TCRAP_Public/140122.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

          Wednesday, January 22, 2014, Vol. 17, No. 15


                            Headlines


A U S T R A L I A

BRINDABELLA AIRLINES: Vincent Aviation Replaces Services
CREDIT UNION: Fitch Affirms 'BB' Rating on AUD13.5-Mil. Notes
MACQUARIE LEASING: Fitch Affirms Rating on 12 SMART Transactions
NEWS AND SPORT: Fined For Failure to Lodge Annual Reports
RARE COIN COMPANY: Rare Coins Ready to be Collected

RURAL HEALTH: Shuts Down Business After 22 Years
SEIVER'S AUSTRALIA: In Administration; Shuts Three Offices
UNIVERSAL SWITCHBOARDS: Hall Chadwick Appointed as Administrators
VINS BUSES: Hall Chadwick Appointed as Administrators


C H I N A

CHINA SOUTH: Proposed Bond Issuance No Impact on Moody's B2 CFR
CIFI HOLDINGS: Moody's Assigns B2 Rating to Proposed USD Notes
DTS8 COFFEE: To Issue 900,000 Shares to Consultants
GENERAL STEEL: Fails to Comply with NYSE's $1 Bid Price Rule
GREENTOWN CHINA: Securities Issuance No Impact on Moody's B1 CFR


I N D I A

AIR INDIA: Seeks Up to $230MM Loan to Buy Two Dreamliner Aircraft
AJAY GUPTAS: ICRA Suspends 'B' Rating on INR35cr Loans
ANANDESHWAR POLYPACK: ICRA Assigns 'B' Ratings to INR5cr Loans
ARUSHI TEXTILES: CARE Lowers Rating on INR24.06cr Loans to 'D'
BHUMIKA ISPAT: ICRA Upgrades Rating on INR18.27cr Loans to 'B-'

BKB TRANSPORT: CARE Reaffirms 'D' Rating on INR94.79cr Loans
CCS INFOTECH: CRISIL Ups Ratings on INR263MM Loans From 'D'
CHIRAJ STOCK: CRISIL Assigns 'B' Rating to INR17.5MM Loan
JMJ INDUSTRIES: CRISIL Assigns 'B+' Ratings to INR112.3MM Loans
MIMANI AGRO: ICRA Suspends 'B+' Rating on INR10.49cr Loans

PRERNA CONSTRUCTIONS: ICRA Rates INR15.5cr Bank Loans at 'B+'
RACHANA SEEDS: CARE Reaffirms 'B+' Rating on INR7.8cr Bank Loans
RAJHANS NUTRIMENTS: ICRA Assigns 'B+' Rating to INR41.5cr Loans
RAMESHWAR INDUSTRIES: ICRA Assigns 'B' Ratings to INR8.75cr Loans
ROYAL'S EDUCATION: ICRA Revises Rating on INR10cr Loans to 'D'

SHREE GURUNANAK: ICRA Reaffirms 'B' Rating on INR6cr Loans
SLOGAN CERAMICS: ICRA Revises Rating on INR4.86cr Loans to 'B+'
SONA EDUCATIONAL: ICRA Rates INR21cr Long-Term Loans at 'B-'
SONERI MARINE: ICRA Reaffirms 'B+' Rating on INR0.5cr Loan
SURUCHI FOODS: CARE Assigns 'B+' Rating to INR35cr LT Bank Loans

SWITCHGEARS & STRUCTURALS: ICRA Keeps B Rating on INR20.5cr Loan
VIJAYANAGAR SUGAR: ICRA Assigns 'C+' Ratings to INR506cr Loans


I N D O N E S I A

INDOSAT TBK: S&P Affirms BB+ Corp. Credit Rating; Outlook Stable


J A P A N

TOKYO ELECTRIC: Moody's Says Business Plan Approval Credit Pos.


N E W  Z E A L A N D

OCEANAGOLD CORP: More Than 140 Jobs Lost at Macraes Mine


S O U T H  K O R E A

* SOUTH KOREA: Corporate Bankruptcies Fall to 6-month Low in Dec.


                            - - - - -


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


BRINDABELLA AIRLINES: Vincent Aviation Replaces Services
--------------------------------------------------------
The Land reports that Vincent Aviation has stepped in to replace
the services of Brindabella Airlines on the Narrabri to Sydney
route.  Brindabella Airlines was placed in receivership in
December 2013.

Darwin-based Vincent Aviation has applied to the aviation
authority to operate the Narrabri to Sydney route for an interim
period ending in late March, according to The Land.

The report notes that Barwon MP Kevin Humphries said he believed
the company would be successful in its approval with the service
potentially commencing later this month.

Vincent Aviation was the only company to seek to operate the
route, the report relates.

QantasLink started to operate the Moree to Sydney service in late
December after Brindabella was placed in receivership, and will
continue to do so until at least March, the report says.

Brindabella operated five regulated routes into Sydney, from
Moree, Narrabri, Mudgee, and Cobar, and also Cooma during the
skiing season.

Expressions of interest were offered on nine other routes across
NSW, which received no applications to operate them, the report
adds.


CREDIT UNION: Fitch Affirms 'BB' Rating on AUD13.5-Mil. Notes
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of two Harvey RMBS
transactions, as detailed below.  Both transactions are backed by
pools of Australian conforming residential full-documentation
mortgages originated by Credit Union Australia Limited. The rating
actions are as follows:

Series 2009-1 Harvey Trust (Harvey 2009-1):

  -- AUD162.7m Class A-1 (ISIN AU3FN0007738) affirmed at 'AAAsf';
     Outlook Stable;
  -- AUD13.5m Class A-2 (ISIN AU3FN0007746) affirmed at 'AAAsf';
     Outlook Stable; and
  -- AUD13.5m Class B (ISIN AU3FN0007753) affirmed at 'BBsf';
     Outlook Stable.

Series 2010-1 Harvey Trust (Harvey 2010-1):

  -- AUD261.4m Class A-1 (ISIN AU3FN0010179) affirmed at 'AAAsf';
     Outlook Stable; and
  -- AUD26m Class A-2 (ISIN AU3FN0010187) affirmed at 'AAAsf';
     Outlook Stable.

The affirmations and stable outlooks reflect Fitch's view that, in
line with expectations of Australia's economic conditions,
available credit enhancement is sufficient to support the notes'
current ratings.  Both the credit quality and performance of the
loans in the collateral pool have remained in line with Fitch's
expectations.

As at end-November 2013, 30+ days arrears made up 0.63% and 0.56%
of the pools backing Harvey 2009-1 and Harvey 2010-1 respectively,
below Fitch's Dinkum Index measuring industry-wide performance
(1.19%).

Both transactions have experienced one default each to date,
resulting in a loss covered mainly by lender's mortgage insurance
(LMI), with the remainder covered by excess spread.  All loans in
the underlying portfolios are covered by LMI, with policies
provided by Genworth Financial Mortgage Insurance Pty Ltd and QBE
Lenders Mortgage Insurance Pty Limited (AA-/Stable)..

The pools are relatively geographically concentrated around
Queensland, with around 45% of each pool located in the state.
The geographical distributions and seasoning of each pool (both
greater than 7 years) resulted in a reduction of the Fitch-
calculated weighted average loan to value ratios to 52.9% after
indexation, down from 59.6% before indexation, for Harvey 2009-1,
and to 48.4%, down from 54.5%, for Harvey 2010-1.

Unexpected increases in delinquencies, defaults and losses would
be necessary before any negative rating action would be
considered.

Sequential pay-down has increased credit enhancement for the
senior notes of both transactions, which can withstand multiples
of the latest reported arrears.  The rated notes of both
transactions are independent of downgrades of the LMI providers'
ratings.


MACQUARIE LEASING: Fitch Affirms Rating on 12 SMART Transactions
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of 12 SMART transactions,
consisting of 82 classes.  The transactions are securitisations of
Australian auto and equipment receivables originated by Macquarie
Leasing Pty Limited (Macquarie Leasing).  The rating actions are
as follows:

SMART Series 2010-2 Trust (as at December 2013):

  -- AUD76.2m Class A-2 (ISIN AU3FN0012043) affirmed at 'AAAsf';
     Outlook Stable;
  -- AUD3.6m Class B (ISIN AU3FN0012050) affirmed at 'AAsf';
     Outlook Stable;
  -- AUD4.3m Class C (ISIN AU3FN0012068) affirmed at 'Asf';
     Outlook Stable;
  -- AUD4.0m Class D (ISIN AU3FN0012076) affirmed at 'BBBsf';
     Outlook Stable; and
  -- AUD4.0m Class E affirmed at 'BBsf'; Outlook Stable.

SMART Series 2011-1US Trust (as at December 2013):

  -- USD152.6m Class A-4a (ISIN US78446EAF43) affirmed at
     'AAAsf'; Outlook Stable;
  -- AUD7.3m Class B affirmed at 'AAsf'; Outlook Stable;
  -- AUD8.9m Class C affirmed at 'Asf'; Outlook Stable;
  -- AUD8.1m Class D affirmed at 'BBBsf'; Outlook Stable; and
  -- AUD8.1m Class E affirmed at 'BBsf'; Outlook Stable.
  -- Class A-3a (ISIN US78446EAD94) paid in full in
     November 2013.
  -- Class A-3b (ISIN US78446EAE77) paid in full in
     November 2013.

SMART Series 2011-2US Trust (as at December 2013):

  -- USD17.1m Class A-3a (ISIN USQ8520NAD77) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD22.0m Class A-3b (ISIN USQ8520NAE50) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD153.6m Class A-4a (ISIN USQ8520NAF26) affirmed at
     'AAAsf'; Outlook Stable;
  -- AUD8.6m Class B affirmed at 'AAsf'; Outlook Stable;
  -- AUD10.5m Class C affirmed at 'Asf'; Outlook Stable;
  -- AUD9.6m Class D affirmed at 'BBBsf'; Outlook Stable; and
  -- AUD9.6m Class E affirmed at 'BBsf'; Outlook Stable.
  -- Class A-2a (ISIN USQ8520NAB12) paid in full in March 2013.
  -- Class A-2b (ISIN USQ8520NAC94) paid in full in March 2013.

SMART Series 2011-3 Trust (as at December 2013):

  -- AUD222.8m Class A-2A (ISIN AU0000SNAHB9) affirmed at
     'AAAsf'; Outlook Stable;
  -- GBP51.8m Class A-2G (ISIN XS0691593114) affirmed at 'AAAsf';
     Outlook Stable;
  -- AUD14.4m Class B affirmed at 'AAsf'; Outlook Stable;
  -- AUD17.3m Class C affirmed at 'Asf'; Outlook Stable;
  -- AUD15.7m Class D affirmed at 'BBBsf'; Outlook Stable; and
  -- AUD15.7m Class E affirmed at 'BBsf'; Outlook Stable.

