TCRAP_Public/140422.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, April 22, 2014, Vol. 17, No. 78


                            Headlines


A U S T R A L I A

ERB INTERNATIONAL: CALDB Suspends Liquidator for Six Months
GALBA HOLDINGS: Frasers Insolvency Appointed as Administrator
KLEENMAID GROUP: Former Auditor Suspended For Three Years
KYTEC GROUP: In Administration Amid Fall Out Between Partners
OAKLEY EARTHWORKS: Jirsch Sutherland Appointed as Administrator

RAIL OPERATIONS: Clifton Hall Appointed as Liquidators
RETAIL ADVENTURES: Creditors In For Long Wait on Payments
SONRAY CAPITAL: Former Director Gets 6-1/2 Years Jail Sentence


C H I N A

CHINA SHANSHUI: S&P Puts 'BB-' CCR on CreditWatch Negative
CITIC PACIFIC: S&P Puts 'BB' CCR on CreditWatch Positive
* CHINA: Should Bankroll Restructurings, Economist Says
* CHINA: Bank Defaults Seen as Dark Side of Deposit Vows


I N D I A

ANJALI ALUMINIUM: CARE Assigns 'B' Rating to INR4.97cr Bank Loan
ANJANEYA RICE: CRISIL Assigns 'B+' Rating to INR110MM Loans
ANUSH FINLEASE: CARE Lowers Rating on INR82.39cr Loan to 'D'
ARAFAT GATE: CRISIL Cuts Rating on INR56.6MM Loans to 'D'
ARAN KITCHEN: CARE Reaffirms 'B' Rating on INR6cr Bank Loan

ARCHEAN INDUSTRIES: CARE Reaffirms 'B-' Rating on INR8.75cr Loan
ARUPADAI ARULMURUGAN: CRISIL Reaffirms B Rating on INR193.5M Loan
ASHUTOSH FIBRE: CARE Assigns 'B+' Rating to INR9.6cr Bank Loan
BEST CURE: CARE Assigns 'B+' Rating to INR10cr Bank Loan
BHARAT GRAPHITE: CARE Lowers Rating on INR6.53cr Bank Loan to 'D'

BIGJO'S INDIA: CRISIL Assigns 'D' Rating to INR60MM Loans
CHAUDHARY NURSING: CRISIL Ups Rating on INR96.5MM Loans to 'B-'
FCS SOFTWARE: CRISIL Assigns 'B' Rating to INR90MM Cash Credit
GANGOTRI SARANGPUR: CARE Revises Rating on INR20cr Loan to 'B-'
GARDEN SILK: CARE Revises Rating to INR1579.38cr Loan to 'B'

GOVERDHAN COTTEX: CRISIL Assigns 'B' Rating to INR100MM Loans
GROVER METALLOYS: CRISIL Puts 'B+' Rating on INR200MM Loans
HASTHSHILP DESIGNER: CRISIL Puts 'D' Rating on INR320MM Loans
HOSHIARPUR ROLLER: CRISIL Reaffirms 'B-' Rating on INR87.6MM Loan
KALYANESWARY METALS: CRISIL Cuts Rating on INR150MM Loans to 'D'

LOVE KUSH: CRISIL Reaffirms 'B' Rating on INR220MM Loans
MAHABIR TECHNO: CRISIL Reaffirms B+ Rating on INR260MM Loans
METRO ECO: CARE Assigns 'B+' Rating to INR75cr Bank Loan
NKB INFRASTRUCTURE: CRISIL Cuts Rating on INR600MM Loans to 'D'
PARMARTH IRON: CARE Revises Rating on INR12.50cr Loan to 'B'

PHOENIX VENTURES: CARE Cuts Rating on INR7.50cr Bank Loan to 'D'
REDDY AND REDDY: CRISIL Reaffirms 'B' Rating on INR40MM Loan
SAGAR INDUSTRIES: CRISIL Ups Rating on INR150MMM Loan to 'B+'
SATKAR INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR60MM Loan
SDR POLYMERS: CRISIL Reaffirms 'D' Rating on INR144.8MM Loans

SHREE SAI: CARE Assigns 'B' Rating to INR14cr Bank Loan
SRI SAI: CRISIL Reaffirms 'D' Rating on INR79.1MM Loans
SUMIT WOOL: CRISIL Upgrades Rating on INR260MM Loans to 'B+'
SVM NONWOVENS: CRISIL Assigns 'B' Rating to INR140MM Loans
TANTIA SANJAULIPARKINGS: CARE Rates INR25cr Bank Loan at 'B+'

UJJAIN PACKAGING: CRISIL Assigns 'B' Rating to INR77.8MM Loans
VHB LIFE: CRISIL Raises Rating on INR845MM Loans to 'B'
VHB MEDISCIENCES: CRISIL Reaffirms 'D' Rating on INR1.30BB Loans
WEST COAST: CARE Assigns 'B+' Rating to INR2.19cr Bank Loan


J A P A N

MT. GOX: Investors Group Seeks Support to Avoid Liquidation
MT. GOX: Customers Want CEO Out During Bankruptcy
MT. GOX: U.S. Investor Says Creditors Support Buyout


S O U T H  K O R E A

STX DALIAN: To Apply for Court Receivership


X X X X X X X X

* BOND PRICING: For the Week April 14 to April 18, 2014


                            - - - - -


=================
A U S T R A L I A
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ERB INTERNATIONAL: CALDB Suspends Liquidator for Six Months
-----------------------------------------------------------
The Companies Auditors and Liquidators Disciplinary Board (CALDB)
has ordered the suspension of the registration of Mr. William
James Hamilton as a liquidator for six months following an
application by the Australian Securities and Investment
Commission.

The suspension will take effect from June 3, 2014.

Mr. Hamilton, of Northbridge, NSW, was a partner in the insolvency
firm, Hamiltons Chartered Accountants, Business Advisors.

ASIC's application to the CALDB followed an investigation into Mr
Hamilton's conduct as a joint liquidator of ERB International Pty
Ltd (in liquidation) from April 2, 2008.

The CALDB found Mr. Hamilton did not adequately and properly
perform his duties as a joint liquidator.

In reaching this view, CALDB agreed with ASIC's submission that in
carrying out the office of liquidator, a joint liquidator who does
not have main carriage of the matter must still have an adequate
and proper involvement in the liquidation.

Specifically, the CALDB found Mr Hamilton did not adequately and
properly perform his duties as a joint liquidator by:

   -- entering into a deed of settlement and release with the
      directors of ERB and a director-related company to accept
      an amount which had not been properly assessed and no
      proper investigation had been made as to the financial
      capacity of the directors and related company to pay or
      what their true indebtedness was

   -- failing to seek the approval of the court or a resolution
      of creditors before entering into the deed of settlement
      and release, and

   -- failing to seek legal advice about entering into the deed
      of settlement and release.

The CALDB further held that reports to creditors lacked meaningful
information to enable creditors to make an informed assessment of
the reasonableness of the liquidator's remuneration, and that the
liquidators failed to adequately account to creditors regarding
the conduct of the winding up of ERB.

Lastly, the CALDB found that Mr. Hamilton failed to lodge a report
with ASIC in circumstances where possible offences by the
directors had been identified.

ERB International Pty Ltd's members agreed on April 2, 2008, to
voluntarily liquidate the company's business.  William James
Hamilton and Pino Fiorentino were appointed to facilitate the
sale of its assets.


GALBA HOLDINGS: Frasers Insolvency Appointed as Administrator
-------------------------------------------------------------
Mark Cooper of Frasers Insolvency Advisory was appointed as
administrator of Galba Holdings Pty Limited, trading as "Chillout
That's Cool", on April 16, 2014.

A first meeting of the creditors of the Company will be held at
Level 9, 15 Castlereagh Street, in Sydney, on April 30, 2014, at
9:00 a.m.


KLEENMAID GROUP: Former Auditor Suspended For Three Years
---------------------------------------------------------
The Australian Securities and Investment Commission has suspended
the registration of Wayne John Wessels, the former auditor of
whitegoods distributor Kleenmaid, following a successful
application to the disciplinary body, the Companies Auditors and
Liquidators Disciplinary Board (CALDB).

The suspension started on Nov. 29, 2013, and is for three years.

ASIC alleged, and the CALDB found, Mr. Wessels failed to carry out
and perform adequately and properly his duties as lead auditor of
Kleenmaid's financial report for the year ended
June 30, 2008.

Specifically, the CALDB found, among other things, Mr. Wessels
should have brought a higher degree of professional scepticism to
his consideration of Kleenmaid management's assumption of the
company's going concern and that there were deficiencies in the
standard of his evidence and documentation of audit work done.

In February 2012 ASIC charged two former Kleenmaid directors and
another person whom ASIC alleges was a de facto director, with
fraud and insolvent trading. In March 2014 they were ordered to
stand trial following a committal hearing.

At the time of his conduct Mr. Wessels was a partner of PKF's East
Coast Practice.

The CALDB is an independent statutory body under the Corporations
Act and has the power to cancel or suspend the registration of a
liquidator or auditor.

Going concern is a fundamental principle underlying the
preparation of financial reports. Australian Accounting Standards
require directors to consider whether there are material
uncertainties that would lead to significant doubt about whether a
company's will continue in business in the foreseeable future, and
to make adequate disclosures in the financial report if
uncertainties are identified. Auditors are required by Australian
Auditing Standards to evaluate the directors' assessment of the
company's ability to continue as a going concern.

                      About Kleenmaid Group

Founded in 1985, Kleenmaid Group -- http://www.kleenmaid.com.au/
-- sells kitchen and laundry appliances.

The Troubled Company Reporter-Asia Pacific reported on April 13,
2009, that Kleenmaid Group has been placed into administration.
The company appointed Deloitte partners John Greig, Richard
Hughes and David Lombe as voluntary administrators.  A TCR-AP
report on May 26, 2009, said the creditors of Kleenmaid Group
voted to wind up the company at a meeting in Brisbane.

The TCR-AP, citing a report posted at news.com.au, said that the
administrators had recommended that Kleenmaid be put into
liquidation, saying the company may have been insolvent as early
as June 2007.  The administrators said Kleenmaid creditors are
owed AUD102 million, which included AUD3 million owed to
Kleenmaid employees.


KYTEC GROUP: In Administration Amid Fall Out Between Partners
-------------------------------------------------------------
ARN News reports that fallout between partners has resulted in a
management buyout of Kytec Group, according to co-founder, David
Okulicz, who said a move to restructure the organization was
required to allow the business to continue to develop and progress
in accordance with its business plan.

"We structured a management buyout due to partnership dissolution
and then subsequent to this, put the old shell company into
administration," Mr. Okulicz told ARN in an exclusive interview.

Mr. Okulicz said the partnership dissolution was a result of a
differing opinion in the direction that the company needed to
take, according to ARN News.

The report notes that following the management buyout, the old
company, Kytec Solutions Pty Ltd, was placed into voluntary
administration, appointing Glenn Trinick --
glenn.trinick@debtcrisissolutions.com.au -- from Debt Crisis
Solutions.

Mr. Okulicz, the report relays, called the management buyout a
positive move for the company. "

Mr. Okulicz, the report discloses, claimed the company is on the
verge of rolling out a rebranding of the group with some new
office moves.


OAKLEY EARTHWORKS: Jirsch Sutherland Appointed as Administrator
---------------------------------------------------------------
Trent Andrew Devine and Liam William Paul of Jirsch Sutherland
Perth were appointed as administrators of Oakley Earthworks Pty
Ltd on April 14, 2014.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland Perth, Suite 205, Level 1, 22 St Georges Tce, in
Perth, on April 28, 2014, at 11:00 a.m.


RAIL OPERATIONS: Clifton Hall Appointed as Liquidators
------------------------------------------------------
Timothy Clifton and Simon Miller of Clifton Hall were appointed
Joint and Several Liquidators of Rail Operations, Safety and
Safeworking Services Pty Ltd on April 16, 2014.

A meeting of creditors will be held at 11:00 a.m. on April 24,
2014, at Clifton Hall, Level 1, 12 Gilles Street, in Adelaide.


RETAIL ADVENTURES: Creditors In For Long Wait on Payments
---------------------------------------------------------
Georgie Burgess at The Examiner reports that creditors for the
parent company of collapsed discount store chain Chickenfeed are
waiting to retrieve tens of millions of dollars, as lengthy
proceedings to recover the funds are still in the early stages.

Retail Adventures, owned by Tasmanian businesswoman Jan Cameron,
was Australia's largest discount variety store operator but went
into liquidation in February, The Examiner recalls.

According to the report, the liquidators are now pursuing more
than AUD100 million from Ms. Cameron for insolvent trading,
preferential payments and an invalid loan.

The Examiner relates that Deloitte liquidator Vaughn Strawbridge
told a meeting of creditors last month that discussions were
underway with litigation funding organisation Bentham IMF to hold
public examinations later this year.  If funded, Ms Cameron will
be called by the liquidators to face a formal open-court process.

The report says Mr. Strawbridge told creditors at a meeting that
they will have to wait "significant time" to make recoveries.  "We
want to commence the action as quickly as possible," he said.

According to The Examiner, Mr. Strawbridge said action against
Ms. Cameron's companies DSG Holdings Australia and Bicheno
Investments for voidable transactions had already begun.

Ms. Cameron used the companies to buy back the failed discount
retailer last year, and Mr. Strawbridge said more than
AUD77 million had been lent to Retail Adventures by the companies
and up to AUD50 million was invalid because the loan was secured
when Retail Adventures was insolvent in 2011, the report relays.

The Examiner notes that Bentham IMF were used last year to fund
court proceedings that over-turned a deed of company arrangement
Ms. Cameron proposed which would have seen creditors be returned
only 6 cents in the dollar. But the Federal Court ordered the
company be wound up, finding liquidation would have a much higher
return for creditors, the report adds.

                      About Retail Adventures

Retail Adventures Pty Ltd is an Australia-based discount variety
retailer and operates nationally under brand names Chickenfeed,
Go-Lo, Crazy Clark's, and Sam's Warehouse. The company operates
around 270 stores across the four brands.

Deloitte Restructuring Services Partners Vaughan Strawbridge,
David Lombe and John Greig were appointed Joint Voluntary
Administrators of Retail Adventures Pty Limited, effective
Oct. 26, 2012.

Ms. Cameron, the sole shareholder and only secured creditor,
bought back 210 Sam's Warehouse and Crazy Clarks stores and two
distribution centres for AUD59 million from the administrators,
Deloitte, in February 2013.


SONRAY CAPITAL: Former Director Gets 6-1/2 Years Jail Sentence
--------------------------------------------------------------
Former sole director of Sonray Capital Markets Pty Ltd, Russell
Andrew Johnson, has been sentenced to six-and-a-half years in
jail.

The sentence, handed down in the Victorian Supreme Court, comes as
a result of ASIC's investigation into the company, which collapsed
in 2010 owing more than AUD46 million. Subsequently,
Mr. Johnson was charged with multiple offences, including false
accounting, theft and deception and conspiracy to steal.

Mr. Johnson is the second person to be jailed following the
collapse of Sonray. In October 2011, former CEO, Mr. Scott Kenneth
Murray, was sentenced to five years jail with a non-parole period
of two years and six months for 10 charges brought by ASIC.

Mr. Johnson will serve a minimum of three-and-a-half years before
he is eligible for parole.

In sentencing Mr. Johnson, Justice Macaulay said that the conduct
engaged in was a serious example of the crimes charged, and that
they had been committed with 'a sophisticated degree of
orchestration and planning'.

Chairman Greg Medcraft said, "The collapse of Sonray, which held
millions of dollars in funds for several thousand clients, was in
part due to the complete disregard of the law by senior members of
the company.

"Today's sentence reinforces ASIC's commitment to ensuring that
company officers act at all times in the interests of a company.
Where they fail to do so, the consequences will be significant."

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

Sonray was established in 2003 and held an Australian financial
services licence. It was one of the first brokers in Australia
that provided advice on contracts for difference.

On June 22, 2010, John Lindholm and George Georges of Ferrier
Hodgson were appointed voluntary administrators and on Oct. 27,
2010, Sonray was placed into liquidation. According to Ferrier
Hodgson, Sonray had (as at June 22, 2010) a shortfall of
AUD46.7 million.



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CHINA SHANSHUI: S&P Puts 'BB-' CCR on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB-' long-term corporate credit rating and 'cnBB' long-term
Greater China regional scale rating on China Shanshui Cement Group
Ltd. on CreditWatch with negative implications.  S&P also placed
its 'B+' long-term issue rating and 'cnBB-' Greater China regional
scale rating on the China-based cement manufacturer's outstanding
senior unsecured notes on CreditWatch with negative implications.

"We placed the ratings on CreditWatch because we estimate the
company may not have available funds to cover its obligations due
2014 without refinancing options," said Standard & Poor's credit
analyst Huma Shi.  "Management has advised us that it is currently
negotiating refinancing terms with its banks but has not yet
secured committed financing sources."

China Shanshui has Chinese renminbi (RMB) 4.9 billion short-term
obligation maturing this year, including two tranches of financing
bills: RMB500 million due June and RMB1,000 million due November
2014.

S&P estimates that China Shanshui's liquidity sources at the start
of 2014 included: (1) about RMB1.36 billion in cash and cash
equivalents as of the end of 2013; (2) about RMB2.51 billion in
funds from operations; and (3) proceeds of about RMB1 billion from
the issuance of medium-term notes (MTNs) in March 2014.

The company's liquidity uses this year include: (1) RMB2.4 billion
for the repayment of its senior unsecured notes and MTNs; (2) the
current portion of about RMB4.5 billion in bank loans; (3) working
capital outflow that S&P projects at about RMB83 million; and (4)
about RMB2.1 billion in capital expenditures.

"China Shanshui has advised us that, as of the first quarter 2014,
it now has a current cash balance of about RMB1.2 billion.  The
company has already paid down RMB2.2 billion in debt obligations,
which included RMB900 million in MTNs due March 2014.  To pay down
its debts, China Shanshui used the proceeds from the MTN issuance
(RMB1 billion) in March 2014 and rolled over two bank loans: a
RMB800 million three-year loan and a RMB400 million two-year
loan," S&P said.

S&P expects China Shanshui's operating performance in 2014 to be
in line or slightly better than last year's for three main
reasons.  First, sales revenue could increase following the start
of operations in Shanxi and Xinjiang provinces.  Second, ongoing
consolidation in the company's core business should ease the
downturn in cement prices.  Finally, cement demand is likely to
increase, given the central government's fixed-asset investments
in infrastructure, especially in railways and social housing.

"We aim to resolve the CreditWatch within three months, depending
on the status of China Shanshui's refinancing prospects, including
the rollover of its bank facilities and other committed
refinancing options," said Ms. Shi.

