TCRAP_Public/141003.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, October 3, 2014, Vol. 17, No. 196


                            Headlines


A U S T R A L I A

AMALCO INTERNATIONAL: In Administration; First Meeting Set Oct 14
FIVE ISLANDS: Recreation Club Sold for More Than AUD1 Million
QUEANBEYAN BOWLING: Placed Into Voluntary Administration
REGIONAL GROUP: In Administration; First Meeting Set For Oct. 13
WASTE HANDLING: In Administration; First Meeting Set for Oct. 10


C H I N A

CHINA RONGSHENG: Taps Independent Valuer; Mulls Restructuring
KU6 MEDIA: Incurs RMB33-Mil. Net Loss for Second Quarter


I N D I A

ACTION ISPAT: CARE Revises Rating on INR73.5cr Bank Loan to 'B+'
ANIL KUMAR: CARE Assigns B+ Rating to INR3cr Long Term Bank Loan
BAGPOLY INTERNATIONAL: ICRA Reaffirms B+ Rating on INR2.9cr Loan
CHILLIES EXPORT: CRISIL Cuts Rating on INR12MM Cash Credit to B-
ELITE PROPERTIES: CRISIL Ups Rating on INR100MM Cash Loan to B+

G.D. MOTORS: CRISIL Rates INR81MM Inventory Funding Loan at B+
GAURAV BHARTI: CRISIL Cuts Rating on INR100MM Term Loan to D
GOYUM SCREW: CRISIL Assigns 'B' Rating to INR50MM Bank Loan
KINGFISHER AIRLINES: Mallya Get Respite from Wilful Defaulter Tag
LAMER POWER: CARE Assigns B- Rating to INR8.43cr Bank Facilities

M. R. CHAINS: ICRA Suspends B- Rating on INR50cr Bank Limits
MAA MAHAMAYA: ICRA Revises Rating on INR374.57cr Fund Based Loan
MZ FOOD: CRISIL Assigns 'B-' Rating to INR59MM Term Loan
O.M.S. TAMARIND: CRISIL Assigns B Rating to INR55MM Cash Credit
POWER WELFARE: CRISIL Lowers Rating on INR300MM Cash Credit to D

PRACHI INDIA: CRISIL Reaffirms 'B' Rating on INR85MM Cash Credit
PRAKASH JHA: CRISIL Assigns 'B+' Rating to INR100MM Cash Credit
RADHA INDUSTRIES: CRISIL Ups Rating on INR40MM Cash Credit to B+
RADHEY SHYAM: CRISIL Assigns B+ Rating to INR5MM Cash Credit
RATAN GHEE: ICRA Assigns B+ Rating to INR7.0cr Fund Based Loan

SAI MACHINE: CRISIL Assigns 'B-' Rating to INR50MM Cash Credit
SHREEJEE SAREES: CRISIL Assigns B+ Rating to INR70MM Cash Credit
SOLARIUM CERAMIC: CRISIL Assigns 'B' Rating to INR71MM Term Loan
SUPREME COT: CARE Assigns 'B+' Rating to INR22.49cr Bank Loan
SURANA CONSTRUCTION: CARE Reaffirms B+ Rating on INR5cr Bank Loan

TORNADO MOTORS: CRISIL Assigns B+ Rating to INR170MM Cash Credit
TRACK INNOVATIONS: ICRA Reaffirms 'B' INR15cr Capital Loan Rating
TRIVANDRUM APOLLO: CRISIL Assigns B Rating to INR100MM Term Loan
VANNSH LIFE: CRISIL Assigns 'B' Rating to INR180MM Bank Loan
VEEKAY SMELTERS: ICRA Suspends B+ Rating on INR7cr Bank Loan


J A P A N

CAFES 1 TRUST: Fitch Affirms 'Bsf' Rating on 2 Classes of Notes


M A L A Y S I A

REDTONE INT'L: Auditors Raise Alarm on MYR15.6MM Receivables


N E W  Z E A L A N D

DONAGHYS INDUSTRIES: To Slash Almost 50% Workforce
MAINZEAL PROPERTY: Liquidator Gets $151.3MM Creditor Claims


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


AMALCO INTERNATIONAL: In Administration; First Meeting Set Oct 14
-----------------------------------------------------------------
Randall Joubert of Joubert Insolvency was appointed as
administrator of Amalco International Pty Limited on
Oct. 1, 2014.

A first meeting of the creditors of the Company will be held at
the offices of Joubert Insolvency, Level 1, 5 Elizabeth Street, in
Sydney, on Oct. 14, 2014, at 11:00 a.m.


FIVE ISLANDS: Recreation Club Sold for More Than AUD1 Million
-------------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the Five Islands
Recreation Club has been purchased by developers for more than
AUD1 million.

According to the report, the club went into administration owing
hundreds of thousands of dollars to its creditors.

Dissolve.com.au relates that administrators Graeme Beattie --
graeme.beattie@worrells.net.au -- noted that in August, a Deed of
Company Agreement was signed and part of such agreement was to
sell the club's property.


QUEANBEYAN BOWLING: Placed Into Voluntary Administration
--------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the Queanbeyan
Bowling Club Ltd has entered voluntary administration.
Timothy Gumbleton -- tim.gumbleton@rsmi.com.au -- and
Andrew Bowcher -- andrew.bowcher@rsmi.com.au -- of RSM Bird
Cameron have been appointed as administrators of the club.

Dissolve.com.au relates that the club has assets worth more than
AUD6 million including a house, greens and clubhouse.


REGIONAL GROUP: In Administration; First Meeting Set For Oct. 13
----------------------------------------------------------------
Daniel I Cvitanovic of DCW Insolvency Management was appointed as
administrator of Regional Group Holdings Pty Ltd, trading as Metal
Cycle, on Sept. 30, 2014.

A first meeting of the creditors of the Company will be held at
the Offices of DCW Insolvency Management, Suite 1, 151 Tongarra
Road, in Albion Park, New South Wales, on Oct. 13, 2014, at
11:00 a.m.


WASTE HANDLING: In Administration; First Meeting Set for Oct. 10
----------------------------------------------------------------
Gavin Charles Morton -- gavin@mortonssolvency.com.au -- of
Morton's Solvency Accountants was appointed as administrators of
Waste Handling Products Pty Ltd, trading as Swiftco Truck Bodies,
and Gold Coast Truck Bodies Pty, formerly known as "Swiftco Truck
Bodies Pty Ltd, on Sept. 29, 2014.

A first meeting of the creditors of the Company will be held at
Morton's Solvency Accountants, Level 1, 87 Wickham Terrace, in
Brisbane, Queensland, on Oct. 10, 2014, at 10:30 a.m. and
11:00 a.m., respectively.



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


CHINA RONGSHENG: Taps Independent Valuer; Mulls Restructuring
-------------------------------------------------------------
Jing Yang at The South China Morning Post reports that China
Rongsheng Heavy Industries said it had appointed an independent
valuer to assess the assets held at its main production base in
Jiangsu province, in a step towards the potential restructuring of
the mainland's biggest privately owned shipbuilder.

The report relates that Rongsheng said in a Hong Kong stock market
filing on October 29 that the asset appraisal would form the basis
for a potential restructuring at its main shipyard in Rugao City,
Jiangsu, and the process would be completed by the end of June
2015.

"The objectives of the potential restructuring are to improve the
overall financial position of the group," a company statement
said, the report relays. The statement added that the firm will
ask the government for assistance in starting talks "with
independent third parties on the investment and restructuring" of
the firm, says SCMP.

Trading in Rongsheng has been suspended since August 29, the
report notes.  According to the report, the firm said it will
remain suspended until further notice to ensure "fair disclosure"
of any decision by the company.

The report says Rongsheng has been struggling over the last two
years as the shipping industry slumped due to sharp falls in
freight rates and a glut in vessels.  The report notes that
Rongsheng also had a record of frequently delaying projects such
as the construction of Valemax ships, the giant iron ore carriers
ordered by Brazilian miner Vale.

According to the report, mainland media reported in late August
that Rongsheng was in talks to be taken over by Shanghai
Waigaoqiao Shipbuilding (SWS), a subsidiary of state-owned China
State Shipbuilding Corp. Both companies declined to comment on the
reports, SCMP notes.  An SWS executive, who asked not to be named,
told the South China Morning Post that the matter was in the hands
of the provincial Jiangsu government.

China Rongsheng Heavy Industries Group Holdings Limited (HKG:1101)
-- http://en.rshi.cn/-- is an investment holding company.  The
Company is engaged in the businesses of shipbuilding, marine
engine building, offshore engineering and engineering machinery
focusing on oil and gas related customers and markets. The Company
operates in four segments: shipbuilding, offshore engineering,
engineering machinery and marine engine building. It manufactures
a variety of vessels for international and domestic customers at
its shipyard in Nantong. Its offshore engineering segment involves
in the manufacturing of development units, production units and
offshore support vessels for the offshore oil and gas industry. It
operates its marine engine building business through Hefei Rongan
Power Machinery Co. Ltd. On Sept. 11, 2014, it acquired 60%
interest in Kyrgyzstan Project.


KU6 MEDIA: Incurs RMB33-Mil. Net Loss for Second Quarter
--------------------------------------------------------
Ku6 Media Co., Ltd., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 6-K, disclosing a net loss
of US$5.34 million (RMB33.15 million) on US$696,000 (RMB4.32
million) of total revenues for the three months ended June 30,
2014, compared to a net loss of US$2.54 million on US$3.42 million
of total revenues for the same period in 2013.

