TCRAP_Public/140725.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, July 25, 2014, Vol. 17, No. 146


                            Headlines


A U S T R A L I A

E & M INVESTMENT: Cor Cordis Appointed as Administrators
LOW ENERGY: Placed Into Administration
MISSION NEW ENERGY: Unit Awarded $3MM in Indonesian Arbitration
PENRICE SODA: Adelaide Brighton Acquires Quarry in Angaston
ST CONCRETE: In Administration; First Meeting Set Aug. 1

* AUSTRALIA: Corporate Insolvencies Drop 19%


C H I N A

SINO-FOREST CORP: Former CFO Inks Deal With Canadian Regulators
ZHEJIANG TOPOINT: Seeks U.S. Recognition of Chinese Bankruptcy
ZHEJIANG TOPOINT: Seeks Joint Administration in U.S. Court


I N D I A

ACCENTURE MARINE: CRISIL Assigns 'B+' Rating to INR50MM Loan
ADISHAKTI ALLOYS: ICRA Reaffirms B+ Rating on INR7.25cr Loan
AGGARSAIN JEWELLERS: CRISIL Suspends 'B' Rating on INR100MM Loan
AMBIKA SOLVEX: CRISIL Suspends 'D' Rating on INR800MM Loans
ARYA AUTOWHEELS: ICRA Reaffirms 'B' Rating on INR7.5cr Loans

ASIA BULK: ICRA Lowers Rating on INR22.39cr Loan to 'B-'
B. D. AGRO: CARE Downgrades Rating on INR5.23cr Bank Loan to 'D'
CLASSIC HYUNDAI: CRISIL Reaffirms 'B' Rating on INR100MM Loan
COCHIN FROZEN: CRISIL Upgrades Rating on INR3.9MM Loan to 'B+'
D.B. MACHINE: ICRA Reaffirms 'B+' Rating on INR8.0cr Loans

FLEXIBLE ABRASIVES: CARE Reaffirms B+ Rating on INR6.82cr Loan
GEM MULTICOLOR: ICRA Suspends 'B-' Rating on INR5.5cr Loans
GOLD STAR: ICRA Assigns 'B+' Rating to INR6ccr Loan
GOYAL ENTERPRISES: CARE Revises Rating on INR12.06cr Loan to B+
INTERRA INFOTECH: ICRA Suspends B+ Rating on INR5.50cr Loan

JCO GAS: CRISIL Suspends 'D' Rating on INR800MM Loans
KANAK POLYFAB: CARE Lowers Rating on INR19.63cr Loans to 'D'
KARNATAKA AROMAS: CRISIL Reaffirms 'B+' Rating on INR212.5MM Loan
KAULGUD CONSTRUCTIONS: ICRA Assigns 'D' Rating to INR22.7cr Loans
MADHAV COTTON: CARE Reaffirms 'B+' Rating on INR24cr Bank Loan

OGUN STEELS: CRISIL Lowers Rating on INR160MM Loan to 'D'
OM PRAKASH: CRISIL Suspends 'B' Rating on INR25MM Loan
OM SAI: ICRA Assigns 'B+' Rating to INR7.5cr Term Loan
ORBIT RESORTS: CRISIL Suspends 'D' Rating on INR3.01BB Loans
POPPYS KNITWEAR: CRISIL Raises Rating on INR180MM Loans to 'B+'

POWER SPINNING: CRISIL Assigns 'B' Rating to INR50MM Loan
PRECISION TECKNIK: CRISIL Suspends 'D' Rating on INR409MM Loan
RANCHI EXPRESSWAYS: ICRA Reaffirms D Rating on INR1,191.6cr Loan
RNB CEMENT: ICRA Assigns 'D' Rating to INR126.45cr Loans
SAHUWALA HIGH: ICRA Revises Rating on INR78.6cr Loans to 'D'

SALEM AUTOMECH: CRISIL Assigns 'B+' Rating to INR88MM Loans
SILVER STONE: CRISIL Assigns 'B' Rating to INR77.5MM Loans
SRIKARA PACKAGING: ICRA Assigns 'B+' Rating to INR8cr Loans
VEEKAY PLAST: CARE Reaffirms 'B+' Rating on INR10cr Bank Loan
VEELINE MEDIA: ICRA Raises Rating on INR7.5cr Loan From 'B+'

VINAYAK COTTEX: ICRA Assigns 'B' Rating to INR8.45cr Loans


N E W  Z E A L A N D

RENAISSANCE CORPORATION: Shareholders to Vote on Liquidation


P A K I S T A N

PAKISTAN MOBILE: Moody's Revises Outlook on B2 CFR to Stable


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


E & M INVESTMENT: Cor Cordis Appointed as Administrators
--------------------------------------------------------
Ozem Kassem and Jason Tang of Cor Cordis were appointed as
administrators of E & M Investment and Development Pty Limited on
July 21, 2014.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 6, 55 Clarence Street, in
Sydney, New South Wales, on July 31, 2014, at 10:30 a.m.


LOW ENERGY: Placed Into Administration
---------------------------------------
Eloise Keating at SmartCompany reports that the alternative energy
industry in Australia has been dealt another blow, with the
collapse of a company dedicated to helping households and
businesses save on energy costs.

Low Energy Supplies and Services collapsed into administration on
July 17, with David Ingram of Hall Chadwick appointed
administrator.

In June, the report recalls, family-owned solar panel installation
business The Solar Guys collapsed, becoming the second victim of a
recall of Avanco-branded solar power circuit breakers.

Low Energy Supplies and Services was established in 2001 and
describes itself as "one of the most experienced companies in the
Australian energy efficiency and carbon credit market" on its
website, according to SmartCompany.

SmartCompany, citing LinkedIn, says the company employs between 50
and 200 employees.

The first meeting of creditors is scheduled to take place in
Sydney on July 29, SmartCompany says.


MISSION NEW ENERGY: Unit Awarded $3MM in Indonesian Arbitration
---------------------------------------------------------------
Mission NewEnergy Limited announced that the Indonesian
arbitration panel, in a 2-1 majority decision, has awarded
Mission's subsidiary, Oleovest Pte Ltd, with US$3,360,000.

Funds will materially be used to pay down convertible note debt
and for general working capital purposes.

Mission is awaiting the panel's written decision.

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

The Company's balance sheet at Dec. 31, 2013, showed $4.92 million
in total assets, $13.96 million in total liabilities and a $9.04
million total deficiency.

Mission NewEnergy disclosed net profit of AUD10.05 million on
AUD8.41 million of total revenue for the year ended June 30, 2013,
as compared with a net loss of AUD6.19 million on AUD38.20 million
of total revenue during the prior fiscal year.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million.  These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.


PENRICE SODA: Adelaide Brighton Acquires Quarry in Angaston
-----------------------------------------------------------
ABC News reports that Penrice administrator Sam Davies of
McGrathNicol said a limestone quarry at Angaston, north-east of
Adelaide, is being sold to Adelaide Brighton.

According to the report, Mr. Davies said the deal is a great
outcome for the quarry workers and the Barossa Valley town.

"In selling the quarry as an ongoing concern we have preserved a
significant number of local jobs," ABC quotes Mr. Davies as
saying.

ABC relates that Adelaide Brighton said the quarry is a key raw
materials supplier for its lime and cement plant at Angaston.

Barossa Mayor Brian Hurn said the quarry employs up to 50 workers
and some good news on jobs is welcome, ABC News reports.

Another Penrice creditors' meeting will be held in Adelaide at the
end of the month, adds ABC News.

The Penrice soda products plant at Osborne in Adelaide's north-
west is to shut within weeks and most of 95 workers there will
lose their jobs, according to ABC News.

Australian-based Penrice Soda Holdings Limited (ASX:PSH ) --
http://www.penrice.com.au/-- is engaged in the manufacture,
distribution and sales of soda ash and sodium bicarbonate and the
mining, distribution and sale of quarry and mineral products.

McGrathNicol announced on April 11, 2014, that partners
Sam Davies, Peter Anderson, and Thea Eszenyi have been appointed
joint and several Voluntary Administrators to Penrice Soda
Holdings Ltd and its subsidiaries.  The Penrice Group consists of:

PSH;
Penrice Soda Products Pty Ltd;
Penrice Pty Ltd;
PSP SPV Pty Ltd;
Penrice Finance Pty Ltd;
Penrice Holdings Pty Ltd; and
Penrice Soda JV Pty Ltd.


ST CONCRETE: In Administration; First Meeting Set Aug. 1
--------------------------------------------------------
David Ingram  -- dingram@hallchadwick.com.au -- and Blair Pleash -
- bpleash@hallchadwick.com.au -- of Hall Chadwick were appointed
as administrators of ST Concrete and Building Construction Pty
Limited on July 22, 2014.

A first meeting of the creditors of the Company will be held at
Gympie RSL Club, 217 Mary Street, in Gympie, Queesnland, on
Aug. 1, 2014, at 11:00 a.m.


* AUSTRALIA: Corporate Insolvencies Drop 19%
--------------------------------------------
Kirsten Robb and Eloise Keating at SmartCompany report that the
number of companies collapsing in Australia has fallen by 19%
since the start of the financial year.

SmartCompany relates that the Australian Securities and
Investments Commission has said insolvencies have broken a long-
term trend, with the number of companies entering administration
dropping compared with company incorporations, according to
Fairfax.

But it wasn't good news for all, with the construction and
personal service industries hit hard with collapses, the report
relays.

According to SmartCompany, construction companies' insolvencies
only dropped 7%, while personal services such as hairdressers and
beauty business insolvencies were actually on the rise.

The majority of these collapsed personal services were SMEs, the
report notes.



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


SINO-FOREST CORP: Former CFO Inks Deal With Canadian Regulators
---------------------------------------------------------------
Law360 reported that the Ontario Securities Commission said it has
reached a tentative settlement with a former Sino-Forest Corp.
executive over claims that he had violated securities laws before
the company collapsed amid controversy over its asset valuations
and financials.  According to the report, the OSC said it will
hold a hearing to consider whether to approve the settlement with
David Horsley, who served as the Chinese timber company's chief
financial officer.

