TCRAP_Public/140117.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, January 17, 2014, Vol. 17, No. 12


                            Headlines


A U S T R A L I A

BRANDSCREEN PTY: Administrators Seek Buyers For Assets & IP
CLUB 39: Vincents Chartered Appointed as Administrators
FORTESCUE METALS: Moody's Upgrades Corporate Family Rating to Ba1
KILLA PTY: Court Appoints Clifton Hall as Liquidator
QPAY PTY: Placed Into Voluntary Liquidation

WHITEHORSE FURNITURE: Enters Into Administration


C H I N A

GREENLAND HONG KONG: Moody's Keeps Ba1 Corporate Family Rating
LONKING HOLDINGS: Positive Profit Alert Supports Moody's B1 CFR
WUZHOU INTERNATIONAL: Fitch Rates $100MM Sr. Unsec. Notes at 'B'


H O N G K O N G

LEHMAN BROTHERS ASIA: Jan. 21 Hearing Over Validity of Pacts Set


I N D I A

ARYA ENERGY: CARE Rates INR43.11cr Long-term Bank Loans at 'B'
B. T.  KADLAG: CRISIL Assigns 'B+' Ratings to INR75MM Loans
BEHARI LAL: CRISIL Assigns 'B+' Ratings to INR29MM Loans
BIMLA RICE: CRISIL Lowers Rating on INR71.8MM Loans to 'D'
BLA PROJECTS: CRISIL Reaffirms 'C' Ratings on INR270MM Loans

BRAZA TYRES: CRISIL Cuts Rating on INR71.6MM Loans to 'B+'
CAPTAIN RAMESH: ICRA Assigns 'B' Ratings to INR5cr Loans
COMET GRANITO: CRISIL Reaffirms 'D' Ratings on INR665MM Loans
DANAVARSHINI EXPORTS: CRISIL Ups Rating on INR68.8MM Loans to B+
GEETA THREADS: CRISIL Reaffirms 'B' Ratings on INR130MM Loans

HIGH END: ICRA Assigns 'B+' Rating to INR3cr Term Loan
HIMALAYA CONSTRUCTION: CRISIL Cuts Rating on INR45MM Loans to B+
INDICON CONSTRUCTION: CRISIL Reports Enhanced B-Rated Loan Amount
JAI AMBEY: CRISIL Reaffirms 'B+' Ratings on INR110MM Loans
JAY RANCHHOD: ICRA Assigns 'B' Ratings to INR6.3cr Loans

JAYABHERI PROPERTIES: CRISIL Ups Rating on INR490MM Loan to 'B'
KALJANI COLD: CRISIL Lowers Ratings on INR65.4MM Loans to 'D'
KARNATAKA OEM: ICRA Rates INR5.0cr Term Loan at 'B+'
KAVERI PLASTO: ICRA Assigns 'B' Ratings to INR8.91cr Loans
LEKH RAJ: CRISIL Reaffirms 'B' Ratings on INR450MM Loans

MRN INDUSTRIES: ICRA Suspends 'B+' Rating on INR11cr Loan
NAINANI MEDICO: CRISIL Reaffirms 'B+' Ratings on INR59MM Loans
NIMBUS PIPES: CARE Reaffirms 'D' Ratings on INR28.10cr Loans
P.B.L. TRANSPORT: CRISIL Cuts Rating on INR105MM Loans to 'B+'
PRAGATI AUTOMATION: CRISIL Reports Enhanced B+ Rated Loan Amount

SANDY RESORT: CRISIL Reaffirms 'D' Rating on INR5MM Loan
SHAHEED DR: CRISIL Lowers Rating on INR302.6MM Loans to 'D'
SHANKAR INDUSTRIES: CRISIL Upgrades Rating on INR69.5MM Loan to B
SHREE BHAARATHI: ICRA Reaffirms B+ Rating on INR7cr LT Loans
SRI RAJA: CRISIL Reaffirms 'B' Rating on INR200MM Loan

SSPDL LIMITED: ICRA Upgrades Rating on INR9cr Loan at 'C+'
STRETCH BANDS: CRISIL Assigns 'B-' Rating to INR100MM LT Loan
SURAJ CORPORATION: ICRA Rates INR1cr Long Term Loan at 'B-'
SWAIN ALUMINIUM: ICRA Suspends D Rating on INR22cr Term Loans
SWAMI VIVEKANAND: CRISIL Reaffirms 'D' Rating on INR350MM Loan

UTSAV INDUSTRIES: CRISIL Reaffirms 'B+' Rating on INR57.5MM Loan


I N D O N E S I A

INDONESIA: Fitch Says Mining Law Averts BOP Pressure, Risks Stay


J A P A N

TOKYO ELECTRIC: Japanese Government Approves Revival Plan


N E W  Z E A L A N D

FITZROY YACHTS: To Close Operation; More 100 Jobs Lost


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BRANDSCREEN PTY: Administrators Seek Buyers For Assets & IP
-----------------------------------------------------------
Sule Arnautovic -- sulea@jirschsutherland.com.au -- and Roderick
Mackay Sutherland -- rods@jirschsutherland.com.au -- of Jirsch
Sutherland were appointed as Voluntary Administrators of
Brandscreen Pty Ltd on Dec. 31, 2013.

The Administrators are undertaking a review of the operations of
the business and are implementing restructuring initiatives
designed to improve productivity and strengthen the company's
commercial operations.  While this review is undertaken, the
business in Singapore and Australia remain open and are trading.

"It is very unfortunate that a long standing and well regarded
business, established in 2006, has been placed into
Administration.  We are of the opinion that Brandscreen's position
in the Asia-Pacific programmatic space is a valuable asset and we
are engaging now with all parties who may be interested to
incorporate the numerous assets of Brandscreen into their
business.  We appreciate the support already offered by many
customers and partners of Brandscreen, and we will endeavour to
work to a positive outcome," Sule Arnautovic, Managing Partner of
Jirsch Sutherland said.

Accordingly, the Administrators are seeking expressions of
interest in respect to the purchase of the business and associated
Intellectual Property.

Brandscreen's Media Trading Platform provides a Demand Side
Platform system, delivering control over online advertising
campaigns, infrastructure, and algorithms that provide
optimization and intelligence.  The business operates as part of a
group structure with operations based in Australia, Singapore and
has some infrastructure in China.  The business has developed some
concepts to substantially grow and expand the business
internationally. Any potential buyer would be able to expand on
those concepts.

The business provides services to a number of clients located
throughout the Asia Pacific region.

Assets for sale include all Intellectual Property, client
contacts, receivables, computer and office equipment and all other
assets required to operate the business.


CLUB 39: Vincents Chartered Appointed as Administrators
-------------------------------------------------------
Nick Combis -- ncombis@vincents.com.au -- and Peter Dinoris --
pdinoris@vincents.com.au -- of Vincents Chartered Accountants were
appointed as administrators of Club 39 Pty Ltd on Jan. 15, 2014.

The first meeting of the creditors will be held on Jan. 28, 2014,
at 11:00 a.m. at Level 34, 32 Turbot Street, in Brisbane,
Queensland.


FORTESCUE METALS: Moody's Upgrades Corporate Family Rating to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded Fortescue Metals Group
Limited's corporate family rating (CFR) to Ba1 from Ba2.  At the
same time Moody's has upgraded FMG Resources (August 2006) Pty
Ltd's senior unsecured notes ratings to Ba2 from Ba3.  The senior
secured rating of Baa3 is not affected by the rating action and is
affirmed.  The outlook on all ratings is stable.

The upgrade follows announcement that Fortescue has issued two
voluntary redemption notices in relation to the outstanding notes
of USD1.04 billion due 2015 and USD600 million due 2016.

                         RATINGS RATIONALE

"The one-notch upgrade in the CFR to Ba1 reflects our expectation
for continued strengthening in Fortescue's credit profile
following the progress made on the company's debt reduction
strategy and the near completion of its substantial expansion
program", says Matthew Moore -- a Moody's Vice President and
Senior Analyst.  "The announced notes redemption and reduction in
finance leases -- following the decision to assume ownership of
Christmas Creek ore processing facility - further demonstrates the
company's commitment to its debt reduction strategy, which we
previously highlighted as a factor that would lead to improvements
in the company's ratings", Moore adds.

Fortescue has reduced its adjusted debt by around USD3.1 billion
through voluntary debt reduction initiatives and Moody's expects
debt to reduce further as the company continues to work its
gearing down to its targeted level of around 40%.  The company has
announced that its debt reduction initiatives, combined with the
re-pricing of its term loan facilities, will reduce its annual
interest expense by around USD300 million.

"The upgrade also reflects Fortescue's continued progress on its
expansion activities, which are nearing completion and will lead
to further improvements in production and cash flow generation
supporting financial metrics in line with the Ba1 rating", adds
Moore.  Under Moody's base case assumptions of iron ore prices of
around USD110 to USD120 (based on 62% Fe) for the second half of
the fiscal year ending June 30, 2014, Moody's now expects
Fortescue's debt-to-EBITDA to improve to close to 2.0x.

"The stable outlook reflects our expectation that Fortescue will
continue to generate solid cash flow and achieve its production
targets following the completion of the current expansion
activities", says Moore.

The announced notes redemption is a further step in Fortescue's
announced intention to reduce its debt levels and improve its
gearing levels towards its desired level of 40%.  As of FY13,
Fortescue's debt-to-capital was around 68%, and under Moody's base
case it expects the ratio to decline to 50% to 55% in FY14.

Fortescue is nearing completion of its massive expansion plans,
which has led to a step change in the company's production profile
and revenue generation ability.  Upon completion, production will
increase to around 155mtpa, almost triple the levels achieved in
FY12.  This drives substantial improvements in the cash flow
generation ability and unit costs of production for the company.
Moody's expects full year production for FY14 to be around 125mt,
resulting from the completion and ramp up of the Firetail mine at
the Solomon Hub in the June 2013 quarter and the expected
completion of the Kings mine in early calendar 2014.

The notes redemption significantly improves Fortescue's near term
maturity profile, with the company's first major maturity now in
FY17 when USD1billion of senior unsecured notes comes due.

The affirmation of the Baa3 rating on the senior secured term loan
facility reflects the reduction of debt in the capital structure
ranking below the senior secured.

The ratings are not expected to be upgraded in the near term,
however, the ratings could face positive pressure if Fortescue
demonstrates a track record of 1) consistently producing at the
full expanded 155mtpa capacity and 2) maintaining a conservative
financial profile such that Debt-to-EBITDA is maintained below
2.0x through the cycle.  In addition, a critical issue for a
rating upgrade will be the company's growth intentions post
completion of the current phase of expansion.  Achieving a more
geographically diversified customer base would also be supportive
of a rating upgrade.

The outlook or rating could face negative pressure if the company
experiences any unexpected execution challenges with the remaining
expansion activities, is unable to sustain production levels near
the 155mtpa target, embarks on any material further expansions,
and/or adapts more aggressive shareholder-friendly initiatives,
such that credit metrics do not remain in line with Moody's
expectations.  Iron ore prices sustained materially below Moody's
base case assumptions could also lead to negative pressure on the
rating or outlook.  Financial metrics that Moody's would consider
for a downgrade include Debt-to-EBITDA exceeding 2.5x and FFO-to-
Interest falling below 4.0x on a consistent basis.

Fortescue Metals Group Limited based in Perth, is an iron ore
producer engaged in the exploration and mining of iron ore for
export, mainly to China.  Fortescue is Australia's third largest
iron ore producer and exporter as well as one of the world's
largest producers and sea-borne traders.  Fortescue has around
15.6 billion tonnes of iron ore Resources, including 2.2 billion
tonnes of reserves, and its tenement holdings span an area of over
85,000 square km in the Pilbara region of Western Australia.  For
the September 2013 quarter, Fortescue achieved and annual run rate
of around 104mtpa of production. Moody's expects full year
shipments for FY2014 to be around 125mt.


KILLA PTY: Court Appoints Clifton Hall as Liquidator
----------------------------------------------------
Mark Hall of Clifton Hall was appointed liquidator of Killa Pty
Ltd trading as 'Killa Kars' on Jan. 15, 2014, by Order of the
Federal Court of Australia.


QPAY PTY: Placed Into Voluntary Liquidation
-------------------------------------------
Cliff Sanderson at dissolve.com.au reports that QPay Pty Ltd had
been placed into voluntary liquidation with Vincent Chartered
Accountants' Nick Combis and Peter Dinoris being appointed as
liquidators on Dec. 19, 2013. The first meeting with creditors was
held on Jan. 7, 2014.

According to dissolve.com.au, documents submitted to ASIC stated
that the company's creditors include the Australian Taxation
Office and parent company QPay Holdings.  The papers stated that
QPay owes over AUD170,000 to the taxation office, dissolve.com.au
adds.


WHITEHORSE FURNITURE: Enters Into Administration
-------------------------------------------------
Cara Waters at SmartCompany reports that Whitehorse Furniture and
Bedding has entered into administration in a further blow to the
retail sector.

SmartCompany says the Melbourne furniture chain turns over around
AUD10 million a year and has stores in Dandenong, Frankston,
Hoppers Crossing, Moorabbin and Preston.  The stores operate with
the slogan "The look you want . . . for less".

Stephen Dixon -- stephen.dixon@au.gt.com -- and Michael Humphris
of Grant Thornton have been appointed as administrators.

Mr. Dixon told SmartCompany Whitehorse Furniture and Bedding's
five stores will continue to trade in the short term.

"We are assessing the position of each store and looking at which
are sustainable and looking to restructure the company,"
SmartCompany quotes Mr. Dixon as saying.  "The loss-making stores,
we will look at what we can do at this stage."

According to the report, Mr. Dixon said there appears to be two
key factors behind the chain's collapse: falling sales and a hasty
expansion.

"Firstly, sales have declined compared to previous years and,
secondly, I think they expanded too quickly. He had three stores
and went to five too quickly in a short space of time," Mr. Dixon,
as cited by SmartCompany, said.

There are 20 employees and Mr. Dixon said their jobs will be kept
for the time being, the report relates.



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C H I N A
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GREENLAND HONG KONG: Moody's Keeps Ba1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service says that Greenland Hong Kong Holdings
Limited's joint venture with China Resources Land Limited
(CR Land, Baa1 stable) and its sale of equity interests in a plot
of land in Shanghai is credit positive, but has no immediate
impact on its Ba1 corporate family and senior unsecured ratings.