SMART Series 2011-4US Trust (as at December 2013):

  -- USD16.2m Class A-3a (ISIN US78446NAD93) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD88.2m Class A-3b (ISIN US78446NAE76) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD30m Class A-4a (ISIN US78446NAF42) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD51m Class A-4b (ISIN US78446NAG25) affirmed at 'AAAsf';
     Outlook Stable;
  -- AUD7.7m Class B affirmed at 'AAsf'; Outlook Stable;
  -- AUD10.6m Class C affirmed at 'Asf'; Outlook Stable;
  -- AUD9.7m Class D affirmed at 'BBBsf'; Outlook Stable; and
  -- AUD8.7m Class E affirmed at 'BBsf'; Outlook Stable.
  -- Class A-2a (ISIN US78446NAB38) paid in full in July 2013.
  -- Class A-2b (ISIN US78446NAC11) paid in full in July 2013.

SMART Series 2012-1US Trust (as at December 2013):

  -- USD57.4m Class A-3a (ISIN US83173KAD46) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD100.4m Class A-3b (ISIN US83173KAE29) affirmed at
     'AAAsf'; Outlook Stable;
  -- USD90m Class A-4a (ISIN US83173KAF93) affirmed at 'AAAsf';
     Outlook Stable;
  -- AUD9.9m Class B affirmed at 'AAsf'; Outlook Stable;
  -- AUD13.7m Class C affirmed at 'Asf'; Outlook Stable;
  -- AUD12.4m Class D affirmed at 'BBBsf'; Outlook Stable; and
  -- AUD11.2m Class E affirmed at 'BBsf'; Outlook Stable.
  -- Class A-2a (ISIN US83173KAB89) paid in full in
     December 2013.
  -- Class A-2b (ISIN US83173KAC62) paid in full in
     December 2013.

SMART Series 2012-2US Trust (as at December 2013):

  -- USD9.2m Class A-2a (ISIN US78447DAB47) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD38.4m Class A-2b (ISIN US78447DAC20) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD66m Class A-3a (ISIN US78447DAD03) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD91m Class A-3b (ISIN US78447DAE85) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD27m Class A-4a (ISIN US78447DAF50) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD51m Class A-4b (ISIN US78447DAG34) affirmed at 'AAAsf';
     Outlook Stable;
  -- AUD11.3m Class B affirmed at 'AAsf'; Outlook Stable;
  -- AUD15.6m Class C affirmed at 'Asf'; Outlook Stable;
  -- AUD14.2m Class D affirmed at 'BBBsf'; Outlook Stable; and
  -- AUD12.7m Class E affirmed at 'BBsf'; Outlook Stable.
  -- Class A-1 (ISIN US78447DAA63) paid in full on the March 2013
     payment date.

SMART ABS Series 2012-3EQ Trust (as at December 2013):

  -- AUD97.9m Class A-2 (ISIN AU3FN0016416) affirmed at 'AAAsf';
     Outlook Stable; and
  -- AUD3.3m Class B (ISIN AU3FN0016424) affirmed at 'AAsf';
     Outlook Stable.
  -- Class A-1 (ISIN AU3FN0016408) paid in full in June 2013.

SMART ABS Series 2012-4US Trust (as at December 2013):

  -- USD68.9m Class A-2a (ISIN US83172LAB71) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD54.5m Class A-2b (ISIN US83172LAE11) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD175m Class A-3a (ISIN US83172LAC54) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD60m Class A-3b (ISIN US83172LAF85) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD82.5m Class A-4a (ISIN US83172LAD38) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD20m Class A-4b (ISIN US83172LAG68) affirmed at 'AAAsf';
     Outlook Stable;
  -- AUD9.1m Class B affirmed at 'AAsf'; Outlook Stable;
  -- AUD30m Class C affirmed at 'Asf'; Outlook Stable;
  -- AUD20.6m Class D affirmed at 'BBBsf'; Outlook Stable; and
  -- AUD18.5m Class E affirmed at 'BBsf'; Outlook Stable.
  -- Class A-1 (ISIN US83172LAA98) paid in full in June 2013.

SMART ABS Series 2013-1US Trust (as at January 2014):

  -- USD35.4m Class A-2a (ISIN US7844NAB29) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD41.3m Class A-2b (ISIN US7844NAC02) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD50m Class A-3a (ISIN US7844NAD85) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD89m Class A-3b (ISIN US7844NAE67) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD106m Class A-4a (ISIN US7844NAF33) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD25m Class A-4b (ISIN US7844NAG16) affirmed at 'AAAsf';
     Outlook Stable;
  -- AUD5.9m Class B affirmed at 'AAsf'; Outlook Stable;
  -- AUD19.4m Class C affirmed at 'Asf'; Outlook Stable;
  -- AUD13.3m Class D affirmed at 'BBBsf'; Outlook Stable; and
  -- AUD12m Class E affirmed at 'BBsf'; Outlook Stable.
  -- Class A-1 (ISIN US78447NAA46) paid in full in
     September 2013.

SMART ABS Series 2013-2US Trust (as at January 2014):

  -- USD43.9m Class A-2a (ISIN US7844UAB6188) affirmed at
     'AAAsf'; Outlook Stable;
  -- USD139.1m Class A-2b (ISIN US7844UAC45) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD50m Class A-3a (ISIN US7844UAD28) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD167.5m Class A-3b (ISIN US7844UAE01) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD137.5m Class A-4a (ISIN US7844UAF75) affirmed at 'AAAsf';
     Outlook Stable;
  -- USD65m Class A-4b (ISIN US7844UAG58) affirmed at 'AAAsf';
     Outlook Stable;
  -- AUD9.4m Class B affirmed at 'AAsf'; Outlook Stable;
  -- AUD31.1m Class C affirmed at 'Asf'; Outlook Stable;
  -- AUD21.3m Class D affirmed at 'BBBsf'; Outlook Stable; and
  -- AUD19.2m Class E affirmed at 'BBsf'; Outlook Stable.
  -- Class A-1 (ISIN US78447NAA46) paid in full in January 2014.

SMART ABS Series 2013-3 Trust (as at January 2014):

  -- AUD374.4m Class A (ISIN AU3FN0020582) affirmed at 'AAAsf';
     Outlook Stable; and
  -- AUD12.5m Class B (ISIN AU3FN0020590) affirmed at 'AAsf';
     Outlook Stable.

The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the notes at their current
rating levels.

The performance of the SMART transactions is well within Fitch's
expectations.  Net losses experienced since closing have been
below 1.5% and 30+ day delinquencies are consistently tracking
under 1.3%. To date, excess spread has been more than sufficient
to cover for losses experienced in each transaction.

The 2010-2, 2011-1US, 2011-2US, 2011-3, 2011-4US, 2012-1US, 2010-
3EQ transactions have been paying principal on a pro-rata basis
and are expected to continue to until their respective call dates.
2012-2US, 2012-4US, 2013-1US, 2013-2US and 2013-3 continue to pay
principal on a sequential basis as of the December 2013 & January
2014 payment date.  The payment method is expected to switch to
pro-rata once their respective pro-rata paydown triggers have been
met.

The prospects for downgrades are considered remote given the level
of subordination and excess spread available on all transactions.
A significant and unexpected increase in delinquencies, defaults
and losses would be necessary before any negative rating action
would be considered.  Credit enhancement levels for the 'AAAsf'
rated notes can support many multiples of arrears.

The final ratings and outlooks assigned to the notes are based on:
the quality of the collateral; the credit enhancement provided by
the respective subordinate notes; a strong flow of excess spread;
the liquidity reserve account sized at 1.0% of the aggregate
invested amount of the notes at closing; the interest rate swap
arrangements the trustee has entered into; and Macquarie Leasing
Pty Ltd's lease underwriting and servicing capabilities.

The unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case, and would likely result in a decline in
credit enhancement (CE) and remaining loss-coverage levels
available to the notes.  Decreased CE may make certain note
ratings susceptible to potential negative rating actions,
depending on the extent of the decline in coverage.


NEWS AND SPORT: Fined For Failure to Lodge Annual Reports
---------------------------------------------------------
News and Sport International Ltd has been fined for failing to
lodge annual reports with Australian Securities and Investment
Commission over a four year period.

News and Sport International pleaded guilty in Brisbane
Magistrates Court on Dec. 20, 2013, to four charges of failing to
lodge reports with ASIC in 2008, 2009, 2010 and 2011.

The company was fined AUD6,000 and a conviction was recorded.

The law requires publicly listed companies such as News and Sport
International Ltd, to lodge annual reports with ASIC.

News and Sport International has since lodged the reports.

ASIC Commissioner Greg Tanzer said: "ASIC remains determined to
ensure that investors and the public have accurate and timely
information, allowing them to make informed financial decisions.

"When companies fail to do the right thing, ASIC will be knocking
on their door."

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

News and Sport International Ltd is a Queensland-based digital
news company.


RARE COIN COMPANY: Rare Coins Ready to be Collected
----------------------------------------------------
Peter Williams at The West Australian reports that investors
caught up in the collapse of The Rare Coin Company will start
collecting their valuables from an Albany vault.

Vintage coins and banknotes valued at more than AU$200 million
bought by retirees and other collectors have been held at the
former headquarters of the dealership since it went into voluntary
liquidation in July, according to The West Australian.

The report notes that receivers and managers PPB Advisory told
investors whose ownership of the collectables has been confirmed
by the Supreme Court they could make appointments to pick them up
between January 14 and 31.

The report relates that PPB Advisory said investors would need to
pay outstanding storage and insurance fees before receiving their
goods.

There are about 1700 people affected by the liquidation, many of
whom sank hundreds of thousands of dollars of superannuation funds
into coins and banknotes, the report says.

A small minority of investors whose ownership of the collect-ables
stored is in doubt or dispute face a longer wait to have their
property returned, the report adds.

The report discloses that when business owners Robert and Barbara
Jackman approached liquidators, they valued customers' items
stored at the Albany premises at $237 million.  The report notes
another $10 million worth of collectables was owned by the
business.

Rare Coin collapsed owing creditors about $11 million, including
$7 million for items sold on behalf of investors who did not
receive the proceeds before liquidation, the report adds.


RURAL HEALTH: Shuts Down Business After 22 Years
------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the Rural Health
Education Foundation (RHEF) has decided to shut down after 22
years of being in business as government-contracted work has
declined.

RHEF has been placed into a member's voluntary liquidation, the
report says.  Frank Lo Pilato -- frank.lopilato@rsmi.com.au --
of RSM Bird Cameron has been appointed liquidator on January 8,
dissolve.com.au discloses.


SEIVER'S AUSTRALIA: In Administration; Shuts Three Offices
----------------------------------------------------------
Coleby Nicholson at Jeweller Magazine reports that Seiver's
Australia, the Perth-based jewellery and watch supplier, has been
placed in administration with its three offices abruptly closing.

