TCRAP_Public/140715.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, July 15, 2014, Vol. 17, No. 138


                            Headlines


A U S T R A L I A

COMPTON FELLERS: In Administration; First Meeting Set July 18
CONFECTIONERY PLUS: Placed Into Administration
HAMILTON R S L: Placed in Administration
TEMPLETON CONSTRUCTIONS: Goes Into Liquidation
* Chap. 11 Again Mooted as an Option For OZ's Insolvency Regime


C H I N A

SOLAR POWER: Unit Inks Cooperation Agreement with Fenyi County


H O N G K O N G

CHINA PRECISION: Common Stock Delisted From NASDAQ


I N D I A

ARIHANT JEWELS: ICRA Assigns B+ Rating to INR5cr Loan
ASACO PRIVATE: CARE Assigns B- Rating to INR6.20cr Bank Loan
ASHISH EXPORTS: CARE Assigns 'B/A4' Rating on INR0.50cr Loan
BIL ENERGY: CRISIL Suspends 'D' Rating on INR740MM Loans
BISWAJANANI COLD: CRISIL Puts 'B-' Rating on INR76.5MM Loans

BRINDAVAN ROLLER: CRISIL Suspends 'B+' Rating on INR90MM Loans
CHANDI STEEL: ICRA Reaffirms 'B+' Rating on INR23.80cr Loans
ENCORP POWERTRANS: CRISIL Ups Rating on INR90MM Loans to 'B-'
GIRNA INFRAPROJECTS: CRISIL Suspends B+ Rating on INR15MM Loan
GKC PROJECTS: CRISIL Cuts Rating on INR22.35BB Loans to 'D'

HI TECH STAMPINGS: CRISIL Assigns 'B+' Rating to INR37MM Loans
HULDIBARI INDUSTRIES: CRISIL Reaffirms B+ Rating on INR69.3M Loan
J. D. SONS: CARE Assigns 'B+' Rating to INR26.50cr Loans
KAYTEE CORPORATION: CRISIL Suspends B- Rating on INR30MM Loans
KKN OIL: CRISIL Suspends 'D' Rating on INR126.6MM Loans

LAKSHMI SUGAR: ICRA Lowers Rating on INR107.2cr Loans to 'B-'
LAXMI COTTON: ICRA Assigns 'B+' Rating to INR8cr Loan
MAKRO CAST: CARE Lowers Rating on INR36cr Bank Loan to 'D'
MATRIX HOMES: ICRA Withdraws 'B+' Rating on INR5.5cr Loan
MEDHA POWER: ICRA Suspends 'B+' Rating on INR34cr Loan

MGI INDIA: CRISIL Assigns 'B-' Rating to INR30MM Loans
NAR INFRA: CRISIL Reaffirms 'B+' Rating on INR40MM Loans
OHM HIGHLINE: ICRA Revises Rating on INR8.5cr Loans to 'B-'
PRAKASH SPONGE: CRISIL Suspends 'D' Rating on INR290MM Loans
RAMKY PHARMA: ICRA Assigns 'B-' Rating to INR15cr Loan

RATANPUR COLD: CRISIL Reaffirms 'B' Rating on INR37.8MM Loans
SARDA PLYWOOD: CRISIL Cuts Rating on INR359.6MM Loan to 'B'
SHIVALIK POLYADD: ICRA Assigns 'B+' Rating to INR9.13cr Loans
SHRI BALAJI: ICRA Assigns 'D' Rating to INR12cr Loan
SHRI BHOGAWATI: CRISIL Suspends 'C' Rating on INR500MM Loan

SMART LIGHTS: ICRA Cuts Rating on INR3.89cr Term Loan From 'B+'
SWASTIK COPPER: ICRA Suspends 'B+/A4' Rating on INR50.13cr Loan
V CARE: ICRA Reaffirms 'B+' Rating on INR5.60cr Loan
VAIBHAV COTTON: ICRA Assigns 'B+' Rating to INR20cr Loans
VISHWARUPA STEEL: CRISIL Suspends 'D' Rating on INR350MM Loans


N E W  Z E A L A N D

PURPLE DOT: Winemaker Goes Into Liquidation


S O U T H  K O R E A

STX GROUP: Regulators to Reprimand Main Creditor


X X X X X X X X

* BOND PRICING: For the Week July 7 to July 11, 2014


                            - - - - -


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


COMPTON FELLERS: In Administration; First Meeting Set July 18
-------------------------------------------------------------
David Ingram -- dingram@hallchadwick.com.au -- Brent Kijurina --
bkijurina@hallchadwick.com.au --  and Richard Albarran --
ralbarran@hallchadwick.com.au -- of Hall Chadwick were appointed
as administrators of Compton Fellers Pty Limited on July 8, 2014.

A first meeting of the creditors of the Company will be held Hall
Chadwick - Sydney, Level 40, 2 Park Street, in Sydney on
July 18, 2014, at 10:30 a.m.


CONFECTIONERY PLUS: Placed Into Administration
----------------------------------------------
Kirsten Robb at SmartCompany reports that a cake business, which
once had its own reality television show, has been placed into
administration for the second time.

The collapse of Confectionery Plus, which traded as Planet Cake,
follows a string of cake businesses to have recently gone under,
the report relates.

SmartCompany says the company collapsed into administration in
2012, but after attempts to restructure the business and keep it
afloat failed, administrator Peter George Burton --
pburton@burtonglennallen.com.au -- from Burton Glenn Allen was
again appointed on July 3.

Planet Cake founder Paris Cutler, who starred as the perfectionist
'Cake Queen' in the 2011 Lifestyle Channel show named after her
business, has told BRW she is concerned about $93,000 of unpaid
superannuation for her staff, the report says.

But Mr. Burton told SmartCompany there were no assets available to
sell in order to compensate employees and Cutler would need to
organise compensation personally if staff were to be paid.

"The federal government's Fair Entitlement Scheme recovers
employee entitlements, but does not cover superannuation," the
report quotes Mr. Burton as saying. "[Cutler] is personally in
communication with the Taxation Office to see what can be done
there."

According to the report, Mr. Burton said the company collapsed due
to trading losses and an untenable business model.

He said the ATO is Confectionery Plus's major creditor, with a
debt of $136,000. There is also a further $49,000 owed to several
trade creditors, on top of the $93,000 in unpaid super.

The first meeting of creditors will be held in Sydney today,
July 15, the report discloses.

Mr. Burton confirmed a completely unrelated party has purchased
the business name 'Planet Cake' and the URL planetcake.com.au and
BRW reported Ms. Cutler will stay on as an 'ambassador', which may
involve writing new cake cookbooks or media appearances for which
she may be paid, SmartCompany adds.


HAMILTON R S L: Placed in Administration
----------------------------------------
Simon Thorn and Trudy-Lee Hickey of PKF Lawler were appointed as
administrators of Hamilton R S L Club Ltd on July 8, 2014.

A first meeting of the creditors of the Company will be held at
PKF Lawler, 755 Hunter Street, in Newcastle West, New South Wales,
on July 18, 2014, at 11:00 a.m.


TEMPLETON CONSTRUCTIONS: Goes Into Liquidation
----------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Templeton
Constructions Pty Ltd fell into the hands of liquidators owing
money to about 100 creditors.  Clifton Hall's Timothy James
Clifton -- tclifton@cliftonhall.net.au -- and Mark Christopher
Hall -- mhall@cliftonhall.net.au -- were appointed as liquidators
of the Mount Gambier business on June 27, 2014.

A creditors' meeting was scheduled on July 7 at The Quality Inn
Presidential with the exact amount of money owed by the company to
be given clarity, the report says.  After the assets and
unfinished contracts of the company were audited, the workers had
been stood down, according to dissolve.com.au.

A spokesperson for the liquidators said that it is too early to
determine the reason of Templeton Construction's collapse, the
report adds.


* Chap. 11 Again Mooted as an Option For OZ's Insolvency Regime
---------------------------------------------------------------
Nick Poole and Peter Bowden at Clayton Utz report that a Senate
Committee has said amendments to Australia's corporate insolvency
laws should be considered to encourage and facilitate corporate
turnarounds.

Clayton Utz says the Senate Economics References Committee called
for a review of Australia's corporate insolvency laws to ensure
they facilitate corporate turnarounds. One suggestion was for the
implementation of certain features of the US' Chapter 11 regime
into Australia's insolvency laws, the report relates.

According to the report, despite the focus of the inquiry being on
the performance of ASIC, the Committee received submissions
throughout the inquiry calling for fundamental changes to how
large corporate insolvencies are undertaken in Australia. Amongst
the submissions was a suggestion that Australia adopt Chapter 11-
like provisions which put "recovery ahead of burial".

Clayton Utz notes that the Committee's Report referred to comments
by the chairman of the Australian Restructuring Insolvency and
Turnaround Association (ARITA) that the previous Government had
considered some reforms to the Australia insolvency regime
intended to harmonise regulation and empower creditors. However,
whether or not Australia should adopt a Chapter 11-like framework
(or if, for example, Australia should consider the US approach to
ipso facto clauses) was not necessarily dealt with in the previous
Government's proposal.

Further, the Report quoted ASIC Chairman Greg Medcraft as
describing Chapter 11 as "a very good system," Clayton Utz says.
In Mr. Medcraft's view this was because, amongst other things,
Chapter 11 "retains management with the company, as opposed to
handing the management to an insolvency expert," the report
relays.

Quoting ARITA, the Report also outlined some of the arguments
commonly made against Chapter 11, says Clayton Utz. These included
that it is expensive given the supervisory function performed by
the Court, and that different attitudes to corporate failure in
Australia compared to the US may make it difficult to leave a
company in the hands of existing management. Despite this, certain
changes, particularly regarding a common regulator in respect of
personal and corporate insolvency and the capping of fees in
smaller liquidations, were suggested as being appropriate,
according to Clayton Utz.

On the whole, the report states, the Committee was concerned that
liquidations in Australia were still subject to strident criticism
from external parties and were the source of much dissatisfaction
in the community.

In its view, Clayton Utz adds, previous attempts to modernise the
current insolvency regime in Australia should be reinvigorated,
and the current laws should be scrutinised to see if they
encourage turnarounds and restructuring in large corporate
insolvencies.  According to Clayton Utz, particular consideration
should be given to elements of the Chapter 11 regime that could be
adopted in the Australian environment:

"the Government commission a review of Australia's corporate
insolvency laws to consider amendments intended to encourage and
facilitate corporate turnarounds. The review should consider
features of the chapter 11 regime in place in the United States of
America that could be adopted in Australia."

Clayton Utz notes that it will be interesting to see if anything
materialises from the comments made by the Committee. However,
given the idea of introducing Chapter 11-like provisions into
Australian law has previously been considered and deemed
unnecessary (see, for example, CAMAC's 2004 Report), it seems
unlikely that the comments will gain any real traction.

In any event, the report says, it is worth having a discussion
regarding the status quo of the Australian insolvency regime, as
it has been quite some time since Australia's insolvency laws have
been significantly overhauled (for example, the voluntary
administration regime in Part 5.3A of the Corporations Act 2001
(Cth) was introduced over 20 years ago). In this respect, the
notion of ipso facto clauses is a recurring theme among
commentators seeking to amend the Act to make it more aligned with
Chapter 11, according to Clayton Utz.