S&P may lower the ratings if China Shanshui fails to obtain
refinancing options to cover its short-term debt obligations.  S&P
may also lower the ratings if operating conditions deteriorate,
such that the company's ratio of funds from operations to debt
falls below 12% on a sustainable basis.  This could happen if
China Shanshui's sales volume or average selling price is worse
than S&P's base-case scenario or the company continues to
aggressively pursue debt-funded expansion.

S&P may affirm the rating if China Shanshui's liquidity sources
cover its liquidity uses by at least or more than 1.2x, which
would support an "adequate" liquidity position.  This could happen
if China Shanshui proactively manages its refinancing plans to
ensure sufficient liquidity for its debt obligations on a
sustained basis.


CITIC PACIFIC: S&P Puts 'BB' CCR on CreditWatch Positive
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB' long-term corporate credit rating on CITIC Pacific Ltd. and
the 'BB' long-term issue rating on the company's senior unsecured
notes on CreditWatch with positive implications.  S&P also placed
its 'cnBB+' long-term Greater China regional scale rating on the
company and the notes on CreditWatch with positive implications.

At the same time, S&P placed its 'BBB+/A-2' issuer credit rating
on CITIC Group Corp. and its 'BBB+' long-term issue rating and
'cnA+' long-term Greater China regional scale rating on the
company's senior unsecured notes on CreditWatch with developing
implications.  S&P also placed its 'cnA+/cnA-1' Greater China
regional scale ratings on CITIC Group on CreditWatch with
developing implications.

"We placed the rating on CITIC Pacific on CreditWatch with
positive implications because we expect the company's proposed
acquisition of CITIC Ltd. will significantly strengthen its
business position, financial strength, and group status," said
Standard & Poor's credit analyst Jian Cheng.  However, the
acquisition is subject to various regulatory and corporate
approvals and is likely to close only by Aug. 29, 2014.

S&P expects CITIC Pacific's net asset base to increase more than
four times after the acquisition.  The company's businesses will
become more diversified.  CITIC Pacific's increased asset base and
business diversity will provide it a cushion against volatility in
some businesses.

The company will also benefit from economies of scale following
the acquisition.  Its operating efficiency and profitability will
improve because of vertical integration and a larger exposure to
the financial sector.

S&P expects CITIC Pacific's "highly leveraged" financial risk
profile to strengthen following the proposed acquisition.  S&P
believes that the company's cash flow coverage and leverage will
improve because the businesses to be acquired are financially
stronger than the existing businesses.  The issuance of new shares
to institutional investors will also support CITIC Pacific's
financial risk profile.  The company's funding sources will also
become more diversified.

CITIC Pacific's status within the wider CITIC Group is likely to
improve to "core" once the acquisition is complete.

"We placed the ratings on CITIC Group on CreditWatch with
developing implications because the positive impact of the
proposed transaction on the parent company could temper credit
pressures from China's economic slowdown, and the group's
weakening banking operations and highly cyclical nonfinancial
operations," said Standard & Poor's credit analyst Joseph Leung.

The impact of the proposed transaction on CITIC Group will depend
on the amount of fresh capital that CITIC Pacific will raise from
third parties to finance the transaction.  The transfer of CITIC
Group's main operating unit may alleviate the group's information
risk, a key factor constraining S&P's ratings on CITIC Group.

The transaction may also impact S&P's assessment of CITIC Group's
role for, and link with, the Chinese government under its criteria
for government-related entities.  In S&P's view, this transaction
reinforces its assessment that CITIC Group has a "very strong"
link with the government.  However, S&P believes the group's "very
important" role for the government may gradually diminish because
it expects the conglomerate to be more profit-oriented after the
transaction.

"We aim to resolve the CreditWatch placements once the proposed
acquisition is complete.  It is highly likely that we will raise
the rating on CITIC Pacific by multiple notches," said Mr. Cheng.

S&P believes execution of the proposed transaction, along with
significant fresh capital inflow to CITIC Group, may increase the
chance of a rating upgrade of CITIC Group, other things being
equal.  On the other hand, S&P may downgrade CITIC Group if its
financial performance weakens, such that the group's return on
average assets is below 0.5%.  This could happen if losses at the
group's banking arm or key nonfinancial operations increase
materially.  S&P do not expect the rating change to be more than
one notch, in either direction.


* CHINA: Should Bankroll Restructurings, Economist Says
-------------------------------------------------------
The Wall Street Journal reports that facing a growing problem of
debt defaults, the Chinese government should deploy
CNY100 billion to CNY200 billion ($16 billion to $32 billion) this
year to help restructure indebted companies, a former adviser to
the central bank said on April 16.

"In the second half of the year, the government should promote
debt restructuring in certain sectors," economist Li Daokui said
at a news briefing, adding that the funds should be taken from the
budget, the Journal relates.

The Journal says strains have started to appear across China's
financial sector, with a handful of high profile bond and loan
defaults.  Sectors hit by overcapacity amid weak demand include
solar panels, steel and cement, the report notes.

According to the Journal, the country's economic growth slipped to
7.4% year-on-year in the first quarter, its slowest pace in 18
months, and some economists predict growth will not reach the
government's target of about 7.5% for all of this year. But Mr. Li
said that the problems will be manageable with the economy growing
at its current pace, which is still well above levels of most
countries, the Journal relays.

"This round of defaults and restructuring will not be very serious
and will mainly affect cities that have developed too quickly,
especially where housing has expanded too fast," the report quotes
Mr. Li as saying. "Defaults will be limited in scope and remain
under effective control."


* CHINA: Bank Defaults Seen as Dark Side of Deposit Vows
--------------------------------------------------------
Bloomberg News reports that Chinese Premier Li Keqiang's plan to
introduce deposit insurance is meant to comfort the nation's
savers as bad loans mount.  In the bond market, it's fueling
speculation he's preparing to let some banks collapse, the report
says.

According to the report, Kwong Li, chief executive officer of
China Lianhe Credit Rating Co., said authorities may tolerate
failures of smaller banks once depositor safeguards are in place.
Among lender bonds rated at or below AA, the extra yield investors
demand to hold the 2022 securities of China Bohai Bank Co. in the
northern city of Tianjin surged to an 11-month high of 245 basis
points on April 17, Bloomberg discloses. The premium on the notes
due 2019 of Harbin Bank Co., a lender near China's border with
Russia, has jumped 41 basis points in the past year to 217,
Bloomberg reports.

"With the deposit insurance coming online, the government is
signaling they may be willing to let some of the smaller banks
default or be consolidated," Mr. Li said in an interview in
Shanghai on April 15, Bloomberg relays. Bank defaults "probably
won't happen until deposit insurance is in place." Lianhe Credit
is Fitch Ratings Ltd.'s China joint venture.

Bloomberg notes that Premier Li pledged last month to introduce
protection for savers this year as he shifts toward letting the
market set rates, a move that may push up borrowing costs for
smaller lenders even as it forces them to pay higher interest to
depositors. Almost 1,000 customers rushed to outlets of Jiangsu
Sheyang Rural Commercial Bank on March 24 amid rumors the lender
may go bankrupt, Xinhua News Agency reported March 26, according
to Bloomberg.



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ANJALI ALUMINIUM: CARE Assigns 'B' Rating to INR4.97cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Anjali
Aluminium Private Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    4.97       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Anjali Aluminium
Private Limited is primarily constrained due to the nascent stage
of its operations leading to relatively small scale with low net
profitability, moderately leveraged capital structure and weak
debt coverage indicators. The rating is further constrained by
high utilization of the working capital limits and foreign
exchange fluctuation risk.

The rating does take into account the financial support provided
by the promoters.  Ability of AAPL to scale up its operation
amidst increasing competition along with efficient management of
the working capital are the key rating sensitivities.

Incorporated in 2006, Anjali Aluminium Private Limited is into
manufacturing of aluminium products (viz. Aluminum Utensils,
Aluminium Sheets and containers and Big & Medium Aluminium Tops)
since February 2012. The manufacturing plant of the company is
located at Nagpur (Maharashtra) with an installed capacity of
1,300 metric tons per annum (MTPA; with around 75% capacity
utilization in FY13 -- refers to the period April 1 to March 31).
The main raw materials (Aluminium) are primarily procured
domestically with imports (from U.S and Dubai) forming 20-25% of
the total purchases.

During FY13, the first full year of operations, AAPL recorded
total operating income of INR12.54 crore [vis-a-vis INR1.98 crore
in FY12 (refers to period February 2012 to March 2012)]and PAT of
INR0.001 crore (vis-a-vis PAT of INR0.004 crore in FY12).


ANJANEYA RICE: CRISIL Assigns 'B+' Rating to INR110MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of M/s Anjaneya Rice Industries.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            80        CRISIL B+/Stable
   Long Term Loan         30        CRISIL B+/Stable

The rating reflects ARI's weak financial risk profile, marked by
small net worth, high gearing and its modest scale of operations
in the highly fragmented and competitive rice milling industry.
The rating also factors in the susceptibility of the firm's
operating margin to adverse government regulations and raw
material price volatility. These rating weaknesses are partially
offset by the extensive experience of ARI's management in the rice
industry and established relationship with its customers and
suppliers.

Outlook: Stable

CRISIL believes that ARI will continue to benefit over the medium
term from its management's extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenues and
profitability increase substantially, leading to an improvement in
its financial risk profile, or in case of significant infusion of
capital by the promoter, resulting in an improvement in ARI's
capital structure. Conversely, the outlook may be revised to
'Negative' if the firm undertakes aggressive debt-funded
expansions, or if its revenues and profitability decline
substantially or if the promoter withdraws capital from the firm,
leading to weakening in its financial risk profile.

Set up in 2010 as a partnership entity by Mr.V.Venkateshwaralu,
ARI is involved in the milling and processing of paddy. The firm's
manufacturing facility located at Yadgarpally Village in Andhra
Pradesh.

For 2012-13 (refers to financial year, April 1 to March 31), ARI
reported a profit after tax (PAT) of INR1.88 million on net sales
of INR200.4 million, as against a PAT of INR2.93 million on net
sales of INR215.4 million for 2011-12.


ANUSH FINLEASE: CARE Lowers Rating on INR82.39cr Loan to 'D'
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Anush
Finlease & Construction Private Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    82.39      CARE D Revised from
                                           CARE C
Rating Rationale

The revision in the ratings takes into account the ongoing delays
in servicing of the company's debt obligations.

Anush Finlease and Construction Pvt Ltd, incorporated in January
1997 is promoted by Mr B L Gupta, Mr Pramod Mittal and Mr Rajeev
Sharma. AFCPL is constructing an integrated hotel-cum-shopping
arcade project in Shahdara, New Delhi under the brand name
'Holiday Inn' of Intercontinental Holiday Group (IHG).

The total cost of the project is estimated to be INR415 crore to
be funded through a debt equity of 1.51x (debt of INR250 crore
(INR82.39 crore tied up) and promoter's equity of INR165 crore
(already infused as on November 30, 2013)).

There has been a considerable delay in the hotel-cum shopping
arcade project envisaged by AFCPL. The project has undergone
changes in scope and cost since was originally conceived.
Furthermore, due to unavailability of required funds on account of
debt not being fully tied up, there are further delays in the
completion of the project. The project is expected to achieve COD
in January 2015.

The total project cost has also increased significantly and is now
estimated at INR415 crore as against earlier estimated cost of
INR325.13 crore. As on November 30, 2013, the company has incurred
Rs.250.03 crore on the project, funded through debt of INR82.39
crore and the remaining through promoter's equity contribution.
AFCPL is yet to tie up for the incremental debt requirement.

The company does not have any major operations and has reported a
PAT of INR0.02 crore on the total operating income of INR0.17
crore during FY13 (refers to the period April 1 to March 31).


ARAFAT GATE: CRISIL Cuts Rating on INR56.6MM Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Arafat Gate Imports and Exports Pvt Ltd to 'CRISIL D/CRISIL D'
from 'CRISIL B+/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------             --------     -------
   Cash Credit               10        CRISIL D (Downgraded from
                                       'CRISIL B+/Stable')

   Export Packing Credit     40        CRISIL D (Downgraded from
                                       'CRISIL A4')

   Proposed Long Term         6.6      CRISIL D (Downgraded from
   Bank Loan Facility                  'CRISIL B+/Stable')

The rating downgrade reflects AGPL's irregularities in the
sanctioned cash credit and packing credit limits for more than 30
days; this was caused by the company's weak liquidity, driven by a
stretch in its working capital cycle on account of delay in
payments by its export customers.

AGPL also has a weak financial risk profile, marked by a high
total outside liabilities to tangible net worth ratio and weak
debt protection metrics, and is susceptible to regulatory changes
and to intense competition in the agricultural products trading
industry. However, the company benefits from the extensive
industry experience of its promoters.

Established in 2011, AGPL exports various types of non-basmati
rice to Singapore, Saudi Arabia, Madagascar, and other countries.
The company is promoted by Mr. Mohammad Shakeel Aamir and Mr. Syed
Ahmed Darmani and their family members. It started commercial
operations in September 2011.

AGPL reported, on a provisional basis, a profit after tax of INR5
million on net sales of INR232 million for 2011-12 (refers to
financial year, April 1 to March 31).


ARAN KITCHEN: CARE Reaffirms 'B' Rating on INR6cr Bank Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Aran Kitchen World India Private Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities     6         CARE B Reaffirmed
   Short-term Bank Facilities    4         CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained by the small scale of
operations of Aran Kitchen World India Private Limited (AKWIPL)
with limited track record, high competition from established
players, its financial risk profile marked by low profitability,
leveraged capital structure and stretched working capital cycle
resulting in high utilization of the working capital borrowings.
The ratings take note of a decline in profitability margin and
further elongation in the operating cycle in FY13 (refers to the
period April 1 to March 31).

The above constraints are partially offset by strengths derived
from the experienced promoters, healthy growth rate in the total
operating income during the last three years backed by established
customer base and growing demand for modular kitchens.

The company's ability to increase its scale of operations amidst
intense competition in the industry, improve the overall financial
risk profile and the working capital management shall be the key
rating sensitivities.

Aran Kitchen world India Private Limited, incorporated in the year
2008, is a joint venture between Aran World of Italy (holding 49%
share) and Bohra Kitchens Pvt. Ltd (holding 51% share). AKIPL is
engaged in trading of modular kitchens, which are imported from
Aran World, Italy according to the requirements and specifications
of the customers. AKIPL is also responsible for installation of
the modular kitchen. AKIPL is the sole distributor of the modular
kitchens of Aran World in India and has an exclusive right to
market their products. Aran World SPA presently has seven
production facilities in Italy with over 2,000 showrooms in 120
countries including Italy, France, Germany and USA.

AKIPL operates through a franchise system with 19 retail outlets
across India in major cities like Delhi, Mumbai, Chennai,
Hyderabad etc. AKIPL's product portfolio comprises traditional and
contemporary styled modular kitchens and derives around 76% of its
sales through its retail segment and the remaining through project
based orders in FY13 (60% through the retail segment and the
balance from project orders in FY12). The company has thus focused
more on the retail segment in FY13.

The promoters have long industry experience with Aran World being
one of the leading modular kitchens manufacturers in Italy. Mr
Rajesh Bohra& his brother Mr Ashok Bohra of Bohra Kitchens
Pvt. Ltd. have experience of around 17 years in the same line of
business. Mr Rajesh Bohra started a sanitary showroom in 1993 and
later diversified his business into the modular kitchen segment in
1997 under the name of Bohra Kitchens Pvt Ltd.

AKIPL has achieved a PAT of INR0.72 crore on a total operating
income of INR21.45 crore in FY13 as compared with a PAT of INR0.54
crore on a total operating income of INR17.70 crore in FY12.


ARCHEAN INDUSTRIES: CARE Reaffirms 'B-' Rating on INR8.75cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Archean Industries Private Ltd.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities     8.75      CARE B- Reaffirmed
   Short-term Bank Facilities   15.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to bank facilities of Archean Industries
Private Limited continue to be constrained by the moderate
operational and financial performance during FY13 (refers to the
period April 1 to March 31), AIPL's high level of exposure to the
group entities in the form of investments, loans & advances &
corporate guarantees and high debt in relation to cash accruals.
The ratings, however, take into account AIPL's long operational
track record, well-integrated operational setup with adequate
supply of rough block of granites and established longstanding
relationship with the clientele.

Going forward, pruning down of AIPL's exposure to its group
entities along-with its ability to revive & scale up the
operations in its granites business and improvement in
profitability and prudent management of the working-capital cycle
will be the key rating sensitivities.

Archean Industries Private Limited was promoted in 1984 by Mr P B
Anadam, a first generation entrepreneur. The company's main line
of business is production and export of landscape granite stones
and products such as kerb stones, cobblestones, etc. primarily to
the US and European markets. AIPL is part of the Archean group,
which has varied interests in granites, industrial salt and other
chemical businesses.

As per the audited results for FY13, AIPL generated a PAT of
INR0.8 crore on a total income of INR50.6 crore. During 11mFY14,
AIPL reported a total income of INR59.5 crore and profit before
tax of INR3.7 crore.


ARUPADAI ARULMURUGAN: CRISIL Reaffirms B Rating on INR193.5M Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Arupadai
Arulmurugan Spinners Pvt Ltd continues to reflect AASPL's weak
financial risk profile, marked by a small net worth and high
gearing, its large working capital requirements, and the
susceptibility of its operating margin to volatility in cotton
prices. These rating weaknesses are partially offset by the
experience of the company's promoters in the cotton industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------           --------    -------
   Cash Credit             80       CRISIL B/Stable (Reaffirmed)
   Letter Of Guarantee     16.5     CRISIL A4(Reaffirmed)
   Proposed Long Term
    Bank Loan Facility     23.8     CRISIL B/Stable (Reaffirmed)
   Term Loan               89.7     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AASPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company increases its scale of
operations significantly while maintaining its operating margin,
leading to larger-than-expected cash accruals and improvement in
its capital structure. Conversely, the outlook may be revised to
'Negative' if AASPL undertakes any large debt-funded capital
expenditure (capex) programme, or if its accruals decline
significantly, resulting in further deterioration in its financial
risk profile.

Update:
AASPL reported revenue of INR370 million for 2012-13 (refers to
financial year, April 1 to March 31), a year-on-year growth of 12
per cent, driven by repeat orders from its key customer and
incremental revenues from new customers. The company's operating
profitability increased to 10.0 per cent in 2012-13 from 6.6 per
cent in 2011-12, supported by healthy prices of blended yarn and
decreased power costs following its tie-up for captive power.
AASPL's revenue for 2013-14 is likely to remain flat, as reflected
in its revenue of INR360 million for the 11 months ended February
28, 2014.

