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        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

           Wednesday, June 18, 2014, Vol. 17, No. 119


                            Headlines


A U S T R A L I A

MUSCLE MEALS: In Administration; Asset Sale Process Starts
NEXUS ENERGY: McGrathNicol Appointed as Voluntary Administrators
PROFILE MARKETING: Placed Into Administration
UNDABRI: Chinese Buys Cropping Property for AUD30 Million


C H I N A

CHINA HONGQIAO: S&P Rates Proposed US$-Denom. Sr. Notes Issue BB


I N D I A

A-1 LAUNDRY: CRISIL Assigns 'D' Rating to INR105MM Loans
ANNAPURNA INDUSTRIES: CRISIL Reaffirms B+ Rating on INR70MM Loans
ARAN KITCHEN: CRISIL Rates INR60MM Loan at B; Suspension Revoked
ARAN MOTORS: CRISIL Reaffirms 'B' Rating on INR123MM Loans
AVNI STEELS: ICRA Suspends 'B' Rating on INR5.95cr Loan

BAGPOLY INTERNATIONAL: ICRA Reaffirms B+ Rating on INR13.4cr Loan
BALA MURUGAN: CRISIL Suspends 'D' Rating on INR510MM Loans
BHANDARI ENGINEERING: CRISIL Suspends B Rating on INR50MM Loans
CHENNAI CITI: CRISIL Reaffirms 'D' Rating on INR980MM Loan
DALAS BIOTECH: CRISIL Suspends 'B+' Rating on INR252.1MM Loans

DASHMESH AUTOS: ICRA Suspends 'B' Rating on INR5.7cr Loan
DECCAN POLYPACKS: CRISIL Cuts Rating on INR123MM Loans to 'D'
EVER ELECTRONICS: ICRA Reaffirms 'B' Rating on INR23.75cr Loans
GHANKUN STEELS: CRISIL Ups Rating on INR222.5MM Loans to 'B'
H.M.V. ASSOCIATES: CRISIL Assigns 'B+' Rating to INR50MM Loan

HARSHA STONE: ICRA Revises Rating on INR0.44cr Loan to 'B'
ISSAR PHARMACEUTICALS: ICRA Reaffirms B+ Rating on INR25cr Loans
JK SURFACE: CRISIL Cuts Rating on INR197.5MM Loans to 'D'
KAMSRI PRINTING: ICRA Cuts Rating on INR13.74cr Loans to 'C'
PATIALA DISTILLERS: CRISIL Assigns B+ Rating to INR150MM Loans

PINK STAR: CRISIL Reaffirms 'B' Rating on INR243.8MM Loans
PRAKASH CHAND: ICRA Suspends 'B-' Rating on INR10.50cr Loans
PREMIER METAL: CRISIL Reaffirms 'B+' Rating on INR90MM Loans
PSL LTD: U.S. Units File for Bankruptcy With Plan to Sell Assets
RADHA MADHAV: CRISIL Reaffirms 'D' Rating on INR127.7MM Loans

RATANPUR LAND: CRISIL Reaffirms 'B+' Rating on INR60MM Loans
REGAL STEEL: ICRA Suspends 'B/A4' Ratings on INR9cr Loan
RELIANCE DIAMOND: CRISIL Assigns 'B' Rating to INR130MM Loans
SAI BHASKAR: ICRA Revises Rating on INR27cr Loans to 'B'
SIDDHI COTTON: ICRA Reaffirms 'B+' Rating on INR8cr Loan

SIDDHI COTTON INDUSTRIES: ICRA Keeps B+ Rating on INR12cr Loan
SUNRISE INDUSTRIES: CRISIL Ups Rating on INR456.4MM Loans to B+
SURYA SYNTHETICS: ICRA Suspends 'B+' Rating on INR15cr Loan
TECHNICO INDUSTRIES: CRISIL Ups Rating on INR1.33BB Loans to B+
TRIVENI SILK: ICRA Suspends 'B+' Rating on INR14.50cr Loan


J A P A N

MT. GOX: Nears Chapter 15 Protection in U.S.


M O N G O L I A

TRADE AND DEVELOPMENT: S&P Assigns 'B' ICR; Outlook Negative


N E W  Z E A L A N D

CORO MAINSTREET: Inability to Pay Court Bills Sparks Liquidation


                            - - - - -


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


MUSCLE MEALS: In Administration; Asset Sale Process Starts
----------------------------------------------------------
Kirsten Robb at SmartCompany reports that Muscle Meals Direct has
collapsed into voluntary administration, following an internal
dispute among its directors.

A company spokesperson confirmed to SmartCompany administrators
had been appointed to the company, but said Muscle Meals Direct
will continue to manufacture and trade while a sale process is
underway.

"The administrators will conduct the sale of the business," the
spokesperson told SmartCompany. "Our goal is to continue to
operate."

The spokesperson would not confirm the amount Muscle Meals Direct
owed its creditors or who the creditors were, but said the debt
was rolling, the report relates.

SmartCompany says the company's 20 or so employees are expected to
stay on board.

Steven Arthur Gladman -- sgladman@hallchadwick.com.au -- and David
Ingram -- dingram@hallchadwick.com.au -- of Hall Chadwick were
appointed as administrators in May, SmartCompany discloses.

Mr. Gladman told SmartCompany the business had a turnover of about
AUD100,000 a week or around AUD5 million per annum.

He said the company's major creditor is the Australian Tax Office,
to which is owed AUD270,000. Its liabilities are AUD420,000.

According to the report, Mr. Gladman said he has already received
considerable interest in the sale of the business.

"We're in the process now of trying to finalise that. There are a
number of interested parties," SmartCompany quotes Mr. Gladman as
saying. "We've been trading on through the whole period and I'm
confident about the sale."

Sydney-based Muscle Meals Direct manufactures and distributes
high-protein, calorie-controlled frozen meals to gyms and
supplement stores across Australia.


NEXUS ENERGY: McGrathNicol Appointed as Voluntary Administrators
----------------------------------------------------------------
McGrathNicol announced on June 12, 2014, that partners
Matthew Caddy -- mcaddy@mcgrathnicol.com -- Tony McGrath --
tmcgrath@mcgrathnicol.com -- and Jason Preston --
jpreston@mcgrathnicol.com -- have been appointed joint and several
Voluntary Administrators to Nexus Energy Limited.

A meeting of shareholders was convened on June 12 to consider a
proposed scheme of arrangement under which Seven Group Holdings
Limited (SGH) would have acquired, through a wholly owned
subsidiary, SGH Energy (No 2) Pty Ltd, all of the issued shares in
Nexus (Scheme). The Scheme required the approval of:

   -- a majority (greater than 50%) in number of shareholders
      who voted on the Scheme; and

   -- at least 75% of the votes cast on the resolution to approve
      the Scheme.

At the Scheme meeting, neither of the two tests were satisfied and
accordingly the Scheme was not approved.

Following the non-approval of the Scheme and, in the absence of an
alternative proposal available to Nexus that provided adequate and
immediate access to funding, the Nexus Board determined they had
no alternative other than to appoint Administrators to Nexus.
The nine subsidiaries of Nexus (Nexus Subsidiaries) have not been
placed into administration. The boards of directors of the Nexus
Subsidiaries will be working with the Voluntary Administrators and
SGH to put in place funding arrangements to enable the Longtom,
Crux and Echuca Shoals projects to continue with minimal
interruption.

The immediate priority of the Administrators is to take control of
the assets of Nexus and urgently assess its financial position.

"The Administrators will be working with all key stakeholders,
including employees and regulatory agencies to ensure the trading
operations continue," Mr. McGrath said.

"Administrators will also be working with the Nexus Board and
management to assess recapitalisation, restructuring and sale
opportunities," Mr. McGrath said.

A meeting of creditors will be held on Tuesday, 24 June 2014 in
Melbourne.  Details of this meeting will be posted on the
McGrathNicol website www.mcgrathnicol.com by the end of this week.

