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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, July 10, 2014, Vol. 17, No. 135


                            Headlines


A U S T R A L I A

AUSTRALIA: Firms Going Bust Falls to Lowest Level in 6 Years
BERRI CLUB: Judge Has Yet to Rule on Administration Decision
ERB INTERNATIONAL: Pino Fiorentino Banned as Liquidator
NJ CONTRACTING: Placed Into Administration
NJ CONTRACTING: Owners Form New Company to Revive Business

QANTAS AIRWAYS: Plans to Cut 167 Engineering Jobs
VODAFONE AUSTRALIA: To Shut 'Crazy John' Shop on September 30
WICKHAM PLASTICS: Grant Thornton Appointed as Administrators


C H I N A

CHINA LESSO: Fitch Affirms Issuer Default Rating at 'BB'
* World's Biggest Debt Load Lures Distressed Funds to China


H O N G  K O N G

ASIA TELEVISION: Court Adjourns Winding-up Hearing


I N D I A

ABHIJEET TRADEIMPEX: ICRA Reaffirms 'B' Rating on INR8.53cr Loans
AGRAWAL TRADERS: ICRA Assigns 'B' Rating to INR6.0cr Loan
AR PRINTING: CRISIL Suspends 'B-' Rating on INR59.2MM Loans
BALDEV METALS: CRISIL Suspends 'B+' Rating on INR60MM Loan
BANK OF BARODA: Fitch Affirms B+ Rating on USD300MM Tier 2 Notes

BANK OF BARODA: Tap Bond Offer No Effect on Moody's Baa3 Rating
BHALLA CHEMICAL: ICRA Assigns 'B+' Rating to INR1.0cr Loan
C.L. INT'L: CRISIL Suspends 'B-' Rating on INR112.5MM Loans
CARRYCON INDIA: ICRA Reaffirms 'B+' Rating on INR10.3cr Loans
CHADDAMI LAL: CRISIL Suspends 'D' Rating on INR80MM Term Loan

DEVANG PAPER: ICRA Reaffirms 'B+' Rating on INR8.93cr Loans
DIAMOND FOOTCARE: ICRA Cuts Rating on INR55cr Loans to 'D'
ELECTROSTEEL STEELS: CARE Reaffirms B Rating on INR8,114.4cr Loan
ERODE SRI: CRISIL Suspends 'B' Rating on INR89.4MM Loans
FABRICON: CRISIL Suspends 'B' Rating on INR35.6MM Loans

FENIX CERAMIC: CARE Assigns 'B+' Rating to INR7.77cr Loan
GAYATRI AGRO: ICRA Assigns 'B+' Rating to INR5.0cr Cash Credit
GOD GRANITES: CRISIL Suspends 'B-' Rating on INR185MM Loans
GOLDSTONE INFRATECH: CRISIL Cuts Rating on INR650MM Loans to D
GUPTA TEX: CARE Assigns 'D' Rating to INR17.01cr Loans

H.R. STEELS: CARE Downgrades Rating on INR18.52cr Loan to 'D'
HMT MACHINE: CARE Assigns 'C' Rating to INR44.82cr Bank Loan
HONEYCOMB TECHNOLOGIES: CRISIL Suspends B- Rating on INR400M Loan
ICEWEAR CREATION: CRISIL Suspends 'B' Rating on INR7.3MM Loan
INDERA ETHNIC: ICRA Assigns 'B' Rating to INR5.74cr Loans

JAI SAI: CRISIL Reaffirms 'B' Rating on INR100MM Loans
JYOTI LTD: CARE Upgrades Rating on INR457.31cr Loan to 'C'
KAMLESHKUMAR BALUBHAI: ICRA Puts 'B+' Rating on INR6.25cr Loan
KIRTI SOLAR: CRISIL Assigns 'B+' Rating to INR60MM Cash Credit
KITCHEN GRACE: CRISIL Suspends 'B+' Rating on INR97.5MM Loans

KOOKEY MULTITRADING: CRISIL Suspends B+ Rating on INR60MM Loans
KRISHNA COTTEX: CRISIL Assigns 'B' Rating to INR70MM Loans
LAXMI GRITS: ICRA Assigns 'B' Rating to INR5.65cr Loans
MADAN UDYOG: CRISIL Suspends 'B' Rating on INR102.5MM Loans
MALABAR HOTELS: CRISIL Reaffirms 'B-' Rating on INR490MM Loans

MSM STEELS: CRISIL Suspends 'B-' Rating on INR180MM Loans
NEEL KANTH: CRISIL Assigns 'D' Rating to INR70MM Loans
NEO POWER: CRISIL Suspends 'D' Rating on INR99MM Loans
NIRMAN HOMES: CRISIL Suspends 'B+' Rating on INR70MM Loans
ONLINE PRINT: CRISIL Assigns 'B+' Rating to INR79MM Loans

ORCHID INDUSTRIES: CRISIL Suspends 'B+' Rating on INR200MM Loans
PAWANSUT AGROTECH: CRISIL Assigns 'B+' Rating to INR100.7MM Loans
PODDAR BROTHERS: CRISIL Suspends 'B-' Rating on INR79MM Loan
PRECA SOLUTIONS: CRISIL Raises Rating on INR350MM Loans to 'B+'
RAJENDRA KUMAR: CRISIL Assigns 'B+' Rating to INR97.5MM Loan

RAJESHWARI IRON: CRISIL Reaffirms 'B+' Rating on INR50MM Loan
RPL INDUSTRIES: CRISIL Suspends 'B' Rating on INR40MM Loan
SANJOG SUGARS: ICRA Assigns 'D' Ratings to INR41.12cr Loans
SASANK COTTONS: CRISIL Suspends 'B+' Rating on INR60MM Loan
SEVEN INDIA: ICRA Suspends 'D' Rating on INR12cr Loan

SHRINE ENGINEERING: CARE Reaffirms 'B' Rating on INR2cr Bank Loan
SICO CERAMIC: ICRA Reaffirms 'B+' Rating on INR5.82cr Loans
SRI PALANI: CRISIL Suspends 'B' Rating on INR89.4MM Loans
TIRUPATI BALAJEE: CARE Reaffirms 'B+' Rating on INR9.52cr Loan
UMARPUR RICE: CRISIL Suspends 'D' Rating on INR130MM Loans

VAISHANAVI ISPAT: CRISIL Puts 'D' Rating on INR863.6MM Loans
VIKRAM HOSPITAL: CARE Assigns 'D' Rating to INR88.57cr Loans
VISHWAS MILK: CRISIL Assigns 'B+' Rating to INR75MM Loans


I N D O N E S I A

MERPATI NUSANTARA: Needs to Overhaul Management, House Says


J A P A N

MT. GOX: Pays $188,763 to Parent Company


N E W  Z E A L A N D

BULLET FREIGHT: 200 Jobs Axed as Receivers Fail to Find Buyer
GENESIS BUILDERS: Director Hired to Complete Unfinished Homes
HANOVER FINANCE: Court Date Set For July 2015
MTF VALIANT: Fitch Assigns 'B(EXP)sf' Rating to Class F Notes


S R I  L A N K A

SRI LANKA: S&P Affirms 'B+' Long-Term Sovereign Credit Rating


                            - - - - -


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A U S T R A L I A
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AUSTRALIA: Firms Going Bust Falls to Lowest Level in 6 Years
------------------------------------------------------------
Perth Now News reports that the number of Australian companies
going bust has fallen to its lowest level in six years.

In the first four months of this year, 2,700 companies went into
administration, compared to 3,447 in the same period a year
earlier, figures from the corporate watchdog show, according to
Perth Now News.

It is the lowest number of insolvencies recorded in the first four
months of a year since 2008, business advisory firm FTI Consulting
said, the report relates.

April's figures were particularly healthy, with only 686 companies
falling into administration; the lowest for one month in six
years, FTI said, the report notes.

"Economic indicators for April remained negative on balance,
although there were signs of ongoing resilience across the economy
which may have accounted for the lower number of insolvencies in
April and indeed the year to date, such as the labor market,
economic growth, and mining exports," FTI said, the report
discloses.

The farming, fishing and forestry sector recorded only five
insolvencies in April, even though official statistics show the
agricultural sector's output shrunk 1.6 per cent in the March
quarter, the report relays.

The construction sector recorded 127 insolvencies in April,
followed by 59 retailers and 58 accommodation and food services
companies, the report discloses.

The report notes that the broadly listed business and personal
services sector recorded the greatest number of insolvencies, with
226 companies going belly up.

Nine mining related businesses went broke in April.

FTI said resource companies' cost cutting was hurting the mining
services industry, the report adds.


BERRI CLUB: Judge Has Yet to Rule on Administration Decision
------------------------------------------------------------
ABC News reports that a judge has reserved his decision on whether
there were legal grounds for a financial recovery company to place
the Berri Club into administration last year.

Administrator Clifton Hall was appointed to the club in February
2013.

It said the club was no longer in a financial position to trade
and closed its doors, according to the report.

The report relates that the club reopened six months later, after
a group of members arranged to sell the venue's poker machine
entitlements.

The club resumed trading in August.

The club's board launched legal action against Clifton Hall
earlier this year, saying it should never have been placed into
administration and could have traded its way out of trouble, and
is now seeking damages for lost income, the report notes.

Both the Berri Club and Clifton Hall made submissions in the
Supreme Court and Judge Brian Withers has elected to consider the
evidence, before making a decision, the report adds.


ERB INTERNATIONAL: Pino Fiorentino Banned as Liquidator
-------------------------------------------------------
The Australian Securities and Investment Commission has cancelled
the registration of liquidator, Mr. Pino Fiorentino, following a
successful application to the disciplinary body, the Companies
Auditors and Liquidators Disciplinary Board (CALDB).

In ordering cancellation of Mr. Fiorentino's registration, the
CALDB found Mr. Fiorentino dishonestly used his position as the
liquidator of ERB International Pty Ltd (ERB), failed to act in
good faith in the best interests of the company and its creditors,
lacked competence and failed to comply with his legal
requirements.

Mr. Fiorentino's failures arose in circumstances where pre-
appointment transactions demanded a full investigation such that
ERB's creditors had confidence that he acted solely in their
interests in maximising the return to them.

The CALDB found, among other things, that Mr. Fiorentino signed a
deed of settlement -- on behalf of creditors -- with ERB and its
directors, without adequately and properly assessing necessary
information. Also, the CALDB found that Mr Fiorentino procured
invalid proxies and voted them in support of a resolution to
approve his fees. Significantly, it found that Mr Fiorentino
actively sought to undermine a claim by the New South Wales Office
of State Revenue, a major creditor, to pursue another entity to
recover its debt.

Overall, the CALDB found in favour of 20, out of 25, of ASIC's
contentions.

ASIC Senior Executive Leader, Insolvency Practitioners, Adrian
Brown said, 'CALDB found that Mr Fiorentino failed to properly
investigate ERB's affairs where CALDB described pre-appointment
dealings as a 'phoenix' transaction.

'Liquidators are very important gatekeepers in identifying, acting
on and reporting pre-appointment transactions which might seek to
defeat the creditors' interests. Creditors must have confidence in
the fundamental duty of liquidators to act solely in the
creditors' interests. I am also pleased that independent
liquidators appointed by the court are now investigating the
affairs of ERB.'

During the course of the CALDB proceedings, Mr Fiorentino made a
number of unsuccessful applications to the Administrative Appeals
Tribunal (AAT), the Federal Court of Australia and the Supreme
Court of New South Wales.

At the time of his conduct, Mr Fiorentino was a partner of
Hamiltons Chartered Accountants, Business Advisors.

ASIC lodged its application with the CALDB in June 2013.
Mr. Fiorentino sought, and was granted, two adjournments of
CALDB's hearing of the case. On Feb. 4, 2014, and after the CALDB
refused to grant Mr. Fiorentino a further adjournment,
Mr. Fiorentino filed an unsuccessful application in the AAT to
restrain the CALDB from handing down its decision on the grounds
that the Board's refusal to grant him the adjournment had been a
denial of natural justice and procedural fairness.

Mr. Fiorentino then made application on similar grounds to the
Federal Court of Australia. On June 19, 2014, the Federal Court of
Australia dismissed Mr. Fiorentino's application. On June 26,
2014, Mr. Fiorentino filed an application with the AAT for review
of the CALDB's decision to order cancellation of his registration
as a liquidator, as well as an unsuccessful application to prevent
the CALDB's decision taking effect. The application for review is
expected to be heard later this year.

On July 7, 2014, Mr. Fiorentino made a further unsuccessful
application to the Federal Court of Australia, again claiming that
CALDB had denied him natural justice and procedural fairness.


NJ CONTRACTING: Placed Into Administration
------------------------------------------
Cliff Sanderson at dissolve.com.au reports that NJ Contracting Pty
Ltd has been placed into administration. Vincents Chartered
Accountants' Nick Jim Combis and Peter Dinoris have been appointed
as administrators of the company on July 2, 2014.

NJ Contracting employed about 80 people and the business is still
trading at this stage, the report says. The operation is under a
licensing agreement with a related entity.

dissolve.com.au says the first creditors' meeting is scheduled on
July 11.


NJ CONTRACTING: Owners Form New Company to Revive Business
----------------------------------------------------------
Cara Waters at SmartCompany reports that Nick and Fran van Reit
have entered into a licence agreement to continue trading the
haulage company they placed into voluntary administration last
week.

Earthworks and heavy haulage company NJ Contracting collapsed and
administrators Peter Dinoris and Nick Combis of Vincent Chartered
Accountants were appointed on July 2.

But the van Reits, who were the owners of NJ Contracting, have
formed a new company, NJ Civil which is trading under a licence
agreement with NJ Contracting.

Fran van Reit told SmartCompany placing NJ Contracting, based in
the Queensland town of Roma, in administration and establishing
the new company was not a decision the couple took lightly.

"It's not a phoenix company," SmartCompany quotes Ms. van Reit as
saying. "I'm no lawyer but that is where people walk way and all
their debt gets disregarded."

SmartCompany relates that Ms. van Reit said the couple are trying
to get the best return for creditors and staff.

"We still have to carry all the Australian Tax Office debt and
give our staff entitlements," she said.   "We are being very
transparent about why it is being done like this, we are not
walking away from our responsibilities."

Creditors are owed $3.6 million and Ms. van Reit admits some of
them won't be happy with the arrangement, SmartCompany relays.

"It's happened to us many times and we weren't exactly happy about
it," Ms. van Reit told SmartCompany.  "Obviously there will be
upset people but we have had quite a lot of support as a regional
business in a smaller town."

According to the report, the van Reits describe themselves as
"long-term Roma locals" and having operated a business in the
region for over 14 years say "we're not going anywhere anytime
soon".

"With this arrangement the creditors will get a lot more than the
alternative that we wouldn't be trading anymore," Ms. van Reit
told SmartCompany.

SmartCompany says the couple blame the demise of the business on
the collapse of three of NJ Contracting's clients in the space of
two years, which left the business "significantly out of pocket".

When NJ Contracting lost a major contract in January this year and
with it, 47% of the business' income, the van Reits said "things
took a turn for the worse".

"We've had some tough decisions to make since losing that
contract," Nick van Reit said in a statement, SmartCompany
relates.

According to SmartCompany the van Reits said "the majority" of NJ
Contracting's 60 employees will continue their employment under NJ
Civil.

