TCRAP_Public/140530.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

            Friday, May 30, 2014, Vol. 17, No. 106


                            Headlines


A U S T R A L I A

PACIFIC DOORS: SV Partners Appointed as Administrators


I N D I A

ALM INFOTECH: CRISIL Reaffirms 'B+' Rating on INR450MM Bank Loan
ASTORIA AGRO: CRISIL Reaffirms 'C' Rating on INR250MM Term Loan
BHATIA GLOBAL: ICRA Lowers Rating on INR1,043cr Loans to 'D'
DEV COTTON: ICRA Reaffirms 'B+' Rating on INR13.21cr Loans
DEVAKI AGENCIES: CRISIL Cuts Rating on INR110MM Loan to 'D'

DEVAKI CEMENT: CRISIL Cuts Rating on INR100MM Cash Credit to 'D'
DEVAKI TRADERS: CRISIL Lowers Rating on INR190MM Cash Credit to D
DIGITAL CERAMICS: CRISIL Reaffirms B+ Rating on INR80MM Loans
GANESH GINNING: CRISIL Reaffirms 'B' Rating on INR70MM Loans
JEKIN ENTERPRISE: ICRA Upgrades Rating on INR45cr Loans to B+

KAMAL GINNING: ICRA Reaffirms 'B+' Rating on INR6.50cr Loan
KHAYA SOLAR: ICRA Suspends 'B-' Rating on INR54.2cr Term Loan
KUMAR AUTOWHEELS: CRISIL Reaffirms 'B+' Rating on INR155MM Loans
MANISHA JEWELTECH: ICRA Reaffirms 'B+' Rating on INR6cr Loan
MICRO ORGO: CRISIL Assigns 'B+' Rating to INR60MM Loans

MJR EDUCATIONAL: ICRA Suspends 'D' Rating on INR7cr Loan
MOHANA COTTON: CRISIL Upgrades Rating on INR215MM Loans to 'B+'
OM COTTON: ICRA Revises Rating on INR6.25cr Loans to 'B+'
PARVEEN TRAVELS: ICRA Suspends 'D' Rating on INR30cr Loan
PAYAL PETROPACK: CRISIL Reaffirms 'B' Rating on INR80MM Loan

RAJKAMAL TEXTILES: CRISIL Reaffirms 'B+' Rating on INR49MM Loans
RIBA TEXTILES: ICRA Withdraws 'B/A4' Rating on INR25.97cr Loan
RIDDHI SIDDHI: CRISIL Assigns 'B' Rating to INR149MM Loans
SAMBANDAM SIVA: CRISIL Reaffirms 'B' Rating on INR220.9MM Loans
SHREE JALARAM: CRISIL Raises Rating on INR79.5MM Loans to 'B+'

SHREE PACKERS: CRISIL Assigns 'B' Rating to INR97.5MM Loans
SREE VEERA: CRISIL Lowers Rating on INR140.1MM Loan to 'D'
SRINI FOOD: ICRA Suspends 'D' Rating on INR50cr Loan
SWELLCO CERAMIC: CRISIL Ups Rating on INR137.5MM Loans to 'B+'
THUNGA HOSPITAL: CRISIL Assigns 'C' Rating to INR220MM Loan

TIRUPATI WAREHOUSE: CRISIL Reaffirms B+ Rating on INR100MM Loan
TRUFORM TECHNO: ICRA Reaffirms 'D' Rating on INR11cr Loans
VALORA PLYWOOD: CRISIL Assigns 'B+' Rating on INR21MM Loans
VIJAY SABRE: ICRA Reaffirms 'B+' Rating on INR11.88cr Loans
YANTRA GREEN: CRISIL Assigns 'B+' Rating to INR311.9MM Loan

ZANZAR JEWELLERS: ICRA Reaffirms 'B+' Rating on INR7cr Loan


J A P A N

DIC CORPORATION: Moody's Affirms Ba2 Subordinated Bond Rating
MT. GOX: Operator Looks to Sell Bitcoin Trademarks


N E W  Z E A L A N D

E-GAS LIMITED: Ex-Managers Get Jail Terms For Fraud
POLICE AND FAMILIES: S&P Revises Outlook & Affirms 'BB+/B' ICR
SOUTH CANTERBURY: Directors Misled Investors, Says Expert
ST LAURENCE: FMA Issues Formal Warning to Directors; Probe Closed


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


PACIFIC DOORS: SV Partners Appointed as Administrators
------------------------------------------------------
Daniel Jon Quinn -- daniel.quinn@svp.com.au -- and Stephen Wesley
Hathway -- stephen.hathway@svp.com.au -- at SV Partners were
appointed as administrators of Pacific Doors Pty Limited on
May 28, 2014.

A first meeting of the creditors of the Company will be held at
Suite 3 Level 3, 426 King Street, in Newcastle West NSW on
June 6, 2014, at 12:30 p.m.



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


ALM INFOTECH: CRISIL Reaffirms 'B+' Rating on INR450MM Bank Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of ALM Infotech
City Pvt Ltd (ALM) continues to reflect the company's exposure to
the risks and cyclicality inherent in the Indian real estate
industry, and high implementation and funding risk associated with
the ongoing project, ILD Grand, Gurgaon. These rating weaknesses
are partially offset by its promoters' extensive experience in the
real estate sector.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Proposed Long Term
   Bank Loan Facility     450       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ALM will maintain its credit risk profile,
backed by its promoters' extensive experience in the real estate
sector over the medium term. The outlook may be revised to
'Positive' in case ALM receives more-than-expected customer
advances for the ongoing project, thereby substantially improving
its overall liquidity. Conversely, the outlook may be revised to
'Negative' if the firm faces time or cost overuns in its projects
and reports lower-than-expected sales.

Update
The project, ILD Grand, Gurgaon, launched in January 2012,
underwent slight construction delay; it is now expected to be
completed by December 2015. It will be funded through customer
advances of INR770 million, promoters' contribution of INR380
million, and a term loan of INR450 million. As on March 2014,
around 40 per cent of the total 322 flats of ALM's 0.54 million
square feet (sq ft) residential project was booked, with the
company receiving around 25 per cent of the total booking amount
including customer advances. There was a decline in fresh bookings
in 2013-14 (refers to financial year, April 1 to March 31), on
account of the management's decision to stop bookings, given the
weak market rates prevailing during the year. However, the lower
than expected customer advances have been supplemented by infusion
of unsecured loans of INR329 million. The promoters will continue
to support the liquidity and working capital requirement for
timely completion of the project.

The project is expected to receive 50 per cent of the booking
amount by 2014-15, signifying stable liquidity; the term loan
repayments are scheduled to begin in March 2015. Around 75 per
cent of the project is expected to be completed by that time.

ALM is estimated to report a profit after tax (PAT) of INR23
million on net sales of INR464.5 million for 2013-14; it reported
a net loss of INR0.08 million on net sales of INR105.3 million for
2012-13.

Incorporated in 2006, ALM is engaged in real-estate development in
Gurgaon and the NCR region. The company is promoted by Mr.
Alimuddin and Mr. Nuzhat Alim of the ILD (International Land
Developers) group.

The company has successfully implemented a commercial real estate
project ILD Trade Centre in Gurgaon (Sector 47, Sohna Road) and is
now focusing on residential real estate projects. With this in
mind, the company launched the ILD Grand residential project in
Sec 37, Gurgaon on Jan 2012. The project is still under
construction and is expected to be complete by December 2015.


ASTORIA AGRO: CRISIL Reaffirms 'C' Rating on INR250MM Term Loan
---------------------------------------------------------------
CRISIL's rating continues to reflect Astoria Agro and Allied
Industries Pvt Ltd below-average financial risk profile, marked by
high gearing, weak debt protection metrics and weak liquidity, and
its large working capital requirements. The rating also reflects
Astoria Agro's exposure to risk related to adverse changes in
government regulations in the sugar industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Rupee Term Loan       250        CRISIL C (Reaffirmed)

These rating weaknesses are partially offset by stabilisation of
its current production facility.

Astoria Agro (formerly, Astoria Jewellery Pvt Ltd) was promoted by
Mr. Pramod Goenka in April 2010. The company operates a 2500 tonne
crushing per day capacity sugar production plant that it acquired
in an auction from the Maharashtra State Co-op Bank Ltd (MSC
Bank). The plant is located in Nandurbar (Maharashtra) and was
earlier owned by Pushpadanteshwar Sahakari Sakhar Karkhana Ltd.


BHATIA GLOBAL: ICRA Lowers Rating on INR1,043cr Loans to 'D'
------------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR121.00
Crore long term fund based and non-fund based bank lines of Bhatia
Global Trading Limited to '[ICRA]D' from '[ICRA]B+'. ICRA has also
downgraded the short term rating assigned to INR922.00 Crore short
term fund based and non-fund based bank lines of BGTL to [ICRA]D
from [ICRA]A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   Based                 76.00      [ICRA]D (Downgraded)

   Long Term Non
   Fund Based            45.00      [ICRA]D (Downgraded)

   Short Term Fund
   Based                  5.00      [ICRA]D (Downgraded)

   Short Term Non
   Fund Based           695.00      [ICRA]D (Downgraded)

   Proposed Limited     222.00      [ICRA]D (Downgraded)

The downward revision in rating takes into account continued
liquidity issues being confronted by the Company, which has driven
multiple instances of letter of credit (LC) devolvement during
past few months. While the Company has been able to sustain
sizeable trading volumes at improved profitability margins, the
internal capital generation has been inadequate to meet the
deficit of long term funds required for maintaining satisfactory
liquidity profile. BGTL had witnessed considerable erosion in net
worth during past few years on account of large forex losses,
thereby necessitating infusion of sizeable long term funds as the
company continues to operate on negative working capital with
current liabilities significantly exceeding its current assets.

ICRA also notes large contingent liabilities on account of
corporate guarantees extended for loans availed by other group
entities, and weakened operational and financial profile of BGTL's
subsidiary i.e Bhatia International Pte Limited due to prolonged
downturn in shipping industry, as a result of which, BIPL has
defaulted on multiple loans availed for financing ocean vessels,
some of which are also guaranteed by BGTL.

Going forward, timely infusion of incremental long term funding
would remain critical for continuation of business operations and
timely servicing of liabilities. Further, credit profile of the
company will also remain sensitive to its ability to collect
receivables in timely manner and sustain improved trading margins
while managing risks arising from fluctuation of foreign exchange
rates and coal prices.

Bhatia Global Trading Limited is promoted by Bhatia Group of
Indore, and is engaged in business of coal trading, whereby coal
is imported from coal fields in Indonesia and sold to domestic
companies. BGTL was initially incorporated as Bhatia Coal Trading
and Consignment Private Limited and didn't undertake any
significant operations till 2009-10. Subsequently, as a part of
the Bhatia Group's restructuring plans, BCCL's name was changed to
BGTL and it was vested with Stock & Sale coal trading business of
erstwhile flagship company of Bhatia Group i.e. Bhatia
International Limited, which has been renamed as Asian Natural
Resources (India) Limited. The effective date of transfer of Stock
& Sale business to BGTL was October 2009; however, actual transfer
happened in February 2011 after appraisal and approval of bankers.
During the interim period, ANRIL undertook business on behalf of
BGTL and transferred to it profit of about INR61 crore earned from
this business division during the period October 2009 to February
2011.

In 2013-14, BGTL has reported Operating Income (OI) of INR2211.6
crore and PAT of INR24.5 crore against OI of INR2341.9 crore and
Net loss of INR97.8 crore reported in 2012-13.


