TCRAP_Public/140509.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Friday, May 9, 2014, Vol. 17, No. 91


                            Headlines


A U S T R A L I A

ARRIUM LIMITED: To Cut 120 Jobs in Newcastle
AUSTRALIAN WEAVING: BRI Ferrier Appointed as Administrators
G SHARP: Deloitte Appointed as Administrators
HEWATT PTY: PPB Advisory Appointed as Voluntary Administrator
ISPONE PTY: Receivers Sell Assets Following Units' Collapse

QANTAS AIRWAYS: To Complete 4,000 Job Cuts By 2015


C H I N A

CHINA ORIENTAL: Trading Suspension No Impact on Moody's B1 CFR
GOLDEN WHEEL: Fitch Affirms 'B' IDR; Outlook Stable
JINGRUI HOLDINGS: Moody's Assigns (P)B2 Corporate Family Rating
MIE HOLDINGS: Fitch Assigns 'B' Rating to USD500MM Sr. Notes
SUNTECH POWER: Can't Dodge Solyndra's Antitrust Suit


I N D I A

A2K EPIC: ICRA Reaffirms 'B+' Rating on INR4cr Loan
ANANDA RICE: CRISIL Assigns 'B' Rating to INR78.8MM Loans
ARORA YARN: CRISIL Reaffirms 'B' Rating on INR53.6MM Loans
BIHANI BINAYAKE: CARE Reaffirms 'B+' Rating on INR10cr Bank Loan
BLACK STONE: ICRA Reaffirms 'B-' Rating on INR6.92cr Loan

CEASAN GLASS: CRISIL Reaffirms 'D' Rating on INR270MM Loans
GIAN JYOTI: CRISIL Raises Rating on INR175MM Term Loan to 'B-'
JALARAM AGRO: CRISIL Assigns 'B+' Rating to INR75MM Loan
JAYNIL ENTERPRISES: CRISIL Rates INR122.5MM Term Loan at 'B'
KISHAN AGRO: CRISIL Assigns 'B+' Rating to INR88.5MM Loans

MAGBRO HEALTHCARE: CRISIL Reaffirms 'B-' Rating on INR90MM Loans
MANN RESIDENCY: CRISIL Reaffirms 'D' Rating on INR754MM Loans
MANTRAM TECHNOFAB: ICRA Reaffirms 'B+' Rating on INR29cr Loan
MICROSCAN COMPUTERS: CRISIL Cuts Rating on INR250MM Loans to 'D'
NANIBALA COLD: CRISIL Reaffirms 'B+' Rating on INR65MM Loans

NOVELTY REDDY: CRISIL Reaffirms 'B+' Rating on INR95MM Loan
PATIL AND COMPANY: CRISIL Reaffirms 'D' Rating on INR230MM Loans
PREMIER AGRO: CRISIL Reaffirms 'B' Rating on INR110MM Loans
R&B DENIMS: ICRA Reaffirms 'B+' Rating on INR32cr Loans
RADHE SHYAM: CRISIL Assigns 'B' Rating to INR54.5MM Loans

REDDY AND REDDY: CRISIL Upgrades Rating on INR60MM Loan to 'B+'
ROOP RAM: CRISIL Reaffirms 'D' Rating on INR187MM Loans
SAHARA GROUP: Urges Apex Court to Defreeze Accounts
SHRI RAM: CRISIL Reaffirms 'B+' Rating on INR55MM Cash Credit
SRICHAKRA EDEN: ICRA Suspends 'B+' Rating on INR11.5cr Loan

USHA IMPEX: CRISIL Ups Rating on INR60MM Cash Credit to 'B+'
VASTRAM INDIA: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
VEE KAY: CRISIL Assigns 'B' Rating to INR82.9MM Loans
VELLOILS LUBRICANT: CRISIL Assigns 'B' Rating to INR85MM Loans


S I N G A P O R E

TIGER AIRWAYS: Names New CEO on Widening Losses


S O U T H  K O R E A

WOORI BANK: S&P Cuts Rating on US$7BB Note Sub. Tranche to 'BB+'
* SOUTH KOREA: Large Firms' Debt-Repaying Ability Worsens in 2013


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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A U S T R A L I A
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ARRIUM LIMITED: To Cut 120 Jobs in Newcastle
--------------------------------------------
Australian Associated Press reports that Arrium Limited is to cut
120 jobs as part of a restructure at its Waratah division.

AAP relates that Arrium said it would reduce its workforce at
Waratah's base in the New South Wales city of Newcastle by
20 per cent by June 14.

Arrium's Waratah steelmaking business supplies fencing products to
farmers and makes train wheels.

The company said there had been a change in production
requirements from the Waratah division, including lower demand for
rail wheels, the report relays.

Demand has also fallen partly because of the opening of a new
facility in Indonesia that manufactures grinding balls, the report
adds.

The restructure will cost Arrium $15 million, but is expected to
deliver $14 million in savings each year, the report discloses.

Arrium Limited (ASX:ARI) -- http://www.arrium.com/-- is an
international mining and materials company. The Company's
principal activities are mining and supply of iron ore and other
steelmaking raw materials to steel mills internationally and in
Australia; the manufacture and supply of mining consumables
products globally; the manufacture and distribution of steel long
products and recycling of ferrous and non-ferrous scrap metal. Its
key businesses include Mining, Mining Consumables, Steel and
Recycling. Arrium Mining is an exporter of hematite ore with
operations in South Australia.


AUSTRALIAN WEAVING: BRI Ferrier Appointed as Administrators
-----------------------------------------------------------
Peter Paul Krejci & Brian Raymond Silvia of BRI Ferrier were
appointed as administrators of Australian Weaving Mills Pty
Limited on May 2, 2014.

A first meeting of the creditors of the Company will be held at
Level 30, Australia Square 264 George Street, in Sydney, on
May 14, 2014, at 11:30 a.m.


G SHARP: Deloitte Appointed as Administrators
---------------------------------------------
Richard Hughes -- richughes@deloitte.com.au -- and
Nicholas Harwood -- nharwood@deloitte.com.au -- of Deloitte were
appointed as administrators of G Sharp Investments Pty Ltd on May
5, 2014.

A first meeting of the creditors of the Company will be held at
Deloitte, Level 25, Riverside Centre, 123 Eagle Street, in
Brisbane, Queensland, on May 15, 2014, at 2:00 p.m.


HEWATT PTY: PPB Advisory Appointed as Voluntary Administrator
-------------------------------------------------------------
The directors of Hewatt Pty Ltd, Hewatt Grader Hire Pty Ltd and
Carmelina Management Pty Ltd have appointed Stephen Parbery --
sparbery@ppbadvisory.com -- Christopher Hill --
chill@ppbadvisory.com -- and Alan Walker --
awalker@ppbadvisory.com -- of PPB Advisory as Voluntary
Administrators.

Hewatt a leading civil earthworks contractor in the Australian
Capital Territory (ACT) and southern New South Wales has operated
for nearly 25 years. Employing more than 200 full-time employees,
Hewatt is the head contractor for several major commercial and
industrial construction projects, undertakes a range of minor
civil works and is also a subcontractor to numerous projects,
including the Majura Parkway project in the ACT.

Following a preliminary review of Hewatt's operational and
financial position, most of the company's employees have had to be
stood down, while the Administrators conduct a further review of
the business and assess options for its future.

PPB Advisory partner Christopher Hill commented: "Whilst it is
unfortunate that workers have had to be stood down, the company is
just not in a position to continue to employ them. Over coming
weeks, we will work constructively with management, employees,
subcontractors, suppliers, clients and relevant union and
government bodies to assess options for the future of the
business."

The first meeting of creditors is due to be held in Canberra on
May 20, 2014, at 10:00 a.m. AEST.


ISPONE PTY: Receivers Sell Assets Following Units' Collapse
-----------------------------------------------------------
James Hutchinson at The Australian Financial Review reports that
corporate receivers Ferrier Hodgson are trying to sell off the
assets of collapsed Melbourne internet service provider ispONE for
the second time in less than a year, after the remaining
subsidiaries entered voluntary administration on May 2.

According to the report, some 61,000 customers and billing
software used by German supermarket chain ALDI for its low-cost
mobile service are in the balance but sources close to the
companies involved said the assets are likely worthless after
creditors including Telstra, AAPT and Vocus cut off thousands of
landline telephone, mobile and internet services, claiming unpaid
bills.

The Financial Review relates that Simon Jennings, chief executive
of corporate receiver Ferrier Hodgson, said he was not aware of
the administration.

However, it is understood that Ferrier Hodgson was collecting bids
for at least the customer base on May 4, in an attempt to sell the
assets and had shortlisted one party at that time. The billing
software was not being sold as part of the process, the report
notes.

The Financial Review says sources close to the deal suggested bids
for the customer base would likely be around AUD500,000.

It is the culmination of months of legal disputes between ispONE
founder Zac Swindells and Cameron Adams, whose company AsiaPac
Hong Kong bought the assets of ispONE in September last year for
$1.75 million in cash and forgiven debt, after it collapsed amid
contractual disputes with Kogan Mobile and Telstra, the report
adds.

The Financial Review states that the sales process by Ferrier
Hodgson courted controversy at the time, with creditors owed
millions of dollars and prospective buyers of the assets claiming
the process was not transparent.

Mr. Swindells told The Australian Financial Review at the time
that he was not associated with AsiaPac Hong Kong or Conec2, the
Australian parent company.

However, in the months since the sale, Mr. Swindells has emerged
as a key figure for Conec2 and its subsidiaries, leading
discussions with potential investors to raise up to $6 million for
an initial public offering of the company, the report relays.

In an affidavit to the Victorian Supreme Court, obtained by the
Financial Review, Mr. Swindells said he and Mr. Adams had a heads
of agreement, signed before ispONE entered administration, to buy
the assets of ispONE and share ownership of the merged entity.

According to affidavits from Mr. Swindells and his lawyer Anthony
Watson, the acquisition of the ispONE assets by AsiaPac was funded
by Mr. Swindells himself, and an $800,000 loan from ALDI
subsidiary Medion, which operates the ALDI Mobile service.

But Mr. Adams said he did not believe the agreement was binding
and refused to share ownership of AsiaPac Hong Kong, the Financial
Review relates.