Nexus Energy Limited (ASX:NXS) is a Melbourne-based, Australian
Stock Exchange listed oil and gas company.  In 2009 Nexus
transitioned from explorer to producer with the start up of the
Longtom gas project.  The company holds interests in eight permits
located offshore Australia.  Operations are focused on the
Gippsland Basin, offshore Victoria and the Browse Basin, offshore
Western Australia.


PROFILE MARKETING: Placed Into Administration
---------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Profile Marketing
Pty Ltd has been forced into administration due to at least
AUD700,000 superannuation and tax debt.  A sale of the business is
sought by the administrators, the report relates.

Cor Cordis Chartered Accountants' Daniel P Juratowitch and Messrs
Glenn J Spooner have been appointed as administrators of Profile
Marketing on June 6, 2014, according to dissolve.com.au.

The report notes that one of the administrators cited that the
administration is expected to last for around one month. However,
the sale may be completed sooner as they are currently
entertaining offers early, the report says.  The administrators
believe that clients can have the best chance by selling the
business with its 10 full time and 15 casual workers to keep their
jobs, dissolve.com.au adds.


UNDABRI: Chinese Buys Cropping Property for AUD30 Million
---------------------------------------------------------
Matthew Cranston at North Queensland Register reports that a
Chinese buyer has purchased Undabri, the south-west Queensland
cropping property, for AUD30 million from receivers Deloitte.

The report relates that Deloitte partner John Greig --
jgreig@deloitte.com.au -- confirmed the sale of Undabri had taken
place.

"It is an offshore buyer and a deposit has been paid," the
Register quotes Mr. Greig as saying. "There are some minor
conditions to be satisfied but we are very confident the
transaction will settle."

Undabri was formerly owned by real estate and agricultural land
identity Craig Doyle, but was placed on the market after Mr. Doyle
had several of his companies placed into receivership last year
because of high debts and flooding, the report notes.

National Australia Bank appointed Deloitte receivers in
April last year, the report discloses.

The 11,935-hectare property, 30 kilometres north of Goondiwindi,
has been on and off the market with expectations it, and other
aggregated properties, could sell for a combined AUD50 million,
according to the Register.

Undabri has 1,100ha of irrigated land with about 2,400ha of dry
cultivation and 6,000ha of grazing area. There is a water storage
capacity of about 3,000 megalitres.  The property has a livestock
capacity of 3,000 head of cattle.



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


CHINA HONGQIAO: S&P Rates Proposed US$-Denom. Sr. Notes Issue BB
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
issue rating and 'cnBBB-' long-term Greater China regional scale
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by China Hongqiao Group Ltd. (Hongqiao:
BB/Stable/--; cnBBB-/--).  The company intends to use the issuance
proceeds to refinance its existing short-term debt maturing within
one year.

The rating on Hongqiao reflects the company's exposure to a highly
cyclical and volatile aluminum market and its debt-funded
expansion.  Hongqiao's low production costs due to its self-owned
captive power plants temper these weaknesses.  S&P expects the
company to slow down its debt-funded expansion plans in the next
12-24 months as most of its large projects have passed their peak
investment phases.  The company's working capital requirements are
also likely to reduce over the next 12 months because it still has
a large inventory of bauxite.  S&P expects the company's ratio of
funds from operations to debt to improve to about 26% in 2014 from
about 20% in 2013.

The stable outlook on Hongqiao reflects S&P's expectation that the
company will adopt a moderate capital expenditure program over the
next 12-18 months compared with the past two years.  S&P also
anticipates that the company's profitability will remain better
than the industry average.



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


A-1 LAUNDRY: CRISIL Assigns 'D' Rating to INR105MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of A-1 Laundry Services. The ratings reflect instances
of delay by ALS in servicing its debt; the delays were caused by
the firm's weak liquidity.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              85         CRISIL D
   Proposed Long Term
   Bank Loan Facility      7         CRISIL D

   Bank Guarantee          8         CRISIL D

   Cash Credit             5         CRISIL D

ALS also has significant customer concentration in its revenue
profile and large working capital requirements. However, the firm
benefits from its promoters' extensive industry experience and
funding support.

ALS, set up in 2010, is a Mumbai-based joint venture firm promoted
by three partners: All Services Global Pvt Ltd, Key Engineers &
Developers Pvt Ltd, and Tesla Environmental Engineering Service
Pvt Ltd. The firm, which commenced operations in April 2013,
provides laundry services for the Central Railway.


ANNAPURNA INDUSTRIES: CRISIL Reaffirms B+ Rating on INR70MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Annapurna Industries
continue to reflect AI's modest scale of operations and large
working capital requirements. The ratings also factor in the
firm's below-average financial risk profile, marked by a small net
worth and high gearing. These rating weaknesses are partially
offset by the extensive experience of its promoters in, and the
healthy growth prospects for, the rice industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         70        CRISIL A4 (Reaffirmed)
   Cash Credit            55        CRISIL B+/Stable (Reaffirmed)
   Term Loan              15        CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has treated AI's unsecured
loans of INR49.6 million (as on March 31, 2014) from promoters'
friends and families as neither debt nor equity. This is because
the loans have been subordinated to the bank debt during currency
of the sanctioned limit.

Outlook: Stable

CRISIL believes that AI will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
improvement in the firm's scale of operations or profitability,
leading to better liquidity. Conversely, the outlook may be
revised to 'Negative' if there is pressure on AI's profitability,
or a more-than-expected increase in its working capital
requirements.

Established in 2006, AI is a partnership firm set up by the
Khandelwal family in Rajnandhaon (Chhattisgarh). The firm is
engaged in sorting and milling of paddy into non-basmati rice,
broken rice, rice bran, and husk. It has a sorting and milling
capacity of 16 tonnes per hour.

AI reported a profit after tax (PAT) of INR4.7 million on net
sales of INR303.8 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.6 million on net
sales of INR149.9 million for 2011-12.


ARAN KITCHEN: CRISIL Rates INR60MM Loan at B; Suspension Revoked
----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Aran Kitchen World India Private Limited, and has
assigned its 'CRISIL B/Stable/CRISIL A4' rating to the facilities.
CRISIL had, on March 06, 2013, suspended the rating as AKWIPL had
not provided necessary information required to maintain a valid
rating. AKWIPL has now shared the requisite information, enabling
CRISIL to assign a rating to the bank facilities.

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

   Letter of Credit       40        CRISIL A4 (Assigned;
                                    Suspension Revoked)

The ratings reflect AKWIPL's working capital intensive nature of
operations and its modest scale of operations in an intensely
competitive modular kitchen industry.  These rating weaknesses are
partially offset by AKWIPL's established brand backed by its joint
venture (JV) partner Aran World S.R.L (AW), Italy and the
promoters' extensive experience in the industry.

Outlook: Stable

CRISIL believes that the AKWIPL will continue to benefit from
established relationship with its supplier and JV partner, AW. The
outlook may be revised to 'Positive' if the company registers
larger than expected cash accruals and efficiently manages its
working capital. Conversely, the outlook may be revised to
'Negative' if the company reports lower than expected revenues or
profitability or if its working capital management deteriorates of
it undertakes a large debt-funded capital expenditure leading to
weakening of its financial risk profile.

AKWIPL, incorporated in the year 2008, is a joint venture between
AW and Bohra Kitchens Pvt. Ltd. AKIPL procures Italian modular
kitchens from AW and sells the products through its franchise and
owned retail outlets in India. The daily operations of the company
is managed by Mr. Rajesh Bohra.

AKWIPL, reported a profit after tax (PAT) of INR7 million on total
revenue of INR215 million for 2012-2013 (refers to financial year,
April 1 to March 31), as against a PAT of INR5 million on total
revenue of INR177 million for 2011-12.


