TCRAP_Public/140612.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

           Thursday, June 12, 2014, Vol. 17, No. 115


                            Headlines


A U S T R A L I A

FLEXI ABS 2012-1: Fitch Affirms 'BB+sf' Rating on Class E Notes
GONZ CIRCUS: Deposits Kept Flowing to Collapse Catering Business
RETAIL ADVENTURES: Jan Cameron Closing 50 More Stores


I N D I A

ACG HOSPITALITY: ICRA Upgrades Rating on INR13cr Loan to 'B-'
AMBER DISTILLERIES: CRISIL Reaffirms 'B' Rating on INR80MM Loans
ARCHANA HOSPITALS: ICRA Suspends B+ Rating on INR7.8cr Loan
BANSAL DIAMONDS: ICRA Suspends 'B+' Rating on INR200cr Loan
BRISTOL TOURIST: CRISIL Reaffirms 'B' Rating on INR500MM Loan

CALL EXPRESS: CRISIL Reaffirms 'B' Rating on INR550MM Term Loan
D.V. STEEL: CRISIL Reaffirms 'D' Rating on INR73MM Loans
JANPATH ESTATES: ICRA Withdraws 'B' Rating on INR14.5cr Loan
JC BIOTECH: CARE Revises Rating on INR19.44cr Loan to 'B+'
K S R GRANITE: CRISIL Reaffirms 'B-' Rating on INR290MM Loans

KASAVU KADA: CRISIL Reaffirms 'B' Rating on INR80MM Loans
KRISHAN KUMAR: CRISIL Assigns 'B+' Rating to INR200MM Loan
LAKSHAY ORNAMENTS: CRISIL Assigns 'B+' Rating to INR85MM Loan
MAHALUXMI COTTON: ICRA Reaffirms 'B+' Rating on INR6cr Loan
MAHAVIR GLASS: ICRA Suspends 'B+' Rating on INR6.34cr Loan

MB SYSTEMS: ICRA Reaffirms 'B+' Rating on INR15cr Cash Credit
MID INDIA: CRISIL Assigns 'B+' Rating to INR200MM Loans
POONAM POLYMERS: ICRA Suspends 'B' Rating on INR6cr Loan
SAPALA ORGANICS: CRISIL Reaffirms 'B+' Rating on INR52MM Loans
SHREE CERAMIC: CRISIL Reaffirms 'B' Rating on INR85MM Loans

SONA CHANDI: CRISIL Raises Rating on INR447.9MM Loan to 'B'
SPM MARBLES: CARE Reaffirms 'B+' Rating on INR7cr Bank Loan
SREE LALITHA: ICRA Suspend 'B' Rating on INR47.5cr Loans
SRI BALMUKUND: CRISIL Cuts Rating on INR149.5MM Loans to 'B+'
SUNNY STAR: CRISIL Assigns 'B' Rating to INR149.8MM Term Loan

SUPER AGRO: ICRA Reaffirms 'B+' Rating on INR8cr Loan
THAKAR DASS: ICRA Reaffirms 'B+' Rating on INR13cr Loans
UDAYANATH EDUCATIONAL: ICRA Suspends 'D' Rating on INR6.48cr Loan
UNION ENTERPRISES: ICRA Cuts Rating on INR20.18cr Loans to C
VERSATILE ALUCAST: ICRA Assigns 'D' Rating to INR11.10cr Loans


J A P A N

* JAPAN: Corporate Bankruptcies Down 20.2% in May


N E W  Z E A L A N D

CENTURY CITY: Receivers Put IBM House Up for Sale
GEOOP LIMITED: Annual Loss Widens to NZ$4.6MM
ROSS ASSET: David Ross Appeals Fraud Sentence to Victim Outrage


                            - - - - -


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


FLEXI ABS 2012-1: Fitch Affirms 'BB+sf' Rating on Class E Notes
---------------------------------------------------------------
Fitch Ratings has upgraded two classes of Flexi ABS Trust 2013-2
and affirmed a total of thirteen from Flexi ABS Trust 2012-1,
Flexi ABS Trust 2013-1 and Flexi ABS Trust 2013-2, as shown at the
end of this commentary.

Flexi ABS Trust 2012-1 and Flexi ABS Trust 2013-2 are
securitisations backed by small balance consumer loan receivables.
Flexi ABS Trust 2013-1 is backed by unsecured commercial lease
receivables.  The notes were issued by Perpetual Corporate Trust
Limited in its capacity as trustee of the three transactions.

KEY RATING DRIVERS

Both the class B and C notes from Flexi ABS Trust 2013-2 have been
upgraded by one notch as the transaction is performing better than
Fitch's expectations.

The remaining classes have been affirmed as the transactions have
performed within Fitch's initial expectations since closing.
Total net losses have been well below Fitch's base cases to date
and excess spread has been more than sufficient to cover any
losses incurred.

Flexi ABS Trust 2012-1: At 30 April 2014, the 30+days and 90+ day
delinquency rates were 2.8% and 0.5% of the collateral pool,
respectively.  Cumulative losses since closing have been low,
totalling AUD3.6 million, below Fitch's expected losses of
AUD5.6 million. Flexi ABS Trust 2013-1: At 30 April 2014, the
30+days and 90+ day delinquency rates were 9.9% and 0.8% of the
collateral pool, respectively.  The high level of 30+days arrears
is due to a technical readjustment of payments.  This is expected
to be reversed in the coming months.  Cumulative losses since
closing have been low, totalling AUD2.3 million, below Fitch's
expected losses of AUD4.1m.

Flexi ABS Trust 2013-2: At April 30, 2014, the 30+days and 90+ day
delinquency rates were 2.0% and 0.3% of the collateral pool,
respectively.  Cumulative losses since closing have been low,
totalling AUD1.7 million, below Fitch's expected losses of
AUD3.1 million.

RATING SENSITIVITIES

The prospect for downgrades is considered remote, given the
current performance of the pools, as well as adequate excess
spread and subordination.  The loans in the collateral pools are
vulnerable to a drastic downturn in the Australian economy.

The prospect for upgrades is remote, but may be considered if the
transactions perform significantly better than expected.

The rating actions are listed below:

Flexi ABS Trust 2012-1
AUD21.1m Class A2 notes (ISIN AU3FN0016218): affirmed at 'AAAsf';
Outlook Stable
AUD6.1m Class B notes (ISIN AU3FN0016226): affirmed at 'AAAsf';
Outlook Stable
AUD2.5m Class C notes (ISIN AU3FN0016234): affirmed at 'AAsf';
Outlook Stable
AUD1.4m Class D notes (ISIN AU3FN0016242): affirmed at 'BBB+sf';
Outlook Stable
AUD1.1m Class E notes (ISIN AU3FN0016259): affirmed at 'BB+sf';
Outlook Stable
Flexi ABS Trust 2013-1
AUD85.9m Class A notes (ISIN AU3FN0019444): affirmed at 'AAAsf';
Outlook Stable
AUD9.1m Class B notes (ISIN AU3FN0019451): affirmed at 'AAsf';
Outlook Stable
AUD13.2m Class C notes (ISIN AU3FN0019469): affirmed at 'Asf';
Outlook Stable
AUD6.6m Class D notes (ISIN AU3FN0019477): affirmed at 'BBBsf';
Outlook Stable
AUD5.0m Class E notes (ISIN AU3FN0019485): affirmed at 'BBsf';
Outlook Stable
Flexi ABS Trust 2013-2
AUD95.6m Class A2 notes (ISIN AU3FN0020129): affirmed at 'AAAsf';
Outlook Stable
AUD20.7m Class B notes (ISIN AU3FN0020137): upgraded to 'AA+sf'
from 'AAsf'; Outlook Stable
AUD9.2m Class C notes (ISIN AU3FN0020145): upgraded to 'A+sf' from
'Asf'; Outlook Stable
AUD6.9m Class D notes (ISIN AU3FN0020160): affirmed at 'BBBsf';
Outlook Stable
AUD4.6m Class E notes (ISIN AU3FN0020228): affirmed at 'BBsf';
Outlook Stable
Class A1 notes were paid in full in February 2014.