                    About Sino-Forest Corp.

Sino-Forest Corporation -- http://www.sinoforest.com/-- is a
commercial forest plantation operator in China.  Its principal
businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products.  Sino-Forest also holds a majority interest in
Greenheart Group Limited, a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.

Sino-Forest Corporation on March 30, 2012, obtained an initial
order from the Ontario Superior Court of Justice for creditor
protection pursuant to the provisions of the Companies' Creditors
Arrangement Act.

Under the terms of the Order, FTI Consulting Canada Inc. will
serve as the Court-appointed Monitor under the CCAA process and
will assist the Company in implementing its restructuring plan.
Gowling Lafleur Henderson LLP is acting as legal counsel to the
Monitor.

FTI Consulting commenced a Chapter 15 case for Sino-Forest in New
York (Bankr. S.D.N.Y. Case No. 13-10361) to give force and effect
of Sino-Forest's plan of compromise and reorganization that has
been sanctioned by creditors and an Ontario court.  The Chapter 15
petition claimed assets and debt both exceed $1 billion.  Jeremy
C. Hollembeak, Esq., at Milbank, Tweed, Hadley & McCloy, LLP,
serves as counsel in the U.S. case.


ZHEJIANG TOPOINT: Seeks U.S. Recognition of Chinese Bankruptcy
--------------------------------------------------------------
Zhejiang Topoint Photovoltaic Co., Ltd., through its bankruptcy
administrator, filed a Chapter 15 bankruptcy petition in New
Jersey in the U.S. to seek recognition of its bankruptcy
proceedings in China.

The Debtors' business suffered financial difficulties stemming
form the wake of the 2008 global economic crisis and subsequent
events.  The Chinese solar manufacturing industry boomed following
government stimulus and subsidy for the solar industry.  However,
global demand failed to keep pace with the massive production put
out by Chinese companies.  As a result, many of China's larger
solar firms faced possibility of bankruptcy or consolidation,
including LDK Solar, Yingli Solar, and Suntech Power Holdings.

The industry may now be turning a corner, thanks to increasing
demand starting to "catch up" to the prior glut of overproduction.

Developers installed 37.5 gigawattas of panels worldwide last
year, up from 22 percent from 2012, and that figure may increase
as much as 39 percent this year, according to data compiled by
Bloomberg.

The Chinese proceeding was commenced on Nov. 5, 2013, by applicant
Haining City Rural Credit Cooperatives after Topoint Group failed
to meet obligations on its credit facility.  The Chinese court
ordered the Topoint Group to be placed in to restructuring
proceedings on Dec. 25, 2013.

The bankruptcy administrator is asking the U.S. court to recognize
the Chinese proceeding as "foreign main proceeding."  He is also
asking the U.S. court to enter an order staying execution and any
other acts against the Debtors' property and assets in the U.S.

                      About Zhejiang Topoint

Zhejiang Topoint Photovoltaic Co., Ltd., is engaged in the
development, manufacturing, and marketing of photovoltaic solar
panels in China for sale and export to international markets,
including the United States.  Marketing of the solar panels is
performed by affiliate Zhejiang Jiutai New Energy Co. Ltd.
Manufacturing of the Topoint Group's products is generally
conducted from its facilities located in the Zhejiang Province of
the People's Republic of China.

Topoint is subject to proceedings before the People's Court of
Haining City, Zhejiang Province.  Yueming Zhang is the court-
appointed bankruptcy administrator.

Zhejiang Topoint and its three affiliates filed petitions under
Chapter 15 of the U.S. Bankruptcy Code in Camden, New Jersey
(Bankr. D.N.J. Lead Case No. 14-24549) on July 16, 2014, to seek
U.S. recognition of the proceedings in China.  Topoint estimated
assets of at least US$10 million and debt of less than US$10
million in the Chapter 15 petition.

Counsel in the U.S. cases is Stephen M. Packman, Esq., at Archer &
Greiner, P.C., in Haddonfield, New Jersey.


ZHEJIANG TOPOINT: Seeks Joint Administration in U.S. Court
----------------------------------------------------------
Zhejiang Topoint Photovoltaic Co., Ltd., and its debtor affiliates
ask the U.S. Bankruptcy Court for the District of New Jersey to
issue an order directing (i) that their Chapter 15 cases be
jointly administered for procedural purposes only and (ii)
parties-in-interest to use a consolidated caption to indicate that
any pleading filed relates to the jointly administered Chapter 15
cases.  The Debtors also ask that the caption of the Chapter 15
cases be modified to reflect their joint administration, with Case
No. 14-24549-GMB as the lead case.

                      About Zhejiang Topoint

Zhejiang Topoint Photovoltaic Co., Ltd., is engaged in the
development, manufacturing, and marketing of photovoltaic solar
panels in China for sale and export to international markets,
including the United States.  Marketing of the solar panels is
performed by affiliate Zhejiang Jiutai New Energy Co. Ltd.
Manufacturing of the Topoint Group's products is generally
conducted from its facilities located in the Zhejiang Province of
the People's Republic of China.

Topoint is subject to proceedings before the People's Court of
Haining City, Zhejiang Province.  Yueming Zhang is the court-
appointed bankruptcy administrator.

Zhejiang Topoint and its three affiliates filed petitions under
Chapter 15 of the U.S. Bankruptcy Code in Camden, New Jersey
(Bankr. D.N.J. Lead Case No. 14-24549) on July 16, 2014, to seek
U.S. recognition of the proceedings in China.  Topoint estimated
assets of at least US$10 million and debt of less than US$10
million in the Chapter 15 petition.

Counsel in the U.S. cases is Stephen M. Packman, Esq., at Archer &
Greiner, P.C., in Haddonfield, New Jersey.



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


ACCENTURE MARINE: CRISIL Assigns 'B+' Rating to INR50MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Accenture Marine Exports Pvt Ltd.

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

   Proposed Export           40      CRISIL A4
   Packing Credit

   Proposed Non Fund          2.5    CRISIL A4
   based limits

The rating reflects AMEPL's exposure to risks related to
implementation and commissioning of its ongoing project and
intense competition in the marine exports industry. This rating
weakness is partially offset by the extensive experience of
AMEPL's promoters in the marine exports industry.

Outlook: Stable

CRISIL believes that AMEPL will benefit over the medium term from
its promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the company stabilises its operations
earlier than expected and generates higher-than-expected revenues,
resulting in healthy cash accruals. Conversely, the outlook may be
revised to 'Negative' if AMEPL registers significant time or cost
overrun in its project resulting in deterioration in its financial
risk profile and liquidity.

Incorporated in December 2012, AMEPL is setting up a marine
processing facility in Balasore, Odisha for exports to European
countries. The unit is expected to commence operations from
September 2014. The company is promoted and managed by Mr. Gyan
Ranjan Dash.


ADISHAKTI ALLOYS: ICRA Reaffirms B+ Rating on INR7.25cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR7.25 crore (enhanced from INR6.50 crore) cash credit
facility of Adishakti Alloys Private Limited. ICRA has also
reaffirmed the short term rating of [ICRA]A4 assigned to the
INR14.45 crore (enhanced from INR12.10 crore) non fund based bank
facility of AAPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit Limit     7.25       [ICRA]B+ Re-affirmed
   Non Fund Based
   Limit                14.45       [ICRA]A4 Re-affirmed

Rating Rationale

The ratings take into account AAPL's small scale of current
operations and weak financial profile, characterized by low
profitability and depressed debt protection metrics,
notwithstanding the growth in turnover during financial year 2013-
14 (FY14). ICRA also notes that the company has recently
commissioned an aluminium billet manufacturing plant, and expects
the revenue generation from the same to enhance the company's
scale of operations going forward to some extent. AAPL's high
dependence on imports exposes the company's profits and cash flows
to fluctuations in foreign exchange rates as well. The ratings,
however, positively factor in the established track record of
AAPL's promoters in the domestic aluminium recycling industry,
significant orders received from reputed customers, which
demonstrates acceptable product quality, and the moderate gearing
of the company.

AAPL, incorporated in 1995, is engaged in manufacturing aluminium
alloys and billets mostly from recycled aluminium scrap. The
company's manufacturing facility located in West Bengal. The
company's product portfolio is used in power transmission, auto
components and other engineering units.

Recent Results
AAPL registered a profit before tax (provisional results) of
INR0.38 crore on the back of net sales of INR39.77 crore
(provisional results) in 2013-14. In 2012-13, the company
registered a profit after tax of INR0.14 crore on the back of net
sales of INR31.36 crore.


AGGARSAIN JEWELLERS: CRISIL Suspends 'B' Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aggarsain Jewellers.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       100      CRISIL B/Stable Suspended
   Bank Loan Facility

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

Aggarsain was set up as a proprietorship firm in 2001 by Mr.
Murari Goyal. The firm is engaged in retailing and wholesaling
trading of gold and diamond studded jewellery. Aggarsain operates
through a showroom at Karol Bagh (New Delhi).


AMBIKA SOLVEX: CRISIL Suspends 'D' Rating on INR800MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ambika
Solvex Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            10      CRISIL D Suspended
   Letter of Credit          70      CRISIL D Suspended
   Letter of credit &
   Bank Guarantee           100      CRISIL D Suspended
   Packing Credit           520      CRISIL D Suspended
   Rupee Term Loan          100      CRISIL D Suspended

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

ASL is promoted by Mr. Vinodkumar Garg, Mr. Shivkumar Hotwani, Mr.
Nandkishore Agarwal, and Mr. Kailash Chandra Garg. The company
manufactures raw and refined soya bean oil and soya bean meal. It
has solvent extraction capacity of 1,350,500 tonnes per annum
(tpa) and refining capacity of 146,000 tpa.


