TCRAP_Public/140409.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

           Wednesday, April 9, 2014, Vol. 17, No. 70


                            Headlines


A U S T R A L I A

KYTEC SOLUTIONS: DCS Advisory Appointed as Administrator
SAM'S WAREHOUSE: To Shut Down Business; 20 Workers Lose Jobs
TURKS BAR: Alex Kersjes' Businesses Placed in Liquidation


B A N G L A D E S H

BANGLALINK DIGITAL: Moody's Assigns (P)B1 Corp. Family Rating
BANGLALINK DIGITAL: S&P Assigns B+ CCR & Rates US$300MM Notes B+


C H I N A

CHINA ZHENGTONG: 2013 Results Supports Moody's Ba3 CFR
LDK SOLAR: Subsidiary Files Insolvency Proceedings in Germany
MIE HOLDINGS: Fitch Affirms LT Issuer Default Rating (IDR) at 'B'
MIE HOLDINGS: S&P Places 'B+' Rating on Proposed US$ Notes Issue
SHANGHAI ZENDAI: Weak 2013 Results No Impact on Moody's B3 CFR

SINOPEC: Fitch Says Floating Notes Combat Fed Tapering


I N D I A

ABW INFRASTRUCTURE: ICRA Reaffirms 'D' Rating on INR210MM Loans
AHINSA FLOUR: ICRA Reaffirms 'B' Rating on INR8.50cr Loan
ALM METALS: CRISIL Assigns 'B+' Rating to INR137.8MM Loans
ANIL NEERUKONDA: CRISIL Reaffirms 'B' Rating on INR305MM Loan
ASARCO STEEL: CARE Assigns 'B+' Rating to INR25cr Bank Loan

ECO GREEN: ICRA Reaffirms 'B' Rating on INR16.07cr Loans
GANPATI ISPAT: ICRA Suspends 'B' Rating on INR4.25cr Loan
H.V. EQUIPMENTS: CRISIL Reaffirms B+ Rating on INR17.5MM Loan
INDIAN YARN: CARE Downgrades Rating on INR70.61cr Loans to 'D'
IRONIDE MINERALS: CRISIL Assigns 'B' Rating to INR130MM Loan

JANANI INT'L: CRISIL Rates INR42MM Term Loan at 'B+'
KHODAL COTTON: ICRA Reaffirms 'B+' Rating on INR9.73cr Loans
LEATHER LINKERS: CRISIL Reaffirms 'B+' Rating on INR22.5MM Loans
MANGALORE URBAN: ICRA Suspends 'D' Rating on INR11.95cr Term Loan
MARK-O-LINE TRAFFIC: ICRA Suspends 'B-' Rating on INR3cr Loan

MARPOL PRIVATE: ICRA Assigns 'B-' Rating to INR11cr Cash Credit
MELSTAR INFORMATION: CRISIL Cuts Rating on INR150MM Loans to 'B'
MOTHER'S AGRO: CRISIL Raises Rating on INR82.4MM Loans to 'B+'
NEWTON ENGINEERING: ICRA Reaffirms 'B' Rating on INR4cr Loan
PRAKASH VANIJYA: CARE Reaffirms 'D' Rating on INR300cr Bank Loan

RADHA ISPAT: CARE Assigns 'B+' Rating to INR6.50cr Bank Loan
SAMRIDDHI PROCESSORS: CARE Reaffirms 'B' Rating on INR7.03cr Loan
SCAN ENERGY: CRISIL Reaffirms 'B' Rating on INR1.39BB Loans
SHRI ROKADOBA: CARE Assigns 'B+' Rating to INR10.30cr Bank Loan
SRB PROMOTERS: ICRA Reaffirms 'B+' Rating on INR25cr Loan

V.K. SOOD: ICRA Assigns 'D' Rating to INR10.35cr Loans
VICEROY BANGALORE: CRISIL Cuts Rating on INR2.06BB Loan to 'D'


I N D O N E S I A

LIPPO KARAWACI: Ba3 Rated Company Strongest Among its Peers


J A P A N

MT. GOX: Karpeles Beyond U.S. Court Reach, His Lawyer Says


N E W  Z E A L A N D

MAINZEAL PROPERTY: Receivers Recoup NZ$28.3MM from Asset Sales


S I N G A P O R E

AVAGO TECHNOLOGIES: Fitch Assigns 'BB+' Issuer Default Rating


S R I  L A N K A

SRI LANKA: Fitch Rates US Dollar Global Bonds at 'BB-(EXP)'
SRI LANKA: Moody's Rates Bond Offer (P)B1; Outlook Stable


                            - - - - -


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


KYTEC SOLUTIONS: DCS Advisory Appointed as Administrator
--------------------------------------------------------
Glenn Douglas Trinick at DCS Advisory was appointed as
administrator of Kytec Solutions Pty Ltd, formerly trading as
Kytec Group, on April 4, 2014.

A first meeting of the creditors of the Company will be held at
Level 1, 22 Prowse Street, West Perth, on April 16, 2014, at 10:00
a.m.


SAM'S WAREHOUSE: To Shut Down Business; 20 Workers Lose Jobs
------------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Kawana-based SAM'S
Warehouse will be shut down leaving 20 employees jobless.
According to the report, a source said it may take some weeks
before the official closure of the store with shoppers may enjoy
bargains in the next days. It was believed that the closure would
not affect the Noosa and Maroochydore stores, the report relates.

The reason of the closure was associated with poor sales and high
rent, says dissolve.com.au.


TURKS BAR: Alex Kersjes' Businesses Placed in Liquidation
---------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Alex Kersjes'
Turks Bar and The Peak restaurant (Havelock North),  Corn and Cow
(Hasting) and  The Dutch at The Bluewater bar (Ahuriri) had been
placed into liquidation. Reportedly, these establishments would
continue to trade.

Turks Bar was purchased by Mr. Kersje in 2013; however, it entered
receivership and liquidation.  According to the report, company
director Jason Dean noted that he took control of the management
on behalf of the restaurant's receiver. He added that some amounts
are still outstanding from the bar's sale and the company still
owed money to many people, dissolve.com.au reports.



===================
B A N G L A D E S H
===================


BANGLALINK DIGITAL: Moody's Assigns (P)B1 Corp. Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1
corporate family rating to Banglalink Digital Communications
Limited and a provisional (P)B1 senior unsecured rating to its
proposed $300 million, five-year senior notes due in 2019.

This is the first time that Moody's has assigned ratings to
Banglalink.

The outlook on the ratings is stable.

The ratings are provisional and are subject to: (1) the successful
issuance of the notes; (2) the repayment of existing secured debt
and bridge loans totaling about $290 million; and (3) the change
of the terms and conditions of existing shareholder loans so that
these loans will be subordinated to all other debt. However, if
these conditions are not met, Moody's would likely reevaluate the
ratings, given the high proportion of short term debt in the
existing capital structure and the higher than forecast leverage.

Ratings Rationale

"Banglalink's (P)B1 ratings reflect its strong position in the
growing mobile market in Bangladesh and its solid margins and
leverage for the rating level. However, the ratings are
constrained by funding requirements to support its growth and the
challenging operating environment," says Yoshio Takahashi, a
Moody's Assistant Vice President and Analyst.

Banglalink is well positioned to benefit from the growing mobile
market in Bangladesh, given its strong position as the second-
largest mobile operator by the number of subscribers. Moody's
expects the company to record revenue growth of at least 5%-10% in
the coming two years, supported by subscriber and data revenue
growth.

Despite intense competition, Moody's expects the company to
maintain a market share of 24%-25% in the coming two years, given
its strong brand, network coverage, and management track record.

The company will also likely maintain adjusted EBITDA margins of
over 40% because of expected increases in revenue and improved
cost control.

Its adjusted debt/EBITDA will remain below 3.5x for the same
period, given the reclassification of shareholder loans provided
by its direct parent, Global Telecom Holding SAE (GTH, unrated),
as 100% equity, following the planned change of their terms and
conditions. Banglalink's adjusted debt/EBITDA in 2013 was about
4.2x.

However, Moody's expects Banglalink's free cash flow (FCF) to
remain negative in 2014 and 2015 because of the high level of
capex required to expand its 3G network.

Without the proposed bond issuance, Banglalink's liquidity profile
is strained. At 31 December 2013, the company held about BDT3
billion in cash and had access to about BDT8 billion in undrawn
committed facilities.

Moody's estimates that these funds, as well as its operating cash
flow, will be insufficient funds to cover its maturing debt of
BDT32 billion over the next 12 months, as well as its expected
capex of over BDT20 billion.

While the issuance of the $300 million (about BDT23 billion) of
notes will help alleviate liquidity pressure, Banglalink is likely
to depend on funding from its parents or from local banks to meet
its financing gap.

The (P) B1 ratings also consider the challenging regulatory
environment for telecommunications operators in Bangladesh.
Revenue sharing, spectrum charges, and license fees -- which
accounted for about 8% of its consolidated revenue in 2013 -- as
well as SIM card tax (BDT300 per card), will continue to limit the
ability of telecoms companies to generate positive cash flows.

While Banglalink's fundamental credit is weakly positioned for the
B1 level, the continued operating and financial support from GTH,
as well as its ultimate parent, VimpelCom Ltd (Ba3 stable),
provides some comfort.

GTH, for instance, has provided technical assistance and injected
equity into Banglalink. The planned change in the terms and
conditions of shareholder loans also demonstrate the strength of
its support. VimpelCom also plans to provide loans to Banglalink
indirectly via intermediate holding companies to help finance its
capex.

Nevertheless, the ratings do not explicitly incorporate any upward
notching.

The stable outlook reflects Moody's expectation that Banglalink
will maintain revenue and earnings growth, as well as low
leverage, while reducing its negative free cash flow in the coming
2-3 years.

Upward pressure on the ratings could arise if Banglalink: (1)
significantly improves its market position without compromising
EBITDA margins; (2) continues to grow its revenue and earnings by
expanding the number of subscribers and data revenue; (3) achieves
net profit and generates positive FCF on a sustained basis; and
(4) significantly improves its liquidity profile.

Specific indicators that Moody's would consider in upgrading the
ratings include: adjusted EBITDA margins in excess of 45%;
adjusted debt/EBITDA below 3.0x; adjusted FCF/debt in excess of
0%-5%; and adjusted debt/capitalization below 60% on a sustained
basis.

Downward pressure on the ratings could also emerge if Banglalink:
(1) experiences significant deterioration in market share and a
material slowdown in revenue and earnings growth; (2) fails to
reduce negative free cash flows in the coming 2-3 years; (3)
encounters difficulty in accessing capital to fund growth or
repay/refinance debt, as and when it falls due; (4) experiences a
fall in financial assistance from GTH or VimpelCom; or (5)
implements aggressive investment and shareholder return policies.

Specific indicators that Moody's would consider for a downgrade
include: adjusted EBITDA margins below 35%; adjusted debt/EBITDA
above 4.5x; and adjusted debt/capitalization over 80% on a
sustained basis.