Jeweller relates that rumours about the closure of the business's
Melbourne and Sydney offices began to circulate early this month
when the telephones were unanswered.

The rumours were confirmed in an e-mail obtained by Jeweller,
which stated: "Fossil Group has recently been notified that the
Skagen watch repair provider, Seiver's Australia, has gone into
receivership."

According to the report, the sudden closure of the business has
caused considerable industry confusion because retailers have been
unable to clarify the status of goods that were sent to the
various Seiver's offices for replacement or repair.

Jeweller notes that the Melbourne office phone has a recorded
message with no mention of the business being closed, while the
phones ring out at both the Sydney and Perth head office and the
website, seiversaustralia.com, is non-operational so customers
were unable to obtain any information.

The report says there was added confusion about whether the
business had been placed into receivership or administration
because the Fossil e-mail goes onto state that Fossil is, "in
discussion with the Seiver's administrators to ensure a smooth
transition of all Skagen repairs into the Fossil Service Centre."

Jeweller notes that receivership and administration are two
different processes and while it's possible for a company to be in
the hands of a Receiver and Administrator simultaneously, it's not
a normal practice for a small business. Receivers are almost
always appointed by banks to gain security of the lender's assets,
while an administrator is usually appointed by a creditor or
voluntarily by the directors.

Concerned about the rumours and incorrect information that was
quickly circulating through the industry, managing director Mark
Seiver told Jeweller that Seiver's Australia had closed on
Dec. 23, 2013, with 17 staff being laid-off, and then on
January 10 Matthew Donnelly -- matthew.donnelly@au.gt.com -- and
Dino Travaglini -- dino.travaglini@au.gt.com -- from Grant
Thornton were appointed administrators.

"We are in the process of informing all of our customers and the
wider trade about the situation. Rest assured that any goods that
were previously in our possession are safely secured and under the
control of the administrators," he said.

According to the report, Mr. Seiver said the administrators are
considering re-employing some of the staff for a short period to
either return the goods or complete the repairs and then return
them to retailers.

He added, "Since the business was placed in administration we have
been working 16 hour days to get things under control so customers
and the trade are not disadvantaged, however most of these things
have to go through a process.

"Unfortunately there have been many rumours going around and I'd
just like to say that there is no receivership and I am not
bankrupt. Seivers Australia was placed in voluntary
administration."

Seiver's Australia distributed a number of watch and jewellery
products and equipment including Rochet stainless steel jewellery
and ZRC bands. It also marketed Town Talk cleaning products and
undertook repair services for third party watch suppliers.


UNIVERSAL SWITCHBOARDS: Hall Chadwick Appointed as Administrators
-----------------------------------------------------------------
Blair Pleash -- bpleash@hallchadwick.com.au -- and Shahin Hussain
-- shussain@hallchadwick.com.au -- of Hall Chadwick were appointed
administrators of Universal Switchboards Pty Ltd on Jan. 17, 2014.

A first meeting of the creditors of the Company will be held on
Jan. 30, 2014, at 10:00 a.m. at Hall Chadwick, Level 19, 144
Edward St, in Brisbane.


VINS BUSES: Hall Chadwick Appointed as Administrators
-----------------------------------------------------
Richard Albarran -- ralbarran@hallchadwick.com.au -- and
David Ross -- dross@hallchadwick.com.au -- of Hall Chadwick were
appointed administrators of Vins Buses Pty Ltd

A first meeting of creditors will be held on January 30 at
10:00 a.m., at the offices of Thomsons Lawyers, Level 7, 19 Gouger
Street, in Adelaide.



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


CHINA SOUTH: Proposed Bond Issuance No Impact on Moody's B2 CFR
---------------------------------------------------------------
Moody's Investors Service says that China South City Holdings
Limited's (CSC) B2 corporate family rating and its B3 senior
unsecured debt rating with a positive outlook remain unaffected by
the company's proposed issuance of senior unsecured notes.

"CSC's debt leverage will not change significantly, because the
proceeds from the proposed issuance will mainly be used to redeem
the existing 13.50% senior notes due 2016," says Jiming Zou, a
Moody's Assistant Vice President and Analyst.

The company's EBITDA/interest at 3.6x and debt/book capital of 44%
as of end-September 2013 remain strong for its current B2
corporate family rating. These credit metrics are mainly supported
by the company's high profitability (gross margin of above 50%),
owing to its access to low-cost suburban land (less than 5% of
average selling prices), and the fast recognition of revenues from
its trade and logistics centers in Nanning, Nanchang and Xian.

CSC's contracted sales rose significantly, as it benefited from
rising property prices, improving infrastructure, and the upgrade
and relocation needs of wholesale and trade markets in the cities
where its new trade centers are being developed, particularly
Xi'an, Zhengzhou and Harbin. These conditions supported sales
growth by 204% year on year to HKD12.6 billion for the 9 months
ended 31 December 2013. The surging contracted sales in different
locations also help mitigate the risk of business concentration in
Shenzhen.

Nevertheless, CSC's rating is still constrained by the execution
risks it faces with its fast expansion to new locations, including
the recently announced trade center project in Chongqing, and its
limited track record of operating trade centers outside of
Shenzhen. CSC is also exposed to volatility in the regional
economies of less-developed suburban areas of second- and third -
tier cities.

CSC's fast expansion will require more cash payments for land
premiums and construction. Such cash needs could raise the
company's borrowing level. Moody's also expects the company to pay
more tax in the next 12 months due to the higher level of
recognized sales.

Almost all of CSC's rental and management income has been
generated from Shenzhen and accounted for less than 5% of its
total revenue. Moody's expects rental income from Nanchang,
Nanning and Xi'an, which are slated for trial operation in Jan-
March 2014, will be of limited amount given their early stage of
development and weaker operating environment than that of
Shenzhen.

The positive outlook reflects Moody's expectation of CSC's
increasing revenue recognition, and maintenance of its strong
credit metrics, after achieving better-than-expected contracted
sales. The company's improved liquidity position as of September
2013 also supports the positive outlook.

CSC's unrestricted cash balance rose to around HKD9.1 billion as
of September 2013, up from HKD6.3 billion as of March 2013. Its
cash balance could cover its short-term debt of around HKD5.1
billion.

CSC's bond rating is one notch below its corporate family rating,
reflecting structural subordination to the company's bank loans at
its domestic subsidiaries, which accounted for nearly 20% of total
assets as of September 2013. Moody's expects this ratio will not
decline materially in the coming 2-3 years.

Upward rating pressure could emerge, if CSC (1) exceeds its full-
year targets for contracted sales and recognized revenue; (2)
establishes a track record of stable sales growth in locations
outside Shenzhen; (3) exercises financial prudence in funding its
expansion such that EBITDA/interest remains above 3.0x-3.5x;
debt/book capitalization remains below 40%-45%; and (4) maintains
its unrestricted cash balance above short-term debt and a
reasonable level of trade receivables versus recognized revenue.

On the other hand, the ratings could return to stable if CSC (1)
shows weakened sales; or (2) undertakes aggressive debt-funded
expansion to the detriment of its financial profile, such that its
EBITDA/interest falls below 2.0x; debt/book capitalization exceeds
50%-55%; (3) shows unrestricted cash balance below short-term
debt; or receivables exceed 15% of recognized revenue.

The principal methodology used in this rating was the Global
Homebuilding Industry published in March 2009.

China South City Holdings Limited, listed on the Hong Kong Stock
Exchange, is a developer and operator of large-scale integrated
logistics and trade centers in China. The company operates one
center in Shenzhen and is developing new trade centers in Nanning,
Nanchang, Xian, Harbin, Zhengzhou and Hefei.


CIFI HOLDINGS: Moody's Assigns B2 Rating to Proposed USD Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the USD
senior unsecured notes proposed by CIFI Holdings (Group) Co. Ltd.

The ratings outlook is stable.

The proceeds from the proposed USD notes will be used to refinance
existing debt, as well as fund existing and new projects and
general working capital requirements.

The terms and conditions of the proposed notes are similar to
those issued in August 2013.

RATINGS RATIONALE

"The proposed notes will provide funding to support CIFI's growth
plans and improve its debt maturity profile as the majority of the
proceeds will be used for refinancing its existing debt of shorter
maturities," says Franco Leung, a Moody's Assistant Vice President
and Analyst.

CIFI's contracted sales reached RMB15.3 billion for FY2013, above
its 2013 sales target of RMB14 billion and a 61% increase year-on-
year. Moody's expects CIFI's contracted sales will continue to
grow in 2014, but at a slower pace than that achieved in 2013.

The proposed notes will provide funding for more development
expenditures.

"Moreover, CIFI's financial costs will improve as it refinances
its more expensive domestic debt," says Leung, who is also the
Lead Analyst for CIFI.

CIFI's effective finance costs decreased to 8.6% in 1H 2013 from
10.2% in 1H 2012, owing to its use of bond proceeds to replace
some of its high-cost domestic financing. The new notes will also
provide such benefits.

Furthermore, the proposed notes will reinforce CIFI's already
strong liquidity, a key driver for its B1 rating. At end-June
2013, CIFI had a strong cash to short-term debt coverage of about
3x.

Moody's estimates that its cash holding and its projected
operating cash flow can fully support its committed land payments,
repayment of maturing debt, and dividend payments for the next 12
months.

"The proposed notes will develop further its track cord of
accessing offshore funding," says Leung.

Since its initial public offering in November 2012, CIFI has
enhanced its liquidity through share placements, as well as bond
and debt issues. In October 2013, it placed 256.6 million shares,
or around 4.26% of the existing issued share capital of the
company, to RRJ Capital (unrated), an Asian investment firm which
focuses on China and Southeast Asia.

In addition, it successfully issued two tranches of five-year
senior notes; USD275 million in April 2013 and USD225 million in
September 2013. In July, it concluded a USD157 million three-year
syndicated loan with an interest cost of HIBOR or LIBOR + 5.65%.

However, Moody's expects CIFI's debt leverage -- as measured by
debt/total capitalization -- to remain above 60% in the next 12-18
months, as it steps up land acquisitions, and given payment
obligations for its construction projects.

Nonetheless, CIFI has chosen to form joint ventures to acquire
land, in order to reduce its debt requirements. Such partnerships
also result in lower execution risks when the partners are strong,
such as in the case of Greenland Holding Group Company Limited
(Baa3 stable) and Henderson Group (unrated).

The stable rating outlook reflects Moody's expectation that CIFI
will maintain financial discipline and management, and will have
adequate levels of liquidity to support its sales growth.

Upward rating pressure could emerge if CIFI: (1) achieves stable
sales growth; (2) maintains solid liquidity to support sales
growth and to buffer against any downturn in the market; and (3)
maintains its robust financial discipline and if its EBITDA
margins exceed 20%-23%.