ARYA AUTOWHEELS: ICRA Reaffirms 'B' Rating on INR7.5cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' assigned to
the INR3.50 crore term loans and INR4.0 crore fund based
facilities of Arya Autowheels Private Limited.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Long term, term loan    3.50      [ICRA]B reaffirmed
   Long term, fund-based
   facilities              4.00      [ICRA]B reaffirmed

The rating favourably factors in the experience of the promoters
in the automobile dealership business. The rating is constrained
by the nascent stage of operation of the company with only one
year of track record, lower than expected truck sales in the last
year owing to economic downturn, and the leveraged capital
structure of the company with thin net worth.

AAPL is an authorized dealer for Ashok Leyland Limited. It
operates dealerships at Nagpur and Gondia and which commenced in
2013. The company is promoted by the Barabte family whose business
interests include teakwood broking, passenger car dealership for
Maruti and a driving school.


ASIA BULK: ICRA Lowers Rating on INR22.39cr Loan to 'B-'
--------------------------------------------------------
ICRA has revised the long term rating assigned to the INR17.14
crore (enhanced from INR13.22 Crore) long term facilities of Asia
Bulk Sacks Private Limited to [ICRA]B- from [ICRA]B+. ICRA has
also reaffirmed the short term rating assigned to INR16.86 crore
(enhanced from INR15.00 crore) at [ICRA]A4.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan              16.14     Revised to [ICRA] B-
                                    from [ICRA]B+

   Standing Line of        1.00     [ICRA] B- assigned
   Credit

   Cash Credit             6.25      Revised to [ICRA] B-
                                     from [ICRA]B+

   Export Packaging       12.00      [ICRA]A4 reaffirmed
   Credit

   Letter of Credit        4.50      [ICRA]A4 reaffirmed

   Credit Exposure Limit   0.36      [ICRA]A4 assigned

The ratings revision takes into account the stretched liquidity
position, led by lower than anticipated ramp-up of sales and
profitability from the newly setup flexible intermediate bulk
container (FIBC) division resulting in net loss during FY 2014.
The rating continues to remain constrained on account of the
moderate scale of operations in the highly fragmented industry of
woven sacks with high client concentration risk. The ratings are
further constrained by the vulnerability of the company's
profitability to volatility in raw material prices and also, its
weak financial risk profile as evident from net losses, aggressive
capital structure given the debt funded capital expenditure
undertaken by the company and working capital intensive nature of
the operations. The ratings also factor in the exposure of
profitability to foreign currency fluctuation risks in the absence
of hedging policy, given that the majority of the company's
revenues pertain to exports.

The ratings, however, draw comfort from the extensive experience
of the promoters in the Polypropylene (PP) woven sack industry.
The ratings also take into account locational advantage for access
to raw material imports and export sales given the proximity to
port.

Incorporated in 1984, Asia Bulk Sacks Pvt. Ltd (ABSPL) was
promoted by Shri Somabhai to manufacture Poly Propylene (PP) Woven
Sacks. In 2001, the promoters migrated overseas, and the company
was taken over by Mr. Ajit J. Chaudhari along with his brother -
Mr. Chhatrasinh Chaudhari. Mr. Ajit Chaudhari, had 15 years of
prior experience as an employee at various plastic sacks
manufacturing companies before this acquisition.

Currently, the company is into manufacturing of different
varieties of PP woven sacks and Flexible Intermediate Bulk
Container (FIBC) which find utility as industrial packaging
materials ideally suited for fertilisers, tarpaulins, cement,
sugar, plastic polymers, foodgrains, chemicals, salt etc. The
manufacturing of PP woven sacks is carried out at Nani Kadi, Dist.
Mehsana, Gujarat and the present capacity of the plant is 3000
MTPA. Further the manufacturing of FIBC is carried out at Budasn,
Dist Mehsana, Gujarat and the present capacity of the plant is
4200 MTPA.

Recent Results
For the year ended 31st March 2014 (unaudited provisional
financials) the company reported an operating income of INR67.26
crore and net loss of INR1.55 crore as against INR58.03 crore of
operating income and INR1.63 crore of profit after tax for the FY
2013.


B. D. AGRO: CARE Downgrades Rating on INR5.23cr Bank Loan to 'D'
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
B. D. Agro Products Pvt Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.23       CARE D Revised
                                            from CARE B-

Rating Rationale

The revision in the ratings assigned to the bank facilities of B.
D. Agro Products Pvt. Ltd factors in the instances of the ongoing
delay in servicing of its debt obligations on account of the
stressed liquidity position of the company.

B. D. Agro Products Pvt. Ltd., incorporated in June, 2009 was
promoted by brothers Mr Rajendra Agarwal and Mr. Mahendra Agarwal
based out of Kolkata, West Bengal. The company was promoted to set
up a processing & milling unit of par boiled rice and sale of its
by-products like husk, rice bran in the domestic market.

Initially, BDAPL was engaged into trading of paddy and wheat. It
commenced commercial production in April, 2011 at its plant
situated in Howrah, West Bengal, having an installed rice
processing and sorting capacity of 24,000 metric tonnes per annum.
The company manufactures different varieties of rice ranging from
INR1,900/quintal to INR2,100/ quintal.

During FY13 (refers to the period April 1 to March 31), BDAPL had
reported a total operating income of INR23.45 crore (Rs.21.49
crore in FY12) and PAT of INR 0.06 crore (net loss of INR0.22
crore in FY12).


CLASSIC HYUNDAI: CRISIL Reaffirms 'B' Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL's rating on the long term bank facility of Classic Hyundai
continues to reflect CH's modest scale of operations in the
intensely competitive automobile dealership industry and its
below-average financial risk profile, marked by weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the firm's promoters in the
automobile dealership industry and its established relationship
with its principal.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit           100     CRISIL B/Stable (Reaffirmed)

CRISIL had assigned a rating of 'CRISIL B/Stable' to the long term
bank facilities of CH vide its rating rationale dated
June 25, 2014.

Outlook: Stable

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

Set up in 2011, CH is an authorised dealer of Hyundai Motor India
Ltd (rated 'CRISIL A1+/Stable') for passenger vehicles. CH is
promoted by Mr. CP Abdullah and his friends.

For 2012-13 (refers to financial year, April 1 to March 31), CH
reported net loss of INR10.7 million on net sales of INR485.3
million as against net loss of INR18.2 million on net sales of
INR296.6 million for 2011-12.


COCHIN FROZEN: CRISIL Upgrades Rating on INR3.9MM Loan to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Cochin Frozen Foods Export Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL B/Stable', and has reaffirmed its rating on the company's
short-term facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long Term Loan            3.9     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Packing Credit          100.0     CRISIL A4 (Reaffirmed)

   Post Shipment Credit     80.0     CRISIL A4 (Reaffirmed)

The rating upgrade reflects the improvement in CFFEPL's business
risk profile, driven by steady increase in its scale of operations
while maintaining its profitability margins. For 2013-14 (refers
to financial year, April 1 to March 31), the company is estimated
to report revenue of INR629 million, thus registering a year-on-
year growth of 46 per cent. With steady demand for Indian sea food
in the export market, the company's revenue is expected to grow at
a healthy rate over the medium term. Its operating margin is
expected to be sustained at around 5 per cent over this period.
With the improvement in its operating performance, the company's
financial risk profile is also expected to get better, with its
gearing improving to less than 2.00 times from an estimated 2.69
times as on March 31, 2014.

The ratings reflect CFFEPL's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, its
modest scale of operations in the intensely competitive seafood
export industry, and its susceptibility to volatility in raw
materials prices and foreign exchange rates. These rating
weaknesses are partially offset by the extensive experience of the
company's promoter in the seafood export business.

Outlook: Stable

CRISIL believes that CFFEPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up its
operations substantially and generates better-than-expected cash
accruals, leading to significant improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
CFFEPL undertakes a large debt-funded capital expenditure
programme, leading to deterioration in its capital structure, or
if its volumes or margins decline steeply, causing its financial
risk profile to weaken.

CFFEPL was set up in 1992 by Mr. K Prabhakaran. It processes and
exports shrimp and fish.


D.B. MACHINE: ICRA Reaffirms 'B+' Rating on INR8.0cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR8.00 crore fund based bank limits of D.B. Machine Tools
Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits-
   Packing Credit        2.50       [ICRA]B+ reaffirmed

   Fund Based Limits-    5.50       [ICRA]B+ reaffirmed
   FDBP (under LC)

The rating continues to factor the small scale of operations with
stagnating turnover in the last three years, low operating
profitability of the company's operations owing to limited value
added in the trading business and DBMTPL's exposure of the
business to geographical concentration risk since the entire
revenue of the company is derived from Bangladesh. ICRA notes that
the cyclical nature of the steel industry may lead to volatility
in cash flows of the company. The rating derives comfort from the
experience of the promoter of around 2 decades in export of sponge
iron and industrial plant and machinery, resulting in an
established relationship with the primary manufactures of steel in
Bangladesh, which enables the company to have a steady demand for
its traded goods. Moreover, the company's healthy ROCE due to the
low fixed asset and working capital requirement provides support
to its rating.

D.B. Machine Tools Private Limited was incorporated in 2006 and is
a 100% export oriented company based in Kolkata. The company
exports almost all its products to Bangladesh. DBMTPL is a closely
held company. The promoter has a business experience of around two
decades in export trade.

Recent Results
As per the provisional results, DBMTPL reported a net profit of
INR0.69 crore in FY14 on an operating income of INR53.02 crore.
The company had earned a net profit of INR0.48 crore on an
operating income of INR51.56 crore in FY13.


FLEXIBLE ABRASIVES: CARE Reaffirms B+ Rating on INR6.82cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Flexible Abrasives Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.82       CARE B+ Reaffirmed
   Short term Bank Facilities    0.60       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Flexible Abrasives
Private Limited continue to remain constrained by its weak debt
protection metrics and solvency indicators, stretched working
capital cycle as well as vulnerability of profit margins to
fluctuations in the raw material prices. The ratings are further
impacted by the relatively short track record of operations with
limited product portfolio, project execution risk associated with
proposed expansion and the competitive nature of the abrasive
industry.