On Jan. 14, 2014, Greenland Hong Kong announced that it will sell
50% of its equity interests in a plot of land in the Huangpu
District, Shanghai to CR Land.  The two companies will jointly
develop the land.

Greenland Hong Kong first acquired the land at a total cost of
RMB5.95 billion in December 2013.

"The partial sale of the land plot by Greenland Hong Kong will
alleviate pressure on the company's debt leverage and liquidity
position resulting from the sizable land acquisition in December,"
says Franco Leung, a Moody's Assistant Vice President and Analyst.

Greenland Hong Kong's leverage -- as measured by adjusted
debt/capitalization -- was at about 60% at end-June 2013.

Moody's expects the company's leverage will still rise to
substantially above 60% in the next 12 months, given its rapid
expansion.

The proceeds from the partial sale of the Shanghai land plot will
equal about 18% of the company's total assets and 165% of its cash
balance as of end-June 2013.  Therefore, it will substantially
reduce the company's land premium payments in the next 3-6 months.

The plot of land has a planned gross floor area of around 245,550
square meters (sqm), which translates to an average land cost of
around RMB24,230 per sqm.

The land plot is planned for a mixed-use real estate project that
consists of residential and commercial properties.

"CR Land's strong execution capabilities, particularly in the
development of shopping malls, will add high value to the
project," adds Leung, who is also Moody's Lead Analyst for
Greenland Hong Kong.

Greenland Hong Kong accelerated its land acquisitions in 2013,
including a 50% stake in the Hangzhou project that it bought from
its parent, Greenland Holding Group Company Limited (Baa3 stable)
for a total consideration of about RMB895 million.

The company has an ambitious growth plan to raise its contracted
sales target to RMB10 billion in 2014, from RMB3.5 billion
achieved in 2013 and RMB3 billion in 2012.

Greenland Hong Kong's Ba1 rating reflects its standalone credit
strength and a two-notch rating uplift, based on expected strong
financial and operating support from the Greenland Holding Group.
The principal methodology used in this rating was the Global
Homebuilding Industry published in March 2009.

Greenland Hong Kong is principally engaged in the development of
large-scale, high-end residential communities, city center
integrated projects, and travel & leisure projects that target the
middle- to high-end customer segment.

At end-June 2013, the company held a land bank of 3.7 million sqm
across Shanghai, Kunming, Huangshan, Suzhou, Changshu, Wuxi,
Haikou, Ningbo and Taiyuan.

Greenland Holding Group is headquartered in Shanghai and is a
comprehensive enterprise group with main businesses including real
estate development, energy, and finance activities.  As a leading
developer in China's real estate market, Greenland Holding Group
operates real estate projects in over 70 cities across 25
provinces.

China Resources Land is a leading property investment and
development company in China.  As of March 10, 2013, it had a land
bank with a gross floor area (GFA) of 29.36 million sqm, with
projects diversified across 42 Chinese cities, including Beijing,
Shanghai, Shenzhen, Tianjin, Chengdu, and Chongqing.  Investment
properties in operation have a total GFA of 2.2 million sqm and
include high-end shopping malls, office buildings, and hotels.
China Resources Land was listed on the Hong Kong Stock Exchange in
1996 and has been a constituent stock in the Hang Seng Index since
2010.  It is 68.0%-owned by China Resources Holdings, a
conglomerate ultimately owned by China's State Council.


LONKING HOLDINGS: Positive Profit Alert Supports Moody's B1 CFR
---------------------------------------------------------------
Moody's Investors Service says Lonking Holdings Limited's positive
profit alert for its 2013 consolidated net profit supports its B1
corporate family and senior unsecured bond ratings.

The ratings outlook remains negative.

"Lonking's expected improved results in 2013 versus 2012 are
consistent with Moody's expectations," says Jiming Zou, a Moody's
Assistant Vice President and Analyst.

On Jan. 13, 2014, Lonking announced that its 2013 consolidated net
profit was expected to be significantly higher than its net profit
of RMB152 million in 2012.

Such an increase was mainly due to the group's improved gross
margin, a decrease in the group's operating expenses and the
foreign exchange gains from the group's US dollar-denominated
debt.

Lonking strengthened its cost management and benefited from lower
raw material prices, such as steel, in 2013.  The company's gross
margin was higher by about 1.6% in 1H 2013 compared to a year ago.
Moody's expects the company to maintain this improved margin in
the next 12 months.

Its operating environment improved slightly in 2013.  Moody's had
expected sales growth of close to 5% year-on-year in the heavy
machinery market in 2013 after a drastic drop of 30%-40% in 2012.
However, this improved sales figure is still below historical
levels.

Thus, the company's EBITDA in 2013 has not fully recovered to 2011
levels.  Moody's estimates its debt/EBITDA in 2013 at
4.5x -- 5.0x, which is still weak for its B1 level.

On the other hand, its capital expenditure decreased and dividends
were suspended in 2013, which could result in positive free cash
flow that preserves the company's liquidity.  This is credit
positive considering that Lonking is exposed to a high level of
accounts receivables and inventory, which is one of the drivers
for the negative outlook.

Lonking reported RMB3.6 billion in trade and bills receivables,
RMB1.2 billion in repurchase obligations and RMB2.1 billion in
inventory at end-June 2013, versus sales of RMB7.6 billion in the
12-month period ended June 2013.

Lonking's collection period and the overdue amount in its accounts
receivables has been at a high level since the market downturn in
2012.

In addition, the low upfront payments, long payment terms for its
equipment sales, as well as deteriorating credit profiles of
customers on credit terms have increased the collection risk of
its accounts receivables.

Moody's will continue to monitor Lonking's liquidity position with
respect to its accounts receivables collections, its exposure to
repurchase obligations, as well as its inventory levels.

Lonking Holdings Limited is a manufacturer and supplier of heavy
machinery in Mainland China.  The company focuses on the
production of wheel loaders and excavators, which accounted for
65.4% and 11.1%, respectively, of its total revenue in 2012.
Lonking also makes road rollers, forklifts, and other types of
construction machinery.

Lonking's four manufacturing plants are based in Shanghai,
Zhengzhou, Fujian and Jiangxi and the majority of its products
target the domestic market.  The company was listed on the
Hong Kong Stock Exchange in 2005.  Lonking is 55.69% controlled by
its founder and chairman, Li Xin Yan, and his wife.


WUZHOU INTERNATIONAL: Fitch Rates $100MM Sr. Unsec. Notes at 'B'
----------------------------------------------------------------
Fitch Ratings has assigned China-based commercial property
developer Wuzhou International Holdings Limited's (Wuzhou,
B/Stable) USD100 million 13.75% senior unsecured notes due 2018 a
final rating of 'B'.  The assignment of the final rating follows
the receipt of documents conforming to information already
received and the final rating is in line with the expected rating
assigned on January 8, 2014.

The notes are issued as a tap to the USD100 million 13.75% notes
due 2018 issued in September 2013, with the same terms and
conditions.  The notes are rated at the same level as Wuzhou's
senior unsecured rating of 'B' as they represent direct,
unconditional, unsecured and unsubordinated obligations of the
company.

Key Rating Drivers

Small-Scale Property Developer: Wuzhou's rating is constrained by
its small scale compared with Fitch-rated peers.  With historical
contracted sales of CNY1.2 billion, CNY2.1billion and CNY2.8
billion in 2010, 2011, and 2012 respectively, Wuzhou is still a
small property developer in China.  It faces concentration risk
with 55% of its contracted sales in 1H13 derived from Jiangsu
province and seven out of 11 of its completed projects in Wuxi.
It remains to be seen whether Wuzhou can successfully transfer its
business model from Wuxi to other cities in China.  As the number
of projects under management increases across different provinces,
it will be challenging for the company to maintain a high-quality
tenant mix in each project.

Volatile Commercial Property Sales: As a commercial property
developer in China, Wuzhou is exposed to higher risk than
residential property developers.  Commercial property sales mainly
target investment demand, which can be adversely affected during
economic downturns or in an environment of tighter liquidity.
Investment demand is also highly dependent on brand reputation,
which is susceptible to operating performance of existing
projects.  In general, cash flow projection from property sales is
less predictable for commercial property developers, compared with
residential property developers.

Strong Commercial Sites Limited: With a longer list of
requirements, including high foot traffic, easy accessibility and
high residents' income levels, commercial property sites with
strong development potential are harder to come by than
residential sites.  Wuzhou's upcoming projects are mostly situated
in third-tier cities.  While the company enjoyed low land cost
(typically a few hundred CNY/sqm), it faces the risk of whether
there will be enough consumption demand in third-tier cities to
support retail outlets in the projects.

Operational Success in Wuxi: Wuzhou has completed two wholesale
markets and five mixed-use commercial complexes in Wuxi,
establishing a critical mass in its hometown.  Wuzhou has been
successful in selling the majority (80%-90%) of its project space
on a strata-title basis and keeping the remainder for lease
income.  The company actively manages the tenant mix for shop
buyers after the projects open and its properties enjoy an average
occupancy rate of above 90%.  Capitalising on its success and
experience in Wuxi, Wuzhou is now expanding in the eastern,
central, southwestern and northeastern parts of China. Aided by
its quick churn-out business model, Wuzhou recorded an 88%
increase in contracted sales to CNY5.2 billion in 2013, which
exceeded its sales target of CNY5 billion.

After-Sale Tenant-Mix Management: Wuzhou differentiates itself
from other commercial property developers by providing after-sale
tenant-mix management and negotiating leases with prospective
tenants on behalf of shop owners.  In return, Wuzhou charges shop
owners a commercial management service fee.  The fee is equal to
100% of the rent in the first three years of the lease and then
8%-10% of the rental value in the fourth year onwards.  If Wuzhou
maintains an optimal tenant mix and high occupancy rates in its
existing projects, it could enhance its brand reputation and
attract more buyers to its future projects.

Strong Network of Buyers: Wuzhou's founder, Mr. Shu Cecheng, was
in the trading and manufacturing business before turning to
property development in 2004.  Mr. Shu has an extensive business
network, which offers Wuzhou a pool of potential tenants and shop
buyers, especially in wholesale markets.  This is crucial to
Wuzhou as it relies heavily on project sales, which generate cash
and enable the company to replenish its land bank quickly.

Sufficient Liquidity: Fitch expects Wuzhou to have sufficient
liquidity to cover its short-term debts.  As at mid-2013, Wuzhou
had CNY1.8 billion of cash (of which CNY377 million was restricted
cash and pledged deposits) and CNY1.6billion in undrawn credit
facilities.  That is more than enough to cover its CNY835 million
debt to be repaid in the coming 12 months. However, Wuzhou's
financial flexibility is limited because all of its debt is
secured debt.  The company plans to diversify its funding sources
and reduce its reliance on secured debt.  Also, the company plans
to reduce the proportion of trust loans in its portfolio to less
than 25% in the next one-two years from 33% as of end-1H13 to
reduce its overall borrowing costs.

Rating Sensitivities

Positive: Future developments that may collectively lead to
positive rating actions include:

-- Annual contracted sales being sustained above CNY8billion
    while maintaining current margins and credit metrics, and

-- Increase in geographical diversification by establishing its
    presence in a greater number of provinces, and

-- Satisfactory operating conditions for completed projects, in
    particular for those that have been open for more than three
    years

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

-- A significant reduction in annual contracted sales

-- Deviation from the current fast churn-out business model

-- Net debt/adjusted inventory being sustained above 40% (2012:
    31%)

-- EBITDA margin staying below 20% on a sustained basis (2012:
    32%)

-- Contracted sales/ total debt staying below 1.0x on a
    sustained basis (2012: 1.2x)

Headquartered in Wuxi in Jiangsu province, Wuzhou is a commercial
property developer focusing on specialised wholesale market and
multi-functional commercial complexes in the second- and third-
tier cities in China.



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


LEHMAN BROTHERS ASIA: Jan. 21 Hearing Over Validity of Pacts Set
----------------------------------------------------------------
The Honourable Mr. Justice Harris of the Hong Kong High Court will
convene a hearing Jan. 21, 2014, at 9:30 a.m. (Hong Kong time) to
consider the application filed by the Joint and Several
Liquidators of Lehman Brothers Securities Asia Limited (in
Liquidation) for directions in relation to the validity and
enforceability of certain contractual provisions contained in
agreements purportedly entered into between LBSAL and its clients.

The provisions purport to create security interests in favor of
each of LBSAL and its affiliates over all the rights, title, and
interests of the affiliate clients in and to assets held by LBSAL
for or to the order of LBSAL's affiliate clients, which assets do
not form part of LBSAL's general estate.

Following an order of the Hong Kong Court being made to dispose of
the Application in the manner proposed by the Liquidators, the
LBSAL Liquidators intend to distribute truste assets to persons
entitled to them.

The Liquidators may be reached at:

     The Liquidators of Lehman Brothers
     Securitis Asia Limited (In Liquidation)
     8/F Prince's Building
     10 Chater Road
     Central Hong Kong



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ARYA ENERGY: CARE Rates INR43.11cr Long-term Bank Loans at 'B'
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Arya Energy
Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        43.11      CARE B Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Arya Energy Limited
is primarily constrained by its nascent stage of operations,
implementation of Corporate Debt Restructuring (CDR) packages,
significant cost and time overrun witnessed in the project
completion, volatile raw material prices with exposure to the
vagaries of nature, since primary raw material rice husk is an
agro-based commodity and absence of the Power Purchase Agreement
(PPA) which is yet to be executed.

However, the rating derives strengths from the satisfactory
experience of the promoters, proximity to raw material sources and
high voltage substations.

The ability of AEL to achieve the envisaged projections from the
recently concluded project and efficient utilization of the
working capital shall be the key rating sensitivities.
Arya Energy Ltd was incorporated on March 5, 2007 with the
objective of setting up of a 12 MW bio-mass based power plant at
Madhya Pradesh. The company was promoted by four young
entrepreneurs having considerable experience in the power and
construction sectors. Mr Vijay Kant Tiwari and his elder brother
Mr J PTiwari, both engineering graduate and having rich working
experience in implementation of large power projects [like captive
power projects of Jindal Steel & Power Ltd, J K Group (Raymond)
and Hira Group of Industries], decided to set up the aforesaid
project alongwith Mr Mukesh Singhania and Mr Manish Nathani- two
established real estate developers of Raipur. While Mr Singhania
is a civil engineer with more than a decade old experience in the
construction and real estate business, Mr Nathani is actively
involved in real estate development for about a decade.

