TCRAP_Public/140131.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, January 31, 2014, Vol. 17, No. 22


                            Headlines


A U S T R A L I A

BELLA TRUST SERIES: Fitch Affirms Class E Ratings at 'Bsf'
GUNNS LTD: ANZ Bank Sells AUD200-Million Debt Owed by Timber Firm
HALLAM MFG: PCI Partners Appointed as Administrators
ROBINS KITCHEN: NAB to Lose Millions if Proposed Restructure Fail


C H I N A

BEST RE: S&P Affirms B+ Counterparty Rating & Removes from Watch
CHINA: Fitch Says Trust Default Avoidance Fuels Moral Hazard Risk
CHINA CREDIT: Repays Principal to Bailed-Out Trust Holders
CHINA ORIENTAL: Fitch Cuts Issuer Default Rating to 'BB-'
CHINA SOUTH CITY: Fitch Assigns 'B+' Rating to $400MM Sr. Notes

FRANSHION PROPERTIES: Land Acquisition to Weaken Moody's Ratings
HIDILI: Worsening Performance No Impact on Moody's Caa1 CFR


I N D I A

A S P PRIVATE: CRISIL Assigns 'B+' Ratings to INR165MM Loans
ALPS PHARMA: CRISIL Reaffirms 'B' Rating on INR220MM Loan
AMI RIDDHI: CRISIL Assigns 'B+' Rating to INR65MM Loan
ARJUN PULP: CRISIL Rates INR226MM Long Term Loan at 'B+'
ARUN ENTERPRISES: CRISIL Cuts Rating on INR165MM Loans to 'B+'

G.I. INDUSTRIES: CARE Assigns 'B+' Rating to INR5cr LT Loan
GANGOTHRI NUTRIENTS: CRISIL Assigns 'D' Ratings to INR200MM Loans
GARE BROTHERS: CARE Assigns 'B' Rating to INR5cr Long-Term Loan
HM OVERSEAS: CARE Assigns 'B+' Rating to INR2cr Long-Term Loans
INTERNATIONAL COIL: CRISIL Cuts Ratings on INR226MM Loans to 'D'

KASTURI DEVELOPERS: CRISIL Places 'B+' Ratings on INR150MM Loans
KINGFISHER AIRLINES: Karnataka High Court Dismisses OSA Appeal
P.K. OVERSEAS: CRISIL Reaffirms 'B+' Rating on INR50MM Loan
PARTH PARENTERAL: CRISIL Reaffirms B Rating on INR130MM Loan
PRASADHINI ENTERPRISES: ICRA Assigns 'B-' Rating to INR20cr Loans

R.R.CONSTRUCTIONS: ICRA Assigns 'B' Rating to INR20cr Term Loan
RASHMI HOUSING: ICRA Places 'B+' Rating on INR65cr Long-Term Loan
REFRIGERATED DISTRIBUTORS: CRISIL Puts B+ Rating on INR50MM Loans
RUDRAPUR PRECISION: ICRA Assigns 'B-' Ratings to INR9.75cr Loans
S.K. CORPORATION: ICRA Withdraws B+ Rating on INR8.14cr Loan

SATPUDA STRUCTURES: CARE Reaffirms B+ Rating on INR14.77cr Loans
SHREE KRISHNA: CRISIL Assigns 'B+' Ratings to INR150MM Loans
SPEED AUTOTECH: CRISIL Assigns 'B-' Ratings to INR64.2MM Loans
SRM CONSTRUCTION: CRISIL Ups Rating on INR30MM Loans to 'B-'
TRIVENI SMELTERS: CRISIL Suspends 'B' Ratings on INR93.1MM Loans

VINIT YARN: ICRA Suspends 'B+' Rating on INR6.5cr Loans
WARM GEARS: ICRA Rates INR18.10cr LT Loans at 'B-'


N E W  Z E A L A N D

FELTEX CARPET: Class Action Backers Must Pay NZ$1MM Today


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BELLA TRUST SERIES: Fitch Affirms Class E Ratings at 'Bsf'
----------------------------------------------------------
Fitch Ratings has affirmed the ratings of two Bella Trust Series
and four Bella Trust No. 2 Series transactions.  The rating
actions are listed at the end of this commentary.

Bella Trust No. 2 Series 2011-2 and Bella Trust No. 2 Series 2012-
1 are securitizations of automotive and equipment loan
receivables, while the remaining Bella Trust No. 2 Series and
Bella Trust Series are securitizations of automotive loan
receivables only, all of which are originated by Capital Finance
Australia Limited (CFAL).

Key Rating Drivers

The rating actions reflect Fitch's view that the transactions are
able to cover future losses with available excess income. All of
the transactions have experienced losses in line with, or lower
than, Fitch estimates at closing, and have been covered by excess
spread.  The rating actions also reflect Fitch's view that, in
line with expectations of Australia's economic conditions,
available credit enhancement (CE) is sufficient to support the
notes' current ratings.

As of the payment date in December 2013, the Bella Trust Series
2010-1 notes had amortized by 88% and CE available to noteholders
had increased by 3.3x since closing in July 2010.  Collateral
characteristics had not changed materially since closing, and
cumulative net losses amounted to AUD7,201,583, or 1.19% of the
initial collateral balance, as at November 30, 2013, less than
Fitch's base case estimate.

As of the payment date in December 2013, the Bella Trust Series
2010-2 notes had amortized by 83% and CE available to noteholders
had increased by 2.9x since closing in December 2010. Collateral
characteristics had not changed materially since closing and
cumulative net losses amounted to AUD6,579,370, or 1.3% of the
initial collateral balance, as at November 30, 2013, less than
Fitch's base case estimate.

As of the payment date in December 2013, the Bella Trust No. 2
Series 2011-1 notes had amortized by 74% and CE available to
noteholders had increased by 2.5x since closing in June 2011.
Collateral characteristics had not changed materially since
closing and cumulative net losses amounted to AUD5,147,671, or
0.94% of the initial collateral balance, as at 30 November 2013,
less than Fitch's base case estimate.

As of the payment date in December 2013, the Bella Trust No. 2
Series 2011-2 notes had amortized by 77% and CE available to
noteholders had increased by 2.6x since closing in September 2011.
Collateral characteristics had not changed materially since
closing and cumulative net losses amounted to AUD6,393,246, or
0.94% of the initial collateral balance, as at November 30, 2013,
less than Fitch's base case estimate.

As of the payment date in December 2013, the Bella Trust No. 2
Series 2011-3 notes had amortised by 61.9% and CE available to
noteholders had increased by 2.2x since closing in December 2011.
Collateral characteristics had not changed materially since
closing and cumulative net losses amounted to AUD6,208,005, or
1.1% of the initial collateral balance, as at 30 November 2013,
less than Fitch's base case estimate.

As of the payment date in December 2013, the Bella Trust No. 2
Series 2012-1 notes had amortised by 58% and CE available to
noteholders had increased by 2.2x since closing in May 2012.
Collateral characteristics had not changed materially since
closing and cumulative net losses amounted to AUD2,897,585, or
0.65% of the initial collateral balance, as at 30 November 2013,
also less than Fitch's base case estimate.

Rating Sensitivities

All the Bella transactions have been building CE, which is largely
driven by asset performance, positive excess spread and the low
cost of the subordinated notes.  Fitch has analysed default
scenarios for each Bella transaction, above and beyond current
rating levels, and concludes that each has adequate subordination
and excess spread to absorb any significant potential losses.  The
agency therefore believes that the possibility of performance-
driven downgrades is remote.  Although performance remains strong,
the underlying assets remain susceptible to economic shocks while
the CE provided by the lower notes is controlled by pro rata
mechanisms, meaning prospects for upgrades remain limited.

Initial Key Rating Drivers

The final ratings and outlooks assigned to the notes are based on:
the quality of the collateral; the CE provided by the respective
subordinate notes; a strong flow of excess spread; the liquidity
reserve account sized at 1.0% of the invested amount of the notes
at closing funded by issue proceeds, the interest rate swap
arrangements the trustee has entered into; and CFAL's underwriting
and servicing capabilities.  The ratings on the Class B, C, D and
E notes are based on all the strengths supporting the Class A
notes except their CE levels.

Initial Rating Sensitivities

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 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.

The rating actions are as follows:

Bella Trust Series 2010-1:

-- AUD27.4 million Class A2 affirmed at 'AAAsf'; Outlook Stable;
-- AUD10.2 million B affirmed at 'Asf'; Outlook Stable;
-- AUD2 million Class C upgraded to 'Asf' from 'BBBsf'; Outlook
    Stable;
-- AUD4 million Class D affirmed at 'BBsf'; Outlook Stable; and
-- AUD8 million Class E affirmed at 'Bsf'; Outlook Stable.

Bella Trust Series 2010-2:

-- AUD97.7 million Class A2 affirmed at 'AAAsf'; Outlook Stable;
-- AUD37.5 million Class B affirmed at 'Asf'; Outlook Stable;
-- AUD7 million Class C upgraded to 'Asf' from 'BBBsf';
    Outlook Stable;
-- AUD4 million Class D affirmed at 'BBsf'; Outlook Stable; and
-- AUD7 million Class E affirmed at 'Bsf'; Outlook Stable.

Bella Trust No. 2 Series 2011-1:

-- GBP52.4 million Class A2a affirmed at 'AAAsf'; Outlook
    Stable;
-- AUD77 million Class A2b affirmed at 'AAAsf'; Outlook Stable;
-- AUD53.5 million Class B affirmed at 'Asf'; Outlook Stable;
-- AUD16.9 million Class C affirmed at 'BBBsf'; Outlook revised
    to Positive from Stable;
-- AUD4.2 million Class D affirmed at 'BBsf'; Outlook Stable;
    and
-- AUD10.4 million Class E affirmed at 'Bsf'; Outlook Stable.

Bella Trust No. 2 Series 2011-2:

-- AUD177.7m Class A affirmed at 'AAAsf'; Outlook Stable;
-- AUD75.9m Class B affirmed at 'Asf'; Outlook Stable;
-- AUD19.4m Class C affirmed at 'BBBsf'; Outlook revised to
   Positive from Stable;
-- AUD5.5m Class D affirmed at 'BBsf'; Outlook Stable; and
-- AUD14.4m Class E affirmed at 'Bsf'; Outlook Stable.

Bella Trust No. 2 Series 2011-3:

-- GBP64.3 million Class A2a affirmed at 'AAAsf'; Outlook
    Stable;
-- AUD142.8 million Class A2b affirmed at 'AAAsf'; Outlook
    Stable;
-- AUD58 million Class B affirmed at 'Asf'; Outlook Stable;
-- AUD18.2 million Class C affirmed at 'BBBsf'; Outlook Stable;
-- AUD4.5 million Class D affirmed at 'BBsf'; Outlook Stable;
    and
-- AUD10.8 million Class E affirmed at 'Bsf'; Outlook Stable.

Class A1 was paid in full in May 2012.

Bella Trust No. 2 Series 2012-1:

-- USD100.8 million Class A affirmed at 'AAAsf'; Outlook Stable;
-- AUD57.7 million Class B affirmed at 'Asf'; Outlook Stable;
-- AUD8.7 million Class C affirmed at 'BBBsf'; Outlook Stable;
-- AUD10 million Class D affirmed at 'BBsf'; Outlook Stable; and
-- AUD4.5 million Class E affirmed at 'Bsf'; Outlook Stable.


