TCRAP_Public/140610.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, June 10, 2014, Vol. 17, No. 113


                            Headlines


A U S T R A L I A

ABTSI ENTERPRISES: Jirsch Sutherland Appointed as Administrator


B A N G L A D E S H

BASIC BANK: Loan Defaults Swelling to BDT1,700cr


C H I N A

CHINA FISHERY: Delayed Copeinca Bond Redemption No Ratings Impact
CHINA ZHENGTONG: S&P Affirms 'BB-' CCR; Outlook Stable
ZOOMLION HEAVY: Fitch Lowers LT IDR to 'BB+'; Outlook Stable


I N D I A

AIR INDIA: To Seek Additional INR1,600 crore This Fiscal
AMIT POLYPIPES: ICRA Reaffirms 'B' Rating to INR3.95cr Loan
AUTOMOBILE KAPOOR: CRISIL Reaffirms B- Rating on INR156.9MM Loans
BHANU INT'L: CRISIL Reaffirms B- Rating on INR200MM Term Loan
CORROSION ENGINEERS: CRISIL Rates INR30MM Cash Credit at 'B-'

DURGAPUR CHEMICALS: CRISIL Reaffirms D Rating on INR410MM Loans
FASCINATION INDIA: CRISIL Reaffirms 'B-' Rating on INR30MM Loan
GRACE ENTERPRISES: ICRA Suspends 'B-/A4' Rating on INR6cr Loan
HAMSA MINERALS: ICRA Reaffirms B+ Rating on INR9.20cr Loan
LOGIC TRANSWARE: CRISIL Cuts Rating on INR70MM Loan to 'D'

MAXWELL: CRISIL Assigns 'B-' Rating to INR45MM Cash Credit
NIZMAR HOTELS: CRISIL Raises Rating on INR153.5MM Loans to B-
PARAGON EXTRUSIONS: ICRA Reaffirms 'B-' Rating on INR7cr Loans
PATEL MOTORS: CRISIL Reaffirms 'B' Rating on INR669MM Loans
PCK COTTON: CRISIL Reaffirms 'B+' Rating on INR199MM Loans

RAY CONSTRUCTIONS: CARE Assigns 'B-' Rating to INR5cr Bank Loan
SAGAR FOODS: ICRA Assigns 'B' Rating to INR1.38cr Term Loan
SIR SHADI: ICRA Reaffirms 'B' Rating on INR234.9cr Loans
SRI RAMA: ICRA Reaffirms 'B-' Rating on INR27cr Loans
SRI VENKATRAMANA: ICRA Assigns 'B+' Rating to INR47cr Loans

TEJRAJ PROMOTERS: CRISIL Reaffirms B+ Rating on INR80MM Loan
TEJRAJ REALTORS: CRISIL Reaffirms 'B+' Rating on INR200MM Loans
TIRUPUR THIRUKUMARAN: ICRA Assigns 'B-' Rating to INR20cr Loan
ULCCS IT: CRISIL Cuts Rating on INR1.26 Billion Loan to 'B+'
VASAVI ESTATES: CARE Assigns 'B+' Rating to INR10cr Bank Loan

VEDANTA RESOURCES: Fitch Lowers IDR to 'BB'; Outlook Stable
VEEKAY POLYCOATS: CRISIL Ups Rating on INR1.54BB Loans to 'B+'
VIJAYA SAI: CRISIL Raises Rating on INR50MM Loan to 'B'
VIKAS FILAMENTS: ICRA Reaffirms B Rating on INR13.52cr Loans


N E W  Z E A L A N D

MIGHTY RIVER: S&P Assigns 'BB+' Rating to Proposed Capital Bonds
NZNET INTERNET: Directors Took a 'Gamble' With Creditors' Money
STRATEGIC FINANCE: FMA Says Secrecy Helped Secure Payback Deal


X X X X X X X X

* BOND PRICING: For the Week June 2 to June 6, 2014


                            - - - - -


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


ABTSI ENTERPRISES: Jirsch Sutherland Appointed as Administrator
---------------------------------------------------------------
Bradd William Morelli -- BraddM@jirschsutherland.com.au -- of
Jirsch Sutherland was appointed as administrator of Abtsi
Enterprises Pty Limited on June 3, 2014.

A first meeting of the creditors of the Company will be held at 47
Newcomen Street, in Newcastle, New South Wales, on June 16, 2014,
at 11:00 a.m.



===================
B A N G L A D E S H
===================


BASIC BANK: Loan Defaults Swelling to BDT1,700cr
------------------------------------------------
Rejaul Karim Byron at The Daily Star reports that BASIC Bank's
default loans continue to escalate in the face of irregularities,
despite Bangladesh Bank's efforts to keep it in check.

By the end of June, it is forecast to hit BDT1,700 crore, up
13 percent from March 30, according to a finance ministry report
placed in parliament on June 5, The Daily Star relays.

The Daily Star relates that the figure is 13.45 percent of the
state-run scheduled bank's total outstanding loans, and a central
bank official tipped the actual figures to be much higher as the
bank showed a huge amount of bad loans to be non-classified.

The report also found that the bank's financial condition is
worsening by the day, with its capital eroding at an alarming
rate, The Daily Star says.

The Daily Star notes that the minimum capital requirement as per
BB's stipulations is 10 percent against the risk-weighted assets,
but BASIC's stood at only 4.5 percent at the end of March.

One of the best-run banks till 2009, BASIC has been mired in
financial irregularities in recent years, with the bank counting
losses of BDT43.2 crore for the first time last year, The Daily
Star discloses.

The Daily Star relates that the Central bank investigations
unearthed irregularities involving loans worth around BDT4,500
crore in the last three years, and on May 29 it advised the
government to dissolve the bank's board as the governing body was
found to be complicit in the irregularities.

While the BB on May 24 removed the bank's managing director Kazi
Faqurul Islam for his failure to check the irregularities, the
government is yet to take any action against the main accused,
Sheikh Abdul Hye Bacchu, the bank's chairman, the report adds.

The Daily Star says the banking regulator also suspended loan
activities at three of BASIC'S branches -- Dilkusha, Shantinagar
and Gulshan -- where most of the irregularities took place last
year and the year before.



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


CHINA FISHERY: Delayed Copeinca Bond Redemption No Ratings Impact
-----------------------------------------------------------------
Moody's Investors Service says that China Fishery Group Limited's
postponed redemption of $250 million in Copeinca bonds due 2017
has no immediate impact on its B2 corporate family and senior
unsecured debt ratings or the stable outlook for the ratings.

China Fishery's decision follows a weakening of its operating cash
flow for April and May 2014, due to unfavorable weather
conditions.

"Moody's considers the unfavorable weather conditions as a
temporary situation. While the delayed redemption of the bonds
will increase China Fishery's debt leverage in 2014, its debt
levels will still fall within the parameters of its B2 rating,"
says Lina Choi, a Moody's Vice President and Senior Analyst.

Based on Moody's estimates, if China Fishery fails to pay down the
Copeinca bonds by September 2014, and the company suffers from a
reduced cash flow due to a lower than expected total catch, its
debt/EBITDA will rise to 5.5x-5.7x by September 30 2014, and its
EBITDA/interest will decline to 3.3x-3.5x. Such metrics would
remain within the parameters of its B2 rating.

"Moody's will continue to monitor China Fishery's liquidity
position; which could weaken if there are further disruptions to
its Peruvian catch and/or supporting banking facilities," says
Choi, who is also the Lead Analyst for China Fishery.

Moody's estimates that China Fishery's cash holdings totaled
around $130 million at 31 May 2014; an amount sufficient to
support the company's operations.

If the redemption is not completed for an extended period, then
China Fishery's ratings could be negatively affected.

The principal methodology used in these ratings was the Global
Protein and Agriculture Industry published in May 2013.

China Fishery Group Ltd is headquartered in Hong Kong and listed
in Singapore. It is engaged in three business segments: (1) the
contracted supply of Alaska pollock -- a species of cod -- in
Russia's northern Pacific area, through agreements with suppliers;
(2) the production of Peruvian fishmeal and fish oil, and (3)
fishing fleet operations.

The company is 46.5% effectively owned by the Pacific Andes group,
through Pacific Andes International Holdings Ltd (PAIH), a Hong
Kong-listed integrated fish and seafood products processor. The
Carlyle Group, a global alternative asset management firm, holds
an 11.1% stake in China Fishery.


CHINA ZHENGTONG: S&P Affirms 'BB-' CCR; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term corporate credit rating on China-based auto
retailer China Zhengtong Auto Services Holding Ltd. (Zhengtong).
The outlook is stable.  S&P also affirmed its 'cnBB+' long-term
Greater China regional scale rating on Zhengtong.

"We affirmed the ratings because we expect Zhengtong to sustain
the improvement in its profitability, debt leverage, and interest
coverage over the next 12 months," said Standard & Poor's credit
analyst Lillian Chiou.  "The company's operating scale is likely
to remain smaller than that of global peers, and we expect its
revenue concentration and capital expenditure to remain high over
the period."

Zhengtong's operations in a more competitive and fragmented market
than its global peers, the higher contribution of new-car sales to
its revenues, and its relatively small scale constrain its
operating performance.  Zhengtong's established market position in
China, good brand diversity, and high growth prospects partly
offset these challenges.  S&P assess the company's business risk
profile as "weak."

S&P expects Zhengtong's revenue growth to remain in high single
digits through 2014, given good demand for high-end automobiles in
China and rapidly rising demand for after-sales services.  S&P
expects the company's profitability to improve because higher
margins from sales of ultra-luxury automobiles and fast-growing
after-sales services will offset declining margins in new-car
sales due to fierce competition.  S&P expects the company's EBITDA
margin to be slightly higher in 2014 and 2015, compared with 6.6%
in 2013.

S&P assumes Zhengtong will further diversify its brand offerings,
such that the revenue contribution of its largest single brand
will decline to about 25% in 2014 from about 27% in 2013.  S&P
also expects the company to increasingly focus on organic growth
rather than on acquisitions over the next two years.  In S&P's
base case, it has not factored in any acquisitions.

S&P expects Zhengtong's total debt will continue to increase to
fund large working capital needs and capital expenditure for
opening new stores.  However, S&P anticipates that the ratio of
debt to EBITDA will remain at the same level as in 2013 and that
the EBITDA interest coverage will improve.  That is primarily
because S&P expects EBITDA to increase faster than total debt and
interest costs, given the company's focus on higher-margin
products and services, and its efforts to lower interest costs
through the issuance of U.S.-dollar-denominated bonds.  S&P
therefore assess the company's financial risk profile as
"significant."

"The stable outlook reflects our expectation that Zhengtong will
continue to shift its focus to higher-margin after-sales services
and restrain from any major acquisitions, such that the company
will maintain its current debt leverage over the next 12 months,"
said Ms. Chiou.

S&P could lower the rating if growth in Zhengtong's new-car sales
or profit margin is materially below our expectation and working
capital outflow increases more rapidly than we anticipate.  A
decline in EBITDA interest coverage to below 3x or a debt-to-
EBITDA ratio above 4x without any sign of improvement would
trigger a downgrade.  This could happen if industry growth slows
significantly or competition among dealers increases
substantially.  More aggressive debt-funded expansion than S&P
currently expects could also weigh on the rating.