A comparison of the transactions' representations, warranties and
enforcement mechanisms (RW&Es) to those of typical RW&Es for this
asset class is available by accessing the reports and/or links
given under Related Research below.


GONZ CIRCUS: Deposits Kept Flowing to Collapse Catering Business
----------------------------------------------------------------
Merryn Porter at The St George & Sutherland Shire Leader reports
that couples continued to pay large deposits to Belinda Franks
Catering for their weddings even after Gonz Circus Group Pty Ltd
was placed in the hands of external administrators.

The Leader relates that the NSW National Parks and Wildlife
Service has confirmed it leased The Audley Room and The Weir Cafe
at Audley to Audley Weir Pty Ltd, which is under administration.

Belinda Franks Catering and Toast Food were part of the Toast
Group stable, according to its website, the report relays.

According to The Leader, Australian Securities and Investments
Commission (ASIC) records show Paul Lockrey is director of Audley
Weir Pty Ltd and Gonz Circus Group Pty Ltd which is under
administration.

The Leader says Mr. Lockrey also owns numerous other companies and
businesses, including another which is in the process of being
liquidated, Toast Food Pty Ltd.

The report relates that ASIC advertised an insolvency notice on
August 20, 2013, stating it would deregister Gonz Circus Group
Limited two months from that date, after the company was placed
under external administration.

An insolvency alert advising that the company would be wound up
was published January 7, 2014, the report discloses.

Toast Food Pty Ltd was placed under external administration last
year. An application for the winding up of Toast Food Pty Ltd was
started by Workers Compensation Nominal Insurer on January 17,
2013, The Leader notes.

Meanwhile, The Leader reports, the liquidator acting for Gonz
Circus Group Pty Ltd has urged couples who paid thousands of
dollars for their weddings to contact the corporate regulator,
ASIC, and NSW Fair Trading.

The Leader relates that Stephen Hathway --
stephen.hathway@svp.com.au -- of insolvency firm SV Partners is
liquidating Gonz Circus Group Pty Ltd, trading as Belinda Franks
Catering.

Mr. Hathway confirmed there would be no money left to pay
unsecured creditors, the report relates.

According to the report, Mr. Hathway said his firm was appointed
liquidator in February after the company was wound up by the
Federal Court following an application by the Australian Taxation
Office.

The Leader relates that Mr. Hathway said his firm had no option
but to lock the doors of Belinda Franks Catering in Alexandria in
April to stop possible clients from paying.

The report adds Mr. Hathway said he had interviewed Mr. Lockrey
about his business dealings and would be preparing a report for
ASIC.  But he said neither ASIC nor NSW Fair Trading had the funds
to investigate cases unless there were sufficient complaints,
hence his urging for those affected to go to authorities, The
Leader reports.

"If there are enough people complaining about a particular person
[then they might act]," the report quotes Mr. Hathway as saying.

An ASIC spokeswoman said she was unable to comment on specific
cases, but confirmed that ASIC could prevent someone from managing
corporations, The Leader adds.


RETAIL ADVENTURES: Jan Cameron Closing 50 More Stores
-----------------------------------------------------
Colin Kruger at the Sydney Morning Herald reports that Kathmandu
founder Jan Cameron is closing another 50 stores this month from
her struggling discount retail chain, Retail Adventures, as she
prepares to sell the business she bought back from administrators
just last year.

SMH relates that closing down sales have commenced at Sam's
Warehouse and Crazy Clark's outlets across Australia and company
insiders have confirmed 50 stores across the group are expected to
close.

Documents seen by Fairfax Media indicate that Ms. Cameron is
negotiating a third party investment in the business, or, outright
sale, the report says.

A spokesman for Ms. Cameron did not return calls, the report
notes.

According to the report, the store closures, which could involve
breaking leases signed barely six months ago, are expected to
facilitate a sale of the business by its current owner --
Ms. Cameron's DSG.

Late last month, the report recalls, the manager of Warrnambool's
Bayside City Plaza, David Turner, said he had not been officially
notified of the plans to close the local Sam's Warehouse store.

SMH relates that Mr. Turner said DSG has four years remaining on
the lease for the 2400-square-metre store.

"It's a legally binding contract, you can't just make decisions to
pull out," the report quotes Mr. Turner as saying. "They have four
years to run and we expect them to honour those commitments."

SMH says Ms. Cameron, who made her fortune with the sale of
adventurewear group Kathmandu, has been dealing with other retail
calamities. Her fortunes took another hit last week with the
collapse of New Zealand retailer Postie Plus, SMH relates.

She was the largest shareholder in the 104-year-old clothing
chain, which went into administration on June 3.  She had a 19 per
cent holding in the company.

According to SMH, Retail Adventures has proven to be a millstone
for Ms Cameron since she first brought the failed business from
administrators in 2009 for AUD70 million.

SMH says the 350 store chain cost her another AUD80 million in
funding before the significant losses, and uneconomic structure,
forced her to appoint administrators in 2012.

Around 700 employees lost their jobs and unsecured creditors were
owed AUD165 million.

A controversial deal lead to Ms. Cameron's DSG Group operating the
business on behalf of the administrators at that time, the report
recalls.

She then acquired the restructured business, numbering 200 stores,
back from the administrators using AUD59 million worth of secured
loans she had previously made to Retail Adventures, relates SMH.

Liquidators appointed earlier this year to the old Retail
Adventures group are targeting Ms. Cameron entities for up to
AUD100 million in claims over the group's collapse in 2012, the
report says.

The liquidators have said their investigations have revealed
"compelling evidence the company traded while insolvent," the
report adds.

                      About Retail Adventures

Retail Adventures Pty Ltd is an Australia-based discount variety
retailer and operates nationally under brand names Chickenfeed,
Go-Lo, Crazy Clark's, and Sam's Warehouse. The company operates
around 270 stores across the four brands.

Deloitte Restructuring Services Partners Vaughan Strawbridge,
David Lombe and John Greig were appointed Joint Voluntary
Administrators of Retail Adventures Pty Limited, effective
Oct. 26, 2012.

Ms. Cameron, the sole shareholder and only secured creditor,
bought back 210 Sam's Warehouse and Crazy Clarks stores and two
distribution centres for AUD59 million from the administrators,
Deloitte, in February 2013.



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


ACG HOSPITALITY: ICRA Upgrades Rating on INR13cr Loan to 'B-'
-------------------------------------------------------------
ICRA has upgraded the long term rating for the INR13.00 crore bank
facilities of ACG Hospitality Private Limited to [ICRA]B- from
[ICRA]D.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans           13.00        Upgraded to [ICRA]B-
                                     from [ICRA]D

The rating revision takes into account regularization of debt
servicing by AHPL during the last three months as per details
provided by management. It also takes into view the absence of any
repayment obligations till September 2014.

The assigned rating takes in account the more than three decades
of experience of promoters in the hospitality industry. Further,
the hotel is able to attract both tourists as well as business
executive on account of the proximity of tourist attractions and
commercial areas as well. Additionally, ICRA also noted that the
hotel's restaurant has developed a local patronage which is a
source of stable cash inflows every month. Further, the hotel has
tied up with various companies for repeat hiring of rooms, which
is expected to generate repeat cash inflows in the future. The
ratings, however, are constrained by the weak financial profile of
the company reflected by continued net losses and weak net worth
of the company. Further, ICRA views that the room tariffs and
occupancy levels of the hotel will remain under pressure on
account of the high competition in the three star hotel market of
Delhi. Going forward, the company's ability to improve it room
rent and occupancy to boost its profit in future remains the key
rating sensitivity.

ACG Hospitality Private Limited was incorporated in 2007 to
construct and operate a hotel in Hari Nagar, Delhi. The only
property of the company, a three star hotel, was launched in late
2010 under the name of 'Signature Grand'. The hotel has a total of
36 rooms, two banquet halls, a conference hall and a bar (Glassi-
Junction). Additionally, the hotel also has a restaurant and is
being managed under the well known brand name - 'Park Balluchi'.
The main promoter of the hotel is Gujral Tours & Travels, a tour
operator and a member of IATA and TAAI since 1994. The other
promoters include Adarsh Fruit, Universal Products and Jagtaran
Developers and Hospitality. The managing director of Gujral Tours
& Travels, Mr. Gurdeep Singh Gujral, is also the managing director
of AHPL.