"The agreement between NJ Contracting and NJ Civil ensures the
best result for employees, creditors and customers," the pair said
in a statement.  "For all intents and purposes, it's business as
usual."

NJ Contracting's administrator, Peter Dinoris, told SmartCompany
the agreement between NJ Contracting and NJ Civil was entered into
prior to the administrators' appointment and forms part of the
administrators' investigations into the affairs of the company.

"Pursuant to the agreement, NJ Civil is responsible for trading
activities and it has assumed various outstanding employee
entitlements, excluding superannuation," the report quotes Mr.
Dinoris as saying.

Mr. Dinoris said the van Reits have indicated they are considering
formulating a deed of company arrangement for presentation to
creditors, SmartCompany relays.

"The options available to creditors along with a comparison of the
potential net return under any proposal versus liquidation will be
addressed in future reports to creditors," Mr. Dinoris told
SmartCompany.

SmartCompany relates that Mr. Dinoris said unsecured creditors
will have an opportunity to resolve the future of the company at
the second meeting of creditors.

"Our investigations into any voidable transactions, phoenix
activities, etc are continuing and the results will be addressed
in future reports to creditors," Mr. Dinoris said.


QANTAS AIRWAYS: Plans to Cut 167 Engineering Jobs
-------------------------------------------------
Herald Sun reports that Qantas Airways is cutting 167 jobs from
its engineering division as part of the embattled airline's
ongoing turnaround plan.

Workers affected by the cuts are based in Sydney and Melbourne and
are a mixture of engineers and back office staff, the report says.

Herald Sun relates that the cuts are part of 5,000 jobs the
airline announced in February it was shedding as part of a
AUD2 billion cost-cutting program over three years.  At the time,
Qantas flagged it would make more changes to its engineering
division to reflect its reduced workload.

According to the report, Qantas Domestic chief executive Lyell
Strambi said the airline did not need as many engineering staff as
it was retiring older aircraft and buying new planes requiring
less maintenance.

"While any job loss is regrettable, we have worked with our
employees and unions over the past five months to reduce the
number of compulsory retrenchments through voluntary redundancies,
job swaps and redeployment -- and we will continue to do so where
practical," Mr. Strambi said in a statement, the report relays.

"We are working with our employees throughout this difficult time
and will be providing as much support as we can, through career
transition services and employee assistance programs.  People will
be provided with generous redundancy packages."

Herald Sun notes that Qantas has so far shed 2,200 jobs, including
catering, freight and air and ground crew positions.

A total of 4,000 jobs, including 1,500 management roles, will be
gone by the end of June 2015.

Out of the latest cuts, the report notes, 73 of the workers were
licensed aircraft maintenance engineers, 36 held support and
administration roles, and 58 were in components maintenance
services.

According to Herald Sun, the national carrier posted a
AUD252 million half year loss in February, mainly driven by its
domestic battle with rival Virgin Australia, fierce competition on
international routes and problems with Jetstar.

As well as cutting jobs and retiring old planes, Qantas is
slashing capital spending and cutting some routes to help save
money.

It has already closed its Avalon and Tullamarine heavy maintenance
bases in Victoria.  But Qantas has insisted it is committed to
carrying out engineering and maintenance work in Australia, the
report adds.

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training , catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2014, Moody's Investors Service said Qantas Airways
Limited's half year results to Dec. 30, 2013, are credit negative
though broadly within expectation and have no immediate impact on
its Ba1 corporate family rating, Ba2 senior unsecured long term
rating or non-prime (NP) short term rating. The outlook for
Qantas' ratings remains negative.

The TCR-AP reported on Jan. 27, 2014, that Standard & Poor's
Ratings Services affirmed its 'BB+' long-term issue rating on
Qantas Airways Ltd.'s senior unsecured debt, in line with the
corporate credit rating.  At the same time, S&P assigned a
recovery rating of '3', indicating its expectation of meaningful
(50%-70%) recovery for creditors in the event of a payment
default.  S&P has also removed the senior unsecured debt from
CreditWatch with negative implications, where it was placed on
Dec. 5, 2013.


VODAFONE AUSTRALIA: To Shut 'Crazy John' Shop on September 30
-------------------------------------------------------------
Mitchell Bingemann at The Australian reports that Vodafone
Australia is shutting shop on its irreverent Crazy John's
business, announcing that the budget mobile phone brand will hang
up on September 30.

The Australian relates that the decision to shut down the Crazy
John's brand comes as Vodafone continues to focus its investments
on improving its mobile network in a bid to lure back the hundreds
of thousands of customers it has lost since network meltdowns
struck the carrier in late 2010.

Around 100,000 existing Crazy John's customers will be offered to
transfer their mobile phone services to Vodafone, the report says.

According to The Australian, Vodafone has been progressively
shutting down Crazy John's stores over the past 18 months and
rebranding many of them under its own brand.

The Australian notes that the closure of the brand will mark the
end of the late John Ilhan's business legacy.

The report says Mr. Ilhan, who died of a heart attack in 2007, had
built the company in the space of 15 years into Australia's
second-largest and most recognised independent mobile phone retail
chain, with more than 100 stores.

His widow, Patricia Ilhan, sold her 75 per cent share of the
company to Vodafone in September 2008 for about AUD150 million,
the report relates.

Since then the iconic brand has undergone many changes.

According to the report, the team that helped Ilhan build Crazy
John's into one of the nation's largest mobile phone retailers has
been gutted in the past two years with about 200 employees made
redundant.

The Australian adds that Vodafone's director of sales, Ben
McIntosh, said the closure marked the end of an era.

"Crazy John's was a dynamic, energetic company that generated
goodwill by putting the customer first. Over the course of our
seven-year association, Vodafone has learned a lot about retail
and customer service excellence from Crazy John's and its staff,"
Mr. McIntosh said.

"We understand we need to respect this legacy and we'll always
seek to be the brand that pulls mobile phone industry closer to
the customer's needs, not the other way around.

"Over the coming weeks we'll be writing to Crazy John's customers
reminding them of the final closure and their options for the
future."


WICKHAM PLASTICS: Grant Thornton Appointed as Administrators
------------------------------------------------------------
Matthew James Byrnes and Andrew Stewart of Grant Thornton
Australia were appointed as administrators of Wickham Plastics
Proprietary Limited on July 3, 2014.

A first meeting of the creditors of the Company will be held at
Grant Thornton Australia Limited, The Rialto, Level 30, 525
Collins Street, in Melbourne, Victoria, on July 15, 2014, at
3:00 p.m.



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C H I N A
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CHINA LESSO: Fitch Affirms Issuer Default Rating at 'BB'
--------------------------------------------------------
Fitch Ratings has affirmed China-based plastic pipes and fittings
manufacturer China Lesso Group Holdings Limited's Long-Term Issuer
Default Rating (IDR) and senior unsecured rating at 'BB'. The
Outlook is Stable.

Key Rating Drivers

Stable Performance, Low leverage: Lesso's revenue rose 20% to
CNY13.1bn in 2013, following growth of 7.4% in 2012. This was
mainly driven by a 17.2% rise in sales volume of plastic pipes and
pipe fittings. Operating EBITDA margin remained steady at 16.2% in
2013. The company's strong cash generation and conservative
borrowing policy helped to keep Lesso's leverage level, measured
by funds from operation (FFO)-adjusted net leverage, at 0.4x at
end- 2013, which is low compared with credits in the 'BB' rating
category.

Lesso sells more products to end-users in the infrastructure-
related sectors than the homebuilding sector, which helps to
shield it from the current weakness in the property market. Its
stable sales are also underpinned by a strong distribution network
and brand name. In 2013, the company further expanded its network
to include 1,780 independent distributors, compared with 1,300 in
2012. This allows Lesso to fend off competition from new entrants.

Capex on Track: During 2013, the company's capacity for production
of plastic pipes and pipe fittings rose from 1.75 million tons a
year to 1.8 million tons, in line with the company's nationwide
expansion plan. Lesso spent CNY1.2 billion in capex in 2013,
mainly to build new production facilities in Yunnan and Hainan.
These facilities started production in 1H14, and contribute to
Lesso's cash flow generation.

Product Diversification Insignificant: The company is seeking to
add new offerings (such as plastic-steel doors and windows,
kitchen and sanitary products) to its product portfolio to cross-
sell to existing clients.  However, these products may only
account for around 6% of total revenue during 2013, which would
have limited impact on its near-term performance.

Bond Redemption Neutral: On 26 June 2014, the company said it
would use the proceeds of a USD155 million syndicated loan, at
interest rate of LIBOR plus 2.2%, to redeem USD128.88 million of
the outstanding USD300 million 7.875% senior notes due 2016.  This
redemption is neutral for Lesso's credit profile because its
leverage level remains unchanged, although its average borrowing
cost will be slightly lower.

Geographic Concentration a Constraint: Of Lesso's 2013 revenue,
60.5% came from southern China, one of the most developed markets
in the country. However, this geographic concentration presents a
business risk and is a constraint on Lesso's IDR.

Rating Sensitivities

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

- Losing its dominant market position in southern China
- EBITDA margin falling below 10% on a sustained basis
- FFO-adjusted net leverage rising above 2.0x on a sustained
basis

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

- Achieving dominance in a major market outside southern China
- EBITDA margin remaining above 15% on a sustained basis


* World's Biggest Debt Load Lures Distressed Funds to China
-----------------------------------------------------------
David Yong, writing for Bloomberg News, reported that distressed
debt funds are raising cash to seek greater opportunities in
China, where Standard & Poor's says corporate borrowing topped the
U.S. last year.  Planned commitments to funds investing in Chinese
and other Asian troubled assets are set to surpass $2 billion this
year, up from $303 million in 2013, the Bloomberg report said,
citing data from researcher Preqin Ltd.

Bloomberg, citing a June 15 S&P report, noted that China's
economic growth has slowed to the least in more than a decade even
as companies increased debt to $14.2 trillion as of Dec. 31,
surpassing the $13.1 trillion in the U.S.



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H O N G  K O N G
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ASIA TELEVISION: Court Adjourns Winding-up Hearing
--------------------------------------------------
The Standard reports that the High Court has adjourned the hearing
of a winding-up petition against broadcaster Asia Television until
July 14.

The petition was filed by the station's former directors, brothers
Payson Cha Mou-sing and Johnson Cha Mou-daid, after ATV failed to
repay a loan of HK$200 million dating back to 2008, and interest
of about HK$91 million, according to The Standard.

Last week, the report notes, the brothers were repaid HK$200
million.

After the hearing, The Executive Director of ATV, Nick Ip Ka-po,
said he expected the matter to be resolved next week as both sides
had agreed to split the interest on the loan between them and were
waiting for the cheques to clear, the report notes.

The report discloses that this is the second liquidation petition
against ATV in three years.

The last one was filed by ATV shareholder, Taiwanese snack tycoon
Tsai Eng-meng, who later withdrew his application, the report
adds.



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ABHIJEET TRADEIMPEX: ICRA Reaffirms 'B' Rating on INR8.53cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' to the
INR3.03 crore (enhanced from INR1.70 crore) term loan facilities
and INR5.50 crore working capital facilities of Abhijeet
Tradeimpex. ICRA has also reaffirmed the short term rating of
'[ICRA]A4' to the INR2.00 crore short term non fund based
facility, which is a sub limit of long term working capital
facility.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term-Fund Based     3.03       [ICRA]B reaffirmed
   Limits-Term Loans

   Long Term-Fund Based     5.50       [ICRA]B reaffirmed
   Limits-Cash Credit

   Short Term-Non Fund     (2.00)      [ICRA]A4 reaffirmed
   Based Limits-Letter
   of Credit

The ratings continue to factor in Abhijeet Tradeimpex's weak
financial profile as reflected by its thin profit margins as
inherent in the trading business, highly leveraged capital
structure on account of debt funded capital expenditure and weak
debt coverage indicators. The ratings also incorporate its modest
operating scale despite product diversification and the delay in
implementation of Phase II of the hotel project on account of a
delay in the funding tie up. The ratings further take note of the
intense competition in trading of steel and iron products with
exposure to cyclicality in the real estate sector given that 100%
of the revenue is derived from sales to companies engaged in
construction activity in Mumbai and Pune only.

The ratings, however, favourably factors in the experience of the
proprietor in the trading of steel and iron products as well as
revenue diversification efforts undertaken in the form of the
expansion of the hotel project, addition of GI sheets and coils,
and suiting and shirting material (textile) to the trading
portfolio. The ratings also draw comfort from the firm's low
susceptibility to price volatility risks in products traded, as
the procurement is done only against confirmed orders.

Abhijeet Tradeimpex was set up as a proprietary firm in 2001 by
Mr. Abhijeet Patodia. The firm is mainly into trading of TMT Bars,
Ingots, GI sheets and Coils, aluminum structures and suiting and
shirtings. The firm also runs a hotel in Jalgaon district in
Maharashtra. ATI has a registered office at Fort, Mumbai.

Recent Results
ATI recorded a net profit of INR0.47 crore on an operating income
of INR38.92 crore for the year ending March 31, 2014.


AGRAWAL TRADERS: ICRA Assigns 'B' Rating to INR6.0cr Loan
---------------------------------------------------------
ICRA has assigned the '[ICRA]B' rating to INR6.00 crore long term
fund based bank facilities of Agrawal Traders.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term, Fund based     6.00       [ICRA]B assigned
   limits - Cash Credit

The assigned rating favourably factors in easy availability of raw
material by virtue of favourable location and substantial
experience of promoters in cotton seed oil business with
established relations with customers. The rating is however
constrained by leveraged capital structure and weak coverage
indicators due to working capital intensive nature of operations
and low profit margins in line with low value adding nature of
business. ICRA also takes note of small scale of operations with
vulnerability associated with agro climatic conditions which has
direct bearing on profitability of the firm.

Established in 2007, AT is a proprietorship firm promoted by Mr.
Sanjay Agrawal. The firm is engaged in crushing of cotton seeds to
produce cotton seed wash oil and cotton seed cake. The firm
doesn't have its own manufacturing facility and the crushing work
is done by its group concern-Agrawal Oil and General Industries on
job work basis.


AR PRINTING: CRISIL Suspends 'B-' Rating on INR59.2MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of AR
Printing & Packaging (India) Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           36.7       CRISIL B-/Stable Suspended
   Long Term Loan        22.5       CRISIL B-/Stable Suspended

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

Incorporated in 2005, ARPPL is promoted by Mr. Gautam Rana and Mr.
Vikram Rana. ARPPL manufactures paper based articles which
includes gift boxes, tissue wraps, notebooks etc. It is an export-
oriented unit and exports all its production to various countries.


BALDEV METALS: CRISIL Suspends 'B+' Rating on INR60MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Baldev
Metals Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by BML
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BML is yet to
provide adequate information to enable CRISIL to assess BML'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 1990 by Mr. Baldev Raj, BML manufactures aluminium
ingots and bars of various grades having application in the
automobile and home appliances industries. The promoter initially
started a partnership firm, Aone Alloys & Casting Company, in
1979, which got dissolved in 1990; the business of the partnership
firm was transferred to BML. The company's manufacturing facility
in Maya Puri (Delhi) has an installed capacity of around 300
tonnes per month.


