TCRAP_Public/140404.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, April 4, 2014, Vol. 17, No. 67


                            Headlines


A U S T R A L I A

GUY D'ARRIGO: Clifton Hall Appointed as Liquidator
HOWLITE (SA): High Court Appoints Clifton Hall as Liquidator
MANLY OCEAN: Receiver Completes Going Concern Sale


H O N G  K O N G

WING HANG: Moody's C+/Neg BSFR Not Affected by Possible OCBC Deal


I N D I A

ABHA POWER: ICRA Suspends 'B+' Rating on INR9cr Loans
AL MANAMA: CRISIL Assigns 'B+' Rating to INR120MM Loans
ARASMETA CAPTIVE: CARE Upgrades Rating on INR85.60cr Loan to 'B'
CLASSIC COTTON: ICRA Reaffirms 'B+' Rating on INR22cr Loan
CONFIDENT ENGINEERING: ICRA Assigns 'B' Rating to INR1.95cr Loans

CREATIVE THERMOLITE: ICRA Reaffirms 'B' Rating on INR30cr Loan
DAKSHINESHWAR RICE: CRISIL Assigns 'B' Rating to INR77MM Loans
DR.A.G. EYE: CRISIL Assigns 'D' Rating to INR110MM Term Loan
GUJARAT COTFIB: ICRA Reaffirms 'B' Rating on INR14.45cr Loans
HARSH COMMODITIES: CARE Reaffirms B+/A4 Rating on INR6.25cr Loan

IBD SPACE: ICRA Reaffirms 'B+' Rating on INR27.50cr Term Loan
MAYAR INDIA: CARE Revises Rating on INR70cr Bank Loan to 'B'
MONAD EDUKASIONAL: CARE Lowers Rating on INR31.14cr Loan to 'D'
NARMADA CONCAST: CARE Assigns 'B' Rating to INR29cr Bank Loan
OJUS POWER: ICRA Reaffirms 'B' Rating on INR12.46cr Loans

PARABOLIC DRUGS: CARE Reaffirms 'D' Rating on INR805.28cr Loans
PEATON ELECTRICAL: CRISIL Assigns 'B+' Rating to INR51MM Loans
PLG PHOTOVOLTAIC: CARE Assigns 'C' Rating to INR213cr Bank Loan
SARASWATIPUR TEA: ICRA Assigns 'B+' Rating to INR8.50cr Loans
SHIVANJALI ISPAT: CRISIL Assigns 'C' Rating to INR135.5MM Loans

SHREE DATT: CARE Upgrades Rating on INR6.94cr Bank Loan to 'B+'
SPL MOTORS: CRISIL Assigns 'B+' Rating to INR100MM Loans
SUN PSYLLIUM: ICRA Reaffirms 'B+' Rating on INR6.50cr Loans
SUNRISE PROCESS: CRISIL Puts 'B' Rating on INR62.5MM Loans
TEJ HI-TECH: CRISIL Assigns 'B+' Rating to INR69MM Loans

TIRUPATI OIL: ICRA Reaffirms B- Rating on INR12.25cr Loan
U S REALTY: CRISIL Assigns 'B' Rating to INR160MM Loans
VIDYA POLYMER: ICRA Assigns 'B+' Rating to INR6.50cr Loan
VINAYAK COTTON: ICRA Assigns 'B+' Rating to INR7.78cr Loans
VRINDAA CRAFTS: CARE Assigns 'B+' Rating to INR7.50cr Bank Loan

WAGAD INFRAPROJECTS: CRISIL Rates INR100MM Cash Credit at 'B+'


I N D O N E S I A

APEXINDO PRATAMA: S&P Affirms 'B+' CCR; Outlook Stable
LIPPO KARAWACI: Moody's Affirms 'Ba3' Corp. Family Rating
LIPPO KARAWACI: S&P Affirms 'BB-' CCR & Rates Proposed Notes BB-


J A P A N

MT. GOX: U.S. Judge Orders Founder to Dallas
RENESAS ELECTRONICS: Mulls Selling Panel Making Unit to Apple
* JAPAN: Record Number of Firms Getting Aid Go Bust in 2013


N E W  Z E A L A N D

MAINZEAL GROUP: Liquidators May Examine Ex-Director Richard Yan
NZF GROUP: Board Proposes to Liquidate Group
RUGBY SOUTHLAND: Facing Insolvency Over Unpaid NZ$600K Loan
SOUTH CANTERBURY FINANCE: Loaned Millions to Hyatt Hotel Venture


P H I L I P P I N E S

GLOBE ASIATIQUE: Divine Lee Included in New Fraud Suit
RURAL BANK OF PRES. M.A. ROXAS: Placed Under PDIC Receivership


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


GUY D'ARRIGO: Clifton Hall Appointed as Liquidator
--------------------------------------------------
Timothy Clifton of Clifton Hall was appointed Liquidator of Guy
D'Arrigo Associates Pty Ltd on April 2, 2014, by Order of the
Federal Court of Australia.


HOWLITE (SA): High Court Appoints Clifton Hall as Liquidator
------------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Official Liquidators of Howlite (SA) Pty Ltd on
April 1, 2014, by Order of the Supreme Court of South Australia.


MANLY OCEAN: Receiver Completes Going Concern Sale
--------------------------------------------------
KordaMentha announced that Rahul Goyal -- rgoyal@kordamentha.com -
- in his capacity as Receiver and Manager has negotiated and
completed the sale of Manly Ocean Foods as a going concern.

"Rahul started with KordaMentha on 1 October 2013 as the SME
specialist in the Sydney office. The sale of this small business
is a great result and also highlights KordaMentha's capability to
handle any size of matter. Rahul has a strong ability to
efficiently trade on small businesses and get results from either
business sales or smart and effective wind-downs," Sydney,
Managing Partner and joint Receiver, David Winterbottom --
dwinterbottom@kordamentha.com -- said.

The sale was on a walk in walk out basis and all the employees
retained their employment with a good return to the secured
creditor. Importantly, the business was traded at profit during
the receivership.



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


WING HANG: Moody's C+/Neg BSFR Not Affected by Possible OCBC Deal
-----------------------------------------------------------------
Moody's has placed Wing Hang Bank's A2 long-term deposit ratings
on review for upgrade. The agency has also placed the bank's (P)A3
subordinated MTN program rating, (P)Baa1 junior subordinated MTN
program rating, and Baa1(hyb) Junior Subordinated debt rating on
review for upgrade. The bank's P-1 short-term deposit ratings
remain unchanged.

The rating actions follow the joint announcement by the bank and
Singapore's Overseas-Chinese Banking Corp. Ltd. (OCBC) on April 1
that OCBC has made a voluntary conditional offer to acquire all of
Wing Hang Bank's shares. The transaction is subject to approval by
the Hong Kong Monetary Authority, the Monetary Authority of
Singapore, and other relevant authorities.

RATINGS RATIONALE

Following the completion of the general offer, Moody's expects
Wing Hang Bank to be of strategic importance to OCBC. As such,
Wing Hang Bank's deposit and debt ratings should benefit from
expected strong support from OCBC.

Since Wing Hang Bank is a medium-sized bank in Hong Kong, its
current deposit and debt ratings do not incorporate any systemic
support uplift from the bank's baseline credit assessment of a2.
However, post transaction, we expect to factor in elements of
parental support in the bank's deposit and debt ratings. During
the review process, we will assess OCBC's strategy for Wing Hang
Bank and the likelihood of extraordinary parental support in times
of stress. These factors, as well as the impact of the transaction
on OCBC's own standalone credit profile, will determine the extent
of parental support ratings uplift over Wing Hang Bank's baseline
credit assessment.

What Could Change the Rating - UP

Wing Hang Bank's deposit and debt ratings will likely be upgraded
if OCBC acquires control of the bank, given Moody's expectation of
strong parental support.

What Could Change the Rating - DOWN

Wing Hang Bank's Bank Financial Strength Rating (BFSR) of C+
(which maps to a baseline credit assessment of a2) had a negative
outlook prior to the announcement of this transaction, reflecting
risks stemming from elevated property prices in Hong Kong,
imbalances in the local economy, and unfavorable operating
environment for small and medium-sized enterprises in southern
China. Since the negative outlook relates primarily to
expectations that the operating environment and asset quality of
banks in Hong Kong are set to become more negative when monetary
conditions tighten, the outlook on Wing Hang Bank's BFSR has not
been affected by the proposed acquisition. However, Moody's
expects that, if the transaction goes through, the incorporation
of parental support should outweigh the impact of changes in the
bank's BFSR/Baseline credit assessment in determining the bank's
deposit and debt ratings.

The list of the bank's ratings following the rating action is as
follows:

Bank financial strength rating: C+/Negative, which maps to a
baseline credit assessment of a2

Long-term bank deposit rating: A2/review for upgrade

Short-term bank deposit rating: P-1

Subordinated MTN: (P)A3/review for upgrade

Junior subordinated MTN: (P)Baa1/review for upgrade

Junior subordinated debt: Baa1 (hyb)/review for upgrade

Wing Hang Bank is headquartered in Hong Kong, and reported
consolidated total assets of HKD214 billion ($27 billion) at end-
2013.



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


ABHA POWER: ICRA Suspends 'B+' Rating on INR9cr Loans
-----------------------------------------------------
ICRA has suspended the '[ICRA]B+' rating assigned to the INR3.00
crore term loans and INR6.00 crore cash credit facilities of
Abha Power and Steel Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


AL MANAMA: CRISIL Assigns 'B+' Rating to INR120MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Al Manama Wedding Center.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit           80        CRISIL B+/Stable
   Rupee Term Loan       40        CRISIL B+/Stable

The rating reflects Al Manama's small scale of operations in the
intensely competitive and highly fragmented retail industry and
below-average financial risk profile marked by small net worth and
high gearing. These rating weaknesses are partially offset by the
promoters' extensive experience in the retail industry.

Outlook: Stable

CRISIL believes that Al Manama will continue to benefit from the
promoters extensive experience in retail industry, over the medium
term. The outlook may be revised to 'Positive' if the firm reports
a sustainable increase in its revenue and profitability while
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if Al Manama generates lower-than-expected
cash accruals, or deterioration in its working capital cycle, or
undertakes a large debt-funded capital expenditure programme,
thereby weakening its financial risk profile.

Established in 2012, Al Manama runs a single retail textile and
cosmetics show room in Kollam (Kerala). Al Manama is promoted by
Mr. Abdul Aziz and his family.

Al Manama reported a profit after tax (PAT) of INR4.5 million on
net sales of INR331.9 million for 2012-13 (refers to financial
year, April 1 to March 31).