The Company's balance sheet at June 30, 2014, showed $5.83 million
(RMB36.19 million) in total assets, $9.4 million (RMB58.34
million) in total liabilities and total stockholders' deficit of
$3.57 million (RMB22.15 million).

According to the regulatory filing, substantial doubt exists as to
the Company's ability to continue as a going concern, primarily
due to (1) severely lower than expected revenues and cash flows
from Shengyue and Qinhe; (2) continuous net operating cash
outflows; and (3) uncertainties as to the availability and timing
of additional financing with terms acceptable to the Company.

A copy of the Form 6-K is available at:

                       http://is.gd/M3kwUe

                    About Ku6 Media Co., Ltd.

Ku6 Media Co., Ltd. -- http://ir.ku6.com-- is an Internet video
company in China focused on User-Generated Content.  Through its
premier online brand and online video website,  www.ku6.com , Ku6
Media provides online video uploading and sharing service, video
reports, information and entertainment in China.



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


ACTION ISPAT: CARE Revises Rating on INR73.5cr Bank Loan to 'B+'
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Action
Ispat And Power Pvt Ltd.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities   73.50       CARE B+ Revised
                                           from CARE B-

Rating Rationale

The revision in the ratings of the bank facilities of Action Ispat
and Power Private Limited takes into account the improvement in
the company's operational performance with higher capacity
utilisation and satisfactory progress reported by it on the
projects under execution. The ratings continue to be constrained
by the company's weak financial risk profile, its exposure to raw
material price volatility and the cyclicality inherent in the
steel industry. The rating takes note of the long track record of
operations of the company and strategic location of its plant
coupled with its long-term contract with Mahanadi Coalfields
Limited for the supply of coal.

Going forward AIPPL's ability to achieve the envisaged capacity
utilization levels and meet its revenue and profitability
estimates shall remain the key rating sensitivities.

AIPPL was incorporated in July 2004 by Mr Nand Kishore Aggarwal
and Mr Naresh Aggarwal. AIPPL is a part of the Action
group which has interests in diverse business activities like
footwear, chemicals and plastics, computer peripherals, power
back-up devices, batteries, housing projects, healthcare and
steel. The company is currently engaged in the manufacturing of
sponge iron and billets. AIPPL has its manufacturing facilities
located in Jharsuguda, Orissa, with a capacity of 245,000 MTPA of
Sponge Iron, 347,760 MTPA of Billets, 594,000 MTPA of coal
washery, 14,250 MTPA of Ferro Alloy and 80 MW power generation
capacity (16MW on waste heat-recovery based technology and 64MW
coal-based).

The company is also engaged in the export of billets to Nepal
comprising about 40.27% of net sales in FY14 (refers to the
period April 1 to March 31- PY 8.1%). In FY14, AIPPL reported
PBILDT of INR22.93 crore and net loss of INR55.15 crore on a total
operating income of INR304.74 crore. As per the unaudited results
for Q1FY15 (refers to the period April 1 to June 30), AIPPL
reported a PBILDT of INR17.39 crore on a total operating income of
INR154.52 crore.


ANIL KUMAR: CARE Assigns B+ Rating to INR3cr Long Term Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Anil Kumar Goel.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Long-term Bank Facilities     3        CARE B+ Assigned

   Long-term/Short-term Bank     7        CARE B+/CARE A4
   Facilities                             Assigned

Rating Rationale

The ratings assigned to the bank facilities of Anil Kumar Goel are
primarily constrained by its small and fluctuating scale of
operations with low net-worth base, working capital intensive
nature of operations, leveraged capital structure and client
concentration risk. The ratings are further constrained by its
constitution being a proprietorship firm and presence in a highly
competitive industry.

The ratings, however, draw comfort from the experienced proprietor
and long track record of operations of the firm.  Going forward,
AKG's ability to execute the contracts within the envisaged time
and cost, increase its scale of operations while improving
profitability margins and to improve its capital structure shall
be the key rating sensitivities.

Anil Kumar Goel is a proprietorship firm established in 1984 by Mr
Anil Kumar Goel. The firm is engaged in executing contracts for
the construction of buildings and roads for New Okhla Industrial
Development (NOIDA) Authority in Uttar Pradesh region. The firm is
accredited as 'A+' contractor by the NOIDA authority. AKG gets the
contracts through competitive bidding process (tender basis) and
procures raw material such as sand, cement and other construction
materials from the dealers and distributors based in Uttar
Pradesh, Haryana, Gujrat, Rajasthan and Delhi.

During FY13 (refers to the period April 1 to March 31), AKG
achieved a total operating income of INR29.30 crore with a
PAT of INR0.89 crore. During FY14, based on the provisional
results, the firm has achieved a total operating income of
INR75 crore with PAT of INR0.76 crore.


BAGPOLY INTERNATIONAL: ICRA Reaffirms B+ Rating on INR2.9cr Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR2.90
crore fund-based facilities and short-term rating of [ICRA]A4 to
the INR5.60 crore non-fund based facilities of Bagpoly
International Private Limited. ICRA also has ratings of [ICRA]B+
and [ICRA]A4 outstanding for the INR24.50 crore bank facilities of
BIPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund        2.90         [ICRA]B+ Reaffirmed
   Based Facilities

   Short-Term Non        5.60         [ICRA]A4 Reaffirmed
   Fund Based Limits

The assigned ratings continue to take into account the company's
stretched liquidity position which is on account of modest
accruals, given the low profitability and working capital
intensive nature of operations. The moderate scale of company's
operations in a fragmented industry with limited entry barriers
and limited product differentiation along with limited bargaining
power with the suppliers, who are mostly large suppliers with
dominant market position, results in low profitability for the
company as reflected in OPM of ~3.5% and NPM of ~0.6%. The working
capital intensity of the company is high as reflected in NWC/OI of
28% as on March-14, owing to maintenance of high levels of raw-
material stock which is typically purchased immediately on receipt
of orders to minimize price risk, given the absence of price
escalation clause, and long receivable cycle with full payment
received only after delivery and testing of the finished products.
Moreover, only a limited proportion of receivables is funded out
of working capital borrowings from banks as most of the receivable
of the company are for duration more than that eligible for
drawing of the working capital limits, resulting in reliance on
unsecured loans from promoters' group/known parties to fund the
working capital needs. In addition to the working capital funding,
the company has also funded a significant proportion of the
capital expenditure (capex), including the entire capex in FY 2014
towards capacity addition and modernization, from these unsecured
loans which constituted ~54% of total borrowings as on Mar-14.
Owing to high working capital requirements, limited funding for
working capital and consistent reliance on unsecured loans, the
liquidity of the company remained stretched as reflected in high
utilization of working capital limits and high levels of payables
with TOL/TNW at 5.05 times as on March 2014. The high dependence
on borrowing, both for working capital and capex has kept the
leverage high with gearing of around 2.7x as on Mar-14 which along
with low profitability resulted in weak debt coverage indicators
as reflected in NCA / Total Debt of 6% and Total Debt / OPBDITA of
8.4x for FY 2014. The rating however continues to favourably take
into account the satisfactory track record of the company in the
polywoven fabric/sack industry and its established clientele base
comprising of Government departments and private end users.
Going forward, the ability of the company to improve its
profitability and liquidity position while increasing its scale of
operations; would remain the key rating sensitivities.

Bagpoly International Private Limited was established in October
1994 and is promoted by Mr. Ved Prakash Mittal and his family
members. The company is engaged in manufacturing of HDPE/LDPE/PP
woven fabrics and bags, tarpaulins and covers. The manufactured
products find utility as industrial packaging materials for
fertilizers, cement, sugar, food grains, chemicals etc. The
company is having manufacturing facilities at Panipat (Haryana),
Kala Amb (Himachal Pradesh) and Alipur Khalsa (Haryana) with total
annual installed capacity of around 7,000 tonnes of HDPE and 9,500
tonnes tonnes of LDPE.


CHILLIES EXPORT: CRISIL Cuts Rating on INR12MM Cash Credit to B-
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Chillies Export House Ltd to 'CRISIL B-/Stable' from 'CRISIL
B/Stable' and reaffirmed its rating on the company's short-term
facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             12        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Export Packing          37.5      CRISIL A4 (Reaffirmed)
   Credit

   Foreign Bill            22.5      CRISIL A4 (Reaffirmed)
   Negotiation

   Proposed Long Term       8.0      CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that CEHL's business
risk profile would continue to remain weak over the medium term.
CEHL's revenue declined to around INR50 million in 2013-14 (refers
to financial year, April 1 to March 31) as compared with INR142
million in 2012-13 as the company's manufacturing facility was
defunct for the major part of the year.

CRISIL believes that CEHL's revenue will remain low as the
operations in the manufacturing facility are yet to resume.

The ratings reflect CEHL's modest scale of operations in an
intensely competitive industry, high exposure to group companies,
and weak debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of CEHL's
promoter.

Outlook: Stable

CRISIL believes that CEHL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company registers
significant improvement in its financial risk profile, most likely
driven by better-than-expected cash accruals, reduction in loans
and advances to group companies, and efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
if its financial risk profile weakens, most likely on account of
lower-than-expected cash accruals or larger-than-expected working
capital requirements or debt-funded capital expenditure, or if the
company extends more-than-expected loans and advances to its group
companies.