The principal methodology used in this rating was the Global
Telecommunications Industry published in December 2010.

Other Factors used in this rating are described in Debt and Equity
Treatment for Hybrid Instruments of Speculative-Grade Nonfinancial
Companies, published in July 2013, and Rating Non-Guaranteed
Subsidiaries: Credit Considerations In Assigning Subsidiary
Ratings In The Absence Of Legally Binding Parent Support,
published in December 2003.

Banglalink, established in 1998, is the second-largest mobile
operator in Bangladesh by subscriber numbers. It had 29 million
subscribers at 31 December 2013.

The company is 99.99%-owned indirectly by GTH, an Egypt-based
telecom operator with mobile operations in Pakistan, Bangladesh,
Algeria, Canada, and Sub-Saharan African countries.

GTH is in turn 51.92%-owned by the Netherlands-based VimpelCom,
which owns, both on wholly-owned and none wholly-owned basis,
global telecommunications service providers with operations in 17
countries.


BANGLALINK DIGITAL: S&P Assigns B+ CCR & Rates US$300MM Notes B+
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' long-term corporate credit rating to Banglalink Digital
Communications Ltd.  The outlook is stable.  S&P also assigned its
'B+' long-term issue rating to the company's proposed five-year
US$300 million senior unsecured notes.  The ratings on the notes
are subject to S&P's review of the final issuance documentation.
Banglalink is a Bangladesh-based cellular service provider.

"The rating on Banglalink reflects our view that the company faces
very high country risk, high competition in its cellular business,
and high capital expenditure requirements," said Standard & Poor's
credit analyst Wee Khim Loy.  "At the same time, the rating
reflects our view of the company's satisfactory market position
and operating efficiency, fair financial position, and support
from its ultimate parent, VimpelCom Ltd."

S&P views Banglalink's business risk profile as "vulnerable"
because the company generates most of its cash flows in the
domestic market.  The company's exposure to Bangladesh's very high
country risk reflects the country's low level of economic
development and weak financial system. Banglalink is also exposed
to high regulatory risk.  Both these factors have undermined the
company's operating performance over the past 15-18 months.

S&P expects Banglalink to maintain its fair competitive position
in a highly competitive market.  S&P also anticipates that the
company will continue benefiting from the growing wireless market
in Bangladesh, with wireless penetration of about 70%.

Banglalink is likely to increase cash flows and its already-high
capital expenditure over the next 24 months, underpinning S&P's
assessment of a "significant" financial risk profile.

S&P assess Banglalink's capital structure as negative due to its
exposure to currency risk from a possible weakening of the
Bangladesh taka.  The company will have at least 60% of its debt
denominated in foreign currency after the proposed bond issuance,
whereas most of the company's cash flows are in local currency.
Banglalink also does not have any hedges to offset the currency
risk.

S&P's rating on Banglalink factors in support from VimpelCom
(BB/Stable/--), based on its assessment of a "moderately
strategic" relationship with the ultimate parent.  S&P believes
Banglalink's market to be important for VimpelCom.  The parent is
likely to continue to provide management, technical, and financial
support.

"The stable outlook on Banglalink reflects our expectation that
the company can maintain its operating performance and financial
position over the next 12-24 despite high capital expenditure,"
said Ms. Loy.  "We also expect that Banglalink will continue to
receive support from VimpelCom, when required."

S&P could raise the rating if Banglalink's operating performance
is better than its expectation or the company receives financial
support from its parent VimpelCom, resulting in funds from
operations (FFO) interest coverage staying above 5x.  S&P could
also raise its rating if the company mitigates currency risk on
its borrowings either through currency hedging or improvement in
financial leverage with the debt-to-EBITDA ratio falling
sustainably below 3x, which would lead S&P to assess the capital
structure as neutral.

S&P could lower the rating on Banglalink if the company's
operating and financial performance deteriorates because of
intensifying competition or operational issues.  A downgrade
trigger could include FFO interest coverage falling below 2x on a
consistent basis, or if we perceive that support from VimpelCom
has weakened.  S&P could also lower the rating if believe
Banglalink's liquidity position has materially deteriorated to a
level S&P would view as weak.



=========
C H I N A
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CHINA ZHENGTONG: 2013 Results Supports Moody's Ba3 CFR
------------------------------------------------------
Moody's Investors Service says that China ZhengTong Auto Services
Holdings Limited's 2013 results are in line with Moody's
expectations and support its Ba3 corporate family rating as well
as the stable rating outlook.

"The newly opened stores in 2012 and more traction from its after-
sales services contributed to a modest year-on-year revenue growth
of 7.9% in 2013," says Chenyi Lu, a Moody's Vice President and
Senior Analyst.

Moody's expects ZhengTong's revenue to grow by mid-to-high single
digits year-on-year over the next 1-2 years, driven by the ramp-up
of its newly built stores -- eight in 2012 and six in 2013 -- and
a greater revenue contribution from its after-sales services given
that its existing stores are maturing.

"ZhengTong's adjusted EBITDA margin improved slightly to 6.9% from
6.6% in 2012. Although its gross margin in new car sales weakened,
this was offset by tighter expense controls and improved operating
efficiency," says Lu, also the Lead Analyst for ZhengTong.

Moody's expects the company to improve its adjusted EBITDA margin
slightly over the next 12-18 months, driven by the expected higher
revenue contribution from after-sales services.

ZhengTong's leverage improved slightly in 2013. Its adjusted debt
grew modestly to RMB7.6 billion at end-2013 from RMB6.9 billion at
end-2012, while its adjusted EBITDA grew 12.4% year-on-year in
2013. As a result, its adjusted debt/EBITDA fell to 3.7x in 2013
from 3.8x in 2012.

Moody's expects ZhengTong's adjusted debt/EBITDA to decline to
3.5x-3.0x over the next 12-18 months, which will be in line with
its Ba3 rating. Moody's also expects the company to pursue a
prudent expansion strategy by adding eight new stores in 2014 and
limiting debt increases over the next two years.

ZhengTong's liquidity position is weak given its heavy reliance on
short-term debt to finance its operations. Its unrestricted cash
of RMB1.5 billion at end-2013, pledged bank deposits of RMB1.5
billion and expected cash flows from operations of around RMB1.3
billion in the next 12 months are not enough to cover its
projected maintenance capex of RMB50 million, bills payables of
RMB3.3 billion and short-term maturing debt of RMB2.9 billion.

However, given its profitable operations and strong market
position in China, Moody's expects ZhengTong to rollover its
short-term borrowings from domestic banks.

The principal methodology used in this rating was the Global
Retail Industry published in June 2011.

China ZhengTong is a top auto dealership group in China with a
primary focus on the luxury and ultra-luxury car market. It
operated 92 retail outlets in China at end-2013. It has been
listed on the Hong Kong Stock Exchange since 2010.


LDK SOLAR: Subsidiary Files Insolvency Proceedings in Germany
-------------------------------------------------------------
LDK Solar Co., Ltd.'s subsidiary, Sunways AG, has commenced
preliminary insolvency proceedings in German court.

Following the relevant application of the Management Board of
Sunways AG, the Konstanz local court has issued an order to open
preliminary insolvency proceedings.  The proceedings concern the
assets of Sunways AG with registered office in Konstanz and its
wholly owned subsidiary, Sunways Production GmbH with registered
office in Arnstadt, Germany.  The court appointed attorney at law
Dr. Thorsten Schleich -- thorsten.schleich@schleich-kollegen.de --
Singen am Hohentwiel, of the law office Schleich & Kollegen, as
preliminary insolvency administrator.  The court order also
provides for the formation of a preliminary creditors' committee
in the near future.

                           About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar Co disclosed a net loss of $1.05 billion on $862.88
million of net sales for the year ended Dec. 31, 2012, as compared
with a net loss of $608.95 million on $2.15 billion of net sales
for the year ended Dec. 31, 2011.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.


MIE HOLDINGS: Fitch Affirms LT Issuer Default Rating (IDR) at 'B'
-----------------------------------------------------------------
Fitch Ratings has affirmed MIE Holdings Corporation's (MIE) Long-
Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook and
its senior unsecured rating at 'B'. Fitch has also affirmed the
ratings on the USD400m note due May 2016 and the USD200m note due
Feb 2018 issued by MIE at 'B' with Recovery Rating of 'RR4'.
Simultaneously, the agency has assigned an expected rating of
'B(EXP)' to MIE's proposed US dollar notes with a Recovery Rating
of 'RR4'.  The final rating on the notes is contingent on the
receipt of information conforming to the documentation already
received.  The oil and gas exploration and production company is
expected to use most of the proceeds from the notes for
refinancing purposes.

The notes are rated at the same level as MIE's senior unsecured
rating because they represent direct, unconditional, unsecured and
unsubordinated obligations of the company.

Key Rating Drivers
Rating Constrained by Operating Scale: MIE's ratings of 'B'
reflect the upstream nature of MIE's business profile, as well as
its small reserves and operating scale.  At end-2013, MIE had
proven oil and gas reserves of 83.2 million barrels of oil
equivalent (2012: 62.3mmboe).  Based on the 2013 production rate,
the proven reserve life for oil is around 10 years, but may reduce
as future production accelerates.  However, MIE's proved and
probable reserves, over 50% from Kazakhstan, are much larger at
193mmboe at December 2013.  For 2013, total net oil and gas
production was 5.68mmboe, slightly above 2012's 5.50mmboe due to
the increased contribution from Kazakhstan-based Emir Oil, which
was acquired in 2011.  There was a moderate decline in production
in northeastern China, its legacy assets, due to a decision to
scale back capex in this area.

Expansion Through Acquisitions: The acquisitions of Emir Oil, and
to a smaller extent, of Pan-China Resources Limited and Sino Gas &
Energy Limited (Sino Gas), in 2011-2012 have expanded MIE's
operating scale and geographical diversity.  In 2013, Emir Oil
accounted for 29% of MIE's net oil production and 60% of its total
proven oil reserves.  Pan-China Resources accounted for 7% of
total oil production and generated positive EBITDA in 2013.

In addition, acquiring Sino Gas also increased MIE's natural gas
reserves significantly.  At end-2013, MIE's proven gas reserves
reached 174.2 billion cubic feet, an increase of 169% over 2012.
However, the gas fields are still at an early stage of
development. Fitch does not envisage material profit contributions
from Sino Gas until 2015-16.

Limited Capacity for Sizeable Acquisitions: Given MIE's small
scale, the investments required to develop recently acquired
resources and its mature legacy assets in China, the company has a
limited capacity to pursue further sizable acquisitions within its
current rating level.

Concentrated Business with Strong Counterparty: Over 80% of MIE's
EBITDA is generated from three oilfields with low permeability
reservoirs in China under production-sharing contracts (PSC) with
PetroChina Company Limited (A+/Stable), China's largest oil and
gas producer.  Despite this concentration risk, MIE's risk profile
benefits from its low-cost production in China, established track
record, and the long-term relationship with PetroChina.

