TCRAP_Public/140121.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

           Tuesday, January 21, 2014, Vol. 17, No. 14


                            Headlines


A U S T R A L I A

ARROW ENERGY: Slashes 250 Jobs at Coal Seam Gas Project
BATMAN COURIER: Placed Into Liquidation
BRINDABELLA AIRLINES: Receivers Mull Filing Case vs. Chief


C H I N A

CHINA BAK: Crowe Horwath (HK) CPA Raises Going Concern Doubt
CHINA SOUTH: Fitch Rates US Dollar Sr. Unsecured Notes at 'B+'
CHINA SOUTH: S&P Assigns 'B' Rating to Proposed US$ Unsec. Notes
CIFI HOLDINGS: Fitch Puts Rating on Proposed US$ Notes at 'B+'
CIFI HOLDINGS: S&P Assigns 'B' Rating to Proposed US$ Sr. Notes

COMPUTER GRAPHICS: De Joya Griffith Raises Going Concern Doubt
SUNTECH POWER: Receives NYSE Listing Standards Notice
VISIONCHINA MEDIA: Obtains Extension of Revolving Credit Facility
YUZHOU PROPERTIES: Moody's Rates New Sr. Unsecured Bonds at B2


H O N G  K O N G

HONG KONG MERCANTILE: Ex-Worker Files Wind Up Petition


I N D I A

ACN INFOTECH: ICRA Withdraws 'B' Rating on INR43.95cr Loans
ADITI INDUSTRIES: CRISIL Reaffirms 'B+' Ratings on INR95MM Loans
JASDEV SINGH: ICRA Assigns 'D' Ratings to INR11cr Loans
KOUTONS RETAIL: ICRA Withdraws 'B+/A4' Rating on INR300cr Loans
MAHARASHTRA STATE: May Default, Turn Insolvent if Tariff Cut OK'd

NEELACHAL ISPAT: CARE Cuts Rating on INR140cr Bank Loans to 'B-'
OM CORRUGATED: ICRA Assigns 'B' Ratings to INR5.6cr Loans
PAL SYNTHETICS: ICRA Cuts Ratings on INR10.33cr Loans to 'B-'
PARADEEP PARIVAHAN: CRISIL Cuts Ratings on INR210MM Loans to 'D'
RK ICE: CARE Revises/Reaffirms 'B+/A4' Rating on INR25cr Loans

SHIVAM TRADERS: CRISIL Assigns 'B-' Rating to INR65M Loan
SHREE SHYAM: ICRA Rates INR7cr Cash Credit at 'B'
SHRISHTI ELECTROMECH: CRISIL Places 'B' Ratings on INR180MM Loans
SRI LAKSHMI: CRISIL Reaffirmed 'D' Ratings on INR295MM Loans
STRESCON INDUSTRIES: CRISIL Puts 'B' Ratings on INR117.4MM Loans

SUPREME COLOUR: CRISIL Assigns 'B' Ratings to INR137.5MM Loans
SYBLY INDUSTRIES: CRISIL Upgrades Rating on INR100MM Loans to 'C'
TRILOK COTTON: ICRA Assigns 'B-' Ratings to INR13.5cr Loans
VIJ AGRO: CRISIL Reaffirms 'B' Rating on INR600MM Loan
WADHWANI PARMESHWARI: CRISIL Ups Ratings on INR100MM Loans to 'B'


J A P A N

TOKYO ELECTRIC: May Spend JPY2.67 Tril. on Strategic Investments


X X X X X X X X

* BOND PRICING: For the Week Jan. 13 to Jan. 17, 2014


                            - - - - -


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


ARROW ENERGY: Slashes 250 Jobs at Coal Seam Gas Project
-------------------------------------------------------
Paul Garvey at The Australian reports that about 250 jobs are
believed to have been cut from Royal Dutch Shell's Arrow Energy
coal seam gas project.

The Australian relates that the cuts, which will be made to a
workforce that had previously stood at 1200, come in response to
ongoing concerns about the economics of the project's proposed $20
billion liquefied natural gas plant.

The job losses are understood to include several senior managers,
says The Australian.

There had been suggestions early on January 20 that up to 600
people -- or half the project's workforce -- would be fired as
part of the restructuring, but The Australian understands the
total job losses will reach 250.

The Australian notes that Shell and its 50 per cent partner in the
project, Chinese oil and gas giant PetroChina, have battled to
make the Arrow project stack up economically at a time of
significant cost inflation in the LNG industry generally.

A spokesman for Arrow confirmed the company had "conducted a
review of staffing levels as it manages costs".

"While the company acknowledges this will be a difficult time for
employees, it is committed to supporting them through this
transition," the spokesman said.  "The company remains focused on
finding additional value and reducing overall costs. Arrow will
continue to assess development options, including collaboration
opportunities, as it looks to develop significant gas reserves."

The cost pressures have been particularly acute in and around
Gladstone in central Queensland, where the Arrow LNG plant was
proposed. Three other LNG projects are already under construction
there, putting pressure on wages, services and infrastructure,
notes the report.

While Shell and PetroChina are believed to still be interested in
developing the project, both companies want to see the economics
of any development improved substantially before it is given a go-
ahead for construction, says the report.

Arrow Energy produces coal seam gas for sale to businesses in
Queensland, Australia.


BATMAN COURIER: Placed Into Liquidation
---------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Batman Courier
Services Pty Ltd has stopped trading and been placed into
liquidation.  Ferrier Hodgson's John Ross Lindholm --
john.lindholm@fh.com.au -- and Brendan Richards --
Brendan.Richards@fh.com.au -- were appointed as liquidators on
Dec. 17, 2013, Dissolve.com.au discloses.

According to the report, the Victorian company entered
receivership after it owed unpaid payroll tax worth AUD563,000 to
the State Revenue.  On Nov. 20, 2013, Ferrier Hodgson were
appointed as administrators of the business.

Dissolve.com.au says the 60 vans of the parcel delivery firm have
been sold and Ferrier Hodgson is still gathering outstanding
debtor amounts that will be distributed to Batman Couriers'
creditors.


BRINDABELLA AIRLINES: Receivers Mull Filing Case vs. Chief
----------------------------------------------------------
Anthony Klan at The Australian reports that receivers for the
failed Brindabella Airlines will investigate launching legal
action against the chairman of Scotland's biggest airline to
recoup AUD3 million in employee entitlements.  According to The
Australian, receivers KordaMentha said Brindabella, bought in 2011
by Ian Woodley -- who now chairs Scotland's BMI Regional airlines
-- owes AUD3 million in leave entitlements and redundancies to 140
employees.

Brindabella, formed in 1994, operated up to 250 sectors a week,
with services from Canberra, Sydney and Brisbane to regional
destinations including Newcastle, Cobar, Coffs Harbour, Moree,
Mudgee, Narrabri, Newcastle, Orange and Tamworth.  It has 140
employees and operates five US-built Metroliners and seven
British-built Jetstreams. Recently Brindabella have experienced
significant maintenance and regulatory issues which have impacted
aircraft availability and services.

David Winterbottom and Sebastian Hams of KordaMentha were
appointed Receivers and Managers of the Canberra-based regional
airline Brindabella on Dec. 15, 2013.

The group consists of five companies including Brindabella
Airlines Pty Ltd, Aeropelican Air Services Pty Ltd, M/V Purchasing
Company Pty Ltd, Business Air Holdings Pty Ltd and Trand Holdings
Pty Ltd. This follows the Group's decision to ground all aircraft
not already grounded by the recent CASA directive and to cease all
passenger flights.



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


CHINA BAK: Crowe Horwath (HK) CPA Raises Going Concern Doubt
------------------------------------------------------------
China BAK Battery, Inc., filed with the U.S. Securities and
Exchange Commission on Jan. 14, 2014, its annual report on Form
10-K for the fiscal year ended Sept. 30, 2013.

Crowe Horwath (HK) CPA Limited expressed substantial doubt about
the Company's ability to continue as a going concern, citing that
the Company has net liabilities, a working capital deficiency,
accumulated deficit from recurring net losses and significant
short-term debt obligations maturing in less than one year as of
Sept. 30, 2013.  The Company defaulted on repayment of certain
bank loans.  A court in the PRC has issued an order to freeze all
of the Company's properties in Shenzhen BAK Industrial Park and
Tianjin Industrial Park Zone near the end of fiscal year 2013
whereby the Company cannot transfer these assets or pledge these
assets for any other borrowings.

The Company reported a net loss of US$116.03 million on US$185.55
million of net revenues for the fiscal year ended Sept. 30, 2013,
compared with a net loss of US$65.81 million on US$205.52 million
of net revenues in fiscal 2012.

The Company's balance sheet at Sept. 30, 2013, showed US$340.6
million in total assets, US$383.88 million in total liabilities,
and stockholders' deficit of US$43.27 million.

A copy of the Form 10-K is available at:

                       http://is.gd/nvMnYN

                         About China BAK

Shenzhen, P.R.C.-based China BAK Battery, Inc., is a leading
global manufacturer of lithium-based battery cells.  The Company
produces battery cells for original equipment manufacturers, or
OEM and replacement battery manufacturers that are the principal
component of rechargeable batteries commonly used to power:
cellular phones and smartphones; notebook computers, tablet
computers and e-book readers; portable consumer electronics, such
as digital cameras, portable media players, portable gaming
devices, personal digital assistants, or PDAs, camcorders, digital
cameras and Bluetooth headsets; and electric bicycles and other
light electric vehicles, hybrid electric vehicles and other
electric vehicles; cordless power tools; and uninterruptible power
supplies, or UPS.