CEHL, incorporated in 1963, is promoted by Mr. AV Karunanidhi. The
company processes chilli powder, stemless chillies, and
oleoresins.


ELITE PROPERTIES: CRISIL Ups Rating on INR100MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Elite Properties to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Cash          100       CRISIL B+/Stable (Upgraded
   Credit Limit                     from 'CRISIL B/Stable')

   Proposed Long Term      90       CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan               10       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects EP's substantial accruals backed by
significant increase in revenues in 2013-14 (refers to financial
year, April 1 to March 31). With taking over operations of the
food, games, multiplex, and other entertainment sections in its
mall which was earlier outsourced and supported by the increase in
footfall, the firm's revenues increased four-fold to INR43 million
in 2013-14. The firm reported operating margin of close to 40 per
cent and accruals of around INR30 million for the year. With
footfall expected to improve, EP's accruals are expected to
sustain over the medium term.

The rating reflects EP's exposure to geographic and client
concentration risks, susceptibility to cyclicality in the real
estate industry, and exposure to risks related to significant
investment in associate concerns. These rating weaknesses are
partially offset by EP's above-average financial risk profile
marked by comfortable capital structure and adequate debt
protection metrics, its promoters' extensive experience in the
real estate sector, and the funding support it receives from them.

Outlook: Stable

CRISIL believes that EP will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if EP generates sizeable cash
flows, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if EP's cash
flow from operations are significantly below expectation, or it
extends significant additional advances to its associates
impinging its own cash flows leading to deterioration in its
financial risk profile and liquidity.

EP is a partnership firm established in 2006 by Mr. Pramod Patil
and his family members. The firm owns and operates the Elite-Orbit
Mall in Amravati (Maharashtra). The mall was opened to the public
in May 2010 and is built over about 85,000 square feet. EP is part
of the Elite group, promoted by the Patil family, which has been
engaged in real estate development in Maharashtra for more than
two decades.


G.D. MOTORS: CRISIL Rates INR81MM Inventory Funding Loan at B+
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of G.D. Motors.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Inventory Funding        81       CRISIL B+/Stable
   Facility

The rating reflects GDM's weak financial risk profile, marked by a
small net worth, high total outside liabilities to tangible net
worth ratio, and a weak interest coverage ratio. The rating also
factors in the firm's small scale of operations and exposure to
intense competition in the automotive dealership business. These
rating weaknesses are partially offset by GDM's moderate business
risk profile marked by its comfortable relations with principal.

For arriving at the rating, CRISIL has treated INR20 million of
unsecured loans extended by GDM's partners and their relatives to
the firm as neither debt nor equity. This is based on a specific
undertaking from the management stating that these loans will not
be withdrawn from the business for next three years.

Outlook: Stable

CRISIL believes that GDM will benefit over the medium term from
its comfortable relationship with Mahindra and Mahindra Ltd (M&M).
The outlook may be revised to 'Positive' in case of higher-than-
expected accruals or infusion of substantial capital by the
promoters, leading to improvement in GDM's financial risk profile,
particularly capital structure and liquidity. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected accruals or if the firm's working capital cycle weakens
or if it undertakes any large debt-funded capital expenditure
programme, leading to further deterioration in its overall
financial risk profile especially liquidity.

GDM, established in 2010 by the Assam-based More family, is an
authorised dealer of M&M for sale of its entire range of three-
wheelers, passenger cars, and light commercial vehicles in two
districts, Naogaon and Moregaon, of Assam. GDM commenced
commercial operations in January 2012. The firm is equally owned
by Mr. Abhishek More and his uncle, Mr. Santosh Kr More.


GAURAV BHARTI: CRISIL Cuts Rating on INR100MM Term Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Gaurav Bharti Shiksha Sansthan to 'CRISIL D' from 'CRISIL
B/Stable'. The rating downgrade reflects the delay by GBSS in
servicing its term debt; the delay was caused by the society's
weak liquidity, driven by delay in completion of construction of
the new building for its engineering college.

                       Amount
   Facilities         (INR Mln)        Ratings
   ----------         ---------        -------
   Term Loan              100          CRISIL D (Downgraded from
                                       'CRISIL B/Stable')

GBSS also has a small scale of operations and low profitability,
and is exposed to regulatory risks associated with educational
institutions. Furthermore, the society's financial risk profile is
expected to deteriorate over the medium term because of its large
ongoing debt-funded capital expenditure. However, GBSS benefits
from the extensive experience of its trustees in managing
educational institutions and the healthy demand prospects for the
education sector.

GBSS was established in 1994 by Mr. S Gurcharan Singh. The trust
runs the Sardar Bhagwan Singh (PG) Institute of Biomedical
Sciences & Research. The institute, recognized by the All India
Council of Technical Education, is located at Balawala, Dehradun
(Uttarakhand). The trust is in the process of opening an
engineering college.


GOYUM SCREW: CRISIL Assigns 'B' Rating to INR50MM Bank Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Goyum Screw Press (GSP; part of the Goyum
group).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Packing Credit in      70         CRISIL A4
   Foreign Currency

   Proposed Long Term     50         CRISIL B/Stable
   Bank Loan Facility

The ratings reflect the Goyum group's weak financial risk profile,
large working capital requirements, small scale of operations, and
limited pricing power because of intense competition in the oil
mill machinery industry. These ratings weaknesses are partially
offset by its promoters' extensive industry experience.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GSP and Goyum Technical Holdings Pvt
Ltd (GTPL), together referred to as the Goyum group. GSP and GTPL
have common management, share the Goyum brand, and cross sell
products to customers.

Outlook: Stable

CRISIL believes that the Goyum group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case of a substantial
ramp-up in the group's operations and improvement in its operating
margin leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
group's scale of operations and margins come under pressure, or if
it undertakes a large debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

GSP, set up in 2005 as a proprietorship concern, manufactures oil
mill machinery for oil and solvent extraction units. GSP is a 100
per cent export oriented unit (EOU) and sells machinery under the
Goyum brand. It is based in Ludhiana (Punjab) and is managed by
Mr. Vinod Jain.

GTPL was set up as a partnership firm in 2005 and was
reconstituted as a private limited company in 2010. It
manufactures and trades in oil mill machinery. It is also a 100
per cent EOU based in Ludhiana and is managed by Mr. Vinod Jain
and Mr. Harbhajan Singh.

GSP reported net profit and net sales of INR3.6 million and INR542
million, respectively, for 2013-14 (refers to financial year,
April 1 to March 31); the firm reported net profit of INR4.2
million on net sales of INR207 million for 2012-13.


KINGFISHER AIRLINES: Mallya Get Respite from Wilful Defaulter Tag
-----------------------------------------------------------------
The Times of India reports that UB group chairman Vijay Mallya has
been granted a temporary respite from the wilful defaulter status
tag from the United Bank of India.  The report relates that
Kingfisher Airlines Ltd. on September 27 said that it has secured
a stay from the Calcutta high court on the decision of the
grievance redressal committee of UBI which had earlier declared
the airline and its directors (including erstwhile directors) as
wilful defaulters.

The report relates that a statement from the airline said that the
bank has been directed to file its affidavit-in-opposition by Nov.
3, 2014 and the petitioners have been directed to file their reply
one week thereafter. The next date of hearing has been fixed for
Nov. 10, 2014.

Commenting on the stay granted by the hon'ble Calcutta high court,
Prakash Mirpuri, vice president-Corporate Communications,
Kingfisher Airlines said, "We had earlier stated that we would
legally challenge the wrongful decision of United Bank of India
and that we have great faith in the judiciary in our country. We
will legally defend our position on all allegations going
forward," TOI relays.

Bankers said that earlier norms allowed a bank to declare a
defaulter as a wilful one only if they could prove that the
company did not pay despite having funds or if funds were diverted
from the company, according to the report.

Subsequent to Kingfisher Airlines default Reserve Bank of India
has tightened norms to enable banks proceed against guarantors (in
most cases the promoters) simultaneously along with the borrower.
But the norms are applicable only with prospective effect, the
report states.

According to the report, Kingfisher Airlines along with its
directors/erstwhile directors had filed a writ petition in the
hon'ble Calcutta high court (Writ Petition No. 942 of 2014)
against the United Bank of India and others, challenging the
constitutional validity of the RBI Master Circular on Wilful
Defaulters as well as challenging the ex-parte decision of the
grievance redressal committee constituted by United Bank of India
declaring the petitioners wilful defaulters.

The report relates that the airline said that the matter was
listed for hearing on Sept. 26, 2014, before his lordship the
hon'ble justice Debangsu Basak. "After hearing counsel for the
petitioners and the bank, his lordship passed an order in which
his lordship has held that, prima facie, the bank acted in breach
of the principles of natural justice by not making over the
documents referred to and relied upon by the bank to KFA prior to
the hearing, and thus, not enabling KFA to make an effective
representation against the charges/allegations made against them
in relation to being declared wilful defaulters," the statement,
as cited by TOI, said.

Accordingly, his lordship was pleased to grant a stay on the
decision of the grievance redressal committee constituted by
United Bank of India declaring the petitioners wilful defaulters
till Nov. 24, 2014, the report adds.

                    About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on Jan. 27, 2014, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past six years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile.

For 2012-13 (refers to financial year, April 1 to March 31),
KFAL reported a net loss of INR83.5 billion (INR23.3 billion for
2011-12) on net sales of INR5 billion (INR54.85 billion). For the
six months ended September 30, 2013, it reported a net loss of
INR18.72 billion (INR14.04 billion for the corresponding period
of 2012-13) on net revenues of INR0.0 (INR5.01 billion).


