TCRAP_Public/140627.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, June 27, 2014, Vol. 17, No. 126


                            Headlines


A U S T R A L I A

FAM LOGISTICS: In Administration; First Meeting Set For July 4
LIME TELECOM: Placed in Voluntary Liquidation
ONLEY CONSTRUCTIONS: Hamilton Murphy Appointed as Administrator
YOU FIRST: SV Partners Appointed as Administrators


C H I N A

CHINA HONGQIAO: Fitch Assigns 'BB' Rating to USD400MM Sr. Notes
CITIC PACIFIC: Moody's Places B2 CFR on Review for Upgrade


I N D I A

A.S. EMPORIUM: CRISIL Assigns B+ Rating to INR55MM Cash Credit
ADITYA CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR55MM Loan
AL KARMA: CRISIL Assigns 'B-' Rating to INR45MM Loans
AMARNATH COLD: ICRA Suspends 'D' Rating on INR5.86cr Loans
ARIHANT INDUSTRIES: ICRA Assigns 'B' Rating to INR7cr Bank Loan

BHATIA INDUSTRIES: ICRA Cuts Rating on INR200cr Loans to 'D'
DIGJAM LIMITED: CARE Reaffirms 'B' Rating on INR27.97cr Bank Loan
ESSAR PROJECTS: Fitch Lowers IDR to 'B-'; Outlook Negative
INDUS EDUCATIONAL: CRISIL Assigns 'B-' Rating to INR70MM Loans
JAI BHAWANI: CRISIL Reaffirms 'B+' Rating on INR80MM Loan

KHANDELWAL GINNING: CRISIL Assigns B+ Rating to INR75MM Loans
LEXICON CERAMIC: CRISIL Assigns 'B+' Rating to INR115.8MM Loans
LIFE CARE: ICRA Assigns 'B+' Rating to INR3.5cr Cash Credit
M. M. PATEL: CRISIL Ups Rating on INR1.45BB Loans to 'B+'
MAHESH COLD: ICRA Suspends 'B' Rating on INR5.88cr Loans

MEHER ADVANCED: CRISIL Cuts Rating on INR121.3MM Loans to 'B+'
MITTAL GLOBAL: CRISIL Reaffirms B+ Rating on INR77MM Loans
MITTAL TIMBER: CRISIL Assigns B Rating to INR20MM Cash Credit
NEELKANTH INFRACON: CRISIL Reaffirms B+ Rating on INR100MM Loan
P.K. COLD: ICRA Suspends 'D' Rating on INR4.58cr Loans

PARVATIYA PLYWOOD: CRISIL Reaffirms B+ Rating on INR58.5MM Loans
PATNA IRON: CRISIL Assigns 'B' Rating to INR100MM Loans
PRO MINERALS: ICRA Cuts Rating on INR465cr Bank Loans to 'D'
RICASIL CERAMIC: ICRA Reaffirms 'B+' Rating on INR62cr Loans
RISHABH WINPRO: CARE Assigns 'B' Rating to INR5.60cr Bank Loan

SAHARA POULTRY: CRISIL Assigns B+ Rating to INR75MM Loans
SEVCON INDIA: CARE Assigns 'B+' Rating to INR3.75cr Bank Loan
SILPA MEGA: ICRA Reaffirms 'D' Rating on INR37cr Long Term Loan
SIMOLEX CERAMIC: CARE Lowers Rating on INR27.63cr Loans to 'D'
SURESH EXPORTS: CRISIL Reaffirms B- Rating on INR115MM Loans

SWAPNIL AGRO: CRISIL Reaffirms 'B-' Rating on INR61MM Loans
TARUN CONSTRUCTION: CRISIL Reaffirms B Rating on INR80MM Loan
THE WOODIND: ICRA Suspends 'B' Rating on INR10.0cr Bank Loan


J A P A N

SONY CORP: CEO Apologizes as Firm Faces Another Loss


N E W  Z E A L A N D

CAPITAL + MERCHANT: NZ$18.5MM Settlement Reached
SOUTH CANTERBURY: Warned Over NZ$150MM Credit Claim
SOUTHERN CROSS: Sale of Thames Operation Confirmed
UFB CIVIL: In Liquidation, 2 Months After Receivership


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


FAM LOGISTICS: In Administration; First Meeting Set For July 4
--------------------------------------------------------------
Matthew Joiner -- matthew.joiner@bdo.com.au -- and Andrew Fielding
-- andrew.fielding@bdo.com.au -- of BDO were appointed as
administrators of Fam Logistics Pty Ltd on June 24, 2014.

A first meeting of the creditors of the Company will be held at
offices of BDO, Level 10, 12 Creek Street, in Brisbane,
Queensland, on July 4, 2014, at 11:00 a.m.


LIME TELECOM: Placed in Voluntary Liquidation
---------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Lime Telecom Pty
Ltd has entered liquidation owing creditors AUD1.6 million. The
company's voluntary decision to liquidate was made on May 26, the
report says.

Christopher Damien Darin -- chris.darin@worrells.net.au -- and
Aaron Lucan -- aaron.lucan@worrells.net.au -- of Worrells Solvency
& Forensic Accountants were appointed as liquidators of the
company on May 26, according to dissolve.com.au.

The report relates that majority of the debts of the company were
to its director and shareholder. The provider also owes Primus
Telecom AUD150,000. Lime Telecom has stopped trading and
liquidator reports a return to creditors is unlikely.

Lime Telecom Pty Ltd is calling card provider.


ONLEY CONSTRUCTIONS: Hamilton Murphy Appointed as Administrator
---------------------------------------------------------------
Richard Rohrt of Hamilton Murphy was appointed as administrator of
Onley Constructions Victoria Pty Ltd on June 25, 2014.

A first meeting of the creditors of the Company will be held at
Hamilton Murphy, Level 1, 269 Swan Street, in Richmond, Victoria,
on July 7, 2014, at 10:00 a.m.


YOU FIRST: SV Partners Appointed as Administrators
--------------------------------------------------
Anne Meagher -- anne.meagher@svp.com.au -- and David Michael
Stimpson -- david.stimpson@svp.com.au -- of SV Partners were
appointed as administrators of You First Network Group Pty Ltd on
June 25, 2014.

A first meeting of the creditors of the Company will be held at
SV Partners, SV House, 138 Mary Street, in Brisbane, Queensland,
on July 4, 2014, at 9:30 a.m.



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


CHINA HONGQIAO: Fitch Assigns 'BB' Rating to USD400MM Sr. Notes
---------------------------------------------------------------
Fitch Ratings has assigned aluminium manufacturer China Hongqiao
Group Limited's (Hongqiao; 'BB'/Stable) USD400m 7.625% senior
unsecured notes due 2017 a final 'BB' rating.  The final rating is
in line with the expected rating assigned on 15 June 2014 and
follows the receipt of final documents conforming to information
already received.

KEY RATING DRIVERS

Strong Cost Competitiveness: Hongqiao remains one of the most
profitable aluminium producers in China thanks to its integrated
operating model, which enables the company to achieve lower
production costs than its competitors.  Its self-sufficiency ratio
of key production inputs - alumina and electricity - reached 70%
in 2013 and is expected to hit 85%-90% by 2017.

Continuous Profit Generation Ability: Despite weak aluminium
prices, Hongqiao was able to record an EBITDAR margin of 34.5% in
2013 (2012: 37.8%), equivalent to EBITDAR/tonne of CNY4,250 (2012:
CNY5,140).  Fitch expects a similar EBITDAR margin in 2014 despite
weaker aluminium prices in 1Q14 because the company's self-
sufficient electricity ratio is higher and raw material prices,
such as coal, are lower than in 2013.

High Capex Spending to Continue: Hongqiao has budgeted capex of
CNY17.9bn (USD2.87bn) for 2014-2016, mainly to increase its
primary aluminium capacity and to further enhance its electricity
and alumina self-sufficiency.  Committed capex spending in 2014 is
approximately CNY3.3bn.

Limited Liquidity Concern: Hongqiao's cash balances (end-2013:
CNY6.4bn) and unutilised bank facilities (end-2013: CNY12.0bn)
would cover the repayment of short-term debt (end-2013:
CNY13.6bn).  The company's committed capex of CNY3.3bn in 2014
would be funded from internal cash.

Bauxite Supply Uncertainty: The Indonesian export ban on bauxite -
a key input of alumina - became effective in March 2014 and has
raised uncertainties as Indonesia is a key bauxite supplier to
China.  To mitigate this risk, Hongqiao has secured a three-year
bauxite export quota permit from the Indonesian government and a
three-year contract with Rio Tinto for bauxite supply from
Australia.  In addition, the company is working to secure bauxite
supply beyond 2016 through acquisition opportunities overseas.

High Leverage Ratio Temporary: Hongqiao's funds flow from
operations (FFO)-adjusted net leverage reached 2.77x in 2013
(2012: 0.99x), mostly driven by capex and the effort to increase
bauxite inventory ahead of the Indonesian export ban.  Fitch
expects this to fall in 2014 and beyond as inventory levels revert
back to normal.  Meaningful deleveraging will continue after 2015
as capex tapers off.

Geographical and Customer Concentration: Hongqiao's customer base
is concentrated in China's Shandong province and its two largest
customers collectively accounted for around 50% of its sales in
2013.  This is a constraint on its ratings.

RATING SENSITIVITIES

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

   -- Deterioration in Hongqiao's leading market position in
      Zouping and Shandong
   -- FFO adjusted net leverage above 2.5x on a sustained basis
   -- EBITDAR/tonne below CNY3,000 on a sustained basis
   -- Continuous bauxite supply disruption

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

   -- FFO adjusted net leverage below 1.0x on a sustained basis
   -- EBITDAR/tonne above CNY4,500 on a sustained basis
   -- Securing a steady long-term bauxite supply


CITIC PACIFIC: Moody's Places B2 CFR on Review for Upgrade
----------------------------------------------------------
Moody's Investors Service says it will continue its review for
upgrade on the following:

- CITIC Group Corporation's Baa2 senior unsecured bond rating

- CITIC Pacific Limited's Ba2 corporate family rating and senior
unsecured bond rating

- CITIC Pacific Limited's (P)Ba2 rating on its Medium-Term Note
(MTN) program

- CITIC Resources Holdings Limited's (CITIC Resources) Ba3
corporate family rating

The ratings review was initiated on 27 March 2014 after CITIC
Pacific announced that it was in discussions with its ultimate
parents, CITIC Group and Beijing CITIC Enterprise Management Co.,
Ltd (unrated), to fully acquire CITIC Limited (unrated).