GUNNS LTD: ANZ Bank Sells AUD200-Million Debt Owed by Timber Firm
-----------------------------------------------------------------
The West Australian reports that the ANZ bank has sold about
AUD200 million of debt owed to it by failed Tasmanian timber
company Gunns Limited.

The bank was the lead creditor when Gunns collapsed in 2012, the
report notes.

According to the report, ANZ said it is no longer part of the
Gunns banking syndicate and is not involved in providing finance
for the proposed Tamar Valley pulp mill.

The West Australian relates that the sale happened in last
September before expressions of interest were called for Gunns'
assets, including the pulp mill project.

The bank has declined to comment further, but mill opponents are
seeing it as a sign ANZ wants to severe its involvement with the
project, the report relays.

The report relates that activist Lucy Landon-Lane from Pulp The
Mill said her group is seeking more information.

"It certainly seems that they've lost all confidence that the pulp
mill will have an investor which I think is why they would have
done this," the report quotes Ms. Mill as saying.

According to The West Australian, receivers KordaMentha said six
parties are interested in Gunns' assets.

The company has welcomed the Tasmanian Parliament's decision to
extend the life of the permits for the mill, the report says.

The legislation making the project more attractive to investors
came at the request of the receiver, the report says. It prompted
protest rallies from groups claiming the project, which first
announced 10 years ago, does not have community support.

Potential investors have until March 31 to finalise their bids,
the report adds.

Based in Launceston, Australia, Gunns Limited (ASX:GNS) --
http://www.gunns.com.au/-- was an hardwood and softwood forest
products company. It operated within three segments: Forest
products, Timber products and Other activities.  Gunns has about
645 employees in Tasmania, Victoria, South Australia and Western
Australia.

On Sept. 25, 2012, the directors of Gunns Limited and its 35
entities, and the responsible entity of Gunns Plantations Limited
appointed Ian Carson, Daniel Bryant and Craig Crosbie of PPB
Advisory as Voluntary Administrators.  KordaMentha has also been
appointed Receivers and Managers.

The appointment came after Gunns failed to secure an equity
investor amid high debt and a prolonged trading halt, The
Australian reported.

Gunns was placed into liquidation in March 2013.


HALLAM MFG: PCI Partners Appointed as Administrators
----------------------------------------------------
Yolanda Redrup at SmartCompany reports that a manufacturing
business founded in 1973 and turning over $14 million has
collapsed, with administrators blaming tough industry conditions.

Hallam Manufacturing was placed in administration on January 24,
with Stephen Michell -- smichell@pcipartners.com.au -- and
Clyde White -- cwhite@pcipartners.com.au -- appointed as
administrators from PCI Partners, SmartCompany discloses.

Mr. Michell told SmartCompany the business was placed in
administration because of a cash flow shortage.

"It happened because of general market conditions, which are
fairly tough," the report quotes Mr. Michell as saying.
"Unsecured creditors are owed around AUD1.9 million."

Currently, the business's trading is "very limited" and the
administrators have had to stand down some of its 70 employees,
the report notes.

"Some have been stood down without pay at this stage while we
analyse the ongoing trading of the business," Mr. Michell told
SmartCompany.  "The majority of the creditors are mostly steel
companies and trade suppliers."

Hallam Manufacturing manufactured a variety of products from truck
toolboxes and trolleys to display units and custom cabinets.


ROBINS KITCHEN: NAB to Lose Millions if Proposed Restructure Fail
-----------------------------------------------------------------
Sophie Foster at The Courier-Mail reports that National Australia
Bank, the biggest creditor in the collapse of kitchenware chain
Robins Kitchen, has millions to lose if creditors fail to back a
proposed company restructure.

According to calculations by administrators FTI Consulting, NAB
would recover close to AUD2 million of the AUD5.03 million it was
owed if the creditors' meeting in Brisbane backed a restructure
proposal by former ragtrader Fred Bart, The Courier-Mail relates.
It warned that if creditors decided to move to liquidation, NAB,
as the only secured creditor, would receive, at worst, just 11 per
cent of the debt it was owed, or around AUD559,794.

According to the report, administrators recommended creditors back
the Deed of Company Arrangement (DOCA) proposal by Mr. Bart,
warning unsecured creditors would receive nothing under
liquidation.

Mr. Bart's proposal offered 1 cent in the dollar to unsecured
creditors, the report notes.

The Courier-Mail relates that FTI put the proposal to creditors
after knocking back the only purchase bid put to it, believed to
have come from retail billionaire Solomon Lew's companies.

"We have assessed the offer and concluded it was likely to result
in a smaller return to the National Australia Bank and no return
to unsecured creditors when compared to the proposal for the
DOCA," an administrators' report to creditors said, the report
relays.

When questioned over the offers, an FTI spokesman told The
Courier-Mail: "As administrators, our role is to provide an
analysis of the return to stakeholders under the scenarios/
proposals presented to us.

"The terms of DOCA recommended by the administrators will realise
the best financial return for all stakeholders, including
creditors, employees and customers.

"The recommendation of the administrators is based solely on the
financial return to all stakeholders under each proposal."

If Mr. Bart's proposal was accepted, employees of the Brisbane
retailer would be retained, unsecured creditors would receive
1 cent for every dollar they were owed, all lay-bys would be
honoured and gift cards validated if the owners spent $2 cash for
every dollar on the card, The Courier-Mail reports.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 19, 2013, skynews.com.au said Robins Kitchen has been placed
into voluntary administration, leaving the future for its 300
workers uncertain.  The group's Brisbane-based parent company
Lineville has appointed FTI Consulting as voluntary
administrators, according to skynews.com.au.

Robins Kitchen is a kitchenware retailer. It operates 55 bricks
and mortar stores across Queensland, New South Wales.  It also
operates an online division, which sells kitchen products from
well-known brands including Circulon, Anna Gare, Baccarat, Mundial
and Wustof.



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


BEST RE: S&P Affirms B+ Counterparty Rating & Removes from Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B+'
counterparty credit and financial strength ratings on the
Malaysia-based BEST RE reinsurance subgroup.  At the same time,
S&P removed the ratings from CreditWatch, where it placed them
with developing implications on Oct. 22, 2013.  The outlook is
developing.

The BEST RE subgroup comprises Malaysia-based reinsurers BEST RE
(L) Ltd. (non-life reinsurance) and BEST RE Family (L) Ltd. (life
reassurance), both of which are wholly-owned by Dubai-based parent
Salama/Islamic Arab Insurance Co. (Salama/IAIC; BBB+/Negative/--).

The rating actions reflect S&P's view that there will be no near-
term resolution of the legal actions between BEST RE (L) Ltd. and
South Korean insurer Hanwha General Insurance Co. (Hanwha
General).  These legal actions relate to Hanwha General's disputed
claim that BEST RE provided it with reinsurance protection in
respect of heavily loss-making "loss-of-handset" insurance
extended to South Korean wireless telecommunications provider SK
Telecom on behalf of its mobile telephone subscribers.  BEST RE
denies any liability in this respect, and is suing Hanwha General
in the South Korean courts both for damage to BEST RE's
reputation, and for the return of certain sums that BEST RE has
already paid to Hanwha General.  At the same time, Hanwha General
is petitioning for the winding-up of BEST RE (L) in the Labuan
courts in Malaysia over the alleged nonpayment of a specific claim
for $6.5 million.  Salama/IAIC has deposited this amount in escrow
with the Labuan insurance regulator pending a decision by the
Labuan court.

S&P do not expect a resolution of the court case being heard in
South Korea in the short term, although S&P understands that the
Labuan court may reach a final judgment in March or April 2014.
Furthermore, with regard to the South Korean court case, S&P
believes it likely that the losing party will appeal, leading to
further, possibly significant delays before a final legal
resolution.  Meanwhile, BEST RE has not yet set aside any reserves
in respect of Hanwha General's disputed claims.

On the basis of initial, unaudited indications of BEST RE (L)'s
2013 year-end position, S&P expects the reinsurer to report just
under $90 million of shareholders' funds, only slightly below the
$90.8 million reported as of year-end 2012.  S&P also estimates
that the reinsurer will have written just over $100 million of
gross premiums in 2013 (2012: $385.1 million).  However, S&P
expects premium volumes to fall further in 2014, particularly in
Asia, in view of both the current uncertainties at BEST RE, and
management's decision to cease writing catastrophe-exposed
property business.

S&P's 'B+' ratings on the BEST RE subgroup reflect its view of the
two reinsurance entities combined, and of the subgroup as
nonstrategic to its parent, Salama/IAIC.  In accordance with S&P's
criteria, it therefore do not include any credit for any further
capital support from the Dubai-based parent.  Consequently, the
BEST RE ratings solely reflect the subgroup's stand-alone credit
profile (SACP) of 'b+', which is based on what S&P views as the
subgroup's vulnerable business risk profile and weak financial
risk profile.  The vulnerable business risk profile reflects an
intermediate industry and country risk assessment, and what in
S&P's view is the subgroup's weak competitive position, evident
from the substantial decrease in the volumes of business written
during 2013 and 2014.

BEST RE's weak financial risk profile principally reflects S&P's
belief that its risk position is currently very high because of
the uncertainties surrounding the contested, unreserved Hanwha
General claims, which could potentially crystalize into a
significant liability for BEST RE.  S&P also views the subgroup's
financial flexibility as less than adequate relative to potential
needs for additional cash or capital.  Prospective capital and
earnings before any specific deduction for potential loss-of-
handset liabilities appears moderately strong, particularly
relative to limited underwritten exposures and to the subgroup's
largely cash-orientated investment strategies.  Unsettled
liabilities relating to the Thai floods of 2011 appear to S&P to
be stabilizing, and to be adequately reserved.

The developing outlook reflects S&P's view that Hanwha General-
related uncertainties continue to affect both the competitive
position and the prospective financial profile of the BEST RE
subgroup in a significantly adverse manner.  In the absence of an
early settlement, this dispute and the uncertainties that it
continues to generate are likely to affect the BEST RE subgroup
throughout 2014, and potentially into 2015 if either party appeals
the eventual South Korean court decision.

S&P nevertheless expects resolution within the two-year outlook
period.  At best, the reinsurance subgroup may win its various
legal cases and suffer no increase in its current liabilities.  At
worst, BEST RE (L) may be found liable toward Hanwha General, and
could have to set aside potentially significant gross reserves in
respect of Hanwha General's claims, and seek recourse from its
retrocessionnaires.

S&P could lower the ratings if the BEST RE subgroup's capital and
earnings appear less than adequate following resolution of the
Hanwha General dispute.  Meanwhile, the losses and uncertainties
of recent years have already reduced the subgroup's competitive
position to a weak level, in S&P's view.

S&P could raise the ratings were a final resolution of the Hanwha
General dispute to lead to no increased liability at BEST RE or to
a more modest liability that remained well within the stand-alone
resources of the BEST RE subgroup.

If there is a relatively benign outcome to the current legal
dispute from the BEST RE perspective, it is also possible that the
parent, Salama/IAIC, may agree to recapitalize BEST RE.  However,
S&P factors no such support from the parent into our current
analysis.


CHINA: Fitch Says Trust Default Avoidance Fuels Moral Hazard Risk
-----------------------------------------------------------------
The move to avoid default by a trust product managed by China
Credit Trust comes as a relief to local investors and market
participants, but it also represents a potentially missed
opportunity to limit moral hazard, says Fitch Ratings.  The size
of the exposure -- around USD500m -- is not the main issue.
Rather, the significance of this event is in understanding the
credit implications of why the authorities may have encouraged the
outcome -- to protect investors at this point -- and the moral
hazards created by it.