ARAN MOTORS: CRISIL Reaffirms 'B' Rating on INR123MM Loans
----------------------------------------------------------
CRISIL has reaffirmed its long-term rating on the bank facilities
of Aran Motors at 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            90         CRISIL B/Stable (Reaffirmed)
   Long Term Loan         33         CRISIL B/Stable (Reaffirmed)

CRISIL had upgraded its ratings on AM's bank facilities to 'CRISIL
B/Stable' from 'CRISIL B-/Stable' during its review vide its
rating rationale dated April 21, 2014.

The rating upgrade reflects the improvement in AM's business risk
profile, driven by earlier-than-expected ramp in operations, which
led to a substantial increase in its revenue and profitability.
The firm is expected to record provisional revenue of INR570
million for 2013-14 (refers to financial year, April 1 to March
31), higher than CRISIL's expectations. Its operating
profitability in 2013-14, was also higher than CRISIL expectations
at around 5 per cent, driven by increased revenue from higher-
margin segments such as sale of spares and accessories and
servicing. CRISIL believes that AM will sustain its growth
momentum over the medium term.

The firm's liquidity has also improved on the back of higher cash
accruals; CRISIL expects AM's cash accruals in 2014-15 to be
between INR9 million and INR11 million, against debt obligations
of INR7 million. The firm's liquidity is also supported by funds
from promoters. During 2013-14, the promoters have infused equity
of INR30 million and extended unsecured loans of INR45 million for
managing working capital requirements. CRISIL believes that AM's
promoters will continue to provide need-based fund support over
the medium term.

The rating continues to reflect AM's below- average financial risk
profile, marked by high leverage, and its exposure to intense
competition in the automobile industry. These rating weaknesses
are partially offset by the extensive experience of the firm's
promoters in the automobile dealership segment, and their
established relationship with its principal, Mahindra & Mahindra
Ltd (M&M).

Outlook: Stable

CRISIL believes that AM will continue to benefit over the medium
term from its established relationship with M&M and funding
support from its promoters. The outlook may be revised to
'Positive' in case of substantial improvement in the firm's cash
accruals due to higher-than-expected revenue and profitability, or
in case of fresh equity infusion, further improving its capital
structure and liquidity. Conversely the outlook may be revised to
'Negative' if AM's financial risk profile, particularly its
liquidity, deteriorates, most likely because of lower-than-
anticipated cash accruals, a stretch in its working capital
management, or substantial debt-funded capital expenditure.

AM, incorporated in 2010, is a dealer for M&M's passenger and
commercial vehicles. The firm's day to day operations are managed
by Mr. P.A.Paranthaman.

AM reported a profit after tax of INR0.3 million on total revenue
of INR263 million for 2012-13.


AVNI STEELS: ICRA Suspends 'B' Rating on INR5.95cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR5.95 crore
fund based facilities of Avni Steels. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


BAGPOLY INTERNATIONAL: ICRA Reaffirms B+ Rating on INR13.4cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR13.40 crore fund-based bank facilities of Bagpoly
International Private Limited. ICRA has also reaffirmed the short
term rating of [ICRA]A4 assigned to the INR11.10 crore non-fund
based bank facilities of BIPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund
   Based Facilities      13.40        [ICRA]B+ Reaffirmed

   Short-Term Non
   Fund Based Limits     11.10        [ICRA]A4 Reaffirmed

The rating reaffirmation continues to take into account the
company's stretched liquidity position which is on account of
modest accruals, given the low profitability and working capital
intensive nature of operations. The moderate scale of company's
operations in a fragmented industry with limited entry barriers
and limited product differentiation along with limited bargaining
power with the suppliers, who are mostly large suppliers with
dominant market position, results in low profitability for the
company as reflected in OPM of ~3.5% and NPM of ~0.6%. The working
capital intensity of the company is high as reflected in NWC / OI
of 28% as on March-14, owing to maintenance of high levels of raw-
material stock which is typically purchased immediately on receipt
of orders to minimize price risk, given the absence of price
escalation clause, and long receivable cycle with full payment
received only after delivery and testing of the finished products.
Moreover, only a limited proportion of receivables is funded out
of working capital borrowings from banks as most of the receivable
of the company are for duration more than that eligible for
drawing of the working capital limits, resulting in reliance on
unsecured loans from promoters' group / known parties to fund the
working capital needs. In addition to the working capital funding,
the company has also funded a significant proportion of the
capital expenditure (capex), including the entire capex in FY 2014
towards capacity addition and modernization, from these unsecured
loans which constituted ~54% of total borrowings as on Mar-14.
Owing to high working capital requirements, limited funding for
working capital and consistent reliance on unsecured loans, the
liquidity of the company remained stretched as reflected in high
utilization of working capital limits and high levels of payables
with TOL/TNW at 5.05 times as on March 2014. The high dependence
on borrowing, both for working capital and capex has kept the
leverage high with gearing of around 2.7x as on Mar-14 which along
with low profitability resulted in weak debt coverage indicators
as reflected in NCA / Total Debt of 6% and Total Debt / OPBDITA of
8.4x for FY 2014. The rating however continues to favourably take
into account the satisfactory track record of the company in the
polywoven fabric/sack industry and its established clientele base
comprising of Government departments and private end users.

Going forward, the ability of the company to improve its
profitability and liquidity position while increasing its scale of
operations; would remain the key rating sensitivities.

Bagpoly International Private Limited was established in October
1994 and is promoted by Mr. Ved Prakash Mittal and his family
members. The company is engaged in manufacturing of HDPE/LDPE/PP
woven fabrics and bags, tarpaulins and covers. The manufactured
products find utility as industrial packaging materials for
fertilizers, cement, sugar, food grains, chemicals etc. The
company is having manufacturing facilities at Panipat (Haryana),
Kala Amb (Himachal Pradesh) and Alipur Khalsa (Haryana) with total
annual installed capacity of around 7,000 tonnes of HDPE and 9,500
tonnes tonnes of LDPE.


BALA MURUGAN: CRISIL Suspends 'D' Rating on INR510MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bala Murugan Chemicals Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL D Suspended
   Long Term Loan        460        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
BALCHEM with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BALCHEM is yet
to provide adequate information to enable CRISIL to assess
BALCHEM's ability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information. CRISIL considers information availability
risk as a key credit factor in its rating process and non-sharing
of information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in 2005, BALCHEM manufactures titanium dioxide, a
white pigment used widely in the printing industry. The company's
manufacturing facility, with capacity of 15,000 tpa, began
commercial operations in March 2012. The company is part of the
BMC group of companies, which has business interests in mining of
beach minerals (such as ilmenite and garnet), logistics and
education, apart from manufacturing titanium dioxide.


BHANDARI ENGINEERING: CRISIL Suspends B Rating on INR50MM Loans
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhandari Engineering Company Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           45.4       CRISIL B/Stable Suspended
   Term Loan              4.6       CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by
BECPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BECPL is yet to
provide adequate information to enable CRISIL to assess BECPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

BECPL was set up in 1995 by Mr. P R Bhandari, who has been trading
in diesel generators, pumps, and other industrial equipment since
1968. The company has dealership of around 30 engineering
companies; it sells electrical equipment such as motors,
transformers, compressors, switchgears, and frequency meters.
Furthermore, BECPL also undertakes O&M activities, and EPC of sub-
stations at refineries in and around Bhatinda (Punjab).


CHENNAI CITI: CRISIL Reaffirms 'D' Rating on INR980MM Loan
----------------------------------------------------------
CRISIL's rating on the bank facility of Chennai Citi Center
Holdings Pvt Ltd continues to reflect instances of delay by CCCHPL
in servicing its term debt; the delays have been caused by the
company's weak liquidity.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Long Term Loan        980         CRISIL D(Reaffirmed)

CCCHPL also has an average financial risk profile, marked by high
gearing. Moreover, its cash flows are susceptible to economic
downturns. However, the company benefits from high occupancy rates
in its commercial real estate property.

Update
CCCHPL has been continuously delaying the repayment of its term
debt obligations. The delays have been caused by the company's
weak liquidity. CCCHPL has weak liquidity on account of instances
of delay in collection of receivables from its tenants and
significant loans and advances to related entities. CRISIL
believes that CCCHPL's liquidity will remain weak over the medium
term on account of its delays in collection of lease rental
obligations and significant funding support to group entities.