The total cost of the project was originally estimated at INR60.2
crore, to be funded by a term debt of INR37.5 crore and the
remaining sum of INR22.7 crore to be brought in by the promoters.
However, on account of certain climatic disruptions (heavy monsoon
during 2011) and procedural delays in getting certain approvals,
the company reported a time overrun of about 21 months in project
completion and as a result the project cost underwent an upward
revision to INR76.87 crore to be funded by equity of INR26.67
crore, term loan of INR35.9 crore and the balance by interest free
unsecured loan. The company has already commenced commercial
operations at its plant from September, 2013.

The management has maintained that they have achieved a gross
turnover of INR4.5 crore till November 30, 2013.


B. T.  KADLAG: CRISIL Assigns 'B+' Ratings to INR75MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of B. T.  Kadlag Construction Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Cash Credit
   Limit                      40     CRISIL B+/Stable

   Cash Credit                10     CRISIL B+/Stable

   Proposed Bank Guarantee    25     CRISIL B+/Stable

The rating reflects BTKCPL's small scale of operations, high
customer and geographical concentration in revenue, and below-
average financial risk profile, marked by average capital
structure. These rating weaknesses are partially offset by the
benefits that BTKCPL derives from its promoter's extensive
experience in the civil construction industry and its moderate
order book.

Outlook: Stable

CRISIL believes that BTKCPL will continue to benefit over the
medium term from its promoter's extensive industry experience and
its current moderate order book. The outlook may be revised to
'Positive' if the company reports substantial growth in its scale
of operations and while maintaining profitability and working
capital cycle leading to better-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
larger-than-expected working capital requirements or decline in
cash accruals, most likely due to decline in the company's revenue
or significant deterioration in its profitability deteriorates its
financial risk profile particularly liquidity.

BTKCPL was incorporated in 2003 and is promoted by Mr. B T Kadlag.
The company is a civil contractor engaged in road construction in
Nashik (Maharashtra).

For 2012-13 (refers to financial year, April 1 to March 31),
BTKCPL reported, on a provisional basis, a profit after tax (PAT)
of INR7.6 million on a net operating income of INR169.5 million;
it reported a PAT of INR7.0 million on a net operating income of
INR121.1 million for 2011-12.


BEHARI LAL: CRISIL Assigns 'B+' Ratings to INR29MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/ Stable/CRISIL A4' rating to
the bank facilities of Behari Lal Ispat Pvt Ltd. The rating
reflects BLPL's limited track record of operation in manufacturing
of steel ingot and constrained financial flexibility marked by low
net worth. These weaknesses are partially offset by the extensive
experience of BLPL's promoters in the steel industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                  5      CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility        10      CRISIL B+/Stable

   Cash Credit               14      CRISIL B+/Stable

   Letter of Credit          36      CRISIL A4

Outlook: Stable

CRISIL believes that BLPL will maintain its business risk profile
on account of extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if BLPL increases its scale
of operations while improving its operating profitability leading
to increase in net worth. Conversely, the outlook may be revised
to 'Negative' if BLPL's financial risk profile deteriorates
further, most likely due to larger-than-expected working capital
requirements or debt-funded capital expenditure.

BLPL, incorporated in 1995 and promoted by Mr. Dinesh Garg, is
based in Mandi Gobindgarh (Punjab). Until 2012, the company was
trading in various ferroalloys, sponge iron, and other related
products. In 2012, it set up a facility for manufacturing steel
ingots and other related products in the casting industry.

For 2012-13 (refers to financial year, April 1 to March 31), BLPL
reported a profit of INR0.8 million on net sales of INR662.5
million, against a profit of INR1.8 million on net sales of
INR560.8 million in 2011-12.


BIMLA RICE: CRISIL Lowers Rating on INR71.8MM Loans to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Bimla
Rice International to 'CRISIL D' from 'CRISIL B-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               57.5    CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Cash
   Credit Limit               9.0    CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Term Loan                  5.3    CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects regular instances of delay by BRI in
servicing its term loans due to weak liquidity. The firm's cash
accruals are low and insufficient to meet its maturing term debt
obligations and increasing working capital requirements. BRI
generated cash accruals of INR0.9 million in 2012-13 (refers to
financial year, April 1 to March 31), vis-a-vis its debt
obligation of INR2.8 million over the period, resulting in the
aforementioned delays. For 2013-14, the firm's net cash accruals
are expected to remain closely matched with its debt obligations.
Furthermore, BRI fully utilises its bank limits to meet its
working capital requirements, indicating its weak liquidity.
Therefore, the promoters have to support the firm's liquidity, in
the event of any shortfall in cash accruals; or to bridge any
liquidity mismatch.

BRI also has a modest financial risk profile, marked by a weak
capital structure and debt protection metrics. Moreover, the
firm's operating margin is vulnerable to volatility in raw
material prices. However, BRI benefits from its promoters'
extensive experience in the rice industry.

BRI was set up in 1998. The firm processes and trades rice.
Mr. Kashmiri Lal Gupta, Mr. Sushil Kumar Garg, and Mr. Satish Garg
are BRI's promoters. The firm has its manufacturing facility in
Kaithal (Haryana).

BRI reported a profit after tax (PAT) of INR0.05 million on net
sales of INR261.0 million for 2012-13, vis-a-vis a PAT of INR1.66
million on net sales of INR227.9 million for 2011-12.


BLA PROJECTS: CRISIL Reaffirms 'C' Ratings on INR270MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of BLA Projects Pvt. Ltd
continues to reflect the instances of delays by BLAPPL in
servicing its debt (not rated by CRISIL); the delays have been
caused by the company's weak liquidity resulting from its large
working capital requirements. These rating weaknesses are
partially offset by the benefits that BLAPPL derives from its
promoters extensive industry experience, its moderate order book
providing revenue visibility, and its comfortable capital
structure.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            890     CRISIL A4 (Reaffirmed)
   Cash Credit               226     CRISIL C (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility         14.8   CRISIL C (Reaffirmed)
   Term Loan                  29.2   CRISIL C (Reaffirmed)

Update
BLAPPL reported operating income of around INR 1.46 billion in
2012-13 as against that of INR 1.51 billion in 2012-13 largely on
account of its healthy order book position. The operating margins
also continued to remain in the range of 15.5-16.5 per cent for
2012-13. The overall operations of the company though continued to
be constrained by large working capital requirements reflected in
its gross current assets of 235 days as on March 31, 2013. On
account of the large working capital requirements the utilization
of the bank limits remained high at around 95 per cent for the
past 12 months ended August 2013. The capital structure of BLAPPL
though continued to be above average with gearing of around 1.1
times and interest coverage of around 2.75 times in 2012-13.

BLAPPL (formerly, Bonwari Lal Agarwal Pvt Ltd) was reconstituted
as a private limited company in 1998. It undertakes turnkey
projects for extraction of coal and removal of overburden for
subsidiaries of Coal India Ltd (rated 'CRISIL AAA/Stable/CRISIL
A1+' by CRISIL). BLAPPL also undertakes construction and
maintenance of road projects. BLAPPL is promoted by the Kolkata
(West Bengal)-based Agarwal family.


BRAZA TYRES: CRISIL Cuts Rating on INR71.6MM Loans to 'B+'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Braza Tyres Pvt. Ltd. to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            50       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Term Loan              21.6     CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in the company's
business risk profile and financial flexibility. The deterioration
in BTPL's business risk profile is marked by a decline of 14.7 per
cent in its turnover to 330.6 million in 2012-13 (refers to
financial year, April 1 to March 31) from INR352.9 million in
2011-12. The company's revenue decreased following the realignment
of its tube manufacturing operations (around 30 per cent of total
turnover) to a group entity for tax exemption purpose. The
deterioration in BTPL's financial flexibility is marked by
increased utilisation of its bank lines, at 99.3 per cent on
average, for the 12 months through June 2013. CRISIL believes that
BTPL's business risk profile and financial flexibility will remain
constrained by a decline in revenue and an increase in its working
capital requirements over the medium term.

The rating reflects BTPL's modest scale of operations in highly
competitive industry; and vulnerability of the company's
profitability to volatile raw material prices. These rating
weaknesses are partially offset by the extensive experience of
BTPL's promoters in the tyre and tube industry, its established
marketing network and average financial risk profile.
Outlook: Stable

CRISIL believes that BTPL's business risk profile will continue to
benefit from the promoters' extensive industry experience and
strong marketing network. The outlook may be revised to 'Positive'
if BTPL reports a higher-than-expected increase in its scale of
operations, and maintains its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company generates lower-than-expected revenues and profitability,
thus impacting its financial risk profile; or records a
significant stretch in its working capital requirements; or
undertakes an additional debt-funded capital expenditure (capex)
programme.

BTPL was founded in 2006, by Mr. Achal Dev Sharma. The company
manufactures tyres, tyre tubes and precured tread rubber used in
tyres. BTPL initially manufactured automobile tubes for two
wheelers, motorcycles and cars. In 2009, the company commenced
manufacturing tread rubber and tyres for various vehicles such
scooters, motorcycles, jeeps and light commercial vehicles, and
tractors and trucks. Mr. Achal Sharma along with his brother, Mr.
Kapil Dev Sharma; and wife Ms. Nisha Sharma are BTPL's directors.

BTPL reported a profit after tax (PAT) of INR9.0 million on an
operating income of INR330.6 million for 2012-13 (refers to
financial year, April 1 to March 31), vis-a-vis a PAT of INR9.1
million on an operating income of INR352.9 million for 2011-12.


CAPTAIN RAMESH: ICRA Assigns 'B' Ratings to INR5cr Loans
--------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the INR5.00
crore fund based bank limits of Captain Ramesh Rice Mills Private
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             2.50        [ICRA] B Assigned
   Cash Credit           2.50        [ICRA] B Assigned

The rating takes into consideration the weak financial profile as
indicated by low net profitability, moderate gearing and weak
coverage indicators. The rating is also constrained by the small
scale of current operations, although likely to improve on account
of significant capacity addition being made by the company.
Business returns going forward however, is likely to be dependent
on achieving adequate capacity utilization levels of the expanded
capacity. ICRA further notes that paddy being an agricultural
commodity exposes the company to agro - climatic risks. Further,
the highly competitive nature of the rice milling industry,
characterised by presence of large number of players is likely to
keep margins of the company under check. The rating however, draws
comfort from the experience of the company in the rice milling
industry and the favorable demand prospects for the industry, with
rice being a staple food and India being the world's second
largest producer and consumer of rice.

Incorporated in 2007, CRRMPL is a closely held company, currently
operating a 5 ton per hour rice mill unit in Bojhpur, Bihar.
Though the facility is capable of producing par boiled rice,
labour shortage has led the company to produce raw rice instead.
In an attempt to modernize operations and increase the installed
capacity, CRRMPL in setting up a fully automated facility with an
installed capacity of 4 tons per hour for producing par boiled
rice. The estimated cost for the project is INR8.98 crore which
shall be funded by a term loan of INR2.50 crore and an equity of
INR6.48 crore. The new facility is expected to be operational in
the near term.

Recent Results

The company has reported a profit after tax (PAT) of INR0.08 crore
in FY13 on an operating income (OI) of INR8.05 crore as against a
PAT of INR0.07 crore on an OI of INR7.39 crore.


COMET GRANITO: CRISIL Reaffirms 'D' Ratings on INR665MM Loans
-------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL D' on the short term
bank facilities while reaffirming its rating on long term bank
facilities to 'CRISIL D' of Comet Granito Pvt Ltd. CRISIL's rating
continues to reflect the delays by CGPL in repayment of its term
debt; the delays were caused by the company's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            51      CRISIL D (Reaffirmed)

   Cash Credit              180      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        85      CRISIL D (Reaffirmed)

   Letter of Credit          25      CRISIL D (Reaffirmed)

   Term Loan                324      CRISIL D (Reaffirmed)

CGPL also has a below-average financial risk profile, marked by
average debt protection metrics and a high gearing. However, the
company benefits from its promoter's extensive experience in the
ceramic tiles industry.

Update
CGPL's liquidity remains stretched, resulting in delays in meeting
its debt obligations. The company generally pays the instalment
due against its debt with a delay of 10 days, depending on
availability of funds. Its liquidity has remained constrained
mainly because of its large working capital requirements, driven
particularly by its stretched receivables; this has resulted in
its bank lines being fully utilised during the 12 months through
October 2013. CGPL's gross current assets increased to 229 days as
on March 31, 2013, from 197 days as on March 31, 2012, driven
mainly by the increase in its debtors to 122 days from 87 days
over this period.

CGPL's sales declined by 13 per cent year-on-year in 2012-13
(refers to financial year, April 1 to March 31), mainly because of
subdued demand from its customers. For 2013-14, the company has
registered sales of around INR450 million for the nine months
ended Dec. 31, 2013 and is expected to close the year with a
moderate growth. CGPL's operating margin declined in 2012-13 to
4.52 per cent as against 14.08 per cent in the previous year
mainly on account of high raw material and power and fuel cost,
which the company was unable to pass on to its customers. However,
in 2013-14, the company has been able to revise its pricing, and
with an improved performance, is expected to report an operating
margin close to its historic level of 12 to 13 per cent.

CGPL's gearing was in line with CRISIL's expectation, at 3.0 times
as on March 31, 2013, as compared with 2.22 times as on March 31,
2012. Its gearing increased mainly due to its capital expenditure
(capex) of INR105 million in 2012-13, in line with CRISIL's
expectation, mainly towards purchase of digital printing machinery
and installation of a coal-based gasifier unit. Though the company
has no major capex plans over the medium term, its incremental
working capital requirements are expected to keep its gearing at a
similar level over this period.

CGPL was established by Mr. Devshibhai Vashrambhai Bhalodia in
2007. The company manufactures vitrified floor tiles under the
Comet brand. Its manufacturing unit is in Morbi (Gujarat).


