TCRAP_Public/140707.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, July 7, 2014, Vol. 17, No. 132


                            Headlines


A U S T R A L I A

CLARITY OSS: Sells Assets to US Buyer
FINANCIAL TECHNOLOGY: ASIC Suspends AFS Licence
POW WOW: Melbourne College Goes Into Liquidation
VAULT MARKET: ASIC Acts to Shut Down Unlicensed Forex Trading


C H I N A

FANTASIA HOLDINGS: Colour Life Listing No Impact on B1 CFR
MCE FINANCE: Moody's Raises Senior Unsecured Bond Rating to Ba3


H O N G  K O N G

USMART MOBILE: Posts $291,024 Net Loss for First Quarter


I N D I A

ANALOGICS TECH: ICRA Revises Rating on INR23cr Loans to 'B+'
B E CONTRACTS: CRISIL Suspends 'B' Rating on INR50MM Loans
DEEDI RESORTS: ICRA Raises Rating on INR22.5cr Loans to 'B'
DEVKIRAN PAPER: CRISIL Reaffirms 'B' Rating on INR297.5MM Loans
GANESH RICE: CRISIL Suspends 'B' Rating on INR200MM Loans

HEMKUNT COATED: CRISIL Reaffirms 'B' Rating on INR55MM Loans
K. B. PRODUCTS: ICRA Reaffirms 'B' Rating on INR7cr Loans
KDJ HOSPITAL: ICRA Reaffirms 'D' Rating on INR60cr Term Loan
MEHALA MACHINES: CRISIL Suspends 'D' Rating on INR235MM Loans
P. M. ELECTRO-AUTO: CRISIL Suspends 'B+' Rating on INR235MM Loans

PARAS FOODS: CRISIL Assigns 'B+' Rating to INR90MM Loans
PASUPATI ACRYLON: CRISIL Ups Rating on INR372.9MM Loans to 'B+'
PRISTINE HOSPITAL: CRISIL Suspends 'B' Rating on INR170MM Loans
PROLIFIC PAPERS: CRISIL Suspends 'B' Rating on INR297MM Loans
RIDDHI SIDDHI: CRISIL Reaffirms 'B+' Rating on INR91.7MM Loans

SEVEN HILLS: ICRA Suspends 'D' Rating on INR20MM Loans
SHRI AMBABAI: CRISIL Suspends 'D' Rating on INR86.5MM Loans
SRI GURUKRUPA: CRISIL Suspends 'B' Rating on INR42.5MM Loans
SVARN INFRATEL: CRISIL Suspends 'D' Rating on INR214.5MM Loans
SYLVAN GREENS: CRISIL Suspends 'B+' Rating on INR88MM Loans

TRICOLITE ELECTRICAL: CRISIL Suspends B+ Rating on INR245MM Loans
VAIBHAV LAXMI: CRISIL Suspends 'B' Rating on INR80MM Loan
VANDANA VIDHYUT: ICRA Suspends 'D' Ratings on INR1,252.5cr Loans


N E W  Z E A L A N D

MANAWATU GRAIN: Liquidation Ends; Creditors Lose NZ$495,000


S O U T H  K O R E A

PANTECH CO: Creditors Urge Carriers to Join in Revival Plans


                            - - - - -


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


CLARITY OSS: Sells Assets to US Buyer
-------------------------------------
Tony Yoo at CRN reports that North Sydney-headquartered
operational support systems vendor Clarity OSS has announced the
sale of its assets to the Australian subsidiary of an unnamed US
buyer.

The acquisition was initiated by the secured creditors chairman
Dr. Ian Campbell and his company CPS, the report relates citing a
statement to the ASX.

According to CRN, Dr. Campbell and CPS had provided AUD26 million
to support Clarity and had later forgiven AUD14.5 million of that
debt as the company endured troubled times. Later, another
AUD1.5 million was advanced by Dr. Campbell to service Clarity's
other debts and costs.

CRN relates that the statement said a few months ago CPS had
exhausted its capacity to support Clarity. That precipitated
negotiations with potential buyers, the report notes.

"Despite Dr Campbell's ongoing support, the company continued to
suffer financial difficulties to the extent that, with CPS and Dr
Campbell no longer having the capacity to support the company, the
appointment of an administrator or liquidator was a real
possibility," Clarity said, CRN relays.

CRN says Dr. Campbell informed Clarity on June 23 that a buyer had
been found for CPS' secured assets. Clarity's board then agreed to
join the sale by offering up assets that were not part of CPS'
security.

"Dr Campbell pointed out that this was the best offer the company
had received after many months of offering the assets to the
market," said the ASX statement cited by CRN.

"If it were not accepted and if the sale were not completed in
. . . no more than a week, the company would likely be placed in
administration or liquidation, in which case the shareholders were
unlikely to received any of the proceeds of any future sale."

The sale is to be completed within the next two weeks and does not
include assets in regions where "the buyer does not propose to
carry on business," the report notes. Clarity has overseas offices
in Malaysia, Indonesia, Philippines, Singapore, India, UK and
Bulgaria.

In November, CRN reported that the vendor cut more than
20 percent of its head count, blaming its poor performance on the
cost of doing business in Australia. The company then reported a
net loss of AUD4.9 million for the half year ending Dec. 31, 2013.


FINANCIAL TECHNOLOGY: ASIC Suspends AFS Licence
-----------------------------------------------
Australian Securities and Investment Commission has suspended the
Australian Financial Services (AFS) licence of Financial
Technology Securities Pty Ltd (FTS) following concerns it had
provided inappropriate advice to some clients.

Following a surveillance of the Queensland-based advice firm, ASIC
found up until August 2012 FTS had a policy of recommending double
gearing strategies to some clients regardless of their personal
circumstances.

FTS ceased the practice as a result of ASIC's investigation of the
matter.

ASIC Deputy Chairman Peter Kell said: 'FTS's one size fits all,
high risk strategy regardless of personal circumstances was
completely at odds with providing appropriate financial advice.

'Advice provided must always be focused on the client and their
specific needs and circumstances.'

FTS's licence has been suspended for six weeks, effective from
June 30, 2014. FTS is unable to provide advice to new or existing
clients in this period.

ASIC has put in place a comprehensive communication strategy for
clients, representatives and related product providers of FTS.

Financial Technology Securities has the right to seek a review of
ASIC's decision at the Administrative Appeals Tribunal.


