TCRAP_Public/140217.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

           Monday, February 17, 2014, Vol. 17, No. 33


                            Headlines


A U S T R A L I A

APIWENTYE PASTORAL: Clifton Hall Appointed as Administrators
CAPITAL ADVISERS: ASIC Cancels AFS, Credit Licenses
PROMAINS PTY: Receivers Seek Expressions of Interest
WALTON CONSTRUCTION: Denial of Bid to Remove Liquidators Reviewed


I N D I A

ADVANCE METAL: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
ADVANCED MINING: CRISIL Reaffirms 'D' Ratings on INR1.33BB Loans
ARJUNA COTTON: ICRA Revises Rating on INR12.5cr Loans to 'B'
BALA BALAJEE: CRISIL Reaffirms 'D' Ratings on INR440MM Loans
BTS JEWELLERS: CARE Assigns 'B' Rating to INR23cr Bank Loans

CRAYON COLOR: ICRA Assigns 'B+' Rating to INR5cr Loan
HARBANS LAL: ICRA Assigns 'B' Rating to INR6cr Loan
IFMR CAPITAL: ICRA Rates PTC Series A2 at 'B-(SO)'
JAI HANUMAN: ICRA Reaffirms 'B' Rating on INR5.5cr LT Loans
JATINDER FINANCE: CRISIL Rates INR150MM Long Term Loan at 'B+'

KAMDHENU KHANDSARI: CRISIL Assigns 'B+' Ratings to INR95MM Loans
KARMA INDUSTRIES: CRISIL Suspends 'B+' Ratings on INR2.75BB Loans
KESHAV COTTON: CRISIL Assigns 'B' Ratings to INR87.5MM Loans
KHEDUT FEEDS: ICRA Assigns 'B' Ratings to INR21.38cr Loans
KINGFISHER AIRLINES: UBHL's Total Exposure Reaches INR13K cr

M. K. GUPTA: CRISIL Reaffirms 'B+' Rating on INR18MM Loans
MALDAR BARRELS: CRISIL Suspends 'B+' Rating on INR1.18MM Loans
MOHTISHAM COMPLEXES: ICRA Suspends 'B+' Rating on INR30cr Loan
NIRVANA FASHION: CRISIL Assigns 'B+' Rating to INR80MM Loan
PRATAP WAHINI: CARE Reaffirms 'B+' Rating on INR2.71cr Loans

RLJ INFRACEMENT: CRISIL Assigns 'B' Rating to INR146.8MM Loans
SACHIN PULSES: CARE Reaffirms 'B' Rating on INR7cr Loans
SATADHAR COTTON: CARE Assigns 'B' Rating to INR6.75cr Loans
SHINDE DEVELOPERS: CRISIL Puts 'D' Rating on INR252.5MM Loans
SHREEJI ISPAT: ICRA Suspends 'D' Rating on INR20cr Loans

SOMNATH COMMOSALES: CARE Cuts Ratings on INR10cr Loans to 'D'
SONA SYNTHETICS: CRISIL Reaffirms 'B+' Rating on INR90MM Loans
TATA STEEL: 3Q Results No Immediate Impact on Moody's Ba3 Rating
VALSONS: CRISIL Reaffirms 'B' Rating on INR60 Million Loan


N E W  Z E A L A N D

KNOX VINEYARDS: Placed Into Liquidation; Owes NZ$1.2MM


S O U T H  K O R E A

BUSAN SAVINGS: Court Orders Bank to Compensate Customers


                            - - - - -


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


APIWENTYE PASTORAL: Clifton Hall Appointed as Administrators
------------------------------------------------------------
Timothy Clifton and Mark Hall were appointed Joint and Several
Administrators of Apiwentye Pastoral Company Pty Ltd on
Feb. 13, 2014.

A meeting of creditors will be held at Clifton Hall, Level 4, 12
Gilles Street, Adelaide, South Australia on Feb. 25, 2014, at
12:00 p.m.


CAPITAL ADVISERS: ASIC Cancels AFS, Credit Licenses
---------------------------------------------------
The Australian Securities and Investment Commission has cancelled
Capital Advisers Pty Ltd's Australian Financial Services (AFS)
licence.  ASIC has also cancelled Capital Advisers' Australian
credit licence.

The cancellations follow ASIC concerns the group was unable to
comply with its licence conditions and it subsequently going into
voluntary administration.

ASIC's concerns included Capital Advisers not having adequate
compensation and insurance arrangements and failing to have
measures in place to ensure their organisational competence.

Following ASIC's concerns, Capital Advisers stopped offering
financial services and appointed external administrators.

Under the Corporations Act, ASIC has the power to suspend or
cancel an AFS licence, without holding a hearing, if the licensee
is placed under external administration.

Following ASIC's decision to cancel the licences, Capital Advisers
was placed into liquidation.

Capital Advisers previously traded under the name Freeman Fox Pty
Ltd and its AFS licence authorised it to advise on a range of
products to retail clients.

Capital Advisers went into external administration on
Jan. 7, 2014 and liquidation on Feb. 3, 2014.


PROMAINS PTY: Receivers Seek Expressions of Interest
----------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that receivers of
Promains Pty Ltd have called for expressions of interest for the
manufacturer.  Grant Thornton's Andrew Hewitt --
andrew.hewitt@au.gt.com -- and Matt Byrnes --
matt.byrnes@au.gt.com -- were appointed as receivers and managers
of the company, the report says.

The company entered administration with Luke Targett and Rachel
Burdett-Baker being appointed as administrators on Feb. 5, 2014.
The first creditors' meeting is scheduled on Feb. 17, 2014,
dissolve.com.au discloses.


WALTON CONSTRUCTION: Denial of Bid to Remove Liquidators Reviewed
-----------------------------------------------------------------
The Australian Securities and Investment Commission notes the
decision on Feb. 13, 2014, of the Federal Court of Australia
following ASIC's application to have the liquidators of the Walton
Construction group removed.

In December 2013, ASIC applied to the court to remove Stirling
Horne, Glenn Franklin and Jason Stone of the firm, Lawler Draper
Dillon, for a perceived lack of independence.

In carrying out their functions and duties, the liquidators would
be required to investigate prior transactions involving entities
connected with the adviser which referred the companies to them.
ASIC argued those transactions and the referral relationship were
not sufficiently disclosed to creditors at the appropriate time
and that a perceived lack of independence existed.

The court refused ASIC's application. ASIC is presently reviewing
this judgment. ASIC's review into Walton Construction group's
collapse, and its administration, is continuing.

The Walton Construction group collapsed in October 2013 owing
about AUD69 million to unsecured creditors.



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


ADVANCE METAL: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Advance Metal Powder
continue to reflect AMP's modest scale of operations with very low
profit margins, large working capital requirements, and below-
average financial risk profile, marked by a small net worth and a
high total outside liabilities to tangible net worth (TOLTNW)
ratio. These rating weaknesses are partially offset by the
extensive experience of the firm's partners in the business of
trading in welding materials, and its established relationships
with customers and suppliers.

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

   Inland/Import
   Letter of Credit       20        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that AMP will continue to benefit over the medium
term from its partners' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' if substantial long-term fund infusion by
its partners leads to an improvement in the firm's liquidity, or
if it scales up its operations while improving its operating
margin and capital structure. Conversely, the outlook may be
revised to 'Negative' if there is a decline in AMP's revenues or
profitability margins, or significant lengthening of its working
capital cycle, leading to deterioration in its financial risk
profile.

Update:
AMP has registered revenues of about INR900 million in the nine
months ended December 31, 2013, and is expected to report revenues
of about INR1.2 billion for 2013-14 (refers to financial year,
April 1 to March 31) supported by its established relationships
with its customers. However, the firm's operating margin is
expected to remain constrained at around 3 per cent in 2013-14
owing to the trading nature of its business and fluctuation in the
price of stainless steel, which contributes nearly 80 per cent to
its topline.