DEV COTTON: ICRA Reaffirms 'B+' Rating on INR13.21cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' to the
INR12.00 crore (enhanced from INR8.00 crore) cash credit facility
and INR1.21 crore (reduced from INR1.77 crore) term loan facility
of Dev Cotton & Oil Industries.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Cash       12.00       [ICRA]B+ reaffirmed
   Credit

   Fund Based-Term        1.21       [ICRA]B+ reaffirmed
   Loan

The reaffirmation of rating continues to factor in Dev Cotton &
Oil Industries' modest scale of operation and financial profile
characterized by thin profitability, modest debt coverage
indicators and high gearing levels. ICRA also takes note of the
highly competitive and fragmented industry structure with the
limited value additive nature of operations which leads to
pressure on profitability. The rating further incorporates the
vulnerability of margins to adverse movement in raw material
prices, which in turn are linked to the seasonal nature of the
cotton industry and government regulations on MSP and export.
Also, being a partnership firm, any substantial withdrawal by the
partners can have an adverse impact on the capital structure of
the firm.

The rating, however, considers the favorable location of the firm
giving it easy access to high quality raw cotton. The forward
integration in crushing facilities providing additional revenues
and diversification is also a positive as is the rise in operating
income of FY14 driven by increased volume and an increase in
domestic cotton prices.

Incorporated in February 2011, Dev Cotton & Oil Industries (DCOI)
is engaged in raw cotton ginning and the pressing and crushing of
cottonseeds business. The firm is managed by two partners namely
Mr. Harshadbhai Ghodasara and Mr. Jayvantbhai Bariya. The firm's
manufacturing unit is located at Tankara in Rajkot, Gujarat. It
has 30 jumbo ginning machines, one pressing machine (automatic)
and eight expellers with installed capacity of producing 325
cotton bales, 5MT cottonseed oil and 55MT of cottonseed oil cake
per day (24 hours operation).

Recent Results
During FY14 (unaudited provisional financials), the firm reported
an operating income of INR58.89 crore and net profit of INR0.15
crore against an operating income of INR39.98 crore and net profit
of INR0.10 crore in FY13.


DEVAKI AGENCIES: CRISIL Cuts Rating on INR110MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Devaki Agencies (part of the Devaki group) to 'CRISIL D' from
'CRISIL BB/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            90        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Long Term Loan         20        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

The rating downgrade reflects the firm's overdrawn cash credit
facility for more than 30 consecutive days, because of weak
liquidity.

The Devaki group's financial risk profile is below average, and
its operations are working-capital-intensive. However, the group
benefits from its promoter's extensive experience and established
track record in the trading business.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Devaki Agencies, Devaki Traders, Devaki
Steels, and Devaki Cement Agencies, together referred to as the
Devaki group. This is because all the entities have a common
management and significantly fungible cash flows.

The Devaki group is promoted by Mr. P Thirunavukarasu. Devaki
Agencies and Devaki Cement Agencies trade in cement, Devaki Steels
trades in thermo-mechanically treated bars, and Devaki Traders
trades in tiles.


DEVAKI CEMENT: CRISIL Cuts Rating on INR100MM Cash Credit to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Devaki Cement Agencies (part of Devaki group) to 'CRISIL D' from
'CRISIL BB/Stable'. The rating downgrade reflects the firm's
overdrawn cash credit facility for more than 30 days, because of
weak liquidity.

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

The rating also reflects Devaki group's below-average financial
risk profile and its working-capital-intensive operations. These
rating weaknesses are partially offset by the extensive industry
experience of the Devaki group's promoter and his established
track record in the trading business.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Devaki Cement Agencies and its group
entities, Devaki Traders, Devaki Steels, and Devaki Agencies,
together referred to as the Devaki group. This is because all the
entities have a common management and significant fungible cash
flows among them.

The Devaki group is promoted by Mr. P Thirunavukarasu. Devaki
Agencies and Devaki Cement Agencies are engaged in trading in
cement, Devaki Steels trades in thermo-mechanically-treated bars,
and Devaki Traders trades in tiles.


DEVAKI TRADERS: CRISIL Lowers Rating on INR190MM Cash Credit to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Devaki Traders (part of the Devaki group) to 'CRISIL D' from
'CRISIL BB/Stable'. The rating downgrade reflects the firm's
overdrawn cash credit facility for more than 30 consecutive days,
because of weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           190        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

The Devaki group's financial risk profile is below average, and
its operations are working-capital-intensive. However, the group
benefits from its promoter's extensive experience and established
track record in the trading business.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Devaki Traders, Devaki Agencies, Devaki
Steels, and Devaki Cement Agencies, together referred to as the
Devaki group. This is because all the entities have a common
management and significant fungible cash flows.

The Devaki group is promoted by Mr. P Thirunavukarasu. Devaki
Agencies and Devaki Cement Agencies trade in cement, Devaki Steels
trades in thermo-mechanically treated bars, and Devaki Traders
trades in tiles.


DIGITAL CERAMICS: CRISIL Reaffirms B+ Rating on INR80MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Digital Ceramics Pvt
Ltd (DCPL) continue to reflect its working-capital-intensive, and
small scale of operations in the highly competitive ceramic tiles
industry. These rating weaknesses are partially offset by the
extensive experience of the promoters in the ceramic tiles
industry, and DCPL's favourable location.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          --------     -------
   Bank Guarantee         20        CRISIL A4 (Reaffirmed)

   Cash Credit            40        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     10        CRISIL B+/Stable (Reaffirmed)

   Term Loan              30        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DCPL will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if the company generates
sizeable cash accruals with a significant improvement in its scale
of operations and sustained profitability. Conversely, the outlook
may be revised to 'Negative', if DCPL's financial risk profile and
liquidity weaken with substantially low cash accruals, driven by
its constrained profitability; or sizeable debt-funded capital
expenditure (capex); or stretched working capital cycle.

Update:
DCPL's revenue remained weak in 2013-14 (refers to financial year,
April 1 to March 31) with sales of around INR100 million, as the
company's floor division, established in 2012-13, commenced
operations only in second half of 2013-14. However, in 2014-15,
DCPL's sales growth could improve driven by improved capacity
utilization. Despite limited sales growth, the company could
enhance its profitability in 2013-14 with its improved product
portfolio. DCPL's operating margin is expected to range between 7
and 8 per cent over the medium term.

DCPL's operations will continue to be working-capital-intensive
with large debtors and inventory. The company offers credit of
around 90 days to its customers and maintains inventory of 90 to
100 days. DCPL supports its working capital with creditors of
around 100 days. The company's gearing increased in 2012-13 to
around 2 times on account of the capex undertaken for increasing
capacities. Though the company does not intend to undertake any
additional capex over the medium term, its gearing could remain
high driven by its large working capital requirements.

DCPL's liquidity is stretched, with a low cushion in its cash
accruals vis-a-vis its debt obligations. The company's bank limit
utilisation continued to be high at 94 per cent on average for the
12 months ended March 31, 2014. In 2012-13, the promoters infused
equity of INR9 million and unsecured loans of INR8 million, to
support the company and such support is expected in future as
well.

For 2012-13, DCPL reported a net profit of INR4.6 million on sales
of INR118.1 million, as against a net profit of INR2.1 million on
net sales of INR150.9 million for 2011-12.

Incorporated in 2003, DCPL is promoted by Mr. Kanti Patel and his
family members. The company manufactures ceramic wall and floor
tiles at its facility in Morbi (Gujarat).


GANESH GINNING: CRISIL Reaffirms 'B' Rating on INR70MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Ganesh Ginning Factory
continue to reflect GGF's weak financial risk profile, marked by
high gearing and weak debt protection metrics, susceptibility of
its revenue and profitability to fluctuations in commodity prices,
and its exposure to intense competition in the cotton ginning
industry. These rating weaknesses are partially offset by the
extensive experience of the firm's partners in the cotton
industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            70        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GGF will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm's scale of operations and
operating margin improve or in case of infusion of funds by the
partners, leading to improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if GGF's
financial risk profile deteriorates, most likely because of
larger-than-expected working capital requirements or substantial
debt-funded capital expenditure (capex).

Update
For 2012-13 (refers to financial year, April 1 to March 31), GGF's
turnover increased by around 20 per cent year-on-year to INR560
million. The increase was supported by revival in demand in the
last quarter of the year. The recent demand surge in the
international market
would help the firm improve its turnover and also its average
realisation, aided by the depreciating Indian rupee. For 2013-14,
the firm's sales are estimated at around INR670 million. CRISIL
believes that GGF will maintain its annual turnover growth at 10
to 15 per cent over the medium term, although the growth remains
susceptible to the economic scenario and government policies.

In 2012-13, GGF's operating profitability remained low at 2.2 per
cent. CRISIL believes that the firm's operating margin will remain
low at 2.0 to 2.5 per cent over the medium term, due to the
fragmented nature of the industry.

GGF's working capital requirements were high, with gross current
assets of 78 days as on March 31, 2013. Over the medium term, its
GCA days are expected to remain at 78 to 80 days, and its overall
working capital requirements are expected to increase with the
increase in its scale of operations.

The firm's gearing is estimated to have increased to 4.2 times as
on March 31, 2014, on the back of its debt-funded replacement
capex and working capital requirements. Over the medium term, its
gearing is expected to remain high on account of incremental debt
to meet its working capital requirements as its accruals are
expected to remain modest. GGF's financial risk profile is
expected to be constrained over the medium term by its modest net
worth, weak debt protection metrics, and stretched liquidity.

GGF's reported profit after tax (PAT) and sales at INR1.0 million
and INR560 million, respectively, for 2012-13; it reported a PAT
of INR0.7 million on sales of INR470 million for 2011-12.

GGF was set up in 1998 as a partnership firm by Mr. Shiv Gangani,
Mr. Amba D Nakrani, Mr. Mukesh B Gangani, and Mr. Prem Gangani. It
is engaged in ginning and pressing of cotton, and in sale of
cotton bales, cotton seed, and cotton seed oil as well as their
by-products. The firm's manufacturing facilities are in Bhavnagar
(Gujarat).


JEKIN ENTERPRISE: ICRA Upgrades Rating on INR45cr Loans to B+
-------------------------------------------------------------
ICRA has upgraded the long term rating of '[ICRA]B' to [ICRA]B+
assigned to INR20.0 crore fund based limit and INR25 crore non-
fund based limits (enhanced from INR15 crore) of Jekin Enterprise.
The rating of [ICRA]B earlier assigned to INR20.0 crore fund based
limit and INR15 crore non-fund based limits was suspended in March
2014.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based limit        20.0        [ICRA]B+/Upgraded from
                                       [ICRA]B

   Non-fund based limit    25.0        [ICRA]B+/Upgraded from
                                       [ICRA]B

The revision in the assigned rating of the firm factors in the
improvement of order inflow to the firm during last one year
resulting in strengthening of its order-book from INR87.6 crore as
of October 2012 to INR209 crore as of March 2014 and over 60%
growth in OI in FY14 from INR43.18 crore to INR70.64 crore (Prov)
on owing to the relatively faster execution of its projects.
Further, the rating takes into account of improvement in the
firm's Operating Margin (OPM) in the past two years resulting from
better economies of scale with the execution of certain large
sized projects having good profitability. The rating continues to
factor in the established track record of the firm in construction
sector of over two decades especially in construction of
buildings/roads/sewerage projects.

However, the rating is constrained by the ongoing delay of 3-6
months in execution period of ~25% of the order book due to
factors such as non-availability of work-site resulting from
encroachment issues and design changes in some of the projects and
concentration of its projects in limited geographies of Mumbai,
Bhayander Kalyan and Badlapur area in Maharashtra. Nearly 70% of
the order-book of the entity is into construction of buildings and
drainage works. The rating is further constrained on account of
significantly high gearing at 6.92 time as of 31st March 2014 with
the debt comprising largely of interest bearing unsecured loan
from third parties and working capital loan and significant
working capital intensity (NWC/OI) of 58% in FY14 with high level
of operating current assets. Further, given the entity is a
partnership concern; its net-worth is subject to capital
withdrawals by partners.