ARASMETA CAPTIVE: CARE Upgrades Rating on INR85.60cr Loan to 'B'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Arasmeta Captive Power Company Private Limited.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        85.60       CARE B (Revised from
   Facilities                        CARE BBB to CARE D
                                     and upgraded to CARE B)

   Short-term Bank       19.50       CARE A4 (Revised from
   Facilities                        CARE A3 to CARE D and
                                     upgraded to CARE A4)

Rating Rationale

The revision in the ratings of the bank facilities of Arasmeta
Captive Power Company Private Limited to 'Single D' reflects
delays in debt servicing by the company in Q2FY14 (refers to the
period July 1, 2013 to September 30, 2013). The ratings were,
hence, revised to CARE D as per CARE's policy of recognizing
default. However, following regularization of debt servicing by
the company from October 2013, the ratings stand revised to CARE B
and CARE A4, respectively.

The ratings of the company are constrained by net loss registered
in FY13 (refers to the period April 1 to March 31), decline in
operational and financial performance during 9MFY14 (refers to the
period April 1 to December 31), increased receivables from captive
client i.e. Lafarge India Private Limited (LIPL), weak liquidity
profile and deterioration of overall gearing ratio as on March 31,
2013. The ratings, however, take into account the experience of
the promoters in setting up and operating power plants, Power
Purchase Agreement (PPA) with Chattisgarh State Power Distribution
Company Ltd. for entire capacity, reinstatement of Fuel Supply
Agreement (FSA) with South Eastern Coalfields Limited till change
of status of the company from captive power plant (CPP) to
independent power plant (IPP) and increase in total income of the
company in FY13. The ability of the company to improve operations
and thereon improve the financial risk profile is the key rating
sensitivity.

Incorporated in April 2004, APCPL is a special purpose vehicle
jointly promoted by KSK Electricity Financing India Private
Limited (100% subsidiary of KSK Energy Venture Limited rated CARE
BBB-/ CARE A3 [KSKEVL]) and Lafarge India Private Limited. KSKEVL
holds 51% equity share in APCPL, while LIPL holds balance shares
in the company. The company has two thermal power plants of 43 MW
each (Phase I and Phase II) located at Janjgir, Champa district,
Chhattisgarh. APCPL was set up as a captive power plant for LIPL's
cement plants located at Arasmeta and Sonadih in Chattisgarh.
However, in a recent development, LIPL has stopped taking power
from APCPL with effect from January 01, 2014. APCPL has signed a
new Power Purchase Agreement (PPA) with Chattisgarh State Power
Distribution Company Ltd. on December 9, 2013 for net capacity of
75 MW.


CLASSIC COTTON: ICRA Reaffirms 'B+' Rating on INR22cr Loan
----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR22.00 crore
(enhanced from INR13.50 crore) fund-based cash credit facility of
Classic Cotton Private Limited. ICRA has assigned the '[ICRA]A4'
rating to the INR1.00 crore1 SLC facility of CCPL. ICRA has also
withdrawn rating of [ICRA]B+ assigned to INR0.79 crore term loan
facility of CCPL, as the same no longer exits.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         22.00       [ICRA]B+ reaffirmed
   Term Loan            Nil        [ICRA]B+ withdrawn
   SLC                  1.00       [ICRA]A4 assigned

The rating continues to factor in Classic Cotton Private Limited's
weak financial profile as reflected in stretched liquidity
entailing high reliance on external borrowings and adverse capital
structure along with weak debt coverage indicators. The rating
also takes into account the low value additive nature of
operations and intense competition on account of the fragmented
industry structure leading to thin profit margins. The rating is
further constrained by the vulnerability to adverse fluctuations
in raw material prices which are subject to seasonal availability
of raw cotton and government regulations on MSP and export quota.
The rating, however, positively considers the long experience of
the promoters in the cotton ginning and pressing industry and the
advantage the company enjoys by virtue of its location in a cotton
producing region giving it easy access to raw cotton and positive
demand outlook for cotton and cottonseed.

Classic Cotton Private Limited was incorporated in 2008 and is
engaged in cotton ginning and pressing to produce cotton bales and
cotton seeds and cotton seed crushing to produce cotton seed oil
and cotton seed cake. The plant is equipped with 36 ginning
machines and one pressing machine with installed capacity of
producing 400 bales per day. CCPL has also installed six and three
expellers, having crushing capacity of 10 MTPD of cotton seed in
January 2013 and March 2013 respectively. Apart from production,
the company is also involved in trading activities in cotton bales
and cottonseeds.

Recent Results

For the year ended March 31, 2013, CCPL reported an operating
income of INR81.09 crore and profit after tax of INR0.24 crore.


CONFIDENT ENGINEERING: ICRA Assigns 'B' Rating to INR1.95cr Loans
-----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR1.45
crore term loans and the INR0.50 crore fund-based limits of
Confident Engineering India Private Limited. ICRA has also
assigned a short-term rating of '[ICRA]A4' to the INR3.80 crore
fund based and non fund based facilities of CEIPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             1.45        [ICRA]B assigned
   Long Term, fund
   based facilities      0.50        [ICRA]B assigned

   Short Term, fund
   based facilities      3.50        [ICRA]A4 assigned

   Short Term, non
   fund based
   facilities            0.30        [ICRA]A4 assigned

The ratings are constrained by the weak financial profile of the
company, which is characterized by low margins, high gearing and
weak coverage metrics. The ratings also take into account the
company's small scale of operations, significant competitive
pressure in the domestic market from small as well as established
players and exposure of the company's margins to fluctuation in
raw material prices and foreign exchange rates.

The ratings, nevertheless, take into consideration the established
track record of the promoter of over 15 years in similar lines of
business, the extensive range of waste water treatment solutions
offered by the company and its geographic diversification of
customers, which safeguards the revenues from any steep decline;
nonetheless, the weak investment climate in several of the
countries that the company exports to, remains a concern.

This entity was originally established as a proprietorship concern
in the year 1976 by late Mr. K. Subramaniam under the brand name
Alltech. In 2002, this concern was reconstituted as a private
limited company and named Confident Engineering India Private
Limited and Mr. C. Rathnakumar was inducted as a director.

The company is engaged in manufacturing of textile processing
machines and providing waste water treatment solutions. The
company's factory for manufacturing these equipments is located at
SIDCO, Coimbatore. At present, the day to day operation of the
company is managed by Mr. C. Rathnakumar and Ms. S. Malligadevi.
In FY 2013, CEIPL reported profit after tax (PAT) of INR0.4 crore
on an operating income of INR11.2 crore; and, in FY 2012, the
company reported PAT of INR0.2 crore on an operating income of
INR11.5 crore.


CREATIVE THERMOLITE: ICRA Reaffirms 'B' Rating on INR30cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to INR30
crores non-fund based limits Creative Thermolite Power Pvt.
Limited.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Non-Fund Based      30           [ICRA]B Reaffirmed
   Limits

The reaffirmation of the rating continues to factors in the high
project execution risks typical of any Greenfield project and no
progress since December 2012 in obtaining various clearances
(environmental, pollution, water etc.) required for commencing
construction of the project. Moreover, the rating factors in the
absence of any fuel tie-ups for the project. While assigning the
rating, ICRA has also factored in the counterparty credit risks
arising out of weak financial health of UP based distribution
utilities. Nevertheless, ICRA positively factors in the MoU
(Memorandum of Understanding) signed by the company with UPPCL
(Uttar Pradesh Power Corporation Limited), positive demand for
power and the fact that the land acquisition for the project has
started.

The company is SPV formed by Intos INC (proprietorship firm),
Infinite Computer Solution (India) Limited and Eldeco Housing and
Industries Limited for development of 600 MW (2X300) TPP in
Chitrakoot, Uttar Pradesh. The company has entered into MoU with
GoUP in October 2010. The company has opened up Bank Guarantee
(BG) with Punjab National Bank in favour of UPPCL in 2010
specifying to start project construction within 2 years (i.e. by
December 2012). However, because of the delays in obtaining coal
block and delays in clearances, the BG has been extended by
further 1.5 years (till June 2014).


DAKSHINESHWAR RICE: CRISIL Assigns 'B' Rating to INR77MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Dakshineshwar Rice Mill.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit           29.2      CRISIL B/Stable
   Term Loan             47.8      CRISIL B/Stable

The rating reflects DRM's small scale of operations in the
fragmented rice milling industry, and its susceptibility to
fluctuations in raw material prices, to vagaries of the monsoon,
and to regulatory changes. These rating weaknesses are partially
offset by the extensive experience of the firm's promoters in the
rice industry.

Outlook: Stable

CRISIL believes that DRM will benefit from the healthy prospects
for the rice processing industry over the medium term. The outlook
may be revised to 'Positive' in case of a substantial increase in
the firm's scale of operations, better working capital management,
or infusion of equity by its promoters, leading to significant
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if DRM's cash accruals are lower than
expected, its working capital is stretched, or it undertakes a
debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile, particularly its
liquidity.

Established in 2012 as a partnership firm, DRM is engaged in
milling of non-basmati parboiled rice. Its manufacturing facility
is at Burdwan (West Bengal). The firm's day-to-day operations are
looked after by one of its partners, Mr. Bishnu Kumar Ghosh.


DR.A.G. EYE: CRISIL Assigns 'D' Rating to INR110MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Dr.A.G. Eye Hospitals Private Limited. The rating
reflects instances of delay by the company in servicing its term
debt; the delays are primarily because of its weak liquidity.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Long Term Loan        110       CRISIL D

AGEHPL also has a below-average financial risk profile, marked by
high gearing. However, the company benefits from the promoter's
extensive industry experience.

AGEHPL was set up in 1969 in Trichy (Tamil Nadu) by Dr. A
Govindarajan. The company today runs three hospitals'one each in
Trichy, Chennai, and Madurai (all in Tamil Nadu).

AGEHPL reported a profit after tax (PAT) of INR14.7 million on a
total revenue of INR120.9 million for 2012-13 (refers to financial
year, April 1 to March 31), against a PAT of INR10.4 million on a
total revenue of INR85.9 million for 2011-12.


GUJARAT COTFIB: ICRA Reaffirms 'B' Rating on INR14.45cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the rating of '[ICRA]B' to INR0.70 crore term
loan and INR13.75 crore fund-based cash credit facility of Gujarat
Cotfib. ICRA has also reaffirmed the rating of [ICRA]A4 to INR0.33
crore bank guarantee facility of Gujarat Cotfib.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           0.70        [ICRA]B reaffirmed
   Cash Credit        13.75        [ICRA]B reaffirmed
   Bank Guarantee      0.33        [ICRA]A4 reaffirmed

The rating continues to consider the company's modest scale of
operations, thin profitability, adverse capital structure as well
as weak coverage indicators and the fragmented nature of the
cotton ginning industry resulting in high competitive intensity.
Further, ICRA is cognizant of the fact that the company continues
to remain exposed to adverse movements in raw material prices,
government regulations on MSP and export quota, and low value
additive nature of the work, which keeps the profitability metrics
and cash accruals at modest levels. Also, being a partnership
firm, any substantial withdrawal by the partners could have an
adverse impact on the capital structure of the firm.
The rating, however, favorably factor in the experience of
promoters in the cotton ginning & pressing industry; firm's
strategic location in cotton growing belt which ensures easy
availability of cotton and favorable demand outlook for cotton and
cotton seeds. The ratings, further consider the moderately
diversified product profile due to its presence in cotton seed
crushing operations

Gujarat Cotfib was originally established as a partnership firm in
the year 2008 and subsequently taken over by Mr. Vijay Vekariya,
Mr.Girdhar Vekariya and seven other partners comprising his
friends and relatives in August 2012. The commercial operations
commenced in April 2009. The firm has installed forty ginning
machines and one automatic pressing machine to produce 350 cotton
bales per day (24 hours). The firm is also equipped with eight oil
expellers to produce cottonseeds oil and oil cake. The firm
started cotton seed crushing operations in October 2012 with
installed capacity to produce 15 tons of oil per day.

