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        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

         Thursday, September 11, 2014, Vol. 17, No. 180


                            Headlines


A U S T R A L I A

7 BASTOW: Romanis Cant Appointed as Administrators
DUNCAN R SCHOFIELD: Jirsch Sutherland Placed in Administration
GLENZEIL PTY: Placed In Liquidation; 34 Workers Lose Jobs
NATIONAL ABS 2012-1M: S&P Raises Rating on Class F Notes to BB
ORIGIN ENERGY: Moody's Rates EUR1BB Hybrid Instr. Issuance (P)Ba1

REAL FUTONS: In Administration; First Meeting Set Sept. 17


C H I N A

HONGHUA GROUP: Fitch Assigns 'BB' IDR; Outlook Stable


I N D I A

A. S. BETGERI: CRISIL Assigns B+ Rating to INR30MM Overdraft Loan
A.V. MARBLE: CRISIL Assigns 'B+' Rating to INR50MM Cash Credit
ALAMELU BALAJI: CRISIL Ups Rating on INR81.8MM LT Loan to B+
B.H.COTTON: ICRA Reaffirms 'B+' Rating on INR7cr Cash Credit
CORONA VITRIFIED: CRISIL Reaffirms B+ Rating on INR65M Term Loan

DEEPA JEWELLERS: CRISIL Cuts Rating on INR80MM Cash Credit to B-
E.K.S SPINNERS: ICRA Suspends 'B' Rating on INR4.4cr Term Loan
ELYSIUM PHARMACEUTICALS: ICRA Rates INR12cr Cash Credit at 'D'
EMC SUPER: CRISIL Upgrades Rating on INR80MM Cash Credit to B
FRIENDS AUTO: CRISIL Cuts Rating on INR107.5MM Cash Credit to D

GURU NANAK: ICRA Assigns 'D' Rating to INR8cr Fund Based Limit
HARIKISHAN TEJMAL: ICRA Suspends 'B+' Rating on INR10cr LT Loan
HECTOR ENTERPRISES: CRISIL Reaffirms B+ Rating on INR178.6MM Loan
HIMALAYA SEEDS: CRISIL Assigns 'B' Rating to INR70MM Cash Credit
INDIANA HOSPITAL: ICRA Ups Rating on INR24.65cr Term Loan to 'B'

KALPAKA TRANSPORT: CRISIL Lowers Rating on INR90MM Loan to 'B'
KERALA TRANSPORT: CRISIL Cuts Rating on INR290MM Cash Credit to B
KINGFISHER AIRLINES: SBI Sends Wilful Defaulter Notice
KUFRI FUN: ICRA Assigns 'D' Rating to INR9cr Term Loan
LOKESH MACHINES: CRISIL Suspends D Rating on INR553MM Term Loan

MAA MANGALA: ICRA Upgrades Rating on INR9.5cr Cash Credit to C
METALFAB HIGHTECH: ICRA Cuts Rating on INR40cr Non-FB Loan to D
PRAKASH INDUSTRIAL: ICRA Cuts Rating on INR20cr Cash Credit to D
PREMIER SOLAR: CRISIL Reaffirms 'B' Rating on INR63.5MM Loan
PURE MILK: CRISIL Reaffirms B Rating on INR374.8MM Cash Credit

R BALARAMI: CRISIL Suspends C Rating on INR80MM Overdraft Loan
SAR ISPAT: CRISIL Lowers Rating on INR120MM Cash Credit to B
SHIV SHANKAR: CRISIL Reaffirms 'B' Rating on INR120MM Loan
SHREE RAM: ICRA Reaffirms 'B' Rating on INR30cr Cash Credit
SONALAC PAINTS: ICRA Assigns 'B' Rating to INR6cr Cash Credit

SRI SURYA: CRISIL Reaffirms 'D' Rating on INR88.5MM Term Loan
SURYA INNS: ICRA Assigns 'B+' Rating to INR20cr Term Loan
SWASH NONIONICS: CRISIL Reaffirms B Rating on INR110MM Bank Loan
TANEJA DEVELOPERS: CRISIL Withdraws B Rating on INR322.2MM Loan
VENKATADRI SPINNING: CRISIL Reaffirms B- Rating on INR49MM Loan

VIPUL ENTERPRISES: ICRA Suspends C+ Rating on INR5.5cr LT Loan
VISION CERAMIC: CRISIL Ups Rating on INR43.1MM Bank Loan to B+
WINGSFIELD KNITWEAR: ICRA Suspends 'D' Rating on INR15.5cr Loan


N E W  Z E A L A N D

ISABEL ESTATE: Owes More Than NZ$12.4 Million
MCVITTY PROPERTIES: No Progress in Liquidation Process
ORIGINAL CALIFORNIA: Overseas Business Sour Taste for Creditors
VNC COCKTAILS: Goes Into Liquidation


P H I L I P P I N E S

ALPHALAND CORP: To Appeal Delisting Over Disclosure Rule Breaches


V I E T N A M

* VIETNAM: Hanoi Names 10 Disappeared Foreign-Invested Companies


                            - - - - -


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


7 BASTOW: Romanis Cant Appointed as Administrators
--------------------------------------------------
Anthony Robert Cant and Simon Patrick Nelson of Romanis Cant were
appointed as administrators of 7 Bastow Place Pty. Ltd. on
Sept. 9, 2014.

A first meeting of the creditors of the Company will be held at
the offices of Romanis Cant, 106 Hardware Street, in Melbourne,
Victoria, on Sept. 17, 2014, at 11:00 a.m.


DUNCAN R SCHOFIELD: Jirsch Sutherland Placed in Administration
--------------------------------------------------------------
Stewart William Free -- stewart@jirschsutherland.com.au -- and
Andrew John Spring -- andrews@jirschsutherland.com.au -- of Jirsch
Sutherland were appointed as administrators of
Duncan R Schofield Pty Limited, trading as Duncan Schofield
Financial Services, on Sept. 5, 2014.

A first meeting of the creditors of the Company will be held at
47 Newcomen Street, in Newcaslte, on Sept. 17, 2014 at 3:00 p.m.


GLENZEIL PTY: Placed In Liquidation; 34 Workers Lose Jobs
---------------------------------------------------------
Lucy Ardern at Gold Coast Bulletin reports that Glenzeil Pty Ltd
staff were sacked and the Gold Coast construction company shut
down as soon as the liquidator was appointed this week.

The Bulletin relates that liquidator Peter Dinoris, from Vincents
in Brisbane, said the 34 staff employed by the Varsity Lakes-based
business were stood down immediately on September 8.

Tradies who turned up to work on the AUD35 million Pure Kirra
tower, a Glenzeil construction, were greeted by security guards on
September 8, the report says.

The site is now in lock down and it is unknown when work will
resume, says the Bulletin.

According to the report, Mr. Dinoris said his focus was trying to
establish the financial state of the company so that the best
possible return to creditors could be delivered.

"The key focus at the moment is to identify, secure and arrange
the realisation of the assets of the company," the report quotes
Mr. Dinoris as saying.

The Bulletin notes that financial records filed by Glenzeil
directors tell a story of rapid financial decline in the past four
years.

In the 12 months to June 30, 2013, the company's revenue more than
halved, with just AUD22.95 million in work secured to keep
operations going, the Bulletin discloses.

Documents showed that Glenzeil posted losses of AUD4.35 million
and AUD5.57 million in the financial years prior, the Bulletin
relays.

In 2010, records show the company's directors estimated its annual
turnover at AUD120 million during its 20th year, the Bulletin
reports.

Glenzeil Pty Ltd was one of the city's largest construction
companies and had a string of projects to its name including
Nirvana by the Sea at Kirra and the Rocket in Robina.


NATIONAL ABS 2012-1M: S&P Raises Rating on Class F Notes to BB
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on two
classes of asset-backed securities (ABS) issued by Perpetual
Corporate Trust Ltd. as trustee for National ABS Trust 2012-1M.
At the same time, S&P affirmed its ratings on four classes of
notes.  National ABS Trust 2012-1M is a securitization of motor
vehicle and equipment-backed receivables originated by National
Australia Bank Ltd. (NAB) via its Medfin Australia Pty Ltd.
distribution channel.

S&P's ratings reflect:

   -- Its view of the credit risk of the underlying receivables
      portfolio.  The transaction has amortized to below 30% of
      the initial pool size and losses to date experienced in the
      transaction are below S&P's base-case initial assumption.
      As of July 31, 2014, cumulative net losses were
      approximately 0.18% of the original portfolio balance,
      which have been fully covered by excess spread, and arrears
      greater than 30 days are 0.4%.

   -- Its expectation that the credit support for each class of
      notes is sufficient to withstand the stresses S&P applies.
      The build-up of credit support for each class of notes is
      currently more than double the original credit support
      provided.  S&P's analysis reflects the pro-rata pay
      mechanism in place that may limit further build-up of
      credit enhancement.

   -- The portfolio has significant exposure to assets that have
      balloon repayments, which have characteristics that can
      heighten a borrower's sensitivity to changes in
      macroeconomic factors through an economic downturn.  While
      the pool is currently well diversified, S&P's analysis has
      considered that as the pool continues to amortize, there is
      a greater likelihood of borrower concentration, where
      performance deterioration of a few loans could have a more
      pronounced impact on arrears and losses.

   -- The liquidity support provided for the transaction in the
      form of an amortizing liquidity reserve, which is equal to
      1.0% of the current invested amount of the notes and
      subject to a floor of A$300,000, and the ability to use
      principal collections to meet short-term liquidity demands.

   -- The track record and industry experience of the originator
      and servicer, NAB.

   -- The fact that all contract payments, including the residual
      or balloon payments, are an obligation of the borrower.  As
      a result, the issuer is not exposed to any market-value
      risk associated with the sale of the motor vehicles (on
      performing receivables).  This is a risk that may be
      associated with other products, such as operating leases.

   -- The benefit of a fixed-to-floating interest rate swap
      provided by NAB to hedge the mismatch between the fixed-
      rate payments on the receivables and the floating-rate
      coupon payable on the notes.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

National ABS Trust 2012-1M
AUD400 mil Asset-Backed Securities Commercial-Other
                             Rating
Class      Identifier        To            From
A2         AU3FN0016812      AAA (sf)      AAA (sf)
B          AU3FN0016820      AA (sf)       AA (sf)
C          AU3FN0016838      A (sf)        A (sf)
D          AU3FN0016846      BBB (sf)      BBB (sf)
E          AU3FN0016853      BBB (sf)      BB (sf)
F          AU3FN0016861      BB (sf)       B (sf)


ORIGIN ENERGY: Moody's Rates EUR1BB Hybrid Instr. Issuance (P)Ba1
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) Ba1 long-
term rating to Origin Energy Finance Limited's ("OEF") proposed
EUR1 billion hybrid instrument issuance, known as Capital
Securities. OEF's obligations to the Capital Securities holders
will be guaranteed on a subordinated basis by Origin Energy
Limited ("Origin" - Baa2 stable), OEF's holding company.

Origin is an ASX-listed Australian-based company involved in
energy retailing, power generation, and gas and oil exploration
and production.

The rating outlook on the Capital Securities is stable.

Moody's expects the proceeds from the issuance will be on lent to
Origin and used primarily to refinance the debt drawn to fund its
acquisition of the Poseidon gas field, which was completed in
August 2014.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only. Upon a conclusive review
of the final documentation and successful issuance, Moody's will
endeavour to assign a definitive rating to the Capital Securities.
A definitive rating may differ from a provisional rating.

