TCRAP_Public/140801.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, August 1, 2014, Vol. 17, No. 151


                            Headlines


A U S T R A L I A

APB BRITCO: Ferrier Hodgson Appointed as Administrators
CONSPECT CONSTRUCTION: Placed In Administration
OZEMEDIA PTY: Court Appoints Clifton Hall as Liquidator
UNITED PROJECT: Placed in Administration


C H I N A

MINGFA GROUP: S&P Revises Outlook to Neg. & Affirms 'B' CCR


H O N G  K O N G

HCP PACKAGING: Moody's Rates US$230MM 1st Lien Term Loan (P)B2


I N D I A

ADVANCE LAMINATES: CRISIL Assigns 'B+' Rating to INR85MM Loans
AHALIA MONEY: CRISIL Reaffirms 'B+' Rating on INR120MM Loan
BABA HI-TECH: CARE Assigns 'B+' Rating to INR11.3cr Bank Loan
BAPHANA JEWELLERS: CRISIL Suspends B+ Rating on INR150MM Loan
CHOICE ELECTRICALS: CRISIL Suspends 'B' Rating on INR75MM Loans

DECCAN CHRONICLE: RBI Penalises 12 Indian Banks
DISHA EDUCATION: CRISIL Suspends 'D' Rating on INR319.2MM Loan
FIFTH AVENUE: CRISIL Suspends 'B' Rating on INR80MM Loans
GANDHAR COALS: CRISIL Reaffirms 'B' Rating on INR250MM Loan
GEN-X ABODE: CRISIL Suspends 'B+' Rating on INR170MM Loans

HEERAKERALA DEVELOPERS: CRISIL Suspends B+ Rating on INR550M Loan
HIMALAYA POLYURETHANE: CRISIL Ups Rating on INR72MM Loans to B+
HOTEL VAIGAI: CRISIL Suspends 'D' Rating on INR216MM Loans
INDIAN AUTOGAS: CRISIL Suspends B+ Ratings to INR132.5MM Loans
KISSAN INDUSTRIES: CRISIL Reaffirms B Rating on INR72.8MM Loans

MANSAROVER ROLLER: CARE Assigns 'B+' Rating to INR5.6cr Bank Loan
MANYATA INFRASTRUCTURE: CRISIL Suspends B- Rating on INR350M Loan
MECWEL CONSTRUCTIONS: CRISIL Cuts Rating on INR85MM Loans to B
NSR ELKEMET: CRISIL Suspends 'B' Rating on INR90MM Loans
PACIFIC HARISH: CRISIL Assigns 'D' Rating to INR90MM Loans

PATEL TIMBER: CRISIL Reaffirms 'B+' Rating on INR3MM Loan
PCI LTD: CRISIL Lowers Rating on INR1.72BB Loans to 'D'
PINAKIN PLASTOFORMING: CRISIL Reaffirms B+ Rating on INR75M Loans
RRV INFRA: CRISIL Cuts Rating on INR250MM Loans to 'D'
SAKRAT TEXFAB: CARE Assigns 'D' Rating to INR9.95cr Loans

SARA SHREY: CRISIL Suspends 'D' Rating on INR412.1MM Loans
SFPL CROP: CRISIL Assigns 'B' Rating to INR66.2MM Loans
SHAKUN GASES: CRISIL Suspends 'B' Rating on INR30MM Loan
SOLAN SPINNING: CRISIL Raises Rating on INR150MM Loans to 'B+'
SPICEJET LIMITED: Caterer Files Winding Up Petition

SRI BALAJI: CARE Assigns 'B+' Rating to INR5cr Bank Loan
SRI LAKSHMI: CRISIL Suspends 'B+' Rating on INR80MM Loans
SRI LAKSHMI VENKATESWARA: CRISIL Suspends B+ INR60MM Loan Rating
SRI SUNFLOWER: CRISIL Rates INR120MM Term Loan at 'B-'
SRI VENKATA: CRISIL Suspends 'B+' Rating on INR63.1MM Loans

SRI VENKATA SRINIVASA: CRISIL Suspends B+ Rating on INR97.5M Loan
TRIUMPH REALTORS: CRISIL Suspends 'B+' Rating on INR60MM Loan
UMANG BOARDS: CARE Revises Rating on INR21.46cr Loan to 'B'
VENKATESHWARA POWER: CRISIL Ups Rating on INR2.0BB Loans to B+
* INDIA: RBI Developing System for Exit by Insolvent Businesses


J A P A N

MT. GOX: Tokyo Police Formally Investigate Missing Bitcoin
SONY CORP: To Delist Shares From London Stock Exchange


N E W  Z E A L A N D

BLUE 9: Sold Assets Before Liquidation


S O U T H  K O R E A

* SOUTH KOREA: Bank Loan Delinquency Falls in June


V I E T N A M

VINACOMIN HOLDING: Moody's Affirms B2 CFR; Outlook Stable


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


APB BRITCO: Ferrier Hodgson Appointed as Administrators
-------------------------------------------------------
Tim Michael -- tim.michael@fh.com.au -- Will Colwell --
will.colwell@fh.com.au -- and Jim Sarantinos --
jim.sarantinos@fh.com.au -- of Ferrier Hodgson were appointed
Voluntary Administrators of APB Britco Pty Limited on July 30,
2014.

"The Administrators appointment follows the announcement by its'
ultimate parent company that it was withdrawing from the
Australian market," Ferrier Hodgson said.

"The Administrators are undertaking an immediate assessment of the
company's affairs while the business continues to trade and will
be working with current management to maximise the returns to
stakeholders.

"The Administrators advise that it is too early to form any views
as to the likely return to creditors however the Switchroom
division has been identified for immediate sale and all interested
parties are encouraged to make early contact with Ferrier
Hodgson's Sydney office on (02) 9286 9999."

A first meeting of the creditors of the Company will be held at
Christie Corporate Offices Teach Room, Level 1, 320 Adelaide
Street, in Brisbane, on Aug. 11, 2014, at 11:30 a.m.

APB Britco is one of Australia's leading manufacturers and service
providers of innovative modular construction solutions with 2014
turnover (January to June) of circa AUD31 million. The Company
operates from its' head office in Queensland and also from Western
Australia and New South Wales.


CONSPECT CONSTRUCTION: Placed In Administration
-----------------------------------------------
Bryan Hughes and Daniel Bredenkamp of Pitcher Partners
were appointed as administrators of Conspect Construction Pty Ltd,
trading as Perth Precast, on July 29, 2014.

A first meeting of the creditors of the Company will be held at
the QV1 Conference Centre, Level 2, 250 St Georges Terrace, in
Perth, Western Australia, on Aug. 8, 2014, at 11:00 a.m.


OZEMEDIA PTY: Court Appoints Clifton Hall as Liquidator
-------------------------------------------------------
Timothy Clifton of Clifton Hall was appointed Official Liquidator
of Ozemedia Pty Ltd on July 30, 2014, by Order of the Federal
Court of Australia.


UNITED PROJECT: Placed in Administration
----------------------------------------
Con Kokkinos -- con.kokkinos@worrells.net.au -- and Matthew Jess -
- matthew.jess@worrells.net.au -- of Worrells Solvency & Forensic
Accountants were appointed as administrators of United Project
Services Pty Ltd on July 28, 2014.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 12a, 45 William
Street, in Melbourne, on Aug. 6, 2014, at 11:30 a.m.



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


MINGFA GROUP: S&P Revises Outlook to Neg. & Affirms 'B' CCR
-----------------------------------------------------------
Standard & Poor's Rating Services revised its rating outlook on
Mingfa Group (International) Co. Ltd. to negative from stable.  At
the same time, S&P affirmed its 'B' long-term corporate credit
rating on Mingfa and its 'B-' issue rating on the China-based
company's outstanding senior unsecured notes.  In line with the
outlook revision, S&P lowered its long-term Greater China regional
scale rating on the company to 'cnB+' from 'cnBB-', and that on
the notes to 'cnB' from 'cnB+'.

S&P revised the outlook to reflect its view that Mingfa's
refinancing risk is increasing because of its significant short-
term borrowings in 2014 relative to its cash position, and S&P's
expectation that Mingfa's sales in 2014 could be lower than last
year's due to the difficult property market conditions in China.
Given the property developer's rising capital expenditure for
construction and land acquisition, S&P also expects the company's
leverage to increase.

"We forecast Mingfa's liquidity position to further deteriorate,
given the company's large short-term borrowings due in 2014 and
our expectation that its 2014 sales could be lower than last
year's," said Standard & Poor's credit analyst Dennis Lee.  As of
the end of 2013, Mingfa had cash of Chinese renminbi (RMB) 2.1
billion, versus its short-term borrowings of RMB6.6 billion,
including a put option on a convertible bond held by Warburg
Pincus.  The company repaid the bond in full in January 2014.

"Due to the tightening availability of credit in the first half
and generally weak market sentiment, many property companies are
lowering prices to try to boost sales.  We expect such price
competition to be detrimental to sales of small and regional
developers such as Mingfa," Mr. Lee said.

Nevertheless, S&P expects the company to adjust its capital
expenditure to cope with the weak sales expectation and market
condition.  At the same time, S&P forecasts the company's margin
to decrease slightly because of intensifying competition and
increasing construction cost.

The negative outlook reflects S&P's expectation that Mingfa's
liquidity may further deteriorate because of its large short-term
debt maturities and weak property sales in the next one year.

"We may lower the rating if Mingfa's liquidity sources cannot
cover its liquidity uses and its liquidity assessment becomes
"weak," as defined in our criteria.  This could happen when (1)
the company fails to refinance its short-term debt obligations;
(2) Mingfa's contract sales are materially below our estimation of
RMB4 billion for 2014; or (3) its land acquisitions and
construction costs are more aggressive than we anticipated.  We
may also lower the rating if Mingfa's EBITDA interest coverage
falls below 1.5x on a sustainable basis," S&P noted.

