rating weakness are partially offset by its
promoters' extensive experience in the industry, and its
established relationship with customers and suppliers.

For arriving at the rating, CRISIL has combined the business and
financial risk profile of AI, Armaax Auto Pvt Ltd (AAPL), and
Maharashtra Engineering (ME), together referred to as the RK
group. This is because all the three entities are managed by the
same promoters and have common suppliers and customers. All the
entities are expected to support each other financially, if
necessary.
Outlook: Stable

CRISIL believes the RK group will continue to benefit over the
medium term from its promoters' extensive experience and its
established relationship with customers and suppliers. The outlook
may be revised to 'Positive' if the firm improves its operating
profitability leading to higher cash accruals and improvement in
liquidity profile or there is a substantial infusion of funds to
support the large working capital requirements. Conversely, the
outlook may be revised to 'Negative', if the group's liquidity or
financial risk profile deteriorates, mostly likely caused by
higher than expected debt-funded capital expenditure or elongation
in working capital cycle leading to further weakening of liquidity
profile.
About the Firm

The RK group manufactures tractor components, primary for Mahindra
& Mahindra Ltd (M&M; rated CRISIL AA+/Stable/CRISIL A1+). The
group was established in 1974 by Mr. R S Kamble in Mumbai
(Maharashtra).

For 2012-13 (refers to financial year, April 1 to March 31), the
RK group reported a profit after tax (PAT) of INR7.8 million on
net sales of INR697.9 million, against a PAT of INR8.4 million on
net sales of INR625.9 million for 2011-12.


BHARGAVI AUTOMOBILES: CRISIL Rates INR155MM Cash Credit at 'B+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facilities of Bhargavi Automobiles Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         10        CRISIL A4
   Cash Credit           155        CRISIL B+/Stable

The rating reflects BAPL's working-capital-intensive operations,
and exposure to intense competition in the automobile dealership
segment. The rating also reflects the company's below-average
financial risk profile marked by a highly leveraged capital
structure and modest debt protection metrics. These rating
weaknesses are partially offset by BAPL's established regional
presence and its promoters' extensive experience in the automobile
dealership business.

Outlook: Stable

CRISIL believes that BAPL will continue to benefit over the medium
term from its relationship with its principal and its promoters'
extensive experience in the automobile dealership business. The
outlook may be revised to 'Positive' in case the company's capital
structure and profitability improve, leading to healthy financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case BAPL generates lower-than-expected cash accruals or
undertakes any large, debt-funded capital expenditure programme,
constraining its financial risk profile.

Incorporated in the year 1997, BAPL is the authorized dealer for
Maruti Suzuki India Ltd (MSIL; rated CRISIL AAA/Stable/CRISIL A1+)
in Andhra Pradesh. The company is being promoted by Mr K. Balarami
Reddy.

For 2012-13 (refers to financial year, April 1 to March 31), BAPL
reported a profit after tax (PAT) of INR3.74 million on net sales
of INR1.15 billion, against a PAT of INR4.21 million on net sales
of INR965.9 million for 2011-12.


BOUTIQUE INT'L: ICRA Reaffirms 'B+' Rating on INR5cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR5.00 crore fund based bank facilities of Boutique International
Private Limited. ICRA has also reaffirmed the short term rating of
[ICRA]A4 assigned to INR12.00 crore fund based bank facilities of
BIPL.
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-Term Fund
   Based Facilities      5.00        ICRA]B+ Reaffirmed

   Short-Term Fund
   Based Facilities     12.00        [ICRA]A4 Reaffirmed

The rating reaffirmation takes into account the modest financial
profile of the company on account of low profitability levels,
resulting in weak debt coverage indicators, despite the moderate
capital structure. The company's below-average operating profit
margins during FY-14 resulted in lower OPBDITA levels, despite a
29% growth in operating income (OI). The profitability at net
levels during FY-14 was entirely driven by favorable foreign
exchange (forex) movements as the company keeps its exposures un-
hedged, which results in vulnerability of the earnings been to
fluctuations in forex rates. ICRA has taken note of refinancing
undertaken by the company of its outstanding term loans during FY-
14 with longer tenured debt at lower interest rates and while this
would reduce the annual debt repayment burden going forward;
however the debt coverage indicators would remain weak owing to
low profitability. The rating is also constrained on account of
the stretched liquidity of the company which was on account of
steady revenue growth, working capital intensive nature of
operations and low profitability, as also reflected in consistent
high utilization of the working capital limits and reliance on ad-
hoc limits & unsecured loans from the promoters for working
capital. Higher working capital borrowings and debt-funded capital
expenditure (capex) for addition in installed capacity increased
the overall debt levels; nevertheless the capital structure
remained moderate (gearing of 1.1x on Mar-14). The assigned rating
continues to remain constrained by the high customer and
geographical concentration with two customers accounting of 58% of
total revenues in FY 2014, most of which are in two countries,
U.K. and Germany, though it has improved from FY 2013 with
addition of new customers in FY 2014. Notwithstanding the above
weaknesses, the rating continues to factor in the company's
established relationship with retailers in Europe through its
foreign group company and experience of the promoters in garment
manufacturing and export business. The rating also positively
factors in the healthy order book position of the company as on
Mar-14, being equivalent to 52% of gross sales in FY-14 to be
executed in 4M'FY-15 which lends revenue visibility for FY-15.
Going forward, customer diversification, improvement in the
profitability and manage its foreign exchange exposure which is
currently entirely un-hedged, given that most of the earrings over
the past few years had been driven by gain on foreign exchange
would be key rating sensitivities.

BIPL was incorporated in FY 1988-89 and is engaged in the
manufacturing and export of readymade garments for women and kids.
The company started operations from FY 1997-98 and presently has
three manufacturing units, two in Noida and one in Delhi, with a
total capacity of manufacturing 30 lakh garment pieces per annum.
Out of the three manufacturing units, two are owned by the
promoters and one is owned by the company.


BRIGHTWAY CONTRACTORS: CRISIL Reaffirms B Rating on INR53MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Brightway Contractors &
Developers (BCD) continue to reflect the firm's average financial
risk profile, marked by a high gearing, moderate debt protection
metrics and small net worth, small scale of operations, and
geographical concentration in revenue profile. These rating
weaknesses are partially offset by the benefits that BCD derives
from its partners' experience in the construction industry, and
its healthy order book ensuring revenue visibility.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         10         CRISIL A4 (Reaffirmed)
   Cash Credit            40         CRISIL B/Stable
   Term Loan              13         CRISIL B/Stable

Outlook: Stable

CRISIL believes that BCD will continue to benefit over the medium
term from its partners' extensive industry experience. The firm's
financial risk profile, however, is expected to be constrained
because of its small net worth and large debt. The outlook may be
revised to 'Positive' if BCD's scale of operations and capital
structure improve, most likely driven by capital infusion by its
partners. Conversely, the outlook may be revised to 'Negative' if
the firm's financial risk profile deteriorates affected by any
large, debt-funded capital expenditure programme or capital
withdrawals by its promoters.

