TCRAP_Public/140609.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, June 9, 2014, Vol. 17, No. 112


                            Headlines


A U S T R A L I A

BUCCANEER ENERGY: Files for Bankruptcy in U.S. to Stop Suits
BUCCANEER ENERGY: Officials Consider Rig Options After Bankruptcy
PRESTIGE BRICKS: In Administration; First Meeting Set For June 17
QANTAS AIRWAYS: Confirms 223 'Surplus' Pilots
WENTWORTH SERVICES: To Face Liquidation if Kelly Deal is Rejected


I N D I A

ASSAM TIMBER: CRISIL Assigns 'B' Rating to INR50MM Loans
BGR MINING: CRISIL Reaffirms 'B+' Rating on INR950MM Loans
BHOOMI GINNING: ICRA Reaffirms 'B+' Rating on INR9.5cr Loan
DANDONA FINANCE: ICRA Upgrades Rating on INR45cr Loan From 'B+'
EURO SAFETY: ICRA Reaffirms 'B+' Rating on INR5.43cr Loans

G.K. SALES: CRISIL Reaffirms 'B+' Rating on INR70MM Loans
GAYATHRI SUSTAINABLE: ICRA Reaffirms C Rating on INR22.87cr Loan
GK INDUSTRIAL: ICRA Suspends 'D' Rating on INR42.24cr Loan
IMMACULE LIFESCIENCES: CRISIL Reaffirms B Rating on INR492M Loans
INNOVATIVE INFRAPROJECTS: ICRA Rates INR18cr Loan at 'C'

JAGDAMBA SPONGE: ICRA Reaffirms 'B+' Rating on INR5.5cr Loan
KAMAL BUILDERS: CRISIL Lowers Rating on INR20MM Loan to 'B+'
KDJ HOSPITAL: ICRA Downgrades Rating on INR30cr Loan to 'D'
KEVIN METPACK: CRISIL Upgrades Rating on INR450MM Loan to 'B'
KHALILABAD SUGAR: ICRA Withdraws D Rating on INR10.5cr Loan

MIDLAND DIESEL: CRISIL Reaffirms 'B-' Rating on INR101.5MM Loans
MYCON CONSTRUCTION: CRISIL Cuts Rating on INR120MM Loans to 'C'
PRIYANKA CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR100M Loan
R&B DENIMS: ICRA Assigns 'B+' Rating to INR60.18cr Loans
R.E.C. ISPAT: CARE Assigns 'B+' Rating to INR25cr Bank Loan

REGENERATIVE MEDICAL: CRISIL Puts 'B' Rating on INR115.5MM Loans
RITU AUTOMOBILES: ICRA Suspends B- Rating on INR35cr Loan
SADGURU ISPAT: ICRA Reaffirms B+ Rating on INR5.5cr Loan
SAI-LAXMI TEXOFAB: ICRA Suspends 'B' Rating on INR5.57cr Loan
SHIV COTGIN: ICRA Reaffirms 'B+' Rating on INR34.61cr Loans

SIVARAM YARNS: CRISIL Upgrades Rating on INR245MM Loans to 'B+'
TRIBHUVAN APPARELS: CRISIL Reaffirms 'B' Rating on INR16MM Loan
UDAY VIJAY: CRISIL Reaffirms 'B+' Rating on INR75.9MM Loans
UNIK TRADERS: CRISIL Lowers Rating on INR200MM Loan to 'B'
UNISOURCE PAPERS: ICRA Ups Rating on INR2.45cr Loans to 'C'


N E W  Z E A L A N D

NATIONAL FINANCE: Director Unable to Pay NZ$75,000 Reparations


P H I L I P P I N E S

MANDARIN ORIENTAL: To Close Hotel in 3rd Qtr of 2014


                            - - - - -


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


BUCCANEER ENERGY: Files for Bankruptcy in U.S. to Stop Suits
------------------------------------------------------------
Buccaneer Energy, Ltd., an Australian company that's into
exploring and producing oil and natural gas in North America, has
sought bankruptcy protection due to its liquidity woes.

Buccaneer Energy and its affiliates say they have undertaken
extensive efforts pre-petition to reach out to parties-in-
interest in order to minimize the disruption of their operations
and cash flow, as well as the time in which they hope to achieve
confirmation of a plan of reorganization.  In that regard, the
Debtors have met with representatives of its principal secured
lender, AIX Energy LLC.  Negotiations with AIX have been positive,
and have resulted in the exchange of a draft term sheet outlining
a potential Chapter 11 plan structure.  The Debtors are optimistic
that an agreement will ultimately be reached with AIX concerning
an agreed path forward in the Chapter 11 cases that will maximize
value for all of the Debtors' estates.

AIX is owed $57.5 million on a credit facility that matures June
30, 2014.  In addition, there is a $1.495 million letter of credit
outstanding with Macquarie Bank Limited, and another $2.472
million letter of credit with Wells Fargo Bank, N.A.

                        Road to Bankruptcy

The Debtors cited significant and ongoing litigation among the
reasons for their bankruptcy filing.

A $6 million lawsuit filed by Archer Drilling LLC, which was
contracted to repair the Debtors' Endeavour rig, was slated for
trial in October 2014.  In addition, the Alaska Oil and Gas
Conservation Commission issued an unfavorable decision in the
Debtors' dispute with Cook Inlet Region Inc. ("CIRI") that
required the Debtors to escrow their production revenue beginning
June 10, 2014 in connection with the Kenai Loop project at Kenai,
Alaska.  In addition, the Supreme Court of New South Wales was
slated to convene a hearing June 23, 2014 in connection with a
lawsuit filed by former financial advisor Chrystal Capital
Partners LLP seeking $2.66 million in success fees.  Finally, the
Debtors are defendant in a $2.6 million wrongful-termination
lawsuit filed by Curtis Burton, who served as CEO since the
company's founding in 2006 until his termination in May 12, 2014.

On Feb. 17, 2014, BCC requested and was granted a trading halt
pursuant to ASX Listing Rule 17.1 due to BCC's ongoing discussions
with its secured financier at the time regarding the impact of
BCC's unsuccessful drilling of West Eagle #1 through its operating
subsidiary.  On Feb. 19, 2014, BCC requested and was granted a
voluntary suspension, and the voluntary suspension remains in
place.

Moreover, due to various issues associated with mobilization and
related issued tied to Archer, the Endeavour, a rig for oil and
gas drilling operations offshore in Alaska,  has not been fully
utilized, and day rate charges have continued to accrue while the
rig remains docked.  As a result, on May 8, 2014, Kenai Drilling
received notice from Kenai Offshore Ventures, LLC of its payment
default, demanding that $6,520,289 be paid immediately.  Kenai
Drilling is unable to pay this amount, and is unable to pay the
day rate charges on a go-forward basis without ongoing drilling
operations to utilize the rig.  The inability of Kenai Drilling to
place into operation the Endeavour rig has led to additional
defaults and accruing obligations.

                      First Day Motions

The Debtors on the Petition Date filed motions which they say are
necessary to effectively continue their operations with a minimum
of disruption in order to protect the value of their assets until
completion of a Sec. 363 sale and/or a plan of reorganization.

Among other things, the Debtors have filed requests to pay
prepetition wages and benefits of employees, maintain their
existing cash management system, and use cash collateral to pay
expenses.  The Debtors are also seeking to reject executory
contracts and leases concerning onshore drilling rig Glacier and
the Endeavour.

                     About Buccaneer Energy

Buccaneer Resources, LLC, and eight affiliates, including
Buccaneer Energy Ltd. sought Chapter 11 bankruptcy protection in
Victoria, Texas (Bankr. S.D. Tex. Lead Case No. 14-60041) on
May 31, 2014.

Founded in 2006, Buccaneer Energy, Ltd. is a publicly traded
independent oil and gas company listed on the Australian
Securities Exchange under the symbol "BCC".  Although BCC is an
Australian listed entity, the company operates exclusively through
its eight U.S. subsidiary debtors, each of which are headquartered
in the U.S. and which maintain offices in Houston and Dallas,
Texas, and Kenai and Anchorage, Alaska.

The Debtors' primary business is the exploration for and
production of oil and natural gas in North America.  Operations
have historically focused on both onshore and offshore
opportunities in the Cook Inlet of Alaska as well as the
development of offshore projects in the Gulf of Mexico and onshore
oil opportunities in Texas and Louisiana.

CEO Curtis Burton was terminated in May 2014.  Manning the
Debtors' operations is Conway MacKenzie senior managing director
John T. Young, who was appointed chief restructuring officer in
March 2014.

The bankruptcy cases are assigned to Judge David R Jones.  The
Debtors have sought and obtained an order authorizing joint
administration of their Chapter 11 cases.