AMP's financial risk profile is below average, marked by an
aggressive TOLTNW ratio of 4.5 times and a modest net worth of
INR75 million, as on March 31, 2013. Moreover, the firm's
operations are working-capital-intensive with gross current assets
of 137 days as on March 31, 2013, predominantly on account of high
debtor levels and large inventory requirements. As a result, its
average bank limit utilisation was high at around 90 per cent
during the nine months through December 2013. The firm is expected
to generate cash accruals of about INR10 million 2013-14,
sufficient to meet its term debt obligations of about INR3.6
million during the year. However, AMP's liquidity has remained
constrained due to substantial withdrawals by its partners in the
past. CRISIL believes that the extent of withdrawals by the firm's
partners will remain a key rating sensitive factor over the medium
term.

For 2012-13, AMP reported a net profit of INR8.1 million on net
sales of INR1.07 billion, as against a net profit of INR8.3
million on net sales of INR1.21 billion for 2011-12.
About the Firm

AMP was set up as a partnership firm in 1988 by Mr. Mukesh Purohit
and his brother, Mr. Rakesh Purohit. It trades in stainless steel
wires and iron powder used in the manufacturing of welding
electrodes. Prior to setting up AMP, the partners were in the
business of trading in welding rods through a group concern. AMP
is managed by the Purohit family, which has been trading in wire
products, such as stainless steel wires and welding electrodes,
for over two decades. The firm has its office in Mumbai and
warehouse at Bhiwandi in Thane district (both in Maharashtra).


ADVANCED MINING: CRISIL Reaffirms 'D' Ratings on INR1.33BB Loans
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Advanced Mining
Technologies Pvt Ltd continue to reflect instances of delay by
ATMPL in servicing its debt due to weak liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee           480       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       826       CRISIL D (Reaffirmed)

   Term Loan                 24       CRISIL D (Reaffirmed)

AMTPL has a weak financial risk profile with a small net worth,
high gearing and weak debt protection metrics. The company also
has high customer concentration in its revenue profile. However,
ATMPL benefits from its promoters' extensive experience in the
mining industry.

AMTPL was established in 2005 by Mr. N Venkata Subba Rao along
with his friends and family members. The company provides coal
mining services through the highwall mining technology.


ARJUNA COTTON: ICRA Revises Rating on INR12.5cr Loans to 'B'
------------------------------------------------------------
ICRA has revised the ratings on the INR12.50 crore, long term,
fund-based bank facilities of Arjuna Cotton and Spinning Mills
Private Limited from '[ICRA]B+' to '[ICRA]B'.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term fund
   based facilities     12.50         Revised to [ICRA]B

The rating revision takes into account the weakening of the
financial profile of the company in FY2013 characterised by
reduction in overall revenues, net loss for the year and weakening
of the capitalisation and coverage indicators. The revenue
contribution from the refining plant witnessed a significant
reduction and the retail operations failed to pickup volume sales.
The turnover of the company is likely to further decrease in the
future, with the absence of contribution from the refining plant,
which in turn. However, the operating margin is likely to improve
if the company manages to sell the refining plant, on account of
the lower fixed expenses and overhead expenses. The operations of
the company are dependent on the cyclicality of the raw material
availability coupled with uncontrollable agro-climatic conditions
leading to uncertainty in the capacity utilisation of the plants.
The rating continues to reflect the thin profitability margins
inherent to the industry and modest scale of operations of ACSMPL
which limits the benefits arising from economies of scale.

Nonetheless, the rating favourably factors in the vast experience
of the promoters in the industry and the financial flexibility of
the promoters as evident from the fund infusion in the form of
unsecured loans. Successful implementation of the company's plan
to sell the refining unit, thereby reducing the overheads and
improving the liquidity coupled with the increase in scale of the
cotton processing unit will remain key rating sensitivities going
forward.

Arjuna Cotton and Spinning Mills Private Limited (erstwhile Arjuna
Cotton and Spinning Mills Limited) was incepted in 1994 with the
aim of setting up of a spinning mill. However, due to the adverse
market conditions prevalent at that time, the spinning mill was
not feasible, hence the promoters set up an oil mill at Beed,
Maharashtra, in 1999 and an oil refinery setup in Dhanore,
Maharashtra. ACSMPL is mainly engaged in processing cottonseed to
manufacture washed cottonseed oil and cotton seed cake at its Beed
plant and the refinery at Dhanore procures crude oils,
specifically cottonseed, soybean, palm and sunflower, from
importers and produces refined oil for human consumption.

Recent Results
For the twelve months period ending March 31, 2013, ACSMPL
reported a net loss of INR1.04 crore on revenues of INR21.51 crore
as against a profit after tax of INR0.23 crore on revenues of
INR29.75 crore for the twelve months ending March 31, 2012


BALA BALAJEE: CRISIL Reaffirms 'D' Ratings on INR440MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bala Balajee Textiles
Ltd continue to reflect instances of delay by BBTL in servicing
its term debt; the delays have been caused by the company's weak
liquidity.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bank Guarantee           13.9       CRISIL D (Reaffirmed)
   Cash Credit             130         CRISIL D (Reaffirmed)
   Letter of Credit         15         CRISIL D (Reaffirmed)
   Proposed Cash
   Credit Limit             66.4       CRISIL D (Reaffirmed)
   Term Loan               214.7       CRISIL D (Reaffirmed)

BBTL also has below-average financial risk profile marked by small
net worth, high gearing and below-average debt protection metrics.
Furthermore, the company has large working capital requirements,
and its profitability margins are susceptible to volatility in
cotton prices. However, BBTL benefits from its promoters'
extensive experience in the cotton yarn industry.

BBTL, set up in 2004, manufactures combed cotton yarn. The company
is promoted and managed by Mr. Subba Rao Chitturi. It is based
West Godavari district of Andhra Pradesh.


BTS JEWELLERS: CARE Assigns 'B' Rating to INR23cr Bank Loans
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of BTS
Jewellers Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         23        CARE B Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of BTS Jewellers
Private Ltd is constrained by the working capital intensive nature
of operations, weak capital structure and debt coverage
indicators, elongated operating cycle resulted from high inventory
holding period, susceptibility of profit margins to volatility in
gold prices and competition from organized and unorganized players
in the market. The rating, however, derives strength from the
experienced promoters with the track record of more than a decade
in the gold retailing industry, significant improvement in
turnover and profit margins during FY11-FY13 (refers to the period
April 1 to March 31) and diversified product portfolio.

The ability of the company to scale up its operations along with
improvement in profitability and its capital structure in a
competitive environment are the key rating sensitivities.

BTS Jewellers Private Ltd was incorporated in August 2010 by Mr
Manikanta and Mr B Natraj. BJPL is engaged in the sale of bullion
and retailing of gold, silver and diamond jewellery (BIS
Hallmark). BJPL outsources designing to contract  manufacturers
based on fixed labour charges either on per piece or gross weight
of the article. Raw material comprises gold which is procured from
banks whereas silver & gold jewellery and diamond are procured
from Hyderabad, Chennai and Bangalore based suppliers. In FY13,
BJPL generated 74% of the total income from gold jewellery, 24% of
the total income from gold bullion and the balance 2% of the total
income from silver & diamond jewellery.

During FY13, BJPL reported a PAT of INR1.47 crore on a total
operating income of INR109.23 crore as against a PAT of INR0.24
crore on a total operating income of INR41.69 crore in FY12. The
company has achieved total operating income of INR43.22 crore
during 9MFY14 (April 2013 to December, 2013).


CRAYON COLOR: ICRA Assigns 'B+' Rating to INR5cr Loan
-----------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B+' to the
INR5.00 crore cash credit facilities of Crayon Color Private
Limited.

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

The assigned rating is constrained by CCPL's small scale and
limited track record of operations, high working capital intensity
of operations driven by high inventory and receivables; and the
high competitive intensity of business owing to the presence of a
large number of unorganized as well as reputed international
players. The rating also takes into account the vulnerability of
the company's profitability to exchange rate fluctuations and
inventory price variation. Further, the operations remain
vulnerable to cyclicality inherent in the real estate industry,
which is the main consuming sector for ceramic industry.
The rating, however, positively factors in the promoters'
experience in manufacturing and trading of ceramic raw materials;
and favourable market potential for the traded products driven by
increasing demand for printed tiles and sanitary ware.