AMBER DISTILLERIES: CRISIL Reaffirms 'B' Rating on INR80MM Loans
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Amber
Distilleries Ltd continues to reflect ADL's below-average
financial risk profile, marked by a small net worth and weak debt
protection metrics, and its working-capital-intensive operations,
resulting in stretched liquidity. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the alcohol industry, its established customer
relationships, and its increasing scale of operations backed by
higher exports.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            50        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     23.5      CRISIL B/Stable (Reaffirmed)

   Term Loan               6.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ADL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' if ADL registers a higher-than-expected growth in
revenue, while substantially improving its profitability, leading
to an improved financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the company's profitability declines,
resulting in lower-than-expected cash accruals, thereby weakening
its financial risk profile, or a substantial stretch in working
capital cycle.

Update
For 2013-14 (refers to financial year, April 1 to March 31), ADL
recorded net revenue of about INR150.4 million as against INR94.0
million for the previous year. The company is expected to achieve
further revenue growth backed by its increasing exports to African
and European countries. Its operating margin, however, declined to
7.2 per cent in 2013-14 from 12.8 per cent in 2012-13. CRISIL
believes that ADL's operating margin will improve over the near
term as a result of the increased share of exports in its total
sales and the upgrading of its facilities to fully automatic lines
from semi-automatic lines.

ADL's financial risk profile continues to be weak, marked by an
average gearing and weak debt protection metrics. ADL had a
moderate gearing of 1.85 times as on March 31, 2014, while its
interest coverage and net cash accruals to total debt ratios were
1.54 times and 6 per cent, respectively, for 2013-14.

ADL's liquidity was stretched, marked by extensive bank limit
utilisation and low cash accruals. The company had net cash
accruals of INR3.2 million, which was just sufficient to meet its
term debt obligations, in 2013-14; it is expected to generate low
net cash accruals over the medium term as well. Furthermore, ADL's
bank limits were utilised at an average of 96 per cent through
2013-14. Its unencumbered cash balance was low at INR5.0 million,
as was its current ratio at 1.15 times, as on March 31, 2014.

ADL was established in 1985 by Kesar Enterprises Ltd, and was
later taken over by Mr. Pratap Talwar and his family members in
2006. The company manufactures Indian-made foreign liquor (IMFL)
under its own brands and sells it in the domestic and
international markets. It has a distillery unit near Thane
(Maharashtra).


ARCHANA HOSPITALS: ICRA Suspends B+ Rating on INR7.8cr Loan
-----------------------------------------------------------
ICRA has suspended the rating of '[ICRA]B+' assigned to the
INR7.80 crore fund based limits of Archana Hospitals Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


BANSAL DIAMONDS: ICRA Suspends 'B+' Rating on INR200cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR200
crore fund based facility of Bansal Diamonds Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit      200.0       [ICRA]B+; Suspended

Based in Delhi, Bansal Diamonds Private Limited was incorporated
in 2007. Mr. Surender Bansal and his wife Mrs. Shefali Bansal
serve as the directors of the company. The company took over the
assets and liabilities of M/s Bansal Diamonds, a proprietorship
concern of Mr. Surender Bansal. The promoters have been involved
in the field of gold and diamond business for more than two
decades. The company is engaged in wholesale trading of gold and
diamond jewellery. The company operates out of a single showroom
in Karol Bagh. BDPL serves as a distributor for well known and
reputed jewellery manufacturers like Emerald Jewels India Ltd,
Derewala Jewellery Industires Ltd, etc.

Recent Results

For FY12, the company reported operating income of INR872 crore
and net profit of INR7.39 crore. As per provisional results for
FY13, the company reported operating income of INR1051.2 crore and
net profit of INR6.2 crore.


BRISTOL TOURIST: CRISIL Reaffirms 'B' Rating on INR500MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term facilities of Bristol Tourist
Complex continues to reflect BTC's susceptibility to project
demand risk, and its weak financial risk profile due to large
debt-funded capital expenditure (capex) programme that adversely
impacts its liquidity. These rating weaknesses are partially
offset by the extensive industry experience of BTC's partners and
the funding support that they extend to the firm.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             500        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BTC will continue to benefit over the medium
term from the extensive industry experience of its partners in the
hospitality industry. The outlook may be revised to 'Positive' if
the firm generates more-than-expected 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
the hotel's operations, resulting in weak cash accruals.

Update
BTC undertook the construction of a 5-star hotel in Zirakpur, a
satellite town of Chandigarh, and completed the same by September
2013. Park Plaza is the operations and maintenance partner for the
hotel. The repayment for the term loan contracted for the hotel
has started in December 2013; and though the company is making the
repayment in a timely manner, the cash accruals are tightly
matched against the debt repayment. CRISIL believes BTC's cash
accruals will remain tightly matched against the debt obligations
due to nascent stage of operations, constraining its liquidity.

In 2012-13 (refers to financial year, April 1 to March 31), BTC
reported net sales of INR1.7 million. CRISIL believes that though
BTC's sales will increase due to newly constructed hotel, it will
remain low due to nascent stage of operations. The firm had a
moderate gearing of 2 times as on March 31, 2013; however, CRISIL
believes that the gearing will increase over the medium term
because of the large quantum of debt contracted to fund the hotel
project. Also, BTC's debt protection metrics are expected to
remain weak due to high debt levels and low operating profit
during the initial stage of operations.

Established by Mr. Gurpreet Singh and his mother, Mrs. Sharanjit
Kaur, BTC is operating a five-star hotel in Zirakpur, a satellite
town in Chandigarh. The partners have been in the hospitality
industry for about 15 years. The firm has tied up with Park Plaza
to manage the hotel's day-to-day operations.


CALL EXPRESS: CRISIL Reaffirms 'B' Rating on INR550MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Call Express
Construction (India) Pvt Ltd continues to reflect the funding and
implementation-related risks associated with its ongoing real
estate residential project in Chennai (Tamil Nadu) and
vulnerability to economic cycles. These rating weaknesses are
partially offset by the industry experience of CECPL's promoters.

                        Amount

   Facilities          (INR Mln)    Ratings
   ----------          --------     -------
   Proposed Term Loan     550       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CECPL will continue to benefit over the
medium term from its promoters' experience in real estate
development in Chennai. The outlook may be revised to 'Positive'
if the company reports strong growth in cash flows, most likely
because of earlier-than-expected completion of projects and
receipt of advances, and more-than-expected sales realisations
from the ongoing residential properties. Conversely, the outlook
may be revised to 'Negative' if there are significant delays in
the completion of the ongoing projects or receipt of payments from
customers, or if the company undertakes a larger-than-expected
debt-funded capital expenditure programme leading to deterioration
in its financial risk profile.

Set up in 2006, CECPL is currently developing a residential real
estate project at Chennai. The company is promoted by Mr. Ramesh
and Mr. Ravindranathan.


D.V. STEEL: CRISIL Reaffirms 'D' Rating on INR73MM Loans
--------------------------------------------------------
CRISIL's ratings on the bank facilities of D.V. Steel Industries
Pvt Ltd continue to reflect instances of delays in servicing debt
because of weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        23         CRISIL D (Reaffirmed)
   Cash Credit           50         CRISIL D (Reaffirmed)

DV also has a below-average financial risk profile, with a small
net worth and weak debt protection metrics, and a small scale of
operations in a fragmented industry. However, the company benefits
from the extensive industry experience of its promoters.

Update:
DV continues to delay servicing its debt, because of weak
liquidity, driven by its working-capital-intensive operations,
which have also resulted in its bank limit utilisation at over 100
per cent on average in the recent past. The company's small scale
of operations and its consequently limited bargaining power led to
large receivables of over four months. Slow off-take by customers
and delays in order execution resulted in a large inventory pile-
up, adding to DV's significant funding requirements. Weak
liquidity also constrains the company's ability to undertake new
orders exacerbating the stress on DV's cash flows. CRISIL believes
that DV's liquidity will remain weak over the medium term, because
of its working-capital-intensive operations.

