TCRAP_Public/140225.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, February 25, 2014, Vol. 17, No. 39


                            Headlines


A U S T R A L I A

BILLABONG INT'L: Posts AUD126.3MM Net Loss in 6Mos. Ended Dec.
MIDWEST VANADIUM: S&P Lowers CCR to 'D' on Missed Payments
REED RESOURCES: Buyers Sought for Meekatharra Gold Mine


C H I N A

AGILE PROPERTY: S&P Assigns BB- Rating to Proposed RMB Sr. Notes
BEIJING CAPITAL: Fitch Rates CNY2.25-Bil. CNH Notes 'BB+'
CHINA NATURAL: Wellington Management No Longer Holds Shares
PARKSON RETAIL: S&P Lowers CCR to 'BB' & Puts on CreditWatch Neg.
SUNTECH POWER: Liquidators File Chapter 15 Petition in N.Y.

SUNTECH POWER: Chapter 15 Case Summary
SUNTECH POWER: NYSE Delists ADRs Effective Feb. 25
SUNTECH POWER: NYSE Review Panel Upholds ADR Delisting
SUNTECH POWER: Zhengrong Shi Discloses 29.2% Equity Stake
ZTE CORP: Fitch Revises Outlook to Positive & Affirms 'B+' IDR


H O N G  K O N G

HK MERCANTILE: Creditor Seeks Owner's Bankruptcy Over Debt


I N D I A

ABHIJIT REALTORS: CRISIL Reaffirms B+ Rating on INR420MM Loans
API INDUSTRIES: CARE Lowers Rating on INR38cr Loans to 'D'
APS POWERTECH: CRISIL Assigns 'B' Rating to INR42MM Loan
ASSOCIATED PIGMENTS: CARE Reaffirms 'D' Rating on INR58cr Loans
DASHMESH EDUCATIONAL: CRISIL Ups Rating on INR1.09BB Loans to B

GURDASPUR SOLVEX: CRISIL Assigns 'B+' Rating to INR200MM Loans
HARDIK INDUSTRIAL: CARE Downgrades Rating on INR2cr Loan to 'C'
LOGON INDIA: CRISIL Cuts Rating on INR180MM Loans to 'B'
MANISH INTERNATIONAL: CRISIL Ups Rating on INR60MM Loans to 'B'
MOULIKA CONSTRUCTIONS: CRISIL Puts B Rating on INR80MM Loans

MYSORE ROYAL: CRISIL Reaffirms 'B' Rating on INR120MM Loans
OMSAIRAM STEELS: CRISIL Reaffirms B+ Rating on INR654.8MM Loans
ORIENTAL METAL: CRISIL Ups Rating on INR95.5MM Loans to 'B+'
PANALE INFRA: CRISIL Rates INR26MM Cash Credit at 'B-'
PRABHAT FERTILIZER: CRISIL Assigns 'B+' Rating to INR194.5MM Loan

SARAH FOODS: CRISIL Assigns 'B+' Ratings to INR150M Loans
SARRALLE EQUIPMENT: CARE Reaffirms 'B+' Rating on INR10.5cr Loans
SATYA SUBAL: CRISIL Assigns 'D' Ratings to INR175MM Loans
SELVALATHA INDUSTRIES: CRISIL Puts B+ Rating on INR60MM Loans
SHAILJA TEXPRINTS: CARE Reaffirms 'B+' Rating on INR9.6cr Loans

SHALIMAR WORKS: CRISIL Reaffirms 'C' Rating on INR290.4MM Loans
SHIVANI COTEX: CARE Reaffirms 'B+' Rating on INR7.39cr Loans
SHIV SHAKTI: CRISIL Assigns 'B+' Rating to INR120MM Loans
SHYAM LEELA: CRISIL Reaffirms 'B+' Rating on INR75MM Loans
SIDDESHWAR MULTIPURPOSE: CRISIL Puts D Rating on INR150MM Loans

STANDARD PHARMA: CRISIL Reaffirms D Rating on INR102.5MM Loans
SUJANA METAL: CARE Assigns 'B+' Rating to INR1,701.84cr Loans
SUMER SONS: CRISIL Cuts Rating on INR170MM Loans to 'B-'
UIC CORPORATION: CARE Lowers Rating on INR42cr Loans to 'D'
VIOLA RESORTS: CRISIL Rates INR149.9MM Bank Loan at 'B-'

YASH KNITWEAR: CARE Reaffirms 'B' Rating on INR10cr Bank Loans
ZAMINDARA TIMBER: CRISIL Reaffirms B- Rating on INR20MM Loan


J A P A N

HUMMINGBIRD SECURITISATION: S&P Puts CDO Ratings on Watch Neg.


N E W  Z E A L A N D

LOMBARD FINANCE: Receivers Reach NZ$10-Mil. Settlement
PRUDENTIAL MORTGAGE: Faces Charge for Failure to File Results
ROSS ASSET: Liquidator to Claw Back NZ$25MM From Investors


S I N G A P O R E

FIRST SHIP: S&P Keeps 'B-' Long-Term CCR on CreditWatch


S O U T H  K O R E A

PAN OCEAN: To Sell Savings Bank Unit to Hankuk Steel


X X X X X X X X

COOK ISLANDS: S&P Affirms 'B+/B' ICR; Outlook Stable
* BOND PRICING: For the Week Feb. 17 to Feb. 21, 2014


                            - - - - -


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A U S T R A L I A
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BILLABONG INT'L: Posts AUD126.3MM Net Loss in 6Mos. Ended Dec.
--------------------------------------------------------------
The Sydney Morning Herald reports that troubled surf and skate
wear retailer Billabong International is yet to see signs of a
turnaround, reporting a net loss of AUD126.3 million for the six
months ending December after booking another AUD132.6 million in
asset writedowns and restructure ng costs.  The loss compared with
a bottom line loss of AUD536.6 million in the year-ago period, SMH
relates.

Before one-off costs, underlying net profit fell from
AUD19 million to just AUD1.8 million, falling short of market
forecasts around AUD6.5 million.

Earnings continued to decline in North America and Europe,
offsetting gains in Australasia, SMH says.

"This is a complex, difficult turnaround," the report quotes chief
executive Neil Fiske as saying. "We are not daunted by challenges
we face, but neither do we underestimate them."

SMH relates that Mr. Fiske unveiled a major global restructuring
of marketing, merchandising, sourcing and HR functions and
announced several key appointments.

"This is just the beginning - we reiterate the turnaround is
difficult and complex and the lag effect of months of turmoil will
be with us for a while longer," Mr. Fiske, as cited by SMH, said.
"But we have confidence in the potential of the brands and know
what we need to do and are getting on with it at an aggressive
pace."

According to SMH, Billabong shares went into a trading halt after
the company launched its previously announced AUD50 million rights
issue. The funds will be used to repay existing debt, relays SMH.

Mr. Fiske, who took the helm last September, hopes to restore
profits by building Billabong's three biggest brands -- Billabong,
RVCA and Element -- as well as supporting emerging brands and
culling those that are cluttering the portfolio.

SMH notes that Mr. Fiske also plans to reduce the number of
products and stores, develop integrated marketing strategies for
each region, and improve Billabong's supply chain -- moving to
fewer, bigger, suppliers -- to reduce costs and improve the
quality of its products.

Last month, SMH recalls, Billabong shareholders approved a
AUD386 million debt and equity rescue package, which handed
41 per cent of the company to US hedge funds Oaktree Capital and
Centerbridge Partners.

The company was in danger of collapse last year after posting a
AUD860 million loss and writing down the value of the Billabong
brand to zero, the report adds.

                          About Billabong

Based in Australia, Billabong International Limited (ASX:BBG) --
http://www.billabongbiz.com/-- is engaged in the wholesaling and
retailing of surf, skate, snow and sports apparel, accessories and
hardware, and the licensing of its trademarks to specified regions
of the world.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 28, 2013, Bloomberg News said Billabong has closed 158
stores, canceled relationships with three-quarters of its
suppliers, and is cutting 15 percent of jobs in its European
division.

The value of its 13 brands fell to AUD90 million at the end of
June 2013 from AUD614 million in December 2011, and the Billabong
label itself is worthless, the company said in its financial
statements, Bloomberg said.  About AUD37 million of group brand
value was locked up in the DaKine outdoor clothing and backpack
label which Billabong sold to Altamont last month, relayed
Bloomberg.  Four other brands, including Element skateboards and
Palmers surfboard accessories, were also written down to a zero
valuation, according to the statements cited by Bloomberg.

Full-year losses widened to AUD860 million in the year ended
June 2013 from a AUD276 million loss in the previous 12 months,
compared to the AUD547 million average loss expected from four
analysts surveyed by Bloomberg.  A 14 percent fall in sales put
revenue below the company's operating costs and the company took
aloan from Altamont Capital Partners to refinance its debt,
Bloomberg added.


MIDWEST VANADIUM: S&P Lowers CCR to 'D' on Missed Payments
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Australian mining company Midwest Vanadium Pty Ltd.
(MVPL) and the issue rating on MVPL's US$335 million senior
secured notes due 2018 to 'D' from 'CCC-'.  S&P also lowered the
recovery rating on the notes to '5' from '4'.  At the same time,
the ratings were removed from CreditWatch with negative
implications, where they were placed on Feb. 11, 2014.

"The downgrades follow MVPL parent Atlantic Ltd.'s announcement
that MVPL did not pay its interest obligation of about US$19
million due on Feb. 15, 2014, and that a subsequent standstill
arrangement had been agreed with its senior secured noteholders,"
Standard & Poor's credit analyst May Zhong said.  "Once executed,
the standstill arrangement will suspend the enforcement rights of
the senior secured noteholders in relation to MVPL's defaults
under the note indenture until at least August 2014.  Under our
criteria, we consider a missed interest payment as a default when
nonpayment has occurred and is not expected to be paid within a
30-day period from the scheduled payment date."

MVPL has experienced weak cash flow generation and liquidity since
commencement of its operations, which was exacerbated by the
recent fire at the company's Windimurra plant on Feb. 4, 2014.
The company has indicated its intention to repair the
beneficiation plant and to continue its strategy of ramping up
production to full capacity.  Prior to the fire, MVPL's production
ramp-up had yet to generate a track record that shows the plant
will perform as MVPL expected.

The company is working through its insurance claim which,
according to the company's estimate, could result in progressive
payments of about A$100 million.  As is typical of insurance
claims, S&P believes the timing of receipt and quantum of the
claim payment is uncertain.  S&P notes that MVPL has obtained
approval from its largest shareholder Droxford International Ltd.
for an additional A$32.6 million of funding in the form of senior
secured debt, which should help to fund its near-term working
capital requirement.

S&P has lowered its recovery rating on the senior secured notes to
'5' from '4', indicating its expectations for modest (10% to 30%)
recovery for noteholders.  This reassessment is primarily driven
by the increased debt ranking pari passu with the senior secured
notes, and the uncertainty that the insurance claim related to the
fire event would fully compensate the company for the property
damage and loss of earnings on a timely basis.

S&P's assessment of the Windimurra project's recovery prospects
incorporates:

   -- An increase in pari passu debt obligations of
      A$32.6 million,

   -- An expected insurance claim,

   -- An estimate of the salvageable value of the Windimurra
      project's operations, and

   -- Future rights to the mining and exploration tenements held
      by MVPL in a distressed scenario.

Any potential upward movement on the rating above 'D' is uncertain
at this stage and would be dependent upon any subsequent
restructuring, together with S&P's view on the company's long-term
funding strategy.


REED RESOURCES: Buyers Sought for Meekatharra Gold Mine
-------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that a buyer is being
sought for the Meekatharra gold mine, owned and operated by GMK
Exploration, prompting creditors to have the project placed in a
holding pattern.

According to dissolve.com.au, the Meekatharra Gold Project's sale
was re-launched by the administrators following the withdrawal of
a preferred bidder in late January as the company lost funding.
The report says the mine was kept open until November of last year
with administrators processing stockpiles until the middle of
December as they placed the site on maintenance and care by late
February. A number of the mine's staff stayed, dissolve.com.au
relates.

GMKE, a subsidiary of Reed Resources, appointed Ferrier Hodgson's
Darren Gordon Weaver and Andrew John Saker as voluntary
administrators of the company on Aug. 16, 2013 following a failure
to get urgent funds for covering a working capital shortfall.
According to the creditors report of Ferrier Hodgson unsecured
creditors, which include Reed Resources, have lodged AUD20.6
million debt claims, dissolve.com.au discloses.



=========
C H I N A
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AGILE PROPERTY: S&P Assigns BB- Rating to Proposed RMB Sr. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating and 'cnBB+' long-term Greater China regional scale
rating to a proposed issue of Chinese-renminbi-denominated fixed-
rate senior unsecured notes by Agile Property Holdings Ltd.
(BB/Stable/--; cnBBB-/--).  The ratings are subject to S&P's
review of the final issuance documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Agile to reflect S&P's opinion that offshore
noteholders would be materially disadvantaged, compared with
onshore creditors, in the event of default.  Agile intends to use
the net proceeds from the proposed notes to refinance notes it
issued in 2009.

The corporate credit rating on Agile reflects the company's sales
concentration in Guangdong and Hainan provinces and the execution
risks associated with its accelerated growth and enlarged scale.
The rating also reflects Agile's aggressive growth appetite and
increasing leverage due to expansion.  The company's established
market position in Guangdong and Hainan and its sizable low-cost
land bank temper these weaknesses.


BEIJING CAPITAL: Fitch Rates CNY2.25-Bil. CNH Notes 'BB+'
---------------------------------------------------------
Fitch Ratings has assigned property developer Beijing Capital Land
Ltd's (BCL; BB+/Negative) two notes totalling CNY2.25bn and
denominated in offshore yuan, or CNH, a final 'BB+' rating.
The notes -- CNY2,000m of 5.75% guaranteed notes due 2017 and
CNY250m of 6.875% guaranteed notes due 2019 -- were issued on 17
February 2014 under BCL's USD1,000m medium term note programme.
The final rating is in line with the expected rating assigned on 9
February 2014 and follows the receipt of final documents
conforming to information already received.

The two offshore yuan notes issued by Central Plaza Development
Ltd, are irrevocably and unconditionally guaranteed by BCL's
wholly owned subsidiary International Financial Center Property
Ltd. (IFC). Under the terms of the programme, BCL has granted a
keepwell deed and deed of equity interest purchase undertaking for
the notes.