ASPL's financial risk profile remains weak, marked by a small net
worth and weak debt protection metrics. The company had a net
worth of INR39 million as on March 31, 2013, and gearing of 4.82
times for 2012-13. Though the company does not have any debt-
funded capex plans, the gearing is expected to remain high over
the medium term due to low accretion to reserves. ASPL's liquidity
is stretched, marked by cash accruals that are tightly matched
with its debt obligations and high bank limit utilisation.

Set up in July 2006, AASPL primarily manufactures blended yarn
comprising of polyester and viscose. It also manufactures
polyester or viscose yarn individually based on customers' needs.


ASHUTOSH FIBRE: CARE Assigns 'B+' Rating to INR9.6cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Ashutosh Fibre Private Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities     9.60      CARE B+ Assigned
   Long-term/Short-term Bank     3.50      CARE B+/CARE A4
   Facilities                              Assigned
   Short-term Bank Facilities    2.25      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Ashutosh Fibre
Private Limited are mainly constrained on account of its modest
scale of operations and leveraged capital structure due to the
recently completed debt funded project and upcoming debt funded
capital expenditure. The ratings are further constrained due to
susceptibility of its profitability to volatility in the raw
material price coupled with foreign exchange rate fluctuation
risk.

The ratings, however, favourably take into account the vast
experience of the promoters and established track record of AFPL
in the textile industry. The ratings further derive comfort from
the moderate financial risk profile of AFPL marked by healthy
growth in TOI, moderate profitability and moderate debt coverage
and liquidity indicators.

Timely completion of the expansion project within the envisaged
time and cost parameters and stabilization of operations with an
increase in the scale of operations and improvement in the
capital structure remain the key rating sensitivities.

AFPL was established in 1985 by Mr Purshottamdas Patel and was
taken over by the present management [consisting of Mr Siddharth
Patel, Mr Abhishek Agarwal, and Mr Vinod Agarwal] in 1995. AFPL is
engaged in the production, processing and sale of different types
of yarn which includes technical yarn as well as a textile yarn.
The product portfolio of the company mainly consists of
polypropylene ring spun yarn (yarn counts 4 Ne - 30 Ne),
polypropylene FDA Dref yarn (yarn counts 0.5 Ne - 4 Ne) and
antistatic polypropylene spun yarn (yarn counts 7.5 Ne - 40 Ne).
These yarns finds application in carpet backing and are used in
manufacturing water and chemical filter bags, heat & flame
retardant gloves, filter bags and filter cartridge. AFPL also
manufactures cotton yarn (yarn counts 7.5 Ne - 60 Ne) which finds
application in children's apparels, intimate wear, active wear and
bed spreads. AFPL has expanded its operations over the last two
decades and has a manufacturing capacity of 2191 MTPA to produce
yarns. The company's manufacturing facility is located in Petlad,
Gujarat.

As per the audited results for FY13 (refers to the period April 1
to March 31), AFPL reported net profit of INR0.43 crore on a total
income of INR13.75 crore as compared with profit of INR0.20 crore
on a total operating income of INR9.12 crore during FY12. During
9MFY14 (Provisional) AFPL registered a TOI of INR13 crore.


BEST CURE: CARE Assigns 'B+' Rating to INR10cr Bank Loan
--------------------------------------------------------
CARE assigns 'CARE B+' ratings to the long-term instrument of Best
Cure Private Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term instruments-
   NCD (Proposed)                10        CARE B+ Assigned

Rating Rationale

The rating assigned to the proposed NCD issue of Best Cure Private
Limited factors in the weak financial profile of the company
marked by low net-worth and poor leverage & coverage
indicators. The rating also factors in the preliminary stage of
project conception and project implementation risk. The rating,
however, derives strength from the positive industry outlook for
the healthcare sector.

The ability of BCPL to successfully achieve financial closure, and
its ability to execute and implement the project without time and
cost overruns will be the key rating sensitivities.

Best Cure Private Limited has been promoted by Best Healthcare
Private Limited and Best Medicine Private Limited. BCPL, BHPL and
BMPL are chain companies and have cross shareholdings in each
other. At present BCPL does not have any operations in the
healthcare segment, however, it has been extending interest
bearing unsecured loans and making investments in other companies.
The company has availed interest bearing unsecured loans for the
same.

BCPL has planned to set up a healthcare center in the Delhi NCR
region. The healthcare center is proposed to have 250 beds and
will provide specialty services in the major areas of medicine and
surgery. The healthcare center will provide services in the
following areas: Physiotherapy, Radiology & Ultrasound, Casualty
and minor O.T., Ophthalmology, Dentistry, Hematology,
Histopathology, Operation Theater (Main), Anesthesia, Orthopedics,
ICU/ICCU, Cardiology, Ambulance & Other Misc. Service,
Dermatology, Gynecology, Cosmetic, Aesthetic Surgery,
Trauma Care etc.

BCPL had a total income of INR18.6 crore with a PAT of INR0.1
crore in FY13 (refers to the period April 1 to March 31) as
against a total income of INR7 crore and a PAT of INR0.3 crore in
FY12.


BHARAT GRAPHITE: CARE Lowers Rating on INR6.53cr Bank Loan to 'D'
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Bharat
Graphite Private Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    6.53       CARE D Revised from
                                           CARE BB-
Rating Rationale

The revision in the rating assigned to the bank facilities of
Bharat Graphite Private Limited (BGP) takes into consideration the
instances of delays in debt servicing.

Bharat Graphite Private Limited is a private limited company,
which was established as a proprietorship concern by the late Mr.
Hari Chand Arora in 1960 under the name of 'Bharat Graphite'. The
constitution and the name were changed in May 1997. Currently, the
company is being managed by Mr Surinder Arora, his wife, Mrs Rajni
Arora and his son, Mr Anuj Arora. BGP is engaged in the trading of
various products such as ferro alloys, refractory, ceramic fibre,
crucible containers and foundry material used for varying purposes
in Iron and Steel Industry. The company sells its products
directly to rolling mills and casting units located in Punjab,
Haryana, Himachal Pradesh and New Delhi. S.R. Steels (SRS) and
H.N. Steel Castings Private Limited are the associate concerns of
BGP and engaged in the manufacturing of Thermo Mechanically
Treated (TMT) Bars and Mild Steel Ingots, respectively.

As per the audited results for FY13 (refers to the period April 1
to March 31), BGP achieved a total operating income of INR55.66
crore with PAT of INR0.10 crore.


BIGJO'S INDIA: CRISIL Assigns 'D' Rating to INR60MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Bigjo's India Ltd. The rating reflects instances of delay by
BIL in servicing its term debt obligations; the delays have been
caused by the company's weak liquidity, driven by decline in scale
of operations owing to closure of some showrooms.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           40         CRISIL D
   Term Loan             20         CRISIL D

BIL also has a weak financial risk profile, driven by high debt
and low cash accruals, and working capital intensive operations.
The company, however, benefits from its promoters' extensive
experience in the industry.

BIL, incorporated in 1984 by Mr. Sanjeev Kumar Jain and his two
sons Mr. Sameer Jain and Mr. Siddharth Jain, is a retailer of
ladies accessories, fashion jewellery and gift items through its
stores under the brand Miss Jo. The company has two retail
showrooms at Kamla Nagar and Ambience Mall, Vasant Kunj (both in
New Delhi).

BIL is estimated to report a profit after tax (PAT) of INR0.67
million on net sales of INR474 million for 2012-13 (refers to
financial year, April 1 to March 31) as against a PAT and net
sales of INR3.7 million and INR439 million, respectively, for
2011-12.


CHAUDHARY NURSING: CRISIL Ups Rating on INR96.5MM Loans to 'B-'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Chaudhary Nursing Home Pvt Ltd to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Overdraft Facility    47.5       CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Term Loan             96.5       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by CNHPL
supported by improved liquidity due to faster realisation of
debtors, leading to improvement in working capital management and
liquidity. CNHPL's revenue is estimated at over INR65.7 million
for the nine months through December 2013. The company's revenue
is likely to increase to around INR81.0 million in 2013-14 (refers
to financial year, April 1 to March 31) from INR73.7 million in
2012-13. CNHPL is estimated to generate cash accruals of INR13.7
million as against repayment obligations of INR6.3 million in
2013-14.

The upgrade also reflects CRISIL's belief that CNHPL will generate
adequate accruals while sustaining its working capital cycle,
which will ensure adequate coverage of its maturing term loan
obligations over the medium term.

The ratings reflect CNHPL's modest scale of operations with
geographical concentration in its revenue profile, and its small
net worth. These rating weaknesses are partially offset by the
extensive experience of CNHPL's promoters in the healthcare
industry.

Outlook: Stable

CRISIL believes that CNHPL will continue to benefit over the
medium term from its promoters' industry experience and its
qualified management team. The outlook may be revised to
'Positive' if the company scales up its operations significantly,
while maintaining its profitability and financial risk profile and
improving its working capital cycle. Conversely, the outlook may
be revised to 'Negative' if there is a decline in the hospital's
revenue and operating profitability, or if CNHPL undertakes a
larger-than-expected debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile, or if
there is any significant stretch in its receivables due to delayed
payment from government.

Incorporated in 1988, CNHPL operates a 150-bed multi-speciality
hospital, Vinayak Hospital, in Noida (Uttar Pradesh). The hospital
provides services such as general surgery, laboratory testing,
radiology and imaging, physiotherapy, rehabilitation, and
treatments in obstetrics and gynaecology, orthopaedics, and
dermatology. It is presently operating at about 70 per cent
occupancy levels.

For 2012-13, CNHPL registered a profit after tax (PAT) of INR8.6
million on net sales of INR73.7 million, against a PAT of INR10
million on net sales of INR60.7 million for 2011-12.


FCS SOFTWARE: CRISIL Assigns 'B' Rating to INR90MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of FCS Software Solutions Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit             90       CRISIL B/Stable

For arriving at its rating, CRISIL has consolidated the business
and financial risk profiles of FCS with those of its subsidiaries,
FCS Software Solutions America Ltd, FCS Software Middle East FZE,
and Insync Business Solutions Ltd. This is because these entities,
commonly referred to as the FCS group, are in the same line of
business. Furthermore, there has been financial fungibility
between FCS and its subsidiaries.

The rating reflects the FCS group's fluctuating revenue profile in
the intensely competitive IT industry, its working-capital-
intensive operations, and below-average financial risk profile
driven by operating losses and muted debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of the FCS group's promoters in the IT industry, and
its diversified revenue profile.

Outlook: Stable

CRISIL believes that the FCS group will continue to benefit over
the medium term from the extensive experience of its promoters in
the IT industry. The outlook may be revised to 'Positive' if the
FCS group reports substantial increase in operating revenue and
margin and improved working capital management, leading to a
significantly stronger financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the FCS group's financial
risk profile weakens on account of decline in revenue and
profitability, or any large debt-funded capital expenditure, or if
its liquidity weakens considerably on account of increase in
working capital requirements.

FCS, incorporated in 1993 as a private limited company, was
reconstituted as a public limited company in 1999. FCS is an
integrated information technology (IT) services and solutions
provider company. It provides IT consulting and software
development, infrastructure management, e-learning & digital
content services and application support services. The company is
headquartered in Noida, Uttar Pradesh and has three overseas
subsidiaries. These are based in the USA, UAE and India. The
company is actively managed by Mr. Dalip Kumar.

For 2012-13 (refers to financial year, April 1 to March 31), the
FCS group reported net losses of INR0.37 billion on net sales of
INR1.21 billion, against a net profit of INR15.7 million on net
sales of INR2.18 billion for 2011-12.


GANGOTRI SARANGPUR: CARE Revises Rating on INR20cr Loan to 'B-'
---------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Gangotri Sarangpur Sujalpur Tollway Pvt. Ltd.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities     20        CARE B- Revised from
                                           CARE B

   Short-term Bank Facilities     3.37     CARE A4 Reaffirmed

Rating Rationale

The revision in rating takes into account the delay in project
implementation leading to cost overrun and debt reschedulement.
The rating is also constrained due to deterioration in the
financial health of Gangotri Enterprises Limited (Sponsor company)
Going forward, the ability of GSST to complete the project within
the estimated cost and time would remain the key rating
sensitivity.

Incorporated in April 2011, Gangotri Sarangpur Sujalpur Tollway
Pvt. Ltd is a SPV promoted by GEL to undertake the development and
operation of a toll road project awarded by Madhya Pradesh Road
Development Corporation Limited. The project is for construction
of two laning (7.0 meter wide) Sujalpur Sarangpur Road SH-41 from
KM 1 to 38.60 in the State of Madhya Pradesh under (toll + grant)
system The total cost of the project was initially estimated at
INR50cr, funded through INR 16.5 Cr of equity, INR13.5cr of
Government grant and INR20Cr of term loan.

However, due to cost overruns, the total project cost was revised
to INR70 crore funded through INR19.5 crore of equity, INR13.5
crore of the Government grant and INR 37 crore of term loan. GSST
has proposed to complete the project as per revised timelines by
the July 2014.


GARDEN SILK: CARE Revises Rating to INR1579.38cr Loan to 'B'
------------------------------------------------------------
CARE revises/reaffirms the short term ratings assigned to the bank
facilities of Garden Silk Mills Ltd.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities   1579.38     CARE B Revised from
                                           CARE BB

   Short-term Bank Facilities   553.00     CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term ratings assigned to the bank
facilities of Garden Silk Mills limited (GSML) takes into account
the continuing cash losses resulting in tight liquidity position
of the company. The ratings continue to be constrained by highly
leveraged capital structure, weak debt coverage indicators,
volatility in the raw material prices and limited presence in the
textile value chain amidst increasingly competitive environment.

The ratings however derive strength from the promoters experience
in the textile industry and the location advantage.

Ability of the company to improve its capacity utilisation and
return to profit amidst intensifying competition are the key
rating sensitivities.

Incorporated in 1979, Garden Silk Mills Limitedis engaged in
manufacturing of polyester chips, polyester filament yarn and
polyester textile fabrics. It manufactures synthetic fabric under
the brand names, Garden and Vareli. The company is one of the
leading suppliers of chips, yarns and fabric. The manufacturing
facilities are located in Vareli and Jolwa, in Surat District.
GSML derives advantage from the location in terms of proximity to
both the customers and suppliers. As on March 31, 2013, the
company had polyester chips capacity of 5,06,000 metric tonnes per
annum (MTPA), polyester filament yarn (including POY and processed
yarn) 1,64,200 MTPA, fully drawn yarn 77,000 MTPA and 1,220 Looms.

GSML is promoted by Mr Praful A Shah, a first-generation
entrepreneur. He is also the Chairman and Managing Director of the
company. He has more than four decades of experience in the
industry. He is involved in the strategic decision making process
of the company. He is well supported by his son Mr Alok P. Shah,
promoter and joint managing director in the day-to-day
operations of the company; who also possesses significant
experience in the industry.

GSML is predominantly a domestic player with around 88% of the
gross sales from the domestic market while remaining is in the
form of exports.

During FY13 (refers to period April 1 to March 31), GSML generated
majority of its gross sales from sale of polyester chips which
accounts for 48% of the gross sales, followed by 46% from
polyester filament yarn (including POY, FDY and processed yarn)
and remaining sales from sale of finished fabric, grey cloth, PTA,
MEG, Spin finish oil, arts and artefacts etc.


GOVERDHAN COTTEX: CRISIL Assigns 'B' Rating to INR100MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Goverdhan Cottex (GC).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan              15        CRISIL B/Stable
   Cash Credit            45        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     40        CRISIL B/Stable

The rating reflects the firm's modest scale of operations in the
fragmented cotton industry, and below-average financial risk
profile, marked by a small net worth and high gearing. These
rating weaknesses are partially offset by the extensive experience
of GC's partners in the cotton industry.

Outlook: Stable

CRISIL believes that GC will benefit over the medium term from the
extensive industry experience of its partners. The outlook may be
revised to 'Positive' if GC reports higher-than-expected cash
accruals, driven by improvement in revenues and profitability, or
there is significant capital infusion, thus correcting its capital
structure and subsequently improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is
further deterioration in the financial risk profile, particularly
its liquidity, driven by lower-than-expected cash accruals, or
elongation in working capital cycle, or capital withdrawal by
partners.

GC, based in Barwani (Madhya Pradesh) was set up in 2012-13
(refers to financial year, April 1 to March 31) by the Harsola
family. The firm commenced operations in February 2014 and
undertakes cotton ginning and pressing.


GROVER METALLOYS: CRISIL Puts 'B+' Rating on INR200MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Grover Metalloys Limited.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Cash Credit              60        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      140        CRISIL B+/Stable

The rating reflects GML's modest scale of operations and below
average financial risk profile marked by modest net worth, and
subdued debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of promoters in the
minerals trading business.

Outlook: Stable

CRISIL believes that GML will maintain its stable business risk
profile over the medium term, backed by its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the company reports a significant and sustainable growth in its
accruals, and improvement its debt protection indicators.
Conversely, the outlook may be revised to 'Negative' in case GML
faces a significant decline in revenues or margins, or if the
working capital cycle lengthens significantly, impacting GML's
liquidity and financial risk profile.

GML was incorporated in 2004 by Mr. Ravindra Grover and his nephew
Mr. Udayan Grover. The company is engaged in trading of various
minerals like rutile and illmenite. Besides, the company is also
engaged in trading of ferro alloys. GML has its office in Mumbai.

GML reported a profit after tax (PAT) of INR1.4 million on net
sales of INR175.4 million for 2012-13 (refers to financial year,
April 1 to March 31) as against a PAT of INR1.4 million on net
sales of INR226.2 million for 2011-12.


HASTHSHILP DESIGNER: CRISIL Puts 'D' Rating on INR320MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Hasthshilp Designer Crete Pvt Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            --------     -------
   Proposed Long Term       2.2       CRISIL D
   Bank Loan Facility

   Term Loan              317.8       CRISIL D

The rating reflects instances of delay by HDCPL in servicing its
debt; the delays have been caused by the company's weak liquidity
arising from delays in project commissioning leading to inadequate
cash accruals.

HDCPL's financial risk profile is marred by a small net worth and
high gearing, and it is exposed to project related risks. The
company, however, benefits from the promoters' extensive
entrepreneurial experience and established relationships with real
estate developers in Pune.

HDCPL was set up in 2012 by Mr. Hasmukh Jain and his family. The
company is engaged in manufacturing pavers, designer bricks, and
fly ash bricks. It has its manufacturing facility in Pune
(Maharashtra). The unit started its operations in December 2013.


