TCRAP_Public/140905.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, September 5, 2014, Vol. 17, No. 176


                            Headlines


A U S T R A L I A

JONGRO PTY: McGrathNicol Seeks Buyers For Crown Mushrooms
TERSON HOLDINGS: Cor Cordis Appointed as Administrators
TONNEX INTERNATIONAL: Goes Into Liquidation
VICAL N.S.W.: Ernst & Young Appointed as Administrators


C H I N A

CHINA XINGBANG: Reports $719K Net Loss for Q2 of 2014
GEMDALE CORP: S&P Lowers CCR to 'BB' on Increasing Leverage


H O N G  K O N G

FAMOUS COMMERCIAL: S&P Lowers CCR to 'BB-' on Parent Downgrade


I N D I A

A H MALLICK: CRISIL Assigns 'D' Rating to INR48.5MM Term Loan
ADP GLOBAL: CRISIL Reaffirms B- Rating on INR35MM Cash Credit
ADROIT URBAN: CRISIL Reaffirms B+ Rating on INR266.5MM Bank Loan
AMARTEX INDUSTRIES: CRISIL Cuts INR650M Cash Credit Rating to 'D'
ASHWAMEGH INFRA: CRISIL Assigns B+ Rating to INR50MM Term Loan

BABA NAGA: CRISIL Reaffirms 'B' Rating on INR181MM Term Loan
BHAGYA DIAMOND: ICRA Reaffirms B+ Rating on INR6cr Cash Credit
GOPINATH SPINNING: CARE Reaffirms 'D' Rating on INR7.43cr LT Loan
GOYAL AGENCIES: CRISIL Reaffirms B- Rating on INR240M Cash Credit
HITAISHI KK: CRISIL Reaffirms B+ Rating on INR60MM Bill Purchase

J. R. AGRITECH: CRISIL Assigns 'B-' Rating to INR86MM Term Loan
JAGANNATH PLASTICS: CRISIL Ups Rating on INR35M Cash Credit to B+
JATILESHWAR RICE: CRISIL Rates INR105MM Bank Loan at 'B-'
KAVERI YARNS: CRISIL Reaffirms B+ Rating on INR140MM Cash Credit

MAA JOYTARA: CRISIL Assigns 'B+' Rating to INR98.3MM Bank Loan
MAGNAMIND VENTURES: CRISIL Puts 'B+' Rating on INR67MM Term Loan
MANOJ MATHEW: CRISIL Assigns B+ Rating to INR30MM Overdraft Loan
MNR DAIRY: CRISIL Assigns 'B-' Rating to INR250MM Term Loan
NINANIYA ESTATES: CRISIL Assigns 'B' Rating to INR325MM Term Loan

PALATHRA CONSTRUCTIONS: CRISIL Rates INR100M Overdraft Loan at B+
PANTEL TECHNOLOGIES: CRISIL Rates INR80MM Cash Credit at 'B'
PRIME ENERGY: CRISIL Assigns 'B-' Rating to INR58MM Cash Credit
PUSHPENDRA REAL: ICRA Reaffirms 'B' Rating on INR10cr Cash Credit
RADHE ENTERPRISE: CARE Assigns 'B+' Rating to INR6cr LT Bank Loan

RAI INDUSTRIAL: CRISIL Assigns 'B-' Rating to INR80MM Cash Credit
RAI SINGH: CARE Reaffirms 'B' Rating on INR8cr LT Bank Loan
RINKI PLASTICS: CRISIL Lowers Rating on INR125MM Cash Credit to D
RTS POWER: CRISIL Reaffirms B+ Rating on INR224MM Bank Loan
SANMATI COAL: CRISIL Reaffirms B+ Rating on INR85MM Cash Credit

SHREE KRISHAN: CRISIL Reaffirms 'B' Rating on INR107MM Term Loan
SHRI KALKA: CRISIL Assigns 'B' Rating to INR72.5MM Cash Credit
SRI SANTHANALAKSHMI: CRISIL Rates INR45MM Cash Credit Limit at B
SUREFIRE DIE-CASTING: CRISIL Rates INR139.6MM Term Loan at B+
UNITECH TEXTILES: CRISIL Reaffirms B Rating on INR68M Cash Credit

VINAYAK POLYPIPES: CRISIL Assigns B Rating to INR42.5MM Bank Loan
VIORICA HOTELS: CRISIL Assigns 'D' Rating to INR750MM Term Loan
WESTERN HILL: CRISIL Reaffirms 'B' Rating n INR191.2MM Term Loan
YOGESHWAR CONDUCTORS: ICRA Suspends 'B+' Rating on INR0.5cr Loan


J A P A N

RENESAS ELECTRONICS: CEO Says Government Stake Too Big


N E W  Z E A L A N D

BELGRAVE FINANCE: Receivers Seek NZ$8.6MM From Ex-Director


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


JONGRO PTY: McGrathNicol Seeks Buyers For Crown Mushrooms
---------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that receiver
McGrathNicol is seeking urgent expressions of interest for the
purchase of all or part of Jongro Pty Ltd and its assets. The
business trades as Crown Mushrooms.

Dissolve.com.au says the company is one of the biggest mushroom
farms in Western Australia. It has more than 1,000 square metres
of growing White and Portobellow mushroom surface. It offers more
than 28 tonnes per week of production capacity all year round.


TERSON HOLDINGS: Cor Cordis Appointed as Administrators
-------------------------------------------------------
Ozem Kassem and Jason Tang of Cor Cordis were appointed as
administrators of Terson Holdings Pty Limited on Aug. 29, 2014.

A first meeting of the creditors of the Company will be held at
The Batavia Room, Level 27, St Martins Centre, 44 St Georges
Terrace in Perth, on Sept. 10, 2014, at 12:00 p.m.


TONNEX INTERNATIONAL: Goes Into Liquidation
-------------------------------------------
Brian Karlovsky at ARN reports that Tonnex International Pty Ltd
has gone into liquidation after 16 years in business.

The company, which has offices in Melbourne, Sydney and Brisbane
was placed in the hands of liquidator, Ferrier Hodgson, on
August 27, the report discloses.

The same day, Tonnex submitted a notification of resolution to
voluntarily wind-up the company to the Australian Securities and
Investment Commission, ARN relates.

Ferrier Hodgson, partner, John Lindholm, told ARN the key factor
in the collapse of the company was an unsuccessful court battle
with competitor, Dynamic Supplies.

"They did have a legal proceeding, which they lost on appeal and
that was going to result in a significant cost order and damages
against them," the report quotes Mr. Lindholm as saying.  "That
was really what precipitated the directors forming the view that
they can't cover it, which ultimately put them into liquidation."

The court battle which led to the company's demise was over the
infringement of Dynamic Supplies' copyright, the report notes.

According to the report, Mr. Lindholm said Ferrier Hodgson was now
looking to sell the company's stock and let go of the "half a
dozen" remaining staff if the buyer is not found in the next few
weeks.

"There are a few trade players reviewing the assets and we are
seeing if they want to make an offer," Mr. Lindholm, as cited by
ARN, said.  "But the business had reduced trading significantly
over the last month and the prospects of it going to a sale are
not great."


VICAL N.S.W.: Ernst & Young Appointed as Administrators
-------------------------------------------------------
Philip Campbell-Wilson -- Phil.Campbell-Wilson@au.ey.com -- and
Simon John Cathro -- simon.cathro@au.ey.com -- of Ernst & Young
were appointed as administrators of Vical N.S.W. Pty Ltd on
Aug. 29, 2014.

A first meeting of the creditors of the Company will be held at
Ernst & Young, Level 11, 121 Marcus Clarke Street, in Canberra, on
Sept. 10, 2014, at 11:00 a.m.



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


CHINA XINGBANG: Reports $719K Net Loss for Q2 of 2014
-----------------------------------------------------
China Xingbang Industry Group Inc. filed its quarterly report on
Form 10-Q, reporting a net loss of $719,187 on $1,358 of total
revenue for the three months ended June 30, 2014, compared with a
net loss of $1.06 million on $8,145 of total revenue for the same
period in 2013.

The Company's balance sheet at June 30, 2014, showed $1.14 million
in total assets, $6.2 million in total liabilities, and a
stockholders' deficit of $5.06 million.

The Company's operations resulted in a net loss of $1,237,533 and
used cash in operations of $1,277,627 for the six months ended
June 30, 2014.  As of June 30, 2014, the Company had an
unappropriated accumulated deficit of $6,263,756 and a working
capital deficiency of $5,471,085.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern, according to the regulatory filing.

A copy of the Form 10-Q is available:

                       http://is.gd/WlK4gU

Based in the city of Guangzhou, Guangdong Province, China,
Guangdong Xingbang is a company principally engaged in the
provision of marketing consultancy services to manufacturers,
distributors and other businesses and local governments in the
lighting, ceramics and other home furnishings industry in the PRC.


GEMDALE CORP: S&P Lowers CCR to 'BB' on Increasing Leverage
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China-based real estate
developer Gemdale Corp. to 'BB' from 'BB+'.  The outlook is
stable.  At the same time, S&P lowered its long-term Greater China
regional scale rating on the company to 'cnBBB-' from 'cnBBB+'.

"We downgraded Gemdale because we expect the company's
significantly increased leverage to remain high over the next 12-
24 months because of lower margins and weak sales execution," said
Standard & Poor's credit analyst Christopher Yip.

Gemdale's margins have decreased substantially over the past 18
months because of sales recognition of low-margin projects and
rising land costs.  The company's contracted sales were also lower
than S&P expected due to soft demand in the first half of 2014
because of its significant proportion of high-end properties.

Gemdale's sales are likely to improve moderately in the second
half of the year due to more saleable resources.  But overall
sales in 2014 are unlikely to be meaningfully more than in 2013.
The company continues to have a significant proportion of high-end
projects. Although Gemdale has made some adjustments to increase
the inventory of smaller units targeted at end-users, it has been
impacted by slower sales and home purchase restrictions until
recently.  The company met about 33% of its original full-year
sales target of Chinese renminbi (RMB) 60 billion in the first
seven months of 2014.  S&P's base-case assumes the company's
contracted sales will be RMB45 billion in 2014.

S&P expects Gemdale's recognition of projects with higher margins
to help improve its full-year margins close to its 2013 level of
23%, up from 21% in the first half of 2014.  However, the
company's exposure to the high-end segment, where pricing and
demand pressures are more severe, will continue to hinder margin
growth over the next year.  As a result, Gemdale has slowed its
land acquisition and new project construction starts for the year
in order to maintain its leverage and liquidity positions.