KEY RATING DRIVERS

Leverage Moderated But Volatile: BCL's leverage, measured by the
net debt/adjusted inventory ratio, moderated to 36% in 2013 from
47% in 2012, helped by a strong increase in development sales in
the last two months of 2013. The sharp increase in investment
property assets (a total of CNY3.5bn in 1H13 and 2012) reversed in
2H13 following asset disposals. BCL's intention to grow at a
faster pace, which will require continued increase in land and
construction expenditure, is likely to result in more volatile
leverage. To achieve faster growth without increasing pressure on
its credit metrics, BCL needs to sustain an improvement in
contracted sales above the 2013 level of CNY19.6bn.

Contracted Sales Outlook Uncertain: Contracted sales in 2013 were
volatile - from January-October they increased by only 14% yoy,
but surged 160% yoy in November-December. Strong reliance on sales
in Beijing and Tianjin (60% in 2013, 41% in 2012) could result in
lumpy sales and reduced cash-flow visibility. Furthermore, sales
uncertainty could increase with the tightening of home-purchase
restrictions in Tier 1 cities and intense competition for land.
However, Fitch believes that BCL's fast-churn mass-market business
model targets the right market.

Investment Property Contribution Weak: Because of the long
gestation period for investment properties, they do not yet
contribute meaningfully to BCL's earnings. In addition, its outlet
malls will likely take significantly longer to stabilise and
achieve profitable yields. These factors have resulted in a
reduced focus by BCL in the expansion of its investment property
business. As a result, the ratio of recurring rental EBITDA to
interest expense will remain negligible over the next two to three
years.

Sufficient Liquidity: BCL had CNY11.3bn cash and RMB65.6bn in
unused bank credit facilities. Fitch expects the group to maintain
sufficient liquidity to fund development costs, land premium
payments and debt obligations during 2013-15 due to its
diversified funding channels from both onshore and offshore
capital markets, strong support from its partners China
Development Bank and Singaporean government investment company GIC
Private Limited, and its flexible land acquisition strategy.

Benefits from Parent and Partners: BCL is 45.58%-owned by Beijing
Capital Group Ltd, which has acquired a low-cost land bank in
prime locations throughout China through local infrastructure
development with local governments. Beijing Capital Group's land-
incubation strategy provides land bank resources for BCL at a low
cost. In addition, BCL's partnership with GIC and China
Development Bank since 2003 has produced additional funding
channels and liquidity.

RATING SENSITIVITIES

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

-- Net debt/adjusted inventory leverage remaining above 40% over
   the next 12-18 months

-- Monthly contracted sales in 2014 consistently increasing at
   less than 20% yoy

-- EBITDA margins (adjusted for capitalised interest) falling
   below 25% (28.8% at end- June 2013)

-- Any signs of increase in net debt to fund additional investment
   property expansion in the next 12-18 months

-- Any signs of weakening in Beijing Capital Group's land
   incubation strategy and/or weaker ties with its strategic
   partners

Positive rating action in the immediate future is unlikely given
BCL is on Negative Outlook, although the Outlook may revert to
Stable if BCL's performance and leverage ratios improve to sit
more comfortably within thresholds that if reached, may trigger
negative rating action.


CHINA NATURAL: Wellington Management No Longer Holds Shares
-----------------------------------------------------------
Boston-based Wellington Management Company, LLP, filed with the
U.S. Securities and Exchange Commission a SCHEDULE 13G (Amendment
No. 4) to disclose that it no longer holds shares of China Natural
Gas, Inc. Common Stock as of Dec. 31, 2013.

The filing was signed by Steven M. Hoffman, Wellington's Vice
President, on Feb. 14, 2014.

                      About China Natural

Headquartered in Xi'an, Shaanxi Province, P.R.C., China Natural
Gas, Inc., was incorporated in the State of Delaware on March 31,
1999.  The Company through its wholly owned subsidiaries and
variable interest entity, Xi'an Xilan Natural Gas Co., Ltd., and
subsidiaries of its VIE, which are located in Hong Kong, Shaanxi
Province, Henan Province and Hubei Province in the People's
Republic of China ("PRC"), engages in sales and distribution of
natural gas and gasoline to commercial, industrial and residential
customers through fueling stations and pipelines, construction of
pipeline networks, installation of natural gas fittings and parts
for end-users, and conversions of gasoline-fueled vehicles to
hybrid (natural gas/gasoline) powered vehicles at 0ptmobile
conversion sites.

On Feb. 8, 2013, an involuntary petition for bankruptcy was filed
against the Company by three of the Company's creditors, Abax
Lotus Ltd., Abax Nai Xin A Ltd., and Lake Street Fund LP (Bankr.
S.D.N.Y. Case No. 13-10419).  The Petitioners claimed that they
have debts totaling $42,218,956.88 as a result of the Company's
failure to make payments on the 5% Guaranteed Senior Notes issued
in 2008.  Adam P. Strochak, Esq., at Weil, Gotshal & Manges, LLP,
in Washington, D.C., represents the Petitioners as counsel.

China Natural Gas, Inc., sought dismissal of the involuntary
petition but in July 2013, it consented to the entry of an
order for relief under Chapter 11 of the U.S. Code.

The last regulatory filing listed assets as of June 30 of
$29.5 million and liabilities totaling $82.5 million.


PARKSON RETAIL: S&P Lowers CCR to 'BB' & Puts on CreditWatch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China-based department store
operator Parkson Retail Group Ltd. to 'BB' from 'BB+'.  At the
same time, S&P lowered its long-term Greater China regional scale
rating on the company to 'cnBBB-' from 'cnBBB+'.  S&P also placed
all the ratings on CreditWatch with negative implications.

"We lowered the ratings because we expect Parkson's profitability
to remain weak over the next 12 months at least due to the
company's large number of loss-making stores and rapidly rising
rents from a large portfolio of leased properties," said Standard
& Poor's credit analyst Lillian Chiou.  "Parkson's cash balance is
also likely to drop in the next 12 months as the company looks to
buy property or stores to offset the impact of rising rents."

S&P has lowered its assessment of Parkson's financial risk profile
to "aggressive" from "significant."

Parkson's financial performance in 2013 was materially lower than
S&P's expectations.

"We placed the ratings on CreditWatch because we will reassess
Parkson's competitiveness amid more challenging operating
conditions in the department store business," said Ms. Chiou.  "We
believe that Parkson is not well positioned to compete in such
conditions. A likely further decline in profitability and weak
growth in same-store sales could weaken the company's business
risk profile."

Any recovery in the operating performance of Parkson is likely to
be very challenging in the next 12 months, in S&P's opinion.  This
is because of: (1) intensified competition; (2) rising labor and
rent costs; (3) weak consumer sentiment; (4) lingering effects of
the Chinese government's crackdown on extravagance and corruption
on luxury goods sales; and (5) rapid shift in consumer spending
toward online retailers.

The resignation of Parkson's CEO Mr. Tan Hun Meng at this
challenging time is credit negative, in S&P's opinion.  The
frequent turnover of senior management in the past two years,
including the change of the CEO and the chief financial officer,
has increased the execution risk of the company's refocused
strategies and growth plans.  These factors also amplify
uncertainties relating to Parkson's performance in the next 12
months.

The CreditWatch placement indicates that S&P could affirm the
ratings or lower them by up to one notch in the next 90 days.

S&P could lower the ratings if it believes that management's
initiative to strengthen Parkson's market position and restore
consumer spending are unlikely to support the company's
"satisfactory" business risk profile.  Otherwise, S&P could affirm
the ratings.


SUNTECH POWER: Liquidators File Chapter 15 Petition in N.Y.
-----------------------------------------------------------
Suntech Power Holdings Co., Ltd. on Feb. 22 disclosed that the
joint provisional liquidators (the "JPLs") of the Company
appointed by the Grand Court of the Cayman Islands to oversee the
restructuring of the Company have commenced a Chapter 15
proceeding under the U.S. Bankruptcy Code in a federal court in
the Southern District of New York.  Under such a proceeding, the
Company is seeking to have recognized in the United States the
Company's overseas provisional liquidation which has previously
been granted in the Cayman Islands.

Mr. David Walker, one of the JPLs, said, "The Chapter 15 petition
is a very important step to conclude a successful restructuring of
the Company as it would allow a centralized process to assert and
resolve claims against the Company, and to make distributions to
the Company's creditors."

Mr. Walker added, "Chapter 15 recognition will stay actions
brought by creditors in the United States, and help ensure that
all creditors are treated equally with similarly situated
creditors in the Cayman Islands proceeding."

As previously announced, the Company's filing of the Chapter 15
petition by February 21, 2014 was a provision of the Restructuring
Support Agreement entered into with (among other parties) the
petitioners for an involuntary bankruptcy proceeding filed against
it under Chapter 7 of the U.S. Bankruptcy Code.

              About Suntech Power Holdings Co., Ltd.

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

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

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

Suntech Power on Jan. 31, 2014, disclosed that it has
signed a Restructuring Support Agreement relating to the petition
for involuntary bankruptcy filed against it under chapter 7 of the
U.S. Bankruptcy Code.  Under the RSA, the parties agreed that
chapter 7 proceedings will be dismissed following recognition of
the provisional liquidation proceeding previously filed by the
Company in the Cayman Islands under chapter 15 of the U.S.
Bankruptcy Code.


SUNTECH POWER: Chapter 15 Case Summary
--------------------------------------
Chapter 15 Petitioners: David Walker and Ian Stokoe

Chapter 15 Debtor: Suntech Power Holdings Co., Ltd.

Chapter 15 Case No.: 14-10383

Type of Business: Producer of solar products for residential,
                  commercial, industrial, and utility
                  applications

Chapter 15 Petition Date: February 21, 2014

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Chapter 15 Petitioner's
Counsel:                 Jennifer Taylor, Esq.
                         O'MELVENY & MYERS LLP
                         7 Times Square
                         New York, NY 10036
                         Tel: (212) 326-2000
                         Fax: (212) 326-2061
                         Email: jtaylor@omm.com

                              - and -

                         Diana Perez, Esq.
                         O'MELVENY & MYERS LLP
                         7 Times Square
                         New York, NY 10036
                         Tel: (212) 326-2000
                         Fax: (212) 326-2061
                         Email: dperez@omm.com

Estimated Assets: More than $1 billion

Estimated Debts: More than $1 billion


SUNTECH POWER: NYSE Delists ADRs Effective Feb. 25
--------------------------------------------------
The New York Stock Exchange LLC has notified the United States
Securities and Exchange Commission of its intention to remove the
entire class of American Depositary Shares -- each representing
one Ordinary Share -- of Suntech Power Holdings Co., Ltd. from
listing and registration on the Exchange at the opening of
business on Feb. 25, 2014, pursuant to the provisions of Rule
12d2-2 (b), because, in the opinion of the Exchange, the
Securities are no longer suitable for continued listing and
trading on the Exchange.

The NYSE on Feb. 14 filed a Form 25 "NOTIFICATION OF REMOVAL FROM
LISTING AND/OR REGISTRATION UNDER SECTION 12(b) OF THE SECURITIES
EXCHANGE ACT OF 1934."

According to the NYSE, Suntech failed to file its Annual Report on
Form 20-F for the fiscal year ended Dec. 31, 2013, by its April
30, 2013 due date.  Section 802.01E of the Exchange's Listed
Company Manual provides an initial six-month compliance period for
an issuer unable to file its annual report when due.  The Company
failed to file the Form 20-F within the initial six-month
compliance period.

The Rule also authorizes the Exchange, in its sole discretion, to
grant a second compliance period not to exceed six months if the
company provides information sufficient to support a conclusion
that the annual report is likely to be filed within this
additional compliance period.

The Exchange's delisting determination was based on the fact that
there was uncertainty about the Company's ability to complete the
Form 20-F within the timeframes required under NYSE rules in light
of the ongoing restructuring involving the Company and the fact
that the Company is also in the process of restating of its
previously issued Dec. 31, 2010 and 2011 financial statements.
The Exchange also considered the uncertainty surrounding the
restructuring process on holders of the Securities pursuant to
NYSE Listed Company Manual Section 802.01D.

On Nov. 6, 2013, the Exchange determined that the Securities
should be suspended from trading before the opening of the trading
session on Nov. 11.  The Company was notified by letter on Nov. 6.
Pursuant to the authorization, a press release was issued Nov. 6,
and an announcement was made on the 'ticker' of the Exchange at
the opening and close on Nov. 7 and other various dates of the
suspension and delisting of the Securities.  Similar information
was included on the Exchange's website.  Trading in the Securities
on the Exchange was suspended prior to the opening of the trading
session on Nov. 11.

On Nov. 19, 2013 the Exchange received a letter from the Company
to request a hearing before the Committee for Review of the Board
of Directors of NYSE Regulation concerning the Staff's
determination, in accordance with Section 804.00 of the Exchange's
Listed Company Manual.  The hearing was held on Feb. 6, 2014.

On Feb. 12, 2014, the Committee issued a decision that affirmed
the determination of the Staff of NYSE Regulation to delist the
Securities.  Accordingly, the Exchange, having complied with all
of its procedures, is authorized to file this application in
accordance with Section 12 of the Securities Exchange Act of 1934
and the rules promulgated thereunder.

                          About Suntech

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

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

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

Suntech Power on Jan. 31, 2014, disclosed that it has signed a
Restructuring Support Agreement relating to the petition for
involuntary bankruptcy filed against it under chapter 7 of the
U.S. Bankruptcy Code.  Under the RSA, the parties agreed that
chapter 7 proceedings will be dismissed following recognition of
the provisional liquidation proceeding previously filed by the
Company in the Cayman Islands under chapter 15 of the U.S.
Bankruptcy Code.


SUNTECH POWER: NYSE Review Panel Upholds ADR Delisting
------------------------------------------------------
Suntech Power Holdings Co., Ltd., disclosed that the New York
Stock Exchange's Committee for Review has upheld a decision
previously made by NYSE Regulation, Inc. to commence delisting
proceedings of the Company's American Depositary Shares. The
Company expects a Form 25 (Notification of Removal from Listing
and/or Registration under Section 12(b) of the Securities Exchange
Act of 1934) will be filed shortly with the U.S. Securities and
Exchange Commission to delist the Company's American Depositary
Shares.