Recent Results

For the year ended 31st March, 2013, the firm reported an
operating income of INR96.73 crore with profit after tax (PAT) of
INR0.22 crore.


HARSH COMMODITIES: CARE Reaffirms B+/A4 Rating on INR6.25cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Harsh Commodities Private Limited.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Long-term/Short-         6.25      CARE B+/CARE A4 Reaffirmed
   term Bank Facilities

Rating Rationale

The ratings assigned to the bank facilities of Harsh Commodities
Private Limited continue to be constrained due to its trading
nature of business with fluctuating turnover, thin profitability,
moderately leveraged capital structure and weak debt coverage
indicators. The ratings are further constrained by the exposure to
volatility in prices of traded goods and foreign exchange
fluctuation risk.

The ratings, however, continue to derive benefits from the vast
experience of the promoters in the trading business and
diversified product portfolio.

The ability of HCPL to increase its scale of operations with
improvement in its profitability and capital structure with better
working capital management are the key rating sensitivities.

Gandhidham-based (Gujarat) HCPL was incorporated in 2005 by Mr
Ashwin Agrawal, Mr Rajendra Agrawal, Mr Rajesh Agrawal, Mr Babulal
Goyal and Ms Pushpa Goyal. HCPL is engaged in the trading of metal
scrap, tyres and Low-Density Polyethylene (LDPE) in the domestic
market.

The company has 21,568 square feet area of owned warehouse
facility in Gandhidham.

During FY13 (as per the audited results; refers to the period
April 1 to March 31), HCPL reported a total operating income (TOI)
of INR18.12 crore and a Profit after Tax (PAT) of INR0.05 crore.
During 11MFY14 (provisional), HCPL registered a TOI of INR18.45
crore.


IBD SPACE: ICRA Reaffirms 'B+' Rating on INR27.50cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR27.50
crore fund-based limits of IBD Space Infrastructure Private
Limited at [ICRA]B+.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund Based Limits-    27.50        [ICRA]B+ re-affirmed
   Term Loan

The rating reaffirmation takes into account the long experience of
IBD's promoters in the field of real estate development and
favourable location of its first project 'Belmont Park' in Indore
city with ease of accessibility which despite poor market scenario
has resulted into healthy sales velocity for the project with
company having booked its entire saleable area by the end of Dec
2013. The rating also draws comfort from the completion of
construction of first phase of the project wherein the possession
is expected to commence shortly. The rating however continues to
factor in the approval risk with project yet to receive approval
from MP Pollution control board. The rating is further inhibited
by the poor collection efficiency with company having collected
only INR45 crore as on date compared to the total sales value of
INR99.76 crore despite the construction work being completed. ICRA
notes that IBD's inability to improve its collection efficiency
could adversely impact its ability to meet quarterly debt
repayments which have commenced from Q2FY14 onwards. ICRA also
notes that IBD plans to start development for its second phase of
the same project in near future details for which are under
finalization- ICRA will factor these in as and when further
clarity emerges.

Going forward, ability of the company to improve collection
efficiency and obtain required approvals in a timely manner would
constitute key rating sensitivities.

Incorporated in June 2008, IBD Space Infrastructure Private
Limited is a real estate developer based in Indore. The company is
developing its first project 'Belmont Park' (residential
apartments) in Village Kelod Hala, Near IDA Scheme No.78 Part II,
A.B. Road, Indore (Madhya Pradesh). This first phase of the
project has been developed on the land area of 219,871 sq. ft.
with saleable area of 524,256 sq. ft. at a cost of INR61.93 crore
(revised from INR60.0 crore projected earlier). As on Dec 2013,
company has received bookings for its entire saleable area.
The project is being developed by IBD Space Infrastructure Pvt.
Ltd. on Joint Development Agreement (JDA) basis with two JDA
Partners: Space Infra and Real Estate Pvt. Ltd. & Nipun Real mart
Pvt. Ltd. These two partners will get 15% of the sales proceeds
from the project as cost of land. Going forward, the company plans
to develop Phase II for the same project under JDA with the same
partners.

Recent Results

IBD reported a net profit of INR0.69 crore on an operating income
of INR14.69 crore in FY13 against a net profit of INR0.18 crore on
an operating income of INR3.47 crore in FY12.


MAYAR INDIA: CARE Revises Rating on INR70cr Bank Loan to 'B'
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Mayar
India Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        70         CARE B Revised from
   Facilities                       CARE BB

Rating Rationale

The revision in the rating takes into consideration the
significant deterioration in the financial risk profile of the
company in FY13 (audited; refers to the period April 1 to
March 31). Furthermore, the rating remains constrained on account
of the weak financial risk profile marked by low income, high
gearing, modest debt coverage indicators and revenue concentration
with high dependency on Adonis Limited.

The above constraints are partially offset by experienced and
resourceful promoter group, diversified investments within the
group companies and a long operating history of Adonis Limited.

Going forward, continued income from Adonis Limited and exposure
of Mayar India Limited towards subsidiaries shall remain the key
rating sensitivities.

Mayar India Limited is the investment holding company of the Mayar
group with diversified business interests in the trading of
timber, publication paper; hospitality & shipping sector with a
presence in Asia & Europe. MIL commenced operations in 1978 with
the trading of newsprint and timber and later on became the
holding company of the group, providing consultancy and financial
support to the group entities. Major investments include Mayar
Infrastructure Development P Ltd [MIDPL (100%); CARE BB+], Mayar
Health Resorts Limited [MHRL (94.4%); BBB-/A3], Adonis Limited
(erstwhile Mayar H.K. Ltd; 100%), Trinity Buildcon (India) P Ltd
(TBIPL; 100%).

MIL reported a total income of INR4.25 crore in FY13 (refers to
the period April 1 to March 31) and net profit of INR0.89 crore.


MONAD EDUKASIONAL: CARE Lowers Rating on INR31.14cr Loan to 'D'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Monad
Edukasional Society.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        31.14      CARE D Revised from
   Facilities                       CARE B+
Rating Rationale

The revision in the rating assigned to the bank facilities of
Monad Edukasional Society takes into consideration the delays in
debt servicing due to stressed liquidity position.

MES was established in April 2007 as a non-profit charitable
society, registered under the Societies Act, 1860, for the purpose
of establishing a private university. The society has set up a
university under the name 'Monad University (MU).' MU is an
autonomous body promulgated by the Government of Uttar Pradesh
through an Act 23 of 2010 and is also recognized by the University
Grants Commission (UGC).

The campus is located at Hapur city of Uttar Pradesh, spread over
an area of 61 acre with modern infrastructure and latest available
technology. MU is currently offering post-graduation, graduation,
diploma, post graduate diploma and other courses.

The members of the society have diversified business interests in
the trading of iron & steel products, construction, manufacturing
of refined lead and related products etc.

As per the audited results for FY13 (refers to the period April 01
to March 31), MES reported a surplus of INR0.94 crore on a total
operating income of INR21.39 crore. The society achieved a total
operating income of INR24.21 crore for 11MFY14.


NARMADA CONCAST: CARE Assigns 'B' Rating to INR29cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Narmada Concast Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             29        CARE B Assigned

   Long-term/Short-
   term Bank Facilities    4        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Narmada Concast
Private Limited are constrained primarily on account of its
project risk associated with its green-field project. The
ratings are further constrained on account of volatility
associated with the raw material price and its presence in a
fragmented industry with high degree of competition.

The above constraints outweigh the benefits derived from the
promoters' experience and locational advantage in terms of
proximity to the raw material.

The ability of NCPL to timely complete the project within the
envisaged cost, stabilization of operations and ability to achieve
the envisaged level of sales and profitability are the key rating
sensitivities.

Bhavnagar-based Narmada Concast Private Limited was incorporated
as a private limited company by Mr Mahesh Thakordas Gulwani and Mr
Anil Shrichand Sachdev in August 2012 to undertake the green-field
project  to manufacture MS ingot & billet, MS TMT bar, MS
structure,channel and angles. NCPL project is located at Bhavnagar
(Gujarat) and has an installed capacity of 40,000 metric tonnes
per annum.  NCPL is setting up the continuous casting technology
which eliminates a process and directly converts billet and ingots
to channels and angles. The total project cost is estimated to be
of INR31.55 crore, which is to be funded through a term loan of
INR18 crore, INR6 crore of own contribution and INR7.55 crore of
unsecured loan from friends and relatives. NCPL has envisaged
commencing trial production from the end of FY14 (refers to the
period April 1 to March 31).


OJUS POWER: ICRA Reaffirms 'B' Rating on INR12.46cr Loans
---------------------------------------------------------
ICRA has reaffirmed long-term rating of '[ICRA]B' assigned to
INR7.50 crore cash credit limits (earlier INR5.00 crore), INR4.71
crore term loan limits (earlier INR1.00 crore) and INR0.25 crore
(earlier INR0.00 crore) non-fund based facilities of Ojus Power
and Technologies Private Limited.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           4.71        [ICRA]B reaffirmed
   CC                  7.50        [ICRA]B reaffirmed
   BG                  0.25        [ICRA]B reaffirmed

The reaffirmation of rating is constrained by high competitive
pressures from organized and unorganized players especially in
lower rated DG set segments; dependence on highly competitive and
price sensitive indirect sales channel through distributors, which
accounted for a major proportion of the company's sales; the
rating is also constrained by leveraged capital structure although
the capitalization and coverage indicators have improved in
FY2013. The ratings however takes comfort from the long standing
experience of promoters in the DG set industry; Favourable growth
prospect of DG sets in Indian market primarily driven by power
shortages across the country and rapid growth across several
industries. The rating also takes into consideration the OEM
status from Ashok Leyland for engines in 10-2250 KVA segment and
reputed and diversified client profile of the company.

Going forward, improving capital structure, maintaining revenue
growth and improving margins of the company are the key rating
sensitivities from credit perspective.

Established in 2009, OJUS is primarily engaged in the business of
DG sets manufacturing based on engines from various manufacturers
like Ashok Leyland and Perkins. It mainly operates in the 10 KVA
2250 KVA segment with the current facility operating in 10-1500
KVA. The company is primarily owned by the promoter family namely
Mr. S. Sampath Kumar and his son Mr. Sunder Ram Sampathkumar. The
client base of company includes corporates like Blue Star,
Confident group, Boving Fouress Private Limited etc. The
manufacturing plant is located in Hosur road, Tamil Nadu and has a
capacity to assemble 3000 DG sets per year on a single shift
basis.