In S&P's view, Gemdale's financial risk profile has deteriorated
because of the company's significant debt-funded growth.  S&P
don't expect it to substantially improve over the next 12 months.
S&P has therefore revised its assessment of the company's
financial risk profile to "aggressive" from "significant."
Gemdale's debt has increased materially over the past few years.
It was about RMB42 billion at mid-year 2014, compared with RMB36
billion at the end of 2013.  S&P expects the debt level to
stabilize, with the debt-to-EBITDA ratio peaking at 5.8x-6.3x in
2014 and improving to 5.2x-5.7x in 2015.  The ratio was 5.2x in
2013 and 4.2x in 2012.

"The stable outlook reflects our expectation that Gemdale's
contracted sales in 2014 will be similar to the level in 2013 and
that the company's EBITDA margin will remain stable," said Mr.
Yip.  In S&P's view, Gemdale can control its debt such that its
leverage doesn't increase.  S&P expects the company to continue to
have large unrestricted cash balances and good access to the
capital markets at a reasonable funding cost.

S&P may lower the rating if Gemdale's sales or EBITDA margins
further weaken or its debt is higher than S&P anticipates, such
that its debt-to-EBITDA ratio doesn't show signs of improvement
toward 5.0x in 2015.  EBITDA interest coverage of less than 2.0x
may also indicate such weakness.

S&P sees limited rating upside over the next 12 months.  However,
S&P may raise the rating if Gemdale's financial risk profile
improves because of stronger sales, better profitability, and
improved leverage.  An upgrade trigger would be a ratio of total
debt to EBITDA of less than 4.0x on a sustained basis.



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


FAMOUS COMMERCIAL: S&P Lowers CCR to 'BB-' on Parent Downgrade
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Hong Kong-based offshore
investment holding company Famous Commercial Ltd. to 'BB-' from
'BB'.  The outlook is stable.  At the same time, S&P lowered its
issue rating on the company's outstanding guaranteed senior
unsecured notes to 'B+' from 'BB-'.  S&P also lowered its long-
term Greater China regional scale ratings on the company to
'cnBB+' from 'cnBBB-' and the notes to 'cnBB' from 'cnBB+'.

"We lowered the rating on Famous to reflect our downgrade of
Gemdale Corp. following the parent's increasing leverage and weak
sales," said Standard & Poor's credit analyst Christopher Yip.

The rating on Famous is linked to that on Gemdale.  S&P continues
to assess Famous as a "highly strategic" subsidiary of Gemdale and
apply a top-down approach to derive the rating on Famous.  The two
companies have highly integrated operations and financial
management. Famous' role as the parent's flagship offshore
investment holding company and funding vehicle supports its status
within the group.

"We believe the weakening in Gemdale's financial profile will have
a direct impact on Famous' credit profile, given the subsidiary's
limited record of operations and reliance on parent support," said
Mr. Yip.

Although project numbers have increased, particularly for
commercial properties, Famous makes small contributions to the
group's revenue and cash flows.  S&P expects Famous to remain
Gemdale's offshore financing entity and continue to take on more
debt for the group.  S&P anticipates that Famous' financial risk
profile will remain "highly leveraged" because of its high debt
and limited operating cash flows.

The issue rating is one notch lower than the corporate credit
rating on Famous to reflect the structural subordination risk.

The stable outlook on Famous reflects the stable outlook on
Gemdale and S&P's view that Famous will remain a "highly
strategic" subsidiary over the next 12 months.  The stable outlook
on Gemdale reflects S&P's expectation that Gemdale's contracted
sales in 2014 will be similar to the level in 2013 and that the
company's EBITDA margin will remain stable.  In S&P's view,
Gemdale can control its debt such that its leverage doesn't
increase.  S&P expects the company to continue to have large
unrestricted cash balances and good access to the capital markets
at a reasonable funding cost.

S&P may lower the rating on Famous if it downgrades Gemdale.  S&P
could also lower the rating if: (1) it believes that Famous'
strategic importance to Gemdale has weakened because of a change
in the parent's strategy; or (2) Gemdale's control and supervision
of Famous weakens.

S&P could upgrade Famous if S&P upgrades Gemdale or S&P's
assessment of Famous' strategic importance improves such that S&P
believes it to be a core subsidiary of the parent.



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


A H MALLICK: CRISIL Assigns 'D' Rating to INR48.5MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of A H Mallick Agro Services & Cold Storage Pvt Ltd.
The ratings reflect instances of delay by AHMASCDPL in servicing
its term loan; the delays have been caused by the company's weak
liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Working Capital Loan      5.6      CRISIL D
   Term Loan                48.5      CRISIL D
   Proposed Long Term        4.4      CRISIL D
   Bank Loan Facility
   Bank Guarantee            2.6      CRISIL D
   Cash Credit              38.9      CRISIL D

AHMASCDPL is also exposed to risks arising from the highly
regulated and fragmented nature of the cold storage industry in
West Bengal. The company also has a weak financial risk profile,
marked by high gearing. However, it benefits from its promoters'
considerable industry experience.

Incorporated in 2012, AHMASCDPL has set up a cold storage to
provide services to potato farmers and traders. The company is
based in Dadpur (West Bengal) and is promoted by the Mallick
family.


ADP GLOBAL: CRISIL Reaffirms B- Rating on INR35MM Cash Credit
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of ADP Global Industries
Pvt Ltd continue to reflect its below-average financial risk
profile, marked by a small net worth and high gearing, and
vulnerability of its operating margin to raw material prices.
These rating weaknesses are partially offset by its promoters'
extensive experience in the aluminium trading industry and their
funding support.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              35      CRISIL B-/Stable (Reaffirmed)
   Letter of Credit         10      CRISIL A4 (Reaffirmed)
   Term Loan                30      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ADP Global Industries Pvt Ltd (AGIPL) will
continue to benefit over the medium term from its promoters'
extensive experience in the aluminium industry. CRISIL, however,
also believes that the company's scale of operations will remain
small over the same period. The outlook may be revised to
'Positive' in case AGIPL registers significant improvement in its
business risk profile due to significant ramp up of its
operations, while it maintains its healthy operating margin, or in
case of improvement in its cash accruals and, as a result,
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if AGIPL undertakes a large debt-
funded capital expenditure programme or if its working capital
management weakens, leading to deterioration in its financial risk
profile.

AGIPL was set up in 2010 by Mr. Nitin Jain, Mr. V K Jain, Mr.
Vipin Modi, and Mr. Prithvi Raj Modi. The company has an aluminium
smelting plant at Bhiwadi (Rajasthan), with capacity of 1200
tonnes per month.


ADROIT URBAN: CRISIL Reaffirms B+ Rating on INR266.5MM Bank Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Adroit Urban Developers
(P) Limited continues to reflect AUDPL's exposure to risks related
to completion and saleability of its on-going projects and
geographic concentration in its revenue profile. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the real estate development business.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Long Term    266.5      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan             183.5      CRISIL B+/Stable (Reaffirmed)

CRISIL had assigned its 'CRISIL B+/Stable' rating to the bank
facilities of AUDPL vide its rating rationale dated August 12,
2014.

Outlook: Stable

CRISIL believes that AUDPL will continue to benefit over the
medium term from the experience of its promoters in the real
estate development segment and healthy booking rates witnessed in
its ongoing projects. The outlook may be revised to 'Positive' if
the company completes its projects without any significant cost or
time overruns and registers more than expected sales realizations
from ongoing projects leading to larger-than-expected cash flows.
Conversely, the outlook may be revised to 'Negative' if there are
any delays in the execution of the project or in the receipt of
advances from customers, or if the company undertakes a large,
debt-funded project, impacting its financial risk profile.

AUDPL, set up in 2006, and based out of Chennai (Tamil Nadu) is
involved in real estate development. The daily operations of the
company are managed by Mr. Gaurav Goenka.

AUDPL reported, a profit after tax (PAT) of INR19 million on total
revenue of INR412 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR11 million on total
revenue of INR 149 million for 2012-13.


AMARTEX INDUSTRIES: CRISIL Cuts INR650M Cash Credit Rating to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Amartex Industries Ltd (AIL; part of the Amartex group) to 'CRISIL
D/CRISIL D' from 'CRISIL BB/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               650     CRISIL D (Downgraded
                                     from 'CRISIL BB/Stable')

   Letter of Credit          150     CRISIL D (Downgraded
                                     from 'CRISIL A4+')

   Overdraft Facility        100     CRISIL D (Downgraded
                                     from 'CRISIL BB/Stable')

   Term Loan                 100     CRISIL D (Downgraded
                                     from 'CRISIL BB/Stable')

The rating downgrade reflects the Amartex group's continuously
overdrawn fund-based bank limits for more than 30 days; this was
due to the group's weak liquidity, driven by a stretch in its
working capital cycle.

The Amartex group also has a below-average financial risk profile,
driven by large working capital requirements. However, the group
has an established market position, and is expected to benefit
over the medium term from the healthy growth prospects for the
retail industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AIL, KVS Apparels Pvt Ltd (KAPL), and
Amartex Infrastructure Ltd (AL). This is because all the three
companies, collectively referred to as the Amartex group, have
significant intra-group financial and operational linkages, and
are under a common ownership.

Incorporated in 1988, AIL is managed by Mr. Arun Grover and is
engaged in retailing, and weaving and dyeing, of fabrics.
Currently, the company operates 40 stores across northern India.
It derives most of its revenue from suiting and shirting fabrics,
which are sold under its own brands'Groviano for men's apparel and
Diana for women's.


ASHWAMEGH INFRA: CRISIL Assigns B+ Rating to INR50MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ashwamegh Infra (AI).

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

The rating reflects AI's exposure to risks related to its ongoing
project, and to the risks and cyclicality inherent in the real
estate sector in India. These rating weaknesses are partially
offset by the extensive experience of AI's promoter in the real
estate sector.

Outlook: Stable

CRISIL believes that AI will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the firm's business risk profile, backed by high
saleability of its ongoing project leading to healthy cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of time and cost overruns in AI's ongoing project or delays
in receipt of customer advances, leading to significant pressure
on its revenue and profitability, and hence, to weakening of its
liquidity and debt-servicing ability.