Crayon Color Private Limited was incorporated in the year 2013 by
Mr. Manish Patel, Mr. Bharat Soria and Mr. Atul Ghodasara. The
company is involved in trading of ceramic digital inks and glaze
materials which are used in ceramic tile and sanitary ware. The
warehouse of CCPL is located at Morbi, Gujarat and has a storage
capacity of ~30 MT. The promoters of the company have experience
in manufacturing and trading of ceramic raw materials through
their association with another entity.


HARBANS LAL: ICRA Assigns 'B' Rating to INR6cr Loan
---------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR6.00
crore long-term fund based working capital facilities of Harbans
Lal Gurvinder Singh.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           6.00         [ICRA]B
   Facility

The assigned rating takes into consideration the long standing
experience of the proprietor in Fast Moving Consumer Goods (FMCG)
distribution business spanning over five decades; dominant
position of the firm as the authorized distributor for Hindustan
Unilever Limited in the Saharanpur district and steady revenue
growth over the past five years supported by healthy growth in
volumes and addition of new products. The rating is, however,
constrained on account of the stretched liquidity position and
weak capital structure of the firm due to large dependence on bank
borrowings to fund working capital requirements and moderate scale
of operations of the firm with thin operating margins due to low
value added nature of distribution business. ICRA notes that the
firm faces supplier concentration risks with significant
dependence on HUL products albeit the same is partially mitigated
by the dominant position enjoyed by HUL in the FMCG business.
Going forward, the ability of the firm to increase its scale of
operations with efficient inventory and receivables management
would remain the key rating sensitivities.

Incorporated in 1960, HLGS is a proprietorship concern promoted by
Mr. Gurvinder Singh. Mr. Gurvinder Singh has been the proprietor
since 2001 post the demise of his father. The firm began its
operations as a distributor of Amrit Banaspati Company. The firm
gradually expanded its portfolio and became the exclusive
distributor of HUL since 1993. In 2003, when Bunge India acquired
Dalda from HUL, HLGS was retained as its distributor. The firm
also provides distribution services in rural markets for Tata
Docomo since 2012.

Recent Results

As per audited results, the firm reported a Profit after Tax (PAT)
of INR0.1 Crore on an Operating Income (OI) of INR36.0 Crore in FY
2013 as against a PAT of INR0.1 Crore on an OI of INR30.4 Crore in
FY 2012.


IFMR CAPITAL: ICRA Rates PTC Series A2 at 'B-(SO)'
--------------------------------------------------
Conditional ratings of '[ICRA]A-(SO)' and '[ICRA]B-(SO)' have been
assigned to PTC Series A1 and PTC Series A2 respectively, issued
by IFMR Capital Mosec Kratos, a Special Purpose Vehicle (SPV). The
PTCs are backed by a pool of microfinance loan receivables,
originated by Grameen Financial Services Private Limited and Satin
Creditcare Network Limited (collectively referred to as
Originators).

                 Amount
Description     (INR cr)    Payout Maturity    Rating
-----------     --------    ---------------    ------
PTC Series A1    22.69      November 2015      [ICRA]A-(SO)
PTC Series A2     1.24      November 2015      [ICRA]B-(SO)

The conditional ratings are subject to the fulfillment of all
conditions under the structure, due diligence audit of the pool,
review by ICRA of the documentation pertaining to the transaction
and receipt by ICRA of a legal opinion on the transaction from the
transaction legal counsel. The conditional ratings are based on
the strength of cash flows from the selected pool of contracts;
the credit enhancement available in the form of (i) First Loss
Facility, which will be available for PTC A1 and PTC A2, (ii)
Second Loss Facility (SLF) of 11.98% of the discounted value of
aggregate pool cashflows, which will be available for PTC A1 only,
(iii) subordination of 5.18% of the discounted value of aggregate
pool cashflows for PTC A1; and the integrity of the legal
structure. The ratings are however constrained by ICRA's view on
the credit quality of the Servicers, given the operations-
intensive nature of the MFI business and the difficulty in
instituting an alternate servicing mechanism.

The selected pool consists of unsecured micro loans (less than or
equal to INR40,000 each) given by the Originators, to borrowers
with weak economic profile under a joint liability model. The
share of the two individual sub-pools of GFSPL and Satin in the
aggregate pool is 42% and 58% of the total pool principal
respectively. The presence of multiple Originators provides the
overall pool a reasonable geographical diversity, with the pool
spread across 9 states and 1 Union Territory. Also, having two
Servicers in the transaction is more beneficial when compared to a
pool that is being serviced by a single Servicer, where disruption
of the Servicer can have a bearing on the overall pool collections
going ahead. The aggregate pool is characterised by weekly,
fortnightly and monthly repaying contracts with high seasoning,
moderate residual tenure of contracts (23 months) and no overdue
on the selected loans as of cut-off date.

According to the transaction structure, the entire pool of
selected contracts will be assigned to a Special Purpose Vehicle
(Trust) at premium. The Trust will issue two series of PTCs backed
by the receivables. The upfront purchase consideration to be paid
by PTC A1 to the Trustee will be 94.82% of the discounted pool
cashflows i.e. INR22.69 crore, while that payable by PTC A2 to the
Trustee will be 5.18% of the discounted pool cashflows i.e.
INR1.24 crore.

Though the pool would be receiving cashflows on a weekly/
fortnightly/ monthly basis, payouts to the PTCs would be made on a
monthly basis. Every month, only the interest payment is scheduled
to be paid to PTC A1. The principal repayment to PTC A1 is
scheduled to be paid on the Final Maturity Date. However, the
balance monthly excess cashflow -- excess of collections from the
loan pool over the scheduled monthly PTC payouts -- will be first
utilised for payment of principal of PTC A1 till it is fully
paid down. After PTC A1 has been fully paid out, all the cashflows
will be passed on to PTC A2 first by way of principal amortization
(till the principal balance falls to INR10,000) and later by way
of yield. On the last payment date, PTC A2 would be paid the
residual interest (such that the target yields is achieved) and
payment of INR10,000 towards PTC A2 principal, together. Any
payment to PTC A2 would be made only after PTC A1 is completely
paid out.

Based on the analysis of the past performance of the microfinance
loan portfolio of all the originators and the expected future
performance of the selected pool of loans, ICRA believes that the
credit support provided has been adequately sized to cover the
credit/liquidity risk in the transaction.

About the Originators

Grameen Financial Services Private Limited GFSPL (rated [ICRA]BBB
for its bank lines) is a Bangalore-based MFI-NGO turned NBFC,
catering to the needs of poor women in Karnataka and a part of
Maharashtra. The company was established in 1995, and started its
operations in 1999 with the help of seed capital funding of US
$35,000 from Grameen Trust, Bangladesh. In 2007, it was
transformed from an NGO -- MFI to an NBFC through its acquisition
of 'Sanni Collection Pvt. Ltd.', a Kolkata based NBFC and was re-
named GFSPL, which started business in October 2007. GFSPL is
currently operational in the states of Karnataka, Maharashtra and
Tamil Nadu, with a portfolio size of INR502 crore as on January
2013. GFSPL reported net profit of INR8.38 crore on total managed
assets of INR680 crore in H1 FY2013. The regulatory capital
adequacy was comfortable at about 22% as on Mar-13 post equity
infusion of INR53 crore in Feb-13. The 0+ delinquency level for
the JLG portfolio of GFSPL was 0.23% as on September 2013.

Satin Creditcare Network Limited (Satin)
Satin was set up in 1990 to provide individual business loans to
urban shopkeepers. In 2008, the company entered into the rural
areas with group lending based on the JLG Model. It also has a
small portfolio of individual loans. At present, it caters to both
the urban and rural poor and provides loans only for income
generating purposes. As on Dec 2013, Satin had operations in 187
branches across 8 states and 2 Union Territories of North India
with total portfolio of INR827 crore. Satin is listed on the
Delhi, Jaipur and Ludhiana stock exchanges.

In FY2013, Satin had reported net profit of INR3.90 crore on total
managed assets of INR871 crore and net profit rose to INR8.99
crore on total managed assets of INR1018 crore in first nine
months of FY2014. The regulatory capital adequacy was reported to
be 15.84% as of Dec 2013. As on Decemer 2013, the 0+ delinquency
in the company's JLG loan portfolio was only 0.02%.


