TCRAP_Public/140912.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 12, 2014, Vol. 17, No. 181


                            Headlines


A U S T R A L I A

ORIGIN ENERGY: S&P Assigns 'BB+' Rating on EUR1BB Sub. Securities
TRAZLBAT PTY LTD: Jirsch Sutherland Appointed as Administrators


C H I N A

HONGHUA GROUP: Moody's Assigns B1 Corporate Family Rating
OCEANWIDE HOLDINGS: Fitch Assigns 'B' Rating to USD320MM Bonds
POWERLONG REAL: Moody's Assigns B3 Rating to Prop. Sr. RMB Notes
POWERLONG REAL: S&P Rates Proposed Chinese RMB-Denom. Notes 'B-'

RENHE COMMERCIAL: Pays Coupon on 2016 Dollar-Denom. Notes


I N D I A

ALLIED INDIA: CRISIL Reaffirms B Rating on INR80MM Cash Credit
ARTEDZ FABS: CARE Reaffirms 'B' Rating on INR15.68cr LT Bank Loan
AVC MOTORS: CRISIL Assigns 'B' Rating to INR50MM Term Loan
D.S. DUCTOFAB: ICRA Assigns B+ Rating to INR8.20cr Cash Credit
DABANG METAL: CARE Reaffirms 'B' Rating on INR6.41cr Bank Loan

EMCEE ENGINEERING: CARE Rates INR13.63cr Bank Loan at 'B'
IMPERIAL FROZEN: ICRA Assigns B Rating to INR6.20cr Term Loan
INNOVATIVE CLAD: CRISIL Reaffirms B+ Rating on INR160MM Term Loan
ISCON SURGICALS: CARE Ups Rating on INR2.41cr Bank Loan to 'B'
J D ISPAT: CRISIL Ups Rating on INR190MM Cash Credit to 'B-'

JIWAN POLYCOT: CRISIL Reaffirms B Rating on INR52.5MM Cash Credit
JUST TEXTILES: CARE Reaffirms 'D' Rating on INR10.50cr Bank Loan
KASHYAP CONSTRUCTIONS: ICRA Rates INR7cr LT Fund Based Loan at B+
KRISHNA FABRICS: CARE Puts B+/A4 Rating to INR14cr Bank Loan
NAVRANG PLASTIC: CRISIL Rates INR30MM Cash Credit at 'B-'

NIDHI STEEL: CRISIL Assigns 'B+' Rating to INR27.5MM Cash Credit
OM PARKASH: CRISIL Reaffirms B+ Rating on INR70MM Cash Credit
PADMAVATI ALMEX: ICRA Assigns 'B' Rating to INR1.0cr FB Loan
PAREKH PLASTICS: ICRA Assigns 'B+' Rating to INR4.0cr Cash Credit
PAVAI ALLOYS: CRISIL Cuts Rating on INR361.2MM Cash Credit to D

PENN FROZEN: ICRA Rates INR5.50cr LT Fund Based Loan at 'B'
POLYGENTA TECHNOLOGIES: CARE Reaffirms C Rating on INR10cr NCDs
PRAGATI SAHAYOG: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
PRECISION BEARINGS: CARE Puts B+/A4 Rating on INR5cr Bank Loan
PROMPT PULP: CRISIL Assigns 'D' Rating to INR52.5MM Bank Loan

REGALIA JEWELS: CRISIL Reaffirms B Rating on INR65MM Cash Credit
R. J. BUILDCON: ICRA Reaffirms 'B' Rating on INR4cr Term Loan
SHREE VENKATESHWARA: CRISIL Reaffirms D Rating on INR153.8MM Loan
SILICON JEWEL: CARE Assigns 'D' Rating to INR27.34cr Bank Loan
SUBHA-SOUMYA COLD: CRISIL Ups Rating on INR50.5MM Bank Loan to B-

VAISHNAVI MULTYGRAINS: CRISIL Puts B Rating on INR50MM Term Loan
VEGA CONTROLS: CRISIL Reaffirms B+ Rating on INR35MM Cash Credit


I N D O N E S I A

MODERNLAND REALTY: Fitch Affirms 'B' LT IDR; Outlook Stable


M A L A Y S I A

MALAYSIA AIRLINES: AirAsia to Hire Axed MAS Employees


N E W  Z E A L A N D

HERBERT INSURANCE: Former Owner Found Guilty on 24 Charges


P H I L I P P I N E S

LEPANTO CERAMICS: Exits Court-Assisted Rehabilitation


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ORIGIN ENERGY: S&P Assigns 'BB+' Rating on EUR1BB Sub. Securities
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue credit rating to a proposed EUR1 billion subordinated
capital securities issue by Origin Energy Finance Ltd., a wholly-
owned subsidiary of Origin Energy Ltd. (Origin: BBB/Negative/A-2).
The proposed securities will benefit from an unconditional and
irrevocable subordinated guarantee from Origin covering timely
payment when due and payable, unless previously deferred.

"We have rated the capital securities two notches below the long-
term corporate credit rating on Origin to reflect the securities'
subordinated status and optional deferability.  Standard & Poor's
expects to assign "intermediate" equity content to the securities
upon their issuance.  We therefore classify 50% of the principal
as equity and 50% of the coupon payments as distributions when
calculating our financial ratios--we understand that Origin will
treat the securities as debt for the purpose of its financial
statements.  We expect Origin to use the proceeds for general
corporate purposes, including refinancing of existing debt
recently drawn down for its acquisition of a 40% interest in two
offshore exploration permits in Western Australia's Browse Basin,"
S&P said.

A key consideration in S&P's assessment of the "intermediate"
equity content is Origin's intention from the issue until 2039 to
replace redeemed or repurchased securities with instruments with
equivalent equity content, except in limited circumstances.  S&P
would revise its assessment of the equity content to "minimal" and
therefore treat the instrument entirely as debt if Origin
indicates any plan to deviate from its replacement intention.  In
addition, S&P would revise the equity content assessment to
"minimal" no later than 2019, when the time to expected maturity
would fall below 20 years.


TRAZLBAT PTY LTD: Jirsch Sutherland Appointed as Administrators
---------------------------------------------------------------
Andrew John Spring and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of Trazlbat Pty Ltd on Sept. 10,
2014.

A first meeting of the creditors of the Company will be held at
Royal Automobile Club of Australia, 89 Macquarie Street, in
Sydney, on Sept. 19, 2014, at 10:00 a.m.



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


HONGHUA GROUP: Moody's Assigns B1 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating to Honghua Group Limited.

Moody's has also assigned a provisional (P) B1 senior unsecured
rating to Honghua's proposed bond issue.

The ratings outlook is stable.

The company plans to use the proceeds from the proposed bonds to
repay bank borrowings and for general corporate purposes.

Moody's will remove the provisional status from the bond rating
after Honghua completes the issuance on satisfactory terms and
conditions.

Ratings Rationale

"Honghua's B1 corporate family rating reflects its strong market
position in its core products, namely land drilling rigs and
components, and the stable demand Moody's expect from its key end-
market over the next 2-3 years, given that oil price are likely to
stay stable," says Kaven Tsang, a Moody's Vice President and
Senior Analyst.

Honghua also exhibits a diversified geographic coverage, with
revenues generated from different territories, including the
Middle East, Russia, South and Southeast Asia, as well as South
America.

"On the other hand, Honghua's rating is constrained by its
exposure to the volatile nature of oil prices, weak cash flow and
liquidity, and execution and financial risks associated with its
expansion into offshore drilling rig business," adds Tsang, who is
also the Lead Analyst for Honghua.

While the offshore drilling rig business offers some
diversification, Honghua's lack of experience in this business
results in significant uncertainties over whether or not it can
deliver products on time and within budget.

Any execution disruptions could materially affect the company's
financials, given the sizable amount of each offshore business
order.

While the company's revenues will continue to grow over the next
2-3 years, due to the growth in its new offshore drilling rig
business, Moody's expects its profitability to remain pressured
owing to the matured and competitive environment in the land
drilling rig business, as well as the execution risk associated
with its offshore drilling rig business.

Consequently, Moody's expects Honghua's adjusted EBITDA margin to
stay at 10%-11% over the next 2-3 years compared with 14% in 2013.

The margin pressure and the unfavorable payment terms for its
contracts mean that the company's cash flow should remain weak and
will necessitate incremental increases in debt, despite lower
capital expenditures.

Honghua's liquidity profile is weak because of its high reliance
on short-term debt, which amounted to RMB3.56 billion at end-June
2014, and well exceeds its liquidity holdings of RMB2.47 billion,
including pledged deposits. The proposed bonds will partly
alleviate this concern.

Moody's expects Honghua's adjusted debt/EBITDA to stay at around
4.0x-4.5x and its EBITDA/interest to be around 4.0x-4.5x over the
next 1-2 years, similar to the levels for the 12 months to 30 June
2014. These ratios position Honghua at the B1 rating level.

Honghua's bond rating is not notched down for subordinations, as
Moody's expects the company's priority debt, namely its secured
debt and debt at its subsidiaries to trend down to 15% or below
over the next 1-2 years, as the company will use part of the bond
proceeds to repay onshore bank loans.

The bond rating will come under pressure if the onshore loan
payments are lower than Moody's expects, such that the level of
priority debt stays higher than Moody's projects.

The stable outlook reflects Moody's expectation that Honghua will
maintain its leadership position in the land drilling rig and
component businesses, and that its financial leverage will not
increase further.

A rating upgrade in the near term is unlikely, given the company's
fast expansion plan into the offshore engineering business.

Moody's would consider upgrading the rating over the medium term
if Honghua: (1) successfully expands its offshore engineering
business without encountering significant problems; (2) improves
its credit metrics such that its adjusted debt/EBITDA falls below
3.5x, and EBITDA/interest exceeds 5.0x-5.5x on a sustained basis;
and (3) strengthens its liquidity position by terming out its debt
maturity.

On the other hand, the rating would be under pressure if Honghua's
financial position weakens, such that its adjusted debt/EBITDA
exceeds 5x and EBITDA/interest slips below 3.0x-3.5x. This
deterioration could be a result of: (1) a materialization of
execution risks in relation to its offshore drilling rig business;
(2) greater pressure on its working capital; and/or (3) a more
aggressive debt-funded expansion plan.

The principal methodology used in this rating was Global Oilfield
Services Rating Methodology published in December 2009.

Honghua Group Limited manufactures land drilling rigs and
equipment, offshore drilling platforms and equipment packages. It
also engages in oil & gas engineering services.

At 20 August 2014, the company was 46.78%-owned by Honghua's
management, including by its chairman.


OCEANWIDE HOLDINGS: Fitch Assigns 'B' Rating to USD320MM Bonds
--------------------------------------------------------------
Fitch Ratings has assigned Oceanwide Holdings Co., Ltd.'s USD320m
11.75% guaranteed senior unsecured bonds due 2019 a final rating
of 'B' and Recovery Rating of 'RR4'.

The issuer of the proposed bonds is Oceanwide Real Estate
International Holding Company Limited, an offshore entity.  The
bonds are guaranteed by Oceanwide (onshore) and its offshore 100%-
owned subsidiary, Oceanwide Holdings (Hong Kong) Co., Limited.
Oceanwide's onshore parent company, China Oceanwide Holdings Group
Co., Ltd., which owns 73.67% of Oceanwide, will provide a keepwell
deed to ensure sufficient liquidity for timely payment of the
bonds.

