/raid1/www/Hosts/bankrupt/TCRAP_Public/141017.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 17, 2014, Vol. 17, No. 206


                            Headlines


A U S T R A L I A

FP TURBO 2007-1: Moody's Rates AUD39.5MM Class F Notes at 'B1'
GWB PTY: First Creditors' Meeting Slated For Oct. 23
HBM PROJECTS: In Administration; First Meeting Set For Oct. 24
IMMUNE SYSTEM: Administrators Put Assets Up for Sale
RICK LUCAS: Expressions of Interest Sought for Helipro

TEN NETWORK: Annual Loss Narrows to AUD168 Million
VAN EYK: Administrators Call for Liquidation


C H I N A

AGILE CORP: Exec Director Missing as Second Funding Attempted
TIANHE CHEMICALS: Auditor Takes Fraud Allegations 'Seriously'


I N D I A

ANMOL ENTERPRISES: CRISIL Reaffirms B Rating on INR150M Term Loan
ANTILA CERAMICS: ICRA Reaffirms B Rating on INR5.19cr Term Loan
ARDEE TECHNOLOGIES: CRISIL Cuts Rating on INR170M Cash Loan to B-
ASCOTT ELECTRICALS: ICRA Rates INR6.8cr LT Unallocated Loan at B+
AYUSHMAN MERCHANTS: ICRA Assigns B+ Rating to INR14cr Cash Credit

BLUE DIAMOND: CRISIL Reaffirms B+ Rating on INR6.5MM Term Loan
CHEM CORP: CRISIL Reaffirms B Rating on INR12.5MM Cash Credit
EKTA TRUST: CRISIL Lowers Rating on INR80MM Term Loan to 'D'
GANPATI FOODS: CRISIL Reaffirms B+ Rating on INR160M Whse Receipt
GUJARAT HIFLOW: ICRA Revises Rating on INR4.50cr Cash Loan to B

HUBLI ELECTRICITY: CRISIL Cuts Rating on INR6.31BB LT Loan to 'D'
JAI MAAKALI: CRISIL Reaffirms B Rating on INR230MM Cash Credit
KOSHDA BUILDCON: CRISIL Cuts Rating on INR150MM Term Loan to B
LIBERTY PHOSPHATES: ICRA Withdraws B+ Rating on INR30cr FB Loan
ORFINA CERAMIC: ICRA Assigns 'B' Rating to INR9cr Term Loan

ORIENTAL WOODS: CRISIL Cuts Rating on INR100MM Foreign LOC to 'D'
POOJYA EXPORTS: CRISIL Reaffirms B Rating on INR329.7MM Loan
PRIME SHOES: CRISIL Reaffirms B+ Rating on INR84.3MM LT Loan
ROCKLAND HOSPITAL: ICRA Cuts Rating on INR264.96cr FB Loan to 'D'
RUSHABH TRADING: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan

SANCHETI GEMS: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
SANMAN BUILDCON: CRISIL Cuts Rating on INR127.9MM Term Loan to D
SANTOSH KUMAR: CRISIL Cuts Rating on INR67.5M Bank Guarantee to D
SELVEL ADVERTISING: ICRA Cuts Rating on INR12.55cr FB Loan to D
SREE VEERABHADRA: ICRA Reaffirms B Rating on INR5cr FB Loan

SUBAM PAPER: CRISIL Reaffirms B+ Rating on INR399MM Term Loan
TRAFO POWER: CRISIL Assigns B+ Rating to INR37.5MM Cash Credit
VASAVI APPARELS: CRISIL Puts 'D' Rating on INR42.5MM Cash Credit


N E W  Z E A L A N D

FELTEX CARPET: Former Shareholders File Appeal
SOUTH CANTERBURY: Investors Seek Probe; Mull Class Suit vs Govt
WELLPACK LIMITED: 40 Workers Lose Jobs as Firm Shuts Door


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


FP TURBO 2007-1: Moody's Rates AUD39.5MM Class F Notes at 'B1'
--------------------------------------------------------------
Moody's Investors Service has assigned a definitive rating to the
Class F notes to be issued by Perpetual Trustee Company Limited in
its capacity as trustee of the FP Turbo Trust 2007-1(Australia).

Issuer: FP Turbo Trust 2007-1 (Australia)

AUD39.5M Class F Notes, Assigned B1 (sf)

The rating assignment follows a restructuring of the capital
structure. The existing Seller 1 note will be renamed Class F and
a new unrated Seller 1A note will be issued. In addition, the
minimum credit support levels have been amended as follows:

For Class A Notes, 32.4%

For Class B Notes, 23.4%

For Class C Notes, 19.9%

For Class D Notes, 16.4%

For Class E Notes, 13.3%

For Class F Notes, 8.1%

For Seller 1A, 5.0%

The issuance of a new unrated seller 1A note and restructuring of
the capital structure will not, in and of itself and at this time,
result in the reduction or withdrawal of the ratings of the
existing Class A, Class B, Class C, Class D and Class E notes.


The existing ratings are as follows:

Class A Notes, Aaa (sf);

Class B Notes, Aa2 (sf);

Class C Notes, A2 (sf);

Class D Notes,Baa2 (sf); and

Class E Notes, Ba1 (sf).

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and the ultimate payment of principal with respect to
Class A, B, C, D, E and F notes by the legal final maturity.

The transaction is a cash securitization of operating, novated and
finance leases extended to Australian corporates, small and
medium-sized businesses and their employees. The leases are
secured by passenger cars, light and heavy commercial vehicles and
equipment.

The transaction has a one-year revolving period, followed by the
scheduled amortization period.

FP Turbo Trust 2007-1 (Australia) is one of three Australian ABS
transactions issued by FleetPartners since 2010.

Ratings Rationale

The current portfolio backing the rated notes consists of vehicle
and equipment lease contracts with a weighted average seasoning of
25 months. The securitized portfolio totaled AUD714 million and
has an average portfolio residual value of 44%. The residual value
(RV) portion of the lease cash flows was set at closing of the
lease contracts, based on estimates of vehicle values at lease
contract maturity. The transaction is subject to both default and
market or RV risk of the underlying vehicles, because the lessees
have the right to return the vehicles at the contract maturity
date to cover the final lease balance outstanding under an
operating lease.

Moody's analysis focused, amongst other factors, on: (1) an
evaluation of the credit quality of the underlying lessees; (2) an
evaluation of the underlying RV exposures; (3) back-up maintenance
and servicer solutions; (4) the credit enhancement provided by
subordination; (5) the liquidity support available in the
transaction by way of principal to pay interest, and the liquidity
reserve fund.

Moody's applies a two-stage approach to modelling transactions
with RV risk. In the first step, Moody's models the expected loss
on the notes due to defaults. In the second step, additional
losses resulting from RV risk are modelled based on the RV
haircuts applied at contract maturity.

For the assessment of lessee default risk, Moody's determined the
lessee default distribution of the portfolio using CDOROM, which
simulates lessee defaults based on asset correlations and default
probability assumptions.

Moody's assumed a mean lessee default rate of 2.8%. For cash flow
modeling, Moody's assumed a recovery rate following lessee default
of 45%. To account for RV risk in the portfolio, Moody's assumes a
Aaa haircut of 45%, a Aa2 haircut of 35%, an A2 haircut of 30%, a
Baa2 haircut of 25%, a Ba1 haircut of 20%, and a B1 haircut of 11%
on RV cash flows.

During the revolving period, principal collections are first
allocated towards the purchase of new receivables. Remaining funds
are allocated to the remaining notes ensuring that required
minimum CE levels are maintained.

During the amortization period, all notes will be repaid
sequentially.

A liquidity reserve equal to 2.5% of the outstanding amount of all
rated notes (with a hard floor of AUD300,000) provides support to
the transaction.

Methodology Underlying the Rating Action:

The principal methodology used in this rating is "Moody's Approach
to Australian Asset-Backed Securities," published in July 2009.
Given the transaction's exposure to residual value cash flows, it
has been supplemented by the approach described in "Moody's
Approach to Rating EMEA Auto Lease ABS Exposed to Residual Value
Risk".

Factors That Would Lead to an Upgrade or Downgrade of the Rating:

Factors that could lead to an upgrade or downgrade of the notes'
ratings include: (1) an improvement or deterioration in the credit
quality and performance of the collateral pool; (2) higher or
lower than expected recoveries on defaulted loans; and (3) higher
or lower than expected RV cash flows.

The Australian economy and the market for used vehicles are
primary drivers of performance.

Other reasons for worse performance than Moody's expects include
poor servicing, error on the part of transaction parties, a
deterioration in credit quality of transaction counterparties,
lack of transactional governance, and fraud.


GWB PTY: First Creditors' Meeting Slated For Oct. 23
----------------------------------------------------
David Ingram & Steven Gladman of Hall Chadwick were appointed as
administrators of GWB Pty Ltd, trading as Gerard Batt Lawyers, on
Oct. 13, 2014.

A first meeting of the creditors of the Company will be held at
the Offices of Hall Chadwick Chartered Accountants, Level 12, 144
Edward Street, in Brisbane, Queensland, on Oct. 23, 2014, at 10:00
a.m.


HBM PROJECTS: In Administration; First Meeting Set For Oct. 24
--------------------------------------------------------------
Simon Richard Miller -- smiller@cliftonhall.net.au -- and
Timothy James Clifton -- tclifton@cliftonhall.net.au -- of Clifton
Hall were appointed as administrators of HBM Projects Pty Ltd on
Oct. 14, 2014.

A first meeting of the creditors of the Company will be held at
Clifton Hall, Level 3, 431 King William Street, in Adelaide, South
Australia, on Oct. 24, 2014, at 2:30 p.m.


IMMUNE SYSTEM: Administrators Put Assets Up for Sale
----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that McGrathNicol is
seeking for urgent expressions of interest for the sale of all or
part of the business and assets of Immune System Therapeutics Ltd.