Ratings Rationale

The (P) Ba1 rating of the Capital Securities, which is two notches
below Origin's senior unsecured rating, primarily references
Origin's credit profile and the terms and subordinated nature of
the Capital Securities. Key terms of the latter include: 1) a 60
year maturity, 2) OEF's option to call the Capital Securities in
2019, with margin step-ups of 25 and 75 basis points in 2024 and
2039 respectively, 3) the subordinated nature of the Capital
Securities within Origin's capital structure and 4) OEF's option
to defer distributions on the Capital Securities.

A key driver of Origin's credit profile - and hence the Capital
Securities - over the next two years will be the extent to which
the AUD24.7 billion export APLNG project, which is 37.5% owned by
Origin, is completed and achieves ramp-up within time and cost
budgets.

Origin currently exhibits weak financial metrics with financial
leverage -- as measured by the ratio of Funds from Operations
(FFO) to Debt -- below 17% for the 2014 fiscal year. The company
therefore has limited flexibility to manage any unexpected
challenges in completing the APLNG project at the Baa2 level.
and/or further deterioration in its energy markets business. Given
the modest growth prospects in energy markets in the near term,
Origin's financial profile will remain weak until the commencement
of LNG revenue.

Origin reported that APLNG's project was 75% complete as at 30
June 2014, with completion of Train 1 scheduled for mid-2015.

Origin's rating - and hence the rating of the Capital Securities -
could be lowered if APLNG is subject to material cost increases or
delays in completion. A further decline in Origin's retail energy
business on a sustained basis could also pressure Origin's
existing rating, notwithstanding APLNG completion. Credit metrics
that could precipitate a downgrade include FFO/Debt remaining
below 20% and FFO/Interest below 4x post-FY15 on a consistent
basis.

Given the modest growth opportunities in the energy markets
business and the expectation for further weakening in Origin's
financial metrics, a rating upgrade is unlikely before the
completion of the APLNG project.

The principal methodology used in this rating was Unregulated
Utilities and Power Companies, published in August 2009.


REAL FUTONS: In Administration; First Meeting Set Sept. 17
----------------------------------------------------------
Keith Laurence Sutherland of Bent & Cougle was appointed as
administrator of Real Futons Pty Ltd on Sept. 5, 2014.

A first meeting of the creditors of the Company will be held at
the office of Bent & Cougle Pty Ltd, Level 5, 332 St Kilda Road,
in Melbourne, on Sept. 17, 2014, at 10:30 a.m.



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


HONGHUA GROUP: Fitch Assigns 'BB' IDR; Outlook Stable
-----------------------------------------------------
Fitch Ratings has assigned China-based Honghua Group Limited
(Honghua) a Long-Term Foreign-Currency Issuer Default Rating of
'BB' with Stable Outlook.  Additionally, Fitch has assigned
Honghua a senior unsecured rating of 'BB' and an expected
'BB(EXP)' rating to Honghua's proposed USD senior unsecured notes.

The assigned rating reflects Honghua's strong market position as a
low-cost, high-quality producer of land rigs and the positive
market outlook due to strong drilling activity in regions where
the company's key customers operate.  The rating also takes into
consideration the company's limited operating scale and evolving
business model.

The notes are rated at the same level as the senior unsecured debt
rating as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company.  The final rating on
the notes is contingent upon receipt of final documents conforming
to information already received by Fitch.

KEY RATING DRIVERS

Low-Cost Market Leader: Honghua is able to price its rigs at 20%
less than its international peers mainly due to the lower costs of
building the rigs in China and using mainly Chinese-made parts.
The company has gained market share over the years and now ranks
as the largest land rig builder in the world with a 14% market
share in terms of the number of rigs fabricated in 2013.

Positive Market Outlook: The outlook for drilling activities
around the globe is strong with spending on rig equipment at
historically high levels.  In addition, new land rig demand is
shifting from traditional markets in North America to emerging
markets such as Russia, China, Latin America and the Middle East,
where Honghua has already established its reputation.

Improving Working Capital Management: Honghua has implemented a
number of measures to improve its working capital cycle, including
delaying raw material purchase and extending payment terms with
suppliers to match the payment terms given to its customers.  This
resulted in its working capital cycle decreasing to 205 days in
2013 from 288 days in 2012.

Better Counter-Party Risk Management: In 2013, approximately two-
thirds of Honghua's order books were based on aggressive payment
terms, such as 10% down payment and the payment of the remaining
90% upon delivery.  In 2014, this ratio has decreased to less than
20%, with those that have aggressive payment terms mostly new
contracts in the offshore rig segment, which Honghua is trying to
penetrate.  To mitigate counterparty risks, Honghua uses tools
such as insurance and letters of credit on 90% of its orders.

New to Offshore Rigs: Honghua has expanded into offshore drilling
equipment manufacturing.  It builds the offshore equipment onshore
by utilising an innovative crane that allows the company to reduce
construction lead times and fabrication costs.  While the foray
into offshore rigs presents execution risks, this is partly
alleviated by two recently secured contracts worth USD520m.
However, as a new entrant, Honghua is likely to offer aggressive
payment terms during the initial stage, which will increase its
working capital needs.

Capex Discipline Important: Honghua's capex spending in 2012 and
2013 rose as the company expanded into oilfield services and
manufacturing of offshore drilling equipment.  While this helped
to diversify the company's product offerings, it also put pressure
on the balance sheet.  Fitch expects Honghua to deleverage in 2015
as long as it maintains good discipline in capex going forward
Commodity Risk Exposure: While drilling activity in emerging
markets (where Honghua's main customer base is) generally tends
not to be affected by a sharp downturn in oil and gas prices,
price declines could have an adverse impact on counterparties'
financial strength.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, result in negative rating action:

   -- FFO adjusted net leverage of over 3x (2013: 2.6x) on a
      sustained basis

   -- EBITDA margin below 12% (2013: 11.4%) on a sustained basis

   -- Net working capital days of above 250 days on a sustained
      Basis

   -- Significant weakening of its market position in land rigs
      and poor execution of contracts for offshore rigs

Positive: Future developments that may, individually or
collectively, result in positive rating action:

   -- No positive rating actions is envisaged in the next 12-18
      months due to the company's limited scale and evolving
      business model



=========
I N D I A
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A. S. BETGERI: CRISIL Assigns B+ Rating to INR30MM Overdraft Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of A. S. Betgeri.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         50         CRISIL A4
   Overdraft Facility     30         CRISIL B+/Stable

The ratings reflect ASB's modest scale of operations, large
working capital requirements, and susceptibility to risks related
to intense competition in the civil construction industry.  These
rating weaknesses are partially offset by above-average financial
risk profile albeit constrained by its low networth base and the
extensive experience of the promoters' in the civil construction
industry.

Outlook: Stable

CRISIL believes that ASB will benefit over the medium term from
its experienced management. The outlook may be revised to
'Positive' if the firm diversifies and improves its scale of
operations and profitability on a sustainable basis, leading to
improvement in its business and financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case its
financial risk profile deteriorates owing to reduced revenues and
margins, or if the firm undertakes a large debt-funded capital
expenditure programme, or if there is a delay in receipt of bills
from various principals.

Set up in 1995, by Mr. A.S.Betgeri as a proprietorship firm, ASB
is engaged in civil construction works in Dharwad (Karnataka). The
firm undertakes civil construction works related to construction
of buildings primarily for the Karnataka Public Works Department.

ASB reported a profit after tax (PAT) of INR2.8 million on net
sales of INR56.8 million for 2012-13 (refers to financial year,
April 1 to March 31), vis-a-vis a PAT of INR2.8 million on net
sales of INR70.7 million for 2011-12.


A.V. MARBLE: CRISIL Assigns 'B+' Rating to INR50MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of A.V. Marble Palace.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Proposed Working      7.5         CRISIL B+/Stable
   Capital Facility

   Cash Credit          50           CRISIL B+/Stable

   Medium Term Loan     12.5         CRISIL B+/Stable

The rating reflects AVMP's below-average financial risk profile,
marked by weak debt protection metrics, and its modest scale of
operations in the intensely competitive tile and marble trading
segments. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters.

Outlook: Stable

CRISIL believes that AVMP will continue to benefit over the medium
term from its established relationships with suppliers and its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm improves its financial risk
profile, while significantly increasing its scale of operations
and profitability. Conversely, the outlook may be revised to
'Negative' if AVMP generates lower-than-expected cash accruals, or
undertakes a large debt-funded capital expenditure programme, or
if its working capital management deteriorates, resulting in
weakening of its financial risk profile.

AVMP was set up in Trivandrum (Kerala) in 2004 by Mr. V Varghese
and Mr. P V Rajan. The firm trades in tiles, marbles, and sanitary
ware.

AVMP reported a net profit of INR1.66 million on sales of INR321.7
million for 2012-13 (refers to financial year, April 1 to March
31), vis-a-vis a net profit of INR1.27 million on sales of INR247
million for 2011-12.


ALAMELU BALAJI: CRISIL Ups Rating on INR81.8MM LT Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Alamelu Balaji Spg Mills (P) Ltd to 'CRISIL B+/Stable' from
'CRISIL B/Stable', while reaffirming its rating on the company's
short-term facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)        Ratings
   ----------         ---------        -------
   Cash Credit           105           CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Letter of Credit        4.5         CRISIL A4 (Reaffirmed)

   Long Term Loan         81.8         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that ABSM will
maintain its improved liquidity over the medium term, with
generation of more-than-sufficient cash accruals for meeting its
repayment obligations and timely support in the form of unsecured
loans from promoters. The company is expected to generate annual
cash accruals of INR32 million to INR38 million over the medium
term, against annual term loan repayment obligations of INR10
million. The loans and advances from promoters stood at around
INR29.7 million as on March 31, 2014(refers to financial year,
April 1 to March 31).

The rating reflects ABSM's modest scale of operations in the
fragmented textile industry, and its below-average financial risk
profile marked by a highly leveraged capital structure. These
rating weaknesses are partially offset by its promoter's
experience in the textile industry.

Outlook: Stable

CRISIL believes that ABSM will benefit over the medium term from
its promoter's extensive experience in the textile industry. The
outlook may be revised to 'Positive' if the company records a
considerable increase in revenue and profitability, resulting in
improvement in the financial risk profile. Conversely, the outlook
may be revised to 'Negative' if there is a considerable decline in
accruals and profitability on account of lower operating rates
owing to power shortages or deterioration in working capital
management, or if ABSM undertakes a large debt-funded capital
expenditure programme, weakening its financial risk profile.

ABSM set up in 1993 derives its revenue from the manufacture of
cotton yarn. Its day-to-day operations are managed by Mr.
Venkataswamy.


B.H.COTTON: ICRA Reaffirms 'B+' Rating on INR7cr Cash Credit
------------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed to the INR7.00 crore
fund based cash credit facility of B.H.Cotton Private Limited.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limits      7.00        [ICRA]B+ reaffirmed

The rating continues to be constrained by the low value add nature
of operations and intense competition on account of fragmented
industry structure leading to thin profit margins. The rating is
further constrained by weak financial profile characterized by
high gearing and weak coverage indiactors.  The rating also takes
into account vulnerability of profitability to adverse
fluctuations in raw material prices which are subject to seasonal
availability of raw cotton and government regulations on MSP and
export quota.

The rating, however positively considers the long experience of
the promoters in the cotton ginning and pressing industry, and the
advantage company enjoys by virtue of its location in cotton
producing region giving it easy access to raw cotton and positive
demand outlook for cotton and cottonseed.

BHCPL was established in 2007 and is engaged in ginning of raw
cotton to produce cotton seeds and cotton bales. The factory is
located at Rajkot, Gujarat. BHCPL has 30 ginning machines which
translate to an annual installed capacity of 15000 MT. The company
deals in S-6 type of cotton.

Recent Results
For the year ended 31st March, 2014, BHCPL reported an operating
income of INR37.55 crore and profit after tax of INR0.05 crore.