The ratings continue to derive strength from the experience of the
promoters along with a widespread distribution and marketing set-
up of the company.

The ability of the company to improve its profitability margins
and scale of operations without any further deterioration in its
capital structure and successful completion of expansion activity
remains the key rating sensitivity.

Incorporated in 2007 and having started commercial operations in
January 2012, FAPL is engaged in the manufacturing of coated
abrasives in the form of rolls, wide belts, narrow belts, discs
velcro and plain sheets, under the brand name of 'Libra',
'Flexicut' and 'Libra Spark'. The coated abrasives mainly find
application in buffing, honing, drilling, grinding, sanding,
polishing, cutting and sharpening for shaping or finishing of a
work piece. The end-user industry includes metal grinding,
leather, glass grinding, automobile and other manufacturing
industries. FAPL is promoted by Mr Rajesh Lundia and his wife Ms
Sandhya Lundia. The company has its manufacturing facility in
Aurangabad with an installed capacity of 675,000 square meter per
annum of coated abrasives as on March 31, 2014.

In FY13 (refers to the period April 1 to March 31), the company
reported a total operating income of INR8.37 crore and net
loss of INR0.06 crore.


GEM MULTICOLOR: ICRA Suspends 'B-' Rating on INR5.5cr Loans
-----------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR5.50
crore bank facilities of Gem Multicolor Print & Pack India
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Working Capital
   Facilities           4.55         [ICRA]B- suspended

   Term Loans           0.35         [ICRA]B- suspended

   Proposed Fund
   Based Facilities     0.60         [ICRA]B- suspended

Established in the year 1991 as a partnership firm and later
incorporated in 2007, Gem Multicolor Print & Pack India Limited
(GMPL) is engaged in the business of printing of educational
books, brochures, leaflets, magazines, cartons, labels, banners
etc, primarily for government organizations. The company has a
printing and packaging unit set up in Saharanpur. The promoters
also run a group company by the name of Saharanpur Electric Press,
which has a similar profile as GMPL.


GOLD STAR: ICRA Assigns 'B+' Rating to INR6ccr Loan
---------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR6.00
crore FBWC facilities of Gold Star Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      6.00       [ICRA]B+ (assigned)

The rating is constrained by the modest scale of operations of the
firm with thin operating margins due to low value added nature of
operations. In addition the bicycle components industry is
characterized by presence of large number of unorganized players
and increasing competition from low cost Chinese products.
However, the rating draws comfort from long standing experience of
the proprietor spanning over two decades in the bicycle component
manufacturing business. In addition, it derives geographical
advantage from being present in the bicycle cluster of Ludhiana
that ensures availability of raw materials at competitive prices
and ascertains logistical proximity to customers.

Going forward, the ability of the firm to increase its scale of
operations while keeping its working capital borrowings lower, in
order to improve its liquidity position would remain key rating
sensitivities.

Incorporated in 1985 as a partnership firm, GI is promoted by Jain
Brothers (i.e. Mr. Jeewan Prabhat Jain & his family). The firm
started its operations with the manufacture of bicycle components
and gradually diversified to tractor parts, mopad parts, forgings,
paper, hand tools etc. largely goods are exported to Latin
America, South America, Brazil, Singapore etc. the firm also
supplies goods to the domestic market and other export houses. It
has a well-established infrastructure to provide various products
inside its well-integrated workshops covering an area of 17500 sq.
meters at focal point, Ludhiana.

Recent Results

GI has reported a net profit (PAT) of INR0.38 crore on an
operating income of INR28.45 crore in FY 2012-13 as compared to
net profit (PAT) of INR0.38 crore on an operating income of
INR26.83 crore in FY 2011-12.


GOYAL ENTERPRISES: CARE Revises Rating on INR12.06cr Loan to B+
---------------------------------------------------------------
CARE revises rating assigned to bank facilities of Goyal
Enterprises.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facility       12.06      CARE B+ Revised
                                            from CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Goyal Enterprises was on account of the increase in its
scale of operations and improvement in profitability and debt
coverage indicators during FY14 (provisional; refers to the
period April 1 to March 31).

However, the rating continues to be constrained by its very low
net-worth base, thin profitability, leveraged capital
structure and weak debt coverage indicators. The rating further
continues to be constrained due to its presence in the
lowest end of the textile value chain with limited value addition,
presence in a highly fragmented and competitive cotton ginning
industry with exposure to adverse changes in government policy and
seasonality associated with cotton ginning business.

The rating continues to derive strength from the vast experience
of the partners in the cotton ginning business and favourable
location within the cotton-producing area of Madhya Pradesh.
The ability of GES to increase its scale of operations, improve
its profitability and leverage along with efficient working
capital management are the key rating sensitivities.

Goyal Enterprises was originally incorporated as a proprietorship
firm by Mr Phoolchand Goyal in 1994 and was subsequently converted
into a partnership firm on April 01, 2012 by the introduction of
three partners of the Goyal family at Barwani district, Madhya
Pradesh. GES is engaged in the cotton ginning and pressing
business with an installed capacity of 15,000 bales per annum of
cotton and 3,000 Metric Tonnes per Annum (MTPA) of cotton seed at
Sendhwa plant and 36,000 Cotton bales per annum and 11,700 MTPA of
Cotton Seed at Gangakhed plant as on March 31, 2014. Earlier
besides manufacturing from Sendhwa plant, GES used to carry out
job-work from its unit located at Gangakhed, Maharashtra along
with trading of food grains as well as cotton seed crushing
activities.

During FY14 (provisional), GES registered a total operating income
(TOI) of INR67.28 crore with PBT of INR0.34 crore as compared with
TOI of INR45.89 crore with PBT of INR0.10 crore during FY13.


INTERRA INFOTECH: ICRA Suspends B+ Rating on INR5.50cr Loan
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR5.50 crore fund based facilities of Interra Infotech
(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.

Interra Infotech India Private Limited is a step-down subsidiary
of Interra Information Technologies Inc., based in Noida SEZ and
provides IT-ITES to various international clients; with services
include - product engineering, ERP solutions and web-based custom
enterprise applications. IITUS's operations are spread across 5
countries, with a sales network spanning in the United States,
Canada, United Kingdom, India and Japan.


JCO GAS: CRISIL Suspends 'D' Rating on INR800MM Loans
-----------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of JCO Gas
Pipes Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              300      CRISIL D Suspended
   Letter of credit &
   Bank Guarantee           150      CRISIL D Suspended
   Term Loan                350      CRISIL D Suspended

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

JCO is a 50:50 joint venture between the D P Jindal group and the
Chokhani group. JCO has been set up by the D P Jindal group to
enter the helical submerged arc welded (HSAW) pipe segment. The
company has set up a 50,000-tonnes-per annum HSAW pipe facility at
Chinaware district (Madhya Pradesh). Commercial production
commenced in 2009-10 (refers to financial year, April 1 to
March 31).


KANAK POLYFAB: CARE Lowers Rating on INR19.63cr Loans to 'D'
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Kanak Polyfab India Pvt Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     19.34      CARE D Revised
                                            from CARE B

   Short-term Bank Facilities     0.29      CARE D Revised
                                            from CARE A4
Rating Rationale

The revision in the ratings assigned to the bank facilities of
Kanak Polyfab India Pvt Ltd factors in the instances of the
ongoing delay in servicing of its debt obligations on account of
the stressed liquidity position of the company.

Kanak Polyfab India Pvt Ltd, incorporated in 2008, was promoted by
Mr Sukumar Nayek of West Bengal and is engaged in the business of
manufacturing of polypropylene/high density polyethylene woven
sacks used primarily for packaging cement and fertilizers. The
manufacturing facility of the company is located at Burdwan having
an installed capacity of 5,580 metric tonnes per annum.

During FY13 (refers to the period April 1 to March 31), the
company reported a total operating income of INR30.6 crore
(FY12: INR28.2 crore) and a PAT of INR0.3 crore (FY12: INR0.3
crore). As per the H1FY14 audited results, KPIPL has achieved
the total turnover of INR28.36 crore and PBT of INR0.6 crore.


KARNATAKA AROMAS: CRISIL Reaffirms 'B+' Rating on INR212.5MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Karnataka Aromas
continue to reflect KA's below-average financial risk profile
marked by high gearing and weak debt protection metrics, and its
large working capital requirements. These rating weaknesses are
partially offset by the extensive experience of KA's promoters in
the chemicals distribution business, and its established
relationship with key customers and suppliers.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Buyer Credit Limit      170      CRISIL B+/Stable (Reaffirmed)
   Foreign Letter of       110      CRISIL A4 (Reaffirmed)
   Credit
   Letter of Credit         90      CRISIL A4 (Reaffirmed)
   Overdraft Facility       42.5    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KA will maintain its business risk profile
over the medium term, supported by its established relationship
with customers and suppliers. The outlook may be revised to
'Positive' if the firm reports higher-than-expected operating
margin, or if there is a significant equity infusion, leading to
improvement in financial risk profile, or considerable reduction
in working capital requirements leading to improvement in
liquidity. Conversely, the outlook may be revised to 'Negative' if
the firm's financial risk profile deteriorates, most likely
because of decline in operating margin or withdrawal of capital by
the promoters or large debt-funded capital expenditure (capex).

Update
KA reported, on a provisional basis, operating revenue of INR929
million for 2013-14 (refers to financial year, April 1 to
March 31), against INR756 million for 2012-13. The revenue growth
was aided by healthy demand from the firm's established customer
base. Its operating margin fluctuated between 4.4 and 8.0 per cent
over the four years ended 2013-14 on account of volatility in
material costs. CRISIL believes that KA's revenue will grow at a
moderate rate over the medium term with healthy offtake by
customers. KA's operating margin is expected at 5 to 6 per cent
over the medium term on account of its trading operations; the
margin will remain susceptible to fluctuations in raw material
prices.