On the other hand, downgrade pressure could emerge if CIFI's: (1)
sales growth or liquidity position weakens, as evidenced by a cash
balance below 10%-15% of total assets; (2) profitability
deteriorates, such that its EBITDA margin drops below 15%; or (3)
ability to service debt, or financial flexibility decreases, as
indicated by weak interest coverage; in particular, if
EBITDA/interest falls below 2.0x.

The principal methodology used in this rating was the Global
Homebuilding Industry published in March 2009.

CIFI Holdings (Group) Co. Ltd. was listed on the Hong Kong Stock
Exchange in November 2012. The company focuses on developing
residential and commercial properties mainly in the Yangtze River
Delta Region. It has also expanded to the Pan Bohai Rim and the
Central Western Region. It owned 57 projects and had a land bank
of 7.7 million square meters as of June 30, 2013.


DTS8 COFFEE: To Issue 900,000 Shares to Consultants
---------------------------------------------------
DTS8 Coffee Company, Ltd., filed a Form S-8 registration statement
to register 900,000 shares of common stock issuable under
consulting agreements with James. B. Parsons and V.S. Jon Yogiyo.

On Jan. 6, 2014, the Company entered into a consulting agreement
with James B. Parsons for legal services.

On Jan. 6, 2014, the Company entered into a consulting agreement
with V.S. Jon Yogiyo for consulting services.

The Company has been advised by Messrs. Parsons and Yogiyo that
they may sell all or a portion of their shares of common stock
from time to time through securities brokers/dealers only at
current market prices and that no commissions or compensation will
be paid in connection therewith in excess of customary brokers'
commissions.

A copy of the Form S-8 prospectus is available for free at:

                        http://is.gd/DebWsh

                         About DTS8 Coffee

DTS8 Coffee Company, Ltd. (previously Berkeley Coffee & Tea, Inc.)
was incorporated in the State of Nevada on March 27, 2009.
Effective Jan. 22, 2013, the Company changed its name from
Berkeley Coffee & Tea, Inc., to DTS8 Coffee Company, Ltd.  On
April 30, 2012, the Company acquired 100 percent of the issued and
outstanding capital stock of DTS8 Holdings Co., Ltd., a
corporation organized and existing since June 2008 under the laws
of Hong Kong and which owns DTS8 Coffee (Shanghai) Co., Ltd.

DTS8 Holdings, through its subsidiary DTS8 Coffee, is a gourmet
coffee roasting company established in June 2008.  DTS8 Coffee's
office and roasting factory is located in Shanghai, China.  DTS8
Coffee is in the business of roasting, marketing and selling
gourmet roasted coffee to its customers in Shanghai, and other
parts of China.  It sells gourmet roasted coffee under the "DTS8
Coffee" label through distribution channels that reach consumers
at restaurants, multi-location coffee shops, and offices.

Malone & Bailey, PC, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended April 30, 2013.  The independent auditors noted that
the Company has suffered recurring losses from operations, which
raises substantial doubt about its ability to continue as a going
concern.

As of Oct. 31, 2013, the Company had $4.63 million in total
assets, $934,659 in total liabilities, all current, and
$3.69 million in total shareholders' equity.


GENERAL STEEL: Fails to Comply with NYSE's $1 Bid Price Rule
------------------------------------------------------------
The New York Stock Exchange, Inc., has notified General Steel
Holdings, Inc., that the Company has fallen below the NYSE's
continued listing standard that requires a minimum average closing
price of $1.00 per share of the Company's common stock over a 30
consecutive trading day period.

Under the NYSE regulations, the Company has a cure period of six
months from receipt of the NYSE's notice to cure the deficiency by
regaining compliance with the minimum share price requirement.
The Company can regain compliance at any time during the six-month
cure period if on the last trading day of any calendar month
during the cure period, the Company has a closing share price and
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.

The Company responded to the NYSE within the required response
period, stating its intent to cure this deficiency.  Subject to
compliance with the NYSE's other continued listing standards and
ongoing oversight, the Company's common stock will continue to be
listed and traded on the NYSE during the six-month cure period.
The Company's business operations and United States Securities and
Exchange Commission reporting requirements are not affected by the
receipt of the NYSE's notice.  The Company intends to actively
monitor the closing price of its common stock during the cure
period and will evaluate available options to resolve this
deficiency and regain compliance with the applicable NYSE
regulations.

                    About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  The Company has operations in China's
Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region
and Tianjin municipality with seven million metric tons of crude
steel production capacity under management.

General Steel incurred a net loss of $231.93 million in 2012
following a net loss of $283.29 million in 2011.  For the nine
months ended Sept. 30, 2013, the Company reported a net loss of
$43.85 million.  The Company's balance sheet at Sept. 30, 2013,
showed $2.67 billion in total assets, $3.14 billion in total
liabilities and a $473.11 million in total deficiency.


GREENTOWN CHINA: Securities Issuance No Impact on Moody's B1 CFR
----------------------------------------------------------------
Moody's Investors Service says that Greentown China Holdings
Limited's proposed issuance of subordinated guaranteed perpetual
capital securities will not impact its B1 corporate family rating
and B2 senior unsecured bond rating with a positive outlook.

The perpetual securities will be issued by Moon Wise Global
Limited, a wholly owned subsidiary of Greentown China Holdings
Limited.

Greentown China Holdings Limited, in turn, unconditionally and
irrevocably guarantees the perpetual securities.

The securities will be subordinated in right of payment to the
claims of Greentown's existing senior notes.

The proceeds of the perpetual securities will be mainly used to
refinance Greentown's outstanding convertible securities of HKD2.5
billion currently held by Wharf (Holdings) Limited.

"We do not expect Greentown's debt leverage to change
significantly because of the issuance of the proposed perpetual
securities. Greentown's credit metrics will remain unaffected by
this refinancing," says Jiming Zou, a Moody's Assistant Vice
President and Analyst.

Moody's classifies the proposed perpetual securities and
Greentown's existing convertible securities as debt, in line with
Moody's treatment for hybrid instruments issued by speculative-
grade nonfinancial companies.

The redemption of the convertible securities will not affect
Wharf's 24.6% equity stake in Greentown. Wharf's equity investment
is considered positive to Greentown, because of the latter's shift
towards a more prudent financial management and expansion
strategy.

Moody's expects Greentown's debt level will gradually increase,
reflecting the continuing development of its property projects.
Its adjusted debt/capital ratio is likely to be in the range of
55%-60% in the next one to two years, up from 53.5% as of June
2013. EBITDA/interest expense will remain above 3.0x, versus 3.9x
for the 12 months ended June 2013.

These credit metrics support Greentown's B1 corporate family
rating.

Greentown's B1 corporate family rating also reflects its well-
established market position in property development in Zhejiang
province, including a long operating track record, sound brand
name, quality products, and a large land bank.

Greentown's improved its financial profile after the strategic
investment by Wharf (Holdings) Limited, the disposal of various
projects, and the sale of project interests to third parties,
including Sunac China Holdings Limited (Ba3 stable).

The rating has also considered the challenges associated with the
company's significant exposure to luxury residential properties,
which face purchase restrictions and tight credit conditions.
Capital constraints also limit the company's growth through joint
ventures.

The positive outlook reflects Moody's expectation that Greentown
will continue to improve sales execution and strengthen liquidity
in the next 18 months. In 2013, Greentown reported RMB62 billion
in contracted sales, representing a 22% year-on-year increase.

The principal methodology used in this rating was the Global
Homebuilding Industry Methodology published in March 2009.

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus on Hangzhou city and Zhejiang
Province. At end-June 2013, the company had 99 projects, including
those under construction and available for construction, with a
total GFA 41.39 million sqm. Of this total, 21.96 million sqm were
attributable to the company.



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


AIR INDIA: Seeks Up to $230MM Loan to Buy Two Dreamliner Aircraft
-----------------------------------------------------------------
The Times of India reports that Air India Ltd is seeking a bridge
loan of up to $230 million for taking delivery of two Boeing 787
Dreamliner aircraft from an ongoing order, according to a tender
document on the carrier's website.

TOI relates that Air India, which is due to take delivery of two
787 aircraft in February and March, has invited offers from banks
or financial institutions to arrange the bridge financing for a
period of six months to one year.

The state-run airline is offering the aircraft as security, and
will repay the loan after it concludes a sale and leaseback
arrangement, the carrier said, adding there will be no government
guarantee for the loan, according to the report.

The two new aircraft will take Air India's Dreamliner fleet to 14
by March, the report says.  The carrier currently operates 11 of
the jets and has a total 27 on order, adds TOI.

Air India Ltd -- http://www.airindia.com/-- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debts of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.


AJAY GUPTAS: ICRA Suspends 'B' Rating on INR35cr Loans
------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]B' assigned to
the INR35.00 crore fund based facilities of Ajay Guptas Shree Nath
Jewellers Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

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

Ajay Guptas Shree Nath Jewellers Private Limited incorporated in
October-2009, is engaged in the manufacture and sale (wholesale
and retail) of gold and diamond jewellery out of its single
showroom in Karol Bagh, New Delhi.


ANANDESHWAR POLYPACK: ICRA Assigns 'B' Ratings to INR5cr Loans
--------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR3.00 crore cash
credit and INR2 crore term loans of Anandeshwar Polypack Private
Limited.  ICRA has also assigned '[ICRA]A4' rating to the INR2
crore non fund based limits of APPL.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3.00       [ICRA]B assigned
   Term Loans             2.00       [ICRA]B assigned
   Non fund based         2.00       [ICRA]A4 assigned
   limits

The ratings are constrained by APPL's stretched liquidity position
as reflected by frequent overdrawals in fund based limits and its
weak financial profile as reflected by the company's modest scale
of operations, low profitability, high gearing level and weak debt
coverage indicators. Moreover, the ratings also factor in the
intensely competitive nature of the packaging industry and APPL's
susceptibility to fluctuations in raw material prices.
Nevertheless, the ratings draw comfort from the long experience of
the promoters in the packaging business and their established
relationship with key customers. Going forward, ability of the
company to increase its scale of operations in a profitable manner
while maintaining working capital intensity will be the key rating
sensitivities.

Anandeshwar Polypack Private Limited was established in 1997 as a
private limited company. It is engaged in manufacturing and
trading of polyethylene films. The manufacturing facility of the
company is located at Kanpur in Uttar Pradesh and has an installed
capacity of 3600 MTPA.

Recent results

The company reported net profit of INR0.31 crore on an operating
income of INR36.80 crore in FY13 as against net profit of INR0.20
crore on an operating income of INR30.85 crore in FY12.


ARUSHI TEXTILES: CARE Lowers Rating on INR24.06cr Loans to 'D'
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Arushi
Textiles Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        24.06      CARE D Revised from
   Facilities                       CARE BB-

Rating Rationale

The revision in the rating assigned to the bank facilities of
Arushi Textiles Private Limited primarily factors in the
irregularity in servicing of its debt obligations.