The Debtors have tapped Robert Andrew Black, Esq., Jason Lee
Boland, Esq., Robert Bernard Bruner, and William R Greendyke,
Esq., at Fulbright Jaworski LLP as counsel.  Epiq Systems is the
claims and notice agent.

A meeting of creditors pursuant to Section 341 of the Bankruptcy
Code will be held on July 1, 2014 at 10:00 a.m. (CST) in Houston,
Texas.

The deadline for the filing of proofs of claim against Buccaneer
has been established by the Bankruptcy Court as Sept. 29, 2014 for
the general claims bar date and Nov. 27, 2014 for the governmental
bar date.


BUCCANEER ENERGY: Officials Consider Rig Options After Bankruptcy
-----------------------------------------------------------------
Samantha Angaiak, writing for KTUU.com, reported that Buccaneer
Energy's Chapter 11 bankruptcy filing has left officials to figure
out what to do with a drill rig currently sitting idle near Homer,
Alaska.  According to the report, the State of Alaska invested
more than $23 million in refurbishing the jack-up rig.  While
Buccaneer is facing criticism from those who say they saw warning
signs the company was struggling, others say it still had some
success, the report related.

                     About Buccaneer Energy

Buccaneer Resources, LLC, and eight affiliates, including
Buccaneer Energy Ltd. sought Chapter 11 bankruptcy protection in
Victoria, Texas (Bankr. S.D. Tex. Lead Case No. 14-60041) on
May 31, 2014.

Founded in 2006, Buccaneer Energy, Ltd. is a publicly traded
independent oil and gas company listed on the Australian
Securities Exchange under the symbol "BCC".  Although BCC is an
Australian listed entity, the company operates exclusively through
its eight U.S. subsidiary debtors, each of which are headquartered
in the U.S. and which maintain offices in Houston and Dallas,
Texas, and Kenai and Anchorage, Alaska.

The Debtors' primary business is the exploration for and
production of oil and natural gas in North America.  Operations
have historically focused on both onshore and offshore
opportunities in the Cook Inlet of Alaska as well as the
development of offshore projects in the Gulf of Mexico and onshore
oil opportunities in Texas and Louisiana.

CEO Curtis Burton was terminated in May 2014.  Manning the
Debtors' operations is Conway MacKenzie senior managing director
John T. Young, who was appointed chief restructuring officer in
March 2014.

The bankruptcy cases are assigned to Judge David R Jones.  The
Debtors have sought and obtained an order authorizing joint
administration of their Chapter 11 cases.

The Debtors have tapped Robert Andrew Black, Esq., Jason Lee
Boland, Esq., Robert Bernard Bruner, and William R Greendyke,
Esq., at Fulbright Jaworski LLP as counsel.  Epiq Systems is the
claims and notice agent.

A meeting of creditors pursuant to Section 341 of the Bankruptcy
Code will be held on July 1, 2014 at 10:00 a.m. (CST) in Houston,
Texas.

The deadline for the filing of proofs of claim against Buccaneer
has been established by the Bankruptcy Court as Sept. 29, 2014 for
the general claims bar date and Nov. 27, 2014 for the governmental
bar date.


PRESTIGE BRICKS: In Administration; First Meeting Set For June 17
-----------------------------------------------------------------
Robert Boyce Moodie -- rmoodie@rodgersreidy.com.au -- of Rodgers
Reidy was appointed as administrator of Prestige Bricks and Pavers
Pty Limited on June 4, 2014.

A first meeting of the creditors of the Company will be held at
Servcorp, Level 26, 44 Market Street, in Sydney, on June 17, 2014,
at 3:30 p.m.


QANTAS AIRWAYS: Confirms 223 'Surplus' Pilots
---------------------------------------------
Elizabeth Knight at The Sydney Morning Herald reports that Qantas
Airways has informed its Boeing 767 and 747 pilots that 223 of
them will be surplus to requirements by the end of June as part of
its 5,000 company-wide staff cutting exercise.

SMH relates that Qantas said 152 of them will be offered
retraining on various other aircraft -- but many of these would
require relocation to other cities -- in particular Adelaide.

According to the report, the scheme will offer voluntary
redundancy packages of one year's pay for those with more than 15
years with the company and less for those with fewer than 15
years.

It's unclear how many will take the package and thus what
proportion of the pilots will be forced to leave, the report says.

SMH relates that culling pilots won't be a cheap exercise for
Qantas which employs a seniority based redundancy scheme whereby
senior pilots take priority over their more junior colleagues
which could force cuts to be taken in the junior pilots ranks.

While the redundancy costs would be lower for more junior pilots,
the rump of those staying would be more highly paid, the report
notes.

In addition it will involve hundreds of pilots being retrained,
adds SMH.

SMH notes that the move follows an announcement two weeks ago of
475 job cuts from Melbourne and Brisbane call centre staff as the
company consolidates these functions to a single location in
Tasmania.

This is all part of rapid fire cost cutting initiatives aimed at
taking AUD2 billion in costs out of the airline over the next
three years as it seeks to stem the flow of losses from its
international division and revive the performance of its domestic
operations, the report states.

In the first six months of the 2014 financial year, the airline
lost AUD250 million and there are expectations that the full year
loss could hit a mammoth AUD1 billion, the report discloses.

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training , catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2014, Moody's Investors Service said Qantas Airways
Limited's half year results to Dec. 30, 2013, are credit negative
though broadly within expectation and have no immediate impact on
its Ba1 corporate family rating, Ba2 senior unsecured long term
rating or non-prime (NP) short term rating. The outlook for
Qantas' ratings remains negative.

The TCR-AP reported on Jan. 27, 2014, that Standard & Poor's
Ratings Services affirmed its 'BB+' long-term issue rating on
Qantas Airways Ltd.'s senior unsecured debt, in line with the
corporate credit rating.  At the same time, S&P assigned a
recovery rating of '3', indicating its expectation of meaningful
(50%-70%) recovery for creditors in the event of a payment
default.  S&P has also removed the senior unsecured debt from
CreditWatch with negative implications, where it was placed on
Dec. 5, 2013.


WENTWORTH SERVICES: To Face Liquidation if Kelly Deal is Rejected
-----------------------------------------------------------------
Sunraysia Daily reports that Kelly Group representatives have met
with National Australia Bank in a bid to sign off on a deal to
reopen Wentworth Services Sporting Club Limited, however, if the
group's attempt fails, the club will go into liquidation.

The embattled club, which owes AUD1.6 million to creditors,
including AUD1.1 million to NAB, went into voluntary
administration on February 27.

Last month, the report recalls, it was revealed that Mildura
businessman John Kelly was Wentworth's "White Knight". He was
prepared to inject AUD820,000 into the club to keep it going.

But the bank, a secured creditor, was not prepared to accept the
offer and administrators Ferrier Hodgson recommended the club go
into liquidation, the report relates.

Sunraysia Daily relates that despite that, at a second creditors'
meeting on May 22, the vote for Mr. Kelly's proposal to keep the
club doors open was unanimous. Even the Australian Taxation Office
voted in favour.

With the added bonus of a combined AUD150,000 from Wentworth Shire
Council and Wentworth District Community Bank, NAB was still not
prepared to accept the offer, according to the report.

Sunraysia Daily says administrator Ryan Eagle has confirmed that
the Kelly Group had 15 business days from May 22 to convince NAB
to change its mind.

"So if the deed of company arrangement is not signed by June 12,
the company will effectively go into liquidation on June 13," the
report quotes Mr. Eagle as saying.

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


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


ASSAM TIMBER: CRISIL Assigns 'B' Rating to INR50MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Assam Timber Store.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Proposed Long Term
   Bank Loan Facility    32.5       CRISIL B/Stable

   Cash Credit           17.5       CRISIL B/Stable

   Letter of Credit      50         CRISIL A4

The ratings reflect the ATS's weak financial risk profile marked
by high total outside liabilities to total net worth (TOLTNW)
ratio and weak debt protection metrics. The ratings also factor in
ATS's small scale of operations in fragmented timber industry
leading to low profitability and high working capital
requirements. These rating weaknesses are partially offset by
ATS's longstanding presence in timber industry.

Outlook: Stable

CRISIL believes ATS's business risk profile will continue to
benefit from its long standing presence in timber industry. Its
financial risk profile will remain constrained over the medium
term on account of high TOLTNW and weak debt protection measures.
The outlook may be revised to 'Positive' in case of substantially
high increase in revenue and operating profitability leading to
higher accruals thereby leading to improvement in financial risk
profile.Conversely, the outlook may be revised to 'Negative' if
there is more than expected increase in the firm's working capital
requirements or considerably low operating profitability leading
to further weakening in its financial risk profile.

ATS was incorporated in 1988, as a partnership firm between Mr.
Pradeep, Mr. Shambunath and Mr. Somnath. The firm is engaged into
trading and processing of timber logs, both softwood and hardwood.