Immune System Therapeutics Ltd specialises the commercialisation
and development of monoclonal antibodies to treat blood disorders
such as blood cancer.

Tony McGrath and Barry Kogan of McGrathNicol were appointed as
administrators of Immune System Therapeutics on Oct. 3, 2014.


RICK LUCAS: Expressions of Interest Sought for Helipro
------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Rick Lucas
Helicopters Limited, which trades as Helipro, is up for sale.
Urgent expressions of interest are sought for the business and
other affiliated entities, the report relates.

Helipro was established in 1983, and grew from a single
pilot/helicopter operation in Palmerston North to a fleet of over
35 helicopters throughout the South Pacific and a fixed-wing
operation within New Zealand.

Helipro employs about 70 staff, with eight bases throughout
New Zealand and operations in Fiji and Australia. As well as
commercial and tourism helicopter flights, the company provides
maintenance services, and helicopter and fixed-wing flight
training.

PwC partners John Fisk and David Bridgeman were appointed as
receivers on October 7 to Rick Lucas Helicopters Ltd and related
entities.


TEN NETWORK: Annual Loss Narrows to AUD168 Million
--------------------------------------------------
Darren Davidson at The Australian reports that Ten Network has
declared a loss after tax of AUD168.3 million as the third placed
free-to-air network's top line performance is affected by modest
ratings.

The result was a 41 per cent improvement on the previous year's
AUD285 million loss, The Australian relates.

Revenue declined 4.3 per cent to AUD625 million, the report
discloses.

Earnings before interest, taxes, depreciation, and amortisation
amounted to a loss of AUD79.3 million, The Australian relays.

In outlook comments on trading conditions, Ten (TEN) said the
advertising market remained "short" but the metropolitan
television advertising market is expected to show marginal growth
during 2014-15, according to The Australian.

The full year result is in line with previous guidance although
television costs were AUD5.5 million, or one percentage point
lower than expected. The board will not pay a dividend, The
Australian adds.

Ten Network Holdings Limited is an Australia-based company. The
principal activity of the Company is the investment in The Ten
Group Pty Limited (Ten Group) and controlled entities, whose
principal activities are the operation of multi-channel commercial
television licenses in Sydney, Melbourne, Brisbane, Adelaide and
Perth, and out-of-home advertising. The Company operates in the
television segment. Network Ten operates three free-to-air
television channels in Australia's five metropolitan markets of
Sydney, Melbourne, Brisbane, Adelaide and Perth.


VAN EYK: Administrators Call for Liquidation
--------------------------------------------
Andrew Main at The Australian reports that administrator Trent
Hancock of Moore Stephens has recommended liquidation of crippled
fund manager van Eyk Research, citing concerns about insolvent
trading.

The Australian relates that Mr. Hancock also raised issues about
the behaviour of the organisations involved in the notorious
AUD31 million "illiquid investment" that caused responsible entity
Macquarie Investment Management to shut down all but one of the 15
funds in van Eyk's Blueprint portfolio.

He will ask creditors at a meeting on October 21 in Sydney to
appoint him liquidator so he can conduct an investigation into
company affairs, reverse any recent transactions he regards as
legally voidable, and make a report to regulator ASIC, according
to The Australian.

"My preliminary findings indicate the company may have been
insolvent since at least July 1, 2014," more than six weeks before
I was called in as administrator by chief executive, sole director
and chairman Mark Thomas on September 15, Mr. Hancock, as cited by
The Australian, said.

The Australian says Mr. Thomas is quoted in Mr. Hancock's report
to creditors as saying the company collapsed because "Macquarie
froze and terminated the Blueprint Funds Management as a result of
an illiquid fund that represented only 3.75 per cent of total
assets."

"These were misappropriated by a fund manager against instruction
to a hedge fund named Torchlight run by a former shareholder,
George Kerr."

The Australian relates that the fund manager presumably referred
to is London-based hedge fund Artefact Holdings, which has stated
that neither Artefact nor any associated individuals took any
actions other than following their mandates to invest the money
transferred to them by the van Eyk funds.

According to The Australian, Mr. Hancock merely said in his report
that it was Macquarie's decision to terminate or wind up the
Blueprint funds in August and September that was "a significant
contributing factor to the company's failure".

He said he would need to undertake closer examination of some
aspects of van Eyk's operations, "in particular, the relationships
and transactions between the company, the individual Blueprint
funds, Artefact, Torchlight as well as the relationship between
those funds and their respective managers and directors," the
report adds.

Artefact Holdings is managed by Mr. Kerr's long-time friend
Richard Boon, which held the AUD31 million for just over a year
from July 2012 until September 2013, when the investment was
redeemed in cash, as revealed in The Australian last month. In
September last year the money was then invested in a string of 110
local newspapers in Britain and in debt reduction projects in New
Zealand relating to Mr. Kerr, according to statements Mr. Kerr
made to The Australian in September.

The Australian relates that Mr. Hancock made no specific
allegation of negligence against Macquarie, which was paid to look
after the interests of investors in the Blueprint funds, but he
did produce a timeline in his report which showed there was a year
and a half between the date when Macquarie first instructed
Artefact to repay AUD300,000, in February 2013, and August of this
year when Macquarie declared the van Eyk International shares
fund, where the money supposedly was, to be "illiquid".

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 17, 2014, SmartCompany said that an Australian investment
research, advice and funds management company founded
in 1989 has collapsed.  van Eyk Research called in voluntary
administrator Trent Hancock of Moore Stephens Sydney
Corporate Recovery Group on September 15.  According to the
report, van Eyk Research has four business arms -- investment
research through van Eyk Research, consulting through van Eyk
Consulting, financial advisory through van Eyk Advice and funds
management through van Eyk Blueprint Series -- and the
administrators said in a statement it entered administration
because of the "recent and sudden closure of the Blueprint Series
of managed funds".



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


AGILE CORP: Exec Director Missing as Second Funding Attempted
-------------------------------------------------------------
Michelle Yun at Bloomberg News reports that Agile Property
Holdings Ltd., the Chinese developer whose shares plunged after
its chairman was placed under house arrest, said it lost contact
with a second director and unveiled plans to revive a rights
offer.

Huang Fengchao, who oversaw Agile's developments in Yunnan
province and Hainan province, asked a manager on Oct. 11 to assist
with queries from the Communist Party's top anti-corruption
agency, the developer said on Oct. 16 in a filing to the Hong Kong
stock exchange. Agile was informed about the probe and hasn't been
able to contact Huang since.

Bloomberg relates that Mr. Huang's disappearance comes after its
chairman and controlling shareholder Chen Zhuolin was confined by
Yunnan prosecutors last month, compounding uncertainties
surrounding the Chinese developer also struggling with debt
repayments. Agile also said on Oct. 16 it's seeking to raise
HK$1.65 billion ($213 million) in a second attempt at a rights
issue and Mr. Chen's family trust will underwrite the deal.

"In the short term, there is quite a big pressure on liquidity,
but this company isn't at the point of going bust," the report
quotes Johnson Hu, a Hong Kong-based property analyst at CIMB
Group Holdings Bhd, as saying. "They could accelerate sales and
think of other fundraising options," as well as looking to sell
some commercial properties."

The developer based in Guangdong province was told by Mr. Chen's
wife that the chairman was held at a "designated residence" since
the evening of Sept. 30, it said. It didn't give a reason for the
order, Bloomberg notes.

Neither the company nor Mr. Huang's family has received any notice
or document about the director from Chinese authorities, Bloomberg
says.  The project manager asked to assist with the investigation
by the Central Commission for Discipline Inspection, known as
CCDI, said he met with local officials in Tengchong county in
Yunnan and provided land acquisition, development and sales
details, according to Bloomberg.

The CCDI investigates and detains party members suspected of graft
in an extra-legal system that functions outside of the country's
courts of law and police structure, adds Bloomberg.

                        About Agile Property

Agile Property Holdings Limited is one of China's major property
developers, operating in the mid- to high-end segment. As of
Aug. 26, 2014, the company had projects in over 40 cities and
districts in China, and a land bank with a total gross floor area
of over 42 million square meters.

Agile listed on the Hong Kong Stock Exchange in 2005. As at 26
August 2014, the company's founding family -- the Chen family --
owned a 63.75% interest in Agile.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 13, 2014, Standard & Poor's Ratings Services placed its 'BB'
long-term corporate credit rating and 'cnBBB-' long-term Greater
China regional scale rating on Agile Property Holdings Ltd. on
CreditWatch with negative implications.  S&P also placed its 'BB-
'long-term issue rating and 'cnBB+' long-term Greater China
regional scale rating on the company's outstanding senior
unsecured notes on CreditWatch with negative implications.

S&P placed the ratings on CreditWatch with negative implications
to reflect increasing information and refinancing risk of the
China-based property developer.  Agile's share suspension on the
Hong Kong Stock Exchange is longer than S&P expected, and the
company has so far offered little information.


TIANHE CHEMICALS: Auditor Takes Fraud Allegations 'Seriously'
-------------------------------------------------------------
Toh Han Shih and Sophie Yu at the South China Morning Post reports
that Deloitte Touche Tohmatsu said it was taking seriously the
latest fraud allegations by Anonymous Analytics against Tianhe
Chemicals Group.

"We take the letter seriously as the company's auditor. Client
confidentiality obligations prevent us from commenting further,"
the report quotes a spokesman for the Big Four accounting firm as
saying.

On Oct. 13, Anonymous Analytics, a group of anonymous analysts,
published an open letter to Deloitte as the auditor of Tianhe, a
Hong Kong-listed chemicals producer, the report says.  SCMP
relates that the letter alleged Tianhe was making false
representations and providing falsified information to Deloitte,
citing what it said was new evidence.

According to the report, Anonymous Analytics alleged a tax
confirmation which Tianhe obtained from the government of Jinzhou
city in northeast China was false because the numbers in that tax
confirmation did not tally with corporate filings audited by
Deloitte. Tianhe had cited this tax confirmation in its rebuttal
of Anonymous Analytics' fraud allegations on October 8, the report
relays.