Trading of the Company's American Depositary Shares has been
suspended by the NYSE since Nov. 11, 2013.  Quotations of the
Company's American Depositary Shares have been, and the Company
expects will continue to be, available on the OTC market under the
symbol "STPFQ".

                          About Suntech

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

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

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

Suntech Power on Jan. 31, 2014, disclosed that it has signed a
Restructuring Support Agreement relating to the petition for
involuntary bankruptcy filed against it under chapter 7 of the
U.S. Bankruptcy Code.  Under the RSA, the parties agreed that
chapter 7 proceedings will be dismissed following recognition of
the provisional liquidation proceeding previously filed by the
Company in the Cayman Islands under chapter 15 of the U.S.
Bankruptcy Code.


SUNTECH POWER: Zhengrong Shi Discloses 29.2% Equity Stake
---------------------------------------------------------
Zhengrong Shi, D&M Technologies Limited, Power Surge Limited,
Power Surge Trust, and Credit Suisse Trust Limited jointly filed
with the U.S. Securities and Exchange Commission a SCHEDULE 13G
(Amendment No. 9) to disclose their ownership of Suntech Power
Holdings Co., Ltd.'s Ordinary Shares, $0.01 par value, as of
Dec. 31, 2013.

Specifically, the Schedule 13G filing, which is dated Feb. 14,
disclosed that:

     -- Zhengrong Shi may be deemed to beneficially own
        52,845,000 shares or 29.2% of the total shares; and

     -- the other entities no longer hold Suntech shares.

Based on Suntech's latest Form 20-F, the number of shares of
common stock outstanding as of Dec. 31, 2011, was 181,163,878.

Both Zhengrong Shi and D&M Technologies Limited are based in
Jiangsu Province, People's Republic of China.  Power Surge Limited
is based in Nassau, Bahamas; and Power Surge Trust and Credit
Suisse Trust Limited are based in Singapore.

                          About Suntech

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

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

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

Suntech Power on Jan. 31, 2014, disclosed that it has signed a
Restructuring Support Agreement relating to the petition for
involuntary bankruptcy filed against it under chapter 7 of the
U.S. Bankruptcy Code.  Under the RSA, the parties agreed that
chapter 7 proceedings will be dismissed following recognition of
the provisional liquidation proceeding previously filed by the
Company in the Cayman Islands under chapter 15 of the U.S.
Bankruptcy Code.


ZTE CORP: Fitch Revises Outlook to Positive & Affirms 'B+' IDR
--------------------------------------------------------------
Fitch Ratings has revised China-based ZTE Corporation's (ZTE)
Outlook to Positive from Stable. The agency has affirmed the
telecommunications equipment provider's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR) at 'B+'.

Key Rating Drivers

Recovery to Continue: The revision in the Outlook reflects Fitch's
expectation of a reversal of the decline in ZTE's credit profile,
driven by China's 4G network rollout and the company's strategic
refocus and cost reductions. However, the ratings are constrained
by high financial leverage, the highly competitive global telecoms
equipment market, which is characterised by cyclical demand, ZTE's
weaker position in Europe, its smaller 4G market share in
developed markets, its over-dependence on China, and increasing
competition in the smartphone industry.

China's 4G Investment: China's 4G rollout will provide ZTE an
opportunity to repair its credit profile and deleverage. We expect
China to account for over 60% of ZTE's network revenue in the next
two years. The Chinese government awarded the time division long-
term evolution licences to all three Chinese telecoms operators in
December 2013, which we expect to drive a modest growth in Chinese
telecoms capex in 2014. We expect licensing of frequency division
duplex long-term evolution technology in next 12 months to fuel
operators' capex in 2015.

Network Division Driving Margins: Fitch expects further margin
improvement within the network division in the next 12-18 months,
driven by more China contracts and the completion of low-margin
European modernisation contracts. Network gross margin rebounded
to 32.4% in 1H13, from 26.5% in 2012. However, we do not expect
ZTE's margins to recover to historical highs as the smartphone
division will weigh on overall margins. We believe ZTE may need to
reduce its over-dependence on Chinese telecoms capex before the
current cycle peaks to maintain the recovery in its margins.

Smartphone Challenges: Fitch believes that rapid commoditisation
of smartphones, saturation in developed markets and Lenovo's new
access to North and Latin American markets through its Motorola
acquisition will present a significant challenge to ZTE's
smartphone ambitions in those markets. Also ZTE's smartphones are
struggling domestically - market share contracted to 5.4% in 3Q13
from 9.7% in 3Q12, according to iiMedia Research. Gross profit of
ZTE's terminal segment fell 19% yoy in 1H13. Meaningful smartphone
contribution looks unlikely in next two years.

High Leverage: Improving cash flow from operations supported ZTE's
debt repayment in 2013, but funds flow from operations (FFO)-
adjusted leverage will remain above 6x in the short term. A
significant deleveraging to pre-2010 levels (2009: 4.1x, 2010:
5.0x) is likely to take a few years and require a full recovery in
operating EBIT margin, including VAT refunds, to over 6% (2012: -
1.9%). At end-June 2013, including bank advances on factored trade
receivables of CNY8bn, ZTE had gross debt of CNY35.5bn.

Adequate Liquidity: ZTE's liquidity remains satisfactory.
Unrestricted cash of CNY16bn at end-June 2013 exceeds the CNY13bn
of short-term loans and the current portion of long-term debt. The
company is well supported by Chinese banks. Unused banking
facilities totalled CNY48bn at end-June 2013. In addition, we
expect positive free cash flow in 2H13 and 2014.

Rating Sensitivities

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

-- sustained operating EBIT loss (including VAT refunds)
-- sustained FFO-adjusted leverage above 6x
-- sustained FFO-adjusted net leverage above 4x

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

-- sustained operating EBIT margin (including VAT refunds) of 5%
   or above
-- sustained FFO-adjusted leverage below 5x
-- sustained FFO-adjusted net leverage below 3x
-- sustained positive CFO generation.



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


HK MERCANTILE: Creditor Seeks Owner's Bankruptcy Over Debt
----------------------------------------------------------
Austin Chiu at The South China Morning Post reports that a
creditor of former executive councillor Barry Cheung Chun-yuen is
now seeking his bankruptcy over a debt claim of HK$40 million,
sinking the former key supporter of Chief Executive Leung Chun-
ying further into a financial mire.

The report relates that Leung Chee-hon, director and shareholder
of Hong Kong-listed Sunley Holdings, has filed a bankruptcy
petition at the High Court. A hearing is set for April 16, SCMP
relays.

According to the report, Mr. Cheung and his companies have faced
numerous civil claims since June over loans, bills and rent
totalling over HK$89 million.

These started emerging after Mr. Cheung quit his public posts in
May amid police investigations of allegedly bogus documents linked
to his failed Hong Kong Mercantile Exchange.

Mr. Leung Chee-hon's latest legal bid followed the HK$40 million
claim he filed with the High Court against Mr. Cheung last August,
SCMP notes.

The report says Mr. Leung sued Mr. Cheung as the guarantor for New
Effort Holdings, a company wholly owned by Mr. Cheung and the
majority shareholder of HKMEx.

In the writ, SCMP relates, Mr. Leung said Mr. Cheung guaranteed to
indemnify him for any loss if New Effort, through which Cheung
owns a 56 per cent stake of the exchange, defaulted on its loans
and interest under four agreements in January, February and April
last year.

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



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


ABHIJIT REALTORS: CRISIL Reaffirms B+ Rating on INR420MM Loans
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Abhijit
Realtors & Infraventures Pvt Ltd continues to reflect ARIPL's
below-average financial risk profile marked by aggressive gearing
and a modest net worth, and moderate debt protection metrics. The
rating also factors in the company's exposure to implementation-
related risks associated with its ongoing projects, geographical
concentration, and exposure to risks and cyclicality inherent in
the real estate sector. These rating weaknesses are partially
offset by its promoter's extensive industry experience and its
track record in the construction industry.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            350     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      70     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ARIPL will continue to benefit over the
medium term from its promoter's extensive industry experience and
track record in the residential construction industry in Nagpur.
The outlook may be revised to 'Positive' in case of higher-than-
expected bookings for ARIPL's projects, resulting in an
improvement in the company's liquidity. Conversely, the outlook
may be revised to 'Negative' in case of any major cost overruns,
or it undertakes any large new projects without completing the
current ones, constraining the liquidity.

Update
ARIPL has two ongoing projects -- Jayanti Nagari 4 and Jayanti
Mansion 9 - with expected completion date of August 2014 and May
2014, respectively, and two completed projects with unsold units
in Jayanti Nagari 3 and Jayanti Mansion 7. All these projects are
located in the Somalwada area on the outskirts of Nagpur
(Maharashtra) exposing the company to significant geographical
concentration risk. Furthermore, ARIPL is estimated to incur about
INR590 million of construction cost over 2013-14 (refers to
financial year, April 1 to March 31) and 2014-15; this will be
funded through external debt (Rs.150 million) and the remaining
through customer advances. Also, the company has large debt
obligations of INR150 million in 2013-14. This, coupled with large
construction cost, results in significant dependence on customer
advances; consequently any lower than expected advances from
customers may dent ARIPL's ability to meet its debt obligation and
will be a key rating sensitivity factor.

ARIPL reported a profit after tax (PAT) of INR35 million on net
sales of INR549 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT and net sales of INR15 million
and INR112 million, respectively, for 2011-12.
About the Company

ARIPL, incorporated in 2007, is a real estate developer based in
Nagpur (Maharashtra) and is promoted by Mr. Abhijit Majumdar. The
promoter has been in the real estate business since 1997 and has
completed about 30 projects till date.


API INDUSTRIES: CARE Lowers Rating on INR38cr Loans to 'D'
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of API
Industries Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             2         CARE D Revised
                                    from CARE BB+

   Short-term Bank
   Facilities            36         CARE D Revised
                                    from CARE A4+

Rating Rationale

The rating revision factors in the delays observed in debt-
servicing by the company due to delays in receivables realisation
and consequent strained liquidity position. However, bankers have
approved the scheme for LC regularization and presently payments
are being made as per the approved scheme. Going forward, timely
servicing of debt obligations, scaling up operations with
improvements in profitability will remain the key rating
sensitivity.

API Industries Pvt Ltd was promoted as Associated Plastic
Industries as a partnership firm in 1975 by Mr Haribhai Valia for
import and trading of plastic raw materials which include scrap,
plastic mix, sweeping granules, and virgin plastic. In August
2010, API was converted from a partnership entity to a private
limited company. Currently, Mr Pankaj Valia and Mr Bharat Valia
are at the helm of the affairs of the company.

The company posted a PAT of INR0.77 crore on a total operating
income of INR128.11 crore during FY13 (refers to the period
April 1 to March 31).


APS POWERTECH: CRISIL Assigns 'B' Rating to INR42MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of APS Powertech India Pvt Ltd (APS).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee            50       CRISIL A4
   Cash Credit               42       CRISIL B/Stable

The ratings reflect APS's small scale of operations in the
intensely competitive transformer industry and its large working
capital requirements, driven by stretched receivables. The ratings
also factor in the company's weak financial risk profile, marked
by high gearing and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
APS's promoters in the transformer industry.

Outlook: Stable

CRISIL believes that APS will continue to benefit over the medium
term from its promoters' extensive industry experience; however,
its business risk profile is expected to remain constrained over
this period by its high revenue dependence on Uttar Pradesh Power
Corporation Ltd. The outlook may be revised to 'Positive' if there
is a significant and sustained improvement in the company's scale
of operations and profitability along with an improvement in its
working capital management, or if its capital structure improves
considerably either through capital infusion or better-than-
expected accruals. Conversely, the outlook may be revised to
'Negative' in case of significant deterioration in APS's financial
risk profile, particularly its liquidity, most likely due to
larger-than-expected working capital requirements or a significant
decline in its turnover or operating margin, leading to less-than-
expected cash accruals.

Incorporated in 2005, APS is engaged in manufacturing and
repairing of distribution transformers. The company's
manufacturing facility is in Lucknow (Uttar Pradesh). APS is
promoted and managed by Mr. Pradeep Mittal and Mr. Sumit Mittal.

APS reported a net profit of INR2.4 million on net sales of
INR149.8 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR1.8 million on net sales of
INR121.0 million for 2011-12.


ASSOCIATED PIGMENTS: CARE Reaffirms 'D' Rating on INR58cr Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Associated Pigments Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             24        CARE D Reaffirmed

   Short-term Bank
   Facilities             34        CARE D Reaffirmed

Rating Rationale

The rating of the bank facilities of Associated Pigments Ltd
factors in the continuing delays in debt servicing on account of
the stretched liquidity position of the company.

Associated Pigments Ltd was incorporated in December 1948 by Mr DN
Sahaya of Bihar for the manufacturing of refined lead, lead alloys
and lead oxide. After being dormant for seven years, the company
commenced commercial production in 1955.  Currently, the company
manufactures refined lead (installed capacity of 48,000 MTPA) at
its units in West Bengal and lead oxide unit (total installed
capacity of 18,780 MTPA) in Uttar Pradesh and Rajasthan.


DASHMESH EDUCATIONAL: CRISIL Ups Rating on INR1.09BB Loans to B
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Dashmesh Educational Charitable Trust to 'CRISIL B/Stable' from
'CRISIL B-/Stable, and reaffirmed the rating on short-term
facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         184     CRISIL A4 (Reaffirmed)

   Overdraft Facility      50     CRISIL B/Stable (Upgraded from
                                  'CRISIL B-/Stable')

   Proposed Long Term      46     CRISIL B/Stable (Upgraded from
   Bank Loan Facility             'CRISIL B-/Stable')

   Term Loan            1,000     CRISIL B/Stable (Upgraded from
                                  'CRISIL B-/Stable')

The rating upgrade reflects expected improvement in DECT's
business and financial risk profiles, leading to improved
financial profitability. The trust's business risk profile is
expected to improve in 2013-14 (refers to financial year, April 1
to March 31), with operating income increasing to over INR600
million, an increase of over 37 per cent from operating income of
over INR436 million a year ago; DECT, on a provisional basis,
reported revenues of INR426 million for the nine months ended
December 2013. The increase in revenues is primarily on account of
healthy occupancy of newly added courses coupled with healthy
profitability is likely to result in adequate cash accruals for
meeting its term debt repayment obligations on time.