LAMER POWER: CARE Assigns B- Rating to INR8.43cr Bank Facilities
----------------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to bank facilities of
Lamer Power and Infrastructures Private Limited.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Long term Bank Facilities   8.43      CARE B- Assigned

   Long-term/Short-term        2.50      CARE B-/CARE A4 Assigned
   Bank Facilities

Rating Rationale

The ratings assigned to the bank facilities of Lamer Power and
Infrastructures Private Limited are primarily constrained by its
short track record of operations, limited experience of the
promoters in the manufacturing of electrical equipments coupled
with weak financial risk profile characterized by losses in recent
years, leveraged capital structure, weak debt service coverage
indicators and working capital intensive nature of operations. The
ratings are further constrained by susceptibility of its margins
to fluctuation in raw material prices and currency rates and its
presence in a highly fragmented industry resulting in intense
competition. The ratings, however, draw comfort from the favorable
location of its manufacturing facility.

Going forward, the ability of the company to achieve its envisaged
performance with effective management of working capital shall be
the key rating sensitivities.

Lamer Power and Infrastructures Private Limited was incorporated
by Mr Jugal Kishore Jain and Ms Sarita Jain in 2011. The company
commenced its commercial production from August 2012. The company
is engaged in the manufacturing of electrical equipments viz
insulators, isolators, lightning arrester, drop-out fuse and Gang
Operated Air Break (GOAB) switch. The company has its
manufacturing facilities set up at Samba, Jammu & Kashmir.

The key raw materials used in manufacturing of the products are
silicon rubber, glass wool and resins. Silicon rubber is imported
from Germany and China and constitutes around 50% of purchase cost
and other raw materials are procured domestically from Hyderabad,
Mumbai and Delhi. LPI's products find applications in power
transmission and distribution industry. The company gets order
through competitive bidding process.

During FY13 (refers to the period April 1 to March 31), LPI
reported total operating income of INR5.45 crore with net loss
of INR4.56 crore as against total operating income of INR12.65
crore with net loss of INR1.80 crore for FY14 (provisional). As
per the provisional results, LPI achieved turnover of INR2.17
crore for Q1FY15.


M. R. CHAINS: ICRA Suspends B- Rating on INR50cr Bank Limits
------------------------------------------------------------
ICRA has suspended '[ICRA]B-' rating assigned to the INR50 crore
bank limits of M. R. Chains Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


MAA MAHAMAYA: ICRA Revises Rating on INR374.57cr Fund Based Loan
----------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR374.57 crore
(enhanced from INR244.78 crore) fund based limits from [ICRA]D to
[ICRA]C and revised the short term rating assigned to INR25.55
crore (reduced from INR34.61 crore) non fund based limits of Maa
Mahamaya Industries Limited from [ICRA]D to [ICRA]A4. ICRA has
also revised the ratings assigned to INR54.88 crore (enhanced from
INR10.61 crore) unallocated limits of MMIL to [ICRA]C/[ICRA]A4.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based limits       374.57      [ICRA]C revised
   Non Fund based limits    25.55      [ICRA]A4 revised
   Unallocated limits       54.88      [ICRA]C/[ICRA]A4 revised

The revision in ratings takes into consideration regularization of
debt repayment post the restructuring of MMIL's debt under
Corporate Debt Restructuring (CDR) package in October 2013. The
company had approached the CDR cell in October 2012 owing to
operational losses incurred in FY2012 & FY2013 following input
price hike specifically iron ore and coal and inability of the
company to pass on such input price hike to end consumers owing to
weak demand outlook for steel products. The ratings are
constrained by deteriorated financial profile with erosion of net
worth owing to losses in FY2013 & FY2014 resulting in gearing of
36.45 times as on 31st March 2014 and weak interest coverage of
0.20 times in FY2014. The ratings are further constrained by
volatility in raw material price and cyclical nature of steel
industry exposing the company to fluctuation in cash flows; and
stretched liquidity profile owing to delay in realization from the
customers and huge stock of non moving inventory due to sluggish
demand. The ratings however favourably factor in the long track
record of promoter in the steel industry; well established brand
in coastal Andhra Pradesh; and assured raw material supply through
long term contract with NMDC and MCL. ICRA also takes note of
integrated steel plant with presence of captive power plant
providing uninterrupted power supply given the adverse power
supply situation in Andhra Pradesh.

Going forward MMIL's ability to scale up its production, stabilise
its operations and tying up of requisite working capital funds
remain critical. Further, servicing of its debt obligation in
timely manner is the key rating sensitivity from credit
perspective.

Incorporated in 2007, Maa Mahamaya Industries Limited (MMIL) is
promoted by Mr. Ashok Kumar Agarwal & Ms. Anita Agarwal. MMIL is
an integrated steel manufacturer based out of Vishakhapatnam with
an installed capacity of 112,000 MT of sponge iron, 125,000 MT of
billets, 100,000 MT of TMT bars per annum and 20MW captive coal
power plant. The company sells the TMT bars under the brand name
MANGAL.

Recent Results
As per FY2014 provisional financial, the company recorded
INR168.15 crore of operating Income and PAT of INR-38.73 crore
against INR295.22 crore of operating Income and PAT of INR-98.68
crore in FY2013.


MZ FOOD: CRISIL Assigns 'B-' Rating to INR59MM Term Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of MZ Food Products Pvt Ltd.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan                59          CRISIL B-/Stable

   Proposed Long Term       26          CRISIL B-/Stable
   Bank Loan Facility

   Cash Credit              32          CRISIL B-/Stable

   Packing Credit            8          CRISIL A4

The ratings reflect MZFPPL's modest scale of operations in the
highly competitive food processing industry, below-average
financial risk profile marked by high gearing and average debt
protection metrics, and large working capital requirements. These
rating weaknesses are partially offset by the extensive industry
experience of the company's promoters.

Outlook: Stable

CRISIL believes that MZFPPL will benefit over the medium term from
its promoters' experience in the food processing industry. The
outlook may be revised to 'Positive' if MZFPPL scales up
operations while maintaining its profitability, leading to larger-
than-expected cash accruals, or improves its working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of low accruals because of reduced order flow or
profitability, or weakening of financial risk profile, most likely
because of stretch in working capital cycle or substantial debt-
funded capital expenditure.

Incorporated in 2011, MZFPPL is promoted by Anand (Gujarat)-based
Mr. Nirav Patel and his family members. MZFPPL is engaged in
processing of frozen vegetables such as carrots, baby corn,
broccoli florets, diced onions, and potatoes, and frozen fruits
such as sliced bananas, mangoes, and pomegranates.


O.M.S. TAMARIND: CRISIL Assigns B Rating to INR55MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of O.M.S. Tamarind Merchants Pvt Ltd.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Standby Line of Credit      2        CRISIL B/Stable

   Cash Credit                55        CRISIL B/Stable

   Proposed Long Term         23        CRISIL B/Stable
   Bank Loan Facility

The ratings reflect OMS's below-average financial risk profile
marked by high total outside liabilities to tangible net worth
ratio and its modest scale of operations. These rating weaknesses
are partially offset by the promoters' extensive experience in the
trading segment.

Outlook: Stable

CRISIL believes that OMS will continue to benefit from its
promoters' extensive experience in the industry. The outlook may
be revised to 'Positive' in case OMS registers sizeable cash
accruals leading to improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
considerably low sales or profitability, or elongation in working
capital cycle leading to further weakening of its financial risk
profile.

Set up in 1950, and based out of Chennai (Tamil Nadu) OMS is
involved in trading of tamarind, pulses, edible oil, sugar and
chilly. Mr. C Raja Sankaralingam manages OMS's daily operations.

OMS registered a profit after tax (PAT) of INR0.7 million on total
revenue of INR311 million during 2012-13 (refers to financial year
April 1 to March 31), as against a PAT of INR1.4 million on total
revenue of INR398 million for 2011-12.


POWER WELFARE: CRISIL Lowers Rating on INR300MM Cash Credit to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Power Welfare Society (PWS) to 'CRISIL D' from 'CRISIL
BB/Stable'.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit            300         CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

The rating downgrade reflects PWS' overdrawn cash credit facility
for more than 30 days; the overdrawls are on account of the
society's weak liquidity.

PWS' board members lack experience in the real estate business,
and the society is also vulnerable to cyclicality inherent in the
Indian real estate industry.

PWS is a nonprofit organisation set up in 2005 under the Andhra
Pradesh Societies Act, 2001. PWS is developing a residential
project -- De-Lite-Power Welfare Society -- for its members.


PRACHI INDIA: CRISIL Reaffirms 'B' Rating on INR85MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Prachi India
Pvt Ltd continues to reflect PIPL's weak financial risk profile,
marked by high gearing, weak debt protection metrics, and a modest
net worth. The rating also factors in the company's large working
capital requirements due to the working-capital-intensive nature
of its operations. These rating weaknesses are partially offset by
the extensive experience of PIPL's promoters in the book
publishing industry.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            85         CRISIL B/Stable (Reaffirmed)
   Term Loan              20         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PIPL will improve its market position over the
medium term, backed by its increasing scale of operations,
established position in the educational textbook publishing
industry, and strong customer base. However, the company's
financial risk profile is expected to remain weak over this
period, with a modest net worth, weak debt protection metrics, and
high gearing. The outlook may revised to 'Positive' in case of a
significant improvement in PIPL's financial risk profile, marked
by an improvement in its working capital management and capital
structure. Conversely, the outlook may revised to 'Negative' if
the company's liquidity weakens significantly, most likely because
of low cash accruals or substantial debt-funded capital
expenditure.