The report recalls that the Victorian Supreme Court last month
placed an injunction on Mr. Adams and another director transacting
for the subsidiaries AsiaPac, iBoss and One Telecom without Mr.
Swindells' written consent.

On May 2, Mr. Swindells pushed the three subsidiaries into
voluntary administration, restarting the process of selling off
what remains of the business, the report adds.

Melbourne-based ispONE provides telecommunications services to
wholesale and retail phone and internet providers throughout
Australia. Its key service lines are wireless, post-paid
mobile, fixed-line phone and internet services for business and
residential customers. The majority of these services are
rebranded through about 100 retail service providers.

ispONE was placed in voluntary administration on Aug. 19, 2013.
The company collapsed after a dispute with Telstra over unpaid
invoices and a failed legal bid to stop Telstra from cutting off
services to more than 250,000 prepaid mobile customers under low-
cost brands Kogan and ALDI, The Australian Financial Review said.


QANTAS AIRWAYS: To Complete 4,000 Job Cuts By 2015
--------------------------------------------------
The Sydney Morning Herald reports that Qantas Airways is on track
to complete 4,000 of its planned 5,000 job cuts by June 2015, with
management, engineering, catering, freight, cabin crew, airport
and flight operations among those affected.

In a presentation to the Macquarie Australia Conference in Sydney
on May 8, Qantas chief executive Alan Joyce provided fresh details
of the airline's cost-cutting plan, SMH relates.

According to SMH, Mr. Joyce said the airline is aiming to achieve
AUD800 million of cost savings and reduce its debt by
AUD1 billion by June 2015 as part of its three-year plan designed
to get the airline back to profitability.

He also revealed the airline would cut its capital spending by a
further AUD200 million this year, bringing the net capital
spending down to AUD800 million, the report relays.

SMH relates that the airline's goal is to reduce its costs,
excluding fuel, by 10 per cent over the next three years and to
lower the cost gap with rival Virgin Australia to around 5 per
cent in a move that would increase Qantas's margin advantage.

Qantas is targeting positive free cash flow from the 2014-15
financial year, the report notes.

According to the report, Mr. Joyce said challenges for the
business included high competitive intensity in all markets and an
elevated Australian dollar fuel price.

But he said he expected international capacity growth into
Australia would moderate from around 9 per cent this financial
year to 4 to 5 per cent in the first half of the 2015 financial
year, the report relays.

"That is . . . more in line with underlying market growth which
means there is less pressure on yield when capacity gets in line
with traffic," SMH quotes Mr. Joyce as saying.

Mr. Joyce said domestic market growth in the current half was
expected to be around 3.5 per cent and could moderate further into
the next financial year, SMH adds.

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training, catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2014, Moody's Investors Service said Qantas Airways
Limited's half year results to Dec. 30, 2013, are credit negative
though broadly within expectation and have no immediate impact on
its Ba1 corporate family rating, Ba2 senior unsecured long term
rating or non-prime (NP) short term rating. The outlook for
Qantas' ratings remains negative.



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C H I N A
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CHINA ORIENTAL: Trading Suspension No Impact on Moody's B1 CFR
---------------------------------------------------------------
Moody's Investors Service, says China Oriental Group Company
Limited's stock trading suspension is credit negative, but will
have no immediate impact on the company's B1 corporate family and
senior unsecured ratings, or on the negative outlook for the
ratings.

On May 5, 2014, China Oriental indicated that its equity free
float ratio was at 7.72%, reflecting the 45% ownership interest of
its founder, Mr. Han Jingyuan, as well as the combined total
ownership share of 47% for ArcelorMittal (Ba1 Negative), ING Bank
N.V. (A2 Negative) and Macquarie Group Limited (A3 Stable).

Trading in China Oriental's shares has been suspended since 1 May
2014, because the company has not met the minimum public float
requirement of 25%, as the Hong Kong Stock Exchange no longer
accepts the put option arrangement between ArcelorMittal, ING and
Macquarie.

"The trading suspension will adversely affect China Oriental's
access to the equity capital markets and could constrain its
ability to issue new offshore bond to refinance its existing
USD703 million notes due in 2015 and 2017," says Jiming Zou, a
Moody's Assistant Vice President and Analyst.

"Nevertheless, the company's negative ratings outlook already
incorporates its trading suspension," adds Zou.

Moody's notes that the legal dispute between China Oriental's
major shareholders as to the proportion of their shareholdings may
create uncertainty with regard to the long-term corporate
strategy.

According to a writ of summons issued by Mr. Han in November 2013,
the founder of the company sought an order that ArcelorMittal sell
a sufficient number of its shares in China Oriental to comply with
the minimum public float requirement. However, ArcelorMittal
insisted that it had no such obligation.

Moody's points out that if the free float requirement is not met
and trading does not resume within the next 3-6 months; the
company could face downgrade rating pressure.

The principal methodology used in this rating was Global Steel
Industry published in October 2012.

China Oriental Group Company Ltd mainly manufactures H-section
steel products and HR strips/strip products at its steel mills in
Hebei province.

The company has a total steel manufacturing capacity of 11 million
tonnes a year.

It was listed on the Hong Kong Stock Exchange in 2004, and is 45%-
owned by its founder, Mr. Han Jingyuan, and 29.6%-owned by
ArcelorMittal.


GOLDEN WHEEL: Fitch Affirms 'B' IDR; Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed China-based homebuilder Golden Wheel
Tiandi Holdings Company Limited's (GWTH) Long-Term Foreign and
Local Currency Issuer Default Rating at 'B' with a Stable Outlook.
Fitch has also affirmed GWTH's senior unsecured rating at 'B',
with recovery rating at 'RR4'.

KEY RATING DRIVERS

Niche Positioning: GWTH's strategy remained focused on developing
small-sized commercial and residential projects linked to metro
stations as seen in its recent land acquisitions with metro and/or
high-speed rail accessibility in Changsha and Wuxi.  Potential
competition from large national developers for metro-linked
projects may squeeze GWTH's margin over the longer term, although
Fitch notes volume-driven developers are generally less likely to
participate in these small niche projects.

Limited Scale: GWTH's rating is constrained by its small size
relative to other peers rated at 'B'.  Its small operating scale
increases its dependence on several key projects (around three new
projects) each year, which may result in more volatile sales
performance and cash flow pattern.  The company's focus on small
commercial projects linked to metro stations may also curb the
speed of expansion of its business scale.

Still Healthy Margins: Over the medium term, the company's EBITDA
margins would likely stay at around 30%, supported by its metro-
linked integrated projects, particularly in Nanjing.  GWTH's
EBITDA margins narrowed to 30% in 2013 from 43.3% in 2012 due to
higher land costs and construction costs, a trend also seen among
other property developers.  In 2012, profitability was also
boosted by its Golden Wheel International Plaza project, which
fetched about 70% gross profit margin.

Slower Land Acquisitions in 2014: Fitch expects net debt/adjusted
inventory to rise to around 27% in 2014 from 8% a year earlier due
to higher sales as development picks up and the company settling
its outstanding land premium of about CNY800m.  Such a leverage
level is more favourable than that of similarly rated, but larger,
homebuilders.  A slower sales execution and/or large-scale land
acquisition may negatively affect GWTH's leverage, though this is
not Fitch's base case scenario.  Fitch expects GWTH to maintain a
land acquisition budget of around 30%-35% of the company's yearly
contracted sales for the medium term, smaller than the 150% in
2012.

Moderate Investments in Investment Property: Substantial
investment in investment property assets would weaken small
developers' liquidity and leverage because it would tie up long-
term capital.  Less than 10% of GWTH's gross floor area under
development (excluding its non-consolidated JV project in
Yangzhou) is earmarked for investment property purposes for the
medium term.  This allows GWTH to still maintain a healthy asset
turnover and liquidity position.

Small but Stable Recurring Income: The performance of its
investment property business has been stable with CNY56m of
recurring EBITDA in 2013 compared with CNY54m in 2012.  The
recurring EBITDA from investment property was just 21% of overall
EBITDA in 2013.  The company has secured more metro-sub leasing
contracts but contribution to cash flow would still be dwarfed by
the larger property development and investment property segment.
Fitch expects GWTH's recurring EBITDA interest coverage would
remain at around 0.4x for the next two years (2013: 0.74x) as the
increase in debt to support its property development segment
outpaces rental income growth.

RATING SENSITIVITIES

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

- A significant year-on-year decrease in contracted sales
  plus sales after completion

- EBITDA margin falling below 25% on a sustained basis
- Net debt/ adjusted inventory rising above 30% on a sustained
  basis
- Deviation from the current focus on metro-linked projects

Positive: No positive rating action is expected over the next 12-
18 months given the company's current small scale. However,
positive rating action may result from:

- Increase in the value of investment properties to over CNY5bn
(2013: CNY3.7bn) and annual contracted sales plus sales after
completion to CNY3bn (2013: CNY984m)

- Recurrent EBITDA interest coverage rising to over 1x on a
sustained basis


JINGRUI HOLDINGS: Moody's Assigns (P)B2 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a first-time (P)B2
corporate family rating to Jingrui Holdings Ltd.

At the same time, Moody's has assigned a provisional (P)B3 senior
unsecured rating to its proposed USD notes.

The outlook for the ratings is stable.

Once the notes issuance is completed, and upon satisfactory terms
and conditions, Moody's will remove the provisional status of the
ratings.

The proceeds from the proposed issuance will be used to fund the
company's development of property projects, refinancing, and
general working capital needs.

Ratings Rationale

"Jingrui's (P)B2 corporate family rating reflects the company's
track record of developing mass-market residential projects in the
Yangtze River Delta region and its adoption of a fast-turnover
business model," says Franco Leung, a Moody's Assistant Vice
President and Analyst.

Jingrui has successfully grown its operations in the Yangtze River
Delta region. A total 84% of Jingrui's land bank is concentrated
in the delta, which is economically strong and therefore provides
support to Jingrui's long-term growth.

Its total revenue increased to RMB3.9 billion in 2013 from RMB2.5
billion in 2010. It also achieved RMB8.3 billion of contracted
sales in 2013, a notable rise from RMB4.7 billion in 2012. Such a
scale of operation is comparable to its rated single-B peers.