The notes are rated at the same level as Oceanwide's senior
unsecured rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company.  The
final rating is the same as the expected rating assigned on 29
August 2014.

KEY RATING DRIVERS

Solid Asset Value: One of Oceanwide's projects in Beijing is
located within the 4th Ring Road and is one of only a few projects
with over 1.1 million square metres of saleable gross floor area
(GFA) close to the Chinese capital's central business district.
The rare prime location and relatively low land premium paid for
the site supported overall EBITDA margin of over 35% in the past
three years and Fitch expects the margin to continue to be over
30% over the next 24 months.  The company's solid asset value and
higher margins than its peers' provide it with substantial
financial flexibility.

Huge Asset Acquisition: Oceanwide is likely to gradually diversify
its business model from pure property development to financial
institutions in the long term.  It recently acquired Minsheng
Securities, China Minsheng Investment, and Minsheng Trust for over
CNY5bn (USD814m).  In addition, the company plans to acquire
71.36% of Hutchison Harbor Ring Limited (HHR), a property
developer.  The acquisitions do not impact the ratings because the
cash payment schedule for the acquisition of the financial
institutions will likely be flexible, given the seller is its
parent, China Oceanwide Holdings Group Co., Ltd, which has
provided a keepwell deed to maintain the company's liquidity.
This will likely allow Oceanwide to preserve its overall liquidity
levels.

Slow Turnover Raises Leverage: Oceanwide's asset turnover,
measured by the ratio of contracted sales to adjusted inventory
has been below 0.2x since 2011 because of construction delays in
its projects in Beijing and Wuhan.  As a result, cash inflow is
slow, resulting in high leverage, measured by net debt/adjusted
inventory, of 65% at end-2013.  While Oceanwide may speed up asset
churn in the coming 24 months, Fitch expects leverage to rise over
that period, mainly because of the addition of around CNY5bn in
acquisition cost of financial institutions and its substantial
annual interest expense, which Fitch estimates at over CNY2bn.

Concentration Risk in Wuhan: The projects in Wuhan and Beijing
have over 8 million and 2 million sqm of GFA respectively.
Together, they account for over 80% of Oceanwide's total land bank
and over 70% of its estimated contracted sales in the future.  In
Wuhan, there is a risk that housing demand and development in the
city may not keep pace with the substantial housing supply from
Oceanwide's projects, which could lower sales efficiency and hurt
its liquidity.

RATING SENSITIVITIES

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

   -- Contracted sales sustained below CNY8.0bn a year (2013:
      CNY5.8bn)
   -- Net debt/adjusted inventory sustained above 75%
   -- EBITDA margin sustained below 35%
   -- Contracted sales/total debt sustained below 0.7x

Positive: Positive rating action is not expected in the next 12-18
months due to Oceanwide's limited scale and high leverage.


POWERLONG REAL: Moody's Assigns B3 Rating to Prop. Sr. RMB Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Powerlong
Real Estate Holdings Limited's proposed senior unsecured RMB
notes.

At the same time, Moody's has affirmed the company's B2 corporate
family and existing senior unsecured B3 ratings.

The ratings outlook is stable.

Powerlong plans to use the proceeds to refinance its existing
debt.

Ratings Rationale

"The proposed notes issuance will not increase Powerlong's debt
leverage in any significant manner given its refinancing purpose
and will in fact improve its debt maturity profile," says Gerwin
Ho, a Moody's Vice President and Senior Analyst.

Powerlong's B2 corporate family rating reflects (1) its track
record in developing and selling integrated retail and residential
complexes; (2) its ability to attract strong domestic and
international anchor tenants to its growing number of investment
properties, thereby providing recurring income; and (3) its
growing number of development projects, particularly in higher
tier cities, that help improve contracted sales.

However, its credit profile is constrained by the execution and
funding risks associated with rapid expansion, as well as by its
high debt leverage and limited financial flexibility.

Powerlong recorded 25.4% growth in contracted sales and 27.4%
growth in revenue in 1H2014. This rise indicates that it has
established a sales track record in the Yangtze River Delta where
it achieved higher average selling prices, especially in Shanghai
and Hangzhou, than the group's average.

On the other hand the company's financial flexibility is weak, as
evidenced by EBITDA/interest at about 1.0x during 1H 2014, which
is low compared to other B2-rated property developers. Despite the
lower interest coverage, rental income and management fees covered
about 80% of interest expenses.

Powerlong's bond rating is notched down to B3, reflecting
structural and legal subordination. Secured and subsidiary debt to
total assets stood at about 22% at end-2013.

The stable rating outlook reflects Moody's expectation that
Powerlong can largely execute its business plan, as well as
improve its contracted sales, liquidity position and rental
income.

The ratings could be upgraded, if Powerlong can: (1) increase
contracted sales according to its targets; (2) improve financial
flexibility, evidenced by EBITDA/interest coverage above 1.5-2.0x;
(3) reduce debt leverage; and (4) improve liquidity.

Powerlong's ratings could be downward, if (1) sales fall
materially below expectations; (2) liquidity deteriorates; or (3)
EBITDA/interest falls below 1.0x.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

Powerlong Real Estate Holdings Limited is a Chinese developer
focused on building large-scale integrated residential and
commercial properties in second- and third-tier cities in China.

As of June 30, 2014, it had a development land bank of around 10.6
million sqm in gross floor area (GFA) in nine provinces, and had
15 commercial properties in operation.

The company listed on the Hong Kong Exchange in October 2009. The
Hoi family, the founders, had an aggregate stake of 67.7% in the
company.


POWERLONG REAL: S&P Rates Proposed Chinese RMB-Denom. Notes 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
issue rating and its 'cnB+' long-term Greater China regional scale
rating to a proposed issue of Chinese-renminbi-denominated senior
unsecured notes by Powerlong Real Estate Holdings Ltd. (B/Stable/
-- ; cnBB-/ -- ).  The issue rating is subject to S&P's review of
the final issuance documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Powerlong because of structural subordination
risk.  S&P expects Powerlong to use the proceeds from the proposed
notes to refinance certain existing debt and for general corporate
purpose.

The rating on Powerlong reflects the company's diversified product
and markets, and significant and increasing size of recurring
income. Powerlong's low profit margins and uncertainty over
operational stability of new malls temper these strengths.  The
rating also reflects S&P's expectation that the company's leverage
will remain high due to its large capital expenditure on
investment properties and debt-funded expansion.

The stable outlook on Powerlong reflects S&P's view that the
company's weak cash flow and leverage ratios are likely to improve
moderately in the next 12 months as its property sales grow from a
low base.  S&P expects Powerlong's profit margins to gradually
recover and its land acquisitions to be lower than in 2013.  S&P
also assess the company's increasing recurring income as a factor
supporting its business risk profile.


RENHE COMMERCIAL: Pays Coupon on 2016 Dollar-Denom. Notes
---------------------------------------------------------
David Yong at Bloomberg News reports that Renhe Commercial
Holdings Co. paid the coupon on its 2016 dollar-denominated notes
on September 10, according to a person familiar with the matter
who asked not to be identified because the matter is private.

The $600 million of bonds, sold to investors in September 2010 and
due March 2016, has semiannual interest of $39 million payable
Sept. 10 and March 10, according to data compiled by Bloomberg.
Standard & Poor's cut Renhe's rating to CCC in April last year, or
eight steps below investment grade, with a negative outlook,
Bloomberg relates.

Bloomberg says Goldman Sachs Group Inc. downgraded its view on
China's real-estate market to negative from neutral on Sept. 4
amid concerns credit stress will worsen with an increase in
physical inventory and rising debt. Overbuilding and insufficient
demand in the commercial property market have pushed vacancy rates
to "high levels," S&P said on Sept. 3, according to Bloomberg.

Bloomberg notes that the payment is the first of $413.3 million in
coupon and principal obligation dues Renhe must make to investors
in its U.S.-currency notes over the next nine months. Apart from
its 2016 debentures, Renhe has $300 million of 11.75 percent notes
maturing May 2015, Bloomberg-compiled data show.

Renhe's 13 percent bonds dropped 1 cent to 69.072 cents on the
dollar in Hong Kong on September 10, Bloomberg-compiled prices
show. The yield jumped 185 basis points to 43.322 percent. Its
11.75 percent notes fell 0.5 cent to 84.250 cents on the dollar to
yield 40.461 percent. The securities have returned 18.9 percent
and 33.2 percent respectively this year.

Renhe's cash holdings totaled CNY1.295 billion ($211 million) on
June 30, Bloomberg discloses citing the company's interim report
published Aug. 19. Its financial and cash flow condition is being
closely monitored by senior management, Mr. Chan said last month,
Bloomberg recalls.

The company's cash balance plus cash inflows over the next 12
months won't be enough to cover its expenses, S&P said in July.
Moody's Investors Service ranks Renhe at Caa3, or nine levels
below investment grade with a negative outlook, Bloomberg notes.

According to Bloomberg, Renhe is among several Chinese companies
deemed distressed because their bonds are trading at more than 10
percentage points above Treasury yields, according to data
compiled by Bloomberg. Others include Hopson Development Holdings
Ltd. and coal mining companies Hidili Industry International
Development Ltd. and Winsway Enterprises Holdings Ltd, Bloomberg
notes.

The real-estate industry poses the biggest near-term risk to
growth after home prices fell in most cities in two years in June,
Bloomberg says citing JPMorgan Chase & Co. The world's second-
largest economy may expand 7.4 percent this year, the weakest
since 1990, Bloomberg surveys show.

Renhe Commercial Holdings Company Limited specializes in the
development and commercial operation of underground shopping
centers that can also function as civilian air defense shelters.
The company was listed on the Hong Kong Stock Exchange in
October 2008.

As reported in the Troubled Company Reporter-Asia Pacific on
June 5, 2014, Standard & Poor's Ratings Services said that it had
affirmed its 'CCC' long-term corporate credit rating on China-
based underground shopping mall developer and operator Renhe
Commercial Holdings Co. Ltd.  The outlook is negative.  At the
same time, S&P affirmed its 'CCC' long-term issue rating on the
company's senior unsecured notes.  S&P also affirmed its 'cnCCC'
long-term Greater China regional scale ratings on Renhe and the
notes.

"The rating on Renhe reflects the company's ongoing repayment and
refinancing risk," said Standard & Poor's credit analyst
Christopher Lee.  "Renhe's liquidity remains vulnerable to revenue
from property sales, which are unlikely to improve materially.  We
therefore believe the company may not have sufficient funds to
meet its interest expenses or principal repayments over the next
12 months."

Renhe has large interest expenses of about Chinese renminbi (RMB)
900 million each year and senior unsecured notes of US$300 million
due in May 2015.



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


ALLIED INDIA: CRISIL Reaffirms B Rating on INR80MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Allied India
Iron and Steels Pvt Ltd (AI) continues to reflect AI's weak
financial risk profile, marked by small net worth and weak debt
protection metrics and vulnerability to cyclicality in the steel
industry. These rating weaknesses are partially offset by the
extensive industry experience of AI's promoter.