S&P could raise the rating if Zhengtong can achieve satisfactory
sales growth, maintain or improve its gross margin and capital
structure more than S&P expects, and show disciplined financial
and working capital management.  A sustainable improvement in
EBITDA interest coverage to above 6x and in the debt-to-EBITDA
ratio to below 3x would trigger an upgrade.


ZOOMLION HEAVY: Fitch Lowers LT IDR to 'BB+'; Outlook Stable
------------------------------------------------------------
Fitch Ratings has down]graded China-based Zoomlion Heavy Industry
Science and Technology Co. Ltd's (Zoomlion) Long-Term Issuer
Default Rating (IDR) to 'BB+' from 'BBB-'.  The Outlook is Stable.
Fitch has also downgraded the construction machinery
manufacturer's foreign-currency senior unsecured rating to 'BB+'
from 'BBB-'.

The downgrade is a result of Zoomlion's poor performance during
the current industry downturn.  Despite its scale and industry
leadership, its sales and profits continued to shrink, mainly due
to limited product diversification and poor execution.  However,
its strong balance sheet remains intact.  In addition, Fitch
believes that the industry is at the bottom of the cycle and
recovery will begin by 2015.  These factors support the Stable
Outlook at the 'BB+' rating level.

KEY RATING DRIVERS

Business Stability Weakened: Zoomlion has long had technology and
market leadership, low operational leverage, and a strong balance
sheet.  These were key factors that the company had depended on to
withstand market cyclicality and support its previous 'BBB-'
rating.  However, during the 2012-2013 industry downturn, the
company failed to operate flexibly and diversify its product
offering.  Revenue from concrete machinery and cranes - two
segments that have been heavily hit in the current industry
downturn - accounted for 77% of total revenue in 2013.

The company's operational management is also below expectations,
with EBITDA margin (Fitch defined) falling sharply to 12.6% for
2013 from 20% for 2012, mainly as a result of high selling,
general and administrative expenses, even though the total number
of employees shrank by 15% during 2013.  Zoomlion's profitability
could stay flat for 2014 if it manages operating costs
effectively.

Significant Deterioration in Cash Generation: Zoomlion's 2013
revenue dropped by 20%, and 1Q14 revenue fell by another 10% yoy
as the company maintained its tight credit sales terms.  The
company also recorded negative operating cash flow (Fitch defined)
for the past year after it stopped factoring receivables under
financial leasing since 2H13.  Considering the high inventory in
the Chinese construction machinery market and relatively low
utilization rate, Fitch expects the destocking process to take
several more quarters and there may be a sales recovery only in
late 2014.  Fitch expects Zoomlion's 2014 revenue to fall below
2013's.

Customers Credit Risk Manageable: Receivables that were delinquent
by more than a year rose to 14.1% of total receivables as at end-
2013 from 2.5% a year earlier.  The default rate may peak in 2014
because the lowest quality assets (mainly those receivables
originated from credit sales with very low down-payment ratio)
were accumulated during 2011-2012, when generous payment terms
supported strong sales industry-wide.  However, Zoomlion's loss
rate for defaulted receivables has been historically lower than
10%, which significantly mitigates the potential cash loss from
the increasing default rate.  Fitch estimate shows immaterial cash
loss even after considering higher default and loss ratios.

Industry Has Passed Bottom of Cycle: The Chinese construction
machinery industry experienced another tough year in 2013 as huge
inventory being rapidly built up in previous years was only slowly
absorbed by the construction industry.  Major construction
equipment companies registered a sharp deceleration in sales
growth during the year.  Since early 2014, the industry-wide
inventory level has started to improve, driven by the destocking
process and supported by steady construction demand.  Fitch
expects sales of later-stage machinery, such as concrete machinery
and cranes, to recover in the near term.

Balance Sheet Intact: Despite the challenges in the past year,
Zoomlion still maintains a solid balance of CNY16.7bn of
unrestricted cash and CNY2.4bn of restricted cash at end-2013.  In
addition, the lower sales have actually improved the company's
balance sheet by releasing significant cash required for working
capital.  Zoomlion's strong balance sheet is particularly
impressive as the company, unlike most of its developed market
peers, does not raise non-recourse debt for its financial leasing
activities, and stopped factoring related sales receivables.

Lower funds from operation (FFO) drove up Zoomlion's leverage
ratio, measured by FFO adjusted net leverage, to 1.8x at end-2013
from 0.2x one year ago, even though capex has been scaled back.
However, Fitch expects leverage to improve in 2014 due to the
reduction in working capital.

RATING SENSITIVITIES

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

  -- further sustained declines in sales;
  -- material increase of in default or loss rate for
     receivables;
  -- EBITDA margin below 12% on a sustained basis;
  -- FFO-adjusted net leverage sustained above 2x;
  -- failure to maintain current market position and share in key
business segments.

Positive: Future developments that may, individually or
collectively, lead to positive rating action, include:

  -- material recovery in sales supported by further product
     diversification and more flexible products offerings on a
     sustained basis, and
  -- sustained positive cash flow from operating while leverage
     sustained below 1x, and
  -- operating margin sustained above that of domestic peers.



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


AIR INDIA: To Seek Additional INR1,600 crore This Fiscal
--------------------------------------------------------
The Times of India reports that Air India will seek an additional
INR1,600 crore as equity in 2014-15, asking for INR7,100 crore
instead of INR5,500 crore as per the original financial
restructuring plan (FRP) approved by UPA.

The report relates that the additional funds in the coming Budget
are being sought on three grounds -- shortfall of INR500 crore in
the government's equity infusion last fiscal, interest cost
incurred by the airline to raise this amount as loan from banks
and finally the fluctuation in $-re exchange rate last year from
the assumed value of INR40-45 when the FRP was approved.

"AI was to get INR6,000 crore this fiscal. The interim Budget
presented by outgoing UPA-II made a provision for INR5,500 crore.
So, the airline will be seeking the INR500 crore shortfall of last
fiscal and INR1,100 crore for meeting interest cost (incurred for
meeting this shortfall) and the wild exchange rate fluctuation,"
the report quotes an official as saying.

TOI says Prime Minister Narendra Modi will shortly be given a
presentation on the civil aviation sector, with focus on AI. "AI
is at a crucial juncture with the airline set to join Star
Alliance in a month. We are confident that the airline is seeing
light at the end of the dark tunnel," the official, as cited by
TOI, said.

According to the report, Modi's experience in turning around
crisis-ridden Gujarat Narmada Valley Chemicals and Fertilizers Ltd
(GNFC) is being cited as the role model for reviving AI. "The PM
is known to be keen on a strong and vibrant public sector. This
gives us tremendous hope for AI," said another official, the
report relays.

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India Lt got a
breather in the form of INR1,000-crore equity infusion from the
government on March 26.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.  TOI said the airline's
aircraft and working capital debt was INR26,033 crore and
INR21,125 crore respectively on December 31, 2013. The airline is
expected to lose INR3,990 crore this fiscal.

Air India has posted continuous losses since 2007, according to
The Economic Times.


AMIT POLYPIPES: ICRA Reaffirms 'B' Rating to INR3.95cr Loan
---------------------------------------------------------
ICRA has reaffirmed [ICRA]B rating to the INR3.00 crore fund based
limits and INR0.95 crore of term loan of Amit Polypipes Private
Limited. ICRA has also reaffirmed [ICRA]A4 rating to the INR3.00
crore non fund based limits of APPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       3.95        [ICRA]B
   Non Fund Based Limits   3.00        [ICRA]A4

The reaffirmation of ratings factors in the decline in company's
revenue over the past two years due to lack of orders from major
customer - Bharat Sanchar Nigam Limited (BSNL that accounted for
90 % of AAPL's revenues in FY12). However, company's foray into
supply of micro irrigation systems (MIS) has provided some respite
with relatively better margins as compared to BSNL orders.
Further, high competition in the industry from un-organized and
organized players coupled with susceptibility to raw material
price fluctuations continues to limits chances of margins
expansion for the company. MIS business being subsidy-linked,
often characterized by delays in timely disbursement of funds by
the respective state agencies resulted in higher working capital
intensity of business. ICRA nevertheless takes into account more
than 20 years of promoter's experience in pipe industry and the
strong demand of HDPE (high density polyethylene) pipes in the
future for National Optical Fiber Network (NOFN) scheme launched
by Government of India. Further, the demand for MIS also remain
favorable due to low penetration, benefits of improved
productivity, and efficient utilization of fertilizer and policy
initiatives by various state governments to increase the coverage
of area under micro irrigation.

Amit Polypipes Private Limited, a private limited company,
promoted by Mr. M.P. Bansal, is engaged in the manufacturing of
high-density polyethylene (HDPE) pipes, which are used for
electrical and communicated applications such as for casting
optical fiber etc. The company supplies majority of its products
to Bharat Sanchar Nigam Limited and receives tender-based orders.
From FY2013, the company has also being supplying micro irrigation
systems (MIS), both drip and sprinkler, to farmers in the states
of Bihar, Rajasthan and Gujarat.

Recent Result

In FY2014 (provisional numbers), the company reported an operating
income of INR7.64 crore and a PAT of INR0.05 crore as against an
operating income of Rs 4.46 crore and a PAT of Rs 0.02 crore in
FY2012


AUTOMOBILE KAPOOR: CRISIL Reaffirms B- Rating on INR156.9MM Loans
-----------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Automobile Kapoor's India Pvt Ltd to 'Stable' from
'Negative', while reaffirming the rating at 'CRISIL B-'. The
rating on the short-term facilities has also been reaffirmed at
'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Bank Guarantee          15.7       CRISIL A4 (Reaffirmed)

   Cash Credit             87.5       CRISIL B-/Stable (Outlook
                                      revised from 'Negative' and
                                      rating reaffirmed)

   Proposed Long Term      66.9       CRISIL B-/Stable (Outlook
   Bank Loan Facility                 revised from 'Negative' and
                                      rating reaffirmed)

   Term Loan                2.5       CRISIL B-/Stable (Outlook
                                      revised from 'Negative' and
                                      rating reaffirmed)

The outlook revision reflects CRISIL's belief that AKPL's
liquidity, though weak, will be better than previous estimates
owing to absence of any fixed debt obligations and debt-funded
capital expenditure (capex) plans. It has prepaid the term loans
through partial disposal of its fixed assets and infusion of
unsecured loans by promoters. AKPL's liquidity, however, will
remain stretched over the medium term driven by low cash accruals
which will be insufficient to meet its large working capital
requirements.

The ratings continue to reflect AKPL's weak financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics, low bargaining power with principal, and
exposure to intense competition in the automobile dealership
market. These rating weaknesses are partially offset by its
promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that AKPL's liquidity will remain weak in the near
term owing to expected low cash accruals vis-a-vis its working
capital requirements. The outlook may be revised to 'Positive' if
the company significantly improves its scale of operations while
efficiently managing its working capital. Conversely, the outlook
may be revised to 'Negative' in case of further decline in the
company's revenues and profitability leading to lower than
expected cash accruals or it undertakes any large, debt-funded
capital expenditure.

AKPL was set up in 2001 by the members of the Kapoor family of
Punjab. It is the sole authorised dealer for Tata Motors Ltd's
(TML; rated 'CRISIL AA/Stable/CRISIL A1+') passenger cars in
Amritsar and Tarn Taran (both in Punjab) with three showrooms-cum-
integrated workshops.

For 2012-13 (refers to financial year, April 1 to March 31), AKPL
reported a loss of INR1 million on net sales of INR375.7 million,
against a profit after tax of INR4.4 million on net sales of
INR686.5 million for 2011-12.