Its focus on the mass-market makes it less susceptible to
regulatory measures that target speculators and limit the sale of
highly priced properties.

Most of the residential units that Jingrui will sell in the next
1-2 years will be less than 144 sqm in size and will be affordably
priced. The average contracted price for its products sold in 2013
was RMB 9,954 per square meter.

"On the other hand, Jingrui's focus on mass-market products in the
lower tier cities has resulted in lower profit margins," says
Leung.

Its adjusted EBITDA margin fell to 12.8% in FY2013 from 27.6% in
FY2010, in line with the decline in the average selling price to
RMB9,954 per sqm from RMB10,842 per sqm over the same period. This
is the result of the company's business strategy of fast turnover
to maximize liquidity.

"The rating is constrained by Jingrui's high debt leverage and
weak capital structure, which features a high level of short-term
debt," adds Leung.

Jingrui has funded its growth primarily through the use of debt,
resulting in high leverage of 72.3% at end-2013, as measured by
adjusted debt/capitalization.

Its debt mainly consists of onshore bank loans and trust loans,
which have high costs and which partly contributed to its low
EBITDA interest coverage of around 0.9x for FY2013. And its short-
term debt accounted for 40-50% of total debt in the past 12-18
months, higher than its industry peers.

Moody's expects that the company's debt leverage will remain high
at around 70% - 75% and that its EBITDA/interest will remain at
around 1.25x -- 1.5x, metrics which position the company in the
mid-to-low single B range.

The company plans to expand its funding sources. If it establishes
a track record of obtaining medium-term funding, its liquidity
profile could improve.

The stable outlook reflects Moody's expectation that the company
will secure adequate funding to conduct its development business
and will grow its revenue without further raising its current
level of debt leverage significantly.

Upward rating pressure could emerge over the medium term if
Jingrui (1) expands its scale through growth in contracted sales;
(2) maintains strong liquidity, such that cash to short-term debt
will rise above 1.5x; and (3) improves revenue recognition and
debt leverage, such that its EBITDA/interest improves above 2x --
2.5x.

Downward rating pressure could emerge if (1) Jingrui's liquidity
and operating cash flow generation weaken, due to lower-than-
expected contracted sales growth, aggressive land acquisitions, or
the emergence of more severe conditions in China's property
sector; (2) property prices decline and profit margins come under
pressure, which would in turn negatively affect interest coverage
and financial flexibility; or (3) the company engages in material
debt-funded acquisitions.

Credit metrics that Moody's would consider for a downgrade
include: (1) cash balance below 1x of short-term debt and (2)
EBITDA interest coverage below 1.0x, and (3) debt leverage
substantially higher than the level recorded at end-2013.

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

Established in 1993, Jingrui Holdings Ltd. is a property developer
based in Shanghai and principally focused on residential projects
in the Yangtze River Delta region. It was listed on the Hong Kong
Stock Exchange in October 2013. As of December 2013, it had a land
bank of 4.52 million sqm in gross floor area across 13 cities in
China, including Shanghai, Tianjin and Chongqing, and cities in
Zhejiang Province and Jiangsu Province.


MIE HOLDINGS: Fitch Assigns 'B' Rating to USD500MM Sr. Notes
------------------------------------------------------------
Fitch Ratings has assigned MIE Holdings Corporation's (MIE)
USD500m 7.5% senior notes due 2019 a final rating of 'B' with
Recovery Rating of 'RR4'.

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

The final rating follows a review of final documentation
materially conforming to the draft documentation previously
reviewed.  The final ratings are same as the expected ratings
assigned on April 7, 2014.

KEY RATING DRIVERS

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

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

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

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

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

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

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

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

RATING SENSITIVITIES

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

- FFO adjusted net leverage exceeding 3x (2013: 2.2x) on a
sustained basis
- FFO gross interest coverage under 4.5x (2013: 4.7x) on a
sustained basis
- Significant dividend payments
- Material changes in taxation in China and Kazakhstan leading to
adverse effects on its cash flows
- Material adverse legal disputes leading to adverse effects on
its cash flows
- Further significant acquisitions before integration of existing
assets

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

- Proven oil and gas reserves above 200mmboe (2013: 83mmboe)
- Average production exceeding 80,000boe per day (2013:
15,554boepd)
- Maintaining a robust financial position


SUNTECH POWER: Can't Dodge Solyndra's Antitrust Suit
----------------------------------------------------
Law360 reported that a California federal judge refused to dismiss
bankrupt solar panel maker Solyndra LLC's antitrust lawsuit
brought against Suntech Power Holdings Co. Ltd. and two other
Chinese companies for allegedly colluding to lower solar panel
prices and forcing American companies to close up shop.

According to the report, the complaint, which asserts a federal
claim under the Sherman Antitrust Act and various state law
claims, alleges the companies agreed among themselves to sell
their products at artificially low prices, flooding the U.S. with
cheap solar panel systems.

The case is Solyndra, LLC v. Suntech Power Holdings Co., Ltd. et
al., Case No. 4:12-cv-05272 (N.D. Calif.).

                           About Suntech

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

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

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

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

In February 2014, Suntech Power disclosed that the joint
provisional liquidators of the Company appointed by the Grand
Court of the Cayman Islands to oversee the restructuring of the
Company have commenced a Chapter 15 proceeding under the U.S.
Bankruptcy Code in a federal court in the Southern District of New
York.  Under such a proceeding, the Company is seeking to have
recognized in the United States the Company's overseas provisional
liquidation which has previously been granted in the Cayman
Islands.



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


A2K EPIC: ICRA Reaffirms 'B+' Rating on INR4cr Loan
---------------------------------------------------
ICRA has reaffirmed long-term rating of '[ICRA]B+' to the INR4
crore (reduced from 5 crore) fund based limits of A2K Epic Decor
Pvt Ltd. ICRA has also reaffirmed the short term rating of
'[ICRA]A4' to INR15 crore (reduced from 20 crores) non-fund based
facilities of ABG. ICRA had suspended the ratings assigned to the
bank limits of ABG due to lack of cooperation. Subsequently, the
client started cooperating and hence suspension has been revoked.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      4          [ICRA ]B+; rating reaffirmed

   Non Fund Based
   Limits                15          [ICRA]A4; rating reaffirmed

The ratings take into account the highly competitive nature of
timber trading industry characterized by presence of numerous
unorganized players which has led to moderate revenues and profit
margins for the company. Further, ABG's margins remain exposed to
exchange rate fluctuation risk as most of the timber is imported
and also to risks arising out of volatility in timber prices. The
ratings also factor in moderate financial profile as reflected by
decline in turnover and profits in FY 14 and moderate debt
coverage indicators. The ratings are also constrained by exposure
of timber industry to any slowdown in construction sector.
However, the ratings derive comfort from the long experience of
promoters in timber trading industry, low working capital
intensity of operations and low long term repayment obligations
given that debt is largely in form of working capital borrowings.
Going forward, ability of company to increase its scale of
operations in a profitable manner while maintaining working
capital intensity shall remain key rating sensitivities.

Incorporated in 2003, A2K processes, and trades in, timber.
Mr. Atul Garg had entered the business in December 2000 through a
proprietorship concern, which was later reconstituted as a private
limited company. The company deals in a range of products
including teak wood, hard wood and soft wood, importing mainly
from Malaysia, Panama, Nigeria, Ghana, Ivory Coast, and New
Zealand, and selling in the domestic market mainly to wholesalers
and retailers. The saw mill is at Gandhidham (Gujarat).The company
also started distribution of Jaquar Lighting in FY 2014 for states
of Delhi and Haryana

Recent Results
The company reported a net profit of INR0.02 crores on an
operating income of INR7.53 crores in FY14 (provisional results)
as against net profit of INR0.15 crores on an operating income of
INR35.68 crores in FY13


ANANDA RICE: CRISIL Assigns 'B' Rating to INR78.8MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Ananda Rice Mill.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                 5.2       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility       32.1       CRISIL B/Stable

   Cash Credit              41.5       CRISIL B/Stable

   Letter Of Guarantee       1.2       CRISIL A4

The ratings reflect ARM's weak financial risk profile, small scale
of operations, and susceptibility to volatility in raw material
prices and adverse changes in government regulations. These rating
weaknesses are partially offset by the extensive experience of
ARM's promoter in rice milling and its diversified customer base.

Outlook: Stable

CRISIL believes that ARM will benefit over the medium term from
its promoter's extensive experience in the rice milling industry
and its diversified customer base. The outlook may be revised to
'Positive' in case of significantly higher-than-expected accruals,
better working capital management, or infusion of capital by its
promoter, leading to significant improvement in the firm's
financial risk profile, particularly liquidity. Conversely, the
outlook may be revised to 'Negative' if ARM faces further stretch
in its liquidity owing to delay in its proposed capital
expenditure leading to cost overrun, deterioration in working
capital management, or lower-than-expected cash accruals.

Set up in 1998, ARM mills non-basmati parboiled rice. Its
manufacturing facility is located in Burdwan (West Bengal). ARM's
day-to-day operations are looked after by its managing partner,
Mr. Nurul Haque Mondal. ARM markets its product under its brand,
Ananda Gold.


ARORA YARN: CRISIL Reaffirms 'B' Rating on INR53.6MM Loans
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Arora Yarn Pvt Ltd
continue to reflect AYPL's weak financial risk profile, marked by
large debt and small net worth, working-capital-intensive
operations, and small scale of operations in the highly
competitive woollen yarn industry. These rating weaknesses are
partially offset by AYPL's promoter's extensive experience and its
established ties with customers.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              35       CRISIL B/Stable(Reaffirmed)
   Letter of Credit         15       CRISIL A4 (Reaffirmed)
   Standby Line of Credit    3       CRISIL B/Stable (Reaffirmed)
   Term Loan                15.6     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AYPL will continue to benefit over the medium
term from its promoter's extensive industry experience and
established customer relationships. Its financial risk profile is
expected to remain weak because of expected increase in its debt
level. The outlook may be revised to 'Positive' if there is an
improvement in AYPL's capacity utilisation, and if its capital
structure improves, driven most likely by fund infusion by the
promoter. Conversely, the outlook may be revised to 'Negative' if
the company's profitability is lower than expected, resulting in a
less-than-expected cash accruals, or if there is deterioration in
its working capital management.