Update
BCD's revenue for 2013-14 (refers to financial year, April 1 to
March 31) is estimated to have declined to around INR88 million
from INR108 million last year owing to lower order execution. The
firm's revenue is expected to increase to around INR135 million
over the medium term on the back of its moderate order book. Its
operating margin for 2013-14 is estimated at 12.0 to 12.2 per
cent, in line with past trend, except for 2012-13. CRISIL believes
that BCD's operating margin will remain in the range of 11.5 to
12.5 per cent over the medium term as contracts executed by the
firm have price escalation clause and the firm bids for contracts
on cost plus basis.

BCD has weak financial risk profile, marked by small estimated net
worth of INR20 million and gearing of over 2 times as on March 31,
2014. The financial risk profile, however, is supported by its
interest coverage ratio, estimated at over 2 times as on March 31,
2014. The liquidity profile is constrained by its tightly matched
expected cash accruals of INR2.9 million in 2014-15 against term
debt obligations of around INR2 million. Its working capital
facility of INR40 million has been highly utilised at an average
82 per cent for the 10 months ended April 2014, restricting its
ability to meet any exigency. CRISIL believes that BCD's financial
and liquidity profiles will remain at these levels owing to
working capital intensive nature of its operations.
About the Firm

BCD was set up in 2007 by three partners, namely, Mr. Ankur Sarin,
Mr. Sanjeev Kumar, and Mr. Kawaljit Singh. It is based at Batala
in Gurdaspur (Punjab). Mr. Ankur Sarin disassociated himself from
BCD in 2008-09. The firm executes projects related to construction
of buildings, roads and bridges for government undertakings. It
has also moved into the business of construction of buildings,
stone setting, and stone crushing. BCD's construction activities
are majorly concentrated in Batala.

For 2012-13, BCD reported a book profit of INR10 million on net
sales of INR107.6 million, against a book profit of INR7.1 million
on net sales of INR132.8 million for the previous year.


ESSKAY MACHINERY: CRISIL Reaffirms B- Rating on INR70MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Esskay Machinery Pvt
Ltd continues to reflect Esskay's weak financial risk profile,
marked by a weak capital structure and debt protection metrics,
and large working capital requirements. However, the company
benefits from its established client relationships.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        55       CRISIL A4 (Reaffirmed)
   Cash Credit           70       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit      20       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Esskay will benefit over the medium term from
its established customer relationship and its promoters' extensive
industry experience. The outlook may be revised to 'Positive' in
case of substantial infusion of long-term funds or sharp
improvement in cash accruals, thus strengthening the company's
liquidity. Conversely, the outlook may be revised to 'Negative' in
case Esskay undertakes any larger-than-anticipated capital
expenditure (capex) or its working capital cycle stretches,
constraining its financial risk profile.

Update
For 2013-14 (refers to financial year, April 1 to March 31), the
company's revenue is estimated to have declined by 19 per cent to
INR167 million. This was mainly due to lack of any big order
during the year as the growth in the earlier year was attributed
to orders of INR200 million received from Essar Steel Ltd. The
company has an order book of INR60 million to INR80 million as on
xx, 2014, to be executed over the next six months; Esskay is
estimated to show marginal growth in revenue in 2014-15 with
moderate operating margin of around 11 per cent, slightly better
than last year. The operating margin is expected to remain at 10
to 11 per cent over the medium term.

The company's financial risk profile has been weak marked by high
gearing of 2.5 times as on March 31, 2014. This was mainly due to
small net worth (estimated at INR28 million as on March 31, 2014)
and debt funding of working capital requirements. The debt
protection measures remain weak marked by interest coverage and
net cash accruals to total debt (NCATD) ratios of 1.7 times and 8
per cent, respectively, for 2013-14. Its liquidity remains weak
with high bank limit utilisation in spite of a decline in revenues
in 2013-14. The company is expected to generate low cash accruals
of INR6 million to INR7 million in 2014-15. However, it does not
have any debt obligations. Esskay's financial risk profile is
expected to remain weak owing to low cash accruals and low
accretion to reserves.

Esskay manufactures customised machinery, which includes heat
exchangers, liquefied petroleum bullet tanks, waste heat recovery
boilers and fabricated heavy steel structures. The company was
taken over by Manishri Refractories & Ceramics Pvt Ltd (MRCPL;
rated 'CRISIL D/CRISIL D') in 2006. MRCPL holds a majority stake
of 80 per cent in Esskay. The company is located in Bhubaneswar
(Odisha).

Esskay reported a profit after tax (PAT) of INR5.6 million on net
sales of INR205 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.7 million on net
sales of INR194 million for 2011-12.


GANGETIC HOTELS: CRISIL Cuts Rating on INR1.40BB Loan to 'B-'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Gangetic Hotels Pvt Ltd (GHPL) to 'CRISIL B-/Stable' from 'CRISIL
B/Negative'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan            1,400        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Negative')

The rating downgrade reflects the continuous cost and time
overruns in GHPL's hotel project, with increasing project costs
being funded by higher bank debt. Repayments of the project's term
loans are scheduled to commence from October 2014 while the
project is still under construction; the hotel is expected to
commence full-fledged operations from April 2015. It was earlier
expected to commence operations in September 2013, but
commencement has been deferred following plans of further
additions in the hotel layout. This has also resulted in the
project cost increasing to INR2270 million (to be funded by term
loans of INR1400 million) from INR1350 million (term loans of
INR800 million). The consequent increase in debt obligations will
put additional pressure on the company's liquidity. CRISIL
believes that the cash accruals from GHPL's hotel will remain weak
in the initial years, leading to weak debt servicing ability.

The rating reflects GHPL's susceptibility to project
implementation and offtake risks and to cyclicality in the
hospitality industry. These rating weaknesses are partially offset
by the extensive industry experience of GHPL's operations and
management partner, Marriott International Inc.
Outlook: Stable

CRISIL believes that GHPL's liquidity will remain weak over the
medium term and the company will remain dependent on funding
support from the promoters. The outlook may be revised to
'Positive' if GHPL's hotel construction is completed; and the
hotel commences operations and generates sufficient cash accruals
to meet debt obligations. Conversely, the outlook may be revised
to 'Negative' in case of any further time or cost overrun in
GHPL's hotel, resulting in further weakening of its liquidity.
About the Company

GHPL is developing a five-star hotel, Courtyard by Mariott, in
Agra (Uttar Pradesh). The project cost of INR2270 million is being
funded through debt of INR1400 million. The hotel is expected to
commence full-fledged operations in April 2015.

GHPL is jointly promoted by Phoenix Hospitality Company Pvt Ltd of
the Ruia family, Mr. Priyank Tayal, and Mr. Amitabh Tayal. The
management has brought in private equity players Leine River and
Fushe River, which together have 39.1 per cent stake in GHPL.


