TCRAP_Public/140123.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

           Thursday, January 23, 2014, Vol. 17, No. 16


                            Headlines


A U S T R A L I A

CLIK INTERNATIONAL: Dean-Willcocks Appointed as Administrators
DANA MATHERS: Liquidators Selling Off Gowns to Pay Creditors
KANGERONG STATION: AIDC Buys Cattle Station at a Discount
WALTON CONSTRUCTION: Craig Walton Personally Liable to Creditors


C H I N A

CHINA RUITAI: SEC Revokes Registration of Securities
POWERLONG REAL: Sr. Notes Issuance No Impact on Moody's B3 CFR
POWERLONG REAL: S&P Rates Proposed RMB-Denom. Unsec. Notes 'B-'
SHANGHAI COMMERCIAL: Fitch Affirms Support Rating Floor at 'B+'
SHIMAO PROPERTY: Fitch Rates $600-Mil. Sr. Unsec. Notes at 'BB+'

YANCOAL: Operational Improvements No Impact on Moody's Ba1 CFR
* CHINA: Moody's Releases Compendium on Local Gov't Debt Research


I N D I A

APRICA PHARMA: ICRA Revises Rating on INR5cr Loan to 'B+'
AZICO PHARMA: CRISIL Reaffirms 'B' Ratings on INR158MM Loans
BANK OF BARODA: Fitch Rates $300-Mil. Upper Tier 2 Notes at 'B+'
BNAZRUM AGRO: CRISIL Ups Rating on INR70MM LT Loan to 'C'
DIVIJ INFRAPROJECTS: CRISIL Cuts Rating on INR530MM Loans to 'D'

FIREPRO SYSTEMS: CRISIL Puts D Loan Ratings on Withdrawal Notice
GOPAL IRON: CARE Lowers Ratings on INR22.8cr Loans to 'D'
HMR STEELS: ICRA Reaffirms 'B+' Rating on INR15cr Loans
JAI SHIV: ICRA Assigns 'B' Rating to INR12cr Long-Term Loans
JAIN AGENCIES: ICRA Assigns 'B+' Rating to INR10cr Loans

KAYTEE CORP: ICRA Assigns 'B+' Ratings to INR9cr Loans
KRISHNA TUFF: ICRA Assigns 'B' Ratings to INR7cr Loans
NANZ MED: ICRA Assigns 'B' Ratings to INR11.63cr Loans
P.K. OVERSEAS: CRISIL Reports Enhanced Rated-B+ Loan Amount
PNP ENGINEERING: CRISIL Assigns 'C' Ratings to INR145MM Loans

PRAGATI ENGINEERING: ICRA Assigns 'C+' Ratings to INR6.5cr Loans
RANGOTSAV SAREES: ICRA Suspends 'B' Rating on INR15cr Loans
SAYAJI PACKAGING: ICRA Revises Rating on INR7cr Loans to 'B'
SHIVA AGRO: ICRA Rates INR7cr Fund Based Long Term Loan at 'B'
STERIMED SURGICALS: CRISIL Cuts Rating on INR66MM Loans to 'B-'

TACON INFRASTRUCTURE: CRISIL Reaffirms B- Rating on INR345M Loans
THOUSU PERIYAKKAL: CRISIL Places D Rating on INR132.4MM Loans
VENSHIV PHARMACHEM: CRISIL Cuts Rating on INR61MM Loans to 'D'
VRV TEXTILES: ICRA Suspends 'D' Ratings on INR35.74cr Loans
WORLD RESORTS: ICRA Reaffirms 'D' Rating on INR25.24cr Loan


N E W  Z E A L A N D

FEATHERSTON RESOURCES: Shareholders to Oppose Takeover Deals


S I N G A P O R E

ALLIANCE OIL: Files Bid to Wind Up Business
FIVE STARS: Unions Offer Help to Workers Affected By Closure


                            - - - - -


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A U S T R A L I A
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CLIK INTERNATIONAL: Dean-Willcocks Appointed as Administrators
--------------------------------------------------------------
Ronald Dean-Willcocks -- dwis@dwis.com.au -- of Dean-Willcocks
Insolvency Solutions was appointed administrator of Clik
International Pty Limited on
Jan. 16, 2014.

A first meeting of the creditors of the Company will be held on
Jan. 29, 2014, at 10:00 a.m. at Level 2, 32 Martin Place in
Sydney.


DANA MATHERS: Liquidators Selling Off Gowns to Pay Creditors
------------------------------------------------------------
Wendy Caccetta at PerthNow reports that the fashion empire of West
Australian designer Dana Mathers, dubbed the Queen of the Prom
dress, has collapsed after she lost the backer who funded her
million dollar international expansion.

Liquidators for Dana Mathers International Pty Ltd are now selling
off 1,500 gowns to pay creditors owed AUD1.7 million, according to
the report.

PerthNow notes that at the height of her success, Ms. Mathers'
gowns were being worn by the likes of Kardashian family member
Kendall Jenner and being lauded by US teen magazines. Her designs
were stocked in 250 US stores.

Another of Ms. Mathers' companies, Strange Love Pty Ltd, which
carries the name of her former Carillon City store and controlled
her domestic interests, was also placed in liquidation in November
2012, PerthNow relays.

According to the report, it is another high profile loss from the
WA fashion industry which is still reeling after red-carpet
designer Ruth Tarvydas' empire was placed in liquidation in
August.

But unlike Ms. Tarvydas who has continued to have a profile, Ms.
Mathers has made a quiet exit from the local fashion scene and is
now living in the southwest, the report says.

Her husband Ray Sparvell, who handled her public relations
throughout her career, said this week the business had been
blooming until the unexpected loss of the financial backing, which
led to the collapse of both companies in late 2012, reports
PerthNow.


KANGERONG STATION: AIDC Buys Cattle Station at a Discount
---------------------------------------------------------
Matthew Cranston at The Land reports that Agricultural Investment
Development Corp has bought Kangerong Station north of Charters
Towers in Queensland for just under AUD10 million.

The Land relates that the investment, which is for an overseas
client, is a classic countercyclical play on the drought-hit and
debt-laden sector of the rural property market.

The purchase price, which includes 3,500 head of cattle, is a
massive discount on the AUD16 million walk-in, walk-out price paid
in 2008 by the vendor, the report says.

According to The Land, The Australian Financial Review reported
that McGrathNicol receiver Anthony Connelly --
aconnelly@mcgrathnicol.com -- confirmed the 22,400-hectare
freehold property was under contract.

The property includes a homestead, guest accommodation, dry-
weather airstrip, staff quarters and steel cattle yards able to
carry 2,000 cows, the report adds.

In spite of being one of the best developed and most productive
properties on the basalt country, the owner was placed in
receivership by Westpac Banking Corporation in April last year,
joining numerous cattle station operators weighed down by debt and
drought, The Land notes.


WALTON CONSTRUCTION: Craig Walton Personally Liable to Creditors
----------------------------------------------------------------
The Sunshine Coast Daily reports that Craig Walton was personally
liable to sub-contractor creditors on the Nambour Coles project
because he had allowed his construction business to trade, knowing
that it could not pay for the work.

The report says liquidator Lawler Draper Dillon told Waltons Sub-
Contractors Alliance representatives at a meeting in Brisbane on
January 15 that the failed builder was insolvent but had continued
to trade.

According to the report, Alliance spokesman Les Williams said
Mr. Coles had provided about AUD600,000 to the Supreme Court for
distribution to creditors.  It is thought the money will be paid
out on a proportional basis according to monies owed, the report
notes.

Mr. Williams said creditors would treat the money as a deposit on
the full amount to which they were entitled and would continue to
pursue full settlement, Sunshine Coast Daily relates.

He said the finding that Mr. Walton had traded while insolvent
opened the way to consider what knowledge about the builder's
financial position was held by other parties but not shared with
creditors, the report relays.

He said that following an audit report of the company in early
2013, the NAB had referred business advisors, the Mawson Group, to
Mr. Walton, according to the report.

Sunshine Coast Daily notes that profitable projects were
transferred to a business controlled by Mawson directors while the
Nambour Coles project was left with Walton Queensland which, along
with Walton Construction, was placed in administration on October
4 before going into liquidation with debts totalling
AUD49 million.

The report adds that Mr. Williams is working with the liquidator
and representatives of Queensland Building and Construction
Commission -- formerly the QBSA -- to ensure that all relevant
issues are included in the terms of reference for the proposed
public examination of Walton. Included in those terms of reference
will be identification of who gave the QBSA financial information
to support Craig Walton's builder's licence renewal, the report
says.

The Sub-Contractors' Alliance also will seek examination of
arrangements reached with Walton Queensland by Coles and its
project manager Savills Australia which saw its performance bond
returned, Sunshine Coast Daily adds.

Walton Construction was a Melbourne-based builder.  The company
was founded in 1993 by Craig Walton and had offices in Melbourne,
Sydney and Brisbane.