CHINA SOUTH: Fitch Rates US Dollar Sr. Unsecured Notes at 'B+'
--------------------------------------------------------------
Fitch Ratings has published China-based trade centre developer
China South City Limited's (CSC) Long-Term Issuer Default Rating
(IDR) of B+ with Positive Outlook, senior unsecured rating of B+
and Recovery Rating of RR4.  Fitch has also assigned CSCs proposed
US dollar senior unsecured notes an expected rating of B +(EXP)',
and Recovery Rating of RR4.

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

Positive Outlook: The positive outlook reflects the company's
increasing scale and geographic diversification as sales from
newer projects start contributing meaningfully to its cash flows.
Since its success in Shenzhen, CSC has been expanding into seven
other provincial capital cities through collaborations with their
provincial governments.  CSC will be able to establish itself as a
national provider of integrated trade centres if it is able to
sustain its sales momentum -- the company increased its contracted
sales to HKD12.6bn in the first nine months of the financial year
ending March 2014 (FY13: HKD8.2bn).

Good Project Locations with High Profitability: Following its
start in Shenzhen in December 2004, the company has developed a
track record of executing large-scale integrated trade centre
developments and a strong reputation, which enables it to expand
into locations of its choice.  All of CSCs projects are located in
provincial capitals and its large acquired land resources of 18m
square metres will support the company's development plan for the
next five to eight years.  The company's cooperation with
provincial governments for its projects also lowers its land costs
and contributed to its high EBITDA margins (1H FY14: 39.2%).

Moderate Leverage: CSCs leverage is comparable to that at
similarly rated peers in the mass-market homebuilding segment,
despite lower asset churn with contracted sales/gross debt of
0.69x in FY13 and exposure to the investment property business,
which has a long investment horizon.  The recent proposed HKD1.5bn
new share issuance to Tencent Group also provides CSC additional
financial and technical resources to expand its e-commerce
platform.  As CSC increases its scale, Fitch estimates the
company's ratio of net debt to adjusted inventory (investment
property valued at cost) to increase to around 35% over the medium
term (1H FY14: 30.6%), though this would still be comparable to
levels seen at its peers.

Commercial Demand More Volatile: CSCs rating is constrained by its
exposure to more volatile commercial property demand.  Its
projects outside Shenzhen (4m sqm-18m sqm) are also of
significantly larger scale than those in Shenzhen (2.6m sqm) and
sales are still at initial phases, which exposes the company to
considerable demand and execution risks.  Competition from nearby
projects may also create downward pressure on average selling
prices (ASPs) and negatively impact the company's profit margins.
Fitch views CSCs moderate leverage and completed properties in
Shenzhen, valued at HKD14bn end-FY13, to provide a financial
buffer in the event of a downturn in demand.

Limited Geographical Diversification: While CSC has diversified
out of Shenzhen by pre-selling projects in Nanchang, Nanning,
Xian, Zhengzhou and Harbin in the past two years, only the
Shenzhen project is currently in operation.  The initial phases of
its Nanchang, Nanning and Xian projects are slated to start
operation in early 2014.  Fitch views the ability to replicate its
success in Shenzhen in these large-scale projects in Tier-2 cities
to be important, particularly to sustain sales and ASPs of
subsequent phases.

Low Yielding Investment Property Assets: CSC generally retains
around 50% of the gross floor area of its trade centres for lease
(FY13: 0.52m sq m consisting of Phase 1 and Phase 2 in China South
City Shenzhen) but for the medium-term, CSC will remain reliant on
property sales for cash generation.  Its investment property
assets have long investment horizons: occupancy at China South
City Shenzhen Phase 2 has only reached 60% after starting
operation in 2010.  Fitch expects the companys recurring EBITDA to
grow gradually but still remain small relative to its recurring
EBITDA interest coverage, which would likely stay below 0.3x for
the next three years.

Future developments that may, individually or collectively, lead
to positive rating action include:-

  -- Ability to sustain sales outside Shenzhen without dominance
     by any one particular project (no more than 30% of total
     contracted sales), with total contracted sales sustained at
     above CNY12bn a year

  -- EBITDA margin sustained at above 40%

  -- Net debt/adjusted inventory sustained at below 35% (with
     investment property valued at cost)

  -- Contracted sales/total debt sustained at above 1x

Failure to meet the above guidelines over the rating horizon would
lead to the outlook being revised to Stable.


CHINA SOUTH: S&P Assigns 'B' Rating to Proposed US$ Unsec. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
issue rating to a proposed issue of U.S.-dollar-denominated senior
unsecured notes by China South City Holdings Ltd.
(CSC: B+/Positive/--; cnBB/--).  At the same time, S&P assigned
its 'cnBB-' long-term Greater China regional scale rating to the
proposed notes.  The ratings are subject to S&P's review of the
final issuance documentation.  S&P expects the company to use the
proceeds to redeem all of its outstanding notes maturing in 2016
and for general corporate purposes.

The issue rating is one notch below the corporate credit rating to
reflect S&P's opinion that offshore noteholders would be
materially disadvantaged, compared with onshore creditors, in the
event of default.  In S&P's view, CSC's ratio of priority
borrowings to total assets is likely to remain above its notching
threshold of 15% for speculative-grade debt.

The rating on CSC reflects execution risks in the China-based
property developer's aggressive debt-funded expansion outside
Shenzhen, its large capital expenditure, and project
concentration.  The above weaknesses are tempered by (1) CSC's
improved project diversification and execution in new markets, (2)
improved financial flexibility, (3) good profitability compared
with peers, and (4) small but growing recurring income.

The positive rating outlook reflects S&P's expectation that CSC's
sales performance will be strong in the next six to 12 months
because of improving execution, leading to better geographical
diversification, and a stable property market in China.  S&P also
anticipates that the company's cash flow adequacy will remain
stable, with stronger sales offsetting higher borrowings.


CIFI HOLDINGS: Fitch Puts Rating on Proposed US$ Notes at 'B+'
--------------------------------------------------------------
Fitch Ratings has assigned Chinese property developer CIFI
Holdings (Group) Co. Ltd's (CIFI, B+/Positive) proposed USD senior
unsecured notes an expected rating of B+(EXP).

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

Positive Outlook: CIFI has improved its business scale and
achieved CNY15.3bn of contracted sales in 2013 compared with
CNY9.5bn in 2012.  If it is able to maintain the leverage and
liquidity at healthy level, its overall credit profile will be
commensurate with a BB- profile.  Its enlarged size provides
advantages including more stable cash flow, cost benefits, and
more choices in land purchases.

High Sales Turnover: CIFI's credit profile has been improving
since it standardised its product types and shifted its focus to
mass-market housing in 2011. The agency expects this model to
result in a rapid rise in sales turnover and contracted sales.
CIFI's contracted sales/total debt was 1.1x in 2012, and Fitch
estimates the ratio improved to 1.3x in 2013.

National Presence: CIFI has a diversified presence in the Bohai
Economic Rim, Yangtze River Delta, and Central Western Region,
reducing its exposure to uncertainties inherent in local policies
and local economies while providing room to scale up.  Fitch
expects local demand to continue to be strong and its mass-market
strategy to work well in first- and second-tier cities.  CIFI had
around 86% of its land bank in first- and second-tier cities as of
June 2013.

Slower Deleveraging: Net debt/adjusted inventory increased to
around 36% at end-1H13 from 30% at end-2012, although this level
of leverage remains moderate compared with that of its peers.
Nonetheless, the company's high growth target, together with its
issue of offshore bonds in 2013, may limit its ability to
deleverage.

Limited EBITDA Margin: Given its high sales turnover business
model, Fitch expects the company to achieve EBITDA margins in the
high teens over the next two to three years, compared with 20%-25%
in 2009, 2010, and 2011.

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

  -- Sustaining annual contracted sales above CNY15bn
     (2013 sales: CNY15.3bn)

  -- Maintaining the current strategy of high cash flow turnover,
     such that contracted sales/total debt is sustained at over
     1.3x

  -- EBITDA margin over 18% on a sustained basis (1H13: 19%)

  -- Net debt/adjusted inventory falling below 35% on a sustained
     basis

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

  -- Failure to meet the above guidelines over the next 12-18
     months, which would lead to the Outlook being revised to
     Stable


CIFI HOLDINGS: S&P Assigns 'B' Rating to Proposed US$ Sr. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
issue rating and its 'cnBB-' long-term Greater China regional
scale rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by CIFI Holdings (Group) Co. Ltd. (B+/Stable/--;
cnBB/--).  CIFI will use the proceeds to refinance its existing
debt, finance its existing and new projects, and for general
corporate purposes.  The rating on the notes is subject to S&P's
review of the final issuance documentation.

The issue rating on the proposed notes is one notch lower than the
corporate credit rating on CIFI to reflect S&P's opinion that
offshore noteholders would be materially disadvantaged, compared
with onshore creditors, in the event of default.  In S&P's view,
the company's ratio of priority borrowings to total assets will
remain above its notching threshold of 15% for speculative-grade
debt.

CIFI achieved total contract sales of Chinese renminbi
15.3 billion in 2013, which is higher than S&P's previous
forecast. "We expect the company's increasing property sales to
partly offset the increase in debt for land acquisitions and
construction.  In S&P's base-case scenario, CIFI will maintain its
debt-to-EBITDA ratio at 4.5x-5.0x in 2013-2014, and the company's
EBITDA coverage will stay above 2x.," S&P says.

The rating on CIFI reflects S&P's view of the company's small land
bank and weak profitability compared with peers', its aggressive
growth appetite, and its untested financial discipline due to
rapid business expansion.  CIFI's strong growth and solid foothold
in Shanghai, its flexible market positioning, and good operating
efficiency related to its high asset turnover model temper these
weaknesses.


COMPUTER GRAPHICS: De Joya Griffith Raises Going Concern Doubt
--------------------------------------------------------------
Computer Graphics International Inc. filed with the U.S.
Securities and Exchange Commission on Jan. 14, 2014, its annual
report on Form 10-K for the fiscal year ended Sept. 30, 2013.