HOSHIARPUR ROLLER: CRISIL Reaffirms 'B-' Rating on INR87.6MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Hoshiarpur
Roller Flour Mill Pvt Ltd continues to reflect HRFPL's weak
financial risk profile, marked by high gearing, weak debt
protection metrics, and small net worth, small scale of operations
in the fragmented flour mill industry, and susceptibility to
project-related risks. These rating weaknesses are partially
offset by the extensive industry experience of HRFPL's promoters
and its established customer profile.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           87.6       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HRFPL will benefit over the medium term from
its established customer base and promoters' extensive experience
in the agricultural commodities industry. The outlook may be
revised to 'Positive' if there substantial and sustained
improvement in the company's revenue while it maintains its
profitability margins, or if there is an improvement in its
working capital cycle. Conversely, the outlook may be revised to
'Negative' if there is a steep decline in the company's
profitability margins from the current levels or there is a
significant deterioration in its capital structure on account of
larger-than-expected working capital requirements or large debt-
funded capital expenditure.

Update
HRFPL's net sales remained almost flat year-on-year and were
around INR225 million in 2012-13 (refers to financial year, April
1 to March 31) due to lower demand from its customers. Although
the company's operating margin increased by around 60 basis points
to 6.9 per cent in 2012-13, it is expected to decline over the
medium term due to reduced contribution of high-margin products in
its total sales. The company's topline is estimated to remain in
the range of INR240 million to INR250 million in 2013-14 while the
operating margin is expected to be in the range of 6 to 6.5 per
cent over the medium term.

The company's operations are relatively highly working-capital-
intensive, as reflected in its estimated gross current assets
(GCAs) of around 178 days as on March 31, 2014. These GCAs emanate
from HRFPL's inventory of around 115 days and receivables of 72
days. As a result, the company's average bank limit utilisation
has been high at around 97 per cent for the 12 months ended
January 2014.

HRFPL's net worth is also estimated to remain small at around
INR13.9 million, as on March 31, 2014. The company has high debt
levels towards funding its working capital requirements; these,
along with a small net worth, are estimated to result in high
gearing of around 10.44 times as on March 31, 2014.

Set up in 1981 by Mr. Anil Kumar Gupta and his family members,
HRFPL manufactures fine and coarse flour at its facilities in
Hoshiarpur (Punjab).


KALYANESWARY METALS: CRISIL Cuts Rating on INR150MM Loans to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kalyaneswary Metals Pvt Ltd to 'CRISIL D' from 'CRISIL
B+/Stable'. The rating downgrade reflects the delay by KMPL in
payment of interest on its cash credit account. The delay was
caused by the closure of operations at the company's manufacturing
unit.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            125       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Letter of Credit        25       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

KMPL continue to reflect company's weak financial risk profile.
However, the company benefits from the extensive experience of its
promoters in the steel industry.

KMPL, incorporated in 1995 in Kolkata (West Bengal), manufactures
ramming mass. The company was formed by the Kolkata-based Patni
family. In June 2010, it was purchased by Mr. Banwarilal Agarwal
and Mr. Gopal Agarwal.


LOVE KUSH: CRISIL Reaffirms 'B' Rating on INR220MM Loans
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Love Kush Foods Pvt Ltd
continue to reflect its weak financial risk profile, because of
large working capital requirements, and modest scale of operations
in the intensely competitive rice milling industry. The ratings
also factor in the company's exposure to risks relating to adverse
government regulations and to erratic rainfall. These rating
weaknesses are partially offset by the benefits that LKFPL derives
from its promoters' experience in the rice industry, and the
healthy growth prospects of the basmati rice industry.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             60        CRISIL B/Stable (Reaffirmed)
   Warehouse Financing    160        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LKFPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves because of capital infusion by promoters or
substantial increase in cash accruals. Conversely, the outlook may
be revised to 'Negative' if LKFPL's financial risk profile weakens
further, most likely because of low cash accruals, large, debt-
funded capital expenditure, or significant increase in inventory
and bank borrowings.

Update
LKFPL's revenue grew 131 per cent to INR442.7 million in 2012-13
(refers to financial year, April 1 to March 31) from INR191.8
million in 2011-12, primarily on account of lower base (the
company's plant had been shut down for 6 months in 2011-12 for
repair and maintenance, leading to low revenue in 2011-12). The
revenue for 2013-14 has been estimated at INR550 million to INR600
million. The scale of operations is expected to grow at 10 to 15
per cent over the medium term, supported by healthy demand for
basmati rice.

Operating profitability is expected to remain subdued (it was
around 5 per cent in 2012-13) over the medium term due to intense
competition in the rice milling industry. The working capital
cycle remains stretched on account of sizeable gross current
assets (GCAs; of 175 days in 2012-13) driven by large inventory
and seasonal availability of paddy. As paddy is a seasonal crop,
LKFPL procures paddy during the peak Kharif season months (October
to February) for processing in the next two to three months. This
has resulted in large working capital requirements. The company
extends credit of around 10 days to customers, against which it
receives credit of around 7 days from suppliers. CRISIL believes
that LKFPL's operations will remain working capital intensive
owing to seasonal availability of key raw materials, leading to
sizeable inventory.

The financial risk profile remains weak, with low net worth of
INR26.9 million and high gearing of 6.53 times as on March 31,
2013, and weak interest coverage and net cash accrual to total
debt (NCATD) ratios at 1.22 times and around 2 per cent
respectively in 2012-13. CRISIL believes that LKFPL's financial
risk profile will remain weak over the medium term due to large
working capital requirements, seasonal availability of paddy, low
cash accruals, and high reliance on bank debt.

LKFPL, set up in 2002 by Mr. Sunil Kumar, Mr. Jiwan Kumar, Mr.
Navjot Garg, and Mr. Prem Chand, is in the basmati rice milling
business. Its manufacturing unit, located in Patran (Punjab), has
milling capacity of 6 tonnes per hour (tph) and a sorting capacity
of 3 tph.

LKFPL reported a profit after tax (PAT) of INR0.97 million on net
sales of INR442.7 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR0.79 million on net
sales of INR193 million for 2011-12.


MAHABIR TECHNO: CRISIL Reaffirms B+ Rating on INR260MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Mahabir Techno Ltd
continue to reflect MTL's susceptibility to intense competition in
the edible oil and by-products industry, working-capital-intensive
operations, and moderate financial risk profile, marked by a small
net worth, high gearing, and weak debt protection metrics. These
rating weaknesses are partially offset by MTL's established market
position and extensive industry experience of its promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           250        CRISIL B+/Stable (Reaffirmed)
   Term Loan              10        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MTL will continue to benefit over the medium
term from its promoters' extensive experience in the edible oil
industry. The outlook may be revised to 'Positive' if MTL reports
a significant growth in its revenue and profitability, while it
improving its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in the company's revenue or operating margin or stretch in
its working capital cycle, resulting in weakening in its financial
risk profile.

Set up by members of the Khurana family of Kurukshetra (Haryana),
MTL refines rice bran oil, palm oil, sunflower oil, and other
edible oils. The refining operations commenced in a partnership
firm, Mahabir Techno, in 1996, which was acquired by MTL in 2003.


METRO ECO: CARE Assigns 'B+' Rating to INR75cr Bank Loan
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Metro Eco
Green Resorts Ltd.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities     75        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Metro Eco Green
Resorts Ltd is constrained by the project execution risk given the
initial stage of the project, high competition from the existing
and upcoming hotels in the vicinity, and cyclical nature of the
hospitality industry.

These constraints are, however, partially offset by the strength
derived from operating and marketing arrangement with one of the
leading hotel chains, EIH Ltd, achievement of financial closure
and favourable location of the resort.

Going forward, the ability of the company to complete the project
within the envisaged cost and time and turn profitable by
achieving the projected average room revenue (ARR) and occupancy
remain the key rating sensitivities.

Metro Eco Green Resorts Ltd was originally constituted as
Continental Hatcheries Pvt. Ltd in August 1985 to carry on the
hatchery business; however, the same was discontinued in
November 1990 on account of losses suffered due to terrorism issue
in the region. The land of the company has been lying vacant since
then and the promoters are now looking to develop an eco tourist
resort on the same. A fresh certificate of incorporation was
issued in June 2008 vide which the name and objective of the
company was changed to the present one.

MEGRL is setting up a premium resort in Pallanpur, Punjab by the
name of Oberoi Sukhvillas at an estimated project cost of
INR123.51 crore to be financed in a debt equity ratio of 1.31:1.
The resort will consist of 48 villas, 12 tents, one presidential
suite, 2 restaurants, a bar, a spa, swimming pool, banquet
facility and business centre. The management agreement for
management and operation of the resort has been entered into with
EIH Ltd. The resort is expected to commence operations from April
2016. As of December 2013, INR 17.29 crore has been incurred out
of the total project cost of INR 123.51 crore.


NKB INFRASTRUCTURE: CRISIL Cuts Rating on INR600MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of NKB
Infrastructure Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        180        CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit           420        CRISIL D (Downgraded from
                                    'CRISIL BB+/Stable')

The rating downgrade reflects NKB's prolonged over-utilisation of
its working capital limits for more than 30 days and delays in
servicing term debt owing to weak liquidity. The weak liquidity is
driven by tightly matched cash accruals vis-a-vis annual repayment
obligations, and significant stretch in its working capital cycle
commensurate with its increase in scale of operations.

The ratings reflect NKB's weak debt protection metrics and large
working capital requirements. These rating strengths are partially
offset by NKB's advantageous position in the stone crushing
industry because of its ownership of open-cast mines and
diversification in revenue stream, and integration into road
construction.

Set up in 1970 as Mewat Grit Udyog, a partnership firm, by Mr. N K
Gupta, NKB was reconstituted as a private limited company in March
2011. NKB undertakes contracts for stone crushing, manufacturing
construction material, and constructing roads.

For 2012-13 (refers to financial year, April 1 to March 31), NKB
reported a net profit after tax (PAT) of INR42 million on net
sales of INR3.01 billion, against a PAT of INR49 million on net
sales of INR2.6 million for 2011-12.


PARMARTH IRON: CARE Revises Rating on INR12.50cr Loan to 'B'
------------------------------------------------------------
CARE revises/reaffirms the rating assigned to bank facilities of
Parmarth Iron Private Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    12.50      CARE B Revised from
                                           CARE B-

   Short-term Bank Facilities    5.00      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating of Parmarth Iron Private
Limited (PIPL) factors in the decline in the contingent
liabilities during FY13 (refers to the period April 1 to
March 31).The rating continue to be constrained by stagnant total
operating income coupled with operating losses in recent years,
susceptibility of its margins to fluctuation in raw material
prices, highly fragmented nature of industry characterized by
intense competition. The ratings also take cognizance of
significant decline in its total operating income during FY14
(refers to the period April 1 to March 31).

The ratings however continue to draw comfort from PIPL's
experienced promoters and comfortable capital structure.

Going forward, the company's ability to profitably scale up its
operations and further reduce high sub-judice liabilities shall be
key rating sensitivities.

Parmarth Iron Pvt Ltd, incorporated in September 2002, belongs to
the Parmarth group, promoted by two brothers Mr Lalit Kumar
Agarwal (aged 51 years) and Mr Raj Kumar Agarwal (aged 49 years)
of Bijnor, Uttar Pradesh. The company commenced commercial
operation in February 2004, with commissioning of rolling mill
(manufacturing TMT bars with capacity of 36,000 MTPA) at Bijnor,
Uttar Pradesh. Over the years, the company has set up
manufacturing facilities of MS Ingot (capacity-15,000 MTPA) and
expanded its TMT bar manufacturing capacity from 36,000 MTPA to
58,500 MTPA.

PIPL has reported a net profit of INR1.05 crore on a total
operating income (TOI) of INR129.56 crore during FY13. Further
during 11MFY14 (refers to period April 1 to February 28) the
company achieved TOI of INR60 crore.


PHOENIX VENTURES: CARE Cuts Rating on INR7.50cr Bank Loan to 'D'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Phoenix Ventures.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    7.50       CARE D Revised from
                                           'CARE B+'

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

Rating Rationale

The revision in the rating assigned to bank facilities of Phoenix
Ventures takes into account delays in servicing of debt
obligation.

Established in September 2005, Phoenix Ventures was formed as an
Association of Person (AOP) by Vascon Engineers Limited (VEL) and
Jasper Developers Private Limited with equal profit and loss
sharing ratio. PV an AOP, availed exclusive rights and authority
through 'development agreement' to develop, construct and sell
flats on the land situated at Hinjewadi, Pune.

Phoenix Ventures has been formed to execute real estate
development project i.e. "Construction of IT Park and commercial
and residential building" at Hinjewadi, Pune. The project
comprises of total three buildings, out of which building 'A' is
commercial IT Park; construction of which was completed and was
leased out to Income Tax Department, Pune. Further in April 2012,
Phoenix Ventures sold the lease rights relating to building 'A' to
'Shivshakti Enterprises' for the total consideration of INR32
crore. Buildings 'B' and 'C' are residential apartments that are
to be constructed under the brand name of 'Xotech' comprising of
total of 94 flats. As on January 31, 2014 the slab work till 8th
floor is completed for building 'B' whereas building 'C' has not
yet started.

As on December 31, 2013 the entity has sold 24 flats worth
INR12.75 crore and has received customers advances to the tune of
INR6.92 crore. This is as against sale of 22 flats, worth INR11.33
crore and receipt of customer advances to the tune of INR3.93
crore as on Dec. 27, 2012.


REDDY AND REDDY: CRISIL Reaffirms 'B' Rating on INR40MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Reddy and Reddy Imports
and Exports continue to reflect RRIE's below-average financial
risk profile marked by its small net worth, modest total outside
liabilities to tangible net worth ratio, and weak debt protection
metrics. The rating also factors in the susceptibility of the firm
to inherent risks in the seafood industry, and its exposure to
intense competition in the aqua feeds trading business resulting
in its low profitability margins. These rating weaknesses of the
firm are partially offset by its promoters' extensive industry
experience.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        15         CRISIL A4 (Reaffirmed)
   Cash Credit           40         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RRIE will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the firm's scale of operations and
profitability margins, or there is a sizeable increase in its net
worth on the back of capital additions by its partners.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in RRIE's scale of operations and profitability
margins, or significant deterioration in its capital structure
caused most likely because of a large debt-funded capex or stretch
in its working capital cycle.

RRIE commenced commercial operations in 1997. The firm primarily
trades in prawn feed. The firm also manufactures shirt buttons.
Mr. Goluguri Rama Krishna Reddy is the firm's managing partner.


SAGAR INDUSTRIES: CRISIL Ups Rating on INR150MMM Loan to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its long term rating on the bank loan
facilities of Sagar Industries and Distilleries Private Limited to
'CRISIL B+/Stable' from 'CRISIL B/Stable' while reaffirming the
short term rating at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           150        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter Of Guarantee   160        CRISIL A4 (Reaffirmed)

The upgrade reflects improvement in SIDL's business and financial
risk profile driven by the revival in operations of the company
leading to higher than expected growth in revenues and
profitability. SIDL recorded revenues of INR456.5 million in FY
2012-13 (refers to financial year, April 1 to March 31) against
INR26.5 million in FY 2011-12. The company's unit was shut down
for two years before its resumed operation in the last quarter of
FY 2011-12. SIDL is expected to record revenues of around INR725
million in FY 2013-14.  The operating margins of the company have
also improved to 14 percent in FY 2012-13 (against operating
losses of INR1.9 million in 2011-12).

The financial risk profile of the company has also improved with
the networth increasing to INR50.9 million as on March 31, 2013
from INR26.8 million as on March 31, 2012 on account of ploughback
of earnings. The networth is expected to further increase to
around INR85 million as on March 31, 2014. The gearing of the
company was high at 9.5 times as on March 31, 2013 which is
expected to improve to around 6.5 times as on March 31, 2014 on
account of increasing networth levels. The gearing has been high
primarily on account of sales tax deferral liability (Rs. 368.7
million out of total debt of INR484.2 million as on March 31,
2013). The company has no other term debt obligations. The company
avails of fund based bank lines of INR150 million to fund its
working capital requirements.

The company has been sanctioned bank guarantees of INR160 million
specifically for release of value added tax (VAT) refunds. Under
this arrangement, the company will be furnishing bank guarantees
to the government agencies and getting the VAT refunds released.
This is expected to lead to improvement in the liquidity profile
of the company.

SIDL had generated healthy net cash accruals of around INR48.3
million in FY 2012-13. The company is expected to generate cash
accruals of around INR60 million and INR90 million in FY 2013-14
and FY 2014-15 which will be adequate to meet sales tax deferral
liability payments of around INR10 million to INR20 million
during the same period.

The rating continues to reflect SIDL's presence in the highly
regulated distillery industry, dependence on agri based nature of
inputs and working capital intensive nature of activities The
ratings also factor the subdued financial risk profile marked by a
modest networth and high external indebtedness. These rating
weaknesses are partially offset by the benefits that the company
derives from its promoters' extensive experience in the distillery
industry.

Outlook: Stable

CRISIL expects SIDL to benefit from extensive experience of its
promoters. The outlook may be revised to 'Positive' in case of
significant and sustainable growth in the company's accruals
translating to improvement in liquidity. Conversely, the outlook
may be revised to 'Negative' in case of lower than expected growth
in the company's revenues or profitability margins or an
elongation of its working capital cycle or in case the company
undertakes any large debt-funded capex programme, thereby
impacting its financial risk profile.

SIDL was incorporated in 1999 by the Nashik based Kalani family.
The company is engaged in production of Extra Neutral Alcohol
(ENA) from molasses. The day to day operations of the company are
managed by Mr. Nandu Kalani. The factory is located at Chandwad,
Dist. Nashik, Maharashtra.

SIDL reported a profit after tax (PAT) of INR24.1 million on net
sales of INR456.5 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR20.8 million on net
sales of INR26.5 million for 2011-12.


SATKAR INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Satkar Industries
Private Limited continue to reflect SIPL's below average financial
risk profile marked by its modest net worth and high gearing, and
susceptibility of its operating performance to volatility in
cotton prices. These rating weaknesses are partially offset by the
benefits that SIPL derives from its promoters' extensive
experience in the cotton industry.

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

Outlook: Stable

CRISIL believes that SIPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if there is significant increase in
SIPL's scale of operations, while improving its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' if the company reports a sharp decline in its revenues
or profitability or if its working capital cycle lengthens,
leading to deterioration in its financial risk profile.