This episode has in our view highlighted risks to which Fitch has
been drawing the markets attention for some time.

First is the management of systemic liquidity risk. The
authorities have intentionally tightened liquidity in an effort to
hold credit growth under control, while they are also trying to
strike a delicate balance of ensuring the economy continues to
grow while it rebalances.  China's economic growth remains heavily
reliant on new credit.  Overall systemic liquidity is much tighter
than the numbers suggest, because among other things bank cash
flows are being affected by a growing level of loan non-
performance that is not showing up in published numbers.

Moreover, interbank assets are not as liquid as one would normally
expect. The bouts of strained market liquidity that occurred
during 2013 are symptomatic of these issues.

Related to liquidity risk is the close linkage between the banks
and their "wealth management product" (WMP) activities.  In
effect, these constitute a second balance sheet which the banks
create as part of their funding and liquidity plans, but can also
create asset/liability mismatches.  The concern is that a WMP
credit event could trigger a broader loss of investor confidence
akin to a deposit run.

However, by bailing out investors in this particular instance, the
authorities are perpetuating moral hazard within the Chinese
financial system -- and this risk may in fact have become a whole
lot bigger.  There was an important difference with this product:
it appears to have been sold through bank branches of ICBC, but it
was not a bank managed product.  So in this case it was one step
further removed -- issued by a trust company, China Credit Trust,
which is independent of any bank, has historical links with the
authorities, and counts China Life and other SOEs as its largest
shareholders.

"As a result, we think the authorities have missed a chance of
putting a clear marker in the sand that non-bank products would
certainly not be supported.  But what they may have also created
here is the impression that investments in bank-managed products
would most certainly be made whole -- at least for the time being.
Moreover, this event will increase systemic risks down the road --
given the very high (and still rapidly growing) levels of credit
in the system.  As a result, we believe these repayment
difficulties are likely to become more frequent," Fitch Says.

It is these issues that have been driving negative rating action
in China over the past 12 to 18 months.  The banks with the
largest exposure to WMP relative to their balance sheet are the
mid-tier to smaller sized banks.  These are also the banks with
weakening funding profiles -- contributed in part by their more
limited franchises than larger state banks -- and this means they
will become increasingly exposed to the risks highlighted above.
WMP activities have become an important source of profitability as
well.

The large state banks are, however, better positioned to absorb
these risks thanks to their traditional funding franchise
strength. But the China Trust case does reveal that they are not
immune to the risk, as the product was reportedly sold through
ICBC's branch network.


CHINA CREDIT: Repays Principal to Bailed-Out Trust Holders
----------------------------------------------------------
Bloomberg News reports that China Credit Trust Co. started
repaying investors in a high-yield product whose threatened
failure spurred concern of further defaults and contributed to a
sell-off in emerging-market stocks and currencies.

Most clients in Shanghai, Guangzhou and Beijing signed an
agreement on Jan. 28 to transfer their rights in the 3-billion-
yuan ($496 million) trust to unidentified buyers in exchange for
an amount equal to the product's face value, Chang Feng, a
spokesman for an investor group, and Du Ronghai, another investor,
told Bloomberg by phone.  Investors were given until
Jan. 29 to accept the offer, the report notes.

Bloomberg says the bailout offer averted what would have been
China's biggest trust default in at least a decade and eased
concern that financial stresses will mount in the $1.7 trillion
trust industry, the fastest-growing segment of the shadow-banking
system. At the same time, the bail-out spurred warnings that
investors are being shielded from the risks in the trust market,
the report relates.

"This is surely not a good outcome from a macroeconomic
perspective," the report quotes Yao Wei, a Hong Kong-based China
economist at Societe Generale SA, as saying. "If a financial
market doesn't even allow defaults, how can there be real market-
based interest rates?"

China Credit Trust in February 2011 sold the product, called
Credit Equals Gold No. 1, with an indicated annual rate of return
of 9.5 percent to 11 percent for different tranches, Bloomberg
reports citing sales documents posted on China Credit Trust's
website. The product, due Jan. 31, was structured to raise funds
from wealthy investors for a coal miner, which then collapsed in
2012.


CHINA ORIENTAL: Fitch Cuts Issuer Default Rating to 'BB-'
---------------------------------------------------------
Fitch Ratings has downgraded China Oriental Group Company
Limited's (COG) Long-Term Foreign-Currency Issuer Default Rating
(IDR), and senior unsecured rating to 'BB-' from 'BB'.  The
Outlook is Stable.

The downgrade reflects the weakness in the Chinese steel industry,
which Fitch believes will persist.  COG's weak profitability in
2012 and 2013 is a reflection of the industry trend.  COG also has
not invested the funds it had raised to build a stronger product
offering, which could have mitigated the negative industry trend.
The Stable Outlook is supported by COG's ability to generate
positive free cash flow (FCF) even in a weakened industry
environment, which supports its ability to address impending debt
maturities.

Key Rating Drivers

Persistently Weak Operating Environment: We believe there will
continue to be over-production of long steel products in China.
Government economic stimulus in 2009 spurred a surge in
construction and infrastructure, which fed demand for long steel
products.  However, steel-making capacity geared towards long
products has been slow to adjust to the Chinese government's move
to steer the economy towards consumption, which favours flat steel
products.  For COG, long products such as H-section steel, billets
and rebar contributed to 55% of its steel production revenue in
1H13.  COG was barely profitable in 2012 and 2013 as a result of
the industry weakness.

Limited Business Profile Improvement: COG has not seen material
strengthening of its product offerings since 2010, when it raised
USD850m via two bond issues.  The company added rebar products to
its offerings in 2011 and its steel sheet pile product will only
start entering the market in 2014.  Although sheet pile is a high-
value added product, it is unlikely to become a major earnings
contributor immediately while COG builds its track record in this
new product.  The sustained weakness of the Chinese steel market
has limited COG's options in pursuing further steel product
diversification, and forces the company to adopt a defensive
posture towards further investments in steel operation.  With
USD490m in outstanding bonds maturing in 2015, COG has missed its
window to build a stronger business profile because it will now
have to focus on raising funds for the refinancing or redemption
of the senior notes.

Demonstrated Financial Flexibility: Fitch believes COG has the
flexibility to improve its financial profile through improvements
in working capital management.  In 1H13, COG reduced its net debt
by CNY1.2billion mostly by reducing working capital.  Prior to
this, COG's negative free cash flow (FCF) was driven by its
strategy of increasing working capital to defend its operating
margins.  COG had secured better pricing from its customers and
suppliers by giving them better payment terms.  COG has also been
prudent with capex spending. Capex between 2009 and 2012 was only
36% of the funds flow from operation generated over the same
period.

Refinancing Options Readily Available: COG has demonstrated that
it is able to obtain bank loans of over CNY4 billion from both
offshore and onshore banks.  Furthermore, COG has the option of
raising capital in the domestic bond markets.  Based on its 1H13
bank balances of CNY1.2 billion and an estimate of CNY 1.5 billion
per annum average cash flow from operations for 2H13 to 1H15, COG
has sufficient liquidity to meet the redemption of its notes due
2015. This is provided that COG does not again increase its
investment in working capital as well as in its non-core
operations.

Rating Sensitivities

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

-- FFO adjusted net leverage staying above 3.0x from 2014 (2013
    estimated at above 4.0x)

-- Negative free cash flow

-- Failure to put in place a refinancing plan for the USD490m
    outstanding senior notes due 2015 by end of 2014

Positive: Future developments that may, individually or
collectively, lead to the positive rating action include:
- FFO adjusted net leverage falling below 1.5x on a sustained
basis

The list of rating actions is as follows:

-- Long-Term Foreign-Currency IDR downgraded to 'BB-' from 'BB';
    Stable Outlook
-- Senior unsecured rating downgraded to 'BB-' from 'BB'
-- Rating on USD550 million 8% notes due 2015 downgraded to
    'BB-' from 'BB'
-- Rating on USD300 million 7% notes due 2017 downgraded to
    'BB-' from 'BB'


CHINA SOUTH CITY: Fitch Assigns 'B+' Rating to $400MM Sr. Notes
---------------------------------------------------------------
Fitch Ratings has assigned China-based trade centre developer
China South City Holdings Limited's (CSC; B+/Positive) USD400
million 8.25% senior notes due 2019 a final rating of 'B+' and
recovery rating of 'RR4'.

The assignment of the final rating follows the receipt of
documents conforming to information already received and the final
rating is in line with the expected rating assigned on January 19,
2014.  The notes are rated at the same level as CSC's senior
unsecured rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company.

Key Rating Drivers

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

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

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

Commercial Demand More Volatile: CSC's rating is constrained by
its exposure to more volatile commercial property demand. Its
projects outside Shenzhen (4m sqm-18m sqm) are also of
significantly larger scale than those in Shenzhen (2.6m sqm) and
sales are still at initial phases, which exposes the company to
considerable demand and execution risks.  Competition from nearby
projects may also create downward pressure on average selling
prices (ASPs) and negatively impact the company's profit margins.
Fitch views CSC's moderate leverage and completed properties in
Shenzhen, valued at HKD14 billion end-FY13, to provide a financial
buffer in the event of a downturn in demand.

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

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

Rating Sensitivities

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

-- Ability to sustain sales outside Shenzhen without dominance
    by  any one particular project (no more than 30% of total
    contracted sales), with total contracted sales sustained at
    above CNY12 billion a year

-- EBITDA margin sustained at above 40%

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

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

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


FRANSHION PROPERTIES: Land Acquisition to Weaken Moody's Ratings
----------------------------------------------------------------
Moody's Investors Service says that Franshion Properties (China)
Limited's acquisition of a parcel of land in Shanghai for RMB10.1
billion will reduce the liquidity and financial cushion necessary
to support its ratings and their stable outlook.

Its ratings are its Baa3 corporate family rating and Ba1 senior
unsecured ratings.

On Jan. 28, 2014, Franshion successfully bid for the land whose
cost of RMB10.1 billion represents 12.4% of its total assets of
RMB81.5 billion at end-June 2013.

The land in Zhabei district has a gross floor area (GFA) of around
212,144 square meters (sqm) and is equivalent to an average land
cost of around RMB47,609 per sqm.

The terms of the acquisition require 20% of the residential GFA to
be developed into units with a GFA below 90 sqm.

"The sizable purchase price, which is payable in 6 months, as well
as the subsequent construction costs, will weaken Franshion's
liquidity and financial profile for its current ratings," says
Kaven Tsang, a Moody's Vice President and Senior Analyst.

Franshion's cash holding of around RMB10 billion, as estimated by
Moody's, and its annual operating cash flow of around RMB10
billion could support the full payment for this new land parcel
and other unpaid land premiums of around RMB6 billion.

But, the company will have to rely on new borrowings in the next
12 months to replenish its liquidity and to refinance maturing
debt.

As a result, its EBITDA interest coverage will weaken to around 3x
in the next 12-18 months, compared to our original expectation of
3.5x. Similarly, its adjusted recurring EBTIDA/interest will drop
to approximately 0.6x from 0.7x originally. Adjusted recurring
EBITDA comprises net rental income and 50% of the EBITDA from its
hotel segment.

These ratios position the company at the weaker end of its current
ratings.

"The high land cost of the Shanghai project will also raise
execution risks, given our expectation that price growth in first-
tier cities, including Shanghai, will moderate in 2014 against the
backdrop of tightened regulation and a slowdown in China's
economic growth," adds Tsang, also Moody's lead analyst for
Franshion.