S&P may revise the outlook to stable if: (1) Mingfa's liquidity
improves because of recovering contract sales in the next one
year, reduced short-term debt and extended debt maturity; and (2)
cautious financial management reduces the company's debt and
refinancing risk.



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


HCP PACKAGING: Moody's Rates US$230MM 1st Lien Term Loan (P)B2
--------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating (CFR) to HCP Global Limited (HCP).

At the same time, Moody's has assigned a provisional (P)B2 rating
to HCP's USD230 million first lien term loan due 2021, a
provisional (P)B2 rating to its USD50 million first lien revolving
credit facility due 2019, and a provisional (P)B3 rating to its
USD100 million second lien term loan due 2022.

HCP and HCP Packaging Hong Kong Limited are co-borrowers on a
joint and several basis for the proposed term loans and revolving
credit facility.

The outlook on all the ratings is stable.

Proceeds from the term loans and existing cash on hand will be
used to repay existing term loan, and to upstream dividends to
HCP's private equity sponsor, Texas Pacific Group (TPG).

Moody's will remove the provisional status of the ratings for the
term loans and revolving credit facility upon completion of the
loan transactions and if satisfactory terms and conditions are
met.

Ratings Rationale

"The B2 CFR primarily reflects HCP's good profitability, due to
its low cost production base and focus on premium and high end
mass market brands. This factor, together with its moderate capex
requirements, allows the company to generate robust cash flow,"
says Gerwin Ho, a Moody's Vice President and Senior Analyst.

"However, the CFR is constrained by HCP's small scale in the
cyclical and competitive beauty and personal care packaging
market, as well as its high customer concentration and high
financial leverage," adds Ho, who is also Moody's Lead Analyst for
HCP.

In assigning the CFR, Moody's has also taken into account the
sponsor's short track record of managing HCP's financial policies,
as well as HCP's exposure to a potential appreciation of the RMB.

Moody's expects HCP to maintain an adequate liquidity profile,
supported by minimum cash balances of around USD30 million post
transaction and USD50 million revolving facility which will remain
undrawn at closing.

Moody's expects HCP's cash flows from operations and the cash on
its balance sheet to be sufficient to cover its capex and to
service its debt amortization requirements over the next 1-2
years.

The ratings on the term loans and the revolving credit facility
benefit from asset pledges and guarantees from all substantial
subsidiaries, excluding HCP's Chinese subsidiaries.

However, the first lien term loan and revolving credit facility
are not notched up from the CFR because a large part of the
tangible assets are not pledged. This assessment also incorporates
Moody's view that HCP's assets would not support a full recovery
on either facility in a distressed scenario.

The second lien term loan is notched down because the loan ranks
behind the first lien term loan and revolving credit facility.

The stable ratings outlook reflects Moody's expectation of modest
revenue growth over the next few years, driven by HCP's customer
revenue growth and rising customer penetration.

The outlook also incorporates an expected improvement in HCP's
financial leverage, primarily through the use of positive free
cash flows. Moody's expects HCP's adjusted debt/EBITDA to trend
down gradually over the next 12-18 months.

Upward ratings pressure could occur if HCP's: 1) revenue scale
expands, and if it lowers its customer concentration, 2) good
liquidity position is maintained, 3) adjusted total debt to EBITDA
falls below 4.0x and 4) profitability remains robust at current
levels.

On the other hand, downward ratings pressure could occur if HCP's:
1) operating and competitive environment deteriorate, 2) liquidity
profile deteriorates significantly, 3) adjusted debt to EBITDA
remains above 5.5x, and 4) profitability deteriorates
significantly.

The principal methodology used in this rating was the Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
published in June 2009.

HCP Global Limited (HCP) is a plastic packaging company that
designs, develops and produces packaging for cosmetics and skin
care products.

HCP's global beauty and personal care customers include Estee
Lauder, L'Oreal and P&G.



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


ADVANCE LAMINATES: CRISIL Assigns 'B+' Rating to INR85MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Advance Laminates Pvt Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           65       CRISIL B+/Stable
   Term Loan             20       CRISIL B+/Stable

This rating strength is partially offset by ALPL's working capital
intensive operations, below-average financial risk profile marked
by a high gearing and its modest scale of operations. These
ratings weaknesses are partially offset by ALPL's promoter's
extensive experience in the laminates industry.

Outlook: Stable

CRISIL believes that ALPL will maintain stable outlook on the back
of extensive industry experience of the promoters. The outlook may
be revised to 'Positive' in case of a significant improvement in
the company's scale of operations and profitability or working
capital management which results in improvement in its overall
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of slowdown in the company's revenues or
deterioration in profitability, capital structure or debt
protection metrics or there is a further stretch in its working
capital cycle.

ALPL is a private limited company incorporated in the year 2005.
The company is engaged in manufacturing of Laminates from its
manufacturing facility at Rajkot, Gujrat. Mr Pranjivanbhai Patel
director of ALPL looks after the company's day-to-day operations.

ALPL's profit after tax (PAT) is estimated at INR6.34 million on
net sales of INR187.6 million for 2012-13 (refers to financial
year, April 1 to March 31), against a PAT of INR5.98 million on
net sales of INR176.4 million for 2011-12.


AHALIA MONEY: CRISIL Reaffirms 'B+' Rating on INR120MM Loan
-----------------------------------------------------------
CRISIL's ratings on bank loan facilities of Ahalia Money Exchange
& Financial Services Pvt Ltd continues to reflect the company's
weak earnings profile and small scale of operations. These
weaknesses are partially offset by the company's adequate
capitalisation for its current scale of operations.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Overdraft Facility      120      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Ahalia Finance will continue to benefit from
its adequate capitalisation over the medium term. The outlook may
be revised to 'Positive' if Ahalia Finance significantly scales up
its operations, while maintaining asset quality and improving its
earnings profile. Conversely, the outlook may be revised to
'Negative' if significant weakening in asset quality impacts its
capitalisation.

Ahalia Finance, incorporated in 2001, is a Thrissur (Kerala)-based
non-banking financial company (NBFC) with a full-fledged money
changers' license, which was acquired in 2003. The company also
offers inward and outward money remittance services. It has 50
branches in Kerala. In 2010, with a view to expand its operations
in the fund based business, the company obtained NBFC license and
started offering gold loans from their existing branches from
April 2011. The strategy was to leverage on the branch network and
provide an additional service to existing clients and source new
clients. Additionally, during 2013-14, the company started
offering property loans, vehicle loans and personal loans.
However, the portfolio in these segments remains fairly low as of
now.

During 2013-14, Ahalia Finance reported a net loss of INR18
million on a total income of INR47 million, compared with a profit
after tax of INR8.0 million on a total income of INR48 million in
2012-13. The company had a gold loan portfolio of INR197 million
and a net worth of INR86 million as on March 31, 2014.


BABA HI-TECH: CARE Assigns 'B+' Rating to INR11.3cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' rating to the bank facilities
of Baba Hi-Tech Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.3       CARE B+ Assigned
   Short term Bank Facilities     0.4       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Baba Hi-Tech
Private Limited are primarily constrained by its short track
record coupled with small scale of operations in the highly
fragmented and competitive steel industry, susceptibility
of profitability to volatile raw material prices owing to lack of
backward integration, high working capital intensity with
high utilization of working capital limits during the last 12
months of operations resulting in leveraged capital structure.
The aforesaid constraints are partially offset by the longstanding
experience of the promoters in the iron & steel industry.

Going forward, BHPL's ability to grow its scale of operation
along-with improvement in profitability margins and ability to
manage working capital effectively would be the key rating
sensitivities.

Baba Hi-Tech Private Limited, incorporated in March 2007, by two
brothers Mr Kapil Prasad Jaiswal and Mr Ramdhani Jaiswal, is
engaged in the manufacturing of steel TMT bars. The manufacturing
facility of the company is located at Chirkunda in Dhanbad,
Jharkhand. The unit commenced commercial production in September
2010 with an initial installed capacity of 24,000 MTPA. In
February 2013, subsequent to stabilization of operation, the
company expanded its installed capacity to 48,000 MTPA. The
company sells the steel bars under the brand name "Hindsteel500".

During FY13 (refers to the period April 1 to March 31), BHPL had
reported a total operating income of INR18.3 crore and PAT of
INR0.1 crore. Furthermore as per the provisional FY14, the company
has achieved a total operating income of INR40 crore.


BAPHANA JEWELLERS: CRISIL Suspends B+ Rating on INR150MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Baphana
Jewellers Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         50         CRISIL A4 Suspended
   Cash Credit           150         CRISIL B+/Stable Suspended

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

BJPL, incorporated in 1999 is owned and managed by Mr. Subhash
Baphana and his family. The company is engaged in jewellery
manufacturing and retailing through two showrooms in Nasik.


CHOICE ELECTRICALS: CRISIL Suspends 'B' Rating on INR75MM Loans
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Choice
Electricals.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         5        CRISIL A4 Suspended
   Cash Credit           65        CRISIL B/Stable Suspended
   Term Loan             10        CRISIL B/Stable Suspended

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

CE was established in 1993 as a proprietorship concern by Ms.
Sheela Mohandas in Chennai. CE trades in electrical goods such as
electrical wiring, switch gears, cables and lighting. The firm
currently operates through three showrooms in Chennai. The firm
has authorised distributorships for large electrical manufacturers
such as Philips India Ltd (rated 'CRISIL AA/Stable/CRISIL A1+'),
Vikrant Electronics Pvt Ltd and MK Electric India Ltd. CE caters
mainly to industrial clients based in Chennai and other parts of
Tamil Nadu.