Update
SIPL reported operating income of INR397.6 million in 2012-13
(refers to financial year, April 1 to March 31), a decline by 50
per cent over that of 2011-12. This was mainly on account of lower
exports during the year. The company has reported sales of around
INR580 million during April to December 2013 and is expected to
achieve around INR650-700 million in 2013-14. The operating
margins were at 2.7 per cent during 2012-13 and are expected to be
around similar levels for 2013-14. SIPL's working capital
requirements increased with gross current asset (GCA) days of 50
days for 2011-12 to over 120 days for 2012-13, marked by higher
inventory level. The company stocked additional inventory in 2013
in anticipation of better prices. The inventory has come down to
around 40-45 days as on December 2013 and is expected to range
between 60-90 days as of March 2014, since most of the procurement
is in the peak season from October to March. The financial risk
profile continues to remain below-average with modest net worth,
high gearing and subdued debt protection metrics. SIPL's net worth
increased to INR33.5 million in 2012-13, since the promoters
infused INR11.5 million as capital. The gearing was around 1.97
times as on March 31, 2013, considering unsecured loans as neither
debt nor equity. The debt as on March 31, 2013, comprises of
working capital borrowings of INR59.6 million and term loans of
INR6.5 million. The company has availed an additional term loan of
INR22 million in 2013-14 to fund the setting up of its second
manufacturing unit. The gearing is expected to remain high due to
the large working capital requirements. The debt protection
metrics for 2012-13 remain subdued with net cash accruals to term
debt and interest coverage ratios at 0.05 times and 1.5 per cent
respectively; and are expected to remain at similar levels over
the medium term. SIPL's cash credit facility has been utilized at
an average of 95 percent for 10 months ending December 2013. SIPL
is expected to generate cash accruals of INR7-8 million in 2014-
15, against which it has term debt repayments of INR4.9 million.

SIPL reported a profit after tax (PAT) of INR1.2 million on net
sales of INR397.6 million for 2012-13, as against a PAT of INR1.8
million on net sales of INR818.3 million for 2011-12.
About the Company

SIPL, incorporated in 2008 is engaged in ginning and pressing of
raw cotton. The day-to-day operations of the company are managed
by Mr. Ishwar Patidar, Mr. Sunil Patidar, Mr. Narendra Gole and
Mr. Anil Gole. The company has its manufacturing facility at
Anjad, Madhya Pradesh (MP). It set up a second manufacturing unit
in November 2013 at Singhana Tehsil (MP).


SDR POLYMERS: CRISIL Reaffirms 'D' Rating on INR144.8MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of SDR Polymers Pvt Ltd
(SDR) continue to reflect instances of delay by SDR in servicing
its debt; the delays have been caused by the company's weak
liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Bill Discounting        10         CRISIL D (Reaffirmed)
   Cash Credit             35         CRISIL D (Reaffirmed)
   Letter of Credit        37.5       CRISIL D (Reaffirmed)
   Long Term Loan          35         CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      27.3       CRISIL D (Reaffirmed)

SDR also has a weak financial risk profile, marked by a high
gearing, a small net worth, and high gearing. However, the company
benefits from its promoters' extensive entrepreneurial experience.

SDR, incorporated in May 2010, is promoted by Mr. S D R Vijay
Seelan and his wife, Ms. Reena Seelan. It manufactures high-
density polyethylene and polypropylene circular woven sacks and
flexible intermediate bulk carrier bags.


SHREE SAI: CARE Assigns 'B' Rating to INR14cr Bank Loan
-------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Shree Sai
Organic Foods Private Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities      14       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Shree Sai Organic
Foods Private Limited is primarily constrained by the project
implementation and stabilisation risk, small players in a highly
fragmented, competitive and regulated industry, high working
capital intensity of its business and exposure to the vagaries of
nature. The rating, however, derives strength from the experience
of the promoters, strategic location of the unit in the paddy
growing region, receipts of statutory exemptions & subsidies and
favorable industry scenario.

The ability of the company to complete the project within the
stipulated cost and start the commercial production on time and
achievement of the projected capacity utilization and
profitability remain the key rating sensitivities.

Bettiah-based (Bihar), Shree Sai Organic Foods Pvt. Ltd. (SOFPL)
was incorporated on August 31, 2012 to set up a rice milling unit
at West Champaran district of Bihar for production of non-basmati
rice, rice bran and husk. SOFPL is promoted by Mr Manoj Kumar
Goenka and Mr Ashish Sikaria based in Bettiah, the directors of
the company. The company is setting up the facility with an
installed capacity of 34,800 MTPA.

The company is currently undertaking a green-field project to set
up a rice milling unit at an envisaged cost of INR18.13 crore
(debt equity ratio 1.47x) financed through debt of INR9 crore,
unsecured loan from the promoters to the tune of INR3 crore and
equity capital of INR6.13 crore. Till March 31, 2014 the company
has incurred cost of INR2.50 crore out of the total cost forming
14% of the project cost financed through the promoter's
contribution.


SRI SAI: CRISIL Reaffirms 'D' Rating on INR79.1MM Loans
-------------------------------------------------------
CRISIL's rating on the bank facilities of Sri Sai Krishna
Educational Society continues to reflect instances of delay by
SSKES in servicing its debt; the delays have been caused by the
society's weak liquidity.

                             Amount
   Facilities              (INR Mln)      Ratings
   ----------               --------      -------
   Secured Overdraft
   Facility                    12.0       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility           4.1       CRISIL D (Reaffirmed)
   Term Loan                   63.0       CRISIL D (Reaffirmed)

SSKES has small scale of operations, and high degree of
geographical concentration in its revenue profile. The society is
also exposed to regulatory changes and intense competition in the
education sector. However, the society benefits from its
promoters' extensive industry experience, and the healthy demand
prospects for the education sector.

SSKES, established in 2006, operates two educational institutes in
Kurnool (Andhra Pradesh) - G Pullaiah College of Engineering &
Technology, and Ravindra College of Engineering for Women. These
institutes are affiliated to Jawaharlal Nehru Technology
University, and are approved by the All India Council for
Technical Education.


SUMIT WOOL: CRISIL Upgrades Rating on INR260MM Loans to 'B+'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sumit Wool Processors (SWP) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            170       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term      40       CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan               50       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in SWP's accruals,
driven by the ramp up of sales of its manufactured products. These
sales increased to about INR500 million in 2012-13 (refers to
financial year, April 1 to March 31) from INR200 million in 2011-
12. With capacity addition, the sales of manufactured products are
expected to reach INR800 million in 2013-14 and INR1.0 billion in
2014-15. This has led to improvement in the firm's accruals to
INR13 million in 2012-13 from INR3 million in 2011-12. Its annual
accruals are estimated at more than INR15 million against
repayments of INR7.0million in 2013-14 and INR9.6 million in 2014-
15. SWP is currently focusing on its manufacturing operations
owing to the higher risks in trading in imported yarn, given the
sharp volatility in foreign exchange rates. Its trading operations
currently largely involve domestic purchases with minimal imports.

The rating reflects SWP's limited track record in manufacturing
operations and low margins in the trading business, and its weak
financial risk profile, marked by a small net worth, high gearing,
and weak debt protection metrics. These rating weaknesses are
partially offset by the firm's improving margins because of the
ramp-up in its manufacturing operations.

Outlook: Stable

CRISIL believes that SWP will continue to benefit over the medium
term from the gradual improvement in its margins because of higher
sales from its manufacturing operations. The outlook may be
revised to 'Positive' if the firm generates more-than-expected net
cash accruals, or improves its capital structure most likely
through capital infusion by its promoter. Conversely, the outlook
may be revised to 'Negative' if SWP's net accruals are lower than
expected, it undertakes a large capital expenditure programme, or
its working capital requirements increase substantially, leading
to weak liquidity and a significant increase in its gearing.

SWP was established in 1990 by Mr. Rajnish Kumar Tuli. It has been
a trader in polyester-oriented yarn (POY) and polyester filament
yarn (PFY). The firm started manufacturing polyester fabric in
2010-11, and currently has 24 circular machines (each with a
capacity of 1 tonne per day) at its plant in Ludhiana (Punjab).
Manufacturing activity contributed about 40 per cent of its total
sales in 2012-13.

SWP's profit before tax (PBT) and net sales were INR2.3 million
and INR1.2 billion, respectively, for 2012-13 against a PBT and
net sales of INR1.9 million and INR820 million, respectively, for
2011-12.


SVM NONWOVENS: CRISIL Assigns 'B' Rating to INR140MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of SVM Nonwovens Private Limited.

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

   Long Term Loan       120         CRISIL B/Stable

   Cash Credit           15         CRISIL B/Stable

   Letter of Credit      10         CRISIL A4

The ratings reflect SVMPL's modest scale and working capital
intensive nature of operations, and exposure to risks related to
implementation of its on-going project. The rating also reflects
SVMPL's moderate financial risk profile marked by its moderate
debt protection metrics and gearing. The above weaknesses are
partially offset by extensive industry experience of its promoters
and its established customer relationships.

Outlook: Stable

CRISIL expects SVMPL to benefit from its promoters' long standing
industry experience. The outlook may be revised to 'Positive' if
the company reports higher-than-expected revenues and
profitability most likely on account of earlier-than-expected
completion of the its on-going project leading to an improvement
in its financial risk profile. Conversely, outlook may be revised
to 'Negative' in case of deterioration in SVMPL's liquidity as a
result of larger than expected debt funded capex or larger than
expected time or cost overruns in its ongoing project
implementation or stretched working capital requirements.

Established in 1998, is engaged in manufacturing of nonwoven
fabric. The company manufactures nonwoven filter cloths and
geotextiles. The company is promoted by Mr. P.V.Rao and
Mrs.P.Maruti. The day to operations of the company are managed by
Mr. Shiva Kumar.

SVMPL on a provisional basis has reported a profit after tax (PAT)
of INR2.3 million on net sales of INR83.0 million during 2012-13
(refers to financial year, April 1 to March 31), against a PAT of
INR3.8 million on net sales of INR65.8 million for 2011-12.


TANTIA SANJAULIPARKINGS: CARE Rates INR25cr Bank Loan at 'B+'
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to bank facilities of
Tantia Sanjauliparkings Private Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    25.0       CARE B+ Assigned
   Short-term Bank Facilities    2.0       CARE A4 Assigned

Rating Rationale

The ratings are constrained by the implementation risk associated
with the project being undertaken by Tantia Sanjauliparkings Pvt.
Ltd due to difficult topography, slow progress of the project,
equity infusion pending from promoters, inherent revenue risk
associated with the rental income from commercial space with
pending rental tie-up and moderate financial risk profile
of Tantia Constructions Limited (TCL), the promoter. The rating,
however, draws strength from the experience of TCL, fixed price
nature of the EPC contract, achievement of financial closure for
the debt portion of project cost and strategic location of the
project.

Successful completion of the project on time and growth in parking
& rental income are the key rating sensitivities.

TSPL incorporated in December, 2010, is a special purpose vehicle
formed to undertake development and operation of a car parking and
commercial facility in Sanjauli, Shimla.

TCL (rated CARE BB+/CARE A4+) holds 100% stake in TSPL. TSPL
entered into a Concession Agreement with Municipal Corporation,
Shimla to develop the parking complex on design, build, operate
and transfer (DBOT) basis for a period of 30 years. The scope of
the project also includes an option to develop a commercial
facility on top of the parking complex. The total project cost has
been estimated at INR43.96 crore. The project is being financed at
a debt-equity ratio of 1.32:1 and scheduled to be completed by
October 2014. The requisite amount of debt has already been tied-
up.

TCL has been awarded the EPC contract for this project. As on
March 21, 2014, TSPL completed about 52% of the project and spent
INR22.67 crore.


UJJAIN PACKAGING: CRISIL Assigns 'B' Rating to INR77.8MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Ujjain Packaging Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             45.7       CRISIL B/Stable
   Cash Credit           30         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     2.1       CRISIL B/Stable

The rating reflects UPPL's modest scale of operations in the
highly fragmented packaging industry and working capital intensive
nature of its operations. The rating also reflects the pressure on
UPPL's financial risk profile resulting from significant debt
funding for its ongoing expansion program. These rating weaknesses
are partially offset by the extensive experience of the promoters
in the packaging industry.

Outlook: Stable

CRISIL believes that UPPL will continue to benefit over the medium
term from the extensive experience of its promoters in the
packaging industry. The outlook may be revised to 'Positive' if
UPPL stabilises its expansion program as per schedule and
generates significantly higher than expected cash accruals thereby
translating to better than envisaged debt servicing metrics.
Conversely, the outlook may be revised to 'Negative' in case there
is a delay in stabilisation of enhanced capacity or the company
reports significantly lower-than-expected revenues /profit
margins, impacting its financial risk profile significantly.

UPPL was incorporated in 2008 by Mr. Anand Bangur and Mr Vishnu
Jajoo. The company is engaged in manufacturing of corrugated
packing boxes. The company has a manufacturing unit at Ujjain
(Madhya Pradesh) with a semi-automated corrugation line. The
company is now setting up its fully automated corrugation line.
The company is expected to commence production on the fully
automated corrugation line from May, 2014.

UPPL reported a profit after tax (PAT) of INR0.69 million on net
sales of INR41  million for 2012-13 (refers to financial year,
April 1 to March 31) against profit of INR1.24 million  on net
sales of INR38.7 million for 2011-12.


VHB LIFE: CRISIL Raises Rating on INR845MM Loans to 'B'
-------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of VHB Life
Sciences Ltd, part of VHB group, to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL D/ CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         5         CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit          320         CRISIL B /Stable (Upgraded
                                    from 'CRISIL D')

   Inland/Import        150         CRISIL A4 (Upgraded from
   Letter of Credit                 'CRISIL D')

   Proposed Long Term   525         CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

The rating upgrade reflects regularization of the VLL's debt
repayments, following the repayment of its working capital demand
loan. VLL currently does not have any term loans and no plans for
debt funded capital expenditure (capex) over the near to medium
term.

While the group's operations have started to turn around and it is
expected to post operating profit in 2013-14 (refers to financial
year, April 1 to March 31), CRISIL believes that improvement in
financial risk profile will be gradual, partly because VHB Medi
Sciences Ltd (VML) is estimated to incur cash losses in 2013-14
and will start earning cash profit only over the near to medium
term.

VHB group's financial risk profile is constrained by the high debt
levels and weak debt protection metrics. The rating weaknesses are
partially offset by the group's longstanding track record in the
pharmaceutical industry and synergies with parent, Neon
Laboratories Limited (Neon).

CRISIL has consolidated the financial and business risk profiles
of VLL and VML, referred to as the VHB group, due to significant
business and financial linkages between the two companies.

Outlook: Stable

CRISIL believes VLL will maintain its credit profile, supported by
the expected sustenance of the turnaround in its operations. The
outlook may be revised to 'Positive' if the group's profitability
increases significantly, leading to sustainable improvement in the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the group incurs losses in the future, and liquidity
profile weakens further.

The VHB group is engaged in manufacturing & marketing of
therapeutic formulations. VLL is primarily into distribution of
pharmaceutical formulations, while VML is involved in
manufacturing of formulations and parenterals/injectables. Both
the companies were acquired by Neon in 2010-11.

VLL achieved net profit of INR2.1 million on net sales of INR866.3
million for nine months ended December 31, 2013 as against net
loss of INR200.5 million on net sales of INR676.2 million for
2012-13.


VHB MEDISCIENCES: CRISIL Reaffirms 'D' Rating on INR1.30BB Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of VHB Medisciences Ltd,
part of VHB group, continues to reflect the delays in the
repayment of VML' term loans, on account of the company's
stretched liquidity position. While the group's operations have
started to turn around and it is expected to post operating profit
in 2013-14 (refers to financial year, April 1 to March 31), CRISIL
believes that improvement in financial risk profile will be
gradual, partly because VML is estimated to incur cash losses in
2013-14 and will start earning cash profit only over the near to
medium term.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Bank Guarantee          40         CRISIL D (Reaffirmed)
   Cash Credit            138.4       CRISIL D (Reaffirmed)
   Inland/Import
   Letter of Credit        60         CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      54.8       CRISIL D (Reaffirmed)

   Term Loan              475.2       CRISIL D (Reaffirmed)

   Working Capital
   Demand Loan            161.6       CRISIL D (Reaffirmed)

   Working Capital
   Term Loan              370.0       CRISIL D (Reaffirmed)

VHB group's financial risk profile is constrained by the high debt
levels and weak debt protection metrics. The rating weaknesses are
partially offset by the group's longstanding track record in the
pharmaceutical industry and synergies with parent, Neon
Laboratories Limited.

CRISIL has consolidated the financial and business risk profiles
of VHB Life Sciences Ltd (VLL) and VML, referred to as the VHB
group, due to significant business and financial linkages between
the two companies.

The VHB group is engaged in manufacturing & marketing of
therapeutic formulations. VLL is primarily into distribution of
pharmaceutical formulations, while VML is involved in
manufacturing of formulations and parenterals/injectables. Both
the companies were acquired by Neon in 2010-11.

VML reported a net loss of INR113.7 million on net sales of
INR405.3 million for nine months ended December 31, 2013 as
against net loss of INR14.1 million on net sales of INR387.6
million for 2012-13.


WEST COAST: CARE Assigns 'B+' Rating to INR2.19cr Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of West Coast Foods.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    2.19       CARE B+ Assigned
   Short-term Bank Facilities   4.00       CARE A4 Assigned

The ratings assigned by CARE are 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 ratings assigned to the bank facilities of West Coast Foods
(WCF) are primarily constrained on account of its short track
record of processing activities, modest scale of operations with
small networth base, thin profitability, highly leveraged capital
structure, weak debt coverage indicators and stressed liquidity in
the working capital intensive business operations. Furthermore,
the ratings are also restricted due to risk associated with the
seafood industry and susceptibility of profitability to foreign
exchange fluctuation.

The ratings, however, draw strength from the wide experience of
the promoters, along with longstanding presence of WCF in the sea
food processing industry.

The ability of WCF to increase its scale of operations, improve
its profitability and capital structure while efficiently managing
its working capital requirements are the key rating sensitivities.

WCF is a proprietorship concern based at Porbandar, Gujarat and
was incorporated in 1997 by Mr Muhammad Ashfaq Abdushakur Dandia.
Initially, WCF was engaged in the sea food exports after
packing the processed seafood. However, from August 2013 WCF
started its own processing unit and exports the processed seafood
to the various countries such as China, US and Europe. WCF has
also obtained approval from the European Countries' Union in
January 2014 for export of sea foods to the European region.

During FY14 (refers to the period April 1 to March 31), the
promoter has set up a sea food processing plant in Porbandar
having a processing capacity of 76 tonnes per day and storage
capacity of 1,500 tonnes. The total project incurred was INR4.87
crore and the processing unit is operational from August 23, 2013.

During FY13 (refers to the period April 1 to March 31), WCF earned
a PAT of INR0.12 crore on a total operating income of INR19.24
crore as against a PAT of INR0.11 crore on a total operating
income of INR17.82 crore in FY12. During FY14, till March 15, 2014
WCF achieved turnover of INR44.52 crore.



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


MT. GOX: Investors Group Seeks Support to Avoid Liquidation
-----------------------------------------------------------
Reuters reports that a group of investors seeking to buy Mt. Gox
has launched a website to garner support from creditors of the
bankrupt bitcoin exchange to prevent a liquidation of its assets.

"We need your help to stop a liquidation, which would be good
neither for Mt. Gox creditors nor bitcoin's reputation with the
general public and regulators," the investors wrote on the
website, Reuters relates.