CCCHPL, set up in 1993 as Golden Crest Hotels Pvt Ltd, owns the
Chennai Citi Centre Mall on Radhakrishnan Road in Chennai (Tamil
Nadu). The company is currently executing a residential real
estate project at Anna Nagar in Chennai.


DALAS BIOTECH: CRISIL Suspends 'B+' Rating on INR252.1MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Dalas
Biotech Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           160        CRISIL B+/Stable Suspended
   Corporate Loan         28.3      CRISIL B+/Stable Suspended
   Term Loan              63.8      CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by DBL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DBL is yet to
provide adequate information to enable CRISIL to assess DBL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Based in Bhiwadi (Rajasthan), DBL manufactures active
pharmaceutical ingredients (bulk drugs). The company is managed by
UK-based non-resident Indians Mr. Anil Rajani and Mr. Atul Rajani.
It manufactures Cefixime and Proxetil from its facilities and
recently started manufacturing Amoxicillin. DBL has installed
capacity to manufacture around 55 tonnes per day of bulk drugs.


DASHMESH AUTOS: ICRA Suspends 'B' Rating on INR5.7cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR5.7 crore
bank facilities of Dashmesh Autos. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


DECCAN POLYPACKS: CRISIL Cuts Rating on INR123MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Deccan Polypacks Limited to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         3          CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit           55          CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Letter of Credit      55          CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term    10          CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

The ratings downgrade reflects DPL's overdrawn cash credit
facility for more than 30 days; the overdrawls have been caused by
the weakening in the company's liquidity due to a stretch in its
working capital cycle.

DPL has a below-average financial risk profile marked by its small
net worth, high gearing, and weak debt protection metrics. The
company also has large working capital requirements, has modest
scale of operations in the intensely competitive packaging
industry, and its profitability margins are susceptible to
volatility in raw material prices. However, the company benefits
from its promoters' extensive experience in the woven sacks
industry.

Incorporated in 1984 as a private limited company, DPL was
reconstituted as a public limited company in 1985. It manufactures
polypropylene woven bags and polyethylene woven sacks. The
company's manufacturing unit is located in Medak, Andhra Pradesh.


EVER ELECTRONICS: ICRA Reaffirms 'B' Rating on INR23.75cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR20.75
crore (reduced from INR22.25 crore) Term Loan facilities and
INR3.00 crore (enhanced from INR1.50 crore) Cash Credit facility
of Ever Electronics Private Limited at [ICRA]B. ICRA has also
reaffirmed the short term rating assigned to the INR3.25 crore non
fund based facilities of EEPL at [ICRA]A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term loans           20.75       [ICRA]B reaffirmed
   Cash Credit           3.00       [ICRA]B reaffirmed
   Bank Guarantee        3.25       [ICRA]A4 reaffirmed

The ratings reaffirmation takes into consideration long standing
experience of promoters who enjoy good relationship with customers
as well as expected expansion in the product portfolio which is
expected to result in improved revenue and profitability
performance. The company has been taken over by the new management
which has resulted in addition of new products to be supplied to
LG Electronics India (LG). The ratings however continue to remain
constrained by high client concentration risk as majority of the
output is sold to LG. The company is however putting efforts in
order to diversify the customer base and some new customers have
been added to the portfolio in the last fiscal. ICRA also notes
that continued net losses have translated into weak capital
structure and coverage indicators for the company. Going forward,
increasing capacity utilization and diversification of the
customer base would remain key sensitivities for the company.

In December 2013, holding company of EEPL was taken over by the
new management. The new management has another company IL JIN
Electronics India Private Limited (ILJIN) which is a supplier to
LG for its high selling products like Air Conditioners, Microwave
Ovens and Washing Machines. ILJIN had two manufacturing facilities
in India based out of Noida and Shirur (near Pune). The Shirur
facility, which was operating in leased premises, has been closed
down and the operations have been shifted to EEPL facility. This
has resulted in expansion of the product portfolio of EEPL.

Incorporated in 2004, EEPL is engaged assembling PCBs for LG. The
company assembles PCBs for Color Televisions, LCD Televisions, DVD
players, Refrigerators and other electronic equipments of LG.
Recently the company has added products like Air Conditioners,
Microwave Ovens and Washing Machines in the portfolio. The company
is owned by Vision Creative Limited (VCL), which is a Hong Kong
based company owned by the directors of EEPL.


GHANKUN STEELS: CRISIL Ups Rating on INR222.5MM Loans to 'B'
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Ghankun
Steels Pvt Ltd to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         7.5        CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit          120.0        CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Letter of Credit      70.0        CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Proposed Long Term   102.5        CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

The ratings upgrade is driven by regularisation of GSPL's cash
credit account in the last six months ended May 30, 2014, and
improvement in its liquidity on the back of infusion of unsecured
loans by its promoters. Furthermore, the company has no term
loans, and it does not intend to contract any incremental term
loan over the medium term.

The ratings reflect the company's modest scale of operations in
the intensely competitive sponge iron and mild steel (MS) ingots
industry, susceptibility of its profitability margins to
volatility in raw material prices, and its working-capital-
intensive operations. The ratings are also constrained by its
average financial risk profile marked by modest net worth,
moderate gearing, and below-average debt protection metrics. These
rating weaknesses are partially offset by its promoters' extensive
experience in the steel industry, and its established relationship
with customers.

Outlook: Stable

CRISIL believes GSPL will continue to benefit over the medium term
from its promoters' extensive industry experience and its
established relationship with customers. The outlook may be
revised to 'Positive' if there is a substantial and sustained
increase in the company's scale of operations, while it maintains
its profitability margins, or there is a significant increase in
its net worth on the back of sizeable equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the company's profitability margins, or
significant deterioration in its capital structure, caused most
likely by any large debt-funded capital expenditure or a stretch
in its working capital cycle.

Incorporated in 2005, GSPL manufactures sponge iron and MS ingots.
The company's plant is located in Raipur (Chhattisgarh).


H.M.V. ASSOCIATES: CRISIL Assigns 'B+' Rating to INR50MM Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of H.M.V. Associates and has assigned its 'CRISIL
B+/Stable' rating to these facilities. CRISIL had suspended the
rating on December 17, 2013, as HMVA had not provided the
necessary information required for reviewing the rating. The firm
has now shared the requisite information enabling CRISIL to assign
a rating.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B+/Stable (Assigned;
                                    Suspension revoked)

The rating reflects HMVA's large working capital requirements and
its exposure to risks related to its tender-based business model
and to intense competition. These rating weaknesses are partially
offset by the extensive experience of the firm's proprietor in the
civil construction industry and funding support from proprietors.

Outlook: Stable

CRISIL believes that HMVA will continue to benefit over the medium
term from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' in case of a substantial
increase in the firm's revenue and sustained improvement in its
profitability, supported by a significantly larger order book.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in HMVA's revenue, profitability, and working capital
management, leading to further weakening of its financial risk
profile. Any significantly higher-than-expected investments in
group companies may also result in a revision in the outlook to
'Negative'.

HMVA was established in 1990 as proprietorship firm by Mr. Paras
Mehta. The firm undertakes civil construction contracts for the
Brihan Mumbai Corporation and Maharashtra Housing and Area
Development Authority in and around Mumbai.

HMVA reported a net profit of INR8.9 million on net sales of
INR141 million for 2012-13 (refers to financial year, April 1 to
March 31), as against a net profit of INR7.7 million on net sales
of INR151 million for 2011-12.