Jekin Enterprise (Jekin) is a Mumbai based partnership firm with
having three partners - Mr. Mukesh Shah, Mr Jeemit Shah and Ms.
Jekin. The firm was originally established as a proprietary
concern in the year 1990 which was later converted to partnership
firm in August 2001. Jekin undertakes civil works which includes
construction and repairs of buildings, bridges, concrete and
asphalt roads, drainage system, etc. Some of the notable projects
executed by Jekin in the past are civil works under water
distribution improvement programme in Mumbai for MCGM (Rs. 98.0
crore); up gradation of sewerage system in Mumbai (Rs. 46.0
crore); building repair work in western and eastern suburbs of
Mumbai ( INR22.0 crore) and remedial works for drainage system in
Mumbai ( INR15.0 crore). Presently; Jekin is executing 13 orders
in Maharashtra which have been received from Kalyan Dombivli
Municipal Corporation, Mira Bhayander Municipal Corporation,
Kulgoan Badlapur Muncipal Corporation, Asian Development and
Management Corporation Limited and Thane Municipal Corporation.

Recent Results:

As per the provisional figures of FY14; the company registered a
Profit after tax (PAT) stood at INR8.68 crore on an Operating
Income (OI) of INR70.61 crore as against a PAT of INR2.84 crore on
an OI of INR43.18 crore in FY13.


KAMAL GINNING: ICRA Reaffirms 'B+' Rating on INR6.50cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to INR6.50 crore long
term cash credit facility of Kamal Ginning Factory.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term, Fund       6.50        [ICRA]B+ reaffirmed
   based limits-
   Cash Credit

The rating reaffirmation takes into account easy availability of
raw cotton on back of favourable location and substantial
experience of the promoters in the cotton ginning industry. The
rating is however constrained by leveraged capital structure and
stretched liquidity profile of the firm due to working capital
intensive operations and low profit margins in line with low value
add nature of business. ICRA also takes note of moderate scale of
operations in an intensely competitive industry and vulnerability
associated with agro climatic conditions and regulatory
environment which has direct bearing on capacity utilization and
profitability of the firm.

Established in 2006, KGF is a partnership concern promoted by Mr.
Dilip Mahale and Mr. Sunil Mahale. The firm is engaged in ginning
and pressing of cotton and crushing of cotton seeds. Ginning
facility of the firm is located in Jalgaon district of
Maharashtra. The plant has 24 ginning machines and 4 expellers
with an annual capacity to produce 240 bales per day and crushing
capacity of 300 quintals per day.


KHAYA SOLAR: ICRA Suspends 'B-' Rating on INR54.2cr Term Loan
-------------------------------------------------------------
ICRA has suspended '[ICRA]B-' rating assigned to the INR54.20
crore term loans of Khaya Solar Projects Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


KUMAR AUTOWHEELS: CRISIL Reaffirms 'B+' Rating on INR155MM Loans
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kumar
Autowheels Pvt Ltd continues to reflect KAPL's below-average
financial risk profile, marked by high total outside liabilities
to tangible net worth (TOLTNW) ratio and small net worth, and
stretched liquidity owing to large working capital requirements.
These rating weaknesses are partially offset by KAPL's promoters'
extensive experience in managing the businesses, established
relationships with prospective customers, and their funding
support.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            10        CRISIL B+/Stable (Reaffirmed)

   Electronic Dealer     120        CRISIL B+/Stable (Reaffirmed)
   Financing Scheme
   (e-DFS)

   Term Loan              25        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KAPL will benefit over the medium term from
its promoters' extensive experience along with their funding
support. The outlook may be revised to 'Positive' in case of
significant improvement in KAPL's scale of operations and
profitability, as well as its working capital cycle, leading to
healthy financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of any substantial increase in
working capital requirements, or lower-than-expected operating
profitability, or large, debt-funded capital expenditure, leading
to pressure on its liquidity.

Update
KAPL is estimated to report sales of around INR542 million in
2013-14 (refers to financial year, April 1 to March 31). It was
its first year of operations; the company operated for nearly six
months. It is estimated to report operating margin of around 3 per
cent in 2013-14 owing to trading nature of business. The company
operated through its showroom in Rudrapur and has opened another
one in Kashipur. Sale of vehicles, coupled with servicing and
spare parts/accessories sales is expected to lead to healthy
growth in revenue at INR800 million to INR900 million in 2014-15
with slight improvement in margin, aided by servicing and spare
parts/ accessories sales.

The company's financial risk profile is expected to remain below
average marked by large TOLTNW ratio owing to small net worth
estimated at INR29 million as on March 31, 2014. The net worth is
expected to be in the range of INR35 million to INR40 million over
the medium term. With large working capital requirements, the
TOLTNW ratio is expected to be 5.5 to 6.5 times over the medium
term, while the interest coverage ratio is expected to remain low
at around 1.5 times owing to low profitability. The operations of
the firm are working capital intensive due to large inventory
holding, expected at around 75 days over the medium term keeping
the liquidity stretched. The bank lines were utilised at an
average 94 per cent for the eight months through March 2014. The
liquidity is also constrained by low net cash accruals expected to
be in the range of INR12 million to INR16 million over the medium
term. However, the same will be adequate to meet its debt
obligations of INR9 million maturing during the year.

Incorporated in 2009, KAPL has set up dealership for Mahindra &
Mahindra Ltd's (M&M's) cars in Rudrapur (Uttarakhand) in September
2013. The company received the M&M dealership in August 2012 for
Rudrapur, Kashipur, Sitarganj, Jaspur, and Khatima, in the Uddham
Singh Nagar district of Uttarakhand. It started commercial
operations in September 2013. KAPL plans to open showroom in
Kashipur in 2014-15.


MANISHA JEWELTECH: ICRA Reaffirms 'B+' Rating on INR6cr Loan
------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B+' rating assigned to the INR6.0
crores fund based limits of Manisha Jeweltech Pvt. Ltd.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      6.0        [ICRA]B+; Reaffirmed

The rating reaffirmation takes into account the highly competitive
nature of the jewellery industry and the company's modest
financial profile as reflected by low profitability margins and
modest debt protection indicators. Moreover, the rating is
constrained by small scale of operations of the company, its short
track record of operations and exposure to risks associated with
regulatory changes in the industry. However, the ratings derive
comfort from strong brand equity of the company, being a
franchisee of Gitanjali Jewellery Retail Pvt. Ltd.

Manisha Jeweltech Pvt. Ltd. was incorporated in May 2012
(operations stared in November 2012) and is promoted by Mr. Sudhir
Agrawal, Mr. Manisha Agarwal and Mr. Raghav Agarwal. The promoters
of MJPL have other diversified businesses engaged in supply of
goods, machinery, medicines and mosquito nets. MJPL is a
franchisee of Gitanjali Jewellery Retail Pvt. Ltd. (Gitanjali
Jewels) and has its retail showroom in Kingsway Camp, Delhi.

Recent Results

The company reported net loss of INR0.01 crores on operating
income (OI) of INR20.38 crores in the period from November 2012 to
March 2013. In FY14, the company has reported sales of INR33
crores.


MICRO ORGO: CRISIL Assigns 'B+' Rating to INR60MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Micro Orgo Chem (MOC).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Proposed Long Term       20        CRISIL B+/Stable
   Bank Loan Facility

   Cash Credit              40        CRISIL B+/Stable

   Inland/Import Letter     50        CRISIL A4
   of Credit

The ratings reflect MOC's modest scale of operations in an
intensely competitive bulk drugs industry, exposure to volatility
in raw material prices and foreign exchange rate, and average
financial risk profile marked by high gearing and average debt
protection metrics. These rating weaknesses are partially offset
by its promoters' extensive experience in the bulk drug
manufacturing industry.

Outlook: Stable

CRISIL believes that MOC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm registers higher
than expected sales and profitability leading to higher cash
accruals or its promoters infuse large capital leading to improved
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of low cash accruals, or significant stretch in
working capital requirements leading to further weakening of its
liquidity profile.

Incorporated in 1992, MOC is a partnership firm that manufactures
pharmaceutical bulk drugs. The firm is owned and managed by Mr.
Manish Jain and Mr Maheshkumar Ranka. Its manufacturing facility
is in Vapi (Gujarat).

MOC reported a net profit of INR1.7 million on net sales of INR450
million for 2012-13 (refers to financial year, April 1 to March
31), against a net profit of INR3.0 million on revenues of INR263
million for 2011-12. For 2013-14, MOC, on a provisional basis, has
registered net sales of about INR490 million.


MJR EDUCATIONAL: ICRA Suspends 'D' Rating on INR7cr Loan
--------------------------------------------------------
ICRA has suspended the '[ICRA]D' rating assigned to the INR7.00
Crore fund based long term facilities of MJR Educational Society.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MOHANA COTTON: CRISIL Upgrades Rating on INR215MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Mohana Cotton Ginning Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           150        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Term Loan              65        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in MCGPL's business
risk profile, driven by a sustained increase in its scale of
operations and profitability margins. The upgrade also factors in
the sizeable improvement in the company's net worth, which
enhances its financial flexibility, and the subsequent improvement
in its capital structure. CRISIL believes that MCGPL will sustain
the improvement in its financial risk profile over the medium term
supported by continued growth in its net worth and absence of any
large debt-funded capital expenditure (capex) plan.

MCGPL's revenues registered a year-on-year growth of around 25 per
cent in 2013-14 (refers to financial year, April 1 to March 31),
and its operating profit margin is also estimated to have
increased sequentially to 4.2 per cent in 2013-14 from 1.1 per
cent in 2011-12. The increase in the company's scale of operations
and profitability margins is driven by stabilization of its
ginning capacity, which came online in the third quarter of 2012-
13.

MCGPL's net worth is estimated to have increased to around INR92
million as on March 31, 2014, from INR18 million as on March 31,
2012 on the back of capital addition of INR66 million by its
partners and the company's healthy accretion to reserves over this
period. Consequently, the company's gearing is also expected to
decline to around 2.7 times as on March 31, 2014 from 6.1 times as
on March 31, 2012. The gearing of the company is expected to
further decline to 2.2 times over the medium term, supported by
continued growth in its net worth and absence of any large debt-
funded capex plan.

The rating reflects the susceptibility of MCGPL's profitability
margins to volatility in cotton prices, and the company's exposure
to regulatory changes and intense competition in the cotton
ginning industry. The ratings of the company are also constrained
on account of its average financial risk profile marked by its
modest net-worth, high gearing and average debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters in the
cotton ginning business.

Outlook: Stable

CRISIL believes that MCGPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a sustained
improvement in the company's working capital cycle, or there is a
substantial improvement in its capital structure on the back of
sizable capital additions by its partners. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in the
company's profitability margins, or significant deterioration in
its capital structure caused most likely because of a stretch in
its working capital cycle.

MCGPL, formerly known as Mohana Cotton Ginning, was set up in
Guntur district (Andhra Pradesh) in 2010, by Mr. A Subramanyam
along with his friends and relatives. The company trades in cotton
lint, and is engaged in ginning and pressing of raw cotton.


OM COTTON: ICRA Revises Rating on INR6.25cr Loans to 'B+'
---------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR1.25
crore term loan facility and INR5.00 crore cash credit facility of
Om Cotton & Oil Industries from [ICRA]B to [ICRA]B+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Term       1.25        Revised from [ICRA]B
   Loan                              to [ICRA]B+

   Fund Based-Cash       5.00        Revised from [ICRA]B
   Credit                            to [ICRA]B+

The rating revision reflects the stabilization of operations of Om
Cotton & Oil Industries' in FY14, the forward integration in
crushing facilities providing additional revenues and
diversification. The rating also positively considers the
favourable location of the firm giving it easy access to high
quality raw cotton.

The rating however continues to be constrained by OCOI's modest
scale of operations and weak financial profile as reflected by
weak profitability, low debt coverage indicators and high gearing
levels. ICRA also takes note of the highly competitive and
fragmented industry structure with the limited value additive
nature of operations which leads to pressure on profitability. The
rating further incorporates the vulnerability to adverse movement
in raw material prices, which in turn is linked to the seasonal
nature of the cotton industry and government regulations on
minimum support price (MSP) and export. Also, being a partnership
firm, any substantial withdrawal by the partners can have an
adverse impact on the capital structure of the firm.