BANK OF BARODA: Fitch Affirms B+ Rating on USD300MM Tier 2 Notes
----------------------------------------------------------------
Fitch Ratings has assigned India-based Bank of Baroda's (BOB)
proposed US dollar-denominated senior unsecured debt an expected
rating of 'BBB-(EXP)'.

The notes will constitute direct, unconditional, unsubordinated
and unsecured obligations of the issuer.  They will at all times
rank pari passu among themselves and with all other unsubordinated
and unsecured obligations (other than subordinated obligations) of
BOB.  The tenor of the issue is expected to be around five years
and the bank plans to use all the proceeds for offshore lending
activities.

The final rating is subject to the receipt of final documentation
conforming to information already received.

KEY RATING DRIVERS

The senior unsecured instruments are rated at the same level as
the bank's Issuer Default Rating (IDR), in accordance with Fitch's
criteria.

BOB's IDR (BBB-/Stable) is driven by its Support Rating Floor of
'BBB-' - which is higher than its Viability Rating of 'bb+' - and
reflects Fitch's expectation that the government of India would
continue to have a high propensity to extend extraordinary
support, should there be a need.

BOB's systemic importance is high given its position as India's
second-largest state-owned bank (56.3% state shareholding as at
end-March 2014), high share of system assets and deposits (around
6%) and wide-reaching pan-India presence (close to 5,000
branches).  BOB, along with other state banks, has also received
regular capital injections from the government.  Between FY10-
FY14, it received total funds of around INR55bn (USD 920m) from
the government and Life Insurance Corporation of India, which is
wholly owned by the government and is India's largest life
insurer.

RATING SENSITIVITIES

A change in BOB's IDR will have an impact on the securities'
rating.

BOB's other ratings are not affected and are as follows:

Long-Term IDR 'BBB-'; Outlook Stable
Short-Term IDR 'F3'
Viability Rating 'bb+'
Support Rating '2'
Support Rating Floor 'BBB-'
USD 3bn medium-term note (MTN) programme 'BBB-'
USD 500m senior unsecured notes under the MTN programme 'BBB-'
USD 350m senior unsecured notes under the MTN programme 'BBB-'
USD 750m senior unsecured notes under the MTN programme 'BBB-'
USD300m Upper Tier 2 notes 'B+'


BANK OF BARODA: Tap Bond Offer No Effect on Moody's Baa3 Rating
----------------------------------------------------------------
Moody's Investors Service has said that the Baa3 rating of Bank of
Baroda's existing USD$750 million notes issued on January 23, 2014
remain unchanged following the announcement of a tap bond offering
on these notes.

The rating outlook is stable.

The tap bond offering has the same terms and conditions as the
exiting notes, and is being issued from its London Branch.

The Baa3 senior unsecured debt rating is based on BOB's ba2
baseline credit assessment (BCA) and the very high likelihood of
systemic support in the event of a crisis.

BOB's standalone bank financial strength rating (BFSR) of D is
equivalent to a BCA of ba2, reflecting the bank's weak asset
quality and capital metrics relative to other rated Indian banks
and regional peers. It also takes into consideration its adequate
earnings power relative to its domestic peers, its sound deposit
franchise and comfortable liquidity position.

Nonetheless, Moody's believes that the probability of systemic
support for BOB, if needed, is very high, given the bank's
importance to the domestic banking system. BOB held a 7% share of
total system deposits at 31 March 2014, giving it the second
largest market share among commercial banks in India. The bank
also has a close relationship with the government of India (Baa3
stable) -- which owns a 56.26% stake in the bank -- as evidenced
by the government's track record of capital infusions to the bank.

Moody's assessment of systemic support results in a two notch
uplift of the bank's senior unsecured debt rating and local
currency deposit ratings to Baa3 from BOB's BCA of ba2.

The principal methodology used in this rating was Global Banks
published in May 2013.

Bank of Baroda, headquartered in Mumbai, reported standalone
assets of INR6.6 trillion as of 31 March 2014 (approximately
USD$110 billion).

The full list of Moody's ratings and outlooks assigned to Bank of
Baroda and its London branch are as follows:

Bank of Baroda

Bank financial strength rating -- D, negative

Baseline credit assessment -- ba2

Local and foreign currency bank deposits -- Baa3/stable, P-3

Bank of Baroda (London)

Senior Unsecured foreign currency debt -- Baa3, stable

Senior unsecured MTN program (foreign currency) -- (P)Baa3

Subordinate foreign currency debt -- Ba2, negative

Subordinate MTN program (foreign currency) -- (P)Ba2

Junior subordinate MTN program (foreign currency) -- (P)Ba3


BHALLA CHEMICAL: ICRA Assigns 'B+' Rating to INR1.0cr Loan
----------------------------------------------------------
ICRA has assigned a rating of '[ICRA]B+' to the INR1.00 Cr.1 cash
credit facility of Bhalla Chemical Works Private Limited. Further,
ICRA has assigned a rating of '[ICRA]A4' to the INR9.00 Cr. short-
term bank facilities of BCWPL.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           1.00       [ICRA]B+ assigned
   Packing Credit        1.00       [ICRA]A4 assigned
   Letter of Credit      8.00       [ICRA]A4 assigned

The ratings are constrained by the modest scale of the company's
operations and weak financial profile characterized by low net
profitability margins, weak return indicators and moderate
coverage indicators. The ratings are further constrained by
vulnerability of profitability to adverse fluctuations in foreign
exchange rates and raw material (Zircon sand) prices which may not
be passed onto the customers adequately and the highly fragmented
nature of the industry which results in intense competitive
pressures.

The ratings, however, take comfort from the experience of the
promoters spanning over four decades in the zircon industry and
their long term association with various customers which yields
repeat orders and provides revenue visibility.

Bhalla Chemical Works Pvt. Ltd. was incorporated in 1976 and is
engaged in the business of manufacturing zirconium speciality
chemicals. BCWPL's products find applications in various fields
viz. engineering, ceramics, paints and anti prespirants etc. BCWPL
has its manufacturing plant in Gurgaon region having a input
capacity of 5100 MTPA. BCWPL is a closely held entity with the
members of Bhalla family being the key stakeholders.


C.L. INT'L: CRISIL Suspends 'B-' Rating on INR112.5MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of C.L.
International.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              15      CRISIL B-/Stable Suspended

   Foreign Bill Purchase   135      CRISIL A4 Suspended
   Letter of credit &
   Bank Guarantee            2.5    CRISIL A4 Suspended

   Proposed Long Term
   Bank Loan Facility       97.5    CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by CLI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CLI is yet to
provide adequate information to enable CRISIL to assess CLI'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 1995 as a partnership firm in New Delhi, CLI
processes and trades in basmati and non-basmati rice; both
varieties contribute equally to the firm's turnover. Till 2010-11,
the firm's entire sales were from its trading business; however,
the firm started processing rice from October 2011, which
constituted more than 70 per cent of the total turnover for 2011-
12. CLI has acquired a fully integrated rice milling unit in
Taraori (Haryana) with a capacity of 100 tpd and a sorting unit in
Kondli (Delhi) with a total sorting capacity of 8 tonnes per hour.
Both the processing units are on lease rental basis. CLI has also
received the export house certificate from the Directorate General
of Foreign Trade. Apart from rice, the firm also trades in other
commodities, such as ghee, spices, and pulses that constituted
around 10 per cent of its total turnover in 2011-12. The basmati
rice is exported to the USA, Thailand, the UK, and Dubai. Exports
to Middle East countries such as the UAE and Dubai are through a
group concern, Pushpa General Trading LLC, which acts as a
marketing arm of CLI.


CARRYCON INDIA: ICRA Reaffirms 'B+' Rating on INR10.3cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the rating for INR5.0 crore fund-based limits
and INR5.3 crore non-fund based limits of Carrycon India Limited
at 'ICRA]B+'.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits        5.0       [ICRA]B+; Reaffirmed
   Non-Fund Based Limits    5.3       [ICRA]B+; Reaffirmed

The rating reaffirmation takes into account the healthy order book
of CIL, albeit lower than last year, and the strong pipeline of
projects which are expected to provide revenue visibility to CIL
in the medium term. The rating draws comfort from the continuous
diversification of CIL into civil construction and public health
engineering business which has reduced its dependence on
traditional telecom services business. The rating is also
supported by CIL's long track record in the telecom infrastructure
support business, experienced promoters, and its association with
some reputed companies such as DMRC. With diversification into
civil construction business, CIL's working capital intensity has
also improved, nevertheless it remains high. CIL's rating is
constrained by its weak liquidity position which is on account of
high debtor and inventory days. The company has weak debt coverage
ratios as well. Finally, the rating also factors in the business
risk arising out of modest scale of operations, dependence on few
large clients and highly competitive business with presence of
multiple small players.

In ICRA's opinion, due to expected increase in CIL's scale of
operations supported by its relatively large order-book, its
funding requirement are likely to increase, which could be partly
funded by the enhanced bank lines. Going forward, the company's
ability to improve upon its profitability and efficiently manage
its working capital cycle will be amongst the key rating
sensitivity factors.

Incorporated in 1995, Carrycon India Limited is promoted by Mr. G.
D. Rao, Mr. Prakash Bhanu, and Mrs. Sadhana Rao. CIL provides
civil contractor/engineering services in the area of installing
infrastructure for Telecom support services, Telecom network
maintenance services, and installation of telecom towers, water
supply, sewerage, de-silting, trunk sewer lines and civil
construction work.

Recent Results
As per the provisional financial results for the FY14, the company
had operating income (OI) of INR22.7 crore and profit after tax
(PAT) of INR0.38 crore as compared to OI of INR16.9 crore and PAT
of INR0.32 crore in FY13.


CHADDAMI LAL: CRISIL Suspends 'D' Rating on INR80MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Chaddami Lal Jagdish Saran Charitable Trust.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              80         CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
CLJSCT with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CLJSCT is yet to
provide adequate information to enable CRISIL to assess CLJSCT'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'

CLJSCT was formed in 1995 with four members: Mr. Jagdish Saran
Gupta and his three sons, Mr. Anil Kumar Gupta, Mr. Ajay Kumar
Gupta, and Mr. Raghav Chand Gupta, in Moradabad (Uttar Pradesh).
In January 2009, the trust started construction of CL Gupta World
School (CLGWS) in Moradabad on a land plot it had acquired in 2005
for INR49.1 million. The total cost of the school project was
INR150 million, funded by debt of INR95 million and balance
through equity. The school commenced operations in April 2010.


DEVANG PAPER: ICRA Reaffirms 'B+' Rating on INR8.93cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating assigned to the fund
based facilities of INR8.93 crore of Devang Paper Mill Private
Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Tern Fund        3.00       [ICRA]B+ reaffirmed
   Based-Cash Credit

   Long Term Fund        5.93       [ICRA]B+ reaffirmed
   Based-Term Loan

The reaffirmation of rating takes into account the company's lack
of revenue diversification given its single paper product
portfolio and its weak financial risk profile as characterized by
low margins, weak coverage indicators and significantly high
working capital intensity. The rating is further constrained by
the vulnerability of the company's profitability to any adverse
fluctuations in the prices of key inputs, and the intense
competitive pressures in the business.

The rating, however, continues to take comfort from the long track
record of the promoter group in the kraft paper manufacturing
business and the company's favorable capital structure despite the
debt funded capex. ICRA notes that the company's ability to scale
up volumes and manage input price volatility remains important
from the credit perspective.

Devang Paper Mills Private Limited was incorporated in 2011, prior
to which the business was a part of Biodeal Laboratories Pvt. Ltd.
BDLPL had 3 divisions -- Pharmaceuticals, Paper Mill and Wind Mill
-- prior to the demerger. The pharmaceutical division was sold by
the management and the paper mill and wind mill divisions were
demerged into DPMPL.

DPMPL is promoted by Mr. Thobhan Patel, Mr. Devang Patel and Mr.
Arun Patel. The company commenced commercial production of kraft
paper in 2011 at its Vapi based plant and currently has a
production capacity of 43,200 MTPA. The company also operates a
wind mill division in the Shikarpur District of Bhuj with 4 wind
mills having a combined capacity of 3 MW.

Recent Results
For the year ended March 31, 201 3 the company reported a net loss
of INR0.21 crore on an operating income of INR52.40 crore as
against a profit after tax of INR1.00 crore on an operating income
of INR52.39 crore for FY12. The company reported profit after tax
of INR0.08 crore on an operating income of INR63.95 crore in FY 14
(unaudited provisional numbers).


DIAMOND FOOTCARE: ICRA Cuts Rating on INR55cr Loans to 'D'
----------------------------------------------------------
ICRA has revised the rating for the INR8.5 crore (earlier INR13.5
crore) term loans, and INR40.0 crore fund based limits of Diamond
Footcare Udyog Pvt Ltd from '[ICRA]B' to '[ICRA]D'. ICRA has also
revised the short term rating assigned to the INR6.5 crore
(earlier INR12.5 crore)non-fund based limits of DFUPL from
'[ICRA]A4' to '[ICRA]D'.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loans               8.5       [ICRA]D; revised from
                                    [ ICRA]B

   Fund Based Limits       40.0       [ICRA]D; revised from
                                      [ICRA]B

   Non-fund Based Limits    6.5       [ICRA]D; revised from
                                      [ICRA]A4

The revision of ratings takes into consideration DFUPL's stretched
liquidity position as indicated by continued overutilization of
its fund based working capital limits over the last 2 months.
DFUPL's working capital requirements have increased considerably
which has impacted its liquidity. The ratings are also constrained
by high competitive intensity in the footwear industry,
vulnerability of company's profits to volatility in raw-material
prices (being a raw-material intensive business) and adverse
movements in currency exchange rate as some part of raw-material
is imported by the company. ICRA's ratings of DFUPL also factors
in its modest scale of operations and weak profitability which
coupled with high gearing have resulted in weak coverage
indicators.

Going forward, company's ability to timely service its debt,
manage its working capital intensity and improve its profitability
and capital structure will be the key rating sensitivities.

DFUPL was started by Mr. Om Prakash Gupta in 1978 as Diamond Toys
Company Private Limited and was renamed to Diamond Footcare Udyog
Private Limited in the year 2010. DFUPL is currently headed by Mr.
Ramesh Kumar Gupta (Managing Director) who has more than two
decades of experience in the footwear industry. DFUPL is engaged
in manufacturing of footwear based on poly vinyl chloride (PVC),
ethylene-vinyl acetate (EVA), Rubber, Hawai etc.

In FY13, DFUPL reported operating income (OI) of INR133.2 crore
and profit after tax (PAT) of INR0.33 crore.


ELECTROSTEEL STEELS: CARE Reaffirms B Rating on INR8,114.4cr Loan
-----------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Electrosteel Steels Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities-
   Term Loan                   8,114.44     CARE B Reaffirmed

   Long term Bank facilities-
   Non Fund Based                  0.00     CARE B Withdrawn

   Long-term/Short-term Bank     550.00     CARE B/CARE A4
   Facilities-Fund Based                    Reaffirmed

   Short-term Bank Facilities-
   Non Fund Based                750.00     CARE A4 Reaffirmed

Rating Rationale

The ratings are constrained by considerable delay in the
implementation of all the facilities of the ongoing project and
deterioration in financial risk profile marked by cash losses
incurred in FY14. Furthermore, the ratings continue to be
constrained by cyclical nature of the steel industry along with
stiff competition from existing large integrated steel players.
However, the ratings derive strength from the experienced promoter
group, strategic equity investors with reputed Technical-cum-
financial collaborator, captive mines (coking coal and iron ore)
of the group and financial closure for revised project cost under
CDR package. Successful completion and implementation of all the
facilities of the large ongoing project without any further delay
and within cost estimates would be important. This along with the
ability of the company to achieve desired production levels and
successful offloading of the same would be the key rating
sensitivities.