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

   Proposed Long Term
   Bank Loan Facility      10        CRISIL B/Stable (Reaffirmed)

   Term Loan               15        CRISIL B/Stable (Reaffirmed)

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' if AI registers considerable
improvement in its financial risk profile, driven by significant
increase in its revenue or profitability. Conversely, the outlook
may be revised to 'Negative' if AI undertakes a larger-than-
expected debt-funded capital expenditure (capex) programme or if
its revenue and profitability decline significantly, thereby
further weakening its financial risk profile, particularly its
liquidity.

Update
For 2013-14 (refers to financial year; from April 1 to March 31),
AI has achieved revenues of around INR236.0 million. The revenues
remained flat over the last two years on account of weak demand in
its end user industry. With improvement in demand sentiments, the
growth is expected to pick up in near to medium term. The
company's profitability improved in 2013-14, with operating
margins of 8.8 per cent during the year (compared to 7.1 per cent
in the previous year), however remains lower than historical
levels of more than 10 per cent.

The company continues to have large working capital requirements
as reflected from high gross current assets (GCA) days of around
329 days as on March 31, 2014. The GCA days are high primarily on
account of large inventory levels maintained by the company. Due
to working capital intensity and modest net worth of around
INR59.0 million as on March 31, 2014, its gearing was high at
around 1.54 times.

The company's profitability has been moderate despite improvement
in last couple of years and has high interest costs for debt taken
to fund the working capital requirements resulting to weak debt
protection measures. The company's interest coverage and net cash
accruals to total debt (NCATD) were low at 1.4 and 0.06 times,
respectively for 2013-14. Its bank limits of INR60.0 million
remains fully utilised. The company is expected to generate
sufficient accruals of around INR8.0-8.5 million as against term
debt payment obligations of INR4.5 million for 2014-15. Its
current ratio was low at 1.14 times as on March 31, 2014. CRISIL
believes that the company would continue to have average liquidity
on account of high working capital requirements leading to full
utilisation of its bank limits.

For 2013-14, AI reported a profit after tax (PAT) of INR0.78
million on net sales of INR236.1 million, against a PAT of INR0.74
million on net sales of INR246.8 million for 2012-13.

AI was set up in 2004 by Mr. Mahboob Alam. It commenced commercial
production in January 2009. It manufactures thermo-mechanically
treated bars. AI's manufacturing facility is based in Giridih
(Jharkhand).


ARTEDZ FABS: CARE Reaffirms 'B' Rating on INR15.68cr LT Bank Loan
-----------------------------------------------------------------
CARE reaffirms rating to bank facilities of Artedz Fabs Private
Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.68      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Artedz Fabs Private
Limited continues to be constrained by its relatively small scale
of operation and working capital intensive nature of operations
leading to a highly leveraged capital structure and weak debt
coverage indicators. The rating of AFPL is further constrained by
project execution risk, volatility in raw material prices and
presence in the highly fragmented industry with high competition
from the organized and unorganized sector.

The rating derives strength from the vast experience of the
promoters in the textile business and their financial support in
the past.

The ability of AFPL to complete the ongoing capex without any time
and cost overrun, subsequently achieve the envisaged revenue and
profitability amidst increasing competition along with efficient
management of the working capital cycle are the key rating
sensitivities.

Incorporated in 2006, Artedz Fabs Private Limited is engaged in
the manufacturing of cotton fabric for shirting material.
Moreover, in FY15 (refers to the period April 1 to March 31), the
company has commenced manufacturing of linen fabric along with
cotton blended linen fabrics. The company generally purchases yarn
from the domestic market and sells finished fabric to wholesalers
and garment manufacturers mainly in Mumbai.

During FY12, the company's factory building in Bhiwandi collapsed
and the company incurred loss of INR3.72 crore on account of the
same (however assets amounting INR1.12 crore were recovered and
recorded as non-operating income in FY13). AFPL moved to its
partial completed restored plant in August 2014 from rented
premises. The entire project is expected to be completed by
December 2014.

As per FY14 provisional results, AFPL reported a total operating
income INR26.53 crore (down by 4.61% vis-a-vis FY13) and PAT of
INR0.07 crore vis-a-vis INR1.90 crore in FY13 [PAT of FY13
includes extra ordinary incomes (asset recovered) and provision
for deffered tax assets].


AVC MOTORS: CRISIL Assigns 'B' Rating to INR50MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of AVC Motors - Muktsar (AVC).

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

The rating reflects AVC's limited track record of operations,
susceptibility to risks relating to intense competition in the
automobile (auto) dealership market and limited bargaining power
with its principal, Mahindra & Mahindra Ltd (M&M, rated CRISIL
AA+/Stable/CRISIL A1+). These rating weaknesses are partially
offset by the benefits that AVC derives from its association with
M&M, and the extensive experience of its partners in the auto
dealership industry.

Outlook: Stable

CRISIL believes that AVC will continue to benefit over the medium
term from its association with M&M and the extensive experience of
its partners in the auto dealership industry. The outlook may be
revised to 'Positive' if the firm generates better-than-expected
cash accruals while maintaining its capital structure, leading to
an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if AVC reports lower-than-
expected cash accruals, or undertakes any large debt-funded
capital expenditure programme, thereby adversely impacting its
financial risk profile.

AVC, a partnership firm, is promoted by Mr Om Prakash Makkar and
Mr Rajesh Makkar. It is an exclusive authorized dealer for M&M
passenger and utility vehicles in Muktsar (Punjab). AVC commenced
operations in April 2014.


D.S. DUCTOFAB: ICRA Assigns B+ Rating to INR8.20cr Cash Credit
--------------------------------------------------------------
ICRA has assigned [ICRA]B+ ratings for the INR10.20 Crore bank
facilities of D.S. Ductofab Systems Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.20        [ICRA]B+ Assigned
   Term Loan             2.00        [ICRA]B+ Assigned

The assigned rating takes into account the significant experience
of the promoters of D.S. Ductofab Systems Private Limited (DSDSPL)
in the metal trading business and the support provided by them in
the form of unsecured loans over the years. Further the rating
takes into account the application of the compan's products
across a diversified set of industries, which coupled with its
association with industry leaders and its recently enhanced
capacity, augurs well for the growth prospects of the company.
The ratings are, however, constrained by stretched liquidity
position of the company as indicated by fully utilized bank limits
and its highly leveraged financial risk profile. This coupled with
modest profitability has resulted in stretched debt coverage
indicators. The ratings are also constrained by the company's low
value addition nature of business and modest scale of operations
as well as its presence in a fragmented industry, which exerts
competitive pressure and limits its bargaining power with
customers who are mostly large corporate entities. Going forward,
the company's ability to achieve healthy revenue growth and
generate adequate returns from its increased capacity while
maintaining its working capital intensity will be key rating
sensitivities.

D.S. Ductofab Systems Pvt. Ltd. a closely held private limited
company that was incorporated in 2006 by the Gupta family with Mr.
Aman Gupta and Mr. Ritesh Gupta being the directors of the
company. The company is involved in the manufacturing of hollow
ducts which are used as a part of air management system used in
Heating Ventilation Air Conditioning (HVAC) industry. The company
is also involved in trading of Iron and Steel products.

The promoters of DSDSPL have been involved in the metal trading
business since the past 25 years out of their office located at
Loha Mandi in Naraina, one of Delhi's major iron and steel market.
The trading activity was carried out under the name Ganga steels;
post incorporation of DSDSPL, the business of Ganga Steels was
merged with the company.

Recent Results
In FY14, the company recorded an operating income of INR53.3
crore, operating profit before depreciation, interest and tax of
INR1.8 crore and profit after tax of INR0.3 crore.


DABANG METAL: CARE Reaffirms 'B' Rating on INR6.41cr Bank Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Dabang Metal Industries.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.41      CARE B Reaffirmed

Rating Rationale

The rating continues to remain constrained by the short track
record and small scale of operations of DMI with low capital base,
high overall gearing ratio along with working capital intensive
nature of operations. The rating is further constrained by the
highly fragmented & competitive nature of the industry and
susceptibility of margins to fluctuation in raw material prices.

The rating however, continues to draw comfort from the experienced
partners, moderate profitability margins and fiscal benefits
available to the unit being established in a tax-free zone.

Going forward, the ability of the firm to increase its scale of
operations while improvement in its profitability margins and
capital structure shall be the key rating sensitivities.

Dabang Metal Industries (DMI) is a partnership firm and was
established in February 2012 by Mr Vishal Tayal, Mr Mahender Jain,
Mr Sachin Gupta, Mr Sharad Alan and Mr Sunil Gupta as partners,
sharing profit and loss in the ratio of 35%, 35%, 10%, 10%, and
10% respectively.

The firm is engaged in drawing of copper wires of thickness of 1
mm to 6 mm which is used in the electricity cables. The
manufacturing facility of the firm is located in Kotdwar
(Uttrakhand) and has a capacity of 4,000 TPA. The commercial
production of DMI started in February, 2013. The main raw material
of DMI is copper rod which is mainly procured from Hindalco
Industries Limited, Sterlite Industries Limited, Birla Copper
Limited and Hindustan Copper Limited at the rate prevailing in the
market. The firm is selling its products mainly in Uttrakhand and
Uttar Pradesh to cable manufacturing units. The firm sells 50% of
products to its group associate ADL Orbit Cables which is engaged
in the manufacturing of cables.

For FY14 (based on the provisional results, refers to the period
April 1 to March 31), DMI achieved a total operating income of
INR21.91 crore with a PAT of INR0.40 crore as against a total
operating income of INR1.68 crore and net loss of INR0.32 crore
for FY13.


EMCEE ENGINEERING: CARE Rates INR13.63cr Bank Loan at 'B'
---------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Emcee Engineering Works.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.63      CARE B Assigned
   Short-term Bank Facilities     1.17      CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Emcee Engineering
Works (EEW) are constrained by its small size of operations, low
capacity utilization, fluctuating revenues and profitability,
EEW's elongated operating cycle of over 300 days reflecting its
working capital intensive nature of operations and the firm's high
leverage and coverage indicators. The ratings are further
constrained by EEW's high dependence on its sole customer, BHEL
and consequent limited negotiation capabilities, the firm's
presence in a highly fragmented and competitive industry and the
constitution of the entity as a proprietorship concern.

The ratings, however, do factor in the long experience of the
promoter in the field of boiler components
manufacturing/fabrication, the long track record of the firm of
over three decades and its established relationship with
the customer.

Going forward, the ability of the firm to effectively utilise the
capacity towards increasing the scale of operations, improve
collection efficiency towards improving liquidity position and its
ability at effectively manage the raw material price risk
will be the key rating sensitivities.

EEW was established as a partnership concern in 1977 by Mr G
Balakrishnan and his brother-in-law Mr K Shanmugasundaram for
executing job work related to fabrication of small structurals and
ducting for Bharat Heavy Electrical Limited.  EEW was converted
into a proprietorship concern in 1980 after the exit of Mr K
Shanmugasundaram. In 1985, EEW forayed into fabrication of heavy
box, column, beam, auto welding, etc (on job work) which are used
in boiler manufacturing.