Established in 2010, AI is promoted by Gandhinagar (Gujarat)-based
Mr. Shailesh Patel. The firm is developing a commercial real
estate project, Ashwamegh Arcade, in Kadi in North Gujarat.


BABA NAGA: CRISIL Reaffirms 'B' Rating on INR181MM Term Loan
------------------------------------------------------------
CRISIL's rating of 'CRISIL B/Stable' on the bank facilities of
Baba Naga Overseas reflect the company's weak financial risk
profile, marked by a leveraged capital structure. The rating also
factors in the firm's nascent stage of operations with dependence
on a single tenant. These rating weaknesses are partially offset
by the extensive experience of BNO's partners in the agriculture
industry and their funding support.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 181     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BNO will maintain a stable business risk
profile on the back of its established market presence and the
extensive experience of the partners in the agriculture industry.
The outlook may be revised to 'Positive' in case of improvement in
liquidity on the back of higher-than-expected cash accruals or
support from the promoters. Conversely, the outlook may be revised
to 'Negative' if there are delays in debtor realisation or cash
outflow, in the form of capital withdrawal or repayment of
unsecured loans from related parties, constraining liquidity
further.

Update
BNO achieved its first full year of operations in 2013-14 (refers
to financial year, April 1 to March 31) and on a provisional basis
reported operating revenue of INR45.9 million in the same year on
account of fixed term-fixed price contract with Punjab Grains
Procurement Corporation (PUNGRAIN). The firm has leased its
warehouse, with 12 sheds on an area of 21 acres at Ajnala,
Amritsar (Punjab), to PUNGRAIN for a period of 10 years starting
from December 01, 2012. CRISIL believes that in the absence of any
business diversification plan of BNO, operating income will
continue to remain small at similar levels over the medium term.

BNO's liquidity continues to be stretched, marked by low cash
accruals vis-a-vis its maturing debt obligations. The cash
accruals are estimated at INR24 million vis-a-vis debt obligations
of INR26 million in 2013-14. Though the accruals of the firm are
expected to improve, primarily supported by declining interest
expense and limited overhead expenses, the same are expected to
remain small in the range of INR25 million to INR28 million vis-a-
vis its debt obligations of INR26 million in 2014-15. Liquidity is
also supported by funding support from the promoters estimated at
about INR0.9 million as equity and around INR1.8 million as
unsecured loans in 2013-14. CRISIL believes that BNO's liquidity
will continue to remain weak owing to tightly matched accruals
versus repayments expected over the medium term.

BNO's financial risk profile remains weak, marked by estimated
high gearing of 6.8 times as on March 31, 2014. Gearing is high
mainly because of the outstanding term loan of INR156 million
availed for the construction of its warehouse against estimated
small net worth of INR24.7 million as on March 2014. Net worth the
firm is expected to remain small on account of low accretion to
reserves. As a result, gearing is expected to remain high over the
near term and is expected to improve gradually on account of
repayment of existing term debt and no debt-funded capital
expenditure (capex) plans over the medium term. Any change in
capex plans will remain a key rating sensitivity factor. BNO has
an average interest coverage ratio estimated at 2.2 times for
2013-14 supported by high profitability levels owing to limited
expenses in the business. Over the medium term, with the reduction
in interest cost, coupled with stable profitability levels, the
interest coverage ratio of the firm is expected to improve and
remain in the range of 2 to 3 times. CRISIL believes that BNO's
financial risk profile will remain weak on account of high gearing
and tightly matched accruals versus repayments over the medium
term.

BNO, a partnership concern, was set up in 2008 by the Chadha
family in Amritsar. The firm is engaged in the business of leasing
warehouses. Currently, the firm has leased warehouse capacity of
60,000 tonnes to PUNGRAIN. The warehouse is used for storage of
rice and wheat.


BHAGYA DIAMOND: ICRA Reaffirms B+ Rating on INR6cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating assigned to the long
term fund based facilities of INR6.00 crore of Bhagya Diamond
Jewellery Private Limited.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long Tern Fund Based-     6.00        [ICRA]B+ reaffirmed
   Cash Credit

The re-affirmation of the rating takes into account BDJPL's weak
financial risk profile as evident from thin profitability,
leveraged capital structure and weak debt protection metrics. The
rating is further constrained on account of intense competitive
intensity in the gems & jewellery business and susceptibility of
margins to fluctuating prices of gold and rough diamonds. The
rating also takes into account the entity's stretched liquidity
position owing to high inventory levels as indicated by high
utilization of working capital limits.

However, the rating continues to take comfort from the long
standing presence of the promoters in the jewellery business;
healthy growth in the company's operating income and its strong
association with customers ensuring repeat orders.

Bhagya Diamond Jewellery Private Limited was incorporated in 2009
and is primarily engaged in trading of gold ornaments and diamond
jewellery along with manufacturing of jewellery in limited
quantities. The promoters of the company are also involved in a
few other companies engaged in similar line of activity in
Ahmedabad. The company has strong association with established
jewellery manufacturers and reputed retail jewellers in Ahmedabad.
In FY14, the shareholding pattern of the company underwent a
change with Bhagya Infrastructure Private Limited's shareholding
of ~18.52% in BDJPL acquired by the remaining two shareholders
namely Mr. Anant Shah and Mr. Jigar Hebra.

Recent Results

For the year ended on March 31, 2014 (as per unaudited provisional
financials), the company reported an operating income of INR66.05
crore and profit before tax of INR0.09 crore as against an
operating income of INR54.51 crore and profit after tax of INR0.06
crore for FY 2013.


GOPINATH SPINNING: CARE Reaffirms 'D' Rating on INR7.43cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Gopinath
Spinning Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.43       CARE D Re-affirmed
   Short-term Bank Facilities    1.05       CARE D Re-affirmed

Rating Rationale

The ratings assigned to the bank facilities of Gopinath Spinning
Private Limited (GSPL) continue to remain constrained on account
of a delay in debt servicing due to the stretched liquidity
position on the back of delay in realization of payments from
customers.

Timely serving of debt obligations without further delay or
default with an improvement in liquidity position is the key
rating sensitivity.

Incorporated in August 2002, GSPL is promoted by the Atlas group,
Yogin Group & Shivam Group. GSPL is engaged in the manufacturing
of cotton spun yarn, blended yarn and polyester yarn used for
manufacturing of knitting & woven fabric and conveyor belt. GSPL's
sole manufacturing facility is located at Dadra & Nagar Haveli and
has an installed capacity of 3,000 Metric Tonnes Per Annum (MTPA)
March 31, 2014.

During FY13 (refers to the period April 1 to March 31), GSPL
reported a net loss of INR1.96 crore on a Total Operating Income
(TOI) of INR17.40 crore as against a net loss of INR4.32 crore on
a TOI of INR8.68 crore in FY12. GSPL registered a TOI of INR22.47
crore during FY14 (provisional). Furthermore during Q1FY15, GSPL
has registered the TOI of INR1.31 crore.


GOYAL AGENCIES: CRISIL Reaffirms B- Rating on INR240M Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Goyal Agencies Ltd
(GAL) continue to reflect GAL's below-average financial risk
profile, marked by high total outside liabilities to tangible net
worth ratio (TOL-TNW), its large working capital requirements, and
its small scale of operations in the fragmented industrial
equipment trading business. These rating weaknesses are partially
offset by the extensive experience of GAL's promoters in the
industrial equipment trading business and established
relationships with principals.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             240      CRISIL B-/Stable (Reaffirmed)
   Letter Of Guarantee       5      CRISIL A4 (Reaffirmed)
   Letter of Credit         80      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that GAL's financial risk profile will remain weak
over the medium term on account of the company's large working
capital requirements; however, the company will continue to
benefit over this period from extensive experience of GAL's
promoters in the industrial equipment trading business and   its
long-standing relationships with its customers. The outlook may be
revised to 'Positive' if GAL reports significant improvement in
its capital structure, mainly through significant fresh equity
infusion or more-than-expected increase in its cash accruals.
Conversely, the outlook may be revised to 'Negative' if  there is
a steep decline in the company's profitability margins from the
current levels or there is a significant deterioration in its
capital structure on account of larger-than-expected working
capital requirements or large debt-funded capex.

Update
The revenues of the company registered a 17.4 per cent year-on-
year growth to around INR761.2million in 2013-14 (refers to
financial year, April 1 to March 31); the revenue growth has been
mainly driven by increasing visibility of its own brand 'PANA ARC'
- coupled with addition of products like submersible pumps.
Whereas the company's operating margins has marginally decreased
by around 90 basis points to 7.2 per cent in 2013-14 on account of
offering higher discounts to the customers along with increase in
fixed overhead. The revenues of GAL is expected to grow at a
moderate rate of 5-7 per cent in 2014-15 on account of healthy
relationship with its clients coupled with increasing share of
PANA ARC brand, which will transform into moderate profitability
in the range of 7-8 per cent in the same period.

The company's operations are relatively highly working capital
intensive as reflected in its gross current asset (GCA) of around
258 days as on March 31, 2014; the GCA days have been at similar
levels in the past. These GCA days emanates from the company's
inventory levels of around 126 days and high receivables cycle of
123 days. GAL's net worth is also estimated to remain low at
around INR73.2 million, as on March 31, 2014.   The company has
high debt levels towards funding its working capital requirements;
these coupled with low net-worth levels is estimated to result in
high total outside liabilities to tangible net worth ratio (TOL-
TNW of 7.16 times as on March 31, 2014.

Set up in 1958 as a partnership firm and reconstituted as a public
limited company in 1985, GAL trades in industrial machinery such
as welding, cutting, and grinding equipment. The company is
managed by Mr. Rajinder Prashad and his nephew Mr. Ashwani Kumar.
Its products have applications across industries. GAL buys most of
its products from Panasonic Welding Systems Company Ltd, Japan.


HITAISHI KK: CRISIL Reaffirms B+ Rating on INR60MM Bill Purchase
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hitaishi KK
Manufacturing Company Pvt Ltd (HKK; a part of the Hitaishi group)
continue to reflect the Hitaishi group's weak financial risk
profile, marked by modest net worth, high gearing, and weak debt
protection metrics, and its working-capital-intensive operations.
These rating weaknesses are partially offset the extensive
experience of the group's promoters in manufacturing musical
instruments and handicraft items.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Foreign Bill Purchase   60       CRISIL B+/Stable (Reaffirmed)
   Inland/Import Letter
   of Credit               25       CRISIL A4 (Reaffirmed)
   Packing Credit         100       CRISIL A4 (Reaffirmed)
   Term Loan              10.8      CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of HKK and Hitaishi Creative Enterprises
Pvt Ltd (HCEPL). This is because the two companies, together
referred to as the Hitaishi group, have a common management and
there are significant business transactions between them.