POW WOW: Melbourne College Goes Into Liquidation
------------------------------------------------
Bernard Lane at The Australian reports that a Melbourne college
caught up in controversy about training standards has shut down.

Pow Wow Australia told the regulator it was going into voluntary
liquidation on June 17, a spokesman for the Australian Skills
Quality Authority said on July 4, The Australian relates. It had
about 500 students.

In 2012, ABC TV ran an item sharply critical of standards and
practices at Pow Wow, quoting a student, a client and a former
trainer, the report recalls. Pow Wow denied the claims.

The program raised questions about regulatory oversight of
taxpayer-subsidised training, the report notes.

Last year, the report recounts, Pow Wow won a Federal Court
reprieve because of a procedure fault in ASQA's decision to end
Pow Wow's registration.

The Australian says Pow Wow's 1800 sales number was disconnected
and its office number off the hook on July 4.

According to the report, ASQA's spokesman said Pow Wow had handed
over a copy of student records for 2006-2014. These were being
used to try to contact students.

ASQA said it was in touch with state and federal departments, the
report adds.


VAULT MARKET: ASIC Acts to Shut Down Unlicensed Forex Trading
-------------------------------------------------------------
The Australian Securities and Investment Commission has commenced
action in the New South Wales Supreme Court to stop Vault Market
Pty Ltd and its sole director, MD Anamul Amin, of Wiley Park,
New South Wales from carrying on a financial services business
without an Australian financial services (AFS) licence and to
close down a website with the domain name 'www.kiwifxbank.com'
(KiwiFx Bank).

Through this website, it appears clients conducted foreign
exchange (FOREX) trading with the promise of 'quick executions,
low spreads, and intelligent customer-service'.

ASIC received complaints that users of the FOREX trading service
had not received profits which they generated from trading with
KiwiFX Bank.

With the consent of the parties, the court made interim orders
restraining Mr. Amin and Vault Market from carrying on a financial
services business without holding an AFS licence, or holding out
that they hold an AFS licence, and to use their best endeavours to
remove all content on the website and publish a notice for clients
and potential clients. This notice states that Vault Market Pty
Ltd is not licensed with ASIC and does not hold an AFS licence and
KiwiFX Bank is not a Foreign Bank.

The matter will return to the NSW Supreme Court on Aug. 25, 2014
and in the interim, the court imposed travel restrictions on
Mr. Amin.

ASIC's investigation into this matter continues.



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


FANTASIA HOLDINGS: Colour Life Listing No Impact on B1 CFR
----------------------------------------------------------
Moody's Investors Service says that Fantasia Holdings Group Co.,
Limited's B1 Corporate Family Rating and stable outlook are
unaffected by Colour Life Services Group Co., Limited's (unrated)
listing in Hong Kong.

On June 30, Fantasia spun off 30% of its property management
company Colour Life by listing it on the Hong Kong Stock Exchange,
raising HKD848 million, net of fees.

"While Colour Life's spin-off listing brings in cash and increases
capital, which are credit positive for Fantasia, the latter
continues to be exposed to the challenge of securing contracted
sales in a weak market," says Gerwin Ho, a Moody's Vice President
and Senior Analyst.

Fantasia's contracted property sales declined 56% year on year to
RMB1.4 billion in the first five months of 2014.

This slower-than-expected level of contracted sales reflected the
relatively high share of commercial properties in its inventory,
delayed launches in Huizhou and Guilin, and an overall weak
property market environment.

The company expects contracted sales to improve in second half of
2014, driven by new property project launches in tier one cities,
such as Shenzhen and Beijing, targeting new mass-market customers.

If contracted sales and revenue recognition remain weak, this
development could impair the company's financial flexibility
because it has to meet debt incurrence obligations.

Based on its current sales momentum, Moody's expects
EBITDA/interest to decline to about 2.0x in 2014 from 2.3x in
2013, positioning Fantasia at the weak end of its current B1
rating.

The principal methodology used in this rating was the Global
Homebuilding Industry published in March 2009.

Fantasia Holdings Group Co, Limited, is a property developer
established in 1996. It listed on the Hong Kong Stock Exchange in
November 2009.

As of December 31 2013, it had a land bank (with land-use rights)
of 8.7 million square meters of gross floor area (GFA), mainly in
Chengdu and the Pearl River Delta. It develops high-end office
buildings and luxury residential properties, targeting small- and
medium-sized enterprises (SMEs) and affluent individuals.

Colour Life has three business segments 1) property management
services, 2) engineering services and 3) community leasing. The
three made up 59%, 22% and 19% of revenue in 2013. Its property
management services arm managed and provided consultancy services
to 450 and 60 residential and commercial communities respectively
in 60 cities as of end 2013.


MCE FINANCE: Moody's Raises Senior Unsecured Bond Rating to Ba3
---------------------------------------------------------------
Moody's Investors Service has upgraded MCE Finance Limited's
senior unsecured bond rating to Ba3 from B1.

Accordingly, Moody's has also upgraded the rating of its US$1
billion bond due 15 February 2021 to Ba3 from B1.

At the same time, Moody's has affirmed MCE Finance's Ba3 corporate
family rating.

Moody's has also changed the outlook for these ratings to positive
from stable.

Ratings Rationale

"Moody's has upgraded MCE Finance's senior unsecured bond rating
to Ba3 as a result of a reduction in subordination risk," says
Kaven Tsang, a Moody's Vice President and Senior Analyst.

The company's secured and subsidiary debt -- which represents the
secured banking facilities of Melco Crown Gaming (Macau) Limited -
- comprised 11% of the rated group's total assets as of 31 March
2014.

Moody's expects the ratio to stay below 15% in the near to medium
term absent any material debt-funded construction projects in the
pipeline.

"The positive outlook reflects MCE Finance's improved credit
metrics, and which Moody's expects the company to sustain in the
next 12-18 months, despite a general slowdown in the growth of
Macau's gross gaming revenues," says Tsang.

The company continues to achieve revenue growth which is above the
market average, and has benefited from an increase in mass-market
gaming that has a higher profit margin than VIP gaming.

According to the Gaming Inspection and Coordination Bureau, gross
gaming revenue in Macau recorded 15% growth in 2013.

Although the VIP gaming revenue growth rate declined to 12.5% in
1Q2014 from 16% in 2H2013 -- against the backdrop of a slowing
Chinese economy and anti-corruption campaigns in China -- the mass
market grew a robust 27% in 2013.

MCE Finance is benefitting from this trend, as its City of Dreams
casino in Macau has raised its focus on mass-market gaming,
particularly the premium mass market.