ATS reported a book profit of INR1.2 million on net sales of
INR127.2 million for 2012-13 (refers to financial year, April 1 to
March 31), as against a book profit of INR1.2 million on net sales
of INR119.5 million for 2011-12. The firm is estimated to report
net sales of INR160 million in 2013-14.


BGR MINING: CRISIL Reaffirms 'B+' Rating on INR950MM Loans
----------------------------------------------------------
CRISIL's ratings on the bank facilities of BGR Mining & Infra
Private Limited continue to reflect its stretched liquidity marked
by its cash accruals tightly matching its large term debt
repayment obligations, and its exposure to risks related to
implementation of its ongoing hotel project.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        350        CRISIL A4 (Reaffirmed)
   Overdraft Facility    650        CRISIL B+/Stable (Reaffirmed)
   Term Loan             300        CRISIL B+/Stable (Reaffirmed)

The ratings of the company are also constrained on account of its
average financial risk profile marked by its high gearing and
moderate debt protection metrics. These rating weaknesses are
partially offset by BGRM's established market position in the
overhead burden excavation project segment, its efficient working
capital management, and its healthy order book providing medium-
term revenue visibility.

Outlook: Stable

CRISIL believes that BGRM will continue to benefit over the medium
term from its promoter's extensive industry experience and its
healthy order-book. The outlook may be revised to 'Positive' if
there is a substantial improvement in the company's liquidity on
the back of a significant increase in its cash accruals or
sizeable equity infusion by its promoters. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in the
company's profitability margins and revenues, or significant
deterioration in its capital structure caused most likely because
of a stretch in its working capital cycle.

BGRM (formerly, B Girijapathi Reddy & Co) was set up in 1988 as a
partnership firm and was reconstituted as a private limited
company in 2011. BGRM undertakes excavation and overburden removal
of coal mines for mining companies. The company is also
constructing a four-star hotel at Banjara Hills in Hyderabad at an
estimated cost of INR620 million; the hotel is expected
to start operations by March 2016.


BHOOMI GINNING: ICRA Reaffirms 'B+' Rating on INR9.5cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' to the
INR9.50 crore cash credit facility of Bhoomi Ginning Pressing
Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based-Cash       9.50       [ICRA]B+ reaffirmed
   Credit

ICRA has also withdrawn [ICRA]A4 rating assigned to INR0.06 crore
Credit Exposure Limited (FC/CEL) of Bhoomi Ginning Pressing
Private Limited, since there is no amount outstanding against the
rated instrument.

The reaffirmation of rating factors in Bhoomi Ginning Pressing
Private Limited's modest scale of operation and financial profile
characterized by thin 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
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.

The rating, however, considers the long experience of the
promoters in the cotton industry as well as the favourable
location of the company giving it easy access to high quality raw
cotton. The rating also considers the forward integration in
crushing facilities providing additional revenues and
diversification.

Incorporated in 2006, Bhoomi Ginning Pressing Pressing Private
limited is engaged in the ginning and pressing of raw cotton and
crushing of cottonseeds. The company is managed by three
directors, namely, Mr. Sanjaybhai Ramani, Mr. Ashishbhai Ramani
and Mr. Maganbhai Ramani. The manufacturing unit is located in
Jasdan, Rajkot, Gujarat. It has 24 ginning machines, one pressing
machine (semi automatic) and two expellers with an installed
capacity of 220 cotton bales, 0.50 MT cottonseed oil and 12.50 MT
cottonseed oil cake per day (24 hours operation).

Recent Results
During FY14 (unaudited provisional financials), the company
reported an operating income of INR58.04 crore and a net profit of
INR0.09 crore against an operating income of INR52.61 crore and
net profit of INR0.10 crore in FY13.


DANDONA FINANCE: ICRA Upgrades Rating on INR45cr Loan From 'B+'
---------------------------------------------------------------
ICRA has upgraded the rating assigned to the INR45 crore long term
bank lines of Dandona Finance Limited from [ICRA]B+ to [ICRA]BB-.
The outlook on the long term rating is stable.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Bank        45           Upgraded from [ICRA]B+
   Lines                              to [ICRA]BB- (stable)

The rating upgrade factors in the improvement in origination and
recovery processes of the company, the experience of the promoters
in three wheeler financing, their focus on financing of an income
generating asset and their knowledge of the target markets and
moderate leveraging of DFL (gearing of 2.07 times as on March 31,
2014). As part of the origination process the company is taking
occupation proofs (Commercial badge) of the prospective borrowers)
which has led to reduction in incremental slippages. This coupled
with higher recoveries from delinquent borrowers owing to the
company being able to track new vehicles financed by it through
the Global Positioning System (GPS) installed in all new three
wheelers 2012 onwards helped the company in maintaining asset
quality indicators(Gross NPA% of 7.64% as on March 31, 2014)A
large part of the NPAs pertain to older originations and have been
provided for and thus the Net NPA% of the company was low at 0.90%
as on March 31 , 2014. The ratings also favourably factor in the
banking relationships of the company which has helped the company
in meeting its funding requirements. The rating continues to be
constrained by DFL's monoline nature of business small size of
operations, geographical concentration with entire portfolio
concentrated in National Capital Region; and moderate earnings
profile owing to high operating expenses.

The company lends at an IRR of 21%, with the cost of funds being
around 12-13% the company earns interest spreads of approximately
9-10%. Other than income earned from lending operations, the
company does not have other sources of income apart from some
minor amounts earned from occasional share trading activities/
property sale. In FY2014, the non-interest Income in relation to
average assets increased to 2.32% for DFL (from 0.45% in FY2013)on
account of profit earned on sale of property and this led to
improvement in profitability indicators ( PAT/Net Worth improved
from 5.3% in FY2013 to 13.46% in FY2014.Nevetheless, the core
earnings from the business continue to remain modest for the
company and its ability to scale up its operations and improve
profitability from current levels would remain a key rating
sensitivity.

Dandona Finance Limited was incorporated as Pvt. Ltd. on 13th Jan,
1995 and was converted to the Public Ltd. Company on 6th Dec.,
1996. Mr. Sanjeev Dandona is the Managing Director of the Company.
The company is in the business of financing of three
wheelers/auto-rickshaws, and operates from Delhi NCR Region. The
other activities of company include trading in shares/
derivatives. The company also finances vehicles sold through its
associate concern i.e. Dandona Automobiles (P) Ltd (DAPL),
(authorized distributor of TVS Automobiles' three wheelers).

Dandona Finance reported a net profit of INR1.53 crore on total
asset base of INR40.46 crore in FY 2014 as compared to a net
profit INR0.55 crore on total asset base of INR45.38 in FY2013


EURO SAFETY: ICRA Reaffirms 'B+' Rating on INR5.43cr Loans
----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating assigned to the INR3.43
crore (INR4.46 crore earlier) term loans and INR2.00 crore fund
based limits of Euro Safety Footwear (India) Private Limited. ICRA
has also reaffirmed the '[ICRA] A4' rating assigned to the
INR14.75 crore (enhanced from INR12.25 crore) fund based limits
and INR4.00 crore non fund based facilities of ESF.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            3.43        [ICRA]B+ reaffirmed

   Long Term Fund
   based limits          2.00        [ICRA]B+ reaffirmed

   Short Term Fund
   Based Limits         14.75        [ICRA]A4 reaffirmed

   Non Fund based
   Limits                4.00        [ICRA]A4 reaffirmed

The ratings reaffirmation takes into account the healthy revenue
growth witnessed by the company in FY14 with improving demand
scenario for its products in export as well as domestic market.
The ratings continue to reflect ESF's established track record in
the Indian Footwear industry, its experienced promoters and its
established relationships with customers in key export markets.
The ratings however continue to remain constrained by ESF's
moderate scale of operations, intense competition in the footwear
business and exposure to forex risk with inadequate hedging
practices in place. ICRA also notes that company plans to incur a
capex of INR4.4 crore in FY15 to be funded majorly by debt. This
could result into some deterioration in the financial risk profile
as considerable debt repayments scheduled in the near term would
stretch the projected debt service coverage indicators. Further,
the ratings continue to take into account ESF's high client
concentration and high working capital intensity of its
operations. Going forward, ability of the company to complete
planned capex within estimated time and cost, to improve its
turnover while maintaining adequate profitability levels and
manage its working capital efficiently will remain critical to its
credit profile.

Set up in 2004, Euro Safety Footwear (India) Private Limited is a
closely held public company involved in the manufacturing of
safety shoes. It is promoted by Mr Kulbir Singh who has extensive
experience in footwear industry. ESF presently operates through a
single manufacturing facility having a shoe manufacturing capacity
of 10 lakh pair per annum. The company exports most of its
production to Hong Kong and Europe. In addition company derives a
minor portion of its revenues from domestic sales.

Recent Results

ESF has recorded an operating income and PAT of INR25.77 crore and
INR0.08 crore respectively for FY2013 as against an operating
income and PAT of INR45.61 crore and INR1.33 crore respectively
reported for FY2012.