Glenn Franklin, Stirling Horne, and Jason Stone were appointed as
voluntary administrators of Walton Construction Pty Ltd and Walton
Construction (Qld) Pty Ltd on Oct. 3, 2013. They were
subsequently appointed as liquidators on Nov. 8, 2013.



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CHINA RUITAI: SEC Revokes Registration of Securities
----------------------------------------------------
The U.S. Securities and Exchange Commission revoked the
registration of each class of registered securities of China
Ruitai International Holdings Co., Ltd., affirming the initial
decision of Cameron Elliot, an administrative law judge.

The Initial Decision revokes the registration of the registered
securities of China Ruitai based on the Company's failure to file
required current and period reports with the SEC.  The time for
filing a petition for review of the Initial Decision has expired.
No such petition has been filed by China Ruitai and the Commission
has not chosen to review the decision on its own initiative.

                         About China Ruitai

Shandong, China-based China Ruitai International Holdings Co.,
Ltd., was organized under the laws of the State of Delaware on
Nov. 15, 1955, under the name "Inland Mineral Resources Corp."
Currently, the Company, through its wholly-owned subsidiary,
Pacific Capital Group Co., Ltd., a corporation incorporated under
the laws of the Republic of Vanuatu, and its majority-owned
subsidiary, TaiAn RuiTai Cellulose Co., Ltd., a Chinese limited
liability company, is engaged in the production, sales, and
exportation of deeply processed chemicals, with a primary focus on
non-ionic cellulose ether products in the People's Republic of
China as well as to the United States, Europe, Japan, India and
South Korea.

As reported by the TCR on April 8, 2011, Bernstein & Pinchuk LLP,
in New York, after auditing the Company's financial statements for
the year ended Dec. 31, 2010, expressed substantial doubt about
China Ruitai's ability to continue as a going concern.  The
independent auditors noted that the Company has negative working
capital.

The Company's balance sheet at Sept. 30, 2011, showed
US$130.37 million in total assets, US$96.16 million in total
liabilities and US$34.21 million in total equity.


POWERLONG REAL: Sr. Notes Issuance No Impact on Moody's B3 CFR
--------------------------------------------------------------
Moody's Investors Services says that Powerlong Real Estate
Holdings Limited's B3 corporate family rating and Caa1 senior
unsecured rating and their positive outlook will not be affected
by the company's proposed senior notes issuance.

In fact, the notes issuance is credit positive because Powerlong's
liquidity position will accordingly improve.

"Powerlong's bond issuance will improve its liquidity position by
providing funding for settling outstanding land premium payments
and the redemption of its RMB750 million in USD settled senior
notes due on March 17 2014," says Jiming Zou, a Moody's Assistant
Vice President and Analyst.

Powerlong resumed acquisitions to replenish its land bank in 2013,
raising the company's outstanding land obligations to an estimated
RMB2 billion to RMB3 billion. The total includes the remaining 80%
of RMB1.8 billion due in January 2014 for the acquisition of a
parcel of land in Qibao Town, Shanghai.

"Powerlong's credit metrics will not be affected by the bond
issue," says Zou, who is the lead analyst for Powerlong.

The issuance is within Moody's expectations, and it will not
worsen the company's credit metrics substantially. Moody's
estimates debt/capitalization of 50%-55% and EBITDA/interest of
1.3x for the next 12 months. Such credit metrics support its
single B rating.

Powerlong's positive outlook reflects Moody's expectation that the
company will focus on increasing contracted sales and rental
income, while slowing the pace of business expansion. Such moves
could improve its financial profile.

Its contracted sales of RMB9.4 billion in 2013 were up 44% from a
year ago and exceeded its own target of RMB8 billion, thanks to
better sales execution and growing contributions from new
locations.

It has increased its level of development of commercial complexes
in the suburban areas of first- and second-tier cities improved
sales. The company has been attracted by the high levels of
population density and comparatively better commercial
environments than those evident in lower tier cities.

If Powerlong continues to improve its liquidity through addressing
its land payment obligations and debt repayments, its ratings
could be considered for upgrade.

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

Powerlong Real Estate Holdings Limited is a Chinese developer
focused on building large-scale integrated residential and
commercial properties in second- and third-tier cities in China.
As of December 30, 2013, it had a development land bank of around
9.6 million sqm in gross floor area (GFA) in nine provinces, and
had 15 commercial properties in operation.

The company listed on the Hong Kong Exchange in October 2009. The
Hoi family, the founders, had an aggregate stake of 67.7% in the
company.


POWERLONG REAL: S&P Rates Proposed RMB-Denom. Unsec. Notes 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
issue rating and 'cnB+' long-term Greater China regional scale
rating to a proposed issue of Chinese renminbi (RMB)-denominated
senior unsecured notes by Powerlong Real Estate Holdings Ltd.
(B/Stable/--; cnBB-/--).  The China-based developer intends to use
the proceeds mainly to refinance its RMB-denominated senior
unsecured notes due 2014.  The rating on the notes is subject to
our review of the final issuance documentation.

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

The rating on Powerlong reflects S&P's view of: (1) the execution
risks in the company's aggressive debt-funded expansion; (2)
Powerlong's large investments in shopping malls; and (3) its
limited record of disciplined financial management.  The company's
somewhat diversified property products and markets, its growing
recurring rental income, and its low-cost land bank moderate the
rating weaknesses.

In S&P's view, Powerlong's material increase in recurring rental
income and its improved sales execution support its "weak"
business risk profile.  S&P expects the company's cash flow and
leverage ratios to remain under pressure in 2013 because of its
debt-funded expansion.  Nevertheless, these ratios are likely to
improve slightly in 2014 if the company controls the growth in its
leverage.  S&P anticipates satisfactory property sales and higher
revenue recognition in the next 12 months.  Powerlong's sales were
RMB9.37 billion in 2013, exceeding the company's own target.


SHANGHAI COMMERCIAL: Fitch Affirms Support Rating Floor at 'B+'
---------------------------------------------------------------
Fitch Ratings has affirmed Taiwan-based Shanghai Commercial and
Savings Bank's (SCSB) Long-Term Issuer Default Rating (IDR) at 'A-
', National Long-Term Rating at 'AA(twn)' and Viability Rating
(VR) at 'a-'.  The Outlook is Stable.  A rating breakdown is
provided at the end of this commentary.

The affirmation of SCSB's VR and IDR reflect its adequate
capitalisation, high reserve coverage, profitable Greater China
franchise through its principal and 57.6%-owned subsidiary in H.K.
-- Shanghai Commercial Bank (SCB, A-/Stable) -- and alliance with
Bank of Shanghai, China, as well as the robust risk absorption
ability of SCB.  The ratings also consider the increasing pressure
on its capital from growth and its modest franchise in the region.

The ratings capture the bank's higher provisioning coverage than
similarly rated peers and sufficient capitalisation, which will
help provide a buffer against its moderately high exposure to SMEs
and rising China-related risks in a downturn.  The bank's gross
loan provision was at 1.38% as of end-1H13, higher than a peer
average of 1%.

SCSB's consolidated pre-tax return on assets remained satisfactory
at 0.65% (unannualised) in 1H13 and 1.28% in 2012, higher than the
local peer average of 0.38% and 0.68%, respectively.  Fitch
expects the bank to maintain stable earnings on the back of strong
operational efficiency, moderate provision risks and SCB's
earnings resilience.

While the bank's capitalisation remains sufficient relative to its
risk profile, it has been under pressure as it extended more
loans, and continued rapid growth may weigh on its credit profile.
The consolidated Fitch Core Capital ratio declined to 12.8% at
end-1H13 from 13.8% at end-2012, due to loan growth and a one-off
IFRS revaluation adjustment.  SCSB's reported impaired loan ratios
are higher than regional peers', although it is likely due to the
bank's stricter classification and loans in this segment should be
sufficiently covered by its loan-loss provisions.

RATING SENSITIVITIES -- IDRs, National Ratings and VRs

The Stable Outlook underlines Fitch's expectation that SCSB will
maintain its balance sheet strength while pursuing regional
expansion. Rating downside is more likely than upside given the
increasing pressure on capital as its loan book expands.  A
downgrade of SCB or weakening capitalisation and/or risk profile
due to excessive growth may also put downward pressure on the
ratings.

KEY DRIVERS AND RATING SENSITIVITIES - Support Rating and Support
Rating Floor

SCSB's Support Rating (SR) and Support Rating Floor (SRF) reflect
its modest systemic importance, and a limited probability of
support from the government, if needed.  The SR and SRF are
sensitive to any change in assumptions around the propensity or
ability of Taiwan government to provide timely support to the
bank.  This would most likely be manifested in a change to
Taiwan's sovereign rating (A+/Stable).

Founded in 1915, SCSB is a privately owned bank. The family of the
bank's chairman, Hung-Ching Yung, is the bank's largest
shareholder and controls its board.  SCSB's share of domestic
deposits was 2.43% at end-3Q13.  It had an around 3%-5% market
share in SME lending and import/export trade finance in Taiwan.