Adequate Financial Position: The Stable Outlook reflects Fitch's
expectations that MIE will continue to maintain an adequate
financial profile for its current ratings.  MIE's financial
leverage is expected to increase slightly from its end-2013 level
of 2.2x as measured by net adjusted debt/funds from operations
(FFO).  Fitch expects the company's cash generation to benefit
from increased production from its Kazakhstan assets, especially
once infrastructural bottle necks are cleared by 1H15. " We expect
the company's capex to remain elevated through 2016 to support
development and production expansion across its newer assets.
However, Fitch expects MIE's financial leverage to be maintained
at less than 3x over the next two years barring any further asset
acquisitions," Fitch said.

The proposed notes issue and expected refinancing will improve
MIE's medium-term liquidity.  However, this may result in a
concentration of debt maturity around 2018-2019, as it has senior
unsecured notes due in February 2018.

Fitch's Recovery Rating of 'RR4' on MIE's senior unsecured debt
reflects average recovery prospects and immaterial onshore bank
debt or offshore secured bank facilities.  Following the proposed
note issue and refinancing of current notes, MIE's debt will
primarily comprise senior unsecured US dollar notes.  If material
senior ranking debt were to be raised by subsidiaries in the
future, the instrument's rating and Recovery Rating may be
negatively affected.

Rating Sensitivities

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

  -- FFO adjusted net leverage exceeding 3x (2013: 2.2x) on
     a sustained basis

  -- FFO gross interest coverage under 4.5x (2013: 4.7x) on
     a sustained basis

  -- Significant dividend payments

  -- Material changes in taxation in China and Kazakhstan
     leading to adverse effects on its cash flows

  -- Material adverse legal disputes leading to adverse effects
     on its cash flows

  -- Further significant acquisitions before integration of
     existing assets

Positive: We do not expect any positive rating action in the
medium-term given MIE's limited scale and operating profile.
However, future developments that may individually or collectively
lead to positive rating action include

  -- Provenoil and gas reserves above 200mmboe (2013: 83mmboe)

  -- Average production exceeding 80,000boe per day
     (2013: 15,554boepd)

  -- Maintaining a robust financial position


MIE HOLDINGS: S&P Places 'B+' Rating on Proposed US$ Notes Issue
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
issue rating and 'cnBB' long-term Greater China regional scale
rating to a proposed issue of U.S.-dollar-denominated senior
unsecured notes by MIE Holdings Corp. (MIEH).  The company intends
to use the proceeds to primarily refinance its 2016 senior
unsecured notes and for general corporate purposes.

The rating on MIEH (B+/Stable/--; cnBB/--) reflects the company's
"weak" business risk profile and "aggressive" financial risk
profile.  MIEH's business risk profile reflects S&P's assessment
of the company's limited scale of operations and small asset base,
limited geographic diversity, and exposure to volatility in oil
prices. MIEH's low lifting costs and fair profitability temper
these business risks.

S&P's assessment of MIEH's financial risk profile reflects the
company's negative free cash flows, aggressive growth strategy,
and volatility in cash flows.  MIEH's capital expenditure is
likely to remain high at about US$350 million in 2014.  The
company is also likely to spend more on its Emir-Oil and
unconventional gas projects in China. We expect MIEH's ratio of
funds from operations to debt to be 22%-28% in the next 24 months,
compared with about 32.2% in 2013.

The stable outlook on MIEH reflects S&P's view that the company
will maintain its operating performance over the next 12-24
months.  S&P assumes that MIEH will not undertake any acquisition
in 2014.  Any new debt-funded acquisition can have a negative
impact on the rating.


SHANGHAI ZENDAI: Weak 2013 Results No Impact on Moody's B3 CFR
--------------------------------------------------------------
Moody's Investors Service says that Shanghai Zendai Property
Limited's B3 corporate family rating remains unchanged after the
publication of its weak 2013 results, and that its credit profile
remains constrained following several large land-related
transactions in early 2014.

The rating outlook is stable.

"Zendai continues to be at the lower end of the single B rating
category, because of its slow sales, high debt level and overall
weak credit metrics that constrain its financial flexibility,"
says Jiming Zou, a Moody's Assistant Vice President and Analyst.

Zendai continues to face challenges in improving its contracted
sales, because of its limited financial flexibility and lackluster
sales for projects in low-tier cities. The amount of contracted
sales was low in 2013, and its receipts in advance from customers
reduced to HKD1.2 billion at end-2013 from HKD1.7 billion a year
ago.

The company recorded a 98% increase in revenue to HKD2.2 billion
in 2013 from HKD1.1 billion in 2012. However, this level of
revenue was low compared to the HKD2.8 billion and HKD4.0 billion
reported in 2011 and 2010, respectively. Its 2013 revenue also
compares weak to its substantial inventory of HKD6.8 billion at
end-2013.

At the same time, Zendai's gross margin narrowed to 28.8% in 2013
from 39.2% in 2012, reflecting the recognition of low-margin
projects in its completed properties.

Zendai's debt profile further weakened as it incurred debt to fund
land payments. It reported a 24% year-on-year increase in gross
debt to HKD6.1 billion at end-2013. The company's adjusted debt to
capitalization ratio rose to around 47.7% at end-2013 from 45.4%
at end-2012. While its debt/book capitalization ratio of 48% is
moderate, Moody's considers its total debt to revenue of 2.8x as
very high.

The company's fast debt increase relative to its earnings also
resulted in weakened interest coverage, and its adjusted
EBTIDA/interest dropped to 0.9x in 2013 from 1.5x in 2012. Moody's
does not expect the company will improve its interest coverage in
2014, because its debt level and finance cost will remain high.

"Moreover, the company's aggressive business strategy has resulted
in high execution challenges," adds Zou, who is also the lead
analyst for Zendai.

The company acquired a piece of land in South Africa for HKD838
million in November 2013 and another piece of land in Nanjing for
RMB902 million in March 2014. The acquisition payments are
substantial and the scale of the new projects is large relative to
Zendai's existing business operation.

Zendai announced in March 2014 that it agreed to sell minority
interests in the new Nanjing project and another existing project
to China Oriental Asset Management Corporation (unrated) in return
for a capital injection and shareholder loans totaling RMB1.68
billion. The transactions will provide Zendai with the necessary
liquidity to settle the land payments.

Nevertheless, Zendai's liquidity position remains weak, due to its
slow contracted sales and limited cash balance. Its cash-on-hand
(including restricted cash) of HKD2.5 billion was insufficient to
cover its HKD3.5 billion in short-term debt at end-2013. The new
HKD400 million three-year term loans, announced on 31 March 2014,
will help buffer the company's liquidity position.

Given its weak performance, a rating upgrade is unlikely in the
near term.

Zendai's rating could be downgraded, if (1) it fails to improve
its contracted and booked sales in 2014, or experiences further
deterioration in its credit profile; or (2) faces heightened
liquidity risks, with its cash balance falling materially below
its short-term debt.

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

Shanghai Zendai Property Ltd is a property developer in Mainland
China that develops, invests in, and manages residential and
commercial properties in China. The group has projects under
development in 11 cities in northern China, Shanghai and adjacent
areas, and Hainan Province.


SINOPEC: Fitch Says Floating Notes Combat Fed Tapering
------------------------------------------------------
Sinopec's successful issuance of USD2 billion in floating-rate
notes as part of its recent USD5 billion bond issue represents an
important template on how large deals can be structured to combat
concerns about the US Federal Reserve's tapering and attract a
wider range of investors, Fitch Ratings says.

The USD1.5 billion of three-year and USD500 million of five-year
floating-rate notes catered to investors concerned about the
potential for interest rates to rise over the mid-term.  Notably,
the total floating-rate issuance of USD2.0 billion was as high as
the total fixed-rate issuance for the same maturities.  Sinopec
issued USD1.25billion of three-year and USD750 million of five-
year fixed-rate notes.  Sinopec also issued a USD1.0billion ten-
year fixed-rate note, bringing the total issuance on this occasion
to USD5billion -- Asia's biggest in 11 years.

Sinopec drew strong interest from investors, with USD17 billion in
reported demand for the USD5billion offer, even after the company
tightened pricing.  Issuing a sizeable proportion of floating-rate
notes, as opposed to fixed-rate notes only, enabled the company to
achieve stronger pricing, resulting in a win-win situation for
both investors and the issuer in this instance.

Fitch believes investor interest in floating-rate instruments is
particularly high for the medium term or three- to five-year
tenor. In the case of short-term notes, investors have reasonable
certainty from the Fed's forward guidance, while for terms beyond
five years, higher US dollar interest rates are already reflected
in the steep Treasury curve.  The floating-rate option for medium-
term debt addresses the uncertainty of interest rates in this
space of the yield curve, and enables certain investors to match
their funding costs.

Fitch does not expect this just-completed deal by Sinopec to force
smaller debt issues from Asia into offering floating-rate notes.
However, floating-rate medium tenor notes may become more common
place for larger debt offerings.  Sinopec's deal precedes a large
expected pipeline of bond issues by a number of state-owned
entities, especially in the energy and utilities sector, from
China, India and Indonesia.



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


ABW INFRASTRUCTURE: ICRA Reaffirms 'D' Rating on INR210MM Loans
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]D' rating for the INR116.94 crore
term loans, INR60.0 crore overdraft facilities, and INR33.06 crore
non-fund based limits of ABW Infrastructure Limited. The rating
suspension done in December 2013 stands revoked.

The rating reaffirmation factors in continuing irregularities in
debt servicing by the company due to stressed liquidity position.
The liquidity position of the company has deteriorated due to
funds blocked in land, delays in getting approvals, and overall
slowdown in the real estate which has impacted demand and
collections. The company is looking to sell land bank to realize
funds which could improve its liquidity position.

Going forward, ABW's ability to timely service its debt
obligation, improve its liquidity position and expedite progress
in its projects will be amongst the key rating sensitivity
factors.

Incorporated in 1988, ABW was promoted by Mr. Atul Bansal in 1988.
The Company started with the development of luxury apartments in
Delhi and NCR region. The Group has constructed over 250 high end
luxury apartments covering one million sq ft area in South Delhi
areas like Shanti Niketan, Golf Links, Jor Bagh, Anand Lok, Anand
Niketan, Greater Kailash, West End, Malcha Marg etc. Over the
years, ABW diversified into the development of commercial projects
and shopping malls. Some of the completed projects of the ABW
include two commercial centres-cum shopping malls in Saket
District Centre and Jasola, ABW Tower at IFFCO Chowk, Rectangle-1
in Saket and Elegance Tower in Jasola. ABW (including its
subsidiaries) is currently developing four commercial and four
residential projects with majority of the projects located in
Gurgaon (Haryana).

Recent Results

In FY2013, ABW had operating income of INR27.4 crore (previous
financial year INR57.1 crore) and net profit of INR0.14 crore
(previous financial year INR2.3 crore).