Outlook: Stable

CRISIL believes that the Hitaishi group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the group
registers significant increase in its revenue or renews its focus
on higher-margin product categories and improves its operating
margin and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if the Hitaishi group's operating margin or
working capital management deteriorates leading to pressure on its
financial risk profile, particularly its liquidity.

In 1974, Mr. Om Prakash Prahladka and his family members set up
Hitachi KK Manufacturing Company, a partnership firm. The
promoters later set up HKK, which took over the partnership firm
as a going concern in 2010. HKK manufactures percussion
instruments and accessories for violin, guitar, and other musical
instruments; it also manufactures handicraft from wood, horn,
fabric, jute, metal, and other material. HCEPL, set up in 1992,
manufactures jute and fabric handicraft items.


J. R. AGRITECH: CRISIL Assigns 'B-' Rating to INR86MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of J. R. Agritech Private Limited. The rating JRAPL's
nascent stage of operation in highly fragmented industry and weak
financial risk profile. These rating weaknesses are partially
offset by company's promoter's extensive industry experience.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              51       CRISIL B-/Stable
   Term Loan                86       CRISIL B-/Stable

Outlook: Stable

CRISIL believes that JRAPL will continue to benefit from promoters
extensive experience in the industry. The outlook may be revised
to 'Positive' if the JRAPL improves its scale of operations by
ramping-up the capacity along with sustenance of profitability
level thus leading to improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates due to pressure on
its profitability or higher than expected debt funded capex.

JRAPL is an integrated cold chain providing cold storage
facilities for various fruits, vegetables, dry fruits and spices.
It was set up by the promoter Mr. Ravi Rathi and Mr. Munish
Chandra Jain in January 2013. The unit has been set up in Aligarh.


JAGANNATH PLASTICS: CRISIL Ups Rating on INR35M Cash Credit to B+
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the long term bank facilities
of Jagannath Plastics Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B-/Stable' and reaffirmed its rating on the company's short-term
bank facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              35       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Letter of Credit         10       CRISIL A4 (Reaffirmed)

   Term Loan                25       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects JPPL's healthy business performance,
led by the increase in its net sales to INR330 million in 2013-14
(refers to financial year, April 1 to March 31) from INR160
million in 2012-13. Also, the company's profitability has remained
stable at 6.5 to 7.5 per cent over the past years. Furthermore,
JPPL is expected to receive around INR20 million in the form of
capital subsidy; this is expected to lead to a further improvement
in its financial flexibility and liquidity. The company is
undertaking a capital expenditure (capex) programme of INR100
million in 2014-15 to increase its capacity to 4500 tonnes per
annum (tpa) from 1760 tpa; timely completion of this project
within the envisaged budget will remain a rating sensitivity
factor over the medium term.

The ratings reflect JPPL's small scale of operations and below-
average financial risk profile. These rating weaknesses are
partially offset by the extensive experience of the company's
promoter in the packaging industry.

Outlook: Stable

CRISIL believes that JPPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations while maintaining its healthy
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' if JPPL's financial risk profile
deteriorates, most likely due to lower-than-expected revenue and
operating margin, or deterioration in its working capital cycle,
or substantial debt-funded capex.

Incorporated in 2004, JPPL manufactures plastic tarpaulin sheets,
fabrics, and bags at its unit in Kanpur (Uttar Pradesh). Its
operations are managed by Mr. Binod Kumar Agarwal.


JATILESHWAR RICE: CRISIL Rates INR105MM Bank Loan at 'B-'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Jatileshwar Rice Mills Pvt Ltd (JRMPL). The
rating reflects JRMPL's exposure to risks related to funding and
implementation of its ongoing project, and to intense competition
in the rice industry. These rating weaknesses are partially offset
by the benefits that JRMPL will derive from stable demand for
rice.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility       105      CRISIL B-/Stable

Outlook: Stable

CRISIL believes that JRMPL will benefit from the healthy prospects
for the rice processing industry over the medium term. The outlook
may be revised to 'Positive' if the company implements and
stabilises operations at its proposed rice milling unit on time,
and generates large revenue and accruals. Conversely, the outlook
may be revised to 'Negative' in case of significant time and cost
overrun in project completion, low capacity utilisation, or
significant stretch in working capital management, weakening the
company's financial risk profile, particularly liquidity.

JRMPL, promoted by Siliguri (West Bengal)-based Mrs. Lily Roy and
Mrs. Sabita Roy, is setting up a non-basmati parboiled rice mill
with processing capacity of 3 tonnes per hour in Jalpaiguri (West
Bengal). The project is currently in the initial stage and is
expected to commence production in April 2015.


KAVERI YARNS: CRISIL Reaffirms B+ Rating on INR140MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kaveri Yarns and
Fabrics Ltd (KYFL) continue to reflect KYFL's below-average
financial risk profile, marked by high gearing, small net worth,
and weak debt protection metrics; the ratings also reflect the
company's exposure to risks related to volatility in the prices of
raw material and small scale of operations with limited revenue
diversity. These rating weaknesses are partially offset by the
benefits that KYFL derives from its promoters' experience in the
textiles industry, and its established regional presence in the
cotton yarn segment.


                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             140      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit         20      CRISIL A4 (Reaffirmed)
   Long Term Loan           24      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       16      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KYFL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if KYFL improves its profitability and
increases its cash accruals on a sustained basis, thereby
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if KYFL's profitability does not improve,
thereby adversely affecting its debt-servicing ability; or if it
undertakes a large debt-funded capital expenditure programme.

Set up in 1989, KYFL manufactures cotton yarn. The company's
promoter-director, Mr. A P Murugan, has been in similar lines of
business for the past three decades. KYFL is a part of the VPSAP
group (stands for Verkaran, Perumal, Sankaralingam, Ayyemperumal,
and Paramasiva Nadar) which also trades in spices, primarily red
chillies, through its group entities. These entities include
Paprika Oleo's (India) Ltd, Indian Chillies Trading Company Ltd,
and Garden Valley Export Corporation.


MAA JOYTARA: CRISIL Assigns 'B+' Rating to INR98.3MM Bank Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Maa Joytara Rice Mill Pvt Ltd.  The
ratings reflect MJRMPL's below-average financial risk profile and
exposure to risks related to stabilisation and offtake from it's
newly set-up solvent extraction unit. These rating weaknesses are
partially offset by the experience of MJRMPL's promoter in the
rice milling business.

                               Amount
   Facilities               (INR Mln)   Ratings
   ----------               ---------   -------
   Standby Letter of Credit    5.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility         98.3      CRISIL B+/Stable
   Bank Guarantee              1.7      CRISIL A4
   Cash Credit                44.5      CRISIL B+/Stable

Outlook: Stable

CRISIL believes that MJRMPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company's scale of
operations and profitability improve, or if better working capital
management leads to improved liquidity. Conversely, the outlook
may be revised to 'Negative' in case of large debt-funded
expansion, low accruals, or lengthening of working capital cycle,
weakening the company's liquidity.

Formed in 1993 as a proprietorship concern and reconstituted as a
private limited company in 2004, MJRMPL is engaged in milling and
processing of rice; its facility is in Malda (West Bengal). The
company has set up a solvent extraction unit, which became
operational in July 2014. Its day-to-day operations are managed by
Mr. Prafulla Kumar Ghosh.


MAGNAMIND VENTURES: CRISIL Puts 'B+' Rating on INR67MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Magnamind Ventures Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility        13      CRISIL B+/Stable

   Term Loan                 67      CRISIL B+/Stable

The rating reflects MVPL's nascent stage of operations and below-
average financial risk profile marked by subdued debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of MVPL's promoters in the laundry segment.

Outlook: Stable

CRISIL believes that MVPL will benefit from its service agreements
with its customers and the financial flexibility of its promoters.
The outlook may be revised to 'Positive' if MVPL stabilises
operations earlier than expected and registers large cash
accruals, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company registers low sales or profitability, or undertakes
significant debt-funded capital expenditure programme, leading to
weakening of its financial risk profile.

MVPL, established in 2013, has set up an industrial laundry
facility in Kochi (Kerala). It commenced operations in July 2014.
The company's daily operations are managed by Mr. Sreejith
Narendran.


MANOJ MATHEW: CRISIL Assigns B+ Rating to INR30MM Overdraft Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Manoj Mathew (MM; part of Palathra group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           40       CRISIL A4
   Overdraft Facility       30       CRISIL B+/Stable

The ratings reflect the Palathra group's large working capital
requirements, its modest scale of operations in the fragmented
civil construction industry, and its below-average financial risk
profile, marked by high gearing. These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in the civil construction industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MM and Palathra Constructions (PC),
together referred to as the Palathra group. The consolidated
approach is because both entities are in the same line of
business, share a common management, and have significant
financial and operational linkages.

Outlook: Stable

CRISIL believes that the Palathra group will continue to benefit
over the medium term from its promoters' industry experience. The
outlook may be revised to 'Positive' if the group scales up its
operations significantly while maintaining its profitability,
leading to better-than-expected cash accruals and improvement in
its liquidity. Conversely, the outlook may be revised to
'Negative' if the group reports lower-than-expected revenues or
profitability, or its working capital management deteriorates
resulting in weak liquidity, or if it undertakes a large debt-
funded capital expenditure programme, leading to weakening of its
financial risk profile.

Set up in 2007, PC undertakes civil construction work for the
state government, in Kerala. The firm also undertakes construction
of transmission towers for telecom operators.

The firm's associate concern, MM, also undertakes civil
construction work for the state government in Kerala. The group's
day-to-day operations are managed by Mr. Manoj Mathew and Mr.
Shaji Mathew.

The Palathra group reported, on a provisional basis, a profit
after tax (PAT) of INR18.8 million on revenues of INR154.5 million
for 2013-14 (refers to financial year, April 1 to March 31),
against a PAT of INR11.8 million on revenues of INR185.1 million
for 2012-13.