A list of rating actions follows:

  -- Long-Term IDR: affirmed at 'A-'; Stable Outlook
  -- Short-Term IDR: affirmed at 'F1'
  -- National Long-Term rating: affirmed at 'AA(twn)'; Stable
     Outlook
  -- National Short-Term rating: affirmed at 'F1+(twn)'
  -- Viability Rating: affirmed at 'a-'
  -- Support Rating: affirmed at '4'
  -- Support Rating Floor: affirmed at 'B+'


SHIMAO PROPERTY: Fitch Rates $600-Mil. Sr. Unsec. Notes at 'BB+'
----------------------------------------------------------------
Fitch Ratings has assigned China-based property developer Shimao
Property Holdings Limited's (Shimao; BB+/Stable) USD600m 8.125%
senior unsecured notes due 2021 a final rating of 'BB+'.

The assignment of the final rating follows the receipt of
documents conforming to information already received and the final
rating is in line with the expected rating assigned on 13 January
2014.

Strategic Focus Improves Performance: Shimao has refocused on key
regions and cities where it has operational advantages.  Its
expansion into new cities and third- and fourth-tier cities
remains selective.  Improved internal management in eight key
regions allows better day-to- day management of regional
operations and sales.  For the 11 months ended 30 November 2013,
the group realized contracted sales of CNY61.3bn, exceeding its
2013 sales target of CNY55bn by 11.4%. Fitch expects contracted
sales to continue to grow in 2014.

Shift in Product Mix: To raise contracted sales, Shimao adjusted
its residential property development mix to focus on first-time
home buyers and buyers upgrading their homes, as well as improved
the quality of its housing stock.  Shimao continues to focus on
small-to-medium sized units of 90sqm-140sqm, which account for
around 75%-80% of its units available for sale for 2013 and 2014.
Shimao has one of the highest recurring rental income streams and
the highest rental income to EBITDA ratio among Chinese property
companies rated by Fitch in the 'BB' category.

Delivery of Prudent Financial Strategy: During the challenging
operating environment in 2011, Shimao demonstrated operational
flexibility and prudent financial management.  It slowed down land
acquisition to conserve cash.  The company continues to have
strong financial support from over 10 onshore and offshore banks.
Management's focus on maintaining ample liquidity and ready access
to various funding channels further supports its ratings.

Solid Recurring Income: The company's 64%-owned Shanghai Shimao
provides rental income while Shimao's hotel operations are another
source of recurring income.  Management expects to continue
investing in commercial and retail properties and hotels.  Fitch
believes this will offer additional financial flexibility for the
group if required.  However, over the past three years, more than
90% of Shimao's revenue was from property sales.

Stable Operating Performance: Fitch expects Shimao to maintain a
stable operating performance and prudent financial policies in the
short-to-medium term and to continue to increase its contracted
sales in 2014 to more than CNY70bn.  A large and well-located land
bank of 37.2 million sqm across China as of 30 June 2013 and its
proven track record in selective expansion to third and fourth-
tier cities will also underpin its stable performance.

Sufficient Liquidity: At June 2013 Shimao had CNY18.9bn in cash
(of which CNY2.1bn was restricted cash) and CNY20bn in unused bank
credit facilities.  Fitch expects the group to maintain sufficient
liquidity to fund development costs, land premium payments and
debt obligations during 2013-2015, based on its diversified
funding channels and flexible land acquisition strategy.

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

  -- continued weakening of the operating environment, leading to
     EBITDA margin erosion below
     20% (1H 2013: 28%)
  -- aggressive debt-funded expansion leading to net debt-to-
     inventory exceeding 40% (1H 2013: 51.4%)
  -- Contracted sales/gross debt below 1.25x (1H 2013: 1.3x) on a
     sustained basis
  -- Tightening liquidity due to a sustained fall in free cash
     flows, or weakened access to financing
     channels

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

  -- Longer track record of stable business growth
  -- Expansion, improved scale and cash efficiency without impact
     on profitability, with EBITDA margin above 20% on sustained
     basis
  -- Demonstrated leverage flexibility, with debt-funded
     expansion leading to net debt-to-inventory below 35% on a
     sustained basis
  -- Contracted sales/gross debt above 1.25x on a sustained basis


YANCOAL: Operational Improvements No Impact on Moody's Ba1 CFR
--------------------------------------------------------------
Moody's Investors Service says that Yancoal Australia Ltd's
(unrated) positive operational performance is credit positive, but
has no immediate impact on Yanzhou Coal Mining Co. Ltd's Ba1
corporate family and senior unsecured debt ratings and their
stable outlook.

On 16 January 2014, Yancoal Australia, a 78% owned subsidiary of
Yanzhou Coal, announced that its total annual coal production
volume reached 16.9 million tons in 2013, up 15% year-on-year from
14.6 tons in 2012. At the same time, its total coal sales volume
grew 14% year-on-year to 17 million tons.

"Yancoal Australia's improved coal production and sales volumes
for 2013 indicate that it is effectively managing its operational
challenges and that it is in a better position than in 1H 2013 to
turn around its losses, which is credit positive and in line with
Moody's expectations" says Alan Gao, a Moody's Vice President and
Senior Analyst.

Moody's expects Yancoal Australia's improvement can be sustained
and will result in positive profit contribution in 2014.

"Moreover, Yancoal Australia's improved cost saving is credit
positive" says Gao, who is also the lead analyst for Yanzhou Coal.

Yancoal Australia disclosed that it had achieved its 15% unit
production cost savings target in 2013. Moody's estimates that
Yancoal Australia's average unit gross profit in 4Q 2013 will be
similar to that in 3Q 2013 at around RMB140-150 per tonne, which
has improved from RMB132 per tonne in 1H 2013.

Moody's estimates that Yancoal Australia will represent 28% of
Yanzhou Coal's total coal production in 2013. The improved volume
and cost savings will have some, but not a significant positive
impact on Yanzhou Coal's financial position.

Moody's has factored in the improvements in the Ba1 rating, and
expects its debt/EBITDA to trend down to around 4.5X in 2014 from
5x-5.5x for 2013, and its (cash flow from operations --
dividends)/debt to reach 10%-15% over the next 12 to 18 months.

The principal methodology used in this rating was the Global
Mining Industry published in May 2009.

Yanzhou Coal Mining Company Limited was listed in Shanghai, Hong
Kong and New York in 1998. It is 53% owned by the Yankuang Group,
a state-owned enterprise wholly owned by the Shandong Provincial
State-Owned Assets Supervision and Administration Commission, and
is one of the top coal mining groups in China.


* CHINA: Moody's Releases Compendium on Local Gov't Debt Research
-----------------------------------------------------------------
Moody's Investors Service has released a compendium of its
research on Chinese local government debt with the underlying
conclusion that the potential for a market for such debt is
looking increasingly likely.

Moody's arrived at its conclusion in the context of reforms
announced by the central government during 2013 that aim to create
the conditions necessary for a direct borrowing approach.

The compendium -- which is titled Chinese Sub-Sovereign Monitor --
contains a total of 22 research items published over the last 18
months.

As Moody's notes, while local governments are largely responsible
for building China's infrastructure -- which the World Bank
estimates will cost USD6.4 trillion over the next 25 years --
their financing options are limited.

As a result, local governments in China borrow indirectly through
local government financing vehicles (LGFV) and other government-
related entities.

Such debt is not consolidated in the financial reporting of local
governments, and therefore the amounts and terms are not
transparent. A comprehensive survey of local governments by the
National Audit Office reported that direct and indirect debt of
local governments amounted to RMB17.9 trillion at end-June 2013,
or 32.1% of GDP, up from RMB10.7 trillion at end-2010.

Moody's notes that China's central government over the past 18
months has made a series of announcements that focus on fiscal
reforms, greater transparency and accountability, all of which
underlie successful local government debt markets.

These culminated in the Third Plenary statements in November 2013,
in which the Communist Party leadership indicated its intention to
strengthen local government fiscal and reporting frameworks.



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APRICA PHARMA: ICRA Revises Rating on INR5cr Loan to 'B+'
---------------------------------------------------------
ICRA has revised the rating assigned to the INR5.00 Cr. cash
credit facility of Aprica Pharmaceuticals Private Limited to
'[ICRA]B+' from '[ICRA]B'.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.00        Revised to [ICRA]B+
                                     from [ICRA]B

The revision in rating takes into account the significant growth
in operating income and cash accruals following expansion in
product portfolio as well as the distribution network and INR3.45
Cr. of equity infusion by the promoters in the current fiscal
which would lead to moderation in gearing levels, though the same
would remain high at absolute levels. The rating continues to
favorably consider the past experience of the promoters and top
management in the pharmaceutical business, the stable demand
outlook for pharmaceutical products in India and growing export
prospects particularly in less developed global markets; and the
company's asset light business model due to third party
manufacturing.