De Joya Griffith, LLC, expressed substantial doubt about the
Company's ability to continue as a going concern, citing the
Company has suffered losses from operations.

The Company reported a net loss of US$1.64 million on US$3.7
million of sales for the fiscal year ended Sept. 30, 2013,
compared with a net loss of US$1.14 million on US$5.79 million of
sales at Sept. 30, 2012.

The Company's balance sheet at Sept. 30, 2013, showed US$1.4
million in total assets, US$1.94 million in total liabilities, and
stockholders' deficit of US$548,160.

A copy of the Form 10-K is available at:

                        http://is.gd/TpquV1

                      About Computer Graphics

Shenzhen, China-based Computer Graphics International, Inc., is a
3D digital visual service provider founded in 2006.  The Company
specializes in providing one-stop-shop service and systems based
on 3D image technology to domestic governments, real estate
developers, game developers, the automotive industry and other
commercial customers.  The Company operates through its wholly-
owned subsidiaries Shenzhen Digital Image Technologies Co.,
Limited and Guangzhou Digital Image Technologies Co., Ltd.

                           *     *     *

As reported in the TCR on Jan. 18, 2013, Clement C. W. Chan & Co.,
in Wanchai, Hong Kong, expressed substantial doubt about Computer
Graphics' ability to continue as a going concern.  The independent
auditors noted that the Company incurred a net loss of US$1.14
million for the year ended Sept. 30, 2012, and has accumulated
losses of US$841,688 at Sept. 30, 2012.


SUNTECH POWER: Receives NYSE Listing Standards Notice
-----------------------------------------------------
Suntech Power Holdings Co., Ltd. on Jan. 16 disclosed that on
January 14, 2014 it received notification from the New York Stock
Exchange that the Company did not meet the NYSE's price criteria
for continued listing standard because the average closing price
of the Company's American Depositary Shares, or ADSs, (based on
otc:STPFQ), was less than $1.00 per ADS over a consecutive
30-trading-day period.

As of November 11, 2013, the Company's ADSs were suspended from
trading on the NYSE and on November 19, 2013, the Company stated
it would appeal the NYSE's decision.  In the event the Company is
reinstated for trading on the NYSE, under NYSE rules, the Company
has six months following receipt of the notification to regain
compliance with the minimum share price requirement.  The Company
can regain compliance at any time during the six-month cure period
if the Company's ADSs have a closing share price of at least $1.00
on the last trading day of any calendar month during the period
and also has an average closing share price of at least $1.00 over
the 30 trading-day period ending on the last trading day of that
month or on the last day of the cure period.

The Company has notified the NYSE of its intention to cure this
deficiency within the prescribed timeframe.

                          About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd., produces solar
products for residential, commercial, industrial, and utility
applications.  Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013, in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are represented
by Jay Teitelbaum, Esq., at Teitelbaum & Baskin LLP, in White
Plains, New York.


VISIONCHINA MEDIA: Obtains Extension of Revolving Credit Facility
-----------------------------------------------------------------
VisionChina Media Inc., one of China's largest out-of-home digital
television advertising networks on mass transportation systems,
announced that its consolidated variable interest entity,
VisionChina Media Group Co., Ltd., has been granted an extension
of its existing secured revolving credit facility from China
Construction Bank (Shenzhen branch) until January 9, 2015.  The
total amount of the renewed credit facility is RMB 130.0 million
(approximately US$21.5 million).

The Credit, which was originally scheduled to expire on January
13, 2014, is secured by the accounts receivable of VisionChina
Media Group and carries an interest rate in a range between 95% to
160% of the People's Bank of China benchmark interest rate.  The
interest rate of each borrowing via the Credit is determined at
the time of each draw-down.  The Credit is available for general
corporate purposes and working capital, and is prohibited for use
in repayment of merger consideration regarding the acquisition of
Digital Media Group Company Limited or its related litigation
settlement.  The Credit contains a restrictive financial covenant
that requires Visions China Media Group to maintain a leverage
ratio of no higher than 65%.  Violation of this financial covenant
could result in a default under the Credit, which would permit the
Bank to terminate this revolving credit facility and require
immediate repayment from the Borrower of any outstanding loans
advanced.  As of the date of this press release, VisionChina Media
Group had total borrowings of RMB 120.0 million via the Credit at
an interest rate of 6.9%, representing 115% of Benchmark Rate.

Stanley Wang, VisionChina Media's chief financial officer,
commented, "The extended credit facility will continue to provide
adequate liquidity to our company.  We believe our existing
available banking credit facilities are sufficient to support our
current business operations and future development."

                      About VisionChina Media

Shenzhen, PRC-based VisionChina Media Inc., a Cayman Islands
company, believes that it operates the largest out-of-home
advertising network using real-time mobile digital television
broadcasts to deliver content and advertising on mass
transportation systems in China based on the number of displays.
Due to PRC regulatory restrictions on foreign investments in the
advertising and mobile digital television industries, the Company
operates its advertising business in China through its
consolidated affiliated entities.

                        Going Concern Doubt

VisionChina Media Inc. filed on May 30, 2013, its annual report on
Form 20-F for the year ended Dec. 31, 2012.

Deloitte Touche Tohmatsu, in Hong Kong, expressed substantial
doubt about VisionChina Media's ability to continue as a going
concern, citing the Company's recurring losses from operations.

The Company a net loss of US$246.5 million on US$115.7 million of
revenues in 2012, compared with a net loss of US$12.6 million on
US$181.2 million of revenues in 2011.


YUZHOU PROPERTIES: Moody's Rates New Sr. Unsecured Bonds at B2
--------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to Yuzhou
Properties Company Limited's proposed senior unsecured bonds.

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

The outlook for all ratings is stable.

The company will use the bond proceeds to finance land purchases
in 2014 and for general corporate purposes.

RATINGS RATIONALE

"The new bonds will further strengthen Yuzhou's liquidity
position, and support its growth in 2014," says Lina Choi, a
Moody's Vice President and Senior Analyst.

"The new bonds will also lengthen the average tenure of Yuzhou's
debt portfolio, adding to the stability of its funding base," says
Choi, who is also the lead analyst for Yuzhou.

"Moody's expects the issuance of the proposed notes will not
materially change the company's credit metrics," says Choi.

Moody's estimates Yuzhou's gross debt increased to RMB9.8 billion
at end-2013 from RMB8.2 billion at end-June 2013. The proposed
bonds will further boost the company's debt level, but the amount
is within its budgeted fund-raising activities for 2014.

Furthermore, the company achieved contracted sales of RMB10.9
billion in 2013, a 68% increase year-on-year, and above its target
of RMB9 billion. That latter in turn represented an upward
revision from a previous target.

Moody's expects Yuzhou will continue to post a high level of
contracted sales, in turn providing more liquidity and reducing
the need to raise further debt for development purposes.

While EBITDA/interest coverage was 1.6x in 1H 2013, Moody's
expects EBITDA/interest will be around 3.0x in the next 12 -- 18
months, on the assumption that the company achieves annual revenue
above RMB 9 billion for the next two years supported by the
favourable growth in contracted sales. Such interest coverage
supports its B1 corporate family rating.

The B1 corporate family rating reflects Yuzhou's fast-growing
operating scale and short operating history. It also takes into
account the company's high degree of geographic and cash flow
concentration in projects mainly located in Fujian Province.

Partly mitigating these challenges are Yuzhou's leading market
position and good quality land bank in Xiamen. These two factors
-- along with its low-cost land bank and good profit margins --
provide some buffer against volatility in sales.

The B1 rating also considers Yuzhou's need to fund a portion of
its growth with debt. That said, management has already pre-funded
major land purchases and has adopted a prudent financial policy.

The stable outlook reflects our expectation that Yuzhou will
continue to generate sales with a stable profit margin, maintain
adequate liquidity, and maintain access to onshore bank financing
for its construction work.

The principal methodology used in this rating was the Global
Homebuilding Industry published in March 2009. Please see the
Credit Policy page on www.moodys.com for a copy of this
methodology.



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


HONG KONG MERCANTILE: Ex-Worker Files Wind Up Petition
------------------------------------------------------
Austin Chiu at the South China Morning Post reports that a former
employee of the failed Hong Kong Mercantile Exchange is seeking to
wind up the company run by former Executive Council member Barry
Cheung Chun-yuen.

Andrew Carter, a former director of technology at the HKMEx, has
initiated a company winding-up proceeding against the failed
commodities exchange as a creditor, SCMP relates citing a court
document.

SCMP notes that the development is the latest twist for
Mr. Cheung and his companies, which have faced civil claims over
loans, bills and rent totalling more than HK$89 million since June
last year.

The writ filed by Mr. Carter is not available for public
inspection, according to the report.

SCMP, citing previous media reports, recalls that in October,
Mr. Carter won a HK$1.4 million claim against the HKMEx before the
Labour Tribunal for unpaid wages. The judgment was entered against
the HKMEx in its absence.  Mr. Carter, a graduate of the
University of Cambridge, worked at the HKMEx between 2010 and last
year.

Meanwhile, SCMP reports that another company has filed a claim for
an unspecified amount against the HKMEx with the District Court.

SCMP relates that Intuition Publishing said in a court document
that the money was owed for services provided to the HKMEx under a
contract dated May 21, 2011.

In November, the report adds, the Mandatory Provident Fund Schemes
Authority filed a claim against the HKMEx for allegedly failing to
pay HK$102,799 to the fund.

Hong Kong Mercantile Exchange was an electronic commodities
exchange established in Hong Kong for the trading of commodity
futures, options and other financial derivatives.