JAI HANUMAN: ICRA Reaffirms 'B' Rating on INR5.5cr LT Loans
-----------------------------------------------------------
ICRA has reaffirmed the long- term rating of '[ICRA]B' to the fund
based limits of INR5.50 Cr of Jai Hanuman Agro Industries and
assigned a short term rating of '[ICRA]A4' to the INR2.00 Cr Non-
fund based limits.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Fund
   based limits          5.50        [ICRA]B (Reaffirmed)

   Short term Non-
   Fund based limits     2.00        [ICRA]A4 (Assigned)

The rating action takes into account the intensely competitive
nature of the rice milling industry, JHAI's modest scale of
operations, which results in limited economies of scale, and its
low profitability and modest cash accruals. Further, the firm has
high gearing levels, weak debt coverage indicators and stretched
liquidity position as is evident in the overdrawal of the fund
based working capital limits. The rating is also constrained by
the increase in Minimum Support Price (MSP) of paddy by the
government which may put pressure on JHAI's profitability in FY14,
unless the firm is able to pass on the increase in cost to its
customers. Further, the firm remains exposed to agro climatic
risks inherent in rice milling business and regulatory risks with
respect to setting of MSP of paddy and restriction on sale of rice
in open market. Nevertheless, the rating draws comfort from the
experienced promoters as well as the strong demand prospects for
rice in India.

Jai Hanuman Agro Industries is a partnership firm established in
2006. The firm is presently operating as a manufacturer of boiled
rice, and is based out of Mandya, Karnataka. The manufacturing
facilities of the firm comprises of a rice mill with a capacity of
22,000 MT of rice, with a utilization rate of 70%. The raw
material in the form of paddy is sourced both locally and from
Tamil Nadu, while bulk of the final produce is sold in Kerela. The
rice is sold under the brand 'Baby Jai Hanuman'.

The company recorded an operating income of INR33.27 Cr and net
profit of INR0.76 Cr in FY2013 as against an operating income of
INR28.71 Cr and net profit of INR0.44 Cr in FY2012.


JATINDER FINANCE: CRISIL Rates INR150MM Long Term Loan at 'B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facility of Jatinder Finance Private Ltd. The rating
reflects Jatinder Finance's small scale of operations, geographic
concentration in its revenue profile, and its average earnings
profile. These rating weaknesses are partially offset by the
company's healthy capitalisation.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Long Term Bank         150      CRISIL B+/Stable (Assigned)
   Facility

Outlook: Stable

CRISIL believes Jatinder Finance will maintain its healthy
capitalisation over the medium term. The outlook may be revised to
'Positive' if Jatinder Finance scales up its operations
substantially and on a sustained basis, while maintaining its
asset quality. Conversely, the outlook may be revised to
'Negative' if the company reports significant deterioration in its
asset quality and profitability, leading to stress on its
capitalisation.

Jatinder Finance is a non-deposit-taking non-banking financial
company (NBFC); it was incorporated in April 1986 and was
registered as an NBFC with the Reserve Bank of India (RBI) in
December 2000. The company's operations are spread across
Jharkhand and Bihar, although its registered office continues to
be in Jalandhar (Punjab). Jatinder Finance is primarily engaged in
financing three products: two wheelers, small and medium
enterprise (SME) loans, and used cars.

As on Sept. 30, 2013, Jatinder Finance had an advances book of
INR129 million (INR118 million as on March 31, 2013). It had a net
worth of INR95 million as on September 30, 2013.

Jatinder Finance reported a profit after tax (PAT) of INR0.16
million on a total income of INR12 million for 2012-13 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.14
million on a total income of INR6 million for the previous year.
For the half year ended September 30, 2013, the company reported a
PAT of INR3.6 million on a total income INR12 million.

Jatinder Finance's promoters have also promoted Vedika Credit
Capital Ltd (Vedika; rated 'CRISIL B+/Stable'). Incorporated in
1995, Vedika is a non-deposit-taking NBFC registered with RBI.
Vedika lends to joint-liability groups and individuals, in
Jharkhand and Bihar.


KAMDHENU KHANDSARI: CRISIL Assigns 'B+' Ratings to INR95MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISILB+/Stable' rating to the long-term
bank facilities of Kamdhenu Khandsari Udyog. The rating reflects
Kamdhenu's weak financial risk profile, marked by high gearing and
average debt protection metrics, its exposure to intense
competition in the highly fragmented cotton ginning and sugar
industries, and susceptibility of its operating performance to
changes in government policies and unfavourable regulatory
changes. These rating weaknesses are partially offset by the
benefits that Kamdhenu derives from its promoters' extensive
experience in the sugar industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------          ---------    -------
   Cash Credit            90        CRISIL B+/Stable (Assigned)
   Term Loan               5        CRISIL B+/Stable (Assigned)

Outlook: Stable

CRISIL believes that Kamdhenu will continue to benefit over the
medium term from the promoters' extensive experience in the sugar
industry and its established relationship with customers. The
outlook may be revised to 'Positive' if the firm's scales up its
operations and achieves higher-than-expected accruals, or if its
capital structure improves due to capital infusion. Conversely,
the outlook may be revised to 'Negative' if the firm reports
further deterioration in its financial risk profile because of
increased working capital borrowings, or if it undertakes any
large, debt-funded capital expenditure programme, or in case of
change in government policy negatively impacting its operations.

Set up in 1995, Kamdhenu manufactures sugar and undertakes ginning
of cotton. The firm is promoted by Mr. Sanjay Patel (60 per cent
share in profits), who has experience of more than 20 years in the
sugar industry. The other partners include Mr. Vinaychandra Patel
(20 per cent) and Mr. Chandubhai Patel (20 per cent).

Kamdhenu reported profit after tax (PAT) of INR1.73 million on net
sales of INR119.3 million for 2012-13 (refers to financial year,
April 1 to March 31) against PAT of INR0.8 million on net sales of
INR55.5 million for 2011-12.


KARMA INDUSTRIES: CRISIL Suspends 'B+' Ratings on INR2.75BB Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Karma
Industries Limited.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              100      CRISIL B+/Stable Suspended
   Letter of Credit         250      CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility     2,650      CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by KIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KIL is yet to
provide adequate information to enable CRISIL to assess KIL'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'

KIL, incorporated in August 1977, is a public limited company
listed on the Bombay Stock Exchange (BSE), with majority shares
owned by the Mumbai-based Mehta family. KIL is engaged in trading
in steel products, chiefly mild-steel (MS) angles, MS channels, MS
plates and thermo-mechanically treated (TMT) bars. Mr. Ramesh
Mehta and his son, Mr. Abhishek Mehta, and other directors manage
the operations of the company.


KESHAV COTTON: CRISIL Assigns 'B' Ratings to INR87.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Keshav Cotton Corporation.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            60         CRISIL B/Stable
   Term Loan              27.5       CRISIL B/Stable

The rating reflects KCC's nascent stage and small scale of
operations in the highly competitive cotton industry, working-
capital-intensive operations, and weak financial risk profile,
marked by high gearing and average debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of KCC's promoters.

Outlook: Stable

CRISIL believes that KCC will benefit over the medium term from
its promoters' experience in the cotton industry. The outlook may
be revised to 'Positive' if the firm stabilises its operations
earlier than expected, leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if KCC's operating margin is lower than expected or the firm
undertakes more-than-anticipated debt-funded expansion plan or if
its working capital management deteriorates, thereby significantly
deteriorating its financial profile.

KCC is a partnership firm located in Nagpur (Maharashtra). The
firm is promoted by Mr. Dilip Kumar Tayal, Mr. Nikunj Tayal and
Mr. Mahesh Khandelwal. Promoters have over 25 years of experience
in the cotton industry. The firm is engaged in cotton ginning and
pressing business.