Accordingly, the company's EBITDA margin expanded to 25% in 2013
from 22% in 2012. In 1Q 2014, it further increased to 26%.

As a result, adjusted EBITDA for the 12 months to 1Q 2014,
totaling US$1.36 billion, represented a growth of 6.6% from the
US$1.28 billion for all of 2013."

Debt/EBITDA in turn fell to 1.3x for the 12 months ended March
2014. Moody's expects this ratio will stay below 1.5x for the next
12-18 months, and which is strong for its Ba3 rating.

The positive outlook also considers Melco Crown Entertainment
Limited's (unrated) two major developments -- the Studio City
project in Macau and City of Dreams in Manila -- that are
progressing on track with planned openings in mid-2015 and 2H2014
respectively.

Though Melco Crown Entertainment has increased development
budgets, totaling approximately US$450 million, for both Studio
City and City of Dreams in Manila, the higher costs will largely
be funded by equity.

Moody's does not expect MCE Finance will distribute exceptionally
high dividends to fund such projects.

Moody's notes that MCE Finance will develop a fifth hotel tower at
its City of Dreams in Macau in the next 2-3 years. The company has
enough undrawn bank facilities, cash and surplus cash flow to fund
the project.

The company's Ba3 rating continues to reflect its stable and
profitable operations at its City of Dreams and Altira casinos in
Macau. But the rating is constrained by its concentration in a
single location.

MCE Finance has adequate liquidity, supported by cash and deposits
of around US$1.6 billion and undrawn banking facilities of US$401
million as at March 2014, and which can fully cover its capex of
US$400-500 million -- as estimated by Moody's -- and debt
repayments of US$257 million for the coming 12 months.

Upgrade pressure could emerge if: (1) MCE Finance demonstrates
sustained improvements in EBITDA throughout the cycle and
maintains debt/EBITDA below 2.0x and EBITDA/interest above 6.0x-
7.0x; (2) there is reduced completion risk for Studio City; and
(3) Melco Crown Entertainment maintains stable credit metrics of
consolidated debt/EBITDA below 3.5x and consolidated
EBITDA/interest above 5.5x-6.0x on a sustained basis.

On the other hand, the rating outlook could return to stable if:
(1) MCE Finance/Melco Crown Entertainment's operating performance
deteriorates due to a material market slowdown, or higher-than-
expected competition; (2) a major construction project is vested
at MCE Finance, increasing its financial risk; or (3) Melco Crown
Entertainment Limited is exposed to increased construction and
execution risks for its City of Dreams in Manila or Studio City
over the next 12-18 months, or engages in significant debt-funded
investments.

The principal methodology used in this rating was the Global
Gaming Industry published in June 2014.

MCE Finance Limited is a subsidiary of Melco Crown Entertainment
Limited (unrated), which is majority-owned by the Australian-based
gaming operator, Crown Resorts Limited (Baa2 stable) and Hong
Kong-listed Melco International Development Ltd (unrated), with
each company holding approximately 33% equity stakes.

Melco Crown Gaming is the key operating company under MCE Finance,
holding one of six gaming concessions/sub-concessions in Macau. It
operates two casinos in Macau, Altira Macau and City of Dreams,
and approximately 1,400 slot machines through its Mocha Clubs.



================
H O N G  K O N G
================


USMART MOBILE: Posts $291,024 Net Loss for First Quarter
--------------------------------------------------------
USmart Mobile Device Inc. filed its quarterly report on Form 10-Q
disclosing a net loss of $291,024 on $561,870 of net sales for the
three months ended March 31, 2014, compared to a net income of
$888,332 on $14.46 million of net sales for the same period in
2013.

The continuation of the Company as a going concern is dependent
upon the ability of the Company to obtain necessary equity
financing to continue operations and the attainment of profitable
operations.  The management will seek to raise funds from
shareholders.  For the quarter ended March 31, 2014, the Company
has generated revenue of $561,870 and has incurred an accumulated
deficit $17.17 million.  These factors raise substantial doubts
regarding the Company's ability to continue as a going concern.

A copy of the Form 10-Q filed with the U.S. Securities and
Exchange Commission is available at:

                       http://is.gd/NcqVX2

                       About USmart Mobile

Del.-based USmart Mobile, previously known as ACL Semiconductors
Inc., is currently engaged in the production, manufacturing and
distribution of smartphones, electronic products and components in
Hong Kong Special Administrative Region and the People's Republic
of China through its operating subsidiaries.

USmart Mobile reported a net loss of $13.8 million on $72.2
million of net sales for the year ended Dec. 31, 2013, as compared
with a net loss of $4.86 million on $161 million of net sales for
the year ended Dec. 31, 2012.  As of Dec. 31, 2013, the Company
had $12.04 million in total assets, $27.14 million in total
liabilities and a $15.10 million in total stockholders' deficit.

Albert Wong & Co. LLP, in New York, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that the
Company's financial statements are prepared using the generally
accepted accounting principles applicable to a going concern,
which contemplates the realization of assets and liquidation of
liabilities in the normal course of business.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern, the auditors said.



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I N D I A
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ANALOGICS TECH: ICRA Revises Rating on INR23cr Loans to 'B+'
------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR23.00 crore
(enhanced from INR10.35 crore) fund based limits of Analogics Tech
India Limited from '[ICRA]B' to '[ICRA]B+'. ICRA has reaffirmed
the short term rating assigned to INR 25.00 crore (enhanced from
INR 12.50 crore) bank facilities of ATIL at [ICRA]A4.  ICRA has
also revoked the suspension of ATIL's rating.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based            23.00      [ICRA]B+ revised
                                    from [ICRA]B

   Non Fund based        25.00      [ICRA]A4 reaffirmed

The rating revision positively factors in healthy growth in
revenues by 34% from INR45.27 crore in FY 2013 to INR 60.85 crore
in FY 2014 and improved capital structure due to infusion of
equity of INR6.50 crores in March 2014 and healthy accretion to
reserves. The ratings continue to factor in healthy operating
profitability levels; experience of the promoters with a long
track record in data logging business; and order book of INR84.67
crore which is around 1.39 times the operating income of FY 2014
providing revenue visibility in the medium term. The ratings are
however constrained by the stretched liquidity position of the
company owing to high working capital intensity of the business
due to high debtor days which resulted in frequent over
utilization of the working capital limits; moderate customer
concentration risk with top 5 customers accounting for 40% of
revenues in FY 2014 and high project concentration risk of the
order book exposing the revenues to order book execution.
Going forward ability of the company to increase its scale of
operation while maintaining profitability levels and improve its
working capital cycle would be the key rating sensitivities from
credit perspective.