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


ACN INFOTECH: ICRA Withdraws 'B' Rating on INR43.95cr Loans
-----------------------------------------------------------
ICRA has withdrawn the long term rating of '[ICRA]B' assigned to
the INR43.95 crore bank facilities of ACN Infotech (India) Private
Limited as currently there is no amount outstanding against the
rated instrument.


ADITI INDUSTRIES: CRISIL Reaffirms 'B+' Ratings on INR95MM Loans
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Aditi Industries
continues to reflect AI's exposure to intense competition from
existing players, and the firm's large working capital
requirements. These rating weaknesses are partially offset by the
benefits that AI derives from fiscal incentives offered to players
operating in North-East India.

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

   Proposed Long Term
   Bank Loan Facility       35      CRISIL B+/Stable (Reaffirmed)

   Term Loan                25      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AI will continue to benefit from the location
of its plant over the medium term. However, the firm will also
continue to be susceptible to intense industry competition. The
outlook may be revised to 'Positive' if AI achieves larger-than-
expected offtake while maintaining its profitability, and better
working capital management. Conversely, the outlook may be revised
to 'Negative' if the firm's working capital management weakens, or
it undertakes any large, debt-funded capital expenditure (capex)
programme, leading to deterioration in its financial risk profile.

Update
AI's initial stage of operations and the low demand for cement in
North-East India have led to the firm's low capacity utilisation
in 2012-13 (refers to financial year, April 1 to March 31),
resulting in modest revenues of INR146 million. AI's year-to-date
revenues were estimated at INR110 million as on October 31, 2013.
The firm benefitted from fiscal incentives for establishing a
plant in North-East India, resulting in a moderate operating
margin of 16 per cent in 2012-13. The operating margin is expected
to remain at moderate level over the medium term.

AI's financial risk profile remains average with moderate gearing
and debt protection metrics. The firm's financial risk profile is
constrained by its average net worth of INR86 million as on March
31, 2013. CRISIL believes that AI's financial risk profile will
continue to be average over the medium term, driven by its average
net worth.

AI's liquidity continues to remain stretched, on account of its
large working capital requirements and low cash accruals. The
firm's gross current assets (GCAs) were high at 250 days as on
March 31, 2013, mainly because of large inventory and subsidy
pending from the government. AI's bank limit utilisation remained
high at 95 per cent over the 12 months through October 2013
because of its large working capital requirements. The firm's
liquidity is, however, supported by the promoters' flexibility to
infuse need-based funds into the business, and the absence of any
significant capex plans.

AI is a partnership concern and was formed in 2009. The day-to-day
operations of the firm are managed by Mr. Pawan Agarwal, who is
one of the partners of the firm. The firm has set up a portland
pozzolona cement grinding unit near Naigaon (Assam). The unit
started operations in April 2012.


JASDEV SINGH: ICRA Assigns 'D' Ratings to INR11cr Loans
-------------------------------------------------------
ICRA has assigned '[ICRA]D' rating to the INR11.0 crore bank
facilities of Jasdev Singh Sandhu Foundation.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loans             10.5       [ICRA]D (Assigned)
   Overdraft Limit         0.5       [ICRA]D (Assigned)

The rating reflects the delays in debt repayments by JSSF
primarily on account of cashflow mismatches. This apart the rating
is constrained by the limited track record and modest operating
metrics (course occupancy of 35%) for JSSF's engineering college
which contributes majority of its revenues. Further, JSSF saw a
decline in revenues and profitability in FY13 led by reduction in
enrolments. ICRA has taken note of the strength derived from
experience of promoters in the field of education owing to a K-12
school being run by them. This is however offset by the delays in
debt servicing. Going forward, in addition to timely servicing of
the debt obligations, JSSF's ability to achieve revenue growth,
improve profitability and debt coverage indicators in light of the
ongoing debt funded capital expenditure will be amongst the key
rating sensitivity factors.

Jasdev Singh Sandhu Foundation is based at Jasdev Singh Sandhu
Campus, Patiala. The trust started with running a school back in
2001 followed by colleges across various streams. At present there
are five educational institutes being run by the trust. All
institutes are located in common campus. This is a very
professionally managed group with qualified member on board. JSSF
has been incorporated by Mr. S Tejinderpal Singh Sandhu in memory
of his father S Jasdev Singh Sandhu who is an active politician
and lawyer by qualification.

Recent results

As per the audited results for FY13, JSSF reported an operating
income of INR6.99 crore with an OPBDIT of INR2.54 crore and net
profit of INR0.15 crore. As of March 31, 2013, the society had a
total debt of INR10.10 crore mainly comprising of term loans. The
networth stood at INR11.16 crore.


KOUTONS RETAIL: ICRA Withdraws 'B+/A4' Rating on INR300cr Loans
---------------------------------------------------------------
ICRA has withdrawn [ICRA]B+/[ICRA]A4 ratings for INR300.0 crore
bank facilities of Koutons Retail India Limited. The ratings were
suspended in September 2010.


MAHARASHTRA STATE: May Default, Turn Insolvent if Tariff Cut OK'd
-----------------------------------------------------------------
Business Standard reports that the Maharashtra State Electricity
Distribution Company (MahaVitaran) has painted a bleak picture of
what would happen if the Maharashtra government decided to reduce
tariff in the range of 10 to 20 per cent without protecting its
finances.

According to the report, MahaVitaran has indicated that it would
default and become insolvent if it failed to collect INR3,550
crore a month from residential, commercial and industrial
consumers across the state.

Business Standard relates that MahaVitaran has pleaded with the
Congress-Nationalist Congress Party government to infuse a total
of INR7,099 crore in the short term in the wake of a tariff cut.

The report says MahaVitaran's argument is crucial as the state
cabinet on January 20 is expected to accept the recommendations
made by the committee led by industries minister Narayan Rane to
cut tariff across consumers in order to counter the Aam Aadmi
Party effect in the run up to the Lok Sabha elections in the
state.

MahaVitaran's monthly payment is INR3,750 crore towards power
purchase (INR3,000 crore), debt servicing (INR250 crore), employee
cost (INR300 crore) and operation and maintenance cost (INR200
crore). Already, there is a deficit of INR200 crore which,
MahaVitaran said, would have to recovered from agricultural
consumers. Besides, MahaVitaran has insisted that non-paying
agriculture consumers would have to be disconnected.

Of MahaVitaran's total 21.4 million consumers, 14.3 million are
residential, 3.7 million agricultural, 1.47 million commercial and
3,70,000 industrial of which 12,000 are high tension consumers,
with a monthly consumption of 1 Mw and above, the report
discloses.  Business Standard relates that MahaVitaran has
estimated that a 20 per cent cut in the average billing rate (ABR)
would cut industrial tariff by 87 paise to INR7.45 a unit from the
present ABR of INR8.32 a unit.

"The removal of high tension powerloom subsidy would cut tariff by
63 paise a unit and the state government would have to provide
INR190 crore to MahaVitaran. The Maharashtra government would have
to give as high as INR3,913 crore, following a tariff cut of
INR1.22 a unit after MahaVitaran passes benefit of electricity
duty and tax on sale of energy to industries. Further, the state
government would have to shell out INR646 crore to MahaVitaran due
to 20 paise a unit cut in tariff after excess of electricity duty
collected is passed on to industrial consumers," a senior minister
told Business Standard.

Moreover, the minister said the state government would have to
compensate MahaVitaran with INR850 crore after a 27 paise a unit
cut, the report says. The reduction in renewable power obligation
would result in a 6 paise fall in tariff and state government
would have to provide INR200 crore to MahaVitaran. The state
government's outgo towards MahaVitaran's debt servicing would be
worth INR1,300 crore after a tariff cut of 40 paise.

Maharashtra State Electricity Distribution Company is an
electricity distribution utility.  MahaVitaran distributes
electricity to the entire Maharashtra except Mumbai city and most
parts of its suburban region, where BEST Undertaking, Tata Power
and Reliance Energy are distributors.


NEELACHAL ISPAT: CARE Cuts Rating on INR140cr Bank Loans to 'B-'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities and
instrument of Neelachal Ispat Nigam Ltd.

                          Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
     i. Long- term Bank     835.63      CARE A+(SO) Revised from
        Facilities                      CARE AA (SO)
        (Term loan)

    ii. Long-term Bank
        Facilities
        (Cash Credit)       140.00      CARE B- Revised from
                                        CARE BBB-

   iii. Short- term Bank
        Facilities          157.05      CARE A4 Revised from
                                        CARE A3

    iv. Outstanding Non
        Convertible
        Debentures (NCD)    200.00      CARE A+(SO) Revised from
                                        CARE AA(SO)

Rating Rationale

The revision in the standalone ratings ((ii) and (iii) above)
factors in the deterioration in the financial profile of NINL
marked by net losses in FY13 and H1FY14 and high overall gearing
with weak debt coverage indicators. The rating revision also
factors in the weak liquidity position of the company. The ratings
continue to be constrained by NINL's exposure to raw material
price volatility and cyclicality inherent in the steel industry.
However, the ratings continue to derive strength from the
experienced promoters and management. The rating also takes
cognizance of the completion of the phase II project of the
company for forward integration.

Going forward, the ability of NINL to profitably ramp up the
operations of the recently commissioned phase II project resulting
in a concomitant improvement in the overall credit profile shall
be the key rating sensitivity.

Further, the ratings assigned to the long-term loans and NCD issue
((i) and (iv) above) are based on the unconditional and
irrevocable corporate guarantee extended by MMTC Ltd (rated CARE
A+/CAREA1+). The revision in the ratings of these long-term loans
and NCD issue follows the revision in the rating of MMTC Ltd from
CARE AA/CARE A1+ to CARE A+/CARE A1+.