The report states that by way of background, an ipso facto
contractual clause allows a party to terminate the contract upon
the insolvency of the other party. Under Australian bankruptcy law
(ie. personal rather than corporate insolvency), such clauses in
contracts are rendered void if the relevant obligor becomes
insolvent (see section 301(1) of the Bankruptcy Act 1996 (Cth)).
There is no such prohibition in relation to corporations under the
Corporations Act.

Clayton Utz says that similar to the position regarding personal
bankruptcy in Australia, the provisions of Chapter 11 prevent
creditors from terminating contracts of an insolvent party if the
relevant debtor seeks protection under Chapter 11.

The justification for these types of provisions is to ensure
important contracts are maintained such that goodwill is preserved
while the company is under bankruptcy protection. This should, all
things being equal, maximise the chances of the company continuing
as a going concern or otherwise its value to third parties,
Clayton Utz notes.

Clayton Utz states that while the relative pros and cons for
implementing such a provision have been discussed ad nauseam, it
is difficult to argue that such provisions would not assist
corporate turnarounds in Australia. The extent to which such
clauses may adversely affect third parties, however, is a
contentious issue and one which is beyond the scope of this note.

Clayton Utz adds that real discussion around the facilitation of
corporate turnarounds in Australia should be welcomed. However, it
remains to be seen whether Australia will look to Chapter 11 and a
complete overhaul of the current system or will cherry-pick
elements of Chapter 11 (such as, for example, a prohibition on
ipso facto clauses).



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


SOLAR POWER: Unit Inks Cooperation Agreement with Fenyi County
--------------------------------------------------------------
Solar Power, Inc.'s wholly-owned subsidiary, Xinyu Xinwei New
Energy Co., Ltd., signed an agreement with the People's Government
of Fenyi County, Jiangxi Province, People's Republic of China, to
build and develop a 50MW photovoltaic (PV) project in Yangqiao,
Fenyi County, on June 25, 2014.

Under the terms of the agreement, the government of Fenyi County
will provide certain guarantees and support to Xinwei for the
project's construction and development stages, in addition to
offering certain incentives and other services for the project's
later phases leading up to grid connection.  The government of
Fenyi County also intends participate actively in coordinating all
relevant local and provincial departments to facilitate and
expedite construction of the project.  Xinwei will promote the
application of PV products, and through the project intends to
improve local energy-savings and improve the local economy through
the hiring of local workers.

A full-text copy of the Cooperation Agreement of 50 MWp
Photovoltaic Grid-connected Power Generation Project in Yangqiao
of Fenyi County is available for free at http://is.gd/wjk48y

                          About Solar Power

Roseville, Cal.-based Solar Power, Inc., is a global solar
energy facility ("SEF") developer offering its own brand of high-
quality, low-cost distributed generation and utility-scale SEF
development services.  Primarily, the Company works directly with
and for developers around the world who hold large portfolios of
SEF projects for whom it serves as an engineering, procurement and
construction contractor.  The Company also performs as an
independent, turnkey SEF developer for one-off distributed
generation and utility-scale SEFs.

Solar Power reported a net loss of $32.24 million in 2013
following a net loss of $25.42 million in 2012.  As of Dec. 31,
2013, the Company had $70.96 million in total assets, $73.83
million in total liabilities and a $2.86 million total
stockholders' deficit.

Crowe Horwath LLP, in San Francisco, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has incurred a current year net loss of $32.2
million, has an accumulated deficit of $56.1 million, has
experienced a significant reduction in working capital, has past
due related party accounts payable and a debt facility under which
a bank has declared amounts immediately due and payable.
Additionally, the Company's parent company LDK Solar Co., Ltd has
experienced significant financial difficulties including the
filing of a winding up petition on Feb. 24, 2014.  These matters
raise substantial doubt about the Company's ability to continue as
a going concern.



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


CHINA PRECISION: Common Stock Delisted From NASDAQ
--------------------------------------------------
The NASDAQ Stock Market LLC filed a Form 25 with the U.S.
Securities and Exchange Commission to remove from listing or
registration China Precision Steel, Inc.'s common stock.

                    About China Precision Steel

China Precision Steel -- http://chinaprecisionsteelinc.com-- is a
niche precision steel processing company principally engaged in
the production and sale of high precision cold-rolled steel
products and provides value added services such as heat treatment
and cutting medium and high carbon hot-rolled steel strips. China
Precision Steel's high precision, ultra-thin, high strength (7.5
mm to 0.05 mm) cold-rolled steel products are mainly used in the
production of automotive components, food packaging materials, saw
blades, steel roofing and textile needles.  The Company sells to
manufacturers in the People's Republic of China as well as
overseas markets such as Nigeria, Ethiopia, Thailand and
Indonesia.  China Precision Steel was incorporated in 2002 and is
headquartered in Sheung Wan, Hong Kong.

China Precision reported a net loss of $68.93 million on $36.52
million of sales revenues for the year ended June 30, 2013, as
compared with a net loss of $16.94 million on $142.97 million of
sales revenues during the prior fiscal year.

The Company's balance sheet at March 31, 2014, showed $88.13
million in total assets, $78.16 million in total liabilities, all
current and $9.97 million in total stockholders' equity.

Moore Stephens, Certified Public Accountants, in Hong Kong, issued
a "going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company has suffered a very significant
loss in the year ended June 30, 2013, and defaulted on interest
and principal repayments of bank borrowings that raise substantial
doubt about its ability to continue as a going concern.



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


ARIHANT JEWELS: ICRA Assigns B+ Rating to INR5cr Loan
-----------------------------------------------------
A rating of '[ICRA]B+' has been assigned to the INR5.00 crore cash
credit facility of Arihant Jewels.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.00       [ICRA]B+ assigned

The assigned rating is constrained by AJ's weak financial profile
as reflected from its modest scale of operations, weak
profitability and coverage indicators and high working capital
intensity entailing a leveraged capital structure. The rating is
further constrained by the highly volatile gold prices in the
absence of formal hedging policy as well as increasing competition
from organized retail players. Further, AJ is a partnership firm
and any significant withdrawals from the capital account could
affect its capital structure.

The assigned rating, however, draws comfort from the long standing
experience of promoters in the jewellery business and healthy
growth in operating income resulting from increased gold prices

Arihant Jewels (AJ) was incorporated as a partnership firm in the
year 2011 by Mr Ankit Sagar, Mr Jigar Hebra and Mr. Maulik Shah
prior to which it operated as a proprietorship firm since 2009.
Mr. Jigar Hebra is also director in another group concern Bhagya
Diamond Jewellery Private Limited engaged into similar line of
business. The business is operated from its office/showroom
located at Ahmedabad. AJ in engaged primarily in gold jewellery
trading.

Recent Results
For FY 2014, AJ reported an operating income of INR54.31 crore and
profit after tax of INR0.06 crore.


ASACO PRIVATE: CARE Assigns B- Rating to INR6.20cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B-/CARE A4' ratings to the bank facilities of
Asaco Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.20       CARE B- Assigned
   Short term Bank Facilities   64.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to Asaco Private Limited (APL) are
constrained by the high volatility in revenue and profitability,
small scale of operations, stretched operating cycle leading to
strained liquidity position and high client concentration
risk. The ratings favorably factor in the experience of the
management team, long track record of operations corroborated with
a healthy order book position, established relationship with key
clients and a moderate capital structure. The company's ability to
scale up its operations, manage its working capital cycle
efficiently and improve its liquidity position will be the key
rating sensitivities.

Incorporated in 1969, APL is promoted by Mr K Mohandas. The
company was initially incorporated as Associated Suppliers and
Assistance Company Pvt Ltd and later converted into a public
limited company in 1983 as Associated Suppliers and Assistance
Company Ltd. Subsequently in 1999, the company changed the name to
Asaco Limited and in March 2001, the company was converted back
into a private limited company with the current nomenclature. APL
was initially into manufacturing and supplying production lines
for copper wires, upstream and downstream equipment for cable
extrusion lines, stranding lines, etc. APL is now focused on
designing, manufacturing & supplying of equipments for aerospace &
defense industry and into manufacturing and servicing of Hot
Isostatic Presses (HIPs) used in aerospace, metallurgical and
defense systems. The company has also entered into manufacturing &
supplying of specialized industrial machinery for steel and
transformer manufacturing industries. The company's manufacturing
facilities are located in Kandi, Hyderabad.

During FY14 (refers to the period April 01 to March 31), APL has
registered a PAT of INR 0.02 crore (INR0.01 crore in FY13)
on a total income of INR11.30 crore in FY14 (Rs 26.80 crore in
FY13).


ASHISH EXPORTS: CARE Assigns 'B/A4' Rating on INR0.50cr Loan
------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Ashish Exports.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term/Short-term
   Bank Facilities             0.50      CARE B/CARE A4 Assigned

   Short-term Bank
   Facilities                 10.50      CARE A4 Assigned

The rating assigned by CARE is based on the capital deployed by
the proprietor and the financial strength of the firm at
present. The rating may undergo change in case of the withdrawal
of capital or the unsecured loans brought in by the proprietor, in
addition to the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Ashish Exports
(AEX) are primarily constrained by its weak financial risk
profile characterized by small and stagnant scale of operations
coupled with low profitability margins, leveraged capital
structure and weak debt protection metrics. The ratings are
further constrained by the susceptibility of AEX's margins to
volatility in the prices of the raw material and currency rates,
threat of substitution from synthetic menthol, its presence
in a highly competitive industry and proprietorship nature of its
constitution.

The ratings, however, draw strength from the experienced
proprietor, favourable manufacturing location and strong
demand for mentha-based oil and allied products. Going forward,
AEX's ability to profitably scale up the operations while
improving its capital structure shall be the key rating
sensitivities.

Ashish Exports (AEX) is a proprietorship firm established in 1999
by Mr Ankur Agarwal. The firm is engaged in the manufacturing and
trading of mint-based products such as mentha crude oil, menthol
powder, natural menthol crystals, dementholised peppermint oil
(DMO)/ cornmint oil, peppermint oil, basil oil and spearmint oil.
The firm has its manufacturing plant located at Chandausi, Uttar
Pradesh, with an installed capacity of 1,400 tonnes per annum
(TPA) of oils and chemicals as on March 31, 2014. AEX procures raw
materials consisting mainly of mentha oil and pepreta oil from the
local market (Uttar Pradesh) directly from the farmers and
suppliers. The firm mainly exports its products to China.

During FY14 (refers to the period April 1 to March 31), AEX
achieved a total operating income (TOI) of INR41.15 crore with
a profit after tax (PAT) of INR0.23 crore as against TOI of
INR42.18 crore and PAT of 0.20 crore in FY13.


BIL ENERGY: CRISIL Suspends 'D' Rating on INR740MM Loans
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
BIL Energy Systems Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            200       CRISIL D Suspended
   Corporate Loan         294.5     CRISIL D Suspended
   Letter of credit &
   Bank Guarantee         150       CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility      95.5     CRISIL D Suspended

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

BESL manufactures stampings for motors and alternators. Its 18-
acre manufacturing unit in Wada (Thane district, Maharashtra) has
capacity for manufacturing stampings of up to 24,000 tonnes per
annum. Its product range varies from micro motor stampings to high
tension motor stampings with diameter of up to 1250 millimetres.