DV was set up as a partnership firm in 1989 at Raurkela (Odisha)
and was reconstituted as a private limited company in 1994. The
company derives its revenue from four businesses: steel
processing, equipment manufacturing, fabrication of steel
products, and contracting for civil, mechanical, and electrical
works. DV is promoted by the Jain family, which has over 75 years
of experience in the steel industry. Currently, the fourth
generation oversees the steel business, with brothers, Mr. Rakesh
Chand Jain and Mr. Dinesh Chand Jain, serving as its directors.


JANPATH ESTATES: ICRA Withdraws 'B' Rating on INR14.5cr Loan
------------------------------------------------------------
ICRA has withdrawn the [ICRA]B rating assigned to the INR14.5
crore bank facilities of Janpath Estates Private Limited, as there
is no amount outstanding against the rated instrument.


JC BIOTECH: CARE Revises Rating on INR19.44cr Loan to 'B+'
----------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of JC Biotech Private Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long term Bank Facilities    19.44      CARE B+ Revised
                                           from CARE B-

   Short-term Bank Facilities    1.60      CARE A4 Reaffirmed

Rating Rationale

The revision in the rating takes into consideration improvement in
financial performance of the company during FY14 (provisional,
refers to the period April 1 to March 31) with healthy growth in
revenue, infusion of funds by the promoters, improvement in the
overall gearing and realisation of long outstanding receivables.
The ratings also factor in the strong promoter group with
established track record in the specialty chemicals industry and
recognized research and development facilities. However, the
ratings are constrained by the relatively small scale of
operations, limited track record, high client and revenue
concentration with dependence on Serratiopeptidase, the product in
anti-inflammatory segment and absence of any long-term agreements
with customers. The ability of the company to effectively scale up
the operations, enter into long-term agreements to improve revenue
visibility, diversify product & client portfolio and raise
required resources in a timely manner to support growth are the
key rating sensitivities.

Incorporated in 2004, JBPL is promoted by Mr S Chandrasekhar under
the guidance of the late Mr S Koteswara Rao, the founder of
Bhagiradha Chemicals and Industries Ltd, Hyderabad. JBPL is
primarily engaged in the manufacturing of biochemicals and bio-
pharmaceutical products at its manufacturing unit located in
Andhra Pradesh Industrial Infrastructure Corporation growth centre
near Ongole. The main products of the company are
"Serratiopeptidase" in anti-inflammatory segment, "B0
Pneumocandin" in the anti-fungal segment and Docosahexaenoic acid,
an omega-3 fatty acid which is a primary structural component of
the human body.

During FY14 (provisional), JBPL reported a profit after tax of
INR0.38 crore (FY13: INR0.12 crore) on a total income of INR24.08
crore (FY13: INR17.17 crore).


K S R GRANITE: CRISIL Reaffirms 'B-' Rating on INR290MM Loans
--------------------------------------------------------------
CRISIL's rating on the long term bank facilities of K S R Granite
Private Limited continues to reflect its exposure to
implementation-related risks associated with its ongoing project.
These rating weaknesses are partially offset by the extensive
experience of KSR's promoter in the granite industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           140        CRISIL B-/Stable (Reaffirmed)
   Long Term Loan        125        CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     25        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KSR will continue to benefit over the medium
term from its promoter's extensive experience in the granite
industry. The outlook may be revised to 'Positive' if the company
records more-than-expected revenues and profitability, resulting
in improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if KSR faces significant cost
or time overrun in its project, or if it records lower-than-
expected cash accruals, resulting in deterioration in its
financial risk profile.

KSR, incorporated in 1995, operates quarries and supplies rough
granite blocks. The company is promoted by Mr. Subba Reddy, who
has been in the granite processing industry for more than two
decades.


KASAVU KADA: CRISIL Reaffirms 'B' Rating on INR80MM Loans
---------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating to the long
term bank facilities of Kasavu Kada.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit            66       CRISIL B/Stable (Reaffirmed)
   Long Term Loan         14       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect KK's modest scale of operations in
the intensely competitive apparel retail industry and its below-
average financial risk profile, marked by a highly leveraged
capital structure and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of its promoters.

Outlook: Stable

CRISIL believes that KK will continue to benefit over the medium
term from its extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if KK significantly increases
its scale of operations and operating margin, resulting in
improvement in its cash accruals and debt protection metrics, or
in case of substantial equity infusion. Conversely, the outlook
may be revised to 'Negative' if KK's financial risk profile,
particularly its liquidity, deteriorates, most likely because of
larger-than-expected working capital requirements, lower-than-
anticipated cash accruals, or substantial debt-funded capital
expenditure.

Set up in 1993, KK is a sole proprietorship firm manufacturing
traditional Kerala handloom textiles and selling them through its
own showrooms. Its daily operations are managed by Mr. Suseelan.

KK reported a profit after tax (PAT) of INR2.1 million on net
sales of INR489.7 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.5 million on net
sales of INR485.6 million for 2011-12.


KRISHAN KUMAR: CRISIL Assigns 'B+' Rating to INR200MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Krishan Kumar & Co. - Kaithal.

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

The rating reflects KKC's modest scale of operations in the highly
fragmented basmati rice industry and its 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 experience of KKC's proprietor in the
basmati rice industry.

Outlook: Stable

CRISIL believes that KKC will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case of significantly
higher-than-expected cash accruals or substantial capital
infusion, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected cash accruals, large working capital
requirements, or any large debt-funded capital expenditure,
exerting further pressure on the firm's liquidity.

Established in 2013 and based in Kaithal (Haryana), KKC is a
proprietorship firm owned and managed by Mr. Krishan Miglani. The
firm processes basmati rice, primarily for the export market. It
commenced operations in March 2014.


LAKSHAY ORNAMENTS: CRISIL Assigns 'B+' Rating to INR85MM Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Lakshay Ornaments Pvt Ltd, and has assigned its
'CRISIL B+/Stable' rating to the company's long-term bank
facilities. CRISIL had, on December 11, 2013, suspended the rating
as LOPL had not provided the necessary information required for a
rating review. The company has now shared the requisite
information, enabling CRISIL to assign a rating to its bank
facilities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            85        CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

The rating reflects geographical concentration in LOPL's revenue
profile, the company's exposure to intense competition, its weak
financial risk profile and its large working capital requirements.
These rating weaknesses are partially offset by the extensive
experience of LOPL's promoters in the jewellery industry and its
moderate liquidity driven by nil long-term debt obligations.

Outlook: Stable

CRISIL believes that LOPL will continue to benefit over the medium
term from its promoters' extensive experience in the jewellery
business. The outlook may be revised to 'Positive' in case of
improvement in the company's profitability margins along with
sustained revenue growth, or substantial improvement in its
capital structure on account of equity infusion by the promoters.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates either on account of
low profitability or large working capital requirements.

LOPL was set up in 2005 by Mr. Ashwini Singla as Harison Impex for
exporting diamond and gold jewellery, and was reconstituted as a
private limited company with the current name. LOPL gets diamond
and gold jewellery manufactured on jobwork basis and sells to
showrooms and jewellers in and around Delhi.

LOPL's profit after tax (PAT) and net sales are estimated at
INR1.8 million and INR873 million, respectively, for 2013-14
(refers to financial year, April 1 to March 31); the company
reported a PAT of INR1.2 million on net sales of INR600 million
for 2012-13.


MAHALUXMI COTTON: ICRA Reaffirms 'B+' Rating on INR6cr Loan
-----------------------------------------------------------
ICRA has reaffirmed '[ICRA]B+' rating for INR6 crore fund based
limits (including INR0.25 crore unallocated limits) of Mahaluxmi
Cotton and General Mills.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-based Limits     6.00        [ICRA]B+ Reaffirmed

ICRA has taken a consolidated view on the three group firms
(Thakar Dass Nand Gopal, Mahaluxmi Cotton and General Mills, and
Super Agro Industry) which have similar operational profile.
The rating continues to be constrained by low value addition in
the business which, coupled with high competitive intensity owing
to presence of several unorganized players in the market, results
in poor profitability and weak debt protection indicators. The
rating also factors in the high working capital requirement during
the cotton procurement season which impacts its liquidity position
and TDNG's vulnerability towards changes in Government regulations
and fluctuations in cotton prices which causes volatility in its
accruals.