BHANU INT'L: CRISIL Reaffirms B- Rating on INR200MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Bhanu
International Resorts and Hotels Pvt Ltd (Bhanu) continue to
reflect Bhanu's exposure to risk related to the implementation and
commercialization of its on-going hotel project, and the
vulnerability to cyclicality in the hospitality industry. These
rating weaknesses are partially offset by the benefits Bhanu
derives from its promoters' extensive industry experience and
funding support, and the favourable location of its hotel.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Long Term Loan        200        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Bhanu will continue to benefit over the
medium term from its promoters' extensive industry experience and
the funding support. The outlook may be revised to 'Positive' in
case of timely completion of the project within the budgeted cost
along with higher-than-expected cash accruals or equity infusion
in the initial phase of operations resulting in significant
improvement in the company's liquidity. Conversely, the outlook
may be revised to 'Negative' in case of further pressure on its
liquidity, most-likely because of further cost or time overrun in
the project, or pressure on the occupancy levels, or any downturn
in the economy resulting in slowdown in the hospitality sector.

Incorporated in 2008, Bhanu is developing a 68-room three star
hotel in Porur (Tamil Nadu). The construction of the hotel started
in December 2010 and is expected to commence operations from June
2014. Bhanu's overall operations are managed by Mr. Suman Voora.


CORROSION ENGINEERS: CRISIL Rates INR30MM Cash Credit at 'B-'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Corrosion Engineers Private Limited (CEPL).
The ratings reflect stretched financial flexibility due to working
capital intensive operations and small scale of operations. These
weaknesses are partially offset by the experience of the promoters
in the trading of rubber related products.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            30        CRISIL B-/Stable
   Letter of Credit       80        CRISIL A4

Outlook: Stable

CRISIL believes that the credit profile of CEPL will remain under
pressure over the medium term due to stretched liquidity profile.
The outlook may be revised to positive if CEPL improves its
working capital cycle and reports higher than expected cash
accruals leading to improvement in its liquidity profile. The
outlook may be revised to negative with further deterioration in
working capital cycle or with debt funded Capex.

Incorporated in 1974, CEPL is owned and managed by Mr. Sanjay
Kumar and Mr. Narender Kumar. CEPL is in the trading of PVC resin,
plasticizer, EVA, PVC heat stabilizers, waxes, rubbers additives
and other chemicals which primarily find application in the
manufacturing of plastics and auto components.


DURGAPUR CHEMICALS: CRISIL Reaffirms D Rating on INR410MM Loans
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Durgapur
Chemicals Ltd (DCL) continues to reflect its prolonged delay in
servicing debt because of weak liquidity. The company has been
categorised as a non-performing asset (NPA) by the bankers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          --------      -------
   Proposed Long Term
   Bank Loan Facility     2.1        CRISIL D (Reaffirmed)

   Term Loan            407.9        CRISIL D (Reaffirmed)

Moreover, DCL has a weak financial risk profile, marked by its
small net worth, high gearing, and constrained debt protection
metrics, besides a modest scale of operations in a fragmented
industry. However, the company benefits from its long-standing
presence in the chlor alkali industry and the promoters' funding
support.

Incorporated in 1963, DCL manufactures chlor alkalis such as
caustic soda lye, chlorine and its derivatives, bleaching powder,
hydrochloric acid and bottled hydrogen. These products find
application in paper, textiles, soaps and detergents, alumina and
other industries. DCL is promoted and fully owned by the
Government of West Bengal. Since 2010, the director-in-charge, Mr.
Subrata Mukherjee, manages daily operations.


FASCINATION INDIA: CRISIL Reaffirms 'B-' Rating on INR30MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Fascination India (FI)
continue to reflect the firm's weak financial risk profile, marked
by weak liquidity, small net worth, low and volatile net cash
accruals, and weak debt protection metrics. The ratings also
reflect FI's large working capital requirements driven by large
inventory and debtors, and small scale of operations. These rating
weaknesses are partially offset by the extensive experience of
FI's promoters in the garments industry.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           --------    -------
   Export Packing Credit   30       CRISIL A4 (Reaffirmed)
   Foreign Bill Purchase   15       CRISIL A4 (Reaffirmed)
   Term Loan               30       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that FI's business risk profile will remain
constrained over the medium term by its small scale and working-
capital-intensive operations. The outlook may be revised to
'Positive' if FI significantly and sustainably scales up its
operations or reports more-than-expected profitability, leading to
substantial cash accruals, or improves its working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of low cash accruals or large working capital requirements
or debt-funded capital expenditure.

Update
FI is likely to report operating income of around INR94 million
for 2013-14 (refers to financial year, April 1 to March 31) vis-a
-vis INR73.3 million for 2012-13. The revenue growth is driven by
increased orders from existing customers and addition of customers
through buying agency Ashmara International. FI's revenue is
expected to grow by around 20 per cent over the medium term,
albeit on a small scale. FI's operating profitability remains low,
at 4.8 per cent, and is expected to remain at a similar level over
the medium term on account of volatility in prices, its limited
ability to bag large orders, and stretch in creditors.

FI's financial risk profile remains weak, marked by estimated
gearing of 2.5 times as on March 31, 2014. The gearing is expected
to remain high because of small net worth, estimated at INR31.4
million as on March 31, 2014, down from INR38.8 million as on
March 31, 2013. The net worth declined because of capital
withdrawal of around INR11.1 million in 2013-14 as one of the
promoters Mr. Virat Bhushan retired from the firm. However, Mr.
Virat extended unsecured loans of INR9.6 million to the firm to
support its liquidity. FI's liquidity remains weak, marked by near
full utilisation of packing credit limits in 2013-14 and low net
cash accruals. The net cash accruals are expected to remain just
adequate to meet debt obligations of around INR6 million over the
medium term. The net cash accruals are supported by annual rental
income of INR9.9 million. The working capital requirements remain
large, marked by estimated inventory and debtors of 159 days and
110 days, respectively, as on March 31, 2014. The working capital
requirements are large at year end because of large sales in the
last quarter of the year. FI's operations are expected to remain
working-capital-intensive, keeping its liquidity stretched over
the medium term.

FI was set up in 1982 as a proprietorship concern by Lieutenant
Colonel Kul Bhushan. In 1985, after the death of Lieutenant
Colonel Kul Bhushan, it was reconstituted as a partnership firm
with the inclusion of his wife Mrs. Usha Bhushan and sons Mr.
Vivek Bhushan and Mr. Virat Bhushan as partners. Mr. Virat Bhushan
retired as partner from the firm in 2013-14. FI manufactures tops,
blouses, skirts, and dresses for women, and shirts, T-shirts, and
trousers for men. The company exports to clients in Denmark,
Germany, Canada, France, Mexico and the US.

FI reported, on a provisional basis, profit after tax (PAT) of
INR3.7 million on net sales of INR87.1 million for 2013-14,
against a PAT of INR3.3 million on net sales of INR64.8 million
for 2012-13.


GRACE ENTERPRISES: ICRA Suspends 'B-/A4' Rating on INR6cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B- and [ICRA]A4 ratings assigned to
INR6.00 Crore fund based and non-fund based bank facilities of
Grace Enterprises. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


HAMSA MINERALS: ICRA Reaffirms B+ Rating on INR9.20cr Loan
-----------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]B+ outstanding
on the INR9.20 crore long-term fund based facilities (enhanced
from INR3.50 crore) of Hamsa Minerals & Exports. ICRA has also re-
affirmed the short term rating of [ICRA]A4 outstanding on the
INR10.00 crore short-term fund based facilities of HME.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based facilities      9.20         [ICRA]B+ / re-affirmed

   Short Term Fund
   Based facilities     10.00         [ICRA]A4 / re-affirmed

The ratings take comfort from the promoters' vast experience in
the domestic granite industry, strong business synergies derived
from the group companies that are engaged in the same line of
business, in the form of accessibility of raw granites from the
quarries owned / leased by the group companies and favourable long
term outlook for the granite processing industry. The ratings also
factor the firm's forward integration to granite processing and
exporting slabs which will boost its revenue. The ratings however
remain constrained by the firm's moderate scale of operations,
fragmented industry structure with large number of players
catering to the export market, geographically concentrated demand
and vulnerability of profit margins to fluctuations in foreign
exchange rates.

During 2013-14, the firm reported a flat revenue growth owing to
the subdued demand conditions in end user markets; however the
realizations were supported by sharp depreciation in INR (against
USD) thus boosting the net accruals of the firm. The firm's
financial profile remains constrained by the weak capital
structure, coverage ratios and high working capital intensity.
While a large portion of the debt is in the form of unsecured
loans from group companies, the partnership constitution of the
firm subjects it to risk of fund withdrawal. Going forward,
ability of the firm to scale up its operations, improve its
accruals and debt indicators, and better managing of working
capital indicators will be key credit monitorables.

Hamsa Minerals & Exports, promoted by Mr. V. Vikram Reddy and
family in 2004, is a partnership Firm engaged in granite quarrying
and exporting dressed granite blocks to countries such as China,
Hong Kong, Taiwan and Switzerland. Initially, the Firm was into
iron ore exports business and subsequently got 100 per cent EOU
(Export Oriented Unit) certificate from SEZ Vishakhapatnam to
export squared and dressed granite blocks.

Recent Results
The Firm reported net profit of INR2.1 crores on operating income
of INR22.8 crores during 2013-14 as against net profit of INR0.1
crore on operating income of INR21.4 crores during 2012-13.


LOGIC TRANSWARE: CRISIL Cuts Rating on INR70MM Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Logic Transware (I) Pvt Ltd to 'CRISIL D' from 'CRISIL
BB/Stable'.

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

The rating downgrade reflects instances of delay in debt servicing
by LTIPL and its continuously overdrawn bank lines; this was
caused by the company's weakened liquidity. Its liquidity has
deteriorated mainly due to unprecedented stretch in its working
capital cycle.

LTIPL has a below-average financial risk profile, marked by weak
liquidity. Moreover, the company has working-capital-intensive and
a modest scale of, operations in the highly fragmented and
competitive logistics industry. However, LTIPL benefits from its
promoters' extensive industry experience and established customer
relationships.

LTIPL was incorporated in 2000, promoted by Mr. Ajit Nair and his
wife, Mrs. Manjulakshmi Nair. The company provides logistics
services such as ocean freight forwarding, custom clearing,
warehousing, distribution, and surface transportation. It has its
head office in Mumbai (Maharashtra). It has around 10 offices
across India to look after its business in various ports and
cities such as Chennai (Tamil Nadu), Kochi (Kerala), Bengaluru
(Karnataka), Pune (Maharashtra), Mumbai, Ahmedabad (Gujarat), and
Delhi. Mr. Nair oversees the company's daily operations.


MAXWELL: CRISIL Assigns 'B-' Rating to INR45MM Cash Credit
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Maxwell.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            45        CRISIL B-/Stable
   Letter of Credit      130        CRISIL A4

The ratings reflect Maxwell's stretched liquidity with instances
of devolvement of letter of credit. Maxwell also has a modest
scale of operations with exposure to foreign exchange volatility
risk and below-average financial risk profile marked by modest net
worth, high gearing, and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of Maxwell's partners' and their funding support to the
firm.