Incorporated in 2007, ATPL is a closely-held private limited
company promoted by Mr Vishal Chamaria and Mr Vivek Chamaria. ATPL
was initially engaged in the business of trading of sarees and
women's dress materials. During FY12, ATPL forayed in to
manufacturing (mainly doing embroidery work) on sarees and women's
dress materials by installing 21 embroidery machines. Its sole
processing facility is located at Surat (Gujarat). The promoters
have an interest in the same line of business through their other
business concern, "Arushi Embroideries Private Limited",
incorporated in 2007 which has 12 embroidery machines.

On account of a significant business inter dependence on its
associate companies the Arushi Group (AG) is collectively referred
to as both ATPL and AEPL. Both the entities have common promoters
and management and have a combined processing capacity with 33
embroidery machines.


BHUMIKA ISPAT: ICRA Upgrades Rating on INR18.27cr Loans to 'B-'
---------------------------------------------------------------
ICRA has upgraded the long-term rating from '[ICRA]D' to
'[ICRA]B-' for INR18.27 crore (enhanced from INR13.67 crore) fund
based facilities of Bhumika Ispat Udyog Private Limited.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Working Capital
   Limits                15.00        [ICRA]B- Upgraded from
                                      [ICRA]D

   Term Loan              3.27        [ICRA]B- Upgraded from
                                      [ICRA]D

The rating action factors in healthy growth in the revenues of the
company in FY2013, long experience of the promoters in the steel
industry and and BIUPL's access to established distribution
network developed by other group companies. Further, capacity
expansion in FY2013 is expected to augur well for the revenues of
the company going forward. However, rating continued to be
constrained due to limited operational track record of the company
and its moderate scale of operations which coupled with high
competition in the industry has resulted in modest profitability
and coverage indicators. The rating constraints also emanates from
relatively high gearing of the company owing to high working
capital borrowings. Further, the company is also exposed to raw
material price risk as majority of its procurement is not on back
to back basis.

Incorporated in the year 2006, Bhumika Ispat Udyog Private Limited
is a private company engaged in the manufacturing of electric-
resistance welded black and galvanised pipes. Initially, the
company was incorporated as T.T.A Pipes and Fittings (P) Ltd.
which was further renamed to Amrit Tubes (P) Ltd in the February
2009. In March 2012, the company was taken over by Mittal family
and the name of the company was changed to Bhumika Ispat Udyog
Private Limited. The company is also involved in trading of HR
Coils, MS Angel, MS Bar Round and MS Sheet. BIUPL has its
manufacturing facilities situated in Hasan Garh, Haryana.

Recent Results

The company reported a net profit after tax of INR0.47 crore on an
operating income of INR59.04 crore in FY2013 as against net profit
of INR0.10 crore on an operating income of INR39.13 crore in
FY2012.


BKB TRANSPORT: CARE Reaffirms 'D' Rating on INR94.79cr Loans
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
BKB Transport Pvt. Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           94.79       CARE D Reaffirmed

Rating Rationale

The rating of BKB Transport Pvt. Ltd. factors in the delays in
debt servicing on account of the stretched liquidity position
of the company.

BKB Transport Pvt. Ltd was incorporated in 1990 by Mr. Pramod
Kumar Agarwal for the purpose of carrying out the business of coal
transportation. Since then, the company has forayed into contract
mining activities (open cast), and is currently into activities
like site leveling, excavation, evacuation, surface mining,
drilling, blasting and other related civil construction.

BKB executes mining contracts on behalf of the principals (both
public and private sector), on the basis of tenders floated by the
principals.

Ongoing delays in debt serivicing

Banks / NBFCs have reported delays in the servicing of principal
and interest obligations in the past and have mentioned about
the ongoing delays in the payment of principal and interest.

Experienced management
Mr Pramod Kumar Agarwal has over 30 years of experience in
executing mining contracts. Before the incorporation of BKB, Mr
P. K. Agarwal was engaged in executing mining contracts in the
name of M/S Binod Kumar & Brothers, a partnership firm. Post
the incorporation of BKB, the business of the partnership firm was
transferred to BKB.

Growing revenue and profitability
With the company venturing into related services associated with
contract mining, the turnover of the business maintained a
growth of 29% from FY12 to FY13. However, due to difficult
business environment the PBILDT margin declined in FY13 (April
2012 to March 2013) over FY12.

Reputed clientele
The clients of the company are reputed entities in their
respective line of business such as Bharat Coking Coal Ltd.
(BCCL), Hindalco, Jindal Steel and Power Ltd., Damodar Valley
Corporation, Eastern Railways, etc.

Risk of delay in project execution
BKB's business is susceptible to the financial loss arising out of
delay in the project execution, as generally there exists a
penalty clause for delay in the contract execution.


CCS INFOTECH: CRISIL Ups Ratings on INR263MM Loans From 'D'
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
CCS Infotech Ltd (CCS; part of the CCS group) to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee             15     CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit                50     CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Letter of Credit           60     CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term
   Bank Loan Facility         18     CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Working Capital
   Term Loan                 120     CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects the timely servicing of debt by the
CCS group following the improvement in its liquidity, driven by
generation of adequate cash accruals to service its debt over the
medium term. CRISIL, however, also believes that the CCS group's
high receivables outstanding will constrain its liquidity over
this period.

The ratings reflect the CCS group's below-average financial risk
profile, marked by a small net worth and average debt protection
metrics, its working-capital-intensive operations, and the
susceptibility of its margins to intense competition in the
information technology hardware industry. These rating weaknesses
are partially offset by the group's established position in the
system integration market.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of CCS and CCS's wholly owned subsidiary,
CCS Infotech Singapore Pte Ltd, together referred to as the CCS
group. Both the companies operate in the same line of business.

Outlook: Stable

CRISIL believes that the CCS group will continue to benefit over
the medium term from its established market position in the system
integration business. The outlook may be revised to 'Positive' if
the group's liquidity improves, driven by higher-than-expected
cash accruals and improvement in its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if the CCS
group's credit risk profile deteriorates, most likely due to a
further stretch in its receivables, or significant decline in its
revenues and profitability, impacting its liquidity.

CCS was originally established as a partnership firm in 1989 by
Mr. H Ratnakumar and Mr. M A Hasan Abdul Kadar. The firm was
reconstituted as a public limited company in 1997. CCS provides
system integration and networking solutions. CCS Singapore also
operates in the same line of business.


CHIRAJ STOCK: CRISIL Assigns 'B' Rating to INR17.5MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Chiraj Stock & Securities Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of Credit          10      CRISIL A4
   Bank Guarantee            80      CRISIL A4
   Cash Credit               17.5    CRISIL B/Stable

The ratings reflect the company's weak financial risk profile and
small scale of operations in a highly fragmented industry. These
rating weaknesses are partially offset by CSSPL's promoter's
extensive experience in the construction industry and financial
support from them.

Outlook: Stable

CRISIL believes that CSSPL will maintain a stable business risk
profile, backed by the industry experience of its promoters. Its
financial risk profile is, however, expected to be constrained by
high gearing and small net worth. The outlook may be revised to
'Positive' if CSSPL's scale of operations and capital structure
improves, most likely because of capital infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' if
CSSPL's financial risk profile deteriorates further due to
significant decline in revenue or/and profitability level, or in
case of any debt-funded capital expenditure plan.

CSSPL, incorporated in 1994, is a part of the Kanoria group. The
company is into civil construction and has started its operations
in the same segment since 2009.


JMJ INDUSTRIES: CRISIL Assigns 'B+' Ratings to INR112.3MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of JMJ Industries Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                22.3     CRISIL B+/Stable
   Cash Credit              90       CRISIL B+/Stable
   Letter of Credit         45       CRISIL A4

The ratings reflect JMJ's weak financial risk profile, marked by
high gearing and its large working capital requirements, and high
end user industry concentration in its revenue profile. These
rating weaknesses are partially offset by the promoter's extensive
experience in the footwear industry.
Outlook: Stable

CRISIL believes that JMJ will continue to benefit over the medium
term, from the promoters' extensive experience. The outlook may be
revised to 'Positive' if JMJ increases the scale of its operations
or its profitability, thereby improving its cash accruals; and
improve its working capital management. Conversely, the outlook
may be revised to 'Negative' in the event of any significant
pressure on profitability, or delays in stabilisation of shoe
manufacturing plant, and an increase in its working capital
requirements, thereby weakening its financial risk profile.

JMJ is promoted by the Haryana-based Jindal family. The company
manufactures rexine, which is used in the synthetic leather
industry. JMJ began rexine manufacturing in 2009-10, prior to
which the promoters were engaged in manufacturing of thread used
to stitch shoes, in Alipur (Delhi). The company's rexine
manufacturing unit is located in Nathupur (Haryana). The company
has recently ventured into shoe manufacturing and is currently
conducting trial production. The company's day-to-day operations
are managed by Mr. Hemant Jindal.

JMJ reported a profit after tax (PAT)of INR2.6 million on net
sales of INR204 million for 2012-13 (refers to financial year,
April 1 to March 31), vis-a-vis a PAT of INR1.5 million on net
sales of INR156 million for 2011-12.


MIMANI AGRO: ICRA Suspends 'B+' Rating on INR10.49cr Loans
----------------------------------------------------------
ICRA has suspended the '[ICRA]B+' rating assigned to the INR10.49
crore bank limits of Mimani Agro Products Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


PRERNA CONSTRUCTIONS: ICRA Rates INR15.5cr Bank Loans at 'B+'
-------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to INR15.50 crore proposed
long term fund based bank limits of Prerna Constructions Private
Limited.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Proposed bank limits      15.50       Assigned [ICRA]B+

The rating takes into consideration PCPL's relatively small scale
of operations in the field of real estate and construction
activities and its moderate profitability. Further the rating
takes into account the stretched liquidity profile of the company
as reflected by consistently high working capital limits
utilisation and relatively high gearing. The promoters have
recently infused equity however with the addition of debt the
gearing is expected to remain high. High gearing coupled with
moderate profitability has resulted in subdued debt coverage
indicators. The rating also factors in the high concentration risk
as all of PCPL's current and future projects are located in Agra
city only and high marketing risk as well as high execution risk
faced by its projects given that a significant part of its
projects is unsold and yet to be completed.

However the rating derives comfort from PCPL's experienced
management with track record of operations for more than two
decades and established brand image of the company in the city.
Further the rating takes into consideration the healthy growth
achieved by the company in its operating income, albeit on small
scale, and favourable location of its projects which mitigates the
marketing risk to an extent.

Going forward company's ability to improve its liquidity profile,
market its projects at reasonable rates and complete its projects
in a timely manner would be the key rating drivers.