The rating, however, continues to derive comfort from long
experience of the promoters in cotton industry, its established
relationship with clients, and proximity of the firm to the cotton
producing belt (Gujarat).

While assigning the rating, ICRA has also taken note of the risks
inherent in a partnership firm, such as limited ability to raise
equity capital, risk of dissolution due to
death/retirement/insolvency of partners etc.
Going forward, firm's ability to improve its profitability will be
the key rating sensitive factor.

Mahaluxmi Cotton and General Mills is part of Sirsa (Haryana)
based Thakar Dass Group promoted by late Shri Nand Gopalji Gupta,
and is engaged in the business of cotton ginning. The promoters
have been into this business since 1956. The group has four cotton
ginning units and one trading unit. Under MCGM, the group has one
ginning and pressing mill in Jind (Haryana). The flagship firm of
the group, Thakar Dass Nand Gopal, has three operating units:
trading unit in Fatehabad (Haryana), and Ginning and pressing
units each in Sanosara(Gujarat) and Kothara(Gujarat). The other
entity of the group, Super Agro Industry, has a ginning and
pressing unit in Sirsa (Haryana).

In FY13, MCGM reported a profit before tax (PBT) of INR0.15 crore
(previous year INR0.11 crore) on an operating income of INR52.63
crore (previous year INR38.31 crore).


MAHAVIR GLASS: ICRA Suspends 'B+' Rating on INR6.34cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR6.34 crore
long term loans & working capital facilities of Mahavir Glass
Enterprise. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the firm.

Established in 2008, Mahavir Glass Enterprise is a partnership
firm engaged in processing of float glass to produce tempered and
insulated glasses, and trading of laminated glass. The firm is
owned and managed by Mr. Rajesh Shah and Mr. Sandip Shah along
with other family members. The promoters have been in the glass
industry since 1940 through other group concerns 'Indian Picture
House' and 'Mahavir Creation'. MGE's manufacturing facility is
located at Kheda (Gujarat) with current installed capacity of 1.27
lac sq. mtrs. per annum.


MB SYSTEMS: ICRA Reaffirms 'B+' Rating on INR15cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' to the cash
credit limits of MB Systems aggregating to INR15.00 crore.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Cash        15.00        [ICRA]B+ reaffirmed
   Credit facility

The reaffirmation of rating takes into account the weak financial
profile of the firm characterised by low profitability levels,
weak debt protection metrics and stretched liquidity position. The
rating is further constrained by the low visibility on rental
income from the firm-owned premises, following the termination of
the existing contract with the lessee, and vulnerability of the
firm's profitability to adverse fluctuations in prices of greige
fabric and cyclicality inherent in the textile industry. ICRA
further notes that MBS being a partnership concern, the amount of
withdrawals from the capital account by the partners would
adversely affect the capital structure of the firm and hence
remains a key rating sensitivity.

The rating, however, continues to draw comfort from the
established experience of the firm's management in the textile
industry through the group entities engaged in various activities
across the textile value chain, locational advantages by virtue of
its proximity to both suppliers and clients, and the healthy
increase in scale of operations, post commissioning of operations
in December 2011.

MB Systems was established in September 2011 in Surat (Gujarat) as
a partnership entity, and is promoted by Mr. Ramesh Bhadani and
Mr. Jayesh Mistry, who have a 50% stake each in the firm. MBS
commenced operations in December 2011, and is engaged in the
trading of greige fabric.

Recent Results
In FY 2014, MBS reported a profit before tax (PBT) of INR0.34
crore on operating income of INR103.26 crore (provisional). In
FY2013, the firm reported a PBT of INR1.04 crore on operating
income of INR80.57 crore.


MID INDIA: CRISIL Assigns 'B+' Rating to INR200MM Loans
-------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Mid India Enterprises Pvt Ltd (Mid India; part of
the Mnm group), and has assigned its 'CRISIL B+/Stable' rating to
these facilities. The rating had been suspended by CRISIL as per
its rating rationale dated December 24, 2013, as Mid India had not
provided the necessary information required for reviewing the
ratings. Mid India has now shared the requisite information,
thereby enabling CRISIL to assign ratings to the bank facilities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           60         CRISIL B+/Stable (Assigned;
                                    Suspension revoked)

   Proposed Cash         50         CRISIL B+/Stable (Assigned;
   Credit Limit                     Suspension revoked)

   Working Capital       40         CRISIL B+/Stable (Assigned;
   Facility                         Suspension revoked)

   Proposed Working      30         CRISIL B+/Stable (Assigned;
   Capital Facility                 Suspension revoked)

   Proposed Long Term    20         CRISIL B+/Stable (Assigned;
   Bank Loan Facility               Suspension revoked)

These rating reflects the Mnm group's large working capital
requirements leading to its below average financial risk profile,
high geographical concentration, and exposure to competition in
the apparel retailing space. These rating weaknesses partially
offset by Mnm group's promoters' extensive experience in the
business of retailing of apparel and other consumer discretionary
goods and its established regional market position.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Mnm Marketing Pvt Ltd and Mid India.
The entities are together referred to as the Mnm group. This is
because the two entities are in similar lines of business, have a
common management with centrally managed operations and have
significant financial linkages with each other.

Outlook: Stable

CRISIL believes that the Mnm group will maintain its established
regional market position in the apparel and accessories retailing
space. The outlook may be revised to 'Positive' if the group
improves its capital structure significantly and diversifies into
other geographical regions, while maintaining its scale of
operations, profitability and financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the group undertakes
larger-than-expected debt-funded capital expenditure (capex)
programme towards setting up new stores or if its working capital
requirements increase significantly, leading to weakening in its
financial risk profile.

The Mnm group is based in Vijayawada (Andhra Pradesh [AP]). Mid
India is into organised retailing of readymade garments (RMGs),
saris and accessories. It operates its stores under the M&M brand
and is being promoted by Mr Harikishan.A.


POONAM POLYMERS: ICRA Suspends 'B' Rating on INR6cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR6.00 crore
long term working capital facilities and the [ICRA]A4 rating
assigned to the INR1.6 crore short term, non fund based bank
facilities of Poonam Polymers Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


SAPALA ORGANICS: CRISIL Reaffirms 'B+' Rating on INR52MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Sapala Organics Pvt Ltd
continues to reflect SOPL's small scale of operations in the
intensely competitive contract research segment, its small net-
worth limiting its financial flexibility, and susceptibility of
its profitability margins to fluctuations in foreign exchange
rates. These rating weaknesses are partially offset by its
promoters' extensive experience in the contract research business,
and the company's above-average financial risk profile marked by
its low gearing and robust debt protection metrics.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit            20       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         32       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SOPL will continue to benefit over the medium
term from its promoters' extensive experience in the contract
research industry. The outlook may be revised to 'Positive' if
there is a substantial and sustained improvement in SOPL's scale
of operations, while maintaining its profitability margins, or
there is a substantial increase in its net-worth on the back of
sizeable equity infusion from promoters. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in SOPL's
profitability margins, or significant deterioration in its capital
structure caused most likely because of a large debt-funded
capital expenditure programme or a stretch in its working capital
cycle.

SOPL was incorporated in 2005 by Dr. Masami Nakane and Dr. P Yella
Reddy. The company is a contract research organisation
specializing in custom synthesis of various organic compounds. The
company is based out of Hyderabad, Andhra Pradesh.


SHREE CERAMIC: CRISIL Reaffirms 'B' Rating on INR85MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Ceramic Fibers
Pvt Ltd continue to reflect SCFPL's small scale of operations
because of its start-up phase of operations and limited capacity,
its below-average financial risk profile on account of debt-funded
capital expenditure (capex) for setting up facilities, and large
working capital requirements. These rating weaknesses are
partially offset by the benefits that SCFPL derives from its
promoters' extensive experience in the insulation industry and
favorable demand prospects for its products because of use in
multiple end-user industries.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------     -------
   Bank Guarantee          2.5       CRISIL A4 (Reaffirmed)
   Letter of Credit       12.5       CRISIL A4 (Reaffirmed)
   Cash Credit            10         CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     19.1       CRISIL B/Stable (Reaffirmed)
   Term Loan              55.9       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCFPL will benefit from its promoters'
extensive experience in the insulation industry and favourable
demand prospects for its products. The outlook may be revised to
'Positive' in case of better-than-expected ramp-up in sales
resulting in higher cash accruals and improvement in liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the company's financial risk profile,
particularly its liquidity, most likely because of lower-than-
expected ramp-up in sales and cash accruals or large working
capital requirements.