CORONA VITRIFIED: CRISIL Reaffirms B+ Rating on INR65M Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Corona Vitrified
Pvt Ltd continue to reflect CVPL's average financial risk profile,
marked by a leveraged capital structure and average debt
protection metrics, and its susceptibility to intense competition
in, and the weak economic environment for, the ceramic and
vitrified tiles segment. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the ceramic tiles industry and its favourable location in Morbi,
Rajkot (Gujarat).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         10        CRISIL A4 (Reaffirmed)
   Cash Credit            60        CRISIL B+/Stable (Reaffirmed)
   Rupee Term Loan        65        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CVPL will continue to benefit over the medium
term from the favourable location of its facility and its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if CVPL reports better-than-expected revenue
growth and profitability. Conversely, the outlook may be revised
to 'Negative' if the company undertakes a large debt-funded
capital expenditure programme, or its revenue and profitability
decline significantly.

CVPL was incorporated in December 2009, promoted by the Ughreja
family of Morbi. The company mainly manufactures vitrified tiles.

For 2013-14 (refers to financial year, April 1 to March 31), CVPL
is estimated to report a profit after tax (PAT) of INR5.4 million
on an operating income of INR316.1 million; it had reported a PAT
of INR3.9 million on an operating income of INR384.1 million for
2012-13.


DEEPA JEWELLERS: CRISIL Cuts Rating on INR80MM Cash Credit to B-
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Deepa Jewellers to 'CRISIL B-/Stable' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            80         CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects DJ's weakened liquidity because of
stretch in working capital cycle, marked by increase in gross
current assets to 765 days as on March 31, 2014, from 363 days as
on March 31, 2013. Lengthening of working capital cycle also led
to deterioration in DJ's financial risk profile, marked by high
gearing of around 4 times as on March 31, 2014. CRISIL believes
that DJ's financial risk profile, particularly its liquidity, will
remain weak over the medium term because of large working capital
requirements.

The rating reflects DJ's small scale of operations in the highly
fragmented jewellery industry and its below-average financial risk
profile marked by weak debt protection metrics and high gearing.
These rating weaknesses are partially offset by the extensive
experience of DJ's promoters in the jewellery retailing business.

Outlook: Stable

CRISIL believes DJ will maintain its business risk profile over
the medium term backed by its established regional presence. The
outlook may be revised to 'Positive' if the firm reports
significant growth in revenue and profitability, leading to
increased cash accruals, strengthening its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if DJ
undertakes any aggressive debt-funded expansion programme, or if
its operating margin and debt protection measures deteriorate, or
if its promoters withdraw sizeable capital, weakening its
financial risk profile, particularly liquidity.

DJ, set up in 2009, is a retailer of gold jewellery. It has two
showrooms, in Kanhangad and Cheruvathur (both in northern Kerala).
Its day-to-day operations are managed by managing partner Mr.
Nagaraj.


E.K.S SPINNERS: ICRA Suspends 'B' Rating on INR4.4cr Term Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR4.40 crore
term loans, INR3.00 crore fund based facilities and INR0.05 crore
non-fund based facilities, and [ICRA]A4 rating to the INR1.00
crore short term, non-fund based facilities of E.K.S Spinners
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the Company.


ELYSIUM PHARMACEUTICALS: ICRA Rates INR12cr Cash Credit at 'D'
--------------------------------------------------------------
The rating of [ICRA]D has been assigned to the enhanced long term
fund based facilities of Elysium Pharmaceuticals Limited. The
rated amount is enhanced from INR19.33 crore to INR28.27 crore.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           12.00       [ICRA]D assigned
   Term Loan             10.07       [ICRA]D assigned
   Standing Line of
   Credit                 1.00       [ICRA]D assigned
   Letter of Credit       5.20       [ICRA]D assigned

The rating reaffirmation continues to factor in the delays in term
loan repayment obligations and stretched liquidity position as
reflected by full utilization of working capital limits on account
of high working capital intensity of operations. The ratings also
take into account high customer concentration risk and absence of
a hedging policy exposing EPL's profitability to foreign exchange
fluctuation.

The ratings, however continues to favourably take into account the
long standing experience of the promoters in contract
manufacturing and formulation manufacturing business, significant
growth in operating income in FY 2014 and a healthy order book
lending revenue visibility going forward.

Incorporated in 1995, Elysium Pharmaceuticals Limited is engaged
in manufacturing of tablets, capsules, liquid orals, ointment and
syrups at its formulation unit situated at Dabhasa near Vadodara
city, Gujarat. EPL markets its products in domestic as well as
export segment. EPL also undertakes contract manufacturing on loan
licensing basis and manufacture products for reputed domestic
pharmaceutical companies. The manufacturing facility is spread
over 25,000 sq mtrs of land comprising of two plants and is
approved by WHO GMP (World Health Organization -- Good
Manufacturing Practise).

Recent Results
For the year ended 31st March 2014, EPL has reported an operating
income of INR50.17 crore and profit after tax (PAT) of INR1.90
crore as against an operating income of INR26.93 crore and PAT of
INR0.51 crore for the year ended 31st March 2013.


EMC SUPER: CRISIL Upgrades Rating on INR80MM Cash Credit to B
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of EMC
Super Speciality Hospitals Pvt Ltd to 'CRISIL B/Stable' from
'CRISIL D'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            80         CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term     50         CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   Term Loan              70         CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects CRISIL's belief that EMC's financial
risk profile, particularly liquidity, will improve over the medium
term, supported by sufficient cash accruals to meet debt
obligations. The company is expected to generate cash accruals of
INR350 million to INR420 million vis-a-vis debt obligations of
INR215 million over the medium term. The improvement in the
liquidity will also be supported by the enhancement in bank lines
expected over the medium term. The rating upgrade also factors in
the change in the payment terms with its key customer that is
cashless facility for retired army officials under Ex-Serviceman
Contributory Health Scheme, which is expected to improve EMC's
working capital cycle.

The rating reflects EMC's weak financial risk profile, marked by
small net worth and high gearing, small scale of operations, and
geographical concentration in its revenue profile. These rating
weaknesses are partially offset by the benefits that EMC derives
from its comfortable operating margin and moderate debt protection
metrics.

Outlook: Stable

CRISIL believes that EMC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
better-than-expected revenue owing to significant ramp-up from the
additional proposed capacity, while it maintains its profitability
levels, or if the working capital, particularly the debtor
collection, improves leading to improvement in liquidity.
Conversely, the outlook may be revised to 'Negative' if the
company's scale of operations and profitability decline
significantly; leading to lower-than-expected cash accruals, or if
there is significant stretch in the working capital cycle owing to
delay in receivables or if EMC undertakes any large debt-funded
capital expenditure programme .

EMC was established as a partnership firm in 2003 by Mr. Pawan
Arora, Mrs. Meenu Arora, and Mr. Chaman Lal Arora as Emergency
Medical Care Hospitals. The firm was reconstituted as a private
limited company in 2010. The company has established multi-
speciality hospitals in Amritsar (Punjab).

For 2013-14 (refers to financial year, April 1 to March 31), EMC
is estimated to report a profit after tax (PAT) of INR9.6 million
on net sales of INR292.4 million; the company reported a PAT of
INR6.6 million on net sales of INR244.8 million for 2012-13.


FRIENDS AUTO: CRISIL Cuts Rating on INR107.5MM Cash Credit to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Friends Auto (India) Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         2.5        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit          107.5        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Letter of Credit      80          CRISIL D (Downgraded from
                                     'CRISIL A4+')

The rating downgrade reflects continuously overdrawn cash credit
account by FAL for more than 30 days; and regular instances of
devolvement in letter of credit because of weak liquidity. The
weak liquidity is because of delay in payments from its prime
customers such as state transport undertakings/corporations and
Tata Motors Ltd (TML; rated 'CRISIL AA/Stable/CRISIL A1+'), which
together account for more than 60 per cent of FAL's operating
income.

The ratings reflect FAL's high product and customer concentration
in its revenue profile. This rating weakness is partially offset
by FAL's strong presence in the leaf springs market in India and
its above-average financial risk profile, marked by low gearing,
above-average debt protection metrics, and a moderate net worth.

FAL manufactures leaf springs for the commercial vehicle market in
India. The company caters to original equipment manufacturers
(OEMs) and the replacement market, with the former accounting for
70 to 80 per cent of its sales. FAL supplies leaf springs to large
OEMs such as TML and Eicher Motors Ltd.


GURU NANAK: ICRA Assigns 'D' Rating to INR8cr Fund Based Limit
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]D to the INR8.0
crore fund based facility of Guru Nanak Education Trust.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits      8.0       [ICRA]D; Assigned

The rating factors in the delays in debt servicing by the trust on
account of liquidity constraints being faced by it.
GNET was declared as a minority educational institute by National
Commission For Minority Educational Institutions in April 2011
under the National Commission For Minority Educational
Institutions Act, 2004. As per the arrangement, the SC/ST students
would study free of cost in the institute and the state government
and Government of India would reimburse the institute for its
tuition, books, boarding and lodging and other fee. However,
because of an amendment brought into the scheme by Uttar Pradesh
government on Sept 26, 2012, GNET has been litigating against the
state government for almost two years now. As a result,
receivables on the books of GNET have ballooned from INR9.8 crore
in FY12 to INR16.5 crore in FY13 to INR21.8 crore in FY14. The
resulting squeeze in liquidity has led to delays in servicing the
debt. It has also led the institute to shut down most of the
courses it was offering before the litigation started.  The key
rating sensitivity going forward would be resolution of the
ongoing litigation and the release of funds from the state
government.

Trust Profile Guru Nanak Education Trust was set up in late 2007
by Late Shri Inderjeet Chaddha as Chairman, Gursimran Singh
Chadha, Jaspal Chaddha and Bhavneet Chaddha. After the demise of
the Chairman, Jaspal Chaddha and Bhavneet Chaddha also resigned
from the trusteeship. S. Kulwant Singh and Mr. Desraj Singh were
then inducted as trustees with S. Kulwant Singh as Chairman. The
Trust has a campus in Roorkee, Uttarakhand on a land area of 10
acre and started with engineering, management and Applied Science
courses. The institute was given a minority status certificate by
the National Commission for Minority Educational Institute
(NCMEI), which is a government agency formed by the Government of
India under the National Commission for Minority Education
Institutions Act, 2004, in April 2011. The institute is currently
running only one course -- PGDM -- where it has student strength
of 200.

Recent results

As per the provisional results of FY14, the Trust had gross
receipts and operating surplus of INR12.5 crore and INR4.8 crore
respectively. As per the audited results of FY13, the Trust had
gross receipts and operating surplus of INR18.4 crore and INR8.2
crore respectively.


HARIKISHAN TEJMAL: ICRA Suspends 'B+' Rating on INR10cr LT Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR10.00 crores fund based bank facilities of Harikishan
Tejmal and Company. The rating was suspended due to lack of
cooperation by the client to provide any further information.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term-Fund        10.00       [ICRA]B+ Suspended
   Based Limits

HariKishan Tejmal and Company was established in the year 2007 as
a partnership firm with Mr. Tejmal Nyati, Brijraj Nyati & Rajesh
Kumar Nyati as partners in equal ratio. Firm sells its product
under the brand name of Banshi, Pepsi and Appu. Firm is engaged in
the business of processing and trading of Wheat and Dhania. It is
also engaged in the trading of other products like Chana, Gwar,
Joo, Maize, Maithi and sells its products only in the domestic
market. Its manufacturing unit is located in Chittore Road, Bundi.