"If we are correct that Tianhe is a fraud and Deloitte fails to
inform investors and regulators of this risk, Deloitte may also be
held liable in courts of law and in the court of global public
opinion," warned Anonymous Analytics' letter, reports SCMP.

"It's the right thing" that Deloitte is taking Anonymous
Analytics' allegations seriously, the report quotes corporate
governance activist David Webb as saying. "If it turns out
Deloitte overlooked fraud, that would be a serious problem, but
there is no suggestion at the moment that Deloitte has."

Although there is no evidence of wrongdoing by Deloitte or Tianhe,
Deloitte may be sued by Tianhe if fraud was found in the company,
and Deloitte may face disciplinary action by the Hong Kong
Institute of Certified Public Accountants, Mr. Webb, as cited by
SCMP, warned.

The report says Tianhe has refuted the allegations of Anonymous
Analytics' new letter, saying they are "false, groundless, self-
contradictory, unreliable, misleading and malicious".

SCMP adds that Tianhe said it had not received any notification
from Deloitte that the auditor had withdrawn or intended to
withdraw the accountants' report included in Tianhe's initial
public offering prospectus.

This is the third clarification by Tianhe to the Hong Kong stock
exchange, the report adds.



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


ANMOL ENTERPRISES: CRISIL Reaffirms B Rating on INR150M Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Anmol
Enterprises (Anmol) continues to reflect Anmol's susceptibility to
the inherent risks and cyclicality in the real estate sector in
India. This rating weakness is partially offset by the extensive
experience of the firm's promoters in the sector.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     ------
   Term Loan              150       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Anmol will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if there is a
significant improvement in booking and customer advances in its
ongoing project, leading to healthy cash flow and improved debt
servicing ability. Conversely, the outlook may be revised to
'Negative' if the project offtake is low, constraining Anmol's
revenue and profitability, or if it launches new debt-funded
projects leading to pressure on its debt-servicing ability.

Update
The implementation of Anmol's only residential project, Anmol
Aagman, is as per schedule, and repayment of company's term loan
is on time.  This project is spread across six blocks consisting
of 120 units with building user permission for two blocks having
been received. The construction is funded by promoter
contribution, bank debt, and customer advances. As of March 2014,
the promoters have brought in their contribution of INR173.5
million, reflecting their strength and commitment. Of the total
bank term loan of INR150 million Anmol has availed INR125 million
with repayment having commenced on time. However, the booking
status for the project remained modest at 33 per cent, with some
signs of demand pressures due to the subdued economic environment.
The booking status and pace of offtake would remain key rating
sensitivity factors.

Anmol is a project-specific firm promoted by Ahmedabad-based Mr.
Arvind Patel and his family members. The firm is engaged in
developing a residential project in Gota, Ahmedabad. It commenced
construction of the project in January 2012.


ANTILA CERAMICS: ICRA Reaffirms B Rating on INR5.19cr Term Loan
---------------------------------------------------------------
The long term rating of [ICRA]B has been reaffirmed to the INR5.00
crore (enhanced from INR2.00 crore) fund-based cash credit
facility and INR5.19 crore (enhanced from INR4.02 crore) term loan
facility of Antila Ceramics Private Limited. The short term rating
of [ICRA]A4 has also been reaffirmed to INR2.25 crore (enhanced
from INR0.80 crore) short-term non-fund based facilities of ACPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Term       5.19         [ICRA]B reaffirmed
   loans

   Fund based Cash       5.00         [ICRA]B reaffirmed
   credit

   Non-fund based        2.25         [ICRA]A4 reaffirmed
   BG

The ratings continue to take into account ACPL's limited operating
history and financial profile characterized by low profitability,
coverage indicators and moderately stretched capital structure.
The ratings also continue to be constrained by the vulnerability
of the company's profitability to the cyclicality associated with
the real estate industry as well as to the susceptibility to the
availability and rising prices of gas, with gas being the major
source of fuel. Further the ratings are constrained by a highly
competitive business environment on account of presence of a large
number of organized as well as unorganized players in the region
as well as imports from other international markets, mainly China.

The assigned ratings, however, favorably factor in the long
experience of the promoters in the ceramic industry, commencement
of manufacturing of digitally printed tiles and the location
advantage enjoyed by ACPL giving it easy access to raw material
sources.

Antila Ceramic Private Limited was incorporated by Mr. Ravi Adroja
and Mr. Ashok Rajpara in 2010 and production was commenced in
September 2011. However, the company was subsequently acquired by
the current promoters Mr. Naresh Patel and Mr. Bharat Nareja in
May' 2012. ACPL is engaged in the manufacturing of ceramic wall
tiles and has an installed capacity of around 14.16 Lakh sq mtr
per annum till FY14.

Recent Results
As per FY14 provisional statement, the company reported a net
profit of ~INR0.42 crore on an operating income of INR20.60 crore.


ARDEE TECHNOLOGIES: CRISIL Cuts Rating on INR170M Cash Loan to B-
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Ardee
Technologies Pvt Ltd (Ardee; part of the Ardee group) to 'CRISIL
B-/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      ------
   Bank Guarantee         10         CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit           170         CRISIL B-/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Letter of Credit      170         CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term    106         CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB/Stable')

The rating downgrade reflects the deterioration in the Ardee
group's liquidity, with its low cash accruals expected to tightly
match its term debt obligations over the medium term. The
downgrade also reflects the group's large working capital
requirements, resulting in almost full utilisation of its bank
limits and instances of devolvement in its letter of credit (LC)
facility; the LCs were regularised within two weeks. CRISIL
believes that the Ardee group will need fresh capital from its
promoters, or will have to register sustained improvement in its
working capital cycle, to alleviate the pressure on its liquidity.

The group's cash accruals, which remained low at INR15 million in
2013-14 (refers to financial year, April 1 to March 31), are
expected to tightly match its annual term debt obligation of INR12
million in 2014-15 and INR25 million in 2015-16. The group's large
working capital requirements have also resulted in almost full
utilisation of its bank limits over the 12 months ended August 31,
2014.

The ratings reflect the Ardee group's stretched liquidity marked
by its cash accruals tightly matching its large term debt
obligations, and its large working capital requirements. The
ratings of the group are also constrained on account of its
average financial risk profile marked by its modest gearing and
below-average debt protection metrics. These rating weaknesses are
partially offset by the Ardee group's established position in
manufacturing sensors for molten metal, supported by its
promoters' extensive industry experience and its long-standing
relationship with customers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Ardee with its subsidiaries: Ardee
Business Services (Tianjin) Pvt Ltd, Ardee Business Services
(Inner Mongolia) Pvt Ltd, and Ardee Business Services Trading
(Tianjin) Pvt Ltd. These companies are together referred to as the
Ardee group. For the previous rating exercise of Ardee, CRISIL had
also combined the business and financial risk profile of Ardee
Boards Pvt Ltd (Ardee Boards) with the companies in the Ardee
group. The change in analytical approach is on account of the
management's decision to operate Ardee Boards independently;
transactions between Ardee Boards and companies in the Ardee group
will be undertaken on arm length basis.

Outlook: Stable

CRISIL believes that the Ardee group will continue to benefit over
the medium term from its promoters' extensive industry experience
and its established relations with customers. The outlook may be
revised to 'Positive' if there is a substantial improvement in the
group's liquidity on the back of a sustained improvement in its
working capital cycle or a sizeable equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the group's profitability margins and
revenue, or a significant deterioration in its capital structure
caused most likely by a stretch in its working capital cycle.

Ardee was set up in the 1980s by Mr. G S Narayan, the late Mr. G V
N Murthy, and their relatives. The group manufactures sensors used
for measuring temperature and gas content in molten iron and steel
and cored wires. The group has manufacturing units in Rourkela
(Orissa), at Pen in Khopoli (Maharashtra), and in Vishakhapatnam
(Andhra Pradesh).


ASCOTT ELECTRICALS: ICRA Rates INR6.8cr LT Unallocated Loan at B+
-----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR 3.00
crore fund-based facility, INR 1.00 crore term loan facility,
INR3.00 crore non-fund based facility and INR 6.80 crore
unallocated facilities of Ascott Electricals Private Limited. ICRA
has also assigned a short-term rating of [ICRA]A4 to the INR0.20
crore fund-based facility and INR2.00 crore fund-based (sub-limit)
facility.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term (LT)-         3.00         [ICRA]B+ assigned
   fund based facility

   Term loan facility      1.00         [ICRA]B+ assigned

   LT - non-fund based     3.00         [ICRA]B+ assigned

   LT - Unallocated        6.80         [ICRA]B+ assigned

   Short Term (ST)-
   fund based              0.20         [ICRA]A4 assigned

   ST - fund based        (2.00)        [ICRA]A4 assigned
   (sub-limit)

The assigned ratings take into account the company's healthy
revenue growth over the past five years ended 2013-14 and the
comfortable order-book position with pending order-book of
INR32.00 crore as on August 2014, which provides adequate revenue
visibility over the near term. The ratings also take into account
the long-standing industry experience of the promoters' spanning
over three decades. The ratings are however constrained by the
company's modest scale of operations in a highly competitive
electrical equipment industry and exposure to customer
concentration risks, since the company derives ~80% of its revenue
from TNEB Limited. Further, the company's financial risk profile
is marked by leveraged capital structure, moderate coverage
indicators and tight liquidity due to stretched receivables
position. Presently, the company is undertaking debt-funded
capital expenditure (capex) to the tune of INR4.90 crore towards
construction of new plant and installation of machineries, which
is likely to be completed over the next six months; the capex is
being funded through INR1.80 crore term loans and the rest through
unsecured loan from promoters. Going forward, the company's
ability to complete its capex within stipulated timelines thereby
increasing its scale of operations and cash accruals, besides
improving its liquidity would be key credit monitorables.