DECCAN CHRONICLE: RBI Penalises 12 Indian Banks
-----------------------------------------------
The Reserve Bank of India has imposed a monetary penalty on 12
banks as under:

                              Amount of Penalty
   Name of the Bank               (in lakh)
   ----------------           -----------------
   Andhra Bank                       10
   Axis Bank                         15
   Canara Bank                       10
   Corporation Bank                  10
   HDFC Bank                          5
   ICICI Bank                        40
   IDBI Bank                         15
   IndusInd Bank                     10
   Kotak Mahindra Bank               10
   Ratnakar Bank                      5
   State Bank of Hyderabad           10
   Yes Bank                          10

The Reserve Bank had carried out a scrutiny of the loan and
current accounts of M/s. Deccan Chronicle Holdings Ltd., in
certain branches of these banks in late 2013. Based on the
findings of the scrutiny, the Reserve Bank issued show cause
notices to these banks in March 2014, to which the individual
banks submitted written replies. After considering the facts of
each case and the individual bank's reply, as also, the personal
submissions etc., by some of the banks before its Committee of
Executive Directors, the Reserve Bank came to the conclusion that
some of the violations were substantiated and warranted imposition
of monetary penalty as determined above.

It may be noted that the penalties have been imposed by the
Reserve Bank in exercise of the powers vested in the Reserve Bank
under the provisions of Section 47A(1) read with Section 46(4)(i)
of the Banking Regulation Act, 1949, taking into account the
violations of the instructions/directions/guidelines issued by the
Reserve Bank from time to time. This action is not intended to
pronounce upon the validity of any transaction or agreement
entered into between the concerned bank and the borrower.

India-based Deccan Chronicle Holdings Limited engages in the
printing and publishing of newspapers and periodicals.  The
company publishes Deccan Chronicle, an English daily; Financial
Chronicle, a financial daily; and Andhra Bhoomi, a regional daily.
It also owns franchise rights for the Hyderabad team of the Indian
Premier League.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 17, 2013, The Times of India said Deccan Chronicle has become
the second biggest defaulter in the latest credit crunch, after
Kingfisher AirlinesBSE 3.57 % went down owing lenders more than
INR7,000 crore.  The company declared itself sick in September
2013 and checked into the Board for Industrial and Financial
Reconstruction, TOI disclosed.


DISHA EDUCATION: CRISIL Suspends 'D' Rating on INR319.2MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Disha
Education Society.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Long Term Loan        319.2     CRISIL D Suspended

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

DES, a registered non-profit organisation, was established in 2001
at Raipur (Chhattisgarh). The institutes operated by the society
are Disha College of Information & Technology, Disha Institute of
Management and Technology, Disha School of Management, Disha
School of Management Education, Disha Academy of Research and
Education, Disha College of Higher Secondary Studies, Disha
College of Science & Commerce, and Disha College of Management
Studies.


FIFTH AVENUE: CRISIL Suspends 'B' Rating on INR80MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Fifth
Avenue Sourcing Pvt Ltd (FAS; part of the FA group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             35        CRISIL B/Stable Suspended
   Long Term Loan          45        CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by FAS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, FAS is yet to
provide adequate information to enable CRISIL to assess FAS'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
FAS, Fifth Avenue Hotels and Resorts Pvt Ltd (FAH), and Fifth
Avenue Retail Pvt Ltd (FAR), together referred to as the FA group
herein. This is because the three entities are under common
management, and have significant fungible cash flows among them.

Incorporated in 2001 and based in Chennai, FAS is a sourcing
management company, engaged in the sourcing of apparels for
international brands. It currently caters to 18 international
brands, with offices in India, Bangladesh, France and Germany. The
company is promoted by Mr. Pramaodh Sharma and his family.

FAH was setup in 2008 and is a wholly owned subsidiary of FAS. The
company owns and operates a chain of Italian restaurants under the
brand Pasta Bar Veneto. It currently has four outlets, three in
Chennai and one in Puducherry. In 2012-13 (refers to financial
year, April 1 to March 31), the company plans to expand its reach
by opening six new outlets, three in Chennai and one each in
Bangalore, Delhi, and Pune. Apart from the owned outlets, the
company is also looking for expansion through the franchise model.
It has already tied up with two outlets under the franchise model,
one each in Coimbatore and Salem (both in Tamil Nadu).

FAR was setup in 2009 and is a wholly owned subsidiary of FAS. The
company owns one apparel retail outlet in Chennai, and sells
casuals under its brands Fred Stuart and Anteedote. In 2012-13,
the company plans to open two new outlets in Chennai.


GANDHAR COALS: CRISIL Reaffirms 'B' Rating on INR250MM Loan
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Gandhar Coals & Mines
continues to reflect it's below-average financial risk profile,
marked by its small net worth, high total outside liabilities to
tangible net worth ratio and below-average debt protection
metrics.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Letter of Credit        250      CRISIL B/Stable (Reaffirmed)

The ratings also factor in GCM's working-capital-intensive nature
of operations, and the susceptibility of its profitability margins
to fluctuations in forex rates. These rating weaknesses are
partially offset by the promoter's extensive experience in the
coal trading segment.

CRISIL had earlier downgraded its rating on the long-term bank
facilities of GCM to 'CRISIL B/Stable' from 'CRISIL B+/Stable' on
May 30, 2014. The rating downgrade reflects the deterioration in
GCM's financial risk profile with a continued decline in its scale
of operations and profitability margins, thereby weakening its
debt protection metrics. The downgrade also reflects the
promoters' continued capital withdrawals constraining growth in
the firm's net worth, and resulting in extensive reliance on
external funds to meet its working capital requirements.

GCM's revenues sequentially declined to an estimated INR750
million in 2013-14 (refers to financial year, April 1 to
March 31) from INR1.6 billion in 2011-12, with increasing
competitive pressures. The firm's operating profit margins is
estimated to have declined to around 0.7 per cent in 2013-14, from
2.2 per cent in 2011-12 on account of continued foreign exchange
(forex) losses. Subsequently, GCM's interest coverage ratio is
estimated to have weakened to around 1.0 times in 2013-14 from 1.2
times in 2011-12.

Outlook: Stable

CRISIL believes that GCM will continue to benefit over the medium
term from the promoter's extensive industry experience and its
established relationships with clients. The outlook may be revised
to 'Positive' if there is a substantial and sustained increase in
GCM's scale of operations and profitability margins, or there is a
substantial improvement in its capital structure driven by a
sizeable capital infusion from its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
GCM's profitability margins, or significant deterioration in its
capital structure caused most likely because on a stretch in its
working capital cycle.

Set up as a partnership firm in June 2009, GCM trades in imported
thermal coal in India. The firm is managed by Mr. Saurabh Parekh
and his brother, Mr. Kunal Parekh.

GCM belongs to the Gandhar group of companies, which also includes
Gandhar Oil Refinery (India) Ltd (rated 'CRISIL BBB-
/Negative/CRISIL A3').


GEN-X ABODE: CRISIL Suspends 'B+' Rating on INR170MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Gen-X
Abode Pvt Ltd.

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

   Proposed Long Term
   Bank Loan Facility      70      CRISIL B+/Stable Suspended

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

Incorporated in 2006, Gen-X is engaged in construction of housing
and commercial projects. Its registered office is in Chandigarh.
The company has been promoted by Mr. Rakesh Kumar, Mr. Neeraj
Kansal, Mr. Naresh Joshi and Dr. Shiv Chand Kansal.


HEERAKERALA DEVELOPERS: CRISIL Suspends B+ Rating on INR550M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Heerakerala Developers Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       550      CRISIL B+/Stable Suspended
   Bank Loan Facility

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

Incorporated in 2007, HDPL is a special-purpose vehicle (SPV)
jointly owned by SRS Investments Mauritius Ltd, JM Trustee
Company, and Heera Construction Company. The purpose of the SPV is
to implement a residential complex project in Thiruvananthapuram
(Kerala).


HIMALAYA POLYURETHANE: CRISIL Ups Rating on INR72MM Loans to B+
---------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Himalaya Polyurethane Private Limited to 'CRISIL B+/Stable' from
'CRISIL B/Stable'; while reaffirming the short-term rating on its
bank facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             25      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Letter of Credit        32.5    CRISIL A4 (Reaffirmed)

   Term Loan               47      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in Himalaya's business
risk profile driven by an expectation of a substantial and
sustained increase in its scale of operations and profitability
margins. The upgrade also factors in the enhancement in the
company's financial flexibility on the back of increase in its
net-worth and infusion of unsecured loans by the promoters. CRISIL
also believes that the capital structure of the company would
continue to improve over the medium term supported by consistent
growth in its net-worth and repayment of term loans.

The company's revenues, which registered a year-on-year growth of
31 per cent in 2013-14 (refers to financial year, April 1 to March
31), are expected to grow by around 80 per cent in 2014-15. The
revenues growth would be driven by the stabilization of the
company's plant in Valsad (Gujarat), which came online in April
2014. The operating profit margins of the company, which remained
stable at 10.7 per cent in 2013-14, are expected to increase by
around 200 basis points in 2014-15 on account of the benefits of
economies of scale.

The company's net worth increased to an estimated INR15 million as
on March 31, 2014 from INR9 million as on March 31, 2012 on the
back of moderate accretion to reserves; there has also been an
infusion of unsecured loans of INR12 million by the promoters over
this period. Himalaya's gearing, estimated at 3.9 times as on
March 31, 2014, is expected to decline to 2.7 times as on March
31, 2015, supported by consistent growth in the company's net
worth and repayment of term loans.

The ratings reflect Himalaya's modest scale of operations in an
intensely competitive home furnishing industry, its large working
capital requirements, and high degree of customer concentration in
its revenue profile. The ratings of the company are also
constrained on account of its below-average financial risk profile
marked by a modest net worth, a high gearing, and average debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of Himalaya's promoters, and
the funding support that it receives from them.

For arriving at the ratings, CRISIL has treated Himalaya's
unsecured loans of INR39 million, extended to the company by its
promoters, as neither debt nor equity, as these loans are
subordinated to bank borrowings and are unlikely to be withdrawn
over the medium term.

Outlook: Stable

CRISIL believes that Himalaya will continue to benefit over the
medium term from its promoters' extensive industry experience, and
the continuous fund support that it receives from them. The
outlook may be revised to 'Positive' if the company demonstrates
sustained improvement in its working capital cycle, or registers
substantial improvement in its capital structure on the back of
sizeable equity infusion by its promoters. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in
Himalaya's profitability margins, or significant deterioration in
its capital structure, caused most likely because of a stretch in
its working capital cycle.