HECTOR ENTERPRISES: CRISIL Reaffirms B+ Rating on INR178.6MM Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Hector Enterprises Pvt
Ltd continues to reflect its below-average financial risk profile,
marked by high gearing and average debt protection metrics;
exposure to risks related to speculative investments and loans and
advances to third-parties. These rating weaknesses are partially
offset by HEPL's healthy revenue visibility resulting from its
long-term lease agreement.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term     71.4      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan             178.6      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HEPL will continue to benefit over the medium
term from healthy revenue visibility resulting from its long-term
lease agreement for the commercial real estate property in Gurgaon
(Haryana). The outlook may be revised to 'Positive' if the company
generates sizeable cash inflows backed by mitigation of risks
related to stock and derivative trading activities and recovery of
loans and advances. Conversely, the outlook may be revised to
'Negative' in case of pressure on HEPL's liquidity resulting from
any new real estate activity, larger-than-expected exposure to
trading in stock and derivatives, or significant increase in loans
and advances to third parties.

HEPL, set up in 2000, was acquired by its current management in
2005. The company has three sources of income: rentals from a
commercial real estate property in Gurgaon, stock and derivative
trading, and interest income from loans and advances to
businessmen. HEPL's daily operations are managed by Mr. Shubash
Gupta.


HIMALAYA SEEDS: CRISIL Assigns 'B' Rating to INR70MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its CRISIL B/Stable rating to the bank
facilities of Himalaya Seeds.

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

The rating reflects HS's below-average financial risk profile
marked by a highly leveraged capital structure, and its small
scale of operations. These ratings weaknesses are partially offset
by the extensive experience of HS's promoter in the agriculture
industry.

Outlook: Stable

CRISIL believes that HS will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenue and
profitability increase substantially, or in case of significant
infusion of capital into the firm by its promoters, resulting in
an improved capital structure. Conversely, the outlook may be
revised to 'Negative' if the firm registers low cash accruals or
if its working capital management deteriorates, leading to
weakening of financial risk profile.

Set up in 2009, HS produces paddy seeds. Its daily operations are
managed by Mr. Mallikarjuna Rao.

HS reported a net profit of INR0.3 million on net sales of INR185
million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR0.1 million on revenue of
INR162 million for 2011-12.


INDIANA HOSPITAL: ICRA Ups Rating on INR24.65cr Term Loan to 'B'
----------------------------------------------------------------
ICRA has upgraded the long-term rating outstanding on the INR24.65
crore term loan (enhanced from INR20.00 crore) facilities of
Indiana Hospital and Heart Institute Limited to [ICRA]B from
[ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             24.65      [ICRA]B/upgraded
                                    from [ICRA]D

   Long Term Non         (7.00)     [ICRA]B/upgraded
   Fund Based Limits                from [ICRA]D

The rating upgrade takes into account timely servicing of debt
obligations by IHHIL during the last six months. The rating
continues to factor in the strong background of the promoters
being established medical professionals in Mangalore and the
support the company receives from external investors, both in
financial as well as operational aspects. The rating also takes
into account the healthy demand for healthcare services in
Mangalore and the growing potential for medical tourism which is
expected to drive IHHIL's business growth. ICRA notes that the
company's focus on offering premium facilities and services is
likely to support higher margins going forward. However, the
company's operations are currently in a nascent stage and are
characterized by net losses and low profitability. Further,
significant debt funding for the project, with lack of cash
accruals in the initial years, has led to the heavy debt servicing
burden which may be required to be supported through incremental
investments by investors. The company's hospital also faces
competition from the large number of well established multi-
specialty hospitals in Mangalore which is likely to limit growth
to some extent. The rating continues to take into account the
company's financial profile which is characterized by stretched
coverage indicators and cash flows. Going forward, the company's
ability to improve its profitability and debt protection metrics
would remain key rating monitorables.

Originally incorporated as Alif Institute of Medical Sciences
Private Limited on 7th August, 2006, Indiana Hospital and Heart
Institute Limited operates the 163 bed tertiary care multi-
specialty hospital named Indiana Hospital and Heart Institute
located at Mangalore. The company is promoted by two brothers --
Dr. Yusuf Kumble and Dr. Ali Kumble. The company began its
Operation Theatre in November, 2011 whereas the hospital was
officially inaugurated in May, 2012. Since then, the hospital has
been continuously upgrading its facilities to include more
departments, newer machines and a larger number of doctors- both
in house and visiting. The hospital offers treatments across
several specialities like Cardiology, Obstetrics & Gynecology,
Neurology, Paediatrics, Orthopaedics, etc and a has a panel of in-
house doctors along with a large number of visiting doctors.

Recent results
For 2013-14, as per unaudited results, the Company reported an
operating income of INR24.2 crore with a net loss of INR0.6.crore
as against an operating income of INR20.7 crore with a net loss of
INR1.6 crore during 2012-13.


KALPAKA TRANSPORT: CRISIL Lowers Rating on INR90MM Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kalpaka Transport Co. Pvt Ltd (KTCPL; part of the KTCO group)
to 'CRISIL B/Stable' from 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Overdraft Facility     90         CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that the KTCO
group's liquidity over the medium term will be weaker than
previously expected owing to increase in term loan repayment
obligations without a commensurate increase in cash accruals. The
group's term loans have increased to an estimated INR242 million
in March 2014 as against INR140 million in March 2012 owing new
term loans availed of to meet its capital expenditure (capex) on
office building renovation, land for warehouse, and new vehicles.
On the other hand, the group's net cash accruals have not
increased commensurately owing to weak business performance. The
accruals are estimated at around INR30 million in 2013-14 (refers
to financial year, April 1 to March 31), recovering from INR15
million in 2012-13 but still lower than INR36 million in 2011-12.
Accruals are expected to remain in the range of INR30 million to
INR40 million over the medium term and will be tightly matching
repayment obligations, which are expected at nearly INR35 million
annually over the medium term. The KTCO group is undertaking a
major real estate project in Calicut (Kerala) costing INR480
million, which is expected to further constrain the group's
liquidity. The group's working capital facilities remain fully
utilised on account of its capital intensive nature of business.

The rating reflects the KTCO group's below-average financial risk
profile, marked by a high gearing and weak debt protection
metrics, working-capital-intensive operations, and susceptibility
to intense competition in the road freight transport industry.
These rating weaknesses are partially offset by the benefits that
the KTCO group derives from its established position in the road
freight transport business and its diversified customer profile.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of KTCPL and Kerala Transport Company
(KTC; rated 'CRISIL B/Stable/CRISIL A4'). This is because both the
entities, together referred to as the KTCO group, are in the same
line of business, under a common management, and have significant
operational linkages and fungible cash flows between them.

Outlook: Stable

CRISIL believes that the KTCO group will continue to benefit over
the medium term from its promoters' extensive experience in the
road freight transport segment and established tie-ups with its
clientele. The outlook may be revised to 'Positive' if the KTCO
group reports a significant increase in its profitability
supported by improvement in its working capital management,
leading to an improved financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the KTCO group's debt
protection metrics deteriorate, most likely because of lower-than-
expected growth in operating revenues, decline in profit margin,
or larger-than-expected debt-funded capex programme.

Set up in 1958 and based in Kerala, KTC is a partnership firm set
up by Mr. P V Sami. The firm is managed by Mr. P V Chandran (son
of Mr. P V Sami), his brother, Mr. P V Gangadharan, and grandson,
Mr. P V Nidhish. KTC provides freight transportation services
largely to companies manufacturing fast-moving consumer goods,
automobiles, paints, and tyres all over India. Besides the
logistics business, the KTCO group also owns and operates two
Indian Oil Corporation Ltd fuel bunks in Calicut and provides air
cargo clearing and custom house agency services at the
Nedumbassery Airport and the Cochin Port. Also, the group owns
some property and has undertaken projects to build residential
flats for sale.

KTCPL was incorporated in 1973, and provides freight
transportation services. The company also owns and operates one
IOCL fuel bunk in Calicut.

In 2013-14, the KTCO group reported, on a provisional basis, a
profit after tax (PAT) of INR16 million on net sales of INR2.1
billion; the group reported a PAT of INR0.8 million on net sales
of INR1.97 billion for 2012-13.


KERALA TRANSPORT: CRISIL Cuts Rating on INR290MM Cash Credit to B
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kerala Transport Company (KTC; part of the KTCO group) to
'CRISIL B/Stable' from 'CRISIL B+/Stable', and has reaffirmed its
rating on the short-term facility at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Bank Guarantee         30          CRISIL A4 (Reaffirmed)

   Cash Credit           290          CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Long Term Loan         40          CRISIL B/Stable(Downgraded
                                      from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that the KTCO
group's liquidity over the medium term will be weaker than
previously expected owing to increase in term loan repayment
obligations without a commensurate increase in cash accruals. The
group's term loans have increased to an estimated INR242 million
in March 2014 as against INR140 million in March 2012 owing new
term loans availed to meet its capital expenditure (capex) on
office building renovation, land for warehouse, and new vehicles.
On the other hand, the group's net cash accruals have not
increased commensurately owing to weak business performance. The
accruals are estimated at around INR30 million in 2013-14 (refers
to financial year, April 1 to March 31), recovering from INR15
million in 2012-13 but still lower than INR36 million in 2011-12.
Accruals are expected to remain in the range of INR30 million to
INR40 million over the medium term and will be tightly matching
repayment obligations, which are expected at nearly INR35 million
annually over the medium term. The KTCO group is undertaking a
major real estate project in Calicut (Kerala) costing INR480
million, which is expected to further constrain the group's
liquidity. The group's working capital facilities remain fully
utilised on account of its capital intensive nature of business.

The ratings reflect the KTCO group's below-average financial risk
profile, marked by a high gearing and weak debt protection
metrics, working-capital-intensive operations, and susceptibility
to intense competition in the road freight transport industry.
These rating weaknesses are partially offset by the benefits that
the KTCO group derives from its established position in the road
freight transport business and its diversified customer profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Kalpaka Transport Company Pvt Ltd and
KTC. This is because both the entities, together referred to as
the KTCO group, are in the same line of business, under a common
management, and have significant operational linkages and fungible
cash flows between them.

Outlook: Stable

CRISIL believes that the KTCO group will continue to benefit over
the medium term from its promoters' extensive experience in the
road freight transport segment and established tie-ups with its
clientele. The outlook may be revised to 'Positive' if the KTCO
group reports a significant increase in its profitability
supported by improvement in its working capital management,
leading to an improved financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the KTCO group's debt
protection metrics deteriorate, most likely because of lower-than-
expected growth in operating revenues, decline in profit margin,
or larger-than-expected debt-funded capex programme.

Set up in 1958 and based in Kerala, KTC is a partnership firm set
up by Mr. P V Sami. The firm is managed by Mr. P V Chandran (son
of Mr. P V Sami), his brother, Mr. P V Gangadharan, and grandson,
Mr. P V Nidhish. KTC provides freight transportation services
largely to companies manufacturing fast-moving consumer goods,
automobiles, paints, and tyres all over India. Besides the
logistics business, the KTCO group also owns and operates two
Indian Oil Corporation Ltd (IOCL) fuel bunks in Calicut and
provides air cargo clearing and custom house agency services at
the Nedumbassery Airport and the Cochin Port. Also, the group owns
some property and has undertaken projects to build residential
flats for sale.

KTCPL was incorporated in 1973, and provides freight
transportation services. The company also owns and operates one
IOCL fuel bunk in Calicut.

In 2013-14, the KTCO group reported, on a provisional basis, a
profit after tax (PAT) of INR16 million on net sales of INR2.1
billion; the group reported a PAT of INR0.8 million on net sales
of INR1.97 billion for 2012-13.


KINGFISHER AIRLINES: SBI Sends Wilful Defaulter Notice
------------------------------------------------------
The Times of India reports that days after United Bank of India
declared Kingfisher Airlines, promoter Vijay Mallya and three
other directors wilful defaulters, the country's largest bank SBI
said it has also sent a notice to tag them as "wilful defaulters".