G.K. SALES: CRISIL Reaffirms 'B+' Rating on INR70MM Loans
---------------------------------------------------------
CRISIL's ratings on the bank facilities of G.K. Sales Corporation
continue to reflect the firm's modest scale and working-capital-
intensive nature of operations and its improved, but average
financial risk profile marked by modest net worth, average capital
structure and subdued debt protection metrics. These rating
weaknesses are partially offset by its promoters' extensive
experience in the automotive (auto) spare parts distribution
business.

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

   Cash Credit            60        CRISIL B+/Stable (Reaffirmed)

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

Outlook: Stable

CRISIL believes that GKSC will continue to benefit from its
partners' extensive industry experience and its established
relationship with principals and customers. The outlook may be
revised to 'Positive' in case of significant increase in the
firm's revenue and profitability leading to improved cash accruals
and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' in case of pressure on the firm's financial
risk profile and liquidity most likely caused by decline in cash
accruals or stretch in working capital cycle.

GKSC, a partnership firm, established in 1986, by the Raipur
(Chhattisgarh)-based Parwani family, trades in various automotive
spare parts. The firm is the sole authorised distributor for many
established companies like Mahindra and Mahindra Ltd, Exxon Mobil
India, TVS Tyres, and Federal-Mogul Goetze (India) Ltd. The
overall operations of the firm are managed by Mr. Hemant Parwani
and his wife Mrs Neha Parwani. The firm has its showroom and head
office in Raipur.


GAYATHRI SUSTAINABLE: ICRA Reaffirms C Rating on INR22.87cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR22.87
crore fund based limits of Gayathri Sustainable Energies India
Private Limited at [ICRA]C.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loan             22.87        [ICRA]C reaffirmed

The reaffirmation of rating continues to be constrained by
inability of the wind power plants of the company to achieve the
expected Plant Load Factor (PLF) owing to insufficient customer
off take; weak financial characterized by high gearing and weak
coverage indicators; and limited track record of operations of the
company. The credit profile is also constrained by dependence on a
single customer as compared to two customers it had during the
last rating exercise and risks arising out of the option given to
the customer to move out of the Power Purchase Agreement (PPA) a
year from its inception by giving a 90-day notice period, raising
revenue generation concerns.

The reaffirmation of rating, however, derives comfort from
reputation of Gamesa, a leader in wind energy equipment
manufacturing, which is the operational and maintenance partner of
the company and the attractive tariff received by the company from
its customer.

Founded in 2011, GSEPL is engaged in wind power generation. The
company is headquartered in Hyderabad while its wind power plants
are located in Tamil Nadu. It has established five wind electric
generators with 0.85MW generation capacity each in Coimbatore in
association with Gamesa, a leader in wind equipment production.
Additionally, two wind electric generators with 0.85MW capacity
each, based in Theni district in Tamil Nadu, were added to GSEPL
in April 2012. The total production capacity of the company stands
at 5.95 MW.

Recent Results
In FY2013, the company reported an operating income of INR4.72
crore and a net loss of INR2.93 crore as against an operating
income of INR2.12 crore and a net loss of INR3.22 crore in FY2012.


GK INDUSTRIAL: ICRA Suspends 'D' Rating on INR42.24cr Loan
-----------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR42.24 crore
long term fund based facilities of GK Industrial Park Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the entity.


IMMACULE LIFESCIENCES: CRISIL Reaffirms B Rating on INR492M Loans
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Immacule Lifesciences
Pvt Ltd continues to reflect ILPL's weak financial risk profile
because of its start-up phase of operations and its exposure to
offtake risk. These rating weaknesses are partially offset by the
extensive experience of ILPL's promoters in the pharmaceutical
formulations industry.

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

   Term Loan              75        CRISIL B/Stable (Reaffirmed)

   Foreign Currency
   Term Loan             347        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ILPL's business risk profile will be
supported by its experienced management; however, its financial
risk profile will be constrained by its start-up phase of
operations. The outlook may be revised to 'Positive' in case of
stabilisation of operations and better-than-expected off-take
leading to revenue growth and improvement in cash accruals, and
consequently, improvement in financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of delays in
commencing commercial operations or low capacity utilisation
leading to deterioration in financial risk profile.

ILPL is a Nalagarh (Himachal Pradesh) based pharmaceuticals
formulator, currently in start-up stage. ILPL plans to start
commercial operations by April 2014 and will manufacture
pharmaceutical formulations, primarily injectibles, which will be
marketed in overseas markets such as Indonesia, Vietnam, the
Philippines, Venezuela, and Chile. ILPL is promoted by Mr. Viral
Shah, Mr. Rishi Aggarwal, Mr. Suchet Rastogi, and Mr. Nirav
Maniar.


INNOVATIVE INFRAPROJECTS: ICRA Rates INR18cr Loan at 'C'
--------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]C' to the INR18.00
crore proposed bank limits of Innovative Infraprojects Private
Limited.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Proposed bank limits     18.00       [ICRA]C assigned

The rating takes into account the delays experienced in execution
of some projects, exposing the company to execution risks.
Moreover, the company's unsold inventory, which continues to be
high at present, results in significant exposure to market risks.
ICRA also takes note of the susceptibility of the real estate
market to economic cycles. The rating is further constrained by
the unsatisfactory debt servicing track record of the company in
the past however, the company has repaid the fully term loan under
consideration and as on date there is no amount outstanding
against it. Absence of external debt on the books of the company
provides significant financial flexibility going forward. The
rating however, favourably factors in the experience of the
company in the real estate space and the fact that for all the
projects, building sanction plan approvals have been obtained
thereby mitigating regulatory risks to an extent. Going forward,
IIPL's ability to successfully execute ongoing projects within
budgeted costs and time, market its projects and command
favourable prices, as well as to ensure timely collection from the
existing bookings, would be critical determinants of its credit
risk profile.

IIPL was established in June, 2003 with the objective of
constructing affordable and premium housing and commercial
projects in Dhanbad, Jharkhand. So far the company has completed
construction of 3 real estate projects with a total developed area
of 2.61 lac sq.ft. Currently the company has 5 ongoing projects in
Dhanbad with an aggregate saleable area of 4.53 lac sq. ft.

Recent Results

During 2013-14, the company posted an operating income (OI) and
profit after tax (PAT) of INR6.74 crore and INR0.02 crore
respectively as against an OI and PAT of INR10.84 crore and 0.16
crore during 2012-13.


JAGDAMBA SPONGE: ICRA Reaffirms 'B+' Rating on INR5.5cr Loan
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating assigned to the INR5.50
crore fund-based bank facilities of Jagdamba Sponge Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-Based Limits     5.50         [ICRA]B+; reaffirmed
   (Cash Credit)

The rating reaffirmation takes into consideration the long track
record of the promoters in the steel sector and profitable
operations in the past years, on account of JSPL's ability to
revise the prices according to the volatility in raw material
prices. However, the rating is constrained by the ongoing weakness
in the steel industry, JSPL's small scale of operations at present
and its nominal profits and cash accruals from business, and the
cyclicality associated with the steel industry, which is likely to
keep JSPL's profitability and cash flows volatile in future. The
weak profitability also impacts the company's coverage indicators
adversely, which have remained at depressed levels in the past.
The rating also factors in JSPL's moderately high gearing as on
March 31, 2014, though it has improved during the year.

JSPL was incorporated in May 2003 as a part of the Jagdamba Group,
which is promoted by the Raigarh based Agarwal family. The company
is involved in the manufacturing of MS ingots. The manufacturing
plant of the company, which has a steel melting shop with an
annual production capacity of 18,000 MT, is located at O. P.
Jindal Industrial Park, Raigarh, Chattisgarh.

Recent Results
In 2013-14, as per the provisional financial statements, JSPL
reported an operating income of INR45.00 crore and a net profit of
INR0.20 crore as against an operating income of INR46.90 crore and
a net profit of INR0.20 crore in 2012-13.


KAMAL BUILDERS: CRISIL Lowers Rating on INR20MM Loan to 'B+'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Kamal
Builders to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

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

   Cash Credit            20        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in KB's business risk profile
resulting in stretch in liquidity. The firm's topline remains
lower than CRISIL's expectation, and declined to INR437 million in
2012-13 (refers to financial year, April 1 to
March 31) and to INR345 million in 2013-14 from INR483 Million in
2011-12. The decline in topline was on account of slowdown and
slow approvals in the construction and development sector.
Furthermore, KB's working capital requirements increased, driven
by large debtors. Its gross current assets doubled to 167 days
over the two years through 2013-14, resulting in stretched
liquidity, as reflected in almost full utilisation of its bank
limits with instances of overutilisation over the 10 months
through March 2014. CRISIL believes that the firm's liquidity will
remain stretched over the medium term on account of delay in
realisation of payment from its customers and lower than expected
cash accruals. Furthermore, given the firm's healthy order book of
INR1 billion as on March 31, 2014, any significant improvement in
topline leading to increased accruals to support working capital
management will remain a rating sensitivity factor over the medium
term.