Update
On the back of steady demand from the replacement market, SCEPL's
revenue increased to INR95 million in 2013-14 (refers to financial
year, April 1 to March 31). However, large overheads because of
large initial power requirements to stabilise the plant resulted
in cash loss of INR13.8 million for the year. SCFPL reported a net
loss of INR6 million on net sales of INR22.8 million for 2012-13.
With stabilisation of operations, the company's profitability is
expected to improve significantly over the medium term.

SCFPL's financial risk profile remains below average, marked by
small net worth of INR37 million and high gearing of 3.9 times as
on March 31, 2014. Debt-funding of cash losses, capex, and
incremental working capital requirements led to high gearing. The
interest coverage and net cash accruals to total debt ratios are
expected to be moderate, at 2.4 times and 0.09 times, respectively
over medium term. Infusion of substantial capital by promoters for
correction in capital structure will remain a key rating
sensitivity factor.

SCFPL's liquidity remains stretched because of low annual cash
accruals of about INR15 million that are just sufficient to meet
debt obligations, and high bank limit utilisation, but is
supported by financial assistance from promoters. The company's
bank limits of INR10 million were utilised at an average of 82 per
cent over the nine months through March 2014. Infusion of INR7.2
million by the promoters in April 2014 and outstanding subsidy of
INR4.5 million that is expected to be realised in 2014-15 will
support the company's liquidity over the medium term.

Incorporated in August 2011, SCFPL is promoted by Mr. Anadkumar
Tiwari and his two sons Mr. Amit Tiwari and Mr. Anupam Tiwari.
SCFPL has set up a unit in Indore (Madhya Pradesh) for
manufacturing insulating materials such as ceramic fibres. The
unit commenced commercial operations in January 2013.


SONA CHANDI: CRISIL Raises Rating on INR447.9MM Loan to 'B'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Sona Chandi Agro Processors to 'CRISIL B/Stable'
from 'CRISIL B-/Stable', and has reaffirmed its rating on the
firm's short-term bank loan facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit          447.9       CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Packing Credit         2.1       CRISIL A4 (Reaffirmed)

The rating upgrade reflects CRISIL's belief that SCAP's liquidity
will improve over the medium term, marked by expected cash
accruals of around INR15 million against nil debt obligations in
2014-15 (refers to financial year, April 1 to March 31). The
improvement in cash accruals is driven by increase in capacity
utilisation to 80 per cent from 65 per cent. The upgrade also
reflects the SCAP management's stated posture of not taking up any
capital expenditure (capex) over the next 12 to 15 months and
retaining the entire profits in the business; the firm receives
support from its promoters in the form of unsecured loans to fund
large working capital requirements.

The ratings reflect SCAP's weak financial risk profile marked by
small net worth, high gearing, and weak debt protection metrics.
The ratings also factor in the firm's large working capital
requirements and susceptibility to volatility in raw material
prices and to regulatory changes. These rating weaknesses are
partially offset by the extensive experience of SCAP's promoters
in the rice processing industry and the healthy growth prospects
for the rice industry.

Outlook: Stable

CRISIL believes that SCAP will continue to benefit over the medium
term from its promoters' extensive industry experience and the
healthy growth prospects for the rice industry. The outlook may be
revised to 'Positive' in case of significant improvement in SCAP's
capital structure, most likely driven by large equity infusion or
significant cash accruals. Conversely, the outlook may be revised
to 'Negative' in case of significant pressure on SCAP's liquidity,
most likely because of large debt-funded capex or working capital
requirements.

SCAP mills and processes par-boiled basmati rice (Pusa 1121
quality). It has a processing unit at Tarn Taran in Amritsar
(Punjab) with milling capacity of 8 tonnes per hour. SCAP is
promoted by the Arora family, which has been engaged in rice
milling since 1985. SCAP commenced commercial production in
October 2004.

SCAP is likely to report a profit after tax (PAT) of INR12.2
million on net sales of INR1.23 billion for 2013-14, against a PAT
of INR0.3 million on net sales of INR1.0 billion for 2012-13.


SPM MARBLES: CARE Reaffirms 'B+' Rating on INR7cr Bank Loan
-----------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of SPM Marbles
Private Limited.

                              Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long term Bank Facilities    7.00      CARE B+ Reaffirmed

Rating Rational

The rating continues to remain constrained on account of the
modest scale of operations of SPM Marbles Private Limited
in a highly competitive marble industry and its weak financial
risk profile marked by thin profitability margins, high
overall gearing and high working capital intensity of operations.
The rating is further constrained due to linkage of marble
industry to the cyclical real estate sector.

The rating, however, continues to favourably factor in the wide
experience of the promoters in the marble industry and
location advantage due to its presence in the marble belt of
India.

Going forward, the company's ability to scale up its operations
while improving its profitability levels as well as capital
structure would be the key rating sensitivity.

Kishangarh-based (Rajasthan) SMPL, incorporated in 2002, was
promoted by Mr Ashish Bakliwal, Mr Sanjay Kawad and Mr Bhagwan Das
Biyani along with his son, Mr Abhishek Biyani. SMPL is engaged in
the business of processing of marble blocks as well as trading of
finished marble slabs and tiles. The processing plant of the
company is located in the marble belt of India at Kishangarh with
an installed capacity to process 2.04 Lakh Square Meter Per Annuam
(LSMPA) of marble slabs and tiles. Being located in marble belt in
India, SMPL has easy access to raw material. The company procures
marble blocks and finished marble slabs and tiles from the local
market. SPML's income from trading of finished marble slabs and
tiles have been in the range of 85-90% of its total operating
income (TOI) in the last three fiscals ended FY14 (refers to the
period April 01 to March 31). The remaining income was generated
through processing and sale of marble slabs and tiles.

The promoters have also promoted SPM Granites (India) Private
Limited (commenced operations from September 2012) which is based
at Madurai (Tamil Nadu) and is involved in the processing and sale
of granite tiles.

During FY14 (As per the provisional results), SMPL reported a
total income of INR36.28 crore (FY13: INR33.01 crore) with a
PAT of INR0.24 crore (FY13: INR0.20 crore).


SREE LALITHA: ICRA Suspend 'B' Rating on INR47.5cr Loans
--------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B' assigned to
the INR29.28 crore term loans, INR15.00 crore fund based
facilities and the INR3.22 crore proposed long term limits of Sree
Lalitha Parameswari Spinning Mills Private Limited. ICRA has also
suspended the short term rating of [ICRA]A4 for the INR1.75 crore
fund based facilities and INR2.76 crore non-fund based facilities
of SLPS. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of requisite information from
the company.


SRI BALMUKUND: CRISIL Cuts Rating on INR149.5MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sri Balmukund Polypack Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Bank Guarantee         5        CRISIL A4 (Downgraded
                                   from 'CRISIL A4+')

   Cash Credit           60        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term    19.5      CRISIL B+/Stable(Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Proposed Long Term
   Loan                  70        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The ratings downgrade reflect the deterioration in SBBPL's debt
protection metrics, driven by its declining profitability margins
coupled with almost stagnant revenue. The company's profitability
and cash accruals were adversely affected by increasing raw
material prices and its inability to pass on the same due to
intense competition in the packaging industry.

The ratings reflect SBBPL's small scale of operations, exposure to
volatility in raw material prices, and its vulnerability to risks
relating to the highly fragmented nature of the industry,
restricting its pricing flexibility. These rating weaknesses are
partially offset by the experience of the company's promoters in
the packaging industry, and its moderate gearing.