According to Reuters, Mt. Gox, once the world's biggest bitcoin
exchange, is likely to be liquidated after a Tokyo court dismissed
the company's bid to resuscitate its business, the court appointed
administrator said on April 16.

"The Tokyo district court recognized that it would be difficult
for the company to carry out the civil rehabilitation proceedings
and dismissed the application for the commencement of the civil
rehabilitation proceedings," the administrator, as cited by
Reuters, said.

The investor group, which offered to take over the assets of Mt.
Gox and revive it, has received backing from many creditors and
hopes to convince the court to reconsider its rehabilitation
proposal, Reuters report citing The Wall Street Journal.

                       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.


MT. GOX: Customers Want CEO Out During Bankruptcy
-------------------------------------------------
Katy Stech at The Wall Street Journal reports that Mt. Gox
customers with frozen bitcoin accounts are targeting Chief
Executive Mark Karpeles, arguing in court papers he is unfit to
lead the Japanese bitcoin exchange through its U.S. bankruptcy
case.

The Journal relates that in papers filed on April 15 in U.S.
Bankruptcy Court in Dallas, lawyers for several Mt. Gox customers
pointed out Mr. Karpeles has been accused of fraud and said he
should no longer have power over Mt. Gox's U.S. assets in his
official role as Mt. Gox Co.'s foreign representative.

"At minimum, he is guilty of gross mismanagement," the lawyers for
customers said in court papers.

Leaders who are in charge of a bankrupt company often have a
responsibility to act in a way that helps the reorganization
efforts. Often in Chapter 15 cases that are filed in a U.S. court,
an outside leader has already taken over control.

In court papers, lawyers for the Mt. Gox customers cited a
"concerning lack of transparency" since Mt. Gox filed for
bankruptcy both in Japan and in a U.S. court. Mt. Gox filed for
Chapter 15 bankruptcy protection on March 9 to stop angry
customers who sued it in Illinois from targeting the cash it is
holding in U.S. bank accounts, the Journal relays.  Most of the
company's reorganization efforts are taking place in Japan, where
administrators are looking for its lost bitcoins, the report
notes.

                       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.


MT. GOX: U.S. Investor Says Creditors Support Buyout
----------------------------------------------------
Takashi Mochizuki, writing for The Wall Street Journal, reported
that creditors who owned more than 70% of the bitcoins lost by Mt.
Gox have agreed to support efforts by a group of U.S. investors to
acquire and revive the collapsed bitcoin exchange, rather than
have it liquidated by a Japanese court, according to John Betts,
one of those investors.

Mr. Betts is with Sunlot Holdings, an investor group that had been
trying to buy Mt. Gox since January 2013, according to the report.
It is now offering a token payment of one bitcoin, worth about
$500, to buy the exchange, according to people with knowledge of
the matter.

An acquisition would have to be approved by a Japanese bankruptcy
court, the report related.  Mt. Gox had been seeking a court-led
rehabilitation, but faced with mounting issues, including lack of
a court-approved restart plan, it gave up and said that Tokyo
District Court had granted its request to abandon the
rehabilitation efforts. It said it expected to be liquidated.

According to three people close to the matter, Sunlot, which is
led by bitcoin entrepreneur Brock Pierce and includes venture
capitalists Matthew Roszak and William Quigley, has agreed to buy
a 12% stake in Mt. Gox from founder Jed McCaleb, the report
further related.  It wasn't clear what the price would be for that
stake. The remaining 88% of the exchange is owned by Chief
Executive Mark Karpeles.

In an April 9 letter to the bankruptcy court signed by Mr.
Karpeles and reviewed by The Wall Street Journal, the Mt. Gox CEO
requested that the court approve the takeover by the consortium,
the report said. The court didn't approve the offer, finding the
restart plan unrealistic, according to people familiar with the
matter.

                          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 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.



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


STX DALIAN: To Apply for Court Receivership
-------------------------------------------
Sino Ship News reports that STX Dalian Shipbuilding, the
financially troubled subsidiary of Korea's STX Offshore &
Shipbuilding, will soon file for court receivership with a Chinese
court.

An official of Korea Development Bank, the principal creditor bank
of STX Group, said, "Court receivership is the only way to keep
STX Dalian alive.  We are reviewing options to apply for it,"
Korean local media reported, according to Sino Ship News.

"Usually the Korean court tends to approve the application.  But
it remains to be seen how the Chinese court does because there are
many differences in legal practices and requirements," the
official added, the report relates.  If the Chinese court rejects
the application, STX Dalian may have to file for bankruptcy, the
report notes.

A source who is close to STX Dalian told SinoShip News that
earlier plans by a Hong Kong consortium to take over STX Dalian
appear to have fallen through on account of STX Dalian's huge
debts.



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


* BOND PRICING: For the Week April 14 to April 18, 2014
-------------------------------------------------------

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


  AUSTRALIA
  ---------

COMMONWEALTH B     1.50     04/19/22      AUD      73.53
GRIFFIN COAL M     9.50     12/01/16      USD      73.88
GRIFFIN COAL M     9.50     12/01/16      USD      73.88
MIDWEST VANADI    11.50     02/15/18      USD      59.97
MIDWEST VANADI    11.50     02/15/18      USD      46.75
MIRABELA NICKE     8.75     04/15/18      USD      21.63
MIRABELA NICKE     8.75     04/15/18      USD      25.00
NEW SOUTH WALE     0.50     09/14/22      AUD      70.63
NEW SOUTH WALE     0.50     10/07/22      AUD      70.41
NEW SOUTH WALE     0.50     10/28/22      AUD      70.20
NEW SOUTH WALE     0.50     12/16/22      AUD      69.92
NEW SOUTH WALE     0.50     11/18/22      AUD      70.01
NEW SOUTH WALE     0.50     03/30/23      AUD      69.42
NEW SOUTH WALE     0.50     02/02/23      AUD      69.97
TREASURY CORP      0.50     08/25/22      AUD      71.14
TREASURY CORP      0.50     11/12/30      AUD      46.50
TREASURY CORP      0.50     03/03/23      AUD      70.24


CHINA
-----

CHINA GOVERNME     1.64     12/15/33      CNY      59.55
CHINA DEVELOPM     3.80     10/30/36      CNY      72.82


INDIA
-----

3I INFOTECH LT     5.00     04/26/17      USD      35.13
CORE EDUCATION     7.00     05/07/15      USD      31.00
COROMANDEL INT     9.00     07/23/16      INR      15.61
DAVOMAS INTERN    11.00     12/08/14      USD      19.38
DAVOMAS INTERN    11.00     12/08/14      USD      19.38
DEWAN HOUSING      5.50     09/24/23      INR      71.53
GTL INFRASTRUC     2.53     11/09/17      USD      25.63
INDIA GOVERNME     0.23     01/25/35      INR      17.96
INDONESIA TREA     6.38     04/15/42      IDR      74.58
JCT LTD            2.50     04/08/11      USD      20.00
MASCON GLOBAL      2.00     12/28/12      USD      10.00
PERUSAHAAN PEN     6.10     02/15/37      IDR      74.39
PRAKASH INDUST     5.25     04/30/15      USD      49.88
PRAKASH INDUST     5.63     10/17/14      USD      55.25
PYRAMID SAIMIR     1.75     07/04/12      USD       1.00
REI AGRO LTD       5.50     11/13/14      USD      55.88
REI AGRO LTD       5.50     11/13/14      USD      55.88
SHIV-VANI OIL      5.00     08/17/15      USD      26.25
SUZLON ENERGY      5.00     04/13/16      USD      47.77
SUZLON ENERGY      7.50     10/11/12      USD      61.25
VIDEOCON INDUS     6.75     12/16/15      USD      74.81


JAPAN
-----

ELPIDA MEMORY      0.70     08/01/16      JPY       9.75
ELPIDA MEMORY      0.50     10/26/15      JPY      12.75
ELPIDA MEMORY      2.29     12/07/12      JPY      15.38
ELPIDA MEMORY      2.10     11/29/12      JPY      12.75
ELPIDA MEMORY      2.03     03/22/12      JPY      14.00
JAPAN EXPRESSW     0.50     03/18/39      JPY      70.72
JAPAN EXPRESSW     0.50     09/17/38      JPY      71.24
TOKYO ELECTRIC     2.37     05/28/40      JPY      74.50