Incorporated in 2012, Om Cotton & Oil Industries (OCOI) is engaged
in raw cotton ginning and pressing and crushing of cottonseeds
business. The firm is currently managed by six partners, namely
Mr. Govindbhai Loh, Mr. Pravinkumar Loh, Mr. Nileshbhai Virsodiya,
Mr. Kanjibhai Loh, Mr. Ajitbhai Aghara and Mr. Hiteshkumar
Detroja. The firm's manufacturing unit is located at Hirapar in
Rajkot, Gujarat. It currently has 24 ginning machines, one
pressing machine (automatic) and four expellers with an installed
capacity of producing 235 cotton bales, 8.50 MT cottonseed oil and
63.50 MT cottonseed oil cake per day (24 hours operation).

Recent Results
During FY14 (unaudited provisional financials), the firm reported
an operating income of INR19.06 crore and net profit of INR0.01
crore as against operating income of INR5.84 crore and net loss of
INR0.13 crore in FY13.


PARVEEN TRAVELS: ICRA Suspends 'D' Rating on INR30cr Loan
---------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR19.00 crore
long-term term loans and the INR11.00 crore long-term fund based
facilities of Parveen Travels Private Limited. ICRA has also
suspended the [ICRA]D rating to the INR7.00 crore short-term, non
fund based sub-limit facilities of the Company. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


PAYAL PETROPACK: CRISIL Reaffirms 'B' Rating on INR80MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Payal Petropack Pvt Ltd
(Petro; part of the Payal group) continue to reflect the Payal
group's weak financial risk profile, marked by high gearing and
weak debt protection metrics, working-capital-intensive
operations, and exposure to fluctuations in raw material prices.
These rating weaknesses are partially offset by the group's long
track record in the plasticiser industry, its diversified industry
base, and the financial support it receives from its promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------           --------     -------
   Cash Credit             80        CRISIL B/Stable (Reaffirmed)
   Letter of Credit       280        CRISIL A4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Petro, Payal Polyplast Pvt Ltd (Poly),
Payal Petrochem Pvt Ltd (Petrochem), and Payal Polycompounds Pvt
Ltd (Polycompunds). This is because all these companies, together
referred to as the Payal group, have a common management and
considerable operational linkages with each other. Also, the
group's management has plans to merge all the companies over the
medium term.

Outlook: Stable

CRISIL believes that the Payal group will continue to benefit over
the medium term from its long track record in the plasticiser
industry. However, the group's financial flexibility is expected
to remain constrained over this period due to its working-capital-
intensive operations. The outlook may be revised to 'Positive' if
the Payal group improves its working capital management, leading
to a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of a significant increase in the
group's working capital requirements, leading to deterioration in
its financial risk profile, particularly its liquidity.

Update
The Payal group is expected to report a healthy operating revenue
growth of over 25 per cent to an estimated INR4.3 billion in 2013-
14 (refers to financial year, April 1 to March 31), against INR3.3
billion in 2012-13; the increase is driven by the ramp up of
operations in Petrochem's business. The group's operating margin
has also improved to 3.9 per cent in 2012-13, after declining to
2.8 per cent in the previous year mainly because of volatility in
raw material prices and foreign exchange (forex) rates. The
operating margin for 2013-14 is estimated at 4.5 to 5.0 per cent;
the margin is now immune to volatility in forex rates as the group
has started hedging its exposure completely.

The Payal group's financial risk profile remains weak. The group
has high working capital requirements, mainly on account of
stretched recoveries from debtors and large inventory which is not
order-backed. To support these, the group avails letter of credit
(LC) and buyer's credit (BC) facilities from its bank; against
these, it has high repayment obligations at regular intervals. The
group had an outstanding of INR700 million against its LC and BC
facilities as on April 30, 2014, which is due for repayment in the
following three months.

The Payal group's net cash accruals are estimated to remain
tightly matched with the repayment obligations towards term loans
availed by Pertochem to fund its capex.  With high working capital
debt and term loan outstanding, as against low profitability, the
group's financial risk profile is marked by high gearing and weak
debt protection metrics.

Petro was originally established as a proprietorship firm (Payal
Petropack) by Mr. R P Gupta in 1994. The firm was reconstituted as
a private limited company in 2008-09. It trades in solvents (such
as eythyl hexanol and butanel), plasticisers (dioctyl phthalate),
and polyvinyl chloride (PVC). Its office is in Delhi.

Poly was established as a partnership firm (Payal Polymers) by Mr.
R P Gupta and his family members. The firm was reconstituted as a
private limited company in January 2009. It manufactures primary
plasticisers, such as di-octyl phthalate, di-butyl phthalate, and
di-iso-nonyl phthalate at its facility in Daman.

Polycompounds was established as a partnership firm (Nikhil
Plastics) in 1990 by Mr. R P Gupta and his family members, and was
reconstituted as a private limited company in 2008-09. It
manufactures PVC compounds at its facility in Delhi.

Petrochem was established by Mr. R P Gupta and his family members
in 2010-11. The company manufactures primary and secondary
plasticisers in Dahej (Gujarat). The plant commenced commercial
operations in February 2013 post the trial run in November 2012.

Petropack reported a net profit of INR19.11 million on net sales
of INR1206.3 million for 2012-13, against a net loss of INR28.90
million on net sales of INR1187.85 million for 2011-12.


RAJKAMAL TEXTILES: CRISIL Reaffirms 'B+' Rating on INR49MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rajkamal Textiles
(Rajkamal) continue to reflect Rajkamal's small scale of
operations and susceptibility to volatility in raw material
prices.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        1.9        CRISIL A4 (Reaffirmed)
   Cash Credit          40          CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        6.3        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    2.7        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the firm's average
financial risk profile, marked by average gearing and debt
protection metrics, and its promoters' extensive experience in the
textile industry.

Outlook: Stable

CRISIL believes that Rajkamal will continue to benefit over the
medium term from the industry experience of its promoters. The
outlook may be revised to 'Positive' if the firm scales up its
operations and generates more-than-expected cash accruals on a
sustained basis, resulting in an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
Rajkamal's capacities are underutilised, resulting in low cash
flows, if its operating margin declines, or if it undertakes a
large debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.

Set up in 2002 by Mr. C Rajendran and Mrs. C Nanjammal, Rajkamal
manufactures grey melange yarn with counts ranging from 20s to
40s. It is based in Coimbatore (Tamil Nadu).


RIBA TEXTILES: ICRA Withdraws 'B/A4' Rating on INR25.97cr Loan
--------------------------------------------------------------
ICRA has withdrawn the suspended ratings of '[ICRA]B' and [ICRA]A4
assigned to INR25.97 crore bank facilities of Riba Textiles
Limited. As per ICRA's policy on withdrawals, ICRA can withdraw
the rating in case the rating remains suspended for more than
three years.


RIDDHI SIDDHI: CRISIL Assigns 'B' Rating to INR149MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Riddhi Siddhi Cotspin Private Limited (RSCPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           125        CRISIL B/Stable
   Term Loan              24        CRISIL B/Stable

The rating reflects RSCPL's exposure to risks relating to early
stage of operations and adverse regulatory changes in the
intensely competitive cotton ginning industry, and to volatility
in raw material prices. These rating weaknesses are partially
offset by the extensive experience of RSCPL's promoters in the
cotton ginning industry.

Outlook: Stable

CRISIL believes that RSCPL will continue to benefit over the
medium term from the experience of its promoters. The outlook may
be revised to 'Positive' if RSCPL stabilises its operations sooner
than expected, leading to stronger accruals, and improved capital
structure and debt protection metrics. Conversely, the rating may
be revised to 'Negative' if the company's financial risk profile
weakens on account of volatility in availability and prices of
cotton, or large working capital requirements.
About the Firm

Incorporated in April, 2013, RSCPL is promoted by Mr. Ankit
Lotiya, Mr. Sureshkumar Lotia and Mr. Kanubhai Vekariya. RSCPL has
a cotton ginning unit in Rajkot district of Gujarat and commenced
operations in March 2014. RSCPL sells cotton bales. It also sells
cotton seeds to poultry farms in various states.


SAMBANDAM SIVA: CRISIL Reaffirms 'B' Rating on INR220.9MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sambandam Siva Textiles
(P) Ltd (SSTPL) continue to reflect SSTPL's weak financial risk
profile, marked by a high gearing and average debt protection
metrics, and its susceptibility to volatility in prices of cotton
and to power shortages. These rating weaknesses are partially
offset by the extensive experience of SSTPL's promoters, and its
established position, in the cotton yarn industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         25        CRISIL A4 (Reaffirmed)
   Letter of Credit       40        CRISIL A4 (Reaffirmed)
   Cash Credit            44        CRISIL B/Stable (Reaffirmed)
   Overdraft Facility     38.5      CRISIL B/Stable (Reaffirmed)
   Term Loan              48.4      CRISIL B/Stable (Reaffirmed)
   Working Capital
   Term Loan              90        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSTPL will continue to benefit over the
medium term from its promoters' experience in the cotton yarn
industry. The outlook may be revised to 'Positive' if the company
reports significant and sustained improvement in its capital
structure and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' if SSTPL reports a steep decline in its
margins and volumes, or if it undertakes a large debt-funded
capital expenditure (capex) programme, thereby adversely impacting
its debt servicing ability.

SSTPL, incorporated in 1994, is based in Salem (Tamil Nadu). It
manufactures cotton yarn. The company is a part of the three-
decade-old Sambandam group.


SHREE JALARAM: CRISIL Raises Rating on INR79.5MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan facility
of Shree Jalaram Knitting to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            30        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Term Loan              49.5      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that SJK's business
and financial risk profiles will continue to improve over the
medium term, backed by stabilisation of operations. For 2013-14
(refers to financial year, April 1 to March 31), SJK's second full
year of operations, the firm reported net sales of INR234 million
on a provisional basis; it reported net sales of INR57.3 million
for the previous year. With stabilisation of operations, SKJ'S
working capital requirements have declined, with gross current
assets estimated at 65 days as on March 31, 2014, against 330 days
as on March 31, 2012. SJK's liquidity is supported by increase in
its cash credit limits to INR30 million from INR15 million in
April 2013 and in accruals. CRISIL believes SJK's financial risk
profile will continue to improve with no major debt-funded capital
expenditure (capex) plan and healthy accruals over the medium
term.

The rating reflects SJK's small scale of operations,
susceptibility to intense industry competition, and weak financial
risk profile marked by high gearing and muted debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of SJK's promoters in the textiles industry.

Outlook: Stable

CRISIL believes that SJK will continue to benefit over the medium
term from its promoters' extensive experience in the textiles
industry. The outlook may be revised to 'Positive' if SJK's
capital structure improves significantly, backed by equity
infusion or larger-than-expected accretion to reserves.
Conversely, the outlook may be revised to 'Negative' if SJK's
profitability declines or capital structure deteriorates because
of large working capital requirements or capex.

SJK is a partnership firm set up in November 2011 by Mr. Samir
Patel, Mr. Ketan Patel, and others. SJK manufactures grey fabrics
for sarees and other women's wear. SJK has a knitting unit in
Surat (Gujarat).

SJK, on a provisional basis, reported a profit after tax (PAT) of
INR3.1 million on net sales of INR234 million for 2013-14,
vis-a-vis a PAT of INR0.7 million on net sales of INR57.3 million
for 2012-13.


SHREE PACKERS: CRISIL Assigns 'B' Rating to INR97.5MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shree Packers (MP) Pvt. Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           75         CRISIL B/Stable
   Term Loan             22.5       CRISIL B/Stable

The rating reflects SPPL's working capital intensive operations,
and its below average financial profile marked by high gearing and
average debt protection metrics. These rating weaknesses are
partially offset by the promoter's extensive industry experience,
their established relationship with its customers and financial
support extended by promoters.
Outlook: Stable

CRISIL believes that Shree Packers Private Limited (SPPL) will
continue to benefit over the medium term from its promoter's
extensive industry experience and their established customer base.
The outlook may be revised to 'Positive' if the company reports
better than expected revenue with improvement in profitability
leading to improvement in financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of financial risk
profile deteriorates further on account of significant increase in
working capital requirements or lower than expected revenue or/and
profitability.