Himalaya, incorporated in 1992 as Styrofoam Insulation and
Packaging (India) Pvt Ltd, was acquired by the Jadhwani family in
2007; the company got its current name in 2011. Himalaya
manufactures foam. It has two manufacturing units; one each at
Thane (Maharashtra) and Valsad (Gujarat).


HOTEL VAIGAI: CRISIL Suspends 'D' Rating on INR216MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Hotel
Vaigai Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               5        CRISIL D Suspended
   Long Term Loan          211        CRISIL D Suspended

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

HVPL was incorporated in 1978 by Mr. N K Kondalsamy. In the same
year, the company set up a budget hotel, Hotel Vaigai, in Egmore
(Chennai). The hotel was demolished in 2004 and reconstructed
during the period 2007 to 2009. The hotel resumed operations in
December 2009. HVPL currently operates the three-star hotel under
its own brand, Fortel. Its day-to-day operations are managed by
Mr. K Jayakanthan, son of the promoter Mr. N K Kondalsamy.


INDIAN AUTOGAS: CRISIL Suspends B+ Ratings to INR132.5MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Indian
Autogas Company Ltd.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            45      CRISIL B+/Stable Suspended
   Proposed Term Loan     45      CRISIL B+/Stable Suspended
   Term Loan              42.5    CRISIL B+/Stable Suspended

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

IACL, incorporated in 1995 and promoted by Mr. S M Antony Thomas,
retails auto liquefied petroleum gas through a network of 35 ALDS
across Andhra Pradesh, Karnataka, Pondicherry, Tamil Nadu, and
Maharashtra.

The company has an ongoing capex of about INR33 million to setting
up an LPG blending unit in Ernakuppam (Thiruvallur district, Tamil
Nadu) with an installed capacity of 6000 tonnes per month. The
capex is being funded in a debt-to-equity ratio of 2:1. The unit
is expected to become operational by December 2012. The company
also proposes to set up 17 ALDS across South India in 2012-13
(refers to financial year, April 1 to March 31). This capex will
cost a total of INR130 million and will be funded in a debt-to-
equity ratio of 3:1.


KISSAN INDUSTRIES: CRISIL Reaffirms B Rating on INR72.8MM Loans
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Kissan Industries (KI, a
part of the Kissan group) continues to reflect the Kissan group's
weak financial risk profile, marked by high gearing and weak debt
protection metrics, small scale of operations, and large working
capital requirements. The rating also factors in the
susceptibility of the group's operating margin to adverse changes
in regulations on paddy and rice prices. These rating weaknesses
are partially offset by the group's integrated nature of
operations, the partners' extensive industry experience, and the
financial support it gets from the partners.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             66       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       6.8     CRISIL B/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KI and Kissan Solvex Pvt Ltd (KSPL),
together referred to as the Kissan group. This is because both
entities have a common promoters and management and derive
considerable operational and business synergies from each other.

Outlook: Stable

CRISIL believes that the Kissan group will continue to benefit
over the medium term from its established relationships with its
customers. The outlook may be revised to 'Positive' if the group's
financial risk profile improves, most likely driven by improvement
in operating margin and cash accruals or benefits from significant
capital infusion by the partners, leading to improvement in its
capital structure, or if its working capital management improves.
Conversely, the outlook may be revised to 'Negative' if its
working capital requirements are larger than expected or its
profitability is lower than expected or if its large debt-funded
capital expenditure leads to further weakening in its financial
risk profile.

The Kissan group, promoted by Mr. Indrajeet Singh of Jalalabad
(Punjab), manufactures rice, rice bran oil, and de-oiled cakes.

KI was set up in 1996 as a partnership firm by Mr. Indrajeet Singh
and his mother Mrs. Manjeet Kaur. Earlier, it operated under the
name Kissan Rice Mill since 1975. The firm is engaged in
processing rice from paddy. KI has a facility in Jalalabad with
installed milling capacity of 2 tonnes per hour (tph). The firm
processes 1121 variety of basmati rice, which account for the
major proportion of its revenue. It also manufactures parmal
variety of non-basmati rice.

KSPL was incorporated in 1992 with an intention to forward
integrate the operations of KI with focus on manufacturing of rice
bran oil and de-oiled cake. The company also has a unit in
Jalalabad with capacity of 250 tonnes per day (tpd). The
proportion to total revenue varies on a year-on-year basis; over
90 per cent of the company's revenue came from sales of rice bran
oil and remaining from de-oiled cake. The company also trades in
other edible oil in small proportion.


MANSAROVER ROLLER: CARE Assigns 'B+' Rating to INR5.6cr Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Mansarover
Roller Flour Mills Pvt Ltd.

                               Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities     5.60      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Mansarover Roller
Flour Mills Pvt Ltd is primarily constrained by small scale of
operations with low net worth base, weak financial risk profile
marked by low profitability margins, stressed debt service
coverage indicators and working capital intensive nature of
operations. The rating is further constrained on account of its
susceptibility of its operations to fluctuations in raw material
prices and its presence in a fragmented agroprocessing industry
characterized by a high level of government regulation.

The rating, however, does factor in the long track record of the
operations of MRL, experienced management and moderate capital
structure.  Going forward, the ability of the company to increase
its scale of operations along with improvement in profitability
margins and effective working capital management would be the key
rating sensitivities.

Mansarover Roller Flour Mills Private Limited was incorporated in
1989 and is currently being managed by Mr Amrik Singh and Mr
Kamaljeet Singh. The company is engaged in the processing of wheat
with an installed capacity of 36,500 metric tonnes per annum
(MTPA) at its manufacturing facility located in Samrala, Punjab.
MRL sells wheat flour to retailers and wholesalers mainly in
Punjab and Himachal Pradesh while the refined flour (maida) is
sold to institutional customers under the brand 'Neel Kamal' and
'Brasno'. MRL procures the raw material i.e. wheat on cash basis
from various sources like local grain markets, Food Corporation of
India (FCI) and also directly from farmers.


MANYATA INFRASTRUCTURE: CRISIL Suspends B- Rating on INR350M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Manyata
Infrastructure Developments Private Limited.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              350      CRISIL B-/Stable Suspended

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

Based in Bengaluru, MIDPL is proposing to undertake a residential
apartment project at Manyata Residency, Hebbal (Bengaluru). MIDPL
would have saleable area of 1.7 million square feet (msft) in this
project. The project is awaiting approvals from the Bruhat
Bengaluru Mahanagar Palike (BBMP) and thereafter would be
completed over the ensuing 24-30 months. The promoter director Mr.
Veeranna Reddy has a long standing experience of around three
decades in the similar lines of business through the Reddy
Veeranna group of companies.


MECWEL CONSTRUCTIONS: CRISIL Cuts Rating on INR85MM Loans to B
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Mecwel Constructions to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'. CRISIL has also assigned its 'CRISIL A4' rating to the
short-term bank facilities of Mecwel.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         15         CRISIL A4 (Reassigned)

   Long Term Loan         50         CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Overdraft Facility     35         CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects the deterioration in Mecwel's
liquidity with a stretch in its working capital cycle resulting in
almost full utilisation of its bank limits. There have also been
instances of overdrawls in the company's bank limits; the
overdrawls are cleared within a week. CRISIL believes that Mecwel
will need capital infusion from its promoters, or will have to
register sustained improvement in its working capital cycle, to
alleviate the pressure on its liquidity.

There has been a stretch in Mecwel's working capital cycle as
reflected in increase in its gross current assets (GCAs) to around
210 days as on March 31, 2014 from 144 days as on
March 31, 2013. The increase in GCAs is on account of longer
credit period extended by Mecwel to its customers. The stretch in
the company's working capital cycle resulted in almost full
utilisation of its bank limits over the last six months ended June
30, 2014.

The rating reflects Mecwel's large working capital requirements,
modest scale of operations in the competitive engineering-
procurement-construction (EPC) industry, and high degree of
customer concentration in its revenue profile. The ratings of the
firm are also constrained on account of its below-average
financial risk profile marked by its small net-worth, high
gearing, and average debt protection metric. These rating
weaknesses are partially offset by the extensive experience of the
promoters, and its moderate order-book providing medium-term
revenue visibility.

Outlook: Stable

CRISIL believes that Mecwel will continue to benefit over the
medium term from its promoters' extensive industry experience and
its moderate order-book. The outlook may be revised to 'Positive'
if the firm registers a sustained improvement in its working
capital cycle, or there is an improvement in its liquidity on the
back of sizeable equity infusion by its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the company's profitability margins, or significant deterioration
in its capital structure caused most likely because of a large
debt-funded capital expenditure programme or a further stretch in
its working capital cycle.

Mecwel was promoted in 1985 by Mr. A V V Narayana.  Mr. P Prasada
Rao (brother-in-law of Mr. A V V Narayana) joined the firm in 1997
as a partner and he is in charge of the firm's overall operations.

Mecwel undertakes erection, commissioning, testing and maintenance
of structural works and electrical equipment such as turbines,
generators, boilers, feed pumps, compressors and condensers among
others. The company primarily caters to the power and sugar
industries.


NSR ELKEMET: CRISIL Suspends 'B' Rating on INR90MM Loans
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of NSR
Elkemet Pvt Ltd (NSREPL; part of the NSR group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B/Stable Suspended
   Proposed Cash
   Credit Limit            50        CRISIL B/Stable Suspended

   Proposed Term Loan      20        CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by
NSREPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NSREPL is yet to
provide adequate information to enable CRISIL to assess NSREPL'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
NSREPL and NS Rama Rao Body works (NSRRBW), together referred to
as the NSR group. This is because both the entities are managed by
the same promoters, are in a similar line of business, and have
fungible cash flows between them.