Outlook: Stable

CRISIL believes that Maxwell will continue to benefit over the
medium term from its partners' extensive industry experience and
their funding support. The outlook may be revised to 'Positive' if
Maxwell significantly improves its financial risk profile, most
likely through better-than-expected cash accruals or equity
infusion along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
low cash accruals or large working capital requirements or debt-
funded capital expenditure, exerting further pressure on the
firm's liquidity.

Set up in 1991 and based in New Delhi, Maxwell is a partnership
firm owned and managed by Mr. Mahabir Pershad and Mr. Narender
Kumar. The firm trades in PVC (Polyvinyl chloride) resin,
plasticizers, PVC heat stabilisers, waxes, rubber additives, and
other chemicals.


NIZMAR HOTELS: CRISIL Raises Rating on INR153.5MM Loans to B-
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Nizmar
Hotels Pvt Ltd to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        2.5        CRISIL A4 (Upgraded
                                    from 'CRISIL D')

   Cash Credit           3.5        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Term Loan           150          CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects the improvement in NHPL's liquidity
backed by infusion of fresh funds by its promoters, leading to
regularisation of its bank lines. The upgrade also factors in
CRISIL's expectation that NHPL's operations at it renovated hotel
property will resume as per schedule, and its accruals will be
sufficient to cover its maturing debt obligations over the medium
term.

The ratings reflect NHPL's weak financial risk profile, marked by
a small net worth and substantial debt due to its large debt-
funded capital expenditure. Moreover, the company has a small
scale of operations in the highly fragmented hospitality industry.
These weaknesses are partially offset by the extensive industry
experience of its promoters.

Outlook: Stable

CRISIL believes that NHPL will continue to benefit over the medium
term from the advantageous location of its hotel and its
promoters' industry experience. The outlook may be revised to
'Positive' in case of better-than-expected ramp up in sales and
higher cash accruals during the initial phase of operations.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-anticipated ramp up in sales, or lower cash accruals,
or a cost overrun in the project, resulting in pressure on NHPL's
liquidity.

NHPL was set up in 1986 by the Goa-based Nizari family. Initially,
the company was engaged in real estate development in Goa. In
1995, it purchased a hotel, renovated it, and renamed it the
Nizmar Resort in 1999. Currently, the company is renovating the
entire hotel, at a cost of around INR187.5 million, primarily
funded by debt of INR150.0 million.


PARAGON EXTRUSIONS: ICRA Reaffirms 'B-' Rating on INR7cr Loans
---------------------------------------=----------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- assigned to
the INR3.5 crore (revised from INR3.75 crore) term loan and INR3.5
crore (revised from INR4.0 crore) cash credit facilities of
Paragon Extrusions Private Limited. ICRA has also re-affirmed the
short-term rating of [ICRA]A4 assigned to INR1.0 crore (revised
from INR1.5 crore) letter of credit facilities and INR1.25 crore
(revised from INR0.0) unallocated facilities of PEPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan              3.5        [ICRA]B- Reaffirmed
   Cash Credit            3.5        [ICRA]B- Reaffirmed
   Letter of Credit       1.0        [ICRA]A4 Reaffirmed
   Unallocated            1.25       [ICRA]A4 Assigned

The re-affirmation of rating takes into consideration the
company's stable operating performance based on scaling up of
operations on the back of capacity expansion from 900 MTPA to
2,400 MTPA. However, the same has been constrained by ongoing
demand slowdown which has exerted pressure on further revenue
growth of the company. Aided by increase in scale and
profitability of operations, the company's credit profile has also
improved with an adjusted gearing of 1.5x as on March 31, 2013.
The reaffirmation continues to factor in the company's steady raw
material supply on account of MoU (in partnership with Paragon
Industries Limited) with BALCO for off-take of aluminium ingots
and product pricing being based on prevailing aluminum prices on
LME thereby enabling the company to pass through hike in raw
material costs. The rating continues to draw comfort from
extensive experience of the promoters in the aluminium-based
products and glass-processing industry through group companies
with sizeable scale of operations. The above strengths are,
however, constrained by the small scale of operations and high
competitive intensity owing to fragmented structure of the
industry. In addition, the liquidity profile of the company
remains stretched on account of high working capital intensity of
operations and limited availability of un-utilized credit
facility. Additionally, unhedged, USD-denominated purchases of
aluminium scrap, which accounts for 75% of total material
consumption exposes the company's profitability to fluctuation in
foreign currency. Going forward, the ability of the company to
increase its scale of operations and improve the cash flow
position would be the key rating sensitivities.

Incorporated in 1997, PEPL manufactures a range of aluminium-based
extruded products such as aluminum profile, rods, flat bars,
angles, square bars, "T" profiles, "U" channels, heat sinks and
general engineering products. These products find application in
construction of buildings (as architectural elements),
manufacturing of electronic equipments etc. The company has two
presses for manufacturing extrusions with a total capacity of 2400
MTPA. The company's plant is located in Sahibabad, Uttar Pradesh.

The promoters of the company are Mr. Daljit Singh and Mr. Q.A.
Qazmi. The promoters have been associated with aluminum industry
since year 1995 through their group company Paragon Industries
Ltd. (rated [ICRA]B/A4) which is into manufacturing of aluminum-
rolled products such as sheets, coil, patterned chequered sheet,
closure stock (bottle cap), corrugated roof sheets, and general
engineering quality products. The company's manufacturing facility
is located in Roorkee with a present installed capacity of 27000
MTPA. The promoters also have presence in different kind of glass
processing and trading business through their other group concerns
namely Gudex Glass Industries Pvt. Ltd., MICO Glass Industries
Pvt. Ltd. and Glass Tech India.


PATEL MOTORS: CRISIL Reaffirms 'B' Rating on INR669MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Patel Motors (Indore)
Pvt Ltd continue to reflect PMPL's weak financial risk profile,
marked by a highly leveraged capital structure and small net
worth, low bargaining power with its principals Maruti Suzuki
India Ltd (MSIL), Eicher Motors Ltd (Eicher), and Tractors and
Farm Equipment Ltd (TAFE), and susceptibility of its margins to
intense competition in the automotive dealership market. These
rating weaknesses are partially offset by PMPL's promoters'
extensive industry experience, financial support extended by them,
its established position in the passenger and commercial
automobile dealership market in Madhya Pradesh (MP), and a
diversified product portfolio with dealerships of passenger and
commercial vehicles (CVs) as well as tractor and farm equipment.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         11        CRISIL A4 (Reaffirmed)
   Cash Credit           669        CRISIL B/Stable (Reaffirmed)

CRISIL has treated unsecured loans of INR115 million, outstanding
as on March 31, 2013, extended by the promoters and affiliates as
neither debt nor equity as PMPL has provided an undertaking to
CRISIL for non-withdrawal of these funds over the medium term.

Outlook: Stable

CRISIL believes that PMPL will benefit over the medium term from
its established relationships with its principals and its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if PMPL generates higher-than-expected cash
accruals, resulting in improvement in its capital structure and
debt protection metrics. Conversely, the outlook may be revised to
'Negative' if there is significant decline in the company's sales
volumes or operating margin, resulting in substantial weakening in
its debt protection metrics or if its working capital management
deteriorates, leading to weak financial risk profile and
liquidity.

Update
PMPL is estimated to report revenue of INR35 billion in 2012-13 as
compared with INR34.83 billion in 2012-13 (refers to financial
year, April 1 to March 31). The marginal increase in revenue is
largely because of moderate growth in sales of Eicher vehicles
owing to high demand in the CVs and passenger carrier vehicles
sectors. CRISIL believes that PMPL's sales growth will remain
moderate in 2014-15, because of the weak economic environment;
however, it will be supported by the fact that PMPL is the sole
dealer of Eicher vehicles in Indore (MP).

PMPL has had operating margin of 2.8 to 3.0 per cent for the past
couple of years due to fixed margins set by the principal. The
discounts offered by the principals do not have much effect on the
margins as the discount is shared by both, the principal and the
dealer, on a pre-arranged basis. The profitability margin is
likely to remain at 3 to 4 per cent over the medium term.

PMPL has moderate working capital requirements, indicated by its
estimated gross current assets (GCAs) of over 90 to 95 days as on
March 31, 2014; the company has reported similar GCAs in the past,
with estimated debtors of 27 to 30 days as on March 31, 2014,
mainly because the company extends a credit period of around 30
days to TAFE customers and 10 to 15 days to MSIL customers.

PMPL estimated to have small net worth of INR72 million to INR76
million as on March 31, 2014. The company contracted large debt to
fund its working capital requirements, which along with its small
worth, is estimated to result in a high total outside liabilities
to tangible net worth ratio of 11 to 12 times as on March 31,
2014. The company's debt protection metrics are also estimated to
remain weak due to a low interest coverage ratio of 1.4 times and
net cash accruals to total debt ratio of 3 per cent for 2013-14.

PMPL commenced operations as a partnership firm in 1983 and was
founded by Mr. Ballabh Bhai Patel. It initially was a dealer in
vehicles of TAFE in Indore. The firm was reconstituted as a
private limited company in 1993. PMPL became a dealer in Eicher
vehicles in 1995 and of MSIL for Indore in 1997. PMPL currently
deals in vehicles of its three principals, TAFE, Eicher, and MSIL.
The company also deals in automobile spare parts and accessories
and has workshops attached to its showrooms. All the
showrooms/extension counters/workshops are located in MP.


PCK COTTON: CRISIL Reaffirms 'B+' Rating on INR199MM Loans
----------------------------------------------------------
CRISIL's rating continues to reflect PCK Cotton Pvt Ltd's weak
financial risk profile, modest scale of operations and limited
pricing flexibility in an industry vulnerable to raw material
price fluctuations and any changes in government regulations.
These rating weaknesses are, however, offset by the promoters'
extensive experience in the cotton ginning segment and its
established customer base and supplier tie-ups.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          --------     -------
   Bank Guarantee          1        CRISIL A4 (Reaffirmed)
   Packing Credit        130        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     64        CRISIL B+/Stable (Reaffirmed)
   Term Loan               5        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that the PCK will continue to benefit from the
extensive industry experience of its promoters, and healthy
relationships with suppliers and customers over the medium term.
The outlook may be revised to 'Positive' if PCK significantly
increases its scale of operations, and improves or maintains its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' if the company reports a significant
decline in its revenue or profitability or if its capital
structure deteriorates because of large working capital
requirements.

Update:
PCK is estimated to register enhanced revenue of around INR907
million in 2013-14 (refers to financial year, April 1 to March 31)
as against INR763 million in 2012-13 mainly with an increase in
cotton prices in 2013-14 vis-a -vis 2012-13. The company could
sustain its operating margin at around 3.4 per cent in 2013-14.
PCK is likely to maintain its stable scale of operations and
operating profitability in the near term.

The company's working capital requirements are moderate with gross
current assets (GCAs) of 52 days as on March 31, 2014. The
receivables are high at 27 days as against 7 days as on March 31,
2013, and could improve to 7 days as PCK entirely discounts its
export bills. The company's inventory was low at around 22 days as
on March 31, 2014.

PCK's financial risk profile is marked by its modest net worth of
INR32 million as on March 31, 2014 and high gearing of 2.9 times.
The company's gearing could be moderate over the medium term,
commensurate with its working capital requirements. PCK's interest
coverage was estimated to be stable at 1.7 times and net cash
accruals to total debt at 11 per cent for 2013-14.

PCK's liquidity is adequate, with healthy cash accruals vis-a -vis
its debt obligations of INR2 million. Since the export bills are
discounted, the company's bank limit utilisation will remain low
at 47 per cent through the 12 months ended March 31, 2014.