Incorporated in 1994, Analogics Tech India Limited is into
manufacturing and supplying of hand held computers for data
logging applications, wireless data communication and power
distribution automation products. The company has two
manufacturing units located at Hyderabad and Uttarakhand. ATIL is
promoted by Mr. M Surender Reddy who had earlier worked for 16
years at National Remote Sensing Agency (NRSA), Hyderabad. The
company customer profile includes many reputed players like
electric distribution companies, electricity meter manufacturers,
banks and transport operators.

Recent Results

ATIL recorded an operating income of INR60.85 crore and net profit
of INR4.69 crore for FY 2014 (provisional and unaudited) as
compared to an operating income of INR45.27 crore and net profit
of INR2.88 crore for FY 2013.


B E CONTRACTS: CRISIL Suspends 'B' Rating on INR50MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
B E Contracts (P) Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        146       CRISIL A4 Suspended

   Bill Purchase-
   Discounting Facility    2.5     CRISIL A4 Suspended

   Cash Credit            50       CRISIL B/Stable Suspended

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

BECPL was established as a partnership firm in 1953 and
reconstituted as a company in 2003. The company undertakes
electrical contracting work, which involves supplying, installing,
testing, and commissioning of complete electrical requirements in
hotels, corporate buildings, industrial facilities, hospitals, and
government institutions. The company has its registered office in
New Delhi, and undertakes contracting jobs across India.


DEEDI RESORTS: ICRA Raises Rating on INR22.5cr Loans to 'B'
-----------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR16.47
crore term loans (revised from INR19.63 crore), INR0.50 crore cash
credit facilities and INR5.53 crore long term proposed fund based
facilities (revised from INR2.37 crore) of Deedi Resorts Private
Limited from [ICRA]B- to [ICRA]B.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term loans           16.47       [ICRA]B/upgraded
                                    from [ICRA]B-

   Long term-Cash        0.50       [ICRA]B/upgraded
   Credit Facilities                from [ICRA]B-

   Long term-Proposed    5.53       [ICRA]B/upgraded
   fund based                       from [ICRA]B-
   facilities

The rating upgrade reflects the improved operational performance
of the Company reflected by growth in both Average Room Rates
(ARRs) and Occupancy resulting in higher room revenues during
2013-14. The Company also posted increased food and beverage
revenues which supported revenue growth in 2013-14. While DRPL was
able to improve its operating profit margin in 2013-14 by
rationalizing administration and selling expenses, net level
margins and accruals were aided by better absorption of fixed
expenses stemming from improved scale. The rating upgrade also
takes into account the improvement in capital structure of the
company partly due to conversion of unsecured loan from
shareholders amounting to INR 4.25 crore in to equity and also due
to higher accruals amidst repayment of term loans. The rating also
considers the experience of promoters in the resort business over
a decade (through other properties) and the company being part of
larger Deedi Group of Companies. The rating also considers the
location advantage of the property being located in Pondicherry
which helps to attract leisure customers. However, the ratings are
constrained by company's small scale of operations with a single
property, competition from other resorts in the vicinity, highly
geared capital structure on account of losses incurred in the
initial years of operations which has affected the networth
position, stretched coverage indicators and large repayment
obligations to be met in the near future. With a cumulative
repayment obligation of around INR16.9 crore over the next four
years the company's ability to improve the scale of operations
with comfortable accruals will be the key credit monitorables.

Incorporated in 2004, DRPL is promoted by Mr. T.C. Paul, the
current Managing Director of the Company. His wife, Ms. Geetha
Jose Thottam is the second director of the Company. DRPL owns a
single resort "Le Pondy" located at Pondicherry. DRPL had
commenced operations from December 2010 and the resort is spread
across an area of 14 acres with an inventory of 70 rooms. The
resort was damaged by cyclone "Thane" and the operations were
stopped during Q4, 2011-12. The company resumed its operations in
March 2012. The ARR and Occupancy of the resort for the year 2013-
14 was INR 5,892 and 57% as against INR 5,685 and 49% in 2012-13.
The resort mainly caters to domestic customers with ~80% of the
revenues coming from bookings by agents & online portals and
corporate customers and the rest from direct (walk-in) customers.
DRPL had a three-star rating during the project implementation
stage and the company has applied for a final rating for the
three-star category which is yet to be received.

DRPL forms part of Deedi Group which has other entities like Deedi
Automobiles, Deedi Motors Private Limited, Deedi Hire Purchase and
Leasing Limited, Joys The Beach Resort Private Limited and Anandam
Ayurveda Resort.


DEVKIRAN PAPER: CRISIL Reaffirms 'B' Rating on INR297.5MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Devkiran Paper Mills
Pvt Ltd continue to reflect DPMPL's weak financial risk profile
marked by high gearing and small net worth, and its susceptibility
to intense competition in the kraft paper industry and to
volatility in raw material prices. These rating weaknesses are
partially offset by DPMPL's established market position in the
local kraft paper industry.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         5        CRISIL A4 (Reaffirmed)
   Cash Credit          120        CRISIL B/Stable (Reaffirmed)
   Letter of Credit      20        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    35.1      CRISIL B/Stable (Reaffirmed)
   Term Loan            112.4      CRISIL B/Stable (Reaffirmed)
   Working Capital
   Term Loan             30        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DPMPL will continue to benefit over the
medium term from its established market position in the local
kraft paper industry. The outlook may be revised to 'Positive' if
the company reports significant and sustained improvement in its
cash accruals and capital structure. Conversely the outlook may be
revised to 'Negative' if DPMPL undertakes a large debt-funded
capital expenditure programme, or if its margins decline
significantly, weakening its financial risk profile.

Established in April 1985 in Bengaluru (Karnataka), DPMPL
manufactures kraft paper. Its products are used for manufacturing
corrugated boxes.


GANESH RICE: CRISIL Suspends 'B' Rating on INR200MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ganesh
Rice Mills.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           180       CRISIL B/Stable Suspended
   Proposed Long Term
   Bank Loan Facility     10       CRISIL B/Stable Suspended
   Term Loan              10       CRISIL B/Stable Suspended

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

GRM was established in 1972 as a partnership firm by Mr.
Ganpatrai, Mr. Barumal and Mr. Manguram. In 1991, Mr. Pradeep Garg
and Mrs. Neeraj Bala joined as partners while the original
partners retired from the firm.