The revision in the ratings takes into account the weakening of
the net-worth position of MMTC Ltd (MMTC) on account of the
repeated provisioning made against amounts recoverable from
debtors in FY13 (refers to the period April 1 to March 31)
pertaining to bullion transactions at MMTC's regional offices and
in H1FY14 pertaining to dues recoverable from National Spot
Exchange Ltd (NSEL). Furthermore, the ratings also take into
account the weakened financial profile and stretched liquidity
position of MMTC's associate, NINL, which might necessitate the
higher operational and funding support from MMTC going forward.
The ratings continue to be constrained by the low profitability
margins and moderate increase in receivables which might
necessitate the higher working capital borrowings in the medium
term.

The ratings, however, continue to take into account MMTC's
position as the largest international trading house in India,
predominant ownership by the Government of India (GoI),
comfortable capital structure as well as long and established
track record of trading in diverse commodities.
Going ahead, the ability of MMTC to strengthen the control
systems, improve the profitability while efficiently managing its
working-capital requirements, extent of support provided to NINL
and other subsidiary/associates and its impact on MMTC's financial
risk profile shall be the key rating sensitivities.

Neelachal Ispat Nigam Limited was incorporated in 1982 to set-up
an Integrated Steel Plant (ISP) to undertake the manufacture and
sale of pig iron. Originally, the main promoters of NINL were
Industrial Promotion & Investment Corporation of Orissa (IPICOL)
and Orissa Sponge Iron Ltd. Subsequently in FY1996, MMTC Limited
(MMTC), a majority owned undertaking of Government of India, was
inducted as the main promoter with equity share holding of 49.78%.
The other promoters of NINL include IPICOL (15.29%), NMDC Ltd
(12.87%), Orissa Mining Corporation Ltd (OMC; 12.32%) and MECON
Ltd. (0.86%).

NINL's manufacturing unit is located at Kalinga Nagar Industrial
complex, Dubri, Orissa having 1.1 Million Tonnes Per Annum (MTPA)
capacity blast furnace and supporting infrastructure like sinter
plant (1.7MTPA), coke oven plant(0.88MTPA) and power plant (based
on steam and flue gas) (62.5MW). Further, on March 31, 2013, the
company commissioned a billet manufacturing capacity of 0.89MTPA.
NINL has been the largest exporter of pig iron in India for last
seven years exporting mainly to Thailand, Korea, Indonesia,
Malaysia, Taiwan, Japan and China. The company purchases coking
coal and sells its products through MMTC which charges 3%
commission on each sale/purchase to the company. The company
purchases the other raw material viz iron ore largely from the
other promoter OMC.

During FY13 (refers to period from April 1 to March 31), the
company reported a total operating income of INR1,483 cr with a
PBILDT of INR94 cr and net loss of INR79 cr as against operating
income of INR1,946 cr, PBILDT of INR250 cr and PAT of INR44 cr in
FY12. Further, as per the H1FY13 (refers to period from April 1 to
September 30) results, the company has registered a total
operating income of INR768 cr with a PBILDT of INR23 cr and a net
loss of INR85 cr.


OM CORRUGATED: ICRA Assigns 'B' Ratings to INR5.6cr Loans
---------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR4.6 crore term
loan and INR1 crore fund based limits of Om Corrugated Pack
Private Limited. ICRA has also assigned an '[ICRA]A4' rating to
INR2.97 crore non fund based bank limits (sub-limit of term loan)
OCPPL.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Term Loan                 4.60        [ICRA]B assigned
   Working Capital           1.00        [ICRA]B assigned
   Non Fund Based limits     2.97        [ICRA]A4 assigned

The ratings take into account OCPPL's exposure to fluctuations in
the raw material prices and intense competition in the highly
fragmented packaging industry that is likely to keep margins under
pressure. The ratings take note of highly working capital
intensive nature of operations, which coupled with moderately
aggressive funding of its project that would keep the gearing at
elevated levels at-least over the near term. This, coupled with
low profitability from the business, is likely to keep the debt
coverage indicators under pressure at least over the near term, in
ICRA's opinion. The ratings, however, draw comfort from the
experience of the promoters in the packaging industry and its long
association with a reputed player in the beverages segment.

Moreover, the favorable demand outlook of beverages and FMCG
industries, which are end-user industries for OCPPL, is likely to
provide support to the revenue growth of the company. ICRA notes
that the presence of time-lag in the commencement of debt
repayment from the date of commissioning of facility is likely to
provide some headroom to stabilise the operations. However, in
ICRA's opinion the ability of the company to stabilise the
operations as per stated parameters and manage its working capital
requirements while scaling up the operations would be a key rating
sensitivity going forward.

Incorporated in 2011, the company is primarily engaged into
manufacturing of corrugated boxes, with its manufacturing facility
located at Bihta, Bihar. The total installed capacity is 21600
MTPA.


PAL SYNTHETICS: ICRA Cuts Ratings on INR10.33cr Loans to 'B-'
-------------------------------------------------------------
ICRA has downgraded the long-term rating to '[ICRA]B-' from
'[ICRA]B' for the INR0.83 crore term loans (reduced from INR2.41
crore) and INR9.50 crore long-term, fund-based working capital
facilities (enhanced from INR4.00 crore) of Pal Synthetics
Limited. ICRA has reaffirmed the short-term rating of '[ICRA]A4'
to the INR3.00 crore short-term, fund-based working capital
facilities (enhanced from INR2.60 crore) and INR1.50 crore short-
term, non-fund based limits of the company (reduced from INR2.50
crore) (sub-limits of fund based limits). ICRA has also reaffirmed
the short-term rating of [ICRA]A4 to the INR3.67 crore, short-
term, unallocated limits of the company (enhanced from INR2.49
crore).

                             Amount
   Facilities              (INR crore)     Ratings
   ----------              -----------     -------
   Long-term loans             0.83        Downgraded to [ICRA]B-
                                           from [ICRA]B

   Long-term, fund-            9.50        Downgraded to [ICRA]B-
   based working                           from [ICRA]B
   capital facilities

   Short-term, fund-         (3.00)        [ICRA]A4 reaffirmed
   based working
   capital facilities

   Short-term, non-fund      (1.50)        [ICRA]A4 reaffirmed
   based working capital
   facilities

   Short-term, Unallocated    3.67         [ICRA]A4 reaffirmed
   limit

The rating downgrade take into account deterioration in PSL's
financial indicators as evidenced by de-growth in sales, depressed
margins, highly leveraged capital structure, increase in working
capital intensity and consequently strained cash flow position.
The ratings are further constrained by PSL's small scale of
operations restricting economies of scale coupled with weak global
and domestic macro-economic scenario resulting in slower recovery
from customers and consequent deterioration in liquidity. ICRA
also takes notes of the fragmented industry structure which limits
pricing flexibility, further the margins remain vulnerable to
volatility in raw material prices; ability to pass on increase in
raw material cost remains critical for protecting and enhancing
profitability. The ratings, however, favorably factor in the
established experience of PSL's promoters in trading,
manufacturing and processing of fabrics and its diversified
customer base.

Pal Synthetics Limited, flagship company of the Pal group, was
incorporated in 1981 by Mr. Jagjit Singh Arora as fabric weaving
unit for suitings, shirtings and bottom wear fabric. The
promoters, prior to incorporation of this company, had extensive
experience in trading of textile products. The company operates
out of leasehold land at MIDC-Tarapur. At present the company has
38 looms in operation and also engages in trading of fabrics.

Recent results:

PSL reported a net loss of INR0.99 crore on an operating income of
INR24.81 crore in FY13, as against a profit after tax of INR0.91
crore on an operating income of INR29.50 crore in FY12.


PARADEEP PARIVAHAN: CRISIL Cuts Ratings on INR210MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Paradeep Parivahan Pvt. Ltd. to 'CRISIL D/ CRISIL D' from 'CRISIL
BB-/Stable/CRISIL A4'.

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

   Proposed Cash Credit       100       CRISIL D (Downgraded from
   Limit                                'CRISIL BB-/Stable')

   Proposed Short Term        100       CRISIL D (Downgraded from
   Bank Loan Facility                   'CRISIL A4')

The ratings downgrade reflect instances of delays by PPPL in
servicing its debt obligations on account of weakened liquidity
due significant stretch in receivables with large portion due over
six months.

The rating also factors in PPPL's weak liquidity and working-
capital-intensive operations. These weaknesses are partially
offset by PPPL's promoters' extensive industry experience.

PPPL was originally set up in 2000 as a partnership firm, Paradeep
Parivahan, by Mr. Khalid Khan. The firm was reconstituted as a
private limited company with the current name in 2006. PPPL is
engaged in port handling, on-shore dredging, and trading in iron
ore (discontinued in 2012-13).

PPPL reported, a profit after tax (PAT) of INR7.9 million on net
sales of INR403 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR14 million on net sales
of INR435 million for 2011-12.


RK ICE: CARE Revises/Reaffirms 'B+/A4' Rating on INR25cr Loans
--------------------------------------------------------------
CARE revises/reaffirms rating assigned to the bank facilities of
RK Ice & Cold Storage.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term/Short-            25        CARE B+/CARE A4 Revised
   term Bank Facilities                  from CARE BB-/CARE A4

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

Rating Rationale

The revision in the long-term rating of the bank facilities of RK
Ice & Cold Storage is primarily on account of the decline in Total
Operating Income (TOI) and cash accruals and deterioration in debt
coverage indicators and liquidity position in FY13 (refers to the
period April 1 to March 31). The ratings continue to remain
constrained by its presence in a highly fragmented sea food
processing industry and susceptibility of its profitability to
foreign exchange rate fluctuation.

The ratings, however, continue to derive strength from the wide
experience of the partners and established track record of
operations of RKICS over two decades in the seafood processing
industry.

The ability of RKICS to increase its scale of operations and
improve profitability along with efficient working capital
management are the key rating sensitivities.