BESL was hived off from Bilpower Ltd vide order of the High Court
of Mumbai in October 2010. The order was effective with
retrospective effect from April 1, 2010 onwards.


BISWAJANANI COLD: CRISIL Puts 'B-' Rating on INR76.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank loan facilities of Biswajanani Cold Storage Pvt Ltd.

                          Amount
   Facilities            (INR Mln)      Ratings
   ----------             ---------     -------
   Working Capital Loan     18.1        CRISIL B-/Stable
   Term Loan                58.4        CRISIL B-/Stable

The ratings reflect BCSPL's exposure to risks related to the
highly regulated and intensely competitive cold storage industry
in West Bengal, and its weak financial risk profile, marked by
high gearing. These rating weaknesses are partially offset by the
extensive experience of the company's promoter in the cold storage
business.

Outlook: Stable

CRISIL believes that BCSPL will continue to benefit over the
medium term from the extensive industry experience of its
promoter. The outlook may be revised to 'Positive' in case of an
increase in the company's cash accruals or infusion of capital by
its promoter, leading to an improvement in its overall financial
risk profile, particularly its liquidity. Conversely, the outlook
may be revised to 'Negative' in case of pressure on BCSPL's
liquidity on account of delays in repayments by farmers,
considerably low cash accruals, or significant debt-funded capital
expenditure.

Incorporated in 2009, BCSPL provides cold storage facilities for
potatoes; the promoters also undertake opportunistic trading in
potatoes through the company. The cold storage is located in
Mednipur West (West Bengal). The company's day-to-day operations
are managed by Mr. Amal Dandapat.


BRINDAVAN ROLLER: CRISIL Suspends 'B+' Rating on INR90MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Brindavan Roller Flour Mills Pvt Limited (BRFL).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            52       CRISIL B+/Stable Suspended
   Proposed Term Loan     23       CRISIL B+/Stable Suspended
   Working Capital
   Term Loan              15       CRISIL B+/Stable Suspended

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

BRFL, incorporated in 1980 by Mr. B. Shantilal, processes wheat
products, such as, maida (refined flour), suji, atta (unrefined
flour), and bran.


CHANDI STEEL: ICRA Reaffirms 'B+' Rating on INR23.80cr Loans
------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]B+' rating assigned to the
INR10.00 crore cash credit and INR13.80 crore bank guarantee of
Chandi Steel Industries Limited. ICRA has also re-affirmed the
[ICRA]A4 rating assigned to the INR1.50 crore (reduced from
INR9.00 crore earlier) non-fund based bank facilities of CSIL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     10.00      [ICRA]B+ reaffirmed
   (Cash Credit)

   Non-Fund Based        13.80      [ICRA]B+ reaffirmed
   Limits (Bank
   Guarantee)

   Non-Fund Based         1.50      [ICRA]A4 reaffirmed
   Limits (Bank
   Guarantee)

The reaffirmation of the ratings take into account the weak credit
profile of Jai Balaji Industries Limited, the flagship company of
the group, which could impact the group's overall liquidity
position and financial flexibility, and also the weak financial
profile of CSIL as reflected by low net profitability, weak
interest coverage ratio and high total outside liabilities to
tangible net worth (TOL/TNW). The ratings continue to be impacted
by the ongoing weakness in the steel industry, sub-optimal level
of capacity utilization, which resulted in decline in turnover of
the company during the past two years, the lack of vertical
integration in the company's stand-alone rolled products
manufacturing business, making margins sensitive to input and
output prices, and exposure to high client concentration risks as
more than two-third of the company's sales during 2013-14 were
derived from the top five clients. The ratings, however,
favourably consider the experience of the promoters in the steel
industry and the strategic location of the manufacturing unit that
is in close proximity to raw material sources leading to low
landed cost of input materials.

CSIL was incorporated in 1978 as Chandi Steel Industries Pvt. Ltd.
by the promoters of a partnership concern, Haryana Steel
Corporation. The company re-rolls semi-finished steel (alloy and
non-alloy billets/ ingots/ blooms/ slabs) into long products
(alloy and non-alloy bars, rounds, squares and flats). The
promoters of the Jai Balaji Group purchased the company in 1993,
and subsequently converted the entity to its current form in
November 2003 by listing CSIL on the Calcutta Stock Exchange
Association Limited. CSIL's re-rolling plant is located at Belur
Road in Howrah, West Bengal, and has an effective capacity of
16,500 MTPA.

Recent Results
The company reported a net profit of INR0.06 crore on an operating
income of INR43.73 crore in 2013-14; as compared to a net profit
of INR0.03 crore on an operating income of INR69.80 crore in 2012-
13.


ENCORP POWERTRANS: CRISIL Ups Rating on INR90MM Loans to 'B-'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Encorp Powertrans Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            31        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Term Loan              59        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by Encorp
over the three months ended May 30, 2014. The upgrade also
reflects CRISIL's belief that Encorp will continue to service its
debt in a timely fashion, with its cash accruals expected to be
adequate to meet its maturing debt obligations, over the medium
term.

The rating reflects Encorp's below-average financial risk profile,
marked by its small net worth, high gearing, and average debt
protection metrics. The rating of the company is also constrained
on account of the company's large working capital requirements,
and its modest scale of operations in the intensely competitive
tower fabrication and galvanising industry. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the power transmission sector, and its
established relationships with customers.

Outlook: Stable

CRISIL believes that Encorp will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationships with customers. The outlook may be
revised to 'Positive' if there is a substantial and sustained
improvement in the company's 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' in case of a steep decline in the company's
profitability margins, or a significant deterioration in its
capital structure caused most likely because of any large debt-
funded capital expenditure or a stretch in its working capital
cycle.

Encorp, incorporated in 2010 and promoted by Mr. Rahul Nowal and
his brother Mr. Vinay Nowal, is engaged in the fabrication of
power transmission towers. The company also undertakes
galvanisation work for fabricated steel structures. Its
manufacturing facility is at Tarapur (Maharashtra).


GIRNA INFRAPROJECTS: CRISIL Suspends B+ Rating on INR15MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Girna
Infraprojects Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        200        CRISIL A4 Suspended
   Cash Credit            15        CRISIL B+/Stable Suspended

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

GIPL, incorporated in September 2010, undertakes infrastructure
projects as a government-approved civil contractor. Based in
Nashik (Maharashtra), the company is promoted and managed by Mr.
Ratnakar Pawar.  Currently, GIPL is working on two projects that
it has sub-contracted from Unity Infraprojects Ltd (UIL; revenues
of INR7170 million and net worth of INR7450 million). GIPL started
working on its first project, which is a INR700-million building
construction project (floated by OIDC, awarded to UIL, and being
executed by GIPL) in Bhubaneshwar. The second project is a Madhya-
Pradesh based, INR1000-million canal construction project, which
has also been sub-contracted from UIL.


GKC PROJECTS: CRISIL Cuts Rating on INR22.35BB Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
GKC Projects Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BBB/Negative/CRISIL A3+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee       13,625      CRISIL D (Downgraded
                                    from 'CRISIL A3+')

   Cash Credit           4,637      CRISIL D (Downgraded
                                    from 'CRISIL BBB/Negative')

   Proposed Long Term    4,088      CRISIL D (Downgraded
   Bank Loan Facility               from 'CRISIL BBB/Negative')

The ratings downgrade reflect the recent delays by GKC in payment
of interest on its bank loans. The delays have been caused by the
recent stress in the company's liquidity position. GKC's liquidity
has been adversely impacted due to delay and non-receipt of some
of its receivables as well as mobilisation advances as it could
not furnish the required bank guarantees to the customers in time.
While the company had reported a profit until December 2013, it
reported a loss of around INR772 million for 2013-14 (refers to
financial year, April 1 to March 31). The loss was largely due to
booking of losses on some of its contracts due to cost escalation.
While the company could not raise additional working capital debt
as expected, withdrawal of non-fund-based facilities by some of
the banks severely impacted GKC's liquidity, leading to delays in
interest payment.

GKC has working-capital-intensive operations and is exposed to
intense competition in the infrastructure and construction
industry. However, the company has a healthy current order book of
over INR40 billion, which is diversified across sectors such as
highways, irrigation, water supply, and civil construction, and
sound project-execution capabilities.

GKC was originally set up as a proprietorship firm, Gokul Krishna
Constructions, in 1996; this firm was reconstituted as a private
limited company and renamed Gokul Krishna Constructions Pvt Ltd
(GKCPL) in 2004, following an increase in its scale of operations.
In 2008, GKCPL was reconstituted as a public limited company with
the current name.

GKC is based in Hyderabad (Telangana). It is ISO 9001:2000-
certified and operates in four verticals: highways, irrigation,
urban water supply, and civil construction. GKC has executed
projects in eight states of India. GKC and Sadbhav Infraprojects
Pvt Ltd hold 40 per cent and 60 per cent stakes, respectively, in
Hyderabad Yadgiri Tollway Projects Ltd, a special-purpose vehicle
(SPV) for undertaking road projects on a build, operate, and
transfer (BOT) basis. GKC is undertaking another BOT road project
through its wholly owned SPV, Sindhanur Gangavathi Tollway Pvt
Ltd, and one 10-megawatt solar power project through its wholly
owned SPV, Bidar Solar Power Pvt Ltd.

GKC, on a provisional basis, reported net loss of INR772 million
on net sales of INR8 billion for 2013-14; it had reported a net
profit of INR264 million on net sales of INR10.5 billion for 2012-
13.


HI TECH STAMPINGS: CRISIL Assigns 'B+' Rating to INR37MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Hi Tech Stampings Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              2        CRISIL B+/Stable
   Cash Credit           35        CRISIL B+/Stable
   Letter of Credit      18        CRISIL A4

The ratings reflect HTSPL's small scale of operations in an
intensely competitive industry, and below-average financial risk
profile marked by a high gearing. These rating weaknesses are
partially offset by the extensive experience of HTSPL's promoter
in the electrical stampings industry.

Outlook: Stable

CRISIL believes that HTSPL will continue to benefit over the
medium term from the extensive industry experience of its
promoter. The outlook will be revised to 'Positive' in case the
company considerably improves its scale of operations and margins,
leading to higher-than-expected cash accruals and, as a result,
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case HTSPL registers significant
decline in its cash accruals or deterioration in its working
capital management, or if it undertakes a larger-than-expected
debt-funded capital expenditure programme, resulting in
deterioration in its financial risk profile.

HTSPL, set up in 1987, manufactures electrical stampings for
motors. The day-to-day operations of the company are managed by
its promoter, Mr. Sandeep Singh.

HTSPL recorded a profit after tax (PAT) of INR1.1 million on
revenue of INR121.5 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR0.92 million on revenue
of INR101.9 million in 2011-12.