The high land cost also implies the increased risk of a profit
margin squeeze and a decline in pricing flexibility over the next
2-3 years. High-end residential projects in Zhabei district are
selling for about RMB50,000-RMB60,000 per sqm.

Franshion's capital requirements and risk exposure will be
alleviated if it can secure partnerships to co-develop this
Shanghai project.

Moreover, the risk of the company taking on excessive debt is
mitigated. As part of Sinochem Hong Kong (Group) Company Limited
(Baa1 stable), which has demonstrated good financial discipline in
past few years, we expect Franshion will manage its debt leverage
prudently.

Further, Moody's believes Franshion's experience in high-end
residential development in Beijing and established brand name in
Shanghai could also partly mitigate the risks.

While a partner has not been identified, the limited supply of
land for residential projects within the inner ring of Shanghai
will likely attract developer or investor interest.

Franshion's stable rating outlook reflects our expectation that
the company will maintain adequate liquidity to fund its
expansion, with cash holdings of around 10% of total assets.

However, Moody's would consider downgrading the ratings if
Franshion: (1) is unable to implement its business plan, or
China's property market experiences a significant downturn, such
that cash flow is weaker than expected; (2) pursues further debt-
funded land acquisitions; or (3) significantly increases its
investments in residential properties and funds them via debt.

The following metrics would indicate downgrade pressure: (1)
adjusted debt/capitalization above 45%-50%; (2) EBITDA/interest
below 3x-4x; or (3) adjusted recurring EBITDA/interest below 0.6x-
0.75x on a sustained basis.

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

Listed on the Stock Exchange of Hong Kong in 2007, Franshion
Properties (China) Limited is a 62.87%-owned subsidiary of
Sinochem Hong Kong (Group) Company Limited. Franshion develops
commercial and integrated properties in first-tier and major
second-tier cities in China. It also invested in primary land
development projects in Changsha, Hunan Province, and Sanya,
Hainan Province.


HIDILI: Worsening Performance No Impact on Moody's Caa1 CFR
-----------------------------------------------------------
Moody's Investors Service says that Hidili Industry International
Development Limited's deteriorating operational performance in the
last quarter of 2013 is credit negative, but has no immediate
impact on the company's Caa1 corporate family and Caa2 senior
unsecured debt ratings.

The ratings outlook remains negative.

On January 28, Hidili announced that its raw coal production
volume fell 47% year-on-year in 4Q 2013, to 255,000 tons. In
addition, its clean coal sales volume decreased 15% to 170,000
tons.

The contraction in volumes occurred against the backdrop of weak
average coking coal prices, which were down 9% to RMB896/ton in
the last quarter of 2013.

The company has issued a profit warning, based on operational
underperformance and increasing costs associated with the
government required restructuring and integrating of its coal mine
assets in Guizhou and Sichuan.

"Hidili's latest operational results indicate that its production
ramp-up continued to be disrupted by the government's tightening
of safety regulations in the coal industry. Such a development is
credit negative and largely in line with our expectations." says
Alan Gao, a Moody's Vice President and Senior Analyst.

Moody's expects that Hidili's annual coal production volume for
2013 will decrease 60% year-on-year to approximately 1.4 million
tons. In addition, its clean coal sales volume should fall by more
than 50% to around 600,000 tons. Consequently, Moody's expects
Hidili's 2013 revenue to contract over 60% year-on-year to around
RMB600--RMB700 million, thereby resulting in an EBITDA loss.

Hidili's balance sheet has geared up substantially in the past
five years due to its debt-funded mine assets acquisition
strategy. Its debt/capitalization surged to 54.5% at end-June
2013, from 34% at end-2009.

The company is one of the largest coking coal miners in Southwest
China, with 694 million tons of reserves. In 2013, the government
named Hidili as one of the 29 coal mining companies involved in
the consolidation of the coal mining industry in Guizhou province.

"While Hidili enjoys economies of scale in terms of the ongoing
consolidation of the coal industry in Southwest China, the
company's inability to improve its operating cashflow through
increased production volumes will further pressure its already
weak financial profile, in particular, its liquidity position,
which requires continuous support from banks," says Gao, who is
also the Lead Analyst for Hidili.

Hidili's liquidity position is weak because it faces substantial
refinancing. Around 85% (approximately RMB7 billion) of its total
debt will fall due in the next six months (12 months from July
2013).

The Caa1 corporate family rating and the negative outlook reflect
key risks such as recurrent operational disruptions, a weak
financial profile and tight liquidity.

The senior unsecured bond rating of Caa2 is one notch lower than
the corporate family rating, reflecting the subordinated nature of
the bonds.

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

Hidili Industry International Development Ltd is a vertically-
integrated coal mining enterprise. Based in southwestern China, it
supplies coking coal products to the domestic steel industry.

The company was listed on the Hong Kong Stock Exchange in
September 2007.



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


A S P PRIVATE: CRISIL Assigns 'B+' Ratings to INR165MM Loans
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of A S P Private Limited and has assigned its 'CRISIL
B+/Stable/CRISIL A4' ratings to the bank facilities of ASPL. The
ratings were previously 'Suspended' by CRISIL vide the Rating
Rationale dated Dec. 6, 2013, since ASPL had not provided
necessary information required for a rating review. ASPL has now
shared the requisite information enabling CRISIL to assign ratings
to its bank facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            40      CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit              115      CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit          35      CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Proposed Long Term
   Bank Loan Facility        34.7    CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

   Term Loan                 15.3    CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The ratings reflect ASPL's small scale of operations in the
fragmented fasteners industry, and weak interest coverage ratio.
These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the fasteners industry,
and established relationship with clients.

Outlook: Stable

CRISIL believes that ASPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with clients. The outlook may be revised
to 'Positive' if ASPL's revenues and profitability increase
significantly, thus improving its liquidity and financial risk
profile particularly interest coverage ratio. Conversely, the
outlook may be revised to 'Negative' if the company faces
significant decline in its revenues or profitability, or there are
considerable stretch in realisation of receivables, or it
undertakes a large debt-funded capital expenditure programme,
thereby weakening its financial risk profile, particularly its
liquidity.

ASPL was originally incorporated in 1961 as Associated Steel
Products Corporation Pvt Ltd; the name was changed in 1995, when
the company was taken over by the current management, Mr. Vinod
Kumar Sharma and Mr. Arun Kumar Sharma. ASPL has its facility in
Howrah (West Bengal). The company manufactures hot-dipped
galvanised fasteners used in transmission line towers. Its product
profile includes nuts, bolts, washers, screws, and rivets.


ALPS PHARMA: CRISIL Reaffirms 'B' Rating on INR220MM Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facility of Alps
Pharmaceuticals Pvt Limited (APPL; part of the Parth Group
continue to reflect its working-capital-intensive operations and
below average financial risk profile, marked by a high gearing,
and below average debt protection metrics. These weaknesses are
partially offset by the extensive experience of the group's
promoters in the pharmaceutical industry, resulting in a
diversified product portfolio spread across several segments.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              220      CRISIL B/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Alps Pharmaceuticals Pvt Ltd and Parth
Parenteral Pvt Ltd. This is because both the companies, together
referred to as the PG, are under the same management team and in a
similar line of business; moreover, they have strong operational
financial linkages with each other.

Outlook: Stable

CRISIL believes that the PG will continue to benefit over the
medium term from its promoters' extensive industry experience and
its improving operating efficiency. The outlook may be revised to
'Positive' if the PG achieves healthy revenue growth while
maintaining its profitability, and if it improves its working
cap`ital cycle substantially, thus relieving some pressure on its
stretched liquidity. Conversely, the outlook may be revised to
'Negative' if the group's working capital requirements increase
more than expected, or if it contracts sizeable debt to fund its
capital expenditure, thereby increasing its gearing and further
weakening its financial risk profile.

Update

For the year 2012-13 (refers to financial year, April 1 to
March 31), the turnover is higher to our previous estimates at
INR867.2 million and rose year on year (y-o-y) by ~17 per cent.
Till Oct 2013, the group has clocked in strong sales growth of
INR613 million reflecting uptick in revenue growth from past year.
CRISIL believes that with demand increasing for the cough & cold
segment due to winter season, PG's topline will be in the range of
~Rs.0.95-1 billion in the year 2013-14. In 2012-13 PG's
profitability at operating level deteriorated y-o-y by more than
200 bps due to deterioration of its gross margins for some of its
products particularly the imported drugs whose prices have
inflated due to INR depreciation. For the current year 2013-14,
the management is seen taking steps to improve its operating
profitability by increasing the prices for its products. CRISIL
expects the operating level profitability to be in the range of 9-
10 per cent over near to medium term. PG's working capital
requirements remained high for the year 2012-13 with GCA of 264
days. Historically, the working capital requirements are dominated
by book debts and inventory holdings which are in the range of
146-161 days and 100-124 days for past three years ended as on
March 2013. High working capital requirements have resulted in
higher utilization of bank lines for the group. For trailing 12-
months ended September 2013, the group's average bank lines
utilization continues to be 100 per cent with several instances of
overdrawals (primarily due to interest application on the last
day). CRISIL believes that the group's BLU will continue to remain
high due to working capital intensive operations.

As of March 2013 the gearing of the company increased y-o-y from
1.5 times in 2011-12 to 2.5 times in 2012-13 as the overall debt
increased to support the incremental working capital requirements.
Over the medium term, the gearing is estimated to remain close to
2.5 times in 2013-14 due to incremental debt requirements for
working capital, term vs. moderate accruals.

The financial risk profile is expected to remain constrained due
to its stretched liquidity, high gearing and below average debt
protection metrics over the near to medium term.

PPPL was set up in 1987 by Mr. Jayesh Shukla and Mr. Shailesh
Chaturvedi to manufacture parenterals such as intravenous fluids.
Subsequently, the company started manufacturing various
pharmaceutical formulations such as tablets, oral syrups, and
injectables.

APPL commenced commercial operations in 1995-96 (refers to
financial year, April 1 to March 31) under the guidance of Mr.
Khajan Chandra Joshi. Mr. Shukla and Mr. Chaturvedi acquired Alps
from Mr. Joshi in 2005. APPL also manufactures pharmaceutical
formulations, such as injectables and tablets.

For 2012-13 (refers to financial year April 1 to March 31), APPL
reported a profit after tax (PAT) of INR3.4 million on sales of
INR619.2 million as compared to PAT of INR13.4 million on sales of
INR 573.7 million for 2011-12.


AMI RIDDHI: CRISIL Assigns 'B+' Rating to INR65MM Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ami Riddhi Chem Pvt Ltd.

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

The rating reflects ARCPL's below-average financial risk profile
marked by high gearing and weak debt protection metrics. The
rating also factors in the company's modest scale and working-
capital-intensive operations in the highly competitive and
fragmented chemical trading industry. These rating weaknesses are
partially offset by the extensive experience of ARCPL's promoters
in the chemical trading industry and its established relationship
with customers.

Outlook: Stable

CRISIL believes that ARCPL will benefit from its promoters'
extensive experience over the medium term. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves due to higher-than-expected cash accruals, and
improvement in working capital management. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in the
company's financial risk profile, particularly its liquidity, on
account of lower-than-expected cash accruals or higher-than-
expected working capital requirements.

ARCPL, incorporated in 2004, is currently owned by Mr. Vijay Sheth
and his wife, Mrs. Bhavna Sheth. The company is based in Mumbai
and trades in chemicals that find application primarily in the
pharmaceuticals industries.