Update
For 2013-14 (refers to financial year, April 1 to March 31), AYPL
is estimated to report revenue of around INR220 million, a
significant increase from INR138.6 million in 2012-13 driven by
capacity addition. Its operating margin is estimated to be around
7.4 per cent in 2013-14, which is in line with past trend. AYPL's
operations remain working-capital-intensive with gross current
assets at 155 days estimated as on March 31, 2014, owing to large
debtors and modest inventory at 88 days and 45 days, respectively,
estimated as on March 31, 2014.

AYPL has a weak financial risk profile, with gearing at 3.3 times
estimated as on March 31, 2014, owing to high debt levels and
small net worth. In 2012-13 and 2013-14, the company undertook
capital expenditure (capex) programme to set up warehouse and
inducting machinery for capacity enhancement. The capex entailed
total cost of INR31.3 million, which comprised of INR17.2 million
towards warehouse and the remaining for enhancement of capacity to
1200 tonnes per annum (tpa) from 900 tpa. The capex has been
funded with term loan of INR11.1 million, capital infusion of
INR7.3 million, and the remaining through unsecured loans from
promoter. Furthermore, in 2014-15, the company intends to
undertake another phase of capex for establishing washing plant.
The capex is estimated to entail a cost of INR13.5 million, which
will be funded with term loan. CRISIL believes that AYPL's gearing
will remain high over the medium term. Its debt protection metrics
are estimated to be weak, with interest coverage and net cash
accruals to total debt ratios at 1.5 times and 0.05 times,
respectively, for 2013-14. The metrics are expected to remain at
similar levels over the medium term.

AYPL utilized its bank limits of INR 38.0 million at an average of
60 per cent in the last 12 months ended March 2014. Its liquidity
continues to be supported by financial support from promoters. In
2013 and 2014, the promoters infused unsecured loans of INR 17.5
million. The company is estimated to have unsecured loans of INR
42.4 million (constituting 46 per cent of overall debt) as on
March 31, 2014. CRISIL believes that AYPL's liquidity will be
supported by fund infusion by the promoters whenever necessary.

For 2012-13, AYPL reported a profit after tax (PAT) of INR0.9
million on net sales of INR138.6 million, against a PAT of INR1.0
million on net sales of INR124.1 million for 2011-12. The company
is estimated to report sales of around INR220 million in 2013-14.

AYPL, managed by Mr. Krishan Kumar Arora, was taken over from the
management of BJ Woollens Pvt Ltd in 2009. The company
manufactures carpet woollen yarn. Its plant is in Bikaner
(Rajasthan). AYPL also has branch offices in Panipat (Haryana) and
Badhoi (Uttar Pradesh).


BIHANI BINAYAKE: CARE Reaffirms 'B+' Rating on INR10cr Bank Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Bihani Binayake Cotex Private Limited.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities     10.00       CARE B+ Reaffirmed
   Short-term Bank Facilities     2.50       CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained by the modest scale of
operations of Bihani Binayake Cotex Private Limited along with a
strained financial risk profile marked by thin profitability
margins and high gearing level. The ratings further continue to be
constrained by its presence in the fragmented cotton ginning
industry with limited value addition, risk associated with
seasonal availability of raw material and susceptibility to
government policies related to prices and export of cotton.

The ratings, however, continue to draw strength from the
promoter's experience in the cotton ginning industry and location
advantage due to proximity of BCPL's unit to suppliers and
customers.

The ability of the company to improve its profitability margins
along with improvement in solvency position remains the key rating
sensitivity.

Based at Parbhani, Maharashtra and incorporated in 2004, Bihani
Binayake Cotex Private Limited is engaged in cotton ginning and
pressing activity. BBCPL is promoted by the Bihani and the
Binayake families having equal shareholding in the company. The
major raw material for the company is raw cotton which is procured
from the mandi (regional market) on spot purchase basis.
BBCPL operates for six months in a year, ie, from October to March
owing to seasonal availability of cotton. The customers of BBCPL
are located in and around Marathwada region of Maharashtra.

In FY13 (refers to the period April 01 to March 31), the BBCPL
registered a Profit after Tax (PAT) of INR0.41 crore as against
the total operating income of INR81.13 crore as compared with PAT
of INR0.11 crore in FY12 as against the total operating income of
INR42.82 crore.


BLACK STONE: ICRA Reaffirms 'B-' Rating on INR6.92cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B-' to INR6.92
crore (enhanced from INR6.10 crore) non fund based facility of
Black Stone Enterprises Private Limited. ICRA has also reaffirmed
the long term/short term rating of [ICRA]B-/[ICRA]A4 to INR3.08
crore (reduced from INR3.90 crore) unallocated limits of BSEPL.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term-Fund
   Based                 6.92       [ICRA]B-; reaffirmed

   Unallocated Limits     3.08      [ICRA]B-/[ICRA]A4; reaffirmed

The ratings reaffirmation takes into account the high off take
risk for PT Blu Horse Energy (PTBHE, wholly owned subsidiary of
BSEPL) in the absence of minimum off take obligation on PTSM (PT
Srinivasa Mining). This coupled with lack of firm off-take
arrangements between PTSM and its customers has resulted in delays
in ramping up of the coal excavation operations in PTBHE. The
ratings reaffirmation continues to take into account limited
experience of promoters in coal mining business, limited revenue
growth potential going forward with no new contracts in the
pipeline, high stripping ratio during the initial operations
resulting in high mining costs thereby limiting the profitability
and vulnerability of its profitability to increase in the mining
costs in the absence of cost escalation clauses in the contract.
The ratings also take into account high customer concentration
risk with only one customer, significant counterparty credit risks
and the regulatory risks associated with the Indonesian mining
industry. However, ICRA draws comfort from the exclusivity of the
contract to excavate the entire coal reserves of the mine and the
expected improvement in the margins during the course of project
with the reduction in the stripping ratio.

Black Stone Enterprises Private Limited, incorporated in 2009 by
Mr. Sravan, is engaged in coal excavation operations through its
subsidiary PT Blu Horse Energy (PTBHE) in Indonesia. PTBHE is
engaged in coal mining in Indonesia on contract basis for PT
Srinivasa Mining (PTSM), which is a subsidiary of SCL Infratech
Limited. BSEPL has 99% stake in this company and remaining 1% is
held by promoter Mr. Sravan. BSEPL and PTBHE are also engaged in
coal trading activities in India and Indonesia.


CEASAN GLASS: CRISIL Reaffirms 'D' Rating on INR270MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ceasan Glass
Pvt Ltd (CGPL) continues to reflect instances of delay by CGPL in
servicing its debt over the past year; the delays have been caused
by the company's weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            80        CRISIL D (Reaffirmed)
   Long Term Loan        190        CRISIL D (Reaffirmed)

CGPL also has a weak financial risk profile marked by small net
worth, high gearing, and weak debt protection metrics, and modest
scale of operations. However, the company benefits from its
promoters' experience in the glass industry.

CGPL was established by Mr. V N Raghurama Gupta and Mr. G Satish
Kumar in 2007. The company manufactures figured, patterned, and
wired glass. It commenced commercial operations in May 2010.

CGPL reported a net loss of INR50.2 million on revenue of INR506
million for 2012-13 (refers to financial year, April 1 to March
31), against a net loss of INR75.9 million on revenue of INR455.5
million for 2011-12.


GIAN JYOTI: CRISIL Raises Rating on INR175MM Term Loan to 'B-'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Gian Jyoti Educational Society (GJES) to 'CRISIL B-/Stable' from
'CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             175        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The upgrade reflects GJES's improved liquidity management
mechanism which is likely to result in availability of funds for
timely servicing of its debt obligations. GJES has serviced its
debt obligations timely over the past six months ended March 2014.
GJES's liquidity management has improved on account of
streamlining of its cash management systems.

The management of GJES has implemented a cash management system
wherein its pools surplus cash balances with its various
educational institutes into a centralized account and manages cash
outflows from the account in a manner which leaves adequate
balance for meeting its debt-servicing obligations in a timely
fashion. This has resulted in an improved financial discipline.

The rating however continues to reflect GJES's exposure to risks
related to student occupancy levels, and regulatory risks
associated with educational institutions. These rating weaknesses
are partially offset by the extensive experience of the promoters
in the education services industry along with its established
regional position in the education system and diversified course
offerings.

Outlook: Stable

CRISIL believes that GJES will continue to benefit over the medium
term from the extensive experience of its promoters in the
education services sector, its established regional market
position and wide range of courses it offers. The outlook may be
revised to 'Positive' in case GJES is able to achieve sustainable
improvement in its scale of operations while maintaining its
healthy profitability and improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if GJES
undertakes any greater-than-expected, debt-funded capital
expenditure programme, causing its financial risk profile to
deteriorate, or if it faces any adverse regulatory change,
resulting in significant decline in its student intake or its cash
accruals.

GJES was established in 1974 by Mr. J.S. Bedi. The society has
established three educational institutions in Mohali and Shambhu
Kalan in Punjab. The society established its first institution,
Gyan Jyoti Public School, in 1974. Mr. J.S. Bedi oversees the day
to day operations of the society. The society has two higher
education institutes, namely, Gyan Jyoti Institute of Management
and Technology located in Mohali and Gyan Jyoti Integrated Campus
located in Shambu Kalan.

GJES reported a surplus of INR 4.3 million on net income of
INR90.8 million for 2012-13 (refers to financial year, April 1 to
March 31) , against a surplus of INR11.2 million on net income of
INR88.4 million for 2011-12.


JALARAM AGRO: CRISIL Assigns 'B+' Rating to INR75MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Jalaram Agro Industries.

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

The rating reflects the firm's modest scale of operations in the
intensely competitive agricultural commodities industry and weak
financial risk profile, marked by below-average debt protection
metrics and average gearing. These rating weaknesses are partially
offset by the extensive experience of Jalaram Agro's promoters in
the agricultural commodities industry, leading to established
relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that Jalaram Agro will benefit from its promoters'
experience in the agricultural commodities industry. The outlook
may be revised to 'Positive' if the firm improves its scale of
operations profitability, leading to higher than expected cash
accruals, and, consequently, improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected accruals or there is deterioration in
working capital management, or there is higher than expected debt
funded capital expenditure plan resulting in weaker-than-expected
financial risk profile.