JET AIRWAYS: Staff to Meet With COO Over Delayed Salaries
---------------------------------------------------------
The Press Trust of India reports that salary payments at the
Naresh Goyal-run Jet Airways continue to be delayed despite the
INR 2,060 crore infusion by Etihad, and the issue would be raised
at the meeting of the staff representatives and chief operating
officer Hameed Ali this week, sources said.

The meeting is scheduled for May 28, the report notes.  According
to the new agency, the company, which reported a loss of INR 268
crore in the December quarter, is set to declare its March quarter
and full fiscal financial numbers later this week.

"Earlier the company used to pay salary on the last day of the
month. Then the payment date was rescheduled to 7th of every month
and thereafter to 15th after the airline was hit by a financial
crisis. Unfortunately, this has become a new norm and we are paid
around the middle of the month even after the INR 2,060-crore
Etihad deal," a Jet Airways source told PTI.

PTI relates that stating that the employees earlier accepted the
deferred payment schedule as the company was going though
"financial turbulence", sources said, however even after the
Etihad deal, the management maintains that the airline is short of
funds.

"We have decided that the day we feel the company is not in a
position to pay us, we leave the airline as we don't want to meet
the same fate as our peers in Kingfisher Airlines," sources added,
notes PTI.

When contacted, a Jet Airways spokesperson said salaries are
disbursed as per a pre-determined schedule, PTI relays.

"Jet Airways has always met and will continue to honour all its
obligations to its employee," the airline said in a statement,
without admitting to delayed payments, reports PTI.

The airline also did not say on what date of the month it is
paying salaries, the report adds.

Jet Airways (India) Ltd (BOM:532617) --
http://www.jetairways.com/-- provides air transportation.  The
geographic segments of the company are domestic and
international.  The company has a frequent flyer program
named Jet Privilege wherein the passengers who uses the services
of the airline become services of the airline become members of
Jet Privilege and accumulates miles to their credit.  The
company's subsidiaries include Jet Lite (India) Limited, Jetair
Private Limited, Jet Airways LLC, Trans Continental e Services
Private Limited, Jet Enterprises Private Limited, Jet Airways of
India Inc., India Jetairways Pty Limited and Jet Airways Europe
Services N.V.  On April 20, 2007, the company acquired Sahara
Airlines Limited.


JET AIRWAYS: Pilots Likely to Go on Protests Over ATR Fleet Shift
-----------------------------------------------------------------
The Times of India reports that pilots of Jet Airways are likely
to go on protests following a management decision to shift their
entire ATR fleet to JetLite, a sister company struggling hard to
survive in the industry.  According to the report, sources said
pilots and crew of 18 ATR flights have already expressed their
agitation as the decision is likely to affect their career as well
as their job security.

TOI relates that a senior pilot of Jet Airways said the management
has conducted meetings across the country in the last one week
revealing the plan. "Anyway it cannot be implemented without the
support of pilots flying ATRs. Several questions they have raised
about their job security were not answered by the management," he
said.

A circular inviting pilots to discuss the transition of ATR fleet
from Jet Airways to JetLite was issued last week, TOI says. During
the meetings, the crew raised concerns about contractual
obligations between Jet Airways and JetLite, payment of salaries
and limited promotion opportunities, and conditions for a reverse
absorption in case JetLite fails, according to TOI.

According to the report, a senior Jet Airways official said,
pilots would be facing a major setback from the transition. He
said the career progression of Jet Airways pilots will be limited
when they come under JetLite. In Jet Airways, pilots can move up
from Boeing 737 to wide body aircraft such as Boeing 777 or Airbus
A330. But it is not possible in JetLite as it has only Boeing
737s.

TOI notes that JetLite was one among three airlines along with Air
India and SpiceJet that suffered operating losses during the 2012-
13 financial year. The loss registered by JetLite was INR246.8
crore. While official sources said the transition move is
primarily to turnaround JetLite which continues to incur losses,
pilots during the meetings held recently questioned whether the
transition plan is being engineered under the influence of Etihad
Airways, which bought 24 % stake in Jet Airways, TOI reports.

Jet Airways (India) Ltd (BOM:532617) --
http://www.jetairways.com/-- provides air transportation.  The
geographic segments of the company are domestic and
international.  The company has a frequent flyer program
named Jet Privilege wherein the passengers who uses the services
of the airline become services of the airline become members of
Jet Privilege and accumulates miles to their credit.  The
company's subsidiaries include Jet Lite (India) Limited, Jetair
Private Limited, Jet Airways LLC, Trans Continental e Services
Private Limited, Jet Enterprises Private Limited, Jet Airways of
India Inc., India Jetairways Pty Limited and Jet Airways Europe
Services N.V.  On April 20, 2007, the company acquired Sahara
Airlines Limited.


KAMAKHYA COLD: CRISIL Assigns 'D' Rating to INR200MM Loans
----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Kamakhya Cold Storage Pvt Ltd and has assigned its
'CRISIL D' ratings to the bank facilities of KCSPL.

The ratings were previously 'Suspended' by CRISIL vide the Rating
Rationale dated October 30, 2013, since the company had not
provided necessary information required for a rating review. KCSPL
has now shared the requisite information, enabling CRISIL to
assign rating to its bank facilities.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------     -------
   Proposed Long Term      82.6      CRISIL D (Assigned;
   Bank Loan Facility                Suspension revoked)

   Term Loan              117.4      CRISIL D (Assigned;
                                     Suspension revoked)

The rating reflects instances of delay by KCSPL in servicing its
debt; the delays have been caused by the company's weak liquidity.

KCSPL is also exposed to cyclicality in real estate industry and
geographical concentration in revenue profile. The company,
however, benefits from the extensive industry experience of its
promoters.

KCSPL, a part of the SBM (Sita Balmukund) group, was incorporated
as a private limited company in 1997 by Mr. R K Goel. The company
has been set up for real estate development and is currently
developing a residential real estate project in Siliguri (West
Bengal). The project is being handled by Mr. R K Goel and his son
Mr. Yogesh Goel.


KEERTHI RICE: CRISIL Reaffirms 'B+' Rating on INR80MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Keerthi Rice Industries
(KRI) continues to reflect KRI's below-average financial risk
profile, marked by high gearing and moderate debt protection
metrics, and susceptibility of its operating profitability to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive industry experience of KRI's
promoter in the rice milling industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           50         CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        30         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KRI will benefit over the medium term from
the extensive industry experience of its promoter in the rice
milling industry. The outlook may be revised to 'Positive' in case
of a significant and sustained increase in the firm's revenues and
profitability, or a substantial infusion of capital by its
promoter, resulting in an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
KRI's revenues and profitability decline substantially, or it
undertakes a larger-than-expected, debt-funded capital expenditure
programme, or its promoter withdraws capital from the firm,
leading to weakening in its financial risk profile.