KA's financial risk profile remains below average, marked by high
total outside liabilities to tangible net worth (TOLTNW) and weak
debt protection metrics. The firm's TOLTNW ratio was 6.06 times as
on March 31, 2014, against 5.77 times as on March 31, 2013. The
firm did not undertake any significant debt-funded capex programme
in 2013-14, and does not plan capex over the medium term. Its
TOLTNW is expected to remain high over the medium term, on account
of high dependence on bank lines for funding working capital
requirements.

KA's liquidity remains moderate, marked by high bank limit
utilisation and absence of term debt. The firm's bank limit
utilisation averaged 91 per cent over the 12 months through March
2014. It is likely to generate annual cash accruals of INR12
million to INR16 million against nil term debt obligations over
the medium term. CRISIL believes that KA will maintain its
moderate liquidity over the medium term, in the absence of debt-
funded capex plans.

Set up in 1997, KA is a partnership firm that trades in aroma
chemicals and essential oils in India. Its day-to-day operations
are managed by Mr. Rajesh Talesara.


KAULGUD CONSTRUCTIONS: ICRA Assigns 'D' Rating to INR22.7cr Loans
-----------------------------------------------------------------
ICRA has assigned ratings of [ICRA]D to the INR16.70 Crore long-
term fund based facilities and INR6.00 Crore short term non-fund
based facilities of Kaulgud Constructions Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, Fund-      14.70       [ICRA]D assigned
   based limits
   (Cash Credit)

   Long-term, Fund-       2.00       [ICRA]D assigned
   based limits
   (Term Loan)

   Short-term, Non        6.00       [ICRA]D assigned
   fund-based limits

The assigned ratings take into account the stretched liquidity
position of the company on account of delayed realization from its
customers, leading to recent delays in debt repayment to the bank.
The financial profile also remains weak characterized by revenue
de-growth, net losses and adverse capital structure. The ratings
are also constrained by the modest scale of operations and high
client concentration and geographic concentration risk.
ICRA however favourably factors in the promoters' experience and
operating track record of more than three decade in civil
construction business and the healthy order book position of
INR45.8 crore providing revenue visibility for the next four
years. ICRA also notes the well established relationship with
various government entities since KCPL has been dealing with
government entities since inception.

KCPL is a civil engineering and construction contractor, primarily
engaged in construction of bridges, irrigation projects, roads
etc. The company deals exclusively with the Central Government,
State Government and various Government entities. KCPL has
undertaken contracts for various Government Undertakings viz.
Public Works Department (Maharashtra), Irrigation Department,
Indian Railways etc. Since the company derives its revenues
entirely through tender-based competitive bids, revenues are
dependent on its ability to bid successfully for these projects.
However, the promoters have more than three decades experience in
dealing with various Government departments.

Recent results:
As per its audited results for FY 2012-13, KCPL reported profit
after tax (PAT) of INR0.20 crore on operating income of INR20.75
crore.  As per its unaudited results for FY 2013-14, KCPL reported
net loss of INR2.58 crore on operating income of INR11.52 crore.


MADHAV COTTON: CARE Reaffirms 'B+' Rating on INR24cr Bank Loan
--------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Madhav
Cotton Ginning and Pressing Factory.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      24        CARE B+ Reaffirmed

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

Rating Rationale

The rating assigned to the bank facilities of Madhav Cotton
Ginning and Pressing Factory continues to be constrained by its
thin profitability on account of the low value addition in the
cotton ginning business, susceptibility of its margins to volatile
cotton prices, tight liquidity, high leverage and its constitution
as a partnership firm.

The rating, however, derives strength from its experienced
partners and favourable location with presence in Gujarat, the
leading cotton-producing region of India. The ability of MCGPF to
increase its scale of operations along with an improvement in its
profitability and capital structure are the key rating
sensitivities.

MCGPF is a partnership entity engaged in business of cotton
ginning & pressing and trading of cotton seeds. The partnership
firm was constituted in 1995 amongst the key promoter Mr Madhavji
Zanzarukiya and his family members.

MCGPF operates with 36 cotton ginning machines and one pressing
machine which enables the firm to produce 400 bales of processed
cotton per day (1 bale is approximately 170 Kgs).

As per the provisional results for FY14 (refers to the period
April 1 to March 31), MCGPF reported a total operating income of
INR165.99 crore (FY13: INR129.20 crore) and a PAT of INR 1.02
crore (FY13: INR0.07 crore).


OGUN STEELS: CRISIL Lowers Rating on INR160MM Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Ogun Steels Pvt Ltd (OSPL; part of the Paragon group) to 'CRISIL
D/CRISIL D' from 'CRISIL C/CRISIL A4'. The rating downgrade
reflects OSPL's continuously overdrawn working capital limits
because of its weak liquidity.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            100      CRISIL D (Downgraded
                                   from 'CRISIL C')

   Letter of Credit        60      CRISIL D (Downgraded
                                   from 'CRISIL A4')

The Paragon group also has a weak financial risk profile marked by
high gearing and weak debt protection metrics, and is exposed to
risks related to volatility in raw material prices and to
cyclicality in the steel industry. However, the group benefits
from its established position in the central Kerala market, and
its partially integrated operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Ogun Steel Rolling Mills Pvt Ltd
(OSRM), OSPL, and Paragon Steels Pvt Ltd. The three entities,
together referred to as the Paragon group, have a common set of
promoters, are in the same line of business, and have strong
intra-group operational linkages, including fungible cash flows.

The Paragon group was established in 1969 by Mr. M Paramsivam.
OSRM, established in 2009, manufactures thermo-mechanically
treated (TMT) bars; its unit is in Sulur (Tamil Nadu). Paragon
Steel, set up in 1994, manufactures TMT bars and ingots; its plant
is in Palakkad (Kerala). OSPL, set up in 2009, is the trading arm
of the group.


OM PRAKASH: CRISIL Suspends 'B' Rating on INR25MM Loan
------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Om Prakash Fateh Chand & Co.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               25      CRISIL B/Stable Suspended
   Letter of Credit          50      CRISIL A4 Suspended
   Letter of Credit Bill     25      CRISIL A4 Suspended
   Discounting

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

OPFC was set up in 1962 by members of the Bansal family. Due to
family division in 1977, some of the partners retired from the
firm; Mr. Vippin Bansal (75 per cent profit sharing) and Mr. Om
Prakash Bansal (father of Mr. Vippin Bansal) were the only two
partners. After the demise of Mr. Om Prakash Bansal in 2000, the
firm was reconstituted as a proprietorship concern, with Mr.
Vippin Bansal as the promoter. OPFC trades in ply board (comprised
around 45 per cent of the firm's consolidated turnover in 2011-12
[refers to financial year, April 1 to March 31]), timber
(comprised around 40 per cent of the turnover in 2011-12), and
sunmica and glue (comprised around 15 per cent).


OM SAI: ICRA Assigns 'B+' Rating to INR7.5cr Term Loan
------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to the INR07.50 crore fund based
facility of Om Sai Hospitality.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based-Term Loan       7.50         [ICRA]B+ assigned

The assigned rating is constrained by Om Sai Hospitality's small
scale of operations, concentration of revenue on a single property
in Thane, Maharashtra and the strong competition faced by the firm
from new and existing hotel properties in Mumbai, which will
continue to create pressure on occupancy levels and Average Room
Rates (ARRs). The assigned rating is further constrained by the
firm's leveraged capital structure and weak coverage indicators.
ICRA also notes that Om Sai Hospitality is a partnership concern
and any significant withdrawals from the capital account will
impact the net worth and thereby the capital structure.

The assigned rating, however, considers the long experience of the
promoters of Om Sai Hospitality (OSH) in the hospitality business
and the favorable location of the hotel in proximity to various
civic amenities.

Established in 2012 as a partnership firm, Om Sai Hospitality
operates a three star property -- Hotel Dhiraj in Thane,
Maharashtra. The property was running under a different management
till 2012 when it was closed down and put up for sale. Mr. Shekhar
Shetty then purchased it as an asset buyout in 2012. Following
some renovation work, the hotel commenced operations in January
2013. The promoters own several bars and restaurants in Central
Mumbai.

Recent Results
OSH recorded a net loss of INR0.08 crore on an operating income of
INR0.53 crore for the year ending March 31, 2013 and a profit of
INR0.29 crore on an operating income of INR2.03 crore for the year
ending March 2014 (as per the provisional figures disclosed by the
management).


ORBIT RESORTS: CRISIL Suspends 'D' Rating on INR3.01BB Loans
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Orbit
Resorts Pvt Ltd (ORPL; part of the Orbit group)).

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              48       CRISIL D Suspended

   Proposed Long Term
   Bank Loan Facility        0.4     CRISIL D Suspended

   Term Loan              2970.1     CRISIL D Suspended

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

CRISIL has combined the business and financial risk profiles of
ORPL and its subsidiary, Orbit Aviation Pvt Ltd (OAPL), together
referred to as the Orbit group. This is because OAPL is an 87 per
cent subsidiary of ORPL and OAPL's loans are guaranteed by ORPL.

ORPL is also a majority shareholder in OAPL and Gurbaaz Media Pvt
Ltd (Gurbaaz Media). OAPL operates aircraft rental service and bus
service in Punjab. It has a fleet of two aircrafts and one
helicopter. OAPL also operates passenger buses across 40 routes in
Punjab using its fleet of over 50 buses. Gurbaaz Media is an
investment company that owns G-Next media Pvt Ltd, which runs
three television channels in Punjab.