DANAVARSHINI EXPORTS: CRISIL Ups Rating on INR68.8MM Loans to B+
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Danavarshini Exports Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               10      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL D')

   Foreign Discounting
   Bill Purchase             30      CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Long Term Loan            38      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL D')

   Packing Credit           120      CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Proposed Long Term
   Bank Loan Facility       20.8     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL D')

The ratings upgrade reflect DEPL's prompt debt servicing after
July 2013. Moreover, CRISIL believes that DEPL will maintain its
improved liquidity, supported by the modification of its working
capital limits, commensurate with its working capital
requirements. The company increased its packing credit limits to
INR120 million in July 2013 from INR75 million previously, and
decreased its bill discounting limits to INR30 million from INR75
million, to meet its incremental working capital requirements.
DEPL is also likely to generate adequate cash accruals of INR44
million vis-a-vis its debt obligations of INR21 million in 2014-15
(refers to financial year, April 1 to March 31).

The ratings reflect DEPL's average financial risk profile, marked
by a small net worth and high gearing. The ratings also factor in
the company's susceptibility to volatility in input material
prices, along with its exposure to revenue concentration risks and
to intense industry competition. These rating weaknesses are
partially offset by the promoters' extensive experience in the
textile industry.

Outlook: Stable

CRISIL believes that the DEPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves due to sizeable cash accruals, along with efficient
working capital management. Conversely, the outlook may be revised
to 'Negative', if the company's liquidity weakens because of
lower-than-expected revenues and profitability; or its financial
risk profile weakens, driven by any larger-than-expected debt-
funded capital expenditure (capex) programme.

DEPL was set up in Tamil Nadu in 1995 by Mr. N Sreedhar. The
company manufactures hosiery and ready-made garments for women,
and primarily caters to the export market.


GEETA THREADS: CRISIL Reaffirms 'B' Ratings on INR130MM Loans
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Geeta Threads Ltd
continues to reflect GTL's weak financial risk profile, marked by
a small net worth and high gearing, resulting from the company's
low accretion to reserves and working-capital-intensive
operations. The rating also factors in GTL's low pricing
flexibility, driven by the commodity nature of its products and
its susceptibility to volatility in cotton prices. These rating
weaknesses are partially offset by the extensive industry
experience of GTL's promoters.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              62.5     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       10.0     CRISIL B/Stable (Reaffirmed)

   Term Loan                57.5     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GTL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in GTL's financial risk profile and liquidity or
higher-than-expected cash accruals driven by ramp up in scale of
operations coupled with significant improvement in profitability.
Conversely, the outlook may be revised to 'Negative' if GTL's
financial risk profile deteriorates significantly, most likely
because of adverse impact of volatility in cotton prices, any
adverse changes in government regulations, or any large, debt-
funded capital expenditure.

GTL, incorporated in 1992 as a closely held public limited
company, manufactures open-ended cotton yarn of the counts 6' to
20's used for blankets and towels. The company is managed by Dr. B
S Garg, and its manufacturing facility is at Barnala (Punjab).

For 2012-13 (refers to financial year, April 1 to March 31), GTL
reported a profit after tax (PAT) of INR1.2 million on net sales
of INR266.7 million, as against a PAT of INR1.4 million on net
sales of INR335.1 million for 2011-12.


HIGH END: ICRA Assigns 'B+' Rating to INR3cr Term Loan
------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR3.00
crore, proposed term loan and a short-term rating of '[ICRA]A4' to
the INR2.00 crore proposed non-fund based limits of High End
Infratech Pvt. Ltd. ICRA also has a rating outstanding of
'[ICRA]B+' for INR35.00 crore proposed term loan of HIPL.

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

   Non Fund-Based Limit-
   Proposed Bank
   Guarantee               2.00        [ICRA]A4 assigned

The assigned ratings take into account the good track record of
the promoters in the real estate sector, favourable location of
the project (Raj Nagar Extension, Ghaziabad) and fully paid status
of the project land.

The ratings are however constrained by high approval and execution
risk given that construction work has not yet begin and pending
financial closure of the project. The ratings are further
constrained by the exposure to single project and high competition
posed by other completed and upcoming projects which increases the
market risk in the project being developed. Nonetheless,
satisfactory execution and strong bookings demonstrated by the
Paradise-1 project being developed under the associate concern
'High End Infratech' shall the company in marketing this project.

Going forward, ability of the company to obtain required statutory
approvals, achieve financial closure in a timely manner and
satisfactory project execution would constitute key rating
sensitivities.

Incorporated in February 2008, High End Infratech Private Limited
is developing its first project 'Paradise-2' in Raj Nagar
Extension, Ghaziabad (Uttar Pradesh). It is a residential project
to be developed on the land area of ~239,000 sq. ft. with 560
flats. The project cost is estimated at INR148.57 crore (including
land cost of INR22.94 crore). The project is to be funded by
promoter's contribution of INR40.0 crore, proposed bank term loan
of INR38.0 crore and remaining is to be funded through costumer
advances. As on December 05, 2013, company has spent INR25.79
crore on the project.

HIPL is promoted by Mr. Pramod Chand Gupta, Mr. Rajesh Kr. Jodhani
and Naresh Pal Singh who have executed various residential
projects in the Delhi-NCR region through different entities.


HIMALAYA CONSTRUCTION: CRISIL Cuts Rating on INR45MM Loans to B+
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Himalaya Construction Co. Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            150     CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit                40     CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Proposed Long Term
   Bank Loan Facility          5     CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The rating downgrade reflects deterioration in HCCPL's liquidity
due to stretch in realisation of receivables and working capital
intensive nature of operations as well as tightly matched net cash
accruals vis a vis tem debt repayment obligations. The stretch in
liquidity profile, is likely to continue over the medium term on
account of modest internal accruals and high incremental working
capital requirements.

In addition to liquidity position, the financial risk profile has
also weakened with total outside liabilities to tangible net worth
(TOLTNW) ratio increasing to over 3.4 times as for 2012-13 from
around 2.5 times in 2011-12 (refers to financial year,
April 1 to March 31) as well as moderation in debt protection
metrics reflected in decline of the interest coverage ratio to a
little over 2.2 times for 2012-13 from over 3 times in 2010-11.
Furthermore the business performance has remained muted across the
recent years with revenues marginally improving from INR234.8
million in 2010-11 to currently INR247 million for 2012-13,
primarily on account of high reliance on single customer and slow
execution of existing projects. CRISIL believes that high degree
of customer concentration will continue to constrain HCCPL's
business risk profile over the medium term.

The ratings continue to reflect HCCPL's large working capital
requirements and its small scale of operations in the civil
construction industry. These rating weakneses are partially offset
by the extensive experience of HCCPL's promoters in the
construction industry.
Outlook: Stable

CRISIL believes that HCCPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in HCCPL's scale of operations along with
diversification of revenues, sustenance of profitability, or
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' if HCCPL registers lower-
than-expected cash accruals or undertakes any large additional
debt-funded capital expenditure (capex) programme, or its
liquidity weakens further, most likely because of a further
stretch in its working capital requirements.

Incorporated in 1979, HCCPL based in Delhi, is promoted by Mr.
Manjit Singh. HCCPL is an A-class civil contractor, engaged in
construction of tunnels for hydroelectric projects or irrigation
purposes, power houses, dams, roads and rail and other types of
heavy construction works. HCCPL's promoter has been in the
industry for more than three decades.

HCCPL reported net profit of INR4.40 million on net sales of
INR247.0 million for 2012-13 as against net profit of INR8.74
million on net sales of INR196.1 million for 2011-12.


INDICON CONSTRUCTION: CRISIL Reports Enhanced B-Rated Loan Amount
-----------------------------------------------------------------
CRISIL ratings on bank facilities of Indicon Construction Private
Limited continue to reflect modest scale of operations, with
geographic concentration, and below-average financial risk profile
constrained by weak debt protection metrics owing to low cash
accruals. These rating weaknesses are partially offset by the
extensive industry experience of ICPL's promoters in the
construction industry and moderate order book.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee             11     CRISIL A4

   Cash Credit                49     CRISIL B/Stable

CRISIL had assigned its 'CRISIL B/Stable' ratings to the bank
facilities of Indicon Construction Pvt Ltd (ICPL), through its
rating rationale dated December 30, 2013.

Outlook: Stable

CRISIL believes that ICPL will benefit from its promoters'
extensive experience in the construction industry and moderate
order book. The outlook may be revised to 'Positive' if ICPL's
financial risk profile, particularly liquidity, improves with
better-than-expected cash accruals and efficient working capital
management leading to low reliance on external debt. Conversely,
the outlook may be revised to 'Negative' if its financial risk
profile deteriorates driven by delays in completion of projects
and payments or higher-than-expected debt-funded working capital
requirements, constraining its liquidity.

ICPL was set up in 2003 by Mr. Pradeep Kadam and Mr. Ashok
Dhamdhere in Pune (Maharashtra). The company undertakes
construction activity for Public Works Department (PWD) and
Pradhan Mantri Gram Gadak Yojana (PMGSY). It undertakes works for
construction of roads mainly around Pune district. It is
registered as a Class 1-A contractor with the Maharashtra
government.


JAI AMBEY: CRISIL Reaffirms 'B+' Ratings on INR110MM Loans
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Jai Ambey Wire
Pvt Ltd continues to reflect JAWL's weak financial risk profile,
marked by high gearing and weak debt protection metrics, and the
susceptibility of its operating margin to volatility in raw
material prices and to competitive pressures in the highly
fragmented metal wire industry. These rating weaknesses are
partially offset by the extensive industry experience of JAWL's
promoters.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             80      CRISIL B+/Stable (Reaffirmed)
   Term Loan               30      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JAWL will continue to benefit over the medium
term, from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if JAWL reports a significant
increase in its net cash accruals, leading to an improvement in
its debt protection metrics and capital structure. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile weakens, most likely because of lesser-than-
anticipated profitability or sizeable working capital
requirements.

Update

JAWL reported net sales of INR415.7 million for 2012-13 (refers to
financial year, April 1 to March 31) vis-a-vis net sales of
INR269.8 million for 2011-12. The company's net sales have shown
an increasing trend, with a compound annual growth rate of around
250 per cent over the three years through 2012-13, with
stabilisation of operations and the addition of new customers.
JAWL's operating margin was low at 4.4 per cent in 2012-13, as
compared to 6.4 per cent in 2011-12, due to a significant increase
in raw material costs. The company has undertaken a capital
expenditure programme of around INR65.0 million to install
machinery for its backward integration into manufacturing hard
bright wires. The strategy is likely to improve its profitability
to more than 6 per cent over the medium term.

JAWL's working capital requirements increased in 2012-13, with
gross current assets (GCAs) of 128 days as on March 31, 2013, vis-
a-vis 109 days a year earlier, due to an increase in security with
government authorities, capital advances, and recoverable
advances. Consequently, the company's liquidity is constrained, as
indicated by high average bank limit utilisation of around 95 per
cent over the 12 months through November 2013. However, JAWL is
likely to generate sufficient cash accruals of around INR160
million and INR210 million in 2014-15 and 2015-16 respectively, to
meet its maturing debt obligations. The company's financial risk
profile is weak, marked by a small net worth of INR71.4 million
and high gearing of 1.9 times, as on March 31, 2013.

JAWL reported a profit after tax (PAT) of INR2.0 million on net
sales of INR415.7 million for 2012-13, vis-a-vis a PAT of INR1.6
million on net sales of INR269.8 million for 2011-12.

JAWL was originally set up as a proprietorship firm by Mr. Arvind
Dubey in 2008. The firm was reconstituted as a private limited
company in April 2012. JAWL manufactures galvanized iron wires,
binding wires and barbed wires at its facility in Raipur
(Chhattisgarh).


JAY RANCHHOD: ICRA Assigns 'B' Ratings to INR6.3cr Loans
--------------------------------------------------------
The long-term rating of '[ICRA]B' has been assigned to the INR5.00
crore cash credit facility and INR1.30 crore term loans of Jay
Ranchhod Cotton Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit
   (Proposed)            5.00        [ICRA]B assigned

   Term Loans
   (Proposed)            1.30        [ICRA]B assigned

The assigned rating is constrained by the execution risks
associated with the project as commissioning of manufacturing
activity is estimated by mid-January 2014; the firm's relatively
small scale of envisaged operations and the limited value added
nature of operations which coupled with the highly competitive and
fragmented industry structure, arising from low entry barriers,
are expected to pressurize the profitability margins. The rating
is also constrained by vulnerability of the firm's profitability
post commissioning, to the adverse movements in raw cotton prices,
which are subject to seasonality and crop harvest and the firm's
exposure to regulatory risks with regard to MSP for raw cotton and
imposition of any restriction on cotton exports. ICRA also notes
that with JRCI being a partnership firm, any substantial
withdrawal from capital account by the partners would adversely
impact the net worth and thereby the firm's capital structure.

The rating, however, favourably factors in the advantage the firm
enjoys by virtue of its location in the cotton producing belt of
Rajkot (Gujarat) and the favourable prospects for cotton and
cottonseeds over the medium term.

Jay Ranchhod Cotton Industries, promoted by Mr. Vinod Kasundra,
Mr. Sagar Kasundra, Mr. Amrutlal Kasundra, Mr. Pankaj Kasundra and
Mr. Gordhan Fefar was established as a partnership firm in
September 2013. The firm proposes to manufacture cotton bales
through ginning and pressing of raw cotton; the proposed
production capacity is ~12096 TPA.


JAYABHERI PROPERTIES: CRISIL Ups Rating on INR490MM Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the proposed long-term bank
facilities of Jayabheri Properties Pvt Ltd to 'CRISIL B/Stable'
from 'CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       490      CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

The rating upgrade reflects JPPL's improved liquidity, attributed
to the inflow of customer advances from its ongoing commercial
project 'Jayabheri Orange Towers'. The project currently is in
advanced stages of completion and is expected to be completed by
March 2014. The term loans availed by the company have been
repaid.

The rating however continues to reflect JPPL's offtake risks
associated with its ongoing commercial project. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the construction industry.
Outlook: Stable

CRISIL believes that JPPL will continue to benefit over the medium
term from the extensive experience of the promoters in the
construction industry. The outlook may be revised to 'Positive' if
the company generates higher-than-expected cash flows resulting
from improved inflow of advances from its ongoing project.
Conversely, the outlook may be revised to 'Negative' if the debt
proposed to be availed for its ongoing or future projects and the
debt servicing requirements therein are significant viz-a-viz the
operational cash flows from the projects.

JPPL was incorporated by Mr. Murli Mohan and his family members in
1994. The company undertakes residential and commercial real
estate development in Hyderabad (Andhra Pradesh). Currently the
company is undertaking a commercial real estate project named
'Jayabheri Orange Towers' at Nanakramguda in Hyderabad.