Shree Packers (MP) Private Limited was started as a partnership
firm by Bangur family in 1980. The company is based in Ujjain,
Madhya Pradesh and is into the manufacturing of corrugated boxes.

SPPL reported a profit after tax (PAT) of INR1.8 million on net
sales of INR386.6 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.1 million on net
sales of INR325.4 million for 2011-12.


SREE VEERA: CRISIL Lowers Rating on INR140.1MM Loan to 'D'
----------------------------------------------------------
CRISIL had downgraded its rating on the long term bank facilities
of Sree Veera Brahmendra Swamy Spinning Mills Private Limited
(SVBS) to 'CRISIL D' from 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           65         CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Term Loan             75.1       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

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

SVBS has a below-average financial risk profile marked by its
small net-worth, high gearing and below-average debt protection
metrics. The company has modest scale of operations, is exposed to
intense competition in the cotton yarn industry, and its
profitability margins are susceptible to volatility in cotton
prices. However, the company benefits from the entrepreneurial
experience of the current promoter, and the locational advantage
of being present in the cotton belt of the country.

About the Company Incorporated in 2006, SVBS manufactures cotton
yarn. The company was incorporated by Mr. Chundi Tirupataiah, and
was sold off to Mr G. Sundararamaiah in 2013. The company's plant
is based in the Guntur district of Andhra Pradesh.


SRINI FOOD: ICRA Suspends 'D' Rating on INR50cr Loan
----------------------------------------------------
ICRA has suspended the '[ICRA]D' rating assigned to the INR50.00
Crore fund based long term facilities of Srini Food Park Pvt Ltd.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SWELLCO CERAMIC: CRISIL Ups Rating on INR137.5MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank loan
facilities of Swellco Ceramic to 'CRISIL B+/Stable' from 'CRISIL
B-/Stable' and has reaffirmed its short-term rating at 'CRISIL
A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee          8        CRISIL A4 (Reaffirmed)

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

   Term Loan              87.5      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The upgrade in rating reflects CRISIL's expectation that Swellco's
financial risk profile will continue to improve over the medium
term backed by improvement in capital structure and liquidity. The
company's gearing is  estimated to have improved to 2.4 times as
on March 31, 2014 from 3.2 times as on March 31, 2013, backed by
improved profitability and hence accretion to reserves. With
repayment of debt and no major debt-funded capital expenditure
(capex) plan, the gearing is expected to improve to 1.5 to 2.0
times over the medium term. With better management of raw
materials, the company's operating profitability improved to 14.5
per cent in 2013-14 from 13.6 per cent in 2011-12. Moreover, the
company's moderate profitability is also expected to result in
cash accruals of INR23 million to INR28 million over the medium
term, which is expected to support its overall liquidity.

The ratings reflect Swellco's large working capital requirements
and small scale of operations in the intensely competitive ceramic
tile industry. These rating weaknesses are partially offset by the
extensive experience of Swellco's promoter in the ceramic tile
industry.

Outlook: Stable

CRISIL believes that Swellco will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if the firm improves its
topline and profitability, leading to better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is deterioration in the company's capital structure on
account of higher than expected stretch in working capital.

Swellco was incorporated in 2010, by Morbi (Gujarat)-based
Kundariya family. The firm manufactures clay and ceramic wall
tiles.

Swellco reported a book profit of INR3.8 million on net sales of
INR262 million for 2012-13, vis-a-vis a net profit of INR8.0
million on net sales of INR214 million for 2011-12.


THUNGA HOSPITAL: CRISIL Assigns 'C' Rating to INR220MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the bank loan
facilities of Thunga Hospital Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           20         CRISIL C
   Term Loan            200         CRISIL C

The rating reflects THPL's small scale of operations, and weak
financial risk profile marked by aggressive gearing and low net
worth. These rating weaknesses are partially offset by the
extensive experience of THPL's promoters in the healthcare
industry, and the company's established regional market position.

Incorporated in 2008, THPL is a 110-bed multi-specialty hospital
at Mira Road, on the outskirts of Mumbai. In 2013-14 (refers to
financial year, April 1 to March 31), the company began operating
a 70-bed hospital at Boisar, Maharashtra.

THPL reported a net profit of INR3.8 million on revenue of
INR229.0 million for 2012-13 against a net profit of INR3.5
million on net sales of INR120.4 million for 2011-12.


TIRUPATI WAREHOUSE: CRISIL Reaffirms B+ Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL's rating on long-term bank facilities of Tirupati Warehouse
(TW) continue to reflect TW's small scale of operations and weak
financial risk profile marked by, low net worth and high total
outside liabilities to total net worth (TOL/TNW).


                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Warehouse Receipts    100        CRISIL B+/Stable (Reaffirmed)

The rating also reflects the exposure to risks associated with
trading of agro-commodities. These rating weaknesses are partially
offset by TW's established market position and promoters'
extensive experience in the agro-commodities trading business.
Outlook: Stable

CRISIL believes that TW will maintain a stable business risk
profile on the back of established market presence & long standing
experience of the promoters in the agro-commodities trading
business. The outlook may be revised to 'Positive' in case of
significant increase in revenues coupled with improvement in net
cash accruals and its debt protection metrics. Conversely, the
outlook may be revised to 'Negative' due to decline in margins or
elongation of the working capital cycle.
About the Firm

TW is an Amravati (Maharashtra) based partnership firm, set up in
2007 by Mr Durgashankar Agarwal along with his family members. The
firm trades in various pulses and food grains, including soya
bean, tur dal, chana dal, wheat and cotton in the domestic market.
The firm also provides warehousing facilities for agro-commodities
in Paratwada district (Amravati).

TW reported a profit after tax (PAT) of INR2.4 million on net
sales of INR110 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.1 million on net
sales of INR139.1 million for 2011-12.


TRUFORM TECHNO: ICRA Reaffirms 'D' Rating on INR11cr Loans
----------------------------------------------------------
ICRA has reaffirmed '[ICRA]D' rating to INR4.25 crore term loan,
INR5.75 crore fund based (cash credit) and INR1.00 crore non-fund
based bank facilities of Truform Techno Products Limited.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits-
   Cash Credit              5.75        [ICRA]D reaffirmed

   Fund Based Limits-
   Term Loans               4.25        [ICRA]D reaffirmed

   Non-Fund Based Limits
   Letter of Credit         1.00        [ICRA]D reaffirmed

The rating continues to remain constrained by delays in debt
servicing. Moreover, the large scale debt funded capex continues
to constrain the financial profile with losses at net level,
highly leveraged capital structure and consequently weak debt
protection metrics. The rating is further constrained by
susceptibility of margins to variations in raw material prices
which together with high customer concentration further limits its
pricing power.

ICRA however favorably notes the experience of the management in
the iron casting industry and the credibility built through
approvals and certifications from various agencies.

Established in 1993, Truform is engaged in manufacturing of cast
iron fitting which principally find application in water line
fittings and rough iron fittings used in industrial applications.
The company also produces cast iron alloy fittings by mixing
various proportions of silicon, nickel, chromium and/or copper
depending on the application of the product. Though the company
has a registered office in Baroda, Gujarat, its manufacturing
facility as well as the administrative and sales office are
located in Nagpur, Maharashtra.

Recent Result:

Truform has achieved an operating income of INR19.50 crore in FY
2014 (12 months, provisional).


VALORA PLYWOOD: CRISIL Assigns 'B+' Rating on INR21MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Valora Plywood Pvt Ltd.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                3.9        CRISIL B+/Stable
   Standby Line of Credit   2.5        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       2.1        CRISIL B+/Stable
   Cash Credit             12.5        CRISIL B+/Stable
   Letter of Credit        39          CRISIL A4

The ratings reflect VPPL's modest scale of operations,
susceptibility to volatility in raw material prices and
fluctuations in foreign exchange (forex) rates, exposure to
competition, and large working capital requirements. These rating
weaknesses are partially offset by the extensive experience of
VPPL's promoters in the plywood and timber industry and the
advantageous location of its plant.

Outlook: Stable

CRISIL believes that VPPL will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if the company significantly
increases its scale of operations while improving its working
capital management. Conversely, the outlook may be revised to
'Negative' in case of deterioration in its working capital
management, or in its financial risk profile because of increased
working capital borrowings or large debt-funded capital
expenditure.

Incorporated in 2007, VPPL is owned and managed by the Vidhani
family. The company manufactures plywood and trades in timber. Its
manufacturing facility is in Gandhidham (Gujarat).

VPPL reported a net profit of INR0.6 million on net sales of
INR78.3 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR0.7 million on net sales of
INR91.6 million for 2011-12. For 2013-14, VPPL, on a provisional
basis, registered net sales of about INR128 million.


VIJAY SABRE: ICRA Reaffirms 'B+' Rating on INR11.88cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' outstanding
on the INR10.50 crore (enhanced from INR8.50 crore) fund based
bank facilities and assigned long term rating of [ICRA]B+ to
INR1.38 crore long term loans of Vijay Sabre Safety Private
Limited. ICRA has also reaffirmed the short term rating of
[ICRA]A4 outstanding on the INR8.00 crore (reduced from INR10.00
crore) non-fund based bank facilities of the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-      10.00        [ICRA]B+ reaffirmed
   Cash Credit

   Fund Based Limits-       0.50        [ICRA]B+ reaffirmed
   SLOC

   Fund Based Limits-       1.05        [ICRA]B+ assigned
   Term Loan

   Fund Based Limits-       0.33        [ICRA]B+ assigned
   Corporate Loan

   Non Fund Based Limits    5.00        [ICRA]A4 reaffirmed
   Bank Guarantee

   Non Fund Based Limits    3.00        [ICRA]A4 reaffirmed
   Letter of Credit

The ratings continue to remain constrained by VSSPL's weak
financial position as reflected in modest scale of operations with
sales remaining almost stagnant, low profitability and stretched
liquidity position following delays in receivables resulting in
high utilization of bank limits as well as stretched payables. The
ratings are further constrained due to presence in a highly
fragmented and competitive industry and VSSPL's exposure to
foreign exchange fluctuation risk. ICRA notes that the ability of
the company to secure orders regularly given the tender based
bidding process remains crucial from the business prospective.
The ratings, however, continue to positively factor in the
experience of the promoters of more than two decades in the fire
and safety industry, VSSPL's conservative capital structure and
its reputed customer base.

Incorporated in 1988 by Mr. Jitendra Salot, VSSPL is engaged in
manufacture and trading of fire and safety equipment with its head
office in Sakinaka, Mumbai and has its manufacturing and trading
units in Silvassa and Umbergaon. The company is ISO 9000:2001
certified and its product range is approved by BIS and CE marked.
VSSPL has been an authorised distributor of Scott Health & Safety
Limited in India since inception.

The company is a part of the Vijay group which is a group of nine
companies which is principally engaged in dealing with supply of
equipment and execution of turnkey projects in fire and safety
protection. Incorporated in 1988 by Mr. Jitendra Salot, VSSPL is
engaged in manufacture and trading of fire and safety equipment
with its head office in Sakinaka, Mumbai and has its manufacturing
and trading units in Silvassa and Umbergaon. The company is ISO
9000:2001 certified and its product range is approved by BIS and
CE marked. VSSPL has been an authorised distributor of Scott
Health & Safety Limited in India since inception.

The company is a part of the Vijay group which is a group of nine
companies which is principally engaged in dealing with supply of
equipment and execution of turnkey projects in fire and safety
protection.

During the twelve month period ending March 31, 2013 the company
reported a net profit of INR0.90 crore on an operating income of
INR32.83 crore.

Recent Result:

For the twelve month period ending March 31, 2014, VSSPL reported
an operating income of about INR35.00 crore.