The rating is, however, constrained by the limited operational
track record and the overall modest scale of its operations in a
highly competitive market. Further, the rating is also constrained
by the weak financial profile of the company as reflected by its
adverse capital structure, high working capital intensity and
moderate coverage indicators. The rating also remains constrained
owing to high dependence of the company on a limited number of
suppliers which results in low bargaining power and less favorable
procurement terms and forex risk due to high export sales. The
rating also takes into account the company's concentrated product
portfolio consisting mainly of drugs for cardiac and diabetes
ailments, the limited pricing flexibility with the company as some
of its products are generic drugs and fall under latest DPCO.

Incorporated in 2011, Aprica Pharmaceuticals Private Limited is
engaged in the business of marketing and distribution of medicines
for cardiac and diabetic related ailments under its own brand
names. The company, based out of Ahmedabad, Gujarat, started its
operations from October 2012. It has a distribution network spread
across nine states in the country. APPL is a private limited
company and has been promoted by Mr Jitendra Rokad and Mr. Mehul
Bhimani. Mr. Rokad is a qualified pharmacist and has been
operating a medical store in Amreli, Gujarat for the last two
decades.

Recent Results

For the year ended March 31, 2013, the company reported an
operating income of INR22.60 Cr. and profit after tax of INR0.52
Cr. as against an operating income of INR1.34 Cr. and profit after
tax of INR0.04 Cr. for FY12.


AZICO PHARMA: CRISIL Reaffirms 'B' Ratings on INR158MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facilities of Azico Pharmaceuticals Private Limited and has
reaffirmed its 'CRISIL B/Stable' rating on the company's long-term
bank facilities.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             25      CRISIL B/Stable (Reaffirmed)
   Proposed Term Loan       2      CRISIL B/Stable (Reaffirmed)
   Long Term Loan         131      CRISIL B/Stable (Reaffirmed)
   Letter of Credit        11      CRISIL A4 (Assigned)

CRISIL's ratings on the bank facilities of Azico Pharmaceuticals
Pvt Ltd continue to reflect APPL's exposure to demand-related
risks associated with its recently completed project of setting up
an active pharmaceutical ingredient (API) manufacturing unit. This
rating weakness is partially offset by the experience of APPL's
promoter in the pharmaceuticals industry.

Outlook: Stable

CRISIL believes that APPL will continue to benefit over the medium
term from its promoter's extensive industry experience and their
financial flexibility. The outlook may be revised to 'Positive' if
APPL stabilises operations at its manufacturing unit earlier than
expected, resulting in larger-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if APPL faces
delays in stabilising operations after completion of the project,
resulting in significant deterioration in its financial risk
profile.

APPL, established in 2009, manufactures APIs. The company,
promoted by Mr. A P Rameswara Rao, commenced commercial production
in October 2013.


BANK OF BARODA: Fitch Rates $300-Mil. Upper Tier 2 Notes at 'B+'
----------------------------------------------------------------
Fitch Ratings has assigned India-based Bank of Baroda's (BBB-
/Stable) USD750m senior unsecured notes due July 2019 a final
rating of 'BBB-'.  This follows the completion of the securities
issue, as well as the receipt of final documents conforming to
information previously received. T he final rating is the same as
the expected rating assigned on Jan. 6, 2014.

The notes, issued by BOB's London branch, have been priced at
325bp above comparable US Treasurys and carry a maturity of 5.5
years.

The senior unsecured instruments are rated at the same level as
the bank's Issuer Default Rating (IDR), in accordance with Fitch's
criteria.

For more details on BOB's ratings and credit profile, see "Fitch
Takes Rating Action on Indian Banks", dated 23 September 2013,
available at www.fitchratings.com.

RATING SENSITIVITIES

A change in BOB's IDR will have an impact on the securities'
rating.

BOB's other ratings are as follows:

  -- Long-Term IDR 'BBB-'; Outlook Stable
  -- Short-Term IDR 'F3'
  -- Viability Rating 'bb+'
  -- Support Rating '2'
  -- Support Rating Floor 'BBB-'
  -- USD 3bn MTN Programme 'BBB-'
  -- USD 500mn Senior Unsecured Notes under the MTN programme
     'BBB-'
  -- USD 350mn Senior Unsecured Notes under the MTN programme
     'BBB-'
  -- USD 300mn Upper tier 2 Notes 'B+'


BNAZRUM AGRO: CRISIL Ups Rating on INR70MM LT Loan to 'C'
---------------------------------------------------------
CRISIL has upgraded its rating on the bank loan facilities of
Bnazrum Agro Exports Private Limited to 'CRISIL C/CRISIL A4' from
'CRISIL D/CRISIL D'.

                           Amount
    Facilities           (INR Mln)   Ratings
    ----------           ---------   -------
    Bill Discounting         80      CRISIL A4 (Upgraded from
                                     'CRISIL D')

    Long-Term Loan           70      CRISIL C (Upgraded from
                                     'CRISIL D')

    Overdraft Facility       10      CRISIL A4 (Upgraded from
                                     'CRISIL D')

    Packing Credit           90      CRISIL A4 (Upgraded from
                                     'CRISIL D')

The rating upgrade reflects the timely servicing of interest on
its debt by BAEPL over the six months through November 2013.
However, BAEPL has a weak liquidity marked by tightly matched cash
accruals against debt obligations and fully utilised bank lines.

BAEPL also has a below-average financial risk profile, marked by
weak debt protection metrics, and geographical concentration in
its revenue profile. Moreover, the company is susceptible to
fluctuations in foreign exchange (forex) rates and to vagaries in
the availability of gherkins. However, BAEPL benefits from its
established market position in the gherkins processing industry.

BAEPL, incorporated in 1998, processes and exports gherkins. Its
day-to-day operations are being managed by its promoter, Mr. K S M
Mohammed Saleem.

BAEPL reported a profit after tax of INR10.40 million on net sales
of INR379.31 million for 2012-13 (refers to financial year, April
1 to March 31), against a loss of INR0.11 million on net sales of
INR300.85 million for 2011-12.


DIVIJ INFRAPROJECTS: CRISIL Cuts Rating on INR530MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Divij Infraprojects Private Limited to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           190      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit              310      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan                 30      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating downgrade reflects delays by DIPL in servicing its term
debt, along with the company's continuously overdrawn cash credit
account (for more than 30 days) and invocation of bank guarantees.
The delays have resulted from the company's poor liquidity, driven
by its working-capital-intensive operations because of delays in
debtor realisation.

Moreover, DIPL's financial risk profile is constrained by its low
cash accruals. However, the company benefits from the extensive
experience of the promoters in the infrastructure sector, and
their funding support.

DIPL was incorporated in Delhi in 2009. The company is promoted by
Mr. Girish Chopra and his wife, Mrs. Ashima Chopra. DIPL commenced
operations on July 14, 2009. The company was set up as a
partnership firm, Global Creations, also managed by Mr. Girish
Chopra and Mrs. Ashima Chopra; the firm operated in the civil
construction segment.

DIPL is registered as a Class-A contractor with the Central Public
Works Department, and the Public Works Department of Himachal
Pradesh and Haryana.

DIPL reported a profit after tax (PAT) of INR9.7 million on net
sales of INR1618.4 million for 2011-12, vis-a-vis a PAT of INR7.2
million on net sales of INR1271.5 million for 2010-11.


FIREPRO SYSTEMS: CRISIL Puts D Loan Ratings on Withdrawal Notice
----------------------------------------------------------------
CRISIL has placed its ratings on the cash credit, proposed long-
term bank loan facility, letter of credit, and bank guarantee
facilities of Firepro Systems Pvt Ltd on 'Notice of Withdrawal'
for a period of 180 days on FSPL's request. The ratings will be
withdrawn at the end of the notice period. The rating action is in
line with CRISIL's policy on withdrawal of its ratings on bank
loans.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        725      CRISIL D (Notice of Withdrawal)
   Cash Credit          2567      CRISIL D (Notice of Withdrawal)
   Letter of Credit     1540      CRISIL D (Notice of Withdrawal)
   Proposed Long Term
   Bank Loan Facility     25      CRISIL D (Notice of Withdrawal)

For arriving at the ratings, CRISIL had combined the business and
financial risk profiles of FSPL and its wholly owned subsidiaries:
Firepro Systems International LLC, Dubai; Firepro Building Systems
Pte Ltd, Singapore; Firepro Systems Pty Ltd, Australia; and
Saffire Devices Pvt Ltd, India, together referred to as the FSPL
group. This is because FSPL has invested substantially in the
subsidiaries, and extends technical and operational support to
them.

FSPL was set up in 1992 by Mr. N S Narendra. It initially sourced
and supplied fire safety and protection equipment. Gradually, FSPL
began offering fire protection solutions such as safety
management, access control, and automated response systems, for
larger environments.


GOPAL IRON: CARE Lowers Ratings on INR22.8cr Loans to 'D'
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Gopal Iron & Steel Company (Gujarat) Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            4.80       CARE D Revised from
                                    CARE BB

   Long-term/Short-
   term Bank
   Facilities           18.00       CARE D/CARE D Revised from
                                    CARE BB/CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Gopal Iron & Steel Company (Gujarat) Limited (GISCL) primarily
factors in the ongoing delays in debt servicing by the company due
to the stressed liquidity position.