MNR DAIRY: CRISIL Assigns 'B-' Rating to INR250MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long term
bank facilities of MNR Dairy Farms (MNR).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                250      CRISIL B-/Stable

The rating reflects MNR's Weak financial risk profile marked by
high gearing and weak debt protection metrics and modest scale of
operations in a highly fragmented and intensely competitive milk
industry and exposure to risks related to government regulations
and epidemic-related factors. These rating weaknesses are
partially offset by extensive entrepreneurial experience of MNR's
promoters.
Outlook: Stable

CRISIL believes that MNR will benefit from its promoters'
extensive entrepreneurial experience. The outlook may be revised
to 'Positive' if MNR increases its revenues and profitability on a
sustainable basis leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company undertakes larger than expected debt-funded capacity
expansion programme, or if its revenues and profitability decline
substantially leading to deterioration in its financial risk
profile.

Set up as a partnership concern in 2011, MNR is into the business
of processing and sale of liquid milk under the brand Kiaro. The
firm was promoted by Mr.M.Narsi Reddy and his family.


NINANIYA ESTATES: CRISIL Assigns 'B' Rating to INR325MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its rating 'CRISIL B/Stable' to the proposed
bank facility of Ninaniya Estates Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                325      CRISIL B/Stable


The rating reflects implementation, funding and demand risk
associated with the project and risks and cyclicality inherent in
Indian real estate industry. These weaknesses are partially offset
by promoters experience and tie up with established brand for its
hotel and executive suits.

Outlook: Stable

CRISIL expects NEL to benefit from promoters experience and tie up
with established brands for Hotel and executive suits. The outlook
may be revised to 'Positive' in case of timely completion of the
projects along with better than expected customer bookings
resulting in an improvement in the liquidity of the company.
Conversely, the outlook may be revised to 'Negative' in case of
lower than expected ramp up in customer bookings leading to lower
than expected cash inflows or further delays in the project
implementation leading to deterioration in the liquidity profile
of the company.

Ninaniya Estates Limited was incorporated in 2004-05, promoted by
Mr. Vijay Singh Rao. The company is into real estate development
and construction industry and is operative majorly in NCR region.
The company is managed by Mr. Rao along with son Prateek Rao, and
wife Mrs. Nirmala Rao.


PALATHRA CONSTRUCTIONS: CRISIL Rates INR100M Overdraft Loan at B+
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Palathra Constructions (PC; part of
Palathra group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            20      CRISIL A4
   Overdraft Facility       100      CRISIL B+/Stable

The rating reflects the Palathra group's large working capital
requirements, its modest scale of operations in the fragmented
civil construction industry, and its below-average financial risk
profile, marked by high gearing. These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in the civil construction industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PC and Manoj Mathew (MM), together
referred to as the Palathra group. The consolidated approach is
because both entities are in the same line of business, share a
common management, and have significant financial and operational
linkages.

Outlook: Stable

CRISIL believes that the Palathra group will continue to benefit
over the medium term from its promoters' industry experience. The
outlook may be revised to 'Positive' if the group scales up its
operations significantly while maintaining its profitability,
leading to better-than-expected cash accruals and improvement in
its liquidity. Conversely, the outlook may be revised to
'Negative' if the group reports lower-than-expected revenues or
profitability, or its working capital management deteriorates
resulting in weak liquidity, or if it undertakes a large debt-
funded capital expenditure programme, leading to weakening of its
financial risk profile.

Set up in 2007, PC undertakes civil construction work for the
state government, in Kerala. The firm also undertakes construction
of transmission towers for telecom operators.

The firm's associate concern, MM, also undertakes civil
construction work for the state government in Kerala. The group's
day-to-day operations are managed by Mr. Manoj Mathew and Mr.
Shaji Mathew.

The Palathra group reported, on a provisional basis, a profit
after tax (PAT) of INR18.8 million on revenues of INR154.5 million
for 2013-14 (refers to financial year, April 1 to
March 31), against a PAT of INR11.8 million on revenues of
INR185.1 million for 2012-13.


PANTEL TECHNOLOGIES: CRISIL Rates INR80MM Cash Credit at 'B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Pantel Technologies Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       70       CRISIL B/Stable
   Bank Loan Facility
   Cash Credit              80       CRISIL B/Stable
   Letter of Credit         10       CRISIL A4

The ratings reflect PTPL's modest scale of operations in the
highly competitive industry and large working capital
requirements. The ratings also factor in its weak financial risk
profile marked by high gearing and weak debt protection metrics.
These rating weaknesses are partially offset by early ramp-up of
operations backed by its wide distribution network and association
with Bharat Sanchar Nigam Limited.

Outlook: Stable

CRISIL believes PTPL's business risk profile will benefit from its
wide distribution network. The outlook may be revised to
'Positive' if the company's revenue and operating margin improve
significantly aided by prudent working-capital-management, leading
to better financial risk profile, particularly net worth.
Conversely, the outlook may be revised to 'Negative' if its
revenue and operating margin decline significantly or its capital
structure deteriorates because of large borrowings to meet the
working capital requirements.

Incorporated in 2010, PTPL is engaged in marketing and
distribution of tablets and mobile phones imported from China
under its brand Penta. The company, based in Noida (UP) is
promoted by Mr. Vijender Singh and Ms. Pinky Singh.

PTPL, on a provisional basis, reported a profit after tax (PAT) of
INR5.1 million on net sales of INR716.5 million for 2013-14
(refers to financial year, April 1 to March 31) as against a PAT
of INR3.3 million on net sales of INR675.6 million for 2012-12.


PRIME ENERGY: CRISIL Assigns 'B-' Rating to INR58MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Prime Energy Pvt Ltd (PEPL; part of the Rai
group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility       22       CRISIL B-/Stable
   Letter of Credit        120       CRISIL A4
   Bank Guarantee           40       CRISIL A4
   Cash Credit              58       CRISIL B-/Stable

The ratings reflect the Rai group's working-capital-intensive
nature of operations leading to stretched liquidity. The ratings
are also constrained by the group's exposure to supplier
concentration risks, and its average financial risk profile,
marked by a modest capital structure and inadequate debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the group's promoters in the diesel
generator sets industry, and its longstanding relationships with
its principals -- Volvo India Pvt Ltd and Mitsubishi Heavy
Industries (MHI) South East Asia Pvt Ltd.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PEPL and Rai Industrial Power Pvt Ltd
(RIPPL). This is because the two companies, together referred to
as the Rai group, are in similar lines of business and under a
common management, and have significant operational and financial
linkages with each other. Moreover, PEPL is a 72 per cent
subsidiary of RIPPL.

Outlook: Stable

CRISIL believes that Rai group will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the group
reports better-than-expected cash accruals or improves its working
capital management. Conversely, the outlook may be revised to
'Negative' in case of further deterioration in the Rai group's
liquidity, most likely due to a substantial increase in its
working capital requirements or lower-than-expected cash accruals.

PEPL, incorporated in 2001, is a 72 per cent subsidiary of RIPPL.
The company is engaged in assembly and sale of diesel generator
sets which are used by various industries. RIPPL, incorporated in
1997, is engaged in trading in spare parts, and undertaking
commissioning, erection and annual maintenance contracts, and
operation and maintenance contracts, for PEPL's clients.


PUSHPENDRA REAL: ICRA Reaffirms 'B' Rating on INR10cr Cash Credit
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating outstanding on the
INR10.00 crore fund based bank facilities of Pushpendra Real
Construction Private Limited at [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-cash       10.00        [ICRA]B reaffirmed
   credit

The reaffirmation of the rating takes into account the exposure to
execution risks with the construction of two of the sub phases yet
to commence as well as market risks with sale of 51% of the area
yet to be tied up. ICRA notes that with a significant portion of
the project cost to be met through customer receipts, the
timeliness of sales and collections remains critical to avoid cash
flow mismatches. The risks are further accentuated considering the
high repayment obligation to the extent of INR7.50 crore due in FY
2015 with first quarterly instalment of INR2.50 crore falling due
on Sept. 30, 2014.

The rating, however, draws comfort from the promoter group's
experience in residential real estate development in Ratnagiri,
clear land title, receipt of key approvals for the project and
achievement of debt tie up.

Pushpendra Real Construction Private Limited was promoted by Mr.
Mahendra Jain to undertake real estate development in the city of
Ratnagiri in the year 2006. It is a part of the Padmavatee Group
which has developed 0.31 million (mn) sq ft of real estate
projects till date and is currently has 0.32 mn sq ft of area
under development across its various group entities. PRCPL is
currently undertaking the development of a township project called
Pushpendra City located in Khedshi, Ratnagiri with a total
saleable area of 0.44 mn sq ft.

Recent Results
For the year ended March 31, 2014, the company reported an
operating income of Rs16.86 crore and profit after tax of INR0.32
crore on provisional basis.


RADHE ENTERPRISE: CARE Assigns 'B+' Rating to INR6cr LT Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Radhe
Enterprise.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6         CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Radhe Enterprise is
primarily constrained on account of the small scale of operation
coupled with financial risk profile marked by thin profit margins,
moderately leveraged capital structure and weak debt coverage
indicators. The rating is further constrained due to
susceptibility of the operating margins to cotton price
fluctuation, seasonality associated with the cotton industry,
presence in a highly fragmented industry with limited value
addition and prices and supply for cotton being highly regulated
by the government.

The above constraints outweigh the benefits derived from the
partners' experience and strategically located in the cotton-
growing region of Gujarat.  RAE's ability to increase the overall
scale of operation, improvement in profit margins and capital
structure while managing its working capital requirements
efficiently are the key rating sensitivities.

Rajkot-based (Gujarat) RAE was established during September 2003
as a partnership firm by 11 partners. Mr Ashwinkumar M Jasani, Mrs
Alkaben A Jasani, Mrs Nitaben P Jasani and Mr Pravinkumar VJasani
look after all the day-to-day activities of RAE. RAE is into the
business of cotton ginning & pressing of cotton bales and cotton
seed crushing activity. RAE has an installed capacity of 2,560
metric tonnes per annum (MTPA) for cotton bales, 4608 MTPA for
cotton seed, 530 MTPA for cotton seed oil and 3,963 MTPA for
cotton seed oil cake as on March 31, 2014 (Provisional). During
FY14 (Provisional -- refers to the period April 1 to
March 31), 87% revenue was generated from cotton ginning and
pressing business and the rest 13% generated from cotton seed oil
crushing business.