Electrosteel Steels Ltd, promoted by the Electrosteel group of
Kolkata, was incorporated in December 2006. ESL is setting up a
2.51 million tonne per annum (MTPA) integrated steel and ductile
iron pipe project (including Captive Power Plant [CPP] of 120 MW)
at Bokaro, Jharkhand. The revised project cost stands at
INR11,327.35 crore (as compared to INR9,562 crore earlier) on
account of delay in project commissioning due to paucity of funds
arising from delay in financial closure. ESL has received
financial closure for the revised project cost under the CDR
package approved on Sep.26, 2013.

During FY14 (refers to the period from April 1 to March 31), ESL
has incurred losses of INR288.4 crore (P.Y.: INR280.0 crore)
on total operating income of INR520.1 crore (P.Y.: INR164.0
crore).


ERODE SRI: CRISIL Suspends 'B' Rating on INR89.4MM Loans
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Erode
Sri Palani Murugan Spinning Mills Pvt Ltd.

                     Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          1       CRISIL A4 Suspended
   Cash Credit            20       CRISIL B/Stable Suspended
   Proposed Long Term
   Bank Loan Facility     22.6     CRISIL B/Stable Suspended
   Term Loan              46.8     CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by ESPM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ESPM is yet to
provide adequate information to enable CRISIL to assess ESPM'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'

ESPM established as a partnership firm called Erode Sri Palani
Murugan Spinning Mills in June 2004 by Mr. E Palanisamy, Mr. D
Yuvaraj, Mr. S Palanisamy, Mr. R Ponnusamy, Mr. R Gandhimathi, Mr.
M Valarmathi, and Mr. K Eswari. The partnership was converted into
a private limited company in December 2006.


FABRICON: CRISIL Suspends 'B' Rating on INR35.6MM Loans
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Fabricon.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           22.5      CRISIL B/Stable Suspended
   Letter of Credit      17.5      CRISIL A4 Suspended
   Term Loan             13.1      CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by
Fabricon with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Fabricon
is yet to provide adequate information to enable CRISIL to assess
Fabricon'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'

M/s. Fabricon is a partnership firm, formed in 1978, by the
Kolkata, West Bengal based Ghosh family, with the overall
operations of the firm managed by Mr. Sanjit Ghosh, a first
generation entrepreneur along with his son Mr. Sudipto Gosh. The
firm is engaged in sheet metal fabrication for manufacturing of
switch gear, generator panels and other components catering to the
electrical components and equipment industry.


FENIX CERAMIC: CARE Assigns 'B+' Rating to INR7.77cr Loan
---------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to bank facilities of Fenix
Ceramic.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.77       CARE B+ Assigned

   Long-term/Short-term Bank     1.50       CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale
The ratings assigned to the bank facilities of Fenix Ceramic are
primarily constrained due to the modest scale of operation with
declining turnover, low net profit margin, leveraged capital
structure and weak debt coverage indicators. The ratings are
further constrained due to foreign exchange fluctuation risk and
susceptibility of its margins to volatile raw material and fuel
prices and its presence in a highly fragmented and competitive
ceramic tile industry with close linkages to the cyclical real
estate industry.

The aforementioned constraints far outweigh the benefits derived
from the experience of the partners in the ceramic business and
its presence in the ceramic tile cluster of Morbi in Gujarat with
easy access to raw material and fuel.  Increase in scale of
operations, improvement in the overall financial risk profile with
better profit margins and working capital management are the key
rating sensitivities.

FCC, established in 2009, was initially promoted by 17 partners
who have experience in the ceramic tile industry. Subsequently
four partners retired in July 2009 and two new partners joined
from August 2009. Later in June 2013, the ten partners including
Mr Hiteshbhai Vilpara (Managing Partner) retired and four new
partners joined. Currently, Mr Tulshibhai Vasiyani and Mr
Valmjibhai Fefar are managing partners who look after the overall
operations of the firm and associated since inception. FCC is
engaged in the manufacturing of ceramic glaze wall tiles and
started commercial production in April 2010. FCC's manufacturing
facility is located at Wankaner in the Rajkot district of Gujarat
which is a ceramic tile hub and has an installed capacity of
around 3,140 square meters per day (smpd) of ceramic glaze wall
tiles as on March 31, 2014. FCC sells its products under the brand
name "Fenix Ceramic".

As per audited result for FY14 (refers to the period April 1 to
March 31), FCC reported a total operating income (TOI) of
INR10.46 crore and a Profit after Tax (PAT) of INR0.14 crore as
against the TOI of INR12.15 crore and PAT of INR0.26 crore in
FY13.


GAYATRI AGRO: ICRA Assigns 'B+' Rating to INR5.0cr Cash Credit
--------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR5 crore cash
credit facility of Gayatri Agro Oil & Food Products.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.0        [ICRA]B+ Assigned

The rating takes into account GAOFP's weak financial profile
characterised by low and declining operating margins, nominal
profits and cash accruals and an adverse capital structure. ICRA
also considers the firm's moderate scale of operations despite
significant growth in operating income during the last four years
and the limited value addition in its standalone solvent
extraction unit. Large size of project relative to GAOFP's current
balance sheet size exposes it to project execution risks, which is
further accentuated by the initial stages of execution, aggressive
funding pattern of the project with a debt to equity ratio of
around 3.99 times and the financial closure yet to be achieved.
The firm also remains exposed to fluctuations in prices of key raw
materials and final products, which exhibits volatile trends. The
firm's pricing power is also limited by the highly fragmented and
competitive nature of the edible oil industry characterised by a
large number of organised and unorganised players. The rating
takes into consideration the long track record of the promoters in
the business of edible crude oil extraction, the firm's large and
well diversified supplier and client base reducing the
concentration risks to an extent and GAOFP's forward integration
initiative to set up an edible oil refinery plant. The firm's
overall business risk profile is expected to improve post
commissioning of the project and has been considered while
assigning the rating.

Incorporated in 2005, GAOFP has been engaged in the business of
edible crude oil extraction, with its solvent extraction plant
being located at Kesinga, district Kalahandi, Odisha. The unit has
an installed capacity of 200 metric tonnes per day (mtpd). GAOFP
is also in the process to set up a 50 mtpd oil refining unit, at
an estimated cost of INR13.2 crores, proposed to be funded by a
debt to equity ratio of 3.99:1. The project is yet to achieve
financial closure and is in the early stages of execution.

Recent Results
GAOFP reported a net profit of INR0.49 crore during FY14 on an OI
of INR42.46 crore as against a net profit of INR0.53 crore and an
OI of INR39.28 crore during FY13.


GOD GRANITES: CRISIL Suspends 'B-' Rating on INR185MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of God
Granites.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bill Discounting         30       CRISIL A4 Suspended
   Cash Credit              15       CRISIL B-/Stable Suspended
   Export Packing Credit    25       CRISIL A4 Suspended
   Letter of Credit         10       CRISIL A4 Suspended
   Term Loan               170       CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by GG
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GG is yet to
provide adequate information to enable CRISIL to assess GG'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'

GG was established as a partnership firm in 1989 by Mr. B
Venkatesh and his brothers. The firm mines and processes imperial
white, multi-colour red, and paradiso bash granite slabs. The firm
has quarries in Idapadi and Rayakottai (both in Tamil Nadu [TN])
and in Ramanagara (Karnataka) and excavates around 8000 cubic
metres of rough granite per annum. In December 2011, the firm
started its granite processing unit in Krishnagiri (TN), which has
capacity to polish 2.3 million square feet of granite slabs per
annum. The firm derives all its revenues from exports to Italy and
Germany.


GOLDSTONE INFRATECH: CRISIL Cuts Rating on INR650MM Loans to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Goldstone Infratech Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         220       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit            200       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Letter of Credit       100       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Standby Line of Credit  20       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Term Loan              110       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by GIL in
servicing its debt, because of weak liquidity resulting from its
small cash accruals, which were inadequate to meet its term debt
obligations.

GIL also has large working capital requirements, and limited
pricing flexibility. Besides, the profitability margins are
susceptible to volatility in raw material prices. However, the
company benefits from its established presence in the polymer
insulator industry.

GIL manufactures polymer insulators used in power transmission and
distribution, and has a manufacturing facility in Hyderabad
(Telangana). The company is listed on the Bombay Stock Exchange.


GUPTA TEX: CARE Assigns 'D' Rating to INR17.01cr Loans
------------------------------------------------------
CARE assigns 'CARE D' ratings to bank facilities of Gupta Tex
Prints Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    16.76       CARE D Assigned
   Short-term Bank Facilities    0.25       CARE D Assigned

Rating Rationale

The ratings assigned to the bank facilities of Gupta Tex Prints
Private Limited are primarily constrained on account of the
instances of delay in debt servicing due to its weak liquidity
position. Establishing a clear track record of timely servicing of
debt obligations along with improvement in the liquidity position
would be the key rating sensitivities.

GTPPL was initially formed as Gupta Dyeing and Printing Mills
(GDPM), a partnership firm in 1979 by the Gupta family of Surat.
Later on in 2007, GDPM was converted into a private limited
company. GTPPL is primarily engaged in fabric processing
(bleaching, printing, dyeing & embroidery) and also does the job
work as well as trading of grey yarn and finished fabric. The
fabric processed by GTPPL is primarily used for making sarees &
ladies dress material. The finished fabric is marketed under the
brand name of 'Gupta Sarees'. GTPPL has an installed capacity of
1.25 lakh meters per day for processing of grey fabric at its sole
processing unit located in Surat (Gujarat).

During FY13 (refers to the period April 1 to March 31), GTPPL
reported a net loss of INR0.63 crore on a Total Operating Income
(TOI) of INR45.95 crore as against a net profit of INR0.43 crore
on a TOI of INR65.16 crore in FY12. Furthermore during FY14 till
February 28, 2014, GTPPL achieved a TOI of INR31.07 crore and
reported a net loss of INR1.13 crore.


H.R. STEELS: CARE Downgrades Rating on INR18.52cr Loan to 'D'
-------------------------------------------------------------
CARE revises ratings assigned to bank facilities of H.R. Steels
Pvt Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    18.52       CARE D Revised
                                            from CARE BB

Rating Rationale

The revision in the rating of bank facilities of H.R. Steels Pvt
Ltd takes into account the on-going delays in debt servicing
obligations.

HRSPL, incorporated in July 1995, is engaged in the manufacturing
of steel bars at its manufacturing facility located at Bhiwadi, in
district Alwar of Rajasthan. The company started commercial
operations in 2003 with a manufacturing capacity of 60,000 metric
tonnes per annum (MTPA). HRSPL sells the products manufactured by
it primarily in northern states (Rajasthan, Haryana, Delhi and UP)
under its own brand "Trimurti". The company's products find
application primarily in construction and infrastructure sectors.
HRSPL's products are marketed under its own brand name "Trimurti"
and the majority of the company's sales are contributed by direct
sales to end customers.

Key updates
HRSPL's management has reported that the company's manufacturing
operations have been suspended since April 2014, largely on
account of weak demand from its customers. The same has adversely
affected the company's income, profitability and cash flows,
resulting in ongoing delays in debt servicing.


HMT MACHINE: CARE Assigns 'C' Rating to INR44.82cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE C/CARE A4' ratings to bank facilities of
HMT Machine Tools Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     44.82      CARE C Assigned
   Short-term Bank Facilities
   (Fund based)                  12         CARE A4 Assigned

   Short-term Bank Facilities
   (Non-fund Based)              65.90      CARE A4 Assigned

Rating Rationale

The ratings assigned to HMT Machine Tools Limited are constrained
by the weak financial risk profile charaterised by continuous
losses, stressed debt coverage indicators, strained liquidity
position resulting in instances of LC development in the past.
The ratings, however, factor in the parentage of the company
namely HMT Limited, a public sector undertaking, longstanding
and established presence, experienced promoters and management
team and diversified clientele base.

HMT Ltd's fresh equity infusion and implementation of the revival
plan by the GoI, timely payment of debt and improvement in
operational performance will be the key rating sensitivities.

HMT Machine Tools Limited, a 100% subsidiary of HMT Limited was
incorporated on August 09, 1999. HMT Ltd, a GoI enterprise is
engaged in the manufacturing of watches, tractors, printing
machinery, metal forming presses, die casting plastic processing
machinery, CNC systems and bearings. HMTMTL is engaged in the
manufacturing of turning, grinding, gear cutting, special purpose
machines, die casting machines and plastic injection molding
machines, presses and press brakes, printing machines, CNC control
systems and precision components. Its manufacturing plants are
located at Bangalore, Pinjore (Haryana), Hyderabad (Andhra
Pradesh), Ajmer, Praga (Hyderabad) and Kalamassery (Kerala). The
major end users of the machines manufactured by HMTMTL are the
auto and auto ancillary, railways, defense, agricultural
machinery, power and industrial intermediates.

HMTMTL was declared as sick unit under the provisions of the Sick
Industrial Act 1985 in FY06 (refers to the period April 1
to March 31) owing to large accumulated losses and complete
erosion of tangible net-worth. The company was referred to the
Board for Industrial and Financial Re-construction (BIFR) in
December 2005 [Case No: 501/2006] to determine the necessary
rehabilitation measures to be adopted. Over the years the
performance of the company has been far below the stipulated
performance schemes as approved by the BIFR. Hence the company has
requested for certain revival plans from the GoI which is under
consideration with the Department of Heavy Industries.

In FY13, the company incurred net losses of INR43.6 crore on the
total income of INR216.2 crore.


HONEYCOMB TECHNOLOGIES: CRISIL Suspends B- Rating on INR400M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Honeycomb Technologies Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        400       CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by HTPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HTPL is yet to
provide adequate information to enable CRISIL to assess HTPL'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 January 2006, HTPL provides surface coatings of
auto components, electrical and electronic equipment, and general
engineering components. HTPL uses speciality environmental-
friendly green coating materials that are chromium-free speciality
chemicals. The promoter directors Mr.Sunderrajan Ravi Shankar,
Mr.S Aravind and Mr.R Rangarajan have a long standing
entrepreneurial experience over the past 25-30 years. HTPL's
managing director Mr. S Ravi Shankar has around 7 years of
experience in similar lines of business through the group concern
Chennai Engineering Coating Company Private Limited.


ICEWEAR CREATION: CRISIL Suspends 'B' Rating on INR7.3MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Icewear
Creation.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           4.6       CRISIL A4 Suspended
   Export Packing Credit   80.0       CRISIL A4 Suspended
   Foreign Bill Purchase   40.0       CRISIL A4 Suspended
   Letter of Credit         2.0       CRISIL A4 Suspended
   Long Term Loan           7.3       CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by
Icewear with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Icewear is yet
to provide adequate information to enable CRISIL to assess
Icewear'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 2004 as a partnership firm by Mr. V Chandruswamy and
Mrs. C Periyanayaki, Icewear exports knitted garments to the UK,
Ireland, and the US. Based in Tirupur, the firm is a 100 per cent
export-oriented unit with an installed capacity to manufacture 6
million pieces per annum.