HARSHA STONE: ICRA Revises Rating on INR0.44cr Loan to 'B'
----------------------------------------------------------
ICRA has revised the rating assigned to the INR0.44 crores long
term fund based limits of Harsha Stone Industries to [ICRA]B from
[ICRA]B-.  ICRA has also reaffirmed the short term rating of
[ICRA]A4 assigned to the INR5.50 crores short term fund based
limits and INR1.56 crores unallocated short term limits of HSI.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Fund         0.44       Revised to [ICRA]B
   based limits                      from [ICRA]B-

   Short term fund
   based limits           5.50       [ICRA]A4 reaffirmed

   Unallocated short
   term fund based
   limits                 1.56       [ICRA]A4 reaffirmed

The revision in ratings reflects the improvement in financial
performance of the company as reflected by healthy growth in
sales, reduction in gearing levels and improvement in debt
coverage indicators. The ratings also derive comfort from the long
experience of the promoters in the stone processing business and
their established relationship with customers. Nevertheless, the
ratings are constrained by the intensely competitive nature of
stone processing industry, low value additive nature of HSI's
operations and firm's exposure to foreign exchange fluctuation
risk since exports form a significant proportion of HSI's overall
revenues. Further HSI is a partnership firm and any significant
withdrawals from the capital account could adversely impact its
net worth and thereby its capital structure. Going forward,
ability of the firm to increase its scale of operations in a
profitable manner while maintaining working capital intensity will
be key rating sensitivities.

Harsha Stone Industries was established in the year 1988 as a
partnership firm. It is engaged in the processing of natural stone
products primarily sandstone. The manufacturing facility of the
firm is located at Kota in Rajasthan and Betamcharia in Andhra
Pradesh. The firm exports mainly to European countries.

The firm reported a net profit of INR0.56 crores on an operating
income of INR21.95 crores in FY14 (provisional results) as against
net profit of INR0.31 crores on an operating income of INR15.37
crores in FY13.


ISSAR PHARMACEUTICALS: ICRA Reaffirms B+ Rating on INR25cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR20.50
crore fund based limits (INR24.00 crore earlier) and the INR4.50
crore unallocated limits (INR1.00 crore earlier) of Issar
Pharmaceuticals Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits     20.50        [ICRA]B+ (reaffirmed)
   Unallocated            4.50        [ICRA]B+ (reaffirmed)

The rating is constrained by IPPL's dependence on equity infusion
by the promoters to meet the debt repayment obligations owing to
delay in obtaining necessary regulatory approvals and difficulty
in finding a suitable marketing partner for the commercial launch
of burn wound topical and generic peptides respectively. Further,
the scale of operations continue to remain low owing to dependence
on single product-- Melgain whose sales were limited on account of
limited marketing reach of the product in the past. The rating
however, favourably factors in the long track record of the
promoter in the pharmaceutical industry, IPPL's strong product
pipeline and the recent tie up with Dr. Reddy's Laboratories
Limited for marketing Melgain.

Going forward, the ability of the company to successfully
commercialize its products -- burn would topical, generic peptides
and scale up existing product sales will remain key rating
sensitivities. Also, the timeliness of funding support from
promoters remains critical in the event of a cash flow mismatch.

Incorporated in 1995, Issar Pharmaceuticals Private Limited is a
Hyderabad based pharmaceutical company involved in the research
and development of peptide-based health care products and their
commercialization. IPPL is being promoted by Mr I Ramakrishna
Reddy who has been associated with Shantha Biotechnics Ltd in the
past. Presently IPPL's product profile includes single molecule -
Decapeptide which is being marketed in India by DRL under the
brand name of Melgain. However it has a strong product pipeline.
Prominent among these is a burn would topical which has completed
the Phase III trials.

Recent Results (Provisional)

IPPL has, for the nine months ended December 31, 2013, reported an
operating income of INR4.62 crore and an operating profit of
INR0.52 crore.


JK SURFACE: CRISIL Cuts Rating on INR197.5MM Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
JK Surface Coatings Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee       106         CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit            7.5       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Overdraft Facility    29         CRISIL D (Downgraded from
                                    'CRISIL A4')

    Rupee Term Loan      55         CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The downgrade reflects instances of delay by JKSC in servicing its
debt; the delays have been caused by JKSC's weak liquidity
resulting from large working capital requirements

JKSC is also exposed to revenue concentration risks. However, it
benefits from its strong clientele and extensive track record in
the protective surface coatings industry.

Incorporated in 1998, JKSC is a service-contractor for protective
surface coatings. The company is based in Navi Mumbai
(Maharashtra) and is promoted by Mr. Ajay Sagar and Mr. Sanjiv
Thakur. It undertakes contracts for application of surface
coatings at industrial sites, on both work- and labour-contract
basis.


KAMSRI PRINTING: ICRA Cuts Rating on INR13.74cr Loans to 'C'
------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR4.94
crore (revised from INR6.07 crore) term loan facilities and the
INR8.80 crore (revised from INR10.00 crore) fund based facilities
of Kamsri Printing & Packaging Private Limited to [ICRA]C from
[ICRA]B+.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans            4.94       [ICRA]C/revised
                                    from [ICRA]B+

   Long-Term Fund        8.80       [ICRA]C/revised
   Based Limits                     from [ICRA]B+

   Short-Term Non-       0.56       [ICRA]A4/Rating Withdrawn
   Fund Based Limits

ICRA has also withdrawn the [ICRA]A4 rating assigned to INR0.56
crore short term non-fund based facility of Kamsri Printing &
Packaging Private Limited, as the said bank facility has been
closed and there are no outstanding amounts against the rated bank
facility.

The revision in rating factors in frequent overdrawls on the
drawing power of the cash credit facility availed by the company
owing to its tight liquidity position. The company's financial
profile remains stretched with considerable net losses during
2013-14, high gearing and weak coverage indicators. The Company's
current small scale of operations restricts financial flexibility
while high competitive intensity in the industry limits pricing
flexibility. However, ICRA takes note of the extensive experience
of the promoters in printing industry and the company's
established relations with customers and suppliers supporting the
business prospects over long term. Going forward, the Company's
ability to scale up its operations, improve its operating
performance and ease the pressure on liquidity and capital
structure would remain key rating sensitivities.

Kamsri Printing & Packaging Private Limited was incorporated in
1991, by Mr. Suresh Srinivasan. The Company is engaged in offset
printing on packaged cartons, inserts, outserts, and apparel
cartons for branded goods, wrap bands, labels, leaflets and
brochures. KPPL's operations primarily consist of buying paper and
paper boards which are subsequently folded into various sizes and
printed as per customers' requirements. The Company primarily
caters to pharmaceutical, apparel and high end FMCG sectors.

Recent Results

For 2013-14, the company reported an operating income of INR27.8
crore with a net loss of INR2.7 crore as against an operating
income of INR25.3 crore with a profit after tax of INR0.1 crore
during 2012-13.


PATIALA DISTILLERS: CRISIL Assigns B+ Rating to INR150MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Patiala Distillers & Manufacturers Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              40         CRISIL B+/Stable
   Cash Credit            60         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     50         CRISIL B+/Stable

The rating reflects PDML's weak financial risk profile and
business risk profile constrained by below-average profitability
and susceptibility to regulatory changes and to approval of
licences in the distilleries industry. These rating weaknesses are
partially offset by the long-standing presence of PDML in the
distilleries industry.

Outlook: Stable

CRISIL believes that PDML will continue to benefit over the medium
term from the extensive experience of its promoters in the
distilleries industry. The outlook may be revised to 'Positive' if
the company's financial risk profile improves due to better-than-
expected cash accruals if it is able to scale up its operations
and profitability on a sustained basis. Conversely, the outlook
may be revised to 'Negative' if any regulatory changes adversely
impact PDML's revenue and margins or if its financial risk profile
deteriorates due to larger-than-expected debt-funded capital
expenditure or lower-than-expected profitability.

PDML was incorporated in 1974, promoted by Mr. Sudarshan Kumar
Modi and family members. The company manufactures extra neutral
alcohol and rectified spirit, and sells it in the form of country
liquor and Indian-made foreign liquor (IMFL) in Punjab. The
company also does IMFL bottling on job basis. PDML's manufacturing
unit is located in Patiala (Punjab).