PCK, incorporated in 1998 and promoted by Mr. Chetan Mehta,
commenced operations in 2004 at Jalgaon (Maharashtra). The company
undertakes cotton ginning and pressing activities.


RAY CONSTRUCTIONS: CARE Assigns 'B-' Rating to INR5cr Bank Loan
---------------------------------------------------------------
CARE assigns CARE B- and CARE A4 ratings to bank facilities of Ray
Constructions Limited.

                                 Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5         CARE B- Assigned
   Short term Bank Facilities    23         CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Ray Constructions
Limited are primarily constrained by the stretched liquidity
profile leading to instances of overdrawals. The ratings are
further constrained by its relatively modest scale, moderate
profitability, working capital intensive nature of operations and
presence in a highly competitive & fragmented construction
industry.

The above factors far outweigh the benefits derived from the
promoter's experience, moderate capital structure & debt
coverage indicators and RCL's association with the reputed
clientele.

The ability of RCL to improve its liquidity position and efficient
management of the working capital along with increase in its scale
of operations amidst increasing competition would remain the key
rating sensitivities.

Incorporated in September 1986, Ray Construction Limited was
initially set up as a private limited company and subsequently
reconstituted as a limited company in 1994. RCL is engaged in
various construction related activities viz civil construction
(industrial buildings, RCC roads, towers, chimneys and other
related works; contributed 80% of total construction work),
structural steel works, mechanical structures, storage tanks,
industrial piping, water treatment plants, building
electrification and others.

During FY13 (refers to the period April 1 to March 31), RCL
reported a total operating income of INR62.96 crore (vis-a-vis
FY12 INR55.67 crore in FY12) and PAT of INR1.35 crore (vis-…-vis
FY12 INR1.19 crore). Furthermore, during FY14 (provisional), the
company has achieved the total operating income of INR95.35 crore.
Furthermore, the company has a moderate unexecuted order book of
INR102.90 crore as on May 1, 2014.


SAGAR FOODS: ICRA Assigns 'B' Rating to INR1.38cr Term Loan
-----------------------------------------------------------
ICRA has assigned the rating of [ICRA]B to the INR1.38 crore term
loan of Sagar Foods. ICRA has also reaffirmed the rating of
[ICRA]A4 for the INR6.00 crore (enhanced from INR4.00 crore)
Foreign Documentary Bill Purchase (FDBP) facility and the INR8.00
crore (enhanced from INR6.00 crore) Packing Credit facility of SF.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             1.38        [ICRA]B assigned
   FDBP Facility         6.00        [ICRA]A4 reaffirmed
   Packing Credit
   Facility              8.00        [ICRA]A4 reaffirmed

The ratings reflect the relatively modest scale of the firm's
operations; vulnerability of the profitability to the fluctuations
in procurement rates and foreign exchange rates. The ratings
further remain constrained by the firm's weak financial profile
reflected by low profitability, adverse capital structure and weak
coverage indicators. While assigning the rating ICRA has also
noted the likely risks of capital withdrawals and its adverse
impact on capital structure of the firm that are inherent in
partnership firms, as has been the case in the past.

The ratings, however, favorably take into account the long
experience of the promoters in the seafood industry, and growing
demand for Indian seafood in overseas market leading to growth in
sales realizations; though the demand from the EU countries, which
is a key target market of the firm, has remained stagnant.

Sagar Foods (SF), incorporated in 1992, is engaged in the business
of processing and export of frozen seafood including cuttlefish,
shrimp and squids to the European countries. The firm's processing
plant has an EU approval under 'PPa' category for export of
seafood items. The firm is predominantly an export oriented player
with more than 95% of its revenue derived from the overseas
market.

Recent Results

For FY2013, the firm reported an operating income of INR26.55
crore and profit after tax of INR0.35 crore as against operating
income of INR25.33 crore and profit after tax of INR0.29 crore for
FY 2012. Further, the firm reported operating income of INR15.55
crore and profit before depreciation and tax of INR1.05 crore for
9M FY 2014 (as per unaudited provisional numbers).


SIR SHADI: ICRA Reaffirms 'B' Rating on INR234.9cr Loans
--------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' assigned to
the INR230.70 Crore (enhanced from INR210.50 crores) fund based
limits and INR4.20 Crore (reduced from INR14.31 crores )
unallocated limits of Sir Shadi Lal Enterprises Limited.  ICRA has
also reaffirmed the short-term rating of [ICRA]A4 assigned to
INR6.10 Crores non-fund based limits of SSLEL. The rating watch
with negative implications has been removed.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits    230.70      [ICRA]B; Reaffirmed/Assigned
   Unallocated Limits     4.20      [ICRA]B; Reaffirmed
   Non Fund Based Limits  6.10      [ICRA]A4; Reaffirmed

The ratings reaffirmation takes into account the continued
pressures on the operating profitability of the UP bases sugar
mills, including SSLEL, arising mainly on account of high cane
costs in the state in relation to sugar prices. These pressures
have resulted in large financial losses by SSLEL during nine
months period ended December 2013. Even though the sugar prices
have increased since March 2014, the sugar operations of the
company remain vulnerable to the Government of Uttar Pradesh's
policy on cane prices, given that they are largely fixed without
any reference to prevailing sugar prices. The profitability of the
sugar mills also remain exposed to the cyclical nature of the
sugar industry and agro-climatic risks related to cane product.
SSLEL's rating is also constrained by its low recovery rates which
results in higher cane cost of production and its weak financial
profile as reflected by net loss in 9M FY14, erosion of net worth,
high gearing level and weak debt coverage indicators. SSLEL is
recognized by Board of Industrial & Financial Reconstruction
(BIFR) as a potentially sick unit. The company has been selling
off its assets (sale of 36 KLPD distillery unit in Pilkhani in
FY11) to fund the losses. Currently, the company is in the process
of selling its loss making Unn unit for a total consideration of
INR75.50 crores which is expected to provide some comfort to the
liquidity and cash flows of the company in the near term. Further,
after the sale of Unn sugar complex, the cash credit limit of the
company will reduce by INR79.50 crores.

The ratings, however continue to derive comfort from the
experienced promoters of the company with long track record in the
sugar business, timely servicing of debt obligations and low
repayment obligations since debt primarily comprises of working
capital borrowings.

Going forward, the improvement in the liquidity position of the
company via the proposed sale of core & non-core assets and profit
generation by the business would remain key rating sensitivities.

SSLEL, promoted by Sir Shadi Lal in the year 1933, is a partially
integrated sugar manufacturer and is engaged in the production of
sugar and alcohol. It currently operates two units, one each at
Shamli District and Unn District (Muzaffarnagar, Uttar Pradesh).
The company has an aggregate crushing capacity of 11250 MTPA and a
distillery capacity of 25 KLPD. The company is currently in the
process of selling its Unn unit (5000 TCD) for a total
consideration of INR75.50 crores. The transaction is expected to
be completed by July 2014.


SRI RAMA: ICRA Reaffirms 'B-' Rating on INR27cr Loans
-----------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR10.52
crore term loans, INR3.00 crore fund based limits, INR2.90 crore
non-fund based limits and INR10.58 crore unallocated limits of Sri
Rama Educational Trust at [ICRA]B-.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Term Loan                10.52       [ICRA]B-/re-affirmed
   Fund Based CC Limits      3.00       [ICRA]B-/re-affirmed
   Non-Fund Based Limits     2.90       [ICRA]B-/re-affirmed
   Unallocated Limits       10.58       [ICRA]B-/re-affirmed

The rating is constrained by irregularities in debt servicing in
the bank facilities not rated by ICRA. The rating also negatively
factors in the trust's stretched liquidity position on account of
high amount of pending receivables from the Andhra Pradesh (AP)
Government under Fee reimbursement scheme and hospital bills
raised under the Rajiv Aarogyasri and Employee State Insurance
Corporation (ESIC) schemes. The rating is also constrained due to
the low cash generation from operations in the past coupled with
high interest costs resulting in negative accretion to reserves
which has eroded the capital fund of the trust requiring SRET to
rely on financial support from its trustees to meet the debt
servicing requirements.

The rating, however draws comfort from the fact that the revenue
receipts have witnessed a healthy growth at a CAGR of 16% during
FY11 to FY14 mainly on account of increase in MBBS seats from 100
to 150 and Post Graduation (PG) seats from 42 to 46 with effect
from the academic year 2012-13; simultaneous increase in hospital
revenue by more than 60% during FY14 has also supported the
increase in revenue. The rating also positively factors in the
long track record of the Founder Chairman, Mr. Alluri Murthy Raju
in the educational sector and the 100% occupancy levels for the
MBBS, PG and Paramedical courses at SRET owing to shortage of
seats state wide.

Going forward, ability of the trust to achieve healthy
profitability margins, maintain its working capital requirements
and generate enough cash flows to pay back its debts in a timely
manner would be the key rating sensitivities.

SRET located in Vizianagaram district of Andhra Pradesh offers
various courses in the medical stream. It is affiliated to the Dr.
NTR University of Health Sciences, Vijayawada, Andhra Pradesh. The
trust also operates a 750 bed hospital as stipulated by the MCI.
Chairman of the Trust, Mr. Alluri Murthy Raju has significant
experience in the education sector owing to his association with
other primary and higher education institutions.


SRI VENKATRAMANA: ICRA Assigns 'B+' Rating to INR47cr Loans
-----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the Rs 47.0
crore (enhanced from Rs 17.0 crore) term loans and fund based
working capital facilities of Sri Venkatramana Paper Mills Private
Limited. ICRA also has an outstanding short term rating of
[ICRA]A4 to the Rs 7.0 crore non-fund based bank limits of
SVPMPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term, Fund
   based facilities        14.5         [ICRA]B+; assigned

   Long term, Term
   loans                   28.0         [ICRA]B+; assigned

   Long term, Proposed
   fund based facilities    4.5         [ICRA]B+, assigned

   Short term, Non fund
   based facilities         7.0         [ICRA]A4

The reaffirmation of the ratings considers the company's presence
in the highly fragmented and competitive B-grade paper segment;
and the weak profitability due to the high operating and financing
costs. While the unavailability of continuous power supply has led
to low capacity utilization, the fluctuations in raw materials
costs have resulted in volatility in operating margins. The
ratings are also impacted by the significant debt-funded capital
expenditure that is being incurred for setting up a gas based
power plant; and the large delays in commissioning which have
resulted in levy of heavy penalties by the gas supplier. ICRA also
notes that the dollar denominated gas price has been increasing
sharply in the recent past due to the sustained rupee depreciation
and coupled with the Government's proposal to increase the gas
price, this would render the power plant uncompetitive at the
current tariff expectations.

The ratings, however, consider the favourable prospects for the
paper industry in India driven by the increasing demand; the
promoters' significant experience in the paper industry and the
established network of dealers for the PWP segment and repeat
orders in the newsprint segment. The ratings further take into
account the expected improvement in the profitability of the
company post commissioning of the power plant provided steady gas
availability and a favourable pricing regime.

Sri Venkatramana Paper Mills Pvt Ltd was incorporated in the year
2008 as a private limited company to manufacture Printing and
Writing Paper (PWP) and newsprint. The operations were started in
2009 by purchasing the demerged paper division of Sam Turbo
Industries Limited, Coimbatore. The assets of the company were
transferred to SVPMPL and production was started in 2010.
Currently, the company produces various types of PWP and newsprint
and has many prominent local daily newspapers as its customers.
The company is part of a three company group set up by Mr.
Sanjeevi. The oldest entity is Sri Balaji Traders. The Group also
owns a spinning mill by the name of Amaravathi Spinning Mills
(Rajapalayam) Private Limited.