NSREPL was set up in 1997 by Mr. N R Ramesh and his family. The
company undertakes body building for tankers, containers, and
tippers, which are fitted on light to heavy commercial vehicles.
The products are available in various capacities ranging from 1000
litres to 40,000 litres, and containers ranging from 3 tonnes to
30 tonnes. Around 80 per cent of the pieces manufactured by NSREPL
are oil tankers, while the remaining are water tankers, tippers,
and other special containers. The company's major customers
include Tata Motors Ltd (rated 'CRISIL AA/Stable/CRISIL A1+') and
Ashok Leyland Ltd .Some of NSREPL's private customers include
petrol pump owners of Bharat Petroleum Corporation Ltd (rated
'CRISIL AAA/FAAA/Negative/CRISIL A1+') and Indian Oil Corporation
Ltd (rated 'CRISIL AAA/ Negative /CRISIL A1+').


PACIFIC HARISH: CRISIL Assigns 'D' Rating to INR90MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Pacific Harish Industries Ltd.

                          Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Term Loan                15.7        CRISIL D
   Proposed Long Term
   Bank Loan Facility        3.3        CRISIL D
   Cash Credit              35          CRISIL D
   Letter of Credit         36          CRISIL D

The rating reflects instances of delay by PHIL in payment of
principal and interest on its term loan. The delays were on
account of the company's weak liquidity, on account of shut down
of its regenerated polyester fibre division because of labour
unrest, leading to inadequate accruals.

PHIL also has a modest scale of operations and large working
capital requirements. However, the company benefits from its
promoters' extensive entrepreneurial experience.

PHIL, incorporated in 1999, is promoted by Mr. Kirti Gandhi and
his son Mr. Sandeep Gandhi. It operates two divisions: non-woven
fabric and regenerated polyester fibre. The non-woven fabric
division manufactures automotive textiles and technical textiles.
The regenerated polyester fibre division manufactures and exports
recycled polyester staple, siliconised, and non-siliconised fibre.
The non-woven fabric division has its manufacturing unit in
Umergaon (Gujarat), while the regenerated polyester fibre division
has its unit in Igatpuri (Maharashtra). PHIL has its registered
office in Mumbai.


PATEL TIMBER: CRISIL Reaffirms 'B+' Rating on INR3MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Patel Timber Depot
continue to reflect the firm's modest scale of operations in the
highly fragmented timber trading business and its average
financial risk profile marked by modest net worth and average debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of PTD's promoters in the timber
trading business.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Inland/Import           50       CRISIL A4 (Reaffirmed)
   Letter of Credit

   Overdraft Facility       3       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PTD will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationship with customers. The outlook may be
revised to 'Positive' if PTD generates large cash accruals,
leading to improvement in its capital structure and liquidity.
Conversely, the outlook may be revised to 'Negative' if PTD's
profitability declines because of volatility in raw material
prices and foreign exchange rates, or if its promoters withdraw
substantial capital, affecting its financial risk profile.

Update
PTD's revenue is estimated at INR84 million for 2013-14 (refers to
financial year, April 1 to March 31), down 5.3 per cent year-on-
year, marked by subdued demand. The firm's operating margin is
estimated at 3.03 per cent for 2013-14 driven by execution of
high-margin orders. CRISIL believes that PTD's revenue will remain
at a similar level over the medium term, backed by its promoters'
extensive experience in the timber market and established
relationship with customers.

PTD's financial risk profile remains average, marked by modest net
worth of INR22.6 million and total outside liabilities to tangible
net worth ratio of 2.06 times as on March 31, 2014. PTD's debt
protection metrics are moderate, with interest coverage ratio
estimated at 1.73 times for 2013-14. PTD's financial risk profile
is expected to remain average over the medium term, marked by
modest net worth and weak accretion to reserve.

PTD's liquidity is stretched, marked by high bank limit
utilisation and limited cash accruals. The liquidity is supported
by unsecured loans of INR11.1 million from promoters as on
March 31, 2014. CRISIL believes that PTD's liquidity will remain
stretched over the medium term.

PTD, set up in 2001, primarily trades in hard wood. Its operations
are managed Mr. Amruthlal Patel.


PCI LTD: CRISIL Lowers Rating on INR1.72BB Loans to 'D'
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
PCI Ltd (PCI; part of the Prime group) to 'CRISIL D/CRISIL D' from
'CRISIL BB/Negative/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         400       CRISIL D (Downgraded
                                    from 'CRISIL A4+')

   Cash Credit            450       CRISIL D (Downgraded
                                    from 'CRISIL BB/Negative')

   Letter of Credit       400       CRISIL D (Downgraded
                                    from 'CRISIL A4+')

   Term Loan              473.3     CRISIL D (Downgraded
                                    from 'CRISIL BB/Negative')

The rating downgrade reflects recent delays by the PCI in
servicing its term debt, instances of over-utilisation of its
working capital limits, and devolvement of its letters of credit;
all this was because of the PCI's weak liquidity. The weak
liquidity is due to a net loss of INR80 million in 2013-14 (refers
to financial year, April 1 to March 31), driven by slower-than-
expected offtake from the group's new unit at Bawal (Haryana).
This unit, which increased its manufacturing capacity
significantly, continues to operate at sub-optimal levels leading
to operating losses in the past two years. Therefore, ramp-up of
operations at this unit will remain critical to the group's cash
generation ability.

The Prime group also has a weak financial risk profile, marked by
high gearing and weak debt coverage metrics, and large working
capital requirements. However, the group continues to benefit from
its demonstrated ability to service its diversified and reputed
clientele, its strong market position in the specific power
equipment segment, and its exclusive marketing tie-ups with
reputed global manufacturers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PCI and its subsidiaries-PCI Middle
East FZE (100 per cent subsidiary), PCI Europe GmbH (100 per
cent), PCI Asia Pacific Pvt Ltd (100 per cent), and Prime Hitech
Engineering Ltd (PHEL; 51 per cent). This is because all these
entities, collectively referred to as the Prime group, have common
promoters, the same marketing network, and strong business and
financial linkages with each other. CRISIL has not consolidated
Prime Meidien Ltd (PML; earlier Prime Electric Ltd), which was
earlier considered part of the PCI group, as Japan-based Meidensha
Corporation had infused fresh equity in PML leading to PCI having
a minority shareholding in PML. There is no financial support
provided by PML to PCI or PHEL. PML has arm's length dealings with
PHEL.

PCI was set up in 1986 by Mr. Surinder Mehta; it is the flagship
company of the Prime group. It provides technology-related
solutions to various industries, especially the power sector. Its
activities include marketing, distribution, and after-sale service
support for power testing, maintenance, conditioning equipment,
and machine tools. The company also has a unit in Manesar
(Haryana) for manufacturing precision equipment and investment
castings (constituting 5 to 6 per cent of its sales). Furthermore,
it owns three windmills with combined capacity of 4.5 megawatts in
Kutch (Gujarat).

PHEL was incorporated in April 2010 to carry out the fabrication
work of transformers (backward integration for PML), manufacture
turbine parts and drill bits for oil exploration facilities, and
mining operations. It has been set up in partnership with a
Russian company. PCI owns around 51 per cent of PHEL, its
promoters own around 19 per cent, and the Russian partner owns the
rest.


PINAKIN PLASTOFORMING: CRISIL Reaffirms B+ Rating on INR75M Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pinakin Plastoforming
Pvt Ltd continue to reflect the the company's small scale of
operations in a fragmented industry, and geographical
concentration in its revenue profile.  These rating weaknesses are
partially offset by extensive experience of PPPL's promoters in
the disposable utensils manufacturing industry and its average
financial risk profile.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             50      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit         5      CRISIL A4 (Reaffirmed)
   Term Loan               25      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves, most likely because of an increase in its
scale of operations and hence in its cash accruals, or fresh
capital infusion. Conversely, the outlook may be revised to
'Negative' if PPPL's financial risk profile weakens further, most
likely because of an increase in its working capital requirements
or larger-than-expected debt-funded capital expenditure (capex).

Update
PPPL registered a healthy revenue growth of around 99 per cent
year-on-year to around INR218 million in 2013-14 (refers to
financial year, April 1 to March 31), supported by improving
capacity utilisation. The company is expected to maintain its
topline at INR200 million to INR250 million over the medium term
on account of full capacity utilisation. Its operating margin,
however, reduced to around 10.7 per cent in 2013-14 from 12.6 per
cent in 2012-13, because of raw material price increase, which it
was able to pass on only partially to customers. The margin is
expected to remain around 10 per cent over the medium term.

PPPL's operations are working capital intensive in nature, with
gross current assets of 187 days as on March 31, 2014. This is
mainly driven by high inventory requirements; the inventory as on
March 31, 2014, was 167 days. In order to manage its working
capital requirements, the company purchases its raw materials
through letters of credit, leading to creditors of around 40 days.

PPPL's financial risk profile remains weak, marked by a small net
worth of less than INR50 million as on March 31, 2014. Its gearing
is expected to be moderate at 1.5 to 2.0 times over the medium
term in the absence of any debt-funded capex plans. The company is
expected to generate net cash accruals of around INR10 million
against term debt obligations of around INR5 million in 2014-15.
Its bank limit utilisation remained high, at an average of 98 per
cent during the 12 months through March 2014. CRISIL believes that
PPPL's liquidity will remain constrained over the medium term on
account large working capital requirements.

For 2012-13, PPPL reported a profit after tax (PAT) of INR3.3
million on net sales of INR109.5 million against a PAT of INR3.2
million on net sales of INR75.9 million for 2011-12.

PPPL was set up in 2002 by the Joshi family in Vadodara (Gujarat).
The company manufactures disposable utensils.


RRV INFRA: CRISIL Cuts Rating on INR250MM Loans to 'D'
------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of RRV
Infra Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL C/CRISIL A4'.
The rating downgrade reflects delays by RIPL in servicing its term
debt contracted from Canara Bank; the delays have been caused by
the company's weak liquidity.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          70       CRISIL D (Downgraded
                                    from 'CRISIL A4')

   Cash Credit            150       CRISIL D (Downgraded
                                    from 'CRISIL C')

   Letter of Credit        30       CRISIL D (Downgraded
                                    from 'CRISIL A4')

RIPL also has a weak financial risk profile, marked by high
gearing, a small net worth, and weak debt protection metrics, and
large working capital requirements. However, the company benefits
from its promoters' extensive industry experience.