During FY13 (refers to the period April 01 to March 31), RAE
reported a nominal PAT (Rs.26,007) on a Total Operating Income
(TOI) of INR15.31 crore as against PAT of INR0.04 crore and TOI of
INR27.30 crore during FY14 (Provisional).


RAI INDUSTRIAL: CRISIL Assigns 'B-' Rating to INR80MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Rai Industrial Power Pvt Ltd (RIPPL; part
of the Rai group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term        20      CRISIL B-/Stable
   Bank Loan Facility

   Letter of Credit          30      CRISIL A4
   Bank Guarantee            50      CRISIL A4
   Cash Credit               80      CRISIL B-/Stable

The ratings reflect the Rai group's working-capital-intensive
nature of operations leading to stretched liquidity. The ratings
are also constrained by the group's exposure to supplier
concentration risks, and its average financial risk profile,
marked by a modest capital structure and inadequate debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the group's promoters in the diesel
generator sets industry, and its longstanding relationships with
its principals - Volvo India Pvt Ltd and Mitsubishi Heavy
Industries (MHI) South East Asia Pvt Ltd.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RIPPL and Prime Energy Pvt Ltd (PEPL).
This is because the two companies, together referred to as the Rai
group, are in similar lines of business and under a common
management, and have significant operational and financial
linkages with each other. Moreover, PEPL is a 72 per cent
subsidiary of RIPPL.

Outlook: Stable

CRISIL believes that Rai group will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the group
reports better-than-expected cash accruals or improves its working
capital management. Conversely, the outlook may be revised to
'Negative' in case of further deterioration in the Rai group's
liquidity, most likely due to a substantial increase in its
working capital requirements or lower-than-expected cash accruals.

PEPL, incorporated in 2001, is a 72 per cent subsidiary of RIPPL.
The company is engaged in assembly and sale of diesel generator
sets which are used by various industries. RIPPL, incorporated in
1997, is engaged in trading in spare parts, and undertaking
commissioning, erection and annual maintenance contracts, and
operation and maintenance contracts, for PEPL's clients.


RAI SINGH: CARE Reaffirms 'B' Rating on INR8cr LT Bank Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Rai Singh Mahaveer Singh.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
  Long term Bank Facilities       8         CARE B Reaffirmed

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

Rating Rationale

The rating continues to remain constrained on account of weak
financial risk profile of Rai Singh Mahaveer Singh (RSMS)
marked by thin profitability margin, leveraged capital structure
and weak liquidity position. The rating is further constrained on
account of its constitution as a proprietorship firm and
vulnerability of its profit margins to agro commodities price
fluctuation.

The rating, however, continues to derive strength from the long
standing experience of the proprietor in the trading of agro-
commodities business and location advantage.

Improvement in the overall financial risk profile coupled with
better working capital management will be the key rating
sensitivities.

RSMS is a proprietorship concern formed in 1982 by Mr Mahabir
Singh Bhadu to work as a commission agent of agriculture
commodities. Since 1990 onwards, RSMS started trading of various
agriculture commodities. Being present in the industry since 1982,
Mr Mahabir Singh Bhadu has acquired more than three decades of
work experience in this business and has established relationship
with the suppliers and customers. He looks after the overall
management of the firm along with his son, Mr Hari Kishan Badhu.
Mr Hari Kishan Badhu, graduate by qualification, has more than 15
years of experience in the industry.

RSMS is engaged in the trading of agriculture commodities mainly
cotton, wheat, mustard seeds, guar and pulses etc which are easily
available in the area being cultivated in Rajasthan. RSMS
purchases the commodities mainly from the commission agents
located at the local market and supplies to the mills and traders
located at Rajasthan, Haryana and Delhi.

As per the provisional results for FY14 (refers to the period
April 1 to March 31), RSMS has reported a total operating income
of INR89.27 crore as against INR57.68 crore during FY13 and PAT of
INR0.15 crore during FY14 as against INR0.11 crore during FY13.


RINKI PLASTICS: CRISIL Lowers Rating on INR125MM Cash Credit to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Rinki
Plastics Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            1.5     CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit             125       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Letter of Credit          2       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term        3.8     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan               147.7     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

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

The company also has a below-average financial risk profile and
exposure to risks related to intense market competition. These
rating weaknesses are partially offset by the benefits that RPPL
derives from its promoters' extensive entrepreneurship experience.

RPPL was incorporated on October 15, 2009. The company
manufactures extruded polyvinyl chloride pipes and associated
fittings. The Burdwan (West Bengal)-based company is promoted by
Mr. Sandeep Modi and his wife, Mrs. Savita Modi. The installed
capacity of its plant is 600 tonnes per month.


RTS POWER: CRISIL Reaffirms B+ Rating on INR224MM Bank Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of RTS Power Corporation
Ltd (RTS) continue to reflect RTS's large working capital
requirements with high debtor risk, modest scale of operations,
susceptibility to intense competition in the transformer industry,
and weak debt protection metrics. These rating weaknesses are
partially offset by the company' diversified product and customer
mix, and moderate capital structure.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           411.5     CRISIL A4
   Cash Credit              217.4     CRISIL B+/Stable
   Letter of Credit         356.6     CRISIL A4
   Proposed Long Term
   Bank Loan Facility       224       CRISIL B+/Stable
   Term Loan                 35       CRISIL B+/Stable

Outlook: Stable

CRISIL believes that RTS will continue to benefit over the medium
term from its diversified product and customer mix and its
moderate capital structure. The outlook may be revised to
'Positive' if the company reports a significant and sustained
improvement in its revenue and profitability, coupled with an
improvement in its working capital management driven by quicker
debtor realisation. Conversely, the outlook may be changed to
'Negative' if there is a steep decline in RTS's profitability
margins or significant deterioration in its capital structure,
most likely on account of larger-than-expected working capital
requirements led by persistent delays in debtor collection or
large debt-funded capital expenditure (capex).

Update
RTS registered a 50 per cent year-on-year growth in its revenue to
around INR1.5 billion in 2013-14 (refers to financial year, April
1 to March 31); the growth was mainly driven by healthy order
flows from state electricity boards (SEBs) and the company's
successful bidding for tenders. Its operating margin remained
stable in 2013-14, and is expected to remain at 7.0 to 7.5 per
cent over the medium term on account of price revision clauses in
most of the orders it receives; this allows it to pass on any
increase in raw material prices to customers.

RTS's operations are highly working-capital-intensive as reflected
in its estimated gross current assets (GCAs) of around 300 days as
on March 31, 2014; the GCAs have been at similar levels in the
past, and are driven by inventory of around 100 days and a
receivables cycle of around 170 days. The long debtor cycle is
partially due to large receivables of INR180 million to INR200
million outstanding for over six months from Uttar Pradesh SEB. As
a result of its working-capital-intensive operations, the
company's average bank limit utilisation for its Jaipur unit has
been high at around 93 per cent during the 11 months through
February 2014.

RTS's net worth remains comfortable, estimated at around INR445
million as on March 31, 2014. The company has high debt levels
towards funding its working capital requirements, but with a
comfortable net worth, its gearing is estimated to have been
moderate at 1.08 times as on March 31, 2014.

Set up by the Bhutoria family in 1947, RTS manufactures
transformers, cables, and conductors, and produces wind energy.


SANMATI COAL: CRISIL Reaffirms B+ Rating on INR85MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sanmati Coal &
Cokes Pvt Ltd continues to reflect Sanmati's below-average
financial risk profile, marked by a small net worth, high gearing,
and weak debt protection metrics. The rating also factors in the
company's modest scale of operations in the highly competitive and
fragmented coal trading industry, and its low operating margin.
These rating weaknesses are partially offset by the extensive
experience of Sanmati's promoters in the coal trading business,
and the benefits expected from the increasing demand for coal in
India.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             85      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Sanmati will continue to benefit over the
medium term from its promoters' extensive experience in the coal
trading business. The outlook may be revised to 'Positive' if the
company's financial risk profile improves substantially, driven
most likely by higher-than-expected cash accruals or capital
infusion, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
further weakening in Sanmati's financial risk profile,
particularly its liquidity, because of substantial working capital
requirements or lower-than-anticipated cash accruals.

Update
In 2013-14 (refers to financial year, April 1 to March 31),
Sanmati's turnover recovered strongly to INR610 million, after a
decline in 2012-13 to INR126 million due to delay in the
registration of its change of status to a private limited company
from a proprietorship firm. The company's operating margin also
reverted to historical levels of 2.4 per cent in 2013-14.
Supported by the extensive experience of its promoters in the coal
trading industry and strong relationships with customers, the
company will be able to maintain its business risk profile over
the medium term.

Sanmati's financial risk profile remains below-average, with a
small net worth of INR35 million (after equity infusion of INR22
million in 2013-14) and a high total outside liabilities to
tangible net worth (TOLTNW) ratio of 4.5 times, as on March 31,
2014. The high TOLTNW ratio was driven by high bank limit
utilisation and increase in creditors to fund its incremental
working capital limits. The company's interest coverage ratio
remained weak at 1.4 times in 2013-14, and is expected to remain
at this level over the medium term due to low profitability, given
the trading nature of its business. Low cash generation from
business and debt-funding of working capital requirements will
continue to constrain Sanmati's financial risk profile over the
medium term.

Sanmati's liquidity remains stretched with high bank limit
utilisation and low expected net cash accruals of INR3.3 million
in 2014-15 against which there are no term loan obligations. The
company has utilised its bank limits at an average of 96 per cent
over the 12 months through June 2014. The equity infusion of INR22
million in 2013-14 partially offset the pressure on its liquidity.
Continued fund support from promoters will remain a key rating
sensitivity factor over the medium term.

Incorporated in 2012 and promoted by Mr. Saurabh Jain, Sanmati
trades in non-coking coal. The company, headquartered at Indore
(Madhya Pradesh), was promoted to take over the business of Mr.
Jain's proprietorship firm engaged in the same business.