TEJRAJ PROMOTERS: CRISIL Reaffirms B+ Rating on INR80MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Tejraj
Promoters & Builders Pvt Ltd continues to reflect TPBPL's
susceptibility to project implementation risks and to cyclicality
in the real estate industry in India. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the real estate industry and the funding support it
receives from them.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       --------      -------
   Term Loan           80         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TPBPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
their funding support. The outlook may be revised to 'Positive' in
case of timely completion of the company's project along with
better-than-expected customer bookings, resulting in an
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' in case of a time or cost overrun in the
project or lower-than-expected ramp up in customer bookings,
leading to weak cash inflows, or larger-than-anticipated financial
exposure to group companies.

TPBPL was incorporated in 2011 in Pune (Maharashtra), promoted by
Mr. Tejraj Patil; it commenced commercial operations in August
2012 with a residential redevelopment project in Pune in
association with the occupants of the property. The project is
being marketed under the name HariTej; it is expected to be
completed in September 2015. The company, part of the Pune-based
Tejraj group, has now taken up two new projects, Tejbliss and
Tejaswa.


TEJRAJ REALTORS: CRISIL Reaffirms 'B+' Rating on INR200MM Loans
---------------------------------------------------------------
CRISIL rating on the long-term bank facilities of Tejraj Realtors
(TRL) continues to reflect TRL's susceptibility to risks related
to project implementation and to cyclicality in the real estate
industry in India. These rating weaknesses are partially offset by
the extensive industry experience of TRL's partners and the
funding support it receives from them.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             200        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TRL will continue to benefit over the medium
term from its partners' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' in case
of timely completion of the firm's project within the budgeted
cost along with better-than-expected customer bookings, resulting
in an improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' in case of a time or cost overrun in the
project or lower-than-expected ramp up in customer bookings,
leading to low cash inflows, or large debt-funding of the proposed
project.

TRL was established in 2011 in Pune (Maharashtra) by Mr. Tejraj
Patil; it commenced commercial operations in November 2012 with a
residential redevelopment project at Baner in Pune. The project is
being marketed under the name DivyaTej; it is expected to be
completed in June 2017. The firm is part of the Pune-based Tejraj
group.


TIRUPUR THIRUKUMARAN: ICRA Assigns 'B-' Rating to INR20cr Loan
--------------------------------------------------------------
ICRA has assigned long term rating of [ICRA]B- to the INR20.0
crore fund-based facilities of Tirupur Thirukumaran Textiles
Private Limited.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Facilities     20.0       [ICRA]B-/assigned

The assigned rating reflects the stretched capital structure with
inadequate coverage indicators of TTPL and the weak operational
and financial performance of the company during the past few
fiscals. Despite recovery in demand conditions witnessed during
2012-13 and 2013-14, lower production levels also impacted by
power disruptions and the high interest costs resulted in net
losses and thin cash accruals, severely straining the liquidity
position of the company. TTTPL had incurred debt funded
expenditure during 2010-11, which coupled with subsequent losses
and inherent working capital intensity in the business have
resulted in high gearing and inadequate debt coverage metrics.
Earnings are also exposed to the volatile cotton prices,
particularly on account of the limited pricing flexibility owing
to the intense competition and relatively small scale of
operations. The rating also factors in the experience of promoters
of TTTPL of about a decade in the textile business and the company
enjoys financial support from its group entities engaged in other
businesses. The promoters envisage improving the capital structure
and liquidity position though equity infusion in the current
fiscal, which would be critical to support the financial profile
of the company going forward.

Tirupur Thirukumaran Textiles Private Limited, is a small scale
spinning unit with an installed capacity of about 18,864 spindles
located in Gobichettipalayam (Erode district of Tamil Nadu). The
company produces cotton combed yarn in counts ranging from 30s to
80s. TTTPL, currently managed by Mr Raveendran and his family, was
initially established in January 1993 by Mr A. Palanisamy till the
current management bought out the assets and liabilities of the
company in August 2013. The current promoters have interests
spread across many industries including logistics (about 250
trucks), retailing of LPG gas and textiles (weaving).


ULCCS IT: CRISIL Cuts Rating on INR1.26 Billion Loan to 'B+'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of ULCCS IT Infrastructure Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Long Term Loan       1,260      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects pressure on UIIPL's liquidity as the
company's cash inflows would be tightly matched for meeting its
debt obligations. The company's debt service coverage ratio (DSCR)
is expected to remain weak at around 1.02 times in 2015-16 (refers
to financial year, April 1 to March 31); hence, any delays in cash
inflows will impact its debt servicing ability.

The rating reflects UIIPL's susceptibility to project
implementation risks and its below-average financial risk profile
marked by high gearing. These weaknesses are partially offset by
the support it derives from parent ULCCS Ltd.

Outlook: Stable

CRISIL believes that UIIPL will continue to receive funding
support from ULCCS Ltd over the medium term. The outlook may be
revised to 'Positive' in case of higher than expected occupancy
providing healthy revenues thereby improving its cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
further time or cost overrun in UIIPL's project, or lower-than-
expected cash inflows because of muted saleability of its project.

Incorporated in November 2008, UIIPL is developing an IT park, UL
Cyberpark, in Kozhikode (Kerala). UIIPL is a subsidiary of ULCCS
Ltd (a co-operative society). ULCCS Ltd, formed in 1925,
undertakes civil construction projects, such as road and bridge
construction, in Kerala.


VASAVI ESTATES: CARE Assigns 'B+' Rating to INR10cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Vasavi
Estates.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      10        CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Vasavi Estates is
constrained by the constitution of the entity as a partnership
firm with small scale of operations, implementation risk
associated with its ongoing projects and high competition from
other real estate players located in Hyderabad. The rating,
however, derives strength from the experienced promoters in the
real estate industry, satisfactory debt coverage indicators and
advantageous location of the project with moderate order booking
status.

The ability of the firm to complete its ongoing project without
any cost or time overrun and achieve the envisaged sales as
anticipated would be the key rating sensitivities.

Vasavi Estates was established in the year 2012 as a partnership
firm by Mr Y Vijay Kumar, Mr S Rajamouli, Mr P Venkateshwarulu, Mr
K Ramesh and Mr K Srinivasulu along with six other partners. VE is
part of the Vasavi Group and is engaged in the development of
residential flats in and around Hyderabad city. The firm is
currently implementing its first project "Vasavi Shanthinikethan"
which is located at Whitefields, Hitech city Hyderabad which is
expected to be completed by FY16 (refers to the  period April 1 to
March 31). The total land area of the project is 14,546 sq. yards
out of which 5,000 Sq. yards is owned by VE and the remaining
9,546 sq. yards belongs to a landlord with whom the firm has
entered in a joint development agreement (JDA), with a sharing
ratio of 40:60 (Landlord: Developer).


VEDANTA RESOURCES: Fitch Lowers IDR to 'BB'; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has downgraded India-based Vedanta Resources Plc's
(Vedanta) Long-Term Issuer Default Rating (IDR) to 'BB' from
'BB+'.  The Outlook is Stable.  The agency has also downgraded
Vedanta's senior unsecured ratings to 'BB-' from 'BB'.  A full
list of rating actions is at the end of this commentary.

Fitch has subsequently withdrawn the ratings as Vedanta has chosen
to stop participating in the rating process.  Therefore, Fitch
will no longer have sufficient information to maintain the
ratings.  Accordingly, Fitch will no longer provide ratings or
analytical coverage for Vedanta.

The downgrade follows a revision in the agency's approach in
rating Vedanta and resolves the Watch Negative that was placed on
the rating on May 15, 2014.  Fitch has analyzed Vedanta's
financial profile based on proportionate debt and EBITDA to better
reflect the fragmented shareholding of Vedanta in its
subsidiaries.  The fragmented shareholding restricts the level of
Vedanta's access to the large cash balances and future cash flows
from its key operating subsidiaries - Cairn India Limited (CIL),
Hindustan Zinc Limited (HZL) and Sesa Sterlite Limited (SS).

KEY RATING DRIVERS

Weak Proportionate Consolidated Financial Profile: The financial
profile of Vedanta is weak relative to 'BB+' rated peers with
proportionate leverage (proportionate net debt/ proportionate
EBITDA) of 5.5x as at end-March 2014.  Vedanta's consolidated net
debt/ EBITDA of 1.8x does not capture the leakages of cash to
minority shareholders at its subsidiaries.  Most of Vedanta's
USD9bn of cash is at HZL (USD4.3bn) and CIL (USD4bn).  With
Vedanta's effective holding of only 37.8% and 34.3% respectively
at these entities, the effective cash available to Vedanta is
likely to amount to only about one-third of the total cash in the
group.  While the cash available to Vedanta by way of dividends is
limited, it does provide additional short-term liquidity to the
group.  The IDR also factors in Vedanta's ability to access cash
from SS without any leakages to the extent of the inter-company
loan receivables by Vedanta (amounting to USD4.3bn as at 31 March
2014).

Weak Standalone Interest Cover: Vedanta's standalone interest
cover (from dividend and interest income) is expected to be weak
at 0.72x as at end-March 2014.  The interest on the inter-company
loan receivables from SS and its subsidiaries and dividends from
SS are not adequate to meet the company's interest obligations.
The company meets its interest obligation from the inter-company
advances repaid by its group companies.  This is likely to
continue over the next two financial years.  However, this is
counterbalanced by Vedanta's access to unutilised bank lines of
USD500m and access to cash by way of dividends or intercompany
loans and/or advances.

Adding to Stakes in Subsidiaries: Vedanta plans to acquire
additional shares in its subsidiaries HZL and BALCO Ltd.  This
follows the government of India's plan to sell its shares in these
entities through an auction.  Acquiring the stakes will remove the
cash leakages from HZL and benefit the company in the long term,
although the increase in net debt by about USD4bn (as approved by
the shareholders) for the acquisition will mitigate any benefits
in the near to medium term.  This is reflected in Fitch's
expectation of improvement in Vedanta's proportionate leverage to
below 5x only in the financial year ending March 2016 (FY16).

Regulatory Risks Continue: Vedanta continues to face regulatory
challenges primarily at its operations in India.  Vedanta's copper
and iron ore mining operations improved during FY14 with
commencement of its copper smelting operations and iron ore mining
at its Karnataka mines.  In addition, the Indian Supreme Court
allowed Vedanta to start mining operations in Goa in April 2014.
However, Fitch expects the process for securing other regulatory
approvals relating to mining in Goa to continue impact the company
in the near term.  The company's aluminium business continues to
be constrained by the lack of captive mining and pending approvals
for use of the group's power project in Orissa for its aluminium
business.

Low Cost Position in Key Businesses: Vedanta will continue to
benefit from its strong market position, driven by long reserve
life and low cost curves in some of its key businesses.  The
company ranks in the lowest cost quartile in the zinc, iron ore
and oil businesses while it is in the second quartile of the cost
curve for aluminium.

Senior Unsecured Rating: Fitch has notched down the senior secured
rating from the IDR by one notch.  The notching is in view of
significant debt at Vedanta and non-direct recourse to the profits
and assets of the producing entities under SS.  Further the
existence of significant prior ranking debt at Vedanta's
operational subsidiaries also limits the extent of access to the
profits and assets.