GRM is engaged in rice milling and rice shelling at its plant in
Kurukshetra (Haryana).  GRM processes basmati rice and its by-
products, such as bran, phuk, and bardana, which are sold in the
domestic market.


HEMKUNT COATED: CRISIL Reaffirms 'B' Rating on INR55MM Loans
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Hemkunt Coated Paper Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B/Stable (Reaffirmed)
   Foreign Letter of
   Credit                  5       CRISIL A (Reaffirmed)
   Term Loan              15       CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect HCPPL's modest financial risk
profile, marked by high gearing and weak debt protection metrics
and large working capital requirements. The ratings also factor in
the company's small scale of operations in the intensely
competitive industrial paper industry. These rating weaknesses are
partially offset by the extensive experience of HCPPL's promoter
in the industrial paper industry and established customer
relationship.

Outlook: Stable

CRISIL believes that HCPPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
capital structure and working capital management, or significantly
improves its scale of operation and profitability, leading to
better cash accruals from operation which further improves its
liquidity. Conversely, the outlook may be revised to 'Negative' if
HCPPL's revenue or profitability declines, or if its working
capital cycle lengthens leading to weakening of its financial risk
profile, especially liquidity, or it undertakes a considerably
large debt-funded capital expenditure programme.

Update
For 2013-14 (refers to financial year, April 1 to March 31) on
provisional basis, HCPPL's operating income increased marginally
to INR192.9 million as against INR183.7 million in 2012-13. Also,
HCPPL's operating profitability improved marginally to 7.5 per
cent in 2013-14 as against 6.8 per cent in 2011-12. CRISIL
believes that HCPPL will maintain its operating margin in the
range of 7 to 8 per cent over the medium term on account of small
scale of operations and fluctuations in the raw materials prices.
The firm's business is working-capital-intensive, as reflected in
its gross current assets (GCAs) of 146 days as on March 31, 2014,
as on provisional basis, primarily on account of increase in
inventory and debtor levels of the firm.

HCPPL has a modest financial risk profile, marked by modest net
worth, high gearing, and weak debt protection metrics. Net worth
increased to INR23.6 million in 2013-14 as against INR22.2 million
in 2012-13, as the profitability has been low resulting in lower
accretion to reserves. HCPPL's gearing declined marginally in
2013-14 to 2.6 times from 2.8 times in 2012-13, on account of
contracting debt to fund its incremental working capital
requirements. Debt protection measures of the company remained
weak because of low cash accruals at the year ending March 31,
2014, with interest coverage ratio and net cash accruals to total
debt ratio of the firm stood at 1.85 times, and 0.11 times
respectively in 2013-14.

HCPPL reported profit after tax (PAT) and net sales of INR1.3
million and INR192.9 million, respectively, for 2013-14, as
against PAT of INR1.6 million on net sales of INR183.7 million for
2012-13.

HCPPL was set up by Mr. Jatinder Pal Singh in 1994, at Ludhiana
(Punjab). The company is engaged in manufacturing coated and
uncoated duplex boards.


K. B. PRODUCTS: ICRA Reaffirms 'B' Rating on INR7cr Loans
---------------------------------------------------------
ICRA has reaffirmed a long term rating of [ICRA]B rating to the
INR0.87 crore term loan, INR5.45 crores long term fund based and
INR0.68 crore unallocated long term facilities of K. B. Products
Private Limited.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loan                0.87        [ICRA]B reaffirmed

   Long Term Fund
   Based-Cash Credit        5.45        [ICRA]B reaffirmed

   Long Term Unallocated    0.68        [ICRA]B reaffirmed

The rating favourably factors in the vast experience of the
promoters in the dairy industry, the long and established
relationship with customers and the diversified customer base and
the strong procurement network of the company. Ever growing demand
for milk also strengthens the rating.

The rating is however constrained by the stretched liquidity
profile of the company evident from high utilization and
occasional over drawls. The financial profile of the company is
characterised by leveraged capital structure and inadequate debt
coverage indicators. The rating also factor in the highly
fragmented nature of the industry and competition faced by the
company from unorganized as well as organized players. The
vulnerability of milk production to external factors is also taken
into consideration.

K. B. Products Private Limited was setup by Mr. Kewalchand Jain
and his brother Mr. Jagdish Jain in the year 1978 as a trading and
distribution firm for milk products in Masjid Bunder. In 2007, the
company was converted from a sole proprietorship into a private
limited company. KBPL is primarily engaged in trading and
marketing of ghee and dairy products. KBPL has been a distributor
for various dairy brands like Gowardhan, Milko, Madhur ghee, Gopal
ghee, Vijaya, Nandini etc. However since the last few years, the
company is focussing on marketing and distribution of ghee and
dairy products under its own brand name 'Nakoda'. Some of the main
products which the company sells under its brand name 'Nakoda'
include buffalo ghee, cow ghee, coconut oil, skimmed milk powder,
refined sunflower oil, groundnut oil, sesame oil and mustard oil.
KBPL's products are distributed mainly in Maharashtra, Uttar
Pradesh, Chhattisgarh and few other states through a wide spread
dealer network.

Recent results:

The company reported a PAT of INR0.09 crore on an operating income
of INR40.72 crore in FY 2013 as compared to a PAT of INR0.05 crore
on an operating income of INR36.44 crore in FY 2012


KDJ HOSPITAL: ICRA Reaffirms 'D' Rating on INR60cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D for the
INR60.00 crore( enhanced from INR30.00 crore), term loans of KDJ
Hospital Limited (KDJ Hospital)(erstwhile known as KDJ Hotels &
Resorts Limited).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            60.00        [ICRA]D reaffirmed

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

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

The company, KDJ Hospital Limited was initially incorporated as
KDJ Hotels & Resorts Limited; with the promoters earlier planning
to construct a 93 room 4-star hotel at Jodhpur on Pali National
Highway about 17 km from Jodhpur city with a capex of INR 50.75
crore and COD of December 2013. Due to the increase in demand for
quality healthcare service providers and stiff competitive
scenario for hospitality business, the promoters had decided to
convert the under construction 4 star property into a 144 bed
multi-specialty hospital.