From 2005, the firm started fabrication of pressure parts
components such as water wall panel, coils, header, piping,
loose bends, etc, required for boilers. In 2008, the firm
commenced its second unit for producing similar boiler
components for BHEL. EEW has an aggregate installed capacity to
manufacture/fabricate 5,000 metric tonnes (MT) of boiler
components as of March 31, 2014, in its two units situated in
Pudukottai district, Tamil Nadu.


IMPERIAL FROZEN: ICRA Assigns B Rating to INR6.20cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR11.74
crore fund based limits and term loan facilities of M/s Imperial
Frozen Food Products.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     5.54       [ICRA]B; Assigned
   Term Loans            6.20       [ICRA]B; Assigned

The assigned rating positively factors in the fact that most of
the capex has been done such as setting up of ice cream line,
frozen food and canned food division and the utilization has been
picking up leading to a gradual improvement in cash accruals for
IMP. The rating takes comfort from the fact that promoter support
has been forthcoming in the form of fresh equity over the last few
years and the client concentration risk is low due to a network of
distributors established by IMP. However, the rating is
constrained due to the weak financial profile of the firm.
Firstly, despite improvements, cash accruals have been low due to
high interest cost and relatively low utilization levels.

Secondly, working capital intensity has been high due to the high
inventory that IMP has to maintain consistent with the industry
trend and the nature of business. Finally, the gearing and debt
coverage metrics are also weak due to the debt funded capex that
IMP undertook recently and its burgeoning working capital
requirement as it is scaling up. ICRA also takes note of the
relatively new brand name of Imperial which would take time to get
established.

Going forward, the ability of the firm to ramp up operations and
manage its working capital cycle efficiently as it scales up will
be the key rating sensitivities.

M/s Imperial Frozen Food Products was incorporated as a
partnership firm in November 2008 with Mr. Ram Autar Rastogi, his
wife Mrs Kamini Rastogi and his two sons, Mr Sandeep Rastogi and
Mr Prashant Rastogi as equal partners with 25% profit share of
each. It borrowed the Imperial brand name from a restaurant the
promoters ran in Farrukhabad, Uttar Pradesh. IMP was established
with the aim of manufacturing and supplying vegetables & processed
food. In the initial years, management was involved in setting up
of the business -- arranging for bank loans, setting up the
building and plant and machinery, establishing a distribution
channel etc. Until then, the only business activity in the firm
was trading of agricultural products. It was in FY11 that the firm
started with its core operations manufacturing and supplying
vegetables & processed foods.

Financial Results As per the audited accounts of the company, it
has recorded an operating income and PAT of INR9.76 crore and
INR0.05 crore respectively for FY2013 as against the operating
income and PAT of INR2.74 crore and INR0.05 crore respectively for
FY2012.


INNOVATIVE CLAD: CRISIL Reaffirms B+ Rating on INR160MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Innovative Clad
Solutions Pvt Ltd continue to reflect ICSPL's limited track record
of operations, and long market development cycle leading to
operating and cash losses, which in turn constrain the company's
debt protection metrics. These rating weaknesses are partially
offset by the marketing, operational, and financial support that
ICSPL receives from its promoters.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            150       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       100       CRISIL A4 (Reaffirmed)
   Rupee Term Loan        160       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ICSPL will incur losses over the near term,
but maintain its financial risk profile over the medium term,
supported by timely funding support from its promoters. The
outlook may be revised to 'Positive' if ICSPL achieves higher-
than-expected growth in its revenues and improvement in its
operating margin, while maintaining its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's operations break even later than expected, or in case of
delays in funding support from its promoters.

Update
ICSPL's net sales increased to INR148.99 million in 2013-14
(refers to financial year, April 1 to March 31) from INR95.3
million in 2012-13. However, the company continues to report
operating losses (Rs.67.75 million in 2013-14) because of low
capacity utilisation (around 18 per cent) during the year, arising
out of low demand for its products and their long production
cycles. Despite ramp up in operations in the medium term, the
operating margin is expected to remain low due to low capacity
utilisation.

The working capital requirements continue to be sizeable, given
the large inventory (141 days as on March 31, 2014) and the
company's policy of meeting customer requirements just in time. To
help ICSPL meet working capital requirements and service debt, its
parent, M/s Aperam Alloys Imphy (Aperam; owns 73.2 per cent in
ICSPL), infused equity capital of INR80 million in 2013-14 and is
expected to infuse additional equity of INR80 million in 2014-15.
The regular equity infusions have helped ICSPL maintain a moderate
capital structure (the net worth and gearing were at INR250
million and 0.78 times, respectively, as on March 31, 2014).
CRISIL believes that ICSPL will continue to receive regular
infusions of equity whenever necessary to support its sizeable
working capital requirements.

Steady operating losses since inception have resulted in weak debt
protection metrics; Aperam continues to service interest and
principal on ICSPL's debt. ICSPL's liquidity remains weak due to
negative cash accruals of INR99.5 million in 2013-14 against
maturing term debt of INR61 million. Bank limit utilisation has
been high at around 90 per cent in the 6 months through June 2014.
CRISIL believes that ICSPL will have weak liquidity over the
medium term because of negative cash accruals vis-a -vis its
maturing term debt.

ICSPL was incorporated in 2008 by Aperam (the spin-off of the
stainless and specialty steels business from ArcelorMittal), and
Shivalik Bimetal Controls Ltd. ICSPL manufactures clad metal
strips and coils at its facility at the Pithampura special
economic zone in Dhar (Madhya Pradesh).

ICSPL's net losses and net sales are at INR122.17 million and
INR148.98 million respectively for 2013-14 (INR124.4 million and
INR95.3 million, respectively, for 2012-13).


ISCON SURGICALS: CARE Ups Rating on INR2.41cr Bank Loan to 'B'
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Iscon
Surgicals Limited.

                               Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long term Bank Facilities     2.41      CARE B Revised from
                                           CARE D

   Long term /Short-term Bank   10.00      CARE B/CARE A4 Revised
   Facilities                              from CARE D/CARE D

   Short-term Bank Facilities    2.25      CARE A4 Revised from
                                           CARE D

Rating Rationale

The revision in the ratings takes into account the regular debt
servicing track record established by Iscon Surgicals Limited
since March 2014.

The ratings, however, continue to remain constrained on account of
financial risk profile of ISL marked by moderate solvency position
and stressed liquidity position owing to the long operating cycle.
The ratings are further constrained on account of the
vulnerability of its margins to fluctuation in the raw material
prices coupled with its presence in the highly competitive nature
of the surgical equipment industry.

The ratings, however, continue to derive strength from the
promoter's rich experience in the surgical equipment industry,
long track record of operation with wide product offering and
established marketing and distribution network. Improvement in the
overall financial risk profile and better working capital
management are the key rating sensitivities.

ISL, a closely held public limited company, was incorporated in
1991 and commenced production of disposable syringes & needles in
1995. ISL was initially promoted by Mr Sohan Lal Jain and is now
managed by the second generation of the family. The company is
mainly engaged in the manufacturing of disposable syringes,
needles, infusion sets, ophthalmic cannulas & instruments and
other allied products. In the field of syringes and needles, ISL
is among the top fivemanufacturers in India. It has an annual
installed capacity of 216 Million Pieces Per Annum (MPPA) of
syringes and 300 MPPA of needles as on March 31, 2013, at its
manufacturing facility at Jodhpur which is ISO 9001-2000 & WHO-GMP
certified and have CE certification (required for products to be
commercially used in European Economic Area, EEA). ISL has
diversified its portfolio further by adding manufacturing facility
for Auto Disable Syringes (ADS) during FY14 (refers to the period
April 1 to March 31) with a total installed capacity of 40 MMPA.

ISL is a part of the Pricon group which has another entity, Jain
Metals Components Pvt Ltd (established in 1978), engaged
in the manufacturing of precision machined metal components, to
cater to the needs of various industries like oil & gas,
electrical, electronics, automobile, refrigerator, hydraulic &
pneumatic fittings, power generation and bio-medical industries.

As per provisional results for FY14 (refers to the period April 1
to March 31), ISL has reported a total operating income of
INR34.10 crore as against INR 33.18 crore during FY13 and PAT of
INR0.47 crore during FY14 as against INR 0.19 crore during FY13.


J D ISPAT: CRISIL Ups Rating on INR190MM Cash Credit to 'B-'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
J D Ispat Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL C' and has
reaffirmed its rating on the company's short-term bank facility at
'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit        190       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL C')

   Letter of Credit   20       CRISIL A4 (Reaffirmed)

   Term Loan        120       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL C')

The rating upgrade reflects sustainable improvement in JDIPL's
liquidity, supported by improving cash accruals generated from
business and tighter control on working capital cycle with gross
current assets of about 100 days currently from over 150 days in
the previous year.

The ratings continue to reflect JDIPL's below-average financial
risk profile, marked by a high gearing and weak debt protection
metrics, modest scale of operations in a fragmented industry, and
susceptibility of operating margin to volatility in steel prices.
These ratings weaknesses are partially offset by the extensive
experience of JDIPL's promoters in the steel industry.

Outlook: Stable

CRISIL believes that JDIPL will continue to benefit over the
medium term from its promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' if the company
registers significant improvement in its liquidity on the back of
further improvement in its cash generation from business, while it
maintains its working capital cycle. Conversely, the outlook may
be revised to 'Negative' in case JDIPL contracts more-than-
expected debt for funding its incremental working capital and
capital expenditure requirements, resulting in pressure on its
capital structure.

JDIPL is a private limited company that manufactures steel ingots.
The company was set up in 2004 by Mr. Shiv Goel and his wife Ms.
Anjana Goel. The company has shifted its manufacturing facilities
in January 2012 to Durg (Chhattisgarh); its manufacturing
facilities were previously at Nagpur (Maharashtra).


JIWAN POLYCOT: CRISIL Reaffirms B Rating on INR52.5MM Cash Credit
-----------------------------------------------------------------
CRISIL ratings on the bank facilities of Jiwan Polycot continues
to reflect JP's stretched liquidity because of working-capital-
intensive operations, small scale of operations in a highly
fragmented industry, and susceptibility of operating margins to
sharp volatility in raw material prices. These rating weaknesses
are partially offset by the extensive experience of JP's promoters
in the POY industry and the firm's established relationship with
customers.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           52.5        CRISIL B/Stable (Reaffirmed)
   Letter of Credit      10          CRISIL A4 (Reaffirmed)
   Term Loan              5          CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that the business risk profile of the firm will
continue to benefit from the promoter's extensive experience. The
outlook may be revised to 'Positive' if the firm scales up its
operations significantly while improving its profitability,
leading to larger-than-expected cash accruals, and consequently,
improvement in liquidity. Conversely, the outlook may be revised
to 'Negative' if the firm's financial risk profile, especially its
liquidity, deteriorates, most likely because of lower-than-
expected cash accruals and large working capital requirements, or
if it undertakes a large debt-funded capital expenditure
programme.

Update
JP, on provisional basis, reported an operating income of INR333
million for 2013-14 (refers to financial year, April 1 to
March 31), vis-a-vis INR241 million reported for 2012-13. The
growth was mainly due to an increase in quantity sold on the back
of higher capacity utilisation. The firm has recorded sales of
around INR120 million for the four months through July 2014 and is
expected to report sales of around INR380 million for 2014-15. The
peak season for the firm is from September to February. Its
operating margin declined to 4.8 per cent in 2013-14 from 5.9 per
cent in 2012-13. The decline was on account of increased
competition and exposure to volatility in raw material prices. The
margin is expected to be in the range of 4.5 to 5.0 per cent over
the medium term.