Prerna Construction Private Limited is an Agra based company,
incorporated in 1989 by Mr. J. K. Mangla. Mr. Mangla has done B.
Sc. (Civil Engineering) from Aligarh Muslim University (AMU) in
1986 and has worked as Environmental Engineer on construction of
Effluent Treatment Plants prior to incorporating PCPL in 1989.

Since inception the company had been involved in construction of
buildings (residential and commercial). During 2002 the promoters
ventured into real estate development activities in other group
companies. Thereafter the company started developing real estate
projects in PCPL. At present company is developing three
residential projects in Agra namely Manglam Shila, Manglam Aadhar
and Manglam Niket with combined saleable area of around 11.4 lakh
sqft.

Recent Results

PCPL reported an Operating Income (OI) of INR35.15 crore and
Profit after Tax (PAT) of INR1.66 crore in FY2013 as against OI of
INR6.78 crore and PAT of INR0.27 crore.


RACHANA SEEDS: CARE Reaffirms 'B+' Rating on INR7.8cr Bank Loans
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Rachana Seeds Industries Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            7.80       CARE B+ Reaffirmed

   Short-term Bank
   Facilities           24.50       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Rachana Seeds
Industries Private Limited continue to remain constrained by the
low profit margins, leveraged capital structure and weak debt
coverage indicators. The ratings further continue to remain
constrained due to susceptibility of its profit margins to
fluctuations in the raw material prices and foreign exchange rates
and its presence in a highly fragmented and seasonal agro-
commodity industry.

The ratings, however, continue to take into account the vast
experience of the promoters, long track record of the company in
the groundnut processing industry and its proximity to the raw
material source. The ratings also take into consideration the
healthy growth reported in the total operating income during FY13
(refers to the period April 1 to March 31).

RSIPL's ability to improve its profit margins in light of the
volatile raw material prices coupled with improvement in the
capital structure and debt coverage indicators remain the key
rating sensitivities.

RSIPL was formed in 1985 as a partnership firm Rachana Seeds
Industries (RSI) by Mr Vikram Duvani along with his mother Mrs
Sarojben Duvani. However, in February 2011, five new partners,
relatives of Mr Vikram Duvani, joined the business. Later in
October 2011, the firm was reconstituted in to a private limited
company under its current name. RSIPL is engaged in the business
of processing and trading of agro commodities mainly groundnut
seeds. RSIPL generates more than 90% revenue from the processing
of groundnut seeds and has an installed capacity to process 25,600
Metric Tons Per Annum (MTPA) of groundnut seeds and 3,200 MTPA of
roasted blanched seeds as on March 31, 2013. RSIPL operates from
its facility located at Junagadh (Gujarat). Furthermore, it is
also capable of processing groundnut as per individual customer's
specifications. It sells groundnut and groundnut seeds in the
domestic markets as well as exports it to Japan, Ukraine,
Netherland, Canada, Indonesia and Pakistan. Exports sales
comprised about 65% of the total sales of the company in FY13.
During FY13, RSIPL reported a total operating income of INR116.97
crore with a PAT of INR0.62 crore as against a net profit of
INR0.89 crore on a total operating income of INR80.56 crore in
FY12.

During 8MFY14, RSIPL has achieved a TOI of INR53.14 crore.


RAJHANS NUTRIMENTS: ICRA Assigns 'B+' Rating to INR41.5cr Loans
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to INR41.50
crore term loan facility of Rajhans Nutriments Private Limited.
ICRA has also assigned short term rating of '[ICRA]A4' to INR9.00
crore buyers credit and INR7.00 crore letter of credit facilities
which are sub limits of the term loans.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Term
   loans/ECBs/FCL        41.50        [ICRA]B+

   Short Term-FLC
   cum. Buyers credit
   for 1080 days         (9.00)       [ICRA]A4

   Short Term-LC &
   Letter of comfort
   for 1080 days         (7.00)       [ICRA]A4

The rating assigned for Rajhans Nutriments Private Limited is
constrained by the residual execution risks associated with the
Greenfield project for manufacturing of chocolate confectionary
products, risks pertaining to plant stabilisation thereafter and
also the fact that the group has no presence in a similar line of
business. The ratings are further constrained by a high level of
debt funding given the capital intensive nature of the project.

ICRA also notes that the chocolate industry is characterised by
intense competition from established players with reputed brands
as well as from several players in the unorganised segment. As a
result, the company's ability to commission the project in a
timely manner as well as successfully launch its brand and
implement marketing and distribution strategies remains critical.
Further, the ratings also factor in the risks associated with
fluctuations in the prices of the raw materials, namely sugar and
cocoa beans. The risk of currency fluctuation could also affect
profitability, post initialization of commercial production.
The assigned ratings however favourably factors in the established
presence of the Desai & Jain group who have well diversified
operations across textile, real estate, and entertainment
industries in Surat. ICRA also takes a note on the advanced stage
of implementation for the project and favourable outlook towards
the chocolate confectionery industry in India.

Rajhans Nutriments Private Limited part of Desai & Jain group of
companies was incorporated in August 2011 with the objective to
enter into the chocolate confectionery manufacturing industry and
diversify operations of the group. The company has its registered
office and manufacturing facility located in Surat. Mr, Jayesh
Desai, Mr. Shivlal Jain, Mr. Vijay Desai and Mr. Pankaj Jain are
the key management personnel and directors of the company who look
after overall operations of the company.


RAMESHWAR INDUSTRIES: ICRA Assigns 'B' Ratings to INR8.75cr Loans
-----------------------------------------------------------------
ICRA has assigned the rating of '[ICRA]B' to INR8.75 crore long
term fund based facilities of Rameshwar Industries.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.00        [ICRA]B assigned
   Term Loan             1.75        [ICRA]B assigned

The assigned rating is constrained by the residual project
implementation risk associated with the greenfield project being
set up for manufacturing of cotton bales as well as risk of
stabilisation of the operations, post completion. While the
project is at an advanced stage of completion, timely commencement
of the operations along with the ramp-up in the production volumes
remains critical from the credit perspective. The rating is
further constrained by highly competitive business environment
given the fragmented industry structure owing to low entry
barriers and the vulnerability of the firm's profitability to raw
material (cotton) prices, which are subject to seasonality, crop
harvest and regulatory risks. ICRA also notes that RI is a
partnership firm and any substantial withdrawals from capital
account would adversely affect the capital structure.

The rating, however, favourably considers the favourable location
of the plant giving the firm easy access to raw cotton; the
longstanding experience of promoters in cotton industry and
various fiscal benefits available to new cotton ginning and
pressing units in the state.

Incorporated in 2013 as a partnership firm, Rameshwar Industries
(RI) is setting up a plant for manufacturing cotton bales and
cotton seed oil at its proposed plant located at Tankara in Rajkot
district, of Gujarat. The project entails installation of twenty
four ginning machines, one pressing machine and five oil expellers
with a total installed capacity to process 17,740 metric tonnes
(MT) of raw cotton and 13,135 metric tonnes of cotton seeds
annually.


ROYAL'S EDUCATION: ICRA Revises Rating on INR10cr Loans to 'D'
--------------------------------------------------------------
ICRA has revised the rating assigned to the INR10.0 Crore bank
facilities of Royal's Education Society from '[ICRA]B+' to
'[ICRA]D'.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan              7.40       [ICRA]D revised
   Cash Credit Facility   1.35       [ICRA]D revised
   Proposed Fund
   Based Facilities       1.25       [ICRA]D revised

The rating revision factors the current delays in debt servicing
by the society on account of cash flow mismatch wherein the fee
receipt is on half yearly basis while the debt obligations need to
be serviced on monthly basis. The society's operating performance
has also been weaker than expected during FY 2012-13.

Additionally, all the colleges run by the society face intense
competition in their area of operations and the high debt funded
capital expenditure incurred by the society over the past five
years has resulted in significant repayment obligations over the
medium term. The rating continues to factor in the long experience
of the promoters in the education sector as well as healthy
occupancy levels achieved in all the colleges established by the
society. Regularization of debt servicing, improvement in
liquidity position and RES' ability to maintain healthy occupancy
in its colleges would remain key rating sensitivities going
forward.

Incorporated in 2004, Royal's Education Society was set up by its
promoters to establish, run and maintain educational institutions.
RES currently runs four colleges which impart education in various
fields such as management, engineering and arts & education. The
society has a 677861 Sq. Ft. campus located on the Airport Road,
Debari and is well connected to Udaipur and nearby cities.

Recent Results

In 2012-13, RES recorded an operating income of INR5.1 crore. The
society's operating profit before depreciation, interest and tax
stood at INR2.1 crore. The society recorded Profit after Tax (PAT)
of INR0.9 crore.


SHREE GURUNANAK: ICRA Reaffirms 'B' Rating on INR6cr Loans
----------------------------------------------------------
ICRA has reaffirmed '[ICRA]B' rating to the INR6.00 crore fund
based limits of Shree Gurunanak Dev Rice Mill.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based limits       6.00        [ICRA]B reaffirmed

The rating reaffirmation takes into account the highly competitive
and low value additive nature of the rice milling industry which
results in limited pricing power vis-a-vis consumers and suppliers
(paddy farmers). These factors, coupled with the small size of the
firm's rice milling unit have resulted in relatively weak
profitability indicators and given the fundamental industry
dynamics, ICRA does not expect any change in the near future.
Further, the firm's working capital intensive operations have been
largely debt funded resulting in high gearing and weak debt
coverage indicators. ICRA also factors in the vulnerability of
firm's operations to agro climatic risks, which can affect the
pricing and availability of paddy. ICRA however draws comfort from
the proximity of the mill to a major rice growing area which
results in easy availability of paddy and stable demand outlook
given that India is a major consumer (rice being an important
staple of the Indian diet) and exporter of rice.

Incorporated in 2008, Shree Gurunanak Dev Rice Mill is a
partnership firm engaged milling of rice with an installed
capacity of 4 tons/hour. The firm has been promoted by Mr.
Gurcharan Singh. The key raw material for the firm is basmati
paddy which is mostly procured from the "mandis" of Karnal and
Cheeka (Haryana) during the paddy buying season i.e. September to
December every year. The firm also buys paddy from the market in
off season depending on its requirements.

Recent Results

The firm reported net profit of INR0.01 crores on an operating
income of INR18.77 crores in 2012-13 as against net profit of
INR0.01 crores on operating income of INR15.82 crores in 2011-12.