Incorporated in 2005, Ascott Electricals Private Limited (AEPL) is
engaged in manufacturing electrical transformers such as
distribution transformers, power transformers and metering sets.
The company has two manufacturing facilities viz., Saidapet and
SIDCO Industrial Estate, Thirumudivakkam (both in Chennai, Tamil
Nadu) in a total area of 20,000 sq ft. The company's operations
are managed by its promoters, Mr. P.C. Alexander and his son, Mr.
Arun Alexander.

Recent Results
According to audited financials, the company's profit after taxes
(PAT) stood at INR1.2 crore on an operating income of INR34.8
crore for the fiscal 2013-14. For the fiscal 2012-13, the company
reported an operating income of INR16.2 crore with a net profit of
INR0.3 crore.


AYUSHMAN MERCHANTS: ICRA Assigns B+ Rating to INR14cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR14.00 crore
cash credit limits and short term rating of [ICRA]A4 to INR1.00
crore non-fund based limits of Ayushman Merchants Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limits      14.00       [ICRA]B+ assigned
   Non Fund Based Limits    1.00       [ICRA]A4 assigned

The assigned ratings are constrained by AMPL's relatively modest
scale of operations; dependence on a single supplier & product for
its revenue being the DCA/CS agent for Chemplast Sanmar Limited
(CSL). The ratings are also constrained by leveraged capital
structure as reflected in gearing of 4.16 times as on 31st March
2014 given the working capital intensive nature of operations and
exposure to default on payments from customers since the counter
party credit risk is transferred by CSL to AMPL. The ratings
however positively factor in the long track record of the
management in the consignment sales business and the relationship
with CSL as the sole distributor of PVC resin in the state of
Andhra Pradesh (AP) and Telangana states. The ratings also factors
in AMPL's established relationships with key customers in the
industry.

Going forward, the company's ability to maintain the profitability
while managing working capital requirements will remain key rating
sensitivities from credit perspective.

Incorporated in 2006, Ayushman Merchants Private Limited (DPL) is
an authorised distributor of Chemplast Sanmar Limited in the state
of Andhra Pradesh & Telangana. The company is managed by Mr. Manoj
Dugar who has experience of over 15 years in the polymer industry.
The management is involved in many other ventures apart from AMPL;
the other ventures involve manufacture of Cast Polypropylene
(CPP)/ Ethyl-Vinyl Acetate (EVA) films through Welset Polypack
Private Limited, manufacture of PP sheets/rods through Dugar
Polymers Limited [rated ICRA B+].

Recent Results
The company reported an operating income and net profit of INR5.39
crore and INR0.53 crore respectively in FY2014 as against an
operating income and net profit of INR 4.44 crore and INR 0.44
crore respectively in FY2013.


BLUE DIAMOND: CRISIL Reaffirms B+ Rating on INR6.5MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Blue Diamond Leders
(BDL; part of the BDL group) continue to reflect the BDL group's
working-capital-intensive operations, below-average financial risk
profile, marked by a high gearing, and modest net worth and debt
protection metrics, and exposure to intense competition in the
leather and leather products industry. These rating weaknesses are
partially offset by the extensive experience of the BDL group's
promoters in the leather industry and its semi-integrated
operations.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------              --------     ------
   Export Packing Credit      42.5      CRISIL A4 (Reaffirmed)
   Foreign Bill Discounting   50        CRISIL A4 (Reaffirmed)
   Letter of Credit           15        CRISIL A4 (Reaffirmed)
   Proposed Long Term Bank     6        CRISIL B+/Stable
   Loan Facility                        (Reaffirmed)
   Term Loan                   6.5      CRISIL B+/Stable
                                        (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of BDL, Saktthi Footwear (SF), and Prime
Shoes (PS). This is because all the entities, together referred to
as the BDL group, have a common management, fungible cash flows,
and business synergies.

Outlook: Stable

CRISIL believes that the BDL group will benefit over the medium
term from its promoters' extensive experience in the leather
industry. The outlook may be revised to 'Positive' if the group's
liquidity improves, most likely driven by larger-than-expected
cash accruals, and if the group manages its working capital
efficiently. Conversely, the outlook may be revised to 'Negative'
if the group reports a significant increase in its working capital
requirements, or undertakes a large debt-funded capital
expenditure programme, or if there are larger-than-expected
capital withdrawals, resulting in deterioration in its financial
risk profile.

Update
For 2013-14 (refers to financial year, April 1 to March 31), the
BDL group's operating revenue is estimated at INR1.08 billion as
against INR0.9 billion in 2012-13, driven by healthy demand in the
export market. During 2013-14, the group's operating profitability
is estimated at 7.7 per cent as against 9.6 per cent during 2012-
13. CRISIL believes that the BDL group's business risk profile
will continue to benefit from its established relationship with
its customers.

The group's financial risk profile is below-average marked by a
high gearing, and modest net worth and debt protection metrics.
With a modest net worth of INR 192 million and high gross current
assets of 141 days as on March 31, 2014, its gearing remained high
at 1.62 times. Also, owing to low accruals, its debt protection
metrics remain modest, with net cash accruals to total debt and
interest coverage ratios of 0.07 times and 2.13 times,
respectively, during 2013-14.CRISIL believes that over the medium
term, the BDL group's financial risk profile will remain below
average owing to low accretions to reserves.

The BDL group's liquidity is weak, marked by low cash accruals
against retiring debt obligation and high bank limit utilization.
The group is expected to generate cash accruals of over INR29
million over the medium term, which are expected to tightly match
its retiring debt obligation of INR27 million per annum. The
group's operations are working capital intensive as reflected in
moderate utilization of 80 per cent for 12 months ended June 2014.
CRISIL believes that the BDL group's liquidity is expected to
remain weak over the medium term due to working-capital-intensive
operations.

BDL was incorporated in 1995 in Chennai. It manufactures finished
leather used to produce shoe uppers and shoes. SF manufactures
shoes and shoe uppers, and primarily exports these to the European
market. Similarly, PS manufactures shoe uppers, and exports its
entire production to European countries.


CHEM CORP: CRISIL Reaffirms B Rating on INR12.5MM Cash Credit
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chem Corporation
continue to reflect its below-average financial risk profile,
marked by its small net worth, moderate total outstanding
liabilities to tangible net worth (TOLTNW) ratio, and modest debt
protection metrics. The ratings also factor in the firm's small
scale of operations in the chemicals trading segment, and large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of the proprietor in
the chemical trading segment.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Cash Credit             12.5      CRISIL B/Stable (Reaffirmed)
   Letter of Credit        40        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       7.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Chem Corporation will continue to benefit
over the medium term from the proprietor's extensive industry
experience and financial support. The outlook may be revised to
'Positive' if the firm significantly improves its scale of
operations and efficiently manages its working capital
requirements. Conversely, the outlook may be revised to 'Negative'
if the firm generates lower-than-expected cash accruals or if
there is an unanticipated stretch in its working capital cycle,
leading to pressure on its liquidity.

Update
With sluggish demand, Chem Corporation registered modest growth in
its turnover to INR91 million in 2013-14 (refers to financial
year, April 1 to March 31), from around INR84 million in 2012-13.
The demand for chemicals improved moderately in 2014-15, as
indicated by around INR60 million of gross sales in the first six
months of 2014-15. Consequently, Chem Corporation could register
year-on-year growth exceeding 30 per cent in annual sales in 2014-
15. The firm could sustain its stable operating margin at around
10 per cent in 2014-15, in line with previous trends.

Chem Corporation's financial risk profile remains constrained by a
nominal net worth of INR6.7 million, and a TOLTNW of 2.9 times as
on March 31, 2014. Furthermore, the firm's operations are working
capital intensive, with gross current assets (GCAs) of around 244
days as on March 31, 2014. Chem Corporation's GCAs could exceed
220 days over the medium term, with large inventory holding, given
the variety of chemicals that the firm trades in. As the cash
accruals generated by the business are modest at about INR3
million annually, inventory is largely debt funded translating
into a moderate average utilization of the fund and non-fund based
bank lines.

Chem Corporation's liquidity, is however, supported by the
promoters' funding support through unsecured loans of INR35
million as on March 31, 2014 and moderate cushion in the bank
limits. Continual financial support from the promoters to maintain
liquidity will remain a rating sensitivity factor, over the medium
term.

Chem Corporation was established as a proprietorship firm in 1994
by Mr. Hitesh Shah. The firm trades in organic chemicals, mainly
hydrocarbons.

Chem Corporation reported, on a provisional basis, a profit after
tax (PAT) of INR4.1 million on net sales of INR91.2 million for
2013-14; the firm reported a PAT of INR1.5 million on net sales of
INR84.3 million for 2012-13.


EKTA TRUST: CRISIL Lowers Rating on INR80MM Term Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Ekta Trust to 'CRISIL D' from 'CRISIL B+/Stable'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           --------       ------
   Term Loan               80          CRISIL D (Downgraded from
                                       'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by Ekta in
servicing its debt because of pressure on liquidity; the trust has
quarterly debt obligations against biannual fee receipts, which
results in temporary mismatch of cash flows.

Ekta is also exposed to intense competition and is susceptible to
regulatory restrictions in the education sector. However, Ekta
benefits from its established track record in the education
sector.

Based in Sabarkantha (Gujarat), Ekta offers undergraduate courses
in computer applications, engineering, and nursing. It started
operations in 1991.

Ekta reported net surplus of INR2.8 million on net fee income of
INR58.1 million for 2013-14 (refers to financial year, April 1 to
March 31), against net surplus of INR4.8 million on net fee income
of INR43.8 million for 2012-13.