SHREE KRISHAN: CRISIL Reaffirms 'B' Rating on INR107MM Term Loan
----------------------------------------------------------------
The ratings continue to reflect Shree Krishan Co (Manufacturers)
Private Limited exposure to intense competition from large
established players in the Indian potato chips and extruded snacks
manufacturing industry, and its below-average financial risk
profile, marked by a modest net worth, high gearing and subdued
debt-protection metrics. These rating weaknesses are partially
offset by the benefits that SKCMPL is expected to derive from its
brand name and distribution network development initiatives.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            10      CRISIL A4 (Reaffirmed)
   Cash Credit               23      CRISIL B/Stable (Reaffirmed)
   Term Loan                107      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SKCMPL will benefit over the medium term from
its brand name and distribution network development initiatives.
The outlook may be revised to 'Positive' if the increase in the
company's scale of operations is more than expected, and if its
liquidity improves, driven by prudent working capital management,
infusion of equity by promoters, and generation of better-than-
anticipated accruals. Conversely, the outlook may be revised to
'Negative' if SKCMPL's financial risk profile, particularly its
liquidity, deteriorates, most likely because of large, debt-funded
capex, lower-than-expected accruals, or significant increase in
working capital requirements.

Update
SKCMPL reported a turnover of INR269.9 million in 2013-14 (refers
to financial year, April 1 to March 31), its first full years of
commercial operations. The operating margin was 11.2 per cent in
2013-14.

SKCMPL's operations are working capital intensive, with gross
current assets (GCAs) at 188 days as on March 31, 2014.  The
working capital intensity is primarily on account of sizeable
debtors (51 days as on March 31, 2014) and inventory (63 days as
on March 31, 2014). Credit from suppliers partly helps SKCMPL meet
its working capital requirements. The creditor were at 90 days as
on March 31, 2014. The bank lines have had moderate utilisation,
at 69 per cent on average in the 12 months through March 2014.

Company's financial risk profile continues to remain constrained
by its low net worth and high gearing. The net worth of SKCMPL
remained low at INR62.4 million as on March 31, 2014. The
company's gearing was also high, at 3.04 times as on March 31,
2014. The company's total debt as on March 31, 2014 was INR178.5
million, comprising of term debt of INR134.6 million, short-term
borrowings of INR23 million and unsecured loans from promoters of
INR20.9 million. On account of moderate profitability coupled with
high debt, the debt protection metrics are subdued, with net cash
accruals to total debt (NCATD) and interest coverage ratios
estimated at 2.8 times and 0.11 times, respectively, for 2013-14.

SKCMPL reported a profit after tax (PAT) of INR8.3 million on net
sales of INR269.9 million for 2013-14, against a net loss of
INR0.7 million on net sales of INR12.2 million in 2012-13.

SKCMPL, promoted by the Kolkata (West Bengal)-based Agarwal
family, has set up a unit for production of potatoes chips and
starch in Howrah. The plant has commenced commercial operations
from January 2013.  The company is marketing its product under the
brand name NJOY.


SHRI KALKA: CRISIL Assigns 'B' Rating to INR72.5MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shri Kalka Agro Industries (SKAI).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                 15        CRISIL B/Stable
   Cash Credit               72.5      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        10        CRISIL B/Stable

The rating reflects SKAI's modest scale of operations in the
intensely competitive cotton ginning industry and its expected
average financial risk profile, marked by high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by the extensive industry experience of SKAI's promoters.

Outlook: Stable

CRISIL believes that SKAI will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
ginning industry. The outlook may be revised to 'Positive' if the
firm improves its financial risk profile by significant
improvement in its scale of operations and cash accruals, while
strengthening its capital structure. Conversely, the outlook may
be revised to 'Negative' if SKAI's financial risk profile
deteriorates with significantly low cash accruals, larger-than-
expected debt-funded capital expenditure plan, or stretched
working capital cycle.

SKAI is a partnership firm established in 2007 by Mr. Dinesh Tayal
and Mr. Rajesh Tayal. The firm is engaged in ginning and pressing
of raw cotton (kapas) to produce cotton bales. The firm's
manufacturing facility is located in Deulgaon Raja (Maharashtra).

For 2013-14 (refers to financial year April 1 to March 31), SKAI
reported a book profit of INR0.8 million on net sales of INR281.0
million, against a book profit of INR0.8 million on net sales of
INR271.5 million for 2012-13.


SRI SANTHANALAKSHMI: CRISIL Rates INR45MM Cash Credit Limit at B
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sri Santhanalakshmi Spinners Pvt Ltd.

                                 Amount
   Facilities                  (INR Mln)   Ratings
   ----------                  ---------   -------
   Proposed Cash Credit Limit      45      CRISIL B/Stable
   Proposed Letter of Credit       95      CRISIL A4

The rating reflects SSLS's exposure to funding and implementation
risks associated with its ongoing project. This rating weakness is
partially offset by the extensive experience of the promoters in
the textile industry.

Outlook: Stable

CRISIL believes that SSLS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company generates
greater than expected cash accruals by stabilization of operations
at its manufacturing unit, before schedule. Conversely, the
outlook may be revised to 'Negative' if SSLS's financial risk
profile weakens with project time or cost overruns, or delays in
stabilising its operations.

SSLS, incorporated in 2011, is setting up a spinning unit in
Pallipalayam (Tamil Nadu), to manufacture viscose yarn. The
company is promoted by Mr. P Shanmugam and Mr. S Sivasubramaniam.


SUREFIRE DIE-CASTING: CRISIL Rates INR139.6MM Term Loan at B+
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Surefire Die-Casting Technologies Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             30.4      CRISIL B+/Stable
   Term Loan              139.6      CRISIL B+/Stable

The ratings reflect Surefire's below-average financial risk
profile constrained because of ongoing large debt-funded capital
expenditure (capex) programme and its working-capital-intensive
operations. The ratings also factor in company's exposure to
timely completion of ongoing capex and subsequent ramp up. These
rating weaknesses are partially offset by the benefits that
Surefire derives from its promoters' extensive experience in the
die-casting industry and established relationship with principal
customer leading to moderately low demand risk.
Outlook: Stable

CRISIL believes that Surefire will benefit over the medium term
from its promoters' extensive experience in the industry. The
outlook may be revised to 'Positive' in case of significant ramp
up in its operations along with improved working capital cycle
leading to sizeable cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of further weakening of company's
financial risk profile especially liquidity because of lower ramp
up in operations or a stretch in working capital cycle.

Incorporated on February 24, 2011, by Despande family, Surefire
manufactures aluminum castings (high pressure die-casting) mainly
for automotive and motor cycle industry. The company manufactures
aluminum die cast 'cylinder head covers for Bajaj Auto Ltd (BAL;
rated CRISIL AAA/ FAAA/ Stable/ CRISIL A1+) two-wheelers. Surefire
is tire II supplier to BAL, the company sells to Endurance
Technologies Pvt Ltd. Currently, the company has manufacturing
capacity of 2400 pieces per day and is undertaking capex to
enhance its capacity to 9000 pieces per day.


UNITECH TEXTILES: CRISIL Reaffirms B Rating on INR68M Cash Credit
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Unitech
Textiles (UT) continues to reflect UT's below-average financial
risk profile marked by weak debt protection metrics and stretched
liquidity owing to working capital intensity of operations. The
rating also reflects the firm's small scale of operations in the
nylon tyre chord manufacturing industry, coupled with high
customer concentration in the revenue profile. These rating
weaknesses are partially offset by the benefits that UT derives
from its proprietor's extensive experience in the tyre chord
manufacturing industry which has supported a healthy ramp-up in
its scale of operations in the recent past.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               68       CRISIL B/Stable
   Term Loan                 22       CRISIL B/Stable

Outlook: Stable

CRISIL believes UT will continue to benefit from its proprietor's
extensive industry experience and its established relationships
with customers. The outlook may be revised to 'Positive' if the
firm's financial risk profile, particularly liquidity, improves,
most likely driven by healthy cash accruals or low working capital
requirements, while it scales up its operations and profitability
margins and diversifies its customer base. Conversely, the outlook
may be revised to 'Negative' if its financial risk profile
deteriorates on account of low cash accruals arising out of lower
profitability, large working capital requirements or large debt-
funded capital expenditure.

Update
The growth in UT's operating income has been stagnant at around
INR300 million in 2013-14 (refers to financial year, April 1 to
March 31), mainly driven by the slowdown in the nylon tyre cord
industry; however, the operating profitability margin has declined
by 140 basis points (bps; 100 bps equals one percentage point) to
5.6 per cent in 2013-14 (refers to financial year, April 1 to
March 31) from 7 per cent in 2012-13 due to volatility in raw
material prices. With expected increase in usage of nylon tyre
chord by all major tyre manufactures on account of its durability,
the firm's operating margin is expected to improve to 6 to 8 per
cent which will transform to a growth in topline of 5 to 8 per
cent, over the medium term. Furthermore, UT's operating margin is
expected to remain vulnerable to volatility in raw material prices
as the firm has limited power to pass on the input price increase
to its customers. Also, the operating margin is susceptible to
fluctuations in foreign exchange rate as it imports around 80 per
cent of its raw material.

UT's operations are expected to be working capital intensive, as
reflected in its high gross current asset, estimated at 145 days
as on March 31, 2014. This was driven by high inventory cycle of
90 to 95 days, an increase from 74 days as on March 31, 2013. As a
result, its average bank limit utilisation has been high at around
99 per cent during the 12 months through May 2014. UT's net worth
is estimated to have remained small at around INR33.3 million as
on March 31, 2014. The company has substantial debt contracted for
funding its working capital requirements; these, coupled with its
small net worth is estimated to result in a high gearing of around
3.5 times as on March 31, 2014.

Incorporated in 2010, UT is a proprietorship firm that
manufactures nylon tyre chord at its facility in Ludhiana
(Punjab). The firm caters to tyre manufacturers based in Ludhiana
(Punjab).


VINAYAK POLYPIPES: CRISIL Assigns B Rating to INR42.5MM Bank Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Vinayak Polypipes Pvt Ltd.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                 30        CRISIL B/Stable
   Cash Credit               17.5      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        42.5      CRISIL B/Stable


The rating reflects VPPL's modest scale of operations in a
fragmented industry and large working capital requirements, and
the susceptibility of the company's operating margin to volatility
in raw material prices. These rating weaknesses are partially
offset by the extensive industry experience of VPPL's promoters.

Outlook: Stable

CRISIL believes that VPPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if the company significantly scales up its
operations and improves its profitability margins, leading to
improvement in its financial risk profile, particularly its
liquidity. Conversely, the outlook may be revised to 'Negative' if
VPPL's financial risk profile deteriorates, either on account of
lower-than-expected profitability, larger-than-expected working
capital requirements, or large debt-funded capital expenditure.