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

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


MEHALA MACHINES: CRISIL Suspends 'D' Rating on INR235MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mehala Machines India Ltd.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bill Purchase-           5          CRISIL D Suspended
   Discounting Facility

   Cash Credit            135          CRISIL D Suspended

   Letter of Credit        31.4        CRISIL D Suspended

   Long Term Loan          63.6        CRISIL D Suspended

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

Mehala Machines was set up as a proprietary concern in 1978, with
Mr. C Subramaniam as its proprietor; it was reconstituted as a
public limited company in 1991. The company is the sole selling
agent of Siruba sewing machines in India, Sri Lanka, Singapore and
Bangladesh; the machines are manufactured by Kaulin Manufacturing
Co Ltd. Mehala Machines imports and sells textile machinery, such
as sewing machines, embroidery machines, cutting machines, and
finishing equipment, to the entire garment manufacturing value
chain. The company was amalgamated with Sanmarco Texmac Pvt Ltd
(Sanmarco Texmac) in December 2008, with effect from April 1,
2007. In May 2009, Mehala Machines got its current name. Sanmarco
Texmac was a manufacturer of worsted ring frames for spinning and
related components.


P. M. ELECTRO-AUTO: CRISIL Suspends 'B+' Rating on INR235MM Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
P. M. Electro-Auto Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           189.5      CRISIL B+/Stable Suspended
   Letter of Credit       25        CRISIL A4 Suspended
   Rupee Term Loan        45.5      CRISIL B+/Stable Suspended

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

PME was set up in 1991 as a partnership firm, PME was started by
Mr. Navin Sanghavi and his brother, Mr. Kapil Sanghavi. It was
reconstituted as a private limited company in 2006.  The company
manufactures auto components, metallic and wooden furniture, and
lighting systems.


PARAS FOODS: CRISIL Assigns 'B+' Rating to INR90MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Paras Foods (PF).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B+/Stable
   Term Loan              40        CRISIL B+/Stable

The rating reflects PF's below-average financial risk profile
marked by modest networth and high external indebtedness and
susceptibility of its operating margins to volatility in prices of
traded goods. These rating weaknesses are partially offset by the
extensive experience of the partner in the agricultural products
trading business.

Outlook: Stable

CRISIL believes that PF will maintain its business risk profile
over the medium term backed by the partner's extensive industry
experience. The outlook may be revised to 'Positive' if the firm
reports significant increase in its revenues while maintaining its
profitability or receives any significant equity infusion,
resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
lower than expected revenues and profitability, or lengthening of
its working capital cycle, leading to deterioration in financial
risk profile.

Paras Foods (PF) was formed in 2003 as a partnership firm of Mr.
Ujwal Pagariya, Mr. Ulhas Pagaria and Mr. Umesh Pagaria. It is
engaged in wholesale trading of agricultural products. The firm is
based out of Nagpur (Maharashtra).

PF reported a profit after tax (PAT) of INR5.4 million on net
sales of INR330 million for 2013-14 (refers to financial year,
April 1 to March 31); the firm reported a PAT of INR0.6 million on
net sales of INR194.5 million for 2012-13.


PASUPATI ACRYLON: CRISIL Ups Rating on INR372.9MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Pasupati Acrylon Ltd to 'CRISIL B+/Stable' from 'CRISIL B/Stable',
and reaffirmed its rating on the company's short-term facilities
at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------    -------
   Bank Guarantee          49.6      CRISIL A4 (Reaffirmed)

   Cash Credit            106.2      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit      1500.4      CRISIL A4 (Reaffirmed)

   Proposed Long Term      32.1      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan              191.5      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Working Capital        43.1       CRISIL B+/Stable (Upgraded
   Term Loan                         from 'CRISIL B/Stable')

The rating upgrade is driven by the improvement in PAL's liquidity
on the back of improvement in accruals due to healthy sales growth
and a better operating margin. The company's accruals have
improved to INR200 million in 2013-14 (refers to financial year,
April 1 to March 31) from a negative INR22 million in 2012-13. The
firm is expected to have accruals of INR240 million versus
repayments of INR 68 million in 2014-15.

PAL's revenue has increased by 28 per cent year-on-year to INR5.3
billion in 2013-14, driven by volume growth of 13 per cent and
price increase. The company's operating margin has also
significantly improved to 5.7 per cent in 2013-14 from 3.1 per
cent in the previous year, mainly due to reduction in power and
fuel cost, as it now uses pet coke as a substitute, and improving
economies due to scale up of operations. However, its margins are
still vulnerable to fluctuation in raw material prices and foreign
exchange rates.

Healthy sales growth and operating margin led to improvement in
PAL's interest coverage ratio to 3.1 times and its net cash
accruals to total debt ratio to 0.38 times in 2013-14, as against
0.6 times and a negative 0.03 times, respectively, in 2012-13.

CRISIL believes that PAL's improved operating efficiencies will
lead to better cash accruals which will be sufficient for term
loan repayments over the medium term. However, PAL's capital
structure and liquidity will remain constrained because of its
large working capital requirements

The ratings continue to reflect PAL's large working capital
requirements and weak capital structure, and its susceptibility to
volatility in acrylonitrile prices and foreign exchange rates.
These rating weaknesses are partially offset by the company's
established position in the acrylic fibre industry, supported by
its experienced promoter and its healthy relationships with
customers.

Outlook: Stable

CRISIL believes that PAL will benefit over the medium term from
the improved operating efficiencies. However, its margins are
still vulnerable to fluctuation in raw material prices and foreign
exchange rates. The outlook may be revised to 'Positive' if the
company's capital structure improves substantially because of
more-than-expected cash accruals or equity infusion. Conversely,
the outlook may be revised to 'Negative' if PAL's profitability is
constrained significantly, leading to lower-than-expected cash
accruals and further deterioration in its capital structure.

PAL, incorporated in 1987, is promoted by Mr.Vineet Jain. It
manufactures acrylic fibre/yarn. The company's manufacturing plant
is in Thakurdwara (Uttar Pradesh).


PRISTINE HOSPITAL: CRISIL Suspends 'B' Rating on INR170MM Loans
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pristine Hospital and Research Centre Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         40       CRISIL B/Stable Suspended

   Proposed Cash
   Credit Limit           10       CRISIL B/Stable Suspended

   Proposed Long Term
   Bank Loan Facility    120       CRISIL B/Stable Suspended

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

Incorporated in 2002, Pristine is a tertiary care hospital
specialising in orthopedics, neurology, and trauma care. Based in
Bengaluru (Karnataka), the hospital is promoted by Dr. H M
Prasanna and his colleagues, Dr. G Lakshminaryana, Dr. Ananth
Krishna, Dr. J Manjunath, and Dr. V Balachandra.