ARCPL recorded a profit after tax (PAT) of INR0.9 million on net
sales of INR459.2 million for 2012-13 (refers to financial year,
April 1 to March 31); the company reported a PAT of INR0.9 million
on net sales of INR358.3 million for 2011-12.


ARJUN PULP: CRISIL Rates INR226MM Long Term Loan at 'B+'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Arjun Pulp and Paper (India) Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Long Term Loan            226      CRISIL B+/Stable

The rating reflects the risks related to APPPL's project
implementation and the start-up nature of its operations. These
rating weaknesses are partially offset by the extensive industry
experience of APPPL's promoters and their funding support for the
project.

Outlook: Stable

CRISIL believes that APPPL will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' in case the company reports
better-than-expected cash accruals along with efficient working
capital management, resulting in significant improvement in its
credit risk profile. Conversely, the outlook may be revised to
'Negative' in case of cost or time overrun in its project or in
the event of larger-than-expected working capital requirement or
debt-funded capital expenditure.

APPPL, based in Tirunelveli (Tamil Nadu), is currently setting up
a unit to manufacture tissue paper. The plant is expected to
commence commercial operations in July 2014. The company is
promoted by Mr. Chandra Sekhar.


ARUN ENTERPRISES: CRISIL Cuts Rating on INR165MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Arun
Enterprises to 'CRISIL B+/Stable/ CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            65      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit              100      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long Term        65      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in AE's liquidity
because of significant lengthening of its working capital cycle,
which is expected to persist over the medium term. The stretch in
working capital cycle is mainly on account of substantial increase
in debtors and inventory levels. Furthermore, subdued demand for
AE's products led to substantial decline in the firm's operating
income to about INR260 million in 2012-13 (refers to financial
year, April 1 to March 31) from INR379 million in 2011-12.

The ratings continue to reflect AE's modest scale of operations in
a fragmented industry, fluctuating topline due to tender-based
nature of business, and large working capital requirements. These
rating weaknesses are partially offset by the extensive experience
of AE's promoters in manufacturing metal meter boxes, and the
firm's moderate financial risk profile marked by a comfortable
gearing and a moderate net worth.

Outlook: Stable

CRISIL believes that AE will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case the firm registers
significant improvement in its cash accruals, driven by
significant increase in its scale of operations. Conversely, the
outlook may be revised to 'Negative' in case AE registers
significant decline in its scale of operations, deterioration in
its financial risk profile most likely because of large capital
withdrawal by its partners, or more-than-expected increase in its
working capital requirements, or larger-than-expected, debt-funded
capital expenditure.

AE, a partnership firm, was set up in 1986 by Mr. C L Dhir and his
two sons, Mr. Arun Dhir, and Mr. Tarun Dhir. The firm manufactures
metal meter boxes, such as single-phase meter boxes, three-phase
meter boxes, junction boxes, and sheet metal meter boxes. The
business is majorly tender based, and the firm is an approved
vendor for several state electricity boards, including Punjab
State Power Corporation, Dakshin Haryana Bijli Vitran Nigam, Uttar
Haryana Bijli Vitran Nigam, and Maharashtra State Electricity
Distribution Company.


G.I. INDUSTRIES: CARE Assigns 'B+' Rating to INR5cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of G.I. Industries Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             5         CARE B+ Assigned

   Short-term Bank
   Facilities           85          CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of G.I. Industries
Private Ltd. are constrained by low profitability margins, weak
debt coverage indicators, highly leveraged capital structure and
highly competitive nature of the industry. The ratings are further
constrained by the high foreign currency and commodity price
fluctuation risks as well as significant inter-group transactions.

However, the ratings draw comfort from the experienced promoters,
diversified customer base and favorable demand prospects of the
edible oil industry. Going forward, the company's ability to
sustain profitability margins amid volatility in the price of
commodities and currency rate fluctuation and efficiently manage
working capital requirements shall be the key rating
sensitivities.

GI Industries Private Limited formerly Goyal Industries, was
incorporated in 1975 as a partnership firm by three brothers --
Mr Surinder Paul, Mr Bishnu Kumar and Mr Kamal Kumar. It was
reconstituted as a private limited company in April, 2010. GIPL is
mainly engaged in the trading of edible oil (mostly Crude Palm Oil
(CPO)) and solvent extraction (mustard oil and deoiled cake).
Mustard oil is sold under the brand names 'Lajjo' & 'Rama' in the
states of Punjab, Haryana & Himachal Pradesh. The company imports
CPO mainly from Indonesia & Malaysia and is also involved in high
sea sales.

For FY13 (refers to the period April 1 to March 31), GIPL achieved
a total operating income of INR154.56 crore with PBILDT and PAT
margins of 1.98% and 0.18% respectively. GIPL achieved a total
operating income of around INR160 crore till Nov. 30, 2013.


GANGOTHRI NUTRIENTS: CRISIL Assigns 'D' Ratings to INR200MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Gangothri Nutrients and Fertilizers Pvt. Ltd. The
rating reflects instances of delay by GNFPL in servicing its debt;
the delays have been caused by the company's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term        42      CRISIL D
   Bank Loan Facility
   Cash Credit               34      CRISIL D
   Long Term Loan           124      CRISIL D

GNFPL also has a below average financial risk profile marked by a
weak capital structure and has large working capital requirements.
These rating weaknesses are partially offset by the
entrepreneurial experience of promoters along with established
relationship with key customers.

Incorporated in 2010 as a private limited company by Mr.K.Maduram
Reddy and Mr.K.Sammaiah, GNFPL is involved in the manufacturing of
soil conditioners and micronutrients. The company started
commercial operations during 2013-14 (refers to financial year
April 1 to March 31).


GARE BROTHERS: CARE Assigns 'B' Rating to INR5cr Long-Term Loan
---------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Gare Brothers.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            5.00       CARE B Assigned

   Short-term Bank
   Facilities            1.50       CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Gare Brothers are
constrained on account of its weak financial risk profile marked
by small scale of operations, fluctuating income, low
profitability and stressed debt coverage indicators, tender-based
nature of operations and its constitution as a partnership firm.
The ratings, however, derive strength from the long track record
of the firm and experience of the partners in the coal trading
business and long term relationship with customers.

The ability of the firm to increase its scale of operations and
improvement in its overall financial risk profile are the key
rating sensitivities.

Established in 1996, Gare brothers is a partnership firm engaged
in the trading of scrap coal with two partners, namely, Mr Suresh
Gare and Mr Dilip Gare sharing profit equally. The firm
procures scrap coal from various thermal plants of Maharashtra
State Power Generation Company Limited (MAHAGENCO; rated 'CARE
BBB+', 'CARE A2+') which is auctioned in the month of
October, November and December. Subsequently, GB sells this coal
to various brickworks located in and around the Nashik district of
Maharashtra. The firm has a coal depot with a total storage
area of about 3,000 sq mt located at Nashik.

In FY13 (refers to the period April 1 to March 31), GB registered
a PAT of INR0.41 lakh on a total operating income of INR0.91 crore
as against PAT of INR9 lakh on a total operating income of INR7.41
crore in FY12.


HM OVERSEAS: CARE Assigns 'B+' Rating to INR2cr Long-Term Loans
---------------------------------------------------------------
CARE assigns 'CARE B+ and 'CARE A4' rating to the bank facilities
of HM Overseas Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        2.00       CARE B+ Assigned
   Facilities

   Short-term Bank
   Facilities           27.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of HM Overseas Private
Ltd are constrained by the low profitability margins, weak debt
coverage indicators, highly leveraged capital structure and highly
competitive nature of the industry. The ratings are further
constrained by high foreign currency and commodity price
fluctuation risks as well as significant inter-group transactions.

However, the ratings draw comfort from the experienced promoters,
diversified customer base and favorable demand prospects of the
edible oil industry. Going forward, the company's ability to
sustain profitability margins amid volatility in price of
commodities and currency rate fluctuation and efficiently managing
the working capital requirements shall be the key rating
sensitivities.

HM Overseas Private Limited, incorporated in 1998, is engaged in
the trading of edible oil (crude palm oil, soyabean seed,
sunflower seed, etc). The company was non-operational till
2009-10. In October 2010, the company acquired Goyal Traders,
which was in the same business of trading of crude edible oil from
the last 10 years. The company imports (from Singapore and other
South East Asian countries) as well as buys crude palm oil and oil
seeds from the domestic market as per the market condition and
sells it to edible/non-edible oil refining companies in India.

For FY13 (refers to the period April 1 to March 31), HMOPL
achieved a total operating income (TOI) of INR156.35 crore with
PBILDT and PAT margins of 2.89% and 0.19%, respectively. The
company achieved a total operating income of INR60.31 crore during
H1FY14.


INTERNATIONAL COIL: CRISIL Cuts Ratings on INR226MM Loans to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
International Coil Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             150.0     CRISIL D (Downgraded from
                                     'CRISIL A4')

   Bank Guarantee           38.5     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Letter of Credit         37.5     CRISIL D (Downgraded from
                                     'CRISIL A4')

The rating downgrade reflects instances of delay by ICL in
servicing its debt; the delays have been caused mainly by the
company's weak liquidity. CRISIL believes that ICL's liquidity
will remain weak over the medium term, driven by higher-than-
expected working capital requirements, lower profitability, and
incremental capital expenditure plans.

ICL also remains exposed to risks related to the economic slowdown
in the construction industry leading to delays in project
execution. However, the company continues to benefit from its
strong technical expertise in manufacturing heat-exchange and
heat-transfer systems, and its established track record in the
heating, ventilation, and air-conditioning (HVAC) industry, which
has enabled it to build a reputed clientele.

ICL, incorporated in July 2004, is promoted by Mr. Sucha Singh and
his sons, Mr. Paramjeet Singh and Mr. Amardeep Singh. ICL
manufactures heat-exchange coils, heat-transfer systems such as
air-cooled fluid coolers, used for cooling all type of engines
producing power, and coils for refrigeration systems used in cold
storage and freezing units. ICL has two manufacturing units -- one
near Gurgaon (Haryana), and the other ar Mayapuri, New Delhi. Its
operations are centred in Gurgaon (corporate office) and Delhi
(registered office); it has six sales office across India, at
Ahmedabad (Gujarat), Bengaluru (Karnataka), Chennai (Tamil Nadu),
Gurgaon, Jalandhar (Punjab), and Mumbai.

ICL also has tie-ups with Chinese companies -- BROAD Group, Runh
Power Corporation Ltd., and Harbin Air Conditioning Co. Ltd. for
supplying cooling systems mostly to upcoming power plants in
India. The company earns fixed commission on supply, as well as
balance-of-plant work for the contracts undertaken by these
associates.


KASTURI DEVELOPERS: CRISIL Places 'B+' Ratings on INR150MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Kasturi Developers.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL B+/Stable
   Term Loan                100      CRISIL B+/Stable

The rating reflects KD's exposure to risks related to
implementation, funding and saleability of its ongoing project,
accentuated by the initial stage of project implementation. The
rating also factors in the firm's exposure to cyclicality inherent
in the Indian real estate sector. These rating weaknesses are
partially offset by the extensive experience of KD's promoters in
the real estate market in Pune (Maharashtra), and advantageous
location of its project.

Outlook: Stable

CRISIL believes that KD will continue to benefit over the medium
term from the promoters' extensive experience in the real estate
sector in Pune. The outlook may be revised to 'Positive' if the
firm records better-than-expected bookings of units and receives
customer advances, leading to sizeable cash inflows. Conversely,
the outlook may be revised to 'Negative' if the firm reports
lower-than-expected customer bookings; and project time or cost
overruns, resulting in lower-than-expected cash inflows and
weakening of the firm's financial risk profile, particularly its
liquidity.