The transaction was approved by the board at an extraordinary
general meeting on 3 June 2014.

CITIC Pacific, which will change its name to CITIC Limited after
the acquisition is completed, has solicited a number of third-
party investors that will contribute around $6 billion in new
equity.

As such, Moody's believes that there is a high likelihood that the
transaction will be completed, despite uncertainties regarding
various regulatory approvals.

Moody's expects to conclude the ratings review upon completion of
the transaction, which, according to CITIC Pacific's plan, will be
before 30 August 2014.

Ratings Rationale

"Our review for upgrade on CITIC Pacific's ratings reflects our
expectation that the acquisition of CITIC Limited will greatly
increase CITIC Pacific's scale and enhance its credit profile.
CITIC Pacific will hold around 97%,88%, and 98% of the group's
assets, revenue, and profits, respectively, after the acquisition.
As a result, CITIC Pacific's rating will likely be upgraded to the
same level of CITIC Group, given the close linkage and similar
credit profiles of the two entities," says Joe Morrison, a Moody's
Vice President and Senior Analyst.

"We expect that CITIC Group's rating will likely be upgraded by
one notch, due to the strong support that the Chinese government
(Aa3, stable) has demonstrated with regard to the acquisition and
the whole scale listing of CITIC Group in the overseas capital
markets," adds Morrison, who is also the Lead Analyst for CITIC
Group and CITIC Pacific.

In Moody's view, CITIC Group is a pilot case for the Chinese
government to promote the state-owned enterprise reform outlined
in last year's Third Plenum Decisions.

The group will continue to be an important platform for the
Chinese central government to manage a large volume of state-owned
assets, including a few large financial instructions that are of
systematic importance to China's financial system.

CITIC Group's current Baa2 rating reflects its baseline credit
assessment (BCA) of ba2 as well as a three-notch uplift owing to
expected government support under Moody's joint default analysis
approach for government related issuers. The stronger government
support will likely translate into an additional rating uplift of
one-notch.

"The outlook for CITIC Group's rating is likely to be positive,
which reflects the potential for CITIC Group to enhance its
standalone credit profile, in terms of (1) broadening its access
to low-cost funding channels, (2) improving its management,
corporate governance and information transparency, and (3)
achieving synergies from onshore and offshore businesses
consolidations," says Kai Hu, a Moody's Vice President and Senior
Credit Officer.

"As part of the review process, we will also revisit CITIC
Resources' position in the group and the corresponding parental
support level for CITIC Resources after the acquisition. However,
CITIC Resources' rating will likely remain unchanged because CITIC
Group may not have a concrete plan on how to consolidate its
resources-development-related entities upon completion of the
transaction and the impact from CITIC Pacific's acquisition on
CITIC Resources is still distant at this stage," adds Hu.

The principal methodology used in rating CITIC Resources Holdings
Limited was the Global Independent Exploration and Production
Industry published in December 2011.

CITIC Group Corporation and CITIC Pacific Limited's ratings were
assigned by evaluating factors that Moody's considers relevant to
the credit profile of the issuer, such as the company's (1)
business risk and competitive position compared with others within
the industry; (2) capital structure and financial risk; (3)
projected performance over the near to intermediate term; and (4)
management track record and tolerance for risk. Moody's compared
these attributes against other issuers from both within and
outside CITIC Group Corporation and CITIC Pacific Limited's core
industries and believes CITIC Group Corporation and CITIC Pacific
Limited's ratings are comparable to those of other issuers with
similar credit risk.

Other factors used in these ratings are described in Analytical
Considerations in Assessing Conglomerates, published in September
2007.

CITIC Pacific Limited, listed in Hong Kong, is a conglomerate that
is 57.5%-owned by the CITIC Group. It was one of the first Chinese
companies to list and invest in overseas markets. The company is
engaged in a range of businesses, including specialty steel
manufacturing, iron ore mining, property development and
investments, power generation, infrastructure, communications, and
distribution. As of end-2013, it had total consolidated assets of
HKD268 billion.

CITIC Resources is an energy and natural resources investment
holding company, with interests in aluminum smelting, coal, import
and export of commodities, manganese, bauxite mining and alumina
refining operations as well as the exploration, development and
production of oil. The company serves as the principal natural
resources and energy arm of its parent, CITIC Group.

While CITIC Group has the features of an investment holding
company, Moody's analyzes it mainly as a conglomerate and applies
the conglomerate rating approach as the company has supported and
will support its key subsidiaries, similar to other rated
conglomerates in the region.

CITIC Group, headquartered in Beijing, is a conglomerate
investment company wholly owned by China's State Council. As of
end-2013, it had total consolidated assets of RMB4.3 trillion and
consolidated revenue of RMB375 billion.

CITIC Group owns 99.9% of CITIC Limited's total issued share
capital and CITIC Enterprise Management owns 0.1% of CITIC
Limited's total issued share capital.

The Local Market Analyst for these ratings is Kai Hu, +86 (10)
6319 6560.



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


A.S. EMPORIUM: CRISIL Assigns B+ Rating to INR55MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of A.S. Emporium (ASE).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            55         CRISIL B+/Stable

The rating reflects ASE's modest scale of operations in the
intensely competitive and highly fragmented textile industry, and
its below-average financial risk profile, marked by modest net
worth and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of ASE's
promoters in the textile industry.

Outlook: Stable

CRISIL believes that ASE will continue to benefit over the medium
term from its promoters' extensive experience in the textile
industry. The outlook may be revised to 'Positive' if the firm
reports a sustainable increase in its revenue and profitability,
thereby strengthening its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if ASE generates lower-than-
expected cash accruals or undertakes any large debt-funded capital
expenditure programme, resulting in deterioration of financial
risk profile.

Established in 2001 as a partnership firm, A.S. Emporium (ASE)
trades in knitted fabric.  The firm is based in Tirupur (Tamil
Nadu) and is promoted by Mr. Selvaraj and his wife Mrs. Subhadra.

For 2012-13 (refers to financial year, April 1 to March 31), ASE
reported a profit after tax (PAT) of INR0.7 million on net sales
of INR288.6 million, against a PAT of INR1.3 million on net sales
of INR137.5 million for 2011-12.


ADITYA CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR55MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Aditya Construction
Company continue to reflect ACC's working-capital-intensive
operations, segmental and geographic concentration in its revenue
profile, and its susceptibility to intense competition in the
civil construction industry. These rating weaknesses are partially
offset by the firm's above-average financial risk profile, marked
by a healthy capital structure, and the extensive industry
experience of its promoters.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       100        CRISIL A4 (Reaffirmed)
   Overdraft Facility    55        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ACC will continue to benefit over the medium
term from the extensive experience of its promoters in the civil
construction industry and its healthy order book. The outlook may
be revised to 'Positive' if the firm improves its working capital
management alongwith diversification in its customer base.
Conversely, the outlook may be revised to 'Negative' if ACC's
revenue and margins decline, or its capital structure weakens
because of larger-than-expected debt-funded capital expenditure,
or in case of delays in receivables from various principal
contractors.

ACC was established in 1989 as a partnership firm by Mr. H S
Shivshankar, Mr. Laxmesh Hundekar, and Mr. B S Purandhar. The firm
undertakes civil construction.


AL KARMA: CRISIL Assigns 'B-' Rating to INR45MM Loans
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Al Karma.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Working Capital
   Facility               2.5         CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility     7.5         CRISIL B-/Stable

   Letter of Credit       7.5         CRISIL A4

   Bank Guarantee        37.5         CRISIL A4

   Cash Credit           35           CRISIL B-/Stable

The ratings reflect the firm's instable revenue profile and modest
scale of operations along with working-capital-intensive
operations leading to below-average financial risk profile and
constrained liquidity position. These rating weaknesses are
partially offset by the benefits the firm derives from the
extensive experience of partners in the industry.

Outlook: Stable

CRISIL believes that Al Karma will maintain a stable business
profile on the back of its partner's extensive industry experience
but will remain exposed to the risk of a volatile revenue profile.
The outlook may be revised to 'Positive' in case of a higher-than-
expected increase in the firm's revenue and operating
profitability while efficiently maintaining its working capital
management, leading to improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected accruals or any debt-funded capex plan,
leading to deterioration in financial risk profile.

Al Karma was incorporated as a partnership firm in 1989 by Anjali
Chaudhary & Sandeep Chaudhary and is involved in the manufacturing
of aluminum doors, windows and glass panels. The firm's
manufacturing facility is located at Najafargarh.

Al Karma reported a profit after tax (PAT) of Rs 3.2 million on an
operating income of Rs 95.6 million for 2013-14, against a PAT of
Rs 1.2 million on an operating income of Rs 93.6 million for 2012-
13.


AMARNATH COLD: ICRA Suspends 'D' Rating on INR5.86cr Loans
----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR4.22
crore cash credit facility and the INR1.64 crore term loans of
Amarnath Cold Storage (ACS). The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Amarnath Cold Storage (ACS) commenced commercial operation from
2007.The firm is located at Deesa, Gujarat; it is engaged in the
business of operating cold storage and provides service for
storage of potatoes. The firm has a storage capacity of 211,000
bags of 50 kg each. The firm has been promoted by Mr. Dalpat Mali
along with his relatives who have long experience in potato
farming, trading business and cold storage business. The partners
have two other cold storages in Deesa, Somnath Cold Storage and
N.B Hi-Tech Cold Storage having an installed capacity of storing
105,000 bags and 140,000 bags of 50 kg each respectively.