AHINSA FLOUR: ICRA Reaffirms 'B' Rating on INR8.50cr Loan
---------------------------------------------------------
ICRA has reaffirmed long term rating at '[ICRA]B' to the INR8.50
crore Fund based bank limits of Ahinsa Flour Mill Private Limited.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based limits      8.50       [ICRA]B Reaffirmed

The rating is constrained by the significant delays witnessed by
the company in the commencement of operations primarily due to the
delay in securing the sanction for term debt. This has lead to the
deferment of cash generation from the project and any further
delay could adversely impact the company's ability to meet the
scheduled repayments commencing in June 2014. In addition, the
rating continues to take into account the highly competitive
nature of the flour processing industry and limited value addition
which is expected to exert pressure on the company's
profitability.

Also, the procurement function of the company continues to remain
vulnerable to the agro-climatic conditions and government
regulations on pricing, availability and distribution of
agricultural commodities. Nevertheless, rating draws comfort from
the fact that the financial closure of the project has been
achieved and significant proportion of envisaged equity
contribution brought in. Further, the rating factors in the
experienced management of the company with a long track record in
the agro commodities business and access to group's extensive and
well-established distribution network.

Incorporated in the year 2011, Ahinsa Flour Mill Pvt. Ltd. has
been established with the purpose of flour milling with a milling
capacity of 200 MT per day (60000 MT per annum). The commercial
operations of the company were proposed to commence in April 2013;
however the same were postponed to April 2014. The plant is
located at Tikamgarh, Madhya Pradesh. The total project cost of
the project is INR8.0 which is expected to be funded through
INR4.60 crore of promoter's contribution and the balance by way of
term debt. The promoters of the company have experience in diverse
fields like Cables, Real Estate, Paper, Food processing etc.


ALM METALS: CRISIL Assigns 'B+' Rating to INR137.8MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of ALM Metals and Alloys Ltd.

                        Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Term Loan               12.2       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      90.6       CRISIL B+/Stable

   Cash Credit             35         CRISIL B+/Stable

   Letter of Credit        60         CRISIL A4

   Bank Guarantee           2.2       CRISIL A4

The ratings reflect susceptibility of ALM's operating
profitability to volatility in aluminium prices and foreign
exchange rate, modest debt protection measures, and modest scale
of operations in a highly competitive aluminium recycling
industry. These rating weaknesses are partially offset by the
extensive industry experience of the promoters.

Outlook: Stable

CRISIL believes that ALM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if ALM reports higher-than-
expected growth in revenues along with better profitability,
leading to improvement in its cash accruals and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
the company's working capital requirements increase substantially,
or it undertakes any large, debt-funded capital expenditure
programme leading to weak financial risk profile.

Incorporated in 2010-11 (refers to financial year April 1 to
March 31), ALM manufactures aluminium ingots from aluminium
scraps, for use in the automobile industry. The promoters-Mr.
Aftab Rab and Mr. Masih Rab manage the company's day-to-day
operations. Its facilities are located in Rajkot (Gujarat).


ANIL NEERUKONDA: CRISIL Reaffirms 'B' Rating on INR305MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Anil Neerukonda
Educational Society continues to reflect ANES's modest scale of
operations, intense competition in the engineering colleges'
segment due to the presence of numerous engineering colleges in
Andhra Pradesh (AP), geographical concentration. These rating
weaknesses are partially offset extensive experience of ANES's
trustees in the educational sector, and the established market
position and track record of the engineering college in AP.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             305        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ANES will benefit over the medium term from
the extensive experience of its trustees, its established market
position and diversification in the revenue profile owing to the
set-up of the medical college. The outlook may be revised to
'Positive' if ANES scales up its operations smoothly, while
maintaining its profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' in case of a substantial
decline in revenues and profitability, or significantly higher-
than-expected debt-funded capital expenditure, or in case of
delays in reimbursement of fees from the AP government, thus
impacting the financial and liquidity risk profiles.

ANES was set up in 2000 in the memory of Late Anil Neerukonda. The
society started operations with an engineering college in 2001 and
now operates a medical college, dental college and a nursing
college. Beside the same, the society also provides an MCA course.
The Engineering and MCA courses are accredited to Andhra
University and AICTE affiliated and the medical and dental college
is approved by Medical Council of India (MCI).


ASARCO STEEL: CARE Assigns 'B+' Rating to INR25cr Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Asarco Steel Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             25        CARE B+ Assigned

   Short-term Bank
   Facilities             30        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Asarco Steel
Private Limited is tempered by the weak debt coverage indicators,
concentrated customer and supplier profile, elongated operating
cycle leading to stretched liquidity profile and highly fragmented
nature of the industry characterized by intense competition
leading to low profitability margins. However, the ratings derive
strength from the experienced promoters and long standing
relationship with leading suppliers of HR coils. The ability to
enhance its scale of operations, maintain moderate capital
structure and improve its operating performance and liquidity
profile are the key rating sensitivities.

Asarco Steel Private Limited [ASPL, erstwhile Marsh Steel (India)
Private Limited] incorporated during 2005, is primarily engaged in
the trading of HR coils. The promoters have an experience of
nearly three decades in the steel trading business. ASPL's major
clientele includes pipe manufacturing companies, auto ancillary
units and domestic traders.

During FY13 (refers to the period April 1 to March 31), ASPL
registered a PAT of INR1.43 crore on a total income of INR257.52
crore compared to a PAT of INR 0.25 crore in FY12 on a total
income of INR135.33 crore. Also, as on December 31, 2013
(provisional results), ASPL reported a PAT of INR0.72 crore on a
total income of INR431 crore.


ECO GREEN: ICRA Reaffirms 'B' Rating on INR16.07cr Loans
--------------------------------------------------------
ICRA has re-affirmed the '[ICRA]B' rating on the INR16.07 crore
(enhanced from INR10.68 crore) long term fund based facility of
Eco Green Paper Products Private Limited.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         8.60        [ICRA]B reaffirmed
   Term Loans          7.47        [ICRA]B reaffirmed

The rating reaffirmation takes into account the small scale and
limited track record of operations and weak financial risk profile
of the company characterized by stretched liquidity position and a
highly leveraged capital structure. The rating is also constrained
by the vulnerability of the company's profitability to adverse
fluctuations in the prices of the key raw material and the high
fragmentation and competition prevalent in the kraft paper
industry.

The rating, however, takes comfort from the established presence
of the promoter group in the Kutch region of Gujarat; the
company's favourable location for raw material imports and the
stable demand outlook for its main product, kraft paper, which is
mainly driven by growth in packaging applications.

Incorporated in March 2011, Eco Green Paper Products Private
Limited is promoted by Mr. Bhupendra Patel and Mr. Hemal Thacker.
The company is engaged in manufacturing of kraft paper in the
range of 80-200 GSM (grams per square meter) having a Burst Factor
of 16-22 BF at its plant located at Kutch, Gujarat having an
installed capacity of 22,500 MTPA.

Recent Results

For the year ended 31st March 2013, EGPPPL has reported an
operating income of INR3.63 crore and net loss of INR0.39 crore.
Further during first nine months of current year the company has
reported operating income of INR22.39 crore and Profit After Tax
(PAT) of INR0.62 crore.


GANPATI ISPAT: ICRA Suspends 'B' Rating on INR4.25cr Loan
---------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to the INR4.25
crore fund-based facilities of Ganpati Ispat Pvt. Ltd.  ICRA has
also suspended the '[ICRA]A4' rating assigned to the INR1.75 crore
non-fund based facilities of GIPL. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

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


H.V. EQUIPMENTS: CRISIL Reaffirms B+ Rating on INR17.5MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of H.V. Equipments Pvt Ltd
continue to reflect HVEPL's small scale of operations and
susceptibility to cyclicality in capacity addition by its end-user
industries. The ratings also factor in the company's working-
capital-intensive operations. These rating weaknesses are
partially offset by the benefits that HVEPL derives from its
promoter's industry experience and its established relationship
with customers.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee       120         CRISIL A4(Reaffirmed)
   Cash Credit           17.5       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       2.5       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that HVEPL will continue to benefit over the
medium term from its promoter's extensive experience in designing,
commissioning, and installing ash handing equipment and mill
reject systems. The outlook may be revised to 'Positive' if the
company achieves more-than-expected growth in scale of operations
and profitability, leading to improvement in its liquidity and
business risk profile. Conversely, the outlook may be revised to
'Negative' if HVEPL registers low growth in operating income or
profitability, leading to weakening of its debt protection
metrics.

HVEPL was set up in 1984 by Mr. S S Verma. It installs ash
handling and mill reject systems for a number of public sector
enterprises. The company has its own fabrication and design unit
in Noida (Uttar Pradesh). It mainly provides dense phase pneumatic
conveying systems to thermal power plants, cement plants, and
paper mills.


INDIAN YARN: CARE Downgrades Rating on INR70.61cr Loans to 'D'
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Indian
Yarn Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            67.25      CARE D Revised from 'CARE B'

   Short-term Bank
   Facilities             3.36      CARE D Revised from 'CARE A4'

Rating Rationale

The rating takes into account the ongoing delays in servicing of
the company's debt obligations on account of working capital
intensive operations and low profitability.

Indian Yarn Limited incorporated in 1992 was promoted by Mr VK
Indrayan. IYL is engaged in the manufacturing of synthetic yarn
with its manufacturing facilities at SAS Nagar (Punjab). The
company has an installed capacity of 38,616 spindles. During
H1FY13 (refers to April 1 to September 30), the promoters of Shiva
Texfab Limited (part of the Ludhiana-based Shiva group) entered
into an agreement with the erstwhile promoters of IYL to acquire
100% stake in IYL. The transaction was completed at the end of
FY13 (refers to the period April 1 to March 31).

Due to working capital intensive operation and lower profitability
there has been ongoing delays in debt servicing. During FY13, IYL
has a total operating income of INR143 crore and net loss of INR3
crore.


IRONIDE MINERALS: CRISIL Assigns 'B' Rating to INR130MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of M/s Ironide Minerals Pvt Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------     -------
   Overdraft Facility       50       CRISIL A4
   Cash Credit             130       CRISIL B/Stable
   Letter of Credit         20       CRISIL A4

The rating reflects IMPL's start-up phase of operations that would
lead to a constrained financial risk profile in the initial years.
These rating weaknesses are partially offset by the benefits that
IMPL is expected to derive from its promoters' extensive
experience in the steel industry.

Outlook: Stable

CRISIL believes that IMPL will be able to ramp up its operations
gaining from the experience of its promoters in the steel
industry, though overall financial risk profile will remain
constrained on account of low profitability and average capital
structure. The outlook may be revised to 'Positive' if IMPL's
accruals grow on a sustainable basis beyond expectations or if
there is improvement in its capital structure. Conversely, the
outlook may be revised to 'Negative' if IMPL faces stretch in
working capital cycle or follows imprudent risk management
policies affecting its liquidity.

IMPL was incorporated in 2013-14 (refers to financial year, April
1 to March 31) by Mr. Sanjay Gupta of Raipur, to trade in iron ore
(lumps and fines) and a few other metals. It is likely to start
operations in early 2014-15.