KALJANI COLD: CRISIL Lowers Ratings on INR65.4MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Kaljani
Cold Storage Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL C/CRISIL
A4'.

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

   Letter of credit &
   Bank Guarantee             1      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term
   Bank Loan Facility         3.9    CRISIL D (Downgraded from
                                     'CRISIL C')

   Term Loan                 10.5    CRISIL D (Downgraded from
                                     'CRISIL C')

   Working Capital Loan       5.0    CRISIL D (Downgraded from
                                     'CRISIL C')

   Working Capital
   Term Loan                 15      CRISIL D (Downgraded from
                                     'CRISIL C')

The rating downgrade reflects delays by KCSPL in servicing its
term debt; the company has not paid its term loan instalment for
December 2013. The delays have been caused by KCSPL's weak
liquidity.

KCSPL also has a weak financial risk profile, marked by a small
net worth and high gearing, and is exposed to intense competition
in the cold storage industry in West Bengal. However, the company
continues to benefit from the extensive industry experience of its
promoters.

KCSPL was incorporated in 2002, promoted by Mr. Mrinmoy
Bhattacharjee, his wife Mrs. Rita Bhattacharjee, and his friend
Mr. Uday Sankar Das. The company has a cold storage facility in
Coochbehar (West Bengal) for the potato traders and farmers of
West Bengal.


KARNATAKA OEM: ICRA Rates INR5.0cr Term Loan at 'B+'
---------------------------------------------------
ICRA has assigned rating of '[ICRA]B+' to the INR5.00 crore
proposed term loan facilities of Karnataka OEM and Spares Private
Limited.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------           -----------     -------
   Proposed Term Loan       5.0         [ICRA]B+/assigned

The assigned rating takes into account longstanding presence of
the promoters in the manufacturing of fasteners for diverse
industries and strong business and financial inter-linkages of
KOEM with group company Hiten Fasteners Private Limited (rated
[ICRA]BB (Stable) / [ICRA]A4) supporting revenue prospects. This
is further cushioned by, favorable demand outlook from the Metro
rail segment and established market position of the licensor
(Vossloh AG) which are likely to aid in steady order flow. The
rating also takes into account the Company's small scale of
operations limiting scale economies and financial flexibility to
an extent and its high customer concentration with HFPL being its
sole customer thereby increasing the risk of order volatility.
Further, high dependence on metro rail projects exposes the
company's revenues to risks associated with delay in project
execution. Currently, the company's capital structure remains
comfortable; however, planned debt funded capital expenditure is
expected to exert pressure on the same in the near to medium term.
The company's ability to improve its scale, maintain its margins
and capital structure will be the key rating sensitivities.

Karnataka OEM and Spares Private Limited was incorporated in 1991,
by promoters of Hiten Fasteners Private Limited (rated [ICRA]BB
(Stable)/[ICRA]A4). The Company is engaged in performing job work
activity for its group company HFPL. The company's operations
primarily involve manufacturing of Anchor bolts and T bolts for
the "metro rail" segment for HFPL. The Company operates over ~2
acres of land leased from KIADB with a lease term of 10 years in
Gadag district (Karnataka). The Company operates 3 shifts of 8
hours each. The present aggregate installed monthly capacity of
the Anchor bolt and T bolt is ~1,50,000 and ~1,00,000 nos
respectively. HFPL remains the sole customer for the Company.

Recent results

The Company reported net profit of INR0.7crore on operating income
of INR5.8 crore during 2012-13 as against net loss of INR1.4 crore
during 2011-12 on operating income of INR9.2 crore. According to
unaudited results, the Company reported net profit of INR0.6 crore
on operating income of INR3.6 crore during H1 2013-14.


KAVERI PLASTO: ICRA Assigns 'B' Ratings to INR8.91cr Loans
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to INR1.40 crore
working capital limits and INR7.51 crore of term loans of Kaveri
Plasto Containers Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           1.40         [ICRA]B assigned
   Term Loans            7.51         [ICRA]B assigned

The assigned ratings are constrained by the high competition in
the storage tanks manufacturing business owing to low entry
barriers; high customer concentration risk with top customer
accounting for 91% of sales in FY2013; and leveraged capital
structure & weak debt coverage indicators with NCA/Total debt of
5% and Total debt/OPBDITA of 10.24 times in FY2013. The
profitability also remains susceptible to raw material price
volatility as its prices are linked to crude oil price. The
ratings however take comfort from the long track record of the
promoters of more than a decade in the manufacturing & selling of
plastic water storage tanks and scaling up of the capacity of from
70 tpm to 300 tpm in June 2013 which helped the company in ramping
up its revenues from INR11.10 crore in FY2013 to INR15.00 crore
till November 2013. Going forward widening the customer base and
improving the profitability margins given the fluctuations in
LLDPE prices are the key rating sensitivities from credit
perspective.

Kaveri Plasto Containers Private Limited is a private limited
company incorporated in the year 2000 under the name Natraj
Plastic Tank Industries (a proprietary firm). The firm was
converted to Private limited in the year 2011 and was named M/s.
Kaveri Plasto Containers Private Limited. The company manufactures
and sells plastic water storage tanks of various capacities
ranging from 200 ltrs to 20000 ltrs under various brands like
Ganagakaveri, Natraj, and Plumber etc. Apart from manufacturing
water storage tanks the company also takes up custom built
rotomoulded products.


LEKH RAJ: CRISIL Reaffirms 'B' Ratings on INR450MM Loans
--------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Lekh Raj and
Sons continues to reflect LRS's weak financial risk profile,
marked by high gearing and weak debt protection metrics, and the
susceptibility of its margins to volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the basmati
rice industry, and the benefits expected from the healthy growth
prospects for the industry over the medium term. CRISIL has
assigned the rating for enhancement as on Dec. 28, 2013, and for
change in facility as on Jan. 15, 2014.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               300     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        150     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL continues to believe that LRS will continue to benefit over
the medium term from its promoters' extensive experience in the
rice industry. However, its financial risk profile will remain
constrained over this period because of its weak capital structure
and working-capital-intensive operations. The outlook may be
revised to 'Positive' if the firm records higher-than-expected
revenues and profitability, resulting in an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if LRS's revenues are lower than expected, or its
working capital cycle lengthens significantly, thereby adversely
impacting its liquidity, or it undertakes a large debt-funded
capital expenditure programme, resulting in further weakening of
its financial risk profile.

Update
For 2012-13 (refers to financial year, April 1 to March 31), LRS
had total sales of INR218.6 million, much lower than CRISIL's
expectation of INR320 million mainly because of higher
contribution from job-work sales. The firm used to undertake job
work for various other players which it eventually stopped from
October 2012. Due to this, CRISIL believes that LRS will be able
to achieve healthy sales growth in 2013-14.

LRS reported an operating margin of around 10 per cent for
2012-13, against CRISIL's projection of around 6 per cent. The
improved operating margin was because of the higher contribution
of job work in 2012-13. CRISIL believes that the firm's operating
margin will be lower at around 6 per-cent over the medium term due
to the low contribution from the high-margin job work sales in its
total sales mix.

LRS continues to have a weak financial risk profile, marked by a
gearing of 3.1 times as on March 31, 2013. However, its capital
structure was better than CRISIL's expectation on account of its
healthy net worth of INR100 million as on March 31, 2013. CRISIL
believes that the firm's capital structure will deteriorate over
the medium term with the increase in its working capital
requirements commensurate with the increase in its scale of
operations. LRS's debt protection metrics will also remain weak
because of its working-capital-intensive operations and reliance
on bank debt to meet the working capital requirements.

LRS's liquidity remains stretched with 100 per cent utilisation of
its fund-based bank limit; also, the firm utilises the warehousing
facility as and when required to meet its working capital
requirements. CRISIL believes that LRS's liquidity will remain
stretched over the medium term owing to its working-capital-
intensive operations.

LRS was set up in 1984 as a partnership firm by the members of the
Miglani family of Kaithal (Haryana). The firm is engaged in
milling, sorting, grading, and selling of basmati rice in the
domestic market.


MRN INDUSTRIES: ICRA Suspends 'B+' Rating on INR11cr Loan
---------------------------------------------------------
ICRA has suspended '[ICRA]B+' rating assigned to the INR11.00
crore line of credit of MRN Industries. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


NAINANI MEDICO: CRISIL Reaffirms 'B+' Ratings on INR59MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Nainani Medico continues
to reflect NMD's weak financial risk profile, marked by high total
outside liabilities to tangible net worth (TOLTNW) ratio and small
scale of operations. These weaknesses are partially offset by
NMD's promoter's extensive experience in the trading of
pharmaceutical products and established distribution network.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit               55     CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility         4     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NMD will continue to maintain its business
risk profile, backed by its promoter's extensive experience. The
outlook may be revised to 'Positive' if NMD improves its financial
risk profile driven by increase in scale of operation leading to
increase in cash accruals or fresh capital infusion. Conversely,
the outlook may be revised to 'Negative' if the firm's liquidity
deteriorates because of an increase in working capital
requirements or its financial risk profile weakens because of
capital withdrawals by the proprietor of NMD.

Update
For 2012-13 (refers to financial year. April 1 to March 31), NMD
had a turnover of INR570.7 million which is in line with CRISIL's
expectation. Till December of 2013-14, NMD had booked sales of
~Rs.450 million. Its operating margin has remained stable at
around 4 per cent in 2012-13, which is also in line with CRISIL's
expectation. CRISIL believes that NMD will maintain its operating
margin at around 4 per cent on account of bargaining power with
its customers due to exclusive distributorship of certain product
categories.

NMD continues to have weak financial risk profile with TOLTNW
ratio of 6.45 times against CRISIL's expectation of 4.5 times for
2012-13. Higher-than-expected TOLTNW ratio is on account of
withdrawal of capital by the proprietor resulting in lower than
expected networth as on March 31, 2013. The interest coverage
ratio has been in line with CRISIL's expectation at 2.9 times for
2012-13. CRISIL believes that NMD's financial risk profile will
remain weak with leveraged capital structure on account of small
net worth and low cash accruals.

NMD's liquidity profile has been weak with average bank limit
utilisation at 85 per cent for the 12 months ended November 2013
and instances of capital withdrawal by the proprietor in 2012-13.
CRISIL believes that NMD's liquidity profile will remain
constrained due to high bank limit utilisation and proprietorship
nature of business exposing to instances of capital withdrawal by
the proprietor.

NMD was set up in 1988 by Mr. Laxman Nainani. It is a sole
proprietorship firm based in Kota (Rajasthan). The firm is a
distributor of pharmaceutical products in Kota.

For 2012-13 (refers to financial year, April 1 to March 31), NMD
reported  a book profit of INR13.3 million on net sales of
INR570.7 million against  a book profit of INR12.7 million on net
sales of INR545.6 million for 2011-12.


NIMBUS PIPES: CARE Reaffirms 'D' Ratings on INR28.10cr Loans
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Nimbus Pipes Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            21.60      CARE D Reaffirmed

   Long-term/Short-
   term Bank Facilities   1.50      CARE D/CARE D Reaffirmed

   Short-term Bank
   Facilities             6.50      CARE D Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Nimbus Pipes Limited
continues to remain constrained on account of the frequent
instances of delays in the servicing of interest and
installment of its term loan due to the stretched liquidity
position.

NPL, incorporated in the year 2001 as a partnership firm 'Nimbus
Industries', has been promoted by Mr Praveen Kumar Lath along with
his family members. Nimbus Industries was reconstituted
as a public limited company in January 2010. NPL is engaged in the
manufacturing of various types of Poly Ethylene (PE) pipes and
fittings used in irrigation projects, construction projects,
manufacturing of sprinklers and drip irrigation systems and
execution of customised turnkey projects for installation of pipes
and fittings. In FY12 (refers to the period April 1 to March 31),
NPL completed its expansion project for the manufacturing of High
Density Polyethylene (HDPE) pipes at its new unit located at
Manda, Jaipur. As on March 31, 2013, the company had a total
installed capacity of 49,940 Metric Tonnes Per Annum (MTPA). It
sells its pipes under the brand name of 'Nimbus' through its
dealers having a presence across India.

During FY13, NPL reported a total income of INR61.07 crore (FY12:
INR62.32 crore) and net loss of INR0.02 crore (FY12: PAT of
INR1.12 crore).


P.B.L. TRANSPORT: CRISIL Cuts Rating on INR105MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of P.B.L.
Transport Corporation Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            15      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit               50      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Long Term Loan            55      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The ratings downgrade reflects deterioration in PBL's liquidity
with expected decline in its cash accruals, which will be
inadequate to meet the company's term debt obligations over the
medium term. However, CRISIL believes that PBL will service its
debt in a timely manner over the medium term, backed by financial
support from its promoters.

PBL's revenue is expected to decline by around 15 per cent year-
on-year in 2013-14 (refers to financial year, April 1 to
March 31) on account of continued weak freight rates and subdued
industrial environment. The decline in revenue and stable
profitability margins will result in decline in the company's cash
accruals by around 20 per cent to INR90 million in 2013-14. Though
the cash accruals may register modest improvement in 2014-15, they
will be inadequate to meet the company's annual term debt
obligations of around INR120 million over the medium term.

The ratings continue to reflect PBL's large working capital
requirements and the susceptibility of its profitability margins
to economic cycles. These rating weaknesses are partially offset
by the established track record and extensive experience of PBL's
promoters in the transport and logistics industry, and the
company's above-average financial risk profile marked by low
gearing and above-average debt protection metrics.
Outlook: Stable

CRISIL believes that PBL will continue to benefit from its
established relationship with customers and its promoters'
extensive industry experience, over the medium term. The outlook
may be revised to 'Positive' in case of substantial and
sustainable improvement in the company's revenue and profitability
margins, or substantial equity infusion by the promoters,
alleviating pressure on its liquidity. Conversely, the outlook may
be revised to 'Negative' in case of a steep decline in PBL's
profitability margins, or significant deterioration in its capital
structure on account of larger-than-expected working capital
requirements or large debt-funded capital expenditure.
Set up in 1995 and based in Visakhapatnam (Andhra Pradesh), PBL is
engaged in the transportation and logistics business. The company
is a large fleet operator with capabilities across transportation
of cargo and hiring of cranes. The company is managed by Mr. P
Rajesh.