Establishing a clear debt servicing track record with an
improvement in the liquidity position through better receivables
and inventory management along with its ability to improve its
profitability in light of the fluctuating raw material prices and
highly competitive industry would remain the key rating
sensitivities.

Ahmedabad-based GISCL was initially incorporated as Gopal Rolling
Mills Limited in August 25, 1994, and subsequently it got listed
on Bombay Stock Exchange in 1997. The company is in the
business of manufacturing steel bars, channels, flats and sections
with an installed capacity of 30,000 Metric Tonnes per Annum
(MTPA) as on March 31, 2013. During FY12 (refers to the period
April 1 to March 31), the company set up new tube mill facilities
for manufacturing steel pipes from steel sheets with an installed
capacity of 24,000 MTPA on three-shift basis.

GISCL procures key raw material, steel ingots and mild steel
sheets from the domestic market and sells the entire finished
goods in the domestic market.

During FY13, GISCL achieved a Profit after Tax (PAT) of Rs.0.01
crore on a Total Operating Income (TOI) of Rs.73.66 crore as
against PAT of Rs.1.09 crore on a TOI of 36.01 crore in FY12.
During Q1FY14 (provisional), GISCL reported a TOI of Rs.5.83
crore.


HMR STEELS: ICRA Reaffirms 'B+' Rating on INR15cr Loans
-------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' assigned to
INR15.00 crore fund based limits and short term rating of
'[ICRA]A4' assigned to INR7.00 crore non-fund based limits of HMR
Steels Private Limited.
                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund based limits        15.00       [ICRA]B+ reaffirmed
   Non Fund based limits     7.00       [ICRA]A4 reaffirmed

The reaffirmation of ratings are constrained by dip in operating
income on account of decrease in sales volume and low
profitability levels which are inherent in the steel trading
business. The ratings are also constrained by the highly leveraged
capital structure with gearing of 2.28 times as on FY2013 end on
account of high working capital borrowings; stretched coverage
indicators on account of thin profitability levels and
vulnerability of profits to commodity price risks as the purchases
are not backed by orders. The ratings however favorably take into
account long track record of promoter in the steel trading
business; established relationship with customer reflected from
repeat order received from them and diversified customer base.

HMR Steels Pvt Ltd was incorporated as MR Steels, a proprietorship
concern in the year 1992 and later converted to HMR Steels Pvt Ltd
as a private limited company in 2008. The company is engaged in
trading of Iron & Steel products. The promoters of HMR Steels have
been in this business for the past two decades.


JAI SHIV: ICRA Assigns 'B' Rating to INR12cr Long-Term Loans
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to INR12.00
crore fund-based bank facilities and a short term rating of
'[ICRA]A4' to INR0.01 crore non-fund based bank facilities of Jai
Shiv Food Products Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-Term Fund
   Based Limits          12.00       [ICRA]B Assigned

   Short-Term Non-
   Fund Based Limits      0.01       [ICRA]A4 Assigned

The assigned rating is constrained by the company's weak financial
profile which is on account of low profitability and weak
capitalisation; resulting in modest debt coverage indicators.
While the utilisation of installed capacity for the company is
satisfactory during the initial year of operations, however the
profitability is below average as reflected in OPM of ~2% and NPM
of ~0.5%. As the companies in the industry typically stock paddy
during the paddy season to be utilised during the later part of
the year, the working capital requirement for the company is high.
Given the modest accruals and limited net worth, the funding
requirements toward working capital are funded through external
funding which along with debt funded set up of the milling unit
result in weak capital structure as reflected in TOL / TNW of 5.5x
on Mar-13. The cash accruals of the company are limited in
relation to the scheduled debt obligations (commenced from
October-2013) resulting in weak debt coverage indicators, which
coupled with high incremental working capital requirements for
growth would keep the financial profile and liquidity stretched,
thereby increasing the dependence on timely funding support from
the promoters going forward. Notwithstanding the above concerns,
the rating factors in the considerable experience of the promoters
in the rice milling industry and healthy outlook for the industry
with increasing export demand and domestic consumption of basmati
rice.

Going forward, the ability of the company to keep capacity
utilisation high on a sustainable basis and improve its
profitability will be critical for future growth in revenues and
accruals, which along with timely funding support from the
promoters remain crucial for its debt servicing and hence remain
the key rating sensitivities.

Incorporated in April-2012, Jai Shiv Food Products Private Limited
is engaged in milling and processing of parboiled basmati rice of
Pusa 1121 variety. The manufacturing facilities of the company are
located at Dabra (district Gwalior), Madhya Pradesh which started
operations in February-2013. The company has installed capacity of
processing 144MT of paddy per day or 51,840 MTPA and rice
processing capacity of 40,000 MTPA.

During FY-2013, the company reported Profit After Tax (PAT) of
INR0.04 crore with an Operating Income (OI) of INR17.64 core. As
per the provisional results for half-year ended Sept. 30, 2013,
the company reported a PAT of INR0.13 crore with an Operating
Income of INR35.5 crore.


JAIN AGENCIES: ICRA Assigns 'B+' Rating to INR10cr Loans
--------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR10.00
crore cash credit facility of Jain Agencies.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limit-        10.00       [ICRA]B+ assigned
   Cash Credit

The rating takes into consideration the small scale of current
operations, having a limited track record, the highly competitive
nature of the industry, with the presence of large number of
players, however, the high brand recognition of Samsung
Electronics India Limited mitigates this risk to an extent. The
rating also takes into account the exposure of the company to
geographical concentration risk, with Assam being its sole area of
operation and the low bargaining power of the company against its
supplier; the firm also remains exposed to supplier concentration
risk since Samsung Electronics India Limited is its sole supplier.
The rating is, however, supported by the established track record
of the partner in product distribution business in Assam and the
profitable operations in the first year, however, the profit
margins are expected to remain range bound considering the limited
value added nature of operations.

Incorporated in August 2012, Jain Agencies is a partnership firm
which primarily deals in electronic consumer durable goods such as
television, refrigerator, air conditioners, etc. The firm has
entered into a dealership agreement to distribute products of
Samsung Electronics India Limited in the state of Assam.

Recent Results

In the first seven month of its operations during FY 13, the firm
reported a profit after tax of INR0.15 crore on an operating
income of INR27.64 crores.


KAYTEE CORP: ICRA Assigns 'B+' Ratings to INR9cr Loans
------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' and a short
term rating of '[ICRA]A4' to total fund based and non fund based
bank facilities of INR25.00 crore of Kaytee Corporation Private
Limited.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term-Working
   capital Term Loan        3.80        [ICRA]B+

   Long term-WC/FBL CC      5.20        [ICRA]B+

   Short term-EPC/PCFC     11.50        [ICRA]A4

   Short term-FBP DP/DA
   90 Days/ FBD/FCDB      (10.00)       [ICRA]A4

   Short term-LC            1.00        [ICRA]A4

   Short term-BG           (1.00)       [ICRA]A4

   Short term-PC/FOBP/
   FOUBP/ FOUBP/FOUBNLC/
   LC                       3.50        [ICRA]A4

The assigned ratings reflect the high financial risk profile of
Kaytee Corporation Private Limited as characterised by the
stretched capital structure emanating from the working capital
intensive nature of operations, weak profitability ratios due to
significant trading operations within the business as well as high
competitive intensity of industry which limits pricing flexibility
of the company. The financial flexibility further remains limited
on account of significant financial support extended to its
subsidiary by way of equity capital and unsecured loans. ICRA also
takes note of the vulnerability of business operations to highly
volatile Indian currency, though partially mitigated by
undertaking exposure in currency forward contracts, as well as
companies high dependence on government incentives to support
operations exposing it to regulatory risks.

The assigned rating however positively take into account the long
standing experience of the promoters within the industry as well
as the established strong relationship of the company with its
well diversified customer base across geographies. ICRA also takes
a note on Moderate order-book position of the company which
imparts strong revenue visibility in near terms.

The company was incorporated in 1974 as Kaytee Corporation Private
Limited with the objective of engaging in the trading of textile
products particularly various yarns, fabrics and ready-made
garments. Since 1990, the company has manufactured garments at a
manufacturing unit at Tirupur in Tamilnadu. Mr. Premal Udani who
has served as board member of several textile related associations
in India is the key director and management personal of the
company.


KRISHNA TUFF: ICRA Assigns 'B' Ratings to INR7cr Loans
------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the INR5.20
crore term loans, INR1.50 crore cash credit limits and INR0.30
crore unallocated limits of Krishna Tuff Private Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------            -----------    -------
   Cash Credit facility     1.50        [ICRA]B assigned
   Term Loan                5.20        [ICRA]B assigned
   Unallocated              0.30        [ICRA]B assigned

The rating assigned is constrained by lack of track record of
operations as the company is still in the project phase; and the
sensitivity of project metrics and future cash flows to the
establishment of the company's products, their market acceptance
and commercial success. Further, the high reliance on debt for
project funding exposes the company to possible stress on debt
servicing capability in case of slower than expected ramp up of
operations and cash flows. The rating is also constrained by the
high competitive intensity in the glass processing business; the
company's relatively small envisaged scale of operations; and
vulnerability of its operations to the cyclicality in the real
estate industry.