KD was established in 2008, as a partnership firm. The firm was
founded by members of the Kasturi group, a renowned real estate
development group in Pune. KD is presently developing a
residential property at Wakad, Pune (Maharashtra) entailing 97
luxurious saleable apartments.

The Kasturi group, established by Mr. Bharat Agarwal has been
engaged in real estate development in Pune since 1998. Thus far,
the group has implemented more than seven projects aggregating
over 1.1 million square feet (sq ft) of saleable area.


KINGFISHER AIRLINES: Karnataka High Court Dismisses OSA Appeal
--------------------------------------------------------------
The Times of India reports that in a setback to Kingfisher
Airlines Limited, a division bench of the Karnataka high court on
January 29 dismissed its original side appeal (OSA) with regards
to Kingfisher House, a prime property in Mumbai.

TOI relates that a division bench upheld the Dec. 11, 2013, order
of the single bench (company court) in this regard.  According to
the report, the division bench was of the view that the company
court has rightly held that provisions of Securitization and
Reconstruction of Financial Assets and Enforcement of Security
Interest (SARFAESI) Act, 2002, a special enactment, over rides the
provisions of Companies Act,1956 in such circumstances .

The single bench (company court) had rejected the application
filed by KAL, challenging the application filed by SBICAP Trustee
Company limited before the Chief Metropolitan Magistrate,
Esplanade, Mumbai in respect of Kingfisher House, TOI reports.

According to TOI, the bench had noted that the bar implied in the
provisions of SARFAESI Act, 2002, would apparently apply to
company court (high court)as well as the objective of this special
act was to ensure banks reduce the time required for recovering
the secured assets/properties.

The report relates that the KAL, while challenging the application
filed by the SBI associate company seeking permission of the
Magistrate in Mumbai for taking possession of the said prime
property under the provisions of SARFAESI Act, had claimed that
SBI, which is a secured creditor and who has also filed a winding
up petition before Karnataka high court , cannot maintain both.

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

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

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.
Bloomberg said Mr. Mirpuri said in an e-mail on January 13 the
airline continues its efforts to recapitalize and restart
services.

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

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


P.K. OVERSEAS: CRISIL Reaffirms 'B+' Rating on INR50MM Loan
-----------------------------------------------------------
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.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit               50     CRISIL B+/Stable (Reaffirmed)
   Letter of Credit         150     CRISIL A4 (Reaffirmed)
   Packing Credit           350     CRISIL A4 (Reaffirmed)

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.


PARTH PARENTERAL: CRISIL Reaffirms B Rating on INR130MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Parth Parenteral Pvt
Limited (PPPL; part of the Parth Group continue to reflect its
working-capital-intensive operations and below average financial
risk profile, marked by a high gearing, and below average debt
protection metrics. These weaknesses are partially offset by the
extensive experience of the group's promoters in the
pharmaceutical industry, resulting in a diversified product
portfolio spread across several segments.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               130     CRISIL B/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Alps Pharmaceuticals Pvt Ltd and Parth
Parenteral Pvt Ltd. This is because both the companies, together
referred to as the PG, are under the same management team and in a
similar line of business; moreover, they have strong operational
financial linkages with each other.

Outlook: Stable

CRISIL believes that the PG will continue to benefit over the
medium term from its promoters' extensive industry experience and
its improving operating efficiency. The outlook may be revised to
'Positive' if the PG achieves healthy revenue growth while
maintaining its profitability, and if it improves its working
capital cycle substantially, thus relieving some pressure on its
stretched liquidity. Conversely, the outlook may be revised to
'Negative' if the group's working capital requirements increase
more than expected, or if it contracts sizeable debt to fund its
capital expenditure, thereby increasing its gearing and further
weakening its financial risk profile.

Update
For the year 2012-13 (refers to financial year, April 1 to March
31), the turnover is higher to our previous estimates at INR867.2
million and rose year on year (y-o-y) by -17 per cent. Till Oct
2013, the group has clocked in strong sales growth of INR613
million reflecting uptick in revenue growth from past year. CRISIL
believes that with demand increasing for the cough & cold segment
due to winter season, PG's topline will be in the range of
INR0.95-1 billion in the year 2013-14. In 2012-13 PG's
profitability at operating level deteriorated y-o-y by more than
200 bps due to deterioration of its gross margins for some of its
products particularly the imported drugs whose prices have
inflated due to INR depreciation. For the current year 2013-14,
the management is seen taking steps to improve its operating
profitability by increasing the prices for its products. CRISIL
expects the operating level profitability to be in the range of 9-
10 per cent over near to medium term. PG's working capital
requirements remained high for the year 2012-13 with GCA of 264
days. Historically, the working capital requirements are dominated
by book debts and inventory holdings which are in the range of
146-161 days and 100-124 days for past three years ended as on
March 2013. High working capital requirements have resulted in
higher utilization of bank lines for the group. For trailing 12-
months ended September 2013, the group's average bank lines
utilization continues to be 100 per cent with several instances of
overdrawals (primarily due to interest application on the last
day). CRISIL believes that the group's BLU will continue to remain
high due to working capital intensive operations.

As of March 2013 the gearing of the company increased y-o-y from -
1.5 times in 2011-12 to -2.5 times in 2012-13 as the overall debt
increased to support the incremental working capital requirements.
Over the medium term, the gearing is estimated to remain close to
2.5 times in 2013-14 due to incremental debt requirements for
working capital, term vs. moderate accruals.
The financial risk profile is expected to remain constrained due
to its stretched liquidity, high gearing and below average debt
protection metrics over the near to medium term.

PPPL was set up in 1987 by Mr. Jayesh Shukla and Mr. Shailesh
Chaturvedi to manufacture parenterals such as intravenous fluids.
Subsequently, the company started manufacturing various
pharmaceutical formulations such as tablets, oral syrups, and
injectables.

APPL commenced commercial operations in 1995-96 (refers to
financial year, April 1 to March 31) under the guidance of Mr.
Khajan Chandra Joshi. Mr. Shukla and Mr. Chaturvedi acquired Alps
from Mr. Joshi in 2005. APPL also manufactures pharmaceutical
formulations, such as injectables and tablets.

For 2012-13 (refers to financial year April 1 to March 31), APPL
reported loss of INR1.4 million on sales of INR341.8 million as
compared to a profit after tax (PAT) of INR0.6 million on sales of
INR 289.2 million for 2011-12.


PRASADHINI ENTERPRISES: ICRA Assigns 'B-' Rating to INR20cr Loans
-----------------------------------------------------------------
ICRA has assigned the rating of '[ICRA]B-' to the INR 20.00 crore
term loans facilities of Prasadhini Enterprises Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans           20.00        [ICRA]B-/assigned

The assigned rating is constrained by the PEPL's small scale of
operations, its vulnerability to cyclicality inherent in the
industry especially given its high dependence on a single market
(Mysore) which limits its operational and pricing flexibility;
weak operational parameters marked by relatively moderate
occupancy and modest ARRs; and stretched financial profile
characterized by negative accruals over last several years,
inadequate capital structure and modest coverage indicators. Since
the company's internal accruals are expected to remain thin in the
near term the debt servicing might be required to be supported
with additional promoter funding.

The assigned rating however, favorably takes into account
extensive experience of promoters of more than a decade in
hospitality services industry, central location of the Company
(hotel properties) enhancing accessibility aiding its business
prospects and diversified revenues across hotel business and
rental income providing support to company's overall revenues. The
Company's (hotel properties) presence in Mysore is in close
proximity to railway station, central bus stand and Mysore palace
-- a major tourist attraction providing convenience of access and
improves visibility aiding the Company in maintaining moderate
occupancy rates. Further, stable rental income earned by the
Company on its mall property (let out to Aditya Birla Retail
Limited) supports PEPL's overall revenues through the cyclicality
associated with the hotel business.

Incorporated in 2000, Prasadhini Enterprises Private Limited is
engaged in hospitality services, construction of commercial
properties and letting out property on rental basis. Promoted by
Mr. M N Jaya Prakash, Mr. Harish Kumar Hegde, and Mrs. Jayapadma
Hegde the Company presently operates two hotel properties -- Hotel
Airlines and Hotel Jade Garden and has let out one mall complex
constructed under PEPL. Hotel Airlines is a budget hotel situated
in Jayalakshmi Vilas road, Chamarajapuram, Mysore and is
operational since 2000. Hotel Airlines comprises of 27 rooms which
includes 21 Non-AC rooms and 6 AC rooms and has an average room
rate of about INR 1000 per night (on double occupancy basis). PEPL
started a luxury hotel -- Hotel Jade Garden in 2009-10 at
Jayalakshmi Vilas road, Chamarajapuram, Mysore comprising of 27
deluxe rooms with a party hall and 2 restaurants. Apart from these
hotel properties, the company has a mall property situated in
Narayana Shastry road (N.S Road), Mysore, with a total build up
area being 55,000sq.ft. The mall property has been let out to
Aditya Birla Retail Limited on lease cum rental basis for a period
up to 2024.

Recent Results

For 2012-13, the Company reported net loss of INR1.3 crore on an
operating income of INR4.3 crore as against net loss of INR3.6
crore on an operating income of INR3.6 crore in 2011-12.


R.R.CONSTRUCTIONS: ICRA Assigns 'B' Rating to INR20cr Term Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR20.00 crore term loan
facilities of R.R. Constructions.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            20.00        [ICRA]B/assigned

The rating takes comfort from the vast experience of more than 15
years of RRC's proprietor in the real estate industry. The rating
also favorably factors in the location advantage of the entity's
only ongoing project R.R. Signature which is in close proximity to
various IT companies and educational institutions. The rating is
however constrained due to the execution and marketing risks faced
by the project as it is in the initial stages of construction
(12.8% of construction cost incurred up to Dec. 31, 2013) and has
been launched for sales recently. RRC's high debt levels led to
stretched capital structure as reflected by gearing of 6.61xs as
on March 31, 2013, thus limiting its financial flexibility. In
addition, rating also factors in RRC's constitution as a
proprietorship which apart from having risk of withdrawal of
capital may also limit RRC's ability to raise funds in order to
support the growth in future.

Going forward, ability of the company to achieve healthy booking
levels, maintain high collection efficiency and execute its
ongoing project in a timely manner would be the key rating
sensitivities.

R. R. Constructions is a proprietorship concern started in the
year 1996 by Mrs. M. Sunitha. The entity is into the business of
real estate development and has completed many residential
projects in Nellore and Bangalore since its inception. The
management has been committed in providing innovative apartments
at an affordable cost. They are currently developing a residential
apartment project, "R.R. Signature" at Hegde Nagar -- Thanisandra
Road, Bangalore. The project will consist of 2 blocks of 14 floors
each excluding two basements and ground floor for parking with a
total of 248 2-BHK and 3-BHK apartments. The total project cost is
INR133 crore which is to be funded through bank loans to the tune
of INR25 crore, INR35 crore through promoter contribution and
balance INR73 crore through customer advances.

Recent Results

The entity reported net profit of INR0.93 crore on operating
income of INR7.64 crore for FY 2013 as compared to a net profit of
INR1.09 crore on operating income of INR9.26 crore for FY 2012.