YANTRA GREEN: CRISIL Assigns 'B+' Rating to INR311.9MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Yantra Green Power Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Long Term Loan       311.9       CRISIL B+/Stable

The rating reflects YGPPL's exposure to implementation risks on
its ongoing project. This rating weakness is partially offset by
YGPPL's low demand risk due to assured offtake agreement with
Vivimed Labs Ltd (Vivimed).

Outlook: Stable

CRISIL believes that YGPPL will continue to benefit over the
medium term from its assured offtake agreement with Vivimed. The
outlook may be revised to 'Positive' if the company successfully
commercialises and stabilises operations at its manufacturing
facility without cost and time overruns, while efficiently
managing its working capital. Conversely, the outlook may be
revised to 'Negative' if a time or cost overrun on the project
weakens YGPPL's financial risk profile, or if it reports
considerably lower-than-expected revenue and cash accruals.

YGPPL is setting up a captive solar photovoltaic-based power plant
of 5-megawatt capacity under the Andhra Pradesh Solar Power
Policy, 2012; the project is approved under Phase I of this
policy. The company has signed a power purchase agreement for 20
years with Vivimed, the flagship company of the Yantra group.
YGPPL is promoted by Vivimed and BBR Projects Pvt Ltd, along with
Mr. Santosh Varalwar and his brother, Mr. Sandeep Varalwar.


ZANZAR JEWELLERS: ICRA Reaffirms 'B+' Rating on INR7cr Loan
-----------------------------------------------------------
ICRA has reaffirmed '[ICRA]B+' rating to the INR7.00 Cr long term
fund based facilities of Zanzar Jewellers Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                7.00         Reaffirmed at [ICRA]B+

The reaffirmation of ratings factors in the small scale of
operations of the company, highly fragmented nature of the
industry, increasing competition from organized retail players and
geo political risks arising from the operations of the company
being limited only to a single city. The ratings are further
constrained by the weak capital structure characterized by high
gearing level and moderate coverage indicators; high working
capital intensity and thin profitability which further remains
vulnerable to the volatility in gold prices in the absence of a
formal hedging policy.

ICRA, however, favorably takes note of the long track record of
promoters, established market position of the company in jewellery
business since past seventeen years and healthy growth in
operating income over the years.

Zanzar Jewellers Private Limited was set up in 2003 as a
partnership firm, following which it was converted into a private
limited company in the year 2007. ZJPL is engaged in the business
of trading gold, diamond and silver jewellery. ZJPL is promoted by
Mr. Bipin Shah, who has about seventeen years of experience in the
jewellery business. The company has been operating from its retail
store located in Ahmedabad, Gujarat since inception.

Recent Results
In FY 2013, ZJPL reported an operating income of INR27.94 crore
(as against INR23.41 crore. during FY 2012) and profit after tax
of INR0.06 crore (as against INR0.06 crore during FY 2012). During
FY2014 (provisional unaudited financials), ZJPL reported an
operating income of INR32.59 crore and a profit before tax of
INR0.08 crore.



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


DIC CORPORATION: Moody's Affirms Ba2 Subordinated Bond Rating
-------------------------------------------------------------
Moody's Japan K.K. has affirmed the Baa3 issuer and Ba2
subordinated bond ratings of DIC Corporation. The rating outlook
is stable.

Ratings Rationale

"The rating affirmation principally reflects DIC's gradual though
meaningful progress in reducing its financial leverage over the
last few years as well as maintenance of acceptable levels of cash
flow and profitability. Should these positive trends in the
company's financial profile continue, the ratings are likely be
subject to positive rating pressure" , said Kailash Chhaya a
Moody's Vice President and Lead Analyst for DIC Corporation.

"DIC has a well diversified product portfolio which generates
reliable revenues and many of its core products command solid
market share as well as wide global distribution", said Chhaya.
"At the same time, the company faces ongoing challenges which are
also captured within its ratings, including a high level of
exposure to the paper printing ink sector which faces decline in
demand, especially in developed countries, from rapid growth in
on-line media", adds Chhaya.

DIC Corporation's Baa3 long-term issuer rating reflects its
leading global market position in products like printing ink,
green pigment for color filters and PPS compounds. The rating also
draws support from DIC Corporation's geographic diversification
and ongoing cost reduction/restructuring efforts.

In addition, the rating factors in Japanese systemic support (a
regional support factor in Japan), which leads to a rating uplift
-- currently two notches from the company's fundamental level of
creditworthiness.

The rating outlook remains stable reflecting Moody's expectations
of gradual profitability improvements and debt repayment.

DIC Corporation's ratings could be subject to upward rating
pressure if its earnings and cash flow continue to improve as a
result of further growth in its core products' market positions,
leading to a strengthened balance sheet and improved
profitability. Specifically, the rating could be upgraded if
Debt/EBITDA declines below 4.0x and Retained Cash Flow/Net Debt is
sustained above 15%.

Downward pressure could emerge if earnings and cash flow - and the
balance sheet - deteriorate significantly due to a decline in the
market share for the company's core products. Moody's will
consider a negative rating action if Retained Cash Flow/Net Debt
approaches 10% or Debt/EBITDA remains above 5.5x for prolonged
period.

The principal methodology used in this rating was the Global
Chemical Industry Rating Methodology published in December 2013.

DIC Corporation, headquartered in Tokyo, is a leading manufacturer
of printing inks and organic pigments. Its diversified business
portfolio comprises of Printing Inks, Fine Chemicals, Polymers and
Application Materials.


MT. GOX: Operator Looks to Sell Bitcoin Trademarks
--------------------------------------------------
The Wall Street Journal reports that the holding company of
collapsed virtual currency exchange Mt Gox is looking to sell the
trademark to the word bitcoin.

The Journal relates that a company executive said the company
hopes to raise at least 100 million yen, or about $1 million, for
a package including the bitcoin trademarks in Japan and the
European Union as well as the bitcoins.com domain name.

It was unclear whether any money from the sale would be used to
pay back the creditors of Mt Gox, the Journal adds.

According to the Journal, the executive said the company wanted to
sell the trademarks because it had no use for them.

Tibanne, a company headed by former Mt. Gox chief Mark Karpeles,
had its registration of the bitcoin trademark approved in Japan
and the EU in 2012, the report relates citing online databases of
the patent authorities for each territory. The trademarks will
expire in 2021 in the EU and in 2022 in Japan, though they are
both renewable if fees are paid, the news agency notes.

The Journal says Tibanne was effectively the operator of the
troubled bitcoin exchange since Mt. Gox had no staff. The two
companies share the same office address in Tokyo's Shibuya
district. Tibanne's lawyers could not be reached for comment.

Lawyers familiar with bankruptcy proceedings who are not involved
in the exchange's case said that Tibanne has no legal obligation
to repay the 127,000 creditors of the exchange, the Journal adds.

Mt. Gox filed for bankruptcy protection in late February, saying
it had debts of JPY6.5 billion and that it had lost 850,000
bitcoin. It later said it recovered about 200,000 of the missing
bitcoin.

Should Tibanne raise funds from a sale of the trademark package
without using at least part of the proceeds to help creditors of
Mt. Gox, that would likely anger those who are out of pocket
following the collapse of the exchange, the report notes.

"Even though the company is not obligated to, it should repay
customers with assets it has. That's the way it should be. For
anyone it's obvious that Tibanne and Mt. Gox were operating as one
company," the Journal quotes Keiichi Hida, a Mt. Gox creditor, as
saying.

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
====================


E-GAS LIMITED: Ex-Managers Get Jail Terms For Fraud
---------------------------------------------------
Hamish McNicol of Stuff.co.nz reports that the former managers of
retail gas supplier E-Gas have been imprisoned for three years,
and 3-1/2 years respectively, for fraud of at least NZ$9.75
million.

Sydney Lio John Hunt, 46, and Ronald Peter Rosenberg, 73, were
last month found guilty on multimillion-dollar fraud charges for
under-reporting the amount of gas supplied to customers,
Stuff.co.nz says.

According to the report, Wellington District Court judge Bruce
Davidson on May 29 sentenced Mr. Hunt to 3-1/2 years' jail, and
Mr. Rosenberg to three years.

Mr. Rosenberg was also ordered to pay NZ$400,000 reparation within
28 days, the report relates.

Stuff.co.nz notes that the SFO alleged during the month-long trial
that E-Gas under-reported consumption by about 950,000 gigajoules,
worth about NZ$8.7m, and penalties were avoided to the value of
about NZ$8.6m between May 2003 and October 2008.

The defence, however, had contended the amount was between
NZ$4.5m and NZ$9.75m, the report says.

Stuff.co.nz relates that Judge Davidson said the disputed amount
of the fraud was crucial to the sentencing.

He found it was at least NZ$9.75m, but was most likely more,
relays Stuff.co.nz.

Both Messrs. Rosenberg and Hunt were similarly culpable, with Mr.
Rosenberg leading the charge and Mr. Hunt, at the least, standing
aside to let it happen, the report notes.

Judge Davidson said apart from salaries, and potential future
shareholder dividends, neither had made significant financial
gain, Stuff.co.nz relates.

The offending was out of character for both men, he said, and
there were compelling personal circumstances impacting sentencing,
evidenced by a packed public gallery supporting them, adds
Stuff.co.nz relates.

E-Gas -- http://www.e-gas.co.nz/-- was a private and independent
gas retailer in New Zealand.  The company retailed natural gas to
more than 7,000 gas consumers in the North Island.  E-Gas Ltd, E-
Gas Services Ltd, and E-Gas 2000 Ltd went into voluntary
liquidation on Oct. 18, 2010, and the joint liquidators are
Stephen Tubbs, Brian Mayo Smith and Jeff Hart of BDO Chartered
Accountants.  The company owed NZ$3.45 million to secure creditor
Multi Gas (NZ) Ltd and about NZ$6.9 million to unsecured
creditors.


POLICE AND FAMILIES: S&P Revises Outlook & Affirms 'BB+/B' ICR
--------------------------------------------------------------
Standard & Poor's Rating Services said that it has revised its
outlook on New Zealand-based Police and Families Credit Union
(PFCU) to stable, from negative.  At the same time, S&P affirmed
the 'BB+/B' issuer credit rating.

"The revision of the outlook from negative to stable reflects
PFCU's progressive improvement in its risk management and
governance capability, and greater clarity around the impact of
property market pressures on the credit union's credit profile,"
said credit analyst Andrew Mayes.

The stable rating outlook reflects S&P's opinion that PFCU's
business position and credit risk profile benefit from the credit
union's focus on providing a select range of basic retail
financial products and services to members of the New Zealand
police.  "Importantly, we do not believe the credit union's asset-
quality position would be materially negatively affected by a
limited correction in New Zealand's property market," said Mr.
Mayes.  "Although a drop in New Zealand property prices would
negatively impact the loan-to-valuation position of mortgage
loans, PFCU's mortgage lending portfolio accounts for less than a
quarter of its total loan portfolio, and the repayment capacity of
its customer base is not expected to be materially impacted in a
scenario whereby a property market correction added indirectly to
broader economic pressures."


SOUTH CANTERBURY: Directors Misled Investors, Says Expert
---------------------------------------------------------
Stuff.co.nz reports that South Canterbury Finance (SCF) wrongly
claimed it had access to NZ$150 million in loans at a time when
the finance industry was in crisis, the High Court in Timaru was
told on May 28.

Stuff.co.nz relates that independent expert Grant Graham, of
investment firm Korda Mentha, said SCF's directors misled
investors by claiming in a prospectus they had the backing of a
major bank when they did not.

He was giving evidence for the Crown against former SCF directors
Edward Sullivan and Robert White and former chief executive Lachie
McLeod, who are facing a combined 18 fraud charges, the report
says.

According to the report, Mr. Graham said that in 2008 the company
claimed it had a loan facility of NZ$150 million from the Bank of
New Zealand, which would have reassured investors when other
institutions were on the verge of collapsing due to the global
financial crisis.  However, NZ$50 million of the facility had
expired and the remaining NZ$100 million was not available to SCF,
Mr. Graham said.