POPPYS KNITWEAR: CRISIL Raises Rating on INR180MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Poppys Knitwear Pvt Ltd Aggarsain Jewellers to 'CRISIL B+/Stable'
from 'CRISIL B/Stable', while reaffirming its rating on the
company's short-term bank facilities at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           20      CRISIL A4 (Reaffirmed)

   Export Packing Credit   480      CRISIL A4 (Reaffirmed)
   Foreign Bill

   Discounting             470      CRISIL A4 (Reaffirmed)

   Letter of Credit         80      CRISIL A4 (Reaffirmed)

   Standby Line of Credit  120      CRISIL A4 (Reaffirmed)

   Cash Credit              50      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Long Term Loan          130      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that PKPL will maintain its
improved financial risk and liquidity profile, over the medium
term, with sustained improvement in cash accruals. The company's
financial risk profile improved in 2013-14 (refers to financial
year, April 1 to March 31) with improvement in capital structure.
Its net worth and gearing are estimated at INR254.2 million and
4.4 times, respectively, as on March 31, 2014, and improved from
INR187.9 million and 7.2 times, respectively, a year ago. The
improvement was driven by increased cash accruals and moderate
equity infusion of INR21.9 million in 2013-14. PKPL's cash
accruals improved to an estimated INR82.9 million for 2013-14 from
INR32.2 million a year ago, driven by increase in scale of
operations and healthy operating profitability. CRISIL believes
that PKPL will maintain cash accruals over INR70 million over the
medium term, which will remain adequate to meet its term debt
obligations.

The ratings reflect customer concentration in PKPL's revenue and
its below-average financial risk profile marked by high gearing.
These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the textile industry.

Outlook: Stable

CRISIL believes that PKPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up
operations significantly and improves its profitability, resulting
in significant improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
low cash accruals, or substantial working capital requirements, or
large capital expenditure, weakening the company's credit risk
profile.

Incorporated in 1973 and based in Tirupur (Tamil Nadu), PKPL
operates in the ready-made garments segment, mainly for infant
wear. The company's operations are managed by Mr. A Sakthivel and
Mr. A Sivakumar.


POWER SPINNING: CRISIL Assigns 'B' Rating to INR50MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
bank facilities of Power Spinning Mills.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL B/Stable
   Letter of Credit          40      CRISIL A4

The rating reflects PSM's modest scale of operations in the
intensely competitive and highly fragmented textile industry.
These rating weaknesses are partially offset by the extensive
experience of PSM's promoters in the textile industry, and its
above-average financial risk profile, marked by healthy gearing.

Outlook: Stable

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

Established in 2003 as a partnership firm, PSM manufactures cotton
yarn. The firm is based in Tirupur (Tamil Nadu) and is managed by
Mr. Murugaswamy and Mr. Swaminathan.

For 2013-14 (refers to financial year, April 1 to March 31), PSM
reported, on a provisional basis, a profit after tax (PAT) of
INR6.2 million on net sales of INR380 million, against a PAT of
INR5.1 million on net sales of INR317.6 million for 2012-13.


PRECISION TECKNIK: CRISIL Suspends 'D' Rating on INR409MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Precision
Technik Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                409      CRISIL D Suspended

CRISIL has suspended its rating on the bank facility of Precision
Technik Pvt Ltd.  The suspension of ratings is on account of non-
cooperation by PTPL with CRISIL's efforts to undertake a review of
the ratings outstanding. Despite repeated requests by CRISIL, PTPL
is yet to provide adequate information to enable CRISIL to assess
PTPL'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'.

PTPL, incorporated in 1995, set up a 5 MW solar photovoltaic power
project in Rajasthan under the Jawaharlal Nehru National Solar
Mission Phase-I for NVVN. The solar plant commenced operations in
February 2012.


RANCHI EXPRESSWAYS: ICRA Reaffirms D Rating on INR1,191.6cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the
INR1191.60 crore term loan facilities of Ranchi Expressways
Limited at [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loans          1,191.60      [ICRA]D re-affirmed

The rating reaffirmation takes into account the continued delays
in servicing its term loan obligations. The rating also factors in
the funding risks since a large portion of promoter (Madhucon
Projects Limited, MPL)'s contribution is yet to be infused (till
30th June 2014, promoters had infused INR233.7 crore; total
contribution from promoters is planned at INR463.4 crore), which
gets further accentuated by the group's significant funding
commitments towards various on-going BOT projects and the weak
financial profile of MPL. In terms of execution, REL achieved a
financial progress of only 12.63% as against a target of 55.32% as
on 31st May 2014 due to the slow progress witnessed in shifting of
encumbrances, unseasonal rains in the second half of CY2013 and
delays in receiving the required equity contribution. The second
milestone that was due on 3rd December 2013 as per the Concession
Agreement (CA) remained yet to be achieved by the end of May 2014.
The rating continues to take into account the implementation risks
typical in an under-construction road project including timely
availability of the entire right of way (RoW), time and cost over-
runs due to execution delays and the exposure to interest rate
risks given the fully floating nature of interest on the term
loans being used to fund the project.
The rating however continues to take into account the operational
strength of the promoter (MPL), who is also the Engineering,
Procurement and Construction (EPC) contractor, fixed-price EPC
contract; absence of traffic risk and low revenue risk due to
annuity nature of the project with annuity provider being National
Highway Authority of India (NHAI).

Going forward, REL's ability to service all its debt obligations
in a timely manner will be the critical rating sensitivity. The
other rating sensitivity factors include timely infusion of
remaining equity and timely execution of the project within the
estimated cost.

Ranchi Expressways Limited has been incorporated in the year 2011
as a special purpose vehicle promoted by Madhucon Infra Limited
and Madhucon Projects Limited through their Road BOT (Build,
Operate, Transfer) projects holding company Madhucon Toll Highways
Limited to carry out the four-laning of Ranchi-Jamshedpur Highway
section.

Four laning of Ranchi to Jamshedpur section of NH-33 from km
114.000 to km 277.500 in the state of Jharkhand under NHDP Phase
III on Design, Build, Finance, Operate, Transfer (DBFOT) Annuity
basis. The total cost of the project is INR1655.0 crore, including
the Interest During Construction (IDC) component of INR147.64
crore. The total concession period is 15 years including the
construction period of 2.5 years. The appointed date for the
project has been announced as 4th Dec 2012 and the scheduled date
of completion of the project is 3rd June 2015. REL will receive a
fixed annuity payment of INR133.2 crore semi-annually for a period
of 12.5 years. The project is being funded by INR1191.6 crore debt
and INR463.4 crore of promoter's contribution in the form of
INR182.05 crore equity and INR281.35 crore interest free unsecured
loans. As on June 30, 2014, promoters have brought in INR80.80
crore as equity and INR152.89 crore as unsecured loans and
INR458.31 crore of the total 1191.60 crore tied-up debt has been
drawn down.


RNB CEMENT: ICRA Assigns 'D' Rating to INR126.45cr Loans
--------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]D to the INR99.30
crore term loan and the INR27.15 crore cash credit facility of RNB
Cement (P) Limited.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund Based Limits-      99.30     [ICRA]D assigned
   Term Loan

   Fund Based Limits-      27.15     [ICRA]D assigned
   Cash Credit

The assigned rating reflects RNB's recent delays in servicing of
debt obligations and overutilization of the sanctioned credit
limits, reflecting a stretched liquidity position of the company.
The rating is also constrained by RNB's high working capital
intensity of operations due to high inventory and debtors days and
its exposure to the cyclicality inherent in the cement industry,
which is likely to keep its cash flows volatile. ICRA notes that
currently RNB is generating losses from its operations on account
of demand risks arising out of the competitive nature of the
cement market in North East India. The rating, however, favourably
factors in the experience of the promoters of more than 2 decades
in the cement industry, established distribution network of
dealers in the North Eastern India and the fiscal benefits that
the company is entitled to under the North Eastern Industrial and
Investment Promotion Policy (NEIIPP) 2007 scheme. Going forward,
the ability of the company to ramp up operations and sell its
cement in the competitive market as well as service its debt
obligations in a timely manner would remain key rating
sensitivities.

RNB was incorporated in the year 2007 and was promoted by Sri Ram
Niranjan Bajaj and his family members. The company is engaged in
manufacturing of cement and clinkers with an installed capacity of
1200 TPD and 780 TPD respectively. The manufacturing facility of
the company is located at Barapani, Meghalaya. The promoters also
have a presence across diversified sectors like real estate,
retail and building material.

Recent Results

The company reported a net loss of INR22.96 crore on an OI of
INR22.43 crore during FY14. In FY13, the company had reported a
net loss of INR6.71 crore on an OI of INR21.62 crore.


SAHUWALA HIGH: ICRA Revises Rating on INR78.6cr Loans to 'D'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR66.10
crore fund based limits of Sahuwala High Pressure Cylinders
Private Limited to [ICRA]D from [ICRA]C-. ICRA has also revised
the short rating assigned to the INR12.50 crore non fund based
limits of SHPCPL to [ICRA]D from [ICRA]A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan            53.10       [ICRA]D (revised from
                                    [ICRA]C-)

   Cash Credit          13.00       [ICRA]D (revised from
                                    [ICRA]C-)

   Non fund based       12.50       [ICRA]D (revised from
   Limits                           [ICRA]A4)

The rating revision factors in delays of more than 90 days in
servicing debt repayment obligations resulting in the account
being classified as a Non Performing Asset by the lenders. SHPCPL
has been suffering from a stretched liquidity position on account
of continuing losses due to low capacity utilization and its
inability pass on the rise in input costs to its customers. ICRA
notes that going forward, an improvement in the turnover and
profitability coupled with timely infusion of funds from the
promoters will be critical for the company's ability to meet its
debt servicing requirements in a timely manner which will be the
key rating sensitivity.

SHPCL incorporated in 2006, is engaged into manufacture of high
pressure cylinders for CNG kits and Industrial Applications. The
company's manufacturing facility is located in Visakhapatnam and
has an annual capacity of 2 lakh cylinders. The commercial
production started in August 2008. The company supplies CNG
cylinders to OEMs like Bajaj Auto and TVS Motors. SHPCL is part of
Sahuwala group of companies which have business in flourmills,
LPG/ CNG cylinder manufacture, textiles, pre-stressed concrete
sleepers, etc.