A full list of rating actions follows:

Long-Term IDR downgraded to 'BB' from 'BB+'; Outlook Stable.
Withdrawn
Senior unsecured rating downgraded to 'BB-' from 'BB'. Withdrawn
USD1.25bn senior unsecured bonds downgraded to 'BB-' from 'BB'.
Withdrawn
USD1.65bn senior unsecured bonds downgraded to 'BB-' from 'BB'.
Withdrawn
USD1.7bn senior unsecured bonds downgraded to 'BB-' from 'BB'.
Withdrawn
USD180m senior unsecured loan facility downgraded to 'BB-' from
'BB'. Withdrawn
USD150m unsecured loan facility of Twinstar Holdings Ltd,
Mauritius backed by an unconditional, irrevocable guarantee from
Vedanta downgraded to 'BB-' from 'BB'. Withdrawn
USD170m senior unsecured loan facility of Valliant (Jersey)
Limited backed by an unconditional, irrevocable guarantee from
Vedanta downgraded to 'BB-' from 'BB'. Withdrawn
USD180m senior unsecured loan facility of Vedanta Finance (Jersey)
Limited backed by an unconditional, irrevocable guarantee from
Vedanta downgraded to 'BB-' from 'BB'. Withdrawn


VEEKAY POLYCOATS: CRISIL Ups Rating on INR1.54BB Loans to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Veekay Polycoats Ltd to 'CRISIL B+/Stable' from 'CRISIL B/Stable'
and reaffirmed its rating on the company's short-term bank
facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           595        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit      710        CRISIL A4 (Reaffirmed)

   Proposed Long Term    399.7      CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan             545.3      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that VPL's liquidity
will improve over the medium term supported by healthy cash
accruals against term debt obligations and deferral of proposed
debt-funded capital expenditure (capex). The company generated
insufficient cash accruals of INR106.6 million against term debt
obligations of INR120.5 million in 2011-12 (refers to financial
year, April 1 to March 31), and tightly matched cash accruals of
INR159.3 million and INR157.8 million in 2012-13 and 2013-14,
respectively, against debt obligations of INR138.8 million and
INR147.6 million, respectively. However, its liquidity was
supported by equity infusion of INR106.7 million by promoters
during 2013-14. VPL is likely to generate cash accruals of around
INR200 million against debt obligation of INR140 million in 2014-
15. Adequate expected cash accruals, along with deferment of debt-
funded capex and continuous funding support from promoters in the
form of equity and unsecured loans, will lead to considerable
easing of pressure on the company's liquidity.

The ratings continue to reflect VPL's susceptibility to intense
competition in the highly fragmented synthetic leather industry.
However, this rating weakness is partially offset by VPL's
moderate financial risk profile, marked by a healthy net worth,
moderate gearing, and weak debt protection metrics, and
established position in the synthetic leather industry.

Outlook: Stable

CRISIL believes that VPL's liquidity will remain constrained by
its large debt obligations over the medium term, given its large
debt-funded capex in the past. The outlook may be revised to
'Positive' if VPL increases its scale of operations significantly,
most likely on account of improved utilisation of its Bhiwadi
(Rajasthan) unit, while improving its profitability, leading to
substantial increase in cash accruals, or if sizeable equity
infusion improves its financial flexibility. Conversely, the
outlook may be revised to 'Negative' if VPL undertakes a large
debt-funded capex program, or if its scale and operating
profitability decline significantly, resulting in low cash
accruals, thereby weakening its liquidity.

VPL was established by Mr. Vinod Garg in 1992. The company
manufactures synthetic leather, vinyl flooring, and PVC films, and
commenced manufacturing of non-woven fabrics in 2006. It has two
manufacturing facilities in Gurgaon (Haryana) and one in Bhiwadi.


VIJAYA SAI: CRISIL Raises Rating on INR50MM Loan to 'B'
-------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Vijaya Sai Cotton Corporation to 'CRISIL B/Stable 'from 'CRISIL
D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            50        CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects the regularization of VSCC's cash
credit account over the last six months ended May 2014 supported
by improvement in its receivables cycle. CRISIL believes that the
firm will sustain this improvement on the back of its cautious
strategy to offer low credit to customers and its enhanced
collection efforts. Furthermore, the firm's liquidity profile is
supported by absence of term loans; the firm does not intend to
contract any incremental term loan over the medium term.

The rating also reflects VSCC's below-average financial risk
profile marked by its small net-worth, high gearing and below-
average debt protection metrics. The ratings of the firm are also
constrained on account of its susceptibility of its profitability
margins to volatility in cotton prices, and its exposure to
regulatory changes and intense competition in the cotton ginning
and cotton trading industry.  These rating weaknesses are
partially offset by the extensive industry experience of VSCC's
proprietor in the cotton industry, and the firm's efficient
working capital management.

Outlook: Stable

CRISIL believes that VSCC will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
business. The outlook may be revised to 'Positive' if there is a
substantial and sustained improvement in the firm's scale of
operations, while it maintains its profitability margins, or there
is a substantial improvement in the firm's capital structure on
the back of sizeable equity infusion by its promoter. Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in the firm's profitability margins, or significant
deterioration in its capital structure caused most likely because
of a stretch in its working capital cycle.

VSCC was established in 2009 as a proprietorship concern by Mr. P
Sai Suresh Kumar. The firm is primarily engaged in trading of
cotton bales. The firm is also ginning and pressing of raw cotton.
The trading division accounts for around 70 per cent of the firm's
revenues. The firm's ginning unit is based in Guntur (Andhra
Pradesh).


VIKAS FILAMENTS: ICRA Reaffirms B Rating on INR13.52cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR5.85 crore fund based limits and INR7.67 crore of term
loans and the short-term rating of [ICRA]A4 assigned to the
INR0.15 crore non-fund based limits of Vikas Filaments Private
Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan               7.67       [ICRA]B reaffirmed
   Fund Based Limits       5.85       [ICRA]B reaffirmed
   Non-Fund Based Limits   0.15       [ICRA]A4 reaffirmed

The reaffirmation of ratings take into account the company's small
scale of operations, its weak financial risk profile characterized
by low profitability levels, highly leveraged capital structure
and stretched liquidity position resulting in high utilization of
working capital bank limits. The ratings are further constrained
by the intense competitive pressures from other organised and
unorganised players in this business, vulnerability of the
company's profitability to adverse fluctuations in foreign
exchange rates and raw material prices, and the limited bargaining
power of the company with its suppliers in terms of prices and
credit period offered.

The ratings, however, favourably consider the strengths derived
from the longstanding experience of the company's promoters in the
textile business, the locational advantages arising from proximity
to raw material sources and processing units and the low customer
concentration risk.

Vikas Filaments Private Limited was incorporated in 1993 by Mr.
Banshidhar Singhal, as a privately held manufacturer of textured
yarn. In 2005, the texturing unit was transferred to Vishal
Polyfilms Private Limited, a group concern of VFPL. Since 2005,
the company was engaged in trading of Fully Drawn Yarn (FDY) as a
dealer of Nova Petrochemicals Limited, the same was discontinued
in FY 2014. Subsequently, the company set up a knitting unit with
an installed capacity of 900 MTPA which started commercial
production in February 2012. Thereafter, the company set up a
sizing unit with an installed capacity of 2400 MTPA which has
started production in May 2013. Both manufacturing facilities are
based near Surat (Gujarat).

For FY 13, the company reported profit after tax of INR0.08 crore
on an operating income of INR8.23 crore. For FY 14, the company
has reported a profit before tax of INR0.28 crore on an operating
income of INR22.11 crore (provisional).



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


MIGHTY RIVER: S&P Assigns 'BB+' Rating to Proposed Capital Bonds
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB+' long-term issue credit rating to New Zealand-based utility
Mighty River Power Ltd.'s (MRP) proposed NZ$250 million (plus up
to NZ$50 million of oversubscriptions) in capital bonds.  These
securities are subordinated to all current and future senior
creditors of the group.  Also, Standard & Poor's has assigned the
securities 'Intermediate' equity credit, which means that for
presentation purposes S&P will reclassify 50% of the capital bonds
as equity and hence 50% of the interest paid as dividends.  MRP
has indicated that the proceeds will be used for general corporate
purposes to improve financial flexibility and repay bank debt.
The proposed notes have a final maturity date of July 2044;
however, MRP can call the notes under certain circumstances.
Nevertheless S&P's equity classification is influenced by its
belief that the company is committed to maintaining a security of
this nature in its capital structure.


NZNET INTERNET: Directors Took a 'Gamble' With Creditors' Money
---------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that the former
directors of NZNet Internet Services are accused of "taking a
gamble" with creditors' money and are now being chased for
compensation by the failed firm's liquidators

The case against the trio was due to begin in the High Court at
Auckland on June 9 and is scheduled to take seven days.

NZ Herald says Rowan Kenley Johnston, Stephen Andrews, George
Poykail Thomas were directors of NZNet, a company set up in 1995
that boasted "state-of-the-art network infrastructure "offering
"business grade" performance to its customers.  But according to
its liquidators, NZNet had been unable to pay its debts since
February 2008, the report relays.

According to the report, the liquidators, Damien Grant and Steven
Khov, alleged in court documents that Johnston, Andrews and Thomas
elected to trade NZNet while it was insolvent.

Since the firm went into liquidation in November 2011, creditors
-- including Johnston and Thomas -- have filed claims for
NZ$1,102,863 from NZNet, the report notes.

NZ Herald relates that Grant and Khov alleged in their statement
of claim that the trio caused or allowed NZNet to be run in a way
likely to put creditors at risk of "serious loss".

The report says Johnston and Thomas are accused of not acting as
prudent directors as they left Andrews to run the business
"without sufficient control".

The three men "poorly managed" NZNet's business, said the
liquidators, and allegedly didn't pay close attention to company's
financial state or have financial records that were properly kept
or readily accessible, the report relays. The company also held
"ad hoc, irregular and poorly documented" board meetings, the
liquidators, as cited by NZ Herald, claim in court documents.

"In effect, the first to third defendants [Johnston, Andrews and
Thomas] have taken a gamble with the creditor's funds," Grant and
Khov have alleged.

The Herald notes that the trio are accused of, after February
2008, taking illegitimate business risks by incurring more debt at
NZNet without any reasonable prospect of repaying what was already
owed.

According to the report, the liquidators are seeking orders from
the High Court that the men provide compensation, but do not
specify an amount in their claim.  The liquidators are also
wanting orders saying the men are personally responsible for some
or all of the company's debts, the Herald adds.

NZNet Internet Services was an Auckland-based internet provider.


STRATEGIC FINANCE: FMA Says Secrecy Helped Secure Payback Deal
--------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that the
Financial Markets Authority won't disclose who will pay what in a
NZ$22 million Strategic Finance settlement and said this
confidentiality is appropriate.

The Herald says Strategic Finance directors and its auditors, BDO
Spicers, will pay NZ$22 million after reaching a settlement with
the FMA and the failed firm's receivers.

Under the settlement announced on June 5, another 5 cents in the
dollar will be paid to the finance company's secured investors,
who were owed more than NZ$360 million when the company went into
receivership, the report relates.

This means the total amount returned to secured investors by the
end of the year will amount to 15 cents in the dollar, says the
Herald.

According to the report, the FMA's head of enforcement Belinda
Moffat would not disclose who paid what out of the directors and
auditors.