He said many of the problematic loans were authorised by SCF
chairman the late Alan Hubbard, and that there was a lack of
realistic strategies and proper records for repaying loans,
Stuff.co.nz reports.

According to Stuff.co.nz, Mr. Graham was cross-examined by
Mr. Sullivan's counsel, Marc Corlett, on May 28 with much of the
proceedings being centred around the International Accounting
Standards and Statements of Standard Accounting Practice.

He was also questioned on why he had altered his initial statement
regarding related-party lending, to later include trustees,
regulators, BNZ and the retail deposit guarantee scheme, the
report relates.

Mr. Graham simply stated, "I should have written it in my first
brief".

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.


ST LAURENCE: FMA Issues Formal Warning to Directors; Probe Closed
-----------------------------------------------------------------
The Financial Markets Authority (FMA) has closed its investigation
into St Laurence Limited and has formally warned eight directors
of St Laurence Limited in respect of potential breaches of the
Securities Act.

Based on the evidence it has seen, FMA considers that St
Laurence's September 2007 prospectus failed to properly disclose
information about loan quality and liquidity for the period
March - June 2008. The directors have been advised of these
findings.

FMA has reached the view that in distributing the prospectus with
inadequate disclosure, there was likely to be a breach of the
Securities Act 1978, for which the directors may be liable.

The directors who have been warned are: Kevin Podmore, James
Sherwin, Geoffrey McWilliam, Keith Sutton, Barry Graham, Aeneas
Edward O'Sullivan, Andrew Walker, and Sandra Lee (alternate for
Kevin Podmore and Aeneas Edward O'Sullivan).

Taking into account FMA's enforcement policy and public interest
considerations, it has determined that issuing a warning, rather
than bringing court proceedings, is the appropriate and
proportionate response in this case.

FMA concluded that minimal additional benefit in terms of
punishment, deterrence or redress for investors would have been
achieved by taking any proceedings in Court.

FMA's decision to issue a formal warning took into account a
number of factors, including:

   * The short, four-month period in which FMA believes the
     disclosure breaches occurred, during which reinvestment
     in St Laurence was low;

   * The absence of evidence of personal gain or dishonesty
     involved in the alleged misconduct;

   * Defences that might have been argued by the directors
     in court.

During the short period in 2008 under consideration there were no
new or rolled-over investments in St Laurence capital notes.
Investments in St Laurence secured debentures during this period
totalled approximately $4.5 million. That indicates total
aggregate losses to investors of $3.3 million, taking into account
recoveries.

FMA's Head of Enforcement, Belinda Moffat said "In balancing the
cost of taking this case to court against the low level of
recovery that might be achieved and also considering the
possibility of successful defences being argued, FMA has elected
to issue formal warnings to the directors.

"A further relevant factor in deciding to issue a warning rather
than take the case to court was the absence of evidence of
personal gain or dishonest conduct on the part of the directors."

Ms. Moffat said in FMA's view, the St Laurence prospectus, issued
in September 2007, did not contain adequate information about the
company's declining liquidity and loan quality, which FMA believes
became material from March 2008.

FMA considers that the financial health of St Laurence disclosed
to investors, from this period, did not reflect the true position
of the company, and the directors should have recognised this and
ensured the appropriate disclosures were made.

St Laurence withdrew the September 2007 prospectus on 30 June
2008.

St Laurence went into receivership in April 2010. Distributions by
the receiver to date have totalled 16.7 cents in the dollar.



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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------

AUSTRALIA


AAT CORP LTD             AAT               32.50       -13.46
ANITTEL GROUP LT         AYG               18.43        -0.26
ATLANTIC LTD             ATI              490.17       -25.68
AUSTRALIAN ZI-PP         AZCCA             77.75        -2.57
AUSTRALIAN ZIRC          AZC               77.75        -2.57
BIRON APPAREL LT         BIC               19.71        -2.22
BOUNTY MINING LT         BNT               10.54        -0.94
CLARITY OSS LTD          CYO               33.12       -11.66
CMA CORP LTD             CMV              127.41       -51.00
CWH RESOURCES LT         CWH               10.71        -3.03
IDM INTERNATIONA         IDM               30.99       -23.62
LIONHUB GROUP LT         LHB               19.21       -26.52
MIRABELA NICKEL          MBN              335.09      -179.03
NATURAL FUEL LTD         NFL               19.38      -121.51
PACT GROUP HOLDI         PGH            1,120.30      -982.11
PENRICE SODA HOL         PSH              122.46       -26.85
RIVERCITY MOTORW         RCY              386.88      -809.13
RUBICOR GROUP LT         RUB               45.20       -75.31
STERLING PLANTAT         SBI               59.08        -6.07
STIRLING RESOURC         SRE               16.53        -8.12
STRAITS RESOURCE         SRQ              208.51       -29.73
SWAN GOLD MINING         SWA               36.43        -9.08
TZ LTD                   TZL               12.88        -8.73


CHINA

ANHUI GUOTONG-A          600444            79.12       -10.53
CHANG JIANG-A            520              770.91      -176.56
CHINA GREAT LAND         CGL               16.52       -19.01
CHINA OILFIELD T         COT               22.00       -16.71
FORGAME HOLDINGS         484               83.73       -21.92
HEBEI BAOSHUO -A         600155           114.00      -104.15
HULUDAO ZINC-A           751              507.79      -532.25
HUNAN TIANYI-A           908               59.37        -1.14
JIANGSU ZHONGDA          600074           338.59       -29.88
NANNING CHEMIC-A         600301           391.41       -43.60
QINGDAO YELLOW           600579           122.36       -71.04
QINGHAI SUNSHI-A         600381           394.70       -78.28
SHENZ CHINA BI-A         17                28.50      -283.65
SHENZ CHINA BI-B         200017            28.50      -283.65
SHIJIAZHUANG D-A         958              241.31      -111.50
SHUNFENG PHOTOVO         1165             411.73       -51.06
TAIYUAN TIANLO-A         600234            63.28       -17.71
WUHAN BOILER-B           200770           217.13      -213.03
WUHAN XIANGLON-A         600769            77.45      -103.43
YUNNAN JINGGU FO         600265            84.92        -2.90


HONG KONG

BIRMINGHAM INTER         2309              59.95       -12.80
BUILDMORE INTL           108               17.36       -70.34
CHINA ENVIRONMEN         986               66.65        -0.87
CHINA HEALTHCARE         673               34.76        -0.75
CHINA OCEAN SHIP         651              248.21      -106.72
CNC HOLDINGS             8356              99.16        -9.03
CROSBY CAPITAL           8088              16.40       -20.27
EFORCE HLDGS LTD         943               60.73        -9.56
GRANDE HLDG              186              255.10      -208.18
INNO-TECH HLDGS          8202              84.54      -116.82
LANGHAM -SS              1270             684.55       -86.21
LONG SUCCESS INT         8017              50.05        -7.44
MASCOTTE HLDGS           136               57.51       -81.70
MEGA EXPO HOLDIN         1360              17.00        -0.53
MELCOLOT LTD             8198              13.69       -28.83
NORSTAR FOUNDERS         2339              21.97       -56.33
PALADIN LTD              495              159.65        -9.17
PROVIEW INTL HLD         334              314.87      -294.85
SINO RESOURCES G         223               29.34       -24.77
SURFACE MOUNT            SMT               32.88       -10.68
VXL CAPITAL LTD          727               74.79        -0.16


INDONESIA

APAC CITRA CENT          MYTX             176.66        -6.99
ARPENI PRATAMA           APOL             249.84      -319.77
ASIA PACIFIC             POLY             375.58      -815.83
BUMI RESOURCES           BUMI           7,027.47       -18.17
ICTSI JASA PRIMA         KARW              56.41        -6.12
JAKARTA KYOEI ST         JKSW              24.92       -34.90
MATAHARI DEPT            LPPF             209.66       -89.74
ONIX CAPITAL TBK         OCAP              13.22        -1.03
RENUKA COALINDO          SQMI              15.84        -0.48
SUMALINDO LESTAR         SULI              95.14       -18.99
UNITEX TBK               UNTX              18.83       -18.53