PROLIFIC PAPERS: CRISIL Suspends 'B' Rating on INR297MM Loans
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Prolific
Papers Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           100        CRISIL B/Stable Suspended
   Term Loan             197        CRISIL B/Stable Suspended

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

The suspension reflects CRISIL's inability to maintain a valid
rating in the absence of adequate information. CRISIL considers
information availability risk as a key credit factor in its rating
process and non-sharing of information as a first signal of
possible credit distress, as outlined in its criteria 'Information
Availability Risk in Credit Ratings'

PPPL was incorporated in 2009, promoted by Mr Hemant Kumar
Jodhani, Mr. Shyam Lal Tayal, Mr. Abhishek Kumar Agarwal, and Mr.
Atul Kumar Gupta. The company manufactures writing and printing
paper and duplex board.


RIDDHI SIDDHI: CRISIL Reaffirms 'B+' Rating on INR91.7MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Riddhi Siddhi Cotton
Ginning and Pressing Pvt Ltd continue to reflect RSCGPPL's below-
average financial risk profile, marked by high gearing and weak
debt protection metrics, and its exposure to the highly fragmented
and competitive cotton-ginning industry, restricting its scale of
operations and profitability. The ratings also factor in the
vulnerability of the company's business and profitability to
changes in government policy. These rating weaknesses are
partially offset by the extensive industry experience of RSCGPPL's
promoters.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            80       CRISIL B+/Stable (Reaffirmed)
   Rupee Term Loan        11.7     CRISIL B+/Stable (Reaffirmed)
   Warehouse Financing    70       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that RSCGPPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' in case of equity infusion and/or
improvement in profitability, leading to improvement in the
company's capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
further deterioration in RSCGPPL's capital structure, most likely
due to higher-than-expected debt contracted for meeting
incremental working capital requirements and/or capital
expenditure.

RSCGPPL is managed by Mr. Lavjibhai Patel, who took over the
company in 2007-08 (refers to financial year, April 1 to
March 31). The company is engaged in the ginning and pressing of
raw cotton (kapas) to make cotton bales. It has a manufacturing
facility at Rajkot (Gujarat).


SEVEN HILLS: ICRA Suspends 'D' Rating on INR20MM Loans
------------------------------------------------------
ICRA has suspended the [ICRA] D/D rating assigned to the INR20
crore bank facilities of Seven Hills Project Private Limited
(Erstwhile Seven Hills Constructions). The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit             7.50       [ICRA] D suspended
   Term Loan               5.82       [ICRA] D suspended
   Bank Guarantee          5.00       [ICRA] D suspended
   Other proposed limits   1.68       [ICRA] D/D suspended

M/s Seven Hills Projects Private Limited was set up in October,
2000 as a proprietorship concern by Mr. Gaya Singh at Bhandara
district in the state of Maharashtra. It was converted into a
partnership firm in the year 2008. SHC is a closely held entity
and is managed as a family run business with partners exercising
direct supervision and control over all operational aspects of the
firm.


SHRI AMBABAI: CRISIL Suspends 'D' Rating on INR86.5MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shri Ambabai Talim Sanstha.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             86.5       CRISIL D Suspended

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

SATS was established in 1901 in Miraj (Maharashtra) to offer
physical education. Over the years, the trust has set up a number
of educational institutes and schools: Lokmanya Tilak Sharirik
Shikshan Vidyalaya (1956), Sheth RV Gosaliya Jr. College of
Education (D.Ed College, 1968), Mahila Vikas Secondary Girls
School (1970), Degree College of Physical Education (B.P.Ed
College, 1984), M.P.Ed Course in Physical Education (1992), Bal
Sanskar Shikshan Mandir (Primary School, 2005), Diploma in
Pharmacy College (2006), Sanjay Bhokare Group of Institute's
(SBGI) Faculty of Engineering & Management (2009), and SBGI
Faculty of Polytechnic (2011). The trust plans to start a master's
programme in engineering from 2012-13.


SRI GURUKRUPA: CRISIL Suspends 'B' Rating on INR42.5MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Gurukrupa Indane Distributors.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         65        CRISIL A4 Suspended
   Overdraft Facility     42.5      CRISIL B/Stable Suspended

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

SGID was established in 1999. The firm distributes LPG cylinders
for IOCL and is also engaged in toll collection for the National
Highway Authority of India Ltd. SGID is promoted by Mr. Sudheendra
Babu.


SVARN INFRATEL: CRISIL Suspends 'D' Rating on INR214.5MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Svarn Infratel Pvt Ltd (SIPL; part of the Svarn group).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         15       CRISIL D Suspended
   Cash Credit            57       CRISIL D Suspended
   Letter of Credit       30       CRISIL D Suspended
   Rupee Term Loan       112.5     CRISIL D Suspended

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

CRISIL has combined the business and financial risk profiles of
SIPL, Svarn Telecom Ltd (STL), Svarn Telecom (ST), and Svarn Tex
Prints Pvt Ltd (STPPL). This is because the four entities,
collectively referred to as the Svarn group, share the same
management team, and have intra-group operational linkages and
fungible cash flows. The group's procurement and marketing
functions are carried out at its central corporate office. Three
of the group entities are in the same line of business and use a
common brand name. Furthermore, there are fungible cash flows
among the group companies, where surplus funds available with one
group entity could be utilised for working capital and capital
expenditure requirements of the other group entities.

The Svarn group has been established by the Gupta and Singhal
family. SIPL started its operations in July 2010, and is engaged
in manufacturing of power cables used in telecom equipments and
other power equipments. The Svarn group manufactures passive
telecom infrastructure and equipment, and operates a fabric
processing house. The group manufactures passive telecom equipment
through ST and STL, and power cables through SIPL; it operates a
fabric processing house under STPPL. The Svarn group supplies its
products to telecom entities such as Ericsson India Pvt Ltd, Nokia
India Private Limited, Siemens Ltd (rated 'CRISIL
AAA/Stable/CRISIL A1+'), Bharti Airtel Ltd (CRISIL
AA+/Stable/CRISIL A1+), and Idea Cellular Ltd (CRISIL A1+).