Recent Results

As per the results for FY2013, the company reported profit after
tax of INR1.98 crore on turnover of INR71.95 crore as against
profit after tax of INR1.31 crore on turnover of INR50.63 crore
during FY2012.


PARABOLIC DRUGS: CARE Reaffirms 'D' Rating on INR805.28cr Loans
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Parabolic Drugs Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities          696.60       CARE D Reaffirmed

   Short-term Bank
   Facilities          108.68       CARE D Reaffirmed

Rating Rationale

The rating continues to take into account the ongoing delays in
debt servicing on account of the tight liquidity position of the
company.

Parabolic Drugs Ltd was promoted by Mr Pranav Gupta and Mr Vineet
Gupta with financial assistance from Punjab State Industrial
Development Corporation in 1996. The company commenced its
commercial operations in 1998 with contract manufacturing of APIs
and API intermediates for sales in India and abroad (including
regulated markets). PDL presently has four facilities comprising
of three manufacturing plants, viz, Derabassi and Chachrauli (both
Punjab) and Panchkula and an R&D centre at Barwala (both Haryana).

For FY13 (refers to the period April 01 to March 31), PDL
registered net sales of INR765.7 crore (PY: INR924.3 crore) with a
net loss of INR139.8 crore (PY: net profit of INR51.2 crore). For
the nine months ended December, PDL registered a total income of
INR216.6 crore with net loss of INR46.3 crore.


PEATON ELECTRICAL: CRISIL Assigns 'B+' Rating to INR51MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/ CRISIL A4' ratings to
the bank facilities of Peaton Electrical Company Ltd.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             --------      -------
   Term Loan                   7        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility         29        CRISIL B+/Stable
   Cash Credit                15        CRISIL B+/Stable
   Letter of Credit           20        CRISIL A4
   Bank Guarantee              4        CRISIL A4
   Bill Discounting under
   Letter of Credit           10        CRISIL A4

The ratings reflect the company's modest scale of operations in
the competitive electrical equipment industry and working-capital-
intensive operations. These rating weaknesses are partially offset
by the company's established relationships with reputed customers
and suppliers.

Outlook: Stable

CRISIL believes that PECL will benefit from its established
relationships with reputed customers and suppliers over the medium
term. The outlook may be revised to 'Positive' if the company
generates larger-than-expected cash accruals, or its working
capital cycle improves. Conversely, the outlook maybe revised to
'Negative' if its accruals are lower than expectations due to
reduced order flow or profitability, or if its financial risk
profile deteriorates, most likely because of a stretch in its
working capital cycle or substantial debt-funded capital
expenditure.

Incorporated in 2006, PECL is an Ahmedabad (Gujarat)-based
company, promoted by Mr. Nikhil Agarwal and Mr. Padamraj Pillai.
It is engaged in assembling and fabrication of low transmission
electrical panels, unitized substations.

For 2012-13 (refers to financial year, April 1 to March 31), PECL
reported a net profit of INR2 million on net sales of INR114.1
million, vis-a-vis a net profit of INR2 million on net sales of
INR102.2 million for 2011-12.


PLG PHOTOVOLTAIC: CARE Assigns 'C' Rating to INR213cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of PLG
Photovoltaic Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             213       CARE C Assigned

Rating Rationale

The rating assigned to the bank facilities of PLG Photovoltaic Pvt
Ltd is constrained by the weak financial profile and liquidity
position resulting in delayed debt servicing in term loans (not
rated by CARE).

The rating is also constrained by the dependence on climatic
conditions for power generation, the technological risk with the
absence of adequate industry performance record of solar PV
projects in Indian conditions and related regulatory risks.
The rating also considers the experienced promoters and moderate
operational performance of the plant since commissioning.

Going ahead, improvement in liquidity profile, the ability of the
company to operate the power plant efficiently at the envisaged
capacity utilization factor (CUF) shall be the key rating
sensitivities.

Incorporated in 2007, PLG Photovoltaic Ltd is a Special Purpose
Vehicle (SPV) owned by PLG Power Ltd and Zamil Infra Pvt Ltd with
51% and 49% equity holding respectively as on March 31, 2013. PLG
has set up a 20 MW grid connected solar photovoltaic (PV) power
plant at Village Koida, Taluka Sankalpur, Patan in Gujarat at a
cost of INR356.04 crore. The plant achieved Commercial Operation
Date (COD) on January 26, 2012. The company has signed aPower
Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL,
rated CARE A/A1) for a period of 25 years for the entire capacity
on May 10, 2010 (supplementary PPA signed in June 2011). GUVNL
would purchase power at INR15/unit for the first 12 years and at
INR5/unit for the next 13 years as per Gujarat State Solar Policy
Framework, 2009.

For FY13 (refers to the period April 01 to March 31), PLG has
booked a total operating income of INR43.63 crore with a net loss
of INR63.62 crore as against a total operating income and net loss
of INR9.58 crore and INR43.35 crore respectively in FY12. For
9MFY14, the company has booked a total income of INR30.71 crore
with net loss of INR46.95 crore.


SARASWATIPUR TEA: ICRA Assigns 'B+' Rating to INR8.50cr Loans
-------------------------------------------------------------
ICRA has assigned '[ICRA] B+' rating to the INR8.00 crore cash
credit limit and INR0.50 crore unallocated limits of Saraswatipur
Tea & Industries Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           8.00       [ICRA]B+; assigned
   Unallocated limits    0.50       [ICRA]B+; assigned

The rating takes into account STIL's weak financial profile
characterised by its low net profitability, adverse capital
structure and weak coverage indicators , further enhanced by the
decline witnessed during the financial year 2011-12 (FY12). The
rating is also constrained by the dependence of the company on
purchased leaves from the market for its bought leaf operations,
which increases the risk related to the availability and quality
of green leaves. In FY12, STIL's purchase of green leaves from the
market had increased substantially and the slightly inferior
quality of the leaves purchased, resulted in a decline in the
average realization, thus adversely impacting the operating
profitability for the year. The average realization improved
significantly in FY13, on account of slightly superior quality of
tea produced as well as improved market conditions. In the current
year, while prices continue to witness an uptrend, any moderation
in tea prices going forward could exert pressure on operating
margins given the fixed cost intensive nature of the industry and
the upcoming wage hike for the Dooars region. ICRA notes that tea
being an agricultural commodity exposes the company to agro
climatic risks. A single garden located in the Dooars region along
with the small scale of current operations further accentuates
this risk for the company. Further, the cyclicality associated
with the bulk tea industry also tends to keep profits and cash
flows volatile. The rating however, draws comfort from the
experience of the promoters in the domestic bulk tea industry, the
favourable age profile of tea bushes and the favourable price
outlook for the domestic bulk tea industry at least over the short
to medium term.

Saraswatipur Tea & Industries Ltd. was incorporated in 1917 and
has a tea garden in the Jalpaiguri district of West Bengal
covering an area of around 1187 acres under tea. The company
primarily produces CTC variety of tea which it sells in the
domestic market through a mix of auction and private sales
depending upon market conditions. It also produces green tea,
though the proportion remains small at present. Apart from
producing tea from its own garden, the company also has bought
leaf operations with almost 50% of total tea produced being from
bought leaves.

Recent Results

STIL registered a profit after tax of INR0.29 crore on the back of
an operating income (OI) of INR20.28 crore during the financial
year 2012-13 (FY13) as against a loss of INR0.39 crore on the back
of an OI of INR17.30 crore in FY12.


SHIVANJALI ISPAT: CRISIL Assigns 'C' Rating to INR135.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities Shivanjali Ispat Pvt Ltd.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             --------      -------
   Term Loan                 20.9       CRISIL C
   Proposed Long Term
   Bank Loan Facility        14.6       CRISIL C
   Proposed Cash Credit
   Limit                     40         CRISIL C
   Cash Credit               60         CRISIL C
   Bank Guarantee            10         CRISIL A4

The ratings reflect instances of delay by the company in
servicing its debt till January 2014, and its working capital bank
lines that have been overdrawn for 20 to 25 days; the delays were
caused by weak liquidity because of shutdown of the factory for
three months owing to technical error. SIPL's cash accruals are
expected to be tightly matched with debt repayment obligations
over the medium term.

The ratings are also constrained by SIPL's below-average financial
risk profile, marked by high gearing, large working capital
requirements, and modest scale of operations in a highly
fragmented and competitive industry. The company, however,
benefits from the promoters' extensive experience in the steel
industry.

SIPL was incorporated in 2010, by the Agarwal, Panjwani, and
Upaipuria families of Kolhapur (Maharashtra). In 2012-13 (refers
to financial year, April 1 to March 31), the Agarwal family took
over the company. SIPL manufactures mild steel ingots at its plant
in Kolhapur, Maharashtra.


SHREE DATT: CARE Upgrades Rating on INR6.94cr Bank Loan to 'B+'
---------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Shree Datt Aquaculture Farms Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.94       CARE B+ Revised from
   Facilities                       CARE C

   Short-term Bank
   Facilities            28.60      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Shree Datt Aquaculture Farms Private Limited is
primarily on account of improvement in debt servicing coupled with
increase in total income and cash accruals and improvement in
capital structure and debt coverage indicators during FY13 (refers
to the period April 1 to March 31). Furthermore, the ratings
continue to remain constrained on account of its low profit
margins, leveraged capital structure and working capital intensive
nature of operations. The ratings further continue to remain
constrained on account of the competitive nature of the seafood
industry coupled with regulatory risks, seasonality associated
with the industry and foreign exchange fluctuation risk.

The ratings, however, continue to derive benefit from the
experienced promoters with a long track record of operations,
approved processing facility with proximity to raw material
procurement area, geographically diversified operations and a
diverse customer base.

The ability of the company to effectively manage its working
capital requirements, thereby improving its liquidity position and
improvement in its profit margins and capital structure remain the
key rating sensitivities.

SDAFPL, a Navsari-based (Gujarat) company was incorporated during
September 2003. SDAFPL is engaged in the processing and trading of
sea foods. SDAFPL is promoted by the late Mr Babubhai Tandel and
his three sons, Mr Dattubhai Tandel, Mr Vashubhai Tandel and Mr
Rajeshbhai Tandel. SDAFPL is currently headed by Mr Dattubhai
Tandel, the managing director and his son, Mr Rohan Tandel, who is
the CEO of the company. The plant of SDAFPL is located at Navsari
(Gujarat) with an installed capacity of 16,800 Tonnes per annum
(TPA) for seafood processing and 600 TPA for the cold storage
facility. SDAFPL primarily exports its products to the European
markets comprising of Egypt, Germany, France, Belgium, Spain,
Portugal and Cyprus. It also exports to Canada, South Africa, UAE,
Japan, New Zealand, Korea, Saudi Arabia and China. Indigenously,
the company supplies products to Mumbai and Daman and Diu. Export
sales accounted for 84% of the total operating income in FY13.