INDERA ETHNIC: ICRA Assigns 'B' Rating to INR5.74cr Loans
---------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR4.97 crore cash
credit and INR0.77 crore term loan facilities of Indera Ethnic &
Designs Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit-     4.97       [ICRA]B assigned
   Cash Credit

   Fund Based Limit-     0.77       [ICRA]B assigned
   Term Loan

The assigned rating takes into account the competitive intensity
in the apparel retailing industry, which keeps profitability and
revenue growth of the players including IEDPL under check, the
company's small scale of current operations and lack of
geographical diversification, as it operates only in Rourkela,
Odisha. The rating is also constrained by the stretched financial
profile of the company characterized by low profitability at an
absolute level, leveraged capital structure and depressed coverage
indicators, as well as high working capital intensity of
operations on account of significant inventory holding, adversely
impacting liquidity. This, in turn, led to continuous high/full
utilization of the working capital limit by IEDPL, implying its
limited financial flexibility. The rating, however, derives
comfort from the experience of the promoters and established
position of the company in the apparel retailing business in
Rourkela, and the favourable long term demand outlook of the
apparel industry.

Incorporated in 2005, IEDPL is engaged in the apparel retailing
business in Rourkela, Odisha. The company's promoters have an
experience of around two decades in the apparel retailing
business. The company runs three showrooms under the name 'Inderas
Lifestyle', offering outfits for men, women and kids along with
other accessories. It deals in both branded and non-branded ready-
made apparels and also provides tailoring services.

Recent Results
In 2013-14, the company reported a net profit of INR0.22 crore
(provisional) on an operating income of INR13.22 crore
(provisional), as compared to a net profit of INR0.24 crore on an
operating income of INR12.60 crore in 2012-13.


JAI SAI: CRISIL Reaffirms 'B' Rating on INR100MM Loans
------------------------------------------------------
CRISIL's rating on the long-term bank facility of Jai Sai Trading
Co. continues to reflect JST's weak financial risk profile, marked
by a moderately leveraged capital structure and weak debt
protection metrics, small scale of operations in the intensely
competitive rice industry, and large working capital requirements.
These rating weaknesses are partially offset by the benefits that
JST derives from its proprietor's extensive experience in the
basmati rice industry and financial support, and the healthy
growth prospects of the basmati rice industry.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            80       CRISIL B/Stable (Reaffirmed)
   Warehouse Receipts     20       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JST will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm registers
significant improvement in its scale of operations while improving
its profitability and, hence, its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if it
registers deterioration in its profitability and pressure on its
revenue, or if its working capital requirements are larger than
expected.

JST was set up as a proprietorship firm by Mr. Rajesh Aggarwal in
2010. It trades in rice and paddy. The firm is based in Narela
(New Delhi).

JST reported book profit of INR0.76 million on net sales of
INR658.6 million for 2012-13 (refers to financial year, April 1 to
March 31) against book profit of INR0.95 million on net sales of
INR175.0 million for 2011-12. The firm is estimated to report net
sales of INR920 million in 2013-14.


JYOTI LTD: CARE Upgrades Rating on INR457.31cr Loan to 'C'
----------------------------------------------------------
CARE revises the ratings assigned to bank facilities of
Jyoti Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    457.31      CARE C Revised
                                            from CARE D

   Short term Bank Facilities   114.33      CARE A4 Revised
                                            from CARE D

   Long term/Short term Bank    485.55      CARE C/CARE A4
   Facilities                               Revised from
                                            CARE D/CARE D

Rating Rationale

The revision in the ratings of Jyoti Ltd takes into account
regularization of its debt servicing and improvement in its
liquidity on the back of a moratorium in payment of interest and
principal for a majority of its debt under the approved scheme of
Corporate Debt Restructuring (CDR).

The ratings continue to remain constrained on account of decline
in scale of operations on the back of intense competition and
slowdown in the capital goods industry, its widened cash losses in
FY14 (refers to the period April 1 to March 31) and erosion of its
net worth.

The ratings continue to take into account Jyoti's established
track record in the manufacturing of various electrical and
hydraulic engineering equipments which find application in water
and power segments; and execution of engineering, procurement and
construction (EPC) contracts along with its moderate order book
position.

Jyoti's ability to increase the scale of its operations; improve
its profitability and capital structure along with efficient
management of its working capital would be the key rating
sensitivities.

Incorporated in 1943, Jyoti has evolved as a multi-product
organization with product lines comprising engineered pumps
and project (EPP) division (60% of the total sales in FY14),
voltage switchgears (switchgear division; 27%), high tension
motor and wind energy generators (rotating electrical machines
division; 7%) and turbines, generators & hydroelectric
sets for hydro-power projects (hydel division; 6%) under the
leadership of Mr Rahul Amin. The company also undertakes
EPC contracts for large irrigation projects and small-to-medium
hydro-power projects.

As per the audited results for FY14, Jyoti registered a total
operating income of INR236.24 crore with a net loss of INR128.39
crore as against a total operating income of INR418.04 crore with
a net loss of INR36.70 crore in FY13.


KAMLESHKUMAR BALUBHAI: ICRA Puts 'B+' Rating on INR6.25cr Loan
--------------------------------------------------------------
A rating of '[ICRA]B+' has been assigned to the INR6.25 crore
long-term, fund based facilities of Kamleshkumar Balubhai Lad. A
rating of '[ICRA]A4' has also been assigned to the INR5.25 crore
bank guarantee facility and INR0.50 crore letter of credit
facility (sublimit of bank guarantee) of KBL.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.25        [ICRA]B+ assigned

   Non fund based-
   Bank Guarantee        5.25        [ICRA]A4 assigned

   Non fund based-        0.50       [ICRA]A4 assigned
   Letter of Credit

The assigned ratings are constrained by the relatively modest
scale of entity's operations with de-growth in revenue in FY 2014;
high geographical concentration risk with most of the ongoing and
future projects being located in Gujarat as well as sectoral
concentration risk arising from focus on road construction
projects and the high competitive intensity in the road
construction space resulting in a pressure on margins. The ratings
are further constrained by vulnerability of profitability to
fluctuation in input prices in projects with absence of pass
through clause. Given the number of orders currently under
implementation, the firm's ability to execute the orders within
the budgeted costs and receive payments in a timely manner remains
important from the credit perspective. ICRA also notes that KBL is
a proprietorship concern and any significant withdrawals from the
capital account would affect its net worth and thereby have an
adverse impact on the capital structure.

The assigned ratings however, favourably factor in the long
experience of the promoter in the road construction industry
supported by entity's status as an "AA" class contractor; its
reputed clientele comprising of government and semi government
bodies with track record of repeat orders from several clients and
its healthy order book position.

Kamleshkumar Balubhai Lad was promoted by Mr. Kamlesh B. Lad in
the year 1981 and is engaged in road construction work for
government and semi government department/bodies of Gujarat. The
firm has two hot mix plants situated in Kharel and Dharampur near
Navsari in Gujarat. KBL is a registered "AA" class contractor with
the Government of Gujarat.

Prospects
Going forward, the operating income of the firm is expected to
witness moderate growth given the sizeable orders in hand which
are expected to be completed over next 12-15 months. The
profitability indicators of the firm are expected to remain modest
given the high competition in the industry and exposure to
fluctuations in input prices. The capital structure is expected to
remain leveraged on account of working capital intensive nature of
operations. Thus, the ability of firm to timely execute projects
on hand and manage working capital effectively by improving
receivables position would remain important from credit
perspective.


KIRTI SOLAR: CRISIL Assigns 'B+' Rating to INR60MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its ' CRISIL B+/Stable/CRISIL A4' rating to
the bank facilities of Kirti Solar Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Letter of Credit      15          CRISIL A4
   Bank Guarantee        25          CRISIL A4
   Cash Credit           60          CRISIL B+/Stable

The rating reflects KSL's below-average financial risk profile and
its modest scale of operations in the solar power industry. These
rating weaknesses are partially offset by the benefits that KSL
derives from the growth prospects of the solar energy systems in
India.

Outlook: Stable

CRISIL believes that KSL will benefit from the growth prospects of
the solar power industry over the medium term. The outlook may be
revised to 'Positive' if the company achieves sustained and
substantial growth in its scale of operations and profitability,
while it improves its capital structure. Conversely, the outlook
may be revised to 'Negative' in case of a sharp decline in KSL's
profitability or elongation of its working capital cycle, or it
undertakes any larger-than-expected, debt-funded capital
expenditure programme, weakening its financial risk profile.

KSL was incorporated in 2001 by Mr. Dhiraj Bhagchandka and family.
The company manufactures and assembles solar power equipment and
systems. It also executes engineering procuring and construction
projects for government agencies.


KITCHEN GRACE: CRISIL Suspends 'B+' Rating on INR97.5MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kitchen
Grace (India) Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          5       CRISIL A4 Suspended
   Cash Credit            15       CRISIL B+/Stable Suspended
   Letter of Credit       10       CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility     21.5     CRISIL B+/Stable Suspended
   Term Loan              61       CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by
KGIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KGIPL is yet to
provide adequate information to enable CRISIL to assess KGIPL'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 1998 by Mr. Snehal Vasani, KGIPL manufactures factory-
fitted modular kitchen and kitchen components under the Kitchen
Grace brand name at its manufacturing facility in Pune
(Maharashtra). KGIPL derives about 70 per cent of its revenues
from its group entity, Sleek International, promoted by the Ahuja
family, which procures kitchen components like shutters and
carcasses from it. The remaining revenues are derived from its
dealer network and residential apartment projects. Currently, the
Ahuja family holds 67 per cent of the company's equity shares,
while the remainder is held by Mr. Snehal Vasani and relatives.


KOOKEY MULTITRADING: CRISIL Suspends B+ Rating on INR60MM Loans
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kookey
Multitrading Private Limited.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B+/Stable Suspended
   Letter of Credit       90       CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility     30       CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by KMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KMPL is yet to
provide adequate information to enable CRISIL to assess KMPL'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'

KMPL was incorporated in August 2011, by Mr. Kevin Shah along with
his sister Ms. Pankti Shah. Mr. Kevin Shah oversees the day-to-day
operations of the company. The company is engaged in trading of
plastic granules, which are used for manufacturing of plastic bag
and foam rubber. It primarily imports plastic granules from
Thailand, Saudi Arabia, Korea, China and sells to plastic bag and
rubber manufacturers across Maharashtra and Gujarat. Mr. Kevin
Shah has been in the plastic granules trading business for 10
years through his association with entities owned by his close
relatives. The company has its registered office located at
Nariman Point, Mumbai.


KRISHNA COTTEX: CRISIL Assigns 'B' Rating to INR70MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Krishna Cottex.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              23        CRISIL B/Stable
   Cash Credit            40        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      7        CRISIL B/Stable

The rating reflects KC's nascent stage and small scale of
operations in the highly competitive cotton industry, working-
capital-intensive operations, and weak financial risk profile,
marked by high gearing and average debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of the firm's promoters and the proximity of its
processing unit to the cotton-growing belt.

Outlook: Stable

CRISIL believes that KC will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if the firm
stabilises its operations earlier than expected, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if KC's operating margin is lower
than expected, or it undertakes a substantially debt-funded
expansion plan, or if its working capital management deteriorates,
thereby significantly weakening its financial risk profile.

Established in 2013, KC is a partnership firm based in Amreli
(Gujarat). The firm is promoted by the Suvagiya and Paradava
families, which have more than a decade of experience in the
cotton industry. It has recently set up its cotton ginning unit,
which commenced operations from June 2014.


LAXMI GRITS: ICRA Assigns 'B' Rating to INR5.65cr Loans
-------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B' to the INR3.25
crore cash credit and INR2.40 crore term loan facilities of Laxmi
Grits Private Limited.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.25        [ICRA]B Assigned
   Term Loan             2.40        [ICRA]B Assigned

The assigned rating takes into consideration the company's start-
up phase of operations further constrained by the recent
regulatory tightening owing to the ban imposed on illegal sand
mining in Uttarakhand and other parts of India. The rating also
factors in the high working capital intensity of operations on
account of high inventory holding owing to limited supplies
putting pressure on the credit profile and cash flow position of
the company. However, the rating draws comfort from the extensive
experience of the promoters in the areas of road construction and
construction-equipment dealerships. Going forward, the key rating
sensitivity arises from the impact of further regulatory
developments with respect to sand mining on the debt-servicing
ability of the company.

Laxmi Grits Private Limited is engaged in the business of crushing
of stones which are sourced from river-beds in the Kashipur region
of the state of Uttarakhand. The company is licensed and
authorized by the Geology and Mining Department of the Uttarakhand
State Government for the same. Stone crushing site of the company
is located at Bazpur Graha (Uttarakhand) with an output capacity
of ~ 200 metric tons (MT) per hour.

The promoters of the company are also engaged in the business of
road construction and construction-equipment dealerships through
other group entities. These include (a) M.K. Construction, a
company engaged in execution of road construction projects, (b)
Chandigarh Motors (rated [ICRA]B) is an authorized dealership for
trucks and tippers manufactured by AMW Motors Limited (AMW) in
Mohali, Punjab and (c) Chandigarh Earth Movers is an authorized
dealership for stone crushers and excavators manufactured by
Kobelco Construction Equipment India Pvt. Ltd.


MADAN UDYOG: CRISIL Suspends 'B' Rating on INR102.5MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Madan Udyog Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         2.5       CRISIL A4 Suspended

   Cash Credit           45         CRISIL B/Stable Suspended

   Letter of Credit       5         CRISIL A4 Suspended

   Proposed Cash         20         CRISIL B/Stable Suspended
   Credit Limit

   Proposed Long Term     9.8       CRISIL B/Stable Suspended
   Bank Loan Facility

   Term Loan             27.7       CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by MUPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MUPL is yet to
provide adequate information to enable CRISIL to assess MUPL'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'

MUPL, based in Nashik (Maharashtra), was established by Mr. S S
Khandelwal in 2010. The company manufactures bicycle tubes.


MALABAR HOTELS: CRISIL Reaffirms 'B-' Rating on INR490MM Loans
--------------------------------------------------------------
CRISIL's ratings on Malabar Hotels Private Ltd bank facilities
continue to reflect MHPL's weak liquidity, modest scale of
operations, and exposure to cyclicality and intense competition in
the hospitality segment. These rating weaknesses are partially
offset by the extensive experience of MHPL's management in the
hospitality industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         10        CRISIL A4 (Reaffirmed)
   Cash Credit            30        CRISIL B-/Stable (Reaffirmed)
   Long Term Loan        390        CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     70        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MHPL will continue to benefit over the medium
term from its management's experience in the hospitality segment.
The outlook may be revised to 'Positive' if the company records
more-than-expected increase in its revenues and profitability on
account of higher occupancy levels and average room rates (ARR),
resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if MHPL
undertakes a larger-than-expected, debt-funded capital expenditure
programme, or if its accruals are less than expected because of
lower occupancy levels or ARR.

MHPL, incorporated in 2002, owns a five-star hotel, Kohinoor-
Asiana, in Old Mahabalipuram Road in Chennai (Tamil Nadu). The
hotel commenced operations in October 2007. The company's day-to-
day operations are managed by Mr. S Sriharan and Mr. S Alagurajan.