VPPL, incorporated in 2011, is engaged in the business of
manufacturing PVC pipes, HDPE pipes and UPVC pipes. The company is
owned and managed by Mr Dilipkumar Patel and his family members.
The company commenced production from April 2012 onwards.


VIORICA HOTELS: CRISIL Assigns 'D' Rating to INR750MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Viorica Hotels Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                750      CRISIL D

The rating reflects instances of delay by VHPL in servicing its
debt. The delays have been caused by the company's weak liquidity
arising from continuous losses incurred due to its subdued
operating performance; amid intense competition and sluggish
demand in the hospitality industry vis-a-vis its large debt
obligations.

VHPL also has a weak financial risk profile, marked by a
diminishing net worth due to losses and a large debt contracted to
fund the hotel project, and a small scale of operations with
geographical concentration; moreover, the company's revenue is
vulnerable to cyclical trends in the industry and to intense
competition. However, VHPL benefits from its tie-up with
established and experienced operation and management partner for
its hotel, and its promoters' extensive experience in hotel
management. Moreover, the company's liquidity is expected to be
cushioned post implementation of ongoing restructuring of its bank
facility.

VHPL was incorporated in 2006. The company operates a hotel,
Holiday Inn, in Pune (Maharashtra). Holiday Inn began commercial
operations in April 2012. VHPL is promoted by Vascon Engineers
Ltd, a real estate developer in Pune, in association with other
real estate players such as Jasper Realtors Pvt Ltd, Jasper
Developers Pvt Ltd, and Pristine Hospitalities Pvt Ltd.


WESTERN HILL: CRISIL Reaffirms 'B' Rating n INR191.2MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Western Hill Foods Ltd
(WHFL) continues to reflect WHFL's exposure to risks associated
with the timely completion and stabilisation of its ongoing cold
chain project in Pune (Maharashtra) and the challenges that WHFL
is expected to face in attaining optimum capacity utilisation
levels in its initial years of operations. These rating weaknesses
are partially offset by the benefits that the company derives from
its promoters' extensive industry experience.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term      58.8      CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan              191.2      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that WHFL will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if WHFL implements its cold
chain project in a timely manner without any significant cost
overrun and is able to demonstrate higher-than-expected capacity
utilisation levels and cash accruals. Conversely, the outlook may
be revised to 'Negative' in case of any significant time or cost
overrun in commissioning of WHFL's project leading to pressure on
its liquidity.

Update
WHFL is in the process of setting up a cold-storage facility near
Pune in two phases, of which phase one is towards cold storage
using individual quick freezing and for storage of fresh cut
vegetables while phase two will be for the ready-to-eat division
The project cost of phase one of the project is about INR300
million, funded mainly by a term loan of INR140 million, INR120
million of the promoters' funds in the form of equity and long-
term unsecured loans, and the rest through borrowing against
subsidy receivable from the government. Phase one became
operational in June 2014 and the company has started stocking
inventory of mainly sweet corn and baby corn. Phase two of the
project is expected to cost about INR45 million and is expected to
be completed by 2015-16 (refers to financial year, April 1 to
March 31). Speedy tie-ups with export houses, domestic retail
chains, and domestic traders will be critical in ensuring steady
ramp up in operations and comfortable returns on the large initial
investment.

The initial large debt contracted to fund the project cost and the
bridge loan funding of the delayed subsidy receivables has
resulted in overall high gearing of about 3 times and moderate net
worth of INR77 million as on March 31, 2014. WHFL's liquidity is
expected remain constrained due to requirement of funding initial
working capital, large interest obligations on the borrowed funds,
and principal repayments of INR25 million starting July 2015. The
substantial interest cost of the borrowed funds will have to be
met through operational profits and, hence, speedy ramp up in
operations will continue to remain a key rating sensitivity factor
over the medium term.

WHFL was set up in 2008 in Mumbai (Maharashtra) for starting a
cold chain facility for various vegetables and fruits. Mr. Bhagwan
Malharrao Bende, Mr. Vivek Prataprao Walse Patil, and Mr. Girish
Kumarpal Samdadia are the promoters of the company. The promoter,
Mr. Bende, has been a wholesaler of fruits and vegetables over the
past 3 decades in the Agriculture Produce Market Committee (APMC)
market, Mumbai, through the entity Malharrao Baurao & Co.


YOGESHWAR CONDUCTORS: ICRA Suspends 'B+' Rating on INR0.5cr Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR0.50
crore fund based cash credit facility and the [ICRA]A4 rating
assigned to the INR3.00 crore fund based Supply bills and INR3.50
crore non fund based facilities of Yogeshwar Conductors Private
Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             0.50        [ICRA]B+ Suspended
   Supply Bills            3.00        [ICRA]A4 Suspended
   Letter of Guarantee     2.75        [ICRA]A4 Suspended
   Letter of Credit        0.75        [ICRA]A4 Suspended

The suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise. ICRA will withdraw the rating in case it remains under
suspension for a period of three years.

Yogeshwar Conductors Private Limited was incorporated in 1999 by
Mr. Vasant Patel and Mr. Hitesh Patel and is engaged in the
business of manufacturing of aluminium and aluminium alloy
conductors. YCPL deals in various kinds of conductors with
different sizes ranging from 1 mm to 3.5 mm including All Alloy
Aluminium Conductors (AAAC); Aluminium Conductors Steel Reinforced
(ACSR) and aluminium wires. YCPL has an annual installed capacity
to manufacture 950 MT of aluminium and aluminium alloy conductors
at its manufacturing facility located at Baroda in Gujarat. The
company's product line finds application in power transmission and
distribution systems required to carry the electrical energy from
power generation stations to end users.



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


RENESAS ELECTRONICS: CEO Says Government Stake Too Big
------------------------------------------------------
Takashi Amano at Bloomberg News reports that Renesas Electronics
Corp. rose the most in more than a year after saying the stake
held in the company by a government-backed fund is too large.

Bloomberg says the maker of electronic components jumped by the
daily limit of JPY150, or 17 percent, to close at JPY1,024 in
Tokyo for the biggest gain since May 2013.  The controlling stake
held by the government-backed Innovation Network Corp. of Japan
fund, known as INCJ, is "abnormal," Renesas Chief Executive
Officer Hisao Sakuta said on September 2 in Tokyo, declining to
say whether the situation will change, according to Bloomberg.

The comment suggests INCJ and others are willing to sell down
their stakes because Renesas has been successful in restructuring,
Damian Thong, a Tokyo-based analyst at Macquarie Group Ltd., told
Bloomberg by phone on September 3. The company has announced
thousands of job cuts since INCJ and Renesas's customers agreed in
December 2012 to bail out the unprofitable company, the report
notes.

"Investor interest has increased because of the success of the
restructuring and now the potential removal of the liquidity
restraint with a potential sale by INCJ," Bloomberg quotes
Mr. Thong as saying.

INCJ owns 69 percent of the Kawasaki-based manufacturer, according
to data compiled by Bloomberg. Customers including NEC Corp.,
Hitachi Ltd., Mitsubishi Electric Corp., Toyota Motor Corp. and
Nissan Motor Co. also own stakes totaling at least
27 percent, according to the data.

Renesas has completed 60 percent of its planned restructuring, Mr.
Sakuta said on September 2, Bloomberg relays. The company may post
some one-time losses in the current fiscal year due to the
restructuring, he said.

According to Bloomberg, Mr. Sakuta said Renesas, the world's
biggest maker of microcontrollers for cars, expects sales to
automakers to rise to more than 50 percent of the company's total
in the year ending March 2017.

Bloomberg notes that the company has posted nine consecutive
annual net losses as Japanese chipmakers struggled amid falling
demand, a strong yen and competition from Samsung Electronics Co.
Renesas has forecast a JPY28 billion ($266 million) profit for the
fiscal first half ending Sept. 30, adds Bloomberg.

Renesas Electronics Corporation -- http://www.renesas.com-- is a
supplier of advanced semiconductor solutions including
microcontrollers, SoC solutions and a broad range of analog and
power devices.  Business operations began as Renesas Electronics
in April 2010 through the integration of NEC Electronics
Corporation and Renesas Technology Corp., with operations spanning
research, development, design and manufacturing for a wide range
of applications. Headquartered in Japan, Renesas Electronics has
subsidiaries in 20 countries worldwide.



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


BELGRAVE FINANCE: Receivers Seek NZ$8.6MM From Ex-Director
----------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that the
receivers of Belgrave Finance are making an NZ$8.6 million claim
against a former director and a terminally-ill property developer.

Belgrave Finance's 2008 collapse left more than 1,200 investors
NZ$22 million out of pocket.

A lawyer for Belgrave's receivers, Michael Arthur, told the High
Court at Auckland on September 4 that the firm's former director,
Shane Buckley, breached his duties to the company by facilitating
related-party loans, according to the Herald.

The Herald relates that Mr. Arthur said between August 2005 and
May 2008 numerous advances were made from Belgrave to interests
associated with property developer Raymond Tasman Schofield, who
in substance was the finance company's ultimate owner.

Mr. Arthur said these loans breached restrictions in Belgrave's
trust deed, which dictates the rules on how investor funds are to
be dealt with, the report relays.

These loans was not arm's-length and outside the terms of
Belgrave's lending policy, Mr. Arthur, as cited by the Herald,
said.

As well as its claim against Mr. Buckley, the company alleges Mr.
Schofield dishonestly assisted with the director's breach of
duties.

Mr. Arthur said the pair's actions caused losses of $8.6 million
and Belgrave is seeking judgment against Buckley and Schofield for
that sum, according to the Herald.

The Herald notes that Mr. Buckley was jailed for three years in
2012 after pleading guilty to more than 20 charges brought by the
Serious Fraud Office and the Financial Markets Authority.

Mr. Schofield was charged by these authorities but was granted a
stay on the action he faced because of a terminal illness, the
report adds.

Neither Messrs. Buckley nor Schofield were represented in court on
September 4, the Herald says.

The hearing continued in the afternoon and Justice John Fogarty
was expected to reserve his decision, the report adds.

Based in Auckland, New Zealand, Belgrave Finance Limited --
http://www.belgrave.co.nz/-- was engaged in property development
financing.

Belgrave Finance was placed into receivership in May 2008, owing
an estimated 1,000 investors approximately NZ$22 million.  The
company's trustee, Covenant Trustee Company Limited, appointed
Grant Graham and Brendan Gibson from KordaMentha as receivers.
The company was liquidated in April 2010.



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


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

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

AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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