JANANI INT'L: CRISIL Rates INR42MM Term Loan at 'B+'
----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Janani International Pvt Ltd.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Standby Letter of
   Credit                 18        CRISIL A4

   Proposed Term Loan     42        CRISIL B+/Stable

   Foreign Bill
   Discounting            50        CRISIL A4

   Packing Credit         40        CRISIL A4

The ratings reflect JIPL's modest scale of operations in the
intensely competitive textiles industry, and below-average
financial risk profile marked by a high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of JIPL's promoter in the textiles
industry.

Outlook: Stable

CRISIL believes that JIPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case the company achieves
significant improvement in its scale of operations and
profitability, or benefits from substantial equity infusion by its
promoter, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if JIPL
generates lower-than-expected cash accruals, or if it undertakes a
large, debt-funded capital expenditure programme, resulting in
deterioration in its financial risk profile.

JIPL was set up in 1983 as a proprietorship concern named Supreme
Bandages in Rajapalayam (Tamil Nadu). It was reconstituted as a
private limited company under its current name, in 1996. It
manufactures cotton gray fabrics and dust sheets. Its day-to-day
operations are managed by its promoter Mr. Ramanathan.

JIPL reported a profit after tax (PAT) of INR0.97 million on
revenues of INR188.7 million for 2012-13 (refers to financial
year, April 1 to March 31), against a PAT of INR0.85 million on an
operating income of INR196.8 million for 2011-12.


KHODAL COTTON: ICRA Reaffirms 'B+' Rating on INR9.73cr Loans
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR8.00 crore
cash credit facility and the INR1.73 crore term loan facility of
Khodal Cotton Processing Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Cash
   Credit                8.00        [ICRA]B+; reaffirmed

   Fund Based-Term
   Loan                  1.73        [ICRA]B+; reaffirmed

The reaffirmation of rating takes note of Khodal Cotton Processing
Private Limited's (KCPPL) modest scale of operations and weak
financial profile as reflected by low profitability, weak debt
protection indicators and high gearing. ICRA also takes note of
the highly competitive and fragmented industry structure with the
limited value additive nature of operations, which leads to
pressure on profitability. The rating further incorporates the
vulnerability to adverse movement in raw material prices, which in
turn is linked to the seasonal nature of the cotton industry and
government regulations on MSP and export.

The rating, however, favourably considers the long experience of
the partners in the cotton industry as well as the favorable
location of the company, giving it easy access to high quality raw
cotton.

Incorporated in 2011, Khodal Cotton Processing Private Limited
(KCPPL) is engaged in the cotton ginning and pressing business.
The company is currently managed by four directors namely Mr.
Dalsukhbhai Vaghasiya, Mr. Rameshbhai Hirpara, Mr. Jaysukhbhai
Kalkani and Mr. Aswinbhai Ajani. The company's manufacturing
facility is located at Jangvad in Rajkot, Gujarat. It currently
has 24 ginning machines and one pressing machine (automatic) with
an installed capacity to produce 280 cotton bales per day (24
hours operation).

Recent Results
During FY13, KCPPL reported an operating income of INR68.48 crore
and PAT of INR0.12 crore.


LEATHER LINKERS: CRISIL Reaffirms 'B+' Rating on INR22.5MM Loans
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Leather Linkers Footwear
Pvt Ltd continue to reflect LLFPL's weak financial risk profile,
marked by large borrowings on account of significant working
capital requirements, and small scale of operations. These rating
weaknesses are partially offset by the benefits that LLFPL derives
from its promoters' extensive experience in the footwear industry,
and its established relationship with customers.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Packing Credit        36         CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    20.1       CRISIL B+/Stable (Reaffirmed)

   Standby Line of
   Credit                 6.5       CRISIL A4 (Reaffirmed)

   Term Loan              2.4       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes LLFPL will continue to benefit over the medium
term from its established relationship with customers and its
promoters' extensive experience in the footwear industry. However,
the company's financial risk profile is expected to be constrained
because of its large working capital requirements. The outlook may
be revised to 'Positive' if LLFPL scales up its operations on the
back of improved capacity utilisation, leading to improvement in
cash accruals. Conversely, the outlook may be revised to
'Negative' if the company registers lower-than-expected growth in
revenue, or its financial risk profile deteriorates because of
increase in working capital requirements or large, debt-funded
capital expenditure programmes.

Update
LLFPL's revenue declined to INR204 million in 2012-13 (refers to
financial year, April 1 to March 31) from INR213 million in 2011-
12. This was on account of the economic slowdown in its key
exporting countries such as the UK, Spain and Germany, with major
sales coming from the UK. However, in 2013-14, due to the
improving economic scenario in these regions, the company has
registered sales of INR170 million in the first eight months till
November 30, 2013. It has also expanded its geographical presence
by starting exports to the US, Japan and Ireland. LLFPL's
operating margin for 2012-13 were higher at 9.8 times, as against
9.2 per cent for 2011-12 on account of the cost savings undertaken
by the company on transport and freight charges and increased
realizations with favorable currency movement. The company's
financial risk profile has been weak with a gearing of 2.1 times
as on March 31, 2013. Its debt protection metrics for 2012-13 were
moderate, with interest coverage and net cash accruals to total
debt ratios of 2.0 times and 0.10 times, respectively.

SF's liquidity is moderate, with high utilisation of bank lines at
95 per cent for the 12 months ended February 2014 driven by large
working capital requirements. However, its cash accruals will be
sufficient to meet its minimal debt obligations for 2013-14 and
2014-15.

For 2012-13, LLFPL reported a net profit of INR3.8 million on net
sales of INR204 million, against a net profit of INR3.7 million on
net sales of INR213 million for 2011-12.

LLFPL (formerly, Arora Overseas Pvt Ltd), incorporated in 1982,
got its current name in 2001. The company, managed by Mr. Lalit
Arora, manufactures and exports leather footwear for men at its
plant in Agra (Uttar Pradesh).


MANGALORE URBAN: ICRA Suspends 'D' Rating on INR11.95cr Term Loan
-----------------------------------------------------------------
ICRA has suspended the '[ICRA]D' rating assigned to the INR11.95
crore term loan of Mangalore Urban Development Authority. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
entity.

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


MARK-O-LINE TRAFFIC: ICRA Suspends 'B-' Rating on INR3cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B-' outstanding
on the INR3.00 crore long term fund based facilities and the short
term rating of '[ICRA]A4' outstanding on the INR3.00 crore short
term non-fund based facilities of Mark-o-Line Traffic Controls
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

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

Incorporated in 2002, MOL undertakes civil construction contracts
ranging from road construction, installing water supply pipelines,
operating crushers/ quarries etc. The company diversified into
toll operations in 2009, which currently remains the main
contributor to its revenues.


MARPOL PRIVATE: ICRA Assigns 'B-' Rating to INR11cr Cash Credit
---------------------------------------------------------------
ICRA has assigned rating as '[ICRA]B-' to INR11.00 crore cash
credit facilities of Marpol Private Limited. Further ICRA has also
assigned rating as '[ICRA]A4' to INR1.00 crore short term fund
based facilities which are sublimit within cash credit limits and
INR6.50 crore non fund based facilities of Marpol. ICRA earlier
had rating outstanding as '[ICRA]B-/A4' for the company which was
suspended in March 2013.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   LT Scale-Cash
   Credit              11.00       [ICRA]B- assigned

   ST Scale-Fund
   Based               (1.00)      [ICRA]A4 assigned

   ST Scale-Non
   Fund Based           6.50       [ICRA]A4 assigned

The assigned rating reflects stretched liquidity profile of the
company on back of loss making operations since last three
fiscals. The sales growth and operating margins of the company has
been affected by general slowdown in the user segment (majorly
automobile and consumer durables) and increased raw material
prices which company has not been able to pass-on given limited
bargaining power. The decline in contribution margin combined with
low capacity utilization has resulted in cash losses for the
company. Further given working capital intensive nature of
business, capital structure has deteriorated over the years with
gearing as on Mar'13 at 1.5x with stretched debt and interest
coverage indicators. The company has moderate scale of operations
in an intensely competitive industry and faces price based
competition from large MNCs as well as unorganized players. ICRA
take note of technically qualified promoters and established track
record of company in the powder coating segment with reputed and
diversified client base.

The company has backward integration in form of resin
manufacturing to fulfill part of its raw material requirement and
well equipped R&D setup to cater to varied need of end users. The
long term outlook for the domestic powder coating segment remain
favorable given general growth prospects of Automobile OEMs and
Consumer Durable segment though the industry faces margin
pressures in near to medium term given over supply in the industry
and susceptibility of raw material prices to currency fluctuations
and crude prices.

Founded in 1986, Marpol Private Limited is in the business of
manufacturing and marketing powder coatings, which find
application in the industrial paints segment. Marpol's
manufacturing facility is located in central Goa and consists of a
resin manufacturing plant with a capacity of 2400 tpa and five
powder coating manufacturing lines with an aggregate capacity of
12,000 tpa. The company has also set up pulverising capacity at
Baddi, Himachal Pradesh to service the key northern industrial
centres and also benefits from fiscal incentives offered by the
government. The company has commercialized over 2000 shades and
300-350 different shades are in regular production.


MELSTAR INFORMATION: CRISIL Cuts Rating on INR150MM Loans to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Melstar Information Technologies Ltd to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

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

   Overdraft Facility      20        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Term Loan      60        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects weakening in MITL's credit risk profile
because of continued losses stemming from the company's inability
to ramp up operations. The losses eroded MITL's net worth to an
estimated about INR100 million and led to increase in gearing to
an estimated 1 time as on March 31, 2014, from INR122 million and
0.4 times, respectively, a year ago. Moreover, loans and advances
of over INR30 million to group companies constrain MITL's
liquidity. CRISIL believes that MITL's credit risk profile will
remain constrained by losses and financial support to associates.

The rating reflects MITL's modest scale of operations in the
highly fragmented staff augmentation and software trading
industry, continued losses, and weak financial risk profile marked
by small net worth and inadequate debt protection metrics. These
rating weaknesses are partially offset by the benefits that the
company derives from the extensive industry experience of its key
personnel.

MITL acquired Melstar Inc in 2008 and CRISIL had been combining
the business and financial risk profiles of Melstar Inc and MITL
while arriving at the rating. However, for this rating exercise,
CRISIL has considered the standalone business and financial risk
profiles of MITL as Melstar Inc has not been operational since
2010. Moreover, MITL's investment of about INR215 million in
Melstar Inc has been provisioned in the books of MITL.

Outlook: Stable

CRISIL believes that MITL's scale of operations will remain small
over the medium term.  The outlook may be revised to 'Positive' if
the company sustainably turns around its operations and posts a
substantial profit. Conversely, the outlook may be revised to
'Negative' if it extends further financial support to associate
concerns or continues to incur losses.

MITL, part of the Yash Birla group of companies, primarily
provides staffing services to large information technology (IT)
companies and IT divisions of large corporations. MITL also
provides application development and implementation services,
albeit on a modest scale. MITL is listed on the Bombay Stock
Exchange and the National Stock Exchange.