ARIHANT INDUSTRIES: ICRA Assigns 'B' Rating to INR7cr Bank Loan
---------------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR7.00 crore fund-
based bank facilities of Arihant Industries. ICRA has also
assigned an [ICRA]A4 rating to the INR8.00 crore non-fund based
bank facilities of AI.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-Based Limits
   (Cash Credit)        7.00         [ICRA]B; assigned

   Non-Fund Based
   Limits               8.00         [ICRA]A4; assigned

The assigned ratings take into consideration the long track record
of AI's promoters in the steel sector and stabilisation of AI's
operations following commissioning of the plant. However, the
ratings are constrained by AI's relatively small size of current
operations; its high gearing at present and the ongoing slowdown
in the steel industry, which has affected the firm's production
levels during 2012-13 and 2013-14. Also, AI is exposed to the
cyclicality associated with the steel industry, which is likely to
keep its profitability and cash flows volatile in future.

Incorporated as a partnership firm in 2010, AI belongs to the
Bhavnagar, Gujarat based UB Aggarwal Group (UBAG). The firm is
involved in manufacturing of steel structurals such as mild steel
(MS) channels, angles, flats and bars. The manufacturing plant of
the firm, which has a steel rolling mill with an annual production
capacity of 48,000 metric tonne (MT), is located at Ghanghali in
the Bhavnagar district of Gujarat. Besides AI, UBAG has a number
of other companies engaged in, steel manufacturing, steel re-
rolling, steel trading and coke manufacturing.

Recent Results

In 2013-14, as per the provisional financial statements, AI
reported an operating income of INR28.75 crore and a net profit of
INR0.27 crore as against an operating income of INR29.19 crore and
a net profit of INR0.37 crore in 2012-13.


BHATIA INDUSTRIES: ICRA Cuts Rating on INR200cr Loans to 'D'
------------------------------------------------------------
ICRA has revised the rating assigned to INR12.00 crore long-term
fund based bank facilities of Bhatia Industries and Infrastructure
Limited from [ICRA]BB- to [ICRA]D. ICRA has also revised the short
term rating assigned to INR188.00 crore non fund based bank
facilities of BIIL from [ICRA]A4 to [ICRA]D.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit             12.00        [ICRA]D (Downgraded)
   Non-Fund Based Limits   87.00        [ICRA]D (Downgraded)
   Proposed Limits        101.00        [ICRA]D (Downgraded)

The rating revision takes into account liquidity issues being
confronted by the Company, which has driven multiple instances of
letter of credit (LC) devolvement during past few months. The
liquidity has deteriorated as the company has extended advances to
other group companies, which are under financial stress. This
apart, on the operational side, while the Company has been able to
sustain sizeable trading volumes, however, steep decline in
contribution margins in coal trading has adversely impacted the
profitability, debt metrics and cash flow from operations.
Going forward, BIIL's ability to recover the advances extended to
group companies will be critical for improvement in the liquidity,
which given the financial stress in the group, will remain
contingent on infusion of long-term funds in other group entities.
This apart, given the weak liquidity profile, BIIL's ability to
maintain trading volumes will also be constrained, and hence, its
ability to report adequate coal trading volumes and deliver
healthy profitability margins through prudent management of risks
arising out of volatility in commodity prices and foreign exchange
rates will remain critical.

Bhatia Industries and Infrastructure Limited (BIIL) is promoted by
Bhatia Group of Indore, and is engaged in business of coal
trading, whereby coal is imported from coal fields in Indonesia
and sold to domestic companies. BIIL was initially incorporated as
BCC finance Limited and was into the asset financing business.
Subsequently in the year FY07, it surrendered its NBFC certificate
and changed name to BIIL. Since then, the company has undertaken
trading Coal as the main commodity, apart from commodities such as
sand and soybean (which is now discontinued). Within the Bhatia
Group, BIIL is vested with 'stock and sale' business with focus on
catering to small corporates and dealers.

In FY14, BIIL has reported an Operating Income (OI) of INR300.9
crore and Profit after tax (PAT) of INR2.1 crore against OI of
INR262.3 crore and PAT of INR6.4 crore in FY13.


DIGJAM LIMITED: CARE Reaffirms 'B' Rating on INR27.97cr Bank Loan
-----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Digjam
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    27.97       CARE B Reaffirmed
   Short term Bank Facilities   54.50       CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained by the modest scale of
operations of Digjam Limited, its thin profitability, high
leverage and working capital intensive operations. The ratings are
further constrained by its presence in the highly competitive
worsted fabric segment and susceptibility of its margins to
foreign currency exchange rate fluctuation.

The above constraints are, however, partially offset by the vast
experience of the promoters and long track record of operations of
Digjam along with an established brand. Digjam's ability to
increase its scale of operations, improve its profitability and
capital structure, along with efficient management of working
capital and foreign exchange rate fluctuation are the key rating
sensitivities.

Originally incorporated in 1948 as Digvijay Wollen Mills Ltd,
Digjam is promoted by the S K Birla Group. Mr Sidharth Birla,
son of Mr S K Birla, is the Chairman of the company. Digjam is
primarily engaged in manufacturing worsted fabrics at its
sole manufacturing facility in Jamnagar, Gujarat. It had an
installed capacity to manufacture 5.50 million meters of
worsted fabric supported by 14,800 spindles and 98 looms as on
March 31, 2014.

Digjam sells its fabric under the 'Digjam' brand through its
established marketing network consisting of approximately
1250 retailers, 55 wholesalers and 26 exclusive retail outlets
spread across India.

During FY14 (refers to the period April 1 to March 31), Digjam
reported a PAT of INR0.29 crore on a total operating income
(TOI) of INR151.29 crore as against a PAT of INR4.45 crore on a
TOI of INR137.21 crore in FY13.


ESSAR PROJECTS: Fitch Lowers IDR to 'B-'; Outlook Negative
----------------------------------------------------------
Fitch Ratings has downgraded Essar Projects Ltd's (EPL) Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'B-' from 'B'.
The agency has affirmed the Short-Term Foreign Currency IDR at
'B'.  The Outlook on the Long-Term IDR continues to be Negative.

EPL is the holding company of the various construction companies
of India-based Essar Group.  The downgrade reflects the weakening
of company's financial profile.  The rating action also factors in
EPL's smaller order book and lower revenue, which are mitigated by
greater diversity in EPL's customer base.

KEY RATING DRIVERS

Decline in Order Book and Revenues: EPL's order book shrank during
in the financial year ended 31 March 2013 (FY13) to USD3.5bn from
USD6.27bn in FY12 and it is expected to have remained at around
USD3.5bn in FY14.  This was largely because the capex plans of
most of the companies in the Essar group, which are major
customers of EPL, are close to completion and the weak economic
growth in India has slowed new external orders.  With a smaller
order book, EPL's revenue declined by 25.9% in FY13 to USD1.57bn.
Fitch expects EPL's revenue to have fallen by 10% in FY14 to about
USD1.4bn.

Weakened Financial Profile: EPL's financial profile has weakened
over the last two years due mainly to an increase in debt.  The
company's net leverage (Net adjusted debt/ Operating EBITDAR) is
likely to deteriorate to more than 5.5x by FYE14 from 4.85x at
FYE13 and 4.12x at FYE12.  Gross EBITDA interest cover likely fell
to 1.4x at FYE14 from 1.87x at FYE13 and 2.25x at FYE12.  The
company's debt was likely around USD900m by FYE14 (FYE13:
USD874.1m and FYE12: USD698.2m).  However, the improvement in
EPL's profitability, with EBITDA margins likely to rise to over
10% in FY14 (FY12:7.5%, FY13: 10.98%), mitigated the fall in
profits.  Fitch expects EPL's financial profile to remain weak in
the near term given its high debt levels.

Increasing Share of External Orders: EPL's order inflows have
largely been from external customers.  The share of orders from
external customers has increased to 46% in FY13 (FY12: 17%) and is
expected to have reached 86% in FY14.  The increasing share of
orders from external clients has resulted in diversification of
EPL's revenue outside the group with the group accounting for 52%
of the total order book as of FYE14 (FYE13: 62%).  The company
expects about 60% of its revenues to have come from external
customers during FY14 (FY13: 53%; FY12: 32%).  Further the share
of international orders in EPL's new orders has been around 45%
over the last three years, partly driving up EPL's profitability.
The improving diversity of EPL's customer base is likely to
benefit the company over the medium term.

Strong Linkages with Group: Fitch continues to assess EPL's
linkages with its group as strong.  While the share of revenue and
orders from entities in the Essar group has reduced from the
earlier levels, the company is still likely to derive about 40% of
its revenue from the group.  The share of orders from group
entities remains high at around 52% of its total order book.
Further, as of FYE13, over 60% of EPL's trade and other
receivables are from its associates (group entities).  The company
had raised debt of around USD100m in FY13 to fund its engineering,
procurement and construction (EPC) contract with one of the
group's entities Essar Steel Minnesota.  This is backed by a
deferred inter-company receivable from Essar Steel Minnesota.

RATING SENSITIVITIES:

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

   -- Recovery in order book position with stable or improving
profitability
   -- Improvement in Net debt / EBITDA to less than 5x and EBITDA
interest cover of over 1.2x on a sustained basis

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

   -- Deterioration in EBITDA interest cover to less than 1x
   -- Continued deterioration in its order book and/or
profitability


INDUS EDUCATIONAL: CRISIL Assigns 'B-' Rating to INR70MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank loan facilities of Indus Educational & Charitable Trust
(IECT).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Proposed Term Loan    32.2        CRISIL B-/Stable
   Term Loan             37.8        CRISIL B-/Stable

The rating reflects the modest scale of operations in the
intensely competitive education sector, and susceptibility to
risks related to the stringent regulatory environment. These
rating weaknesses are partially offset by the trustees' extensive
experience in the education sector.

Outlook: Stable

CRISIL believes that IECT will continue to benefit over the medium
term from the trustees' experience in the education sector. The
outlook may be revised to 'Positive' if the trust improves its
financial risk profile with a substantial increase in its scale of
operations and profitability. Conversely, the outlook may be
revised to 'Negative' if the trust undertakes any substantial
debt-funded capital expenditure (capex), or faces any adverse
impact of regulatory changes, resulting in a significant decline
in its student intake or cash accruals.

Established in 2009, IECT is managed by Mr. P B Reddy. The trust
runs a college ' Indus College of Engineering and Indus School of
Engineering ' in Bhubaneswar (Odisha).