"We have already sent a notice to KFA (to declare it as wilful
defaulter). There is a mandatory time that needs to be given to
them to respond and that time is currently on," the report quotes
Arundhati Bhattacharya, chairperson of SBI, as saying.

SBI, which is the lead bank of a lender consortium to the crippled
carrier, has an exposure of over INR1,600 crore, the report
discloses.

The airline owes INR7,600 crore to 17 banks, the report notes.

In February 2012, the banks had formally declared loan recall on
KFA and began the recovery process, TOI recalls.

So far, they have recovered around INR2,000 crore by selling
pledged shares. They are now working on selling two other pledged
properties -- Kingfisher Villa in Goa and Kingfisher House in
Mumbai, TOI relays.

Already, United Bank of India has won a legal backing on its
decision to declare Mallya and other top executives of the airline
as wilful defaulters, the report adds.

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

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

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

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

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

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


KUFRI FUN: ICRA Assigns 'D' Rating to INR9cr Term Loan
------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]D to the INR9.0
crore term loan facilities of Kufri Fun Campus Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan              9.0       [ICRA]D assigned

The rating reflects the ongoing delays in debt servicing by the
company owing to a constrained liquidity position as reflected in
weak cash accruals during limited period of operations. While ICRA
draws comfort from the long standing experience of the promoter in
the industry; location advantage of existing amusement park at
Kufri and limited competition owing to high entry barriers in
terms of heavy capital investments, the ability of the company to
improve its liquidity and thereby regularise the delays debt
servicing would be the key rating sensitivity going forward.

Kufri Fun Campus Private Limited; the company, was established in
February 2006. The company started construction of the amusement
park at Kufri, Shimla in 2010 and the property became operational
in 2012 by the name of Kufri Fun Campus. Kufri Fun Campus is a
tourist hotspot where adventure sporting activities like hiking
and trekking are practiced. Situated at National Highway 22, the
amusement park also has a restaurant by the name of "Wok on the
peaks" and has a parking capacity of 20 Volvo buses and 400 Car
parking at single time.


LOKESH MACHINES: CRISIL Suspends D Rating on INR553MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Lokesh
Machines Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         75        CRISIL D Suspended
   Cash Credit           500        CRISIL D Suspended
   Letter of Credit      125        CRISIL D Suspended
   Term Loan             553        CRISIL D Suspended
   Working Capital
   Term Loan              49.1      CRISIL D Suspended

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

Incorporated in 1983 and promoted by Mr. M Lokeshwara Rao, LML
commenced commercial production in 1986. The company is engaged in
developing, designing, and fabricating various capital goods, such
as special purpose and general purpose machines, primarily used in
the automotive and automotive component sector.


MAA MANGALA: ICRA Upgrades Rating on INR9.5cr Cash Credit to C
--------------------------------------------------------------
ICRA has revised the long term rating to the INR18.34 crore fund
based bank facilities of Maa Mangala Ispat Private Limited to
[ICRA]C. ICRA has also revised the short term rating to the
INR0.50 crore non fund based facilities to [ICRA]A4.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Fund Based Limit-     9.50      [ICRA]C (revised from [ICRA]D)
   Cash Credit

   Fund Based Limit-     8.84      [ICRA]C (revised from [ICRA]D)
   WC Term Loan

   Non Fund Based        0.50      [ICRA]A4 (revised from
   Limit- LC/BG                    [ICRA]D)


The rating take into account, the weak liquidity profile of MMIPL
as a result of the high working capital required in the business,
this coupled with a slowdown in the demand in the steel industry
and the non availability of its key raw materials such as coal and
iron ore. The ratings also take into consideration, the exposure
of the company to the inherent cyclicality associated with the
steel industry which is likely to keep the profitability and cash
flows volatile. The ratings, however, favorably factor in the long
track record and the established presence of the promoters in the
sponge iron manufacturing business and the gradual improvement in
the iron ore availability in Odisha in recent months as well as
the moderate ore prices is expected to benefit sponge iron players
including MMIPL.

Incorporated in 2004, MMIPLL is engaged in the manufacturing of
sponge iron with an installed capacity of manufacturing 60,000
Tons Per Annum (TPA) of sponge iron. The plant of the company is
located near Raigarh in the state of Chhattisgarh.

Recent Results
MMIPL reported a profit after tax (PAT) of INR0.12 crore in 2013-
14 (P) on the back of an operating income (OI) of INR18.32 crore
as against a PAT of INR0.01 crore on an OI of INR18.18 crore in
2012-13.


METALFAB HIGHTECH: ICRA Cuts Rating on INR40cr Non-FB Loan to D
---------------------------------------------------------------
ICRA has revised the long term rating to the INR28.5 crore
(enhanced from INR22.50 crore) fund-based bank facilities and the
INR4.0 crore (reduced from INR13.84 crore) term loan of Metalfab
Hightech Private Limited from [ICRA]BBB- to [ICRA]D and
simultaneously reassigned the rating to [ICRA]B. ICRA has also
revised the short term rating assigned to the INR40.0 crore
(enhanced from INR30.00 crore) non-fund based bank facilities of
MHPL from [ICRA]A3 to [ICRA]D and simultaneously reassigned the
rating to [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             4.00        Revised to [ICRA]D
                                     from [ICRA]BBB- (stable)
                                     and simultaneously
                                     reassigned to [ICRA]B

   Fund Based Limits-   28.50        Revised to [ICRA]D from
   Cash Credit                       [ICRA]BBB- (stable) and
                                     simultaneously reassigned
                                     to [ICRA]B

   Non-Fund Based       40.00        Revised to [ICRA]D from
   Limits                            [ICRA]A3 and simultaneously
                                     reassigned to [ICRA]A4

The revision in ratings takes into account tight liquidity profile
of the company during the end of 2013-14 on account of inventory
pile up and stretched receivables, which led to delays in debt
servicing during that period. Although the company has regularised
the debt repayments in the current financial year, the liquidity
profile remains stretched, which is also evident from an almost
full bank limit utilisation pattern. The ratings also take into
account the decline in operating margins over the last two years
on account of increased raw material costs and depressed coverage
indicators of the company in 2013-14 owing to lower profitability
and increased debt levels. The rating are also constrained by
MHPL's exposure to price risks in case of fixed price fabrication
orders awarded via competitive bidding route, and high customer
concentration risks, as the top eight customers of the company
contributed to more than 90% of sales in 2013-14.

Nevertheless, the ratings favourably factor in the long experience
of the promoters in metal fabrication business and established
relationship with reputed clients, which generate repeat orders
and reduce counterparty credit risks. ICRA also notes that the
outlook for renewable energy sector, which is the key growth
driver for MHPL, remains positive in the medium to long term.

Incorporated in 1995, MHPL is engaged in the manufacture of
tubular towers and other fabrication works. Its fabrication
facility is located at M.I.D.C, Nagpur, where it is equipped to
make tubular towers of heights upto 85 meters as well as other
steel structures required for wind mill assembly. MHPL also
undertakes fabrication works for various steel structures like
boiler tanks, chimneys, pressure vessels and heat exchangers. The
company also owns two windmills, with a total installed capacity
of 1.6 MW.

Recent Results
In 2012-13, MHPL reported a profit after tax (PAT) of INR1.45
crore on an operating income of INR88.85 crore. As per the
provisional results for 2013-14, MHPL has registered a profit
before tax(PBT) of INR2.27 crore on an operating income of
INR97.46 crore.


PRAKASH INDUSTRIAL: ICRA Cuts Rating on INR20cr Cash Credit to D
----------------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR20.25
Crore (Reduced from INR24.00 crore) fund based/non-fund based bank
facilities of Prakash Industrial Infrastructure Private Limited
from [ICRA]B- to [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           20.00       [ICRA]D revised
                                     from [ICRA]B-

   Bank Guarantee         0.25       [ICRA]D revised
                                     from [ICRA]B-

The rating revision takes into account the PIIPL's stretched
liquidity position as evidenced by consistently high fund based
limit utilization levels coupled with delays in servicing of debt
obligation primarily driven by receivables built up. This coupled
with the significant funding support provided towards group
ventures. The ratings are further constrained by the sharp decline
in the operating income of the company in FY14 (y-o-y revenue de-
growth of 33%) on account of reduction in order inflow.

While PIPL had an unexecuted order book position of the company of
INR42.30 crore as of June 2014, which is 1.43x FY14 revenue,
timely execution of orders remains critical to ensure a revenue
growth, going forward. ICRA notes that all the orders of the
company are located in Maharashtra and pertains to industrial
building segment exposing the company to geographical and
segmental concentration risk.

The ratings, however, are supported by the long track record and
experience of the promoters in the construction sector which has
enabled them to garner repeat orders over the years. The rating
are further supported by healthy operating profit margins
maintained by the company over the years and provision of
escalation clause in all the on-going orders which shields the
company from input price volatility to an extent.

Prakash Industrial Infrastructure Pvt. Ltd. was set up in 1975 as
a partnership firm in the name of Prakash Construction. PIIPL was
converted into a private limited company in 2006 with the increase
in scale of operations. PIIPL is promoted by Mr. Dinesh Agrawal.
The company undertakes civil construction primarily industrial
building works for the private sector. Its operations are
concentrated in Maharashtra, mainly in Thane, Khopoli, Taloja,
Ambernath and Navi Mumbai.


PREMIER SOLAR: CRISIL Reaffirms 'B' Rating on INR63.5MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Premier Solar Systems
Pvt Ltd continue to reflect PSSPL's large working capital
requirements and its exposure to price volatility and intense
competition in the solar photo-voltaic (PV) industry. These rating
weaknesses are partially offset by extensive experience of the
company's promoters in the solar energy segment, and the strong
growth prospects for solar PV module industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        150        CRISIL A4 (Reaffirmed)
   Cash Credit            63.5      CRISIL B/Stable (Reaffirmed)
   Letter of Credit      120        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      1.5      CRISIL B/Stable (Reaffirmed)
   Proposed Short Term
   Bank Loan Facility    165        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that PSSPL 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 the company achieves a substantial and
sustained increase in its revenues, while maintaining its
profitability margins, or there is a sustained improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in PSSPL's profitability
margins, or significant deterioration in its capital structure
caused most likely because of a large debt-funded capital
expenditure or a stretch in its working capital cycle.

Set up in 1995 in Hyderabad (Andhra Pradesh), PSSPL manufactures
solar PV panels. The company also undertakes engineering,
procurement and construction contracts for setting up solar energy
systems. The company also operates a 2 megawatt solar power plant
in Jharkhand.


PURE MILK: CRISIL Reaffirms B Rating on INR374.8MM Cash Credit
--------------------------------------------------------------
CRISIL's rating continue to reflect CRISIL's belief that Pure Milk
Products Private Limited financial risk profile will remain below
average over the medium term, marked by weak liquidity and debt
protection metrics and high gearing.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           374.8     CRISIL B/Negative (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      9.8     CRISIL B/Negative (Reaffirmed)

   Working Capital       110.0     CRISIL B/Negative (Reaffirmed)
   Demand Loan

   Term Loan             135.4     CRISIL B/Negative (Reaffirmed)

The ratings also factor in the weak profitability and increasing
working capital requirements due to intense competition. The
rating weakness is partially offset by the extensive experience of
PMPL's promoters in processing milk and manufacturing milk
products, and the company's entry into high-yielding value-added
products such as butter milk, curd, lassi, and paneer.

Outlook: Negative

CRISIL expects PMPL's debt servicing ability to remain weak over
the medium term on account of weak profitability. The rating may
be downgraded if PMPL's liquidity deteriorates sharply because of
lower-than-expected profitability or further stretch in
receivables. Conversely, the outlook may be revised to 'Stable' if
PMPL's liquidity improves supported by more-than expected
improvement in scale of operations and cash accruals, and improved
working capital management.