MITL reported a net loss of INR14 million on net revenue of INR204
million for 2012-13 (refers to financial year, April 1 to March
31), against a profit after tax (PAT) of INR15 million on net
revenue of INR529 million for 2011-12.

MITL reported a loss of INR19 million on net revenue of INR141
million for the nine months ended December 31, 2013, against a net
loss of INR12 million on net revenue of INR158 million for the
corresponding period of the previous year.


MOTHER'S AGRO: CRISIL Raises Rating on INR82.4MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Mother's Agro Foods Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                      Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit           50        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Term Loan             32.4      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects improvement in MAFPL's business risk
profile, driven by ramp-up in its scale of operations and
operating profitability. For 2012-13 (refers to financial year,
April 1 to March 31), its first full year of operations, the
company reported revenue of around INR189.5 million and operating
profitability of about 9.3 per cent. However, MAFPL's liquidity is
expected to remain stretched over the medium term because of its
working-capital-intensive operations. The company's working
capital limits were utilised extensively, at an average of around
90 per cent, over the 12 months through January 2014. In 2013-14,
MAFPL is likely to generate cash accruals of around INR16 million
against debt obligations of about INR0.8 million.

The rating continues to reflect MAFPL's modest scale and working-
capital-intensive operations, and its weak financial risk profile
marked by and modest net worth and high gearing. These rating
weaknesses are partially offset by the extensive experience of the
company's promoter in the agricultural goods processing industry.

Outlook: Stable

CRISIL believes that MAFPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company reports a
sustainable increase in revenue and profitability, leading to
improvement in its financial risk profile. Conversely the outlook
may be revised to 'Negative' if MAFPL's financial risk profile
weakens, most likely because of larger-than-expected working
capital requirements or substantial debt-funded capital
expenditure.

Established in 2011 and promoted by Mr. T P Varkey, MAFPL is
engaged in wheat flour processing.


NEWTON ENGINEERING: ICRA Reaffirms 'B' Rating on INR4cr Loan
------------------------------------------------------------
The rating of '[ICRA]B' has been reaffirmed for the INR4.00 crore
cash credit limit of Newton Engineering & Chemicals Limited.  The
rating of '[ICRA]A4' has been reaffirmed for the INR14.00 crore
Bank Guarantee facility and INR4.00 crore Letter of Credit
facility of NECL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit facility     4.00       [ICRA]B reaffirmed
   Bank Guarantee
   Facility                14.00       [ICRA]A4 reaffirmed

   Letter of Credit
   Facility                 4.00       [ICRA]A4 reaffirmed

The ratings continue to remain constrained by the vulnerability of
the company's revenues and profitability to delays in execution of
projects on account of the clients or NECL, as reflected by
significant LD charges booked by the company in FY 2013 as well as
in current year. The ratings also take into account the weak
current order book position of the company resulting in weak
revenue visibility in the medium term. The ratings further take
into account the weak financial profile of the company as
reflected by low profitability and poor debt coverage indicators,
though improved from last year.

The ratings, however, favourably factor in NECL's experienced
management and its long track record in the piping projects and
machinery & equipment erection business, long standing
relationship with clients, significant growth in operating income
in FY 2013 and in current year with faster execution of projects
and improvement in working capital intensity of the company with
reduced debtor days.

Newton Engineering & Chemicals Limited was incorporated in 1996 as
a result of amalgamation of Hitech Orgochem Limited and Newton
Engineering and Construction Company Limited. NECCL was
established in 1979 as a Proprietorship firm by the name of Newton
Engineering and Construction Company. The same was converted in to
Private Limited Company in 1982 (15/04/1982) with Mr. N. Gopinath
as its Managing Director. HOL was incorporated in the year 1992 in
the State of Gujarat with an object to manufacture chemicals, fine
chemicals. Currently, NECL is managed by Mr. N. Gopinath and his
wife Mrs. N. Vijayalakshmi.

NECL has three divisions: Project Division, Manufacturing Division
and Chemicals Division. The Project Division undertakes various
types of projects including lump sum turnkey projects, shut down
maintenance / plant revamping, installation of tanks (with cone or
floating roof), piping projects (unit, offsite, cross country and
underground piping) and machinery & equipment erection. The
Manufacturing Division is located at Vadodara and is engaged in
manufacturing of unit operating equipments like heat exchangers,
pressure vessels, tall columns and various other fabricated items.
This division is certified by KPMG for ISO 9002. The Chemical
Division currently remains non operational.

Recent Results
During FY 2013, NECL reported operating income of INR39.34 crore
and profit after tax of INR0.26 crore as against the operating
income of INR23.52 crore and profit after tax of INR0.37 crore
during FY 2012.


PRAKASH VANIJYA: CARE Reaffirms 'D' Rating on INR300cr Bank Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Prakash Vanijya Pvt. Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Short-term Bank
   Facilities            300        CARE D Reaffirmed

Rating Rationale

The ratings continue to remain constrained by the ongoing delays
in debt servicing due to stressed liquidity position of Prakash
Vanijya Pvt. Ltd. arising from delays in realisation from debtors.

PVPL, incorporated in 2004, is engaged in trading of various
commodities (iron & steel products, coke, wheat, maize, fruit pulp
etc.) since April, 2009. The company belongs to Kolkata based Jain
group with Jain Infraprojects Ltd. (JIL) being the flagship
company of the group, engaged in civil construction of roads &
houses.

As per provisional figures for FY13 (refers to the period April 1
to March 31), PVPL incurred loss of Rs.25.12 crore on operating
income of INR146.46 crore.


RADHA ISPAT: CARE Assigns 'B+' Rating to INR6.50cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Radha
Ispat.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            6.50       CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Radha Ispat (RAI) is
constrained by its weak financial risk profile marked by low
profitability margin and high gearing with short track record of
operations along with its constitution as a proprietorship firm.
The rating is further constrained on account of its presence in a
competitive and fragmented steel trading industry.

The rating, however, derives strength from the experience of the
proprietor along with diversified customer and supplier base.

The ability of the firm to improve its overall financial risk
profile in terms of profitability and capital structure is the key
rating sensitivity.

Nagpur-based, Radha Ispat, is a proprietorship firm promoted by
Mr. Sudhir Gupta in 2011.  The firm is engaged in the trading of
various iron and steel products like sponge iron, ingots, TMT
bars, angles, and channels etc. which find application in
industries like automobile and ancillary, construction,
construction equipments, engineering, heavy and light fabrication
and power.

During FY13 (refers to the period April 1 to March 31), RAI earned
a PAT of INR0.18 crore on a total income of INR30.59 crore as
against a PAT of INR0.09 crore on a total income of INR21.05 crore
for FY12.


SAMRIDDHI PROCESSORS: CARE Reaffirms 'B' Rating on INR7.03cr Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Samriddhi Processors (India) Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            7.03       CARE B Reaffirmed

   Long/ Short-term
   Bank Facilities       0.15       CARE B/CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained due to the short track
record of operations of Samriddhi Processors India Private Limited
(SPIL) and its weak financial risk profile marked by low
profitability margins, highly leveraged capital structure and
moderate liquidity position. The ratings, further, continue to
remain constrained due to the presence of SPIL in the highly
fragmented textile processing industry.

The ratings, however, favourably take into account the experience
of the promoters in the textile industry and presence in one of
the textile clusters of India facilitating easy access to raw
material.

The ability of SPIL to increase its scale of operation and
significant improvement in its capital structure are the key
rating sensitivities.

Bhilwara-based (Rajasthan) SPIL is engaged in the printing of
fabrics on job work basis which are primarily used for making of
sarees and dress materials. The plant of the company is located at
Surat (Gujarat) having installed processing capacity of 20 Lakh
Metre Per Annum (LMPA) as on March 31, 2013.

The promoters of SPIL also manage Ranjan Polysters Limited
(incorporated in 1999, rated CARE BB) which is engaged in dyeing
of suitings, Stuti Processors Private Limited (incorporated in
2007, rated CARE B+/ CARE A4) which is engaged in weaving and
processing of fabric, Shree Radha Services Private Limited (SRSPL)
which is engaged in processing of yarn and V.N. Dyers &
Processors Private Limited which is engaged in weaving and
processing of fabrics.

During FY13 (refers to the period April 1 to March 31), SPIL
reported a total income of INR24.18 crore (FY12: INR18.64 crore),
with a PAT of INR0.11 crore (FY12: INR0.10 crore). During 11MFY14,
as per provisional report, SPIL has achieved TOI of INR25.75
crore.


SCAN ENERGY: CRISIL Reaffirms 'B' Rating on INR1.39BB Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Scan Energy & Power Ltd
continue to reflect its weak financial risk profile, particularly
liquidity, owing to low cash accruals as against  large maturing
debt obligations, and susceptibility to volatility in raw material
prices. These rating weaknesses are partially mitigated by the
extensive industry experience of SEPL's promoters.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------     -------
   Cash Credit           590        CRISIL B/Stable (Reaffirmed)
   Long Term Loan        808.3      CRISIL B/Stable (Reaffirmed)
   Letter of Credit       70        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SEPL's business risk profile will improve
backed by improvement in utilization of its installed capacities;
however, its liquidity profile will remain constrained due to
large, maturing debt obligations.  The rating may be revised to
'Positive' if the company generates better-than-expected revenues
and cash accruals and also strengthens its capital structure
through infusion of fresh equity. Conversely, the outlook may be
revised to 'Negative' in case of lower than expected cash
accruals, or further debt funded capex that further constrains its
liquidity or financial risk profile.

Scan Energy & Power Ltd (SEPL), a part of scan group which is
promoted by Mr.G S Agarwal and family, was incorporated in 2007.
The company has set up a steel billet and TMT bar manufacturing
unit with capacities of 450 TPD and 500 TPD respectively in
Mahboobnagar district of Andhra Pradesh, around 60 kms from
Hyderabad.

In 2012-13, SEPL reported net loss of INR59 million on net sales
of INR1023 million as against net profit of INR11 million on net
sales of INR657 million.


SHRI ROKADOBA: CARE Assigns 'B+' Rating to INR10.30cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shri
Rokadoba Maharaj Ginning & Pressing Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           10.30       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shri Rokadoba
Maharaj Ginning & Pressing Private Limited (SRGPL) is constrained
by its weak financial risk profile marked by small scale of
operations, low profitability along with weak solvency position,
susceptibility of operating margins to cotton prices fluctuation
and seasonality associated with the cotton ginning industry. The
rating is further constrained by the presence of SRGPL in a highly
fragmented ginning industry with limited value addition and
susceptibility to government regulations regarding the prices and
supply of cotton.

The rating is underpinned by the wide experience of the promoters
in the cotton ginning industry, location advantage emanating from
proximity to raw material and integration into cotton seed oil
extraction resulting into zero discharge plant.

The ability of the company to increase its scale of operations
along with improvement in its overall financial risk profile is
the key rating sensitivity.