HULDIBARI INDUSTRIES: CRISIL Reaffirms B+ Rating on INR69.3M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Huldibari Industries &
Plantation Co. Ltd. continue to reflect HIPCL's small scale of
operations and weak financial risk profile marked by eroded net
worth. These rating weaknesses are partially offset by its
promoters' extensive experience in the tea industry and its stable
income from lease rentals from its properties in Kolkata (West
Bengal).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         7.5       CRISIL A4 (Reaffirmed)
   Packing Credit         7.5       CRISIL A4 (Reaffirmed)
   Term Loan              4.3       CRISIL B+/Stable (Reaffirmed)
   Cash Credit           65.0       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HIPCL will continue to benefit over the
medium term from its promoters' extensive experience in the tea
industry. The outlook may be revised to 'Positive' if the company
reports substantial improvement in its capital structure, most
likely because of equity infusion. Conversely, the outlook may be
revised to 'Negative' if HIPCL's working capital requirements
increase, or if it undertakes a large debt-funded capital
expenditure programme, or generates lower-than-expected cash
accruals over the medium term.

HIPCL was set up by Mr. C L Bajoria and his family in 1889 as an
Association of Persons named Huldibari Tea Association. The
association was reconstituted as HIPCL in 1995. The company, based
in West Bengal, processes black crush, tear, and curl tea.

HIPCL reported a profit after tax (PAT) of INR16.2 million on
operating revenue of INR210.7 million for 2012-13 (refers to
financial year, April 1 to March 31), vis-a-vis a PAT of INR1.5
million on operating revenue of INR157.5 million in 2011-12.


J. D. SONS: CARE Assigns 'B+' Rating to INR26.50cr Loans
--------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to bank facilities of
J. D. Sons Steels Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    26.50       CARE B+ Assigned
   Short term Bank Facilities    3.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of JD Sons Steels Pvt
Ltd are constrained on account of the weak financial profile as
reflected by its modest scale of operations with low profitability
margins, high leverage and weak debt coverage indicators. The
ratings are further constrained by the susceptibility of its
profitability to raw material price fluctuations, working capital
intensive nature of operations and presence in the highly
fragmented and cyclical steel industry.

These constraints are, however, partially offset by the strength
derived from the experienced promoters and established
relationship with its suppliers and customers.

Going forward, the ability of the company to improve its
profitability in light of the competitive nature of the industry
and effective working capital management would be the key rating
sensitivities.

JD Sons Steels Pvt Ltd, promoted by Mr Darshan Goyal and Mr
Jagdish Gupta, was incorporated in 2001 and commenced operations
in 2004. It is engaged in the manufacturing of Cold Rolled Carbon
(CRC) strips and coils and Mild Steel (MS) wires. The
manufacturing plant of the company is located in Palwal, Haryana
with a total installed capacity of 45,000 Metric Tonnes Per Annum
(MTPA) as on March 31, 2014. The products manufactured by the
company find application in automobile, consumer durables and
furniture industries. The company sources its raw material, ie,
Hot Rolled (HR) coils and wire rods from the domestic suppliers
and majorly caters to the domestic auto ancillary companies.

In FY14 (refers to the period April 1 to March 31), the company
achieved a total operating income of INR155.10 crore and
PAT of INR0.59 crore as against a total operating income of
INR138.03 crore and PAT of INR0.92 crore in FY13.


KAYTEE CORPORATION: CRISIL Suspends B- Rating on INR30MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kaytee
Corporation Pvt Ltd (KCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           10       CRISIL A4 Suspended
   Bill Purchase-
   Discounting Facility     50       CRISIL A4 Suspended
   Cash Credit              20       CRISIL B-/Stable Suspended
   Export Packing Credit
   Letter of Credit         10       CRISIL A4 Suspended
   Term Loan                10       CRISIL B-/Stable Suspended

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

In 1944, the Kaytee group, based in Mumbai (Maharashtra) and
promoted by Mr. Harkishon Udani and his brother, started trading
in cotton and yarn. In 1974, the group diversified into
manufacturing and exporting of ready-made garments by setting up
KCPL. KCPL manufactures and exports knitted ready-made garments
for children, men, and women. Its products include T-shirts, polo
shirts, night wear, lycra jerseys, jackets, and sweat shirts. The
company's manufacturing unit is based in Tirupur (Tamil Nadu).
Presently, KCPL's operations are managed by Mr. Premal Udani.
KCPL, through its 85 per cent subsidiary, Kaytee Apparels Pvt Ltd,
presently caters to the domestic market.


KKN OIL: CRISIL Suspends 'D' Rating on INR126.6MM Loans
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of KKN Oil
Mill Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL D Suspended
   Letter of Credit        2        CRISIL D Suspended
   Long Term Loan         74.6      CRISIL D Suspended

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

KKNO was set up in May 2010 by Mr. Kaushik Kumar Nath and his
wife, Mrs. Manisha Nath. KKNO was setting up a mustard oil
manufacturing unit with a crushing capacity of 50 tonnes per day
at Kalna in Burdwan district (West Bengal).

KKNO is part of the KKN group of companies based in Kolkata (West
Bengal). The KKN group has diversified operations, which include
trading in organic fertilisers and consumer edibles such as oils,
maize, atta, maida, spices, pulses, and tea; manufacturing of
ferro alloys and steel ingots; and real estate development and
coffee shops.


LAKSHMI SUGAR: ICRA Lowers Rating on INR107.2cr Loans to 'B-'
-------------------------------------------------------------
ICRA has revised the long term rating assigned to bank lines of
Lakshmi Sugar Mills Co Ltd from [ICRA]B to [ICRA]B- for INR107.20
crore fund based limits. ICRA has reaffirmed the short term rating
of [ICRA]A4 for INR5.40 crore non fund based bank limits of LSM.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term loans            47.20      [ICRA]B- (Downgraded
                                    from [ICRA]B)

   Fund based Limits     60.00      [ICRA]B- (Downgraded
                                    from [ICRA]B)

   Non Fund Based         5.40      [ICRA]A4 ( reaffirmed)

The rating revision takes into account weakening of financial
profile led by low sugar realizations, high cane costs and
relatively lower recovery rate which coupled with high finance
costs has led to net losses for the company. Though the operating
margins of the company have improved in 9M FY2014 with the
commissioning of 20MW power plant, the net margins have
deteriorated further owing to high interest and depreciation
expenses. The working capital intensity continues to remain high
on account of high inventory levels on account of seasonality of
the business leading to high working capital requirements
resulting in weak cash flows and stretched liquidity. The debt
levels of the company have increased on account of debt funded
capex and working capital gap funding. With the company reporting
positive operating margins, the debt coverage indicators have
shown an improvement however the same remained weak led by high
fixed overheads and increased debt levels. Currently, the
operations of the company are only partially integrated which
offers little protection against sugar cyclicality. Ratings
concerns also include risks arising from agro-climactic factors
and government policies concerning cane pricing and pricing of by-
products such as molasses and power. The ratings though are
supported by the long presence of LSM in the sugar business and
increase in co-gen revenues post commissioning of the 20MW co-gen
plant which support the volatile sugar operations.

Lakshmi Sugar Mills Co Ltd was incorporated in 1940 in Kapurthala
state with around 1500 TCD capacity. The operations started in
1942 and continued till 1952 until the area under cultivation
decreased due to the partition. Therefore the company shifted its
operation to the existing site in Uttrakhand. Since the time of
its incorporation, capacity of sugar mill has increased many-fold,
to its current capacity of 4500 TCD with a cogen facility of 31.70
MW.

In year ended June 2013, the company has reported an operating
income of INR130.50 crore and profit after tax of (-) INR7.67
crore compared to an operating income of INR120.18 crore and
profit after tax of (-) INR13.83 crore in year ended June 2012.


LAXMI COTTON: ICRA Assigns 'B+' Rating to INR8cr Loan
-----------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR8.00 crore long
term fund based limits of Laxmi Cotton.

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

The assigned rating is constrained due to the firm's weak
financial profile characterized by low profitability on account of
limited value additive nature of the business, high gearing levels
and modest coverage indicators. The high debt levels coupled with
low net worth resulted in weak capital structure as reflected by
gearing of 3.79x as on 31st March 2014. The rating is also
constrained on account of continuous decline in the firm's top
line which has come down from INR112.51 crore in FY11 to INR76.75
crore in FY14 due to difficulties faced in procurement of kapas
which resulted in lower production of cotton lint and cotton seed.
Further, the rating is also constrained by the susceptibility of
raw material availability to climatic conditions; small scale of
operations and fragmented nature of the industry characterized by
presence of large number of players which limits company's ability
to pass on any adverse price movement to its customers.

The rating, however, is supported by the established track record
of the managing partner with more than two decades of experience
in cotton ginning industry; proximity of the manufacturing unit to
cotton growing area thereby aiding in easy availability of raw
cotton and lower transportation costs.

Going forward, ability of the company to increase its scale of
operations while improving profitability would remain key rating
sensitivities.

Laxmi Cotton was setup in the year 2003 as a partnership firm with
Mr. Babaiah as the managing partner. The firm is engaged in
ginning and pressing of kapas and trading of cotton lint and
cotton seed. The current installed capacity is 24 gins and one
pressing machine located at Jammikunta in Karimnagar district of
Telangana.

Recent results
As per the provisional financials for FY 2014, the firm reported
net profit of INR0.23 crore on an operating income of INR76.75
crore as compared to a net profit of INR0.10 crore on an operating
income of INR83.20 crore for FY 2013.


MAKRO CAST: CARE Lowers Rating on INR36cr Bank Loan to 'D'
----------------------------------------------------------
CARE revises rating assigned to bank facilities of Makro Cast Pvt
Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      36        CARE D Revised
                                            from CARE BB

Rating Rationale

The revision in the rating assigned to the bank facilities of
Makro Cast Pvt Ltd takes into account the delay in debt
servicing due to its stressed liquidity position.

MCPL was promoted by Mr MVL Narayana and Mr Srinivasa Babu in
2004. Mr Narayana is an automobile engineer and has about three
decades of experience in the manufacturing industry. Mr Srinivasa
Babu is a commerce graduate and has an experience of about two and
a half decades in handling financial matters at various
industries.

Makro Cast Private Limited manufactures specialized castings used
primarily in the automobile industry, power and other engineering
companies. The company's foundry unit is located at Vijayawada and
has a manufacturing capacity of 1,200 Metric Tonnes per Month
(MTPM).

In FY12 (refers to the period April 01 to March 31), MCPL reported
a total income of INR79.81 crore and a PAT of INR1.63 crore.
Furthermore in FY13, as per provisional financials, MCPL reported
a total income of INR69.66 crore and a PAT of INR1.43 crore.


MATRIX HOMES: ICRA Withdraws 'B+' Rating on INR5.5cr Loan
---------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B+ assigned to
the INR5.50 Crore bank facilities of M/s Matrix Homes as currently
there is no amount outstanding against the rated instrument.


MEDHA POWER: ICRA Suspends 'B+' Rating on INR34cr Loan
------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
INR34.00 crore proposed fund based limits of Medha Power &
Infratech India Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


MGI INDIA: CRISIL Assigns 'B-' Rating to INR30MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/ CRISIL A4' ratings to
the bank facilities of MGI India Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Working Capital        15        CRISIL B-/Stable
   Demand Loan

   Proposed Long Term
   Bank Loan Facility     15        CRISIL B-/Stable

The ratings reflect MGIPL's large working capital requirements and
weak financial risk profile marked by weak capital structure and
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of MGIPL's promoter in the
healthcare industry.