JAI BHAWANI: CRISIL Reaffirms 'B+' Rating on INR80MM Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Jai Bhawani
Trading Co (JBTC) continues to reflect its below-average financial
risk profile, marked by a small net worth and weak debt protection
metrics. The rating also factors in JBTC's modest scale of
operations in the highly fragmented agro-commodity trading
segment. These rating weaknesses are partially offset by the
proprietor's extensive experience in the agro-commodity trading
segment, and the firm's established customer relationships.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            80        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JBTC will continue to benefit over the medium
term from its established customer relationships and the
proprietor's extensive industry experience. The outlook may be
revised to 'Positive' if the company improves its financial risk
profile with sizeable revenue growth, and enhanced profitability.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile weakens with a decline in profitability or
revenue, or a stretched working capital cycle, resulting in
significantly low cash accruals.

Update
JBTC's net sales were estimated at INR383 million in 2013-14
(refers to financial year, April 1 to March 31), with a decline of
12 per cent year on year, attributable to a decline in wheat
procurement by the principal customer ' Government of Madhya
Pradesh (GoMP) ' through tenders. Though the company has
maintained its operating profit margin at 3 per cent,  the company
remains vulnerable to low entry barriers and limited pricing power
in the agro-commodity industry.

The financial risk profile remains below-average, marked by its
small net worth of INR21 million as on March 31, 2014, with its
small scale of operations and a constrained operating profit
margin, leading to limited accretions to reserves. Additionally,
increased dependence on bank funds to meet large working capital
requirements (marked by gross current assets [GCAs] of 108 days as
March 31, 2014) results in a high total outside liabilities to
tangible net worth (TOL TNW) ratio of 4.8 times as on March 31,
2014.

The debt protection metrics continued to be weak, with interest
coverage ratio and net cash accruals to total debt (NCATD) ratios
of 1.1 times and 0.01 times, respectively, for 2013-14. JBTC's
liquidity remains constrained by its large working capital
requirements, which led to high bank limit utilisation at 95 per
cent on average. However, cash flow mismatches are unlikely over
the medium term, with the promoters' regular need-based fund
infusions through equity and unsecured loans, and the absence of
any significant fixed debt obligations.

JBTC was set up by Mr. Rakesh Agarwal in Nagpur (Maharashtra) in
1998 as a proprietorship. The firm trades in wheat, maize, poultry
feed, and a variety of other food grains. JBTC is estimated to
report a profit after tax (PAT) of INR0.85 million on net sales of
INR382.5 million for 2013-14 (refers to financial year, April 1 to
March 31), as against a PAT of INR1.3 million on net sales of
INR438 million for 2012-13.


KHANDELWAL GINNING: CRISIL Assigns B+ Rating to INR75MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Khandelwal Ginning and Pressing (KGP).

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

   Cash Credit            45         CRISIL B+/Stable

   Long Term Loan         10         CRISIL B+/Stable

The rating reflects KGP's below-average financial risk profile
marked by modest net worth, high gearing, and sub-par debt
protection metrics, and its modest scale of operations in the
fragmented cotton ginning and pressing industry. These rating
weaknesses are partially offset by the extensive industry
experience of KGP's partners and their funding support.

Outlook: Stable

CRISIL believes that KGP will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' in case of significantly better-than-
expected cash accruals or substantial capital infusion.
Conversely, the outlook may be revised to 'Negative' in case of
low cash accruals or large working capital requirements or debt-
funded capital expenditure, exerting pressure on KGP's liquidity.

Established in 2009, KGP is engaged in cotton ginning and pressing
and extraction of oil from cotton seed. KGP's manufacturing
facilities are in Jalgaon (Maharashtra). The firm is owned and
managed by Mr. Kailas Khandelwal and his family.


LEXICON CERAMIC: CRISIL Assigns 'B+' Rating to INR115.8MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Lexicon Ceramic Pvt Ltd (LCPL).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Medium Term Loan        69.8        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      46          CRISIL B+/Stable     -

The rating reflects LCPL's start-up nature and modest scale of
operations in the highly competitive ceramics industry, and its
large working capital requirements. These rating weaknesses are
partially offset by the  extensive industry experience of the
company's promoters, and the proximity of its manufacturing
facilities to sources of raw material and labour.

Outlook: Stable

CRISIL believes that LCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company stabilises its
operations in a timely manner, leading to larger-than-expected
cash accruals. Conversely, the outlook maybe revised to 'Negative'
if LCPL's accruals are lower than expectations due to reduced
order flow or profitability, or if its financial risk profile
deteriorates, most likely because of a stretch in its working
capital cycle or substantial debt-funded capital expenditure.

LCPL, incorporated in 2013, is promoted by the Morbi (Gujarat)-
based Mr. Narendrabhai Patel, Mr. Sanjay Daka, and Mr. Jayesh
Santoki. The company will be manufacturing wall tiles at its
facilities, in Morbi. It is likely to begin commercial operations
in August 2014.


LIFE CARE: ICRA Assigns 'B+' Rating to INR3.5cr Cash Credit
-----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR3.50
crore long-term fund based working capital facilities of Life Care
Ware Housing Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           3.5          [ICRA]B+

The assigned rating takes into consideration the experience of the
promoters in supply chain and logistics business; healthy revenue
growth and presence of reputed clientele such as Britannia
Industries Limited, Jyothy Laboratories Limited & Cadbury India
Limited. The rating is, however, constrained on account of limited
track record of operations; and highly competitive nature of
industry marked by the presence of a large number of unorganized
players, inability to pass on diesel price increase and low entry
barriers. The ratings also factors in the financial risk arising
from the presence of a low net worth base and weak financial
profile evident from gearing of 5.7 times as on March 31st 2014
and thin profit margin as well as high working capital intensity
of operations as prevalent in distribution and transportation
business. Going forward, the ability of the company to increase
its scale of operations with efficient inventory and receivables
management and improving its capital structure would remain the
key rating sensitivities.

Recent Results
As per provisional financials, the company reported a PAT of
INR0.18 crore on an OI of INR17.9 crore in FY 14 as against a
Profit after Tax (PAT) of INR0.08 crore on an Operating Income
(OI) of INR1.32 crore in FY 13.

Life Care Ware Housing Private Limited was incorporated in the
year 2012 as a private limited company. Presently there are three
directors in the company Mr. Vishal Rai, Mrs. Timsi Rai and Smt.
Vinita Rai who have more than 15 years of experience in
warehousing services. The company is engaged in providing
transportation and warehousing services in the states of Madhya
Pradesh and Chhattisgarh. LCW is also the sole distributor for
Cadbury India in Indore, Madhya Pradesh.


M. M. PATEL: CRISIL Ups Rating on INR1.45BB Loans to 'B+'
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
M. M. Patel Public Charitable Trust (MM) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term
   Bank Loan Facility     1150         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Term Loan               300         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects the diminishing implementation risk in
MM's project following financial closure through the sanction of
term loans of INR1.21 billion by banks and improving internal cash
generation from the trust's growing operations; the cash accruals
are expected to be sufficient to meet its term loan repayment
obligations. The trust has overcome the delays in achieving
financial closure by funding its investments in the project over
the past three years through promoter support, internal sources,
and fund infusion by its associate concern, Mehul Construction
Company Pvt Ltd (MCCPL; rated 'CRISIL BBB-/Negative/CRISIL A3') to
ensure timely implementation of the project. The upgrade assumes
that the trust will continue to retain these interest-free
unsecured loans (about INR225.6 million as on March 31, 2014) from
MCCPL until the bank loans have been repaid. The upgrade also
factors in further fund support from MM's promoters in the form of
equity and unsecured loans to meet funding deficits and debt
obligations in a timely manner.

The rating continues to reflect MM's limited track record of
operations and its exposure to risks related to the regulations
governing the education sector. These rating weaknesses are
partially offset by the fund support that the trust receives from
its promoters, the extensive entrepreneurial experience of its
trustees, and the benefits expected from the healthy demand
prospects for medical education in India.

For arriving at the rating, CRISIL has treated the unsecured loan
of around INR225.6 million from MCCPL in the books of MM as on
March 31, 2014, as neither debt nor equity, as the loan will
remain in the trust over the medium term.

Outlook: Stable

CRISIL believes MM will continue to benefit over the medium term
from the healthy demand prospects for medical education and
healthcare facilities in the Solapur region of Maharashtra. The
outlook may be revised to 'Positive' if the response to the
trust's courses is significantly higher than expected, resulting
in a substantial increase in cash flows from operations.
Conversely, the outlook may be revised to 'Negative', if there is
a significant cost or time overrun in completing the project, or
delays in stabilising the operations of the medical college and
hospital, resulting in lower-than-anticipated revenue and cash
flows.

Established in 2008 by Solapur-based Mr. Bipinbhai Patel and
family, MM is a public charitable trust that operates a medical
college with a capacity of 500 students offering graduate courses,
and a 325-bed hospital at Solapur. Its Ashwini Rural Medical
College, Hospital & Research Centre is affiliated to the
Maharashtra University of Health Sciences, Nashik.


MAHESH COLD: ICRA Suspends 'B' Rating on INR5.88cr Loans
--------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR2.68
crore cash credit facility and the INR3.20 crore term loans of
Mahesh Cold Storage (MCS). The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

Mahesh Cold Storage (MCS) was incorporated in 2011 and started
commercial operations from March 2012. The firm is located at
Deesa, Gujarat; it is engaged in the business of operating a cold
storage and provides service for storage of potatoes. The total
storage capacity of the cold storage is 1, 35,000 bags of 50 kg
each.


MEHER ADVANCED: CRISIL Cuts Rating on INR121.3MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Meher Advanced Materials Pvt Ltd (MAMPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         2.5        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Buyer Credit Limit    97.8        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Cash Credit           12.5        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit      42.5        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term
   Bank Loan Facility    11          CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The ratings downgrade reflect CRISIL's belief that MAMPL's
liquidity will deteriorate over the medium term, driven by
inadequate cash accruals to meet debt obligations. MAMPL is likely
to generate cash accruals of INR11.7 million vis-a-vis debt
obligations of INR14.4 million in 2014-15 (refers to financial
year, April 1 to March 31).