PIPL, incorporated in 1997, was promoted by Mr. Mukesh Tyagi and
Mr. Rakesh Tyagi. The company prints and publishes educational
text books for the Central Board of Secondary Education (CBSE),
the Indian Certificate of Secondary Education (ICSE) board, and
the state education board (Delhi).


PRAKASH JHA: CRISIL Assigns 'B+' Rating to INR100MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Prakash Jha Productions (PJP; part of PJP
group).

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

The rating reflects the PJP group's exposure to risks relating to
volatile scale of operations and susceptibility to inherent risks
in the movie production business, and large working capital
requirements. These weaknesses are partially offset by the group's
established position in the Hindi movie industry, and revenue
visibility from having several movies under production.

CRISIL has consolidated the business and financial risk profiles
of PJP, Holicow (a proprietorship firm set up by Mr. Prakash Jha)
and Mr. Prakash Jha (individual)'collectively referred to as the
PJP group'on account of the high financial and operational
fungibility among them.
Outlook: Stable

CRISIL believes that the PJP group will maintain a moderate
business risk profile over the medium term on the back of its
established position in the Hindi movie industry. The outlook may
be revised to 'Positive' if there is substantial and sustained
improvement in the PJP group's revenue and profitability.
Conversely, the outlook may be revised to 'Negative' if unexpected
losses in the production business, or any major debt-funded
capital expenditure (capex) or allied investment weakens the
group's financial risk profile.

PJP is a proprietorship firm set up by Mr. Prakash Jha, a director
and producer of Hindi movies. PJP is engaged in the production of
Hindi movies. It undertakes all pre- and post-production
activities in-house. Holicow, another proprietorship firm, was set
up by Mr. Prakash Jha to distribute movies.


RADHA INDUSTRIES: CRISIL Ups Rating on INR40MM Cash Credit to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Radha Industries to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            40         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan              20         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects improvement in RI's business risk
profile. The firm's operating income increased to INR102.3 million
for 2013-14 (refers to financial year, April 1 to March 31) from
INR14.2 million in 2012-13. The operating income grew at a healthy
rate because of stabilisation of business as the firm was
functional for the full year and was supported by trading
activity; RI started operations in January 2013. Moreover, the
firm managed its working capital requirements efficiently,
reflected in gross current assets of 63 days marked by low debtors
of 8 days and inventory of 55 days as on March 31, 2014.

The upgrade also factors in improvement in RI's financial risk
profile, marked by improvement in gearing to 1.46 times as on
March 31, 2014, from 2.37 times a year ago. Its debt protection
metrics also improved on account of increased profitability and
accretion to reserves; its net cash accruals to total debt and
interest coverage ratios were 0.24 times and 2.38 times,
respectively, for 2013-14. RI is likely to maintain its improved
financial risk profile over the medium term. The firm's liquidity
is comfortable on account of moderate working capital requirements
leading to low reliance on short-term debt; the firm's bank limit
utilisation averaged 25 per cent over the 12 months through August
2014. Its cash accruals of INR6.2 million were more than
sufficient to meet term debt obligations of around INR2.5 million
during 2013-14. The cash accruals are expected to remain around
INR6.2 million and will be adequate to meet debt obligations over
the medium term.

The rating reflects RI's small scale of operations in a fragmented
industry, and its susceptibility to vagaries of the monsoons.
These rating weaknesses are partially offset by the extensive
experience of its promoters in the rice industry, and its moderate
financial risk profile.

Outlook: Stable

CRISIL believes that RI will benefit over the medium term from its
promoters' extensive industry experience and funding support. The
outlook may be revised to 'Positive' in case of substantial
improvement in RI's financial risk profile, driven by substantial
cash accruals or capital infusion, along with efficient working
capital management. Conversely, the outlook may be revised to
'Negative' in case of low cash accruals or large working capital
requirements or large debt-funded capital expenditure, exerting
further pressure on the firm's liquidity.

RI was established in 2012 as a partnership firm by Mr. Anil Kumar
Agrawal and Mr. Piyush Agrawal and is headquartered in Lakhimpur
(Uttar Pradesh). The firm processes and markets non-basmati rice;
it commenced commercial operations in January 2013. It also trades
in other agricultural commodities such as pulses, jaggery, and
mollases, depending on business viability.


RADHEY SHYAM: CRISIL Assigns B+ Rating to INR5MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Radhey Shyam & Sons.


                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit             5         CRISIL B+/Stable
   Letter of Credit       90         CRISIL A4

The ratings reflect RSS's below-average financial risk profile,
marked by a modest net worth and leveraged capital structure, and
its modest scale of operations in the highly fragmented timber
trading industry. These rating weaknesses are partially offset by
the extensive industry experience of the firm's partners and its
moderate risk management practices.

Outlook: Stable

CRISIL believes that RSS will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm reports better-than-
expected cash accruals or if its partners infuse substantial
capital, while sustaining its risk management practices.
Conversely, the outlook may be revised to 'Negative' if RSS
reports lower-than-anticipated cash accruals, or its working
capital requirements increase substantially, adversely impacting
its liquidity.

RSS was originally set up in 1995 as a proprietorship concern,
which was reconstituted as   a partnership firm in April 2014 by
inducting the proprietor's son. The firm is owned and managed by
the founder Mr. Radhey Shyam Gupta and his son Mr. Parvesh Gupta.
It is engaged in trading in and processing of timber, and is
headquartered in New Delhi.


RATAN GHEE: ICRA Assigns B+ Rating to INR7.0cr Fund Based Loan
--------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR7.0
crore fund based bank facilities of Ratan Ghee Depot Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund        7.0          [ICRA]B+ assigned
   Based Limits

The assigned rating is constrained by the company's low profit
margins owing to the trading nature of operations and relatively
high working capital requirements, characterized by high inventory
and debtor days, leading to modest debt coverage indicators. The
rating is further constrained by the highly fragmented and
competitive nature of the dairy industry, characterized by strong
competition from both organized and unorganized players. However,
the assigned rating favourably takes into account the promoter's
extensive experience in ghee trading and the company's established
sales and distribution network which has helped in scaling up of
business; over the past few years the company has posted a strong
growth in revenues, to INR64.9 crore in 2013-14 from INR10.6 crore
in 2011-12, while expanding its presence in North India.

RGDPL was set up as a proprietorship concern by Mr. Surendra Kumar
Jain in 1970. In 2011, the company was converted from a sole
proprietorship into a private limited company. RGDPL is primarily
engaged in buying and selling ghee under its own brand name Ratan.

Recent Results
The company reported a net profit after tax of INR0.12 crore on an
operating income of INR64.92 crore in FY2014 as per the
provisional numbers as against a net profit after tax of INR0.08
crore on an operating income of INR60.63 crore in FY2013.


SAI MACHINE: CRISIL Assigns 'B-' Rating to INR50MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Sai Machine Tools Pvt Ltd.


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

The rating reflects SMTPL's below-average financial risk profile
reflected in weak capital structure and debt protection measures
and stretched liquidity because of tightly matched cash accruals
against its debt obligations. The ratings also factor SMTPL's
small scale and working-capital-intensive operations. These rating
weaknesses are partially offset by the benefits that SMTPL derives
from its promoters' extensive experience in manufacturing
extrusion machines for plastic processing industry.

Outlook: Stable

CRISIL believes that SMTPL will benefit over the medium term from
its promoters' extensive experience in the industry. The outlook
may be revised to 'Positive' in case of significant improvement in
SMTPL's cash accruals or infusion of sizable fresh funds by the
promoters leading to improvement in liquidity. Conversely, the
outlook may be revised to 'Negative' in case of lower cash
accruals, higher working capital requirements or debt-funded
capital expenditure further weakening the company's financial risk
profile, especially liquidity.

SMTPL, incorporated in 1988, is owned by the Jaiswal family based
out of Indore (Madhya Pradesh). The company manufactures extrusion
machines for plastic processing industry.


SHREEJEE SAREES: CRISIL Assigns B+ Rating to INR70MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Shreejee Sarees (P) Ltd.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit            70          CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     20          CRISIL B+/Stable

The rating reflect SSP's below financial risk profile marked by
weak debt protection measures and small net worth and limited
pricing flexibility because of fragmentation in industry. These
rating weaknesses are partially offset by the extensive experience
of its promoters in saree trading business.

Outlook: Stable

CRISIL believes that SSP will continue to benefit from the
extensive industry experience of its promoters, over the medium
term. However, its financial risk profile will remain weak because
of low margins owing to the trading nature of business and large
working capital requirements. The outlook may be revised to
'Positive' if SSP improves its operating margin and scales up its
operations significantly, simultaneously improving its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the company's operating margin declines sharply, or it
undertakes a larger-than-expected debt-funded capital expenditure
programme.

Set up in 2004 by Mr. Gopal Pitti, Sunny Pitti and Mrs. Kusum
Pitti, Shreejee Sarees (P) Ltd. Manufactures and trades in printed
sarees. SSP is based in Kolkata (West Bengal).