PRAGATI AUTOMATION: CRISIL Reports Enhanced B+ Rated Loan Amount
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pragati Automation Pvt
Ltd continue to reflect PAPL's aggressive capital structure, large
working capital requirements, and susceptibility to cyclicality in
the automobile industry. These rating weaknesses are partially
offset by PAPL's long-standing presence in the domestic machine
tools accessories business and its established customer
relationships.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            2.5     CRISIL A4

   Cash Credit              95.0     CRISIL B+/Stable

   Letter of Credit          2.5     CRISIL A4

   Long Term Loan          303.6     CRISIL B+/Stable

   Packing Credit           30.0     CRISIL A4

   Packing Credit           75.0     CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       12.8     CRISIL B+/Stable

Outlook: Stable

CRISIL believes that PAPL's financial risk profile, especially
liquidity, will remain constrained over the medium term due to
working capital intensive nature of its operations. The outlook
may be revised to 'Positive' if PAPL's working capital management
improves, while scaling up its operations, leading to significant
improvement in its liquidity and capital structure. Conversely,
the outlook may be revised to 'Negative' if PAPL's liquidity
deteriorates due to further stretch in its working capital cycle
or its scale of operations and profitability decline owing to weak
market scenario.

Set up in 1976 as a partnership concern, Pragati Engineering
Works, was reconstituted as a private limited company in 2002,
PAPL, based in Bengaluru (Karnataka), primarily manufactures tool
turrets, automatic tool changers, and power-chucking cylinders.
Its promoter-directors, Mr. A V Sathe, Mrs. S S Kulkarni, and Mr.
Atul S Bhirangi, have extensive experience in the business.

For 2012-13 (refers to financial year, April 1 to March 31),
PAPL's profit after tax (PAT) and net sales are estimated at
INR39.8 million and INR1.03 billion, respectively, as against a
PAT of INR56.5 million on net sales of INR1.16 billion for 2011-
12.


SANDY RESORT: CRISIL Reaffirms 'D' Rating on INR5MM Loan
--------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sandy Resort
Pvt Ltd continues to reflect instances of delay by SRPL in
servicing its term loan, primarily caused by muted customer
response to company's hotel project due to initial stages of
operations and weak demand conditions in domestic hotel industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               5       CRISIL D (Reaffirmed)

SRPL also has a weak financial risk profile, on account of the
large, debt-funded capital expenditure, and continuous exposure to
offtake risks. These rating weaknesses are partially offset by the
benefits that SRPL derives from its established marketing network
and position in franchising.

Incorporated in 1998 by the late Mr. M D Patra, SRPL operates
franchise outlets for CafA(C) Coffee Day, Habib hair salon, and
Spark pub in Bhubaneswar (Odisha). The company's operations are
currently overseen by the founder's son, Mr. Sanjeev Patra. SRPL
has set up a 70-room, three-star hotel in Bhubaneswar.


SHAHEED DR: CRISIL Lowers Rating on INR302.6MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Shaheed Dr. Anil Baghi Charitable Society to 'CRISIL D/CRISIL D'
from 'CRISIL C/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         40.5     CRISIL D (Downgraded from
                                   'CRISIL A4')

   Long Term Loan         90.8     CRISIL D (Downgraded from
                                   'CRISIL C')

   Overdraft Facility    164       CRISIL D (Downgraded from
                                   'CRISIL C')

   Proposed Long Term
   Bank Loan Facility      7.3     CRISIL D (Downgraded from
                                   'CRISIL C')

The rating downgrade reflects continuous delays by SABC over the
few months through October 2013, in payment of its term debt
obligations; the delays have been caused by the society's weak
liquidity driven by its small scale of operations and delays in
the receipt of fees from students.

Besides, SABC's operations are geographically concentrated and
susceptible to regulatory changes. These rating weaknesses are
partially offset by the benefits that the society is expected to
receive from the healthy growth prospects for the education
sector.

Update
For 2012-13 (refers to financial year, April 1 to March 31), SABC
has registered revenues of INR176 million, a year-on-year growth
of 14 per cent. However, the society's gearing was high at 5.29
times as on March 31, 2013, and is expected to remain high over
the medium term. SABC's debt protection metrics are weak with net
cash accruals to total debt and interest coverage ratios at 0.04
times and 1.26 times, respectively, for 2012-13; these are
expected to remain below-average over the medium term. SABC's net
cash accruals are expected to be insufficient to meet its term
debt obligations over the medium term.

SABC reported a profit after tax (PAT) of INR14 million on
revenues of INR182 million in 2012-13, against a PAT of INR7
million on revenues of INR160 million for 2011-12.

Set up in 1993, SABC operates three institutes at Ferozpur
district (Punjab): the Anil Baghi Hospital and School of Nursing
(ABH), the Genesis Institute of Dental Sciences and Research (GI)
and the Anil Baghi College of Nursing (ABN). ABH offers diploma
courses in general nursing and midwifery. GI offers graduate
courses in dental surgery and medical science for nursing, and
post-graduate courses in dental sciences.  ABN offers post
graduate courses in medical science for nursing.


SHANKAR INDUSTRIES: CRISIL Upgrades Rating on INR69.5MM Loan to B
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shankar Industries Rice Mill to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit           60      CRISIL B/Stable (Upgraded from
                                 'CRISIL B-/Stable')

   Long Term Loan         9.5    CRISIL B/Stable (Upgraded from
                                 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that SIRM will sustain
its improved credit risk profile over the medium term, marked by
adequate cash accruals vis-a-vis its annual term debt obligations.
The improvement in the firm's credit risk profile is driven by an
enhancement in its topline, supported by the expansion of its
production capacity to 8 tons per hour (tph) from 4 tph. CRISIL
believes that SIRM will maintain its comfortable liquidity over
the medium term, backed by steady cash accruals and the absence of
any debt-funded capital expenditure (capex) programme.

The ratings continue to reflect SIRM's below-average financial
risk profile, marked by its high gearing, weak debt protection
metrics, and small scale of operations in the intensely
competitive and regulated rice processing industry. The rating
also factors in the firm's susceptibility to the vagaries of the
monsoons, and to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive experience of
SIRM's promoters in the rice industry.
Outlook: Stable

CRISIL believes that SIRM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
improves its scale of operations with better working capital
management, resulting in higher-than-expected net cash accruals,
and a consequent enhancement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SIRM
undertakes any large, debt-funded capex programme, or reports an
increase in its working capital cycle, thereby weakening its
liquidity. Any decline in its profitability, leading to
deterioration in its financial risk profile may also result in a
'Negative' outlook revision.

SIRM was established as a partnership firm in Raichur (Karnataka)
in 1977. The firm is a rice miller, largely milling non-basmati
rice, including the sona masoori variety. SIRM also processes
small quantities of basmati rice. The firm is currently managed by
the promoters - Mrs. R Vijayalakshmi and her sons, Mr. R Pavan
Kumar and Mr. R Raghavendra.

SIRM reported a profit after tax (PAT) of INR4 million on net
sales of INR384 million for 2012-13 (refers to financial year,
April 1 to March 31); the firm reported a PAT of INR2 million on
net sales of INR199 million for 2011-12.


SHREE BHAARATHI: ICRA Reaffirms B+ Rating on INR7cr LT Loans
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' to the
INR7.00 crore fund based facilities of Shree Bhaarathi Cotton
Mills Private Limited.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term: Fund         7.00        [ICRA]B+/reaffirmed
   based facilities

The rating considers the promoter's experience in the cotton
spinning business of nearly three decades, and the improvement in
yarn demand in the last 18 months resulting in higher realizations
and increase in operating profit margins for the Company. During
2012-13, the Company's operating income remained flat due to lower
than optimal production levels; the operating margins were
impacted by the sharp increase in power costs. At net level, the
Company reported losses during 2012-13 on the back of lower
operating margins and high finance costs. Owing to the resultant
lower cash accruals and increase in debt levels, the Company's
debt indicators were impacted; the gearing stood at 2.3 times
while the Total debt to OPBDITA was ~5.9x. The rating also
considers the Company's limited scale of operations restricting
financial flexibility and price competitiveness, given the highly
fragmented structure of the spinning industry. Though the cotton
prices have stabilized in the recent months after remaining high
in the first half of 2013-14, the Company's strategies on
inventory holding levels and cost of procurement in the current
season need to be seen. Going forward, the Company's ability to
scale up its operations, demonstrate healthy growth in accruals
and improve the debt indicators will remain critical for
improvement in credit profile of the company.

Shree Bhaarathi Cotton Mills Private Limited, incorporated in
1985, is primarily engaged in the production of cotton yarn in
lower counts and the manufacturing facility is located at
Rajapalayam (Tamil Nadu). The Company, which commenced operations
in 1954 as a partnership firm with four ring spinning frames, was
converted into a private limited company in 1985. The commercial
production in 1985 started with an installed capacity of 13,004
spindles of 29 frames and was expanded over years to reach the
current level of 20,000 spindles. The Company is held closely by
the promoter and his family members.

Recent Results

The Company reported net loss of INR0.04crore on an operating
income of INR27.0crore during 2012-13 as against net loss of
INR3.5crore on an operating income of INR26.8 crore during 2011-
12.


SRI RAJA: CRISIL Reaffirms 'B' Rating on INR200MM Loan
------------------------------------------------------
CRISIL's rating on the bank facilities of Sri Raja Rajeswari
Constructions continues to reflect SRRC's presence in the
intensely competitive civil construction segment; the firm's
working-capital-intensive operations and; its average financial
risk profile, constrained by high gearing. The rating also factors
in the firm's weak liquidity, marked by its large maturing debt
obligations in the near term. These rating weaknesses are
partially offset by the extensive experience of SRRC's promoters
in the civil construction segment; the firm's healthy order book;
and established customer relations.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             200     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SRRC will maintain a stable business risk
profile backed by its established customer relations and the
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the firm strengthens its business risk
profile, or significantly increases its revenues and
profitability, while improving its capital structure. Conversely,
the outlook may be revised to 'Negative' if SRRC reports a
sizeable decline in its revenues and profitability, or
considerable delays in the realisation of receivables; or if the
firm undertakes a larger-than-expected debt-funded capital
expenditure (capex) programme, thereby weakening its financial
risk profile and liquidity.

SRRC was incorporated as a proprietorship firm named R. Muthaiah
in 1993 in Nellore (Andhra Pradesh) and later reconstituted as a
partnership firm. SRCC undertakes earthworks, canal lining and
civil construction works, largely as a sub-contractor. The firm is
registered as a special class contractor with the Andhra Pradesh
Irrigation department.


SSPDL LIMITED: ICRA Upgrades Rating on INR9cr Loan at 'C+'
---------------------------------------------------------
ICRA has revised the long term rating assigned to the INR9.00
crore fund based limits of SSPDL Limited to '[ICRA] C+' from
'[ICRA] D'. ICRA has also revised the short term rating assigned
to the INR9.00 crore non fund based limits of SSPDL Limited to
'[ICRA] A4' from '[ICRA] D'.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit       9.00       [ICRA]C+/revised
                                     from [ICRA]D

   Non Fund Based Limit   9.00       [ICRA]A4/revised
                                     from [ICRA]D

The revision in the rating reflects the regularization in debt
servicing by the company in the last six months. The rating also
factors in the long term record of operations of SSPDL in real
estate market, its experienced management and moderate gearing
levels. The rating also takes into account low market risk for
ongoing projects, wherein SSPDL has recorded 69% bookings for
Lakewood and 50% bookings for Mayfair project.

The rating however continues to be constrained by the stressed
financial profile of SSPDL on account of sluggish sales velocity
and execution activity, reflected by decline in revenue from
INR8.71 crore in FY2012 to INR5.67 crore. The rating is also
constrained due to high working capital intensity on account of
high receivables as well as inventory levels. These apart, SSPDL
remains exposed to high geographical concentration risk with its
operations predominantly concentrated in Chennai city. Although,
SSPDL has significant real estate development plans in Hyderabad
and Kerala as well, which are presently in planning stage under
separate Special Purpose Vehicles (SPVs),the implementation and
market risks associated with these projects are considerably high.
The rating further incorporates high dependence on customer
advance for construction funding as witnessed in previous projects
and any slowdown in the housing demand or sluggish sales for
upcoming projects, SSPDL's funding requirement will increase
considerably which may impact the financial risk profile of the
company.

Going forward, the company's ability to pick-up its sales volumes,
timely collection and adherence to construction schedule would be
the key rating sensitivity.

Incorporated on Oct. 17, 1994, as a public limited company, SSPDL
Limited (erstwhile Srinivasa Shipping & Property Development
Limited) is in the business of real estate development and
construction of buildings, commercial and residential complexes.
The company was originally promoted by Srinivasa Hatcheries Group
and Mr. Challa Prakash. The company made its public issue in May
1995 to raise a capital of INR0.75 crore and got its shares listed
on Bombay, Hyderabad and Madras Stock Exchanges. On 10th April
2003, Srinivasa Hatcheries Group has divested its holding in
favour of Mr. Challa Prakash, Mr. Challa Suresh, Mr. E Bhaskar Rao
and M/s. Sri Krishna Devaraya Hatcheries Private Limited. In 2010,
SSPDL has entered into a joint venture with UK based Interserve
Plc, by forming a subsidiary Company i.e. SSPDL Interserve Private
Limited, for carrying on construction business in India. While
SSPDL will continue with its focus on real estate development
projects, it is looking at major expansion plans in the
construction business through its subsidiary SIPL.

Recent Results:

For the six months ended September 2013 (provisional), the company
had a net loss of INR4.77 crore and operating income of INR3.69
crore. For the financial year 2012-13, the Company's net loss
stood at INR12.55 crore on an operating income of INR5.67 crore,
against net losses of INR3.83 crore on operating income of INR8.71
crore for the financial year 2011-12.


STRETCH BANDS: CRISIL Assigns 'B-' Rating to INR100MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Stretch Bands (Gujarat) Pvt Ltd.

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

The rating reflects SBPL's working-capital-intensive and small
scale of operations. The rating also factors in SBPL's weak
financial risk profile marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the benefits that SBPL derive from its promoters' extensive
industry experience.

Outlook: Stable

CRISIL believes that SBPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's scale of
operations increases significantly while sustaining its operating
margins thereby improving its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if financial risk profile
deteriorates because of large borrowings for capital expenditure
or working capital requirements or decline in operating
profitability.