For 2012-13 (refers to financial year, April 1 to March 31), MHPL
reported a profit after tax (PAT) of INR78.8 million on total
revenues of INR355.9 million; the company reported a PAT of
INR34.8 million on total revenues of INR333.9 million in 2011-12.


MSM STEELS: CRISIL Suspends 'B-' Rating on INR180MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of MSM
Steels Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           84.6      CRISIL B-/Stable Suspended
   Proposed Long Term
   Bank Loan Facility    45.4      CRISIL B-/Stable Suspended

   Term Loan             50        CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by
MSMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MSMPL is yet to
provide adequate information to enable CRISIL to assess MSMPL'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'

MSMPL was incorporated in 2008. The company was formed to set up a
steel re-rolling mill for manufacturing thermo-mechanically
treated (TMT) steel bars. Its manufacturing unit is in Latur,
Maharashtra, and has capacity of 180 tonnes per day (tpd). The
scope of company's project has undergone change'it now has plans
to build a backward-integration plant of capacity of around 350
tpd.


NEEL KANTH: CRISIL Assigns 'D' Rating to INR70MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Neel Kanth Agro Food P Private Limited.

                      Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            35         CRISIL D
   Long Term Loan         35         CRISIL D

The rating reflects instances of delay by NAPPL in servicing its
debt; the delays have been caused by the company's weak liquidity.

NAPPL has limited track record and modest scale of operations in
the competitive flour milling business, its profitability margins
are susceptible to volatility in wheat prices and changes in
government regulations, and its small net-worth limits its
financial flexibility. However, the company benefits from its
promoters' extensive entrepreneurial experience.

Set up in 2012 as a private limited company by Mr. Abhay Kumar and
Mrs. Poonam Kumari, NAPPL is engaged in is engaged in processing
of wheat products such as maida, suji, atta, rava and bran. These
products are sold in the market under the brand name  Navmanthan.
The company's flour mill located in Patna (Bihar), started
operations in May 2014.


NEO POWER: CRISIL Suspends 'D' Rating on INR99MM Loans
------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Neo Power Electronics & Projects Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        22.5      CRISIL D Suspended
   Cash Credit           40.0      CRISIL D Suspended
   Letter of Credit       5.0      CRISIL D Suspended
   Long Term Loan        18.0      CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility    13.5      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by Neo
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Neo is yet to
provide adequate information to enable CRISIL to assess Neo'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'

Neo was established in 1975 as a proprietorship firm by Mr. B S
Wanelkar. However, the firm was reconstituted as a private limited
company in 1997 and Mr. A S Wanelkar (brother of Mr. B S Wanelkar)
was included as the company's director. Neo undertakes design and
fabrication of various electrical equipments, such as high current
capacity battery chargers, direct current (DC) dischargers and
distribution boards, and alternating current and DC generators.
Neo also undertakes installation and commissioning of process
equipment and battery charging facilities at customers' site. The
company has two manufacturing facilities, one each in Dombivali
and Mahape (both in Maharashtra). Neo also recently started a
battery charging and testing facility at its Dombivali plant.


NIRMAN HOMES: CRISIL Suspends 'B+' Rating on INR70MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nirman
Homes (NH).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B+/Stable Suspended
   Proposed Long Term
   Bank Loan Facility     10       CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by NH
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NH is yet to
provide adequate information to enable CRISIL to assess NH'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'.

NH, a partnership firm established in 2008, is part of the Nirman
group, which has been in residential real estate development in
Pune since 2003. The firm is constructing a six-building
residential real estate project, Nirman Viva, in Pune, with a
total developed area of 2,20,000 square feet for 265 flats.


ONLINE PRINT: CRISIL Assigns 'B+' Rating to INR79MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
bank facilities of Online Print and Pack Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              8.6        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    25.4        CRISIL B+/Stable
   Bank Guarantee         1          CRISIL A4
   Cash Credit           45          CRISIL B+/Stable

The rating reflects Online's modest scale of operations in a
highly fragmented industry, aggressive capital structure and
working-capital-intensive nature of operations. These rating
weaknesses are partially offset by the established market position
of online in the printing and packaging industry leading to
diversified end-user industry and reputed customer base and the
extensive experience of its promoters in the printing and
packaging industry.

Outlook: Stable

CRISIL believes that Online will continue to benefit over the
medium term from its promoters' industry experience. However, the
outlook may be revised to 'Positive' if the company improves its
profitability and scale of operations, leading to higher than
expected cash accruals, and or if it improves its working capital
cycle, leading to improved capital structure. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected accruals or deterioration in working capital management,
resulting in weaker-than-expected financial risk profile.

Incorporated in 1995, Online is promoted by Ahmedabad based
Kotawala family. The company is engaged in the printing and
packaging industry.

Online reported, on provisional basis, a net profit of INR2.7
million on net sales of INR152.4 million for 2013-14 (refers to
financial year, April 1 to March 31); and net profit of INR1.8
million on net sales of INR124.1 million for 2012-13.


ORCHID INDUSTRIES: CRISIL Suspends 'B+' Rating on INR200MM Loans
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Orchid
Industries Pvt Ltd.

                      Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           140       CRISIL B+/Stable Suspended

   Proposed Long Term
   Bank Loan Facility     16.8     CRISIL B+/Stable Suspended

   Term Loan              43.2     CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by OIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, OIPL is yet to
provide adequate information to enable CRISIL to assess OIPL'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'

OIPL, incorporated in 2004, and promoted by the Baid family,
manufactures torchon/bobbin lace, embroidered fabrics and laces,
and braided and crocheted laces. These products are used in a
broad range of garments, apparels, and home furnishings. The
company also undertakes embroidery assignments on job-work basis.


PAWANSUT AGROTECH: CRISIL Assigns 'B+' Rating to INR100.7MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank loan
facilities of Pawansut Agrotech Rice Mill Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            45        CRISIL B+/Stable
   Term Loan              55.7      CRISIL B+/Stable

The rating reflects its modest scale of operations in the
fragmented and competitive rice milling industry and its exposure
to ongoing project implementation and demand risk. These rating
strengths are partially offset by the considerable experience of
the promoters in the rice milling industry.

Outlook: Stable

CRISIL believes that PARMPL will continue to benefit over the
medium term from its promoters' considerable industry experience.
The outlook may be revised to 'Positive' if there is more than
expected improvement in its scale of operations and profitability
leading to better financial risk profile. The outlook may be
revised to ' Negative' in case of considerably low accruals,
lengthening of the working capital cycle or substantially more
than expected debt funded capital expenditure (capex) plans,
leading to weakening of its financial risk profile, especially
liquidity.

Formed in 2012-13 (refers to financial year, April 1 to
March 31), PARMPL was re-constituted as a private limited company
in 2013-14. The company is engaged in milling of raw rice in
Aurangabad, (Bihar). The day to day operations of the company is
being managed by Mr. Sanjeev Ranjan Kumar Singh.


PODDAR BROTHERS: CRISIL Suspends 'B-' Rating on INR79MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Poddar
Brothers Himghar Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          1        CRISIL A4 Suspended
   Cash Credit            55.1      CRISIL B-/Stable Suspended
   Proposed Long Term
   Bank Loan Facility     10.9      CRISIL B-/Stable Suspended
   Term Loan              11.5      CRISIL B-/Stable Suspended
   Working Capital
   Term Loan               1.5      CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by
PBHPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PBHPL is yet to
provide adequate information to enable CRISIL to assess PBHPL'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 2004, PBHPL has a multi-purpose cold storage
facility located in Paschim Medinipur district of WB. The cold
storage was previously owned by the government; however, in 2004,
the unit was taken over by PBHPL through a government auction.
Subsequently, the unit was renovated and modernised by PBHPL. The
cold storage provides storage facilities for agricultural
commodities, such as potatoes, jaggery, garlic, ginger, green
chillies, and tomatoes. The cold storage has six cooling chambers
with an installed capacity of 83,735 quintals.


PRECA SOLUTIONS: CRISIL Raises Rating on INR350MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Preca Solutions India Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Proposed Cash          20        CRISIL B+/Stable (Upgraded
   Credit Limit                     from 'CRISIL B-/Stable')

   Proposed Long Term    135        CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B-/Stable')

   Term Loan             155        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The upgrade reflects the improvement in PSPL's business risk
profile driven by successful ramp-up in its scale of operations,
while it registered healthy profitability margins. The upgrade
also reflects the expectation of a continued improvement in the
company's capital structure on the back of consistent growth in
its net-worth and the continued funding support it receives from
its promoters.

In its first full year of operation, PSPL is estimated to have
registered revenues of around INR190 million in 2013-14 (refers to
financial year, April 1 to March 31); the operating profit margins
of the company are estimated to be healthy at around 28.0 per
cent. CRISIL believes that the company's revenues would register
an annual growth rate of around 40 per cent over the next two
years on the back of its healthy order-book.

There has also been an improvement in PSPL's capital structure
with its gearing estimated to have declined to 2.2 times as on
March 31, 2014 from 3.0 times as on March 31, 2013 on the back of
moderate growth in its net-worth. The gearing of the company is
expected to further decline to 1.9 times as on March 31, 2015 on
the back of consistent growth in its net-worth and the continued
funding support it receives from its promoters.

The ratings continue to reflect PSPL's limited track record and
modest scale of operations, and its large working capital
requirements. The ratings of the company are also constrained on
account of its below-average financial risk profile marked by its
small net-worth, high gearing, and average debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters, and the
company's healthy order-book providing medium-term revenue
visibility.

Outlook: Stable

CRISIL believes that PSPL will continue to benefit over the medium
term from the continued funding support it receives from its
promoters, and its healthy order-book. The outlook may be revised
to 'Positive' if the company registers a higher-than-expected
growth in its revenues, while maintaining its profitability
margins, or there is a substantial improvement in its capital
structure on the back of sizeable equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative'
case of a steep decline in the company's profitability margins, or
significant deterioration in its capital structure caused most
likely because of a stretch in its working capital cycle.

PSPL was incorporated in 2008 by Mr. Satish Gottipati, Mrs Geetha
Gottipati, and Mr. Uri Kertes. The company manufactures pre-cast
and pre-stressed concrete elements, such as blocks, beams, slab
roofs, and columns. The company is based in Shankarapalli (Andhra
Pradesh) and started operations in November 2012.


RAJENDRA KUMAR: CRISIL Assigns 'B+' Rating to INR97.5MM Loan
------------------------------------------------------------
CRISIL has assigned its ' CRISIL B+/Stable ' rating to the long-
term bank facility of M/s. Rajendra Kumar Sureka & Others (RKS).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             97.5        CRISIL B+/Stable

The rating reflects RKS's exposure to risks associated with the
development of its proposed real estate project, and its
vulnerability to risks and cyclicality inherent in the Indian real
estate industry. These rating weaknesses are partially offset by
the favourable location of the firm's upcoming real estate
project, and the low funding risk associated with the same.

Outlook: Stable

CRISIL believes that RKS will benefit over the medium term from
the favourable location of its ongoing project. The outlook may be
revised to 'Positive' if the firm implements its project as per
schedule and receives better-than-expected response for the
project in terms of occupancy level or lease rental rates, and
thereby generates substantial rental income. Conversely, the
outlook may be revised to 'Negative' if there is a cost overrun
and/or delays in project execution, or if RKS receives a lower-
than-expected response for the project, resulting in low occupancy
rates or rental income and hence to deterioration in its liquidity
and financial flexibility.

RKS, an association of persons established by Guwahati-based Mr.
Rajendra Kumar Sureka, is currently developing a commercial mall-
cum-office space on G S Road in Guwahati (Assam). The other
associates of RKS are Mr. Sureka's brother, Mr. Krishna Kumar
Sureka, and mother, Mrs. Patiya Devi Sureka. The firm plans to
earn rental income by leasing out the commercial and office space.


RAJESHWARI IRON: CRISIL Reaffirms 'B+' Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rajeshwari Iron & Steel
Co. Pvt Ltd continue to reflect RISCPL's weak liquidity on account
of working-capital-intensive operations and small scale of
operations due to start-up nature of operations. These rating
weaknesses are partially offset by funding support from its
promoters leading to moderate capital structure, extensive
experience of promoters in trading business, and established
relationship with customers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      100        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that RISCPL will continue to benefit from the
extensive experience of its promoters in the trading industry. The
outlook may be revised to 'Positive' in case of more-than-expected
increase in scale of operations or profitability, leading to
larger-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-expected profitability
or larger-than-expected working capital requirements, leading to
deterioration in financial risk profile, particularly liquidity.

RISCPL was incorporated in Kolkata in 2008, promoted by Mr. Sumit
Kejriwal and his mother, Mrs. Asha Kejriwal. The company trades in
steel thermo-mechanically-treated bars, hot- and cold-rolled coil
and sheets, iron ore and coal.


RPL INDUSTRIES: CRISIL Suspends 'B' Rating on INR40MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
RPL Industries Pvt Ltd (RPIL, formerly Radhu Pvt Ltd).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B/Stable Suspended
   Letter of Credit       10        CRISIL A4 Suspended

The suspension of ratings is on account of non-cooperation by RPIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RPIL is yet to
provide adequate information to enable CRISIL to assess RPIL'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'

RPIL (formerly, Radhu Pvt Ltd), incorporated in 1982, was acquired
by Mr. Rakesh Mishra in October 2008. RPIL manufactures tyres for
cycles, motor cycles, three-wheelers, passenger cars, utility
vehicles, light commercial vehicles, and farm vehicles. The
company's plant in Ghaziabad (Uttar Pradesh) has an installed
capacity of 400 tonnes per day (tpd). RPIL has also integrated
backward into manufacturing zinc oxide and zinc ingots, with
capacity of 10 tpd.


SANJOG SUGARS: ICRA Assigns 'D' Ratings to INR41.12cr Loans
-----------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]D' to the
INR12.00 crore fund based limits and INR29.12 crores term loans of
Sanjog Sugars & Eco Power Private Limited.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits    12.00       [ICRA]D (assigned)
   Term Loan            29.12       [ICRA]D (assigned)

The ratings of the company are constrained by delays in debt
servicing due to stretched liquidity position as the operations of
the plant have been suspended since March 2013. ICRA also notes
that PPA is yet to be signed and the management is evaluating
various options for power selling model and depending on the
option chosen, the company will remain exposed to price and off-
take risk, the cash flows remain exposed to volatility in prices
of bio-mass and risks related to availability of bio-mass.
Although the parent entity Orient Green Power Company Ltd and an
established presence in the renewable energy industry however the
ratings are primarily constrained by the continued delays in debt
servicing.

Sanjog Sugars & Eco Power Private Limited (SSEP) was incorporated
in 2004 by J.K. Sagar and Prahlad Singh and their associates with
the objective of setting up a 10 MW bio-mass power plant in
Sangaria Tehsil, Hanumangarh District Rajasthan. Later during
August, 2009, Orient Green Power Company Ltd., (OGPL) acquired
78.94% stake in the company. SSEP is now a subsidiary of Orient
Green Power Company Limited who presently holds 83.92%of the
equity share capital in the Company. The 10.0 MW project was
commissioned in Nov 2011 and was funded by term loans of Rs.44.36
crores from Punjab National Bank. However the operations were
suspended in March 2013 as the company had opted for sale of power
through power exchange and the net tariff realized was un-
remunerative. The Company is now plans to sign PPA with the
Rajasthan state Discoms post which the operations at the plant are
expected to resume.