SOLARIUM CERAMIC: CRISIL Assigns 'B' Rating to INR71MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Solarium Ceramic Pvt Ltd.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Long Term Loan        71           CRISIL B/Stable
   Bank Guarantee         9           CRISIL A4
   Cash Credit           45           CRISIL B/Stable

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

Outlook: Stable

CRISIL believes that SCPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company stabilises operations in a
timely manner, leading to larger-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if its
accruals are lower than expectations due to reduced order flow or
profitability, or if its financial risk profile weakens because of
stretch in working capital cycle or large debt-funded capital
expenditure.

Incorporated in 2013, SCPL is promoted by Morbi (Gujarat)-based
Mr. Jitendrabhai Ghodasara, Mr. Paresh Godhani, and others. The
company manufactures ceramic wall tiles. It commenced commercial
operations in May 2014.


SUPREME COT: CARE Assigns 'B+' Rating to INR22.49cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of Supreme Cot Spin Mills (India) Private Ltd.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    22.49      CARE B+ Assigned
   Short-term Bank Facilities    5.54      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Supreme Cot Spin
Mills (India) Private Limited are constrained by the weak
financial risk profile of the company characterized by high
gearing, high working capital limit utilization, volatile raw
material prices impacting profit margins and its operations in a
highly competitive industry. The ratings, however, draw strength
from the longstanding experience of the promoters.

Going forward, the ability of SCS to increase its turnover and
improve profitability & capital structure and efficiently
manage working capital are the key rating sensitivities.

Supreme Cot Spin Mills (India) Private Limited, incorporated in
January 2005 by Mr R Gopalasamy, is a part of the Supreme group.
The group has six firms engaged in spinning, sizing and weaving
operations, with 16,800 owned and 24,500 leased spindles, 10 power
looms and a sizing capacity of 3,600 tonnes per annum. As on March
31, 2014, SCS has a total of 16,800 owned spindles and
manufactures cotton yarn and grey cloth. SCS majorly manufactures
grey cloth and produces cotton carded and combed yarn and modal
yarns.

During FY14 (refers to the period April 1 to March 31), cloth
sales contributed to 78% of the total income of SCS. As per the
provisional results for FY14 (refers to the period April 1 to
March 31), SCS reported a net profit of INR0.98 crore on a total
income of INR65.34 crore as against a net profit of INR0.76 crore
on a total income of INR45.46 crore during FY13 (audited).


SURANA CONSTRUCTION: CARE Reaffirms B+ Rating on INR5cr Bank Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Surana Construction (Chembur).

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

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

Rating Rationale

The rating assigned to the bank facilities of Surana Construction
(Chembur) [SC] continue to be constrained by funding risk due to
high dependence on timely receipt of customer advances to complete
the project, project execution risk (as only 30.62% of the
construction cost incurred till August 31, 2014) and marketing
risk. The rating is further constrained by the cyclicality
associated with the real estate industry and its constitution as a
partnership firm.

The aforesaid constraints far outweigh the strengths derived from
the promoters' experience in the real estate industry and
favourable location of the project.

The timely mobilization of funds, progress in project execution
and sale of the project space as per the envisaged prices
are the key rating sensitivities.

Surana Construction (Chembur) [SC], is a partnership firm
established in 2005, by Surana Infrastructure Private Limited
(93% shareholding; promoted by Mr Surendra Surana) and Mr
PramodNaik (7% shareholding) being the partners. Mr Surendra
Surana is the founder of the Surana group which has been involved
in development of residential and commercial real estate since
1995 in Mumbai.

SC is currently developing a commercial project, 'Tulsi Chambers'
(2 level basement + 13 floors) in Chembur, Mumbai.  Apart from the
commercial project, the firm will have to develop a slum
rehabilitation (SRA) project (which shall be entirely provided to
the slum dwellers thus will not be sold).


TORNADO MOTORS: CRISIL Assigns B+ Rating to INR170MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Tornado Motors Pvt Ltd.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Bank Guarantee        130          CRISIL A4
   Cash Credit           170          CRISIL B+/Stable

The ratings reflect Tornado's exposure to intense competition in
the automobile dealership industry and its below-average financial
risk profile marked by a modest net worth and below-average
interest coverage ratio. These rating weaknesses are partially
offset by its promoters' industry experience and their significant
funding support.

Outlook: Stable

CRISIL believes Tornado will continue to benefit from its
promoters' extensive experience and their funding support. The
outlook may be revised to 'Positive' if Tornado's volumes improve
significantly, backed by stable margins leading to significant
improvement in debt protection metrics. Conversely, the outlook
may be revised to 'Negative' in case its financial risk profile,
particularly liquidity, deteriorates driven by low cash accruals
or any large debt-funded capital expenditure.

Tornado, incorporated in September 2010, is promoted by Mr.
Jitendra Pal Singh Chadha, and his wife, Mrs. Amanpreet Chaddha.
The company is an authorised dealer of Volkswagen passenger
vehicles, and has one showroom and workshop in Mumbai
(Maharashtra).

Tornado recorded, on a provisional basis, a profit before tax of
INR6 million on an operating income of INR1.28 billion in 2013-14
(refers to financial year, April 1 to March 31) as against a
profit after tax of INR0.4 million on an operating income of
INR1.48 billion in 2012-13.


TRACK INNOVATIONS: ICRA Reaffirms 'B' INR15cr Capital Loan Rating
-----------------------------------------------------------------
ICRA has re-affirmed its long-term rating of [ICRA]B on the
INR25.0 crore long-term bank facilities and the short-term rating
of [ICRA]A4 on the INR2.0 crore non-fund based facilities of Track
Innovations (India) Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Working Capital       15.00        [ICRA]B; Reaffirmed
   Facilities

   Term Loan              3.32        [ICRA]B; Reaffirmed

   Bank Guarantee         2.00        [ICRA]A4; Reaffirmed

   Unallocated            6.68        [ICRA]B; Reaffirmed

The ratings continue to be constrained by the company's high
dependence on Northern Railways which accounts for majority of the
company's revenue (95% in 2013-14) and the high working capital
intensity of operations which has led to gearing of 3.1 times and
TD/OPBDITA of 4.5 times as on March 31, 2014. Further, the
company's limited ability to pass on the increase in input prices
to its customers has resulted in pressure on profitability. The
rating reaffirmation also takes into consideration the healthy
scale-up of TIPL's operations owing to the increase in sales
volume on the back of benefit derived from capacity addition done
in the last two years. ICRA also favorably factors in the
extensive experience of the promoters in concrete sleeper
manufacturing coupled with established relationship with Northern
Railways, supplies to which are being done since 1991. Going
forward, the ability of the company to increase its scale of
operations and manage its working capital intensity would be the
key rating sensitivities.

Incorporated in 1989, TIPL manufactures and supplies pre-stressed
concrete monoblock line sleepers and other special types of
sleepers to Indian Railways and other government and private
sector organizations. The manufacturing plant is located in
Railway Colony, Chandigarh. The company was initially promoted by
Mr. Manish Verma in 1989 and was then taken over by the current
promoters, Mr. Amit Padia and his family members in February 2009.


TRIVANDRUM APOLLO: CRISIL Assigns B Rating to INR100MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Trivandrum Apollo Towers Pvt Ltd.

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

The ratings reflect TATPL's exposure to risks related to
implementation of its hotel and shopping mall project in
Trivandrum (Kerala). This rating weakness is partially offset by
the extensive experience of TATPL's promoters in the real estate
development industry.

Outlook: Stable

CRISIL believes that TATPL will continue to benefit over the
medium term from the promoters' extensive experience in real
estate development industry. The outlook may be revised to
'Positive' if TATPL's upcoming hotel has considerably high
occupancy level, leading to large cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of significant cost
or time overruns in the project or delays in stabilising
operations of the hotel and shopping complex, resulting in low
revenue or cash flows, or if TATPL undertakes a substantially
large debt-funded capital expenditure programme.

TATPL, based in Manjeri (Kerala), was set up in 2006 and is
setting up a 4-star hotel and shopping complex, in Trivandrum.
Managing director, Mr. O M Abdul Rasheed, manages TATPL's day- to-
day operations.


VANNSH LIFE: CRISIL Assigns 'B' Rating to INR180MM Bank Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the proposed
long term bank facilities of Vannsh Life Sciences Pvt. Ltd.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       180        CRISIL B/Stable
   Bank Loan Facility

The rating reflects VLSPL's exposure to risks related to the
implementation and stabilisation of its on-going project, which
involves the setting up of Active Pharmaceutical Ingredient (API)
and formulations manufacturing unit. The rating also factors in
the company's weak financial risk profile marked by high estimated
gearing and modest net worth. The above-mentioned weaknesses are
partially offset by the extensive experience of VLSPL's promoters
in the pharmaceutical industry. The ratings also factor in
expected benefits from its niche chemistry skills and strong
growth prospects of the industry.

Outlook: Stable

CRISIL believes that VLSPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if earlier-than-expected
stabilisation of the project results in higher revenues and
profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is significant delay in stabilisation of its operations
leading to time and cost overruns in its ongoing project resulting
in weakening of its financial risk profile.

Incorporated in 2009 and based in Hyderabad, VLSPL is engaged in
setting up of Active Pharmaceutical Ingredient (API) and
formulations manufacturing unit. The company is promoted by Mr. K
V Ravindra and Mr. Sandadi V Reddy.