KOREA
------

2013 KIBO SECURIT   10.00   09/04/16       KRW      30.11
2013 KIBO SECURIT   10.00   02/19/17       KRW      29.49
ACE AUTO INVEST S    3.15   05/17/16       KRW      68.95
ACE AUTO INVEST S    3.20   07/15/16       KRW      40.05
ACE AUTO INVEST S    2.86   11/17/14       KRW      68.07
ACE AUTO INVEST S    3.05   11/17/15       KRW      13.99
ACE AUTO INVEST S    2.84   10/17/14       KRW      80.10
ACE AUTO INVEST S    2.79   09/05/14       KRW      37.55
ACE AUTO INVEST S    2.79   08/22/14       KRW      73.25
ACE AUTO INVEST S    2.81   09/24/14       KRW      77.67
ACE AUTO INVEST S    2.84   11/24/14       KRW      71.01
ACE AUTO INVEST S    2.85   12/24/14       KRW       6.34
ACE AUTO INVEST S    2.87   01/23/15       KRW       8.57
ACE AUTO INVEST S    2.88   02/24/15       KRW      55.82
ACE AUTO INVEST S    2.89   03/24/15       KRW      59.53
ACE AUTO INVEST S    3.03   11/24/15       KRW      27.49
ACE AUTO INVEST S    2.92   05/22/15       KRW      40.23
ACE AUTO INVEST S    2.94   06/24/15       KRW       2.95
ACE AUTO INVEST S    3.08   01/22/16       KRW       0.95
ACE AUTO INVEST S    2.88   07/22/14       KRW      81.24
ACE AUTO INVEST S    2.91   10/22/14       KRW      86.55
ACE AUTO INVEST S    2.92   12/22/14       KRW      71.90
ACE AUTO INVEST S    2.86   09/26/14       KRW      89.13
ACE AUTO INVEST S    2.87   10/27/14       KRW      62.64
ACE AUTO INVEST S    2.88   12/26/14       KRW      18.79
ACE AUTO INVEST S    2.91   04/27/15       KRW      77.12
ACE AUTO INVEST S    2.95   02/17/15       KRW      22.59
ACE AUTO INVEST S    2.80   10/07/14       KRW      68.22
ACE AUTO INVEST S    2.83   12/05/14       KRW      15.74
ACE AUTO INVEST S    2.84   01/07/15       KRW      56.58
ACE AUTO INVEST S    2.85   02/06/15       KRW      15.84
ACE AUTO INVEST S    2.87   03/06/15       KRW      89.86
ACE AUTO INVEST S    2.89   04/07/15       KRW      60.55
ACE AUTO INVEST S    2.94   06/05/15       KRW       7.98
ACE AUTO INVEST S    2.96   07/07/15       KRW      61.52
ACE AUTO INVEST S    3.11   01/07/16       KRW       3.24
ACE AUTO INVEST S    2.90   12/22/14       KRW      59.69
ACE AUTO INVEST S    2.96   03/20/15       KRW       4.49
ACE AUTO INVEST S    3.19   02/22/16       KRW       1.30
ACE AUTO INVEST S    2.92   12/05/14       KRW      25.01
ACE AUTO INVEST S    3.00   04/06/15       KRW      36.83
ACE AUTO INVEST S    3.04   06/05/15       KRW      60.61
ACE AUTO INVEST S    3.07   07/06/15       KRW      17.54
ACE AUTO INVEST S    2.88   11/21/14       KRW      11.36
ACE AUTO INVEST S    2.94   02/17/15       KRW       5.00
ACE AUTO INVEST S    3.30   06/22/16       KRW      31.81
ACE AUTO INVEST S    2.93   01/06/15       KRW      33.86
ACE AUTO INVEST S    2.96   02/06/15       KRW      69.41
ACE AUTO INVEST S    2.82   08/06/14       KRW      74.36
ACE AUTO INVEST S    2.86   09/05/14       KRW      60.14
ACE AUTO INVEST S    2.89   11/06/14       KRW      42.83
ACE AUTO INVEST S    3.22   01/06/16       KRW      71.75
ACE AUTO INVEST S    3.30   04/06/16       KRW      43.41
ACE AUTO INVEST S    2.89   01/16/15       KRW      61.45
ACE AUTO INVEST S    2.91   02/17/15       KRW      33.34
ACE AUTO INVEST S    2.95   04/17/15       KRW      65.11
ACE AUTO INVEST S    2.99   07/17/15       KRW      39.76
ACE AUTO INVEST S    2.99   08/17/15       KRW      78.15
AJU CAPITAL CO LT    5.75   06/29/14       KRW      24.64
AJU CAPITAL CO LT    3.95   02/03/17       KRW      27.83
AUTOPIA SECURITIZ    3.00   07/18/15       KRW       0.90
AUTOPIA SECURITIZ    3.02   08/18/15       KRW      17.83
AUTOPIA SECURITIZ    3.04   09/18/15       KRW       3.70
AUTOPIA SECURITIZ    3.09   12/18/15       KRW      12.59
AUTOPIA SECURITIZ    3.10   01/18/16       KRW      35.24
AUTOPIA SECURITIZ    3.12   02/18/16       KRW      17.65
AUTOPIA SECURITIZ    3.14   03/18/16       KRW       0.48
AUTOPIA SECURITIZ    3.16   04/18/16       KRW       9.12
AUTOPIA SECURITIZ    3.18   05/18/16       KRW       0.55
AUTOPIA SECURITIZ    3.20   06/18/16       KRW       0.97
AUTOPIA SECURITIZ    3.22   07/18/16       KRW       0.50
AUTOPIA SECURITIZ    3.23   08/18/16       KRW       7.13
AUTOPIA SECURITIZ    3.24   09/18/16       KRW       0.83
AUTOPIA SECURITIZ    3.25   10/18/16       KRW       0.96
AUTOPIA SECURITIZ    3.26   11/18/16       KRW       0.50
AUTOPIA SECURITIZ    3.27   12/18/16       KRW       5.50
AUTOPIA SECURITIZ    3.27   01/18/17       KRW       1.41
AUTOPIA SECURITIZ    3.28   02/18/17       KRW       0.38
AUTOPIA SECURITIZ    3.29   03/18/17       KRW       0.50
AUTOPIA SECURITIZ    3.30   04/18/17       KRW       4.25
AUTOPIA SECURITIZ    3.31   05/18/17       KRW       1.37
AUTOPIA SECURITIZ    3.32   06/18/17       KRW       1.15
AUTOPIA SECURITIZ    3.32   07/18/17       KRW      10.89
AUTOPIA SECURITIZ    2.90   07/18/15       KRW       0.86
AUTOPIA SECURITIZ    2.91   08/18/15       KRW      16.70
AUTOPIA SECURITIZ    2.92   09/18/15       KRW       0.68
AUTOPIA SECURITIZ    2.93   10/18/15       KRW       0.45
AUTOPIA SECURITIZ    2.96   12/18/15       KRW       1.07
AUTOPIA SECURITIZ    2.97   01/18/16       KRW      17.92
AUTOPIA SECURITIZ    2.98   02/18/16       KRW       2.02
AUTOPIA SECURITIZ    2.99   03/18/16       KRW      15.65
AUTOPIA SECURITIZ    3.00   04/18/16       KRW       7.59
AUTOPIA SECURITIZ    3.01   05/18/16       KRW       0.51
AUTOPIA SECURITIZ    3.03   06/18/16       KRW       0.91
AUTOPIA SECURITIZ    3.04   07/18/16       KRW       0.46
AUTOPIA SECURITIZ    3.04   08/18/16       KRW       5.46
AUTOPIA SECURITIZ    3.06   11/18/16       KRW       1.34
AUTOPIA SECURITIZ    3.05   09/18/16       KRW       0.35
AUTOPIA SECURITIZ    3.05   10/18/16       KRW       0.46
AUTOPIA SECURITIZ    3.06   12/18/16       KRW       3.95
AUTOPIA SECURITIZ    3.07   01/18/17       KRW       1.30
AUTOPIA SECURITIZ    3.07   02/18/17       KRW       0.35
AUTOPIA SECURITIZ    3.08   04/18/17       KRW       0.46
AUTOPIA SECURITIZ    3.09   05/18/17       KRW      14.88
AUTOPIA SECURITIZ    3.08   03/18/17       KRW       0.55
AUTOPIA SECURITIZ    3.09   06/18/17       KRW       1.00
AUTOPIA SECURITIZ    2.89   06/18/15       KRW       0.84
AUTOPIA SECURITIZ    6.25   06/18/14       KRW      26.98
AUTOPIA SECURITIZ    6.29   07/18/14       KRW      76.66
AUTOPIA SECURITIZ    6.32   08/18/14       KRW      47.04
AUTOPIA SECURITIZ    6.36   09/18/14       KRW      22.99
AUTOPIA SECURITIZ    6.39   10/18/14       KRW      30.34
AUTOPIA SECURITIZ    6.45   01/18/15       KRW       1.80
AUTOPIA SECURITIZ    6.48   02/18/15       KRW      78.67
AUTOPIA SECURITIZ    6.50   03/18/15       KRW       2.31
AUTOPIA SECURITIZ    6.52   04/18/15       KRW       5.46
AUTOPIA SECURITIZ    2.77   08/18/14       KRW      80.07
AUTOPIA SECURITIZ    2.81   11/18/14       KRW      52.21
AUTOPIA SECURITIZ    2.90   05/18/15       KRW      93.62
AUTOPIA SECURITIZ    2.98   08/18/15       KRW      37.41
AUTOPIA SECURITIZ    3.11   02/18/16       KRW       4.78
AUTOPIA SECURITIZ    3.15   05/18/16       KRW      56.85
AUTOPIA SECURITIZ    3.22   08/18/16       KRW      19.88
AUTOPIA SECURITIZ    3.29   11/18/16       KRW       8.81
AUTOPIA SECURITIZ    3.33   02/18/17       KRW      11.87
AUTOPIA SECURITIZ    3.37   05/18/17       KRW      13.31
AUTOPIA SECURITIZ    3.41   08/18/17       KRW      13.52
AUTOPIA SECURITIZ    3.45   11/18/17       KRW       2.01
AUTOPIA SECURITIZ    3.59   02/18/18       KRW      65.79
AUTOPIA SECURITIZ    4.42   05/18/18       KRW       1.54
BS CAPITAL CO LTD    3.13   05/22/15       KRW      46.21
BUSAN METROPOLITA    3.23   05/26/15       KRW      51.31
CHEJU BANK LTD       4.14   01/19/19       KRW      73.85
CJ KOREA EXPRESS     2.93   06/21/18       KRW      16.00
COMMERCIAL AUTO A    5.14   07/18/14       KRW      15.59
COMMERCIAL AUTO A    5.19   09/18/14       KRW      65.26
COMMERCIAL AUTO A    5.21   10/18/14       KRW      29.05
COMMERCIAL AUTO A    5.25   11/18/14       KRW      13.36
COMMERCIAL AUTO A    5.27   12/18/14       KRW       1.88
COMMERCIAL AUTO A    5.34   03/18/15       KRW       1.80
COMMERCIAL AUTO A    5.37   04/18/15       KRW       4.71
COMMERCIAL AUTO A    5.41   06/18/15       KRW       0.96
COMMERCIAL AUTO A    4.88   09/18/14       KRW      22.01
COMMERCIAL AUTO A    4.90   10/18/14       KRW      28.72
COMMERCIAL AUTO A    4.95   12/18/14       KRW      55.98
COMMERCIAL AUTO A    4.97   01/18/15       KRW       1.39
COMMERCIAL AUTO A    5.00   03/18/15       KRW       1.46
COMMERCIAL AUTO A    5.02   04/18/15       KRW      10.75
COMMERCIAL AUTO A    5.05   06/18/15       KRW       3.05
COMMERCIAL AUTO A    4.78   05/18/14       KRW      75.84
COMMERCIAL AUTO A    4.81   06/18/14       KRW      79.41
COMMERCIAL AUTO A    4.86   08/18/14       KRW       9.24
COMMERCIAL AUTO A    2.82   08/18/14       KRW      67.79
COMMERCIAL AUTO A    2.86   11/18/14       KRW      47.84
COMMERCIAL AUTO A    2.92   02/18/15       KRW      53.10
COMMERCIAL AUTO A    2.97   05/18/15       KRW      31.56
COMMERCIAL AUTO A    3.05   08/18/15       KRW      32.33
COMMERCIAL AUTO A    3.39   11/18/16       KRW       9.02
COMMERCIAL AUTO A    3.44   02/18/17       KRW      12.66
COMMERCIAL AUTO A    3.18   02/18/16       KRW      61.73
COMMERCIAL AUTO A    3.23   05/18/16       KRW       5.31
COMMERCIAL AUTO A    3.31   08/18/16       KRW      10.67
COMMERCIAL AUTO A    3.50   05/18/17       KRW       5.14
COMMERCIAL AUTO A    3.55   08/18/17       KRW      77.86
COMMERCIAL AUTO A    3.61   11/18/17       KRW      11.33
COMMERCIAL AUTO A    6.90   05/18/18       KRW      16.56
COMMERCIAL AUTO A   10.00   08/18/18       KRW       4.95
COMMERCIAL AUTO A   10.00   08/18/18       KRW      28.48
DAEGU BANK           4.37   01/08/19       KRW      23.54
DAPSIMNI SECURITI    3.26   10/11/14       KRW      59.34
DOOSAN CAPITAL SE    3.11   03/13/15       KRW      38.48
DOOSAN CAPITAL SE    3.08   12/15/14       KRW      65.43
DOOSAN CAPITAL SE    3.75   09/02/16       KRW       2.23
DOOSAN CAPITAL SE    3.08   10/02/14       KRW      80.79
DOOSAN CAPITAL SE    3.36   12/04/15       KRW      35.12
DOOSAN CAPITAL SE    3.43   03/04/16       KRW       8.01
DOOSAN CAPITAL SE    3.52   06/03/16       KRW      65.97
DY CHANGJEON 3 SE    3.84   04/25/17       KRW      10.21
EXPORT-IMPORT BAN    0.50   01/25/17       TRY      72.36
EXPORT-IMPORT BAN    0.50   10/23/17       TRY      66.92
EXPORT-IMPORT BAN    0.50   12/22/17       BRL      64.14
EXPORT-IMPORT BAN    0.50   12/22/17       TRY      66.95
EXPORT-IMPORT BAN    0.50   10/27/16       BRL      73.98
EXPORT-IMPORT BAN    0.50   11/21/17       BRL      64.31
EXPORT-IMPORT BAN    0.50   11/28/16       BRL      73.34
EXPORT-IMPORT BAN    0.50   09/28/16       BRL      74.70
EXPORT-IMPORT BAN    0.50   12/22/16       BRL      73.03
FN GODEOK ABS SPE    4.64   04/29/16       KRW      81.70
FN HYUNSEOK SECUR    3.35   03/20/16       KRW      32.60
FN JOONGDONG3 SEC    3.10   08/29/14       KRW      53.60
FN SIN-GIL ABS SP    4.74   07/30/14       KRW      43.95
GARDEN PARK ABS S    3.55   10/02/16       KRW       8.74
GREAT KODIT SECUR   10.00   09/29/14       KRW      63.87
GS CALTEX CORP       3.09   03/21/18       KRW      11.74
HAN KOOK CAPITAL     3.35   07/23/14       KRW      80.88
HAN KOOK CAPITAL     3.95   01/23/15       KRW      53.40
HANA SK CARD CO L    4.81   01/02/18       KRW       4.11
HANA SK CARD CO L    3.88   06/22/17       KRW      20.47
HANA SK CARD CO L    5.00   01/09/17       KRW      13.11
HANA SK CARD CO L    3.69   06/22/15       KRW      25.61
HANA SK CARD CO L    5.34   02/14/17       KRW      30.38
HANA SK CARD CO L    5.62   01/24/17       KRW      14.30
HANA SK CARD CO L    5.62   01/31/17       KRW      48.59
HC SANGSOO ABS SP    3.42   12/28/14       KRW      44.61
HYUNDAI CAPITAL S    3.38   03/15/19       KRW      43.84
HYUNDAI CAPITAL S    3.11   01/29/16       KRW      99.91
HYUNDAI CAPITAL S    3.56   02/01/19       KRW       5.71
HYUNDAI CAPITAL S    3.31   03/21/18       KRW      12.68
HYUNDAI CAPITAL S    3.08   03/21/18       KRW      46.54
HYUNDAI CAPITAL S    4.70   06/21/16       KRW      10.89
HYUNDAI CAPITAL S    4.46   10/06/16       KRW      19.78
HYUNDAI CAPITAL S    3.25   11/04/16       KRW       1.72
HYUNDAI CAPITAL S    3.29   04/02/18       KRW      28.49
HYUNDAI CAPITAL S    3.31   03/20/18       KRW      54.17
HYUNDAI CAPITAL S    3.25   04/02/18       KRW      25.75
HYUNDAI CAPITAL S    3.16   04/02/18       KRW       2.08
HYUNDAI CAPITAL S    3.17   04/03/18       KRW       3.56
HYUNDAI CAPITAL S    4.46   12/18/14       KRW       7.38
HYUNDAI CAPITAL S    4.40   03/20/16       KRW       8.46
HYUNDAI CAPITAL S    3.57   02/16/15       KRW      33.84
HYUNDAI CAPITAL S    4.74   06/20/16       KRW      27.26
HYUNDAI CAPITAL S    3.21   03/04/16       KRW       8.23
HYUNDAI CAPITAL S    2.78   04/24/15       KRW       4.36
HYUNDAI CAPITAL S    3.26   09/21/17       KRW      26.61
HYUNDAI CAPITAL S    2.89   06/21/18       KRW       2.34
HYUNDAI CAPITAL S    3.19   05/13/16       KRW      23.76
HYUNDAI CAPITAL S    3.75   06/22/15       KRW      15.02
HYUNDAI CAPITAL S    3.02   10/30/15       KRW      48.57
HYUNDAI CAPITAL S    3.44   09/22/17       KRW      16.63
HYUNDAI CAPITAL S    3.31   01/06/17       KRW      37.48
HYUNDAI CAPITAL S    3.32   02/09/17       KRW      21.80
HYUNDAI CAPITAL S    3.50   01/12/18       KRW      16.07
HYUNDAI CAPITAL S    4.20   12/21/16       KRW       2.65
HYUNDAI CAPITAL S    3.71   01/11/19       KRW       4.92
HYUNDAI CAPITAL S    3.25   08/05/16       KRW      42.75
HYUNDAI CAPITAL S    3.11   05/02/18       KRW      14.35
HYUNDAI CAPITAL S    3.41   01/14/17       KRW       9.22
HYUNDAI CAPITAL S    3.65   01/18/19       KRW      12.88
HYUNDAI CAPITAL S    4.84   06/22/16       KRW      39.22
HYUNDAI CAPITAL S    3.07   05/02/18       KRW       0.92
HYUNDAI CARD CO L    3.16   03/24/17       KRW       8.69
HYUNDAI CARD CO L    3.00   03/25/16       KRW      11.85
HYUNDAI CARD CO L    3.19   11/28/16       KRW      27.25
HYUNDAI CARD CO L    3.17   03/10/17       KRW      21.06
HYUNDAI CARD CO L    3.65   06/23/15       KRW      37.80
HYUNDAI CARD CO L    3.81   09/21/17       KRW      18.33
HYUNDAI CARD CO L    3.16   04/02/18       KRW       1.10
HYUNDAI CARD CO L    4.05   12/22/14       KRW      67.28
HYUNDAI CARD CO L    3.23   01/06/17       KRW      71.11
HYUNDAI CARD CO L    3.23   01/20/17       KRW      24.39
HYUNDAI CARD CO L    3.27   04/03/17       KRW       8.02
HYUNDAI CARD CO L    3.19   05/13/16       KRW      23.76
HYUNDAI CARD CO L    3.10   01/15/16       KRW      38.10
HYUNDAI CARD CO L    3.40   01/10/17       KRW      33.81
HYUNDAI CARD CO L    3.47   06/09/17       KRW      27.56
HYUNDAI CARD CO L    3.51   07/13/17       KRW      28.59
HYUNDAI CARD CO L    3.13   01/15/16       KRW      34.40
HYUNDAI CARD CO L    3.16   05/29/18       KRW       0.93
HYUNDAI CARD CO L    3.58   09/21/18       KRW      22.78
HYUNDAI CARD CO L    4.03   03/23/15       KRW      59.01
HYUNDAI COMMERCIA    3.32   03/22/18       KRW      51.46
HYUNDAI COMMERCIA    3.22   12/04/15       KRW      35.17
HYUNDAI COMMERCIA    3.37   12/21/17       KRW       2.05
HYUNDAI HYSCO CO     3.09   03/21/18       KRW      11.01
HYUNDAI MERCHANT     7.05   12/27/42       KRW      44.72
HYUNDAI SECURITIE    3.13   03/21/18       KRW       1.25
HYUNDAI SECURITIE    3.16   03/22/18       KRW      46.66
HYUNDAI STEEL CO     3.27   03/21/18       KRW       1.34
INCHEON DEVELOPME    4.25   07/13/15       KRW       1.21
INCHEON DEVELOPME    3.60   12/21/17       KRW      12.81
INCHEON DEVELOPME    3.28   06/10/14       KRW       9.80
IPARK SAM-SONG SE    3.36   01/10/16       KRW      48.45
IPARK SAM-SONG SE    3.18   04/10/15       KRW      82.32
IPARK SAM-SONG SE    3.27   08/10/15       KRW      46.50
IPARK SAM-SONG SE    3.37   02/10/16       KRW      78.51
JB WOORI CAPITAL     2.82   08/14/14       KRW      12.62
JB WOORI CAPITAL     2.95   05/15/15       KRW      16.88
JB WOORI CAPITAL     3.01   08/14/15       KRW      11.75
JB WOORI CAPITAL     2.91   09/26/14       KRW      51.90
JB WOORI CAPITAL     2.86   07/25/14       KRW      54.04
JB WOORI CAPITAL     3.09   06/26/15       KRW      18.92
JB WOORI CAPITAL     3.27   05/28/15       KRW      51.14
JB WOORI CAPITAL     3.22   11/30/14       KRW      72.81
JEONBUK BANK         3.41   01/06/19       KRW      30.02
JOINK SECURITIZAT    3.86   10/21/14       KRW      62.07
KB KOOKMIN CARD C    3.92   03/24/15       KRW      88.85
KB KOOKMIN CARD C    4.18   03/22/17       KRW      10.71
KB KOOKMIN CARD C    3.93   06/20/17       KRW      16.97
KB KOOKMIN CARD C    3.24   12/21/17       KRW      89.37
KB KOOKMIN CARD C    3.88   06/22/17       KRW      28.22
KB KOOKMIN CARD C    3.30   03/21/18       KRW      60.44
KB KOOKMIN CARD C    4.00   12/22/14       KRW      90.57
KB KOOKMIN CARD C    3.25   03/21/18       KRW       1.61
KB KOOKMIN CARD C    3.46   09/21/17       KRW      34.88
KB KOOKMIN CARD C    3.65   06/22/15       KRW      34.74
KB KOOKMIN CARD C    3.65   06/23/15       KRW      28.82
KB KOOKMIN CARD C    3.07   02/08/15       KRW      42.38
KB KOOKMIN CARD C    3.75   09/21/17       KRW       1.00
KB KOOKMIN CARD C    3.33   09/22/17       KRW       2.86
KB KOOKMIN CARD C    3.18   12/11/15       KRW      75.46
KB KOOKMIN CARD C    3.13   03/21/18       KRW      14.01
KB KOOKMIN CARD C    3.10   05/02/18       KRW      14.08
KB KOOKMIN CARD C    3.05   03/21/18       KRW       4.12
KB KOOKMIN CARD C    3.32   02/17/17       KRW      10.61
KDB CAPITAL CORP     3.14   12/22/14       KRW      73.20
KDB CAPITAL CORP     3.05   09/29/14       KRW      92.37
KDB CAPITAL CORP     3.01   07/14/14       KRW      84.77
KDB CAPITAL CORP     3.25   12/24/15       KRW      51.52
KOREA DEVELOPMENT    3.70   02/29/24       KRW      22.22
KOREA EXPRESSWAY     3.52   01/19/19       KRW      37.29
KOREA EXPRESSWAY     2.96   03/20/18       KRW      74.34
KOREA HOUSING FIN    2.94   09/15/18       KRW       1.24
KOREA LAND & HOUS    3.99   03/26/44       KRW      68.09
KOREA LAND & HOUS    2.87   06/21/18       KRW      38.70
KOREA LAND & HOUS    2.95   11/16/15       KRW      60.29
KOREA LAND & HOUS    3.30   12/21/18       KRW       2.74
KOREA LAND & HOUS    3.40   09/21/18       KRW       1.51
KOREA LAND & HOUS    2.76   06/21/18       KRW      19.98
KOREA LAND & HOUS    2.86   06/21/18       KRW      15.33
KOREA LAND & HOUS    3.45   09/21/18       KRW       5.35
KOREA LAND & HOUS    3.44   10/21/18       KRW       4.37
KOREA LAND & HOUS    3.33   12/21/18       KRW       2.81
KOREA LAND & HOUS    3.17   10/02/17       KRW       1.38
KOREA LAND & HOUS    2.93   03/20/18       KRW       7.61
KT CAPITAL CORP/K    3.47   03/22/18       KRW      50.74
KT CAPITAL CORP/K    3.65   09/22/17       KRW       3.21
KT CAPITAL CORP/K    3.43   10/11/17       KRW      23.84
KT RENTAL CORP       2.98   06/21/18       KRW      38.04
KT RENTAL CORP       3.26   03/21/18       KRW      52.27
LG ELECTRONICS IN    3.11   03/21/18       KRW      11.93
LG ELECTRONICS IN    3.29   05/24/20       KRW       1.74
LG HAUSYS LTD        3.11   06/21/18       KRW       2.60
LOTTE CAPITAL CO     3.67   02/25/19       KRW       7.06
LOTTE CAPITAL CO     3.45   02/26/18       KRW       1.20
LOTTE CAPITAL CO     3.00   06/21/18       KRW      37.76
LOTTE CAPITAL CO     3.40   12/16/16       KRW      68.18
LOTTE CAPITAL CO     4.54   03/22/17       KRW     104.09
LOTTE ENGINEERING    4.33   09/13/16       KRW      12.56
NATIONAL FEDERATI    2.75   12/01/14       KRW      27.40
NATIONAL FEDERATI    2.75   12/01/14       KRW      84.58
NEW STAR ABS SPEC    3.93   01/26/17       KRW      11.36
NEW STAR SUKKWAN     4.92   03/30/15       KRW     100.73
NEWSTAR SIN-GIL A    4.84   01/30/15       KRW      53.51
NH CAPITAL CO LTD    5.02   01/14/18       KRW      73.91
NH CAPITAL CO LTD    5.88   01/14/17       KRW       8.65
NONGHYUP BANK        4.06   05/28/22       KRW       7.12
NONGHYUP BANK        3.33   10/15/20       KRW       8.71
OLLEHKT SECURITIZ    3.07   08/29/14       KRW      37.50
OLLEHKT SECURITIZ    3.08   09/30/14       KRW      68.52
OLLEHKT SECURITIZ    3.09   11/28/14       KRW      74.09
OLLEHKT SECURITIZ    3.09   12/31/14       KRW      56.54
OLLEHKT SECURITIZ    3.19   01/30/15       KRW      12.56
OLLEHKT SECURITIZ    3.11   02/27/15       KRW      66.51
OLLEHKT SECURITIZ    3.12   03/31/15       KRW      18.74
OLLEHKT SECURITIZ    3.13   04/30/15       KRW      44.20
OLLEHKT SECURITIZ    3.13   05/29/15       KRW       5.78
OLLEHKT SECURITIZ    3.12   08/26/14       KRW      79.30
OLLEHKT SECURITIZ    3.05   08/01/14       KRW      61.21
OLLEHKT SECURITIZ    3.19   05/03/16       KRW      65.66
OLLEHKT SECURITIZ    3.15   10/24/14       KRW      92.07
OLLEHKT SECURITIZ    3.15   11/26/14       KRW      77.57
OLLEHKT SECURITIZ    3.17   01/26/15       KRW      39.75
OLLEHKT SECURITIZ    3.17   02/26/15       KRW      87.75
OLLEHKT SECURITIZ    3.20   04/24/15       KRW      53.92
OLLEHKT SECURITIZ    3.20   05/26/15       KRW      27.80
OLLEHKT SECURITIZ    3.06   11/03/14       KRW      68.34
OLLEHKT SECURITIZ    3.07   01/02/15       KRW      85.69
OLLEHKT SECURITIZ    3.08   02/03/15       KRW      69.58
OLLEHKT SECURITIZ    3.10   04/03/15       KRW      52.30
OLLEHKT SECURITIZ    3.72   08/29/14       KRW      77.24
OLLEHKT SECURITIZ    3.73   09/30/14       KRW      47.25
OLLEHKT SECURITIZ    3.73   10/30/14       KRW      20.47
OLLEHKT SECURITIZ    3.74   11/28/14       KRW      76.02
OLLEHKT SECURITIZ    3.77   12/30/14       KRW      62.17
OLLEHKT SECURITIZ    3.80   02/27/15       KRW      26.81
OLLEHKT SECURITIZ    3.91   01/29/16       KRW      81.75
OLLEHKT SECURITIZ    2.96   07/28/14       KRW      88.44
OLLEHKT SECURITIZ    2.99   09/26/14       KRW      82.94
OLLEHKT SECURITIZ    3.01   11/28/14       KRW      77.41
OLLEHKT SECURITIZ    3.05   01/28/15       KRW      40.03
OLLEHKT SECURITIZ    3.07   02/27/15       KRW      87.59
OLLEHKT SECURITIZ    3.09   03/27/15       KRW      68.24
OLLEHKT SECURITIZ    3.11   04/28/15       KRW      53.69
OLLEHKT SECURITIZ    3.13   05/28/15       KRW      28.22
OLLEHKT SECURITIZ    3.16   07/28/15       KRW      83.29
OLLEHKT SECURITIZ    3.15   06/26/15       KRW      49.21
OLLEHKT SECURITIZ    3.17   08/28/15       KRW      53.81
OLLEHKT SECURITIZ    3.20   10/28/15       KRW      54.88
OLLEHKT SECURITIZ    3.21   11/27/15       KRW      39.00
OLLEHKT SECURITIZ    3.25   01/28/16       KRW      86.28
OLLEHKT SECURITIZ    3.43   01/26/17       KRW       2.17
OLLEHKT SECURITIZ    3.72   10/28/14       KRW      75.20
OLLEHKT SECURITIZ    3.72   11/28/14       KRW      68.90
OLLEHKT SECURITIZ    3.73   12/26/14       KRW      45.54
OLLEHKT SECURITIZ    3.77   03/27/15       KRW      89.76
OLLEHKT SECURITIZ    3.36   03/29/17       KRW       4.88
OLLEHKT SECURITIZ    2.79   06/27/14       KRW      90.32
OLLEHKT SECURITIZ    2.85   01/29/15       KRW      57.66
OLLEHKT SECURITIZ    2.86   02/27/15       KRW      80.95
OLLEHKT SECURITIZ    2.80   07/29/14       KRW      86.81
OLLEHKT SECURITIZ    2.88   03/27/15       KRW      28.89
OLLEHKT SECURITIZ    2.90   04/29/15       KRW      19.32
OLLEHKT SECURITIZ    2.94   06/29/15       KRW      15.28
OLLEHKT SECURITIZ    2.82   09/29/14       KRW      89.23
OLLEHKT SECURITIZ    2.96   07/29/15       KRW      23.13
OLLEHKT SECURITIZ    2.98   08/28/15       KRW      25.66
OLLEHKT SECURITIZ    2.82   10/29/14       KRW      46.43
OLLEHKT SECURITIZ    2.84   11/28/14       KRW      64.79
OLLEHKT SECURITIZ    3.01   10/29/15       KRW       9.84
OLLEHKT SECURITIZ    3.06   12/29/15       KRW      46.91
OLLEHKT SECURITIZ    2.84   12/29/14       KRW      18.96
OLLEHKT SECURITIZ    3.18   05/27/16       KRW      74.92
OLLEHKT SECURITIZ    2.96   02/24/15       KRW      69.89
OLLEHKT SECURITIZ    2.99   04/24/15       KRW      29.47
OLLEHKT SECURITIZ    3.00   05/22/15       KRW      97.13
OLLEHKT SECURITIZ    3.05   08/24/15       KRW      51.83
OLLEHKT SECURITIZ    3.14   04/22/16       KRW      10.59
OLLEHKT SECURITIZ    3.16   05/24/16       KRW      72.91
OLLEHKT SECURITIZ    3.20   07/22/16       KRW      41.34
OLLEHKT SECURITIZ    3.42   07/24/17       KRW       4.40
OLLEHKT SECURITIZ    2.87   10/24/14       KRW      80.01
OLLEHKT SECURITIZ    2.89   11/24/14       KRW      68.10
OLLEHKT SECURITIZ    2.94   01/23/15       KRW      87.87
OLLEHKT SECURITIZ    3.25   09/23/16       KRW      24.86
OLLEHKT SECURITIZ    2.85   06/26/14       KRW      94.75
OLLEHKT SECURITIZ    2.88   10/24/14       KRW      40.33
OLLEHKT SECURITIZ    2.89   12/26/14       KRW      18.47
OLLEHKT SECURITIZ    2.90   01/26/15       KRW      27.11
OLLEHKT SECURITIZ    2.90   03/26/15       KRW      64.40
OLLEHKT SECURITIZ    2.92   06/26/15       KRW      96.48
OLLEHKT SECURITIZ    2.97   12/24/15       KRW      31.93
OLLEHKT SECURITIZ    3.04   10/26/16       KRW      54.66
OLLEHKT SECURITIZ    2.91   04/24/15       KRW      49.03
OLLEHKT SECURITIZ    2.95   05/29/15       KRW       5.60
OLLEHKT SECURITIZ    2.97   06/30/15       KRW      55.63
OLLEHKT SECURITIZ    2.90   01/30/15       KRW      67.26
OLLEHKT SECURITIZ    3.07   02/29/16       KRW      73.41
OLLEHKT SECURITIZ    3.09   03/31/16       KRW       1.78
OLLEHKT SECURITIZ    2.91   02/27/15       KRW      62.97
OLLEHKT SECURITIZ    3.28   05/31/17       KRW       2.09
OLLEHKT SECURITIZ    2.80   08/29/14       KRW      37.18
OLLEHKT SECURITIZ    2.86   11/28/14       KRW      17.70
OLLEHKT SECURITIZ    2.88   12/31/14       KRW      56.24
OLLEHKT SECURITIZ    3.04   12/31/15       KRW      41.64
OLLEHKT SECURITIZ    2.93   03/31/15       KRW      46.49
OLLEHKT SECURITIZ    2.81   05/26/14       KRW      89.44
OLLEHKT SECURITIZ    2.82   08/26/14       KRW      63.01
OLLEHKT SECURITIZ    2.82   09/26/14       KRW      68.12
OLLEHKT SECURITIZ    2.83   10/24/14       KRW      19.48
OLLEHKT SECURITIZ    2.83   11/26/14       KRW      68.30
OLLEHKT SECURITIZ    2.83   12/26/14       KRW      68.06
OLLEHKT SECURITIZ    2.83   02/26/15       KRW       7.30
OLLEHKT SECURITIZ    2.83   03/26/15       KRW      55.98
OLLEHKT SECURITIZ    2.83   04/24/15       KRW      57.28
OLLEHKT SECURITIZ    2.83   05/26/15       KRW      40.22
OLLEHKT SECURITIZ    2.83   06/26/15       KRW       3.41
OLLEHKT SECURITIZ    2.84   08/26/15       KRW       1.11
OLLEHKT SECURITIZ    2.91   11/25/16       KRW      25.85
OLLEHKT SECURITIZ    2.72   06/27/14       KRW      73.66
OLLEHKT SECURITIZ    2.77   09/26/14       KRW      52.30
OLLEHKT SECURITIZ    2.81   12/26/14       KRW       4.79
OLLEHKT SECURITIZ    2.85   02/27/15       KRW       2.51
OLLEHKT SECURITIZ    2.85   03/27/15       KRW       2.03
OLLEHKT SECURITIZ    2.88   06/26/15       KRW      80.58
OLLEHKT SECURITIZ    2.95   11/27/15       KRW      11.53
OLLEHKT SECURITIZ    3.89   08/26/14       KRW      82.95
OLLEHKT SECURITIZ    3.91   10/24/14       KRW      76.08
OLLEHKT SECURITIZ    3.94   11/26/14       KRW      61.09
OLLEHKT SECURITIZ    3.70   07/28/14       KRW      70.44
OLLEHKT SECURITIZ    3.04   06/28/16       KRW       2.39
OLLEHKT SECURITIZ    3.06   08/26/16       KRW      19.53
OLLEHKT SECURITIZ    3.03   05/27/16       KRW       0.78
OLLEHKT SECURITIZ    3.09   09/28/16       KRW       5.01
PLAN-UP BOK-HYUN     3.99   08/10/14       KRW      67.99
PURUN WOORI SECUR    3.63   03/20/15       KRW      64.72
SAENGGAKDAERO T S    5.50   11/30/15       KRW      33.03
SAENGGAKDAERO T S    3.93   12/31/15       KRW      33.64
SAENGGAKDAERO T S    3.38   02/29/16       KRW      44.29
SAENGGAKDAERO T S    3.87   01/29/16       KRW     100.85
SAMSUNG CARD CO L    3.08   02/28/15       KRW      24.95
SAMSUNG CARD CO L    3.50   05/30/19       KRW       2.14
SAMSUNG CARD CO L    3.17   12/20/17       KRW       3.23
SAMSUNG CARD CO L    3.14   03/21/18       KRW       0.91
SAMSUNG CARD CO L    3.16   09/21/17       KRW      71.16
SBY BUPYEONG5 SEC    3.20   01/29/15       KRW      66.38
SH CORP OF THE SE    3.12   07/03/15       KRW      62.44
SH CORP OF THE SE    2.88   10/24/14       KRW      18.62
SH CORP OF THE SE    3.10   01/22/16       KRW     100.50
SHINHAN CAPITAL C    4.51   09/22/14       KRW      94.88
SHINHAN CAPITAL C    4.48   09/22/14       KRW      68.82
SHINHAN CAPITAL C    3.19   11/27/15       KRW      49.02
SHINHAN CAPITAL C    3.51   12/09/16       KRW      67.95
SHINHAN CARD CO L    3.46   06/20/19       KRW      17.12
SHINHAN CARD CO L    3.27   03/26/18       KRW      52.64
SHINHAN CARD CO L    4.18   03/21/17       KRW      10.72
SHINHAN CARD CO L    3.88   06/22/17       KRW      39.47
SHINHAN CARD CO L    3.74   06/23/15       KRW       9.94
SHINHAN CARD CO L    3.35   09/02/16       KRW      20.65
SHINHAN CARD CO L    2.93   06/21/18       KRW      15.38
SHINHAN CARD CO L    2.78   06/21/18       KRW      13.73
SHINHAN CARD CO L    3.56   02/07/19       KRW      12.21
SHINHAN CARD CO L    2.87   10/02/17       KRW      15.34
SHINHAN CARD CO L    3.31   12/22/17       KRW       2.61
SHINHAN CARD CO L    3.17   12/20/17       KRW      13.51
SHINHAN CARD CO L    3.30   09/22/17       KRW      35.15
SHINHAN CARD CO L    3.19   09/20/17       KRW       3.50
SHINHAN CARD CO L    3.24   09/22/17       KRW      16.36
SHINHAN CARD CO L    3.16   09/21/17       KRW      15.21
SINBO CONSTRUCTIO   10.00   09/29/14       KRW      63.87
SINBO SECURITIZAT    5.00   06/07/17       KRW      28.39
SINBO SECURITIZAT    5.00   06/07/17       KRW      28.39
SINBO SECURITIZAT    5.00   01/29/17       KRW      29.36
SINBO SECURITIZAT    5.00   01/19/16       KRW      72.30
SINBO SECURITIZAT    4.60   06/29/15       KRW      72.26
SINBO SECURITIZAT    4.60   06/29/15       KRW      72.26
SINBO SECURITIZAT    5.00   12/07/15       KRW      72.36
SINBO SECURITIZAT    5.00   03/14/16       KRW      29.33
SINBO SECURITIZAT    5.00   09/28/15       KRW      70.55
SINBO SECURITIZAT    5.00   12/13/16       KRW      29.44
SINBO SECURITIZAT    5.00   07/19/15       KRW      70.71
SINBO SECURITIZAT    5.00   08/24/15       KRW      70.59
SINBO SECURITIZAT    5.00   05/27/16       KRW      29.91
SINBO SECURITIZAT    5.00   05/27/16       KRW      29.91
SINBO SECURITIZAT    5.00   06/29/16       KRW      29.80
SINBO SECURITIZAT    8.00   02/02/15       KRW      74.71
SINBO SECURITIZAT    5.00   02/02/16       KRW      72.89
SINBO SECURITIZAT    8.00   03/07/15       KRW      74.03
SINBO SECURITIZAT    5.00   08/31/16       KRW      29.61
SINBO SECURITIZAT    5.00   08/31/16       KRW      29.61
SINBO SECURITIZAT    5.00   10/05/16       KRW      29.60
SINBO SECURITIZAT    5.00   10/05/16       KRW      29.60
SINBO SECURITIZAT    5.00   09/13/15       KRW      72.91
SINBO SECURITIZAT    5.00   09/13/15       KRW      61.19
SINBO SECURITIZAT    5.00   03/13/17       KRW      29.26
SINBO SECURITIZAT    5.00   02/21/17       KRW      27.77
SINBO SECURITIZAT    5.00   02/21/17       KRW      29.27
SINBO SECURITIZAT    5.00   07/26/16       KRW      29.70
SINBO SECURITIZAT    5.00   07/26/16       KRW      29.70
SINBO SECURITIZAT    5.00   03/13/17       KRW      29.26
SJ BUPYUNG 5 SECU    3.11   01/29/15       KRW      11.50
SJ SIN-GIL 11 ABS    4.34   10/27/14       KRW      25.73
SMALL & MEDIUM BU    5.15   12/09/15       KRW      48.46
SMALL & MEDIUM BU    3.17   03/15/17       KRW       0.98
SMALL & MEDIUM BU    3.69   02/08/24       KRW       6.87
SMALL & MEDIUM BU    5.24   12/09/14       KRW      52.90
SMALL & MEDIUM BU    5.16   12/09/14       KRW      40.19
SMALL & MEDIUM BU    4.77   12/09/15       KRW      47.21
SMORE SECURITIZAT    3.09   02/29/16       KRW      31.27
SMORE SECURITIZAT    2.93   02/28/15       KRW       6.42
SYSINGIL ABS SPEC    3.95   08/22/15       KRW       4.03
TONGYANG CEMENT &    7.50   04/20/14       KRW      70.00
TONGYANG CEMENT &    7.50   07/20/14       KRW      70.00
TONGYANG CEMENT &    7.30   04/12/15       KRW      70.00
TONGYANG CEMENT &    7.50   09/10/14       KRW      70.00
TONGYANG CEMENT &    7.30   06/26/15       KRW      70.00
UPLUS LTE SECURIT    2.96   04/03/15       KRW      42.25
UPLUS LTE SECURIT    3.20   08/05/16       KRW      62.26
UPLUS LTE SECURIT    2.90   10/10/14       KRW      40.97
UPLUS LTE SECURIT    2.94   04/10/15       KRW       7.88
UPLUS LTE SECURIT    2.97   08/12/15       KRW       0.49
UPLUS LTE SECURIT    3.11   12/05/14       KRW      87.77
UPLUS LTE SECURIT    3.16   06/05/15       KRW      47.66
UPLUS LTE SECURIT    3.19   06/03/16       KRW      66.25
UPLUS LTE SECURIT    2.82   12/05/14       KRW      25.71
UPLUS LTE SECURIT    2.93   06/05/15       KRW      93.68
UPLUS LTE SECURIT    3.07   12/04/15       KRW       8.27
UPLUS LTE SECURIT    3.23   06/03/16       KRW      16.91
UPLUS LTE SECURIT    3.35   02/06/17       KRW      13.63
UPLUS LTE SECURIT    2.64   06/05/14       KRW      75.18
UPLUS LTE SECURIT    2.69   02/06/15       KRW       7.66
UPLUS LTE SECURIT    2.72   08/07/15       KRW      17.44
UPLUS LTE SECURIT    2.77   02/05/16       KRW       4.85
UPLUS LTE SECURIT    2.78   10/07/16       KRW       0.78
UPLUS LTE SECURIT    2.88   10/02/14       KRW      64.95
UPLUS LTE SECURIT    3.03   12/04/15       KRW      37.95
UPLUS LTE SECURIT    3.00   12/11/15       KRW       1.92
UPLUS LTE SECURIT    3.01   06/05/15       KRW      36.58
UPLUS LTE SECURIT    3.27   06/03/16       KRW      65.46
UPLUS LTE SECURIT    3.54   06/05/17       KRW       2.53
UPLUS LTE SECURIT    2.89   12/05/14       KRW      19.77
UPLUS LTE SECURIT    3.15   12/04/15       KRW      38.54
UPLUS LTE SECURIT    3.32   08/05/16       KRW      27.50
UPLUS LTE SECURIT    2.86   12/05/14       KRW      35.41
UPLUS LTE SECURIT    2.89   02/06/15       KRW      82.73
UPLUS LTE SECURIT    2.95   06/05/15       KRW      36.68
UPLUS LTE SECURIT    3.08   02/05/16       KRW      96.93
WOONGJIN ENERGY C    2.00   12/19/16       KRW      59.02
WOORI CARD CO LTD    3.07   09/04/15       KRW      75.64
WOORI CARD CO LTD    3.39   11/11/16       KRW      31.45
WOORI CARD CO LTD    3.15   03/04/16       KRW      44.67
WOORI FINANCIAL C    3.09   03/28/16       KRW      73.36
WOORI FINANCIAL C    3.20   01/11/16       KRW       0.83
WOORI FINANCIAL C    3.42   12/22/17       KRW      14.33
WOORI FINANCIAL C    2.96   12/19/14       KRW      88.68
WOORI FINANCIAL C    5.70   01/10/19       KRW      24.11