The downgrade also reflects MAMPL's significantly weaker-than-
expected operating performance in 2013-14, mainly on account of
delay in commencement of operations of newly added capacities and
subdued demand from the end-user segment. The company booked
operating revenue of INR119.8 million in 2013-14 against INR107.6
million in 2012-13. The revenue is expected to remain below INR15
million per annum over the medium term on account of sluggish
demand and intense competition in the capacitors industry.

The ratings reflect MAMPL's small net worth and exposure to
intense competition from imported products. These rating
weaknesses are partially offset by the extensive experience of
MAMPL's promoters in the capacitors industry and its moderate
gearing.

Outlook: Stable

CRISIL believes that MAMPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company achieves significantly large
revenue and net cash accruals, leading to improvement in its
financial risk profile, particularly liquidity. Conversely, the
outlook may be revised to 'Negative' if MAMPL's revenue is
significantly low or if its operating margin declines leading to
low cash accruals, or if its working capital requirements increase
substantially, leading to further pressure on liquidity.

Established in 2012, MAMPL metallises films for various types of
capacitors. It is located in Bengaluru (Karnataka).


MITTAL GLOBAL: CRISIL Reaffirms B+ Rating on INR77MM Loans
----------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of
Mittal Global Cot. Industries (MGCI) continues to reflect MGCI's
modest scale of operations in the highly competitive and
fragmented cotton ginning industry, and susceptibility of its
margins to volatility in cotton prices and to the regulatory
framework governing the cotton industry. The rating also factors
in the firm's weak financial risk profile, marked by a modest net
worth, high gearing, and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of MGCI's partners.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          60        CRISIL B+/Stable (Reaffirmed)
   Term Loan            17        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MGCI will continue to benefit over the medium
term from its partners' extensive industry experience and the
steady demand for cotton ginning. The outlook may be revised to
'Positive' if the firm increases its scale of operations
substantially, while improving its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' if
MGCI's capital structure deteriorates further, mostly likely due
to withdrawal of funds by promoters or decline in its
profitability.

Update
Supported by its increased processing capacity, availability of
raw materials, and steady demand, MCGI's turnover increased
sharply to INR1 billion in 2013-14 (refers to the financial year,
April 1 to March 31), which was also its first full year of
operations, as against INR159 million in the previous year. The
firm is expected to have moderate revenue growth and stable
margins over the medium term backed by its newly commissioned
plant.

MGCI's financial risk profile remains below average, marked by a
modest net worth of INR31 million and high gearing of 3.2 times as
on March 31, 2014. The increased use of its cash credit facility
to fund its incremental working capital requirements led to the
high gearing. Its interest coverage and net cash accruals to total
debt ratios are expected to be weak, at 1.3 times and 0.03 times,
respectively over medium term due to low profitability. Infusion
of substantial capital by promoters for correction in the capital
structure will remain a key rating sensitivity factor.

MGCI's liquidity remains stretched because of low annual cash
accruals of about INR3.5 million that are just sufficient to meet
its debt obligations. The firm's bank limits of INR60 million were
moderately utilised at an average of 43 per cent over the 12
months through March 2014. The increase in sales will lead to
higher incremental working capital requirements, which will keep
the bank facilities highly utilised over the medium term. The
outstanding subsidy of INR15 million that is expected to be
realised in 2014-15 will support the firm's liquidity over this
period.

For 2012-13, its first year of operations, MGCI reported a profit
after tax of INR0.09 million on an operating income of INR159
million.

MGCI, set up as a partnership firm in July 2012 by Mr. Kamal
Agrawal and his family members, is engaged in ginning and pressing
of cotton. The firm commenced its ginning operations from December
2012 at its unit at Khetia (Barwani district of Madhya Pradesh).
The Agrawal family has been involved in the cotton ginning
business since 1996 through its other group entities.


MITTAL TIMBER: CRISIL Assigns B Rating to INR20MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Mittal Timber Store (MTS; part of the Mittal
group).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           20          CRISIL B/Stable
   Letter of Credit      90          CRISIL A4

The ratings reflect the Mittal group's weak financial risk profile
marked by high total outside liabilities to tangible net worth
(TOLTNW) ratio and weak debt protection metrics. The ratings also
factor in the group's modest scale of operations in the intensely
competitive timber industry leading to low profitability, and its
susceptibility to changes in regulations regarding timber import.
These rating weaknesses are partially offset by its promoters'
extensive experience in the timber business and their financial
support, and its moderate working capital requirements.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MTS and Mittal Ocean Trade Pvt Ltd
(MOTPL). This is because both the entities, together referred to
as the Mittal group, are controlled by the same family and are
engaged in the same business.

Outlook: Stable

CRISIL believes that the Mittal group's business risk profile will
continue to benefit from its long-standing presence in the timber
industry. The group's financial risk profile will remain
constrained over the medium term, marked by high TOLTNW ratio and
weak debt protection measures. The outlook may be revised to
'Positive' in case of improvement in operating profitability
leading to higher accruals and increase in net worth. Conversely,
the outlook may be revised to 'Negative' in case of significant
increase in working capital requirements or large debt-funded
capital expenditure, leading to deterioration in the group's
financial risk profile.

MTS was set up in 1975 as a proprietorship firm. It trades in
timber and processes timber logs from softwood and hardwood. The
firm has a timber processing plant in Kandla (Gujarat). It is
promoted by Mr. Krishna Mittal.

Incorporated in 1999, MOTPL also trades in timber and processes
timber logs from softwood and hardwood at its timber processing
plant in Kandla. It is promoted and managed by Mr. Rajiv Mittal
and Mr. Vijay Mittal.

MTS reported a book profit of INR0.9 million on net sales of
INR295.2 million for 2012-13 (refers to financial year, April 1 to
March 31), against a PAT of INR0.7 million on net sales of
INR213.5 million for 2011-12. The firm is likely to report net
sales of INR339 million for 2013-14.


NEELKANTH INFRACON: CRISIL Reaffirms B+ Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL rating on long term bank facilities of Neelkanth Infracon
(Neelkanth) continue to reflect Neelkanth's exposure to risk
related to salability of the remaining flats and to cyclicality in
the Indian real estate industry. These rating weaknesses are
partially offset by the benefits that the firm derives from its
established market position in Navi Mumbai (Maharashtra),
supported by its partners' extensive experience in the real estate
industry.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Project Loan          100         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Neelkanth will continue to benefit over the
medium term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' if the firm achieves higher
than- expected cash flows from operations, resulting from
accelerated execution of its project and improved flow of
advances. Conversely, the outlook may be revised to 'Negative' if
Neelkanth registers significantly lower-than expected cash flows
from operations, either because of a subdued response to its
project or significantly low flow of advances, leading to
weakening of its financial risk profile.

Neelkanth was established as a partnership firm in 2010 by the
Gaudani and Patel families. It undertakes residential real estate
development in Navi Mumbai. The firm plans to start construction
of its project Neelkanth Exotica from October 2014.


P.K. COLD: ICRA Suspends 'D' Rating on INR4.58cr Loans
------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR3.10
crore pledge loan, INR0.20 crore cash credit facility and the
INR1.28 crore term loans of P.K. Cold Storage (PCS). The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

P.K. Cold Storage (PCS) was incorporated in 2004 and started
commercial operation from 2005.The firm is located at Deesa,
Gujarat; it is engaged in the business of operating cold storage
and provides service for storage of potatoes. The firm increased
its storage capacity from 1, 40,000 bags to 206,000 bags of 50 kg
each in FY 12.


PARVATIYA PLYWOOD: CRISIL Reaffirms B+ Rating on INR58.5MM Loans
---------------------------------------------------------------
CRISIL has reassigned its 'CRISIL A4' rating to the short-term
bank facilities while reaffirming the long term rating at  'CRISIL
B+/Stable' of Parvatiya Plywood Pvt Ltd (PPPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        11.5       CRISIL A4 (Reassigned)
   Term Loan             13.5       CRISIL B+/Stable (Reaffirmed)
   Cash Credit           45         CRISIL B+/Stable (Reaffirmed)


CRISIL's ratings on the bank facilities of Parvatiya Plywood Pvt
Ltd (PPPL) continue to reflect PPPL's weak financial risk profile,
marked by small net worth; the ratings also factor in the
company's small scale of operations and large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of PPPL's promoters in the wood panels
industry.

Outlook: Stable

CRISIL believes that PPPL will maintain its credit risk profile
over the medium term, backed by its long track record of
operations and promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's scale of
operations increases, leading to higher-than-expected cash
accruals and thus, improvement in liquidity. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile deteriorates, most likely because of large debt-
funded capital expenditure programmes or significant increase in
working capital, leading to deterioration in the company's
liquidity.

Update
PPPL's revenue is estimated to register a healthy growth of around
20 per cent in 2013-14 (refers to financial year April 1 to March
31); the revenue growth has been mainly driven by higher volume
sales and better price realisation. The company's operating margin
is expected to remain stable over the medium term at around 14.5
per cent on account of healthy inventory gains.

The company's operations are relatively highly working capital
intensive, as reflected in its sustained gross current assets of
around 239 days as on March 31, 2013, which are mainly due to
large inventory of 226 days as on March 31, 2013. PPPL stocks
inventory during the availability season from December to April,
and records inventory gains during off-season. Due to large
working capital requirements, the company's average bank limit
utilisation has been high at around 99 per cent for the 12 months
ended March 2014.

PPPL's net worth is also estimated to remain small at around
INR31.6 million as on March 31, 2013, thereby limiting its
financial flexibility to meet any exigency. The company has high
total indebtedness towards funding its working capital
requirements; these, along with small net worth, is estimated to
result in a high total outside liabilities to tangible net worth
(TOLTNW) ratio of around 2.35 times as on March 31, 2013. CRISIL
believes that PPPL will continue to have a small net worth due to
small scale of operations and low accretions to reserves. This,
along with large working capital requirements, will lead to a high
TOLTNW ratio.

PPPL was set up in 1987 by Mr. Akhilesh Pratap Saraswat and his
family members in Ram Nagar (Nainital; Uttarakhand). The company
manufactures various grades of plywood, block boards, and flush
doors.