SDAFPL is an ISO 9001:2008 and ISO 22000 certified organization.
SDAFPL has also received certificates from the Marine Products
Export Development Authority (MPEDA), Export Inspection
Council of India (EICI), British Retail Consortium (BRC) and
Hazard Analysis and Critical Control Point (HACCP).


SPL MOTORS: CRISIL Assigns 'B+' Rating to INR100MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of SPL Motors Pvt. Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------     -------
   Cash Credit              95       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        5       CRISIL B+/Stable

The rating reflects SPL's weak financial risk profile, marked by
high TOLTNW along with weak debt protection metrics and company's
exposure to geographical concentration risks. These rating
weaknesses are partially offset by healthy ramp-up in the scale of
operations supported by new launches from Honda Siel Cars India
Ltd and efficient working capital cycle.

Outlook: Stable

CRISIL believes that SPL will continue to benefit over the medium
term from its established position in Rohtak supported by new
launches from HSCI. The outlook may be revised to 'Positive' if
SPL's volumes and operating margin improve substantially or in
case of any significant equity infusion by the promoters,
resulting in improvement in its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if SPL's market share reduces, thereby significantly
impacting its revenues and profitability, or if the company
undertakes any large debt-funded capital expenditure programme.

SPL was incorporated in 2010 by Mr. Gaurav Jain. The company has a
HSCI dealership in Rohtak, Haryana. The company has one showroom
and a separate workshop to undertake the services of the cars. Mr.
Gaurav Jain, Director of the company looks after the day-to-day
operations of the company.

SPL reported profit after tax (PAT) of INR0.03 million on its
operating income of INR163.5 million for 2012-13 (refers to
financial year, April 1 to March 31); and a net loss of INR1.5
million on an operating income of INR120.2 million for 2011-12.


SUN PSYLLIUM: ICRA Reaffirms 'B+' Rating on INR6.50cr Loans
-----------------------------------------------------------
The rating of '[ICRA]B+' has been reaffirmed to the INR6.50 crore
fund based long-term facility of Sun Psyllium Industries. The
rating of '[ICRA]A4' has also been reaffirmed to the INR7.50 crore
short-term fund based facilities of SPI.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         5.00        [ICRA]B+ reaffirmed
   Stand by Limit      1.50        [ICRA]B+ reaffirmed
   Export Packing
   Credit              7.50        [ICRA]A4 reaffirmed

The ratings continue to take into account the modest size of the
firm's operations; vulnerability of profitability to fluctuations
in the raw material prices on account of agro-climatic risks
associated with psyllium seed production and the high financial
risk profile, as characterised by low profitability, adverse
capital structure, weak coverage indicators and high working
capital intensity. The ratings also reflect the vulnerability of
its profitability to foreign currency fluctuations and
partial/complete withdrawal of various export incentives extended
by the Government of India. ICRA also notes that SPI is a
partnership firm and any significant withdrawals from the capital
account could adversely impact its net worth and thereby the
capital structure. The ratings, however, favourably factor in the
established track record of the firm in the manufacture and export
of psyllium husk; low demand risk for psyllium husks; established
relations with international customers and location advantage
arising from proximity to ports and raw material sources.

Sun Psyllium Industries was established in 1989 and the firm is
primarily engaged in the processing of psyllium husk (Isabgol
husks) powder from agriculture product called psyllium seeds or
isabgol seeds. The firm is currently managed by Mr. Praveen Patel,
Mr. Bharat Patel and Mr. Vishnu Patel. The processing plant is
located at Unjha, Gujarat and has a capacity to process 8400
metric tonnes per annum (TPA) of seeds.

Recent Results

During FY2013, SPI reported an operating income of INR56.87 crore
(as against INR36.24 crore during FY 2012) and profit after tax of
INR1.00 crore (as against INR0.63 crore during FY 2012).


SUNRISE PROCESS: CRISIL Puts 'B' Rating on INR62.5MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sunrise Process Equipments.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------     -------
   Term Loan               10.5      CRISIL B/Stable
   Cash Credit             30        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      22        CRISIL B/Stable
   Packing Credit           2.5      CRISIL A4
   Letter of Credit        17.5      CRISIL A4
   Letter Of Guarantee     17.5      CRISIL A4

The rating reflects SPE's modest scale of operations and working
capital intensive nature of its activity. The rating also factors
in SPE's below-average financial risk profile, marked by its
modest net worth, high gearing and subdued debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of the promoter in the equipment
manufacturing industry.

Outlook: Stable

CRISIL believes that SPE will continue to benefit over the medium
term from its proprietor's extensive experience in the equipment
manufacturing industry. The outlook may be revised to 'Positive'
if the concern reports significant and sustainable growth in
revenues while maintaining its margins and improving its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case SPE registers significant decline in its revenues or margins
or if there is further elongation in its working capital cycle, or
if there is any large debt-funded capex undertaken by the concern,
thereby further weakening its financial risk profile.

SPE was established in 1998 as a proprietorship concern of Mr. N.
Chaudhari. It is engaged in manufacturing of machinery and
equipments primarily for the pharmaceutical and chemical sectors.
SPE's manufacturing facility is located at Thane, Maharashtra.

SPE reported a profit after tax (PAT) of INR1.5 million on net
sales of INR104.4 million for 2012-13 (refers to financial year,
April 1 to March 31); the concern reported a PAT of INR1.7 million
on net sales of INR141.2 million for 2011-12.


TEJ HI-TECH: CRISIL Assigns 'B+' Rating to INR69MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/ CRISIL A4' ratings to
the bank facilities of Tej Hi-Tech.

                            Amount
   Facilities              (INR Mln)    Ratings
   ----------              --------     -------
   Proposed Short Term
   Bank Loan Facility          10       CRISIL A4

   Proposed Cash Credit
   Limit                       14       CRISIL B+/Stable

   Cash Credit                 55       CRISIL B+/Stable

   Letter of Credit            20       CRISIL A4

The ratings reflect THT's modest scale of operations marked by
high customer concentration. The ratings also factor in firm's
below-average financial risk profile marked by modest net worth
constrained by large capital withdrawals and highly leveraged
capital structure. These rating weaknesses are partially offset by
promoter's extensive experience in the footwear industry and
established relationship with its key customer.

Outlook: Stable

CRISIL believes that THT will maintain its business risk profile
on account of its established relationship with its key customer
Wolverine Group. However, capital withdrawals by the partners
resulting in constrained liquidity will remain a key sensitivity
factor. The outlook may be revised to 'Positive' if the firm
increases its scale of operations and improves its operating
profitability, while efficiently maintaining its working capital
requirements. Conversely, the outlook may be revised to
'Negative', if the firm's revenue slows down or there's
deterioration in its profitability, or its financial profile
deteriorates owing to stretched working capital or withdrawal of
capital by partners.

THT is a partnership concern established in 2003 by the Singh
family and is based in Agra, Uttar Pradesh. The firm derives its
revenues through sale of leather footwear primarily to the
Wolverine group for their brand 'Hush Puppies'.


TIRUPATI OIL: ICRA Reaffirms B- Rating on INR12.25cr Loan
---------------------------------------------------------
A rating of '[ICRA]B-' has been reaffirmed/assigned to the
INR12.25 crore (enhanced from INR11.00 crore) fund-based cash
credit facility and INR1.05 crore term loan facility of Tirupati
Oil Industries.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit Facility     12.25       [ICRA]B- reaffirmed
   Term loan                 1.05       [ICRA]B- assigned

The rating continues to be constrained by the modest scale of
operation as well as weak financial profile of Tirupati Oil
Industries (TOI) as reflected by low profitability, high gearing,
weak coverage indicators and stretched liquidity position as
evident from very high utilization of bank limits. The rating is
further constrained by the low operating margins on account of
limited value addition and highly competitive and fragmented
industry structure leading to low operating and net margins. The
ratings further incorporate the susceptibility of the cotton
prices to seasonality and regulatory risks which together with the
highly competitive industry environment exert more pressure on the
margins. ICRA also notes that Tirupati Oil Industries is a
partnership firm and any significant withdrawals from the capital
account will affect its net worth and thereby the gearing levels.
The rating, however, positively considers the established track
record of the firm with more than two decades of experience of
promoters, favourable location of the plant in the cotton belt of
India giving it easy access to raw materials as well as presence
in oil expelling provides additional revenues and diversification.

Established in 1996, Tirupati Oil Industries is engaged in
ginning, pressing and crushing operations. The business is owned
and managed by Mr. Babubhai Patel and other family members. The
firm's manufacturing facility is located in Kadi, Dist Mehsana.
The firm has 75 ginning machines and 1 pressing machine having the
capacity to produce 500 cotton bales per day. The firm is also
equipped with 10 expellers having the capacity to produce 900 tons
of cottonseed oil per annum.

Recent Results

For the year ended March 31, 2013, the firm reported an operating
income of INR42.61 crore and profit after tax (PAT) of INR0.40
crore


U S REALTY: CRISIL Assigns 'B' Rating to INR160MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of U S Realty Private Limited.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit           150       CRISIL B/Stable
   Long Term Loan         10       CRISIL B/Stable

The ratings reflect USRPL's below-average financial risk profile,
large working capital requirements, and small scale of operations
in the intensely competitive construction industry. These rating
weaknesses are partially offset by the benefits that the company
derives from its promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that USRPL will continue to benefit over the
medium term from its promoters' experience in the civil
construction business. The outlook may be revised to 'Positive' if
strong inflow of orders leads to substantial increase in scale of
operations and cash accruals for the company. Conversely, the
outlook may be revised to 'Negative' if USRPL reports low cash
accruals or significant pressure on working capital management due
to delays in project execution and receivables.

Incorporated in Navi Mumbai (Maharashtra) in 2005 by Mr. Umesh
Udhaani, USRPL undertakes civil construction for Arunachal Pradesh
Infrastructure Development Corporation Limited (APIDCL) in
Itanagar.


VIDYA POLYMER: ICRA Assigns 'B+' Rating to INR6.50cr Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR6.50
crore fund based limits of Vidya Polymer Pvt Ltd. ICRA has also
assigned a short-term rating of [ICRA]A4 to the INR1.50 crore non-
fund based facilities of VPPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Limits        6.50       [ICRA ]B+ assigned
   Non Fund Based Limits    1.50       [ICRA]A4 assigned

The ratings are constrained by VPPL's modest financial profile as
reflected by small scale of operations, low profitability and weak
coverage indicators. The liquidity position of the company remains
stretched as reflected by frequent overdrawals of fund based
limits in the last 12 months. The ratings also factor in the
intensely competitive nature of the packaging industry and the
company's susceptibility to fluctuations in raw material prices.
Nevertheless, the ratings draw comfort from long experience of the
promoters in the packaging business, diversified product mix of
the company and its established relationship with key customers.
Going forward, ability of the company to increase its scale of
operations in a profitable manner while maintaining working
capital intensity will be key rating sensitivities.