The ratings reflect KB's small scale of operations in a highly
competitive industry, and its large working capital requirements.
These rating weaknesses are partially offset by the extensive
experience of KB's promoters in the construction industry and its
moderate financial risk profile marked by above-average debt
protection metrics.

Outlook: Stable

CRISIL believes that KB will continue to benefit over the medium
term from its promoters' track record in the construction
industry. The outlook may be revised to 'Positive' if the firm
scales up operations while maintaining its profitability, and
maintains healthy order book. Conversely, the outlook may be
revised to 'Negative' in case of low sales or deterioration in
working capital management leading to deterioration in financial
risk profile.

KB was set up in 1984 by the late Mr. S S Jalan and his sons.
Currently, the firm is owned and managed by his two sons, Mr.
Kamal Kumar Jalan and Mr. Hari Kishan Jalan. KB operates in the
road and civil construction industry, mainly in Madhya Pradesh and
Uttar Pradesh. The firm is a registered contractor with various
urban local bodies.


KDJ HOSPITAL: ICRA Downgrades Rating on INR30cr Loan to 'D'
-----------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR30.00
crores, term loans of KDJ Hospital Limited to '[ICRA]D' from
[ICRA]B.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan            30.00       Downgraded from [ICRA] B
                                    to [ICRA]D

The rating revision reflects current delays in debt servicing by
the company due to a cash flow mismatch situation on account of
delays in hospital construction as the COD has now been moved from
December 2013 to April 2015; however the moratorium period on debt
repayment had ended in June 2013. The project continues to face
high implementation risk with increase in project scope and with
the management yet to tie up funds for the incremental cost. The
ratings are also constrained by the small scale of operations with
dependence upon a single hospital property. ICRA however takes
note of the potential ready catchment for Hospital from
residential colonies in the Jodhpur city as well as nearby
districts of Jaisalmer and Barmer

KDJ Hospital Limited (KDJ) is a part of the KDJ Group (erstwhile
Prescon Group) which is promoted by the three partners - Mr.
Surendra Kedia, Mr. Vinod Deora and Mr. Dinesh Jalan. Mr. Deora,
who is one of the promoters' of the Group, is engaged in the
textile business while the other two promoters - Mr. Jalan and Mr.
Kedia are involved in the real estate and construction business.

The company, KDJ Hospital Limited was initially incorporated as
KDJ Hotels & Resorts Limited; with the promoters earlier planning
to construc a 93 room 4-star hotel at Jodhpur on Pali National
Highway about 17 km from Jodhpur city with a capex of INR50.75
crore and COD of December 2013. Due to the increase in demand for
quality healthcare service providers and stiff competitive
scenario for hospitality business, the promoters had decided to
convert the under construction 4 star property into a 144 bed
multi-specialty hospital.

The hospital would be positioned as a high end private hospital
which would cater to the nearby district areas of Pali district,
Barmer and Jaisalmer districts. The proposed hospital aims to
cater to a catchment area of 100 km and the thrust areas will be
Cardiac care, Orthopedics, Trauma, Oncology, gynaecology, Critical
care, Neurology and Obstetrics. o ensure smooth day to day
operations as well as to oversee the design and project
management, the company has awarded the management contract to
Hosmac India Private Limited (Hosmac India); which has significant
experience in the field of design and project management for
hospitals in India.

KDJ is promoted by Mr. Surendra Kedia, Mr. Vinod Deora and Mr.
Dinesh Jalan. Mr Kedia is also the promoter of the Prescon Group
having active business interest in real estate; Mr. Vinod Deora
has interest in textiles and Mr. Dinesh Jalan has business
interest in real estate/construction. The Hospital which was
earlier an under construction 4 star Hotel is a part of the
township 'Prescon City' being developed by the Prescon Group in
Jodhpur. The promoters also own the Desertscape Resort in Jodhpur
which is a 27 key resort managed by Concept Hospitality Private
Limited again located inside 'Prescon City'.


KEVIN METPACK: CRISIL Upgrades Rating on INR450MM Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
Kevin Metpack Pvt Ltd. to 'CRISIL B/ Stable' from 'CRISIL B-/
Stable'.

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

   Proposed Long Term
   Bank Loan Facility    310        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Term Loan              60        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that KMPL's liquidity
and financial risk profile will improve to in the near term,
driven by continual funding support from the promoters through
unsecured loans and equity infusions. The promoters infused equity
of around INR228 million in 2013-14 (refers to financial year,
April 1 to May 31) and maintained unsecured loans of around INR155
million as on March 31, 2014. The company utilised a part of the
equity infusion to repay its existing term debt. Consequently, the
gearing significantly improved to an estimated 0.68 times as on
March 31, 2014, as compared to 2.24 times as on March 31, 2013.
KMPL is also expected to ramp up its scale of operations in 2014-
15, after all lines at its plant commence operations.
Consequently, the company's liquidity will improve, with enhanced
net cash accruals over the medium term.

CRISIL's rating continues to reflect the susceptibility of KMPL's
operating margin to volatility in raw material prices and its
small scale of operations amid intense competition. These rating
weaknesses are partially offset by the financial and business
support that KMPL receives from its affiliates.

Outlook: Stable

CRISIL believes that KMPL will continue to benefit from the
support of its affiliates in the near term. The outlook may be
revised to 'Positive' if the company reports substantial offtake
and profitability, thereby significantly increasing its cash
accruals. Conversely, the outlook may be revised to 'Negative' if
KMPL's financial risk profile weakens with low cash accruals or
stretched working capital requirements or sizeable debt-funded
capital expenditure (capex).

Founded in 2007 by Mr. Vikas Malu, KMPL set up a facility to
manufacture metallised cast polypropylene, polyethylene
terephthalate shrink film, and thermoforming grade polyester for
the packaging industry.

For 2012-13, KMPL reported a loss after tax of INR75.6 million on
net sales of INR8.0 million, vis-a -vis a loss of INR24.2 million
on net sales of INR2.2 million for 2011-12.


KHALILABAD SUGAR: ICRA Withdraws D Rating on INR10.5cr Loan
-----------------------------------------------------------
ICRA has withdrawn the '[ICRA]D' rating assigned to the INR10.5
crore bank facilities of Khalilabad Sugar Mills Private Limited,
as the rated instruments have been withdrawn following the merger
of the company with Balrampur Chini Mills Limited. There is no
amount outstanding against the rated instrument.


MIDLAND DIESEL: CRISIL Reaffirms 'B-' Rating on INR101.5MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Midland Diesel Services
Pvt Ltd continue to reflect MDSPL's weak financial risk profile,
marked by a modest net worth, high total outside liabilities to
tangible net worth ratio, and inadequate debt protection metrics,
and its stretched liquidity with large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the diesel
generator industry, and its long-standing relationship with its
principal, Cummins India Ltd (Cummins).

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

   Cash Credit            40       CRISIL B-/Stable (Reaffirmed)

   Channel Financing      20       CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Demand Loan            34       CRISIL B-/Stable (Reaffirmed)

   Standby Line of
   Credit                  7.5     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MDSPL's liquidity will remain constrained
over the medium term due to its working-capital-intensive
operations and large debt repayment obligations. The outlook may
be revised to 'Positive' if the company reports significantly
higher-than-expected accruals or there is sizeable equity
infusion, improving its overall financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in MDSPL's liquidity, most likely due to lengthening
of its working capital cycle.

Established in 1984, MDSPL is an authorised dealer and service
provider for Cummins diesel engines and generator sets and their
spares, for 8 districts in Vidharbha (Maharashtra) and 11
districts in Madhya Pradesh. MDSPL is based in Nagpur
(Maharashtra) and is promoted by Mr. S R Dixit and Mr. P R Dixit,
along with their family members.

For 2012-13 (refers to financial year, April 1 to March 31), MDSPL
reported a net profit of INR1.3 million on net sales of INR261.8
million, vis-a-vis a net profit of INR2.1 million on net sales of
INR265.9 million for 2011-12.


MYCON CONSTRUCTION: CRISIL Cuts Rating on INR120MM Loans to 'C'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Mycon Construction Limited to 'CRISIL C/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        390        CRISIL A4 (Downgraded
                                    from 'CRISIL A4+')

   Overdraft Facility    100        CRISIL C (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term
   Bank Loan Facility     20        CRISIL C (Downgraded
                                    from 'CRISIL BB-/Stable')

   Bank Guarantee        120        CRISIL A4 (Downgraded
                                    from 'CRISIL A4+')

   Bank Guarantee         70        CRISIL A4 (Downgraded
                                    from 'CRISIL A4+')

The rating downgrade reflects MCL's recent delays in servicing its
project-specific loan (unrated) from Canara Bank. The delays in
debt servicing were caused by delay in realisation of receivables
from MCL's customers.