PATNA IRON: CRISIL Assigns 'B' Rating to INR100MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Patna Iron Pvt Ltd (PIPL).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            40         CRISIL B/Stable
   Term Loan              60         CRISIL B/Stable

The rating reflects PIPL's below-average financial risk profile
and its exposure to risks related to successful commercialisation
of its upcoming project. These rating weaknesses are partially
offset by its promoters' extensive experience in the iron and
steel industry.

Outlook: Stable

CRISIL believes PIPL will benefit from its promoters' extensive
experience in the iron and steel industry through group entities
over the medium term. The outlook may be revised to 'Positive' in
case of successful commercialisation and stabilisation of
operations resulting in higher than expected revenue and cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected capacity utilisation or significant
stretch in working capital cycle resulting in weak financial risk
profile.

PIPL was formed in 2012 by Mr. Santosh Mandholia in Patna (Bihar).
Mr. Mandholia has been engaged in iron and steel industry for the
past 15 years. The company is setting up a plant for manufacturing
structurals and electric resistance welding (ERW) pipes. The day-
to-day operations of the company are being looked after by Mr.
Mandholia and his son Mr. Rishav Mandholia.


PRO MINERALS: ICRA Cuts Rating on INR465cr Bank Loans to 'D'
------------------------------------------------------------
ICRA has downgraded the rating assigned to the INR368 crore long
term loans and INR97 crore fund based limits/ non fund based
limits of Pro Minerals Private Limited to [ICRA]D from [ICRA]BBB-
on the long term scale, and to [ICRA]D from [ICRA]A3 on the short
term scale. The 'stable' outlook on the long term rating has been
removed.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term loans      368.00       [ICRA]D; downgraded
   Fund Based and Non
   Fund Based limits     97.00       [ICRA]D; downgraded

The rating downgrade takes into account delays in servicing of
interest obligations on term loans availed by PMPL for setting up
its integrated pellet manufacturing plant at Keonjhar, Orissa.
ICRA has also taken note of time overruns in setting up of the
company's proposed 1 million tons per annum pellet plant (now
expected to be commissioned by October 2014) and limited progress
in setting up of the Captive Power Plant (CPP) and Produced Gas
Plant (PGP), which may result in high power and fuel costs during
the initial operations of the plant. Further, ICRA continues to
take into consideration the high business risks associated with
the iron ore (and related products) industry including
susceptibility to changes in government policies; vulnerability of
profitability to the cyclicality inherent in the end user
industries i.e iron & steel and the commoditized nature of its end
products. Nevertheless, ICRA takes note of the satisfactory long
term demand prospects for the company's core product i.e. iron ore
pellets and locational advantage arising from proximity of the
pelletisation plant under implementation to sources of raw
materials (iron ore fines & low grade ore) and consumption
centers.

Pro Minerals Private Limited was incorporated in September 2010
with the objective to process, beneficiate, crush, quarry, smelt,
calcine, refine, dress, and preserve all types of ores including
iron-ore, coal etc.

The company is in the process of setting up an integrated pellet
manufacturing plant with a capacity of 1 million tons per annum at
Village Basantpur, Tehsil Barbil, Dist. Keonjhar, Odisha. This
also involves setting up an Iron ore Beneficiation plant
(commissioned in January 2014), which will convert non usable low
grade iron ore fines of grade 50-55% grade (Run of mine) into
usable grade of iron ore fines to be fed directly into the pellet
manufacturing plant as raw material. The company also plans to set
up a 20 MW captive power plant (for meeting the power needs of the
entire plant) and a producer gas plant, which would enable it to
utilize coal gas instead of furnace oil.

PMPL is promoted by the Dalmia group of companies, which has a
substantial presence in Orissa with one of its flagship companies
OCL India Limited based out of Rajgangpur and Kapilas, Orissa.
Other major entities of the Dalmia Group include Dalmia Bharat
Sugar & Industries Limited, Adhunik Cement Limited, and Dalmia
Cement Bharat Limited (erstwhile Avnija Properties Limited).


RICASIL CERAMIC: ICRA Reaffirms 'B+' Rating on INR62cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR20.00 crore cash credit facility and the INR42.00 crore of
term loans of Ricasil Ceramic Industries Private Limited. ICRA has
also reaffirmed the short term rating of [ICRA]A4 assigned to the
INR2.20 crore short-term non-fund based facility of RCIPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             20.00       [ICRA]B+ reaffirmed
   Term Loan               42.00       [ICRA]B+ reaffirmed
   Letter of Credit         1.00       [ICRA]A4 reaffirmed
   Bank Guarantee           0.70       [ICRA]A4 reaffirmed
   Project LC             (25.00)      [ICRA]A4 reaffirmed
   Credit Exposure Limit    0.50       [ICRA]A4 reaffirmed

The ratings continue to remain constrained by RCIPL's weak
financial profile characterized by adverse capital structure and
inadequate coverage indicators; the high repayment obligations
towards the debt funded capital expenditure; and the almost entire
utilization of working capital facility to fund high inventory
requirements and receivables. The ratings also take into account
the cyclical nature of the real estate industry which is the main
consuming sector, the competition from Chinese tile manufacturers
and exposure of profitability to availability and increasing
prices of gas, the major fuel for tile manufacturers. The gas
price risk is to a certain extent mitigated by virtue of the
company's gas supply agreement with ONGC which provides it access
to cheaper gas vis-…-vis other players in the state. The ratings,
however, take comfort from the established presence of the
promoter group in the tiles industry and steady ramp up of
operations.

Incorporated in the year 2008, Ricasil Ceramic Industries Private
Limited is involved in manufacturing of double charged vitrified
tiles (DCVT) with its plant situated at Vadodra, Gujarat. The
company commenced its operation in April 2013. The plant has an
installed capacity of ~63,000 MTPA of DCVT. RCIPL currently
manufactures vitrified tiles of size 800 X 800 mm with the current
set of machineries at its production facilities. The company is a
part of an established group of the region having presence across
floor tiles, wall tiles, vitrified tiles (Regent Granito India
Limited) and ceramic raw materials like zirconium silicon and
zirconium flour (Classic Microtech Private Limited).
In 11M FY14 (Provisional unaudited), RCIPL reported an operating
income of INR53.33 crore and loss (before depreciation) of INR0.17
crore.


RISHABH WINPRO: CARE Assigns 'B' Rating to INR5.60cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B/ CARE A4' ratings to bank facilities of
The Rishabh Winpro Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.60       CARE B Assigned
   Short term Bank Facilities    1.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of The Rishabh Winpro
Private Limited are primarily constrained by the limited track
record of its operations, highly leveraged capital structure and
susceptibility of its margins to volatility in raw material price
and currency rates. The ratings are further constrained by its
presence in a highly fragmented industry with exposure to the real
estate sector. The ratings, however, draw comfort from RWPL's
experienced promoters.

Going forward, RWPL's ability to achieve the envisaged scale of
operations and profitability margins shall be the key rating
sensitivities.

The Rishabh Winpro Private Limited was incorporated in January
2013 by Mr Rishabh Jain, Mr Nikhil Jain and Mr Umesh Chand Jain to
set up a unit for manufacturing of Unplasticized Polyvinyl
chloride (UPVC) doors and windows in Haridwar, Uttaranchal, with
an installed capacity of 90,000 pieces per annum. The company
started commercial operation in November 2013. The main raw
material required for the manufacturing of UPVC doors and windows
is UPVC profiles, which is imported from Germany. The final
products manufactured by the company are sold to the group firm,
Alpro Industries (API). The company has also started manufacturing
of aluminum doors and windows from March 2014. RWPL is a part of
the "Velveleen Group" which has interests in the textile, real
estate, manufacturing of concrete bricks and education through
Vardhman Developers, Rishabh Velveleen Private Limited, Vardhman
Developers, Alpro Industries, The Go Green Buildtech Private
Limited (CARE B) and UC Jain Foundation and Trust (CARE B).

During FY14 (provisional; refers to the period April 1 to
March 31), RAPL achieved a total operating income of INR1.82
crore with a net loss of INR0.58 crore.


SAHARA POULTRY: CRISIL Assigns B+ Rating to INR75MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sahara Poultry Farm (SPF).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              10         CRISIL B+/Stable
   Cash Credit            43         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     22         CRISIL B+/Stable

The rating reflects SPF's high working capital requirements,
modest scale of operations and average financial risk profile
marked by a high gearing and modest debt protection metrics. These
rating weaknesses are partially offset the extensive experience of
the firm's partners in the poultry industry.

Outlook: Stable

CRISIL believes that SPF will benefit from its partners' extensive
experience in the poultry industry. The outlook may be revised to
'Positive' if SPF increases its scale of operations or
profitability substantially leading to higher than expected cash
accruals while prudently managing its working capital
requirements. Conversely, the outlook may be revised to 'Negative'
if the firm reports deterioration in its cash accruals or working
capital cycle, or if its capital structure weakens because of a
large debt-funded capital expenditure.

SPF, set up as a partnership firm in 1998, runs a poultry farm in
Barwala (Haryana) with a capacity of 250,000 layer birds. The firm
is promoted by Mrs Kusum Mittal, Mrs Anita Mittal, Mr Ram Kumar
and Mr. Rupak.


SEVCON INDIA: CARE Assigns 'B+' Rating to INR3.75cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Sevcon India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     3.75       CARE B+ Assigned
   Short-term Bank Facilities    4.75       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sevcon India
Private Limited are primarily constrained by the consistent
decline in the scale of operations resulting in net loss,
elongated collection period, customer concentration risk and
foreign exchange fluctuation risk. The ratings are also
constrained by SIPL's presence in a highly competitive and
fragmented industry.

The ratings, however, favourably take into account the experience
of the promoters coupled with moderate capital structure.
Going forward, SIPL's ability to profitably scale up its
operations while maintaining its capital structure along with
effective management of the working capital shall be the key
rating sensitivities.

Delhi-based Sevcon India Private Limited (SIPL) was incorporated
in 1996 by Mr Sunil Kher and his wife Ms Rajni Kher. The
company is engaged in the trading of pumping systems, dynamic
balance and control valves, fan and ventilation systems,
thermal energy storage system, pipe fittings, cooling water
treatment system, and heat transfer filtration system for Heating
Ventilation Air-Conditioning (HVAC) systems. The company also
undertakes annual maintenance contracts for HVAC systems. The
traded goods are procured locally as well as imported from
countries viz United States of America, Denmark and Singapore.
During FY13 (refers to the period April 1 to March 31), import of
the traded goods comprised approximately 57% of the total cost of
purchase.