Set up in 2009, KRI is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. The company is
promoted by Mr.R.Anthaiah and his family members.

For 2012-13 (refers to financial year, April 1 to March 31), KRI
reported a profit after tax (PAT) of INR2.7 million on net sales
of INR 225.6 million, as against a PAT of  INR 1.1 million on net
sales of INR256.4million for 2011-12.


M.P.S STEEL: CRISIL Reaffirms 'D' Rating on INR1.03BB Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of M.P.S Steel Castings
Pvt Ltd continue to reflect instances of delay in servicing its
term debt because of weak liquidity.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            330        CRISIL D (Reaffirmed)
   Letter of Credit       477.2      CRISIL D (Reaffirmed)
   Long Term Loan         219.5      CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       3.4      CRISIL D (Reaffirmed)

MPSSCPL also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics. Moreover, the company is
exposed to risks related to volatility in raw material prices and
to cyclical demand in the steel industry. However, the company
benefits from its established position in the central Kerala
market, and partially integrated operations.

Change in Analytical Approach
At the time of the previous rating exercise, for arriving at the
ratings, CRISIL had combined the financial and business risk
profiles of Ogun Steel Rolling Mills Pvt Ltd (OSRM), MPSSCPL, Ogun
Steels Pvt Ltd (OSPL), and Paragon Steels Pvt Ltd (Paragon Steel).
However, during 2013-14 (refers to financial year, April 1 to
March 31), the promoters sold their stake in MPSSCPL. Hence,
CRISIL has considered the standalone business and financial risk
profiles of MPSSCPL for arriving at the rating.

Update
MPSSCPL continues to delay its term loan obligations by 30 to 60
days because of weak liquidity. CRISIL believes that the MPSSCPL's
liquidity will remain weak over the medium term because of
inadequate cash accruals vis-a-vis its debt obligations.
About the Company

MPSSCPL, set up in in 1996, manufactures sponge iron and mild
steel ingots.


MANJEET PLASTIC: CRISIL Upgrades Rating on INR50MM Loans to 'B'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Manjeet
Plastic Industries to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            14       CRISIL B/Stable (Upgraded from
                                   'CRISIL D')

   Letter of Credit        5       CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Proposed Long Term     36       CRISIL B/Stable (Upgraded from
   Bank Loan Facility              'CRISIL D')

The ratings upgrade is driven by improvement in the firm's
liquidity driven by prepayment of term debt obligations through
funding support from the proprietor. The rating upgrade also
reflects CRISIL's belief that MPI's business risk profile will
gradually improve over the medium term supported by an established
distribution network and recent foray in overseas business along
with improvement in the firm's financial risk profile, driven by
capital infusion by the proprietor.

The ratings continue to reflect MPI's small scale of operations in
the intensely competitive footwear industry and its large working
capital requirements. The ratings also reflect susceptibility of
the firm's profitability to volatility in raw material prices and
below-average financial risk profile, marked by modest debt-
protection measures. These rating weaknesses are partially offset
by the extensive experience of the proprietor in the footwear
industry.

Outlook: Stable

CRISIL believes that MPI will continue to benefit over the medium
term from its proprietor's extensive experience in the industry.
The outlook may be revised to 'Positive' if the firm reports more-
than-expected increase in its revenue and profitability leading to
higher-than-expected net cash accruals along with improvement in
its working capital management. Conversely, the outlook may be
revised to 'Negative' if its financial risk profile deteriorates
on account of further decline in its revenue and profitability or
in case of larger-than-expected debt-funded capital expenditure,
or if the firm's liquidity weakens significantly on account of
increase in its working capital requirements.

MPI was set up in 1980 as a proprietorship firm by Mr. Manjeet
Kapoor. The firm manufactures footwear, primarily slippers, and
has a manufacturing facility in Bahadurgarh (Haryana). Its
operations are actively managed by the proprietor's son, Mr. Nitin
Kapoor.

For 2012-13 (refers to financial year, April 1 to March 31), MPI
reported net profit of INR1.23 million on net sales of INR72.96
million as against net profit of INR1.00 million on net sales of
INR76.62 million for 2011-12.


NAGARDAS KANJI: ICRA Suspends 'B' Rating on INR1.05cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR1.05
crore long-term fund-based working capital facilities and the
[ICRA]A4 rating assigned to the INR10.45 crore short-term fund-
based and non-fund based bank facilities of Nagardas Kanji Shah.
ICRA has also suspended the [ICRA]B and [ICRA]A4 ratings assigned
to INR1.50 crore unallocated limits of Nagardas Kanji Shah. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


OMEGA COLORS: ICRA Upgrades Rating on INR2cr Loan to 'B'
--------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR2.00
crore fund based bank facility (Cash Credit) of Omega Colors
Private Limited to [ICRA]B from [ICRA]B-, and withdrawn the long
term rating of [ICRA]B- assigned to the INR0.65 crore fund based
bank facility (Term Loan), as the company has fully repaid the
instrument and there is no amount outstanding against the rated
instrument. ICRA has also re-affirmed the short-term rating
assigned to the INR1.20 crore fund based bank facility (Foreign
Demand Bills Purchase), and the INR1.70 crore non-fund based bank
facility (Letter of Credit/Letter of Guarantee) of the company at
[ICRA]A4.

                     Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund        2.00         Upgraded to [ICRA]B from
   Based Cash                         [ICRA]B-
   Credit Limit

   Long-Term Fund
   Based Term Loan       0.65         [ICRA]B- Withdrawn

   Short-Term Fund
   Based FDBP            1.20         [ICRA]A4 Re-affirmed

   Short-Term Non-
   Fund Based LC
   Limits                1.60         [ICRA]A4 Re-affirmed

   Short-Term Non-
   Fund Based Letter
   of Guarantee Limits   0.10         [ICRA]A4 Re-affirmed


The upgrade in the company's rating takes into account the healthy
growth in turnover of 34% during 11M FY14 vis-a-vis the
corresponding previous period, on the back of improved capacity
utilization levels with improved cash flows generated during FY13
as a result of decline in working capital requirements. The rating
revision also factors in the company's healthy client profile
along with improved sales realizations during the past two years.
The ratings continue to draw comfort from the low gearing of the
company and established track record of the promoters in the
pigment industry. However, the ratings continue to remain
constrained by the small scale of operations of the company and
stretched financial profile marked by low profitability, weak
coverage indicators, and raw material price variation risks. The
ratings also factor in the company's high customer concentration
risks along with intense competition in the pigment industry,
which is mainly dominated by large players.