Aurangabad-based SRGPL is a private limited company established in
the year 2008. The company is engaged in cotton ginning and
pressing along with manufacturing of cotton oil. SRGPL procures
its raw material, ie, raw cotton from the local market (farmers)
and sell its finished products to its customers located in and
around Aurangabad. The finished products of the company include
cotton bales, cotton seed, cotton oil and by-product, ie, cotton
cake. The manufacturing facility of the company is located at
Sillod, Aurangabad, with an installed capacity of manufacturing
70,000 bales per annum and manufacturing 12,000 quintals of cotton
oil per annum.

In FY13 (refers to the period April 01 to March 31), SRGPL
registered a PAT of INR0.01 crore as against the total operating
income of INR8.52 crore.


SRB PROMOTERS: ICRA Reaffirms 'B+' Rating on INR25cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the Rs.25.00
crore fund-based bank facilities of SRB Promoters Private Limited
at [ICRA]B+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-Term Fund        25.00       [ICRA]B+ Reaffirmed
   Based Facilities

The rating reaffirmation continues to take into account the
company's tight liquidity position and expected cost overruns
owing to delays in project execution. Notwithstanding the healthy
bookings witnessed by the residential real estate project and
satisfactory level of customer advances which had been adequate to
meet the entire project cost incurred; the liquidity position of
the company remains stretched as a most of the project surplus in
addition to large proportion of unsecured loans have been deployed
in illiquid advances for land purchase in other group companies,
and term loan repayment scheduled to commence in end of Q4'FY-
2014. As the ensuing customer advances from the sold area at
current levels of collection efficiency would be inadequate to
cover the balance budgeted costs as well as pending term loan
liability, the liquidity would be dependent on pace of incremental
booking and customer advances from the project and may require
support from the promoters. ICRA has taken note of increase in
permissible FAR in the region, which the company is utilising and
thus proposing to increase the project's saleable area by ~40%.
While the sale of additional area at prevailing market rates would
considerably improve the project profitability; however it would
be contingent upon the company's ability to complete the project
within budgeted costs and also successfully market the project
especially in the light of existing delays in project delivery.
Moreover, the additional area remains exposed to funding risk as
the financial closure is yet to be achieved and the surplus from
the existing project has been deployed towards other projects.

Going forward, timely recovery of the advances given towards other
projects, extent of cost overruns and the pace of sale and
customer advances of both the existing and proposed additional
saleable area would be the key rating sensitivities.

Incorporated in August 2007, SRB Promoters Private Ltd is engaged
in development of residential and commercial properties. SPPL is
developing a residential housing project 'KM Residency' on a land
parcel of 2.67 acres in Raj Nagar Extension, Ghaziabad (Uttar
Pradesh). The project was launched in January-2011, having total
saleable area of ~3.5 lac square feet (lsf) with an apartment
inventory of 287 units. With the increase in permissible FAR in
the region, the company is proposed to increase the saleable area
to ~5.0 lsf which would increase the apartment inventory to around
407 units.


V.K. SOOD: ICRA Assigns 'D' Rating to INR10.35cr Loans
------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]D' to the INR1.25
crore fund based facilities of V.K. Sood Engineers & Contractors
Private Limited. ICRA has also assigned short term rating of
'[ICRA]D' to the INR9.10 crore non fund based facilities of the
company.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Fund Based-Over Draft     1.25         [ICRA]D(Assigned)
   Non Fund Based-Bank
   Guarantee                 9.10         [ICRA]D(Assigned)

The assigned rating takes into account instances of overdrawal of
more than 30 days in the Overdraft account of the company on
account of tight liquidity position resulting from its high
working capital requirements.

The rating is also constrained by small scale of company's
operations, loss at net level in FY13 due to high fixed expenses
and limited financial flexibility on account of significant
advances given to group companies.

Going forward regularization of its overdraft limits, improvement
in liquidity position, timely execution of the order book and
growth in turnover will be the key rating sensitive factors.

Based in Panchkula, V.K. Sood Engineers & Contractors Private
Limited was incorporated in 1984 and is involved in the field of
civil construction. The company initially started operations by
undertaking contracts for government agencies like Public Works
Department (PWD). From FY12, the company took over the operations
of proprietorship firm, V.K. Sood Engineers & Contractors DDS JV
Unit I. The current order book of the company consists of
contracts from private companies for construction of railway
bridges.

Recent Results

For the period 2012-13, the firm reported operating income of
INR3.40 crore and net loss of INR0.01 crore


VICEROY BANGALORE: CRISIL Cuts Rating on INR2.06BB Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Viceroy
Bangalore Hotels Pvt Ltd to 'CRISIL D' from 'CRISIL B+/Stable'.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan            2060        CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by VBHPL in
servicing its debt; the delays have been caused by the company's
weak liquidity resulting from delay in commencement of its hotel
project.

VBHPL is exposed to risks related to implementation and
stabilisation of its hotel project, and is susceptible to
cyclicality in the hospitality industry. However, the company
benefits from the favourable location of its hotel, and its
experienced management team.

VBHPL, incorporated in 2010, is setting up a five-star hotel in
Bengaluru (Karnataka). The hotel is expected to commence
operations by July 2014. The company has a tie-up with Marriott
International for managing the operations of the hotel; the hotel
will operate under the Renaissance brand. Viceroy Hotels Ltd holds
40 per cent stake in VBHL, and the balance 60 per cent is owned by
JP Morgan Mauritius India Pvt Ltd.



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


LIPPO KARAWACI: Ba3 Rated Company Strongest Among its Peers
-----------------------------------------------------------
Moody's Investors Service says PT Lippo Karawaci Tbk (Ba3 stable)
-- the largest of the four Moody's-rated Indonesian property
developers by revenue and asset size -- is also the strongest of
its peers.

"Lippo Karawaci will maintain its positive rating gap over its
Indonesian peers for at least the next 12 to 18 months," says
Jacintha Poh, a Moody's Analyst.

"Of the four Indonesian property developers that we rate, Lippo
Karawaci has the most diversified business profile. In addition,
its large and growing healthcare business provides a stable income
base, and its liquidity position is healthy, with a longer
weighted average debt maturity profile than the other three
companies," adds Poh.

"Moreover, if its issuance of a proposed USD150 million bond is
successful, its weighted average debt maturity profile will extend
to seven years, with the first debt maturing in 2019."

Moody's analysis is contained in its just-released report titled
"Lippo Karawaci Will Keep Lead Over Rated Indonesian Developers:
Peer Comparison," and is co-authored by Poh, and George Teng, an
Associate Analyst.

Moody's report points out that Lippo Karawaci generates about two
times more revenue than its closest rated domestic peer, PT Alam
Sutera Realty Tbk (B1 stable).

"We expect Lippo Karawaci's revenue to grow approximately 15% in
2014, driven by contributions from its Lippo Cikarang township
project and large-scale integrated developments such as Kemang
Village and The St. Moritz," says Poh.

"Its expanding healthcare business is also an important
contributor to revenue growth," adds Poh.

Lippo Karawaci is the only developer with significant exposure to
a non-property-related business, generating almost 40% of its
revenue from the operation of hospitals and medical facilities.

The company operates a portfolio of 16 hospitals and expects to
increase that number to 20 by end-2014.

According to Moody's, healthcare is a resilient and growing
business in Indonesia, supported by the economy's growing
population and increasing affluence.

By contrast, Alam Sutera and PT Modernland Realty Tbk (B2 stable)
generate nearly all their income from the sale of land lots and
from developed properties. Consequently, their revenues are
heavily exposed to fluctuations in land and property prices.

Moody's report says Lippo Karawaci and PT Pakuwon Jati Tbk (B1
stable) have demonstrated the highest levels of income stability
among Moody's-rated Indonesian developers. Both companies derive
almost half of their income from recurring sources.

Of the four developers, Pakuwon also has the strongest financial
profile in terms of leverage, interest coverage and liquidity
ratios.

In addition, all four have sizeable land banks that can support
their growth plans for at least the next 10 years. Moody's report
says having a readily available land bank is important to support
growth plans. It also reduces the need for large capital
expenditures to acquire land when prices are elevated.



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


MT. GOX: Karpeles Beyond U.S. Court Reach, His Lawyer Says
----------------------------------------------------------
Andrew Harris at Bloomberg News reports that Mt. Gox Co. principal
Mark Karpeles is beyond the reach of a U.S. court where he and the
bankrupt Bitcoin exchange are being sued for consumer fraud by two
American depositors, his attorney told a federal judge.

Mr. Karpeles and Tibanne KK, another of his companies named in the
lawsuit filed in Chicago federal court in February, will submit
papers asking U.S. District Judge Gary Feinerman to rule he has no
jurisdiction over them, defense lawyer Eric Macey said in court on
April 7, Bloomberg relates.

According to Bloomberg, Mr. Macey said Mr. Karpeles, who lives in
Japan, has never been to the U.S. and wasn't properly served with
the complaint that started the suit. Judge Feinerman gave the
lawyer until April 28 to file papers making his arguments, the
report notes.

"We think there's jurisdiction," Jay Edelson, the depositors'
attorney, told Judge Feinerman, Bloomberg relays.

Bloomberg says depositors Gregory Greene of Illinois, who claims
he lost access to about $25,000 worth of currency, and Joseph
Lack, who allegedly lost about $40,000, have accused Shibuya-ku,
Japan-based Mt. Gox, its U.S. affiliate, Mr. Karpeles and Tibanne
of fraud.

The report relates that Mt. Gox filed papers on March 9 at the
U.S. bankruptcy court in Dallas seeking American court recognition
of its status in Japan and temporarily preventing its pursuit by
creditors in the U.S.

Judge Feinerman last month said he'd block the Chicago plaintiffs
from proceeding against the Japanese business, while allowing them
to move forward against the U.S. affiliate, Karpeles and other
defendants, Bloomberg recalls.

The judge also issued an order freezing those defendants' U.S.
assets.

U.S. Bankruptcy Judge Stacey Jernigan last week ordered Karpeles
to Dallas on April 17 to answer questions related to his company's
request for recognition of the Japanese bankruptcy, Bloomberg
adds.

                         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.



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


MAINZEAL PROPERTY: Receivers Recoup NZ$28.3MM from Asset Sales
--------------------------------------------------------------
BusinessDesk reports that receivers for Mainzeal Property &
Construction and Mainzeal Living recovered some NZ$28.3 million
from asset sales and recoveries in their first 12 months and made
payments of NZ$26.5 million, including settling outstanding wages
and distributing surplus funds to the liquidators.

Bank of New Zealand, which was owed NZ$11.3 million as secured
creditor of the Mainzeal companies, appointed PwC's David Bridgman
and Colin McCloy as receivers on Feb. 6, 2013. Liquidators were
appointed to the entire Mainzeal group later that month, the
report says.

According to BusinessDesk, the second receivers' report shows BNZ
got NZ$2.2 million in distributions in the 12 months through
February from Mainzeal Property and Mainzeal Living, bringing the
bank's total recovery to date to NZ$10.7 million including
proceeds of the sale of the group's head office owned by another
company, 200 Vic. Included in the total owed is about NZ$900,000
related to a bond issued by BNZ.