Incorporated in 2002 and promoted by Mr. Rajendra Verma and Mr. R
Ravi Varma, RIPL (formerly, RRV Constructions Ltd) undertakes
execution of turnkey projects, and industrial internal and
external electrification.


SAKRAT TEXFAB: CARE Assigns 'D' Rating to INR9.95cr Loans
---------------------------------------------------------
CARE assigns 'CARE D' ratings to bank facilities of Sakrat Texfab
Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.55       CARE D Assigned
   Long-term /Short-term         0.40       CARE D/CARE D Assigned
   bank Facilities

Rating Rationale

The ratings assigned to the bank facilities of Sakrat Texfab
Private Limited are primarily constrained on account of
the ongoing delays in debt servicing due to non-generation of
adequate cash profit owing to the recently commissioned
commercial operations.

Establishing a clear track record of the timely servicing of debt
obligations alongwith an improvement in the liquidity position by
stabilizing the manufacturing operations would be the key rating
sensitivity.

Incorporated in 2013, STPL is engaged in sizing and warping of
yarn. It is promoted by Mr Jagdish Patel and Mr Satish Patel along
with seven other promoters. Recently in May 2014 STPL has
completed its sizing and warping project having a capacity of
processing 31.43 lakh kg per annum. STPL recently started its
commercial production in June, 2014. The sole plant of STPL is
located at Chhatral, near Gandhinagar.


SARA SHREY: CRISIL Suspends 'D' Rating on INR412.1MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sara
Shrey Spinntex Pvt Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           10       CRISIL D Suspended

   Cash Credit & Working
   Capital demand loan      92.1     CRISIL D Suspended

   Letter of Credit         40       CRISIL D Suspended

   Long Term Loan          270       CRISIL D Suspended

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

SSSPL was set up in 2006 by Mr. A Lakshman. The Tamil Nadu-based
company manufactures cotton yarn in counts ranging from 20s to
80s. The yarn produced is used mainly for manufacturing suiting.
SSSPL also manufactures fabrics. It has production capacity of
16,000 spindles and 20 looms; it commenced commercial production
in August 2007.


SFPL CROP: CRISIL Assigns 'B' Rating to INR66.2MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of SFPL Crop Life Science Pvt Ltd.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit              55         CRISIL B/Stable
   Term Loan                11.2       CRISIL B/Stable

The rating reflects SFPL's weak financial risk profile marked by
weak capital structure and below-average debt protection metrics,
and stretched liquidity driven by modest cash accruals and
working-capital-intensive operations. The rating also factors in
the company's small scale of operations and its susceptibility to
risks related to the regulated nature of India's complex
fertiliser industry. These rating weaknesses are partially offset
by the extensive industry experience of SFPL's promoters, and its
established distribution and sales network.

For arriving at its rating, CRISIL has treated unsecured loans of
INR50 million extended to SFPL by its parent Krishidhan Seeds Pvt
Ltd as neither debt nor equity as the loans are non-interest
bearing and have been subordinated to bank debt.

Outlook: Stable

CRISIL believes that SFPL will continue to benefit over the medium
term from its promoters' extensive experience in the seed trading
and fertiliser manufacturing businesses. The outlook may be
revised to 'Positive' in case of significant ramp-up of operations
and improvement in profitability resulting in substantial cash
accruals, and thus, improvement in liquidity. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile especially its liquidity deteriorates further because
of larger-than-expected working capital requirements or pressure
on its cash accruals.

SFPL was incorporated in 1999 as Subhash Fertilizers Pvt Ltd and
was later renamed as SFPL. The company is a fully owned subsidiary
of KSPL, which produces and markets seeds for the commercial seed
market. SFPL manufactures NPK mixed fertilisers and plant
nutrition products such as micronutrients. It is also a sole
distributor of the hybrid vegetable seeds of group company
Krishnadhan Vegetable Seeds India Pvt Ltd across India.

For 2012-13 (refers to financial year, October 1 to
September 30), SFPL reported a profit after tax (PAT) of INR1.4
million on net sales of INR216.8 million, against a PAT of INR7.3
million on net sales of INR213.3 million for 2011-12.


SHAKUN GASES: CRISIL Suspends 'B' Rating on INR30MM Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shakun
Gases Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B/Stable Suspended
   Letter of Credit       150        CRISIL A4 Suspended

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

Incorporated in 1985, SGPL is primarily engaged in ship breaking
activity and also carries on other activities such as ship
operations and management, ship agency and barge operation. From
1985 to 1992, the company was engaged in manufacturing of
industrial oxygen gas used in ship breaking activities. In the
year 2003, SGPL entered into the business of ship breaking and
continued its operations for about 3 years. Till 2012, the
company's revenues were from commission income from other related
activities like ship operations and management, ship agency. In
the first quarter of 2012-13, the company has acquired a 8048 MT
vessel for ship breaking activity for which the company has
acquired a plot from Bombay Port Trust, at Mumbai. Mr. Sanjeev
Jain and his wife Mrs. Nita Jain manage the day-to-day operations
of the company.


SOLAN SPINNING: CRISIL Raises Rating on INR150MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Solan Spinning Mills Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             56      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term      19      CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan               75      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects the sustained improvement in SSMPL's
financial risk profile, particularly its gearing and capital
structure with longer phasing out of the earlier planned
aggressive capex. As against its original plans of incurring the
entire INR127 million capex for doubling its capacities in 2013-14
(refers to financial year, April 1 to March 31), the company has
phased it over three years, to be funded in a debt to equity ratio
of about 3 times. Consequently, its gearing will remain well below
2.5 times over the medium term as against 4 times expected
earlier. More importantly, with the phased loading of term loans
on its balance sheet, the company has avoided the stretch in its
liquidity that would have arisen due to large debt repayment
obligations.

The rating reflects SSMPL's modest scale of operations and below-
average, though improved, financial risk profile, marked by a
small net worth and aggressive gearing, mitigated by adequate debt
protection metrics. The rating also factors in the susceptibility
of the company's operating margin to volatility in raw material
prices and its working-capital-intensive nature of operations.
These rating weaknesses are partially offset by the extensive
experience of SSMPL's promoters in the cotton spinning industry,
its established relationships with customers and suppliers, and
the expected benefits from its ongoing capex.

Outlook: Stable

CRISIL believes that SSMPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations while maintaining its profitability,
thereby improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if SSMPL undertakes any
larger than expected debt-funded capex programme or if its working
capital cycle is stretched, leading to weakening of its financial
risk profile, especially its liquidity.

SSMPL, established in 2003, manufactures cotton yarn. The company
is promoted and currently managed by Mr. Arvind Kumar Arora, Mr.
Sanjay Panwar, Mr. Sansar Singh Sirohi, Mr. Shitanshu Sirohi, and
Mr. Shrey Garg along with his three other friends. Its
manufacturing unit is at Baddi in Solan (Himachal Pradesh).

SSMPL reported a profit after tax (PAT) of INR10.8 million on net
sales of INR332.4 million for 2013-14, against a PAT of INR4.3
million on net sales of INR291.6 million for 2012-13.


SPICEJET LIMITED: Caterer Files Winding Up Petition
---------------------------------------------------
The Times of India reports that a Mumbai-based chain of hotels --
Narang International Hotels -- has moved the Madras high court to
seeking to wind up Kalanithi Maran owned low cost carrier,
SpiceJet Limited for non-payment of accumulated inflight service
charges amounting to about INR8 crore.

TOI relates that Justice M Duraiswamy, before whom Narang
International Hotels (having registered office at The Ambassador
Hotel in Mumbai), came up for admission on July 29, has ordered
notices to the SpiceJet management directing it to furnish its
reply in four weeks.

Since May 12, 2005, Narang was handling catering services aboard
SpiceJet flights on Delhi and Mumbai sectors under the brand of
Ambassador Sky Chef, said the petition, adding that the airlines
management was contractually mandated to settle payment every 15
days if required invoices and documents are submitted, according
to TOI.  The airlines had outstanding dues of INR5.8 crore for
Delhi flight services and INR2.1 crore for Mumbai as on April 17
this year, it said, the report relays.

According to the report, the Mumbai company wanted the high court
to order winding up of SpiceJet and, as an interim measure,
appoint a provisional liquidator to take over and manage the
assets and properties of SpiceJet. It also wanted the court to
restrain the airlines from in any manner encumbering, alienating,
dealing with or disposing of or parting with possession of its
assets and properties during the pendency of the case, the report
says.

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights
between major cities in India.

As reported in the Troubled Company Reporter-Asia Pacific on
May 21, 2014, The Times of India said SpiceJet has posted its
highest ever annual loss of INR1,003.2 crore in the financial year
2013-14 up five times from INR191 crore in the previous fiscal.

TOI related that the company's auditor has said this loss along
with SpiceJet's total liabilities exceeding its assets by
INR1,019.5 crore on March 31, 2014, "indicate the existence of a
material uncertainty regarding the company's ability to continue
as a going concern".


SRI BALAJI: CARE Assigns 'B+' Rating to INR5cr Bank Loan
--------------------------------------------------------
CARE assigns rating of 'CARE B+' to the bank facilities of
Sri Balaji Enterprises.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       5        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sri Balaji
Enterprises is primarily constrained by the short track record of
operation, relatively small size of firm, moderate revenue growth,
high volume low margin trading business, supplier concentration
risk, weak financial risk profile characterized by leveraged
capital structure and working capital intensive nature of
business. The rating also factors in the constitution of the
entity being a proprietorship firm. The rating, however, draws
strength from the satisfactory experience of the proprietor and
the firm being the authorised agent of recognised brands of LPG
stove and cookware appliance manufacturers. The ability of the
firm to increase the scale of operation with improvement in the
capital structure and efficient management of working capital are
the key rating sensitivities.