"That's confidential," the report quotes Ms. Moffat as saying.

Asked if it was appropriate for a regulator to enter into a
confidential settlement with the directors, who it believed were
likely to have breached the Securities Act, Ms. Moffat said: "When
we consider what's in the best interest of the investors and in
the public interest, we do have the ability and authority to reach
a settlement like this and we carefully consider what is
appropriate," the Herald relays.

If confidentiality led to a result that would give a good return
for individual investors and the public, "then it is appropriate
for us to agree to terms of confidentiality".

The Herald relates that Ms. Moffat said the FMA considered the
most important information for the public and investors was the
total amount to be returned, the NZ$22 million.

The Herald adds that the six former Strategic directors in the
settlement -- Kerry Finnigan, Graham Edward Jackson, Marcel Aubrey
Lindale, Timothy John Rich, Denis Grenville Thom and David John
Wolfenden -- have also undertaken not to act as directors or
promoter of a public issuer of securities for five years or as
chief executives or chief financial officers for three years.

Between August 1999 and August 2008 Strategic Finance Limited
carried on the business of providing finance and other financial
services, primarily to the property sector.

Strategic's principal business involved lending money to property
developers and investors in commercial, industrial and residential
property in New Zealand, Australia and the Pacific Islands. Loans
were made through term loans, bridging loans and development and
construction loans, in a mixture of first, second and third-
ranking facilities.

On Aug. 7, 2008, Strategic placed a trading halt on all its
securities. Trading of Strategic's securities did not resume after
the trading halt.

In December 2008 Strategic went into Moratorium. In March 2010
Strategic went into receivership. Strategic's failure affected
approximately 11,000 investors with a loss of NZ$383 million. The
receivers have distributed to secured debenture investors 10 cents
in the dollar during the receivership to date.

From April 2010 FMA (and before May 1, 2011), the Securities
Commission has investigated the conduct of the directors of
Strategic and its subsidiary Strategic Nominees Limited with
respect to Strategic's compliance with disclosure obligations
under the Securities Act.



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


* BOND PRICING: For the Week June 2 to June 6, 2014
---------------------------------------------------

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


  AUSTRALIA
  ---------


BOART LONGYEAR MAN    7.00     04/01/21    USD    74.88
BOART LONGYEAR MAN    7.00     04/01/21    USD    76.38
GRIFFIN COAL MININ    9.50     12/01/16    USD    72.13
GRIFFIN COAL MININ    9.50     12/01/16    USD    72.13
MIDWEST VANADIUM P   11.50     02/15/18    USD    54.00
MIDWEST VANADIUM P   11.50     02/15/18    USD    53.03
MIRABELA NICKEL LT    8.75     04/15/18    USD    24.00
MIRABELA NICKEL LT    8.75     04/15/18    USD    24.00
NEW SOUTH WALES TR    0.50     09/14/22    AUD    73.78
NEW SOUTH WALES TR    0.50     10/07/22    AUD    73.56
NEW SOUTH WALES TR    0.50     12/16/22    AUD    73.96
NEW SOUTH WALES TR    0.50     10/28/22    AUD    73.37
NEW SOUTH WALES TR    0.50     03/30/23    AUD    72.95
NEW SOUTH WALES TR    0.50     11/18/22    AUD    73.17
NEW SOUTH WALES TR    0.50     02/02/23    AUD    74.13
RELIANCE RAIL FINA    2.95     09/26/18    AUD    73.88
RELIANCE RAIL FINA    2.97     09/26/20    AUD    63.38
RELIANCE RAIL FINA    2.95     09/26/18    AUD    73.88
RELIANCE RAIL FINA    2.97     09/26/20    AUD    63.38
TREASURY CORP OF V    0.50     03/03/23    AUD    73.43
TREASURY CORP OF V    0.50     11/12/30    AUD    52.49


CHINA
-----

CHINA GOVERNMENT B    1.64     12/15/33    CNY    63.66


INDONESIA
---------

DAVOMAS INTERNATIO   11.00     12/08/14    USD    19.50
DAVOMAS INTERNATIO   11.00     12/08/14    USD    19.50
INDONESIA TREASURY    6.38     04/15/42    IDR    75.03
PERUSAHAAN PENERBI    6.75     04/15/43    IDR    74.80
PERUSAHAAN PENERBI    6.10     02/15/37    IDR    70.50


INDIA
-----

3I INFOTECH LTD       5.00     04/26/17    USD    34.25
CORE EDUCATION & T    7.00     05/07/15    USD     9.50
COROMANDEL INTERNA    9.00     07/23/16    INR    16.09
GTL INFRASTRUCTURE    2.53     11/09/17    USD    31.63
INDIA GOVERNMENT B    0.23     01/25/35    INR    19.68
JCT LTD               2.50     04/08/11    USD    20.00
MASCON GLOBAL LTD     2.00     12/28/12    USD    10.00
PRAKASH INDUSTRIES    5.25     04/30/15    USD    73.63
PRAKASH INDUSTRIES    5.63     10/17/14    USD    74.50
PYRAMID SAIMIRA TH    1.75     07/04/12    USD     1.00
REI AGRO LTD          5.50     11/13/14    USD    55.88
REI AGRO LTD          5.50     11/13/14    USD    55.88
SHIV-VANI OIL & GA    5.00     08/17/15    USD    27.04
SUZLON ENERGY LTD     5.00     04/13/16    USD    73.24


JAPAN
-----

ELPIDA MEMORY INC     0.70     08/01/16    JPY     8.63
ELPIDA MEMORY INC     0.50     10/26/15    JPY    14.75
ELPIDA MEMORY INC     2.10     11/29/12    JPY    11.75
ELPIDA MEMORY INC     2.03     03/22/12    JPY    15.63
ELPIDA MEMORY INC     2.29     12/07/12    JPY    15.63
JAPAN EXPRESSWAY H    0.50     03/18/39    JPY    71.13
JAPAN EXPRESSWAY H    0.50     09/17/38    JPY    71.72


KOREA
------

EXPORT-IMPORT BANK    0.50     10/23/17    TRY    71.79
EXPORT-IMPORT BANK    0.50     12/22/17    BRL    66.78
EXPORT-IMPORT BANK    0.50     12/22/17    TRY    70.21
EXPORT-IMPORT BANK    0.50     12/22/16    BRL    74.96
EXPORT-IMPORT BANK    0.50     11/21/17    BRL    67.64
GREAT KODIT SECURI   10.00     09/29/14    KRW    70.33
HYUNDAI MERCHANT M    7.05     12/27/42    KRW    45.90
KIBO ABS SPECIALTY   10.00     08/22/17    KRW    32.30
KIBO ABS SPECIALTY   10.00     02/19/17    KRW    29.78
KIBO ABS SPECIALTY   10.00     09/04/16    KRW    30.44
KOREA LAND & HOUSI    3.99     03/26/44    KRW    73.69
SINBO CONSTRUCTION   10.00     09/29/14    KRW    70.33
SINBO SECURITIZATI    5.00     08/16/17    KRW    30.08
SINBO SECURITIZATI    5.00     08/16/16    KRW    30.09
SINBO SECURITIZATI    5.00     08/16/17    KRW    30.08
SINBO SECURITIZATI    5.00     08/31/16    KRW    29.84
SINBO SECURITIZATI    5.00     08/31/16    KRW    29.84
SINBO SECURITIZATI    5.00     02/21/17    KRW    27.94
SINBO SECURITIZATI    5.00     02/21/17    KRW    29.44
SINBO SECURITIZATI    5.00     01/29/17    KRW    29.55
SINBO SECURITIZATI    5.00     06/29/16    KRW    30.06
SINBO SECURITIZATI    5.00     05/27/16    KRW    30.14
SINBO SECURITIZATI    5.00     05/27/16    KRW    30.14
SINBO SECURITIZATI    5.00     07/08/17    KRW    30.19
SINBO SECURITIZATI    5.00     07/08/17    KRW    30.19
SINBO SECURITIZATI    5.00     09/28/15    KRW    70.78
SINBO SECURITIZATI    5.00     10/05/16    KRW    29.82
SINBO SECURITIZATI    5.00     10/05/16    KRW    29.82
SINBO SECURITIZATI    5.00     06/07/17    KRW    28.66
SINBO SECURITIZATI    5.00     06/07/17    KRW    28.66
SINBO SECURITIZATI    5.00     12/13/16    KRW    29.64
SINBO SECURITIZATI    5.00     08/24/15    KRW    70.84
SINBO SECURITIZATI    4.60     06/29/15    KRW    72.51
SINBO SECURITIZATI    4.60     06/29/15    KRW    72.51
SINBO SECURITIZATI    5.00     09/13/15    KRW    73.13
SINBO SECURITIZATI    5.00     09/13/15    KRW    62.23
SINBO SECURITIZATI    8.00     02/02/15    KRW    74.95
SINBO SECURITIZATI    5.00     02/02/16    KRW    73.05
SINBO SECURITIZATI    5.00     01/19/16    KRW    72.47
SINBO SECURITIZATI    5.00     12/07/15    KRW    72.54
SINBO SECURITIZATI    5.00     03/14/16    KRW    72.40
SINBO SECURITIZATI    8.00     03/07/15    KRW    74.26
SINBO SECURITIZATI    5.00     07/19/15    KRW    70.97
SINBO SECURITIZATI    5.00     03/13/17    KRW    29.45
SINBO SECURITIZATI    5.00     03/13/17    KRW    29.45
SINBO SECURITIZATI    5.00     07/26/16    KRW    29.94
SINBO SECURITIZATI    5.00     07/26/16    KRW    29.94
TONGYANG CEMENT &     7.50     07/20/14    KRW    70.00
TONGYANG CEMENT &     7.30     06/26/15    KRW    70.00
TONGYANG CEMENT &     7.50     04/20/14    KRW    70.00
TONGYANG CEMENT &     7.50     09/10/14    KRW    70.00
TONGYANG CEMENT &     7.30     04/12/15    KRW    70.00
U-BEST SECURITIZAT    5.50     11/16/17    KRW    29.80
WOONGJIN ENERGY CO    2.00     12/19/16    KRW    60.47


SRI LANKA
---------

SRI LANKA GOVERNME    5.35     03/01/26    LKR    65.18


MALAYSIA
--------

BANDAR MALAYSIA SD    0.35     02/20/24    MYR    64.14


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

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


SINGAPORE
---------

BAKRIE TELECOM PTE   11.50     05/07/15    USD    11.10
BAKRIE TELECOM PTE   11.50     05/07/15    USD     9.88
BLD INVESTMENTS PT    8.63     03/23/15    USD    30.13
BUMI CAPITAL PTE L   12.00     11/10/16    USD    44.80
BUMI CAPITAL PTE L   12.00     11/10/16    USD    43.00
BUMI INVESTMENT PT   10.75     10/06/17    USD    42.75
BUMI INVESTMENT PT   10.75     10/06/17    USD    41.04
ENERCOAL RESOURCES    9.25     08/05/14    USD    44.32
INDO INFRASTRUCTUR    2.00     07/30/10    USD     1.88



THAILAND
--------

G STEEL PCL           3.00     10/04/15    USD    13.50
MDX PCL               4.75     09/17/03    USD    17.13


VIETNAM
-------

DEBT AND ASSET TRA    1.00     10/10/25    USD    50.50



                             *********

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

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

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


                            *********


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

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

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

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

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



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