KHEDUT FEEDS: ICRA Assigns 'B' Ratings to INR21.38cr Loans
----------------------------------------------------------
A rating of '[ICRA]B' has been assigned to the INR7.58 crore term
loans and INR13.80 crore cash credit cum packing credit facility
of Khedut Feeds & Foods Pvt. Ltd. The short term rating of
'[ICRA]A4' has also been assigned to the INR3.75 crore short term
facilities of KFAFPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based-Cash Credit
   cum Packing
   Credit               13.80         [ICRA]B assigned

   Long Term Fund
   Based-Term Loan       7.58         [ICRA]B assigned

   Short Term-
   Overdraft Against
   Book Debts           (3.75)        [ICRA]A4 assigned

The assigned ratings are constrained by the modest scale of
operations and the weak financial risk profile of the company
characterized by low profitability, aggressive capital structure
and weak coverage indicators. The ratings are also constrained by
the limited value addition in the peanuts processing business and
the highly fragmented and competitive nature of the industry. The
ratings also consider the vulnerability of the company's
profitability to movements in groundnut prices, which are subject
to seasonality and crop harvest, and to foreign exchange rate
fluctuations, although it is partly mitigated by the hedging
undertaken by the company for foreign transactions. Further, while
assigning the ratings, ICRA has also considered the risks
associated with the timely completion of the ongoing predominantly
debt funded project and potential impact of the same on credit
metrics and gearing.

The ratings, however, take comfort from the long track record of
the company in the peanut processing industry and its established
relationships with customers and suppliers.

Khedut Feeds & Foods Pvt. Ltd. was incorporated in 2003 and
started its commercial operations in the year 2009. The company is
currently engaged in cleaning, shelling, processing,
grading and packing of groundnuts with use of optical sortex
machines. The processing facility of the company is located in
Gondal, Gujarat with an installed capacity of processing 100 MT of
peanuts per day. The company is promoted by Thumar family who were
previously engaged in the business of oil refining.

Recent Results

During FY 2013, KFAFPL reported an operating income of INR76.37
crore and profit after tax of INR0.25 crore as against operating
income of INR75.65 crore and profit after tax of INR0.25 crore in
FY 2012.


KINGFISHER AIRLINES: UBHL's Total Exposure Reaches INR13K cr
------------------------------------------------------------
Times of India reports that troubled tycoon and UB chairman Vijay
Mallya's group investment company United Breweries Holdings may
bite a $2.1-billion bullet as the grounded Kingfisher Airlines
shows no signs of revival and creditors up the ante.

TOI relates that UBHL auditors said the company's cumulative
exposure to the airline company stood at INR13,250 crore, double
of what it owes a consortium of banks as guarantees.  The note of
the auditors comes at a time when the Supreme Court allowed a slew
of winding-up petitions filed by secured and unsecured creditors
against UBHL to proceed in the Karnataka high court, notes the
report.

According to the report, Chartered accountants Vishnu Ram & Co
made the observations while reviewing UBHL's third quarter results
ended December, as the company reported revenues of INR140 crore
and a loss of  INR3.5 crore as against a profit of nearly INR39
crore a year ago.

TOI says the company largely thrives on the rental income from its
real estate developments in the heart of Bangalore even as the
airline defaulted on royalty payment of almost INR300 crore for
using the Kingfisher logo.

UBHL is contesting eight winding-up petitions filed by KFA
creditors in the high court, of which two petitions have been
admitted and are being heard, TOI reports.

TOI notes that a detailed break-up given by the auditors showed
that UBHL has equity investment in KFA of INR1,069 crore, direct
and indirect advances of INR3,092 crore, and guarantees to
aircraft lessors and others to the tune of INR2,136 crore.
Guarantees given to banks amounted to INR6,631 crore.

According to the report, the auditors further stated that certain
corporate guarantees given by UBHL in favour of aircraft lessors
and vendors of KFA have been invoked, with the total invoked
amount adding up to INR959 crore. KFA has ceased to operate for
over a year and the airline has accumulated losses to the tune of
INR16,023 crore, with its net worth carrying a negative value of
INR12,919 crore, according to data made available by the company
to the stock exchanges, notes TOI.

The latest disclosures may add fuel to creditors' winding-up
petitions against the company, but Mr. Mallya is likely to argue
that the value of UBHL's shares in two companies -- United
Breweries and United Spirits -- estimated at about $1 billion, and
rising, gives it enough muscle to fight for survival, TOI notes.

                      About Kingfisher Airlines

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).


M. K. GUPTA: CRISIL Reaffirms 'B+' Rating on INR18MM Loans
----------------------------------------------------------
CRISIL's ratings on the bank facilities of M. K. Gupta & Co.
continues to reflect MKGC's modest scale of operations, slender
margins in a highly fragmented construction industry, and working
capital-intensive operations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        48        CRISIL A4 (Reaffirmed)
   Cash Credit            8        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        10        CRISIL B+/Stable (Reaffirmed)

The ratings also reflect MKGC's moderate financial risk profile,
marked by low net worth, albeit supported by adequate debt
protection metrics and gearing. These rating weaknesses are
partially offset by the benefit that MKGC derives from its
partners' extensive experience in the construction industry.

Outlook: Stable

CRISIL believes that MKGC will benefit from its partners'
extensive experience in the construction industry over the medium
term. The outlook may be revised to 'Positive' in case there is
sustained increase in its cash accruals through increase in its
revenues and margins, while improving its working capital cycle.

Conversely, the outlook may be revised to 'Negative' in case MKGC
reports significantly lower-than-expected cash accruals or faces
deterioration in its financial risk profile, because of
lengthening of its working capital cycle or due to larger-than-
expected debt funded capital expenditure (capex).

Update
MKGC's revenues, in line with expectations, witnessed strong
growth to INR233 million in 2012-13 (refers to financial year,
April 1 to March 31) from INR123 million in the previous year
driven by healthy order availability with the firm. However, the
firms operating margins saw a decline to 6 per cent in 2012-13
from 6.6 per cent in the previous year as the firm has been more
competitive in bidding for newer projects.

CRISIL believes that MKGC due to aggressive order bidding will
continue to witness healthy growth in revenues but marginal
decline in its operating margins.

MKGC's financial risk profile remains moderate, marked by
comfortable gearing of 0.42 times albeit on a low net worth of
INR28 million as on March 31, 2013. The company had adequate debt
protection metrics with interest cover and net cash accruals to
total debt (NCATD) ratios of 9.1 and 0.89 times, respectively, for
2012-13. MKGC's liquidity is stretched with modest accruals,
working capital intensive operations, small bank lines and planned
capex. MKGC's accruals are modest and expected at INR11 million in
2013-14 vis-a-vis its debt obligations of INR1.8 million and
planned capex of INR10 million (funded by accruals up to 25 per
cent) during the year. Furthermore, the firm's working-capital-
intensive operations, with gross current asset (GCA) days of over
3 months as on March 31, 2013 results in fully utilised bank
lines. CRISIL believes that MKGC will maintain its moderate
financial risk profile over the medium term, constrained by its
working-capital-intensive operations.

For 2012-13 (refers to financial year, April 1 to March 31), MKGC
reported, a profit after tax (PAT) of INR8 million on net sales of
INR233 million, against a PAT of INR3.2 million on net sales of
INR123.2 million for 2011-12.

Set up in 2006, MKGC is a partnership firm managed by the Agrawal
family of Raipur (Chhattisgarh). The firm is engaged in
construction of roads, bridges and railroads primarily in the
state of Chhattisgarh.


MALDAR BARRELS: CRISIL Suspends 'B+' Rating on INR1.18MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Maldar
Barrels Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee          70        CRISIL A4 Suspended
   Cash Credit            470        CRISIL B+/Stable Suspended
   Proposed Long Term
   Bank Loan Facility     634.5      CRISIL B+/Stable Suspended
   Term Loan               75.5      CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by
Maldar with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Maldar is yet to
provide adequate information to enable CRISIL to assess Maldar'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'

Maldar manufactures plastic and steel drums and barrels. The
company was set up by Mr. Malvankar and Mr. Darankar in 1986, and
was subsequently taken over by the Dharmani family in 1998. It has
manufacturing plants in Taloja (Thane). The company is currently
being managed by Mr. Haresh Dharmani, his father Mr. J J Dharmani
and brother Mr. Lalit Dharmani.