The rating, however, favorably considers the experience of KTPL's
promoters and their long standing involvement in a related line of
business; and the favorable long term demand outlook for the
processed glass due to its increasing use in the real estate
development resulting from rising urbanization in the country.

Incorporated in June 2012, Krishna Tuff Private Limited is setting
up a plant to manufacture toughened glass. The proposed unit is
located at Chatral, (Dist Kalol) in Gujarat. The proposed plant
would have a production capacity of manufacturing ~72,000 sq.
meters of toughened glass per annum. The project is promoted by
Mr. Hasmukh Patel, Mr. Ajendra Patel and other family members. The
promoters have more than a decade of experience in the industry
through associate concern -- Ghanshyam Glass Corporation, engaged
in trading of various types of glasses.


NANZ MED: ICRA Assigns 'B' Ratings to INR11.63cr Loans
------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' and short
term rating of '[ICRA]A4' to the INR18.0 crore(enhanced from
INR15.0 crore) bank facilities of Nanz Med Science Pharma Private
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             2.63        [ICRA]B assigned
   Cash Credit           9.00        [ICRA]B assigned
   Non-Fund Based        6.10        [ICRA]A4 reaffirmed/assigned
   Unallocated           0.27        [ICRA]B reaffirmed

The rating reaffirmation of Nanz Med Science Pharma Private
Limited, considers the long experience of the promoters in the
field and a diversified customer base company that translates into
healthy revenue growth in the recent past and a healthy orderbook
position. The rating is, however, constrained by weak
profitability indicators and stretched financial profile. Given
the healthy growth in revenues expected, the high working capital
intensity of business and the proposed debt funded capex, the
financial profile may deteriorate in the near to medium term.
Additionally, the company's profitability remains vulnerable to
forex fluctuations on account of dependence on imports for raw
materials while the ability to pass on the adverse forex movement
remains limited. NMSP's ability to improve profitability and
liquidity position as well as manage its financial risk profile
will continue to be key rating sensitivities. The company's scale
of operations remains small.

Nanz Med Science Pharma Private Limited, a subsidiary of Med
Science Canada Inc, founded by Mr. L.P. Singh in 2005 is engaged
in the manufacture of pharmaceutical bulk drugs, formulations,
creams and specialty chemicals and the trading of diagnostic kits.
The major product produced by the company is Povidone-iodine, a
raw material for antiseptics and ointments. The manufacturing
process of the plant adheres to the WHO-cGMP guidelines and the
company is expecting approval from WHO in a few months. The
manufacturing plant is located in a tax free zone in Himachal
Pradesh and has production capacities for manufacturing ointments
and liquids along with Povidone-iodine. The company also trades in
diagnostic kits by importing the kits from Ind Diagnostics Inc,
Canada and selling it to various clients such as Intas
Pharmaceuticals, MHS and Galpha Laboratories.

Recent Results

The company reported a negative Profit after Tax (PAT) of INR0.1
Crore on an Operating Income (OI) of INR42.9 Crore in 2012-13.


P.K. OVERSEAS: CRISIL Reports Enhanced Rated-B+ Loan Amount
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of P.K. Overseas Pvt Ltd
continue to reflect PK's weak financial risk profile, marked by a
small net worth, weak debt protection metrics, and high gearing,
and its small scale of operations. These rating weaknesses are
partially offset by the extensive experience of PK's promoters in
the rice industry.

Rated amount enhanced
                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit                50     CRISIL B+/Stable
   Packing Credit            220     CRISIL A4
   Proposed Packing Credit   130     CRISIL A4
   Proposed Letter of Credit 150     CRISIL A4

Outlook: Stable

CRISIL believes that PK will continue to benefit over the medium
term from its promoters' extensive industry experience. The
company's financial risk profile is, however, expected to remain
constrained over this period, with weak debt protection metrics
and high gearing, because of low margins. The outlook may be
revised to 'Positive' if PK's capital structure and profitability
improve significantly. Conversely, the outlook may be revised to
'Negative' if the company's gearing increases further and its debt
protection metrics weaken, most likely because of larger-than-
expected debt-funded capital expenditure.

Set up in 1994 by Mr. Prem Manchanda and his family, PK sorts,
processes, and exports basmati rice. The company derives a large
portion of its revenues from exports, mainly to the Middle East,
Far East, Europe, Australia, Singapore, Mauritius and other
Scandinavian countries.

PK is expected to report a profit after tax (PAT) of INR5.8
million on net sales of INR1444 million for 2012-13 (refers to
financial year, April 1 to March 31), as against a PAT of INR3.3
million on net sales of INR887.8 million for 2011-12.


PNP ENGINEERING: CRISIL Assigns 'C' Ratings to INR145MM Loans
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of PNP Engineering Works Pvt Ltd and has assigned
'CRISIL C/CRISIL A4 ' ratings to PNP's bank facilities. The
ratings were previously 'Suspended' by CRISIL through its Rating
Rationale dated Feb. 19, 2013, as PNP did not provide the
requisite information to conduct a rating review. PNP has now
shared the necessary information, thereby enabling CRISIL to
assign ratings to PNP's bank facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            55      CRISIL A4 (Assigned;
                                     Suspension revoked)

   Cash Credit               30      CRISIL C (Assigned;
                                     Suspension revoked)

   Proposed Long Term
   Bank Loan Facility       115      CRISIL C (Assigned;
                                     Suspension revoked)

The ratings reflect PNP's stretched liquidity marked by delays in
servicing its equipment loan obligations (not rated by CRISIL).
The ratings also factor in PNP's weak financial risk profile, and
small scale of operations. These rating weaknesses are partially
offset by the extensive experience of PNP's promoters in the
engineering and construction services business.

PNP was set up by Mr. Subhas Chandra Panja in Haldia (West Bengal)
in 1998. The company provides engineering and construction
services such as installation of storage tanks, industrial piping,
and structures for oil refineries, petrochemical companies, and
the steel industry.


PRAGATI ENGINEERING: ICRA Assigns 'C+' Ratings to INR6.5cr Loans
----------------------------------------------------------------
ICRA has assigned the ratings of '[ICRA]C+' to the INR2.0 crore
long term fund based limit; INR4.30 crore term loan limit and
INR0.20 crore of unallocated limits of Pragati Engineering Belgaum
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Rated on Long-
   Term Scale

   Fund Based limit      2.00         [ICRA]C+ (Assigned)

   Term loan limit       4.30         [ICRA]C+ (Assigned)

   Unallocated limit     0.20         [ICRA]C+ (Assigned)

The assigned ratings of Pragati Engineering Belgaum Private
Limited are constrained by its moderate scale of operations
characterised by low turnover with significant dependence of its
sales to a single client - PAPL and loss witnessed at operating
and net level during FY13 resulting in negative net-worth as of
31st March 2013. While poor order inflow resulted in low capacity
utilisation of the manufacturing plant during FY13 and H1FY14, the
associated fixed cost remained high which impacted the company's
profitability. The ratings are further constrained by high
indebtedness of Pragati led by debt funded capital expenditure
during the period FY09-FY12; stretched liquidity resulting from
aggressive capital expenditure undertaken during FY13 which was
funded by unsecured loans from promoters/directors and from high
receivables from PAPL.

Going forward, the company's ability to ramp up its scale of
operations and maintain healthy profitability would be crucial for
timely repayment of the debt in short to medium term.
Nevertheless, the ratings positively factor in the established
track record of Pragati in manufacturing of precision machine
components and capacity expansion by around 30% in recent past
which might support the company in expanding its revenue base in
medium to long term.

Pragati Engineering Belgaum Private Limited is a Belgaum based
entity incorporated in 1996 by Mr. Suresh Bhirangi (Chairman) and
his son Mr. Mahesh S Bhirangi (Managing Director) and their family
members and associates. The company manufactures precision
machined components and caters to machine tool manufacturers and
automotive industry. The product portfolio includes automatic tool
changers for machining centers, power chucking cylinders, turning
attachments, piston, cylinder housing and motor plates.
Additionally, the company provides labour to its clients for
processing of certain components used in manufacture of CNC
machines against which it bills labour charges. The major customer
to which Pragati supplies its product is Pragati Automation
Private Limited (PAPL) which is an associate company of which the
majority stake is held by some of the promoters of Pragati. PAPL,
based in Bengaluru (Karnataka), primarily manufactures tool
turrets, automatic tool changers, and power-chucking cylinders.


RANGOTSAV SAREES: ICRA Suspends 'B' Rating on INR15cr Loans
-----------------------------------------------------------
ICRA has suspended '[ICRA]B' rating assigned to the INR15.00 crore
fund based bank facilities and '[ICRA]A4' rating to the INR0.75
crore non- fund based facilities of Rangotsav Sarees 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.