Sri Balaji Enterprises (SBE) is a sole proprietorship concern of
Mr Dandamudi Manoj Kumar of Vijayawada, Telangana. SBE
commenced business from January 1, 2007, with trading of LPG
stoves and cookware appliances. In 2009, the firm tied
up with M/s Stovekraft Pvt (SPL) Ltd for distribution of stoves
and cookware appliances and became an authorized distributor of
Gilma and Pigeon brand of stoves and cookware appliances
manufactured by SPL. Besides, SBE is also the distributor for M/s
T&L Gases Pvt Ltd for distribution of rubber hoses. Trading
activity of the firm is restricted in the region of Andhra Pradesh
(AP) and Telangana.

During FY14 (provisional; refers to the period April 1 to
March 31) SBE posted a PBILDT of INR1.14 crore (INR1.05 crore in
FY13) and a PAT (after deferred tax) of INR0.20 crore (INR0.20
crore in FY13) on total operating income of INR22.93 crore
(INR22.43 crore in FY13).


SRI LAKSHMI: CRISIL Suspends 'B+' Rating on INR80MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sri
Lakshmi Venkateswara Modern Rice Industry.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          60       CRISIL B+/Stable Suspended
   Long Term Loan       17.5     CRISIL B+/Stable Suspended
   SME Credit            2.5     CRISIL B+/Stable Suspended

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

Incorporated in 2007 as a proprietorship firm, SLVM mills and
processes paddy into rice, rice bran, broken rice, and husk. It
has an installed paddy milling capacity of 7 tonnes per hour (tph)
and also undertakes milling through a lease facility of 2 tph. Its
rice mills are located in Nellore (Andhra Pradesh). The promoter,
Mr. K. Mallikarjuna Naidu, has around 10 years of experience in
the rice industry.


SRI LAKSHMI VENKATESWARA: CRISIL Suspends B+ INR60MM Loan Rating
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sri
Lakshmi Venkateswara Rice Industry.

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

   Proposed Long Term
   Bank Loan Facility      10       CRISIL B+/Stable Suspended

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

Incorporated in 2000 as a proprietorship firm, SLVR mills and
processes paddy into rice, rice bran, broken rice, and husk. It
has an installed paddy milling capacity of 8 tonnes per hour. Its
rice mills are located in Nellore (Andhra Pradesh). The promoter,
Mr. T Venkateswarlu Naidu, has more than 15 years of experience in
the rice industry.


SRI SUNFLOWER: CRISIL Rates INR120MM Term Loan at 'B-'
------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Sri Sunflower Educational Society.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Long Term Loan         120       CRISIL B-/Stable

The rating reflects SSES's below-average financial risk profile,
marked by modest net worth and high gearing, its exposure to risks
related to regulatory changes in the education sector, and to
limited diversity in its revenue profile. These rating weaknesses
are partially offset by the extensive experience of SSES's
promoters in the education sector and benefits derived from the
healthy demand prospects for the education sector.

Outlook: Stable

CRISIL believes that SSES will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if the society increases its
scale of operations substantially, most likely by increasing the
number of courses it offers or diversifying its geographical
reach, without weakening its financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of a substantial
decline in student intake or any larger-than-expected debt-funded
capex, or is adversely impacted by any regulatory changes,
resulting in significant weakening of its financial risk profile

SSES, set up in 2003, runs an engineering college in Lankapalli in
Krishna district (Andhra Pradesh). The college offers
undergraduate and post-graduate courses in engineering. The
society is promoted by Mr. MDVSR Punnam Raju and his family
members.

SSES reported, on a provisional basis, a surplus (excess of income
over expenditure) of INR8.6 million on income of INR110.4 million
for 2013-14 (refers to financial year, April 1 to
March 31) against a surplus of INR5.9 million on income of INR99.4
million for 2012-13.


SRI VENKATA: CRISIL Suspends 'B+' Rating on INR63.1MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sri
Venkata Lakshmi Raw & Boiled Rice Mill.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            60         CRISIL B+/Stable Suspended
   SME Credit              3.1       CRISIL B+/Stable Suspended

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

Incorporated in 2005 as a partnership firm, SLVR mills and
processes paddy into rice, rice bran, broken rice, and husk. It
has an installed paddy milling capacity of 5 tonnes per hour
(tph). Its rice mills are located in Nellore (Andhra Pradesh). The
managing partner, Mr.M Venkateswara Rao, has around 35 years of
experience in the rice industry.


SRI VENKATA SRINIVASA: CRISIL Suspends B+ Rating on INR97.5M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sri
Venkata Srinivasa Raw & Boiled Rice Mill.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            90       CRISIL B+/Stable Suspended
   Long Term Loan          5       CRISIL B+/Stable Suspended
   SME Credit              2.5     CRISIL B+/Stable Suspended

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

Set up in 1986 as a partnership firm, SVSRM mills and processes
paddy into rice, rice bran, broken rice, and husk. It has an
installed paddy milling capacity of 7 tonnes per hour. Its rice
mill is located in Nellore (Andhra Pradesh). The firm is promoted
by Mr. Siva Prasad and his family members.


TRIUMPH REALTORS: CRISIL Suspends 'B+' Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Triumph
Realtors India Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        60      CRISIL B+/Stable

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

TRIPL was incorporated in 2004 by Mr. R Easwaramurthy and his
wife, Mrs. E Bhuvaneswari. The company develops residential real
estate properties in Coimbatore (Tamil Nadu); it completed one
project, Gowtham Mansion, in Coimbatore in 2006. TRIPL is
currently developing two projects, City Palms and Casablanca, in
Coimbatore. The total cost of constructing these projects is
INR262.6 million, which is being funded through overdraft facility
of INR45 million, promoters' funds of INR         59 million, and
the remaining 60 per cent through customer advances. TRIPL's
projects typically target customers in the middle- to upper-income
groups. The promoters also manage a partnership firm, Gowtham
Textiles, which manufactures ready-made garments and is managed
independently.


UMANG BOARDS: CARE Revises Rating on INR21.46cr Loan to 'B'
-----------------------------------------------------------
CARE revises the long-term rating assigned to the bank facilities
of Umang Boards Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    21.46       CARE B Revised
                                            from CARE B-

   Short term Bank Facilities    6.10       CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating takes into account the
healthy growth in the Total Operating Income (TOI) in FY14
(refers to the period April 1 to March 31) on account of new
product offerings as well as improvement in the profitability
of Umang Boards Private Limited.

The ratings, however, continue to remain constrained by UBPL's
high working capital intensity of operations and susceptibility of
its profit margins to fluctuation in the raw material prices and
foreign exchange rates.  The ratings continue to derive strength
from the vast experience of the promoters in the insulation board
industry and established track record of operations of the
company.

UBPL's ability to increase its scale of operations with efficient
management of the working capital will be the key rating
sensitivities.

Jaipur-based (Rajasthan) UBPL was promoted by the Dhanuka family
in the year 1999 to manufacture pre-compressed insulating boards.
The promoters have presence in the business since 1978 as
initially, they have started with the trading of pre-compressed
insulating boards. There are other associate concerns where the
promoters hold stake viz Anup Insulation Private Limited (engaged
in the manufacturing of magnet wire, enameled round copper wire
etc, rated 'CARE B-', 'CARE A4'), Umang Boards BKK Co Limited,
Thailand (engaged in the manufacturing of compressed boards) and
Umang Board Thailand Co Limited (engaged in the trading business).
UBPL started commercial production of precompressed insulating
boards in 2002 and further diversified its product portfolio and
started manufacturing of large size pre-compressed insulating
boards, calendared board, pre-compressed laminated insulated
boards, components, crape paper tube and diamond dotted paper. The
products of UBPL find application in the transformer industry and
the plant of the company is certified as ISO 9001:2008, 14001:2003
and 18001:2007. UBPL's manufacturing unit is situated at Jaipur
and has a total installed capacity of 6,100 Metric Tonnes Per
Annum (MTPA) of pre-compressed insulated boards, 1,800 MTPA of
calendared boards, 1,000 MTPA of pre-compressed laminated
insulated boards, 3,000 MTPA of components, 50 MTPA of crape paper
tube and 1,000 MTPA of diamond dotted paper as on March 31, 2014.

As per audited results for FY14, UBPL has reported a total
operating income of INR22.30 crore as against INR15.68 crore
during FY13 and PAT of INR0.19 crore during FY14 as against net
loss of INR3.13 crore during FY13.


VENKATESHWARA POWER: CRISIL Ups Rating on INR2.0BB Loans to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Venkateshwara Power Project Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           1,450      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term       65.6    CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan               488.6    CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in VPPL's liquidity,
with reduction in inventory leading to lower working capital
requirements compared with the previous year, and significant
improvement in its revenue. The company's gross current assets
(GCAs) declined to 259 days as on March 31, 2014, from 549 days as
on March 31, 2013, mainly because of reduction in inventory. The
GCAs and inventory, however, remain high and constrain the
company's liquidity. VPPL's revenue grew by over 100 per cent
year-on-year during 2013-14 (refers to financial year, April 1 to
March 31). The revenue growth was mainly due to offloading of
inventory and improved demand.

The rating continues to reflect VPPL's weak financial risk
profile, marked by high gearing, and its small scale of
operations. These rating weaknesses are partially offset by the
diversification in the company's revenue profile through its power
cogeneration capacity.
Outlook: Stable

CRISIL believes that VPPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of sustained
improvement in VPPL's profitability and working capital cycle,
leading to improved financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the company's working
capital cycle stretches, or if its profitability deteriorates,
impacting its liquidity.

VPPL has a sugar manufacturing facility with a cogeneration
capacity in Karnataka. It is a unit of the Kolhapur-based Mahadik
business group. The company was incorporated in 2000.

VPPL is estimated to report a profit after tax (PAT) of INR126.3
million on net sales of INR3512.7 million for 2013-14; it had
reported a PAT of INR111.6 million on net sales of INR1602.6
million for 2012-13.


* INDIA: RBI Developing System for Exit by Insolvent Businesses
---------------------------------------------------------------
Business Today reports that in the absence of a good bankruptcy
code in India, Reserve Bank of India (RBI) is working on a system
to enable entrepreneurs seeking to exit insolvent businesses, a
top official of the apex bank said.