GANPATI FOODS: CRISIL Reaffirms B+ Rating on INR160M Whse Receipt
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Ganpati Foods continues
to reflect the company's weak financial risk profile owing to
working-capital-intensive operations, high dependence on monsoon,
and susceptibility to adverse changes in government policies.
These rating weaknesses are partially offset by the extensive
industry experience of GF's partners, healthy growth prospects for
the basmati rice industry, and funding support from the partners.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     ------
   Cash Credit           140        CRISIL B+/Stable (Reaffirmed)
   Term Loan               5        CRISIL B+/Stable (Reaffirmed)
   Warehouse Receipts    160        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GF will continue to benefit over the medium
term from the extensive industry experience of its promoters in
the basmati rice industry. The outlook may be revised to
'Positive' in case of significant improvement in GF's financial
risk profile due to capital infusion or improvement in its scale
of operations. Conversely, the outlook may be revised to
'Negative' if GF's financial risk profile deteriorates due to
significant increase in inventory, leading to large incremental
bank borrowings or in case of a debt-funded capital expenditure
programme.

GF was set up in 2008 as a partnership firm by Mr. Kewal Krishna
Bansal and his family. The firm is engaged in rice milling and
rice shelling at its plant in Patran (Punjab).


GUJARAT HIFLOW: ICRA Revises Rating on INR4.50cr Cash Loan to B
---------------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR2.05
crore (reduced from INR2.76 crore) term loan and INR4.50 crore
(enhanced from INR4.00 crore) fund based facility (cash credit) of
Gujarat Hiflow Yarn Limited from [ICRA]B+ to [ICRA]B.

ICRA has also reaffirmed the short term rating outstanding on the
INR0.35 crore non-fund based facilities at [ICRA]A4 (pronounced as
ICRA A four). ICRA has also assigned the long term rating of
[ICRA]B and short term rating of [ICRA]A4 to the proposed limits
of INR4.82 crore which would attract rating as per the tenure of
usage.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund Based Limits-     4.50        [ICRA]B; Revised from
   Cash Credit                        [ICRA]B+

   Fund Based Limits-     2.05        [ICRA]B; Revised from
   Term Loans                         [ICRA]B+

   Non-Fund Based         0.35        [ICRA]A4 reaffirmed
   Limits-Bank
   Guarantee

   Proposed Limits        4.82        [ICRA]B/[ICRA]A4 assigned

The ratings revision takes into account the deterioration in
Gujarat HiFlow Yarn Limited's financial profile characterized by a
steep decline in operating income, operating losses and stressed
liquidity position emanating from accumulating inventory,
stretched capital structure resulting from high borrowing and weak
cash accruals and tight liquidity position as reflected in the
full utilization of working capital limits. The ratings also
continue to factor in the exposure of the company's profitability
to volatility in prices of key raw materials, which are linked to
crude price movements and strong competition in a fragmented
industry structure, which limits the pricing flexibility of
players.

The ratings, however, positively factor in the experience of the
promoters in the textile industry and location advantage with the
presence of GHYL's manufacturing facility in proximity to
customers and raw material suppliers in Surat. ICRA has also
factored in the near term opportunity for growth in revenue and
profitability arising from backward integration into metalizing
and diversification into hologram manufacturing.

Incorporated in the year 1993, Guajrat Hiflow Yarn Limited is
engaged in the business of manufacturing sequins foil, hot
stamping foil and metalized films. The company is based out of
Gujarat with its manufacturing facility located in Karanj Village
of Surat District, having an installed capacity of 2880 TPA
(Tonnes Per Annum).

Recent Results:
During the twelve month period ending March 31, 2014, the company
reported a net profit of INR0.18 crore on an operating income of
INR9.33 crore.


HUBLI ELECTRICITY: CRISIL Cuts Rating on INR6.31BB LT Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the INR6319.8 million long-
term loans of Hubli Electricity Supply Company Ltd (HESCOM) to
'CRISIL D' from 'CRISIL B-/Stable', while reaffirming the ratings
on the rest of its long-term and short-term facilities. The
downgrade reflects delays by HESCOM in servicing these loans, on
account of the company's weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long-Term Loan       4624.4      CRISIL D (Reaffirmed)
   Long-Term Loan       6319.8      CRISIL D (Downgraded from
                                    CRISIL B-/Stable)
   Cash Credit          1250.0      CRISIL B-/Stable (Reaffirmed)
   Short-Term Loan      1062.5      CRISIL D (Reaffirmed)
   Letter of Credit      500.0      CRISIL A4 (Reaffirmed)

The ratings reflect HESCOM's weak financial risk profile, marked
by accumulated losses, high gearing, and weak debt protection
metrics. The ratings also factor in the company's unfavourable
customer-mix, with around 59 per cent of its sales volume
concentrated towards the heavily subsidised agriculture and rural
segments. These rating weaknesses are partially offset by HESCOM's
monopoly in the power distribution business in its designated
regions in Karnataka (GoK).

Outlook: Stable

CRISIL believes HESCOM's liquidity and overall credit risk profile
will continue to be constrained over the medium term owing to cash
flow mismatches driven by high power purchase cost. Nevertheless,
increased subsidies from GoK over the past two years have resulted
in steady improvement in its net profitability and overall
financial risk profile. The outlook may be revised to 'Positive'
if HESCOM's liquidity improves significantly, combined with
continued traction in receipt of subsidies or equity infusion from
the government. Conversely, the outlook may be revised to
'Negative' if HESCOM's liquidity deteriorates further, most likely
caused by any delays in realisation of receivables or release of
subsidies by GoK, thereby further weakening its debt servicing
ability.

Incorporated in 2002, HESCOM is an electricity distribution
company responsible for supplying power to consumers in the seven
districts of Dharwad, Gadag, Haveri, Uttar Kannada, Belgaum,
Bijapur, and Bagalkot in Karnataka. The company's service area
covers 54,513 square kilometres, with a population of over 14
million, and a customer base of around 3.6 million. HESCOM is
wholly owned by GoK.


JAI MAAKALI: CRISIL Reaffirms B Rating on INR230MM Cash Credit
--------------------------------------------------------------
CRISIL ratings on bank facilities of Jai Maakali Fish Farms
Private Limited (JMFFPL) continuous to reflects JMFFPL's weak
financial risk profile marked by its small net worth, high
gearing, and weak debt protection metrics.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        --------     ------
   Cash Credit          230       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term    10       CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

The ratings of the company are also constrained on account of its
large working capital requirements, its exposure to intense
competition and inherent risks in the fish cultivation industry,
and the susceptibility of the company's profitability margins to
volatility in raw material prices. These rating weaknesses are
partially offset by the benefits that JMFFPL derives from its
promoters' extensive experience.

CRISIL had on September 4, 2014, upgraded its rating on the long-
term bank facilities of JMFFPL to 'CRISIL B/Stable' from
'CRISIL D'.

Outlook: Stable

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

JMFFPL was incorporated in 2003 by Mr. Kumar Pappu Singh. The
company is engaged in cultivation of fish at Potluru and Dosapadu
villages in West Godavari District of Andhra Pradesh.


KOSHDA BUILDCON: CRISIL Cuts Rating on INR150MM Term Loan to B
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Koshda Buildcon Pvt Ltd (KBPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        --------     ------
   Term Loan            150       CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

The rating downgrade reflects expected deterioration in KBPL's
liquidity because of low bookings leading to slower flow of
customer advances in the company's ongoing project in Vrindavan
(Uttar Pradesh). Furthermore, KBPL's principal repayment has
started and is largely supported by timely fund infusion by its
promoters, which will be a rating sensitivity factor going
forward. The rating also factors in significant time and cost
overrun in the project, which is expected to increase the project
implementation risk over the medium term.

The rating reflects KBPL's low customer advances leading to high
funding risk and stretch in its liquidity. The rating also factors
in the company's exposure to high demand risk for its ongoing
project because of heightened competition in the real estate
industry in Vrindavan, and to inherent risks and cyclicality in
the Indian real estate industry. These rating weaknesses are
partially offset by the funding support KBPL receives from its
promoters.

Outlook: Stable

CRISIL believes that KBPL will continue to benefit over the medium
term from the funding support it receives from the promoters. The
outlook may be revised to 'Positive' in case of significant
bookings and customer advances for the company's project, leading
to substantial cash inflows. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in KBPL's liquidity
because of low bookings or delays in receipt of customer advances.

KBPL, incorporated in 2009, is promoted by Mr. Shyam Sunder
Bansal, Mr. Munesh Bansal, Mr. Kanhiyalal Bansal, Mr. Mukul
Bansal, Mr. Madhav Bansal, Mr. Madhur Bansal, Mr. Brijmohan
Agarwal, and Mr. Gaurav Goyal. The company is engaged in real
estate development in Vrindavan.


LIBERTY PHOSPHATES: ICRA Withdraws B+ Rating on INR30cr FB Loan
---------------------------------------------------------------
ICRA has withdrawn the rating of [ICRA]B+ on the INR 30 crore long
term fund based facilities of Liberty Phosphates Limited as the
notice period of three years since the suspension of the rating
has expired. ICRA has also withdrawn the rating of [ICRA]A4 on the
INR 32.5 crore short term non fund based facilities of LPL as the
notice period of three years since the suspension of the rating
has expired.


ORFINA CERAMIC: ICRA Assigns 'B' Rating to INR9cr Term Loan
-----------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the long term fund based
limits of INR9.00 crore for term loan and INR4.00 crore cash
credit facilities of Orfina Ceramic Private Limited. ICRA has also
assigned an [ICRA]A4 rating to the short term non fund based
limits of INR2.25 crore bill discounting under LC (sublimit of
Cash Credit facility) and INR 2.00 Letter of Guarantee facility of
OCPL.

                             Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Term Loans                 9.00        [ICRA]B; Assigned
   Cash Credit Limits         4.00        [ICRA]B; Assigned
   Bill discount under LC    (2.25)       [ICRA]A4; Assigned
   Letter of Guarantee        2.00        [ICRA]A4; Assigned

The assigned ratings reflect the risk associated with
stabilization of plant as per expected operating parameters,
limited product portfolio of ceramic wall tiles constraining
institutional sales and the highly competitive business
environment given the fragmented nature of the tiles industry.
Further, the assigned ratings are constrained by the vulnerability
of OCPL's profitability to the cyclicality associated with the
real estate industry as well as to increasing prices of gas and
power. While assigning the ratings, ICRA also notes that the
financial profile is expected to remain stretched in the near term
given the debt funded nature of the project and the impending debt
repayment.