PMPL was established in 1989 as a partnership firm, and was
reconstituted as a private limited company. It was acquired by its
current management, Mr. Charanjit Singh and his wife, in 1993.
PMPL processes milk at its plant in Ludhiana (Punjab), which has
capacity of 0.4 million litres per day.


R BALARAMI: CRISIL Suspends C Rating on INR80MM Overdraft Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
R Balarami Reddy & Company.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Bank Guarantee          70         CRISIL A4 Suspended
   Overdraft Facility      80         CRISIL C Suspended

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

RBRC was set up as a partnership firm in the late 1960s by Mr.
Balarami Reddy; it undertakes earthwork contracts for power and
irrigation projects. Currently, the firm is managed by Mr. R
Srinivasula Reddy (son of Mr. Balarami Reddy) and Mr. B
Srinivasula Reddy (brother-in-law of Mr. R Srinivasula Reddy).


SAR ISPAT: CRISIL Lowers Rating on INR120MM Cash Credit to B
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of SAR Ispat Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL B+/Stable'
and reaffirmed its rating on the company's short-term bank
facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            120        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit       120        CRISIL A4 (Reaffirmed)

The rating downgrade reflects weakening of SAR's liquidity with
large debt-funded capital expenditure (capex) plans and extensive
utilisation of bank lines. SAR plans capex of around INR125
million over the medium term, which will be funded through debt to
the extent of 75 per cent. Moreover the company's liquidity is
constrained by its working capital intensive operations marked by
high GCA of 288 days as on March 31, 2014.

The ratings reflect SAR's below-average financial risk profile
marked by weak debt protection metrics. The ratings also factor in
the geographic and customer concentration in the company's revenue
profile. These rating weaknesses are partially offset by its
promoters' extensive experience in the iron and steel industry.

For arriving at the ratings, CRISIL has considered the business
and financial risk profiles of SAR on a standalone basis.
Previously, CRISIL had combined the business and financial risk
profiles of SAR and AKS Alloys Pvt Ltd (AKS). The change in
analytical approach follows communication from SAR's management
that there will be no financial linkages between the two companies
and they will be managed independently.

Outlook: Stable

CRISIL believes that SAR will continue to benefit over the medium
term from its established position in the iron and steel industry.
The outlook may be revised to 'Positive' if the company improves
its revenue while sustaining growth in its operating
profitability, leading to substantial cash accruals and
improvement in capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
sharp decline in the company's revenue and profitability, or large
debt-funded capex, weakening its financial risk profile.

Set up in 1998, SAR was taken over by the present management in
2007. It is promoted by Mr. N C Kothari and Mr. Sanjay Sharma. The
company earlier produced mild steel (MS) ingots; it shifted to
production of MS billets in April 2013. Its manufacturing facility
is located in Puducherry.


SHIV SHANKAR: CRISIL Reaffirms 'B' Rating on INR120MM Loan
----------------------------------------------------------
CRISIL's ratings on bank loan ratings of Shiv Shankar and Company
Grains Pvt Ltd's continues to reflect its modest scale of
operations in the highly fragmented industry, and weak financial
risk profile marked by a highly leveraged capital structure, weak
debt protection metrics, and moderate working capital
requirements. These rating weaknesses are partially offset by its
promoters' extensive experience and its established customer base.

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

Outlook: Stable

CRISIL believes SSCGPL will continue to benefit over the medium
term from its promoters' extensive experience in the pulses
industry and its established customer base. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves, most likely because of increase in its equity or
improvement in its net cash accruals. Conversely, the outlook may
be revised to 'Negative' if SSCGPL's liquidity deteriorates due to
large working capital requirements or decline in revenues.

SSCGPL was set up by Mr. Shiv Shankar Bansal in 2012; it trades in
pulses and grams. The products are sold in the wholesale market
under brand name of Murli.


SHREE RAM: ICRA Reaffirms 'B' Rating on INR30cr Cash Credit
-----------------------------------------------------------
The rating of [ICRA]B has been reaffirmed for the INR30.00 crore
(enhanced from INR18.50 crore) fund based cash credit facility of
Shree Ram Cottex Industries Private Limited (erstwhile Shree Ram
Cotton Industries).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           30.00       [ICRA]B reaffirmed

The rating continues to be constrained by the SRCIPL's weak
financial profile as reflected by low profitability, stretched
liquidity as evident from high limit utilization and highly
adverse capital structure due to high reliance on external
borrowings. The rating also takes into account the low value
additive nature of operations and intense competition on account
of fragmented industry structure that exerts pressure on profit
margins. The rating is further constrained by vulnerability of
profitability to adverse fluctuations in raw material prices which
are subject to seasonal availability of raw cotton and government
regulations on MSP and export quota.

The rating, however, positively considers the long experience of
the promoters in the cotton ginning and pressing industry. The
rating also favourably considers the advantage company enjoys by
virtue of its location in cotton producing region giving it easy
access to raw cotton and positive demand outlook for cotton and
cottonseed.

Shree Ram Cotton Industries was established in 2006 by Mr. Chandu
Vasoya along with three other partners; however the partnership
firm was reconstituted in November 2011 and subsequently in April
2012, Mr. Ramnik along with two other partners took over the
management. Afterwards in July 2013 there was again reconstitution
of the partnership firm and its name was changed to Shree Ram
Cottex Industries. In September 2013, the partnership firm was
converted into private limited company Shree Ram Cottex Industries
Private Limited. SRCIPL is engaged in cotton ginning and pressing
to produce cotton bales and cotton seeds. The manufacturing plant
of the company is located at Gondal in Rajkot, Gujarat.

Recent Results
For the year ended 31st March, 2014, SRCIPL reported an operating
income of INR175.77 crore and profit before tax of INR0.45 crore
as per provisional financial results.


SONALAC PAINTS: ICRA Assigns 'B' Rating to INR6cr Cash Credit
-------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR6.0
crore cash credit facilities of Sonalac Paints & Coatings Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            6.0         [ICRA]B Assigned

The assigned rating is constrained by SPCL's small scale of
operations owing to modest market positioning of the Sonalac brand
and limited distributional bandwidth vis-…-vis organized players.
Further, the company has a stretched credit profile on account of
high working capital intensity of operations as reflected by fully
utilized bank facilities and limited availability of liquidity. In
addition, SPCL is exposed to high competitive intensity arising
from various organized and unorganized players in the paint
manufacturing industry leading to limited pricing power of the
company. The rating, however, draws strength from SPCL's diverse
product mix within the decorative paints industry coupled with the
healthy and stable operating profitability despite small scale of
operations.

ICRA also factors in the favorable prospects for the company
arising from the recently entered into contract manufacturing
agreements with organized players such as Kansai Nerolac Paints
Limited and Berger Paints India Limited for supply of wall putty
etc.Going forward, the company's ability to increase its scale of
operations and manage working capital intensity would be the key
rating sensitivities.

Sonalac Paints Private Limited (ISO 9001:2000 certified) is
engaged in manufacturing of various dry and liquid decorative
paints such as wall putty, cement paint, plastic emulsion, acrylic
distemper, cement primer, stainer etc. Incorporated in 1989,
Sonalac has a current capacity of 20,000 MTPA with a utilization
of 6,763 MTPA in FY14. Based out of Chandigarh, the company is
managed by the Garg family with Mr. Radhe Shyam Garg serving as
the Managing Director of the company.

Recent Results
As per the provisional financial statements for FY14, SPCL
reported an operating income of INR15.9 crore, profit before
depreciation, interest and tax (PBDIT) of INR1.95 crore and profit
after tax (PAT) of INR0.11 crore. Further, as per the FY15 Q1
provisional financials, SPCL reported an operating income of
INR4.2 crore, profit before depreciation, interest and tax (PBDIT)
of INR0.56 crore and profit after tax (PAT) of INR0.04 crore.


SRI SURYA: CRISIL Reaffirms 'D' Rating on INR88.5MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term debt facilities of Sri Surya
Educational Society, Nandyal (SES) continues to reflect instances
of delay by SES in servicing its debt; the delays have been caused
by the society's weak liquidity.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Proposed Long Term     0.5        CRISIL D (Reaffirmed)
   Bank Loan Facility
   Term Loan             88.5        CRISIL D (Reaffirmed)

SES has a high degree of geographical concentration in its revenue
profile, and is exposed to risks arising from the regulated nature
of the education industry. However, SES benefits from Keshava
Reddy group's established presence in the primary and secondary
education segments, and the promoters' extensive experience in the
education sector.

SES was set up by Mr. N Keshava Reddy and his family members, and
is a part of the Keshava Reddy group of educational institutions.
SES runs four schools in Andhra Pradesh, which offer education
from the first to the tenth standard. The schools are affiliated
to the Andhra Pradesh State Board.


SURYA INNS: ICRA Assigns 'B+' Rating to INR20cr Term Loan
---------------------------------------------------------
An [ICRA]B+ rating has been assigned to the INR20.00 crore (total
INR40.00 crore, enhanced from INR20.00 crore) proposed long term
loans of Surya Inns Limited. ICRA also have [ICRA]B+ rating
outstanding for INR20.00 crore bank facilities of SIL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term loan        20.0        [ICRA]B+;
   proposed                           assigned/outstanding

The assigned rating favourably takes into account the experience
of the promoters in successfully operating a 3-star hotel in
Mahabaleshwar for more than a decade, thereby providing a deep
understanding of the hospitality sector in the area. The rating
also incorporates the likely agreement with Marriott Group, to
manage the new resort under the Courtyard by Marriott brand, once
the construction activities are completed, which will provide a
strong operational support as well as branding for the new resort.
This is likely to result in healthy tourist inflow in the future.
However the current scale of operations remains small, with modest
profit levels. Further the timely completion of construction
activities will also remain a risk, with the construction at a
relatively early stage. In addition, the company is yet to tie-up
funding for its project, delays in which could hamper the progress
of the project as well as impact the financial profile of the
company. Nonetheless, the promoters have demonstrated strong
support in the past, in term of equity infusion as well as
unsecured loans, which provides comfort to an extent.

Surya Inns Limited was incorporated on 13th August 1992 by
promoters, Mr. Sunil Gupta and Mrs. Kavita Gupta to engage in
hospitality and real estate development. The company constructed
its hotel at Mahabaleshwar, Maharashtra "Surya Retreat" which has
been operational since 1996. Surya Retreat, a 3-star hotel, is
located on the Panchgani Mahabaleshwar road, with a view of the
Lingmala waterfalls, and is about 10 kms form the Mahabaleshwar
MSTRC bus stand. In 2009, the company appointed Concept
Hospitality, to manage the hotel, for a contract period of three
years.

The promoters also manage group company, DSG Corp Private Limited
(rated [ICRA]B), which was in the business of sanitary
installations, plumbing, external services and fire fighting. The
company provided these services to diversified projects such as
hospitals, hotels, industries, educational institutions,
commercial buildings, IT parks, residential and group projects. In
2010, Blue Star Limited acquired the business of D S Gupta
Construction Pvt. Ltd for a consideration of INR80cr. The
acquisition was done through Blue Star Electro Mechanical Ltd
(BSEML), a wholly owned subsidiary of Blue Star Limited on a slump
sale basis. Blue Star Limited acquired only the business of DSGCPL
and not the company. Consequently the company has no business
operations currently.

Recent Results
For the twelve months ending March 31, 2014, SIL reported profit
after tax (PAT) of INR0.2 crore (provisional) on revenues of
INR1.6 crore (provisional) as against a PAT of INR0.4 crore on
revenues of INR3.0 crore for the twelve months ending March 31,
2013.