Vidya Polymer Private Limited was established in the year 2006 as
a private limited company .It is engaged in manufacturing of
packaging mainly for food and pan masala industry. The
manufacturing facility of the company is located at Noida in Uttar
Pradesh.

Recent Results

The company reported a net profit of INR0.55 crores on an
operating income of INR33.58 crores in 9 M FY 14(provisional
results). In FY13, the company reported net loss of INR0.03 crores
on an operating income of INR19.80 crores.


VINAYAK COTTON: ICRA Assigns 'B+' Rating to INR7.78cr Loans
-----------------------------------------------------------
A rating of '[ICRA]B+' has been assigned to the INR1.78 crore term
loan and INR6.00 crore cash credit facility of Vinayak Cotton.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund
   Based-Cash Credit       6.00        [ICRA]B+ assigned

   Long Term Fund
   Based-Term Loan         1.78        [ICRA]B+ assigned

The assigned rating is constrained by limited track record of the
firm in the cotton ginning, pressing and cottonseed crushing
business, highly fragmented nature of the industry and
vulnerability of the firm's profitability to movement in cotton
prices which are subject to seasonality and crop harvest. The
rating also takes into account the firm's weak financial risk
profile characterized by low profitability, aggressive capital
structure and weak coverage indicators and limited value addition
in the operations. The rating also considers adverse potential
impact on net worth and gearing level of the firm in case of any
substantial withdrawal from capital account given the constitution
as a partnership firm.

The rating, however, takes comfort from the favourable demand
outlook for cotton and its derivative products and the favourable
location of the firm's plant with respect to raw material
procurement.

Vinayak Cotton was established in 2012 as a partnership firm, and
is engaged in cotton ginning, pressing and crushing of cottonseeds
to produce cotton bales, cottonseed oil and cottonseed oil cake.
The manufacturing unit of the firm, located in Botad, Bhavnagar,
is equipped with 24 ginning machines having an installed capacity
of producing 210 bales of ginned cotton per day in the ginning
unit. The seed crushing unit is equipped with five expellers with
installed input capacity of crushing 40 metric tons (MT) of
cottonseeds per day. The firm is currently managed by members of
the Matholiya and Kanetiya families.

Recent Results

For the year ended March 31, 2013, the firm reported an operating
income of INR23.43 crore and profit after tax of INR0.10 crore.
Further in first eleven months of FY 2014, the firm reported an
operating income of INR44.20 crore


VRINDAA CRAFTS: CARE Assigns 'B+' Rating to INR7.50cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Vrindaa
Crafts Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           7.50        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Vrindaa Crafts
Private Limited is primarily constrained by its limited track
record of operations, low profitability margins, leveraged capital
structure and susceptibility of its margins to volatility in gold
prices. The rating is further constrained by its presence in a
highly fragmented and competitive gems & jewellery (G&J)
industry.

The rating, however, draws strength from the promoter's long
experience in the G&J industry. Going forward, the ability of the
company to increase its scale of operations while improving its
profitability margins and capital structure would be the key
rating sensitivities.

Incorporated in 2013, Delhi-based Vrindaa Crafts Private Limited
is promoted by MrSanjeev Gupta, Mr Rajeev Gupta, Ms Anju Gupta and
Ms Neeru gupta. The company sells gold and diamond jewellery to
wholesalers and traders mainly in National Capital Region. VCPL
procures gold and diamond jewellery/gold bars from wholesale
traders in Delhi mainly on a cash or advance basis and get its
products manufactured on a job-work basis through local jewellery
manufacturers. The group company of VCPL i e Vaibhav Enterprises
(CARE B+) is a family run business of designing and trading of
gold and diamond jewellery since 2001.

During FY14 (refers to the period April 01 to March 31) till
January 31, 2014, as per the provisional results, the company
registered a total operating income of INR44.53 crore.


WAGAD INFRAPROJECTS: CRISIL Rates INR100MM Cash Credit at 'B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Wagad Infraprojects Private Limited (WIPL;
part of Wagad Group).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Bank Guarantee       100        CRISIL A4
   Cash Credit          100        CRISIL B+/Stable

The ratings reflect the Wagad group's exposure to tender based
nature of business and below average financial risk profile marked
by modest networth and high total outside liabilities to tangible
networth (TOLTNW).These rating strengths are partially offset by
the benefits the Wagad group derives from the extensive experience
of its promoters in the civil construction industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of WIPL and Wagad Construction Company
(WCC). This is because the entities, together referred to as the
Wagad group, have considerable operational linkages and are under
the same management.

Outlook: Stable

CRISIL believes that the Wagad group will continue to benefit over
the medium term from the extensive experience of its promoters in
the civil construction industry. The outlook may be revised to
'Positive' if the company reports substantial growth in its scale
of operations and accruals, while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' in case the
group reports a significant decline in its revenue or margins, or
if there is an elongation in its working capital cycle, resulting
in weakening in its financial risk profile.

WIPL was incorporated in 2010 by the Rajasthan based Jain family.
WIPL undertakes civil construction work and manufactures ready-mix
concrete. The company's registered office is located in Udaipur,
Rajasthan.

WCC was established as a partnership firm in 1989 by the Jain
family. It is also engaged in civil construction work.

The day to day operations of the group are managed by Mr. Ashok
Jain and his brother Mr. Vinod Jain.

The Wagad group reported a profit after tax (PAT) of INR15.4
million on net sales of INR851.6 million for 2012-13 (refers to
financial year, April 1 to March 31), as against a PAT of INR13.5
million on net sales of INR644.1 million for 2011-12.



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


APEXINDO PRATAMA: S&P Affirms 'B+' CCR; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating and 'axBB' long-term ASEAN regional scale
rating on PT Apexindo Pratama Duta Tbk.  The outlook was stable.
S&P then withdrew all ratings on Apexindo at the company's
request.

The 'B+' rating on Apexindo prior to S&P's withdrawal reflected
its view of the company's ownership by financial sponsors, its
expectation of cash flows remaining consistent with an
"aggressive" financial risk profile, the company's small fleet,
and its limited asset diversity.

S&P expected Apexindo's financial risk profile to remain
"aggressive" despite the company's Raissa offshore rig being
offline since November 2014.  S&P believed the damaged Raissa rig
would become fully operational in September 2014, with insurance
covering most of the refurbishment costs.  The days lost in
operations would reduce cash flows in 2014.  Nevertheless, the
higher contracted day rates and increased utilization on offshore
rigs should reduce the company's debt leverage to below 4x during
the year.

S&P expected Apexindo's interest coverage to rise above 3.5x in
2014 from about 2.6x in 2012, with the ratio of funds from
operations to debt at 13%-17%.  S&P expected Apexindo's capital
expenditure, excluding Raissa, and asset purchases to be minimal
in the next 12-18 months.  The aggressive financial risk profile
also incorporated S&P's view of the company's ownership by
financial sponsors.

Apexindo's "weak" business risk profile reflected the company's
small fleet and limited asset diversity.  The company's strong
market position in Indonesia and the high credit quality of its
customers tempered the above risks.  Apexindo's strong operating
and profitability record and revenue visibility arising from
medium-term contracts further supported its business risk profile.


LIPPO KARAWACI: Moody's Affirms 'Ba3' Corp. Family Rating
---------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of PT Lippo Karawaci Tbk and affirmed the Ba3 senior
unsecured rating of bonds issued by Theta Capital Pte Ltd, a
wholly owned subsidiary of Lippo Karawaci.

Moody's has also assigned a (P)Ba3 rating to the proposed USD
senior unsecured notes to be issued by Theta Capital Pte Ltd and
guaranteed by Lippo Karawaci and some of its subsidiaries.

The ratings outlook is stable.

The provisional status of the senior unsecured bond rating will be
removed upon completion of the bond issuance with all satisfactory
terms and conditions met.

RATINGS RATIONALE

Lippo Karawaci announced its proposed bond issuance on April 2,
2014, intending to raise up to USD150 million, largely to fund the
development of new retail malls and hospitals, and for working
capital requirements and general corporate purposes.

"If the planned bond issuance is successful, Lippo Karawaci will
further extend its debt maturity profile to approximately seven
years from 6.5 years now, and strengthen its ability to pursue its
aggressive expansion plan," says Jacintha Poh, a Moody's Analyst.

"However, total debt and interest expenses will rise in the near
term, negatively affecting its credit metrics in FY2014. On the
other hand, the company will gradually benefit from sustained
improvements in recurring income over the next two years," adds
Poh, who is also the Lead Analyst for Lippo Karawaci.

Lippo Karawaci intends to construct 24 hospitals and 19 retail
malls over the medium term. It is already constructing four
hospitals and two retail malls from this total.

"Given that its capital expenditure -- which is not committed and
thereby allows the company the flexibility to scale down its
expansion plans -- is likely to incorporate some level of debt
funding (including the proposed bond issuance), we expect its
leverage (adjusted debt/book capitalization) to weaken to 46%-48%
from 45% in FY2013, but for interest coverage (adjusted EBITDA/
interest expense) to improve to 3.0x-3.3x from 2.1x, as growth in
EBITDA outpaces higher interest expenses in FY2014," Moody's said.

"Nevertheless, Lippo Karawaci has consistently held adequate cash
holdings, maintained a well-balanced debt maturity profile, with
its next significant debt maturity scheduled only for May 2019.
Moody's therefore believes the company will continue to balance
its growth and financial discipline," says Poh.

The funding of Lippo Karawaci's expansion plan will also depend on
its ability to sell completed hospitals and retail malls to its
sponsored REITs -- First REIT (unrated) and Lippo Malls Indonesia
Retail Trust (unrated).

As of December 31, 2013, the company had cash and cash equivalents
of IDR1.9 trillion (USD155 million) and total debt of IDR7.8
trillion (USD640 million), of which IDR17 billion (USD1 million)
will mature over the next 12 months.

"Lippo Karawaci faces development risks associated with its
expansion plans, but this situation is mitigated by its
diversified property portfolio and growing recurring income base,
which provides stability. Although Moody's expects growth in sales
to slow, Lippo Karawaci's healthcare segment will remain
resilient," says Poh.

The stable outlook on the ratings reflects Moody's expectation
that Lippo Karawaci will maintain financial discipline while
pursuing its growth strategy.

Lippo Karawaci's ratings are unlikely to be upgraded in the next
12 to 18 months, as it is embarking on its expansion plans.

"However, we will consider upgrading the ratings if Lippo
Karawaci: 1) continues to display financial discipline and improve
its credit metrics, while pursuing growth, 2) strengthens the
recurring income from its retail malls, healthcare, and
hospitality property segments, as well as its portfolio management
business, 3) achieves sustained sales performance and generates
improved cash flows that raise its liquidity position, and 4) can
show that its asset-light strategy is sustainable," Moody's said.