SALEM AUTOMECH: CRISIL Assigns 'B+' Rating to INR88MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Salem Automech - Salem (SA).

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Long Term Loan          8       CRISIL B+/Stable
   Bank Guarantee         40       CRISIL A4
   Cash Credit            80       CRISIL B+/Stable

The ratings reflect SA's modest scale of operations, exposure to
fluctuation in foreign exchange rates, and below-average financial
risk profile, marked by a modest net worth. These rating
weaknesses are partially offset by the extensive experience of the
firm's promoters in the steel fabrication and scrap trading
segments.

Outlook: Stable

CRISIL believes that SA will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SA increases its scale of
operations and improves its profitability, leading to an
improvement in its net worth. Conversely, the outlook may be
revised to 'Negative' if the firm undertakes a substantial debt-
funded capital expenditure programme, or if its working capital
management deteriorates.

Established in 1971, SA fabricates structural steel components and
trades in ferrous scrap. The firm is promoted by Mr. M V
Sellamuthu and his two sons, Mr. Sidesh Kumar and Mr. Rajesh
Kumar.

SA reported a net profit of INR3.1 million on a gross turnover of
INR329.3 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR2.1 million on a gross
turnover of INR235.3 million for 2011-12.


SILVER STONE: CRISIL Assigns 'B' Rating to INR77.5MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Silver Stone Ceramic.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                47.5     CRISIL B/Stable
   Bank Guarantee           15       CRISIL A4
   Cash Credit              30       CRISIL B/Stable

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

Outlook: Stable

CRISIL believes that SSC will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm stabilises its operations on
time, leading to higher-than-expected cash accruals. Conversely,
the outlook may be revised to 'Negative' in case of low accruals
because of low order flow or profitability, or further weakening
of financial risk profile because of stretch in working capital
requirements or large debt-funded capital expenditure.

SSC is a partnership firm based in Morbi (Gujarat), which was set
up in 2013. The firm is setting up production unit to manufacture
ceramic wall glazed tiles. The promoters, Mr. Valamjibhai Patel
and his family members, have been in the ceramic tiles industry
for more than a decade. The firm is likely to commence commercial
operations from September 2014.


SRIKARA PACKAGING: ICRA Assigns 'B+' Rating to INR8cr Loans
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR8 crore
fund based bank facilities of Srikara Packaging Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-Term, Fund
   Based Facilities     4.00        [ICRA]B+ Assigned

   Long-Term, Term
   Loans                4.00        [ICRA]B+ Assigned

The ratings factor in the considerable experience of the company's
promoters in the polymer industry through associate firms; and the
favourable demand prospects for non-woven fabrics due to their
technical and operational advantages over traditional textiles.
The ratings also favourably consider the company's association
with the Petro Group that allows SPPL to leverage the Group's well
established supply and distribution channels.

The ratings, however, are constrained by the nascent stage of the
business, and the low plant capacity utilisation levels at
present. The ratings take into account SPPL's small scale of
operations, its weak financial profile characterised by low
profitability levels, and its highly leveraged capital structure.
The ratings are also constrained by increasing competition from a
highly fragmented domestic market, which is expected to keep the
margins under pressure, going forward.

Established in 2012 by its founders, Mr. Rajkumar Agarwal and Mr.
V. Vairamuthu, SPPL is engaged in the business of manufacturing PP
non-woven fabric that it sells locally. The company has a
manufacturing unit at Madurai with an installed capacity of 2,100
MTPA.

The Petro Group of companies are mainly involved in the trading of
imported and domestic polymer and chemical products. Petro Plast
Industries Limited and BB Asia Impex Private Limited trade largely
in plastic raw materials and chemicals. Raj Chem Plast (RCP) is
the Del Credere Agent (DCA) for GAIL's petrochemical products in
Tamil Nadu and Pondicherry. Other companies that the promoters own
are Petroplast India Limited, which is the DCA for Haldia
Petrochemicals Limited, and Indus Valley Housing which is a JV
owning land banks and involved in real estate and housing
development.

For FY 2013-14, the company has reported a profit before
depreciation of INR0.10 crore on net sales of INR7.10 crore
(provisional).


VEEKAY PLAST: CARE Reaffirms 'B+' Rating on INR10cr Bank Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Veekay
Plast.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10         CARE B+ Reaffirmed
   Short-term bank facilities    14         CARE A4 Reaffirmed

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

Rating Rationale

The ratings of Veekay Plast continue to remain constrained on
account of its relatively small scale of operations, weak debt
coverage indicators and solvency position, stressed liquidity
profile and its constitution as a partnership concern. The ratings
further remain constrained due to its presence in the highly
competitive pipe manufacturing industry and vulnerability of its
profit margins to fluctuations in the raw material prices.

The ratings, however, continue to derive strength from the wide
experience of the partners and continuous financial support
provided by them.

The ability of the firm to increase its scale of operations in a
highly competitive industry while maintaining profitability
margins in light of the volatile raw material prices and better
management of working capital are the key rating sensitivities.

Jaipur (Rajasthan) based VKP was formed in 1995 as a partnership
concern promoted by Mr Vijay Narain Katiyar, Mrs Reema Godika and
Mr Vijay Kumar Katiyar. In 2012, Mr Vimal Katiyar joined the firm
in place of Mr Vijay Narain Katiyar.

The three partners have equal profit and loss sharing ratio in
VKP.

VKP is engaged in the business of manufacturing of Permanently
Lubricated (PLB) High Density Polyethylene (HDPE) duct which is
used in the telecom industry, HDPE sprinkler pipes/system, which
is used mainly in irrigation, HDPE pipes and coils which are used
in the water supply distribution systems as well as an industrial
applications like disposal of corrosive effluents, conveying
edible oils, etc. The firm sells sprinkler pipes and systems under
the brand name of "Himangi". The manufacturing facility of the
firm is located at Bagru near Jaipur and has an installed capacity
of 1,200 Metric Tonnes Per Annum (MTPA) as on March 31, 2014.

In May 2010, VKP also started distribution of plastic granules as
Consignment Stockiest-cum-Del Credere Associate (CScum-DCA) of
Indian Oil Corporation Limited (IOCL) for Rajasthan.

As per provisional results for FY14 (refers to the period April 1
to March 31), VKP has reported a total operating income of
INR23.28 crore as against INR22.52 crore during FY13 and PAT of
INR0.29 crore during FY14 as against INR0.15 crore during
FY13.


VEELINE MEDIA: ICRA Raises Rating on INR7.5cr Loan From 'B+'
------------------------------------------------------------
ICRA has revised upwards the long term rating assigned to the
INR7.5 crore fund based bank limits of Veeline Media Limited to
[ICRA]BB from [ICRA]B+ rating assigned earlier. The outlook on the
long term rating is Stable. ICRA has reaffirmed the [ICRA]A4
rating to INR1.5 crore non fund based bank limits of VML.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits        7.5       Upgraded to [ICRA]BB/Stable
   Non-Fund Based Limits    1.5       [ICRA]A4 reaffirmed

The upgrade of long term rating and reaffirmation of short term
rating take into account significant growth in VML's turnover and
profits during FY14. This, coupled with conservative capital
structure of the company had a favourable impact on the overall
cash accruals from the business relative to its debt obligations.
While ICRA notes that there has been improvement in the
profitability from the core operations during FY14, the same
remains low on absolute basis. The substantial non operating
income has, however, supported the overall profits and cash
accruals of the company. The ratings take note of repeat orders
from reputed clients that reflect acceptable product quality,
however the same also reduces bargaining power of the company.
Moreover, around two-third of overall business is generated from a
single client that expose the company to client concentration
risks. The ratings take into consideration VML's high working
capital intensity of the business, and its exposure to
fluctuations in the foreign currency movements as imports
constitute a significant portion of overall raw material costs.
Although the scale of operations continue to remain small in
absolute terms at present for VML, the company's plans to venture
in geyser manufacturing is likely to scale up the revenues
significantly. However, the ability to establish itself in a new
line of business would remain a key challenge for VML. The ability
of the company to improve its profitability from the core
operations and manage its working capital requirements while
scaling up the operations, in ICRA's opinion, would be a key
rating sensitivity going forward.

Incorporated in 1989, the company is primarily engaged in
manufacturing of water dispenser machines. The company commenced
manufacturing of water dispenser machines from 2009 from its
manufacturing unit in Kolkata, West Bengal. In July'11, the
company shifted its production facility to Baddi, Himachal
Pradesh. The capacity of the water dispenser unit is about 90000
pieces per annum.

Recent Results

During FY14, as per provisional financials, VML reported a profit
after tax (PAT) of INR1.79 crore on the back of an operating
income of INR30.45 crore as against a PAT and OI of INR0.54 crore
on the back of an operating income of INR22.23 crore during FY13.


VINAYAK COTTEX: ICRA Assigns 'B' Rating to INR8.45cr Loans
----------------------------------------------------------
ICRA has assigned the rating of [ICRA]B to INR8.45 crore long term
fund based facilities of Vinayak Cottex.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             3.45       [ICRA]B assigned
   Cash Credit           5.00       [ICRA]B assigned

The assigned rating is constrained by the firm's small scale and
limited track record of operations; the vulnerability of its
profitability to movements in cotton prices which are subject to
seasonality and crop harvest; the limited value addition in the
cotton ginning and cottonseed crushing business and the highly
fragmented and competitive nature of the industry. The rating also
takes into account the exposure to regulatory risks with regards
to Minimum Support Price (MSP) for raw cotton as well as
imposition of any restriction on cotton exports by Government of
India (GOI). Further, the rating considers the risk of substantial
withdrawal from capital account given the entity's constitution as
a partnership firm, which could impact its net worth and thereby
its capital structure.

The rating, however, takes comfort from the reasonable experience
of the promoters in the cotton industry; the favourable location
of the firm's plant with respect to raw material procurement and
various fiscal benefits available to new cotton ginning units in
the state of Gujarat, that are likely to support profitability
going forward.