Recent Results
SSEP has reported a net loss of INR15.19 crore on an operating
income of INR1.05 crores in FY 2013-14 as compared to net loss of
INR14.25 crore on an operating income of INR18.35 crores in FY
2012-13.


SASANK COTTONS: CRISIL Suspends 'B+' Rating on INR60MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M/s
Sasank Cottons.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by
Sasank with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Sasank is yet to
provide adequate information to enable CRISIL to assess Sasank'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 2001 as a proprietorship concern, Sasank is engaged in
ginning and pressing of raw cotton and sells cotton lint and
cotton seeds. The company was promoted by Mr.M.Srinivasa Rao. It
operates through a leased ginning unit with an installed capacity
of 150 bales per day and is based out of Guntur in Andhra Pradesh.


SEVEN INDIA: ICRA Suspends 'D' Rating on INR12cr Loan
-----------------------------------------------------
ICRA has suspended the ratings of '[ICRA]D' assigned to the INR12
crore bank facilities of Seven India Hospitality Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SHRINE ENGINEERING: CARE Reaffirms 'B' Rating on INR2cr Bank Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shrine Engineering Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     2.00       CARE B Reaffirmed
   Short term Bank Facilities    3.50       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Shrine Engineering
Private Limited continue to remain constrained on account of its
weak liquidity and weak solvency position coupled with fluctuating
turnover as well as profitability. The ratings also factor in the
deterioration in capital structure and debt coverage indicators,
low order book position in the highly competitive and fragmented
nature of construction industry along with discontinuation of
transport business during FY14 (refers to the period April 1 to
March 31).

The ratings, however, continue to derive benefit from the vast
experience of the promoters and its association with reputed
clientele.

The ability of SEPL to improve its liquidity and solvency
position, increase its scale of operations along with overall
improvement in financial risk profile are the key rating
sensitivities.

SEPL was initially established as a partnership firm in 2006 under
the name Shrine Enterprise promoted by Mr Piyush Modhwadia and Ms
Priyanka Modhwadia. In 2007, it was converted into a private
limited company. SEPL is engaged in the civil construction, earth
work and drainage construction. SEPL also provided logistics
services and was earlier engaged in the transportation business.
SEPL is registered as a class 'A' contractor with Road & Building
Department of Gujarat (on the scale of AA to E-2, AA being
highest) and secures all the contracts through open bidding
process.

During FY14, SEPL reported a TOI of INR37.36 crore and PAT of
INR1.16 crore as against a TOI of INR27.58 crore and PAT of
INR0.72 crore during FY13. As per the provisional results for
2MFY15, SEPL registered a TOI of INR6.36 crore.


SICO CERAMIC: ICRA Reaffirms 'B+' Rating on INR5.82cr Loans
-----------------------------------------------------------
The rating of '[ICRA]B+' has been reaffirmed for the INR2.50 crore
fund based cash credit facility and the INR3.32 crore term loan
facility of Sico Ceramic Private Limited. The rating of '[ICRA]A4'
has been reaffirmed for the INR0.80 short term non fund based
facilities of SCPL.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limits     2.50       [ICRA]B+ reaffirmed
   Term Loan              3.32       [ICRA]B+ reaffirmed
   Bank Guarantee         0.80       [ICRA]A4 reaffirmed

The ratings continues to be constrained by limited track record of
the company's operations, small scale of planned operations in
relation to other larger organized ceramic tile manufacturers,
weak financial profile characterized by adverse capital structure
and debt coverage indicators as well as highly competitive
business environment on account of presence of large number of
organized as well as unorganized players in the region. The
ratings are also constrained by vulnerability of profitability and
cash flows to cyclicality inherent in the real estate industry,
which is the main consuming sector and to the availability and
increasing prices of gas, as gas is its major source of fuel.

The ratings, however, favorably factor in the long experience of
the promoters in the ceramic industry and the location advantage
enjoyed by SCPL with its plant located in ceramic hub of Morbi.
Further SCPL's foray into digital printing tiles is expected to
support revenue growth.

Sico Ceramic Private Limitedis engaged in manufacturing of wall
tiles with its plant situated at Morbi, Gujarat. The company was
incorporated in 2010 and is promoted by Mr. Harjivan Mohot, Mr.
Kantilal Goriya, Mr. Sandip Vidja and Mr. Ketan Aghara. The
commercial operations were commenced in June 2011 with an
installed capacity of 25110 MTPA. It currently manufactures wall
tiles of sizes 10"x13", 10"x10" with the current set of
machineries and production facilities.

Recent Results

For the year ended 31st March, 2014, SCPL reported an operating
income of INR12.13 crore and profit after tax but before
depreciation of INR0.45 crore.


SRI PALANI: CRISIL Suspends 'B' Rating on INR89.4MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Erode
Sri Palani Murugan Spinning Mills Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          1        CRISIL A4 Suspended
   Cash Credit            20        CRISIL B/Stable Suspended
   Proposed Long Term
   Bank Loan Facility     22.6      CRISIL B/Stable Suspended
   Term Loan              46.8      CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by ESPM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ESPM is yet to
provide adequate information to enable CRISIL to assess ESPM'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'

ESPM established as a partnership firm called Erode Sri Palani
Murugan Spinning Mills in June 2004 by Mr. E Palanisamy, Mr. D
Yuvaraj, Mr. S Palanisamy, Mr. R Ponnusamy, Mr. R Gandhimathi, Mr.
M Valarmathi, and Mr. K Eswari. The partnership was converted into
a private limited company in December 2006.


TIRUPATI BALAJEE: CARE Reaffirms 'B+' Rating on INR9.52cr Loan
--------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of Tirupati
Balajee Nutrition Pvt Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     9.52       CARE B+ Reaffirmed

Rating Rationale

The rating for the bank facilities of Tirupati Balajee Nutrition
Pvt Ltd (TBNPL) continue to remain constrained by its nascent
stage of operations, short track record of the promoters, debt
funded expansion project, raw material price fluctuation and
availability risk with susceptibility to vagaries of nature and
highly competitive, fragmented and government-controlled nature of
the industry. These factors far outweigh the benefits derived from
the locational advantage of the plant, government support and
insulation from economic cycle with stable demand outlook.
The ability of the company to increase the scale of operations
with improvement in the profitability, effective management of the
working capital, ability to complete the project successfully and
derive the benefits as envisaged would be the key rating
sensitivities.

Tirupati Balajee Nutrition Pvt Ltd, incorporated in December 2008,
was promoted by the Roy family based out of Danapur, Bihar, under
the guidance of Mr Ritesh Kumar Roy to set up a flour mill (both
Roller Flour Mill and Atta 'Chakki'). TBNPL commenced commercial
production on August 2012 upon commissioning of its plant at Bihta
(Bihar) with an installed capacity of 54,000 MTPA and is engaged
in the manufacturing of different flour qualities like "Atta",
"Maida" and "Suzi" and markets its products in the brand name of
"Nandan Bhog". TBNPL procures wheat from wholesalers and
commission agents present in local grain markets and sell its
products to wholesale traders in the states of Bihar, Orissa,
Jharkhand and West Bengal.  Currently, in view of rising demand of
flour products the company is in the process of expanding its
flour mill facility (by 54,000 MTPA) at its existing plant at an
aggregate cost of Rs3.46 crore, being financed at a debt: equity
of 2.26:1. The project is in the final stage of implementation and
the same is likely to start commercial operations from July 2014.

During FY14 (provisional) [refers to the period April 1 to
March 31], the company reported a total operating income of
INR50.8 crore (FY13: INR35.1 crore) and a PAT of INR0.2 crore
(FY13: INR0.2 crore).


UMARPUR RICE: CRISIL Suspends 'D' Rating on INR130MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Umarpur
Rice Mills Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          2        CRISIL D Suspended
   Cash Credit            90        CRISIL D Suspended
   Term Loan^              6.90     CRISIL D Suspended
   Term Loan               7.70     CRISIL D Suspended
   Term Loan              23.40     CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
URMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, URMPL is yet to
provide adequate information to enable CRISIL to assess URMPL'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'

URMPL, incorporated in 2006, manufactures par-boiled rice. The
Kolkata (West Bengal)-based company was taken over by the present
promoters in October 2011. The day-to-day activities of the
company are being managed by Mr. Abhijit Halder.


VAISHANAVI ISPAT: CRISIL Puts 'D' Rating on INR863.6MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISSIL D' ratings to the long-
term bank facilities of Vaishanavi Ispat Ltd.  The ratings reflect
instances of delay by VIL in servicing its debt; the delays have
been caused by the company's weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan            418.6       CRISIL D
   Cash Credit          370         CRISIL D
   Letter of Credit      75         CRISIL D

VIL also has a weak financial risk profile, with working-capital-
intensive operations in the highly fragmented steel industry. The
company, however, benefits from the extensive entrepreneurial
experience of its promoters.

VIL was initially incorporated as a private limited company on
April 13, 2005, promoted by Mr. Giriraj Ratan Binani, and Mr.
Subhendu Bhattacharjee. Subsequently, this company was
reconstituted as a limited company with the current name in 2010-
11 (refers to financial year, April 1 to March 31). VIL set up a
steel melting shop comprising an induction furnace of 8 tonnes per
annum (tpa) capacity and a 16-inch rolling mill of 12 tpa capacity
to manufacture stainless steel products (ingots, rounds, and
bars). The installed capacity of the plant is 66,000 tpa. The
plant is located at Bamunara, in the Burdwan district of West
Bengal.


VIKRAM HOSPITAL: CARE Assigns 'D' Rating to INR88.57cr Loans
------------------------------------------------------------
CARE assigns 'CARE D' ratings to bank facilities of Vikram
Hospital (Bengaluru) Private Limited.

                               Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities     85.70     CARE D Assigned
   Short-term Bank Facilities     2.87     CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Vikram Hospital
(Bengaluru) Private Limited factors in the ongoing delays in
debt-servicing on account of the stressed liquidity position of
the company.

Vikram Hospitals (Bengaluru) Private Limited was incorporated on
February 27 2009 by Dr. S.B. Vikram in Bangalore. The hospital
offers multi-specialty services with the facility capable of
housing 225 beds (presently 149 operational beds), 70 specialists
and 700 allied health staff providing medical services in all
clinical disciplines including Cardiology, Neurology, Orthopedic,
Gastroenterology, Urology, Oncology etc.

VHPL was initially incorporated as a wholly owned subsidiary of
Vikram Hospitals Private Limited (a company having a hospital in
Mysore) and subsequently in July 2013, Multiples private equity
took over 95.56% stake in the company.  Multiples Private Equity
is a US$400 million fund started by Ms Renuka Ramnath who was
initially heading ICICI Venture

Capital Ltd. Mr Sudhir Pai J, executive director and CEO takes
care of the day-to-day functioning of the hospital.

As per the provisional results for FY14 (refers to the period
April 1 to March 31), VHPL recorded a loss of INR13.3 crore on
a total operating income of INR81.5 crore.


VISHWAS MILK: CRISIL Assigns 'B+' Rating to INR75MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vishwas Milk Products Pvt. Ltd (VMP).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              5.3        CRISIL B+/Stable
   Proposed Short Term
   Bank Loan Facility    10          CRISIL A4

   Cash Credit           35          CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility    34.7        CRISIL B+/Stable

The ratings reflect the modest scale of operations in highly
fragmented dairy industry and low profitability. These rating
weaknesses are partially offset by promoters' extensive industry
experience, efficient working capital management and above average
financial risk profile marked by above average debt protection
metrics.

Outlook: Stable

CRISIL believes that VMP will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in scale of operations while improving its
profitability leading to higher than expected cash accruals, or
improvement in capital structure leading to better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case the company's profitability or revenues decline, resulting in
lower-than-expected cash accruals, or it undertakes any larger-
than-expected debt-funded capital expenditure programme,
constraining its financial risk profile.

VMP was incorporated in 2008 by Mr. Sanjeev Arora and his wife Ms.
Upasana Apora. The company manufactures milk and its by-products
such as skimmed milk powder and ghee. The plant is located in
Fatehgarh Churian (Punjab) with a capacity of processing two lakh
litres of milk per day.



=================
I N D O N E S I A
=================


MERPATI NUSANTARA: Needs to Overhaul Management, House Says
-----------------------------------------------------------
The Jakarta Post reports that in a bid to solve problems in debt-
stricken carrier PT Merpati Nusantara Airlines, the government
needs to overhaul the top management of the airline and launch an
investigation into the company, according to the findings of a
House of Representatives committee.

The findings were outlined in an 11-page report that was prepared
by a committee specifically set up for the Merpati issue, the
Jakarta Post relates.  According to The Jakarta Post, the report
contains a number of recommendations for the State-Owned
Enterprises Ministry, which is the airline's major shareholder and
currently owns 97 percent of Merpati's shares.

The Jakarta Post says the recommendations include an investigative
audit by the Supreme Audit Agency (BPK), coordination between the
ministry and related ministries, the replacement of the current
board of directors, as well as feasible business plans.

"The lingering problems in Merpati are mainly due to human error
in the form of corruption, collusion and nepotism, mismanagement
and a lack of supervision from the State Owned-Enterprises
Ministry," the report, as cited by The Jakarta Post, said.

The Jakarta Post notes that the House's working committee said in
the report that Merpati's current president director, Asep
Ekanugraha, and the company's commissioner, Abhy Widya, were
granted a total of IDR327.5 million (US$27,961) in allowances last
year at a time when Merpati was still in a critical condition.

"The granting of the allowances was not in line with government
regulations," the report stated.

The report also mentioned that Merpati had leased a number of its
aircraft to certain companies at prices below the price ceiling
defined by an air transportation director general's regulation,
according to The Jakarta Post.

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 6, 2014, Antara News said that state-owned airline Merpati
Nusantara Airlines has temporarily shut down its operation in the
face of its consolidation period, according to a cabinet minister.

The state-owned airline which is now burdened with debts amounting
to IDR6.7 trillion has been carrying out restructuring since 2005.
It has spent IDR3.6 trillion for its salvaging efforts, according
to Antara News.



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


MT. GOX: Pays $188,763 to Parent Company
----------------------------------------
Takashi Mochizuki at The Wall Street Journal reports that further
draining a pool of assets that will eventually be distributed to
its creditors, defunct bitcoin exchange Mt. Gox has paid $188,763
to Tibanne, its parent company, as a part of its liquidation.

A heavily blacked-out application to make the payments, which was
submitted by a court-appointed trustee for Mt. Gox, was revealed
on a website called goxdox.com, according to the Journal. Two
people familiar with the matter have confirmed the authenticity of
the document filed with the Tokyo District Court in May, the
Journal says.

While the purpose of the transaction was redacted, the people
close to the matter said the money was for office rent, employee
payrolls and Internet server fees, the Journal relates.

In Japan, the Journal notes, it is common for a company that is
being liquidated to make these types of payments as firms that are
being broken up are required to try to pay off their outstanding
debts and obligations before distributing leftover assets to
creditors.

The Journal relates that the goxdox.com document shows that the
trustee asked the court for permission to make the payment, saying
it is "necessary" and "appropriate."

"This transaction won't disadvantage creditors in an unreasonable
manner," trustee Nobuaki Kobayashi said in the document. Mr.
Kobayashi was not available for comment.

The Journal notes that even though liquidation in Japan typically
means creditors receive almost none of the money that they
initially put up, many of the exchange's 127,000 creditors are
upset by the payment, with their anger focused on Mt. Gox chief
Mark Karpeles.