RKICS was established as a partnership firm in 1991 by the
Khetalpar family of Mangrol (Gujarat). Headed by Mr Ratilal
Khetalpar and his four sons, the firm is engaged in the export of
seafoods such as squid, ribbon fish, cuttlefish and shrimp,
primarily to China, Europe and the Middle East. The firm has a
processing facility at Mangrol with an installed capacity of 60
tonnes per day for the processing of seafood and a cold storage
facility with a capacity of 1,400 tonnes for preserving processed
seafood.

The key partner also has interests in the same line of business
through two other entities, Ratna Surimi (rated 'CARE B+/CARE A4')
and King Fish Industries (rated 'CARE B+/CARE A4').
During FY13, RKICS reported a total operating income of INR41.64
crore (FY12: INR62.12 crore) and PAT of INR0.19 crore (FY12: PAT
of INR0.30 crore). During 9MFY14 (provisional), RKICS achieved
sales of INR22.28 crore.


SHIVAM TRADERS: CRISIL Assigns 'B-' Rating to INR65M Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Shivam Traders.

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

The rating reflects Shivam's weak financial risk profile marked by
a highly leveraged capital structure and weak interest coverage
ratio, and its modest scale of operations in the fragmented edible
oil trading business. These rating weaknesses are partially offset
by the benefits that Shivam derives from the extensive industry
experience of its proprietor and efficient working capital
management.

Outlook: Stable

CRISIL believes that Shivam will continue to benefit from the
extensive industry experience of its proprietor; however, its
financial risk profile will remain weak owing to its leveraged
capital structure and weak interest coverage ratio. The outlook
may be revised to 'Positive' if Shivam significantly improves its
capital structure or if it generates significantly higher-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' if Shivam's working capital requirements increase
significantly, leading to deterioration in liquidity.

Shivam, set up in 1998 as a proprietorship firm, is engaged in
trading in edible oil. It is based in Hapur (Uttar Pradesh). The
company is managed by Mr. Kapil Agarwal.

For 2012-13 (refers to financial year, April 1 to March 31),
Shivam reported a book profit of INR1.2 million on net sales of
INR403.3 million, against a book profit and net sales of INR1.0
million and INR188.5 million, respectively, for 2011-12.


SHREE SHYAM: ICRA Rates INR7cr Cash Credit at 'B'
-------------------------------------------------
A rating of '[ICRA]B' has been assigned to the INR7.00 crore fund-
based cash credit facility of Shree Shyam Cotton Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           7.00         [ICRA]B assigned

The assigned rating is constrained by the Shree Shyam Cotton
Industries (SSCI) small scale of operations and its weak financial
profile characterized by weak coverage indicators and thin
profitability margins on account of limited value addition in the
business operations. The rating is further constrained by the
susceptibility of cotton prices to seasonality and government
regulations on MSP and export quota which together with high
competitive industry environment further exerts pressure on
margins.. Further, being a partnership firm, any substantial
withdrawal from the capital account can have an adverse impact on
the capital structure of the firm.

The assigned rating however, favorably factors in the long
experience of partners in the cotton ginning industry and the
advantages arising from the firm's proximity to raw material
sources which ensures easy availability of raw cotton. The
assigned ratings further consider the favorable outlook for cotton
and cotton seed demand as Gujarat is also the biggest market for
cotton seed oil consumption in India.

Incorporated in 2008, Shree Shyam Cotton Industries is engaged in
ginning and pressing operations. The firm is promoted and managed
by Mr. Kantibhai Patel along with five other partners with
experience in the cotton ginning industry. The firm's
manufacturing facility is located at Vijapur, Mehsana in Gujarat
and has twenty four ginning machines and one pressing machine with
capacity to produce 200 pressed cotton bales per day.

Recent Results

For the year ended 31st March, 2013, the firm reported an
operating income of INR29.36 crore and profit after tax (PAT) of
INR0.25 crore.


SHRISHTI ELECTROMECH: CRISIL Places 'B' Ratings on INR180MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
bank facilities of Shrishti Electromech Pvt Ltd.

                             Amount
   Facilities               (INR Mln)   Ratings
   ----------               ---------   -------
   Proposed Long Term
   Bank Loan Facility         122.3     CRISIL B/Stable

   Open Cash Credit            50.0     CRISIL B/Stable

   Long Term Loan               7.7     CRISIL B/Stable

   Bill Discounting            10.0     CRISIL A4

   Foreign Letter of
   Credit                      10.0     CRISIL A4

The ratings reflect SEPL's below-average financial risk profile
marked by small net worth, modest debt protection metrics and
small scale of operations in the fragmented fan manufacturing
industry. These rating weaknesses are partially offset by SEPL's
established relationship with key customers supported by its
promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that SEPL will continue to benefit from its
promoters' extensive experience in the fan manufacturing industry.
The outlook may be revised to 'Positive' if the company
diversifies its product and customer portfolio leading to a
significant and sustained improvement in its scale of operations
or the promoters infuse substantial equity, thereby improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SEPL's revenues and operating profitability decline
or it faces delays in receipt of payments from its clients or the
company extends significant funding support to its associate
entities or undertakes any significant debt-funded capital
expenditure programme thereby weakening its financial risk
profile.

Set up in 2002 as a private limited company by Mr. Suresh
Tibrewala and his family at Hyderabad, SEPL manufactures various
types of fans.

For 2012-13 (refers to financial year, April 1 to March 31), SEPL
reported a net loss of INR0.79 million on net sales of INR324.72
million as against a profit after tax of INR1.48 million on net
sales of INR257.83 million for 2011-12.


SRI LAKSHMI: CRISIL Reaffirmed 'D' Ratings on INR295MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Lakshmi Saraswathi
Textiles (Arni) Ltd continue to reflect instances of delay by SLST
in servicing its debt; the delays have been caused by the
company's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               95      CRISIL D (Reaffirmed)

   Export Bill Purchase-
   Discounting               40      CRISIL D (Reaffirmed)

   Export Packing Credit     20      CRISIL D (Reaffirmed)

   Letter Of Guarantee       15      CRISIL D (Reaffirmed)

   Letter of Credit          60      CRISIL D (Reaffirmed)

   Long Term Loan             4.8    CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility         50.2   CRISIL D (Reaffirmed)

   Packing Credit             10     CRISIL D (Reaffirmed)

SLST also has a modest financial risk profile, constrained by its
volatile profitability margins and large working capital
requirements. However, the company benefits from its established
track record in manufacturing cotton yarn.

Update
For 2012-13 (refers to financial year, April 1 to March 31), SLST
reported operating revenue of INR1.15 billion, registering a year-
on-year growth of 16.3 per cent. For the six months ended
September 30, 2013, it reported, on a provisional basis, an
operating income of around INR63 million. SLST reported an
operating margin of 12 per cent in 2012-13 against operating
losses reported in 2011-12. SLST's operating margin has
historically remained volatile; CRISIL believes that the same will
continue to be dependent on the spreads between cotton and cotton
yarn prices.

The company's financial risk profile is marked by low gearing and
healthy debt protection metrics, albeit with a modest net worth.
SLST had a low gearing of 0.46 times as on March 31, 2013. The
company's debt protection metrics were strong, marked by net cash
accruals to total debt and interest coverage ratios at 1.01 times
and 5.62 times, respectively, for 2012-13. However, the same
remains volatile depending on fluctuations in operating margin.
SLST plans to incur capital expenditure of INR25 million in 2013-
14 towards preparatory machinery, which will be fully funded
through internal accruals

SLST continues to delay paying its instalments, with delays
ranging from 2 to 45 days. The company's bank lines were
extensively utilised at an average of 100.1 per cent for the 12
months ended November 2013, with few instances of overdrawn bank
lines. This stretch in liquidity has resulted in the company
delaying its repayments, even though the company's internal
accruals are more than sufficient to repay the term loan.

For 2012-13, SLST had reported a profit after tax of INR73.5
million on revenue of INR1.15 billion, against a net loss of INR77
million on revenue of INR987.8 million for 2011-12.

SLST, set up in 1964 and based in Chennai (Tamil Nadu),
manufactures cotton yarn in counts of 30s, 40s, and 60s. The
company is promoted by Mr. R Srihari, his son Mr. S Balakrishna,
and his nephew, Mr. R Padmanaban.


STRESCON INDUSTRIES: CRISIL Puts 'B' Ratings on INR117.4MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank loan facilities of Strescon Industries Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                72.4     CRISIL B/Stable
   Letter of Credit         20       CRISIL A4
   Bank Guarantee           20       CRISIL A4
   Cash Credit              45       CRISIL B/Stable

The ratings reflect SIL's small scale and working-capital-
intensive operations along with customer concentration in revenue
profile. These rating weaknesses are partially offset by the
benefits that SIL derives from the extensive experience of its
promoters in the concrete sleeper industry and comfortable
financial risk profile marked by low gearing and moderate debt
protection metrics.

Outlook: Stable

CRISIL believes that SIL will continue to benefit from its
promoters' extensive experience in the concrete sleeper industry.
The outlook may be revised to 'Positive' if the company reports a
significant improvement in its scale of operation while sustaining
its profitability or in case of improvement in working capital
management leading to improvement in liquidity as well as business
risk profile. Conversely, significant stretch in working capital,
lower-than-expected accruals, or any larger-than-expected debt-
funded capital expenditure leading to deterioration in the overall
financial risk profile, especially liquidity, are among the
factors that can lead to revision in outlook to 'Negative'.

Incorporated in 1978 in Kolkata (West Bengal), SIL manufactures
railway sleepers. The company ventured into manufacturing of
sleepers from 1991. SIL primarily caters to Indian Railways, which
contributed around 90 per cent to the company's revenue in 2012-13
(refers to financial year, April 1 to March 31). The day-to-day
operations of SIL are managed by Mr. Sabyasachi Munshi, who is the
promoter-director of the company.