Outlook: Stable

CRISIL believes that SBBPL will continue to benefit over the
medium term from its promoters' industry experience and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations, backed by optimum utilisation of its
enhanced capacities, while it maintains its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' if SBBPL undertakes a large debt-funded capital
expenditure programme, faces suboptimal utilisation of its
enhanced capacities, or extends substantial
financial assistance to its group entities.

SBBPL, incorporated in December 2007, manufactures high-density
polyethylene and polypropylene fabrics and bags. Its facility at
the industrial area in Tendua, Raipur (Chhattisgarh) has a
capacity of 9600 tonnes per annum. It manufactures bags for
cement, fertiliser, petrochemicals, leno, sugar, tea, food grain,
and other commodities.

SBBPL  reported a profit after tax (PAT) of INR1.37 million on net
sales of INR329 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR2 million on net sales
of INR340 million for the previous year.


SUNNY STAR: CRISIL Assigns 'B' Rating to INR149.8MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sunny Star Hotels Pvt Ltd. The rating reflects
SSHPL's start-up nature of operations in the highly fragmented and
competitive hotel industry. This rating weakness is partially
offset by the entrepreneurial experience of the company's
promoters and their funding support.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan            149.8       CRISIL B/Stable

Outlook: Stable

CRISIL believes that SSHPL will continue to benefit over the
medium term from its promoters' funding support. The outlook may
be revised to 'Positive' if there is substantial and sustained
improvement in the company's scale of operations and
profitability, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SSHPL
undertakes a larger-than-expected debt-funded capital expenditure
programme, or if its revenue and profitability decline
substantially, weakening its financial risk profile.

Established by Mr. Dilip Kumar and his family in 2013, SSHPL runs
a hotel under the name The Panache in Patna (Bihar).


SUPER AGRO: ICRA Reaffirms 'B+' Rating on INR8cr Loan
-----------------------------------------------------
ICRA has reaffirmed '[ICRA]B+' rating for INR8 crore fund based
limits of Super Agro Industry.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-based Limits      8.00        [ICRA]B+ Reaffirmed

ICRA has taken a consolidated view on the three group firms (Super
Agro Industry, Thakar Dass Nand Gopal, and Mahaluxmi Cotton and
General Mills) which have similar operational profile.

The rating continues to be constrained by low value addition in
the business which, coupled with high competitive intensity owing
to presence of several unorganized players in the market, results
in poor profitability and weak debt protection indicators. The
rating also factors in the high working capital requirement during
the cotton procurement season which impacts its liquidity position
and TDNG's vulnerability towards changes in Government regulations
and fluctuations in cotton prices which causes volatility in its
accruals.

The rating, however, continues to derive comfort from long
experience of the promoters in cotton industry, its established
relationship with clients, and proximity of the firm to the cotton
producing belt (Gujarat). While assigning the rating, ICRA has
also taken note of the risks inherent in a partnership firm, such
as limited ability to raise equity capital, risk of dissolution
due to death/retirement/insolvency of partners etc.
Going forward, firm's ability to improve its profitability will be
the key rating sensitive factor.

Super Agro Industry (SAI) is part of Sirsa (Haryana) based Thakar
Dass Group promoted by late Shri Nand Gopalji Gupta, and is
engaged in the business of cotton ginning. The promoters have been
into this business since 1956. The group has four cotton ginning
units and one trading unit. Under Super Agro Industry there is a
ginning and pressing unit in Sirsa (Haryana). The flagship firm of
the group Thakar Dass Nand Gopal has three operating units:
trading unit in Fatehabad (Haryana), and Ginning and pressing
units each in Sanosara(Gujarat) and Kothara(Gujarat). The other
entity of the group, Mahaluxmi Cotton & General Mills has a
ginning and pressing unit in Jind (Haryana).

In FY13, SAI reported profit before tax (PBT) of INR0.29 crore
(previous year INR0.15 crore) on an operating income of INR55.15
crore (previous year INR42.4 crore).


THAKAR DASS: ICRA Reaffirms 'B+' Rating on INR13cr Loans
--------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ rating for INR2.10 crore term loans
and INR10.90 crore fund based limits (including INR0.30 crore
unallocated limits) of Thakar Dass Nand Gopal.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans            2.10       [ICRA]B+ Reaffirmed
   Fund-based Limits    10.90       [ICRA]B+ Reaffirmed

ICRA has taken a consolidated view on the three group firms
(Thakar Dass Nand Gopal, Mahaluxmi Cotton and General Mills, and
Super Agro Industry) which have similar operational profile.
The rating continues to be constrained by low value addition in
the business which, coupled with high competitive intensity owing
to presence of several unorganized players in the market, results
in poor profitability and weak debt protection indicators. The
rating also factors in the high working capital requirement during
the cotton procurement season which impacts its liquidity position
and TDNG's vulnerability towards changes in Government regulations
and fluctuations in cotton prices which causes volatility in its
accruals.

The rating, however, continues to derive comfort from long
experience of the promoters in cotton industry, its established
relationship with clients, and proximity of the firm to the cotton
producing belt (Gujarat).

While assigning the rating, ICRA has also taken note of the risks
inherent in a partnership firm, such as limited ability to raise
equity capital, risk of dissolution due to
death/retirement/insolvency of partners etc.  Going forward,
firm's ability to improve its profitability will be the key rating
sensitive factor.

Thakar Dass Nand Gopal is part of Sirsa (Haryana) based Thakar
Dass Group promoted by late Shri Nand Gopalji Gupta, and is
engaged in the business of cotton ginning/trading. The promoters
have been into this business since 1956. The group has four cotton
ginning units and one trading unit. Under TDNG, there are three
operating units located in Fatehabad (Haryana), Sanosara
(Gujarat), and Kothara (Gujarat). Fatehabad unit is a sole trading
unit while the firm has a Ginning and pressing unit each in
Sanosara and Kothara. The other two entities of the group, Super
Agro Industry and Mahaluxmi Cotton & General Mills have a ginning
and pressing unit in Sirsa (Haryana) and Jind (Haryana)
respectively.

In FY13, TDNG reported a profit before tax (PBT) of INR0.44 crore
(previous year, INR0.3 crore) on operating income of INR160.62
crore (previous year 96.88 crore).


UDAYANATH EDUCATIONAL: ICRA Suspends 'D' Rating on INR6.48cr Loan
-----------------------------------------------------------------
ICRA has suspended the '[ICRA]D' rating assigned to the INR6.48
crore term loan of Udayanath Educational & Charitable Trust. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
entity.


UNION ENTERPRISES: ICRA Cuts Rating on INR20.18cr Loans to C
------------------------------------------------------------
ICRA has revised downward the long term rating assigned to the Rs
18.18 crore fund based bank limits and the Rs 2 crore non fund
based bank limits of Union Enterprises (Sachdev Steel Works
Private Limited) from [ICRA]B- to [ICRA]C. The Rs 2 crore non fund
based limit has also been rated on the short term scale, for which
ICRA has re-affirmed the short term rating at [ICRA]A4. ICRA has
also assigned an [ICRA]C /[ICRA]A4 rating to the Rs 2.71 crore
unallocated bank lines of UE.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits-       6.40       Revised downwards to
   Cash Credit                         [ICRA]C from [ICRA]B-

   Fund Based Limits-      11.78       Revised downwards to
   Term Loan                           [ICRA]C from [ICRA]B-

   Non Fund Based Limits    2.00       Revised downwards to
   Letter of Guarantee                 [ICRA]C from [ICRA]B-/
                                       Re-affirmed at [ICRA]A4

   Unallocated              2.71       [ICRA]C/[ICRA]A4 assigned

The rating action takes into consideration the significant
deterioration in the financial profile of UE due to the continuous
losses posted over the last three years due to stagnating demand
and high raw-material cost. The losses have eroded a significant
portion of the net-worth of the company and severely impacted its
capital structure. The ratings also factor in the small scale of
the current operations due to the low capacity utilization of the
rolling mills and weak financial profile of the company as
characterized by negative returns from business over the last
three years which keeps the debt protection indicators depressed.
While assigning the rating ICRA has taken into consideration that
the automated rolling mill installed during FY12, which was
primarily debt funded and currently being underutilized, is likely
to keep the coverage indicators under pressure. The ratings also
factor in the high working capital intensity of the business due
to the company's high receivable and inventory position and the
cyclical nature of the steel industry, which is going through a
difficult phase at present. The failure of the coal gasification
plant to achieve the expected process parameters has led to an
increase in the power costs. The ratings take into account the
experience of the promoters (more than three and a half decades)
in operating rolling units and the flexibility of the company to
roll products of various specifications in accordance with market
demand due to the availability of both rebar mill and structural
mill.