"Specific credit metrics that we consider as indicative of an
upgrade include: 1) recurring EBITDA/interest coverage above 2.0x-
2.5x, 2) EBITDA/interest coverage above 4.0x-4.5x, and 3) adjusted
debt/book capitalization below 40%-45% and adjusted debt/EBITDA
below 3.0x on a sustained basis," according to Moody's.

Downward pressure could emerge if Lippo Karawaci's financial and
liquidity profile weakens due to: 1) the company failing to
execute its business plans, 2) a deterioration occurring in the
property market, resulting in protracted weakness in Lippo
Karawaci's operations and credit profile, and 3) a material
depreciation in the rupiah, which in turn increases the company's
debt-servicing obligations.

Specific credit metrics that Moody's considers as indicative of
downgrade include: 1) recurring EBITDA/interest coverage below
1.0x, 2) EBITDA/interest coverage below 2.5x, and 3) adjusted
debt/book capitalization above 50% and adjusted debt/EBITDA above
4.0x on a sustained basis.

PT Lippo Karawaci Tbk is one of the largest property developers in
Indonesia, with a sizable land bank of around 1,569 ha as of 31
December 2013. Since 2004, the company has diversified into the
healthcare and hospitality businesses, as well as infrastructure
development. Its recurring income continues to grow, comprising
around 50% of total revenue over the last three years.


LIPPO KARAWACI: S&P Affirms 'BB-' CCR & Rates Proposed Notes BB-
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term corporate credit rating on PT Lippo Karawaci Tbk.
The outlook is stable.  S&P also affirmed its 'axBB+' long-term
ASEAN regional scale rating on the Indonesia-based property
developer.  At the same time, S&P affirmed its 'BB-' long-term
issue rating on the company's outstanding guaranteed senior
unsecured notes.

S&P also assigned its 'BB-' issue rating to a proposed issue of
senior unsecured notes of up to US$150 million by Theta Capital
Pte Ltd., a special purpose vehicle that Lippo Karawaci owns.
Lippo Karawaci and some of its subsidiaries will guarantee these
notes.  The ratings on the notes are subject to S&P's review of
the final issuance documentation.

"We affirmed the ratings because we believe that Lippo Karawaci
will maintain its leading market position in the property
development business in Indonesia over the next 12 months," said
Standard & Poor's credit analyst Kah Ling Chan.  "We expect that
the company will not be materially affected by a recent
implementation of stricter mortgage rules in Indonesia and subdued
demand for property owing to the upcoming general elections.  This
is because the company's pre-sales in the past two years will
underpin its earnings.  Lippo Karawaci also has greater financial
flexibility than its peers because it can dispose of stabilized
assets to its listed REITs."

"We assess Lippo Karawaci's business risk profile as "fair."  We
expect Lippo Karawaci's EBITDA margins to remain above 35% in 2014
and 2015 on the back of improved property sales as well as
disposal of shopping malls to a sponsored REIT, Lippo Malls Retail
Indonesia Trust.  Lippo Karawaci also benefits from substantial
recurring income from its healthcare and hospitality divisions; we
estimate that these divisions will account for 35%-40% of the
company's revenue in 2014," S&P added.

Lippo Karawaci's "aggressive" financial risk profile underlies its
significant debt appetite to support capital expenditure for its
planned expansion.  Moreover, the company's cash flow is volatile
owing to the cyclical property-development business and uncertain
timing of asset sales.  Delayed asset sales can lead to
significant changes in the company's financial metrics.  This
said, S&P do not expect the increase in debt to permanently alter
Lippo Karawaci's financial risk profile.

Lippo Karawaci's liquidity is "adequate," as defined in S&P's
criteria.  S&P estimates that the company's liquidity sources will
be more than 1.2x its liquidity uses in 2014.

"The stable outlook reflects our expectation that Lippo Karawaci's
strong growth from its property development and healthcare
businesses and its satisfactory profitability will support its
financial performance over the next 12-18 months," said Ms. Chan.
"The outlook also factors in the company's strong financial
flexibility."

S&P expects Lippo Karawaci to use the proceeds from its ongoing
asset recycling to fund its aggressive capital expansion plans
over the next 12-18 months.

S&P could lower the rating if Lippo Karawaci's capital expenditure
is more aggressive than it expects and its debt is significantly
higher than S&P anticipates.  S&P could also downgrade the company
if its revenues and profitability slip over the next 12 months.
This may occur if: (1) a significant slowdown in Indonesia's
economy or a sharp increase in domestic interest rates reduces the
demand for properties and healthcare services; or (2) Lippo
Karawaci's execution of its property and hospital development
projects is slower than we expect.  S&P's downgrade trigger is the
ratio of lease-adjusted EBITDA to interest staying less than 2x on
a sustained basis.

Potential upside to the rating is limited for the next 12 months
because of Lippo Karawaci's appetite for aggressive debt-funded
expansion.  However, S&P could upgrade Lippo Karawaci if the
company adopts a more conservative financial policy while pursuing
its growth strategy, and its recurring stable cash flows from non-
property business segments increases, leading to an improved
financial risk profile.



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


MT. GOX: U.S. Judge Orders Founder to Dallas
--------------------------------------------
Katy Stech, writing for The Wall Street Journal, reported that a
U.S. judge has ordered Mt. Gox founder and Chief Executive Mark
Karpeles to come to Texas, where the Japanese bitcoin exchange has
filed for U.S. bankruptcy protection.

According to the report, at a hearing in U.S. Bankruptcy Court in
Dallas, Judge Stacey Jernigan set an April 17 date for Mr.
Karpeles to answer questions under oath from lawyers who represent
customers with frozen bitcoin accounts.

Mr. Karpeles lives in Japan, where administrators are looking for
some of the roughly 550,000 bitcoins that the company lost earlier
this year, the report related.  He also controls a Japanese entity
that owns 88% of Mt. Gox, according to papers filed in U.S.
Bankruptcy Court in Dallas.

"He has made himself a fact witness by signing [court papers and]
by holding himself out to this court and the world as the . . .
CEO or sole officer of Mt. Gox," Judge Jernigan said during the
hearing, the report further related.

                         About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange that halted trading in February
2014. It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at BAKER & MCCKENZIE LLP, in Dallas, Texas.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.



RENESAS ELECTRONICS: Mulls Selling Panel Making Unit to Apple
-------------------------------------------------------------
Kyodo News reports that struggling chipmaker Renesas Electronics
Corp. is currently pondering the sale of its subsidiary business,
developing liquid crystal display panels, to Apple Inc., sources
said on April 2.

According to the report, sources said Apple aims to develop
smartphones with higher definition screens and lower power
consumption via the acquisition of Renesas SP Drivers Inc.'s
technology for key components that determine the quality of LCD
panels.

Kyodo News says South Korea's Samsung Electronics Co. holds the
top spot in the global smartphone market, and Chinese
manufacturers such as Huawei Technologies Co. also have a strong
presence.

Renesas currently owns a 55 percent share in the subsidiary, while
Sharp Corp. holds a 25 percent stake and Taiwan chipmaker
Powerchip Technology Corp. has a 20 percent share, the report
discloses.

Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.

The Company reported a net loss of JPY168 billion for the fiscal
year ended March 31, 2013, compared with a net loss of
JPY62.60 billion in fiscal year ended March 31, 2012.


* JAPAN: Record Number of Firms Getting Aid Go Bust in 2013
-----------------------------------------------------------
Jiji Press reports that Teikoku Databank Ltd. said the number of
small and midsize firms in Japan that collapsed even after
receiving debt relief based on special legislation hit a record
high of 545 in fiscal 2013, exceeding the previous high of 428 set
in the preceding year.

This increase in the year that ended March 31 shows that quite a
few such firms have yet to improve their performance and have been
left behind despite the recent moderate recovery of the economy,
the report relates.

Jiji Press notes that the special, temporary legislation, which
urged debt relief efforts on lenders, came into effect in December
2009 and expired at the end of March 2013.

In total, 1,273 companies failed even after receiving assistance,
such as changes to loan conditions from financial institutions,
under the law, the report adds.



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


MAINZEAL GROUP: Liquidators May Examine Ex-Director Richard Yan
----------------------------------------------------------------
BusinessDesk reports that the liquidators for the Mainzeal group
are stepping up their pressure on former director Richard Yan as
they try to get to the bottom of the construction company's
failure.

BusinessDesk says BDO's Andrew Bethell, Brian Mayo-Smith and
Stephen Tubbs have struggled to get detailed financial records of
related Mainzeal entity, Richina Global Real Estate, which was
added to their administration by a High Court order in February.

The liquidators haven't been provided with detailed financial
accounts for the company, including an accounting ledger believed
to be in China, despite requesting the information from Mr. Yan,
and can't verify the accuracy of the records they've received,
according to their first report, BusinessDesk relays.

"Despite requests, we do not consider that the director has
provided all required and relevant information in relation to
RGREL (Richina Global Real Estate)," the report said. "As a result
we intend to examine the director."

Under the Companies Act 1993, liquidators have the power to
require a director or shareholder of a firm in administration to
"deliver to the liquidator such books, records, or documents of
the company in that person's possession or under that person's
control," BusinessDesk notes.

According to BusinessDesk, the liquidators can also seek to
examine certain people, including directors and shareholders,
under oath by the liquidator or lawyer "on any matter relating to
the business, accounts, or affairs of the company." Failure to
comply carries a penalty of up to two years in prison or a fine of
up to NZ$50,000.

BusinessDesk discloses that the statement of affairs based on the
information shows assets of NZ$63.3 million, of which
NZ$55.4 million are related party loans to MLG Trading and
NZ$7.8 million related party loans to Isola Vineyards. The report
showed total liabilities of NZ$24.3 million, of which
NZ$5.8 million was owed to related party King Faade,
NZ$15.2 million owed to Mainzeal Property & Construction and
NZ$2.5 million owed to Richina Building.

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZ$11.3 million to the BNZ,
NZ$70 million to unsecured creditors and NZ$5.2 million to
employees, NZN discloses. Subcontractors are among the unsecured
creditors, said NZN.


NZF GROUP: Board Proposes to Liquidate Group
--------------------------------------------
BusinessDesk reports that NZF Group faces liquidation after the
resignation of its auditor scuttled a proposal for a substantial
restructure, and left the board with no option but to liquidate
the company.

BusinessDesk relates that NZF said the Auckland-based financial
services firm planned to seek an early redemption of $18 million
owed to capital noteholders in cash and shares as part of a
restructure that would have seen it buy a significant enterprise
generating annual sales of more than NZ$100 million.

RSM Prince resigned as NZF's auditor, leaving NZF to find a
replacement on the cusp of a major restructure and with a few
weeks before the end of the financial year, the report notes.

NZF said it was rebuffed by all but one audit firm, owing to its
failed finance company and its inability to repay the capital
notes in full, resulting in talks with the target business ending,
according to the report.

Earlier this week, BusinessDesk recalls, NZF restated its first-
half accounts for a second time after consultation with the
Financial Markets Authority, citing errors in comparative amounts
and the disclosure shown in the accounts.