Set up in 1976, SBPL is engaged in the manufacture of elastics.
The company's manufacturing facility is located in Bhavnagar,
Gujarat. The company is promoted and managed by D. V. Modi.

SBPL reported a profit after tax (PAT) of INR3.9 million on net
sales of INR79.3 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.7 million on net
sales of INR89.8 million for 2011-12.


SURAJ CORPORATION: ICRA Rates INR1cr Long Term Loan at 'B-'
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to INR1.00
crore interchangeable fund based (cash credit) and INR4.00 crore
proposed bank facilities of Suraj Corporation. ICRA has also
assigned short term rating of '[ICRA]A4' to INR6.00 crore non fund
based and INR4.00 crore proposed bank facilities of Suraj. The
proposed limits of INR4.00 crore have been rated on both the
scales and would attract rating as per the tenure of usage.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Short Term Non-              6.00        [ICRA]A4 assigned
   Fund Based-Foreign
   Letter of Credit/
   Foreign Currency Loan/
   Bank Guarantee for
   Short term trade credit

   Long Term Fund Based-        1.00        [ICRA]B- assigned
   Cash Credit

   Proposed Limit               4.00        [ICRA]B-/[ICRA]A4
                                            assigned

The ratings take into account the modest scale of operations of
the concern and its adverse financial profile characterised by
thin profitability levels inherent in the trading business,
stretched capital structure and consequently weak coverage
indicators. The rating is further constrained by the high working
capital intensity of operations arising out of stringent credit
terms with suppliers and high inventory levels, exposure to risks
arising out of proprietorship nature of concern as well as the
high competitive intensity in the industry given the low entry
barriers. ICRA notes that by virtue of being a net importer, given
that almost all of the traded goods are imported while entire
sales turnover of the concern is from domestic market, Suraj's
profitability is exposed to risk arising from foreign exchange
fluctuations.

Nevertheless; the ratings are supported by established track
record of the concern in chemical trading business and a
moderately diversified customer base which has demonstrated track
record with Suraj.

Though operating since more than six decades as a chemical trader,
the firm was established as a proprietorship concern in 1984 under
the name of Suraj Corporation. The concern is currently managed by
Mr. Manharlal Shah and Mr. Pareen Shah and trades in chemicals
catering mainly to the textile and plastic industries.  The
concern has its head office in South Mumbai and stores inventory
in a family owned warehouse in Bhiwandi, Thane.

Recent Result:

In the 12 month period ending March 31, 2013, the concern reported
a profit before tax of INR0.10 crore on an operating income of
INR11.70 crore.


SWAIN ALUMINIUM: ICRA Suspends D Rating on INR22cr Term Loans
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR22 crore
long term loans & working capital facilities of Swain Aluminium
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.

Incorporated in FY 2008-09, SAPL is engaged in the manufacturing
of aluminium extrusion products at its plant located at Khurda, in
Orissa. SAPL has an installed capacity of 2400 MTPA, which is
currently being expanded to 6000 MTPA. The company is promoted by
Dr. Sakuntala Behura and Mr. Santanu Swain. SAPL has been the
maiden venture of the promoters in the aluminium industry.
However, SAPL has Mr. R. C. Swain (husband of Dr. Sakuntala
Behura) as a technical advisor, who has considerable experience of
working in with reputed domestic aluminium producers.


SWAMI VIVEKANAND: CRISIL Reaffirms 'D' Rating on INR350MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Swami Vivekanand
Educational & Charitable Trust continues to reflect instances of
delay by SVECT in servicing its debt; the delays have been caused
by the trust's weak liquidity because of capital expenditure
requirements.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Term Loan            350       CRISIL D (Reaffirmed)

SVECT is also exposed to intense competition, and to regulatory
restrictions hampering its revenue growth; moreover, the trust has
a weak financial risk profile, marked by weak debt protection
metrics. SVECT, however, benefits from the healthy demand
prospects for the education sector.
About the Trust

SVECT, established in 2008, operates a management and engineering
institute (Gurukul Institute of Management and Technology), an
engineering institute (Gurukul Vidyapeeth Institute of Engineering
and Technology), and a management institute (Centre for Management
Studies). In 2010, SVECT set up a school (Gurukul Vidyapeeth
Senior Secondary School). All these institutes are located on a
10-acre campus in Mohali (Punjab), and have total intake capacity
of around 1200 students. These institutes are affiliated to the
Punjab Technical University.

SVECT's deficit is estimated at INR26.8 million on fee income of
INR104.1 million for 2012-13, against a surplus of INR15.1 million
on fee income of INR126.5 million for 2011-12. The trust's
profitability was negatively affected by significant interest and
finance charges.


UTSAV INDUSTRIES: CRISIL Reaffirms 'B+' Rating on INR57.5MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Utsav
Industries Pvt Ltd (UIPL; part of the Alloy group) continues to
reflect the Alloy group's below-average financial risk profile,
marked by a small net worth and weak interest coverage ratio, and
its small scale of operations. These rating weaknesses are
partially offset by the group's long-standing association with its
principals and its moderate risk management practices.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            57.5     CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of UIPL and its two group companies, Raj
Aluminium Pvt Ltd and AIM Technologies Pvt Ltd, collectively
referred to as the Alloy group. This is because all the three
companies are in similar lines of operations, share a common
management, and have significant inter-company transactions.

Outlook: Stable

CRISIL believes that the Alloy group will maintain a stable credit
risk profile, on the back of efficient debtor management and
healthy relationships with its principals over the medium term.
The outlook may be revised to 'Positive' if there is significant
improvement in the Alloy group's debt protection metrics, backed
by a sustained improvement in its operating margin. Conversely,
the outlook may be revised to 'Negative' if the Alloy group's
profitability and revenues decline, or if it undertakes a large
debt-funded capital expenditure programme, further weakening its
financial risk profile.

Incorporated in 1996, UIPL trades in aluminium products and
manufactures aluminium extrusions. AIM was the first company set
up by the Alloy group in 1980. The company also trades in
aluminium products. RAPL (formerly, Metal Extrusion) was set up in
1985 as a proprietorship firm. The company deals in aluminium
rolled products.

UIPL reported a profit after tax (PAT) of INR1.69 million on net
sales of INR265 million for 2012-13, as against a PAT of INR3.
million on net sales of INR256.9 million for 2011-12.

AIM reported a profit after tax (PAT) of INR0.62 million on net
sales of INR181.5 million for 2012-13, as against a PAT of INR3.8
million on net sales of INR177.6 million for 2011-12.

RAPL reported a profit after tax (PAT) of INR0.77 million on net
sales of INR144.2 million for 2012-13, as against a PAT of INR0.79
million on net sales of INR153.4 million for 2011-12.



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


INDONESIA: Fitch Says Mining Law Averts BOP Pressure, Risks Stay
----------------------------------------------------------------
The last-minute intervention at the weekend by Indonesia's
politicians to avert a significant disruption of mining activity
and exports, should limit any further stress on the sovereign
rating for now, says Fitch Ratings.  Indonesia has implemented a
new mining law which aims to raise the value-added nature of
mining sector activity by limiting exports of certain raw,
unrefined products.  This comes at a time when the Indonesian
rupiah has fallen nearly 22% from a year ago amid concerns over
external financing needs and the onset of Fed tapering.

A key near-term uncertainty surrounding the country's external
payments position has been lifted. However, medium-term risks
remain, as the manner and the late-stage at which the underlying
issues were addressed does little for long-term investor
sentiment.

The presidential regulation comes at a particularly sensitive
time, as an outright ban on mineral exports without the granted
exemptions could have weighed on Indonesia's external balance -
which has emerged as a point of vulnerability for the sovereign's
overall credit profile (BBB-/Stable).  This is evident from its
gross external funding requirement which is expected at 50% of
reserves in 2014, and which is more stretched than the 36% for
'BBB-' peers.

A broad-based ban on exports would not have only damaged
international investors' perceptions of doing business in
Indonesia, but also slowed mining output and weighed on overall
economic activity.

Indonesia's current account (CA) deficit seems to be improving as
the trade balance has moved into surplus recently, but the process
remains slow and vulnerable to external shocks.  "We project the
CA deficit at 3.1% for 2014 versus 3.6% estimated in 2013.
Tighter monetary policies have been implemented in the second half
of 2013 to lower credit growth and rein in aggregate demand."

This policy adjustment, coupled with greater currency flexibility,
is helping to bring about a trade balance adjustment and a gradual
rebuilding of foreign-currency reserves - which have risen to
USD99.4 billion by end-December 2013 from a low of USD92.7 in July
2013.  Reserves will be further boosted in January by the
sovereign's USD4billion debt issue.  These are credit supportive
developments, but they remain at an early stage and could have
been pressured by a sudden stoppage of mining exports.

Mineral exports will still face some impediments. These now have
to meet certain levels of "purity", and cannot be exported in
their raw or entirely unprocessed form.  Precise details of
exemptions remain unclear, but mineral exports will now be subject
to a 20% tax even after they meet the "purity" level.  In addtion,
the export tax is set to rise much higher in 2016, to 60%, to get
producers to raise the refining (processed) content to much higher
levels by 2017.

The Indonesian authorities continue to pursue the longer-term
objective of raising the domestic value-added content in mining
activity.  But the speed and manner in which these measures have
been introduced and communicated to industry and market
participants have often raised uncertainties over production,
exports, and the broader economy.  It is far from clear if the
recent, last-minute, intervention does much to reassure long-term
investor sentiment.

"We expect the export restrictions to maintain upward pressure on
bauxite and nickel prices, as Indonesia has been one of the
biggest sources of new nickel supplies over the last few years"

There are exemptions for miners that have pledged to build
smelting and refining facilities, while the restrictions still
will affect smaller, unregulated miners.  These miners account for
a significant portion of bauxite and nickel ore output, and the
government has been keen to crack down on them because of concerns
they are wasting resources by recovering only the highest-grade
ores.  The overall impact on prices may be dampened or delayed by
stockpiling in China, which has at least six months' supply of
ore.



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


TOKYO ELECTRIC: Japanese Government Approves Revival Plan
---------------------------------------------------------
Masumi Suga and Jacob Adelman at Bloomberg News report that Tokyo
Electric Power Co. won the support of the government and banks for
a plan to rebuild its business, the latest step in the recovery
from the nuclear disaster three years ago that almost destroyed
the company.

Bloomberg says the agreement between the utility, now under
government control, and its biggest lenders includes more than
JPY1 trillion (US$9.6 billion) in cost cuts.  According to the
report, the plan hinges on the restart of two reactors at the
Kashiwazaki-Kariwa nuclear plant, the world's biggest, as early as
July.  Most of the public oppose restarting Japan's 48 reactors,
which are all offline for safety checks, the report notes.

According to Bloomberg, broadcaster NHK reported that Hirohiko
Izumida, governor of the prefecture where the Kashiwazaki-Kariwa
plant is located, suggested it's too early to discuss reactor
restarts.

"As an electricity utility, we'd like to have nuclear power as an
option to sustain a stable power supply," Naomi Hirose, president
of the utility known as Tepco, told reporters in Tokyo on January
15, Bloomberg relays. "If the Kashiwazaki-Kariwa plant restarts,
the company will be able to generate electricity from sources that
will allow us to cut rates."

Bloomberg notes that nuclear plants produced more than 25 percent
of Japan's electricity before the disaster, leaving it to rely on
oil, coal and gas-fired plants to make up the difference. The cost
of importing those fuels has driven the country into a trade
deficit for 17 straight months while the current-account shortfall
widened to a record in November, Bloomberg reports.

                          About Tepco

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2012, Bloomberg News said Japan's government took control
of Tepco and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.

Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.

Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station.  Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.



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


FITZROY YACHTS: To Close Operation; More 100 Jobs Lost
------------------------------------------------------
Jenee Tibshraeny at NewstalkZB reports that 120 people are facing
unemployment, as a New Plymouth yacht building company struggles
to find new business.

NewstalkZB says Fitzroy Yachts has announced it will close its
building operation, once it completes its final project at the end
of February.  It hasn't received any new orders in the past year,
the report notes.

According to the report, managing director Rodney Martin said the
2008 Global Financial Crisis has slowed the number of new build
orders the company receives.

NewstalkZB relates that Mr. Martin said the company is looking at
keeping a technical support office open, and it hasn't decided
what it will do with its New Plymouth premises.

"Certainly if you look at orders now compared to just prior to the
GFC, they're less than half of what they were. So it's a pretty
tough market," the report quotes Mr. Martin as saying.

NewstalkZB relates that Mr. Martin said the company hopes staff
will be able to find new jobs locally, once they finish the 37-
metre yacht they've been working on for the past two years.

He says other yacht builders are being hit equally as hard by the
Global Financial Crisis, the report relays.