Outlook: Stable

CRISIL believes that MGIPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in scale of operations and operating profitability
leading to improvement in financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of significant
decline in scale of operations or operating profitability or
pressure on liquidity resulting from large working capital
requirements or debt-funded capital expenditure.

Incorporated in 2001, MGIPL manufactures, designs, supplies, and
installs gas pipelines, pre-fabricated modular operating theatres,
and other critical area equipment in hospitals. The company also
undertakes turnkey projects for hospitals. It also manufactures
steel frames used in building structures. It has two manufacturing
facilities: in Baddi (Himachal Pradesh) and Faridabad (Haryana).
The company is promoted and managed by Mr. Ashok Chandra.

MGIPL reported a net loss of INR12.4 million on net sales of
INR143.4 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net loss of INR32.2 million on net sales of
INR112.8 million for 2011-12. For 2013-14, the company is likely
to report a profit after tax of INR5.5 million on net sales of
INR187.5 million.


NAR INFRA: CRISIL Reaffirms 'B+' Rating on INR40MM Loans
--------------------------------------------------------
CRISIL's ratings on the bank facilities of NAR Infra Pvt Ltd
reflect NAR's modest scale of operations in the intensely
competitive construction industry. This rating weakness is
partially offset by the extensive entrepreneurial experience of
NAR's promoter, and the company's above-average financial risk
profile marked by a moderate gearing and healthy debt protection
metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         90        CRISIL A4 (Reaffirmed)
   Overdraft Facility     40        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NAR will continue to benefit over the medium
term from its promoter's extensive industry experience and its
healthy order book. The outlook may be revised to 'Positive' if
the company significantly increases its scale of operations and
profitability or receives significant equity infusion from its
promoter, leading to improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' in case NAR
faces any delays in completion of its projects or in receipt of
payments from its customers, or if the company undertakes a large,
debt-funded capital expenditure programme, thereby weakening its
financial risk profile.

Update
For 2013-14 (refers to financial year, April 1 to March 31), NAR
earned revenue of around INR95 million, significantly lower than
CRISIL's earlier expectations. The lower-than-expected revenue was
because of delays in commencement of various projects due to
pending finalisation of various terms of contracts with the
government undertakings. However, during the second half of 2013-
14, all pending issues were closed, and NAR began executing the
projects. Progress on the projects is currently steady; therefore,
it is expected that NAR's revenue will show steady growth over the
medium term.

NAR's operating profitability during 2013-14 was higher than
expected; this is because the company has discontinued
subcontracting part of its work to other contractors, and has,
therefore, started earning higher overall profits. CRISIL believes
that, over the medium term, NAR's operating margin will remain
between 15 and 16 per cent.

NAR's financial risk profile is healthy, marked by a moderate
gearing and healthy debt protection metrics. However, the
company's liquidity remains stretched, marked by high bank limit
utilisation due to large working capital requirements. However,
NAR is expected to benefit from moderate cash accrual generation,
against which it has zero term debt obligations, over the medium
term.

NAR, incorporated in 2009, is a civil contractor that is involved
in laying pipelines and electrical poles and lines, mainly on
national highways. The company's day-to-day operations are managed
by its promoter, Mr. Anil Reddy.

For 2013-14 (refers to financial year, April 1 to March 31), NAR
reported, on a provisional basis, a profit after tax (PAT) of
INR5.2 million on revenues of INR94.8 million; the company
reported a PAT of INR3.2 million on revenues of INR63.4 million
for 2012-13.


OHM HIGHLINE: ICRA Revises Rating on INR8.5cr Loans to 'B-'
----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR5.00
crore long-term fund-based cash credit facility and INR3.50 crore
term loan facility of OHM Highline Private Limitedto [ICRA]B- from
[ICRA]B+. ICRA has reaffirmed the short term rating assigned to
INR1.00 crore short term non fund based facilities of OHPL at
[ICRA]A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan Limits      3.50       Revised to [ICRA]B-
                                    from [ICRA]B+

   Cash Credit Limits    5.00       Revised to [ICRA]B-
                                    from [ICRA]B+

   Inland/Foreign Letter
   of Credit Limits      1.00       Reaffirmed at [ICRA]A4


The rating revision takes into account the stretched financial
profile following delays in getting Bureau of Indian Standards
(BIS) certification and absence of certification from Powergrid,
resulting in poor revenue growth. The ratings are also constrained
by the highly leveraged capital structure on account of debt
funded capital expenditure and the highly working capital
intensive nature of operations. The ratings also factor in the;
high competitive intensity in the wire manufacturing business
which limits the company's pricing flexibility and the
vulnerability of its operations to cyclicality in infrastructure
sector and to raw material price fluctuations. ICRA notes that the
company's ability to ramp up production and achieve healthy
acceptability of the products in the near term remains critical
for future cash flows adequacy as well as to ensure timely debt
servicing.

The ratings however continue to factors in the technical
qualification and experience of OHPL's promoters in the business
of trading of metals and tower manufacturing and the favorable
long term demand outlook for steel wire industry on account of
expected increase in spending on the infrastructure development in
the country.

Incorporated in October 2010, OHM Highline Private Limited (OHPL)
is engaged in manufacturing of high carbon steel wires. The
company's unit is located at Manjusar, Dist Vadodara in Gujarat
and has an installed capacity of 550 MT per month for wires. OHPL
is promoted by the Panchal and Shah families based out of Gujarat
who are also the promoters of Archon Engicon Private Limited
(AEPL) and Mahaveer Metal Co. (rated at [ICRA]BB(Stable)/[ICRA]A4
by ICRA) respectively. While AEPL is engaged in telecom tower
manufacturing business, Mahaveer Metal Co. is engaged in trading
of ferrous and non ferrous and is a distributor of Hindustan Zinc
Limited for Zinc.

Recent Results
During FY14 (P), OHPL reported an operating income of INR4.63
crore (against INR2.02 crore in FY13) and loss (before
depreciation & tax) of INR1.24 crore (against net loss of INR0.68
crore in FY13).


PRAKASH SPONGE: CRISIL Suspends 'D' Rating on INR290MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Prakash
Sponge Iron and Power Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           60         CRISIL D Suspended
   Letter of Credit      30         CRISIL D Suspended
   Long Term Loan       200         CRISIL D Suspended

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

PSIPPL was incorporated in February 2008 by Mr. Srinivasulu Metri
and his family members. The promoters planned to operate a 600-
tonne-per-day (tpd) sponge iron manufacturing unit and a 45-
megawatt power plant. As a part of the project plan, in the first
phase, the company began commercial operations in June 2010
through a sponge iron manufacturing unit at its plant in
Chitradurga (Karnataka) with an initial capacity of 100 tpd; in
the second phase, the capacity was doubled to 200 tpd in March
2012.


RAMKY PHARMA: ICRA Assigns 'B-' Rating to INR15cr Loan
------------------------------------------------------
ICRA has assigned an [ICRA]B- rating to INR15.00 crore fund based
facilities of Ramky Pharma City India Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits     15.00       [ICRA]B- Assigned

The assigned rating is primarily constrained by the more than
permissible drawings in cash credit account although the overall
utilization is within the sanctioned limit and the stretched
liquidity of RPCIL on account of high receivables arising out of
a) Non receipt of operations & maintenance (O&M) charges from who
are yet to set up their units and b) pending receivables from
Smilax Laboratories Limited a group company to which RPCIL
supplied fine chemicals as part of its trading operations. ICRA
notes that enforcement directorate has attached 135.46 acres of
RPCIL's land based on allegations that the company has received
undue favor by the government by way of reduction in green belt
area thereby increasing its saleable area. The uncertainty over
state bifurcation over the last 2-3 years had adversely affected
the sales. Going forward, several incentives being offered by the
residual state of Andhra Pradesh to attract investments could have
a favorable impact on the sales. Further, investment demand in the
SEZ region remain exposed to the risk of regulatory uncertainty
over the continuation of tax benefits for the units as well as
risk of any deferment and/or execution delays in the project
capital expenditure by the industrial customers.

The rating however favorably factors in the competitive advantage
of RPCIL on account of the favorable location with proximity to
Vizag port and well connected road & rail network. The rating also
draws comfort from the healthy sales position with about 80% of
the total area being sold/leased out to customers till date
thereby the market risk remains low.

Going forward, the company's ability to limit the drawings in cash
credit facility within the permissible limit, improve its
liquidity by managing receivables and tie up sales for the balance
area will be the key rating sensitivities.

Ramky Pharma City India Limited is a special purpose vehicle
promoted by Ramky Infrastructure Limited (RIL, 51% shareholding),
Ramky Estates and Farms Limited (REFL, 38%) and Andhra Pradesh
Industrial Infrastructure Corporation Limited (11%). The company
was incorporated in 2004 to develop SEZ over 2143 acres (of which
SEZ area is only 431 acres) over two phases in Parwada Mandal,
Visakhapatnam. 47% of the total area is classified as Non-SEZ and
20% as SEZ. The initial total project cost was INR474.16 crore
which was funded through INR18 crore equity, INR178 crore term
loans and remaining INR278.16 crore through lease deposits.
Considering lease deposits as equity, the D/E ratio is 0.60 times.
There has been cost escalation by around INR50 crore (yet to be
incurred)-expected to be funded through sale proceeds of Non-SEZ
area.
Recent Results
According to provisional (9M) FY 14 results, RPCIL reported
operating profit of INR7.56 crore on a turnover of INR97.54 crore.


RATANPUR COLD: CRISIL Reaffirms 'B' Rating on INR37.8MM Loans
-------------------------------------------------------------
CRISIL ratings on the bank facilities of Ratanpur Cold Storage Pvt
Ltd continue to reflect Ratanpur's small scale of operations and
weak financial risk profile. The ratings also factor in the
company's susceptibility to regulatory changes and to intense
competition in the cold storage industry in West Bengal. These
rating weaknesses are partially offset by the extensive industry
experience and established regional presence of Ratanpur's
promoters.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         1.9        CRISIL A4 (Reaffirmed)
   Cash Credit           35.2        CRISIL B/Stable (Reaffirmed)
   Overdraft Facility    12.1        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     2.6        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Ratanpur will continue to benefit over the
medium term from its promoters' extensive experience in the cold
storage business. The outlook may be revised to 'Positive' in case
of efficient management of financing to farmers, and significant
increase in scale of operations and profitability. Conversely, the
outlook may be revised to 'Negative' in case of pressure on the
company's liquidity on account of delays in repayment by farmers,
low cash accruals, or debt-funded capital expenditure.

Update
Ratanpur reported operating revenue of INR21 million for 2013-14
(refers to financial year, April 1 to March 31), up from INR19.8
million in 2012-13 on account of higher rental income received
from farmers and better capacity utilization. The operating margin
improved to 15.5 per cent in 2013-14 from 9.5 per cent in 2012-13.
As part of a government initiative, Ratanpur takes loan from banks
and extends loans to farmers; as on March 31 2014, it had loan
outstanding of INR35.2 million.

Ratanpur's below-average financial risk profile is marked by small
net worth, high gearing, and modest debt protection metrics. The
net worth was INR12.7 million as on March 31, 2014. The company
provides financial assistance to farmers by borrowing from banks,
which led to high gearing of 3.61 times as on March 31, 2014. The
company's interest coverage and net cash accruals to total debt
ratios were 2.34 times and 6.0 per cent, respectively, for 2013-
14.