RASHMI HOUSING: ICRA Places 'B+' Rating on INR65cr Long-Term Loan
-----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR65.00
crore fund based bank lines of Rashmi Housing Private Limited.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-Term Fund         65.00         [ICRA]B+ Assigned
   Based Limits (TL)

The rating factors in the exposure to residual execution risk,
since 47% of the costs on an aggregate basis across the ongoing
projects still remained to be incurred as of June 2013; and also
due to the company's exposure to market risks, as over 60% of the
aggregate saleable area across projects was yet to be sold, as of
June 2013. ICRA notes that the market risk remains high, as a
large number of projects are coming up on the Mira Road-Virar
belt-resulting in an oversupply situation for the micro-market, as
well as a geographic concentration risk for RHPL. The rating also
factors in the high gearing of 2.12 times, as on March 31, 2013.
Nonetheless, the rating derives comfort from the established
presence and long experience of the promoters in real estate
development, particularly along the Mira Road-Virar region, and
limited regulatory risk with the commencement certificate being
obtained and land acquisition being completed for all ongoing
projects.

Incorporated in 2003, Rashmi Housing Pvt. Ltd. is the flagship
company of the Rashmi Group-promoted and managed by the Bosmiya
family-engaged in real estate development since 1999. The Group is
mainly focused on the development of affordable residential
projects under the brand name, 'Ghar Ho To Aisa', mainly along the
western suburbs of Mumbai. The Group has more than a decade of
experience in the field, and has developed ~27 lakh sq. ft. of
residential space in areas like Mira Road, Bhayendar, Nalasopara,
Naigaon, Vasai and Virar. RHPL is currently developing four
residential projects and two residential re-development projects,
with an aggregate saleable area of 7.93 lakh sq. ft. located at
Vasai, Naigaon, Bhayendar and Malad.


REFRIGERATED DISTRIBUTORS: CRISIL Puts B+ Rating on INR50MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Refrigerated Distributors Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Packing Credit            40      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        10      CRISIL B+/Stable

The ratings reflect extensive experience of RDPL's promoters in
the seafood industry and moderate financial risk profile marked by
a low gearing and comfortable debt protection metrics. These
rating strengths are partially offset by customer concentration
risks, susceptibility of margins and accruals to volatility in
fish availability and exchange rates.

Outlook: Stable

CRISIL believes that RDPL will continue to benefit from its
promoters' extensive industry experience and established
relationships with customers over the medium term. The outlook may
be revised to 'Positive' in case RDPL generates a higher-than-
expected growth in its revenues, while improving its profitability
margins and working capital cycle. Conversely, the outlook may be
revised to 'Negative' if the company's revenues or margins decline
significantly or if the company's working capital cycle lengthens,
leading to weakening of its financial risk profile.

Incorporated in 1996, RDPL is engaged in processing and export of
surimi and fishes. The company is currently managed by Mr. Nisar
Naik and Mr. Asif Naik. The company has its processing facilities
at Navi Mumbai (Maharashtra).


RUDRAPUR PRECISION: ICRA Assigns 'B-' Ratings to INR9.75cr Loans
----------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B-' to the
INR9.75 Crore fund based bank facilities of Rudrapur Precision
Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             6.20         [ICRA]B- assigned
   Cash Credit           2.50         [ICRA]B- assigned
   Unallocated           1.05         [ICRA]B- assigned

The assigned ratings consider the long standing experience of
partners in the forgings business through other group entities and
locational advantage of its manufacturing facilities placing RPI
in close proximity to its customers. The ratings are, however,
constrained by RPI's weak financial risk profile given relatively
limited track record of operations and stretched liquidity
position on account of long cash cycle. Being a tier 2 supplier to
various automotive manufacturers, the company remains exposed to
raw material price risk. Going forward, RPI's ability to improve
its position in the value chain, maintain its operating
profitability and improve its liquidity position as well as
financial profile would be the key rating sensitivities.

Rudrapur Precision Industries is a partnership firm was
incorporated in March 2012 with two partners namely Mr. Amit
Rajput and Smt. Anupam Chauhan with equal shareholding. The firm
manufactures axle and steering products for vehicles such as rear
hubs, cover plates, I-bracket and seal race. The manufacturing
facility for the firm is located in Rudrapur (Uttarakhand). The
products manufactured are of various sizes and shapes as per the
requirement of customers and presently the firm has around thirty
two products in its portfolio. The firm is also engaged in the job
work for its customers. The firm currently supplies to various
customers like Mahabal Auto Ancillaries private Limited and
Windals Auto Private Limited.


S.K. CORPORATION: ICRA Withdraws B+ Rating on INR8.14cr Loan
------------------------------------------------------------
ICRA has withdrawn the '[ICRA]B+' rating assigned to the INR8.14
crore long term fund based bank facility and '[ICRA]B+/[ICRA]A4'
ratings to the INR0.03 crore proposed limit of S.K. Corporation.
There is no amount outstanding against the rated instrument.

Incorporated in April 2010, S.K. Corporation is a real-estate firm
involved in the development of residential projects. SKC is a
partnership firm with its registered office located in Surat. The
firm has completed construction of one residential project 'Swim
Palace' in Surat.


SATPUDA STRUCTURES: CARE Reaffirms B+ Rating on INR14.77cr Loans
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Satpuda Structures Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       14.77       CARE B+ Reaffirmed
   Facilities

Rating Rationale

The rating continues to remain constrained on account of the short
track record of Satpuda Structures Private Limited in the
industry, strained liquidity position, working capital intensive
nature of operations and exposure to volatile raw material prices.

The rating continues to derive strength from the experienced
promoters, location advantage with proximity to customers and
improved financial risk profile on account of stability of
operations.

The ability of the company to utilize its working capital
efficiently while maintaining its profitability levels remain the
key rating sensitivities.

Incorporated in September 2008, Satpuda Structures Private Limited
is engaged in the processing of steel parts for the power and
telecom transmission towers, communication towers and substation
structures. SVPL is promoted by Mr Premprakash Mishra, holding 40%
shares, and Mr Suresh Borade, Mr Dilip Chandwadkar and Mr Yashwant
Thakare, each holding 20% shares.

The manufacturing facility of SSPL is located in Wardha,
Maharashtra and has an installed capacity of 27,000 metric tonnes
per annum (MTPA). The operations of the company began from January
2012. SSPL primarily undertakes fabrication, galvanizing and
assembling operations for the steel structures, which find
application in telecom towers, power transmission towers and
substation structures. In addition to own manufacturing sales,
SSPL also undertakes job work.

The company supplies its products to power and infrastructure
companies, which include Jyoti Structures Ltd (rated 'CARE BBB',
'CARE A3'), KEC International Ltd (rated 'CARE A+', 'CARE
A1') and others.

During FY13 (refers to the period April 01 to March 31), SSPL
reported a PAT of INR1.86 crore on a total operating income of
INR38.81 crore.


SHREE KRISHNA: CRISIL Assigns 'B+' Ratings to INR150MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shree Krishna Rice and General Mills.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Warehouse Receipts        39      CRISIL B+/Stable
   Term Loan                 15      CRISIL B+/Stable
   Cash Credit               49      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        47      CRISIL B+/Stable

The rating reflects SRGM's below-average financial risk profile,
marked by its highly leveraged capital structure, and average
debt-protection metrics. The rating also factors in the company's
modest scale of operations, in the intensely competitive basmati
rice market; along with susceptibility of the operating margin to
any adverse impact in government regulations, and to volatility in
raw material prices. These rating weaknesses are partially offset
by the partners' extensive industry experience, and their
financial support and healthy growth prospects for the basmati
rice industry.

Outlook: Stable

CRISIL believes that SRGM will continue to benefit over the medium
term from the partner's extensive experience in the rice industry.
The outlook may be revised to 'Positive' in case of significant
improvement in the firm's financial risk profile on account of
better than expected accruals led by improvement in scale and
operating profitability or due to capital infusion from partners.
Conversely, the outlook may be revised to 'Negative' if SRGM
undertakes aggressive, debt-funded expansions; reports a
substantial decline in revenues and profitability, or a stretch in
its working capital cycle, thereby weakening its financial risk
profile.

SRGM was set up as a partnership firm by Mr. Abhinav Goel, and his
brother in 2000. The firm is based out of Kotkapura, Haryana and
is engaged in milling and sorting of basmati rice. It deals in
PUSA1121 and PL11 variety of basmati rice.

SRGM reported a book profit of INR1.32 million on net sales of
INR194.0 million for 2012-13 (refers to financial year, April 1 to
March 31), vis-a-vis a book profit of INR0.28 million on net sales
of INR176.7 million for 2011-12.


SPEED AUTOTECH: CRISIL Assigns 'B-' Ratings to INR64.2MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Speed Autotech Pvt Ltd.

                             Amount
   Facilities               (INR Mln)    Ratings
   ----------               ---------    -------
   Term Loan                    10.4     CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility           18.8     CRISIL B-/Stable
   Cash Credit                  35       CRISIL B-/Stable
   Inventory Funding
   Facility                    130       CRISIL A4

The ratings reflect SAPL's weak financial risk profile marked by
weak capital structure and debt protection metrics and
susceptibility to intense competition in the automobile dealership
business. These rating weaknesses are partially offset by benefits
from SAPL's association with General Motors India Ltd.

Outlook: Stable

CRISIL expects that SAPL would benefit from its association with
GMIL over the medium term. The outlook may be revised to
'Positive' if there is an improvement in the financial risk
profile of the company through sustained improvement in scale of
operations, resulting in better accruals and with improvement in
its capital structure. Conversely, the outlook may be revised to
'Negative' if the company undertakes a large, debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile or the working capital cycle lengthens.

SAPL was incorporated in 2008 by Mr. Atul Makaria, Mr. Abhishek
Khanna and Mr. Adarsh Tulshan and is engaged in dealership of
Chevrolet cars (GMIL) with its showroom in VIP Road, Kolkata. The
company started the dealership from 2010. The company has two
workshops: in Khanna Road, Kolkata and in Agarpara Road, West
Bengal.


SRM CONSTRUCTION: CRISIL Ups Rating on INR30MM Loans to 'B-'
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of SRM
Construction to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL D/CRISIL
D'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          40       CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Overdraft Facility      30       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects improvement in SRMC's liquidity, which
in turn is reflected in its timely servicing of debt and moderate
bank limit utilisation at around 87 per cent during the four
months through December 31, 2013. The upgrade also factors in
CRISIL's belief that SSPL will generate sufficient cash accruals
to meet its repayment obligations in the near term.

The ratings also reflect SRMC's modest scale of operations, large
working capital requirements, a small net worth limiting its
financial flexibility, and a high degree of geographical and
customer concentration in its revenue profile. However, the firm
benefits from its promoters' extensive experience in the
construction industry.

Outlook: Stable

CRISIL believes that SRMC will benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a significant improvement in its scale of
operations and profitability leading to higher-than expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
SRMC undertakes aggressive, debt-funded expansions, or contracts
higher-than-expected borrowings to meet its large working capital
requirements, leading to deterioration in its financial risk
profile.

SRMC, set up as a partnership firm in 2006, is based in Erode
(Tamil Nadu). The firm undertakes civil contracts, involving the
construction of canals, buildings, roads, earthworks, canal
lining, and civil construction works, primarily for government
departments. SRM is promoted by Mr. S Boopathy and his family
members.