However, DECT's financial flexibility remains constrained by
aggressive capital expenditure (capex) plan of around INR600
million over the three years ended March 2016. This capex is being
funded through a debt of INR400 million and remaining through
internal accruals. Any delay in completion of project or an
unexpected increase in cost could stretch DECT's financial
flexibility.

CRISIL believes that DECT's business risk profile will improve
over the medium term with an expected increase in revenues marked
by healthy occupancy in its newly started courses.

The ratings reflect DECT's exposure to project-related risks
because of aggressive expansion plans, which constrain its
financial flexibility, and its weak financial risk profile. These
rating weaknesses are partially offset by the trust's established
track record and moderate operating efficiencies.

Outlook: Stable

CRISIL believes that DECT will continue to benefit over the medium
term from its established track record in the education sector.
The outlook may be revised to 'Positive' if the trust reports
higher-than-expected cash accruals, while completing its ongoing
expansion project as per schedule. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in DECT's financial
risk profile, driven by time or cost overruns in the project.

DECT was established in 1999 as an educational charitable trust.
The trust is promoted by Mr. Ram Bahadur Rai, Mr. Manmohan Singh
Chawla, Mr. Manmeet Singh Chawla, and Ms. Harjeet Kaur. The trust
opened a dental college and hospital in 2002 and a medical college
and general hospital in 2010. It has also started nursing and
management courses from 2012-13 and 2013-14 respectively.

DECT reported a net surplus of INR10 million on a net fee income
of INR436 million for 2012-13, as against a net surplus of INR10
million on a net fee income of INR322 million for 2011-12.


GURDASPUR SOLVEX: CRISIL Assigns 'B+' Rating to INR200MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Gurdaspur Solvex Pvt Ltd.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Term Loan                2       CRISIL B+/Stable

   Cash Credit             50       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     148       CRISIL B+/Stable

The rating reflects GSPL's below-average financial risk profile
marked by high gearing and average interest coverage ratio. The
rating also reflects the company's small scale of operations in
the highly fragmented and intensely competitive rice bran oil
industry. These rating weaknesses are partially offset by the
extensive experience of GSPL's promoters in the rice industry
supporting its raw material requirements, the company's
established relationships with its clients, and the funding
support it gets from its promoters.

Outlook: Stable

CRISIL believes that GSPL will maintain its business risk profile
over the medium term, supported by its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
GSPL generates more-than-expected cash accruals while increasing
its scale of operations and operating profitability, and thus
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if there is a significant
decline in GSPL's revenues or operating profitability, or its
working capital management deteriorates, or it undertakes any
larger-than-expected debt-funded capital expenditure, leading to
deterioration in its financial risk profile.

GSPL was incorporated in 1991 by Mr. Bal Krishnan Mittal and his
family members and is engaged in extraction of rice bran oil. The
company based in Gurdaspur (Punjab).


HARDIK INDUSTRIAL: CARE Downgrades Rating on INR2cr Loan to 'C'
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Hardik
Industrial Corporation Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        2.00       CARE C Revised
   Facilities                       from CARE BB+
   (Fund-based)


   Short-term Bank       9.00       CARE A4 Revised
   Facilities                       from CARE A4+
   (Fund-based)

   Long/Short-term        7.50      CARE C/CARE A4 Revised
   Bank Facilities                  from CARE BB+/ CARE A4+
   (Non-fund Based)

Rating Rationale

The rating revision reflects the weakened financial profile of the
company due to delays in receivables realisation and consequent
stretched liquidity, which is likely to impact debt servicing
capabilities.  The financial profile of the company is constrained
by the small scale of its existing operations and stiff
competition in the Del-Credre Agency (DCA) business. However, CARE
draws comfort from the experience of the promoters in the
business.

Hardik Industrial Corporation Pvt Ltd, a Del-Credere Agent of
Reliance Industries Limited, was converted into a private limited
company in July 2010 from a partnership firm under the name M/s
Hardik Industrial Corporation. The partnership firm was formed in
1986 and was engaged in the import and trading of polymers till
1996. From 1996, the firm became DCA for Indian Petrochemicals
Corporation Limited (IPCL) and post acquisition of IPCL by RIL in
2002, HIC is DCA for RIL. HIC is promoted by Mr Pankaj Valia and
Mr Bharat Valia (brothers) who have been engaged in the polymer
trading business for the past three decades.

The company posted a PAT of INR0.72 crore on total operating
income of INR4.97 crore during FY13 (refers to the period
April 1 to March 31) as against a PAT of INR0.76 crore on a total
operating income of INR5.02 crore during FY12.


LOGON INDIA: CRISIL Cuts Rating on INR180MM Loans to 'B'
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Logon India Infrastructure Pvt Ltd to 'CRISIL B/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee           300       CRISIL A4 (Downgraded from
                                      'CRISIL A4+')

   Overdraft Facility        80       CRISIL B/Stable (Downgraded
                                      from 'CRISIL BB-/Stable')

   Proposed Long Term       100       CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL BB-/Stable')

The rating downgrade reflects significant weakening in Logon's
liquidity on account of stretch in receivables. The company's
debtors were at 176 days as on March 31, 2013, against 127 days as
on March 31, 2012. Consequently, its bank lines were utilised
extensively and were frequently overdrawn. However, the company's
net cash accruals will be adequate to meet its term debt
obligations over the medium term.

The ratings reflect Logon's modest scale of operations in the
intensely competitive civil construction segment and its below-
average financial risk profile marked by a weak capital structure.
These rating weaknesses are partially offset by the extensive
industry experience of Logon's management in the civil
construction industry and its healthy order book.

Outlook: Stable

CRISIL believes that Logon will benefit over the medium term from
its management's industry experience, which will support the
company's project execution capabilities, and its healthy order
book, which provides the company with revenue visibility. The
outlook may be revised to 'Positive' if Logon improves its scale
of operations and operating profitability on a sustained basis,
leading to an improvement in its capital structure. Conversely,
the outlook may be revised to 'Negative' in case of weakening in
Logon's relationship with its key clients or delays in project
execution leading to lower-than-expected revenue growth. The
outlook may also be revised to 'Negative' if the company
undertakes any larger-than-expected debt-funded capital
expenditure programme, or if its receivables are further
stretched, resulting in deterioration in its financial risk
profile.

Established in 2011, Logon undertakes civil construction of
warehouses, residential projects, and roads for various
infrastructure companies on a sub-contract basis. The company is
promoted by Mr. Daljit Singh Chadda and Mr. P. Swaminathan.

Logon reported a profit after tax (PAT) of INR10 million on
operating revenue of INR1.2 billion for 2012-13 (refers to
financial year, April 1 to March 31), against a PAT of INR11
million on operating revenue of INR896 million for 2011-12.


MANISH INTERNATIONAL: CRISIL Ups Rating on INR60MM Loans to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Manish International to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Export Packing         20      CRISIL B/Stable (Upgraded from
   Credit                         'CRISIL B-/Stable')

   Foreign Bill           40      CRISIL B/Stable (Upgraded from
   Purchase                       'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that MI's liquidity
will improve over the medium term, supported by the expected
increase in its net cash accruals. The firm's annual net cash
accruals are expected to remain in the range of INR4 million and
INR5 million over the medium term, as against less than INR2
million in the each of the three years through 2012-13 (refers to
financial year, April 1 to March 31). As against this, the firm
does not have any major repayment obligations over this period.
The improvement in the net cash accruals is expected to be
primarily driven by no major withdrawal of partners' capital over
the medium term. MI's partners have undertaken to not withdraw any
capital over this period, unlike in the past when they withdrew
around INR15 million over the four years through 2012-13.

The rating continues to reflect MI's below-average financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics. The rating also factors in the firm's large
working capital requirements, its small scale of operations, and
its exposure to risks related to intense competition in the
building hardware industry. These rating weaknesses are partially
offset by the industry experience of MI's partners, and its
established relationships with key customers.

Outlook: Stable

CRISIL believes that MI's financial risk profile will remain weak,
and its scale of operations small, over the medium term. The firm
will, however, continue to benefit over this period from its
promoters' industry experience and its established customer
relationships. The outlook may be revised to 'Positive' if MI
reports better-than-expected revenues and profitability while
efficiently managing its working capital requirement, or if its
partners infuse funds in the capital account, thereby improving
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the firm's financial risk profile, particularly
its liquidity, deteriorates further, most likely on account of
large working capital requirements.

Set up in 1985 as a partnership firm by the Gaur family of Aligarh
(Uttar Pradesh), MI manufactures and exports building hardware.
The firm's product profile comprises of architectural hardware
such as door knobs, handles, and door fittings; its manufacturing
facility is in Aligarh. MI exports mainly to the UK, Ireland, and
Germany. The promoter family also manages two proprietary
concerns, Manish Products and Manish Exports, having similar
product lines. MI has extended support to the extent of INR2.8
million in 2012-13 to these two concerns.

For 2012-13, MI reported a profit after tax (PAT) of INR5.0
million on net sales of INR168.0 million, against a PAT of INR3.1
million on net sales of INR110.2 million for 2011-12.


MOULIKA CONSTRUCTIONS: CRISIL Puts B Rating on INR80MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the bank
facilities of Moulika Constructions. The rating reflects MC's weak
financial risk profile, modest scale of operations, and exposure
to intense competition in the fragmented civil construction
industry. These rating weaknesses are partially offset by
extensive experience of MC's promoters in the civil construction
and moderate revenue visibility.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             75       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility       5       CRISIL B/Stable

Outlook: Stable

CRISIL believes that MC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm diversifies and
improves its scale of operations and operating profitability on a
sustainable basis, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case there is a significant decline in the firm's revenues and
profitability, or if the firm undertakes a larger-than-expected
debt-funded capital expenditure programme, or if there is
deterioration in working capital management, leading to weak
financial risk profile.

Incorporated in the year 2010, MC is promoted by Mr. Jayant Patel,
Mr. Arvind Patel, Mr. Raja Gopal Raju and Mr. Pratap Reddy. The
partnership firm is involved in undertaking civil construction
works like construction Canals and Bridges.

MC reported a profit after tax (PAT) of INR9.7 million on net
sales of  INR279.3 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR12.7 million on net
sales of INR240.4 million in 2011-12.


MYSORE ROYAL: CRISIL Reaffirms 'B' Rating on INR120MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Mysore Royal
Academy Trust continues to reflect MYRA's modest scale of
operations, below-average financial risk profile marked by a high
gearing, and exposure to intense competition in the education
sector. These rating weaknesses are partially offset by the
extensive academic experience of MYRA's trustees in the education
sector.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------    -------
   Long Term Loan       120      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MYRA will continue to benefit over the medium
term from its trustees' extensive academic experience in the
education sector. The outlook may be revised to 'Positive' if the
trust registers higher-than-expected student intake, thereby
resulting in healthy cash accruals and hence, improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if MYRA faces low occupancy rates resulting in lower-
than-expected cash accruals or if it undertakes a larger-than-
expected, debt-funded capital expenditure (capex) programme,
resulting in deterioration in its financial risk profile.

Update
MYRA commenced operations in 2013-14 (refers to financial year,
April 1 to March 31). Hence, it is expected to register a modest
operating income of around INR35 million for the year (lower than
CRISIL's earlier expectations). The lower-than-expected operating
income is primarily on account of lower occupancy levels and fee
scholarship for students during 2013-14. MYRA is expected to incur
operating losses in 2013-14 due to the start-up nature of its
operations; the operating margin is expected to improve in the
range of 25 to 30 per cent over the medium term, supported by
expected improvement in occupancy levels backed by healthy demand
for business administration courses in the region. MYRA has a
below-average financial risk profile, marked by a small net worth
and a high gearing of around INR30 million and 4.5 times,
respectively, as on March 31, 2014. Though the gearing is expected
to improve over the medium term, it will remain high on account of
MYRA's proposed capex of around INR60 million in 2013-14, which is
to be funded through term loan of around INR40 million and through
trustees' funds for the rest. MYRA's liquidity remains adequate
for the rating category, marked by sufficient cash accruals to
meet debt obligations and by timely fund support from its
trustees.

MYRA was formed in 2010 in Mysore (Karnataka) by Prof. Shalini Urs
and her husband Prof. Shrijay Devaraj Urs. The trust has set up a
completely residential business school named MYRA School of
Business, which commenced operations in 2013-14.


OMSAIRAM STEELS: CRISIL Reaffirms B+ Rating on INR654.8MM Loans
---------------------------------------------------------------
CRISIL has reaffirmed the rating on the bank facilities of
Omsairam Steels and Alloys Pvt Ltd to 'CRISIL B+/Stable/CRISIL
A4'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         70       CRISIL A4 (Reaffirmed)
   Cash Credit           360       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    113.9     CRISIL B+/Stable (Reaffirmed)
   Term Loan             180.9     CRISIL B+/Stable (Reaffirmed)

The rating was downgraded from 'CRISIL BB-/Stable/CRISIL A4+' to
'CRISIL B+/Stable/CRISIL A4' on February 17, 2014 on account of
deterioration in financial risk profile on account of challenging
environment for steel and related industries in the domestic
economy. The weakness in financial risk profile is marked by high
gearing levels of around 3.9 times as on March 31, 2013, as
compared to around 2.6 times as on March 31, 2011. The
deterioration is mainly due to large capital expenditure (capex)
undertaken over the two years ended March 31, 2013, to the extent
of INR560 million, funded by a mix of bank debt, internal accruals
and unsecured loans. CRISIL believes that OSAPL's gearing will
remain high at similar levels on account of capex plans over the
near to medium term.

OSAPL's weak financial risk profile is also on account of
deterioration in the company's liquidity, on account of large
repayments (to the extent of INR135 million) as compared to cash
accruals (of around INR137 million). While the cash accruals are
expected to remain sufficient to repay its fixed debt obligations
in 2013-14 (refers to financial year, April 1 to March 31); a
large part of cash accruals is also on account of value added tax
(VAT) refund of INR150 million. CRISIL believes that OSAPL's
liquidity will remain constrained on account of increased
dependence on VAT refund and promoters' funds to repay fixed
obligations, coupled with high bank limit utilisation over the
near to medium term.

The company is expected to witness a decline in revenues to the
extent of INR4.6 billion during 2013-14, as compared to INR5.0
billion in 2012-13. The decline is mainly on account of weak
offtake of steel and related products in the industry. However, on
account of large capex towards process improvement and capacity
expansion, the overall profitability is expected to increase to
around 7.0 per cent in 2013-14 as compared to around 5.8 per cent
in previous year. CRISIL believes that OSAPL's business risk
profile will continue to remain constrained on account of weakness
in the steel and allied industries, supported by expected increase
in operating profitability over the near term.