SWASH NONIONICS: CRISIL Reaffirms B Rating on INR110MM Bank Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Swash Nonionics Pvt Ltd
continue to reflect its modest scale of operations in the highly
competitive chemical products industry, susceptibility of its
margins to volatility in raw material prices and working capital
intensive nature of operations.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            35        CRISIL B/Stable (Reaffirmed)

   Proposed Letter
   of Credit               5        CRISIL A4 (Reaffirmed)

   Proposed Long Term    110        CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

The rating also factors in SNPL's weak financial risk profile
marked by modest net worth, high gearing and subdued debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of SNPL's promoters.

Outlook: Stable

CRISIL believes that SNPL will continue to benefit over the medium
term from the extensive experience of its promoters in the
chemical products industry. The outlook may be revised to
'Positive' if the company substantially increases its scale of
operations while improving its profitability and capital structure
or there is an improvement in the working capital management.
Conversely, the outlook may be revised to 'Negative' in case SNPL
registers significant decline in its revenues or margins,
elongation of its working capital cycle or undertakes a larger-
than-expected debt-funded capital expenditure programme, resulting
in weakening of its financial risk profile.

Update
The revenues of the company registered a muted growth in the top
line reflected in net sales of INR162 million in 2013-14 which
was, however, offset by improvement in the operating margins. The
margins improved 60 basis points to 5.4% in 2013-14 on account of
higher share of sales to customers in the paint industry where the
company got better margins. The company is expected to register
moderate growth in its revenues along with sustained margins in
the medium term driven by increased exports and continued demand
from its existing customers.

The company's operations working capital intensive as reflected in
its gross current asset (GCA) of around 126 days as on March 31,
2014. These GCA days emanates from the company's inventory levels
of around 70 days and receivables cycle of 35 days. As a result,
the company's average bank limit utilization has been high at
around 100 per cent, for the 12 months ended June 2014.

SNPL's net worth has remained low at around INR13 million, as on
March 31, 2014. The company has high debt levels towards funding
its working capital requirements; these coupled with low net-worth
levels has resulted in high gearing ratio of around 3.7 times as
on March 31, 2014.

SNPL was established in 1990 by Mr. Nimish Munim manufactures
surfactants and other specialty chemicals since. The company has
its manufacturing facility at Chiplun. The company caters to
industries including Textiles, Metal, Pesticides and Paints. The
day to day operations of the company are overseen by Mr. Yash
Munim, son of Mr. Nimish Munim. The Munim family has been in the
business of manufacturing surfactants since 1971 through Texchem
Industries a partnership firm setup by Mr. Nimish Munim.


TANEJA DEVELOPERS: CRISIL Withdraws B Rating on INR322.2MM Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on the proposed long-term bank
loan facility of Taneja Developers and Infrastructure (Panipat)
Ltd. The rating on TDIL's bank guarantee facilities has been
placed on 'Notice of Withdrawal' for a period of 60 days and will
be withdrawn at the end of the notice period. The rating actions
are in line with CRISIL's policy on withdrawal of its ratings on
bank loans.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee       177.8       CRISIL A4 (Notice of
                                    Withdrawal)

   Proposed Long Term
   Bank Loan Facility   322.2       CRISIL B/Stable Withdrawal

TDIL, incorporated in 2006, is part of TDI group owned and managed
by Taneja family. TDI group is one of the leading real estate
developers in the National Capital Region. The group is engaged in
development of several township projects as well as commercial
real estate projects and malls, hotels, and others at various
locations such as Kundli (Haryana), Agra, and Moradabad (Uttar
Pradesh), Mohali (Punjab), and New Delhi.


VENKATADRI SPINNING: CRISIL Reaffirms B- Rating on INR49MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Venkatadri Spinning Mills Private Limited at 'CRISIL B-/Stable'
and has assigned its rating on the company's short-term facilities
at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         1.8       CRISIL A4 (Assigned)
   Overdraft Facility    40         CRISIL B-/Stable (Reaffirmed)
   Term Loan             39.2       CRISIL B-/Stable (Reaffirmed)
   Term Loan             49         CRISIL B-/Stable (Reaffirmed)

CRISIL's rating on the bank facilities of Venkatadri continues to
reflect its stretched liquidity with its cash accruals tightly
matching its term debt obligations, the company's small scale of
operations in the intensely competitive cotton yarn industry, and
the susceptibility of its profitability margins to volatility in
cotton prices. The rating also reflects the company's below-
average financial risk profile marked by small net worth, high
gearing, and below-average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
Venkatadri's promoters in the textile industry, and its
established relationship with customers.

Outlook: Stable

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

Venkatadri was set up in 2009, as a private limited company, by
Mr. Srimannarayana and Mr. Hanumantha Rao. The company
manufactures cotton yarn; its spinning mill is in Rajahmundry
(Andhra Pradesh).


VIPUL ENTERPRISES: ICRA Suspends C+ Rating on INR5.5cr LT Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]C+ assigned to
the INR5.50 crores fund based bank facilities and the short term
rating of [ICRA]A4 assigned to the INR2.00 crores non fund based
bank facilities of Vipul Enterprises.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term-Fund        5.50        [ICRA]C+ Suspended
   Based Limits

   Short Term-Non        2.00        [ICRA]A4 Suspended
   Fund Based Limits

The rating was suspended due to lack of cooperation by the client
to provide any further information.

Vipul Enterprises has been set up by Mr Vipul Arora to supply
solar PV products in off grid space including home lighting
systems. The company has already installed 117kw of the solar PV
power plants for Central Electronics Limited and is in the process
of obtaining more orders. The company has set up 25Mw of the solar
panel manufacturing facility in Kalaamb Himachal Pradesh which is
expected to be operational from May 2013. The promoters have
another group company Swatex Excel Private Limited which is
engaged in the consultancy business in the irrigation sector.


VISION CERAMIC: CRISIL Ups Rating on INR43.1MM Bank Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Vision Ceramic Private Limited to 'CRISIL B+/Stable' from 'CRISIL
B-/Stable' and has reaffirmed its rating on the company's short-
term facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)        Ratings
   ----------         ---------        -------
   Bank Guarantee         8            CRISIL A4 (Reaffirmed)

   Cash Credit           30            CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

   Proposed Long Term    43.1          CRISIL B+/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B-/Stable')

   Term Loan             18.9          CRISIL B+/Stable(Upgraded
                                       from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that VCPL's business
risk profile will continue to improve driven by better than
expected revenues and profitability. The company successfully
stabilised its production capacities in 2012-13 (refers to
financial year, April 1 to March 31) and has registered a healthy
compound annual growth rate (CAGR) of 25 per cent in revenue over
the two years ended 2013-14. The operating margin of VCPL has also
improved to 11.9 per cent in 2013-14 from 5 per cent in 2011-12
and is expected to remain at similar level over the medium term.
With the improvement in sales and profitability, the cash accruals
of VCPL are also expected to improve over the medium term
supporting its liquidity. CRISIL believes VCPL will maintain its
financial risk profile in the absence of any large debt-funded
capital expenditure (capex), and moderate profitability.

The ratings continue to reflect VCPL's modest scale of operations
in a highly fragmented ceramic industry, working capital intensive
operations and susceptibility of operating margin to increasing
input cost. These rating weaknesses are partially offset by the
extensive industry experience of VCPL's promoters in the ceramic
industry.

Outlook: Stable

CRISIL believes VCPL will benefit over the medium term from its
promoters' experience in the ceramics industry. The outlook may be
revised to 'Positive' if VCPL improves its scale of operations
substantially while it maintains its profitability, or it improves
its working capital management significantly. Conversely, the
outlook maybe revised to 'Negative' if the company's cash accruals
are lower than expectations due to reduced order flow or
profitability, or its financial risk profile deteriorates, most
likely because of a stretch in working capital cycle or
substantial debt-funded capex.

VCPL was incorporated in April 2008 and is promoted by Mr.
Ravindrabhai Kalavadiya, Mr. Bhaveshbhai Thoriya, and Mr.
Puneetbhai Chaurasiya. It manufactures ceramic wall tiles. The
company's manufacturing facility is in Morbi (Gujarat).

For 2013-14, VCPL reported, on a provisional basis, a profit after
tax (PAT) of INR4 million on net sales of INR114.1 million,
against a PAT of INR1 million on net sales of INR120.6 million for
2012-13.


WINGSFIELD KNITWEAR: ICRA Suspends 'D' Rating on INR15.5cr Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR15.50 crore,
long term loans and working capital facilities and [ICRA]D rating
to the INR1.00 crore, short term, non-fund based limits of
Wingsfield Knitwear Pvt. Ltd. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.



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


ISABEL ESTATE: Owes More Than NZ$12.4 Million
---------------------------------------------
Chloe Winter at The Marlborough Express reports that Isabel Estate
Vineyard has debts of more than NZ$12.4 million.

According to the Express, the first receiver's report, released
last week, showed the company, owned by Michael and Robyn Tiller,
owed NZ$12.457 million to its creditors. Their company went into
receivership on July 2 with other entities Isabel Estate
Partnership and Shelby Estate Ltd, which together trade as Isabel
Estate, the Express says.

In the report, receivers Richard Longman and John Fisk, of
PricewaterhouseCoopers, said they were appointed "primarily due to
cash flow pressures resulting from certain high cost supply
contracts, compounded by low vineyard yields in recent vintages
leading to unprofitable trading," the Express relates.

An Isabel Estate Vineyard spokesman declined to comment when
contacted by the Express on September 8.

Isabel Estate Vineyard owes NZ$12.41 million to the Bank of
New Zealand, the Express discloses.

It was unknown how much money the other entities owed to the bank,
the Express notes.

The Express says the company also owes NZ$47,000 to its
preferential creditors, including NZ$9,000 to NZ Customs and
Excise and NZ$9,000 to the BNZ for wages and salary payments.

The company also owed NZ$29,000 to its 15 employees for unpaid
wages, salary and holiday pay, the Express adds.

However, since the appointment of receivers, NZ$22,000 has been
paid, the Express notes.

The Express says money owed to other secured creditors was yet to
be calculated.

To date, unsecured creditors of the company were owed NZ$79,000
but that figure was "likely to increase", the report, as cited by
the Express, said.

The Express notes that the company's assets include an estimated 2
hectares of land containing a 700-tonne winery and ancillary
buildings, certain vineyard and winery plant and equipment,
450,000 litres of bulk wine in tanks and barrels, propriety right
to the "Isabel" and "Dr Renwick" trading brands and motor
vehicles.

The process of identifying all the companies' assets was
incomplete but there were "unlikely to be any funds available for
unsecured creditors," the Express adds.

In May, they called for investors to buy shares in the company to
help them expand their business, the report recalls.

According to the Express, the receivers continue to trade the
business in a "limited capacity while a sale process is
undertaken".

The tender closes on September 16, the Express notes.

The receivers' six-month report is due on March 2 next year.

The Tillers established the company in 1982.


MCVITTY PROPERTIES: No Progress in Liquidation Process
------------------------------------------------------
Jono Galuszka at Manawatu Standard reports that the liquidation of
one of Manawatu farmer Robert McVitty's failed farming businesses
has stalled as liquidators are unable to get their hands on
assets.

McVitty Properties Ltd has been in receivership since March 2010,
and in liquidation for 2 years, after Bank of New Zealand tried to
recover NZ$43 million it had lent the company, the report says.

The company, directed and majority-owned by Mr. McVitty, ran
dairy, beef and sheep farms in Manawatu and Hawke's Bay.

In the latest liquidation report, released last week,
David Ruscoe of Grant Thornton said no progress had been made on
winding down the company, Manawatu Standard relates.

The report says PricewaterhouseCoopers were in charge of the
receivership and had been in control of the company's assets since
being appointed.

The liquidators had consented to the receivers continuing with
their work, the Standard relates.