PINK STAR: CRISIL Reaffirms 'B' Rating on INR243.8MM Loans
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Pink Star
continues to reflect Pink Star's below-average financial risk
profile marked by its small net worth, moderate total outside
liabilities to tangible net worth ratio and below-average debt
protection metrics. The rating also factors in the firm's large
working capital requirements, and susceptibility of its
profitability margins to volatility in diamond prices and
fluctuations in foreign exchange rates. These rating weaknesses
are partially offset by the extensive experience of the firm's
promoters in the diamond industry, and its established relations
with customers.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Export Packing Credit     40      CRISIL B/Stable (Reaffirmed)

   Post Shipment Credit     160      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        43.8    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Pink Star will continue to benefit over the
medium term from its partners' extensive experience in the diamond
industry and its established relations with customers. The outlook
may be revised to 'Positive' if there is a substantial and
sustained improvement in the firm's scale of operations, while
maintaining its profitability margins, or there is a sustained
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
Pink Star's profitability margins, or significant deterioration in
its capital structure caused most likely because of a stretch in
its working capital cycle.

Pink Star, set up in 1977, is the flagship entity of the Neysa
Jewellery Ltd (rated 'CRISIL D/CRISIL D'). The firm is engaged in
cutting and polishing of diamonds. The firm is currently managed
by Mr. Pravin Shah and Mr. Pratik Shah.


PRAKASH CHAND: ICRA Suspends 'B-' Rating on INR10.50cr Loans
------------------------------------------------------------
ICRA has suspended the long term rating of ['ICRA]B-' assigned to
the INR5.50 crore fund based and INR5.00 crore non-fund based bank
facilities of Prakash Chand Rai. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


PREMIER METAL: CRISIL Reaffirms 'B+' Rating on INR90MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of to the bank facilities
of Premier Metal Products (PMP) continue to reflect the firm's
small, working-capital-intensive operations, and an average
financial risk profile. These rating weaknesses are partially
offset by the extensive experience of PMP's promoters in the
aluminium industry and their established relationship with
customers and suppliers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Buyer Credit Limit    20         CRISIL B+/Stable (Reaffirmed)
   Cash Credit           70         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PMP will continue to benefit from the long
industry experience of its promoters. The outlook may be revised
to 'Positive' upon improvement in liquidity along with
substantially high top-line and operating margin. Conversely the
outlook may be revised to 'Negative' upon significant weakening in
financial risk profile because of deterioration in operating
margin or large debt-funded capital expenditure and pressure on
liquidity because of considerably high investment in group
companies or increase in working capital requirements.

Incorporated in 1976, PMP is engaged in the manufacturing of
aluminium deoxidant castings in addition to aluminium PP Caps and
Aluminium Die Castings, having applications in steel casting
industries. Based in Howrah (West Bengal), the firm has a reputed
customer base that includes Tata Steel, major Pharma companies. It
is owned and managed by Kolkata-based Bagaria Family.


PSL LTD: U.S. Units File for Bankruptcy With Plan to Sell Assets
----------------------------------------------------------------
Michael Bathon, writing for Bloomberg News, reported that the U.S.
and North American units of PSL Ltd., an Indian steel-pipe maker
for the oil and gas industry, sought bankruptcy protection with a
plan to sell assets to Jindal Tubular USA LLC for about $100
million. According to the report, PSL-North America LLC and PSL
USA Inc., based in Bay St. Louis, Mississippi, each listed assets
of more than $50 million and debts of about $130 million in
Chapter 11 documents filed in U.S. Bankruptcy Court in Wilmington,
Delaware. The lead case is In re PSL-North America LLC, 14-bk-
11477, U.S. Bankruptcy Court, District of Delaware (Wilmington).


RADHA MADHAV: CRISIL Reaffirms 'D' Rating on INR127.7MM Loans
-------------------------------------------------------------
CRISIL rating on the bank facilities of Radha Madhav Industries
Pvt Ltd continues to reflect the weak liquidity position of the
company because of the new plant which is yet to be commissioned.
The bank facilities of the company are currently classified as NPA
post second restructuring of the bank facilities.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         2.5        CRISIL D (Reaffirmed)
   Cash Credit           47.5        CRISIL D (Reaffirmed)
   Letter of Credit      12.5        CRISIL D (Reaffirmed)
   Term Loan             65.2        CRISIL D (Reaffirmed)

RMIPL's scale of operations is small, it has a weak financial risk
profile, marked by average net worth and weak debt protection
metrics, and it is exposed to risks related to cyclicality in the
steel industry, and large working capital requirements. RMIPL,
however, benefits from the extensive industry experience of its
promoters.

Incorporated in 2003, RMIPL manufactures sponge iron. The plant
was initially located in Nayapara in Bilaspur (Chhattisgarh), but
due to its proximity to the state High Court and the pollution
restrictions, the management is in the process of shifting the
plant to Khasra in Bilaspur.


RATANPUR LAND: CRISIL Reaffirms 'B+' Rating on INR60MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ratanpur Land and Tea
Estates Pvt Ltd continue to reflect RLTEPL's exposure to risks
relating to its modest scale of operations, fluctuations in tea
prices, and to the agri-nature of its activity. The ratings also
factor in RLTEPL's below-average financial risk profile, marked by
modest net worth and high gearing. These rating weaknesses are
partially offset by the benefits that RLTEPL derives from its
promoters' extensive experience in the tea industry and its
association with the Bokahola group.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            24        CRISIL B+/Stable (Reaffirmed)
   Term Loan              36        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that the RLTEPL will continue to benefit over the
medium term from the Bokahola group's established position in the
tea industry, and the promoters' extensive industry experience.
The outlook may be revised to 'Positive' if RLTEPL stabilises
operations at its new facility and reports significant and
sustainable growth in revenue and profitability. Conversely, the
outlook may be revised to 'Negative' if the revenue and margins
are significantly lower than current expectations, impacting its
financial risk profile and debt servicing.

RLTEPL, set up in 1984, was acquired by the Bokahola group in
2009. At present, 97.4 per cent of RLTEPL's shares are held by
Kasojan Tea Company Pvt Ltd (KTCPL, part of the Bokahola group).
The group, promoted by the Bezboruah family, cultivates and
processes tea. RLTEPL is into tea cultivation and sells tea leaves
in the auction markets. RLTEPL's registered office and
manufacturing facility is at Johrat, Assam.

For 2013-14 (refers to financial year, April 1 to March 31),
RLTEPL reported, on a provisional basis, a PAT of INR0.59 million
on net sales of INR19.09 million, and a PAT of INR0.6 million on
net sales of INR18.9 million for 2012-13.


REGAL STEEL: ICRA Suspends 'B/A4' Ratings on INR9cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B and [ICRA]A4 ratings assigned to the
INR9 Crores fund based facilities of Regal Steel Rolling Mills.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


RELIANCE DIAMOND: CRISIL Assigns 'B' Rating to INR130MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Reliance Diamond Tools (RDT).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             55.9        CRISIL B/Stable

   Cash Credit            6          CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility    68.1        CRISIL B/Stable

The rating reflects RDT's large working capital requirements and
its modest scale of operations. These rating weaknesses are
partially offset by the firm's above-average financial risk
profile, marked by moderate gearing and healthy debt protection
metrics, and the extensive experience of RDT's proprietor in the
tool manufacturing industry.

Outlook: Stable

CRISIL believes that RDT will benefit over the medium term from
its proprietor's extensive industry experience. The outlook may be
revised to 'Positive' if the firm records considerable increase in
revenue while maintaining its profitability, leading to better-
than-expected cash accruals and improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' if RDT
reports lower-than-expected revenue or profitability, or if the
firm's working capital management weakens resulting in weak
liquidity, or if the firm undertakes a large debt-funded capital
expenditure programme leading to weakening of its financial risk
profile.

Set up in 1994, RDT manufactures diamond cutting tools, which are
used in automobile industries. The firm's day-to-day operations
are managed by the proprietor, Mr. J Ravi.

The firm reported profit after tax (PAT) of INR6.2 million on net
sales of INR53.9 million for 2012-13 (refers to financial year,
April 1 to March 31), against PAT of INR4.3 million on net sales
of INR43.1 million for 2011-12.