SYLVAN GREENS: CRISIL Suspends 'B+' Rating on INR88MM Loans
-----------------------------------------------------------
RISIL has suspended its ratings on the bank facilities of Sylvan
Greens Pvt. Ltd.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Bank Guarantee       2        CRISIL A4 Suspended
   Cash Credit         32        CRISIL B+/Stable Suspended
   Term Loan           56        CRISIL B+/Stable Suspended

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

Incorporated in 2000, Sylvan Greens Private Limited (SGPL) started
commercial operations in 2010. The company is engaged in the
manufacturing of kraft paper, which is primarily used in the
production of corrugated boxes and paperboards. The day-to-day
operations of the company are managed by Mr. O. P. Raheja.


TRICOLITE ELECTRICAL: CRISIL Suspends B+ Rating on INR245MM Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Tricolite Electrical Industries Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee       100        CRISIL A4 Suspended
   Cash Credit          205        CRISIL B+/Stable Suspended
   Letter of Credit      25        CRISIL A4 Suspended
   Term Loan             40        CRISIL B+/Stable Suspended

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

Tricolite, incorporated in 1987, is promoted by Mr. Amitabh
Nangia, Mr. Gautam Kumar, and Mr. Inderjit Kumar. The company
manufactures electrical components, mainly switchboards and
panels. It supplies to various industries such as power, steel,
automotive, and information technology. Some of Tricolite's
regular customers include Larsen & Toubro Ltd( rated CRISIL
AAA/FAAA/Stable/CRISIL A1+), Blue Star Ltd, ABB Ltd ( rated CRISIL
AAA/Stable/CRISIL A1+), Bhushan Steel Ltd, and DLF Ltd(rated
CRISIL A/Stable/CRISIL A2+).


VAIBHAV LAXMI: CRISIL Suspends 'B' Rating on INR80MM Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vaibhav
Laxmi Industries.

                    Amount
   Facilities      (INR Mln)    Ratings
   ----------      ---------    -------
   Cash Credit        180       CRISIL B/Stable Suspended

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

Set up in 1995, VLI is engaged in cotton ginning along with
production of crude cotton oil. Located in Kadi (Gujarat), VLI is
promoted and managed by Mr. Ramesh Patel and his two sons Mr.
Ashish Patel and Mr. Niranjan Patel.


VANDANA VIDHYUT: ICRA Suspends 'D' Ratings on INR1,252.5cr Loans
----------------------------------------------------------------
ICRA has suspended the [ICRA] D rating assigned INR1,100.50 crore
fund-based facilities and INR152.00 crore non-fund based
facilities of Vandana Vidhyut Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based Limits       1,100.50      ICRA D Suspended
   Non-Fund Based Limits     152.00      ICRA D Suspended

Vandana Vidhyut Limited was incorporated in 1995 with an
establishment of 6 MW (later expanded to 8 MW) rice husk based
power plant which was commissioned in October 2001 and operational
since the past nine years. The operational biomass plant is
located at Sirgitti Industrial Area in Bilaspur (Chhattisgarh).
VVL is currently executing a 540 MW Coal based Thermal Power Plant
in 3 Phases (2*135MW and 1*270MW), at Village- Salora, Dist. Korba
in Chhattisgarh.



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


MANAWATU GRAIN: Liquidation Ends; Creditors Lose NZ$495,000
-----------------------------------------------------------
Jono Galuszka at Manawatu Standard reports that a Feilding
business has gone from being the cream of the crop to leaving
dozens of creditors nearly half a million dollars out of pocket.

Manawatu Grain Seed and Saddlery was placed into liquidation by
owners Chris and Sharon Malcolm last year, the report notes.

The liquidation, run by Andrew Bethell -- andrew.bethell@bdo.co.nz
-- of BDO, ended recently. In his final liquidation report, he
said no creditors had been able to get any money back, Manawatu
Standard relates.

Manawatu Standard says the Inland Revenue Department missed out on
NZ$12,000 and a former employee NZ$10,000.

Secured creditors were owed NZ$147,000. Sixty-three unsecured
creditors had made claims totalling NZ$324,000, but none were
paid.

Manawatu Standard notes that among those creditors were Courtesy
Ford Palmerston North, Palmerston North City Council and Manawatu
Truck Services.  All up, creditors missed out on NZ$493,000.

Liquidators squeezed NZ$8,500 out of the company, mostly from the
sale of stock and vehicles, the report relays.

Previous liquidation reports had valued the assets at NZ$128,062.

The money made from the sale of assets all went on paying bills
for the liquidation, the report notes.

According to Manawatu Standard, previous liquidation reports
stated the business was successful from its inception in 2009
until running into difficult trading conditions and bad debts in
2012.

"To address the situation . . . the directors explored refinancing
and other options for cash injection into the business," a
liquidation report, as cited by Manawatu Standard, said last year.



====================
S O U T H  K O R E A
====================


PANTECH CO: Creditors Urge Carriers to Join in Revival Plans
------------------------------------------------------------
The Korea Herald reports that Pantech, South Korea's smallest
smartphone maker, on July 4 enlisted the support of the nation's
mobile carriers to help it get back on its feet after the
creditors decided to push for a debt-for-equity swap that requires
cooperation from SK Telecom, KT Corp. and U Plus Corp.

The report relates that the creditors, led by Korea Development
Bank, said that if the carriers fail to agree to cancel some
KRW180 billion ($178 million) in return for Pantech equity by July
8, the troubled smartphone manufacturer would have to be placed
under a corporate workout.

In June, the report notes, Pantech's creditors decided to push for
a debt-equity swap of KRW480 billion ($475.8 million) with the aim
to eventually sell it to a third party. So far, the carriers have
been reticent to join, citing the company's low brand value and
faltering financial health.  Pantech officials are currently
enlisting the carriers' support to help it stay afloat, the report
adds.

                           About Pantech

Headquartered in Seoul, Korea, Pantech Co., Ltd. --
http://www.pantech.co.kr/-- manufactures mobile phones.
Pantech's products are mainly global system for mobile
communication and code division multiple access phones.  The
company markets its products internationally, and supplies
Motorola as an original equipment manufacturer and original
design manufacturer.  It has seven subsidiaries involved in the
information technology and telecommunication sectors, and
operates in Argentina and Russia, among other countries.

Pantech and affiliate Pantech&Curitel Communications
Inc. sought creditors' bailout due to increasing debts and
mounting losses.  On Dec. 15, 2006, the creditors rescued the
companies by approving a debt-work out scheme, giving the
companies a grace period on their matured debts.



                             *********

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

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

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


                            *********


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

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

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

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

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



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