According to the Standard, receivership reports show their plan
was to finish renovations on some dairy farms before selling off
the company's assets, which consisted of farms and partnerships in
joint ventures.

In the latest receivership report, released in May this year,
Maurice Noone said all but NZ$2.6 million of the BNZ debt --
including NZ$7.3 million of interest -- had been repaid, the
Standard relates. He also said all the company's assets had been
sold, adds the Standard.

                       About McVitty Properties

McVitty Properties Ltd was a dairy farming company owned by
controversial Manawatu farmer Robert McVitty.

PricewaterhouseCoopers partners Maurice Noone and John Fisk were
appointed receivers of McVitty Properties Ltd on March 18,
2010.  The company owed NZ$43.1 million to secured creditor BNZ.

McVitty Properties was put into liquidation in April 2012 with
Richard Simpson and David Ruscoe of Grant Thornton appointed as
appointed as the liquidator.

Mr. McVitty's other farming company, Patoka Dairies, is still in
receivership but not in liquidation.


ORIGINAL CALIFORNIA: Overseas Business Sour Taste for Creditors
---------------------------------------------------------------
Christopher Adams at The New Zealand Herald reports that the
founder of a failed string of Auckland burrito outlets is running
a new Mexican fast food chain that will open in Hong Kong this
month.

The Herald says creditors left out of pocket by the Original
California Burrito Company's collapse had expressed frustration
that Australian businessman Jeff Moss was continuing in business
overseas.

But Mr. Moss said he was broke and had been taken on as a
consultant to set up and manage the Cali-Mex chain, which will
have four outlets across Hong Kong, the Herald relats. He said he
did not own any shares in Cali-Mex, which was backed by 25 "high
net worth" Hong Kong investors, according to the report.

"I've taken a job," the report quotes Mr. Moss as saying. "I was
totally wiped out by the whole [Original California Burrito] thing
and every last dollar that I put into that business went. It's all
gone."

Mr. Moss opened the first Original California Burrito Company
store in Auckland in 2011, the report recalls. The business grew
rapidly into a 10-store chain in New Zealand and expanded to
Australia and the Netherlands.

But the Aussie stores and all apart from one in New Zealand closed
down after bank funding for the business dried up and rents went
unpaid, the Herald notes. The Manukau Original California Burrito
outlet, which was run by a franchisee, is still operating, as is
the Netherlands store, Mr. Moss, as cited by the Herald, said.

Last year, Mr. Moss blamed the collapse on a legal battle he was
having with his former wife, Lisa Krukziener, who was also a
shareholder and director of a raft of companies that operated the
burrito chain, the report recalls. He claimed the legal issues had
caused his bank to withdraw funding, the Herald relays.

Since then two companies associated with burrito chain -- Barrow
and Hudson, which owned the franchise rights, and California
Burrito Company -- have gone into liquidation and unsecured and
secured creditors of the two firms are owed more than NZ$270,000,
the Herald discloses citing reports from liquidator EY.

According to the Herald, Mexi-Foods director Greg Glendining said
his company was still owed around NZ$20,000 for food and beverages
supplied to the Original California Burrito chain.

The Herald relates that Mr. Moss said he felt "absolutely
dreadful" about the money still owed to creditors.

"I lost all my money and I never got a dollar back," he said. "I
did everything I could to try and sell the business and any funds
that would have come from that [sale] would have gone straight to
creditors. Unfortunately everything I did was either stifled by
litigation or other things outside of my control."

Mr. Moss said some of Cali-Mex's owners were aware of what had
occurred in his burrito venture, the Herald relays.

The Herald adds that EY executive director Rhys Cain said he
wasn't aware of any creditors recovering funds from the firms in
liquidation since he was appointed.

"We have no comment to make on what Mr Moss is doing in
Hong Kong," the Herald quotes Mr. Cain as saying.


VNC COCKTAILS: Goes Into Liquidation
------------------------------------
tvnz.co.nz reports that VnC Cocktails has gone into liquidation
after failed attempts to sell it.

The company went into voluntary administration on June 30, was
then tipped into receivership a few days later by secured charge
holder Bank of New Zealand, and has now been put into liquidation
following a creditors' vote this month, according to tvnz.co.nz.

The final report from administrators from Gerry Rea Partners Paul
Sargison -- psargison@gerryrea.co.nz -- and Simon Dalton --
sdalton@gerryrea.co.nz --  who have now been appointed
liquidators, said while a sale of the group had been negotiated,
it had not yet settled and would not see the first security holder
fully repaid, tvnz.co.nz relates.   Little or no funds will be
available to other creditors, the final report said, tvnz.co.nz
notes.

Other subsidiaries also placed in liquidation include Hydr8,
Sejuice Wine and VnC Manufacturing.

tvnz.co.nz notes that the administrators said that with
significant capital injections, the group bought a factory and
developed a number of non-alcoholic and alcoholic drinks.  But
distribution networks failed to fully perform and the group was
put up for sale prior to going into voluntary administration,
tvnz.co.nz relates.

VnC Cocktails issued a number of redeemable preference shares,
which were due to be repaid on June 30, and one shareholder
refused to allow an extension, tvnz.co.nz notes.

The administrators report said VnC Cocktail's secured creditors
were owed just over NZ$17 million and unsecured creditors some
NZ$2.4 million, tvnz.co.nz discloses.  The estimated deficit from
that company alone was NZ$8 million, excluding the costs of
administration and liquidation.  The holding company's assets
included NZ$7 million of related party lending, tvnz.co.nz notes.

Administration fees for VML, Hydr8, and Sejuice total more than
NZ$38,000 in the latest report.

tvnz.co.nz relates that VnC Cocktails had 12 shareholders.  The
majority owner was Collinsville Ltd of which McKillan was a
director and part-owner and he also owned another 14.8% stake.
Another significant shareholder was Collins Asset Management,
which was directed and part-owned by Timothy Cook, tvnz.co.nz
discloses.

Mr. Cook resigned as a director of VnC in June.  Fund manager
Warren Couillault also held two stakes totaling about 11%, the
report adds.

The VnC Cocktails Group is a New Zealand shake and pour cocktails
company.  VnC Cocktails Group was founded in 2007 by Shane
McKillen, one of the original investors in 42 Below Vodka.



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


ALPHALAND CORP: To Appeal Delisting Over Disclosure Rule Breaches
-----------------------------------------------------------------
Daphne J. Magturo at BusinessWorld Online reports that Alphaland
Corp. on September 10 said it plans to contest all the way to the
Supreme Court the Philippine Stock Exchange's (PSE) decision to
delist its shares over company violations of disclosure rules.

Alphaland also assured its shareholders that operations will
continue and that the leadership of its Chairman and Chief
Executive Officer Roberto V. Ongpin in other companies will remain
unaffected, BusinessWorld relates.

"Alphaland intends to move for reconsideration of the PSE
decision. If the PSE does not reconsider, Alphaland will appeal to
the Securities and Exchange Commission (SEC). Beyond the SEC,
Alphaland will further elevate it to the courts (first by
appealing to the Court of Appeals and then, if necessary, to the
Supreme Court)," Mr. Ongpin said in a statement e-mailed to media,
noting that the status quo will hold during the appeal process,
according to BusinessWorld.

He said the PSE decision is "not yet executory," and therefore
"has no impact whatsoever" on the company's operations,
BusinessWorld relays.

"In fact, trading in Alphaland shares has been suspended by the
PSE since 20 January 2014 and for the eight months that the
company has been in this situation, it has just proceeded with its
business and has completed, and is in the process of completing,
its various projects," Mr. Ongpin, as cited by BusinessWorld,
said.

BusinessWorld says the former Trade minister assured continued
operations of its membership clubs, The City Club and Alphaland
Balesin Island Club; completion of existing projects including
Alphaland Makati Place project; and conceptualization of future
projects like the Alphaland Baguio Mountain Log Homes.

The June 5 agreement with former shareholders, the Aland Singapore
Group, also stands, the report adds.

BusinessWorld notes that the agreement stipulates that the former
shareholders will depart from the company in exchange for some
assets and PHP2.5 billion in cash.

"Since the disqualification of Alphaland's officers is clearly
prospective in application, none of the existing listed companies
in which Mr. Ongpin is an officer and/or director (such as Philweb
Corp. and Atok-Big Wedge Co., Inc., where he is both chairman and
chief executive officer) will be affected," the statement read,
noting that the prohibition only prevents the disqualified officer
from being a director or officer of a company applying for
listing, BusinessWorld adds.

"It must be emphasized that the PSE decision is NOT final and
executory and is subject to the appeal process described above.
Alphaland certainly intends to appeal."

In case the Supreme Court upholds PSE's decision, all it means is
that Alphaland will become a private company and "no longer
subject to the jurisdiction of the PSE."

"I would like to assure the investing public that even as a
private company (and Alphaland has practically operated as such
for the last eight months without interruption in our construction
activities), Alphaland will continue to live on," Mr. Ongpin said,
BusinessWorld relays.

BusinessWorld notes that in a Sept. 5 resolution, the PSE said
Alphaland shares will be removed from its registry of listed
companies following the completion of a tender offer within 60
days. Trading in its shares remains suspended, while the company
is also prohibited from applying for relisting for five years.

According to BusinessWorld, the PSE also said Mr. Ongpin,
Alphaland President Mario A. Oreta, and Alphaland Corporate
Secretary and Corporate Information Officer Rodolfo Ma. A.
Ponferrada are now "disqualified from becoming directors and/or
executive officers in any company applying for listing with the
Exchange."

BusinessWorld says Mr. Ongpin, without admitting guilt, appealed
to the PSE to spare Messrs. Ponferrada and Oreta from penalties,
saying Mr. Ponferrada was just following his instructions, while
Mr. Oreta had nothing to do with the disclosures in question.

Alphaland is a joint venture between Mr. Ongpin and UK-based
Ashmore group. The partnership soured after the Ongpin group
accused the latter of misrepresenting a sale, BusinessWorld notes.

Alphaland Corporation, together with its subsidiaries, is engaged
in the real property development activities.



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


* VIETNAM: Hanoi Names 10 Disappeared Foreign-Invested Companies
----------------------------------------------------------------
VietNamNet Bridge reports that a recent inspection of foreign-
invested enterprises (FIEs) in the city shows that 10 firms have
disappeared, according to the Department of Planning and
Investment of Hanoi.

These firms did not register a tax code or make a tax declaration,
did not operate at the registered office, and did not report on
their business and investment activities in accordance with
regulations, the report says. All of them have disappeared,
VietNamNet Bridge relates. Under Vietnam's laws, these firms will
have their investment certificate and business registration
certificate revoked.

According to the report, the Hanoi Tax Department has named five
missing or fleeing companies, including: Fujiya Vietnam Co., Ltd.
and Narai Co., Ltd. of Japan, Vladivostok Avia Lines Co., Ltd. of
Russia, OPAC Power Co., Ltd. and Investimo JSC.

VietNamNet Bridge adds that five other firms were found not to be
operating at their registered offices, including: Tabata South
Vietnam JSC, Airea Co., Ltd. (Japan), MTV DIC Vietnam Company
Limited, To Viet Construction Co. Ltd (China) and Thailand Vietnam
Holiday Vision (India).

Thirty days since the announcement was published, if these firms
are still absent or have unfounded explanations, the Hanoi
Department of Planning and Investment will report to the Hanoi
People's Committee with the aim of terminating their operation and
revoke their investment certificates, according to the report.

It is common for FIEs to go bankrupt or to be dissolved due to
financial difficulties, the report says.  According to VietNamNet
Bridge, some FIES performed fraudulent acts by asking for a
certificate of investment to borrow capital and then leave Vietnam
to appropriate the loans. Many foreign investors fled the country,
leaving debts worth tens of millions of dollars, the report notes.



                             *********

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
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thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



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