Union Enterprises (UE) has been in the business of manufacturing
TMT bar and rod since 1975. The production facility is located in
the Adityapur Industrial Area in Jamshedpur, Jharkhand. UE
currently produces TMT bars where billets/pencil ingots are used
as the major raw material. The company has recently installed a
fully automated structural mill with a capacity of 57,600 tpa.
This is in addition to the existing 14,400 tpa rebar mill.


VERSATILE ALUCAST: ICRA Assigns 'D' Rating to INR11.10cr Loans
--------------------------------------------------------------
ICRA has assigned the '[ICRA]D' rating to INR11.10 crore (enhanced
from INR11.00 crore) long term bank facilities of Versatile
Alucast Private Limited.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term, Fund      8.00       [ICRA]D (Outstanding)
   based limits-
   Term Loan

   Long Term, Fund      3.10       [ICRA]D (assigned/Outstanding)
   based limits-Cash
   Credit

The assigned rating reflects recent delays by the company in
servicing its debt obligations owing to tight liquidity conditions
and strained cash flows. Due to elongated approval cycle from
OEMs, the company has been operating at suboptimal capacity
resulting in operating losses and weak debt coverage indicators.
Also, on account of losses, the net-worth has eroded which has
resulted in adverse capital structure. ICRA has taken a note of
established track record of promoters in auto component industry
with an experience of over four decades in auto component
manufacturing business. VAPL's ability to regularise its debt
repayment obligations along with improvement in capacity
utilization and profitability remains key rating sensitivities.

Incorporated in 2011, VAPL has been formed to manufacture and
supply aluminium die casting. The promoters have setup Greenfield
aluminium casting facility (pressure die casting) in Kolhapur with
an installed capacity of 1,300 MTPA. The company also has in-house
machining facility. Total cost of the project is Rs 13.25 crore,
which was funded through term loan of INR8.00 crore, equity of
INR1.50 crore and rest through unsecured loan.



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


* JAPAN: Corporate Bankruptcies Down 20.2% in May
-------------------------------------------------
Kyodo News reports that the number of corporate bankruptcies fell
20.2 percent in May from a year earlier to 834, slipping below 900
in the month for the first time in 23 years, a credit research
agency said.

The plunge was attributed to monetary support by government and
private institutions for cash-strapped small and medium-size
companies, Kyodo discloses citing a survey by Tokyo Shoko Research
covering business failures with debts of JPY10 million or more.

Kyodo relates that total liabilities left by bankrupt companies in
May declined 0.4 percent to JPY172.64 billion as the failures were
mostly small in scale with debts of less than JPY100 million.

In the retail sector, Kyodo notes, the number of corporate
bankruptcies declined for the first time in two months, despite
the consumption tax hike in April, but the figure increased among
retailers of clothing for women and children as well as books and
stationery.

Construction sector failures fell 32.6 percent from a year earlier
to 169, the 27th monthly decline thanks to increased public works
projects, Kyodo relays.

In the manufacturing sector, the number of bankruptcies fell for
the 10th straight month, to 131, the report adds.



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


CENTURY CITY: Receivers Put IBM House Up for Sale
-------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that the eight-storey
IBM House is up for sale under instructions from receiver
David Ruscoe -- david.ruscoe@nz.gt.com -- of Grant Thornton.

dissolve.com.au says the eight-storey Petone waterfront office
block faced financial troubles before its completion in 2009 by
Century City Ventures as only three floors had been occupied by
tenants.

Mr. Ruscoe was named receiver of Century City Ventures in
September 2011, the report says. He has been trying to secure
other tenants in order to maximise the value of the property on
behalf of the company's creditors, dissolve.com.au notes.


GEOOP LIMITED: Annual Loss Widens to NZ$4.6MM
---------------------------------------------
BusinessDesk reports that GeoOp Limited widened its annual loss as
it pressed on with investing for growth.

The report says the Auckland-based company posted a NZ$4.6 million
loss in the year ended March 31, including NZ$600,000 of costs
relating to its 2013 capital raising and listing. That compares
with an annual loss of NZ$312,000 in the 2013 year. The company's
loss per share narrowed to 23.9 cents a share from 294 cents a
share the year earlier as it increased the number of shares on
issue, the report discloses.

BusinessDesk relates that GeoOp, which listed on the New Zealand
stock exchange NZAX market for smaller companies in October, said
revenue surged almost fourfold to NZ$488,000 in the past year as
it increased paying users to 8,006 from 2,300, added new product
features for the services and trades sectors and appointed key
executives in sales and technology. The number of paying users
increased further to 9,047 at May 31, it said.

"In the seven months since GeoOp listed, the company has shown
pleasing progress in the key areas of customer acquisition,
product development and has significantly added its capability in
its senior leadership team," the report quotes Chairman Mark
Weldon as saying. "The board confidently expects momentum in
customer acquisition to accelerate over the next 12 months."

GeoOp has NZ$7.7 million of cash and investments to fund its
growth, up from NZ$80,000 a year earlier, the report relates. It
didn't pay a dividend.

GeoOP Limited (NZX:GEO) -- http://geoop.com/-- offers mobile
applications or use on smartphones and tablets. It develops mobile
work flow business management applications for managing the
creating, assigning, scheduling, carrying out, invoicing and
payments of jobs.


ROSS ASSET: David Ross Appeals Fraud Sentence to Victim Outrage
----------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that the length
of David Ross' minimum non-parole period is "crushing" said his
lawyer, who applied to the Court of Appeal for it to be reduced.

Anger from Mr. Ross' out-of-pocket victims is still very raw as
one of the country's biggest fraudsters appealed against the
minimum sentence he must serve in jail before becoming eligible
for parole, the Herald says.

The report notes Mr. Ross, Wellington financier and former head of
the Ross Asset Management (RAM), was sentenced at the Wellington
District Court last year to 10 years 10 months' jail.

The Herald relates that the 63-year-old's elaborate fraud,
spanning 12 years, cost hundreds of investors their life savings
and retirement funds.

In total, NZ$115.5 million of investments is estimated to have
been lost in the group, which folded last November. Prior to its
collapse, Mr. Ross had led investors to believe they had NZ$351.5m
in client portfolios, the report states.

A minimum non-parole sentence of five years and five months was
imposed by the sentencing judge, says the Herald.

According to the Herald, Mr. Ross on June 11 appealed against that
minimum non-parole sentence in Wellington.

Mr. Ross lawyer, Gary Turkington, told the Herald he submitted
that the minimum non-parole term should go down to 4 years.

This was on the grounds that the original term was manifestly
excessive, the report states.

"I referred to sections in the Sentencing Act that provides that
sentence should be the least restrictive possible and that
rehabilitation is a cornerstone of sentencing," Mr. Turkington
told the Herald.

"And that the personal circumstances of Mr Ross were that at age
64, 5 year 5 months' minimum period before he's eligible for
parole is crushing," he said.

Justices Christine French, Jillian Mallon and Geoffrey Venning
reserved their decision, Mr. Ross' lawyer said, the Herald
relates.

The Herald reports that a spokesman for Ross Asset Management
Investors Group, Bruce Tichbon, said he had received e-mails
expressing anger that victims could not counter appeal for a
longer sentence.

The investor group have received messages from those angry at
Mr. Ross' lawyer "having the cheek to appeal," the report says.

There was frustration that "Ross in many ways seems to get better
treatment than his victims."

"Cruelly the victims cannot be a party to this appeal," the report
quotes Mr. Tichbon as saying.

Mr. Ross' original sentence was the longest given out in a Serious
Fraud Office case, the Herald notes.



                             *********

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
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                 *** End of Transmission ***