TRIVENI SMELTERS: CRISIL Suspends 'B' Ratings on INR93.1MM Loans
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Triveni
Smelters Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              46.2     CRISIL B/Stable Suspended
   Term Loan                46.9     CRISIL B/Stable Suspended

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

Set up in 2010 by Mr. Ramesh Saraf and his family members, TSPL
manufactures MS ingots used in rolling mills. It uses sponge iron
and scrap iron as raw materials to produce steel ingots. It has
manufacturing capacity of 36,900 tonnes per annum of steel ingots
at its plant in Patna (Bihar). The average capacity utilisation of
the plant over the past few months has been around 60 per cent.


VINIT YARN: ICRA Suspends 'B+' Rating on INR6.5cr Loans
-------------------------------------------------------
ICRA has suspended the '[ICRA]B+' rating assigned to the INR6.50
crore, long term loans & working capital facilities of Vinit Yarn
Dyeing Pvt Ltd. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

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

Incorporated in January 2011, Vinit Yarn Dyeing Pvt. Limited is is
engaged in processing of grey fabrics (polyester and nylon) for
various dress materials and sarees. Mr. Pradip Goyal, Ajit Goyal
and Mr. Manoj Goyal manage its day to day functioning as
directors. The company has a registered office at Kalbadevi,
Mumbai and processing unit at Bhiwandi, Thane.


WARM GEARS: ICRA Rates INR18.10cr LT Loans at 'B-'
--------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B-' to the
INR18.1 Crore fund based bank facilities of Warm Gears private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   LT Fund Based        18.10        [ICRA]B- assigned
   Facilities

The rating reaffirmation factors in the long standing experience
of WGPL's promoters in the forgings business, locational advantage
placing WGPL in close proximity to its customers and steady growth
in revenues over the past two years. The ratings are, however,
constrained by WGPL's exposure to price risk in view of limited
ability to pass on increase in raw material costs to customers
given its presence at tier-2 level in the value chain and high
dependence on Warm Forging Private Limited for sale of its
products. WGPL's financial risk profile is characterized by high
gearing (2.0x as on March 31, 2013), weak debt coverage indicators
(Total Debt/ OPBITDA of 5.2x in 2012-13) and stretched liquidity
position on account of long working capital cycle. Going forward,
WGPL's ability to maintain its operating profitability, improve
its liquidity position as well as financial profile would be the
key rating sensitivities.

Warm Gears Private Limited was incorporated in July 2008, and
promoted by Mr. Amit Rajput and Smt. Anupam Chauhan. The company
manufactures products related to gears for two wheelers such as
hubs, gear blanks (forged and turned), sliding clutches, rotors
and pulleys. WGPL is also manufacturing bevel gears and other gear
products for four -- wheeler market at its manufacturing
facilities located in Bhiwadi (Rajasthan). The company is also
engaged in forging and machining for transmission, engine and
suspension applications. The products manufactured are of various
sizes and shapes as per the requirement of customers. The company
is supplying its products to various customers like Mitsuba, Hero
Motors, Mushahsi and Denso etc among the tier one customers.



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


FELTEX CARPET: Class Action Backers Must Pay NZ$1MM Today
---------------------------------------------------------
Tim Hunter at Stuff.co.nz reports that the backers of an investor
class action against directors of failed carpet-maker Feltex have
been ordered to pay NZ$1 million to a trust account by 5:00 p.m.
today, January 31, after missing a January 15 deadline.

Stuff.co.nz relates that the money is security for costs in case
investors lose the lawsuit, due to begin its High Court hearing in
March.

In a procedural ruling issued on January 27, Justice Robert Dobson
criticised the plaintiffs, represented by Feltex investor Eric
Houghton, for failing to comply with the earlier deadline,
according to Stuff.co.nz.

"It is quite inadequate to allow the deadline for compliance with
the order for security for costs to pass without any communication
on the topic to either those acting for the defendants or to the
court," Justice Dobson said.

Stuff.co.nz says lawyers for the defendants -- former Feltex
directors Tim Saunders, Sam Magill, John Feeney, Craig Horrocks,
Peter Hunter, Peter Thomas and Joan Withers, as well as broking
firms Credit Suisse First Boston, First NZ Capital and Forsyth
Barr -- had sought an order for dismissal of the case unless the
money was paid into the court by January 30.

The report relates that Justice Dobson declined the request,
ordering that London-based litigation-funding firm Harbour
Litigation Fund could pay NZ$1 million to a trust account of law
firm Wilson McKay.

He also allowed the late filing of expert evidence for the
plaintiffs from former Macquarie Equities investment director
Arthur Lim, the report notes.

The evidence had been due to be filed by December 17, but was
finally filed on January 6, Stuff.co.nz says.

According to the report, Macquarie became a co-manager of Feltex's
initial public share offer in 2004, which meant the firm assuming
responsibility for selling NZ$20 million of shares in the float.

Stuff.co.nz relates that Justice Dobson ordered the plaintiffs to
ensure defendants had access to Macquarie documents in case they
wanted to challenge the factual content of Lim's evidence.
Defendants could also challenge the admissibility of the evidence
at a hearing on March 4, a week before the trial.

The report notes that the lawsuit alleges false and misleading
statements were made in prospectus documents for Feltex's
NZ$250 million float. Within a year of the IPO, Feltex issued a
profit warning and subsequently collapsed into liquidation in
December 2006.

Justice Dobson said the time allocated for the High Court hearing
would run until May 23. "If absolutely necessary, part of the week
starting May 26 may also become available. If the hearing does run
as long as that, then an inevitable consequence would be the delay
in delivery of my judgment," Justice Dobson, as cited by Justice
Dobson, said.

                       About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
is a manufacturer of superior-quality carpet.  The Feltex
operation included a wool scouring plant, six spinning mills,
three tufted carpet mills, a woven carpet mill and offices in New
Zealand, Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.



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


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

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

AUSTRALIA


AAT CORP LTD             AAT               32.50       -13.46
ANITTEL GROUP LT         AYG               18.43        -0.26
ATLANTIC LTD             ATI              490.17       -25.68
AUSTRALIAN ZI-PP         AZCCA             77.75        -2.57
AUSTRALIAN ZIRC          AZC               77.75        -2.57
BIRON APPAREL LT         BIC               19.71        -2.22
BOUNTY MINING LT         BNT               10.54        -0.94
CLARITY OSS LTD          CYO               33.12       -11.66
CMA CORP LTD             CMV              127.41       -51.00
CWH RESOURCES LT         CWH               10.71        -3.03
IDM INTERNATIONA         IDM               30.99       -23.62
LIONHUB GROUP LT         LHB               19.21       -26.52
MIRABELA NICKEL          MBN              335.09      -179.03
NATURAL FUEL LTD         NFL               19.38      -121.51
PACT GROUP HOLDI         PGH            1,120.30      -982.11
PENRICE SODA HOL         PSH              122.46       -26.85
RIVERCITY MOTORW         RCY              386.88      -809.13
RUBICOR GROUP LT         RUB               45.20       -75.31
STERLING PLANTAT         SBI               59.08        -6.07
STIRLING RESOURC         SRE               16.53        -8.12
STRAITS RESOURCE         SRQ              208.51       -29.73
SWAN GOLD MINING         SWA               36.43        -9.08
TZ LTD                   TZL               12.88        -8.73


CHINA

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


HONG KONG

BIRMINGHAM INTER         2309              59.95       -12.80
BUILDMORE INTL           108               17.36       -70.34
CHINA ENVIRONMEN         986               66.65        -0.87
CHINA HEALTHCARE         673               34.76        -0.75
CHINA OCEAN SHIP         651              248.21      -106.72
CNC HOLDINGS             8356              99.16        -9.03
CROSBY CAPITAL           8088              16.40       -20.27
EFORCE HLDGS LTD         943               60.73        -9.56
GRANDE HLDG              186              255.10      -208.18
INNO-TECH HLDGS          8202              84.54      -116.82
LANGHAM -SS              1270             684.55       -86.21
LONG SUCCESS INT         8017              50.05        -7.44
MASCOTTE HLDGS           136               57.51       -81.70
MEGA EXPO HOLDIN         1360              17.00        -0.53
MELCOLOT LTD             8198              13.69       -28.83
NORSTAR FOUNDERS         2339              21.97       -56.33
PALADIN LTD              495              159.65        -9.17
PROVIEW INTL HLD         334              314.87      -294.85
SINO RESOURCES G         223               29.34       -24.77
SURFACE MOUNT            SMT               32.88       -10.68
VXL CAPITAL LTD          727               74.79        -0.16


INDONESIA

APAC CITRA CENT          MYTX             176.66        -6.99
ARPENI PRATAMA           APOL             249.84      -319.77
ASIA PACIFIC             POLY             375.58      -815.83
BUMI RESOURCES           BUMI           7,027.47       -18.17
ICTSI JASA PRIMA         KARW              56.41        -6.12
JAKARTA KYOEI ST         JKSW              24.92       -34.90
MATAHARI DEPT            LPPF             209.66       -89.74
ONIX CAPITAL TBK         OCAP              13.22        -1.03
RENUKA COALINDO          SQMI              15.84        -0.48
SUMALINDO LESTAR         SULI              95.14       -18.99
UNITEX TBK               UNTX              18.83       -18.53


INDIA

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


JAPAN

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


KOREA

DVS KOREA CO LTD         46400             17.40        -1.20
ORIENTAL PRECISI         14940            224.92       -79.83
ROCKET ELEC-PFD          425              111.09        -0.42
ROCKET ELECTRIC          420              111.09        -0.42
SHINIL ENG CO            14350            199.04        -2.53
SSANGYONG ENGINE         12650          1,231.13      -119.47
STX OFFSHORE & S         67250          7,627.42    -1,124.38
TEC & CO                 8900             139.98       -16.61
TONGYANG NETWORK         30790            311.91       -36.46
WOONGJIN HOLDING         16880          2,197.34      -635.50


MALAYSIA

HAISAN RESOURCES         HRB               41.31       -11.54
HIGH-5 CONGLOMER         HIGH              41.63       -34.19
HO HUP CONSTR CO         HO                59.28       -16.64
PETROL ONE RESOU         PORB              51.39        -4.00
SUMATEC RESOURCE         SMTC             169.12       -26.18
VTI VINTAGE BHD          VTI               17.74        -3.63


NEW ZEALAND

NZF GROUP LTD            NZF NZ Equity     11.69        -4.60
PULSE ENERGY LTD         PLE NZ Equity     11.29        -3.44


PHILIPPINES

CYBER BAY CORP           CYBR              14.14       -21.59
FIL ESTATE CORP          FC                40.90       -15.77
FILSYN CORP A            FYN               23.11       -11.69
FILSYN CORP. B           FYNB              23.11       -11.69
GOTESCO LAND-A           GO                21.76       -19.21
GOTESCO LAND-B           GOB               21.76       -19.21
LIBERTY TELECOMS         LIB              108.53       -19.42
MRC ALLIED INC           MRC               27.06        -2.56
PICOP RESOURCES          PCP              105.66       -23.33
STENIEL MFG              STN               21.07       -11.96
UNIWIDE HOLDINGS         UW                50.36       -57.19


SINGAPORE

ADVANCE SCT LTD          ASCT              19.68       -22.46
CEFC INTL LTD            SUNE              95.25        -0.31
HL GLOBAL ENTERP         HLGE              83.11        -4.63
IGG INC                  8002              21.53       -55.84
SCIGEN LTD-CUFS          SIE               68.70       -42.35
SUNMOON FOOD COM         SMOON             20.26       -17.36
TT INTERNATIONAL         TTI              298.35       -82.84
UNITED FIBER SYS         UFS               65.52       -56.60


THAILAND

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


TAIWAN

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





                             *********

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 ***