Formed in 2008, Jalaram Agro is a partnership firm promoted by the
Prajapati family based at Ahmedabad (Gujarat). The firm is engaged
in processing of non-basmati rice.

Jalaram Agro reported book profit of INR1.6 million on net sales
of INR602.6 million for 2013-14 (refers to financial year,
April 1 to March 31).


JAYNIL ENTERPRISES: CRISIL Rates INR122.5MM Term Loan at 'B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities Jaynil Enterprises.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             122.5      CRISIL B/Stable

The rating reflects JE's exposure to risks associated with its on-
going commercial real estate project and susceptibility of its
revenues and earnings to cyclicality inherent in commercial real
estate segment. These rating weaknesses are partially offset by
the promoters' extensive experience in the real estate industry.
Outlook: Stable

CRISIL believes that JE will maintain a stable business risk
profile on the back of extensive experience of the promoters in
the real estate sector. The outlook may be revised to 'Positive'
if the customer response to the project is significantly better
than expected leading to higher cash flow generation and overall
improvement in financial risk profile. The outlook shall be
revised to 'Negative' if cash flow from operations are
significantly below expectations, either due to subdued response
to the project or lower than envisaged flow of advances,
significantly affecting its debt servicing ability.

JE was setup in 2009 as a sole proprietorship concern of Mr. Anil
Mehta. Mr. Mehta has experience of around a decade in real estate
sector. JE is currently undertaking development of a commercial
project in Andheri East in Mumbai. The project construction is
expected to be completed by second quarter of 2014-15.


KISHAN AGRO: CRISIL Assigns 'B+' Rating to INR88.5MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
bank loan facilities of Kishan Agro Product.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                3.6        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      29.9        CRISIL B+/Stable

   Bank Guarantee           1.5        CRISIL A4

   Cash Credit             55          CRISIL B+/Stable

The rating reflects KAP's modest scale of operations in the
intensely competitive rice milling industry, and its below-average
financial risk profile. These rating weaknesses are partially
offset by the extensive experience of the firm's partners in the
rice milling industry.

Outlook: Stable

CRISIL believes that KAP will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm's scale of operations
increases while it maintains its profitability, or better working
capital management leading to improvement in the financial risk
profile, especially liquidity. Conversely, the outlook may be
revised to 'Negative' if KAP undertakes a large debt-funded
capital expenditure programme, registers lower-than-expected
accruals, or lengthening of working capital cycle, thereby leading
to weakening of its liquidity.

Set up in 2005, KAP undertakes rice milling at its facility in
Burdwan (West Bengal). Its day-to-day operations are handled by
Mr. Abbas Ali, Mr. Noor Mohammad, and Mr. Sanjoy Prasad.


MAGBRO HEALTHCARE: CRISIL Reaffirms 'B-' Rating on INR90MM Loans
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Magbro
Healthcare Pvt Ltd (MPL) continues to reflect MPL's below-average
financial risk profile marked by high gearing and small net worth,
and its modest scale of operations. These rating weaknesses are
partially offset by the extensive experience of MPL's promoters in
the pharmaceuticals industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B-/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit           26.2      CRISIL B-/Stable (Reaffirmed)

   Term Loan              13.8      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers
more-than-expected growth in revenue and earnings or witnesses
equity infusion to support its capital structure, while improving
its debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if MPL's financial risk profile deteriorates
because of substantially lower-than-expected profitability or
revenue, or larger-than-expected debt-funded capital expenditure,
or lengthening of its working capital cycle.

MPL, incorporated in 2006, manufactures, markets, and trades in
pharmaceuticals formulations under its own brands. It also carries
out contract manufacturing work for companies such as Unichem
Laboratories Ltd and Microlabs Ltd. MPL is promoted by Mr. Sudhir
Maingi, his brother Dr. Sukhdev Maingi, and a group of
professionals.

MPL reported a profit after tax (PAT) of INR2.6 million on net
sales of INR204.4 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR2.5 million on net sales
of INR181.5 million for 2010-11.


MANN RESIDENCY: CRISIL Reaffirms 'D' Rating on INR754MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mann Residency Pvt Ltd
(Mann) continue to reflect instances of delay by Mann in servicing
its debt; the delays have been caused by the company's weak
liquidity. Mann has weak liquidity because of cost overrun during
the construction of its hotel and low occupancy.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         20        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     87        CRISIL D (Reaffirmed)

   Term Loan             367        CRISIL D (Reaffirmed)

   Term Loan             280        CRISIL D (Reaffirmed)

Mann also has a weak financial risk profile, marked by high
gearing, weak debt protection metrics, and a small net worth, and
a limited track record in the hospitality industry. Moreover, the
company is exposed to cyclicality in the hotel industry. However,
the company benefits from the advantageous location of its hotel.

Mann was set up in 2007 by Mr. Joginder Singh Mann and his family.
The company runs a four-star hotel in Gurgaon. The hotel commenced
operations in October 2011.

Mann reported a net loss of INR96.4 million on net sales of
INR43.6 million for 2012-13, against a net loss of INR32.45
million on net sales of INR40.75 million for 2011-12.


MANTRAM TECHNOFAB: ICRA Reaffirms 'B+' Rating on INR29cr Loan
-------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B+' rating to INR29.00 crore fund based
limits of Mantram Technofab Private Ltd.

                        Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits     29.00       [ICRA]B+ reaffirmed

The reaffirmation of rating factors in favourable long term demand
outlook arising from cement and fertilizer sectors as well as
partial deregulation of the food grain segment for packaging and
high capacity utilisation of ~90% in FY2013. The rating is however
constrained by highly competitive industry structure with low
entry barriers and limited product differentiation, vulnerability
of profitability to fluctuations in polymer prices, weak
bargaining power with raw material suppliers due to their dominant
market position. The rating is also constrained by working capital
intensive nature of the business. Further, the financial risk
profile of the company is characterised by weak capital structure
(gearing of 5.98x as on March 31, 2013) constraining financial
flexibility and modest debt coverage indicators arising from
limited profitability as reflected in Total Debt/OPBITDA of 5.4x
and NCA/Total debt of 8% in FY2013. The company is eligible for
fiscal benefits like 5% interest subsidy under Technology
Upgradation Fund Scheme and state level subsidy like exemption of
75% VAT however there was no cash inflow in FY2013 on account of
subsidies.

Going forward the ability of the company to improve its conversion
margins while maintaining high capacity utilisation, thereby
resulting in improved profitability and return indicators will be
the key rating sensitivities.

Mantram Technofab Private Ltd is promoted jointly by Manjeet Group
and Agarwal family of Sendhwa. Manjeet Group is essentially
involved in cotton ginning & trading and also has small presence
in spinning as well. The other shareholder, Agarwal family is
engaged in agriculture, agro-based trading, cotton ginning &
spinning and infrastructure development activities.

MTPL has set-up a green field facility for manufacturing high
density polyethylene (HDPE)/polypropylene (PP) woven fabrics and
sacks in Sendhwa, Madhya Pradesh and commenced operations from
November 2010. HDPE/PP bags are used for packing and transport of
products in the cement, textiles, soapstone, fertilisers, food
grains, chemicals and salt industries. It uses polymers such as
HDPE and PP, which are primarily sourced domestically. The company
has installed capacity of 8400 MT per annum which was increased
from 4200 MT in FY2014.


MICROSCAN COMPUTERS: CRISIL Cuts Rating on INR250MM Loans to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Microscan Computers Pvt Ltd (MCPL) to 'CRISIL D/CRISIL D' from
'CRISIL BB/Stable/CRISIL A4+'. CRISIL has also withdrawn its
ratings on bank facilities of INR350 million at the request of
MCPL and on receipt of a no-dues certificate for these facilities
from the company's banker.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         30        CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit            25        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Term Loan             195        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Bank Guarantee        230        CRISIL A4+ Withdrawn

   Term Loan              95        CRISIL BB/Stable Withdrawn

   Cash Credit            25        CRISIL BB/Stable Withdrawn

The rating downgrade reflects the delays by MCPL in repayment of
its term debt; the delays were caused by the company's cash flow
mismatches, constraining its liquidity.

MCPL's cash flow mismatches stem from the lumpiness in its cash
inflows as against its highly capital-intensive operations. The
company is also exposed to downturns in the telecom sector, its
key end-user industry. However, MCPL benefits from the extensive
industry experience of its promoter and its well-established
technological infrastructure.

Set up in 1996 by Mr. Sandeep Donde (managing director), MCPL
provides a wide range of services, including system integration,
fibre networks leasing and operations and maintenance, and
infrastructure implementation and maintenance. The company has
also entered into retail services, called triple-play services,
for providing data, video, and voice over a single broadband
connection.

For 2012-13 (refers to financial year, April 1 to March 31), MCPL
reported a profit after tax (PAT) of INR42.4 million on operating
revenue of INR340.8 million, as against a PAT of INR43.7 million
on operating revenue of INR330.5 million.


NANIBALA COLD: CRISIL Reaffirms 'B+' Rating on INR65MM Loans
------------------------------------------------------------
CRISIL ratings on bank facilities of Nanibala Cold Storage Pvt Ltd
(NCSPL) continues to reflect it's below-average financial risk
profile, its small scale of operations and susceptibility of its
operations to adverse regulatory changes in the cold storage
industry. These rating weaknesses are partially offset by the
extensive experience of NCSPL's promoters in the cold storage
business.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------              ---------    -------
   Cash Credit                 55       CRISIL B+/Stable
   Working Capital Facility    10       CRISIL B+/Stable

For arriving at its rating, CRISIL has treated interest-free
unsecured loans worth INR4.58 million as on March 31, 2013 from
NCSPL's promoters and their family as part of quasi capital as the
same is expected to remain in the business over the long term.

Outlook: Stable

CRISIL believes that NCSPL will continue to benefit from the
extensive experience of its promoters in the cold storage business
over the medium term. The outlook may be revised to 'Positive' in
case of efficient management of farmer financing and significant
ramp-up in NCSPL's scale of operations and profitability.
Conversely, the outlook may be revised to 'Negative' in case
NCSPL's liquidity is constrained by delays in repayments by
farmers, lower-than-expected cash accruals or larger than expected
debt-funded capex.