SLOGAN CERAMICS: ICRA Revises Rating on INR4.86cr Loans to 'B+'
---------------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR1.86
crore term loan and INR3.00 Crore cash credit facility of Slogan
Ceramics from '[ICRA]BB-' to '[ICRA]B+'.  ICRA has also reaffirmed
the short term rating of '[ICRA]A4' outstanding on the INR1.00
crore (earlier INR0.60 Crore) short term non-fund based facility
of SC.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long term fund
   based-Cash Credit        3.00         [ICRA]B+ revised

   Long term fund
   based-Term loan          1.86         [ICRA]B+ revised

   Short term Non
   fund based-Bank
   Guarantee                1.00         [ICRA]A4 reaffirmed

The rating revision reflects the decline in revenue in FY 2013
following slowdown in realty market coupled with tighter liquidity
norms, stiff competition from organized and unorganized sector as
well as general downtrend in the economy. ICRA also takes note of
SC's moderate financial risk profile as reflected by moderate
profitability, leveraged capital structure, weak coverage
indicators and high working capital intensity of business. The
ratings also take into consideration the susceptibility of
operations to the intense competition with the presence of large
established organized tile manufacturers and unorganized players.
Further ICRA notes the dependence of operations and cash flows of
the firm on the performance of the real estate industry which is
the main consumer sector, and vulnerability to volatility in
prices of raw material and increasing prices of gas and power.
Further, SC being a partnership firm, any significant withdrawals
from the capital account would adversely affect its net worth and
thereby its capital structure.

The ratings however favorably consider the experience of the key
promoters in the ceramic industry, SC's diversified product
profile with presence in both wall and floor tile segment, and the
location advantage enjoyed by the firm with its plant located in
Morbi, giving it easy access to raw material.

Slogan Ceramic (SC) is engaged in manufacturing of wall tiles and
floor tiles with its plant situated at Morbi, Gujarat. The firm
was established in May 2009 and the operations commenced in
December 2009. It is promoted by Mr. Meghji Patel along with other
partners. The plant has an installed capacity of 25200 MTPA. It
currently manufactures wall tiles of size 12"x18" , floor tiles of
size 12"x12" and digital wall tiles of size 12'x24" with the
current set of machineries and production facilities.


SONA EDUCATIONAL: ICRA Rates INR21cr Long-Term Loans at 'B-'
------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]B-' to the INR21.00 crore
long-term bank facilities of Sona Educational Society.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund-
   based facilities       21.00       [ICRA]B- (Assigned)

The assigned rating takes into account that the initial stage of
the project development (27% of the total cost incurred till 31st
October 2013) which exposes the society to risks arising out of
project execution, time/cost overruns and timely funding from the
members as significant portion of their contribution is yet to be
brought in. The rating also factors in the society's plan to
operate the school under their own brand "Signature", which
coupled with its location in scarcely populated area, high
competitive intensity from schools located in Gurgaon (Haryana),
could limit its reach/penetration in the early years and hence put
pressure on enrollments/fee pricing flexibility of the school;
however the upcoming residential developments in the vicinity
provide good prospects over long term. ICRA also notes that lower
than targeted enrollments can adversely impact the cash flows,
debt servicing ability, increase the gestation period and need for
further funding support from the society members. The rating
positively factors in the premium infrastructural and technical
facilities planned to be offered by the school as the campus is
being established in a 20 acre area which gives an edge over
schools located in populated areas.

Going forward, timely completion of the project within the
budgeted cost and time, pace of ramp-up in student enrollments and
prompt funding of cash shortfalls by the promoters in the initial
years, if any, would be key rating sensitivities.

SES is a charitable trust incorporated in August 2008 and is
managed by Mr. Rishi Raj Jain. The society is currently developing
a K-12 school on a plot of 20 acre area located at a distance of
25 km from Gurgaon on the Gurgaon-Sohna Road. The society has
commenced construction of the primary school under first phase 1
of the project which has a total project cost of INR38.0 crore.
The school is planned to be operational for the academic year
2015-16 and is proposed to be launched under the society's own
brand name "Signature". Subsequently the society will undertake
building construction for secondary and senior secondary classes.


SONERI MARINE: ICRA Reaffirms 'B+' Rating on INR0.5cr Loan
----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR0.50 crore
term loan facility of Soneri Marine Foods. ICRA has also
reaffirmed the short term rating of '[ICRA]A4' to the INR4.50
crore fund based EPC/FBD/FBP/PCFC/EBR and INR0.40 crore non fund
based credit exposure limit (CEL).  ICRA has also assigned
[ICRA]A4 rating to INR0.90 crore fund based stand by line of
credit (SLC) of SMF.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Term
   Loan II                0.50       [ICRA]B+ reaffirmed

   Fund Based- EPC/FBD/
   FBP/PCFC/EBR           4.50       [ICRA]A4 reaffirmed

   Fund Based-SLC         0.90       [ICRA]A4 assigned

   Non Fund Based-CEL     0.40       [ICRA]A4 reaffirmed

The reaffirmation of the ratings continues to factor in Soneri
Marine Foods' (SMF) modest scale of operation and weak financial
profile characterized by thin profitability and a highly leveraged
capital structure as reflected in high working capital borrowings.
ICRA also takes note of the vulnerability of operations to changes
in regulatory norms governing seafood industry in importing
countries as well as export incentives structure. The ratings are
further constrained by the vulnerability to volatility in
procurement rates and foreign exchange rates. Also, being a
partnership firm, any substantial withdrawal by the partners may
have an adverse impact on the capital structure of the firm.
The ratings, however, positively consider the long experience of
promoters in seafood industry as well as the favourable location
of the plant giving it easy access to raw materials. The ratings,
also favourably consider the geographically diversified clientele
with growing demand of Indian seafood in overseas market.
Soneri Marine Foods (SMF) is a partnership firm established in
2007 to engage in the processing and export of seafood mainly
frozen fish products such as Croaker Fish, Eel Fish, Cuttle Fish,
Frozen Squid, Ribbon Fish, Sole Fish etc. and value added products
which include frozen crabs i.e. blue swimming crab and three
spotted crab. The firm is owned and managed by Mr. Prakash Soneri
and other family members. The processing plant is located in
Veraval, Gujarat with a processing capacity of 51 TPD (tons per
day).

Recent Results

During FY13, SMF reported an operating income of INR21.73 crore
and a profit after tax (PAT) of INR0.18 crore against operating
income of INR18.96 crore and PAT of INR0.15 crore during FY12.


SURUCHI FOODS: CARE Assigns 'B+' Rating to INR35cr LT Bank Loans
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' to bank facilities of Suruchi
Foods Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              35       CARE B+ Assigned

   Short-term Bank
   Facilities               2       CARE A4 Assigned

Rating Rationale

The rating is constrained by customer concentration, working
capital intensive nature of business, moderate financial risk
profile, susceptibility to fluctuations in the raw material prices
and government regulations. These weaknesses, however, are
partially offset by the promoter's extensive experience.
The ability of the company to efficiently manage working capital
requirement and food grain price fluctuation and successful
bidding under the state governments' programs.

Suruchi Foods Pvt Ltd was incorporated in 1986 though it started
operations in 1999. SFPL manufactures ready-to-eat weaning
foods/nutritional supplements for sale to the state government's
schemes under the Integrated Child Development Services (ICDS)
programme. These items are for free distribution to Below Poverty
Line (BPL) families and infants in the rural parts of India. SFPL
has two units in UP, one at Noida, with a capacity of around 335
metric tonnes per day (mtpd) and other one at Kosi with a capacity
of around 500 mtpd. There are other group companies also engaged
in the same line of business.

SFPL reported a net loss of INR4.66 crore on a total income of
INR198.20 crore in FY13 (refers to the period April 1 to
March 31) as against a PAT of INR0.45 crore on a total income of
INR276.30 crore in FY12. The company achieved sales of INR103.69
crore in H1FY14 (refers to the period April 1 to September 30) and
a PAT of INR4.31 crore in the same period.


SWITCHGEARS & STRUCTURALS: ICRA Keeps B Rating on INR20.5cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR20.50
crore bank lines of Switchgears & Structurals (India) Private
Limited at '[ICRA]B'. ICRA has also reaffirmed the short term bank
lines of SSPL at '[ICRA]A4'.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based and non-fund
   based limits          20.50        Reaffirmed at [ICRA]B

   Short term non-
   fund based limits      5.50        Reaffirmed at [ICRA]A4

The rating reaffirmation factors in the stretched liquidity of
SSPL resulting in instances of LC devolvements (which were repaid
within 2-3 days) and overutilization of cash credit limits.
SSPL's inventory holding remains high due to its relatively large
order book and procedural delays in getting its bills certified.
Further, there are delays in payments from some customers which
results in high working capital intensity of operations with
NWC/OI at 42% in FY13. ICRA also notes that the company has orders
worth INR9.2 crore (around 22% of the unexecuted orderbook as on
December 2013) awarded in early 2012 for which very little
progress has been made and in the absence of price escalation
clauses in these contracts, SSPL's operating profitability could
be affected. The ratings continue to be constrained by modest
scale of its operations which limits its bargaining power.
The ratings, however, draw comfort from the close to 3 decade old
experience of promoters in the industry. Presence in the high
voltage rated isolators segment owing to technological
collaboration with Netherland based Hapam BV provides SSPL with a
competitive advantage. Healthy outstanding order-book of INR40
crore as on December 2013 provides visibility to revenues in the
short term.

Switchgears & Structurals (India) Private Limited is engaged in
the design, manufacture and testing of isolators (also known as
disconnectors) and earthing switches. The company was promoted by
Mr. O. Surendra Babu in 1983 as a partnership concern and
converted into a private limited company in 1994. SSPL's product
portfolio includes isolators for the voltage range of 12KV to
765KV. SSPL is ISO 9001:2008 certified by DNV. The company has a
technological collaboration with Hapam B.V., which is a Dutch
company engaged in the manufacture of high voltage disconnectors &
earthing switches for outdoor and indoor substations. SSPL is head
quartered in Hyderabad, Andhra Pradesh (AP), with a branch office
in Orissa.

For the financial year ending March 2013, SSPL reported an
operating income of INR39.84 crore and a net profit of INR1.08
crore.


VIJAYANAGAR SUGAR: ICRA Assigns 'C+' Ratings to INR506cr Loans
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]C+' to INR435.91
crore term loans, INR70.00 crore cash credit facilities and
INR0.09 crore unallocated limits of Vijayanagar Sugar Private
Limited. ICRA has also assigned a short term rating of '[ICRA]A4'
to INR44.00 crore non fund based facilities of VSPL.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan            435.91        [ICRA]C+; assigned
   Cash Credit           70.00        [ICRA]C+; assigned
   Non Fund Based
   Facilities            44.00        [ICRA]A4; assigned
   Unallocated Limits     0.09        [ICRA]C+; assigned

The ratings assigned factor in the low capacity utilization of the
sugar unit owing to lack of cane availability which has resulted
in relatively high overheads and also high dependency on sourcing
of fuel for cogeneration and distillery units from external
sources limiting the benefits out of integration and impacting
operating profitability in the past. The ratings are also
constrained by the weak financial profile as reflected by
continuous net losses (which resulted in VSPL going for CDR
scheme), weak capital structure and weak debt coverage metrics.
Further, high cane costs coupled with current low sugar
realizations and significant inventory losses during FY14 are
likely to impact profitability from sugar division in the near
term. The ratings also factor in the vulnerability of sugar
operations to agro-climatic risks, regulatory risk inherent in the
sector with respect to government policies relating to cane
pricing, sugar exports etc. Further, VSPL has significant debt
repayment burden wef FY15 and the company's ability to meet its
repayment obligations critically hinges on its cane mobilization
activity and its ability to ramp up the capacity utilization
levels of the sugar unit.