JP's liquidity remains weak, marked by nearly full bank limit
utilisation, driven by large incremental working capital
requirements and low net cash accruals. The firm's debtors are
estimated at 130 days as on March 31, 2014, and are expected to
remain at a similar level over the medium term. Its liquidity is
also constrained by continuous capital withdrawals by the
promoters (Rs.4.3 million in 2013-14) from the firm. This will
remain a key rating sensitivity factor over the medium term. JP's
expected net cash accruals will be tightly matched against
repayment obligations (Rs.1.8 million against INR1.5 million in
2014-15). The firm's financial risk profile is expected to remain
below average over the medium term, with a small net worth
estimated at INR53.9 million as on March 31, 2014. Its interest
coverage ratio is expected to be around 1.6 times and gearing at
1.2 times, over this period due to large working capital
requirements and low profitability.

JP reported a profit after tax (PAT) of INR2.5 million on net
sales of INR332 million for 2013-14, against a PAT of INR0.6
million on net sales of INR240 million for 2012-13.

JP was established by members of the Goyal and Bansal families in
2005 to manufacture polyester POY. The firm set up its POY
manufacturing unit in Haridwar (Uttarakhand) with capacity of 5
tonnes per day (tpd), which commenced commercial operations in
September 2006. In 2008-09, the promoters set up a facility for
manufacturing fully drawn yarn with a capacity of around 3 tpd.


JUST TEXTILES: CARE Reaffirms 'D' Rating on INR10.50cr Bank Loan
----------------------------------------------------------------
CARE reaffirms rating to the bank facilities of Just Textiles
Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.50      CARE D Reaffirmed
   Short-term Bank Facilities     0.78      CARE D Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Just Textiles
Limited continues to be constrained by ongoing delays in
debt servicing resulting from the stretched liquidity position.

Incorporated in 1987, Just Textiles Limited is promoted by Mr
Pradeep Modi, who has an experience of around 35 years in the
textile industry. Presently, JTL is primarily engaged into the
dying & finishing of fabric along with manufacturing ladies wear.
JTL's manufacturing facility is located at MIDC, Ambernath (Thane)
with an installed capacity for dying of 1 lakh meters per day.
JTL mainly requires fabric dyes & chemicals as raw materials,
which are entirely procured from the domestic market.

Furthermore, the sales of JTL are also mainly domestic, with
exports contributing to 27.75% of the total sales of the
company in FY14 (provisional, refers to the period April 01 to
March 31).

As per FY14 (provisional), JTL has reported a total operating
income of INR38.18 crore (up by 19.54% vis-a-vis FY13) and
net loss of INR1.49 crore (as against loss of INR3.69 crore in
FY13).


KASHYAP CONSTRUCTIONS: ICRA Rates INR7cr LT Fund Based Loan at B+
-----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the existing
and proposed cash credit facilities of INR10 crore of Kashyap
Constructions Private Limited. ICRA has also assigned a short term
rating of [ICRA]A4 to the INR5 crore existing and proposed bank
guarantee limits of Kashyap Constructions Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund        3.00        [ICRA]B+ assigned
   Based Limit- CC

   Long Term Fund        7.00        [ICRA]B+ assigned
   Based Limit- CC
   (proposed)

   Short Term Non-Fund   1.35        [ICRA]A4 assigned
   Based Facilities

   Short Term Non-Fund   3.65        [ICRA]A4 assigned
   Based Facilities
   (proposed)

Rating Rationale
The ratings assigned take into consideration the company's modest
scale of operations and the relatively weak capitalization and
coverage ratios. Further the high working capital intensity has
led to constrained liquidity position, as evidenced by high
utilisation of fund based working capital limits. Going forward,
with the scale of operations expected to increase in the near
term, the working capital requirements would further rise and a
large share of this would be funded through increased bank
borrowings. However, the rating positively factors in the long
standing experience of the promoters in the civil construction
industry. The rating assigned also derives comfort from the strong
visibility of income in the medium term with order book of
INR119.24 crores as on July 2014.

Going forward, the ability of the firm to execute the current
orders in planned timeliness and manage the rising working capital
requirements would be key sensitivities.

Kashyap Constructions Private Limited was established in 2002 in
Bangalore, Karnataka and is engaged in all types of construction
activities including houses, buildings, sheds, factories, roads,
bridges, culverts, embankments, drains, dams, power houses,
industrial structures, ports, runways and all infrastructural
construction work . The firm is being managed by Mr. LV
Sreerangaraju and Mr. LS Santosh who have relevant experience in
the construction industry.

Recent Results
During FY14 (as per provisional results), Kashyap Constructions
Private Limited reported an operating income of INR12.5 crore with
a net profit of INR0.3 crore as compared to operating income and
net profit of INR15.5 crore and INR0.5 crore respectively during
FY13.


KRISHNA FABRICS: CARE Puts B+/A4 Rating to INR14cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities of
Krishna Fabrics.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term/Short-term     14         CARE B+/CARE A4 Assigned
   Bank Facilities

Rating Rationale

The ratings assigned to the bank facilities of Krishna Fabrics are
primarily constrained on account of its thin profitability,
leveraged capital structure, weak debt coverage indicators and
working capital intensive nature of operations with stressed
liquidity position. The ratings are further constrained on account
of volatility associated with raw material prices, its presence in
a fragmented nature of industry with high degree of competition
and limited financial flexibility on account of partnership form
of its constitution.

The above-mentioned constrains far outweighs the benefits derived
from its established track record of operations with experienced
promoters, support from group entities, increase in total
operating income during the last three years ending FY14 (refers
to the period April 1 to March 31), presence in textile hub and
proximity to suppliers.  The ability of KF to increase the scale
of operations coupled with improvement in profitability, capital
structure and liquidity position would be the key rating
sensitivities.

Ahmedabad-based (Gujarat) KF is promoted by Mr Navin Saraogi and
Ms Kavita Saraogi in 2008. KF procures raw material, ie, grey
fabric primarily from Maharashtra, Gujarat, South India and other
parts of India and then gets it dyed & printed on job work basis
in Ahmedabad (Gujarat). KF primarily does the branding and
marketing of the finished products, i.e shirting and suiting,
which finds its end application in the apparel industry. KF
markets its products under the brand of name of "Basil Fashion
Fabrics" which is registered under the Trade Marks Act, 1999.

As per the audited results for FY14, KF registered a PAT of
INR0.21 crore on a Total Operating Income (TOI) of INR71.29
crore as against the PAT of INR0.19 crore on a TOI of INR50.36
crore. During Q1FY15, KF has registered turnover of INR25.00
crore.


NAVRANG PLASTIC: CRISIL Rates INR30MM Cash Credit at 'B-'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Navrang Plastic.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              23         CRISIL B-/Stable
   Cash Credit            30         CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     22         CRISIL B-/Stable

The rating reflects NPL's large working capital requirements,
below-average financial risk profile, marked by modest debt
protection metrics, and small scale of operations. These rating
weaknesses are partially offset by NPL's proprietor's experience
in packaging material industry and established relationships with
its customers and suppliers.

Outlook: Stable

CRISIL believes that NPL will benefit over the medium term from
the experience of its proprietor in the packaging industry. The
outlook may be revised to 'Positive' if NPL increases its scale of
operations and operating profitability significantly over the
medium term in a sustainable fashion, leading to an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the firm undertakes any significant debt-funded
capital expenditure programme or if its revenue and operating
profitability decline or if its working capital cycle stretches or
there are significant capital withdrawals, leading to
deterioration in its financial risk profile.

NPL was set up as a proprietorship in 2000 by Mr. Bhaktsharan
Patel. The firm manufactures plastic packaging material and is
based in Vadodara (Gujarat).

For 2013-14 (refers to financial year, April 1 to March 31), NPL
reported a profit after tax (PAT) of INR2.6 million on net sales
of INR97.1 million, against a PAT of INR2.2 million on net sales
of INR88.0 million for 2012-13.


NIDHI STEEL: CRISIL Assigns 'B+' Rating to INR27.5MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Nidhi Steel.

                               Amount
   Facilities                 (INR Mln)      Ratings
   ----------                  ---------     -------
   Proposed Letter of Credit       2.5       CRISIL A4
   Proposed Cash Credit Limit     22.5       CRISIL B+/Stable
   Cash Credit                    27.5       CRISIL B+/Stable
   Foreign Letter of Credit       22.5       CRISIL A4

The ratings reflect NS's below-average financial risk profile,
marked by a small net worth, high total outside liabilities to
tangible net worth ratio, and weak debt protection metrics, driven
by working-capital-intensive operations and low profitability. The
ratings also factor in the firm's modest scale of operation in the
highly fragmented and intensely competitive iron and steel
products trading industry. These rating weaknesses are partially
offset by the extensive industry experience of NS's promoters and
its established market position supported by a wide range of
traded iron and steel products.

Outlook: Stable

CRISIL believes that NS will continue to benefit over the medium
term from the extensive trading experience of its promoters. The
outlook may be revised to 'Positive' in case of significant
improvement in NS's scale of operations and profitability, leading
to higher cash accruals. Conversely, the outlook may be revised to
'Negative' if the firm's profitability or revenue declines, or its
working capital cycle is stretched, adversely impacting its cash
accruals and leading to further deterioration of its financial
risk profile, especially its liquidity.

NS was set up in 1993 as a proprietorship firm by Mr. Nareshbhai
Virchand Shah. The firm trades in iron and steel products such as
hot-rolled coils/sheets, cold-rolled coils/sheets, and mild steel
plates, angles, channels, flats, billets, and ingots. The firm is
based in Mumbai.

NS reported, on a provisional basis, a profit after tax (PAT) of
INR1.4 million on net sales of INR384.9 million for 2013-14
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR1.0 million on net sales of INR305.8 million for 2012-
13.


OM PARKASH: CRISIL Reaffirms B+ Rating on INR70MM Cash Credit
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Om Parkash Surinder
Mohan continue to reflect OPSM's small scale of operations with
limited diversity in its revenue profile, and its large working
capital requirements. These rating weaknesses are partially offset
by the established track record of the firm's promoters in the
infrastructure construction industry, and its above-average
financial risk profile, marked by low gearing.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         32         CRISIL A4 (Reaffirmed)
   Cash Credit            70         CRISIL B+/Stable(Reaffirmed)

Outlook: Stable

CRISIL believes that OPSM will continue to benefit over the medium
term from the established track record of its promoters in the
infrastructure construction industry. The outlook may be revised
to 'Positive' if the firm diversifies its customer base while
improving its capital structure and net worth. Conversely, the
outlook may be revised to 'Negative' if OPSM's profitability,
capital structure, and debt protection metrics deteriorate.

OPSM was initially set up as a proprietary concern, Om Prakash, in
1979 by Mr. Om Prakash Khullar. The firm was reconstituted as a
partnership concern with the present name following the induction
of Mr. Surinder Mohan Khullar as a partner. OPSM is primarily
engaged in various infrastructure-related construction activities
in Himachal Pradesh.