SIPL reported a net loss of INR1.89 crore on a total operating
income of INR36.06 crore during FY13 (refers to the period
April 1 to March 31). The company reported a profit of INR0.19
crore on a total operating income of INR27.58 crore during
FY14 (based on the unaudited results).


SILPA MEGA: ICRA Reaffirms 'D' Rating on INR37cr Long Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR37.00
crore bank lines of Silpa Mega Projects Private Limited at
[ICRA]D.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long term fund based     37.00       [ICRA]D reaffirmed
   and non- fund based
   limits

The rating is primarily constrained by the continuing delays in
repayment of working capital demand loans and also the consistent
overutilization of SMPL's cash credit limits. The delays are due
to operating losses and stretched liquidity profile of SMPL given
high level of receivables which have adversely affected the cash
flows. The interest and principal payments in last couple of years
have been made through equity infusion by the promoters, although
with delays. The company has an outstanding orderbook of around
INR20 lakh and SMPL does not intend to take up any fresh orders
going forward.

Incorporated in 2008, Keystone Infracorp India Private Limited is
into execution of building construction works, roads and drainage
works on a subcontract basis. The company was renamed in 2012 as
Silpa Mega Projects Private Limited. The client list includes
various government bodies such as Roads and Buildings department
(R&B) of Andhra Pradesh, Greater Hyderabad Municipal Corporation
and Public Works Department (PWD). In FY13, SMPL recorded
operating income of INR8.33 crore and PAT of -2.22 crore.


SIMOLEX CERAMIC: CARE Lowers Rating on INR27.63cr Loans to 'D'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Simolex Ceramic Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     23.88      CARE D Revised from
                                            CARE BB-

   Short term Bank Facilities     3.75      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Simolex Ceramic Private Limited (SCPL) was on account of the
frequent instances of delay in debt servicing due to the stressed
liquidity position.

Establishing a track record of clear debt servicing with an
improvement in the liquidity position is the key rating
sensitivity.

Incorporated in 2010, Morbi- based (Gujarat) SCPL is engaged in
the manufacturing of double-charged vitrified tiles with
Nano technology. The company commenced its commercial production
in October 2011. SCPL's manufacturing facility is located at Morbi
in Rajkot district which is the ceramic tile manufacturing hub of
Gujarat and has an installed capacity of 62,100 Metric Tonnes per
Annum (MTPA) for manufacturing of vitrified tiles as on March 31,
2014.

During FY14 (refers to the period April 1 to March 31), SCPL
reported a TOI of INR42.24 crore and PAT of INR0.50 crore as
against a TOI of INR41.74 crore and PAT of INR0.76 crore during
FY13.


SURESH EXPORTS: CRISIL Reaffirms B- Rating on INR115MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Suresh Exports continue
to reflect its weak financial risk profile, marked by a modest net
worth, high gearing, and weak debt protection metrics. The ratings
also factor in the susceptibility of its operating margin to
volatility in raw material prices and foreign exchange rates.
These rating weaknesses are partially offset by the extensive
experience Suresh Exports' promoters in the spice-processing
business.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bill Purchase            25      CRISIL A4 (Reaffirmed)
   Discounting Facility

   Cash Credit               5      CRISIL B-/Stable (Reaffirmed)

   Packing Credit           60      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      100      CRISIL B-/Stable (Reaffirmed)

   Term Loan                10      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Suresh Exports will maintain its credit
profile over the medium term. The outlook may be revised to
'Positive' if there is substantial and sustained improvement in
the firm's revenues and profitability margin or there is
substantial increase in its net worth, backed by equity infusion
from promoters. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the firm's profitability
or in case of significant deterioration in its capital structure
on account of larger-than-expected working capital requirements or
a large, debt-funded capex, or withdrawal of partners' capital.

Established in 1991 by the Wadhwani family of Maharashtra, Suresh
Exports processes spices such as chilli, coriander seeds, and
turmeric, and pulses, which it sells in the export as well as
domestic markets. The firm has two processing units, one in Guntur
(Andhra Pradesh) and the other in Nagpur (Maharashtra).


SWAPNIL AGRO: CRISIL Reaffirms 'B-' Rating on INR61MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Swapnil Agro
Pvt Ltd continues to reflect its weak financial risk profile, with
a high total outside liabilities to tangible net worth (TOLTNW)
ratio, weak debt protection metrics, small net worth and large
working capital requirements.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           50         CRISIL B-/Stable (Reaffirmed)
   Term Loan             11         CRISIL B-/Stable (Reaffirmed)

The rating also factors in SAPL's exposure to intense competition
in the agricultural commodities trading segment and customer
concentration in the revenue profile. These rating weaknesses are
partially offset by the extensive experience of SAPL's promoters
in the agricultural commodities trading segment and established
supplier relations.

Outlook: Stable

CRISIL believes that SAPL will maintain its business risk profile,
driven by the promoter's extensive experience in the agriculture
commodities trading segment. The outlook may be revised to
'Positive' if the company's financial risk profile, improves with
a capital infusion or sizeable cash accruals. Conversely, the
outlook may be revised to 'Negative' if the revenue is constrained
or its liquidity weakens with sizeable working capital
requirements.

Update
A decline in orders for agri-commodities from the principal
customer, Vyankateshwara Mahila Audyogik Utpadak Sahakari Sanstha
(VAMU) in 2013-14 (refers to financial year, April 1 to
March 31), led to a decrease in SAPL's turnover to an estimated
INR507 million in 2013-14 from INR693 million in the previous
year. However, increasing sales of food packaging material,
manufactured by the company's Flexo division, which contributed to
around 20 per cent of sales, prevented any additional decline in
turnover and enhanced the operating margin to 4 per cent in 2013-
14, vis-a-vis a 2.6 per cent in the previous year. The company
undertakes orders from Haldiram's, Vicco and Dinshaw's, for food
packaging material. Enhanced contribution from the manufacturing
division along with a regular order flow from the principal could
result in moderate sales and profitability over the medium term.

SAPL's financial risk profile remains weak, marked by its small
net worth of INR52 million as on March 31, 2014 and below-average
debt protection metrics, marked by interest coverage and net cash
accruals to total debt (NCATD) ratios of 3.1 times and 0.19 times,
respectively. Large debt contracted to fund the company's working
capital requirements resulted in a high TOLTNW ratio of 4 times as
on March 31, 2014. The company's TOLTNW ratio is likely to remain
high over the medium term.

SAPL's liquidity is stretched, with fully utilised bank limits,
though, supported by need-based unsecured loans from the
promoters. Additionally, comfortable cash accruals, minimal fixed
debt obligations and the absence of substantial capital
investments could result in continually weak liquidity over the
medium term.

SAPL is promoted by Mr. Satish Munde and is based in Nagpur
(Maharashtra). The company supplies agricultural commodities such
as sugar, wheat, jaggery, gram, groundnut and edible oil to VAMU,
which, in turn, supplies nutrition supplements under the
Integrated Child Development Scheme.

For 2013-14, SAPL's profit after tax (PAT) was estimated at INR14
million on net sales of INR507 million, as against a PAT of INR9
million on net sales of INR693 million for 2012-13.


TARUN CONSTRUCTION: CRISIL Reaffirms B Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Tarun
Construction (TC) continues to reflect the susceptibility of the
operating performance to timely project execution and flow of
customer advances from current and future bookings; the rating
also factors in the exposure to risks related to cyclical demand
in the Indian real estate sector. These rating weaknesses are
partially offset by the extensive experience in, and understanding
of the promoters in the real estate sector.

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

Outlook: Stable

CRISIL believes that TC will maintain a stable business risk
profile with the promoters' extensive experience in the real
estate sector. The outlook may be revised to 'Positive' if the
firm records sizeable cash flows commensurate with its bookings,
and improved flow of advances. Conversely, the outlook may be
revised to 'Negative', if the firm's financial risk profile
weakens with significantly low cash flows from operations, because
of a subdued response to the project or substantially low
advances.

Update
TC has one ongoing project, launched in 2012, Ishwar Prestige in
Anandwali (Nashik). The project is scheduled for completion by
June 2015. The firm has received bookings for 17 of its 62 flats
(27 per cent) over the past two years. The firm follows a policy
of marketing its units as the construction approaches completion.
As the construction of the project is expected to be completed by
June 2015, the bookings are expected to increase significantly
over the near to medium term. TC has received customer advances of
INR35 million as against INR90 million of its construction costs
incurred as on March 31, 2014. The firm is likely to implement the
balance construction cost of INR90 million over 2014-15 (refers to
financial year, April 1 to March 31) and 2015-16, through external
debt (INR20 million) and the rest through customer advances.

TC will need to repay its project loan of INR80 million between
October 2015 and March 2016. Thus, any delay in project completion
or lower than expected customer advances may affect the firm's
ability to meet its debt obligations and will be a key rating
sensitivity factor.

TC, established in 1995, as a proprietorship concern of Mr.
Shankar Samnani is engaged in real estate development in the
Nashik region. The day-to-day operations of the firm are managed
by Mr. Yogesh Samnani and Mr. Tarun Samnani, sons of Mr. Shankar
Samnani.


THE WOODIND: ICRA Suspends 'B' Rating on INR10.0cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B and short term
rating of [ICRA]A4 assigned to the INR10.00 crore bank facilities
of The WoodInd. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.



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


SONY CORP: CEO Apologizes as Firm Faces Another Loss
----------------------------------------------------
Grace Huang and Marco Lui at Bloomberg News report that Sony Corp.
Chief Executive Officer Kazuo Hirai apologized to investors after
the company forecast a sixth loss in seven years, and he pledged
that his restructuring efforts would fuel the electronics maker's
long-term growth.

"Sorry that we failed to meet shareholders' expectations,"
Bloomberg quotes Mr. Hirai as saying at the company's annual
meeting in Tokyo. "We will bear responsibility to complete
restructuring in fiscal 2014, with a strong sense of crisis and
without further delay."