The ratings reflect MCL's below-average financial risk profile
marked by weak debt protection metrics and moderate gearing. The
ratings also reflect the company's working capital intensive
operations and the geographical and customer concentration in its
revenue profile. These rating weaknesses are partially offset by
MCL's established market position in the construction business and
moderate order book.

MCL was set up as a partnership firm in 1946 by Mr. P C Malpani in
Bengaluru. It was reconstituted as a closely held public limited
company in 1989. MCL is engaged in various civil and structural
construction activities for public and private sector entities in
Karnataka, Tamil Nadu, and Odisha.


PRIYANKA CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR100M Loan
-----------------------------------------------------------------
CRISIL ratings on Priyanka Constructions (Baroda) Pvt Ltd continue
to reflect PCBPL's modest scale of operations in the highly
fragmented civil construction industry along with geographic
concentration in its revenue profile, and working capital
intensive operations. The ratings also factor in the company's
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 civil
construction industry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------     -------
   Bank Guarantee          100       CRISIL A4 (Reaffirmed)
   Cash Credit              60       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       40       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PCBPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
improves its scale of operations and operating profitability,
leading to higher-than-expected cash accruals or benefits from
significant equity infusion by its promoters, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if PCBPL's operating margin and
topline decline, or its financial risk profile deteriorates, most
likely because of larger-than-expected debt-funded capital
expenditure, or its working capital cycle increases, constraining
its liquidity.

Established in 1996 as a partnership firm, PCBPL was reconstituted
in a private limited company in 2002. It was promoted by Vadodara
(Gujarat)-based Mr. Utkarsh Mehta. The company undertakes civil
contract works specialising in mainly building construction and
industrial civil works.

PCBPL reported a net profit of INR1.0 million on net sales
INR173.9 million for 2012-13 (refers to financial year, April 1 to
March 31), as against a net profit of INR0.02 million on net sales
of INR233.9 million for 2011-12. For 2013-14, the company, on a
provisional basis, has reported net sales of INR155.3 million.


R&B DENIMS: ICRA Assigns 'B+' Rating to INR60.18cr Loans
-----------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' and a short-
term rating of '[ICRA]A4' to the INR30.00 crore (INR 65.00 crore,
enhanced from INR35.00 crore) term loan facilities, cash credit
facility and letter of credit facility (sub-limit of term loan
facility) of R&B Denims Limited. ICRA has a long-term rating of
[ICRA]B+ and a short-term rating of [ICRA]A4 outstanding on the
INR35.00 crore bank facilities of RBDL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term: Fund      42.18       [ICRA]B+ assigned/outstanding
   based limits-Term
   loan facility

   Long Term: Fund      18.00       [ICRA]B+ assigned/outstanding
   based limits-Cash
   Credit facility

   Long Term: Fund       3.01       [ICRA]B+ outstanding
   based limits-
   Proposed Cash
   Credit facility

   Short Term: Non      14.00       [ICRA]A4 assigned/outstanding
   Fund Based limits-
   Letters of Credit
   Facility

   Short Term: Non       1.81       [ICRA]A4 outstanding
   Fund based limits-
   Bank Guarantee

The ratings are constrained by the limited track record of
operations of the company, its weak financial profile as evident
from the subdued profitability levels and return indicators, and
the deterioration in capital structure due to the sizeable debt-
funded capex undertaken in FY2014. The proceeds from the public
issue (concluded in April 2014) and the reimbursement of capital
subsidies that the company is entitled to (for having availed
loans under the TUFS), would however be used for partial debt
repayment which would reduce the debt burden of the company to
some extent. The ratings further take into account the
vulnerability of the company's profitability to the fluctuations
in raw material prices, the intense competitive forces and the
cyclicality inherent in the textile industry. ICRA also notes the
susceptibility of the company's operations to the regulatory risks
associated with the procurement of cotton yarn, which is a major
raw material for the company.

The ratings, however, draw comfort from the long and established
experience of the company's promoters in the field of
manufacturing and trading of fabric and the healthy scale-up of
operations by way of improved capacity utilization levels at the
existing manufacturing unit. The ratings also note favourably the
locational advantage available to the company by virtue of its
proximity to both suppliers and customers.

R&B Denims Limited was incorporated in 2010 and commenced
operations in April 2012 as a denim manufacturing unit based at
Palsana, Surat (Gujarat). RBDL is focused on only the weaving
aspect in the denim manufacturing chain and is involved in
warping, sizing, weaving, processing and trading of denim. The
manufacturing facility commenced operations with 48 air-jet looms,
and an installed capacity of ~1 crore metres per annum, which has
since been augmented to ~2 crore meters per annum in FY2014. The
promoters of the company have been engaged in fabric processing
and trading activities since 1990.


R.E.C. ISPAT: CARE Assigns 'B+' Rating to INR25cr Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of R.E.C.
Ispat Private Ltd.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term Bank
   Facilities                  25        CARE B+ Assigned

Rating Rationale

The rating is constrained by the low profitability on account of
the trading nature of the business, susceptibility to risk
associated with price fluctuation on the inventory, concentrated
client base, leveraged capital structure along with relatively
weak debt coverage indicators and working capital intensive nature
of the operation. The rating is, however, underpinned by the
experienced promoters, satisfactory track record of the company
and increasing scale of business operations. The ability of the
company to improve the profitability & capital structure and
effectively manage the working capital requirements are the key
rating sensitivities.

Incorporated in January 2004, R.E.C. Ispat Private Ltd (RIPL) has
been promoted by Mr Subhash Bhararia and Mr K Surya Sudhakar. The
company, based in Visakhapatnam, is engaged in the business of
trading with major trading products comprising iron & steel, coal
and cement. However, iron & steel trading is the major revenue
contributor with contribution of about 99% in the last three
years. RIPL's major shareholding lies with the two promoter
directors who together hold about 51% stake in the company.

During FY13 (refers to the period April 01 to March 31), RIPL
posted a PBILDT of INR1.92 crore (FY12: INR2.63 crore) and
PAT (after deferred tax) of INR1.63 crore (FY12: INR0.35 crore) on
a total operating income of INR200.73 crore (FY12: INR194.01
crore).

During H1FY14 (provisional) (refers to the period April 01 to
September 30), RIPL posted a PBILDT of INR1.81 crore and
PAT (after deferred tax) of INR0.19 crore on a total operating
income of INR103.85 crore.


REGENERATIVE MEDICAL: CRISIL Puts 'B' Rating on INR115.5MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Regenerative Medical Services Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan               25       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility      50.5     CRISIL B/Stable

   Overdraft Facility      22       CRISIL A4

   Cash Credit             40       CRISIL B/Stable

   Letter of Credit        10       CRISIL A4

The rating reflects RMSPL's modest scale of operations in an
industry that is in its nascent stage with absence of regulations,
and the company's stretched receivables collection cycle. These
rating weaknesses are partially offset by RMSPL's technological
tie-up with Sewoncellontech, South Korea and its moderate
financial risk profile, marked by moderate gearing and debt
protection metrics.

Outlook: Stable

CRISIL believes that RMSPL will continue to benefit over the
medium term from its technological-tie-up with Sewoncellontech.
The outlook may be revised to 'Positive' if the company reports
higher-than-expected cash accruals, driven by improvement in its
scale of operations, or improvement in the receivable collection
cycle, resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in RMSPL's financial risk profile, most likely
because of a decline in its cash accruals, or further elongation
of working capital cycle, or if RMSPL undertakes any significant
debt-funded capital expenditure programme.

RMSPL was originally established as a private limited company by
the Mumbai-based Sanghavi family; it was later reconstituted as a
closely held public limited company in March 2013. In January
2014, it was again reconstituted as a private limited company.
RMSPL is engaged in collecting, processing and storing of stem
cells sourced from umbilical cord, cell therapy for orthopedics
and trading in health care products such as patches and dressing
materials.


RITU AUTOMOBILES: ICRA Suspends B- Rating on INR35cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B-' outstanding
on the INR35.0 crore long term fund based facilities of Ritu
Automobiles Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Ritu Automobiles Private Limited was incorporated in March, 2010
by Mr. Manoj Lalwani and is the authorised dealer for passenger
vehicles of Hyundai Motors India Limited (HMIL) and Nissan Motors
India Private Limited (NMIPL). The company deals in sale of new
cars, repair and servicing of cars, sale of spare parts and
accessories, and buying-refurbishing and sale of old cars. The
Hyundai showroom-cum-workshop is located in Kalyan city whereas
the Nissan showroom-cum-workshop is located in Thane city. The two
showrooms commenced operations from April 2012 onwards.