PADMAVATI ALMEX: ICRA Assigns 'B' Rating to INR1.0cr FB Loan
------------------------------------------------------------
ICRA has assigned [ICRA]B rating to the INR1.00 crore long term
fund based limits and [ICRA]A4 rating to INR10.00 crore non fund
based limits of Padmavati Almex Private Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based limits        1.00       [ICRA]B ;assigned
   Non Fund based limits   10.00       [ICRA]A4;assigned

The ratings assigned to PAPL are constrained by the company's
limited track record of operations, its small scale of operations
(operating income of INR27.70 crore in FY (14) and low
profitability. The ratings also factor in significant customer
concentration risk as almost the entire production is being sold
to Jindal Steel Works Steel Ltd and vulnerability of the company's
profitability to raw material price variations and the cyclical
nature of the steel industry (key consuming sector for PAPL's
products).

However the ratings derive comfort from the extensive experience
of the management in the steel industry and low offtake risk given
the steady increase in sales to JSWSL. Going forward, the ability
of the company to scale up its operations in a profitable manner
will be the key rating sensitivity.

PAPL was set up in 2012 by Mr Madhur Goel and Mrs Bharti Padia.
The company manufactures ingots and has a manufacturing capacity
of 3600 metric tonnes per annum at its facility located in
Bellary.

The company reported a net profit of INR0.08 crore on an operating
income of INR27.70 crore in FY-14 (provisional results) as against
net profit of INR0.02 crore on an operating income of INR14.13
crore in FY-13.


PAREKH PLASTICS: ICRA Assigns 'B+' Rating to INR4.0cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR4.00
crore fund-based limits and INR0.52 crore term loans of Parekh
Plastics. A short term rating of [ICRA]A4 has also been assigned
to the INR1.80 crore non fund based limits of the firm. The
unallocated amount of INR3.68 crore has been rated on both the
scales at [ICRA]B+ and [ICRA]A4.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Cash Credit Limits     4.00       [ICRA]B+ assigned
   Term Loan Limits       0.52       [ICRA]B+ assigned
   Letter of Credit       1.80       [ICRA]A4 assigned
   Un-allocated amount    3.68       [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by the small scale of
operations of Parekh Plastics (PP), stretched liquidity following
its working capital intensive operations, a weak financial profile
characterized by low profitability, leveraged capital structure
and low coverage indicators. The ratings also take into
consideration the susceptibility of revenues to the fluctuation in
raw material prices and to the competitive pressure prevailing in
the market. The ratings also incorporate the risk of capital
withdrawals, given its constitution as a partnership firm.
The assigned ratings, however favourably factor in the significant
experience of the partners in the plastic products manufacturing
business and long-term relationship with established customers,
which has resulted in repetitive business.

M/s. Parekh Plastics was incorporated in 1985 as a partnership
firm, to manufacture plastic products, such as containers,
buckets, HDPE Bottles etc. The firm has been promoted by Mr. Ankur
Parekh, Mrs. J.P. Parekh, Mr. Rajesh Parekh and Mr. Ajay Parekh.
The registered office and manufacturing unit is located in Dahanu,
Maharashtra with a built up area of 20,000 square feet.

Recent Results:
As per the provisional numbers of FY14, the firm has reported a
net profit of INR0.04 crore on an operating income of INR8.47
crore.


PAVAI ALLOYS: CRISIL Cuts Rating on INR361.2MM Cash Credit to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Pavai Alloys and Steels Private Limited to 'CRISIL D' from
'CRISIL BB-/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit          361.2        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Long Term Loan        26.2        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay in servicing its
debt by PAASPL; with the decrease in the company's scale of
operations.

PAASPL set up in 1995 and based in Tiruchengode (Tamil Nadu),
manufactures TMT bars. Its day-to-day operations are managed by
Mr. V Kuppusamy and his two sons, Mr. K Umashankar and Mr. K
Bhaskaran.


PENN FROZEN: ICRA Rates INR5.50cr LT Fund Based Loan at 'B'
-----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR7.50
Crore fund based facility of Penn Frozen Foods Pvt. Ltd. ICRA has
also assigned the short term rating of [ICRA]A4 to the INR5.50
Crore non fund based sublimit facility of PFPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund        2.00       [ICRA]B; assigned
   Based - CC

   Long Term Fund        5.50       [ICRA]B; assigned
   Based - TL

   Short Term Non        5.50       [ICRA]A4; assigned
   Fund Based - LC

The ratings factor in the risks typical in Greenfield projects
including project execution risks and stabilization of the plant
as per expected parameters post commencement of operations While
assigning the rating ICRA also notes that the financial profile is
expected to remain stretched on account of debt funded nature of
the project and impending debt repayment. ICRA also notes that the
broiler meat industry is highly competitive mainly from the
organized sector limiting its pricing flexibility.

The assigned ratings however consider the long and established
experience of key management personnel in the meat processing
industry and favourable demand prospects for the broiler meat
industry.

Penn Frozen Foods Private Limited is incorporated in 2009. The The
project is likely to commence operations from October 2014. The
Company is promoted by Mr. Rajesh Bahl, Mrs. Poonam Bahl and Mrs.
Hufrish Bahl. PFPL will be engaged in the business of processing
chicken and by-products. The Company has its processing plant
located at Karjat, Raigad.


POLYGENTA TECHNOLOGIES: CARE Reaffirms C Rating on INR10cr NCDs
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the NCD of Polygenta
Technologies Limited.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Non Convertible           10.00      CARE C Reaffirmed
   Debentures (NCDs)

Rating Rationale

The ratings assigned to the bank facilities of Polygenta
Technologies Limited (PTL) take into consideration the delays in
repayment obligations of External Commercial Borrowings (ECBs)
from Swedfund and Finfund, deterioration in the financial and
business risk profile of the company in terms of decline in sales,
increased operating losses, negative cash accruals and
deterioration in debt coverage matrices at the end of FY14 (refers
to the period April 01 to March 31).

Furthermore, the ratings continue to be constrained by delays in
project, thereby increasing the project execution and completion
risk, new technology and limited track record of operations. The
rating, however, derives strength from the promoters' support by
way of regular infusion of funds.

The ability of PTL to reschedule the debt repayment terms of ECBs
favourably and successfully execute and complete its ongoing
project along-with turnaround in its operations are the key rating
sensitivities.

Incorporated in 1981, PTL is engaged in the manufacturing of
Polyester Filament Yarn (PFY) using recycled PET content as
a major feedstock. In 2008, the Aloe group through, Aloe
Environment Fund II (AEFII) and Green Investment Asia
Sustainability Fund I (GIASF) founded PerPETual Global
Technologies (PGTL) for the purpose of investing in Polygenta
Technologies Limited. PGTL is the holding company of PTL and
currently holds about 55.75% of the equity capital of PTL. PGTL
along with Aloe and GIASF holds 74.4% of the equity capital of
PTL. Both these funds have a primary vision in investing in
environment-friendly technologies. The investors of both these
companies are reputed environment development funds, bilateral
institutions, High Networth Individuals (HNIs) and family offices.

PTL uses a recycling technology (the ReNEW process) which is
effective in reconstituting lower cost recycled PET bottles
into a substitute feedstock for higher cost conventional
petrochemicals. Furthermore, ReNEW can be retrofitted to
existing conventional polyester plants to improve their operating
margins and make them more sustainable.

The integrated manufacturing facility (PTA/MEG to DTY) of PTL is
located in Nasik, has an installed capacity of 30 TPD at
its recycling unit and 100 TPD at its polymerization unit. The
company is currently undertaking capacity expansion of its
recycling unit from 30 TPD to 75 TPD. On commissioning of this
additional recycling capacity, the company would operate
at a capacity of 75 TPD making 100% recycled content product.
PTL sells its polyester yarn products for various applications in
the fields of apparel, denim, home furnishings, floor coverings
and industrial applications. In FY14, PTL earned around 78% of its
sales from DTY, around 15% from POY, 3% from PET chips and the
balance from trading and sales of scrap.

The company reported losses at the after tax level for the past
three financial years, ie, between FY12 and FY14.


PRAGATI SAHAYOG: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Pragati Sahayog Development Services.

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

The rating reflects Pragati's small scale and concentrated
operations, the inherently weak credit risk profiles of its
borrowers, and its modest resource profile. These rating
weaknesses are partially offset by Pragati's adequate corpus and
its promoters' extensive experience in development activities in
rural areas.

Outlook: Stable

CRISIL believes that Pragati will benefit from its promoters'
extensive experience and maintain adequate corpus over the medium
term. The outlook may be revised to 'Positive' if Pragati
substantially improves scale and diversity of its operations, and
its resource profile. Conversely, the outlook may be revised to
'Negative' in case of deterioration in its asset quality or
earnings profile, leading to stress on its corpus.

Pragati is a Section 25 company promoted by the trustees of Samaj
Pragati Sahayog (SPS), a non-government organisation registered
under the Society Registration Act that mentors and promotes self-
help groups (SHGs). SPS is involved in formation of SHGs,
providing saving and credit linkages through SHG-bank linkage
programme, and organising training and livelihood programmes for
SHGs. Pragati was set up in 2012 to provide financial assistance
exclusively to SHGs formed by SPS. Pragati provides bridge finance
loans to SHGs comprising women farmers in drought-prone blocks of
Dewas and Khargone (both in Madhya Pradesh).

For 2013-14 (refers financial year, April 1 to March 31), Pragati
reported a surplus of INR8.9 million on a total income of INR12.2
million, against a surplus of INR0.7 million on a total income of
INR1.6 million for the previous year.


PRECISION BEARINGS: CARE Puts B+/A4 Rating on INR5cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' to the bank facilities of
Precision Bearings Pvt Ltd.

                           Amount
   Facilities            (INR crore)  Ratings
   ----------           -----------   -------
   Long-term/Short-term      5        CARE B+/CARE A4 Assigned
   Bank Facilities

   Short-term Bank          27        CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Precision Bearings
Pvt Ltd (PBPL) are primarily constrained on account of the
fluctuating turnover and moderate profit margins, elongated
working capital cycle, foreign exchange fluctuation risk and
presence in a highly competitive industry.

The ratings, however, derive strength from the promoters'
experience, long track record of operations with accredited
manufacturing facilities and established marketing setup. The
ratings also factor in the moderate capital structure and
debt coverage indicators.

The ability of PBPL to increase scale of operations with an
improvement in margins along with better working capital
management is the key rating sensitivity.

Ahmedabad-based (Gujarat) Precision Bearings Pvt Ltd is a private
limited company established in 1996 by Mr Danesh Shah, Mr Arvind
Shah, Mr Sukesh Shah, Mr Dhiren Shah and Mr Bhagyesh Shah. PBPL is
engaged in the manufacturing of ball, spherical, taper roller,
cylindrical, needle roller, pillow block, automobile bearings.
PBPL is having various certifications like ISO 9001:2008, TS
16949:2009 and Star Export House Certificate and is also an
approved vendor of Indian Railways and Indian Defense department.
PBPL also supplies its products in around 45 countries. Directors
of PBPL have a stake in group entities i e Bearing & Marine
Corporation and Bearing Trade Center, both the entities are
engaged in trading activities of bearings and other engineering
goods in Maharashtra and Gujarat respectively.