"We have a tendency in India that we do not like failures. We
think everybody should pass and have distinction. We do not have a
culture to accept failures. How to create that? There is a
thinking in Reserve Bank, we have been thinking how to create a
system so that people should voluntarily withdraw from an
unattractive business," RBI Executive Director B Mahapatra said in
his address on "Managing Stressed Assets" organised by Assocham,
Business Today relays.

He said it is felt there has to be a good bankruptcy system in
India, the report says.

According to Business Today, Mr. Mahapatra said RBI has started
working on an enabling system for banks that will help those
entrepreneurs seeking an honourable exit from unattractive
ventures.

He said the bankruptcy has a stigma attached as, "Nobody wants to
be called a bankrupt person . . . Indian philosophy is that we do
not like failures".

Business Today relates that Mr. Mahapatra said RBI has just begun
working on such a framework to enable companies a voluntary
withdrawal.

While there is a talk of providing legal provision in the
Companies Act in this regard, but the RBI would like to work on
examining the regulatory framework for the voluntary withdrawal by
the entrepreneur, Mr. Mahapatra, as cited by Mr. Business Today,
added.

Pointing to the problem of bad loans, he said, it is a known fact
that the problem of stressed asset is there. And particularly in
the cases of public sector banks, the problem is more worrisome,
though the private sector lenders have fared much better,
according to Business Today.

"Reserve Bank has now provided a system of incentives and
disincentives for following rules of the game for Corporate Debt
Restructuring (CDRs)."

Business Today relates that Mr. Mahapatra said the problem of
stressed assets earlier was in traditional sectors such as iron
and steel, fertilisers etc but of late it is in infrastructure.

Mr. Mohapatra felt that the stressed assets could also be revived,
the report says.

To identify the stressed assets, RBI has established a Credit
Central Repository of Information. It ensures that if a large
borrower defaults with one bank, the information about the same is
passed on to the other banks on quarterly basis, he said, the
report relays.



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


MT. GOX: Tokyo Police Formally Investigate Missing Bitcoin
----------------------------------------------------------
Takashi Mochizuki, writing for The Wall Street Journal, reported
that the Tokyo Metropolitan Police Department said that it has
launched a formal investigation into the disappearance of bitcoins
from defunct exchange Mt. Gox, after concluding that the case
could be connected to criminal activity.  According to the report,
the police say they suspect 27,000 bitcoins were withdrawn through
illegal computer access.

                           About Mt. Gox

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

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

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

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


SONY CORP: To Delist Shares From London Stock Exchange
------------------------------------------------------
The Japan Times reports that Sony Corp. said it will delist its
shares from the London Stock Exchange next month after 44 years
due to thin trading volumes.

According to the report, the Japanese electronics maker, which
listed on the LSE in 1970, said its stock will continue to trade
in Tokyo and New York.  The delisting will take place around the
end of August, the report says.

Listing the stock on the London bourse has cost Sony around
JPY10 million (about $97,000) each year, The Japan Times notes.

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

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



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


BLUE 9: Sold Assets Before Liquidation
--------------------------------------
Debbie Jamieson at The Southland Times reports that Queenstown-
based road construction company Blue 9 Ltd owes NZ$2.8 million but
appears to have sold all its assets before going into liquidation,
a liquidator's report said.

Blue 9 is the fourth company owned by Steve Rout and various
family members to be put into liquidation since 2002, the report
says.

The Southland Times, citing Companies Office documents, discloses
that assets of Steve Rout Contracting, which was liquidated in
2011 owing more than NZ$5.3 million, and company East South Ltd,
which was put into receivership at the same time, were sold to
Blue 9.

According to the report, Steve's son Jesse Rout said he had worked
at Blue 9 and purchased earthmoving equipment from Blue 9 via the
company's secured creditor UDC Finance Ltd.

Other equipment was sold following a public tender, the report
relays.

"I do believe all the equipment was sold. I haven't seen all the
numbers on that," the report quotes Jesse Rout as saying.

He was operating his own company, NuRoad Civil Ltd, in Queenstown,
the report says. He had one existing client from Blue 9 and a
couple of staff members were still with him.

"Those were the boys that pretty much worked directly with me at
Blue 9."

Jesse Rout is the sole director and shareholder of NuRoad Civil,
the report discloses citing Companies Office documents.

The first liquidator's report on Blue 9 Ltd became public this
week and said Blue 9 was also known as NuRoad Civil, The Southland
Times discloses.

Blue 9 ceased trading on January 30 this year when it could no
longer pay its debts, the report says.

The company is owned by Jane and Steve Rout and trustees of The
Poutama Trust. Steve Rout is listed as the sole director. The Blue
9 liquidators had only been able to contact Steve Rout via email
and telephone, as he was now residing in the Philippines, the
report said.

"The liquidators have been advised that all of the company assets
have been sold prior to the date of the liquidation. However
further contact with the director is being made to confirm that
there are no further physical assets to be disposed of.

"An examination of the records will also be made to confirm this
fact," it says.

The report lists NZ$2.8 million due to creditors including
NZ$1.7 million to secured creditors, NZ$254,000 to preferential
and NZ$687,000 to unsecured creditors, The Southland Times
discloses.



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


* SOUTH KOREA: Bank Loan Delinquency Falls in June
--------------------------------------------------
Yonhap News Agency reports that the delinquency rate on bank loans
fell in June as the local lenders wrote off more debts than they
added sour loans, the financial watchdog said on
July 31.

According to the report, the Financial Supervisory Service (FSS)
said the average delinquency rate of bank loans stood at
0.80 percent at the end of June, down 0.18 percentage point from a
month earlier.

Over the cited period, KRW3.9 trillion (US$3.8 billion) worth of
debts were cleared off, while KRW1.8 trillion of fresh bad loans
were added, Yonhap relays.

Yonhap says the overdue rates of corporate debts declined 0.23
percentage point to 0.94 percent, with those for household loans
falling 0.09 percentage point to 0.65 percent.

Loans with both the principal and interest overdue by more than
one month are considered delinquent, the report notes.

The outstanding amount of won-denominated loans came in at
KRW1,204.8 trillion as of end-June, up KRW5 trillion, or 0.4
percent, from the previous month, Yonhap discloses. Those extended
to households reached KRW487.7 trillion, up
KRW3.6 trillion over the cited period, while corporate loans added
KRW700 billion to KRW687.2 trillion, adds Yonhap.



=============
V I E T N A M
=============


VINACOMIN HOLDING: Moody's Affirms B2 CFR; Outlook Stable
---------------------------------------------------------
Moody's Investors Service has changed the outlook for Vinacomin
Holding Corporation Limited to stable from negative.

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

Ratings Rationale

"The stable outlook reflects the improved domestic coal price
environment which allows Vinacomin to charge customers a higher
rate for its coal thereby improving margins in 2013 and earnings
prospects for 2014 given that almost 70% of its coal is sold
within the country," says Brian Grieser, a Moody's Vice President
and Senior Analyst. "The domestic consumption also provides some
shelter to the company from international coal prices which have
persistently weakened over the last two years."

This change in pricing policy is a significant development as it
moves away from the historical structure which had mandated
Vinacomin to sell coal at below production cost. Moody's views
this latest shift as an indication of supportive government
policies to the Vietnamese coal miner.

"We expect Vinacomin's leverage to remain at about 4.5x-5.0x over
the next two years, from 4.6x in December 2013. The benefits of
higher domestic coal prices will be balanced by the weak
international coal price and its ongoing debt-funded capex
programme," adds Grieser, who is also Lead Analyst for Vinacomin.

The company is executing a large capex program aimed at developing
its mineral and metallurgical business, as well as to invest in
additional green-field power projects.

Despite being 100%-owned by the government of Vietnam (B1 stable),
Moody's believes that the government is unlikely to provide more
than selective and partial support in a distressed situation, and
therefore Moody's does not include any rating uplift in
Vinacomin's rating.

The company's B2 corporate family rating reflects its strategic
importance in managing and developing the country's coal and
mineral reserves, which should continue in the medium term. Such
operating strengths are supported by the group's monopoly position
and demonstrated access to funds for its substantial expansion
projects.

At the same time, the rating recognizes key challenges such as (1)
Vinacomin's large debt-funded capex program, (2) the standard,
quality and timeliness of its consolidated reporting, as well as
issues pertaining to the regulatory environment and the emerging
market risks arising from operating in Vietnam; and (3) the
limited degree of clarity regarding long-term shareholder
intentions and strategic direction, and which are compounded by
its complex group structure.

The stable outlook reflects Moody's view for improving margins and
a stable leverage profile. Further, Moody's expect Vinacomin to
remain active in the local bank and bond market to fund its
capital spending projects. Given the lower interest rate
environment in Vietnam, Moody's expect a gradual reduction in its
all-in interest rate and a corresponding improvement in interest
coverage ratios.

The rating could experience upward pressure should Moody's
concerns over the quality of the company's consolidated financial
reporting ease, and clarity regarding its strategy and the
financial extent of its role in national development is
forthcoming. A sustained shift towards profitable coal production
would probably lead to markedly stronger credit metrics and be
positive for the rating. Leverage maintained below 4.0x would be
supportive of positive ratings migration.

On the other hand, downward pressure on the rating could emerge
should 1) the quality and timeliness of Vinacomin's financial
reporting deteriorate, or 2) Vinacomin takes on further projects,
or expand existing development projects, such that adjusted
debt/EBITDA exceeds 5.0x, or EBIT/ interest expenses remains below
2x for an extended period, or 3) evidence that Vinacomin is facing
difficulties in raising the funds required to sustain and grow its
current business plan.

The principal methodology used in this rating was the Global
Mining Industry published in May 2009 and Government-Related
Issuers: Methodology Update published in July 2010.

Vinacomin is the largest coal producer in Vietnam, accounting for
over 85% of total production. The company is also engaged in power
generation, mineral exploration and smelting, and other operations
related to its core coal and minerals business.



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


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

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

AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***