Omega Colors Private Limited was incorporated in 2002 as a private
limited company by Mr. S.S. Toshniwal. The company started its
operations with job works in processing pigments for manufacturing
units. From November 2005, it started its own manufacturing
operations as a 100% Export Oriented Unit (EOU). In June 2009, the
company surrendered its EOU status, and is now a registered Small
Scale Industry (SSI) unit. The company has its own pigment
manufacturing facility at Tarapur, Thane, Maharashtra, with a
total installed capacity of 420 tons p.a. for manufacturing
pigment "Green 7".


PANSARI STEELS: ICRA Reaffirms 'B' Rating on INR8cr Loan
--------------------------------------------------------
ICRA has reaffirmed '[ICRA]B' rating to the INR8.00 crores
(enhanced from 5.50 crores ) fund based limits of Pansari Steels
Private Limited and [ICRA]A4 rating to the INR 6.00 crores
(enhanced from 4.00 crores) non fund based limits of PSPL.
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits     8.00        [ICRA]B reaffirmed/assigned
   Non Fund based
   Limits                6.00        [ICRA]A4 reaffirmed/assigned

The reaffirmation of ratings take into account the weak financial
profile of the company marked by modest scale of operations, low
net worth, low profitability and inadequate debt protection
metrics. The ratings also take into account the intensely
competitive and low value additive nature of the metal trading
industry, PSPL's modest scale of operations which results in
limited economies of scale and susceptibility of the company's
profitability to foreign exchange fluctuations (due to large
volumes of imported raw materials) as well as movement in traded
goods prices. Nevertheless, the ratings draw comfort from PSPL's
experienced management and steady growth in operating income
driven by its diversified product portfolio. Going forward, ICRA
expects PSPL's profitability to remain under pressure while
working capital requirements to increase in line with the growth
in scale of operations.

PSPL was incorporated in 1991 and is currently managed by Mr.
Vishwanath Pansari. PSPL is a closely held company with entire
shareholding with promoters. The company is involved in trading of
iron sheets and polymers mainly comprising of ethylene vinyl
acetate (EVA) and poly vinyl chloride (PVC).

The company reported a net profit of INR 0.07 crores on an
operating income of INR 21.19 crores in FY14 (provisional results)
as against net profit of INR 0.06 crores on an operating income of
INR 18.86 crores in FY13.


PRANJAL PROJECTS: CRISIL Cuts Rating on INR80MM Loan to 'C'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Pranjal Projects Pvt Ltd to 'CRISIL C' from 'CRISIL B+/Stable',
while reaffirming its rating on the company's short-term
facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit            80       CRISIL C (Downgraded from
                                   'CRISIL B+/Stable')

   Letter of Credit      110       CRISIL A4 (Reaffirmed)

The rating downgrade reflects instances of delay by PPPL in
servicing the term loans (not rated by CRISIL) from Small
Industries Development Bank of India on account of weak liquidity.
There were also instances of overutilisation in the cash credit
account, though these were regularised in less than 30 days.
CRISIL believes that PPPL's liquidity will remain weak marked by
low estimated net cash accruals against scheduled debt obligations
over the medium term.

PPPL was incorporated in 2002 by Mr. Harish Chander Bhatia and his
sons, Mr. Vikas Bhatia and Mr. Deepak Bhatia. In April 2008, two
group entities, namely MFI Fabricators Pvt Ltd and Perfect Iron
Pvt Ltd were merged with PPPL. PPPL is engaged in fabrication of
components used in heavy engineering machinery and equipment,
earth moving equipment and in tractors. It has three manufacturing
units in Faridabad (Haryana) with capacity of 30,000 tonnes per
annum.


PRINCE MARINE: CARE Revises Rating on INR8.61cr Loan to 'B'
-----------------------------------------------------------
CARE revises ratings the long term rating and reaffirms the short
term rating assigned to bank facilities of Prince Marine Transport
Services Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8.61       CARE B Revised from
                                            CARE BB

   Short term Bank Facilities    3.00       CARE A4 Reaffirmed

Rating Rationale

The revision in the rating factors in the further stretch in
liquidity resulting in delays in servicing of debt (not rated by
CARE). The liquidity was stretched on account of delays in
monetization of the debtors and also blockage of funds in
inventory.

The ratings continue to be constrained by the relatively small
scale of operations, cyclical & competitive nature of the
industry, fluctuating profitability margins, working capital
intensive nature of operations and customer concentration risk.
The ratings however, continue to derive strength from the
considerable experience of the promoters in the area of
lighterage operations and fair amount of revenue visibility due to
the fixed nature of contracts.

The ability of the company to improve the liquidity profile with
timely monetization of the debtors and inventory and
thereby subsequently its ability to deploy the vessels at expected
charter rates considering the cyclical nature of the
industry and stiff competitive scenario are the key rating
sensitivities.

Established in 1993 as a proprietary entity, Prince Marine
Transport Private Limited (PMTS) initially started with the
business of hiring ships, vessels, barges, tugs and towage of
vessels within Mumbai harbor limits as well as for ocean
passages. During 1998, it ventured into the business of cargo
lighterage. As on December 31, 2013, the company owns 15
barges mainly involved in offshore supply as well as lighterage
operations for coal. Out of the 15 barges, eight are
deployed on yearly contracts and the remaining is deployed on the
spot. The company also operates a small ship building
yard in Goa.

During FY13 (refers to the period April 1 to March 31), PMTS
reported a total operating income of INR33.94 crore with a
PAT of INR0.78 crore. During 9MFY14, PMTS reported a total
operating income of INR35.30 crore with PBILDT of INR6.49
crore.


PUNIT REACH: CRISIL Assigns 'D' Rating to INR930MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Punit Reach Logistics Pvt Ltd. The rating reflects
instances of delay by PRLPL in servicing its term debt; the delays
are primarily because of the company's weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Long Term Loan        926.8      CRISIL D

   Proposed Long Term
   Bank Loan Facility      3.2      CRISIL D

PRLPL also has a below-average financial risk profile, marked by
high gearing and weak debt protection metrics. However, the
company benefits from the extensive industry experience of its
promoters.

Established in 2006 by Mr. Amar Rahman, PRLPL constructs and lets
out industrial warehouses. The company has a warehouse in
Bengaluru (Karnataka).

PRLPL incurred a loss of INR7.7 million on total revenue of
INR85.9 million for 2012-13 (refers to financial year, April 1 to
March 31), against a loss of INR9.2 million on total revenue of
INR49.4 million for 2011-12.