SADGURU ISPAT: ICRA Reaffirms B+ Rating on INR5.5cr Loan
--------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating assigned to the INR5.50
crore fund-based bank facilities of Sadguru Ispat Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-Based Limits
   (Cash Credit)         5.50        [ICRA]B+; reaffirmed

The rating reaffirmation takes into consideration the long track
record of the promoters in the steel sector and profitable
operations in the past years, on account of SIPL's ability to
revise the prices according to the volatility in raw material
prices. However, the rating is constrained by the ongoing weakness
in the steel industry, SIPL's small scale of operations at present
and its nominal profits and cash accruals from business, and the
cyclicality associated with the steel industry, which is likely to
keep SIPL's profitability and cash flows volatile in future. The
weak profitability also impacts the company's coverage indicators
adversely, which have remained at depressed levels in the past.
The rating also factors in SIPL's moderately high gearing as on
March 31, 2014, though it has improved during the year.

SIPL was incorporated in October 2004 as a part of the Jagdamba
Group, which is promoted by the Raigarh based Agarwal family. The
company is involved in manufacturing of MS ingots. The
manufacturing plant of the company, which has a steel melting shop
with an annual production capacity of 18,000 MT, is located at O.
P. Jindal Industrial Park, Raigarh, Chattisgarh.

Recent Results
In 2013-14, as per the provisional financial statements, SIPL
reported an operating income of INR40.00 crore and a net profit of
INR0.13 crore as against an operating income of INR43.87 crore and
a net profit of INR0.17 crore in 2012-13.


SAI-LAXMI TEXOFAB: ICRA Suspends 'B' Rating on INR5.57cr Loan
-------------------------------------------------------------
ICRA has suspended the '[ICRA]B' and '[ICRA]A4' ratings to the
INR6.37 crore bank facilities of Sai-Laxmi Texofab. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of requisite information from the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund        5.57        [ICRA]B Suspended
   Based Limits

   Unallocated Limit     0.80        [ICRA]B and/or
                                     [ICRA]A4 Suspended

Sai-Laxmi Texofab started its operations in 2002. The firm is
involved in texturing of yarns and manufacturing of grey cloth.
Its registered office and its manufacturing facility for grey
cloth are located at Surat city, while the facility for yarn
texturing is located at Kim village, Surat.


SHIV COTGIN: ICRA Reaffirms 'B+' Rating on INR34.61cr Loans
-----------------------------------------------------------
A rating of '[ICRA]B+' has been reaffirmed to INR34.00 crore1
(enhanced from INR25.00 crore) fund based cash credit facility and
INR0.61 crore (reduced from INR0.91 crore) term loan facility of
Shiv Cotgin Private Limited.  A rating of '[ICRA]A4' has also been
reaffirmed to INR5.00 crore fund based FBP facility (sublimit with
cash credit) of SCPL. ICRA has also withdrawn short term rating of
'[ICRA]A4' assigned to INR0.02 credit exposure facility of SCPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          34.00        [ICRA]B+ Reaffirmed
   Term Loan             0.61        [ICRA]B+ Reaffirmed
   FBP limits           (5.00)       [ICRA]A4 Reaffirmed

The ratings continue to remain constrained by the weak financial
profile of the company as reflected by thin profit margin,
stretched capital structure and weak coverage indicators. The
ratings also consider the low operating margin on account of
limited value addition and highly competitive and fragmented
industry structure due to low entry barriers. The ratings are
further constrained by vulnerability of profitability to raw
material prices, which are subject to seasonality and crop harvest
and regulatory risks with regard to minimum support price (MSP) of
raw cotton and export of cotton bales.

The ratings, however, continue to favorably consider the extensive
experience of the promoters in the cotton industry, strategic
location of the plant in the cotton producing belt of India giving
it easy access to raw cotton as well as favorable demand outlook
for cotton and cotton seed in domestic and overseas market;
Gujarat is also one of the biggest markets for cotton seed oil
consumption in India.

Shiv Cotton Industries was established as partnership firm on 9th
July, 2009 by Mr. Bharat Selani along with other family members
and relatives. Commencing its operations in February, 2010, the
firm is engaged in cotton ginning and pressing to produce cotton
bales and cotton seeds. However, later in December 2013 the firm
was converted into private limited company in the name of Shiv
Cotgin Private Limited (SCPL). The company has its production
facility located at Gondal (Dist: Rajkot), Gujarat. The plant is
equipped with 24 ginning machines having capacity to produce 240
bales and 77 MT cotton seeds per day.

Recent Results

During FY14 (unaudited provisional financials), the company
reported an operating income of INR179.88 crore and profit before
tax (PBT) of INR1.06 crore as against operating income of
INR137.12 crore and net profit of INR0.73 crore in FY13.


SIVARAM YARNS: CRISIL Upgrades Rating on INR245MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Sivaram Yarns Private Limited to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

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

   Long Term Loan        155        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects the improvement in SYPL's business risk
profile driven by successful ramp-up in its scale of operations,
while it registered moderate profitability margins. The upgrade
also reflects the expectation of a continued improvement in the
company's capital structure on the back of its efficient working
capital management, consistent growth in its net-worth, and
absence of any large debt-funded capital expenditure programme.

In its first full year of operation, SYPL is estimated to have
registered revenues of around INR570 million in 2013-14 (refers to
financial year, April 1 to March 31); the operating profit margins
of the company are estimated to have remained moderate at around
13.0 per cent. CRISIL believes that the company's revenues would
register an annual growth rate of around 20 per cent over the
medium term on the back of its continued focus on addition of new
customers, and an enhancement in its business from existing
customers.

There has also been an improvement in SYPL's capital structure
with its gearing estimated to have declined to 1.6 times as on
March 31, 2014 from 1.9 times as on March 31, 2013 on the back of
healthy growth in its net-worth. The gearing of the company is
expected to further decline to 1.3 times as on March 31, 2015
supported by efficient working capital management, consistent
growth in its net-worth, and absence of any large debt-funded
capital expenditure programme.

The rating reflects SYPL's exposure to intense competitive
pressures in the cotton yarn industry, and the susceptibility of
its profitability margins volatility in cotton prices. The ratings
of the company are also constrained on account its small net-
worth, moderate gearing, and average debt protection metrics.
These rating weaknesses are partially offset by extensive
entrepreneurial experience of the company's promoters, and the
company's efficient working capital management.

Outlook: Stable

CRISIL believes that SYPL will continue to benefit over the medium
term from the extensive entrepreneurial experience of its
promoters. The outlook may be revised to 'Positive' if the company
registers a sustained increase in its profitability margins, while
it registers a healthy revenue growth, or there is a substantial
increase in its net-worth on the back of sizeable equity infusion
by its promoters. 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.

SYPL was promoted in 2012 by Mr. Mediseeti Venkata Rattaiah. The
company is engaged in manufacturing of cotton yarn. The company's
spinning mill is located in Annavaram district of Andhra Pradesh.


TRIBHUVAN APPARELS: CRISIL Reaffirms 'B' Rating on INR16MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Tribhuvan Apparels Pvt. Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Export Packing Credit   70       CRISIL A4 (Reaffirmed)
   Term Loan               16       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect TAPL's modest scale and working
capital intensive nature of operations. The rating also reflects
TAPL's below average financial risk profile marked by a weak
capital structure and debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of its promoters and its established customer
relationships.

Outlook: Stable

CRISIL believes that the TAPL will continue to benefit from the
extensive industry experience of its promoters and its established
customer relationship. The outlook may be revised to 'Positive' if
the company increases its scale of operations and profitability on
a sustained basis resulting in improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is considerable decline in revenues or profitability or in
case of deterioration in working capital management resulting in
stretched liquidity or if the company undertakes a large debt
funded capital expenditure resulting in deterioration in financial
risk profile.

Established in 2009 as a private limited company, TAPL is involved
in the manufacture of readymade garments (RMG). The company is
promoted by Mr.Vinit Kumar Gogia, Mr.Bharat Bhushan Gogia and
Mr.Danpat Singh Chouhan.

For 2012-13 (refers to financial year April 1 to March 31), TAPL
reported a profit after tax (PAT) of INR3.9 million on net sales
of INR133.0 million as against a PAT of INR3.4 million on net
sales of INR111.9 million 2011-12.


UDAY VIJAY: CRISIL Reaffirms 'B+' Rating on INR75.9MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Uday Vijay Steel Pvt
Ltd) continue to reflect UVSPL's small scale of operations, large
working capital requirements, and susceptibility to economic
downturns in the end-user industry and to volatility in steel
prices. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the steel
industry and the benefits expected from its increasing capacities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        27.4       CRISIL A4 (Reaffirmed)
   Cash Credit           52         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       9.1       CRISIL A4 (Reaffirmed)
   Term Loan             23.9       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that UVSPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
increases its scale of operations and improves its profitability,
leading to more-than expected cash accruals, or if it improves its
working capital management. Conversely, the outlook may be revised
to 'Negative' if UVSPL's financial risk profile, particularly its
liquidity, deteriorates, most likely because of large incremental
working capital requirements, low cash accruals, or substantial
debt-funded capital expenditure.