CRISIL's rating on the bank loan facilities of OSAPL will continue
to reflect below average financial risk profile on account of
highly leveraged capital structure, coupled with susceptibility of
operating margins on account of volatility in steel and its raw
material prices. These rating weaknesses are partially offset by
promoters' extensive industry experience and established
relationships with customers and suppliers coupled with timely
support in the form of unsecured loans in the business.

Outlook: Stable

CRISIL believes that OSAPL will maintain its stable business risk
profile over the medium term, backed by the extensive experience
of its promoters in the steel industry, its integrated nature of
operations and established relationships with customers and
suppliers. The outlook may be revised to positive if there is
significant improvement in its financial risk profile marked by
capital structure and debt protection measures. Conversely, the
outlook may be revised to 'Negative' if there is significant
deterioration in its profitability or a stretch in its working
capital cycle leading to further deterioration in the financial
risk profile.

OSAPL, incorporated in 2003, is owned and managed by the Bharuka
family. The company manufactures long steel product such as mild
steel (MS) billets and thermo-mechanically treated (TMT) bars. Its
business operations are managed by Mr. Rajendra Bharuka and Mr.
Dinesh Bharuka.

OSAPL reported a profit after tax (PAT) of INR41.9 million on net
sales of INR5.0 billion for 2012-13, as against a PAT of INR39.2
million on net sales of INR4.5 billion for 2011-12.


ORIENTAL METAL: CRISIL Ups Rating on INR95.5MM Loans to 'B+'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Oriental Metal Works (OMW) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable', while assigning its 'CRISIL A4' rating to
the firm's short-term bank loan facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Export Packing Credit      40     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Foreign Bill Purchase      40     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Foreign Exchange Forward    2.5   CRISIL A4 (Assigned)

   Proposed Long Term         15.5   CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that OMW's liquidly
will improve over the medium term owing to increasing, though
still low, cash accruals expected, coupled with absence of any
significant debt-funded capital expenditure (capex) plan. The
firm's liquidity will be further supported by no capital
withdrawals expected over this period. The improved liquidity will
support OMW's large incremental working capital requirements
commensurate with its healthy expected annual revenue growth of 20
to 25 per cent over the medium term. Any capital withdrawal will
remain a key rating sensitivity factor.

The ratings reflect OMW's weak financial risk profile, marked by a
small net worth, high gearing, and weak debt protection metrics.
The ratings also factor in the firm's small scale and working-
capital-intensive operations, and its susceptibility to intense
industry competition. These rating weaknesses are partially offset
by the extensive experience of OMW's partners in the architectural
hardware industry, and its established customer relationships.

Outlook: Stable

CRISIL believes that OMW will continue to benefit over the medium
term from its partners' extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' if the firm scales up its operations significantly
while improving its operating profitability, leading to higher-
than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if OMW undertakes a large debt-funded capex
programme, or if its profitability and cash accruals decline
significantly leading to a stretch in its liquidity.

OMW was originally established as a partnership firm by Mr. S K
Chaudhary and Mr. H B S Sachdeva in 1979 in Masoodabad, Aligarh
(Uttar Paradesh). However, since August 25, 2012, Mr. S K
Chowdhary and his son, Mr. Tushar Chowdhary, have been the
partners. The firm manufactures architectural hardware which
includes door fittings, window fittings, cabinet fittings, and
accessories manufactured from brass, aluminium, zinc and black
iron.

OMW reported a profit after tax (PAT) of INR4.4 million on net
sales of INR98 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR0.4 million on net sales
of INR100 million for 2011-12.


PANALE INFRA: CRISIL Rates INR26MM Cash Credit at 'B-'
------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Panale Infrastructures Pvt Ltd.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------       ---------    -------
   Bank Guarantee       30       CRISIL A4 (Assigned)
   Cash Credit          26       CRISIL B-/Stable (Assigned)

The ratings reflect PIPL's weak liquidity on account of stretch in
receivables and constrained financial risk profile marked by high
total outside liabilities to tangible net worth ratio and modest
net worth. The ratings also factor geographic concentration of
PIPL's modest scale of operations in a highly fragmented civil
construction industry. These rating weaknesses are partially
offset by the benefits that PIPL derives from its promoters'
extensive experience in the civil construction industry and
moderate debt protection measures supported by average
profitability.

Outlook: Stable

CRISIL believes that PIPL's financial risk profile will remain
constrained on account of modest accruals on its high working
capital intensive operations. The outlook may be revised to
'Positive' if the company is able to improve its accruals
significantly or if there is large fund infusion to correct the
overall liquidity profile. Conversely, the outlook may be revised
to 'Negative' in case PIPL's working capital cycle stretches
further or if profitability declines from present levels, thus
impacting its financial risk profile further.

PIPL was incorporated in 2009 by Mr. Pundik Vitthalrao Panale. The
company undertakes construction of roads, bridges and buildings
for government and private players in Maharashtra. PIPL is
registered with the Public work department, Maharashtra, and the
Maharashtra irrigation department.


PRABHAT FERTILIZER: CRISIL Assigns 'B+' Rating to INR194.5MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Prabhat Fertilizer & Chemical Works.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan             19.5       CRISIL B+/Stable
   Cash Credit          130         CRISIL B+/Stable
   Proposed Cash
   Credit Limit          45         CRISIL B+/Stable

The rating reflects PFCW's small scale and working-capital-
intensive nature of operations. The rating also factors in PFCW's
modest financial risk profile marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of PFCW's promoters in the fertilizer
industry.

Outlook: Stable

CRISIL believes that PFCW will maintain a stable business risk
profile over the medium term supported by the extensive experience
of its promoters in the fertilizer industry. The outlook may be
revised to 'Positive' in case of significant and sustained
increase in scale of operations of the firm leading to higher than
expected accruals, along with substantial improvement in capital
structure. Conversely, the outlook may be revised to 'Negative 'in
case of any decline in the operating margins or any large debt
funded capex program, leading to deterioration in its financial
risk profile.

PFCW was incorporated as a partnership firm in 1974 by Mr.
Prashant Goyal and Mr. Bhushan Goyal. The firm is involved in the
manufacturing of micronutrients and organic fertilizers.

PFCW reported a profit after tax (PAT) of INR8.9 million on an
operating income of INR355.3 million for 2012-13 (refers to
financial year, April 1 to March 31), against a PAT of INR3.0
million on an operating income of INR191.9 million for 2011-12.


SARAH FOODS: CRISIL Assigns 'B+' Ratings to INR150M Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sarah Foods.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                  54       CRISIL B+/Stable
   Cash Credit                25       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility         71       CRISIL B+/Stable

The rating reflects SF's weak financial risk profile, marked by a
modest net worth, high gearing, and average debt protection
metrics, and the susceptibility of its revenues to changes in
government policies. These rating weaknesses are partially offset
by the extensive experience of SF's proprietor in the buffalo meat
industry.

Outlook: Stable

CRISIL believes that SF will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves significantly, most likely because of substantial
growth in its revenues and improvement in its profitability
resulting in better-than-expected accruals, or infusion of capital
by the proprietor. Conversely, the outlook may be revised to
'Negative' if SF's financial risk profile, particularly its
liquidity, weakens further, most likely because of an increase in
its working capital requirements, a decline in its revenues and
profitability, or large debt-funded capital expenditure.

SF, based in Delhi, was established as a proprietorship firm by
Mr. Mohammed Zulfiqar in 2006. The firm is engaged in processing
and export of frozen buffalo meat. Mr. Zulfiqar has around 15
years of experience in the meat-processing industry. SF has its
processing unit at Bijnor (Uttar Pradesh).


SARRALLE EQUIPMENT: CARE Reaffirms 'B+' Rating on INR10.5cr Loans
-----------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Sarralle
Equipment India Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           10.50       CARE B+ Reaffirmed

   Short-term Bank
   Facilities           34.50       CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained by the relatively small
scale of operations & weak financial risk profile, working capital
intensive operations & stretched liquidity position, customer
concentration risk and revenue concentration in the cyclical steel
industry. The ratings, however, continues to derive strength from
the long track record of the holding company, experienced
management & financial support in the past and established
relationship with reputed customers.

The ability to improve the overall scale of operations along with
improvement in the profitability margins, efficient management of
the working capital cycle and improvement in the liquidity
position remain the key rating sensitivities.

Sarralle Equipment India Private Limited, subsidiary company of
Sarralle Equipos Siderurgicos, S. L., [headquartered in Spain],
was incorporated on December 16, 2005. It is engaged in providing
design, construction and custom turnkey solutions to the steel
manufacturers both pre and post commissioning of plant. SEIPL is
also engaged in the manufacturing of furnaces for steel
manufactures through plant located at Mahishrekha, West Bengal.
Holding company SES is part of Sarralle Group which is globally
diversified and has presence of more than 50 years. SES holds
84.77% stake in SEIPL and has been continuously supporting SEIPL.
SEIPL designs and supplies steel plant equipment such as Electric
Arc Furnaces (ERC) [for a capacity ranging from 25 to 250 tons],
Ladle furnaces [for a capacity ranging from 25 to 300 tons],
Fume exhaust systems, VD/VOD, RH Degassing, Continuous Casting
Machine, Ingot Vacuum Casting degasser (VCD), Auxiliaries for the
steel making process and Control & Automation System (Level I &
II) for all the equipment referred above.

The day-to-day affairs of the company are looked after by Mr
Aristizabal Bilbao Antonio Juan, Managing Director, with adequate
support from a team of experienced professionals.

In FY13 (refers to the period April 1 to March 31), SEIPL reported
an operating loss of INR3.30 crore (INR6.1 crore in FY12) and net
loss of INR2.3 crore (INR9.3 crore in FY12) on a total operating
income of INR28.3 crore (INR19 crore in FY12). In 9MFY14, SEIPL
has achieved a total turnover of INR19.7 crore.


SATYA SUBAL: CRISIL Assigns 'D' Ratings to INR175MM Loans
---------------------------------------------------------
CRISIL has assigned 'CRISIL D/CRISIL D' ratings to the bank
facilities of Satya Subal Himghar Pvt Ltd. The ratings reflect
instances of delay by SSHPL in servicing its debt; the delays have
been caused by the company's weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               85        CRISIL D
   Proposed Long Term
   Bank Loan Facility      83        CRISIL D
   Bank Guarantee           1        CRISIL D
   Cash Credit              6        CRISIL D

SSHPL also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, and is exposed to
intense competition in the cold storage industry in West Bengal.
However, SSHPL benefits from its promoter's extensive industry
experience.

Incorporated in 2013, SSHPL provides cold storage facility for
potato storage and the promoters also undertake opportunistic
trading of potatoes. The cold storage is located in Mednipur
(West), West Bengal. The day-to-day operations of the company are
managed by five brothers Mr. Bhaskar Ghosh, Mr. Dipankar Ghosh,
Mr. Sasanka Ghosh, Mr. Shankar Ghosh and Mr. Kinkar Prasad Ghosh.


SELVALATHA INDUSTRIES: CRISIL Puts B+ Rating on INR60MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Selvalatha Industries. The rating reflects SI's
small scale of operations, customer concentration in its revenue
profile, and working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of the
firm's promoters in the asafoetida processing business.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             3.9       CRISIL B+/Stable
   Cash Credit          50         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    6.1       CRISIL B+/Stable

Outlook: Stable

CRISIL believes that SI will continue to benefit over the medium
term from its promoters' extensive experience in asafoetida
processing business. The outlook may be revised to 'Positive' if
the firm's scale of operations increases significantly while it
maintains its profitability, or if its working capital management
improves, or if there is substantial infusion of capital by its
promoters, leading to an improvement in its financial risk
profile, particularly its liquidity. Conversely, a significant
stretch in SI's working capital cycle, lower-than-expected
accruals, or substantial debt-funded capital expenditure,
resulting in deterioration in its overall financial risk profile,
especially its liquidity, may lead to a revision in the outlook to
'Negative'.

SI was established in 2002. The firm manufactures compounded
asafoetida which is used as a flavouring agent. Presently, SI is
managed by Mr. T Rajavel, who has extensive experience in the
spice industry. The firm has a processing facility near Ambattur,
Chennai (Tamil Nadu).


SHAILJA TEXPRINTS: CARE Reaffirms 'B+' Rating on INR9.6cr Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shailja Texprints.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            9.60       CARE B+ Reaffirmed

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

Rating Rationale

The rating continues to remain constrained on account of the
modest scale of operations of Shailja Texprints and its limited
presence in the textile value chain. The rating is further
constrained due to its financial risk profile marked by thin
profitability, weak solvency position and moderate liquidity
position, operations in a competitive segment of the textile value
chain, its constitution as a proprietorship concern and
vulnerability of profitability margins to fluctuation in the raw
material prices.

The rating, however, continues to factor in the benefit derived
from the experienced proprietor.  Improvement in the overall
financial risk profile will be the key rating sensitivity.

STP is a proprietorship concern, promoted by Mr Dinesh Kumar Digga
in March 2007. Mr Dinesh Kumar Digga has an experience of more
than 15 years in the textile processing industry. He initially
started with Shailja Prints (SPS) in 2001 which was engaged in
hand made and table printing of fabrics. Due to the high level of
labour intensity and old technology-based machinery, he
established STP in March 2007 and shifted the entire operations of
SPS in STP. STP mainly deals with the processing of cotton fabrics
for ladies night-wear and dress materials. It has ian nstalled
processing capacity of 300 Lakh Meter Per Annum (LMPA) as on March
31, 2013 at Balotra in Rajasthan. The firm also has the team of
experienced designers and technicians with inhouse design studio.
It sells its products under the registered trademarks of
'Panihari', 'Panghat', 'Panchratna', 'Kundan', 'Shailja' and
'Pearl'. It sells its products mainly in Maharashtra, Kolkata,
Kerala, Karnataka, Tamil Nadu and Andhra Pradesh through agents.
STP has associate concerns promoted by other family members namely
Annapurna Texofin Private Limited which is engaged in the dyeing
of fabrics, Shivan Mills which is engaged in value addition
printing for manufacturing of ladies suits, kurtis and tops and
Shivani Cotex Private Limited (incorporated in 2009, rated 'CARE
B+') engaged in the processing of fabric.