Incorporated in 1987, Ratanpur provides cold storage facilities to
potato farmers and traders. Its cold storage facility is in Singur
(West Bengal). The company is promoted by Mr. Valji Patel.


SARDA PLYWOOD: CRISIL Cuts Rating on INR359.6MM Loan to 'B'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the INR715.5 million bank
facilities of Sarda Plywood Industries Ltd to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'. CRISIL
has also withdrawn its ratings on INR73.5 million of SPIL's bank
facilities, at the company's request and confirmation that the
company's bank facilities are reduced.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         20        CRISIL A4 (Downgraded
                                    from 'CRISIL A4+')

   Cash Credit           359.6      CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Letter of Credit      335.9      CRISIL A4 (Downgraded
                                    from 'CRISIL A4+')
   Proposed Long Term
   Bank Loan Facility     73.5      Withdrawal

The downgrade reflects CRISIL's belief that SPIL's financial risk
profile will remain constrained by low profitability and
consequent high reliance on external funding. The company incurred
operating loss of INR21.4 million during 2013-14 (refers to
financial year, April 1 to March 31) mainly because of foreign
exchange (forex) loss of INR47.7 million during the year. Its
margin is expected to stabilise with hedging of forex exposure,
but is expected to remain low in the near term. The company
continues to have large working capital requirements; because of
negative cash accruals, the working capital requirements have been
funded through outside debt, resulting in increase in gearing to
2.7 times as on March 31, 2014, from 1.6 times a year ago; the
gearing is expected to remain high over the medium term because of
high dependence on outside funds.

The rating reflects MCPL's exposure to intense competition in the
plywood industry, and susceptibility to changes in timber export
regulations in foreign countries and to fluctuations in forex
rates. These rating weaknesses are partially offset by SPIL's
established market position and its promoters' extensive industry
experience.

Outlook: Stable

CRISIL believes that SPIL will continue to benefit from its
promoters' extensive experience in the plywood industry and the
increasing share of the branded segment in the plywood and
laminates industry. The outlook may be revised to 'Positive' if
the group generates substantial cash accruals and improves its
working capital management significantly. Conversely, the outlook
may be revised to 'Negative' if its financial risk profile weakens
because of decline in operating profitability.

SPIL, incorporated in 1957 as a private limited company,
manufactures plywood and allied products. It became a deemed
public limited company in 1974, and is listed on the Bombay Stock
Exchange. SPIL has two plywood manufacturing units, in Jeypore
(Assam) and Rajkot (Gujarat). SPIL sells plywood under the Duro
brand. It also owns a bought leaf tea processing factory in
Jeypore.

For 2013-14, SPIL reported a net loss of INR64.0 million on net
sales of INR1833.8 million, against a net loss of INR18.7 million
on net sales of INR1872.2 million for 2012-13.


SHIVALIK POLYADD: ICRA Assigns 'B+' Rating to INR9.13cr Loans
-------------------------------------------------------------
A rating of '[ICRA]B+' has been assigned to the INR9.00 crore fund
based cash credit facility and INR0.13 crore term loan facility of
Shivalik Polyadd Industries Private Limited. A rating of [ICRA]A4
has also been assigned to the INR4.00 crore short term non fund
based limit(sub limit of cash credit) of SPIPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           9.00       [ICRA]B+ assigned
   Term Loan             0.13       [ICRA]B+ assigned
   Letter of Credit     (4.00)      [ICRA]A4 assigned

The assigned ratings are constrained by SPIPL's small scale of
operations, and weak financial profile as reflected in weak
profitability and high leveraged capital structure resulting from
highly working capital intensive operations. The rating also
incorporate the vulnerability of the company's vulnerability to
fluctuations in raw material prices given the high volatility
since plastic scrap prices are linked to the crude prices. The
ratings also take into account the fluctuation in exchange rates
and regulatory risk due to possibility changes in policy of DEPB,
anti dumping duty on the polymers imported by the company.
The assigned ratings, however, favorably take into account the
extensive experience of promoters in the plastic industry and
healthy demand outlook for the company's product due to overall
growth of consuming industries.

Incorporated in 2005 as a proprietorship firm under the name
"Shivalik Polyresin (renamed as "Shivalik Industries"), later in
2008 the company got converted into private limited as "Shivalik
Polyadd Industries Private Limited". SPIPL is engaged in
manufacturing of reprocessed/recycled plastic granules since 2010,
before which it was mainly engaged into manufacturing of
masterbatches.Its plant has an installed capacity to produce 6000
metric tonnes plastic granules per year and is located at Kalol,
Gujarat.

Recent Results
For FY 2014, the company reported a profit before tax of INR0.18
crore on an operating income of INR11.70 crore.


SHRI BALAJI: ICRA Assigns 'D' Rating to INR12cr Loan
----------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]D' to INR12.00
crore* fund based bank facilities of Shri Balaji Literary and
Charitable Society.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long Term: Fund Based      12.00       [ICRA]D

Rating Rationale

The assigned rating takes into account the delays in servicing of
debt obligations by the society on account of its stretched
liquidity position arising due to modest accruals, scheduled debt
repayments and regular capital expenditure. In addition, the
liquidity position of SBLCS has also been impacted due to the
stretched liquidity position of the group which is on account of
regular capital expenditure at the group level without adequate
funding tie-up (vis-a vis the scale of capex). The scale of
operations of the society has remained modest on account of
declining admissions with occupancy of only 29% in AY 2013-14,
which results in modest accruals. This in conjunction with
scheduled repayments and cash flow mismatches caused by lumpiness
of cash inflows (since fee receipts are collected on a half yearly
basis) vis a vis the monthly debt obligations has resulted in
delays in debt servicing by the society.

Although ICRA has taken a note of the established presence of
Rayat-Bahra group in the Punjab region, where the group caters to
over 25,000 students through more than 35 colleges and one private
university as well as its varied course offerings which helps in
addressing a wider student base; the strengths are largely offset
by the concerns mentioned above.

In ICRA's view, improvement in the accruals which would be driven
by improvement in the occupancy levels, scale of capital
expenditure incurred and adequacy & timelines of funding of the
same and improvement in the liquidity position in the group, given
the significant financial inter-linkages between the various group
entities shall be the key rating sensitivities going forward.

Operational since 2009, SBLCS is a part of Punjab based Rayat-
Bahra Group, which operates more than 35 colleges spread across 5
campuses and one Private University. SBLCS currently operates five
colleges through one campus which is located at Patiala (Punjab)
and offers engineering, management, computer applications,
pharmacy and diploma courses under various colleges in the campus.
The total student strength across the five colleges during AY
2013-14 was ~1450 students.

The Rayat-Bahra Group was established in the year 2001 and the
first college was opened under the trust, Rayat Educational and
Research Trust at Ropar, Punjab. Currently the group is running
more than 35 colleges over 5 campuses and one private university.
The group is mainly present in Punjab, Himachal Pradesh and Delhi
and the total student strength across all the colleges in the
group is ~25,000.

Recent Results
SBLCS reported Revenue Receipts (RR) of INR10.97 Crore and net
surplus of INR0.79 Crore in FY2013 against RR of INR9.13 Crore and
net surplus of INR0.44 Crore in FY2012.


SHRI BHOGAWATI: CRISIL Suspends 'C' Rating on INR500MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shri Bhogawati Sahakari Sakhar Karkhana Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term       500       CRISIL C Suspended
   Bank Loan Facility

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

SBSS is a co-operative established in 1955. It manufactures sugar
and by-products such as molasses, bagasses, and press-mud. It is
based in Kolhapur district (Maharashtra). The company has
sugarcane crushing capacity of 4000 tonnes per day (tpd); its
capacity gradually increased to the current one in 1990.


SMART LIGHTS: ICRA Cuts Rating on INR3.89cr Term Loan From 'B+'
---------------------------------------------------------------
ICRA has revised the ratings for the INR12 Crore Lines of Credit
(LOC) facilities of Smart Lights from [ICRA]B+/ [ICRA]A4 to
[ICRA]BB+/[ICRA]A4+. The Outlook on the long-term rating is
"Stable".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term Loans           3.89       Rating revised from
                                   [ICRA]B+ to [ICRA]BB+ (Stable)

   Cash Credit/Letter
   of Credit            8.11       Rating revised from [ICRA]A4
                                   to[ICRA]A4+

The revision in ratings takes into account the strong scale up in
the company's business of contract manufacturing of compact
fluorescent lamps, expectation of continued momentum in business
growth due to established relationships with a large number of
principal OEMs and improving synergies with other group companies
that supply various input parts required for CFL assemblies. The
ratings favourably consider the experience of SL's management in
the CFL contract manufacturing business through various group
entities, including SL, Delta Electronics (Delta), Compact Lamps
Private Limited (Compact), and Kanik Electronics Private Limited
(Kanik) and their established relations with other lighting
manufacturers including Bajaj, Everyday, Khaitan, Wipro and Orient
etc. The ratings are also supported by healthy profit margins
enjoyed by the firm by virtue of its manufacturing facility being
located at Ramnagar, a tax free zone and lower than industry
warranty claims. While growth of the domestic CFL industry
provides growth opportunities to SL, the firm's scale-up over the
short term could be constrained if investments towards capacity
expansion are not incurred. The ratings are constrained by the
firm's stretched liquidity position reflected in almost fully
utilised working capital facilities and the firm's relatively long
cash conversion cycle. However, ICRA notes that SL has
significantly increased its scale of operations in the last two
years without seeking an increase in its working capital limits
from banks. In this period, the firm has managed its liquidity
position by focusing on reducing its working capital intensity
(reduced from 47% in 2011-12 to 28% in 2013-14). Going forward,
SL's ability to secure higher working capital limits from banks/
financial institutions or be able to draw on partners capital may
be critical for its liquidity position. This, along with the
funding mix chosen by the firm for its capex programme, will be
the key rating sensitivities going forward.

Smart Lights (SL) was established in 2008 and began operations in
January 2009 from its manufacturing unit located at Ram Nagar
(Uttarakhand). The firm manufactures CFLs in the range of 36 to
100 watts as well as thin tube lights (TTL). SL is primarily a
contract manufacturer of CFLs and thin tube lights (TTL) for
established players in the lighting industry such as Eveready
Industries Limited (Eveready), Bajaj Electricals Limited (Bajaj),
Orient Paper and Industries Limited (Orient), Usha Sriram
Enterprises Private Limited (Usha) and Khaitan Electricals Limited
(Khaitan). Apart from selling to other lighting manufacturers, the
firm also sells CFLs and TTLs under its own brand name Ultra-Lite
through its distribution channel. SL is promoted by Mr. Kapil
Gupta and his family and belongs to the Delta Group of companies.
Apart from SL, the other companies under the group include Delta
Electronics (engaged in fabrication and printing of Printed
Circuit Boards used in CFLs).

Recent Results
As per the provisional financials, SL recorded an operating income
of INR69.0 Crore with an OPBIDTA of INR7.2 Crore and PAT of INR4.5
Crore during 2013-14 as compared to operating income of INR56.6
Crore, OPBIDTA of INR7.4 and PAT of INR4.7 Crore during 2012-13.