R.K.MAHAJAN: CRISIL Reaffirms 'B+' Rating on INR50M Loans
---------------------------------------------------------
CRISIL's ratings on R.K.Mahajan Govt. Contractor's bank facilities
continue to reflect the firm's small scale of operations and the
geographical concentration in its revenue profile. The ratings
also factor in RK's exposure to risks related to tender-based
operations and a modest net worth. These rating weaknesses are
partially offset by the proprietor's extensive experience in the
civil construction segment.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          --------     -------
   Bank Guarantee         60        CRISIL A4 (Reaffirmed)
   Cash Credit            21        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     23        CRISIL B+/Stable (Reaffirmed)
   Term Loan               6        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RK's scale of operations will remain small,
because of intense market competition and modest order flow,
resulting in average revenue visibility, over the medium term.
However, the firm could maintain its healthy financial risk
profile, supported by low gearing and moderate debt protection
metrics, over the period. The outlook may be revised to 'Positive'
if RK improves its cash accruals with a sizeable increase its
scale of operations and profitability. Conversely, the outlook may
be revised to 'Negative' if RK's business risk profile
deteriorates thereby constraining its cash accruals, or the firm's
debt protection metrics weaken with substantial debt-funded
capital expenditure (capex).

RK is a proprietorship firm, set up in Himachal Pradesh in 1972 by
Mr. Rakesh Kumar Mahajan. The firm is a Class-A civil contractor
registered with the Public Works Departments in Himachal Pradesh
and Punjab. RK constructs, maintains and improves roads.


RUKMINIRAMA STEEL: CARE Assigns 'D' Rating to INR20cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Rukminirama
Steel Rolling Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      20        CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Rukminirama Steel
Rolling Pvt. Ltd (RSRPL) factors in the ongoing delay in debt
servicing due to the constrained liquidity position.

Established in 1998, RSRPL is engaged in the manufacturing of mild
steel ingots and rolled products such as TMT bars, squares, angles
and channels. The company has an installed capacity of 45,000 MTPA
for ingots and 96,000 MTPA for rolled products. The manufacturing
facility is located at Cuncolim, Goa. In April 2011, RSRPL
commissioned an iron ore pelletisation plant at Hospet (Karnataka)
with an installed capacity of 300,000 ton per annum.

RSRPL reported a loss of INR4.49 crore on the total income of
INR280.60 crore in FY13 (refers to the period April 1 to March 31)
as against a profit after tax of INR1.21 crore on the total income
of INR279.71 crore in FY12.


RUTTONPORE PLANTATIONS: CRISIL Reaffirms 'D' INR73.7M Loan Rating
-----------------------------------------------------------------
CRISIL's rating to the bank facilities of Ruttonpore Plantations
Pvt Ltd (RPPL; part of the Mantri group) continues to reflect
instances of overdraws  in its cash credit limit for more than 30
days; the overdraws have been caused by the group's weak liquidity
owing to the working capital intensity of operations.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            55         CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      5.6       CRISIL D (Reaffirmed)

   Term Loan              13.1       CRISIL D (Reaffirmed)

The Mantri group is exposed to risks related to seasonality in tea
production and high operating leverage. Moreover, the group has
limited bargaining power and its operating margin is susceptible
to volatility in domestic and international tea prices. These
weaknesses are partially offset by the experience of the Mantri
group's promoters in the tea industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RPPL, Mantri Tea Company Pvt Ltd
(MTCPL), Derby Plantations Pvt Ltd (DPPL), and Manipur Tea Company
Pvt Ltd (Manipur Tea), together referred to as the Mantri group.
This is because the entities have common management, are in the
same line of business and have cross guarantees with each other.

The Mantri group was formed in 1948 by Mr. Govind Prasad Mantri.
The Manipur Tea Estate, located in Assam, was the group's first
acquisition, in 1954. Subsequently, the group acquired three more
tea gardens in Assam: Ruttonpore Tea Estate in 1986, Derby Tea
Estate in 2005, and Pathini Tea Estate (Mantri) in 2006.
Currently, the second- and third-generation promoters, along with
a professional management team, are actively involved in its day-
to-day operations.

RPPL reported a profit after tax (PAT) of INR5.4 million on net
sales of INR143.1 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.4 million on net
sales of INR105.6 million for 2011-12. It is estimated to report
net sales of INR128.1 million in 2013-14.


S&S INFRA: ICRA Suspends 'B' Rating on INR6cr Long Term Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR6.00 Crore,
fund based long term loans & working capital facilities of
S&S Infra Management India Pvt. Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

S&S Infra Management India Pvt. Ltd. is a private limited company
which will take over the operations of an existing partnership
firm by the name of S&S Infra Management Services. The company is
manufacturing concrete blocks via manual operations and is
currently in the process of setting up a state of the art
automated plant with equipment imported from China to manufacture
high quality concrete blocks for use in the construction industry.


SHAKTIMAN CEMENTS: ICRA Assigns 'B' Rating to INR20cr Loans
-----------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR 20.00 crores fund
based limits of Shaktiman Cements and Packaging Industries
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          6.25         [ICRA]B assigned
   Term Loan           13.75         [ICRA]B assigned

The rating takes into account the high business risk profile of
SCPIL on account of its small size of operations leading to poor
economies of scale and weak bargaining power vis-a-vis both
customers (mainly cement manufacturers) and suppliers (polymer
manufacturers). Further, the company faces intense competition in
the domestic poly propylene woven sacks business from both
organized and unorganized segment which puts pressure on its
profitability margins; this coupled with high interest cost has
resulted in net loss in last two years. The rating is also
constrained by susceptibility of SCPIL's profitability to
fluctuations in raw material prices, the company's modest debt
coverage indicators and its tight liquidity position as reflected
by high utilisation of fund based limits in the last ten months.
The rating however, favourably factors in the long standing
experience of promoters in the poly propylene woven sacks business
and steady demand prospects for the end user industry in the
medium to long term which in turn is likely to support SCPIL's
business volumes.

Incorporated in 2012, SCPIL is engaged in the manufacturing of
Poly Propylene and High Density Polypropylene woven fabric bags
which are used for packaging by cement companies. The company is
promoted by Mr. Harvinder Oberoi and his family members. The major
customers of the company include cement manufacturing companies
which are located in Haryana, Punjab and New Delhi. SCPIL's
plantis located in the Industrial area in Rajpur, Haryana. The
company has an installed capacity of 3600 MT per annum.

Recent Results
In 2012-13, SCPIL reported a net loss of INR0.21 crores on an
operating income of INR10.41 crores against net loss of INR0.02
crores in 2011-12.


SHIVGANGA CHARITABLE: CRISIL Assigns 'D' Rating to INR150MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Shivganga Charitable Trust.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             150        CRISIL D

The ratings reflect the instances of delay by SCT in servicing its
debt; the delays have been caused by the trust's weak liquidity,
which is on account of cash flow mismatches.

SCT's performance is also susceptible to intense competition in
the education sector and to adverse regulatory changes. The trust,
however, benefits from the healthy demand prospects for the higher
education in India.

SCT was established in 2010 by Mr. S. D. Ingawale and his
relatives with an objective to provide education services. The
trust runs an engineering college under the name 'Vishveshwarya
Technical Campus' in Miraj, Sangli, Maharashtra. The institute
commenced its courses in the academic year 2012-13.