VEEKAY SMELTERS: ICRA Suspends B+ Rating on INR7cr Bank Loan
------------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ assigned to
INR7.00 crore bank facilities of Veekay Smelters Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


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


CAFES 1 TRUST: Fitch Affirms 'Bsf' Rating on 2 Classes of Notes
---------------------------------------------------------------
Fitch Ratings has affirmed all classes of Cafes 1 Trust's trust
beneficiary interests (TBIs) due May 2018.  The transaction is a
Japanese single-borrower type CMBS securitization.  The rating
actions are as listed below:

JPY2.2bn* Class A-1 TBIs affirmed at 'AAsf'; Outlook Stable
JPY27.6bn* Class A-2 TBIs affirmed at 'AAsf'; Outlook Stable
JPY6.4bn* Class B TBIs affirmed at 'Asf'; Outlook Stable
JPY3bn* Class C-1 TBIs affirmed at 'BBsf'; Outlook Stable
JPY3.4bn* Class C-2 TBIs affirmed at 'BBsf'; Outlook Stable
JPY1bn* Class D-1 TBIs affirmed at 'Bsf'; Outlook Stable
JPY5.6bn* Class D-2 TBIs affirmed at 'Bsf'; Outlook Stable
*as of Sept. 30, 2014

KEY RATING DRIVERS

The affirmations and Stable Outlooks of the class A-1 to D-2 TBIs
reflect Fitch's view that the current ratings continue to be
supported, given Fitch's conservative valuation of the single
collateral property.  Fitch's assumed cash flow is based on the
market trends of the rental rates and occupancies in Japan's
office properties with similar characteristics to the collateral
from a mid- to long-term perspective.  As a result, Fitch's cash
flow assumption since the previous rating action in October 2013
has been substantially lower than the agency's initial assumption.
The actual cash flow performance from the property has broadly
been stable since closing.

RATING SENSITIVITIES

The ratings on the TBIs are sensitive to Fitch's property
valuation.  The stable cash flow performance is expected to
continue due to the current status of the lease agreement, and in
turn, the agency's property valuation is unlikely to be revised
downward in the near future.

Fitch assigned ratings to this transaction in July 2006.  The
transaction is a securitization of a loan backed by a condominium-
ownership interest to a class A office located in Chuo-ku, Tokyo.



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


REDTONE INT'L: Auditors Raise Alarm on MYR15.6MM Receivables
------------------------------------------------------------
The Star reports that REDtone International Bhd is confident its
receivables are recoverable despite alarm bells raised by its
auditors in a qualified opinion for the group's financial
statements.

According to the report, the company announced that its external
auditors Crowe Horwath had expressed a qualified opinion in their
report in respect of a debt owing by a third party that stood at
MYR15.6mil for the financial year ended May 31, 2014 (FY14).

The Star relates that Crowe Horwath's qualified opinion was that
REDtone should have made an adjustment for impairment on overdue
amounts from a third party.

"The board had deliberated on the matter and is confident on the
recoverability of the outstanding receivables in due course . . .
We are now working closely on a large joint project which we
expect to be awarded before year-end," managing director Datuk Wei
Chuan Beng told StarBiz, the Star relays.

He said the qualified opinion would not trigger PN17 status for
the company, the Star adds.

The Star notes that Mr. Wei also said he did not foresee changing
auditors as a result of the qualified opinion.

"We are always concerned about protecting all our stakeholders,
particularly our shareholders and our staff," the report quotes
Mr. Wei as saying.  "As such, REDtone will move forward
confidently. While we are taking measures to ensure
recoverability, it does not impact our financial stability."

According to The Star, Kenanga Research said the news caught the
research house by surprise while some analysts said qualified
opinion could be a cause for concern for investors because for
them the financial statement was a main point of reference.

A local bank-backed analyst said the qualified opinion showed the
auditors had incomplete information in doing their work, or they
might disagree with the company's management on certain
assumptions, the report states.

"It (qualified opinion) tells you there are some issues which need
to be addressed before the financial statements can be said to
give a true and fair view," the analyst, as cited by The Star,
said.

Kenanga Research said the news was expected to cause some negative
consequences to the share price, at least in the near term, the
report relates.

"We understand that the group had earlier targeted to apply for a
transfer to Main Market listing following the release of its FY14
audited account . . . nevertheless, in view of the above qualified
opinion made by the external auditor, we expect some hiccups
during the process," it said, the Star reports.

Having said that, Kenanga believed REDtone's businesses were not
expected to see any material impact should the group fail to
transfer its listing status, adds The Star.



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


DONAGHYS INDUSTRIES: To Slash Almost 50% Workforce
--------------------------------------------------
Stuff.co.nz reports that Donaghys Industries is cutting almost
half of its staff, blaming a weak economy.

Rope manufacturer Donaghys Industries, in South Dunedin, will cut
up to 30 staff, with its management telling the Otago Daily Times
it had struggled in export markets because of the high New Zealand
dollar.

A growing list of Dunedin-based manufacturing companies have
carried out lay-offs or have been shut down in the past five
years, including large-scale redundancies as a result of the
closure of the former KiwiRail Hillside Engineering Workshops.

South Dunedin-based Donaghys Industries is a rope manufacturer.


MAINZEAL PROPERTY: Liquidator Gets $151.3MM Creditor Claims
-----------------------------------------------------------
Paul McBeth at BusinessDesk reports that the liquidator for the
failed Mainzeal group of companies has received NZ$151.3 million
in claims from unsecured creditors, and is working its way through
the applications as it looks at ways to claw back funds for those
people left out of pocket.

BDO's Brian Mayo-Smith, Andrew Bethell and Stephen Tubbs are
sifting through the unsecured creditor claims and considering how
best to recover funds, BusinessDesk relates citing BDO's latest
report on the failed construction group.

According to BusinessDesk, the liquidators said all of the
NZ$5.3 million owed to employees at Mainzeal Property &
Construction has been repaid, while of the NZ$300,000 owed to
employees at King Fa‡ade, the remaining 30 percent will be repaid
in October. Inland Revenue has a claim of NZ$2 million, relays
BusinessDesk.

BusinessDesk relates that the Mainzeal liquidators had to contend
with court action from the construction group's principal, Richard
Yan, who opposed the inclusion of Richina Global Real Estate
(RGRE) and Isola Vineyards to the administration.

In May, the Court of Appeal upheld Yan's bid to set aside the
liquidation of RGRE and exclude Isola Vineyards, saying it was
premature to do so before disputed debts were determined,
BusinessDesk recalls. Prior to the hearing, the liquidators had
complained about the veracity of information they had received
relating to RGRE, BusinessDesk relates.

BusinessDesk notes that the statement of affairs based on that
information showed assets of NZ$63.3 million, of which
NZ$55.4 million were related party loans to MLG Trading and
NZ$7.8 million related party loans to Isola Vineyards. The report
showed total liabilities of NZ$24.3 million, of which
NZ$5.8 million was owed to related party King Fa‡ade, NZ$15.2
million owed to Mainzeal Property & Construction and NZ$2.5
million owed to Richina Building, BusinessDesk discloses.

BusinessDesk adds that the liquidators said they are looking at
other recovery options open to them as a result of the Appeal
Court decision, and had received NZ$290,000 over an RGRE debt. The
administration had funds on hand of almost NZ$2.79 million as at
Aug. 27.

In their April report, the liquidators said they were
investigating RGRE's transactions with related parties in
New Zealand and internationally, including the restructures of
related party debts that occurred around July and December 2012,
saying the commercial rationale wasn't evident, BusinessDesk
relays.

The December 2012 restructure saw the NZ$15.2 million debt owed to
Mainzeal Property & Construction transferred to MGL Trading in
exchange for shares, according to relays.

In their latest update, the liquidators said they have reviewed
transactions of the companies within two years of their
appointment, and "will be pursuing all recovery options available
to us where we consider there is a benefit to creditors in doing
so," BusinessDesk notes.

They reiterated that any quantum available to unsecured creditors
will rely on their ability to "achieve significant recovery from
potential actions that may be available to them" and if they fail,
any return isn't likely to be substantial, according to
BusinessDesk.

The liquidators have received the reaming contract receivables
from the Mainzeal receivers, who were appointed by the Bank of New
Zealand, with 38 active and 60 inactive contracts. Of those, they
agreed it was more efficient for the receivers to work through two
projects that were in progress and will assess the remainder on an
individual basis, BusinessDesk adds.

"We expect that the recovery from contract receivables will be
significantly lower than the book value" but will pursue "all
recovery options available to us where we consider debts to be due
and payable," the report, as cited by BusinessDesk, said.

The liquidators' next steps including completing their
investigations into the various companies' affairs, pursuing the
recovery of related party debts, completing the review of
unsecured claims, reviewing any potentially voidable transactions,
and distributing any available funds to unsecured creditors,
BusinessDesk reports.

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZ$11.3 million to the BNZ,
NZ$70 million to unsecured creditors and NZ$5.2 million to
employees, NZN discloses. Subcontractors are among the unsecured
creditors, said NZN.