Update
The company registered operating revenues of INR21 million Cr in
2012-13 as against INR19.5  million in 2011-12, improvement in
operating income of the company was on account of higher rental
income received from the farmers and better capacity utilization
of the cold storage. The company has further registered operating
revenues of INR2.43 Cr for the first 9 months ended December 2013,
driven by increase in rental prices of cold storages. There was a
decline in operating margins of the company to 20.1 per cent in
2012-13 as against 23.64 per cent in the previous year due to
increase power tariffs. As a part of government initiative, NCSPL
takes loan from the banks and extends it to the farmers; potato
loans to farmers to the tune of INR20.1 million have resulted in
high GCA days of 1115 days as on March 31 2013.

NCSPL's has a below average financial risk profile, characterized
by low net worth, high gearing and below average debt protection
metrics. The company had a net worth of INR19.3 million as on
March 31 2013, further the company provides financial assistance
to the farmers by borrowing from banks and lending to farmers.
This has led to high gearing of 2.85 times as on March 31 2013.
The debt protection metrics of the company has remained below
average with interest coverage ratio (ICR) and Net Cash Accruals
to Total Debt (NCATD) of 1.81 times and 2 per cent respectively as
on March 31, 2103. The average bank limit utilization of the
company has been at 19 per cent for the 12 months ended December
2013. The company had high unencumbered cash balance of INR33.6
million as on March 31 2013.

Incorporated in 1997 by Mr. Chittranjan Pal and his four sons,
NCSPL has a cold storage in Bankura (West Bengal) with three
chambers and a capacity of 218,000 quintals. The company also
trades in potatoes.

For 2012-13 (refers to financial year, April 1 to March 31), NCSPL
reported, a profit after tax (PAT) of INR1.9 million on an
operating income of INR20.8 million as against a PAT of INR2.1
million on an operating income of INR19.5 million for 2011-12


NOVELTY REDDY: CRISIL Reaffirms 'B+' Rating on INR95MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Novelty Reddy and Reddy
Motors Pvt Ltd continue to reflect Novelty's below-average
financial risk profile marked by small net worth, moderate total
outside liabilities to tangible net worth ratio, and below-average
debt protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         15        CRISIL A4 (Reaffirmed)
   Cash Credit            95        CRISIL B+/Stable (Reaffirmed)

The ratings also reflect the company's exposure to economic
cyclicality and intense competition in the automotive dealership
industry. These rating weaknesses are partially offset by
Novelty's established regional presence in the automotive
dealership business supported by its promoters' extensive industry
experience and established relationship with principal Maruti
Suzuki India Ltd, and limited exposure to inventory and debtor
risks.

Outlook: Stable

CRISIL believes that Novelty will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationship with its principal. The outlook may
be revised to 'Positive' in case of substantial and sustained
increase in the company's revenue and profitability margins, or
substantial improvement in its capital structure on the back of
sizeable capital infusion by its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the company's profitability margins, or significant deterioration
in its capital structure most likely because of stretch in working
capital cycle or large debt-funded capital expenditure.

Incorporated in 2007, Novelty is an authorised dealer of Maruti
Suzuki India Ltd's entire range of passenger cars, and spares and
accessories. Novelty has two showrooms cum service stations in
Bhimavaram and Tanuku (both in Andhra Pradesh) and four display
branches in West Godavari (Andhra Pradesh). Mr. Goluguri Rama
Krishna Reddy is the company's managing director.


PATIL AND COMPANY: CRISIL Reaffirms 'D' Rating on INR230MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Patil and Company
continue to reflect the firm's continuously overdrawn cash credit
limit for over 30 days, because of weakening in liquidity driven
by continuous stretch in receivables.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        150        CRISIL D (Reaffirmed)
   Cash Credit            80        CRISIL D (Reaffirmed)

PAC's scale of operations remains modest with low project
diversity and large working capital requirements. However, the
firm benefits from its promoters' extensive experience in the
construction industry, and its moderate financial risk profile
marked by moderate net worth and low gearing.

PAC was established in 1974 by Mr. Basanna Tipanna Yelure. The
firm undertakes complete execution of projects related to
construction of roads, primarily for government undertakings. Its
construction activity is concentrated in Maharashtra and
Karnataka.

PAC reported a profit after tax (PAT) of INR19.7 million on net
sales of INR413.3 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR13.6 million on net
sales of INR315.0 million for 2011-12.


PREMIER AGRO: CRISIL Reaffirms 'B' Rating on INR110MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Premier Agro
Products Private Limited continues to reflect PAPPL's weak
financial risk profile, marked by a small net worth and high
gearing, modest scale of operations, and susceptibility of its
margins to volatility in commodity (wheat) prices. These rating
weaknesses are partially offset by the benefits that PAPPL derives
from its promoters' extensive experience in the agricultural
commodities industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            75        CRISIL B/Stable (Reaffirmed)
   Term Loan              35        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PAPPL will benefit from the extensive
experience of its promoters, over the medium term. The outlook may
be revised to 'Positive' if PAPPL significantly improves its
financial risk profile, supported by a higher-than-expected
increase in its cash accruals. Conversely, the outlook may be
revised to 'Negative' if PAPPL undertakes significant debt-funded
capital expenditure (capex) or if the working capital requirement
is larger than expected, leading to further deterioration in its
credit risk profile.

Update
PAPPL reported provisional operating income of INR307.6 million in
2013-14 (refers to financial year, April 1 to March 31),
representing year-on-year growth of 12.7 per cent over the
previous year. The moderate growth in operating income is driven
by improvement in capacity utilisation to meet healthy demand for
its products. The operating margin was estimated at 6.1 per cent
in 2013-14. PAPPL has increased its capacity to 120 tonnes per day
(tpd) from the existing 80 tpd, which is operational since April
2014. CRISIL believes that PAPPL's scale of operations will
increase over the medium term supported by capacity addition.

PAPPL's financial risk profile remains weak due to its small net
worth, estimated at INR35.1 million as on March 31, 2014, caused
by moderate accretions to reserves. PAPPL's gearing, estimated at
2.63 times on the same date, is high partly due to debt-funded
capex. PAPPL incurred a capex of INR50 million over the last two
years towards expansion of its manufacturing capacity to 120 tpd,
which was funded with bank debt of INR35 million and the balance
through unsecured loans from promoters and internal accruals.
Though gearing is expected to gradually improve over the medium
term supported by moderate accretions and absence of debt-funded
capex, it is expected to remain above 2.2 times. CRISIL believes
that PAPPL's capital structure will remain weak over the medium
term due to small net worth and high gearing. The debt protection
metrics are moderate marked by estimated interest coverage and net
cash accrual to total debt ratios of 2.45 times and 0.09 times,
respectively, in 2013-14.

PAPPL has moderate liquidity marked by its moderate bank limit
utilisation. The company utilised its bank limits at around 87 per
cent on an average during the 12 months through January 2014.
Also, PAPPL is expected to generate adequate cash accruals of
around INR9 million in 2014-15 to services its term debt
repayments.

PAPPL, set up in 1992 in Palakkad (Kerala), processes wheat into
different by-products such as refined flour (maida), semolina
(suji), and whole wheat flour (atta). These products are sold in
the market under the brand, Surabhi.


R&B DENIMS: ICRA Reaffirms 'B+' Rating on INR32cr Loans
-------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' assigned to
the INR20.00 crore term loan facility, and INR12.00 crore cash
credit facilities of R&B Denims Limited. ICRA has also reaffirmed
the short-term rating of '[ICRA]A4' assigned to the INR3.00 crore
non-fund-based bank facilities of RBDL.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Loans       20.00       [ICRA]B+ reaffirmed

   Long Term Cash
   Credit facilities      8.40       [ICRA]B+ reaffirmed

   Long Term Proposed
   Cash Credit
   facilities             3.60       [ICRA]B+ reaffirmed

   Short Term Letter
   of Credit (sub-
   limit of term loan
   facility)            (10.00)      [ICRA]A4 reaffirmed

   Short Term Bank
   Guarantee              3.00       [ICRA]A4 reaffirmed

The reaffirmation of ratings takes into consideration the limited
track record of operations of the company, its weak financial
profile as evident from the subdued profitability levels and
return indicators and the deterioration in capital structure due
to the sizeable debt-funded capex undertaken in FY2014. The
proceeds from the public issue (concluded in April 2014) and the
reimbursement of capital subsidies that the company is entitled to
(for having availed loans under the TUFS), would however be used
for repayment of debt which would reduce the debt burden of the
company to some extent. The ratings continue to remain constrained
by the vulnerability of the company's profitability to the
fluctuations in raw material prices, the intense competitive
forces and the cyclicality inherent in the textile industry. ICRA
also notes the susceptibility of the company's operations to the
regulatory risks associated with the procurement of cotton yarn,
which is a major raw material for the company.

The ratings, however, draw comfort from the long and established
experience of the promoters in the field of manufacturing and
trading of fabric and the healthy scale-up of operations by way of
improved capacity utilization levels at the existing manufacturing
unit. The ratings also note favourably the locational advantage
available to the company by virtue of its proximity to both
suppliers and customers.

R&B Denims Limited was incorporated in 2010 and commenced
operations in April 2012 as a denim manufacturing unit based at
Palsana, Surat (Gujarat). RBDL is focused on only the weaving
aspect in the denim manufacturing chain and is involved in
warping, sizing, weaving, processing and trading of denim. The
manufacturing facility commenced operations with 48 air-jet looms,
and an installed capacity of ~1 crore metres per annum, which has
since been augmented to ~2 crore meters per annum in FY2014.


RADHE SHYAM: CRISIL Assigns 'B' Rating to INR54.5MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Radhe Shyam Cotton Industries.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B/Stable
   Term Loan              14.5      CRISIL B/Stable

The rating reflects RCI's weak financial risk profile, marked by
its high gearing and small net worth, coupled with its exposure to
intense competition in the fragmented cotton ginning segment.
These rating weaknesses are partially offset by the promoters'
extensive industry experience and the firm's proximity to cotton
suppliers.