SHREE BHAGWATI: CRISIL Assigns 'B' Rating to INR90MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Shree Bhagwati Samarth Food Products Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            60        CRISIL B/Stable
   Term Loan              30        CRISIL B/Stable

The rating reflects SBSF's exposure to stabilization and off-take
related risks associated with the company's ongoing project. This
rating weakness is partially offset by the extensive experience of
SBSF's promoters in the food processing business.

Outlook: Stable

CRISIL believes that the company will continue to benefit over the
medium term from the extensive industry experience of its
promoters being in similar line of business operations. The
outlook may be revised to 'Positive', if the unit stabilises its
operations as per schedule and demonstrates a significantly better
than expected performance in terms of cash accruals and debt
protection indicators. Conversely, the outlook may be revised to
'Negative', if there is significant cost or time overruns in the
project execution or delays in stabilizing the operations of the
unit translating to weakening of its debt servicing ability.

SBSF was incorporated in May 2012 by Mr. Bhagwati Omprakash
Kalani, who has been also running a sole proprietorship business
named Shree Samarth Food Products. The company is setting up a
plant for manufacturing of food products (like besan from vatana
and other dals and wheat flour from wheat). The manufacturing
facility and registered office is located in Thane, Maharashtra.


SHRI MUTHURAM: CRISIL Reaffirms 'D' Rating on INR132.7MM Loans
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shri Muthuram
Export Pvt Ltd continues to reflect instances of delay by SMEPL in
servicing its debt; the delays have been caused by the company's
weak liquidity.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           49.5        CRISIL D(Reaffirmed)
   Long Term Loan        44.9        CRISIL D(Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    38.3        CRISIL D (Reaffirmed)

SMEPL has a weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics. Moreover,
it has a small scale of operations with susceptibility to intense
competition in the grey fabric industry and to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of SMEPL's promoters in the cotton grey
fabric business.

Update
The SMEPL continue to delay its interest and term loan obligations
because of weak liquidity. CRISIL believes that the SMEPL's
liquidity will remain weak over the medium term because of its low
cash accruals and stretch in its receivables collection.

Set up in 1984, SMEPL manufactures grey cotton fabric and cotton
yarn. The company is based in Tamil Nadu, and its day-to-day
operations are managed by its promoter-directors, Mr. M
Theivasigamani, Mr. M Ganeshan, and Mr. M Srinivasan.


SHYAMJI FOOD: CRISIL Assigns 'B+' Rating to INR70MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shyamji Food Industries (SFI).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            57         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     13         CRISIL B+/Stable

The rating reflects SFI's below-average financial risk profile,
marked by its highly leveraged capital structure and subdued debt
protection metrics. The rating also factors in the company's
modest scale of operations in the intensely competitive moong dal
processing industry, susceptibility of its operating margin to
volatility in raw material prices, and large working capital
requirements. These rating weaknesses are partially offset by its
proprietor's extensive industry experience, and their financial
support.

Outlook: Stable

CRISIL believes that SFI will continue to benefit over the medium
term from its proprietor's extensive experience in the moong dal
industry. The outlook may be revised to 'Positive' in case of
significant improvement in the firm's financial risk profile on
account of better than expected cash accruals led by improvement
in scale and operating profitability or due to capital infusion
from partners. Conversely, the outlook may be revised to
'Negative' if SFI undertakes more-than-expected debt-funded
expansions, reports a substantial decline in revenues or
profitability, or there is a stretch in its working capital cycle,
constraining its financial risk profile.

SFI is a proprietorship firm and was incorporated in 1991 by the
late Shri Shyam Ji Gupta, father of its present owner Mr. Bharat
Gupta. The firm processes moong dal. Its plant is located in
Bawana (Delhi).


STAR ENGINEERS: CARE Assigns 'B' Rating to INR13.30cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B' to the bank facilities of Star Engineers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    13.30       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Star Engineers (SE)
is primarily constrained on account of the nascent stage of
its operations along with ongoing debt-funded capex. Furthermore,
the rating is also constrained by exposure to volatility
in raw material prices and presence in a highly fragmented
industry leading to stiff competition.

The rating, however, derives strength from the wide experience of
the promoters in the industry.

The ability of SE to complete the ongoing capex within the time
and cost parameters, quickly stabilize its operations and
achieve the envisaged level of sales and profitability are the key
rating sensitivities.

Incorporated on December 7, 2011, Ankleshwar-based (Gujarat) SE is
a partnership firm promoted by Mr Ashok Kushwaha and Mr Nilesh
Lathiya. The firm is mainly engaged in steel plate binding and
fabrication for manufacturing various pressure vessels as well as
dish on job-work basis. Mr Kushwaha is already running a
proprietorship firm under the name of Star Engineering Works (SEW)
in Ankleshwar which is in the similar line of business. SEW
manufactures steel plates of 60 mm thickness. Through SE, the
promoters plan to enter into the niche field of steel plate
binding and pressing which has very high market potential for
large thickness (approximately 300 mm) plate application. The
project is under implementation and is expected to fully
commercialize by June 2014. SE has already commenced part
operations from December 2013 and is operating at an installed
capacity of 3,000 tonnes per annum (TPA), which is envisaged to
increase to 8,100 TPA by June 2014.


UNITED HOTELS: ICRA Reaffirms 'B-' Rating on INR35cr Loans
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B- rating assigned to the INR34
crore term loans and INR1 crore fund based bank limits of United
Hotels & Properties Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            34          [ICRA]B- reaffirmed
   Fund Based Limits      1          [ICRA]B- reaffirmed

The reaffirmation of the long term rating primarily takes into
account UHPL's stretched liquidity position as the cash accruals
from the business remains inadequate to meet the large debt
repayment obligations. While assigning the ratings, ICRA has
factored in the business and financial risk profiles of UHPL and
its group companies S. P. Jaiswal Estates Private Limited
(SPJEPL), Orianna Hospitalities Private Limited (OHPL; a 100%
subsidiary of UHPL), Sharadhayane Lakshmi Hotels Pvt Ltd (SLHPL; a
100% subsidiary of SPJEPL) and HHI Resorts Private Limited (HRPL;
a 100% subsidiary of SPJEPL). The rating also takes note of UHPL's
weak financial profile as reflected by negative net-worth and cash
losses during FY13, notwithstanding transfer of established
Bhubaneshwar property to UHPL, and its vulnerability to
cyclicality associated with the hotel industry. UHPL had
commissioned the hotel in Pune in April'12. ICRA notes that
although the occupancy levels for Pune property have witnessed
significant improvement in 9MFY14, the RevPar continues to remain
low. ICRA notes that the Pune hotel market has seen large room
additions in the past that is likely to keep a check on any
significant increase in the ARR's, atleast over the near term. The
rating draws comfort from UHPL being a part of the HHI group,
experience of promoters in the hotel industry, and the favourable
location of the hotel, in close proximity to the airport. ICRA
expects the funding support from the group entities and/or
promoters to meet the cash deficit, if any, to meet the debt
obligations in a timely manner. Given the high capital cost per
room for its Pune property, UHPL's ability to improve its
operational and financial performance to maintain the commercial
viability of the project would be a key rating sensitivity going
forward.