SWASTIK COPPER: ICRA Suspends 'B+/A4' Rating on INR50.13cr Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B+/A4 ratings assigned to the INR50.13
crore fund based and non fund based facilities of Swastik Copper
(P) Limited. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the company.


V CARE: ICRA Reaffirms 'B+' Rating on INR5.60cr Loan
----------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
INR5.60 crore fund based limits and the short-term rating of
[ICRA]A4 to INR1.00 crore non fund based limits of V Care Seeds
Private Limited. ICRA has also reaffirmed the ratings of
[ICRA]B+/[ICRA]A4 assigned to INR4.40 crore unallocated limits of
VSPL.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund based limits        5.60     [ICRA]B+ reaffirmed
   Non fund based limits    1.00     [ICRA]A4 reaffirmed
   Unallocated Limits       4.40     [ICRA]B+/[ICRA]A4 reaffirmed

The reaffirmation of ratings takes into consideration drop in
revenues of the company in FY 2014 due to lower orders from major
customers coupled with limited working capital limits due to non-
sanction of demand loan during the year; and thin profitability
levels given the limited value addition in seed processing
undertaken by the company. The ratings continue to remain
constrained by the moderate working capital intensity of the
company due to inventory stocking resulting from seasonal nature
of the business and presence in a highly competitive market
exposed to agro-climatic conditions. The ratings, however,
favourably factor in the established presence of the promoters in
the seeds industry and the client-relationships built by the
company over the years with various government agencies.
The ability of the company to manage its working capital
requirements effectively and also improve in terms of scale of
operations and profitability remains the key rating sensitivity.

V Care Seeds Private Limited was incorporated in the year 2009 by
Mr D. Koti Swamy (Managing Director) and his brother Mr. D.
Venkata Rao; it is into the business of commercial seed
processing. The company procures the breeder seeds from various
agricultural universities in Andhra Pradesh and then supplies the
same to farmers for multiplication to commercial seeds which are
then processed by the company and sent for certification. VSPL
sells the certified seeds to various government agencies such as
National Agricultural Cooperative Marketing Federation of India
Limited (NAFED Limited), Hyderabad Agricultural Cooperative
Association Limited (HACA Limited) etc. The company has a
production facility with a processing capacity of 200 MT per day
at Mahbubnagar district in Telangana.

Recent Results
As per the provisional results for FY 2014, the company reported
profit before tax of INR0.61 crore on turnover of INR38.08 crore
as against profit after tax of INR1.12 crore on turnover of
INR79.15 crore during FY 2013(audited results).


VAIBHAV COTTON: ICRA Assigns 'B+' Rating to INR20cr Loans
---------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR12.00 crore long
term fund based limits and INR8.00 crore unallocated limits of
Vaibhav Cotton Corporation.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Fund Based Limits     12.00     [ICRA]B+ assigned
   Unallocated Limits     8.00     [ICRA]B+ assigned

The assigned rating is constrained due to the firm's weak
financial profile characterized by low profitability on account of
limited value additive nature of the business, high gearing levels
and modest coverage indicators. The high debt levels coupled with
low net worth resulted in weak capital structure as reflected by
gearing of 2.79x as on 31st January 2014. The rating is also
constrained on account of the stretched liquidity profile as
reflected by average CC utilization of 92% for the past 12 months.
Further, the rating is also constrained by the susceptibility of
raw material availability to climatic conditions; small scale of
operations and fragmented nature of the industry characterized by
presence of large number of players which limits firm's ability to
pass on any adverse price movement to its customers.

The rating, however, is supported by the established track record
of the managing partner with about three decades of experience in
cotton ginning industry; healthy growth of 29% in the firm's top
line from INR104 crore in FY13 to INR134 crore in FY14 mainly on
account of significant improvement in the trading business and
proximity of the manufacturing unit to cotton growing area thereby
aiding in easy availability of raw cotton and lower transportation
costs.

Going forward, ability of the firm to increase its scale of
operations while improving profitability would remain key rating
sensitivities.

VCC was setup in the year 1997 as a partnership firm with Mr. Shiv
Kumar as managing partner. The firm is engaged in ginning and
pressing of cotton, oil extraction and trading of cotton lint,
seed and maize. The firm has installed 36 ginning machines and one
pressing machine located at Jammikunta in Karimnagar district of
Telangana.

Recent results

As per the provisional (10M) FY 2014 results, the firm reported
operating profit of INR1.64 crore on an operating income of
INR112.25 crore as compared to operating profit of INR1.63 crore
on an operating income of INR104.34 crore for FY 2013.


VISHWARUPA STEEL: CRISIL Suspends 'D' Rating on INR350MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vishwarupa Steel Pvt Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              203      CRISIL D Suspended
   Letter of Credit          80      CRISIL D Suspended
   Standby Line of Credit    50      CRISIL D Suspended
   Term Loan                 17      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by VSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VSPL is yet to
provide adequate information to enable CRISIL to assess VSPL'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, VSPL manufactures steel ingots. The
company's manufacturing facilities in Howrah (West Bengal) have a
capacity of 96,000 tonnes per annum. VSPL is part of the Sarkar
Gray group, which includes other entities such as Sarkar Gray Iron
Products, Shree Radhe Krishna Smelters Pvt Ltd, and Vishwarupa
Tubes Pvt Ltd. The group is promoted by Mr. Dhiraj Thard.



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


PURPLE DOT: Winemaker Goes Into Liquidation
-------------------------------------------
The Nelson Mail reports that a Brooklyn contract winemaking
company originally set up as a joint venture is now insolvent but
its parent Anchorage Wines is safe, co-director Chris Drummond
said.

Mr. Drummond said Purple Dot, previously Torrent Bay Vintners, was
placed in liquidation on June 27, but it had been a non trading
company since February 2010 and the liquidation was simply a
formality, the report relates.

He and Owen Drummond were the only two directors. Liquidator Geoff
Falloon -- geoff@bizrescue.co.nz -- of Biz Rescue is due to file
the final report soon, the Nelson Mail says.

In 2007, Anchorage and Kahurangi -- two of the region's larger
wine companies, united to build the region's first contract
winemaking facility, Torrent Bay Vintners Ltd, the Nelson Mail
recalls.

The report relates that the 1000-tonne winery at Brooklyn, near
Motueka, was established for use by Anchorage and Kahurangi, as
well as for other Nelson growers to process their grapes locally.
The winery was created in a former apple packhouse, owned by Ray
Drummond and family in Umukuri Rd, Brooklyn.

The report says the joint venture ended with Anchorage Wines
buying out Kahurangi Estate's half-share, including plant and
equipment in 2010 and Torrent Bay Vintners began trading as
Anchorage Wines.

According to the Nelson Mail, Chris Drummond said the vintner
company had been wound up for a lot of reasons but essentially it
had been a non-trading company for a few years.

"February 2010 was the last time it did anything -- it's just been
sitting there," the report quotes Mr. Drummond as saying.

The Nelson Mail relates that Mr. Drummond said the company did owe
Anchorage "a lot money", but the liquidation was a mere formality
that would also wipe book debt. "We just have to move on now.
There was never any way it [the debt] was going to be paid back
and we have to liquidate the company to get it off the register."

Mr. Drummond said Anchorage, which operated with four staff, would
carry on and has plans to grow in existing export markets in
Australia, Hong Kong, China, Britain and the United States where
it had recently secured new distributors, the report relays.



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


STX GROUP: Regulators to Reprimand Main Creditor
------------------------------------------------
Yonhap News reports that the financial watchdog will reprimand the
main creditor bank of cash-strained STX Group and Dongbu Group for
negligence in monitoring the financial conditions of the
conglomerates, officials said July 14, pressuring the bank to take
stronger measures to normalize the ailing firms.

STX Group, the 13th-biggest conglomerate with 10 affiliates under
its wing, has been struggling with a liquidity shortage and
mounting debts due to the downturn in the shipbuilding and
shipping sectors, the report says.

According to Yonhap News, the Financial Supervisory Service (FSS)
discovered that the main creditor, Korea Development Bank, had
extended some KRW1 trillion ($979.4 million) worth of loans to the
ailing affiliates of the conglomerate, failing in its debt-
screening process and in assessing the conglomerate's ability to
repay.

"We have found many problems about KDB's negligence through
multiple inspections on STX-related issues," an official from the
FSS said. "The KDB has failed to perform its duties as the main
creditor."

The KDB allegedly raised credit ratings of STX affiliates without
reference and gave them additional loans. It also failed to detect
STX Offshore & Shipbuilding Co.'s diversion of the advanced money
to investment into its affiliates, the report relates citing the
FSS.

Yonhap News adds that the watchdog is looking into suspicions that
the KDB had given favors to STX Group in return for the company's
employment of a former KDB official.

Yonhap News adds that the KDB is also under pressure to normalize
Dongbu Group, the country's 18th-largest conglomerate whose
attempts to sell off assets for self-rescue failed, leaving it
short of cash.

The KDB has been holding off on a KRW20 billion rescue fund to the
Dongbu Group, which the FSS sees as disrupting the local financial
market and incurring losses on individual investors, Yonhap says.

The financial watchdog last year gave itself strengthened
authority to punish creditor banks that neglect their duties, the
report notes.

                        About STX Group

STX Group, once South Korea's 13th-biggest conglomerate, is
struggling to deal with a liquidity shortage and mounting debts of
its major affiliates from a downturn in the shipbuilding and
shipping sectors.

STX Offshore and two other units of the STX Group had voluntarily
sought debt rescheduling with their creditors, Bloomberg News
reported.

STX Pan Ocean sought court receivership after Korea Development
Bank, the main creditor and Pan Ocean's second-biggest
shareholder, decided against buying the company from STX Group,
Bloomberg News reported.

In June 2014, six subsidiaries of STX Dalian Group, STX
Corp.'s China unit, filed for bankruptcy court protection in
the country's northeastern Liaoning province.

STX Group has 10 affiliates, including STX Pan Ocean and STX
Offshore & Shipbuilding, under its wing.