According to the Journal, Mr. Karpeles is the head of both Tibanne
and the exchange. All of the workers servicing the exchange were
Tibanne employees, and the two companies shared the same rental
office in Tokyo's Shibuya district.

"It's hard to understand why the court is approving Mt. Gox's
payment to Tibanne," the Journal quotes Yoshimitsu Homma, a Mt.
Gox creditor and president of Japan Digital Money Association, as
saying.

The Journal notes that the application, issued on May 23, showed
the exchange has $7.5 million in cash. It is not clear whether
that amount was before or after the payment to Tibanne, which was
invoiced on May 15. The exchange, when it collapsed in February,
had $38 million in assets, including $5 million in cash.

The Tokyo-based exchanged filed for bankruptcy in February, saying
850,000 bitcoins, worth half a billion dollars, were stolen. It
later claimed to have discovered 200,000 bitcoins, but most of the
still-missing 650,000 bitcoins belong to creditors.

According to the Journal, Mt. Gox's creditors are focused on how
the trustee plans to distribute the 200,000 recovered bitcoins.
While some of them hope these bitcoins will be returned to them in
the form of bitcoins, it is unclear whether Japanese law will
allow it.  They are also concerned about a possible sharp fall in
the bitcoin market if the trustee turns all of the bitcoins into
cash, the report relays.

The exchange will hold its first meeting with its creditors on
July 23, but it is not clear whether Mr. Karlepes will attend the
gathering, the Journal notes.

The Journal adds that Mr. Karpeles is selling assets of Tibanne,
including the possibly high-value domain name bitcoins.com. He
said after he sets aside funds needed to run web-hosting company
Tibanne for a while, he is willing to use the remaining funds to
pay back creditors.

                           About Mt. Gox

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

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

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

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



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


BULLET FREIGHT: 200 Jobs Axed as Receivers Fail to Find Buyer
-------------------------------------------------------------
Richard Meadows at Stuff.co.nz reports that as many as 200 Bullet
Freight Systems workers have lost their jobs, after receivers
failed to find a quick buyer for the company over the weekend.

The nationwide logistics firm was placed into receivership on July
4 by director Paul Elliott, who could not immediately be reached
for comment.

Stuff.co.nz says receivers PPB Advisory tried to arrange a quick
sale over the weekend, but no willing buyer could be found for the
whole group which has depots in Auckland, Hamilton, Wellington,
Nelson, Blenheim, Christchurch and Dunedin.

According to the report, New Zealand managing partner David Webb
said in a statement PPB had been forced to notify "the majority of
employees" that their jobs were gone.

"It's not a decision that's been taken lightly, and all employment
wages . . . were paid up until 5pm yesterday afternoon," the
report quoted Mr. Webb as saying.

A spokesman for PPB could not confirm the exact number of job
losses, the report notes.

First Union represents 34 workers at the company's East Tamaki
site estimated up to 200 jobs had been lost across the company's
depots, according to Stuff.co.nz.

The report says related companies Strait Freight and Strait
Linehaul, part of the same logistics group, have also been placed
into receivership.

The receiver's first report is due in September, the report notes.

David Webb -- dwebb@ppbadvisory.com -- John Larner --
jlarner@ppbadvisory.com -- and Nicholas Martin --
nmartin@ppbadvisory.com -- of PPB NZ Ltd were appointed as
receivers of the company on July 5.

Bullet Freight is a logistics company. The company has seven
branches throughout New Zealand.


GENESIS BUILDERS: Director Hired to Complete Unfinished Homes
-------------------------------------------------------------
Charles Anderson at The Press reports that the director of Genesis
Builders, a Canterbury building firm that went bust owing about
NZ$1.5 million, is working for another company hired to complete
the unfinished work.

The Press relates that one contractor who is owed tens of
thousands said it is a "kick in the teeth" to homeowners.

In March, the report notes, Genesis Builders was put into
liquidation owing about NZ$1.5 million to more than 50 creditors
and a single shareholder.

The firm's collapse has also further stalled work on homes it was
meant to complete more than a year ago, the report says.

Now Danny Hunt, the company's sole director, is back working as a
salesman for Platinum Homes, which the insurer for Genesis
enlisted to complete the costings for the company's outstanding
work, according to The Press.

"The biggest thing is that the owners still carry on and seem to
start up in some capacity," the report quotes Mark Bryant, owner
of Celcrete Cladding Solutions, as saying. "It's bit of a kick in
the teeth for the homeowners."

The Press relates that Mr. Hunt said he was "completely divorced"
from any work to do with Genesis in his current role.  "I'm a
commissioned salesman and I haven't got involved in any of that."
He did not provide further comment.

According to the report, Mr. Bryant said he was owed tens of
thousands of dollars by Genesis but held out little hope of
getting any of it back.

"It just means you have to control your debtors and you don't put
them out too far -- if you can't make a business work now, you
will never make it work."

A liquidator's report seen by The Press said: "Based on the
information received to date it would appear that the failure of
the company is attributable to poor project management, including
a lack of adequate supervision of jobs, the requirement for
significant remedial work, poor pricing and inadequate back
costing."

Another roofing company is owed about NZ$80,000, the Press
discloses.


HANOVER FINANCE: Court Date Set For July 2015
---------------------------------------------
Suze Metherel at BusinessDesk reports that the directors and
promoters of the failed Hanover Finance group of companies will
have their day in court in the middle of next year, more than
three years after civil proceedings were filed against them by the
Financial Markets Authority.

BusinessDesk relates that FMA said a 12-week hearing in the
High Court in Auckland will start on July 20 next year when
defendants Mark Hotchin, Eric Watson, Gregory Muir, Sir Tipene
O'Regan, Bruce Gordon and Dennis Broit face the regulator's claim
they signed off on untrue prospectuses and misleading
advertisements concerning the period between December 2007 and
July 2008, during which time NZ$35 million was deposited with the
lender.

According to BusinessDesk, the regulator is seeking compensation,
declarations of civil liability, civil pecuniary penalties of up
to NZ$500,000 against each of the five directors and promoters,
and said they each face a five-year management ban if pecuniary
penalties are found.

The hearing date comes more than a year after the Serious Fraud
Office completed its NZ$1.1 million, 32-month probe into Hanover,
which raised some concerns around the lender's behaviour but found
nothing that crossed the threshold to warrant a criminal
prosecution, says BusinessDesk.

In July 2008, Hanover Finance froze NZ$554 million of funds for
its 17,000 investors after running into financial difficulties
before convincing them to accept a disastrous deal where their
debt was swapped for equity in Allied Farmers.

Principal Mark Hotchin's assets have been frozen since
December 2010 by the FMA's predecessor, the Securities Commission,
including the proceeds from his multi-million dollar mansion on
Auckland's exclusive Paritai Drive, the report adds.

                      About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.

SFO on April 30, 2013, said it has completed its investigation
of Hanover Finance, bringing to an end its investigations into the
2007/08 finance company collapses. That process, which saw SFO
investigate 15 separate companies, resulted in criminal
prosecutions in relation to nine companies. Overall, 23
individuals have faced charges laid by SFO.


MTF VALIANT: Fitch Assigns 'B(EXP)sf' Rating to Class F Notes
-------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Outlooks to MTF
Valiant Trust 2014, which is backed by New Zealand auto loan
receivables, due July 2022. The expected ratings are as follows:

NZD132.3 million Class A notes: 'AAA(EXP)sf'
NZD5 million Class B notes: 'AA(EXP)sf'; Outlook Stable
NZD4.38 million Class C notes: 'A(EXP)sf'; Outlook Stable
NZD2 million Class D notes: 'BBB(EXP)sf'; Outlook Stable
NZD1.88 million Class E notes: 'BB(EXP)sf'; Outlook Stable
NZD0.9 million Class F notes: 'B(EXP)sf'; Outlook Stable
NZD3.56 million Seller notes: not rated

The notes will be issued by Trustees Executors Limited in its
capacity as trustee of MTF Valiant Trust 2014. MTF Valiant Trust
2014 is a legally distinct trust established pursuant to a master
trust and security trust deed. The assignment of final ratings is
contingent on the receipt of documents conforming to information
already received.

At the cut-off date the total collateral pool consisted of 14,246
auto loan receivables totalling approximately NZD150m, with an
average obligor exposure of NZD10,582. The loan receivables,
originated by Motor Trade Finances Ltd (MTF), are amortising
principal and interest loans for both new (11%) and used (89%)
vehicles. The transaction includes a revolving period of two years
from closing that is contingent upon various no stop origination
events subsisting. During the two year period, loans may be
substituted, subject to eligibility criteria, which includes a
maximum exposure of NZD100,000 and a minimum pool yield threshold.
The current maximum exposure is NZD96,627.

Key Rating Drivers

Asset Performance: Historic net losses have been minimal due to
the alignment of interests between MTF and the originating parties
via a back to back loan agreement.

Yield Support Mechanism: The weighted average yield generated by
the cash balance held in the designated account, and the
receivables pool must remain above 9% during the revolving period.
This calculation is weighted by the remaining term of the
contracts to ensure yield is maintained as the pool amortises.
Following Fitch's cash flow analysis, it was confirmed that excess
was available under all stressed scenarios tested.

Pool Quality: Wide-ranging parameters manage the concentrations in
the portfolio, which include (but are not limited to) controls on
high-risk loans, contract size, geographic distribution, single-
dealer and franchisee concentration, maximum obligor exposure and
restrictions on non-standard motor vehicles.

Stop Origination triggers: The revolving period does expose the
note holders to additional risks with respect to a longer time
horizon and portfolio asset quality. The revolving period is
limited to two years from closing, unless stop origination
triggers are met which include the abovementioned pool parameters
and yield support levels along with, but not limited to,
performance-based arrears, loss and charge-off stop origination
triggers.

Excess Spread: Once 30+ day arrears, averaged over the previous
three-month period, exceed 3.5%, 50% of available excess will be
allocated to the excess spread reserve. If a stop origination
event subsists, 100% of available excess will be allocated to the
excess spread reserve. If the ratings of any notes are less than
that at closing, any proceeds held may be used to repay principal
on the rated notes after covering income and loss shortfalls

Rating Sensitivity

Increases in the frequency of defaults could produce loss levels
higher than Fitch's base case, which could result in negative
rating actions on the notes. Fitch evaluated the sensitivity of
the ratings of MTF Valiant Trust 2014 to increased defaults and
decreased recovery rates over the life of the transaction. Its
analysis found that collectively, the ratings of the class A notes
were susceptible to downgrades under all stress levels tested,
while the class B and C notes remain susceptible under medium
(25%) to severe (50%) default stress. The class D notes were
impacted only after a severe increase in defaults while the class
E and F notes remained steady under all default stresses. Only the
class A and C notes were susceptible to downgrades, if recovery
rates fall by at least 50%, while all other classes remained
stable under all recovery rate stresses.

Fitch's key rating drivers and rating sensitivity analysis is
discussed in the corresponding presale report entitled "MTF
Valiant Trust 2014", published today. Included as an appendix to
the report are a description of the representations, warranties,
and enforcement mechanisms



================
S R I  L A N K A
================


SRI LANKA: S&P Affirms 'B+' Long-Term Sovereign Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term and
'B' short-term sovereign credit ratings on the Democratic
Socialist Republic of Sri Lanka.  The outlook remains stable.
S&P's transfer and convertibility risk assessment on Sri Lanka is
unchanged at 'B+'.

RATIONALE

The sovereign rating on Sri Lanka reflects the country's
relatively low levels of wealth, improving but still moderately
weak external liquidity, and a sizable government debt and
interest burden.  In addition, some of the country's political
institutions lack extensive checks and balances, posing risks to
Sri Lanka's institutional and governance effectiveness.

These rating constraints weigh against the country's robust growth
prospects.  The factors that help Sri Lanka's growth are
government investment, including measures to reconstruct the
northern districts, the improving financial performance of public
enterprises, increasing tourist arrivals, and declining inflation,
which S&P expects to remain in the single digits.

Although S&P expects Sri Lanka's external liquidity to improve in
the next few years, it remains exposed to international liquidity
conditions.  Standard & Poor's projects Sri Lanka's gross external
financing needs in 2014-2017 will average 106% of current account
receipts (CAR) plus usable reserves, with an improving trend.  S&P
also forecasts that the country's external debt -- net of official
reserves and financial sector external assets -- will approximate
125% of CAR this year.  In S&P's view, external net debt stock
measure will gradually decline to below 110% by 2017.

S&P expects Sri Lanka's gross international reserves to remain at
three months' coverage of current account payments in December
2014, similar to 2012 and 2013 levels.  Despite increasing
remittances by overseas Sri Lankans and rapidly increasing
earnings from tourism, the expansion of current account payments
will match the growth in foreign currency reserves.

Fundamental fiscal weaknesses remain although the government's
fiscal metrics have improved over the past four years.  S&P
projects annual growth in general government debt to average 6.7%
of GDP for 2014-2017.  In conjunction with robust nominal GDP
growth and some fiscal consolidation, S&P expects net general
government debt to decline below 70% of GDP at year-end 2016 from
78% in 2013.  The rate of decline could slow, however, should the
rupee depreciate further against major currencies, as 44% of
government debt is denominated in foreign currencies.  In
addition, S&P projects that the attendant interest burden will
comprise about a third of government revenue through 2017.  The
debt service burden is thus among the highest for the 130
sovereign governments S&P rates.

The Sri Lankan government has made marked progress in turning
Ceylon Electricity Board to a profit and reducing the losses in
Ceylon Petroleum Corp., two of the most significant state-owned
entities.  As a result, S&P estimates aggregated debts of the
state-owned entities to have declined in 2013.  These entities,
however, still represent a sizable portion of claims in the
domestic financial system, and therefore remain contingent fiscal
risks to the government.

"We have incorporated Sri Lanka's favorable growth prospects in
our projection.  We expect the country will most likely maintain
per capita real GDP growth of close to 6% per year in the next few
years.  We believe stronger growth may be possible if the business
environment improves and net foreign direct investment rises above
its current pace of about 1.5% of GDP.  However, Sri Lanka's high
growth could raise the risk of economic overheating because of
capacity constraints," S&P said.

After completion of the International Monetary Fund's Standby Loan
Program in July 2012, the country agreed with the IMF for "Post-
Program Monitoring."  S&P expects Sri Lanka to be able to secure
new external liquidity support from the IMF or bilateral sources
if the need arises.

OUTLOOK

The stable outlook reflects S&P's view that growth prospects for
Sri Lanka's per capita real GDP will be more than 5.5% in the next
few years and the government's fiscal profile could improve over
the next 12 months.

S&P may raise the rating if Sri Lanka's external and fiscal
indicators improve faster than it projects, or if S&P believes the
strength of Sri Lanka's institutions and governance practices are
on a significant and sustained improving trend.

Conversely, S&P may lower the rating if, contrary to its
expectation, the country's external liquidity deteriorates or if
Sri Lanka's growth and fiscal consolidation prospects worsen
significantly.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.

RATINGS LIST

Ratings Affirmed

Sri Lanka (Democratic Socialist Republic of)
Sovereign Credit Rating                B+/Stable/B

Sri Lanka (Democratic Socialist Republic of)
Senior Unsecured                       B+



                             *********

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

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

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


                            *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***