As per the provisional results of FY14 (refers to the period April
1 to March 31), PBPL reported a TOI and net profit of INR72.86
crore and INR1.05 crore in FY14 as compared to INR69.12 crore and
INR1 crore in FY13 respectively.


PROMPT PULP: CRISIL Assigns 'D' Rating to INR52.5MM Bank Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Prompt Pulp & Fibers Pvt Ltd. The rating reflects
instances of delay by PPFPL in servicing its term debt; the delays
have been caused by the company's weak liquidity.

                            Amount
   Facilities             (INR Mln)       Ratings
   ----------              ---------      -------
   Cash Credit                22.5        CRISIL D
   Long Term Bank Facility    52.5        CRISIL D

PPFPL also has a weak financial risk profile, marked by high
gearing and low networth, and its start up nature of operations in
a highly fragmented and competitive paper industry. These rating
weaknesses are partially offset by the benefits derived from the
extensive experience of PPFPL's promoters in paper industry.

Set up in 2006, PPFPL is engaged in manufacture of tissue, napkin
and poster papers. The company is promoted by Mr.Anand Dayama and
his family members.. The company has commenced commercial
operations from May 2014.


REGALIA JEWELS: CRISIL Reaffirms B Rating on INR65MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the bank facility of Regalia Jewels Pvt Ltd
continues to reflect RJPL's weak financial risk profile with a
highly leveraged capital structure, weak debt protection metrics,
and small scale of operations in the highly fragmented jewellery
industry. These weaknesses are partially offset by the experience
of RJPL's promoter in the jewellery industry.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            65         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RJPL will continue to benefit from the
experience of its promoters in the jewellery business. The outlook
may be revised to 'Positive' if RJPL increases its scale of
operations with better working capital management, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in its
financial risk profile, on account of lower-than-expected
profitability, or larger-than-expected working capital
requirements.

RJPL, incorporated in 2006 by Mr. Sumit Verma, is based in Delhi.
The company is engaged in manufacturing and wholesaling of gold
and diamond-studded jewellery. The company has a showroom at
Gurgaon (Haryana).


R. J. BUILDCON: ICRA Reaffirms 'B' Rating on INR4cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B to INR8.00 crore long term fund
based facilities of R. J. Buildcon Private Limited. ICRA has also
reaffirmed the [ICRA]A4 rating to INR6.00 crore short term non
fund based facility of RJBPL.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term, Fund         4.00        [ICRA]B reaffirmed
   based limits-Bank
   Overdraft

   Long Term, Fund         4.00        [ICRA]B reaffirmed
   based limits -
   Term Loan

   Short Term, Non
   fund based limits       6.00        [ICRA]A4 reaffirmed

The rating reaffirmation takes into consideration improvement in
financial risk profile of the company characterized by improved
capital structure on back of healthy accruals, adequate coverage
indicators on account of comfortable profitability and low debt
levels. The ratings also take into account the approved status of
the company with various government and civil bodies in
Maharashtra and Karnataka. The rating is however constrained by
moderate order book of INR78.65 crore as on Jul-14 which is 1.84x
of FY14 operating income limiting revenue visibility in the near
term. Further, the client profile consists of government and civil
bodies who typically seek high credit period resulting in strained
liquidity position. ICRA also notes that the promoters have
limited track record in executing government contracts and scale
of operations of the company remains moderate. Going forward,
improvement in order inflow and timely execution along with
adequate working capital management will remain key rating
sensitivities.

Incorporated in 2008, RJBPL is involved in executing contracts for
roads, irrigation systems and buildings for state government and
civil bodies. The company is a class I(A) contractor with Public
Works Department (PWD) of Government of Maharashtra and an
approved contractor for various government and civil bodies.


SHREE VENKATESHWARA: CRISIL Reaffirms D Rating on INR153.8MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree
Venkateshwara Shikshan Sanstha continues to reflect delays by SVSS
in servicing its debt. The delays have been caused by the trust's
weak liquidity, with insufficient cash accruals to meet its term
loan obligations.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Term Loan             153.8        CRISIL D (Reaffirmed)

SVSS also has a weak financial risk profile, marked by a small net
worth, high gearing, and modest debt protection metrics; moreover,
it is susceptible to regulatory changes in the education sector.
The trust, however, benefits from the healthy demand prospects for
the education sector in India.

Update
SVSS has registered an increase in fee receipts in 2012-13 (refers
to financial year, April 1 to March 31) over 2011-12, driven by
higher fees for different courses. However, the trust reported an
operating deficit owing to high fixed costs incurred during the
year. It reported revenue of INR78 million for 2012-13.

SVSS has a weak financial risk profile, marked by negative cash
accruals in 2013. Its weak liquidity is mainly on account of high
fixed costs and cash flow mismatches due to late receipts of fees
through the year. CRISIL believes that the trust's liquidity will
remain weak over the near term.

SSVS reported a net deficit of INR33.5 million on an operating
income of INR78 million for 2012-13, as against a net deficit of
INR49.5 million on an operating income of INR46.8 million for
2011-12.

Set up in 2000, SVSS operates multiple institutes offering courses
in engineering, management, and education, among others. It also
operates an English medium school and two charitable schools.


SILICON JEWEL: CARE Assigns 'D' Rating to INR27.34cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE D' rating to bank facilities of Silicon Jewel
Industries Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    27.34       CARE D Assigned
   Short-term Bank Facilities    1.52       CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Silicon Jewel
Industries Private Limited are primarily constrained due to
delay in debt servicing due to weak liquidity position. Timely
servicing of debt repayment, increase in scale of operations
with improvement profit margins and better working capital
management are the key rating sensitivities.

SJIPL, incorporated in 2008, is promoted by six individuals,
namely, Mr Mansukhbhai Patel, Mr Rameshbhai Patel, Mr Arvindbhai
Patel, Mr Prakash Patel, Mr Vikashkumar Dholu and Mr Vishnubhai
Patel. However, Mr Rameshbhai Patel and Mr Vishnubhai Patel
retired in FY13 (refers to the period April 01 to March 31). SJIPL
belongs to the Ahmedabad-based Silicon Group (SG) which consists
of three other entities, namely, Sterling Lam Limited, Shree Laxmi
Wood industries and Shree Ambica Board Industries. These entities
are engaged in manufacturing of wood-based products such as
laminates, veneers, ply-board & doors. SJIPL manufactures pre-
laminated particle board of 8x4 size and 9x6 size with an
installed capacity of 60,000 cbm per annum as on March 31, 2014 at
its sole manufacturing plant located at Ankleshwar (Gujarat).
SJIPL sells its board under the brand name of 'Silicon' through
its dealers having presence across India.

As per provisional result for FY14 (refers to the period April 1
to March 31), SJIPL reported a total operating income (TOI)
of INR39.75 crore (FY13 Audited: INR38.81 crore) and a Profit
after Tax (PAT) of INR0.03 crore (FY13 Audited: net loss of
INR1.86 crore).


SUBHA-SOUMYA COLD: CRISIL Ups Rating on INR50.5MM Bank Loan to B-
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Subha-Soumya Cold Storage Pvt Ltd to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

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

   Cash Credit           49         CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Long Term    50.5       CRISIL B- (Upgraded from
   Bank Loan Facility               'CRISIL D')/Stable

   Term Loan             40         CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Working Capital Loan   9         CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by SSCSPL
over the three months through July 2014. SSCSPL's liquidity
remains stretched due to high bank limit utilisation and low cash
accruals from operations. Its cash accruals are expected to remain
tightly matched against term debt obligations over the medium
term.

The ratings reflect SSCSPL's small scale of operations and below-
average financial risk profile; the ratings also factor in the
company's susceptibility to adverse regulatory changes and intense
competition in the cold storage industry in West Bengal (WB).
These rating weaknesses are partially offset by the benefits that
SSCSPL derives from the extensive industry experience of its
promoters.

Outlook: Stable

CRISIL believes that SSCSPL will continue to benefit over the
medium term from its promoters' extensive experience in the cold
storage business. The outlook may be revised to 'Positive' in case
the company efficiently manages farmer credit financing,
significantly scales up its operations, and improves its
profitability. Conversely, the outlook may be revised to
'Negative' in case SSCSPL's liquidity is under pressure because of
delays in repayments by farmers, lower-than-expected cash
accruals, or any large debt-funded capital expenditure.

SSCSPL was incorporated on May 28, 2011, and is promoted by Mr.
Kartick Ghosh. The company began commercial operations in March
2012. It has a cold storage unit in Paschim Medinipur (WB) for
storing potatoes. The promoter also trades in potatoes.


VAISHNAVI MULTYGRAINS: CRISIL Puts B Rating on INR50MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Vaishnavi Multygrains Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            45         CRISIL B/Stable
   Term Loan              50         CRISIL B/Stable

The rating reflects its exposure to risks related to project
implementation and stabilisation, regulatory changes, volatility
in raw material prices, and vagaries of monsoon. These rating
weaknesses are partly offset by the benefits that VMPL derives
from the stable demand for rice, its promoters' extensive
experience in the rice milling business and diversified customer
base.

Outlook: Stable

CRISIL believes VMPL will benefit from the healthy prospects for
the rice processing industry over the medium term. The outlook may
be revised to 'Positive' in case of timely implementation of the
company's production facilities and substantial increase in
revenue and profitability. Conversely, the outlook may be revised
to 'Negative' if it faces significant time and cost overruns in
project completion, low capacity utilisation, or significant
stretch in working capital cycle, resulting in weak financial risk
profile.

Established in 2011, VMPL is setting up a parboiled rice mill
having processing capacity of 8 tonnes per hour in Deoghar
(Jharkhand). Its day-to-day operations are managed by its
promoters Mr. Pradip Khetan, Mr. Krishna Kumar Khetan, Mr. Santosh
Kumar Khetan and Mr. Sumit Kumar Khetan (son of Mr. Krishna Kumar
Khetan).


VEGA CONTROLS: CRISIL Reaffirms B+ Rating on INR35MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vega Controls Pvt Ltd
continue to reflect VCPL's modest scale of operations with end-
user industry concentration in the revenue, and its working-
capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of VCPL's promoters
in the automation industry and its moderate financial risk profile
marked by moderate gearing and debt protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bill Discounting       6         CRISIL A4 (Reaffirmed)
   Cash Credit           35         CRISIL B+/Stable (Reaffirmed)
   Letter of credit &
   Bank Guarantee        20         CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that VCPL will continue to benefit over the medium
term from its promoters' extensive experience in the automation
industry. The outlook may be revised to 'Positive' if the company
reports higher-than-expected cash accruals, or improves its
working capital cycle, leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of deterioration in the financial risk profile,
particularly liquidity, most-likely because of lower-than-expected
cash accruals, or elongation in the working capital cycle.

Update
For 2013-14 (refers to financial year, April 1 to March 31),
VCPL's revenues were estimated at INR310 million, a year-on-year
decline and lower than CRISIL's expectations because of the muted
demand in the steel industry, leading to slowdown in the orders.
However, the topline is expected to improve going forward,
supported by the present order book of around INR150 million.
Despite moderation in revenues, VCPL's operating profitability had
improved to around 11 per cent during 2013-14 and is expected to
remain moderate over the medium term. VCPL's working capital
requirements are however, expected to remain high because of the
expected scale-up of operations and historically high inventory
requirements.