MOHTISHAM COMPLEXES: ICRA Suspends 'B+' Rating on INR30cr Loan
--------------------------------------------------------------
ICRA has suspended '[ICRA]B+' rating assigned to the INR30.00 Cr
Term loan of M/s Mohtisham Complexes Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


NIRVANA FASHION: CRISIL Assigns 'B+' Rating to INR80MM Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Nirvana Fashion Clothing and has assigned its
'CRISIL B+/Stable/CRISIL A4' to its bank facilities. The ratings
were previously 'Suspended' by CRISIL vide the Rating Rationale
dated Nov. 6, 2013.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit        10        CRISIL A4 (Assigned;
                                      Suspension Revoked)

The ratings reflect NFC's established position in the garments
market, strong relationships with its customers, and extensive
industry experience of its promoters. These rating strengths are
partially offset by NFC's weak financial risk profile marked by
high gearing and low networth, working capital intensive nature of
operations, limited pricing power and intense competition in the
domestic market from Indian as well as global brands.

Outlook: Stable

CRISIL believes that NFC will continue to benefit from the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive' in case it is able to generate stronger than
expected accretion to reserves which leads to an improvement in
its capital structure and liquidity. Conversely, the outlook may
be revised to 'Negative' in case of slowdown in revenues or
deterioration in profitability, capital structure or debt
protection metrics.

Nirvana Fashion Clothing, a partnership firm was established in
1996. NFC gets readymade garments like shirts and trousers for
men; shirt, trousers, blouse, dresses and tops for women; and kids
wear; manufactured on a contract basis and supplies to reputed
retail chains like Future group, Pantaloons, Arvind Retail, Lee
Cooper and Provogue etc. The firm also has its own brand named
'Going 3' for menswear. The founder & key partner of the firm is
Mr. Bajrang Biyani. NFC's office is at Mumbai.

For 2012-13 (refers to financial year, April 1 to March 31), NFC
reported a profit after tax (PAT) of INR4.2 million on net sales
of INR 344.6 million as against a PAT of INR 3.1 million on net
sales of INR 294.4 million for 2011-12.


PRATAP WAHINI: CARE Reaffirms 'B+' Rating on INR2.71cr Loans
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Pratap Wahini Samaj Kalyan Sansthan.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            2.71       CARE B+ Reaffirmed

   Short-term Bank
   Facilities            3          CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to Pratap Wahini Samaj Kalyan Sanstha
continue to remain constrained due to the fluctuating trend in its
total operating income (TOI) and skewed distribution
of income and expenses resulting in moderate liquidity profile.
The ratings further remain constrained on account of its modest
scale of operations with moderate enrolment ratio, intense
competition prevailing in the education sector and highly
restricted regulatory guidelines.

The ratings, however, continue to derive benefits from its long
track record of operations and diversified revenue stream.
The ability of PWSKS to improve its enrolment trend, increase its
scale of operations and improvement in liquidity position with
efficient management of its working capital requirements
will remain the key rating sensitivities.

Gwalior-based (Madhya Pradesh) PWSKS was formed as an education
society on November 27, 1995 with an objective to impart technical
education. PWSKS set up two colleges, namely, Maharana Pratap
College of Technology (MPCOT) in 1996 and Maharana Pratap College
of Dentistry & Research Centre (MPCOD) in 2003 at Gwalior (Madhya
Pradesh).

MPCOT is affiliated to the Rajiv Gandhi Technical University
(RGTU), Bhopal, and runs All India Council for Technical Education
(AICTE) approved graduation courses in engineering and
postgraduation courses in engineering, management and information
technology streams. MPCOD is affiliated to the Jiwaji University,
Gwalior, and runs Dental Council of India (DCI) approved
graduation and post-graduation courses in dentistry.

During FY13 (refers to the period April to March 31), PWSKS
reported a total operating income of INR12.73 crore (FY12:
INR10.59 crore) and surplus of INR1.13 crore (FY12: deficit of
INR3.13 crore). During 9MFY14 (provisional), PWSKS achieved an
income of INR10.50 crore.


RLJ INFRACEMENT: CRISIL Assigns 'B' Rating to INR146.8MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of RLJ Infracement Pvt Ltd.  The rating reflects
RLJIPL's exposure to funding and implementation risks associated
with its on-going project. This rating weakness is partially
offset by the resourceful background of RLJIPL's promoters and the
strong funding support that the company is expected to receive
from them.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit               48        CRISIL B/Stable (Assigned)
   Term Loan                 98.8      CRISIL B/Stable (Assigned)

Outlook: Stable

CRISIL believes that RLJIPL will continue to benefit over the
medium term from the funding support from its promoters. The
outlook may be revised to 'Positive' if the company registers
significant improvement in its business and financial risk
profiles, backed by timely implementation and ramp up of its
proposed cement plant, leading to healthy cash accruals on a
sustainable basis. The outlook may be revised to 'Negative' if
RLJIPL faces time and cost overrun in its on-going project or
significant pressure on its liquidity in case of delays in
receiving funding leading to pressure on its revenues and
profitability and hence, deterioration in its debt servicing
ability.

RLJIPL is promoted by Mr. Sneh Jain, Mr. Rameshwar Singh, and Mr.
Manmohan Agrawal. It is currently setting up a cement
manufacturing unit at Chunar in Mirzapur (Uttar Pradesh).


SACHIN PULSES: CARE Reaffirms 'B' Rating on INR7cr Loans
--------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sachin Pulses.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank          7        CARE B Reaffirmed
   Facilities

The rating assigned by CARE is 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 the 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 rating assigned to the bank facilities of Sachin Pulses
continues to remain constrained by its weak financial risk profile
marked by thin profit margin, leveraged capital structure and weak
debt coverage indicators. The rating is further constrained on
account of its presence in the highly fragmented industry with
impact of government policies towards the export of pulses.

The rating, however, favorably takes into account the vast
experience of the partners in the agro trading and processing
industry. The rating also factors in the healthy growth achieved
in total operating income during FY13 (refers to the period
April 1 to March 31).

Increase in the scale of operations with improvement in profit
margins and capital structure while managing the working capital
efficiently remain the key rating sensitivities.

Indore-based (Madhya Pradesh) Sachin Pulses is a partnership firm
engaged in the processing and trading of various pulses, spices
and chickpeas. Established in the year 1993, the main products of
SCP include pulses (Masur, Toor Dal, Mutter Dal, Chana Kabuli,
etc). Mr Om Prakash Agrawal, partner, manages the day-to-day
operations of SCP. As on March 31, 2013, SCP had a total installed
processing capacity of 30,000 Metric Tons Per Annum (MTPA) of
pulses.

During FY13, out of the total sales SCP derived 33% sales from the
trading activity. During FY13, SCP reported a total operating
income of INR68.08 crore with a PAT of INR0.07 crore as
against a net profit of INR0.07 crore on a total operating income
of INR48.76 crore in FY12. During 9MFY14, SCP achieved a TOI of
INR29.26 crore.


SATADHAR COTTON: CARE Assigns 'B' Rating to INR6.75cr Loans
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Satadhar
Cotton Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.75       CARE B Assigned
   Facilities

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

Rating Rationale

The rating assigned to the bank facilities of Satadhar Cotton
Industries is primarily constrained on account of its small scale
of operation in the highly fragmented and seasonal cotton ginning
industry with limited value addition, weak financial risk profile
marked by thin profitability, leveraged capital structure, weak
debt coverage indicators and moderate liquidity position.

The rating is further constrained by its working capital intensive
nature of operations, prices and supply for cotton being highly
regulated by the government and susceptibility of profitability to
cotton price fluctuation.

The above constraints far offset the benefits derived from the
wide experience of the promoters in the cotton ginning industry
and its strategic location in the raw cotton growing area of
Gujarat.

SCI's ability to increase the scale of operations while moving up
in the textile value chain coupled with improvement in
profitability and capital structure along with better working
capital management are the key rating sensitivities.

SCI was constituted in June 2008 as a partnership firm by Mr
Sanjay Jagani and Mr Yogesh Sanepara along with nine other
partners with unequal profit and loss sharing agreement between
them in the business of cotton ginning & pressing. SCI has an
installed capacity of 4,800 Metric Tonnes Per Annum (MTPA) for
cotton bales and 11,700 MTPA for cotton seeds as on March 31,
2013 at its sole manufacturing facility located at Babra in Amreli
district (Gujarat).