SUPREME COLOUR: CRISIL Assigns 'B' Ratings to INR137.5MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank loan facilities of Supreme Colour Roofing and Decking Pvt
Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 34      CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility        23.5    CRISIL B/Stable

   Cash Credit               80      CRISIL B/Stable

   Letter of Credit          50      CRISIL A4

The ratings reflect the company's exposure to stabilisation risk
on account of its initial stages of operations and its below-
average financial risk profile. These rating weaknesses are
partially offset by its promoters' extensive experience in
providing of roofing solutions.

CRISIL has treated INR40 million of unsecured loans, extended by
Supreme's promoters and their family, as neither debt nor equity.
This is based on a specific undertaking from the management that
it will maintain these loans in the business till the pendency of
bank facilities.

Outlook: Stable

CRISIL believes that Supreme will benefit over the medium term
from its promoters' experience in providing roofing solutions. The
outlook may be revised to 'Positive' if the company reports
higher-than-expected revenues and improves its capital structure,
leading to overall improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if Supreme
generates lower than expected revenues and cash accruals, larger
than expected working capital cycle, or it undertakes any large
debt-funded capital expenditure programme, resulting in weak
financial risk profile, especially liquidity.

Incorporated in 2011, Supreme manufactures multi-colour steel
roofing and cladding, decking, purlins and accessories. The
company's manufacturing facility was recently set-up in Indore,
Madhya Pradesh. The day to day operations of the company are being
managed by Mr. Akhtar Hussain.


SYBLY INDUSTRIES: CRISIL Upgrades Rating on INR100MM Loans to 'C'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Sybly
Industries Ltd to 'CRISIL C' from 'CRISIL D'.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit               100       CRISIL C (Upgraded from
                                       'CRISIL D')

The rating upgrade reflects timely servicing by SIL of the
interest liability on its working capital borrowings. The rating
remains constrained on account of its stretched liquidity profile
due to high working capital requirements and weak operating
profitability. These rating weaknesses are partially offset by the
extensive experience of SIL's promoters in the yarn industry.

For arriving at the rating, CRISIL has consolidated the business
and financial risk profiles of SIL with its wholly-owned
subsidiary, Sybly International FZE (SI).

SIL, set up in May 1988 by Mr. Satya Prakash Mittal and his sons,
Mr. Mahesh Chand Mittal and Mr. Umesh Kumar Mittal, manufactures
polyester yarn and mercerised cotton yarn. SIL is also engaged in
trading of polyester yarn. The company's wholly-owned subsidiary,
SI, trades in mild steel products. SIL's plant is in Ghaziabad
(Uttar Pradesh) and it is listed on Bombay Stock Exchange.

SIL, on a standalone basis, reported a profit-after-tax of INR0.0
million on net sales of INR1074.9 million for 2012-13 (refers to
financial year, April 1 to March 31), as against a net loss of
INR11.7 million on net sales of INR772.5 million for 2011-12. For
the six-month period ended September 30, 2013, SIL reported a net
loss of INR7.0 million on net sales of INR382.4 million, as
against a net profit of INR0.6 million on net sales of INR532.7
million for the corresponding period of the previous year.


TRILOK COTTON: ICRA Assigns 'B-' Ratings to INR13.5cr Loans
-----------------------------------------------------------
ICRA has assigned the '[ICRA]B-' rating to INR10.50 crore long
term bank facilities of Trilok Cotton Pvt Ltd. ICRA has also
assigned the '[ICRA]A4' to INR9.75 crore of short term fund based
facilities of TCPL.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long term, Fund          10.50        [ICRA]B- assigned
   based limits-Cash
   Credit

   Long term, Fund           3.00        [ICRA]B- assigned
   based limits-Term
   Loan

   Short term, Fund
   based limits              9.75        [ICRA]A4 assigned

The assigned rating takes into account the increase in the
company's OI over the past fiscals, driven by yarn exports. The
rating also favorably factors in the company's location advantage,
given its presence in the cotton growing belt of Maharashtra; as
well as the considerable experience of the promoters in the
textile business. The rating, however, is constrained by the
company's limited track record, along with a stretched financial
risk profile characterized by high gearing and low coverage
indicators. The margins of the company also remain vulnerable to
adverse movements in cotton, lint and yarn prices. Furthermore,
the low additive value of the business also keeps profit margins
and net cash accruals at modest levels. The regulated, yet
fragmented, nature of the industry limits the profitability of the
comapny too. With yarn exports forming a major part of the revenue
profile, the margins of the company also remain exposed to foreign
currency fluctuations.

TCPL was incorporated in 2009 by Mr. Vinod Patni and Mr. Dinesh
Patni at Ichalkaranji, Kolhapur in Maharashtra. The Company is
involved in cotton ginning and pressing, as well as in yarn
exports. The ginning unit is located at Jintur in Parbhani
district of Maharashtra with an installed capacity of 100000 bales
per annum.


VIJ AGRO: CRISIL Reaffirms 'B' Rating on INR600MM Loan
------------------------------------------------------
CRISIL's rating on the bank facilities Vij Agro Exports Pvt Ltd
continues to reflect VAPL's below-average financial risk profile
marked by a modest net worth, high gearing and below-average debt
protection metrics, susceptibility to erratic rainfall, and large
working capital requirements. These rating weaknesses are
partially offset by the healthy growth prospects for the rice
processing industry and VAPL's promoters' extensive industry
experience.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            600      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VAPL's business risk profile will continue to
be supported by its promoters' industry experience, over the
medium term. The outlook may be revised to 'Positive' if VAPL's
liquidity improves, driven by significant increase in cash
accruals with improvement in scale of operations or capital
structure. Conversely, the outlook may be revised to 'Negative' in
case there is a decline in its profitability or more-than-expected
increase in working capital requirements, or VAPL undertakes any
larger-than-expected, debt-funded capital expenditure programme.

Incorporated in 1999, VAPL is engaged in the milling and
processing of basmati rice (Pusa 1121 quality). The company was
promoted by Mr. Sunil Kumar Vij and his two brothers, Mr. Sachin
Kumar and Mr. Pravin Kumar, and their mother, Mrs. Naresh Kumari
Vij. The company's processing unit is located in Ferozepur
(Punjab).


WADHWANI PARMESHWARI: CRISIL Ups Ratings on INR100MM Loans to 'B'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility
Wadhwani Parmeshwari Cold Storage Pvt Ltd to 'CRISIL B/Stable'
from 'CRISIL B-/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------            ---------    -------
   Cash Credit              90        CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Proposed Cash
   Credit Limit              3.5      CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Term Loan                 6.5      CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The rating upgrade reflects timely debt servicing track record
demonstrated by WPCS. The company's liquidity has improved
marginally as reflected in its sufficient expected cash accruals
of INR3 million to INR3.5 million in 2013-14 (refers to financial
year, April 1 to March 31) against scheduled term debt repayments
of INR1.4 million. WPCS reported operating income of INR23.3
million during 2012-13, resulting in year-on-year growth of about
36 per cent while its operating margin was healthy at more than 81
per cent and it registered net cash accruals of INR2.9 million
during the year. The company is expected to achieve operating
income of INR23 million to INR25 million during 2013-14 while its
operating margin will remain over 80 per cent.

The ratings continue to reflect WPCS's weak financial risk
profile, marked by small net worth, high gearing, weak debt
protection metrics, small scale of operations, and susceptibility
to intense competition in the highly fragmented cold storage
industry. These rating weaknesses are partially offset by the
benefits that WPCS derives from its promoters' extensive industry
experience, established relationships with customers, and
advantageous location of cold storage unit.
Outlook: Stable

CRISIL believes that WPCS will benefit from its promoters'
extensive experience in the cold storage industry but its
financial risk profile will continue to remain weak over the
medium term due to its large working capital requirements and
modest cash accruals. The outlook may be revised to 'Positive' in
case of more-than-expected cash accruals and improvement in the
company's capital structure most likely caused by sizable infusion
of funds by the promoters. Conversely, the outlook may be revised
to 'Negative' if there is lengthening of WPSC's working capital
cycle, or in case of any default by its customers amid declining
commodity prices.

Incorporated in 2000, WPCS operates a cold storage unit and
banana-ripening unit at Nagpur (Maharashtra). It is promoted by
Mr. Prakash Wadhwani. The company provides cold storage and
banana-ripening facilities to various farmers and traders.

WPCS has reported net sales and profit after tax (PAT) of INR23.3
million and INR1.6 million, respectively, for 2012-13 against PAT
of INR1.2 million on net sales of INR17.2 million in 2011-12.



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


TOKYO ELECTRIC: May Spend JPY2.67 Tril. on Strategic Investments
----------------------------------------------------------------
Tsuyoshi Inajima and Takako Taniguchi at Bloomberg News report
that Tokyo Electric Power Co., operator of the crisis-ridden
Fukushima Dai-Ichi nuclear power plant, is considering spending
about JPY2.67 trillion (US$25.6 billion) on strategic investments
through partnerships as it seeks to chart a path to growth beyond
the Fukushima disaster.

Of the planned investments, the utility known as Tepco plans to
borrow JPY2 trillion in fresh loans from lenders, President Naomi
Hirose, 60, told Bloomberg in an interview in Tokyo on Jan. 18.
The utility will make loan requests to banks as soon as possible,
Mr. Hirose said, declining to specify a timeframe, the report
relates.

"For the sake of Fukushima's reconstruction, we have to seek
growth," Mr. Hirose said in the interview, three days after the
company released the latest plan to turn itself around after
almost three years marked by mounting losses, scares over
contaminated groundwater and continuing cleanup efforts.