Despite working capital intensive operations, VCPL's financial
risk profile has remained moderate, backed by improvement in its
cash accruals, and extended credit availed from suppliers and
receipt of customer advances to fund its working capital
requirements. Despite de-growth in topline, the company's cash
accruals estimated at over INR10 million have improved due to
better-than-expected profitability. These accruals are expected to
remain adequate for its maturing debt obligations. Its bank lines
have remained utilised at an average of 90 per cent. VCPL's
liquidity is further supported by absence of any debt-funded
capital expenditure plans over the medium term.

VCPL was initially established as a partnership firm in 1997 by
the Purandare family of Pune (Maharashtra) and was reconstituted
as a private limited company in 2004. VCPL is a channel partner of
ABB Ltd and provides customized control panel and automation
system solutions to customers. The company mainly caters to
players in the steel industry across India.



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


MODERNLAND REALTY: Fitch Affirms 'B' LT IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed PT Modernland Realty Tbk's (Modernland)
Long-Term Issuer Default Rating at 'B' with a Stable Outlook.
Simultaneously the agency has also affirmed Modernland's senior
unsecured rating and rating on its outstanding notes at 'B' with a
Recovery Rating of 'RR4'.  The notes are issued by wholly owned
subsidiaries Modernland Overseas Pte Ltd and Marquee Land Pte Ltd
and guaranteed by Modernland and certain subsidiaries.

The company's core businesses are in developing industrial estates
and residential townships in Cikande Tangerang and East Jakarta,
respectively.

KEY RATING DRIVERS

Low Recurring Income, Volatile Cash Flows: Modernland has the
lowest recurring income among its Indonesian peers in the 'B'
rating category (those rated 'B-', 'B' and 'B+').  In 2013,
recurring EBITDA was only IDR23bn (USD1.95m) or 13% of its
interest expense.  This leaves the company vulnerable to default
should cash flows become volatile and property demand decrease.
The large proportion of industrial property in the company's sales
(2013: 37% of marketing sales) highlights its more volatile cash
flows relative to higher-rated peers because industrial property
is more cyclical than residential sales.  Modernland's volatile
cash flows will continue to constrain its ratings over the medium
term because Fitch does not expect its recurring income to
increase meaningfully and the company has yet to establish a track
record in residential property development.

Execution Risk Reduced: Fitch believes the execution risk at the
Jakarta Garden City project (JGC) has declined after Modernland's
successful new launch following the acquisition of the project
from Keppel Land.  Modernland launched smaller houses, which are
more affordable to middle-class buyers, in contrast to Keppel
Land's previous focus on upscale residential types.  As a result,
200 units launched in May 2014 have been fully sold; and
management plans more launches in September and Nov..  However,
Modernland needs to demonstrate successful execution over a longer
period before Fitch would consider the company as being
diversified in terms of projects and property types.

Low Development Risks: Modernland's rating also reflects cash flow
flexibility and lower development risks because it is able to pre-
sell properties before they are completed.  Indonesian developers
in general benefit from a lenient operating environment in which
they can start pre-selling and generate cash flows without minimum
construction in place.  In Modernland's case, its flagship
developments in Cikande and JGC already have established
infrastructure and require minimal cash flows to generate
presales.  As of June 2014, Modernland had 324 hectares of land
inventory at Cikande and 231 hectares in JGC, sufficient for about
nine and 25 years of development, respectively.

Land Sales Support Liquidity: Modernland's short-term liquidity
profile is largely supported by proceeds from one-off land sales
that will total about IDR2trn for 2014.  In 2013, Modernland sold
170 hectares of land to PT Alam Sutera Realty Tbk (ASRI;
B+/Stable) and 8.5 hectares to PT Aeon Mall Indonesia to develop a
mall in JGC, and in 2Q14 it sold 110 hectares of industrial land
in Cikande to PT SHS International.  ASRI is paying for its land
in installments until 2016, SHS is paying in installments until
1Q15 and Aeon is paying in a one-time amount by end-2014.

Extended Debt Maturity: In August 2014 Modernland issued USD191m
of new notes due in 2019.  The proceeds were primarily used to
refinance existing debts, including 62% of the USD150m notes due
in 2016.  This has substantially reduced refinancing risks in
2016, and allows the company to accumulate cash from development
sales as additional buffers.

Profits Mitigate Currency Risk: About 80% of Modernland's debt is
denominated in US dollars, while the majority of its earnings are
in Indonesian rupiah.  This exposes company to currency risks
primarily in coupon payments because the company plans to hedge
the principal of the notes.  Modernland's healthy margins for its
development property sales mitigate this currency risk.  The
margins are likely to remain high given the favorable long-term
industry outlook and the company's large, low-cost land inventory
that is sufficient for more than five years of development.

RATING SENSITIVITIES

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

   -- Heightened liquidity pressures such as inability to
      refinance maturing debts or cash balance not sufficient to
      cover short-term debts.

   -- Decline in presales/ gross debt to below 40% on a sustained
      basis (2014F: 53%)

No positive rating action is expected in the next 24 months due to
its volatile cash flows and small development scale.
The ratings on the following instruments have also been affirmed:

USD58m senior unsecured notes due in 2016 at 'B'
USD191m senior unsecured notes due in 2019 at 'B'



===============
M A L A Y S I A
===============


MALAYSIA AIRLINES: AirAsia to Hire Axed MAS Employees
-----------------------------------------------------
Bernama reports that low-cost carrier AirAsia Bhd is willing to
take in some of Malaysia Airlines employees following Khazanah
Nasional Bhd's plan to lay off some 6,000 staff under the national
carrier's restructuring plan unveiled more than a week ago.

The 6,000 workers represent about 30 per cent of the total 20,000
workforce in MAS, the report notes.

"AirAsia X and AirAsia are growing, of course we will do the best
to absorb as many as possible and we have been (absorbing MAS
staff) anyway.

"We have grown from 200 employees to 15,000 and a lot of them came
from MAS," the low-cost carrier's Chief Executive Officer Tan Sri
Tony Fernandes told reporters after launching a collaboration
campaign, "Fill Up and Fly Free" with Petronas Dagangan Bhd,
Bernama relays.

According to Bernama, Mr. Tan said the transition of employees
from MAS joining the AirAsia group was healthy due to differing
preferences of airline employees, some of whom might want to work
with low-cost carriers rather than premium airlines.  About
50 per cent of AirAsia's employees were formerly with MAS.

"Some of AirAsia staff have gone to MAS as well and that is
healthy as there are some people wanting low-cost and some wanting
premium airlines," the report quotes Mr. Tan as saying.

Khazanah Nasional, the government's investment arm, was now in
possession of 69.3 per cent of the flagship carrier and would
likely own the entire shareholding in MAS following an offer to
buy the remaining equity at 27 sen per share from minority
shareholders, the report notes.

The restructuring of MAS is expected to cost MYR6 billion, the
report adds.



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


HERBERT INSURANCE: Former Owner Found Guilty on 24 Charges
----------------------------------------------------------
Grant Malcolm Herbert, the former owner and director of insurance
broking firm Herbert Insurance Group Limited (HIG), has been found
guilty of 17 Crimes Act charges and seven Secret Commissions Act
charges following a jury trial in the Auckland District Court. He
has been found not guilty of one Crimes Act charge and one Secret
Commissions Act charge.

Mr. Herbert originally appeared to face charges in May 2012
following a Serious Fraud Office (SFO) investigation into the
failed insurance brokering company.

Between 2005 and March 2011, Mr. Herbert received premiums from
clients but failed to forward approximately NZ$2.5 million of this
to insurers, in some cases leaving the customers uninsured. He
diverted this money to pay operating expenses for HIG.

Mr. Herbert was found guilty of a number of corruption offences in
relation to giving an employee of an insured customer secret
commissions for referring insurance business to HIG. That employee
was Christopher David Green, a Commercial Property Manager at a
home supply company. Mr. Green previously entered guilty pleas to
receiving secret commissions and was sentenced to five months'
home detention in June 2013. The home supply company was
overcharged approximately NZ$220,000 for its insurance. This was
split unevenly between Mr. Herbert and Mr. Green.

Prior to the trial Mr. Herbert pleaded guilty to using a forged
document in relation to obtaining a credit facility in the sum of
NZ$250,000.

SFO Director, Julie Read said, "Mr. Herbert breached the
confidence and trust of both the insurers he worked with and his
clients, many of whom were exposed to potentially significant
losses when they were misled by Mr. Herbert into believing they
were insured. The offending Mr. Herbert engaged in undermines the
insurance broking industry and the insurance industry itself,
which is largely based on trust. Fortunately Mr. Herbert had very
limited involvement in brokering insurance for Christchurch
clients who are currently a priority focus of the insurance
industry."

Mr. Herbert was remanded on bail and will be sentenced on
Oct. 16, 2014.

Herbert Insurance Group Limited was placed in receivership on
March 7, 2011, following an attempt to voluntarily liquidate the
company and sell assets. HIG had approximately 4,000 clients
throughout New Zealand.  Receivers Korda Mentha advised in
March 2011 that they sold Herbert Insurance Group's client base
to Aon New Zealand, one of the world's largest insurance brokers.

The SFO opened its investigation into HIG on March 10, 2011.



=====================
P H I L I P P I N E S
=====================


LEPANTO CERAMICS: Exits Court-Assisted Rehabilitation
-----------------------------------------------------
Daphne J. Magturo at BusinessWorld Online reports that Lepanto
Ceramics, Inc., one of the last remaining tile manufacturers in
the Philippines, said it exited court-assisted rehabilitation
after successfully restoring solvency.

Lepanto, an indirect subsidiary of listed Prime Orion Philippines,
Inc., filed a petition for rehabilitation at the Regional Trial
Court of Calamba in December 2011 "to arrest its continuing
financial losses for the past several years and to enable it to
eventually meet its financial obligations to its creditors,"
according to BusinessWorld.

BusinessWorld relates that in a disclosure to the stock exchange,
Prime Orion said the court declared Lepanto's rehabilitation as
"successful." The court order dated Aug. 28 also granted the
company's motion for termination of rehabilitation proceedings,
the report relates.

According to the report, Lepanto's earlier petition for
rehabilitation was based on the Financial Rehabilitation and
Insolvency Act of 2010, which requires the government must help
financially distressed enterprises and individuals rehabilitate or
liquidate their assets and properties, with the a view to ensure
or maintain certainly and predictability in commercial affairs.

In 2012, the company saw its net loss widen to PHP62.2 million
from PHP50.6 million a year earlier, on the back of higher
production costs connected to rising prices for power and fuel, as
well as a decline in sales volume, the report recalls.

Its parent firm Prime Orion has interests in real estate and
property development, manufacturing, and financial services, among
others.

Lepanto Ceramics, Inc., formerly known as Guoco Ceramics, Inc.,
manufactures ceramic floor and wall tiles for residential,
commercial and industrial projects in the Philippines, carrying
the brand Lepanto Tiles.  LCI is a subsidiary of publicly listed
Prime Orion Philippines Inc.



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


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

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

AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***