UVSPL was set up in 2005 by Mr. Sudhir Kumar Rai, Mr. Sanjay Kumar
Rai, Mr. Vijay Kumar Rai, and Mr. Chandralok Prasad. It
manufactures mild steel ingots at its unit in Bokaro (Jharkhand).


UNIK TRADERS: CRISIL Lowers Rating on INR200MM Loan to 'B'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Unik Traders to 'CRISIL B/Stable' from 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           200        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The downgrade reflects significant pressure on UT's liquidity
because of stretch in its working capital cycle, as reflected in
increase in its gross current assets to 471 days as on March 31,
2014, from 196 days as on March 31, 2013. The downgrade also
reflects CRISIL's belief that UT's financial risk profile will
deteriorate over the medium term because of increased dependence
on bank lines for funding incremental working capital
requirements. The firm's total outside liabilities to tangible net
worth (TOLTNW) ratio deteriorated to 30.09 times as on
March 31, 2014, from 10.52 times as on March 31, 2013. The ratio
is expected to deteriorate over the medium term on account of
large working capital requirements and low cash accruals.

CRISIL's rating continues to reflect UT's weak financial risk
profile marked by small net worth, high TOLTNW ratio, and weak
debt protection metrics. The rating also factors in UT's exposure
to risks relating to modest and fluctuating scale of operations
and working capital requirements, and susceptibility to volatility
in the prices of its traded goods and in the value of the Indian
rupee. These rating weaknesses are partially offset by the
benefits that UT derives from its promoter's extensive experience
in the spice trading business and his funding support.

Outlook: Stable

CRISIL believes that UT will continue to benefit over the medium
term from its promoter's extensive experience in the spice trading
business. The outlook may be revised to 'Positive' if the firm
improves its working capital cycle along with sustainable
improvement in its scale of operations and profitability, leading
to improved cash accruals and capital structure. Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile, particularly liquidity, deteriorates significantly
because of large working capital requirements, or if there is
pressure on the firm's cash accruals, or withdrawal of funding
support by the promoter.

Set up in 1992 as a partnership firm by Mr. Hanif Thara and his
friend, UT was later re-constituted as a proprietorship firm with
Mr. Thara as proprietor. The Bengaluru-based firm trades in spices
and dry fruits.


UNISOURCE PAPERS: ICRA Ups Rating on INR2.45cr Loans to 'C'
-----------------------------------------------------------
ICRA has revised the long term rating to [ICRA]C from [ICRA]D. for
INR0.74 crore term loan; INR0.21 crore working capital term loan
and INR1.50 crore cash credit limits of Unisource Papers Private
Limited. ICRA has also revised the short term rating to [ICRA]A4
from [ICRA]D for the INR5.00 crore non-fund based bank limits.
Further, ICRA has upgraded the ratings to [ICRA]C and [ICRA]A4 for
the unallocated amount of INR0.57 crore of UPPL.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Fund based-Working     0.21      Upgraded to [ICRA]C
   Capital Term Loan                from [ICRA]D

   Fund based-Cash        1.50      Upgraded to [ICRA]C
   Credit                           from [ICRA]D

   Term Loans             0.74      Upgraded to [ICRA]C
                                    from [ICRA]D

   Non-fund based-        5.00      Upgraded to [ICRA]A4
   Letter of Credit                 from [ICRA]D

   Unallocated Amount     0.57      Upgraded to [ICRA]C/A4
                                    from [ICRA]D

The rating revision takes into account the regularization of debt
servicing by UPPL during the last six months on the back of easing
of liquidity pressures prevailing in the previous financial year.
However, the rating continues to incorporate the subdued profit
margins on account of low capacity utilizations, limited value
addition and the fragmented nature of the industry with low entry
barriers and the vulnerability of margins to raw material prices
and foreign exchange fluctuations.

ICRA also takes into consideration the promoter's long track
record in the business of trading and paper processing and the
marginal improvement in financial profile of the company with the
net profit margins turning positive and the improvement in the
capital structure of the company supported by equity infusion and
repayment of term loans and unsecured loans.

Incorporated in 2005, UPPL was promoted by Mr. Aurora and is
engaged in the business of paper processing. The company imports
high quality virgin kraft paper, processes it and caters to the
Indian packaging industry. UPPL has an installed production
capacity of 26,400 metric tonne/annum at its manufacturing unit
located in Pune. The company has a registered office in Mumbai.

Recent Results
UPPPL recorded a net profit of INR0.01 crore on an operating
income of INR24.11 crore for the year ending
March 31, 2013



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


NATIONAL FINANCE: Director Unable to Pay NZ$75,000 Reparations
--------------------------------------------------------------
Hamish McNicol at Stuff.co.nz reports that a director of failed
finance firm National Finance said he has not been able to pay
reparations of NZ$75,000 because he has suffered losses five times
those of any investor and is "going bankrupt".

Anthony Banbrook was sentenced in March last year to eight and a
half months' home detention and ordered to pay reparations of
NZ$75,000 for making an untrue statement in a 2005 prospectus,
according to Stuff.co.nz.

He has not yet paid the reparations, which were due a month after
he was sentenced, the report says.

National Finance went into receivership in May 2006 owing
NZ$24.8 million to more than 2,000 investors.

According to Stuff.co.nz, the Crown sought in the High Court in
Wellington on June 6 that Mr. Banbrook be made to pay the money by
5:00 p.m. today, June 9 or a warrant for his arrest be issued.

Stuff.co.nz relates that Justice David Collins said Mr. Banbrook
could face up to two years' jail for failing to pay the reparation
orders.

Mr. Banbrook, who represented himself, said he had been told he
could pay the reparations in quarterly NZ$3,750 instalments, and
he had already made one payment.

He said he had lost more than NZ$1 million in the National Finance
fallout, five times that of any investor, and his bills continued
to rise.

"I'm basically going bankrupt," the report quotes Mr. Banbrook as
saying.

He said the reparation order was 10 times what it should have
been. It was "grotesque" and a "nonsense . . . even a man in the
street would see that," he said, notes the report.

According to the report, the Crown said there had been no
explanation on why it had not been paid, and that Mr. Banbrook had
assets of NZ$700,000.

His arguments in court were evidence of a lack of remorse,
especially in making comments about the extent of his losses, when
he was an offender, the report states.

The Crown sought that the reparations be paid by 5:00 p.m, today
or a warrant for Mr. Banbrook's arrest be issued, Stuff.co.nz
relates.

                      About National Finance

National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$21 million.  Trevor Allan Ludlow was the sole shareholder and
a director of the company.  John Gray was employed by the company
as an accountant.

After considering a complaint received from the Receiver,
PricewaterhouseCoopers, the Serious Fraud Office determined that
an investigation into the affairs the National Finance 2000
Limited may disclose serious or complex fraud.  An investigation
under Part One of the Serious Fraud Office Act was commenced on
June 30, 2006.  This was elevated to a Part Two investigation on
May 8, 2007.

Charges were laid against Trevor Allan Ludlow and John Gray in
October 2009.



=====================
P H I L I P P I N E S
=====================


MANDARIN ORIENTAL: To Close Hotel in 3rd Qtr of 2014
----------------------------------------------------
Jenniffer B. Austria at Manila Standard reports that over 400
employees of Mandarin Oriental Manila will lose their jobs after
the Makati hotel announced its closure in the third quarter of the
year.

According to the report, Charisse Chuidian, director of
communications, said the hotel management offered a severance
package to the affected employees three times than what the labor
law required.

"All hotel colleagues will receive full and fair severance payment
and appropriate professional guidance through the provision of job
fairs, career counseling and livelihood workshops," Ms. Chuidian
told Manila Standard in a text message.

Manila Standard reports that property developer Ayala Land Inc.,
meanwhile, said its hotel unit signed a long-term agreement with
Mandarin Oriental Hotel Group to develop and operate a new luxury
hotel in Makati City.

Ayala Land made the disclosure after Mandarin Oriental Manila, a
five-star hotel which opened at the corner of Makati Ave. and
Paseo de Roxas in Makati City in 1976, announced its closure, the
report notes. Ayala Land owns the Makati property and the building
managed by Mandarin Oriental.

Ayala Land officials did not respond to queries as of press time
when asked about the exact location of the new hotel and its plans
for the existing site of Mandarin Hotel, says Manila Standard.

It said the new hotel would feature 275 spacious rooms and was
scheduled to open in 2020.  The existing hotel has more than 500
rooms, the report adds.

Mandarin Oriental Hotel Group is an international hotel investment
and management group with deluxe and first class hotels, resorts
and residences in different cities around the world.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***