SAYAJI PACKAGING: ICRA Revises Rating on INR7cr Loans to 'B'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR2.00
crore cash credit facility, INR4.00 crore term loans and INR1.00
crore unallocated limits of Sayaji Packaging Private Limited to
'[ICRA]B' from '[ICRA]B+'.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2.00        Revised to [ICRA]B
   Facility                          from [ICRA]B+

   Term Loan             4.00        Revised to [ICRA]B
                                     from [ICRA]B+

   Unallocated           1.00        Revised to [ICRA]B
                                     from [ICRA]B+

The revision in rating takes into account SPPL's start up nature
of operations and the slow ramp up of revenues; the company's
vulnerable financial risk profile characterized by operating
losses, high gearing levels and inadequate debt protection
metrics; and the need for funding support from the promoters over
the short term to meet its debt obligations. The rating continues
to be constrained by the high competitive intensity in the metal
packaging business which limits pricing flexibility and
profitability; the competition from alternative packaging
materials; and. the vulnerability of profitability to adverse
fluctuations in the prices of the key raw material.

The rating, however, takes comfort from the experience of SPPL's
promoters and their long track record in the metal packaging
business; and the favorable outlook for metal packaging products
due to increasing demand for food and other applications.

Incorporated in 2011, Sayaji Packaging Private Limited is engaged
in manufacturing tin cans for food and non-food packaging
applications. SPPL's manufacturing unit is located at Savli, Dist
Vadodra in Gujarat and has a production capacity of approximately
150 lakh cans per annum. Commercial production at the unit
commenced from October 2012. SPPL's promoters have longstanding
experience in the manufacturing and marketing of tin cans used for
packaging paints, adhesives, pesticides etc. by virtue of their
association with other group companies namely Modern Packaging,
Maker Packaging and Sayaji Metal Cans. SSPL is an expansion of the
group already engaged in a similar line of business activity.

In FY13, SPPL reported an operating income of INR2.15 crore and
net loss of INR0.37 crore. As per provisional financials, in 6M,
FY14, SPPL recorded an operating income of INR3.25 crore.


SHIVA AGRO: ICRA Rates INR7cr Fund Based Long Term Loan at 'B'
--------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the INR7.00
crores fund based bank facilities of Shiva Agro Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-
   Long Term              7.00        [ICRA]B assigned

The assigned rating is constrained by modest scale of operations
of the firm, high gearing arising out of substantial debt funding
of large working capital requirements resulting in low
profitability at net levels, the rating also factors in high
intensity of the competition in the rice industry and agro
climatic risks which can affect the availability of the paddy in
adverse weather conditions. The rating however, favorably takes
into account long standing experience of promoters in the rice
industry, their strong relationships with several customers and
suppliers and proximity of the mill to major rice growing area
which results in easy availability of paddy.

Going forward, the firm's ability to improve its scale of
operations while maintaining adequate profit margins and manage
its working capital cycle effectively will be the key rating
drivers.

Shiva Agro Industries was established in the year 2008 as
proprietorship firm. As per the management milling capacity is 6
tonnes/hr of paddy. Company is engaged in the business of
processing and trading of rice in the domestic market. Company is
having its manufacturing unit at Ferozpur Road, Kaithal, Haryana.

Recent Results:

SAI reported a net profit of INR0.02 crores on an operating income
of INR11.10 crores for the year ended March 31, 2013 and a net
profit of INR0.02 crores on an operating income of INR7.94 crores
for the year ended March 31, 2012.


STERIMED SURGICALS: CRISIL Cuts Rating on INR66MM Loans to 'B-'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sterimed Surgicals (India) Pvt Ltd to 'CRISIL B-/ Stable' from
'CRISIL B+/Stable', while reaffirming its rating on the company's
short-term bank facilities at 'CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee             4      CRISIL A4 (Reaffirmed)

   Cash Credit               35      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit           5      CRISIL A4 (Reaffirmed)

   Term Loan                 31      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects the deterioration in SSPL's
financial risk profile, particularly its financial flexibility.
This was driven by the company's recently completed debt-funded
capital expenditure (capex) programme, leading to an increase in
its gearing and in its interest and financial costs, and hence
resulting in weak debt protection metrics. The company had a capex
of Rs.20 million in 2012-13 (refers to financial year, April 1 to
March 31), funded by debt of Rs.15 million and the rest by
promoters' contribution.

Furthermore, SSPL's working capital cycle was stretched, with
gross current assets (GCAs) at 147 days as on March 31, 2013. The
high GCA days were mainly because of large inventory as the
company has to maintain substantial raw material inventory for
manufacturing its diverse range of products. The inventory has
ranged between 55 and 90 days in the four years ended March 31,
2013.

The ratings continue to reflect SSPL's modest scale of operations,
average operating profitability, and weak financial risk profile,
marked by high gearing and a small net worth. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the medical disposables and industrial and
medical adhesive tapes industry.

Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
its strong technical expertise in the self-adhesive tapes and
medical disposables industry. The outlook may be revised to
'Positive' in case of a significant improvement in SSPL's scale of
operations and operating margin, or in its working capital
management. Conversely, the outlook may be revised to 'Negative'
if there is a significant decline in SSPL's revenues and/or
operating margin, or if it undertakes a larger-than-expected debt-
funded capex programme, leading to deterioration in its financial
risk profile.

SSPL was incorporated in 2002-03, promoted by Mr. S B Singh Narang
and his two sons, Mr. Sabjot Singh Narang and Mr. Sarabdeep Singh
Narang. SSPL manufactures medical disposables and industrial and
medical adhesive tapes.


TACON INFRASTRUCTURE: CRISIL Reaffirms B- Rating on INR345M Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Tacon
Infrastructure Pvt Ltd continue to reflect TIPL's stretched
liquidity driven by its working-capital-intensive operations, and
its exposure to risks related to the highly fragmented and
competitive construction industry. These rating weaknesses are
partially offset by TIPL's moderate financial risk profile, marked
by moderate net worth, and its promoters' extensive experience in
the construction industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          300      CRISIL A4 (Reaffirmed)

   Bank Guarantee          120      CRISIL A4 (Reaffirmed)

   Cash Credit              50      CRISIL B-/Stable (Reaffirmed)

   Letter of Credit         10      CRISIL A4 (Reaffirmed)

   Overdraft Facility       35      CRISIL A4 (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility      281.3    CRISIL B-/Stable (Reaffirmed)

   Rupee Term Loan          13.7    CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TIPL will continue to benefit over the medium
term from its established position in the construction industry
and its healthy order book. The outlook may be revised to
'Positive' if the company improves its liquidity, most likely
through efficient working capital management. Conversely, the
outlook may be revised to 'Negative' if TIPL undertakes a larger-
than-expected debt-funded capital expenditure programme, weakening
its financial risk profile.

Update

TIPL's revenues declined marginally to Rs.1.2 billion in 2012-13
(refers to financial year, April 1 to March 31) on account of
intense competition in the construction sector. Due to continued
competitive bidding, the company's revenues are expected to
decline to around Rs.750 million in 2013-14, as it continues to
focus on retaining its margins. As a result, its overall operating
profitability is expected to remain at 5.0 to 5.5 per cent over
the medium term.

TIPL's operations remain working-capital-intensive, marked by high
gross current assets of around 200 days as on March 31, 2013.
Because of the project-based nature of its business, the company
has to maintain a large amount of funds in the form of deposits,
thus impacting its overall liquidity. CRISIL believes that in
spite of the support that TIPL gets from its creditors in the form
of a long payment cycle (around 55 days as on March 31, 2013) and
the line of credit provided by its bank the company's overall
working capital cycle will remain stretched at over 200 days,
leading to its liquidity remaining weak over the medium term.

TIPL's financial risk profile remains above average, marked by a
net worth of around Rs.279 million as on March 31, 2013. A large
part of the bank debt, which stood at around Rs.135 million as on
this date, was in the form of a working capital facility. The
gearing remained at around 0.6 times as on March 31, 2013. CRISIL
believes that with limited dependence on external funding and the
absence of any large near-term capital expenditure, TIPL's overall
financial risk profile will remain average over the medium term.

TIPL reported a profit after tax (PAT) of INR21.6 million on net
sales of INR 1.2 billion for 2012-13, as against a PAT of INR18.4
million on net sales of INR1.3 billion for 2011-12.

TIPL was originally set up in 1994 as a partnership firm, Trans
Asia Company, by Mr. Mansukhbhai Joshi, Mr. Navinchand Modha, and
Mr. Devjibhai Odedhara in Porbandar (Gujarat); it was
reconstituted as a private limited company in 2000. TIPL is
engaged in dam and canal civil work, construction of roads and
highways, and construction of residential and other buildings.