Incorporated in February 2013, Vinayak Cottex is engaged in cotton
ginning and pressing activity at its facility located at Amreli in
Gujarat. The plant is equipped with 24 ginning machines, 1
pressing machine and 6 crushing machines with production capacity
of 60 bales per day and 38 MT oil per day. VC is a partnership
firm with the promoters having an experience in the cotton
industry.

Recent Results
During 4M FY 2014, VC reported an operating income of INR13.82
crore and profit before tax of INR0.03 crore (unaudited
provisional financials).



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


RENAISSANCE CORPORATION: Shareholders to Vote on Liquidation
------------------------------------------------------------
James Henderson at Techday reports that Renaissance Corporation
Limited has finally called a liquidator meeting, requesting
shareholders vote on the future of the embattled company.

Set for the Langham Hotel, Auckland on August 11, notice was given
to shareholders on July 23 to consider, if thought fit, to pass
the special resolution of shareholders, Techday relates.

Released via NZX, acting chairman Richard Ebbet told shareholders
of the proposal to appoint Andrew McKay -- amckay@corpfin.co.nz
-- and Justin Bosley -- jbosley@corpfin.co.nz -- of Corporate
Finance Limited as liquidators of the company, according to
Techday.

The statement reads:

"The proposal that shareholders are being asked to vote on today
is to liquidate Renaissance, which would enable the return to
shareholders of the net cash proceeds of the sale of Renaissance's
operating activities.

"At the Jan. 29, 2014, Special General Meeting, shareholders voted
to sell Yoobee School of Design. It was stated at that time that
'once sold, there will be little left of value in Renaissance'. At
the April 11, 2014, Annual General Meeting, the Board advised
shareholders that Renaissance's remaining operating activities had
also been sold, that Renaissance had net assets of NZ$7.2 million,
and that the Board's preference 'assuming no alternative is
presented' was to proceed to a liquidation of Renaissance.

"The Board is able to report that the net asset position of
Renaissance has improved slightly, to approximately
NZ$7.25 million as shown in the notice of meeting, owing to a
better than expected outcome in the settling of certain
contractual commitments and lease obligations. The Board has
sought to resolve all the outstanding issues that it can before
liquidation in order to maximize the position for shareholders
and, while this has protracted proceedings, the Board has now
reached the end of that process.

"The last decision for the Board to make was whether there were
any more attractive alternatives to put before shareholders, such
as the sale of the cashed up shell of Renaissance. The situation
of Renaissance has been well known in the market since January of
this year, and the Board has publicly stated that it would
entertain any proposals. There were four approaches in total. None
of the approaches matured into proposals and they did not change
the Board's view that the best outcome is to return cash to
Shareholders so that they can make their own decisions.

"The Board considers the updated financial position of
Renaissance, as set out in the notice of meeting, to be a fair
representation of the likely outcome for shareholders. This shows
net assets per share of 16.62 cents. There are still contingent
assets and contingent liabilities. Based on the advice the Board
has received as to those contingencies, it is of the view that
there is unlikely to be a cash impact from them. This is
disappointing in the case of the potential earn-out from the sale
of Yoobee School of Design but, as reported at the 2014 Annual
General Meeting, overseas student enrolments have been well behind
budget. Nonetheless, Renaissance's liquidation may take up to six
months from appointment, and is unlikely to have been completed
before November this year, being the date for this earn out
determination.

"Accordingly, shareholders (based on what the Board knows today)
can expect to receive tax free distributions totaling,
approximately, this net asset figure of 16.62 cents per share. The
distributions are likely to be by way of an interim distribution
of 13 cents per share to be paid within 6 weeks of the appointment
of the liquidators, and a further distribution of the balance once
the liquidation is finalised.

"Your Board believes the time has come to bring this to effect by
voting for a voluntary liquidation of Renaissance. They
unanimously support the proposition as, based on all advice taken,
it provides the most economical and efficient way of returning
capital to shareholders. A vote against the appointment of a
liquidator would be an instruction to the Board to find other ways
of deploying Renaissance's cash for the benefit of shareholders,
in a situation where the Board has put what it considers the most
economical and efficient method to shareholders for their
consideration, and is not currently aware of any viable
alternative options. If Renaissance is not liquidated, it would
simply be left in a position of continuing to manage its cash for
an indeterminate period."

Based in Christchurch, New Zealand, Renaissance Corp Limited
(NZE:RNS) -- http://www.renaissance.co.nz/-- engages in the
retail of Apple and third party products in New Zealand. It
markets and sells Apple products, and associated peripheral
hardware and computer software to its digital technology consumers
through its YOOBEE retail outlets and online stores. It operates
approximately 10 stores.



===============
P A K I S T A N
===============


PAKISTAN MOBILE: Moody's Revises Outlook on B2 CFR to Stable
------------------------------------------------------------
Moody's Investors Service has revised to stable from negative its
outlook on the B2 corporate family rating of Pakistan Mobile
Communications Limited (Mobilink).

At the same time, Moody's has also affirmed Mobilink's B2
corporate family rating.

Ratings Rationale

The rating action reflects the outlook change for Pakistan's Caa1
sovereign rating and Mobilink's stronger fundamental credit
quality when compared to the sovereign.

On July 14, 2014, Moody's affirmed Pakistan's Caa1 foreign
currency government bond rating and Caa1 issuer and senior
unsecured ratings. Moody's also revised the outlook on Pakistan's
sovereign ratings to stable from negative.

"Despite its stronger fundamental credit quality, Mobilink's B2
corporate family rating is constrained by the two-notch
differential between its own rating and the sovereign's Caa1
rating," says Yoshio Takahashi, a Moody's Assistant Vice President
and Analyst.

"The rating outlook has also been changed to stable, in line with
that of Pakistan's sovereign ratings. The change of the sovereign
outlook to stable from negative allows us to change Mobilink's
rating outlook to stable," adds Takahashi.

As Mobilink is predominantly a domestic entity, with substantially
all of its revenues derived from, and assets based in, Pakistan,
Moody's believes that the company's fundamental creditworthiness
needs to closely reflect the potential risks that it shares with
the sovereign.

Thus, non-financial corporates are not usually rated more than two
notches above the sovereign (see Credit Policy paper entitled "How
Sovereign Credit Quality May Affect Other Ratings" and published
on 13 February 2012).

"We continue to take into account Mobilink's strong fundamental
credit quality by keeping its B2 corporate family rating two
notches above the sovereign rating. We expect it to maintain its
leading market position in the mobile market in Pakistan and
preserve strong financial metrics for its rating level," says
Takahashi.

Moody's expects Mobilink to maintain the largest market share by
the number of subscribers and keep its market share of 27%-28% in
FY2014, given its strong brand and extensive network coverage. Its
holding of the largest 3G spectrum in Pakistan will also help it
build good network quality in 3G services. The company launched
its commercial 3G services in selected cities on 18 July 2014.

Mobilink had about 38.4 million customers, equating to a
subscriber market share of about 28%, as of May 2014, according to
the Pakistan Telecommunication Authority.

The company estimates that its market share is around 36.5%, in
terms of on an active subscriber base, as of May 2014.

Mobilink's financial profile will remain strong for its B2 rating
level. While its adjusted debt/EBTIDA will increase to 1.7x-2.0x
in FY2014, from 1.1x in FY2013, to finance the 3G spectrum payment
of $300.9 million, Moody's also expects that the ratio will
decline to 1.5x-1.7x in the next two to three years largely due to
the improvement of earnings.

Mobilink also maintains adequate liquidity with a cash balance of
$134 million and undrawn committed lines totaling approximately
$400 million as of March 2014. Moody's expects the company's
operating cash flows to total around $300-$350 million in the next
12 months.

These funds will be sufficient to cover its short-term debt of
about $47 million and its total estimated capital expenditure of
approximately $600 million, including the 3G spectrum payment of
$300.9 million, for the 12 months from 2Q 2014.

Moody's also understands that the company will be in full
compliance with its financial covenants in June 2014.

While Mobilink's rating does not include any uplift, its
fundamental credit continues to incorporate ongoing operational
and financial support from its indirect parents, Global Telecom
Holdings SAE (unrated), and its ultimate shareholder, VimpelCom
Limited (Ba3 stable); both of which are globally diversified and
larger telecommunications groups.

Given Moody's guidelines regarding the differential between
government and corporate ratings, it is unlikely that Mobilink
will experience any upward rating pressure in the absence of an
upgrade of Pakistan's sovereign rating.

Alternatively, Mobilink would need to generate a substantially
greater revenue share from outside Pakistan, which seems unlikely
over the near to medium term.

However, an upgrade is possible in the medium to long term if, in
addition to a sovereign upgrade, Mobilink maintains its (1) strong
market position with adjusted EBITDA margin in excess of 35%; (2)
current solid balance sheet and financial profile; (3) strong
relationships with its parents and banks; and (4) sufficient
cushion under its bank loan covenants.

Mobilink's ratings would be under downward pressure if the
sovereign rating is downgraded, as Moody's will seek to maintain
the current gap of two notches between their ratings.

Given Mobilink's fundamental credit quality, it is unlikely its
rating will be downgraded for reasons other than a downward
sovereign rating action absent a precipitous decline in its
financial and operating profile.

Such a decline would be evident if Mobilink: (1) experiences
significant deterioration in its market share; (2) resumes paying
dividends or increases management fees to its parent, thereby
reducing the available retained cash flow to the extent that
adjusted retained cash flow/debt falls below 20%; (3) faces
difficulty in accessing capital to fund ongoing growth, or
repay/refinance lines, as and when they fall due; or (4) sees
signs of Global Telecom or VimpelCom not providing financial
assistance, should there be any breach of covenants.

The principal methodology used in this rating was the Global
Telecommunications Industry published in December 2010.

Mobilink is the largest mobile operator in Pakistan by number of
subscribers.


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


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

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

AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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