The assigned ratings, however, favourably consider the experience
of promoters in the ceramic industry coupled with the marketing
support from established group concerns and the location
advantage, giving it easy access to raw material.

Established in February 2014, Orfina Ceramic Private Limited
(OCPL) is engaged in the manufacture of digitally printed ceramic
glazed wall tiles. The manufacturing unit of the company is
located in Morbi, Gujarat, with an installed capacity of 45,000
MTPA. The company has estimated to commence its commercial
production from December 2014. The company is promoted and managed
by Mr. Jayantilal Baraiya along with other family members and
relatives having experience in the line of ceramic business.


ORIENTAL WOODS: CRISIL Cuts Rating on INR100MM Foreign LOC to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Oriental Woods (ORW; a part of the Oriental Timber group [OT
group]) to 'CRISIL D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL
A4+'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            30         CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Foreign Letter of     100         CRISIL D (Downgraded from
   Credit                            'CRISIL A4+')

   Proposed Letter        70         CRISIL D (Downgraded from
   of Credit                         'CRISIL A4+')

The rating downgrade reflects multiple instances of devolvement of
the OT group's foreign letters of credit (FLCs) which were not
regularised for over 30 days.

The ratings also reflect OT group's below average financial risk
profile, marked by high total outside liability to total networth
and weak debt protection metrics. Furthermore, its margins remain
susceptible to volatility in raw material prices and foreign
exchange rates. However, the group continues to benefit from the
extensive experience of its promoters in the timber-trading
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ORW and E Oriental Timbers (EOT). This
is because the entities together referred to as the OT group,
operate in the same line of business and have significant
operational and financial linkages.

Set up in 2006 as a proprietorship firm, EOT trades in and
processes timber. ORW, set up in 2001 as a partnership firm, also
trades in timber. The OT group is managed by Mr. VP Rasheed and
his family.


POOJYA EXPORTS: CRISIL Reaffirms B Rating on INR329.7MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Poojya Exports Pvt Ltd
(PEPL) continue to reflect the company's small scale of operations
in the fragmented cotton trading industry, geographical
concentration in its revenue profile, and its weak financial risk
profile, marked by a high total outside liabilities to tangible
net worth (TOLTNW) ratio and a small net worth. These rating
weaknesses are partially offset by the company's established
distribution network, healthy relationships with customers, and
its moderate inventory risk.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------     ------
   Bill Discounting       120.3      CRISIL A4 (Reaffirmed)
   Bill Discounting       329.7      CRISIL B/Stable (Reaffirmed)
   Cash Credit             29.7      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PEPL will maintain its business risk profile
over the medium term on the back of its promoter's experience in
the industry and established relationships with customers. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's operating margin and consequently
interest coverage ratio, coupled with a sizable decline in TOLTNW
ratio most likely led by infusion of promoter funds. Conversely,
the outlook may be revised to 'Negative', if PEPL's financial risk
profile deteriorates owing to a stretch in working capital cycle.

Update
For 2013-14 (refers to financial year, April 1 to March 31),
PEPL's net sales were at INR7179 million. The sales have remained
stagnant owing to slowdown in execution of orders due to volatile
foreign exchange (forex) rates. With stable forex rates, the sales
are expected to grow by 10 to 15 per cent over the medium term.
The operating margin improved to 4.9 per cent during 2013-14 from
2.8 per cent the previous year; however, the margin is likely to
remain around 5 per cent, over the medium term, given PEPL's
trading operations.

PEPL's working capital requirement remains low, with gross current
assets of 15 days, on account of low debtor and inventory days.
The financial risk profile continues to be constrained by a high
TOLTNW ratio, a small net worth, and a low interest coverage
ratio. The TOLTNW ratio is likely to remain high because of small
net worth and high dependence on bank borrowings. With low
profitability and high interest costs, the debt protection metrics
are likely to remain low. The company has moderate liquidity, as
reflected in average bank limit utilisation of 85 per cent over
the 12 months through August 2014. The company's liquidity is
supported by generation of sufficient accruals for its repayment
obligation of INR2.0 million annually.

For 2013-14, PEPL reported a net profit of INR1.0 million on net
sales of INR717.9 million, against a net profit of INR1.0 million
on net sales of INR767.3 million for 2012-13.

Incorporated in 2007, PEPL is promoted by Mr. Bhavin Fadia and Ms.
Urvi Fadia. The company trades in cotton bales.


PRIME SHOES: CRISIL Reaffirms B+ Rating on INR84.3MM LT Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Prime Shoes (PS; part
of the BDL group) continue to reflect the BDL group's working-
capital-intensive operations, below-average financial risk
profile, marked by a high gearing, and modest net worth and debt
protection metrics, and exposure to intense competition in the
leather and leather products industry. These rating weaknesses are
partially offset by the extensive experience of the BDL group's
promoters in the leather industry and its semi-integrated
operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          --------     ------
   Bill Discounting      15.7       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        84.3       CRISIL B+/Stable (Reaffirmed)
   Packing Credit        20         CRISIL A4 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PS, Blue Diamond Leders (BDL) and
Saktthi Footwear (SF). This is because all the entities, together
referred to as the BDL group, have a common management, fungible
cash flows, and business synergies.

Outlook: Stable

CRISIL believes that the BDL group will benefit over the medium
term from its promoters' extensive experience in the leather
industry. The outlook may be revised to 'Positive' if the group's
liquidity improves, most likely driven by larger-than-expected
cash accruals, and if the group manages its working capital
efficiently. Conversely, the outlook may be revised to 'Negative'
if the group reports a significant increase in its working capital
requirements, or undertakes a large debt-funded capital
expenditure programme, or if there are larger-than-expected
capital withdrawals, resulting in deterioration in its financial
risk profile.

Update
For 2013-14 (refers to financial year, April 1 to March 31), the
BDL group's operating revenue is estimated at INR1.08 billion as
against INR0.9 billion in 2012-13, driven by healthy demand in the
export market. During 2013-14, the group's operating profitability
is estimated at 7.7 per cent as against 9.6 per cent during 2012-
13. CRISIL believes that the BDL group's business risk profile
will continue to benefit from its established relationship with
its customers.

The group's financial risk profile is below-average marked by a
high gearing, and modest net worth and debt protection metrics.
With a modest net worth of INR 192 million and high gross current
assets of 141 days as on March 31, 2014, its gearing remained high
at 1.62 times. Also, owing to low accruals, its debt protection
metrics remain modest, with net cash accruals to total debt and
interest coverage ratios of 0.07 times and 2.13 times,
respectively, during 2013-14.CRISIL believes that over the medium
term, the BDL group's financial risk profile will remain below
average owing to low accretions to reserves.

The BDL group's liquidity is weak, marked by low cash accruals
against retiring debt obligation and high bank limit utilization.
The group is expected to generate cash accruals of over INR29
million over the medium term, which are expected to tightly match
its retiring debt obligation of INR27 million per annum. The
group's operations are working capital intensive as reflected in
moderate utilization of 80 per cent for 12 months ended June 2014.
CRISIL believes that the BDL group's liquidity is expected to
remain weak over the medium term due to working-capital-intensive
operations.

BDL was incorporated in 1995 in Chennai. It manufactures finished
leather used to produce shoe uppers and shoes. SF manufactures
shoes and shoe uppers, and primarily exports these to the European
market. Similarly, PS manufactures shoe uppers, and exports its
entire production to European countries.


ROCKLAND HOSPITAL: ICRA Cuts Rating on INR264.96cr FB Loan to 'D'
-----------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D from the
[ICRA]BB+ assigned earlier to the INR 264.96 crore fund based bank
facilities of Rockland Hospital Limited.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based Facilities     264.96      [ICRA]D (Downgraded)

The rating revision reflects the stretched liquidity profile of
the company as exhibited by delays in the debt servicing by the
company. The financial risk profile of the company has
deteriorated on account of stretched receivables in the backdrop
of significant ramp up of scale of operations. Going forward,
ability to service the debt in time and stabilization of the new
facilities will be amongst the key rating sensitivity factors for
the company.

Rockland Hospitals Limited was incorporated in FY05 by three
brothers Mr. Rajesh Kumar Srivastava, Mr. Prabhat Kumar Srivastava
and Mr. Rishi Kumar Srivastava. Through the current on-going
capex, RHL expanded and diversified from being a single location
hospital to multi-location hospital, currently having 468 beds.
Currently, RHL has three facilities at Qutub Institutional Area,
Dwarka and Manesar. The total bed capacity at the three facilities
is 748 beds, release of which is expected to support the
improvement in scale of operations for the company.

Recent Results
For the 12 months ending March 31, 2014, Rockland Hospitals
Limited reported an operating income (OI) of INR146.51 crore and a
loss of INR10.80 crore, as against an OI of INR60.65 crore and net
loss of INR2.48 crore in FY13.


RUSHABH TRADING: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Rushabh
Trading Co's continue to reflect the firm's below-average
financial risk profile, marked by small net worth, moderate
gearing, and average debt protection metrics, and low operating
margin, with susceptibility to volatility in the prices of traded
goods.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     ------
   Cash Credit          70         CRISIL B+/Stable (Reaffirmed)
   Pledge Loan          50         CRISIL B+/Stable (Reaffirmed)

The rating also factors in RTC's modest scale of working capital
intensive operations and its susceptibility to intense competition
in the basmati rice trading industry. These rating weaknesses are
partially offset by the benefits that RTC derives from its
partners' extensive industry experience and their established
relationship with suppliers.