Because the restructure won't go ahead, the NZF board said the
only foreseeable alternative is to work with the capital notes'
trustee to distribute the majority of its cash to the noteholders
and recommend liquidation to shareholders, it said, the report
relays.  It held cash and equivalents of $2.59 million as at Sept.
30, about 14 percent of what is owed to noteholders, notes
BusinessDesk.

"The board is very disappointed that its efforts to implement the
proposed organisational structure of the company restructure of
the capital notes have had to cease. It believes that the proposed
restructuring would have contributed a significant quantum of
value to the stakeholders of the company," NZF directors said,
BusinessDesk reports.

The board will convene a special meeting about the proposed
winding down, the report adds.

NZF Group Limited (NZE:NZF)-- http://www.nzf.co.nz/-- is a
provider of financial services.  The Company provides a
diversified range of services including investment, lending,
insurance and mortgage broking. NZF operates in four divisions:
property finance, home loans, consumer finance and financial
services distribution.


RUGBY SOUTHLAND: Facing Insolvency Over Unpaid NZ$600K Loan
-----------------------------------------------------------
Louise Berwick at The Southland Times reports that Rugby Southland
could be insolvent and Rugby Park mothballed if a solution to the
outdoor stadium's woes is not found.

Rugby Southland chairman Paul Menzies has confirmed the
organisation would be insolvent if it was not repaid a NZ$600,000
debt owed to it by the Southland Outdoor Stadium Trust, which owns
the multimillion-dollar Rugby Park stadium.

"The debt is important for Rugby Southland, our balance would be
insolvent."

But the three groups trying to find a solution -- the Invercargill
Licensing Trust, Community Trust of Southland and the Invercargill
City Council -- all said they can't cover the loan.

According to the report, Mr. Menzies said the organisation had
been exploring the possibility of insolvency, which was "a
possibility" for Rugby Southland.

"It would be bad news," the report quotes Mr. Menzies as saying.

However, he remained confident the organisation would see the
money it was owed, the report relates.

"We have got our accounts in order, the only issue for us is the
outdoor stadium."

The Southland Times relates that Mr. Menzies said if the stadium
trust collapsed, no bailout option was found and the stadium was
sold off, then the Southland Stags would have no appropriate
playing premises and could be forced out of the ITM Cup.

"There's got to be a solution and I think it would be a sad day
for Southland if there wasn't rugby."


SOUTH CANTERBURY FINANCE: Loaned Millions to Hyatt Hotel Venture
----------------------------------------------------------------
Emma Bailey at Fairfax NZ News reports that South Canterbury
Finance (SCF) poured NZ$45 million in loans into Auckland's Hyatt
Hotel in a complicated series of transactions.

However, its security ranked behind ASB, which was owed NZ$25
million, and Westpac, which was owed NZ$2.5 million.

Fairfax NZ News relates that the trial of two former SCF
directors, Edward Sullivan and Robert White, and former chief
executive Lachie McLeod, continued on April 1 before Justice Paul
Heath in the High Court at Timaru. The three face 18 charges laid
by the Serious Fraud Office (SFO).

According to the report, SCF came to have an interest in the Hyatt
after its owners, which owed SCF money, ran into financial
difficulties and SCF decided to buy it out.

The Regency Auckland company was set up and SCF loaned NZ$23.5
million to buy the hotel for NZ$48 million all up, with Messrs.
Sullivan and McLeod as directors, the report notes.

Fairfax NZ News recalls that in 2006 SCF attempted to sell the
Hyatt Hotel to Auckland property developer Neville Mahon.

An advance was made of NZ$25 million from SCF to parent company
Southbury, to be loaned to Mr. Mahon for the sale through the
newly formed company Quadrant, the report says.

Fairfax NZ News notes that the sale never occurred. Quadrant
remained the owner of the hotel with Mr. Sullivan's brother-in-
law, Peter Symes, as sole director.

Written evidence from the now deceased Mr. Symes said he never
realised he owned the hotel, the report relays.

According to the report, former SCF commercial account manager
Nigel Davenport on April 1 detailed how loans were documented and
managed.

Letters he wrote to auditors showed ASB held the first mortgage
over the Hyatt of NZ$25 million, a second mortgage of NZ$2.5
million to Westpac and NZ$39 million was owned to SCF, ranked
last. SCF then advanced a further NZ$6.5 million to refurbish the
Hyatt.  Overall the Hyatt was valued at NZ$56 million to NZ$72
million, with NZ$65.66 million owed overall, the report discloses.

It was sold by the receivers to Accor in 2010, the report notes.

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



=====================
P H I L I P P I N E S
=====================


GLOBE ASIATIQUE: Divine Lee Included in New Fraud Suit
------------------------------------------------------
Nancy C. Carvajal at INQUIRER.net reports that television host
Divine Lee has been included as a respondent in a syndicated
estafa complaint filed with the National Bureau of Investigation
against her father Delfin Lee, her brother Dexter, and five other
officials of Globe Asiatique Tower 2 Condominium.

Unit buyers of the GA Tower 2 formally filed their complaint on
April 2 at the NBI- Anti Graft Division headed by lawyer Romy
Asis, INQUIRER.net relates.

INQUIRER.net says based on the complaints of Beth Clapano, Lydia
Domingo and Cris Villavicencio, included in the complaint sheet
were Ma. Celina Cano, Fernandina Enage, Thebram C. Cuyugan, Imelda
Saulo and Alex Alvarez.


According to the report, the new set of complainants said their
complaint was different from those of the other victims of
Mr. Lee's realty company.

"We are also victims of fraud and double selling of Globe
Asiatique.  We decided to file the case not only to secure our
investment, but also for justice," Mr. Villavicencio said in an
interview, INQUIRER.net relays.

INQUIRER.net relates that the complainants in their statements
said Divine, the socialite daughter of Delfin, was included in the
rap sheet in her capacity as the chief executive officer and a
member of the board of directors of GA Tower 2 Condominium in
Mandaluyong City when the transactions took place.

"We cannot understand when we see her on TV acting like nothing is
wrong, she should be held accountable," the complainants, as cited
by INQUIRER.net, said.

INQUIRER.net says the complainants attached a copy of the Security
and Exchange Commission General Information Sheet bearing the name
of Divine as official of GA tower 2.

Ms. Lee was also named as one of directors and incorporators of
the condominium in the documents submitted by the realty firm to
the SEC on March 18, 2010, the report notes.

According to the report, the complainants said that based on the
incorporation papers that the firm submitted to the SEC, Ms. Lee
as an officer of the condominium corporation was responsible for
the management and operations of the building.

Buyers of GA Tower 2 units have accused Delfin Lee and his company
of "double-selling," the report says.

INQUIRER.net adds that the victims said they decided to file a
formal complaint before the NBI following the arrest of Divine's
father Delfin, from the lobby of the Hyatt Regency Hotel Casino on
Pedro Gil Street in Manila's Ermita district almost a month ago.

Mr. Lee was alleged to be the brains of the PHP7-billion housing
scam that had victimized hundreds of house buyers, mostly middle
income families.

Mr. Lee was using a Porsche Cayenne (XRE-761) at the time he was
arrested, according to police reports cited by INQUIRER.net.

He is now detained, in Pampanga provincial jail after the Court of
Appeals affirmed his arrest issued by a Pampanga court in
May 2012, adds INQUIRER.net.

Based in Pasig City, Philippines, Globe Asiatique Realty Holdings
Corporation engages in developing and selling real estate
properties, primarily residential houses, and lot and condominium
units in the Philippines.  The company also leases spaces for
commercial use, such as offices, restaurants, and retail shops;
and offers a range of services to assist in residential
developments, including tenant sourcing, screening, unit viewing,
document processing, key handling, and facilitating payments.


RURAL BANK OF PRES. M.A. ROXAS: Placed Under PDIC Receivership
--------------------------------------------------------------
The Monetary Board (MB) placed the Rural Bank of Pres. M.A. Roxas
(Zamboanga del Norte), Inc. under the receivership of the
Philippine Deposit Insurance Corporation (PDIC) by virtue of MB
Resolution No. 464 dated March 20, 2014. As Receiver, PDIC took
over the bank on March 21, 2014.

Rural Bank of Pres. M.A. Roxas is a two-unit rural bank with Head
Office located in Pres. Manuel Roxas, Zamboanga del Norte,
Zamboanga Peninsula. Its lone branch is located at Balintawak St.,
Dipolog City, Zamboanga del Norte, Zamboanga Peninsula. Latest
available records show that as of December 31, 2013, Rural Bank of
Pres. M.A. Roxas had 23,009 accounts with total deposit
liabilities of PHP47.68 million. A total of 23,003 deposit
accounts or 99.97% of the accounts have balances of PHP500,000 or
less and are fully covered by deposit insurance. Total insured
deposits amounted to PHP44.54 million or 93.43% of total deposits.

PDIC said that upon takeover, all bank records shall be gathered,
verified and validated. The state deposit insurer assured
depositors that all valid deposits shall be paid up to the maximum
deposit insurance coverage of PHP500,000.

The PDIC also announced that it will conduct a Depositors-
Borrowers Forum on March 31, 2014 to inform depositors of the
requirements and procedures for filing deposit insurance claims.
Claim forms will be distributed during the Forum. The schedule and
venue of the Forum will be posted on the bank premises and in the
PDIC website, www.pdic.gov.ph. The claim forms and the
requirements and procedures for filing are likewise available for
downloading from the PDIC website.

Depositors may update their addresses with the PDIC
representatives at the bank premises or during the Forum using the
Mailing Address Update Forms to be furnished by PDIC
representatives. Duly accomplished Mailing Address Update Forms
should be submitted to PDIC representatives accompanied by a
photo-bearing ID with signature of the depositor. Depositors may
update their addresses until March 28, 2014.

Depositors with valid deposit accounts with balances of
PHP50,000.00 and below need not file deposit insurance claims. But
depositors who have outstanding obligations with the Rural Bank of
Pres. M.A. Roxas including co-makers of the obligations, and have
incomplete and/or have not updated their addresses with the bank,
regardless of amount, should file deposit insurance claims.

For depositors that do not need to file deposit insurance claims,
PDIC will start sending payments by mail to their addresses based
on bank records by first week of April 2014.

For depositors that are required to file deposit insurance claims,
the PDIC will start claims settlement operations for these
accounts also by second week of April 2014. The schedule of the
claims settlement operations will be announced through notices to
be posted in the bank premises and other public places as well as
through the PDIC website, www.pdic.gov.ph.

According to the latest Bank Information Sheet (BIS) as of
December 31, 2013 filed by the Rural Bank of Pres. M.A. Roxas with
the PDIC, the bank is owned by Lane John R. Lim (36.28%), Lynn
Rose L. Nu¤ez (19.08%) and Orly R. Lim (14.39%). Its President is
Orly R. Lim and its Chairman is Lane John R. Lim.



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


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

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

AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



                 *** End of Transmission ***