As per the audited results of FY13 (refers to the period April 1
to March 31), STP reported a total income of INR 85.34 crore
(FY12: INR 76.16 crore) with PAT of INR0.43 crore (FY12: INR0.38
crore). As per the provisional results of 9MFY14, STP has achieved
a TOI amounting to INR78.73 crore.


SHALIMAR WORKS: CRISIL Reaffirms 'C' Rating on INR290.4MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Shalimar Works
(1980) Ltd continue to reflect delay by Shalimar Works in
servicing of term debt obligations for West Bengal Industrial
Development Corporation (not rated by CRISIL) and unsecured loan
provided by the Government of West Bengal (GoWB; not rated by
CRISIL) on account of weak liquidity.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bank Guarantee           259.6      CRISIL A4 (Reaffirmed)
   Cash Credit                7.5      CRISIL C (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       282.9      CRISIL C (Reaffirmed)

The company continues to have a weak financial risk profile,
marked by an adverse capital structure and weak debt protection
metrics, and low operating efficiency. Moreover, it has a
concentrated customer profile. These rating weaknesses are
partially offset by the benefits which Shalimar Works may derive
from its healthy pipeline of orders.

Shalimar Works was established by the Turner Morrison Group of
Companies in the late 1890s. In 1980, the erstwhile company was
liquidated and its assets were acquired by GoWB through
incorporation of Shalimar Works under its current name. Currently,
the company is wholly owned by GoWB. Shalimar Works is mainly in
the business of ship-building and repairing, and it is also in the
general engineering and heavy structural fabrication businesses.


SHIVANI COTEX: CARE Reaffirms 'B+' Rating on INR7.39cr Loans
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shivani Cotex Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             7.39      CARE B+ Reaffirmed

Rating Rationale

The rating continues to remain constrained on account of the
modest scale of operations of Shivani Cotex Private Limited and
its limited presence in the textile value chain. The rating is
further constrained due to its financial risk profile marked by
thin profitability, weak solvency position and moderate liquidity
position, its presence in the highly fragmented and competitive
segment of the textile value chain and vulnerability of
profitability margins to fluctuation in raw material prices.

The rating, however, continues to factor in the benefit derived
from the vast experience of the promoters in the textile
processing industry coupled with established distribution network
of the company.

Improvement in the overall financial risk profile will be the key
rating sensitivity.

SCPL, incorporated in 2009, is promoted by Mr Asha Ram Digga along
with his family members and is a part of the 'Annapurna Group'.
The group concerns include Annapurna Texofin Private Limited
(incorporated in 1988) which is engaged in the dyeing of fabrics,
Shailja Texprints (formed in 2007, rated 'CARE B+') which is
engaged in the processing of cotton fabrics for dress materials
and ladies night wears, Shivan Mills (formed in 2005) which is
engaged in the value addition printing for manufacturing of ladies
suits, kurtis and tops. Furthermore, being associated with the
Annapurna group, SCPL is benefitted from the established marketing
network and the existing client base of the 'Annapurna Group'
which is involved in similar line of business. SCPL has eight
agents located in different regions of India.

SCPL is engaged in the business of processing of cotton fabrics
and produces dyed poplin and printed dress materials. It has a
total installed capacity of 85 Lakh Meter Per Annum (LMPA) for
poplin and 75 LMPA for printed dress material as on March 31,
2013. In FY13 (refers to the period April 1 to March 31), SCPL had
utilised 80% of the total installed capacity. SCPL also does job
work for others located in the local market. It sells its products
under the brand name of 'Piya Basanti' and 'Gangaur'. The company
purchases grey fabrics from Maharashtra.

As per audited results of FY13, SCPL reported a total income of
INR36.54 crore (FY12: INR20.11 crore) with PAT of INR0.10 crore
(FY12: INR0.04 crore). As per the provisional result for 9MFY14,
SCPL achieved a TOI amounting to INR36.25 crore.


SHIV SHAKTI: CRISIL Assigns 'B+' Rating to INR120MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Shiv Shakti Rice Mills. The rating reflects SSRM's
weak financial risk profile, marked by high gearing and weak debt
protection metrics, small scale of operations in the intensely
competitive rice processing industry, and susceptibility to
volatility in raw material prices. These rating weaknesses are
partially offset by its promoters' extensive experience and
healthy growth prospects in the rice industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------         ---------     -------
   Cash Credit             70       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      50       CRISIL B+/Stable

Outlook: Stable

CRISIL believes that SSRM will continue to benefit from its
promoters' extensive experience in the rice mill industry. The
outlook may be revised to 'Positive' if SSRM improves its
financial risk profile, driven most likely by more-than-expected
net cash accruals along with moderation in working capital
requirements. Conversely, the outlook may be revised to 'Negative'
if SSRM's liquidity or capital structure deteriorates
significantly or its profitability declines.

SSRM is a Karnal (Haryana)-based partnership firm, established by
Nathi Ram, Madan Lal, Ram Phal and Ram Pal in 1989. The firm is
mainly engaged in milling and marketing of higher grade variety of
rice like basmati as well as non-basmati varieties like Parmal.


SHYAM LEELA: CRISIL Reaffirms 'B+' Rating on INR75MM Loans
----------------------------------------------------------
CRISIL's rating on the bank loan facilities of Shyam Leela Fashion
House Pvt Ltd continues to reflect SLF's weak financial risk
profile which is mainly on account of the company's large working
capital requirements. The rating also reflects SLF's low operating
margin because of its small scale of operations in the intensely
competitive garment trading industry. These rating weaknesses are
partially offset by the benefits that SLF derives from its
promoters' established track record in the textile trading
business.

                    Amount
   Facilities      (INR Mln)    Ratings
   ----------      ---------    -------
   Cash Credit        75       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SLF will continue to benefit over the medium
term from its promoters' established track record in the textile
trading business. The outlook may be revised to 'Positive' if the
company's financial risk profile improves, most likely driven by
more-than-expected cash accruals or fresh infusion of capital by
its promoters. Conversely, the outlook may be revised to
'Negative' if SLF generates less-than-expected cash accruals, or
contracts a larger-than-expected quantum of debt to fund its
working capital borrowings or capital expenditure.

Update
SLF's business risk profile remains weak, marked by a small scale
of operations, low profitability, and high competition. The
company reported revenues of INR580 million for 2012-13 (refers to
financial year, April 1 to March 31), a decline of about 14 per
cent from INR677 million for 2011-12. This decline was on account
of SLF's increased focus towards higher realisation, resulting in
improved profitability but a decline in volumes. The company is
likely to report revenues of INR650 million to 700 million in
2013-14. CRISIL believes that SLF's revenues will continue to grow
at a moderate rate on account of the extensive experience of its
promoters and with its retail showroom.

The company's operating margin, though low, improved to 2.64 per
cent in 2013-14 from around 1 per cent in a year ago. CRISIL
believes that SLF's operating margin will remain at existing
levels over the medium term.

The company's working capital requirement remains high with gross
current sssets of 152 days as on March 31, 2013. CRISIL believes
that SLF will continue to have debtor and creditors days of around
70 days and 80 days, respectively, with inventory of over 60 days,
over the medium term.

SLF's financial risk profile remains weak, marked by its small net
worth at INR45 million as on March 31, 2013, high total outside
liabilities to tangible net worth (TOLTNW) ratio of 4.64 times,
and modest debt protection metrics. Small net worth restricts
SLF's ability to contract further debt in case of exigencies. Its
net cash accruals to total debt (NCATD) and interest coverage
ratios stood at 2 per cent and 1.1 times, respectively, in 2012-
13. CRISIL believes that SLF's financial risk profile will remain
weak over the medium term marked by low accretion to reserves and
large working capital requirements.

The company's liquidity remains weak, marked by fully utilised
bank limits and low cash accruals, though sufficient to honour its
term debt repayment obligations.

SLF reported a profit after tax (PAT) of INR0.7 million on net
sales of INR580 million for 2012-13, against a net loss of INR0.02
million on net sales of INR677 million for 2011-12.

Promoted by the Khatri family, SLF is a wholesaler of sarees,
cloth materials, and handloom items in Uttar Pradesh, Bihar,
Madhya Pradesh, and Jharkhand. Initially set up as a firm, the
entity was reconstituted as a private limited company in April
2010. SLF mainly operates in the wholesale market in Kanpur.


SIDDESHWAR MULTIPURPOSE: CRISIL Puts D Rating on INR150MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the bank
loan facilities of Siddeshwar Multipurpose Heemghar Pvt Ltd. The
rating reflects the delay by SMHPL in servicing its debt; the
delay has been caused by the company's weak liquidity.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              42.7       CRISIL D
   Proposed Long Term
   Bank Loan Facility     40.2       CRISIL D
   Bank Guarantee          1.2       CRISIL D
   Cash Credit            65.9       CRISIL D

SMHPL also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, and is exposed to
intense competition in the cold storage industry in West Bengal.
However, SMHPL benefits from its promoter's extensive industry
experience.

Incorporated in 2011, SMHPL provides cold storage facilities for
potatoes. Its facilities are located in Chandrakona (West Bengal).
The company's day-to-day operations are managed by brothers Mr.
Bhaskar Ghosh, Mr. Dipankar Ghosh, and Mr. Sasanka Ghosh.


STANDARD PHARMA: CRISIL Reaffirms D Rating on INR102.5MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Standard Pharmaceuticals
Ltd continues to reflect instances of overutilisation of SPL's
working capital limits; the overutilization has been caused by
delays in realisation of funds from debtors, resulting in weak
liquidity. The rating also reflects instances of delay by SPL in
servicing its debt.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          5       CRISIL D (Reaffirmed)
   Bill Discounting        5       CRISIL D (Reaffirmed)
   Cash Credit            53.5     CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     31.8     CRISIL D (Reaffirmed)
   Term Loan               7.2     CRISIL D (Reaffirmed)

SPL also has a weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics. However,
the firm benefits from its top management's experience in the
pharmaceuticals industry and established relationship with its
clientele.

Update
The operating revenues of SPL improved to INR242 million in 2012-
13 (refers to financial year, April 1 to March 31) from INR118
million in 2011-12. Its turnover during 2013-14 has, remained
modest with the company achieving about INR160 million for the
first seven months of 2013-14. The revenues for the current
financial year are expected to remain in the range of INR220
million to INR250 million. The company has registered operating
losses of INR22 million during 2012-13. The liquidity of the
company also remains weak, with high receivables of around 105
days in 2012-13, thereby constraining the overall financial risk
profile of the company and leading to delays in debt servicing.
The weak liquidity is also reflected in high bank limit
utilisation of SPL in excess of 100% during the 12 months ending
November-2013.

SPL was incorporated in 1932 by Mr. Hemen Ghosh and Dr. Vikram
Sarabhai. In 1996, SPL was bought by the Emjay group and currently
manufactures formulations for government as well as private
parties. Around 50 per cent of the formulations are sold in the
market under its own brands, Stenpen and Livergen.


SUJANA METAL: CARE Assigns 'B+' Rating to INR1,701.84cr Loans
-------------------------------------------------------------
CARE assigns 'CARE B+'/'CARE A4' ratings to bank facilities of
Sujana Metal Products Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities          1,701.84     CARE B+ Assigned

   Short-term Bank
   Facilities            269.13     CARE A4 Assigned

Rating Rationale

The ratings assigned to Sujana Metal Products Limited are
constrained by the low capacity utilization, volatility in raw
material prices, declining profitability margins, high collection
period, high group exposure in the form of corporate guarantees
and working capital intensive nature of operation. The ratings
are, however, underpinned by the experienced promoters, long track
record of operation and improvement in the liquidity profile of
the company post implementation of corporate debt restructuring
(CDR) package by lenders. Ability of the company to improve the
capacity utilization with subsequent improvement in profitability,
reduce the group exposure and realize receivables in a timely
manner thereby improving the liquidity profile are the key rating
sensitivities.

Sujana Metal Products Limited, belonging to Hyderabad-based Sujana
Group was incorporated in May 1988 under the name of Sujana Steel
Re-Rolling Industries (P) Limited. The name of the company was
changed to Sujana Steels Private Limited in March 1992 and
subsequently to the current nomenclature in November 2001. SMPL is
engaged in the trading of steel products and manufacturing of TMT
bars & structural steel products at its facilities located at
Hyderabad, Chennai and Visakhapatnam with a total capacity of
1.07Million Tons Per Annum of different steel products.

SMPL is a part of the Sujana group, promoted by Mr Y S Chowdhary
who has more than 23 years of experience in steel products
manufacturing and trading. The group has diversified business
activity with presence in the construction & structural steel,
power transmission & telecom towers and allied services, energy
(generation, distribution, green energy consulting and manufacture
of energy saving LEDs), basic and urban infrastructure
development, precision engineering components, domestic appliances
and international trade.

During FY13 (refers to the period April 1 to March 31), SMPL
registered a net loss of INR20.26 crore (net profit of INR20.77
crore in FY12) on a total operating income of INR1,802.25 crore
(INR2 056.14 crore in FY12). As per the unaudited financials for
H1FY14, SMPL registered a net loss of INR22.46 crore on a total
operating income of INR1, 341.88 crore.


SUMER SONS: CRISIL Cuts Rating on INR170MM Loans to 'B-'
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sumer Sons Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL
B+/Stable' while reaffirming its rating on its short-term
facilities at 'CRISIL A4'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          30      CRISIL A4 (Reaffirmed)

   Cash Credit            165      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Long Term       5      CRISIL B-/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that SSPL's
financial risk profile, particularly liquidity, will further
deteriorate over the medium term due to estimated cash losses of
INR4 million to INR6 million in 2013-14 (refers to financial year,
April 1 to March 31); the company had incurred cash losses in
2011-12 and 2012-13, resulting in large working capital debt. The
working capital debt is increasing over the years primarily due to
stretch in receivables owing to slowdown in end user industries.
The liquidity is expected to weaken further driven by planned
debt-funded capital expenditure (capex) of around INR60 million
over the medium term towards construction of warehouse in Jaipur
with yearly repayment obligations of around INR10 million. SSPL's
liquidity has been stretched marked by fully utilised bank limit
despite availing of adhoc facility of INR30 million. However; the
liquidity is partially supported by unsecured loans from the
promoters to meet the repayment obligations.