THOUSU PERIYAKKAL: CRISIL Places D Rating on INR132.4MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Thousu Periyakkal Educational Health and Charitable
Trust.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Overdraft Facility         27      CRISIL D
   Cash Credit                16      CRISIL D
   Long Term Loan             89.4    CRISIL D

The rating reflects instances of delay by TPHCT in servicing its
debt; the delays have been caused by TPHCT's weak liquidity as a
result of its large working capital requirements  and cash flow
mismatches.

TPHCT also has a below-average financial risk profile, marked by
high gearing and, and is susceptible to adverse regulatory changes
and intense competition in the educational sector. The trust,
however, benefits from the healthy demand prospects for education
offerings in India and extensive experience of its promoter in the
education industry.

TPHCT, located in Trichy, was established in 2004 by Mr. B.
Selvaraj, as a trust registered under the Indian Trust Act, 1881.
The trust comprises of the following institutions under their
governance offering undergraduate, post graduate and diploma
courses in engineering; and teacher education courses.

In 2012-13 (refers to financial year, April 1 to March 31), TPHCT
reported, a surplus (excess of income over expenditure) of INR9.2
million on income of INR111 million, as against a surplus of
INR8.9 million on income of INR81.0 million in 2011-12.


VENSHIV PHARMACHEM: CRISIL Cuts Rating on INR61MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Venshiv
Pharmachem Pvt Ltd to 'CRISIL D' from 'CRISIL B-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               12      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Long Term Loan            49      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects instances of delays by VPPL in
servicing its debt obligations on account of weakened liquidity
due lower-than-expected cash accruals.

The rating also factors in VPPL's weak liquidity and working-
capital-intensive operations. However, VPPL benefits from its
promoters' extensive industry experience.

Incorporated in 2007, VPPL is engaged in manufacturing of
Sulfamethoxazole (SMX). The company is promoted by Mr. K Sambasiva
Reddy and family.

VPPL reported, a profit after tax (PAT) of INR0.02 million on net
sales of INR5 million for 2012-13 (refers to financial year, April
1 to March 31).


VRV TEXTILES: ICRA Suspends 'D' Ratings on INR35.74cr Loans
-----------------------------------------------------------
ICRA has suspended the rating of '[ICRA]D' assigned to the
INR30.86 crore long term fund based limits, INR3.38 crore short
term non fund based limits and the INR1.50 crore proposed long-
term/short-term limits of VRV Textiles Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


WORLD RESORTS: ICRA Reaffirms 'D' Rating on INR25.24cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR25.24
crore fund based bank facilities of World Resorts Ltd at [ICRA]D.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits-       25.24       [ICRA]D
   Term Loan

The rating reaffirmation factors in the stretched liquidity of the
company, as evidenced by instances of delays in term loan
principal and interest repayment. This is on account of subdued
demand from the hospitality sector which coupled with rising
operating costs has resulted in diminished profitability. The
rating also factors in the weak credit profile of the company on
account of net losses for last seven years resulting in erosion of
net worth, high debt levels and weak debt coverage indicators.
Nevertheless, ICRA draws some comfort from the established
presence of the resort in the Meetings, Incentives, Conferencing,
and Exhibitions (MICE) segment in Bangalore as well as the
favorable location of the resort in proximity to major industrial
areas, catering to business travel. The rating also incorporates
the strength of the parent group i.e. IITL which has a debt free
capital structure.

World Resorts Ltd was incorporated on April 27, 1995 by Mr. Sanjay
Khan to develop a luxurious Spa and 5 Star Deluxe Hotel in
Bangalore. In December 2010, a share purchase agreement was signed
as per which the property was transferred to Industrial Investment
Trust Limited (IITL) which is a debt free group with a net-worth
of INR522 crore. The hotel named 'The Golden Palms Hotel & Spa' is
spread across 14 acres of land at Nagarur village, Dasanapura
hobli off Tumkur Road on the outskirts of Bangalore. The hotel has
total of 150 rooms comprising of 132 deluxe rooms, 16 deluxe
suites and 2 Presidential suites along with facilities for office
conferences and other leisure activities.

Recent Results

WLRL reported an operating income of INR27.13 crore and a net loss
of INR8.90 crore for 2012-13 as compared to an operating income of
INR29.59 crore and a net loss of INR5.86 crore for 2011-12.



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


FEATHERSTON RESOURCES: Shareholders to Oppose Takeover Deals
------------------------------------------------------------
Simon Hartley at Otago Daily Times reports that the fate of failed
diatomite miner Featherston Resources near Dunedin may be decided
this week, as factions look to get a controlling stake through a
creditors' vote in the fertiliser manufacturer.

According to the report, vying Asian companies want to buy out
Featherston, by paying its numerous creditors, while some
historical shareholders have warned the administrators they will
oppose the proposals.

ODT relates that crucial to the situation is that creditors, some
of whom are shareholders, will vote on whether to accept or reject
either of the dual proposals being put forward by appointed
administrators Rodgers Reidy Ltd today, Jan. 23, in Auckland.

Despite projections of multimillion-dollar annual sales targets,
Australian-based and privately-owned Featherston achieved only
limited sales of diatomite for domestic or export use and raised
just over NZ$100,000 over two years, ODT notes.

ODT says Featherston is in administration and receivership and a
creditors meeting is scheduled for Auckland today, Jan. 23. Among
more than 200 shareholders and creditors are many from around the
South Island, the report relates.

The report says Auckland-based Rodgers Reidy has proposals for
creditors to decide on from separate Malaysian and Hong Kong
investors, who are offering respectively AUD4.8 million and
AUD4.15 million, to be used to pay creditors, but leaving
shareholders open to compulsory acquisition or with diluted
holdings.

The proposal by Plaman Group, representing a Malaysian listed
company, and with Australian banking interests, wants to take
Featherston out of administration, which would be to the detriment
of long-suffering shareholders, who have poured millions into the
company, but who want to retain their stake and help rebuild
Featherston. They would get an unspecified cash payment, but
otherwise be bought out.

The second AUD4.15 million proposal, by Ashlaw Legal Services Pty
Ltd, on behalf of a Hong Kong investor, would dilute shareholders'
interests by about two-thirds.

Joint administrator for Rodgers Reidy Ltd in Auckland, Paul
Vlasic, organised the creditors meeting and said in a
"supplementary report" to shareholders last week, obtained by the
ODT, that Featherston had "known creditors", owed in total
AUD4.18 million (NZ$4.43 million).

Featherston Resources is a fertiliser manufacturer launched in
2011.



=================
S I N G A P O R E
=================


ALLIANCE OIL: Files Bid to Wind Up Business
-------------------------------------------
Lee Hong Liang at Seatrade Global reports that Alliance Oil
Trading (AOT) has given up its accredited bunker supplier licence
as it is in the process of winding up its business.

The Maritime and Port Authority of Singapore (MPA) has updated its
list of accredited bunker suppliers on Jan. 17, 2014, to show that
AOT has been struck off, the report says.

A source with AOT confirmed with Seatrade Global that the company
has submitted its liquidation application on January 7 and it is
in the process of closing its business, according to the report.

The report notes that Alliance Oil Trading was once Singapore's
largest bunker supplier by volume back in 2011 when it was ranked
14th. However, the company saw its volumes dropped as it slipped
in ranking to 26th in 2012 before falling further to 40th position
in 2013, according to MPA.


FIVE STARS: Unions Offer Help to Workers Affected By Closure
------------------------------------------------------------
Channel News Asia reports that the Singapore Manual and Mercantile
Workers' Union (SMMWU) and National Trades Union Congress (NTUC)
are rendering assistance to workers affected by the sudden closure
of Five Stars Tours travel agency.

The travel agency ceased operations on January 8 this year, the
news agency relates.

According to the report, SMMWU and NTUC said affected workers will
be informed of the avenues of assistance that are available to
them.  SMMWU and NTUC U Care will jointly provide immediate
financial assistance to affected workers who are union members,
the report relays.

CNA relates that the two union bodies will provide SGD600 worth of
vouchers to each of the union members to help them with the
purchase of daily necessities.

Members will be contacted on the details of these vouchers, the
report notes.

CNA adds that affected members can seek the help of SMMWU in their
job search by contacting the union and providing their resumes for
job-matching with other unionised companies of SMMWU.
Affected workers who are Singaporeans or PRs can approach NTUC's
e2i (Employment and Employability Institute) for assistance with
training and job placements. Non-citizens can approach NTUC or
SMMWU for assistance.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 10, 2014, Yahoo! Singapore said potentially hundreds,
if not thousands, of travellers have been left in the lurch after
popular coach and travel agency Five Stars Tour abruptly closed
all eight of its branches across Singapore on January 8.
News of the travel agency's closure was first reported by Chinese
daily Lianhe Wanbao, Yahoo! Singapore said.  In its report, it
said Five Stars had applied for a liquidation notice with the
police, according to Yahoo! Singapore.

Yahoo! Singapore, citing The Straits Times, reported that Five
Stars had been struggling to stay afloat in recent months -- staff
had not been paid CPF contributions for months and it was forced
to sell its headquarters in People's Park Complex last year before
renting it back from the new owner.



                             *********

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.



                 *** End of Transmission ***