Bloomberg notes that Sony has lost JPY85 billion ($831 million)
since Mr. Hirai became CEO in 2012 and predicts another
JPY50 billion loss this year as he struggles to revive the
television business.  According to Bloomberg, the 53-year-old is
counting on more restructuring, a slate of "Amazing Spider-Man"
films, new Xperia smartphones and potential sales of the PS4 in
China to revive its fortunes against Apple Inc. (AAPL) and Samsung
Electronics Co.

"There's only a 50 percent chance that Hirai can complete
restructuring this year, it's not an easy task," said 83-year-old
Tsukasa Kaneda, a Sony shareholder for more than 50 years, the
report relays. "I hope Sony can make great products again, like
when the company was first founded."

Bloomberg relates that Mr. Hirai said the company faces "fierce"
competition in smartphones and tablets, and it's important for
Sony to make unique products.  "We can create a new Sony that can
take on challenges," he said.

Mr. Hirai was promoted in April 2012, taking the helm of a company
that had lost money at its iconic TV unit since 2004, Bloomberg
notes.  He failed to deliver on promises to turn the unit
profitable, and the business now has lost more than
JPY790 billion in the past 10 years, according to the company.

Based in Japan, Sony Corporation -- http://www.sony.net/--
engages in the operation of imaging products and solution (IP&S),
game, mobile products and communication (MP&C), home
entertainment and sound (HE&S), device, movie, music, financial
and other business.  The IP&S segment provides digital imaging
products and professional solutions.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 29, 2014, Moody's Japan K.K. has downgraded the Issuer
Rating and the long-term senior unsecured bond rating of Sony
Corporation to Ba1 from Baa3. The ratings outlook is stable.
At the same time, Moody's has downgraded the short-term rating of
its supported subsidiary, Sony Global Treasury Services Plc, to
Not Prime from Prime-3.



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


CAPITAL + MERCHANT: NZ$18.5MM Settlement Reached
------------------------------------------------
The Insolvency and Trustee Service (a business unit within the
Ministry of Business Innovation and Employment) announced on
June 26 that it has successfully finalised a settlement agreement
for NZ$18.5 million.

The settlement represents a full and final settlement of all
claims by the liquidator of Capital + Merchant Finance against BDO
Spicers (the previous auditors) arising out of the audits of
Capital + Merchant Finance's financial statements for the years
ended 31 March 2006 and 31 March 2007. It is made without any
admission of liability on the part of BDO Spicers.

Les Currie Official Assignee at Hamilton and liquidator of Capital
+ Merchant Finance Limited said the agreement with BDO Spicers
settles a long standing civil claim as instigated by the
liquidator. The settlement was reached after assessment of the
risks and benefits of litigation and the associated costs.

"This milestone represents a significant settlement in this matter
for the ultimate benefit of the investors in the company - several
thousand public investors who purchased secured debenture notes".

"It was achieved after rigorous negotiations and consultation. My
team of insolvency personnel, experts, and legal counsel have all
worked diligently to ensure the best possible outcome for the
company and its investors," says Mr. Currie.

Capital + Merchant Finance Limited was placed into receivership on
Nov. 23, 2007, with the appointment of Timothy Downes and Richard
Simpson of Grant Thornton as Receivers. A second receivership also
commenced on Nov. 29, 2007, with the appointment of Grant Graham
and Brendon Gibson of Korda Mentha as Receivers. The first
receivership was concluded on March 21, 2012, and the second
receivership continues. The Official Assignee was appointed
liquidator of the company on Dec. 15, 2009, on the petition of the
Registrar of Companies.

Three former directors of C+M (Nicholls, Douglas and Tallentire)
were convicted of offences under the Crimes Act and the Securities
Act as a result of prosecutions by the Serious Fraud Office (SFO)
and the Financial Markets Authority (FMA). They received total
prison sentences of between six and eight and a half years'
imprisonment. Two of the directors (Ryan and Sutherland) were
ordered to pay reparation totaling NZ$160,000.


SOUTH CANTERBURY: Warned Over NZ$150MM Credit Claim
---------------------------------------------------
Emma Bailey at The Timaru Herald reports that South Canterbury
Finance had been warned by banks to stop saying it had access to
NZ$150 million credit, when it did not.

Former SCF chief financial officer Graeme Brown gave evidence on
June 26 as part of the defence of former SCF directors Ed Sullivan
and Robert White, and former chief executive Lachie McLeod, notes
the report.

The trial was being heard by Justice Paul Heath in the High Court
at Timaru, the report relates.

According to the report, two credit lines were mentioned in SCF
prospectus 59, from October 24, 2008 to September 21, 2009, one
for NZ$100 million for three years and another for NZ$50 million
for a year, from BNZ and Commonwealth Bank.

The Timaru Herald relates that the Crown argues the credit lines
had expired and as a result White and Sullivan each faced a charge
of a false statement by a promoter.

The prospectus was also used to gain access to the Crown Guarantee
Scheme, which is the key charge in the case as NZ$1.58 billion was
paid out in 2010 when SCF failed, the report relays.

On April 24, 2009 a letter was sent from BNZ to Mr. Brown urging
SCF to stop making public statement about the credit lines, The
Timaru Herald reports.

"The banks have not formally approved extensions of either
facility. It will not be prepared to fund a drawing request if one
is received under the three year facility (having already
expired). It wishes for the agent on behalf of the banks to cancel
the three year arrangement.

"The borrower continues to state publicly that it has $150m
facilities available from two banks . . . such a statement is not
correct."

According to the report, Mr. Brown said he told the Reserve Bank
who then sought a meeting with Commonwealth and BNZ about the
facility which was "highly unusual."

Mr. Brown was employed from 2006 until January 2010, the report
notes.

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

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

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

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


SOUTHERN CROSS: Sale of Thames Operation Confirmed
--------------------------------------------------
The receivers of Southern Cross Forest Products Thames Timber Ltd
have confirmed the sale of the entire Thames operation to Profiles
Woodproducts Limited, with settlement to occur on
July 18, 2014.

Receiver, Brendon Gibson from KordaMentha said that upon
settlement, Profiles Woodproducts Limited planned to integrate the
Thames Timber greenmill and drymill operations into their existing
business.

"We understand as part of its integration process that Profiles
Woodproducts Limited will restructure the Thames business and
reduce operations from two shifts to one. Unfortunately, any
restructuring will result in redundancies for some of the
workforce.

"While no staff are being given notice at this time, we wanted to
ensure they were advised as early as possible. We have undertaken
to support community initiatives designed to get workers made
redundant back into employment.

"We wish to thank the staff for the professionalism they have
shown in working through this difficult time," Mr. Gibson said.

Mr. Gibson noted that that the new owners have said they intend to
maintain customer relationships.

Further announcements regarding the sale of the remaining SCFP
South Island assets will be made in due course.

                     About Southern Cross

Southern Cross Forest Products is a Dunedin-based sawmill company.
It employed about 400 staff and has about NZ$100 million in annual
sales.

Brendon James Gibson and Michael Peter Stiassny were appointed
Joint and Several Receivers and Managers of the assets and
undertaking of Southern Cross Forest Products Limited, Rosebank
Forest Products Limited, Kauri Timber Products Limited And Pine
Resources (NZ) Limited on March 3, 2014.


UFB CIVIL: In Liquidation, 2 Months After Receivership
------------------------------------------------------
stuff.com.nz reports that Auckland ultrafast broadband contractor
UFB Civil 5.2 has been placed in liquidation, two months after
going into receivership with debts of nearly NZ$1 million.

The company's original owner, Wesley Faleolo, said he would have
to "start again" after he and his wife were left without jobs and
were forced to sell their home, according to stuff.com.nz.

Until March, UFB Civil 5.2 employed 50 people helping lay
ultrafast broadband for Chorus contractor Visionstream, the report
relates.

The company ran into difficulties after it used incorrect codes on
invoices that meant it overcharged Australia's Visionstream for
blowing strands of optical-fibre through ducting to people's
homes, the report discloses.

The report notes that Mr. Faleolo said it was misunderstanding.
Mr. Faleolo had found it difficult to find out what codes to use
and took Visionstream's approval of UFB Civil 5.2's invoices as
confirmation it was billing the firm correctly, the report
relates.

UFB Civil 5.2 refunded the NZ$60,000 in excess charges, but
Visionstream subsequently took longer to scrutinise and pay its
invoices, Mr. Faleolo said, the report notes.

A NZ$90,000 payment for work UFB Civil 5.2 did in March was held
up, Mr. Faleolo said, contributing to cashflow problems that saw
the firm's bridging finance company, Working Capital Solutions,
appoint a receiver to manage the business in April, the report
discloses.

A Visionstream spokeswoman said the company had paid UFB Civil 5.2
for "all substantiated work," the report relates.

When Visionstream identified errors in UFB Civil 5.2's invoicing,
it told the subcontractor and provided support to help improve
invoice management, but incorrect invoices were received over
following months, the report notes

Correct invoices were paid within 48 hours, the spokeswoman said,
the report relates.

UFB Civil 5.2's receiver, John Gilbert, had been attempting to
trade the business out of receivership and has set up a new
entity, UFB Civil 2014, which employs about 20 of the former
company's workers, the report notes.

Mr. Gilbert believes its other subcontractors had gone on to find
work with other broadband contractors, the report notes.

Mr. Gilbert, the report relates, said he had no complaints with
the way Visionstream had behaved during the receivership.

Chorus spokesman Ian Bonnar said it was a "sad situation" but
there were no parallels with a different situation last year when
Australian subcontractor Transfield Services was accused by
contractors and a furious Chorus of delaying payments to
subcontractors working on the UFB initiative, the report relates.

"It does appear Visionstream is managing things as well as they
can in a very challenging situation for Wesley and his family,"
Mr. Bonnar said, the report notes.

Mr. Bonnar said he hoped the business failure would not cause
subcontractors to think twice about seeking work on the UFB
initiative, the report relates.

"There is a lot of work and still a massive build going on," the
report quoted Mr. Bonnar as saying.  "It is probably a cautionary
tale about trying to stay on top of your invoicing and not trying
to grow too quickly," he added, the report notes.



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


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

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

AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***