Outlook: Stable

CRISIL believes that RCI will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm enhances its net worth and
financial risk profile with sizeable cash accruals, and an
improved scale of operations. Conversely, the outlook may be
revised to 'Negative' if RCI's financial risk profile weakens
because of significantly low revenue or operating profitability,
or a lengthy working capital cycle or large, debt-funded, capital
expenditure.

RCI is a partnership firm established by the Patel family in 2012,
based in Gujarat. The firm is currently managed by Mr. Manilal
Sankalchand Patel. RCI gins and presses raw cotton (kapas) and
also undertakes crushing activities to manufacture cotton seed
oil.


REDDY AND REDDY: CRISIL Upgrades Rating on INR60MM Loan to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Reddy and Reddy Automobiles to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in RRA's capital
structure with sustained improvement in its working capital cycle
resulting in lower reliance on debt. CRISIL believes that the
firm's capital structure will continue to improve over the medium
term on the back of consistent growth in net worth and its
management's cautious decision to operate with lower inventory.

The firm's working capital cycle has also improved as reflected in
reduction in its gross current assets to an estimated 80 days as
on March 31, 2014, from 98 days a year earlier. The firm's
efficient working capital management, along with increase in its
net worth, resulted in decline in its total outside liabilities to
tangible net worth (TOLTNW) ratio to an estimated 1.7 times as on
March 31, 2014, from 2.1 times as on March 31, 2013.

The rating reflects RRA's below-average financial risk profile
marked by small net worth, moderate TOLTNW ratio, and below-
average debt protection metrics. The rating also reflects the
firm's exposure to economic cyclicality and intense competition in
the automotive dealership industry. These rating weaknesses are
partially offset by RRA's established regional presence in the
automotive dealership business supported by its promoters'
extensive industry experience and established relationship with
its principal - Hero MotoCorp Ltd, and its limited exposure to
inventory and debtor risks.

Outlook: Stable

CRISIL believes that RRA will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationship with its principal. The outlook may be
revised to 'Positive' in case of substantial and sustained
increase in the firm's revenue and profitability margins, or
substantial increase in its net worth on the back of sizeable
capital infusion by its promoters. Conversely, the outlook may be
revised to 'Negative' in case of steep decline in the firm's
profitability margins, or significant deterioration in its capital
structure most likely because of stretch in its working capital
cycle or large debt-funded capital expenditure.

Set up in 2004, RRA is an authorised dealer of Hero MotoCorp Ltd's
entire range of two-wheelers, and spares and accessories. The firm
has one showroom-cum-service station in Bhimavaram (Andhra
Pradesh), and five display centres in West Godavari (Andhra
Pradesh). Mr. Goluguri Rama Krishna Reddy is the firm's managing
partner.


ROOP RAM: CRISIL Reaffirms 'D' Rating on INR187MM Loans
-------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Roop Ram
Educare Pvt Ltd continues to reflect instances of delay by RREPL
in servicing its debt; the delays have been caused by the
company's weak liquidity. The company has weak liquidity because
of its short-term cash flow mismatches.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            --------      -------
   Overdraft Facility         10       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        147       CRISIL D (Reaffirmed)

   Term Loan                  30       CRISIL D (Reaffirmed)

RREPL also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, and limited track record
of operations. Moreover, it is exposed to intense competition from
established schools in surrounding areas, and is vulnerable to
regulatory risks associated with educational institutions.
However, RREPL benefits from its promoters' extensive experience
in, and the healthy demand prospects for, the education sector.

RREPL was set up in 2007 by Mr. Anand Singh Mann and his family.
The company operates a co-educational school, Lancers
International, in New Delhi. The school follows the International
Baccalaureate and University of Cambridge International
examinations syllabus and has classes from pre-primary (lower
kindergarten and upper kindergarten) to standard 12 (primary,
lower secondary, and higher secondary levels).

RREPL reported a profit after tax of INR13.2 million on operating
income of INR130 million for 2012-13 (refers to financial year,
April 1 to March 31), against a net loss of INR13.62 million on an
operating income of INR96.9 million for 2011-12.


SAHARA GROUP: Urges Apex Court to Defreeze Accounts
---------------------------------------------------
The Times of India reports that Sahara Group has urged the Supreme
Court to defreeze its accounts and properties to enable it to
fulfil the conditions laid down by the top court for the bail of
its chief Subrata Roy.

Stating that it was disappointed with the court judgement on
May 6, the company promised to draw up a fresh proposal for the
bail of Mr. Roy, according to the report.

"We are still in the process of reading and understanding the
judgment. The voluminous evidence that we have already submitted
to substantiate our stance may have possibly been misunderstood,"
Keshav Mohan, the company's advocate was quoted as saying in a
statement, TOI relays.

TOI relates that the statement quoted Mohan as saying that the
company had already refunded to 93% of its investors.

"Most of the payments made were in cash, as per the RBI norms and
in accordance with Sebi and SAT orders. In addition to ledger
entries, we had also submitted original vouchers, receipts and
other concerned documents in original, being physical proof of the
payments and are with Sebi pending verification," Mohan was quoted
as saying, TOI relays.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2013, The Economic Times said Sebi on Feb. 13, 2013,
seized bank accounts and properties of two Sahara Group companies
and its promoter, Subrata Roy.  The move comes following the
group's failure to refund INR24,000 crore to investors as directed
by the Supreme Court.

Sahara Group operates businesses ranging from finance, housing,
manufacturing and the media.  Sahara also sponsors the Indian
hockey team and owns a stake in Formula One racing team, Force
India.


SHRI RAM: CRISIL Reaffirms 'B+' Rating on INR55MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Shri Ram Cotton & Oil
Mills continues to reflect the firm's modest scale of operations
and weak financial risk profile marked by high gearing and weak
debt protection measures. These rating weaknesses are partially
offset by the benefits that SRCM derives from its promoters'
extensive experience in the cotton ginning industry, financial
support from promoters, and its proximity to the cotton-growing
belt of Punjab.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            55       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SRCM will continue to benefit over the medium
term from its promoters' extensive industry experience and from
its proximity to the cotton growing belt of Punjab. However, the
firm's financial risk profile will remain weak over the medium
term on account of low accruals and high gearing. The outlook may
be revised to 'Positive' if the firm's scale of operations
improves significantly along with sustained improvement in its
profitability or if its capital structure improves either because
of equity infusion or large cash accruals. Conversely, the outlook
may be revised to 'Negative' if SRCM's financial risk profile
deteriorates because of increased working capital debt or if
change in government policy has a negative impact on its
operations.

Update
For 2013-14 (refers to financial year, April 1 to March 31), SRCM
is likely to report revenue of INR470 million, down around 20 per
cent over 2012-13 mainly on account of poor cotton crop. CRISIL
believes that SRCM will maintain stable business risk profile,
with revenue of around INR490 million and stable operating margin
of 1.5 to 1.8 per cent over the medium term.

SRCM's gross current assets (GCAs) are estimated at 77 days as on
March 31, 2014, in line with CRISIL's expectation, driven by
moderate inventory and debtors. The firm's gearing is estimated at
3.8 times (with unsecured loans from promoters considered as
neither debt nor equity) as on March 31, 2014. Its debt comprises
majorly of short-term debt contracted to meet working capital
requirements (99 per cent of total debt). SRCM's bank limit
utilisation over the 12 months through March 2014 was moderate,
averaging 78 per cent. The firm's capital structure is expected to
remain stable over the medium term, with no capex plan. SRCM's
debt protection metrics are weak because of leveraged capital
structure and modest scale of operations. Its interest coverage
and net cash accruals to total debt ratios are estimated at 1.2
times and 0.03 times, respectively, for 2013-14. CRISIL expects
the firm's debt protection metrics to remain at similar levels
over the medium term.

For 2012-13, SRCM reported a profit after tax (PAT) of INR0.78
million on net sales of INR591.8 million, against a PAT of Rs0.59
million on net sales of INR521.1 million for 2011-12.

SRCM was incorporated as a partnership firm by Mr. Dharam Pal and
Mr. Suraj Manaktala in 2001 and is engaged in cotton ginning and
oil extraction. The firm's promoters have been engaged in the
cotton ginning and oil extraction business for over three decades.
The firm has installed ginning capacity of 30,000 candies per year
with 30 automated roller gins. The firm has also installed nine
oil expellers with total oil extraction capacity of 900 quintals
per day.


SRICHAKRA EDEN: ICRA Suspends 'B+' Rating on INR11.5cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B+' assigned to
the INR11.50 crore fund based facilities of Srichakra Eden Green
Projects Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of requisite
information from the company.


USHA IMPEX: CRISIL Ups Rating on INR60MM Cash Credit to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Usha Impex to 'CRISIL B+/Stable' from 'CRISIL B/Stable', and has
reaffirmed its rating on the company's short-term facilities at
'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            60        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit       240       CRISIL A4 (Reaffirmed)

The rating upgrade reflects CRISIL's belief that UI's liquidity
will improve over the medium term, driven by adequate net cash
accruals to meet repayment obligations, supported by steady
revenue growth. The firm's financial risk profile is supported by
the absence of any debt-funded capital expenditure over the medium
term and low incremental working capital requirements; its gross
current assets are expected to remain low at 70 to 80 days over
this period. This is supported by the management's continued focus
on reducing the debtor cycle and on efficient inventory
management. Moreover, the firm's liquidity is supported by
unsecured loans from the promoter and the recent enhancement in
its bank limits.

The ratings continue to reflect UI's weak financial risk profile,
marked by a small net worth and a high total outside liabilities
to tangible net worth ratio. The ratings also factor in the firm's
marginal scale of operations, supplier concentration, and
vulnerability of its operating margin to volatility in input
prices and in foreign exchange rates. These rating weaknesses are
partially offset by the extensive business experience of UI's
proprietor, and its established relationships with customers and
suppliers.

Outlook: Stable

CRISIL believes that UI will continue to benefit over the medium
term from its proprietor's extensive experience in the metal
trading business. The outlook may be revised to 'Positive' if UI
significantly scales up its operations and profitability, while
prudently managing its working capital cycle, leading to
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' if the firm reports significant weakening
of its liquidity, most likely because of a stretch in its working
capital cycle or a significant decline in its revenue and
profitability.