During FY13 (refers to the period April 1 to March 31), SCI
reported a Profit after Tax (PAT) of INR0.05 crore on a Total
Operating Income (TOI) of INR32.27 crore as against a PAT of
INR0.04 crore on a TOI of INR26.78 crore in FY12. SCI reported a
TOI of INR15 crore till December 31, 2013 (provisional).


SHINDE DEVELOPERS: CRISIL Puts 'D' Rating on INR252.5MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Shinde Developers Pvt Ltd. The ratings reflect
instances of delay by SDPL in servicing its debt; the delays have
been caused by the company's weak liquidity arising out of tightly
matched cash accruals with debt repayments and significant stretch
in its working capital cycle especially its receivables.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                2.5        CRISIL D (Assigned)
   Bank Guarantee         100          CRISIL D (Assigned)
   Cash Credit            150          CRISIL D (Assigned)

SDPL also has a below-average financial risk profile, marked by
its modest net worth and a high gearing, modest small scale of
operations with geographical concentration. The company, however,
benefits from the extensive industry experience of SDPL's
promoters in the civil construction and infrastructure development
industry.

SDPL was established in 1997 by Mr. Sunil Shinde. The company
undertakes civil construction activates such as irrigation
projects, road development, highway maintenance and storm water
drainage for the Maharashtra state government as well as private
players in Maharashtra. The company is also engaged in providing
logistic services.


SHREEJI ISPAT: ICRA Suspends 'D' Rating on INR20cr Loans
--------------------------------------------------------
ICRA has suspended the '[ICRA]D' rating assigned to the INR5.00
crore term loans and the INR15.00 crore long-term fund based bank
limits of Shreeji Ispat Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

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

Shreeji Ispat Limited was established in 1997. It was taken over
by the present promoter, Mr. Surendra Kumar Behera, in October
2009. Commercial production started from March, 2010. At the time
of acquisition, SIL had a TMT manufacturing unit in Jagatpur,
Orissa with an installed capacity of 15,000 MTPA. In December
2010, SIL also acquired an induction furnace unit in Barbil,
Orissa, with an installed capacity of 48,000 MTPA. Approximately
90% of SIL's sales are generated from sale of TMT Bars, with the
balance being derived from ingot sales. The company also has a
small interest in the transportation business.


SOMNATH COMMOSALES: CARE Cuts Ratings on INR10cr Loans to 'D'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Somnath Commosales Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank          5        CARE D Revised from
   Facilities                       CARE BB-

   Short-term Bank         5        CARE D Revised from
   Facilities                       CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Somnath Commosales Private Limited factors in the instances of
ongoing delay in servicing of its debt obligations on account of
stressed liquidity position of the company.

Incorporated in May 2010, Kolkata, West Bengal-based, Somnath
Commosales Pvt Ltd was incorporated as a private limited company
by brothers, Mr Akhilesh Singh and Mr Sashi Bhushan Singh. SCPL
started operation in August 2012 and is engaged in the trading of
imported timber logs. It imports timber from countries like
Malaysia, Indonesia, Myanmar and Ghana and sells the
same to saw mill owners, real estate agents, truck, ship, bus body
builders. Its warehousing facility is located at KPT Area, Kolkata
near to the Kolkata port for facilitating easy import of timber.

During FY12 (refers to the period April 1 to March 31), the
company reported a PBILDT of INR0.5 crore and a PAT of INR0.1
crore on the total income from operations of INR15.5 crore.
Furthermore as per FY13 (provisional) results, SCPL achieved a PBT
of INR0.5 crore on sales of about INR35.3 crore.


SONA SYNTHETICS: CRISIL Reaffirms 'B+' Rating on INR90MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Sona Synthetics continue
to reflect its weak financial risk profile, marked by low net
worth and below-average gearing and debt protection measures; and
the firm's modest scale of operations in a highly fragmented
synthetic yarn and fabrics industry. These rating weaknesses are
partially offset by the extensive experience of Sona Synthetics'
partners in the synthetic fabric industry.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           70        CRISIL B+/Stable (Reaffirmed)

   Long Term Loan        20        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Sona Synthetics will continue to benefit over
the medium term from of its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the firm
achieves higher-than-expected revenue and net cash accruals
coupled with significant improvement in its capital structure and
debt protection metrics. Conversely, the outlook may be revised to
'Negative' if Sona Synthetics' capital structure deteriorates
further, most likely because of a large, debt-funded capital
expenditure programme, or if the firm's operating margin or debt
protection metrics deteriorate significantly.

Set up as a partnership firm in 1999 by Mumbai (Maharashtra)-based
Mr. Nathalal Shah and family, Sona Synthetics manufactures
synthetic yarn and fabrics, including embroidered fabrics. The
firm has its factory at Bhivandi in Thane district, near Mumbai.

Sona Synthetics reported profit after tax (PAT) of INR3.6 million
on net sales of INR616 million for 2012-13 (refers to financially
year, April 1 to March 31) against PAT of INR7.0 million on net
sales of INR519 million for 2011-12.


TATA STEEL: 3Q Results No Immediate Impact on Moody's Ba3 Rating
----------------------------------------------------------------
Moody's Investors Service says that Tata Steel's nine month
results ended December 31, 2013 show that the group performance
has firmed up on the back of robust growth in its Asia ex-India
operations and sustained momentum in Europe, where the subsidiary
has now delivered four successive quarters of positive EBITDA.
While this has no immediate impact on the Ba3 rating of Tata Steel
(TSL) and the B3 rating of Tata Steel UK Holdings (TSUKH), both
with negative outlooks, it bodes well, given that the current
March quarter, is normally a strong quarter for the company.

For the third 2014 fiscal quarter ended 31 December, Tata Steel's
revenues increased by 14% year-on-year to INR367.4 billion ($5.93
billion) from INR321.1 billion ($5.98 billion) while group
deliveries grew 9.6% to 6.4 million tonne (mt) from 5.8 mt.
However, the sequential quarterly growth rate was 0.2% for
revenues but with a decrease of 1.6% in deliveries.

"The base effect of the Jamshedpur expansion is now built-in to
Tata Steel's performance and results will not improve
significantly until the first phase of the Odisha expansion starts
up in early 2015" says Alan Greene, a Moody's Vice President and
Senior Credit Officer.

The recovery in the European business is taking hold; TSUKH's
cumulative deliveries for the first six months of the year were
unchanged but in Q3 FY14, deliveries grew by 5.6% over the
corresponding period last year. The cost saving measures taken in
recent months combined with the higher realizations from the sale
of more specialized steels in the product mix have compensated for
general price weakness. In Q3 FY2014, TSUKH's reported
EBITDA/tonne was around USD44, the same level as in Q1 FY2014,
compared to an EBITDA loss of USD26/tonne in the corresponding
period last year. Furthermore, the pension fund surpluses have
benefited from the frothy financial markets.

"While the European economy is not vibrant, if TSUKH can maintain
positive EBITDA and move to net profits, then the chances of it
meeting its impending leverage covenants or alternatively being in
a position to be refinanced are much improved", comments Greene,
who is also lead analyst for Tata Steel.

Tata Steel's Southeast Asian operations have sustained their
robust growth and output from the electric arc furnace in
Singapore has been successfully increased such that deliveries in
the region exceeded 1 million tonne in Q3 FY14. For the nine
months to 31 December, EBITDA rose by 39% to INR3.6 billion ($59.7
million). Thanks to the on-going construction boom in Asia, Tata's
pre-form steel reinforcement operations are performing well,
especially in China.

Tata Steel's Indian operations remain resilient despite
challenging domestic economic conditions. The growth rate of steel
consumption in India has been lagging the growth in production, as
new capacity, such as Tata's Jamshedpur (2.9mtpa) expansion, has
come on stream. However, the decline in the Rupee's value since
mid-2013 coupled with tightness in domestic supplies of iron ore
and gas have helped to balance the steel market. As a result,
India is seeing increased exports and less imports of steel, and
the domestic price is edging up. In this environment TSL has
gained market share and is fully utilizing its existing 10 mtpa
plant.