Incorporated in 1992, UHPL was acquired by the present management
in 2007. UHPL had leased out its assets (land, building and other
equipments) at Bhubaneshwar to S. P. Jaiswal Estates Private
Limited (SPJEPL), the flagship company of the HHI group till FY12.
From FY13, the company is managing the Bhubaneshwar property. The
company has also set up a 3 star hotel at Pune branded as 'The HHI
Pune'.

Recent Results
During FY13, UHPL reported a net loss of INR2.24 crore on an
operating income (OI) of INR19.79 crore as against a net profit
and an OI of INR0.15 crore and INR0.48 crore respectively during
FY12.


WHITE TIGER: CRISIL Assigns 'B+' Rating to INR100MM Loans
---------------------------------------------------------
CRISIL has assigned it 'CRISIL B+/Stable' rating to the long term
bank facilities of White Tiger Steels Pvt Ltd.

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

The rating reflects WTSPL's modest scale of operations in the
highly fragmented construction materials trading industry and a
below-average financial risk profile marked by a modest net worth,
below-average capital structure and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
industry experience of WTSPL's promoters and their funding
support.

For arriving at the rating, CRISIL has treated the non-interest
bearing unsecured loans of INR25 million extended to WTSPL by its
promoters and their associates as neither debt nor equity; these
loans will be retained in the business until the bank loans are
repaid.

Outlook: Stable

CRISIL believes that WTSPL will continue to benefit from the
promoters' extensive industry experience and their funding support
over the medium term. The outlook maybe revised to 'Positive' if
WTSPL significantly improves its financial risk profile most
likely through substantially better cash accruals or equity
infusion along with efficient working capital management.
Conversely, the outlook maybe revised to 'Negative' in case of
considerably low cash accruals or significantly large working
capital requirements exerting further pressure on the company's
liquidity.

Incorporated in 2012 and headquartered in New Delhi, WTSPL is
engaged in the trading of scaffolding and construction materials.
The company is promoted by Mr. Sunny Kalra and family.



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


MT. GOX: Plan To Resurrect Exchange Can Be Pitched To Trustee
-------------------------------------------------------------
Law360 reported that U.S. creditors behind a proposed class action
over Mt. Gox Inc.'s collapse won initial approval of a settlement,
which will allow them to pitch a plan to revive the bitcoin
exchange, to the trustee overseeing Mt. Gox's bankruptcy in Japan.

According to the report, at a federal court hearing in Chicago,
U.S. District Judge Gary Feinerman granted preliminary approval to
the deal, in which plaintiffs Gregory Greene and Joseph Lack
agreed to drop claims against two Mt. Gox executives and stay the
remainder of their lawsuit targeting CEO Mark Karpeles and others.

The settlement is based on a proposed reorganization plan that
would turn control of Mt. Gox over to investor group Sunlot
Holdings Ltd. and hand customers of the old exchange a 16.5
percent stake in Mt. Gox's renewed operations, the report related.

The creditors would also immediately receive a prorated
disbursement of 200,000 bitcoins -- worth around $116 million --
and other currency still held by Mt. Gox, which shut down after
filing for bankruptcy in Tokyo court in late February, the report
said.

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange that halted trading in February
2014. It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at BAKER & MCCKENZIE LLP, in Dallas, Texas.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.


MT. GOX: Proof of Claims Due November 28
----------------------------------------
Tim Hornyak at PCWorld reports that creditors of bankrupt Bitcoin
exchange Mt. Gox have until Nov. 28 to file proof of their claims,
according to a notice from its trustee.

PCWorld relates that attorney Nobuaki Kobayashi, the court-
appointed bankruptcy trustee for the Tokyo exchange, posted a
notice on the Mt. Gox website May 21 with details of the
liquidation procedure.

According to the report, creditor claims will be examined starting
Feb. 25, 2015, nearly a year to the day after Mt. Gox went bust
with liabilities of JPY6.5 billion ($63.6 million).

In the near future, however, a creditor meeting on a report about
Mt. Gox's assets will be held July 23 at the Tokyo District Court,
the report says.  Creditors are not obligated to attend.

PCWorld notes that creditors could include hundreds of thousands
of users who deposited bitcoin with the exchange. When it
collapsed, Mt. Gox said nearly half a billion dollars' worth of
bitcoin was unaccounted for and that hackers had exploited a
software problem.

Kobayashi is empowered to approve or reject creditor claims. Any
appeals must be made to the court, according to bankruptcy lawyer
Kazuaki Nagai, PCWorld relates.

"This case could take more than a year to resolve, but it depends
on various factors," the report quotes Mr. Nagai, a partner at law
firm Anderson Mori & Tomotsune in Tokyo, as saying.

PCWorld reports that the latest notice on the website suggests
that a U.S. consortium's bid to revive Mt. Gox, once the world's
largest exchange for Bitcoin, has failed.

The report relates that Sunlot Holdings, headed by entrepreneur
John Betts, had won U.S. court approval earlier this month for a
deal in which it would acquire Mt. Gox and compensate users for
their losses.

Calling the situation bad for investors and Bitcoin's reputation,
the consortium had lobbied against liquidation of Mt. Gox and said
it would pitch its rehabilitation plan to Kobayashi, who has sole
authority to dispose of Mt. Gox assets, according to the report.

The trustee could not be reached for comment on the liquidation
plan, but made no mention of Sunlot in his latest notice, the
report adds.

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange that halted trading in February
2014. It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at BAKER & MCCKENZIE LLP, in Dallas, Texas.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.



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


MARTINBOROUGH VINEYARD: Accepts Bill Foley Takeover Offer
---------------------------------------------------------
Radio New Zealand reports that the Board of Martinborough Vineyard
Estates has unanimously recommended shareholders accept a take-
over offer from American billionaire, Bill Foley.

According to the report, Mr. Foley launched the take-over offer
for Martinborough Vineyard Estates in May in a bid to secure more
pinot noir to export to the United States.

Radio NZ relates that Mr. Foley is offering the 600 investors in
Martinborough Vineyard Estates one share in his NZAX-listed
company, Foley Family Wines, for every 28 of theirs.

Mr. Foley's offer values the company at around NZ$1.86 million,
which is just over half of what it was worth nine months before,
Radio NZ discloses citing Martinborough Vineyard Estate's last
published accounts.

The company's appraisal report said Martinborough Vineyard Estate
has a risk of becoming insolvent unless it can raise additional
capital and if shareholders reject the offer from Mr. Foley,
shareholders will force the company to look for alternative
options to raise further capital to continue trading, or ask to
appoint a receiver or liquidator, adds Radio NZ.



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


* BOND PRICING: For the Week May 19 to May 23, 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.



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