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


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

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


AUSTRALIA

AAT CORP LTD           AATDA          32.50      -13.46
ARASOR INTERNATI       ARR            19.21      -26.52
ATLANTIC LTD           ATI           490.17      -25.68
AUSTRALIAN ZI-PP       AZCCA          77.75       -2.57
AUSTRALIAN ZIRC        AZC            77.75       -2.57
BIRON APPAREL LT       BIC            19.71       -2.22
BOUNTY MINING LT       BNT            10.54       -0.94
CLARITY OSS LTD        CYO            37.13      -13.75
CMA CORP LTD           CMV           127.41      -51.00
CWH RESOURCES LT       CWH            10.71       -3.03
LANEWAY RESOURCE       LNY            10.84      -11.48
NATURAL FUEL LTD       NFL            19.38     -121.51
PENRICE SODA HOL       PSH           122.46      -26.85
QUICKFLIX LTD          QFX            11.48       -5.34
QUICKFLIX LTD-N        QFXN           11.48       -5.34
REDBANK ENERGY L       AEJ           300.67      -20.13
RIVERCITY MOTORW       RCY           386.88     -809.13
RUBICOR GROUP LT       RUB            45.20      -75.31
STERLING PLANTAT       SBI            59.08       -6.07
STIRLING RESOURC       SRE            16.53       -8.12
STRAITS RESOURCE       SRQ           208.51      -29.73
SWAN GOLD MINING       SWA            36.43       -9.08
TZ LTD                 TZL            12.88       -8.73


CHINA

ANHUI GUOTONG-A        600444         79.12      -10.53
CHANG JIANG-A          520           770.91     -176.56
CHINA GREAT LAND       CGL            16.52      -19.01
CHINA OILFIELD T       COT            22.00      -16.71
FORGAME HOLDINGS       484            83.73      -21.92
HEBEI BAOSHUO -A       600155        114.00     -104.15
HUASU HOLDINGS-A       509            77.77      -39.31
HULUDAO ZINC-A         751           507.79     -532.25
HUNAN TIANYI-A         908            59.37       -1.14
JIANGSU ZHONGDA        600074        338.59      -29.88
NANNING CHEMIC-A       600301        391.41      -43.60
QINGDAO YELLOW         600579        122.36      -71.04
QINGHAI SUNSHI-A       600381        394.70      -78.28
SHENZ CHINA BI-A       17             28.50     -283.65
SHENZ CHINA BI-B       200017         28.50     -283.65
SHIJIAZHUANG D-A       958           241.31     -111.50
SHUNFENG PHOTOVO       1165          411.73      -51.06
TAIYUAN TIANLO-A       600234         63.28      -17.71
WUHAN BOILER-B         200770        217.13     -213.03
WUHAN XIANGLON-A       600769         77.45     -103.43
YUNNAN JINGGU FO       600265         84.92       -2.90


HONG KONG

BIRMINGHAM INTER       2309           63.14       -6.89
BUILDMORE INTL         108            17.36      -70.34
CHINA HEALTHCARE       673            37.65       -0.40
CHINA OCEAN SHIP       651           248.21     -106.72
CNC HOLDINGS           8356           99.16       -9.03
CROSBY CAPITAL         8088           16.40      -20.27
EFORCE HLDGS LTD       943            60.73       -9.56
FU JI FOOD & CAT       1175           16.51     -156.68
GRANDE HLDG            186           255.10     -208.18
ICUBE TECHNOLOGY       139            18.87       -0.43
INNO-TECH HLDGS        8202           84.54     -116.82
LANGHAM HOSPITAL       1270          684.55      -86.21
LONG SUCCESS INT       8017           50.05       -7.44
MASCOTTE HLDGS         136           161.39      -30.38
MEGA EXPO HOLDIN       1360           17.00       -0.53
MELCOLOT LTD           8198           13.69      -28.83
PALADIN LTD            495           159.65       -9.17
PROVIEW INTL HLD       334           314.87     -294.85
SINO RESOURCES G       223            29.34      -24.77
SURFACE MOUNT          SMT            32.88      -10.68
U-RIGHT INTL HLD       627            15.56     -203.41
VXL CAPITAL LTD        727            74.79       -0.16


INDONESIA

APAC CITRA CENT        MYTX          176.66       -6.99
ARPENI PRATAMA         APOL          249.84     -319.77
ASIA PACIFIC           POLY          392.41     -827.79
BUMI RESOURCES         BUMI        7,027.47      -18.17
ICTSI JASA PRIMA       KARW           55.02       -5.29
JAKARTA KYOEI ST       JKSW           24.92      -34.90
MATAHARI DEPT          LPPF          209.66      -89.74
ONIX CAPITAL TBK       OCAP           13.22       -1.03
PRIMARINDO ASIA        BIMA           11.14      -18.88
RENUKA COALINDO        SQMI           15.64       -0.26
SUMALINDO LESTAR       SULI          114.51       -5.85
UNITEX TBK             UNTX           18.54      -18.35


INDIA

ABHISHEK CORPORA       ABSC           53.66      -25.51
AGRO DUTCH INDUS       ADF            85.09      -22.81
ALPS INDUS LTD         ALPI          201.29      -41.70
AMIT SPINNING          AMSP           12.85       -7.68
ARTSON ENGR            ART            11.81      -10.16
ASHAPURA MINECHE       ASMN          161.89      -51.58
ASHIMA LTD             ASHM           63.23      -48.94
ATV PROJECTS           ATV            48.47      -43.93
BELLARY STEELS         BSAL          451.68     -108.50
BENZO PETRO INTL       BPI            26.77       -1.05
BHAGHEERATHA ENG       BGEL           22.65      -28.20
BLUE BIRD INDIA        BIRD          122.02      -59.13
CELEBRITY FASHIO       CFLI           24.96       -8.26
CHESLIND TEXTILE       CTX            20.51       -0.03
CLASSIC DIAMONDS       CLD            66.26       -6.84
COMPUTERSKILL          CPS            14.90       -7.56
DCM FINANCIAL SE       DCMFS          18.46       -9.46
DFL INFRASTRUCTU       DLFI           42.74       -6.49
DIGJAM LTD             DGJM           99.41      -22.59
DISH TV INDIA          DITV          579.01      -28.55
DISH TV INDI-SLB       DITV/S        579.01      -28.55
DUNCANS INDUS          DAI           122.76     -227.05
ENSO SECUTRACK         ENSO           15.57       -0.46
EURO CERAMICS          EUCL          110.62       -6.83
EURO MULTIVISION       EURO           36.94       -9.95
FERT & CHEM TRAV       FCT           311.92      -35.19
GANESH BENZOPLST       GBP            44.05      -15.48
GANGOTRI TEXTILE       GNTX           54.67      -14.22
GOKAK TEXTILES L       GTEX           46.36       -0.29
GOLDEN TOBACCO         GTO            97.40      -18.24
GSL INDIA LTD          GSL            29.86      -42.42
GSL NOVA PETROCH       GSLN           16.53       -1.31
GUJARAT STATE FI       GSF            10.26     -303.64
GUPTA SYNTHETICS       GUSYN          44.18       -6.34
HARYANA STEEL          HYSA           10.83       -5.91
HEALTHFORE TECHN       HTEC           14.74      -46.64
HINDUSTAN ORGAN        HOC            74.72      -24.07
HINDUSTAN PHOTO        HPHT           49.58   -1,832.65
HMT LTD                HMT           108.71     -572.12
ICDS                   ICDS           13.30       -6.17
INDAGE RESTAURAN       IRL            15.11       -2.35
INTEGRAT FINANCE       IFC            49.83      -51.32
JCT ELECTRONICS        JCTE           80.08      -76.70
JENSON & NIC LTD       JN             16.49      -71.70
JET AIRWAYS IND        JETIN       3,368.77     -335.45
JET AIRWAYS -SLB       JETIN/S     3,368.77     -335.45
JOG ENGINEERING        VMJ            45.90       -5.28
KALYANPUR CEMENT       KCEM           23.39      -42.66
KANCO ENTERPRISE       KANE           10.59       -4.93
KERALA AYURVEDA        KERL           13.97       -1.69
KIDUJA INDIA           KDJ            11.16       -3.43
KINGFISHER AIR         KAIR          515.93   -2,371.26
KINGFISHER A-SLB       KAIR/S        515.93   -2,371.26
KITPLY INDS LTD        KIT            14.77      -58.78
KLG SYSTEL LTD         KLGS           40.64      -27.37
LML LTD                LML            43.95      -78.18
MADRAS FERTILIZE       MDF           167.72      -56.20
MAHA RASHTRA APE       MHAC           14.49      -12.96
MAHANAGAR TELE         MTNL        4,845.41     -511.72
MAHANAGAR TE-SLB       MTNL/S      4,845.41     -511.72
MALWA COTTON           MCSM           44.14      -24.79
MILTON PLASTICS        MILT           17.67      -51.22
MODERN DAIRIES         MRD            38.61       -3.81
MOSER BAER INDIA       MBI           727.13     -165.63
MOSER BAER -SLB        MBI/S         727.13     -165.63
MTZ POLYFILMS LT       TBE            31.94       -2.57
MURLI INDUSTRIES       MRLI          262.39      -38.30
MYSORE PAPER           MSPM           87.99       -8.12
NATL STAND INDI        NTSD           22.09       -0.73
NAVCOM INDUS LTD       NOP            10.19       -3.53
NICCO CORP LTD         NICC           71.84       -4.91
NICCO UCO ALLIAN       NICU           23.25      -83.90
NK INDUS LTD           NKI           141.35       -7.71
NRC LTD                NTRY           63.70      -53.01
NUCHEM LTD             NUC            24.72       -1.60
PANCHMAHAL STEEL       PMS            51.02       -0.33
PARAMOUNT COMM         PRMC          124.96       -0.52
PARASRAMPUR SYN        PPS            99.06     -307.14
PAREKH PLATINUM        PKPL           61.08      -88.85
PIONEER DISTILLE       PND            53.74       -5.62
PREMIER INDS LTD       PRMI           11.61       -6.09
PRIYADARSHINI SP       PYSM           20.80       -2.28
QUADRANT TELEVEN       QDTV          150.43     -137.48
QUINTEGRA SOLUTI       QSL            16.76      -17.45
RAMSARUP INDUSTR       RAMI          433.89      -89.28
RATHI ISPAT LTD        RTIS           44.56       -3.93
RELIANCE BROADCA       RBN            86.97       -0.59
RELIANCE MEDIAWO       RMW           425.22      -21.31
RELIANCE MED-SLB       RMW/S         425.22      -21.31
RENOWNED AUTO PR       RAP            14.12       -1.25
RMG ALLOY STEEL        RMG            66.61      -12.99
ROLLATAINERS LTD       RLT            22.97      -22.24
ROYAL CUSHION          RCVP           14.70      -75.18
SAAG RR INFRA LT       SAAG           12.54       -4.93
SADHANA NITRO          SNC            16.74       -0.58
SANATHNAGAR ENTE       SNEL           49.23       -6.78
SANCIA GLOBAL IN       SGIL           78.82      -25.13
SBEC SUGAR LTD         SBECS          92.44       -5.61
SCOOTERS INDIA         SCTR           19.75      -13.35
SERVALAK PAP LTD       SLPL           61.57       -7.63
SHAH ALLOYS LTD        SA            168.13      -81.60
SHALIMAR WIRES         SWRI           22.79      -27.18
SHAMKEN COTSYN         SHC            23.13       -6.17
SHAMKEN MULTIFAB       SHM            60.55      -13.26
SHAMKEN SPINNERS       SSP            42.18      -16.76
SHREE GANESH FOR       SGFO           44.50       -2.89
SHREE KRISHNA          SHKP           14.62       -0.92
SHREE RAMA MULTI       SRMT           38.90       -4.49
SIDDHARTHA TUBES       SDT            75.90      -11.45
SIMBHAOLI SUGAR        SBSM          268.76      -54.47
SITI CABLE NETWO       SCNL          219.45       -9.68
SPICEJET LTD           SJET          563.64      -41.19
SQL STAR INTL          SQL            10.58       -3.28
STATE TRADING CO       STC           826.29     -276.56
STELCO STRIPS          STLS           14.90       -5.27
STI INDIA LTD          STIB           21.69       -2.13
STL GLOBAL LTD         SHGL           30.73       -5.62
STORE ONE RETAIL       SORI           15.48      -59.09
SUPER FORGINGS         SFS            14.62       -7.00
SURYA PHARMA           SUPH          370.28       -9.97
TAMILNADU JAI          TNJB           17.07       -1.00
TATA METALIKS          TML           156.70       -5.36
TATA TELESERVICE       TTLS        1,311.30     -138.25
TATA TELE-SLB          TTLS/S      1,311.30     -138.25
TODAYS WRITING         TWPL           18.58      -25.67
TRIUMPH INTL           OXIF           58.46      -14.18
TRIVENI GLASS          TRSG           19.71      -10.45
TUTICORIN ALKALI       TACF           19.86      -19.58
UDAIPUR CEMENT W       UCW            11.38      -10.53
UNIFLEX CABLES         UFCZ           47.46       -7.49
UNIWORTH LTD           WW            149.50     -151.14
UNIWORTH TEXTILE       FBW            22.54      -35.03
USHA INDIA LTD         USHA           12.06      -54.51
VANASTHALI TEXT        VTI            14.59       -5.80
VENUS SUGAR LTD        VS             11.06       -1.08
WANBURY LTD            WANB          141.86       -3.91


JAPAN

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


KOREA

DVS KOREA CO LTD       46400          17.40       -1.20
HS R&A CO LTD          13520       1,081.63       -0.57
KC FEED CO LTD         25880         111.24        0.00
NARA KIC LTD           7460          155.88       -1.85
ORIENTAL PRECISI       14940         224.92      -79.83
ROCKET ELEC-PFD        425           111.09       -0.42
ROCKET ELECTRIC        420           111.09       -0.42
SHINIL ENG CO          14350         199.04       -2.53
SSANGYONG ENGINE       12650       1,231.13     -119.47
STX OFFSHORE & S       67250       7,627.42   -1,124.38
TEC & CO               8900          139.98      -16.61
TONGYANG NETWORK       30790         311.91      -36.46
WOONGJIN HOLDING       16880       2,197.34     -635.50


MALAYSIA

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


NEW ZEALAND

NZF GROUP LTD          NZF            11.69       -4.60
PULSE UTILITIES        PLU            11.29       -3.44


PHILIPPINES

CYBER BAY CORP         CYBR           14.26      -20.51
FIL ESTATE CORP        FC             40.90      -15.77
FILSYN CORP A          FYN            23.11      -11.69
FILSYN CORP. B         FYNB           23.11      -11.69
GOTESCO LAND-A         GO             21.76      -19.21
GOTESCO LAND-B         GOB            21.76      -19.21
LIBERTY TELECOMS       LIB           113.23      -14.81
MRC ALLIED INC         MRC            27.06       -2.56
PICOP RESOURCES        PCP           105.66      -23.33
STENIEL MFG            STN            21.07      -11.96
UNIWIDE HOLDINGS       UW             50.36      -57.19


SINGAPORE

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


THAILAND

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


TAIWAN

BEHAVIOR TECH CO       2341S          30.90       -0.22
BEHAVIOR TECH-EC       2341O          30.90       -0.22
HELIX TECH-EC          2479T          23.39      -24.12
HELIX TECH-EC IS       2479U          23.39      -24.12
HELIX TECHNOL-EC       2479S          23.39      -24.12
POWERCHIP SEM-EC       5346S       2,036.01      -52.74
TAIWAN KOL-E CRT       1606U         507.21     -147.14
TAIWAN KOLIN-EN        1606V         507.21     -147.14
TAIWAN KOLIN-ENT       1606W         507.21     -147.14
UNITED FU SHEN C       5467           12.82       -0.22



                             *********

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

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

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


                            *********


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

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

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

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

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



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