Mainzeal Property and Mainzeal Living's receivables in the 12
months ended Feb. 5 included NZ$5.9 million from asset sales and
NZ$8.75 million from property sales. Contract recoveries amounted
to NZ$9.2 million, BusinessDesk relays.

BusinessDesk says payments included some NZ$5.3 million owed to
employees, about NZ$3.1 million for the receivers' own fee, and
NZ$1.1 million on legal fees. A surplus of NZ$3.58 million was
handed to the liquidators.

Unsecured creditors, whose claims are being dealt with by the
liquidators, total NZ$139.3 million, BusinessDesk relays. In the
liquidators' report of last month, BDO's Andrew Bethell, Brian
Mayo-Smith and Stephen Tubbs said they were "currently reviewing
and reconciling claims submitted by creditors and admitting such
claims where appropriate," BusinessDesk recalls.

"A number of creditors" had yet to submit a claim on the
prescribed form, they said, BusinessDesk reports.

BusinessDesk adds that the receivers said in their latest report
that company records showed some NZ$2 million may be owing to the
Inland Revenue Department for GST and PAYE and talks with the tax
department were continuing.

The receivers recovered $1 million from the companies' 50 percent
interest in a Christchurch project management business providing
services to insurance companies in relation to earthquake claims,
the receivers' report showed, according to BusinessDesk.

                      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.



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


AVAGO TECHNOLOGIES: Fitch Assigns 'BB+' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings assigns a 'BB+' rating to Avago Technologies Ltd.'s
new wholly-owned indirect Cayman Island-based subsidiary, Avago
Technologies Finance Pte. Ltd.'s (Avago), and a 'BBB-' rating to
Avago's Senior Secured Credit Facilities.  The Rating Outlook is
Stable. Fitch's actions affect $6.1 billion of debt issuance,
including the undrawn Revolving Credit Facility (RCF).
The ratings and Outlook reflect Fitch's expectations for
strengthening credit protection measures from meaningful voluntary
debt reduction and profitability growth through the intermediate-
term.  Pro forma for the debt issuance and acquisition of LSI
Corp. (LSI), Fitch estimates total leverage (total debt to
operating EBITDA) will exceed 4(x) but decline to below 3.5x in
2015. Longer-term, Fitch anticipates total leverage below 3x.

Ratings Drivers

Avago will use net proceeds from the debt issuance, along with
cash balances, to fund the $6.6 billion cash acquisition of LSI
that is expected to close in the first half of 2014.  The
acquisition doubles Avago's size; makes it a leader in storage end
markets; leverages both companies' application specific integrated
circuits (ASIC) capabilities in wired infrastructure, and improves
substantial customer and end market concentration.

The ratings are supported by Avago's : i) leadership positions in
secular growth markets, ii) strong profitability with expectations
for profit margin expansion from cost synergies, and iii)
consistent and solid annual mid-cycle FCF, providing ample
financial flexibility for debt reduction.  Rating concerns center
on: i) Avago's initially weak credit protection measures at the
acquisition's close, ii) improved but still substantial customer
and end market concentration, particularly wireless infrastructure
and storage markets and iii) potential integration challenges,
mitigated by limited product overlap.

Pro forma for Avago's acquisition of LSI, the ratings and Outlook
reflect Fitch's expectations for solid operating performance,
driven by secular end market growth, improving profitability with
a credible operating margin expansion roadmap, and strengthening
annual free cash flow (FCF).  Fitch expects mid- to high-single
digit organic revenue growth in fiscal 2014, driven by solid
demand across end markets.

Despite expectations for continued cyclicality, accelerating LTE
adoption should drive secular demand, including higher smartphone
shipments, increasing complexity, growing internet bandwidth
demands and greater storage requirements.  Customer and end market
concentration is reduced but remains meaningful.  Wireless
communications and wired infrastructure will represent roughly
half of revenues, with storage constituting a little over a third.
Avago's top three customers will represent 26% of revenues.

Operating profit margin initially will erode, pro forma for the
acquisition.  Fitch estimates operating profit margin will decline
to the mid-20s from roughly 30% for the latest 12 months (LTM)
ended Feb. 2, 2014, due to LSI's higher operating expense
structure.  Nonetheless, Fitch expects $217 million of cost
synergies, which should begin contributing meaningfully to margin
expansion in fiscal 2015.  As a result, Fitch anticipates
operating EBITDA margins returning to 30% in the intermediate-
term.

Fitch expects mid-cycle annual FCF will average more than $500
million beyond the near-term but will be modest in fiscal 2014 due
to the impact of cash restructuring.  Capital spending should
return to normalized levels of $250 million or below, upon
completion of Avago's multi-year capacity expansion for the
manufacture of FBAR products.  Cash contributions related to LSI's
$335 million underfunded pension obligations should decline from
$75 million in 2014.

Ratings Sensitivities

Avago's use of FCF for voluntary debt reduction or higher
profitability from the achievement of cost synergies resulting in
total leverage approaching 2.5x could result in positive rating
actions, as Fitch believes the company will have the FCF capacity
for debt reduction.  Negative rating actions could result from: i)
market share erosion at a leading customer or in aggregate,
indicating an loss of technological advantage or ii) the
degradation of profitability and FCF, limiting voluntary debt
reduction and the company's ability to drive total leverage below
4x in the near-term.

Pro forma for the transaction, Fitch believes liquidity is solid
and consists of: i) $750 million of cash and cash equivalents and
ii) a $500 million undrawn senior secured RCF expiring 2019.
Consistent annual FCF also supports liquidity. Cash location is
not a concern for Avago, given the company's incorporation in
Singapore.

Pro forma for the acquisition, total debt is $5.6 billion and
consists of: i) $4.6 billion senior secured term loan B maturing
in 2019 and ii) $1 billion of privately placed convertible notes
due 2020.  The term loan B amortizes at $46 million (1%) annually
until the bullet maturity in 2019.

Fitch rates Avago as follows:

-- IDR 'BB+';
-- $4.6 billion Senior Secured Term Loan B 'BBB-'; and
-- $500 million Senior Secured Revolving Credit Facility (RCF)
    'BBB-'.



================
S R I  L A N K A
================


SRI LANKA: Fitch Rates US Dollar Global Bonds at 'BB-(EXP)'
-----------------------------------------------------------
Fitch Ratings has assigned Sri Lanka's forthcoming US dollar-
denominated global bonds due 2019 an expected rating of 'BB-
(EXP)'.  The final rating is contingent on the receipt of final
documentation conforming to information already received. The
expected rating is in line with Sri Lanka's current Long-Term
Foreign Currency Issuer Default Rating (IDR) of 'BB-' with Stable
Outlook.  The sovereign's Long-Term Local Currency IDR is also
'BB-' with Stable Outlook.

Key Rating Drivers

Sri Lanka's 'BB-' IDRs reflect the following key rating drivers:

- Relatively strong growth, a comparatively high level of basic
human development (as indicated by the UN's Human Development
Index) and a solid payment record.

- The fiscal deficit (5.9% of GDP in 2013) and government debt
burden (78.3% of GDP in 2013) remain at relatively high levels,
although the 2014 budget signals commitment to medium-term debt
reduction and an ability to maintain a gradual fiscal
consolidation trend.

- The external finances form a weakness with a persistent but
narrowing current account deficit and higher net external debt
level (35.9% of GDP) compared with peers also rated in the 'BB'
category (on average, 18.9% of GDP).

Rating Sensitivities

A Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are well balanced.

The main factors that individually, or collectively, could trigger
negative rating action are:
- An extended period of economic overheating accompanied by a
large surge in inflation.
- A material deterioration in the public finances, which leads to
a substantial increase in Sri Lanka's general government debt-to-
GDP ratio.
- Intensification in external financing risks, particularly a
renewed widening in the current account deficit combined with a
fall in capital inflows.

The main factors that individually, or collectively, could trigger
positive rating action are:
- Sustained improvement in the macroeconomic outlook that is
consistent with healthy economic growth coupled with moderate and
stable inflation and external equilibrium.
- A material improvement in Sri Lanka's public finances
underpinned by a higher government revenue-to-GDP ratio and
conversely a large decline in the general government debt-to-GDP
ratio.
- Significant improvement in external finances, with smaller
current account deficits and higher levels of non-debt capital
inflows (that is, foreign direct investment).

Key Assumptions

- Sri Lanka's political landscape remains broadly stable and there
is no renewal in the civil conflict that previously lasted 26
years and ended in 2009.
- No sustained rise in commodity prices, particularly in crude
oil, in line with Fitch's Global Economic Outlook.


SRI LANKA: Moody's Rates Bond Offer (P)B1; Outlook Stable
---------------------------------------------------------
Moody's Investors Service has assigned a provisional rating of
(P)B1 to the Government of Sri Lanka's announced bond offering.
The outlook is stable.

Ratings Rationale

In July 2013 Moody's affirmed Sri Lanka's B1 rating and changed
the outlook to stable from positive. The action was prompted by:
1) the stabilization in the external payments position, following
the sizable loss of foreign reserves in 2011, but without enough
improvement to support a positive rating action; and 2) the pause
in significant reduction in the government's very high debt
burden.

Sri Lanka's B1 government bond rating is supported by the
country's relatively strong growth performance and prospects
following the end of the nearly three-decade long civil war that
ended in 2009. Our institutional strength assessment incorporates
the government's default-free payments record.

Credit challenges largely lie in Moody's assessment of fiscal
strength. This reflects the government's large debt burden, almost
twice as high as B and Caa-rated peers, and heavy debt service
requirements in relation to both GDP and government revenues.
Although fiscal reforms and improved public-sector enterprise
financial performance have started to gain traction, budget
deficits remain relatively high and revenue mobilization weak.
Therefore, the path of fiscal consolidation and debt reduction
will likely be gradual.

In addition, Sri Lanka has historically had relatively high
inflation compared with peers, although inflation has recently
moderated to the mid-single digit range where it is likely to
remain in the near term.

The stable rating outlook reflects improvement in macroeconomic
growth and inflation performance in 2013, as well as the
resilience of the country's balance of payments. Official,
provisional data show that the current account deficit narrowed to
3.9% of GDP and the government budget deficit narrowed to 5.9% of
GDP in 2013. The rating outlook, however, also incorporates the
government's high debt burden.

Over the longer term, the government's credit profile would
improve from more progress in fiscal consolidation and further
reduction in external vulnerabilities. These would be helped by
continued improvement in the investment environment and the
maintenance of strong economic growth prospects. Continued
progress in the economic integration of the northern and eastern
regions would also improve the growth outlook.

GDP per capita (PPP basis, US$): 6,046 (2012 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 7.3% (2013 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 4.7% (2013 Actual)

Gen. Gov. Financial Balance/GDP: -6.4% (2012 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -6.6% (2012 Actual) (also known as
External Balance)

External debt/GDP: 56.7% (2012 Actual)

Level of economic development: Low level of economic resilience

Default history: No default events (on bonds or loans) have been
recorded.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2013.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.




                             *********

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
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                 *** End of Transmission ***