SAI BHASKAR: ICRA Revises Rating on INR27cr Loans to 'B'
--------------------------------------------------------
ICRA has revised the long term rating assigned to INR24.48 crore
fund based limits and INR2.52 crore non fund based limits of
Sai Bhaskar Irons Limited from [ICRA]B- to [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit          13.00         [ICRA]B revised
   Term Loan            11.48         [ICRA]B revised
   Unallocated Limits    2.52         [ICRA]B revised

The revision in rating takes into consideration completion of
expansion of Thermo Mechanically Treated (TMT) bar manufacturing
facility which is expected to drive revenues of the company going
forward given the end of socio political uncertainty in bifurcated
Andhra Pradesh; and demonstrated ability of the promoters to
infuse equity in the company in order to meet funding requirements
over the last four years. The rating continues to positively
factor in the experience of the promoters in steel and
construction industry and the partially integrated nature of
operations of the company with capabilities to manufacture MS
billets and TMT bars.

The rating, however, is constrained by the modest financial
profile of the company in FY2014 characterized by moderate gearing
and high working capital intensity; and low capacity utilization
of the existing manufacturing facility in FY2014 owing to
discontinuation of production of TMT bars for ~4 months in H2
FY2014 leading to marginal de-growth in revenue. Further, the
rating continues to be constrained by the highly fragmented nature
of TMT bars industry with low entry barriers and high competitive
intensity; and the cyclicality inherent in steel industry
resulting in volatile cash flows coupled with vulnerability of the
company's profitability to raw material prices. ICRA also notes
that while SBIL has kept further capacity expansion plans on hold,
any debt funded expansion undertaken in the near term could limit
the financial flexibility of the company.

The ability of the company to ramp up operations at its expanded
TMT bar manufacturing facility and efficiently manage its
increased working capital requirements given the expected increase
in scale of operations remains critical from a credit perspective.

Incorporated in the year 2007, Sai Bhaskar Irons Limited is
engaged in manufacturing of Mild Steel (MS) Billets and Thermo
Mechanically Treated (TMT) bars. The manufacturing facility is
located in Nagarajapalli, Prakasam District, Andhra Pradesh. The
installed capacity for production of MS billets and TMT bars is
36000 MTPA and 135000 MTPA (enhanced from 60000 MTPA in April
2014) respectively.

Recent Results

For FY2014, the company reported profit after tax of INR1.82 crore
on operating income of INR103.47 crore as against profit after tax
of INR1.60 crore on operating income of INR106.63 crore in FY2013.


SIDDHI COTTON: ICRA Reaffirms 'B+' Rating on INR8cr Loan
--------------------------------------------------------
ICRA has reaffirmed an [ICRA]B+ rating to INR8.00 crore fund based
cash credit facility of Siddhi Cotton Ginning & Pressing Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit Limit      8.00        [ICRA]B+ reaffirmed

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

The rating, however, favorably consider the extensive experience
of the promoters in the cotton industry and favorable location of
the company giving it easy access to high quality raw cotton.

Siddhi Cotton Ginning & Pressing Private Limited was set up in
2007 as a private limited company by family members and relatives
having a long experience in cotton industry. The cotton ginning
and pressing unit is located at Rasnal (Dhasa), Bhavnagar. It is
also engaged in trading activities of cotton bales and cottonseed.
At present, the company has installed 48 ginning machines and 1
pressing machine.

Recent Results

During FY14 (unaudited provisional financials), the company
reported an operating income of INR43.00 crore and profit after
tax (PAT) of INR0.15 crore as against operating income of INR35.95
crore and profit after tax (PAT) of INR0.13 crore in FY13.


SIDDHI COTTON INDUSTRIES: ICRA Keeps B+ Rating on INR12cr Loan
--------------------------------------------------------------
ICRA has reaffirmed an [ICRA]B+ rating to INR12.00 crore fund
based cash credit facility of Siddhi Cotton Industries.

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

The rating continues to be constrained by Siddhi Cotton Industries
modest scale of operations with weak financial profile as
reflected by low profitability, adverse capital structure and weak
debt coverage indicators. The ratings also consider the low
operating margin on account of limited value addition and highly
competitive and fragmented industry structure due to low entry
barriers. The ratings are further constrained by vulnerability of
profitability to raw material prices, which are subject to
seasonality and crop harvest and regulatory risks with regard to
minimum support price (MSP) of raw cotton and export of cotton
bales. Also, being a partnership firm, any substantial withdrawal
from the capital account would adversely impact the net worth and
thereby the capital structure.

The rating, however, favorably consider the extensive experience
of the promoters in the cotton industry and strategic location of
the firm giving it easy access to high quality raw cotton.

Siddhi Cotton Industries was set up in 1999 as a partnership firm
by family members and relatives having a long experience in cotton
industry and their cotton ginning and pressing unit is located at
Vijapur, Mehsana. It is also engaged in trading activities of
cotton bales and cottonseed. At present, the firm has installed 40
ginning machines and 1 pressing machine.

Recent Results

During FY14 (unaudited provisional financials), the firm reported
an operating income of INR40.82 crore and profit after tax (PAT)
of INR0.10 crore as against operating income of INR69.19 crore and
profit after tax (PAT) of INR0.35 crore in FY13.


SUNRISE INDUSTRIES: CRISIL Ups Rating on INR456.4MM Loans to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sunrise Industries (India) Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and has reaffirmed its rating on the company's short-
term facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         40         CRISIL A4 (Reaffirmed)

   Cash Credit            100        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Packing Credit          50        CRISIL A4 (Reaffirmed)

   Proposed Long Term     258.9      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan               97.5      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects the significant improvement in
Sunrise's financial risk profile, driven by deferment of large
debt-funded capital expenditure (capex). The upgrade also factors
in the steady improvement in the company's business risk profile,
marked by steady topline growth and a stable operating margin.
Sunrise had scaled down its capex plans for 2012-13 (refers to
financial year, April 1 to March 31), with capex of only around
INR140 million as against earlier expectations of INR500 million.
This resulted in a reduction in debt and hence in a significantly
better-than-expected gearing of around 1.6 times as on March 31,
2014. The lower debt also led to improved debt protection metrics,
with interest coverage and net cash accruals to total debt ratios
estimated at 0.09 times and 3 times, respectively, for 2013-14.

During the past four years, Sunrise has witnessed a steady topline
growth to an estimated INR424 million in 2013-14 from INR260
million in 2010-11, supported by specialised products that led to
continuous demand from existing customers. However, the company's
operating margin has declined to an estimated 8.6 per cent in
2013-14 from 12.4 per cent in 2011-12. Its working capital
requirements have remained volatile, with gross current assets of
125 to 375 days between 2011-12 and 2013-14. The volatility was
mainly because of significant lumpiness in debtor collection
cycle.

Over the medium term, CRISIL believes that Sunrise will register
healthy turnover growth of over 25 per cent per annum supported by
its recent capacity enhancements. Its operating margin is expected
to remain stable at around 9 per cent, while its operations are
likely to remain highly working-capital-incentive. CRISIL believes
that the company's financial risk profile will remain average over
the medium term. The extent of any further capex plans and their
funding mix will remain key rating sensitivity factors over this
period. Sunrise is expected to generate sufficient cash accruals
to meet its maturing debt obligations over the medium term.

The ratings reflect Sunrise's modest scale of operations and large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters' in the composites industry, leading to established
customer relationships, and its moderate financial risk profile,
marked by moderate gearing and debt protection metrics.

Outlook: Stable

CRISIL believes that Sunrise will continue to benefit over the
medium term from its promoters' industry experience and its
established customer relationships. The outlook may be revised to
'Positive' if the company generates more-than-expected cash
accruals, backed by efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if Sunrise
undertakes a substantial debt-funded capex programme, or if its
liquidity weakens, most likely because of a sharp decline in its
profitability or an increase in its working capital requirements.