However, ICRA draws comfort from the fully integrated sugar plant
with both cogen and distillery units providing cushion to an
extent during sugar downturn, favorable demand prospects for
ethanol in the near term and low demand risk for power off-take in
Karnataka as reflected by the healthy open market tariff over the
past three years and short-term power purchase agreement with
Power Company of Karnataka Limited for H2- FY14 at remunerative
tariff of INR5.50/unit.

Vijayanagar Sugar Private Limited was incorporated in 2007 by Mr.
S Anand Reddy & Associates to set up an integrated sugar plant in
Gadag District, Karnataka. VSPL took over unfinished sugar factory
from Mrudagiri Sahakari Sakkare Karkhane Niyamit (a co-operative
sugar mill), on lease for 30 years on Build, Own, Operate &
Transfer (BOOT) basis in 2007 and set up an integrated sugar plant
comprising of a 5000 TCD sugar plant, 35.5 MW co-generation power
plant and 130 KLPD distillery. The project cost was around
INR487.67 crore. The co-gen unit became operational in Apr 2010,
sugar unit in Sep 2010 and distillery unit in Aug 2011.

Recent Results

In FY13, VSPL reported an operating income of INR99.57 crore and
net loss of INR21.83 crore as against operating income of
INR249.44 crore and net loss of INR83.06 crore in FY12.



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


INDOSAT TBK: S&P Affirms BB+ Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' long-term corporate credit rating on Indonesia-based telecom
operator PT Indosat Tbk.  The outlook is stable.  S&P also
affirmed its 'BB+' long-term issue rating on the company's
guaranteed senior unsecured notes.  At the same time, S&P affirmed
its 'axBBB+' long-term ASEAN regional scale rating on Indosat.
S&P removed all the ratings from CreditWatch, where they were
placed with positive implications on Nov. 26, 2013.

"We affirmed the rating because we view Indosat to be
'strategically important' to its parent Ooredoo Q.S.C.," said
Standard & Poor's credit analyst Mehul Sukkawala."  Under our
group rating methodology, a company has to be either a 'highly
strategic' or a 'core' subsidiary to be rated above the
sovereign."  S&P assess Indosat's stand-alone credit profile as
'bb+'.

S&P believes Indosat is "strategically important" to Ooredoo
because the Qatar-based parent has a strong interest in ensuring
Indosat's financial stability.  This is because of the cross
default clause in Ooredoo's bank loan and bond documents.
Moreover, Indosat is the largest contributor to the parent's
revenue (at about 25%) and EBITDA (about 27%).

S&P do not assess Indosat as "highly strategic" to its parent
because it does not account for a significant portion of Ooredoo's
revenue and EBITDA.  Also, Indosat is based in a different region
from the parent and does not share the same name or brand.

S&P assess the group credit profile of Ooredoo to be 'a', the same
as the corporate credit rating on Ooredoo (A/Negative/A-1) after
factoring in government support.

S&P's assessment of Indosat's business risk profile as "fair"
reflects its view of the company's "fair" competitive position,
"intermediate" risk in the telecom industry, and "high" country
risk.

"We expect Indosat to maintain its market share in Indonesia once
issues related to its network modernization are resolved," said
Mr. Sukkawala.

Indosat benefits from its moderate business diversity owing to the
company's fixed data and international long distance call
business.  Indosat also had strong EBITDA margins of about 45% for
the nine months ended Sept. 30, 2013, although the company's
return on capital is weaker than the industry average.

S&P's assessment of Indosat's financial risk profile as
"intermediate" is based on its expectation that the company's
ratio of funds from operations (FFO) to debt will be above 35%
over the next two years.  S&P factored in a marginal deterioration
in the ratio in 2013 on account of a depreciation of the
Indonesian rupiah and the company's weaker-than-expected operating
performance.  S&P also anticipates that Indosat's free cash flows
will remain positive over the next two years despite continuing
high capital spending for network modernization in 2014.

The stable outlook on Indosat reflects the outlook on the
sovereign rating of Indonesia (BB+/Stable/B; axBBB+/axA-2).

S&P could upgrade Indosat if it:

   -- Raise the sovereign rating on Indonesia;

   -- Assess Indosat as "highly strategic" to Ooredoo.  This
      could happen if Indosat starts to use the parent's brand
      or name; or

   -- Expect Indosat to improve its operating performance or
      significantly reduce its capital expenditure, resulting in
      good positive free operating cash flow and a ratio of FFO
      to debt of more than 40%.  This would also require the
      company to pass S&P's sovereign stress test.

S&P could downgrade Indosat if it lowers the sovereign rating on
Indonesia.  Weaker operating and financial performances are
unlikely to exert pressure on the rating on Indosat.  The
company's "strategically important" status to its parent would
offset up to three notches of weakening in Indosat's stand-alone
credit profile.



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


TOKYO ELECTRIC: Moody's Says Business Plan Approval Credit Pos.
--------------------------------------------------------------
Moody's Japan K.K. believes that the Japanese government's
approval of changes to the special business plan for Tokyo
Electric Power Company, Incorporated (TEPCO, CFR: Ba3, negative)
is credit positive because it demonstrates a heightened level of
commitment by the authorities to supporting the power utility's
financial obligations.

TEPCO announced the changes on January 15, 2014.

The company's huge obligations include compensation payments, and
decontamination and decommissioning costs. These are all expected
to increase significantly over time as the company meets
unforeseen challenges, for example the ongoing leakage of toxic
water from the damaged Fukushima Dai-ichi Nuclear Power Plant.

In order to ensure compensation payments are smoothly distributed,
according to the plan's changes, TEPCO will now receive as much as
JPY9 trillion in interest-free loans from the government, up from
JPY5 trillion.

In addition, TEPCO's creditor banks will be requested to maintain
their lending and to provide new loans for the utility to pursue
strategic growth areas. The latter will provide income to help
TEPCO fund some of its compensation payments.

The plan includes a broad range of measures to improve income and
reduce costs. Moody's has concerns over whether ambitious plan can
actually achieve the profitability projected. As of now, the plan
envisages the company posting annual operating profits of JPY200
billion or more during FYE3/2015 through FYE3/2017.

Supporting this forecast for FYE3/2015 -- FYE3/2017 is the fact
that the plan allows for the restarting of idled Kashiwazaki-
Kariwa plant beginning in July 2014. TEPCO calculates that the
restart of a nuclear reactor would contribute JPY100 -- 145
billion annually to its overall profits.

The restarting of nuclear power stations, and particularly those
owned by TEPCO continues to meet political challenges and is not
considered by Moody's to be a foregone conclusion.

The plan further seeks to reduce TEPCO's fuel costs by allowing
the company to partner with other buyers in FYE3/2015 and purchase
fuel collectively. Such a strategy is estimated to likely save
JPY650 billion a year eventually.

However, the opinions of other utilities could threaten the
success of the plan. Separately, Moody's notes that TEPCO is
already the industry's largest buyer of LNG and there is little
room to further improve its bargaining power.

Moody's notes that the plan refers to a possible tariff increase
if the Kashiwazaki-Kariwa plant does not restart on time. However,
such an increase may be difficult to implement, given public
hostility towards TEPCO. In addition, a higher rate would reduce
TEPCO's price competitiveness in the energy industry which is now
facing liberalization.

In addition to the challenges the company faces in its cost and
revenue structure, the cleanup at Fukushima Dai-ichi is a massive
and unprecedented undertaking. Moody's believes it is highly
likely that the cleanup will meet further unexpected challenges
and that the cost will increase beyond the current plan, further
stressing TEPCO's already large financial burden.

Tokyo Electric Power Company, Incorporated is the largest
integrated electricity supplier in Japan and is headquartered in
Tokyo.



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


OCEANAGOLD CORP: More Than 140 Jobs Lost at Macraes Mine
--------------------------------------------------------
Tess McClure at Stuff.co.nz reports that more than 140 people are
out of work at New Zealand's largest goldmine after job cuts this
week.

Stuff.co.nz says union representatives said OceanaGold
Corporation, which owns Macraes Mine in Central Otago, has cut
nearly 25 per cent of the mine work force in response to
plummeting gold prices.

The job losses included direct employees and contracted staff, the
report notes.

Amalgamated Workers Union secretary Calvin Fisher confirmed 76
direct employees were given confirmation of their redundancies on
January 17, after two weeks of consultation, and removed from the
site immediately, according to Stuff.co.nz.

The report relates that Mr. Fisher said 140 to 150 people,
including direct employees, principal contractors and
subcontractors, had lost their jobs. About 400 workers were still
employed at the mine.

"Clearly there's a lot of upset and anguish, as some of those
workers have been there for 18 years," the report quotes Mr.
Fisher as saying. "If the price of gold remained low, more job
losses could be on the cards, and uncertainty remained for those
staying on."

A meeting for those made redundant will be held on January 24,
with government agencies present to discuss options, Stuff.co.nz
adds.

Based in Melbourne, Australia, OceanaGold Corporation (ASX:OGC)
-- http://www.oceanagold.com.au/-- is engaged in exploration and
the development and operation of gold and other mineral mining
activities.  OceanaGold is a gold producer and is operating two
open cut mines and an underground mine at Macraes and Reefton in
New Zealand.  The Company also has the Didipio Gold-Copper
Project in the Philippines as part of its portfolio.  The
Company's projects are Macraes Gold Project, Reefton Gold Project
and Didipio Gold Copper Project.



====================
S O U T H  K O R E A
====================


* SOUTH KOREA: Corporate Bankruptcies Fall to 6-month Low in Dec.
-----------------------------------------------------------------
Yonhap News Agency reports that the number of corporate
bankruptcies declined to a six-month low in December as the local
economy continued on a recovery track, the central bank said on
January 21.

According to the Bank of Korea (BOK), 68 companies went bankrupt
in December, down from 84 recorded in November.  The number is the
smallest since 58 in June last year.

Yonhap relates that the number of newly established companies came
in at 6,681 last month, up 569 from the previous month.

The report says the default rate of corporate bills -- bonds,
checks and promissory notes -- reached 0.18 percent in December,
up from 0.12 percent in the previous month.

The rise in the default rate came mainly from STX Group and Tong
Yang Group, the BOK noted, Yonhap relays.



                             *********

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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