INDIA

ABHISHEK CORPORA         ABSC              53.66       -25.51
AGRO DUTCH INDUS         ADF               85.09       -22.81
ALPS INDUS LTD           ALPI             201.29       -41.70
AMIT SPINNING            AMSP              12.85        -7.68
ARTSON ENGR              ART               11.81       -10.16
ASHAPURA MINECHE         ASMN             161.89       -51.58
ASHIMA LTD               ASHM              63.23       -48.94
ATV PROJECTS             ATV               48.47       -43.93
BELLARY STEELS           BSAL             451.68      -108.50
BENZO PETRO INTL         BPI               26.77        -1.05
BHAGHEERATHA ENG         BGEL              22.65       -28.20
BLUE BIRD INDIA          BIRD             122.02       -59.13
CELEBRITY FASHIO         CFLI              24.96        -8.26
CHESLIND TEXTILE         CTX               20.51        -0.03
CLASSIC DIAMONDS         CLD               66.26        -6.84
COMPUTERSKILL            CPS               14.90        -7.56
DCM FINANCIAL SE         DCMFS             18.46        -9.46
DFL INFRASTRUCTU         DLFI              42.74        -6.49
DIGJAM LTD               DGJM              99.41       -22.59
DISH TV INDIA            DITV             579.01       -28.55
DISH TV INDI-SLB         DITV/S           579.01       -28.55
DUNCANS INDUS            DAI              122.76      -227.05
ENSO SECUTRACK           ENSO              15.57        -0.46
EURO CERAMICS            EUCL             110.62        -6.83
EURO MULTIVISION         EURO              36.94        -9.95
FERT & CHEM TRAV         FCT              311.92       -35.19
GANESH BENZOPLST         GBP               44.05       -15.48
GANGOTRI TEXTILE         GNTX              54.67       -14.22
GOKAK TEXTILES L         GTEX              46.36        -0.29
GOLDEN TOBACCO           GTO               97.40       -18.24
GSL INDIA LTD            GSL               29.86       -42.42
GSL NOVA PETROCH         GSLN              16.53        -1.31
GUJARAT STATE FI         GSF               10.26      -303.64
GUPTA SYNTHETICS         GUSYN             44.18        -6.34
HARYANA STEEL            HYSA              10.83        -5.91
HEALTHFORE TECHN         HTEC              14.74       -46.64
HINDUSTAN ORGAN          HOC               74.72       -24.07
HINDUSTAN PHOTO          HPHT              49.58    -1,832.65
HMT LTD                  HMT              108.71      -572.12
ICDS                     ICDS              13.30        -6.17
INDAGE RESTAURAN         IRL               15.11        -2.35
INTEGRAT FINANCE         IFC               49.83       -51.32
JCT ELECTRONICS          JCTE              80.08       -76.70
JENSON & NIC LTD         JN                16.49       -71.70
JET AIRWAYS IND          JETIN          3,368.77      -335.45
JET AIRWAYS -SLB         JETIN/S        3,368.77      -335.45
JOG ENGINEERING          VMJ               45.90        -5.28
KALYANPUR CEMENT         KCEM              23.39       -42.66
KERALA AYURVEDA          KERL              13.97        -1.69
KIDUJA INDIA             KDJ               11.16        -3.43
KINGFISHER AIR           KAIR             515.93    -2,371.26
KINGFISHER A-SLB         KAIR/S           515.93    -2,371.26
KITPLY INDS LTD          KIT               14.77       -58.78
KLG SYSTEL LTD           KLGS              40.64       -27.37
LML LTD                  LML               43.95       -78.18
MADRAS FERTILIZE         MDF              167.72       -56.20
MAHA RASHTRA APE         MHAC              14.49       -12.96
MAHANAGAR TELE           MTNL           4,845.41      -511.72
MAHANAGAR TE-SLB         MTNL/S         4,845.41      -511.72
MALWA COTTON             MCSM              44.14       -24.79
MILTON PLASTICS          MILT              17.67       -51.22
MODERN DAIRIES           MRD               38.61        -3.81
MOSER BAER INDIA         MBI              727.13      -165.63
MOSER BAER -SLB          MBI/S            727.13      -165.63
MTZ POLYFILMS LT         TBE               31.94        -2.57
MURLI INDUSTRIES         MRLI             262.39       -38.30
MYSORE PAPER             MSPM              87.99        -8.12
NATL STAND INDI          NTSD              22.09        -0.73
NAVCOM INDUS LTD         NOP               10.19        -3.53
NICCO CORP LTD           NICC              71.84        -4.91
NICCO UCO ALLIAN         NICU              23.25       -83.90
NK INDUS LTD             NKI              141.35        -7.71
NRC LTD                  NTRY              63.70       -53.01
NUCHEM LTD               NUC               24.72        -1.60
PANCHMAHAL STEEL         PMS               51.02        -0.33
PARAMOUNT COMM           PRMC             124.96        -0.52
PARASRAMPUR SYN          PPS               99.06      -307.14
PAREKH PLATINUM          PKPL              61.08       -88.85
PIONEER DISTILLE         PND               53.74        -5.62
PREMIER INDS LTD         PRMI              11.61        -6.09
PRIYADARSHINI SP         PYSM              20.80        -2.28
QUADRANT TELEVEN         QDTV             150.43      -137.48
QUINTEGRA SOLUTI         QSL               16.76       -17.45
RAMSARUP INDUSTR         RAMI             433.89       -89.28
RATHI ISPAT LTD          RTIS              44.56        -3.93
RELIANCE BROADCA         RBN               86.97        -0.59
RELIANCE MEDIAWO         RMW              425.22       -21.31
RELIANCE MED-SLB         RMW/S            425.22       -21.31
RENOWNED AUTO PR         RAP               14.12        -1.25
RMG ALLOY STEEL          RMG               66.61       -12.99
ROLLATAINERS LTD         RLT               22.97       -22.24
ROYAL CUSHION            RCVP              14.70       -75.18
SAAG RR INFRA LT         SAAG              12.54        -4.93
SADHANA NITRO            SNC               16.74        -0.58
SANATHNAGAR ENTE         SNEL              49.23        -6.78
SANCIA GLOBAL IN         SGIL              78.82       -25.13
SBEC SUGAR LTD           SBECS             92.44        -5.61
SCOOTERS INDIA           SCTR              19.75       -13.35
SERVALAK PAP LTD         SLPL              61.57        -7.63
SHAH ALLOYS LTD          SA               168.13       -81.60
SHALIMAR WIRES           SWRI              22.79       -27.18
SHAMKEN COTSYN           SHC               23.13        -6.17
SHAMKEN MULTIFAB         SHM               60.55       -13.26
SHAMKEN SPINNERS         SSP               42.18       -16.76
SHREE GANESH FOR         SGFO              44.50        -2.89
SHREE KRISHNA            SHKP              14.62        -0.92
SHREE RAMA MULTI         SRMT              38.90        -4.49
SIDDHARTHA TUBES         SDT               75.90       -11.45
SIMBHAOLI SUGAR          SBSM             268.76       -54.47
SITI CABLE NETWO         SCNL             219.45        -9.68
SPICEJET LTD             SJET             563.64       -41.19
SQL STAR INTL            SQL               10.58        -3.28
STATE TRADING CO         STC              826.29      -276.56
STELCO STRIPS            STLS              14.90        -5.27
STI INDIA LTD            STIB              21.69        -2.13
STL GLOBAL LTD           SHGL              30.73        -5.62
STORE ONE RETAIL         SORI              15.48       -59.09
SUPER FORGINGS           SFS               14.62        -7.00
SURYA PHARMA             SUPH             370.28        -9.97
TAMILNADU JAI            TNJB              17.07        -1.00
TATA METALIKS            TML              156.70        -5.36
TATA TELESERVICE         TTLS           1,311.30      -138.25
TATA TELE-SLB            TTLS/S         1,311.30      -138.25
TODAYS WRITING           TWPL              18.58       -25.67
TRIUMPH INTL             OXIF              58.46       -14.18
TRIVENI GLASS            TRSG              19.71       -10.45
TUTICORIN ALKALI         TACF              19.86       -19.58
UDAIPUR CEMENT W         UCW               11.38       -10.53
UNIFLEX CABLES           UFCZ              47.46        -7.49
UNIWORTH LTD             WW               149.50      -151.14
UNIWORTH TEXTILE         FBW               22.54       -35.03
USHA INDIA LTD           USHA              12.06       -54.51
VANASTHALI TEXT          VTI               14.59        -5.80
VENUS SUGAR LTD          VS                11.06        -1.08
WANBURY LTD              WANB             141.86        -3.91


JAPAN

FLIGHT HOLDINGS          3753              10.10        -2.62
GOYO FOODS INDUS         2230              11.79        -1.51
HARAKOSAN CO             8894             186.55        -8.07
IDEA INTERNATION         3140              23.66        -0.08
KANMONKAI CO LTD         3372              42.64        -0.81


KOREA

DVS KOREA CO LTD         46400             17.40        -1.20
ORIENTAL PRECISI         14940            224.92       -79.83
ROCKET ELEC-PFD          425              111.09        -0.42
ROCKET ELECTRIC          420              111.09        -0.42
SHINIL ENG CO            14350            199.04        -2.53
SSANGYONG ENGINE         12650          1,231.13      -119.47
STX OFFSHORE & S         67250          7,627.42    -1,124.38
TEC & CO                 8900             139.98       -16.61
TONGYANG NETWORK         30790            311.91       -36.46
WOONGJIN HOLDING         16880          2,197.34      -635.50


MALAYSIA

HAISAN RESOURCES         HRB               41.31       -11.54
HIGH-5 CONGLOMER         HIGH              41.63       -34.19
HO HUP CONSTR CO         HO                59.28       -16.64
PETROL ONE RESOU         PORB              51.39        -4.00
SUMATEC RESOURCE         SMTC             169.12       -26.18
VTI VINTAGE BHD          VTI               17.74        -3.63


NEW ZEALAND

NZF GROUP LTD            NZF NZ Equity     11.69        -4.60
PULSE ENERGY LTD         PLE NZ Equity     11.29        -3.44


PHILIPPINES

CYBER BAY CORP           CYBR              14.14       -21.59
FIL ESTATE CORP          FC                40.90       -15.77
FILSYN CORP A            FYN               23.11       -11.69
FILSYN CORP. B           FYNB              23.11       -11.69
GOTESCO LAND-A           GO                21.76       -19.21
GOTESCO LAND-B           GOB               21.76       -19.21
LIBERTY TELECOMS         LIB              108.53       -19.42
MRC ALLIED INC           MRC               27.06        -2.56
PICOP RESOURCES          PCP              105.66       -23.33
STENIEL MFG              STN               21.07       -11.96
UNIWIDE HOLDINGS         UW                50.36       -57.19


SINGAPORE

ADVANCE SCT LTD          ASCT              19.68       -22.46
CEFC INTL LTD            SUNE              95.25        -0.31
HL GLOBAL ENTERP         HLGE              83.11        -4.63
IGG INC                  8002              21.53       -55.84
SCIGEN LTD-CUFS          SIE               68.70       -42.35
SUNMOON FOOD COM         SMOON             20.26       -17.36
TT INTERNATIONAL         TTI              298.35       -82.84
UNITED FIBER SYS         UFS               65.52       -56.60


THAILAND

ABICO HLDGS-F            ABICO/F           15.28        -4.40
ABICO HOLDINGS           ABICO             15.28        -4.40
ABICO HOLD-NVDR          ABICO-R           15.28        -4.40
ASCON CONSTR-NVD         ASCON-R           59.78        -3.37
ASCON CONSTRUCT          ASCON             59.78        -3.37
ASCON CONSTRU-FO         ASCON/F           59.78        -3.37
BANGKOK RUBBER           BRC               77.91      -114.37
BANGKOK RUBBER-F         BRC/F             77.91      -114.37
BANGKOK RUB-NVDR         BRC-R             77.91      -114.37
CALIFORNIA W-NVD         CAWOW-R           28.07       -11.94
CALIFORNIA WO-FO         CAWOW/F           28.07       -11.94
CALIFORNIA WOW X         CAWOW             28.07       -11.94
CIRCUIT ELEC PCL         CIRKIT            16.79       -96.30
CIRCUIT ELEC-FRN         CIRKIT/F          16.79       -96.30
CIRCUIT ELE-NVDR         CIRKIT-R          16.79       -96.30
DATAMAT PCL              DTM               12.69        -6.13
DATAMAT PCL-NVDR         DTM-R             12.69        -6.13
DATAMAT PLC-F            DTM/F             12.69        -6.13
ITV PCL                  ITV               36.02      -121.94
ITV PCL-FOREIGN          ITV/F             36.02      -121.94
ITV PCL-NVDR             ITV-R             36.02      -121.94
K-TECH CONSTRUCT         KTECH             38.87       -46.47
K-TECH CONSTRUCT         KTECH/F           38.87       -46.47
K-TECH CONTRU-R          KTECH-R           38.87       -46.47
KUANG PEI SAN            POMPUI            17.70       -12.74
KUANG PEI SAN-F          POMPUI/F          17.70       -12.74
KUANG PEI-NVDR           POMPUI-R          17.70       -12.74
MANGPONG 1989 PC         MPG               11.83        -0.91
MANGPONG 1989 PC         MPG/F             11.83        -0.91
MANGPONG 19-NVDR         MPG-R             11.83        -0.91
PATKOL PCL               PATKL             52.89       -30.64
PATKOL PCL-FORGN         PATKL/F           52.89       -30.64
PATKOL PCL-NVDR          PATKL-R           52.89       -30.64
PICNIC CORP-NVDR         PICNI-R          101.18      -175.61
PICNIC CORPORATI         PICNI            101.18      -175.61
PICNIC CORPORATI         PICNI/F          101.18      -175.61
SAHAMITR PRESS-F         SMPC/F            27.92        -1.48
SAHAMITR PRESSUR         SMPC              27.92        -1.48
SAHAMITR PR-NVDR         SMPC-R            27.92        -1.48
SHUN THAI RUBBER         STHAI             19.89        -0.59
SHUN THAI RUBB-F         STHAI/F           19.89        -0.59
SHUN THAI RUBB-N         STHAI-R           19.89        -0.59
SUNWOOD INDS PCL         SUN               19.86       -13.03
SUNWOOD INDS-F           SUN/F             19.86       -13.03
SUNWOOD INDS-NVD         SUN-R             19.86       -13.03
TONGKAH HARBOU-F         THL/F             62.30        -1.84
TONGKAH HARBOUR          THL               62.30        -1.84
TONGKAH HAR-NVDR         THL-R             62.30        -1.84
TRANG SEAFOOD            TRS               15.18        -6.61
TRANG SEAFOOD-F          TRS/F             15.18        -6.61
TRANG SFD-NVDR           TRS-R             15.18        -6.61
TT&T PCL                 TTNT             589.80      -223.22
TT&T PCL-NVDR            TTNT-R           589.80      -223.22
TT&T PUBLIC CO-F         TTNT/F           589.80      -223.22
WORLD CORP -NVDR         WORLD-R           15.72       -10.10
WORLD CORP PCL           WORLD             15.72       -10.10
WORLD CORP PLC-F         WORLD/F           15.72       -10.10


TAIWAN

BEHAVIOR TECH CO         2341S             30.90        -0.22
BEHAVIOR TECH-EC         2341O             30.90        -0.22
HELIX TECH-EC            2479T             23.39       -24.12
HELIX TECH-EC IS         2479U             23.39       -24.12
HELIX TECHNOL-EC         2479S             23.39       -24.12
POWERCHIP SEM-EC         5346S          2,036.01       -52.74
TAIWAN KOL-E CRT         1606U            507.21      -147.14
TAIWAN KOLIN-EN          1606V            507.21      -147.14
TAIWAN KOLIN-ENT         1606W            507.21      -147.14



                             *********

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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