CRISIL's ratings on the bank facilities of SSPL reflects its weak
financial risk profile, marked by high total outside liabilities
to tangible net worth (TOLTNW) and weak interest coverage ratios,
and exposure to risks related to limited value-addition in
operations, and volatility in steel prices. These rating
weaknesses are partially offset by the benefits that SSPL derives
from its established relationship with its major supplier,
Rastriya Ispat Nigam Ltd, and its diversified customer base.

Outlook: Stable

CRISIL believes that SSPL's financial risk profile will remain
weak over the medium term owing to incremental working capital
requirement and planned debt-funded capex. However, SSPL will
continue to be benefit from its diversified product offering and
established relationships with suppliers and customers. The
outlook may be revised to 'Positive' in case of significant
improvement in net worth most likely through equity infusion or
significant increase in scale of operations coupled with
improvement in profitability levels leading to larger than
expected cash accruals and thereby healthy liquidity. Conversely,
the outlook may be revised to 'Negative' if SSPL's profitability
or working capital management deteriorates significantly impacting
its liquidity.

SSPL was established in 1995-96 as a partnership firm by Mr.
Rajeev Jain and family. In 2002, it has been converted into a
private limited company. SSPL's core activity involves trading in
wide range of steel steel long products such as thermo-
mechanically treated bars, round bars; structural steel like
angles, beams, and channels having applications in construction
and infrastructure sector. It also trades in sponge iron and pig
iron and generates less than 5 per cent of its revenues by
providing services as a consignment agent for Jindal Steel Power
Ltd and Rashtriya Ispat Nigam Ltd (rated 'CRISIL AA/Negative').

SSPL reported a profit after tax (PAT) of INR4.0 million on net
sales of INR769 million for 2012-13, against a PAT of INR6.0
million on net sales of INR973 million for 2011-12.


UIC CORPORATION: CARE Lowers Rating on INR42cr Loans to 'D'
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
UIC Corporation Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         2         CARE D Revised
   Facilities                       from CARE BB+

   Short-term Bank       40         CARE D Revised
   Facilities                       from CARE A4+

Rating Rationale

The rating revision factors in the delays observed in debt-
servicing by the company due to delays in receivables realisation
and consequent strained liquidity position. However, the bankers
have approved the scheme for LC regularization and presently
payments are being made as per the approved scheme. Going forward,
timely servicing of debt obligations, scaling up operations with
improvements in profitability will remain the key rating
sensitivity.

UIC Corporation Private Limited's was founded in 2003 as a
partnership firm by Mr Pankaj Valia and Mr Bharat Valia
(Brothers). UIC is engaged in the manufacturing of the polymer
granules out of the imported plant sweeps. The company posted a
PAT of INR2.96 crore on a total operating income of INR215.95
crore during FY13 (refers to the period April 1 to March 31).


VIOLA RESORTS: CRISIL Rates INR149.9MM Bank Loan at 'B-'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Viola Resorts Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility       149.9    CRISIL B-/Stable

The rating reflects VRPL's exposure to risks related to
implementation, funding and off-take for its ongoing resort
project at Lonavala (Maharashtra). These rating weaknesses are
partially offset by the benefits that the company derives from its
extensive entrepreneurial experience of the promoters.

Outlook: Stable

CRISIL believes that VRPL will continue to benefit from its
promoters' extensive entrepreneurial experience over the medium
term. The outlook may be revised to 'Positive' if VRPL executes
its resort project in a timely manner without any significant cost
overrun, and is able to demonstrate higher-than-expected occupancy
levels, leading to improvement in its liquidity. Conversely, the
outlook may be revised to 'Negative' in case of any significant
time or cost overruns in commissioning of VRPL's project, leading
to pressure on its liquidity.

Viola Resorts Private Limited, incorporated in 2010, is engaged in
hospitality services at Lonavala (Maharashtra). The company is
promoted by Mumbai-based Mr. Nitin Chimbaikar and his family and
is currently engaged in setting up a 4-star hotel, - 'The Fern
Resort' at Lonavala. The company has its office at Mumbai,
Maharashtra.


YASH KNITWEAR: CARE Reaffirms 'B' Rating on INR10cr Bank Loans
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Yash Knitwear.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              10       CARE B Reaffirmed

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

Rating Rationale

The rating assigned to the bank facilities of Yash Knitwear
continues to be constrained by the relatively small scale of
operations, working capital intensive nature of operation due to
stretched operating cycle, leveraged capital structure and weak
debt coverage indicators. The rating further continues to be
constrained by the susceptibility of profitability margins to
volatile raw material prices, presence in a highly fragmented
industry and constitution of the entity as a proprietorship
concern.

The above constraints are partially offset by the strengths
derived from the experienced proprietor in the textile industry.
The ability of the entity to improve the overall scale of
operations coupled with efficient managing of working capital
cycle amidst the intense competition are the key rating
sensitivities.

Established in April 2002, Yash Knitwear is engaged in the trading
of finished fabrics in the domestic market catering to the cities
like Ahmedabad, Indore, Delhi, Ludhiana, Mumbai and others.
Moreover, besides the trading of fabrics, the firm on specific
requirements from the customers also undertakes processing of
fabrics in house (in-house facility with CAD designs).  However,
this forms only a miniscule portion of the overall sales.

During FY13 (refers to the period April 1 to March 31), YK
reported a total operating income of INR52.52 crore (vis-...-vis
INR39.98 crore in FY12) and PAT of INR0.39 crore (vis-...-vis
INR0.27 crore in FY12). Furthermore during 9MFY14, the entity
posted a total income of INR52 crore.


ZAMINDARA TIMBER: CRISIL Reaffirms B- Rating on INR20MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Zamindara Timber
Traders continue to reflect its weak financial risk profile marked
by a small net worth, high total outside liabilities to tangible
net worth (TOLTNW) ratio and weak debt protection metrics, and
small scale of operations in the intensely competitive timber
trading industry resulting in low operating margin. These rating
weaknesses are partially offset by the benefits that ZTT derives
from its promoters' extensive experience in the timber trading
industry and the funding support that it receives from them.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          20        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit    120        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that ZTT will continue to benefit over the medium
term from its promoters' extensive experience in the timber
trading industry and its established relationships with its
customers and suppliers. The outlook may be revised to 'Positive'
if there is a substantial and sustained improvement in the
company's revenues and profitability margins from the current
levels leading to higher-than-expected cash accruals, or there is
substantial increase in net-worth on the back of equity infusion
from promoters. Conversely, the outlook may be revised to
'Negative' in case ZTT's financial risk profile, particularly
liquidity, weakens because of lower-than-expected cash accruals,
more-than-expected increase in its working capital requirements,
or larger-than-expected debt-funded capital expenditure.

Update
ZTT's net sales increased 26 per cent year-on-year to around
INR536 million in 2012-13 (refers to financial year, April 1 to
March 31); the revenue growth has been mainly driven by addition
of new customers and increased demand from its existing clients.
The firm's operating margins, although stable, have been low at
around 1.65 per cent in 2012-13 on account of low value addition
nature of the trading business. CRISIL believes that ZTT's margins
will remain at similar levels over the medium term.

The firm's operations are moderately working capital intensive as
reflected in its estimated gross current asset (GCA) of around 142
days as on March 31, 2013; the GCA days have been at similar
levels for the three years since 2010-11. These high GCA days
emanate from the firm's inventory of around 48 days and
receivables of 70 days. As a result, the firm's average bank limit
utilization has been high at 90 per cent for the 12 months ended
December 31, 2013.

ZTT's net worth is also estimated to remain small at around INR7
million as on March 31, 2014 thereby limiting its financial
flexibility to meet any exigency. The company has high total
indebtedness towards funding its working capital requirements;
these coupled with small net worth is estimated to result in high
TOLTNW ratio of around 32 times as on March 31, 2014.

ZTT is engaged in the processing and trading of timber. The firm
was established as a proprietorship concern in 1975; it was
reconstituted as a partnership firm in 2001, with Mr. Amit Kamboj
and his brother, Mr. Shailesh Kamboj, as its partners. The firm is
based in Karnal (Haryana), with its processing facilities located
at Gandhidham (Gujarat).



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


HUMMINGBIRD SECURITISATION: S&P Puts CDO Ratings on Watch Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on two
Hummingbird Securitisation Ltd. synthetic collateralized debt
obligation (CDO) transactions on CreditWatch with negative
implications.

The CreditWatch negative placements reflect the CreditWatch
negative placements on the ratings on the collateral assets for
these CDOs.  S&P intends to review the tranches, considering the
creditworthiness of the collateral assets and referenced
portfolios.

These transactions are synthetic CDOs.  The credit quality of the
tranches relies on the creditworthiness of a swap counterparty and
collateral assets, in addition to the creditworthiness of the
referenced portfolios.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS PLACED ON CREDITWATCH NEGATIVE

Hummingbird Securitisation Ltd.
Series 1 loan
To                     From         Amount
BBB (sf)/Watch Neg     BBB (sf)     JPY4.0 bil.

Series 2 loan
To                     From         Amount
B+ (sf)/Watch Neg      B+ (sf)      JPY3.0 bil.



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


LOMBARD FINANCE: Receivers Reach NZ$10-Mil. Settlement
------------------------------------------------------
PwC Partners John Fisk and Colin McCloy as Receivers of Lombard
Finance & Investments Limited have announced they have reached a
settlement agreement with the Directors of Lombard, their
insurers, and a third party for NZ$10 million.

The settlement relates to civil claims that were made by the
Receivers against Lombard's Directors for alleged breach of
directors' duties under the Companies Act 1993.

Lombard was placed into Receivership on April 10, 2008. Since
then, the Receivers have focused on recovery of the loan book,
assisted the Financial Markets Authority in the criminal
proceedings against the Directors, and have pursued their own
claims against the Directors under the Companies Act.

The Financial Markets Authority (FMA) has consented to the
settlement and, as a condition of the agreement, will discontinue
its own civil proceedings against the directors of Lombard. FMA is
of the view that the PwC settlement represents the best outcome
for Lombard investors, and that given it had limited prospects of
achieving any better recovery through its own claim it was in the
public interest to consent to the settlement and discontinue its
claim.

Mr. Fisk says, "The settlement will enable us in the near future
to pay a further distribution of 9 cents in the dollar. Combined
with the 13 cents already paid to date, this will bring overall
recoveries for secured debenture investors to 22 cents, exceeding
our previous upper estimated outcome of 20 cents."

With two remaining properties to deal with, the Receivers now
estimate the final outcome for secured creditors to be around 25
cents in the dollar.

Mr. Fisk says, "It is pleasing to be able to complete one of the
remaining significant issues in the Receivership, and to be in a
position to make a distribution sooner than would have otherwise
been the case. A key factor in the settlement decision was
balancing the time, costs and risks associated with litigation
when compared to the certain outcome today."

The Receivers will be writing to investors once the settlement
funds have been received.

                       About Lombard Finance

Lombard Finance & Investments Limited was a wholly owned
subsidiary of Lombard Group, a diversified company specializing
in the financial services sector offering a number of lending
options and providing investment opportunities for its
shareholders and investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact
Lombard Group Limited.

Some 4,400 Lombard Finance investors were owed NZ$127 million.


PRUDENTIAL MORTGAGE: Faces Charge for Failure to File Results
-------------------------------------------------------------
The Financial Markets Authority (FMA) has charged two contributory
mortgage brokers with failing to deliver annual reports.

Prudential Mortgage Limited has been charged with failing to
deliver an annual report to the Registrar of Companies for the
period 1 April 2012 to 31 March 2013 by 30 June 2013. Prudential
is due to appear in the Christchurch District Court on 5 March
2014.

Another company, First Mortgage Investments Limited has been
charged with failing to deliver an annual report to the Registrar
of Companies for the period 1 April 2012 to 31 March 2013 by 30
June 2013. First Mortgage appeared in the Auckland District Court
on 30 January 2014 and will reappear on 20 March 2014.

The charges have been laid under the Securities Act (Contributory
Mortgage) Regulations and carry a maximum fine of $5000.

FMA Head of Enforcement, Belinda Moffat, said when companies fail
to file annual reports it limits the ability of investors to make
informed investment decisions.

"Non-filing of annual reports and financial statements is an issue
which FMA takes seriously and we are considering a number of other
cases where these key documents have not been filed," said Ms
Moffat.

"Ensuring accurate and timely disclosure to investors and
promoting compliance with reporting obligations is a key priority
for FMA."


ROSS ASSET: Liquidator to Claw Back NZ$25MM From Investors
----------------------------------------------------------
Matt Nippert at Fairfax NZ News reports that the liquidator of
Ross Asset Management is preparing to claw back up to
NZ$25 million from investors who withdrew money from the Ponzi
scheme before it collapsed.

According to the report, PWC liquidator John Fisk said action
signalled in liquidation reports to pursue claims against three
investors who withdrew NZ$3.8 million in fictitious profits, was
just the beginning.

"They'll be important test cases and are reasonably representative
of the sort of transactions that happened [at Ross Asset
Management]," the report quotes Mr. Fisk as saying.

Fairfax NZ News notes that David Ross, the principal of RAM,
pleaded guilty last year to fraud and was sentenced to 10 years
and 10 months' in prison for stealing NZ$115 million from 700
investors. He has appealed this sentence as "manifestly
excessive," the report says.

The report relates that Mr. Fisk said if his troika of actions
were successful, he would use the precedent to chase about two
dozen investors who made withdrawals during the two years before
the schemes' collapse.

"It could be NZ$20 million to NZ$25 million we're looking at".

The process was complicated by a lack of specific legislation, Mr.
Fisk, as cited by Fairfax NZ News, said.

"The big problem we've got in New Zealand is that there's no
legislation that says 'If there's a Ponzi scheme, then people that
got money out would have to pay it back and it gets
redistributed'."

Such a clawback, similar to what occurred after the collapse of
Bernie Madoff's US$18 billion Ponzi scheme, would see investors
lose relatively equally, regardless of whether they were fortunate
enough to have cashed out fictitious gains before the frauds were
uncovered, the report states.

According to the report, Mr. Fisk said he was undertaking his
clawback using voidable transaction provisions in the Companies
Act, which could cover all withdrawals made by investors from Ross
entities in the two years before the appointment of liquidators on
Dec. 17, 2012.