TSL's Indian revenues grew by 2.2% over the preceding quarter to
reach INR101.4 billion while deliveries increased from 2.04
million tonne to 2.07mt. Average realizations were slightly higher
at INR44,900/t flat and EBITDA/t was again around USD245/t.
However, TSL is seeing some improvement in its ferro alloys
business which contributes about 10% of its domestic EBITDA.

Gross debt at the group level is down to INR765 billion from
INR771 billion at the end of September 2013 but up from the 31
March 2013 figure of INR661 billion. Group liquidity is in the
form of INR64 billion of cash and undrawn lines of INR33 billion
together with the undrawn portion of the INR228 billion Odisha
project loan. Reported EBITDA for the nine months was INR114.6
billion compared to INR82.9 billion a year ago, while capital
expenditure of INR123 billion has been spent in the first nine
months of FY2014, concentrated on phase 1 of the 6mtpa plant under
construction at Odisha. The overall increase in "Steel Business"
capital employed was INR196 billion in the first nine months of
FY2014. As production growth has outstripped growth in deliveries
in both India and Europe, there will have been some inventory
accumulation although forex conversion rates are also a factor in
the increased debt.

TSL's reported EBITDA in Q3FY2014 increased 74% to INR39.2 billion
from INR22.5 billion a year ago. On an estimated basis, the
adjusted debt/EBITDA is around 4.9x for LTM to December 2013,
compared to 5.4x for the year ended 31 March 2013.

Moody's acknowledges that the pressure on the consolidated group
is somewhat abating and that the Group is looking more comfortable
in its rating range. In the medium-term, incremental profit from
the Odisha steelworks will have a marked impact on credit ratios,
although profitability could surprise on the upside, given the
operating leverage of the industry, if the economies of India and
Europe gain real traction in the next few quarters.


VALSONS: CRISIL Reaffirms 'B' Rating on INR60 Million Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of M/S Valsons continue to
reflect the firm's modest scale of operations and its weak
financial profile marked by modest net worth base and weak debt
protection metrics; and susceptibility of the firm's revenue
trajectory to timely execution of its projects. Valsons' order
book has been healthy however its revenue movements in the recent
past have been erratic due to execution challenges faced by the
firm. The rating weaknesses are partially mitigated by the firm's
established relationship with Brihanmumbai Municipal Corporation
and the promoter's established track record in the civil
construction sector.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee            40       CRISIL A4 (Reaffirmed)
   Cash Credit               60       CRISIL B/Stable Reaffirmed)

Outlook: Stable

CRISIL believes that M/S Valsons will maintain its credit risk
profile over the medium term, backed by its established track
record with BMC. The outlook may be revised to 'Positive' in case
of higher than expected growth in M/S Valsons' revenues and
margins while improving its working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
delays in execution of the firm's projects leading to lower than
expected revenues and margins or in case of further elongation of
its working capital cycle.

Update
M/S Valsons reported an operating income of INR 114.2 million in
2012-13 (refers to financial year, April 1 to March 31), an
increase of 15 per cent over that of 2011-12, mainly due to a
moderate order book and faster execution of orders by the firm.
The firm achieved sales of INR 57.7 million till December 31, 2013
and is expected to generate revenues of around INR 120 million in
2013-14. The firm had an order book value of INR 1.12 billion, as
on December 31, 2013 to be executed over the next 2-3 years.
Despite a strong order book, the firm's projects have been
impacted by delays in project initiation and execution in the
past.

The firm had operating margin of 11.8 per cent in 2012-13, lower
than the margins of 13.8 per cent in 2011-12. This was mainly on
account of increase in input costs. The margin is expected to
remain at similar levels over the medium term.

M/S Valsons operations continue to be highly working capital
intensive as reflected in its gross current assets of around 588
days as on March 31, 2013. This is mainly due to its stretched
receivables of around 200 days on average.

M/S Valsons financial risk profile continues to remain modest
marked by a modest capital structure and subdued debt-protection
metrics. The firm's net worth was INR 53 million as on March 31,
2013. Its gearing was low at 1.19 times as on March 31, 2013. The
partners have supported the firm by infusing unsecured loans
(amounting to INR 36.8 million as on March 31, 2013) which have
been treated as neither debt, nor equity. The firm's debt
protection measures were subdued with interest coverage and net
cash accrual to total debt ratios at 1.2 times and 0.02 times as
on March 31, 2013. CRISIL expects that Valsons' financial risk
profile will continue to be constrained by the low net worth and
subdued debt protection metrics over the medium term. The firm's
liquidity continues to be stretched, reflected in its high bank
limit utilisation of about 96 per cent over the eight months ended
November 2013.

M/S Valsons is a partnership firm established in 1983 by Mr.
Surendra Madhani. The firm undertakes contracts for maintenance of
roads, water lines, sewage lines, and canals, and water proofing,
among other civil works, in Mumbai and primarily from the BMC. The
firm's office is at Mumbai.

M/S Valsons reported a profit after tax (PAT) of INR5.2 million on
net sales of INR114.2 million for 2012-13, as against a PAT of
INR4.1 million on net sales of INR98.5 million for 2011-12.



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


KNOX VINEYARDS: Placed Into Liquidation; Owes NZ$1.2MM
------------------------------------------------------
Chloe Winter at The Marlborough Express reports that Knox
Vineyards has been forced into liquidation after racking up more
than NZ$1.2 million in debt.

The report relates that Knox Vineyards shareholders put the
company into liquidation on Jan. 31, 2014, after they could not
make their mortgage repayments or pay for the operating costs of
the company.

Liquidator John Scutter -- john@fervor.co.nz -- released his first
report on February 7. He described the company as "hopelessly
insolvent," the Express relays.

According to the Express, Mr. Scutter, of Fervor Limited in
Paraparaumu, said Knox Vineyards owed NZ$1 million to a company of
similar or same ownership, NZ$211,000 to the BNZ Bank and NZ$6,000
to a supplier.

The Express notes that Mr. Scutter would not confirm the names of
the companies that were owed money.

Knox Vineyards could also owe money to Inland Revenue but that
could not be confirmed until the income tax and GST returns were
completed, his report said, according to the Express.

The debts were unlikely to be paid based on the information
Mr. Scutter had, notes the report.

"Unfortunately they [debts] will get written off," the report
quotes Mr. Scutter as saying.

The company owned one property mortgaged to BNZ Bank but the
rental income was insufficient to cover their repayments.

The company owed NZ$3.7 million and went into receivership on July
18, the Express discloses citing Companies Office website.


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


BUSAN SAVINGS: Court Orders Bank to Compensate Customers
--------------------------------------------------------
Yonhap News Agency reports that a Seoul court on Feb. 14 ordered
now-bankrupt Busan Savings Bank to pay nearly KRW40 billion
(US$35 million) in compensation to hundreds of its customers for
incurring financial losses.

In 2011, some 280 individual bond investors lodged a class action
suit against the lender, its top executives, state regulators,
accountants and the government, holding them accountable for
fraudulent accounting and lax inspection, Yonhap recalls.

Partially ruling in favor of the plaintiffs, the Seoul Central
District Court ordered the lender, the accountants and the top
executives, including now-jailed former chief Park Yeon-ho, to pay
back a combined KRW37.9 billion in damages to the victims,
according to Yonhap.

"The bank concealed the company's actual finance status through
accounting fraud and did not inform bond investors of the exact
information about financial solvency, which is an important factor
in investment," Judge Lee In-kyu said in his ruling, Yonhap
relays.

Judge Lee, however, did not accept the plaintiffs' argument that
financial authorities and the government neglected their duty to
oversee the losses, citing time and manpower elements, the report
says.

Busan Savings Bank was a savings bank based in Busan, Korea.  The
bank offered a range of financial products and services.

Busan Savings Bank, which was at the center of a massive
influence-peddling scandal involving bank officials, was declared
bankrupt by a court in August 2012 after it was suspended for lack
of capital, according to Yonhap News.  The top executives were
also convicted of leading illegal lending of more than
KRW6 trillion, accounting fraud worth KRW3 trillion and
illegitimate dividend payments, Yonhap discloses.


                             *********

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.

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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***