UI was set up in 2000 by Mr. Atul Jindal. The Ludhiana (Punjab)-
based firm trades in metals such as nickel, zinc, and ferroalloys,
which are used in the electroplating and automotive industries,
and for manufacturing components used in galvanised iron
equipment. It has a marketing base in Ludhiana. In 2011-12 (refers
to financial year, April 1 to March 31), the firm opened marketing
offices in Mumbai, New Delhi, and Bengaluru (Karnataka); it is in
the processing of opening an office in Haridwar (Uttarakhand).


VASTRAM INDIA: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vastram India Pvt Ltd
continue to reflect VIPL's small scale of operations,
susceptibility to volatile cotton prices, and weak financial risk
profile, marked by a high total outside liabilities to tangible
net worth (TOLTNW) ratio and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of VIPL's promoter.

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

Outlook: Stable

CRISIL believes that VIPL will continue to benefit over the medium
term from its promoter's extensive experience in the cotton fabric
business. However, the company's credit risk profile will remain
constrained because of its small scale of operations and high
TOLTNW ratio. The outlook may be revised to 'Positive' in case of
significant improvement in VIPL's scale of operations and
profitability, most likely driven by greater diversity in revenue
profile. Conversely, the outlook may be revised to 'Negative' in
case the company reports weaker-than-expected revenues and
profitability or undertakes any large debt-funded capital
expenditure programme.

Set up in 1999 by Mr. Mahesh Jain, VIPL trades in denim fabric,
and is also an authorised distributor for Arvind Ltd's products in
New Delhi and the National Capital Region.

For 2012-13 (refers to financial year, April 1 to March 31), VIPL
reported a profit after tax (PAT) of INR2.77 million on net sales
of INR609.0 million, as against a PAT of INR0.48 million on net
sales of INR 455.2 million for 2011-12. For the nine months ended
December 2013, the company reported a PBT of INR3.2 million on net
sales of INR506.9 million.


VEE KAY: CRISIL Assigns 'B' Rating to INR82.9MM Loans
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Vee Kay Enterprises.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit          67.5        CRISIL B/Stable
   Term Loan            15.4        CRISIL B/Stable

The rating reflects VKE's modest scale of operations, working
capital intensive nature of activity and below-average financial
risk profile of the firm marked by modest networth, high gearing,
and subdued debt protection metrics. These rating weaknesses are
offset by the extensive experience of the partners in the textile
industry.
Outlook: Stable

CRISIL believes VKE will continue to benefit over the medium term
from the extensive industry experience of the partners. The
outlook may be revised to 'Positive' in case the firm records a
significant and sustainable growth in revenues, while improving
its profitability margins and capital structure. Conversely, the
outlook may be revised to 'Negative' if the firm's revenues or
margins decline significantly or if there is an elongation in the
firm's working capital cycle or if it undertakes a larger-than-
expected debt-funded capital expenditure programme, leading to
further weakening of its financial risk profile.

VKE was established as a partnership firm in 1985. The current
partners of the firm are Mr. Vikas Behal and his brother, Mr.
Vishal Behal. VKE is engaged in manufacturer of acrylic yarns,
polyester yarns and polyster and acrylic knitting yarns. The
manufacturing facility of the firm is located in Ludhiana, Punjab.

VKE reported profit after tax (PAT) of INR1.6 million on net sales
of INR259.9 million for 2012-13 (refers to financial year, April 1
to March 31) against PAT of INR 0.8 million on net sales of INR
189.1 million for 2011-12.


VELLOILS LUBRICANT: CRISIL Assigns 'B' Rating to INR85MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
bank facilities of Velloils Lubricant & Petrochem Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             10.7       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility    39.3       CRISIL B/Stable

   Letter of Credit      50         CRISIL A4

   Bank Guarantee        15         CRISIL A4

   Cash Credit           35         CRISIL B/Stable

The rating reflects VLPL's below-average financial risk profile,
marked by a small net worth, high gearing, weak debt protection
metrics, and low cash accruals. The rating also factors in the
company's small scale and working capital intensive nature of
operations. These rating weaknesses are partially offset by the
extensive experience of VLPL's promoters in the lubricants
industry and its established clientele.

Outlook: Stable

CRISIL believes that VLPL will continue to benefit over the medium
term from the extensive experience of its promoters in the
lubricants industry. The outlook may be revised to 'Positive' in
case of significant improvement in the company's scale of
operations and profitability, leading to higher cash accruals and
a better capital structure. Conversely, the outlook may be revised
to 'Negative' in case of further deterioration VLPL's liquidity,
most likely due to substantial working capital requirements or
lower-than-expected cash accruals.

VLPL was incorporated in 1995 in Bhilad (Gujarat), promoted by Mr.
Mukesh R Vakharia, Mrs. Beena M Vakharia, Mr. Mitesh R Vakharia,
and Mr. Darshan R Vakharia. The company manufactures automotive,
industrial, and speciality lubricants. It caters to clients in
Maharashtra and Gujarat.

VLPL reported a profit after tax (PAT) of INR0.3 million on a net
operating income of INR131.7 million for 2012-13 (refers to
financial year, April 1 to March 31), against a PAT of INR0.9
million on a net operating income of INR131.2 million for 2011-12.



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


TIGER AIRWAYS: Names New CEO on Widening Losses
-----------------------------------------------
Reuters reports that Tiger Airways said it would be replacing its
chief executive with an executive from its largest shareholder,
Singapore Airlines, days after the budget carrier reported a big
increase in its losses.

Lee Lik Hsin, a 20-year veteran of SIA, which owns 40 per cent of
Tiger, will become chief executive from May 5, replacing Koay Peng
Yen, who joined Tiger less than two years ago, the airline said on
May 7, Reuters relates.

"Tigerair Singapore, which had been growing at the rate of 30 per
cent in the past three years, hit turbulence when the market
sagged in mid-2013 through the imbalance of capacity and demand,"
Tiger said.

"Nonetheless by the time of Mr. Koay's departure, Tigerair
Singapore had started the process of consolidating its services in
preparation for a decisive turnaround in its prospects."

Tiger's shares have declined nearly 40 per cent over the past year
and are trading near a record low, Reuters notes.

The airline reported a net loss of SGD95.5 million (HK$593
million) in the quarter to March 31, more than six times the loss
of SGD15.4 million in the same period last year, the report adds.



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


WOORI BANK: S&P Cuts Rating on US$7BB Note Sub. Tranche to 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to
'BB+' from 'BBB+' its program rating on the subordinated tranche
of Woori Bank's (Woori: A-/Stable/A-2) US$7 billion global medium-
term note (GMTN) program after the bank updated the terms and
conditions of the program.  At the same time, S&P affirmed its 'A-
' program rating on the senior unsecured tranche of the same
program after reviewing the updated terms and conditions.  S&P
also affirmed its existing 'BBB+' ratings on the program's
subordinated debt issues, which were issued based on the previous
terms and conditions of the program.

"Our downgrade of the subordinated tranche reflects our view that
the government of Korea is unlikely to extend extraordinary
support to Woori's subordinated issues from the GMTN program as
the subordinated tranche has become Basel III-compliant and thus
carries relatively higher risk.  Although we have factored
extraordinary government support into our issuer credit ratings on
Woori, we believe it is unlikely that the government would extend
support to its Basel III-compliant subordinated debt, because it
is designed to absorb losses and form part of the banks'
regulatory capital.  Hence, in our view, Woori's stand-alone
credit profile (SACP), which excludes extraordinary support from
the government, is an appropriate starting point in assessing the
relative risks of the subordinated tranche of the GMTN program,"
S&P said.

"Our 'BB+' rating on the subordinated tranche is two notches below
Woori's SACP of 'bbb'.  Based on our hybrid capital criteria, the
notching reflects the risk related to subordination and the risk
of write-down and waiver of principal and interest payments upon
the occurrence of a nonviability event.  Under the updated terms
and conditions of the GMTN program, we note that there is a write-
down clause for the subordinated tranche that allows the following
upon the occurrence of a nonviability event: the full principal
amount will be permanently written down to zero and the bonds will
be canceled; and the payment of principal and interest will be
irrevocably waived.  The nonviability event trigger will also be
the earlier of 1) the issuance of a management improvement order
against the Bank by the Financial Services Commission pursuant to
Article 36 of the Regulation on Supervision of Banking Business;
and 2) the designation of the Bank as an "insolvent financial
institution" pursuant to the Act on Structural Improvement of the
Financial Industry," S&P noted.

S&P affirmed the program rating on the senior unsecured tranche of
the GMTN program, as there is no material change in the terms and
conditions, in S&P's opinion.  S&P also affirmed its existing
'BBB+' ratings on the subordinated notes as the updated terms and
conditions will not affect the terms and conditions of
subordinated debt previously issued from the GMTN program.


* SOUTH KOREA: Large Firms' Debt-Repaying Ability Worsens in 2013
-----------------------------------------------------------------
Yonhap News reports that nearly one out of four listed companies
with annual sales of KRW1 trillion (US$974 million) or more were
unable to cover interest payments with their earnings last year as
a sluggish domestic market hurt their profitability, data showed
on May 7.

According to the report, Chaebul.com, which tracks the nation's
top conglomerates, said 36 firms, or 23 percent, out of 159
companies that logged annual sales of KRW1 trillion or more
reported an interest coverage ratio of below 1 last year.

The ratio, or a firm's operating profit divided by its interest
costs, measures the company's ability to pay interest on
outstanding debt, Yonhap relates.

A reading higher than 1 means the firm earns more than what it has
to pay in interest, while a drop in the reading indicates the
firm's debt-repayment ability has deteriorated, Yonhap notes.

Yonhap relates that the data showed the 2013 figure reached its
highest mark in three years. The comparable figures for 2011 and
2012 were 17.8 percent and 21.5 percent, respectively.

Airliners, construction firms, shipbuilders and shippers, in
particular, reported an interest coverage ratio of below zero,
mirroring a slump in the shaky sectors, the report notes.

The interest coverage ratios at Daewoo Engineering & Construction
Co., GS Engineering & Construction Co. and other major builders
stayed below one. Shippers such as Hyundai Merchant Marine Co. and
Hanjin Shipping Co. also suffered an interest coverage ratio of
below one, the data, as cited by Yonhap, showed.



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


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

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

AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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