According to Bloomberg, the financing plans outlined by
Mr. Hirose are an attempt by Tepco, Japan's biggest utility, to
stake out a fresh course separate from the troubles that have
befallen the company in the aftermath of Fukushima. The disaster
looms large over the Tokyo-based company, shadowing everything
from attempts to rebuild to morale among its employees, the report
notes.

More than 2,000 workers had left Tepco by the end of March 2013
since the Fukushima disaster in 2011 pushed the company to the
brink of bankruptcy, forcing it to shrink overseas projects and
reduce employees' salaries and bonuses. Tepco executives,
including Hirose, have voiced concern that the exodus will
severely hurt the company as hundreds of talented younger workers
leave.

            Probes Cause of Latest Radioactive Water Leak

Meanwhile, Masumi Suga at Bloomberg News reports that Tepco is
investigating the cause of another leak of radioactive water at
its wrecked Fukushima nuclear power plant, a reminder of the
challenges remaining at the site of the world's worst atomic
accident since the 1986 Chernobyl disaster.

Tepco is probing the origin and cause, spokeswoman Kaoru Suzuki
told Bloomberg by telephone. Tepco revealed the leak in a
statement on its website last week, Bloomberg says.

According to Bloombeg, Tepco said Jan. 19 that highly radioactive
water was detected inside the No. 3 reactor building at the
Fukushima Dai-Ichi nuclear plant. The contaminated water likely
hasn't escaped outside the building, Mr. Suzuki said.

Bloomberg notes that the latest leak threatens to undermine
efforts by the company to distance itself from the March 2011
disaster as it attempts to chart a path toward growth.  Tokyo-
based Tepco last week released a turnaround plan calling for
investments in upstream energy projects and overseas electricity
businesses, the report adds.

                           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.



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


* BOND PRICING: For the Week Jan. 13 to Jan. 17, 2014
-----------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----


  AUSTRALIA
  ---------

COMMONWEALTH BANK OF   1.50    4/19/2022    AUD    73.18
DBCT FINANCE PTY LTD   2.96     6/9/2026    AUD    74.60
EXPORT FINANCE & INS   0.50    6/15/2020    NZD    74.43
GRIFFIN COAL MINING    9.50    12/1/2016    USD    72.38
GRIFFIN COAL MINING    9.50    12/1/2016    USD    72.38
MIRABELA NICKEL LTD    8.75    4/15/2018    USD    28.38
MIRABELA NICKEL LTD    8.75    4/15/2018    USD    35.00
NEW SOUTH WALES TREA   0.50    9/14/2022    AUD    68.70
NEW SOUTH WALES TREA   0.50    10/7/2022    AUD    68.45
NEW SOUTH WALES TREA   0.50   10/28/2022    AUD    68.23
NEW SOUTH WALES TREA   0.50   11/18/2022    AUD    67.42
NEW SOUTH WALES TREA   0.50    3/30/2023    AUD    68.72
NEW SOUTH WALES TREA   0.50     2/2/2023    AUD    69.25
NEW SOUTH WALES TREA   0.50   12/16/2022    AUD    69.73
NEWCREST FINANCE PTY   5.75   11/15/2041    USD    74.43
NEWCREST FINANCE PTY   5.75   11/15/2041    USD    74.27
PALADIN ENERGY LTD     6.00    4/30/2017    USD    74.15
TREASURY CORP OF VIC   0.50   11/12/2030    AUD    46.26
TREASURY CORP OF VIC   0.50     3/3/2023    AUD    69.95
TREASURY CORP OF VIC   0.50    8/25/2022    AUD    71.49


  CHINA
  -----

CENTRAL HUIJIN INVES   4.20    9/20/2040    CNY    72.60
CHINA DEVELOPMENT BA   3.80   10/30/2036    CNY    69.64
CHINA DEVELOPMENT BA   4.01   10/11/2035    CNY    72.86
CHINA GOVERNMENT BON   1.64   12/15/2033    CNY    58.24
CHINA RAILWAY CORP     4.10   11/15/2036    CNY    73.40


  INDONESIA
  ---------

DAVOMAS INTERNATIONA  11.00    12/8/2014    USD    23.88
DAVOMAS INTERNATIONA  11.00    12/8/2014    USD    23.88
INDONESIA TREASURY B   6.38    4/15/2042    IDR    71.00
PERUSAHAAN LISTRIK N   5.25   10/24/2042    USD    74.06
PERUSAHAAN LISTRIK N   5.25   10/24/2042    USD    74.55
PERUSAHAAN PENERBIT    6.10    2/15/2037    IDR    70.33
PERUSAHAAN PENERBIT    6.75    4/15/2043    IDR    75.19


  INDIA
  -----

3I INFOTECH LTD        5.00    4/26/2017    USD    36.25
CORE EDUCATION & TEC   7.00     5/7/2015    USD    29.75
COROMANDEL INTERNATI   9.00    7/23/2016    INR    15.47
DEWAN HOUSING FINANC   5.50    9/24/2023    INR    74.46
DR REDDY'S LABORATOR   9.25    3/24/2014    INR     4.99
GTL INFRASTRUCTURE L   2.53    11/9/2017    USD    30.95
INDIA GOVERNMENT BON   0.24    1/25/2035    INR    17.75
JCT LTD                2.50     4/8/2011    USD    20.00
MASCON GLOBAL LTD      2.00   12/28/2012    USD    10.00
PRAKASH INDUSTRIES L   5.25    4/30/2015    USD    50.50
PRAKASH INDUSTRIES L   5.63   10/17/2014    USD    56.63
PYRAMID SAIMIRA THEA   1.75     7/4/2012    USD     1.00
REI AGRO LTD           5.50   11/13/2014    USD    50.25
REI AGRO LTD           5.50   11/13/2014    USD    50.25
SHIV-VANI OIL & GAS    5.00    8/17/2015    USD    22.38
SUZLON ENERGY LTD      5.00    4/13/2016    USD    48.84
SUZLON ENERGY LTD      7.50   10/11/2012    USD    60.25
VIDEOCON INDUSTRIES    6.75   12/16/2015    USD    73.44


  JAPAN
  -----

ELPIDA MEMORY INC      0.50   10/26/2015    JPY    14.75
ELPIDA MEMORY INC      0.70     8/1/2016    JPY    11.38
ELPIDA MEMORY INC      2.10   11/29/2012    JPY    16.00
ELPIDA MEMORY INC      2.03    3/22/2012    JPY    16.00
ELPIDA MEMORY INC      2.29    12/7/2012    JPY    16.00
JAPAN ATOMIC POWER C   1.42   12/25/2019    JPY    73.38
JAPAN ATOMIC POWER C   1.28    9/25/2020    JPY    72.88
JAPAN ATOMIC POWER C   1.48    2/25/2021    JPY    71.50
JAPAN EXPRESSWAY HOL   0.50    3/18/2039    JPY    70.47
JAPAN EXPRESSWAY HOL   0.50    9/17/2038    JPY    71.07
TOKYO ELECTRIC POWER   1.96    7/29/2030    JPY    73.88
TOKYO ELECTRIC POWER   2.37    5/28/2040    JPY    69.88


  PHILIPPINES
  -----------

BAYAN TELECOMMUNICAT  13.50    7/15/2006    USD    22.75
BAYAN TELECOMMUNICAT  13.50    7/15/2006    USD    22.75


  SOUTH KOREA
  -----------

EXPORT-IMPORT BANK O   0.50   10/23/2017    TRY    67.02
EXPORT-IMPORT BANK O   0.50   12/22/2017    TRY    66.08
EXPORT-IMPORT BANK O   0.50    1/25/2017    TRY    72.31
EXPORT-IMPORT BANK O   0.50   11/28/2016    BRL    71.27
EXPORT-IMPORT BANK O   0.50   10/27/2016    BRL    72.17
EXPORT-IMPORT BANK O   0.50   12/22/2017    BRL    62.51
EXPORT-IMPORT BANK O   0.50   12/22/2016    BRL    70.62
EXPORT-IMPORT BANK O   0.50   11/21/2017    BRL    63.03
EXPORT-IMPORT BANK O   0.50    9/28/2016    BRL    72.91
EXPORT-IMPORT BANK O   0.50    8/10/2016    BRL    74.81
TONGYANG CEMENT & EN   7.50    4/20/2014    KRW    70.00
TONGYANG CEMENT & EN   7.30    4/12/2015    KRW    70.00
TONGYANG CEMENT & EN   7.50    9/10/2014    KRW    70.00
TONGYANG CEMENT & EN   7.50    7/20/2014    KRW    70.00
TONGYANG CEMENT & EN   7.30    6/26/2015    KRW    70.00


  SRI LANKA
  ---------

SRI LANKA GOVERNMENT   5.35     3/1/2026    LKR    70.51


  SINGAPORE
  ---------

BAKRIE TELECOM PTE L  11.50     5/7/2015    USD    14.38
BAKRIE TELECOM PTE L  11.50     5/7/2015    USD    14.63
BLD INVESTMENTS PTE    8.63    3/23/2015    USD    28.88
BUMI CAPITAL PTE LTD  12.00   11/10/2016    USD    69.35
BUMI CAPITAL PTE LTD  12.00   11/10/2016    USD    67.55
BUMI INVESTMENT PTE   10.75    10/6/2017    USD    67.75
BUMI INVESTMENT PTE   10.75    10/6/2017    USD    67.13
ENERCOAL RESOURCES P   9.25     8/5/2014    USD    60.15
GENCO SHIPPING & TRA   5.00    8/15/2015    USD    52.55
INDO INFRASTRUCTURE    2.00    7/30/2010    USD     1.88
OTTAWA HOLDINGS PTE    5.88    5/16/2018    USD    74.83


  THAILAND
  --------

G STEEL PCL            3.00    10/4/2015    USD    13.63
MDX PCL                4.75    9/17/2003    USD    17.75



                             *********

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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