SRI LANKA
---------

SRI LANKA GOVERNM    5.35   03/01/26       LKR      64.96


  MALAYSIA
  --------

BANDAR MALAYSIA S    0.35   02/20/24       MYR      63.50


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

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

SINGAPORE
---------

BAKRIE TELECOM PT   11.50   05/07/15       USD      11.97
BAKRIE TELECOM PT   11.50   05/07/15       USD      12.88
BLD INVESTMENTS P    8.63   03/23/15       USD      30.13
BUMI CAPITAL PTE    12.00   11/10/16       USD      60.14
BUMI CAPITAL PTE    12.00   11/10/16       USD      59.63
BUMI INVESTMENT P   10.75   10/06/17       USD      60.42
BUMI INVESTMENT P   10.75   10/06/17       USD      59.33
ENERCOAL RESOURCE    9.25   08/05/14       USD      54.81
INDO INFRASTRUCTU    2.00   07/30/10       USD       1.88


THAILAND
--------

G STEEL PCL          3.00   10/04/15       USD      13.50
MDX PCL              4.75   09/17/03       USD      17.13


TAIWAN
------

TAIWAN GOVERNMENT    2.13   02/26/44       TWD      74.76


  VIETNAM
  -------

BANK FOR INVESTME   10.33   05/19/16       VND      20.00
DEBT AND ASSET TR    1.00   10/10/25       USD      49.65



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***