Outlook: Stable

CRISIL believes that RTC will continue to benefit from its
partners' extensive experience in the trading of basmati rice. The
outlook may be revised to 'Positive' in case of high cash accruals
or infusion of sizable fresh capital by the partners leading to
improvement in the firm's liquidity. Conversely, the outlook may
be revised to 'Negative' if RTC's financial risk profile,
particularly its liquidity, deteriorates further because of large
working capital requirements or decline in cash accruals.

Update
For 2013-14 (refers to financial year, April 1 to March 31), RTC
registered net sales of around INR495.4 million from INR404.5
million a year ago. The revenue growth was driven by modest
increase of about 13 per cent in volume sales and of about 9 per
cent in realisation because of moderate increase in demand for
basmati rice products in  2013-14. The firm's operating
profitability marginally increased to around 3.69 per cent as on
March 31, 2014, as compared with 2.38 per cent a year ago on
account of higher price realisation from basmati rice and is
expected to remain in the range of 2.5 to 3.5 per cent over the
medium term.RTC's working capital requirements remained average as
in the past  three years; the firm's  debtors, inventory  and
creditors  are  estimated  at 18 days of sales, 31 days of sales
and  2 days  of  purchase, respectively, as  on  March 31, 2014,
marking gross current assets of more than  69 days as on that
date.

RTC's financial risk profile remains below average, with modest
net worth and moderate gearing and debt protection metrics.Gearing
was 2.2 times as on March 31, 2014, mainly because of sizeable
bank borrowings to fund incremental working capital requirements.
The firm's networth (estimated at INR35 million as on March 31,
2014) remains small because of low accretions to reserves.RTC's
debt protection metrics remain below average because of high
reliance on incremental working capital debt. RTC's bank limits
were nearly fully utilised at 97 per cent over the 12 months ended
March 31, 2014. Its interest coverage and net cash accruals to
total debt ratios were at 2 times and 0.1 times, respectively for
2013-14.

Set up in 1983 by Mr. Premji Velji Karani and his sons, RTC is
engaged in wholesale trading of rice and other foodgrain with
primary focus on basmati rice. The firm's main office is in Mumbai
with a branch office in Delhi.

RTC reported profit after tax (PAT) of INR7.6 million on net sales
of INR495.4 million for 2013-14, as against PAT of INR3.3 million
on net sales of INR404.4 million for 2012-13.


SANCHETI GEMS: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sancheti Gems
& Jewellers (I) Pvt Ltd (SGJIPL) continues to reflect the
company's small scale of, and working-capital-intensive,
operations, and low profitability. These rating weaknesses are
partially offset by the extensive industry experience of SGJIPL's
promoters.

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

Outlook: Stable

CRISIL believes that Sancheti Gems & Jewellers India Pvt Ltd
(SGJIPL) will continue to benefit over the medium term from its
promoters' experience in the jewellery industry. The outlook may
be revised to 'Positive' in case the company increases its scale
of operations and geographic presence substantially, and if
improvement in operating profitability results in better debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if SGJIPL's operating margin or operating income
declines, or the financial risk profile weaken because of increase
in working capital requirements or large capex.

SGJIPL was set up in 2010-11 (refers to financial year, April 1 to
March 31) by Mr. Naman Sancheti. The company retails gold
jewellery and in trades in gold coins, bullion, and silver. It has
one showroom, which it owns, in Durg, Chhattisgarh, over an area
of around 6000 sq ft. SGJIPL operates as a franchise of Anopchand
Tilokchand Jewellers Pvt Ltd. The company markets its products
under the ATJA the brand.


SANMAN BUILDCON: CRISIL Cuts Rating on INR127.9MM Term Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sanman Buildcon Pvt Ltd (SBPL) to 'CRISIL D' 'from CRISIL B-
/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     ------
   Proposed Long Term      43.5       CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL B-/Stable')

   Term Loan              127.9       CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by SBPL in
meeting its term debt obligations. The delays have been caused by
the company's weak liquidity, led by deferrals in the execution of
its commercial redevelopment project for the Nanded Waghala City
Municipal Corporation (NWCMC) project in Nanded (Maharashtra).
Consequently, SBPL reported significantly low bookings and
customer advances.

SBPL is also exposed to risks associated with the execution of its
ongoing project. However, the company benefits from the extensive
industry experience of its promoters.

SBPL, incorporated in 2007, is a joint venture between Sanman
Constructions which undertakes civil construction, Aurangabad
Holiday Resorts Pvt Ltd and Hotel Deogiri Pvt Ltd, both of which
operate hotels.

SBPL is a special purpose vehicle established to implement a
redevelopment project for NWCMC. The project entails the
construction of an administrative building, a rehabilitation
building, and a shopping complex in Nanded.


SANTOSH KUMAR: CRISIL Cuts Rating on INR67.5M Bank Guarantee to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Santosh Kumar Chourasia (SKC) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      ------
   Bank Guarantee          67.5        CRISIL D (Downgraded from
                                       'CRISIL A4+')

   Cash Credit             55          CRISIL D (Downgraded from
                                       'CRISIL BB/Stable')

   Long Term Loan          15          CRISIL D (Downgraded from
                                       'CRISIL BB/Stable')

   Proposed Long Term       7.9        CRISIL D (Downgraded from
   Bank Loan Facility                  'CRISIL BB/Stable')

   Proposed Short Term      1.6        CRISIL D (Downgraded from
   Bank Loan Facility                  'CRISIL A4+')

   Standby Line of Credit   8.0        CRISIL D (Downgraded from
                                       'CRISIL BB/Stable')

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

SKC is also exposed to risks related to its small scale of
operations in a highly fragmented industry, the geographical
concentration in its revenue profile, and the tender-based nature
of its business. However, the firm benefits from its promoters'
extensive experience in the civil construction industry.

SKC was set up as a partnership firm in 2003 by Mr. Santosh Kumar
Chourasia, Mr. Anil Kumar Srivastava, and Mr. Arvind Kumar
Chourasia. SKC undertakes civil construction work such as
maintenance of roads and construction of railway stations,
primarily in Jharkhand and West Bengal.


SELVEL ADVERTISING: ICRA Cuts Rating on INR12.55cr FB Loan to D
---------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR 1.59 crore term loan facility of Selvel Advertising Private
Limited from [ICRA]BB to [ICRA]D. ICRA has also revised downwards
the short term rating assigned to the INR 12.55 crore short term
fund based bank facilities of SAPL from [ICRA]A4 to [ICRA]D. ICRA
also revises the [ICRA]BB & [ICRA]A4 ratings assigned to SAPL's
non fund based bank limit of INR 1.00 crore, which is a sub-limit
of the INR 12.55 crore fund based limits, to [ICRA]D & [ICRA]D.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limit-        1.59       [ICRA]D downgraded
   Term Loan

   Fund Based Limits       12.55       [ICRA]D downgraded

   Non Fund Based Limit    (1.00)      [ICRA]D/[ICRA]D downgraded
   Letter of Guarantee

The rating action factors in the recent delays by SAPL in meeting
its debt service obligations in a timely manner.

Incorporated in 1970, SAPL is a wholly own subsidiary of Kolkata
based Rusi & Zarin Gimi Family Holding Private Limited. SAPL has
four wholly-owned subsidiaries namely Selvel Transit Advertising
Pvt. Ltd., Selvel Outdoor Services Pvt. Ltd., Tristar Advertising
Pvt. Ltd. and Premier Publicity Pvt. Ltd. which are in the outdoor
advertising business and have their operational presence only in
Kolkata and one media buying company namely Outdoor Advertising
Professionals (India) Pvt. Ltd. which has its operational presence
in states like Delhi, Ahmedabad, Bengaluru, Chennai, Mumbai,
Hyderabad and others.


SREE VEERABHADRA: ICRA Reaffirms B Rating on INR5cr FB Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR5.00
crore fund based limits of Sree Veerabhadra Swamy Shopping Mall.

                                Amount
   Facilities                 (INR crore)     Ratings
   ----------                 -----------     -------
   Long Term Fund based Limits     5.00       [ICRA]B reaffirmed

The rating reaffirmation takes into account the weak financial
profile of the firm characterised by low profitability owing to
trading nature of the business coupled with high gearing and
moderate coverage indicators. The rating also takes into account
the high competition faced by SVSSM from the unorganised saree
retailers of Kadapa and from company owned/single brand outlets
and the lack of proper inventory management practices which could
result in higher built up and may have to be later sold at a
discounted price to clear the slow moving stocks . The rating,
however, favourably factors in the healthy growth in operating
income (by 33%) owing to increased saree sales as well as the
decade's long experience of the promoters in the saree retailing
business in the region.

Going forward, the ability of the firm to maintain its revenue
growth while maintaining its profitability would be the key rating
sensitivity.

M/s. Sree Veerabhadra Swamy Shopping Mall was formed by the
amalgamation of three firms namely, M/s.Vaijayanthi Textiles, M/s.
Andela Textiles, M/s. Sree Veerabhadra Swamy Silk and Sarees.

SVSSM is involved in trading of textiles; sarees (different
varieties like pure silk sarees, pattu sarees, cotton, printed,
fancy and semi fancy sarees), dress materials for chudidhars and
other women wear, readymade garments for men along with fabric for
suiting and shirting and readymade garments for kids. The shopping
mall is spread across 25000 sq feet of area over 5 floors and
located at Y.V.street, Kadapa district of Andhra Pradesh.

According to provisional FY 2013-14 results, the firm has recorded
an operating income of INR26.95 crores with an operating profit of
INR1.05 crore.