Sunrise, incorporated in 1992, is promoted by Mr. Joy Kunjukutty
and his family; it is based in Vadodara (Gujarat). The company
manufactures fibre-reinforced plastic and glass-reinforced plastic
products, such as pipes and fittings, process equipment, reaction
vessels, storage tanks, pollution control equipment (including
scrubbers, separators, blowers, and stacks), absorbers, towers,
dryers, exhaust systems, floor gratings, and cable trays. Its
customer profile is geographically diversified across the domestic
and export markets. It caters to multiple industries, including
chemical, rayon, staple fibre, oil and gas, petrochemical, paper-
pulp, power plants, and sewage treatment.


SURYA SYNTHETICS: ICRA Suspends 'B+' Rating on INR15cr Loan
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR15.00 crore fund based facilities of Surya Synthetics. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Surya Synthetics, a partnership firm established in 1990 is
managed by Mr. Bhupinder Jaggi and Mr. Shakti Jaggi. The firm is
engaged in the production of cotton and synthetic fabrics which is
used in making ladies suits, dress materials, shawls, etc.


TECHNICO INDUSTRIES: CRISIL Ups Rating on INR1.33BB Loans to B+
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Technico
Industries Ltd to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         30        CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit           250        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Long Term    167.8      CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

   Term Loan             670        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL D')

   Working Capital       250        CRISIL B+/Stable (Upgraded
   Demand Loan                      from 'CRISIL D')

The rating upgrade reflects CRISIL's belief that TIL's financial
risk profile, particularly liquidity, will improve over the next
two years, supported by sufficient cash accruals to meet the
maturing term debt obligations. The company is expected to
generate cash accruals of around INR160 million in 2014-15 (refers
to financial year, April 1 to March 31) vis-a-vis term debt
obligations of around INR85 million maturing in the same year. The
improvement in liquidity is expected to be further supported by
the promoters through infusion of unsecured loans, which are
estimated at around INR275 million as on March 31, 2014. It has
also rescheduled its term loan repayments, leading to lower debt
obligations for the next couple of years.

The rating reflects TIL's working-capital-intensive nature of
operations. The rating also factors in the risk associated to high
customer concentration in TIL's revenue profile. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the auto component industry and its
established clientele.

Outlook: Stable

CRISIL believe TIL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company's financial risk profile
improves significantly owing to reduction of overall debt levels
post the completion of strategic tie up with Shiroki Corporation
or the company adds other original equipment manufacturers to its
clientele thereby providing healthy revenue visibility with
reduced customer concentration. Conversely, the outlook may be
revised to 'Negative' if the company's scale of operations and
profitability decline significantly; leading to lower than
expected cash accruals or it undertakes any large debt-funded
capital expenditure.

TIL was set up in 1972 by Mr. Arun Gupta as a proprietorship firm;
it was reconstituted as a public limited company. The company
manufactures window regulators, door hinges, seat recliners, and
seat sliders for leading automobile manufacturers. TIL's
manufacturing facility is located in Bawal (Haryana).


TRIVENI SILK: ICRA Suspends 'B+' Rating on INR14.50cr Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR14.50 crore fund based facilities of Triveni Silk Mills.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Triveni Silk Mills, a partnership firm established in 1990 is
managed by Mr. Bhupinder Jaggi and Mr. Shakti Jaggi. The firm is
engaged in the production of cotton and synthetic fabrics which is
used in making ladies suits, dress materials, shawls, etc.



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


MT. GOX: Nears Chapter 15 Protection in U.S.
--------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the Mt. Gox bitcoin exchange will win formal
protection from creditors under Chapter 15 of bankruptcy law,
although where the bankruptcy takes place is up in the air.
According to the report, the bankruptcy judge in Dallas was
scheduled to hold a hearing on June 17 to decide whether to
recognize Japan as presiding over the company's primary
bankruptcy.

                          About Mt. Gox

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

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

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

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



===============
M O N G O L I A
===============


TRADE AND DEVELOPMENT: S&P Assigns 'B' ICR; Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' long-term and short-term issuer credit ratings to Trade and
Development Bank of Mongolia LLC (TDB).  The outlook on the long-
term rating is negative.

The ratings reflect the bank's 'b+' anchor, "strong" business
position, "very weak" capital and earnings, "moderate" risk
position, "average" funding, and "adequate" liquidity, as S&P's
criteria define those terms.

S&P's bank criteria uses its Banking Industry Country Risk
Assessment economic risk and industry risk scores to determine a
bank's anchor, the starting point in assigning an issuer credit
rating.  The anchor for a bank operating only in Mongolia is 'b+'.
TDB predominantly operates in Mongolia.

"TDB's leading market position in Mongolia supports its business
position," said Standard & Poor's credit analyst HongTaik Chung.
"We believe TDB is stronger than its major domestic peers in
dealing with corporate clients owing to its long relationships.
In our view, the bank has managed risks better than some of its
local peers during past economic downturns.  Its financial
performance has also been relatively resilient."

S&P's assessment of TDB's capital and earnings primarily reflects
the bank's very weak risk-adjusted capital (RAC) ratio before
diversification and concentration adjustments.  S&P estimates that
the bank's RAC ratio will only gradually improve to about 3% in
the next 18 months, considering the bank's fast growth despite
earnings accumulation.

S&P's risk position assessment for TDB primarily reflects the
bank's credit concentration in a narrow-based economy.  TDB has a
larger corporate loan portfolio than major local peers', and the
bank's business is concentrated in some riskier industries,
including mining, construction, and real estate.  There is a
significant risk weight adjustment under S&P's risk-adjusted
capital framework.  TDB is also exposed to foreign-currency
related risks, given its larger share of foreign-currency lending
than the industry average.  S&P believes that TDB's faster growth
than the industry average in the past several years would increase
potential credit risks when economic conditions turn unfavorable.

S&P expects TDB to maintain its funding profile, given its leading
position in terms of asset size in Mongolia.  The bank's loan-to-
deposit ratio deteriorated to about 118% at the end of 2013 from
109% at the end of 2012.  However, S&P expects the ratio to remain
largely in line with the industry average in the coming few years.
S&P also believes that the bank's liquidity profile will remain
adequate, backed by an adequate level of liquid assets.

"The negative outlook on TDB mainly reflects our negative economic
risk trend for Mongolia's banking system," said Mr. Chung.  "We
believe rapid credit expansion in recent years amid volatile real
estate prices would increase credit risk in the economy, worsening
operating conditions for banks over the next 18 months."

S&P could lower the ratings on TDB if rapid credit expansion in
Mongolian banks continues over the next few years.  S&P could also
lower the rating if TDB's asset quality deteriorates
significantly, given the bank's high concentration risks in the
real estate, construction, and mining sectors.

S&P could revise the outlook to stable if credit expansion in
Mongolian banks slows down or real estate prices stabilize in the
coming few years, leading S&P to believe that credit risks in the
banking sector have significantly reduced.  S&P could also revise
the outlook to stable if TDB sharply increases its capitalization,
such that the projected RAC ratio improves sustainably to a level
that can offset the potential negative impact of higher economic
risks.



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


CORO MAINSTREET: Inability to Pay Court Bills Sparks Liquidation
----------------------------------------------------------------
Waikato Times reports that Coro Mainstreet Inc has been placed
into liquidation following a failure to pay its court bills.

According to the report, the incorporated society has been in a
long-standing battle with the Thames-Coromandel District Council
over the latter's decision to allow a Four Square on the
mainstreet of Coromandel town.

It lost both fights, and was ordered to pay costs of NZ$28,000 to
the council and Foodstuff NZ, the proprietors of the Four Square
brand.  Waikato Times relates that Thames-Coromandel chief
executive David Hammond said the date for payment had long passed.

"We've now appointed a liquidator to recover the costs which is
pursuing the Incorporated Society and not any individual," the
report quotes Mr. Hammond as saying.

The case will be heard at the High Court in Hamilton later this
year, the report adds.



                             *********

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 ***