===============
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

360 CAPITAL OFFI          TOF            88.94        -33.19
AAT CORP LTD              AAT            32.50        -13.46
AAT CORP LTD              AAT            32.50        -13.46
ATLANTIC LTD              ATI            64.03       -517.87
AUSTRALIAN ZI-PP        AZCCA            14.89        -65.04
AUSTRALIAN ZIRC           AZC            14.89        -65.04
BESRA GOLD -CDI           BEZ            67.38        -22.27
BIRON APPAREL LT          BIC            19.71         -2.22
BLUESTONE GLOBAL          BUE            46.32         -2.40
CLARITY OSS LTD           CYO            13.99        -15.57
KASBAH RESOURCES          KAS            18.24         -0.85
KASBAH RESOUR-NS         KASN            18.24         -0.85
LEGEND MINING             LEG            20.24         -0.66
MACQUARIE ATLAS           MQA         1,643.30     -1,018.14
MIRABELA NICKEL           MBN           158.54       -375.82
NATURAL FUEL LTD          NFL            19.38       -121.51
QUICKFLIX LTD             QFX            12.12         -4.38
QUICKFLIX LTD-N          QFXN            12.12         -4.38
RIVERCITY MOTORW          RCY           386.88       -809.13
SAVCOR GRP LTD            SAV            25.90        -10.32
STERLING PLANTAT          SBI            55.20        -11.32
STONE RESOURCES           SHK            21.01         -5.58
STRAITS RESOURCE          SRQ           185.04        -65.47
TZ LTD                    TZL            12.45        -10.10
VDM GROUP LTD             VMG            17.70         -2.10


CHINA

ANHUI GUOTONG-A            600444        75.69         -6.25
BAIOO                        2100        88.34         -3.21
CHANG JIANG-A                 520        85.63       -803.28
HUNAN TIANYI-A                908        56.58         -1.61
JIANGXI CHANG-A            600228       110.07         -9.15
LUOYANG GLASS-A            600876       203.45         -2.05
LUOYANG GLASS-H              1108       203.45         -2.05
NANNING CHEMIC-A           600301       344.15         -9.59
SHAANXI QINLIN-A           600217       349.25        -14.52
SHANG BROAD-A              600608        35.87         -0.22
SHANGHAI CHAOR-A             2506       577.79       -465.36
TIANGE                       1980       139.51        -13.82
WUHAN BOILER-B             200770       203.68       -218.32


HONG KONG

BEIJINGWEST INDU             2339        28.39        -57.06
BIRMINGHAM INTER             2309        59.86        -21.91
C FOOD&BEV GP                8272        50.10         -4.36
CHINA E-LEARNING             8055        13.33         -4.07
CHINA HEALTHCARE              673        27.19        -12.96
CHINA OCEAN SHIP              651       315.16        -76.51
CNC HOLDINGS                 8356        42.92        -52.59
CROWN INTERNATIO              727        64.61         -5.12
EFORCE HLDGS LTD              943        55.72        -17.55
GR PROPERTIES LT              108        17.83        -52.36
GRANDE HLDG                   186       205.00       -295.25
HARMONIC STR                   33        32.93         -2.03
MASCOTTE HLDGS                136        18.90        -12.88
MEGA EXPO HOLDIN             1360        17.00         -0.53
PALADIN LTD                   495       148.01        -14.35
PROVIEW INTL HLD              334       314.87       -294.85
SINO DISTILLERY                39        72.30         -7.54
SINO RESOURCES G              223        30.65        -17.93
SURFACE MOUNT                 SMT        41.44         -9.21
TITAN PETROCHEMI             1192       422.49     -1,073.54


INDONESIA

APAC CITRA CENT          MYTX           172.86        -12.52
ARPENI PRATAMA           APOL           182.55       -333.91
ASIA PACIFIC             POLY           330.86       -853.09
BAKRIE & BROTHER         BNBR           956.98       -156.77
BAKRIE TELECOM           BTEL           748.76       -111.71
BERLIAN LAJU TAN         BLTA         1,074.01     -1,177.97
BERLIAN LAJU TAN         BLTA         1,074.01     -1,177.97
BUMI RESOURCES           BUMI         6,764.90       -242.51
ICTSI JASA PRIMA         KARW            54.93         -6.88
JAKARTA KYOEI ST         JKSW            23.75        -35.86
MATAHARI DEPT            LPPF           282.58        -74.21
ONIX CAPITAL TBK         OCAP            11.39         -1.66
PRIMARINDO ASIA          BIMA            11.89        -16.86
RENUKA COALINDO          SQMI            17.04         -0.33
SUMALINDO LESTAR         SULI            77.74        -33.80
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            11.64        -10.64
ASHAPURA MINECHE         ASMN           162.39        -16.64
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
BINANI INDUS LTD          BZL         1,163.38        -38.79
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           462.53        -52.19
DISH TV INDI-SLB       DITV/S           462.53        -52.19
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           314.24        -76.26
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            15.26       -304.68
GUPTA SYNTHETICS        GUSYN            44.18         -6.34
HARYANA STEEL            HYSA            10.83         -5.91
HEALTHFORE TECHN         HTEC            14.74        -46.64
HINDUSTAN ORGAN           HOC            57.24        -51.76
HINDUSTAN PHOTO          HPHT            49.58     -1,832.65
HIRAN ORGOCHEM             HO            14.56         -4.59
HMT LTD                   HMT           106.62       -454.42
ICDS                     ICDS            13.30         -6.17
INDAGE RESTAURAN          IRL            15.11         -2.35
INDOSOLAR LTD            ISLR           193.78         -6.91
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         2,856.84       -697.07
JET AIRWAYS -SLB      JETIN/S         2,856.84       -697.07
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
KM SUGAR MILLS           KMSM            19.14         -0.47
KSL AND INDUSTRI        KSLRI           269.42        -14.19
LML LTD                   LML            43.95        -78.18
MADHUCON PROJECT        MDHPJ         1,226.74        -21.90
MADRAS FERTILIZE          MDF           289.78        -34.43
MAHA RASHTRA APE         MHAC            14.49        -12.96
MALWA COTTON             MCSM            44.14        -24.79
MAWANA SUGAR             MWNS           142.07        -32.88
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           127.72       -153.54
QUINTEGRA SOLUTI          QSL            16.76        -17.45
RAMSARUP INDUSTR         RAMI           433.89        -89.28
RATHI ISPAT LTD          RTIS            44.56         -3.93
RELIANCE MED-SLB        RMW/S           276.99        -88.49
RENOWNED AUTO PR          RAP            14.12         -1.25
RMG ALLOY STEEL           RMG            66.61        -12.99
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            53.12        -30.47
SBEC SUGAR LTD          SBECS            92.44         -5.61
SERVALAK PAP LTD         SLPL            61.57         -7.63
SHAH ALLOYS LTD            SA           168.13        -81.60
SHALIMAR WIRES           SWRI            21.39        -24.28
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
SHREE RENUKA SUG         SHRS         2,162.34        -82.52
SHREE RENUKA-SLB       SHRS/S         2,162.34        -82.52
SIDDHARTHA TUBES          SDT            44.95        -15.37
SIMBHAOLI SUGAR          SBSM           268.76        -54.47
SPICEJET LTD             SJET           489.96       -170.22
SQL STAR INTL             SQL            10.58         -3.28
STATE TRADING CO          STC           556.35       -392.74
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
SUZLON ENERG-SLB       SUEL/S         5,061.62        -53.02
SUZLON ENERGY            SUEL         5,061.62        -53.02
TAMILNADU JAI            TNJB            17.07         -1.00
TATA METALIKS             TML           122.76         -3.30
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
WEBSOL ENERGY SY         WESL           105.10        -23.79


JAPAN

GOYO FOODS INDUS             2230        11.93         -1.86
LCA HOLDINGS COR             4798        19.37         -7.17
OPTROM INC                   7824        17.71         -2.66
PIXELA CORP                  6731        15.08         -1.63


KOREA

HYUNDAI CEMENT               6390       454.92       -262.92
SHINIL ENG CO               14350       199.04         -2.53
STX CORPORATION             11810     1,275.13       -484.08
STX ENGINE CO LT            77970     1,170.67        -62.72
TEC & CO                     8900       139.98        -16.61
TONGYANG INC                 1520     1,068.15       -452.52
TONGYANG INC-2PF             1527     1,068.15       -452.52
TONGYANG INC-3RD             1529     1,068.15       -452.52
TONGYANG INC-PFD             1525     1,068.15       -452.52
VERITAS INVESTME            19660        16.04         -0.09


MALAYSIA

DING HE MINING            705            75.97        -26.38
HAISAN RESOURCES          HRB            39.97        -11.83
HIGH-5 CONGLOMER         HIGH            34.30        -46.85
ML GLOBAL BHD             MLG            17.74         -3.63
PERWAJA HOLDINGS         PERH           632.62         -7.46
PETROL ONE RESOU         PORB            51.39         -4.00


PHILIPPINES

CYBER BAY CORP           CYBR            13.72        -23.36
DFNN INC                 DFNN            13.15         -2.31
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            91.11        -40.80
METRO GLOBAL HOL           FC            40.90        -15.77
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
CHINA GREAT LAND          CGL            16.52        -19.01
HL GLOBAL ENTERP         HLGE            83.11         -4.63
OCEANUS GROUP LT        OCNUS            85.03         -5.53
QT VASCULAR LTD          QTVC            10.21        -25.76
SCIGEN LTD-CUFS           SIE            46.71        -55.42
SINGAPORE EDEVEL          SGE            20.68         -9.36
TERRATECH GROUP          TEGP            13.55         -5.24
TT INTERNATIONAL          TTI           399.33        -11.36
UNITED FIBER SYS          UFS            51.61        -76.05


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
BIG CAMERA COP-F        BIG/F            19.86        -13.03
BIG CAMERA CORP           BIG            19.86        -13.03
BIG CAMERA -NVDR        BIG-R            19.86        -13.03
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
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
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
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
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            34.54         -2.57
BEHAVIOR TECH-EC        2341O            34.54         -2.57
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         1,761.34       -296.10
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 ***