SUBAM PAPER: CRISIL Reaffirms B+ Rating on INR399MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Subam Paper Pvt Ltd
(SSPL) continues to reflect its below-average financial risk
profile, constrained by high gearing and below-average debt
protection metrics; along with working-capital-intensive
operations. These rating weaknesses are partially offset by the
promoters' extensive industry experience and regular funding
support.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit          111         CRISIL B+/Stable (Reaffirmed)
   Term Loan            399         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SPPL will continue to benefit from the
extensive experience of its promoters in the segment. The outlook
may be revised to 'Positive' if the company improves its capital
structure and stabilises its incremental capacity, leading to
sizeable cash accruals. Conversely, the outlook may be revised to
'Negative' if SSPL's financial risk profile and liquidity
deteriorate with significantly low operating income or
profitability; or substantial working capital requirements or
debt-funded capital expenditure.

SPPL was founded by Mr. T Balakumar and his family in Tirunelveli
(Tamil Nadu) in 2004. The company manufactures kraft paper, and
has a manufacturing facility in Tirunelveli.


TRAFO POWER: CRISIL Assigns B+ Rating to INR37.5MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Trafo Power & Electricals Pvt Ltd (TPEPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Export Packing Credit    10         CRISIL A4
   Cash Credit              37.5       CRISIL B+/Stable
   Bank Guarantee           42.5       CRISIL A4
   Bill Discounting         10         CRISIL A4

The ratings reflect TPEPL's small scale of operations in an
intensely competitive industry, and large working capital
requirements. The ratings also reflect TPEPL's below-average
financial risk profile, marked by a high gearing. These rating
weaknesses are partially offset by the extensive experience of
TPEPL's promoters in the transformers industry.

Outlook: Stable

CRISIL believes that TPEPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
capital structure either by equity infusion or higher-than-
expected cash accruals, driven by improvement in its scale of
operations or profitability along with improvement in its working
capital management. Conversely, the outlook may be revised to
'Negative' if TPEPL's financial risk profile deteriorates, most
likely because of further decline in its revenue and
profitability, or significantly large debt-funded capital
expenditure, or if its liquidity weakens significantly on account
of increase in its working capital requirements.

TPEPL was set up in 1996 by the Agra (Uttar Pradesh)-based Mr. S K
Jain. Mr. Jain is the key promoter and managing director of the
company. TPEPL manufactures and exports distribution and power
transformers as well as pressed steel radiators, corrugated wall
panels, and mild steel tanks. Its manufacturing facility is in
Agra.

TPEPL registered a net profit of INR4.22 million on net sales of
INR235.31 million for 2013-14 (refers to financial year, April 1
to March 31), vis-a-vis a net profit of INR0.84 million on net
sales of INR100.82 million for 2012-13.


VASAVI APPARELS: CRISIL Puts 'D' Rating on INR42.5MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Vasavi Apparels Pvt Ltd (VAPL). The ratings reflect
consistent delays by VAPL in repayment of its term loans because
of its weak liquidity.

                             Amount
   Facilities              (INR Mln)     Ratings
   ----------              --------      ------
   Standby Line of Credit     2.5        CRISIL D
   Long Term Loan            33          CRISIL D
   Letter of Credit           6.5        CRISIL D
   Bank Guarantee             0.5        CRISIL D
   Cash Credit               42.5        CRISIL D

VAPL also has modest scale of operations in the intensely
fragmented ready-made garments industry, and has a below-average
financial risk profile marked by a highly leveraged capital
structure and large working capital requirements. However, the
company benefits from its promoters' extensive experience in the
ready-made garments industry and their established relationship
with key customers.

Incorporated in 1999 and based in Bengaluru, VAPL manufactures
ready-made garments and sells them in the domestic market.

VAPL reported a net profit of INR0.6 million on net sales of INR58
million for 2012-13 (refers to financial year, April 1 to March
31) against net profit of INR4.9 million on net sales of INR160
million during 2011-12.



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


FELTEX CARPET: Former Shareholders File Appeal
----------------------------------------------
Tim Fulton at The Press reports that the class action against the
former directors and sellers of shares in Feltex Carpet will
succeed if the courts agree the company's prospectus for an IPO
was flawed, a lawyer for the suit said.

The Press relates that a group of 3,600 former shareholders has
lodged an appeal in the NZ$150 million action on the collapse of
the carpet-maker in the mid 2000s.

A September 15 judgment found in favour of Feltex directors,
partners and others, the report says.

In that ruling, Justice Dobson rejected the claim that the Feltex
prospectus was misleading in what it said, and that it omitted to
refer to the health of the company, says The Press.

The Press relates that the lawyer for the shareholder action,
Roger Cann, said the action hung on "balance of probability",
rather than a requirement of "beyond reasonable doubt" required in
a criminal case.

"We only need to prove that the prospectus was in breach of the
Securities Act -- and that would trigger liability," the report
quotes Mr. Cann as saying.

Shareholders paid NZ$1.70 a share for Feltex in mid-2004. In late
2006 Feltex went bust and shareholders lost their investment, the
report recalls.

According to The Press, a barrister for the shareholder suit said
it would have to file for a hearing by the start of February,
2015, with an expectation of the appeal being heard in the second
half of that year.

The Press discloses that the former directors of Feltex being sued
are Tim Saunders, Sam Magill, John Feeney, Craig Horrocks, Peter
Hunter, Peter Thomas and Joan Withers.  The other named
respondents to the appeal will be Credit Suisse Private Equity,
Credit Suisse First Boston Asian Merchant Partners, First New
Zealand Capital and Forsyth Barr, the report relays.

The Press relates that Eric Houghton, who brought the action on
behalf of shareholders, said in a notice to the Court of Appeal on
Oct. 14 the High Court erred in determining New Zealand securities
legislation did not seek to limit the extent of risk that
investors might be exposed to when making particular investments.

The court also erred in the application and interpretation of
several sections of the Securities Act 1978 and in regard to two
parts of the Fair Trading Act 1986, his appeal said.  The court
further erred "by importing into the concept of truth or untruth,
the concept of materiality" and in finding that Mr. Houghton and
the shareholders had not made out any loss, according to The
Press.

The appeal was also on the grounds the court erred "in determining
that the appellant was obliged to disclose the translation of the
GSM data into SQL [software language] format to the respondents,"
the report adds.

Justice Dobson found in September that although a number of
criticisms of the prospectus had some justification, none of them
amounted to material misleading content or omissions that would
trigger liability under the Securities Act, The Press reports.

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
is a manufacturer of superior-quality carpet.  The Feltex
operation included a wool scouring plant, six spinning mills,
three tufted carpet mills, a woven carpet mill and offices in New
Zealand, Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
Application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.


SOUTH CANTERBURY: Investors Seek Probe; Mull Class Suit vs Govt
---------------------------------------------------------------
Emma Bailey at The Timaru Herald reports that out of pocket
South Canterbury Finance (SCF) investors are seeking an inquiry
into the finance company's collapse and considering a class action
against the Government.

SCF went into receivership on August 31, 2010. The Government paid
out NZ$1.58 billion under the Crown Deposit Guarantee scheme.
Receivers have recovered close to NZ$800 million.

While 35,000 investors were paid out under the guarantee, more
than 200 preferential shareholders, owed NZ$100m, were not. Timaru
gynaecologist Albert Makary was one and said he and others were
seeking a government inquiry into the collapse, and the effect of
putting Allan Hubbard into statutory management in June 2010,
along with investment companies Aorangi Securities and Hubbard
Management Funds (HMF).

Mr. Hubbard died in a car accident in September 2011 and Aorangi
investors have since been paid out 99 cents in the dollar, while
about 260 investors in HMF have so far got back 45 cents in the
dollar, the report recalls.

According to the report, Mr. Makary said investors had been
waiting for the verdicts in the SCF trial, on Oct. 14, and the
Aorangi payout. "People need to remember this all started with the
statutory management of Allan Hubbard. Now Aorangi investors have
got back nearly all their money and the judge has said (about SCF)
there was no culture to deceive the investors. The huge question
is why was Allan Hubbard put into statutory management when
Treasury knew it would cause SCF to fail?"

The Timaru Herald relates that in response to an August 27, 2010
letter from SCF chief executive Sandy Maier about a possible
recapitalisation deal, Treasury Secretary John Whitehead described
the proposal as "compelling".

"In SCF's analysis, the proposal presented will result in an
ultimate loss or shortfall to the Crown of approximately
NZ$250 million to NZ$300m. This compares with SCF's estimate of a
shortfall under receivership of up to NZ$700 million," Mr. Maier
accurately forecast, the report says.

The Timaru Herald notes that Mr. Makary wants to know why the
recapitalisation bid was not allowed.  "Could SCF have ridden
(out) the storm? There were deals on the table but they were
ignored. Why were they not entertained and made public? Why
weren't preferential shareholders approached to raise capital?
Instead, their NZ$100m was written off completely. What we are
asking for is an inquiry into why all this happened.

"Now preferential shareholders are considering a class action, we
have just been waiting on the verdict. The judge has said Allan
was old-fashioned but he has not said he was a crook."

                   About South Canterbury Finance

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.


WELLPACK LIMITED: 40 Workers Lose Jobs as Firm Shuts Door
---------------------------------------------------------
Another New Zealand manufacturer is closing its doors, giving the
lie to the idea that we have a "rock star" economy or any strategy
for jobs growth, NZ Amalgamated Engineering, Printing &
Manufacturing Union (EPMU) said.

All 40 of Wellpack Limited workers have been made redundant by the
plant's closure.

"We're seeing more and more companies which just can't survive
when the market's flooded with cheap imports," said Louisa Jones,
EPMU industry organiser for the food industry.

"These workers have been at the company for ten, fifteen, even
forty years. It's going to be hugely difficult for them to find
comparable work with good wages and job security.

"New Zealand is a country with such great natural resources. It
makes no sense that we can't grow our own food and pack it in our
own paper bags made from our own timber," Ms. Jones said.

"The government's continued inaction on our high dollar and the
ongoing, real crisis in our manufacturing industry is shocking."

Wellpack will shut its doors in the next five to six weeks. The
EPMU is working with the company on the question of redundancy
compensation.

Wellpack Limited is a paper bag manufacturer based in Upper Hutt,
Wellington.



===============
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 202-362-8552.



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