However, Bruce Tichon, a spokesman for several hundred RAM
investors said even if the court move is successful, investors
would still have lost around 85 per cent of what they put in, the
report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers to
Ross Asset Management Limited and nine other associated entities
following application by the Financial Markets Authority.  The
associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership); and
   -- Mercury Asset Management Limited (In Receivership).



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


FIRST SHIP: S&P Keeps 'B-' Long-Term CCR on CreditWatch
-------------------------------------------------------
Standard & Poor's Ratings Services said that it kept its 'B-'
long-term corporate credit rating and its 'axB-' long-term ASEAN
regional scale rating on Singapore-based First Ship Lease Trust
(FSL) on CreditWatch.  S&P originally placed the ratings on
CreditWatch with negative implications on July 4, 2013.  S&P
lowered the ratings to 'B-' and extended the CreditWatch status on
Nov. 19, 2013.

"We have kept the ratings on CreditWatch because FSL's
negotiations with lender banks have not been completed yet," said
Standard & Poor's credit analyst Katsuyuki Nakai.

On Jan. 14, 2014, FSL announced that the company remains in
discussions with lenders to seek a longer relaxation of its loan
covenants.  The company has yet to announce its results for the
fourth quarter.

On Nov. 19, 2013, we changed our liquidity assessment to "weak,"
as S&P's criteria define the term, after an auditor's report
advised that the company had breached the covenants on its debt
service coverage ratio as of Sept. 30, 2013.  Also, FSL has
reclassified its loan balance of US$388 million from long-term to
current liabilities to reflect the possibility that lenders would
accelerate the loan.

FSL's debt-service capability has been weakening due to its
counterparty's default.  S&P expects the company's funds from
operations to be about US$35 million-US$40 million in 2013, lower
than its annual amortizing principal of US$44 million.  As a
result, FSL's cash holdings remain under downward pressure, in
S&P's view.

"We expect to resolve the CreditWatch within two to three weeks
after we get more information on FSL's liquidity situation," said
Mr. Nakai.

S&P needs to assess the company's extension and renegotiation on
the bank loan covenants and its relationships with lender banks.
S&P will also review its expectation of FSL's cash flow generation
and its assessment of the company's management and strategy.  The
rating could be lowered by multiple notches if the company's debt-
repayment schedule materially changes, leading S&P to see rising
risks of distressed debt restructuring.



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


PAN OCEAN: To Sell Savings Bank Unit to Hankuk Steel
----------------------------------------------------
Yonhap News Agency reports that Pan Ocean Co. said it has picked
Hankuk Steel Wire Co. as the preferred bidder for its subsidiary
Heung Kook Mutual Savings Bank.

Pan Ocean, formerly known as STX Pan Ocean, has been under court
receivership since June last year, one month after the Korea
Development Bank (KDB) decided not to buy the company, the news
agency relates.

Yonhap says Pan Ocean split from cash-strapped STX Group in late
December, nearly nine years after it was incorporated into the
group in November 2004.

Last January, the report notes, the company changed its name from
STX Pan Ocean Co. to Pan Ocean Co. in a bid to lose its bleak
financial image associated with STX Group, who is suffering from a
severe credit squeeze.

                         About STX Pan Ocean

STX Pan Ocean Co. Ltd., the largest commodities carrier in South
Korea, filed a petition in New York on June 20, 2013, for
protection from creditors under Chapter 15 (Bankr. S.D.N.Y.
Case No. 13-12046).

The Debtor sought recognition of the company's bankruptcy
rehabilitation begun on June 7 in a court in Seoul.  The petition
was signed by You Sik Kim and Chun Il Yu, as the Seoul court
appointed administrators of STX.  Blank Rome LLP serves as U.S.
counsel for the administrators.  The bankruptcy was the result of
a decision by Korea Development Bank, the largest creditor and
second-biggest shareholder, not to buy the company.

The company disclosed assets of 6.88 trillion won ($5.59 billion)
and debt totaling 5.01 trillion won.

The U.S. Bankruptcy Court in New York has given STX preliminary
protection in the U.S.  In the Korean proceedings, the company
intends for creditors to exchange debt for stock.



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


COOK ISLANDS: S&P Affirms 'B+/B' ICR; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+/B' issuer
credit ratings on the Cook Islands.  The outlook is stable.  The
Transfer & Convertibility assessment remains 'AAA'.

                             RATIONALE

The ratings affirmation reflects the Cook Islands' moderate
average income level and modest government debt burden.  However,
vulnerabilities associated with the country's weak policymaking
culture and institutional settings constrain the ratings.  Despite
recent improvements, S&P believes the government can further
strengthen institutional checks and balances in order to safeguard
its past gains in fiscal consolidation.

In addition, the Cook Islands economy is vulnerable to the impact
of cyclones and changing tourism preferences on its major revenue
earner, the tourism industry.  Further moderating the ratings are
the country's lack of monetary policy flexibility and data
deficiencies that constrain S&P's analysis of the Cook Islands'
external position.

"We project Cook Islands' real per capita GDP growth to average
3.6% over 2014 to 2016, partly reflecting further expected
declines in its population.  Emigration is high in the Cook
Islands, averaging 1.5% of the population annually during the past
17 years.  Although the Cook Islands' integration with the
Australian and especially New Zealand labor markets gives the Cook
Islands a valuable alternative for its citizens, it does constrain
prospects for the economy to diversify into higher value-added
areas.  However, we expect moderate further increases in tourist
arrivals to support economic growth, with tourism remaining the
primary economic activity in the Cook Islands.  Income is high
compared to that of peers, with GDP per capita estimated at
US$21,000 in the year ended June 30, 2012," S&P said.

"In our base-case scenario, we project general government debt
will rise by an average 3.3% of GDP annually over 2014 to 2016,
with net debt expected to average 22% of GDP over the same period.
General government interest expenditure to revenues is estimated
to be a low 1.0% on average between fiscal years 2014 and 2016,
reflecting the concessional and long-term nature of current
borrowings.  The Cook Islands' increasing debt is mainly because
of water and sanitation investment, although ongoing shortfalls in
infrastructure and basic services will continue to limit fiscal
flexibility.  And while government debt remains low, a large
portion of this debt is exposed to foreign currency movements,"
S&P added.

S&P equalizes the local currency rating with the foreign currency
rating, reflecting the Cook Islands' absence of both monetary
policy flexibility and a domestic capital market, and its use of
the New Zealand dollar.  The transfer and convertibility
assessment for the Cook Islands is 'AAA', which also reflects its
use of the New Zealand dollar.

                             OUTLOOK

The stable outlook balances the Cook Islands' sound economic
growth prospects and low level of government debt, against the
challenges it faces in overcoming weak political and institutional
settings and infrastructure shortcomings.

S&P would lower the ratings if a weakening in global economic
conditions reduces tourism sector receipts and, in turn, worsens
the government's finances.  A weakened commitment to uphold past
fiscal gains through high operating spending, resulting in its
debt burden rising by significantly more than S&P currently
expects, could also bring pressure on the ratings.

Improvements in the sovereign creditworthiness could come with
sustained gains in policymaking stability and effectiveness,
evidenced by the reduction of sizable data deficiencies, and
progress in increasing economic opportunities.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.

RATINGS LIST

Ratings Affirmed

Cook Islands
Sovereign Credit Rating                B+/Stable/B
Transfer & Convertibility Assessment
  Local Currency                        AAA


* BOND PRICING: For the Week Feb. 17 to Feb. 21, 2014
-----------------------------------------------------

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


  AUSTRALIA
  ---------


BOART LONGYEAR MAN    7.00    04/01/21    USD       74.38
BOART LONGYEAR MAN    7.00    04/01/21    USD       80.10
COMMONWEALTH BANK     1.50    04/19/22    AUD       73.18
DBCT FINANCE PTY L    2.96    06/09/26    AUD       74.79
GRIFFIN COAL MININ    9.50    12/01/16    USD       70.75
GRIFFIN COAL MININ    9.50    12/01/16    USD       70.75
MIDWEST VANADIUM P   12.25    02/15/18    USD       58.50
MIDWEST VANADIUM P   12.25    02/15/18    USD       57.63
MIRABELA NICKEL LT    8.75    04/15/18    USD       24.63
MIRABELA NICKEL LT    8.75    04/15/18    USD       25.00
NEW SOUTH WALES TR    0.50    09/14/22    AUD       69.85
NEW SOUTH WALES TR    0.50    10/28/22    AUD       69.40
NEW SOUTH WALES TR    0.50    10/07/22    AUD       69.61
NEW SOUTH WALES TR    0.50    11/18/22    AUD       69.18
NEW SOUTH WALES TR    0.50    03/30/23    AUD       68.91
NEW SOUTH WALES TR    0.50    12/16/22    AUD       69.68
NEW SOUTH WALES TR    0.50    02/02/23    AUD       69.45
TREASURY CORP OF V    0.50    11/12/30    AUD       46.28
TREASURY CORP OF V    0.50    03/03/23    AUD       70.08
TREASURY CORP OF V    0.50    08/25/22    AUD       71.67


CHINA
-----

CENTRAL HUIJIN INV    4.20    09/20/40    CNY       75.56
CHINA DEVELOPMENT     3.80    10/30/36    CNY       72.40
CHINA DEVELOPMENT     4.01    10/11/35    CNY       75.62
CHINA GOVERNMENT B    1.64    12/15/33    CNY       59.40


INDONESIA
---------

DAVOMAS INTERNATIO   11.00    12/08/14    USD       23.88
DAVOMAS INTERNATIO   11.00    12/08/14    USD       23.88
INDONESIA TREASURY    6.38    04/15/42    IDR       71.06
PERUSAHAAN PENERBI    6.10    02/15/37    IDR       72.00


INDIA
-----

3I INFOTECH LTD       5.00    04/26/17    USD       30.00
CORE EDUCATION & T    7.00    05/07/15    USD       31.00
COROMANDEL INTERNA    9.00    07/23/16    INR       15.48
DEWAN HOUSING FINA    5.50    09/24/23    INR       72.88
DR REDDY'S LABORAT    9.25    03/24/14    INR        4.99
GTL INFRASTRUCTURE    2.53    11/09/17    USD       26.50
INDIA GOVERNMENT B    6.01    03/25/28    INR       74.88
INDIA GOVERNMENT B    0.23    01/25/35    INR       17.49
JCT LTD               2.50    04/08/11    USD       20.00
MASCON GLOBAL LTD     2.00    12/28/12    USD       10.00
PRAKASH INDUSTRIES    5.25    04/30/15    USD       49.50
PRAKASH INDUSTRIES    5.63    10/17/14    USD       53.38
PYRAMID SAIMIRA TH    1.75    07/04/12    USD        1.00
REI AGRO LTD          5.50    11/13/14    USD       56.00
REI AGRO LTD          5.50    11/13/14    USD       56.00
SHIV-VANI OIL & GA    5.00    08/17/15    USD       25.50
SUZLON ENERGY LTD     5.00    04/13/16    USD       48.06
SUZLON ENERGY LTD     7.50    10/11/12    USD       63.75
VIDEOCON INDUSTRIE    6.75    12/16/15    USD       73.87


JAPAN
-----

ELPIDA MEMORY INC     0.50    10/26/15    JPY       12.13
ELPIDA MEMORY INC     0.70    08/01/16    JPY        9.50
ELPIDA MEMORY INC     2.10    11/29/12    JPY       12.13
ELPIDA MEMORY INC     2.29    12/07/12    JPY       15.38
ELPIDA MEMORY INC     2.03    03/22/12    JPY       15.38
JAPAN EXPRESSWAY H    0.50    03/18/39    JPY       71.14
JAPAN EXPRESSWAY H    0.50    09/17/38    JPY       71.67
TOKYO ELECTRIC POW    2.37    05/28/40    JPY       70.50
TOKYO ELECTRIC POW    1.96    07/29/30    JPY       74.50


MALAYSIA
--------

BANDAR MALAYSIA SD    0.35    02/22/21    MYR       74.58
BANDAR MALAYSIA SD    0.35    02/20/24    MYR       63.64


PHILIPPINES
-----------

BAYAN TELECOMMUNIC   13.50    07/15/06    USD       22.75
BAYAN TELECOMMUNIC   13.50    07/15/06    USD       22.75


SINGAPORE
---------

BAKRIE TELECOM PTE   11.50    05/07/15    USD       14.38
BAKRIE TELECOM PTE   11.50    05/07/15    USD       15.00
BLD INVESTMENTS PT    8.63    03/23/15    USD       30.50
BUMI CAPITAL PTE L   12.00    11/10/16    USD       62.98
BUMI CAPITAL PTE L   12.00    11/10/16    USD       58.87
BUMI INVESTMENT PT   10.75    10/06/17    USD       65.50
BUMI INVESTMENT PT   10.75    10/06/17    USD       58.48
ENERCOAL RESOURCES    9.25    08/05/14    USD       59.52
GENCO SHIPPING & T    5.00    08/15/15    USD       54.25
INDO INFRASTRUCTUR    2.00    07/30/10    USD        1.88


KOREA
------

EXPORT-IMPORT BANK    0.50    10/23/17    TRY       66.42
EXPORT-IMPORT BANK    0.50    12/22/17    TRY       65.50
EXPORT-IMPORT BANK    0.50    01/25/17    TRY       71.06
EXPORT-IMPORT BANK    0.50    11/28/16    BRL       72.68
EXPORT-IMPORT BANK    0.50    12/22/17    BRL       63.89
EXPORT-IMPORT BANK    0.50    12/22/16    BRL       71.72
EXPORT-IMPORT BANK    0.50    10/27/16    BRL       73.56
EXPORT-IMPORT BANK    0.50    11/21/17    BRL       63.96
EXPORT-IMPORT BANK    0.50    09/28/16    BRL       74.28
TONGYANG CEMENT &     7.30    06/26/15    KRW       70.00
TONGYANG CEMENT &     7.50    04/20/14    KRW       70.00
TONGYANG CEMENT &     7.50    09/10/14    KRW       70.00
TONGYANG CEMENT &     7.50    07/20/14    KRW       70.00
TONGYANG CEMENT &     7.30    04/12/15    KRW       70.00


SRI LANKA
---------

SRI LANKA GOVERNME    5.35    03/01/26    LKR       65.50


THAILAND
--------

G STEEL PCL           3.00    10/04/15    USD       13.63
MDX PCL               4.75    09/17/03    USD       17.75



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.

Copyright 2014.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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