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


* BOND PRICING: For the Week July 7 to July 11, 2014
----------------------------------------------------

Issuer            Coupon    Maturity   Currency    Price
------            -------   --------   --------    -----


  AUSTRALIA
  ---------

A1 INVESTMENTS &     12.00   09/30/14     AUD     0.05
ANTARES ENERGY LT    10.00   10/30/23     AUD     2.18
BOART LONGYEAR MA     7.00   04/01/21     USD    72.25
BOART LONGYEAR MA     7.00   04/01/21     USD    72.38
GRIFFIN COAL MINI     9.50   12/01/16     USD    74.00
GRIFFIN COAL MINI     9.50   12/01/16     USD    74.00
KBL MINING LTD       10.00   08/05/16     AUD     0.27
LAKES OIL NL         10.00   11/30/14     AUD    19.90
MIDWEST VANADIUM     11.50   02/15/18     USD    45.00
MIDWEST VANADIUM     11.50   02/15/18     USD    43.06
MIRABELA NICKEL L     8.75   04/15/18     USD    23.13
MIRABELA NICKEL L     8.75   04/15/18     USD    24.00
NEW SOUTH WALES T     0.50   03/30/23     AUD    74.64
RELIANCE RAIL FIN     3.01   09/26/22     AUD    67.00
TREASURY CORP OF      0.50   11/12/30     AUD    54.59


CHINA
-----

CHANGCHUN CITY DE     6.08   03/09/16     CNY    70.62
CHANGCHUN CITY DE     6.08   03/09/16     CNY    70.41
CHANGZHOU INVESTM     5.80   07/01/16     CNY    70.14
CHANGZHOU INVESTM     5.80   07/01/16     CNY    69.81
CHANGZHOU SMALL &     6.18   11/29/14     CNY    60.24
CHINA GOVERNMENT      1.64   12/15/33     CNY    63.99
DANYANG INVESTMEN     6.30   06/03/16     CNY    70.18
GUANGXI XINFAZHAN     5.75   11/30/14     CNY    39.91
KUNSHAN ENTREPREN     4.70   03/30/16     CNY    69.04
KUNSHAN ENTREPREN     4.70   03/30/16     CNY    69.47
QINGZHOU HONGYUAN     6.50   05/22/19     CNY    49.81
QINGZHOU HONGYUAN     6.50   05/22/19     CNY    49.32
WUXI COMMUNICATIO     5.58   07/08/16     CNY    49.85
WUXI COMMUNICATIO     5.58   07/08/16     CNY    49.81
ZHENJIANG CITY CO     5.85   03/30/15     CNY    70.27
ZHENJIANG CITY CO     5.85   03/30/15     CNY    70.21
ZHUCHENG ECONOMIC     7.50   08/25/18     CNY    57.26
ZIBO CITY PROPERT     5.45   04/27/19     CNY    59.22
ZOUCHENG CITY ASS     7.02   01/12/18     CNY    70.89


INDONESIA
---------

DAVOMAS INTERNATI    11.00   12/08/14     USD    19.50
DAVOMAS INTERNATI    11.00   12/08/14     USD    19.50
INDONESIA TREASUR     6.38   04/15/42     IDR    73.79
PERUSAHAAN PENERB     6.75   04/15/43     IDR    74.67
PERUSAHAAN PENERB     6.10   02/15/37     IDR    70.27


INDIA
-----

3I INFOTECH LTD       5.00   04/26/17     USD    42.25
CORE EDUCATION &      7.00   05/07/15     USD     9.63
COROMANDEL INTERN     9.00   07/23/16     INR    16.25
DEWAN HOUSING FIN     5.50   09/24/23     INR    70.44
GTL INFRASTRUCTUR     2.53   11/09/17     USD    34.60
INCLINE REALTY PV    10.85   08/21/17     INR    20.68
INCLINE REALTY PV    10.85   04/21/17     INR    17.68
INDIA GOVERNMENT      0.23   01/25/35     INR    19.69
JCT LTD               2.50   04/08/11     USD    20.00
MASCON GLOBAL LTD     2.00   12/28/12     USD    10.00
PYRAMID SAIMIRA T     1.75   07/04/12     USD     1.00
REI AGRO LTD          5.50   11/13/14     USD    55.88
REI AGRO LTD          5.50   11/13/14     USD    55.88
SHIV-VANI OIL & G     5.00   08/17/15     USD    27.50


JAPAN
-----

ELPIDA MEMORY INC     0.70   08/01/16     JPY    14.38
ELPIDA MEMORY INC     0.50   10/26/15     JPY    15.75
ELPIDA MEMORY INC     2.03   03/22/12     JPY    16.50
ELPIDA MEMORY INC     2.10   11/29/12     JPY    16.50
ELPIDA MEMORY INC     2.29   12/07/12     JPY    16.50
JAPAN EXPRESSWAY      0.50   03/18/39     JPY    71.44
JAPAN EXPRESSWAY      0.50   09/17/38     JPY    72.17
DONGBU METAL CO L     5.20   09/12/19     KRW    65.68
EXPORT-IMPORT BAN     0.50   10/23/17     TRY    73.58
EXPORT-IMPORT BAN     0.50   12/22/17     BRL    67.93
EXPORT-IMPORT BAN     0.50   11/21/17     BRL    69.28
EXPORT-IMPORT BAN     0.50   12/22/17     TRY    72.31
HYUNDAI MERCHANT      7.05   12/27/42     KRW    44.27
KIBO ABS SPECIALT    10.00   02/19/17     KRW    29.97
KIBO ABS SPECIALT    10.00   09/04/16     KRW    30.68
KIBO ABS SPECIALT    10.00   08/22/17     KRW    32.50
SINBO SECURITIZAT     5.00   10/01/17     KRW    29.72
SINBO SECURITIZAT     5.00   08/24/15     KRW    70.99
SINBO SECURITIZAT     5.00   12/07/15     KRW    72.64
SINBO SECURITIZAT     5.00   02/02/16     KRW    73.15
SINBO SECURITIZAT     4.60   06/29/15     KRW    72.61
SINBO SECURITIZAT     4.60   06/29/15     KRW    72.61
SINBO SECURITIZAT     5.00   01/19/16     KRW    72.57
SINBO SECURITIZAT     5.00   03/13/17     KRW    29.57
SINBO SECURITIZAT     5.00   03/13/17     KRW    29.57
SINBO SECURITIZAT     5.00   08/31/16     KRW    30.00
SINBO SECURITIZAT     5.00   08/31/16     KRW    30.00
SINBO SECURITIZAT     5.00   02/21/17     KRW    28.04
SINBO SECURITIZAT     5.00   02/21/17     KRW    29.54
SINBO SECURITIZAT     5.00   05/27/16     KRW    73.19
SINBO SECURITIZAT     5.00   05/27/16     KRW    73.19
SINBO SECURITIZAT     5.00   09/28/15     KRW    70.93
SINBO SECURITIZAT     5.00   07/19/15     KRW    71.13
SINBO SECURITIZAT     5.00   07/26/16     KRW    30.10
SINBO SECURITIZAT     5.00   07/26/16     KRW    30.10
SINBO SECURITIZAT     5.00   09/13/15     KRW    73.26
SINBO SECURITIZAT     5.00   09/13/15     KRW    63.51
SINBO SECURITIZAT     5.00   06/29/16     KRW    30.18
SINBO SECURITIZAT     8.00   03/07/15     KRW    74.39
SINBO SECURITIZAT     5.00   03/14/16     KRW    72.49
SINBO SECURITIZAT     5.00   07/08/17     KRW    30.48
SINBO SECURITIZAT     5.00   07/08/17     KRW    30.48
SINBO SECURITIZAT     5.00   06/07/17     KRW    27.68
SINBO SECURITIZAT     5.00   06/07/17     KRW    27.68
SINBO SECURITIZAT     5.00   10/05/16     KRW    29.97
SINBO SECURITIZAT     5.00   10/05/16     KRW    29.97
SINBO SECURITIZAT     5.00   08/16/16     KRW    30.20
SINBO SECURITIZAT     5.00   08/16/17     KRW    30.15
SINBO SECURITIZAT     5.00   08/16/17     KRW    30.15
SINBO SECURITIZAT     5.00   01/29/17     KRW    29.68
SINBO SECURITIZAT     5.00   10/01/17     KRW    29.72
SINBO SECURITIZAT     5.00   10/01/17     KRW    29.72
SINBO SECURITIZAT     5.00   12/13/16     KRW    29.78
STX OFFSHORE & SH     6.90   04/09/15     KRW    74.96
TONGYANG CEMENT &     7.30   06/26/15     KRW    70.00
TONGYANG CEMENT &     7.30   04/12/15     KRW    70.00
TONGYANG CEMENT &     7.50   09/10/14     KRW    70.00
TONGYANG CEMENT &     7.50   04/20/14     KRW    70.00
TONGYANG CEMENT &     7.50   07/20/14     KRW    70.00
U-BEST SECURITIZA     5.50   11/16/17     KRW    29.99
WOONGJIN ENERGY C     2.00   12/19/16     KRW    61.13


SRI LANKA
---------

SRI LANKA GOVERNM     5.35   03/01/26     LKR    67.91


MALAYSIA
--------

BANDAR MALAYSIA S     0.35   02/20/24     MYR    64.71
BRIGHT FOCUS BHD      2.50   01/22/31     MYR    66.85
BRIGHT FOCUS BHD      2.50   01/24/30     MYR    68.33
LAND & GENERAL BH     1.00   09/24/18     MYR     0.42
SENAI-DESARU EXPR     1.15   12/29/23     MYR    69.42
SENAI-DESARU EXPR     1.35   12/29/28     MYR    60.03
SENAI-DESARU EXPR     1.15   06/28/24     MYR    68.00
SENAI-DESARU EXPR     1.35   06/30/28     MYR    61.04
SENAI-DESARU EXPR     1.10   06/30/22     MYR    73.73
SENAI-DESARU EXPR     1.15   12/30/22     MYR    72.46
SENAI-DESARU EXPR     1.15   06/30/23     MYR    70.88
SENAI-DESARU EXPR     1.15   12/31/24     MYR    66.77
SENAI-DESARU EXPR     1.15   06/30/25     MYR    65.61
SENAI-DESARU EXPR     1.35   12/31/25     MYR    66.20
SENAI-DESARU EXPR     1.35   06/30/26     MYR    65.16
SENAI-DESARU EXPR     1.35   12/31/26     MYR    64.10
SENAI-DESARU EXPR     1.35   06/30/27     MYR    63.08
SENAI-DESARU EXPR     1.35   12/31/27     MYR    62.04
SENAI-DESARU EXPR     1.35   06/29/29     MYR    59.05
SENAI-DESARU EXPR     1.35   12/31/29     MYR    58.06
SENAI-DESARU EXPR     1.35   06/28/30     MYR    57.13
SENAI-DESARU EXPR     1.35   12/31/30     MYR    56.18
SENAI-DESARU EXPR     1.35   06/30/31     MYR    55.28
UNIMECH GROUP BHD     5.00   09/18/18     MYR     1.28


NEW ZEALAND
-----------

KIWI INCOME PROPE     8.95   12/20/14     NZD     1.04


PHILIPPINES
-----------

BAYAN TELECOMMUNI    13.50   07/15/06     USD    22.75
BAYAN TELECOMMUNI    13.50   07/15/06     USD    22.75
BAKRIE TELECOM PT    11.50   05/07/15     USD    11.10
BAKRIE TELECOM PT    11.50   05/07/15     USD    10.13
BLD INVESTMENTS P     8.63   03/23/15     USD    29.63
BUMI CAPITAL PTE     12.00   11/10/16     USD    48.00
BUMI CAPITAL PTE     12.00   11/10/16     USD    47.04
BUMI INVESTMENT P    10.75   10/06/17     USD    50.15
BUMI INVESTMENT P    10.75   10/06/17     USD    50.03
ENERCOAL RESOURCE     9.25   08/05/14     USD    39.67
INDO INFRASTRUCTU     2.00   07/30/10     USD     1.88
OVERSEA-CHINESE B     3.50   12/27/37     USD    73.96


THAILAND
--------

G STEEL PCL           3.00   10/04/15     USD    13.63
MDX PCL               4.75   09/17/03     USD    17.13


VIETNAM
-------

BANK FOR INVESTME    10.20   05/19/21     VND    74.29



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***